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X
FEB 28 1938
US. ADM.
JBRARY
pnantial
The
ommerris
COPYRIGHTED IN 1938 8Y WILLIAM
8.
DANA COMPANY, NEW YORK.
VOL. 146. lMU°dWJ1sL3p«Y,.ar,Cow-
ENTERED AS SECOND-CI ASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK. UNOER THE ACT OF MARCH '
NEW YORK, FEBRUARY 26, 1938
,
1879.
NO. 3792.
BROOKLYN TRUST
bank
COMPANY
NATIONAL BANK
of
Chartered 1866
THE CHASE
OF
George V. McLaughlin
New York
President
NEW YORK
BROOKLYN
trust
COMPANY
OF
NEW
YORK
chase is
tra-
many
served
years
it
has
large number
a
of banks and bankers
as
Exchange
New York
correspondent
and
White, Weld & Co.
New York
The
For
Corporation
CITY
ditionally a bankers' bank.
Member Federal Deposit Insurance
Members New York Stock
THE
depository.
reserve
Member Federal Deposit Insurance Corporation
BANK
Boston
AND
London
Amsterdam
INSURANCE
Representatives' Offices
Paris
STOCKS
Government
Buenos Aires
,
United States
Securities
The
SMITH, BARNEY & CO.
first boston
CORPORATION
14 WALL
522
STREET, NEW YORK
FIFTH
Brown Harriman & Co.
Incorporated
63 Wall
Street, New York
Telephone: BOwling Green 9-5000
NEW YORK
AVENUE, NEW YORK
BOSTON
Philadelphia
San Francisco
CHICAGO
PHILADELPHIA
Boston
SAN FRANCISCO
Chicago
Washington
Representatives in other leading Cities
AND OTHER PRINCIPAL CITIHS
PRINCIPAL
OFFICES
PHILADELPHIA
BOSTON
1411 Chestnut St.
d
IN
Devonshire
111
CHICAGO
St.
LONDON
105 W. Adams St.
11 Birchin
Lane, EC3
The
State and
New^forkTrust
Hallgarten & Co.
Eatabliahed 1850
NEW
YORK
Chicago
Municipal Bonds
Company
Barr Brothers & Co.
'
Capital Funds
.
.
$37,500,000
INC.
New York
London
ioo
Chicago
broadway
57TH ST. & FIFTH AVE.
Wertheim & Co.
120
Broadway
*•
40TH ST. & MADISON AVE.
NEW YORK
New York
I
Ion
Service
to
Banks and
Dealers since
1888
Amsterdam
European Representative's Office:
8 KING WILLIAM
Carl M. Loeb, Rhoades & Co.
STREET
LONDON. E. C 4
hornblower
weeks
&
Established 1888
40
Wall Street
"
61
y-j
y
BROADWAY
*
Members New
NEW YORK
Paris
Amsterdam
NEW YORK
Berlin
Member of the Federal Reserve System,
the New York Clearing House Association
and of the Federal Deposit Insurance Corporation
Cleveland,
York, Boston, Chicago,
Philadelphia and
Exchanges
Detroit Stock
Financial
II
Feb.
Chronicle
26,
1938
Meetings
WESTERN
NORFOLK AND
RAILWAY COMPANY
Becker & Co.
G.
A.
J. & W.
Incorporated
Seligman & Co.
Established 1893
No. 54 Wall Street
Investment Securities
NEW YORK
Commercial Paper
London Correspondent*
the
principal office of the Company, in
held at the
City of Roanoke, Virginia, on Thursday. April 14,
1938, at 10 o'clock A. M.
Only Stockholders of record at the close of busi¬
ness March 25, 1938. will be entitled to vote at
such meeting.
The accompanying proxy is solicited by and on
behalf of the management of the Company to be
exercised in the election of a Board of eleven
Directors, and in approval of the Forty-second
Annual Report for tne year ended December 31,
1937, and of the acts of the Board of Directors
of the Company as reflected therein, and upon
before
such other matters as properly may come
Chicago
New York
The Annual Meeting of the Stockholders of the
Western Railway Company will be
Norfolk and
the meeting.
SELIGMAN BROTHERS
Directors,
By order of the Board of
And Othsr Cities
I. W.
BOOTH, Secretary.
February 17, 1938.
Dated:
Dividends
Duquesne Light
Company
Leading Out-of-Town
Investment Bankers and Brokers
Dividend No. 41
Pittsburgh, Pa., February 18,
1938
A quarterly dividend
amounting to
One
Dollar
and
Twenty-five Cents
per share
(being one and one-quarter
per
cent
(iy4%) on the par value
of #100 a share) on the 5% Cumu¬
HARTFORD
BIRMINGHAM
Preferred
First
lative
Stock
this
of
Company, has this day been declared
payable April 15, 1938, to all hold¬
ers
of said 5% Cumulative First Pre¬
MARX & CO.
ferred
stock
March
Specialists in Connecticut
BIRMINGHAM, ALABAMA
15,
the
at
close
of
business,
1938.
Checks will be mailed.
Securities
C.
J.
BRAUN, Jr.
Treasurer
SOUTHERN
PUTNAM & CO.
AND
MUNICIPAL
Members New York Stock Exchange
CORPORATION BONDS
HARTFORD
CENTRAL ROW
6
Tel. 5-0151.
A. T. T. Teletype—Hartford
L I. du Pont de Nemours
564
& Company
DETROIT
Wilmington, Delaware:
The
$1.50 a share on the outstanding
Debenture Stock of this Company, payable April
MUNICIPALS
MICHIGAN
ST. LOUIS
and
of
Detroit Stock Exchange
Chicago Stock Exch.
834 BUHL
Missouri and Southwestern
DETROIT
BLDG.,
Stocks and Bonds
Smith, Moore A Co.
LISTED AND
able April
the close
25, 1938, to stockholders of record at
of business on April 8. 1938; also the
quarterly "interim" dividend for the year
1938 of fifty cents ($0.50) a share on the out¬
standing Common Stock of this Company, pay¬
able March 14, 1938. to stockholders of record
at the close of business on February 28, 1938.
first
A. T. & T. Teletype
RASKOB, Secretary
St. Louis Stock
Exchange
The United
Charles A. Parcel Is &, Co.
Corporation
$3 Cumulative Preference Stock
Exchange
The
PENOBSCOT BUILDING, DETROIT, MICH.
MILWAUKEE
3rn{ A Co.
,
BAINT LOU/B
CORPORATION SECURITIES
of
Board
of
The
close
Corporation
of business March
8O9OUV8 st
Teletype—Milwaukee 92
Directors
has declared
a
dividend of 75c per share upon
the
outstanding $3
Cumulative
Preference Stock, payable April 1,
1938, to holders of record at the
United
WISCONSIN
F.
St. Louis
St. L. 587.
Members of Detroit Stock
and
W.
UNLISTED
SECURITIES
on
Dollar
($1.12
) a share on the outstanding Preferred
Stock—$4.50 Cumulative of this Company, pay¬
Members
New York Curb Assoc.
of record at the close
April 8, 1938; also dividend of
Twelve and one-half Cents
to stockholders
business
One
WATUNG, LERCHEN & HAYES
New York Stock Exch.
of
1938,
25,
BONDS
CORPORATION
February 21, 1938
this day declared a
of Directors has
Board
dividend
8,
1938.
H. S. SUTTON. Treasurer.
Wilmington, Delaware.
February 24, 1928.
EDGAR, RICKER A CO.
Members St. Louis Stock Exchange
750 North Water Street
Milwaukee, Wis.
THE
The
from
MORGAN, ROGERS & CO., INC.
CO.
ELECTRIC STORAGE BATTERY
Stock
30,
have
declared
Accumulated
the
Sur¬
plus of the Company a divi¬
dend of Fifty Cents
($.50)
per
share on the Common
the
Preferred Stock,
payable
and
March
Directors
1938,
to stockholders of
record
of both of these classes of stock at the close
announces
the association with it of
of business
on
March 9,
1938.
Checks will
be mailed.
Walter G. Henderson, Treasurer.
Mr.
and
Philadelphia, February 18, 1988.
Harry H. Kennedy
a
change in firm
name
to
Allied Chemical 8C Dye
61
Morgan, Rogers & Kennedy, Inc.
20
New York
Exchange Place
WHitehall 4-7844
Corporation
Broadway, New York
February 23, 1938
Allied Chemical & Dye Corporation
has declared quarterly dividend No. 68
of One Dollar and Fifty Cents
per
INVESTMENT SECURITIES
share
on
Company,
common
($1.50)
the Common Stock of the
payable March 21, 1938, to
stockholders
of record at the
close of business March 5, 1938.
February 24, 1938
W. C.
KING, Secretary.
Vol. 146
FEBRUARY 26, 1938
No. 3792.
'•
V
•;
CONTENTS
Editorials
page
The Financial Situation
1289
An
1301
A
Anglo-American Commercial Treaty
Turning-Point and
a
Parting of the Ways
1303
Comment and Review
Text of
Agricultural Adjustment Act of 1938__
1305
Book Reviews:
Elements of Modern Economics
IS
*
The Delaware
Week
the
on
__1316
Corporation
.1316
European Stock Exchanges
1292
Foreign Political and Economic Situation
1293
Foreign Exchange Rates and Comment
Course of the Bond Market
Indications of Business
1299 & 1344
1316
.
Activity
..1317
Week
on
the New York Stock Exchange
_1291
Week
on
the New York Curb
.1343
Exchange
News
Current Events and Discussions.
1328
Bank and Trust
1342
Company Items
General Corporation and Investment News
1388
Dry Goods Trade
1429
State and
1430
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
___1344 & 1353
Dividends Declared
1346
Auction Sales.....................
...
New York Stock Exchange—Stock Quotations..
New York Stock
New York Curb
1387
1354
Exchange—Bond Quotations.. 1354 & 1364
Exchange—Stock Quotations...
New York Curb
1370
Exchange—Bond Quotations
Other Exchanges—Stock and Bond Quotations
1374
Canadian Markets—Stock and Bond
1381
Quotations
1376
Over-the-Counter Securities—Stock & Bond Quotations 1384
Reports
Foreign Bank Statements
Course of Bank
■v:
.1297
Clearings
.1...
1344
Federal Reserve Bank Statements..
1351
General
1388
Corporation and Investment News.
Commodities
The Commercial Markets and the
Crops
1420
Cotton.
1422
Breadstuffs
1427
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New
York City
Herbert D. Selbert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. RIggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers* Gardens, London, E. C.
Copyright 1938 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain, Mexico and
Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
line.
Contract and card rates on request.
NOTE:
On account of the fluctuations in the rates of exchange, remittances
for foreign,subscriptions and advertisements must be made in New York funds.
per agate
■'
•*'
Chronicle
Financial
{§(uualljr, Sidelltf and c/unhf dJhuuurtmct,
GENERAL
REINSURANCE
90
CORPORATION
JOHN STREET, NEW YORK • 200
BUSH STREET, SAN FRANCISCO
December
Financial Statement,
31, 193 J
'
LIABILITIES
ASSETS
Reserve for
666,467.44
Investments:
Unearned Premiums
Reserve
$7,911,586.67
Bonds,
Claims and Claim Expenses
Reserve for
$
Cash in Banks and Offices
for
and other
Commissions, Taxes
Liabilities
Preferred Stocks
193,800.00
Common Stocks
2,982,809.42
Stock (96.20% of total)...
$1,000,000.00
5,285,913.04
Capital
Surplus
North Star Insurance Co.
Surplus to Policyholders...
2,165,251.81
Total.
Mortgage Loans
192,783.33
Real Estate..................
308,000.00
Total,....
iBonds and stocks owned are valued in accordance
Premiums in course of collection (not over 90
New York State
days due)...
prescribed by the New York Insurance Law, other
stocks at December 31, 1937 market
Accrued Interest
the basis of December 31,
Other Admitted Assets..
quotations. If bonds owned were valued on
1937 market quotations, Total
be increased to $15,368,476.49 and Surplus to
mt
Total Admitted Assets
eimurance
required by law.
me*
STAR
NORTH
COMPANY
INSURANCE
Financial Statement,
Admitted Assets would
• Securities carried
$5,365,736.37.
$936,506.03 in the above statement are deposited as
Oj
90 JOHN STREET,NEW YORK • 200
with the requirements of the
amortized basis.
Insurance Department, viz.:—Bonds on an
North Star stock on the basis
BUSH STREET, SAN FRANCISCO
December 31, 1931
LIABILITIES
ASSETS
Cash In Banks
Reserve for Claims and Claim
Investments:
Reserve for Unearned Premiums.
Bonds
$2,IS
Reserve
for
Commissions,
Expenses
Taxes
and
other
Liabilities
Preferred Stocks
Common Stocks
1,2S
$
Capital
Surplus
Mortgage Loans
\
Real Estate
600,000.00
1,650,849.35
Surplus to Policyholders
Total
Total
Balances due from
(not
over
Ceding Companies
90 days due
Accrued Interest
Bonds and stocks owned are
York State Insurance Department,
stocks at December 31, 1937
Other Admitted Assets
Total Admitted Assets...........
valued in accordance with the
requirements of tha
viz.:—Bonds on an amortized basis,
owned were valued on
the basis of December 31, 1937 market quotations, Total Admitted Assets would
be increased to $4,132,854.63 and Surplus to $1,664,631.90. • Securities earned at
$374,922.21 in the above statement are deposited as required by law.
New
market quotations. If bonds
The Financial Situation
WITHIN a States will short period intotime the
United relatively be plunged of
election
campaigns in which the
available candidates
be done
choose from
voters must
full
a
demand for
membership of the House
of
the
well
Senate.
those
That
directly concerned
of the fact and have been
aware
measures
evident
houses
course,
deduced from events to
be
date, the President, whose
interest in the outcome is
necessarily great, intends to
As far
as may
clear
seeking reelection is in most
as
it is
liance
which
numerous
re¬
really
are
measures
of
planned and managed
often closely bor¬
economy
dering
ism,
which
to
social¬
state
upon
added
are
as
is, in general, to avoid displeasing the President,
who for several obvious
reasons
is still
exceedingly
an
dangerous political adver¬
to confine opposition
sary,
What Mr. Ickes Does Not See
re¬
so-called
upon
forms,
his
now
cases
Their intention plainly
disheartening.
the lines that he long ago
placing
none.
general' strategy of present members of both
fight this battle out along
assumed,
there is
Conventional Strategy
preparing for the
is, of
during the past few months.
gress
Deal ideas and
following the behavior of Con¬
to all who have been
Of outstand¬
two.
or
are
The
occasion in the conventional way
tell what will
course no one can
during the next month
ing constructive opposition to the President's New
Representatives and one-third of the membership
of
wage-hour bill is at this moment still
a
unmet, although of
his
to
those
to
measures
the
which
about
Washington's Birthday Mr. Ickes, speak¬
ing in his personal capacity, told the British
Empire that "the New Deal here is striving to
build an America where every citizen may find
work at fair wages so that he can provide him¬
self with adequate food, shelter and clothing;
which will give the people that equal oppor¬
tunity under the law that Thomas Jefferson
wrote about in the Declaration of Indepen¬
On
general
public is obviously in seri¬
and to make
doubt,
ous
certain that the
is of such
to be too
opposition
nature as not
a
easily recognized
by the rank and file, yet to
from time to time liberal
dence; which will give them a chance to edu¬
cate themselves and their children; which will
give
an
impression, where
dashes of inflationary credit
give them protection against child labor and
the industrial exploitation of women; which
such
an
impression may be
and
will give
them a floor below which wages shall
and a ceiling above which hours of
work shall not rise; which will give them pro¬
tection against exploitation by the strong,
the overreaching, or the unscrupulously cun¬
useful, of
not
dependence", to be liberal
As
tinkering.
monetary
time
and busi¬
passes
continues to
ness
lag,
more
aggressive tactics may be
adopted by the Adminis¬
there
but
tration,
is
at
present little reason to be¬
that
lieve
will
taken
measures
any
fundamen¬
be
tally different than those
sponsored at various times
during the past few
somewhat
and
extensive
more
rigid control of busi¬
perhaps, larger doses
ness
of
years—
inflationary stimulants
possibly,
but
the
from
no
trail
turning
well
now
blazed out.
This leaves the situation
in
wholly unsatisfactory
a
The
state.
has to this
"opposition"
day continued
its tactics of
lack of
is in
the
timidity and
forthrightness.
It
position to
go
people
with
a
go
people these things can America be free
fear of Fascism or of Communism,
other form of despotism.
"Just as we cannot fight ideas with bullets,
of any
neither
In
the
can
we
overcome
end, that system of government will
what
in
hard-headed
the
must
more
of the
avoid
stand
positive
contro¬
This is, of
versial issue.
Ickes—
conventional
the
course,
thinking.
often
succeeded
profes¬
It has
of the
technique
in
the
What Mr. Ickes is
apparently trying to say
political freedom, to be secure, must
upon a reasonably satisfactory economic
past, and will succeed again
is that
rest
next
basis.
apparently does not see is that
reasonably satisfactory economic
basis of life a people must be both politically
and economically free.
to
have
autumn
fluential
a
the
been
Due almost
technically frustrated in
party to support him in this particular instance,
reorganization
Administration still awaits action,
plan of the
and the President's
when
action
effective
the
the
thwart it,
thwarting it to lay
to
foundation
new
by in¬
of
sections
population
and in
structive
if
effort is not made
What he
the part' of members of the President's
a
politician.
qualifications to become a member of the
highest court of the land.
Again, due largely to un¬
executive
the
dis¬
any
upon
sional
proper
so-called
use
possible the
as
although it is fact, of course, that some of
them are probably accustomed to such vague
if high-sounding phrases and such muddled
jurisdiction, but the Senate apparently spent itself
in the effort, permitting itself to confirm the nomina¬
tion of one of its own members obviously without
on
far
taking
same
order included in the remarks of Mr.
attempt to bring the Supreme Court under his
willingness
as
of
risk
have
Britisher
thought of all this and much
later
them, and, in general, to
clear
was
to
advantage of those voting
the
measure
wholly to opposition within the Democratic Party
the
cials who may
funds to the political
facts with theories.
world that will provide the
of political freedom, together
with the greatest economic security, thus as¬
suring the greatest degree of happiness to the
largest number of people."
We cannot altogether suppress wonder as to
prevail
largest
brought business almost to a standstill.
President
necessary
grants in the hands of offi¬
or
during the past five years and to what has
own
succeed in giving
from any
of vigorous opposition to what has
his
though it is
we
that
really desirable, even
place the control of such
message
the
beyond
far
the
going
on
of funds in a
degree
to
no
itself,
with grants
ning; which will give them reasonable leisure
and economic security against sickness, un¬
employment and old age.
"We know that only if
degree of "in¬
a
for
con¬
Congress convenes
next winter..-
If the
whole
category of utterly unsound
public
policies of the day were not of such vital importance
to every
mother's
son
perhaps be tolerated
not
of
as
us,
this state of affairs could
"usual politics."
If there were
yet time to effect changes in this situation
the campaigns are upon us,
while to waste any
words
on
it.
If,
as
at times has
seemed to be true in the past, there were no
made
course
reasonable
real headway could be
against 1938 politics with its socialism, favor¬
and patronage, obviously the only sensible
ground to
itism
before
it would hardly be worth
suppose
that
any
would be that of reconciling ourselves to
inevitable
and
adjusting ourselves
to
a
the
situation
Financial
1290
which could not be altered. None of these conditions
their
measures,
Deal, their recorded "independence" on certain iswhich their constituents may be inclined
to differ with the President, and of course to
No
one
certainly it cannot
begin careful preparations
be said that it is too late to
for the conflict.
in his senses can well doubt
only to the
that it is of the utmost importance not
community, but to the whole population,
business
that sensible national
stituted
forAthose
policies be formulated and sub-
is
Nor
opposition hopelessly futile.
The Presi-
kite,
sional
politician is counting upon riding back into
office, does not
of course,
It is true,
with its old vigor.
that the President himself retains a very
substantial
part of his personal hold upon the rank
It is also true that funds in
file.
been
dance have
they
the tail of which many a profes-
soar
and
There
the New Deal.
manage
that have
offsetting factors
Equally
however,
are,
not been present on
previous occasions.
The President, barring
marked
business
in
change
able
issue
to
the
conditions,
rallying
will
"We
cry:
a very
not
are
on
Nor will he be able to boast that "we
way!"
planned it that way."
policies and
Put in ordinary language
whatever else they have
programs,
If, however, those of
them who have done little more than "play politics"
during the current session of Congress are success-
interest in the public welfare in the various sections
of the. country. Whether such dere iction must in
^ue ^me
a* *
doors 0 pub ic spirited
citizens depends in large measure upon w at ey
do or do not do within the next two or three months
in PreParing and organizing for e campaign,
superabun-
beyond question is the political acumen of those
who
part in obtaining various "benefits" for their
sections of the country.
own
Time for Real Opposition
being distributed where
are
expected to do the most good.
are
tlieir
the men and women of understanding and genuine
dent's
upon
sues upon
ful with these familiar tactics, the fault will be with
in effect.
now
Opposition Not Futile
his
various
on
opposition is to be offered the New Deal next
tive
our
of the Administration
general allegiance to the "objectives" of the New
autumn, there is no time to lose,
be
Feb. 26, 1938
Although, if effec-
however, to exist today.
seems,
and
Chronicle
other words, for a real op- '
The time has come, in
position to organize, and it can organize effectively
To do
if it will.
however, it must, in the lan-
so,
of the street, go to the mat with the issues of
guage
the day.
There is
1936 for
place than there was in
no more
opposition which gives the public to
an
understand, if it does not explicitly so state, that
stands
it
ready
subsidize the farmers of the
to
country in much the way that the Administration
is doing, that
it believes in pampering labor in good
1938 form, that it would cure existing ills by further
done, and to whatever degree they may be adjudged
tariff excesses, and that it would follow in the foot-
the
steps of the New Deal in all but the technique em-
of the
cause
moment
existing depression,
not at the
yielding anything in the nature of
ity, and do not promise to do
Nation
The
are
in
in the
so
prosper-
near
future,
large part has plainly become
very
budget conscious and is distinctly "jittery" about
profligate deficit spending. At least it would
difficult in
very
present circumstances
appear
to induce
general public enthusiasm for reckless expenditures
as
means
a
of
lifting ourselves from
difficulties, however much certain
mand
subsidy and paternal
liberal relief
ents
or as
are
now
de-
groups may
Largesse and ultra-
care.
more
economic
our
often viewed
as
expedi-
gratifications of selfish demands* than
as
of recovery.
means
The banks of the
Sensible
ployed.
already well known
are
Certainly there is
portance was at stake.
for
no
call
opposition that knows no better than to hark
an
back to the excesses of the New Era which preceded
the years of the New Deal.
What is needed is
an
outspoken demand that the
notion
of managed
with,
bold assertion that there is no place in the
a
economy
be abandoned forth-
American scheme of things for subsidies, whether
they be paid to farmers, the shipping industry or to
any
other
and that we return to a govern-
group,
law, intelligent, well-planned law leaving
inent by
country
and women would again come
men
quickly to the conclusion that nothing of much im-
maximum play for individual initiative and energy,
tp be overloaded with government obligations, and
and do
so
while
such
demand would not receive the consideration
the
they
may
be willing to take
banking situation in this country is
nized
far from what it
as
tyrongly) to be two
they
now
three
or
through the past few
ing until
was
believed
years
of them,
more
ago.
it deserves
(rightly
vigorously
of business and for
many
Moreover,
the money
to be
aware
at heart
over
in
nature
are now
of
the
huge borrowing
fiat
currency
these methods
The way
politician,
when it
much
more
acutely
attempting to spend
case
our
or
by taxation—unless
carries the persuasive
is of
as
only be sustained
is resorted to—and
merly did with large numbers of
*
long
of the woods. Spending for spending's sake
the
either by
indeed
as
re-
course
still
open
our
none
of
force it for-
citizens.
to the professional
indeed it always is, to sliiif his notes
comes
to real issues.
Members oD Congress
whose records will not stand very
close scrutiny will
be able doubtless to call attention to their support
has
it
behind
enough
In the first place, there
members of the present Congress who
individuals.
of the costliness of
way out
can
many
more
Many who
and
strength to be formidable.
are
fear that
no
the politicians, if only it is made
enough
would be
to support them seemed in large part
picked from the air,
among
crushing load for all kinds
joiced at profligate outlays at Washington
as
or
There need be
without delay.
now recog-
years taxes have been increas-
are a
a
than glad to respond, who are sick
the way
handled, but who
national affairs
are
being
unable to discern political sup-
are
port adequate to warrant them in assuming a posi-
tion of pronounced opposition.
All that is required
is that the demand have behind it sufficient influence among
the people, and a sufficient number of
voters, and that it be in earnest,
Of
oping
course
a
this would leave the problem of devel-
constructive program to take the place of
New Deal measures,
and let no timid soul again as-
sert that the formulation of a
"poor politics."
practices is to
positive
program
is
The way to resume common sense
resume
them. • The ordinary man can
well be excused for not rallying to the support of
vote seekers who
are
do if elected to office.
afraid to say what they would
The danger is rather in timid
Volume
Financial
146
lip service to vague "objectives" and the like.
is
that large
doubt
no
this country are
and
There
sections of the people of
quite ready for
leader with clear
a
vigorous convictions that natural law and not
man-made statutes must rule in the business
that the
paternalistic legislation of recent
without substantial merit and
not modified
a
the prin-
just what they al-
are
have been, and that the way to restore sound-
ways
and
ness
is
ought to be repealed,
little here and there, that
ciples of good government
world,
years
vigor to business is the
in which it al-
way
has been done in the past—leave it reasonably
ways
alone to work out its
circumstances
problems free,
own
far
so
as
permit, of crushing taxation.
Vigorous, intelligently directed efforts in behalf
of doctrines of this sort would bear fruit next auaumn
if
promptly begun and persistently continued,
Such fruits would do
to
more
put heart into Ameri-
business than anything else.
can
Chronicle
partly because of the better European political
atmosphere. Trading was on a very modest scale
Tuesday
In most
the New York Stock Ex-
throughout, with business interrupted
on
for observance of Washington's Birthday.
sessions the dealings
on
change were under 1,000,000 shares, but some
interest attaches to the fact that the sharpest upswing of the week in prices also was attended by
the largest volume. Small gains were recorded last
Saturday, and they were extended on Monday,
After the holiday suspension, buying increased on
Wednesday, with European interests active. Profit-
taking followed on Thursday, but it was absorbed
easily on losses of a point or two in leading stocks.
After early uncertainty yesterday, the advance was
resumed and fresh gains established.
There were
highs for the year, but such best figures
naturally remain far under the quotations that were
common most of last year.
many
The
Federal Reserve Bank Statement
1291
optimism
on
and
general
was
predicated mainly
perhaps
was
the assumption that things
VARIATIONS in of little immediate significance, are in and almost necessarily must could hardly get
such a sorry state that they get better. No
small and the banking statistics this week
are
The
worse
policy of halting gold sterilization until
new
encouragement
to be gained from
was
the current
quarterly receipts exceed $100,000,000 has straight-
trade and industrial reports.
ened out the problem of the small weekly
improvement in the attitude of the Administration
gold stocks, and it also makes for
to
the
more
light
on
There is
ordinary monetary developments.
small addition to the
additions
a
gold certificate holdings of the
toward business.
Washington
at
ferences
Nor
was
there
Numerous
railroads, but the Interstate Commerce Corn-
the
mission failed to hand down a decision on the
the monetary
rate
the
up
The Treasury
period to $12,784,000,000.
same
$3,000,000 in
12 Federal
depleted its general account with the
banks to
Reserve
member
of
crease
of
reserves
degree, which made for
a
bank
member
the
deposits.
reserve
institutions
are
an
in-
Excess
officially
estimated at $1,410,000,000 as of Feb. 23, up $50,-
circulation
it
seems
Since
the statement week.
for
000,000
now
can
be expected to
reserves
a
further
up-
in the next few months.
cate
to
holdings of $4,000,000 in the week to Feb. 23,
total
circulation
Total
moved
reserves
down slightly,
was
only
up
Federal Reserve
$9,616,196,000.
$2,241,000
notes
advanced $6,544,000 to
in
variations
to
$7,839,008,000,
consisting
balances
reserve
of
a
actual
$4,126,230,000.
gain
with the account
of
bank
member
by $24,906,000 to $7,240,498,000;
decline of the Treasury general account balance by
$32,245,000 to $155,041,000;
a
drop of foreign bank
deposits by $6,271,000 to $145,809,000, and
cline of other
The
reserve
a
ratio moved up to
$10,148,000, while industrial advances continued
their slow decline with
517,000.
drop of $19,000 to $17,-
a
Open market holdings of bankers bills
were
$2,000 higher at $550,000, but holdings of United
States
Government
securities
were
entirely
un-
advance, indicating
improvement occa-
dend
Chrysler Corp. omitted its diviThursday, but it was made plain by the
on
directors
duced
this
that
due
was
to
the hazards intro-
by the corporate surplus tax.
wide swings
jn tj,e listed bond market some
occasioned by the
European developments. Austrian
bonds fell sensationally, but
yesterday after the
0f the loss was regained
proclaimed that his country
independent. United States Treasury
Chancellor
Austrian
woujd remain
impressively, dedeficit. Movements of the
more speculative railroad and other bonds were small,
Commodity markets followed a parallel course with
st0cks, small gains being the rule in most sessions
while a setback occurred on Thursday. In the foreign
obligations improved slowly but
spite the ever-increasing
alternately strong
week small,
burst of strength after Prime
exchange markets the dollar was
and
weak) w;th
net changes for the
sterling enjoyed
a
Chamberlain
Minister
won
the Parliamentary test
policy, but French francs
Ms
did not improve
much.
New
the
Qn
touched
touched
York
Stock Exchange
new
low levels.
Exchange 110 stocks touched new
stocks touched
New
at
York
134 stocks
while 21 stocks
On the New York Curb
high levels for the year
new
new
Stock
low levels.
Exchange
high levels and 49
Call loans on the
remained
unchanged
1%
Qn
^
^ew
York Stock Exchange the
the half-day session on
predictions
from the current
heard
that
improvement
low level of business impends, and
were
on
on
sales at
Saturday last were 295,950
CHEERFUL York stock prevailed partlyweek on Tuesday on Monday they Birthday and a
conditions market, this because shares; was Washington's were 757,971
the New
many
were
Czechoslovakian
part
changed at $2,564,015,000.
The New York Stock Market
the leaders of the
were
sioned the buying.
80.4% from 80.3%.
regional banks increased $228,000
copper
expectations of industrial
that
de-
deposits by $4,052,000 to $297,660,000
Discounts at the
to
to
deposits with the regional institutions receded
$17,662,000,
a
Other cash
$9,167,600,000.
and
increase in gold certifi-
an
never-
and
Steel
joined in the upswing.
stocks
and
The condition statement of the 12 Federal Reserve
banks, combined, shows
freight
Railroad stocks
application.
increase
tbeless
decline modestly,
probable that there will be
building of bank
currency
con-
held with regard to the difficulties of
were
regional banks in the week to Wednesday night, and
gold stock is reported
any
shares;
holiday
the Exchange; on Wednesday, 1,299,315 shares;
Thursday, 719,907 shares, and on Friday, 898,380
Financial
1292
On the New York Curb
shares.
Chronicle
21%
Exchange the sales
Feb. 26, 1938
Friday of last week; Atchison Topeka &
on
Monday,
Santa Fe at 39% against 35%; New York Central
130,585 shares; on Wednesday, 236,700 shares; on
at 18% against 17%; Union Pacific at 81 against
last
Saturday
68,015
were
shares;
on
Thursday, 143,895 shares, and on Friday, 129,045
77; Southern Pacific at 20% against 18%; Southern
shares.
Eailway at 12% against 11%, and Northern Pacific
Little
to two
ard Oil of N. J. closed yesterday at 52% against 50
higher prices met with no resistance marGeneral advances ranged
ketwise.
points
from fractions
at the brief session.
or more
On Mon-
day prices, after a hesitant start, showed improve-
rather quiet trading extended their
ment, and in
gains until the final hour, when, in view of the ap-
(Washington's
holiday
proaching
Birthday
on
up
from fractions to two
With all European trading marts
points.
more
or
day
strong on Wednesday and fear of threats to world
for the
allayed
peace
Italian
overtures,
by
present
the market
Anglo-
recent
Wednesday dis-
on
played increased activity and stocks, in turn, sought
Friday of last week; Shell Union Oil at 16%
on
>
against 14%, and Atlantic Refining at 23% against
22%. In the copper group, Anaconda Copper closed
yesterday at 34% against 32% on Friday of last
Smelting
American
week;
&
Refining
52%
at
against 49%, and Phelps Dodge at 27% against25%.
Trade and industrial indices reflect little change
Steel operations for the
Tuesday), they were shaded somewhat by mild liquidation and closed the
Among the oil stocks, Stand-
at 12% against 11%.
activity characterized trading on Saturday
last and
in the business situation.
week ending today were estimated by the American
Iron
Institute
Steel
and
at 30.4%
capacity
of
against 31.0% last week, 32.7% a month ago, and
82.5% a year ago.
Production of electric
for
power
the week to Feb. 19 was reported by the Edison
higher levels.
The inability of foreign markets to
Electric Institute at 2,059,165,000 kilowatt hours
maintain their
advantage resulted in price declines
against
at home
Thursday, when sagging tendencies de-
on
2,052,302,000
the
in
previous
2,211,818,000 in the similar week of last
week
and
year.
Car
veloped and cut into previous gains of the week,
loadings of revenue freight in the week to Feb. 19
After
are
lower
a
a
day
with
irregular
other days,
as on
ago,
prices for the most part
from the figure for the corresponding week of 1937.
are
higher.
39%
Friday of last week; Consolidated Edison
Elec. at
yesterday at 41% against
22% against 21%; Columbia Gas &
8% against 7%; Public Service of N. J. at
32% against 31; J. I. Case Threshing Machine at 95
against
92%;
International
Harvester
at
68%
against 65; Sears, Roebuck & Co. at 64 against 60%;
As indicating the course of the commodity
Tel.
at
at
43% against 42%, and American Tel. &
139% against 137.
Western Union closed
yesterday at 26% against 25%
Friday of last
on
week; Allied Chemical & Dye at 170 against 163;
E. I. du Pont de Nemours at 120
tional
Cash
national
Dairy
Biscuit
yesterday at 94%c. as against 92%c. the close
at
Products
52%
15
at
against
49%;
14%;
against
National
National
19% against 19%; Texas Gulf Sulphur
at
32% against 31%; Continental Can at 43%
against 42; Eastman Kodak at 160 against 156;
Standard
Elec. &
Brands
at
8
against
8;
Westinghouse
Mfg. at 99 against 93%; Lorillard at 16%
U. S. Industrial Alcohol at 20%
against 16%;
against
20; Canada Dry at 19% against 18%;
Schenley Distillers at 25 against 24%, and National
Distillers at 22% against 22%.
May
Friday of last week.
corn
on
at Chicago closed
yesterday at 59%c. as against 59%c. the close
on
May oats at Chicago closed
Friday of last week.
against 31c. the close
yesterday at 31%c. as
on
Friday of last week.
The spot price for cotton here in New York closed
yesterday at 9.22c. as against 9.00c. the close on
The spot price for rubber
Friday of last week.
yesterday
14.90c.
was
as
against 14.83c. the close
Friday of last week.
on
Domestic
closed
copper
yesterday at 10c., the close on Friday of last week,
Register at 17% against 17%; Inter-
Nickel
at
against 116; Na-
mar-
kets, the May option for wheat in Chicago closed
Montgomery Ward & Co. at 37 against 34%; Woolworth
from the preceding week and of 175,524 cars
cars
Friday
Electric
on
reported by the Association of American Rail-
roads at 535,790 cars, this being a decrease of 7,201
feature
General
Co. of N. Y. at
closed
price
on
was a
As compared with the close
trading.
week
the
Dulness,
changes.
of
opening yesterday the market firmed
finished
and
up
In London the price of bar silver yesterday was
20 3/16 pence per ounce as against 19 15/16 pence
on
per ounce
Friday of last week, and spot silver
in New York closed yesterday at 44%c., the close
Friday of last week.
on
In
the
matter
transfers
as
on
foreign exchanges, cable
of the
London closed yesterday at $5.02 5/16
against $5.02% the close
and cable transfers
3.26%c.
on
Friday of last week,
Paris closed yesterday at
on
against 3.28%c. the close
as
on
Friday of
last week.
.
The steel
week.
United States Steel closed
against 53%
on
yesterday at 56%
Friday of last week; Inland Steel
at 74
and
against 69; Bethlehem Steel at 59 against 56,
Youngstown Sheet & Tube at 37% against 35%.
In the motor
group,
at
Auburn Auto closed yesterday
4% bid against 4% on Friday of last week; Gen-
eral Motors at
36% against 34%; Chrysler at 55%
against 55%, and Hupp Motors at 1% against 1%.
In the rubber group,
Goodyear Tire & Rubber closed
yesterday at 23% against 21%
on
Friday of last
week; United States Rubber at 34% against 31, and
18% against 17%. The railroad
B. F. Goodrich at
shares
European Stock Markets
stocks extended their advances of last
advanced
with
the
general
list
this
week,
Pennsylvania RR. closed yesterday at 23% against
FNESPITE
■L'
occasional
profit-taking
recessions,
prices advanced generally this week
on
stock
exchanges in the leading European financial centers. The start was uncertain, for there was intense
concern
about the British
steady extension
Europe.
Cabinet crisis and the
of German influence in
Central
What the diplomats call the deterioration
of the international outlook plagued the securities
markets,
on
Monday.
But clarification of the Brit-
ish position and the Parliamentary support of the
realistic
stand
taken
by
Prime Minister
Neville
Chamberlain turned sentiment abruptly toward the
optimistic
side.
The London
Stock Exchange
re-
fleeted the change in a sharp advance, which was
Volume
Financial
146
only halted by profit-taking on Thursday.
and German markets also did better.
modified
were
toward
There
Chronicle
awaited. The Berlin market
French
Fears of
sharply in all centers, and the
day,
war
quiry also
of idle funds
issues
relativelylarge gains
I
advances everywhere.
current in all
now are
In
a
■started
the London Stock Exchange were
political trends.
edged
;
Anglo-American
the
Small losses
and
issues
d
sharp
upsurges
good
in
were
took place
in
clarified
London. British funds
demand, and the
embraced
recovery
almost all British industrial stocks and
many
lonal securities.
na
pecially
ed
t
were es-
extended in
an
Gilt-edged issues
re-
were
Wednesday.
on
the. better international
tamed
in
The gains
request.
111
active session
ec
Anglo-American issues
inter-
outlook
by
sus-
a
improvement, while brisk buying developed
industrial group.
e
ernational securities
one on
Commodity issues and in-
joined the upward trend. The
Thursday remained cheerful, although
profit-taking
noted.
was
some
Small fractional declines
appeared in gilt-edged stocks, but most industrial
continued to advance.
issues
international
business
was
obligations
done
Extreme
ourse,
Price
International issues
cautiousness
dealings
as
changes
irregular.
Little
yesterday, and British securities
fairly steady.
u ere
d
prevailed
were
resumed
the
on
soft.
were
for
Paris
the
small in all groups
were
£
week,
United
im
and
trend
changes unimportant.
stimulated
on
changes and the
moves
slow
was
The French market
Tuesday
by
the
British
was
buying
issues
a
before
the
the
between
the
and
major business upswing impends, and
on
Wednesday. International
French
or
delegatioil
Cordell Hull made
were
voiced
steady, but French equities and international
foreign issues
The tone
was
French
and
were
The Berlin Boerse
good at Paris yester-
equities
was
some
over
Movements
nervousness
on
Monday,
the
were
diplosmall,
persisted regarding
the international situation. Little business
was
Tuesday, at Berlin, and small recessions
were
rule.
out.
Fixed-interest issues
There
was
a
modest
were
ment
All
moves
resumption of buying
changes again
with
were
small, for
the
on
than
govern-
respect to Eastern Europe
done
stagnant through-
Wednesday, with bank stocks in better demand
others.
Secretary of
of bis
frequent
trade barriers and thus stimulating international
Moines, last Saturday, before a convention of
tbe National Farm
"sinister
Institute, Mr. Hull assailed the
propaganda" which
«tbe mogt important
e
.)eace»
ote
fo
attempts
policy which
its
He emphasized
to
aid farmers,
wreck
our country can
economic
well-being
especially that the
is not harmful to American
rabbei. to
f()1,
Speaking
and promoting world peace.
excbailges
ad Bes
and
program
agriculture, but tends
since "any sound
program
bi.oadening the markets for farm products at
home and abroad is in the interest of
agriculture."
Hungarian Debt Offer
TV/HEN it is contrasted with the neglect of inter-
W
governmental
obligations
by
British,
the
announced desire of the Hungarian regime to effect
a
permanent settlement of its obligations
were
to the
United States, incurred soon after the World War
It became known late last week that war
ended.
debts again were under
consideration in Washing-
ton, and it appeared last Wednesday
the
pay
that the dis-
proposal by Hungary
original sum of $1,685,835 loaned in
1920, for purchases of foodstuffs to succor a needy
population. The Hungarian Minister, John
cleared
up
a
The 1924
this plan, and
final settlement.
settlement would be ignored, under
payments made to date by Hungary
principal.
Pelenyi,
all uncertainty by a statement of the
terms proposed for
all
dull but firm
matic conquest of Austria.
as
advanced, but
uncertain.
owing to the increasing satisfaction
however,
and
of his program for reducing
statements in defense
to
Fears
Thursday that the Anglo-Italian talks might fail,
and on that basis a reaction took
place. Rentes
Rentes
states
throughout the
arrived,
another
settled, but all issues benefited.
on
day.
in
the
the British colonial Empire."
cussion centered entirely on a
issues receded.
United
countries
equities, for the internal French problem is far from
were
cover
trade between
ments, there is much to commend in the officially
gains, while sizable
in better demand than rentes
were
tUe
toward Anglo-Italian amity,
The turn of events convinced
many
continued
was
only
French, Belgian, Italian and many other Govern-
advances appeared in French equities and interna-
traders that
not
importance of
«We ghal]
Cabinet
Rentes showed good fractional
tional securities.
0yerton said.
W0ldd -which make up
gtate
British
which in.
of issues,
lower, but the drift
was
not stress the
need
trades
Newfoundland
Jugt
delegatio
Kingdom and the United States, but also the
tant
pending clarification of the international position.
The main
"I
discussions
our
Arnold E.
stage.
rtg of the Board and of the British ForJ
tagk „ Mp
oup
detailed
and
headed the
Trad
office.
Commodity stocks and
were
of
formal
duded
while
Tuesday,
on
Second permanent Secretary of the
Board
gilt-
in
securities,
Anglo.American reciprocal trade accord
a
0yert
re-
favorites displayed firmness. When
diplomatic problems
were
recorded
were
industrial
in
a group
British trade experts, negotiations for the
reached
Monday, pending definite indications of
on
y/lTH the arrival here last Monday of
W of
political events far overshadowed such matters.
on
Berlin, but only leading
Trade Treaties
x
JW- of good rate of
^ade aad atrial reports indicate mamtenance
activity m Europe, but the
Dealings
real
traded,
were
centers,
recorded by the modest
were
a
Small advances
reported for bonds.
were recorded yesterday at
occasioned
Thurs-
on
small but general, and better in-
were
was
ordinary investment activities, and the employment
the thin markets that
cheerful
toward European appeasement impends. Gains
in equities
general tendency toward resumption of
a
was
the impression began to spread that
as
move
move
hoarding of gold in London ceased suddenly,
was
1293
credited to
Remaining indebtedness would be paid
be
continued for thirty years. In making the proposal
public, Mr. Pelenyi indicated a commendable desire
to dispel misunderstandings that may have arisen
because reports of war debt discussions reached the
in annual instalments of about $39,000 each, to
Government
obligations, and had
public prematurely. He stated that his
merely wished to clear up its
no
intention of
requesting fresh credits, such as the
Johnson Act prohibits to war
ments
on
debt defaulters. Pay¬
the basis now proposed were inaugurated
Financial
1294
last December
and it then
by Hungary, for a three-year period,
made known that this trial period
was
would be utilized to reach a
permanent settlement.
Chronicle
would
Feb. 26, 1938
of
and
warm
Washington dispatches suggest that the Hungarian
offer is not
dered
regarded with too much cordiality,
ments
inclination
to
the entire
reopen
the basis of the
on
There is also, however,
by Finland.
pos¬
pay¬
dis¬
a
debt problem
war
proposed adjustment by
a coun¬
dictators,
of
bargaining with the Continental
the last week-end, and the
over
move was
Prime
by
notes
Captain Eden.
was
Commons,
Minister
The latter ten¬
equally gracious.
Monday,
on
In the
differences
the
began to be aired in earnest, and the statements and
counter-statements
were
somewhat less complimen¬
Captain Eden made it clear that in the
of
wide disparities
peace,
developed in the Cabinet.
BRITISH policy with regard turned sharply ap¬
peasement and conciliation to European
in
direction
and
resignation with understandable regret,
of
House
suit
European Conciliation
friendly
and Mr. Chamberlain
tary.
try that owes so little.
the
his
Sunday, in the form of an exchange
on
Chamberlain
sibly because of the excellent example of full
The announcement of the resigna¬
resign.
tion followed
as
pur¬
to method had
He utilized the Italian
problem by way of illustration, and stated that in
his
opinion
own
the Rome Government ought to
agree
in advance to certain withdrawals of troops
from
Spain and to other conditions before Great
into
emphasized by a conflict within the British Cabinet
Britain
and
in the last few weeks fundamental differences arose
the
resignation of Foreign Secretary Anthony
Eden.
Prime
Minister
Neville
the direction of British
his
hands.
own
took
took
Prolonged Cabinet consultations
place, and it
support
Chamberlain
policy most decidedly into
that virtually unanimous
appears
given the hard-headed Prime Minister.
was
enters
negotiations with Italy.
And
of the most important decisions in foreign
upon one
policy which did not concern Italy at all, he said.
traditional method of
"It is the
conversations
for
pare
diplomacy to
before they
are
pre¬
formally
"It is seldom
opened," Captain Eden pointed out.
Unfortunately, clashes of personalities have served
right to depart from that traditional method which
to obscure the
has been tested
sessions in
epithets
essentials, to
British
the
hurled
were
about
in
especially dignified fashion.
introduced
about the fall of the National
internal
politics thus played
But the realistic attitude of
and
are
end.
developed, and
reckless
and
not
intended to bring
Government, and
even
part in the matter.
a
taking things
they
as
making the best of them prevailed in the
Mr. Chamberlain
330 to
Tumultuous
The Labor Opposition
of censure,
motion
a
degree.
a
Parliament
supported in
was
a
vote of
168, which ended the crisis in England and
established
a
and
new
brighter
maintenance of peace in
outlook
for
the
within
the
British
development of
known
rather
tained
an
Cabinet
were
realistic policy.
a
hampering
It also
was
definitely that Captain Eden enter¬
abhorrence
for
dictatorial
government
cer¬
negotiations intimates that it is now or never."
Some
persuasive generalizations also were uttered.
"Of late the conviction
steadily has
that there has been too keen
to make terms with
"This
on
our
part y
us," Captain Eden said.
the attitude of this country
was
never
grown upon me
desire
a
others, rather than that others
terms with
make
should
in the
It should not in the interests of peace be our
past.
attitude
today."
Prime Minister Neville Chamberlain entered upon
a
Reports have been current1 for months that irrita¬
tions
It is
tainly never right to do so because one party to the
the
Europe.
by time and experience.
longer and more detailed statement, which obvi¬
ously was tempered by a desire not to wound his
He
associate.
younger
remarked drily
that
the
viewed in widely different
same
facts sometimes
ways
in different countries, and called for the exer¬
cise of
are
little determination and
a
good-will,
so
that
which, though excusable enough, interfered with his
grievances and suspicious can be cleared away.
endeavors
approaches to
conversations with Italy
tailed
length, and Mr. Chamberlain took
problem
until
of
as
Foreign Secretary.
thus
posed
disclosed,
without
the
incidental
and
counter-statements
House
light
was
of
Commons.
thrown
on
A
briefly and not cleared
the clash of British
that
and
good deal of
were
mentioned
More important than
up.
difficulties
immediately
Government,
a
were
under¬
first, and then
signified
intentions
of
better general understand¬
All this, of course, represents
a
further tri¬
The
alternative, in the reasoned opinion of Prime Min¬
Chamberlain,
Anglo-French
might
well
have
friendship is not in
paired, it is indicated, but it
may
alignment of Europe into two
and authoritarian
plied
the
been
least
war.
im¬
be that the rapid
camps
of democratic
States, each drifting toward war;
has been halted.
British
an
is
Cabinet
which
or
meeting last
Saturday
sup¬
ended the
rumor
spread rapidly that Captain Eden
de¬
never" attitude
on
the part of Italy.
passed between us and the Italian Govern¬
which
ment
in
my
judgment would justify
description," the Prime Minister said.
that
He disclosed
communication that morning from
a
Ambassador, to the effect that British
proposals for the withdrawal of foreign volunteers
from
Spain and the granting of belligerent rights
were
acceptable to Italy.
was
of
the
eral
The emphasis on Spain
explained by British insistence that settlement
Spanish question must enter into any gen¬
"I have never been more com¬
adjustment.
pletely convinced of the Tightness of any course that
I have taken than I am today of the rightness of the
decision to which the Cabinet came
Chamberlain
do
is
to
continued.
get
a
must
general
"What
we
yesterday," Mr.
are
seeking to
appeasement throughout
The peace of
the attitude of four
will give us peace.
Europe which
Europe
indication of serious doings, and after it
The
nothing in any of the communications
Italian
umph for the militant dictatorships of Europe.
A
"now
a
"There
receipt of
removing obstacles to
now
was
the
The Italian Government at
were
exception to Captain Eden's statement that there
the
German
ister
some
Ministers, however, is the fact
international
ing.
flood
at
explorations toward adjustments of grave
new
taken.
a
within
the European politi¬
problem, but still other factors
the
however,
Captain Eden resigned and provoked
statements
cal
not
was
The extent of the
depend
upon
major Powers—Germany, Italy, France and our¬
selves.
For ourselves we are linked to France by
common
ideals
of
democracy,
liberty
and parlia-
Volume
Financial
146
France need not fear that the
mentary government.
resignation of
issue
signifies
closest
right honorable friend
my
friendship with France."
The week-end change in the British Cabinet, and the
tendency of Prime Minister Neville Chamberlain* to
of nations
with them, insure further diplomatic endeavors in
the "Drang nach Osten" which Chancellor; Adolf
to drift into war, or are
are
understand each other's aims and
a
conflict by means
It may
and
of
to try to
objects and avoid
on
Chamberlain.
hostile House,
the
among
But
motion
some
the
leader called loudly, however, for the self-determina-
sympathy for
of
upsurge
of
tion of the 10,000,000 Germans in Austria and
Czechoslovakia. For this and other reasons, it is
the
on
Conservatives
The
censure.
it
Parliament
of the
was
be added that much of the
may
definite,
press
in
England tended to favor the realistic appraisal of the
many
on
Lord
en-
retaining close control
until it is determined whether
be
was
being with the Foreign Secre-
Mr. Chamberlain is
tariat.
year,
a
Foreign Secretary
appointed who is not directly answerable to
the Commons for his actions.
Diplomatic repercussions of these developments
instantaneous
ernment
and
The
direct.
promptly modified
Italian
of its
some
Gov-
open
ex-
pressions of antagonism toward England, and conversations
started
were
settlement of all
regarding general terms of
outstanding difficulties.
The Earl
Perth, British Ambassador to Rome, left for LonWednesday to receive instructions
on
the
on
The countries of Southeastern
the German orbit.
Europe necessarily must recognize the extension of
German influence, and some have done so already.
The Nazification of Austria proceeded rapidly;
Halifax, who went to Ger-
diplomatic mission last
a
trusted for the time
don
surmised generally that German policy will be
now
Slovakia and the inclusion of that country within
answer
Prime Minister.
of
The German
settlement and the League of Nations.
Mr.
of
critics
bitter
directed hereafter toward the isolation of Czecho-
The
were
The address was devoted
tions of foreign policy.
solid block for the government, and
lain.
can
Chancellor
Hitler spoke at great length before the Nazi Reichstag, last Sunday, but he supplied no fresh indica-
Liberal Members also voted for Mr. Chamber-
lined up as a
and
other policy
any
mands for colonies and antagonism to the Versailles
Winston
Lord
Admiralty
Captain Eden did not greatly affect the vote
Laborite
has been accepted, for
might readily have provoked warfare.
Former Prime Minister Lloyd
former
were
The German ascendancy over Austria
in good part to restatements of the German de¬
Tuesday.
Churchill
one
lacking, took place in the Com-
not
were
and
George,
a
debate, from which unpleasant personal
references
mons
heckled and had to face
was
bitter
of the primary points of his for-
Hitler made
eign policy.
already
general settlement.
a
be significant that Captain Eden was long
loudly cheered, whereas Prime Minister Cham-
berlain
A
treat with the fascist dictators rather than fight
government, Mr. Chamberlain
question is whether these two pairs
And the
said.
in Central and Eastern Europe is only a question of time, and perhaps of relatively little time,
ence
policy of
Italy and Germany, also linked by affinities of
are
outlook and forms of
1295
On the other side
departure from the
any
this
upon
Chronicle
this week, along lines that plainly are being die-
Chancellor Kurt
tated by the Berlin authorities.
Schuschnigg and his associates in the drastically
Cabinet issued a series of
reorganized Austrian
statements, late last week, to the effect that Nazi
activities are to be permitted within the Fatherland
Front
all
and
that Austrian
other institutions,
financial and economic policies will be
upheld, and
that Germany will not interfere in Austrian internal affairs.
It was admitted that efforts to "in-
tensify" Austro-German trade will be continued, and,
prominent
a
named
as
matters
on
Nazi,
Dr.
Fischboeck,
Johan
was,
consultant to the Ministry of Commerce
pertaining
to
trade
Germany,
with
negotiations, and it is interesting to note that he
Chancellor Schuschnigg declared over the last week-
London
end that there would be no further changes in Aus-
gave
the fascist salute when he departed.
dispatclies suggest that Italy's desire to participate
tria,
with
the measures taken in the preceding 10 days
met all
England and France in the administration of
the Suez Canal will
figure in the talks, while naval
parity in the Mediterranean also
On
Thursday it
German Government
on
the
British
drawals.
may
be discussed.
reported in London that the
was
inclined to look with favor
was
plan
Spanish volunteer with-
for
Ambassadors
began to
all
scurry
over
as
the requirements.
He stated specifically
that Jews had nothing to fear from Nazi influences,
But the Austrian
Nazis paid little heed.
They
engaged in extensive demonstrations this week in
Vienna and other
cities, and began to terrorize Jews
in disregard of the government
humane impulses.
Lines
promises and of all
beginning to form for.
are
bitter conflict, for on Thursday it appeared that
Europe, and it was evident that a new and inten-
a
sive series of
1,000,000 Austrian workers had pledged themselves
the
basis
exchanges quickly
of
the
changes
French Government and
was
inaugurated
in British
people
views.
naturally
on
The
were con-
cerned, and debates as to the foreign policy of that
country also started.
offered his
Front caucus,
will carry on.
were
Premier Camille Chautemps
resignation on Thursday, at
but it
was
a
Popular
refused and M. Chautemps
to support
the
of the Chamber of
Foreign Affairs Committee
Deputies.
Central
same
Austrian independence.
On
day the Austrian Nazis proclaimed a cam-
paign against Jews, priests, socialists, communistsand others regarded as anathema in the weird
Nazi
religion.
Chancellor Hitler spoke nearly three hours last
Additions to French defense forces
authorized by the
Chancellor Schuschnigg in any endeavors
for the preservation of
Sunday
before the
specially
convened
and com-
Reichstag, but he failed to
clarify the German attitude toward Austria, and
pletely
Europe
jie
a]so
subservient
furnished
no
clew
to
the
next
surprise
PROFOUND changesinaugurated European politi- internal Most of and especiallywas concerned with
in Central last week when moves. affairs, the address with the economicaffairs
cal
were
"cold Anschluss" was effected
helpless Austria.
the further
by Nazi Germany and
Subsequent events suggest that
extension of German
power
and influ-
progress
of the Reich.
In obvious answer to the
questions raised abroad about the governmental changes of Feb. 4, Herr Hitler maintained
many
Financial
1296
that
there
schisms
no
are
between
National -
Hungary to divide and assimilate the country.
of
Germany.
degree of confidence was inspired, however, by ref¬
League of Nations was assailed both in general
in
and
detail, but nothing new was said
that
on
Collaboration with other countries never¬
held desirable by Der Fuehrer, with the
subject.
theless
was
single exception of Soviet Russia.
tion Herr Hitler
Feb. 26, 1938
the
Socialist State and the armed forces
The
Chronicle
In this
connec¬
sharply assailed the then British
Soviet
the
the
to
erences
existing accords with France and
Russia, and the bulwark they supply against
aggression of Czechoslovakia's warlike neigh¬
Immediate
bors.
criticisms of
Germany
sarcastically of not believing the views
friendships and
plans proclaimed even at Moscow.
shevist
Japa¬
aggression in the Far East
nese
Hitler
Herr
the
on
spokesman
In
declared
recognition is to be extended by the Reich Gov¬
the Japanese puppet-State
ernment to
With regard to
kuo.
to maintain that
further
Spain, the German leader tried
the
duly constituted government
extension of
mere
a
of Manchu-
Moscow, and he hinted that
support would be extended to General Fran¬
cisco Franco and his revolutionaries.
German
with the
rather
expansion
aims and
leading countries of Europe
vaguely by Herr Hitler.
treated
were
He declared that
Chancellor
say
Schuschnigg
tions between
Diet
The
which
"Austria will remain
death."
the
and he denied specifically that the claims
be stilled
by the granting of credits.
With the
exception of the colonial problem, Germany has
no
declares
cally
The
Nazi
man
free
policies seemed to exercise the German
spokesman to an amazing degree, for
of the
speech
was
made
a
large part
directed against the "excessive
misinterpretations" of the foreign
press.
Much
was
will,"
were
who, "against their
prevented by the
over
as
the
globe, present-day Germany will protect the Ger¬
peoples of her neighboring States, Der Fuehrer
With
declared.
dwelt
on
the
regard
racial
and
Austria,
to
cultural
Herr
Hitler
ties, and he
ex¬
tended
fullsome
for his
"cooperative" spirit, but he said nothing of
praise to Chancellor Schuschnigg
the real German intentions.
The German army
will
strengthened, according to the German dictator,
who closed
on
the usual note of
German aims of
were
a
somewhat
pacifist intentions.
more
specific nature
proclaimed at Vienna, late last week, by the
retiring German Ambassador to Vienna, Franz
Papen.
Herr
In
von
accord
an
interview with
auspices.
Dual
representatives,
only the first step toward
are
expected to toe the line, much in
indicated
by Austria, he suggested.
unfolding of events
exceedingly quiet and thoughtful
admitted in
with
been
have
sov¬
her
and
a
of peace, jus¬
as one
"five-year fight with
Interesting and indicative ref¬
"threatening
solving tensions
Germanic
for
soil
Austria will work in behalf of "the fate of
years."
Germans," Dr.
mission."
Germanic
the
to
trian
German intervention
represented by the
posts
changes
were
"Aus¬
Only passing references
obvious
affairs
Cabinet
Schuschnigg remarked.
falls," he added, "with her special
or
made
tasks"
State,
made to the need for
were
erences
Nazi
to
granting
adherents.
were
in Aus¬
of key
The
Cabinet
made because of the "extraordinary
faced, the Chancellor said.
now
the German
or
one.
It
minority is
indirect
attack
might be the signal for
was
an
a
by
German
the
a
new
events
may
was
Spanish civil
long-drawn
easily
the
loyalists to give
after
fierce and
a
The
war.
be
to
military
of lesser
in
a
im¬
General
insurgents finally forced
the city of Teruel, Tuesday,
up
costly battle that raged through¬
out the two months since the
surprise attack.
loyalists took the place
The loyalists withdrew in
good order, and apparently they destroyed much of
the
city and all the military stores in the abandoned
area.
Fresh
promptly
the
offensives
were
bitter
toward
the
Mediterranean
undertaken by the insurgents, and
fight continued.
For the loyalists the
sting of the defeat was tempered by a battle in
which
government airplanes badly worsted the in¬
surgent fleet, Wednesday.
tacked from the air
as
Two cruisers were at¬
they tried to bombard loyalist
ports, and a government statement later
that the vessels
were
the withdrawal of
to
some
claimed
observed in tow, as they slowly
base
the
was
endeavor by Poland and
out
Francisco Franco and his
was
Reich
turn
portance, although they were spectacular.
returned
grave matter for
the
that
matic side
realized also that any
Changes Hands
BOTH military phase diplomatic events week in
and
suggest
reached this
The
Prague that the references by Herr Hit¬
Czechoslovakia, and it
direct
"common¬
The succession States carved out of the
Empire
manner
ler to
a
Europe," under German
Czech reaction to the swift
an
press
von
Papen declared that the Austro-German
was
wealth of nations in Middle
the
will fight
that statement, he added.
on
described
was
Teruel
Just
England stands up for her interests all
be
we
But Austria specifi¬
German
a
honor, which ends
own
treaties from
peace
joining the Reich politically after 1918.
man
pro¬
by Herr Hitler of the 10,000,000 Germans in
Austria and Czechoslovakia
free
The
of England and its sharp criticisms of Ger¬
this
declaration:
other's political structure, accord¬
herself
agreement
all
territory to make" against France.
the
free, and for this
policy will be based
tria stands
demands
no
Thursday.
Germany recognizes the full
to influence the
emphasized again that the Reich has
for
with
on
hear
to
ereignty of Austria, and each country agreed not
quarrel with England, the Chancellor stated, and he
press
assembled
ended
unequal weapons."
can
permitted to have his
Germany and Austria,
Vienna
in
nouncement,
to
was
about the Berchtesgaden agreement and the rela¬
will be
year
existing
from such assurances.
tice and
pressed with ever increasing vigor from
The French
that
alliances would be continued by
the German demand for the restoration of colonies
to year,
forbidden.
Tuesday
on
ing to Chancellor Schuschnigg.
German relations
the other
on
Paris, and Prague gained what comfort it could
Japa¬
a
only Soviet Russia.
German
the
connection
this
that
is
specious pretext that
set-back would benefit
nese
condoned by
was
were
known
made
Foreign Secretary, Anthony Eden, who was accused
to Bol¬
steps were taken,
hand, to avoid any cause for German measures, and
Cabinet
as
A
on
progress
Majorca.
On the diplo¬
finally is reported toward
foreign "volunteers" from Spain.
The Italian and German Governments both are said
to have
formula
indicated
for
a
willingness to
withdrawal
agree
belligerent rights to General Franco.
is to be discussed
to
a
British
and for the extension
of
This matter
along with other problems, in the
1297
Financial
Chronicle
general effort at European appeasement which the
number of
British Cabinet
substantial contributions toward this end by more
Volume
146
changes made possible.
reasonable
China and Japan
military developments of significance in the
Sino-Japanese
a
war,
diversion and
of
12
of
Formosa, Wednesday.
the
The Chinese created
this week.
interesting
an
bombing airplanes
by sending a fleet
one
the Japanese island
over
Bombs
dropped on
were
principal military centers, but little is known of
the actual
effects, other than the killing of a dozen
inhabitants.
Chinese
It
reported
was
airplanes
southernmost of the
Thursday that the
for
the
Kyushu,
large islands in the Japanese
and the Japanese people spent a few grim
group,
and
on
headed
were
The
The
excellent
Dr. Roberto M. Ortiz.
Dr.
Ortiz,
as
candidate, Dr. Marcelo T. Al-
Widespread acclaim in Argentina testifies
vear.
the
to
ceeded
popularity of the
Agustin Justo.
suc¬
expression of good¬
a
Aires, bearing
President
letter from President Roosevelt to
a
Ortiz.
Mr.
Roosevelt
emphasized
the
But the airplanes failed to appear.
larity of ideals and the community of interests of
incidents, nevertheless, afforded
lesson
to
the
Japanese,
a
salutary and
whose ceaseless
disgraceful features of the war being waged
The invaders piled up troops on a
against China.
300-mile
front
intention
of
forces
nese
in
central
China, with the obvious
cutting the Lunghai Railway behind
But strenuous endeavors
the defenders.
kept them from the line.
by the Chi¬
It appeared
Wednesday that General I wane Matsui has been
relieved of the
high command of all Japanese forces
China, and the assumption
seems warranted
inability of the invaders to make real
of late has
other
that
progress
something to do with the change.
hopeful sign
An¬
all the nations of the Western
against
military bill designed to subject
a
every
phase of Japanese economic life to stringent
The introduction of
trol.
such
ficient evidence of the drain
occasioned
constructive and fruitful
a
cooperation."
Cordell Hull issued
the
heaped
on
on
by the undeclared
acts of the
declarations, for
a
measure
Japanese
con¬
is
suf¬
resources
Prudent
among
republics by the Good Neighbor
The trend of events in Europe and Asia
suggests the advisability of
a
continuance and
even
reduced and deficits discontinued.
augmentation of this program, and abandonment
"quarantine" endeavors directed against warlike
nations.
r^DiscountJRates'of Foreign CentrarBanks
THERE have been noofchanges'durmg the week in
the discount
of the foreign central
rates
banks.
Present
sought.
unconfirmed
Indeed, there have been
reports of plans for
The merits of such
Date
a
military alliance
proposals
are
debatable, for it
Rats
are
Mar.
3)4
4.
2)4
July 10 1935
July
1 1935
May 15 1935
Aug. 15 1935
Mar. 11 1936
Chile
4
Jan.
Colombia..
4
July
2
Belgium
Bulgaria...
Canada....
6
Date
vious
Established
Rate
2
Dec.
2 1936
2H
4
Hungary...
4
Aug. 28 1935
India
3
Nov. 29 1935
4H
3)4
Holland...
2H
7
Ireland....
3
June 30 1932
3)4
4)4
Italy..
May 18 1936
Apr.
0 1936
3.05
3 29
mm
Japan.....
24 1935
4)4
Java
181933
5
Jugoslavia.
5
Lithuania..
5
Czechoslo¬
1 1936
Pre¬
Effect
Feb. 25
Country
4)4
1 1936
3)4
3H
...
3
6
Jan.
Feb.
H
141937
1 1935
6)4
July
1 1936
0
4
3
vakia
Danzig....
Denmark..
England...
Estonia....
Jan.
Morrocco..
6)4
May 28 1936
4
Jan.
21937
5
Norway...
3)4
Jan.
4
Oct.
19 1936
3)4
Poland
4)4
Dec. 17 1937
5
2
June 30 1932
2)4
Portugal...
4
4H
5
Sept. 25 1934
6)4
Rumania..
Aug. 11193V
Deo.
7 1934
51938
4)4
4
4
Deo.
South Africa
France....
3
Nov. 12 1937
4)4
3)4
4)4
3)4
Spain
5
July
Germany..
4
Sept. 30 1932
5
Sweden....
2H
Deo.
1 1933
3
6
Jan.
4 1937
7
Switzerland
1H
Nov. 25 1930
2
Finland....
4 1934
May 15 1933
10 1935
6
4
6H
Foreign Money Rates
IN bills Friday market discount rates 9-16%
LONDON open 9-16%, against for short
on
any
European of Asiatic countries.
are
reported in Mexico City to the effect
Japanese interests
are
Some
seems
bills,
no
official confirmation of such
versations, and certainly
that
Japan seeks
no
a
con¬
occasion for alarmist
naval base
on
this conti¬
Quiet improvement of inter-American politi¬
commercial relations is all that the situa¬
requires.
It is to be noted, moreover, that
at
as
a
as
on
against 9-16% on Friday of last week. Money
call at London
on
Friday
was
XA%.
At Paris the
market rate remains at 3M% and in Switzerland
1%.
.
Bank of England Statement
seeking iron properties
to have been discussed in that connection.
But there is
were
Friday of last week, and 9-16% for three-months'
open
Mexico, and the development of the port of Mazat-
cal and
Rate in
vious
Established
Austria
real threat of military action against the Amer¬
rumors
leading centers
Pre¬
Effect
Batavla
on
nent.
the
vague and
hardly be contended that there is at the moment
that
at
shown in the table which follows:
are
embracing most of the countries in the Americas.
by
any
rates
Washington dispatches this week indicate
that closer ties with Latin American countries
rumors
,
Greece....
an
of
icas
revo¬
financing also in contem¬
plated, and to this end the recent budgets will be
Feb. 25
cementing the excellent relations fostered
any
the first
among
decided relaxation of
war.
CLEAR the Roosevelt Administration toward
and well defined moves are being made
by
can
was a
censorship imposed on the press since the
lution of 1930.
Argentina..
be
expressed and praise
were
regime
new
Rote in
policy.
statement, Monday, in which
It would seem, moreover, that Dr. Ortiz
democracy.
Country
American
policy of
Secretary of State
Dr. Ortiz for his reaffirmation of faith in
is sincere in his
the
a
felicitations
usual
Latin-America
the 21
"It is
Hemisphere.
earnest desire," the note added, "to assist in the
my
in evidence Thursday, at
was
Tokio, in the form of sharp protests in the Diet
tion
an
rapid and impressive flight from Miami to Buenos
inter-American
lan
President, who
new
As
will, six United States bombing airplanes made
furtherance of
in
In the
inaugu¬
President,
election, last autumn,
new
the candidate of the Government party,
defeated the Radical
most
to
of the State Department
ration, last Monday, of Argentina's
bombing of defenseless Chinese has been one of the
the
policy
toward Latin America was illustrated in the
peaceful relations of the two countries, the simi¬
valuable
in
creditors in the United
Jtjreatment of
unhappy hours after sirens warned of the im¬
pending raid.
on
make
could
States. )
OTHER thanfront in central China, thereonwere
a steady massing of troops
the
Lunghai
few
American countries
Latin
THE expansion of £440,000 inended Feb. 23 the ef¬
statement for the week circulation shows
an
fect of which
was
slightly offset by
a
gain of £51,218
in bullion with the result that the decline in reserves
amounted to
while other
£389,000. Public deposits
rose
sists of bankers' accounts which decreased
and
other
£960,000
deposits fell off £764,301. The latter
accounts which increased
con¬
£804,998
£40,697.
The
proportion dropped a little to 33.3% from
reserve
33.6%
week ago; last year the proportion was
a
Loans on government securities fell off
39.10%.
£437,000 while those on other securities increased
Of the latter amount £391,697 repre¬
£1,038,461.
sented
Feb.
Financial Chronicle
1298
The
reserve
ratio is
the different items for several years:
different items with
Feb. 24,
1937
1936
Advances
Investments
Liabilities—
■
Notes in circulation
Other daily matur.
....
oblig
Other liabilities
Disct. & advances-
Securities
Reserve notes & coin-
Coin and bullion
6,246.262
5,804,612
10.998,547
4,914,419
6,546,899
12,223,107
9,537,696
14,128.304
20,273,4Q4
19,454,408
59,266,704 61,475,174 75,621,129 84,600,284
52,657,000
327.181,245 314.333,820 201,356,673 193,060,880 192,002,585
Proportion of reserve
► to liabilities
Barfk rate..;.
33.3%
39J0%
40.85%
2%
2%
52.86%
2%
48.60%
2%
2%
-
Propor'n of gold & for'n
curr. to note circul'n.
18,067,000
5,553,000
2.10%
can
reported this week.
bill
215
brought the total down to 91,945,332,-
corresponding period
Circulation the
francs.
ficial
by the official policy of arti¬
A decrease also
abroad of 1,000,000
francs, in French commercial bills discounted of
86,000,000 francs, in advances against securities of
120,000,000 francs and in creditor current accounts
of 558,000,000 francs.
The Bank's gold holdings
showed another slight gain of 130,281 francs, the
total of which is now 55,806,467,935 francs. Gold a
vious year at 79,716,663,600 francs.
awards
rose
0.092%
on
Enlargement of the
$100,000,000 weekly
Call
impends.
now
Stock Exchange remained
New York
the
computed
average,
1% for all transactions, while time loans again
l1/4% for maturities to 90 days, while four to
were
six months'
datings
were
1%%.
New York Money
Rates
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
ruling quotation all through the week for both new
vious year
and
bill sales to
on
an
65,437,493,937 francs. The reserve ratio
48,89%; last year it was 55.36% and the pre¬
ago
to
at
were
annual bank discount basis.
loans
at
sold late last week
$50,000,000 discount bills due in 91 days,
aggregated 57,358,742,140 francs and two
year ago
years
credit balances
in
an
The Treasury
ease.
issue of
and
stood at 85,380,429,385 francs and the pre¬
-appeared
changes in
were no
commercial paper rates hold at
and
the low levels induced
further
last year
There
rates, and business was dull in all departments.
THE weekly statement dated Feb. 17 628,000,000
decline in note circulation of revealed a
francs which
Money Market
ONLY a continuance of Yorklistless and lifeless
condition of the New the
money market
Bankers'
71.17%. The items of bills bought abroad
State remained un¬
to
advances
temporary
Below we furpish the various items
changed.
with
comparisons for previous years:
BANK
OF
FRANCE'S COMPARATIVE
for Week
Feb. 17, 1938
STATEMENT
Francs
Feb. 19.
Francs
Credit bals. abroad.
1937
Feb. 21, 1936
Francs
Francs
14,258,629
20.821.556
—1,000,000
continues quiet, no
this week.
90
bills discounted.,
Adv..against securs.
Note circulation....
Credit, current accts
money
transactions having been reported
1J^% up to
Rates continued nominal at
days and \lA% for four to six months maturities.
for
market
prime commercial paper has been
The demand has been
strong but the supply of prime paper
falling off.
shows
slight
for all
a
Rates are quoted at
maturities.
24,117,134
Bankers' Acceptances
French commercial
b Bills bought abr'd
market for time
The
and renewals.
loans
moderately active this week.
+ 130,281 55,806.467.935 57,358,742,140 65,437,493,937
Gold holdings
was
The
Changes
c
1.68%
+ 0.03%
New York
be
Bank of France Statement
a
1.62%
73,610,000
20.220.000
67,082,000
-
Other securities
s
Reichsmarks
70,771,000
20,333,000
5,366.000
5,372,000
—179,122,000 4,763,700.000 4,213,405,000 3,523,844,000
260,782,000
260,083,000
288,157,000
+22,590,000
44,484,000
48,333,000
46,400,000
—5,926,000
524,204,000
397,173,000
663,973,000
716,431,000
897,500,000
930,576,000
+81,652,000
m
—89,100,000 4,687,700,000 4,328,424,000 3,756.462,000
761,423,000
781,980,000
642,371,000
343,345.000
+ 1,471",000
342,229,000
272,859,000
Other assets
474,523,000 455,067,116 399,881,499 377,437,751 367.402,301
Circulation
19,353,412 32,102,016
8,823,334
12,970,954
16,731,000
Public deposits
141,136,535 138,295,001 141,646,616 136,233,189 127,941,782
Other deposits
90,278.734
106,189,421
95,518,851
105,600,420 100,419,121
I, Bankers' accounts.
35,536,115 37,875,880 35,457,195 40,714,338 37,663,048
Other accounts..
97,426,165 85,043,044 82,105,001 82,421,044 75,648,981
Govt, securities
15,783,958 18,027,719
26,001,307 26,187,823 25,126,851
1937 Feb. 22, 1936
Reichsmarks
Reichsmarks
+ 1,000
No change
—200.000
BIlls of exch. and checks
Feb. 28,
1934
Feb. 27.
1935
Feb. 26,
1938
furnish the
STATEMENT
23, 1938 Feb. 23,
Feb.
Reichsmarks
Assets—
Silver and other coin...
Feb. 23,
we
1.68%
was
Changes
Reserve In foreign curr.
ENGLAND'S COMPARATIVE STATEMENT
OF
Below
COMPARATIVE
for Week
Of which depos. abr'd
BANK
2.10%.
it
year
comparisons for previous years:
REICHSBANK'S
Gold and bullion
i
£22,590,000 Jmarks,
1,62%, last
now
and the previous year
£646,764 in securities. No change was made in the
2% discount rate. We should below a comparison of
1938
81,652,000 marks and 1,471,000 marks respectively.
increase in discounts and advances and
an
increases "i)f
showed
liabilities
26,
7,959,432,759 9.340.337,526
1,303,393,562
1,308,099,282
3,593,045,789 3,229,988,632
—120,000.000 3,740,835,764
91,945,332,215 85,380,429,385 79,716,663,600
—628,000.000
—558,000,000 22,200,419,186 18,227,765,981 12,227,930,288
—86,000,000 11,067,760.189
836.210,746
No change
THE market for prime bankers'this week. Highacceptances has
shown further improvement
.Temp. adVB. with¬
out int. to State..
No change
class bills have been available in
31,903,974,773 17,772,095,857
larger volume and
Propor'n of gold on
71.17%
55.36%
48.89%
+ 0.50%
hand to sight llah.
abroad,
c Rep¬
resenting drafts on Treasury on 10 blllion-france credit opened at Bank.
Since the statement of June 29, 1937, gold valuation has been at rate of 43 mg.
gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 26. 1936,
gold-valuation was 49 mg, per franc; prior to Sept. 26, 1936, there were 65.5 mg.
a
Includes bills purchased in France,
b Includes bills discounted
of gold to the franc.
Bank of
of 89,100,000
down to
ago
Germany Statement
Circulation a year
aggregated 4,328,424,000 marks and two years
ago
3,756,462,000
shown in
reserve
in bills of
decrease
in foreign currency
also
of 200,000 marks,
was
of 5,926,000
marks.
The Bank's
1,000 marks, the total of which is
70,771,000 marks, compared with 67,082,000
gold holdings
good.
There has been
The official quotation
and including 90
as
no
issued by
days
are
Yi% bid and 7-16%
y2% asked; for five and six-months, %% bid and
9-16% asked.
The bill-buying rate of the New York
Reserve Bank is
lA% f°r bills running from 1 to 90
days;■%% for 91- to 120-day bills, and 1% for 121to
180-day bills.
The Federal Reserve Bank's hold¬
ings of acceptances
as
increased from $548,000 to $555,-
Open market dealers are quoting the same rates
000.
those
reported by the Federal Reserve Bank of
The rates for open market acceptances
New York.
are
as
follows:
SPOT
180
DELIVERY
Days-—
bills
150
90
Bid
Asked
Bid
H
•u
•it
Days
60
Days
Bid
Prime eligible bills
120
Day*
Asked
•it
Bid
Prime eligible
and 73,610,000 marks the previous
Silver and other coin, other assets and other
been
the Federal Reserve Bank of New York for bills up
to
rose
marks last year
year.
A
exchange and checks of 179,122,000 marks
and in advances
now
marks.
change in rates.
and
marks, which brought the total
4,687,700,000 marks.
has
asked; for bills running for four months, 9-16% bid
THE statement for decline in note circulation, this
showed another the third quarter of February
time
demand
the
Asked
Bid
Asked
Vi
*!•
H
ht
1
CO o
Bid
Days
Asked
H
Days
Asked
*n
•
Volume
Financial
146
FOR DELIVERY
WITHIN THIRTY DAYS
Eligible member banks..
% % bid
H% bid
—
Eligible non-member banks..............................
........
Chronicle
dropped from
low
of
the schedule of rates
The following is
the
for
classes
various
of
different
the
at
paper
in effect
now
Reserve banks:
of
the
various
months this influence has been offset
uncertainty felt in European centers
of business
course
York
Rate in
IX
Date
Rale
1
Aug. 27 1937
1X
IX
Sept
2
Cleveland
Richmond
ix
ix
4 1937
May 11 1935
Aug. 27 1937
2
Atlanta
ix
Aug
IX
Aug
8t. Louis
IX
Minneapolis
IX
1937
21 1937
Sept. 2 1937
Aug. 24 1937
2
Chicago
Kansas City
IX
Sept.
3 1937
2
IX
Aug
IX
Sept.
San Francisco
—
and
have been
this
moving
In
fact
outward
from New
away
still
movement
continues
despite the greater interest in American issues dis¬
2
2 1937
Sept.
New York
Philadelphia
Dallas
to the future
here, which has arrested the flow
Previous
Established
.
by the general
as
foreign funds to American securities.
foreign funds
Boston
pro¬
should
countries
impart strength to the dollar, but during the past few
of
Effect on
Feb. 25
European
BANKS
DISCOUNT RATES OF FEDERAL RESERVE
Federal Reserve Bank
afternoon
an
buying of materials for the rearmament
grams
rates
opening of $5.02% to
an
$5.01 11-16.
The
Discount Rates of the Federal Reserve Banks
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
1299
'v.'-.
2
21
Italy and Germany is held to be favorable to inter¬
2
national trade expansion.
2
2
1937
Following the uneasiness1
displayed in the past few days there is
2
a very
apparent
2
3 1937
played in London and Amsterdam during the past
days. In the long view the British approach to
few
31
of opinion that serious European conflicts
emergence
have been avoided.
Course of Sterling
'"PHE
JL_
Exchange
In London the British
pound continues firm in terms of the dollar
and all other foreign currencies reflect this firm¬
except the French franc.
However, this week
ness
sterling has receded from the high of $5.03% reached
Wednesday of last week, which represented a new
on
high since September, 1936.
the
dollar, if it
be
can
so
from the active operation
The fractional
sterling.
is also due in
from the
of the exchange equaliza¬
It is well known that London is averse
tion funds.
to $5.00
The greater firmness in
regarded, results largely
large
in the pound
ease
to uncertainties arising
measure
political situation following Hitler's speech
Sunday last and the resignation of the British
on
Foreign Secretary, Mr. Anthony Eden.
for sterling
The
this week has been between $5.01 1-16
and
$5.02 5-16
with
a
bankers'
for
sight
compared
bills,
of between $5.01 13-16 and $5.03% last
range
The range for cable transfers has been
week.
compared
$5.01%
and
between
$5.01% and $5.03%
The
range
$5.02%,
a
with
week
a
between
range
of
is
exchange equalization fund
being accused of having unwittingly induced
similar
students
sense
American Government
zealous in
reserve
was
finance
also
here
of normal
beginning to
a
time when
deflationary influences
The British fund, accord¬
appear.
£190,000,000 which
bought gold to the
was
equivalent sale of Treasury bills.
to reduce British domestic
liquid
not offset
resources
100, stood at 75.5
on
on
the
average
of 1927
on
Sept. 18, 1931 just
'
.
The British adverse trade balance
undue anxiety in financial
seems
no
Trade's annual estimate of Great Britain's
in the dollar this week
a
as
result of greater firmness
in American shares in London and Amsterdam.
The
balance
that the net result
pared with
able
of
chiefly to uncertainty abroad due to the altered
ascendancy
in
consequence
Austria and
the
of the Nazi
British
Cabinet's
1934, and
for 1937
an
was
ing the
seems
pressure
to have had the effect of
on
intensify¬
the French franc and market
1937
even
balance in
1933.
was
or
approximately £99,-
increased £65,000,000 to £395,000,000.
On
income from overseas investments was
was
taking place in New York.
by London interests
This
news
tended to
check the weakness which has been apparent in
dollar for the past
On the whole the
extremely
dull
foreign exchange market has been
with
the exception of trading
Wednesday and Thursday, when there
over
the
un¬
In addition to the
with
an
accumulation of sterling
holiday, and commercials such
automobile
was
was an
on
and securities business, the local exchange
market had to cope
as
oils and
companies sold sterling heavily.
especially evident
on
against
£85,000,000
£205,000,000.
£35,000,000,
£130,-
The net
£220,000,000,
1936.
in
Receipts from commissions
£30,000,000.
Receipts
against
from other quarters were
unchanged at £10,000,000.
Gold is not included in the calculations, but the silver
few weeks.
usually large turnover in sterling.
copper
the
against
were
net
Of invisible
national shipping income was
000,000,
reported that heavy buying of
reached
000,000 greater than in 1936, but invisible exports
change in the constitution of the French Cabinet.
was
deficit
The
The adverse balance of visible trade
£447,000,000,
items the
Wednesday it
overseas
1937 shows
deficit of £52,000,000, com¬
was a
operators on the other saide are anticipating a radical
American securities and copper
The Board of
the largest since 1931, when it
£104,000,000.
in
this direction
cause
deficit of £18,000,000 in 1936, a credit
£32,000,000 in 1935, a deficit of £7,000,000 in
tions writh
The British turn in
to
a
evident intention of coming to more satisfactory rela¬
Italy and Germany.
London.
of visible and invisible trade in
increased interest in American securities is attribut¬
political outlook there in
as
prior to the suspension of gold payments by Great
ber.
improvement
fall
Feb. 16, compared with 77.2
month earlier and with 60.4
foreign exchange situation is essentially un¬
some
a
The London "Economist" index of British
prices.
commodity prices, based
a
an
was
by between
changed from the main trends manifest since Novem¬
Undoubtedly there has been
by
The net result
£100,000,000 and £150,000,000, thus causing
in
the
over-
desterilizing gold imports and tightening
ing to John Maynard Keynes,
extent of
believe
guilty of being
requirements of member banks at
certain amount
a
of
was
Britain.
ago.
a
deflationary trend in British gilt-edged bonds and
stocks during the first nine months of 1937.
In a
This
Wednesday when sterling
movement is included in the visible
trajde.
The net
deficiency is smaller than was generally forecast and
gives no cause for real concern.
Nevertheless the
general trend indicates clearly the need for increased
exports and explains the Government's recent
sion to relax restrictions on
There
has
deci¬
foreign trade.
undoubtedly been
British domestic business since
some
recession in
November, but bank¬
ing reports on the state of trade make light of signs
Financial
1300
of
recession.
autumn
decline
moderate and partial.
hardly
Industrial
than could be explained by
more
which
diminution
normal
the
follows
1936,
Board of Trade's index based
on
given
was
1937
was
measured by the
as
1930
Imports of gold in London in January
728,252 and exports totaled £7,279,047.
£12,-
were
Most of the
The rising trend of gold
exports to Continental European countries reflects
revival of
a
Bank of
The
increase in circulation of
an
The greater part of this is believed also
due to
be
The current statement of the
England shows
£440,000.
to
hoarding.
active
European hoarding of British notes.
bidding for gold in the
London
open
market, which is reflected in the higher dollar equi¬
valent, ranging between $35.05 and $35.19, is also
accounted for by foreign hoarding interests.
London
changed
open
market
those
from
Call money against
%%.
of
the
several
past
un¬
weeks.
and
four-months^ bills
9-16%, and six-months bills are 19-32%.
Gold
offer in the open
On
market this week
Saturday £358,000,
Tuesday
£375,000,
was
Monday
on
Thursday £433,000, and
on
Feb. 24.. 139s.
Feb. 25-139s.
Thursday,
Friday,
9^d.
9K<L
BY THE UNITED STATES
(FEDERAL RESERVE BANK)
Saturday, Feb. 19
Wednesday, Feb. 23
$35.00
Feb. 21
Feb. 22
Holiday
Monday,
Tuesday,
$35.00
Thursday,
Feb. 24
35.00
Friday,
35.00!
Feb. 25
35.00
Referring to day-to-day rates sterling exchange
was
The
bankers'
for
$5.02 1-16
firm.
sight
and
on
$5.01 %@
range was
$5.01 15-16@
$5.02% for cable transfers.
On Monday the pound
eased off fractionally.
range was
The
$5.01 1-16@
$5.01% for bankers' sight and $5.01%@$5.01 11-16
cable
for
On
transfers.
Birthday, there
Wednesday
pound
the
Tuesday,
Washington's
market in New York.
was no
displayed
On
firmness.
The
$5.01%@$5.02 5-16 for bankers' sight and
range was
$5.01 11-16@$5.02% lor cable transfers.
On Thurs¬
day sterling
The
was
easier in quiet trading.
was
$5.01%@$5.01[13-16 for cable transfers.
for
range
$5.01 7-16@$5.01 11-16 for bankers' sight
firmer.
was
bankers'
The
range was
and
sight
cable transfers.
and
On Friday
$5.01%@$5.02%
$5.0113-16@$5.02%
Closing quotations
Friday
on
for
were
$5.02% for demand and $5.02 5-16 for cable transfers.
Commercial
bills
at
sight bills finished at $5.02%, 60-day
$5.01%, 90-day bills at
ments for
on
bills
on
£626,000,
1938
closed at
at
$5.011-16; docu¬
payment at $5.01%, and seven-day grain
$5.01%.
Cotton and grain
for
payment
$5.01%.
Friday £159,000.
At the Port of New York the
the week ended Feb. 23, as
on
follows:
£288,000,
Wednesday
on
as
are
26,
Wednesday, Feb. 23—1399. 10M<U
9YA*
139s.
PRICE PAID FOR GOLD
sterling
continue
rates
bills is in supply at all times at
three-,
Two-,
money
139s. lOd.
Saturday last
gold exports went to Switzerland, France, Holland,
Belgium, and Yugoslavia.
139s. lOd.
Feb. 21
Tuesday, Feb. 22
Monday,
The
100.
as
133.1, against 124.6 in 1936.
as
Saturday, Feb. 19
Christmas.
Great Britain in
activity in
6.8% greater than in
level
In January the
Feb.
LONDON OPEN MARKET GOLD PRICE
They state that the setback in the
was
was
Chronicle
Continental and Other Foreign Exchange
gold movement for
reported by the Federal
Reserve Bank of New York, was as follows:
THE French monetary and from the past few
change exchange situation
GOLD MOVEMENT AT NEW YORK, FEB. 17-FEB. 23, INCLUSIVE
months.
Import$
I
Exports
None
I
shows
No
The
above
figures
Wednesday.
exports
last week.
On Thursday there
of the metal
or
imports
held
were no
for
were
change in gold
or
account.
ported that $907,000 of gold
or
ear¬
On Friday there
foreign
on
imports
change in gold held
exports of the metal
or
earmarked
It
was
re¬
as
indicated in the
daily Treasury statements issued during the week
Wednesday was as follows. The day-to¬
day changes are our own calculations:
ended last
Date—
Amount
17..
Feb.
Feb.
Daily Change
$1,213,602,937
Unchanged
18
1,213,602,937
19
1,213,602,937
Unchanged
Unchanged
Unchanged
Holiday
Unchanged
Feb. 21
1,213,602,937
Feb.
22
Holiday
Feb.
23
1,213,602,937
No
Canadian
tuations
of
Canadian
during all 1937 extremely
dollar
narrow
for this must be
tween
The
rate
continue
now
as
in terms of the
pound sterling.
given to the tripartite
Credit
currency agree¬
Montreal funds
a
discount of
during the week ranged be¬
1-64% and a premium of 3-64%.
following tables show the
mean
London check
Paris, the open market gold price, and the
price paid for gold by the United States:
on
MEAN LONDON CHECK RATE ON
Saturday, Feb. 19
Feb. 21
152.64
Monday,
152.56
Tuesday, Feb. 22
153.09
There
are
into
any
are
clear indications that French funds
London,
no
market
Amsterdam, and the
are
Swiss
centers.
The loan issued last week
by the French Treasury
primarily to consolidate the Treasury's
three-year bonds issued in 1935 which
are
to mature
March 10 next, as well as the one-year Treasury
bonds issued in August, 1937.
These issues aggre¬
on
gate
4,550,000,000 francs.
The
new
bonds
are
to
interest at the rate of
Subscriptions
up
in
cash,
to 3,000,000,000 francs.
be issued at 94 and to bear
5%%.
The yield will be still
The price at which these bonds are offered
greater.
is itself
an
French
Treasury.
indication of the precarious position of the
reduce
to
M.
Max
mated
country's
trade
adverse
days
ago
that the French Government is
the basis of its tariff policy the
contemplating
as
principle
exports
that
to
and imports from each
country should be made to balance.
the difficulties attendant upon
but
balance,
Hymans, Undersecretary of Finance, inti¬
few
a
the
such
He admitted
a course
of action,
argued that in the present critical moment the
nation must choose the lesser of two evils.
The franc is the weakest and most
fluctuating of
all
PARIS
Wednesday, Feb.
Thursday,
Feb.
Friday,
Feb.
days.
Referring to the efforts of the French Government
exchange continues relatively firm. Fluc¬
United States dollar and the
ment.
moving
Change for the Week Ended Wednesday
the
few
signs of repatriation of French funds from
and there
German
to
important changes in the
a
however, will be accepted
GOLD HELD IN THE TREASURY'S INACTIVE FUND
Feb.
be
will
Cabinet within
is intended
fund,
Austria,
was
arising
Czechoslovakia, and to the widespread
belief that there
French
received at San
was
Francisco from Australia.
Gold held in the inactive
ascendancy in
threats against
for the week ended
are
This is due to the uncertainties
German
from
change
marked for foreign account.
no
Currently the franc is easier than it
None
Net Change in Gold Earmarked for Foreign Account
essential
no
23
153.78
24
154.25
25
163.81
European currencies despite the close cooperation
of
the
equalization
tripartite countries.
funds
of
the
three
principal
This week the London check
Financial
Volume 146
rate
Paris fluctuated between 152.56 and 154.43
on
francs to the
it
pound, whereas only
a
thought that Paris and London
was
ing to maintain
around
a
rate
more
In New York
150.
few weeks
were
endeavor¬
favorable to the franc
30-day francs
The
are
Belgian
above dollar
at a
are
discount of four points from the basis cable rate,
90-day francs
ago
though
ruling
currently
parity of 16.95, is inclined to weakness
because of the weaker undertone of the French franc.
Belga futures
are
at
discount of
a
the basic cable rate for
belgas
at
are
The
a
one
point under
30-day belgas, while 90-day
discount of four points.
following table
shows
the
of
relation
the
leading European currencies to the United States
dollar:
V-
New Dollar
Old Dollar
Parity
b France
(franc)
Parity
3.92
6.63
13.90
Belgium (belga)
Range
This Week
a
16.95
3.25% to
3.28%
16.97% to 17.00
5.26
8.91
Switzerland (franc)
19.30
32.67
23.21% to 23.26%
Holland
40.20
68.06
55.89% to 56.03
Italy (lira)
(guilder)
5.26% to
5.26%
New dollar
parity as before devaluation of the European currencies
between Sept. 30 and Oct. 3, 1936.
a
b Franc cut from
gold and allowed to "float"
The London check rate
at
153.81, against 152.87
on
on
on
Paris closed
on
Friday
Friday of last week.
sight bills on the French center finished
at $3.26%, against $3.28% cable transfers at $3.26%,
against $3.28%.
Antwerp belgas closed at 16.99 for
bankers' sight bills and at 16.99 for cable transfers>
against 17.01% and 17.01%.
Final quotations for
Berlin marks were 40.47 for bankers' sight bills and
40.47% for cable transfers, in comparison with
40.53% and 40.53%.
Italian lire closed at 5.26%
for bankers' sight bills and at 5.26% for cable trans¬
fers, against 5.26% and 5.26%.
Austrian schillings
closed at 18.95, against 19.00; exchange on Czecho¬
slovakia at 3.51%, against 3.52%; on Bucharest at
0.74%, against 0.75; on Poland at 19.00, against
19.00, and on Finland at 2.22, against 2.22%. Greek
exchange closed at 0.92%, against 0.92%.
EXCHANGE on the display firm undertone due
countries neutral during the
continues to
at 22.42% and cable transfers at
22.42%,
against 22.42 and 22.42.
Checks on Sweden closed
at
25.88% and cable transfers at 25.88%, against
25.89; while checks on Norway finished at
25.89 and
25.25 and cable transfers at 25.25,
against
and
25.24%
25.24%.
♦
EXCHANGEdisplayjmixed AmericanThe Argentine
on the South trends. countries con¬
tinues to
Finance
Minister, Dr. Acevedo, in a statement
analyzing credits and estimated resources for the
coming year, predicted a balanced budget for 1938.
While allowing for the reduced
crop yields,
Dr.
Acevedo is convinced that the effects of 1937
pros¬
perity will continue to be manifest for several months.
Argentine paper pesos closed on Friday, official
quotations, at 33.48 for bankers' sight, against 33.50
on
Friday of last week; cable transfers at 33.48,
against 33.50. The unofficial or free market close
26.25@26.30, against 26.35@26.45.
Brazilian
are
quoted at 5.90@5.95 (official), against
5.90@6.00.
Chilean exchange is quoted at 5.19
(official), against 5.19. Peru is nominally quoted at
24%, against 24%.
was
milreis
-yx
1
EXCHANGE fluctuateFar Eastern countries con¬
on the closely with sterling. A
tinues
Reuters
lands for the week ended Feb. 21 shows
an
increase
10,000,000 guilders in the gold stock to another
high o*f 1,425,800,000 guilders.
This is re¬
China," the newly established issue bank of North
China, is to start business March 1, when other issue
banks will suspend further issues of notes.
On
Wednesday 2,646 cases of Chinese silver coin under¬
stood to
be valued at
$4,500,000, arrived in New
consigned to the Federal Reserve Bank.
This
is the eighth shipment to have been received since the
movement began in November,
bringing the total
York
value to
Calcutta at 37.93, against 27.98.
Gold Bullion in European Banks
bullion (converted into pounds sterling at
THE following table indicates the amounts of gold
par
of
exchange) in the principal European banks as of
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:
1938
1937
1936
1935
£
Banks of—
£
£
£
327.181,245
293,718,252
England
France
Germany b_
2,521,900
Spain
c87,323,COO
Italy
a25,232,000
117,985,000
100,262.000
79,327,000
£
314,333,820
347,628,740
2,452,550
87,323,000
42,575,000
201,356,673
193,060,880
192,002,585
523,499,951
591,771,803
42,575,000
656,317,786
2,937,500
90,733,000
62,952,000
67,547,000
67,800,000
2,667,300
90,125,000
13.648,750
90,467,000
76,780,000
garded
Denmark
Sweden
.
.
Norway
Total week.
72,465,000
56,218,000
105,304,000
97,099,000
72,524,000
77,676,000
83,512,000
47,077,000
68,261,000
67,548,000
25,578,000
23,875,000
6,551,000
6,555,000
6,603,000
6,602,000
16,080,000
7,395,000
6,852,000
14,568,000
6,544,000
7,515,000
Nat. Belg..
7,398,000
6,574,000
1,073,841,397 1.093,326,000 1,097,649,924 1,244,460,166 1,206,234,138
Prev. week. 1,074,074,443 1,094,057,351
a
1934
26,232,000
Netherlands
Swltzerland
reflecting continued sterling purchases
by the official control.
The technical position of the Swiss franc, which was
greatly strengthened throughout 1937, continues to
improve.
The National Bank's report attributes the
improvement to the surrender of hoarded gold, re¬
patriation of Swiss funds, and the influx of foreign
capital.
During 1937 gold reserves of the National
Bank of Switzerland were slightly decreased to 2,679,-
$28,000,000.
Closing quotations for yenrchecks yesterday were
29.05 against 29.06 on Friday of last week.
Hong¬
kong closed at 31.46@31%, against) 31.51@31%;
Shanghai at! 29%@29 31-32, against 29.85j@30.00;
Manila at 49.85, against 49.85;
Singapore at 58.95,
against 58.96; Bombay at 37.93, against 37.98; and
record
as
to
dispatch from Tokio
on Feb. 25 said that
it is understood that the "Federal Reserve Bank of
a
largely to the fact that these currencies move in close
sympathy with sterling.
The Dutch guilder and the
Swiss franc are especially firm as both currencies are
attractive to fugitive capital.
The guilder is particu¬
larly firm.
On Tuesday of this week, with volume
the highest recorded this year, the Amsterdam Bourse
staged a fresh advance based on favorable reaction
to
the resignation of the British Foreign Secre¬
tary, Anthony Eden, and to announcement of the
new
rubber control plan which raises the Dutch
Indian quota considerably and provides for new
planting.
The statement of the Bank of The Nether¬
of
ished
June 30, 1937.
In New York
war
1301
while
at 11% point discount.
currency,
Chronicle
Amount held Dec.
Bank of Germany are
1,094,638,159 1,244,487,320 1,213,871,313
1936, latest figures available,
b Gold holdings of the
exclusive of gold held abroad, the amount of which Is now
31,
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
within
to one franc; this was the second change In the gold's values
the previous revaluation took place on Sept. 26, 1936,
49 milligrams to the franc as compared with
less than a year,
when the gold was given a value of
66.5 mgs. previously.
£1 sterling at par; on
On the basis of 65.6 mgs., approximately 125 francs equaled
basis of 49 mgs.. about 165 francs equaled £1 sterling, and at
43 msrs., there are about 190 francs to £1.
000,000 francs from 2,709,000,000 francs at the end
of
1936, but foreign exchange was
more
than 500,-
ten-fold increase, while the exchango
fund remains at 583,000,000 Swiss francs.
Bankers' sight on Amsterdam finished on Friday at
55.99%, against 56.05 on Friday of last week; cable
transfers at 56.01, against 56.05; and commercial
sight bills at 55.96, against 55.98. Swiss francs closed
at,23.26 for checks and at 23.26 for cable transfers,
against 23.28 and 23.28.
Copenhagen checks fin¬
000,000 francs,
An
a
Anglo-American Commercial Treaty
The arrival in this
country of commissioners
rep¬
resenting the British Government brings the longdiscussed matter of
an
Anglo-American commercial
treaty to the point where formal negotiations
last to
such
a
are
at
Notice of the intention to negotiate
treaty "with the Government of the United
begin.
1302
Financial
Chronicle
Feb.
.
Kingdom and with that Government
Newfoundland
behalf of
on
Colonial
to
Empire"
Act,
on
State gave
of
the
Department
writing in regard to" the negotiations
and that
of the
to be
were
submitted to the Committee not later than Feb.
begin
on
March 14. Only
hearing by Feb. 19
heard.
A
a
long list of articles which it
to consider for the purpose
to Great Britain was
ticles
it
also
added later.
were
No articles not in the
announced, would be considered for
was
It
reduction of duties
was
which
of granting concessions
given out, and other
a
be
to
have
ties of which British
lists,
hearings to be held by the
Committee.
with
Special interest attaches to the negotiations be¬
of the
cause
any
was
lowering of du¬
competition could take advan¬
Without expressing any opinion at this time
tage.
conces¬
tinued
the
high tariff protection,
Smoot-Hawley tariff
enacted, would protest against
ar¬
regarding the merits of
of
a
and in whose interest the
after
close
change of admin¬
expected that American industries
long enjoyed
sions, and concessions would not be granted until
the
or a
ican exporters.
proposed
was
80%
istrative procedure was asked for in behalf of Amer¬
be
to
were
were
rose to as much as
factory cost when the value had been raised
ticles,
prescribed statements and made
application for
duty of 15% to 20%, exporters
stating, often
as
by these additions. At all of these points, as well as
regard to a considerable number of specific ar¬
persons
who had filed the
freight and in¬
in
19,
public hearings for the presentation of oral
statements would
1938
have been included to arrive at the value."
represented
notice that "all information and views
26,
■
are not applied
prices alone but "arbitrary percentages
An ad valorem
of
'
■
misleading" because tlie duties
invoice
surance
Jan. 8. On the same date the Committee for
Information
f:
have been added in many cases, and
requirements of the so-called Reciprocal Tariff
Reciprocity
in
British
the
given by Secretary Hull, in accordance with
was
the
and
and
.
tariff
favors,
any
of these claims for
con¬
brief filed early this week
the Washington Committee
by the Cotton Tex¬
a
tile Institute of New York
tions
City
indications of
importance of the commercial transac¬
problems with which
some
of the
may
be cited for its
the
involved, and the fact that the principle of
reciprocal tariff concessions is sought for the first
negotiators will have to deal. The brief points out,
for example, that a reduction of the tariff
on Brit¬
time to be
ish cotton
one
applied to the trade with this country of
industrial and commercial nations.
of the great
The 16 nations with which
ceeded
basis
in
concluding agreements
small nations
are
pared, in the volume
with Great
a
a large increase
imports of the article from that country. When
differences in wages between the United States
and
reciprocal
a
can
be
Great
com¬
value of its foreign trade,
or
was
applicable in those
equally applicable to
monwealth
Kingdoip
on
of which
none
which
but
embraces
also
Union of South
Empire
an
not
Canada,
only
the
is
for
the United
tion of
It goes
without saying that the people of the United
will
as
agreement that improves
commercial relations with Great
will
their task.
hand,
of
Britain, and they
accordingly wish the negotiators
are
some
In
a
The difficulties of the
the other
on
not to be under-rated, and an examination
of them is
was
filed
Feb.
on
19
with
the
body representing
a
in
American
were
particularly
phasized. The first is excessive tariff
rates
on
the American tariff
applies to similar types of
ticles.
it is
The second is Dominion
declared, "have operated
higher rates than
tion under this head
duties
on
lumber
was
and
tional
Special atten¬
called to the
at the
preferential
tobacco.
Des
According to the
Council, the American share in
the British lumber
market
has declined
heavily since preference
established, the drop in the
North Pacific
in 1929 to
case
being from 71% of the British
of
was
of
a
an
are
placed in
carrying higher duties, while the
fourth is the method of
assessing ad valorem duties.
method, the Council declared, is "unfair
quoted as declaring on Feb. 18,
meeting of the National Farm Institute at
Moines, that while the National Grange "de¬
any
idle
a
arbitrary classification
imports under which commodities
This latter
L. J. Taber, Master of the Na¬
was
never
look
with
commodity from
acres
and
favor
any
on
the
.
.
.
importation
place in the world if
importation is to increase the
the idle
men
in
America."
The
ex-
port of 17,000,000 bales of cotton in the three years
ending July 31,1937, against
difficulty is
classification
Grange,
the net result of that
market
gain.
The third
reductions have
will
we
.
Canadian
a serious loss in
inventory.
industry alone that protests against
sires world trade and
promotion of world peace
of the American
10% in 1937, with the American loss
extensive
here, and that American exports of cotton
cultural products.
to all but exclude
American products in some markets."
as
reduc¬
cotton
vantages the plan may have for industry, it has
failed to open important markets for American
agri¬
ar¬
preferences which,
so as
a
that
come.
The whole
policy of
reciprocal tariff making has been under fire from
many farm leaders on the ground that, whatever ad¬
many
some cases to
As arguments against
machinery in Great Britain is
it is
tariff
em¬
items, amounting in
hour.
It is not from
exporters have at present to face
dealing with Great Britain
Kingdom, in 1935 and presumably
the first half meant
upwards of 60 American industries,, four obstacles
which
average
hour while
than 12 inches
wide, employment fell from
467,000 workers in the first quarter of 1937 to 392,000 in the last
quarter, and a price decline of 35%
to 40% in the last half of the
year as compared with
Reciprocity Information by the Na¬
Foreign Trade Council,
per
more
important at this juncture.
brief which
Committee for
tional
task,
being 42% cents
declared,
wage
piece goods declined from $545,267,000 in 1928 to
$234,746,000 in 1937, while imports rose from $61,248,000 to $147,320,000. For mills making goods
in
success
considered
are
duties, the brief cited the fact
textile
States
an
countries
cotton goods, it was
present time, the average is the equivalent of
17.3 cents per
the
Africa, Australia and New Zealand.
welcome
other
on
already "comparatively low," the
at the
United
Newfoundland,
and
tariff
in the United States
Com¬
or
Britain
the present
will
cases
sewing thread would automatically apply
Japan and probably result in
in
suc¬
Britain, and it has yet to be shown that
method which
be found
Secretary Hull has
also to
an
export of 26,000,000
bales for the three years
ending
cited as evidence "that our
July 31, 1934,
was
reciprocal trade treaties
have not aided
of
cotton
agricultural imports
000 in 1934 to
farmers," while
over
an
increase
exports from $168,000,-
$992,000,000 in 1937, taking in each
Volume
Financial
146
seemed to him
past week in Europe. What with the great speech
"quite evident that, even after deduction
of Chancellor Hitler, the resignation of the British
Foreign Secretary, the emphatic approval by the
House of Commons of a foreign policy with which
the Foreign Secretary found himself unable to agree,
and the definite initiation of negotiations between
the first ten months of the year,
case
to make it
agricultural situation is decidedly out of balance and that
a reciprocal trade program has not been benefiting
drought and non-competitive items, the
of
agriculture as it should."
The obstacles to concessions
not less
are
weighty. The
the British side
on
trade treaties which
seven
Ottawa agreements
the
form
of 1932 granted im-
in exchange for Dominion preferences accorded to British goods, and pledged the United Kingdom to new
portant tariff concessions to the Dominions
or
increased duties
on
also extended
were
to
the colonies.
os-
trade, but the practical effect
facilitate world
has been to favor home and
Empire products at the
of those of other countries.
expense
preferThe
of the interlaced agreements was
tensible purpose
to
for-
number of competing
a
eign agricultural products. Certain of these
ences
To reconcile a
reciprocal tariff system with an imperial preference
system such as the Ottawa agreements represent will
ingenuity of the Washington negotiators,
the
tax
Contrary to popular belief, moreover, Great
is
ain
longer
no
Brit-
Not only is
designedly protective, but during
a
the British tariff
free trade country.
past five years there have been marked increases
the
Sir Arthur Salter, a well
in duties.
known English
economist, has declared that "it is literally and absolutely true to say that in the last five or six years
commercial
the
world has had
policy of
no
single country in the
great an effect as has that of our
so
country in restricting and deflecting the trade of
the world." There are serious economic situations
United
the
in
Kingdom,
moreover,
which tariff
The coal, iron, steel
changes would obviously affect.
and
shipbuilding industries are heavily depressed,
the
cotton
industry has
suffered
from
Japanese
competition, and the unemployment problem is still
No basic British industry
acute.
a
Italy,
the European political
succession of shocks and thrills
consequences, near or remote, of these events
reasonably clear, but whether the outlook for
of the
seem
peace
has been brightened is a matter regarding
which it is better not to feel too sure. The one thing
seems certain is that, in any balancing of gains
and losses, the gains accrue to dictatorship and the
that
losses to political democracy, and European political thought has now to adjust itself to acceptance
of a policy of political tolerance regarding divergent
political systems which have long been regarded as
fundamentally incompatible,
The speech which Chancellor Hitler delivered before the Keichstag on Sunday was considerably less
provocative in tone than had been expected. It contained no suggestion of aggressive intent in Western
Europe, and expressly declared that Germany has
no political quarrel with France. It welcomed the
new relations between Germany and Austria, but
did not intimate any menace to Austrian independence or an intended revival of a customs union or
Anschluss. It expressed satisfaction, naturally,
with the entente with Italy and Japan, but in its
reference to the Sino-Japanese war it emphasized
German neutrality and a strong desire for an early
It
peace.
was
hardly necessary to reaffirm the in-
tention of Germany to remain out of the League of
Nations, but if there was any lingering doubt at that
point anywhere it was just as well to have it dispelled.
At
some
other points, however, the speech was
problems with which
to acquiesce in British policy as far as the Foreign
test upon the reciprocal tariff
Secretary had enunciated it, and held out no hope
shown
forgreater favor is likely to be
by British agriculture.
These
are
solution
policy
some
imposes
very
of the major
a
much more severe than any it has thus
far had to meet.
The tariff agreements which Secre-
tary Hull has concluded have
been adjusted to com-
paratively simple situations not greatly affecting
American
foreign trade as a whole. A British agree-
adjustments with
best cusbut which has itself advanced rapidly along
ment, on the other hand, involves
country which is not only America's
tomer,
road of
built
high protection and at the same time
within the Empire
up
a
preferential tariff
system which is intended to discriminate against
other countries.
It must be regarded as unfortunate
less conciliatory.
of cordial relations with Great Britain as long as
The speech made it
Mr. Eden remained in office.
clear that the demand for a return of the German
colonies, or at least for an arrangement which would
give Germany some overseas possession, is still
prominent in German policy, and that while a restoration may be awaited the demand will not be
dropped.
Most significant of all, perhaps, was
Chancellor Hitler's reassertion of his intention to
extend German protection and interest to the 10,000,000 Germans scattered in minority groups
among the States of Eastern Europe. The most
agreement only after
menace in that declaration concerns
Czechoslovakia, and the 'danger of war which has
long hung over that country because of its anomalous position in relation to Germany has been height-
treaty has been proclaimed by the President,
ened rather than diminished by Chancellor Hitler's
that, with such large and complicated interests at
stake, the agreement, if one is made, will not be
submitted to Congress
for approval, and that the
countrv will know about the
the
and
Washington negotiations will have to deal. Their
tariff concessions which increase
favor upon
eign markets, and no
the
Britain
such as it has not experienced for many a day. Some
is likely to look
foreign importations without also expanding
a
Great
world has received
The caustic allusions that were
made to Foreign Secretary Eden were, to be sure,
no more irritating than the remarks which Mr. Eden
and other British statesmen have made regarding
Chancellor Hitler, but they indicated no disposition
with
the
1303
Chronicle
■
A
Turning'Point and a Parting
of the Ways
Enough time has not yet elapsed to permit of a
definitive
appraisal of the momentous events of the
immediate
pronouncement.
The resignation of Foreign Secretary Eden sounds
a
different note. Close observers have been convinced
for some time that Mr. Eden was "riding for a fall,"
and it is obvious that his diplomatic activities dur-
Financial
1304
ing the past year have done little or nothing to
Great Britain and
lieve the tension between
settlement of the
civil
In his speech in the House of Commons
Spain.
insure
in
on
to
a
He
told the House of Commons in
into
posed
Berlin, not Rome
long as the good faith of the
as
was
"a too keen de¬
than that others should make terms with us.
This
in the
past.
attitude
our
It should not in the interests of
tinued, "that
make
can
we
announced.
of some,
allow the impression to
and
gain currency abroad that we yield to constant pres¬
was
appeasement
"I
.
.
the
we
certain in my own mind," he declared,
am
"that progress
depends above all
on
the temper of
nation, and that temper must find expression in
firm
a
if
.
this
That spirit, I am confident, is there.
spirit.
Not to
give voice to it is, I believe, fair neither to
reply of Prime Minister Chamberlain
of
that
feels that he must
take
well
as
he
as
withdrawal of
foreign troops from Spain
On that question, he told
seemed to him essential.
the House of
Commons, the Italian Government
prepared to negotiate.
"I
was
not here to say," he
am
be
I
am
concerned with the
negotiations
were
present, not the past."
approached "in
mutual confidence" there
that
good
was
If
haps
as
entered upon
that
in
spirit of suspicion,
a
If the
ment
might be imposed would avail. "If there is
go¬
ing to be bad faith there will be bad faith, and
Turning then to
sought to
France that the friendship be¬
reassure
two
Over
going to alter it."
countries
was
in
no
impaired.
way
against the two countries, however, he pointed
out, "we find Italy and Germany also linked by af¬
finities
in
ernment.
Are
we
outlook
The
and in
question
we
to allow these two
glowering at
another
one
the
forms
of their
gov¬
have to think of is this:
pairs of nations to
across
go on
frontiers and al¬
lowing the feeling between the two sides to become
more
are
and
more
embittered until at last the barriers
broken* down and
a
conflict
begins which
think would mark the end of civilization?
we
bring them to
aims
and
an
understanding of
can
If
we can
Or
can
another's
objects and to such discussion
lead to their final settlement?
we
one
many
do
as
may
that, if
bring these four nations into friendly dis¬
cussion and into
a
settling of their differences,
shall have saved the peace
of Europe for
we
a genera¬
tion."
The
acceptance of political realities that
France
can
do
no
a
only
In
a
as
further ad¬
some
the Near East, and per¬
are
no
less; if Mr. Chamberlain's
can
If
peace
four-Power agreement, France
a
Its alliance with Soviet Rus¬
do nothing to aid its allies in
can
Europe without risking
It
less marked.
a
with Ger¬
war
count upon British friendship,
but
condition that it follow the British lead.
on
short, only in
it be longer regarded
name can
as
first-class Power.
Mr. Chamberlain's
limb.
There will be
and none,
onizes
change of front leaves Presi¬
"quarantine" policy far out
no
icy that casts odium
British support
upon
on
a
for any pol¬
either Italy or Germany,
it may be suspected, for
Japan.
sinia, there is
any that antag¬
Great Britain recognizes Abys¬
clear reason why it should not also
If
no
recognize Manchukuo, and since it has been forced
to seek
an
understanding with the two outstanding
European dictators, it is in no position to assert
itself
against dictatorship in the Far East.
common
States
The
interests of Great Britain and the United
still many
are
fluence, in
any
and important, but their in¬
consideration of political cooperation
between the two
ened
countries, has been greatly weak¬
by the failure of Great Britain to hold its pre¬
dominance
which
in
have
lesson
to
of
Europe.
If
the
dramatic
just taken place in Europe
the
aloofness from
United
changes
carry any
States, it is that complete
foreign entanglements and avoidance
foreign commitments, whether in Europe
or
course
ceal the
to
in Latin
or
in
America, is the safest and wisest
that the United States
can
take.
If the
new
that President Roosevelt desires is intended
serve
any
other purpose than that of national de¬
fense, it will be
a
the pressure
provocative of
war
an
The in¬
worthless in the present European
icy that he announced. Great Britain has yielded to
ne¬
or
France is
party to it.
good
as
situation, and it
navy
of dictatorships, and is prepared to
factor—and
ready to negotiate with dictators,
plans contemplate
characterized Mr. Chamberlain's speech did not con¬
profound significance of the change of pol¬
a
Britishers humiliating, its de¬
upon
Great Britain is
Asia
frank
found to be
was
to many
dent Roosevelt's
larger issue, Mr. Chamberlain
a
tween the
are
for the withdrawal
Italy will demand
pressing effect
no
beforehand
assurances
Italy is concerned, they will
change of front by the Chamberlain Govern¬
seems
many.
conditions
no
as
an agreement
share in the control of the Suez Canal,
a
for hope
they would be successful, but if they were to be
now
yet only speculation.
Eastern
reason
are
peace.
vantages in North Africa
spirit of
a
independence
long held in Europe has be¬
at least, of the Italian forces from Spain,
justified if it
sia is
the
as
essential factor—in general appeasement."
ment in the
but
well
as
speech, that he had "always taken the view that the
must be
me,
pro¬
to Rome or
go
recognition of the Italian conquest of Abyssinia
forecast by Mr. Chamberlain's
statement, in his
observed, "that the actions of the Italian Govern¬
past have been satisfactory to
cope
Britain,
question of formal recognition of the Italian posi¬
tion in Abyssinia was one that could
only morally
The aim of
can.
Britain, he declared, was peace, and to that
the
end
was
he finds it and adjust the policies of
as
his Government to it
Great
who
statesman
a
the world
As far
timations that
country nor to the world."
The
Great
untenable, and it is the British who
obviously include
con¬
in European
progress
is
Just what the negotiations which are
being ac¬
tively prepared for will include has not yet been
peace
today." He did not believe, he
It
Berlin to London. The position
or
asking the terms of
never," he said, "was the attitude of this country
be
of the
Germany, that has
or
undisputed dominance
come
part to make terms with others rather
our
on
all.
London will
which Great Britain has
question, and he objected
convinced
to what he had become
sure."
settlement:
a
of
Spain
them
and not Italy
moreover,
substance, to enter
agreement with Italy regarding the Mediter¬
Italian Government was in
sire
successfully with
and
an
ranean
and while
war,
dictatorships taken alone, it could not hope to
unwilling, he
was
that may
settlement
a
The alternative is
peace.
1938
26,
Great Britain could doubtless defeat
any one
Monday, however, he defended his resignation on
grounds of moral principle.
Feb.
gotiate with dictators for
re¬
Italy
war
contribute
or
Chronicle
national liability and not
and not
an
assurance
an
asset,,
of peace-
Volume
Text of
1305
Financial Chronicle
146
Agricultural Adjustment Act of 1938—Signed by President February 16—
Says Secretary Wallace, Strengthens and Continues AAA Soil Conser¬
New Act,
vation
Program
Signing by President Roosevelt on Feb. 16 of the new
Agricultural Adjustment Act of 1938—was
noted in our issue of Feb. 19, page 1170, the measure as
onacted into law representing the bill as it was developed in
♦conference; the House adopted the conference report on
Feb. 9, while approval of the report was recorded by the
Senate on Feb. 14.
A statement issued by the President
with the signing of the bill was given in our item of a week
ago, at which time, also, we indicated what Secretary Wal¬
lace had to say as to the new law forming the basis for a
six-point program for farm aid.
In stating also, on Feb. 16,
that he considers the Act "one of the most significant pieces
The
bill—the
farm
of farm
legislation
enacted," Secretary Wallace added
ever
First
of
all,
the
Act strengthens and continues the
Adjustment
new
conservation
soil
United States.
the new Act makes possible a good beginning
In the second place,
toward
for the benefit of both farmers
Ever-Normal Granary features of the Act will give
setting up a workable Ever-Normal Granary
The
and consumers.
had before.
Finally, the Act gives added protection to farm income, with provisions
especially adapted to assist producers of five basic commodities—cotton,
greater protection than they have ever
consumers
wheat, corn, tobacco and rice.
new
experience which led to the original Agri¬
Act is built upon the
cultural Adjustment Act, plus
then in administering
all the experience that has been gained since
national farm programs.
the Act that affect reserve
they should result in an
increase of almost 100% in the average annual carryover of corn.
In the
case of wheat, an increase in annual reserves by about 100,000,000 bushels
studying the different provisions in
After
I
supplies of feed and food, it is my judgment that
is indicated.
Adjustment Act of 1938 is a composite measure repre¬
The Agricultural
senting the views not of any individual or any one group
but of many men
Hence it is not likely that all of its provisions
and many groups.
in accord with the
would be
But I believe that most
opinions of any one individual.
and with an open mind will agree
and others, including leaders of farm
people who study its provisions carefully
with
that members of Congress
me
legislation, have served the
farmers, the consumers and the nation with their contribution to enactment
of the Agricultural Adjustment Act of 1938.
organizations, who have worked hard on this
following is tbe text of the new Act:
The
AN
To provide
ACT
commodities in interstate
Adjustment Act
Act may
of 1938".
Declaration of
Policy
be the policy of Congress to continue the
Soil Conservation and Domestic Allotment Act, as amended, for the pur¬
utilize the county agricultural extension agent for such purpose.
may
wasteful use of soil
of conserving national resources, preventing the
a
member
only
and soil-conserving crops and
practices; to assist in the marketing of agricultural
commodities for domestic
consumption and for export; and to regulate interstate and foreign com¬
in
wheat, corn,
cotton,
to
provide
in
interstate
tobacco, and rice to the extent necessary
orderly, adequate, and balanced flow of such commodities
an
and
foreign
commerce
through storage of reserve supplies,
loans, marketing quotas, assisting farmers to obtain, insofar as practicable,
parity prices for such commodities and parity of income, and assisting con¬
to obtain an adequate
and steady supply of such commodities at
fair prices.
TITLE
I—AMENDMENTS TO SOIL CONSERVATION AND
DOMESTIC ALLOTMENT ACT
Powers
Under Soil-Conservation Program
and (c) of the Soil Conservation and Domestic
Section 8 (b)
101.
Allotment Act, as amended, are
"(b)
residents
shall
(1), (2), (3)
have
power
to
carry
out
the purposes specified in
(4), and (5) of section 7 (a) by making payments or
,
agricultural producers, including tenants and share¬
in amounts determined by the Secretary to be fair and reasonable
grants of other aid to
croppers,
in connection with the effectuation
respect to
of such purposes during the
year with
which such payments or grants are made, and measured by
(1) their treatment or use of their land, or a part thereof, for soil restoration,
soil conservation,
or
the prevention of erosion;
normal national production
Secretary,
(2) changes in the
use
of
equitable share, as determined by the Secretary, of the
their land; (3) their
domestic consumption; or
of
any
commodity or commodities required for
(4) their equitable share, as determined by the
of the national production of any commodity or commodities
required for domestic consumption and exports adjusted to reflect the ex¬
tent to which their
utilization of cropland on the farm conforms to farming
will best effectuate the purposes
combination of the above.
In arid
practices which the Secretary determines
specified in section 7 (a); or (5)
or
semiarid sections,
any
(1) and (2) above shall be construed to cover water
conservation and the beneficial use of water on individual farms, including
measures
to
prevent run-off, the building of check dams and ponds, and
providing facilities for applying water to the land.
amount of any
payment or grant measured by (1) or
take into consideration
In determin.ng the
(2), the Secretary shall
the productivity of the land affected by the farm¬
ing practices adopted during
the year with respect to which such payment
In carrying out the provisions of this section in the continental
States, the Secretary is directed to utilize the services of local and
isimade.
United
State committees
selected
as
hereinafter provided.
The Secretary shall
units for administration of programs
No such local area shall include more than one county
designate local administrative areas as
under this section.
or
be the county
parts of different
tive area, and
counties.
Farmers within any such local administra¬
participating or cooperating in programs administered within
the
of
and
State
who
appointed
are
by
the
for the State
who are legal
Secretary.
The
State director of the Agricultural
Extension Service shall be ex officio a
The ex officio members of the county
State committees shall be in addition to the
and
such
committees
regulations
hereinbefore specified.
are
as
necessary
such committees, of such programs.
and sharecroppers; is authorized to
tension service and other
and encouragement to
associations
the
and to the administration, through
In carrying out the provisions of this
protect the interests
utilize the agricultural ex¬
Secretary shall, as far as practicable,
section, the
of tenants
number of members of
The Secretary shall make such
relating to the selection and exercise of
functions of the respective committees,
as
approved agencies; shall accord such recognition
producer-owned and producer-controlled cooperative
toward cooperative asso¬
will be in harmony with the policy
ciations set forth in existing Acts
efficient methods
of Congress and as will tend to promote
of marketing and distribution; shall not
have power to
shall, in every practicable
producers: and shall in every prac¬
tical way encourage and provide for soil-conserving and soil-rebuilding
practices rather than the growing of soil-depleting crops.
Rules and
regulations governing payments or grants under this subsection shall be as
simple and direct as possible, and, wherever practicable, they shall be classi¬
fied on two bases: (a) Soil-depleting crops and practices, (b) soil-building
acquire any land or any right or interest therein;
protect the interests of small
manner,
crops
and practices.
"(c)
(1)
In apportioning acreage allotments under this section in the
and State allotments and the allot¬
of wheat and corn, the National
case
be apportioned annually on the
ments to counties shall
seeded for the production of
basis of the acreage
the commodity diring the ten calendar years
which the national acreage
diverted
under previous agricultural adjustment and conservation programs), with
adjustments for abnormal wather conditions and trends in acreage during
immediately preceding the calendar year in
determined
is
(plus, in applicable years, the acreage
applicable period.
"(2)
In the case of wheat, the allotment to any
tioned annually by the
county shall be appor¬
Secretary, through the local committees, among
county on the basis
of tillable acres, crop-rotation
practices, type of soil, and topography.
Not more than 3%
allotment shall be apportioned to farms on which wheat
of such county
has not been
marketing years immediately preceding the
marketing year in which the allotment is made.
"(3) In the case of corn, the allotment to any county shall be appor¬
tioned annually by the Secretary, through the local committees, among
the farms within such county on the basis of tillable acreage, type of soil,
topography and crop-rotation practices.
or
rice
Notwithstanding any other provision of this subsection, if, for any
drought, the acreage of wheat, cotton, corn,
other than flood or
planted on the farm is less than 80% of the farm acreage allotment
for the purpose of payment, such farm acreage allot¬
for such commodity
ment shall be
25% in excess of such
planted acreage.
"(5) In determining normal yield per acre on any farm under this section in
the
case
acre
of wheat or corn,
thereon for such
yield per
immediately
the normal yield shall be the average
commodity during the ten calendar years
which such yield is determined, adjusted for
and trends in yields.
If for any reason
therefor are not available for any year,
then an appraised yield for such year, determined in accordance with regula¬
tions of the Secretary, shall be used.
If, on account of drought, flood,
insect pests, plant disease, or other uncontrollable natural cause, the yield
in any year of such ten year period is less than 75% of the average (com¬
puted without regard to such year), such year shall be eliminated in cal¬
preceding the calendar year in
abnormal weather conditions
there is no
actual yield, or the data
culating the
"(d)
amended to read as follows:
Subject to the limitations provided in subsection (a) of this section,
Secretary
■clauses
In any county in which there is
In each State there shall be a State committee
committee.
"(4)
the
The county agricultural extension
county committee.
local committee, the local committee shall also
one
reason
through the encouragement of soil-building
Sec.
of the
agent shall not have the power to vote.
accomplish these purposes
in the national public interest; to
resources
and
The
be the county agricul¬
tural extension agent.
If such county agricultural extension agent shall
not have been elected secretary of such committee, he shall be ex officio
county committee shall select a secretary who may
fertility, and of preserving, maintaining, and rebuilding the farm and ranch
sumers
consist of three members who are
planted during any of the three
It is hereby declared to
Sec. 2.
merce
convention, elect, annually, the county
The local committee shall select a secretary
farmers in the county.
the farms within such
United States
be cited as the "Agri¬
the Senate and House of Representatives of the
of America in Congress assembled, That this
land
The delegates from the various local areas
committee for the county which shall
the
for other purposes.
and foreign commerce and
Be it enacted by
annually
number a delegate to a county convention for the elec¬
county committee.
in the county shall, in a county
for the conservation of national soil resources and to provide an
adequate and balanced flow of agricultural
pose
a
allotment
lH. R. 8505]
cultural
tion of
from among their number a local committee
than three members for such area and shall also elect
more
member of such State committee.
and keeps the farm program open to
program,
participation by farmers in every part of the
The
of not
composed of not less than three or more than five farmers
in part:
AAA
such area, shall elect annually
from among their
normal yield per acre.
Any payment or grant
conditioned upon the
of aid made under Subsection (b)
utilization of the land, with respect to
shall be
which such
payment is made, in conformity with farming practices which the
finds tend to .effectuate any one or more of the purposes specified
Secretary
in clause
(4), or (5) of section 7 (a).
"Any payment made under subsection (b) with respect to any farm
(except for lands which the Secretary determines should not be utilized
for the harvesting of crops but should be permanently used for grazing
(1), (2), (3),
only) shall, if the number of cows kept on such farm, and in the
such farm is located for the production of milk or products
thereof (for market), exceeds the normal number of such cows, be further
conditioned upon the utilization of the land, with respect to which such
purposes
county in which
payment is made, so
that soil building and soil
conserving crops planted or
produced on an acreage equal to the land normally used for the production
of soil-depleting crops, but, as a condition of such payment, not permitted
to be so used, shall be used for the purpose of building and conserving the
agricultural commodities to
Whenever it is determined
that a county, as a whole, is in substantial compliance with the provisions
of this paragraph, no payment shall be denied any individual farmer in the
county by reason of this paragraph; and no payment shall be denied a
farmer by reason of this paragraph unless it has been determined that the
farmer has not substantially complied with the provisions of this paragraph.
Whenever the Secretary finds that by reason of drought, flood, or other
disaster, a
shortage of feed exists in any area, he shall so declare,
and to the extent and for the period he finds necessary to relieve such
shortage, the operation of the condition provided in this paragraph shall
be suspended in such area and, if necessary to relieve such shortage, in
other areas defined by him.
As used in this paragraph, the term 'for
market* means for disposituon by sale, barter, or exchange, or by feeding
(in any form) to dairy livestock which, or the products of which are to be
sold, bartered, or exchanged; and such term shall not include consumption
fertility of the soil, or
be consumed on the
for the production of
farm, and not for market.
Financial
1306
farm.
the
on
Ail
agricultural commodity shall be deemed consumed on
the farm if consumed
by the farmer's family, employees, or household, or
if fed to poultry or livestock other than
dairy livestock on his farm;
or If
fed to dairy livestock on his farm and such dairy livestock, or the products
thereof,
be consumed by his family, employees or household.
are to
When¬
the Secretary has reason to believe the income of producers of livestock
ever
(other than dairy cattle) or poultry in any area from such sources is being
Chronicle
Feb.
26,
of such commodities on such farms, and to use funds, in an
respect to one
equal to the estimated payments which would be
amount
1938
county, for making payments pursuant to a
made in any
special program under section 8
approved by the Secretary for such county: Provided, That farm acreage
allotments shall be made for wheat in
1938, but in determining compliance
wheat shall be considered in the group with other crops
for which special
allotments are not made."
acreage
adversely affected by increases in the supply for market of such livestock
Effective Time of Sections 101, 102, 103, and 104
poultry, as the case may be, arising as a result of programs carried out
or
under this Act, he shall make an investigation with respect to the existence
of such facts.
of producers
If, upon investigation, the Secretary finds that the Income
of such livestock or poultry, as the
be, in
case may
any area
from any such source is being adversely affected by such increases, he shall,
as
practicable, make such provisions in the administration of this
as
soon
calendar
101,
102,
104
and
103
to farming operations carried out In
Nothing contained
1938.
year
made by sections
with respect
be effective
shall first
the
amendments
105. The
Sec.
herein
shall
stituting, for 1938, any county or other local committee
require
recon¬
whicb^has^been
constituted prior to February 1, 1938.
Act with respect to the use of diverted acres as he may find necessary to
protect the interests of producers of such livestock or poultry in the affected
II—ADJUSTMENT IN FREIGHT RATES, NEW
TITLE
area."
USES]AND
MARKETS, AND DISPOSITION OF SURPLUSES
Reductions and Increases in Payments
102.
Sec.
Act,
Section 8 of the
Under Soil Conservation Program
Soil Conservation and
amended, is further amended by adding
as
subsection
a new
as
follows:
Payments made by the Secretary to farmers under subsection (b)
"(e)
shall be divided among the landlords,
tenants, and sharecroppers of any
farm, with respect to which such payments are made, in the
tion that such
same propor¬
landlords, tenants, and sharecroppers are entitled to share
in the proceeds of the agricultural commodity with respect to which such
payments are made, except that payments based on soil-building or soil-
conserving practices shall be divided in proportion to the extent which such
landlords,
such
the
Such payments shall be paid by the Secretary directly to
landlords, tenants,
or
sharecroppers entitled thereto, and shall be
puted at rates which will permit the Secretary to set aside
com¬
out of the funds
available for the making of such payments for each year an amount sufficient
to
permit the increases herein specified to be made within the limits of the
funds
available.
so
If with raspect to any farm the total payment to any
for any year would be:
person
Not more than $20, the payment shall be increased by 40%;
More than $20 but not more than $40, the payment shall be in¬
creased by $8, plus 20% of the excess over $20;
"(3) More than $40 but not more than $60, the payment shall be in¬
creased by $12, plus 10% of the excess over $40;
"(4) More than $60 but not more than $186, the payment shall be
increased by $14; or
"(5) More than $186 but less than $200, the payment shall be increased
to $200.
of
Secretary
The
Agriculture
clauses
of payments of more than
case
shall
be used
to
calculate
the
20-, and
10% increases under
(1), (2), and (3) shall not include that part, if
which is
fraction of
a
a
of the payment
dollar.
"Beginning with the calendar
to any person
any,
year
1939,
total payment for any year
no
under such subsection (b) shall exceed $10,000.
In the
case
of payments made to
performance
any individual, partnership, or estate on account of
farms in different States, Territories, or possessions, the
on
$10,000 limitation shall apply to the total of the payments for each State,
or possession, for a year and not to the total of all such pay¬
ucts, and to prosecute the same before the Commission.
portation of farm products, the Commission shall
be
and,
notified,
application
upon
by
the
Before hearing
the Secretary to
cause
Secretary,
shall
permit
the
Secretary to appear and be heard.
If such rate, charge, tariff, or practice complained of is
(b)
one affecting
interest, upon application by the Secretary, the Commission
the Secretary a party to the proceeding.
In such case the
the public
make
shall
Secretary shall have the rights of a party before the Commission and the
rights of a party to invoke and pursue original and appellate judicial
ceedings involving the Commission's determination.
pro¬
The liability of the
Secretary in any such case shall extend only to liability for court costs.
For the purposes of this section, the Interstate Commerce Commission
is authorized to avail itself of the cooperation, records, services and facilities
of Agriculture.
of the Department
(d) The Secretary is authorized to cooperate with and assist cooperative
of farmers making complaipt to the Interstate Commerce
associations
Commission with respect
to rates, charges, tariffs, and practices relating
transportation of farm products.
to the
Sec. 202.
for Farm Commodities
The Secretary is hereby authorized and directed
(a)
lish, equip, and maintain four regional research laboratories,
to estab¬
in each
one
major farm producing area, and, at such laboratories, to conduct researches
into and to develop new
scientific, chemical, and technical
and new
uses
and extended markets and outlets for farm commodities and products and
Such research
thereof.
byproducts
and
development
primarily to those farm commodities in which there
are
shall
be
regular
devoted
seasonal
or
surpluses, and their products and byproducts.
(b) For the purposes of subsection
(a), the Secretary is authorized to
acquire land and interests therein, and to accept in the
of the United
name
States donations of any property, real or personal, to any
Tenant Provisions
make
disposing of any complaint (filed by any person other than the Secretary)
er
Territory,
ments."
to
with respect to rates, charges, tariffs, and practices relating to the trans¬
$1, the amount of the payment
40-,
authorized
charges, tariffs, and practices relating to the transportation of farm prod¬
New Uses and New Markets
"In the
which
is
complaint to the Interstate Commerce Commission with respect to rates,
(c)
"(1)
"(2)
(a)
201.
Sec.
and sharecroppers contribute to the carrying out of
tenants,
practices.
Adjustments in Freight Rates for Farm Products
Domestic Allotment
laboratory estab¬
lished pursuant to this section, and to utilize voluntary or uncompensated
Sec.
Act,
103.
Section
8 of the
Soil Conservation
and
Domestic Allotment
amended, is further amended by adding the following
as
new
sub¬
services at such laboratories.
shall not be available for
sections:
(c)
Any change between the landlord and the tenants
"(f)
with respect to any
amount of
farm, that would increase
or
sharecroppers,
the previous year the
over
payments or grants of other aid under subsection (b) that would
In
carrying
and other State agencies
or
societies,
such landlord.
average
Any reduction
number of tentans
on
in
the number of tenants
farm during the preceding
any
three years that would increase the payments or grants of other aid under
such subsection that would otherwise be made to the landlord shall not
other of such laboratories.
any
purposes
of subsection
other
corporations,
organizations,
and individuals,
associations,
such
upon
and
terms
may be
or
July 1,
which
be made to
may
farmer under this section,
a
assigned, without discount, by him in writing
advances to finance making a crop.
edged
as
(e)
security for cash
Such assignment shall be acknowl¬
by the farmer before the county agricultural extension agent and
extension
or
agent an
secure
The farmer shall file with such county agricultural
affidavit stating that the assignment is not made to
pre-existing
any
indebtedness.
This
provision
shall
not
a
sum
not to exceed $4,000,000
Allotment
Act,
fiscal year, beginning with the fiscal
sale of farm commodities and
section
direct.
Act,
as
new
Domestic Allotment
(after allowing for estimated admin¬
istrative expenses, and not to exceed
5% for payments with respect to range
lands, noncrop pasture lands, and naval stores) shall be allocated among the
commodities produced with respect to which
payments or grants are to be
In
allocating
funds
among
the
commodities
the
conditions, including acreage diverted from production under the
agricul¬
tural adjustment and soil conservation
programs; (2) the value at parity
prices of the production from the allotted acreages of the various com¬
modities for the year with respect to which the
payment
to
1937. including the
made; (3) the
is
various commodities during the ten years
diverted from production under the
agricultural adjustment and soil conservation programs, in excess of the
allotted acreage for the year with respect to which the
payment is made;
and (4) the value based on average
prices for the preceding ten years of the
acreage
production of the
excess
payment used in
making payments to the producers of each commodity
acreage
determined under item (3).
shall be such that the estimated payments with
respect to such
The rate of
commodity
shall
equal the amount of funds allocated to such commodity as herein
provided.
For the purpose of allocating funds and computing payments
or grants the Secretary is authorized to consider as a
commodity a group
of
commodities
or
a
regional
or
market
For the purpose of computing payments
ized to
of
a
use
funds allocated to two
designated regional
or
or
or
more
beginning July 1,
sum
Conservation
Soil
and
1938, out of
Domestic
Allotment
Act,
as
of $1,000,000 to be expended for the promotion of the
products thereof in such
he shall
manner as
Of the
sum
allocated
under
this
subsection
beginning July
year
1,
to
1938,
the
Secretary of
$100,000 shall
in order to ascertain methods
classification
of
a
commodity.
grants, the Secretary is author¬
commodities produced on farms
other classification to compute payments with
United
be
States,
by which the sales in foreign countries of basic
agricultural commodities produced in the United States may be increased.
(g)
and
It shall be the duty of the Secretary to
widen
increase
the
in
of all
use
every
farm
practical
use
commodities
way
the flow
available funds to stimulate
in
the United
of such
States
commodities
and to
and
the
products thereof into the markets of the world.
Sec. 203.
take
into consideration and give equal
weight to (1) the average
planted to the various commodities (including rotation
pasture),
for the ten years 1928 to 1937, adjusted for abnormal
weather and other
1928
(a).
Secretary of Commerce for each
year
reduction in exports of agricultural commodities from the
Secretary
acreages
average acreage planted to the
The
year.
devoted to making a survey and investigation of the cause or causes of the
amended, is amended by inserting at the end thereof the
following
computed.
of the
15
Commerce for the fiscal
paragraph:
"The funds available for payments
fiscal
•
Apportionment of Funds
15 of the Soil Conservation and
such
annually to each of the four
sum
funds appropriated for such fiscal year pursuant to section 391 of this Act,
amended, the
Section
for
of the activities of, expenditures by, and donations
existence of any such assignment."
104.
of the funds appropriated
15 of the Soil Conservation
amended,
(f) There is hereby allocated to the
disbursing agent if payment to the farmer is made without regard to the
shall
as
the laboratories established pursuant to subsection
to
or
Sec.
may
The Secretary shall make a report to Congress at the beginning of
each regular session
authorize any suit against or impose any liability
upon the Secretary or any
V
he
as
laboratories established pursuant to this section.
filed with such agent.
pay
1938,
Domestic
Secretary shall allocate one-fourth of such
A payment
scientific
universities,
conditions
ized to utilize in each fiscal year, beginning with the fiscal year beginning
and
"(g)
agencies
or
To carry out the purposes of subsection (a), the Secretary is author¬
(d)
pursuant to section 391 of this Act, or section
tion.
Secretary is
prescribe.
change
reduction is not justified and disapproves such change or reduc¬
the
and institutions, counties, municipalities, business
hereafter operate to increase any such payment or
grant to such landlord.
Such limitations shall apply only if the county committee finds that the
or
(a),
departments
of the Federal Government, States, State agricultural experiment stations,
ment or grant to
the
the
authorized and directed to cooperate with other
otherwise be made to any landlord shall not operate to increase such
pay¬
below
out
Donations to any one of such laboratories
by
use
the
Section 32, as amended, of the Act entitled "An Act to amend
Agricultural
Adjustment
Act,
and
for
other
August 24, 1935, is amended by striking out
purposes,"
approved
Provided further, That no
part of the funds appropriated by this section shall be used for the payment
of benefits in connection with the exportation of
and is further amended by
withstanding
any other
devoted, during
commodity
or
any
after June 30, 1939, to
year
of Federal
agricultural
section for such fiscal
the
year.'
Surplus Commodities Corporation
The Act entitled "An Act to extend the time for
distribution of surplus
continue
any one
the products thereof in such fiscal year, shall not exceed
Continuation
to
"Not¬
provision of this section, the amount that may be
fiscal
25% of the funds available under this
Sec. 204.
unmanufactured*,cotton,"
adding at the end thereof the following:
purchase'and
agricultural commodities for relief purposes, and
Federal
Surplus
Commodities
Corporation,"
approved
June 28. 1937 (Public, Numbered 165,
by striking out
thereof
Seventy-fifth Congress}, is amended
"continued, until June 30, 1939,"'''andTTnserting in lieu
"continued, until June 30,
1942,".
The Federal
Surplus Com¬
modities Corporation shall submit to Congress on the first day of each regular
session
an
annual report setting
and expenditures of the
*
So in
the original.
forth
a
statement of the activities, receipts,
Corporation during the previous fiscal
year
^
j
Volume
Financial
146
III—LOANS,
TITLE
PARITY
SAGEFUARDS, AND
family, employees,
QUOTAS
poultry
SUBTITLE A—DEFINITIONS, LOANS, PARITY PAYMENTS, AND
CONSUMER
SAFEGUARDS
or
declaration of policy—
"Parity",
(1)
be that price
shall
a
to
prices for
with respect to articles that farmers buy equiva¬
lent to the purchasing power of such commodity in the base
in the case of all commodities for which the base
1909 to
and freight rates,
ments, tax payments,
period in the
the
(B)
or
contrasted with such interest pay¬
as
period August 1909 to July 1914, and, in the
The base
of tobacco, shall be
case
July 1929.
exchange,
(C)
or
(3)
farms the
on
relation
same
as
The term
Columbia
"interstate and foreign commerce"
State or
same
Territory
within the District of Columbia
means
the free and
within the District of Columbia or
or
Puerto Rico.
or
the free and
(5)
commodity which burdens
tend to create
or
surplus
a
(8)
(7)
"Department"
The term
the Department of Agriculture.
means
"person"
stock company,
means
and
"for
consumption.
market"
shall
have
in the
case
corre¬
of the following commodities,
specified
corporation, association, trust, estate,
The term "corn"
cotton
year
wheat shall
or
(1)
(A)
means
field
(9)
of
the number of bushels of
of
or any agency
a
corn.
harvested.
committee
in
corn
In
as to
case
of
a
any
of corn
acreage
means
which the local committee determines would
if all the
acreage
such acreage
corn on
means
the normal yield for the farm
times such number
acres.
(A)
shall be
the
a
"Normal supply" in the case of corn, cotton, rice, and wheat
normal year's
and exports of the com¬
domestic consumption
of rice, and 15% in the case
case
(B)
as an
of wheat, of a normal year's domestic
allowance for a normal carry-over.
The "normal supply" of tobacco shall be a normal year's
consumption
175%
and exports plus
taken
of the
from
(11)
determines that such actual production is
Secretary, shall weigh representative samples of
the
acreage
involved,
make proper
regu¬
corn
ear
deductions for moisture
content, and determine the actual production of such acreage on the basis
keting
of
means
(2)
number of
any
of cotton
acres
on
farm
a
the actual average yield for the farm times such number of acres.
"Bushel" means in the
case
of
ear
corn
that amount of
ear
and in the case of shelled
including not to exceed
corn,
means
that
(A)
of
case
corn
and rice, for any marketing
beginning of such marketing year, which was produced in the United
"Carry-over" of cotton for
any
quan¬
beginning of such marketing year, which was produced in the United States
prior to the beginning of the calendar
"Carry-over" of tobacco for
then current.
year
any
ginning of the calendar year then current, except that in the
of cigar-
case
filler and cigar-binder tobacco the quantity of type 46 on hand and there¬
produced in the United States during such calendar
year shall also
be included.
(D)
any
marketing
year
during the calendar
year
then current, and not including
any
wheat held
by the Federal Crop Insurance Corporation under Title V.
(4)
"Commercial
(A)
which
the average
corn-producing
production of corn
area"
shall
such
(excluding
corn
all
used
counties
as
area
is
determined,
after adjustment
for
silage)
for
year
abnormal weather
conditions, is four hundred and fifty bushels or more per farm and four
bushels
or more
for each
of farm land in the county.
acre
to believe that any
county which is not included in the
cial corn-producing area determined pursuant to the
commer¬
provisions
of
paragraph (a), but which borders upon one of the counties in such
that any minor
civil division in
a county
bordering
on
such
sub¬
area,
area, is pro¬
ducing (excluding corn used for silage) an average of at least four hundred
fifty bushels of corn per farm and an average of at least four bushels
for each
case
acre
may
mine such
of farm land in the county or in the minor civil division, as
be, he shall cause immediate investigation to be made to deter¬
fact.
If,
upon
the basis of Such investigation, the Secretary
finds that such county or minor civil division is likely to produce corn in
average
mounts during such
determination,
and,
commencing
calendar year, he shall proclaim such
with such
be included in the commercial
calendar
corn-producing
year,
area.
such
In the
county
case
of
county included in the commercial corn-producing area pursuant to this
whenever prior
subparagraph,
to
February
1
of
calendar
any
year
the
Secretary has reason to believe that facts justifying the inclusion of such
county are not likely to exist in such
mediate
calendar
year, ne
investigation to be made with respect thereto.
of such investigation, the
in
commodity produced
in which
adjusted for current trends in such con¬
"Normal year's domestic consumption",
consumed in the United
in the case of rice, shall
of rice produced in the United States that
States during the five
mediately preceding the marketing
marketing years im¬
in which such consumption is
year
determined, adjusted for current trends in such consumption.
"Normal year's exports" in the case of corn, cotton, rice, tobacco,
(12)
and wheat shall be the
ten marketing years
yearly average quantity of the commodity
produced
exported from the United States during the
im¬
deter¬
(or, in the case of rice, the five marketing years)
mediately preceding the marketing year in which such exports are
mined, adjusted for current trends in such exports.
(A)
"Normal yield" for any farm, in the case of corn,
the average yield per acre
shall be
of corn for the farm during the ten calendar years
yield is used in com¬
thereof, adjusted for abnor¬
immediately preceding the year in which such normal
puting any farm marketing quota or adjustment
yields.
"Normal yield" for any farm, in the case of wheat or cotton,
(B)
shall
for the farm, adjusted for
of wheat but not in the case
be the average yield per acre of wheat or cotton
abnormal weather conditions, and, in the case
of cotton,
for trends in yields, during the ten calendar years
wheat, and five calendar years in the case
the year
in the case of
of cotton, immediately preceding
is used in any computation
with respect to which such normal yield
such
calendar
shall
If,
cause an im¬
upon the basis
Secretary finds that such facts are not likely to
year,
he shall proclaim such
determination,
and
In applying subparagraph (A) or
(C)
determined in accordance with regulations
be used
on
as
controllable natural cause,
or
corn-producing area.
In applying such subparagraphs,
the actual yield for such year.
account of drought, flood, insect pests,
plant disease, or other un¬
period
the yield in any year of such ten-year
be, is less than 75% of the average
five-year period, as the case may
(computed without regard to such year)
such year shall be eliminated in
calculating the normal yield per acre.
land planted to rice in any
thereof during the five calendar years
for which such normal yield is
determined.
If, for any reason, there is no actual yield or the data therefor
are not available for any year, then an appraised yield for such year, deter¬
mined in accordance with the regulations of the Secretary, shall be used.
If the average of the normal yields for all lands planted to rice in any year in
the State (weighted by the acreage allotments therein) exceeds the average
yield per acre for the State during the period used in determining normal
yields, the normal yields for such lands in the State shall be reduced pro
rata so that the average of such normal yields shall not exceed such State
(D)
"Normal yield" per acre of rice for any
shall be the average yield per acre
immediately preceding the calendar
average
(14)
year
yield.
*
(A) "Reserve supply level", in the case of corn,
shall be a normal
of corn plus 10% of a normal
year's domestic consumption and exports, to insure a supply adequate to
meet domestic consumption and export needs in years of drought, flood or
year's domestic consumption and exports
other adverse conditions, as well as
(B)
in years of plenty.
"Reserve supply level" of tobacco
shall be the normal supply plus
5% thereof, to insure a supply adequate to meet domestic
export needs in
well
as
(15)
in years
*So
years
consumption and
of drought, flood, or other adverse conditions, as
of plenty.
"Tobacco" means each one of the kinds of tobacco
comprising
the
commencing with such calendar year, such county shall be excluded from
the commercial
(B), if for any such year the data
appraised yield for such year,
issued by the Secretary, shall
available, or there is no actual yield, an
are not
year
Whenever prior to February 1 of any calendar year the Secretary
reason
which such
consumed in the United States during the
was
be the yearly average quantity
if,
include
during the ten calendar years immediately preceding the calendar
which
in
sumption.
shall be the quantity
hand in the United States at the beginning ©f such marketing
not including any wheat which was produced in the United States
year,
year
authorized under this title.
"Carry-ever" of wheat, for
on
marketing
the
marketing years immediately preceding the marketing year
ten
marketing year shall be the quan¬
marketing year, which was produced in the United States prior to the be¬
of wheat
the United States during the ten mar¬
mal weather conditions and trends in
tity of such tobacco on hand in the United States at the begnining of such
tofore
in
such consumption is determined,
(13)
marketing year shall be the
tity of cotton on hand either within or w;thout the United States at the
(C)
yearly average quantity of the commodity, whevever
cosumed*
(B) "Normal year's domestic consumption", in the case of cotton and
States prior to the beginning of the calendar year then current.
(B)
was
immediately preceding
in the United States that was
"Carry-over", in the
shall be the quantity of the commodity on hand in the United States
at the
years
in the United States that
of shelled
amount
of moisture content, which weighs
15 H%
56 pounds.
(3)
"Normal year's domestic consumption", in the case of corn
tobacco, shall be tne yearly average quantity of the
was
corn,
including not to exceed 15j^% of moisture content, which weighs seventy
pounds,
con¬
for a normal
tion.
(C)
"Actual production" of
domestic
normal year's domestic
a
consumption is determined, adjusted for current trends in such consump¬
of such samples.
(B)
(A)
produced, that
the actual production of the acreage of corn on the farm,
substantially below normal, the local committee, in accordance with
lations
were
disagreement between the farmer and the local
the local committee
case
weather
of cotton, for trends
carry-over.
applied to
as
grain from such
as
of
"Normal production" as applied to any number of acres of corn,
and wheat, shall be the
"Actual production"
be harvested
be
calendar
in which such national average yield is used
conditions and, in the case of wheat, but not in the case
(b) Definitions applicable to one or more commodities.—For the purposes
(B)
applied to
as
in any computation authorized in this title, adjusted for abnormal
joint-
of this title—
corn
yield"
of wheat, and during the five calendar years in the case
sumption and 65% of a normal year's exports as an allowance
(9)
exist
means,
consumption and exports,
individual, partnership, firm,
an
State.
a
of rice, means to dispose of by sale, barter,
to be used for human
modity, plus 7% in the case of corn, 40% in the case of cotton, 10% In
The term "Secretary" means the Secretary of Agriculture, and the
(8)
shall
exchanged, or to be so dis¬
in yields.
(10)
Territory and the District of Columbia
a
and Puerto Rico.
such
case
or
"marketing",
average
case
cotton, or wheat
the several States and Territories
means
The term "State" includes
"National
in the
years
obstructs such commerce
or
orderly flow thereof.
The term "United States"
(6)
the
or
the national average yield per acre of the commodity during the ten
and the District of Columbia and Puerto Rico.
and
"Marketed",
cotton, preceding the
orderly flow thereof; or to create
of any agricultural
or
form) to poultry or livestock which, or
bartered,
Corn, October 1-September 30;
Cotton, August 1-July 31;
Rice, August 1-July 31;
Tobacco (flue-cured), July 1-June 30;
Tobacco (other than flue-cured), October 1-September 30;
Wheat, July 1-June 30.
sale, market¬
other things, in such commerce, or to burden or obstruct such commerce
has
"Market", in the
(7) "Marketing year"
capita
The term "affect interstate and foreign commerce" means, among
(4)
in
any
the period beginning on the first and ending with the second date
Puerto Rico, and any place outside thereof; or between points
or
within the
year
by feeding (in
used.
are
prevailed during
Puerto Rico, through any place outside thereof; or within any Territory or
or
of corn, means to dispose of by sale, barter,
sponding meanings to the term "market" in the connection in which they
ing, trade, and traffic, between any State or Territory or the District of
so
or
exchange of rice used
(D)
the period from August 1909 to July 1914.
term
Crop Insurance
Federal
to the
premium
as
case
below:
farms from farming operations that bears to the per
on
net income of individuals not
or
disposing of wheat
"Market", in the
"Parity", as applied to income, shall be that per capita net income
of individuals
or
of cotton, wheat, and tobacco, means to
exchange, but, in the case of wheat, does not
or
posed of.
of all agricultural commodities except tobacco shall be
case
consumption£by
poultry or livestock, or the products
consumed by the farmer's family, employees,
case
the products of which, are sold,
period is the period August
and freight rates during the base period.
the period August 1919 to
(2)
period; and,
July 1914, which will also reflect current interest payments per
estate,
are consumed or to be
(A) "Market," in the
include
farm indebtedness secured by real estate, tax payments per acre on
farm real
by his work stock; or
on his farm if such
dispose of by sale, barter,
commodity,
agricultural
any
for the commodity which will give to the commodity
purchasing power
acre on
or
consumption by the farmer's
means
corn
Corporation under Title V.
applied
as
livestock
of
household,
or
household.
(6)
(a) General definitions.—For the purposes of this title and the
or
thereof,
Definitions
Sec. 301.
1307
"Farm'consumption"
(5)
CONSUMER
PAYMENTS,
MARKETING
Chronicle
in original.
types
specified
as
classified in
Service and
listed below
Regulatory
"
1308
Financial
Announcement
-of the
Numbered
118 of
the]Bureau"of
Chronicle
Agricultural Economics
In""carrying
(i)
Department:
the
out this
section
Department.
21, 22, 23, 24,
35. 30, and 37;
Parity Payments
303-Tlf and [when
Sec.
Burley tobacco, comprising type 31;
appropriations
made therefor, the Secretary
are
Maryland tobacco, comprising type 32;
Oigar-filJer and cigar-binder tobacco, comprising types 42, 43, 44, 45,
46. 51, 52, 53, 54. and 55;
Cigar-filler tobacco, comprising type 41.
in amounts which, together with the proceeds thereof, will
The provisions of this title shall
made available will permit.
is authorized and directed to make payments to
producers of corn, wheat,
cotton, rice, or tobacco, on their normal production of such commodities
to such
apply^to
each of such kinds of tobacco
severally.
.•
(16) (A) "Total supply" of
keting
be the
year shall
corn,
carry-over of the
plus the estimated production of
year
during the calendar
(B)
commodity for such marketing
In the United States
the^commodlty
year in which such
the beginning of such
producers which is
marketing
year
All funds available for such payments with
each fails to reach the parity income.
to and not in substitution
Such payments shall be in addition
for any other payments authorized by law.
Consumer Safeguards
shall be the carry¬
Sec. 304.
plus the estimated production
year
The powers conferred under this Act shall not be used to dis¬
the production of supplies of foods and fibers sufficient to maintain
thereof in the United States during the calendar
year In which such market¬
courage
ing
normal domestic human consumption as determined
begins, except that the estimated production of type 46 tobacco
during the marketing year with respect to which the determination is
being
made shall be used in iieu of the estimated
production of such type during
year
the calendar year in which such
marketing
begins in determining tb*>
year
total supply of cigar-filler and cigar-binder
tobacco.
(c)
The latest available statistics of the Federal
Government shall
be
used by the
Secretary in making the determinations required to be made by
Secretary under this Act.
the
the
commodity that
ports of particular commodities, and the quantities of substitutes available
for
domestic consumption
Sec.
302.
(a)
commodities from
is authorized, upon
Secretary and with the approval of the President,
SUBTITLE
agricultural commodities (including dairy prod¬
otherwise provided in this section, the
amount, terms,
as
and conditions of such loans shall be fixed
[by
the_Secretary, subject to the
approval of the Corporation and the President.
(b)
The Corporation is directed to make|available to cooperators loans
upon wheat during any marketing year beginning in
a
calendar year in
which the farm price of wheat on June
15 is below 52% of the parity price
such date, or the July crop estimate for
wheat is in
on
domestic
year's
and not
more
consumption
and
exports,
rates
at
of
excess
not
less
a
normal
than
52%
than
marketing
year.
marketing
year,
marketing
75% of the parity price of wheat at the geginning of the
In case marketing quotas for wheat are in effect in any
the Corporation is directed to make available,
during such
year,
to noncooperators, loans upon wheat at
60% of the rate
A loan on wheat to a noncooperator shall be
made only on so much of his wheat as would
be subject to penalty if mar¬
keted.
applicable to cooperators.
(c)
The Corporation is directed'to make "available to
cooperators loans
cotton during any marketing
upon
which the average
price
the ten markets
on
price of cotton
of
excess
a
on
beginning in
year
calendar year in
August 1 of seven-eighths Middling spot cotton
designated by the Secretary
on such
a
date,
or
is
below 52% of the parity
the August crop estimate for cotton is
in
normal
year's domestic consumption and exports, at rates not
less than 52% and not more than
75% of the parity price of cotton as of
the
beginning of the marketing
are
in effect
In
year.
case
marketing quotas for cotton
in
any marketing year, the Corporation is directed to make
available, during such marketing year, to
noncooperators, loans upon cotton
at 60% of the rate applicable to
cooperators.
A loan on cotton to a non¬
cooperator shall be made only on so much of his cotton
as
would be subject
to penalty if marketed.
(d)
The
during
Corporation is
any
directed
toTmake
available
loans
upon
corn
marketing year beginning in the calendar year in which the
November crop estimate for
consumption and exports,
or
corn
is in
excess
of
a
normal year's domestic
in any marketing year when
the farm price of corn is below
75%
November 15
on
of the parity price, at the following
Part
continuous and stable supply
B—MARKETING QUOTAS
I—Marketing Quotas—Tobacco
Legislative Finding
Section 311.
(a;
The marketing of tobacco constitutes
one of the great
basic industries of the United States with ramifying activities which
directly
affect interstate and foreign commerce at
every
point, and stable condi¬
tions therein are necessary to the general welfare.
sold
market is
almost
on
Nation-wide
a
market
wholly in interstate and foreign
the ultimate
Tobacco produced for
and, with its
products, moves
from
commerce
the producer to
The farmers producing such commodity are sub¬
consumer.
ject in their operations to uncontrollable natural causes, are widely scattered
throughout the Nation, in many cases such farmers carry on their farming
operations
on
to be able to
borrowed money or leased lands, and
organize effectively,
as can
are not so
situated
to
For these
among others, the farmers are unable without Federal assistance
controi
effectively the orderly marketing of such commodity with the
abnormally excessive supplies thereof are produced and dumped
result that
indiscriminately
(b)
as
labor and industry through unions
and corporations enjoying Government protection and sanction.
reasons,
The
on the Nation-wide market.
disorderly
marketing
of
abnormally
such
excessive
supplies
affects, burdens, and obstructs interstate and foreign commerce by (1) mate¬
rially affecting the volume of such commodity marketed therein, (2) dis¬
rupting the orderly
marketing of such
commodity therein,
(3)
reducing
the price for such
commodity with consequent injury and destruction of
interstate and foreign commerce in such
commodity, and (4) causing a
disparity between the prices for such commodity in interstate and foreign
and industrial products therein, with a
consequent diminution
of the volume of interstate and foreign commerce in industrial
products.
commerce
(c) Whenever an abnormally excessive supply of tobacco exists, the
marketing of such commodity by the producers thereof directly and sub¬
stantially
affects
and
interstate
foreign
in
commerce
such
commodity
and its products, and the operation of the
provisions of this Part becomes
and appropriate in order to promote, foster, and maintain an
orderly flow of such supply in interstate and foreign commerce.
necessary
rates:
National Marketing Quota
75% of such parity price if such estimate does not exceed a normal
year's
consumption and exports and the farm price of corn is below
75% of the
parity price on November 15;
►
,70% of such parity price if such estimate exceeds a normal
year's domes¬
tic consumption and exports
by not more than 10%;
65% of such parity price if such estimate exceeds a normal
year's domes¬
tic consumption and exports
by more than 10% and not more than
15%;
60% of such parity price i f such estimate exceeds a normal year's domestic
consumption and exports by more than 15% and not more than
20%;
55% of such parity price if such estimate exceeds a normal
year's domes¬
tic consumption and exports
by more than 20% and not more than 25%;
|h 52 % of such parity price if such estimate exceeds a normal
year's domestic
consumption and exports by more than 25%.
Loans
area
a
domestic production adequate to meet
demand at prices fair to both producers and consumers.
The Commodity Credit Corporation
Except
general class of food commodities.
any
give due regard to the maintenance of
to make available loans on
ucts).
within
In carrying out the purposes of this Act it shall be the
duty of the Secretary
consumer
recommendation of the
forced into domestic consumption by decline in ex¬
were
ports during such period, current trends in domestic consumption and ex¬
of agricultural
Agricultural Commodities
on
by the Secretary from
records of domestic human
consumption in the years 1920 to 1929,
inclusive, taking into consideration increased population, quantities of any
to
Loans
provide a return
nearly equal to parity price as the funds so
as
respect to these commodities shall, unless otherwise provided by law, be
apportioned to these commodities in proportion to the amount by which
marketing year begins.
"Total supply" of tobacco for any marketing
over at
'',
•
cotton, rice, and wheat for any mar¬
1938
the
Corporation is directed, with the
Secretary, to utilize the services, facilities, and personnel of
consent of the
Flue-cured cobacco, comprising
types 11, 12, 13, and 14;
Fire-cured and dark air-cured tobacco,
comprising types
Feb. 26,
shall
be made to cooperators in the
commercial corn-producing
the applicable rate of the above
schedule.
Loans shall be made
at
to^noncooperators within
during
a
marketing
year
such
commercial
corn-producing
in which farm marketing quotas
area
are
but
only
in effect and
only on
Sec. 312.
year, the
(a)
Whenever,
15th day of November of any caiendar
on the
Secretary finds that the total supply of tobacco
as
of the beginning
of the marketing year then current exceeds the reserve
supply level therefor,
the Secretary shall proclaim the amount of such total
supply, and, begin¬
ning
the first day of the marketing year next following and continuing
on
throughout such year,
national marketing quota shall be in effect for the
a
tobacco marketed during such marketing
year.
The Secretary shall also
determine and specify in such proclamation the amount of the national
marketing quota in terms of the total quantity of tobacco which may be
marketed, which will make available during such marketing year a supply
of tobacco equal to the reserve
supply level.
Such proclamation shall be
made not later than the 1st day of December in such
year.
(b)
Whenever in the
air-cured
of
case
burley tobacco, and fire-cured and dark
tobacco, respectively,
the provisions of subsection
corn stored under seal
pursuant to section 324, and the rate of such
loans shall be 60% of the
applicable rate under the above schedule.
Loans
shall be made to
cooperators outside of such commercial
such tobacco
and the rate of such loans shall be
75% of the applicable rate under
the above schedule.
the total supply proclaimed pursuant to
(a)
of this section exceeds the
reserve
supply
from the date of such
corn-producing
area,
(e)
The rates of loans under subsections
(b), (c), and (d) on wheat, cot¬
corn not of standard
grade, type, staple, or quality shall be in¬
or decreased in
relation to the rates above
provided by such amounts
the Secretary prescribes as
properly reflecting differences from standard
level by more than 5% and a national
marketing quota is not in effect for
as
in grade, type,
(f)
staple, and quality.
For the purposes of subsections
(b), (c), and (d),
on
a
tion
loan is made under the
as
amended.
Soil
for the
acreage
of loans upon
area, a
producer
soil-depleting crops does not exceed
soil-depleting crops for the year in which the
Conservation and Domestic Allotment Act,
For
the purposes of this subsection
a producer shall not be
deemed to have exceeded his farm
acreage allotment unless such producer
knowingly exceeded his farm acreage allotment.
(g)
Notwithstanding
any other provision of this section, if the farmers
producing cotton, wheat,
corn,
or
rice
indicate by vote in
a
referendum
carried out pursuant to the
provisions of this title that
marketing quotas
with respect to such
commodity are opposed by more than one-third of the
farmers voting in such
referendum, no loan shall be made pursuant to this
section with respect to the
commodity during the period from the date on
which the results of the referendum
are
proclaimed by the Secretary until
the beginning of the second
succeeding marketing year for such commodity.
This subsection shall not limit
.the availability or renewal of
any loan
previously made.
.
■
(h) No producer shall be personally liable for
national marketing
may be
marketing
national
marketing quota in terms of the total
marketed, which will make available during such
year a
supply of tobacco equal to the
reserve
supply level.
The provisions of this subsection shall not be effective
prior to the begin¬
(c;
year
1938.
Within thirty days after the date of the issuance of the proclamation
specified in subsection
(a)
referendum of farmers who
harvested prior
such farmers
burley
are
tobacco,
to
of this section, the Secreatry shall conduct
engaged
were
the holding
in favor
or
of
or
fire-cured
in
a
production of the crop of tobacco
of the referendum to determine whether
opposed to such quota.
and
dark
air-cured
If in the
tobacco,
case
of
respectively,
farmers would be subject to a national
quota for the next succeeding market¬
ing
to
year pursuant to the provisions
a
national
of subsection (a) of this section, and also
marketing quota for the current marketing
the provisions of subsection
year pursuant to
(b) of this section, the referendum shall provide
for voting with respect to each such
quota.
If more than one-third of the
farmers voting in the referendum
oppose such quota, the Secretary shall,
prior to the 1st day of January, proclaim the result of the referendum and
such quota shall not be effective thereafter.
(d)
In
connection
with
the
determination
and
proclamation
of
any
marketing quota for the 1938-1939 marketing year, the determination by
the
Secretary pursuant
to subsection
(a) of this section shall be made and
proclaimed within fifteen days following the date of the enactment of this
Act, and the proclamation of the Secretary pursuant to subsection (c) of
this section shall be made within
forty-five days following the date of the
enactment of this Act.
any
deficiency arising from
the sale of the collateral
securing any loan under this section unless such
loan was obtained through fraudulent
representations by the producer.
the amount of such
quantity which
current
cooperator shall
case
corn-producing
whose farm the
acreage planted to
the farm acreage allotment for
a
tobacco marketed during the period
ning of the marketing year beginning in the calendar
be a producer on whose farm
the acreage planted to the
commodity
crop with respect to which the loan is
made does not exceed the farm
allotment for the
commodity under this title, or, in the
corn to a producer
outside the commercial
then current,
year
proclamation to the end of such current marketing
year, and the Secretary shali determine and shall specify in such proclama¬
ton, and
creased
during the marketing
quota shall also be in effect for such
(e)
Marketing quotas shall not be/ in effect with respect to cigar-filler
tobacco comprising type 41
or
the marketing year
during the marketing year beginning in 1938
beginning in 1939.
Volume
Financial
146
with
Apportionment of National Marketing Quota
Sec. 313.
tobacco'established
The national marketing quota for
(a)
pur¬
provisions of section 312, less the amount to^be allotted under
suant to the
shall£be apportioned by the Secretary among
production* of tobacco in each
subsection (c) of this section,
States on the basis of the total
the several
State during the five calendar years immediately preceding the
calendar
in which the quota is proclaimed (plus, in applicable years, the normal
year
Chronicle
conservation
and
programs),
with such
adjustments
are
as
deter¬
comparatively small amount used for farm con-
cumption, isjeither sold or transported in interstate commerce, or is fed to
livestock transported in interstate commerce for feeding, or is fed to live¬
stock marketed in interstate and .foreign
commerce.
produced^outside the commercial corn-producing
is fed to
or
area
Almost all the corn
is either consumed,
livestockjwhich is consumed, in the State In which such corn is
produced.
The conditions affecting the production and marketing of corn and the
production on the net acreage diverted under previous agricultural adjust¬
ment
1309
the exception of a
livestock products of corn are such that, without Federal assistance, farmers,
mined to be necessary to make correction for abnormal conditions of pro¬
individually
duction, for small farms, and for trends in production, giving due considera¬
disparities between the supplies of livestock moving in interstate and foreign
tion
bed
seed
to
and
other plant
diseases during such five-year period:
Provided, however. That to prevent in any
sharp and sudden reduc¬
case too
tion in acreage of tobacco production in any State, the marketing quota
flue-cured tobacco for any State for any marketing year shall not be
to
for
(b)
and livestock
The Secretary shall provide, through the local committees, for the
allotment of the marketing quota for any State among the farms on which
tobacco is produced, on the basis of the following: Past marketing of tobacco
making due allowance for drought, flood,
hail,
other
weather
abnormal
conditions, plant bed, and other diseases; land, labor, and equipment avail¬
able for the production of tobacco; crop-rotation practices; and the soil and
other physical factors affecting the production of tobacco: Provided, That,
except for farms on which for the first time in five years tobacco is pro¬
corn
(1) three thousand two hundred pounds, in the
case
above described be removed by the exercise of Federal
By reason of the administrative and physical impracticability of
regulating the movement of livestock and livestock products in interstate
and foreign commerce and the
(2) the
or
three
average
in times of excessive
any
tobacco acreage
any
such regulation to Remove
feasibly exercised only by providing for
production
and providing
a reserve
supply of corn
available for market in times of deficient production, in order that a stable
and continuous flow of livestock and livestock
foreign
commerce may at
Farm
Sec. 322.
products in interstate and
all times be assured and maintained.
Marketing
either
tobacco production for the farm during the preceding
plus the average normal production of
years,
inadequacy of
such burdens, such power can be
the withholding from market of excessive and burdensome supplies of corn
of flue-cured tobacco,
and two thousand four hundred pounds, in the case of other kinds of tobacco,
available for feeding, and provide for
corn
products in interstate and foreign commerce.
commerce
duced to be marketed in the marketing year for which the quota is effective,
the marketing quota for any farm shall not be less than the smaller of
of
in interstate and foreign commerce and livestock
The national public interest requires that the burdons on interstate and
foreign
power.
State for the year 1937.
cooperation, cannot effectively prevent the recurrence of
or in
and the supply
orderly marketing of
reduced
point less than 75% of the production of flue-cured tobacco in such
a
commerce
(a) Whenever in
any
Quotas
calendar year the Secretary determine!
from available statistics of the Department, including the August
tion estimate
produc¬
officially published by the Division of Crop and Livestock
Estimates of the Bureau of Agricultural Economics of the
Department,
diverted under agricultural adjustment and conservation programs during
that the total
such preceding three years.
thereof by more than 10%, marketing quotas shall be in effect in the com¬
(c)
The Secretary shall provide, through local committees, for the allot¬
ment of not in excess of
in any
5% of the national marketing quota (1) to farms
State whether it has
in five years tobacco is
State quota
a
which for the first time
or not on
produced to be marketed in the
year
the proviso in subsection (b) of this section on the basis of
to
the following:
Land, labor, and equipment available for the production of
corn-producing
area
calendar year, and shall
with the provisions
(b)
for which the
quota is effective and (2) for further increase of allotments to small farms
pursuant
mercial
supply of corn as of October 1 will exceed the normal supply
for the
of corn grown in such area in such
crop
remain in effect until terminated in accordance
of this title.
The Secretary shall determine, on the basis of the estimated average
yield of
in such
corn
area
for such crop, the acreage In such area which the
Secretary^ determines would make available for the marketing year begin¬
ning October 1
a
supply of corn (together with the estimated production
tobacco; crop-rotation practices; and the soil and other physical factors
of corn in the United States outside such
affecting the production of tobacco: Provided, That farm marketing quotas
The percentage which the number of acres so
established pursuant to this subsection for farms on which tobacco is pro¬
number of
duced for the first time in five
claimed by the
years
shall not exceed 75%
of the farm
marketing quotas established pursuant to subsection (b) of this section for
farms which
are
production of tobacco, crop-rotation practices, and
the soil and other physical factors
(d)
Farm marketing quotas may
and subject
(c)
to such conditions
as
(d)
be transferred only in such manner
the Secretary may prescribe by regulations.
Penalties
314.
The
marketing of
any
Secretary.
328 shall be pro¬
Such percentage is referred to herein as the
Secretary
shall
his
proclaim
determinations
of facts
Within twenty days after the date of issuance of the proclamation
referendum, by secret ballot, of farmers who would be subject to such
quotas to determine whether such farmers are in favor of or opposed to such
tobacco
in
excess
of
marketing
tne
If more than one-third of the farmers voting in the referendum
quotas.
quota for the farm on which the tobacco is produced, except the marketing
oppose
of any
the result of the referendum and such quotas shall not become
to a
such tobacco for nicotine or other byproduct
case
shall be subject
or,
if the following rates
higher, 3 cents per pound in the
are
of flue-cured, Maryland, or burley, and 2 cents per pound in the case
of all
who
uses,
penalty of 50% of the market price of such tobacco on the date of such
marketing,
other kinds of tobacco.
Such penalty shall be paid by the person
acquires such tobacco from the producer but
an amount
equivalent to
the penalty may be deducted by the buyer from the price paid to the pro¬
ducer in
case
such tobacco Is marketed by sale; or, if the tobacco is marketed
by the producer through
shall be
a
warehouseman
or
other agent,
paid by such warehouseman or agent who
may
such penalty
deduct
an amount
equivalent to the penalty from the price paid to the producer: Provided,
that in
case
any
tobacco is marketed directly to any person outside the
duced
in
Corn is
the
interstate and
a
commercial
corn-producing
area
moves
corn,
Bureau
of
Agricultural
not exceed the normal
almost
wholly in
livestock, and livestock
Abnormally excessive and abnormally deficient supplies of
livestock,
and livestock products.
When
products
is
directed
become
acutely
congested.
abnormally excessive
commerce
livestock, and livestock
Abnormally
deficient
supplies result in substantial decreases in livestock production and in
an
inadequate flow of livestock and livestock products in interstate and foreign
commerce, with the consequence of unreasonably high prices to consumers.
Violent fluctuations from year to
year
in the available supply of
corn
disrupt the balance between the supply of livestock and livestock products
moving in interstate and foreign commerce and the supply of corn available
for feeding.
When available supplies of
corn are excessive, corn
prices
corn.
Such
expansion,
supply by more than 10% thereof, the Secretary shall
proclaimed for such marketing year.
Thereupon such quotas shall not
become effective.
^Amount of Farm Marketing Quota
Sec. 323.
(a) The farm marketing quota for any farm with respect to
of corn shall be an amount of corn equal to the sum of—
Sec. 324.
If the acreage of corn on the farm does not exceed the mai-
(a)
keting percentage of
the farm acreage allotment, there shall be no storage
amount.
If the acreage of corn on the farm exceeds the marketing percentage
(b)
of the
farm
acreage
allotment, the storage amount shall be a number of
the smallest of the following amounts—
bushels equal to
If the storage amount ascertained under subsection (b) is less
(c)
together with the relative scarcity and high
Penalties
Sec.
(a) Any farmer who, while any farm marketing quota is in
325.
stability of producers, and overtaxing handling and processing facilities
effect for his farm with respect to any crop of corn,
through which the flow of interstate and foreign commerce in livestock and
on
on
products is directed.
Such
excessive marketings
deplete live¬
farms, and livestock marketed in interstate and foreign
commerce
consequently becomes abnormally low, with resulting high prices to
sumers
and danger to the financial stability of persons engaged in trans¬
porting, handling, and processing livestock in interstate and foreign
merce.
con¬
com¬
These high prices in turn result in another overexpansion of live¬
stock production.
responding violent fluctuations in the supply of corn directly affect the
movement of livestock in interstate commerce from the range cattle regions
to the
regions where livestock is fattened for market in interstate and for¬
eign commerce, and also directly affect the movement in interstate
merce
the farm in an amount w hich is
com¬
of corn marketed as corn which is transported from the regions where
produced to the regions where livestock is fattened for market in interstate
and foreign commerce.
Substantially ail the corn moving in interstate commerce, substantially
corn fed to livestock transported in Interstate commerce for fatten¬
in
excess
markets com produced
of the aggregate of the farm
shall be subject to a
marketed. Liability for
marketing quotas for the farm in effect at such time,
penalty of 15 cents per bushel of the excess so
penalty shall not accrue until the amount of corn stored under seal
such farm or in storage cribs rented by the farmer or under his control
such
on
is less
than the storage amount applicable to such crop plus the storage
amounts, if any, applicable to
com
other crops.
If there is stored under seal on the farm or in such
(b)
Kecurring violent fluctuations in the price of corn resulting from cor¬
than.
100 bushels, there shall be no storage amount.
price of corn, forces farmers to market abnormally excessive supplies of
commerce at sacrifice prices, endangering the financial
stock
^
The normal production of the acreage of corn on the farm in excess
marketing percentage of the farm acreage allotment;
(2) The amount by which the actual production of the acreage of corn
on the farm exceeds the normal production of the marketing percentage^of
the farm acreage allotment; or
(3) The amount of the actual production of the acreage of corn on the
farm not used for silage.
(1)
of the
livestock in interstate
livestock
be
No farm marketing quota with respect to any crop of corn shall
(b)
applicable to any farm on which the normal production of the acreage
planted to corn is less than three hundred bushels.
are
low and farmers overexpand livestock production in order to find outlets
for
the total
acutely
overtaxed, and the handling and processing facilities through which the
flow of interstate and foreign commerce in corn,
that
Storage Amounts
corn
supplies exist, transportation facilities in interstate and foreign
are
Department,
The amount of corn used as silage; and
The actual production of the acreage of corn not used as silage less
farm consumption and less the storage amount
applicable to the farm as ascertained under section 324.
and directly affect, burden, and obstruct interstate and foreign commerce
corn,
of the
proclaim such fact prior to September 20, if farm marketing quotas have been
products.
in
Economics
supply of corn as of the beginning of the next succeeding marketing year will
the amount required for
basic source of food for the Nation, and corn pro¬
foreign commerce in the form of
effective.
thej,September production estimates
Whenever it shall appear from
(e)
officially published by the Division of Crop and Livestock Estimates of the
(1)
(2)
II—Marketing Quotas—Corn
Legislative Finding
Sec. 321.
such quotas, the Secretary shall, prior to September 10, proclaim
any crop
United States the pdnalty shall be paid and remitted by the producer.
Part
under
(a) and his determination of the marketing percentage under
(b) not later than August 15.
provided for in subsection (c) of this section, the Secretary shall conduct
a
Sec.
The
subsection
subsection
affecting the production of tobacco.
determined is of the total
"marketing percentage."
similar with respect to the following: Land, labor, and equip¬
ment available for the
area) equal to the normal supply.
of the acreage allotment under section
acres
cribs
an amount
equal at least to the storage amount applicable to such crop plus
of
such
applicable to such other crops, the farmer shall be pre¬
be violating the provisions of subsection (a).
When the
storage amounts
sumed
not
to
amount of corn
the storage
stored under seal on the farm or in such cribs is less than
amount applicable to
such crop plus such storage amounts
applicable to such other crops, the farmer shall be presumed to have mar¬
keted, while farm marketing quotas were in effect, corn in violation of the
provisions of subsection (a) to the extent that the amount of corn so stored
aggregate of such storage amounts.
In any action brought
is less than the
all the
to enforce the
collection of penalties provided for in this section, the farmer,
ing, and substantially all the corn fed to livestock marketed in interstate
to the extent
that the
amount of corn so stored is less than the aggregate
amounts shall have the burden of proving that he did not
produced in the commercial corn-producing
area.
of such storage
Substantially all the corn produced in the commercial corn-producing
area.
market corn in violation of the previsions
and foreign commerce, is
of subsection (a).
1310
Financial
For the purposes of this Part,
0c)
the farmer under seal only if stored In such
requirements of such regulations
more
be deemed
corn shall
manner
to be stored
to conform to
as
effectively to administer this Part.
Whenever in
(a)
that the actual
seal
in
such
any
production of
county or other
area the
plus the amount of
corn
county or other area
Secretary finds
corn
stored under
is less than the normal production of
the marketing percentage of the farm acreage allotments in such
county or
other area, the Secretary shall terminate farm marketing
333.
The national
Secretary determines will,
quotas for
equal
to
normal
a
thereof.
The
62,500,000
year's
national
domestic
corn
stored under seal pursuant to
Section 324 which, together with the actual production of the then current
equal the normal production of the marketing percentage of the
farm acreage allotment.
Whenever, in
marketing year, marketing quotas are not in effect
with respect to the crop of corn produced in the calendar
year in which such
marketing year begins, all marketing quotas applicable to previous
crops of
corn
shall be terminated.
327. Not
later
334.
ascertain
and
Not later than February 1 the Secretary shall
year.
proclaim the
commercial
corn-producing
The
area.
ascer¬
tainment and proclamation of the commercial
corn-producing area for 1938
shall be made not later than ten clays after the date of
the enactment of
this Act.
Acreage Allotment
Sec.
328.
The
1938
30%
shall
be
flj
acreage allotment for wheat shall
be appor¬
tioned by the Secretary among the several States on the basis of the
acreage
in
year
during the ten calendar
which
the
national
immediately
years
allotment Is
acreage
determined (plus, in applicable years, the acreage diverted under
previous
agricultural
adjustment
and
conservation
conditions
weather
and
for
with
programs),
trends
in
adjustments
during
acreage
such
period.
The State
(b)
Secretary
allotment for wheat shall be apportioned by the
the counties in the State, on the basis of the acreage
acreage
among
determined
supply level
marketing
The national
(a)
preceding the calendar
Corn-Producing Area
than
September X, the Secretary shall ascertain and
proclaim the total supply, the normal supply, and the reserve
for such
plus
exports
for
seeded for the production of wheat during the ten calendar
years immediately
Proclamations of Supplies and Commercial
Sec.
and
wheat
Apportionment of National Acreage Allotment
Sec.
for abnormal
any
for
1
seeded for the production of wheat
corn
consumption
allotment
acreage
acres.
preceding the calendar
(c)
of wheat shall
the basis of the
an amount thereof adequate,
together with the estimated carry-over at the beginning of the marketing
for such crop, to make available a supply for such marketing year
such farm
crop, will
on
year
Whenever, upon any farm, the actual production of the acreage of
corn Is less than the normal production of the
marketing percentage of
the farm acreage allotment, there may be marketed, without
penalty, from
the
allotment for any crop
acreage
be that acreage which the
(b)
amount of corn from
1938
National Acreage Allotment
Sec.
in such county or other area.
an
26,
national average yield for wheat, produce
Adjustment of Farm Marketing Quotas
Sec, 326.
Feb.
by
the
the Secretary shall prescribe in order
as
Chronicle
allotment
acreage
of
corn
calendar
any
shall
year
year
will produce
an
in
year
which
the
national
(plus, in applicable years, the net
agricultural
adjustment
and
allotment is
acreage
acreage diverted under pre¬
conservation
adjust¬
programs), with
ments for abnormal weather conditions and trends in
acreage
during such
period and for the promotion of soil-conservation practices.
(c) The allotment to the county shall be apportioned by the Secretary,
through the local committees, among the farms within the county on the
basis of tillable acres, crop-rotation practices,
type of soil, and topography.
more than 3 % of such county allotment shall be
apportioned to farms
Not
which wheat has not been planted during
any of the three marketing
on
for
be that acreage in the commercial
corn-producing area which, on the basis
of the average yield for corn in such area
during the ten calendar years
immediately preceding such calendar
vious
immediately preceding the marketing
years
is made.
amount of corn
Sec. 335.
(a)
Marketing
in which the allotment
year
.'.j, ..'-V:.
v't' ;
V;
•.
Qoutas
Whenever it shall appear that the total supply of wheat
in such area which the Secretary determines
will, together with corn pro¬
duced in the United States outside the commercial
as
make available
domestic consumption and exports by more than
35%, the Secretary shall,
corn-producing
area,
supply for the marketing year beginning in such calendar
year, equal to the reserve supply level.
The Secretary shall proclaim such
acreage allotment not later than February 1 of the calendar
year for which
a
such acreage allotment was determined.
allotment for 1938 shall be made
The proclamation of the acreage
as soon as
practicable after the date of the
enactment of this Act.
of
the
beginning of any marketing
Apportionment of Acreage Allotment
Sec.
on
329.
(a)
Secretary
The acreage allotment for
corn
shall
apportioned by
during the
ten calendar years
immediately preceding the calendar
year in
which
the
apportionment is determined (plus, in applicable years, the
acreage diverted
adjustment and conservation programs) with
under previous agricultural
adjustments for abnormal
weather
conditions
and
for
trends
in
acreage
exceed
a
continuing throughout such marketing
year,
a
national
normal
year's
marketing quota
shall be in effect with respect to the marketing of wheat.
The Secretary
shall ascertain and specify in the proclamation the amount of the national
a
total quantity of wheat and also in terms of
marketing percentage of the national
a
be
the counties in the commercial
corn-producing area
the basis of the acreage seeded for the
production of corn
among
will
May 15 prior to the beginning of such marketing year,
proclaim such fact and, during the marketing year beginning July 1 and
marketing quota in terms of
the
year
not later than the
allotment for the current
acreage
crop, which he determines will, on the basis of the national average yield
of wheat, produce the amount of the national
marketing quota.
Market¬
ing quotas for any marketing year shall be in effect with respect to wheat
harvested in the calendar year in which such marketing
year begins not¬
withstanding that the wheat is marketed prior to the beginning of such
marketing year.
No marketing quota
wheat shall be in effect for the
^with respect to the marketing of
marketing'year beginning July 1,1938, unless
during such period and for the promotion of soil-conservation
practices:
Provided, That any downward adjustment for the promotion of soil-con¬
made by law for the payment, in whole or in part, in 1938 of
parity payn&ents
servation practices shall not exceed
with respect to wheat.
2% of the total
acreage allotment that
prior to the date of the proclamation of the Secretary, provision has been
would otherwise be made to such
county.
(b)
(b)
The amount of the national marketing quota for wheat shall be equal
year's domestic consumption and exports plus 30% thereof,
The acreage allotment to the county for corn shall be
apportioned
by the Secretary, through the local committees,
among the farms within
to
the county on the basis of tillable
acreage, crop-rotation practices, type of
the
soil, and topography.
(2) the estimated
'
••
:
■
•
,
Part
1
•
Wheat is
III—Marketing Quotas—Wheat
(c)
be
a
basic/source of food for the Nation, is produced
throughout the United States by more than a million
farmers, is sold on
the
country-wide market
through
ducers
and,
as
wheat
instrumentalities of interstate
to
or
and
flour,
flows
foreign
almost
commerce
entirely
from
pro¬
consumers.
Abnormally excessive and abnormally deficient supplies of wheat on the
country-wide market acutely and directly affect,
burden, and obstruct
interstate and foreign commerce.
the
facilities
of
interstate
and
Abnormally excessive supplies overtax
foreign
transportation,
of
sum
marketing
(1) the estimated
year
with
congest
markets and milling centers in the flow of
wheat from producers to con¬
depress the price of wheat in interstate and
foreign commerce, and
otherwise disrupt the orderly
marketing of such commodity in such com¬
Abnormally deficient supplies result in an inadequate flow of
wheat and its products in interstate and
foreign commerce with consequent
injurious effects to the instrumentalities of such
and
with
ex¬
cessive increases in the
prices of wheat and its products in interstate and
commerce.
It is in the interest of the
general welfare that interstate and
foreign com¬
wheat and its products be
protected from such burdensome sur¬
pluses and distressing shortages, and that a
supply of wheat be maintained
which is adequate to meet domestic
consumption and export requirements in
years of drought, flood, and other adverse
conditions as well as in
years of
plenty, and that the soil resources of the Nation be not
merce in
duction
is
quota
beginning of
proclaimed
farms
on
and
seed
as
or
such burdensome surpluses.
Such surpluses result in disas¬
trously low prices of wheat and other grains to wheat
producers, destroy
purchasing power of grain producers for industrial
products, and
any
marketing
year
shall
number of bushels of wheat equal to the sum of—
a
A number of bushels equal to the normal production of a number of
acres determined by applying the marketing
percentage specified in the
quota proclamation to the farm acreage allotment for the current crop; and
(2) A number of bushels of wheat equal to the amount, or part thereof,
of wheat from any previous crop which the farmer has on hand
which,
had such amount, or part thereof, been marketed during the
preceding
marketing year in addition to the wheat actually marketed during such
preceding marketing year, could have been marketed without penalty.
In
event shall the farm
no
marketing quota for
any
farm be less than the
normal production of half the farm acreage allotment for the farm.
(d)
No farm marketing quota with respect to wheat shall be applicable
in any marketing year to any farm on which the normal production of the
acreage planted to wheat of the current crop is less than one hundred bushels.
Referendum
Sec. 336.
national
duct
a
Between the date of the issuance of any proclamation of any
marketing quota for wheat and June 10, the Secretary shall
con¬
referendum, by secret ballot, of farmers who will be subject to the
quota specified therein to determine whether such farmers favor
such quota.
If
oppose such
more
oppose
than one-third of the farmers voting in the referendum
by proclamation suspend
quota,
or
quota, the Secretary shall, prior to the effective date of such
the operation of the national
marketing
quotas with respect to wheat.
wasted in the pro¬
of
the
The farm marketing quota for any farm for
merce.
foreign
which
to
amount of wheat which will be used
(1)
terminal
sumers,
commerce
carry-over of wheat as of the
respect
livestock feed during the marketing year.
i
Legislative Findings
Sec. 331.
normal
a
less the
.
Adjustment and Suspension of
Sec. 337.
If the total supply
(a)
as
Quotas^]
proclaimed by the Secretary within
the
forty-five days after the beginning of the marketing year is less than that
reduce the value of the agricultural
assets supporting the national credit
structure.
Such shortages of wheat result in
unreasonably high prices of
flour and bread to consumers and loss of
market outlets by wheat
producers.
The conditions affecting the
production and marketing of wheat are such
that, without Federal assistance, farmers,
individually or in cooperation,
cannot effectively
prevent the recurrence of such
surpluses and shortages
and the burdens on interstate and
specified in the proclamation by the Secretary under section 335 (a), then
foreign
commerce
resulting therefrom,
maintain normal supplies of
wheat, or provide for the orderly
marketing
thereof in interstate and
foreign
The provisions of this Part
ers
are
necessary
in order
commerce.
affording
a
to minimize
cooperative plan to wheat produc¬
recurring surpluses and shortages
of wheat in interstate and
foreign commerce, to provide for the
maintenance
of adequate reserve
supplies thereof, and to provide for an
adequate flow
of wheat and its products in
interstate and foreign commerce.
The pro¬
visions hereof for regulation of
marketings by producers of wheat whenever
an
abnormally excessive supply of such
commodity exists are necessary in
order to maintain an
orderly flow of wheat in interstate and
foreign com¬
merce under such conditions.
the national marketing quota specified in the proclamation under such sec¬
tion shall be increased
(b)
Estimates
the
appear
Bureau
from either the July
of Agricultural
or
the August produc¬
Economics of the Department,
less
than
normal
a
year's
domestic
consumption
and exports plus
thereof, the Secretary shall proclaim such fact prior to July 20,
the
as
case
may
shall
become
or
30%
August 20,
be, if farm marketing quotas have been announced with
respect to the crop grown in such calendar year.
Thereupon such quotas
ineffective.
Transfer of Quotas
Farm marketing quotas for wheat shall not be transferable,
338.
Sec.
but in accordance with regulations prescribed by the Secretary for such pur¬
pose,
any
farm marketing quota in excess of the supply of wheat for such
farm for any
acreage
marketing year may be allocated to other farms
on
which the
allotment has not been exceeded.
Penalties
Sec* 332* Not later than July 15 of each
marketing year for wheat,
the Secretary shall ascertain and
proclaim the total supply and the
supply of wheat for such marketing year, and the national
acreage allot¬
ment for the next crop of wheat.
of
that the total supply of wheat as of the beginning of the marketing year was
Proclamations of Supplies and
Allotments
'
accordingly.
Whenever it shall
tion estimates, officially published by the Division of Crop and Livestock
normai
Sec.
339.
markets
Any farmer who, while farm
wheat
in
which such wheat
per
bushel of the
excess
was
of
the
farm
marketing quotas
marketing
quota
for
are
in
effect
the farm
on
produced, shall be subject to a penalty of 15 cents
excess so
marketed.
Volume
Financial
146
Part
IV—Marketing Quotas—Cotton
1311
Chronicle
(2) Not more than 3% of the amount remaining, after making the allot¬
provided for under paragraph (1), shall be allotted, upon such basis
the Secretary deems fair and equitable, to farms (other than farms to
which an allotment has been made under paragraph (1) (B) to which an
allotment of not exceeding fifteen acres may be made under other provisions
ments
Legislative Findings
American cotton is a
341.
Sec.
basic
as
of clothing and industrial
source
products used by every person in the United States and by substantial
numbers
of
and
world-wide market
American cotton
is sold
foreign
processing
to
commerce
establishments
located throughout the world at places outside the State where the cotton
is
^■
produced.
Fluctuations in supplies of cotton and the marketing of excessive
of cotton in interstate and foreign commerce disrupt the
such
Excessive
commerce.
affect
and
volume
the
of cotton
of
materially
and
directly
cotton
moving in interstate and foreign commerce
disparity in prices of cotton and industrial products moving in
cause
interstate and
of such
supplies
supplies
orderly marketing
and destruction of
of cotton in such commerce with consequent injury to
foreign
commerce in
with consequent diminution of the volume
commerce
industrial products.
The conditions affecting the production and marketing of cotton are
of this subsection: and
(3) The remainder of the total amount available to the county shall be
to farms on which cotton has been planted during any of the
a
on
from the places of production almost en¬
moves
and
interstate
in
tirely
foreign countries.
people in
such
allotted
previous three years (except farms to which an allotment has been made
under paragraph (1) (B) ).
The allotment to each farm under this para¬
graph, together with the amount of the allotment to such farm under
paragraph (1) (A), shall be a prescribed percentage (which percentage shall
be the same for all such farms in the county or administrative area) of the
acreage, during the preceding year, on the farm which is tilled annually
or in regular rotation, excluding from such acreage the acres devoted to
the
production of wheat, tobacco, or rice for market or for feeding to live¬
farm would be allotted under
together with the amount of the allotment to such
(A), in excess of the largest acreage planted to
cotton plus the acreage diverted from the production of cotton under
the agricultural adjustment or conservation program during any of the
preceding three years, the acreage allotment for such farm shall not exceed
such largest acreage so planted and diverted in any such year.
stock for market: Provided, however, That if a
this paragraph an acreage,
farm under paragraph (1)
cannot
and
effectively prevent the
fluctuations
in
tain
normal
dumping of
prevent indiscriminate
supplies, cannot
excessive supplies on
of excessive supplies of cotton
recurrence
the Nation-wide and foreign markets, cannot main¬
of cotton,
carry-overs
and
the orderly
provide for
cannot
welfare that interstate and foreign
the interest of the general
in
to
in cotton be protected from the burdens
caused by the marketing
of excessive supplies of cotton in such commerce,
adequate to meet domestic consumption and export
be maintained which is
requirements in
well
of drought, flood, and other adverse conditions as
years
in years of plenty, and that the soil resources
as
of the Nation be not
to
The provisions of this Part affording a cooperative
ducers
are
supplies,
of exces¬
and maintain an orderly flow of
foster,
and to promote,
adequate supply of cotton in such commerce.
an
find and proclaim
of cotton
over
of
sumption
as
American
August 1 of such
such
during
cotton
the
probable domestic con¬
marketing
commencing
year
marketing year, and (d) the estimated carry-over of cotton as of the
next
For the marketing year 1937-1938 the Secretary
succeeding August 1.
shall make all the findings and
not later than ten
(a)
proclamations provided for in this section
days after the date of the enactment of this Act.
Amount
Sec. 343.
of National Allotment
Not later than November 15 of each year the Secretary
shall find and proclaim the amount
pounds
August
The
weight.
gross
of
bales
cotton
of the national allotment of cotton for
national
allotment
shall
of such succeeding calendar year, to make
1
of cotton, for the marketing year beginning on such
normal supply.
of
nunber
be the
the estimated carry-over as of
together with
adequate,
available a supply
a
ten
million bales, the national allotment for such
shall be ten
year
If the national allotment
be eleven million five hundred thousand bales for
thousand bales, it shall
such year, as the case may
Marketing Quotas
Notwithstanding the foregoing provisions of this section, the national
1938 and for
equal to
production of the
such
the
1939 shall
acres
be increased by a number of bales
allotted under section 344
for
(e)
year.
that portion of the national allotment provided for in section
the
average,
■
ecretary among the
for the five
343 (c) (shall
several states on the basis of
preceding the year in which the national
years
allotment is determined, of the normal
production of cotton in each State.
The normal production of a State for a year shall be (1) the quantity pro¬
duced therein plus (2) the normal
yield of the
acres
diverted in each county
In the State under the previous agricultural adjustment or conservation pro¬
grams.
The normal yield of the
shall
the
be
year
average
yield
per
acres
diverted in any county in any year
of the planted acres in such county
acre
the
(b)The Secretary shall ascertain, on the basis of the average yield per
in each State, a number of acres in such State which will produce a
number of bales equal to th6 allotment made to the State under subsec¬
tion
(a).
ment."
Such number of
acres
is referred to
The average yield per acre
for
the basis of the average of the normal
any
as
of this
the next succeeding
Cotton produced
be subject
which such marketing year begins shall
quotas in effect for such
marketing year notwithstanding that it
be marketed prior to August
may
fact
(or, in case of the mar¬
marketing year with respect to the marketing of cotton.
to
Amount
1.
of Farm Mai keting Quotas
any farm for
equal to the sum of—1
(1) A number of bales equal to the normal prod uction or the actua
production, whichever is the greater, of the farm acreage allotment, and
(2) A number of bales equal to the amount, or part thereof, of cotton
from any previous crop which the farmer has on hand, which, had such
amount, or part thereof, been marketed during the preceding marketing
year in addition to the cotton actually marketed during such preceding
marketing year, could have been marketed without penalty.
346.
Sec.
any
The farm marketing quota for cotton for
(a)
marketing year shall be a number of bales of cotton
ment has been made for the current crop
crop
348 shall not apply to the
for which a farm acreage allot¬
The penalties provided for in section
(b)
marketing of cotton, produced on any farm
if the production of the current
does not exceed one thousand pounds of
lint cotton.
Referendum
347.
Sec.
Not later than
December 15 of any calendar year in which
proclamation of farm marketing quotas
this
Part
been
has
secret ballot,
made,
the "State acreage allot¬
State shall be determined
production for the State for the
on
years
pursuant to the provisions of
referendum, by
the Secretary shall conduct a
of farmers who were engaged in
favor or oppose
production of the crop har¬
of the referendum to
vested prior to the holding
determine whether they
If more than one-third of the farmers voting
such quotas.
the end
and upon
such proclamation the quotas shall become ineffective.
If a proclamation
under section 345 is made with respect to the 1938 crop, the referendum
with respect to such crop shall be held not later than thirty days after the
date of the enactment of this Act and the result thereof shall be proclaimed
in the referendum oppose
calendar year,
such quotas, the Secretary shall, prior to
proclaim the result of the referendum,
later than forty-five
days after such date.
Penalties
348. Any farmer who,
Sec.
while farm marketing quotas are in
effect,
marketing year
for the farm on which such cotton was produced, shall be subject to the
following penalties with respect to the excess so marketed: 2 cents per pound
if marketed during the first marketing year when farm marketing quotas
are in effect; and 3 cents per pound if marketed during any subsequent year,
except that the penalty shall be 2 cents per pound if cotton of the crop
subject to penalty in the first year is marketed subject to penalty in any
markets cotton in excess of
the farm marketing quota for the
subsequent year.
Ineligibility for Payments
In such year times the number of acres diverted in such county in such year.
acre
the Secretary shall proclaim such
1937-1938, within ten days after the date of enactment
The national allotment for cotton for each year (excluding
be apportioned by the
exceeds by more than 7 % the normal supply
marketing year,
in the calendar year in
not
Apportionment of National Allotment
Sec. 344. (a)
such
thereof for
the total supply of
Whenever the Secretary determines that
345.
of such
be.
allotment for
kinds and productivity of the soil
discrimination among the administrative areas of the county.
to prevent
Sec.
a
for 1938 or 1939 is determined to be more than eleven million five hundred
(c)
county if any exist, including types,
cotton for any marketing year
1938 shall be made not later than ten days after the
If the national allotment for 1938 or 1939 is determined to be less
than
the
shall take into con¬
administrative areas, within
August 1, equal to the
date of the enactment of this Act.
million bales for such year, as the case may be.
and
shall be estimated in
diverted
so
sideration different conditions within separate
The finding and proclamation of the national allotment
for the calendar year
(b)
acreage
In apportioning the county allotment among the farms within
(f)
succeeding calendar year in terms of standard bales of five hundred
the
(2) the acreage therein diverted
under the agricultural adjustment
available at the time of making such allotment.
not
(c) the probable exports of American cotton during
year,
this section
planted
county, the Secretary, through the local committees,
keting
shall
(a) the total supply, the normal supply, and the carry¬
of August 1 of such year, (b) the
The
program.
are
1937, plus
1937
in
Act), and marketing quotas shall be in effect during
Not later than November 15 of each year the Secretary
(c), a number of
60% of the sum of (1) the acreage
not later than November 15 of such marketing year
Finding and Proclamation of Supplies, And So Forth
Sec. 342.
counties in
production
plan to cotton pro¬
and foreign commerce caused by the marketing in such commerce
sive
cotton
data
case
and appropriate to prevent the burdens on interstate
necessary
in such
cotton
conservation
so as
wasted in the production of excessive supplies of cotton.
apportionment is made under subsection
an
required to provide a total acreage for allotment under
to such counties of not less than
that a supply of cotton
commerce
which
acres
from
marketing of cotton in interstate and foreign commerce.
It is
For 1938 and 1939, the Secretary shall allot to the several counties*
(e)
that, without Federal assistance, farmers, individually or in cooperation,
349.
Sec.
Any
(a)
person
in any year on acreage
who knowingly plants cotton on his farm
in excess of the farm acreage allotment cotton for
under section 344 shall not be eligible for any
for the farm for such year
payment for such year
Act,
as
(b)
Domestic Allotment
under the Soil Conservation and
amended.
All
persons
applying for any payment of money under the Soil
Allotment Act, as amended, shall file with the
used in computing the allotment to the State, and the average for the same
Conservation and Domestic
period, of the
application a statement
(c)
(1)
The
acres
planted and the
State
acreage
allotment
apportionment under paragraph
the
acres
(2)
)
Secretary to the counties in the
diverted in the State.
(less
the
amount
required
shall be apportioned
State.
for
annually by
The apportionment to the
counties shall be made on the basis of the acreage planted to cotton during
verified by affidavit that the applicant has not
the current year, cotton on land on his farm in
allotted to the farm under section 344 for such year.
knowingly planted, during
excess
of the acreage
Any person who
knowingly swears falsely in any statement
be guilty of perjury.
the
State allotment is apportioned
diverted
under previous
(plus, in applicable
years,
grams), with adjustments for abnormal weather conditions and trends in
acreage
(2)
Sec. 350.
The provisions
of which is 1H
any
of the three calendar
were
years
year
Sec.
351.
(a)
available for the production of cotton; crop rotation practices; and the soil
affect interstate
(d) The allotment apportioned to the county under subsection (c)
(1),
(e), shall be
apportioned by the Secretary, through the local committees, among the
farms within the county on
the following basis:
(1) To each farm on which cotton has been planted during any of the
previous three years there shall be allotted the smaller of the following—
(A)
Five acres; or
(B) The highest number of acres planted to cotton (plus the acres
diverted from the production of cotton under the agricultural adjustment
or
conservation programs) in any year of such three-year period;
V
constitutes one of the great basic
activities which directly
point, and stable condi¬
tions therein are necessary to the general welfare.
Rice produced for mar¬
ket is sold on a Nation-wide market, and, with its products, moves almost
wholly in interstate and foreign commerce from the producer to the ultimate
consumer.
The farmers producing such commodity are subject in their
operations to uncontrollable natural causes, in many cases such farmers
carry on their farming operations on borrowed money or leased lands,
and are not so situated as to be able to organize effectively, as can labor
and industry, through unions and corporations enjoying Government sanc¬
tion and protection for joint economic action.
For these reasons, among
others, the farmers are unable without Federal assistance to control effecindustries
plus any amount allotted to the county under subsection
The marketing of rice
of the
for which the allotment is made, on the basis of land, labor, and equipment
and other physical facilities affecting the production of cotton.
Quotas—Rice
Legislative Finding
not used for cotton production
immediately preceding the
the'staple
'
Part V—Marketing
of the State acreage allotment shall be appor¬
State which
of this Part shall not apply to cotton
inches or more in length.
dining such five-year period.
Not more than 2%
tioned to farms in such
during
Long Staple Cotton
the acreage
aggricultural adjustment and conservation pro¬
required under
this subsection shall
the five calendar years immediately preceding the calendar year in which
United States with ramifying
and foreign commerce at every
,
1312
Financial
commodityfwith the
tlvely the orderly marketing of such
Chronicle
Sec. 362.
the Nation-wide market.
on
(b)
The
disorderly
lished
of such
marketing
abnormally
affects, burdens and obstructs interstate and foreign
excessive
supplies
by (1)
commerce
the
prices for such
commodity
with
commodity therein,
of such commerce in such commodity, and (4; causing a
the
19S8
a* county or other local
An
regulations
of tne
administratire
Secretary,
public inspection in such county
additional
of the local committee.
shall
be mailed to
shall, in
be made and kept freelyother local administrative
or
of this information shall
copy
quotas estab¬
area
kept available in
be
the office of the county agricultural extension agent or with the
destruction
disparity between
with
available for
area.
(3) reducing
consequent injury and
All acreage allotments, and the farm marketing
for farms in
accordance
ma¬
terially affecting the volume of such commodity marketed therein, (2) dis¬
rupting the orderly marketing of such
26,
Publication and Notice of Qmta
result that ab¬
normally excessive supplies thereof are produced and dumped indiscrimin¬
ately
Feb.
chairman
Notice of the farm marketing quota of his farm
farmer.
the
prices for such commodity in interstate and foreign commerce and
industrial products therein, with a consequent diminution of the volume
of interstate and foreign commerce in industrial
(c)
Whenever
of such
an
Sec. 363.
products.
abnormally excessive supply of rice exists, the marketing
commodity by the producers thereof directly
Review by Review Committee
j
and substantially
may,
is[dissatified'with his farm marketing quota
fifteen^days'after'mailing.to| him of notice as provided in sec¬
by'a local review committee composed
Any farmer who
within
tion 362, have such quota reviewed
affects interstate and foreign commerce in such commodity and its products,
of three farmers appointed by the Secretary.
and
clude any member of the local committee which determined the farm acreage
the operation
of the provisions of this Part becomes necessary and
appropriate in order to promote, foster, and maintain
such supply in interstate and
orderly flow
an
of
shall
mination of the farm
The national acreage allotment of rice for
be that
acreage
which the Secretary
or the
farm marketing quota for such farm.
Unless application for review is made within such period, the original deter¬
foreign commerce.
National Acreage Allotment
Sec. 352.
the* normalf yield,
allotment,
Such committee shall not in¬
determines
marketing quota shall be final.
Review Committee
calendar year
any
will,
Sec. 364.
the basis
on
The members of the review committee shall receive
as
com"
of the national average yield of rice for the five calendar years immediately
pensation for their services the same perdiem
preceding the calendar year for which such national acreage yield is deter¬
mined, produce an amount of rice adequate, together with the estimated
bers of the committee utilized for the purposes of the Soil Conservation and
carry-over
available
year
from the marketing
year
ending in such calendar year, to make
supply for the marketing year commencing in such calendar
a
not less than
the normal supply.
Such national
acreage
Domestic Allotment Act, as amended.
Sec. 353.
year
days in
(a)
rice is
rice in each
acres
of
State during the five-year period immediately preceding the
calendar year for which such national acreage allotment of rice is deter¬
mined
(plus,
in
applicable
the
years,
diverted under
acreage
previous
agricultural adjustment and conservation programs) with adjustments for
in acreage during the applicable period.
If
farmer is
the
dissatisfied
with
determination
the
mination is mailed to him
review
committee
as
by registered mail, file
defendant
in
bill in equity against the
a
United
the
States
located, for the purpose of obtaining
Bond shall be given in an
to secure the
United
of farmers among the persons
which the determination complained of
of rice; land, labor, and available equipment for the
production of rice; crop-rotation practices, soil fertility, and other physical
factors affecting the production of rice; Provided, That not
exceeding 3%
of the acreage allotted to each State shall be
apportioned annually
Secretary through local and State committees of farmers
who for the first time in the past
give
producing rice
years are
of the applicable standards of apportionment set
by the
among persons
on
the basis
forth in this subsection:
or
review of such determination.
a
committee shall certify and file in the court a transcript
the basis
court,
amount] and with surety satisfactory to the
States for the costs of the proceeding.
(b) Not less than 97% of the acreage allotted to any State shall be
apportioned annually by the Secretary through local and State committees
on
district
general jurisdiction, sitting in the county or the district in which his farm
is
complaint in such proceeding
producing rice within such State
the
institute proceedings for review in any court of record of the State having
trends
of past production
of
committee, he may within fifteen days after a notice of such deter¬
review
produced in proportion to the average number of
com¬
for more than thirty
Institution of Proceedings
Sec. 365.
The national acreage allotment of rice for each claendar
mem¬
any one year.
allotment
shall be apportioned by the Secretary among the several States in
which
The members of the review
mittee shall not be entitled to receive compensation
shall be proclaimed not later than December 31 of each year.
Apportionment of National Acreage Allotment
received by the
as that
to any one
of
be served by delivering
may
of the members of the review committee.
a
court
The bill of
copy
thereof
Thereupon the review
of the
record upon
was_made, together with its findings
fact.
Court Review
Sec. 366.
and the
The review by the court shall be limited to questions of law,
findings of fact by the review committee, if supported by evidence,
shall be conclusive.
If application is made to the court for leave to adduce
additional evidence, and it is shown to the satisfaction of the court that
such additional evidence is material and that there
reasonable grounds
were
Provided further, That a person producing rice for the first time in five
years
for failure to adduce such evidence in the hearing before the review com¬
shall not be allotted
mittee, the court may direct such additional evidence to be taken before
an
be made to him if he
in
acreage
were not
excess
of 75% of the allotment that would
producing rice for the first time in such five
years.
Sec.
354.
(a)
Not later than December 31 of each
the Secretary
year
Department and
shall proclaim the total amount of rice which will be needed
during the next
succeeding marketing
year to
United States.
amount
Such
meet the requirements of consumers in the
is
hereinafter referred to
as
the "domestic
The domestic allotment of rice for
apportioned by the
Secretary
among
each
marketing year shall be
the several
States in which
rice is
produced in proportion to the average amount of rice produced in each
State during the five-year period including the calendar
year in which such
domestic allotment is
production of
announced
(plus, in applicable years, the normal
diverted under previous agricultural adjustment
any acreage
conservation
taken, and it shall file with the court such modified findings or deter¬
which
mination,
with
programs),
adjustments
for
abnormal
weather
(c) The Secretary shall provide, through local and State committees
of farmers, for the allotment of each State
apportionment among persons
producing rice in such State.
The apportionment of the domestic
allot¬
of rice among persons
producing rice in each State shall be on the
basis of the aggregate normal
yields of the acreage allotments established
ment
with respect to such persons.
(a)
year
by
more
ducers: Provided, That
law.
Secretary determines will make
available
during such marketing year a normal supply.
Within thirty days after the date of the issuance of the
proclamation
specified in subsection (a) of this section, the
Secretary shall conduct a
referendum, by secret ballot, of producers who would be
subject to the
(b)
national marketing
quota for rice to determined whether such producers
opposed to such
If
quota.
more than
one-third
of the
producers
voting in the referendum oppose such quota, the
Secretary
shall, prior to the 15th day of February, proclaim the result of the referen¬
dum, and such quota shall not become effective.
The national marketing quota shall
mination
be
quotas
may
subject to such conditions
States
as
be
the
transferred
Secretary
only in
such
may prescribe
manner
and
by regulations.
Penalties
Sec. 356.
Any producer who markets rice in
shall be subject to
a
excess of his marketing quota
penalty of one-quarter of 1 cent per pound of the excess
marketed.
hearing before the review
com¬
Review of
as
the court shall
determine to be in accordance with law or to
Stay of Proceedings and Exclusive Jurisdiction
Sec.
367. The commencement of judicial
proceedings under this Part
of law, the jurisdiction conferred by this Part to review the legal validity
of a determination made by a review committee pursuant to this Part shall
No court of the United
pass
the legal
upon
States
validity
of any State shall
or
of
No
•
Sec.
368.
Effect
Notwithstanding
for any farm
as a
on Other Quotas
increase of any farm marketing quota
any
result of review of the determination thereof under this
Part, the marketing quotas for other farms shall not be affected.
Part
II—Adjustment of Quotas and Enforcement
General Adjustments of Quotas
Sec.
in the
371.
case
(a)
If at
time the Secretary
any
of corn, wheat, cotton,
marketing quotas in effect will
rice,
cause
or
has
established under subtitle B.
corn,
reason
marketing
year
the amount of such commodity which
for the commodity then current, he shall
investigation to be made with respect thereto.
vestigation due notice
terested
and
ana
rice,
immediate
of such In¬
course
opportunity for hearing shall be given to in¬
If upon
persons.
cause an
In the
the basis of such investigation
the Secretary
finds the existence of such fact, he shall proclaim the same forthwith.
He
shall also in such proclamation specify such increase in, or termination of,
existing quotas
tions
(b)
equal
as
the
he finds, on the basis of such investigation, is necessary
normal
emergency or because of
commodity which is free of marketing restric¬
supply.
If the Secretary has
to believe that,
reason
because of
material increase in export
a
demand,
a
any
national
national
marketing quota for corn, wheat, cotton, rice, or tobacco should be in¬
creased
to
or
terminated, he shall
cause an
determine whether the increase
or
immediate investigation to be made
termination is necesary in order to
effectuate the declared policy of this Act or to meet such emergency or
increase in export demand.
If on the basis of such investigation, the
Secretary finds that such
Increase
or
termination
is
an
necessary,
(d)
he shall
increase is necessary,
and thereupon
quota shall be increased, or shall terminate, as the case may be.
In
case any national
marketing quota for any commodity is increased
under this section, each farm marketing quota for the
wheat, cotton,
to believe that
tobacco, the operation of farm
is free of marketing restrictions to be less than the normal supply for the
increased in the
This Part shall apply to the
publication and review of farm
have
determination
such
any
except in a proceeding under this Part.
(c)
Quotas
modified deter¬
shall not, unless specifically ordered by the court,
operate as a stay of the
review committee's determination.
Notwithstanding any other provision
such
Application of Part
marketing quotas established for tobacco,
or
law, the court shall remand the pro¬
the amount of the increase found by him to be necessary;
C—ADMINISTRATIVE PROVISIONS
Part I—Publication and
is in accordance with
same
determination
immediately proclaim such finding (and if he finds
SUBTITLE
Sec. 361.
earliest
supplemented if supplemented, by further
accordance with
to make the amount of such
apportioned among
and persons producing rice, in each
State, Including new producers, in the
and upon the basis set forth in
section 354 for the apportionment
of the domestic allotment of rice.
so
the
take such further proceedings as, in the court's opinion, the law requires.
manner
Marketing
At
ceeding to the review committee with direction either to make such deter¬
marketing quota shall be in effect for the market¬
commecing August 1,1938.
The Secretary shall also ascertain and
which shall be that amount of rice which the
(d)
as
If the court determines that such
mination is not in
no
specify in such proclamation the amount of the national marketing
quota
in terms of the total
quantity thereof wnich may be marketed by producers
(c)
conclusive.
The court shall affirm the review committee's determination, or modified
than 10% of such normal
supply, the Secretary shall also proclaim that, beginning on the first day
of the marketing year next
following and continuing throughout such year
a national
marketing quota shall be in effect for marketings of rice by pro¬
or
be
determination, if the court determines that the
of the Department that the total
supply of rice exceeds the normal supply
thereof for the current
marketing
in favor of
shall
mine the case upon the original record of the
jurisdiction to
If at the time of any proclamation made under the pro¬
visions of section 354 (a) it shall
appear from the latest available statistics
are
of fact
mittee, and upon such record
be exclusive.
Marketing Quotas
ing year
findsings
convenient time, the court, in term time or vacation, shall hear and deter¬
conditions and trends in acreage during the applicable
period.
Sec. 355.
The review committee may modify its
its determination by reason of the additional evidence
hearing before the review committee pursuant to direction of the court.
allotment of rice."
and
so
or
and upon such terms and conditions
manner
to the court may seem proper.
findings of fact
shall ascertain from the latest available statistics of the
(b)
the review committee in such
as
Domestic Allotment of Rice
In the
same
case
commodity shall be
ratio.
of corn, whenever such proclamation specifies an increase
in marketing quotas, the storage amounts applicable to corn
justed downward to the
amount
which
would have
been
shall be ad¬
required to be
Volume
Financial
146
been1!
stored If such increased marketing quotas had
in the case of corn, such
372.
Sec.
shall
any person within
the United States,
by the buyer.
notice, the Secretary shall as soon.as compliance is shown, or a national
a
tobacco, and all
ginners of cotton, all persons engaged in the business of purhcasing corn,
wheat, cotton, rice, or tobacco from producers, and all persons engaged
in the business of redrying, prizing, or stemming tobacco for producers.
or
time on request of the Secretary,
report to the Secretary such information and keep
such records as the
provisions
this title.
Such information shall be reported and such records shall
kept in accordance with forms which the Secretary shall prescribe. For
Secretary finds to be necessary to enable him to carry out the
record
ascertaining the correctness of any report made or
furnished in any report,
authorized to examine such
kept, or of obtaining information required to be
but not so furnished, the Secretary is hereby
books, papers, records, accounts, correspondence, contracts,
Any such person failing to make any report or
record shall be deemed guilty of a misdemeanor
false report
and upon conviction
(b) Farmers engaged in the production of corn, wheat, cotton, rice, or
tobacco for market shall furnish such proof of their acreage, yield, storage,
prescribe
for the administration of this title.
deems relevant shall be disclosed by them, and then only in a suit or
adminis¬
trative hearing under this title.
Sec. 374.
Farms and Report of Plantings
rice is
for such
commoiduty for the farm under this title.
If in the case of any farm the
acreage planted to any such commodity on the farm is in excess of the farm
acreage allotment for such commodity for the farm, the committee shall file
such commodity is in excess of the farm acreage allotment
with the State committee a written report
payment)
as'are
(a) The Secretary shall provide by regulations for the identifi¬
and identifying such amounts of the commodities
subject to and such amounts thereof as are not subject to marketing
restrictions in effect under this title.
(b)
the
three hundred thousand bales of cotton in any
than
one
for
of this title.
such
vested with jurisdiction
If
and
when
specifically to enforce the provisions of this title.
attorneys in their respective districts,
under the direction
General, to institute proceedings to collect the penalties
of the Attorney
The remedies and penalties provided for herein
of the remedies or penalties
provided in this title.
shall be in addition to, and not exclusive of, any
under^existing law.
TIONS
382.
The
Commodity
For
on
Third
the purposes
Deficiency Appropriation
Joint
Senate
Corporation
for
to
cotton
Act, fiscal
1938
under
the
Soil
1937,
a
producer shall
Numbered
207,
Seventy-fifth
if his
Congress,
Conservation
and
Domestic Allotment Act,
as
amendments made by this Act), or under section 344
of this Act, whichever is
a
year
provisions of the 1938 agricultural
planted to cotton in 1938 does not exceed his farm acreage allotment
amended (Including tne
For the
the lesser.
purposes
of this subsection
producer shall not be deemed to have exceeded his farm acreage allot¬
ment unless such
producer knowingly exceeded his farm acreage allotment.
Such compliance
shall not be required in any case where the producer is
-not
or
engaged in cotton production in 1938.
In cases where in 1937
a
total
partial crop failure resulted from hail, drought, flood, or boll-weevil
infestation, if the producer is otherwise eligible for payment, payment shall
be made
at the rate of 3 j cents per
pound on the
same percentage
of the
-producer's normal base production established by the Secretary as in the
case
of other producers. «J?or the purpose of such provisions of the Third
Deficiency Appropriation Act, fiscal year 1937, cotton not sold prior to
July 1, 1938, shall be held and considered to have been sold on June 30,
(a)
July 15, 1938.
made at the earliest practicable time.
cotton
Such payments shall be
Application for payment
may
be
1937 operator of a farm on behalf of all persons engaged In
production on the farm in 1937 and need be signed only by such
operator, but payment shall be
thereto.
In
case
any person
becomes incompetent, or
of Cotton and Reconcentration of Cotton
of every nature taken out by it on cotton,
aance
made directly to each of the
persons entitled
who is entitled to payment hereunder dies,
disappears before receiving such payment
or is
-payment shall, without regard to any other provisions of law, be made as
the Secretary may
determine to be fair and reasonable in all the circum¬
and provide by
and all renewals, extensions,
with insurance agents who are bona
continuations of existing insurance,
State where the cotton is ware¬
fide residents of and doing business in the
That such insurance may be secured at a cost not greater
housed: Provided,
than similar insurance offered on said cotton elsewhere.
Cotton held
(b)
as
security for any loan heretofore or hereafter
made or
be
Report of Benefits
384.
Sec.
the
names
The Secretary shall submit to
of persons to whom,
regulations.
Congress an annual report of
during the preceding year, payments were
made under the Soil Conservation and
Domestic Allotment Act, as amended
together with payments under section 303 of this Act, if any,
if the total
paid to such person exceeded $1,000.
amount
Finality of Farmers' Payments
and Loans
The facts constituting the basis for any
Soil Conservation Act
the amount thereof, when officially
conformity with the applicable regulations prescribed by
in
the Secretary or by the
Commodity Credit Corporation, shall be final and
other officer or agency of
conclusive and shall not be reviewable by any
the Government.
Sec. 386.
.
The provisions of section
Code of the United States
3741 of the Revised Statues (U. S. O.,
22) and sections 114 and 115 of the Criminal
(U. S. O., 1934 edition, title 18, sees. 204
shall not be applicable to loans or
(a)
and
payments made under this Act
).
Photographic Reproductions and Maps
Sec. 387.
other
Secretary
The
may
furnish reproductions of such aerial or
photographs, mosaics, and maps as have been obtained
of the Department to farmers and
with the authorized work
in connection
governmental
of furnishing such reproductions, and to
persons other than farmers at such prices (not less than estimated cost of
furnishing such reproductions) as the Secretary may determine, the money
received from such sales to be deposited in the Treasury to the credit of
agencies at the estimated cost
appropriation charged with the cost of making such reproductions.
affect the power of the Secretary to make other disposi¬
This section shall not
materials under any other provisions
(a)
The provisions of
of existing law.
Agencies
section 8 (b) and section 11 of the Soil
amended, relating to the
and
recognition and encouragement of co¬
operative associations, shall apply in the administration of this Act; and
the Secretary shall, for such purposes, utilize the same local, county, and
State committees, as are utilized under sections 7 to 17, inclusive, of the Soil
Conservation and Domestic Allotment Act, as amended.
The local ad¬
ministrative areas designated under section 8 (b) of the Soil Conservation
and Domestic Allotment Act, as amended, for the administration of pro¬
Domestic Allotment Act, as
utilization of State, county,
other
local committees, the extension service,
approved agencies, and to
Act, and the local administrative areas designated for
of this Act shall be the same.
(b; The Secretary is authorized and directed, from any funds made avail¬
able for the purposes of the Acts in connection with which county committees
are utilized, to make payments to county committees of farmers to cover
the estimated administrative expenses incurred or to be incurred by them
in cooperating in carrying out the provisions of such Acts.
All or part
of such estimated administrative expenses of any such committee may be
deducted pro rata from the Soil Conservation Act payments, parity pay¬
ments, or loans, or other payments under such Acts, made unless payment
of such expenses is otherwise provided by law.
The Secretary may make
such payments to such committees in advance of determination of per¬
grams
the
under ^that
administration
formance
by farmers.
Personnel
Sec.
authorized and directed to provide for the
the Agricultural Adjustment Administration of such of the
389. The Secretary is
execution by
law
conferred upon him by this Act as he deems may be appropriately
Administration; and for such purposes the provisions of
applicable to appointment and compensation of persons employed by
the
ALgricuitural Adjustment Administration
powers
exercised by such
shall apply.
Separability
succeeded by another who renders or completes the required performance,
stances
prevent the sale of any such cotton
The Commodity Credit Corporation shall place all insur-
1938, and all applications for price adjustment payments shall be filed
with the Secretary not later than
made by the
hereby authorized
produced during the crop year 1937-1938.
on cotton
Insurance
Sec. 383.
Sec. 388.
(relating
formulated under the legislation contemplated by
Resolution
is
from July 31, 1938, to July 31,
Utilization of Local
of the provisions
be deemed to have complied with tne
-acreage
Loan
Corporation
request of the person liable on the note.
I—Miscellaneous
price adjustment payments with respect to the 1937 cotton crop) of the
adjustment program
miscellaneous
1939, of the maturity date of all notes evidencing a loan made or arranged
for by the
Conservation and
(a)
Credit
and directed to provide for the extension,
tion of such or similar
Cotton Price Adjustment Payments
Sec. 381.
the Treasury as
Extension of 1937 Cotton
Sec.
the
SUBTITLE D—MISCELLANEOUS PROVISIONS AND APPROPRIA¬
Part
assumed by the Commodity Credit
covered into
receipts.
hereby
are
Secretary shall so request, it shall be the duty of the
the
several district
shall be
purposes
(except under section 383
States
several district courts of the United
The
The
such cotton shall be used for the pur¬
Corporation with respect to such cotton, and any amounts not expended
for
205)
Court Jurisdiction
Sec. 376.
any
of discharging the obligations
pose
calendar month, or more
million five hundred thousand bales in any calendar year.
proceeds derived from the sale of
1934 edition, title 41, sec.
The Secretary shall prescribe such regulations as are necessary
enforcement
After
July 31, 1939, the Commodity Credit Corporation shall not sell more than
payment, parity payment, or loan, or
cation, wherever necessary, of corn, wheat, cotton, rice, or tobacco so as
to afford aid in discovering
behalf of the United States shall
paid out by any of its agencies with respect to the cotton so sold.
determined
Sec. 375.
on
reimburse
Sec. 385.
Regulations
P
other cotton held
any
the United States for all amounts (including any price-adjustment
stating the total acreage on the
cultivation^and the acreage planted to such commodity.
/.
or
local
county and
produced and for ascertaining whether the acreage planted for any year
farm in
which such
reconcentrated without the written consent of the producer or borrower.
committees, for measuring farms on which corn, wheat, cotton, or
to any
to
arranged for by the Commodity Credit Corporation shall not hereafter
Secretary shall provide, through the
The
payment
be sold unless the proceeds of such sale are at least sufficient to
or
pursuant to this
section shall be kept confidential by all officers and employees of the
Department, and only such data so reported or acquired as the Secretary
(c) Ail data reported to or acquired by the Secretary
Measurement of
adjustment
price
United States to sell any cotton of the 1937 crop so acquired by it, but no
commodity in the form of records, marketing cards,
reports, storage under seal, or otherwise as the Secretary may
necessary
any
The Commodity Credit Corporation Is authorized on behalf of the
This section shall not be construed to
thereof shall be subject to a fine of not more than $500.
as
from
documents,
keep any record as required by this subsection or making any
and marketing of the
deducted
such cotton
and are within the
and memoranda as he has reason to believe are relevant
control of such person.
be
(c)
(a) This subsection shall apply to warehousemen, processors,
Any such person shall, from time to
equal to 2 cents per pound of such cotton and the amount so paid
sum
shall
producer is entitled.
and!common carriers of corn, wheat, cotton, rice,
or
The Corporation shall notify the
marketing quota for cotton is put into effect, forthwith pay to such producer
of the penalty, such other person shall remit the
The amount of such penalties shall be covered into the general
the purpose of
accrued interest and accrued carrying
charges to the date of such transfer.
Reports and Records
be
such cotton, including
on
and Interest in and to
of the producer with respect to
Such penalties shall be remitted to the
other person
by regulations prescribe.
fundjof the Treasury of the United States.
of
all obligations
Secretary of Agriculture of each such transfer, and upon receipt of such
Secretary by the person liable for the penalty, except that if any
Sec. 373.
assume
such times, and under such conditions as the Secretary
is liable for the collection
penalty.
provisions of the loan agreement except section 8
authorized and directed to accept such right, title
such cotton and to
the loan
and paid
All penalties provided for in Subtitle B shall be collected
(b)
in such maimer, at
may
if the sale is to
has been made or arranged for
whom a loan
interest in and to such cotton to the Corporation; and the Corporation Is
The penalty with respect to the marketing, by sale, of
(a)
be collected
for
thereof, may, at any time before July 1, 1938, transfer his right, title and
Payment and Collection of Penalties
wheat, cotton, or rice,
Any producer
by the Commodity Credit Corporation on cotton of his 1937 crop and who
has complied with all the
under seal shall no longer be required.
quotas, storage
(b)
Whenever
effect.
in
proclamation provides for termination of marketing
1313
Chronicle
Sec. 390.
person or
the Act
If any provision of this
Act, or the application thereof to any
circumstances, is held Invalid,
and the application of such
the validity of the remainder of
provision to other persons or circum-
Financial
1314
stances, and
Act,
ment
be
to
cotton
of the foregoing, if any provision of this Act should be held
of this title.
within
deemed
Act for
affected
If the application of any provision for a referendum
thereby.
If by reason of any provision for a referendum the appli¬
affected hereby.
tion
authorized to be appropriated for each fiscal year for the adminis¬
of this Act and for the making of soil conservation and other pay¬
Is hereby
tration
ments such
sums
Congress may determine, in addition to any amount
as
Allotment Act, as
For
(b)
section 15 of the Soil Conservation and Domestic
amended.
title V) during the
(including the provisions of
ending June 30, 1938, there is hereby author¬
fiscal year
Act
ized to be made available from the funds appropriated
and Domestic Allotment Act, as
for such fiscal
amended,
a sum
1937, such assignee shall file with the
before May 1,
pool,
cotton,
affidavit showing the amount paid by him for such certificate
an
based
payment to such assignee
davit
aforesaid.
as
TITLE
V—CROP
upon
the facts stated in said affi¬
INSURANCE
Title and Application
Shon
of Other Provisions
This title may be cited as the "Federal Crop Insurance Act."
Sec. 501.
otherwise expressly provided the provisions in titles I to IV, in¬
as
clusive, shall not apply with respect
wherever it appears
to this title, and the term "Act"
in such titles shall not be construed to include this title.
he deems necessary to carry out the provisions of this
as
manager,
and the date of such payment, and the manager, cotton pool, is authorized
Except
expenditures
Before >
making payment to any assignee, whose certificates were transferred on
or
not to exceed $5,000,000.
The Secretary is authorized and directed to make such
(a)
the
the rate of 4% per annum from the date of purchase,
provided the amount paid such assignee shall not exceed $1 per bale.
year
Administrative Expenses
Sec. 392.
to
the records of the Department of Agriculture, more than the
shown by
the purposes of sections 7 to 17 of the Soil Conservation
for carrying out
tendered
pool, to pay the assignee or any holder of such cotton pool participa¬
C-5-I, transferred on or before May 1, 1937,
to make
administration of this
the
theretofore
Nothing in this title shall be construed to authorize the manager,
Sec. 407.
cates with interest at
Appropriations
made available pursuant to
and not
pool, for purchase, shall not be purchased and no obliga¬
thereof shall exist.
account
purchase price paid by the assignee or holder of such certificate or certifi¬
(a) Beginning with the fiscal year ending June 30, 1938, there
Sec. 391.
on
cotton
as
II—Appropriation# and Administrative Expenses
Part
the credit of the
to
now
tion trust certificates, form
be affected thereby.
stances shall not
remaining outstanding
manager, cotton
such other provision to any person or circumstance is held
cation of any
invalid, the application of such other provision to other persons or circum¬
are
After expiration of the time limit herein established, the certi¬
Sec. 406.
ficates then
of other provisions shall not be
invalid, the application
be held
as
pool.
commodity should be held invalid, no provision of this
marketing quotas with respect to any other commodity shall be
with respect to any
should
supplemental to such funds
as
Secretary, reserved for the purpose of defraying operating expenses of the
If any provision of this Act for marketing quotas
of the Congress.
power
the fund hereby authorized to be appropriated shall be
for which purpose
provide for the general welfare or any other
Congress to
of the
paid from funds hereby authorized to be appropriated,
this title may be
of the Congress to regulate interstate and
the power
foreign commerce, such provision shall not be held invalid if it is within the
power
producers pool so long as may be required to effectuate the purposes
All expense incident to the accomplishment of purposes of
amended, shall not be affected
the generality
not
1938
The Secretary is authorized to continue in existence the 1933
Sec. 405.
Soil Conservation and Domestic Allot¬
thereby.
Without limiting
the provisions of the
as
Feb. 26,
Chronicle
Declaration of Purpose
the District of Columbia
(including the purchase, maintenance,
personal services and rents in
Act,
including
and
elsewhere,
and
repair of passenger-carrying vehicles), supplies and equipment, law
by alleviating the economic distress caused by wheat-crop failures due to
and newspapers.
(b) In the administration of this title, sections 7 to 17, inclusive, of the
drought and other causes, by maintaining the purchasing power of farmers,
traveling expenses
books, books of reference, directories, periodicals,
Act,
Soil Conservation and Domestic Allotment
as
amended, and section 32,
Adjust¬
Act, and for other purposes," approved August 24, 1935, the aggre¬
and
ment
gate amount expended in any fiscal year,
beginning with the fiscal year
ending June 30, 1939, for administrative expenses in the
bia, including regional offices, shall not
District of Colum¬
exceed 1% of the total amount
such Acts, and the aggregate
available for such fiscal year for carrying out
administrative expenses in the
expended in any fiscal year for
amount
Sec. 503.
deducted in any fiscal year, beginning
ending June 30, 1939, from Soil Conservation Act
county or local committee are
with
fiscal
the
year
payments, parity payments, or loans, each
check
the
name
The principal office of the Corporation shall be located in
Corporation).
the District of Columbia, but there may be established agencies or branch
offices elsewhere in the United States under rules and regulations prescribed
by the Board of Directors.
Sec. 504.
farmer receiving benefits under
with
benefit payment
such
evidencing
or
loan,
of the amount or
of such
administrative expenses.
The names and addresses of the members and
employees of any county or local committee, and the amount of such com¬
pensation received by each of them, shall be posted annually in a con¬
spicuous place in the area within which they are employed.
The Corporation shall jave a capital stock of $100,000,000
(a)
subscribed
by, the United States of America, payment for which shall,
the Secretary of Agriculture, be subject to call in
part by the Board of Directors of the Corporation.
the approval of
whole
or
in
Any impairment of the capital stock described in this subsection shall
be restored only out
000,000 for the purpose of subscribing to said
Appropriations
State
All funds for carrying out the provisions of this
and shall be made only out
Act shall be
agencies,
agencies of the Federal Government, and to such
Secretary
the
as
may
request
to cooperate or assist
in
401.
There
is
the
sum
tary
to
authorized
hereby
moneys in the Treasury
to
any
much thereof as may be required by the Secre¬
The Secretary of the Treasury is
or
upon
authorized to
Sec. 402.
appropriated at the request of the Secretary.
be
hereby authorized to draw from the Treasury
The Secretary is
of the United
States any part or all
(a)
three persons
of the sum hereby authorized to be
appointed by and hold office at the pleasure
for
sum
the
purposes
of the Board to execute the functions of
of the Corporation, and two of the members in office shall constitute a
quorum for the transaction of the business of the Board.
(c) The Directors of the Corporation appointed as hereinbefore provided
shall receive
no
additional compensation for their services as such directors
(d)
is hereby authorized to make available, from
sum or sums as may
be allowed actual necessary traveling
may
be necessary to enable the manager to pur¬
The Board shall select, subject to the
Agriculture,
a manager,
with such power
shall be tendered to the manager,
shown
certificates
for
every
C-5-I.
so
General Powers
Sec. 506.
or
fractional
part
directly, or to advance
incident to the purchase of certificates as aforesaid, and any balance re¬
maining to the credit of the Secretary, or the manager, cotton pool, not
Corporation—
(b) may adopt, alter, and use a corporate
(c)
may
make contracts and purchase or
personal property as it deems necessary or
of its business and may
as
it
deems
appropriate;
in any court of competent
of this
Provided, That no attachment,
Act, shall, at the expiration of the purchase period, be covered into
Treasury of the United States
pay
as
process,
miscellaneous receipts.
The authority of the manager, cotton pool, to purchase and
for certificates hereunder shall extend to and include the 31st day of
July, 1938: Provided, That after expiration of the said limit, the purchase
may
pool,
be consummated of
on
or
any
certificates tendered to the manager, cotton
1938, but where for
before July 31,
price shall not have been paid by the
is
authorized
to
in his discretion
any
manager, cotton
reason
pool.
the purchase
The Secretary
promulgate such rules, regulations, and requirements
are
proper
as
to effectuate the general purposes of this title,
which purpose is here stated to
be specifically to authorize the purchase of
outstanding pool participation trust certificates, form C-5-I, for
a
purchase
price to be determined at the rate of $1 per bale, or twenty one-hundredths
cent per
pound, for the cotton evidenced by the said certificates, provided
such certificates be tendered
lations
by holders thereof in accordance with
regu¬
prescribed by the Secretary not later than the 31st day of July,
1938, and provided such certificates may not be purchased from
other than
those shown by
holders thereof
on or
the records of the Department to have been
before the 1st day of May, 1937.
persons
section 508 (c), may sue and be sued in
jurisdiction, State or Federal:
injunction, garnishment, or other similar
(d) subject to the provisions of
required for the purchase of these certificates in accordance with provisions
Sec. 404.
lease and hold such real and
convenient in the transaction
dispose of such property held by it upon such terms
its corporate name
the
seal, which shall be judicially
noticed;
thereof represented by the certificates
The Secretary is further authorized to pay
to, the manager of the cotton pool, to enable him to pay costs and expenses
The
(a) shall have succession in its corporate name;
May 1, 1937, the purchase price to be paid for the
purchased to be at the rate of $1 per five-hundred-pound bale
bale
approval of the Secretary of
who shall be the executive office of the Corporation
C-5-I, where such certificates
cotton pool, by the person or persons
records of the Department to have been the lawfu* holder
by the
and owner thereof on
expenses
and authority as may be conferred upon him by the Board.
chase, take up, and cancel, subject to the restrictions hereinafter reserved,
pool participation trust certificates, form
and subsistence
business of the Corporation outside of the District of
Columbia.
hereinafter stated.
hereby authorized to be appropriated, to the manager of the cotton
pool, such
of the Secretary of Agriculture.
(b) Vacancies in the Board so long as there shall be two members in
office shall not impair the powers
when engaged in
number, to be available for disburse¬
The Board shall consist of
employed in the Department of Agriculture who shall be
United States, under special symbol
Sec. 403. The Secretary
(hereinafter called the "Board") subject to the general
supervision of the Secretary of Agriculture.
but
the
evidence of the stock ownership by the United
The management of the Corporation shall be vested in a
appropriated, and to deposit same to his credit with the Treasurer of the
ment
year
States of America.
hereinafter
purposes
balances for the fiscal
shall be issued by the Corporation to the Secretary of
the Treasury and shall be
Board of Directors
from
be appropriated,
declared and authorized.
hereby authorized and directed to pay to,
the order of, the Secretary, such a part or all of the sum hereby
the
of the unexpended
Receipts for payments by the United States of America for or on
Sec. 505.
of the United States not otherwise appropriated,
of $1,800,000, or so
accomplish
(c)
account of such stock
TRUST
CERTIFICATES
Sec.
sum
Management of Corporation
IV—COTTON POOL PARTICIPATION
TITLE
No part of such
1938, of the sums appropriated pursuant to section 15
Act, as amended.
of this Act.
carrying out the provisions
stock.
The appropriation for such pur¬
for the fiscal year ending June 30, 1939, shall not exceed $20,000,000
pose
of the Soil Conservation and Domestic Allotment
available for allotment to bureaus and offices of the Department, and for
transfer to such other
prior to July 1, 1938.
shall be available
ending June 30,
Allotment of
of operating profits of the Corporation.
There is hereby authorized to be appropriated not more than $100,-
(b)
percentage deducted from such benefit payment or loan on account
Sec. 393.
.
Capital Stock
be apprised, in the form of a statement to accompany
such provisions shall
the
of and within the Department of Agriculture a body corporate
"Federal Crop Insurance Corporation" (herein called the
agency
with
In the events any administrative expenses of
such Acts.
out
as an
2% of the total amount available for such fiscal year for
shall not exceed
any
thereof in interstate commerce.
To carry out the purposes of this title, there is hereby created
(not including the expenses of county and local committees)
several States
carrying
stable supplies of wheat for domestic consumption
by providing for
and the orderly flow
amended, of the Act entitled "An Act to amend the Agricultural
as
It is the purpose of this title to promote the national welfare
Sec. 502.
mesne
final, shall be
or
issued against the Corporation or its
property;
(e)
may
bylaws, rules, and regulations govern¬
business may be conducted and the powers
exercised and enjoyed;
be entitled to the free use of the United States mails in the same
adopt, amend and repeal
ing the njanner in which its
granted to it by law may be
(f)
shall
manner
as
the other executive
agencies of the Government;
board, commission, independent establish¬
including any field
of information, services, facilities,
thereof in carrying out the provisions of this title;
with the consent of any
(g)
ment,
or
executive
service thereof, may
department of the Government,
avail itself of the use
officials, and employees
researches, surveys, and investigations relating to
and other agricultural commodities;
(i) shall determine the character and necessity for its expenditures
under this title and the manner in which they shall be incurred, allowed,
(h)
crop
may
conduct
insurance for wheat
and paid, without
regard to the provisions of any
clusive upon all
other laws governing the
and such determinations shall be final and con¬
other officers of the Government; and
expenditure of public funds
■
Volume
Financial
146
(j) shall have such powers as may be
exercise of the powers
necessary
507.
Sec.
as
the Corporation
upon
civil-service laws
fix their compensation in accordance with the provisions of
the Classification Act of 1923, as amended, define their authority
and duties,
1315
possession thereof, or by any State, county, municipality or local
Fiscal Agent of Government
.
Sec.
be necessary for the transaction of the business of the Corporation,
may
which appointments may be made without regard to the
and regulations,
or
taxing authority.
'
The Secretary shall appoint such officers and employees
(a)
dency,
corporations generally.
Personnel
\
,
appropriate for the
or
herein specifically conferred
and all such incidental powers as are customary in
Chronicle
512.
When
designated
Secretary; and it
also be employed
may
the
require bond of such
of them
he may designate,
as
and
the
selection
of employees
by the Secretary shall be made
only on the basis of merit and efficiency.
Insofar as applicable, the benefits of the Act entitled "An Act to
(b)
provide compensation for employees of the United States suffering injuries
while in the performance of their duties
September 7, 1916,
under
the
as
and for other purposes,"
amended, shall extend to persons given
provisions of this title,
including
the employees
mittees and associations referred to in subsection (c)
(c)
employment
of the com¬
of this section and the
utilize committees or associations of
or
producers in the administration of this title and make payments to such
committees
associations to
or
be incurred
to
part of such estimated expenses may be included in
or
the
The Secretary of Agriculture may allot to bureaus
Department of Agriculture
and Federal Governments
title any funds made available pursuant to
(e)
assist in carrying out this
he may request to
as
and offices of the
transfer to such other agencies of the State
or
Act,
discretion,
transactions of the
the General
of
the
producer-owned
Boardlmay, in its
producer-controlled
and
cooperative
States
deem advisable:
may
Sec.
508.
To
out
carry
the purposes of this title the
Corporation is
the same,
and to file
of this title
as
it may
determine, producers of wheat against loss in yields
of wheat due to unavoidable causes, including drought,
flood, hail, wind,
winterkill, lightning, tornado, insect infestation, plant disease,
other
unavoidable
causes
as
may
and such
be determined by the Board: Provided,
however. That for the first three years of operation under this
of insurance shall
insurance shall not
or to
title contracts
not be made for periods longer than one year.
Such
cover losses due to neglect or malfeasance of the producer
the failure of the producer to reseed in areas
where it is customary to reseed.
50
or more than
and under circumstances
Such insurance shall cover not less than
75%, to be determined by the Board, of the recorded or
appraised average yield of wheat
the insured farm for a representative
on
base period subject to such adjustments as the Board may
prescribe to the
end that the average yields fixed for farms in the same area,
subject to the
same
dition the issuance of such insurance in any county or area upon a
amount of
participation in
minimum
of crop insurance formulated pursuant
a program
to this title.
514.
(a)
for himself
Whoever
a statement
makes
or
another money,
title, shall be punished by
ment for not more than
(b) No
basis of the recorded or
appraised average crop loss of wheat on the insured farm for a representative
base period subject to such adjustments as
end that the premiums fixed for farms in
the
to
a
the
(c)
Such premiums shall be
Board
may
or
times, in such manner, and upon such security
determine.
valent under rules prescribed by the
Board.
for indemnity under the provisions of this title is
action
an
cn
such
denied by the Corporation
claim may be brought against
property, or anything of value, under this
regard to the amount in
directly or indirectly, in any agricultural
the stock
or in
product.
or
or
(d)
From time to time, in such
Board
may
determine,
to
pledged
or
or
Corporation,
deceive
handle,
store,
insure,
provide
storage facilities for, and sell wheat, and pay any expenses incidental thereto,
it being the intent of this provision, however,
the
otherwise entrusted to it; or (2) with intent to defraud the
other body politic or corporate, or any individual, or to
officer, auditor, or examiner of the Corporation, makes any
any
book, report, or statement of, or to, the Corporation or
draws any order, or issues, puts forth, or
the Corporation,
participates or shares in or receives directly or indirectly,
profit, property,
any money,
by
a
years,
or
both.
Whoever .willfully shall conceal, remove, dispose of, or convert to
(d)
his
own
use or
to that of another, any
held by, the Corporation, as security
or
by
both.
Whoever conspires with another to accomplish any of the acts made
(e)
unlawful
by the preceding provisions of this section shall, on conviction
thereof, be subject to the same fine or imprisonment, or both, as is applicable
in the
case
of conviction for doing such unlawful act.
The provisions of sections 112, 113,
(f)
Criminal Code of the United States
of indemnities and to prevent deterioration:
Provided, however, That nothing In this section shall prevent prompt offset
purchases and sales of wheat for convenience in handling.
The restriction
provided in this section shall be made
part of any crop insurance agreement made under this title.
Notwith¬
provision of this title, there shall be no limitation upon the
legal or equitable remedies available to the insured, to enforce against the
apply to any crop-insurance agreements made
not
Secretary of Agriculture is authorized to
geographical distribution,
their
to
any
to the insured or to deduction on account
considera¬
Corporation with
The compensation of the
members of such committee shall be
determined by the Board but shall not
exceed
$10 per day each
while actually employed and actual necessary
traveling and subsistence expenses, or a per
diem allowance in lieu thereof.
Appropriations and Regulations
his estate to the United States except claims
as may
of the United States
or
the
are
hereby
authorized
to be
appropriated such
$6,000,000 for each fiscal year Deginning after June 30,
be necessary to cover the operating
determine: Provided,
That expenses in connection with the purchase, trans¬
portation, handling, or sale of wheat may
be considered by the Corporation
nonoperating expenses.
For the fiscal year
appropriation authorized under this subsection
be made only out of the unexpended balances for the
being nonadministrative or
as
ending June 30, 1939, the
authorized
year
15
to
ending June 30, 1938, of the sums appropriated pursuant to
of the Soil Conservation and Domestic Allotment Act, as
amended.
(b)
other legal process before payment
of the indebtedness of the insured
(a) There
516.
not in excess of
and administrative costs
of the Corporation, which shall be allotted to the Corporation In such
amounts and at such time or times as the Secretary of Agriculture may
1938,
The Secretary and the
issue such regulations as may
Corporation, respectively, are authorized to
be necessary to carry out the provisions of
this titie.
Separability
Corporation arising under this title.
517.
Sec.
Deposit of Funds
Sec. 510.
to advise the
of this title.
section
Claims for indemnities under this title shall not be liable to
or
appoint from
consisting of not more than five mem¬
experienced in agricultural pursuits and appointed with due
is
or
The
515.
time to time an advisory committee,
fiscal
Indemnities Exempt from Levy
509.
under this title.
Advisory Committee
Sec.
Corporation the foregoing restriction with respect to purchases and sales of
Sec.
United States shall
114 and 115 of the Criminal Code of the
and sections
wheat.
attachment, levy, garnishment,
under this title: Provided, however, That the
the Corporation
with
provisions of section 3741 of the Revised Statutes (U. S. C., title 41, sec 22)
sums,
any
114, 115, 116, and 117 of the
(U. S. C., title 18, sees. 202 to 207,
inclusive) insofar as applicable, are extended to apply to contracts or agree¬
H Sec.
standing
property mortgaged or pledged to,
for any obligation, shall be punished
fine of not more than $5,000 or by imprisonment for not more than
a
that, insofar as practicable,
deterioration; and shall sell wheat only to the extent
the purchase and sale of wheat
benefits through any transaction, loan,
fine of not more than $10,000 or by imprisonment for not more than five
wheat sold to prevent
on
or
commission, contract, or any other act of the Corporation, snail be punished
equal to the payment of premiums in cash by farmers or to replace promptly
a
assigns any note or other obligation
draft, mortgage, judgment, or decree thereof; or (3) with intent to defraud
or
Corporation shall purchase wheat only at the rate and to a total amount
necessary to cover payments
more
respect to carrying out the purposes
and through such agencies as
manner
imprisoned not
both.
or any
false entry in any
tion
purchase,
association
Whoever, being connected in any capacity with the Corporation,
(c)
within one year after
shall have been brought
the date when notice of denial of the claim is mailed to the claimant.
the
any
(1) embezzles, abstracts, purloins, or willfully misapplies any moneys, funds,
bers
this section unless the
same
membership interests of
Any person violating this subsection shah upon
securities, or other things of value, whether belonging to the Corporation
such claims shall be allowed under
no
on
by imprison¬
official capacity in the adminis¬
the Corporation in the
controversy: Provided, That
suit
or
both.
any
conviction thereof be fined not more than $10,000 or
jurisdiction is hereby conferred upon
such courts to determine such controversies without
knowing it to be false,
for the purpose of obtaining
corporation engaged in handling, processing, or disposing of any such
district court of the United States in and for the district in which the in¬
sured farm is located and exclusive
or
product thereof, to which this title applies, or in contracts
or
relating thereto,
ments
in cash equi¬
In the event that any claim
To adjust and pay claims for losses either in wheat or
report
therein, explain
fine of not more than $5,000
two years, or
of this title, speculate,
commodity
the same area, which are subject
conditions, may be fair and just.
same
collected at such time
as
the Board may prescribe to the
such
which shall be submitted by the
statement
any
shall, while acting in
person
two years, or
cash equivalent, as of the due date thereof, on the
That
whoever willfully overvalues any security, for the purpose of influencing
or
To fix adequate premiums for such insurance, payable either in wheat
(b)
or
Provided,
in any way the action of the Corporation, or
which are
The Board may con¬
conditions, may be fair and just.
to
Crimes and Offenses
Sec.
than two years, or
insure, upon such terms and conditions not inconsistent with the provisions
by
Comptroller General with his report.
commodity
empowered—
year
a report
the Comptroller General
the General Accounting Office, to point out errors
answer
Commencing with the wheat crop planted for harvest in 1939, to
(a)
as
each
of making
tunity to examine the exceptions and criticisms of the Comptroller General
or
authorized and
purpose
The financialv
once
shall not be made until the Corporation shall have had reasonable Oppor¬
associations.
Crop Insurance
annually with the Secretary of Agricul¬
Accounting Office for the sole
United
tration
utilize
be required of it.
the business of the Corporation.
as to
Corporation shall be audited at least
Congress, together with such recommendations
the provisions of section 516
In carrying out the provisions of this title the
financial agent of the Govern¬
as a
The Corporation shall at all times maintain complete and accu¬
complete report
the estimated administrative expenses
cover
insurance premiums provided for in this title.
of this
ture a
by them in cooperating in carrying out this title and may
provide that all
(d)
Sec. 513.
rate books of account and shall file
committees.
The Board may establish
Secretary of the
be prescribed by said
Accounting by Corpoiation
or
of such
members
approved
as may
ment; and it shall perform all such reasonable duties, as a depository of pub¬
and fix
The appointment of
penalties and pay the premiums of such bonds.
officials
by the
depository of public money, except
a
lic money and financial agent of the Government as may
delegate to them such of the powers vested in the Corporation as he may
determine,
for that purpose
Treasury, the Corporation shall be
receipts from customs, under such regulations
The
sections
hereby declared to be
All money of the Corporation not otherwise employed may be
deposited with the Treasurer of the United States
or
in any bank approved
of this title and subdivisions of sections
are
separable, and in the event any one or more sections
of this title be held to be unconstitutional, the same shall
validity of other sections or parts of sections of this title.
parts of the same
or
not affect the
by the Secretary of the Treasury, subject to withdrawal by the Corporation
at any
invested in
as
to
obligations of the United States
or
principal and interest by the United States.
of the
in obligations guaranteed
Subject to the approval
Secretary of the Treasury, the Federal Reserve banks
authorized and directed to act
as
are
of its
conferred by this title.
The Corporation, including its franchise, its capital, reserves,
be exempt from all taxation
hereafter imposed by the United States or by any Territory, depen¬
alter, amend, or repeal this title is hereby reserved.
Approved, Feb. 16, 1938, 3 p. m.
The text of the original
Agricultural Adjustment Act was
AAA,
powers
and surplus, and its income and property, shall
The right to
hereby
Tax Exemption
Sec. 511.
Sec. 518.
depositories, custodians, and fiscal agents
for the Corporation in the performance
now or
Right to Amend
time, or with the approval of the Secretary of the Treasury may be
May.20,1933, page 3415; the amended
signed by President Roosevelt Aug. 24, 1935 appeared
in
issue of Sept. 14, 1935, page
given in these columns
our
1657; the text of the Soil
will be found on
Conservation and Domestic Allotment Act
page
1890 of the "Chronicle" of March 21,
1936.
Chronicle
Financial
1316
1948,
The Course of the Bond Market
road and utility
bond
unchanged,
have remained
ments.
Tennessee Valley Authority.
the
industrial
vanced % to 10634;
bond
have
market
been
While steel bonds have been largely
unchanged, Inland Steel 3%s, 1961, have risen % to 10534*
to show
Oil bonds have been featured by a rise in
3%s, 1951, of 1% to 100%.
Union Pacific 4s, 2008, ad¬
fractional gains over last week.
This
this week but the trend has continued slightly up¬
ward for the most part.
after displaying buoyancy,
inclined to weaken thereafter but managed
were
in
Fluctuations
narrow
High-grade railroad bonds,
showed substantial
issue closed at 78, up 20 points.
High grades also
have United States Govern¬
as
1938
reports of negotiations for purchase of the com¬
on
pany's property by the
this week, but the rest of the
groups
generally been at a standstill.
market has
strength
26,
High grades have been quite steady.
4% to 57%.
rose
The Tennessee Public Service 5s, 1970,
characterized part of the rail¬
Additional advances have
Feb.
Dodge
Kansas City Terminal 4s, 1960, closed
Consolidated Oil
In the metal
group,
Phelps
In
3%s, 1952, have advanced % to 106%.
conv.
the retail group,
Childs Co. 5s, 1943, have advanced 134 to
Louisville & Nashville un. 4s, 1940, lost
% at 102%. The speculative railroad bonds worked higher
but the spirited recovery witnessed in mid-week afterwards
65%, but United Drug 5s, 1953, have declined 2% to 76%.
In the amusement group Warner Bros. Pictures 6s, 1939,
Illinois Central bonds have been strong, the
continued their decline of preceding weeks by falling 1 %
% higher at 108%;
diminished.
68%.
to
closed 2 points higher at 48; Northern Pacific 6s,
2047, lost 1 point at 81; Pere Marquette 4%s, 1980, were
4s, 1952,
In the
■''•■y.;'
•'
..V/;.
foreign bond market a slightly improved tone pre¬
unchanged at 65.
vailed among South American issues
Speculative utility bonds and holding company debentures
have recorded good recovery.
International Tel. & Tel. 5s,
with particular strength
in
Cities Service 5s,
Light 5%s,
gained 6% at 55%; New England Gas & Electric 5s,
1955, closed at 62%, up 6 since a week ago;
Argentine bonds. German bonds generally closed firmer,
but Austrian and Czeehoslovakian issues remained weak
while Italians
1952
MOODY'S BOND
U.
Daily
Bonds
All
120 Domestic
Corporate by Croups *
Daily
Baa
A
Aa
Aaa
120 Domestic
by Ratings
Corporate bp Groups *
Averages
30
Por¬
tic
Indus.
P. U.
RR.
120 Domestic Corporate *
120
Domes¬
1938
Corp.
tic
Corp.*
Averages
(REVISED)
{Based on Individual Closing Prices)
by Ratings
Domes¬
Govt.
Japanese continued irregular.
MOODY'S BOND YIELD AVERAGES
,
120 Domestic Corporate *
120
All
8.
1938
own.
given in the following tables:
are
PRICES (REVISED)
{Bastion Average Yields)
held their
Moody's computed bond prices and bond yield averages
1966, advanced 8% to 64; Cities Service Power &
Aa
Aaa
A
Baa
RR.
P.
U.
Indus.
Feb. 25- 110.50
94.49
115.14
106.92
94.81
70.62
79.20
99.48
108.40
Feb. 25-
4.33
3.21
3.62
4.31
6.16
5.41
4.03
24- 110.45
94.01
114.93
106.73
94.49
69.78
78.82
98.97
108.27
24-
4.36
3.22
3.63
4.33
6.24
5.44
4.06
3.55
4.36
3.22
3.63
4.34
6.24
5.46
4.06
3.56
Exchan ge CI os ed
4.36
3.65
3.22
6.28
5.50
4.07
3.56
5.48
tions
98.97
78.58
23-
108.08
22-
Exchan ge CI03 ed
Stock
22-
69.78
94.33
106.73
114.93
94.01
23- 110.38
Stock
4.38
4.37
3.54
5.84
«...
...
21- 110.27
93.69
114.93
106.36
94.01
69.37
98.80
108.08
21-
19- 110.24
93.86
114.93
106.54
94.17
69.68
78.33
98.80
108.27
19-
4.35
6.25
4.07
3.55
...
18-
110.21
93.85
114.93
106.73
94.01
69.58
78.20
98.80
108.08
18-
4.37
3.22
3.63
4.36
6.26
5.49
4.07
3.56
5.78
17-
110.29
93.85
114.72
106.54
94.01
69.58
78.33
98.80
107.88
17-
4.37
3.23
3.64
4.36
6.26
5.48
4.07
3.57
78.08
3.64
3.22
---
...
114.93
106.54
,93.69
69.48
78.20
98.80
107.88
16-
4.38
3.22
4.38
6.27
5.49
4.07
3.57
15-
110.301
93.53
114.93
106.54
93.69
69.07
77.96
98.62
107.88
15-
4.39
3.22
3.64
4.38
6.31
5.51
4.08
3.57
14-
110.21
93.53
114.93
106.73
*93.69
68.97
78.08
98.45
107.69
14-
4.39
3.22
3.63
4.38
6.32
5.50
4.09
3.58
12„
Stock
93.69
68.87
77.96
98.62
107.69
11-
4:39
Excha nge Clo sed
4.38
3.64
3.21
6.33
5.51
4.08
3.58
5.82
5.86
93.69
16- 110.33
>
Excha nge Clo sed
Stock
12..
■
106.54
115.14
93.53
11- 110.18
3.64
10- 110.08
93.37
114.93
106.36
93.37
68.77
77.48
98.62
107.69
10-
4.40
3.22
3.65
4.40
6.34
5.55
4.08
92.90
114.30
106.17
93.06
68.47
76.88
98.62
107.30
9-
4.43
3.25
3.66
4.42
6.37
5.60
4.08
114.30
106.64
92.90
68.17
70.53
98.62
107.49
8-
4.43
3.25
3.64
4.43
6.40
5.63
4.08
3.59
7- 110.05
92.59
114.09
106.17
92.43
67.87
75.94
98.45
107.30
7-
4.45
3.26
3.66
4.46
0.43
5.68
4.09
3.60
5- 110.15
92.43
114.09
105.79
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
3.62
mm
3.60
92.90
*
3.58
9- 110.05
8- 110.06
...
...
•
••
■'
92.28
67.68
75.70
98.45
106.92
4—
3.27
3.68
6.45
5.70
4.09
3- 110.18
92.59
113.89
105.98
93.06
67.77
70.05
98.62
107.11
3-
4.45
3.27
3.67
4.42
6.44
5.67
4.08
3.61
2- 110.17
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
1- 110.24
i
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
5.85
4.08
3.58
5.78
105.79
113.89
—
4.47
4.47
5.87
mmm
...
Weekly—
Weefcly—
Jan. 28.. 110.07
21- 110.52
14- 110.15
95.78
92.59
108.73
94.81
95.62,
72.32
107.69
Jan. 28—
4.50
3.26
3.72
4.45
6.58
77.84
69.99
107.69
114.09
98.62
100.18
109.05
21„
4.34
3.20
3.63
4.31
6.22
5.52
3.99
3.51
5.76
80.84
66.41
115.35
94.33
105.04
116.00
91.81
100.53
109.24
14-
4.25
3.17
3.58
4.26
6.00
5.28
3.97
3.50
5.83
4.26
3.18
3.57
4.27
6.03
5.24
4.02
3.54
5.75
73.99
7- 109.97
95.62
115.78
107.88
95.46
72.00
81.35
99.83
108.46
7-
Hlgh 1938 110.60
95.95
116.00
108.27
95.95 j
72.65
82.13
100.53
109.24
Hlgh 1938
4.50
3.27
3.75
4.47
0.58
5.85
4.09
3.61
5.87
1938 109.69
91.81
113.89
104.48
92.28j
66.41
73.99
98.45
107.11
Low
4.24
3.17
3.55
4.24
5.97
5.18
3.97
3.50
5.75
3.78
3.24
3.43
3.88
4.57
4.09
3.78
3.47
5.13
3.94
3.32
3.55
4.11
4.78
4.27
3.97
3.57
5.9J
Low
1
l|Fr. Ago
103,93
114.51
110.63
2 Yrs.Ago
101.06
112.86
108.27
98.45
103.93
109.64
87.64
98.11
95.46
100.53
107.88
These prices are computed from average
level or the average movement of actual price
Yr. Ago
Feb.25'37
2 Yrs.Ago
4
4
Feb.25'35 108.90
*
90.75
102.12
Feb.25'37 112.21
1938
Feb.25'36
yields on the basis of one "typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
quotations. They merely serve to Illustrate In a more comprehensive way the relative levels and the relatlve„movement of
yield averages, the latter being the truer picture of the bond market.
BOOK
363 Pages.
This
The
REVIEWS
Elements of Modern Economics.
By Albert L. Meyers.
New York: Prentice-Hall, Inc.
book, designed for college students
room
purposes,
of
tion
of
subject
the
and
of
contemporary
practicality in its choice of illustrations.
Aside from the
inclusion of some topics not common in books of this char¬
acter, the treatment is chiefly notable for its attention to
the
technique
this
aspect of the subject is called particularly in the dis¬
cussions
of
monopolistic
of
competition.
Attention
to
conditions
contrasted.
In
his discussion of production the author prefers the term
"non-proportional outputs" to the more
familiar term
"diminishing returns." The dangers of minimum wage laws
and those
are
prices and profits, where monopoly
of so-called
pointed
labor
as
a
while
out,
determinations
the
with
author
regard
concludes
are
to
trade union
that
"as
far
wage
as
all
class is concerned, the benefits conferred by any
particular trade union
tion."
free competition
cease
with the prevention of exploita¬
The survey includes a
summary
view of unemploy¬
ment, seasonal, casual, cyclical, technological and voluntary.
Save for
the
absolutely incapable of productive work,
persons
author
not be used
thinks
that the term "unemployables" should
"except with reference to a certain wage rate,"
but he points
law without
out that "if
making
monly classed
as
some
a
minimum wage is imposed by
special provisions" for those
com¬
unemployable, "it will be surprising indeed
if the number of
unemployables does not increase." As for
unemployment relief, "only in the event that a government
obtains
otherwise have remained idle,"
"does government spending for relief
actually 'prime the pump' and provide additional secondary
employment."
The book merits wide use as a practical ele¬
mentary handbook.
the
money
that would
author declares,
Corporation.
By Russell Carpenter
Pages.
Baltimore: The Johns Hop¬
199
Press.
$2.25.
The corporation policy
who are begin¬
has the merits of simplicity in its presenta¬
the elements
kins
$4.
ning the study of economics but useful for other than class¬
Delaware
Larcom.
which
was
which this book examines is that
inaugurated in 1899, when Delaware changed its
policy to meet the wishes of business and at the same time
increase the
revenue
derived from the incorporation of com¬
view, the author points out, may
policy whose liberal provisions, joined
to corporate taxation, set up a competition between Dela¬
ware and the States whose corporation laws are more exact¬
ing.
One is that, "in the effort to procure revenue, law¬
panies.
Two points of
be held regarding
a
making is reduced to
a
competitive basis and that this is
value." The
by self¬
policies
in erecting "the framework within which the corporation
must develop" have allowed the law to "keep pace with
changing business and financial methods."
The book re¬
views briefly the earlier history of incorporation in Dela¬
ware, examines the provisions of the law of 1899 and subse¬
quent amendments, and considers particularly the certificate
of incorporation, the power to hold stock in other corpora¬
tions, the provisions regarding capital stock, corporate capi¬
tal, and the exercise of corporate powers, and the fruits
of the system as shown in the statistics of Delaware in¬
undesirable,
or
at least of questionable social
other "visualizes this competition, induced perhaps
ish motives, as leading to progress," since liberal
corporations.
The work is largely a legal study,
the Delaware courts, as well as those
and the decisions of
of other State courts
topics, are thoroughly examined.
The author
notes that "in the transaction of business with outsiders"
the authority which the law confers upon incorporators "has
been used to increase the range of powers which a corpora¬
tion may exercise in connection with the particular object
or objects for which it was organized."
While the law, as
interpreted by the State Supreme Court, does not permit a
on
related
Volume
Financial
146
corporation, in the matter of additional charter clauses, to
"deny
absolutely
holders
the
at
any
law,
.
power
.
possessed by stock¬
amend, particularly
right
or
the power to
.
capital structure, together with the
power to deny the
right of subscription by suitable provision in
the charter, have resulted in almost complete subordination
preemptive
of
majority."
The law
the effect of
stockholders
of the
those
to
also intended to afford promoters
effective device for combination"; it has
and
suitable
"a
of individual
interests
the
was
placing upon creditors "the burden of showing
actual fraud" in property valuations; it authorizes, by later
although
issuance
the
amendment,
this is
not
a
of
stock
without
Delaware innovation,
value,
par
thereby serv¬
Chronicle
1317
ing still further the interests of promoters and organizers
and facilitating the acquisition of control by the original
incorporators, and it devolves upon the courts responsibility
for the "valuation of the consideration for stock issued" and
the
"preservation of sound accounting methods."
It is the author's general conclusion that while
innovations
ware
efficient
device
STATE
OF
EPITOME
TRADE—COMMERCIAL
necessary
to
managers
in
the first
For
time
activity showed
merce"
to
since
middle of
the
gain, according to the "Journal of Com¬
a
weekly index of business activity.
G9.5
compared with
as
week ended
of 1937.
Feb.
The gain the past
electric
week
made fractional
failed to show the usual seasonal
that production in
normal
which
sonal
Some
Included
trends.
among
lines
the
likely to register at least normal
in
textiles,
trades.
about
It is the feeling in industrial circles
seasonal
movements
mobiles,
were
March and April will very likely reflect
considered
are
loadings
Car
the week, while bituminous coal production
dropped 2.4 points.
the
gains.
expansion and
the
shoes
next
and
observers
months
two
most
it
assert
other
would
steel,
are
consumer
be
not
sea¬
auto¬
goods
surprising
if the
Federal Reserve index of industrial production were
to score a small advance of a point or so by the end of
This, it is felt, would do much to stimulate business
confidence, especially when the long period of almost unin¬
terrupted decline since last August is taken into considera¬
April.
A
tion.
bright
spot
in
week's
the
developments
the
is
showing of engineering construction awards, which in spite
of
the
Washington's Birthday holiday total $40,161,000,
according to the "Engineering News Record."
.
struction
amounting
to
$25,286,000
Public
106%
is
con-
above
the
corresponding 1937 week, due to the high volume of high¬
way lettings which make up more than half of the public
total.
Private
drops below
the
a
construction,
year
Pennsylvania
awarded.
Total
ago,
however,
Railroad's
awards
buying
following
for
the
the
second
totaling
$14,875,000
when the $50,000,000 contract for
electrification
compare
previous week and $72,178,000
prices
with
announcement
was
$45,001,000 for the
a year ago.
quarter
program
of
has not
Improvement in
unchanged
been
steel
sufficient
to
increase ingot production for the industry, since some plants
have been making steel in excess of finishing mill
require¬
"Iron
ments,
Age"
says
in
its
current
Some
summary.
companies, the review points out, have had the best volume
of orders in weeks, but business so far has not been aided
broadly.
week at
"Iron
Age" estimates steel
30% of capacity, off
trade estimate that steel
will
a
ingot output for the
point from last week.
The
operations
over
the whole of 1938
50% is regarded by not a few in the trade
optimistic guess.
It is based on expectation of some
large-scale buying from the railroads in the event of rate
relief, some business from the construction field, and a
as
a
more
business
abuse
prevent
far
so
the
at
such
as
hands
abuse
of
unscrupulous
be
can
prevented
by
.
Activity
cooperation
factors
as
between
promising
Mr. Babson said sales
This view
ago.
the
was
and
upward trend.
He
cuts until industrial activity reaches
predicted further wage
normal.
business
government,
general
a
about
are
10% below
a year
shared by John N. Biggers, director of
Unemployment
Census, who told President Roosevelt
improvement, at least in the consumer indus¬
This opinion, Mr. Biggers explained, Avas based on
he anticipated
tries.
the observation
that the decline since midsummer had been
sharp that inventories acquired prior to that time, and
which had contributed to the waning demand, were now
so
exhaustion.
Car loadings of revenue freight during the
Saturday totaled 535,970 cars, a decline of 1.3%
from the preceding week and 24.7% from the comparative
period of 1937, it was reported today by the Association
near
week ended
for
unchanged
attributed largely to
was
activity, although steel production and
also
output
revised figure of 68.9 for the
a
12, and 101.8 for the corresponding week
increased automotive
-
The index rose '
the Dela¬
corporation
soil erosion program, increased expenditures for armaments,
labor
January business
the
statute."
increasing
Friday Night, Feb. 25, 1938.
of
made
organization," the State "may
be held responsible for some bad practices by its failure to
surround desirable powers and privileges with the restraints
Indications of Business
THE
"have
average
an
larger volume of orders from the automobile industry.
It
is pointed out that betterment in all three of these major
consuming lines is overdue, because there is
no
doubt that
consumption of steel products is far below national require¬
ments.
Observers state, however, that actual improvement
rests with Washington as well as upon recovery of con¬
of
American
and
Railroads.
Retail
trade
reported to have fallen 7%
was
volume for the week
below the previous week,
3% to 8% under the comparative period of last year,
a Dun & Bradstreet survey.
Sudden changes
according to
in
weather, with few sections of the country escaping the
between extremes, were held chiefly responsible for
lag in retail sales this week.
The outstanding feature of
the week's weather was the Red River flood in Arkansas.
sweep
a
breaks
Levee
along the Red
Fulton, Ark., eased the
River
pressure
few
miles
south
of
of flood waters against
an
a
dike
emergency
protecting Fulton.
The latest break oc¬
Garland City, Ark., 20 miles south of Fulton.
curred,
near
Water
poured
thousands of
across
acres
lowlands
of
caught hundreds of families in their homes.
in the section
blocked and loss of livestock
was
and
One highway
was
heavy.
Advices stated that 100,000 acres were flooded by the latest
break.
Overnight hundreds of
Fulton
of
from
men
fought to
save
the town
the
highly swollen river, which lapped at
the top of the levee, 10 feet higher than the streets.
Their
families stayed with them, disregarding the warning of
States
United
their lives
flood
the
engineers
were
that
in peril.
began
to
the
And they
recede,
and
town
was
doomed
and
their fight.
Slowly
army
engineers ' an¬
won
the
nounced today
(Thursday) that the danger was past.
An¬
other outstanding feature of the week's weather, especially
affecting agriculture, was the general replenishment of
as
water
supplies
in
most
of
the
dry
southwestern
area.
excessive precipitation occurred in eastern and
Oklahoma, with weekly totals from 8 to 11 inches
Heavy to
central
at
a
number of places.
In the New York City area it
was
rainy to clear during the week, with temperatures cold to
Today it was cloudy and cold here, with tem¬
The forecast was
for partly cloudy and continued cold tonight.
Saturday,
increasing cloudiness with rising temperature.
Overnight
at Boston it was 32 to 34 degrees; Baltimore, 30 to 42;
Pittsburgh, 20 to 32; Portland, Me., 28 to 38; Chicago, 24
to 30; Cincinnati, 24 to 36; Cleveland, 18 to 28; Detroit,
16 to 28; Charleston. 44 to 60; Milwaukee, 20 to 30; SaA'annah, 38 to 62; Dallas, 40 to 50; Kansas City, 22 to 34;
spring-like.
peratures ranging from 29 to 35 degrees.
Springfield, Mo., 24 to 32; Oklahoma City, 32 to 42; Salt
26 to 50; Seattle, 42 to 62; Montreal, 18 to 30;
and Winnipeg, 12 to 18.
Lake City,
fidence
and courage by business.
The "Automotive Daily
News," in its mid-week estimate of motor car output, placed
the current week's production at 57,929 units, and said
there
indications
are
speeded
indicated
spring
last week
was
it
ago
States
ended
that
starting next week
upswing."
"operations
generally will be
preparations begin for the
The production estimate for
as
58,159 units, and for the same week
a
year
108,909.
Electricity production in the United
registered its first increase in 1938 during the week
19, totaling 2.059,165,000 kilowatt hours against
was
Feb.
2,052,302,000 the week before, according to the Edison Elec¬
tric
Institute.
6.9%
the
below the
rate
comes
ment
from
Despite the rise, last week's output was
1937 figure, while in the preceding week
only 6.7%
was
from
St.
lower.
A
Petersburg, Fla.,
Roger Babson, noted
rather interesting item
in
the form
of
a
state¬
economist, in which he
predicts that business will show improvement for the next
two years.
Mr. Babson cited increased expenditures for
unemployment
to
reflation,
relief,
the trend of banking from deflation
government
Revenue
agricultural benefits
on
the
last
Freight Car Loadings in Week Ended Feb. 19,
175,524 Cars Below a Year Ago
Loadings of
revenue
freight for the week ended Feb. 19,
This is a drop of 7,201 cars
1938, totaled 535,790 cars.
1.3% from the preceding week; a decrease of 175,524 cars,
24.7%, from the total for the like week a year ago, and
a drop of 50,697 cars or 8.6% from the total loadings for the
corresponding week two years ago. For the week ended
Feb. 12, 1938, loadings were 21.1% below those for the like
week of 1937, and 14% below those for the corresponding
week of 1936.
Loadings for the week ended Feb. 5, 1938,
showed a loss of 16.3% when compared with 1937 and a drop
of 10.1% when comparison is made with the same week
or
or
of 1936.
„
,
,
The first 18
Feb.
19,
major railroads to report for the week ended
1938, loaded a total of 251,539 cars of revenue
on their own lines, compared with 255,278 cars in
preceding week and 345,244 cars in the seven days ended
Feb. 20s 1937.
A comparative table follows:
freight
the
Financial
1318
REVENUE
FREIGHT
LOADED AND RECEIVED FROM
(Number of Cars)
Loaded
on
Own Lines
Weeks Ended—
Feb. 26,
Loading of revenue freight for the week of Feb. 12
21,749
Received from Connections
Weeks Ended—
Chronicle
CONNECTIONS
cars, or
3.9%
was
1938
decrease of
a
below the preceding week.
Miscellaneous freight loading totaled 205,454 cars, an increase of 1,010
cars above the preceding week, but a decrease of 65,418 cars below the
corresponding week in 1937.
Feb. 19, Feb. 12, Feb. 20. Feb. 19, Feb. 12, Feb. 20.
1938
1938
1938
1937
1938
1937
a
Atchison Topeka A Santa Fe Ry.
Baitlmore A Ohio RR
17,899
19,057
22,44.5
22,031
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
10,278
12,551
19,642
16,555
Coast
Lines
International Great Northern RR
16,502
12,763
3,769
1,779
3,615
Chicago Mil. St. Paul A Pac. Ry.
Chicago A North Western Ry...
Gulf
12,492
12,905
3,568
1,810
3,797
20,182
34,328
4,450
12,209
4,422
12,657
6,739
17,535
26,210
15,786
6,235
6.742
6,487
6,436
9,230
8,420
19,145
15.350
4,004
1,980
5.991
8,507
1,759
2,768
4,373
6,601
11,598
1,732
15,296
7,884
44,889
29,740
3,624
5.058
7,933
31,156
8,658
16,684
24,479
3,494
3,444
4,706
46,235
46,420
67.351
29,427
29,221
46,291
New York Chicago A St. Louis Ry
-
-
-
-
4,639
5,526
3.992
preceding week, but an increase of 2,658
corresponding week in 1937.
grain products
12,630
4,656
6,691
8,286
3,368
3,455
27,238
5,763
*7,320
*7,212
7,162
7,155
7,727
*9,209
10,224
251,539 255,278 345,244 151,312 155,807 226,125
Total
*
3,101
22,293
4,736
-
Wabash Ry
4,489
4,302
3,267
23,879
Pere Marquette Ry
Pittsburgh A Lake Erie RR
Southern Pacific Lines....
7,843
above the
cars
In the Western districts alone, grain and
Excludes cars Interchanged between S. P. Co .-Pacific Lines and Texas A New
loading for the week of Feb.
Live stock loading amounted to
the
decrease of 440
cars, a
cars,
cars
week
an
below
in 1937.
loading of live stock for the week of Feb. 12.
totaled 8,032 cars, a decrease of
446
386
below the preceding week, and
cars
below the corresponding week in 1937.
cars
Forest
products loading
above the preceding week,
totaled 26,853 cars, an
but
increase of 594
decrease of 8,238 cars below the
a
cars
corre¬
sponding week in 1937.
Ore loading amounted to
preceding week, but
CONNECTIONS
11,015
12 totaled 20,577
preceding week, and 598 cars below the corresponding
In the Western districts alone,
Orleans RR. Co.
TOTAL LOADINGS AND RECEIPTS FROM
decrease of 26
a
corresponding week in 1937.
12,978
29,246
Pennsylvania RR
below the
cars
products loading totaled 32,256 cars,
increase of 867 cars above the preceding week, and 2,547 cars above the
2,673
12,549
29,667
3,841
15,409
Norfolk A Western Ry
Grain and grain
47,720
2,676
Missouri Pacific RR
RR
below the
cars
preceding week, and 47,447 cars below the corresponding week in 1937.
2,850
3,211
10,758
New York Central Lines
M Issour 1-Ka nsas-Texas
corresponding week in 1937.
Coal loading amounted to 107,875 cars, decrease of 21,519
8,854
8,962
1,784
2,646
Loading of merchandise less than carload lot freight totaled 146,897 cars,
the preceding week, and 15,916 cars below
decrease of 1,105 cars below
the
7,136
cars,
an
increase of 689
above the
cars
decrease of 3,935 cars below the corresponding week
a
in 1937.
(Number of Cars)
Coke loading amounted to 5,505 cars, a decrease of 952 cars below the
preceding week, and 6,638 cars below the corresponding week in 1937.
Weeks Ended
All districts, reported decreases compared with the corresponding weeks
Feb. 19,
1938
Feb.
12, 1938
Feb. 20.
1937
Chicago Rock Island A Pacific Ry.
Illinois Central System...
21,293
20,978
27,723
St. Louis-San Francisco Ry
10,940
11,921
in 1937 and 1930.
24,907
33,485
14,880
22,259
1938
Four weeks In January...
59,211
Total..
61,903
Week of Feb.
73,272
Railroads, in reviewing the
week ended Feb. 12 reported as follows:
Loading of revenue freight for the week ended Feb. 12 totaled 542,991
This
cars.
was
a
decrease
of
145,532
cars,
21.1%
or
below
the
sponding week in 1937 and a decrease of 343,710 cars, or 38.8%
same
corre¬
below the
REVENUE
FREIGHT
LOADED
AND
RECEIVED
Total Revenue
1983.
1937
1936
1938
Chicago Indianapolis A Loutev.
484
428
999
2,273
8,653
1,700
2,313
7,353
1,351
253
240
8,848
1,702
10,805
3,605
1,518
27
36
23
50
106
1,186
899
1,375
3,845
7,968
1,368
4,968
9,336
0,092
10,923
6.290
5,325
2,309
7,902
6,884
263
320
155
91
118
1,586
3,322
2,602
176
252
340
9,608
3,220
12,437
3,385
12,303
3,675
133
181
136
1,321
2,809
10,864
6,196
1,452
Lehigh A New England...
1,311
2,037
751
Lehigh Valley....
Maine Central.....
6,679
2,987
1,213
9,187
3,699
2,524
5,007
17,041
9,051
1,832
1,546
8,489
6,626
3,027
8,253
3,379
164
Central Indiana
Central Vermont
.—...
Delaware A Hudson
Delaware Lackawanna A West.
Detroit A Mackinac
Detroit Toledo A Ironton
Detroit A Toledo Shore Line...
Erie
-
Grand Trunk Western..
Lehigh A Hudson River
Monongabela
...
....
Montour
...
New York Central System
N. Y. N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia....
320
....
...
Wheeling A Lake Erie...,
Total
145
303
774
4,639
2,271
5,408
4,324
5,533
3,468
7,155
2,277
1,775
1,149
10,235
113,061
Wabash
155,531
149,102
128,472
375
456
364
491
151
172
158
639
862
91,082
99,422
92,839
60,662
72,850
12,905
2,307
16,502
3,569
14,950
2,015
19,015
3,885
1,029
12,199
991
8,962
2,254
15,142
4,035
6,601
2,873
11,139
3,024
8,372
2,997
Southern System
Southbound...
Total
387
581
436
538
22,031
34,122
2,779
28,733
2,236
12,657
1,035
18,143
2,323
A North Western
Great Western
Milw. St. P. A Pacific.
....
824
699
159
342
309
1,310
...
Central RR. of New Jersey
Cornwall
1,584
6,099
1,448
7
14
6,003
9,121
12,087
4,974
6
6
Minn. St. Paul A S. S. M
Pacific
Chicago
Chicago
Chicago
Chicago
-
Burlington A Qulncy..
A Illinois Midland
Rock Island A Pacific.
A Eastern Illinois
Colorado A Southern
867
77
40
66
Denver A Rio Grande Western.
360
407
24
28
Denver A Salt Lake
218
256
10
35
489
607
706
2,182
1,315
29,221
12,817
1,386
2,872
1,539
47,312
19,211
2,752
Fort Worth A Denver City
Illinois Terminal
4,397
7",705
Union
(Pittsburgh)
1,019
994
65,712
14,228
59,104
13,069
6,358
West Virginia Northern
Western Maryland
15,424
7,559
34
123
3,904
3,417
97,822
Total
92
2,901
147,944
124,877
57
144
172
8,272
2,143
2,839
629
553
484
664
440
225
72
82
1,433
5,389
881
4,954
1,554
1,987
2,531
8,826
8,220
2,487
3,187
1,872
63
110
79
183
296
1,147
1,263
1,287
1,063
1,592
76,849
64,918
35,780
47,505
19,057
2,409
20,039
3,017
16,968
2,936
4,422
6,559
3,613
352
460
330
83
112
12,492
1,805
10,807
2,675
16,156
2,349
11,354
3,300
8,223
572
905
7,409
2,073
980
2,146
4,022
9,911
2,765
1,514
2,819
1,069
1,016
2,223
15,146
2,563
8,818
3,318
1,206
3,670
1,187
6,436
455
Bingham A Garfield
158
46,420
10,382
309
8,167
Central Western District—
390
...
346
8,341
730
Total...
208
Penn-Readlng Seashore Lines..
Pennsylvania System
Co...
301
8,220
65,079
Spokane International
Spokane Portland A Seattle...
Ligonler Valley
Long Lsland
Reading
157
280
4,514
338
A Ishpemlng
Minneapolis A St. Louis
Cumberland A Pennsylvania...
797
179
681
6,059
1,406
4,621
7,850
Lake Superior
3,888
601
743
8,646
513
Ft. Dodge Des Moines A South.
Great Northern
Green Bay A Western
Northern
772
539
3,860
Elgin Joltet A Eastern..
Atch. Top. A Santa Fe System.
Alton
Bessemer A Lake Erie
17,773
1,027
Northwestern District—
Chicago
Chicago
Chicago
Chicago
192,903
Alleghany District—
Akron Canton A Youngstown..
Baltimore A Ohio
Buffalo Creek A Gauley
Cambria A Indiana
Tennessee Central
18
1,113
1,670
2,679
1,134
1,215
4,717
4,628
Winston-Salem
20
373
479
1,925
2,302
1,010
897
695
550
892
4,323
4,107
13,080
560
1,337
1,625
2,514
321
4,750
422
1,444
2,934
1,238
410
9,602
1,394
8,658
3,360
4,656
578
1937
7,035
18,769
10,111
1,956
4,127
5,938
5,348
1,290
1938
362
Duluth South Shore A Atlantic.
732
from Connections
1936
8,693
20,869
50,198
12,906
1,745
13,892
7,302
7,128
7,793
Total Loads Received
289
31,156
404
2,099
2,567
1,060
377
St. P. Minn. A Omaha.
Duluth Missabe A I. R
;...
1,722
1937
12
8,662
18,525
Piedmont A Northern
Richmond Fred. A Potomac.
Seaboard Air Line
37
485
Rutland...
Mobile A Ohio
Nashville Chattanooga A St. L
Norfolk Southern
201
5,005
FEB.
District—(.Cohcl.)
19
5,172
2,334
42,246
11,107
ENDED
Total Revenue
3,369
7,018
2,274
37,976
2,484
1,430
29,246
8,095
1,496
3,624
3,196
4,489
5,133.253
.
Freight Loaded
1938
2,655
0,016
1,366
886,701
4,074,199
3,364,154
.
Railroads
1937
524
Maine—
—
898,835
(NUMBER OF CARS)—WEEK
Southern
Ann Arbor
-..
671,227
688,523
During this period only 14 roads showed increases
compared with the same week last year:
from Connections
Eastern District—
Bangor A Aroostook
—
Total Loads Received
1938
Boston A
_......
CONNECTIONS
FROM
Freight Loaded
Railroads
.
.
3,347,717
In the following we undertake to show also the loadings
for separate roads and systems for the week ended Feb. 12,
when
1930.
week in
Total.
1930
2,714,449
542,991
5.
Week of Feb. 12
The Association of American
1937
2,256,423
564,740
________
1,105
1,536
Missouri-Illinois
365
Nevada
Northern
North Western Pacific........
...
...
1,637
265
2,217
532
1,401
953
661
1,869
993
1,927
5
13
1,114
1,103
1,039
1,584
249
88
155
708
271
357
*
99
28
56
(Pacific)
17,087
18,319
15,025
Peoria A Western
Union Pacific System
229
247
469
999
12,192
13,924
13,331
5,408
Peoria A Pekin Union
Southern Pacific
Toledo
355
1,767
103
3",825
6,451
1,236
8,126
115,128
297
928
988
5
10
Western Pacific
74,420
Utah
857
1,416
1,101
873
2,310
88,284
103,677
92,820
39,724
58,160
Pocahontas District—
Chesapeake A Ohio
Norfolk A Western
19,642
16,684
3,592
22,753
22,596
3,972
22,878
6,742
3,444
11,026
4,866
Virginian
4,082
912
841
Total
39,918
49,321
52,547
11,098
16,733
25,587
Total
Southwestern District—
130
Burlington-Rock Island
Southern District—
Alabama Tennessee A Northern
171
292
of Ala..
667
Atlanta Birmingham A Coast..
521
Atl. A W. P.—W. RR
Atlantic
Coast
Columbus A Greenville
1,201
574
903
9,656
4,409
8,430
3,649
378
445
325
1,457
1,232
4,673
2,722
1,156
1,792
1,462
1,133
5,067
404
Clinchfleld
Durham A Southern
285
673
681
1,152
Charleston A Western Carolina
207
787
9,206
3,673
Line
Central of Georgia
291
461
252
291
437
2,745
1,192
1,689
Fort Smith A Western
Gulf Coast Lines
International-Great Northern..
Kansas Oklahoma A Gulf
Louisiana Arkansas A Texas
Litchfield A Madison...
151
169
116
393
308
Missouri Pacific
1,129
931
861
959
32
40
35
99
90
Quanah Acme A Pacific
St. Louis-San Francisco
873
980
700
1,478
1,563
Georgia
Georgia A Florida
294
350
315
488
1,423
19,354
10,921
1,875
20,183
19,536
1,411
20,213
21,294
1,078
9,030
4,711
12,522
5,560
Macon Dublin A Savannah
131
208
161
442
171
208
149
363
213
Louis
217
175
136
2,646
1,032
1,919
1,478
2,058
1,321
1,928
1,163
957
2,228
942
163
153
453
478
244
372
441
652
1,009
707
742
185
212
159
78
281
242
3,797
13,007
4,384
4,455
15,972
15,972
2,673
7,933
3,110
10,408
138
Southwestern
84
88
80
93
6.443
2,730
7,236
2,080
5.985
3.986
3,951
6,720
4,007
8,200
2,473
7,556
4,888
2,994
3,949
5,170
2,937
3,128
4,734
224
279
228
64
66
32
34
36
41
37
47,745
55,779
50,812
34,882
40,763
2,502
456
Mississippi Central
St.
221
1,719
2,712
189
Missouri-Kansas-Texas Lines..
1,455
360
208
1,784
177
Missouri A Arkansas
Gainsvllle Midland
363
228
3,208
2,051
587
...
Valley
Florida East Coast
127
249
4,307
2,223
2,024
1,508
Kansas City Southern..
Louisiana A Arkansas
Midland
157
193
3,568
1,810
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville
...
Note—Previous year's figures revised.
* Previous figures.
545
919
Texas A New Orleans
Texas A Pacific
Wichita Falls A Southern
Wetherford M. W. A N. W
Total
...
Volume
New
Financial
146
Freight Cars Ordered Totaled 6,563
Class
railroads
I
freight
cars
Feb.
on
1,
this
day last year, the Association
nounced
Feb. 21.
on
freight cars
new
New
1937.
The
order
on
7,947
order
on
Feb.
on
110
totaled
1
also
had
21
new
electric
Diesel
and
Feb. 1 compared with 30 on Jan. 1,
on
this year, and 10 on
in
Feb. 1, last year.
The railroads in January installed 2,148 new
service
compared with 3,172 in January,
Twenty-seven
and
Diesel
steam
new
locomotives
locomotives
were
put
and
17
last
cars
year.
electric
new
in service in Januaryelectric and Diesel loco¬
+.
coffee and
corn,
ber, 1934, and the loss from last year's high point has been increasedfto
The movements of the various components
available
were
highly irregular.
the decline of the combined index
tion.
Sat.
Mon.
Tuas.
ings showed
Wed.
Feb. 23
sugar
declined.
151.2
There
were
148.2
152.2
207.8
228.1
144.6
-152.9
Low—Nov. 24
151.2
Thurs. Feb. 24
Fri.
Feb. 25.
1938 High—Jan. 10
Low—Feb. 15
151.1
occurred in the steel
production.
147.6
Continued to Decline
30 points to 61.8.
over
It
now
stands 58.0%
This decrease, it is believed, will per¬
liquidate excessive stocks.
and
Sales have also fallen sharply,
Retail sales of automobiles by General Motors dealers
92,998 in January, 1937; the decrease
prices
amounts to 32.3 %.
over a year ago
Trade reports indicate that sales of both used and new cars are now increas¬
ing and optimism is increasing in automobile circles.
TABLE
I—THE
"ANNALIST"
INDEX
OF
BUSINESS
ACTIVITY
AND
COMPONENT GROUPS
November 1937
January 1938
Freight car loadings
December 1937
79.5
78.3
86.2
.
M iscellaneous
75.5
72.7
81.6
Other
87.5
89.6
95.4
Electric power production
x94.9
99.8
Manufacturing
x62.6
y96.I
y65.1
Steel ingot production
44.0
39.6
66.7
Pig Iron production
57.0
56.5
77.7
x78.1
y78.9
81.4
89.2
94.4
96.3
Wool
consumption
54.9
54.8
46.0
61.7
z51.1
Z38.I
239.4
*99.9
95.9
x61~8
y93.5
102.7
53.5
Boot and shoe production
Automobile production
58.7
65.5
production
Cement
76.1
62.1
consumption
Silk consumption
Rayon consumption....
Lumber
enjoyed
their sharpest
advance since the second week in September,
according to
the "Annalist," which said that its weekly index rose 0.6
to 83.0 in the period ended Feb. 23.
A year ago the index
92.2.
also shown by
amounted to 63,069 cars in January, as compared with 89,682 in December
Commodity
Prices
During
Week Ended
Sharpest Advance Since September
According to "Annalist" Index—February Average
was
were
Curtailment in the automobile industry was drastic and our preliminary
below the high level of last August.
Feb. 23 Showed
commodity
Increases
consumption, silk consumption and pig iron
■
.
production index dropped
Cotton
Wholesale
The most important gain of the month
ingot production index.
the adjusted indexes of rayon
Textiles..
Wholesale
The lumber and
The index of "other" freight car load¬
moderate decrease, but this was more than offset by a gain
a
that for production.
149.7 2 Weeks Ago, Feb. 11
149.9 Month Ago, Jan. 25
150.1 Year Ago, Feb. 25
Holiday 1937 High—Apr. 5
Feb. 19
Feb. 21_...
Feb. 22
sharp drop in automobile produc¬
production and cotton consumption.
zinc output indexes also declined.
changes for hides, silver, steel scrap, copper and lead.
The movement of the Index during the week, with com¬
parisons, is as follows:
Feb. 18
for which January statistics
The most important single factor in
was a
Next in importance were declines in the seasonally adjusted indexes
of electric power
net
Fri.
compared with 81.5 for December,
but the figures so far available indicate that the drop was less severe than
Moody's Index of Staple Commodity Prices advanced to
151.1 this Friday, from 149.7 a week ago.
Prices of cocoa, rubber, wheat, hogs, cotton and wool
no
as
27.6%.
mit dealers to
Moody's Commodity Index Advances
while silk,
(preliminary),
This decline of 1.1 points carried the index to the lowest level since Novem¬
in the miscellaneous loadings index.
freight
compared with 12 steam and seven
motives put in service in January, 1937.
rose,
80.4
87.7 for November and 111.0 for August, the high level for the last recovery.
are
Jan. 1, this year, and 362 on Feb. 1,
on
railroads
locomotives
Railroads an¬
American
order.
on
compared with 131
of
On Jan. 1, this year, there were
locomotives
steam
Feb. 1
on
year,
1319
stands at
now
had 6,563 new
order compared with 36,036 on the same
on
Chronicle
production
62.5
production
Lead production-
85.6
Combined index.
x80.4
87.6
91.8
89.3
95.1
Zinc
64.5
92.9
Mining
84.2
87.7
y81.5
The "Annalist" added:
This quick turnabout in commodity prices, after almost five months
uninterrupted decline,
announcement
be attributed to
can
President
Roosevelt's
TABLE II—THE COMBINED INDEX SINCE JANUARY,
1933
of
recent
1938
1937
104.2
1935
1936
x80.4
92.3
1934
1933
concerning higher prices, especially for farm products.
THE
"ANNALIST"
WEEKLY
January..
INDEX OF WHOLESALE
87.2
79.6
67.5
105.7
89.0
86.7
83.2
60.1
mmmm
106.8
89.5
84.4
84.6
62.5
April
mmmm
107.0
94.1
82.8
85.9
69.2
May
mmmm
109.0
95.9
81.8
86.4
107.8
97.6
82.0
83.8
87 5
108.9
102.4
82.7
78.0
94.0
February
COMMODITY PRICES
mmmm
March
(1926=100)
Wednesday
Wednesady
Tuesday
Feb. 23, 1938
Feb. 16, 1938
Feb. 23, 1937
June
July
«...
77.3
78.0
102.7
August...
mmmm
111.0
102.5
84.9
75.1
87.'5
73.1
72.7
83.2
September
mmmm
106.4
102.9
86.1
71.4
82.0
*59.8
x59.4
82.1
October
98.3
103.3
89.1
74.6
78.5
89.9
x89.9
90.3
November
87.7
107.1
92.0
76.0
75.3
y81.5
110.5
96.7
82.4
77.5
Farm products
79.8
Food products
Textile products
Fuels
Metals
103.0
102.9
68.3
68.3
Building materials
Chemicals
December...
100.8
68.3
__
88.7
%.
88.7
x
86.9
Miscellaneous
73.3
73.2
83.0
X82.4
Preliminary,
y
Revised,
z
Series revised.
77.8
All commodities
mm mm
92.2
*
Preliminary,
Revised.
x
The "Annalist" also
presented its monthly index of whole¬
sale commodity prices showing the trend of prices in Febru¬
ary carried the index below the January level and also below
the level of a year ago.
The index follows:
THE
"ANNALIST"
MONTHLY
INDEX OF WHOLESALE
78.8
Jan., 1938
same
month
a year ago,
reports the Life
Bureau, Hartford, Conn.
In its
public Feb. 19, the Bureau's study reveals that the falling
off in business was due largely to the decline in business
Certain parts of the country actually showed
increases in sales for January but such gains were more
than wiped out by the fact that in New England sales were
only 74% of those for January, 1937.
The Bureau's report
of sales by districts, with comparisons with the same period
a year ago, follow:
Feb., 1937
81.9
72.8
74.7
83.7
59.5
*60.1
81.9
Fuels
90.7
91.3
90.4
103.0
103.9
99.0
Building materials
in the East.
102.9
Food products
Textile products
Metals
than sales for the
monthly analysis of sales throughout the country, made
(1926=100)
Feb., 1938
Life insurance sales in the United States during January
reflected the business recession in that they were 12 % less
Insurance Sales Research
COMMODITY PRICES
Farm products
January Life Insurance Sales in United States Reported
12% Below Last Year
68.3
68.6
68.3
Chemicals
88.9
88.9
86.9
Miscellaneous
73.1
74.2
75.6
All commodities
82.8
84.2
92.2
*
Preliminary.
Continued
Decline
During January Noted in "Annal¬
ist" Monthly Index of Business
Activity—However,
Rate of Recession Slackened Sharply
Economic activity
in the United States lost further ground
January, but the rate of recession slackened sharply,
according to the monthly review of domestic business con¬
ditions by H. E. Hansen in the Feb. 18 issue of the "Annal¬
ist" (New York)
Industrial production was only slightly
lower than in December,
Factory employment and pay¬
rolls showed more substantial declines, but the factory worker
was aided by a further cut in the cost of
living.
The dollar
volume of retail trade declined moderately, partly
because
of a decrease in retail prices.
Department store sales, how¬
ever, advanced.
The construction industry again made a
favorable showing, awards declining by less than the usual
seasonal
amount.
The
announcement
issued
by
the
New England
—
Atlantic.
Middle
E. North Central
W. North Central
South Atlantic—
50,259,000
43,794,000
W. South Central
89
Mountain..
Pacific..
100
The character of the present
decline in retail trade is much the
that for previous business recessions.
the hardest hit.
purchased
income.
on
same as
Heavy goods and luxury items
are
Demand for these and other products which are largely
instalment plans
are very
sensitive to changes in
consumer
Sales of necessities, of course, are always fairly stable, although
demand shifts to goods of lower unit price.
The
"Annalist"
month but at
a
Index
of
Business Activity continued to
decline last
much slower rate than in the preceding four months.
Prices
of
During
Previous
Year
Price Index—Fifth
For the first time
under
declined
the
Index.
It
100
493,815,000
100
88
Fairchild Publications Retail
Consecutive Monthly Decline
since October, 1935, retail prices have
corresponding period
according to the Fairchild
year,
96
101
January Declined Below Level
for First Time Since October,
According to
1935,
$19,336,000
38,649,000
13,644,000
39,180.000
as % of
Jan., 1937
89
Total
Retail
.
82
Prices on Feb. 1
of the previous
Publications Retail Price
declined for the fifth consecutive
month, reaching the lowest
continued:
Jan., 1938
E. South Central
74
$35,793,000
139,868,000
113,292,000
in
.
Total Sales
District
% of
as
Jan., 1937
Jan., 1938
"Annalist"
Jan., 1938
Jan., 1938
Total Sales
District
level since Jan. 2, 1937.
Quota¬
the month declined 0.8 of 1°fo as compared
with the beginning of the year, and were also 0.6 ofl%
under the corresponding period a year ago.
Retail prices,
tions
based
1937
during
on
the Fairchild Index, have
high.
1936 low.
reacted 4.3% since the
However, they still continue 5.1% above the
The present decline is the longest since the liqui¬
dating period following the
National Recovery Administra-
Financial
1320
Fairchild
An announcement issued Feb. 11 by
tion collapse.
Chronicle
Electric
Feb.
Output for Week Ended
Below
Publications, New York, continued :
With
the
last
with
decline,
with
infants'
wear
The
in
recent
cotton
floor
during
have
The
the
and
pillow cases, furs, men's clothing and
floor coverings and sheets were the
in
with
the month,
furs
coming
next.
furs
furniture,
coverings,
floor
low,
furnishings
the 1936 low.
retail prices has been due to the declines
in
declines
The
following.
As com¬
shown the greatest
home
However,
greatest gains from
sheets and
goods,
possibility
further
temporary
and
As compared with
blankets showed the
6.9%
1938,
19,
The Edison Electric Institute, in its current weekly report,
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
Feb. 19, 1938, was 2,059,165,000 kwh.
This was a decrease
6.9% from the output for the corresponding week of
1937, when production totaled 2,211,818,000 kwh.
The
of
output for the week ended Feb. 12, 1938, was estimated to
lie 2,052,302,000 kwh., a decrease of 6.7% from the like
week
retail
in
retail
prices
a
year ago.
PERCENTAGE
has
He points out that retail prices have
wholesale quotations.
The downward
close
in
easing in
DECREASE FROM
he
quotations,
has
notes,
been
rapid
more
than
PREVIOUS
YEAR
New England
Week Ended
Feb. 12, 1938
10.3
Feb. 5,
11.3
Week Ended
Jan. 29, 1938
1938
11.5
10.3
2.1
2.4
1.4
1.4
13.8
13.4
11.3
9.1
0.2
1.9
2.7
1.2
4.0
0.4
Middle Atlantic
Central Industrial
Southern States
JANUARY, 1931=100
3.9
Rocky Mountain
8.7
7.4
1.4
1.8
Pacific Coast
FAIRCHILD PUBLICATIONS RETAIL PRICE INDEX
THE
Week Ended
Feb. 19. 1938
WeSt Central
periods of liquidation.
Ended
Week
Major Geographic
Regions
W. Zelomek, economist, under whose
according to A.
the index is compiled.
relationship with
supervision
readjustment
other
still
of
been eleminited,
moved
following.
wear
show
all
Feb.
Year Ago
gains.
greatest
in
wear
lower tendency
piece
1936
the
women's
still
coverings.
greatest
not
women's
high, home furnishings
year's
unchanged,
remained
during the month, with home furnish¬
showing the greatest decline and
ings
pared
which
wear,
receded
index
the
in
infanta'
of
exception
classifications
a
1938
26.
1.6
3.6
1.3
5.9
5.4
5.2
Copyright 1938 by Fairchild News Servloe
May 1,
Feb. 1,
Nov. I,
Total United States.
DATA
FOR
6.9
RECENT
6.7
WEEKS
(THOUSANDS
OF
2.4
KILOWATT-HOURS)
1933
1937
1937
Dec. 1,
1937
Composite index
Piece goods
Men's apparel
69.4
93.0
95.7
94.5
93.2
92.4
65.1
87.0
89.2
88.2
87.1
187.0
70.7
88.4
91.4
91.4
91.1
90.9
Women's apparel
71.8
92.2
95.1
94.4
93.5
92.9
Infant's wear
76.4
94.9
97.2
97.2
97.2
97.2
Home furnishings
Piece goods:
70.2
93.1
97.9
97.4
96.3
95.3
Jan.
1
1,998,135
1,847.264
1.414,710
1.637,683
Jan.
8
2,139,582
2.244,030
—4.7
57.4
64.3
65.3
65.3
1,854,874
1.619,265
65.0
65.0
1.542.000
Bilks
Jan.
15
2,115,134
2,264,125
—6.6
87.3
1.733.810
86.4
1.602.482
Woolens
85.2
87.3
1,970.578
69.2
86.4
Jan.
22
2,108,968
2,256,795
—6.6
68.6
111.5
115.0
113.0
1,949,676
109.8
109.6
1,598.201
Cotton wash goods
1,736,729
Jan.
29
2,098,968
2,214.656
—5.2
1,955,507
1,588.967
Feb.
5
2.082.447
2,201,057
—5.4
1.962.827
1,588.853
1,717,315
1.728.203
12."
12,052,302
2,199,860
—6.7
1,952.476
1,578,817
1,726.161
2.059,165
2,211,818
—6.9
Jan.
Feb. 1,
1938
3,
1938
Per Cent
Domestics:
Change
Week Ended
1938
1937
1936
1937
1932
1929
from
1936
2.080,954
Sheets
65.0
104.2
107.2
105.0
102.0
99.9
Feb.
Blankets & comfortables
72.9
105.9
110.7
110.0
109.0
109.0
Feb.
19..
1.950.278
1.545,459
1,718.304
Feb.
26
2,207,285
1,941.633
1,512.158
1.699.250
5
2.199,976
1,903.363
1.519.679
1,706,719
Women's apparel:
Hosiery.
59.2
76.1
70.4
76.4
76.3
75.5
Aprons & house dresses.
75.5
105.1
108.2
108.0
107.9
107.5
Corsets and brassieres..
83.6
92.9
93.3
93.2
93.0
93.0
Furs
66.8
109.6
117.7
114.1
108.8
106.8
Underwear
69 2
85,7
87.0
86.9
86.9
86.6
Shoes
76.5
83.8
87 8
87.8
87.8
87.8
Hosiery
04.9
87.1
89.5
89.5
89.5
89.5
Underwear
69.6
92.2
93.4
93.2
92.7
Mar.
92.7
United States Department of Labor Index of Wholesale
Commodity
Men's apparel:
74.3
87.1
87.0
87.0
87.6
09.7
83.1
84.6
84.0
84.6
84.5
70.1
89.8
90.6
96.4
95.5
94.5
Shoes
76.3
91.2
97.0
97.0
96.8
96.8
100.7
The Bureau of Labor
87.4
Hats and caps
Clothing, incl. overalls..
Prices
100.7
Shirts and neckwear
74.0
100.7
100.7
100.7
Underwear
74.3
93.5
95.0
95.0
95.0
80.9
90.6
96.0
90.0
96.0
98.1
102.2
102.0
101.8
101.7
Floor coverings
Furniture
79.9
110.4
124.3
124.3
121.8
117.2
Musical instruments
50.6
60.2
61.4
61.5
61.1
60.5
60.1
76.3
80.7
80.6
80.6
80.2
Elec. household appliances
China.
72.5
80.5
83.0
83.1
83.1
83.1
81.5
92.7
97.0
95.6
95.6
Week
Statistics, United States Department
prices for grains, livestock, hides, and smaller reductions in
a number of other commodities, which more than offset in¬
creases in prices of certain food
products, rubber, raw silk,
95.0
Luggage
During
commodity prices declined 0.3%
during the week ended Feb. 19 primarily because of lower
96.0
69.4
Socks
0.3%
of Labor, index of wholesale
Infants' wear:
Shoes...
Declines
Ended Feb. 19
95.5
and cotton, Commissioner Lubm announced Feb. 24.
"This further decline placed the all-commodity index at
79.4% of the 1926 average," Mr. Lubin said.
"It is 1.7%
below the corresponding week of January and 7.7% below
corresponding week of a year ago.
"The Commissioner
the
Wholesale
Commodity
Prices
During
Week
Ended
added:
Feb. 19 Fell to New Low Level in Current
Recession,
According to National Fertilizer Association
wholesale
The
National
the
in
Based
Association recorded
recession
current
and
commodity price index compiled
Fertilizer
a
new
the
by
low
point
during the week ended Feb.
19.
the 1926-28 average of 100%, last week the index
76.3%, as against 76.6% in the preceding week.
A!month ago it registered 77.8% and a year ago 85.9%.
on
stood at
The
Association's
under date of Feb. 21,
announcement,
continued:
and foods were generally higher during the week, but
advances in these groups were more than offset by declines in other com¬
The
upturn
in
food
the
price
registered by it in the past six weeks.
quotations for grains and
milk were
prices for cotton and livestock.
index
the
was
first
advance
In the farm product group lower
more
than counterbalanced by rising
Cotton has
now
advanced for three
secutive weeks and is back to the level of last September.
in the pnce
of gasoline at important refining centers
con¬
A sharp decline
was
responsible for
the downturn in the fuel price index, which is now lower than at any time
since January, 1937.
group
In the textile
group
index remained unchanged.
caused another
higher prices for cotton and silk
A decrease in lumber quotations
downturn in the building material index
receding since last spring.
which
has been
Thirty-nine
A moderate drop in the fertilizer price index
were
27
declines
and
20
WHOLESALE COMMODITY PRICE
INDEX
Per Cent
Preced'o
Week
Largely
materials
Total Index
19, Feb.
Month
Year
Ago
Ago
12, Jan. 22. Feb. 20,
1938
1938
1938
1937
74.1
73.3
75.6
85.5
64.3
62.6
64.2
88.1
78.6
74.4
72.6
103.9
67.2
66.9
68.9
84.9
Cotton
50.7
49.3
48.1
71.2
Grains
71.0
72.8
73.7
109.8
Foods
Fats and oils
.
Cottonseed oil
23.0
Farm products
Livestock
69.5
68.8
71.9
79.3
17.3
Fuels
*81.4
84.5
84.6
83.6
10.8
Miscellaneous commodities-.
*79.2
84.4
79.7
81.6
8.2
Textiles
61.3
61.3
61.9
79.9
7.1
Metals
96.9
96.9
97.7
97.2
6.1
Building materials.
1.3
0.3
Chemicals and drugs
Fertilizer materials
0.3
Fertilizers
0.3
Farm machinery
index dropped
It is 2.0%
Semi-manufactured
ago.
The
week.
group
finished products
All groups combined
•New 1938 low.
the
to
commodity prices
11.3%
group
lowest
83.2—is 1.5%
below
a
level
reached
month ago and 16.9%
a
index—75.9—is 2.1%
un¬
decreased
below
0.4%
below that of last year.
ago and
a year
during the
Price variations in the
have been less pronounced than in the
month
raw
since
below the corresponding week
2.5%
below
raw
Non-agricultural commodity prices, according to the index for "all
1.4%
ma¬
This week's index—
a year ago.
modities other than farm products," decreased 0.1%.
month ago and a year ago, they are down
com¬
Compared with
and 3.8%
,
a
respectively.
Industrial commodity prices, as measured by the index for "all commodities
other than farm products and
foods," receded slightly.
They have shown
less price variation than other types of commodities and are less than
1%
below the level of a month ago.
They are 1.4% below a year ago.
Commissioner Lubin's remarks
nouncement
were
contained in
issued
by the Department
which the following is also taken:
of decreases of
in
of farm products declined 0.7%
an
Labor,
an¬
from
largely because
in average prices of livestock and poultry and 1.5%
Quotations were lower for barley, oats, rye, wheat, calves,
grains.
lambs,
hogs,
of
1.7%
poultry, alfalfa hay, flaxseed,
tobacco, and wool.
Higher
It shows declines of 3.1%
over
the four-week interval and 23.9%
last year.
and leather products group index to fall
shoes
and
other leather products,
The textile products group index declined
Raw silk prices advanced
further decrease
A
sponsible for
index.
No
There
and
was
drugs.
a
89.7
95.3
gum
71.1
and mixed fertilizers
72.5
79.8
76.7
97.9
92.7
*76.3
76.6
77.8
85.9
the
raw
jute, and sisal.
price of Oklahoma natural gasoline was re¬
were reported
were
82.2
95.3
79.8
in
because of lower prices
hemp,
in prices of coal and coke.
Average prices for cement, structural steel, and other important
building materials
81.5
72.4
0.1%
sharply and knit goods remained steady.
little change in prices of building materials and of chemicals
95,3
97.9
Average wholesale prices of
fractional decline in the fuel and lighting materials group
changes
95.4
97.9
.
for denims, cotton flannel, worsted yarns, manila
*80.7
*78.7
0.7%
including gloves, belting, luggage, and
harness, remained steady.
of 0.1%
72.3
0.3%
below
terials and semi-manufactured commodities groups.
in the
group
unchanged from last week's level.
index
was
and drugs group.
advance
were
Reduced prices for fertilizer materials
responsible for the decline of 0.1% in the chemicals
Drug and pharmaceutical prices
of 2.7%
The decline
due chiefly to lower prices for drain tile,
lumber, and prepared roofing.
An
100.0
result of lower prices for agricultural commodities, the
as a
group
December, 1934.
over
Week
Feb.
Group
remained
groups
Continued weakness in prices, of hides, skins, and leather caused the hides
Latest
Bears to the
Food
The metals and metal products,
changed at last week's level.
1934.
Compiled by The National Fertilizer Association (1926-1928=100)
Each Group
prices of farm products and hides and
prices were reported for corn, cows, steers, sheep, cotton, eggs, and hops.
The current farm products index—69.6—is the lowest since
mid-August,
advances.
"WEEKLY
in
lighting materials, building materials, and chemicals and drugs.
Wholesale market prices
series included in the index declined during the week
and 28 advanced; in the preceding week there were 27 declines and 24
price
advances; in the second preceding week there
decreases
housefurnishing goods, and miscellaneous commodity
took it to the lowest point reached since last summer.
25.3
the
to
prices as a group advanced fractionally.
offset the effect of declines in yarns, wool, and hemp, with the result that
the
addition
of last month and
Farm products
modities.
In
leather products, moderate declines were reported for textile products, fuel
were
firm.
in prices of fruits and vegetables and
a
further
increase in certain meat prices largely accounted for an increase of 0.1%
the
foods
group
index.
in
Among the important individual food items for
Volume
Financial
146
reported were apples,
which higher prices were
0.3%
Dairy products declined 0.7% ; meats,
and most vegetable oils.
pepper,
potatoes, bananas,
oranges,
San Francisco market, Rio coffee,
lamb, ham, fresh pork, cheese in the
and cereal products 0.2%.
;
Quotations
flour, cured pork, veal, dressed poultry, cocoa beans,.Santos coffee, copra,
The food index—73.3—is 3.7%
lard, raw sugar and coconut and olive oils.
below the level of a month ago and
15.7% below that of
The metals and metal products group as a whole
at
a year ago.
remained unchanged
96.2, although lower prices were quoted for pig lead, lead pipe, and quick¬
silver.
vehicles, and plumbing and heating fixture prices did not change.
The index for the
advanced 2.0%.
No changes were reported in prices of automobile tires
and tubes and paper and
The
remained at 89.7%
group
index of the
pulp.
Bureau
Labor
of
Statistics
784 price series
includes
weighted according to their relative importance in the country's markets
and is based
The
time.
The
modities for the past five weeks and for Feb.
each
1930, but 640,000
20,1937, Feb. 22,1936, Feb. 23
1935, and Feb. 24, 1934.
that
show
year's
last
annual
largest
the
tons,
tons less than the produc¬
gross
2
Feb.
the
following is also taken:
During 1937,
small
a
showed
the
United
States,
of
tonnage than in 1936.
This
of
tons,
gain
a
increase
127,000
of
of 90,000
reported; for Denmark,
of
as
a
of
Holland
8,000
launchings
the
United
States,
down the
the
Lloyd's
respectively.
tons,
past
all the
and
by
is shown
group,
7,000
and
during
two
Register
Great
in
years
other
maritime
in
12
19
Commodity Groups
22
29
5
24
23
22
20
Feb
Feb.
Feb.
Feb.
Jan.
1938
1938
1938
1938
1938
1937
1936
1935
79.6
80.1
80.3
80.8
86.0
80.8
79.6
73.4
World total
Farm products
70.1
69.6
_.
70.9
91.4
71.8
70.8
81.6
79.9
61.2
83.2
67.0
the
73.3
73.2
74.5
74.6
76.1
86.9
Hides and leather products..
94.9
95.6
95.9
96.3
97.1
103.6
96.5
86.8
68.2
69.0
tons
gross
68.1
68.5
68.9
77.0
70.5
69.7
76.7
Fuel and lighting materials..
Metals and metal products..
78.6
78.7
78.8
79.0
79.1
77.8
77.2
73.9
73.6
about
96.2
96.2
96.1
96.3
96.5
91.1
85.9
85.1
85.0
Britain
Building materials
91.1
91.2
91.6
91.8
92.0
92.8
85.2
84.8
86.6
Chemicals and drugs
78.8
78.9
79.0
79.2
79.5
87.7
79.9
81.0
75.4
year,
Housefurnishing goods
89.7
89.7
90.5
90.7
90.7
89.4
82.8
81.9
82.1
70.2
68.5
the
74.6
74.6
74.7
75.2
75.1
77.2
68.0
Raw materials
73.2
73.4
74.0
74.1
74.7
88.1
80.0
Semi-manufactured articles..
75.9
76.2
76.5
77.0
77.5
85.6
Finished products
83.2
83.3
83.8
84.1
84.5
85.3
82.3
81.6
81.7
82.1
82.4
82.8
84.8
80.6
79.5
76.0
83.0
83.1
83.2
83.5
83.7
84.2
79.0
77.7
78.7
commodities
other
All
commodities
farm
to
*
than
other
products and foods..
Not computed.
shipping to
This
Ireland.
when
Great
.
points
43,678
the
out,
United
States
launched
four tons sent down the ways in Great
American gain
an
produced
Ireland
and
171,162
and
.
the previous
over
nearly
eight
of
tons
Just before
in the United States.
ton launched
every
about
ton
War—in
production had grown to about two and a half times that
Britain and Ireland.
The United States, however, lost the lead
shipyards
for
Great
Britain
has
and
1921,
never
6ince
shipbuilders launched only
but
;
constructing
were
one
after the end of the
just
although
it,
States
1937
in
lessened
the
680,000
less than
tons
between
gap
about
to
745,000
were
the
gross
supervision
1936 launchings in the
Britain and Ireland;
In
the
of
same
countries was
.
.
throughout the world last year,
Month of 1937
.
American
1932
Great
in
production
tons.
in
less than was sent down the
Great Britain and Ireland that year.
in
United
but
regained
44,000 gross tons
Hotels, According to Horwath &
Horwath—January Sales 1% Lower Than Same
Id their
of the trend of business in hotels,
that country-wide
sales in
January were 1% lower than in the first month of 1937; in
December the decrease was 2%.
In all of the groups but
two, occupancy fell off but higher rates eased the shrinkage
in room sales.
Measured by the declines in many other
businesses, hotels in general are doing fairly well, says the
survey, which continued:
monthly
Horwath
survey
Horwath
&
Cleveland
Texas
and
all of the
nearly
state
sizeable
had
hotels
individual
sales
increases
reporting
from
felt the effect of the so-called "recession" most, the
whereas
months
of
there
1937.
increase in
The
room
was
an
Chicago
six for New York
decreasing
occupancy
increase of 8%
average
for the last three
only
dropped
occupancy
point
one
against
of
Out
the
of
that
of
volume
the
over
building
in
sales
restaurant
from
the
The
New York City
Nov.
23%
corresponding
Philadelphia
Restaurant
12%
8%
23%
Dec.
Nov.
Jan.
22%
1937
33%
19
28
10
xl4
xl4
7
8
34
39
29
33
36
44
31
9
Japan.
75,741
59,968
World total.....
769,744
667.794
Sweden
71,841
98,035
1936.
of
Register
11
30
x2
9
24
22
x6
x30
x36
2
16
22
2
14
22
34
1
Holland....
Denmark...
13
12
x9
xll
10
0
20
18
x2
x2
5
x8
20%
19%
25%
16%
3%
25%
24%
24%
16%
5%
Sweden.
0%
4%
11%
x2%
x3%
9%
Increase.
BUSINESS
HOTELS
IN
WITH
IN
JANUARY,
1938,
COMPARED
1937
JANUARY,
Room
Sales
Percent-
of
(+)
aye
Same
Rooms
Month
74%
79
+5
+5
—3
Washington
—4
—3
47
—14
61
65
73
0%
51
—10
67
+ 15
+ 20
+8
Detroit
—7
—5
—9
64
73
+8
Pacific Coast
—2
—4
0
64
67
+3
+ 9
+9
+8
75
73
+6
0
0
0
64
68
+5
—1%
—1%
Cleveland
-
—
....
All others
...
Total.
Shipbuilding
Launched
Vessels
over
Statistics
66%
+ 10
70%
+4%
1937—Merchant
for
Throughout
World
Increased
About 573,000 Gross Tons Over 1936
vessels launched
throughout the world
increase of more than
the
Feb.
—1%
2
total launchings
by
Lloyd's
25%,
or
for 1936,
Register
of
in 1937
about 573,000 gross
says
a
Shipping,
all
types
tons,
or
launched during 1937
about 25% above the
comparisons in launchings of motor ships
following tonnage table:
1936
1936
1937
1
408,004
Italy..
254,637
139,346
France
—
10,641
22,594
63,161
Other countries
150,942
86,863
79,615
6,173
61,481
21,600
18,544
World total......
43,661
1,511,789
1,202,476
with
56% of
the single
1936.
The
tons,
sailing
an
vessels and barges launched last year totaled 47,832 gross
of 10,000 tons over the 1936 output.
These types ©f
increase
craft, however, represent
(—)
78
—13
Philadelphia
of
gross
less than 2% of the total production of merchant
vessels.
or
Last Year Dec.
68%
—9%
+4
+ 2
Chicago
This
Month
0
~8%
—8%
City
Res¬
taurant
Total
Inc.
1937, there
sent down the ways last year
was
in
about
1936,
And,
vessels.
Rate
Occupancy
Percentage of Increase (+)
or Decrease (—)
for
all ships launched last year were motor
exception of 1930, more motorized tonnage
than in any previous 12 months. . .
During 1937, Lloyd's states, 125 steamers and motor vessels, ranging
in size from 6,000 to 9,999 gross tons each, were launched, as compared
with 87 such ships in 1936.
Of the larger types of vessels (10,000 gross
tons and up), 29
were sent down the ways last year compared with 26
in
As
Total
Same mouth of last yr.
the
332,138
214,415
159,481
133,193
119,495
Japan
x9
tons
United States.....
Germany
26
9
10
shows
1937
22
18
310,000
388,281
land
26
3
vessels
motor
about
Great Britain & Ire¬
25
gross
...
during the last two years in the
24
769,744
launchings of
covering
increase
17
issued
71,374
43,335
....
motor ships.
of
tons
returns
an
for
15
tons
Denmark
Holland
tanker
total
the
559,270
were
24
18
1936
1937
35,462
65,961
18,687
19
an
tonnage:
43,096
24
.......
the
Other countries....
32
All others
in
1 48,797
74,040
Detroit
7
than
—144,556
United States.
143,654
Cleveland
showed
1937
1936
1 66,844
land....
Washing toil.-
or
in
the last two years is shown
tanker output in
176,147
16%
25%
29
.
25%,
launched
was
gain of about 100,000 tons being shown
following table of gross
Germany
The
Oct.
Jan.
Dec.
33%
increase of about
an
ton6.
Great Britain & Ire¬
total
21
Chicago
Merchant
a
tons built for
constructed.
This
gross
were
...
between
the
124,342
vessels
account shows
gross
tanker tonnage
more
comparison
Lloyd's
Lloyd's
93,302
Lloyd's reports,
year,
Lloyd's in
by
following:
Rooms
Texas
foreign
of
these
which
in
for all countries combined.
Of
and
room
Oct.
New York
for
total
15%
production total were
those
than
1936
About
previous
1937
the
countries
other
show
OF
1,499,728 tons was constructed under the
of Shipping, and intended for classifica¬
Approximately 60% of the entire world output
Society.
in
Included
sales.
months nine years ago are shown in the
TREND
merchant vessels constructed
tons of
gross
City, but its increase in rates enabled it to show a 4%
decreases
Texas
2,690.000
Lloyd's Register
of
with
tion
total
during 1937, therefore, was supervised by Lloyd's.
and
year
places showed
This city recorded no rise in room rates for the
and sales the same.
month
last
over
these
Among the larger cities, New York
improvement in occupancy and sales.
x
.
every
1913—American
seven
Great
in
Trend of Business in
8%
2,117,924
1937,
during
Atlantic coast,
the
on
represents
Britain
ships for
every
Ways
•
and
shipyards.
States
1919—American
of
than
farm products
Lloyd's Register
of
ton
one
*
*
shipways
Lakes
war—in
74.7
down
United
the
1937,
merchant
Miscellaneous
in
Great
During
i.
Textile products
All
launched
sent
were
from
tons
111,885
1,149,782
2,690,580
tonnage
90.1
Foods
84.3
;
856,257
239,445
1,530,313
Other countries
Of
1936
920,822
United States
1934
79.4
All commodities
coun¬
following
the
ways:
1937
Jan.
Feb.
point
in
next
was
by the
of 33,000 tons, and for Italy, Norway
one
10,000,
the
Ireland,
taken
Japan
tons, followed
155,000
tons.
reported.
was
For Germany a gain of 56,000
was
and
of about
one
France, for which
was
with Great Britain and Ireland
Sweden, advances
comparison
gross
tons,
and
tries,
12,000
advance of 64,000 tons.
an
tons
Britain
about
increase,
with
an
following with
of the 10 leading maritime
one
less
one
greatest
with
gain,
Lloyd's Register, only
says
decrease,
Great Britain & Ireland.....
Feb.
Feb.
for
some
tion in the last pre-war year, 1913, when 3,332,000 tons were
sent down the ways.
From the statement made available
table of gross tonnage sent
(1926=100)
available for
all merchant vessels of
upwards,
2,690,580
Russia,
except
been
not
include
and
aggregated
countries
have
returns, which
total since
A
following table shows index numbers for the main groups of com¬
maritime
records
tons
gross
launchings
the average for the year 1926 as 100.
on
all
authentic
countries launched
of
the 1926 average notwithstanding a small decline in prices of furnishings.
Wholesale prices of cattlefeed fell 2.3% during the week.
Crude rubber
housefurnishing goods
from
returns
Agricultural implements, motor
Pig tin prices averaged higher.
1321
which
100
lower for butter, cheese at New York and Chicago,
were
Chronicle
statement
covering
production
The
increase last
year,
of vessels fitted with steam turbines showed another
the total launchings of such ships rising from the 1936
of 244,914 gross tons to 385,980 tons
reported, however, in the tonnage of vessels
aggregate
was
for 1937.
A decline
equipped with steam
reciprocating engines, the 1936 total of 267,234 tons falling to 234,768
last year.
For vessels built on the Isherwood system of longitudinal
framing, the 1937 launchings were 335,094 tons, as against 255,919 tons
in
1936.
While
Great
Britain
and
Ireland
last
year
held
their lead
as
the
of merchant tonnage, there were changes in the
relative production ranking of
practically all the other leading maritime
countries.
In 1936 Great Britain and Ireland launched about 475,000
greatest
tons
gross
year,
place,
that
producers
more
Germany.
fourth
their
then
nearest
competitor, Germany.
Last
place
which stood fifth in 1936, last year took
output 195,000 tons below that of Germany, but
The United States,
position, with an
of Holland's production for the year.
Holland, now in
(having been seventh in 1936), leads sixth place Sweden's
55,000 tons ahead
fifth
than
however, Japan, which had been third, eupplanted Germany in second
with a tonnage production of about 470,000 gross tons lees than
of Great Britain and Ireland, and 15,000 tons more than that of
/
1322
1937
in
Financial
sixth
to
Denmark, going from sixth place in
launched
in
90,000
1936.
tons
of
4,600
place
1936 to seventh last year,
Norway, which stood ninth
place from France, having a lead over
last year's output.
France's 1937 production
that
than
greater
Italy,
of
which
holds
last
place,
as
1936.
The
is
For
in these countries in the last two years
the following tonnage table, the figures
comparison of launchings
in
loyd's Register
by
451,121
Germany
...435,600
United States.......-.239,445
Holland-..
183,509
.....
The largest
1936
161,008
856,257 Sweden
294,861 Denmark
379,981 Norway
111,885 France.........
93,831 Italy
Gt. Britain & Ireland..920,822
Japan
1937
154,044
97,537
33,162
39,208
11,345
1936
1937
_
131,411
41,993
26,544
21,918
.....
months of
11
25%
prices
1937
but
month,
brought the index down to
68.9%
in
November.
in
With
December.
the
included
modities
the
indicate
estimates
value
of
26, 1938
the
loss
Wheat,
exception
in
the
in
December
68.6% of the 1928
of
index
cotton
wheat
drifted
cotton,
in
showed
compared
as
advanced
each
during
of
the
and
January
for
0.4%.
only
was
an
decline
to
average
rubber
and
and
lower
further
a
trade
world
over the corresponding 1930 period.
of foodstuffs and raw materials continued
consecutive
fifth
This
week
representing gross tons:
of
World
the
first
the
increase
Feb.
world trade, but preliminary
during the last quarter of 1937.
of
curtailment
with
shown
of
quantity
eighth
15,000 tons on
tons
eighth
than
more
took
Norway
the latter
was
in
22,000 tons, while Sweden, dropping from fourth place
in 1937, produced 30,000 tons more than Denmark did
by
output
1930
last year.
Chronicle
the
com¬
first
February.
The
general wholesale price level continued to fall in most of the major
countries during December and January.
Italy, France and Japan, where
prices continued to advance, were important exceptions to the general
trend.
•.
.
■'
-
-V,v;//
,! M
.v -'vf.
••
'-vi'
merchant vessel launched in 1937 was the Nieuw Amsterdam,
built in Holland.
30,000 tons gross,
Statistics
General Business
Activity in California During January
Below Year Ago by Wells-Fargo
Bank & Union Trust Co., San Francisco
6.5%
Reported
by Lloyd's Register
of Shipping, covering the
fourth quarter of 1937, were referred to in these columns
Jan. 29, page 663.
January business in California in general declined slightly
average
activity being approximately midway
further,
Industrial
Production
Slightly
Than
Lower
Industrial
National
January
During
December,
Averaged
According
to
Board—Review
Conference
Says Business Has Temporarily Leveled Off
Industrial
during January, on a seasonally
slightly lower than in the final
of 1937, according to the regular monthly report of
adjusted
month
production
basis, averaged
National
the
Conference
Industrial
Board.
The
Confer¬
Board's review points out that, in view of the fact that
ence
activity since the beginning of December has declined only
slightly, it
be said that business has at least tempo¬
may
rarily leveled off.
On the other hand, there has been no
evidence of an early revival of significant proportions, said
the Board
In
the
21.
Feb.
on
field
of
production,
the
building
advanced,
awards
Automobile
and
on
occurred
continued to recede
production
adjusted
seasonally
a
moderate rise
a
declines
and
cars
from
January
Steel
weekly
production
seasonal
the
usual
seasonal
change
registered
seasonally
31%
of
5.8%
a
adjusted,
for
rate
for
the
decline
the
9.5%
was
ended
Feb.
week
during
29.1%,
which
advanced
month
19.
Pig
iron
during January, after allowance for
factors.
Total
37
costruction in
amounted
to
Eastern
States, according to F. W. Dodge Corp.,
compared with $209,000,000 in December and
$195,000,000
$243,000,000
in
January
the month occurred in
utility
about
represent
operating
the rate
with
compares
would
production,
The
According to data now
February.
to
ingot
January.
which
of
December
and
showing
loss
a
duction
1.5%
Domestic
on
zinc
seasonally
1935,
Cotton
seasonally
compared
2.1%
during
with
the
basis.
while
in
losses
for
Both public
comparison
last
basis, since
the
June,
lowest
In
This
Copper
6%
Crude
from
of 33%
gain
declined
Electric
sharply,
power
petroleum
pro¬
stocks
that
December,
over
reached
the
of
output
the
preceding
1937,
highest total
on
a
increased 17% during January.
by domestic mills totaled 434,740 bales of
since
the lowest level,
represented
Newsprint production
1935.
point since
April,
Domestic
sources.
Foreign orders
remained
in
on
seasonally
a
North
in
adjusted
America
fell
to
1935.
higher than the
Domestic
partment
retail
orders
average
trade
sales
store
again
the
were
adjusted
retail
for
lowest
the
over
February,
1935.
Foreign orders still
1933 to
moderately
slightly
since
1935.
the years
declined
increased
seasonally
1937, inclusive.
but
substantial
losses
during
January.
December
were
level,
sustained
The Bureau of Labor Statistics' index of the cost of all goods
purchased
by wage earners and lower-salaried workers in the 32 cities combined is
84.5,
as
average
of Dec. 15, 1937,
but 15.2%
as
1923-25
costs in
higher than
compared with 85.0
100.
as
Costs in
One city,
Boston, reported
in Detroit, 1.1%
From
the announcement issued Feb. 8 by the United
Department of Labor (Office of the Secretary), we
quote as follows:
States
Statistics,
decline
lower
3.7%
Dec.
on
15,
Industrial
September,
activity
continued
its
Francisco, where costs
the quarter.
a
rural
were
0.8%
lower at the end that
The major factor in the decline
Clothing costs in December
September.
had the
following to
Board.
The
Production continued
France
and
Germany.
for
Belgium.
Little
further
to
decline
Moderate
in
in
the
advances
change occurred
recovery
Board also
were at
in
Argentina,
the
a recovery
United
took
Scandinavian
output in
peak in Novem¬
States, Great Britain,
place
in
Holland
countries.
Latin America
also
and
Except
remained
substantially unchanged.
The Conference Board notes
from
last
which
October
took
seriousness
place
of
1937.
which
year,
field.
increased
If
the
recession
Unemployment is
having
all
in
that
December
during
the
January of this
to
is
the
lias
first
decline
in
practically
nine
British
business
cancelled
the
of 1937.
The growing
unemployment figures for
to 1,827,607 from 1,665,407 in December,
the largest for any month since April, 1936,
rose
now
branches
of
industry
execpt
in
the
rearmament
is made between October, 1937, and January, 1938,
greater increase took place this year than in any corre¬
sponding period even in the worst year of the depression.
it
a
is found
In
comparison
that
a
November
seasonally adjusted index of the value of international
countries, computed in terms of gold, stood at 45.5% of the
trade
in
1929
average,
Figures
76
are
the
virtually
not
as
yet
unchanged
available
from
that
of
showing recent
the
preceding
trends
in
the
month.
physical
level
same
been
reported
as
in
in all
preceding reporting periods continued into this quarter,
drop
Sixteen cities reported
In each of the 16 cities
was
less than 1%
.
Increases in rents occurred in 29 of the 32 cities, resulting in an average
below rentals in
as
,
Three reported large increases
.
and Detroit and Memphis, 6.7%.
which declined sharply before 1934,
1923-25.
Taking
100, the index of rental costs
rents
average
Dec.
on
15,
59.9, in Memphis 63.3 and in Detroit 70.5.
as
of Oct. 1
Rental levels
still considerably
are
the years
over
1923-25
1937 in Birmingham was
Negligible declines between
15 were noted in three cities,
Boston,
Scranton and
Washington.
A seasonal rise in fuel and light costs occurred in all but four cities.
increase in most instances
was
due to the seasonal upturn
The
in coal prices.
The largest rise was reported in Houston, where wood prices registered a
sharp increase.
Jacksonville reported
a
decrease of 2.1%
in fuel and light
costs, due to declines in the cost of both wood and kerosene.
Average costs of housefurnishing goods increased 0.9%
activity
expansion
months
evidenced by the
beginning of
sharp drop in the
approximately the
increases in clothing costs over the quarter.
Sept. 15 and Dec.
say on Feb. 15:
Output fell sharply in Canada, after reaching
ber.
during
of the National
Conference
at the
the
was
The rise in clothing costs which had
cities for the four
Production
decline
A net
Five other cities widely scattered throughout the
country
more than 5% .
The smallest change noted was in San
rise, for the 32 cities, of 1.8%
December, according to the monthly review
15.
Atlanta reported costs in December, 7.1%
Birmingham 6 9, Boston 6.3 and Kansas City and
showed declines of
net
World
Sept.
on
prepared.
are
in these cities,
Conference
1937 than
the quarter w as reported in each of the cities for which indexes
of total costs
below
food costs, in the cities covered by the Bureau of Labor
were
over
—Birmingham, 11.5%
Industrial
Id
food, and particularly to a steep rise in rents.
Conference Board
industrial
than 2%
more
due to advances in the cost of all groups of items except
,
During December Reported by National Industrial
World
drop of
a
Of the five cities reporting increases, the largest rise occurred
total costs.
but in many cities, a break occurred before Dec. 15.
in
Sept. 15, 1937, using
1937 were 2.5%
higher than at the low point in June, 1933,
lower than in December, 1929.
before, 13.4%
a year
for which the index shows declines, the
Decline
on
December,
The net decrease in average costs reflected declines in total costs in all
De¬
on
in
♦
Continued
She
price of meats.
variety store sales.
and
basis,
family expenditure," Secretary Perkins said.
added:
Richmond 5.7.
the lowest since February,
were
than counterbalanced net increases in the cost of most other
items of
The average
lint
January machine tool orders declined sharply from both foreign and
domestic
dropped 0.6% during the quarter ended Dec. 15, 1937,
Secretary of Labor Frances Perkins announced Feb. 8.
"This decline reflected markedly lower food costs which more
production
consumption
year.
Labor Perkins
The cost of living for families of wage earners and lowersalaried workers in 32 large cities of the United States
with
January, compared with 433,058 during December and 678,786 in January
of
United States Decreased 0.6% During
Quarter Ended Dec. 15, According to Secretary of
basis.
decreased
a
adjusted,
December.
month.
seasonally adjusted
production
adjusted
February,
activity.
sharply,
Cost of Living in
but five cities.
but zinc stocks showed
month,
advanced
production,
a
pronounced
most
and non-residential
projects
22.4%
of
reduced
was
declined
coal
The
year.
1937.
January,
Bituminous
last
residential
and public works
preliminary figure of 103.9, as against 105.7 in December,
110.9 in January, 1937, and 95.2 in January, 1936.
Of the
four factors of the index comparing
January with Decem¬
ber and allowing for seasonal variation, freight carloading
held even, while department-store sales, bank
debits, and
industrial production declined, the latter only
slightly.
the
for
output.
likely that the February total will not exceed 210,000
appears
trucks,
basis,
steel
in
than seasonally during
more
January, with estimated output at 223,100 units.
available, it
In terms of the 1923-25 average (equal to 100 in the
bank's index), January business in the State
dropped to a
♦
pronounced
most
during January, on a seasonally adjusted basis, occurred in automobiles,
non-residential building, pig iron, bituminous coal, zinc, and newsprint.
Total
January, 1937 and January, 1936, according
Outlook" issued Feb. 19
by the
Bank & Union Trust Co., San Francisco. In
comparison with the levels of January a year ago, California
business was off about 6.5%, whereas national business
showed a corresponding decline of about
20%.
"Business
the current
Wells Fargo
Its further advices said:
domestic
third consecutive month,
between that of
to
advances in 28 of the 32 cities.
than
2%,
Detroit
Slight decreases
(2.4),
and
as
,
a
result of
Three cities reported increases of more
Houston and
San Francisco
(2.1%)
each.
reported in four cities.
were
Prices of miscellaneous items showed little change in most of the cities.
Increases occurred in 24 cities, decreases in
resulting in
reported
a
net
increase of 0.6%
advances
largely the result of
cost
of
an
of laundry and
increase of 2.5%
reported
were
more
was
seven
and
no
change in
for the combined cities.
than 2%
.
In
Detroit,
one,
Two cities
the rise of 3%
was
increase in admission prices to movies, although the
of barbers' services also increased; in Cleveland,
due mainly to increased street car fares.
an
All declines
slight.
Percentage changes in the cost of goods purchased by
lower-salaried clerical workers from Sept.
wage earners and
15, 1937 to Dec. 15, 1937,
are
shown in Table 1 for 32 large cities of the United States, by groups of items
Volume
Financial
146
Table 2 presents indexes based on average costs in the years
1923-25 as
100, by groups of items, for each of these cities and for the cities combined.
Group indexes with costs in 1913 taken
are
also
presented in Table 2.
100, for the 32 cities combined,
as
The index
the 1913 base was 147.3 on
on
Dec. 15. as compared with 148.2 on Sept. 15.
Indexes
other base periods for individual cities and for the
on
combined may be secured directly from the Bureau of Labor
Chronicle
last 23 years, are a net loss of approximately
ing forces and
All
1—PERCENTAGE CHANGES FROM SEPT. 15,
main
severest
1937 TO DEC. 15,
industry
reductions
due
to
clothing factories
UNITED
severe
STATES, BY GROUPS OF ITEMS
AU
Area and
furnish¬ Miscel¬
Fuel
Cloth¬
Items
Food
ing
laneous
and
Rent
ing
Light
City
Coods
New
January
analysis
Boston
—2.3
Portland, Me
—1.5
+ 2.7
+0.4
—0.2
+0.3
+0.9
+1.0
+0.6
+ 1.6
+0.9
+ 1.1
+0.9
+ 1.1
Division
of
+0.3
on
+0.1
—1.1
+0 1
New York
—0.2
—1.8
—0.5
Philadelphia
—1.3
—5.0
Pittsburgh
—1.6
—4.5
—1.0
c
—0.7
c
Scranton
—1.5
—5.2
—0.5
—0.1
+3.1
+0.7
+0.2
Chicago
—0.5
—3.9
+ 0.5
—0.9
—4.4
+ 0.5
Cleveland
+0.2
—3.5
—0.5
+3.0
+0.7
+ 1.0
+ 1.9
Cincinnati
Detroit
+ 1.1
—0.6
—4.5
+ 1.1
—3.7
+0.4
-
+ 0.1
c
East North Central:
+ 1.1
from
reports
on
and
69.0.
was
1,956
index of employment for
These indexes are based
This January's preliminary
representative factories through¬
collected and the results analyzed by the
Information
total
a
under
the
direction
of
E.
Dr.
+0.2
+ 0.7
c
—0.6
+6.7
+2.4
+ 2.6
+2.4
+2.5
+3.0
+ 1.6
+0.6
b
B.
—1.6
—5.7
—0.2
—1.0
—0.4
+ 1.0
+0.2
—0.3
—0 1
+0.3
+0.2
St. Louis.
—1.2
—4.3
c
+2.0
+0.9
+0.6
+ 1.2
Minneapolis
+ 1.2
+0.4
+0.1
—1.9
—7.1-
+0.5
+ 0.6
+3.0
—0.2
d
Baltimore
—0.6
—3.1
+0.6
+ 1.0
+0.2
—0.5
—2.6
—0.4
+1.8
+2.9
+0.3
Jacksonville
—2.1
+0.8
Norfolk
—0.7
—4.4
—0.5
+3.0
+2.4
+0.7
South Atlantic:
Richmond
—1.7
—5.7
—0.6
—5.1
+ 0.3
—0.3
Washington
—1.0
—4.6
+0.6
—0.1
—0.7
—6.9
—0.9
+4.7
.
Employment and Payroll Reductions in All Disti-icts
All
the heaviest losses this
railroad equipment and repair and electrical machinery and
Albany-Schenectady-Troy
textile and brush
apparatus shops and
curtail
to
reported
factories reduced employment and
In Buffalo most metal and machinery industries
heavily.
payments
wage
continued
reductions
industrial districts had both employment and payroll
seven
January.
and
forces
especially steam
payrolls,
and hot water
Varied changes occurred in Syracuse
metal and machinery factories, with some of the severest losses reported
in iron and steel and instrument and appliance concerns.
In Rochester
but the
month. Some
substantial layoffs were made in Utica brass, copper and aluminum and
steam and hot water heating plants, but additional workers were taken
in
some
knit, silk and cotton goods mills.
In New York City most
women's millinery factories were expanding
for spring, but the usual
seasonal expansion
in men's clothing factories fell off this month.
In
Binghamton-Endicott-Johnson City the shoe industry had slight reductions
in workers throughout, accompanied by increased payrolls, but these pay¬
roll advances were not sufficient to offset reductions made in most other
metal
most
and
c
c
+0.9
+ 1.4
—0.1
+0.6
+ 1.8
c
East South Central:
+ 11.5
+2.0
—0.5
+0.5
+0.1
—3.3
b
+6.7
—0.2
+0.6
c
—1.1
—5.3
b
+4.0
+2.3
+0.1
b
Houston
—0.1
—2.7
+0.5
+ 7.4
+ 2.1
—0.9
—3.5
+ 0.3
+ 1.0
+ 1.0
—2.2
—0.5
+ 1.2
+0.4
+0.6
b
Los Angeles
—0.3
Portland, Ore
their
activities,
+0.2
—0.5
lessened
+0.5
New Orleans
+0.9
+ 1.0
industries
machinery
in the men's clothing group continued this
seasonal upswing
+0.3
+0.8
+ 2.0
+0.1
Savannah
.
.
workers
heating and automobiles and parts.
Kansas City
*
factories were employing 359,295
weekly payroll of $9,312,361.
1
in
month's reporting
b
+ 2.3
West North Central:
Atlanta...
index
of the years 1925-1927 as 100.
Statistics
period, where
Indianapolis
Labor's
of
Department
These reports are
This
+ 0.6
c
Middle Atlantic:
Buffalo
men's
in
expansion
+0.4
+ 1.4
—0.2
—4.7
seasonal
The, usual
The payroll
based
State.
Patton.
—0.6
+0.5
b
+ 0.4
—6.3
The
reported
concerns
this monthly period was offset somewhat by a few
State
76.8.
was
out the
New England:
employment.
in
Many
clay and glass groups.
inventory.
over
York
was
the average
on
losses
net
working forces were again felt in the textile, metal
layoffs.
The
House-
reported
groups
losses in
net
machinery and stone,
1937, IN THE COST OF GOODS PURCHASED BY WAGE EARNERS,
LOWER-SALARIED WORKERS IN 32 LARGE CITIES OF THE
AND
In his
Mr. Andrews also had the follow¬
ing to say:
and
TABLE
1.5% in work¬
net loss of about 2.5% in payrolls.
a
announcement of Feb. 10
32 cities
Statistics.
1323
Birmingham
Memphis
Mobile
West South Central:
industries.
December, 1937, to January,
Mountain:
Denver
1938
City
Pacific:
—5.0
+ 1.0
+2.4
—0.1
+ 1.4
+ 1.4
—1.0
—3.9
—0.5
+0.7
—0.8
+ 0.7
+0.7
+0.8
+0.2
+ 1.0
+1.1
San Francisco.
Seattle
—0.2
—3.3
—0.3
+0.6
+3.3
+0.5
+0.1
+ 1.9
+ 1.2
+ 2.1
Albany-Schenectady-Troy
Buffalo
— —.
Syracuse
——
Rochester
Average—32
Utica
cities
large
—0.6
of the United States..
a
Covers 51 cities,
—
a—3.7
b
+ 1.8
b Decrease of less than 0.05%.
c
+0.6
+0.9
+ 1.5
Increase of less than 0.05%.
New York City.
Binghamton-Endicott-Johnson City
.
.
. .
-—.
<1 No change.
TABLE
2—INDEXES OF THE COST OF GOODS PURCHASED BY WAGE
EARNERS AND LOWER-SALARIED WORKERS IN 32 LARGE CTTIES
Weekly
of
Report
Lumber
1937
OF THE UNITED STATES BY GROUPS OF ITEMS, DEC. 15,
Feb. 12,
(Average 1923-25=100)
All
furnish¬ Miscel¬
Fuel
Cloth¬
Food
Items
laneous
City
ing
and
Rent
ing
Light
Area and
Goods
New England:
Boston
84.5
78.7
88.6
75.7
85.1
86.4
99.0
86.4
...
Portland, Me
81.4
83.5
76.3
82.8
93.2
103.7
73.8
Middle Atlantic:
Buffalo
86.5
81.8
83.4
98.1
97.6
99.5
New York
86.5
86.0
82.9
77.1
86.5
81.6
99.2
Philadelphia..
83.2
83.9
78.8
68.7
81.0
86.0
95.7
Pittsburgh
83.5
81.1
82.2
69.2
101.0
86.7
96.4
Scranton
82.9
77.0
84.4
73.0
76.8
93.7
97.2
Chicago....
80.8
84.2
77.2
58.1
92.3
78.5
100.9
Cincinnati
88.3
83.3
84.0
77.6
98.0
97.1
101.6
East North Central:
87.0
81.9
100.4
84.4
104.4
Detroit
83.3
82.5
85.3
70.5
79.2
86.9
96.4
Indianapolis
83.1
81.6
82.3
66.1
85.3
91.3
93.6
83.2
82.0
83.1
61.8
84.5
85.9
87.1
81.8
71.2
91.1
91.3
97.6
84.8
86.3
84.8
58.5
88.6
92.6
102.2
Cleveland
87.0
70.2
West North Central:
Kansas City
Minneapolis
St. Louis.
...
—
.
99.8
82.4
South Atlantic:
82.3
—-
87.6
65.7
76.6
93.9
94.8
86.1
83.8
76.1
81.2
87.7
104.8
82.0
.
Jacksonville
76.6
87.7
Atlanta
Baltimore.
79.4
84.2
59.9
89.0
85.4
93.0
104.0
Norfolk
86.3
79.8
90.6
64.6
81.9
89.5
Richmond
85.4
76.0
92.1
72.9
82.0
96.5
Savannah..
82.8
80.8
87.3
63.7
85.4
91.2
83.6
85.3
88.1
84.2
92.8
Birmingham
79.0
72.8
90.3
59.9
83.1
83.2
92.2
Memphis
82.9
78.6
89.7,
63.3
88.4
96.7
84.1
76.6
90.6
66.7
72.5
92.7
99.6
appreciable decline in shipments.
All items
ended Feb. 12 were lower than during the
week
shipments were 17% below shipments, and new orders were
1% below orders of the previous week, according to reports
Association from
the operations of important
In the week ended Feb. 12,
1938, production and orders as reported by 421 softwood mills
were, respectively, 26% and 19% below similar items in
corresponding week of 1937; shipments were 39% below
last year's; the 1937 week being the first after the close of
the
marine
strike.
The Association's
reports further
83.9
79.7
73.0
79.3
97.4
regional associations covering
hardwood and softwood mills.
showed:
83.7
72.2
77.3
98.4
91.8
87.8
80.3
64.4
78.1
94.0
100.5
79.2
74.9
87.6
55.0
82.2
83.9
85.0
82.3
83.6
62.4
86.9
86.9
101.9
89.2
85.1
94.9
73.0
80.2
91.9
104.2
88.5
81.5
91.8
71.2
98.1
94.5
101.1
84.5
Denver
a82.0
84.0
69.3
87.3
87.5
98.6
Pacific:
Los Angeles
Portland, Ore
San Francisco
—
Seattle
large cities
of the United States.
94.2
Average—32
_
12, 1938, 515 mills produced 131,608,000
combined; shipped 148,586,000 feet;
178,861,000 feet.
Revised figures for the preceding week
During the week ended Feb.
hardwoods
of
of
booked orders
Mills,
were:
95.1
84.2
85.4
—
New Orleans
80.4
84.4
Houston
Mountain:
Manufacturers
Lumber
National
the
to
feet; orders,
West South Central:
corre¬
of 1937.
National production reported for
the week ended Feb. 12, 1938, by 5% fewer mills was 4%
below the output (revised figure) of the preceding week;
sponding week
feet
East South Central:
busi¬
in the
week in production and new
decline from the previous
ness;
94.9
Mobile
—
production and
46% of average 1929 shipments. Production was about 51%
of tbe corresponding week of 1929; shipments, about 50%
of that week's shipments.
The 1938 week showed slight
100.4
99.6
ended Feb. 12,1938,
39% of tbe 1929 weekly average of
92.3
Washington..
88.8
Week Ended
1938
during the week
Tbe lumber industry
stood at
House-
Movement,
All
and
540 ;
softwoods
137,339,000
production,
feet; shipments,
179,228,000
180,616,000 feet.
but
regions
Southern
Cypress,
Northern
Hemlock and
Northern
of production in the week ended
Feb. 12, 1938.
Western Pine and Northern Pine were tbe only regions
to report shipments above output.
All regions reported orders, shipments
and production below similar items in the corresponding week of 1937.
Lumber orders reported for the week ended Feb. 12, 1938, by 427 soft¬
wood mills totaled 171,301,000 feet, or 40% above the production of the
same
mills.
Shipments as reported for the same week were 142,439,000
Hardwood
feet,
or
reported
16%
orders
in
excess
above production.
Production was 122,324,000 feet.
106 hardwood mills give new business as 7,560,000 feet,
19% below production.
Shipments as reported for the same week were
6,147,000 feet, or 34% below production.
Production was 9,284,000 feet.
Reports from
^Average 1913=100)
Average—32
or
cities
large
147.3
of the United States..
150.8
al30.9
112.9
161.9
183.3
196.7
Identical
Last
York
New
State
Continued
to
Factory
Employment
Decline
from
and
Payrolls
Mid-December
to
week's
production
payrolls
in
232,115,000 feet; and orders received,
141,968,000 feet and
and 211.871,000 feet.
showed
trial
that
employment
York State factories continued
from the middle of December,
ary,
to
and
drop
1937, to the middle of Janu¬
1938, according to a statement issued Feb. 10 by Indus¬
Commissioner Elmer F. Andrews.
Employment de¬
clined
5.8%,
Andrews
and
payrolls
decreased 7.1%.
Commissioner
pointed out that the usual seasonal declines during
this period,
as
respectively,
170,781,000
+.
tabulations
New
Reports
it was 164,958,000 feet; shipments were,
feet, and a year ago
Mid-January
Preliminary
Mill
of 421 identical softwood mills was 121,760,000
shown by the average movements over the
Coffee Exports
struction
from Brazil Declined During 1937—De¬
17,196,428 Bags of Coffee in Year
of
Brings Total
Eliminated to 56,728,914 Bags
exported 12,119,474 bags of coffee during 1937, a
slight falling off compared with the 14,185,506 bags exported
during 1936, according to a report to the Department of
Commerce from the office of the American Commercial
Brazil
1324
Financial
Attache, Rio de Janeiro.
Shipments to the United States
during 1937, amounting to 54% of the total volume exported,
aggregated 6,577,640 bags compared with 7,983,957 bags
exported in 1936, statistics show. An announcement by the
Department of Commerce, issued Feb. 21, also said:
The draatic modification of Brazil's coffee policy in November resulted in
a
heavier outward movement in December and the upward trend continued
in
January and early February, the report stated.
Stocks of coffee at
Brazilian ports totaled 3,210,865 bags on Dec. 31, 1937, it was reported.
The destruction of coffee in Brazil during 1937 reached the high figure of
17,196,428 bags, bringing the total volume eliminated since June, 1931 to
56,728,914 bags, according to the report.
♦
World
Production
and
Consumption of Sugar During
Year Ended Aug. 31, 1937, Reached New
Records, According to Lamborn & Co.
Crop
High
World sugar production during the crop year ending
Aug. 31, 1937, reached a new high, according to Lamborn &
Co., New York, who report that 30,818,000 long tons were
produced during the year as contrasted with 28,846,000 tons
in the previous season, an increase of 1,972,000 tons, or
6.8%. For the current 1937-38 season, production is ex¬
pected to record another new high record with 30,991,000
tons, or 173,000 tons more than in the preivous year, accord¬
ing to the Lamborn survey. The following is also from an
announcement issued by Lamborn & Co.:
World sugar consumption
with
30,549,000 tons,
the previous
an
during 1936-37 also established
a
record
high
increase of 1,318,000 tons, or 4.5% more than in
year.
.Sugar
consumption throughout the world during the year, however,
269,000 tons below the production figure. Hence world stocks at the
close of the crop year Aug. 31, 1937, were augmented
by this amount and
went to 8,877,000 tons.
This is the first time since 1931 that world stocks
was
recorded
increase.
an
On
Aug. 31, 1931, the stocks amounted
to
12,362,000
tons, an all time high record figure.
Japanese
Sugar
Production
ported
for
1937-38
Season
Re¬
6.4% Above Last Season
as
Production of sugar in Japan,
including the Island of
Formosa, during the current 1937-38 season is forecast at
1,270,000 long tons, raw sugar value, as contrasted with
1,193,000 tons manufactured last season, an increase of
Chronicle
Attorney General to bring suit to establish
the title of the Federal Government to tidal oil lands be clari¬
so that the Sante Fe's interest in harbor
improvements
would not be
An
production in the
Feb.
lifted
19
largest production
production
Of
the
was the
record
on
highest
up
for
the
Of last year's outturn,
under way, promises to be
Japanese Empire.
Last year's
to that time.
1,270,000 tons anticipated this
pected to be produced from
now
season,
sugar cane and
1,150,000 tons
1,223,000
47,000 tons from
came
tons
are
sugar
ex¬
beets.
from sugar cane and 43,000
tons from sugar beets.
Sugar
consumption
in
Japan
approximates
1,050,000
The surplus production is
expected to be marketed
Petroleum
in
tons
annually.
China.
Its
Crude
Crude
Cuts
Average
Oil
Stocks
Average daily demand for crude oil during March was
estimated at 3,391,600 barrels
by the United States Bureau
of Mines in its
monthly forecast of probable market demand.
The new recommendations are
46,600 under the total for
the current month and 51,100 barrels less
than the Bureau's
estimate for the like 1937 month.
Two of the "Big Three" lost in the
news
totals with
Louisiana and Kansas
holding virtually unchanged. Texas'
share of the national market was
placed at 1,344,900 barrels
by the Bureau of Mines, against its February recommenda¬
tion of 1,365,700 barrels and
the current State quota of
1,405,240 barrels daily.
California won a modest
increase, the new level of 694,600
barrels set by the Federal
agency comparing with the Feb¬
ruary total of 693,700 barrels. The
figure for Oklahoma was
pared from 569,700 barrels to 547,700 barrels.
Louisiana
held unchanged at
239,400 barrels and Kansas moved up
300 barrels to
176,700 barrels.
The Bureau of Mines
estimated daily crude oil require¬
ments (in
barrels) by States as follows:
March
Texas
reported.
barrels daily, the
Production for the
approximately 73,000 barrels less than for the
corresponding period a year earlier, and was 68,9.50 barrels
under the estimated market demand for crude oil during
February as set by the Bureau of Mines.
Production in Oklahoma gained 21,200 barrels to 532,300
barrels, which compared with the State quota of 500,000
barrels, and the Bureau's figure of 569,700 barrels daily.
Texas production rose 18,800 barrels to 1,254,400, against
the State allowable of
1,405,240 barrels and the Bureau's
recommendation of 1,365,700 barrels.
The wide difference
in Texas
output is due to the fact that all wells in the State
are shutdown
Sundays until Feb. 27.
California
showed
a
gain of 3,400
barrels
with output
rising to 740,400 barrels, against the 659,000-barrel total
recommended by the General Committee of California Oil
Producers and the 693,700-quota recommended by
the
U.
S. Bureau of Mines.
A decline of 1,550 barrels in the
total in Louisiana pared the figure to 253,800
barrels, against the State quota of 244,700 barrels and the
Federal estimate of 239,400 barrels.
Kansas dipped 500
barrels to 178,800 barrels, against the joint State-Federal
daily
average
allowable of 176,400 barrels.
The Texas Railroad Commission, in mid-week, announced
an increase of 6,000 barrels
daily in the crude oil production
allowable of the Conroe field, effective
immediately.
The
higher quota is to make it possible for producers there to
fulfill new contracts made with foreign
buyers.
On the
West Coast, it was disclosed that oil
regulatory legislation
will be first on the agenda of the special session of the Cali¬
fornia assembly,
tentatively set by Governor Frank R.
Merriam for March 7.
Stocks of domestic and foreign crude rose 421,000 barrels
during the week ended Feb. 12 to 304,915,000 barrels, the
.
8.
Bureau
of
an
Mines
increase
was
reported
of
this
week.
This total
barrels in stocks in
792,000
offset in part
by declines of 170,000
barrels and 201,000 barrels in domestic stocks east of Cali¬
fornia, and foreign crude, respectively.
Representative John M. Coffee, of the 6th Congressional
District of Washington, introduced a bill in the House on
Feb. 21 calling for the repeal of the
Connally Hot-Oil Act.
Mr. Coffee based his argument for the
repeal of the law upon
testimony given at the anti-trust trial of the oil companies
held at Madison, Wis., recently before a
special Federal
Jury, charging that:
testimony of defense witnesses in the Madison
trials, it seems that the conspiracy to raise gasoline prices
for which major oil companies were found
guilty was con¬
ceived, planned and held ready for execution back in Jan¬
uary and February, 1935.
All the conspirators were waiting
for was word that Congress had enacted the
Connally Act
and that the Department of the Interior had set
up machinery
694,600
547,700
239,400
176,700
Kansas
New Mexico
105,100
March
Arkansas
February
693,700
569,700
Illinois
38,200
30,700
36,800
29,900
Kentucky
13,900
14,500
239,400
New York
13,800
176,400
Montana
13,300
14,000
12,400
105,100
61,600
Wyoming
West Virginia
Ohio
9,700
52,800
49,700
Michigan
Pennsylvania
9,100
10,000
9,000
50,400
Colorado...
4,500
51,800
Indiana
2,300
2,200
Railroad
maximum
Commission
on
February 25 set
a
daily allowable for March of 1,300,506 barrels,
which is 109,354 barrels under the
market demand for Texas
estimated by the Bureau of Mines for
the month.
Of the
total daily allowable
production, 55,970 barrels will be ex¬
ported, the Commission pointed out.
Dispatches from the West Coast Friday disclosed that
Superior Judge Emmett Wilson had denied without
prejudice
a
petition for a temporary injunction asked by the State of
California against oil
producing and development operations
on
alleged tidelands in the Wilmington oil fields.
Closing development as the week ended in the litigation
under hearing in Washington before a House
Judiciary sub¬
was
To back up
this charge, Representative Coffee quoted from
testimony of Robert W. McDowell, an official of the
Mid-Continent Petroleum Corp., who, with his company,
was
convicted at Madison on Jan. 22.
He quoted Mr.
McDowell as testifying, during the trial, that the "plan"
the
for which conviction was obtained, "was not recommended
for action until the Connally Act or some other
legislation
passed that would definitely put a stop to hot gasoline
slopping into the Mid-Continent territory."
There were no price changes posted this week.
was
Price* of
Typical Crude*
per
Barrel at Well*
(All gravities where A. P. 1. degrees are not shown)
Bradford, Pa
12.20' Eldorado, Ark., 40.
1.25 Rusk, Texas, 40 and
Lima (Ohio Oil Co.)
Corning, Pa
1.27
1.35
.SI.27
1.35
over...
Darst Creek
Illinois
Central Field, Mich
Western Kentucky
.Mid-Cont't, Okla., 40 and above..
...
1.09
1.42
1.40
Sunburst.
1.30
Huntington. Calif., 30 and over
Kettleman Hills, 39 and over..
1.22
1.25
Smackover. Ark., 24 and
0.90
Petrolia. Canada
2.IB
REFINED
WIDE
over
PRODUCTS—GASOLINE
AREA—OTHER
SLIPPING—MOTOR
REFINED
Mont
PRICES
1.22
WEAKENING
PRODUCT
STOCKS
HIT
1.42
PRICES
IN
ALSO
4,400
46,400
Texas
for its enforcement."
Rodeasa. Ark., 40 and above.i
February
1,344,900 1,365,700
California
Oklahoma
Louisiana
Sante Fe
3,369,250
Grand
Products—Bureau of Mines
Production
Total—Daily
Output Climbs in Week—Crude
Gain—-Repeal of Connally Act Urged
committee
to
"From the
and
March
The
total
was
California which
reported:
barrels in daily average crude oil
States during the week ended
United
the
American Petroleum Institute
week
U.
the
endangered.
increase of 44,750
represented
The current crop, harvesting of which is
1938
fied
77,000 tons,
nouncement further
26,
would order the
received
or approximately 6.4%, according to advices
by Lamborn & Co. from Tokio. The firm's an¬
Feb.
a
request from the Atchison,
Topeka and
Railway asking that the proposed resolution which
FUEL
NEW
RECORD
HIGH—FUEL OIL STOCKS SHOW CONTRA-SEASONAL GAIN
Progressive weakening of the gasoline and other refined
petroleum products price structure shared interest during the
week with the disclosure that stocks of gasoline had mounted
to a new all-time record high while inventories of gas and fuel
oils had shown a sharp contra-seasonal expansion for the
second consecutive week.
Standard Oil of New Jersey late
Monday posted a reduc¬
gallon in the tank car and tank wagon price
Virginia, effective Wednesday. The reduction
was
necessary to meet price cutting by competitors and also
to offset the equivalent of a concession which competitors
were
making in lending gasoline delivery equipment.
Fuel oil held the spotlight in the retail local refined products
market as persistent reports of price-shading by independents
were heard.
The lack of any sustained cold weather during
the past few months and the rise in stocks of gas and fuel
tion of
cent
of gasoline in
a
Volume
Financial
146
oils, contrary
to
the normal seasonal trend,
exerting:
are
added pressure and further easiness is generally expected.
Retail and wholesale gasline prices in the local market also
under the shadow of
a steadily growing: bearish feeling
high stocks of gasoline. Retail markets
continue shaky and fear that the price cutting already in
evidence in more-competitive marketing areas will spread is
were
because of the record
Chronicle
1325
Receipts of California oil at Atlantic and Gulf ports, for the week ended
Feb. 19 totaled 335,000 barrels
with
a
daily average of 47,857 barrels compared
a
daily average of 10,000 barrels for the week ended Feb. 12 and 19,036
barrels daily for the four weeks ended Feb. 19.
Reports received from refining companies owning 89.0% 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, 3,150,000 barrels of crude oil daily during the week, and that all
gaining ground.
companies had in storage at refineries, bulk terminals, in transit and in
Stocks of finished and unfinished gasoline spurted
barrels during the Feb. 19 week to hit 89,774,000
pipe lines
1,961,000
barrels, a
new high and about 15,000,000 barrels above the total held
a year ago, according to the American Petroleum Institute.
Refinery runs were unchanged at 77.5% of capacity, with
daily average crude runs to stills holding at 3,150,000 barrels.
The second weekly contra-seasonal gain in holdings of gas
and fuel oil lifted the total 655,000 barrels to 119,948,000
of the end of the week, 89,774,000 barrels of finished and
as
unfinished gasoline and 119,948,000 barrels of gas and fuel oil.
charging capacity of all cracking units indicates that the industry
on
a
DAILY
AVERAGE CRUDE
OIL
PRODUCTION
Four
Dept. of
estimated by
of 1% above
)■
:"T
State
Week
Change
Weeks
Interior
'
'
the Bureau of Mines at 40,680,000 barrels,
estimated demand for the like 1937 month.
whole,
(Figures in Barrels)
B. of Af.,
was
as a
Bureau of Mines' basis, produced an average of 690,000 barrels daily
during the week.
barrels.
March domestic demand for motor fuel
1
Cracked gasoline production by companies owning 94.8% of the potential
Allowable
Ended
from
Ended
'
Calcu¬
Feb.
1
Feb.
lations
Feb.
Previous
19,
1938
Week
Ended
Feb.
19,
1938
Week
20,
1937
(Feb.)
Representative price changes follow:
Feb. 21—Standard of New Jersey posted a M
car
cent a gallon cut in
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
New York—
New York—
8tand.
OU N. J..$.07*$
Refinery
Other Cities—
Texas
$.05
-.05*6
New Orleans. .06*$--07
Chicago
$.07**;
Socony-Vacuum..
.08
Gulf
Tide Water OU Co
.08*$
.07*$
Shell Eastern
Richfield OiKCal )
Warner-Qulnlan..
.07*$
08 *$
Gulf
.07*$
05*$
ports
.04 *$-.04*$
Tulsa
Oklahoma
—500
532,600
181,300
Panhandle Texaa
tank
and tank wagon prices of gasoline in Virginia, effective Feb. 23.
71,900 + 11,000
65,650
77,450
North Texas
West Central Texas...
64,200
+ 400
63,500
66,950
26,250
—650
27,850
32,100
569,700
176,400
Kansas
532,300 + 21,200
a500,000
178,800
176,400
i78,650
+ 650
89,900
—1,600
425,050
West Texas
+ 400
East Central Texas...
East Texas
;
Southwest Texas
.
214,150
184,300
Coastal Texas
608,850
186,250
177,200
87,500
451,200
215,700
182,850
+ 7,850
+ 750
189,500
106,800
424,250
207,800
191,450
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
|
-.$.05*$
(Bayonne)
North Texas
I
Los Angeles..
I New Orleans.$.05J$-.05*$
I Tulsa...
.03*$-.04
$.04
.03*$-.05
Fuel OU, F.O.B. Refinery or Terminal
Y.
N.
California 24 plus D
(Bayonne)—
Bunker C
$1.25
Diesel 28-30 D
North Louisiana
77,100
1.35
Total Louisiana
27 plus
(Chicago—
$.04*$
I
$.053
Eastern
New York
a
Brooklyn
*
I Newark..
$.19
|
$.175
$.165 I Buffalo.
| Boston
.19
...
—1,550
255,450
48,050
+950
44,800
27,350
137,700
115,000
29,900
130,000
141,900
Michigan.
52,800
50,850
+2,900
+ 550
51,800
45,750
—250
49,500
46,950
12,400
4,400
13,850
4,050
+450
13,750
—200
4,150
4,050
105,100
—1,000
106,100
97,350
Colorado
105.100
New Mexico
.18
'
of
South Africa
105,000
Not Including 2% city sales tax.
Production
in
Union
New
Sets
693,700
51,900
15,350
2,628,850 +41,350 2,608,900 2,709,250
733,050
586,700
+ 3,400
740,400
Total east of Calif.. 2,744,500
California
Gold
1937
242,100
253,800
244,700
Montana
$.02 *$-.03
Gasoline, Service Station, Tax Included
c
70,400
171,700
Wyoming
ITulsa...
28-30 D
176,750
36,800
239,400
Arkansas
(Bayonne)—
78,700
—50
$1.05
I Phlla.. Bunker C
Gaa Oil, F.O.B. Refinery or Terminal
N. Y.
—1,500
176,700
Coastal Louisiana
New Orleans C
i
$1.00-1.25
2.20
1,365,700 bl405240 1,254,400 + 18,800 1,236,600 1,331,150
Total Texas
c659,000
3,369,250 + 44,750 3,34,1,950 3,295,950
Total United States. 3,438,200
Record
Original
February
retroactive to Feb. 1.
a
Gold production in the
amounted to 11,740,891
Union of South Africa during 1937
fine ounces, setting a new high
record and topped the previous record year of 1932 by 187,327
ounces, according to a report by the office of the American
Consulate at Pretoria made public by the Department of
Commerce, Feb. 14.
The 1937 gold production exceeded the
1936 output by 405,800 ounces, the report states.
allowable
b Allowable effective Jan.
15.
of
535,000
barrels
reduced
500,000
to
barrels
State-wide Sunday shut-down order
The
has been In effect since Jan. 23 reflects
itself In the Texas figures herewith.
which
This
Sunday shut-down order will remain in effect through Feb. 27.
Recommendation of Central Committee of California Oil Producers.
c
Note—The figures Indicated above do not Include any estimate of any
might have been surreptitiously
oil which
produced.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
19, 1938
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED FEB.
(Figures in Thousands of Barrels of 42 Gallons Each)
World Silver Production Statistics
production of silver in December, excluding Mexico,
for which figures are not yet available, amounted to 15.516,000 ounces, against 16,655,000 ounces in November and
15,823,000 ounces in December, 1930, according to data
recently issued by the American Bureau of Metal Statistics.
The decline in world output of the white metal was due
largely to a reduction in United States and Canadian pro¬
duction the report notes.
The decline in Canadian output
brought the lowest monthly level for the Dominion since
June, 1937, and the drop in the United States resulted in the
lowest monthly output since April last year.
World production for 1937, excluding Mexico, is estimated
by the Bureau at 186,570,000 ounces, compared with 171,611,000 for 1936, 137,559,000 for 1935 and 110,380,000 for
1934.
Output of leading countries for 1937 compares (in
fine ounces)
as
follows:
Crude Runs
Daily Refining
Capacity
World
Finished and
Stocks
Unfinished Gasoline
of
Unfin'd
Daily
tial
Rate
Total
P.
Oper
At Re-
age
Reporting
P.
Aver
Poten¬
ated
fineries
C.
C.
Terms,
Appalachian.
146
129
88.4
112
86.8
1,667
Ind., 111., Ky
529
489
92.4
406
83.0
9,961
84.7
249
65.0
4,605
2,649
Okla..
669
669
511
100.0
76.4
7,731
and
Nap'tha
Fuel
Oil
Distil.
&c..
12,052
1,727
4,343
East Coast..
Gas
in
Finished
District
10,750
1,150
236
1,285
916
6,885
509
Kan.,
452
383
Inland Texas
355
201
56.6
145
72.1
2,304
182
310
3,471
1,595
Texas Gulf..
833
797
95.7
730
91.6
11,822
343
1,846
9,314
La.
3,537
Mo
174
168
96.6
138
82.1
1,299
566
469
No. La.-Ark.
91
58
63.7
46
79.3
338
120
82
Rocky
89
62
69.7
38
61.3
746
90.9
494
66.2
2,117
11,653
3,702
89.0
2,869
77.5
Gulf
Mtn.
821
California...
Reported
Est.
490
96
2",399
724
1,312
79,207
6,926 117,258
280
2,690
53,497
4,070
24,381
3,150
3,150
57,567
25,001
24,835
7,206 119,948
55,971
y3,035
.
48,741
20,410
7,013
457
unrept.
281
620
iEst.tot.U.8.
Feb. 19, '38
4,159
4,159
Feb. 12, '38
4,159
4,159
1937
1936
United States
69,315,000
62,842,000
U.S.B
xFeb. 19. '37
'
'
•
Stocks of
to Stills
'
Canada
21,795,000
18,718,000
Peru
16,640,000
19,450,000
16,545,000
Europe
99,933
18,713,000
Other America
7,007 119.293
of M
19,350,000
9,306,000
4,805,000
Japan....
9,600,000
Burma, refined
9,918,000
6,180,000
February, 1937 dally average.
8,362,000
4,800,000
y
17,000,000
Australia, refined
Other Australia and New Zealand.
Estimated Bureau of Mines' basis,
x
Other Asia..
3,636,000
5,952,000
3,.500,000
South Africa
1,096,000
1,074,000
Belgian Congo
4,355.000
3,800,000
730,000
700.000
Other Africa
Daily
Average
Crude
Oil
Production
Ended Feb. 19, 1938, Placed at
The
American
Petroleum
During Week
3,369,250 Barrels
Institute
estimates
that
the
crude oil production for the week ended
Feb. 19, 1938, was 3,369,250 barrels.
This was a gain of
44,750 barrels from the output of the previous week, but
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¬
daily
average gross
tion for the four weeks ended Feb. 19,
at
Weekly Coal Production Statistics
The National Bituminous Coal Commission
week
pared with the preceding week, this shows a decrease of
780,(XX) tons, or 10.4%.
Production in the corresponding
week of 1937 amounted to 10,173,000 tons.
The U. S. Bureau of Mines in its statement
of
three successive weeks
25.2% from the week before, and of 14.8% from the same
Cumulations for the calendar year 1938 are,
week of 1937.
however,
12.9% above those of the corresponding
ESTIMATED UNITED STATES
179,714
for the week ended Feb. 12 and 143,214 barrels daily for the four
daily average of 136,143 barrels, compared with a daily average of
weeks ended Feb.
19.
Coal Year to Date d
Week Ended
Feb. 12,
Feb. 5,
Feb. 13,
1938
reported by the Institute, follow:
and receipts in bond at principal
United States ports for the week ended Feb. 19 totaled 953,000 barrels,
barrels
PRODUCTION OF SOFT COAL
(IN THOUSANDS OF NET TONS)
1938, is estimated
Imports of petroleum for domestic use
a
period
of 1937.
3,341,950 barrels. The daily average output for the week
Feb. 20, 1937, totaled 3,295,950 barrels.
Further
as
reported that
the production of Pennsylvania
anthracite has shown a downward trend.
Total output
for the week of Feb. 12 is estimated at 836,000 tons, a decline
for
ended
details,
in its weekly
said that the total production of soft coal in the
ended Feb. 12 is estimated at 6,750,000 nqt tons. Com¬
coal report
1938
1937
1937-38 1936-37 1929-30
Bituminous Coal a—
Total, Including
a
C0.75O
7,530
1,125
mine fuel.
Pally average..
1.255
Includes for purposes of historical
production of lignite and
10,173 355,209 385,301 467,701
1.320
1,729
1,434
1,696
comparison and statistical convenience, th
anthracite and semi anthracite outside of Pennsylvania
1326
c
Financial
Subject to revision,
d Approximate coal year to date.
Sum of 46 full weeks ended
Note.that coal year 1937-38
Feb. 12, 1938 and corresponding periods in other years.
with
began
large stocks of
unusually
bituminous
which
coal,
helped
to
depress
Chronicle
of 8,200 tons,
record
purchases during the summer of 1937.
Finland, 294 tons.
ESTIMATED
where
OF PENNSYLVANIA ANTHRACITE
COKE IN NET TONS
PRODUCTION
AND
BEEHIVE
Week Ended
Calendar
Feb. 13,
1938
1938
1937
1938
1937c
consumption
the
was
1929c
hand,
decrease of
a
highest for
the
over
Norway,
by the United Kingdom,
10
in Italy of 3.7%
,
595
tons; and
Tin consumption
years.
1936 figure to
1937.
In
France there
and in Poland of 3.8%
,
in
11,643 tons in 1937,
In several other countries,
tin consumption decreased in
5.8%
Sweden, 1,909
tons;
taken
were
the highest figure recorded since 1930.
was
the other
on
Year to Dale
was
Feb. 5,
Denmark, 711
1938
26,
also attained in
were
Nearly 26,000 tons
Germany increased by 37 ^ %
which
Feb. 12,
while records
1,470 tons;
Holland,
tons;
Feb.
The
.
aggregate consumption of all countries which used less than 1,000 tons in
1937 was 13,026 tons and this figure, which includes the tin
consumption
Pennsylvania Anthracite—
Total, incl. colliery luel a.. 836,000 1118000 981,000 6,529,000 5,785,000 9,900,000
139,300 186,300 163,500
Daily average
181,400
160,700
275,000
Commercial production b.. 796,000 1065000 934,000 6,217,000 5,496,000 9,187,000
......
of Spain, was
13%
lower than in 1936.
Tin consumption
statistics for countries
which
used
more
than
1,000
tons in 1937 are tabulated below in
comparison with the statistics for 1936.
Beehive Cohe—
27,900
4,650
United States total
Daily average
a
27,600
4,600
69,700
167,900
4,538
11,61?
397,500
701,700
10,743
18,965
Tons
operations,
dredge coal, and coal shipped by truck from authorized
b Excludes colliery fuel, c Adjusted to make comparable the number of
Increase
WEEKLY
are
subject
are
based
railroad
on
BY
loadings and
car
river shipments
tonnage reports
the operators.)
returns from
from
district
86,663
73,039
25,971
21,860
+ 18.8
25,125
9,664
+160.0
11,643
8,462
+ 37.6
,...
...
—
._.-...
........—
France
9,179
Japan
Italy
.
i.
v-....
Sweden.
Stale
Feb.
Feb. 5,
Jan.29,
Feb. 6,
Feb. 8,
1938p
1938p
1937P
1936
1
Feb. 2,
1929
Avye.
9,748
—5.8
6,401
+ 28.3
—3.7
+ 15.5
+ 7.7
1.909
-
2,293
1,692
+ 12.8
1,731
.
_
2,164
2,470
..
3,642
2,500
...
.
British India
Week Ended—
'
'
+ 18.7
8,212
3,509
.
Canada.
'
1
1,684
+ 2.8
.
Czechoslovakia.
_ ... —
Belgium..
2
.+
2
2
230
295
244
369
409
89
73
108
117
180
129
240
-
Arkansas and Oklahoma...
Colorado
239
H
207
s
310
231
1
1
1
1,046
1,128
1,412
1,448
1,674
352
Indiana
+ 13.8
1,284
+ 14.5
1,272
1,322
1,100
1,109
—0.8
13,026
15,000
—13.2
197,300
160.700
+ 22.8
340
438
Other countries
1,993
613
Georgia and North Carolina
Illinois
1,336
1,470
*
s
Total apparent consumption..
s
The Tin plate Industry
443
455
73
65
96
105
112
Kansas and Missouri
183
179
200
196
199
174
important producing countries.
Kentucky—Eastern
638
635
312
850
981
556
manufacture of
198
223
64
251
399
226
46
66
Iowa
Western.
-
—3.8
87
145
Alabama
2
1,520
Switzerland.......
1923e
Netherlands
Poland
Alaska
or
Decrease
United Socialist Soviet Russia..
8TATES
revision on receipt of monthly
to
and State sources, or of final annual
States
Kingdom....
1936
Germany
OF
COAL,
(IN THOUSANDS OF NET TONS)
(The current estimate#
and
PRODUCTION
United
United
working days in the four years.
ESTIMATED
Percentage
■
1937
Includes washery and
In 1937 new record outputs of
136
tinplate
were established in
About 65,000 tons of tin
nearly all the
were
tinplate in 1937 against 62,000 tons in 1936.
used in the
Appreciable
27
37
51
increases in the consumption of tinplate took place in the United States, the
9
13
27
20
17
26
United Kingdom, Germany,
Montana..
66
65
78
82
90
80
New Mexico
28
28
52
38
62
58
Maryland....
29
Michigan
North and South Dakota
75
Pennsylvania
98
87
863
837
410
604
590
444
694
1,542
bituminous
60
385
Ohio
Canada, and the Netherlands.
Production L nderthe International Tin
Agreement
The output of tin by the countries signatory to the tin control
agreement
totaled
179,991
in
tons
1937, compared with the permissible exports of
1,625
2,665
2,202
2,887
3,087
105
96
112
118
115
127
Texas
15
14
17
16
25
23
have been carried forward into
Utah
58
54
142
112
148
96
tries in 1937 differed
Tennessee
Virginia
251
Washington
235
267
255
273
212
Of the total under-export of 35,527 tons only
212,474 tons.
for
China
are
36
Other Western States
49
64
77
1,700
1,884
2,035
1,127
435
715
613
745
673
Portugal but practically
115
Wyoming
58
1,405
405
Northern b
33
1,443
West Virginia—Southern a
113
164
149
171
156
1937.
#
1
2
1
7,530
1,118
7,620
9,904
1,189
972
1,692
1,655
1,902
8,648
8,809
10,876
11,816
13,544
little change
very
10,124
Production
of tin
increased
in
Burma
preliminary figures
the Council's "Bulletin"
Includes operations on the N. & W.; C. <fc O.;
Virginian; K. & M.; B. C. & G.;
on the B. & O. in Kanawha,
Mason, and Clay counties, b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
page
given
as
and
in
from Spain were recorded iD
ore
.A-'
s7
10,956
Feb. 5,
All coal
1936.
no exports
.
85
11,889
The
Pennsylvania anthracite d
from
12,858
c
Total bituminous coal
1,402 tons
1938.
Production by nonsignatory coun¬
only slightly from that of the preceding year.
Figures
available only up to September, 1937, but these indicate
in
•
v.
the January issue of
referred to in these columns
were
830.
+
a
and
cludes Arizona,
Non-Ferrous Metals—Interest in
Copper Stimulated by
Higher London Prices—Lead Active
California,
anthracite from
Idaho, Nevada and Oregon,
d Data for Pennsylvania
published records of the Bureau of Mines,
e Average weekly rate
for entire month,
Preliminary,
p
s
Alaska,
Dakota included with "other Western States."
* Less than 1,000 tons.
•
•
I
World Aluminum Production Increased
29.5%
World production of aluminum in 1937 totaled
523,000
short tons, the largest on record,
according to a preliminary
estimate
by "Engineering and
Mining Journal."
This
with 404,000 tons in 1936.
Production last year
29.5% greater than in the preceding year.
World production of aluminum in 1936 and
1937, in short
tons, by countries, is estimated as follows:
compares
was
1936
1937
United States--....
112,000
Germany
"Metal and Mineral Markets" in its
Georgia, North Carolina, and South
1936
weeks.
The
1937
138,000
138,000
17,000
15,000
22,000
42,000
50,000
Canada
8,000
15,000
30,000
47,000
France
30,000
18,000
18,000
23,000
10,000
19,000
Italy
7,000
33,000
Great Britain......
Elsewhere.
of Feb. 24
re¬
Demand for lead
turned
quite active
on
Feb. 23.
publication further reported:
28,000
107,000
Russia
ssue
ported that traders in non-ferrous metals took a more con¬
structive view of European and domestic
developments last
week.
London prices moved steadily upward, particularly
in copper, despite the political turmoil.
The statement on
price policy released by President Roosevelt, with its open
declaration that "Government policy must be directed to
reversing this deflationary trend," contributed to the im¬
provement in sentiment.
Sales of major non-ferrous metals
during the last week were well above the average of recent
Copper
The improved sentiment that characterized the market in the preceding
week
was
also in evidence in the week that ended Feb. 23.
The political
upheaval in Europe, contrary to general expectations here, brought in a
404,000
523,000
Owing to Germany's natural deficiency in non-ferrous metals,
coupled
with the trend toward
expanding the use of light metals in armaments
and in
peace-time pursuits, production of aluminum in that
country has
increased from 21,000 tons in 1933 to
138,000 tons in 1937.
Prior to 1933.
Germany's high in production of aluminum
36,000 tons in 1929.
was
Production in the United States for last
year, estimated at 138,000 tons,
112,000 tons in 1936 and the previous high of 114,500 tons
compares with
in 1930.
Output of aluminum in Russia'began with
1931, in which
larger volume of business,
higher prices in
10-cent level in
until Feb.
Feb.
Feb.
sales
year
about
21
22
19,
a more
of
London's
speculative nature,
and generally
quotation for copper
moved above
a
was
a
for
were
the
better.
entire
industry
quite
resumed Feb. 23, and total
was
bit larger than
a
was
On
showed sales of 4,372 tons.
on
Feb. 21.
political side it is believed there has been
The
23
day the turnover increased to 1,055 tons.
the
To most oper¬
market, the copper situation here is weak statistically,
latter
decided turn for the
a
development, it is pointed out,
European traders in
Feb.
to look upon the
consumers
Sales here remained at a low rate
holiday, but the buying
undoubtedly
on
favorable light.
which
on
the record
ators in the domestic
but
1,200 tons comprised the total production.
In 1937, however, output in
Russia amounted to about 50,000
tons, based on latest unofficial estimates.
some
London.
domestic parity, which event caused domestic
steady.
has also influenced
The undertone of the market at the close
copper.
Sales in the domestic market for the week ended
Feb. 22 totaled 7,813 tons.
World
Production
1937
Above
and
Consumption
1936—Production
of
for
Lead
Tin
Year
During
Under
International Tin Agreement
of
the
appearing in the February "Bulle¬
International Tin Research and
Development
Council, published by the Hague Statistical Office, series of
new records
was established
in the tin
industry in 1937.
World production for the year reached a record of
206,900
tons, exceeding production for 1936 by
nearly 27,000 tons.
World apparent consumption of tin at 197,300 tons in
1937
was also at a record level and showed
an increase of
36,600
tons over the figure for 1936.
The announcement issued
Feb. 23 by the New York office of the Council continued:
The
tons to
estimated
consumption of tin in manufacture increased
172,000 tons, the discrepancy between these two
computations of
consumption indicating that consumers' stocks
were
1937
19%
was the
over
highest
on record at
the figure for
U.S.S.R. in 1937
was
United
States
86,663 tons, showing
an
of America
in
increase of nearly
1936.
over
The total quantity of tin shipped to the
25,000 tons, representing about 2M times the
previous year's record of 9,664
in the
tons.
by small
consumer
and near-by
delivery.
was
consumers are
still
buying
in business circles is
on a
releasing
Consumption in Japan reached
a
ago
was
totaling
sustained in greater
7,726 tons.
volume
The bulk of the
interests, with many demanding metal for
The trade
believes,
however,
hand-to-mouth basis, but
more
a
orders to lead consumers.
that most
better feeling
>
Statistics for January showing an increase in stocks of 4,270 tons were
better than expected, and many in the trade believe production and con¬
sumption will be brought into balance at the beginning of the second quar¬
ter.
Producers
are
interest for metal
disposing of their daily intake and
as
soon
as
April bookings open.
some report greater
Prices on the London
Metal Exchange for lead went higher during the week, lending some sup¬
port
to
the price structure
York, which is also
here.
Quotations were firm at 4.50c., New
the contract settling
Refining Co., and at 4.35c., St. Louis.
of its brands in the East at
a
basis of the American Smelting &
St. Joseph Lead Co. reported sales
premium.
Zinc
Galvanizers have experienced
,
apparent consumption of tin
prompt
appreciably increased
during 1937.
The
by 8,000
weeks
two
during the last week, with sales
buying
According to statistics
tin"
Lead buying started
in zinc products.
This
was
a
moderate sesaonal increase in business
reflected in
a
better inquiry for the metal, and
sales of the common grades for the week that ended
Feb. 23 totaled
more
than 2,500 tons.
Sales of Prime Western
ended Feb.
19 amounted
zinc
to
as
reported by the industry for the week
Tj814 tons.
Undelivered contracts for Prime
:
/
u
Financial
146
Volume
37,072 tons, against 38,181 tons
Western at the end of the week stood at
a
4.75c., St.
The quotation on Prime VTestern held at
previous.
week
10 diesel-electric locomotives and 50 passenger cars and has received per¬
mission to
Although
Tin
experienced improved business during the week,
Sellers of tin
compared
Prices abroad were believed to have
seven-day period.
by some
European countries, and the better feeling in trade circles here.
Announce¬
ment by the International Tin Committee on Feb. 18 that quotas for the
second quarter will be 55% of capacity is estimated to indicate output will
higher on news of curtailment in output, further rearmament
gone
her deficiency; therefore total output may be higher.
Research and Development Council
Statistics by the International Tin
that
show
production record
new
a
made in 1937 and consumption
was
World output was 206,900 long
by many countries reached new highs.
tons, exceeding that of 1936 by nearly
World apparent con¬
27,000 tons.
industry
is
being consumed at
steel company,
that
a survey among
operating up to 60%
just
spring
production,
In industry generally steel
One large
rate faster than it is being produced.
for example, in
some were
With
a
still excessive.
are
in purchases by that
despite rising motor car
immediately,
expected
because of inventories that
is
the
around
,
or
its larger customers, found
double the steel rate.
construction,
building
corner,
usually
affected by the approach of the outdoor season, is experiencing no upturn,
so
far
in
awards,
leetings of structural steel reflect the situation.
as
Of 13,000 tons
a
railroad grade crossing job at Lynbrook,
New projects of nearly
N. Y.
14,000 tons include two buildings for the
6,200 tons is for
New York World's Fair, one of 1,800 tons and one
of 1,100 tons.
Steel scrap has declined 50c. a ton at Chicago, bringing the
the 1936 fig¬
sumption was 197,300 tons, an increase of 36,600 tons above
buy 50 subway cars.
may
of the increased business of the past week in steel emanated
some
from automobile companies, not much improvement
Malaya, however, will operate at
be about 28,600 tons for that period.
about 65% to make up
buy 7,580 tons of rails, and the Interborough Rapid Transit
Co., New York,
Louis, throughout the week.
with the previous
1327
Chronicle
"Iron Age"
composite price down to $13.67.
ures.
Chinese tin, 99%, was
nominally as follows: Feb. 17, 40.500c.;
40.750c.; Feb. 19, 41.250c.; Feb. 21, 40.625c.; Feb. 22, holiday;
Feb. 18,
Feb. 23,
"IRON AGE"
THE
COMPOSITE
PRICES
Finished Steel
41.500c.
Feb. 21, 1938, 2.605c. a Lb.
PRICES
DAILY
OF METALS
("E.
Straits
Electrolytic Covver
M.
&
J."
QUOTATIONS)
Based on steel
bars, beams, tank plates,
black pipe, sheets and hot
2.605c.
wire, rails,
2.605c.
2.330c.
One year ago
Zinc
Lead
Tin
One week ago
One month ago...
rolled strips.
These products represent
85% of the United States output.
Low
Hioh
Dom.,Refy. Exp., Refy.
New York
New York
St. Louis
St. Louis
9.775
41.750
9.525
4.50
4.35
2
9.775
9.675
42.000
4.50
4.35
9.775
9.775
42.500
4.50
4.35
Feb.21
9.775
9.700
41.875
4.50
4.35
.
Feb. 22
9.850
—
Average
9.775
..
Holiday
Holiday
42.750
4.50
4.35
4.75
42.175
4.50
9.750
9.775
—
Holiday
9.975
Holiday
Feb. 23.
Holiday
2.084c.
Mar. 10
2.130c.
Oct.
1
2.124c.
Jan.
2.199c.
Apr.
24
2.008c.
Jan.
2
2.015c.
Oct.
3
1.867c.
Apr.
18
1932
4.75
18.-
2.330c.
28
1933
4.75
Feb.
9
Dec.
1934
4.75
Feb. 19
Mar.
2.330c.
1935
4.75
2.605c.
1936
Feb. 17
1937
1.977c.
Oct.
4
1.926c.
Feb.
1
2.273c.
Jan.
7
2.018c.
Dec.
9
2.402c.
Jan.
4
2.212c.
Nov.
1
1930
1927
4.75
4.35
8
Pig Iron
19 are: Domestic copper f.o.b. re"
Average prices for calendar week ended Feb.
finery, 9.775c.; export copper, 9.471c.; Straits tin, 41.583c.; New
..
Mar.
York lead, 4.500c.'<
silver, 44.750c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted. All prices are in cents per pound.
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
figures shown above are net prices at refineries on the Atlantic seaboard. Delivered
prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for cooper are reduced to net at refineries on the Atlantic
seaboard. On foreign business in copper sellers usually name a c.i.f. price—Hamburg,
Havre, and Liverpool. The c.i.f. basis commands a premium of 0.350o. per pound
St. Louis lead, 4.350c.; St. Louis, zinc, 4.750c.; and
Based on average of basic iron at Valley
Feb. 21. 1938, $23.25 a Gross Ton
One week ago
furnace and foundry irons at Chicago,
$23.25
23.25
21.25
One month ago
One year ago
Philadelphia,
Valley
Buffalo,
and
Southern Iron at Cincinnati.
Low
High
1937
Mar.
9
$20.25
Feb.
1936
Nov. 24
18.73
Aug.
1935
Nov.
5
17.83
May 14
1934
May
1
16.90
Jan.
Dec.
16
11
27
3
5
13.56
Jan,
Jan.
5
13.56
Dec.
6
Jan.
7
15.90
Dec.
16
Jan.
4
17.54
Nov.
1933
1932
14.81
1930
19.71
1927
1
Steel Scrap
above f.o.b. refinery quotation.
Based on
No."T
heavy,
melting steel
1938, $13.67 a Gross Ton
...$13.83
quotations at Pittsburgh, Philadelphia
Feb. 21.
Daity London Prices
One week ago..
Cower, Std.
Tin
Cower
Zinc
Lead
Std,
One month ago
One year ago
and
14.00
Spot
3M
3M
Spot
{Bid)
Spot
3M
Low
High
3M
Spot
Chicago.
19.92
Electro.
$14.00
1938
Feb.17
39 %
40 %
43K
184%
18434
15^16
1534
143)6
14%
1937
Feb.18
40 %
40 %
44 %
185
184%
1534
15%
14.34
14%
1936
Feb.21
403i«
40'ie
44
18534
185
157)6
158)6
143,6
14%
Feb. 22__*
41 %
419)6
45%
186%
186%
1513ie
15%
14*316
Feb.23
423i#
42*16
45 34
19034
190
16J4
16316
15.3%
Jan.
4
London
Metal
Mar. 30
12.92
Nov. 16
17.75
Dec. 21
June
1935
13.42
Dec.
12.67
10.33
15
1934..
13.00
157i6
1933
12.25
Mar. 13
Aug.
8
10
prices.
All
8.50
Jan,
1930
15.00
Feb.
18
closing buyers'
1927
15.25
Jan.
are
17
Second. Quarter
for
Announced
Prices
All
Companies
Age" in its issue of Feb. 24 reported that
clarification of the steel price structure, which many buyers
have been awaiting, has not aided business broadly, although
a few companies have had the best volume of orders in weeks.
Improvement has not been sufficient to raise the steel ingot
production rate for the industry as a whole, since some
plants have recently been making raw steel in excess of
finishing mill requirements.
The "Iron Age" further
reported:
Following the action of the Carnegie-Illinois Steel Corp.
current
in continuing
prices through the second quarter, other steel companies made like
announcements, which covered virtually all
which the present price is effective
products except tin plate,
on
American Iron and Steel
Nearly all producers have extended
present quotations on pig iron through the next quarter.
All steel companies recognized in
their price statements the recent reduc¬
To iron out an ensuing maladjust¬
tion of $4 a ton on cold rolled sheets.
ment in differentials on related flat rolled
products, pickling extras
on
hot
and base prices of commodity cold rolled strip, used mostly by
the automobile industry,
have been lowered $2 a ton.
on
Pickling extras
on
Nos. 19, 20, 21 and 22 gages.
8
Feb.
15
Feb.
22
Mar.
1
Mar.
8
last week.
acter of
the
the
Sept.
7
1937—
Sept. 13
Sept. 20
Sept. 27
Dec.
13
27.4%
Dec.
20
23.5%
Dec.
27
84.1%
71.6%
80.4%
76.1%
74.4%
Jan.
19.2%
1938—
25,6%
3
4
60.1%
Jan.
10
27.8%
11
63.6%
Jan.
17
18
55.8%
Jan.
24
29.8%
32.7%
Oct.
25
Jan.
31
30.5%
90.7% July
5
89.9% July
90.3% July
26
Apr. 19.. ...91.3% Aug.
Apr. 26
92.3% Aug.
May
Aug. 30
Oct.
12
2
9
91.0% Aug. 16
91.2% Aug. 23
3
May 10
of
"Steel"
Cleveland,
steel markets, on Feb.
by
Announcement
its
prices on
the
would
Nov.
1
52.1%
48.6%
Feb.
7
Nov.
8
41.0%
Feb.
14
31.0%
Nov. 15
36.4%
Feb
21
30.4%
Nov. 22
30.7%
31.0%
Nov. 29
29.6%
0
27.5%
Dec.
in its summary of the
iron and
21, stated:
leading interest,
%
.
followed by other producers,
hot-rolled products for second quarter would be un¬
changed from the current level and
Wheeling-Weirton area,
where
one
capacity has been employed to
drop, from 62 to 48%
in railroad freight rates.
March
that on cold-finished sheets the recent
cause of uncertainty from the
apply has removed one
5,
schedule of prices on hot-rolled steel has been in effect since
1937, being reaffirmed for each succeeding quarter.
Possibly in
In that
period buyers have expected an increase at some times and a decrease at
others. In recent weeks it has been apparent that some consumers have held
back buying as
.
been at least temporarily
removed as business deterrents, attention is focused on the possible stimulus
result from an increase
The present
and the Buffalo district two
The Pittsburgh district is down
Now that the questions of wages and prices have
may
an¬
situation.
.
build up stocks, has shown the sharpest
that
Feb. 21,
Oct.
Mar. 29
Only in two important districts has there been an increase,
buying.
point, Chicago down a half point, Cleveland-Lorain is two points lower,
while
on
Oct.
Apr.
reduction
half points higher at 20 34%
a
9
Nov. 22
67.3%
82.7%
82.5%
84.3%
85.5%
84.6%
83.2%
83.8%
5
12
19
89.6% July
Operating rates by districts again emphasize the erratic char¬
Valleys being two points higher at 30%
and
5
Dec.
75.9%
-.87.3% June 21
88.9% June 28—..75.0%
Mar. 15
Mar. 22
that
for this week, off one point from
30%
79.6% May 17.....90.0%
91.0%
80.6% May 24
77.4%
81.6% May 31
7
76.2%
82.5% June
76.6%
85.8% June 14
1
Feb.
hot rolled sheets are $1 a ton lower on Nos. 17 and 18 gages and $2 a ton
Steel ingot output is estimated at
Institute
1937—
1937—
1937—
Feb.
rolled annealed sheets have been reduced $1 and $2 a ton, depending upon
lower
July
telegraphic reports which it has received indi¬
cated that the operating rate of steel companies having 98%
of the steel capacity of the industry will be 30.4% of capacity
for the week beginning Feb. 21, compared with 31.0% one
week ago, 32.7% one month ago, and 82.5% one year ago.
This represents a decrease of 0.6 points, or 1.9%, from the
estimate for the week ended Feb. 14, 1938.
Weekly indi¬
cated rates of steel operations since Feb. 1, 1937, follow:
Apr.
until Sept. 30, and pipe on which quar¬
terly announcements are not made.
the gage,
9
23
Sept. 25
Jan.
3
nounced that
by
"Iron
The
11.25
13.03
Apr.
in pounds sterling per long ton (2,240 lb.).
The
Steel
9.50
6.75
6.43
12
prices for the first session of the
Exchange; prices for copper and tin are the official
Feb. 21
21.92
-i
1932
Prices for lead and zinc are the official buyers'
$13.67
far as possible until the announcement had
been made.
Such tonnage as had
been deferred on this account should begin to appear
the market soon.
Some observers believe this will be of substantial
in
proportions.
ing that some plan is worked out at Washington whereby the weak roads
pickling of hot-rolled sheets have also been
decrease in the price of cold-rolled sheets
step toward restoring the former relation of these competitive materials,
largely used in automotive building.
Slightly better buying of steel in nearly all lines is evident, consumers
apparently finding demand for their products in a larger degree. This Is
not marked, but in the experience of some large producers it is believed
sufficient to give a larger total production in February than in January,
will be afforded financial aid through the
despite the shorter
anticipation of
an
early decision by the Interstate Commerce Commission,
of the railroads have issued inquiries for rails and track accessories,
some
notably the Santa Fe, Illinois Central, North Western and Rock Island
roads.
In
searching for all possible sources of encouragement, the steel industry
be prone to place too high hopes on railroad buying,
may
remains that it offers the most
tion
or
by some other means.
upward.
work
on
but the fact
tangible prospect for the near future,
assum¬
Reconstruction Finance Corpora¬
Equipment building may soon take
a turn
The Union Pacific, for example, has announced resumption of
1,700
cars to
be built in its own shops of an original program of
2,600 cars, while the Western Pacific has applied to the Interstate Com¬
merce
Commission for permission to borrow $3,600,000 for building and
repairing 400 cars and for other expenditures, including purchase of rails.
The Burlington
has ordered 100 ballast cars, the New Haven has ordered
Adjustments in extras for
announced, following the recent
as a
Railroad
month.
-
buying, delayed by uncertainty as to
the rate decision, ap¬
entirely and occasional orders for equipment
It is known that important tonnages of rails have been
parently can not be held back
are
coming out.
scheduled and it is believed these
will be placed as soon as the rate situation
is cleared.
Steel
production has become fairly stabilized at a rate dictated by current
requirements of consumers at a level
close to 30%
.
Variations from this
1328
Financial
level for the past six weeks have been only a point or two,
is
steady at the low level.
to
31%
indicating buying
Last week the national rate advanced
slight changes in schedule
as
were
one
made at various points.
point
and Chicago half a point to 24.5% .
This Is equal to the lowest rate at Chicago since the first of the year.
Youngstown moved up
six points to 29%
point to 48%
Buffalo advanced 2.5% to 21%
,
and St. Louis seven points to 28%
unchanged at Eastern Pennsylvania at 30%
at
Detroit
.
Operations
.
were
Wheeling at 44%
Cleveland
33, Birmingham at 61, New England at 27 and Cincinnati at 28%
,
,
European steel entente continue
preceding week.
General Motors produced 21,560, compared with 20,950;
Chrysler gained 800 to 9,850; Ford made 19,265, compared with 20,760
the
before
week
and
the
independents
assembled
8,425,
against
7,050
period.
Decided weakness in scrap at Chicago and Philadelphia lowered quotations
sharply and resulted in
cents to
the
the composite of steelmaking scrap
The finished steel composite is
"Steel's"
Great
London
Britain
cable
has
brings
relaxed
information
and
that
demand
current
bookings.
U. S. Steel is estimated at 26%
32%
two weeks ago.
pared with 32%
30 X
1937.
26
+ 1H
+ 1
86
54
-
—3
46
—2
export.
for
bank
1933
21
—2
—1
24 H
—2
+ 1
51+2
-
.
18H
-
1932
—1X
—Ws
25
1931
52
1930-
The statement in full for the week ended Feb.
23, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on
pages 1352 and 1353.
Changes in the amount of Reserve bank credit outstand¬
ing and related items during the week and the year ended
Feb. 23, 1938, were as follows:
(+)
or
Decrease
(- -)
Since
$
Feb. 24,
$
1,000,000
+6,000,000
—2,000,000
+ 134,000,000
Including
18,000,000
Other Reserve bank credit...
reserve
balances
-10,000,000
—1,000,000
2,591,000,000
12,784,000,000
2,665,000,000
Treasury currency
Member bank
—5,000,000
—2,000,000
Total Reserve bank credit
Gold stock.
—9,000,000
+131,000,000
+1,359,000,000
+133,000,000
+3,000,000
+3,000,000
7,240,000,000
R. bank..
+ 22,000,000
3,620,000,000
155,000,000
—6,000,000
—32,000,000
+535,000,000
—48,000,000
+1,018,000,000
—25,000,000
701,000,000
Treasury deposits with F.
+ 24,000,000
6,324,000,000
Money In circulation
Treasury cash
—11,000,000
+ 144,000,000
Non-member deposits and other Fed¬
eral
Reserve accounts.
week, issued in advance of full statements of the member
not be available until the
coming Monday.
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS
IN CENTRAL RESERVE
CITIES
New York City
Feb. 16 Feb. 24
Feb. 23
1938
Assets—
$
Commercial,
$
1937
$
3,242
7,837
3,267
220
industrial
agricultural
1938
.
7,826
+ 3J^
+3
219
1,478
1,487
*
Feb. 16
Feb. 24
1938
1938
1937
$
$
+1
77
94
—1
80
+4J+
Chicago
Feb. 23
Feb. 16
Feb. 24
1938
1937
1938
1938
1937
$
$
$
$
$
9
Other liabilities
Capital
—2
87
338
369
16
16
25
1,486
account.....
335
1,485
1,475
240
240
232
Comparable figures not available.
Complete
Returns
of
Member
Banks
of
the
Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks them¬
selves and
covering the same week, instead of - being held
following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors 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
until the
close of business Feb.
16:
The condition statement of
weekly reporting member banks in 101 lead
ing cities shows the following principal changes for the week ended Feb. 16:
An increase
a
of
$33,000,000 in loans to brokers and dealers in securities;
decrease of $42,0G0,000 in holdings of United States Government
direct
obligations, and
increase
an
of $24,000,000
in
"other securities";
an
in¬
of $66,000,000 in balances with domestic
banks; a decrease of $26,000,000 in demand deposits-adjusted, and increases of $25,CC0,CC0 in time
crease
deposits and $81,000,000 in deposits credited to domestic banks.
Commercial, industrial and agricultural loans declined $3,000,000 in
New York City, $4,000,000 in the Kansas
City district and $10,000,000 at
all reporting member banks.
New York
Open market paper declined $6,000,000 in
City and $9,000,000 at ail reporting member banks.
Loans to
brokers and dealers declined $16,000,000 in New York
City, $9,000,000 in
the Chicago district and $33,000,000 at all
reporting member banks.
Loans to banks increased $10,000,000 in New York
City.
in New York
Demand
Holdings of "other securities" increased $20,000,000
City and $24,000,000 at ail reporting member banks.
deposits-adjusted
district and
increased
$14,000,000
$10,000,000 in New York City,
in
the
Kansas
City
and declined $16,000,000 in
the New York district outside New York
City,
$13,000,000 in the Phila¬
delphia district, $10,000,000 in the Chicago district and $26,000,000 at all
reporting member banks.
Time
deposits increased $24,000,000 in New
York City and $25,000,000 at all reporting member banks.
to domestic banks increased $15,000,000 in New York
and San Francisco districts and $81,000,000 at all
reporting member banks.
Deposits credited
$
8,633
1,940
1,947
2,119
3,571
620
628
607
*
27
27
*
*
389
to foreign banks declined $6,000,000 in New York City.
Borrowings of weekly reporting member banks amounted to $9,000,000
In Feb. 16.
and
Otherwise secured & unsec'd
Open market paper
A summary of the
principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended Feb.
16, 1938, follows:
392
*
29
29
*
40
42
71
72
165
588
212
213
126
128
12
12
14
40
Real estate loans
Loans to banks.
163
578
126
Loans to brokers and dealers.
Other loans for
purchasing or
carrying securities
46
50
1
1
5
*
1,053
51
On securities
*
232
231
*
20
22
*
*
31
31
Feb.
1
16, 1938
(+)
or
Feb. 9, 1938
Decrease
(—)
Feb. 17, 1937
^
Loans and investments—total
Loans—total
*
Otherwise secured & unsec'd
193
192
3,127
3,123
3,466
956
956
Obligations fully guaranteed by
United States Government...
1,147
411
405
451
100
101
95
Reserve with Fed. Res. banks..
*!■ S3 CtrS
21,231,000.000
+ 5,000,000 —1,358,000.000
8,944,000,000
+19,000,000
559,000,000
—3,000.000
*
—7,000,000
*
—24,000,000
Commercial, industrial and agri¬
U. 8. Gov't direct obligations...
Other securities
Increase
Since
*
Other loans:
cultural
On
loans;
securities
Otherwise secured alid unsec'd 3,833,000,000
1,046
,042
1,145
264
262
270
2,741
2,695
2,648
591
604
554
Cash in vault
54
49
54
25
22
31
Balances with domestic banks..
Other assets—net
65
67
82
160
161
182
477
481
485
61
60
67
Open market
441,000,000
—9,000,000
747,000,000
+ 33,000,000
616,000,000
paper
+1,000.000
Loans to brokers and dealers in
securities
Other
loans
for
purchasing
—454,000.000
or
carrying securities
Real estate loans
1,158,000.000
—3,000.000
73,000,000
Loans to banks
Liabilities—
+10,000,000
+ 9,000.000
—3.000.000
Other loans:
Demand deposits—adjusted
Time deposits
5,901
banks
_•
5,847
6,515
1,421
1,426
1,586
669
672
645
469
469
455
343
343
134
62
62
36
2,094
United States Govt, deposits...
Inter-bank deposits;
Domestic
+ 1
90
City, $21,000,000 in the Chicago district, $9,000,000 each In the Dallas
Chicago
Feb. 23
loans:
On securities
Foreign banks
91
H
Borrowings
Deposits credited
(In Millions of Dollars)
Loans and investments—total..
Loans—total
75
/+:•;
Holdings of obligations fully guaranteed by the United States Government
of Governors of the
Federal Reserve System for the New York
City member
banks and also for the
Chicago member banks fo** the cur¬
banks, which will
8SM
.$
increased $4,000,000.
Below is the statement of the Board
rent
Yi
Holdings of United States Government direct obligations declined $28,000,000 in New York City and $42,000,000 at all reporting member banks.
Returns of Member Banks in New York
City and
Chicago—Brokers' Loans
^
53
+ 1
—
Liabilities—
1937
2,564,000,000
$13,000,000 comrnitm'ts—Feb. 23;
25 X
—l
1937
$
10,000,000
(not
—
New York City
Feb. 16 Feb. 24
mately $1,410,000,000, an increase of $50,000,OCX) for the
Inactive gold included in the gold stock and in
Treasury cash amounted to $1,214,000,000 on Feb. 23,
unchanged for the week.
advances
15H
+ 1H
80
-
reserve
week.
16, 1938
+2
52
+4
of $9,000,000 in Reserve bank credit.
Excess reserves of
member banks on Feb. 23 were estimated to be
approxi¬
Feb.
59
—1
$32,000,000 in Treasury deposits with Federal Reserve banks
and $11,000,000 in non-member
deposits and other Federal
Reserve accounts and increases of $3,(XX),000 in
gold stock
and $3,000,000 in Treasury
currency, offset in part by an
increase of $22,000,000 in money in circulation and a decrease
Increase
+2
89
Vi
Feb. 23
1938
34
+3
+
46
balances increased $24,000,000.
Additions to member bank
reserves arose from decreases of
$6,000,000 in Treasury cash,
Industrial
82
48
42
The Week with the Federal Reserve Banks
Feb. 23,
Independents
+3
1927
discounted
Steel
—2 H
—2
looking to closer relations of American exporters of steel products with the
23 member
com¬
,
two weeks ago.
50
89K
Bills bought
U. S.
Industry
1938
83 H
87
U. S. Government securities
in the week before, and
credited with 34%
approximate changes, in points, from the week immediately preceding;
1929
Hills
are
in the preceding week and 3034%
1928
Feb.
a
The following table gives a comparaison of the percentage of production
with the nearest corresponding week of previous years, together with the
Conversations
During the week ended
against 2834%
,
Leading independents
45
Continental exporters
find demand much smaller and are curtailing production.
bring about
1934
January imports of iron and steel products gained
December and exports were considerably lower.
over
to
iron
pig
Demand for steel continues strong with no delivery short of third
quarter
on
made
1935
for
tonnage is available
some
is
further stated:
1936
unchanged at $61.70.
in
effort
receding 42
This is the sharpest drop since
Effect of the scrap recession carried the iron
and steel composite down six cents to $38.88.
the
Steel-ingot production for the week ended Feb. 21, is
placed at 30K% of capacity according to the "Wall Street
Journal" of Feb. 24.
This compares with 30H% in the
previous week and 31% two weeks ago.
The "Journal"
$13.33, the level of mid-December.
early part of November.
as
1938
26,
wider range of products on which control can be exercised.
.
Automobile assemblies last week were 59,100, or 1,290 more than in the
in the preceding
Feb.
Pitts¬
burgh moved down two points to 29%
one
Chronicle
2,088
2,385
563
576
615
332
350
379
6
5
4
On
securities-
711,000,000
—
Otherwise secured and unsec'd
U. S.
Obligations
fully guaranteed
United States Government
*
—1,000,000
—42,000,000
—947,000,000
1.150,000.000
+ 4,000.000
+ 24,000,000
—327,000.000
by
—.
Other securities
—2,000,000
806,000.000
8,160,000.000
Govt, direct obligations
2.977,000,000
—60,000,000
Volume
Financial
146
Increase
(+)
"T
Feb.
Since
16, 1938
Assets—
Reserve with Fed. Res. banks..
..
"Hungary's motive
—99,000,000
+66,000,000
—26,000,000
make
the
banks....
—1,000,000
Foreign banks.
-1,119,000.000
+155,000,000
+255,000,000
+ 81,000,000
—713,000,000
—7,000,000
—31,000,000
+6,ooc;ooo
+ 25,000,000
time when
proposal
+ 7,000,000
Spanish Insurgents Recapture City of Teruel—Most
of Population Is Evacuated to Government Terri¬
tory—Early Drive to East Coast by General Franco
Expected
Fierce
fighting around the city of Teruel, and eventual
recapture of that strategic location by Spanish insurgents,
featured fighting in the Spanish civil war this week.
The
insurgent offensive against Teruel was noted in the "Chron¬
Before the loyalists abandoned
population of
It was esti¬
mated
that
loyalist losses in defending Teruel reached
2,500.
General Francisco Franco, commanding the rebel
troops, is now expected to plan an early drive with the
objective the eastern coast of Spain.
Associated Press ad¬
vices
of Feb. 22 from Ilendaye
(on the Spanish-French
frontier)
The
follows:
does not
strategic city of Teruel, in ruins after two months of bombardment,
the
in
Spanish
insurgent control
its defense and
up
of
one
Entirely
its
column
by
contemplate at present,
of which do not interest
battled
and
its
the
from
way
off in
the
said
stopped
government
nearly
a
there
to
and
year
half.
a
in
city
of
The
the
as
left "no
men,
leader known
trying to
Galician
suffered
forces
losses.
severe
fell.
as
the
said
garrison,
United
in
forces
recapture of
before
fighting
street
the
for hidden
city
Aragon opened
up
the
latter
the
up
gave
searching the passages which
were
the
the
"war
troops.
who
again to General Franco,
more
States, but it is popularly classed with
correctly known
as
relief debt.
a
An aide-memoire submitted to the State
Mr. Pelenyi said in
.
.
.
Department by
part:
Hungary's proposal
the subject of a White House conference last
(Feb. 17) in which Congressional leaders participated.
.
.
.
week
was
State Department and Administration officials had the
proposal
consideration,
but maintained the strictest silence
It
was
recalled that
a
on
under
whether the
plan
militant Congressional bloc
long has opposed compromise with debtor nations.
The partial payment
by Hungary on Dec. 15 of $9,828
referred to in our issue of Dec. 18, page 3895.
was
consideration
are
as
the basis of
a
possible offer to the American Government
follows:
as
That all payments hitherto made by the
under
the
amount
principal
(b)
debt
settlement
$478,000)
of
should
be
1924
to
the
recalculated
States
credited
Government
(approximate
against
original
($1,685,000).
That
the
original
principal
less the preceding amount paid
(1,685,000)
($478,000)
or
series of annuities.
(c)
Hungarian
United
as
The
total
of
the
amount
borrowed
$1,207,000, be paid in full in
!
of
these
be equal to this reduced
principal and shall be in the form of dated non-interest bearing notes falling
due at specified dates.
These annuities shall run for a period of approxi¬
sum
annuities
shall
mately thirty years (and hence each would be approximately in the amount
of $39,000).
—+,
Funds
Remitted For Payment of 40% due Sept. 1, 1937
and March 1, 1938—Coupons on Greek Government
per¬
5% Loan of 1914
The
Greek
Government
is
notifying holders of its 5%
40% of the face amount
due during the current fiscal year ending
March 31, 1938, the rate of such partial payment being 40%
of the sterling face amount of
ea^h coupon as follows:
Loan of 1914 bonds of
of
the
an
offer to pay
coupons
£0 9s. lid. coupon, £0 3s. 11 3-5d.;
£12 7s. lid. coupon, £4 19s. 2d.
until
wait
or
the
risk
Spain.
of
he
possibility of
Whether he
could
exposing
an
attempting to drive
whole line
his
move
advantage of this
take
would
column
advancing
forward,
attack
to
rather
from
two
Spanish
the
of
22
Feb.
Holders of the bonds who desire to accept this payment are
United Press
accounts from
Hen-
the dollar equivalent of the
fleet
toward
retreated
the
Island
of
Majorca
civil
between
war
aircraft
warships,
and
loyalists
case a
government communique said that the Almirante Cervera and another
believed
cruiser,
bombs
10,000
be
to
either
loyalist
from
is
a
The
smoke
While
the
the
From
of
end of the fiscal year ending
The
by a bomb when she attacked Sagunto
following
assault
an
hit the vessel's
main
on
and
possibly the engines.
Mediterranean coast
The
rebels
stack,
and
a
today
Feb.
and several
23,
we
pressed
Teruel, abandoned Feb.
announced
capture
the
of
several
insurgents
has
22
towns
occupied
positions north of the city.
take
the
following
supplement the partial payment at the rate of 40%
vessels\of the
Sagunto.
Cervera
They said
was
hit by
that the
a
that
bomb from
Almirante
the insur¬
a government
Cervera
and
other
insurgent blockade were cruising off the Valencia coast this
Proposal By Hungary For Settlement of Its Debt to U. S.
A
proposal for the settlement of Hungary's debt to the
Department
at Washington by John Pelenyi, Hungarian Minister to this
country. In a statement given out in Washington on Feb.
23 witn regard to the proposal, Mr. Pelenyi said:
United States has been submitted to the State
"Hungary's proposal refers to
additional pay¬
a
permanent
Chase National Bank, as successor fiscal agent, is
notifying holders of State of New South Wales, Australia
external 5% sinking fund gold bonds due April 1, 1958 that
there has been drawn by lot for redemption at par on April 1,
1938, for account of the sinking fund, $299,000 principal
amount of these bonds.
Drawn bonds will be payable at the
Corporate Trust Department of the bank, 11 Broad Street,
The
New York.
Member
Trading
on
New
York Stock and New York
Exchanges During Week Ended Jan. 29
The percentage of trading in stocks on the New York
Stock Exchange and the New York Curb Exchange during
the week ended Jan. 29 by members for their own account,
except odd-lot dealers on the Stock Exchange, was lower
morning.
States.
an
$299,000 of New South Wales, External 5% Gold Bonds
Due April 1, 1958, Drawn for Redemption April 1,
Curb
Spanish nationalist circles today denied loyalist reports
plane off of
by
to the percentage rate eventually agreed upon for such
settlement
*.
(United
Press) :
gent battleship Almirante
In
1938
tremendous
army
London at the time of presentation.
as
com¬
...
from
loyalists admitted that
The
to the southeast
Paris,
the
Valencia,
on
March 31, 1938. the Greek Government would
struck
were
Valencia.
warships attacked from the coast, the insurgent
Teruel.
Castralvo
Baleares,
north
emitted, indicating that the missile had damaged the
was
ship
loyalists.
the
bomb
toward the
eastward
hit
was
northward
moved
of
interior
the
or
Sagunto,
tons.
munique said.
cloud of
Canarias
off
7,850-ton vessel and the Canarias and Beleares both
The Almirante Cervera
fleet
the
planes
sterling amount of the payments upon the basis
buying rate for exchange
permanent settlement of the external debt service is effected up to the
ment up
Almirante Cervera
invited to
Morgan & Co., paying agents, who will make the partial payments at
of their
insurgent
Spanish
,
The announcement in the matter continued:
present the coupons due Sept. 1, 1937 and March 1, 1938, respectively, to
secret.
a
asserted.
beyond
It is
£2 9s. 7d. coupon, £0 19s. 10d.;
the
today after two of its cruisers had been seriously damaged in the biggest
by
debts."
a
Under date of
the
of the same
The loan in question was
actually a post-war relief credit used to pur¬
a
remained
of
relief debt
a
indicated, would provide for the pay¬
original loan in full, but without interest.
In
accounts from Washington l^eb. 23 it was
a
operations,
daye said, in part:
are
granted by the United
were
regards
Press
chase flour and wheat in the United
J. P.
by
as
On
run
A
ago
On
opportunity
battle
pro¬
original indebtedness to be paid
character
same
On
the
government-held
'
States and
generation.
a
directed
wedge
United
already remitted to the American
cents on the dollar of her
along the highway to Sagunto and cut Catalonia off from the rest
sonally
The
sums
the
noted:
pic¬
a
"The Peasant," was killed
or
desire for further borrowings
no
to
The proposal, it is
food within Teruel."
or
armored truck.
During the evening they still
beneath
she has
killed and
were
communique
the government
of
Oampesino,"
"El
an
1,000
loyalist
A
munitions
arms,
commander
than
more
brigades headed the insurgent advance into the city and engaged
network
a
The
city
in
escape
government
defense.
than
reports of renewed heavy fight¬
came
government losses were during the retreat from Teruel
insurgents said the
turesque
sides,
a
forces
taken.
were
prisoner
had
garrison
the
headquarters
with
with the Johnson Act, the provisions
or
as
taking into account
ment of the
a
Rebel dispatches declared
taken
form
Franco's
held them for
desperate 6tand
from
marching
and
war
making
reported
were
Francisco
said government
was
serious
disputed.
2,600
of
it
prisoners
how
Just
while
the
in
One
placed casualties of the last several day6 at 25,000 and said thou¬
which
report
was
They
fell
troops
Mediterranean.
From General Franco's
ing in
sands
early
insurgents
Generalissimo
keep
the
the
retreating
particular
The forms and terms for
effecting this new settlement which are under
formed an
bitter street
garrison
back to Puerto
Escadon, nine miles southeast of Teruel, to the strong defenses where the
toward
one
(a)
advices
her
character."
fighting.
Government
Hungary
'Terms of approximately the
States to Austria eight years
war.
loyalist
the
from
in the United States.
government
The insurgents
of the
operations
rebel. troops,
when
today
again
hasty retreat.
a
successful
most
surrounded
attacking
made
solely
negotiations with the United States which Hungary
would be acceptable.
forces
reoccupied
city, 160 miles east of Madrid, two months after the government took
gave
it
city's normal
most of the
evacuated to government territory.
described the capture of Teruel as
fell under
therefore,
United States; it has nothing to do furthermore,
Government, 100
were
springs,
nothing to do with the indebtedness of other govern¬
the
"Hungary recognizes her indebtedness
icle" of Feb. 19, page 1159.
her debt to the United States at
payments within her capacity to
has
poses to pay,
Teruel, however,
on
resumes
ments toward
Comparable figures not available.
13,000
Hungary
situation and
any trade agreement
5,325,000,000
383,000,000
9,000,000
Borrowings
*
proposal in regard to payments
"Hungary's
deposits—adjusted
14,485,000,000
deposits.
5,248,000,000
United States Government deposits
638,000,000
Inter-bank deposits:
solely
pay to her other creditors.
Liabilities—
Demand
Domestic
a
same
—283,000,000
Time
in making a proposal to the United States is
Hungary considers it her duty to
+ 289,000,000
+ 5,000,000
—24,000,000
.
1329
due to the fact
that, inasmuch as Hungary has made no distinction between
private and intergovernmental debts,
1937
%
$
5,622,000,000
280,000,000
2,038,000,000
.-
Cash in vault
Balances with domestic banks._
Feb. 17,
Feb. 9. 1938
$
Chronicle
(- -)
Decrease
or
her post-war relief debt to the United
than in the preceding week ended Jan. 22, it was announced
yesterday (Feb. 25) by the Securities and Exchange Com¬
mission.
Member trading on the Stock Exchange during
the week ended Jan. 29 amounted to 2,336,275 shares in
round-lot transactions, the Commission noted, or 19.54% of
total transactions on the Exchange of 5,977,810 shares.
This compares with 2,374,670 shares of stock bought and
sold on the Exchange for the account of members during
the previous week, which was 23.16% of total transactions
that week of 5,127,070
shares.
Financial
1330
the
On
their
the Curb Exchange
20.18% of total transactions of 833,460 shares, the
was
member trading having amounted to 336,310 shares.
The data issued by the SEC is in the series of current
figures being published weekly in accordance with its pro¬
gram embodied in its report to Congress in June, 1936, on
the "Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer."
The figures for
the week ended Jan. 22 were given in these columns of
Feb.
19,
The SEC in making available the
1160.
page
figures for the week ended Jan. 29 said:
The figures
The
On the New York
round-lot volume in the same week, 1,058,125 shares
New York
Curb
Exchange
1,082
866
205
50
100
488
619
YORK
STOCK
Stock
Exchange issued
because, at times, a single report may
previous list was given in our issue of Jan.
The following is'the list made available by
EXCHANGE—TRANSACTIONS
IN
ALL
STOCKS
OF MEMBERS * (SHARES)
Per
Cent
a
5,977,810
members except transactions of
specialists and odd-lot dealers in stocks In which registered:
1. Initiated on the floor—Bought-—
-
■
11
Sold
2,500
3,000
13,356
10,500
23,410
15,030
16,923
732,417
2,137
732,483
14,681
2,578
7,353
14,781
None
5,427
7% preferred-..
Armour & Co. of Delaware
Corp. common
Atlas
—
„.i,------
$6 preferred
Atlas Powder Co. common
Beatrice Creamery Co. $5 preferred
Bon Ami Co. common A
-
Bristol-Myers Co. common
Chikls Co. common
6.19
14,902
462,965
transactions
stocks
in
specialists
of
....
3.87
.
340
Duplan Silk Corp. common
General Printing Ink Corp. $6 preferred
-
.
capital
National Cash Register Co. common....
Nash-Kelvinator Corp.
.
—-
—
Penick & Ford, Ltd., common
Poor & Co. class B
•-
2,336,275
-
Safeway Stores, Inc., 7% preferred——
19.54
200
1,672
20,830
2,804
——————
(W. A.) Sheaffer Pen Co. common
Standard Commercial Tobacco Co., Inc., common
Standard Oil Co.
Transactions for account of odd-lot dealers in stocks in which
Swift & Co.
registered*
1. In round lots—Bought
Sold
None
992
-------
4.45
531,820
:
-
Sold
48,685
74
58,665
15,400
1,440
279
3,055
11,304
48,688
434
58,088
16,200
1,580
484
24,154
10,168
-
Vick Chemical Co. capital——
919,427
1,244,118
—
29,179
— ———
_-
United States Gypsum Co. common
-
398,059
30,395
;
United Drug, Inc., common
United States Freight Co. common
Bought
996
390,784
———
Underwood Elliott Fisher Co. common
Total
—
(Ind.) capital
Transamerica Corp. capital
2. In odd-lots (including odd-lot transactions of specialists):
—
Vulcan Detinnlng Co. 7% preferred
Wheeling Steel Corp. 6%
Total
NEW
YORK
preferred
(H. F.) Wilcox Oil & Gas Co. common
Youngs town Sheet & Tube Co. common
2,163,545
-
CURB
EXCHANGE—TRANSACTIONS
FOR ACCOUNT
OF MEMBERS *
Week Ended Jan.
IN
ALL
Short Interest
29, 1938
Week
/
Total volume of round-lot sales effected on the Exchange
transactions of members,
During January
The total short interest
1,058,125
Sold
Total—
2.
Initiated off the floor—Bought
27,795
-
Sold
41,850
Total—
Round-lot
2.48
69,645
transactions
of
specialists
registered—Bought
in
stocks
in
1936—
31
28
Apr.
13.35
30-...
May 29
June 30
Aug. 31
172,820
231,810
-
Sold
Total
996,399
974,338
Sept. 30
1,011,670
July
Total round-lot transactions for accounts of all members:
Bought
404,630
31
—
New
Sold
York
Rules
60,925
------
Nov. 30
Dec.
26
Mar. 31
*
partners,
a
Including special partners.
of members' transactions
Percentage
to
total
Exchange
transactions.
In
calculating these percentages the total of members' transactions Is compared with
twice the total Exchange volume of the reason that the total of members' trans¬
actions Includes both
purchases and sales, while the total Exchange volume lnoludes
only sales.
1,012,186
1,049,964
30
May 28
Stock
July
-----
30
Aug. 31..-
944,957
1,007,736
966,935
29
967,593
1,214,082
Nov. 30
1,184,215
31
1,051,870
Oct.
Dec.
1933
Jan.
1,228,005
31.
Committee Adopts New
Regulations Applicable to Cus¬
Exchange
Men—New
Contained
.1,314,840
1,426,522
1,199,064
29
Apr.
June 30
Sept. 30
1937—
Feb.
In
Total
137,697
The term "members" Includes all Exchange members, their firm3 and their
31
Jan.
Clarifying
tomers'
76,772
-
1,066,184
1,230,579
1,136,814
30
Oct.
19.12
Odd-lot transactions of specialists in stocks In which registered:
Bought
„1,103,399
1,246,715
1,175,351
1,132,817
-.1,117,059
1,138,358
month
1937—
1936—
Mar. 31
159,460
282,560
-
shown the short interest
existing at the opening of the last business day of each
since Jan. 31, 1936:
Feb.
123,100
j
Total
with 1,314,840 on Jan. 29, 1937.
In the following tabulation is
Jan.
which
-
Sold...
3.29
with 1,051,870 on Dec. 31 and
This compares
Feb. 21.
on
52,425
-
the New York Stock Exchange from its members,
1,228,005 shares, it was announced by the Exchange
was
30,500
existing as of the close of business
compailed from informtion
the Jan. 31 settlement date, as
obtained by
21,925
-
Increased
New York Stock Exchange
a
except transactions of
specialists in stocks in which registered:
1. Initiated on the floor—Bought
on
Per
Cent
on
Round-lot
-
STOCKS
(SHARES)
Total for
;
2,062
24,500
2,789
17,500
11
79,951
capital.—80,683
Tide Water Associated Oil Co. common
417,550
114,270
...
2,265
2,599
27,145
9,800
1,265
1,899
27,945
preferred
(Frank G.) Shattuck Co. capital
Total
2,355
5,202
64,773
64,473
——
Ritter Dental Mfg. Co., Inc., common
1,065,465
1,270,810
-
40
300
4,827
87,620
280
None
17,000
83,540
285
450
5,500
16,400
133,601
12,292
None
300
300
—
....
1,253
23,775
485
78,900
60
None
6,066
84,620
None
-
Reliance Manufacturing Co. common
which registered—Bought
of odd-lot dealers in stocks in
3,223
31,475
364
70,900
Jewel Tea Co., Inc., common
Real Silk Hosiery Mills, Inc., 7%
Total round-lot transactions of members, except transactions
81,900
1,205
Inc., capital
5H% prior preferred
9.48
5,505
81,800
3,023
;
preferred
$2 preference-
1,133,380
Total
470
3,200
5,275
National Supply Co. common
531,390
8,421
62,558
2,400
Loose-Wiles Biscuit Co. 5% preferred—-
601,990
Sold
Sold
921,066
Davega Stores Corp. 5% preferred—
Detroit Edison Co. common
McCall Corp. common—-
which
In
registered—Bought
,
14,916
38,176
8,391
62,658
924,674
preferred...
Commercial Investment Trust Corp. common—
Mission Corp. common
Total
3,543
38,144
—
Commonwealth Edison Co. shares
Interchemical Corp. 6%
267,240
-
Report
13,311
Interstate Department Stores, Inc., preferred
195,725
J
-
-
Shares
per Latest
Reported
(Julius) Kayser & Co. common
Initiated off the floor—Bought
518.
American Woolen Co. 7% preferred
Insuranshares Certificates,
338,350
401,580
739,930
page
Previously
V
Household Finance Corp. common
Total
17 its
the Exchange
(W. T.) Grant Co. 5% preferred...
llecker Products Corp. voting trust common
of
Sold
Round-lot
22,
Consolidated Cigar Corp. 6K% Preferred--.
29, 1938
effected on the Exchange-.--
Total volume of round-lot sales
Feb.
Feb. 17;
Columbia Gas & Electric Corp. 6%
Total for
Week
2.
on
Alpha Portland Cement Co. common
the round-lot transactions of specialists
comparable with data similarly
Week Ended Jan.
transactions
York
New
monthly list of companies listed on the Exchange reporting
changes in the reacquired holdings of their own stock.
A
American Coal Co. of Allegany County capital..
in the various classifications may total more than
received
FOR ACCOUNT
Round-lot
in¬
an
Shares
entries in more than one classification.
NEW
of
December.
Name—
not strictly
registered" are
of reports
over
.
*Note—On the New York Curb Exchange
number
The
on
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
dealer, as well as those of the specialist.
The number of reports
$905,028,
total value of sales on all exempt exchanges was
of 2.3%
■
floor
Initiated off floor
carry
of the value
of stock sales and 99.9%
•
.———————
Reports showing no transactions
the
95.0%
104
270
292
Reports showing transactions:
As specialists*
Other than as specialists:
which
New York Exchanges accounted for 95.6%
registered exchanges,
on
by Companies Listed on New York Stock Exchange
follows:
Number of reports received
in
Total principal
total.
December's
under
22.2%
or
sold was $192,475,050, a decrease of 22.1% from December.
Changes in Amount of Their Own Stock Reacquired
the ticker volume (exclusive of rights and warrants).
Stock
stocks
shares
amount of bonds
crease
Exchange
"In
42,601.402
The total round-lot volume for the
ticker.
New York
on
Bond sales were valued at
$133,593,304, a decrease of 9.9% from December, 1937.
Total sales of stock, including rights and warrants, in January were
New York Stock Exchange, 5,977,810 shares,
These reports are classified as
Initiated
•
from December, 1937.
decrease of 22.4%
a
effected on those exchanges as distinguished from
IfcThe data published are based upon reports filed with the New York
Stock Exchange and the New York Curb Exchange by their respective
members.
ex¬
including rights and warrants had a value of $954,114,764,
Stock sales,
The two leading
8.3% larger than the volume reported on the ticker.
exceeded by 5.9%
securities
all registered
on
63.4%
bond sales.
volume reported by the
Curb Exchange, total
sales
Commission added:
of all sales
week ended Jan. 29 on the
was
National Securities Exchanges
on
dollar value of
table for the New York
all round-lot sales of stock
the
The
1938
changes in January, 1938, amounted to .$1,087,714,713, the
Securities and Exchange Commission announced on Feb. 25,
a decrease of 21.0% from the value of sales in December,
1937, and a decrease of 63.4% from January, 1937.
The
New York Curb Exchange represent the volume of
given for total round-lot volume in the
Stock Exchange and the
26,
During January 21% Below December and
Below Year Ago
In the preceding
1,058,125 shares, a percentage of 19.12%.
week ended Jan. 22 member trading on
Reports Sales
SEC
during the week ended Jan. 29 to the
404,630 shares against total transactions of
account
of
amount
York Curb Exchange members traded for
New
own
Feb.
Chronicle
Rules
Agreement
Embody
Affecting
Restrictions
Registered
Employes
The
Committee
on
Customers' Men of the New York
Exchange, announced on Feb. 23 that in order to
clarify the regulations applicable to branch office managers,
Stock
customers'
men
and
other
registered
employees,
it
has
Financial
146
Volume
adopted a series of new rules embodying restrictions pre¬
viously contained in the form of an agreement which regis¬
tered employees have been required to sign at the time of
their approval of employment by the Committee.
The Com¬
mittee also said:
Three.
1331
If approved at
The approval on Feb.
provisions
rules of the Committee,
as
give them the force of the rules of the Exchange and to make them
1160.
page
On Feb. 23 President
ployee has entered into the agreement in its present form.
ing Committee
three appointed
rules, numbered 18 to 23 inclusive, which become
effective March 1, are as follows:
No registered employee shall guarantee the
18.
balance in a customer's account, to his
employer
payment of the debit
or to any
other creditor
carrying such account, without the prior written consent of the Committee
Customers' Men.
on
in his account, or in any way represent to any customer that he or
his em¬
ployer will guarantee the customer against such losses.
No registered employee shall, directly or indirectly, take or receive a
20.
share in the
profits of any customer's account, or share in any losses sus¬
tained in any
tain
such account.
No registered employee shall make a speculative transaction or
21.
a
main¬
speculative account in securities or commodities, or have any direct
of indirect interest in such a transaction or account.
No registered employee shall, directly or indirectly, rebate to any
22.
firm or corporation, any part of the compensation he may receive
person,
as
a
registered employee, nor shall he pay such compensation or any part
thereof, directly or indirectly, to any person, firm or corporation, as a bonus,
commission, fee or other consideration, for business sought or procured for
him
or
member of the Exchange or firm registered thereon.
any
shall, directly or indirectly, take, accept or
No registered employee
23.
receive, from any person, firm, corporation or association,
member
nature,
or
other than the
member firm with whom he is registered, compensation of any
a
as
issue of Feb. 19,
our
a
copy
on
on
Gay of the Exchange forwarded to
of the report submitted to the Govern¬
that day by the special committee of
Jan. 31, to prepare the amendments to
the constitution
necessary to give effect to the recommenda¬
tions of the Committee for the
Study of Organization and
Administration of the Exchange, as contained in its
report
on
Jan. 27, 1938.
The last-named committee, of which
Carle C.
No registered employee shall guarantee any customer against losses
19.
noted in
was
•
the members
new
10 by the Governing Committee
changing the voting procedure on con¬
of the amendment
applicable to all registered employees, whether or not the registered em¬
The
that time, they will be immediately submitted to
the members of the Exchange.
stitutional amendments
The effect of the inclusion of these
will be to
Chronicle
bonus, commission, fee,
gratuity or other consideration, in
connection with any securities transaction or transactions, except
written consent of the Committee on
with the
Conway was Chairman, was appointed on Dec. 10
"to consider all aspects of a further
development of the organ¬
and administration of the
ization
including,
salaried
In his advices to the members of the
President
Exchange
Feb. 23,
on
Gay said:
The
Special Committee of Three has embodied the necessary constitu¬
a single broad amendment, which is now before the
Governing Committee for consideration.
As soon as the amendment has
tional
been
changes in
adopted by the Governing Committee, it will be submitted to the
membership.
Pursuant to the Governing Committee's
instructions, the Special Com¬
mittee of Three has endeavored to carry out, in letter and in
spirit, the
recommendations of the Conway Committee.
In the accompanying report,
Special Committee of Three has summarized conveniently the principal
of the proposed amendment.
the
Customers' Men.
Exchange,
others, the advisability of making the Presidency a
office, of transferring greater administrative respon¬
sibility to executives, and of making the functions of stand¬
ing committees supervisory rather than administrative,
and to report its recommendations to the
Governing Com¬
mittee as promptly as possible."
among
features
Governors of Investment Counsel Association Endorses
Census
Proposed by SEC
The announcement stated:
large number of firms and individuals
The
investment
people on
matters,
and the variations in their methods of
The association has already declared its standards
professional practice and one of its important functions is to enforce
of
adherence by members to
these standards as set forth in its "Code of Pro¬
Practice."
fessional
Obviously, it is not within the province of a
to
ours
as
however,
fessional
voluntary association such
conduct any policing or regulatory function extending to indi¬
viduals or firms which
are
not members of the Association.
We believe,
that the establishment and making public of standards of pro¬
practice by
a
representative group is a
definitely constructive
public interest.
general lack in the past of any established and published standards
step in the
The
and of any
rewrite the constitution in accordance with the
proposals of
was mentioned in our issue of Feb. 5,
850.
The Committee of Three included E. H. H.
Simmons, Chairman; Charles B. Harding and William McC.
Martin, Jr. In the New York "Times" of Feb. 24 it was
the
Conway committee
page
noted:
The
definite information as to the number and types of organizations
impossible for the investing public
to discriminate intelligently.
It is for these reasons that the Association
welcomes and endorses the proposal of the SEC to conduct a census.
furnishing advisory services has made it
of the special
report
E. H. H.
engaged in advising other
operation, complicate the problem of establishing standards to become
generally applicable.
Conway committee were re¬
length in these columns Jan. 29, page 690, and
appointment of the Committee of Three named to
the
suggestion made by David Schenker, counsel
for the Securities and Exchange Commission that a census
be taken of investment counsel and advisory firms, looking
toward establishment of sound principles and practices as a
matter of public policy, is endorsed by the governors of the
Investment Counsel Association of America, according to
an announcement on Feb. 23 by Dwight C. Rose, President
The recent
of the Association.
The recommendations of the
ferred to at
committee
the constitution,
on
headed
Simmons, former President of the Exchange, recommends
broad amendment, in two parts.
of transition;
the second is
an
The first part is
by
one
provision for the period
a
entirely new constitution,
in which only
fragments of the old remain.
The report provides for all the major points recommended by the Com¬
mittee for the study of the organization and administration of the
Exchange,
headed by Carle C. Conway, and goes a step or two further by recommending
a new method of arbitrating non-member claims and
by putting more teeth
into the
provisions for discipline of members.
.
.
.
The first part of the amendment proposed by the
would add
a
Simmons committee
article to the existing constitution, ending the terms of
new
office of all officers and committeemen (except the nominating committee
the trustees
and
of the
gratuity fund) seven days after the 1938 annual
It further directs the nominating committee elected in January
election.
to nominate a chairman of the board and the 27 elective members of the
board of governors, the latter to be divided equally among one-year,
new
two-year and three-year terms.
The right to make additional nominations by petition is preserved to the
members.
If promptly adopted,
to become effective about March
the Committee expects the amendment
16,
month before the nominating
or one
committee must present its slate.
Approval by Members of New York Stock Exchange of
Amendment
Procedure
Constitution
to
on
Changing
Terms of Governors
Voting
While
Future Constitutional Amendments
Governors serve
—Report of Simmons Committee
Changes in Constitution
It
announced
was
on
Which
Drafted
mittee proposes
Feb. 24 by the Committee
on
Public
the Governing Committee on
procedure on future constitu¬
tional amendments to provide for affirmative instead of
negative voting by members, became effective today Feb.
24b not having been disapproved by a majority of the ex¬
isting members of the Exchange.
The vote on the amend¬
ment was: Approving, 525; disapproving, 5; defective, 1."
The announcement by the Committee on Public Rela¬
.
The
In
second
the
as
at the next
amended, provides that, a proposed amendment
may
regular or at a special meeting and shall be laid upon the
After
an
interval of one week, action may be taken
regular meeting or at a special meeting or may be postponed.
It thinks this necessary to insure
amendment
the
half of
draft submitted
11
articles
deals
of the
with
conform with the balance of the document.
omitted.
the
new
constitution.
existing constitution
stantially unchanged, except for the alteration of
a
are
sub¬
few words to make them
Four old articles have been
...
Discipline Provisions
Article XVI provides a more flexible and broader method of discipline,
including expulsion, suspension and fines up to 85,000
on vote
of seventeen
governors.
Article XX (formerly Article XXV, provides for alterations to the Con¬
voting.
be presented at a
that
continuity in administration.
stitution.
tions added:
table for one week.
recommendation
that this principle become retroactive only after the 1938
who have served one or more terms.
ernors
of the Constitution of the New York
Stock Exchange, adopted by
Feb. 10, changing the voting
Article XXV,
Committee's
than two successive terms, the Simmons Com¬
more
election, leaving the membership free to continue in office present Gov¬
Relations of the New York Stock Exchange that "the amend¬
ment to Article XXV
no
Conway
the
approving
It is this article on which the members of the Exchange are now
The result will be known today.
closing the Simmons Committee notes that adoption of the amend¬
In
ment
will require complete revision
mittee and of all the
committee be
of the rules of the Governing Com¬
standing committees.
It recommends that
a
special
appointed promptly to supervise and coordinate this work*
by the affirmative vote of 17 Governors, the proposed
amendment shall be submitted to the Exchange.
If within two weeks 688
When
adopted
more
or
members shall have voted, the amendment shall become effective
if approved
by
a
Stock
majority of the votes cast. If less than 688 members vote
period for voting is automatically extended
during the first two weeks, the
for
if
or
an
additional two weeks and if within the whole voting period 688
more
or
members shall have voted the amendment shall become effective
approved by a majority of the votes cast. If less than 688 members vote
if such number or more shall have voted but the amendment shaU not
approved by a majority of the votes wcast, the amendment becomes
void.
be
null and
The Governing Committee
after
held
under the
the
the
new
amendment
of the Exchange at a special meeting today,
Article XXV became effective, received
of
Special Committee of Three which Were introduced yesterday under
By receiving these amendments again
for in the new amendment will apply.
determined to hold a special meeting on March
today the voting procedure provided
The Governing Committee
3 to
consider the amendments proposed
by the
Special Committee of
Money in the Country
Washington has Issued the
customary monthly statement showing the stock of money
and the amount in circulation after deducting
in the country
the
moneys
held in the United States
Federal Reserve bank? and agents.
for Jan. 31,1938, and show
are
at
that
section of the Constitution the amendments proposed by
the old section of the Constitution.
of
The Treasury Department at
date
(including, of
that the
course,
Treasury and
money
and
against $6,550,274,478
as
$6,348,671,241
$5,698,214,612
on
on
in circulation
what is held in bank
vaults of member banks of the Federal Reserve
$6,320,199,614,
by
The figures this time
on
System)
was
Dec. 31, 1937
Jan. 31, 1937, and comparing jvith
Oct. 31, 1920.
Just before the outbreak
1332
Financial
of the World War, that is,
June 30, 1914, the total
on
was
Chronicle
National Bank Assets
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31,
9—
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hS 2
3
2
3
0
c5
03
03
CQ
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S
to
S
2
"3
•
& I s«
—-
•
8 S
S I
«
Revised figures.
a
Does not include gold other than that held by the Treasury,
In the total,
since the gold
or
silver
held
as
security agalnsi gold and silver certificates and Treasury notes of 1890 Is Included
under gold, standard sliver dollars, and silver bullion, respectively.
c This total Includes credits with the Treasurer of the
United States payable In
certificates In (1) the Gold Certificate Fund-Board of
Governors, Federal
Reserve System In the amount of $6,300,943,051; and (2) the
redemption fund for
Federal Reserve notes in the amount of $10,311,830.
gold
Includes $59,300,000
lawful money
deposited
as
a
reserve
for
Postal
deposits.
Savings
f The amount of gold and silver certificates and
Treasury notes of 1890 should be
deducted from this amount before combining with total money held In the
Treasury
to arrive at the total amount of money In the United States.
held
by the Cuban agency of the Federal Reserve
Bank
of
Atlanta.
h The money in circulation includes
tinental limits of the United States.
any
paper
held outside
currency
the
con¬
maintained in the
Treasury—(1) as a reserve for United States
notes and Treasury notes of 1890—$156,039,431 in gold bullion;
(II) as security for
Treasury notes of 1890—an equal dollar amount in standard sliver dollars (these
being canceled and retired
receipt);
on
(ill)
as
security for outstanding
silver certificates—sliver in bullion and standard silver dollars of
equal to the face amount of such sliver certificates:
a
monetary value
and
(iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the issuing Federal Reserve Bank.
Federal Reserve
notes are secured by the deposit with Federal Reserve agents of a like
amount of
gold certificates
or
of gold certificates and such discounted
eligible under the terms of the Federal
direct obligations of the United States
Reserve Act.
if
so
a reserve
in gold certificates of at least 40%,
or
purchased paper as Is
until
June 30, 1939, of
majority vote of the
Federal Reserve banks must
or.
authorized
Board of Governors of the Federal Reserve System.
maintain
decrease
checks
pass
outstanding
books
$429,894,000.
of
amounting
Deposits evi¬
$6,646,098,000 represented
to
value
of
stock
capital
The
$1,577,831,000, representing
was
latter
a
par
figure
fund
of
$11,855,000,
total
a
of
$1,666,367,000,
increased
showed
increases
of
$1,306,000
and
in
comparison
discounts to total
$7,186,000 in the
six
and
with
32.91
on
deposits
June
30,
on
1937,
Dec.
31,
and
29.94
1937,
on
1936.
on
Treasury
Feb. 19 that the tenders to the
Time,
18.
on
The
Treasury bills are dated Feb. 23 and will
May 25, 1938. Previous reference to the offering
made in
our
issue of Feb.
19,
1166.
page
.$141,485,000
50,276,000
99.983 equivalent rate approximately
0.067%
Low
99.975 equivalent rate
approximately 0.099%
Average price.
99.977 equivalent rate approximately
0.092%
(40% of the amount bid for at the low price was accepted.)
New
by
a
including the redemption fund
which must be deposited with the Treasurer of the United States,
against Federal
Reserve notes In actual circulation.
"Gold certificates" as herein used
includes
credits with the Treasurer of the United States payable In gold certificates.
Reserve bank notes and National bant notes are In process of retirement.
Federal
Offering of $100,000,000 of Treasury Bills in Two
to be Dated March
2—$50,000,000 of
91-Day Bills and $50,000,000 of
106-Day BillsProgram of "New Money" Borrowing In Operation
Series—Both
On Feb. 24 announcement
Jr.
are
a
$1,067,703,000
say:
d Includes $1,800,000,000 Exchange Stabilization
Fund, $1,223,189,818 Inactive
gold, and $141,759,385 balance of increment resulting from reduction in
weight of
he gold dollar.
notes
of
High
b These amounts are not Included
Mote—There Is
decrease
a
Total acceptedRange of accepted bids—
*
money
and
Total applied for
s
^
h> fs< k
1937,
30,
$26,540,694,000,
were
Regarding the accepted bids to the offering, Secretary
Morgenthau's announcement of Feb. 19 had the following
-9
»
8s
"S
«
1937,
The tenders were received at the Federal Reserve
banks and
the branches thereof
up to 2 p. m., Eastern Standard
—9
Feb.
|
$22,108,000 and $96,013,000 in
respectively.
31,
Henry Morgenthau Jr. an¬
offering last week
of $.50,000,000, or
thereabouts, of 91-day Treasury bills
totaled $141,485,000, of which $50,276,000 were
accepted.
©* X*
09
2
$334,-
accounts.
Secretary of the
mature
©
decreased
months, respectively.
nounced
X
®
©
©
•
§1
June
but
of $141,485,000 Received to
Offering of $50,000,000 of 91-Day Treasury Bills Dated Feb. 23—
$50,276,000 Accepted at Average Rate of 0.092%
©_ X ©
tiT 9-*
©
©
09
©
©
Dec.
June,
Tenders
CO © if
©" ©* If*
__
"
*
—
since
travelers'
retirement
H
©
8
rH
®" 9j(*
u}9nfiWHe'^
since
09
o
HD
of
Hi
©
©
N
^ 1 ©_
.
$194,732,000
periods,
on
$1,582,713,000.
was
«
g Includes
12-month
savings
book
of
Dec.
©
09
1—1
°. °°1-9
£•
09
©
—
of
banks
of
12
09
©
(s. bIO H
.00
Reserve
.
if
1:0
09
-
i-l
stocks and
collection
09* -9* ©* 09* ©* 09*
1-9 o CO
t>.
©
©
N
©_©©■*
©* «" co" "5
•
Federal
$422,490,000 decreased
deposits
$225,219,000
$9,836,000,
©
Hi
X_ 00 ^
©* ©* if* ©* ©" ©*
s « t09
©
m
t-
09
e
and
total
rH
09
E-.
six-
of
The percentage of loans and
/-I 00
-1-"
©
1-9
09* -9*
I
©
with
reserve
of
process
$36;333,000 since June and $94,172,000 since December the
year previous.
Bills payable of $8,508,000 and rediscounts of
$1,328,000, a total of
1-9* 9-* -9*
CO
©
©*
in
stock
©
09
items
©
©
©* ©*
©
include
cash
©
9-
©
CO
and
*f9
•f H 9. 5 9« O
©
CO
fully
States,
©
—* X* 09"
©
09 —9
j
the
vault
stock
©
co
J
of
x
©
Tji* v
^
obligations
9-
©
•+
'
banks
increased
value
09* 09" ©* ©*
.
.
$1,308,987,000,
United
of
obligations
consisted of class A preferred
$267,361,000, class B preferred stock of $17,470,000, and common
stock of $1,297,882,000.
Surplus of $1,100,308,000, undivided profits of
$399,969,000, reserves for contingencies of $154,235,000, and
preferred
'
!
of
consisting
$6,763,895,000,
year.
denced
©
9—
©
co
©
©
09
©
5
Jjlj!
other
which
the
in
credit
©
States
of
of
f
co
$11,763,004,000,
of
!
®
dis¬
31, 1936.
The aggregate of deposits on Dec. 31, 1937, consisted
demand and time deposits of individuals,
partnerships and corporations
$12,169,107,000 and $7,501,101,000, respectively; United States Govern¬
ment deposits of $504,278,000;
State, county and municipal deposits of
$2,019,528,000; postal savings deposits of $83,888,000; deposits of other
banks of $3,832,898,000, and certified and cashiers'
checks, cash letters of
«*
©*
eo
3
«
and
$1,666,000
$3,690,122,000.
with
in
Cash
of
©
3
of
since Dec.
—
IX
SLK
loans
increase
an
municipalities of $1,390,656,000, and other bonds,
of
$4,172,915,000,
The
^
©
I
I
4"
to
obligations
the United
©
<*
r-
! w
securities
1-9
CO* 09*
«"»
*
by
and
l-
CC
rH
Total
ago.
showed
amounted
direct
575,000
on
CO
x
jo
09
©
09
I
guaranteed
counties
Balances
©
CO
is
investments
Government
OC
09
©
5 &
—
1
I
year
a
$8,809,448,000
.
~r
I
©
Hi
—
09
r-_
j
CO*
of
Total
States
119 CO
oc V x*
CO.© ©
© © CO
,
co
-•«•
©
.00
C9
09
I co* x" —"
£r
2
1
corresponding call
$8,128,003,000,
©
©
I
made for statements of condition,
$30,124,195,000, which was a decrease of $212,876,000, or 0.7%, in the amount reported by the 5,299 active
banks on June 30, 1937, the date of the previous call, and
a decrease of $946,246,000, or 3.05%, in the amount
reported
by the 5,331 active banks as of Dec. 31, 1936, the date of
—* ©* ©* ©'
r.
t-
©
f
date of the last call
-
©
C0_ © © 09 n "t CO
©" —" O* ©* ©" 09* Hi
J Hi 09
©
00
86 M
N
© Hi
i
1
the
aggregated
December, 1936, said the Comptroller, who added:
00
X
I ©
».•*
I
CO
States, Alaska, Hawaii and
Virgin Islands of the United States as of Dec. 31, 1937,
since the previous call, and an increase of $542.120,'000 since
19
©
09
!
Cur
O'Connor
hanks in the continental United
the
CO* CO* CO*
09
IR
Loans
in
Comptroller of
by
Comptroller of the Currency J. F. T. O'Connor announced
Feb. 21 that the total assets of the 5,266 active National
counts
X_ f. 09 «
©
«>
Reported
09
co
I 119 ■*
I
O
$26,540,694,000—Increase
to
Discounts
the
0
■15
<
■*
on
Total
©
8881.8.1
3? -|
26, 1938
Dec. 31 Totaled
$30,124,195,000
Decreasing from June 30 Figure by $212,876,000—
Deposits Declined from June 30 by $225,-
only $3,459,434,174. The following is the full statement:
©
Feb.
was
made by
Secretary of the Treasury, of
a new
Henry Morgenthau
offering of Treasury
bills in two series to the
aggregate amount of $100,000,000,
or
thereabouts.
The Treasury has been
making
weekly
offerings of bills during the past several months in
of $50,000,000, to meet
maturing issues.
The
additional
Departments'
series
is
in
announcements
furtherance of
on
the
amount
Treasury
Feb. 3 (referred to in these
columns Feb. 5 page 840) of its intention to
begin on Feb. 28
"New Money"
borrowing to a total of $200,000,000 to $300,-
000,000 through the sale of additional offerings of $50,000,000
weekly,—-these
supplementing
the regular
$50,000,000
weekly bills to take care of maturing issues.
The tenders
to the new
offering of $100,000,000 will be received at the
Federal Reserve banks, or the branches thereof,
up to 2 p. m.,
Eastern Standard Time, Monday, Feb. 28.
Bids will not
be received at the
Treasury Department, Washington.
Each series of the bills, which will be sold on a discount
basis to the highest
bidders, will be offered in amount of
$50,000,000,
or
maturing June
thereabouts.
1,
1938,
and
One series will be 91-day bills,
the
other
106-day Treasury
Volume
Financial
146
Chronicle
bills, maturing June 16,1938; both series will be dated March
Among the more significant recommendations were proposals that the
pupils of parochial and other non-public schools share to a limited extent
The Secretary of the Treasury pointed out that
bidders are required to specify the particular series for which
1938.
2,
each tender is made.
1333
in
the grants.
Part of the general aid fund,
the report said, should be
spent in such schools for textbooks and reading materials, transportation
The face amount of the bills of each
of
pupils, scholarships for pupils 16 to 19 years of age, and- for health and
will be payable without interest on their respective
maturity dates.
There is a maturity of Treasury bills on
welfare services.
March 2 in the amount of
funds between white and
series
$50,030,000.
following is from Secretary Morgenthau's
The
of $1,000,
value).
$10,000, $100,000,
No tender for
an
amount less than $1,000 will be considered.
multiples of $1,000.
are
Frac¬
The committee
or
express guaranty
of payment by an incorporated
concurred in the
the following morning.
on
ly reserves the right to reject
allot
as
majority report of the Committee, in which he indicated his
personal views, although agreeing with much of the majority
report. ■
:-U';
'U; -'.vU ■■ V
v ;
possible thereafter,
The Secretary of the Treasury express¬
any or
all tenders
or parts
of tenders, and to
less than the amount applied for, and his action in any such respect
shall be final.
Any tender which does not specifically referr to a particular
series will be
subject to rejection.
Those submitting tenders will be ad¬
vised of the acceptance or rejection thereof
for
soon
as
President
Roosevelt, in Letter to Newly-Inaugurated
President of Argentina, Expresses Desire for Policy
of
Inter-American
Cooperation—Secretary Hull
Payment at the price offered
Treasury bills allotted must be made at the Federal Reserve Banks in
cash
other immediately available funds
or
March 2,
on
1938, provided,
however, any qualified depositary will be permitted to make payment by
credit for
Also
Treasury bills maturing June 16, 1938, allotted to it for itself and
its customers up to any amount
existing deposits when
Sends
President
for which it shall be qualified in excess of
of
notified by the Federal Reserve bank of its district
so
The Treasury bills will be exempt, as to principal and interest,
cooperation,"
and any
gain from the sale or other disposition thereof will also be exempt, from all
Roberto M.
tion
except
(Attention is invited to
estate and inheritance taxes.
Treasury Decision 4550, ruling that Treasury b lis are not exempt from the
No loss from the sale
or
as
a
of any tax
or
hereafter imposed by the United States
now
deduction,
or
otherwise recognized, for
any
tenant-Colonel
of its
Treasury Department Circular No. 418,
as
a
of inter-American
congratulation to
of
the latter's inaugura¬
of
Argentina.
letter,
The
which
was
by the State Department in Washing¬
Robert
■
His
issue.
Olds,
of
commander
States army
good-will
the
The letter read
planes.
follows:
as
notice
amended, and this
in
the occasion
on
flight of six United
possessions.
prescribe the terms of the Treasury bill sand govern the conditions of their
in the furtherance
ton, was flown from Washington to Buenos Aires by Lieu¬
the purposes
or
Ortiz
assist
policy
letter of
fruitful
said
he
President
as
Wishes
desires "to
and
made public Feb. 21
other disposition of the Treasury bills
shall be allowed
Good
Roosevelt
constructive
a
taxation,
gift tax.)
adoption of the report with the exception
of T. J. Thomas, President of the Yalier Coal Co., Chicago.
Mr. Thomas submitted a statement for transmittal with the
the closing hour will be opened and public announcement of the ac¬
probably
Reeves noted that all members of the Committee had
man
Immediately after the closing hour for receipt of tenders on Feb. 28,
1938, all tenders received at the Federal Reserve Banks or branches thereof
up to
men.
Advisory Gommittee is headed by Floyd W. Reeves
Professor of Education of the Chicago University.
In
transmitting the Committee's report to the President, Chair¬
trust company.
ceptable prices for each series will follow
Government officials, labor
The
Tenders from others must be accompanied by a deposit
an
single
beginning next July and
year
composed of teachers,
was
leaders, churchmen and business
incorporated banks
of the face amount of Treasury bills applied for, unless the tenders
accompanied by
bank
a
In addition to the grants, the committee recommended the creation of a
companies and from responsible and recognized dealers in invest¬
ment securities.
Youth Administra¬
the Federal Youth Service Administration.
as
research fund of $1,250,000 for the fiscal
increasing to $3,000,000 for later years.
''''''U-:%
Tenders will be accepted without cash deposit from
,
Federal agency to be known
Bach tender
99.125.
of State and local funds
the proportion
tion, the committee said, should be placed under the direction of
(maturity
The price offered must be expressed on the
tions must not be used.
10%
denomina¬
$500,000, and $1,000,000
basis of 100, with not more than three decimal places, e. g..
and trust
without reducing
The Civilian Conservation Corps and the National
>.y-:;/"7'''fiyyy.',-:':.:^'>y:i
■
must be in
equitable distribution of the Federal
an
Negro schools, in States where separate Negro
spent on Negro schools.
The bills will be issued in bearer form only, and in amounts or
of
schools exist,
announce¬
Feb, 24:
ment of
tions
The committee recommended
Excellency,
Senor
Don
;vr:.:
Roberto
M.
Ortiz,
President of the Republic of Argentina.
Roosevelt
President
Returns
Brief Visit to
to
Washington
Hyde Park, N. Y.
My
After
Washington late on Feb. 23,
following his brief visit to his mother's home at Hyde Park,
N. Y., where he had gone for a few days' rest on Feb. 18.
During his stay at Hyde Park the President was visited by
Joseph P. Kennedy, the new Ambassador to Great Britain,
President:
of
the
conversations
with
welcome such
a
Our
in
two
during
world
nurtured
for
over
The
community
Transmits
Advisory Committee
Federal
New
on
Grants
of
Congress Report of
Education Recommending
$855,000,000 to States for
As
to
School Aid
you
America, for
in
the
of
cause
held in your great
furtherance
of
constructive
a
and
I
for the preservation
of
nations
the Western
made abundantly clear
was
capital in December, 1936.
high office, I assure you of
your
joined by the people of the United States of
am
successful administration.
a
the
of
peace,
the responsibilities of
assume
best wishes, in which I
my
interests
of
furthering the
1936,
is my hope that they will
cooperate efficaciously and wholeheartedly
Hemisphere, in
in
lived peacefully
ideals, have
similar
with
I
this friendship.
renew
century, and it
a
most agreeable
my
Buenos Aires
to
continue to
peace.
send you a
to
pleasure
remember
I
visit
my
happy occasion to
at the historic conference
Roosevelt
great
me
of
who sailed this week for his London post.
President
gives
Argentine Republic.
you
republics,
troubled
a
It
of greeting on the auspicious occasion of your inauguration
message
President
as
President Roosevelt arrived in
Mr.
dear
personal
It is
my
fruitful
and
earnest desire to assist
policy of
inter-American
cooperation.
On Feb. 23 President Roosevelt transmitted to
Congress
The airplanes of this government which
a
report of the Advisory Committee on Education recommend-
ceremonies
inf
and
Federal grants
bearers
the
are
the government
to
this
of
will participate in
greeting to
of
message
your
you
inaugural
personally
and people of the Argentine Republic.
of $855,000,000 to States during the
for the improvement of the public school
system.
In the report it is stated that "the public school
system in the United States greatly needs improvement.
Glaring inequalities characterize educational opportunities
and expenditures for schools throughout the nation.
It is
wishes for President
likewise stated that "the
said:
new
next
can
six
maintained
be
under
level
of educational
present
service
that
aid is the
only way in which the difficulties in this widespread
and complex situation can be adequately corrected."
The Committee recommends new Federal grants to the
States for educational purposes, to begin a year hence at
$70,000,000 and to increase to $199,000,000 by 1944, as
1939-40
-
-
i
;
—
-
V
vy/:'.
-$70,000,00011940-41
.
1941-42-.
139,000.00011942-43
1943-44-.-
179,000,00011944-45-....
159,000,000
.199,000,000
The
only
year
of 1939-40 and
aid to
elementary
and secondary
education,
$40,000,000-
2.
Improved preparation of teachers. $2,000,000-$6,000,000.
3.
Construction of school buildings to facilitate district reorganization,
$20.000,000-$30,000.000.
Administration
of
State
departments
of
education,
$1,000,000-
$2,000,000.
5.
Educational service for adults,
6.
Library service for rural areas, $2,000,000-$6,000,000.
The report
$5,000,000-$15,000,000.
emphasized that the first item should be distributed
the States in proportion to their financial
manlike
address,
needs.
the poorer States.
sincerely,
Ortiz's regime, in
the
democratic
of
which
All
very
has
alien
are
Nation to
the
mental
such
statement which
Republic,
Argentine
In
Americas.
his
this
to
inspiration not
but also to the
brilliant and
states¬
language the major
He has ratified his faith in the
institutions.
He
has
emphasized the ideal of
to the exclusion of political principles and problems
objectives
gratifying to
in
a
hemisphere.
has
He
dedicated
the
Argentine
high ideals of peace and progress.
these
of
;
Ortiz should be an
of President
of
D. ROOSEVELT.
also expressed good
Ortiz has emphasized in vigorous
Dr.
me
clear
community
contribute
of
by
shared
are
country.
my
It
is accordingly
and to all the American people that President Ortiz
and
unmistakable
language
made manifest
the funda¬
which join our two countries and which
to the maintenance of
inter-American co¬
interests
efficaciously
operation.
♦
Relief Bill—Efforts to In¬
Appropriation for WPA Asked
by President Roosevelt Defeated
Senate
Passes
$250,000,000
Emergency
Feb. 23, by a vote of 67 to 1,
passed the
$250,000,000 to help in
financing Works Progress Administration relief projects
during the fiscal year ending June 30.
Passage of the bill
by the House on Feb. 16, by a vote of 353 to 23, was noted
in our issue of Feb. 19, page 1172.
In the Senate the dis¬
senting vote was cast by Senator Josiah W. Bailey (Demo¬
crat) of North Carolina.
Following the Senate action, the
The
Senate
on
bill appropriating
was
returned to the House for concurrence in the Sen¬
ate amendments.
The share of wealthy
very
Feb. 21
on
the great
of
nations
continental solidarity,
bill
among
President,
objectives of the Argentine Government.
preservation
As to these, United Press accounts from
Washington, on Feb. 23, said:
One of
States, it said, must be small if the schools are to be materially improved
n
the
Administration's
$140,000,000.
4.
address
citizens
all
crease
the second for the maximum in 1944-45:
General
the
of
The Committee proposed the division of the new grants into six major
1.
inaugural
to
citizens
quote:
categories, as follows, the first being for the starting
Mr.
of State Hull
Secretary
will
we
dear
my
FRANKLIN
'
109,500,000
It was pointed out in Associated Press advices from
Washington Feb. 23 that these grants would be in addition
to the permanently authorized Federal grants of more than
$50,000,000 a year for vocational education. From the same
advices
me,
Yours
in many
circumstances
localities is below the minimum necessary for the preserva¬
tion of democratic institutions" and it is added that "Federal
follows:
Believe
years
is
the major
elimination
by
changes in the
the
Senate
of
a
measures
House
adopted by the two chambers
amendment
which
would have
Financial
1334
denied
relief
who
aliens
to
filed
have not
application
for first naturaliza¬
tion papers.
by Senator Lewis B. Schwellenbach
(Dem., Wash.), calling for repeal of the Woodrum amendment to the 1937
Relief
which
Act
distribute
Works Progress Administration must
the
that
over
12-month
a
House
disagrees with
WPA
the
enable
would
to
the
pour
$250,000,000
into
local
projects almost immediately to meet the peak unemployment load expected
in March and April.
Approximately $500,000,000 of the original $1,600,Three
major amendments
tion
Senate, including
a
Bone (Derri., Wash.), leader of a block
which would have increased appropria¬
Senator Josiah W. Bailey (Dem., N. C.), outstanding
amendment by
An
spending,
relief
large
voted down by the
were
$400,000,000.
to
"within-the-ranks"
of
foe
to contribute
Deal
New
expenditures,
least 25%
at
and
States
was
calling
for
communities
of the cost of work relief projects,
of
Austin
R.
materials
(Rep., Yt.)
permitting local
under the Bailey amendment cither
long
$250,000,000 asked for by President Roosevelt on
Feb. 10 were easily defeated.
The President's request was
referred
Feb.
these columns
in
to
of Vermont
Austin
12,
1005.
page
Senator
Feb. 23 sought to amend the bill
on
so
of WPA
25% to the cost
materials. A somewhat similar
been attempted by Senator Bailey, who intro¬
projects in cash
had
change
duced
amendment
an
unless
cash
munities
unable
were
amendment
to
of
on
to
found
that
Senator
by
local
53 to 22, defeated
Bone
increase
to
Bone's
said
Senator
from
opposition
proposal
for
$400,000,000
a
Alva
B.
Adams
relief
wanted
lay
to
the
aside
bill
for
"six
"people
"I
go
tell
to
want
Senators
any
But
I'm
we
on.
can't
debate]
also
who
oppose
I know
realist and
a
obtain
this session
vote
a
bringing
of
fiery
a
public
from
protest
pressure
Senator
the
of
opponents
on
Republican
Johnson,
all the forces
firmly.
"I'm
because in
the
following
Senate
and I'll
up
going
not
this
in Christendom
of
to
bring pressure,"
shut
to
vote
day
some
there
is
the
mouths
be
going to
a
to exercise my prerogative."
want
"Post" of Feb. 22 Robert C. Albright
to
in
say,
regarding
part,
Senate
the
action:
The
followed
vote
futile
two
efforts
recent
to
bill
it
since
The
the
made
was
action
bill
anti-lynching
of
event
the Senate's
virtually
was
far
so
unfinished
tantamount
this
as
unprecedented
an
session
is
of
wave
.
Jan.
on
6.
death
concerned.
warrant
Only in
lynchings—reduced
The measure's troublous
the Senate
calendar
tabled.
and
Colorado,
who
days, and then
of
the
in
the
the
.
in the Senate contrasted with easy passage
course
through the House April 15 of last year by
day it
business
signing the
to
by
filibuster
the anti-lynching
on
eight last year—was the measure expected again to head
to
Senate calendar.
then
the
stop
cloture, and terminated more than 140 hours of debate
on
Aubrey Williams, acting WPA Administrator, considered $250,000,000
talk
the Washington
In
met
of
proceed with
I know eventually we are going to succeed,"
tone.
fight will
said
appropriation
(Democrat)
and
cause
important subject
had
from
appro¬
"the
He said he thought it was
Senate
20 men are determined to talk interminably."
or
Senators
Southland
an
he
[limitation of
brought
unlikely
$250,000,000 to $400,000,000 the supplemental relief
priation.
In the Washington "Post" it was stated:
Senator
com¬
that much.
pay
Feb. 22, by a vote of
sponsored
certain
14
as
Johnson
the
most
25% in
require cities to provide
President
the
Senate
The
or
this
won't be for cloture if
"I
to force most communities to contribute
as
the
California.
Mr.
from that
a
that
indicated
this
Wagner's
measure
funds, also was rejected.
or
In earlier Seriate sessions efforts to increase the amount
a
motion would be debatable and
a
other business.
"legislative jam" if the filibuster continued.
confident
a
that
cloture
Mr.
make their contributions
to
sponsors
in
by Senator Warren
proposal
foresaw
in
bill
without
as
postpone action
to
country."
said
this
motion
His effort failed because of
28.
"go right on."
country"
Wagner
"I believe in
he
Barklev's
two months" so he could use the time to appeal to the
or
the
the
of
he
said
weeks,
rejected by a vote of 25 to 47.
A
Associated
21, reporting this,
Feb.
objection.
filibuster would
the
sentiment
He
Mr.
March
Barkley made the point that such
Senator
Homer T.
by .Senator
proposal
advocating
Mr.
remains.
appropriation
000,000
anti-lynching bill until
parliamentary
that
to amend
Wagner sought
the
Washington,
in part:
added,
on
from
accounts
Press
Mr.
Speedy conciliation of differences between the House and Senate versions,
however,
also that two motions to invoke cloture, limiting each Sen¬
period.
the Senate changes, the legislation will be
conference, further delaying its dispatch to the White House.
to
sent
provides
available funds
its
the
If
Feb. 26, 1938
ator's argument to one hour, had been defeated.
Senate also added an amendment
The
Chronicle
June
since
During the
22.
It
special
277-to-120 vote.
a
debated three
was
session
it
It has been
days in July,
considered
was
made the special order of business for Jan.
for
five
Since
6.
that
has been continuously before the Senate.
sufficient.
Two
Amendment
in
Late
the
by Senator
day the Senate
Carl
Hayden
of the fund for construction
Mr.
said
Hayden
with
itself
to
other
building
made-work
amendment
His
WPA
by
a
standing vote
of Arizona
bar
to
amendment
an
use
of
part
any
of,buildings by WPA.
situation"
economic
the
rejected
(Democrat)
asked
"is
projects,
such
the
that
park
as
seriously
relief
interfering
confine
agency
development.
of
The
out
Senate
of
to
Stricken
Ban
Appropriation
an
the
take out
sought to
crat)
agreed
provision
a
bill
House
citizenship
Senator Henry
and
Senate also
Committee amendment
denying relief to aliens
Senator
papers.
James
F.
Ashurst
(Democrat)
F.
Byrnes
in this country
are
Arizona
of
not
(Demo¬
said
the
Feb. 22
rejected, by
a
$200,000,000, said
dispatch, Feb. 22, from Washington to
the New York "Times," which also stated, in part:
a
Previously the New Dealers had
of
Schwellenbach's
Senator
amendment,
adopted
fiscal
not
as
applied
as
of
part
the
1937
year's appropriation
Mr.
result.
amendment
had
repealing
present
Relief
over
bill.
Act,
argued
am
greater
the
so
so-called
Woodrum
WPA
that
successfully
Woodrum
amendment,
allocate
to
its
deficiencies would
that
Woodrum
the
worked because .of the emergency situation caused
by
in unemployment since the present recession began.
Adams
contended
that
the
Schwellenbach
needed, and added:
"I
forced
the entire year,
Schwellenbach
the
The
not
the upward turn
Senator
victory by the adoption, 38 to 36,
a
amendment
the
to
won
amendment
was
not
'
looking forward to less unemployment, to better business and to
confidence.
confidence than
I believe that Congress
generally is believed.
is
going to
do
less
to
injure
Abandons
Controversial
on
BUI
Anti-Lynching
Measure
Bill—Votes
to
Aside—No Further
$250,000,000 emergency relief resolution, thus ending
30-day filibuster by Southern Senators which had blocked
legislation during the present session except for the adop¬
up the
Housing
lynching
measure
at
measures.
Senator Wagner
again press his fight for the anti-
some
bate during the present session of Congress.
Abandonment
of the bill had been foreseen,
as was indicated
in our
there
unanimous
appeared to
consent
to
him to be
limit
the
no
chance
anti-lynching
of
obtaining
debate
said he had done all he could to get a vote on it.
23
the
calls to keep Senators
to
51
shut
debate
off
by
"nays," and later with
Investigate Commodity Costs,
Approved By Senate Commerce
Senate Commerce
"The purpose of the resolution is to enable the Committee
investigate the entire subject of price.
prices, we would investigate profit.
Necessarily,
on
in
Commerce
investigating
"The President recently made a statement on the subject of
price.
of the Senators
on
the
recently advocated
subject of price.
I think
bill to enable
a
a
One
sweeping investigation
we should have definite information as to
the status of prices in this country.
"We ought to investigate the relations of taxes,
freight rates, labor
charges, corporate profits and corporate capitalization to price, and we
would attempt to learn just what is going on in this country with
respect to
price.
We would attempt to determine
are too
w
hether the assumption that profits
great or that prices are too high or too low is well founded in fact."
On page 1170 of our Feb. 19 issue reference was made to
Senator Bailey's resolution,—the reference coming at the end
of President Roosevelt's comments (Feb.
18) on present
price levels given
1169.
on page
Members of SEC and Senate Banking Committee Confer
Proposed Amendments to
Regulation
of
Over-Counter
Maloney
Maloney's Comments
pal Dealers
It Affects Munici¬
on
Bill
on
as
Bill
for
Markets—Senator
Members of the Securities and Exchange Commission and
Senate Banking and Currency Committee conferred on
Feb.
23 on proposed amendments to the Maloney bill for
regulation of over-the-counter security dealers. It was
reported on that date that the attitude of the SEC as to
the
non-acceptance of changes proposed by brokers and dealers
in
municipal
securities
and
He noted
whereby
they
would
be
excluded
from the scope of the bill tended to delay action. Washing¬
ton advices Feb. 23 to the New York "Journal of Commerce"
in
indicating this, said:
At least three members of the Senate Banking Committee expressed strong
opposition
the
to
bill
because
exemption is written in
to
the
the
of
its
bill, it
blanket
was
application
learned, they
may
and
unless
carry
the
the fight
Senate floor.
Senators
The motion to shelve the anti-
lynching bill was offered by Democratic Leader Barkley
who, in asking that the measure be laid aside, explained
that
to
Profits
to
future
time, but it was not
believed that it would again be the subject of extended de¬
Feb. 19 issue, pages 1174-75.
and
and
the
a
and
the
floor
Committee approved
Bailey (Democrat) of North Caro¬
lina proposing an appropriation of $25,000 for an
"investiga¬
tion of costs, prices and profits of the principal commodities
of our Commerce."
Mr. Bailey was quoted on Feb. 23 as
saying:
Debate
The Wagner-Van Nuys anti-lynching bill was abandoned
by its Administration supporters on Feb. 21 when the Sen¬
ate, by a
jvote of 58 to 22, decided to lay it aside to take
said later that he would
"ayes"
tried
the
"nays."
Resolution
On Feb.
Lay
Expected at Present Session
tion of the Farm
37
quorum
taken
the resolution of Senator
Feb. 18.
Senate
with
41
bill
has
♦
Except for the House provision on aliens, the bill was
favorably reported by the Senate Appropriations Committee
on
failed—once
the
tempo¬
a
each,
During 30 legislative days of
Senator
some
of
sponsors
has
of
passage
Committee
voice vote, an
amendment by Senator Hale to reduce the appropriation to
Southern
farm bills,
After
promptly resumed.
every
Twice
"ayes" and 46
striking
have
who
"remiss in its duty of deporting alien criminal
on
and
filibuster.
the
constant tattoo of
a
floor.
Prices and
labor."
The
42
Out
South Carolina estimated nearly 75,000 aliens
of
illegally,
Labor Department has been
the
in
was
virtually
there has been
on
called
filibuster
Bailey
public building construction.
Alien
been
truce
rary
Southern
Called
two major measures, the housing and
on
cloture
the reputed
had
backing of the American Federation of
Labor, which wants the PWA, which pays prevailing wage rates and lays
emphasis on skilled as opposed to relief labor, to have exclusive charge
.
Only
consideration
construction
and
Truces
Rejected
Those
dealers
Herring
protest
"The
on
are
the
committee
Senators
(Dem.,
States
Bankhead
Iowra).
against the
in
eome
Exemption
exclusion
of
(Dem., Ala.), McAdoo
Senator
measure
still have
Backing
demanding
its
Bankhead,
present
rights.
I
am
who
form,
was
municipal
(Dem.,
security
Calif.)
outspoken
in
and
his
said:
opposed to giving the Federal
Government authority to regulate public issues."
promise"
it
Permit closely held companies to declare an additional 10%
over-the-counter brokers
section 1 providing for
associations for self-regulation
conduct
of
giving effect
to
national
of
within two and one-half months after the close of
lations "to
title
.
Standards
than
of dividends
taxable year and receive
provisions proposed originally.
in reduction of the 1-B base.
use
Exempt corporations coming out
the 1-B tax for
a
of bankruptcy
Meanwhile the
Ohio, who
receivership from
or
period of two years.
provision,
in amended form,
even
Democratic member of the committee,
of
Rules
on
for
year
basket clause..
so-called
a
Permit deficit corporations to carry over operating losses to the following
is to provide enforcement of
criminal proceedings and
iBsue rules and regu¬
insure to investors protection comparable to that provided under
with respect to
national securities exchanges."
This is the
injunctive rather
1938.
dividend credits for them.
the section the broad authority to
from
of the adjusted net
used to pay debts incurred prior to January 1,
money
or
irrevocably set aside for debt payment—whichever is the greatest.
or
issue
to
choice of deducting the flat $60,000, 30%
a
income,
Retain the deficit
regulations through
this
the
authority
Commission
of the changes proposed
effect
major
eliminate
to
the
Allow
yielded to other demands
section 2, calculated to
to
profession.
the
The
the
revisions
gives
of
purpose
establishment
voluntary
the
the
for
dealers
section
governing
regulations
and
rules
and
offered
and
bill
This
effect.
its
soften
earnings of less than $75,000.
Increase the base exemption for all corporations of this class from the
the bill were postponed until
on
SEC has
disclosed that
was
the
of
revision
Exempt from the special surtaxation all closely-held corporations with
net annual
present $40,000 to $60,000.
Meanwhile,
of
satisfactory "com¬
Tuesday.
next
for
issue further sessions
the
of
a
on
1335
Chronicle
the commis¬
Committee and experts of
meeting to get together
attendance at the
in
of the
inability
the
oi
Because
sion
Financial
146
Volume
attacked
was
by
a
Representative Arthur Lamneck,
of the three Democrats to side with the
was one
seven
Re¬
publicans in favor of abandonment of the tax.
It
modified
tions be
that standards governing issuance
proposed
was
read
to
of rules and regula¬
To
practices."
industrialists
constituted the only change in this clause.
fictitious quotations."
prevent
The
brokers
financial responsibility of
commission broader powers by
safeguards with respect to
bill
The
dealers."
and
financial
the
gave
financial
ships,
suant
"with
subsection
of enforcement was made through the addition
2 stating that Section 32 of the Securities
required
document
or
filed
be
to
under
rules
euch
any
Securities
the
records and
"scratch" sales
on
The reduction in the tax
or
Trade, according to
Act
Exchange
the
respecting
keeping
of
on
the commodity exchanges.
brewers' wort and malt, suggested repeal
trading in commodity future
on
Dr.
reduction
J.
T.
elimination
the
and
Duval of the
V.
dispatch from Washington Feb. 21
a
"Times" from which
to the New York
Section 3, was also proposed to be added to the bill to
of the
also quote:
we
exemption were urged
to newspapers
accounts and
It is
reports.
by
Department of Agriculture.
The exemptions from some taxes on communication lines
17 (a)
impose upon national associations the duty of complying with Section
of
Act
and the elimination of the present exemption on "Scratch"
sales followed pleas by members of the Chicago Board of
of any statement in
This
section,
Revenue
000,000.
facts."
new
1932
Repeal of the existing tax on matches, which nets to the Treasury $4,-
Section
to
regulations, which statement is at the time and in the light of the circum¬
stances under which it is made, false or misleading with respect to any
A
pay¬
of complete liquidation.
cases
approved by the committee provided:
Retention of the existing tax on
the making or causing to be made,
to
respect
material
five-
of which would have lost $1,000,000 in annual revenue.
imposing fines on
Act
report
any
the
payments
No change.
violators up to $10,000 shall not apply
respect to any violations of any rule or regulation prescribed pur¬
to clause (3), (4) or (5).
The heavy penalty would apply, however,
with
a
the
in
A reduction in the existing rate of three cents to one cent each $100 on
business."
To regulate the time and method of making settlements,
Exchange
mercantile
holding companies.
change.
new
large
would grant
commodity futures trading and elimination of the present exemptions of
deliveries."
a
and
newspapers
approved a provision which
of Federal estate taxes and expressed the opinion that the pro¬
Other changes
The change in the manner
of
"will drive
posed amendment would hasten, and not retard, the dissolution of personal
other devices."
"(5)
or
also
capital gains tax by individual in
in payments
and against evasion of
of corporate forms, special partner¬
To regulate the manner, method, and place of soliciting
he said,
It would strike at such
Chairman Vinson pointed out that a period of eight years is now allowed
dealers
and
responsibility through the use
or
"(4)
No
of brokers
responsibility
hit
and
■
Committee
ment of the
stating that the rules shall be designed "to provide safeguards with respect
to
Ford
exemption where hardship conditions could be shown
year
To provide
Henry
as
concerns"
change was made in this
No
clause.
"(3)
enterprises into the hands of monopolies.
many
"(1) To prevent fraudulent, deceptive or manipulative acts or
Inclusion of the word "deceptive"
"(2)
"This proposed tax on closely-held corporations,"
follows:
as
now
granted
and press associations were extended to radio news services.
probable, Mr. Vinson said, that soon after the introduction of the
Tax Revision Bill, a measure to modify the tax law will be introduced in
of the bill affecting municipal
noted in our Feb. 19 issue, page 1175.
In an
Washington Feb. 19 by N. P. Gregory, the
Objections to provisions
dealers
were
from
account
New York "Herald Tribune" said in
Municipal
which
and
the" bill
mission
will
from
Senator
and
these
of
the
broad
powers
Our
same
"I
Bankers'
Banking
and
on
Currency
the
and
Association
Public hearings
Inc.
that they should be excluded."
reason
no
see
the bill
24
Committee,
Investment
headed
by Robert F.
Wednesday.
think
so-called
he
municipal
said.
with
it should
does
"It
last
At
will
exactly
dealers
authorize
not
no
than
Commission
to
interfere
in
week's
hearings
hamstring municipal financing.
but they would
way
The
Also that it will add to the cost of
called
"I
ment
with municipal financing.
over-the-counter banking houses.
any way
understand
cannot
believe they
bankers
regulation
why there is
should
be
are
excluded
from
any
group
of invest¬
attempt
self-
at
but would be charged
Revision
Tax
of
^
Bill
Completed
by
House
r
flat 123^2% rate."
measure
is scheduled to be
re¬
ported to the House next week.
Completion of the reading
of the 334-page bill by the Committee was made known in
press accounts from Washington on Feb. 21, when it approved
termed
what is
Treasury sanctioned compromise of the
"third basket" tax imposed on closely held corporations under
a
Title 1-B of the bill.
Advices
from
is 20%
.
Thus, he said, there is
a
40% dif¬
ferential between the old and new top rates.
Mr.
approval of the tax revision bill by the House
Ways and' Means Committee was announced on Feb. 24
indicated that the
Rep¬
Representative Vinson said that the highest tax applicable to any corpor¬
ation under existing law is 32.4% .
The biggest rate proposed in the new
Vinson
explained
that
the
difference
between
32.4%
and 20%,
12.4%, was roughly 40% of existing top rate of 32.4.
or
was
distribution,"
Republicans still believe the undistributed profits tax should
gains taxed at perhaps a
Tentative
when it
tax on their un¬
repealed, the surtax on closely held corporations eliminated, and capital
be
and Means Committee
Ways
4%
of compelling dividend
bill for ordinary corporations
Reading
a
summarized, "and in the main we have greatly re¬
lieved the taxpayer.
"But we
feeling that any
companies, Representative Crowther said, also would
instead
coaxing
resentative Crowther
so-
regulation."
co-operative
or
a
We exempt
little more normal tax,
distributed earnings.
"We
The bill deals only with the
a
have the privilege of complete discretion over use of earnings
Most of the bigger
Maloney said, does not authorize the Commission to inter¬
bill, Mr.
in
Feb.
policies."
have that same discretion,
measure
-capital market operations of small municipalities.
fere
on
Representative Crowther,
corporations and said, 'YoU're out.
small corporations would pay
"Some of the
delegation of dealers from New York, Chicago
a
of the sub-committee,
minority member
and dividend
appeared before the committee and charged that the
Washington
take the following:
"The undistributed profits tax has almost been destroyed," he explained
treat
any
I think the bill will do that."
you.' "
it treats other investment bankers,"
as
the
measure
objective was to relieve hardships and inequities and to raise the
We have taken the $25,000
more
drafted
which
that the
bill."
Wagner,
financing."
municipal
and Cincinnati
bill does
be made clear that the
24
Republican, of New York, asserted there was "no great issue left in the
The
«
:
Feb.
the tax burden on virtually all corpora¬
He was also quoted as saying:
amount of revenue, and
we
A
Bankers Con¬
concluded last week.
were
on
From Associated Press accounts from
believes that the revised measure meets the demands
Maloney
Sub-Committee
the
of
bill stated
tions and businesses.
Democrat, of New York, is expected to begin consideration of the bill next
"I
Vinson
revision
tax
would materially ease
the Com¬
When
being drafted similar charges
exchange Act of 1934 was
Investment
Senate
that the
disguise under which
a
Maloney feels that these dealers should be included in the regu¬
Senator
ference,
the
sources.
He says:
lation.
are
them.
Chairman
part:
contend
dealers
SEO
the
to
with
place local government financing under its jurisdiction.
the securities
came
security
State
grants
hope that the two measures may be joined before Congress finishes
the
The
or
highest tax proposed for any corporation with earnings of
less, Representative
$25,000
Vinson said, is 14.1%, while those with net incomes
$5,000 would pay 1234% at the most.
A provision for allowing de¬
ductions for property depreciation, he continued, allows "very material
up to
relief."
"Then
there is a carryover of operating losses in the succeeding year
to be used to
or
reduce either the undistributed profits tax on big corporations
the surtax on
closely held corporations, or both.
"This tax on closely held or
family corporations—called the IB tax—
generally misunderstood.
While the rate is 20%, the amount of income
to which it is applied is materially reduced from the original net inome
is
Washing!^-
eb.
21
"Herald Tribune," in reporting this
to
the
New
York
and at no time would it
said:
possibly be what some folks consider a second 20%
tax."
After
a
motion offered by Representative Allen
chusetts, ranking
tax had been
T. Treadway, of Massa¬
Republican member of the Committee to eliminate the
rejected by
a
vote of 15 to 10, the Committee wrote the
com¬
promise into the draft bill and went forward to make several minor changes.
"As the result of today's action," said Representative P'red M. Vinson,
Democrat,
of Kentucky,
who has been active in whipping the bill into
shape, "it means that we will have a tax bill before the House the first of
next week."
"
The compromise on
was
forced by
a group
of recalcitrant Demo¬
weeks of wrangling among
the majority members.
Provisions
of Plan
approved by the Committee for definite inclusion in the bill the pro¬
vision would:
20% surtax would apply only to income remaining after a closely
dends, and then
had paid its normal taxes, deducted the amount of divi¬
subtracted one of these three $60,000, 30%, or the amount
used for debts, whichever was
greatest.
Only firms with more than 50% in value
one
as
of outstanding stock owned by
individual or up to 75% owned by 10 or less individuals would be classed
closely held.
"In
"IB"
cratic members dissatisfied with its original stiff provisions after several
As
The
held corporation
understanding this
is first necessary to
net income
IB tax," Representative Vinson went on, "it
realize that it does not affect any corporation unless its
is more than $75,000.
distributes as much as
It will not affect any corporation that
57.6 of its net income."
Discussing the capital gains tax, he
explained the bill would retain the
principle of graduating the loss or taxable gain in accordance with the time
assets are
held by the taxpayer.
1336
Financial
Gains realized
assets retained
on
than
more
a
Chronicle
conflict,
would be graduated
year
for tax purposes, so that there would be what Representative Vinson called
The
term
in
Calls
taxpayer would have the option, he added, of including the long-
regulation
bearing on the tax revision bill appeared in
issue, page 687.
our
"No
Secretary Hull Says Reciprocal Trade Pacts Are Most
Important Policy for World Recovery—Defends
Treaty Plan Before National Farm Institute—
Leaders
in
Disagreement
Critics
of
ments
wreck
the
are
"the
with
rested on
revival
a
the
in
one
practicable
most
The
"by
Roosevelt
Secretary Wilson
reciprocal trade agree¬
sinister propaganda," to
policy which our country can
of
important
National
Farm
between
Institute
United
the
Des
at
States
failure
a
of concern to other
branches
for
Hull
Moines
farm
To
asserted
Great
and
products
dispatch
given below,
are
that
Feb.
of
"any sound
home
at
He declared that the
19
to
the
Britain.
how
is
and
and
abroad
markets
this
be
done,"
prices
low
for
these
devoted
now
agriculture
internal
their
to
not
on
is
in
home
at
policy
the
in
the
interest
of
imports of foreign
unsalable
an
No
the
one
countless
for
and
foreign
was
abroad
for
in
farm
our
and
vast
our
"In
from
spite
strated
increase
that
had
of
growing
specialties,
he
fact
that
effectiveness
from
of
it
hurts
a
embargo
have
of
three
Loans
every
farmer
these
in
knew
rather
"Most of the accusations
precautions,"
he
16
were
opposition
American
"the
continued,
trade
the sleeveless
on
than
do
not
country
our
need
reply from
a
pursue to
can
defeated
their
effects.
own
"It has been
charged that the trade agreements result merely in increased
imports without any corresponding advantage for our exports.
In 1937,
as
compared with 1936, our imports increased by $661,000,000, but our
exports rose by $890,000,000."
Farm
leaders
appearing
before the opening sessions of
the National Farm Institute at Des
Moines, on Feb. 18,
found themselves in sharp
disagreement over nearly every
went
to
Moines,
M.
of
L.
Wilson, Under-Secretary of Agriculture, in the
Administration, did not spare his department from
defender of the
criticism
The
by other speakers.
subject
Exports
supposedly
under
discussion
"The
was
Farmer's
Stake
in
and Imports."
Charles W.
program,
undemocratic, un-American
of
this
country are
Addressing
Wilson
said
Wallace
tries
situation,
entering
this
there
to
was
do
Secretary
into
an
agreement
to
the
let
asserted
that
"the
Mr.
Wilson
that
national
made
it
for agriculture,
program
unless
trade
surpluses,
in
there
as
a
flood
there would
be
approaches
are
not
that
of
agricultural
imports
into
be
of
production
adjustment
bank
more
did
not
hold
a
other speaker
one
About 28%
Commissioner loans
who
had
accumulated
sufficient
money
to
The farms purchased by these tenants with
financing
were
bought primarily
owners.
Federal land banks
over
of the farms sold by the banks in 1937
by tenant farmers.
Disaster
a
Altogether, the land banks sold
a
period
were
over
pur¬
15,000
total sales value of $37,800,000.
Loan
Aggregating
Themselves
tate
Corporation,
18 made public the following letter
Banking & Cur¬
rency Committee regarding the operations of the Disaster
Feb.
on
addressed to the
Loan
Chairman of the Senate
Corporation during 1937:
February 18,
started
an
upward
day did.
movement
of
He
kind
of
world
war,
partially
in
Disaster
February,
Loan
1937,
has
Corporation, established by direction of Congress
authorized
7,525
separate
loans
aggregating
$9,-
011,010.24.
1,270 of these authorizations aggregating $1,324,900.38 later
were can¬
celed, the borrowers, generally speaking, finding that they did not need to
borrow from this Corporation.
170 loans aggregating $1,308,745.81 have not yet been disbursed, but the
are
available upon demand of the applicant.
6.085 loans
amount
aggregating
$557,175.21
has
$6,377,364.05 have been
been
repaid,
disbursed.
Of this
leaving a balance outstanding
of
$5,820,188.84.
We
were
extent of
directed
to
$20,000,000.
capitalize the Disaster Loan Corporation to the
$10,000,000 of this amount nas been paid in and
and when needed.
The Act originally authorized loans for disasters which occurred in 1937,
was
time
we
Dec. 31,
inter¬
armed
1938.
Dear Mr. Chairman
but
wholly nationalist
of the
civilization, to absorb "agricultural and human
"some
Ac¬
than 4,000 tenants bought farms during the year from
properties in 1937 for
and
mutually exclusive."
he
at least
could
Western
tenants
the balance is available, if
two
clear
former
the real estate holdings acquired by the
of years.
the citizens
Under-Secretary of Agriculture
charge that "every time Secretary
country."
He
as
something in the way of improving the agricultural
Hull does something to
nullify such action through
reciprocal trade agreements
said
and non-cooperative so far
to
assist
addition,
chased
tonight,
basis
no
Bank
and Commissioner
funds
session
Land
price.
In
concerned."
dinner
a
and
bank
part of the purchase
The
Leading the critics of the reciprocal trade agree¬
Holman, Secretary of the National Cooperative
Milk Producers'
Federation, charged that the administration of the TradeAgreement Act by Cordell Hull,
Secretary of State, "is highly bureaucratic,
highly
ment
1937
Jesse H. Jones, Chairman of the Reconstruction Finance
'Hie
presence
in
a
all-pervading pessimism and the wide disparity of viewpoints were
striking in view of the fact that only last week
Congress had passed an
agricultural adjustment bill designed to
help the farmer.
The
Farms
Tribune," who,
had the following to say, in
part:
role of
of
Corporation Authorized 7,525 Loans
$9,011,010 in 1937—Jesse H. Jones,
Chairman of RFC, in Report of Operations Regards
Act as Useful Medium in Helping People Rehabili¬
Administration, according to Geoffrey Parsons Jr.,
Des
Purchases
23.7% of Total Loans Made Compared
15.9% in 1936, F. F. Hill of FCA Reports
the aid of land
staff correspondent of the New York
"Herald
reporting from
but in
opportunity to place his savings in
from retired farmers and other local land
involved in the plight of
agriculture, including for¬
trade, tariffs and the remedial efforts of the Roose¬
velt
of money
make reasonable down payments and obtained loans to cover the
remaining
factor
eign
flow
Of the total loans made during the year, it was estimated that over 2,000
promote
In their unholy
me.
an
approximately 6,000 tenants to purchase farms in
1937, according to a statement issued Feb. 18 by F. F. Hill,
Deputy Governor of the Farm Credit Administration. Mr.
Hill said that although the volume of new land bank and
Commissioner loans declined last year due to the smaller
demand for refinancing, a much larger percentage of the
money went to assist farmers, including tenant farmers, in
financing the purchase of farms. Loans to finance farm pur¬
chases accounted for 23.7% of 1937 loans compared to
15.9%
of the 1936 total.
Further remarks of Mr. Hill were given
in an announcement issued by the FCA as follows:
materially hurtful imports.
experience has amply demon¬
or
formed with
enabled
zeal, the propagandists have over-reached themselves in the
falsity of their
have
.
paid-in surplus
backed by insured mortgages.
Finance
to
With
of
protect
to
was
a
end of the country to the other for residential purposes
Federal land
save
the negotiation of the
These, he said,
on.
stated that the Association
was
counted for
years'
important policy which
well-being and peace.
and
a
National
McDonald
tax-free investment,
excluded
embargo tariffs
on
determination
wreck the most
assertions
the
embargo
an
an
helps the Nation and, especially, the
farmer.
You and the rest of our
people have been subjected to a veritable
barrage of sinister propaganda, designed, for narrow and selfish reasons, to
its economic
of
gives the individual investor
corn.
but
guides
as
and
one
turn
Only healthy
could
we
is still being misrepresented by some
program
that
rates
"abnormal, unreasonable
the
fair, and painstaking effort to bring about
the tariffs that have cut off our export trade." . .
Master
This not only offers a means of maintaining a constant
of
would have been left with
rich
said,
effect, he went
embargo
or
such
tions, said:
labor
pressure
followed
we
we
bushels
farmer
the
well.
as
surpluses
and
branches
dangerous game" than
hog products but
a
other
full and stable domestic economy."
a
800,000,000
of
certain
of
the
agreements
claim
thus
these branches
said
principles had served
prohibitive
farmers
large
land
and
preceding the depression
of
trade agreements now in
to
of
of
and
more
Hull
pressure
diversion
dairying
of bankruptcy brought about
by shrinking foreign markets
surpluses.
basic
or
"The
upon
machinery for making available immediately the facilities and
new Federal
Housing laws.
Mr. Jones also
announced that the President had requested that there be
held in reserve an additional $40,000,000 for the capitaliza¬
tion of other national mortgage associations, or for increasing
the capital stock of "The National Mortgage Association of
Washington."
Housing Administrator McDonald m making known the
signing of the Charter on Feb. 19, commenting on its func¬
cases
domestic
Two
in
"no
Mr.
and
corn
heard
of
growers
restriction
benefits of the
disastrous economic
a
the
force
basis,
prices
was
years
surplus
ever
any
reliance
It was indicated by Chairman Jones of the RFC at the
time of the formation of the Association that it completed the
York
agriculture."
"the
into
make possible
trade,
five
will
crops
upon
Declaring that there
foreign
continued,
export
trade will
policy in
he
production
an
competition
international
decrease
to
of $1,000,000.
productive acreage."
"Unless
of
paid-in capital stock of $10,000,000 and
a
for broadening the markets
program
Smoot-Hawley tariff had been
find
to
wants
be possibly avoided," he said.
Authorizing Creation of National Mortgage
Signed by Federal Housing Adminis¬
in which it
Fur¬
New
boomerang to the country and asserted that the "crucial factor
problem
Agriculture
can
know
I
signing by Federal Housing Administrator Stewart
McDonald of the charter creating the National
Mortgage
Association was made known in Washington press advices
Feb.
19.
The
organization of the Association by the
Reconstruction Finance Corporation at the request of Presi¬
dent Roosevelt was noted in our issue of Feb. 12, page 1010,
contained
as
population of this country, he added,
of greater significance than to the farmer.
trade
Taber,
trator
deal
to
other group of the
no
that
way
The
"Times":
Mr.
his
Association
Moines, Iowa.
of agriculture as well."
ther extracts from his address
Des
absorb
would
systematic,
a
J.
Charter
of
use
Secretary added that
a
farmer's escape from
which
Grange, which claims 800,000
disagreed with most other speakers of the day when he declared
that "our marketing ills cannot be traced
primarily to our tariff structure."
constructively
with the problem of widening markets for surplus
crops "is
in
trade
members,
Mr. Hull asserted that the rebuilding of international com¬
merce
and consequent world-wide benefits depended to a
great extent on the success of negotiations for a trade
agreement
the
reduce
to
Administration's
trying,
the
foreign
of
Department
lowering of
Louis
retary of State Cordell Hull said
oefore
is
measures
gradual
promote its economic well-being and peace," Sec¬
on Feb. 19 in an address
pursue to
tending
Exports Regulation Key
regimentation of agriculture that
Farm
both
1938
surplus.
only
Policies— Remarks of Under
but
that the prospect of the American
Wilson said
Mr.
An item
conflict,
26,
well-being of the world and to intensify the problems of agriculture."
gains in ordinary income subject to the income tax.
Jan. 29
economic
toj39.2%.
"ceiling rate" ranging from 16
a
Feb.
partially
later amended to include 1936 disasters.
have
no
Therefore at the present
authority to make loans for disasters which occur after
1937.
88% of the entire amount disbursed is current in repayment schedule.
I
regard this
as an
excellent record, and a credit to the integrity and enter¬
prise of the American people
P In
Financial
146
Volume
opinion, the Act has been a useful medium in
our
flood areas rehabilitate themselves.
bejsufficient t6 meet
any
helping people in
believe,
The authorized capital will, we
possible demands for the current year.
It will
frozen
(Signed) JESSE H.
Goldsborough,
While
Acting Chairman,
JONES,
Chairman,
believe
Washington, D. C.
Coal
Revokes Minimum Price
Commission
Scales
price scales for the entire soft coal industry, and to proceed
to hearings and the eventual enactment of new price schedules
marketing rules and regulations.
The New York "Times,"
in reporting the Commission's action, stated:
Commissioner Percy Tetlow announced on Feb. 23 that the formal order
revoking all of the 30,000 or more minimum prices, marketing rules and
regulations would be issued tomorrow (Feb. 24) and would take effect at
'
midnight Friday (Feb. 25).
adopted a resolution containing its
The Commission
by a unanimous vote of those present.
revocation decision
There was but one absentee from the
for some time because
necessary," Mr. Tetlow said,
established by order of the
aside by the courts for many of the railroads, for
that this step was
"The Commission felt
that the minimum prices
"in view of the fact
Commission have been set
Industries, Inc. of New York."
scales for specific industries and
railroads while leaving them in force for other consumers would result in a
manifestly unbalanced and unstable condition for the industry itself.
Mr. Tetlow said that representatives of the producers and the miners
met with the members of the Commission on Feb. 22 and told the Com¬
mission that they favored revocation of the price schedules.
the City of
and
joined in the recommendation. Mr. Tetlow said, however, that the Com¬
mission had decided upon its present course several days before Tuesday's
head of the United Mine
Lewis,
L.
John
Workers, was present
(Feb. 22) conference.
The Commission-, created by Congress in an effort to
Supreme Court invalidated
chaotic industry after the
It started by
districts whose
made the basis of the
schedules.
condition whereby large
while small consumers,
householders, paid enough more than the cost to enable
to correct
particularly
sought
consumers were
a
getting their coal for less than cost
individual
such as
These classifications, plus other considerations,
weighted average cost of the product by areas
fixing the minimum price
Board
The
the mines to keep operating.
promptly, and in September the
The difficulties of adminis¬
tering the Act began when the Commission started coordinating the various
price proposals to arrive at a scale.
Commissioner Tetlow would make no prophecies as to when the Board
could arrive at new prices, but said that it would be "as soon as possible."
Hearings will have to be held, and in some cases the producers' boards will
producers' boards began hearings
The
Commission called on them to propose
have to work out new
prices.
bituminous industry and its consumers
will make
prices once more.
activities by the Reconstruc¬
tion Finance Corporation, authorized on Feb. 18 by Presi¬
dent Roosevelt,
was
noted in these columns last week,
page 1169.
In accordance with the President's instructions,
Jesse H. Jones, Chairman of the RFC, announced on Feb. 18
that the managers of the 32 loan agencies of the Corpora¬
tion had been instructed to accept loans "that qualify under
our Act, and especially loans that will maintain or increase
employment." The President's letter to Mr. Jones follows:
resumption of lending
The
Dear
White Home,
Woshington, Feb. 18, 1938.
in
are
made in your lending
authority since my letter to you of Oct. 18 permit emergency loans of
various character, it is my wish that you make credit available to all
the
modifications
deserving borrowers
maintain
will
loans
This the Chairman denied, point¬
liberal that 23% of its past industrial loans
making industrial loans.
so
default.
Won't Relieve Frozen Loans
thing
lending
of
He said the RFC, in resuming the
"relieve banks or other lenders of present
Jones made clear.
Mr.
will
money,
not
loans."
frozen
The President's revised budget
in
loans
indicated
he
which
statement of last October,
further commitments
be made to the RFC and Public
to
were
that no
we
have
heretofore
to which you are authorized
or increase employment.
to lend, especially loans
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
for
Works Ad¬
ministration, was given in our issue of Oct. 23, page 2624.
small business men's conference, which it is stated
The
above
the President's action,
apparently inspired
ferred
in
to
issues
our
Feb. 5, page 844,
of
and
was re¬
Feb. 12,
1011.
page
♦
Secretary Ickes Inaugurates Series of
United States to Britain—Urges
Broadcasts from
Cooperation of
Communism
Defeat Fascism and
Democracies to
Secretary of the Interior Ickes, inaugurating a series of
weekly radio broadcasts from the United States to the British
as "the
Fascist powers, the
closer and closer to¬
gether in an ominous and bodeful phalanx."
Mr. Ickes em¬
phasized that he spoke as a private citizen, and not as a
representative of either Preisdent Roosevelt or the American
Government.
His address was not broadcast in the United
States.
He denounced both Fascism and Communism and
said that the New Deal is seeking to prove that, "despite the
opposition of ignorance and selfishness and lust for power,
democracy can work better than any other system of Govern¬
ment that the world has known."
He declared that "it
Commonwealth
Feb.
on
22,
denounced Fascism
greatest threat in the world today."
Secretary said, have been "drawing
other democratic nations to prove
that, under a democratic
highest
economic security,
form of government, the
Washington dispatch of Feb. 22 by Albert L.
York "Herald Tribune" reported other
A
-to the New
of the
speech
as
Using the facilities
Warner
portions
follows:
Corp., Secretary Ickes
powerful wealthy men here who
of the British Broadcasting
world that there were
literally told the
As he described the situation, Mr. Roose¬
velt and the New Deal had rescued the country from conditions ripe for
"the traditional man on horseback."
"Economic royalists," "the reactionary section of our press" and "political
die-hard" Mr. Ickes characterized as still "a heavy drag to the wheels of
had
our
progress."
dictatorship."
"yearned for a
'
.
Mr. Ickes lauded his
manner
"clear-headed and realistic"
social and economic problems. In
said, "the British Conervative of 1938 would be denounced
he
Red."
dangerous
said, "we realize that the demo¬
fight to maintain itself as it has not had to
United States," Mr. Ickes
"Here in the
cratic
British listeners for the
the British had met
in which
this country,
as a
Jesse:
While
that
the RFC in
ing out the RFC had been
now
industrial
for
The resumption of RFC lending authority,
It will apply to railroads and banks, as
general.
of
demands
by
inspired
were
enterprises.
political liberty, as well as the greatest
not only can but will be provided."
Resumption of Loans by RFC Authorized by President
Roosevelt—Action
Regarded
as
Outgrowth of
Small Business Men's Conference
The
and
law
same
behooves America and all
classifications.
In the meantime the
their own
by the
for small business
however, was made
well as to industry—to
"all types of business, little and big," as Mr. Jones termed it.
Mr. Jones said the RFC always had taken a liberal and reasonable atti¬
tude toward applications for loans, but insisted that it did not propose to
advance money without a reasonable assurance of repayment of the loan.
So-called little business men have criticized as too strict the past attitude
ently
Act, began to function last
employing 60 \000 miners.
to be used in
bring order into a
the set-up established
May.
appointing from the industry itself producer boards in 23
duty it was to classify the products of some 6,000 mines
under the Guffey
were
loans,
instructions yesterday, will
regulations as prior to last Oct. 18,
when it suspended the acceptance of loan applications in an effort to make a
contribution toward balancing the budget.
The President's instructions, contained in a letter to Mr. Jones, appar¬
Cleveland and for the Associated
pointed out that to set aside the price
we
participations when necessary.
bank
in operating under the President's
governed
One
of illness.
and
stating that
Board, O. E. Smith, who has been away
seven-man
He
without
loans
The RFC,
Hampered by court injunctions, the National Bituminous
Coal Commission on Feb. 23 voted to revoke its minimum
\
the RFC has approximately $1,500,Mr. Jones said that he did not expect
more than $200,000,000- or $300,000,000 would be used.
In
its issue of Feb. 19 the Washington "Post" said:
be
Soft
in
them
with
cooperate
prefer that banks originate and participate in the loans,
be better for all concerned for them to do this,
000,000 for
The text of the legislation creating the Corporation was
given in our issue of Feb. 11, 1937, page 1201.
other lenders of presently
making new loans of the
to relieve banks or
purpose
to
would
While
Banking & Currency Committee,
our
but
specified.
we
it
make
will
be
not
loans,
character
Sincerely yours,
Hon. T. Alan
1337
Chronicle
principle is having to
fight since it first became
established.
In all parts of the world it is
beset
which have the will to conquer at all costs. Democ¬
racy cannot live side by side in the same country with either Fascism or
Communism. Democracy is the very antithesis of both of these objection¬
by two fanatical foes,
of
of government.
Totalitarianism, either of the Right or
to the spirit that dominates the English-speaking democ¬
able systems
the Left, is alien
Chairman
JONES,
JESSE
Washington,
statement
The
Reconstruction Finance Corporation,
C.
D.
issued by Chairman Jones,
Feb. 18, with
In connection with
the President's letter to me
of today, we are instruct¬
32 loan agencies to accept applications for loans
Act, and especially loans that will maintain or
This includes all types of business, little and big.
ing the managers of our
qualify under
increase
our
employment.
prefer that banks originate and
We
make the loans, selling the RFC a
participation in them, sharing equally or ratably as to collateral and
repayments with the RFC.
Ordinarily we would prefer that the lending
bank retail a 50% interest in the loan, but if necessary we will consider
taking a greater
the
ment, which, both
surrounding
with
call
on
to permit banks to carry an entire
portion of it as may be
the RFC to take up such
the time the loan is made.
For this we will require a
charge based upon the amount and duration of the loan.
This charge will
ccme
out of the interest paid by the borrower.
Our rate on industrial
loans has been 5%, and this appears to be a fair rate.
However, if some
of the smaller hanks feel that they should have a 6% rate we will not
agreed
upon
at
object, hut whatever
makes
the interest rate it should
for underwriting
the loan.
include any charge the RFC
practice, negatives everything
fought and in which we believe.
America realize that sappings from within
"We
in
clearly put the
without have
for which
have built up
they
who continue to
to
than
intelligent support and defense.
Those of us
better to be governed even badly by our¬
be well governed by others must be increasingly alert,
vigorous and
selves without
selves
and assault from
world on notice
democratic nations of the
longer take it for granted that the institutions that
with so much love and at so much sacrifice can stand of them¬
that they can no
believe that it is
especially against
insidious Fascism. It seems to me
threat in the world today."
that Fascism con¬
stitutes the greatest
♦
__
also reinstate our agreement
a
in theory and in
ancestors have
particular loan.
We will
loan
participation, depending on the circumstances
of the ideals upon
No man accustomed to breathing the
could long survive under an absolute form of govern¬
democracies are founded.
free air of democracy
our
Totalitarianism is subversive
world.
the
which our
respect to the above, said:
that
of
racies
Delegation
Representing Consumers National Federa¬
York Confers With President Roosevelt
tion of New
In
Behalf of
Government
business
and
Roosevelt
on
Consumer
central consumer agency in the Federal
give consumers equal status with labor,
agriculture was recommended to President
Feb. 24 by a delegation representing the
The creation of a
to
1338
Financial
'I
Chronicle
Miss Helen
tion
Hall, Director of the Henry Street Settlement, and Chair¬
of the Executive Committee of the Federation, headed
the group which presented the recommendations to the
President, and which included Dr. Robert S. Lynd, ViceChairman; Michael Quill,
President of the Transport
Workers Union; Mrs. Felice Lauria, Executive
Secretary of
the New York Consumers League, and Dr. Ruth
Ayres of
;
it to exploit consumption, and, in the process, to
cripple its customers for
whom, and for whom alone, it confessedly exists."
Advices
the
to
New
York
"Times"
;
from
members
discussed
their
proposals
with
San
LaFollette,
Schwellenbach
special commission,
one-third
one-third by the Vice-President
be
to
appointed
it
A
major need
at
present,
competition," "monopoly," "administered prices" and other routine aspects
Held
Inconsistent
Elmer
F.
Andrews
by
of
Industrial
The
administration
laws, and
voiced
nation-wide
unemployment
appropriations bill
before
now
the
were
on
any reduction in the
budget granted
final quarter of the present
fiscal year would seriously
endanger the prompt payment of
unemployment insurance benefits, Commissioner Andrews
several
will
be
States during the
fiscal
present
$13,000,000, in the budget as
prepared, only $9,500,000 remain for the administration
of jobless benefits
throughout the entire country and three
Territories.
The Commissioner pointed out that the
State
unemployment compensation administrations are
entirely
dependent upon the Federal Government for funds for ad¬
now
ministrative
tributions
because
expenses
the
Act
provides
that
con¬
collected
by the State from employers shall be
exclusively for the payment of unemployment insur¬
benefits.
The proceeds
pensation tax
from
Social
was intended to
istrative cost for unemployment insurance
but, according to
Commissioner Andrews,
they are not being appropriated
for that purpose in sufficient
sums.
Less than 40% of the
collections through m39 will be
returned to the States un¬
less the terms of Title III of
the Social Security Act are
altered to remove the maximum
limitations now set.
Com¬
missioner Andrews said, in
part:
provide additional
ployment
insurance
funds
laws
simply require that
the
for
would
taxes
the
not
administration
require
collected
for
of
additional
that
the
considered
minimum
during the
the
Federal
$49,000,000
for
be
sensible
per
Social
Security
would
Board,
been
to
annum
For
proper
than
more
an
these
laws
read
$54,000,000
Title III
of
the
to
$40,000,000
the
on
Social
total
Title
I,
grants
relative
shall
be
to
old
made
in
age
in
benefits,
whatever
has
sum
be
be
Congress
with
contract,
and
ratified
employers and
legal
6ense,
In
the
it
legal
is
a
publicly
by
wage
throughout the country have been
tax
on
payrolls
the
arrived
1936
earners.
at,
entered
election.
In
every
to
into,
Morally,
sense
of the
contract.
sense,
we
now
the
Federal
enacted
by
the
it
is a contract,
word, except the
on
Act.
Social
that it
is
a
device
every
Federal Social
Security
Government, under the present provision of
the Federal
Security Act, cannot help but profiteer on
unemployment compensa¬
The Federal
New
Orleans
effective
"States"
Monday,
metals,
those in New
announce
today
in
14c.
to
in
week
per
in¬
Feb.
metropolitan
week,
per
New
Orleans,
"Times-Picayune,"
New
from
The street sale price of the New
17c. to
metropolitan
22c.
New
Orleans
Orleans
copy.
raised
at
"States"
will
"States"
be
included,
advanced
Orleans
the
will be
increased
from
carrier
3c.
delivery
from
15c.
delivery price of the "Times-Picayune," six days per week,
from 16c. to
17c., and with the Sunday paper included
from
20c.
per
copy,
5c.
street
to
25c.
and
sale price
The
the
prices
were
"Times-Picayune"
Sunday
street
"Times-Picayune"
sale
New
price
Orleans
remains at 10c. per copy.
Costs
Increased
Force
necessitated
Raise
by substantial
increases in operating
all along the line, including particularly an increase of more
25% in the cost of white paper, larger payrolls, heavier motor trans¬
expenses
than
portation
costs for speedy service, and increased delivery costs.
Distributors of the newspapers will receive their
pro rata of the increase.
Higher production costs have caused many newspapers to increase their
subscription
their
street
rates
sale
daily and
recently.
price
delivery of daily
Many
to 5c.
per
Sunday
afternoon
and
copy,
days
six
newspapers
per
have
newspapers
price
a
of
week, with
delivery, has been adopted in
20c.
a
increased
week for
per
price of
25c.
for
instances.
many
In addition to presenting a list of various Southern
papers
have raised their subscription rates, the "Times-
which
Picayune" said:
Among
in other sections of
the Nation which recently found
subscription rates are the San Francisco,
Calif., "Chronicle," "Examiner," "Call-Bulletin" and "News"; the Oak¬
land, Calif., "Post-Enquirer and Tribune"; the Des Moines, Iowa,
"Regis¬
ter and
Tribune"; the Seattle, Ore., "Post Intelligencer and Times";
it
newspapers
to
necessary
the
Buffalo,
the
Rochester,
City
increase
N.
Y.,
N.
Last
month,
"Courier-Express,"
Y.,
"Oklahoman"
their
"Democrat"
and
the
"Evening
and
News"
"Chronicle,"
and
"Times";
the
and
Oklahoma
"Times."
Providence
"Journal,"
Boston "Evening
American" and Toronto daily
newspapers were among those
to announce an advance in
selling price.
Seven-Month Strike of Seattle "Star"
Employees Ends
—Agreement Concluded with American Newspaper
Guild Provides Reinstatement of
Strikers, 40-Hour
and
Dismissal Pay—Closed Shop Not Ac¬
Week
cepted
A
seven-month-old
"Star"
settled
was
Newspapers
American
all
strike
of
Feb.
on
announced
4
a
employees
when
the
of
the
with
agreement
one-year
Seattle
Scripps League of
the
Newspaper Guild, providing for reinstatement of
strikers
before the
at
the
Guild
same
called
wages
as
of July 2, 1937, the day
the strike,
except that
after three
months the management will discuss
pay of those receiving
less than $25 a week.
The contract with the Guild did not
a closed shop, but it specified a
five-day, 40-hour
week, with dismissal pay ranging from one week to 15 weeks
for employees
up to 10 years' service or more.
The National
Labor
Relations
Publishing
Co.
Board
12
Dec.
on
had
ordered
the
Star
of
Seattle, Wash., to reinstate 20 striking
employees, all Guild members.
At the inception of the
strike the Seattle "Post-Intelligencer" of July 3 said:
At
of
find
for paying back to
unemployment compensation
administrative expense less than
dollar paid into the Federal
Treasury under the unemploy¬
ment compensation tax
imposed by Title IX of the
the State for
50c.
in
ton
a
wages,
provide
employers
compensation
The
a
12c.
be raised
raised
remains
a
shall
the
is
and
rates,
Sunday
carrier
will
Security
administration.
years
per
The
compensation, puts a ceiling
grants to States and Territories
employers understood that this tax was for
the purpose
administrative expense of the
unemployment compensation
the several States and
Territories.
paying
This
two
unemployment
Government.
of
laws
$7.50
in
17c.
to
unemployment
expenses.
that
from
cut
had
newspapers
of
$54,000,000
of
Commissioner Andrews
recommended
that
the
incon¬
sistencies between the two Titles
regulating similar agencies
be removed and that
Title III be amended to
permit appro¬
priation of sums as needed for
administration of workless
insurance, in excess of the
$49,000,000 annual limit.
In
part, he also said:
paying
187
increase
we
Outside metropolitan New
price of the New Orleans "States," six days,
unem¬
It
be spent for that
purpose
administration
proper
Budget Director
provision
for
necessary
has
relating
administrative
more
the
for
State
1938-1939.
budget
Title,
of
necessary
year
1938-1939
This
judgment
sum
fiscal
the
taxes.
purpose.
of
the
equipment.
from
the
"States"
4c.
to
the
unemployment com¬
Security Act on em¬
defray the States' admin¬
imposed by the
ployer payrolls
because
were
7.
delivery price of the New Orleans "States," six days
will
Orleans
totaled
year
the
quote the following from the New
"Times-Picayune" of Feb. 6:
raised
the rate
pointed out that though grants for the third quarter of the
Act.
that
social insurance, increases
subscription
with
will
Expressing fear that
The
said
survey,
given
which
as to
in
and
the
to
Senate
Feb. 16 by Industrial Commissioner Elmer F.
Andrews of New York, speaking in Boston before the Massa¬
chusetts League of Women Voters.
the
national
a
costs of
and
mechanical
Carrier
insurance
$14,000,000 increase in the amendment
a
1938-1039
of
be
to
for
universal it had been manifested
Reasons
"Times-Picayune"
creases
protest against inconsistencies in the Social Security
Act, a demand for a deficiency appropriation to finance the
In
and
Orleans
Imperilled by Low Appropriation
A
is
inadequate
said:
paper
in
prices.
paper,
Orleans,
New
York—
Immediate Amendment Urged—Finds Benefit
Pay¬
ments
To
appropriation
The most recent of the increases have been
Security Act
Commissioner
ance
the
woefully
national survey showed that while the
a
was not
same
Press,
their
newsprint
inks
used
The
Associated
raised
Bailey is referred to in another
item in this issue.
the
termed
available
In
of business and financial processes
"cripple the consumer."
Social
year
some cases
price increases were announced toward the close of 1937,
while in others they were not put into effect until well after the
beginning
of the new year.
the "scores of points" at which "business
The resolution of Senator
a
area—Southwest, Mid-West, East, South and Far
every
West.
according to proponents of the plan, is to
as to
$50,000,000
and
in
Canada—Boston, Providence,
Papers, as Well as Southern and
Papers Among Those Which Raise Prices
stated that
was
in
by the Speaker of the House.
develop accurate information
1939
Action
upward movement
by the President,
President of the Senate, and one-third
as
through
Higher production costs has resulted in increased prices
by daily newspapers throughout various sections of the
country.
In the Chicago "Journal of Commerce" of Jan. 28
and Taylor.
It was agreed that the investigation of prices
proposed by Senator Bailey could not, within the suggested limitations, be
productive of the desired results.
The delegation proposed a thoroughly
staffed
1938
Francisco
Western
Washington,
Senators
Andrews
immediately
Similar
mm'**
Feb. 24 said:
Other
26,
Higher Production Costs Result in Increased Prices
by Numerous Newspapers Throughout Country—
have allowed
we
$118,000,000
jiloyment insurance benefits unless personnel could be main¬
tained at normal levels, which he believes to be
impossible
if budgets are not increased for administrative
purposes.
Miss Hall in her statement to the President said:
production
of
jiresent needs of the several administrations and expressed
the possibility of a break-down in the disbursement of unem-
"The interests of labor, business and agriculture are each
represented In
the central administration of our Government.
The consumer has no
our concern for
extent
Commissioner
made
the Federation.
In
the
to
thereafter.
man
comparable representation.
Feb.
'
Consumers National Federation of New York.
2
the
o'clock
Seattle
and
the
the
Guild
this
morning
"Star,"
Seattle
that
it
Newspaper Guild
and the
announced
was
negotiations
Teamsters'
the
over
Union
had
by
between
Rodney
the
jurisdictional
been
Brink,
editor
"Star" management
dispute
suspended until
an
between
indefinite
time today.
Mr.
Labor
the
Brink
said
Relations
dispute.
no
settlement
Board
Mr.
had
been
representative,
Brink
said
he
had
had
reached, but that Charles Hope,
promised an early hearing on
received
no
definite
assurance
that
permitted to operate today other than a
plant would be
the
mainland
tacit under¬
publication after a
•".'"•••• .1;...'";.V'<
vv'-'S
;;l.-'•■•'y:■
•'-'V
there
ing the settlement, said:
An
Burt
Secretary
Sparks
President
and
dent
Guild with
/
Walter Rue,
and
Guild,
the
of
as
accepted by the "Star" unit
was
only two dissenting votes.
Although approximately 60 persons
About
be reinstated.
All
have gone
15
1
originally went on strike, only 34 will
elsewhere and 11, having found other
submitted resignations.
are unequivocal, except in the case of
employment,
reinstatements
the 20 circula¬
jurisdictional dispute over whom led to the
strike.
The agreement provides they are to be given temporary employ¬
ment until the courts finally decide whether the Guild or the Teamsters'
tion
department employees,
Union
has jurisdiction
a
their jobs.
over
for economy
discharges
No
change
made
is
"Star"
The
the
said
management
agreement
does not
provide for a
closed shop, but the Guild pointed out that it was recognized as
sole collective bargaining
agency for the editorial, business
office and
advertising departments.
The Guild announced strikers returning to work
are to
receive a total of $29,479 in back pay.
or
Operators in Twin Cities
Agrees to Maintain Two-Man
Strike of Street Car and Bus
Settled—Company
Crews
A
Routes
Certain
on
and bus operators which
paralyzed public transportation in St. Paul and
Minneapolis was settled on Feb. 15 by an agreement be¬
tween the Amalgamated Association of Street Railway Em¬
virtually
Transit Co. Under the
two-man crews
ployees and the Twin City Rapid
agreement the company said it would retain
on
certain lines where it had planned to
of
notices
strike
substitute oneunion 30 days'
Calling of the
following United Press advices of
to give the
similar changes in the future.
promised
and
service,
man
the
noted in
was
Feb. 14 from Minneapolis :
strike
The
began
suburban
two
on
cars
lines in protest against orders
for
Union spokesmen said 13 men
those lines.
on
work by the order.
out of
thrown
were
of
operation
one-man
spread the strike from the Lake Street barns,
throughout the Twin Cities.
They boarded cars and
warned operators to return to their barns.
Andrew Wicketrom, business agent of the Amalgamated Association of
squadrons"
"Cruising
where
it
originated,
American Federation of Labor affiliate, said
the strike was not authorized by the union.
S. E. Donaldson, Secretary
of the local union, confirmed that the strike was not sanctioned, and said
the union had a two-year contract with the company.
Railway Employees,
Street
scheduled
Minneapolis
of
Leach
George
Mayor
a
conference between
of
for $24 weekly wage guaranty in place
taxicab drivers in demand
all
their
of
Cabs continued to operate in St. Paul.
payment.
commission
further stated:
Slightly more than half of the estimated gross
and
O.
for
Victory
Strike
Workers'
Dock
Rican
I.
C.
L.
F.
A.
for
Co.
Edison
Power Co., $9,000,000 principal
1967. In both cases almost all of
toward expenditures for additional
plant and equipment or for reimbursement for such expenditures made dur¬
ing the past year. Nearly 41% of the month's registrations was accounted
for by issues of investment and trading companies, who proposed to apply
the proceeds from their sales toward the purchase of other securities.
The
remainder of the January registrations was represented as follows: 4.6% by
securities of miscellaneous financial companies, 2.8% by securities of manu¬
facturing companies, and 0.7% by securities of companies engaged in the
debentures, due 1958, and the Consumers
amount of 3
lA% first mortgage bonds, due
proceeds were intended to be used
industries.
extractive
and
Bond
Scales
Labor—Wage
Terminated—
Settlement
of Stevedores
Increased
had
10
Puerto Rico,
which
all port activities since Jan. 3, was ended
what labor representatives termed an out¬
paralyzed
Feb.
in
stevedores
of
after
The walkout had made it impossible for
freight ships to load or discharge cargo.
Leaders of the
American Federation of Labor and of the Committee for
standing victory.
Industrial
which
was
common
stock issues totaled
23.0%
$9,911,000,
Approximately
Juan
Feb.
on
in stating that longshoremen and
10, which
ship workers returned to work on
promise
that day under a com¬
of their dispute,
scale pending arbitration
wage
$66,618,000.
As
registered during January
be
($88,187,000) of total net proceeds was
for plant and equipment and 88.4%
In addition, 2.2% ($1,449,000)
57.3%
of all registrations),
91%
to
and investment company
(which themselves accounted for nearly
predominance of a few utility
result of the
a
issues
applied against disbursements
($25,591,000) for purchases of securities.
was to be used for the increase of working
capital; 1.4% ($929,000)
by the registrants
holders and 7.7%
themselves.
The registrants indicated that 91.9%
0.4% to their own security
be offered to the public,
special persons.
stock issues (on the basis
to
Preferred and common
an
was
of the
23.0%
the
for
in which were
mortgage
Four issues of interest-bearing securities (included
Consolidated Edison debentures and Consumers Power
.
bonds) accounted for
53.3% of the month's
total.
SECURITIES INCLUDED IN 17
TYPES OF NEW
BECAME FULLY
MENTS THAT
REGISTRATION STATE¬
JANUARY. 1938
EFFECTIVE DURING
No.
The
scale.
temporary
representing
scale,
a
10%
Stock, &c.,
Issues
Face Ami. of
~*«*-£
* ». ». <. — — —■
»•»'
"participation, beneficial int¬
Certificates of
erest, warrants,
&c
.... ... .
Debentures
-.....
-»- - - - - - -—-
head
York
of
offices
They
the
companies
the
his
room
had
refused
to reemploy
four
dock
tions
to
first
outgoing
union
the
when
cargo
in La Fortaleza,
■was
3,232,082
11,300,000
30,000,000
19,687,808
11,463,230
30,525,000
1
five
broken ribs,
Governor
-
—.... -
for American
(After
Other Deduc¬
tions) Proposed
Total,
Less Securities toBeOfferedfor
Reserved for
Type of Security
Conversion
Per Cent of
Total Less
for
Securities Reserved
Conversion
Cash
for Account of
Sale for
Registrants
Jan.,
1937
Gross
Common
Ctfs. of partlc.,
Jan.,
Dec.,
Amount
1938
1937
$17,451,905
stock
Preferred stock
Gross
Amount
$10,276,191
706,505
22.1
38.8
10.1
0.9
10.6
35.2
18,687,808
23.7
709,985
- -
beneficial in¬
terest, warrants,
..
18,687,808
11,463,230
Debentures..
25.9
2.8
9,803,000
30,525,000
14.6
18.4
38.3
38.7
0.3
13.4
6.0
&c
Secured bonds
0.2
$69,998,504
100.0
100.0
100.0
Short-term notes—........
$78,837,928
Total
Reorganization and Exchange
In addition to
the new issues
Securities
covered in the preceding
tables, two issues
valued at
the C. I. O. and the A. F. of L.
and that it pointed the way to
Myers said the cooperation between
"significant"
$79,909,170
36
Total
of the year.
the strike situation.
Mr.
709,985
19
—....
—
where he has been confined for several
Winship broadcast his congratula¬
the island's citizens for the "sensible American way" of handling
with
weeks
rehired
were
load
to
From
30,499
-
Short-term notes
increase over pre-strike
warned that "all or none"
would go back to work.
The arbitration agreement was signed by the
companies involved, Frederick Myers for the C. I. O., which called the
walkout, and Insular Labor Commissioner Prudencio Rivera Martinez, who
also is head of the A. F. of L. in Puerto Rico.
The liner Borinquen sailed for New York three hours late after remaining
here
$8,743,951
3
3
—
Prcffirrcd st/Oclc
Secured bonds
$17,523,147
10
Common stock
companies but rejected
by the union, which held out for 60c. an hour with 90c. for extra work.
Resumption of operations was delayed for an hour by a report that New
clerks.
Gross Amount
Bonds, &c.
had been offered several weeks ago by the
wages,
Units of
No. of
Type of Security
The strikers already
accepted the proposal, which provided for resumption of work at 40c.
hour with 60c.
for overtime, and arbitration of the disputed wage
Registered
Total Securities
assured last night when steamship com¬
Blanton Winship's plan.
agreed to Governor
panies
had
walkout
the
of securities registered
other than reserve against conversion) accounted for
month's total, and certificates of participation, warrants, &c.
for purposes
Total
of
for the
and 0.7% ($462,000) for various other purposes.
Approximately 57.3% of the $69,998,000 of securities pr ised for
cash offering for the account of the registrants was to be offered by unde
writers under firm commitments, 41.4%
by various selling agents and
repayment of indebtedness;
added:
Settlement
other than immediate
Of this total, about $1,071,000 as indicated above, were reserved for conversion of other securities;
$1,049,000 were registered "for the account of others"; $157,000 were
reserved for the exercise of options; $7,628,000 were registered for exchange
for other securities and $6,000 for payment of claims.
■
/:
After deducting the above amounts, there remained $69,998,000 of
registered securities proposed to be offered for sale for the account of the
registrants.
Of these securities, $67,908,000 represented issues of already
established enterprises, while $2,000,000 were the offerings of newlyorganized companies.
In connection with the sale of securities, the regis¬
trants estimated that expenses of 4.8% would be incurred; 4.2% for com¬
missions and discounts to underwriters and agents and 0.6%
for other
expenses in connection with flotation and issuance. After payment of these
expenses, the registrants estimated that they would retain, as net proceeds,
the account of the registrants.
cash offering for
Blanton H. Winship
provide work for the thousands of idle.
Terms of settle¬
ment were indicated in United Press accounts from San
and
registered
of all the securities
12.4%
or
cer¬
.
1938, were intended for purposes
during January,
Organization cooperated in organizing the strike,
conducted with complete orderliness.
Governor
of Puerto Rico said in a broadcast on
Feb. 10 that employers and labor now must work together
to demonstrate that the island deserves more industries to
of all the securities
accounted for 53.3%
other than reserve against conversion; and
participation, warrants, &c.t for 23.7%; while preferred
purposes
of
23.7%
strike
six-week
A
issues
debenture
tificates
1.3%
Term
Leaders
proceeds of the month's
securities reserved for conversion) was ac¬
by the registrations of two utility issues—the Consolidated
of New York, Inc., $30,000,000 principal amount of 33^%
registrations (after deduction of
of the securities was to
Puerto
18 the SEC
announcement of Feb.
In^its
respectively.
an
employer and employee representatives in an effort to settle the differences.
The situation in Minneapolis was complicated by a three-day-old strike
securities totaling
Securities Act of 1933 indicates that new
$79,909,000 were declared fully effective during January.
The comparable figures for the preceding month and for the
same
month of 1937 are $193,745,000 and $383,126,000,
registered for
one-clay strike of street car
Exchange Commission announced on
analysis of statements registered under the
that
18
the net
strike.
guild
Feb.
counted
provides there shall be no
reasons during the first six months.
in the wage scale in effect at the time of the
agreement, which is effective for a year,
The
During
Effective
The Securities and
'
end.
be brought to an
will
activities
$79,909,000
Totaling
Became
Act
January
strike
reinstated on Monday and all
Issues
New
36
Securities
Under
of the
-■
Under its terms, all strikers will be
of
Registration
A. E.
Seller,
international representative, Vice-Presi¬
signed by Harry Marshall, President, and Miss
of the Star Publishing Co., and by H. Richard
agreement,
Murphy,
the
union
Puerto Rico for both groups.
in
room
was
longshoremen's
of Feb. 5, after announc¬
Seattle "Post-Intelligencer"
Tlie
absorb
would
within 30 days.
Mr. Rivera,
however, said he doubted the longshoremen would turn down the A. F.
of L., "which has fought their battles for 30 years."
He said he believed
Despite the strike, the paper resumed
few days.
organization
his
that
added
He
workers.
Federation-affiliated
,!
standing.
1339
Chronicle
Financial
146
Volume
labor
certificates were registered for issuance against securities
$1,595,188 and an issue of common stock, scrip certificates and
mortgage
bonds were registered in
of voting trust
involving securities
connection with a plan of
valued at $136,000.
reorganization
1340
THE
Financial
TYPES
SECURITIES
OF
INCLUDED
IN
THREE
Chronicle
REGISTRATION
such
fund.
a
Feb.
In
this
STATEMENTS
FOR REORGANIZATION AND EXCHANGE* ISSUES
BECAME FULLY EFFECTIVE DURING JANUARY, 1938
WHICH
operating officers
ence
Approximate Market Value
Common stock
Jan., 1938
Secured bonds
1937
1.
si 30*660
1
$8,372,507
2,622,375
.
Certificates of deposit.
1,"l43", 964
6,546,886
1,595", 188
exchange for existing securities,
a Repre1-3 of face value where market was not available.
or
Study of Bank Underwriting Favored by President
Frothingham, President of I. B. A., Authorized
by Governors of Association—To Be Undertaken
by Independent Research Agency
The Board of Governors of the Investment Bankers Asso¬
at the January meeting
E. Frothingham,
outstanding
of
the
research
adequacy
of
to
agency
the
make
machinery
an
in¬
an
for
invested
research
organization,
of
taken
subject
there
in
with
the
to
which
issue of
Association,
Board
had
he
his
which
conversations
been
in
of
we
with
communication
one
for
a
occasion
talk
to
banks
with
good
a
people
many
this
on
to
underwriting," he said.
"I find
diametrically opposed opinions among people
positive and
that
both
investment
banking circles and in commercial banking circles.
It
subject that really reaches to the heart of the whole system
of ways and means of
getting capital to do capital's job.
be
to
seems
It must
in
a
be
viewed
individual
any
hand
the
general
Roughly,
$250,000,000
There
is
underwriting
to
course
close
that there
from
think,
I
not,
available
hears
not
way,
is
what is the best
one
of
objective
an
information
judgment.
to
in
member.
know just
to
the point of view
sufficient
enough
capital.
to
perhaps
are
It may
pursue.
That
is
form
of
$200,000,000
some
considered
altogether
by some.
By others it is considered ample.
Some feel that
underwriting system has not as yet been put to a test and that there
telling what it can do.
Some believe that with the availability •!
the
from
the
capital, it
banks
take
can
and
the
of
care
the
is
a
capital
a
is
imposed
complex
flexibility of
what
parte information,
system
and
which
"This
tively
might
research
States.
'In
the
this
Exchange
make
it
of
has
said,
involved
question
in
systems
administrative
and
created
the
of
'we
the
capital
would
capital
make
market
Commission.
In
the
have
that
event
the
cooperation
discussions
The
with
Board
respect to
authorized
to
be
or
is
the issue and
Mr.
in
of
that
the
our
is
the
tenta¬
United
analysis
situation.
We
of
would
by the Securities and
the
project
financial
we
Invest¬
institutions,
service
at
should
regulation
advantage,
it
a
in
is
trust
States
is
in
a
the
the administration
of
used
by banks
securities
of such size
is
preferable
trust
common
trusts
as
device
a
the public;
to
that
funds may
its
that
such
be
be
funds
fund;
participating in
a
common
avoided;
bank
a
be
not
of participations
individual
to
be
must
and
trusts
7.
the
of
administering
such
of
status
banks
That
fees
management
trust
common
a
fund
should
not
have
of. the participations of such trusts; and
administering
or
other
common
additional
trust
funds
compensation
should
for
the
not
receive
administration
funds.
President Adams of A. B. A. Deplores Creation of
Class
Antagonism in Address in
Minneapolis—-Appeals
Unity
Expressed
as
by Washington
Destruction of the balance of the American Government
and the creation of class antagnoisms were
deplored
W. Adams, President of the American Bankers
by Orval
Association,
in
an
address to Group One of the Wisconsin Bankers Asso¬
ciation at
Minneapolis.
Utah, made
Mr. Adams, who is Executive Vice-
Bank, Salt Lake City,
appeal for unity as expressed in the words
and works of George Washington.
He stressed the efforts
of Washington, Franklin, Jefferson and Madison to
bring
unity to the American colonies, and asked, "What is be¬
coming of the high ideals of equality, freedom and justice
upon which our country was founded£"
In part he spoke
an
follows:
as
Is there union
Constitutional
today?
Government
was
Three branches
Judicial.
Out of the deliberations and the debates in the
Convention
ferences of opinion,
Government
our
and then compromise.
born.
were
There
were
dif¬
system of
a
established—the Legislative, the Executive and the
Each of these branches of the Government
pendent.
two
was
Out of all this,
framed in which checks and balances
played a great part.
upon the other two, but it must
No control
was to
was to serve
was to
be remembered that each
act
as a
was
in its
own
check
also inde¬
be exercised by one over the other two.
Thus,
sphere in perfect union with the other
branches.
But this
union
does not
now
exist,
because the Executive branch
gradually usurped powers not belonging to it.
revulsion of popular
feeling
our
If it
had
not
been
has
for
a
Supreme Court would today be merely the
mouthpiece of the Executive.
It is unfortunate that deep antagonisms have been and
between
class
and
And because
prosperity
class,
some
cannot
spend beyond
cratic
be
between
group
and
group.
.
are
.
being created
.
believe, and believe sincerely, that the path to real
achieved
through indiscriminate spending; that to
dangerous practice which is not economically
jeopardize our very democracy and our demo¬
our income is a
institutions; that individual rights must
land; that the balance of
our
still
Government must
be
be
preserved in
our
restored; tnese high-
minded Americans, who love their
country and its institutions, are branded
as
self-seeking, illiberal
...
We must declare anew our allegiance in thought and action to
the prin¬
ciples enunciated in the Declaration of Independence; in the Constitution
of the United
the
States; in the memorable farewell address
of
Washington; in
undying words of Lincoln.
problem involved.' "
Frothingham to respond that the Investment
Death of S. Parker
Gilbert, Partner in J. P. Morgan &
Co., and Formerly Agent General for Reparations
Payments
sympathy with the proposed study and is willing
time that it is called upon for any information
any
individual
wish to have extensive
counsel.
of
an
sound; that to do this is to
it
in
of membeers of the
Association, as well as of all other
assembling of factual data, and we would also
the
in
necks
thorough
Bankers
Bankers Association
the
funds
trust
common
the
selfish interest in the assets held in such fund;
That persona having an interest in trusts
participating in a common
trust fund should be kept fully advised of the
rights of the participating
question.
otherwise,
undertake
we
inter¬
another.
me
a
and
another
markets
underwriting and of control
should very much like to
in the
of
6.
one
curtailed
bottle
is still
the
with
availability of
that have been
and
is
recently informed
study
a
study,'
problems
the
for
fund
preferences between individual
each branch
.
that the question
the
markets
have
.
have
talked
out
markets
processes
.
to
intermeshed
of
tax
capital
the
have
question
preferential
Commission
down
I
phases,
the
extent
the
in
organization
to
whole
what
slow
underwriting
desirable
I pointed
various
regulations,
Exchange
planning
include
the
its
developed
and
necessary
The
assistance
our
extent
Securities
ment
ex
To
have
us
of
reasonable, normal demands.
was
way.
factor.
one
upon
turnover
it
complicated in
one,
in
woven
all
rapid
outstanding research organizations.
broad
To
reasonably
all
"Having in mind that
fullest, most complete and
of
operating
any
no
loans
trust
separately rather than in
fund
That
5.
be that
basis
a
of
data
actual
inadequate
is
banks
determination
President of the Utah State National
the
readmitting
are
of
the
responsibility
separately
That
trust
"Investment
from
months.
have
"I
the Feb. 15
by the
follows:
outlined
where
for
published
Frothingham
their
in the sale
That
invested
corporate underwriting.
This is made known in
matter
the
experi¬
under¬
writing securities, and, in particular, to study the advisa¬
bility of commercial banks being readmitted to the function
quote, in part, as
for
common
a
engage
approved efforts of Francis
President of the Association, to induce
independent
vestigation
advisability
policy
of
That
3.
4.
Mr.
had
trusts;
2.
$1,731,188 $14,919,393 $34,953,447
be Issued in
to
market value
the
of
discharge
of
12,663,281
to
5
Refers to securities
That
-----
-
—--------
-.
"2
Banking,"
consult
to
have
who
familiar with the practical
are
question
Jan.,
"l
—
Short-term notes
of
advisable
be
institutions
who
Wyatt said, in summarizing, that the provisions of
the regulation governing common trust funds are based
upon tlie following fundamental conceptions:
$17,546,881
Debentures
ciation
trust
"40,316
Dec., 1937
I
-
Ctf. of partic., beneficial Interest, <fcc_
actual
would
it
the
Mr.
Preferred stock
*
of
936,636
Issues
ents
connection
some
1938
involved.
problems
a
Sfo. of
Type of Security
of
the operation of such funds and
in
26,
Seymour Parker Gilbert, a partner in J. P. Morgan & Co.,
formerly Agent General for Reparations Payments, died
in
this city on Feb. 23; announcement of his death was
made as follows by the firm:
and
Complications
Funds
in
General
serve
Regulation
Conference
A
discussion
of
by
Before
Common
A.
Trust
Wyatt—Federal
Discusses
the practical
common
of
Walter
Counsel
F
advantages of the
was
Establishment
Explained
B.
A.
Re¬
Provisions
Trust
difficulties
as
of
Division
well
as
the
investment fund for small trusts
given at the concluding session of the midwinter
con¬
ference of the Trust Division of
the American
Bankers
Association in New York
City on Feb. 17 by Walter Wyatt,
General Counsel of the Board of
Governors of the Federal
Reserve System.
Mr. Wyatt explained in detail the
pro¬
visions of Regulation F of the
Federal Reserve Board,
which last December
authorized this type of investment
fund.
He pointed out that the
actual operation of common
trust
funds
erable
involve
may
expense
"as
a
many
result
complications
of
the
and
practical
consid¬
difficulties
necessarily inherent in the problem of
handling collectively
the investment of the funds of
many different trusts."
He added:
suggesting
such
that
fund
a
and
should
requirements but also
in
the
and
mentioned, not with
sre
operation of
any
trust
first
as
operation of such
before
reaching
common
inform
to
a
a
trust
view
a
funds,
of
discouraging the
but with
the
view
of
institution
the
fund
disadvantages both to the
involved
Mr.
for
noon
today of their partner,
Gilbert, who it is said, had suffered impaired health
time, entered the hospital on Jan. 13.
At the
was but 45 years of age. and the
many
arduous tasks he had been called upon to assume
during the
some
time of his death he
past 20
or more years,
together with the fact that he
was an
indefatigable worker, served to undermine his health. Mr.
Gilbert, who, in addition to his other prominent posts, had
served as Assistant Secretary of the
Treasury, became a
in J. P. Morgan & Co. in January, 1931, after
bringing to a successful conclusion his work as Agent General
for (German)
Reparation Payments.
In reviewing his career
the "Wall Street Journal" of Feb. 24, said:
partner
All of Mr.
Gilbert's 23 business years were spent in the financial field.
Even his first job
on graduating from Harvard Law School was with the
downtown New York corporation law firm of Cravath & Henderson, now
Cravath, de Gersdorff, Swaine & Wood.
These complications
establishment
J. P. Morgan & Co. announces with the
deepest regret the death from
cardio-nephritis at Doctors Hospital at about
Seymour Parker Gilbert.
contemplating the establishment of
itself
thoroughly not only of the legal
practical
and
trust
decision
and accounting problems
should
as
to
involved
carefully weigh the advantages
institution
and
whether
or
to
the
not
it
various
will
trusts
establish
Collected Germany Reparations
Outstanding achievement of Mr. Gilbert was collection
from
Germany under the Dawes plan.
recognition for that work.
It
was
in
of reparations
He received world-wide financial
early October, 1924, that Mr. Gilbert
accepted the poet as Agent General of Reparations Payments.
Louisville, married Miss Louise Todd
He went to
there on Oct. 8 and three
days later
sailed for Germany to take
up his new post, which was to keep him engaged
until 1930.
/
Volume
N. J.,
Born in Bloomfield,
school
received
and
there
A.B.
degree
1912,
College in
Rutgers
at
From Rutgers, Mr. Gilbert went to
scheduled to celebrate the 75th Anniversary
laude in
Harvard Law School from which he received his law degree cum
system of which they
His reputation at Harvard was that of a brilliant student.
1915.
Mr. Gilbert
employed with Cravath & Henderson during the
was
He tried
War.
to
unable to do
so
because of bad health—he had just had an
Then, in
operation.
1918, Mr.
the U. S.
Secretaries McAdoo,
is the First-Stamford National Bank & Trust Co. of
Stamford, which has charter No: 4 of the national system,
issued June 20, 1863.
The First Stamford Charter was
Mellon when he took
issued
Treasury.
ever,
Retained by Secretary Mellon
Having
Treasury
the
served
under
successfully
the Treasury post at the change of
U'.-.
,
Glass and Houston, Gilbert was kept on by Secretary
over
Gilbert left the Treasury in
Mr.
employers, which
then
was
skeptical that anyone
Dawes plan
was
Letter
tion
hd spent in Berlin-r-often working 12 to 15
abroad
hours a day collected more
$2,000,000,000 in cash and kind for the Allies.
than
Joined Morgan in 1931
said, could have
But he chose to accept a mem¬
job in this country.
He was one
.
.
."
December, 1935, when excess reserves of Federal Reserve member
banks had passed the $3,000,000,000 mark and some commercial bank
leaders had urged that something be done to cut down this substantial credit
expansion base, Mr. Gilbert issued a statement which backed the position
of Chairman Eccles of the Reserve Board who felt that nothnig need be
bership in the Morgan firm, taking up his job on Jan. 2, 1931.
of the newest
as
well
as
one
members of the firm.
of the younger
In
done just
then.
'
:
A member of the New York bar in addition to his
member of Phi Beta
was a
His
was
decorated
with
Officer
1930; Grand Office of the Order of Leopold (Belgium), in
in
Officer of the Order of Saints Maurizio
Mr.
Gilbert
was
Kennecott Copper
(France)
1930; Grand
(Italy) in 1930.
and Lazzaro
Co., Braden Copper
Co.,
Co., Lehigh Valley Coal Corp. and Lehigh Valley
Coal
a
director of Bankers Trust
Sales Co.
;.:v '■
An item
of
the
In
this city.
taking
C.
Ashton
Ex-Congressman
Shallenberger,
Governor
Former
and
of
and former Governor of Nebraska, was fatally striken
addressing a meeting of farmers in Franklin, Nebr.,
Feb. 22 and died a few moments later.
Mr. Shallen¬
gress
111., and
was educated at the Toulon High School and the University
of Illinois.
Afterwards, at the age of 19, he moved to Polk
berger, who
was
75 years old, was born at Toulon,
County, Neb., where he started a stock farm.
Later as a
Congressman he became a champion of legislation in behalf
of agriculture. ' In 1887 Mr. Shallenberger added banking
to his farm and ranching duties, organizing and becoming
Casher of the Bank of Alma.
Later he became President of
the institution, holding the office until he sold his controlling
interest in 1908.
Mr. Shallenberger was elected to the House
of
Representatives eight times, beginning his first term in
and concluding his last in 1936.
In 1901-11 he was
An outline of his career printed in
the New York "Herald Tribune" of Feb. 23 further said
1901
Governor of Nebraska.
in part:
;y
As Governor he obtained enactment of the Nebraska State
Mr,
Shallenberger
I should like to report
ticket.
At
the
election
next
he
was
defeated,
compels me to
and
In
and
that it is going to
71st Congress,
but
was
not
again
the Merchant Marine
He was out of the
1930.
1929,
more
than 20 years after Mr. Shallenberger
banker, Arthur J. Weaver,
him chief examiner in
an
United States
before the
One of the
confronted
Its
He
was
again
had retired as a
is
Federal
Reserve
National bank
men
Districts
Celebrate
Occasion
throughout the United States yester¬
day (Feb. 25) observed the 75th Anniversary (or Diamond
Jubilee) of the National Banking System, commemorating
the day,
Feb. 25, 1863, in the darkest period of the Civil
which President Lincoln signed the act creating the
banks.
Chief National Bank Examiners in each
of the 12 Federal Reserve Districts brought together all their
War,
on
national
deputies, examiners and assistants for conferences for the
day, which were followed in the evening by banquets.
National bank men of the Second Federal Reserve District,
planned to confer
with Luther K. Roberts, Chief National Bank Examiner of
the district, and in the evening join in a banquet at the
of which New York is the headquarters,
several vital problems that must
be solved
hope to get anywhere at sea.
which the Commission has
situation with regard to labor.
The employer-
the
if American shipping is to survive.
need for
dilemma presented by
careful
and will undoubtedly evolve a solution in the very
problem of our Merchant Marine is the urgent
recent increases in
The Commission is making a
shipbuilding costs.
study of this situation
future.
near
want
work
thank you,
to
Mr. President, for giving me an
I hope that in my new post
the shipping question.
on
to merit your
opportunity to
I may continue
confidence.
Sincerely yours,
JOSEPH P. KENNEDY, Chairman
I
Chairman Kennedy, the
accepting the resignation of
n
President wrote:
My dear Joe:
Chairman of the
that
you are staying in the family and taking over a new assignment.
I want to take this occasion to express my appreciation, so generally
shared, for the fine work you have done. In both of your important Govern¬
ment assignments you have maintained your justly earned reputation of
It is with real regret that
United States Maritime
being
a
I accept your resignation as
Commission.
This is tempered by the fact
two-fisted, hard-hitting executive.
gratify you to know that
It may
in going to your new post, you carry
confidence and high wishes.
Very sincerely,
Before
departure for London Mr.
his
r-v"vD.
ROOSEVELT
Kennedy visited
Hyde Park (N. Y) home, where
had been staying since last Friday (Feb. 18).
President Roosevelt at his
Feb.
On
22
Mr.
Kennedy
criticized by
was
a group
of
his views on maritime
labor as expressed before the Senate Committees on Com¬
merce and Labor on Feb.
16 in Washington.
Noting this,
the New York "Times" of Feb. 23 said in part:
I. O.
C.
Mr.
of
an
maritime labor unions for
Kennedy's support of a program
arbitration board for
Maritime Council.
Anniversary of
Dinners in 12
We have
evaluate
for its rehabilita¬
I have already discussed with you the
replacements.
Republican Governor of Nebraska, appointed
investigation of the State Guaranty Bank Fund
Banking System Marks 75th
Founding—Conferences and
can
employee relationship must be stabilized
I
months.
disturbing problems with
most
Labor Board was the
National
the
like the present
of the mail contract system, to
it is today, and to chart a course
as
There remain, however,
tion.
the President
Representative, and was re¬
In 1919 he was defeated, but came back in
named again in November,
Commission has been in office about 10
The present
endeavored to clear away the debris
hold
elected in 1934 after the lapse of one term.
In
take some exceedingly strenuous measures on
United States to preserve a fleet of anything
part of the
FRANKLIN
did
1923, serving in the 68th. 69th and 70th Congresses.
ills of American
filled with promise. Candor
problem is far from solved,
however, that the shipping
Bank Guaranty
seat in the United States Senate.
a
1915 he went back to Washington as a
elected the following term.
say,
.
When his term expired he tried
political office until he became Governor.
unsuccessfuUy to gain
.
Maritime
in relinquishing my post that the
shipping had been cured and that the future is
elected to Congress in 1901 on the Democratic
was
:;;'v :Vvv-,
hereby tender my resignation as Chairman of the United States
with you our
Fund Law, which was repealed 20 years later, in 1930.
date
Commission, effective immediately.
The other major
while
on
Kennedy resigns as
Mr.
duties
new
His
Nebraska
Shallenberger, former Representative in Con¬
Ashton C.
his
over
from
.
,
of
198, and on page 380 (Jan. 15) the
by the Senate was noted.
page
letter to President Roosevelt tendering his resignation
that office, was made public as follows on Feb. 18, the
of its acceptance by the President:
been
Death
8 issue,
Chairman of the United States Maritime Commission.
on.
these columns Jan. 3, 1931, page 49.
Funeral services
Mr. Gilbert-will be held at 10 a. m. today (Feb. 26) in
Church
Jan.
our
confirmation of the nomination
proportions in either foreign or domestic trade.
Mr. Gilbert's activities appeared in
for
the
Heavenly Rest, Fifth Ave. and 90th St.,
bearing
to Great Britain, succeeding the late Robert
Bingham whose death in Baltimore on Dec. 18 was
indicated in these columns Dec. 25, page 4052. The nomina¬
tion on Jan. 7 by President Roosevelt of Mr. Kennedy as
Ambassador to the Court of St. James was referred to in
I
Legion of Honor
of the
of
by President
v^<; My Dear Mr. President:
He
brought foreign government decorations.
Grand
the
financial activities, he
Kappa and Delta Phi.
international service
Post
Britain—
W.
Returning from Germany in 1930 Mr. Gilbert, it was
had most any financial
Great
Tendering Resigna¬
Maritime Commission—Ac¬
Ambassador
>
.
.
Chairman
as
to
Roosevelt
Joseph P. Kennedy sailed for England on Feb. 23 on the
United States liner Manhattan to assume his new duties as
But in the five years
could succeed.
Ambassador
States
President
to
ceptance
described as "the biggest
Some financial leaders here and
so young
United
as
he took the reparations collecting job.
financial assignment of all times."
were
of
law firm
Cravath, Henderson & De Gersdorff.
It was
The job of administering the
same
Joseph P. Kennedy Sails for England to Assume
Assembly, was a Republican.
1923, having advanced to the post
Secretary while not yet 30, and returned to his former
from this post that
on
National Bank of
"Demo¬
crat" holding the Treasury job.
Mr. Mellon answered that Mr. Gilbert
was too good to lose.
Mr. Gilbert finally settled the matter very simply with
one of his rare public statements in which he explained that he, like his
father who had served in the New Jersey
the
day as Charter was given to the First
Philadelphia, which enjoys the distinction
of operating under national banking charter, No. 1.
administrations from Democrat to
Protests were raised in Congress, however, against a
Republican.
Under
City, is that
City of New York,' which
was
with national charter No. 29 issued July 21, 1863.
Oldest national bank in the second New York district, how¬
of the First National Bank of the
appendicitis
took a position with
Gilbert
of the banking
exponents.
are
The oldest National bank charter in New York
World
United States entered but
get into the war when the
1341
Roosevelt Hotel, New York City at which more than 250
local national bank executives, examiners, and friends were
high
Oct. 13, 1892, Mr. Gilbert attended
on
an
graduating at the head of his class.
was
Chronicle
Financial
146
of the Railway
made by the New York
the ground that American
principal target of the attack
His defense of his views on
shipping had suffered
was
that would include the creation
maritime labor along the lines
severely from "quickie"
and "sit down" strikes also
attacked.
The Council
from
charged that compulsory
operation of a
the
arbitration, which would result
board as proposed by Mr. Kennedy,
the seamen of their right to strike.
tantamount to a denial to
would be
It pointed
unions have made recently with ship lines
provided arbitration of disputes by the parties to the contracts which it
out
that
agreements which the
maintained
was
effective and satisfactory.
From the same paper on
He
American seamen, a
that
Feb. 24 we quote the following:
liner Manhattan, manned 100% by
departed on the United States
have
directed
Maritime
majority of whom are
members in the C. I. O. unions
Recognizing the presence of the man who
Federal shipping policies, the National
Union made it known that it would leave no task undone to
condemned
the
present the
him.
reorganization
of
merchant marine to Mr. Kennedy at its best.
stewards, his dining-room waiter, the deck men and other
personnel coming in ordinary shipboard contact with Mr.
His bedroom
members of the
1342
Financial
Chronicle
Kennedy will strive to domonstrate the efficiency and courtesy of American
He served also
labor.
sea
merchant-marine problems would continue officially in
The merchant marine will be
Embassy, he said.
of the
one
his
new
matters, and later
...
at
bon voyage.
sons were
at the
was
not present.
Commission, who is being transferred
was
said
follow in
In
to
that
our
issue of
hearing
a
mittee
at the
Mrs.
Kennedy,
to the Commission's London office.
who is recuperating in
Florida, would
few weeks.
a
labor
on
same
a week ago
(page 1010) reference was made
Feb. 4 before the Senate Commerce Com¬
on
was
stated that the Committee
on
railroad
reorganization
Exchange Refer
Reorganization Study to General Committee with
Instructions to
Appoint Sub-Committee
The Board of Governors of the New York Curb
Exchange
its regular meeting on Feb. 23 referred to the General
Committee the matter of reorganization, with instructions
at
to appoint such sub-committees as it
may deem advisable to
deal with the various phases of the
subject.
George L.
provisions of the pending maritime bill, and
time it
made special counsel
was
in
Board of Governors of New York Curb
pier to wish him
Mr. Kennedy was accompanied on the liner
by Harold B. Ilinton, his
new private secretary, and
Harvey D. Klemmer, an aide of the Maritime
He first
Corporation
+
John F. Kennedy, who is in Harvard, had caught cold while
training for the swimming team and
Finance
appointed solicitor of that agency in Washington.
was
Hyde Park
.
His five daughters and three of his four
Henry & Remmers.
for the Reconstruction
Tuesday, but he denied yesterday that he had received "any instruc¬
tions."
It
government service from St. Louis, where he had practiced law as a member
of the firm of Green,
post.
important questions in the London
talked at length with President Roosevelt
new envoy
Guggenheim
...
Truitt, whose familiarity with the Commission's current problems
obviously recommended him for promotion to membership, entered the
Mr.
on
Vice-President and Treasurer of the Daniel
1928-29.
1938
26,
Mr.
Kennedy, in a brief interview interrupted by scores of friends and
associates who went to the pier to see him off, indicated that his
interest
The
as
Fund for the promotion of aeronautics in
Interest in Shipping Continues
in
Feb.
Harrison
Elected
Committee—Roy
A.
Federal
to
Open Market
Named
Alternate
Young
Member
Feb. 2
made
public a report of an executive hearing on Jan. 26,
Kennedy testified that the problem of how to get
500 merchant ships in 10 years as auxiliaries to the
navy
might partially be met by permitting the country's railway
systems to build and operate merchant fleets.
when Mr.
British
Trade
Treaty
Delegation
Arrives
In
U.
S.
The British Trade
States
a
on
trade
Mission, which has come to the United
invitation of the State Department to
negotiate
the
between the United
agreement
States
and
Great
Britain, arrived in New York on the Queen Mary on Feb. 21.
The delegation is headed
by Arnold E. Overton, Second
Permanent Secretary of the British Board of
Trade, F. Grant,
N. E. Archer, J. A.
Stirling, G. L. Watkinson, W. E. Rhydderch, J. C. Forrester, T. H. Hammond and Miss H. V.
Lupton, Secretary.
The delegation was accompanied by
two
representatives of the Foreign
Steward and C. F. B.
Harvey.
Count De
Office,
Saint-Quentin, New French
States, Arrives in New
Rene
Ambassador
Feb. 23
on
to
Doynel
de
Oliver
Ambassador
Saint-Quentin,
new
French
States, arrived in New York on
Champlain.
He proceeded to
to take the post left vacant
by
to Paris to become Finance
Chautemps' Cabinet. The following regard¬
ing the remarks of the Ambassador on his arrival is from the
New York "Herald Tribune" of Feb.
24:
The French diplomat said he
forget that America
happy to represent France in America.
came over to
our
fight in France to defend the liberty
devastated areas."
Reference to M. Bonnet's recall to Paris
issue of June 26, 1937,
page 4274.
was
made in
our
+
Be Guest of Honor at 37th Annual
of New York Chapter, American Institute
Banquet
of Banking,
The
New
to
on
York
Feb. 26
Chapter
of the American Institute of
guest of honor at its 37th annual ban¬
quet on Feb. 26, Frank R. Curda,
Cashier, the City National
Bank & Trust Co. of
Chicago. Mr. Curda is also President
of the National
organization of the American Institute of
Banking, which has 234 chapters throughout the United
States and a
membership of more than 58,000 persons.
Milton F. Barlow,
Cashier, National Citizens Bank, Man-
Banking will have
Emory S. Land Appointed Chairman of United States
Maritime Commission-—Named
by President Roose¬
velt to Succeed
Joseph P. Kennedy—Max O. Truitt
as
Member of
Commission
Appointment of Rear Admiral
Emory S. Land, a member
of the United States
Maritime Commission, as Chairman
succeeding Joseph P. Kennedy, new Ambassador to London, was announced on Feb. 18
by President Roosevelt.
The President
on Feb. 21
nominated Max O. Truitt, General
Counsel of the Maritime
Commission, to be a member of the
Commission for the remainder of the
unexpired term of Mr.
Kennedy. The Senate confirmed the nomination on Feb. 23.
From a
Washington dispatch of Feb. 18 to the New York
Herald Tribune" of Feb.
19, we take the
following:
Admiral Land, although
only 59 years old, has long been
associated with
the government's efforts to
maintain and stimulate the
merchant marine.
Born Jan. 9, 1879, he
received Bachelor of Science
and Master of Arts
degrees at the University of
Wyoming before entering the United States
Naval Academy in 1898, where
he was graduated in
1902.
He received a
Master of Science degree from
the Massachusetts
Institute of Technology
in 1907.
He has been recognized as a
naval constructor since
1904.
He
served as assistant chief of the
Bureau of Naval Aeronautics for a
two-year
term in 1926-28 and later
was chief of the
Bureau of Construction and
Repair of the Navy Department, prior to his
retirement.
In the World
member of the staff of Admiral
William S. Sims, European
fleet commander.
War he
was
a
A general
sociation
meeting of the New York Security Dealers As¬
was
held
Reports
on
Feb. 24 at the Bankers Club in New
attended by members and partners of
With regard to the meeting it is announced:
was
were made
by the Chairman of
the various
standing and special
Frank Dunne, President of the
organization, presided at the
meeting and among other things, reported principally
upon his numerous
recent visits to Washington.
A general discussion followed the
reports and many suggestions were made
to further the interests of the
sociation.
These will
investing public and the members
be given consideration
of the As¬
by the Board of Governors
and appropriate action taken.
The firms represented
by the twelve governors of the Association have
applied for membership in the Investment Bankers Conference,
Inc., and it
membership in general will take
similar action.
to
expand the membership were discussed, which in the opinion of
those present, will result
shortly in doubling the present membership.
It
is also stated that the
general meeting approved the
plana and suggestions made by the Board of Governors with
regard to the arrangements made with the Investment
Bankers Conference, Inc.
Action by the Board of Governors of the Association to
reduce yearly dues of members was noted in our issue of
Feb. 12,
page
1003, and
the
the assumption
supervision
quotations previously furnished by
the New York
Security Dealers' Association was noted.
on
same
page
by the Investment Bankers' Conference
Inc. of
of the over-the-counter
'
I'.
as
kota, Minn., and Vice-President of the
Institute, will also
be a guest at the
banquet. J. Stanley Brown, Personnel
Director, the Chemical Bank & Trust
Co., and President
of New York
Chapter, will preside.
Nominated
Increasing Membership of New York Security
Association
Discussed
At
Meeting This
Week—Action Toward Application For Member¬
ship In Investment Bankers' Conference Inc.
Dealers
Plans
was
of nations and later to
reconstruct
Frank R. Curda
Plans for
is expected that the
"My feelings are those of all Frenchmen toward the United
States," he re¬
marked, "above all, feelings of gratitude. We
have not forgotten and shall
never
ending
1939, and have elected Roy A. Young, President
of the Federal Reserve Bank of Boston, as alternate member
of the Committee for the same period.
Feb. 28,
committees.
the United
Minister in the
Federal Reserve Bank of New York, a
representative of the
Federal Reserve banks on the Federal
Open Market Com¬
mittee for the year
beginning March 1, 1938, and
to
York
the French liner
Washington on Feb. 24
Georges Bonnet who was recalled
directors of the Federal Reserve Banks of Boston and New
York have elected George L. Harrison, President of the
York City and
member firms.
United
Count
Major
Acting under the provisions of Section 12-A of the Federal
Reserve Act, as amended by the
Banking Act of 1935, the
ITEMS
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
Arrangements were made Feb. 24 for the transfer of a New
York Stock
Exchange membership at $70,000. The previous
transaction was at $67,000 on
February 21.
4
Manufacturers Trust Co., New York, reports that the first
printing of its newly compiled "Exporters Handbook" was
exhausted within two months, and that a second
printing
now on the
press.
The trust company in its announce¬
is
ment
says:
This book, which
trade,
contains
benefits
derived
was
prepared for executives of firms engaged in foreign
comprehensive
data
about
stamp
duties,
protest
fees,
from
protest, and exchange regulations in most coun¬
tries of the world that
buy from the United States. A collection tariff is
also included.
The book is in loose-leaf form
revised pages which
are
so
as
to facilitate insertion of
issued by the bank from time to time in order to
keep the information up-to-date.
4
Harry B. Hollins, former head of the banking and broker¬
firm of H. B. Hollins & Co., New York, died on Feb. 24
his home in New York
City at the age of 84. A native of
New York, Mr. Hollins entered the
age
at
employ of Levi P. Morton1
&
Co. in 1870 and later worked
J. P.
Morgan & Co.
as
a
clerk in the
office of
After working with several other firms
he organized the
company which
bore his name in 1878. He
organizer of the Knickerbocker Trust Co. and served
Vice-President of the Central Railroad and Banking Co. of
was an
as
Georgia and of the International Bank
of Mexico.
He
was a
Director of the North America Safe Deposit Co., the Central
Union Gas Co., the
Corporation Trust Co. and other firms.
4
The Fulton Savings Bank Kings County,
Brooklyn, will
open its new home at 375 Fulton Street at Borough Hall
with appropriate ceremonies next
Monday, Feb. 28, Richard
Wulff, President, announced on Feb. 23.
Raymond V.
Ingersoll, Borough President, will officially open the doors
of the bank for business at 9
a.
m.
The
new
building, which
Volume
Financial
146
through to Adams Street, incorporates all the latest
runs
improved banking facilities and equipment, and is
the culmination of 70 years of successful banking, marking
the rise of the institution's deposits from $104,983 at the end
of its first year to more than $33,000,000 today.
The an¬
and most
continued:
nouncement
quarters on its present site—the previous
head¬
building having been erected in
1891, remodeled in 1911 and torn down last summer to make way
The Jackson City Bank & Trust
Farmers' & Workingmen's
has
been
authorized
The Board of Trustees consists of Jacob
Fallert,
for the
J. Wulff, Cyrus S.
mour
Russell, F. Chris¬
Gonnoud, Bryant F. Gil-
topher Weber, Harold W. Osterhout, Andrew J.
and Albert Lohmann.
Dangler, First Vice-Presi¬
The officers in addition to Mr. Wulff are: Jacob
dent; G. Wm. Rasch, Second Vice-President; Gerard Baetz,
G. Maher,
and James
Pearsall, Louis J. Schlafer, Alfred Obert
Comptroller;
Messrs. Williard H.
and
Auditor,
Charles Dvorak, Secretary; John Reidl,
Assistant
commercial
Previous
it
depositors,
dividends paid
is
"Michigan
the
from
learned
by this trust total 43% in savings and 35% in
commercial, bringing total
dividends paid to 49% in savings and 47% in
commercial.
Winfield
W.
Assistant Vice-President
Iowa,
and connected with that institution for 25 years, has been
elected a Vice-President of the Valley Savings Bank of Des
Scott, formerly
Moines
and
planned to assume his new duties on Feb. 21.
West" of Feb. 19, from which this is
^Commercial
The
learned, also stated that
Auditor.
and
Booth, heretofore Assistant Treasurer of
Richard A.
the
Savings Bank and Manager of its
real estate department, has been elected Treasurer of the
Savings Bank of New Britain at New Britain, Conn., and
Springfield Five Cents
enter upon his new duties on March 15, according to
Springfield advices on Feb. 8 to the Hartford "Courant."
with
Willoughby G. Walling, President of the Personal Loan &
Savings Bank of Chicago, 111., and a director of the Con¬
tinental Illinois National Bank & Trust Co. of that city, died
in^the Presbyterian Hospital, Chicago, on Feb. 23 after
several weeks' illness.
He was 59 years old.
Mr. Walling
was born in Louisville,
Ky., and was graduated from the
University of Chicago and the Harvard Law School. Among
his many interests outside the banking field, Mr. Walling was
trustee of the Utilities Power & Light Co., now in process of
reorganization; a member of the Advisory Board of the
Reconstruction Finance Corp., a director of the Illinois
Society for Mental Hygiene, and a trustee of the Library
Board of the University of Chicago.
the
Mr.
annual
and Vice-Chairman of the Board
of the Connecticut Power Co., died unexpectedly at his home
in Stamford on Feb. 21.
He was 65 years old.
Born in
Academy, the
graduated from
the Sheffield Scientific School of Yale University in 1896.
Subsequently he entered the public utility field in Brooklyn
and eventually
(1915) became President of the Stamford
Gas & Electric-Co., a position he held until June, 1936, when
his company was merged with the Connecticut Power Co.,
whereupon Mr. Dater became Vice-Chairman of the Board
Brooklyn, N. Y., Mr. Dater attended Adelphi
Institute,
of the Connecticut Power Co. and
Gas
and
was
Chairman of the Stamford
Committee of
Divisional
Electrical
&
that
company.
Among his other interests Mr. Dater was a director of the
First Stamford National Bank & Trust Co., a director of
the
of the Nazareth
Chamber of Commerce, and
Stamford
of Nazareth, Pa.
Cement Co.
^
4
Directors of the
Fidelity Trust Co. of Pittsburgh, Pa., at
recent
elected John
meeting,
Feb.
19.
succeeds the late Melvin M. Carnahan.
the company,
Bank
Plan
Morris
The
C. Shearer Auditor of the
it is learned from "Money and Commerce" of
Mr. Shearer, who has been long in the employ of
company,
of
Md.,
Baltimore,
recently
Maryland. Accord¬
ing to its President, Robert O. Bonnell, there is no change
in the corporation or in its officers or directors, and its
policies will not be affected.
The institution is a member
changed its name to the Public Bank of
Deposit Insurance Corporation.
Federal
of the
It is capi¬
talized at $250,000.
Samuel E. Kramer of the Court of
the plan for reorganization of the
closed Union Trust Co. of Cleveland, Ohio, and immediately
Feb.
On
18
Judge
Common Pleas approved
the court's decision, steps were taken looking
toward the formation of the Union Bank of Commerce, the
following
The
institution which is to succeed the trust company.
new
Cleveland "Plain Dealer" of Feb. 19, in its account of this,
continued, in part:
The
first
was
move
'
announcing the intention
must
be
done
Columbus
partment.
At
from
to
the
and
same
time
petition
for
authorization
used
advertised
for
for
the
two
L.
Oscar
of
the Reconstruction
be
of the sponsors to incorporate a new bank.
This
in advance of the application for incorporation
license from the
a
State Banking De¬
...
the
nounced
weeks
two
publication of advertisements, provided by law,,
the
Cox,
advertising
liquidator
required
Finance Corporation of
35%
the Union
of
to
make
court approval
Trust,
available
a
an¬
loan
$16,000,000, part of which
dividend to depositors.
weeks before
This likewise must be
can
be sought.
«
Frank
C.
Bandelin
has
become
President of the Badger
State Bank of Milwaukee, Wis., succeeding
Other officers making
up
Carl M. Blocke.
F. J.
the bank's personnel are:
Tharinger, Vice-President; Edward A. Jung, Vice-President
and Cashier; Goodwin A. Anderson and Harold W. Landwehr,
Ralph
Assistant
C.
Vice-Presidents, and Edward E. Ebert,
and E. H. Wendorff, Assistant
Schumacher
Cashiers.
for eight years,
University, Des Moines.
report of the Royal Trust
Co. of Montreal,
was
1937, shows net profits of $673,956 (as compared with
year
$650,069 the previous year), which, when added to $754,309,
the balance of credit of profit and loss brought forward
from
1936, made $1,428,265 available for distribution, which
disposed of as follows:
$159,834 to take care of Do¬
minion, Provincial and municipal taxes, and $360,000 to
was
pay
four quarterly dividends and a bonus, leaving
be carried forward to the current year's profit
to
$908,431
and loss
at $762,908,470 as com¬
31, 1936, of $782,841,041.
The bank's paid-up capital is $2,000,000, and its reserve fund
$4,000,000.
Sir Charles Gordon is President, and Huntly R.
Drummond, Vice-President.
account.
pared
Total
assets
with total
are
assets
shown
on
Dec.
of the Stamford'Savings
Alfred Warner Dater, President
Polytechnic
Bank
submitted to the shareholders at their annual
general meeting on Feb. 8. The statement, which covers the
Canada,
Bank of Stamford, Conn.,
Brooklyn
Feb. 7 Edward P. Kautzky had
that was a member of the faculty of the School
of Commerce at Drake
The
on
Savings Bank as an Assistant Cashier
Kautzky had previously been connected
Iowa-Des Moines National
and prior to
will
an
National Bank, Des Moines,
of the Iowa-Des Moines
joined the Valley
Secretaries.
13
final dividend of 6% to de¬
a
Berthold
Dangler, G. Wm. Rasch,
Rentrop, Richard
Reimer, Bernard
Otto E.
Jullien, Paul W. Connelly, Charles E. Larsen, Frank C.
in
to pay
positors in the savings department and a 12% dividend to
structure.
new
a
Co., as receiver for the
Savings Bank of Jackson, Mich.,
Investor" of Feb. 12, which added:
1
inception in 1867, the bank has always maintained its
Since its
1343
Chronicle
THE
CURB
EXCHANGE
active group among the curb market
issues worked upward this week and in many instances new
tops for the rebound were registered.
Preferred stocks
among the public utilities and industrial specialties were in
demand, but there was also considerable interest apparent
in the oil shares and mining and metal issues.
The New
York Curb Exchange, the New York Stock Exchange and
all of the commodity markets were closed on Tuesday in
observance of Washington's Birthday.
Industrial stocks, mining and metal issues and oil shares
were in moderate
buying demand during the short session
on Saturday despite the fact that transfers were light and
price changes were comparatively small.
Hudson Bay
Mining & Smelting broke into new high ground at 27 % hut
fell back to 27 as the market closed; Babcock & Wilcox
climbed up 2 points to 85 % and Gulf Oil moved up a point
to 42. Other gains registered at the close included Aluminum
Co. of America, 1 point to 84%; American Cyanamid B,
1 % points to 27%; Lion Oil Refinery, 1 % points to 22%;
Newmont Mining, 1 % points to 63; Pittsburgh & Lake
Erie, 2 points to 58%, and United Shoe Machinery pref.,
1 kg points to 40%.
The volume of business was 68,000
shares with 197 issues traded in.
v
There was a fairly strong demand for curb stocks on Mon¬
day and a number of the trading favorites worked up to
new tops on the recovery.
Public utilities were moderately
strong, particularly in the preferred section, and industrial
specialties moved gradually upward though the gains were
not especially noteworthy.
The transfers for the day were approximately 131,000 shares with 327 issues traded in.
Outstanding among the stocks closing on the side of the
advance were Mead Johnson, which forged ahead 4 points
Practically
every
.
to
102; Royal
Typewriter, 4 points to 44; Nehi Corp.,
3
points to 45; Electric Bond & Share 6% pref., 4% points to
54%; Aluminum Co. of America, 2% points to 87; Babcock
& Wilcox, 2% points to 88, and Cities Service pref., 3%
points to 36%.
Curb market prices continued active and strong as trading
was resumed on Wednesday following the observance of the
Washington's
Birthday
holiday
on
The pre¬
Tuesday.
public utility group were again in demand
and several active issues among the speculative favorites
moved into new high ground.
Mining and metal shares
attracted some buying at improving prices.
Industrial
ferred stocks in the
specialties and oil shares also worked upward. Prominent
on the side of the advance were Childs pref., 4 points to 38;
Humble Oil, 3 points to 70; Aluminum Co. of America, 2%
points to 89%; Jones
& Laughlin Steel, 2% points to 36;
2% points to 29%, and Colt's Patent Fire
Arms, 3% points to 61.
;
;
The trend of the market was somewhat mixed during the
Carrier Corp.,
r
early dealings on Thursday, and while there were a few small
gains registered during the first two hours of trading, some of
cancelled as profit taking appeared and
swing. There were a number of the more
active of the trading favorites that were not disturbed by the
change in the trend and held the gains of the morning until
these advances were
checked the upward
Financial
1344
the end of the session.
Public utility preferred stocks were
moderately strong, National Power & Light moving forward
points to 5134 at its top for the day; Niagara Hudson 1
pref., 13i points to 74% and Alabama Power 7 pref., 1 %
points to 55 M- Specialties were represented on the side of
the advance by Singer Manufacturing Co., which gained
6 points to 240; and Babeock & Wilcox which moved ahead
134 points to 91.
On Friday the tone of the market was stronger but the
volume of business dropped off to some extent.
Public
utilities attracted light buying and there was a demand for
the oil stocks but the gains were generally in minor fractions.
In the specialties group prices were inclined toward lower
levels; Pepperell Manufacturing Co., dipping 134 points to
71; and Pittsburgh Plate Glass 234 points to 79.
Aluminum
Co. of America was also a weak spot and declined 3 points to
86.
As compared with Friday of last week prices were gener-
Chronicle
We
Feb.
purchase from Brokers and Investment
Firms
drafts, with securities attached, drawn
their
on
foreign correspondents and clients.
MANUFACTURERS TRUST
PRINCIPAL
OFFICE
AND
55
BROAD
STREET,
Carrier Corp. at 2934 against 2534;
Creole Petroleum at 2624 against 24; Electric Bond & Share
at 8 against 734; Gulf Oil Corp. at 42 against 41; Hudson
Bay Alining & Smelting at 2834 against 2624; Humble Oil
at 69 against 64; International Petroleum at 31 against 3034;
New Jersey Zinc at 6734 against 6624; Sherwin Williams Co.
at 8724 against 87 and South Penn Oil Co. at 3824 against 38.
against
FOREIGN
NEW
COMPANY
DEPARTMENT:
YORK
Member Federal Reserve System
Member New York Clearing House Association
Member Federal Deposit Insurance
Corporation
EXCHANGE
FOREIGN
BANKS
RATES
CERTIFIED
TO TREASURY
FEB.
BY
FEDERAL
UNDER TARIFF ACT OF
RESERVE
1930
19, 1938, TO FEB. 25, 1938, INCLUSIVE
Noon Buying Rale for Cable Transfers in New York
Value in United Stales Money
Country and Monetary
27
at
26, 1938
2434;
Feb.
19
Feb.
S
Europe—
21
23
Feb.
I Feb. 22
$
9
Feb.
25
Feb.
24
S
#
,189750
.189600
.189300
.189175
Belgium, belga
.169930
.169890
.169853
.169711
.169819
Bulgaria, lev
.012575*
.012575*
.012575*
.012575*
.012575*
Austria, schilling.....
Czechoslo'kla.
.035141
.035139
koruna
.189420
.035153
.035134
.035133
NEW
TUB
YORK
Stocks
CURB
Bonds {Far Value)
{Number
Week Ended
Feb. 25,
Foreign
of
Shares)
1038
Domestic
.022160
.022145
.022162
.022154
.022145
France, franc
.032842
.032852
.032610
.032543
.032662
.404616
.404008
.404754
.404384
.404528
.009197*
.009176*
.009189*
.009182*
.009185*
.198450*
.198350*
.052606
.052609
England, pound sterl
Italy
Foreign
Government
.224037
5.019291
Greece, drachma
EXCHANGE
.223879
5.015375
Huni?*r».
AT
.224062
5.019333
Germany,
TRANSACTIONS
.223768
5.013791
Finland, markka
DAILY
.224025
g 5.018708
Denmark, krone
Toaat
Corporate
pengo
ura
.198450*
.198375*
.052605
,
.052605
.052604
.198425*
Netherlands, guilder.
Norway, krone
.559617
.559217
.559807
.559328
.559692
.252154
.251870
.252210
.251995
.252179
Poland, zloty
236,700
1,372,000
Thursday
..........
143,805
1,238,000
Friday............
129,045
1,316,000
$3,000
91,000
$38,000
Total
708,240
Sales at
HOLI
29,000
13,000
30,000
1,433,000
12,000
1,263.000
14,000
1,360,000
$115,000
Week Ended Feb. 25
$5,834,000
.189725
.189725
.189700
.189700
.189825
.045316
.045287
.045418
.045356
.045405
.0073.50*
.007350*
.007335*
.007335*
.007421*
Spain
.061071*
.060785*
.060642*
.060571*
Sweden, krona
.258654
.258320
.258672
.258408
258604
Switzerland,
.232501
.232219
.232489
.232301
,232453
.023362*
.023337*
.023362*
.023362*
.023410*
.294875
.295083
.294562
.294395
.294562
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tlentsln(yuan) dol'r
1,133,000
DAY
32,000
$166,000
$5,553,000
$645,000
19,000
Portugal, escudo
Chefoo (yuan) dol'r
$604,000
1,023,000
HOLI DAY
Rumania, leu
.294875
.295083
.29,5462
.294395
.294562
.296156
.295843
.295765
.295640
.295609
.295218
.295218
..295140
.295015
.294984
Hongkong, dollar..
68,015
130,585
Saturday
Monday....
Tuesday
Wednesday
1938
Exchange
Stocks—No. of shares.
1938
.313937
.313656
.313812
.313656
.313812
.379012
.378565
.379100
.378689
.378892
.290335
.2901.50
.290302
.290285
.290200
.588000
.586937
.587750
.587250
.587750
franc
Asia-
1937
DAY
708,240
3,698,026
6,732.469
34,451,461
166,000
15,000
315,000
255,000
1,071,000
1,152,000
2,946,000
3,524,000
Straits Settlem'ts. dol.
Australasia—
415,000
255,000
1,152,000
3,524,000
3.999114*3.994791*
Australia, pound
New Zealand, pound. 4.030729* 4.026666*
$5,834,000
$7,903,000
$48,508,000
$101,466,000
Bonds
British India,
Japan,
Domestic
]
government
Foreign corporate
Total.
.060500*
HOLI¬
China—
Jan. 1 to Feb. 25
1937
peseta
Yugoslavia, dinar
New York Curb
Foreign
relchsmark
rupee..
yen
3.999791*3.994166* 3.998854*
4.031822*i4.025357 * 4.029598*
Africa—
South Africa, pound.. 4.969843*4.965937*
North America—
4.972500* 4.967812* 4,971484*
.
THE
BERLIN
STOCK
Closing prices of representative stocks
received by cable
as
Feb.
Feb.
Feb.
Feb.
Feb.
1.000204
1.000000
.999879
.999166
.999166
i
.999166
.999166
.999166
.277500
.277500
;
.277500
.277500
.277500
.997812
.997675
.997656
.997.500
.997402
.334658*
.334270*
.334570*
.058575*
Mexico, peso
Newfoundland,
South
Feb.
dollar
America—
Argentina,
ll.000120
1.000282
Canada, dollar
Cuba, peso
EXCHANGE
•
.334625*
peso
.334091*
:
.
i
19
21
22
23
24
25
Allgemelne Elektrlzltaets-Geeellscbaft
.119
119
.
135
135
Berliner Kraft
(6%)
Llcht (8%)
u,
Prtvat Bank
Dessauer Gas
.170
Deutsche Bank
G.
123
(5%)
.058460*
.051680*
.051680*
.051680*
J.
..
...
...
120
119
.040000*
.040000*
135
135
Colombia, peso
.546500*
.546500*
Uruguay,
.660295*
.659568*
170
170
170
124
124
122
123
128
144
131
peso
Nominal
132
114
(7%)
115
160
.154
115
115
115
OF
BANK
CLEARINGS
162
161
149
149
154
154
pared with
114
114
based upon
country, indicate that for the week ended today (Saturday,
113
■
•
»
.660166*
150
78
Roebren (4}$%)_
Nordeutscher Lloyd
Relchsbank (8%)
.659908*
155
...
154
Mannesmann
.546500*
161
149
Hamburger Elektrlzltaetswerke (8%)
Hapag
.040000*
.546500*
rates.
COURSE
■
(4%)
Farbenindustrle 1. G.
Gesfuerel (6%)
.040000*
.546500*
.660391*
'
143
131
•
.040000*
:
128
143
131
130
128
144
.
export..
124
122
128
Deutsche Erdoel (6%)
Deutsche Relchsbahn (German Rys pf 7%)
Dresdner Bank
.058500*
.051680*
135
123
(5%)
A.
.058400*
.051680*
120
...
171
(5%).. .122
.123
Commerz-und
.058300*
••
Berliner
Handels-Gesellscbaft
Brazil, mllrels
Chile, peso—official..
-Per Cent of Far
Bank
clearings this week will again show
a
decrease
.211
211
Rhelnlsche Braunkohlen (8%)
210
169
211
214
210
232
232
Feb. 26),
213
231
214
from which it is
168
...
213
bank clearings from all cities of the United States
possible to obtain weekly returns will be
28.4% below those for the corresponding week last
LONDON
STOCK
Quotations of representative stocks
day of the past week:
Sat.,
Boots Pure Drugs
British Amer Tobaoco.
as
-
A/on.,
Tues.,
Feb. 22
45/1 %
105/-
105/-
106/-
£67}!
£68
£67
*
£24 ?/g
De Beers....
£10!!
99/-
Distillers Co
-
-
«.
J
m
Feb. 23
45/6
Thurs.,
Feb. 24
45/714
4/6
H
£24}!
£24 X
77/6
77/6
41/3
40/6
40/3
£UH
97/9
12/10)!
21/6
£11X
98/3
Frl.,
76/10 V2
£11 Vs
£24
B
76/3
40/6
£11H
6/3
2/3
22/3
141/£22}!
67/6
144/-
144/-
22/6
143/-
£22 X
£22%
£22^
68/-
69/6
£8 %
HOI.I-
Imp Tob of G B A I..
London Midland Ry._
6/3
2/6
22/-
68/6
A
Hudson Bay Co..
21/3
6/3
2/3
21/9
139/6
£8 ?!
£8'ie
£87i«
£8 %
£17 H
£17 X
£17 H
£17%
19/90/-
19/3
88/9
£40}!
£40 X
£40 %
£40 %
£4%
£4»u
37/9
£4%
39 h
24/3
24/9
25/6
£4%
38/9
25/3
24/9
24/4 %
21/-
Gaumont Pictures ord.
DAY
Metal Box
Rand Mines
Rio Tlnto
22/-
£21^
£17
Roan Antelope Cop M.
Rolls Royce
Royal Dutch Co......
Shell Transport
Uhllever Ltd
18/3
88/9"
86/3
£39 X
£4 %
37/3
...
Vlckers
'i4/?
23/-
Wltwatersrand
Areas
£81!
FOREIGN
fe
*
25/-"
24/6
£8H
EXCHANGE
13/3
£8 X
£9
98/10
13/10
22/3
6/-
70/-
18/10
88/9
£SH
RATES
Pursuant to the requirements of Section 522
of the Tariff
Act of 1930, the Federal Reserve
Bank is now
certifying
daily to the Secretary of the Treasury the
buying rate for
cable transfers in the different
countries of the world.
We
give below a record for the week just passed:
loss
oomparative
45/9
99/6
13/9
22/3
13/-
a
stands
total
for
same
at
week in 1937.
the week ended
summary
$4,337,956,022,
year.
against
At this center
Friday of 36.1%.
Our
for the week follows:
Feb. 25
4/6
£24 H
75/7%
39/9
Electric A Musical Ind.
Ford Ltd
there is
£67
4/
Wed.,
preliminary
$6,057,052,554 for the
106/3
£66 %
Central Mln A Invest.
Com Goldflelds of s a.
West
cable
Feb. 21
103/9
Courtaulds 8 A Co
Molasses
received by
45/1 J!
19
Cable A W ord
Canadian Marconi
United
Our
EXCHANGE
each
Feb.
us,
telegraphic advices from the chief cities of the
-
Saizdeturth (6%)
Siemens A Halske (8%)
THE
com¬
Preliminary figures compiled by
a year ago.
Clearings—Returns by Telegraph
Week Ending Feb. 26
Per
1938
Chicago
Philadelphia
$2,775,969,743
Cent
—36.1
187,026,043
Kansas City
St. Louis
242,624,257
—22.9
215,000,000
123,227,530
Boston
272,000,000
—21.0
175,320,000
—29.7
61,638,260
San Francisco
73,093,289
—15.7
56,600,000
68,100,000
—16.9
97,193,000
Cleveland
—10.9
108,494,263
—29.7
55,241,027
Detroit
109,100,000
76,291,333
Pittsburgh
81,990.666
—32.6
50,416,117
—32.0
661,070,800
+ 11.3
$4,682,849,889
—25.9
867,591,204
1,374,202.665
—36.9
$4 337,956.022
Total all cities for week.
54,021,779,089
$3,470,364,818
five days
—19.6
735,612,384
All cities, one day
—23.8
48.911,130
$2,734,752,434
Eleven cities, five days
Other cities, five days.
66.175,741
39,326.131
...
Baltimore
Total all cities,
1937
$1,772,792,993
New York...
$6,057,052,554
—28.4
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
them today, inasmuch as the week ends
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
furnish
of the week in all
has to be estimated.
detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended
Feb. 19.
cases
In the elaborate
For that week there
of
clearings
for
the
was
a
decrease of 24.0%, the aggregate
whole
country
having
amounted
to
Volume
Financial
146
1345
Chronicle
55,561,263,184, against 57,321,070,039 in the same week in
1937.
Outside of this city there was a decrease of 14.1%,
the bank clearings at this center having recorded a loss of
30.6%.
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 record a drop of 30.1%, in the Boston
Reserve District of 27.7%, and in the Philadelphia Reserve
District of 7.8%.
The Cleveland Reserve District records
a loss of
16.1%, the Richmond Reserve District of 9.5%,
and the Atlanta Reserve District of 6.9%.
In the Chicago
Reserve District the totals are smaller by 16.5%, in tne
St. Louis Reserve District by 13.1%, and in the Minneapolis
Reserve District by 1.3%.
In the Kansas City Reserve
District the decrease is 17.3%, in the Dallas Reserve District
0.4%, and in the San Francisco Reserve District 14.2%.
In the following we furnish a summary by Federal Reserve
Week Ended Feb. 19
Clearings
at-
Inc. or
Grand Rapids.
Wayne
17,278,000
..
262,508
—20.3
78,782,662
—30.6
1,997,495
84,410,824
1,465.169
—7.5
1,144,057
1,032,148
532,028
10,915,000
10,136,000
1,671,806
—7.0
874,110
544,310
—23.0
—13.9
1,135.493
7,780,030
3,219,098
417,523
364,418,764
—2.6
—24.2
3,713,824
14,532,049
653,397
5,583,700
2,004,004
221,555
3,176,426
10,437,613
1,106,534
la.—Ced. Rapids
—15.8
227,837,609
200,865,590
373,562
Des Moines
7,996,909
Sioux City
3,258,385
316,554
111.—Blooming ton
Chicago
306,771,732
960,732
4,075,376
1,667,338
1,269,086
Total (18 cities)
476,158,645
Decatur
Peoria
Rockford
,
818,990
—18.5
5,576,141
+2.8
+ 1.2
635,808
5,477,214
2,049,295
250,775
963,340
—0.3
577,363
5,301,993
1,082,626
1,332,635
—23.1
3,238,538
+ 54.0
779,149
—4.8
760,654
660.965
570,069,313
—16.5
354,683,757
325,081,420
63,900,000
25,091,520
13,341,041
CLEARINGS
BANK
—14.5
22,889,131
Springfield..
SUMMARY OF
249,601
1,554,770
4,293,448
_.
Wis.—Milwaukee
districts:
—
—37.1
19,699,650
South Bend
Terre Haute.
$
Chi cado
2,062,342
1,298,978
21,191,000
1,908,091
1,110,514
Indianapolis.
—
125,078,851
4,089,011
2,838,475
Lansing.
Ind.—Ft.
%
$
560,551
352,316
99,700,735
Detroit
1935
%
%
Seventh Feder al Reserve D istrict
Mich .-Ann Arbor
1934
Dec.
1936
1937
2,168,532
602,652
Inc.or
Week End. Feb.
1938
1937
Dec.
1936
1935
$
19, 1938
$
%
$
%
Eighth Federa 1 Reserve Dls trict—St. Lo uis—
Mo.—St. Louis,
Federal
1st
Reserve
Boston
Dists.
223,341.975
12 cities
308,862,612
Ky.—Louisville
22,508,685
206,928,720
187,203,925
Tenn.—Memphis
111.—Jacksonville
2nd
New
York. 13
"
3,197,593,714
4,573,955,501
—30.1
3,004,042,142
3,027,123,009
3rd
PhiladelphialO
"
403,234,897
437,409,106
—7.8
299,555,178
298,570,930
4th
Cleveland.
"
238,973.043
344,349,667
—16.1
196,685,051
101,200,000
,
—22.3
72,500,000
41,059,757
78,600,000
40,995,481
-
—27.7
—0.2
26,124,430
21,249,839
+5.9
12,196,418
179,220,817
5
_
"
90,670,851
—9.5
138,402,533
125,302,705
•.
82,923,870
5th
Richmond
6th
Atlanta
10
"
157,181,308
168,849,210
—6.9
110,576,096
Chicago
18
*'
476,158,645
570,069,313
—16.5
354,683,757
St. Louis
4
111,199.848
9th
b
b
—4.1
379,000
309,000
142,661,166
Total (4 cities).
164,090.596
—13.1
111,199,848
102,641,561
b
325,081,420
8th
b
581,000
105,239,135
7th
b
557,000
Qulncy
6
_
"
142,661,166
164,090,596
103,641,561
Ninth Federal
Minneapolis 7
"
100,933,113
102,263,268
—1.3
68,436,890
66,663,304
Minn.—Duluth..
2,687,498
2,788,506
—3.6
2,563,249
10th Kansas City 10
11th Dallas
6
"
121.804,326
147,196,618
—17.3
113,403,437
109,868,570
Minneapolis...
64,345,313
67,234,568
—4.3
44,523,389
"
75,377,727
75,700,145
—0.4
50,804,894
44,358,513
St. Paul
27,954,755
+5.1
Fran..11
"
17,685,285
1,349,560
403,657
2,185,117
26,598,866
2,191,327
654,396
625,760
2,169,845
100,933,113
102,263,268
12th San
Total
248,700.565
—14.2
184,884,920
174,306,511
7.321.070,039
—24.0
4,791,853,784
4,703,191,565
2,892,342.925
—14.1
1,872,963,963
1,762,814,593
284,768.929
Outside N. Y. City
289,921,470
5,561,263,184
2.485,682.993
112 cities
Canada
360,697,647
—21.1
390,361,239
263,553,258
32 cities
We
now
-13.1
add
our
detailed statement showing last
■
N. D.—Fargo...
S.D.—Aberdeen.
2,413,703
+8.2
313,055
+0.7
1,598,695
499,780
370,796
2,050,529
—1.3
68,436,890
66,663,304
—2.6
69,497
81,218
1,869,249
1,851,450
32,160,676
—7.1
23,749,652
—18.3
2,672,123
2,453,713
3,162,145
101,963,810
3,157,857
696,211
688,723
+ 1.1
544,269
Mont.—Billings
674,884
—19.4
2,125,985
2,898,901
78,795,097
2,752,659
549,314
511,865
121,804,326
147,196,618
—17.3
113,403,437
109,858,570
1,041,583
33,401,182
669,667
677,060
.
Helena
Total (7 cities).
Reserve Dis trict— Kans
Tenth Federal
Neb.—Fremont..
79,552
142,000
Hastings
Feb.
Ended
19
Lincoln
2,585,582
29,869,611
2,005,826
3,088,282
Omaha
Clearings atInc. or
1936
1937
Kan.—Topeka
1935
Dec.
1934
Wichita
80,120,870
Mo.—Kan. Clty.
$
First
Reserve Dist rict-
Federal
Boston
St.
_%
Mass.—Boston
Fall River
Lowell.--L
589,650
—26.4
444,593
441,274
1,695,162
189,568,339
528,638
Portland
2,075,885
—18.3
Springfield
—29.7
4,888,781
10,851,700
424,219
106,319
173,732
2,654,759
727,036
2,743,431
163,757,253
Pueblo
Total (10
cities)
599,549
—6.0
380,658
New Haven
R. I.—Providence
N.H.—Manches'r
578,744
—15.8
—6.6
2,313,871
1,236.765
8,385,987
2,925,020
527,542
2,105,648
1,116,928
7,228,022
2,390,917
11,749,623
4,566,695
8,795,700
—18.9
7,177,900
6,909,200
—3.5
353,608
849,658
409,239
—15.5
—10.0
308,862,612
—27.7
Feder al Reserve D istrict—New
N. Y.—Albany.
223,341,975
206,928,720
14,262,767
12,275,422
+ 16.2
5,991, 257
793,160
23,100,000
New York.
1,291,286
+ 46 0
908, 038
42,600,000
—19.2
—2.0
25,200, 000
509, 196
803,280
Elmlra.
Jamestown
884,668
—9.2
481, 366
868,197
3,075,580,191 4,428,727,114
Rochester
8,436,462
6,460,439
7.892.141
Syracuse
3,167,482
3,587,809
501,726
19,559,565
29,287,981
—30.6 2,918,889, 821
—6.5
5,612, 682
—10.0
3,098, 371
2,867,636
+ 10.5
2,134, 528
4,675,451
5.815.142
Westchester Co
Conn.—Stamford
Eleventh Fede ral
Reserve
District—l)a
Ft. Worth....
6,252,267
Galveston
Wichita Falls..
4,019,000
1,254,885
3,762,330
1,410,299
59,517,702
6,555,444
3,796,000
974,299
3,446,401
75,377,727
75,700,145
1,978,991
Texas—Austin...
58,110,254
Dallas
Newark
Northern N. J.
Total (13 cities)
—23.3
3,538, 665
350, 000
658,992
433,403
,940,376,972
4,965,972
3,104,144
1,782,954
3,130,229
al Reserve D istrict—San
34,830,449
Wash.—Seattle..
7,884,000
Spokane
906,033
Yakima
Ore.—Portland..
30,688,066
TJtah—S. L. City
14,886,468
4,619,298
Calif.—L'g Beach
4,102,603
Pasadena
*280,000
+ 79.2
23,151,727
—15.5
41,437,099
—29.3
3,197,593,714 4,573,955,501
13,666, 076
23,662, 142
24,549,337
2,169,258
2,105,691
75,845,844
2,641,264
434.600
454,811
lias—•
+40.3
755,707
—2.4
38,472,449
6,256,139
—0.4
—4.6
5,452,247
2,067,000
677,279
1,950,000
2,576,320
1,784,077
50,804,894
44,358.513
+ 5.9
+28.8
+ 9.2
41,482,913
8,893,000
1,134,761
32,620,378
18,228,140
4,835,835
4,840,281
171,176,000
2,968,670
729,424
Pa.—Altoona....
Bethlehem
Francisco.
144,795,000
San Jose....—
2,661,890
Santa Barbara.
1,606,689
1,720,069
1,677,625
2,063,867
248,700,565
289,921,470
407,741
—8.4
299,386
—23.3
500,000
b
+ 29.0
306,307
—21.6
778,125
763,633
—7.4
390,000.000
1,459,575
445,158
651,513
357,867
1.579,043
421,000,000
N. J.—Trenton..
1,536,366
4,285,600
1,502,068
2,840,817
1,135,963
1,918,677
5,978,000
Total (10 cities)
403,234,897
437,409,106
Reading
Scran ton
2,480,112
Wllkes-Barre..
York
868,042
b
b
287,000,000
852,229
968,575
—19.9
1,033,685
—28.3
5,572,000
1,080,406
857,809
3,440,000
—7.8
299,555,178
298,570,930
—14.5
42,252,649
—18
58,566,232
74,404,938
Columbus..
10,302,700
13,853,300
—25.6
9,316,200
1,446,627
2,102,512
—31.2
1,501,770
.
Total (5 cities).
Federal
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
S. C.—Charleston
148,219,714
—14.0
288,973,043
344,349,667
—16.1
Reserve Dist rict
376,172
2,275,000
35,909,011
1,105,163
C.—Wash'g'n
22,669,668
125,302,705
138,402,533
Sixth Federal
62,967,691
36,699,313
52,960,988
8,436,200
1,324,899
b
85,048,200
79,799,417
196,685,051
179,220,817
Nashville
Ga.—Atlanta
53,000,000
198,617
1,812,000
—8.7
24,509,440
134,742
1,880,000
25,219,979
752,427
42,251,877
—17.5
816,110
—11.4
47,026,839
—4.4
16,307,845
12,684,845
—9.5
90,670,851
82,923,870
1,123,672
4,247,141
2.757,566
2,382,946
20,375,732
+5.0
11,889,841
11,111,181
61,200,000
1,366,747
—13.4
38,400,000
982,964
36,300,000
—17.8
—6.3
597,681
556,258
824,985
Fla.—Jack'nville
16,646,000
—13.7
15.580,000
Ala.—Birm'ham.
18,558,116
22,332,546
—16.9
13,028,535
14,694,000
13.895,037
1,519,037
1,597,702
—4.9
1,140,772
902,905
Mobile
Miss.—Jackson..
Vicksburg
La.—NewOrleans
GOcities)
107,593,487'
1,437,365
—16.7
2,219,917
985,446
1,777,433
1,272,190
—14.2
184,884,920
174,306,511
—10.3
998,022
878,174
b
b
5,561,263,184 7,321,070,039
—24.0 4,791,853,784 4,703,191,565
—14.1 1,872,963,963 1,762.814,593
Week
b
b
b
148,518
37,357,420
+3.4
84,384
39,715,417
+ 6.3
26,114,353
113,817
24,458,006
157,181,308
168*849,210
.9
110,576,096
Ended Feb.
17
Clearings atInc. or
Canada—
112,538,666
Montreal
87,717,007
Winnipeg
20,725,176
14,726,880
12,111,345
4,301,580
2,111,079
4,452,968
Vancouver
Ottawa
Quebec
Halifax
Hamilton
3,813,055
1,510,734
1,425,233
2,182,522
2,967,175
2,454,336
213,873
313,428
Calgary..
St. John...
Victoria
Edmonton..—
Regina
Brandon
Leth bridge
Saskatoon
955,300
Moose Jaw
478,174
131,735,567
120,026,630
27,869,133
21,518,833
13,795,892
5,154,612
2,286,175
4,532,558
7,362,430
1,605,281
1,707,686
2,707,260
3,735,275
Dec.
$
—12.2
166,284,351
112,269,184
38,801,908
16,998,318
18,386,580
—16.5
106,140,849
76,710,051
3,876,867
—7.7
—14.6
—26.9
—25.6
—31.6
2,973,891
—17.5
258,808
—17.4
271,275
29,344,324
12,842,397
4,298,930
3,092,215
1,938,155
3,198,531
4,287,061
1,385,861
1,385,182
2,246,775
2,063,562
3,634,673
5,169,470
1,971,250
1,561,194
2,840,137
2,876,687
2,260,180
—1.8
—48.2
—5.9
—16.5
—19.4
—20.6
.
3,731,423
2,215,703
262,123
332,560
—5.8
344,440
356,504
1,292,668
554,342
905,171
—26.1
1,088,423
—13.7
422,049
1,144,189
411,964
Brantford
728,470
—19.5
703,266
674,474
Fort William
585,670
763,570
—23.3
New Westminster
503,685
498,304
+ 1.1
523,833
443,794
403,809
125,114
533,814
616,571
165,919
575,399
596,054
—24.6
175,226
214,876
—7.2
505,025
492,098
493,303
967,696
1,013,855
3,429,488
285,596
655,905
475,301
Peterborough
Sherbrooke
'
-
Kitchener
Windsor
Prince Albert
Moncton
2,774,792
231,183
698,682
516,726
—4.6
918,565
455,125
806,437
—19.1
—19.1
2,637,242
292,949
2,377,412
259,137
—8.7
588,141
610,332
—15.1
428,358
396,622
—1.7
410,198
415,266
+ 3.4
Kingston..
403,594
Chatham..
545,518
387,835
555,202
419,0.50
—7.4
387,848
767,774
909,232
—15.6
734,148
369,529
567,973
284.768,929
360,697,647
-21.1
390,361.239
263,553,258
Sarnla
Sudbury.
105,239,135
153,518
1934
1935
%
1936
1937
Medicine Hat
—1.5
937,404
19,288,000
Macon
—15.4
10,536,697
2,648,749
2,441,937
Outside New York 2,485,682,993 2,892,342,925
London
+3.5
—12.2
Reserve Dist rict—Atlant
4,184,843
21,402,531
Augusta
b
Richm ond-
363,310
2,591,000
39,315,895
Total (6 cities).
Tenn.—Knoxville
b
b
127,403,236
1,339,375
71,076,547
23,716,406
Md.—Baltimore.
2,913,073
108,651,219
(112
Toronto
b
105,769,203
b
total
cities)
-
b
86,239,912
b
Grand
1,973,384
—23.6
63,580,568
Pa.—Pittsburgh
—4.5
—15.2
1,067,957
2,226,871
Cleveland..
Mansfield
—18.3
6,016,000
443,287
19,829,405
289,000,000
—2.8
Cincinnati.
Youngstown...
152.030
—12.7
Feder al Reserve D Istrict—Clev eland
Ohio—Canton
—5.9
245,711
1,237.820
Philadelphia...
—11.3
—20.2
rict—P hilad elphia
461,641
Lancaster
21,089,392
25,765,312
6,027,000
552,882
21,281,921
10,749,320
3,961,397
—30.1 3,004,042,142 3,027,123,009
Reserve Dist
*500,000
Chester
X
SCO
—4.2
300,000
13,397,506
San
Franci
—16.0
31,073,474
Total (11 cities)
Third Federal
Total
—15.4
•
Twelfth Feder
Stockton
N. J.—Montclair
D.
—21.4
4,006,203
1,884,682
Buffalo
Fifth
—2.3
87,598
78,717
187,203,925
34,400,000
850,948
Binghamton
Fourth
—18.3
York-
Total (12 cities)
Second
City
—25.2
222,196
—4.3
Total (6 cities).
1,692,796
Hartford
—
as
549,224
—33.9
La.—Shreveport.
Worcester
Conn.
+2.3
1,106,063
269,691,596
799,909
458,859
.760,050
3,259,106
2,002,758
13,060,099
1,532,452
180,999,573
431,285
New Bedford..
Joseph..
Colo.—Col. Sprgs
434.031
Me.—Bangor
+ 10.1
1,974,349
41,894,954
18,390,909
1,481,987
week's
figures for each city separately for the four years:
Week
,
Reserve Dis trict—Minn eapolis
Total (32 cities)
a
Not included in
totals,
b No clearings available.
♦ Estimated.
1346
Financial
ENGLISH
THE
GOLD
SILVER
AND
MARKETS
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Feb. 9, 1938:
we
GOLD
of England gold reserve against notes amounted to £326,Feb, 2, as compared with £326,406,825 on the previous Wednes-
on
day.
In the open market about £2,200,000 of bar gold changed hands at the
daily fixing during the week.
There was very little change in the price,
supplies having been so regulated by the sellers as to maintain a steady level;
the premium over dollar parity ruled at about Is. Demand was mainly from*
the Continent, purchases of gold against sales of dollars having again been
Per Fine
Feb. 3
-
-
Feb. 5
Feb. 7
-
Feb. 8
Feb. 9
-
of ISterlinq
139s. lOd.
139s. 9d.
139s. 9d.
139s. 9d.
139s. 8d.
-
Feb. 4
Equivalent Value
Ounce
12s. 1.81d.
12s. l.OOd.
12s. 1.90d.
12s. 1.90d.
12s. 1.98d.
139s. 8d.
-
Average
12s. 1.98d.
12s. 1.91d.
139s. 8.83d.
The following were the United Kingdom imports and exports of gold,
registered from mid-day on the 31st ult. to mid-day on the 7th inst.:
Imports
follow with
second table in which
a
The dividends announced this week
are:
Per
Name of
Company
When
Share
Holders
Payable of Record
British South Africa
£1,677,562
145,480
6,665
British India
188,125
Canada
34,083
United States of America212,500
Netherlands
British West Africa
France
Switzerland
Yugoslavia
Syria
345,625
Netherlands
Belgium
Other countries
Switzerland
-
£2,730,590
£1,460,449
The SS. Corfu which sailed from Bombay on Feb. 5 carries
gold to the
value of about £195,000.
steady tone and the two months' quota¬
tion remained unchanged at 19 15-16d. for five consecutive
days.
How¬
ever, owing to bear covering purchases the cash price
gradually advanced
and by yesterday had reached 20%d., the premium over forward
delivery
being thus 7-16d.; today with a decline or l-16d. for cash the difference
between the cash and forward prices narrowed to
%d.
Further sales
were
a
made on
Continental
account
and there
was
some
speculative re-selling but offerings continued on a moderate scale.
No important change is anticipated in the near future but, in view of the
movement to cover bear sales, there may be a further
slight advance with
the cash quotation the more susceptible to pressure.
The following were the United Kingdom imports and
exports of silver»
registered from mid-day on the 31st ult. to mid-day on the 7th inst.:
-—
Imports
Exports
Hongkong
x£2,934,460
106,367
22,375
xl3,377
16,045
4,053
British India.
Australia
Belgium
Germany
Other countries.
United States of America
£30,722
ylO.OOO
x3,100
Liberia
Aden
&
Dependencies.>
ArabiaDenmark
xi,500
2,400
2,870
1,952
3,351
Germany
Other countries.
£3,096,677
£55,895
Coin not of legal tender in the United Kingdom,
the United
y
Coin of legal tender
Kingdom.
Quotations during the week:
IN
LONDON
-Bar Silver per Oz. Std.Cash
2 Mos.
Feb. 3.—
Feb. 4--..
Feb. 5
20%d.
20yd.
20%d.
19 13-16d.
19 15-16d.
<
19 15-16d.
Feb. 7
20 5-16d.
Feb. 8
20%d.
Feb. 9
20 5-16d.
19 15-16d.
19 15-16d.
19 15-16d.
Average.. .20.271d.
IN
NEW
45 cents
Feb. 3
Feb. 4
.45 cents
Feb. 5
45 cents
Feb. 7
45 cents
45 cents
Feb. 8
45 cents
19.917d.
1938,
during the period
was
$5.00%.
ENGLISH
YORK
(Per Ounce .999 Fine)
Feb. 2
The highest rate of exchange on New York recorded
rom the 3d February to the 9th
February,
lowest
FINANCIAL
$5.01%
MARKET—PER
and the
CABLE
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
Sat.,
Silver,
per oz._
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Feb. 19
Feb. 21
Feb. 22
Feb. 23
Feb. 24
Feb. 25
19 15-16d.
Gold, p. fine oz. 139s. lOd.
Consols. 2H%- Holiday
British 3H%
War Loan.
20 l-16d.
139s. lOd.
£77%
20Hd.
20%d.
20%d.
20 3-16d.
139s.9Hd. 139s.10Hdl39s.9Hd. 139s.9Hd.
£78 15-16
£78H
£78 H
£78 1-16
Holiday
£103H
£103%
£103H
£103H
£103H
Holiday
-.
£114%
£114H
£114%
£114%
£114%
British 4%
1960-90
The
States
Bar N.Y.
S.
price of silver per ounce (in cents) in the United
the same days has been:
on
(for.)
Closed
44%
Holiday
44%
44%
Treasury
(newly mined)
64.64
64.64
64.64
64.64
44%
64.64
64.64
NATIONAL BANKS
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
from the office of the
VOLUNTARY LIQUIDATIONS
Amount
Feb.
11—The Pembroke National
Bank, Pembroke, Ga__
Effective Feb. 10,1938.
Liq. Agent, C. L.
Ga.
Ga.
$25,000
Gruver, Pembroke,
Succeeded by The Pembroke State
Bank, Pembroke
.
j
Feb.
15—The First National Bank of
Hebron, N. Dak
Effective Jan. 31, 1938.
Liq. Agent, G. H. Leick, Hebron,
N. Dak.
Succeeded by The First State Bank of
Hebron
JJSJ*# Dak♦
f
$30 000
BRANCH AUTHORIZED
Feb.
14—Seattle-First
National Bank,
Seattle,
branch, 113 East Yakima Avenue in the
County, Wash.
Certificate No. 1406-A.
City
Wash.
Location
of
of Yakima, Yakima
COMMON CAPITAL STOCK
INCREASED
Feb.
15—The
Martha's
Vineyard National Bank of Tisburv
From $50,000 to $75,000; amount of
increase
Feb. 16—The Perth Amboy National
Bank, Perth Ambov N J
From $175,000 to $500,000; amount of increase
'
Tisbury
Mass.
l_ J
$25,000
325,000
DIVIDENDS
Dividends
first
we
....
Mar.
American Power & Light Co., $6 preferred
Co
(quar.)
Apr.
May
Apr.
Mar.
Mar.
Mar.
Mar.
Mar.
7
Mar. 10
Mar.
Mar.
Mar.
Bastian-Blessing Co. (quar.)
Preferred (quarterly)
Bayuk Cigars, Inc. common
1st preferred (quarterly)
Beech-Nut Packing Co. (quar.)
Mar. 16
Mar. 14
Mar. 15
Apr.
Apr.
Mar. 15
Mar.
;
-
Bridgeport Brass Co. (no action)
Briggs & Stratton Corp. (quar.)
Budd Wheel Co., partic. pref. (quar.)
Partic. preferred (partic. div.)
Feb. 28
Mar. 31
Mar. 12
Apr.
Apr.
Apr.
Apr.
Apr.
Bell Telephone of Pennsylvania pref. (quar.)
Black & Decker Mfg. (no action)
9
15
1
Mar. 10
Apr.
Anaconda Copper Mining Co
Arnold Constable Corp
Mar. 12
Mar. 23
Mar. 19
Mar. 15 Mar. 3
Mar. 31 Mar. 17
Mar. 31 Mar. 17
1 Mar. 10
Apr.
—
Burt, F. N. & Co., Ltd. (quar.)
Preferred (quarterly)
1 Mar. 10
Apr.
Apr. 25 Mar. 31
Apr. 16 Mar. 31
1 Mar. 15
Apr.
1 Mar.
Apr.
9
1 Mar.
9
Apr.
Canada Northern Power Corp., Ltd.
(quar.)
7% cum. preferred (quarterly)
Canada Permanent Mortgage (Toronto) (qu.)__
Cariboo Gold Quartz Mining Co. (quar.)
Extra
Carpenter Steel Co
Chicago Flexible Shaft (quar.)
$8%
Mar. 21 Mar. 10
Mar. 29 Mar. 19
Mar. 15 Feb. 28
Chrysler Corp, (omitted)
Clorox Chemical Co. (quar.)
Commercial Credit Co. common (quar.)
4%%
75c
1
stl
preferred (quar.)
Commercial Investment Trust Corp. common..
$4% series of 1935 preferred (quar.)
Commonwealth & Southern Corp., $6 pref
:
Commonwealth Utilities Corp. 7% pref. A (qu.)_
6% preferred B (quar.)
6% % preferred C (quar.)
Consol. Gas, Elec. Lt. & Power (Bait.) (com)
5% preferred (quarterly)
Consumers Power Co., $5 pref. (quar.)
$4% preferred (quarterly)
Courtaulds, Ltd., Am. dep. rec.reg. stk. (final).
Less tax and deduction for dep. exp.
Crane Co., 5% cum. conv. pref. (quar.)
Cutler-Hammer, Inc. (no action)
De Long Hook & Eye (quar.)
Dentist's Supply Co. of N. Y. (quar.)
Quarterly
cum. conv.
Quarterly
Quarterly.
7% preferred
7% preferred
7% preferred
7% preferred
-
-
-
-
-.—
(quar.)
(quar.)
(quar.)
.
t75c
$1%
$1%
$i v*
90c
$1%
$1%
$1%
7%
75c
75c
75c
75c
25c
$1
...
Dominion Tar & Chemical, pref. (quar.)
$1
75c
,
Preferred
(quar.)
Duplan Silk Corp., preferred
du Pont de Nemours (E. I.) & Co. (quar.)
$4 % preferred (quarterly)
Debenture stock (quarterly)
Duquesne Light Co., 5% 1st cum. pref. (qu.)
Eagle Picher Lead
Preferred (quar.)
Eastern Gas & Fuel Assoc. 6% pref. (quar.)
4% % prior preference (quar.)
$1%
$2
50c
$1%
$1%
$1%
10c
$1)4
75c
$1%
Electric Auto-Lite Co
Electric Storage Battery Co., com
25c
50c
50c
25c
Preferred (quarterly)
Elgin National Watch
Emporium Capwell Co. 4%% Pref. A (quar.)..
56 %c
4%% preferred A (quar.)
56 %c
4% % preferred A (quar.)
56 %c
4)4% preferred A (quar.)
56%c
Engineers Public Service $5 preferred (quar.)
$1%
$5)4 preferred (quar.)
preferred (quar.)..
$1%
Falconbridge Nickel Mines, Ltd
17% %
Foote-Burt Co.
-
_
20c
_
Gamewell Co., preferred (quar.)
Gannett Co., Inc., $6 conv. pref. (quar.)
Gay lord Container Corp
Preferred (quar.)
General Acceptance Corp., common and
General Cigar Co., Inc
General Railway Signal
com.
1 Mar. 10
1 Mar. 10
Mar. 28 Feb. 21
25c
68 %c
A
30c
50c
25c
$1%
25c
$1%
5c
60c
$1%
1
1 Mar. 21
Mar.
1 Feb.
June
1
16
May 19
1 Aug. 22
Dec.
1 Nov. 19
Apr.
1 Apr.
1
July
1 July
1
Oct.
1 Oct.
1
Dec. 23 Dec. 23
Mar. 31 Mar. 15
Sept.
Apr. 14 Mar. 19
Apr. 20 Mar. 31
Apr.
1 Mar. 15
Mar. 15
Apr.
May
2 Apr. 12
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
.
Mar. 14 Feb.
28
Apr. 25 Apr.
8
Apr. 25 Apr.
8
Apr. 15 Mar. 15
Apr.
1 Mar. 10
Apr.
1 Mar. 10
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 18
Mar. 30 Mar.
9
Mar. 30 Mar.
Mar. 15 Mar.
4
9
Apr.
July
1 Mar. 19
Oct.
Sept. 17
Jan.
Dec. 24
Mar. 14
Mar. 14
Mar. 14
Apr.
Apr.
Apr.
June
18
Mar. 31 Mar. 10
Mar. 15 Mar.
5
Mar. 15 Mar.
$1%
Preferred
(quar.)
Gillette Safety Razor (quar.)
Preferred (quar.)
Goebel Brewing Co
Great Western Sugar (quar.)
Preferred (quarterly)
Green Cananea Copper (quar.)
Group No. 1 Oil Corp
Hackensack Water, pref. A (quar.)
Helme (Geo. W.) Co., common
Preferred (quarterly)
Hercules Powder Co. (quarterly)
Hewitt Rubber Corp
Hoskins Mfg. Co
1 Mar. 15
1 Mar. 15
Mar. 15 Mar.
$1%
Duke Power Co
June
Apr.
Apr.
Apr.
Apr.
Apr.
$1%
Dominion Glass Co. (quar.)__
Preferred (quar.)..
1 Mar. 11
1 Mar. 15
1 Mar. 15
1 May 14
$1%
$1%
-
Apr.
Apr.
Apr.
$1%
_-
(quar.).,
Detroit Steel Corp. (quar.)
Diamond State Telephone pref. (quar.)
Dome Mines, Ltd
Mar. 25 Mar. 15
Mar. 31 Mar. 11
$1.06% Mar. 31 Mar. 11
$1
1 Mar. 10
Apr.
1 Mar. 10
$1.06% Apr.
5
Apr.
1 Mar. 15
Mar. 15 Mar.
1
Mar. 15 Mar.
1
Mar. 15 Mar.
5
Mar. 15 Feb. 28
1 Mar. 10
1 Mar. 10
Mar. 31 Mar. 12
Apr.
Apr.
May
2 Apr.
Mar. 28 Mar.
1
5
Apr.
2 Mar. 15
Apr.
2 Mar. 15
7
75c
-
Mar. 14 Mar.
50c
Mar. 31 Mar. 10
Mar. 31 Mar. 17
43 %c
$1%
$1%
40 c
25c
-
Household Finance (quarterly)
Preferred (quarterly)
25c
$1
$1%
Idaho-Maryland Mines (monthly)
grouped in two separate tables.
In the
bring together all the dividends announced the
are
21*
Mar. 15
Mar. 14*
Mar. 25 Mar.
7
Mar.
9
Apr.
Mar.
9
Apr.
Mar. 15 Mar.
5
Apr.
9
Mar.
American Insurance Co. (Newark, N. J.).
Extra
Extra
Feb.
Apr.
Apr.
American Home Products Corp. (monthly)
American Ice Co. preferred
American Tobacco Co., pref.
Mar. 10
Mar.
American Electric Securities Corp., partic. pref.
American Hawaiian Steamship (quar.)
$5 preferred
American Ship Building Co
American Sumatra Tobacco
5
Mar. 21
Mar. 10
Mar.
....
Christiana Securities Co
France
x
(quarterly)
American Druggists Fire Insurance
Extra
—:
Bell Telep. of Canada (quar.).
SILVER
The market has maintained
American Bank Note
Preferred
Mar. 18
Mar. 21 Mar.
Apr.
Apr.
Apr.
Ashland Oil & Refining Co., common
Preferred (quarterly)
44,756
39,951
13,122
22,721
France
Other countries
£460,527
43,300
179,490
458,602
300,334
8,500
9,696
Belgium
-
Apr.
Allied Chemical & Dye Corp., com. (quar.)
Allied Stores Corp., pref. (quar.)..
American News Co
Exports
British East Africa
U.
we
Acme Glove Works 6%% preferred (quar.)
Quotations:
n
Then
dividends
feature.
a
i
the
show
26, 1938
previously announced, but which
have not yet been p>aid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
Bank
The
Feb.
current week.
We
407,160
Chronicle
5c
Illinois Bell Telep. Co. (quar.)_
_<*.
Illinois Water Service Co. 6% pref. (quar.)
$2
$1%
Apr.
1 Mar. 10
Apr.
1 Mar. 10
Mar. 25 Mar. 14
Mar.
9 Feb. 26
Mar. 26 Mar. 11
Apr. 15 Mar. 31
Apr.
15 Mar. 31
Mar. 21 Mar. 10
Mar. 31 Mar. 19
Mar.
1 Feb. 17
Volume
Financial
146
Chronicle
Below
When
Name of Company
j
l'Mar. 11*
Indianapolis Water Co., 5% cumul. pref. (qu.)_
Apr.
Indiana Steel Products Co.
Mar. 31lMar. 19
International Salt Co.
Apr.
Apr.
(quar.)
(quarterly)
Equipment (quar.)
Irving Oil Co. 6% preferred (quar.)_
Irving (John) Shoe Corp. 6% preferred (quar.)._
Jamaica Public Service, Ltd. (quar.)
Preferred B (quar.)
7% preferred A (quar.)
Kansas City Power & Light Co., $6, 1st pref. B_
Katz Drug Co., preferred (quar.)
Kellogg Corp
Kings County Lighting Co., 7% B pref. (qu.)__
6% series C preferred (quarterly)
5% series D preferred (quarterly)
Kingston Products (no action).
Preferred (quarterly)
Lackawanna BR. of N. J. (quar.)
Lanston Monotype Machine
Lava Cap Gold Mining
Leath & Co., preferred (quar.)
Lehn & Fink Products Corp., common
Lessing's, Inc
Lexington Utilities Co., $6M pref. (quar.)
Lindsay Light & Chemical Co., pref. (quar.)
Liquid Carbonic Corp
Long Island Lighting Co., 7% ser. A pref. (qu.)
6% series B preferred (quarterly),
Lord & Taylor (quar.)
—
Lorillard (P.) Co. (quarterly)
Preferred (quarterly)
Mar.
Mar. 15
Mar. 15
Mar. 14
Mar. 15
Mar.
Apr.
Apr.
Apr.
4
Mar. 15
Mar. 15
Mar. 15
Mar. 10
Mar. 16
Alpha Portland Cement
Mar.
1
Mar.
3
Mar.
Mar.
8
Mar.
Mar.
5
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 16
Aluminium, Ltd., preferred (quar.)
Aluminum Mfrs., Inc. (quar.)
Quarterly
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Mar. 15
Mar. 15
Mar. 17
Mar. 15
Mar. 15
Mar. 18
Mar.
Feb.
15c
.
Allis-Chalmers Mfg. Co.
43 Mc
common
....
...
3721cc
25c
2
15
Mar. 15
Mar. 19
Mar. 19
Apr.
Apr.
Apr.
Mar.
Feb.
Feb.
Mar.
20
15
Mar. 15
Apr.
Apr.
Mar.
Mar.
8
Mar. 11*
Mar.
1
Mar.
SIM
Mar.
Mar. 21
Feb. 15
Mar. 15
50c
June
June
50c
Sept.
Sept. 15
50c
...
Mar.
50c
Dec.
Dec.
Apr.
15
SIM
SIM
SIM
SIM
Mar.
15
Mar. 15
June
June
Sept.
Sept. 15
Dec.
Dec.
15
50c
Mar.
Feb.
18
15
10c
Mar.
Mar.
1*
American Arch Co. (reduced)
Mar.
Mar.
3
Feb.
15
Mar.
5
American Box Board Co., 7% cum. pref
American Business Shares, Inc
Mar.
Mar.
Mar.
Feb.
16
37Hc
Mar.
Mar.
5
American Capital Corp., $5M pref. (quar.)
Mar.
Feb.
15
SIM
Mar.
Mar.
5
American Chicle Co
Mar.
Mar.
SIM
$1 H
Mar. 12
40c
$1
Mar.
Mar.
$1H
:
Apr.
Apr.
Apr.-
$1
Mar.
Mar. 21
Apr.
Mar. 26
y, 75c
Mar. 12
Mar. 16
1
50c
Mar.
Mar. 10
40c
Apr.
Apr.
Mar. 10
Mar. 10
Mar. 17
June
June
50c
;
Mar.
SIM
SIM
SIM
Apr.
Apr.
Apr.
Apr.
National Breweries Ltd. (quar.)
Preferred (quarterly)
44c
National Dairy Products (quar.)
30c
Preferred A & B (quarterly)
National Lead Co
SIM
Sept.
Dec.
16
Sept. 15
Dec.
15
1 Mar. 15
1 Mar. 15
1 Mar.
7
1 Mar.
7
Mar. 31 Mar. 18
Preferred B (quarterly)
New York Lackawanna & Western Ry
May
Apr.
Niles-Bement-Pond Co
Norwich Pharmacal Co., common
Ohio Edison Co., $5 preferred (quar.)
50c
SIM
SIM
$1.65
SIM
SI.80
$6 preferred (quarterly)
$6.60 preferred (quarterly)
$7 preferred (quarterly)
$7.20 preferred (quarterly),
Pacific Indemnity Co. (quarterly)
10c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
40c
Paramount Pictures, 1st pref. (quar.)
2nd preferred (quarterly)
15c
common—_
SI
(quarterly)
Philadelphia Co., $6 cumul. preference (quar.),,
$5 cumul. preferred (quarterly)
Philadelphia Electric Power, 8% pref. (qu.) —
Philadelphia Suburban Water Co., pref. (quar.)
Pittsburgh Metallurgical (omitted)
Pollock Paper & Box Co. 7% preferred (quar.),,
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Public Nat. Bank & Trust Co. (N. Y.) (qu.)
Quaker Oats Co. (quar.)
Preferred (quarterly)
Queens Borough Gas & Electric Co.,
6% cum. preferred (quarterly)
Reading Corp., 2nd preferred (quar.),.
Reeves (Daniel), Inc. (quar.)
Opt. paym't, one sh. pfd. for each $100 div.
SIM
Preferred
—
—
--
SIM
50c
SIM
2 Apr. 22
1 Mar. 11
Mar. 15 Mar.
5 '
Mar. 15 Mar.
5
1 Mar. 15
Apr.
50c
Extra
Paraffine Companies
Preferred (quarterly)
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
1 Mar. 15
1 Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 10
Apr.
1
SIM
37Mc
SIM
SIM
Mar. 15
Mar.
1
Mar.
1
Mar. 10
Feb.
9*
Mar. 15
June
June
Sept. 15
Dec.
15
15
Apr.
Mar. 21
Mar.
Mar.
1
May
May
2
Remington Rand, Inc
26c. cash and 1% in pfd. stk. with warrants.
Preferred w. w. (quarterly)
Republic Steel, 6% prior pref. (quar.)
6% conv. preferred (no action)
Seaboard Oil of Dela. (quar.)
Selby Shoe Co
Serrick Corp., class A & B (no action)
Shell Union Oil Corp., 5H% Pref. (quar.)
Siscoe Gold Mines, Ltd. (quar.)
Extra
SIM
nx
25c
25c
lc
tl%
50c
Preferred (quarterly)
2%
Staley (A. E.) Mfg., pref. (quar.)
Stein (A.) & Co., 6H% pref. (quar.)
Corp. (quarterly)
1 Mar. 15
4
Apr.
Apr.
Mar.
3
1
1 Mar. 14
Mar. 15 Mar.
7
Mar.
5 Feb. 26
Mar.
Mar. 10
Feb. 28
Mar.
Feb.
Apr.
Apr.
Mar. 31
28
Mar.
Mar. 10
Feb. 28
Apr.
Apr.
Mar. 10
Mar. 10
Mar.
Mar. 10
Texon Oil &
Apr.
Apr.
Mar. 15
50c
15c
Mar.
Thatcher Mfg. Co
Tide Water Assoc. Oil, pref. (quar.),,
Todd Shipyards Corp
25c
Apr.
Apr.
Mar. 10
Mar. 15
IIX
SI %
$1$1
vJ,
80c
-
Preferred (semi-ann.)
United-Carr Fastener
30c
United Corp., $3 cum. preference (quar.)
United Profit Sharing, pref. (s.-a.)
75c
Mar.
4
Mar. 10
Mar.
Mar.
5
Apr.
Apr.
Apr.
Mar.
4
Mar.
Mar.
4
Mar.
4
Mar.
Mar.
5
Apr.
Apr.
Mar. 31
Mar.
Feb.
23
Mar.
Feb.
23
Mar.
50c
Mar. 10
Feb. 28
Feb. 28
June
.
8
Leather, 7% pr. pfd. (no action)
Van de Kamps Holland Dutch Bakers
Extra,,
6Mc
6Mc
—
$6H preferred (quar.)
Vapor Car Heating Co., Inc
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Veeder-Root, Inc. (quar.)
Extra.
Victor Equipment Co., pref. (quar.)
Virginia Electric & Power Co., $6pref. (qu.)
Virginia Public Service Co., 7% pref
Wagner Electric Corp., common
Washington Water Power, pref. (qu.)
Wellington Fund, Inc
Wesson Oil & Snowdrift Co., Inc., com
Extra
Wheeling Steel Corp., $5 pref. (quar.)
$6 preferred (quarterly)
Wieboldt Stores, Inc., 6% preferred (quar.)
$5 prior preferred (quar.)
YeUow Truck & Coach Mfg. Co., 7% pref
....
60c
Mar.
SI %
Mar.
June
...
SIM
SIM
Sept.
Sept.
Dec.
25c
Mar.
American Telephone & Telegraph (quar.).
American Tobacco Co., com. and com. B (quar.)
Extra
--
Associated Dry Goods Corp., 6% 1st pref..,—
7 % 2nd preferred—
Atlanta & Charlotte Air Line Ry. (semi-annO.¬
Atlantic Refining Co. (quar.)
---
Baldwin Locomotive Works, 7% pref
Baltimore Radio Show, Inc. (quar.)
ljMar. 12
1 Mar. 15
5*
Apr.
2 Mar.
5*
Apr.
2 Mar.
Apr. 15 Mar. 15
Mar.
Belding-Corticelli, Ltd. (quar.)..
Preferred (quar.)
Beneficial Loan Society (Del.) (quar.)
Bethlehem Steel Corp., 7% pref. (quar.)
5% preferred (quarterly)
-Bigelow-Sanford Carpet pref. (quar)
Biltmore Hats. Ltd., 7% pref. (quar.)..
...
Birmingham Water Works Co. 6% pref. (qu.)_.
Blue Ridge Corp., $3 pref. (quar.)
Payable in common stock or cash.
Borden Co. (quarterly)
Boston & Albany RR
Bower Roller Bearing Co., common
Brewer (C.) & Co., Ltd. (monthly)
Bridgeport Gas Light Co. (quar.)
Bright (T. G.) & Co., Ltd. (quar.)
6% preferred (quar.)
Bristol-Myers Co. (quarterly)
Brooklyn Edison Co. (quarterly),.
Brooklyn-Manhattan Transit pref. (quar.)
Brooklyn Teleg. & Messenger (quar.)
Brown Fence & Wire Co
Shoe Co., common
—
Preferred
10
1 Feb.
15
1 Feb.
1 Feb.
18
Mar.
50c
M
S4M
9
Mar. 22 Mar. 11
Mar.
1 Feb
16
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Mar.
Mar.
1 Feb.
1 Feb.
Mar.
1 Feb.
25c
Mar. 15 Feb.
Mar.
50c
1 Feb.
Mar. 10 Feb.
Mar.
1 Feb.
Mar.
1 Feb.
14
28
19
15
1 Feb.
15
Apr.
Apr.
Apr.
1
1
1
1
28
28
37 Mc
50c
SI
SIM
12Mc
SIM
SIM
SIM
Apr.
Mar.
Feb.
Feb.
Mar. 10
Mar. 10
1 Feb.
19
Mar. 15 Feb.
Mar.
1 Feb.
Mar.
1 Feb.
Mar.
1 Feb.
28
Apr.
Apr.
15
15
15
1 Mar. 15
1 Mar. 15
Mar. 15
Apr.
1
Mar.
1 Feb.
Apr.
1 Mar.
19
4
Apr.
1
Mar.
4
Mar.
75c
1 Feb. 14
Mar. 15 Feb. 15
Mar. 15 Mar.
1
Mar.
1 Feb.
5
40c
Mar.
SI M
SIM
Feb
15
$2
Mar.
Feb.
28
50c
Mar.
Mar. 10
SI
Mar.
Mar. 10
50c
I®
60c
$2
SIM
$1H
Mar.
Mar. 17
Mar.
Feb.
28
Mar.
Feb.
28
Mar.
15
Feb.
Feb.
Feb.
Apr.
Apr.
11
1
Mar.
Feb.
19
Feb.
Feb.
15
Feb.
Feb.
14
75c
Mar.
Feb.
75c
Mar.
Feb.
19
18
Apr.
Mar. 18
Apr.
SIM
SIM
--
(quarterly)
Preferred (quarterly)
Butler Water 7% preferred (quar.).
...
Burma Corp., Ltd., Am. dep. rec. (interim)
Butler Bros,
40c
May
Apr.
Mar.
SIM
---
Co
Bunte Bros 5% preferred (quar.).
Burlington Steel Co., Ltd
Burroughs Adding Machine Co
13
21
Mar.
25c
(quarterly)
11
11
15c
—
(quarterly)
Buckeye Pipe Line Co..
Bucyrus-Erie Co., pref. (quar.)
....
Buffalo Niagara & Eastern Power, 1st pref. (qu.)
Bullard
1 Feb.
5 June 25
5 June 25
Mar.
SIM
Mar.
Mar.
l'Mar. 22
1 Mar. 22
Mar. 31 Mar. 15
SIM
S2M
50c
SIM
75c
Mar.
Mar.
25c
30c
Mar.
SiM
SIM
Mar.
15c
SIM
25c
Mar. 15
Mar. 12
Mar.
SIM
1
1 Mar.
1 Feb. 21
1 Feb. 19
1 Feb. 18
4
15 Mar.
31 Feb. 25
1 Feb. 25
63c
7% preferred (quarterly)
Calif. Art Tile Corp. $15* cum. conv. cl. A prefCambria Iron Co. (semi-annual)
Semi-annually
- - ---------------Canada Cement Co., Ltd., 6M% preferred
Additional
Canada & Dominion Sugar Co. (quar.)
Canada Malting Co. (registered)
50c
Mar.
SIM
SIM
Calamba Sugar
SIM
SIM
Mar.
5c
—
— —
Preferred A (semi-annual).
Apr.
20c
SIM
1 May 25
1 Aug. 25
1 Nov. 25
Mar. 15 Mar.
5
Mar.
1 Feb. 17
Mar.
1 Feb. 17
Mar.
1 Feb. 17
Mar.
1 Feb. 14*
40c
SI .05
Mills, Inc., preferred (quar.)
Beech Creek RR. (quar.)
Brown
Sept.
Dec.
75c
Atlas Corp., 6% preferred (quar.)
Atlas Powder.,.
Mar.
Mar. 15
Mar. 15
20c
90c
20c
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Q2m
HP
50c
Mar.
20c
25c
75c
June
Mar.
Mar.
12 Mc
SIM
SIM
SIM
Mar. 31 Mar. 15
Mar.
1 Feb. 18
Mar.
1 Feb. 25
25c
Mar.
Mar. 10
1
Feb. 25
2
50c
...
25c
Mar.
Mar.
July
July
SIM
SIM
Apr.
Mar.
Amoskeag Co., common (s.-a.)
Preferred (semi-ann.)
Anglo-Canadian Telephone class A
Dec.
Mar.
Mar.
25c
4
50c
Barber (W. H.) Co. (quar.)
Barlow & Seellg Mfg., class A (quar.)
Baton Rouge Electric $6 pref. (quar.).,
Apr
4
Mar.
25c
Preferred (quar.)
Apr. 14 Mar. 24
Mar. 15 Feb. 28
Texas
Corp
American Steel Foundries
American Sugar Refining Co
6% preferred (quarterly)
Bangor & Aroostook RR. Co., common—
Preferred (quarterly)
Bangor Hydro-Electric, 7% pref. (quar.),.
6% preferred (quar.)
Bankers National Life Insurance Co
Apr.
5c
15c
Southern Colorado Power, 7% cum., pref.
South Porto Rico Sugar Co., com. (quar.),.
...
Beaunit
—
Smith H., Paper Mills, pref. (quar.)
Sonotone Corp., pref. (quar.).
7% preferred A (quarterly)..
7% preferred A (quarterly)...
7% preferred A (quarterly)
American Fork & Hoe Co. (quarterly)
American General Corp., S3 pref. (quar.)
$2M preferred (quarterly)
$2 preferred (quarterly)
American Home Products Corp. (mo.)
American Indemnity Co
American Investment Co. (111.) (quar.)
American Laundry Machinery (quar.)
American Metals Co. preferred (quar.)
American Paper Goods Co. 7%rpref. (quar.);—
American Radiator & Standard Sanitary (qu.)_.
Preferred (quar.)
Mar. 25 Mar.
75c
50c
12Mc
Mar.
Mar.
M
Armstrong Cork Co. (interim)
Art Metal Works, Inc. (quar.)
Artloom Corp., preferred (quar.)
Asbestos Corp., Ltd. (initial, quar.).,
Mar.
Dec.
(quar.)
American Dock Co. 8% preferred (quar)-American Envelope Co., 7% pref. A (qu.)
Archer-Daniels-Midland
Mar. 15
Mar.
American Cigarette & Cigar stock dividendl-40th sh. of Am. Tob. com. B for each share
Am. Cigarette & Cigar held.
Preferred
1
25c
SIM
,
Mar. 15
Sept.
SIM
SIM
American Chain & Cable Co
Preferred (quar.)_
Mar. 15
'■'(
Mar,
Apr.
SIM
SIM
Aluminum Goods Mfg. (irregular)
Mar.
$1H
Feb.
18
Feb. 15
Mar.
I
Mar.
37Mc
J30c
Alabama Water Service Co. $6 pref. (quar.)
Allegheny Steel Co. preferred (quar.)
Allied Laboratorie (quar.)
Allied Products Corp. class A (quar.)
Feb.
Mar.
4
Mar.
Mar.
35c
25c
Mar.
30c
Holders
25c
Extra
Apr.
$2H
When
Payable of Record
50c
Agnew-Surpass Shoe Stores (s.-a.)
Preference (quarterly)
Agricultural Insurance (Watertown, N. Y.)
Mar.
Mutual Chemical Co. of Amer. 6% pref. (qu.)--
United States
Abbots Dairies, Inc. (quar.)
;
Acme Steel Co
Addresso graph Multigraph (quarterly),,,,.
Aero Supply Mfg. Co. class A (quar.)
Feb.
.
Union Pacific RR
Share
Apr.
20c
20
of Company
Mar.
1*4%
an¬
being given in the preceding table.
Per
Name
28
Feb.
Mar.
;
7% preferred (quarterly)
Mid vale Co. of Dela
Modine Mfg. Co
Moore Corp. (quar.)
Preferred A & B (quar.)
Union Carbide & Carbon
The list does not include dividends
Mar. 15
Apr.
Apr.
Metal & Thermit Corp
cash.
paid.
nounced this week, these
SIM
Louisiana Land & Exploration Co
Mangel Stores Corp., pref. (quar.)
Master Electric Co., common
Mathieson Alkali Works (quar.)
Preferred (quarterly)
Memphis Power & Light, $7 pref. (quar.)
$6 preferred (quarterly)
Mesta Machine Co
or
give the dividends announced in previous weeks
llMar. 15*
Apr.
Apr.
Apr.
—
Pennsylvania Water & Power Co.,
and not yet
15 Mar. 15
Feb. 15
Mar.
~
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
1347
Holders
Payable of Record
Interstate Home
we
Mar.
15
Mar. 15
Mar.
4
15c
20c
Apr.
Mar. 15
Mar.
15c
Mar.
Jan.
Feb.
29
11
Mar.
Feb.
11
SI M
Mar.
Mar.
6Md.
Apr.
Feb.
1
11
Less deduction for depositary expenses.
Estates (quarterly)
.. _ -
(quarterly),Canada Vinegars, Ltd. (quar.)
Canada Wire & Cable, preferred,,
Preferred (quarterly)
an?
Apr.
Apr.
Mar. 15
Feb.
Mar. 15
Oct.
3.5c
Mar.
Apr.
40c
t25c
Sept. 15
Feb. 28
Feb. 28
Mar.
Mar
Mar. 15
19
t37 Mc
Mar.
Feb.
15
137 He
Mar.
Mar.
Feb.
28
Bearer
Mar.
Feb." 15
itsio
Mar.
tSlM
Mar.
Feb.
Feb.
28
28
Financial
1348
When
Name
Mar. 18
Apr.
Mar. 18
Apr
Apr. 30 Apr. 15
Apr. 15 Mar. 31
(quarterly)
...
Canadian Industries, Ltd., A & B (quar.)
Preferred (quarterly)
---
-----
Canadian International Investor* Trust, Ltd.-
5% preferred
Mar.
— ---
Carman & Co.. class
A
Carolina Telephone 5c Telegraph
Carter (Wm.) Co.. pref. (quar.)
Case (J. I.) Co.. pref.
Central Illinois Light.
15
Mar. 10
Mar.
1
Feb.
Apr.
(quar.)
(quar.).....
1 Feb.
Apr.
Apr.
Mar.
8% preferred (quar.J.¬
Canadian Pacific Ry. preferred
Canadian Oil Co.. Ltd
_
15
Mar. 24
4H% pref. (quar.)
Central 111. Public Service, $6 preferred
6% preferred
- - - - Central Ohio Light & Power Co.. $6 pref. (qu.)
Mar.
Feb.
17
Central Ohio Steel Products
Mar. 10 Feb.
19
Mar. 15 Feb. 19
Mar. 15 Feb.
-
19
May 16 May
Aug. 15 Aug.
Centrifugal Pipe Corp. (quar.)
uarterly
auarterly
_
...— ------
——
5
5
Nov. 15 Nov.
5
Mar.
Feb. 18
Century Ribbon Mills, preferred (quarterly)- —
Champion Paper & Fibre, preferred (quarterly).
Chartered Investors, Inc., pref. (quar.)
Chesapeake Corp
Chesapeake & Ohio Ry. (quar.)
Preferred (quar.)
Chesebrough Mfg. (quar.)
Mar. 15
Apr.
Mar.
Feb.
Apr.
Apr.
Apr.
Mar.
Mar.
Mar.
Mar. 28 Mar.
Mar. 28 Mar.
Extra
_
Mar.
1 Feb.
1 Feb.
15
15
Mar.
1 Feb.
10
Mar. 15 Feb.
25
1 Feb.
18
Mar.
Corp., preferred (quarterly)
District Electric Generating pref...
Mail Order (quarterly)
Rivet & Machine
yellow Cab (quarterly)
Chickasha Cotton Oil (resumed, special)
Churngold Corp.
Cincinnati New Orleans & Texas Pacific, pref—
Cincinnati Union Terminal 5% pref. (qu.)—-5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
City Jice & Fuel Co. pref. (quar)
City of New Castle Water Co. 6% pref. (quar.).
Clarke Equipment preferred (quar.)
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)
Coast Counties Gas & Electric 6% pref. (quar.)
Colgate-Palmolive-Peet, pref. (quar.)
Collins & Aikman Corp
5% conv. preferred (quar.)
Colonial Finance Co.(Lima.Ohio) 5X% pf.(qu.)
Colt's Patent Fire Arms Mfg
Columbia Broadcasting, A & B
Columbia Carbon Co.. voting trust ctfs
Columbia Pictures Corp. (quar.) — -—
Chicago
Chicago
Chicago
Chicago
Chicago
Mar.
1 Feb. 10
Mar. 30 Mar. 16
Mar.
Feb. 15
Mar.
Mar. 21
Apr.
July
June 20
Oct.
Sept. 19
Jan.
Dec.
19
Mar.
Feb.
Mar.
1 Feb.
Mar. 15 Feb.
15
21
28
Feb.
10
Mar.
Feb.
10
June
May
May
Aug.
Aug.
10
10
10
10
Mar.
June
Sept.
Sept.
_
Dec.
1 Nov. 10
Dec.
1 Nov. 10
...
Mar. 15 Feb.
25
Apr.
1 Mar.
Mar.
1 Feb.
18
Mar.
1 Feb.
18
5
1 Feb. 15
Mar. 31 Mar. 15
Mar. 11 Feb. 25
Mar,
Mar. 10 Feb.
18
Apr.
1 Mar. 18
Mar. 10 Feb. 25
Columbus & Xenia RR
Commonwealth Utilities Corp. 6X % Pf. O (qu.)
Mar.
1 Feb.
16
Compania Swift Internacional (quar.)
Compo Shoe Machinery (quar.)
Compressed Industrial Gases (interim)
Confederation Life Assoc. (Toronto) (quar.)
Mar.
1 Feb.
15
Quarterly
Mar. 15 Mar.
Mar. 15 Feb.
Mar.
—
June 30 June 25
—;;
— — —
5
28
31|Mar. 25
Quarterly
Quarterly
Congoleum-Nairn. Inc
Connecticut Light & Power (quar.)
(Quarterly)
Connecticut Power Co. (quar.)
Connecticut River Power Co. 6% pref. (quar.)
Sept.30 Sept. 25
Dec. 31 Dec. 25
—
-
—
Mar.
Apr.
15'Mar. 1
ljMar. 15
Mar.
1 Feb.
15
Mar.
liFeb.
1 Feb.
15
15
Mar.
—
Mar.
23'Feb.
Consolidated Cigar Corp. 7% pref. (quar.)
Mar.
l|Feb.
16
Consolidated Edison of N. Y. (quar.) —
Consolidated Investment Trust (quar.)
Mar. 15'Feb.
11
Mar. 15 Feb.
15
Consolidated Biscuit Co
—
Consolidated Paper
Co
(quarterly)
Electrographic Corp. (quar.)-Preferred (quar.)
Corp. (quar.)
Elizabeth & Trenton RR. Co. (semi-ann.)
Semi-annually
5% preferred (semi-ann.).
~a
5% preferred (semi-ann
t.).
EI Paso Electric (Texas) $6 pref. (quar.)
7% preferred A (quar.)Empire & Bay State Telep. & Teleg.,
4% guaranteed (quarterly)
Empire Capital Corp.. class A (quar.)
Empire Casualty (Dallas) (quar.)
Quarterly
Quarterly
Empire Power Corp. $6 cum. preferred—
Participating stock
Equity Corp. preferred (quar.)
Erie & Pittsburgh RR. Co
Fairbanks Morse & Co. (quar.)
Preferred (quarterly)
Fajardo Sugar of Porto Rico
This payment includes a div. of 50c. from
Fajardo Sugar Growers Assoc. a sub. co
Faultless Rubber Co. (quar.)
Federal Light & Traction, preferred (quar.)
Federal Mining & Smelting Co. pref. (quar.)
"
'
1 Mar. 10*
:
$4 preferred (quar.)
Copperweld Steel Co. (quar.)
Corrugated Paper Box, 7% pref. (quar.)
Creameries of America, Inc., pref. (quar.)_„
1 Feb.
Mar.
18
Mar. 10 Mar.
1
Mar.
1 Feb. 15
Mar.
1 Feb. 10
Crown Cork & Seal Co., Inc. (Interim)
Preferred x.w.&w.w. (quarterly)
Crown Zellerbach Corp., $5 preferred (quar.)
Mar.
56 He
SIX
Crucible Steel preferred
7 Feb.
Mar. 15 Feb.
1 Feb.
Mar.
18
28
14
__
Mar. 31 Mar. 16
Mar. 31 Mar. 21
Orum & Forster pref (quar.)
Crum & Forster Insurance Shares, A&B
Preferred
(quarterly)
Guneo Press, Inc. preferred (quar.)
30c
81X
SIX
Curtis Publishing Co., $7 pref. (quar.)
Feb.
28 Feb.
Feb. 28 Feb. 18
Mar. 15 Mar.
1
Feb.
Apr.
Cushman's Sons, 7% preferred
Dayton & Michigan RR. 8% pref. (quar.)
Common
(semi-annual)
t871?
87 He
Dayton Power & Light Co., 4X% pref. (quar.)_
Deere & Co. preferred
(quar.)
Denver Union Stockyards, 5X% pref. (quar.)..
Derby Oil & Refining Co., $4 pref
Detroit Gasket & Mfg., pref. (quar.)
Detroit Harvester Co. (reduced)
Detroit Hilisdale & Southwestern (s.-a.)
Semi-annually
Devoe & Raynolds A&B (quar.)
Preferred (quar.)
Devonian Oil Co. (quarterly)
81X
18
28
15
Mar.
Apr.
Feb.
Apr.
Mar. 16
Feb. 19
Mar. 16
Mar.
35c
Mar.
Feb.
15
81H
Mar.
Feb.
81
Mar.
Mar.
Feb.
20
21
Feb.
14
Mar.
Feb.
20
July
June 20
30c
12
—
^2
82
75c
Jan.
81X
Apr.
Dec. 20
Mar. 19
Apr.
Dictaphone Corp
Ltd
x
Dixie-Vortex Co. (quarterly)
Class A
(quarterly)
Pepper Co. (quar.)
Quarterly
Quarterly
Quarterly
Dominion & Anglo Invest. Corp. 5% pref
Dominion Coal, Ltd., 6% pref. (quar.)
Dominion Textile Co
.ltd. (quar.).
>., Lt ~
Preferred (quar.)
Eastern Shore Public Service Co. $6X pref.
(qu.)
$6 preferred (quar.)
Eastman Kodak Co. (quar.)
Preferred (quar.)
Dr.
_
-
East St. Louis & Interurban Water Co.—
7% preferred (quar.)
6% preferred (quar.)
Eddy Paper Corp
Edison Bros. Stores, Inc., common
(quar.)
5% cum. preferred (quar.)
25c
June
25c
Sept.
May 18
Aug. 18
25c
Dec.
Nov. 18
Mar.
Sig
SIX
81H
81H
SIX
SIX
SIX
_
Feb.
15
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Apr. 15 Mar. 31
Mar.
1 Feb.
Mar.
1 Feb.
Apr.
Apr.
Mar.
Mar.
10
10
1 Mar. 5
1 Mar. 5
1 Feb.
21
1 Feb. 21
20c
Mar. 31 Mar. 15
25c
Mar. 25 Feb.
62Xc
28
Mar. 15 Feb. 28
1
Feb.
11
Mar.
Feb.
11
Mar.
Feb.
15
Mar,
50c
tig
Apr.
Mar. 15
Mar.
Feb.
15*
Mar.
Feb.
21
Aor.
Mar.
10
14
14
Both payable
in stock.
(quar.)--
Fishman (M. H.) Co.
Mar.
1
15
19
Feb.
Feb.
15
12Hc
Mar.
Feb.
18
SIX
Mar.
Mar.
Feb.
Mar.
Mar.
Feb.
15
15
25
t25c
Feb.
26
$2H
Mar.
Feb.
19
S2H
Sept.
Aug. 20
50c
7% preferred (quarterly)
Fohs Oil Co
8Hc
six
$1X
15c
FitzSimons & Connel Dredge & Dock (quar.)
Florida Power Corp., 7% Pref. A (quar.)
Mar.
Feb.
75c
Mar. 15 Mar.
87 He
15c
-
Ford Motor of Canada, class A&B (quar.)
Ft. Wayne & Jackson RR., 5X% pref. (s.-a.)
—
5H% Preferred (semi-ann.)
Freeport Sulphur Co. (quar.)
Preferred
Entire issue called at $103 per sh.
-----
-
Feb.
15
1
Holders
may convert pref. stock into com at rate
of 3 1-3 shs. com. for each pref. sh. on or
before Feb.
com.
for
1
each
and at rate of 2H shs. of
sh. of pref. on or before
March 5Fuller Brush 7%
pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
Gas Securities Co. (monthly).
Payable in non-interest-bearing scrip.
6% preferred (monthly)—
Gatineau Power Co., 5% cumul. pref. (Initial)
General American Corp. (quar.)
General Baking Co. preferred (quar.).
General Candy Corp
SIX
SIX
1 Mar. 24
1 June 23
1 Sept. 22
Mar.
1 Feb.
15
Mar.
Feb.
15
Apr.
Mar.
Mar.
Feb.
Apr.
Mar. 19
t$m
$2
1
15
50c
-
Mar.
Feb.
25c
—
(quarterly)
Cigar Co., Inc.. 7% preferred (quar.)
General Gas & Electric Corp. $5 pref. (qu.)—General Motors Corp
;—
$5 preferred (quar.)
Georgia Power Co. $6 pref. (quar.)
$5 preferred (quar.)
Gibraltar Fire & Marine Insurance
Mar.
Mar. 10
$1X
SIX
Mar.
F'eb.
18
Mar.
Feb.
15
25c
Mar.
Feb.
17
Six
May
Apr.
Apr.
Apr.
4
Mar. 15
$1
$1
„
50c
Mar.
28
Mar. 15
Feb.
15
20c
Extra
Mar.
Feb.
15
40c
Apr.
Mar. 15
Mar.
Feb.
SIX
$2H
(quar.)
Golden Cycle Corp. (quarterly)
Goodyear Tire & Rubber Co. common
$5 conv. preferred (quar.)
Gossard
(H. W.)
Grace National Bank (N. Y.) (s.-a.)
Grand Union Co., $3 preference
Great Northern Paper Co. (quar.)
Mar.
Feb.
10c
Mar.
Mar.
SIX
Preferred
Apr.
Mar.
Mar. 15
24
5
Mar.
Feb.
28
25
Mar.
Mar.
Feb.
25
25c
Feb.
S3
Mar.
Feb.
24
50c
Mar.
Feb.
10
25c
Mar.
Feb.
19
19
$1
25c
SIX
Feb.
15
12c
Griggs (C.) & Co., 7% pref. (quar.)_
Guarantee Co. of North America (quar.)
Special
;
Gulf States Utilities, $6 pref. (quar.)
$5H preferred (quar.)
Hale Bros. Stores, Inc. (quar.)
Hamilton Watch Co. (quar.)
——
Mar.
Feb.
30c
Extra
Great Western Electro-Chemical preferred
Apr.
Apr.
Apr.
Apr.
Mar. 21
SIX
SIX
S2H
SI H
SIX
25c
Apr.
1
Mar. 31
Mar. 31
Mar.
Feb.
28
Mar.
Feb.
28
Mar.
Feb.
15
25c
Feb.
25
Mar.
Feb.
11
25c
(quarterly)
Hammermill Paper Co
6% preferred (quarterly)
Mar.
SIX
Preferred
Mar.
Feb.
15
Apr.
Mar. 15
Mar.
Feb.
SIX
Hancock Oil Co. of Calif, class A&B
(quar.)
—
Class A&B (extra)
Hanes (P. H.) Knitting
Class B (quarterly)
Oct.?
50c
—
Apr.
July!
SIX
H %
Class A
General
25c
15
20c
Mar.
Feb.
15
15c
Co. (quar.)
Mar.
Feb.
21
21
15c
Harbison-Walker Refractories Co
Preferred (quarterly)
Mar.
Feb.
SIX
87Xc
SIX
Apr.
Mar.
Mar. 20
25c
7% preferred (quarterly)
Hanley (James) Co., 7% preferred (quar.)
Hanna (M. A.) Co. $5 preferred (quar.)
SIX
-
Feb.
18
Mar.
Feb.
15
Mar.
Feb.
Apr.
Hart-Carter Co., $2 conv. pref. (quar.)
50c
Mar.
Hartman Tobacco Co. prior pref. (quar.)
SI
20c
Mar.
Feb.
Mar.
Mar.
18
Feb.
15
28
Feb.
Feb.
Mar.
Feb.
Mar.
Mar.
1
Mar.
Mar.
Mar.
Feb.
82
Mar. 10
Nov.
Mar.
Mar.
Hedley (M. G. M.) Ltd. (quarterly)
1 Mar. 10
14
Mar.
15
Apr.
18
Feb.
2H%
2X%
Insurance stock series
10
Apr.
Feb.
Feb.
June
Feb.
Mar.
Mar.
May
Aug.
Feb.
Feb.
25c
Mar. 31
•Tune
Mar.
37Hc
62 He
Sept. 20
Mar. 31
50c
Mar.
11
Oct.
Apr.
Apr.
Mar. 21
Hazeltine Corp. (quar.)
Hecla Mining Co
28
Mar. 19
Mar.
Mar.
Aug. 10
Feb.
8ept. 20
Mar. 21
Feb.
I Feb. 11
Mar. 19
Oct.
Mar. 21
Sept.
Mar. 15 Feb.
Apr.
Apr.
Mar.
Mar.
Mar.
150c
-
15
Mar.
25c
Preferred (semi-ann.)
18
Feb.
l£c
25c
Partic. preferred (semi-ann.)
18
Feb.
43 He
50c
15
Feb.
Mar.
7% preferred (quarterly)
7% preferred class A (quarterly)
Firestone Tire & Rubber Co. 6% preferred A—
First Holding Co. (Pasadena, Calif.), pref
First Security Corp. of Ogden, cl. A & B (s.-a.)_
Fiscal Fund', Inc., bank stock series
•
75c
75c
7.5c
Diamond Match Co
Partic. preferred (semi-ann.)
Mar.
Mar.
87 He
Mar. 19
Mar. 15 Feb. 28
_
5
Feltman & Curme Shoe Stores pref. (quar.)
Finance Co. of Amer., com. class A&B (quar.).
2nd preferred 'semi-ann.)
Globe-Wernicke Co. (reduced)
.
18
1 Feb.
1 Feb.
"
18
ADr.
Mar.
Electrolux
1 Feb.
Mar. 31 Mar.
7
1 Mar. 15
Mar.
1 Feb. 18
(quar.)_
Mar.
cash.
15
Apr.
—
or
15
15
__
Mar. 31 Mar. 15
Oontinental Oil Co
Preferred (quarterly)
Distillers Corp .-Seagrams,
40c
$1X
com.
Mar.
-
Continental Assurance Co. (Chicago. 111.) (qu.).
Continental Can Co., Inc., $4X pref. (quar.)
Continental Steel Corp. preferred
Cook Paint & Varnish (quar.)
(quarterly)
Shareholdings, preferred--Optional div. of 44-1,000ths of a share of
2 Apr.
1 Feb.
May
Holders
of Record
EI Dorado Oil Works
Electric
Glens Falls Insurance Co. (quar.)
Globe Democratic Publishing Co., 7% pref. (qu.)
Globe & Rutgers Fire Insurance—
Mar. 15 Feb.
—
1938
Share
of Company
Mar.
Special
Consolidated Laundries, pref. (quar.).
Consolidated Oil Corp., preferred (quarterly)
19
26,
Per
Name
-
Mar. 15 Mar. 10
Mar. 12
Apr.
Mar. 19
Apr.
-
Feb.
Holders
Payable of Record
of Company
Canadian Cottons, Ltd.
Preferred (quarterly)
Chronicle
Hawaiian
Agricultural Co. (monthly)
Monthly
20c
Hazel-Atlas Glass Corp
10
6
Apr.
Feb. 15
Mar.
7
Feb. 25
Mar. 25
Apr.
Mar. 18
75c
Mar.
Mar.
10c
Mar.
Feb.
m
Apr.
Apr.
Mar.
50c
Mar.
Feb.
20c
Mar.
Mar. 15
SIX
Extra
Heyden Chemical Corp. (quar.)
Hibbard. Spencer. Bartlett & Co. (monthly)
Hires (Chas. E.) Co.. class A (quar.)
Hobart Mfg. Co., class A (quar.)
Holophane Co., Inc
Holt (Henry), $1.80 partic. A stock
Honomu Sugar Co. (monthly)
Hoover & Allison Co., 5% pref. (quar.)
Horn (A. C.) Co. 7% non-cum. (quar.)
6% non-cum. partic. pref. (quar.)
Horn & Hardart (N. Y.) pref. (quar.)
Humble Oil & Refining
Huntington Water Co. 7% pref. (quar.)
6% preferred (quar.)
Hutchinson Sugar Plantation Co. (montniy)
Hyde Park Breweries Assoc., Inc
Imperial Life Assurance Co. (Canada) (quar.)
Quarterly---^
Quarterly
Quarterly.;
Industrial Credit Corp. (Lynn) (quar.)
7% preferred (quar.)
-
Mar.
1
15
1
1
23
Mar.
Feb.
15
37Xc
Mar.
Feb.
14
30c
Mar.
Feb.
15
10c
50c
9
Mar.
Feb.
10c
Mar.
Feb.
5
SIX
Mar.
Feb.
15
8 He
Mar.
Mar.
Feb.
15
45c
Feb.
15
SIX
Mar.
Feb.
10
Apr.
Mar.
Mar.
Feb.
21
Feb.
21
10c
Mar.
Mar.
Feb.
15
SI
Mar.
Mar.
Apr.
July
Mar. 31
37 He
SIX
SIX
—
S3X
S3X
S3X
S3X
Oct.
2
4
June 30
Sept. 30
31
Jan.
Dec.
25c
Mar.
Feb.
15
87 Xc
Mar.
Feb.
15
Per
Name
Bonus
Free of tax but less deduction for
7 4%
Mar.
10%
Mar.
Mar. 11
Mar.
Feb.
7
Mar.
Feb.
15
Apr.
Mar. 15
Apr.
Apr.
Apr.
Mar. 15
Apr.
Mar. 19
25c
--
..........
624c
91X
....
(quarterly)
International Safety Razor class A
International Silver Co. preferred
Mar.
28
28
28
Moore (W. 14.) Dry
Apr.
July
Apr.
July
1
1
Oct.
Oct.
1
Jan.
Jan.
2
Mar.
Feb. 25
Feb. 24
Goods (quar.)
Quarterly
Quarterly
Quarterly.
Moran Towing Corp., 7% partic. pref. (quar.)—
Morris Plan Insurance Society (quar.)
Quarterly
15
Iron Fireman Mfg. (quar.)—......
—
Mar.
Feb.
Mar.
Feb. 28
Mar.
Mar.
Mar.
Feb.
Apr.
Mar. 15*
M.ar.
Feb.
Apr.
Mar. 15
Mar.
Mar.
30c
(Philadelphia)
Investment Corp.
Mar.
Feb.
June
Motor Wheel Corp. (quar.)
Mt. Diablo Oil Mining & Development Co
Mullins Mfg. Corp
pref. (quar.)
Muncie Water Works Co. 8% pref.
1
18
26
Quarterly
Ironwood & Bessemer Ry. & Light
Kresge (S. S.) Co
1 Feb.15
Mar.
1 Feb. 25
Mar.
1 Feb. 15
Mar. 21 Feb.. 17
50c
$1
$1^
$14
$14
$14
$14
Mar. 31 Mar. 10
Mar.
Feb.
10*
Mar.
Feb.
19
June
May 21
Aug. 22
Sept.
HP
25c
84c
25c
$14
$14
40c
$14
7% pref. (qu.) —
6% preferred (quarterly)
Lake of the Woods Mining, pref.
I
(quar.).
Quarterly
Quarterly
—-7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
...
Lehigh Portland Cement Co. pref. (quar.)
Leslie Salt Co. (quar.)
Quarterly
-Le Tourneau (R. G.), Inc. (quar.)-----Lexington Utilities Co. $64 preferred (quar.) —
Lexington Water Co. 7% pref (quar.)———Libbey-Owens-Ford < .lass (reduced)
Life & Casualty Insurance of Tennessee
Life Savers Corp
--—--
Liggett & Myers Tobacco com. & com. B (qu.).
Preferred (quar.)
—
Lily-Tulip Cup - - - - - - - ------------Lincoln National Life Insurance (Ft. Wayne) —
14 Quarterly.
Quarterly
Lincoln Stores, Inc. (quar.)
Preferred (quar.)
Link Belt Co (quar.)
Preferred (quar.)
--,
.
,
guaranteed (quar.)..
Special guaranteed (quarterly)
Special guaranteed (quarterly)
Special quaranteed (quarterly)
Original capital
....
Original capital-....
—
Original capital
—
V Original capital
—-Loblaw Groceterias, class A & B (quar.)
Lock Joint Pipe Co. (monthly)
L,
Monthly
8% preferred (quarterly)-..
8% preferred (quarterly)
8% preferred (quarterly)
8% preferred (quarterly)
Lone Star Cement Corp
Lone Star Gas Corp
Preferred (quar
Loose-Wiles Biscuit Co. 5% pref.
4
May
2 Apr. 20
Mar. 18
Apr.
1
Mar. 15 Mar.
15
Mar.
Feb.
15
May 15 May
Aug. 15 Aug.
5
25c
Nov. 15 Nov.
$14
$14
$14
Mar. 15 Mar.
...
1
Feb.
3
$1
1 Feb.
15
30c
Apr.
1 Mar. 10
Mar. 15 Mar. 1
May
2 Apr. 26
Aug.
1 July 26
30c
Nov.
_
25c
Mar.
$14
Mar.
60c
Mar.
26
LFeb. 21
1 Feb. 21
1 Feb. 15
Apr.
1 Mar. 16
1 Oct.
50c
Mar. 10 Feb.
50c
25
June
10 May 25
Sept. 10 Aug. 25
Dec.
Mar.
10 Nov. 25
10 Feb. 25
June
10 May 25
Sept. 10 Aug. 25
Dec. 10 Nov. 25
Feb.
10
28 Feb.
18
1
67c
Feb.
Mar. 31 Mar. 31
$2
$2
$2
$2
75c
Apr.
July
Oct.
1 Mar. 22
1 June 21
1-Sept. 21
Jan.
31Dec. 24
Mar. 30; Mar.
11
Apr. 20 Mar. 19
May
2 Apr. 14
Apr.
1 Mar. 18
Mar.
1 Feb. 17
Mar. 25 Feb.
37
1
1 Feb.
19
Mar.
21
92 X
Aug. 15 Aug.
Aug. 15 Aug.
,2»!
Mar.
1 Feb.
1 Feb.
Mar.
1 Feb.
19
Aug. 15 July
Mar.
LJan.
30
Mar.
1 Feb.
15
Apr.
ljMar.
Mar.
llFeb.
16
Mar.
1 Feb.
16
Mar. 15 Feb.
28
Mar.
1 Feb.
16
Apr.
1 Mar. 16
28
1
1
—....—
........——
Quarterly
Manhattan Shirt Co. (quar.)
Manischewitz (B.) preferred (quar.)—
Chemical Co. (quar.)
—
$14
20c
35c
91X
91 X
91 X
Maryland Fund, Inc. (quar.)
May 15 May
Aug. 15 Aug.
5
5
Mar. 15 Feb.
25c
Mar.
1
10
Apr.
1 Mar. 21
91X
25c
Nov. 15 Nov.
Feb.
Mar.
15 Feb.
Mar. 15 Feb.
25
Mar. 15 Feb.
10 Feb.
28
19
1 Feb.
19
Mar
28
$14
McClatchy Newspapers. 7% pref. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
McColl Frontenac Gil (quar.)
Mclntyre Porcupine Mines (quar.)
McKesson & Robbins. $3 pref. (quar.)
Mead Corp.. $6 pref. A (quar.)
—
Mar.
1
Feb.
21
$1
-—
Mar.
50c
—
Mar.
1
Feb.
21
28 Feb.
27
434c
434c
43 Xc
43 Xc
10c
$10%
75c
(quarterly)
—
Ltd.. f\% pref. (extra)
Memphis Natural Gas, pref (quar.)...
...
participating pref. (auar.)—
H.) Packing Co.. 64% Pref. (qu.)—
Metal Textile Corp
-------------
pref. A (au.)....
Light, 54% Pref. (quar.)
)
Minneapolis-Honeywell Reg Co., pref. B
15
Mar. 15 Feb. 26
25c
2Xc
Extra
Masonite Corp. (quarterly)
Preferred (quarterly)
28 Feb.
5
28
50c
5c
—
18
—
(quar.)
fig
Feb.
May 31 May 30
Aug. 31 Aug. 30
Nov
30 Nov
Mar. 15 Feb.
Mar.
1
Feb.
Mar. 15 Mar.
Mar.
Mar.
20c
Feb.
91X
15
1
1
1
Feb.
15
1
Feb.
15
28 Feb.
15
Apr.
81 Xc
29
Mar
20
Mar
Feb
21
91X
Mar.
Feb.
19
75c
Mar.
91X
$14
91 X
Mar.
$1,275
$1
Feb.
23
Feb.
25
Feb.
21
Mar.
1 Feb.
1 Feb.
21
21
Mar.
1 Feb.
19
.
Mar.
1
Mar.
1 Feb.
15 Mar. 25
Apr.
(quar.)..
Mar. 22 Mar. 10
—
Nov. 15:Nov.
Sugar Co.
1 Feb.
1 Feb.
10
19
Mar.
1 Feb.
19
Mar.
1 Feb.
12
„
Mar. 15 Mar. 11
5
Mar. 15 Mar.
Feb.
18
28
3
Mar.
Feb.
15
Mar.
Feb.
Mar.
Feb.
15
15
Feb.
15
Mar.
Ogilvie Flour Mills, pref (quar.)
Ohio Oil Co., pref. (quar.)
Ohio Power Co., 6% pref. (quar.)...
——
Ohio Public Service Co.. 7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Ohio River Sand Co., 7% preferred
Ohio Water Service Co., cumul. class A
- —
Oklahoma Gas & Electric Co . 6% cum. pref.
7% cumui preferred (quarterly)-—
Oklahoma Natural Gas prior pref. (quar.) —
Okonite Co.. 6% preferred (quar.).
—
Omnibus Corn, preferred (quar.)
Ontario Mfg. Co
...
Oshkosh B'Gosh. Inc. (quar.)-
1 Ifeb.
Mar. 15 Feb.
Mar.
Mar.
I
31 Mar. 15
28
Mar. 15 Feb. 28
15
Mar. 31 Mar
Mar
Mar. 15 Feb.
Feb.
Mar.
15
Apr.
Mar.
15
19
Mar.
Feb.
18
Mar.
preferred (quarterly)
M
Apr.
I Feb.
ar.
18
Mar. 21
(quar.)
*
Otis Steel, pref. (quar.)--.--—
Paauhau Sugar Plantation Co. (monthly)-.-.
Preferred
Feb.
25
Mar. 21
Otis Elevator Co
Feb.
25
Mar. 15 Mar.
1
Mar. 15
Apr.
preferred (9 uarterly)-----------------Co., $6.60 pref. (monthly)
preferred (quar.)
Pennsylvania Salt Mfg. Co
Penney J. C.) Co. common
Peoples Drug Stores. Inc. (quar.)- —
64% preferred <auar.)
Peoples Telep. Corp.. 6% pref. (quar.).
Pet Milk Co. common (quar.)
Petroleum Oil & Gas Co. (semi-ann.)_ —
]'helps Dodge Corp——
Phillips Petroleum Co
Philadelphia Co. 5% pref. (s.-a.)
7%
Pennsylvania Power
$6
Philadelphia Germantown <fe Norrlstown_-----Philadelphia Suburban Water Co. 6% pf. (qu.)Phoenix Hosiery. 7% 1st pref (quar.)
Pillsbury Flour Mills (quar.)----------•
& Lake Erie RR (8.-a.)--,
Pittsburgh Coke & Iron Co.. $5 pref. (quar.)—
Pittsburgh Ft. Wayne & Chiczgo Ry.7% preferred (quar.)-7% preferred (quar.)
—
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)7% preferred (quar.)
—
7% preferred (quar.)
7% preferred (quar.)
...
Plymouth Fund, inc., class A
Portland & Ogdensburg Ry., gtd. com. (qu.)--—
Potomac Electric Power Co.. 6% pref. (quae.)—
54% preferred (quarterly)
40c
*25c
876«
15
1 Feb.
10
Feb.
—
6 Feb.
Mar.
par)
5
Mar.
(Monthly)
—
15
Mar.
Mar.
(mon hly)
Parker Rust-Proof Co. common (92X
Common (no par) (quar )-----
19
28
15
25
Mar. 10 Feb.
Mar.
1 Feb.
pref. (quar.)..
Ry. & Land Co. (monthly)
......
Oahu
1
3liMar.
Mar.
Mar. 19 Feb.
Mar.
1 Feb.
(quarterly)
Oahu
2
1
May 16 May
Aug. 15 Aug.
—
Nova Scotia Light & Power
Pittsburgh Bessemer
1 Feb.
...
Dec. 21
Feb.
19
8
18
Mar. 14 Mar.
1
Mar.
1 Feb. 14
Mar.
Mar.
Sept. 21
Mar. 15 Feb.
16
16
Mar. 10 Feb.
Electric Lt. & Power
(quarterly)
1 Feb.
1 Feb.
Mar. 31 Mar. 10
(quar.)
—
(quar.)
—
Nobtitt-Sparks Industries
Norfolk & Western Ry. (quar.)
North American Edison Co., preferredNorth River Insurance Co
Northara Warren Corp. conv. pref. (quar.) — Northeastern Water & Electric. $4 pref. (quar.)
Northwestern Public Service, 7% pref. (quar.),
Preferred
1
16
Mar.
(Seattle, Wash.)—-—
Patterson-Sargent Co. (quar.)
—
Pender (D.) Grocery class A (quar.)-—
Penlck & Ford. Ltd
—
Penn State Water Corp., $7 pref. (quar.)
Penna. Gas & Elect Corp., $7 preferred (quar.)
Apr.
July
1
1 Mar.
1 Feb.
Mar.
Payable at such time as said stock Is turned
in for exchange into $2 X par com. stock
Parkersburg Rig & Reel (quar.)
28 Jan.
Feb.
1
Aor.
Class A
$2 conv.
31
Mar.
Class A
6% preferred
21
Mar. 15 Mar.
Teleg. Co
31
5
Mar 21
June 21
Feb.
Mar. 16
Mar.
Oct.
—-—
(quar.)
Middlesex Water Co (quar.)
Milwaukee Gas Light Co.. 7%
21
Mar.
$1 4
11a
Mar. 15 Feb. 25
Jan.
(quarterly)
---preferred (quarterly)-
May Hosiery Mills—
Preferred (quar.)
1 Feb.
Mar.
91X
-—
28 Feb.
Mar.
Niagara Share, (Md.) pref. A
1900 Corp., Class A (quar.)__
12c
$1.62
(quar.)
Feb.
Apr. 15 Mar. 30
Mar. 15 Feb. 28
Mar.
1 Feb. 15
(Tenn.)...
Linen Service Corp., $5 pref. (s.-a.) —
Preferred (quarterly)
40c
20c
5
1 Mar. 16
New York & Queens
8
Mar. 15 Mar.
Mar.
15
1 Mar. 19
Apr. 15 Mar. 11a
New York Transit Co
15
1 Feb.
Mar. 15 Feb. 28
Apr.
1 Mar. 18
25c
1 Feb.
Mar. 15 Mar.
Apr.
New York Air Brake
66c
--
L 64% preferred (quarterly)
64% preferred (quarterly)...
f 64% preferred (quarterly)
Macassa Mines, Ltd. (reduced)
Madison Squares Garden Corp.
(quarterly)
Mar.
$14
Mar.
Apr.
New World Life Ins. Co.
15 Dec.
25c
$1.10
Lunkenheimer Co.. 64%
Magma Copper Co
Magnin (I.) & Co.. 6% pref.
Preferred (quarterly)...
Sept. 15 Sept.
1 Mar. 14
Mar. 15 "Feb. 28
June 15 May 31
30c
25
7% preferred (quarterly)
Apr.
$1 X
374c
1
18
1 Feb.
Apr.
New England Telep. &
New Jersey Zinc Co
15 June
65c
25c
1 Feb.
Mar.
Murphy (G. C. )Co
Muskegon Motor Specialties pref. A (quar.)
Muskogee Co., 6% cum. pref. (quar.) _ ..
Mutual Telep. Co. (Hawaii) (quar.)
National Battery Co. preferred (quar.).
National Biscuit Co. (quar.;
Preferred (quar.)
National Cash Register Co
National Casualty Co. (quar.)
National Container Corp. (quar.)
National Gypsum Co., 1st pref. (quar.)
2d preferred (quar.)
National Lead Co.. pref. A (quar.)
Newberry (J. J.) Realty 5% pref. A (quar.) —
Newberry (J. J.) Co. (quar.)
-—
Newmont Mining Corp—
New Amsterdam Casualty (semi-ann.)
New Bedford Cordage Co. (reduced)
Common class B (reduced)
15
$1 10
$1.10
5% preferred (semi-ann.)
Louisville Si Nashville RR Co—
Feb.
Mar.
$1
Louisville Gas & Electric, class A & B (quar.)—Louisville Henderson & St. Louis RR.........
Minneapolis (fas
5% preferred (quar.)
$5.10 preferred (quar
Dec. 31
Feb.
50c
6% 1st pref. (quar.)..
$5 4 preferred B
Melcher Distillers.
Sept. 30
Mar.
11
Mar.
Mar. 15 Mar.
(quar.)
6% preferred (quar.)
Neisner Bros., Inc. (quar.)
Mar. 31
Feb.
UH
1 Feb.
.
Mar.
65c
15
Mar.
National Sugar Refining Co. (N. J.)
Nebraska Power Co. 7% pref. (quar.)
1
June 30
Dec.
1 Feb.
$7 preferred (semi-ann.)
National Oats Co. (quar.)
21
60c
—
Ludlow Mfg. Assoc.
Feb.
Mar. 12 Mar.
June
19
Mar.
National Paper & Type, 5% pref. (semi-ann.)..
National Power & Light Co., com. (quar.)
National Pressure Cooker (quar.)
—
Mar.
Mar.
25c
Landis Machine (quar.)
RR., special
$1
$14
$14
$14
1 Mar. 11
25c
Lake Superior District Power,
Mar. 15
_
Mar. 10 Feb.
...
Natlonal
Mar. 11
Apr.
Apr.
Nov. 26
Apr.
Corp. common
National Life & Accident Insurance
Apr.
$14
Ltd. (quar.)
Nov. 21
Dec.
Mar. 31 Feb. 26
Mar. 10
May 27
Aug. 27
Dec.
...
,
Mar.
llH
6% class A preferred (quar.;
Kroger Grocery & Baking Co.
7% preferred (quar.)
6% preferred (quar.)
Preferred
$1X
$1 x
$14
class A pref. (quar.)
6% class A preferred (quar.
6% class A preferred (quar.;
Lord & Taylor.
Nov. 10
30c
Kroehler Mfg. Co. 6%
Little Miami
Dec.
Co.—
7% preferred (quarterly)
—.....
Jantzen Knitting Mills pref. (quar.)
.......
Jarvis (W. B.) Co. (quar.)
Jewel Tea Co. (quar.).
—
Kaufmann Dept. Stores, pref. (quar.)
Kendall Co., series A preferred (quar.)—
Kemper-Thomas, 7% special pref. (quar.)——
7% special preferred (quar.)
7% special preferred (quar.)
—
7% special preferred (quar.)
Kennecott Copper Corp
—
Kerlyn Oil Co., class A (quarterly)
Kimberly-Clark Corp
Preferred (quar.)_.*i.———
Kobacker Stores. Inc., preferred (quar.)
Lake Shore Mines,
Sept.
30c
Quarterly
'
•
Morristown Securities
10
May 10
Aug. 10
Mar.
June
Sept.
uarterly
Quarterly
1
30c
Quarterly
25
Feb.
Mar. 15 Feb.
75c
Intertype Corp., 1st pref. (quar.).
16
Mar. 15 Feb.
$2
$1
$2
—
May 10
_
Montreal Loan & Mtge. (quar.)
1
(quar.)
60c
Inter-Ocean Reinsurance Co. (s.-a.)__
21
Mar. 12
June
...
Montreal Cottons, Ltd.
Preferred (quar.)
$50c
(quar.)
Feb.
Mar. 15 Feb.
15c
—
.....
16
Mar. 16
Mar.
Apr.
A pref. (s.-a.)
30c
Preferred
International Mining
International Nickel Co. of Canada—
Feb.
Apr.
......
(Quarterly)
28
Feb. 21
•Mar.
_
Monroe Chemical, pref. (quar.)
Monsanto Chemical Co. $4 X class
Apr.
$1X
Inland Steel Co
Meyer (H
I.
Monarch Machine Tool Co. (interim)
(quar.)
(Stock div.)
—
International Harvester Co. (quar.)
Mar. 15 Feb.
,Mar.
7% pref. (quar.)
7% preferred (quarterly)
depositary
Interlake Steamship Co
International Business Machines Corp
Mansanto
Missouri Utilities Co.,
Mitchell (J. S.) & Co
8 Feb. 11
8 Feb. 11
expenses.
Indianapolis Water Co. 5% pref. A
Ingersoli-Kand Co..
Payable of Record
Name of Company
Payable of Record
Missouri Gas & Electric Service Co
Imperial Tobacco of Gt. Britain & IrelandAmer. dep. rec. ord. reg. (final)
Holders
When
When I Holders
|
Share
of Company
1349
Chronicle
Financial
146
Volume
10
Feb.
17
17
15
Mar.
Mar.
Feb.
Mar.
Feb.
19
Mar.
Feb.
Mar.
Mar.
91X
91X
91X
Mar.
Feb.
Apr.
Mar. 21
Apr.
Mar. 21
55c
Mar.
Feb.
I1"
Mar.
Feb.
21
Mar.
Feb.
28
Mar.
Ma'
1C
Apr.
Mar.
91%
Mar.
Mar.
HP
25c
Mar.
Feb.
Aor.
Mar.
11
2c
Mar.
Feb.
25
10c
60c
25c
Mar.
heb.
26
Mar.
Feb.
4
Mar.
Feb.
10
sib
Mar.
Feb.
Mar.
Feb,
19
9
4&c
Mar.
Feb
18
Mar.
Feb.
75c
Apr.
Mar
15
15
Mar.
Feb.
18*
M
25c
91X
i'll
P
8
1
28
Mar. 10
July
5
5
Oct.
4
Sept 10
12-10-38
Apr.
P
1
21
1-3-39
3
4-1 39
7-1-39
Id 1-39
1-2-40
Mar.
June
1
10
10 39
6-10-39
9-10-39
12 10-39
Feb
15
28 Feb.
20
Mar.
1 Feb.
15
Mar.
1 Feb.
15
Feb.
1350
Financial
Per
Name of Company
When
Holdere
Payable of Record
Share
Pittsburgh Youngstown & Ashtabula By
7% preferred (quar.)
7% preferred (quarterly)
7% preferred (quarterly).
Mar.
_
Dec.
pref. (quar.
Public Service Co. of Colorado, 7% pref. (mo.)
6% preferred (monthly)
5% preferred (monthly).
—
8% preferred (quarterly).
7% preferred (quarterly)
$6 preferred (quarterly)....—
6% preferred (monthly)
6% preferred (monthly)
------
Public Service Electric & Gas Co. $5 pref.
(qu.)_
Pullman, Inc....Purity Bakeries
Quaker Oats Co. pref. (quar.)
Quaker State Oil Refining (quar.)
Ray bestos-Manhattan, Inc
Reading Co 1st preferred (quar.)
Regent Knitting Mills, Ltd., pref. (qu.)
Reliance Mfg. Co. (111.) (quar.)
Preferred (quar.)
Reynolds Metals Co
5H% conv. preferred
Rice-Stix Dry Goods, 1st & 2d
pref. (qu.)
Rich's, Inc., 6M% pref. (quar.)
Riverside Silk Mills, class A
(quar.)....
Robertson (II. H.) Co
Rochester Button Co SI H pref.
(quar.)——
Rochester Gas & Electric,
■
:.5% prer. (quar.)
6% preferred C & D (quarterly).
Roeser 3c Pendleton, lnc
c.
(quar.)...
Quarterly
Mar. 10 Feb.
Mar.
Feb.
-
Holland
May
Mar.
Apr.
Mar. 15
Mar. 15 Feb. 26
Apr.
Mar.
Mar.
Mar.
Feb. 15
Mar. 21 Mar. 10
1 Mar. 21'
ar.
1 Feb. 15
Mar. 15 Feb. 28
Mar. 15 Feb. 28
(quar.)
—
;
Mar. 15 Feb.
Mar. 15 Feb.
8% deb. A (quar.).
7H% debenture B (quarterly).
7% debenture C (quarterly)
6H% debenture D (quarterly)
6% preferred (semi-ann.)
Savannah Gas Co., 7% pref.
(quar.)
Scbiff Co., common
(quar.)
7% preferred (quarterly)...
5H% preferred (quarterly)
Scott Paper Co., \
o-pci. vv»f common
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
j,
Mar. 15 Mar.
1
Mar. 31 Mar. 15
Mar. 10 Feb. 11
Scranton Lace Co
Sears, Roebuck & Co. (quar.)
Second Canadian International
Investors Co.—
Participating preferred (quarterly)
Second Investors Corp. (R.
I.) 53 pref. (qu.)
Secord (Laura) Candy
Stores, (quar.)
(quarterly)
£
...
(qu.)__
liquidating div
(Wm.) Brewery (quar.)
Snider
pref. (quar.)
Packng Corp
Socony-Vacuum Oil Co.
Sontag Chain Stores Co. (quar.)
7% preferred (quarterly)
Mar.
1 Feb.
18
18
Mar.
1 Feb.
15
Apr.
1 Mar. 15
Mar.
1 Feb.
Feb.
Staley (A. E.) Mfg. Co., $5 cumul. pref. (quar.)
Standard Brands,
Inc., 54H cum. pref. (qu.)..
.....
Standard Oil Co. of Calif
Extra
Standard Oil Co. of Indiana
(quar.)
.1,
IIIII
(quar.)
Strawbridge & Clothier, 6%
prior pref. (qu.)"I~
Stromberg-Carlson Telep. Mfg. pref.
(quar.)..
Stuart (D. A.) Oil
Co., class A preferred
Sun Oil Co.
(quarterly)
Preferred (quarterly)
3
Sunray Oil Corp., preferred
(quar,)
I.Ill
I
II
II
Swift International
Co., Ltd., dep. ctfs, (qu.).
Sylvania Industrial
Corp
Sylvanite Gold Mines, Ltd.
(quar.)
Extra
Tacony-Palmyra Bridge, class A
fquarljlllll
Preferred (quarterly)
Teck-Hughes Gold Mines (quar.)
Tennessee Electric Power
Co.,
5% 1st preferred (quarterly)
6% 1st preferred (quarterly)..
7 % 1st preferred
(quarterly).
7.2% 1st preferred (quarterly)
'o
1st preferred
(monthly)
wo 1st preferred
(monthly)..
7.2% 1st preferred (monthly)
7.2% 1st preferred (monthly)
.
15
11
28
Feb. 21
Feb. 21
15
Feb. 15
Mar. 15
Apr.
Mar
1 Feb. 15
1 Mar. 15
10 Mar. 21
Mar. 24 Feb. 14
Mar.
1 Feb. 15
Mar.
1 Feb. 15
Apr.
Co.,
com.
Common (quarterly)
(quar.)
Mar. 19 Feb.
June 20 May
Sept. 20 Aug
Dec. 20 Nov.
Common (quarterly)
Common (quarterly)
United States Playing Car Co.
(quar.)
Extra
United States Tobacco Co., common
Preferred (quarterly)
United Wall Paper Factories,
pref. (quar.)
Universal Insurance (quar.)
Utah Power & Lignt, $7
preferred
Mar. 15 Feb.
Mar. 15 Feb.
1 Feb.
Mar.
Apr,
Apr.
$1
Van Raalte Co., Inc
Mar.
Apr.
Apr.
Apr.
Apr.
Feb. 15*
Mar. 21
Mar. 21
Mar. 15
Mar. 15
Mar.
Feb. 15
Mar. 10 Feb. 23
Mar. 15 Mar.
1
Mar. 20 Mar. 10
Mar. 15 Mar.
1
1 Feb.
June 15 June
Apr.
1 Feb.
Mar.
1 Feb.
Mar.
1 Feb.
Mar.
1 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Apr.
18
1
18
19
15
15
15
15
15
28
28
15 Mar. 31
1 Feb.
15*
July
Victor-Monaghan (quarterly)
7% preferred (quarterly)
Viking Pump Co. (special)
Apr.
1
Mar. 15 Mar.
1
1 Feb. 18
1 Feb. 17
Mar.
1 Feb. 15
Preferred (quarterly)
Virginia Coal & Iron Co. (quar.)
Virginia Fire & Marine Co. (s.-a.)
Vogt Mfg. Corp
Vulcan Detinning pref.
(quar.)
Preferred (quarterly)
Mar.
Mar.
Apr. 20 Apr.
July 20 July
Oct. 20 Oct.
11
11
10
Mar. 15 Feb. 25
Mar. 15 Feb. 25
Mar. 15 Feb. 25
2 Mar. 26
Apr.
2 June 25
July
Oct.
3 Sept. 24
(quarterly)
Walgreen Co. 84 H pref. (quar.)
Walker (H.)-Gooderham & Worts
Preferrred (quarterly)
Waltham Watch Co.,
6% pref. (quar.)
6% preferred (quarterly)
preferred (quarterly)
Apr
July
....
Washington Ry. & Electric
5% preferred (quarterly)
5% preferred (quarterly)
5% preferred (semi-ann.)
&2H
Wayne Pump Co
50c
Apr.
Apr.
Apr.
Apr.
Mar.
Apr.
Mar.
Apr.
Mar. 17
Mar. 10
(qu.)
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Feb. 15
1 Mar. 15
1 Feb. 15
Mar. 15
15
1 Feb.
18
Feb" 16"
1 Mar. 16
1 Feb.
1 June
Mar.
Apr.
Apr.
Apr.
Mar.
10
15
1 Feb.
3
1 Mar. 19
1 Mar. 19
1 Mar. 19
1 Feb. 15
1 Mar. 15
Mar.
1 Feb.
1 Feb.
Mar.
Mar. 10 Feb.
2 Apr.
May
May
Aug.
Aug.
2 Apr.
1 July
Nov.
Quarterly.
1 Oct.
1 Oct.
Feb.
Nov.
Mar.
Worthington Pump & Mfg. prior pref. (quar.)__
Conv. prior preferred
(quar.)
Ltd. (quar.)
Mar.
Mar.
Mar.
1 July
21
15
28
15
15
15
15
15
15
23
Feb. 10
Mar.
4
Mar.
4
Apr.
Apr.
Mar.
Aim-.
Youngs town Sheet & Tube pref. (quar.)
Youngs town Steel Door
19
Mar. 19
Apr.
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
not closed for this
1 Feb.
1 Mar. 17
Apr.
Extra
Transfer books
1
Apr.
Quarterly.
*
1
July
Whitaker Paper (quar.)__
7% preferred (quarterly)
Whiteman (Wm.) Co., Inc., 7%
pref. (quar.)..
White Villa Grocers (semi-ann.)
Extra
Apr.
Sept.
Mar.
(quar.)
(s.-a.)_
Wheeling Electric, 6% pref. (quar.).
West Jersey & Seashore RR.
Wright-Hargreaves Mines,
15
16
16
Apr. 30 Mar. 31
July 30 June 30
Oct. 31 Sept. 30
Feb. 28 Feb.
8
Feb
28 Feb.
8
1
May
Quarterly
Quarterly
Westinghouse Electric & Mfg. Co
Preferred
Westminster Paper Co. (semi-ann.)
Extra
Wolverine Tube Co., pref.
(quar.)
Woolworth (F. W.) Co. (quar.)
May
Apr.
24
15
Mar.
Convertible preferred (quarterly)
Western Auto Supply Co., com.
(quar.)
Westinghouse Air Brakes (quar.)
A
Feb. 28 Feb.
Mar.
1 Feb.
June
1 May
June
1 May
Mar.
Wesson Oil & Snowdrift Co., Inc.—
.
3 Sept
Mar.
Weill (Raphael) & Co.,
8% pref. (s.-a.)
Weisbaum Bros.-Brower Co.
(quar.)..
c
2 Mar. 26
2 June 25
Oct.
...
(quar.)
1 Mar. 1
1 Feb. 15
Mar. 15 Mar.
1
Mar. 31 Feb. 19
Mar. 31 Feb. 19
Mar. 31 Mar. 15
1 Feb. 20
1 Mar. 20
Mar. 15 Mar.
Will & Baumer Candle
Co., Inc., pref...
Williamsport Water Co., 86 pref. (quar.)
Wilson Line Inc. (initial)
Willson Products
Winsted Hosier Co.
(quar.)
Extra
Apr.
19
16
1 Feb.
1 Feb. 16
1 June 15
1 Feb. 15
1 Feb. 15
Mar.
Mar.
Mar.
;
Feb. 28 Feb. 16
Mar,
1 Feb. 16
Mar.
1 Feb. 10
Mar.
1 Feb. 15
Mar. 15 Feb. 25
Mar.
1 Feb. 10
Apr.
1 Mar. 8
Mar. 14 Mar. 4
Mar.
1 Feb. 17
Mar.
2 Feb.
Mar.
Extra
Weston Electrical Instruments,
Westvaco Chlorine Products
1 Feb. 15
1 Mar.
1
1 Mar.
1
Mar.
-
7% 1st pref. (quar.)
Vermont & Boston Telegraph Co
Vick Chemical Co. (quar.)
Prior preferred (quar.)
19
28
19
Mar.
$6 preferred
Mar. 19
28
Mar.
Vanadium-Alloys Steel Co
Apr. 15
Mar. 15 Feb.
30*
1 Mar. 16
1 Mar. 16
Mar.
1 Feb. 19
Apr. 15 Mar. 15
July 15 June 15
Corp.,jpref. (quar.).
Prior preferred (quar.)
Prior preferred
28*
31*
31*
Apr.
Apr.
United States Sugar Corp pref.
(quar.)...
Preferred (quar.)
6%
15 Mar. 21
15 June 30
1 Mar. 10
Apr*
.
Preferred (semi-ann.)
United States Pipe & Foundry
19
15
Mar. 21
Mar. 15 Mar.
1
Mar. 31 Feb. 28
Mar. 31 Feb. 28
Mar.
1 Feb. 15
Apr. 1 Mar. 16
Mar. 1 Feb. 15
1 Mar. 15
Apr.
United New Jersey RR. & Canal
(quar.)
United Printers & Publishers, cum.
preferred
United States Envelope Co
Feb.
Feb. 21
Mar. 15
Feb.
1 June 10
1 Sept. 9
3 Dec.
9
Mar. 24 Mar.
4
Mar.
1 Feb. 10
7% preferred (monthly)
6.36% preferred (monthly).
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
Preferred
Mar.~12*
Oct.
(quar.)
United States Plywood
15
Jan.
$5 preferred (quarterly)
United Light & Rys.. 7% pref.
(mo.)
Mar.
Mar.
Storkline Furniture
(quar.)
(quar.)
(quarterly)
18
17
17
Feb.
Apr.
Preferred
Sutherland Paper Co
Swan-Finch Oil, pref.
21
28 Feb.
Feb. 28 Feb.
Feb. 28 Feb.
Feb. 26 Mar.
Mar. 21 Mar.
Mar. 10 Feb.
Mar.
Southeastern Greyhound, pref.
(quar.)
So.Cal.Edison Co..
Ltd.,5% cum. part.pf.(ext.)
6% preferred series B (quarterly).
Southern Pipe Line Co
Southwestern Bell Telep. Co.
(quar.)
7% cum. preferred (quarterly)
Southwestern Consol. Gas Utilities
Corp
Southwestern Natural Gas Co., $6
pfd. A (qu.)._
Spear & Co., 1st & 2nd pref.
(quar.)
Spencer Kellogg & Sons, Inc.
(quar.)
Spiegel Incjprererred (quar.)
Standard Oil of
Kentucky (quar.)
Standard Oil of Ohio
(quar.).
Preferred (quar.).
Mar. 31
1 Feb.
Mar.
Mar.
(quar.)
(Quarterly)
(quarterly)
Standard Brands, Inc
Standard Dredging
pref. (quar.)
Standard
Cap & Seal (quarterly)....
51.60 preferred
(quarterly)
16
13 Mar. 31
Mar.
South Carolina Power
Co., $6 1st pref. (qu.)
June
Mar. 15 Feb. 21*
Soundview Pulp Co. (quar.)
South Bend Lathe Works
Swift & Co.
16
Mar. 17
Apr. 13
Mar.
Sherwin-Williams Co., preferred
(quarterly)
Sherwin-Williams of Canada, pref
Simmons-Boardman Publishers, pref.
Extra
Simonds Saw & Steel Co
Sloss-Sheffleld Steel & Iron,
28
Sept.15
Apr.
Extra
Inc.
1 Feb.
1 Feb.
Mar. 15 Feb.
Mar.
Feb.
15
15
15
Dec. 17
Mar. 21 Mar.
1
Feb. 26 Feb. 14
Sheep Creek Gold Mines, Ltd.
(increased)
Sterling Products
Mar.
Mar.
Oct.
Jan.
Shenango Valley Water, 6% pref. (quar.)
Shepard-NIles Crane & Hoist Co. (reduced)
Simon
1 Feb.
Apr.
July
Preferred (quarterly
Preferred (quarterly )-.
7
Shattuck (Frank G.)
Sheaffer Pen Co
Simms Petroleum Co.,
Mar.
62 He
Servel, Inc. (quarterly)
r)..
Preferred
(quarterl;
Preferred (quarterly
28
28
28
Apr.
July
Apr.
July
(quar.)
Preferred (quarterly)
Preferred (quarterly)
28
1 Mar. 10
Mar. 10
Mar. 10
Mar. 10
Mar. 10
Feb. 21
10
Mar. 28 Mar. 21
Mar.
1 Feb. 11
1 Apr. 15
May
United Elastic Corp
United Gas Con?., $7 pref.
(quar.)
United Gas & Electric Corp., preferred
United Gas Improvement
28
1 Feb.
Mar. 31
Mar. 15
1
Apr.
Mar. 1
Mar. 28
Common
United Dyewood Corp. pref.
Preferred (quarterly)
11
Mar. 10
June 10
Feb
Apr.
Preferred B (quarterly)
Savannah Electric & Power,
Seeman Bros,
19
11
Feb.
Apr.
July
(quar.)
Rustless Iron & Steel, preferred
(quar.)
San Joaquin Light & Power,
uia/vv
Feb.
Mar.
Preferred (quar.)
United Biscuit Co. of America
(quar.).
Preferred (quarterly)
,
United Bond & Share Ltd.. common
1
Mar.
Paper Co., preferred (quarterly)
pr. pref.
Mar. 15
Apr.
Mar. 30 Mar. 15
Roos Bros., Inc. (Dela.)
(quar.)
Prior preferred A
(quarterly)
Preferred A (quarterly)
Feb. 15*
Mar. 21*
Feb.
Mar.
7 Feb. 25
Mar.
1 Feb. 24
Mar. 15 Mar.
1
Mar. 15 Mar.
1
Mar.
1
Union Tank Car Co. (quar.)
Union Twist Drill Co. (quar.)
21
ar.
11
Feb. 25
Feb. 21
Feb. 16
Feb. 28 Feb. 18
Mar.
1 Feb. 15
Mar.
1 Feb. 15
Union Premier Food Stores
(quar.)
Apr. 21
Apr.
15
8
1 Feb.
Mar.
1
Mar. 15
1
Mar.
5
...
17
21
Mar.
(quar.)
(mo.)
15
1 Feb.
1 Feb.
1 Feb.
Mar.
6% preferred (monthly)
5% preferred (monthly)
Toronto Elevator, Ltd., 5H%
pref. (qu.)
Trane Co., $6preferred
(quarterly)
Truax-Traer Coal, 6% pref.
(quar.)
5 H % preferred
(quarterly)
Trustee Standard Oil Shares, series B, bearer
Underwood Elliott Fisher Co., common
(quar.).
Union Gas Co. of Canada
(quar.)
Feb. 28 Feb.
1
Mar. 15 Feb. 28
Mar. 15 Feb. 28
—
—
Mar.
Timken Roller Bearing Co
Title Insurance Corp. (St.
Louis)
Toledo Edison Co., 7% pref.
25
15
1 Feb.
1 Feb.
Mar.
Tilo Roofing Co.. Inc. (quar.)
Timken-Detroit Axle pref. (quar.)
1
15
15
15
Mar. 15 Feb.
Mar.
1 Mar. 15
1 Mar. 15
21
Mar. 15 Feb. 28
Mar. 15 Mar.
1
Apr.
Apr.
Mar.
Mar.
...
(quar.)
15
Mar.
Feb.
Mar. 15 Feb. 15
Apr. 15 Mar. 15
Mar. 31 Mar.
1
—
—
— ----------
15
15
Feb.
Feb.
%\U
Holders
Payable of Record
68Mc
(quar.)
1938
When
Share
Texas-New Mexico Utilities Co.—
7% preferred (quarterly)
Tex-O-Kan Flour Mills Co., 7
% pref. (qu.)
Texas Pacific Coal 6c Oil Co.
(quar.)
Tide Water Assoc.
Oil (quar.)
Tide Water Power Co., $6 pref.
26.
"
18
18
25
1 Feb.
Mar. 31
Mar. 15
Mar. 15
Mar. 15
Company
Texas Gulf Sulphur
(quar.)
10
1 Feb.
Mar,
—
Public Service Co. of N. J. (quar.)
Rubinstein (Helena) class A
Nov. 21
Mar.
—
Per
Name of
May 20
Aug. 20
Mar. 25 Mar.
Mar.
1 Feb.
Mar.
1 Feb.
Mar. 15 Feb.
Mar.
1 Feb.
.
Feb.
Talcott (James), Inc
Participating preferred (quar.)
Terre Haute Water Works
Corp. 7% pref. (qu.)Terry Steam Turbine Co., 7% pref.
21
Sept.
(quarterly).v
Preferred (quar.)
Procter & Gamble, 5%
1 Feb.
June
—
7% preferred
Preferred Accident Insurance Co. (N. Y.)
Prentice-Hall Inc. (quar.)
Chronicle
Mar. 12
Feb.
Feb.
Feb.
Mar. 15 Mar.
14
14
1
dividend,
t On account of accumulated dividends.
X Payable in Canadian funds, and in the case
reduction of a tax of 5 % of the amount of such
of non-residents of Canada
dividend will be made
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
The week statement issued by the New York City
following shows the condition of the Federal Reserve
Bank of New York at the close of business Feb. 23, 1938,
in comparison with the
OF MEMBERS OF THE NEW YORK CLEARING HOUSE
FOR THE WEEK ENDED SATURDAY, FEB. 19, 1938
Time
Deposits,
Average
Feb. 24, 1937
Deposits,
Profits
Capital
Net Demand
Undivided
♦
♦
previous week and the corresponding
date last year:
ASSOCIATION
Clearing House
York
New
The
Clearing House is given in full below:
STATEMENT
1351
Chronicle
Financial
146
Volume
Average
Surplus and
Members
Feb. 23.
1938 Feb. 16, 1938
Assets—
Gold certificates
Bank ol N Y A Trust Co
6,000,000
13.372,700
144.174,000
Bank of Manhattan Co.
20,000,000
25,862,300
427,723,000
National City Bank
77,500,000
Chem Bank A Trust Co.
Guaranty Trust Co
20,000,000
90,000,000
Manufacturers Trust Co
42.419,500
Cent Hanover BkATr Co
21,000,000
Corn Exch Bank Tr Co.
e58.834.500 al,424,197.000
459,317,000
54,625,900
181.690,100 61,278.815,000
457.850,000
45,129,300
698,615,000
70,476,200
244,604,000
18,052,000
449,836,000
108,207,600
449,407.000
61,732,200
38,135,000
4,158,700
131,390,700 el,870,923,000
50,056,000
3,660,300
d759,749,000
76,932,400
12,910,000
1,265,200
107,989,000
9,021,000
267,494,000
27,798.700
73,761,000
8,154,000
77,687.000
8,949,900
15,000,000
10,000,000
50,000,000
4,000,000
100,270.000
First National Bank
Irving Trust Co
Continental Bk A Tr Co
Chase National Bank—
500,000
Fifth Avenue Bank
Bankers Trust Co
25,000.000
Title Guar A Trust Co..
10,000,000
Marine Midland Tr Co..
5,000,000
12,500,000
New York Trust Co
7,000,000
7,000,000
Comm'l Nat Bk A Tr Co
Public Nat Bk A Tr Co.
11,106,000
40,016,000
178,086,000
10,602,000
57,736,000
98,885,000
54,458,000
25,457,000
3,050,000
6,940,000
9,789,000
47,116,000
2,405,000
41,322,000
2,773,000
10,181,000
35.177,000
3,587,000
53,868,000
hand and due from
on
3,806,930,000 3,773,079,000 3,540,387,000
1,157,000
1,221,000
1,221,000
71,049,000
91,814,000
98,697,000
United States Treasury_x_
Redemption fund—F. R. notes
Other cash
Total
t
reserves
3,906.848,000 3,866,114,000 3,612,593,000
...
Bills discounted:
Secured
by U.
8.
Govt, obligations.
2,552,000
437,000
Total
United
2,989,000
As
9,293,242,000
909,313,700
523,189,500
are
not
are
NOT
NATIONAL AND STATE BANKS—AVERAGE
Uncollected Items
Bank premises..
...
All other assets
...
FIGURES
Investments
Bank Notes
Y. and
Banks and
Cross
Elsewhere
Including
Trust Cos.
Deposits
$
N.
U. 8. Treasurer—General account...
Foreign bank
Other deposits
2,446,900
26.999.700
927,000
264,984
6,487,517
5,994,900
308.700
1.488,300
964,400
4,794,000
96.000
747.000
472,000
7,835,300
5,511,000
480.000
Lafayette National..
People's National...
Trade Bank of N Y._
112,641,000
50,945,000
51,943,000
7,744,000
8,210,000
1,382,000
...
Capital paid in....
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
TRUST COMPANIES—AVERAGE FIGURES
All other liabilities
Cash
Disc, and
Dep. Other
Y. and
Banks and
Deposits
Elsewhere
Ratio
of
total
to
reserve
deposit
*5,658,500
3,792,000
2,234,610
13,856,800
186.132
1,554,692
Fiduciary
11,327,732
*1,685,508
3.047.736
18,387
Fulton
20,403,400
*6,775,400
477,200
494,600
27,530,300 *16,271.900
17,754,790
70,634,152
15,285,716
80.920.000
2,958,000
37,136,000
32,578,271
2,251,149
12,341,395
8,898,471
United
States
85.6%
liability on bills
for foreign correspondents
821,200
66,135,800
10,977,889
13,260,911
23,676,000
Commitments
Kings County
*
42,661,300
73,817,346
Reserve
as
1,623,000
follows:
to
make
86.5%
291,000
industrial
4,403,000
ad¬
8,113.000
t "Other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bant notes.
x
58,000 113,663,000
41,746,174
These are certificates given by the
over
100
Includes amount with Federal
7,744,000
9,260,000
purchased
vances
Brooklyn—
Brooklyn.
51,342,000
51,474,000
85.4%
298.000
4,385,000
Contingent
$
%
$
$
$
53,137,400
166,240,000
and
F. R. note liabilities combined
Manhattan—
178,609,000
50,959,000
51,943,000
7,744,000
8,210,000
1.254,000
Cross
Trust Cos.
N.
Investments
Lawyers
12,346,000
4,796,480,000 4,826,147,000 4,465,997,000
Total liabilities
Res. Dep.,
Loans,
Federation
10,138,000
3,654,018,000 3,618,771,000 3,297,102,000
Total deposits
Deferred availability items
Brooklyn—
Empire
85,000
4,480,000
164,412,000
27,851,000
252,414
3.921,087
Sterling National
661,943,000
65,000
3,824,000
186,443,000
9,956,000
12,815,000
881,212,000
908,657,000
909,597,000
3,281,871,000 3,249,495,000 3,102,641,000
31,912,000
58,610,000
66,831,000
47,639,000
53,720,000
52,477,000
114,910,000
256,946,000
252,839,000
Deposits—Member bank reserve acc't.
6,799,500
8,589.000
3,163,361
116,700
21,503,600
21.402,000
Grace National
746,930,000
$
%
$
Manhattan—
652,260,000
Liabilities—
Dep. Other
$
Disc, and
739,554,000
4,796,480,000 4,826,147,000 4,465,997,000
Total assets.
CLOSING OF
18, 1938
Res. Dep.,
Other Cash,
140,715,000
352,501,000
159,044,000
63,000
3,296,000
116,098,000
9,956,000
13,140,000
F. R. notes in actual circulation
Loans,
194,472,000
747,079,000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
the figures for the week ended Feb. 18:
IN CLEARING HOUSE WITH THE
BUSINESS FOR THE WEEK ENDED FRIDAY, FEB.
INSTITUTIONS
206,140,000
338,942,000
739.554,000
Total U <8. Government securities..
published regularly each week
of a number of banks and trust companies which
members of the New York Clearing House.
The
following
1,096,000
5,857,000
692,554,000
The New York "Times"
returns
2,730,000
214,000
4,324,000
206,140,000
338,942,000
194,472,000
....
Treasury notes
official reports:
per
2,838,000
217,000
4,319,000
...
States Government securities:
Bonds
National, Dec. 31. 1937; State, Dec. 31, 1937; trust
companies, Dec. 31, 1937.
e As of Jan, 4, 1938.
Includes deposits in foreign branches as follows:
a $279,096,000; 6 $92,853,000;
C$115,133,000; d $37,771,000.
*
2,204,000
526,000
bills discounted......
Bills bought in open market—
Industrial advances....
Treasury bills
Totals
2,346,000
492,000
direct or fully guaranteed
Other bills discounted
United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
cents
to
59.06
cents,
these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
Empire, $3,666,700; Fidu¬
under the provisions of the Gold Reserve Act of 1934.
ciary, $1,308,144; Fulton, $6,458,000; Lawyers, $15,608,500.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions ,
immediately preceding which
also give the figures of New York and Chicago reporting member banks for a week laterm
we
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loam as reported In this statement,
an announcement of the Federal Reserve Bank of New York of April 20, 1937, as follows:
which were
described in
of loans and discounts.
This classification has been changed primarily to show the
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 4'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.
The changes in the report form are confined to the classification
amounts of (1) commercial, industrial and agricultural loans, and (2)
Subsequent to the above announcement It was made known that the new items "commercial, industrial,
be segregated as "on securities" and "otherwise secured and unsecured."
and agricultural loans" and "other loans*
would each
A more detailed explanation
of the revisions
was
published in the May 29. 1937, issue of the "Chronicle," page 3590.
CITIES BY DISTRICTS. ON FEB. 16, 1938, (In Millions of
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
Total
Federal Reserve Districts—
Boston
New York
Phila.
$
Atlanta
S
%
%
%
San Fran.
$
$
$
21,231
1,211
8,681
1,111
1,801
629
550
2,978
645
390
648
487
8,944
630
3,686
451
702
244
290
953
311
168
260
234
$
ASSETS
Loans and investments—total
Loans—total
$
$
Dollars)
Dallas
%
St. Louis Minneap. Kan. City
Chicago
%
Cleveland Richmond
2,100
1,015
Commercial, Indus, and agrlcul. loans:
47
14
11
45
49
9
17
10
39
233
96
149
530
144
72
145
139
316
15
14
4
49
10
7
19
2
35
27
4
6
47
4
1
4
3
14
38
16
15
85
13
9
12
14
58
174
29
27
87
47
6
21
21
372
2
2
4
6
29
25
47
11
10
73
—
559
37
231
50
Otherwise secured and unsecured..
3,833
252
1,599
158
441
82
178
26
747
25
594
18
616
34
287
35
1,158
84
232
58
73
4
47
2
3
711
57
261
50
123
On securities
Open market paper.
Loans to brokers and dealers
Other loans for purchasing or
;
carrying
securities
Real estate loans
Loans to banks
2
1
Other loans:
On securities
12
13
Otherwise secured and unsecured..
806
55
257
54
42
40
51
59
27
52
28
35
106
United States Government obligations
8,160
1,150
2,977
5,622
428
3,335
307
782
288
154
1,443
191
168
227
173
664
21
453
92
62
36
32
188
48
14
46
29
129
132
1,207
261
255
61
74
394
95
40
115
51
292
318
2,841
239
330
137
106
818
150
68
169
111
335
Obligations fully guar, by U. 8. Govt.
Other securities
Reserve with Federal Reserve Bank..
280
Cash in vault
Balances with domestic
banks
Other assets—net
—
35
64
15
35
16
10
51
9
5
11
10
19
2,038
1,325
122
148
140
199
129
115
345
127
69
235
200
209
78
602
85
102
35
38
93
23
16
23
27
203
14,485
992
6,419
766
1,010
409
320
2,155
406
242
486
402
878
122
145
129
1,028
•
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
5,248
264
1,086
279
748
197
182
884
184
638
27
354
23
18
12
17
85
8
1
14
21
58
5,325
211
2,156
274
325
213
205
773
259
119
346
196
248
1
6
•»'
......
......
Inter-bank deposits:
Domestic banks......
Foreign banks
Borrowings
Other liabilities
Capital account—
383
1
12
8
351
3
1
786
23
346
18
~~16
23
5
19
8
7
3
6
312
3,622
239
1,615
227
349
92
89
363
89
56
92
81
330
9
9
__
m m
m m «•»
....
......
......
......
______
______
Financial
1352
Chronicle
Feb.
26,
1938
Weekly Return of the Board of Governors of the Federal Reserve System
Theyollowing wasjissued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
for the System as a
Thursday afternoon, Feb. 24,
on
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the resources and liabilities separately for each of the twelve banks.
week last year.
and±the Federal Reserve banks.
Reserve Agents
The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve note statement
returns
Wednesday.
on
The comments of the Board of Governors of the Federal Reserve System
the
upon
for the latest week appear in our department of "Current Events and Discussions
COMBINEDZRESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
Thru ciphers
(000) omitted
Feb.
-
Feb.
23,
16,
Feb.
9,
Feb.
1938
1938
1938
$
ASSETS
Jan.
2,
1938
S
t
%
Jan.
26,
1938
19,
Jan.
Jan. 5,
12.
1938
1938
%
Dec.
1938
S
S
Feb. 23,
$
1938
29,
1937
Feb. 24,
1937
Redemption fund (Federal Reserve notes)
8
%
Other cash ♦
—
Total reserves
9,167,600
9,155
439,441
9.163.60C
9,116,097
9,116,097
9,117,895
9,118,394
9.119,891
10,183
9.443
9.393
441,200
437,550
10,612
430,902
440.664
426,065
8,324
403.894
9,119.892
9,436
362,631
9,120.391
9,155
330.544
270,622
9,616,196
S. Treaa.i
Gold ctfs. on hand and due from U.
9,613,955
9.563,830
9,557,011
9,568.002
9,554,452
9.532.109
9,491,959
9,460,848
9,129,481
9,340
3,507
3,406
9.913
8,847,384
11,475
Bills discounted:
Secured by U. S. Government obligations,
direct or fully guaranteed
^
f
6,661
0,300
7,450
7,545
7,632
0,979
7,420
7,096
3,487
3,020
3,765
3,675
3,838
3,811
3,695
3,984
—
10,148
9,920
11,215
11,220
11,470
10,790
11,115
11,080
12,847
4,107
550
548
548
548
548
548
540
540
———
17,517
17,530
17,625
17,788
17,929
17.829
17,883
17,894
2,827
18,291
23,350
714,683
1,175,103
714,683
1,175,103
719,573
1,170,213
727,573
1,172,213
727,573
728,073
747,039
524,282
1,171,713
1,154.997
1,313,371
674,229
674,229
664,229
664,229
004,229
1,169,497
657,479
751,539
1,154,997
751,539
1,172,213
674,229
657,479
657,479
592,574
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,664,015
2,564,015
2,564,015
2,664,015
2,430,227
2,592,230
Other bills discounted
2,592,019
2,593,403
2,593,571
2,593,962
2,693.182
2,593,553
2,593,529
2,697,980
2,460,767
---
—
Total bills discounted
BllIs7bought In
open
market..
Industrial advances
securities—Bonds.
United States Government
_
Treasury notes
Treasury bills
Total U. 8. Government securities
Total bills and securities
Gold held abroad
169
171
16,155
44,634
20,903
687,258
44,950
43,834
12,807,932
Due from foreign banks
Bank
3,083
...
Federal Reserve notes of other banks
Uncollected
701
13,003.090
493,619
Items....
44,929
premises....
All other assets
Total assets
171
171
171
171
"""179
179
179
""225
21,636
21,522
24,584
27.200
30.477
27,441
25,740
20,260
479,937
t533.855
503,242
614.313
674,127
637,442
686,237
681,605
44,940
44,971
46.011
45.033
45.034
45,021
46,152
42,804
41,902
40,840
39,625
38,480
37,361
45,235
37.802
12,746,721 tl2,793,063
12,775,812
12,874,030
12.813.959
12,832,932
12,853,021
12,385,101
46,611
LIABILITIES
Federal Reserve notes in actual circulation
4,126,230
4,119,686
4,125,104
4,137,750
4,119,084
4,155,272
4.190,134
4,257,846
4,283.385
4,167,930
Deposits—Member banks' reserve account
7,240,498
7,204,708
156,272
7,249,290
7.295,871
115.321
157,748
107.934
174.704
175,313
280,341
231,389
235,604
250,047
226,333
228.428
6,982,752
139,604
172,634
239,983
6,705,293
117,322
7,071,249
126.896
153,380
142,671
151,864
7,218,937
135.018
7,193,380
155,041
145,809
297,660
7,215,592
187,280
152,080
301,712
7,839,008
7,856,670
7,794,701
7,775,220
7,806,545
7,771.936
7.709,738
7,601.886
7,534,973
7,187.184
495,425
133,217
147,739
27,682
32,985
5,646
679,755
133,193
479,882
133,131
503,674
568,580
028,339
133.071
147,739
27,683
33,019
147.739
147.739
147.739
132,927
147.739
681,839
132.737
145.854
682,698
133.069
597.884
133.041
147,739
t534,020
133,087
147.739
27,683
33,019
27,683
27.683
27,683
27,683
27 015
27,190
33,019
33.019
33.052
33,052
35,673
36,200
5,462
5,139
4,999
7,462
3,962
3,460
10,946
5,796
12,807,932
13,003,090
12,746,721 U2.793.663
12,775,812
12,874,036
12,813,959
12,832,932
12,853,021
12,385,101
80.4%
80.3%
80.2%
80.2%
80.2%
80.1%
80.1%
80.0%
80.1%
80.4%
830
1,010
1,122
1,379
1,592
1.784
1,336
1.466
1,096
13,078
13,108
13,149
13,369
13,388
12,723
12.895
12,792
12,780
19,523
1-16 days bills discounted
8,093
7,755
9,072
-9,118
8,952
8,215
8,701
8.966
424
398
512
458
035
10,097
3,481
16-80 days bills discounted
31-60 days bills discounted
714
430
314
395
13
894
893
652
589
579
578
742
081
582
77
464
675
563
664
797
774
636
437
414
12
273
299
416
391
507
509
606
682
759
164
10,148
9,920
11,215
11,220
11,470
10,790
11,115
11,080
12,847
4,107
101
152
299
281
186
91
47
46
64
150
298
259
185
138
438
1,889
47
64
198
215
262
400
247
140
140
1,989
185
3,083
United States Treasurer—General account..
Foreign banks
Other
deposits..
...
Total deposits..
Deferred availability Items
....
Capital paid In
Surplus (flection 7)
Surplus (Section 13-B)
....-—.
Reserve for contingencies
All
...
liabilities
other
Total liabilities
Ratio of total
reserves to
foreign
liability
32,985
6,379
132,249
145,854
deposits and^Federal
Reserve note liabilities combined
Contingent
27,683
179,882
122,746
179,263
on
purohased
bills
for
correspondents......
Commitments to make Industrial advances...
Maturity Distribution ef BUls and
Shert ierm Securities—
61-90 days bills dteoounted.................
Over 90 days bills discounted
Total bills discounted.....
............
1-16 days bills bought In open market
16-30 days bills bought in open market
31-60 days bills bought In open market
61-90 days bills bought in open market
Over 90 days bills bought in open market....
Total bills bought In open market
"""350
"""402
70
185
762
550
548
548
648
548
548
540
540
2,827
1,676
1-15 days Industrial advances
16-30 days industrial advances
1,670
1,165
1,250
1,368
1,415
1,156
1,201
1,334
977
163
174
312
270
162
87
467
538
302
197
31-60 days industrial advances
692
687
765
619
334
415
324
319
894
61-90 days Industrial advanoes
577
365
383
299
496
785
742
803
624
438
517
14,621
14,622
15,084
15,153
15,280
15,170
15,133
15,212
15,040
20,765
17,517
17,536
17,625
17,788
17,929
17,829
17,883
17,894
18.291
23,350
40,367
174,018
33,725
30,630
37,720
33,296
30,630
31,959
243.626
234,085
32,746
33,725
217,424
24,385
38.857
242,901
136,812
129,204
120,256
121,791
2,055,900
40,157
144.987
138,671
158,638
2,081.562
2,101,015
2,118,603
2,141.324
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
;
Over 90 days Industrial advanoes.
Total
Industrial
advances......
1-15 days U. 8. Government securities
16-30 days U
8. Government securities
......
81-60 days U. 8. Government securities
61-90 days U. 8. Government securities
120,256
173,474
Over 90 days U. 8. Government securities
Total U. 8. Government securities.........
42,920
40.367
*
27,720
32,740
72,582
259,020
68,350
68,778
265,085
48.597
2.158.329
78,087
260,101
2,161,901
2,171,341
2.172,899
2,251,169
2,564,015
2,564,015
2,504,015
2,564,015
2,430,227
4.472,092
33.290
.
29,724
1-15 days other securities
16-30 days other securities
...
81-60 days other securities
61-90 days other securities
\
Over 90 days other securities
Total other securities
Federal Reserte Notes—
Issued to Federal Reserve Bank by F. R. Agent
4,458,159
338,473
4,474,879
4,474,787
4.587,496
361,615
397,362
4,023.282
365,430
4,683 094
337,031
4,489.070
369.986
4,616.887
349,595
399.709
304.162
4,119,686
4.125,104
4,137,756
4,119,084
4.155.272
4,190,134
4,257,846
4.283.385
4,167,930
4,536,632
4,536,032
4,537,632
4,685,632
4.735.1o2
4,492.132
9,936
10,159
4,606,632
9,472
4,671.132
8.605
4,536,632
9,907
4,569,632
9.144
25,000
9,998
9.538
11,950
3.886
25,000
25,000
33,000
33.000
33.000
25,000
25,000
25 000
87,000
4,570,776
In actual circulation
4,450,417
324,187
4,126,230
Held by Federal Reserve Bank
4,570,297
4,572.568
4,579,539
4.612.791
4.649,104
4,700,130
4,720,170
4.772.082
4,583.018
Collateral Held by Agent as Security for
Notts Issued to Bank—
Gold ctfs.
hand and due from U. 8. Treaa..
on
By eligible
paper
United Statee Government securities
....
Total collateral
*
a
"Other
These
cash"
are
cents on Jan.
does
not
Include
certificates given by
Federal
Reserve
f
Revised
figure.
the United Statee Treasury (or the gold tat en
81. 1934. these certificates being worth less
provaiMMM of the Gold Reserve Act of 1934.
notes
to
over
from
the Reserve banks when the dollar was devalued from 100 cents to 69.00
the extent of the dlfferenoe. the difference
tself having
been appropriated as profit by the
Treasury under
Volume
(000) Omitted
and
hand
on
Total reserves
488,102 3,806,930
481,420
611,057
1,221
1,140
34,599
858
37,032
517,159
648,947
315,044
713
362
454
487
1,067
15,661
10,635
27,350
13,311
44,998
295,186
189,560
288,654
184,642
715,283
170
28,875
534,833 3,906,848
278,812
63,102
240,687 1,779,353
567
98,697
•
583
46,148
669,218
170,844
260,850
178,563
220,288 1,715,914
337
1,366
285,602
9,167,600
9,155
439,441
...
♦
$
$
$
$
5
$
San Fran.
Dallas
Minneap. Kan. City
St. Louis
Chicago
$
$
9,616,196
from United States Treasury
Atlanta
CLOSE OF BUSINESS Feb. 23, 193«
1
due
Redemption fund—Fed. Res. notes..
Other cash
$
$
$
$
$
RESOURCES
certificates
Cleveland Richmond
Phila.
New York
Boston
Total
Federal Reserve Agent at—
Gold
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
RESOURCES AND LIABILITIES
)
of the Federal Reserve System (
Weekly Return of the Board of Governors
WEEKLY STATEMENT OF
Three Ciphers
1353
Financial Chronicle
146
19,033
Bills discounted:
obligations,
guaranteed.
Secured by U. S. Govt,
.
1,593
325
345
392
50
211
47
2,552
487
486
3
6,661
763
275
193
569
28
149
275
156
437
540
100
2
3,487
direct and (or) fully
Other bills discounted
78
213
152
1,027
322
326
10,148
586
41
217
17,517
714,683
Industrial advances
2,635
4,319
19
993
1,706
123
687
202
578
487
929
1,443
70,530
37,991
29,953
78,712
31,909
23,204
27,809
60,160
45,723
26,235
98,918
56,754
52,469
86,272
206,140
338,942
96,981
115,970
62,465
49,250
129,421
194,472
55,645
66,538
35,841
28,258
74,257
52,466
30,103
38,152
49,498
21,890
739,554
211,610
253,038
136,297
107,461
282,390
114,478
83,246
132,103
99,767
215,832
188,239
83,978
133,633
101,034
217.640
747,079
191,501
2,592,230
Total bills and securities
217,437
254,681
■
items
16
7
6
21
3
5
640
1,304
1,766
2,203
972
1,187
1,240
346
3,296
1.916
48,342
44,377
23,562
66,498
22,254
14,178
25,572
26,245
4.805
6,203
2,694
2,113
4,579
2,336
1,495
1,275
4,291
4,897
2,688
1,751
4,219
1,722
1,558
1,646
3,805
13,141
3,148
2,104
3,329
9,956
2,812
454,356
315,193
965,497
780,740 4,796,480
12,807,932
resources
36,037
23,512
116,098
1,042
46,944
2,996
44,929
44,634
resources
780,386
962,730
504,679
378,449 2,140,096
437,368
291,958
909,597
311,333
418,473
195,050
153,168
968,773
177,878
135,160
165,201
80,905
333,986
178,694 1,004,667
36,266
3,223
240,282
3,922
553,203
5,381
LIABILITIES
276,706
4,126,230
F. R. notes In actual circulation
Deposits:
414,300 3,281,871
7,240,498
Member bank reserve account...
bank
145,809
deposits
297,660
(Section
(Section
7)
13-B)
27,682
32,985
5,646
Reserve for contingencies
All
other
liabilities
on
Other cash"
13,396
5,096
17,327
4,368
3,349
6,116
4,422
3,692
4,908
2,555
789
5,878
3,608
515
3,186
14,633
189,568 1,059,049
225,895
135,348
251,135
195,254
583,555
67,477
13,025
23,081
3,893
4,667
12,091
2,896
28,011
23,462
10,150
545
27,898
4,142
3,613
1,142
52,477
252,839
399,113
464,600
249,893
112,641
37,341
44,772
22,847
50,945
12,277
47,455
13,154
14,323
4,952
4,449
5,626
does not
1,007
3,408
730
8,210
2,000
3,177
1,401
1,603
7,285
1,215
1,001
1,936
1,382
445
541
239
458
671
194
962,730
504,679
378,449 2,140,096
437,368
780,386
298
81
76
36
141
1,469
1,568
certificates
373
291
155
418
291,958
454,356
315,193
965,497
25
19
24
24
59
41
99
268
2,829
99
Atlanta
Minneap. Kan. City
St. Louis
%
J
%
$
%
Chicago
%
Cleveland Richmond
Phila.
$
S
STATEMENT
and
hand
171,332
18,164
993,159
192,065
139,540
173,927
14,187
4,380
8,726
90,845
9,940
378,141
24,386
34,574
107,671
22,154
25,898
311,333
418,473
195,050
153,168
968,773
177,878
135,160
165,201
80,905
333,986
909,597
448,000
207,000
161,000 1,000,000
196,632
136,500
404,000
337,000
93,500
341,000 1,035,000
177,000
4,536,632
535
68
211
1,014
512
335
317
1,823
116
2,940
178,014
93,817
404,512
333,487
444,371
due
539
734
338,823
341,539 1,037,940
448.335
Securities
Government
on
the
New
at
Daily, Weekly and
141,616
196,843
181,734 1,000,068
207,535
Transactions
the
New
York
United States Treasury
quoted
are
Bills—Friday, Feb. 25
Exchange,
Asked
Bid
Asked
Averages—See page 1369.
PARIS BOURSE
THE
for discount at purchase.
Bid
Quotations of representative
of the past week:
Feb.
19 Feb. 21
Francs
11 1938
0.12%
0.12%
May
18 1938
0.12%
June
1 1938
0.12%
0.12%
June
81938
0.12%
0.12%
June 22 1938
0.12%
0.12%
0.12%
0.12%
0.12%
0.12%
0.12%
June 29 1938
0.12%
April 27 1938
0.12%
July
6 1938
0.12%
d'Electriclte
Cle Generale Transatlantlque—
4 1938
0.12%
July
13 1938
0.12%
Citroen B
July
20 1938
0.12%
Comptoir Natlonaie
2 1938
0.12%
Mar.
9 1938
Mar. 16 17 18419 1938
Mar. 23 1938
Mar. 30 1938
April fl 1938
April 13 1938
April 20 1938
May 25 1938
June 15 1938
stocks as received by cable
each day
May
Mar.
Banque de Paris et
Banque de 1'Unlon
Canadian
Francs
Des Pays Baa
Parlslenne..
Pacific
...
Canal de Suez cap
Cle Distr d'Electrlcite
Cle Geuerale
d'Eacompte
6,000
6,000
1,011
378
1,043
385
208
24,400
530
1,160
30
420
1,045
390
222
24,800
591
1,182
32
423
25,300
598
1,190
34
647
647
160
208
France..
464
Lyonnaise.1,350
Eaux dea Lyonnaise cap
1.10®
Energie Electrique du Nord__._
262
Energie Electrique du Littoral.. Holi475
Kuhlmann.day
590
L'Alr Llqulde
1.100
Courrieres
-
-
Credit Commercial de
Credit
Quotations for United States Treasury
Notes—Friday,
Feb. 25
784
Lyon(PLM)
Ry..------
Nord
Orleans Ry 6%-.....---.-----
Figures after decimal point represent one or more
32ds of
point.
Capital...
Pathe
..........
Pechlney
Rentes,
Perpetual 3%
Rentes 4%
1917
Rentes4%, 1918
Int.
Int.
Rate
Bid
Asked
Rate
Maturity
Rentes
Bid
Asked
Rentes
474%, 1932, A
4>|%.
Rentes 5%.
Dec.
15 1938...
1 H%
101.7
101.9
Mar. 15 1640...
Dec.
15 1941...
1 H7c
100.29
100.31
Mar. 15 1942
15 1942
...
154%
1 54%
102.3
102.5
102.15
102.17
1 54%
102.17
102.19
2%
103.21
103.23
Sept. 15 1939...
Dec. 15 1939...
1 H%
101.21
101.23
Dec.
1H%
101.21
101.23
Sept. 15 1942...
June 15 1941...
1 54%
101.13
101.15
June
15 1939...
254%
102.17
102.19
Mar. 15 1939...
101.16
101.18
Sept. 15 1938...
101.30
101.27
101 29
June
June 15 1940
154%
101.27
101.29
Mar. 15 1938...
254%
274%
3%
101.28
Mar. 15 1941...
154%
154%
1 54%
101.27
101.29
...
151938...
101.18
101.20
101.6
101.8
1932 B
1920....
Royal Dutch
C & C_._........
Schneider A Cle....
Soclete Francaiae Ford
Societe Generale Fonclere
Society
Lyonnaise
...
Societe Marseillaise
Tublze Artificial Silk preferred..
Saint Gobaln
Union
Feb. 22 Feb. 23 Feb. 24 Feb. 25
Francs
Francs
Francs Francs
5,900
Bank of France
Coty S A
15 1940...
Stock
Yearly—See page 1369.
Exchange—See following page.
Stock and Bond
Dec
44,155
5,000
20,000
25,000
4,570,776
States
Maturity
%
$
276,706
9,144
Total collateral
a
San Fran.
Dallas
%
%
324,187
U. 8. Government securities
May
2,000
205,002
9,952
Eligible paper
Rates
1,270
1,776
banks:
to
on
from United States Treasury
York Stock
934
Agent as security
by
for notes Issued
United
9,805
2,121
3,892
4,126,230
In actual circulation
Gold
New York
311,280 1,017,268
4,450,417
Held by Federal Reserve Bank
held
3,930
485
330
Boston
$
Issued to F. R. Bank by F. R. Agent
Collateral
10,338
Reserve notes.
Total
Federal Reserve notes:
>
29
4,385
Omitted
Federal Reserve Bant of—
3,153
13,466
4,411
FEDERAL RESERVE NOTE
Three Ciphers (000)
22,387
1,429
7,744
51,943
1,463
13,078
Include Federal
4,964
60
830
Commitments to make Indus, advs..
'
212,165
3,484
6,261
bills purchased
for foreign correspondents
•
8,247
780,740 4,796,480
12,807,932
Total liabilities
Contingent liability
7,045
479
133,217
147,739
Surplus
230,477
7,572
14,269
1,017
48,349
9,404
9,900
2,874
1.448
495,425
Capital paid In
440,467
66,831
183,648
4,198
4,222
431,580 3,654,018
7,839,008
Total deposits
Deferred availability Items
376,255
124,469
2,756
10,484
4,040
155,041
U. S. Treasurer—General account.
Surplus
12
17
5
62
2
13
243
premises
Foreign
114,895
283,223
108,564
138,565
169
16,155
493,619
Due from foreign banks
Fed. Res. notes of other banks..
Other
39
16
16
2
2
68
3,415
58,984
2,564,015
Total U. S. Govt, securities
Total
961
24
674,229
Treasury bills
All other
538
50
.
1,175,103
Treasury notes
Bank
56
i
36,822
60,543
34,738
U. S. Government securities—Bonds.
Uncollected
600
2,356
2,989
550
Total bills discounted
Bills bought In open market
d'Electriclte—
Wagon-Llts.............
.....
760
366
23
1,915
68.60
65.50
64.30
71.00
71.75
92.60
6,010
1,910
1,004
58
83
1,114
113
363
74
164
213
467
1,370
----
268
483
608
1,117
799
765
....
23
1,968
68.90
....
71.20
93.10
1,948
1,020
84
1,142
507
119
380
76
416
647
160
214
469
1,380
M50
272
485
613
1,130
793
760
366
24
1,960
68.80
66.00
64.60
71.10
71.90
92.80
6,240
1,957
1,010
61
87
1,155
507
123
379
77
5,900
5,90®
1,029
398
221
219
24,900 24,700
683
*'^9?
32
31
418
....
646
....
160
160
209
—460
....
1,370
1,380
263
478
....
....
603
1,110
1,120
792
....
755
366
23
1,947
67.80
65.80
64.50
71.00
71.90
92.50
6,220
1,915
1,000
61
85
1,115
508
119
368
77
....
—.
366
....
69.00
65.80
64.50
71.30
72.00
92.50
6,210
....
60
—.
....
....
....
Feb. 26,
1354
1938
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded
In the day's range, unless they are the only transaction
United States Government Securities
Below
furnish
the New York Stock
on
Exchange
daily record of the transactions in Treasury, Home Owners* Loan and
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
we
19 Feb.
21 Feb.
22 Feb.
23 Feb.
24 Feb.
[High
117.10
117.9
117.10
117.8
117.12
117.10
117.8
Daily Record of U. S. Bond Prices Feb.
25
117.7
{Low.
4Kb. 1947-62
117.13
5
1 Close
Tom sales in $1,000 units
1
107.26
High
107.28
108
108.2
107.26
107.28
108
108
108.2
{Low.
102.11
102.15
102.15
102.15
102.20
102.22
23
1
30
75
101.20
101.25
101.27
Totai^aletjnjf1.000 units...
4
34
(High
112.26
112.25
Low.
112.26
112.25
112.31
113
Close
112.26
112.25
112.3
113.2
1
3
■
8Mb, 1946-58
113.2
101.25
101.24
101.20
101.20
101.25
101.25
101.28
30
2
25
52
(High
101.11
101.13
101.21
101.21
101.10
101.10
101.16
101.19
101.10
101.13
101.21
101.21
113.6
{Low.
2Mb, 1956-59
113.2
I Close
113.5
22
mmm~
111.12
111.12
100.3
(Low.
2Mb. 1949-53
100
100
100.3
100.6
100.7
100.3
100.3
100.7
100.6
100.10
[Close
Total sales in $1,000 units...
{Low.
[Close
108.lt
108.9
108.10
8
High
108.11
108.16
108.16
1
1
(High
104.16
104.22
104.26
104.30
-4
«.
108.9
Low.
104.16
m+,m m
Close
mmmm
104.22
104.16
'
,
104.23
104.26
105.28
10
Low.
105.28
105.30 I
105.27
I Close
105.28
105.30
Total sales in $1,000 units...
12
15
{Low.
106.2
Holi¬
106
106
105.31
36
m
mm
mmm
107.5
107.2
107.3
mmmm
104.20
104.12
Holi¬
104.17
104.12
day
104.20
3
100.16
106.17
Close
106.16
106.18
Total sales in $1,000 units...
1
7
(High
106.10
(Low
106.10
-mm
'm
-
*
10
(High
107.12
(High
Mortgage
104.9
104.12
■
:mmmm
103.3
103.5
Low.
103.30
103.31
Close
103.30
104
104
102.1
107.12
107.16
107.17
107.16
107.20
$1,000 units...
26
2
20
1
.
'
"<■
'
107.24
107.27
(Low.
107.24
107.25
107.28
107.29
108
107.24
107.25
107.28
108
108.3
2
8
1
107.28
108.6
108
15
29
Low.
101.30
101.30
4
Odd lot sales,
102.7
102.13
102.11
102.14
2
Total tales in $1,000 units
*
(High
101.31
Close
107.19
101.30
1
102.14
8
High
2Mb. 1942-44
107.19
107.12
30
11
39
102.11
102.7
102.4
107.12
104.7
1
102.3
102.3
107.12
104.7
102.7
102.4
Close
Home Owners' Loan
104.3
104.6
102.4
102.3
Low.
107.19
104.7
104
26
1
High
Total sales in $1,000 units...
107.20
104.6
104
106.20
107.16
107
102.3
102.4
101.28
102
102.2
101.31
102.1
above
table
includes
only
sales
Treasury 4s 1944-54
(High
102.14
102.14
102.25
2
Tress. 3
102.10
102.12
102.13
102.18
102.22
8
Treas.
[Close
102.14
102.13
102.20
102.20
102.23
1
Totaljales mil,OOOlunits...
41
5
110
63
(H1*h
104.15
104.18
104.19
104.23
Low.
104.11
104.15
104.16
104.17
104.20
[Close
104.11
104.15
104.16
104.19
104.20
6
1
50
7
3
2Mb, 1945-47
■
Total sales in $1,000 units
of
102.7
94
coupon
113
Tress. 2 Mb, 1949-53
84
104.11
102.22
102.0
8
were:
(Low.
102.20
130
102.8
102.3
62
Transactions in registered bonds
2
2Mb, 1955-60.....
69
t Deterred delivery sale.
Note—The
bonds.
14
104
106.20
25
103.6
1
106.16
1
103.2
103.5
103.30
Total sales in $1,000 units
24
103.6
1
High
2Mb. series B, 1939-49..
104.17
103.5
106.16
3
104 16
*7
103.3
Home Owners' Loan
35
104.17
104.12
----
103.3
3s, series A, 1944-52...
8
104.12
1
$1,000 units...
Home Owners* Loan
6
106.20
5
104.9
(High
(Low.
106.27
106.16
1
104.9
I Close
106.25
[Close
(Close
1
106.16
107.12
Total sales in $1,000 units...
units...
$1,000
106.16
—
{low.
-
1
mm
100.10
104.6
104.7
'
106.16
Close
Total sales in $1,000 units..
104.3
104.6
Mortgage
Total sales in
100.26
mmmm
104.3
104.3
2Mb. 1942-47
mm'
100.26
'
104.8
104
mmmm
2
106.27
104.6
104
(Low.
[ Close
Federal Farm
106.26
104.3
103.26
Total sales in $1,000
units...
2
mm,
9
104
103.26
106.8
107.6
2
103.26
(High
3s. 1942-47
106.4
107.6
107.5
7
Low
m
104.12
1
( IXJW
Federal Farm
107.6
106.18
,
153
104.12
[ Close
106.8
106.4
107.5
106.16
3 Ms. 1944-46
103.22
4
104.12
Mortgage
Total sales in
5
1 Low.
High
in
103.19
103.18
104.12
mmmm
106.4
m
m
107.5
Close
Total sales
103.18
26
Low.
■'
13
mmmm
'mmmm
Total sales in $1,000 units..
3Ms. 1941
103.11
103.12
High
3s, 1944-49
105.31
day
3
(High
3 Ms. 1949-52
103.22
Close
Federal Farm
106.4
106.2
[Close
Total sales in $1,000 units...
3 MS. 1948-49
103.18
$1,000 units...
Total sales in
106.1
106
106.2
(High
8Mb. 1941-43
Mortgage
3 Mb. 1944-64
3
10
(High
3 Ms, 1940-43..
117
103.12
'
Total sales in $1,000 units...
3s, 1946-48.....
Federal Farm
104.30
85
88
100.10
6
Total sales in $1,000 units
104.27
104.22
'!
22
100.8
Close
108.18
22
2Mb, 1945
108.18
108.16
p.
100.7
Low.
108.18
1
m
mmmm
2
100.3
111.13
Total sales in $1,000 units...
3s. 1951-65
8
26
----
(High
111.13
mmmm
Total tales in $1,000 units
108
Total sates in $1,000 units...
3 Ms. 1943-47
101.19
101.17
Total sales in $1,000 units...
112.31
108.9
101.30
101.14
111.13
(High
•
(Low.
(Close
2 Ms. 1951-54
7
111.14
High
Low.
Close
25
102.21
102.14
108.6
.....
24 Feb.
102.24
101.17
108.1
107.28
sales'Jn $1,000 units..
23 Feb.
102.20
108.6
107.26
Total
22 Feb.
102.15
[cios<
107.26
4s, 1944-64
21 Feb.
102.14
Total sales in $1,000 units...
Close
•
19 Feb.
(Hlgl
Treasury
2Mb. 1948-51
Low.
8M«, 1943-45.
Federal Farm Mortgage
a
Daily Record of U. S. Bond Ibices Feb.
Treasury
No
of the day.
in computing the range for the year.
account is taken of such sales
to 113
1943-45
107.25 to 107.25
2Mb, 1955-60
102.15 to 102.15
100.4
United States
United
Treasury Bills—See previous
States
Treasury
Notes,
to 100.4
page.
&c.—See
previous
page.
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
Monday
Tuesday
Feb.
Feb.
Feb.
19
$ per share
*3712
21
$ per share
SHARE,
NOT PER
CENT
Sales
22
$ per share
Wednesday
Feb.
23
$ per share
Thursday
Feb.
24
$ per share
Feb.
25
*37is
381?
40
*33
39%
*38%
*33
40
*33
40
44
*33
*40
40
471?
*41
45
*41
45
*41
45
10.%
20%
21%
10%
*20%
10%
20%
21%
2
2
91?
934
2012
20%
♦178
20i2
20%
*20is
20%
50
52
2
1
Ds
*60
00
12
1134
*115
.
114
1%
1278
*11
12%
13i2
*1312
10i2
17
1714
164
914
*4514
43U
*135g
*214
*19
69
8i2
164
*8
13i2
738
137g
73g
49
4414
137«
212
20
70i2
*59
03
137fi
*6314
*
*1
*60
1134
10%
20%
201?
203«
21
2
531?
1%
178
117«
Exchange
d4
13%
127g
125g
15%
17l2
*8
1%
14%
Closed—
131?
1234
15%
17%
Washing¬
81?
164i2 167i2
*8%
13i2
738
*4612
4412
14
25g
*19
71
*60
914
1334
7%
1%
1%
14
700
5 M % pf A with $40
war.
14
*13
15
700
16
5M% pf A without
16
*15
177«
170
87g
14
7'8
54
20
72%
63
8
169
169
*9
13
7%
*48%
45%
*14%
2%
*18
70
*63%
14
15
14%
*54%
55
54%
Bid and asked prices, no sales on this
day.
8
97g
13%
734
49%
4634
14%
2%
20
70%
65
15-%
5434
17%
8%
168
*8%
13
16%
400
18
2,300
8%
200
170
2,600
97*
100
13%
1,600
7%
734
5,100
49%
49%
200
45
4634
15,100
14%
*2%
14%
2%
800
♦18
20
500
70
4~666
65
200
15
15
1,900
54%
54%
a Def.
140
delivery,
Corp
$2.50 prior
Alegheny
conv
Steel
pref.No
Co
No
Industries Inc
AUled Chemical A Dye-No
Allied Kid Co
Allied Mills Co Inc
Allied 8tores Corp
5%
Jan 24
2
Feb 23
3
58U Jan 10
1U Jan
3
Jan
12
Mar
Mar
Dec
85
Aug
133s Feb
2
Feb
36
Jan
*%
8
Oct
Feb
9
1*8
1778
17U
173g
Oet
1
par
No par
Oct
Oct
5%
59%
Feb
Jan 12
11
Oct
69
Feb
Oct
58% Feb
52% Feb
45% Mar
237, Apr
10
10%
Oct
Oct
97g Jan 17
176M Jan 10
145
9% Jan 10
Jan 29
143g Jan 19
OJg Jan 12
10
53is Jan 11
5is4 Jan 11
15M Jan 11
3% Jan 11
49
3
Feb
9
38
Feb
3
11% Feb
4
2% Jan 28
18% Feb 17
50
6%
7%
7
61; Jan
24
Jan 12
6%
34
Oct
Nov
Dec
Oct
Oct
Dec
83%
Oct
39% Jan
87, Mar
19
Oct
3
72l2 Feb 21
51% Nor
1
66
53%
10
11
Jan
3
497*
Jan
3
x
Ex-dlv.
y
157,
Jan 15
Voh
Ex-rights.
94.'
Jan
Mar
Oct
Jan
KSS.
33%
217, Mar
85
Oct
Feb
8
258% Mar
17% Aug
1%
55
Jan
Feb
8%
67
par
Aug
1
13
42
Jan
Feb
11
Jan
Jan 12
11
Jan
Jan
Jan 12
17i2 Jan 12
21«4 Jan 17
Feb
Jan
160
Oct
7% Jan 29
15412 Jan 29
-par
Cash sale,
28%
Mar
%
60
r
22% Mar
80%
5%
100%
15%
13% Jan 28
16% Jan 29
par
No par
preferred
New stock,
5
No par
(De!)..Ne
American Bank Note.
n
Feb
12
100
8
conv preferred
43*4
146
1% Jan 3
1114 Jan 26
100
Amerada Corp
6%
6
share
69
77, Nov
23
per
65
Nov
17% Oet
16% Oct
1% Oct
44% Nov
0
10% Jan
Allla Chalmers Mfg
No par
Alpha Portland Cem
.No par
Amalgam Leather Cos Inc
1
Am Agrlc Chem
36
Highest
share $
Nov
10% Jan 10
4
5
preferred
per
07
..No par
Allen
6%
"
70
*63
$ In reoelvershlp.
Allegheny
$
*20% Jan 20
3
1
war. 100
17%
8%
Jan 14
100
14
14%
2%
54
Albany A Susq RR
1334
18%
52
Feb
45% Feb
war.100
143s
55
*121
1%
397g Feb 23
19'2 Jan
1% Jan
A vicksburg rr Co.. 100
Alaaka Juneau Gold Mln...l0
5M% pf A with $30
14
14%
9^900
4,400
1%
14%
share
Ala
~
11%
"5". 100
49
14
72
II9
16
62
11%
4
per
Jan
par
15%
18
2%
*18%
71%
*121
*60
$
8% Feb
19
10
15
*8%
«78
1134
Corp
14
ton's
13%
7%
72
5,900
1,600
No par
1-%
14%
Birthday
108
30
No par
14
47
137g
50lo
Express
Adama-Mlllla
*13
49
721?
55%
1%
share
37
Advance RumeJy..
.No par
Air Reduction Inc
No par
Air Way El Appliance..No
Adams
14'%
13%
13%
13%
1534
46
62
Address-Multigr
800
*60
49
2%
800
2
70
4534
20
22
*1
per
36% Feb
25
2
1
14
Co..
2
55%
.
Lowest
Highest
No par
21%
1
rnrnmm
Acme Steel
Straus
200
5434
*115
A
20%
1
11%
$
Abbott Laboratories...No par
Abraham
*20%
*21%
55%
1178
Par
4,900
1
11%
300
Range for Previous
Year 1937
100-Share Lots
Lowest
10%
*60
66
On Basts of
10
547g
Stock
*121
-
13i2
*1218
*778
»17g
52
10
39%
Range Since Jan. 1
STOCK
Shares
40
40
*40
YORK
EXCHANGE
Week
$ per share
*33
397g
NEW
the
Friday
38l2
912
STOCKS
for
Saturday
Oct
Jan
52% Mar
1147, Mar
101%
Jan
10
Oct
41%
Jan
50
Dee
75%
Feb
^ Called for redemption
Volume
LOW
AND
New York Stock Record—Continued—Page 2
146
SALE PRICES—PER
HIGH
SHARE,
NOT PER
NEW
for
Monday
Feb.
19
40
39i2
123
*120*2 123
*87*2
•163
89
88*2
163
165
23
23*2
*42%
46
1434
14^4
*82
23*2
73s
12%
14*8
78
»384
*4*2
*172
103
*101
8*
4
44
*434
33s
3*2
15
14%
18*4
20*8
20*2
9*8
9*2
*172
*11
173s
16*2
11
1H2
384
334
35s
*20*2
22%
22*4
25
*34*2
36
1%
*1512
*34*2
*1%
*15%
634
2U2
6212
13*4
*4*8
1?8
21
1834
634
2134
603s
61
13
13
634
8
14%
14%
*78
80
80
6*2
*172
334
23%
3%
23
4
9
*5*4
300
12%
4%
300
*4*8
4*2
33
33
10
*101*2 115
*103
28
*27
25
13
30
26
*
*
16434
19*2
72
L*18*2
*4*2
*7238
75
7234
*1858
19*4
19*4
*62
*9
10
*28
29
9*2
'
9
*5%
*172
80
......
300
4
3%
"20%
18*8
65
65%
13834 13834 *138*2 139*4
6
6
6%
6*4
10
9*4
9*8
9*8
*
78
7734
7784
5%
5*2
5%
"5*4
35
35*2
35*4
35*8
7
7*4
7*8
7*8
*31
3912
32%
33%
22
36
36
36
3%
600
11
1,900
3%
200
2,300
23
22
23%
65
65
65
12,500
1,200
1,000
"20%
6%
1
10%
10*8
*74%
Closed—
78
35%
ton'®
7%
*5*4
7%
*32
35%
34%
78
34
38
*32
Birthday
*
5*4
35%
7%
5%
Washing¬
6%
33%
*
7%
41%
*39*2
*17
18%
17*4
*105*4 109*2 *105*4 109*2
17
17
*1458
*1484
4
4
*3*4
♦3*4
*28
*28
29
28%
*120*4
-m- -
*120*4
*98
*97*2 100
....
Amer Power A Light.—No par
3,900
21,600
_■
8,100
1,300
10
-
19,300
"'7*8
*55
4*8
7%
69
♦
American
American Sugar
"7%
*55
8,600
Amer Telep A Teleg
1,400
5,200
American
500
2,800
11,300
100
700
1,700
7,000
7*2
4
3%
29
29%
*120%
MMMM
*98
6*4
5%
60*2
62
*
94
"34%
34%
*6%
4%
7
6%
4%
*75
3434
4%
:'s
♦
85
""7%
7%
*
80*4
33
*32
80%
36*4
36
37%
38
39%
*72%
38%
63
64*2
64*2
6434
64*2
68
*66
22%
23
2312
24*4
24%
25%
7*4
67S
7
12
*10*2
12l2
93
23
2334
106*4 ♦1055S 107
12
800
12
24%
*6%
MM MM
*72i4
39*4
70
24%
7
12
....
37%
mmmm
39%
*66*2
:
25
634.
12
M -
26%
5,100
7
600
12
300
*40*2
41%
*45
48
*45
115
115
*112*4 115
115
6*4
*5*2
6
4
4
4*4
3
*2*4
*2*4
16%
165g
3*2
358
♦17
3%
8
115
6*4
4%
3
18
3%
*115
6%
4%
*2%
17%
3%
48
119
'*45
115
M M
1,000
7%
7%
M M
18 800
48
7,200
200
3,200
400
M
M
M
115
6
4%
*4%
*2%
3
17*2
*17%
18
3%
3%
400
4%
3
3%
M M
220
6
6%
M
500
MM-
M
m
M
20
4,300
9*4
11
95g
9*2
11
*30*2
♦903s
33
95
17
17
8*4
*28
15
8*4
29
15*4
17
*9434 1063s
*30
42
*102
*778
*82
1134
12%
*32
34
34
*90-3s
95
18*8
8*2
17*4
*8*4
*28*4
15*4
12*4
*23
25
15
*82*s
12%
18*4
2634
115
*112
115
112
112
10
17
*16
17
16
16
*16
17
200
1063s
42
83*2
*9434 1063s
*30*2
*103
778
*82
42
109
8
86*8
133s
*30%
*103
734
42
109
734
*82
84*2
13
133s
1834
39*2
40
40
603s
58*2
15*2
*9358
24*2
15*4
13*2
2478
15*2
13
13*4
1534
*14l2
*14*2
15
*40
50
*40
62
*9434 1063s
185S
15
13
15
2834
2634
12*2
1834
95
28
500
*112
2478
*26
9*2
115
95
28
8,400
16*4
9312
2478
50
MMMMM M
18%
30
93
28
9*2
95
*29
15l2
*40
*90'%
18%
1534
zl2%
15
1234
18*2
9*2
100
16*4
1478
1434
*9
95
34
30
1478
*23
*90%
18%
12%
*32
1534
12*2
58*4
1234
15
4,000
12%
34
30
5778
15
12%
11%
*32
1234
1234
1834
39*4
38*2
563s
14,300
163s
1278
18*2
38*2
12i2
*14*2
*26
9*4
33,000
10*2
30
8
12*2
8%
10%
10
12
109
83*2
19
10%
10*4
16
8
38*2
56%
I478
93*2
*93
*30
95
18%
10%
10
29
*102
*37*2
5534
*92
*90%
10%
12
8
18*4
*145s
*16*4
934
29
1534
109
♦18
1034
10*4
34
1034
12
11*2
11*2
*112
*112
115
*16
10*4
103s
9%
11*2
95s
9*4
15
12*2
*9434 1063g
*30*2
*103
7*2
*82
1278
18l2
*39
42
109
758
1330
"3", 700
18 34
1,100
41
94
93
24*2
24
24
575s
1512
1514
1334
15
143s
1278
*1412
1,900
8412
60*8
15i2
93*2
5934
15*2
150
18,700
1,600
1,600
1334
4,100
1734
100
62
*40
56
293g
31
27*2
27*2
30*8
»2634
31*2
27
3V,400
400
5
Dec
Oct
53
Oct
10*8
Oct
3
1412 Jan 10
6*4 Jan 12
4
8884 Jan 12
2484 Nov
Jan 28
104
Nov
25
Feb
3
Dec
Feb
3
3
Oct
Feb
4
29*2 Jan 18
7*8 Jan 12
40*2 Jan 12
26
4
26
31
Oct
22
Feb
3
33
Jan 12
26
Oct
11*8
Feb
4
Jan
6
17*4
Feb
4
66
Jan
3
78
17
Jan
3
2078 Jan 12
3
14*4 Jan 12
35i2 Jan 11
6684 Jan 12
44*4 Feb
4
14*4 Feb 23
165*2 Jan 12
22% Jan 15
Jan 15
50*2
Oct
125
Nov
Jan 17
130
Feb
3
8*2 Jan
4
225g
24
Dec
108*2 Jan
5
1125a
Feb 24
1047g
Oct
Jan 26
17
127*2
60 ®4
63*2
138*8
5*8
Oct
Jan 10
57
Deo
5834
Deo
Jan
3
71
Jan
3
7234 Jan 11
Jan 17
13958 Feb 15
3
778 Jan 21
4*4
Oct
8
13*2 Jan 12
8
Oct
Jan 20
82
Oct
Feb 14
76
86
8*2 Jan 10
Jan 10
Jan
6
40
2734 Feb
4
3634 Jan 11
36
Feb
7
16*8
Feb
4
03
Jan
6
34
12i2 Jan 5
3*8 Feb 24
2584 Jan 6
-
Jan
3
Jan 12
30*4 Jan 28
6*8 Jan 6
3*4 Jan 3
Jan 11
39
Oct
18
Jan 15
10
Oct
3
96
19
Jan U
3*8 Feb 24
30*4 Jan 13
120*2 Jan 14
57
Dec
94% Jan 31
96
Feb
Jan 12
30
Oct
39
7*2 Jan 21
5*g Jan 13
3
8*8 Jan 12
Jan 12
69
Co..No par
74
Feb 15
80*4 Feb 24
72
Jan 22
72
Jan 22
32
Feb
Dec
35
Jan
10
58
Dec
Nov
33
Dec
7184
Dec
70
Dec
Feb
4
42
Jan 12
32% Nov
60*2 Feb
8
72
Jna 14
66*2
20*4
55s
Feb
3
9
Feb
7
273g Jan 12
7»4 Jan 11
14*2 Jan 10
20
Jan
3
Jan 31
103*4 Feb 10
7*4 Feb 4
39*2 Feb 3
2334 Feb 21
107
Jan
8
978 Jan 10
43
Jan 11
Dec
18
Oct
6
Oct
9
Oct
18
Oct
101*8 Sept
7*8
39*4
Dec
Oct
42
Feb
4
48
Jan 11
38
Nov
100
105
Jan
3
115
Feb 21
101
Dec
No par
478 Jan
3
Automobile..No par
3*4 Jan
5
73g Jan 12
6*2 Jan 12
4*2
3*8
Feb
4
3*8 Jan 19
2
Oct
Dec
8opt
Jan
4
20*2 Jan 25
15
Dec
3*2 Jan 28
45s Jan 10
...No par
$5 prior A
No par
Aviation Corp of Del (The) -.3
Baldwin Loco Works.-No par
Austin Nichols.
13
--J00
preferred
16
2*4
-.100
—50
100
Inc
Barker Brothers
...No par
50
5
No par
1st preferred
100
Beatrice Creamery
25
35 preferred w w
No par
Beech Creek RR
50
Beech-Nut Packing Co
20
Beldlng-Hemlnway
No par
BelglaD Nat Rys part pref
Bendix Aviation
5
Beneficial Indus Loan—No par
5H% preferred
Barnsdall OH Co
Bayuk Cigars Inc
....No
(Del).No
5% preferred..
7% preferred
Blgelow-Sanl Carp Inc. No
Black A Decker Mfg Co No
Blaw Knox Co
No
Bloomingdale Brotbers.No
Steel
Boeing Airplane Co
Bobn Aluminum A
Oct
3*8 Sept
3
Sept
73g Jan
3
784
5
Jan
5
Oct
8*8
9*2 Jan
6
Oct
1034 Feb 23
1078 Jan 11
13*4 Jan 11
10
Oct
30
Jan 28
34
Feb 23
30
Oct
86
Jan 21
92
Feb 15
89
Dec
14*8 Jan 28
Aroostook
5% preferred
Bangor A
Barber Co
2*4
~ -
Voting trust ctfs
Baltimore A Ohio
Conv
6
Oct
Oct
Nov
No par
Powder
5% conv preferredAtlas Tack Corp
4%
47g
2*8
Oct
Oct
83
7
5% pref with warrants..100
$5 pref without warrants 100
Atch Topeka A Santa Fe.-lOO
tAuourn
45g
80
638 Jan
Dec
11684 May
Jan 12
72
" "Feb "9
50
22
Oct
Oct
Dec
93
32
preferred
7
2i2
100*2 Jan 18
678 Jan 10
66
6%
3*2 Oct
26*4 Dec
3*4 Oct
a:27*2 Oct
24*2 Nov
50
10778 Jan
—100
—100
Atlas
128*4 May
Jan
83s Feb
Preferred
RR...100
Atl G A W I SS Lines—No par
5% preferred
100
Atlantlo
Refining
25
4% conv pref series A—100
Atlas Corp
-1
Oct
140
4
90
Atlantic Coast Line
14
18*2 Jan 17
14934 Jan 10
Feb
100
100
Oct
Jan 11
3
preferred
Dec
31
5*2 Jan
5%
22i2
7%
3
68
6% 1st preferred
7% 2d preferred
Dec
Jan
25
No par
No par
100
Associated Dry Goods
1
Nov
46
4
Artloom Corp
41
122
6
Cork Co ...No par
Constable Corp
5
7*2 O01
24i2 Dec
Jan 17
Jan
preferred
Oct
Dec
51% Feb 9
134l2 Feb 23
3434 Jan 10
1134 Jan 18
Jan
7%
Oct
Dec
131
95
Arnold
Oct
6
119
Armstrong
15*2
63*8
15*4
9
7% preferred
100
ArmourACo(Del)pf 7% gtdlOO
Armour A Co of Illinois
6
$6 conv pref
140
Jan
3
Copper Mining
20
Paper Co
No par
Archer Daniels Mldl'd .No par
9*4
Feb
121
4»4 Jan
Andes
Oct
100
55S Jan 12
A P W
3
Jan 25
3534 Feb 23
1
Oct
684
14*a
6
Amer Zinc Lead A Smelt
14
23l2 Feb 25
74*2 Jan 17
3
Blumenthal A Co ore!
62
303s
2634
28
3
Jan 10
Oct
Oct
Oct
Oct
7% Jan 11
Jan
Best A Co
15
287g
*40
1612 Feb
2
16*2 Jan
Jan
Bethlehem
300
Oct
Jan 13
4
600
1,600
784
2i2
20*2
32*4
1*8
Jan 18
43s Jan 13
27
51,200
1,600
Dec
100
Assented
9*2
14*4
No par
....
Assoc Investments
10
70
48
23%
23%
106% 106%
MM
MM'-M-M
80%
40*2
*44
35s
M -
MM
33*2
*77
734
48
18
-
*32
40*2
41
*44
35s
.
33
80%
M
'
*11%
23
23*2
23%
23%
106% 106% *106% 110
8
8
7%
7%
41
40%
41% 41%
*39*2
*2*4
MMMM
7%
76
*72%
35*2
*1658
4%
85
";7%
7%
MM1—
2,000
1,100
1,500
7%
69
*32%
*75%
*72%
278
4%
*
MM
34%
*70
80*4
4*2
7
*55
33
6*8
94
-34"
4%
11,700
2,500
76
*75*4
*4
*
7
M-M
6
60
69
*32%
*53s
94
34%
MMM
100
*70
80*4
758
5%
59
400
MM.'
*55
33
*73s
6
29
•
MM
100
101
76
*75
2214
*98
61
85
"7%
*28%
*120%
101
MMMM
3%
*3*8
69
*32 %
*11
3%
29%
1934 Feb 25
Woolen
Preferred
35 prior conv pref
25
Anaconda Copper Mining..50
•
Oct
No par
American
2*2 Oct
17*2 Deo
684
$6 1st preferred
17
76
*105
Am Water Wks A Elec.No par
*15
*70
*6
preferred
..100
Founders Inc
10
6%
Am Type
17
76
7
25
Common class B
*15
*70
*6
25
Tobacco..
80,400
*60
mm
Co—100
MMMVM
69
mm
100
Preferred
Am Sumatra Tobacco..No par
17
♦70
*72*4
Refining..100
$6.50 conv preferred.No par
100% 100%
4*4
7%
—No par
Stores
AnchorHockGlass Corp No par
*3*4
28%
*120*4
7
85
Amer Steel Foundries.-No par
600
100
100
preferred
6%
400
200
25
Snuff..
Mar
3
Jan 27
American
Jan
225
1^8 Jan
1512 Jan 27
534 Jan 28
Jan
500
17
Oct
3734 Jan 14
10
200
Oct
3
28
Co.No par
Smelting A Refg.No par
Preferred
.........100
19
Feb 23
10*8
3
10*2 Jan 12
2712 Jan
8
30
13
Jan
3
1012 Jan
5
8
110
*16*4
Jan
Jan 12
Jan
4
92*2 Feb
4
7*4
82
Jan
4
Jan
3
Feb 16
163g Feb 23
1234 Jan 13
10
Oct
Jan 31
108
115
1734 Jan 13
96*2 Jan 17
92
Oct
Oct
Oct
Nov
Dec
9034
7%
Oct
82*8
Deo
Oct
3
3
1478 Jan 16
par
par
3
40
50*8 Feb
20
100
14i2
89i2
20*4
12*4
8*4
Oct
1834 Feb 23
15
Oct
Feb 24
29
Dec
4
65% Jan 11
41
Oct
Feb 9
Jan 26
Feb 3
Feb 3
18*2 Jan 12
98*2 Jan 20
14
Oct
85*2 Nov
3
11*4
Jan
par
14
Feb 10
100
42
Jan
6
J 3*4
8*8 Jan 17
Jan 11
83
Jan
Brass.—5
9*4
103*2 Feb 18
1078 Jan
185* Jan
par
par
Oct
Deo
Nov
29
par
734
20
Jan 19
29*2
97
Jan
99*4 Mar
13*2 Jan
5
337s Jan
Amer Ship Building
Amer
33%
175
Jan 22
43s Jan 13
26
American Seating Co..No par
220
Oct
12i2
23% Mar
3034 Mar
Oct
3
165
Jan
Oct
8*4
12
1
Jan 28
103
Feb
Nov
Feb
Feb
Feb
2
3'
1,100
21,900
34%
*39
40
Feb
Oct
8084
80
25*4 Feb 25
11*2 Jan 141
600
'Anaconda "W A Cable—No par
40
*17%
10
7
4
4H% conv pref
American Safety Razor_.18.50
10
3334
4%
25
100
American Rolling Mill
200
"§2%
85
100
Preferred
400
6
*
Am Rad A Stand San'y .No par
18
59%
*634
No par
42
6
7
preferred
107
59%
*634
*3%
$5
♦16
100*2
93
No par
18
5%
*
preferred
*105
59*2
93
$6
18
6
32%
.100
107
60
"32*4
preferred
*105
6
*
conv
18
60
'
6%
107
41%
1638 Jan 28
Feb
Feb 25
share $ per share
Jan 18
177
29
18
41%
Jan 28
Amer Metal Co Ltd...No par
107
'
41%"
17
3
Jan 22
3
334 Jan
'
*39*2
5
12
8
per
434 Jan 12
6*2 Jan 17
177
7*2 Feb
$
8*8 Feb 21
13«4 Jan 15
I684 Jan 12
83
3
4
-.100
Preferred
40
33%
3
Feb 19
3% Jan
8
5*2
*30
40
34%
100
American News Co new No par
34
33%
7%
No par
Ice
'
Feb
78
"*5%
5*2
3414
Feb
78
Feb
Feb
19*2 Feb
8
3
680
66%
65*4
139
139
*138% 139%
7
6%
6%
6%
10
9%
10%
10%
65*2
139*4 139%
Exchange
Feb
20
11,500
6,200
66
65%
American
4
10*2
13*4
1
1
50
3
19*2 Feb 7
6
Jan 27
50
preferred
Jan
Jan
27*2 Jan 12
1238 Feb
......
64%
64
64
-
..10
American Hide A Leather
6%
163
Amer Mach A Fdy Co..No par
Amer Mach A Metais.-No par
19
-
Amer Hawaiian SS Co
70»4 Jan
5,100
75%
19
19%
No par
preferred...
42i2
Feb 14
100
20%
75
No par
6% non-cum pref
7%
21
preferred
Amer Internet Corp...No par
American Locomotive.-No par
7
19
6684
Amer Express Co
100
Amer A For'n Power...No par
American Home Products
18*2
*16%
7%
74%
64
100
1,100
1,200
,
2
2
2
18
74%
64
63
Stock
38
33%
*21
11
—
13778 139%
62*2
62%
6534
65*8
1367g 13734
63*2
*62*4
21
'
17*2
6% 1st preferred
American Encaustic Tiling..!
Amer European Sees ...No par
$6
11
11%
10%
11%
11%
30% 30*2
31%
*30*2
53%
51%
53%
54*2
52%
124*4 124%
*123% 127
*124% 125
52
*51
*61
52
51%
51%
*134
134% 134% *134
31
31
29%
30%
29%
29%
9%
9*4
*9%
9%
*9*4
9%
29
*28
28%
28%
28*2
28%
*111
114
112% 112% *112% 117%
18
18
*17%
18*8
*17%
*17%
139% 140
139% 140%
139% 140
111
17*2
J(AllegCo)25
American Colortype Co
10
Am Comm'l Alcohol Corp..20
American Crystal Sugar
10
2,100
19%
53
29
111
115*8
3,500
,
31%
30*2
9*2
29
Jan
3,300
11
1134
*10*2
3034
3034
52%
50*4
12234 12234
12234 123
52
51*2
*503s
51*2
*133% 148*2 *133% 148*2
28
27
29%
28*4
11*2
5034
Apr
Aug
29
3,400
13%
13*2
13*4
13*4
4%
4%
4%
*4%
33%
35%
34%
33*2
*103% 115
*103% 115
28
28%
27% 28%
5*4 ■V: 5
5%
5*8
33
33%
31%
3214
28%
28% 29%
28%
14
14
13%
*13%
*
*
164%
164%
19*4
31*4
32*4
2834
14%
16434
20%
19*4
49*2
*29
33
32
72
*29*2
*17*2
4%
22%
73
*10*2
*110
13*2
"20%
112
1,400
2,100
4%
18*2
*10%
3%
2
65
35*2
34%
♦103% 115
28
27*2
5*4
5*8
20
Oct
$7
*7
23*4
13*2
16434
•15**2
19*2
90
20*2 Dec
5*4 Oct
No par
$7 2d preferred A....No par
*17%
♦
104
Chicle
3,500
7*2
14
150
95
American
3,600
1%
18%
27%
1334
104i2 Feb
3384 Aug
100
10%
*35*4
,
Oct
Oct
preferred...
25%
36
3%
63
2778
133s
13%
2934
11*4
86
'
11
22%
5*8
323s
4%
4%
30
2534
45a
175s Jan 17
100*2 Jan 24
100
9%
7
28
*26
36
12la Feb 3
8912 Feb 18
Preferred
23%
*16
115
Jan 15
Am Chain A Cable Inc.No par
...25
9%
9%
1834
35%
1%
34
*32
Feb
Can
3%
23*2
21
2214
62*2
13*4
4*2
71
80
4
4%
23
6%
Oct
American
Am Coal Co of N
♦12%
14%
11
2
3
400
14*4
384
*20
19
Jan
19*2 Feb
37
Feb
Am Brake Shoe A Fdy.No par
5 H% conv pre!
100
5%
13%
1434
18%
36
174
25
"8"
8%
18%
10%
3*4
11
Oct
American Car A Fdy—No par
Preferred
100
15178
15*4
400
13
17*2
334
2214
167
1,800
80
934
17*2
5
5,300
'
15l2
Jan
104
*
*
934
121
92
104
104
....
22%
21
*103
*70
92
*
3%
3%
Dec
100
15
*5%
6*2
300
160
69
4,000
46
14%
4
*172
300
25%
44%
25
44
8*8
13*4
14%
*77%
4
4
6*2
Oct
Dec
3
100
24%
104
8~
1234
14*4
78*2
28
109
3,500
'
13
1212
14*8
78*2
12*4
14*8
78*2
3
125*2 Feb 2
91*2 Feb 23
40
123
15%
25
8*8
$ per share
120
40
*119
46»4
Year 1937
Lowest
Highest
$ per share
3078 Jan 29
Par
Stores
$ per share
40
25%
Range for Previous
100-Store Lou
Lowest
123
*84
On Basis of
STOCK
Week,
25
26
92
YORK
EXCHANGE
the
90%
89%
90%
89%
*163% 165
*163*4 165
165
*
25
39%
*119
91%
*4434
15%
*84%
90
Feb.
24
$ per share
40%
25
15
33s
9
*163
25
102
Feb.
123
"90*4
48
►
784
40
•
163
Thursday
23
$ per store
% per store
90*2
*80
25
Feb.
40*2
15
92
Wednesday
22
123
*44
•1023s 104*4
•
Feb.
21
$ per share
$ per share
38
Tuesday
Feb.
Saturday
Range Since Jan. 1
STOCKS
Sales
CENT
Friday
1355
7
235s Jan 26
23*2 Jan 4
28
Jan 12
177* Jan 11
14
Jan 15
1784 Jan 20
22*4
Dec
13*4 Nov
9
Oct
153®
Dec
60
Dec
35*2 Jan 17
16
Oct
Jan 17
21
Oct
60
30
Feb 16
1334
Jan
6878
38*2
Jan
Jan
New York Stock Record—Continued—Page 3
1356
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT
PER
CENT
Monday
Feb.
Feb.
Feb.
Wednesday
Tuesday
19
$ per share
♦86
21
$ per share
Feb.
22
f per share
$ per share
87t2
86
44
4414
8684
44%
210
*12
13
*12l2
44i8
1278
18
12%
12%
300
18
18%
2534
4,200
Borden Co (The)——
24%
378
5,900
2,800
Boston A Maine RR
12
12
1712
24%
177g
25%
314
3
*i85g
24i4
2
2
17
43
8I4
5%
4%
29
18%
7%
1778
2%
8i2
♦2l2
♦8
♦14
514
46
18
*2i2
8i8
♦143g
8%
15
8
8
20
80
6%
♦45%
4i2
27%
*18%
712
5%
47
20
21
3'
*3i2
*9i2
934
*32
3%
978
33
1984
22
22
*48%
52
1812
678
♦39
45
*80%
82
*16
1634
*16"
334
3%
93
93
108
IO8I4
46
99
57
40i4
7«4
96
108
16
Stock
Exchange
58
*2112
59
Closed—
*27
11
ton's
33
405g
33%
33
♦84
88i2
♦%
*2i2
h
4%
*1®4
13
1*®8
Birthday
*100
423s
8
8
k
*28
29
*78
*28
♦1%
*9
Us
♦%
2i2
♦2
*2l4
1%
*1%
11
•153s
•5
13
H4
1%
H4
«4
13g
1%
35g
105g
297g
Hg
212
*334
1078
IU4
30
30
17g
*1
*2%
»134
*95s
16
514
36i2
5734
36
56 i8
67
*66
67
66
•56
70
*56
65
*56
*19
22
*150
*1912
314
21
*151
•10834 110
*21
22
•76
77
110
3814
38%
153g
21l2
♦
87g
2H2
77
~38~
834
87g
90
♦86
90
♦225a
*92
2412
9412
♦92
233g
94%
•20%
30
♦21
30
*1514
1534
*7
8
*87i4
23%
*3
♦778
I884
*195s
Ha
2i2
2
11
16ig
5i2
37
59I4
115g
9%
•87%
24
*92
*20%
16%
11
9
*8i4
93g
1%
1%
I3g
1%
134
4
4
4
IH4
1078
12%
31
31
31
Ha
134
*1
200
*2%
134
16
157g
5%
157g
5%
3
20
20
*8%
18%
9%
90
24%
94%
37
16%
8%
11%
9%
18%
14%
14%
32l2
7i8
*68i2
33
33
33
70
*68%
65
*60
7%
70
65
*60
7%
*35
5434
11%
66%
*56
3%
20
*325g
2412
33 ig
24i2
33
345g
24i2
25
1%
34%
24%
734
14%
39%
15
23%
78
41
15%
""266
9%
91%
24%
*93
*20%
1634
8
10
*8
18%
18%
70%
14%
34
*32%
8
7%
91 ig
81
15s
35%
25
*90
41%
95
*90
4134
4034
*96% 100
8%
834
1%
1%
*9578
35
36
247g
25
5
8%
1%
34%
2434
{ In receivership,
No par
Feb
100
No par
-.100
No par
Jan 29
3
Feb
Feb
3
Feb
15% Jan
3
3
Jan
Jan
3
13% Jan
3
6%
3,000
400
$3
conv
25
110
""366
300
50
20
6%
220
"2", 300
200
1,200
1,000
200
200
20
6,400
15,400
a Def.
52
26
Jan 13
28
3
24
Oct
4% Jan 12
2
Oct
Jan
Oct
105
Jan 25
96
June
11
Jan 10
8
Oct
8% Jan 10
5% Jan 20
4
Jan 26
3
103
46% Jan 11
Jan 28
28
3
Feb
3
Jan 26
Jan
Jan
5
Jan 22
Feb 19
83g Jan 10
32%
1053s
30%
12%
46%
38%
89
1%
334
1%
63s
2%
3
14
1
Feb 23
Feb
9
Jan 12
Oct
3%
95
Oct
Sept
3484 Dec
3% Oct
18% Oct
103% Dec
25% Nov
Jan 11
5
Oct
Jan 11
z40
Nov
Jan 17
31
Jan
89
5
Feb 23
Oct
Dec
84
Oct
2
Oct
Jan 10
1
Oct
Jan 10
3
Oct
Jan 13
Jan 22
Jan 11
Jan
2% Dec
10
Dec
5
%
1%
Dec
Jan
4
1% Jan 10
1% Jan 10
7g
Dec
Jan
3
4% Jan 12
2%
Dec
4
127g
32%
1*4
27«
Jan 15
684
2884
Dec
84
1%
Dec
Oct
2%
1234
1634
57S
Jan
Jan
Feb
Jan
37
Feb 23
Feb
9
Fob
1
Jan
4
Jan
Jan
Jan
Jan
Jan 17
Jan 20
Jan 11
12
12
18
12
63% Jan 15
13% Jan 12
67% Feb 3
Jan
Oct
Oct
1
Oct
6%
Oct
12
Oct
3
Oct
36
Oct
46% Dec
11
Oct
234 Jan 27
17% Jan 4
334 Jan
24
7
Jan 12
57
Dec
Dec
2
Oct
17%
Dec
179
106% Jan 7
19% Jan 28
75% Feb 23
110
Feb 21
26% Jan
10
10234 June
19%
Dec
76
Jan 27
82
Oct
47% Mar
24% Nov
45
Feb 18
45
Feb 18
33%
13%
Jan 28
41
Feb 25
Jan 27
Oct
15% Feb 17
13% Dec
110% Dec
Jan
3
ll778
Feb 14
112
Feb
3
125
Jan 17
9334
58% Feb 10
59
Jan 25
8% Jan 28
87% Feb 11
11% Jan 12
56%
8%
Jan
No par
100
95% Jan
4
95
Dec
No par
20% Feb
3
27% Jan 12
18
Dec
B
c
Oct
Oct
90
Feb
5
96
Jan 22
98% Nov
29
Feb
8
29
Feb
26
15
Jan 27
20
Jan 15
11%
Oct
5%
Dec
8
Dec
8
6
Jan
3
8% Jan 12
8
Jan 27
11% Jan 10
9
Jan
Jan
8
9% Jan 10
7%
Jan 29
Dec
3
22% Jan 15
21% Jan 11
I684
Jan
16%
Dec
Feb
4
76
65
Feb
3
15% Jan 10
10
Jan
5
33
2584 Dec
67g Feb
4
17%
17%
62%
117g
2.50
No par
No par
30
68
10
Feb
60
100
Feb 24
31% Jan
8
3
Jan 10
Jan 11
9% Jan 13
Dec
Nov
Oct
x4%
Oct
Oct
Dec
Dec
79
Jan 15
65
Jan 18
z68%
64%
38*4 Jan 17
3088
100
86
Jan
5
88
36
Jan
3
4434 Jan 17
34
Dec
93
Jan 17
96% Feb
3
86
Die
Jan 12
5
Commercial Sol vents..No
Commonw'lth A 800...No
3,000
4,700
25% Jan 7
60% Feb 25
Comm'l Invest Trust..No par
34.25 conv pf ser *35.No
par
100
1%
Dec
Jan 31
111
5% preferred
Commercial Credit
4%% conv preferred
*2", 900
37
19%
Feb
68
32.75 conv preferred.No par
Columbia Gas A Elec..No par
6% preferred series A... 100
5,600
25
Dec
4
18
55%
No par
A
Columbian Carbon v t
Columbia Met v t c
15,900
87g
90
69
5
preferred
Class
95
42%
Dec
Jan 12
11% Feb
100
Colorado A Southern
100
4% 1st preferred....... 100
4% 2d preferred
100
Columbia Br'd Syslnc clA 2.50
9%
100
Dec
13
94
32% Feb
46% Jan
5% conv preferred..
100
Colon! il Beacon Oil
No par
Colo Fuel A Iron Corp.No par
1,200
80
14%
97
100
Colli us A Alkman
37
34
10278 Feb 25
187g Jan 12
4
J:
No par
700
18%
707g
Dec
Nov
4
3
1%
9%
12%
334
5
24%
94%
400
Nov
93g Feb
par
Colgate-Palmollve-Peet
80
Jan
27
100
Class
109
Oct
1*
100
13",400
Oct
Nov
3
par
10%
9134
Dec
67g
28
40
Jan 26
Clev A Pitts RR Co 7% gtd.50
Special guar 4%
50
Climax Molybdenum..No par
5,700
Jan 15
4% Jan 12
97% Jan 20
% Jan 27
Clark Equipment
No par
C C C A St Louis Ry Co...100
Clev El Blum 34.50 pf.No
par
Clev Graph Bronze Co (The) 1
400
44
10
Oct
Jan
if
No par
100
6H% preferred
City Investing Co
City Stores
Jan 11
8% Jan
9%
97
4
100
Chrysler Corp
City Ice A Fuel
Feb 23
14
31*
Chlckasha Cotton Oil..
10
Childs Co
.....No par
Chile Copper Co....
25
700
Dec
Feb 16
23g Jan
preferred
Oct
10
65% Jan 10
4
preferred
4
Jan 10
4
8
6%
Oct
Jan 11
92
88
Cluett Peabody A Co..No par
19
3
3
Feb
Chicago Yellow Cab...No
"""566
10
Jan
7% Jan
37% Feb
31% Feb
par
7%
8
79
98% Jan
39% Feb
100% Jan
.100
A Pacific
Dec
Dec
13% Nov
27g Oct
.100
preferred
{Chic Rock Isl
1
90
% Jan
Preferred
Oct
Jan 17
100
Chicago Pneumat Tool No
Oct
Oct
12%
18%
497g
Jan 11
27
{Chicago A North West'n.100
300
4,700
6
24
Jan 12
Jan 11
Feb 18
Jan 10
18
6
.100
preferred
Jan 10
Jan 11
86
37% Jan 28
76% Jan 31
15% Jan 6
3% Feb 8
95
4% preferred
.100
{Chic Ind A Loulsv 4% pf.100
Chicago Mall Order Co
5
{Chic Mil St P A Pac..No par
5%
Oct
Oct
Oct
4% Dec
37% Dee
4% Feb
{Chicago Great Western..100
1,200
2,900
Oct
5%
16%
2%
9% Jan 29
5
preferred
10
7% Feb 25
37% Jan 28
2234 Jan
10378 Jan
600
44
Oct
Dec
7
3
"""806
4% Jan 10
11%
36%
19%
24%
49%
2%
10%
16%
1934
Oct
1'4
6%
47g Feb
35% Jan
Preferred series A
Jan 12
Oct
Dec
36
3
{Chic A East 111 Ry Co
10%
534
15
8% Feb 25
Feb 23
Oct
2% Oct
24% Dec
3
Jan
100
16
Dec,
Oct
Jan
6
..100
100
2%
35
Jan 17
22
Oct
Oct
76
3% Jan 3
100«4 Feb 11
Preferred...
100
Coca-Cola Co (The) ...No par
17%
Jan 11
Jan 11
11
684 Feb 18
par
Cab
20
6
6%
8
31% Jan 12
3
3
30
19
Chesapeake Corp
No
Chesapeake A Ohio Ry..
""400
9*4 Jan
81% Jan 27
6% Jan 12
547g Jan 11
5% Jan 20
6% Jan 26
19
1
700
363g
71
par
"MOO
117%
122% 122%
*58% 61
36
*69%
7
3
10
Checker
*116
69%
61%
Bid and asked prices; no sales on this day.
*33
23
*75
60
4114 4112
*96% 100
1%
20
110
3634
405g
96i2
1%
14
3% Jan
6% prior preferred
100
Cham Pap A Fib Co 6% pf 100
Common
No par
180
3%
3
Feb
Cerro de Pasco Copper.No par
Certain-Teed Products
1
460
66%
60
*88
H2
1634
8
4% Jan
40
Calumet A Hecla Cone Cop..5
Preferred
60
3534
91 ig
883
37
Feb
19
90
56,100
1,100
65
70
*8478
85g
*20%
1634
*7%
*10%
*7%
24%
24%
49% Feb 25
1% Jan 3
67s Jan 3
1
Century Ribbon Mills. .No
56%
11%
36i4
35«4
96l2
83s
37
8%
69%
61%
35
3512
*93
24%
94%
71
14U
70
24%
984
90
*69
1378
•18
9%
90
xl8%
xl8%
1334
8i2
76%
18%
*13
8I4
li2
22
71
70
734
llli,
11%
9%
18%
18%
68
I9i2
19%
22
*75i2
Jan 10
3
3
Feb 181
—.50
Central Viol eta Sugar Co
200
*157g
514
70
10
7% Feb
7% Jan
78
No par
100
11
514
Jan
Packing
700
134
*9
36
50
3
200
40
100
11
36
102%
5284
Dec
12% Jan
Central Foundry Co
1
Central 111 Lt 4H% pref.-lOO
Central RR of New Jersey.100
1%
2%
*9
3
68
*
1%
li4
60
I884
19i2
*8478 9118
*39i2 4078
*9578 100
l3g
1%
*33s
*56
68
3434
%
67
*18i2
3414
57g
13%
%
60
*66
*60
13%
34
3934
39% 3934
15
15
1512 1512
*116'4 1175s *116
117%
122
120i2 123
123%
*5812 61
*58% 61
IO84
7%
*134
34
39
1034
♦31
*134
♦12i2
110
8
7%
♦s4
58i4
1H2
21
*2%
1%
3%
7a
434
434
5f%
1H2
*66i2
3U
*1
78
2%
Dec
34
3
preferred
100
Central Agulrre Assoc ..No par
2,600
434
5%
13%
l'a
♦2%
15%
Jan 24
6
Jan
5%
2,700
8
32%
105%
2834
2834
k
*29
California
21
21% Jan 11
41
Jan
5% preferred
Callahan Zinc-Lead
Celotex Co
30
*151
8I4
32i2
500
10,200
31
*151
16
19
30
43
*43g
11
Jan
Jan 13
*6 preferred series
Commonwealth
delivery.
»
New stock,
7% Jan 3
1% Jan 18
par
par
No par
30
r
Cash sale,
x
Feb
4
22»4 Feb
Edison Co. .25
Jan
25% Feb
14% Jan 27
Jan
preferred
Celanese Corp of Amer.No par
7% prior preferred
100
*104
*110
1534
8%
*18i2
41%
734
*nn2 112"
*22i2 23
7514 75U
10
10
27%
3%
*151
110
88%
15
•1478
15ig
•II6J4 H75g *116l2 1175g
•117
120% *118
120
*58%
61
*58% 61
834
1138
4
Dec
37
Feb
35
10
5%
5,500
88
16ig
512
36i2
5714
1112
*3
22%
6034
400
88
'4
138
Jan
7
Preferred...
12,400
1312
53
100
Caterpillar Tractor
"1,000
*234
Dec
No par
Butte Copper A Zinc
...5
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co
No par
110
5,900
37%
56
3%
"22%
'6,600
45
12
1112
100
600
35%
*1
7
Jan 13
13% Jan 13
2
$3 preferred A
10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
5
Carriers A General Corp
1
Case (J I) Co
100
50
300
44
H4
*278
Jan
45
36%
88%
13g
314
4314
35%
38%
Capital Admin class A
103
*84
6% Dec
200
44
36i2
88i2
H4
314
»4
434
57g
13ig
984
44
*83
43
Jan
6% Feb
8% Jan
29
♦
223s
417g 43
8ig
8%
7%
32% *30% 3is4
1053(, *104i4 1053s
8
Canada Sou Ry Co.—...100
Canadian Pacific Ry
25
89i8
35i2
11%
7l2
44
Oct
Cannon Mills
34i8
41
35l2
547S
1H2
*6514
*3
103
1
9% Feb 25
Canada Dry Ginger AJe
11
1534
512
5i2
784
5
2% Jan 13
100
*10
*9
16
11
47
1% Jan
"e'ooo
2734 2734
3%
37g
103
*1007g 103
*10
*10
11%
11»8
7U
714
7%
7%
434
434
4%
4%
100
100
*97% 106
37g
Dec
7%
60
*2734
28
367g
7%
11
84
3i2
105g
19%
3,900
30,200
29
4i2
*184
114
114
35g
10l2
1434
*28
*34
138
13g
3,100
11,900
*10
458
34
4
60
Jan 20
*40
40
100
"2184
34
7%
*34%
7%
"7U
45
*
63%
Feb
Campbell W A C Fdy_.No
100
178
*44
*40
223g
593g
27®4
1,400
49%
11
*134
*1212
k
45
300
29
57g
13
*44
210
*28
4%
84
•1*4
1*4
3%
10%
2,000
2,400
*10i8
4H4
34%
11
*%
♦258
314
7ia
*3434
*634
*7i2
*414
31
*83
714
*10078 10212
♦104
3978
19%
37g
Washing¬
41i4
30
30i8
31
1053s ♦104
1053g
♦27%
28%
28i2 28i2
*39
1834
100
30
*10
334
10%
178
9%
1434
1834
Oct
28
20% Jan 10
3% Jan 15
30
Oct
Dec
8
5% conv preferred
7
1584 Mar
4% Jan
34
Aug
23% Feb
59% Feb
18
16% Jan 26
Butler Bros
Jan
50% Aug
22
No par
400
28
Oct
Jan
30% Jan 13
Co
Debentures
Deo
3
Oct
Burlington Mills Corp
1
Burroughs Add Mach_.No par
{Bush Terminal
16
22% Dec
Dec
24% Jan 3
15% Jan 27
200
Apr
Aug
%
Watch
400
25
1578
Bulova
{Bush Term BIdg gu pf ctfs 100
35
20
2I84
82
*80% 82
80%
*17
I684
1634
17
17%
17%
3%
35g
4
384
334
*378
93
9434
96
95i2
93%
9534
IO884 10834 *106
108
*106
108
49
4812 4934
50
48
497g
*10214 1027g
10214 IO214
10278 10278
1612
17
16l2
17
16%
16%
*
2H2
778
11
1934
600
7,700
3,100
Dec
6
No par
No par
Budd Wheel
46%
22% Jan 13
107S Jan 11
26% Jan 20
Bullard
1,300
3,500
~2"666
3%
2
430
15
li8
34l2
*1912
21%
49%
912
15i4
978
"5",500
....100'
No par
100
7%
93
Oct
11
Jan 10
Jan 10
Jan
share
Oct
Jan
5
preferred
Budd <E G) Mfg
7% preferred
*78
1612
334
♦104
*10
50
7
I
40
22
Bucyrus-Erle Co
9%
17a
9i8
1434
7
*27
2734
2734
277g
35s
3%
35g
334
10034 IOO84 *10084 102i2
*9
*9
113,
113g
*714
734
7U
5
*3%
♦378
103
103
103
103
7»4
22
*49
52
7
99
58
10
334
3,700
8%
22
8%
*2
3434
1914
36
48
Ill's
22i2
*14
83g
10
36
102
16ig
15
22
3412
19%
*47%
71a
46
*
83g
10i2
34i2
1934
22%
36
102
1015s 101%
16
16i8
834
234
'""800
5%
4912
4%
3034
1934
9%
187g
234
9
18%
284
*83s
35s
19ig
*40
834
8I4
22
15
82
*
19
384
14%
19U
45
53g
49
183g
*14
83g
2
♦65s
*39
15
22
67g
*34
7
19
1%
914
684
36
•6
40
22
*49
*48
~
2834
1934
8%
19i2
2H2
50U
17g
87g
14i4
1834
28i2
9
*14
33
14%
28%
*8i2
*31
•135g
18%
28i2
85s
I8I4
25g
83g
No par
Bruns-Balke-Collender.No par
Brown Shoe Co
834
4i 2
25g
*1814
834
434
19
Brooklyn Union Gas...No par
80
534
4914
8.
18i2
25g
300
1.100
914
81 z
53g
49U
434
7%
18%
8%
534
19
2,200
5
per
78k
23
$6
preferred
No par
Bklyn-Manh Transit.-No par
86 preferred series A.No par
3
4
share g
per
39
Jan 13
Jan 12
137s
19%
28%
4%
7a
Feb 21
s4 Jan
16'4 Feb
7% Jan
19% Jan
{Botany Cons Mills class A.50
Co.. 17
Bower Roller Bearing
2,200
16%
*77
3
$
92% Jan 12
44% Jan 12
5
17% Jan
21% Feb
5
100
Brooklyn A Queens Tr.No par
6,300
43
484
497g
15
Corp
Borg-Warner
600
884
80
Feb 21
700
31
16
*38
8i2
834
*77
12
1034
31
I6I4
43
8l2
8%
8%
80
18
3%
934
32
1614
*38
812
28
22
32
I684
Jan
.......1
Bond Stores Inc
Year 1937
Lowest
I per share
Feb 14
100
5,000
share
per
86
40
Bridgeport Brass Co...No par
Briggs Manufacturing. No par
Brlggs & Stratton
No par
Bristol-Myers Co
—5
1034
53g
34
2Hg
*4814
178
8i2
1334
11
43g
18%
2
1038
32
47
21
2
*7i2
43
*77
4l2
28
19
7i2
18%
25g
8ig
15
8ig
3i2
934
21a
3
No par
B
8
3034
8
Class
32
2278
*29%
1938
Range for Previous
Highest
No par
Bon Ami class A
30%
2
2334
285g
*2
160
700
9%
24
303g
17g
*714
8%
8%
87g
*77
20
9
11%
16%
4ig
20
9'g
734
♦38
8U
83g
83»
80
3084
32
3314
17
20
87g
2234
285g
30%
31
if*
11
*31%
8%
4%
*27%
18ia
7%
1734
2ig
8%
♦38
165s
*45
3084
8
34
8
20
2334
»28i2
3034
*2
43
*76
20
9
2934
11
8%
378
2334
11
165s
2512
334
33s
2314
11
*3214
1734
247«
25
*19l8
*734
*38
18ig
25i2
3%
20
9%
*28
30
*2
1734
87g
30®4
Kg
Par
Shares
87i2
44
30l2
2%
8%
57
$ per share
87i2
44
23i2
30%
*2
Lowest
87%
9%
2338
Range Since Jan. 1
On Basis of 100- Share Lots
Week
87%
20
*27
•
$ per share
25
44
9
46
Feb.
87i2
13
*1858
♦106
24
44
17%
2414
334
1734
2334
♦314
*3i2
92I8
Feb.
26,
EXCHANGE
88
*12
*44
23
STOCKS
NEW YORK STOCK
the
Friday
43%
43
6%
•3434
Thursday
Sales
for
Saturday
Feb.
3
Ex-div.
jr
10
2
Feb 18
80
Dec
Oct
3
1
Oct
42% Jan 13
25% Feb 17
34
Oct
Jan
Ex-rights.
T Called for redemption.
Jan
Jan
Volume
New York Stock Record—Continued—Page 4
146
AND
Feb.
Feb.
19
$ per share
678
♦51*
♦22U
*7
2312
*5i2
2214
•712
1514
•71*
*5914
65
73
73
*73
1*8
518
9H2
*4l4
914
9
1538
7l2
138
518
21l2
91l2
5
9i2
Tuesday
21
Feb.
$ per share
7i2
*734
15i2
*7is
*5914
7i2
21
SALE PR1CES-PER
HIGH
Monday
22
$ per share
98a
Feb.
678
23
22
9
9
16
7l2
7l2
65
63
♦72l2
112
*5i2
215g
9114
1*2
63s
22
9H2
5
95s
17
378
*1434
85ig
*84
♦14U
14l2
14
1414
14l2
1418
17$
1434
42
42
4214
♦10912 HOI4
814
♦75s
30
30
♦1U
295a
*1234
13s
303s
50l2
*63l2
64
*37g
414
1*8
3014
25
*94
•9l2
2318
9«4
33I2
3414
8
311*
H2
32U
*164
4ig
♦2H2
17i2
*57g
*1412
*8i2
*1043g
22ig
2214
»123s
*15ig
*7i8
*17g
93
9i2
♦91*
10
3514
353*
36l4
54
5
5
74
74
74
74
16
5212
*22
—
175g
6ig
*57g
*14i2
16
9i2
*914
*1043g
2284
223g
2214
22i2
1234 *123g
— mm —
1534
7l2
2i4
1512
73g
*17g
92
5
4%
-
177g
618
16
Exchange
9l2
24ig
22i2
1234
16U
Washing'V.
,
;•■•••:"
7l2
2l8
5
22
*103g
1112
38
*3g
♦2i2
*2
234
197g
577g
*7
7l2
3834
4038
102
102l2
22
*19U
*10
1112
3s
**8
*3g
h
234
234
*108
115
118
*
-
154
154
al64
164
165U 165i2
*17
1714
35g
358
17U
183s
1834
914
93«
183g
9ig
3j8
3i8
*3
934
95g
3438
3234
2834
93g
33i2
35g
34
33
*29
2834
*53
*134
1912
*3612
*10534
4ig
*41
2834
34
2
20i8
*36i2
*10534
4i8
43g
503g
----
423g
45i2
*44
*47 '
*2
*58
*134
207g
5H2
2i2
4238
45l2
*47
*334
*334
*31
*8i2
7H2
Continental Insurance—$2.60
Continental Motors
1
300
Continental Steel Corp.Wo par
Corn Exch Bank Trust Co..20
14
410
2,600
mmmim
300
Corn Products Refining
Preferred
4
600
Coty Inc
2914
■
22
8
*15lg
38i2
17,000
173g
17i2
*49
54
18
6ig
■— mm —
mm——mm
187g
3,400
6
93g
--mm
16l2
914
*1043g
24
22
22
l7s
143g
600
167g
5,200
8
2,000
2,100
16i2
*30
32
*108
3
14
*18
*3g
*2i2
♦10i8
*108
113
3
37
3714
37
34
3378
2834
30
31
45g
2134
5314
*106
414
4234
45l2
*42
44
♦46U
48
*46l2
5H2
2i8
50
50
*4812
2i4
2i8
334
303s
h
*43
""^i 2
21
*37l2
100
52
100
2h
9i2
134
7$
31
9U
-mm-
31
914
7
7
29
30
*93i2
32
9l2
-
—
— —
32
912
35«
6
65s
1
634
29
958
134
1
*95
914
32
10i4
*31.18
IOI4
3i2
*314
*15g
200
414
958
400
*
1,700
M
—
—
1
mm
m
830
678
3.900
mm
321?
10i4
751?
75
75
75
75
*63
74
*63
105
*90
110
*90
110
*90
-
—
».
—
.
*
600
900
74
110
75l2
37g
4
*3.12
378
37g
37«
400
4
*35s
158
4
4
4
800
Bid and asked prices: no
134
sales on this day.
*16
3
Jan 20
25
15i2 jan 11
1775 Jan 12
6
3
8i2 Feb 25
212 Jan 10
Jan
6is Jan
17a Jan
89
Feb 16
334 Feb 16
Jan 12
108
478 Jan 24
Feb 25
39
86
Jan
62
Feb
27
Oct
181*
Jan
Oct
24
Feb
Oct
1912 Nov
109
Jan
27
Nov
961*
205* Nov
8
Oct
241* Mar
I84
Oct
885g Dec
5
Oct
2912 Dec
I8I4 Oct
167* Jan
6
17
Jan 12
15
8
34
Jan 12
27
4
8
2212
Jan 11
16l2
35
Oct
5
Dec
Feb
Doehler Die Casting Co No par
1758 Feb
Dome Mines Ltd
53<4 Jan
No par
No par
Wo par
A Wo par
6
Wo par
B
100
100
Jan
4
35
Feb
4
877$ Jan 27
1914 Jan 27
8«4 Jan 3
i8 Feb 11
60*8 Feb
2i2 Feb
1
10
3
Jan 28
1
8I4 Jan 20
4614 JaD 21
30
Oct
Apr
29
Mar
96
Mar
Oct
25
Feb
Oct
41U
Jan
Oct
4684 Feb
67 U Dec
123g Mar
261*
Oct
21
3i2 Jan
8
3
Jan 28
10
77U
Jan
55
8U
14
Dec
Oct
39U
Jan
13s
i2
ll2
Oct
Oct
3i2
8U
Jan
Feb
10
Oct
171*
100
113
Jan 12
115
Jan
106
Nov
Nemours(EI)A Co.20
6% non-voting deb——100
$4.50 pref
Wo par
Duquesne Light 5% 1st pf 100
Eastern Rolling Mills
5
Eastman Kodak (N J) .Wo par
6% cum preferred
..100
Eaton Manufacturing Co
4
Eitingon Schlld
Wo par
Electric Auto-Lite (The)
5
Electric Boat
3
106
Feb
Nov
Jan
130
Oct
1801s
135i2
111
Jan
1233s Feb
135i2 Feb
1137a Jan
98
132
10712
Oct
112
111*
Jan
115
109i2
Oct
115i2
5
Jan
Du P de
Oct
167
Jan
144
Nov
198
165i2 Feb
216s Jan
160
Apr
5
3
1558 Jan
4
Feb
4
8
6
Jan
21i2 Jan
105s Jan
484
3 >8 Feb 16
$6
Jan
Feb
Jan
Jan
Mar
'
Aug
Nov
Feb
I6I4
234
1478
Dec
Dec
3712
Dec
451*
Feb
334
Oct
16
Feb
358
Oct
7U
Feb
Oct
16
Mar
8*4 Feb 3
Jan 23
30
43
Jan
27
Oct
26B8
9214
Jan
par
par
26
Jan 29
40
Jan
24
Oct
87
Jan
par
26
Jan 26
31
Feb
22
Oct
441*
Jan
2
Jan
Light.Wo par
preferred
Wo
preferred...
No
Elec Storage Battery..Wo
{Elk Horn Coal Corp..No
.6% preferred
$7
4
Jan
Nov
164
Jan
15l2 Jan
3U Jan
157
2i2
Jan
Jan
17
3
Elec A Mus Ind Am shares
Electric Power &
Feb
149l2 Feb
7ia Jan
Jan
14384 July
Dec
122
preferred.
Feb
Feb
Feb
23
Jan 10
3
76i#
36i2
40ig
Oct
Deo
22
Jan 17
Feb
Jan
May
Oct
684
791* Nov
*8 Jan
h Jan
22
10
Feb 25
12 58
107s
116i2
601*
104
3g Feb 10
No par
5
Jan
58*8 Mar
Oct
30
Jan
29
Oct
5
No par
No par
Co
A
914 Jan 12
16
7478 Feb 25
3I84 Mar
13
Jan 26
Jan 27
36
Oct
6
12i2
66
26b8 Jan 20
Feb
109i2 Jan
838 Mar
2384 Mar
205*
I8I4 Nov
5% pref with warrant8-_100
Distil Corp-Seagr's Ltd No par
135s Jan
61*
Jan
84 Jan
12
Oct
Oct
8
El Paso Natural Gas
Feb
3
278 Jan
2134 Feb
112
17
1412
Oct
29
Jan
347S Jan
3
408a Jan
33
Nov
60
Feb
Jan
5
100
Nov
116i2
Jan
35s Feb
3
I06i2 Jan
6ia Jan
3
Oct
17*4
h Feb 2
1*4 Jan 27
par
50
3
Corp....50
104
Jan
5% preferred
Engineers Public Service
100
1
preferred
No
$5^ preferred w w_.Wo
$6 preferred
No
Equitable Office Bldg-Wo
par
40
Feb
3
497, Jan
41
Oct
78U
Jan
par
par
par
43U Feb
3
64
Jan
45
Nov
81
Feb
50
62ia Jan
278 Jan
61
Nov
86i2
$5 conv
Jan 18
584 Jan
414
Jan 26
Jan 19
Jan 3
Jan 3
Jan 3
i2 Feb 10
5i2 Feb 10
Exchange Buffet Corp .No par
Fairbanks Co
25
8%
—100
preferred
884 Jan
8I4
Oct
Oct
5
Oct
28U Mar
3
Oct
24
Fairbanks Morse A Co.Wo par
preferred
Feb
3
6i2
514
10i2
I84
Jan
Jan
Jan
Jan
15* Dec
6I2 Dec
1U Oct
1
14is
Jan
34U Mar
684 Jan
'
Oct
1114 Jan
71*
Oct
28
Jan
33i2 jan
2312
Oct
7178
210U
Jan
Jan
2
Jan
53*
150
6% preferred
100
Fajardo Bug Co of Pr Rico. .20
Federal Light A Traction... 15
$6
Jan
Feb
934 Jan
235g Mar
353* Mar
Jan 31
1&8 Jan 31
5
—6
Mar
26
Oct
70
2938
Jan
Jan
28i2 Jan 2 8
3338 Feb
3
101* Jan
7i2
Oct
7li2 Feb 16
75i2 Feb
7284
Dec
103
Jan
70
Mar
8
100
Co 100
Feb
Jan
Jan
8
74
Jan
60
Nov
150
-.100
Federal Motor Truck—No par
Federal Screw Works ..No par
96i2 Feb
27g Jan
2
96i2 Feb
90
Oct
129
3
43g Jan
2
Oct
Jan 28
483 Jan
214
Oct
Apr
lis* Feb
111* Feb
18s Jan 29
14*4 Feb 3
II4 Oct
1484 Deo
4384 Mar
♦15s
134
300
1634
300
3
Federal Water Serv A—Wo par
*15i2
Federated Dept Stores. No par
Def
Feb
25U Feb 25
Oct
Jan
Nov
Jan 31
Jan 3
Jan 5
Jan 3
Jan 3
15«
a
3
107
81*
29i2
20>4
3U2
614
127«
No par
Match
177«
X In receivership,
7
3
Jan 10
7
1518 Jan 8
9i2 Feb 17
13i2 Jan 28
Preferred
3i2
134
17
12
10
Delaware Lack A Western..50
Federal Mln A Smelting
35s
17
5
18U Feb 3
a:2178 Feb 14
100
Delaware A Hudson
30
4
158
161?
—20
Preferred
Dlesel-Wemmer-Gilbert
200
293g
*71i2
134
8I4 Feb
1021* Jan
No par
Deere A Co new
4
514
3i2
35g
7i2
1*8
*65
*33s
*3l2
158
163g
Davison Chemical Co (The).l
3
75
*85
534 Jan
1358 Jan
100
75
3l2
Davega Stores Corp———5
Conv 5% pref
25
15l8 Jan 28
100
100
*7H2
4
24
4% 1st preferred
4% 2d preferred..
Eureka Vacuum Cleaner
Evans Products Co
—
Oct
22i2 Jan 7
24U Jan 10
Erie Railroad
*62
161?
♦16
600
4
—
2
7
Feb
19
1,300
134
39i2 Dec
541* Dec
2,900
7H2
105
*93
3
Jan
658
75
*60
Jan
4
35«
78
678
28l2
300
238
95g
*112
7
30i4
*95
32
6,400
*49
*112
7«
1
"""210
5034
134
7
4,300
52
93»
2834
39
Jan
Endlcott-Johnson
"""266
50
35g
9i2
*li2
37,500
3,800
1,500
1,000
44
*4
6i4
200
44
4i8
21«
6,500
*47
44
35g
358
400
4,300
i
2
2134
53i4
10612 106i2
414
4%
35g
*9312
190
1,200
3038
*5g
*134
4
—
1,400
36
4l2
Oct
62i2 Feb 21
8%
39
33
45g
Jan
4
481* Jan 11
113
"""966
Jan
Jan
Cushman's Sons 7% pref.. 100
$8 preferred
No par
Cutler-Hammer Inc newWo par
Class
Mar
3
5
3
Jan
514 Jan 10
188a Jan 17
Class
135
No par
Duplan Silk
600
Dec
IO884 Apr
8I84 Mar
Mar
Dunhlll International
200
l*
7
Jan
43
{Duluth S S A Atlantic
6% preferred
9,000
Nov
3
100
14
Oct
80
Jan
25U Apr
Dec
1
Dresser(SR)Mfg conv
m—mmmm
114 Jan
571| Dec
21
1334 Feb
200
...
2
72i2 Jan 12
448g Jan 11
94i2 Jan 17
1
Douglas Aircraft..
Dow Chemical Co
._
*5a
*158
2114
*36i2
3
Dec
Oct
Jan
12
Class A
100
12
34
....
—
100
38
1225g 2:11884 12112
134
134
*134
13514
11334 11334
11334 1137s
*115U
*11514
6'8
6i8
6"i8
6i8
15714 158
15714 160
*165l2
*165l2
*17
"l8"
1734
18
4
*334
4
*358
19
19
19
20i2
9
9l2
938
93s
3&S
*3U
*33S
35g
105s
IOI4
103s
lHg
*303s
5
Jan 31
80
Dominion Stores Ltd--Wo par
20i2
lli2
38
106
(The)
700
20,000
121
31
Jan
313s Feb
66
3012
8i2
561*
47U
18ia Jan 6
714 Jan 12
50U Jan 18
Preferred
20
104
2012
*10i2
12U Jan 12
Dec
Feb
Jan
Curtiss-Wright
Dlxle-Vortex
16i2
34
106
Curtis Pub Co
300
*7
33*4 Jan 12
3
34
Jan
28*4
1007*
15
6% participating pref
25
Diamond T Motor Car Co.-.2
41ig
3
Dec
2814 Nov
Feb
Aug
50
Packing
Devoe A Raynolds A—Wo par
103
Feb
9is Feb
37
127
Diamond
73g
4
61*
115
Dec
100
7i2
30
Jan
56i*
Dec
Nov
70
400
427g
4114
102l2 102i2
22
*20i2
87
Jan
jan
10U Mar
3
400
15ig
Oct
Feb
7H4
87
26ig
3578
7478
3
77
17H*
Jan 27
39
714
Apr
70
357g
747g
*15l2
Jan
—100
—
26ig
Xl5ig
153
355* Mar
143*
38
900
*2i2
*10ig
8
311* Feb 3
341* Jan 28
100
73s
912 Oct
4684 Nov
50l2 Oct
jan
Feb
July
Oct
Det A Mackinac Ry Co
1534
49
Jan
284
100
7434
Oct
Jan
Dec
Jan 27
3578
12
3
4
27
38
3*4 Jan
I66I4 Feb 21
4»4 Jan 12
69i«
1081*
178*
38ig
12
7
Jaa 12
6284 Apr
921* Aug
378s Ap
3784 Jan
5U Jan
IO984 Feb
Oct
5
*18
Jan
161* Jan 10
56
105* Jan
15* Feb
1314 Apr
3
*4
11
651* Jan 17
{Denv A R G West 6% pf.100
4,900
11
4
Jan
Feb
177* Apr
I057g Jan
2534
4284
37*
Oct
7$
Jan
13i2
Oct
24
Jan
Jan
13i2 Feb 7
65s Jan 10
Detroit Edison
—mm
Oct
23
588s Feb
h Feb 14
,638 Jan 5
900
—
61*
108
Jan
No par
Preferred
Cudahy
Dec
Jan 12
82
164
Oct
10678
1*4 Jan 15
348s Jan 11
27i2 Jan 28
1U Jan 3
27i2 Feb 6
I2i2 Jan 2 7
4914 Feb 3
No par
100
10
(The)
Cuba RR 6% pref
Cuban-American Sugar
200
5634
7l2
4234
50
100
8,200
2H4
215g
No par
pref
2i4
56i4
*7
7i2 Jan
5
94
2012
21
Cuba Co
Jan
65
37i2 Dec
10l2 Jan 11
397, Jan 17
8i2
♦2ig
32
32
107
Feb 23
4584 Jan 12
IIOI4 Feb 21
95, Jan 17
4
No par
ex-warrants
conv
85
Jan
38U Feb
Oct
21
*91
5612
*3612
16
885g
DaytonPow A Lt 4>£ % pf_100
66,500
1,600
16
9&S
32i2
914
200
mm
*1234
165g
4ig
-mm
mm-mm-
914
m —
2514
4i2
7«
200
6
*15
17
41*
7
20
37
50
$5
500
*2212
434
28
1,500
1734
— —
10'4 Jan
li* Jan
73
Jan 12
221* Nov
Crucible Steel of America-.100
11,500
4918
458
2,900
58
3334
21
Oct
Jan 11
pref w W-.Wo par
Preferred
*16ig
63g
*46i4
4I2
1634
4i2
658
6,600
2014
'4
1'4
Pref
conv
Crown Zellerbacb Corp
200
72
3634
5618
♦Sg
Oct
Oct
3
Jan 14
100
2014
1»4
Jan 12
Feb 25
8,900
37
34
8s
29U
113s
914
33g
103g
2
25s
25
327g
58ig
712
1078
Dec
7
4
98
lOSg
$2.25
37
20
334
1914
9i2
314
100
Jan
Jan
1
No par
400
6i2
.
No par
18
19
Feb 21
2
Crown Cork A Seal
1978
165i2
Oct
Jan 81
Crosley Radio Corp
56
165
Oct
7
Feb
5
16i2
~
Nov
3U
19
500
167g
638
487g
434
8is
178
32
157
92
217, Feb
4,900
110
14
*15
135i2
11334 11334
♦115U
55s
6~i8
33| Feb
3
Jan 15
Jan 10
90
9i2
80
223g
16l2
714
1584
*134
h Jan
Jan
2H8 Dec
25
36i4
*72
434
24l2
72
113
8l2 Feb 4
IOHS Feb 21
37| Jan 3
Jan 14
100
Co
5% conv preferred
Cream of Wheat ctfs—No par
54
*13
Crane
500
400
17
1558
14
4
41s Feb 16
-Wo par
700
5
17
24
100
—
23i2
9
*4
*112
15,800
25
96
23i2
130
80
*57g
*14i2
*834
*10438
5
65I2
11
*73
•
Continental Oil of Del
60i2
58
*10i4
*458
58
4i2
1658
20
$4.50 pref
No par
Continental Diamond Fibre—5
90
11
*46
Continental Can Inc
1,800
2,200
11,000
H2
33i8
*82
90
*63g
100
1,100
72
38is
434
.....Wo par
3114
*334
2714
*93l2
103s
58
B
preferred
35i2
*34l2
Z327g
36
11
Class
8%
77g
31
4i2
184
300
1712
334
1878
93g
314
10i2
6
9
4,000
110
110
414
6
1
1
0i2
27
4384
*214
35s
6I4
*35g
2ig
35g
9
9
♦ll2
500
43U
3%
534
*37g
3i2
614
3i«
*6
.
*94
23l2
934
36U
72
157
156
154
17ig
*3i2
94
345g
2,200
275g
28
38l2
*7
Feb
4
*4
12112 12338
II8I4 121
134l2 134l2 *134l2 135
1137g 1137g
♦1133s 1137g
*115ig
♦1151s
6
5l2
512
*5i2
«...
27
5,500
2
778
3H8
112
323g
1458
*23
15i2
85
178
85
5
405g 42
10212 10212
*20i2 22
11
*10i4
%
*18
12
*38
234
*212
90
Jan 12
Oct
1514
93i2
714
684
1834
497*
Jan 11
1
15ig
93
3578
Oct
20U
Jan 29
Oct
Oct
8I4
2i8
9434
27
Oct
5
5i8 Feb 19
10*4
7i2
4
377g
*26i4
3534
7i8
153g
*7314
*108
113
*108
113
73g
*17g
*10
14
*10
14
*10
*19
57
♦19U
17
225s
13i2
1
414
1U Feb
No par
Consol Edison of N Y..No par
$5 preferred
No par
168s Jaa 18
16i2 Jan 15
2*s Jan 13
1478
1434
13s
32i2
1334
♦137g
50
50
50i2
64
64
64i8
164
16414 *164l2
H2
31&8
*30
32
7l2
I6I4
37
*30
39i2
3834
10212 10212
25
*2638
357g
*15
1978
9l2
*1043g
2414
2212
1234
37
1612
58
6I4
27
32
73
31
18
1634
9i2
Mar
123« Jan
8
*2212
1784
*15
Mar
95
Container Corp of America. 20
Continental Bak class A No par
*49
*22U
1712
87
Oct
6,300
8
54
*35g
*31
155g
7214
*49
*92
*153g
*7
7
1512
v;
ton's
3578
7i8
1534
72i4
16i2
*35U
-■
Birthday
92
*33g
3612
*26ig
I784
6i2
*6
Closed—
— mm —
48i2
434
165g
Stock
173g
48
43g
16i2
5212
mm —
1734
*1612
63g
16i8
612
47i2
Oct
63
1534
*82
11
65
75l2
Vs
67g
257$
96i2
684
1012
IOHs
7i2
12
55g
7984 Dec
_
Jan
Jan 25
5
86l2 Jan 21
1478
147g
5s
58
187*
22
72
11
Oct
13l2 Feb
*69
®8
484
835« Jan
72
1012
4i2
July
Consumers P Co$4.50pfW« par
33
88
Jan
26
100
♦323s
10ig
3814
22
Oct
18
*34
3634
Dec
8
8518
101*
♦82
578
Jan 15
Jan
500
1914
10*4 Feb 23
19l2 Jan 17
68
Feb 23
71
Consol Laundries Corp
5
Consol Oil Corp
.No par
$5 preferred
No par
Consol RR of Cuba 6% pf.100
19ia Feb
45i2 Mar
Dec
Ja 117
63
1
$2 partlc pref
Oct
Dec
7i2
8
100
Consol Film Industries
418
20
5
6
—100
w w
{Consolidated Textile.-Wo par
Consol Coal Co (Del) ▼ t C-.25
5% preferred vtc
100
3,600
3
Jan 22
Jan
8
*85
934
*
10i2
4l2
4712
4ig
100
-----
8
24i2
*14
33
*71
2678
357S
*7
94
800
3g
.
7% preferred
6prior pref
7
Highest
$ per share % per share
1812
8478
36
90
1334 Feb
61* Jan
7h Feb
6is Jan
$ per share
7*8 Jan 14
8478
♦14
36
72
4U
*334
1,300
15,400
Jan 27
6
Consol Aircraft Corp...
1
Consolidated Cigar
No par
200
17,700
35g 7 35g
4
*34
3612
16ig
6I4
97g
®8
3g
38
1,500
15s
57g
2278
92l2
5I4
95g
94
9l2
34U
*81
17l2
63g
475g
10
4
2318
984
5
—
26i2
*68i2
36i4
3634
»1834
567g
653*
23
35l2
*2578
*3514
7
112
33
2512
933g
10
*36U
15l2
*7114
81*
3H2
mm—
*31
93
*33g
15
95
10
mm
1514
4
33
1618
•52l2
378
18i2
8518
4
90
16
12
14
*31i2
74
*434
1^4 ; *i3s
*534
22ig
921*
92i2
5
*412
63g
2212
934
6OI4
72
*157g
63g
47i2
92
10
23i8
*34
*70
92
14
10
*
10i2
15s
*534
22
50
6412
26i4
36
h
10i2
*458
112
63g
2214
No par
20l2 Jan 31
20
200
Loioest
Highest
Congoleum-Nairn Ino.-Wo par
Congress Cigar
No par
Conn Ry A Ltg 4H% pref.100
100
81
23
33
*80
64
*73
7l2
43U
43i2 44
4414
IO984 10934 *10934 110
13*
313g
*31
97g
*718
*603g
81
2
*34
35l2
64
*73
87
36
*67
7i2
400
*85
14
94
11,500
85
50
25
310
17ig
85
647fi
166U I66I4
*4
414
94
1018
16
2
50
25
*23
*95s
2
643g
167
*164
1018
2
*13i2
14
*50
1434
14i2
IIOI4 HOI4
8l8
778
30
30l2
1,500
17U
2
43l2
Conde Nast Pub Ino
—
233g
8i4
Year 1937
100-Share Lots
$ per share
Par
81
167*
7l2
1*
143g
Shares
*7
85
*82
67g
*6i4
*2258
67g
8I4
*100i8 103
*100i8 103
*100i8 103
6
6i2
*534
*578
6i2
*534
*14
85
% per share
23
5i8
*84ig
*80i2
$ per share
Range for Previous
Range Since Jan. 1
On Basis of
Lowest
225s
*7ia
1018
16i2
7i8
*603g
71*
IOI4
5
934
1011* IOHs
6i2
*57a
*8
*8
4
*35g
2
EXCHANGE
Week
25
Feb.
24
*6
STOCKS
NEW YORK STOCK
the
CENT
Friday
63
71*
157g
NOT PER
Thursday
Feb.
$ per share
♦9884 10318
6i2
*584
*8
*8
358
35*
*15
18l2
*841* 8514
2
23
*6
678
225g
7i2
74
*13s
*53s
2H4
9112
*4i2
SHARE,
Wednesday
Sales
for
LOW
Saturdag
1357
delivery,
w
New stock,
r
Cash sale,
z
Ei-dlv.
y
2
Jan
185s Jan
Ex-rlghts.
6
Jan
5 Called for redemption.
New York Stock Record—Continued—Page 5
1358
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
STOCKS
Sales
NEW
for
Saturday
Monday
Tuesday
Feb.
Feb.
Feb.
22
per
share
19
$ per share
*75
77%
21
I per share
*75
$
Wednesday
Feb.
Thursday
23
Feb.
S per share
*75
77i2
32
32
*15
30
*1012
77l2
32i4
30
*20'2
21%
2112
2134
23
8878
8878
34
185s
26
887s
8878
34
*2314
26
*883»
*3312
18%
*233s
*16
18
*16
3312
17«4
33i2
is
33
30
*2912
2%
30's
*23g
30l2
212
30i2
97
95
95
17i2
*5512
1734
*55
68
*414
412
4i2
*38
17%
68
*158
1*4
4
4
13i2
*1412
13l2
15i2
*87
90
*6
41
8
*734
♦120
10
♦57
60
8
*77s
*50
55
2412
*40
2214
26
314
♦71l2
173a
5234
3U
84
175s
3i8
*378
*5334
H4
*15
173g
8434
22
4
15s
13
1512
25
*40
50
*1714
18
*41
50
100
*12
18
*16%
1514
24%
24
24
23
*41
44
*40
2%
2%
3%
18%
5234
23%
8434
18%
55
25
22
12%
1234
23%
2978
*12
15%
2434
*2134
1234
23%
28%
126
126
126
126
*40
50
*40
50
17%
♦41
1734
50
1734
*41
5484
300
23%
43%
2%
Gimbel
2,400
"""606
1,100
4
800
60%
1%
1%
2,600
1,100
1234
158
1234
12%
15%
15%
15%
16
*24%
25%
*22
22%
1234
12%
12%
24
2484
23%
25%
30
30
295s
29%
*125% 127% *125% 127%
95s
958
9%
95S
934
*778
*138
8%
1%
*778
8
7%
77s
*138
*1%
1%
♦21
18
19
19
10
9%
734
♦1%
9%
10%
7%
1%
6
*6i4
♦18
19
*16%
18%
19
19
*25
*25
26
*25
26
♦25
26
*25
900
*32i4
578
34
♦32%
33
*32%
33
*32%
33
6%
18%
95%
♦17%
*17
6i8
18%
*95*8
96
*92
93%
203s
♦125
203s
128
*614
*65
*2
2is
94
634
9218
150
*17
9518
93l2
21
125
65s
77%
♦92
*21
6%
*67
*2
*93
684
634
9218
*92is
150
14
14
56
56
♦148
14%
55%
57s
18
95%
93%
218s
125
6%
77l2
2%
94
684
94
150
14%
56
128% 128% *128% 128%
♦43%
51
*43
51
♦90
91
*90
91
*18%
1934
19
19
*18%
1934
20%
*99% 100
*99
100
*8%
*1834
*102
*9%
9
19%
109
60%
*22
1934
60%
25
97s
*834
193s
*102
60%
♦49
50%
50%
87
87
8
8
*5
2
7%
8%
8%
1%
1%
10
10
♦17
61%
25
*49
49%
109
*22%
9?s
•86
7%
4834
*1%
87s
19%,
49
*1%
*5%
8%
1%
1038
97«
87
8%
50%
2434
6
5%
6%
1734
*95
*92
21%
*121
6%
6%
*17
*95
93%
22%
126
634
77%
*53s
•
1%
2434
6%
94
400
30
2
95
7
94
7
77%
2%
*67
95
*94
7
7
94
94
94
94
150
150
*148
150
*148
150
14%
56%
14%
15
58
56
15%
57%
128% 128% *128
128%
*15%
3,800
400
60
51
*45%
51
♦45%
92%
*90%
92%
*18%
20%
19
*18%
20%
100
100
9
9
19%
*102
58%
*23
10
50%
*87
8%
50
19%
109
61%
25
10%
50%
89%
8%
51
*99
9%
19%
*102
59
*23
10%
105
9%
19%
109
5934
25
10%
10
600
*1834
*102
59%
*23%
10%
100
90
90
*86
92
300
8%
834
8%
50%
2
2
1%
*5
7
8%
1%
11%
9
iu
1134
*4%
884
1%
18%
19%
20
34
34%
6%
6%
Bid and asked prices; no sales on this
day.
8%
1%
11%
*19
33%
*6
9
1%
11%
2184
34%
734
50
11%
*20
34
734
X In receivership,
8%
50%
1%
7
9
1%
Feb 21
2
3
22% Feb
23
Jan
Jan 24
11% Feb
15% Jan 12
19
26%
Jan 12
32
Jan 14
Feb
26% Jan
3%
Jan 12
13% Jan 11
18% Jan 10
z27% Jan 10
Dec
16%
Oct
Dec
55
Oct
1%
Oct
3
6l2 Jan 12
1% Jan 11
Jan 28
11% Jan
13% Jan
20
55
46
72% Dec
Oct
1%
Oct
10
Oct
13
Dec
22
Dec
1934
Dec
10
Oct
20% Dec
23% Oct
50% Sept
15% Oct
45
Feb 16
45
60
Jan
127%
par
8% Feb
3
10
Feb
7%
1%
Wo par
24,000
4,500
Jan 12
6
Feb 16
15% Jan
3
Oct
Oct
Oct
19
Jan 12
12
25%
Jan 13
Jan 19
34
Jan
6
23% Dec
26% Apr
7
Jan
7
5% Jan 26
92
Jan 28
preferred
100
100
Motors
No par
cum preferred
100
Chocolate
No par
No par
20
123%
5
60
No
1734
Jan 18
95
Jan
18
Oct
121
Dec
z7% Jan 19
5
Oct
Jan
Jan
5
6
7
Feb
3
6
Jan
3
Jan 10
Jan
8
12% Jan 31
67
Feb 25
86
Dec
129
Nov
Jan 11
11
Jan 11
Feb
83
Jan 31
Jan 10
100
Jan 13
93
Jan 12
784
15%
25% Jan 12
1%
9,800
Hupp Motor Car Corp
12%
9,400
Illinois Central
52% Jan
21% Feb
41% Jan
1% Feb
5% Feb
6% Jan
3
1% Jan
3
5
8% Jan
46% Jan
C..25
1
Nov
Dec
Oct
109
83% Jan
6% Jan
100
Dec
Nov
16% Dec
15% Oct
11
4
No par
Hudson Motor Car
Nov
May
39%
Jan 13
Oct
50
125
19% Jan 21
22% Jan 10
5
preferred
1
93
17
Oct
Dec
Feb 17
43% Jan 26
98
Dec
Nov
17
9
3
100
v t
5%
18% Feb 16
42% Feb
84% Jan
100
100
1%
94
58
4
7
3
4
26
3
3
11
11
a
55%
81
152%
130
18% Feb
No par
8
Feb 24
7% Jan 17
4
49% Feb
Feb
2% Jan 11
95
128% Jan 19
par
stk.Wo par
Oct
Jan 15
Feb 16
100
B
92
25
8% Feb
Mining
6
Oct
Dec
Nov
126
1% Feb
89
96
434
Jan 15
Jan 31
86
140
21%
100
Oct
Jan 29
5
..
Hudson A Manhattan
3,700
3%
Jan 17
Feb 15
preferred
12
32
Feb 18
5%
Jan 10
28
5
17
Howe Sound Co
500
Dec
Jan 29
95
Houston Oil of Texas
---M
Oct
7%
%
8%
1%
25
10
com
Nov
7%
5
5
Dec
5
Jan
Jan
17% Jan
No par
5%
Feb 16
129
25
Printing
Class
6
Jan 22
25
100
preferred class A
Household Fin
Jan
10% Jan 12
4
12.50
Houdallle-Hershey cl A.No par
2,200
52%
53% Feb 5
1% Jan 22
4% Jan 3
z83% Dec
1234 Dec
40
Homestake
25
10
*50
4934
34
7^906
52
Oct
21% Jan 12
Holly Sugar Corp
7% preferred
109
60
2
Jan 17
Jan 22
5% conv preferred
Hollander & Sons (A)
600
*50%
7
18%
19%
Oct
3% Jan 11
Jan 31
$4 conv preferred
No par
Hlnde A Dauche Paper Co. 10
Holland Furnace
No par
2,900
9
2
34
21S4
105
1%
16
Hershey
9
Oct
Jan 19
3% Jan 10
40
6%
100
*99
51%
Oct
125
Hercules Powder new..No par
19
21
Dec
27% Jan 11
Oct
100
Hercules
51
*90%
19
20%
10
Preferred
900
30
91
3%
1
No par
Wo par
Hayes Body Corp
2
Hazel-Atlas Glass Co
25
Hecker Prod Corp v t c.Wo par
Helme (G W)___
25
2,800
*1%
«
58
91
20
1
5
Corp of Amer class A..1
6^% preferred w w
100
200
128
*5%
6%
1534
*45
♦18%
100
Hat
1,100
56
7%
11
7%
19%
43
Jan 13
4% Jan 11
6%
200
128
2
8%
1%
60
»
58
4
preferred
100
Hanna (M A) Co $5 pf.Wo par
Harbison-Walk Refrac.Wo par
40
**—
Dec
Oct
Jan 28
—Wo par
6%
3,000
m
6%
49%
24
Feb 23
88% Jan 12
6% preferred
Haekensack Water.
40
m
Jan 10
3
Hall
2%
56
3
Hamilton Watch Co
77%
Jan 11
Jan
par
preferred...Wo par
100
7
Oct
8
Jan
7%
22
Dec
8
76
conv
400
94
6%
500
*
94
16
19% Jan 15
57% Jan 15
par
8% preferred
.100
Gulf Mobile & Northern...100
«•' *
200
126%
2% Jan
6
Jan 15
Jan
3
preferred
Guantanamo Sugar..
100
M
Jan 27
Oct
Feb 25
4
6%
100
Oct
Jan
18%
*2
9%
13% Jan
Greyhound Corp (The).Wo
1,800
96
*6%
Jan 10
14
46%
17%
Preferred
"7", 100
6%
6%
95%
Oct
14
Green Bay A West RR
100
Green (H L) Co Inc.....—.1
Greene Cananea Copper
100
"l"366
1%
2434
*5%
22
22%
126% *125
*6%
*67
*21
94
34%
6%
6%
93
2134
♦125
2%
94
20
34%
*6%
1734
2
94
*5%
95%
684
*67
*21
Oct
13%
80
5% preferred
20
Gt Nor Iron Ore Prop .Wo par
Great Northern pref
100
Great Western Sugar..Wo par
26
34
2434
*514
18
Jan 10
3
Graud Union Co tr ctfs
400
19
26
»3214
*578
*21
Jan 10
Jan 10
3
$3 conv pref series
Granite City Steel
Grant (W T)
2,600
25,600
8
1%
2434
578
19
Jan 11
3
Dec
28
10%
5
1%
28%
Jan
Preferred......
Graham-Paige Motors
55
8
3
20% Jan 3
42% Feb 15
Granby Consol MS&P
50
10%
Jan
Feb
100
25%
*41
Oct
3
200
22
55
Nov
1
1
Gotham Silk Hose
18,800
5%
5%
1%
12%
*41
Oct
85
Jan 10
70
$5
50
1%
5%
I884
16
Jan 18
5% preferred
..Wo
Goodyear Tire A Rubb. Wo
2,000
Oct
Dec
2
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B 16
Wo par
1*9*666
z99
90
Wo par
50
3
Oct
6
50
4)4% conv preferred
800
18%
Feb
Oct
Jan 28
Jan
1%
55% Feb
6% Jan
Gobel (Adolf)
39,300
*40
106
Dec
Oct
21%
3%
8%
87
Wo par
preferred
Glldden Co (The)
28%
111
2% Jan 8
26% Jan 15
No par
Brothers
$6
5,600
88
18%
Jan 20
31% Jan 18
5% Feb 24
9% Jan 11
14%
10%
60%
9%
88
50
38% Jan 15
116
20
2234
*24%
2134
12%
Oct
May
3
No par
Nov
48
3
preferred
33
Oct
117
3
conv
Oct
«4
Feb 23
Feb
88
1%
5
Oct
28% Nov
3
Feb
10% Jan
9% Jan
23%
60%
Jan
34
Oct
Oct
57% Jan 11
15%
19
*55
30
121%
Gen Time Instru Corp. Wo par
84
*384
*55
Dec
Gillette Safety
55
Oct
z99
General Tire & Rubber Co..5
800
Oct
1% Jan 26
18% Jan 3
1
Razor..No par
5
45% Jan 10
33% Jan 17
1% Jan 11
100
24
4%
100
Oct
Nov
117
Jan 12
Jan 10
6,800
56%
18%
55
Wo par
Signal
preferred
Gen Realty A Utilities
Jan 15
4,200
18%
*40
18%
Gen Railway
91
31% Nov
120% Feb 11
7% Jan 28
102
15
55%
1%
5%
*1%
158
Wo par
19% Jan 28
19% Feb 3
18%
4%
1
Wo par
5%
Feb 11
Oct
Oct
5
4% Jan
Wo par
55%
*86%
Ink
Oct
Dec
3
Wo par
18%
88
4%
60%
4
preferred
8%
*3%
*72
Printing
4
Dec
22
Jan 31
General Refractories
3%
2%
29% Jan
112% Jan
No par
preferred
$6
4
Gen Steel Cast 56 pref.Wo par
Gen Theatre Eq Cor p.. Wo par
55
X23
12%
1534
25%
22
1234
24%
28%
3%
84
24
1%
2%
3%
*72
5%
13
♦2%
3%
84
8%
5434
55
56
800
59
1%
25
22%
59
5%
*1%
22
*29
58%
8'
55
General
Nov
66
3
Jan
5,600
1384
1034
44
55
Common
11%
10%
Jan 12
3
Feb
50% Jan
26
Jan
Oct
Dec
Jan 24
Jan 25
6,420
17
58%
8%
*50%
2234
No par
Gen Public Service
1,700
"5*166
300
17
9
1
20
12
10%
*8
15%
12
13%
59
Gen Gas A E|ec A
.Wo par
56 conv pref series A.Wo par
General Mills
No par
General Motors Corp
10
85 preferred
...Wo par
Jan
Feb 23
3
Jan
30
73
72
110% Jan 13
Mar
48%
88
25%
8%
Jan
65% Jan
25
Jan
Oct
z3934
Oct
21
1178 Jan
6
50% Feb
44
90
78%
434
10
Feb
8% Jan
53% Jan
2% Jan
7% Jan
Jan
1% Jan
12% Feb
37
Dec
Oct
Oct
Dec
Oct
Oct
1%
3%
Oct
4
Oct
1%
8
Oct
Dec
Oct
22
700
6% preferred series A...100
16
Jan 28
20
Jan
16
Oct
34%
784
510
Leased lines 4%
100
RR Sec ctfs series A —1000
29
Jan 28
38
Jan
34
Dec
7% Feb
5
Dec
140
a Def. delivery,
n
New stock,
r
Cash sale.
Ex-rights.
Jan
Jan
117
Oct
28
Feb
118
7
4
Jan
Oct
Jan 17
Feb
Jan
6%
1%
Jan
Feb
20%
9
2%
6%
14%
4
100
Oct
7% Jan 12
7% Jan 10
24% Jan 27
30
preferred
102
3
13
36% Feb
6%
32%
Jan 17
9
Wo par
Gen Outdoor Adv A
600
25%
27
18
158
*1%
*12
24%
100
Oct
Jan 21
121%
5%
Wo par
Foods
18
45% Jan 10
Jan
58
100
Wo par
Inc
preferred
6%
10%
8%
ton's
*18%
23%
A
83
Jan 12
97
3% Jan
8% Feb
17% Feb
—Wo par
—No par
Dec
16% Jan 20
7% Jan
118
40
Jan 21
16
Feb
54%
135
18%
90
3
General
1,300
1%
20
13%
58
Birthday
25
5
100
1,500
35%
5
700
53,100
6% Jan
6% Feb
93% Jan
Oct
Dec
234
5
28
Feb
Apr
8ept
2% Jan 12
3
9%
58
Oct
Feb
Feb
Feb
39% Mar
98
11%
14%
Feb 23
General Electric
100
1%
27%
12%
Class
130
13%
13%
10%
4
1
"""SOO
10
13%
9%
Washing¬
*87
158
18%
*17
12%
♦55
5
50
56
121
121
100
1%
1858
2334
25%
2434
28%
12%
27
4
1*4
*87
1%
23
Stock
55
5
120
1
3534
36%
355s
36%
114% 114%
114% 11434
*31
*30%
32%
32%
534
5%
5%
♦5t4
584
9
9%
9%
9:
9%
105
*103% 108
*103% 108
2
2
2
134
*134
2434
2434
24%
24%
2434
19
55
5
1
87
Oct
46%
58%
Oct
66
3
Oct
Oct
Jan 12
134 Feb 17
5
Wo par
7% cum preferred
General Cigar
7%
3,500
1,500
32%
1%
4
55
1*8
54%
120
19
♦72
I8I4
53l2
22%
8434
5234
243s
•2184 22
12i2
12%
2212 22%
*2884
30
♦125i2 127%
*87
*40
84
5284
22i8
478
2334
314
*72
54
1215s
I84
44
85
*80
*H2
*11%
*30
*54%
55
2%
49*666
54%
Closed-
2414
*115% 120
*115% 120
42
41
42
41%
31%
31%
31%
32%
1
8%
Exchange
212
900
50
105
978
60
8l2
*40
300
1
5%
18
13%
212
1,500
2634
36%
37
114% 114%
978
*58i8
77a
2414
24%
44
22
65
215g
*30
12l2
•II84
»16i2
55
*2I4
21i2
158
18i2
23
2778
Cable
1
*2834
100
1%
18
General
$8 1st preferred
3
3% Jan
12% Feb
13% Jan
par
Bronze
50
54
No
General
1
121
1,600
preferred
"""266
3,100
9% Jan
41% Mar
107% Feb
52% Mar
27
Jan 18
103% Jan 22 zl07
27
22% Feb 4
Inc—3
Gen Am Transportation
General Baking
1%
Oct
80
20%
3
share
108% Mar
45% Jan
3934 Feb
Nov
65
Jan 28
28
Wo par
Gar Wood Industries
Jan 10
33% Jan 10
95% Jan 21
22% Jan
10
10
4
3
5
5% Jan 12
40% Jan 13
pf 100
preferred
Jan
3% Jan 3
38
Jan 31
Gamewell Co (The)
Wo par
conv $6 pf..Wo par
86
3
14% Jan
Gannet Co
100
8%
*30
13
97g
31%
$3
Jan 11
3
1
3
Jan
56
Wo par
No par
Gen Amer Investors...Wo par
600
2,400
11
21
DfC
2% Feb
—
130
10-%
Dec
15
89
-.10
$6 2d preferred
4
65
42%
2,000
10%
21%
21%
4134
3134
20
e-%
96%
8
22
21
4
26% Feb
Gabriel Co (The) cl A..No par
Gair Co Inc (Robert)
1
1,100
4334
ar2634
54
*87
123.
10%
t Follansbee Brothers..Wo par
Machinery Corp
100
4
conv pref
100
*120
4%
65
49
lr>8
130
*4%
1034
28
41*4
31*4
1%
5%
5i2
*8i4
8%
812
8i2
♦103i2 105
*103% 105
2
*134
*184
2
22
22%
2312 2334
18
8
*120
65
54
1112
8
500
6%
634
*26
♦1215s 123
18%
22i2
26i2
100
64
*30
99
16%
43%
Dec
Feb 11
Food
150
88
*93
26%
11%
Feb
""326
3,900
6%
34% Feb 11
18% Feb 10
29% Jan 12
3
Jan
16
16% conv preferred
100
Fuller (G A) prior pref.Wo par
4%
1434
16%
28
14% Jan 28
"4",000
Dec
16%
90
23%
F'k'n SImon&CoInc 7%
Free port Sulphur Co
Oct
25% Jan 15
No par
Foster-Wheeler
Oct
22%
92
No par
$7 conv preferred
4%
14%
634
Fllntkote Co (The)
Florence Stove Co
Francisco Sugar Co
*134
28
2734
*115% 120
514
*1%
I8I4
♦2134
2334
1U2
•153a
1234
97s
7,100
45
*87
z65
Jan 18
33% Feb 23
20
Stores..Wo par
"""206
4%
2
96%
43%
8%
4284
4%
♦63
35i8 3578
11378 11378 *11234 115
33
27% 27% *30
*87
*6%
*93
130
7%
343s
*5
6%
4%
10%
20%
120
1
1934
*38
6%
First National
68
4%
6%
.
95
*120
10%
20i2
4014
315s
40
1%
*4
4334
8
20%
6
6%
414
*115
54
*5314
♦1215a 123
1%
14
95
62
49
4%
43
275g
*1
1%
6%
130
62
•30
45
14%
15%
275g
41
♦38
"""466
1,300
*4
$ per share S per
share
per
z79
88% Feb 18
Florshelm Shoe class A.No par
2%
*57
484
*412
200
95
17%
68
*57
434
45
88
65
3184
1"8
68
18%
*87
29
120
1734
12,200
30
95
*13%
15%
*2584
3984
3I84
97
15l2|
*55
♦115
3078
1
87
10
2034
212
3034
15
*4
10
*17l2
18
*4
96*2
42%
*120
4U
26
87
*734
130
*4
1712
*134
6
*95
4
800
25
I8I2
135g
zl8% Jan
6% preferred series A.-.100
26*4
27
26%
26%
26%
2684
*10312 10334 *10312 10334 *103% 10334
2478
26
245s
25
25%
2612
lli2
1234
1H2
1H2
12%
125g
8
3
Firestone Tire A Rubber—10
*1012
2%
29i2
*95
$
4
Feb
Fllene's (Win) Sons Co .No par
18
181s
share
per
67% Jan
27
200
25
1758
15i2
6
6l4
41
41
3312
88%
63S
638
97
*94l2
34
%
Fed Dept Stores 4H % pf--100
Fidel Phen Fire Ins N Y..2.50
"2*106
*1612
♦2%
434
4%
13%
*87
6%
63s
1
1*4
414
13i2
15l2
Par
Lowest
Highest
100
30
8912
Year 1937
100-Share Lots
1,400
2134
89l2
21
8912
*23%
2i2
30*4
*38
263$ 27i8
»26'4
20l2
*10312 10334 *10312 10334
25
25
*2412 2534
*11%
llh *lli8
1134
♦16
22ig
34
97
*58
45
30
21
On Basis of
Lowest
Shares
7712
3234
18
1734
412
*38
45
77i2
3234
Range for Previous
Range Since Jan. 1
STOCK
Week
25
*95
16*4
*16
25
$ per share
77i2
33i2
*8812
1834
*95
Feb.
YORK
26, 1938
EXCHANGE
the
33%
1834
18%
*23*8
*16t2
2i2
3012
*2%
*7514
3314
33t2
*15
24
r>er share
34
18
S
23
*883s
31
Friday
Feb.
1 Called for redemption.
Volume
Feb.
Feb.
19
$ per share
6%
6%
*20%
21%
6%
21%
75
75
♦75
138
*136
69%
13%
13%
4%
84%
4%
23%
84%
11
13%
4%
22%
*83%
4
4
11%
3
3%
151
151
3%
*25
26
*24
Feb.
22
21
76%
138
71
72
14
13%
4%
23%
*148% 152
*147% 152
5%
5%
5%
*5%
4
3%
*3%
*3%
13%
14
4%
Apr
Ingersoll Rand
No par
73% Jan 21
86
Jan 14
72
Nov
6
132
Oct
8
Feb
8
Jan
3
Jan
3
3% Jan
5
1
84
4%
1,000
11%
11,600
3%
84%
*3%
4%
11%
11%
4%
11%
*24
151
3%
*24%
68%
*148
3%
3%
3%
26%
151% 151%
69%
70
10%
10%
*10%
51
51%
52%
51%
*129
..
8%
7%
Interlace
Jan
...100
20
Jan
Internat
No par
Harvester
Preferred
100
8%
Jan
3
62% Feb 23
132
Jan 19
37
Nov
13,800
Inter
100
Preferred
-
32%
33%
32%
35%
9,200
4%
4%
4%
4%
4%
330
Paper <fc Power Co
*18%
6
6U
6%
63s
*41
42
42
42%
140
*21
22
*21
22%
100
International
400
International
6
*6%
34
*60
66
*60
67
♦60
42
22%
*19
6%
634
66
6%
6%
66
7%
7%
7%
7%
33%
34
20%
100
20%
68
10
7%
8
66,400
7%
8%
15,600
*64
66
7%
7%
100
Salt.....No par
1,200
Shoe
No par
International Silver
33%
*19%
100
preferred
100
Inter Telep & Teieg
No par
Foreign share cits...No par
7%
10%
11
*57
64
*58
64
*58
64
64
65
70
1134
*10%
1134
♦10%
11%
♦10%
11%
11
11
100
Intertype
2034
2034
20%
20%
20%
20%
20%
20%
*20%
*11734
21%
900
Island Creek Coal
*50
51%
*5034
51%
200
Jewel Tea Inc
79
80%
79%
81%
5,100
10%
11
♦I6I4
*118%
878
*18%
1534
*12i4
♦7434
*7U
*5%
5084
50%
*50
7734
78
79%
80
383s
65
65
*16%
13
98
8%
5%
5%
85
*82
3834
39
*8%
8
*21
3978
8%
22%
178
48
15
18
*15%
*14%
5
5
*5
1%
17%
1%
*25
9%
9%
*23%
*14%
15%
*14%
17%
17%
17%
6%
ton's
Birthday
26%
9%
9%
25
*23%
9%
35%
36%
8%
8%
*26
26%
8%
26%
26%
26%
90
90
*90
91%
91%
*89%
93
93
93
93%
165%
*164% 165% *164
*16%
16%
♦I6I4
16%
31
29
2878
27%
38
38
*38% 44%
49%
107%
13s
37%
*4%
*18%
1%
38
4%
18%
*103% 106
16
16
♦130
132
♦16%
17
47%
♦18%
47%
*29
31
♦122
126
19
2034
21
31
31%
♦13
13%
28
28
16%
49%
106
93
93%
*164% 165%
16%
*16%
31%
*39
17
16%
50%
50%
*106
106
1%
13s
39%
1%
38%
4%
4%
4%
18%
18%
18%
*103% 104%
16
16%
16%
47%
18%
*2934
*122
2034
31%
*13
*26%
104%
16%
131
130
16%
16%
48
48
18%
*29%
18%
31
*122
126
21%
31%
13%
28%
2%
*5%
9
*6
7%
*678
*6%
20
7%
♦7
*1178
13
15
*7
*113
*100%
9%
*24%
35%
*8
26%
6%
--
26%
9%
25
35%
8%
26%
26
"3~6o6
1,000
4
400
26%
4,600
9%
3,700
25%
300
9%
25
3534
8
8
26%
27%
200
94
1,100
17
17
500
3,600
16%
16%
31
31%
32
33
38%
16%
38%
38%
1634
38%
50
38%
4%
16%
50%
108
49%
*106
50%
52
19%
♦18%
19
*29%
31%
*122
Inc
No par
No par
Corp No par
3,000
Loft
Lone Star Cement
3,500
Long Bell Lumber A—No par
Loose-Wiles Biscuit
25
Inc
100
10
100
1
"9"
7
15
7%
13
♦384
32%
♦23%
2
28
8%
17%
4%
32%
17%
24
*3%
*32
23?
4
32%
24
40%
40%
*40
*5%
534
*2034
534
22%
5%
22%
89"
89
♦1234
9%
80
♦
9%
90
12%
1278
♦7178
90
9%
9%
80
Bid and asked prices; no
Feb
3
167
Jan 10
17
22%
34%
16%
44%
Feb
18%
33
Feb
3
1%
31%
3%
17%
103%
Jan
3
1% Jan 17
1
Jan 27
39% Feb 21
32
Oct
2%
17%
Dec
Jan 28
Feb
Jan
15% Feb
30% Feb 10
121% Jan 14
28%
1,900
9
♦11%
13%
*12
7%
♦6%
%
%
*4
5
*9%
*1%
*27%
10%
9
2
28
*%
*4%
*10
*1%
*27%
7%
15
*13%
7%
7%
13%
*12
12%
2%
1%
6%
*1%
28
*27%
9%
19%
*3%
4
33
34
33%
33%
24%
25
25
25
165
165
165
6
♦90
12%
9%
•71%
42
300
900
25%
25%
*5%
6
24
*20
90
12%
12%
12%
*9
*71%
9%
80
*90
40
42%
800
6
-
-
200
•
98
12%
9
9
J In receivership,
100
24
»
12%
*71%
1,100
164%
*23%
90
gales on this day.
4
34
*23%
98
9%
4
42%
*5%
*20
80
Jan
8
3
Jan
5
25
Maracaibo Oil Exploration.. 1
Marine Midland Corp
5
Market Street Ry
100
10
Jan
3
preferred
preferred
6% 2d preferred
6% prior
60
1,000
2,600
Marshall Field &
1% Jan 3
5% Feb 11
6
3% Feb
—100
100
-.100
7
7
Jan 28
1% Jan
8
26% Feb 8
7% Jan 26
15% Feb 4
1
Co.—No par
L.) Co
1
Martin-Parry Corp
No par
No par
Mathleson Alkali Wks.No par
7% preferred
100
Jan
%
Martin (Glenn
Jan
3
Feb
3
22% Jan
4
2%
29
Masonite Corp
157
Jan
7
Jan 21
24% Jan 12
32% Jan 12
13% Feb 10
30% Jan 11
3
Jan 13
Jan 26
9
9
Jan 24
Jan 10
20% Jan 13
17%
Dec
25
Dec
8%
Oct
18%
Oct
Oct
1
Oct
Dec
6
Dec
10
Oct
5%
1% Jan 31
6% Jan 13
84
Oct
Oct
Dec
3
Oct
684
1%
Dec
Oct
11% Jan 12
1% Jan 13
Jan 14
24
9% Jan 12
Jan 3
10
29
21%
4%
37%
25%
165
Jan 24
7%
I84
Dec
Deo
Oct
Oct
Jan 10
20
Oct
Jan 13
22
Dec
Feb 23
142
8
25
pref..—No par
McCall Corp
No par
McCrory Stores Corp
1
4
91% Feb 10
12% Feb
4
16
Jan 18
7% Jan
8
10
Jan 11
100
74
3
79
Jan 18
3
Oct
5%
7% Jan 11
Jan
Jan 10
May
Deo
Oct
20% Dec
3384
4%
35
$6 1st cum.
Cash sale,
Oct
Oct
Feb
r
13%
26% Oct
123% Nov
Oct
80
New stock,
Oct
1%
22
n
Dec
14% Oct
48% Nov
9%
42% Jan 15
6% Jan 12
Def. delivery,
15%
125
12% Jan 13
2% Jan 11
3
preferred
Oct
Oct
4%
Jan
6% conv
101
Jan 13
9
6
34% Jan
Department Stores—10
Maytag Co
No par
$3 preferred w w
No par
$3 preferred ex-warr. No par
May
80
a
6%
Marlln-Rockwell Corp
4,200
11,800
34
*160
7% Jan 10
Feb
6%
28%
8%
18%
100
100
7
Bros
31
June
6
12
2
9%
23%
50
7
No par
""190
2
19%
41%
""900
3
t Manhattan Ry 7% guar. 100
Modified 5% guar......100
Mandel
6%
11
8%
41%
1%
*%
*4
1% Jan
Manhattan Shirt
3,600
10%
18%
41%
*5%
22%
6
10%
9%
3%
"166
120
*7
18%
3%
173s
Pref ctfs of deposit
21% Jan 12
126
99% Nov
1%
J Manatl Sugar
100
Certificates of deposit--.100
2%
15
Jan 18
Nashville..—100
--1
10
4
*7
Jan 12
Feb
3
*6%
21
17% Jan 13
56% Jan 10
3
*13%
Feb 23
106
4
Jan
7%
4%
44
800
Dec
5
Jan 25
No par
43%
4
Jan 14
preferred
Oct
Oct
14
Jan
18
Steel
Oct
Nov
Feb
Jan
7
62% Jan 12
106% Jan 14
Oct
May
105
134%
Ludlum
15%
40% Jan 17
20
Jan 12
Jan
Louisville &
83%
151
34% Jan 12
10% Jan
23% Jan
15
5
Oct
3
18
*7
Jan
Feb 25
33% Dec
Jan 31
26
15
102% Jan 11
Jan 22
16
No par
*20
*20
*20
90
100
165
No par
Gard.-No par
Magma Copper
10
165
*160
*160
88
Deo
Madison Square
1%
5
9%
8%
Oct
82
Macy (R H) Co Inc
5%
17%
23
Jan 10
Mack Trucks Inc
2%
*27
27% Feb 25
4
3,200
6
8%
4
Feb
2,900
2
28%
5
13%
5%
8%
Jan 10
32
2
♦17
9
22%
6
♦27
Oct
4
13%
2
*1%
Oct
31%
5%
2
8
23
Jan 11
22
2
*%
Jan 14
Feb
Mac Andrews & Forbes
4% Oct
% Dec
2% Dec
22% Dec
11
13%
"Y
5% Jan 13
28% Jan 12
42
32%
*6%
6% Feb 25
1% Jan 12
Oct
27% Jan 17
22
9
»
Dec
9%
3
13%
*6%
Dec
Feb
Feb
6%
9
Oct
97
102
Jan
5
32
*
5
14
6
16
5%
126
*1%
8
15% Jan 12
19% Jan 12
15%
129%
900
2%
Dec
LouisvUle Gas & El A ..No par
2,700
*1%
10%
200
19%
2%
Oct
12% Jan 10
Oct
4
21%
*1%
Oct
230
3,400
31%
28%
6
8
preferred
Lor Ward (P) Co
7% preferred..
10
51%
28%
Dec
3
13%
28%
14
Feb
22%
32%
*28%
Dec
17% Jan 17
18
Jan 12
30
Jan 12
4
Feb
28
f"
Dec
22
31% Feb
7% Jan
25% Jan
No par
$6.50 preferred
15%
Jan 12
8% Jan
—No par
Belt Co
Link
4,100
19
51
*122
25
100
Loew's
800
5
% Jan 31
3
3% Jan
Lily Tulip Cup Corp...No par
Lima Locomotive Wks.No par
100
*29%
126
4% Jan
Tobacco..25
Preferred
8,900
1%
1%
1%
39%
39%
4%
4%
4%
19
*18
*18
18%
18%
104% *103% 106
*103% 104%
16%
16%
16%
16%
16%
130
130
131% 131% 131%
18
16% *16%
*16%
17%
4
22%
50%
39%
Jan
95
Liquid Carbonic Corp..No par
108
4
22%
2,000
1%
33
300
Feb
5
11% Jan 4
14% Jan 31
5
No par
Series B.
Dec
28
3
Oct
Dec
11
Jan
10% Feb
1%
20
Jan
14% Jan
Oct
3
Feb
5
15% Jan
Lerner Stores Corp
,
Jan 17
2% Jan 10
15
24
Jan
No par
50
1
Liggett & Myers
7
16% Jan 12
18% Jan 18
6
Jan 12
12
6% conv preferred
Lehman Corp (The)
Lehn & Fink Prod Corp
Lehigh Valley Coal
17
*4%
126
Lehigh Valley RR
100
1%
39%
51
1,300
91
*106
Feb
1% Feb 11
12% Jan
Llbbey Owens Ford Gl.No par
166
92
6
934
22
7% Jan
19
Libby McNeill & Llbby No par
Life Savers Corp
5
91
*90
100
50
preferred
conv
7,400
94
93%
165% 165% *165
*92%
2
*4
3
28% Nov
5% Oct
17% Dec
5
900
*34%
578
1%
43% Jan 10
9% Jan 12
No par
Bryant
4%
%
%
*3%
2
5
4
4
Lehigh Portland Cement--.25
--
6%
6%
%
3%
6
10
32% Feb
*18%
18%
2%
*%
Oct
Dec
800
*578
♦934
♦1%
4
80
*.""966
*2
*4
6% Jan 10
Jan 14
14%
Preferred
♦14%
7
87
21%
31%
13%
"2%
♦1%
32%
42%
17%
51%
108
38%
130
9% Jan 10
6
18%
Lee Rubber & Tire....
Oct
Jan
6% Jan 31
4% Jan 3
♦4%
1434
-
25
Oct
80
Lambert Co (The).....No par
Lane
Oct
Nov
6
6
Dec
80
800
14%
5
Nov
11%
*4%
14%
15%
13
11%
6
64% Nov
115% Apr
Jan 12
11%
11%
Jan 28
14%
Feb 17
preferred
5%
Jan 10
19% Jan 10
Mar
18% Jan 12
Feb 17
100
78
118%
Dec
65% Nov
120
12% Feb 15
19
6%
Jan 10
15% Feb 19
3
12
2,800
18
86
124% Jan 10
15
Feb
100
15%
*5
20
Jan
14%
16
6
Laclede Gas Lt Co St Louis 100
27%
15%
48
50%
984 Feb 25
20
Jan
3
6% Jan
170
11%
26
8
770
23
3%
Feb
24%
16
23
34%
49
16
16
*12%
6%
%
Jan 24
22
16%
%
3%
Jan 26
1,700
24
*10034
6%
6%
%
%
3%
3%
27
26%
Doc
1534
16%
15%
«...
8%
27%
15%
*100%
13% Jan 12
Jan 11
75
*15%
27%
18
3
*25%
*15%
48
*25%
15%
16%
23%
14%
18%
Oct
Jan
..No par
1
$8 preferred
No par
$5 prior pref erred... No par
Kresge (8 S) Co
10
Kresge Dept Stores
No par
Kress (8 H) & Co
No par
Kroger Grocery & Bak.No par
*5%
*25%
6%
*734
*16%
No par
Kennecott Copper
18
40%
6%
62% Feb 16
1
B
Kendall Co $6 pt pf A ..No par
39*700
Feb 25
118% Jan 28
preferred
100
Kaufmann Dept Stores.$12.50
Kayser (J) & Co
5
Keith-AIbee-Orpheum pf..l00
Kelsey Hayes Wh'l conv cl A.l
17%
33%
*106
66%
4%
Class
8
Feb 10
122
100
*5
8%
17
Southern
Kansas City
15
33l2
*26
Kan City P & L pf ser B No par
Closed—
*8
3312
Jones & Laughlin St'l pref. 100
Washing¬
"6h
25
100
15
18%
25
..No par
Preferred
1,800
4
Oct
8ept
*15%
18%
25
""600
5%
Feb
49
26
*10034
9%
*23i4
8%
85
4
xll6
*15%
14
34
85
98
Feb 25
4
Kinney (G R) Co
*4%
6
♦74%
8
Jan -8
Kimberly-Clark
6
3%
98
Oct
4
117
Keystone Steel & W Co No par
14
78
*74%
*8%
5%
Oct
Feb
116% Jan 19
46% Jan 28
No par
200
13%
334
9%
Oct
65
Dec
600
*4%
6%
100
40%
I'2
Oct
68% Jan 25
Nov
400
6
♦34
500
13
39%
Jan 27
16
9
8
1334
18%
♦3%
24%
16
13
*82
62
Oct
Jan 17
70
22%
2%
11%
*578
16
13
5%
20
20%
*134
11%
18%
100
16
8%
3
Jan 18
2%
11%
~
1,200
16
8%
5%
Jan
Dec
19%
30
Jan 15
2
2
Exchange
12%
*18
5%
16
34
12
8
*11%
*10034
8%
22% Feb 17
35% Jan 24
24
*2134
1334
*4%
13
31%
6
4
8
20
♦13
10
9%
*82
16%
48% Jan 21
6
Jan
Jan
21%
1678
15%
-«•'*«*
21
8
Jan
Kalamazoo Stove & Furn.._10
9%
*20
Jan
Feb 21
8
20%
2778
15%
9%
21%
38%
20
20%
1
preferred
Jobns-Manvllle
200
17%
*118%
«...
39% Jan 12
6
Jan 21
10%
21%
*134
*19%
15%
*12i2
$6
650
68
3
3
63
X3934
27%
15%
14%
23%
♦2478
*17
27% Feb
3% Jan
127% May
6% Doc
8% Sept
4% Sept
29% Doc
2% Oct
4% Sept
par
22%
1778
6%
66
17%
9% Jan 12
1
No
Corp
41%
8%
8%
♦2134
26
15
124% 124%
66%
4
100
Preferred
...
*12%
85
40%
Stock
22%
♦2034
178
♦15i2
*14i4
1778
9%
*18
98
*82
98
8
53
♦734
*15%
*12%
♦74%
8%
*5%
13
*16%
*118%
9%
20
20
16%
8
66
17%
9%
20
*1534
*12%
*7434
16
*18%
124% 124%
67
♦118%
9
10%
*117%
*
124
65%
118% 118%
9
~
82
♦17
17%
11%
51%
124
*123% 124
6534
1734
119
8%
19%
85
♦82
♦117%
5034
*123% 124
6534
11%
*11734
♦11734
*49%
76%
11
6% Feb
Interstate Dept Stores.No par
11
64
*10i2
*10%
Jan 19
132
Jan 11
4%
No par
preferred
5%
*41
♦21
20%
Jan
No par
C
5% conv pref
22
33%
Feb
3
15
Internat Rys of Cent Am.. 100
42%
33%
4%
No par
Voting trust ctfs
*19%
Jan
43% Jan
33%
20
3
Aug
Int Nickel of Canada..No par
4%
33%
7% Jan 12
Jan
120
162
66,400
10%
32%
33%
Nov
Jan
4%
*18%
138
Apr
3234
20
1
Feb
Apr
Apr
18%
*4i8
♦33
53% Nov
Jan 11
70
150
9%
63%
189
16%
313s
42%
Oct
127% Nov
15%
434
*21
18%
Jan 17
Oct
Corp
Class B
2012
33%
11% Mar
28% Mar
Oct
Oct
734
41%
20*2
Oct
Oct
Mining
Class
♦40
Oec
2
1%
7%
*4%
2%
6
6
313s
31
111% July
11% Jan 21
52%
-
Dec
3
25
210%
8%
92
154% Jan 21
55% Feb
142% Jan
Int Mercantile Marlne.No par
8
Jan
6
Jan
7% Jan
Int Hydro-EIec Sys ci A
Internat
135% *129
Jan
Apr
1
5,200
2,000
51%
10-%
52
6
13%
64%
29
Jan
140
Oct
1%
July
4% Jan 12
13% Jan 12
3% Jan 17
Feb
Int Business Machines.No par
3%
143
131% Mar
33% Feb
Oct
3
3%
2% Jan
Oct
Oct
95
9
6%
Feb
20
9
No par
58% Nov
144
4% Jan 19
6% Jan 13
Jan 12
25
83% Feb
par
5%
78% Jan 12
15% Jan 11
Jan 26
17
No par
Rubber
Iron
Agricultural..No
Internat
3,500
534
4
10%
Intercont'l
6%
4%
5%
4
10%
100
preferred
6%
152
3%
50%
No par
Prior preferred
13,600
68
*148
5%
50%
1,600
600
70
4
10%
Interchemlcal Corp
26%
151
152
5%
«.
9%
3%
Jan
138
Feb
61
Inspiration Cons Copper.__20
90
8% Jan 10
8
135
t Interboro Rap Transit--.100
83%
Jan
100
Steel
Insuranshares Ctfs Inc
10%
7%
6% Feb
No par
preferred
Inland
900
152
8%
47%
1,200
150
♦129
Jan
Dec
1,900
*84
share
22%
15
434
434
per
Oct
Jan 18
23%
4
5%
8*8
21,900
share $
per
22
23
4%
4
♦126
14%
$
3
6%
2.600
share
per
16
138
74
Lowest
Highest
$
share
per
10
No par
4%
4934
♦126
79
73
$
Industrial Rayon
Indian Refining
23%
26
69
72%
500
79
*136
79%
138
2,300
4%
4%
11%
♦148
72%
13%
400
8
484
23%
84%
150
79%
Par
Shares
21%
100-Share Lots
Lowest
Week
25
$ per share
*7%
21%
8
21
On Basis of
4%
4%
11%
3%
*24
Feb.
24
EXCHANGE
4%
24
84%
11%
3%
21
*136
14%
4%
4%
4%
23%
84%
4%
27%
65%
*7%
21%
77%
*136
69%
151
150
65%
Feb.
$ per share
8
♦7%
7%
21%
67%
64%
23
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
$ per share
77%
11%
*3%
Feb.
$ per share
138
68%
*4
4
4
*22
21
NOT PER
SHARE,
Wednesday
Tuesday
$ per share
*136
*68
SALE PRICES—PER
HIGH
Monday
Sales
for
AND
LOW
Saturday
1359
New York Stock Record—Continued—Page 6
146
x
Feb
Ex-dlv.
y
Ex-rlghts.
June
75
Nov
11%
7«4
266
Dec
Oct
Oct
^ Called for redemption.
New York Stock Record—Continued—Page 7
1360
LOW
AND
SALE PRICES—PER
HIGH
SHARE.
NOT PER
CENT
STOCKS
Sales
Feb.
Feb.
19
21
Feb.
$ per share
% per share
12
12
13
*8%
42%
20%
42%
oo
22
Wednesday
,
•
Eeb. 23
f per share
% vet share
13
13
♦8%
9%
Tuesday
42
9i2
417«
*6%
20%
7%
21
7
7
35
7%
35
4114
21%
7%
34%
*6%
34%
7%
35%
7U
41
7%
*80
•80
94
*12%
13%
13%
21%
*80
94
13%
13%
•60%
65
*60%
54
*53
54
43
43
♦00
65
•63
13%
9l2
9%
45%
54
45%
5i8
19%
*16%
39%
225s
7%
35%
7%
94
1378
53
*%
1
1
1
*%
♦1
7%
54%
*%
53
*%
%
♦%
*105%
*105% 114
7
7%
7
%
1
*%
1%
7
*80
94
1334
14
05
"2" 300
7,500
1912
2578
2578
19%
25%
20
26%
3,600
2,000
Midland Steel Prod
95
94
94
80
8% cum 1st pref
*93
95
*93
95
90
I12
1
1
3
9
9
8%
9%
1%
1%
1%
9%
1%
17
*1534
2
2%
15%
90%
87%
89%
•111
113%
113% ♦111
30%
34%
34%
34%
•20
*26
29%
29%
35
35
35% 35%
%
%
%
%
17%
18
17%
*0
%
18
17%
18
I7h
•0%
6%
12%
0%
60
♦54
*14
6%
50
14
14%
*49
50
49%
*54
14%
50
51
*102% 102% ♦102% 102%
0%
0%
*42
0%
•42
40
9%
9%
15%
10%
8%
*14%
10%
8
19
9%
•12%
11
8%
19
19
•151% 165
0%
6%
40
9%
9%
,
8%
19%
Stock
15%
*15
10
*77
81
♦77
80%
*40%
17%
45
♦40%
17%
45
17%
14%
14%
14%
111
*108
111
*108
109
109
0%
6%
7
7
4%
4%
4%
22%
22%
22%
22%
7%
*10%
7%
7%
22%
23
22%
♦158
«...
—
132% 132%
21
0%
*%
*131
21%
6%
*%
*%
54%
19%
24%
6%
♦%
54%
%
%
54%
19%
18
ton's
12U
1734
12%
6%
70
1,500
154
10
*77
81
17%
45
17%
14%
15%
17%
147g
14%
45
15%
81
17%
15
112
10
109
109
80
7%
23%
Birthday
22%
47g
*6%
*4%
22%
*4%
223s
2258
22%
7
4%
22%
1714
19
19
19
20
714
23%
7%
24%
7%
23%
24%
78s
758
2334
243s
•158
132%
21%
6%
%
%
55%
21%
*131
22l2
6%
♦14
♦%
50
*158
13234
23
7U
%
%
5714
24
25
73
*71
73
75
*60
75
♦69%
3%
75
75
75
3%
9%
*384
914
378
914
*158
7%
27
20i8
85
4,400
29,400
2,800
23
*2H2
23
22%
*21
23
*70
80
*70
80
*70
80
*70
*38%
♦38%
45
•383s
45
*38%
42
*38%
110
105
105
105
100
*105
*9
18%
110
*50
50
95
"
*
108
1%
*183
187
4"
9l8
93g
*50
9
*34
*183
50
52
95
*
*11—
*85
95
108
*95
107l2
U8
187
♦105i2 108% *105l2 10812
I8I4
18i2
18U 19%
*50
62
834
61
85s
51
*90
93i2
*90
884
9312
•88i2
II84
♦2914
8934
*88%
8934
1178
30
23s
1178
♦2914
214
30
*2
*1014
2178
17
17
13
1314
295s
1112
A
8i2
29
*1078
9434
*0i4
*2084
•12284
912
12%
23g
13%
1358
29%
31%
11%
11%
9434
9484
95*2
7
*6%
7
21l2
21i2 21l2
125
♦12234 125
9%
9i2
10
52
*84
180
180
*10512 108i2
193s
195s
6H2
52
85s
93s
*90
9214
*8814
12i8
*2914
*2i2
*17i2
8984
1278
30
25
217
133s
*9434
*014
2U2
125
10
14
98
7
22
125
10'4
60
•40
50
*45
50
*4012
*13i2
*42i2
1412
*13i2
*42l2
1412
40
*14
1412
40
*43
40
*115
*115
65i2
878
*414
17
50
9
478
17
*7U
*12i2
♦
778
1312
5034
....
57%
*115
57%
9
9
9
*45s
175s
*712
*1258
4?8
175s
4%
17%
778
1312
*12%
7%
19%
10
120
8I4
52
52
12%
*29%
*2%
*17%
13%
31%
11%
89%
12%
30
2%
19
13%
32
11%
*94% 100
7
*6%
x2134
X125
10%
50
14%
*43
22
5734
9%
4%
17%
7%
13%
*58
61
56%
9
4%
17%
7%
*12%
51
52
*88
Natomas
Co..
conv
Oct
106%
104%
5%
Dec
Oct
24*
4
Oct
10
Jan
17
Oct
35
Mar
38
Mar
4
May
Mar
17%
4%
Dec
9
Oct
18i
Apr
7
18
Oct
44
Mar
Jan 20
153
Oct
171
Jan
127
July
150
7
130
1078 Jan 2 6
24
4
112
25'
130% Feb
Feb
26% Feb
112% Mar
Feb
159
4
Oct
7% Feb
29% Jan
20
3
6% Feb
2
7% Jan 11
5% Feb 1
23% Feb 17
Feb
158
4
Jan 11
8% Jan 12
16%
5
7
Dec
Oct
% Sept
% Sept
Jan
Jan
61%
14%
Jan
2%
Jan
1
Jan
Jan
62%
Jan 12
55
14% Feb
23
Feb 25
Dec
99% Aug
26% Nov
21
50
Oct
23%
Jan
22% Dec
63
Jan 11
70
Feb 11
62
Dec
87
par
35
Feb
5
40
Jan 14
32
Dec
6434 Mar
100
No
100
99% Nov
New York
Jan
3
100
Jan 18
9% Feb
8
12
Jan 10
12% Jan
3
19% Jan 15
10%
39
29
5%
preferred
13%
20
81,400
217g
14
4
3
Jan
7
15
100
preferred
100
No par
Jan 26
60
No par
85% Feb 24
Jan
100
4
Jan
3
100
180
Feb
5
100
105
Jan 29
100
%
6% preferred
North Amer Aviation
72
Mar
100
Jan
Oct
2%
Oct
6
Oct
110
Oct
55% Mar
31% Mar
12% Jan
25% Jan
135
Jan
Oct
2
Jan
Jan 18
54%
Dec
97
Feb
61
2% Jan 10
6% Jan 10
2
Oct
4%
Oct
1% Jan 15
1
Oct
10%
Jan 24
3
Oct
62
Jan 10
30
9% Mar
26%
Oct
Feb
6% Feb
19% Feb
76% Jan
10234 May
112% May
4% Mar
Jan 13
180
Oct
272
106% Jan 17
102
Apr
114
88% Jan
100
Jan
63% June
73
1% Jan 11
198
Oct
5
4
4
22
Jan
3
7% Feb
,1
Oct
%
50
50
Octl
14
% Jan 10
10% Feb
No par
15%
30% Nov
4
54% Jan 13
10% Jan 10
2
99
Jan 12
June
%
14% Oct
48% June
3
Oct
Jan
Jan
34%
Jan
57%
Feb
17%
Jan
Jan 13
93
Oct
104%
Jan
Jan 25'
93% Jan 13
91
O t
105
Jan
24,300
3
Northwestern Telegraph
60
Norwalk Tire A Rubber No par
Preferred
50
28
13% Jan 12
31% Jan 21
30
Ohio Oil
400
50
23,500
1,700
30
4,700
Co
Oliver Farm Equip
300
100
1,300
70
80
100
1478
Jan 10
9
3
Feb 23
24
Nov
3
327g
12%
Jan 14
95%
Feb 21
7%
Jan 21
5%
Oct
19% Mar
247g Jan 11
127% Jan 21
20%
Oct
45%
122
No par
Coast
New stock,
4
Jan 13
Jan 13
12
Jan 12
6%
90
125
6%
Oct
Nov
Nov
Oct
114
140
Jan
Feb
Jan
Feb
24% Mar
8
56
Jan 11
48
Dec
97
Feb
4
16
Jan 10
12%
Dec
28
Jan 26
50
Jan 12
44
Dec
75
Jan
May
115
June
127g
42%
48%
5
Jan 24
8% Feb 16
Jan 28
10
4
13
Jan
6
Jan
Cash sale,
15
Dec
114
5
No par
r
1%
45% Feb
par
2d preferred
No par
Pacific Finance Corp (Cal).lO
n
Jan 14
Jan 12
100
1st. preferred
Def. delivery,
4
Jan 31
8% Feb
No par
Pacific Amer Fisheries Inc
Pacific
22% Apr
73
Apr
26% Feb
22
3
5% Feb
Owens-Illinois Glass Co.. 12.50
50
40
Oct
5
19%
$5.50 conv 1st pref..No
Outboard Marine A Mfg
Oct
Feb
17
No par
100
36% Mar
63% Jan
6% Mar
3
11% Jan
22% Feb
9% Jan
No par
—No par
preferred
Steel
Oct
3
Otis Elevator
6%
Oct
8
Jan
91
Otis
9%
Jan
1%
Omnibus Corp(The)vtc No par
Outlet Co
3,500
978 Jan
8% preferred A
100
Oppenhelm Coll & Co..No par
180
4,700
5
a
7
% Jan 5
7% Feb 25
Feb
Feb
"
13
4% Feb
Jan
98%
88
9%
7%
7
Mar
41%
92
16%
7%
13
Feb
100
Preferred
«%
*4%
10%
2
Corp part stk..l
North American Co
*115
56
Jan 10
Feb 23
Jan
37
Oct
Northern Central Ry Co...50
Northern Pacific
100
46
55
60
115
109
No Amer Edison $6 pf.No par
7
*6%
217g
3s
Feb
200
11,000
31% 32%
11%
11%
*95% 100
15
4
26% Feb 17
4% Jan 11
10% Jan 11
7% Feb
Adjust 4% pref
19,600
3
112% Jan
X Norfolk Southern
Norfolk & Western..
300
30
2%
7%
Jan
50
N Y Steam $6 pref
$7 pref series A
30
38% Jan 12
3% Feb
t N Y Ontario A Western..100
N Y Sbipbldg
197g Jan 12
22%
4
20
Feb
Sept
Nov
13% Jan 21
Jan 10
Oct
Nov
15% Jan 28
No par
$ N Y N H A Hartford
Conv preferred
Jan 10
9
23% Feb
N Y Lack & West Ry Co.-lOO
100
Jan 28
No par
N Y A Harlem
1,000
400
29
No par
$ N Y Investors Inc
6%
1
...No par
Dock
7
100
New York Central
69,100
Oct
12%
13%
57%
....No par
1
N Y Air Brake
Jan
3% Jan
8% Jan
19% Feb
serial pref.—100
6% pref series A
X New Orl Tex A Mex
Newport Industries...
28,3o6
89%
12%
*29%
2%
*17%
13%
j In receivership,
Oct
12
17
No par
Neisner Bros Inc
80
*43
8
Oct
13
Oct
5,300
*14
13
39
Jan
2,000
14%
17%
Jan 11
18% Jan 10
15% Jan 12
Jan
Dec
8%
50
57%
9%
4?g
43
33%
103% Feb
57% Aug
38% Feb
3
2%
5%
1%
2%
5%
1%
734
46
10%
Aug
4% Jan 14
10% Jan 20
National Tea Co
40
22%
125
125%
10
10%
50%
50%
125
Dec
90
Dec
700
95
85% 85% *
*9514 108
*95% 108
*34
*34
1%
1%
185
♦1855s 188 *185
*105% 108% 105% 105%
19%
19%
19%
20%
*50
*50
52%
51%
9%
9%
9%
9%
92
92% *90
93%
*88
13
Jan 31
75
10
%
*115
Bid and asked prices; no sales on this day
*1
Jan
17% Jan 10
80
80%
900
5i8
1%
18% Jan
33% Mar
167
30
10%
9
Oct
Dec
May
Dec
370
5i8
6%
17
145
Dec
4
*1
5
Dec
4
1%
884
6
Jan 11
5% Jan 28
20% Feb 3
NYC Omnibus Corp.-No per
*1
Jan
Jan 21
Feb
75
2,500
2%
534
1%
8%
4
10%
20%
157
63%
25%
214
534
Jan 17
Jan
Mar
Feb 25
26
2l2
24
Feb 23
26
"2%
47% Mar
Oct
5% Jan
6% preferred series A... 100
63s
z24%
Oct
8
4% Jan 26
No par
N Y Chic A St Louis Co.—100
2%
Oct
10
Feb 23
2,100
*2%
*5%
5
15% Feb 18
13% Jan 11
4
Feb
Mar
75
4,400
59
71
39% Feb 4
1478 Jan 3
13% Jan 31
100
19
59
Oct
Dec
13% Feb
74
40
prior preferred
31
57%
214
3
44
27%
77%
preferred
18
61
7% Jan 17
47% Feb 24
12% Jan 10
Jan
Jan
400
18%
*115
Jan
3
Jan 26
Feb
40
37%
10
20%
Feb
Mar
05
11
17
120
90
108%
% Jan 12
Newberry Co (J J)
11
*%
36%
Apr
% Jan
4
1734
10
15% Aug
99% Mar
70
100
105
*115
Oct
Dec
Nov
9% Feb
150
Jan
Dec
60
% Feb 10
29%
24%
%
5714
23g
534
1%
4%
978
102
11'
18%
10i2
Mar
Jan 12
11% Jan 29
9% Feb 3
7% Feb 2
17% Jan 3
1
30
01
»
5
43%
10
18%
1734
2834
115
Feb
51
Jan 12
pai
1914
18*2
30i2
20i2
*38
20
8%
57
Feb
37
10
38%
Jan 10
Oct
Oct
104
3
37
115
12%
4
19% Feb
3912
12
Jan 10
Jan 11
No par
'
884
49% Feb
101
10
•30
*3s
Jan 29
11% Feb 10
No par
35%
*
Feb
21%
Jan 11
35%
h
3%
Feb
38
**
•
Jan
Dec
111%
*8%
1714
4%
Feb
3
% Jan
109
11
*4
Mar
66%
Jan 27
18i8
4
69
40
Jan 28
*0
4
Oct
Deo
3
3
Jan
Dec
107%
17
20
Oct
21
106
17
1834
105
Mar
Aug
30
100
11
I8I4
17i2
2712
Sept
Nov
60
*7%
16%
17% 175s
1714
I8I4
17
17
*1534 10S4
*26% 27
27U 27l2
25% 20
253s
20
4
*314
3i2
4
*8%
914
9%
984
*11312 115
*11312 115
109
Oct
12% Dec
*71
7% Jan 15
04% Jan 13
14% Feb 23
16%
•34%
Mar
Mar
Mar
36%
%
% Feb 11
$2
42
*105
Apr
9%
34%
6%
12%
40%
107%
6%
80
45
11
37% Feb 23
30% Jan 17
39% Jan 13
34
Oct
Oct
Dec
5^% prior preferred... 100
2,800
*22
80
110
Jan 26
Dec
17%
20%
9%
9%
23
*70
*7%
16%
8
Jan 11
5% 2d preferred
100
National Steel Corp
25
National Supply (The) Pa..10
1,000
*20
*105
Jan
91% Feb 25
113
Oct
Jan 13
Nat Rys of Mex 1st 4% pf.10
"3%
3%
22%
Dec
Dec
Jan 12
300
27%
*73
*70
378
914
4,400
Dec
%
%
4
100
Nat Mall & St'l Cast Co No par
National Power A Light No par
"""166
50
Jan 11
100
27
82
*70
40
Jan 12
% Jan 10
100
7% preferred A
6% preferred B
3,200
60
4% Jan
50
100
Nat Gypsum Co
National Lead
162
Mar
16% Mar
108
Aug
2% Jan
6% Mar
6% Jan
15% Dec
100
Nat Enam A Stamplng.No
9,300
8,000
Mar
124
Oct
98%
4%
14
—.10
Nat Distillers Prod
6,400
600
I3284 13234 ♦131
13234
22
22% 227g
22%
7
7%
7%
7%
*14
%
%
*%
%
*i8
%
%
57
575g
57%
58%
21l2 22%
21% 23
*75
200
120
Oct
105% Jan 27
7% Jan 12
21% Jan 10
No par
pref
7% pref class A
7% pref class B
Nat Dept Stores
0% preferred
800
Nov
4
Nat Bond A ^hare Corp No par
Nat Cash Register
No par
Nat Dairy Products...No par
2,000
6,400
Oct"
53
Jan 10
3
1
5% pref series A w w
45
Jan
Jan
91
65
15% Feb
Nat Bond & Invest Co-No par
100
22
106
94% Jan2tf
1
par
Acme
cum
Oct
% Jan
15% Jan
10% Jan
conv
7%
35% Mar
48% Mar
Oct
Nov
5
Corp..No
Nat Aviation Corp
National Biscuit
200
*108
7
7
2,900
9,400
109
7
4
Jan
Jan 31
National
111
7
Feb
Nashv Chatt A St Louis..100
109
4%
29%
31
Jan
15
Jan 12
25
41
14
17
5
47% Mar
87
Jan 28
Jan
Feb
72% Mar
26% Feb
Feb 16
50
$7
Dec
5%
1%
1%
par
No
50
111
7
111
14
101
33% Nov
4% Oct
Jan 10
77% Jan 29
Oct
Dec
2
Feb
13
No par
2,000
109
4%
preferred
3
16%
Jan 12
Jan
10
Chemical Co
66% Dec
1%
1%
17%
3%
11%
2%
3%
20
7,000
154
15%
*77%
*42%
17%
81
n
100
Jan 11
22% Jan 11
27% Jan 12
101% Jan 12
2
Jan
Feb 16
Munslngwear Inc
200
111
23%
*08%
9%
*1514
*7714
*42l2
1712
1434
884
19%
*152
154
14
...100
preferred...No par
No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America.—10
Myers (F A E) Bros—No par
Nash-Kelvlnator Corp..
5
*108
22l2
20l2
77i2
3%
9%
814
19%
*152
i*
1
034
Jan 31
% Feb
Feb
Mullins Mfg Co class B
10
10
3
2% Jan
1,000
15%
11%
834
1934
4
No par
Mueller Brass Co
1,200
934
Jan
5% Feb
No par
Motor. Wheel
5034
5
94% Jan 26'
46% Jan 28
100
100
6%
♦13%
10%
93 J Feb
Morrell (J) A Co
Morris A Essex
800
IO284
10
17% Jan 29
20% Jan 4
pf-100)
2,200
50
15%
11%
8%
1958
117g
Motor Products
51
11
3
2,900
51
*1314
1
3
7%
Mother Lode Coalltlon.No par
10234 10234 *102
11%
8%
19%
Feb
3
Montg Ward & Co Inc No par
300
978
15%
Jan
16%
Jan 28
Jan
2,800
52
93% Aug
86
Feb
Monsanto
150
14%
034
Dec
Dec
Feb
Carpet Mills
Jan
50
15
X Missouri Pacific
5% conv preferred
19
112% Jan
34®4 Apr
37%
35
Mohawk
38,266
60
*45
Dec
5
$4.50
*13%
034
Dec
10
Jan 25
Preferred series A......100
5,000
*49
47%
78%
Jan 12
Jan 13
Mo-Kan-Texas RR
600
14%
034
4712
978
Feb 17
15
Jan 19
60
54
6%
82
10% Mar
47% Jan
72
7% preferred
4% leased line ctfs
Mission Corp
2,600
Oct
01
$0.50 conv preferred.No par
100
700
6
z48
Minn St Paul A S S M
I4I4
46
Jan 15
5
12%
18%
6%
Oct
Dec
5
102
54
2184
25l2
*3%
9%
0%
5%
28%
4
4% conv pref series B...100
Minn Moline Pow Imp! No par
2,500
5,200
Dec
Jan 10
Sept
Jan 27
3,000
70
Oct
Jan
4
Mid-Continent Petroleum-.10
400
30%
18%
28% Jan
42% Jan
42% Mar
50
"7" 100
14%
51%
11%
8%
19%
154
03g
Jan 12
21
Dec
Feb 23
67g Jan 11
22% Jan 12
16% Jan 13
43% Jan 17
18
18
1
share
per
Dec
7%
11
40% Feb
Minn-Honeywell Regu.No par
57
17
17
*158
21%
17%
12%
18%
18%
12%
1734
Feb
Mesta Machine Co
400
%
3
Jan 12
Merch & Min Trans Co.No par
109
Washing¬
*4%
17
18
14%
Closed—
109
•10%
%
*42%
Exchange
14%
*108
%
*15%
17%
10%
1%
2%
38
15
15
11%
*15
934
138
%
18%
102% 102%
46
*151% 154
3%
10%
1%
2%
21s
16
*1514
*15% 16%
90%
91%
X90%
91%
91%
91%
•111
113% *11114 113% ♦111% 113%
36%
37%
3014 37
36% 37%
*20% 29% *20
29% *26
29%
30
36
36
36
3512 35%
18%
12%
14
10
3%
9%
*1%
2%
1%
10
12%
*49
16
3%
2%
*15
15%
17%
12%
17%
•12
*1
3
Jan 15
Miami Copper
I12
1
4
17% Feb
5% conv 1st pref
MIlw El Ry A Lt 6%
01
61%
61%
01%
62
114
*10512 114
♦105% 114
7
7
7%
7%
7%
55
64%
5434
5434 *53
%
*38
*%
1
»34
*34
3
Jan
1
50
(The)
Co
Mengel
3
14%
10%
45%
26%
8%
35%
87g
Highest
$ per share I
05
100
4012
10%
1912
5
Jan
No par
Melville Shoe
4
11% Jan
No par
94
3%
10%
1%
2
05
10%
1
89
100
No par
$6 pref series A
No par
$5.50 pref ser B w w.No par
15%
41%
10%
2
*60
Jan 31
6% Feb 3
82
Feb 17
preferred
0% conv
Mead Corp
"MOO
10
3
15
14
41
10
2
94
13%
Year 1937
Lowest
f per share
19% Jan
6% Jan
1
*15
3
15
*80
share
30
5
Stores
McLellan
1,000
40
.10
10
16
*1%
7%
Range for Previous
Highest
8% Feb
No par
$3 conv preferred
40
3
*15%
7%
McKeeaport Tin Plate
McKesson A Robbins
600
*15
3
10
35
40i2
5
3
•15%
7%
35
1,000
00
53
7
714
1,220
•93
0%
35i8
5
97
♦49
22
7%
35i8
22%
60
*105% 114
Mclntyre Porcupine Mines. .6
22
59%
*
per
10
1
22i2
1578
9484
90%
5,100
5,000
4,100
$
McGraw-Hill Pub Co..No par
21i8
9434
60
MoGraw Elec Co new..
800
518
21
1678
2512
00
900
9%
42%
22%
7%
200
99
•
13%
9%
42%
2134
""166
105s
2014
2012
20
13%
934
42
2212
59
10%
20%
25%
*
13
9i2
41%
48
37%
19
13
*53
9%
18%
24%
*94
99
Par
.
.
*45%
37
24
Shares
50
978
18%
23%
per share
48
514
16%
•93
Lowest
Week
*4678
36%
10%
$
25
*53
9%
10%
3 per share
*00
•14%
36%
5
Feb.
54
20
19%
OA
24
Range Since Jan. 1
On Basis of 100-Share Lots
STOCK
EXCHANGE
the
Friday
45%
*18%
4%
s"'h
Feb.
05
*44%
*4%
*18%
*14%
*4%
Thursday
YORK
NEW
for
Monday
Saturday
Feb. 26,1938
11%
x
Jan
Ex-dlv.
4
3
4
y
51% Nov
11% Jan 17
6% Jan 11
z9%
Dec
23
2%
1778 Feb 23
8% Jan 21
7%
Oct
Oct
40
14% Jan 13
4
10%
Oct
Dec
Jan
103% Aug
66% Jan 12
Ex-rlghta.
Mar
15%
27%
32%
Jan
Feb
Mar
Feb
Jan
T Called for redemption
Volume
LOW
New York Stock Record—Continued—Page 8
146
HIGH
AND
SALE
PRICES—PER
Sales
NOT PER CENT
SHARE.
STOCKS
\tt?w
IN Hi W
fflT'
JUT
Monday
Feb.
26U
Feb.
19
$ per share
•38
Tuesday
Feb.
Saturday
26*2
$ per share
26
26*4
3884
3884
1484
1434
21
•14
4&8
•83s
*1*8
*8*8
*1*8
9*2
138
•48
51
•38*2
•89*2
934
94
89*4
10*8
*20
198s
2
578
55a
45*4
•584
11*2
5*2
45U
69
1134
2*4
23g
4*2
43g
*20
23
35
1978
20
47
7278
♦23a
1334
13
36
65*8
70
65
•50*2
3734
•2*2
383a
•28
35
7
♦5
•50*2
38*4
7
37s
*228g
23
♦46
♦2l2
•28*2
114
2334
♦26
33
♦112*4 114
32
32*2
32*4
5
*378
4*2
32
3384
4*2
♦3*4
1378
3584
30*2
•1212
1334
♦34
37
18
•153s
31*2
18
6
*5
638
65
4
♦51
65
*50*2
395s
•234
♦28*2
393s
4*4
9412
39*4
403g
58
6
•738
1,100
Penick & Ford
4134
Jan 28
47*2 Feb 25
37
2,300
Penney (J. S)
No par
Penn Coal & Coke Corp.—10
Penn-Dixle Cement
No par
62
Jan
3
7312 Feb 25
212 Jan 10
57*2 Nov
$7
15,500
mmmmmm
Penn G1 Sand Corp v t c No par
Pennsylvania RR...
30
100
People's G L & C (Chic)..100
112
6%
87
Jan
91
Jan
18
15
15
11
Oct
25
958
Oct
2158 Mar
3
Oct
13U
28*2
35*2
68
mmmmmm'
12
1,500
6*2
1,300
30,300
100
mmmmmm
6
•»
65
rnmmmm
mmmmmm
3934
39*8
Phelps-Dodge Corp
25
Philadelphia Co 6% pref
50
$6 preferred
No par
14,500
4
♦3
4
mmmmmm
•30
35
•30
35
mmmmmm
•61*2
5084
334
♦203s
Feb
18*4
Jan
76*2
Jan
4
Dec
14*4 Aug
4834 Dec
100*2 Aug
♦6
♦56*2
7*2
60
♦7
Exchange
59U
*638
73a
7
*684
7*2
6*2
6*2
35
35
♦6
7*2
60
59
mrnrnrn
200
200
♦173
•59
•173*2
7*2
12l2
♦30
35
♦7*4
73s
mmmmmm
60
65
•33
*84
♦8
v$
9
*93
658
♦61i2
51*2
358
20*2
18*2
*173
mmm
778
8
8
i'eoo
13U
13U
600
*33*4
39
38
38
37
37
100
22
19
19
20
20
20
13
ton's
39
13
734
1U
1*4
10*2
•84
10*2
13
♦34
39
39
Birthday
•84
♦9*4
♦178
2
2
88
*55
13
14
14
14
6»
193s
19
**2
68
19
19
1
3*2
93s
•10*4
1484
*10*4
1012
♦23s
•78
33s
284
11
103s
334
10
934
934
29
48
4784
♦11858 120
32
31*4
95
33
343a
9
9*8
15
*14*2
658
684
)
*6112
52
51*2
37s
334
21
20*2
18*2
9*8
15
mm
62l2
378
21
34
96
96
♦2U2
185s
26
*20
9*8
•14*4
634
*61*2
52
378
2334
193s
26
•24
26
♦334
*35*2
58
*64
1*8
884
67*2
378
58
1*2
13
*21
18
•248a
20U
27*2
25*4
*334
•35*2
*1*8
•7
*65
70
•6H4
14l8
63
63
65i2
*64
145s
147S
15l2
65l2
15
2la
1778
1434
2i2
183S
mmmmmm
120
......
10,200
29,800
200
2,000
200
27,100
mrnrnrn
378
19*4
26*8
20*4
27*2
25*4
3U
58
1*4
3~2o6
5,300
300
1,600
1«4 Jan 29
6
Jan 13
Jan
8
2U Jan 11
8
1U
Oct
Apr
812 Oct
*2 Oct
x97U
Feb
11
Pittsburgh & West Va
100
Pittston Co (The)
No par
3
U Jan 26
16U Feb 3
165j Jan 10
34 Jan 19
'
mmmm
m
"300
4
12
Jan 15
7
Oct
Porto Ric-Am Tob cl A.No par
758 Feb
2U Jan
2978 Apr
22*2 Aug
33U Feb
7
1*2
Oct
ll7s
»4 Feb
8
84
Jan
3U Feb
7U Feb
4
Oct
Oct
Oct
37s
{Postal Tel & Cable 7% pf.100
Pressed Steel Car Co Ino.-l
15U
31U
Jan
Feb
6
50
678 Feb
20i2 Feb
4558 Jan
4
38|
1U
45|
10U
10U
8Ht
605|
Jan 13
...No par
Oct
31
Feb
Oct
86
Feb
Pond
Creek Pocahon. .No par
No par
Poor & Co class B
Class B
5%
conv
1st pref
5% conv 2d pref
Procter & Gamble
13
Oct
Dec
Feb
4
9184 Feb
No par
8
Feb
4
108
5% pf (ser of Feb 1 '29).100
117
J—No par
30
105
Pub Serv Corp of N
19i2 Feb 25
22
17
10
15
17
11
11884 Feb 17
35U Jan 13
98U Jan 12
3
4
3
Jan 21
7»4
397g
♦65
8U
3934
40i2
56
66
66
•7
87s
67a
6*4
•10
11
11
19
•20
21*4
*1914
20*4
•2l8
37*4
Us
•2*4
11
20
2112
3
88I4
114
278
Bid and asked prices: no sales on this day,
*7
6»4
•IOI4
•181s
2H8
*2ig
3714
•Us
25g
912
67s
ll7s
193s
2H4
3
38i8
H4
25g
Jan
Jan
Jan
Jan
Jan
Jan
17
2
Feb
3
2i2
5U
5i2
20
43U Oct
114U Mar
303a Oct
•85U
8
395g
♦55i8
•7
6«4
82l2
17i8
20
1,200
92
8I4
4014
66i8
912
678
"2",000
6,600
10
5" 100
11
100
193g
198s
100
2078
•2l§
3684
21
*1014
212
1,100
3
377s
H4
284
a Def.
"7" 400
1,000
600
delivery,
1
Cash sale.
80
Jan
Oct
10U Apr
19*2 Dec
37*8 Aug
20
Dec
26
26
Dec
29i2 Dee
2U
Deo
18U Dec
47
Mar
30
Dec
49
Jan
23
Dec
4384
Jan
Oct
13U
Jan
83
Jan
Feb 18
11
Jan 10
7*2 Dec
30
984
11U
15U
67U
Jan 10
Jan 12
734
Dec
223g
984
Oct
35*2 Mar
Feb 25
Feb 24
8U
Oct
29*8 Mar
94U Jan
2U Jan
3
4
61
Jan 28
60
Jan
6
llSg Feb
4
4
6212
14i2
847s
6ia
Feb 24
39
Feb 16
Feb 7
Feb 18
Jan 4
51U Jan 31
6U Feb 3
58a Jan 8
19
Jan 19
10
Rhine Westphalia Elec & Pow.
Richfield Oil Corp
No par
Ritter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
Rutland RR 7% pref
100
St. Joseph Lead
10
jSt Lo uls-San Francisco—100
6% preferred
100
r
Dec
Jan
Jan 26
157a Feb
Common
New stock,
Nov
7
Rensselaer & Bar RR
n
115
1234 Mar
1
Jan
100
Feb
1878
44
Jan 13
Feb
23«4
Janj24
23»4 Jan 16
24is Jan 11
29U Jan 18
72i8 Feb
24U Feb
107
Oct
Feb 25
38ia Jan 13
81
3,700
Oct
63
100
7
7% preferred
.
100
53^ % preferred
100
Reynolds Metals Co—No par
53^% conv pref——100
Reynolds Spring
1
Reynolds (R J) Tob class B_10
500
15
584
Oct
Oct
Feb
Jan
140*8 Jan
162*8 Jan
113*8 Jan
27U Jan'25
4U Jan 10
41^ Jan.21
H2 Jan 3
Jan
35s Jan 17
Jan 29
64
1478
3,700
37,100
884
61
58s Jan 11
Jan
128*2
13U Dec
484 Oct
96U Dec
Jan 11
SOU Jan 16
Remington-Rand
Preferred with
85
Jan]24
Jan]14
Jan
5234
112*4
Oct
25i2
Jan 11
Jan 18
24
100
preferred
Janjl7
13*8
98U
10U
16U
7*4
Jan
118*2
Oct
117
Jan
65*2
Oct
91
103*2
367«
22
24
65
64
2l2
18i2
1st
6
18U Jan 3
2714 Feb 23
No par
Co
Feb
25
Jan
1
25
50
50
50
5
8
t In reoelverahlp.
\
Rels (Robt) &
—
14U Feb 16
578 Feb 3
60U Jan 31
44U Jan 28
3U Feb 16
195s Jan 28
Jan 28
83g
40i2
Preferred
3
Jan
17
92
4% 1st preferred
4% 2d preferred
Real Silk Hosiery...
8
50
16i2
6212
16i2
•85i4
17*2•85
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer—No par
$5 preferred B
.No par
$3.50 conv 1st pref..No par
{Radio-Keith-Orph
No par
Raybestos Manhattan. No par
Purity Bakeries
Jan
73s Jan
100
3
3
94
No par
(The)
preferred
65
62l2
70
6%
Co—100
Reo Motor Car
5
Republic Steel Corp.— No par
6% conv preferred
100
6% conv prior pref ser A-100
Revere Copper & Brass——5
Class A
10
90
♦
Pure Oil
2884 Feb
10U Feb
No par
Pullman Inc
warrants..25
2i8
1778
•6018
Jan
9
70
30
3
5
9
♦59
100
47U Mar
Jan
Rayonier Inc
$2 preferred
300
July
11
Reading
300
141
3
200
mmmmmmm
Jan
8U Feb
Jan
5
Plymouth Oil Co
♦60
*8112
•62l2
1
12
3
90
3778
Us
28
9
Feb 25
84 Feb
10
128a Jan
•8H2
Us
•25s
Jan
Dec
1
preferred
100
Pittsburgh United
25
Conv pref unstamped...100
13,200
90
3
84 Nov
Term Coal Corp
6%
1578
67*2
15
•8Ha
2014
Deo
4
3
90
♦2i8
Deo
5H 1st ser
45
4
♦8U4
1978
30
Dec
400
3484
36
122
Dec
30
Jan
*24
65s
Dec
23
Jan
Feb
34
638
32
Jan 10
45
8
*28
812
Jan 10
26l|
10
34
•65s
46
5
4
10
*29
66
Mar
8
Jan
Reliance Mfg Co..
35
*55
Mar
Feb
Reliable Stores Corp—No par
♦26
8
43
Feb
100
70
65
3978
Oct
19
200
67*4
65
8
8
33
500
67*4
65
39U
Mar
33
100
100
conv prior pref 100
13
15
•63
175s
Jan
20
7% pref class B
5% pref class A
8U
10*2
878
18
7
21
10*2
•59
1534
53
334
8'4
5814
25g
1878
212
51
11*4
15*4
68I4
2l2
18ig
12*2
93a
7
*27
4
9
15
24
*384
•35*2
1*8
*18*a
25g
3258
1134
24
19
♦
684
♦61*2
51*2
384
....
96
9
15
7
138
33*4
123g
20*2
27i2
11
1*4
12
•95U
2178
27U
•17^4
•1*8
23*
Z33*8
♦135
*11212
27*4
58
100
190
Oct
Sept
137
Jan
175
Dec
4U
June
15*4
"175a
Apr
172
132
9
♦70
No par
165
110
10*2
1612
Pittsburgh Steel Co
Jan 25
Jan 14
9
89
166
173*2 Jan 5
87i Jan 10
I684 Jan 12
1127t Jan 21
12*2
63
2
143
*8*2
10*2
143s
►
Feb
123U Jan 13
•10
36
4,100
163
i7Ha Jan 26
684 Jan 27
lOis Jan 3
Jan 12
9
212
1788
2i2
17*2
65
61*2
14%
32
90
100
No par
Jan 26
1084
58
Chi
Feb 17
•1*4
*8*8
♦8*2
*10*4
*64
67*2
10
Feb 25
117U
*6
60
*93
300
60
135
1*8
14*4
95
600
6
112
♦1
14
3
2,800
Jan
100
28
36
8,600
*358
958
9%
100
48
8% preferred
27*4
•2i8
978
9*2
*112*2
....
•24
6%
500
1136
136
96
10*2
14*4
67*2
100
Feb 14
Pub Ser El & Gas pf *5.No par
136
•112*2
•25
*8*2
1,700
7
No par
100
100
26
*10
11
1058
♦10*2
*2*4
3,700
7
6% preferred
7% preferred
27U
888
mmmrnmrn
Jan
4t2
$5 preferred
*24
10*2
560
h
19*2
10&8
1
4
&
Plttsb Screw & Bolt
7U Jan 17
Dec
300
12U
58
14*8
•*2
19*4
378
234
W
No par
100
1
300
96
*35i2
400
mmmmrn—
200
94l2
12
58
13
1434
10*8
Ft
pref
83a Jan 10
9534
95
96
4
conv
SOU Jan 18
1058s 10538
♦1053s 107*4 10O78 107*4
120
♦117*2 120
*116*2 119*2 ♦117
33*4
*384
2
80
*l7s
58
""go
10
234
h
♦23s
•7g
*35s
9*4
1
29
95
4
$5
Jan 29
4
Pitts Coke & Iron Corp No par
Pitts
1*4
•84
*55
19*8
——
♦9
9*2
934
•27
♦2734 28*2
29*2
48
48*4
48*8
49*8
♦118*2 120
♦118*2 120
32l4
31*2
3U2
32l8
234
9*8
2
**2
40
10
80
•25l2
10
1*4
15
*55
1U
1484
103s
♦33
40
100
100
6% preferred
Preferred
13
Washing¬
19
1*8
8
Vs
1378
♦20
7*2
1234
30 U Jan 18
100
Preferred
Pitts
♦173*2
mm mm
26
712
27
Jan
Jaa
9*2
56
185s
♦612
6i2
Jan
July
64
Oct
26
56
Jan
87U
Oct
•20
•65
20
Nov
30U Oct
178 Dec
26
21
8l8
Oct
558
50
a"Jan 15
Jan 17
384
39
42*
35
21
8i8
3
Feb
3*8
95*2 Aug
5it Jan 28
26U Jan 6
51
39
8
Feb
Jan
14
Oct
65
Pittsburgh Coal of Pa
----
63
Feb
z3~4~i8
Oct
i2
Jan
6*2
345g
7*2
69U
Stock
6*2
35
26
161S
6
95*2 Feb 23
6*2 Feb 18
Jan
7U Feb
6*2
3458
♦5*2
*30
26
•70
84 Jan
Feb
54*2
2084 Apr
335s Jan
*20*4
►
7
it Jan 11
81
3
184 Dec
2U Oct
5978 Mar
100*4
36
1834
*14*a
•2612
•8H2
2i2 Feb 19
4*2 Jan 12
Dec
Feb
20
2i2
314 Jan
6
5
18*2 Nov
50
26U
17i8
♦60*8
6H2
178 Jan
5
8
684
♦64
62
Jan
Jan
32
•68
34i2 Nov
65
40
115g
♦95*4
9*8
*14*2
14
371a Jan 12
90
1134
88s
4
Jan 26
47
32U
•9*2
Feb
647$ Jan 21
Jan
Feb
47
18«4
♦7
22
50
50
No par
100
No par
5
6
34
No par
7% preferred
Phillips Petroleum
Phoenix Hosiery
Jan
13^8 Jan 11
67« Jan 10
31<a Jan 10
Philip Morris & Co Ltd... 10
Phillips Jones Corp
6
48U
20
•1
Phila & Read C & I
Jan
15
47*2
7*2
26*8
*334
•35l2
{Phil a Rapid Trans Co
7% preferred
Feb
10*2 Jan 28
484 Jan 3
5
Pfelffer Brewing Co...No par
1,700
7,300
58
9412
...No par
Petroleum Corp of Am
70
4
93
Pet Milk
100
2i2
*178
*3*2
*2
Pere Maruqette
48
♦112*2 114
15
48*2 Mar
Feb
Mar
46*2
•10578 10778 *10478 107
♦116*2 119
♦116*2 119
13512 135*2
135*2 136
65s
17
Oct
100
46
934
9*4
•884
*8*2
♦26
27
25*2
25*2
48
47*8
47*4
47U
1185s 1185s ♦1185s 120
31
31U
31*8
31U
15
Oct
Dec
Peoria & Eastern
46
9
9*4
3
9
mrnmmmm
74*2
13«4
9
65*2
Oct
•*2
18*2
♦10*4
978
•2*4
*u
*3*4
96
Jan
Oct
Oct
*13
31*2
11*4
*95*4
Mar
63
11634
22
30U Dec
1,100
Oct
58
18*4
*112l2
3412 Jan 12
41a Jan 12
110U Sept
4
12i2
95
9
20*2
**2
*93
Dec
Feb
13*2 Dec
Jan 12
12*2
3*2
27
24U
88
8*2
4
3
•52
3*4
Oct
Feb
112l2
Jan 18
20
31
5
Jan
12i2 Feb
76*2 Feb
2934 Feb
50*4 Mar
Jan
2
1
pref_.
Oct
6
88
*7s
cum
Jan
15
2412 Jan 10
15i2 Jan 11
2412 Jan 15
3
1212 Feb 3
1934 Jan 28
50
No par
Peoples Drug Stores
Jan 11
5
3
638
201a
1U
934
Jan
Jan
64
10384 Mar
Flour Mills
25
Pirelli Co of Italy "Am shares"
11
258
35s Jan
Oct
Oct
PMsbury
22
1434
2i8
17
No par
Nov
1U
2U
Pierce Oil 8% conv pref...100
40
934
A
ser
Jan 27
200
♦20
•25a
pref
conv
No par
Jan
Feb
73s
400
•35
1778
*10*4
2378 Mar
Oct
3
23
22
•1U
Oct
2i2
3
412 Jan
23
37
•52
8
Pattno Mines & EnterprNo par
Peerlees Corp
3
978 Jan
1,500
Jan
22i2
♦18
•84
10i2
♦7U
22l2
•34
*8
758
Oct
22*2
35
7*2
73s
♦12*4
39
29h Aug
Oct
684 Jan 12
1214 Jan 8
658 Jan 10
Corp
22l2
35
758
12i2
•32
Oct
1U
4
4
Closed—
♦173"
12
3
*3
4*8
Feb
30
♦5*4
40*4
Feb
4484
Jan 12
♦51
65
8*4
Oct
2084 Feb 23
2ia Jan 10
Jan 28
Oct
28
381| Jan 15
*62i2
♦3*2
U
17
1
Feb 25
3714 Jan 11
*6212
9334
*512
Rust Proof Co...2.50
3U Jan 10
4
68
4U
37
2884 Feb 18
35*2
68
95*2
318s Jan
28
283S
95
Jan
1
No par
100
♦3434
*2
34'8
100
X27»4
43a
Oct
100
35*2
95
18*2
Jan 20
5% preferred
285s
2l2
24
5% prior preferred
28
♦178
Jan
Jan
2012 Feb
2i8 Jan
1
90
63S
2*4
2634
60
63s
*178
*3*2
*2
200U
Oct
Feb
200
6*4
25g
Jan
Oct
8
Feb
9
200
Mar
80*2
82
1»4 Feb
500
90
10978 Mar
2834
3
484 Jan
200
Jan
May
1334
12*4
68
Sept
Jan
4*2
33
12 U
6*8
3212 Nov
x95
17U
121
3778
1334
12*4
12
Oct
Feb
31*2
•15*8
1134
638
27*2
♦3434
II84
Oct
Jan
1238
30U Jan 26
3U Feb 1
11*4 Feb 4
*35
31*2
Oct
1
29
Jan
No par
mmmmmm
♦112*4 114
7
7
Jan 15
Feb 25
Pathe Film
200
*14*4
2278
33
Oct
Parmelee Transporta'n.No par
1,300
1,600
15
23*8
4
Oct
10
Parke Davis & Co
217a
♦26
Jan 12
Jan
2934 Apr
23
7*2
65
15
♦4*4
2178
1184 Dec
•22l2
•7
4778
6i2
35
4*2
*3434
•62i2
18
*2
23s
22
*1334
2234
1384
27*2
43s
4*2
22
2312
32l2
♦3*2
1378
35l2
2934
*153g
35*2
23g
4*2
225g
•25*4
*11214
3234
4*2
•62
23s
Jan 10
8*2
Park Utah CM
11*2
5*2
47*2
73*2
2*2
4*2
11*2
5*4
149
1278 Jan 10
9712 Jan 10
123s Jan 10
100
1,800
2,200
6*8
7234
5*2
Apr
Jan 21
Feb
Parker
133
Feb 11
9
6% 1st preferred
300
Jan 28
94
1
4,200
2
6
47
*3434
93
20*4
♦178
578
72*4
35
4U
20
2
47
6*4
**8
9334
6i2
20*4
7212
6*4
♦lU
234
37
152
42
3
Park & Tllford Inc
258
3658
Nov
3
4
6% 2d preferred
22
♦20
Jan
110
Feb
' Feb
Us Feb
100
3,600
4478
93l2 Feb 11
3
8
par
Jan
preferred..
conv
Oct
35
4
Paramount Pictures Inc
300
10*2
47
2934
2*2
87*2
71*2
29«4
*15l2
1134
27
87*2
1038
10*2
46
33
4%
Jan
10U
No par
Parafflne Co Inc
30,100
1038
70*2
2*4
22
900
94
10*8
Jan
5384
Jan 28
40*2
♦87
38
Oct
40
preferred
share
Oct
23484
100
{Panhandle Prod & Ref No
per
22
Jan 14
1578
512
9U
1*2
6512
No par
share $
Jan 10
140
Jan 13
II84 Jan 29
Pan-Amer Petrol & Transp—5
4512
♦4U
134
140
1184
*20
100
100
11*2
5*2
43s
4
200
578
11S4
53g
•2
10912 Feb
9*4
13s
234
3634
*178
100
10
Highest
per
16lt Jan 11
Jan 31
116
3
53U
55g
1134
5i2
35
11*2
•
Feb
*1*4
55s
11*2
*53g
578
14l2
•1334
21% 22U
3258
325a •25*4
114
*11214 114
18
2
13
53*8
conv
$
40
4
No par
Pac Western Oil Corp
Packard Motor Car
share
per
28lS
3434 Feb
6% preferred..
8%
$
Jan 31
2514
Lowest
Highest
No par
Pacific Telep & Teleg
13,300
20
2034
2
2
434
234
35*2
25s
35*4
2*2
458
9*4
Year 1937
100-Share Lots
$ per share
25
Corp
Pacific Mills
1,300
10*2
22
*20
25s
34*2
1334
133a
10*4
22
♦20
22
♦3*4
*11*4
•32l2
10*2
13*2
89
10*4
♦85
89
10*4
24
33
105s
10*4
♦86
10*4
22
2*2
34*2
195a
•134
258
35
10*8
89*4
13*2
Ltg
39*2
40
263s
*6*2
10
39
6*8
2678
•56
139
♦87
6*8
*6
139
♦136U 139
♦136*8 138
13*2
13*2
13*2
13*8
434
4U
434
458
9*4
♦8*4
9*2
•8*8
13s
1*4
1*4
•1*4
53*4
53*4
55*4
53*2
94
2912
♦30
140
41
32
*5
115
•87
29*2
•15*2
11*2
4*4
•*2
115
115
115
*39
5
92
16
94
*3*4
•11*2
2U
1534
39
33
*61
16
10
•31*2
32
Pacific
39
69
•112
18s
Pacific Gas & Electrio
1,100
1,200
•89*2
22
*4*4
♦20*2
1334
21l2
•25U
9*2
2,600
38
10
♦20
♦2
484
26*4
38
94
103a
69
1
j
26*4
39
89
•44
\
115
26*2
38
53
*86
578
♦11*2
*5*2
153s
113
Par
26
16
On Basis of
Lowest
Shares
$ per share
Range for Previous
Ranoe Since Jan. 1
gtaptt
oluuil
375s
1578
263s
38*s
48
•10
2l2
•3438
•1834
*134
26*4
'
S per share
$ per share
"vfyrtt
iuitii
EXCHANGE
WeeI
25
Feb.
24
Feb.
38
153s
458
484
$ per share
39*4
115
113*2 113*2 ♦113
*136*8 137*2 •136*8 139
1258
1258
12l2
1212
23
Feb.
22
the
Friday
Thursday
Wednesday
1361
667a Jan 22
Oct
Oct
110
9i2
Feb
Feb
Jan 13
60
Dec
110U Mar
73
47U Mar
9
Oct
26
Dec
98
7684 Dec
139
21
7
60
21
80
11
8
11
7
10
10
19
11
10
12
12
578 Dec
40U Dec
17U Jan
64U
17U
87U
10U
46U
68U
8U
7U
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3
23U Jan
5
4
2ia Jan
40U Jan
1U Jan
8
Jan 10
Ex-rlghta.
1234
Nov
Oct
Nov
Apr
493g Apr
8
37 j Jan 8
85 1 Jan 21
Jan
5
Dec
Feb
124
Feb
y
69
Mar
Dec
2
Jan
8U2 Nov
4*8 Mar
65
17
3
Sept
1*4
IIS4 Jan
20U Jan
Ex-dlv.
1
12U
297a Jan
*
Dec
20>4 Jan 15
75U Jan 15
Jan 27
Jan 28
39
Jan 10
3
17
1
3U
9534
30*8
112
34*4
58
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Oct
67
Jan
10U Nov
4*2 Oct
14
Feb
$84 Dec
18U Dec
17U Oct
31*2 Feb
19*2 Deo
55
1
Oct
26*2 Nov
1
Oct
Da
Oct
6*2
38
934
65
Oct
June
Feb
Mar
484 Mar
11U
Feb
T Called for redemption.
New York Stock Record—Continued—Page 9
1362
LOW
HIGH
AND
SALE
PRICES—PER
SHARE,
NOT PER
CENT
8TOCK8
Sales
feyr
Monday
Feb.
Feb.
19
S per share
♦6
Feb.
*19
78%
78
78%
*90
92
91%
92
♦103
105
♦15
18
*5
39%
*%
*2*4
1834
*75*4
80
60
*90
92
70
103
103
103
*103
105
140
18
300
4*2
4*2
62%
15%
834
*8*2
*16%
*57
63
*58
46*2
45
26%
26*4
15
15*4
15*4
*97
98*2
98%
734
98%
21
21%
Feb
4
Jan
3
834
8%
834
900
16%
1734
400
Shattuck (FG) —.—No par
Sharon Steel Corp
No par
1734
*16
17%
62
*58
62
2634
*26*4
16*2
16*4
98%
4*2
*4*4
45
9934
9434
65%
66*2
65
66%
97
97
97
97
180
19
19
19%
19%
400
70
97
97
19
*7
*40*4
2%
8
*
75
*22"
19*4
23%
19%
*12
13
*31
34%
10*2
13
♦40*4
3%
8
19%
23%
20*8
*12
31
10%
56
57*2
20%
104% 104*4
*3
3%
3*2
3*2
3
8
17%
3%
8*4
17*2
♦19
20
21
21%
1
*%
32
32%
*30
32%
32%
35
50%
51
*22
2534
*57%
58
9%
9%
8
8
8%
8%
5%
6%
50%
♦50
20%
13*4
13%
31
ton's
11%
11
60
59
60
60
20
20%
20
8%
8*4
101*2 101*2
3*4
3*4
4
3%
9
8%
8
17%
22
21
♦%
3234
33%
35
*30
63
53
25*2
24%
58*2
58%
51
934
10
8*2
9*8
6%
♦8*4
9%
5%
51
51
*121
♦121
13
13
124*4 *121
124%
13
12%
13*4
24
24
23%
24%
2%
2%
2%
234
♦13*2
14
14
14%
*24
24
24
24%
*8
8%
17%
24%
8*8
6%
♦6*2
•41
*5
65g
4112
4*8
317g
9*8
il%
25
8%
6%
7
42l2
5*4
6%
421«
4*4
32
9*4
25
234
15%
*24
9
*8*2
17*2
17*2
25
25
8*2
6%
♦8*2
1734
25*4
8%
7
♦6*4
.42i2
4218
4*8
32*8
9*4
10*4
33%
•
33
34
«
3334
35
64
*23*4
61
58*2
24*2
58*2
4
*312
4
13
2*4
11
13%
♦77
11*2
10*2
*6*2
♦7
11*4
137g
11*2
41*2
10*%
634
8
3*2
*81*2
*8
5
79*4
*41
*5
2*2
13*4
2*4
3%
88
5*4
10
•2U2
217g
♦30
32
♦4*4
•36
4*%
40
50
3*4
*1*4
*412
13*4
2*4
♦10
137g
78*2
10*4
10*4
22
22
♦2
*55*4
10*4
♦56
75
5978
10*4
76*8
207g
207g
207g
♦77
79
♦74
74*4
7878
74*4
22*4
23*4
♦21*4
23*8
11*8
76*2
4
4
a38
38
9
9*4
*2
2%
69%
11*4
79%
697g
11*8
595g
10*4
77*8
21*8
79*2
78
2U2
80
75
75
75
22*4
237g
22*2
24*8
22%
25%
Bid and asked prices: no sales
on
*37
9
1%
*58%
128
Jan
4
Feb
3
20i8
16% Jan 28
28
Jan 10
130% Jan 27
24U Jan W
2218 Jan
12
Oct
Oct
130
Oct
115
June
6*8
4212
Feb
Jan
155
Jan
17*4
Oct
32'«
*-n
17
Oct
6 6-a
.Vi.r
10
Jan 28
13*4 Jan 12
15%
Jan 28
21*4
Jan 10
15
Oct
43% Mar
60i2 Mar
32
Jan 14
27
Dec
65*8
Jan
11 %
Mar
F eb 23
3*2 Jan 10
Feb
3
46
Jan 21
3
4
Jan 12
7
9
Jan 12
Jan
Jan 17
165s
Jan
3
12
Feb
3
30
Feb
4
8% Jan
Feb
50
3
Feb
3
16%
3
67g Jan 28
100% Feb 25
22*4
21*8
Feb 24
Jan 17
9
Oct
1*2 Oct
35*4 Oct
1*2 Oct
5*>8 Dec
73% Sept
19*4 Dec
10
Oct
23*4
Jan
Dec
35
Aug
Dec
50
Jan
11*4 Jan '0
60i2 F eb 25
21% Jan II
49
Nov
16
Nov
9U
107%
8*8
Jan 10
Feb
5
28*4 Feb
95*2 Apr
48% Mar
Oct
16*4 Jan
Oct 107*2
Dec
Dec
7*2
101
6% Jan 12
1158 Jan 12
2212 Jan 14
10
Jan 12
14
1358 Jan 28
163s Jan 28
26*8
285s
Jan
3
31%
Feb
4
337g Jan 12
35i2 Jan 7
34
Jan 24
35l2 Feb 15
»8
Feb
Jan
10
3% Jan 10
No par
Feb
36
39
5
Jan 28
Jan
Feb
5
Jan
Feb
Jan 28
9*2
31
94
Jan 10
I 5 »4
r39
2%
678
77*8 Mar
1
2*2
2*2
Oct
5
Oct
12:% Jan
14-'% Mar
32*8 Mar
Oct
65
Jan
Oct
72*8
Jan
Jan 13
1
Oct
Dec-
4
27% Dec
26*2 Oct
3j% May
60
Feb
43
Dec
%
Jan
50
Feb
Oct
20
Feb
51
50*2
121
121
Sun Oil
2734
2,600
234
5,200
400
15%
24%
25
21
3
7
8
3
Jan 13
577g
125
Jan 24
Aug
9
Oct
634
42%
5*8
6134
Feb
1%
Oct
784
Mar
8
Oct
47*4
Mar
10
18
Jan 26
24 78
Feb 25
17*2
8%
16%
23U
Feb
Jan
87g Feb 7
187g Jan 10
Jan
27
Jan 12
10*4
8*8
Jan 11
734
5*4
2*4
434
Jan II
4*8
6*4
7
43%
4*4
32%
9%
10*8
4%
32%
Symington-Gould Corp
ww. .1
7*8 Feb
3,600
Without warrants...
.1
5j8 Feb
200
5
7
44%
3,300
42%
*4%
Taicott Inc
(James)
5M% preferred
Telautograph Corp
Tennessee Corp
Texas Corp (The)
10
900
7*8
1,300
44*2
27,300
3,200
4%
33
17.800
6,800
10*2
52*2
334
2*2
434
13*4
234
13%
15
81*4
9
334
85*8
5*4
23
400
24
600
61
100
100
The Fair
*50
52*2
3%
334
1*4
*4%
60
2*2
*
5
13%
234
13*2
700
1,000
234
900
13*2
♦10
8134
14,700
♦8
9
3%
3%
*81
4*4
40
9*4
2
33
4*4
834
*1%
28
4478 Jan 11
47g Jan 10
3434
Oct
3
2
Oct
Jan
3
34
Jan 19
2334
Oct
44
Jan
3
10*8 Feb 21
5%
Oct
3
113s Feb 10
5%
Oct
16%
15%
Jan
54*4
Mar
Jan 19 1075
Feb 25
Feb
3
23
Jan
3
Feb 21
24*2 Feb 23
58*2 Feb 21
60
Jan 21
Feb 10
4*4
56
Jan 17
Jan 13
3
Jan
4
4*2 Jan 12
1 ®4
4tj
25
Jan 28
2% Jan 13
5*4 Jan 12
1512 Jan 15
12
par
Jan
3
Jan
3
Jan
3
Jan 28
No par
78
Feb 16
85
Tlmken Detroit Axle
10
Timken Roller Bearing.No par
10ig Jan
137g Jan
38
conv
2%
par
pref
10
9%
Mar
Mar
Jan
Feb 21
13%
$4.50
15% Mar
65*8 Apr
Jan 13
15% Nov
18*2 Dec
48
Feb
55
Oct
64
Jan
Oct
1334 Mar
93*8 Jan
13*8 Feb
8*2 Jan
15*4 Mar
28% Feb
3*2
55
2%
1*2
4
10
Nov
<
ct
Oct
Dec
Oct
1*8
Oct
10*4
Jan
6%
Oct
4034
Jan
13%
Oct
Dec
21% Feb
98*2 Aug
72
28%
Oct
79
Feb
Oct
17
Aug
2,300
55s Feb
7*2 Jan
4
Oct
500
Transue & Williams St'I No par
6% Feb
5,300
Tir-Continental Corp. .No par
$6 preferred
No par
3
200
600
Truax Traer Coal
Truscon Steel
9*8
1,900
400
58
59
11
10%
7S%
11%
3,500
7934
15.200
21%
21*4
21*2
3,500
81
79
79
81
2.200
76*4
2284
24*4
76%
31,100
Preferred
400
65g Jan
10% Jan
Jan
24
3*4
36
7*4
No par
Cash sale,
31*4 Feb
5%
3%
82
Oct
Dec
Dec
4*4
Oct
12
7
Dec
26% Mar
40% Mar
18*2
25
Oct
Nov
50
Mar
Mar
6
Jan
Oct
17*2
Jan
39
Dec
94
Jan
Jan
10*2 Jan
7
Oct
25
Mar
Jan
1*8
Oct
59% Feb
12*2 Jan
797g Feb
46*4
Nov
2*4
234
8% Dec
6U4 Nov
2l5g Feb
17%
88*2 Jan
80
Oct
Nov
Jan
78
Oct
2178 Feb
23% Jan
22
Nov
20%
x
22% Jan
27% Jan
11% Mar
109% Jan
44
72*4 Feb
27**
1034
72
Feb
Jan
67% Feb
18*s Jan
100
r
Jan
834
Jan
1*4 Feb
47i2 Feb
9*8 Jan
Union Tank Car
...No par
United Aircraft Corp..
5
New stock,
Jan
26U Jan
Union Carbide & Carb.No par
Union Oil California
25
Union Pacific.
....100
n
Feb
19%
Under Elliott Fisher Co No par
Union Bag & Pap new.No par
Del, delivery,
Jan
Feb
par
1
4% preferred
Jan
4*s Jan
83
5
100
Twin Coach Co
Ulen & Co
9*2
Feb
7%
10
Corp No
Feb
80
par
$1.50 preferred
No par
Twin City Rap Trans.-No par
1,000
22*4
25%
500
No
20th Cen Fox Film'
30
2*8
a
Oct
Oct
79*2
t In receivership,
5*4
10
10%
21%
79*2
76*2
22%
25%
Jan 11
Jan
36
""600
40
Jan
48*2 Jan
12*4 Jan
"4",300
*37
Feb
8%
10*8 Jan
5%
934
♦31*2
4%
57*2
Oct
Transamerica Corp
2
Transcont & West'n Air Inc.5
22%
*8
22%
1534
Dec
33g Jan 8
135s Jan 11
15*2 Jan 6
700
85*8
*5
10
Dec
8
17*4
No par
Tide Water Assoc Oil
Jan
4
19
1
pref
Jan
17%
41
Jan 27
cum
2384
Oct
Jan 18
11
$3.50
Oct
Jan
Feb 18
58%
37g
...100
Thompson (J R)
Thompson Prods Inc..No
Thompson-Starrett Co.No
300
15
14*2
8134
Thermoid Co
33% Mar
Mar
8% Jan
100
Third Avenue Ry
"""266
Oct
*
' Jan 10
3
900
No par
Preferred
Jan
20*2
28
7
Jan
73«
Texas & Pacific Ry Co
100
Thatcher Mfg
No par
$3.60 conv pref
No par
4
3!>%
Oct
Oct
47
5*4
27
100
24
Dec
4
37% Jan
3% Jan
25
22%
Jan
Oct
Jan 14
Jan 11
6
5
*57*8
*334
23
34
6i2
4212
458
5
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil
10
Texas Pacific Land Trust
1
4.700
10
9
50
Jan
Jan
20*2 July
18
684
6*2
*41
77*2
125
Jan
Jan 13
9*4
7%
7%
Dec
118
F eb 23
50
1.400
8%
44%
Jan 13
1312
2934
•
•
42
3% Jan 11
17*4 Jan 10
4
3
13
Feb 24
Jan 26
Feb
2% Jan
1
100
Sutherland Paper Co
its Co of Amer (The)
~2~ 700
25
No par
:
Superior Steel
200
18
1
Superior Oil
9
1734
778 1 eh
4*8 Jan
4812 Feb
ll'»% Feb
11I| Jan
6% preferred
.....100
Sunshine Mining Co
10
Superheater Co (The).-No par
5,100
26%
234
*1434
24%
*8%
No par
Studebaker Corp (The)
20
13%
10
Stone & Webster
900
13%
78*4
21*4
this day,
3
3
59
76%
22%
24%
Jan
1*2
20*2
Feb
6%
4*8
22
318 Jan 13
Jan
6%
8%
2*8
3
Oct
Oct
634
39
Jan
2'4
9*4
6*2
1,900
4*4
Mar
112*4
11*4 Jan 12
7*8 Jan 12
3,700
♦37
Oct
110
Jan 14
4
2,200
31*2
13
Jan 12
Jan 28
1334
Dec
Jan
1034
•
3
11
112
»■
17*2
33%
12*2
36
10
Jan
15*4 Jan 15
1378 Jan 15
163s Jan 10
Dec
42%
5*4
3
54*2 Jan
40*8 Feb
29*4 Feb
23*4 Aug
II
10*2
6 34
*7%
22%
*31*2
4*4
Jan
Oct
u
3
12%
10
13
1
42
22%
3134
Jan 10
Stokely Bros & Co Inc
1034
♦8
Mar
20i2
100
400
12*2
5*4
Mar
120
Jan 28
Mar
43
22
197
Feb 10
1514
11%
21
10%
10
Nov
June
Jan 28
95
Oct
12%
22U
96
55
5*2
6%
41%
*5
67
Jan 13
Feb
113g Jan 12
10%
6%
♦7*2
21%
♦31*4
Jan 12
102*4
3
6%
7*4
35s
85*8
5*4
3%
82i2
Oct
Apr
Nov
5
6*4
♦8
88
Stewart Warner
12*2
♦81
1
2,300
43
8
Feb
8
10%
6%
3*4
93
10
12
85*8
5*4
4
10
5212 .*50
4
«
334
334
Jan
Apr
60%
Mar
4
8
3434 Jan 10
Mar
4*4
75
♦50
♦81
4
58
26
76
42%
3%
Feb
Jan 17
Jan 13
48
10*4
*7
22
Dec
12
♦81
3
3
Nov
3*4
2*2
47g
♦80
Jan
Jan
1***2 Dec
52i2
15
3
16»8
2418
905s
53*2
4
79*2
Nov
Jan 15
£*334
14*2
79*4
91
5i2 Oct
17*2 Oct
2*2 Nov
15*4 Dec
26*2 Dec
Jan 11
F eb 25
4
234
*10%
14%
9i8 Jan 11
2414
3U
54'8
61
2%
Jan 27
10134
5878
21*4
24%
12*2
3
34*8 Feb
105;% Feb
177s Mar
26
**57%
27g
*10*8
18% Jan 11
3
61
434
13*4
Feb 17
314
Old
*
Feb
14%
4
10*4
4*134
Jan
44
4
£10*4
47g
13*2
65
3*4
Feb
24*2 &»24'8
2*2
Dec
24% Dec
1478 Nov
Jan
934
13
44
Jan 27
5% Jan 10
2I84
24*2
*57*8
*3*4
*1*4
*4*4
Jan 14
2734
44 *2
I
13*4
27g
13%
14*4
78*2
48
5
2
54i2 Jan
8% Jan
7% Jan
9*2
f,21*4
14
9
Jan
Sterling Products Inc
42
I84
♦
a
Oct
Feb
Standard Oil of New Jersey.25
Starrett Co (The) L S..No par
41,500
10*8
1*4
23
*,43*2
4*2 & 438
A32*2
Feb
300
7*4
44*4
Feb
4
2,400
9%
4 7
Mar
53*2
.
5%
Feb
120
58%
61% £50*2 51*2
124% *121
12334
13*2
13%
13*2
27*2
26% 26%
2%
234
2%
15*4
14%
1434
24% *24
24%
9
9
l
*8*2
1734
1734
17%
25*4 a 24% 25*4
*41
Dec
2534
5,500
*T634
60
52%
5%
4i
4212 Mar
58*2
534
42*4
5*8
7*2
Oct
25
6
7
Feb
17%
15
24 U
21
10
9-.% Aug
34
Oct
43%
7
No par
2*8 Jan
8*2 Jan
54*8 Apr
11*4 Mar
58*2
10%
18,500
5%
6i2
Feb
25
12
♦8*%
•22
mm'mrn
9*2
6
Jan 14
Standard Oil of Kansas
4.600
'
41
9
*8*8
34*2
54*8
35
66
Stand Inventing Corp..No par
Standard Oil of Calif..No par
Standard OH of Indiana
25
"8", 500
33%
34%
34
*30
Feb 16
par
prior pref
Oct
58
No par
cum
Oct
Oct
Jan 11
$7
500
*4
1%
16
1
No
Jan
2034
4
$4 preferred
$6 cum prior pref
2,600
3
Jan 13
F eb 25
2% Jan
No par
Feb
45*4
Feb
3
No par
JStand Gas & El Co
34
834
10
24
33%
34%
8,400
9%
9*2
24
1834
23
4,100
9%
£19
33
♦68*2
$4 50 preferred...
Mar
3*4
235g
3i2 Oct
34*2 Nov
14%
37
Stand Comm Tobacco
*%
32%
c.7
7*4
4334
Standard Brands
800
4*4
5
98 >4
Oct
Jan 27
7%
par
Conv $4.50 preferred-No par
Square D Co class B...
1
670
1,800
600
21%
£4884
6
15,600
14,100
h
7%
♦41
23
300
230
9*2
43g
*21
24.600
% Jan
25s
27%
3
24i2 Jan 31
Sparks Wlthington
No par
Spear & Co
-.1
$5.50 preferred
No par
Spencer Kellogg & Sons No par
Sperry Corp (The) v t c
1
Spicer Mfg Co
No par
$3 conv preferred A..No par
Spiegel Inc
2
"166
Jan 24
51*4 Mar
Dec
*2
3% Oct
49*4 Nov
12*4 Dec
100
1st preferred
700
8*2
1075 1075
4
-10
Spalding (A G) & Bros. No
4,100
»*8
32*4
23*2
52l2
58*4
.100
Mobile & Ohio Stk tr ctfs 100
m
8
4*2
*20*4
•3*2
•1*4
*4*8
*23
m
8*2
327g
10*8
107g
10*4
•50
53
-2414
6834
10%
5% preferred-..-.
....
3
17*2
9%
♦6*2
678
43*2
10
4
*30
mm
No par
8*4
3
2134
*%
7%
42*2
6*8
5
'4
25
100
100*4 100*4
3%
834
1834
9
-
7*2
6*4
9%
21U
Birthday
58
8%
5%
3%
19
*22%
9%
3*4
Calif Edison
Southern Railway
400
20
8
Southern
100
Southern Pacific Co
m
11%
60*2
20*2
834
33
♦8
11
20%
8% preferred
13,900
5,300
31
11%
So Porto Rico Sugar...No par
mmmm--
75
*22"
2234
Socony Vacuum Oil Co Inc. 15
45,200
2%
8*2
8
31*4
*3
3234
51%
2%
*
...No par
Solvay Am Corp 5 >3 % pref 100
2,000
42
27*2 Mar
D«'C
4
5i2 Jan 14
653s Feb 25
I684 Jan 12
9% Feb 17
South Am Gold & Platinum. I
3%
19%
♦17%
32%
3%
9*2
$6 preferred
Smith (A O) Corp
10
Smith & Cor Typewr...No par
Snider Packing Corp
No par
mm-mrnrnrn
60%
13*4
31*4
334
32
*30
*41
100
1,500
30
13
102% 102%
%
*%
"22%
*25%
3%
384
60%
75
23%
19
30
25
Sloss Sheff Steel & Iron—100
rnm
71
6
3% Jan
10
1,200
20*2
13%
21%
12%
20%
*8%
*
19*4
12%
2%
8
8
18
8%
♦41
20
2084
Closed—
Washing¬
8
19*4
12%
19%
*25%
*3%
+
22
Jan
7«4 Jan 11
3
6% preferred.
21,200
6
3
Skelly Oil Co
800
•
Jan
Jan
—No par
Slmond8 Saw & Steel..No par
300
Jan
Feb 23
1
Jan 27
Jan
1812
conv
Sirnms Petroleum
«
570
mmm
preferred...100
Oct
3
96*4 Jan
6l2 Jan
5M%
mm
13*4
1534
58
4
*1534
*1134
15%
20%
Exchange
103% 103%
3
13%
1534
2"
20
Jan
Silver King Coalition Mlnes_5
2,100
15%
31*4
11%
8%
*13
13
20*2
8
15
37 I2
Simmons Co
100
23%
20%
13%
20%
11
10%
56
mmmm *
2934
31
Stock
20%
3
19
15%
29*8
3%
60%
3%
75
*22%
13
31
3
400
2,000
2,800
7%
2134
13%
20*4
12%
20%
8
*
75
~
66
8
13*2
15%
3
3
20
8
15
1534
3%
60%
♦7
*
*22
15
8
22
♦112% 113% *112% 113% *112% 113%
2*2
2%
234
234
2%
2%
25
26
25% 25%
25*2 2584
*13212 142
*132*4 142
*132% 142
21%
22
21%
21%
22%
22%
1934
29%
3,300
*92
8
par
Sheaffer (W A) Pen Co.No par
Shell Union Oil
No par
40
9484
♦17%
3*2
200
*92
8*4
22%
—No
11
Jan 28
5I8
par
Sharpe & Dohrne
No par
$3.50 conv pref ser A.No par
600
9434
97
*25
4*2
46*2
26%
16%
9934
30%
♦80
18
16*8
No
$5 conv pref
30
97
29%
3*2
60%
2%
Seagrave Corp
400
Dec
4
% Feb 10
JSeaboard Air Line—No par
4-2% preferred
100
Seaboard Oil Co of Del-No par
30%
*56*4
17%
300
3,900
18%
♦85
♦3%
♦40*4
2%
26*4
No par
12,100
£18%
63
12*4
400
3
*92
*25
*45
100
1
100
8% preferred
Scott Paper Co
-
19
94
1134
19*4
-
-
♦97%
7%
21%
*2%
*18%
29%
62
1134
-
21%
*2*2
59
11%
*4%
4%
2634
16*4
98%
*
62
*58
45
45
.
*
5 lA% preferred
JSchulte Retail Stores
x98
Jan
85
13
10,900
684
39*2
34
2*4
27*2
4%
39*4
4%
200
*2
18
27i2
53*8
834
19%
12%
20*8
♦25%
Jan
Sears, Roebuck <fc Co..No par
*92
19%
Feb
75
Servel Inc.——1
59
18*4
2l7g
9,700
94
18%
Fib
15,400
♦92
18%
113
65%
16*2
1584
834
15
Feb 11
19
62%
1534
4%
63
30%
17
17
17
*16*4
15
♦13
15
♦12%
13
12%
*12%
12%
15%
14%
15*2
1534
*112*2 114
*112% 114
2%
2%
2%
2%
*25
26
*25% 26
♦131*4 142
♦131*4 142
2134
21*4
21% 22%
105
64%
16%
4%
8
30
Jan
Feb
%
21%
*2%
*18%
3*4
19%
Jan
100
2%
25*4
29%
3*4
19%
Mar
113
34
16%
734
103
Dec
2%
26%
4%
*2%
*18%
29%
7%
Jan
Dec
86
«4
7%
20*2
*2%
♦18%
29*2
21
46
70
Jan 18
*2%
25*4
4*4
*43%
*26*4
16*4
*98*4
26%
Dec
Jan 20
2%
27
*59
45
*25
Jan 12
93
39%
1734
4*2
*4*4
*43%
235g
81
Jan
3934
%
5,300
85
37*2 Mar
18% Feb
72% Jan
634
39*2
25*4
%
*5%
20*4 Mar
15
100
100
100
Savage Arms Corp
No par
Schenley Distillers Corp
5
share
per
Oct
Nov
3*2
Jan 26
5*8
Highest
sha*e $
per
88
par
5% preferred
6% preferred
7% preferred
♦5*2
2434
*83
834
63
No
Safeway Stores
%
85
$
10
25%
65
18%
4% Feb 16
*2
15*4
9
18
$ per share
100
634
%
1434
*15%
1,400
share
per
%
85
2*2
25%
*4*4
63*2
6034
18
19%
Year 1937
Lowest
Highest
*15%
2434
♦83%
25*2
84%
%
*5*2
39%
34
♦17
1412
17
♦15*2
24%
2%
434
4%
5% preferred
92
19*4
S
J St Louis South western-.-100
mm
mm
80
25%
14*2
4
mm
mm
19
*2*4
60%
*4*2
60*4
14*2
834
mm
mm
16
*90
3934
%
*6
*75*4
24%
2%
23%
23
5
♦4*4
16
♦6
Par
Shares
1934
634
39*2
5
*4*4
Lowest
7834
%
*5
5
$ per share
1938
Range for Bret ions
On Basis of 10Q-Share Lots
STOCK
Week
92
84
%
$ per share
25
19*4
7834
'
2434
♦8234
%
6*4
39%
%
-
1534
24%
84
*2
Feb.
103
15%
24%
24%
*83
24
Range Since Jan. 1
26,
EXCHANGE
the
92
'
■
103
103
Feb.
16
*6
19*2
♦75*4
23
*4*4
Friday
Thursday
$ per share
$ per share
16
♦6
19
Feb.
22.
5
*4%
16
19
21
$ per share
5
•4*4
Wednesday
Tuesday
YORK
NEW
JUI
Saturday
Feb.
81
Feb
Feb
Ex-dlv.
v
Jan
Ex-rights,
Oct
6%
Jan
Jan
100*8 Jan
18% Sept
111
28*4
Feb
Feb
148*4 Mar
9934
Jan
31*2 Feb
35% Mar
f Called forredemptlon.
—
■■
■
■
.
Volume
ESss
'
New York Stock Record—Concluded—Page 10
146
nt) dn 11
7*4
*18
18*8
*112i4
•
47
•
*16*4
2%
7
1734
3
28t2
6*4
6*4
*814
9
74
5
5i8
8l2
*32
34
*32
33
3234
61
61
61
61
5*8
613g
1012
10*8
10'4
5%
♦4%
103t2
7
74*4
1
*34
714
912
*6l2
7
1
91$
914
67*4
67
169*4
16934 ♦166
778
*7U
75s
36
33*8
33*8
*166
67
*7
*33
67i2
77g
U S & Foreign Secur
16934 *166
7%
1914
95g
70
30%
6934
70
65%
*64%
66
66
66
5378
55U
5418
106U 107
*125'4 127
*125^4 140
16178 16178
*160'4 16178
478
47g
47„
*434
2
178
42
*38
12l2
*11
*38
42
12
*11
12
*11%
62
*5778
62
*58
12l2
*%
»34
57
57
1
*78
78
*57l2
♦145
1475s
1
78
25
*21
17U
*20i2
17*8
22
38i2
18
17ig
22i2
♦2114
*98l2 101
38l2
38i2
478
45g
4%
27i2
27i2
2812
101
*38i4
*4i2
27'2
*1091*
*3l8
*10%
♦109U no
3i2
*3i8
3i2
13
I6I4
*10U
12078 *116
*116
*47i2
1207s
*49
*2
2*8
Stock
Exchange
Closed—
*118
*2
125
*3
314
*3
♦73s
814
*7*4
8'8
1834
3*8
18*4
84
*80
3i2
Washing¬
19
*81
22
101
*118
*2
1
1
7g
*20
18
*2H2
*99
125
2i2
♦3
Birthday
3t2
314
•7*4
ton's
8
3l2
19i8
1914
*81
8218
66,900
3,500
1,200
1
900
%
6,100
22%
300
19ig
82 ig
*118
*2
3%
*3
8
125
*118
2
2
3%
3%
3%
♦3
1834
1878
x80%
8%
8078
8
*18*4
*79%
734
pref A
Jan
Va-Carolina
6%
Chem
100
Va El & Pow $0
No par
*in2
*2134
14i2
26%
60
•10
12
*9
12
1,100
400
1,000
8%
42%
19%
12,300
23
22%
22%
147g
15
15
15
15%
27l2
*2l2
♦l'g
28
27 >2
27%
2%
27%
2%
27%
2%
3334
34
35
27*4
33
33
74i2
*72i2
92
*86
92
95
95
*72i2
74i2
*86
92
*86
94l2
87
118*4 120
114
234
1*8
94
94l2
84
234
1*8
7412
*2%
*1%
1%
34%
*73%
3578
74%
*1%
34%
*73%
*86
92
*86
*9412
*86%
96%
88
88
88
80
121
121
40
114
114
114
114
114
♦114
18
18
19
18%
*4%
9
*7
9
•7%
9
*7
*1
1%
234
25is
*1
1%
*1
3
25
25
245s
257g
25t2
27g
25%
25'a
1U
27g
*1
*27g
95%
9734
98
*132
4
414
18%
17%
4%
4%
9
3,000
4%
800
118
100
4 M
Co
137
15
15
137
*14%
137
*135
15%
137
*31
33*4
*31%
33*4
*3U2
33*4
14
*14
15i2
*14
15t2
♦14
15%
*14
26i8
26
26
♦26
15%
26%
80
7934
7934
♦75
80
24%
23
23%
26
26
26
26
80
*77
80
♦22l2
2314
23
23
101
*83
♦53
58i2
*14
15
11
11
10%
*10
*2
2%
16
16
♦83
26>a
*75
235g
*83
101
*52
58l2
*52
*14
15
*14
107g
10l2
*10ig
1018
•10
*2
16
10i2
101
♦83
15
*14
15
10%
*10%
107g
10%
IOI4
2
17*8
16*4
25s
25g
*2%
2
25s
2iz
2l2
25s
5%
5*8
5*8
5*8
5l2
2%
5%
4i2
45s
4i2
4%
434
47g
4*4
478
51i2
51%
52i2
17U
*4314
17U
52l2
52%
16%
43%
18%
52%
16*4
17
17
17
17i2
42
42
42l2
43*8
17
17
1714
17i2
437g
1834
23
16
35i2
36%
500
18
6%
4%
6%
17
17%
43%
4334
18%
20
68i8
68 tg
68%
68%
2234
23
23
23
23
24
13U
1334
135g
1414
1334
14*4
91
91
91
17*8
16*4
17%
16%
36%
17%
16ig
36
36*8
38l4
*70
8518
*75
36*4
37%
12
Jan
3
30
24
Jan
3
5%
600
$4
1,000
2,700
5,200
6,800
46
Oct
38%
Oct
50*4 Aug
3
Jan 12
1% Jan 28
357g Feb 24
75
Jan 24
20
2%
1
Oct
July
30
130
9*4
Feb
Jan
2%
23% Oct
73% Nov
56
Mar
Feb
84%
Aug
102% Jan
102% Jan
97*4 Jan
3
3
3
84
Oct
108
88
Oct
109
Feb
76
Oct
103
Aug
121
1
117%
Oct
Feb
8
110%
Apr
Feb 23
4% Jan 10
14%
2%
Dec
Oct
Jan 10
6%
Oct
1
Oct
1%
22%
Oct
114% Feb
19
9
1% Jan 11
3%
Jan 11
28% Jan 10
27% Jan 15
10978 Jan 15
140
Jan 27
17% Jan 15
32*4 Jan
5
15% Jan 18
z26*4 Jan 13
Jan
1 1 i>'2
Jot 11
29% July
11*4 Mar
23% Mar
434 Mar
11% Mar
Dec
Oct
83%
87% Nov
167%
17*4
113
Oct
10*4 Oct
31% Nov
1034
Oct
21%
Dec
Dec
Jan 26
95
Jan
4
75
Nov
Feb 16
59
Jan 14
55
Dec
Jan
Jan 13
14%
Oct
Jan
5734 Mar
Jan
170
Jan
30%
39
Jan
May
27%
34%
Feb
Jan
126
Aug
65
Mar
126% Aug
90*4 Aug
23% May
6
Oct
33%
11
Jan 21
8%
Oct
17g Jan
3
3
Jan 22
1%
Oct
18% Jan
6*4 Mar
Wo par
13% Jan
4
21% Jan 24
Oct
46%
5
2% Jan
2% Jan
4% Jan
4
3
4
3
9
2*4 Feb 25
8%
10
preferred
1
10
4% Feb
497g Feb
Wo par
100
preferred
3
Jan
7
11
1*4
Oct
2
Dec
07g Jan 10
5*4 Jan 6
43g
4*8
Dec
Oct
60% Jan 21
19% Jan 17
49*4
Dec
Feb
Jan
6% Jan
5% Sept
12
Sept
12% Feb
91*4 Mar
13*4
65%
Dec
10
13
Jan
5
10%
Doc
36
Jan
3
4378 Feb 23
34
Dec
14% Feb
3
20
Feb 25
12
Oct
Jan 25
66
Jan 25
54%
Oct
112% Mar
40
Oct
100
66
rnmmmmm
mm
47
Jan
Jan
Mar
4J^% series... 10
series. 10
30
35% Feb 24
34
Dec
35
Jan 26
46
Jan 10
3 !*4
Dec
54
Nov
Wright Aeronautical...Wo par
65
62
Feb
3
94
Jan 10
38
Oct
128
Mar
58%
21*4
76
Jan 31
68% Feb 24
27% Jan 10
Oct
2084
Drt
62%
Jan
Jan
<
15% Jan 21
7%
Oct
37%
Feb
80
Jan
5
93
13%
Jan
3
3
Prior pref
Prior pf 4 Yt % conv
Wrigley (Wm) Jr (Del).Wo par
14%
15%
91
91
Mfg Co
25
Coach cl B..1
100
8%
Yellow Truck A
Preferred
30
15.300
Feb
13% Jan 12
Yale A Towne
2,400
Jan
Nov
Woolworth (F W) Co
10
WorthingtonPAM(Del) No par
Preferred A 7%
100
Preferred B0%
100
Wire.-Wo
Youngstown 8 A T....W0
5H% preferred
Youngst'wn Steel Door.Wo
Young Spring A
13U
13%
13U
3'2
13%
I3i2
14*8
14
14%
14
14%
4%
6,400
11,400
Def
delivery,
Oct
11%
15
500
«
16
3
200
3%
24% Jan 14
17% Jan 17
2934 Jan 17
5
Woodward Iron Co..
"V.266
4%
Nov
5
78.000
{ In receivership.
9
Jan
6% conv preferred
$6
3
Jan
Jan
Wilcox Oil & Gas
20%
3*4
conv
Feb
1034 Feb
99% Mar
13% Jan 13
14
1
Spr ctf Wo par
White Sewing Mach
Wo par
85%
4
Jan
35%
2%
51
White Rock M In
19
4
preferred
conv
White Motor Co
♦72
this day,
31% Jan 19
No par
Westvaco Chlor Prod.-Wo par
20
do sales on
23% Feb 3
20'4 Jan 29
87*4 Feb 4
Jan 28
19%
4tg
50
Feb 10
*72
3%
Telegraph. 100
4
5
13
85ig
20U
Bid and asked prices
Jan
132
20
♦
Jan 28
50
19
312
111% Jan 6
14% Jan 28
3% Jan 5
Jan
68%
24%
38%
4
1
1st preferred
1712
85%
Jan
Weston Elec Instrum't. No par
18
85
Feb 21
7
Westlnghouse El & Mfg
17»8
*70
1
Jan 29
2
Willys-Overland Motors
19
Feb
84
100
Wilson & Co Inc
437g
3
x72% Feb 14
100
preferred
3,500
4,600
52
Jan
...100
2d preferred
2,100
22*4
36
100
5%
4%
*66i2
16
100
preferred
2%
84%
68%
15*4
preferred...Wo par
27
preferred
preferred
Western Auto Supply Co... 10
1,000
80%
*67%
*90
1
Western Maryland
1,200
68%
3
3
91
100
84
6%
100
West Penn Power 7% pref. 100 xll7
"""400
*22
*15*8
2
84*4
*6612
3
Jan
12%
33
(The S 8) .20
100
44
*80
Feb
2% Jan
1% Jan
Wesson Oil & Snowdrift No par
White Dent'l Mfg
"moo
39
84
24
69%
Oct
Jan 13
4% Jan 13
$5 conv prior pref.-.Wo par
44
42t2
1
Wo par
18
Dec
40
90
♦33
35
41
79
92
Webster Elsenlohr
Oct
Oct
84
35
41
79
*88
Wayne Pump Co.......
434
19
35%
35
*38
81
4
7»4 Jan 10
90
42%
♦3114
40
12% Feb
16*4
Oct
Dec
4
41*4
32i2
40
*75
5
Wo par
Waukesha Motor Co
2
26%
27*4 Jan 12
35
*31U
Jan
3
3
3
Oct
1834 Mar
51% July
19% Jan
50% Feb
Jan 18
48
90
60
60
4
Feb
21
66
*45
Feb
2% Feb
10% Jan
77g
Feb
49
82% Aug
79«4 Feb 24
*45
60
35
Mar
Oct
Wheeling Steel Corp...Wo par
Preferred
100
60
*45
13%
2%
5%
4%
51*4
3
16% Jan 15
3*4 Jan 13
16
Dec
Oct
Wheel ALERy 5^% cpr 100
15
2*4
534 Feb
No par
Warren Fdy A Pipe
58%
2%
2
Jau 24
122% Jan
10% Mar
18*8 Mar
19%
100
101
11%
10%
Feb
40
5
convertible pref..Wo par
conv
6% Jan 28
3934 Jan 29
18% Jan 11
9% Jan 3
2% Jan 4
No par
pref
{Warren Bros
400
*45
♦46*4
Oct
Jan
Oct
2,200
♦66
60
Oct
17
par
No par
100
Class A
"""206
56
66
32
19% Feb 18
No par
No par
Warner Bros Pictures
80
600
*55
*45
92>2
23%
*16%
•
19,500
66
*45
13ia
5%
8% Feb 23
447g Jan 15
71*4
3%
Western Pacific
66
66
♦88
27g
2%
18
81
Ward Baking class A..No par
3334
2
17
*2l2
2*8
*16*8
10%
10%
2
2%
2t2
55
15*4
*14
11
2%
*2l4
*5i8
*50
♦83
*53
167s
16
101
58%
2
2'8
23%
*53
5812
20% Jan 10
5
Western Union
33*4
*75
4
Westingh'se Air Brake.Wo par
14
*31
18% Feb
74%
7,200
97% 100
137
6%
6.400
99%
15
4
8% Jan 17
26%
26%
137
3% Feb
3
25%
27%
25%
9734
15%
*31%
*14*8
5
Jan
(H) Good A W Ltd Wo
7%
Dec
Jan
6%
No par
conv
Oct
8
2*4
% pref with warrants 100
$3.85
Oct
Feb
100
Walworth Co
Walk
Feb
2
4% Jan 11
No par
Waldorf System
Walgreen
11734
2% Jan 11
2%
2%
100
26%
26%
Jan
117% Jan 11
1% Jan 5
2% Jan 31
100
{Wabash Railway
5% preferred A
5% preferred B
100
26
Jan
1234
Mar
"""300
27 ig
100*8
37
98
7%
234
Oct
5
Dec
1%
234
2734
7%
*1
1%
234
Doc
8
Feb
50
40
"is"
2*4
Feb
3
Jan 29
3
Jan 10
$4
60
121
414
Apr
74% Apr
115
June
4
57
100
West Penn El class A..No par
94
*119
*7
15
2 ,400
88
177g
*4i8
96i2
"
120
114
Oct
105
Jan
3
75
96%
32% Jan 21
110% Jan 26
4% Jan 20
15*4 Jan 11
108
Feb
Detinning
Wells Fargo & Co....
*84
4
135
100
120
1712
♦14
1,100
2,500
86
4
135
"""loo
*118*4 120
17l2
94
96%
1%
35
May
1234
Oct
42
Vulcan
$3
15%
2714
*2*8
♦l's
3314
*72t2
*2478
245s
23
*22l2
14*4
14i2
*23g
*21
23
47
2%
18%
Mar
12
*22
Mar
3534 Nov
135
60
600
*10
2714
234
1*8
114
18,200
3%
13
115
Jan 22
5% Jan 21
Dec
Preferred
38%
22i2
*2%
♦u8
*84
800
6%
*9
Oct
42
113
Preferred
"""166
82%
3%
97
Jan 10
100
12
*14
94i2
*35
Oct
Oct
Jan 27
120
38%
3%
9%
14%
101
1
*35
*3%
x2384 Feb 15
Feb
3978
334
38% Feb 18
3% Jan 3
2284 Jan 3
Oct
115
6%
*3U
20% Jan 12
3
Jan 19
16
Jan 17
Virginia Ry Co 6% pref... 100
6
*38
3
Jan
Jan
2% Jan
58% Jan
39*8 Mar
44% Jan
10
6*8
3i2
Jan
18%
Oct
4%
100
5% preferred
Preferred-..
3778
15
97
25
Oct
%
3
5
Virginia Iron Coal & Coke. 100
pref
Class B
312
5
No par
preferred
*4
20% Jan
100
Vick Chemical Co.....
200
*37
Jan
Vanadium Corp of Am.Wo par
Van Raalte Co Inc
5
700
3i2
%
1% Jan 7
1% Jan 10
Jan 28
100
""300
6%
%
Preferred
3
38
1
No par
Sales
Vadsco
14
3778
*338
Jan
Jan
{Utilities Pow A Light A
50
19
5%
May
Jan
42
6i8
21
86
3
6
84%
9*4
108
*40
6
Oct
Dec
46
Feb 25
13% Jan 14
164
3
13*4
Feb
Oct
42
3
Feb
8%
Nov
3
13
42
9%
Oct
Nov
42
3
Feb
10% Jan 10
Oct
1
29
42i4
13
42
37
Jan
2%
Feb 24
47
*41
6
*
No par
Mar
169
135
♦1214
*2*4
2% Jan 10
136
Jan 12
13
42
5
8
3
Oct
Apr
Feb 10
19i2
3
4
Jan
114
147
1
Feb 21
*18*4
42
Jan
1*4 Feb
150
54
43i2
3
Feb
Jan
126% Mar
Oct
100%
57
8
*1212
Feb 10
48% Nov
75*8
145
42U
*1834
1214
*2%
*36
4
Feb
Mar
Dec
6
8
19%
68
105
3
4134
1914
1
Feb
118
Jan 29
734
•187g
68
72*8 Mar
Dec
52% Nov
43%
Jan
4II4
*41%
♦18%
*12%
3
Mar
Jan
778
8-%
Jan
Oct
112
72% Mar
193g Jan
34
4134
19i2
41%
20
Oct
50
778
x41i2
*18%
*12%
35% Feb 25
7578 Feb 25
70*4 Feb 23
162
preferred
4134
8i2
3
3
3
130
10
3%
3%
8%
8
Oct
3%
140
125
2%
Dec
24
4
7% 1st preferred
1,100
1,800
65
Jan 17
6*8 Jan 10
100
101
""400
Feb 18
32
No par
10
18%
22%
♦99
66
Feb
15% Mar
Universal Pictures 1st pref. 100
8%
—
2 2% Mar
Jan 20
Universal Leaf Tob
'
"
43%
Oct
Jan
200
conv
Oct
Oct
6%
119
Universal-Cyclops 8teel Corp 1
Mar
3*4
3
4%
70
Jan 13
4
1
Feb
23% Mar
Jan 13
152
United
Dec
Dec
Feb
Jan 15
100
Stockyards Corp
172
Jan
United Stores class A..No par
Jan
Jan
34%
137
534
No par
1,500
Jan
29%
16%
Jan 12
62% Jan 25
114% Jan 10
100
Oct
Nov
154% Nov
9
Jan 11
104% Jan 28
100
1,600
21
18
187g
50
Preferred
$6
5%
53
4
49% Feb
100
U 8 Tobacco
20
20%
22% Jan
45% Jan
57% Jan
No par
U 8 Steei Corp
Preferred
3%
Oct
Jan
4%
U S Smelting Ref & Min_.__50
Preferred
Oct
63
U 8 Rubber
1st preferred
2
3
Jan 20
26
No par
8%
Feb
63
20
U 8 Realty & Imp
100
45
21
22%
U 8 Pipe & Foundry..
878
35%
23*4
6%
10%
4
3
100% Feb
*4
4*8
16934 Feb
4
Jan
113% Jan
16% Feb
2434 Mar
Nov
70
77g Jan 12
4
Mar
Oct
Dec
3%
5%
7434 Feb 21
1% Jan 18
4
784 Feb
200
h
101
5
Partic & conv class A .No par
Prior preferred
100
12
%
78
4
6% Feb
31% Feb
17% Feb
50
U 8 Industrial Alcohol.Wo par
U 8 Leather
No par
147%
*40
25
100
385s
♦3834
39%
39%
38%
39%
434
47g
4%
4%
4%
434
28
28%
287g 29U
27% 28%
109% 109%
*10912 110
*109% 110
312
3%
3i2
*3%
3%
3%
*11
20
I6I4
16%
*10%
♦10%
*116
1207s *116
12078 *116
120%
52
52
54
53
50
♦49%
2*8
3i2
314
3%
187g
22
52i2
52i2
125
*118
I8I4
25
*99
HQ
45
84
*20
25
*20
*98
7g
*4
%
**4
*40
45
5H% conv pref
200
66
62
147% *145
1475s ♦145
*40
45
Oct
3
Jan 26
preferred
U 8 Hoffman Mach Corp...5
42
42
42
12
42
*11
101
Jan
57g Jan 12
8% Jan 17
164
35% 103,800
16,300
75%
2,100
70%
108
*38
*38
*40
57%
17
100
7%
-
6,900
4,900
5%
57%
56%
55%
108
107
107% 107*4
127
*130
127
145%
*126% 132
*158% 162
I6OI4 160% *16014 162
5
5
5
4%
*4%
47g
2
2
2
2
2%
2%
55%
107
Oct
Jan
100
*60
*65'8
9
Feb 15
600
X29%
5%
33%
71%
66
86*4 Mar
10
2,800
5%
34%
73%
*65i8
63
Oct
72
3,800
72
74U
6% Feb
9% Mar
Oct
62
106
1% Feb 16
100
Oct
05% Feb 25
11% Jan
5
Feb
Feb
Dec
2%
Jan
26*4 Apr
106% Feb
24
Jan 27
5*4
30%
70*4
69
74
Jan
Mar
Jan 12
35
Jan 31
934
5%
33i2
717g
69%
65I2
55I2
34*4
3
5*4 Feb
100
No par
preferred
Feb
8
700
21
29*4
6912
Oct
57
534
5*8
72
6%
20
9%
30*8
69
16
No par
6
65
71
Oct
Freight
9*4
65
*65
5
7
U 8 Gypsum
100
29*8
5*8
33tg
57
19%
46%
U S
mmrnm -
7%
75
68%
45
19%
8%
Oct
1,100
36
*31
29
5i8
14778 *145
16934
7%
77g
35
Conv
Mar
Oct
3
102% Feb 24
4% Feb 4
No par
preferred
35
2
4,700
9%
69
67
67%
*5*4
67
*40
9%
*9lg
67
301
7%
7%
9%
first
$5
Dec
17%
934
10
U S Dlstrlb Corp
1
*34
7
*65s
6'4
31U
*55
*7
*73
1
Feb
25%
4*4 Jan 28
30% Jan 3
56% Jan 3
No par
700
5%
7%
75
IOI4
28U
5
200
*7
20%
*65
5
United Fruit
91
19% Jan 10
3*4 Jan 8
70
United Electric Coal Cos
United Eng &
Jan
11734 Feb
Deo
32% Jan 12
7% Jan 12
97g Jan 10
80% Jan 10
6% Jan 11
Jan 31
Fdy
Oct
Jan
Feb
36*4
8
Jan 28
7
7%
75
64%
sl0%
110
4
100
Preferred
200
111*4 Feb 8
49% Feb 23
JaD
10
Corp
United Paperboard
914
67
*144
1,500
300
Oct
Feb
300
6l8
2
5%
35
15
6
300
934
68
178
5%
*33%
19% Jan 11
share
per
24*8
31%
30%
26% Jan 28
5%
6
68
527B
United Dyewood
5%
5*8
1934
IO6I4 10634
1,000
Oct
5
102i2 102*8 *101% 102%
6
514
333s
30%
65i4
8%
75
Oct
7
234
United Gas Improvt... Wo par
$5 preferred
No par
95s
2858
5i2
3158
5,300
1,300
5%
9*4 Jan 11
15% Feb
No par
10,100
19U
70
*5
United Carr Fast Corp.Wo par
United Corp
No par
$3 preferred
United Drug Ino
8*4 Jan
3
39
10%
914
195s
No par
*71
10%
10i2
6
1914
1914
*5^
9t4
*60i2
28i2
8%
100
United Carbon
5
Highest
share $
per
16% Jan 3
110% Jan 20
No par
Preferred
-
-
16,200
7
United Biscuit
$
share
per
3
6% Feb
8% Jan
700
*32
35
7
Un Air Lines Transport
5
United Amer Bosch...Wo par
65%
16934 ♦166
7%
♦33ig
28%
33%
65%
**4
7ig
9*4
•»«.
2,000
200
3%
29%
5
*73
1
7«8
914
66i2
*918
67
*166
75
♦34
7*8
*65s
7i2
*72
7434
**4
5i2
3
8%
33
«•«,
18
73
5
*63
*5U
18
29
8i2
72I2
3234
7
634
74
*6*4
74
5t2
*4*4
—
49%
7
6112
10%
♦102U 103
10i2
IOI4
*102
104
*102
M
49
3%
7
""600
18%
*112%
2834
80
5*8
2,400
8
$
share
$ per
Lowest
Highest
Lotoest
Par
Shares
18
7
RYPHA MriTT
10
19
3
2914
8i2
734
*97g
1878
Range for Previous
Year 1937
Ranoe Since Jan. 1
On Basis of 100-Share Lots
JCiAvIlAll VJIJUf
Week
25
Feb.
S per share
49~
18
STOCKS
NEW YORK STOCK
the
TZCLUy
8
*18*4
*112i4
48i2
3i8
♦71
5ig
—
Sales
CENT
r
10
7%
*934
18
29t8
*70l2
914
19
49*8
i
24
Feb.
«•«.«»
3
NOT PER
nuTsa.au
S per share
8i8
10ig
*17
185s
278
28*8
73
*5
485s
*17
7
72
8
6*4
28i4
23
Feb.
f per share
*9*4
18i2
*11214
4878
----
i
VUtUOoUrlll/
wr
48
278
2814
*8
22
$ per share
10t8
♦18U
*11214
4714
1734
SHARE.
TI7/)/fM no/f/r*#
77g
*9%
7*4
11
*9
PRICES—PER
UrZSUAiy
Feb.
$ per share
% per share
*7%
JL
21
Feb.
19
Feb.
SALE
HIGH
JXJL UHUAXy
ll
1363
lor
AND
LOW
Q/rftsr /fnit
oaiur UAJLy
^
.
Zenith Radio Corp
Zonite Products Corp
n
New stock
r
par
Feb
4
Jan 24
68
Dec
187g Jan 10
12%
Dec
43*4 Jan 12
34% Nov
JaD 11
par
31% Feb
100
73
Jan 20
75
par
15
Jan 28
No par
1
12
Feb
22% Jan 10
17% Jan 12
4% Feb 25
Cash sale
2*4
r
Jan
Ex div
g
Jan 26
Ex rights
70
Ocl
11%
Dec
2%
Od
4034
142
46%
Deo
Jan
Jan
Feb
101% Mar
115
Jan
43*4 Aug
9%
Jan
1 Called for redemption.
1364
Feb. 26,
NEW
Bond
YORK
1938
STOCK EXCHANGE
Record, Friday, Weekly and Yearly
NOTICE—Prices are "and "Interest"—except for Income and defaulted bonds.
Cash and 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
regular weekly range are shown in a footnote In the week In which they
occur.
No acoount Is taken of such sales in computing the range for the year.
Friday
Y.
EXCHANGE
STOCK
Week's
Last
BONDS
N.
Range or
Friday's
Sale
Week Ended Feb. 25
Price
Bid
cfe
Low
Friday
Since
NO.
117.17
8
Low
O
Treasury 3%8---June 15 1943-1947 J D
Treasury 3s
Sept. 15 1951-1955 M S
Treasury 3s
June 15 1946-1948 J D
Treasury 3*8—June 15 1940-1943 J D
Treasury 3*8—Mar. 15 1941-1943 M S
Treasury 3*8...June 15 1 946-1949 J D
Treasury 3*s...Dec. 15 1949-1952 J D
Treasury 3*8—
Aug. 16 1941 F A
Treasury 3*s._.Apr, 15 1944-1946 A O
Treasury 2*8—Mar. 15 1955-1960 M 8
Treasury 2Ms...Sept. 15 1945-1947 M S
Treasury 2*s._.Sept. 15 1948-1951 M S
Treasury 2*8—June 15 1951-1954 J D
Treasury 2*8—Sept. 15 1956-1959 M S
Treasury 2*8—Dec. 15 1949-1953 J D
Treasury 2*8
Dec. 15 1945 J D
Federal Farm Mortgage Corp—
3*s
Mar. 15 1944-1964 M S
3s
May 15 1944-1949 M N
117.8
Foreign
108.18 108.9
104.30 104.16
1 1939-1949 F
1942-1944 J
108.26
113.6
116.22117.24
53
107.2
108.6
136
112.2
113.11
108.18
25
107.18108.19
Cordoba (Prov) Argentina 7s. .1942 J
104.30
108
104
76
105.0
100.11
100.8
10
105.29106.13
107.6
11
100.30107.12
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
External loan 4*s ser C
106.27 106.16
106.27
15
100.20
39
107.20
79
107.4
107.22
108.3
108.6
107
108.6
107.24
55
102.23 102.10
102.25
303
104.20 104.11
104.23
67
102.11
102.24
129
101.28 101.14
101.30
135
101.10
101.21
22
101.30 102.29
101.3
101.30
100.20 101.21
100.10 100
100.10
241
99.18100.10
103.22 103.11
103.22
183
102.14 103.32
104.12
104.20
13
103.20
104.8
50
104.7"
103.19104.15
325
J
102.7
102.8
170
101.6
101.28
1945
7*
1957
f 7s 2d series. 1957
♦External
sec 8
f 7s 3d serles.1957
1958
6X
e%
6%
0X
ex
ex
ex
100*
99%
Argentine (National Government)
1972 F
A
90
92*
102.8
7%
105*
102*
105*
102*
102
101*
{♦Stamped extd to Sept 1 1935.. M S
Domlnlcan Rep Cust Ad 6*8.. 1942 M S
1st
1957 M S
J
A
161"
1955 J
J
1955 J
22*
D
21
O
18*
S
101
12
ex
5%
ex
3
5%
100%
15
99
ex
100*
92%
96
89*
83
83
152
74
50
117
9
6
102
77* 105*
22
20*
106* 108
36
4
104* 107*
112* 115*
102 X
6
100
23%
"4
18*
17*
23
19
54
18%
18%
38
15*
15*
15*
21
18
101
2
101
8
102%
3
19*
19*
19*
99* 101*
99* 101*
101* 102*
20
20
20
23
90
81
74
74
2
73
4
73*
78*
79*
70*
70*
S
A
Refunding
1976 F
1977 M
73 *
1984 J
J
1967 J
62 X
60 %
ei%
ei%
63
65*
65
65%
48
48
48
315*
32 *
32%
31%
32%
"63"
J
1968 MN
74
60
62 J*
External re-adj 4*s-4*s—1976 A O
External s f 4*s-4*s
1975 M N
7s unstamped
O
109
A
1944 J
1967 J
96 *
J
"36%
♦Farm Loan 6s Ber A Apr 15 1938 A
O
O
17%
A
17 *
J
♦Extl sinking fund 6s__Sept 1961 M S
♦External sinking fund 6s... 1962 M S
♦External sinking fund 6s...1963 M N
D
♦Guar sink fund 6s
1961 A
O
♦Guar sink fund 6s
1962 M N
15*
15%
UK
♦6s of 1928
♦6s extl s f gold
Oct 1961 A
..Jan 1961 J
1947 F
For footnotes see page 1369.
21
64
60
19
21
99*
al07
30
99
23*
20
23
.
106*
D
109
106* 108*
19*
21*
21
107*
100
102* 108
96* 100
al07
105
98*
1905 J
D
107
99* 100*
26*
♦7s unstamped
O
"33"
25*
28
40
22*
24*
"46
*30* "34*
32*
27*
25
25
29
27*
(Cons Agrlc Loan) 6*8
1958 J D
♦Greek Government s f ser 7S..1964 M N
34*
27*
25
27*
♦
♦6s part
38
24*
♦20
1949
part paid
♦Sink fund secured 6s
28
24
27*
24
.1965
Holder) '65
27*
30*
27*
30*
1
*30
1964
26
27*
32*
1968 FA
27*
27*
27
29
1968
paid
27*
24
24
26
24
27
74
74
70
85
22
19
22
19
17*
17*
Haiti (Republic) s f 6s ser A
1952
♦Hamburg (State) 6s
1946
22
♦Heidelberg (German) extl 7*s '50
Helsingfors (City) ext 6*s
1960
21*
♦17*
105*
Hungarian Cons Municipal Loan
♦7*s secured s f g
1945
♦7s secured s f g
1946
♦Hungarian Land M Inst 7*8.1961 M N
♦Sinking fund 7*s ser B
1961 M N
♦Hungary (Kingdom of)—
7*s extended at 4*s to.—1979 F A
Irish Free State extl s f 5s
104*
18
17
♦17
♦17
*
104* 106*
105*
18
17
19
18*
19*
18*
18*
18
18
61*
69*
18
54
1960 M N
Italy (Kingdom of) extl 7s
1951 J
Italian Cred Consortium 7s ser B '47 M
Italian Public Utility extl 7s
1952 J
D
61*
64
19
♦116*
114% 114*
80*
74*
77*
81
75
82
S
73
63
60*
75*
64*
74*
71*
J
80*
65*
Japanese Govt 30-yr s f 6 *s.._1954 F A
Extl sinking fund 5 *s
1965 M N
59*
72
81
61
59
61
49*
64*
♦Jugoslavia (State Mtge Bk) 7s 1957 A
♦Leipzig (Germany) s f 7s
1947 F
O
44
44
44*
42*
44*
A
22
22
20*
22
Lower Austria (Province) 7*8.1950 J
D
♦Medellin (Colombia) 0*s
1954 J D
♦Mexican Irrig assenting 4*s.l943 M N
63
♦4s of 1904
1954
73*
72*
22
34*
35*
109
5
108* 110
111* 113*
35
100* 101*
101%
100x
96%
36
100* 102*
103
t
S
O
J
A
27
62
6
99* 101
95*
96*
59
62*
58
37
6
30
37
31 J*
6
30
3
31%
6
29*
29*
31*
31*
17%
17%
18
10*
101
16*
16*
16*
16*
16*
16*
14*
14*
14*
14*
11*
31 %
014
17%
18
18
27
17%
17%
17%
15%
15%
15%
27
15%
10
13%
14
11
23
31*
18*
18*
35
11
29
5
6
2
19*
18*
18*
18*
18*
♦Mexico (US) extl 5s cf 1899 £.1945 Q
MilaD (City, Italy) extl 6*s.._ 1952 A
Minas Geraea (State)—
♦Sec extl
s
♦Sec extl
a
1958 M
1959 M
f 6*8
f 6 *s
6*
7*
2*
2
3*
2*
3*
3*
3
♦6s series A
3
2*
2*
*3
J
12
"2"
"§
6
64*
61*
66*
S
10*
10*
8*
9*
10*
10*
65*
S
♦
♦
A
'100*
20-year external 6s
1944 F
A
106*
101*
101*
106*
106*
External sink fund 4*8
External s f 4*s
1956 M
S
105*
104
¥ 104*
102* F103 *
*102* 1103 w
20*
20*
102*
O
O
104
1963 F
A
103
Municipal Bank extl s f 5s...1970 J
♦Nuremburg (City) extl 6s
1952 F
D
s
f ext loan
Panama (Rep) extl 5*8
♦Extl
s
f 5s ser A...
♦Stamped—
...1965 A
A
1953 M S
1958 M N
1955 A O
1953 J
3*
1*
3*
D
60*
55
"mx
1963 M N
......1963 M N
00*
53
8*
48
3
3*
2*
3*
67*
29
100*
106*
100*
104*
102*
15
102* 103*
29
16
100
39*
6
107
107*
106*
104*
20
20*
61
51
60*
23
47*
8
65*
101* 103*
40
100
"~35
34
39*
18
7*
10*
9*
11*
130
9*
42 *
47
39*
67*
104*
103*
101
26
60*
55
102
102*
10*
11
61
16
107 m
62*
101*
07
11
105*1105*
69
8*
60
102*
102*
106*
*40*
"39*
"78
50
A
4s
2
J
O
New So Wales (8tate) extl 5s.. 1957 F
External s f 5s
Apr 1958 A
Norway 20-year extl 6s...
1943 F
16
16
3
3*
2*
2
D
1952 J
Oslo (City) s f 4*8
16*
J
1959 M N
«Montevideo (City) 7a
10
104*
42*
14
21
12*
14*
13
14*
♦20
23
17*
22*
22%
16*
22*
22
17
22
%
7*
2*
J
...
{Treas 6s of *13 assent(large) '33 J
♦
J
{Small
Oriental Devel guar 6a...
Extl deb 5*3
14%
14%
21
7*
*1*
♦2*
90
3
—.1945 Q
18*
al3%
14*
*20
7*
D
31*
32*
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
1954 J
11
42
*_...«
D
101%
15%
15%
S
D
♦Colombia Mtge Bank 6*8—1947 A O
♦Sinking fund 7s of 1920....1946 MN
♦Sinking fund 78 of 1927
60
•19
23
47
1
15%
15 H
D
M
62
♦Assentirg 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
*18%
1957 J
1951 J
61
70*
72*
15%
17 X
1961 J
♦Cologne (City) Germany 5*s.l950
Colombia (Republio of)—
62
63*
17%
17%
17%
17%
17%
17%
17%
17 *
.1960 M
62
00*
61*
31
"31"
1942 M N
♦Chilean Cons Munlo 7s
♦Chinese (Hukuang Ry) 5s
64
68*
8
36%
31%
31%
31%
O
♦Chile Mtge Bank 0*s
♦Sink fund 6*8 of 1926
65
61
29
112 w
202
1950 M S
♦External sinking fund 6s...1960 A
♦Extl sinking fund 6s.._Feb 1961 F
♦Ry ref extl s f 6s
Jan 1961 J
60
62
26
108*
1954 J
Oct 15 1960 A
♦Chile (Rep)—Extl 8 f 7s
60
60
101%
101%
100%
96%
lol*
1015*
100 *
6s._July 15 1960 J
62
60*
38
Ul%
1952 M N
1961 J
f
05
60
♦60
.1949
♦5*s of 1930 stamped
♦
f 6s
67
62
81
1961 F
s
90
65
61
22*
43
22X
102
102"
102*
19*
23*
♦80
1961 M
s
83
65
O
German Prov & Communal Bks
6
13
S
♦6*s stamped
External s f 4*-4*s
♦Farm Loan
89*
100*
German Govt International—
♦German Rep extl 7s stamped. 1949 A
15
7
D
♦6s stamped
♦Farm Loan
♦86*
O
1941
1949 J
External 7s stamped
7
7X
ex
101
A
30-year 3s
♦Carlsbad (City) sf 8s
♦Cent Agrlc Bank (Ger) 7s
101* 104
99* 102
100
♦5*8 unstamped
106%
107%
112%
18%
16*
ie*
10%
100 x
18*
D
25-year 3*8
7-year 2 *s
105
23
108
♦5 *s stamp(Canad'n
99
20 *
19
O
D
1950 J
F
29
142
107*
7*
7*
♦20
D
J
1960 A
105*
102*
102
100
7*
7*
ex
101
J
1958 F
Aug 15 1945
105
107*
6
U2X
O
Sinking fund gold 5s
-
104
100
0*
96
106 %
106
107*
M S
20-year
10-year 2 *s
78*
85
89
1945 M S
6
20%
22
D
J
08
7
1948
1967
9
77 X
81*
1949 M S
M
106
110*
90* 100
102* 100
24
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
10
100
1956 M N
6a
1940 A
1940 A
5*3 of 1926
11
23
External g 4*s of 1928
Austrian (Govt's) s f 7s
Canada (Dom of) 30-yr 4s
ser
7%
49
80%
105%
f 7s
J
A
O
External g 4 *s
7%
101%
106
s
11
101
83
J
♦Secured
3
21X
101X
22
16*
17*
22%
100* 102
105 J*
80 x
O
♦Stabilization loan 7*s
5
100 J*
106 %
83
1972 A
1955 J
3% external s f $ bonds
Bulgaria (Kingdom of)—
22
96*
80
88*
80
88*
104* 106*
104* 100*
Australia 30-year 5s
External 5s of 1927
4*s-4*s.—.
1942 J
1955 F
Apr 15 1962 A
Deutsche Bk Am part ctf 6s.-.1932
Denmark 20-year extl 6s
External gold 5*s
♦7s
1971 M N
♦Budapest (City of) 6s
1962
♦Buenos Aires (Prov) extl Qs—1961
90
Finland (Republic) ext 6s
21*
100*
f 7« 1st series
1957 M
214
91*
91
O
♦Frankfort (City of) s f 6 *s
1953 M N
French Republic 7 *s stamped. 1941 J D
22
sec s
f 6s..
77
85
89
75
O
17*
24
102* 104
101.19102.14
s
A
75
D
1951 A
*..1942 A
Sinking fund 8s ser B
5*3 2d series
.1969 A O
♦Dresden (City) external 7s... 1945 M N
68
102.14
♦External
A
"16
104.7
102.14 102.1
♦External
1952 J
104
103.30
A
7*
7%
7%
(Central Ry)
Brisbane (City) s f 5s
90
♦100*
Customs Admins 5*s 2d ser. 1901 M S
5*s 1st series.-.
1969 A O
1945
♦7s
82
103
2d series sink fund 5*s
.-1945
A
87
1
103.15104.12
f 7s series C
Bergen (Norway) extl s f 6s._.1960
(Germany) s t 0*s
1950
♦External sinking fund 6s.—1958
♦Brazil (U 8 of) external 8s
1941
♦External s f 6*s of 1926-—1957
♦External s f 6*8 of 1927—1957
80
62*
5
103.22 104.26
f 7s series B
♦Berlin
99*
52
21*
104
102.18103.17
f 7s Berles D
f 6s
97*
80
106
16
s
External 30-year s f 7s
99* 101
52*
106
32
s
Belgium 25-yr extl 0*s
20
53
•20
A
7*s unstamped
♦Bavaria (Free State) 6*8—.1945 F
99*
87
S
♦Public wks 5*8-..June 30 1945 J
103.28104.30
♦External
s f
High
103.25104.29
♦External
s
Low
52
A
Czechoslovak (Rep of) 8s
101.25102.25
I
1957 J
4
101
103*
1944 M
1949 F
103.0
Akershus (Dept) Ext 5s.>-..-1963 M N
J
♦Antloqula (Dept) coll 7s A...1945 J
loan 4s Apr
98*
1951 M N
7s
1949 F
Sinking fund 6*8—Jan. 15 1953 J
105.19106.20
107.19 107.12
♦Costa Rica (Rep of)
105.28106.28
106.20 106.10
A
a
No.
Jan. 1
104.30
106.1
106.2
O
External
Since
©
CQ CQ
High
♦
87
104.17
--..1948 A
conv
Range
©
Ask
&
100*
A
110.27111.22
103.3
1947 F
8 f extl
1957 F
6
104.17 104.9
♦Gtd sink fund 6s
8 f external 4*s
8 f extl conv loan 4s Feb
100*
A
J
♦Gtd sink fund 6s
Antwerp (City) external 5s
D
1957 F
111.14
Agricultural Mtge Bank (Colombia)
s
1952
1953 M N
—
107.2
Govt. & Municipals—
♦External
Copenhagen (City) 5s
25-year gold 4*s
♦Cordoba (City) 7s
♦7s stamped
105.27
106.8
1 1944-1952 M N 104.7
May
Bid
Low
J
S
3s
Jan. 15 1942-1947 J
2*s —
Mar.
1 1942-1947 M
Home Owners' Loan Corp—
2j*s series B..Aug.
2*s series Q
Price
Foreign Govt. & Mun. (Cont.)
15 1947-1952 A
15 1943-1945 A O 108.6" 107.26
Treasury 4s
Dec. 15 1944-1954 J D 113.5
112.25
Treasury 3*s_._Mar. 15 1946-1956 M S
111.12
3s series A
Friday's
High
U. S. Government
Treasury 4 *s— Oct.
Treasury 3*8—Oct.
Range or
Sale
EXCHANGE
Week Ended Feb. 25
Jan. 1
High
STOCK
Y.
N.
Week's
Last
BONDS
Range
Asked
3
♦Pernambuoo (State of) 7a
1947 M S
♦Peru (Rep of) external 7s
1959 M S
D
♦Nat Loan extl s f 6s 1st ser..l960 J
11*
♦Nat Loan extl a f 6s 2d ser. .1961 A
♦Poland (Rep of) gold 6s......1940 A
♦Stabilization loan 8 f 7s....1947 A
O
11
11
56
O
62
57
62
32
O
79
79
J
59
75*
54*
69
♦External sink fund g 8s ....1950 J
9
11
10*
9*
9*
11*
11
9%
11*
11%
57
67*
9
75*
82*
73
54*
62
BONDS
Last
Week Ended Feb. 25
Bid
1961
♦Extl loan 7 Ms
.1966
Prague (Greater City) 7Ms.—.1952
♦Prussia (Free State) extl 6MS.1951
♦External s f 6s
D
8s
97
9
10 M
90
98 M
♦Deb
♦Debenture 6s
22
21
22
3
19
22
22
21M
22
5
19
22
107 M
108
10
107 M 108 M
109 M
109 M
1
106M 109M
1947
F
A
25-year external 6s
1950 M S
♦Rhine-Main-Danube 7s A
♦Rio de Janeiro (City of)
107 M
.1946
1953
8s
6 Ms
A
O
F
A
10
8
♦6s extl
s
1968
f g
♦7s extl loan of 1926
1966 MN
♦7s municipal loan...
1967
J
9M
12M
1st M 5s series ii
9M
9M
8
10 M
10 M
1st g 4mb series JJ
15
10
8
9M
6
65M
67 M
68
28 M
28 M
5
9M
Rome (City) extl 6Ms
♦Roumanla (Kingdom of)
A
o
F
A
♦Saarbruecken
J
J
*19
M N
♦10
10 M
8M
65
73
28M
12
1961
{♦Boston a N y Air Line 1st 4s 1955
Brooklyn City RR 1st 5s
1941
Bklyn Edison cons mtge 3MS--1966
Bklyn Manhat Transit 4 Ms—1966
Bklyn Qu Co a Sub con gtd 5s. 1941
1st 5s stamped
1941
Bklyn Union El 1st g 5s.—1950
Bklyn Un Gas 1st cons g 5s
1945
38
29M
...1952
7s...1959
..1953
Sao Paulo (City of, Brazil)—
♦8s extl secured s f
1952
♦6 Ms extl secured s f
1957
(City) 6s
66M
IVI N
8M
9H
16 M
16M
11
10 M
12
1936
§♦83 extl loan of 1921
12 M
1950
1956
1968
.......1940
♦7s extl Water loan
♦63 extl Dollar loan
Secured s f 7s._
12
12 M
23
12
22
♦Sinking fund g 6 Ms
9
11M
UM
41
23
10
24 H
5
11M
23
24
A
47 H
24M
24 M
RAILROAD
AND
Buff
24
of
33H
33 M
54 M
60 M
{Bush Term Bldgs 5s gu
26
1
26
Cal Pack conv deb 5s
104
4
53 M
55
43
25
46 H
48
64
55
17
102
102
1
44
46 M
102"
M
46 M
60M
49
47 M
49
10
45 M
48
45M
48
20
42 M
64 M
54
45
63 M
48
C46M
48
13
47
44 M
47
46
40 M
63
47
46 M
47
10
45 M
42
42
47
42 M
*
80
5
40
77 H
"75""
85
"23
•
"75" 166"
53 M
65
58 M
39
53 M
62
60 M
58 M
65
39
63 M
65
INDUSTRIAL
53 M
D
J
53 M
54 m
94
94
93 H
90
1st cons 4s series B
1
Allegk Val gen guar g 4s
Allied Stores Corp deb 4 Ms
4 Ms debentures
Allis-Chalmers Mfg conv
4s
Am A Foreign
Pow deb 5s
45
30
33
*33
7
i
|
67 m
92
14
2
104
103 M
F
A
110m
110M
110m
9
J
D
~32m
"32"
~33m
"43
*8M
*7M
9m
M N
"37 "
*
218
S
M
8
M
87
102
105M
Amer IG Chem conv 5 Ms
1949
1949
54
15
46
68 M
95M
1
95
99
104M
104M
29
103
104M
94
22
92
98M
92 M
94
Amer Telep & Teleg—
3 Ms debentures
1961
A
3M8 debentures
1966 J
J
Founders conv deb.1950 J
Amer Wat Wks A Elec 6s ser A. 1975 M N
113M
113
113M
137
101M
20-year sinking fund 5Ms.-.1943 M N
101M
138
101
Anaconda Cop Min s f deb
4 Ms 1950
A
O
105
96
104
105
85
101M
101M
104
101M
♦Am Type
112H H3M
100 M 101M
100H 101M
13
104
107
97
12
92
97
105
69
{Ann Arbor 1st g 4s
J
28 X
*35
Ark A Mem Bridge A Term
8
*96
5 f income deb
Armour
1st M
1967
1995 Q
5s.l964 M
& Co (Del) 4s series B.1955 F
s f 4s ser C (Del)
1957 J
A
29 M
J
92 M
90 M
91
O
110M
109 H
92M
29 m
40
99
92 m
92 m
16
110M
73
27
4s
Adjustment gold 4s
Stamped 4s
Conv gold 4s of 1909
Conv 4s of 1905..
Conv gold 4s of 1910
1995 A
1995
1995
1955
I
Nov
41
98
M N
lOOH
100M
D
99 M
D
99 M
100
J
D
*98 M
26
{♦Central of Ga 1st g 5s..Nov 1945
♦Consol gold 58
1945
♦Ref A gen 5 Ms series'B
1959
♦Ref A gen 5s series C._
1959
88
86 M
94 M
J
D
104 M
105m
J
J
*101M
102 M
Trans-Con Short L 1st 4s
1958 J
J
109 M
110
109m
"I
110m
17
1962
Atl Knox & Nor 1st g 5s..
1946
Atl A Charl A L 1st 4 Ms A
1944
1st 30-year 5s series B:
1944
Atl Coast Line 1st cons 4s July 1952
General unified 4 Ms A
1964
10-year coll tr 5s
May 1 1945
LAN coll gold 4s
..Oct 1952
Atl A Dan 1st g 4s
1948
Second mortgage 4s
1948
Cal-Arl* 1st & ref 4mb A
M
8
J
D
J
J
♦80 M
J
J
8
"32
101M 106 M
101
103 M
108 M 112M
106
112
95
97
97
88 M
89
*106
116
88 M
89
88 M 104 M
83
94
D
72
72 m
70
M N
♦80
82 m
76
77 M
88
70 H
72
69
76 M
30
30
M
J
MN
J
72
J
lo
94M
51
96
99
20
56
70 M
26
6
20
76 M
26
*25
63
50
50
10
12M
10 M
11H
"17
4s..1951
5s
1946
D
*9M
14
1941
1961
<
J
"16""
10
*166""
106
*63 M
M
107 M
98 M
98 m
107 %
A
10
30 H
107m
35
104 M
105m
gold 4s..l949
F
89M
90 m
99
57
65m
"72
65m
M N
"66 m
M
M
S
M N
104m
S
119 H
M
1989
..1941
M N
F
A
J
J
68—1934
Ry (new Co) gen 68.1951
{{♦Chicago A East 111 1st
♦Certificates of deposit..
1982
{♦Chicago Great West 1st 4s—1959
{♦Chic Ind A Louisv ref 6s
1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C
1947
♦1st A gen 5s series A
1966
♦1st A gen 6s series B._May 1966
Chic Ind A Sou 50-yr 4s
1956
Chic L 8 A East 1st 4Ms
1969
26
31M
24
60
{♦Auburn Auto conv deb 4Ms. 1939
Austin A N W 1st gu g 5s
1941
20
19
20
17
20
♦Gen 4s series A
85
♦Gen g 3 Ms
"87
116M
65M
104 M
116m
104 %
119
2
66 mi
21
104 ml
5
104 m
119m
64
116M 116M
56
66 M
104 M 106
5
mn 106
8
117
97
12
97
6
121
90 M
91M
97
97
106
96M
96 M
*105M
108
106
112M 115
J
*113
116
J
J
*
114
M
S
*107 m
22 m
21
102 m
102 M
106 h
105 m
104 m
104 h
96 m
101 a
95
100 m
*86
23
18
39
102 m
106 M
103
105
108
96M
101M
69
44
"16 M
15m
17M
61
15m
16M
8
*73
MN
"22"
20 M
15
S
J
J
J
J
J
J
"14m
14 m
14 M
IVI N
6m
6m
6M
11
7m
7M
3
J
*12
J
J
90 H
14
17 M
13M
16 M
15M
12H
22 H
12
12
14 M
5M
6M
85
D
1989 J
1
....
J
J
15
20
98 M 109 H
10 M
120
M
15
93 M 105
72 M 108
76
22M
26 M
99M 107 M
90
90
16
IVI N
21
102 M 111M
99
109
♦111
112
112
15
7H
7M
85 M
112
31
63 M
97 H
J
J
_96m
J
1949
1958
...1977
1971
5s
86
"59M "74M
"64
*62""
M N
1992
series B
1st A ref 5s series A
29
102 H 105M
M N
4mb '60
1939
Illinois Division 4s.....
.
62 M
"35
34 M
27
A
46
29
30
I
100
105m 107 H
1
1962
3s
1949
Burl A Q—III Dlv 3 Ms—1949
55
97
"9
32
*26
90
70
107 m 107 H
9
35
99
J
A
112
63
75
107 m
1987
1960
30 m
F
10
102
65
*38
J
4s—1954
7H
18M
M
F
7
23
<
M S
6M
5M
J
V 1st g 5s
34 m
89
53
7
25
A
Chic A Alton RR ref g
54 M
M 108
71m
J
Champion Pap A Fibre deb
Ches A Ohio 1st con g 6s
55
101M
81
100 m
1987
1959
47 M
98 M
2
4s
Chicago A Erie 1st gold
99
47 M
8
7
f^Cent RR A Bkg of Ga coll 5s 1937
6s extended to May 1 1942..
Central Steel 1st g s f 8s
1941
Certaln-teed Prod 5 Ms A
1948
{♦C A E III
59
17
6M
1st A ref 4Ms
100
102 M
O
General 4s
M
104 M
101
118
A
Through Short L 1st gu
Guaranteed g 5s
97
85 m
101M
114m
2
;
Cent Pacific 1st ref gu
Chic
18
7
General 4s
Warm Spring
113M 115M
113M 115M
123 M 125 M
89
83 M
100 M 103 M
112M 1HM
100 M 104
17
7
3 Ms-1965
Cent 111 Elec A Gas 1st 6s
1951
Cent Illinois Light 3 Ms
1966
99 M 103
Rocky Mtn Dlv 1st 4s
105 M
110M
2
O
Gen mortgage 5s
99M 102
11
1960
1948
1965
Conv deb 4 Ms
106
116M 118
115m
115m
124m
92
"7l""
M N
Cent Hud G A E 1st A ref
95
4
A
Central Foundry mtge 6s
{♦Cent New Eng 1st gu
Central of N J gen g 5s
118M 120
118
89
I
A
F
21
100
*86
D
118M 120M
119m
55
99 M
1948
115M 117
235
100
4s
♦Cent Branch U P 1st g
113 M U4K
120m
*46
71
"74
100
99 m
83 M
102 M
96
D
F
117
113M
100 M
95M
M N
5
101m
J
1955 J
100 M
114m
1947
2d consol gold 4s
98 H 103
102
85 m
101M
deb 5s w w 1950
gold 4s
1981
Atchison Top A Santa Fe—
General
123 H
D
3 Ms ser D..1996
Ref A lmpt M 3 Ms ser E
1996
Craig Valley 1st 5s
May 1940
Potts Creek Branch 1st 4s...1946
RAA Dlv 1st con g 4s
1989
31
98
24
124
D
Ref A imp mtge
102M 105
39
40
115
115M
114M
Celotex Corp deb 4Ms w w
General gold 4Ms---
♦Anglo-Chilean Nitrate—
Jan
117M
J
M
J
J
J J
J J
96 M 100
96M
51
95 M
M N
J
5
96M
54
D
117m
20
114m
U9M
deb stk per pet
1946
1944
Coll trust gold 5s
Dec 1 1954
Collateral trust 4 Ms
—I960
{♦Car Cent 1st guar 4s
1949
Caro Clinch A Ohio 1st 5s
1938
1st A cons g 6s ser A.Dec 16 1952
Cart A Adir 1st gu
61
45
114M
116M
119M
119M
114m
1957 J
5s equip trust ctfs
42
M
13M
104M 109
102 M
J
92 M
43
103M 104M
9
July 1969 J
Oct 1969 A
Guaranteed gold 5s
1970 F
Guar gold 4Ms
June 15 1955 J
Guaranteed gold 4Ms
1956 F
Guaranteed gold 4Ms--Sept 1951 M
Canadian Northern deb 6 Ms—1946 J
Canadian Pac Ry 4%
Coll trust 4 Ms
85 M
37
45m
104
104
J
85M
85
37
45m
1946
1941
41M
10
84
104
♦Mobile Dlv 1st g 5s
67 M
44
9
*
1940
Central N Y Power 3Mb—
1953 J
O
A
♦Mid Ga A At Dlv pur m 5s. 1947
35M
95 M
91
105M 107
110
111M
106 M 106 M
4
107
1960
Canadian Nat gold 4 Ms
Guaranteed gold 5s
73
66
16
106 m
♦Mac A Nor Dlv 1st g
82
104 m
91m
106 m
76
105M 109
85
66
66
106 M 108 M
106 M
102
A
90
37 M
~~2
85 m
*84 M
D
F
57
75
106 m
85 M
102M
78 M
74 M
12
28
54
69
7
76
75
76
102 h
♦Chatt Dlv pur money g
28M
"55
60
107
65
106 M
American Ice s f deb 5s
Am Internat Corp conv 5 Ms
62
*38
1998
1942
1950
1951
1952
1955
2030
Alplne-Montan Steel 7s
61M
61M
71
41m
1942
6s A..... 1962
cons gu
45 M
102M 104H
61
48 M
102
90
14
711
53 m
18
106 x
67
55
86
44
54 M
A
47
69 M
"33"
1950
99 M 103 M
46
*60
1950
Allegb & West 1st gu 4s
102 m
*40
1949
♦5s stamped
104
71
94 M
101
77
76 M
104
104
74 h
*44
1946
Coll & conv 5s
99
101
102 M
Alleghany Corp coll trust 6s...1944
♦Coll & conv 5s
93m
i04""
Albany Perfor Wrap Pap 6s...1948
6s with warr assented
1948
Alb & Susq 1st guar 3 Ms
101
101
1952
1943
1943
Ala Gt Sou 1st cons A 5s
93 M
93 M
10-year deb 4mb stamped... 1946 F
Adriatic Elec Co extl 7s
62 M
95
52
94
S
M
12
40
1
43
104 m
55 m
M N
Carriers A Gen Corp
D
J
9
107M 107M
♦Camaguey Sugar 7s ctfs
COMPANIES
{{♦Abitibl Pow A Paper 1st 58.1953
Adams Express coll tr g 4s
1948
Coll trust 4s of 1907
1947
4
J
Guaranteed gold 5s
104
41
10
9m
43
57
47M
101
45
32
1955
Consol 5s
Canada Sou
48 M
40
35
5
1952
31
103M 104 M
34 M
40
deposit
{Bush Terminal 1st 4s
95M
88 M
40
M N
F
84
1
104 H
M N
J
92 H
13
J
{{♦Burl C R a Nor 1st a coll 5s 1934
30M
55
1971 J
Ms
Buff
37
26
28
61
M N
J
103 M
103 H
429
100M 103M
44
J
1950
1981
Niag Elec 3Ms series C..1967
Roch a Pitts consol 4MS--1957
35
26
A
88 m
1957 M N
58
54
87 m
10
1950
31M
31
58
J
Tokyo City 5s loan of 1912
1952 M S
External s f 5 Ms guar
1961 A O
Trondhjelm (City) 1st 5Ms...1957 M N
♦Uruguay (Republic) extl 8s
1946 F A
♦External s f 6s
1960 M N
♦External s f 6s
1964 IVI N
3M-4-4M % extl read)
1979 M N
4-4M-4M% extl readj
1978 F A
3 Ms extl readjustment
1384 J
Venetian Prov Mtge Bank 7s__1952 A O
Vienna (City of) 6s
1952 M N
♦Warsaw (City) external 7s
1958 F A
Yokohama (City) extl 6s
1961 J
Taiwan Elec Pow s f 5
31M
31M
42
44 m
A
1947
♦Certificates
31
N
D
24M
102 m
95 m
28 M
107m
F
M N
M
1962 IVI N
22M
40
Brown Shoesf deb 3Ms_.
Buffalo Gen Elec 4 Ms ser B
Serbs Croats A Slovenes (Kingdom
♦8s secured extl
1
44
O
1st lien a ref 5s series B
13 M
13
9M
34M
24 H
24M
♦7s series B sec extl
...1962 IVI
♦Silesia (Prov of) extl 7s
1958 J
♦Sileslan Landowners Assn 6s..1947 F
Sydney (City) s f 5Ms1955 F
26
24 m
42
A
Debenture gold 5s
16M
13M
9M
9M
24
1945
1946
♦Saxon State Mtge Inst 7s
21
107 m
M N
1st lien a ref 6s series A
38 M
"40 M
11K
10 H
8M
9M
San Paulo (State of)—
♦8s external..
..1955
5
7
9M
28 M
5
44 M
44
1967 M S
9M
10
D
26
High
94 m
D
J
1944
11M
D
J
28 m
Low
7
88 H
Boston a Maine 1st 5s A C
10 M
O
1946 A
8
102
102 M
94 H
Big Sandy 1st 4s
10 M
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
No.
28M
12
52
9M
8M
High
26M
20M
28 M
26
..1955 A
A
Beth Steel cons M 4mb ser D..1960 J
Cons mtge 3M8 series E
1966 A
3 Ms s f conv debs
1952 A
25
"I
10
10
9M
Since
Jan. 1
28M
27 m
24 m
24 m
28 M
♦Berlin Elec El a Undergr 6 Ms 1956
25
36 M
*23
kS
§3
Low
J
Ms—1951 J
sinking fund 6Ms
1959 F
17
M S
Queensland (State) extl s f 7s..1941
Friday's
&
Asked
Bid
Belvldere Delaware cons 3Ms._1943
♦Berlin City Elec Co deb 6
Range
Range or
Sale
Price
11M
12
9M
Last
EXCHANGE
STOCK
Week Ended Feb. 25
1952 A O
-
O
sec
8M
97
Y.
High
Low
10 M
90
J
N.
Since
Jan. 1
No.
High
*9H
9M
M N
A
♦Extl
Ask
dk
Low
Foreign Govt. &Munic. (Concl.)
♦Porto Alegre (City of)
II
Friday's
Price
BONDS
Range
Range or
Sale
STOCK EXCHANGE
Y.
Week's
Friday
Week's
Friday
N.
1365
New York Bond Record—Continued—Page 2
146
Volume
Atl Gulf A W I SS coll tr 5s
*27 M
*83
Baldwin Loco Works 5s stmpd.1940 M N
Bait A Ohio 1st g 4s
July 1948 A O
1995 J
1st gold 58
July 1948 A
Ref A gen 6s series C
1995 J
PLEAWVaSys ref 4s
1941 M
Southwest Dlv 1st 3Ms-5s.._1950 J
Refund A gen 5s series A
99 H
5s series D
Conv 4 Ms
Ref A gen M 5s series F
Bangor A Aroostook 1st 5s
Con ref 4s
4s stamped
2000
1960
1996
1943
99 M 102
64 M
65m
59 M
78 M
33 M
32 M
34
67
28M
{♦Chic Mllw St P A
O
68
67M
68m
40
63
39 M
82 M
D
36
35
36 m
48
30 M
45
{♦Chic A No West gen g
N
55
J
42
31M
27M
32
54 M
56
16
46
70
23
38 M
35
69 H
46
27
38 M
3 Ms—
♦Gen 4Ms
31
25M
31
42
'"38
32
27 m
379
32 m
64
110
,
'
3
2
23 M
34
27 M
39
107 M 112M
106
103
♦Stpd 4s non-p
J
32
43
26M
35M
J
28
17
25
30
mm—mm—
31m
27m
32
1989 J
J
J
32 M
32
33m
17
28 H
36
J
J
32 K
32 m
32 m
1
28M
35M
J
J
28
mmmmmrn
34 M
.1975 F
A
12 M
13 M
Fed lnc tax
2000 A O
.1987 M N
1987 M N
♦
May 1
ref 4Ms stpd.May 1
ref 4 Ms ser C-May 1
4mb series A
1st ref g 5s
♦1st A
103
*102
106
103
108
♦1st A
48
48
48
48
♦Conv
*93
100
119
119M
99M 100
119M
118
127M
127 M
126 M 128
um
34 m
13
185
10 M
292
3M
1
*31
4M
16M
4m
4m
16 m
16m
17
16m
17
17
37
M N
19M
16m
*16m
18M
M N
mm——mm
17
*16 %
1987 M N
,1987 M N
stpd Fed lnc tax—
.1987
♦Gen 5s stpd Fed lnc tax
.1987
♦4 Ms stamped
.1936
{♦Secured 6 Ms—
103
127M
Jan 1
♦General 4s
42 m
110
48
Pac 6s A..
♦Conv adj 5s
41M
♦35M
Beech Creek ext 1st g 3
Fat footnotes se« page 1369.
4
65
1951
Ms—.1951
Bell Telep of Pa 6s series B....1948
1st A ref 5s series C.........1960
99m
May 1
D
1951
Battle Creek A Stur 1st gu 3s..1989
85
St Paul—
series B__May 1
1989
♦Gen 4 Ms series C—May 1
1989
♦Gen 4mb series E—May 1
1989
♦Gen 4mb series F—May 1
44
Tol A Cln Dlv 1st ref 4a A...1959
Ref A gen
85M
Chic Milwaukee A
mm—
mm-
19m
11
"42
18M
17M
22
18K
22 M
17
16M
"20
4M
18
14H
15M
15M
77
15
~14
18
18M
19M
19m
2037 J
D
10 M
10 m
11m
2037 J
2037 J
D
10 %
11
13
10
12M
11M
mmmmmm
D
10 M
10 m
11
12
10
11M
,1949 MN
6M
5M
125
5
7H
IVI N
6M
6
10 M
New York Bond
1366
Feb.
Record—Continued—Page 3
Week's
Friday
BONDS
N.
Y.
Last
EXCHANGE
STOCK
Bennett 'Bros. & Johnson
♦Assented
subj to plan)
t»Des Plains Val 1st
gu
Gen A ref 5s ser E
One Wall Street
1084
1104
1996
*33
♦Second gold 4s
Range
Sale
Bid
&
....
1951
law
A
18
♦Certificates of deposit...
03 &5
No.
East T Va A Ga Dlv 1st 5s
1966 M N
Ed El 111 Bkljro 1st cons 4s
1939 J
J
Y) 1st cons g fis..lv«6 J
J
Electric Auto Lite conv 4s
1951
D
184
17
82
194
184
El Paso A 8 W 1st 5s
1965
1965
1940 J
174
8*$
8
84
36
8
7 4
74
8
18
S
84
8
16
74
84
74
64
74
...1960 M N
"B*$"
5
54
46
*50
78 H
June 15 1951 J
Memphis Dlv 1st g 4s
1951
Oblc T H A S'eastern 1st 5s...1900 J
D
Chicago
-—..1944
1084
108
guaranteed
....
Chllds Co deb 5s.
1962
—...
874
85
ser
B
t*Erte UR 1st
36
12
111
54
54
J
294
codv
o
784
♦Ref A Impt 5s of 1927
1967 IVI N
164
67
♦Ref A impt os of 1930
♦Erie A Jersey 1st s f 6s
1975
1955 J
o
164
544
1st mtge 3 4s..
Cln Leb A Nor 1st
1967 J
D
1084
1074
con gu 4s... 1942 M N
Perm 1st gu 5s ser C...1957 M N
IVI
D.. 1971
108*$
109 4
1024 1054
87
100
108
♦3d mtge 44s
-
107
1954 F
Morse deb 4s
I)
.1993
1977
I
1939
J
Cln Wabash A
1991
J
.;
1942 M
1942 IVI
a
1942 IVI
30-year deb 6s series B
1954 J
1946 J
1024
104 4
107
1084
6s
International series
Dlv 1st 4s
107 4
109
1044 1084
Flat deb
1014
"78""
s
f 7s
90 4
♦100
*
111
—
-
"78" "784
104
1st cons 2-4s_.
♦Certificates
of
J
*40 4
108
1114
1104
1114
Gas A El of Berg Co cons g 5s.
106 4
108
s
f 6
4s A
♦20-year
101
104 4
Oen
96
95
96
11
82
1054
884
89
34
7'»4
102 4
t*Ca A Ala Ry 1st cous5s,Oct 1
A
1970 A
♦6s Income mtge
Colo A South 4 4b series A
.
O
.
O
Debenture 6«
......
Debenture 6s
ColumoU A
U
Columbus A
16 1952 A
Apr
1st ext
Columbus Ity Pow
J
1948 A
O
1955 F
.
A Lt 4s....1965 M N
Commercial Credit deh 3 48... 1951
2 Hs debentures
1942 J
A
....
Commercial Invest Pr deb 3 4s 1951 J
Commonwealth Edison Co—
O
D
J
824
1004
61
924'
98
1951
1956 A
O
93
107 4
I
97H
1004
1034
111 4
J
1114
1074
1064
......
Codd A
Passum Klv 1st 4s.... 1943 A
Conn Ry A L 1st A ref 4 4s ... 1951 J
guar
4 4«
a
S
G
112
60
65
39
47 4
30
1
A
of
Upper Wuertemberg 7s
4 1004
102
1044
112
1
♦Debenture 4s
13
3
1104
112
I
110 4
1114
1074
112
1054
1074
106 4
6
104
1064
100
1004
101
1074
1074
1064
1054
1074 1074
1074
1074
105
1064
109
103 4
1054
102
1024
68
1014
103 4
20 4
214
1064
8
1064
100 4
159
1064
♦Debenture 4s
1956
16
I
14
Cuba RR
1st 6s g
D
102
1943 J
D
F
A
-..1952 J
.
1946
.
Dayton Pow A Lt 1st A ref 3 4s 1960
Del A Hudson 1st A ref 4b
...
Del Power A l ight 1st 4 4s
1st A ref 44s..
1st mortgage 4 4s
Den Gas A El 1st A ref
J
O
1943 M
1971 J
1969 J
f 56...1961
IVI
N
see
1936 J
page
1369.
f deb 6s
"l8~"
174
164
*94
154
16
154
454
64
107
9
105 4
107
12
102 4
1044
17
1014
103 4
1014
16
994
102
14
14
104 4
42
103 4
104 4
1074
"15""
49
95
97
97
44
tl*Oa Caro A Nor 1st
1034
1024
1024
*
1939
"54
45
24
1024
60
204
*204
100 4
97
•
974
45
494
97
t
3
924
1st mtge 4*$s
1956
Goodyear Tire A Rub 1st 5s... 1957
914
974
8.
974
1054
Gotham Silk Hosiery deb 5s w w '46
Oouv A Oswegatchle 1st 5s
1942
Grand ti A 1 ext 1st gu g 44s
191
1044
80
80
Dl
*85
45
41
102 4
1034
1024
11
1014
102 4
9". 4
'93
97 4
46 4
1
2u 4
57 4
21
.
56
20 4
26
•20
98
914
80
99 4
103 4
1054
964
254
90
98
25
25 4
-
"924 '
1054
76 4
80
-
*106 4
.
45
39
103 4
*19
1945
99 4
45
40 4
5
;
44
1024
40 4
.
45
102
"534
204
ext 6s.. 1934
Goodrich (B F) conv deb 6s
Orays Point Term 1st gu 6s ....1947
GtCons El Pow (Japan) 7"
1944
1st A gen sf 6 4s
106 4
106 4
*80
73
Great Northern 4Hs series A..1961
General 5 4s series B
1952
General 5s series C
1973
General 4 4s series D_
General 4 4s series E
General mtge 4s series G
73
1
674
1950
68
2
22
j
107
1064
107
j
102
102
102
9
j
95
94
95
12
65
t
73
65
70 4
104 4
91
90
1114
104
80 4
994
904
894
93 4
1034
-.1976
j
1977
j
1946
j
1004
Gen mtge 4s series H
j
1946
Gen mtge 3Hs series 1
j
1967
♦Green Bay A West deb ctfs A...
Feb
92 4
914
92 4
25
84 4
95
804
80
26
724
804
59
69
80 4
59
50
60
94
6
♦Debentures ctfs B
*864
864
"88"
90
88
99
Feb
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 5 4s B
1st mtge 6s series C
94
1940 M N
100 4
81
"l9
140
1
*1044
19.50 A
O
-I960
90
'764
O
Gulf A S I 1st ref A ter 5s Feb 1952
1952
Oulf States Steel s f 4 4s
Gulf States Utll 4s series C
82
904
O
*83
92
83
86
91
91 4
88
1966
o
102
1024
1004
103
1946
o
1024
102 4
102
J
1084
103 4
1084
4 4s
Hoe (R) A Co 1st mtge
6s
cons g
J
1999
1944
1024
J
1949
g
10
81
.1952
10-year deb 4 4s
Hackensack Water 1st 4s
♦Harpen Mining 6s
Hocking Val 1st cons
76 4
774
"85"
J
1981
84
81
J
Stamped
A
108
*20
118
118
O
58
1937 M N
Houston Oil sink fund 6 4s A.. 1940 IVI N
Hudson Coal 1st s f fis ser A. —1962
D
1024
86
5
102
1054
Hudson Co Gas 1st g 5s
Hudson A Manhat 1st fis
♦Adjustment
*374
1614
118
1
58
2
1004
1014
22 4
234
1194
115*" 119*4
55
37
40
60
384
"ii
99 4
1014
38
214
30 4
1949 M N
4
110 4
120 4
A
534
53
534
15!
51
56
O
204
20
21
55
18 4
234
109
109
5
1064
ser
Illinois Bell Telep 34s ser B—1970
Illinois Central 1st gold 4s.
1951
1
84 4
91
3
99 4
102
1st gold 34s
1054
8
105 4
1064
104 4
16
39
Extended 1st gold 3 4s
1st gold 3s sterUng
394
17
103 4 104 4
43
36
464
524
464
40
53
3
49
3
107
107
1
52
38
51
1064
1074
144
*134
544
41
584
45
52
1054 1074
47
644
O
J
1961
934
IIIIZ
"93"
48
474
474
444
48
474
534
39
41
s
1951
1952 A
1965
M N
Purchased lines 3 4s
Collateral trust gold 4s
1952
J
O
1953 M N
1955 M N
Refunding fis
4H"
Cairo Bridge gold 4s
1 1966
A
1950
Aug
'404
494
"36
454
50
524
454
554
36
384
984
284
384
72
72
73
75
D
Litchfield Dlv 1st gold 3s
1961
1953
J
1
1074
Loulsv Dlv A Term g 3 4s
Omaha Dlv 1st gold 3s
1951
A
•
80
St Louis D!t A Term g 3s. —1951
J
1
744
1951
J
1
J
'
1961
1951
A
1074
6
1064 1084
107 4 1084
1
54
38
524
103 4
106
23
40 4
38
107 4
3
15
98
88
106 4
1074
154
98
92 4
o
Collateral trust gold 4a
40-year
109
95
*——
J
—1951
103
104""
1074
1194
A. 1957 F
Income fis.Feb 1967 A
1014
•1024
1074
J
—
44-—
1014
49
514
64
103 4
1034
1951
— _
Pub Serv deb 6 4s
tl*Housaton]o Ry
*108
J
15
15
1044
1034
1034
1004
J
N
1074
964 1004
104
J
Stamped as to Penna tax
1951 IVI N
||*Den A R G 1st cons g 4s...1936 J
J
(♦Consol gold 4 4s
52 4
107"
7 4
64
94
44
Refunding 4s
39
D
A
—.1969 J
s
D
J
s
104
J
1946,
to
68 series B exte* ded to
D
45 4
86
J
1942 J
54
1
2
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Oen Motors Accept Corp deb 3s.'46
1014
1054
1950 M N
1951 J
10
113
1064
1966 M N
74s series A excende"
For footnotes
454
1044
1034
101H
1951
16
164
*12
1946 J
Crane cos f deb 34s.
Crown Cork A Beal s f 4s
Crown Willamette Paper 6s
Cuba Nor Ry 1st 6 4s
26
112
*164
J
1970 M N
Container Corp 1st 6s
15-year deb 5s
16
*
O
♦Consolidation Coal s f 5s
1960 J
J
Consumers Power 3H" May 1 1966 IVI N
1st mtge 8 4s
May 1 1965 M N
1st mtge 3 4s
1st mtge 34s.
99
1004
1956 A
1134
1114
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1954
•Debenture 4s
...1956
112
1044
1951
1951
98
99
27
*90
..1956
„
95 4
59
1044
1074
1044
1024
18
108
100H
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Consol Gas (N Y) deb 4 4s
Consol < >11 conv deb 3 4s
108
1124
1054
J
O
48
964
1094
1124
1064
1956 A
40
854
1124
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107
O
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98
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A
98
90
1114
1114
1961
1946
1074
32
884
99
112
1951
f 34s
Consol Edison (N Y) deh 3 4"
3 4s debentures
92 4
2
112
D
1957 J
1st mtge g 4s series F.
1981 IVI
1st mtge 34* series H...... 1965 A
72
too" 1614
10
92
92
100?$
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44
92
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28
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61
94
......
57" "58"
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j
64
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♦Good Hope Steel A Ir sec 7s.. 1945
61
94
1953 J
Conn
84
101 4
434
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1st mtge g 4 4s series C
1st mtge g 4 4s series D
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A
4s
«
4s
1st ext
83
100*$
O
16 1961 J
.'.....Jan
V
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N
1064 108
1064
1024
...1980 M N
Columbia GAR deb 6s...May 1952 IVI
19
15-year 34s deb
D
954
1034
97
Gen Steel Cast 6 4s with warr .1949
88*$
A
83
94 4
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1948
O
106 4
100
94 4
65
104
1940
O
1946 J
97
80
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1947
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A
1943 F
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.1977
4 102 4
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98
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1949
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s
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92
934!
64
6
1952
,
A
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60
7
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J
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1977 F
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Colo Fuel A Iron Co gens f 6s.
1014
25
94
67 4
64
Framerlcan Ind Dev 20-yr 7 4s 1942 J
J
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Gen Cable 1st
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1
604
1004
*14
1941 J
A
Gen A ref mtge 4 4s series B
94 4
deposit
105
...1942
A...
95
1982
...1960 I*
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984
85
1952
106
1064
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54 4
95
!
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43
105
62
92
*80
1943 J
Fort St U D Co 1st g 4 4s
.....1942
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D
If ♦ Proof of claim filed by owner M N
1014 1024
1942
-1948 M N
53
16 4
57
99
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11
974
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(Amended)
78
214
90
170
♦
984
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♦1st A ref 5s series A
1974 M S
"56" "73*$
854
W W Val Dlv 1st g 4s ......1940
Cleve-Cllffs Rod 1st mtge 4 Ha. I960
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78
1074
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101*$
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..1910 M
214
164
70 4
25 4
196
"If "92"
—
♦Certificates of deposit
66
364
174
1004' 100
8
1st Hen s f 6s stamped
81
♦92*$
654
214
174
604
1st lien 6s stamped
104
81
D
Ref A Impt 4 4s series E
Cairo Dlv 1st gold 4s
78
47
100
c
14
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Cleve Cln Chl< A St I.gen4s... 1993
D
92 4
57
51
224
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984
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1956 J
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Fairbanks
684
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20
614
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14
37
1084
1074
25
164
164
Federal Light A Traction 1st 5e 1942
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137
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1938 IVI
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304
224
110
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1074
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109
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544
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22
1953
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1953
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109
294
214
214
1998 J
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*1024
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J
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864
654
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J
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cons g
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54
105
8
644
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1044
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Clearfield A Mab 1st gu 4s
1054
1084
1084
1034
894
654
..1952 Wl
5s
cons
103
86
1943
....
t*Cboc Okla A Gulf
1084
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894
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107
80
904
954
44
14
65
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1963
1963
1951
106 4
1004,
103
23
1084
10
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♦N Y A Erie RR ext 1st 4a..-1947 IVI N
1st mtge 3*48 series E
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4»
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574
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stamped
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84
64
44
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56
574
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94
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154
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100
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103
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214
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1961
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1
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1084
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174
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804
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1934 A
D
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1952 F
High
51
11
of deposit
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434
law
57
17
174
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10
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Ask
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Cb St L A New Orleans 6s
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Jan. 1
or
Friday's
Price
Ed
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1094
104 4
13
Week's
Last
£r
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♦Certificates of deposit
10
16
106
EXCHANGE
4a
42
1124 1134
107 4 109
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106
34
42
11
1074
Detroit Term A Tunnel 4 4"-. 1961
BONDS
♦Certificates
1084
1064
8
74
104
3
5
Randolph 7711
Cgo. 543
Week Ended Feb. 25
Ken
2
341
42
1134
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1104
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Friday
J*Chlc R I 4 P Rr
34
♦Detroit A Mac 1st lien g 4a.-.1995
Dow Chemical deb 3s
Feb 1
84
107*4
Jf*Dul Sou Shore A Atl g 5s_ —1937
Duquesne Light 1st M 3 4"
1965
STOCK
54
5
135 So. La Salle St.
TV. Y. 1-761 A- 'Bell System Teletype
Y.
14
16
13
.(
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N.
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74
8
42
G...1968
1
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104
113
1965
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No
High
74
113"*$"
1962
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Chicago, III.
Since
7
4 4a. —1947
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Range
Jan.
aa:
10
74
74
104
3*$
—
Apr 1978
f*Des M A Ft Dodge 4a ctfs... 1935
%AlLROAD 'BONDS
Y.
Asked
&
Low
♦Ref A Impt 5s ser B..
V^ewYork,
Friday's
Bid
Price
t*Den A R G West gen fis. Aug 1955
j
J 43.
I §•
Range or
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Week Ended Feb. 25
1938
26,
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114
16
Springfield Dlv 1st
13
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g
34s
J
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794
80
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STOCK
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Last
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Sale
Friday's
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dk
Asked
-J.
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sfe
Week Ended Feb. 25
Price
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D
42%
40
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206
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40
1932
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-
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51%
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56%
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58%
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81
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1951
4s..1946
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Kresge Foundation coll tr
18
5
15
19
4
15
19
56
59%
72%
9
38%
48
100%
100%
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11
99
IVI
8
J
J
80%
82
87%
94
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52
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88
256
84%
90
56
62%
199
56
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1
65
65
2
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28%
24%
29%
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27
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69
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34
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108%
39
105
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104
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91
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58
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55
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29
58
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95
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62
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32
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29
40
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^
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123
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126
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M
86
S
1940
2003
2003
2003
2003
B
1st A ref 4 Ha series C
1st A ref 4a aeries D
1st A ref 6a aeries
E
1946
1980
1945
4s
gold 3s
Mob A Montg 1st g 4 Ha
Paducah A Mem Dlv
St Louis Dlv 2d
Monon 4s...1952
Atl Knox A Cln Dlv 4a
1956
Lower Austria Hydro El 6 Ha.-1944
South Ry Joint
100% 100%
85
12
85
117
88
128%
49
115% 122%
60%
78%
103%
14
102% 103%
106
21
105
107
93 H
92
12
85%
93%
87
87
11
83
90
79%
80
10
75
81
A
A—1945
1960
For footnotes see page
2013
1369.
12
107
*
80
M
S
J
J
77
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F
80
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77
80
101
80
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98
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*
102
111% 112
107%
A
95
105% 107%
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42
41
42%
42
31
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J
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93
99%
99% 100%
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100
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J
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55
45
55
60
45
45
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44
41
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30
31
24
32%
22%
31%
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J
D
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22
25
23
25
21
23%
25
20%
18%
19%
25
18
22
45
22
43%
36
*39%
22
25%
88
19%
8
25%
22%
20%
22%
17
18
22%
24%
22%
24%
81
22
21
22
deposit
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gold
-
-
-
_
-
-
-
1978 M
*
-
N
»
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A
O
F
A
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25
30%
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19%
19
91%
19%
22%
25
22%
7
18%
22%
17
21%
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M N
♦
88
74%
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13
13%
12
M
S
13%
13%
1
M
5
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69%
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N
104
104%
6
A
O
101%
102%
46
A
O
ref 3%s.l966
J
D
1941
1955
1956
C..1955
1956
2000
..1955
J
Gen A ref a f 4%a aeries
Gen A ref s f 5a aerlea D
Ha
1965
68..-1947
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B
Nash Chatt A 8t L 4s ser
A
4a stpd
Nat Acme 4 Hs extend to
Nassau Elec gu g
1978
1951
1946
Prod deb 3%i w W..1951
Nat Distillers Prod deb 4%s—1946
National Rys of Mexico—
Nat Dairy
♦4%s Jan 1914 coup on
1914 coup on
1957
1957
♦4% July 1914 coup off
1957
♦Assent warr A rets No 4 on *57
on...1977
off
1977
1914 coupon
1961
off...1951
1914 coupon
♦Assent warr A rets
*17%
102%
*90
f 4s.
m
*
mm
101% 104
94%
90
90%
101
3
99%
92%
101
73%
73%
*
78
A
O
*
79
A
O
*
.
'
80
A
O
J
D
M
N
M
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N
113
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F
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62
10
48
55%
5
113
113%
6
51%
61
113
67
27%
D
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100%
99%
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105%
104%
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27
J
J
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100
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28
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124
N
122
England Tel A Tel 6s A—
1961 M
4 %a aeries B
1986 F
RR guar 1st 4s—
A
N J Pow A Light let 4 %s
J
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J
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A
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J
1st A ref 5a series B
J
New Orleans Term 1st gu 4a...
1st g
A
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4
124
106%
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J
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106%
.
116%
-
-
-
-
-
29%
122% 124%
120%
122%
-----
106%
108
64%
60
60
O
90%
89%
91%
77
88%
91%
89%
91%
18
89%
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63
62%
63
2
62
76
3
28
31
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30
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31
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42
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38
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37%
33
12
F
A
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A
36%
36
33%
36%
34
33%
35%
deposit...
A
A
O
75%
O
A
«
—
.
31
32
34%
28%
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9
32
37
5
32
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J
F
74%
75%
24
110% 111%
71
82
82
61%
83
82
91 %
60%
61%
63
61
65%
108
68
73
33
71
84
O
66%
66
67%
IVI N
77%
74%
77%
A
25
-mm--
D
A
J
mm..
mmmmm
40
.
-
-
A
—
1%
104% 107%
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19
122%
95
«
106%
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1%
116%
J
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•
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D
2%
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107
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J
123%
m
71%
54%
J
.
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56%
58
65
A
0
m
66%
58
26
7
64
65%
J
t|*N O Tex A Mex n-c lno Sa¬
dist 68 series B
♦Certificates of deposit—
♦1st 6a aeries C
—
14%
107%
100%
J
1952 J
New
102
.
88%
O
1954 M N
♦Consol guar 4s
14%
'.--mm
92%
A
J
Newark Consol Gas cons
11
11%
29
No 4 on '51
J*Naugatuck RR 1st g 4s——
5e—
{♦New England RR guar 68—
19%
91
91
No 5 on *77
4 %s—
A rets No 4 on. 1926
series D
A
50
S
Morris A Essex 1st gu 3
♦Certificates of
25
25
A
Gen A ref a f 5a aerlea B
♦1st 4 %s
19%
M
Montreal Tram 1st A ref 5s
Nat Steel 1st coll 8
43
F
6s..1947
♦Ref A lmpt 4 Ha
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 Ha
I960
6s debentures
1965
♦4s April
22
6%
25
23
M
4s—1938
t*Moblle A Ohio gen gold
♦4a April
4%
5%
*21
_
4%..July 1938
Montana Power 1st A
22
20%
24%
1981
24%
18%
5%
♦Certificates of deposit—
♦1st A ref 5s series I
19%
4
5%
1980
♦1st A ref g 5s aeries H
3
23
1949
6%s
♦1st 6 %8 series
of deposit
{♦Manhat Ry (N Y) cons
4S.1990
♦Certificates of deposit
102%
97%
93%
*
100
ff*Manati Sugar 1st a f 7 Ha.—1942
101% 105
87
M N
deb 6e. 1951
deb 5 Ha. 1950
141
A
McKesson A Robblna
-
67
48%
-
88%
127
128%
78%
86
86
87
A
McCrorj Stores Corp a f
mtge 4 Ha ser A
63
46%
♦4s April 1914 coupon on
96%
101%
Maine Central RR 4a ser
65
48
22%
♦Assent warr
97%
M N
34%
65
J
25%
90
105
"l06~"
8
28
3
J
8
63%
74%
102%
78 H
F
15
N
J
Nat RR of Mex prior Hen
102%
M
66%
IVI
"96% "99%
102 %
A
5%
60%
D
N J Junction
J
3%
4
1977
75
87%
6%
3
3%
6%
♦4a April 1914 coupon
RR—
-
9%
3%
-
36
61
117
S
M
30%
-
7%
63
128%
A
J
39
"91%
*
87
M
65
29
6
22
•
6%
104% 106%
♦100*u
1944
5s
1951
Louisiana A Ark 1st 5e ser A...1969
Louisville Gas A Elec 3 Ha
1966
Louis A Jeff Bdge Co gu 4s..—1945
64%
3%
52%
1
13%
7%
73
62%
8
♦Second 4s
129%
"98%
O
D
7%
14
8%
14%
8%
52
13%
7%
8
♦Assent warr A rets
8
•Certlfl. ates
118"
"98%
"98%
M
Gen
113%
105%
D
F
3%
3
F
♦4Hs July
70%
M N
M
1st A ref 3%s series
30%
113%
130%
105
105 H
1949
1949
1949
Lort'lard (P) Co deb 7a
5%
3
2%
J
40
'100
55
23
J
-
IVI
27%
57%
26 H
A
-
1975
Mut Un Tel
25
J
-
20
5%
1966
39%
M N
A
.
-
*4%
3%
J
M
♦Certificates of deposit—
27%
50
J
F
.
J
Mutual Fuel Gas 1st gu g
76
J
D
-
♦General 4s
l*Mo Pac 1st A ref 5s ser A
45
M N
Unified gold 4s
1959
1990
M-K-T RR pr Hen 5s ser A—.1962
40-year 4s aerlea B
1962
Prior lien 4%a series D
1978
♦Cum adjust 6a Ber A
Jan 1967
31%
1940
Louisville A Nashville
f 4s
Couatr M 5a aeries A
44%
97%
39%
30
32
2003
General cons 5s
2003
Leh Val Term Ry 1st gu g 5a...1941
Lex A East 1st 50-yr 6e gu
1965
Liggett A Myera Tobacco 78—1944
6s
1951
Liquid Carbonic 4s conv debs.. 1947
Little Miami gen 4s aeries A...1962
Loews Inc s f deb 3 Ha
.—.1946
Lombard Elec 7a ser A.—...1952
Long Dock Co 3%s ext to
1950
Long Island gen gold 4s..
1938
4s stamped
s
Gen A ref 8 f 5s aerlea A
32%
2003
gold 4s
gold 4s
list Chicago Term
^♦Mo-Ill RR 1st 6s series A
Mo Kan A Tex 1st gold 4s
90%
97 %
J
J
.
.
12
mm
100%
86%
91%
30 H
J
13
7%
8
J
♦Certificates of deposit...
99%
101%
1954 F
Guar ref
1949
1978
1941
♦Certificates of deposit
155
J
Unified
1946 J
IVI
♦1st A ref 6a aerlea G
"99%
155"
O
A
J
1938
Int
5 Ha
♦Certificates of
97%
*95
I
M N
-
mmmmm
m
m
-
♦1st A ref 6s series F
*25
8
J
4 Ha
60
15%
24%
27
84 H
19%
1938 J
mmmmm
mmmmm
.
3
13
90
3
A
|3ecured 6% gold notes
5s
-
3%
13
--- —
98%
68
A O
M S
F A
55
*2%
J
90
1
28 H
27
J
-
-
7
7
*
101%
mmmmm
-
-
19%
102
60
*6
J
91%
17
90
J
RR 4s A...1965
Lehigh A N Y 1st gu g 4s
1945
Lehigh Val Coal 1st A ref 8 f 5s. 1944
1st A ref s f 6s.....
....1964
1st A ref s f 5s
1964
1st A ref s f 5a
1974
-
20
*18%
J
5s gu as to
95
J
Lehigh A New Eng
20
20
1
cons
♦1st A ref 6a series A
♦Montgomery Dlv 1st g
Lehigh C A Nav s f 4 Ha A
Cons sink fund 4 Ha ser C—1954
»
-
60
1934 M N
1949 M S
1962 Q F
5s
♦1st
90
D
—
-
—
-
74%
*
1938 J
cons
78%
65
93 H
93%
J
-
-
—
95
*
--mmmm
J
♦1st
8
O
A
A
A
A
19%
*77
------
t*M St P A S8 M con g 4s int gu '38 J
3
2%
3
1975
1954 J
Lehigh Val (Pa) cons g 4s
General cone 4H8-.
J
D
85%
*16%
63%
65
M
A
F
F
F
F
89%
87%
15%
J
t*Mll Spar A N W 1st gu 4s...1947
j*MUw A State Line 1st 3%s—1941
85
102% 103
J
83%
62 H
101
100
— —
«
-
-
100
94%
88
-
28
70
127
-
100%
1
m —
—
89
-
-
*
D
m
mmmmm
-
100
84
58%
6%
m
-----
100
*
mm'm
—
-
100%
16
52 H
-
------
-
-
D
33
90
99
6%
-
—
-
J
79
83
-m
-
-
------
87%
58 H
1941 J
Leh Val N Y 1st gu g
S
N
-
.
------
86
90
*
J
M
-
J
18
"90
103%
O
44
....
108%
A
64%
78 H
*80 %
107%
101%
J
C
42 %
79
17
14
96%
1979
1940
MIlw El Ry A Lt 1st 5s B
1961
1st mtge 6a
1971
^♦MllwANo 1st ext 4 %s(1880)1934
1st ext 4 %a
1939
Con ext 4 %s
1939
Ref A lmpt 4 %a aeries
61 H
87H
108%
103
-
-
-mmm-m
IVI
^♦Mld of N J 1st ext 5s
17H
1997 J
Leb Val Harbor Term gu
5%
64 %
J
D
N
F
19%
1951
1962
1st gold 3%s
100%
4%
90
97
102%
m
102%
11
*2%
44
O
J
J
deposit...-.1959
Laclede Gas Light ref A ext 5s. 1939
Coll A ref 5 Ha series C
1953
Coll A ref 6 Ha series D
1960
Coll tr 6s series A
—-—1942
Coll tr 6s series B
1942
Lake Erie A Western RR—
5s 1937 extended at 3% to—1947
117
m*-
n
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
17
"14
5%
17
M N
ctfs of
19%
4%
5
mmmmo
mmmm
76
98%
1
81
Lans A Sag 3%a
•
97%
108%
5%
55
Jack
-
84
6%
♦Mlag Mill Mach 1st
100
102
18%
"l9%
4s.1936 A O
A
J
J
J
♦Karatadt (Rudolph) 1st 6s...1943 M
♦Ctfs w w stmp (par $645).-1943
♦Ctfs w w stmp (par $926)..1943 M
♦Ctfs with warr (par $925)..1943
Keith (B F) Corp 1st 68
1946 M
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4%s—1961 J
Stamped
1961 J
Plain
1961 J
4%s unguaranteed
1961 J
Kings County El L A P 68
1997 A
Kings County Elev 1st g 4s—1949 F
Kings Co Lighting 1st 5s
.1954 J
1st A ref 6 Ha
1964 J
Kinney (G R) 6Hb ext to
1941 J
30
-
.
94
*2%
1977
1956
f 7a
-
—
87
*85
*1%
58%
a
-
*
*67
-
*6
72
4
-
70
-
S
49
S
M
m
m
85
-
S
23
1914 coupon)
m
-
M
49%
21
mm
70
1977 M
1st 4a asatd
16
19 H
1st gold 3s
1950
Ref A lmpt 5s
Apr 1950
Kansas City Term 1st 4s
1960
Kansas Gas A Electric 4 %s—1980
♦1st mtge Income reg.:
A
55%
—
85
*
-
-
-
98%
F
47%
Internat
-
O
101%
♦4a (Sept
.
8
High
-
„
IVI
1968
-- -
-
25
-m-mmm
1950 A
Metrop Ed 1st 4 %a aer D
Metrop Wat 8ew A D 5 Ha
55%
18H
Kan City Sou
Lautaro
J
O
105%
18H
*
1
1947 A
f 6s
52%
O
A
Clear 1st 4s.-.1969 J D
Jones A LaugbllnSteel 4%s A—1961 IVI 8
Kanawha A Mich 1st gu g 4s..1990 A O
3H8
Nitrate Co Ltd—
13%
100%
12%
-
s
Market St Ry 7s ser A...April 1940 Q
J
Mead Corp let 6a with warr.. 1945 (VI N
48
James Frank A
2d gold 5s
80
105%
54
——
Lake 8b A Mich 8o g
90
*70
104%
"l05%
J
1947 A O
Int Agrlc Corp 6s stamped 1942
M N
J*Int-Grt Nor 1st 6s ser A
1952 J J
♦Adjustment 6s ser A—July 1952 A O
♦1st 5s series B
..1956 J
J
♦1st g 6s series C
1956 J J
Internat Hydro El deb 6s
1944 A O
Int Merc Marine t t 6s
1941 A O
Internat Paper 5s ser A A B—1947 J
J
Ref s f 6s series A
1955 M 8
Int Rys Cent Amer 1st 5s B—1972 M N
1st lien A ref 6 Ha
1947 F A
Int Telep A Teleg deb g 4%8—1952 J
J
Conv deb 4 %s
1939 J J
Debenture 5s
1955 F A
J*Iowa Central Ry 1st A ref 4b. 1951 M 8
Uniform
90
87
25
*99
A
Interlake Iron conv deb 4s
H*K C Ft 8 A M Ry ref g
♦Certificates of deposit
*88
t*Man O B A N W 1st 3Ha... 1941
Marlon Steam Shovel
...-
♦Certificates of deposit
I* 10-year 6s
*72
N
N
1
Low
No
99
s
IVI
4s_—1939
1st ext 4b
Since
Jan.
bj
05
High
1959 IVI
Manila RR (8outh Lines)
42
„
g-2
Asked
Low
46%
33
90
*13
—
'
8
B—1986
Inland Steel 3Hb series D
1961
JInterboro Rap Tran 1st 58—1966
Ind Union
35%
dk
Range
3
Friday's
Bid
Price
Manila Elec RR A Lt a f 5s_..1953 (VI
8tL4N O—
A
1963
1st & ref 4 %fi 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
J*Ind A Louisville 1st gu 4s—1956
Range or
K
Week Ended Feb. 25
Ill Cent and Chlo
Joint 1st ref 5s series
Last
Sale
EXCHANGE
STOCK
High
Low
No.
Y.
1
Jan.
Si £
BONDS
Ratios
Is
High
Low
Week's
Friday
Friday
BONDS
N.
1367
New York Bond Record—Continued—Page 4
146
8
New York Bond
1368
Friday
BONOS
N.
Y.
EXCHANGE
STOCK
Ranee
Sale
Week Ended Feb. 25
or
Bid
003*
No.
903*
17
883*
.1942
91
19
91
.2013
603*
763*
60
.1998
613*
783*
763*
♦733*
Low
763*
16
O
68
673*
683*
.1978 M
S
62
47
52
633*
603*
773*
633*
24
57
18
775*
let mtge 33*s extended to--. .1947
N Y Connect let gu 43*8 A
1953
106
87
1053*
♦1063*
1953
1st guar fie eerlee B
N Y Dock let gold 4e
Serial 6% notee
1961
70
50
43
3
"55
49
64
48
473*
52
9
623*
1966 A
O
1043*
1966 A
1st lien & ref 33*8 ser E
O
104
1033*
1033*
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow g 5e.. 1948 J
D
1949 F
Purchase money gold 4a
A
1233*
1143*
1233*
1143*
♦N Y A Greenwood Lake 6«—1946 M N
N Y A Harlem gold 33*8
2000 IVf N
70
64
80
93
93
83
*95
153*
163*
19
21
{♦Phila A Reading C AI ref 5s. 1973
17
35
10
4
20
65*
1
75
1053*
1043*
1043*
123*
1043*
6
8
77
1063*
1045*
1053*
123*
J
A
♦6
*73*
403*
6
22
6
40
1234
A
1083*
925* 983*
743*
•45*
104
1065*
1043* 1003*
104
106
10
123*
M N
106
1053*
1053*
D
1055*
1
63*
M S
53*
♦1053*
O
923*
a963*
O
A
♦Certificates of deposit
163*
15
153*
I {♦Norfolk A South 1st g 68—1941 MN
Norf A W Ry 1st cons g 4s
1996 O A
1961 F
1957 M
A
S
Deb 63*a series B
Aug 15 1963 F
Deb 6s series C
Nov 15 1969 NM
A
1974 M
15
18
107
67
22
"6
53*
1053*
71
"94"
26
0963*
165*
153*
25
36
04
70
*5*
65*
1045* 107
1075* 1083*
913*
953*
963*
99
103*
93*
165*
153*
8
102
17
1003* 104
1003*
1033*
1003*
1033*
1003*
2
1003* 104
104
41
99
100
12
♦IlB"
118
I
1173* 119J*
101
105
2047 J
J
923*
613*
683*
2047 J
J
81
2047 J
2047 J
J
J
O
♦Og A L Cham let
♦Stamped
gu g
4a
925*
615*
45
42
69
7
82
154
73
1st mtge 33*8
J
J
J
73
6
1965 M N
1967 M S
1972
J
TOhlo Indiana A Weet 5e. Apr 11938
Q
Oklahoma Gas A Eleo 33*8
1966
733*
1013*
2
1
Ore Short Line lat cons
g 68—1946
Guar stpd cons 6s
1946
D
J
J
Ore-Wash RR A Nay 4s
1961 J
TOslo Gas A El Wks extl 5s—1963 M
Otis Steel 1st mtge A
43*8
1962
J
793*
50
Series J
cons guar
4)*a
.1955
see pare
D
D
114
973*
13
19
102
17
100
9
1095*
109
106
935*
025*
1970; J
D
1976 A
O
1977 J
Pitta Va A Char lat 4a guar
Pitta A W Va 1st 43*8 ser A
J
1943 M N
1958 J
1959 A
1st mtge 43*8 series B
1st mtge 4 3*8 series C
D
eer
1960 A
O
1948 J
A
O
1043*
1043*
1st gen 5s series B
1962 F
1974 J
J
S
1977 J
Port Gen Elec 1st 4 3*s
1960 M S
let 6s 1935 extended to 1950
J
J
Porto Rican Am Ton cony 6s..1942 J
J
{|»Postal Teleg A Cable coll 6sl953 J
J
Potomac Elec Pow 1st M 33*8.1966 J
Pressed Steel Car deb 5a
1951 J
1043*
100
735*
45
1
15
13
12
1083* 1083*
995* 10334
993* 1023*
943*
98
983* 102
1133* 1163*
1153* 1183*
993* 1065*
100
673*
45
106
33
85
1023*
1003*
743*
493*
*
"43"
"153*
14
♦1045*
♦75
27
1043*
18
82
70
1045*
58
583*
92
S
M
S
♦1185*
M
S
70
893*
♦42
*102
*1025*
1035*
*
955*
108
1083*
1085* 110 3*
70
103
1043*
1025* 1045*
74
2
58
90
7
715*
3
893*
443*
1213*
613*
973*
743*
923*
45
383*
1183* 1183*
70
70
1055*
1035*
7
1013*
963*
"16
1015*
1023*
1035*
1013*
94
70
1035*
1033*
1035*
104
1003*
1
ft
1
1
ft
ft
ft
1
1
ft
107" 1H to iOi
17
98
100
1045*
108
"45"
493*
423*
"42" '553*
32
42
553*
108
1095*
55
483*
123*
18
1033* 105
80
8
82
53*
"865* "~5
"76"
8
~84~" "873*
....
66
793*
67
42
005*
75
1997
88
883*
38
81
1997
933*
88
855*
855*
3
82
93
90
953*
f 7s
J
94
953*
I
1123*
83
1053*
"32"
83
32
*203*
*273*
283*
1952 M N
——1963 F
A
1955 A
f conv debentures
953*
1133*
44
83
"~4
24
1053*
44
833*
31
100
19
32
1
25
99
283*
101
32
20
"283*
223*
27
30
275*
283*
29
20
29
283*
29
283*
263*
283*
953*
903*
96
1952 M
S
943*
1952 J
J
♦1043*
1966 f
A
{♦Rio Grande Juno 1st gu 6e—1939 J
♦Rio Grande West 1st gold 4s..1939 J
♦1st con A coll trust 4a A
1949 A
D
O
Roch G A E 43*8 series D
Gen mtge fie series E
1962 M
S
|{*R I Ark A Louis 1st 43*8-1934 M
♦Ruhr Chemical s f 0s
1948 A
S
9
O
♦20
J
*40
♦31
423*
425*
1083*
*1183*
1083*
173*
1977 M S
♦Rut-Canadian 1st gu g 4a
1115* 118
75
875*
1043* 1083*
78
883*
29
O
Rlchm Term Ry lat gen 5s
♦Rlma Steel 1st 8 f 7s
88
110
1123*
82 3*
1043*
823*
993*
J
s
170
mmmmm
79
43
66
1946 J
4s
16
1055*
483*
1033* 1043*
2
66
♦Rhine-Ruhr Water Service 68.1953 J
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
Richfield OllCorp—
149
43
"76"
1941
Remington Rand deb 43* ■ w w.1950 M 8
Rensselaer A Saratoga 6s gu—.1941 M N
RepubUc Steel Corp 43*s ser A.1950 M S
a
643*
1023*
"863*
52
50
50
41
683*
423*
41
403*
443*
155*
205*
1183* 119
18
109"
1083* 110
93*
9
11
203*
22 5*
10
"15"
103*
103*
1949 J
J
J
J
•8
J
J
15
15
2
93*
123*
J
J
12
123*
5
95*
J
D
1015*
1025*
23
1013* 104
A
O
1013*
1023*
26
1003* 1023*
1073* 109
♦Stamped
♦Rutland RR 1st con 43*8
1941
♦113*
Safeway Stores 8 f 4sb 4a
1947
Saguenay Power Ltd 1st M 43*s *00
St Jos A Grand Island
lst:4a—1947
1015*
J
J
J
*
1960 A
O
325*
♦1073*
1990 J
St Lawr A Adlr 1st g 6s
2d gold 6s
15
123*
"85"
96
St Louis Iron Mt A Southern—
♦|Riv A G Div 1st g 4a
1933 M N
♦Certificates of deposit.......
603*
{♦S L Peor A N W 1st gu 5e—1948 J
St L Rocky Mt A P 5a stpd
1955 J
J
{♦St L-San Fran
J
pr lien 4a A..1950 J
♦Certificates of deposit
♦Prior Hen 5s series B
J
13
1978
ivi's
113*
"l23*
133*
115*
j"j
133*
11
{St L SW 1st 4s bond ctfs
1989 MN
♦2d g 4s lnc bond ctfs.—Nov 1989 J
J
{♦1st terminal A unifying 58.1952 J
J
♦Gen A ref g 58 series A
175*
*67
14
123*
1960
♦Certificates of deposit
♦Con M 43*a eerlee A
♦Ctfs of deposit stamped
60
♦573*
995* 101
12
1013*
♦65*
50
1075* 1095*
1045* 1065*
1005* 1025*
78
84
913*
733*
893*
O
•
Il7~~ 117""
543*
{♦Providence Sec guar deb 4S..1957 M N
{♦Providence Term 1st 4a
1956 M S
Purity Bakeries s f deb 6s
1948 J
J
♦Stamped—
50
17
A
ft
OOl
1053* 1125*
1043* 1125*
"42"
J
♦Rhelnelbe Union
1005* 110
1095*
M
i
lo"
84
*1083*
♦993*
♦993*
J
80
109
733*
03*
31
1083* 109
D
64
1013* 102
12
14
101
913*
8
20
43*
11
1093*
1073*
423*
D
1st 43*8 series D
76
16
101
A
.1955
48
553
95 3*
1075*
145*
120"
*
A
1st gen 6s series C
883*
79
113
*103
"ioi"
63*
303*
1083*
1003*
803*
105
109"
♦1073*
*1073*
1013*
1013*
*1073*
*423*
D
02
1085*
1133*
*753*
*665*
1043*
1043*
1023*
J
39
35
183*
115
109 3*
107
♦110
O
71
993* 100 5*
1113* 1133*
1113* 113
1055*
1015*
A
.1947 M
1369.
1033*
1023*
99
100
39
107
114
1073* 1105*
♦no"
1904 M N
Gen mtge 5s series A
Gen mtge 5s series B
Gen 43*s series C
643*
83*
101
1125*
1123*
1083*
1085*
*1145*
*1153*
1033*
1035*
10
76
♦107
A
Gen mtge 43*8 series B
1961 F A
Purch money 1st M cony 53*s '64 M N
Gen mtge 43*s series C
1956 M N
Revere Cop A Br 1st mtge 43*1.1950 J
J
13
93*
100
1123*
110
753*
A
1968 F
♦Direct mtge 0s
14
102
73
Penn Co gu 33*s coll tr ser B_.
1941
A
Guar 33*8 trust ctfs C
.1942
D
Guar 33*8 trust ctfs D
.1944 J
D
Guar 4s ser E trust ctfs.—.. .1952
WIN
28-year 4s.
1963 F A
For footnotes
963*
♦45
Paramount Broadway Corp—
1968
Parmelee Trans deb 6s
1944
Pat A Passaic Q A E cons 5s__. 1949
♦PauHsta Ry 1st ref s f 7s
.1942
101
J
Ref mtge 33*8 aer C
1966 J
D
Paducah A 111 1st 8 f g 43*8—. 1955
J
J
Panhandle Eastern Pipe L 4s_. 1952 M S
f g 3s loan ctfs
1013*
97
S
D
lat A ref mtge
33*8 ser H._. 1961 J
1st A ref mtge 3 3*8 ser I
1966 J
Pac RR of Mo 1st ext
1938 F
g 4a
2d ext gold 6a
1938 J
Pacific Tel A Tel 33*8 ser B—. 1966 A
a
1633*
1023*
D
Pacific Coast Co let g 5s
1946
Pacific Gas A EI 4s series G—. 1964
lit M
93*
J
4a debentures...—.1946
D
Ontario Power N F 1st g 6a
1943 F A
Ontario Transmission lBt 5a.—1945 M N
Oregon RR A Nay con g 4a.—1946 J D
Paramount Pictures deb 6s
33*8 cony debentures
Paris-Orleans RR ext 53*s
*11
93*
1943 M S
107
2
107
1957 M N
Reading Co Jersey Cent coll 48.1951
—
J
1948 J
107 5*
03
D
♦Rhine-Westphalia El Pr 78—1950 MN
Ohio Connecting Ry 1st 4a
Ohio Edison 1st mtge 4s..
let mtge 4s
102
♦1093*
1960 F
Gen A ref 43*8 series A
Gen A ref 43*8 series B
683*
73 3*
62
59
ft
| ♦Debenture gold 6s
80
1013*
37
N
A
983* 1033*
53
60
3
65
♦108
1953 J
1165* 1105*
125
903*
743*
O
803*
N
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 0s A com stk (65% pd)_—
70
J
"84"
83*
107
66
1073*
1
*
53
118
100
72
11
O
1949 F
Series G 4s guar
Series H cons guar 4a
Series I cons 43*8
Pitta Y A Ash 1st 4a
101
►
F
PfctiCCC A8tL43*S A
1940 A
Series B 43*8 guar
.....1942 A
Series C 4 3*8 guar
1942 M
Series D 4s guar
1945 M
28
1093*
1083*
8
1045* 1055*
51
13
70
♦70
Northwestern Teleg 43*8 ext...1944 J
43
118
1938 A
Ref A Impt 5s series D
TNor Ry of Calif guar g 5a
1
118
♦{Northern Ohio Ry let guar 5s—
♦Apr 1 1935 A sub coupons. 1945
♦Apr 1938 and sub coupons—1945
♦Stpd as to sale of April 1 '33 to
Ref A impt 43*s series A
Ref A Impt 6a series B
Ref A Impt 5s series C
16
113*
83*
1013*
8
Oct 1 1937 lncl coupons...1945
North Pacific prior lien 4a
1997 Q
Gen lien ry A Id g 3s Jan—2047 Q
1055*
*53
S
1974 M
403*
106
93*
10
*1073*
IVI N
F
16
80
"67"
1083*
N
43*s A. 1952 M
Series E 33*8 guar gold
Series F 4s guar gold
106
100
F
j""i
conv
O
105
743*
60
6
1
ft
J
A
103*
"63"
1083*
F
A
79
85*
*945*
1083*
*995*
|*2d gold 4 3*8
J
Pitts Coke A Iron
23
89
523*
1
7
1143*
1103*
1073*
873*
173*
53*
213*
23
765*
♦General gold 6s
♦Terminal 1st gold 6s
J
12
83*
203*
753*
11
I
1083*
1947 M N
J
S
1063*
183*
63*
J
29
26
65*
J
MN
J
...
1961 IVI N
{♦|N Y Susq A Weet 1st ref 58-1937
J
1949 M
17
103*
93*
O
1951 M N
1956 M N
♦Conv deb 6s
91
1015*
793*
1053*
114
D
1937 J
{{♦Philippine Ry 1st s f 4s
Pillsbury Hour Mills 20-yr 6s.. 1943 A
Pirelli Co (Italy) conv 7s
.1952 M
20
22
93*
O
{N Y Rys prior lien 6s stamp—1958 J
203*
183*
233*
16
47
30
85*
163*
"l2
21
D
{♦N Y Providence A Boston 4S.1942 A
N Y A Putnam 1st con gu 4e—1993 A
163*
213*
29
22
1992 M S
N Y Queens El Lt A Pow 33*8—1965 MN
5
8
25
763*
D
1955 J
17
17
163*
*163*
163*
203*
20
100
1113*
1105* 1165*
1093* 1123*
73*
1093*
1103*
1073*
863*
1063*
series A
sec 5s
67
110
643*
1053*
J
1967 J
D
Phila Electric 1st A ref 33*3— 1967 M S
1967 IW N
Gen A ref 43*s series A
1977 J
1981 J
193*
175*
17
"65
1063*
13
17
1183*
66
1943 M N
1974 F
A
163*
♦1st A ref 4 3*8 ser of 1927—1967
North Cent gen A ref 6a
—
153*
♦Harlem R A Pt Chee 1st 4S.1954 M N
A
8
D
18
O
ser
1980 IVI
'"74
27
54
73*
1053*
733*
J
*16
♦Collateral trust 6s—--—1940 A
No Am Edison deb 5s
J
3 3*s deb—1952 J
General g 43*s series C
General 43*8 series D
Phila Co
95
54
73*
A
M
203*
293*
103*
North Amer Co deb 5e
S
17
"163*
1937
1940
1943
N Y Telep let A gen s f 43*8—1939
ref mtge 334s ser B
1967
N Y Trap Rock let 6s
1946
6s stamped
1946
{f*N Y Westch A Boet 1st 43*81946
Niagara Falls Power 33*8
1966
Ntag Lock A O Pow 1st 6s A—1955
Niagara Share (Mo) deb 53*8—1950
Nord Ry ext sink fund 63*8
1950
I {♦Norfolk South let A ref 5s—1961
conv
955* 1013*
35
O
jl950 J
1st g 4 3*8 series C
Phelps Dr dge
69
♦1173*
1095*
Apr
1960 J
B.
series
Phila Bait A Wash 1st g 4s
General 5s series B
973*
99
J
lit mtge 5s—
1st 4*
983*
983*
843*
823*
O
1974 F
114
1113*
963*
1203*
71
843*
1990
109
1083*
883*
1173*
993*
1053*
805*
903*
97
4s—1940 A
8
925* 101
1083* 1093*
107
97
1952
April
"l3
1033*
1085*
98
1947 M
cons
4s
152
119
98
"l7~"
J
1st mtge fie
103
90
O
J
N Y Steam 6s series A—
♦Income
973*
111
1113*
1113*
1023*
1083*
873*
1981
M
1956
6i>
101
793*
1948 J
♦General 4a
Refunding gold 6s
Peoria A Eastern 1st
83
94
1984
Peoria A Pekin Un 1st 53*8
Pere Marquette 1st ser A 5a
64
♦Cony debenture 33*8
{ »N Y Ont A Weet ref g 4s
122
1233*
1135* 1145*
*.—II
♦Cony
♦Debenture 4s
5
102
1966 M N
debenture 68-—
1
1233*
1143*
-.1970
1943 A
77
1033* 1045*
975* 1043*
93
103
6s
High
105
1113*
1103*
1083*
893*
cons
Tjow
119
1905
1968
Peop Gas L A C 1st
1
Jan.
12
105
"96"
♦109
1103*
933*
No
1013*
*
'973*
O
M N
Since
£ ©
83
803*
Debenture g 43*8
General 43*8 series D
Gen mtge 43*s scries E
Cony deb 33*8
—
52
433*
1025* 1045*
103
1043*
High
101
J
A
Range
s2
Asked
<k
♦1033*
General 43*s series A
64
*..__.
♦Non-cony debenture 33*8—1954 A
♦Non-conr debenture 4s——1955 J
♦Non-conr debenture 4s
14
44
83
1013*
General 5s series B_—
953*
108
40
70
♦N Y L E A W Dock A Impt 6S1943 J
J
N Y A Long Branch gen 4s—-1941 M S
A
12
1043*
*100
M
{♦N Y A N E (Boat Term) 4a_. 1939
{♦N YNHAHn-cdeb 4s
1947
♦Non-conv debenture 33*8—1947
1043*
*20
aer A
1973
N
434s series B
1973 IVI N
NYLEAW Coal A RR 6 3*8.1942 IW N
N Y Lack A Weet 4a
83
104
1981 J
1938
or
Friday's
Bid
D
O
Consol gold 4s
1948 M N
4s sterl stpd dollar May 1 1948 M N
Gen mtge 35*8 Ber C
1970 A O
Consol sinking fund 43*s
1960
1053* 1093*
463*
503*
*49
1938
Certificates of deposit
N Y Edison 33*s ser D
43*8 series B
Pennsylvania P A L 1st 4 3*8—1981
Pennsylvania RR cons g 4a
1943
62
50
Range
Sale
Price
Penn-Dlxle Cement 1st 6s A—.1941 M S
74
140
873*
1063*
if
ss.
Penn Glass Sand 1st M 43*8—1960 J
Pa Ohio A Det 1st A ref 4 3*8 A.1977 A
90
79
Last
EXCHANGE
Low
77
79
O
A
1946
trust
N Y A Rlchm Gas lBt
84
513*
.1974 A
Oct 1 1938
4a collateral
945*
983*
653*
825*
88
75
STOCK
26,
Week's
High
853*
6
55
N Y Chic A St Louis—
3-year be
Y.
Week Ended Feb. 25
735*
Debenture 4a
Lake Shore coll gold 33*8
Mich Cent coll gold 33*8
.1998
N.
Jan. 1
High
Ref 4 Impt 43*s ser A
Ref 5 3*s eerlee A
Ref 4 He eerlee C
Feb.
BONDS
Since
Asked
<Sc
Low
N Y Cent A Hud River M 33*8 .1997
5
Friday
Range
Friday's
Price
Record—Continued—Page
Week's
Last
1990 J
J
12
93*
603*
57
04
60
65
02
16
145*
123*
145*
115*
15
17
103*
133*
153*
133*
8
12
2
103*
93*
51
113*
42
64
05
323*
323*
215*
143*
323*
68
65
123*
133*
65
183*
65
175*
68
5
12
22
15
163*
24
93*
50
263*
183*
143*
14
113*
073*
323*
24 3*
17
Volume
New York Bond Record—Concluded—Page 6
146
Friday
<U
BONDS
N.
Y.
Last
EXCHANGE
STOCK
Week's
Week Ended Feb. 25
A
Asked
Low
D
J
{♦St Paul A K C Sb L gu 4*8-1941 F
A
9
9*
1
24
9*
7*
13
9*
9*
9*
1940
1972
fPaclflc ext gu 4s (large)
St Paul Un Dep 5s guar
J
J
J
J
i943 J
♦
J
J
4S
San Diego Consni G A E
1965
73
74
—
m
•
_
Santa Fe Pres A Phen 1st 68.-1942 M S
1946
{♦Schulco Co gu.tr 6 *s
♦Stamped
1946
B
J
O
*113*
A
O
♦13*
A
O
F
A
A
O
114
IVI
1939
1939 F
♦2d gold 5s
4*
11
7*
8*
13
8*
9*
♦Det A Chic Ext 1st 5s
...1941
♦Des Moines Dlv 1st g 4s
♦Omaha Dlv 1st g 3*s
{♦Wabash
53
8*
9
30
51
*17*
1941 M
Ry ref A gen 5*8 A. 1975 IVI
S
69*
1976 F
"is""
13
13*
10
ii*
♦Certificates of deposit
♦Ref A gen 6s series B
11*
11*
9
U*
9*
13*
11*
13
"n*
A
li
"II*
ii
12*
11*
11*
10
1978 AO
10
♦Series B
1935 F
certificates
Shell Union Oil deb 3*s
1951
1952
1935
1951
1946
1941
Shlnyetsu El Pow 1st 6 *s
I^Slemens A Halske s 1 7s
♦Debenture
s
f 6 Ha
♦Silesia Elec Corp 6*s
Sileslan-Am Corp coll tr 7s
Simmons Co deb 4s
ft*
J
J
M
F
F
1952 A
1951
Socony-Vacuum Oil 3*8
1950
South A North Ala RR gu 58—1963
South Bell Tel A Tel 3*8
1962
Southern Calif Gas 4 *s_
1961
1st mtge A ref 4s
1965
J
Skelly Oil deb 4s
A
A
A
M
F
S
D
J
S
A
A
1980 AO
♦Certificates of deposit
—
Walker(Hlram) GAWdeb4*s.l945
Walworth Co 1st M 4s
6s debentures
1955 A
1955 A
8
10*
9*
22
5*
4*
Warner Bros Pict deb 6s
1939 M S
Southern Kraft Corp 4Ha
4*
5*
J
O
97* 101*
9
64
70
75
82
65
12
34
79*
43*
37
105
37
S
40
70
Wash Term 1st gu 3*8
1st 40-year guar 4s
1945 F
1945 F
A
1939 J
J
D
66
61*
68*
West Penn Power 1st 5s ser E..1963 IVI
1st mtge 4s ser H
1961
21*
1
20*
74
75
4
72*
87
86*
87
30
79*
88
J
O
O
O
S
A
99
98
99
17
97
*
-
*112*
103*
*. -
«.
103*
115*
108*
107* 108*
107
4
108
108*
93*
108*
60
103*
108
108
99*
105* 108
114
120*
101* 103*
57
106*
17
108*
100
6
92
91
7
89*
93*
98
D
95
90*
95
98*
28
95
98*
69*
1st mtge 3*s series 1
A O
f D
M S
M 8
M N
M N
J
J
1955
1955
1994
1956
1956
1956
1996
1951
1938
1st 4s stamped
Southern Ry 1st cons g 5s.
Devel A gen 4s series A
Devel A gen 6s
Devel A gen 6*8
Mem Dlv 1st g 5s
St Louis Dlv 1st g 4s
9
69
59*
67*
52
69*
58
60
76
58*
56
60
lien g 5s
1943
A
60
{♦Western Pac 1st 5s
1946
IVI
s
1950
1951 J
—1960 IVI
30-year 5s
♦Westphalia Un El Power 6s.„ 1953 J
95
4
87
98*
106
1
105
108*
20*
19
20
17
20
60
D
61*
15
69*
68*
61
59*
20*
64*
63*
74
61
62
65
23*
6
66*
16
61*
62
'23*
J
J
J
65
J
*61*
*105*
49
63*
Wheelli g Steel 4*s series A
1966
48*
{♦W ukes-Barre A East gu 5s
1942
72*
41
67
99*
O
98*
99*
23
97
104*
80*
82*
46
73*
W!
i mar
67
121
211
A
54
52
43*
54*
75
42*
47*
63
A
55*
53*
55*
84
45
64*
imm
52
60
♦
J
J
101*
D
*95
J
Wilson A Co 1st M 4s series A..1955 J
-
17
100
105* 107
119*
100
95
125
99
16
♦Certificates of deposit...
{♦Wor A Conn East 1st 4*8—1943 J
79*
36
4
F
104*
112*
21
111
114
J
105*
106
34
102
108*
78
10
77
105*
106
51
114*
102*
114*
106
]
114*
*
J
J
Gen A ref 5s series C.
1979 A
1980 J
-
-
70*
82*
104* 106*
81
104* 106*
•
-
ill*
84*
35
84*
•
2
84
1977 A
85
22
78*
78*
*84
Gen A ref 5s series D
Tex Pac Mo Pac Ter 6*s A—1964 M
30
30
1960
Jan 1960
1937
1952
102
-
-
-
116*
88*
88*
6*
71
85
4
13*
15*
14*
6*
8*
13*
9*
10
5
"5
5
5*
96* 100*
47
98*
97*
and not included In the yearly
during current week, a Deferred delivery sale; only
week,
n Under-the-rule sale; only transaction during
f Negotiability Impaired by maturity,
t Acorued
interest payable at exchange rate of 34.8484.
f Bonds called for redemption or nearing maturity.
_
.
X Companies reported as being in bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
Friday's bid and asked price. No sales transacted during current week
Cash sale; only transaction
current
week,
x
Ex-Interest,
^
♦
Bonds selling flat.
t
Deferred delivery salet
.
x
,
transacted during the current
_.
.
week and not included
In the yearly range:
21 at 54.
Carlsbad 8s 1954, Feb.
8*
72*
Transactions
•
York Stock Exchange,
the New
at
Daily, Weekly and
100* 102
57
102
13*
34
29
65
7*
109*
"3
14
*
J
IVI N
85
82
109
transaction during current
78*
85*
102
104
»
12
32
7*
*72*
101*
7*
87
103*
*98
5
the current week
Cash sales transacted during
r
75*
104*
112*
]
96* 100*
36
84
No sales.
79*
J
J
♦Certificates of deposit
|*Sup A Dul dlv A term 1st 4s '36 IVI N
e
104*
77
J
1961
98
84
*107*
13*
13*
13*
*7*
J
1949
{♦ Wis Cent 50-yr 1st gen 4s
97*
98
J
O
range:
i
F
A
1960 J
72*
62
18
99
1947
3*8
92*
7*
100".il01*u
14
1
A
Gen A ref 5s series B
♦Adj inc 6s
|*Thlrd Ave RR 1st g 5s
Tide Water Asso Oil 3 *s
-r
69
107
*122
M
1944
1953
A_—1950
1951
1943
2000
Third Ave Ry 1st ref 4s
79
M
5
93
5
102* 105
100
101*
96
100*
21
101*
100*
64*
J
4*8—-1939
103*
106*
69
106*
"2
80
12*
5
14
102*
101*
6*
100",»100»n
D
85
91*
28
90*
94*
5*
107* 109*
101
103*
10
103*
14
103*
Tenn Elec Pow 1st 6s ser A.—.1947 J
gold 5s
*102*
J
A
D
M N
90*
*92
97*
70
11
72
108*
—1938 J
A Sioux Falls 5s
Youngstown Sheet A Tube—
1st mtge s f 4s ser C
97*
95
70
108*
M N
J
57
♦
71*
108*
J
35
67
*53
M S
1943
deb 68.1945
1950
Tenn Coal Iron A RR gen 6s.—1951
Tenn Cop A Chem deb 6s B...1944
Tennessee Corp deb 6s ser C
1944
Texas A Pac 1st gold 5s
"65" "83"
65
40*
Swift A Co 1st M 3*s
f g 4s
-
A
D
Winston-Salem S B 1st 4s
67
♦Studebaker Corp conv
gold 6s
98
93
F
J
109
90*
1940 M N
48*
63*
63
83*
White -Jew Mach deb 6s
82
72*
70
23*
75*
58*
63
105* 105*
108
110*
63
*
1949 M S
92
43*
1961
Texarkana A Ft S gu 6*s
Texas Corp deb 3 *s
M S
93
7
23
63
S
58*
21
18
1
20*
19*
2361 J
1966
93
84
80
90*
94
2361
D
120*
109* 110*
106* 108*
106
95
Registered
Wheeling A L E Ry 4s
ser
116
1
108*
88
89*
IVI N
58*
74*
A
Staten Island Ry 1st 4*s
con
24
119
J
58*
D
Standard Oil N J deb 3s
Tex A N O
102*
119
s
1946 IVI
ser A
♦5s assented
RR Bt consol 4s
J
1964
S'western Gas A Elec 4s ser D—1960
♦{ Spokane Internat 1st g 6s—1955
Staley (A E) Mfg 1st M 4s
1946
s
2
O
1977
Western Union g 4*s
25-year gold 6s
109* 109*
105*
121* 123
101
102*
1
121*
o
1952
West N Y A Pa gen gold 4s
56
—1938 M S
Mobile A Ohio coll tr 4s
cons
105
121*
101*
1966
56
58*
*
S-western Bell Tel 3 *s ser B
1st
105
121*
♦109*
107*
Western Maryland 1st 4s
1st A ref 5*s series A
Jonv deb
Gen refund
105
S
81*
1950 A
San Fran Term 1st 4s
So Pac RR 1st ref guar 4s
Term Assn of St L 1st g
*108
A
West Shore 1st 4s guar
1951
So Pac coll 4s (Cent Pac coll)-.1949
1st 4*s (Oregon Lines) A—1977
Gold 4*8
1968
Gold 4*8
1969
Gold 4*8—
1981
10-year secured 3*s..
1940
1st mtge pipe line 4 Ha
reor
f 5s
64
Southern Natural Gas—
East Tenn
s
9
106
10
102* 104*
64
91
8
«.«•••»
O
106*
9
70
A
F
68*
66
13
10
~70" *103
65
1948 Q-NI
*s__.2000
21*
68*
10
♦77*
"68*
Washington Cent 1st gold 4s
Warren RR 1st ref gu g 3
68
65*
*98*
66
55
101*
3
103*
68*
69*
O
1941 IVI
{♦Warren Bros Co deb 6s
102*
103 *
D
Westchester Ltg 5s stpd gtd—1950 J
Gen mtge 3*s
1967 J
100
101*
J
1946 J
4
2
4*
*4
21*
77*
1947 J
Southern Colo Power 6s A
4*
A
8*
♦Certificates of deposit...
♦Ref A gen 5s series D
17*
4*
8*
7*
19*
25
14*
10
11
♦Certificates of deposit
♦Ref A gen 4 *s series C
Wash Water Power
♦Certificates of deposit
i*Alt A Birm 1st gu 4s
1933 MS
{♦Seaboard All Fla 6s A ctfs.„1935 F A
30
40
*
S
67*
35
94
*20~"
♦Toledo A Chic Dlv g 4s
105*
51*
26*
45
*
1939
1941
High
102
27
30
28
♦
Low
8
14*
8
9*
85
'"29*
A
6*
4*
No.
105*
55*
55
12*
3*
6*
5
High
104*
105*
—.1954
114
15*
Asked
IVI N
s
Since
Jan. 1
A
Low
1966
1?
Friday's
Bid
Price
{!♦ Wabash RR 1st gold 6s
Range
Range or
Sale
fe
14
25
*4*
8*
8*
♦19*
4*
8
1946 M
6s series A
cons
27
—
15
15
27
3
20
M N
♦Certificates of deposit
♦1st A
32*
*28
1989
I{♦Seaboard Air Line 1st g 4s. .1950
|*Gold 4s stamped
1950
♦Adjustment 5s
Oct 1949
I ♦Refunding 4s
1969
112*
17*
20
17
23
25
28*
22
*28
O
♦Stamped
110
w
«
20
A
Scioto V A N E 1st gu 48
81*
110
108
2
32*
J
A
f 6 *s series
69*
109*110*
21
110
*110*
*19*
J
J
74
109*
110
-
-
102*
116* 118*
100
10
109*
109*
M N
5
100*
117*
100
San Antonio Pub 3erv 1st 6s__1952 J
S A A Ar Pass 1st gu g 4s
s
K
♦1st lien g term 4s
St Paul Minn A Man—
♦Guar
Last
EXCHANGE
Virginian Ry 3*8 series A
98
93
*9
STOCK
Week Ended Feb. 25
High
I
No.
*93
{♦St Paul E Gr Trk 1st 4 Ha—1947 J
Y.
Jan. 1
03
High
St Paul A Duluth 1st con g 4s—1968 J
N.
Since
Friday's
Bid
Price
BONDS
Range
Range or
Sale
53
K
1369
Week's
Friday
I
Yearly
Tokyo Elec Light Co Ltd—
1953
1st 6s dollar series
60
62*
3*8 1960
1950
Tol St Louis A West 1st 4s
99
75
*105
107*
♦
103*
49*
63*
96* 102
171
99
*65
1942
Tol A Ohio Cent ref A imp
Tol W V A Ohio 4s ser C
Toronto Ham A Buff 1st g 48—1946
*118*
1949
deb A-.1953
Trenton G A El 1st g 5s
Tri-Cont Corp 5s conv
62*
#
3
70
-
-
M
a90
*
90
United
Municipal A
States
Bond
Shares
Bonds
For'n Bonds
Bonds
1938
2
....
104* 108*
94
97
93*
96
757,971
Monday
71*
106*
*9*
73*
12
70
107*
9
105
Union Oil of Calif 6s series A...1942
117
117
6
80
185,000
571,000
618,000
939,000
6,203,000
HOLIDAY
Tuesday
-
8,270,000
1,299,315
719,907
898,380
—
6,2.58,000
4,528,000
1,441,000
1,057,000
4,931,000
1,137,000
830.000
6,898,000
3.971,523
Wednesday
Thursday
{I^Unlon Elev Ry (Chic) 6s—.1945
Sales
$2,556,000
4.604,000
$232,000
$424,000
$1,900,000
3,480,000
295,950
Saturday
—
15
105*
a90
State,
Miscell.
103* 103*
'<*
•
Railroad A
Total
Stocks,
Number of
Week Ended
Feb. 25,
-
105
Tyrol Hydro-Elec Pow 7*s—1955
Guar sec s f 7s
1952
80
$21,097,000
$4,998,000
$2,436,000
$28,531,000
117
UJlgawa Elec Power a t 7a
Union Electric (Mo)
3*8..!
3 *s debentures
1945
1962
108
Total
28
108*
1952
4s...1947
111*
110*
111*
50
1st lien A ref 4s
June 2008
106*
106
50
1st lien A ref 5s
June 2008
*114
106*
115*
34-year 3*8 deb
35-year 3*8 debenture
1970
1971
96
United Biscuit of Am deb 5s
1950
Union Pac RR 1st A Id gr
94
106*
76*
6s
United Drug Co (Del) 5s
U N J RR A Can gen 4s
76*
*108*
...
.
24
U 8 Rubber 1st A ref 6s ser A..1947
♦Sec sf 6*s series C
75
76*
1952
1953
1944
If ♦United Rys St L 1st g 4s
1934
U 8 Pipe A Fdy conv deb 3*8.1946
Un Cigar-Whelen Sta
♦Un Steel Works Corp
106*
106*
6*8 A..1951
1951
111*
105*
30*
Friday
107*
9*
118*
105* 108*
108* 114*
104
107*
113
1
96
8
95*
31
106*
139
77
25
78*
89*
24
112 *
6
107
106*
57
96
32*
51
32
15
27*
30*
27
32*
State and
27*
32*
82*
82
83*
45
78*
86*
Utah Power A Light 1st 5a
1944
84*
83*
85
47
79*
{♦Utll Power A Light 5 *s
1947
1959
50
50
50*
35
50
87*
50*
50
50
50
23
50
50*
88
88
4
81
Railroad and
Vanadium Corp of Am conv 5s.
Vandalla cons g 4s series A
1941
1955
|*Vera Crux A P 1st gu
4*8—1934
OO OO
1
I
1
1
1 *
i...
Va Iron Coal A Coke 1st g 5s
1st cons 5s
4s
...
1949
2003
...1958
$44,885,000
85,125,000
491,314,000
$59,738 000
$285,113,000
$621,324,000
1 $28,531,000
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 &
Co^:
Bonds
Stocks
1 *
4
1*
"5" "11"
109*
109*
J
*40
*
I
6
109*
42
•
•
•
-
108
60
Total
20
20
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
Stocks
trials
Rails
Ralls
ties
Bonds
trials
109*
roads
ties
30.50
20.20
42.87
105.49
58.21
103.96
91.79
131.58
99.51
Feb. 25.
41
30.05
20.07
42.55
105.11
58.07
103.52
91.49
130.85
99.25
Feb. 24.
20.20
43.05
105.11
99.19
57.95
103.46
91.43
132.41
30.52
45
95
*52
10
30
Indus¬
1*
Date
1955
Va A Southwest 1st gu
47,869,000
$26,838,000
39,253,000
219,022,000
10
1942
Virginia El A Pow 4s ser A
7,545,000
1
l*Ju!y coupon off
♦Vertlentes Sugar 7s ctfs
$4,324,000
•1l1I
1957
Cons s f 48 series B
107,915,856
4,998,000
21,097,000
industrial
Total
88
|♦Debenture 5s
37,813,825
32,436,000
foreign.
32
9
1944
10,440,480
Bonds
Government..
112*
Utah Lt A Trac 1st A ref 5s
1947
♦Sink fund deb 6*8 ser A
1937
1938
3.971.523
Stocks—No. of shares.
103* 106*
27*
32*
32
25
1937
1938
Exchange
116
95*
90*
105* 106*
77
69*
76
81*
108* 109
6
25
Week Ended Feb.
Sales at
New York Stock
Jan. 1 to Feb. 25
"55* "el"
Feb. 23.
Feb. 22.
Feb.21.
129.49
29.35
Feb. 19.
127.50
28.76
HOLI DAY
HOLI DAY
41.96
19.75
104.96
99.03
57.14
103.19
91.08
41.24
105.02
99.02
57.39
103.29
91.18
19.33
New York Curb
1370
NOTICE—Cash and
Exchange—Weekly and Yearly Record
Feb.
26,
1938
deferred delivery Bales 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. 19, 1938) and ending the present Friday (Feb.
25, 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
Fridavt
Sales
Last
Wssk's Rangs
for
Sail
STOCKS
of Prices
Pries
Low
High
Rangs Sines Jan. 1.1938
Low
Class B
33*
33*
30
8
734
Gt
Jan
323*
83*
13*
Jan
63*
Feb
700
3*
13*
Jan
156
100
*ie
200
463*
46 3*
*
46 34
25
57
55
57
49
J6 preferred
46}*
493*
Allied
13
Invest com..—
pref
Allied
40
13*
13*
100
Aluminium Co common..*1
84
86
M
-
ti
90
105
*
Aluminum Industries com*
"53*
893*
53*
GO
Feb
50
5
943*
1,600
67 3*
9
Feb
973*
Feb
12 3*
Jan
1
Jan
13*
Jan
48
Jan
62
Feb
73*
Jan
103*
Jan
Feb
600
*
8% preferred
25
Amer Mfg Co common 100
Preferred
100
Amer Maracalbo Co
1
Republics
243*
233*
28
Jan
100
193*
23*
Feb
263*
Jan
Feb
Jan
Jan
Feb
27
233*
Arkansas Nat Gas com...*
Common class A.
*
Preferred..
10
Arkansas P A L $7 pref...*
Art Metal Works com
6
Ashland Oil A Ref Co....l
450
Atlas Corp warrants..
Atlas Plywood
Corp
*
Austin Silver Mines
163*
123*
213*
10
Babcock A WUcox Co
..*
Locomotive—
Purch warrants for com..
7% preferred
..30
Baldwin Rubber Co com. 1
Bardstown Distill Inc
1
Barium Stainless
Steel... 1
Barlow A Seellg
Mfg A...5
Bath Iron Works
Corp
1
Baumann (L) A Co com..*
7% 1st pref
Beaunlt Mills Ino
1
Jan
Cable Elec Prods
16
Jan
183*
Jan
200
36
113*
Jan
14
Jan
23
Jan
20
Jan
23
Jan
633*
3*
Feb
22
Jan
100
30
2,600
"5",300
833*
Jan
1
3*
Jan
Feb
Jan
pref
36
Feb
Capital City Products
Carlb Syndicate
Carman A Co class A
Jan
93*
Jan
Jan
73*
Jan
Feb
13*
Jan
75
Jan
Carnation Co
common
1
18
Jan
Jan
4
Feb
Carnegie Metals com
Carolina P A L S7 pref
1
'""266
4
200
163*
2,300
993*
90
""966
33*
63*
»u
33*
33*
53*
3,900
500
Feb
23*
Jan
56 preferred
Jan
163*
Feb
Feb
1033*
ru
Jan
Carrier Corp
Carter (J W) Co
Casco Products
Feb
Castle (A M)
43*
43*
Jan
Jan
Jan
.
Jan
Jan
Feb
7
Jan
68
Feb
72
Jan
Jan
7
Jan
Jan
4
Jan
33*
♦
Cent Hud G A E
1136
Feb
Feb
5
4
436
400
136
136
136
1,600
'136
33*
21
236
36
3*
Jan
Jan
23*
Jan
400
13*
73*
83*
Jan
73*
73*
Jan
13*
153*
200
7
Jan
Feb
23*
173*
853*
43*
163*
83*
13*
2
193*
91
43*
17
83*
13*
23*
Jan
23*
Jan
Jan
Jan
70
143*
Feb
20
Feb
700
82
Feb
93
Jan
8,300
33*
610
133*
Jan
500
6 3*
Jan
936
Jan
13*
Jan
136
Jan
100
2,100
Jan
2~ioo
13*
Feb
Feb
0
Jan
43*
17
236
10
Jan
Feb
Jan
Jan
836
Jan
143*
13
43*
4
13*
15
43*
163 3*
50
713*
Feb
200
136
36
Jan
3,000
162
1183* 1183*
53*
»i«
'
53*
8u
ser
*
♦
Cities Serv P A L $7
pref. *
59 preferred
*
City Auto Stamping
City & Suburban Homes.
123*
336
Feb
10
110
165
Jan
119**
Feb
53*
Feb
55*
Feb
153*
Jan
1
2,100
36
Jan
Jan
19
Feb
13*
Jan
6% conv pref...
Colorado Fuel A Iron
9**
Jan
10 V*
Jan
303*
Columbia Oil A Gas
Feb
303*
Feb
Commonwealth
734
Feb
83*
Feb
Commonw Dlstrlbut
Community
Community
Community
Jan
Jan
7
200
7
Feb
2036
100
483*
57
83*
83*
1,950
100
3*
383*
13*
343*
3*
100
13*
900
16,700
23*
33
156
33
23*
39
403*
3
29
29
3236
643*
613*
536
49
72
46
67
536
33*
536
33*
2.500
400
136
136
33
236
35
1
1,100
Feb
11
Feb
83*
3,700
63*
Jan
193*
75
173*
Jan
93*
213*
Jan
Jan
Jan
Jan
40
Jan
73*
Feb
7u
Feb
26
Jan
136
263*
Feb
236
Feb
Jan
30
23
Feb
2,300
1.875
29
Feb
20
Feb
3,200
300
43*
336
1736
2,200
1
Jan
Jan
Jan
Jan
53*
23*
136
150
636
256
136
3036
Feb
1,600
436
Jan
300
236
Feb
200
13*
836
Feb
0
"e"
336
T~
Ji-n
3
23*
Feb
33*
2,100
"53* "636
""600
61
54
436
Jan
52
Jan
150
56
4
Jan
5
100
61
54
336
Jan
63
Feb
43*
7,000
336
Jan
36
36
1,100
36
225*
203*
36
24
2136
36
36
Jan
Feb
200
21
200
19
A Southern
Warrants
83*
11
63*
£1
warr.
Colt's Patent Fire Arms.25
Columbia Gas A Elec—
Conv 5% preferred..100
50
3*
100
com..*
900
Jan
Jan
636
7
*
Rosenberger Inc.*
Colon Development
ord
200
*i«
Feb
50
Cohn A
718
73*
173*
*
1,100
1,000
50
5
636
10
Clark Controller Co
1
Claude Neon Lights Ino..l
Club Alum Utensil Co
Feb
Jan
336
1
*
Cockshutt Plow Co
Feb
200
25
Preferred
Preferred B
Preferred BB
Jan
12
73*
33*
...5
Chlids Co preferred
100
Cities Service common...*
Jan
63*
33*
Chicago Flexible Shaft Co 5
Chic Rivet A Mach
4
Chief Consol
Jan
436
Feb
9
'29.100
Cherry-Burred com
Chesebrough Mfg
103*
8
175
33*
300
Jan
100
*
6
13
Jan
19
19
36
5
63*
160
136
12
23*
90
76
Centrifugal Pipe
•
Chamberlln Metal Weather
Strip Co
5
Charla Corp
10
Jan
Feb
136
36
8
6
Jan
4 3*
67
Jan
763*
8
13
Feb
Feb
100
100
13*
16
70
100
200
.
Jan
100
warr
Cleveland Elec Ilium
•
Cleveland Tractor com
•
Cllnchfleld Coal Corp.. 100
6
13*
Feb
Feb
85
1
com
Mining
300
83*
"63*
83*
21
Jan
10
2436
236
Jan
Conv preferred
Feb
300
800
236
Feb
Conv pref opt
»u
12
Feb
Feb
Jan
636
Jan
10
23
53*
10
7936
Jan
100
7,600
653*
293*
Jan
Jan
Feb
843*
43*
500
136
73
200
Cent 8tates Elec
1,800
303*
20
90
""56
Jan
3*
2436
100
100
85"
Jan
113*
13*
74
Feb
"843*
Jan
3*
21
13*
74
Jan
Feb
Jan
3*
11
36
15
Jan
'n
30
"*600
Feb
83*
Feb
"~136
12
Jan
Feb
136
Jan
61
Jan
3
1036
40
Jan
22
Jan
400
63*
•m
220
Jan
1
1236
Cent Maine Pw 7%
preflOO
Cent N Y Pow
5% pref. 100
Cent Ohio Steel Prod
1
6% pref without
7% preferred
Jan
316
Cent Pow A Lt
7% preflOO
Cent A 8outh West UtU 50c
2,400
4
43*
61
Jan
43*
273*
13*
Jan
1236
13*
33*
253*
13*
21
643*
Jan
800
Jan
100
18
Jan
8
23
Jan
20
23
100
1
1
Jan
1,900
Feb
2,800
Jan
'u
43*
Feb
Jan
2
60C
22 3*
64 5*
3*
113*
3
336
103*
303*
5,300
203*
300
20
For footnotes see page
1375.
Feb
43*
Va
13*
"73* ~~8~
73*
Jan
Jan
953*
*
103*
1
Jan
22 3*
56
■
6
1436
*
com
303*
com
Feb
*
$7 dlv preferred
1st preferred
•
com
236
736
,
35
236
123*
236
7% 1st partic pref
100
Celluloid Corp oommon.15
*
Bliss (E W) new
Jan
Jan
Jan
200
10
com
common
Bliss A Laughiln
2,900
"""56
143*
*
•h
•
43*
.....*
pref
Machine Co com...
Blauner's com....
Jan
Feb
5
common. 1
100
2,300
Blrdsboro Steel Foundry A
Jan
Feb
213*
Catalln Corp of Amer
1
Ceianese Corp of America
Jan
103*
73*
Conv pref..
...»
Berkey A Gay Furniture. 1
Purchase warrants.
4
1
Feb
6
30
1
Bell Tel of Pa
636 % pf.100
Benson A Hedges com
Jan
400
98
*
3*
100
63*
98
*
Jan
i ",200
13*
Jan
Jan
22
*
103*
23*
Feb
26 36
2,100
300
♦
Class B
33*
13*
33*
93*
98 3*
"
"63*
100
2736
*
123*
703*
13*
27
98
25c
100
.....
43*
Feb
"373* "373*
1
15
33*
53*
91
Feb
•
Marconi
Feb
20
I
B non-voting
Canadian
69
""33* ""33*
173*
3 3*
183*
736
*
100
33*
73*
836
63*
436
Calamba Sugar Estate..20
Canadian Car A Fdy pfd 2a
Canadian Indus Alcohol A*
Jan
100
Beech Aircraft Corp..
t c
v
263*
Jan
73*
53*
3*
Feb
703*
983*
"113*
Jan
500
200
Cables A Wireless Ltd—
Amer dep rets pref shs £1
2,400
24
com.. 10
Bell Aircraft Corp com
Bellanca Aircraft com
Bell Tel of Canada
conv
Jan
13
125
33*
Baldwin
12.60
253*
2736
1,800
13
43*
Jan
*i«
13*
436
27
Burma Corp Am dep rets
Burry Biscuit Corp..l23*c
Jan
15
Automatic Products
..6
Automatic Voting Mach..*
Avery (BF)
6
6% preferred w w
25
Warrants
Axton-Flsher Tobacco—
Class A common
Feb
Jan
300
"VA "2"
1
Blckfords Inc
24
703*
273*
100
23
•
common
253*
Feb
81
20
36
Warrants
~"~VA "~H
*7i"
85
S3 convertible pref
Jan
*
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..50
conv
Burco Inc
Feb
5
83*
Option warrants
Assoc Laundries of Amer.*
SI.50
Feb
1133*
83*
*
c oomraon
Feb
Jan
83*
"3 Va
Jan
Jan
236
*
Feb
36
1
V t
22
55 1st preferred
23
133*
53*
336
83*
22
Bunker Hill A Sullivan 2.50
4
3*
223*
1
16 preferred
Jan
Feb
1093*
21
Elec Industries
Amer deposit rets
£1
Assoc Gas A Elec—
1
13*
123*
125
Associated
Class A
Jan
500
123*
"II
100
1,100
1,400
33
Bruce (E L) Co com
5
Buckeye Pipe Line
50
Buff Nlag A East Pr
pref25
43*
16
"2l""
3C0
Jan
2536
6J*
Jan
28
5
263*
1
com.
11
123*
27
2736
273*
*
Appalachian El Pow pref. *
jArcturua Radio Tube.__l
263*
253*
"25 5*
American Thread pref....5
Anchor Poet Fence
*
Angostura Wupperman..!
Apex Elec Mfg Co com...*
Jan
1103*
2
Preferred
Jan
33*
27 3*
23
3,500
103*
33*
223*
836
836
Brown Forman Distillery. 1
S6 preferred
Brown Rubber Co com...1
43*
*
Common..
273*
28
110
45*
93*
85
100
13*
1103*
Feb
Jan
203*
113*
Superpower Corp com*
1st preferred
Jan
23
10
Amer Seal-Kap com
Am
Feb
23*
Jan
li'ooo
Jan
1036
3
£1
§BrownCo6% pref
Brown Fence A Wire
Class A pref
Feb
Amer Meter Co
*
Amer Potash A Chemical.*
American
Jan
23
25
com
233*
ar593*
13*
"253* "263*
Jan
13*
200
163*
113*
63*
Am dep rets ord reg.. 10s
British Col Power class A
Class B
Jan
225
~263*
7
1,000
Jan
21
Amer dep rets reg
British Ceianese Ltd—
Jan
4,000
700
Jan
Registered
Jan
23*
Laundry Mach.._20
Amer Lt A Trac
Feb
23*
23*
36
63*
Am dep rets ord bearer£l
3*
233*
23*
1,000
British Arner Tobacco—
Jan
23*
12 60 preferred
1
Amer Hard Rubber Co..50
Amer
3
Feb
245*
1
136
15
*
213*
Cyanamld class A. 10
Feb
3*
Class A
67
50
33*
British Amer Oil coupon
93*
59
200
*
Feb
Feb
53*
91
Jan
20
93*
33*
236
113*
100
Corp class B
Jan
Jan
16
200
50
153*
1036
43*
7% preferred
100
Brlllo Mfg Co common..
Class A
*
1063*
Jan
Jan
136
59
Class A with warrants 25
Preferred
Feb
Jan
Preferred
36
25
American General Corp 10c
$2 preferred
1
Feb
Jan
973*
Power & Lt—
Amer Foreign Pow warr.
Amer Fork A Hoe com...*
Amer Gas A Elec com
*
Feb
3*
Brill
500
11
30
Bright Star Elec cl B
300
93*
Centrifugal Corp— 1
10
13*
Jan
963*
103*
*
n-v.
Breeze Corp
Feb
153*
*
Class B
Brewster Aeronautical...1
Bridgeport Machine..
Feb
2d preferred
100
Brazilian Tr Lt A Pow...*
3
Jan
Feb
Jan
Feb
153*
13*
Jan
Feb
Feb
536
33*
13*
16
15
Common class B..t.lOc
...
Jan
64 3*
2 3*
37
1i«
100
Feb
105
100
53*
American Capital—
Class A common...10c
Class B
64
7% 1st preferred
Jan
90
50
Arner Box Board Co com. 1
Amer
Feb
1,600
153*
Bowman-BUtrnore com_..«
3
American Airlines Inc... 10
American Beverage com-_ 1
American Book Co
100
Class A.
Jan
Jan
10 3*
9
136
6% pref erred....... 100
Am Cities
3*
High
Jan
2
Bourjols Inc
493*
100
8
}Botany Consul Mills Co.*
Jan
Low
136
500
37
73*
25
Jan
Range Since Jan. 1. 1938
Shares
136
37
8
100
153*
Feb
703*
200
16
88
963*
1036
Ltd common
3,400
1053*
16
—
Aluminium
Amer
1st preferred
7
6% preference.... ..100
Aluminum Goods Mfg — *
15,50 prior pref
7%
High
13*
*
13
25
13 preferred
pref
Feb
23*
13*
3*
936
10
com
conv com
Jan
conv
Low
13*
Blumenthal (S) A Co
♦
Bohack (H C) Co com...*
Borne Scrymser Co
Jan
2
S3 opt
Price
1
Feb
45
270
*
Products
Class A
Jan
Feb
403*
513*
Internat Invest com
conv
Week
Feb
Alles A Fisher Inc com—*
Alliance
Jan
43*
Jan
14
Southern..60
17
Feb
*!«
Ala Power 17 pref
Feb
3
156
for
of Prices
Blue Ridge Corp com
Feb
23
700
5*
--
34
100
836
Week's Range
Sale
Par
800
31
*
Warrants
Alabama
3?*
30
Air Devices Corp com
1
Air Investors common—♦
Conv preferred
Jan
143*
*
—
Last
High
26
Supply Mfg class A. *
Agfa Ansco Corp com
1
Alnsworth Mfg common._6
Sa<es
STOCKS
(Continued)
Shares
20
Acme w ire v t c com
Aero
Friaay
Week
1
P A L $6 pref *
Pub Service 25
Water Serv..l
24
2136
300
Feb
Jan
•«
Feb
Volume
Salts
Friday
stocks
Week's Ranee
Last
(Continued)
Sals
Par
1, 1938
Range Since Jan.
for
Week
of Prices
High
t c ext to
Common
Jan
3%
Jan
9,400
4%
61%
Feb
70
Jan
113%
1
Consol Copper Mines
6
5%
5%
Consol G E L P Bait com ♦
63 %
61%
Jan
115
Jan
X
Feb
1
Jan
4
4
m
63%
*
300
100
6% pref class A
1
Consol Gas Utilities
X
Consol Mln A Smelt Ltd.5
62
3%
100
Consol Royalty Oil
10
Consol Steel Corp com
*
Cont Q A E 7% prior pf 100
3%
Continental Oil of Mex
Cont Roll A Steel
Continental Secur
4%
72 %
Jan
stocks
Last
Jan
(Continued)
Sale
150
75
Jan
72%
Feb
Jan
80
*16
*18
100
7X
100
0
Jan
%
8%
4
100
4
Feb
4
Feb
Florida PA Lf7 pref
9
Jan
9%
Jan
Ford
Feb
m
7%
8%
1%
IX
IX
3,800
Corroon A Reynolds—
Common
2%
2%
2%
500
6%
1
ex
'"700
20 %
20 x
100
1
2%
Jan
7%
22%
Jan
Feb
2%
Jan
3%
Jan
Jan
11
4%
7%
100
Jan
12
87
87
20
Jan
GamewellCo $6 conv pf..*
300
%
Jan
1%
Feb
Gatlneau Power Co com
Jan
General Alloys Co
Croft Brewing Co
1
*
X
x
900
X
Jan
%
Jan
Gen
Crown Cent Petrol CMd)-6
Crown Cork Internal A..*
"~4%
hs
3
"Ix "*X
10 x
10X
300
ix
IX
700
Jan
Jan
5
Jan
10
•
1%
7
10
"3X
Tx
"166
102
9%
6
Jan
Gen Pub Serv $6 pref
Jan
General
105%
Feb
Feb
Feb
10
X
2,700
Jan
%
Jan
1,100
7
Jan
8%
Jan
Davenport Hosiery Mills.*
12%
12X
10X
12X
iox
200
11
Jan
12%
Jan
400
8
Jan
10%
Jan
22
22
100
18
Jan
22
Feb
6
Jan
Jan
8%
Jan
Feb
7%
Jan
Jan
40
IX
Detroit Paper Prod
Detroit Steel Products
3%
1
22
*
3X
21X
3X
22
9%
14
2
Jan
Jan
3%
Jan
500
2%
Jan
3%
Jan
15%
Jan
Feb
22
50
16
10
Feb
14
9
Jan
24X
3
Feb
Jan
Jan
16
Jan
9
24 X
3X
13
Jan
Jan
15%
Jan
67
*
L)
Jan
67
Jan
10
Jan
17
Feb
.100
25
17
17
55
10
20
"20"
"26"
62
62
62
Feb
63
Jan
"366
10
Feb
20%
Jan
375
*
61
7% preferred
100
Dublller Condenser Corp. 1
100
1%
Duro-Teet Corp com
]
6%
Duval Texas Sulphur
*
9X
iox
10
Jan
Feb
UX
1%
Jan
Jan
05
Eastern
States
Rapids Varnish
*
Greenfield Tap A Die
..25
Gulf States Utll S5.50 pref *
16 preferred
•
Gypsum Lime A Alabaa..*
Hall Lamp Co
_*
Gulf Oil Corp
Jan
13%
Jan
Hartman Tobacco Co
6,200
8%
2%
Feb
Hat Corp of
28X
250
28
Feb
31
Jan
10%
50
8
Jan
11
Jan
IX
100
1%
Jan
49
Feb
51
1%
Jan
21X
4
Jan
26
Jan
Jan
24
Jan
"eoo
3
Jan
50
4X
13
13
18
13
Jan
14
Jan
Feb
14
Feb
75
22
IX
IX
8
7X
ix
8%
4%
Jan
1
Feb
1%
Jan
32,200
6%
Jan
10%
Jan
40%
40%
Jan
55%
Jan
Feb
58
Jan
500
—*
Hearn Dept 8tore com..5
6% preferred
50
Hecla Mining Co
26c
Helena Rubenstein
*
Class A
*
Heller <'0 com
2
Preferred ww
..25
Hewitt Rubber com
5
54
55 X
1,700
3X
1,000
2%
Feb
4
Jan
3X
1,000
4
Jan
120
2%
22%
Jan
29X
Feb
35
Jan
Horn A Hard art
500
3%
Feb
Jan
5%
Hubbell (Harvey)
1
3X
3X
3X
l
27
29
pref A
3X
Option warrants
Electric Shareholding—
Common
2X
IX
4
2X
800
*
68
69
150
Elec Shovel Coal |4 pref..*
6
6
50
5%
*|
preferred.... ..100
68
Inc...5
A Smelt—*
Jan
2%
Jan
Hud Bay Mln
Feb
1%
—
75%
Jan
Humble Oil A Ref
*
Corp 5
Jan
6
Jan
Hummel-Ross Fibre
Jan
13
Jan
1
Jan
Feb
IHylers of Delaware
Jan
24
Jan
81%
Jan
50
Feb
1,075
28
Jan
48
Feb
250
28
Feb
49%
Feb
ix
100
"50"
""806
15
5%
1%
6%% preferred
7% preferred
44
100
44
44
50
3,850
28
Jan
50
Feb
8% preferred
100
46 X
46X
52
1,250
32
Jan
52
Feb
Illinois Iowa Power
22
22
50
22
Feb
22
Feb
6%
10X
iox
300
9
Jan
10%
Feb
DIv arrear ctfs
ui*
X
3,400
"16
Feb
**16
Jan
iox
IOX
300
9%
Jan
13
Jan
31
100
"33"
48
43 X
43 X
48
49 X
Empire Power part stock
Emsco Derrick A Equip..6
"iox
X
10c
Esquire-Coronet
1
Eureka Pipe Line com...60
31
Jan
X
X
8X
*18
8%
2,300
100
*16
100
"l2X
Jan
*16
500
X
Lead
*16
Jan
%
%
Jan
Jan
11%
Jan
13%
Jan
600
2%
Jan
3%
Jan
300
8
Feb
4X
4X
200
0%
20%
4%
0%
Jan
20X
8
20 X
1
3
FaJstaff Brewing
1
7X
Fanny Farmer Candy coml
•
300
6
20%
Jan
Feb
6%
Jan
Feb
8%
Jan
Jan
Compress A
Fire Association
32
25
1
20 X
20X
*ie
1
(Phlla)
S6 preferred
57 X
10
1
7X
6X
61
100
For footnotes see page
%
Jan
*16
Jan
Feb
2%
Feb
1375
Jan
Feb
19%
Jan
Feb
20%
2,900
%
7%
Jan
Feb
1%
9%
4%
Feb
0%
49%
Jan
48
775
121
121
150
29%
6%
29%
50
7%
900
41
42%
Jan
46
28
Jan
Feb
121
Feb
119%
33
Jan
5%
Jan
7%
Feb
Feb
3
Jan
Feb
*u
Jan
6,800
37
Feb
42%
Feb
100
72
Feb
80
77
77
Jan
Jan
81
Jan
3%
400
100
2%
Jan
3%
Jan
11
Jan
12
Jan
58
12
Jan
68
Jan
"266
1%
Feb
1%
X
Feb
X
4%
Feb
1%
1%
14%
"T% "1%
Feb
5%
Jan
9
1
500
1
1
200
5%
6
1,000
%
6
Feb
Jan
Jan
Jan
Jan
0
10%
Jan
Jan
Jan
30
Jan
7%
3%
Feb
10%
Jan
Jan
7
7
Feb
7%
6%
Feb
6%
Feb
Jan
20%
Feb
30
"8%
"8k "9%
^ 700
20%
Jan
8
Jan
"36"
""25
35
Jan
37
Jan
100
9
Feb
12%
Jan
1,100
13
Jan
14%
Jan
200
13%
Jan
14%
Feb
4
Feb
50
21%
Jan
24
Jan
Jan
100
9%
Feb
11
Jan
22%
Jan
28%
Feb
00
Feb
70
Feb
6%
14
9%
13%
14%
22%
23
9%
13%
4
......
28%
69
9%
9%
100
26%
28%
18,100
64%
70
3.300
Feb
Jan
0%
Jan
Jan
X
Jan
Jan
7%
Feb
Jan
Jan
7%
5%
Jan
Jan
Jan
5%
5%
600
4%
Feb
X
7%
7%
100
7
7%
4%
5%
Jan
20
98%
20%
"35"
23
Jan
150
300
1 %
2%
250
24%
Jan
Feb
1,200
1,100
1,900
12%
Feb
4%
Feb
•
Illuminating Shares cl A.*
800
21X
X
1,500
61X
75
Jan
32
Jan
19
Feb
23
Jan
1,000
58 X
7X
80
%
55
5%
58
1%
1%
2
25%
25%
27
3%
16
5
3%
14%
4%
3%
16
5
10%
Jan
Jan
*16
Jan
60%
Jan
Jan
7%
Jan
Jan
61%
Jan
Ireland..£1
Indiana Pipe Line
10
Indiana Service 6% pf.100
7% preferred
100
Indpls PAL 6% % preflOO
Indian Ter Ilium Oil—
Non-voting class A
*
Britain
Feb
33%
4%
Jan
Jan
17
Jan
6
Jan
13%
49%
10%
400
Jan
Feb
19%
19
19%
700
10%
Jan
Jan
7%
ord reg..£l
coup..*
-*
Imperial Tobacco of Can. 5
Imperial Tobacco of Great
3
48%
10%
Imperial Chem Indust—
1,600
3
50
Imperial OH (Can)
Registered
12X
3X
lix
Ex-Celi-O Corp
Falrchild Aviation
*
Illinois Zinc
Jan
Jan
6%
10
Co
preferred
Am dep rets
*16
Option warrants
Flsk Rubber Corp
93
'"460
2%
7% pref stamped
Jan
European Electric Corp—
Fldello Brewery
Jan
Jan
%
%
1
Common
44
100
com
Feb
Inc—
100
7% pref unstamped.. 100
Hydro Electric Securities. *
Hygrade Food Prod
5
Hygrade Sylvanla Corp..*
Warehouse Co
Jan
17%
Hussman-Llgonler Co..,
22
IX
1
Ferro Enamel Corp
35
Jan
Jan
Jan
Jan
Jan
12
Holllnger Consol G
13
1
Empire Dlst El 0% pf.100
Empire Gas A Fuel Co—
Metallurgical
Jan
12
Jan
81
77
Heyden Chemical
10
Hoe (R) A Co class A...10
55
Feddere Mfg Co
6%
2
Hazeltine Corp
100
*
Fansteel
Jan
1,700
Am cl B com. 1
Jan
Jan
3%
300
16 preferred
Federal
5
•ll
42
1
*
1
Harvard Brewing Co
Jan
Feb
6%
2%
6%
M—5
Holophane Co com...—*
Hormel (Geo A) Co com.*
Horn (A C) Co com
-1
Wallower
'14% "17%
47
121
5
25
Feb
41
Jan
1
Guardian Investors
6%
'""5% "5%
26
700
7% preferred
Jan
Jan
Jan
76
15%
*
50 X
Evans
Feb
1,300
X
48
com
Jan
5%
16%
60
Equity Corp
88
5%
T.eoo
""% '""%
•
6% preferred
Jan
90%
15 preferred
t c
Jan
29
100
1st preferred
9%
12%
13
v
14
"266
6%
6
6
"l7~
*
Non-vot com stock
Jan
UX
2
Elsler Electric Corp
1
Elec Bond A Share com..5
Elgin Nat Watch Co
Feb
6%
Grand National Films Inc 1
Hartford Rayon vtc
300
Jan
11%
Feb
extend.*
Haloid Co
18
21X
Economy Grocery Stores.*
Electrol Inc
Jan
Jan
1%
Jan
64%
*
V t c agreement
Hartford Elec Light
6
9X
*
w w
70
47
Jan
_•
Inc class A
Jan
3
IX
"i~
pref
Feb
Feb
40
57 preferred
*
Goldfleld Consol Mines.. 1
Jan
10
Easy Washing Mach B.__*
conv.
65
25
66
"5% "0%
•
6%
27X
Corp.....*
$7 preferred series A..
16
1,000
A. •
Class B
Feb
5X
7%
300
50
2X
Malleable Iron.25
Eastern
Electrographic Corp
12%
*
%
50
*
4% % prior preferred. 100
6% preferred
.100
Class A
Jan
*
Preferred
Gorham
11%
66
*
Jan
East Gas A Fuel Assoc—
Elec P A L 2d
*11
10
67
_•
com
%
Durham Hosiery cl B com*
Elec Power Assoc com
Jan
Grocery'Sts Prod com..26c
Shoe Co—
7% preferred
Draper Corp
Edison Bros Stores
C)
Gt Northern Paper
100
16 preferred series B
S5 preferred
Gilbert (A
7%
Domin Tar A Chem com.*
Common
*<1
»
S3 preferred
Georgia Power S6 pref...*
Jan
Feb
Eagle Picher Lead
Jan
100
6%
Grand
UX
Duke Power Co
U
1
Gray Telep Pay Station. 10
Great Atl A Pao Tea—
13 X
Driver Harris Co
%
10U
Feb
1
...
Feb
Rubber—
A
6% preferred A
Gen Water G A E com
S3 preferred
Dlvco-Twln Truck oom__l
Douglas (W
Tire
General
12%
Godchaux 8ugars class
Dominion Steel A Coal B 25
Dominion Textile com
Feb
7i«
_.*
pref
Jan
Jan
£1
5%% preferred
Feb
10%
Gorham Mfg Co—
Diamond Shoe Corp com.*
Distilled Liquors Corp
6
Dobeckmun Co com
14
800
88
Telephone com.20
conv
Gladdlng-McBean a Co..*
Glen Alden Coal
•
10
Distillers Co Ltd
Jan
14
1 %
Jan
58
10
com
Preferred
19%
40
Gilchrist Co
1%
2,000
18%
Feb
67
Jan
500
"Ik "Tx
17%
17%
*
Feb
3%
2%
Detroit Gray Iron Fdy
1
Del Mich Stove Co com.. 1
De Vllbiss Co
Jan
12%
200
9
9
1
20
ww
2%
50
<
Detroit Gasket A Mfg
6% pref
3X
3%
Derby Oil A Ref Corp com*
Preferred
Jan
40
400
Jan
300
Gen Rayon Co A stock...*
Jan
3%
29%
Jan
8X
l
2%
it
Gen Outdoor Adv 6% pflOO
he
Dennlson Mfg 7% pref. 100
Jan
10
....*
Jan
7X
*u
Jan
Warrants
1
com.
16 preferred
7%
Delay Stores
Investment
Feb
5
Cusl Mexican Mining..60c
Jan
Feb
75%
1%
1
S3
Jan
200
*
General
Jan
Feb
3
29%
•
100
87
Jan
13
18%
Gen Fireprooflng com
Feb
10%
Jan
Jan
Jan
Electric Co Ltd—
Amer dep rets ord reg.£l
18
1%
Jan
86
300
2
*
Jan
10%
11
80%
2%
80%
100
Jan
%
100
1
1
Jan
Jan
17
26
Jan
5
4%
"""400
16%
Feb
9%
80%
*
5% preferred
Jan
8%
Jan
8%
9
400
9
Feb
14%
8
9
8%
35
Jan
Jan
4%
15
preferred
27%
Class A
7%
1
1
Conv
Feb
Dayton Rubber Mfg com.*
Jan
Fruehauf Trailer Co
Feb
com
Jan
5
Jan
5%
Petroleum
Jan
7%
Jan
22%
Darby
2
Jan
Feb
2%
1,700
Curtis Mfg Co (Mo)
Jan
7%
3%
100
13%
11,000
t c.*
Jan
Jan
Feb
Feb
6%
com v
xl8%
Feb
27 X
6%% preferred
18%
Jan
1
ex
Cuneo Press Inc
Jan
16%
5
Common
24%
Cuban Tobacco
15%
575
Froedtert Grain A Malt—
6%
6% preferred
Jan
5%
1%
12
*
41%
Jan
Amer dep rets... 100 frcs
Fox (Peter) Brew Co..
26 X
com
Feb
5%
Ford Motor of Franee—
*
Preferred
18
*
Class B
6
Crystal Oil Ref
32%
9%
i
i
Drug Co com..25c
5X
17%
18
17% X18X
5%
Ford Motor of Can cl A..*
Crocker Wheeler Elec
Crown
50
36
36
1,200
1,600
2
*
Ltd—
200
Jan
72
High
Low
Shares
"4~9o6
Jan
1,1938
Range Since Jan.
for
Week
Hioh
Low
dep rets ord reg__£l
Creole Petroleum
Crowley. Mllner A Co
Price
2X
..£1
Cramp (Wm) A Sons com.1
Feb
Jan
Range
of Prices
11%
IX
60
preferred
Courtauids Ltd
Motor Co
Franklin Rayon Corp
65
*
com
1%
Jan
17%
Jan
4%
20
9%
Jan
17
13 prior preference
*
Copper Range Co
*
Copperweld Steel com..10
Cord Corp
5
Cosden Petroleum
Jan
6%
2,000
Week's
Jan
Am
♦
16 preferred A
Par
7%
«i«
Sales
Friday
4
*
14 preferred
conv
Jan
5%
3%
»
Cooper Bessemer com
6%
Jan
1%
HA 2-5383
Jan
1
Fdy.._*
5
com
Cook Paint a Varnlsn
81%
Jan
500
4%
INC.
Street, New York City
Teletype: N. Y. 1-1943
60 Wall
Jan
1%
4%
WILLIAM P. LEHRER CO.,
Jan
3
,
Jan
Jan
Feb
80
600
8% preferred
6%
BOUGHT—SOLD—QUOTED
Feb
64%
3*%
58
150
62
62
1
Consol Retail Stores
200
X
4%
Jan
Preferred
and
Jan
14
12%
100
1946
Consol Biscuit Co
.
Cities Service Co.
High
Low
Shares
Low
Pries
Compo Shoe Mach—
▼
1371
New York Curb Exchange—Continued—Page 2
146
Feb
8%
Jan
17%
Jan
19%
Feb
Jan
Jan
Feb
Jan
14
Jan
18%
14%
36%
Jan
37%
17%
14%
"14%
14%
and
"466
Jan
7%
13
10
13
90
10
Feb
13%
Jan
Jan
14%
11
14%
60
11
Feb
14%
Feb
86%
Feb
88%
Jan
1%
Jan
1 %
Jan
1%
Jan
IX
Feb
7
Feb
8%
54
Feb
61%
Jan
Jan
7%
7%
300
1%
Class B
1%
100
58%
60%
1,000
6%
Industrial Finance—
Vtc common
7%
1
preferred..
100
of No Am. 10
Insurance Co.
60
New York Curb
1372
Wuk's
Last
STOCKS
Salt
(Continued)
Par
International Cigar Mach
Range
20
High
20
Internat Holding A In v..
Range Since Jan. 1.1938
for
STOCKS
Low
100
1H
16^
19
1,000
1,200
Par
60
18%
Internat'! Paper A Pow war
"~2X
13
Feb
IX
Jan
Jan
1%
12
17J*
X
Jan
Mountain Producers
Feb
3%
Jan
%
100
X
22
Feb
2%
31
2,700
IX
Feb
30X
3%
4%
2,100
1
7%
8
Internat Safety Razor B.»
%
International Petroleum..*
X
2%
31
2,600
Jan
28%
Internat Radio Corp
International Utility—
Class A
4%
Jan
31
29 %
Jan
29%
Jan
2%
5X
X
Registered
International Products—*
Jan
Jan
4%
Feb
8%
%
Feb
200
%
100
*
Jan
*
X
X
"27"
13.60 prior pref
*
Warrants series of 1840
International Vitamin...1
3%
»i«
"27
Interstate Power 17 pref.*
Investors Royalty
1
1
Feb
%
8%
25%
*u
"166
Jan
Feb
Feb
Jan
Feb
9%
27
Feb
Co
%
Jan
3X
Jan
4
Jan
200
3%
Feb
4%
Jan
Feb
28
Jan
Jan
Nat Rubber Mach
Jan
Nat Service
14%
150
13^
12
400
8%
%
16 %
12 X
Jan
Jan
X
X
6%
5%
7
2%
2%
2%
100
%
6
200
Jan
2%
5,800
Feb
Feb
%
7X
3%
5%% preferred..—100
30
108%
2%
33
37
108% 108X
"ok "ex
Ken-Rad Tube A Lamp A *
Kingsbury Breweries
1
Kings Co Ltg 7% pref B10U
6% preferred D
100
400
36
30
24
24
2%
4%
IX
4%
1%
Nehl Corp common
30
107
*
Jan
12%
x55 %
30
300
100
200
"xbl'% "57'x
Jan
102%
12%
Feb
Feb
7%
43%
Jan
68%
Feb
Jan
500
3X
85 X
1%
13X
4%
1,000
*16
1,800
Feb
4%
X
Feb
3%
%
Jan
Feb
Feb
14%
Jan
17%
20X
Jan
19
Jan
25%
Jan
Jan
14
Feb
Jan
25
Jan
Class A pref..
Jan
2X
10X
10%
9X
Jan
Nlles-Bement Pond
Jan
Jan
Nineteen Hundred Corp B1
N1 pissing Mines
5
Jan
Noma Electric
~~24~
"24~
"ioo
9%
8%
9%
8,500
7%
7X
8%
2,900
Jan
1%
100
39%
1%
40
2,900
1%
Jan
90
36%
30%
1%
Jan
42
Jan
Feb
Jan
Jan
Jan
100
*
Louisiana Land A Explor. 1
Lucky Tiger Comb G M.10
Lynch Corp common
6
31
I
IX
200
9X
»I6
3,900
500
8%
%
Feb
34%
2%
9%
X
34%
300
31
Feb
38
1%
IX
100
3
1
3
300
1
Feb
1X
3%
Jan
Feb
7%
6
IX
'7%
7
7
IX
7%
1,200
45
4%
Jan
Jan
Jan
Jan
Jan
Feb
102
4%
3X
2X
7X
8%
74%
%
47
1,150
67
1,100
8%
74%
Class A opt warr
Class B opt warr
Class B
common
%
5%
....5
*
"35%
»ia
5X
0
Jan
Jan
18 X
Jan
100
Feb
47^
Feb
J*i
com
"2
3%
3%
Jan
Ollstocks Ltd
4%
Feb
Oklahoma Nat Gas
3%
900
Jan
19
Jan
4%
Jan
%
%
4%
'it
1,200
1%
100
%
1,300
4%
Jan
Jan
%
Jan
Jan
50
Jan
%
X
29%
X
Jan
Feb
Feb
%
1%
29%
200
4%
Jan
44
%
1%
2X
Jan
Feb
%
l'it
Jan
X
Jan
5%
8%
Jan
Feb
8
Jan
Jan
Jan
%
4
'"ioo
Jan
Jan
Jan
X
Jan
97
Jan
20
91
Feb
7
Jan
Jan
20
15
Jan
35
conv
300
Mining Corp of Canada..*
Minnesota Mining A Mfg.*
Feb
pref
Pacific Can Co
Pacific G A E
com
1
*
6
1
2X
Monroe Loan Soc A.....1
Montana Dakota Utll... 10
IX
com.
A
*
Montreal Lt Ht A Pow
*
Moody Investors pref
Moore Corp Ltd com
Class A 7% pref
7X
61 30 1st preferred
Pacific Tin spec stock
35
16
Jan
24
Jan
18
Feb
23%
Feb
Jan
43
3%
200
•u
300
*16
*
Pan-Amer Airways..
6
Pantepec OH of Venez..
1
Paramount Motors Corp.l
•
100
Grocery A
"21%
31
Jan
IX
8
Jan
Feb
Jan
xll%
Feb
Jan
2%
Feb
65 preferred
Penn Gas A Elec cl A
Penn Mex Fuel Co
24%
Feb
28
Feb
Pennroad Corp vtc
1
Feb
75
Feb
111%
107
Jan
6%
4%
1%
1%
Jan
Feb
8
Jan
6%
Feb
Jan
2%
Jan
100
5
Jan
50
131
Jan
4%
2%
IX
5%
6%
2%
IX
5%
135% 136
200
6,500
1,300
500
1375.
30%
31
150
33
33
25
Pa Water A Power Co
Feb
2
Jan
5%
Jan
140
Jan
Jan
31
Feb
22
Jan
33
Feb
25%
33%
Feb
145
J^n
29%
145
Jan
Jan
Pepperell Mfg Co
Perfect Circle Co
Jan
4
Jan
Jan
*11
Jan
30
58*
Feb
66
Jan
60
68
Feb
77
Jan
6
Feb
6
11%
%
'21% "22%
31
31
500
5%
Feb
300
9%
Jan
200
"400
75
Jan
xtH
Jan
21%
Jan
31
14X
1
13%
24%
Jan
Jan
Jan
Jan
lllX Ul%
99% 99%
40
9%
90
100
34X
Jan
Jan
94%
Feb
Feb
109 X
Jan
Jan
111X
99X
Jan
91%
9%
10%
Jan
Jan
21%
Jan
31
Feb
92
Jan
110%
94 X
*88 X
9%
8
Jan
Jan
Jan
Jan
Jan
Jan
Jan
~8%
50
90
Feb
2%
2%
1,000
2
Jan
2X
Jan
3%
2%
3%
6%
300
3
Jan
200
6
Jan
3%
6X
Feb
Jan
30%
Jan
6%
29%
30
300
28%
Jan
27%
102
Jan
105%
51
Jan
27%
200
31
29
31
16%
14%
8%
16%
7%
7
650
1,700
45,200
4%
17%
24%
14%
5H
Jan
58
5%
Jan
Jan
Jan
Jan
Jan
Jan
17X
Jan
Jan
31
Feb
Feb
19%
Jan
18%
7%
Feb
Jan
4%
Jan
14
17%
Jan
4
Feb
15
Jan
3%
3%
"IOO
100
Jan
19
Jan
23
Jan
21%
3%
Feb
24%
Feb
4
Jan
Jan
26
Jan
110
"2lk "2lk
900
Jan
21
17%
14%
21
*
Jan
Pa Pr A Lt 67 pref
66 preferred
1%
Jan
91
♦
80%
Jan
Jan
106
*
Jan
Jan
58 X
com.—II*
ioo
Preferred
Penn Edison Co—
62.80 preferred
37%
70
10
Jan
*
For footnotes see page
Parker Pen Co
X
3X
Feb
58
.*
1%
8
Feb
50
6%% 1st preferred
25
Pacific Ltg 66 pref
*
Paclflo P A L 7% pref.. 100
Pacific Public Service
*
Penn Salt Mfg Co
8
1
Jan
Jan
Feb
68
6% 1st pf-25
104
2.50
Jan
100
43
*
7
Voehrlnger
6%
89%
38%
9X
3%
.100
Oldetyme Distillers
Overseas Securities
700
Miss River Power pref.
100
Missouri Pub Serv com..
Jan
Jan
Feb
100
550
200
Minnesota P A L 7% pf 100
•ii
IX
35
31
1X
100
Jan
23%
23%
26 %
90
8
28
8%
Feb
Jan
1,200
75
27%
%
Jan
10
8X
2
28
Jan
4X
89%
50
Peninsular Telp
Feb
Jan
66
31
9%
Pender (D)
Class B
1%
7%
79
Jan
1,100
8%
Jan
1H
Jan
Feb
3",600
5
Jau
7H
7
500
com. 15
com
»!•
Mid-West Abrasive
50c
Midwest Oil Co
...10
Midwest Piping A Sup...*
Jan
71
8,500
Patchogue-PlymouthMUls*
73
Jan
Jan
35
1
Parkersburg Rig A Reel_.l
Jan
9%
4%
19
Jan
Jan
23%
23%
5
Jan
14
94%
Jan
Feb
Feb
101
140
Jan
Jan
5
13%
Jan
IX
4
10
Jan
10
Jan
Jan
14
10
30
Jan
1%
Feb
14
Jan
Jan
1,000
3%
Feb
Jan
1%
2X
"11
10
Jan
2
1%
10
63 preferred
6%
Jan
Jan
1H
500
Jan
2%
72
2%
400
4
Jan
Jan
Feb
4%
3%
250
72%
Jan
54
Jan
2%
10
Jan
Jan
.»
9%
Jan
10
3%
5
**
Jan
102
2
4%
Midland Steel Products—
12 non-cum dlv shs
•
Mid vale Co
•
IX
62
Feb
1,400
io
.»
60
Feb
Feb
"900
Ohio Power 6% pref...100
Ohio P 8 7% 1st pref
100
6% 1st preferred
100
107 X
Feb
Jan
3%
Ohio Brass Co cl B com..*
Ohio Edison 66 pref
*
Ohio Oil 6% pref
100
Feb
%
X
com
Jan
Jan
Jan
7X
"2%
Nor Ind Pub Ser 0% pf. 100
7% preferred
100
3X
55
4%
600
6% prior preferred
60
No Am Utility Securities.*
Nor Cent Texas Oil
Nor European Oil com
95%
Jan
6
3%
.__.*
1,200
Jan
Jan
Jan
Feb
Jan
Feb
3H
66 preferred
_..*
North Amer Rayon cl A..*
25
4%
3%
12
Feb
41
1
2%
9%
Feb
%
Feb
1
1,300
12
102
Feb
47
.....
Northwest Engineering..*
Novadel-Agene Corp
*
Feb
%
111
Jan
87
Jan
Jan
Feb
Feb
9
"33k "37"
Jan
7%
7u
35
200
100
Common
Class B
Jan
X
14
Jan
%
2%
3
Jan
Jan
61
5X
10%
Jan
20
Feb
Jan
Feb
200
400
7X
87%
2%
7%
73%
%
Feb
Jan
X
4
11%
IX
Jan
1%
900
2
Jan
100
cl A..100
17X
3%
Mexico-Ohio Oil
*
Michigan Bumper Corp..l
Michigan Gas A Oil
I
Michigan Steel Tube..2 60
Michigan Sugar Co...
*
Montgomery Ward
Jan
Feb
16
INor Texas Elec 8% pf.100
55
Mesabl Iron Co
l
Metal Textile Corp
com..*
Partlc preferred
*
Molybdenum Corp
Monogram Pictures
%
16
Nor Sts Pow
8%
8%% A. preferred...100
pref
Feb
18%
5%
9%
99% 100
91%
91%
Jan
100
Mercantile Stores com
*
Merchants A Mfg cl A...1
Class A vtc
Class B v t c
41%
Feb
1%
8
Jan
7%
20
Feb
400
14
2X
11%
Jan
Jan
47
*
Participating preferred.*
Merrltt Chapman A Scott *
Warrants
Jan
3
20
6%
*
Memphis Nat Gas com
6
Memphis PALJ7 pref..*
Jan
18%
Niagara Share-
Northern Pipe Line
Master Electric Co
1
May Hosiery Mills Ino—
14 preferred ww
_.!**
McCord Rad A Mfg B.._*
Mead Johnson A Co
Feb
45
Communication ordreg£l
Margay Oil Corp
.*
Marlon Steam Shovel....*
Mass Utll Assoc vto
1
Dredging
'IX
2X
IX
8X
%
9X
*
Massey Harris common..*
Jan
35
Nor Amer Lt A Pow—
*
Preferred
Middle States Petrol—
Jan
7%
Jan
100
100
100
18X
10%
23%
IX
1
preferred
Marconi Intl Marine—
100
Jan
1,500
100
100
*
conv
Jan
5% 1st pref
6% 2d preferred
5% 2d pref cl B
3,300
Lone Star Gas Corp
Majestic Radio A Tel
Mangai Stores
Feb
18%
*
Loudon Packing
Jan
Niagara Hudson Power—
Common
10
22%
6
7% preferred
6% pref class B
"it
Feb
Feb
8%
24%
*
22%
Locke Steel Chain
Lockheed Aircraft
Long Island Ltg—
Common
5
Jan
Jan
5%
'it
Shipbuilding Corp—
18%
23
26
com
X
Jan
4%
Jan
2
Founders shares
1
New York Transit Co
5
N Y Water Serv 6% pf.100
46
Jan
Feb
80
J0 preferred
Feb
Feb
Feb
Feb
%
52*
N Y A Honduras Roearlo 10
N. Y. Merchandise
10
N Y Pr A Lt 7% pref—100
N Y
2%
3%
3%
IX
92
88%
2%
81%
Jan
3
8%
7
Jan
300
N Y City Omnibus—
Warrants
Jan
81%
Llpton (Thos J) cl A.....1
0% preferred....
Jan
1,800
.*
*
11
'moo
12 X
-
Mock, Jud,
Common
Feb
IX
X
Line Material Co
Lion Oil Refining...
Jan
12%
2%
IX
Le Tourneau (R G) Inc._l
9
Jan
Jan
110
2%
Feb
Feb
100
14%
41%
17%
7i«
"87%
Jan
Jan
Jan
Jan
13%
92
Jan
Jan
1,000
92
Jan
Feb
63
2%
X
44X
,
20%
2X
X
Newmont Mining Corp. 10
N Y Auction Co com..
Jan
9
Jan
800
1
New Mex A Ariz Land
Jan
1%
15%
11%
37
Jan
Feb
9%
25
Jan
Jan
Jan
Feb
500
%
18%
*
3%
6
10X
New Haven Clock Co
New Jersey Zinc
5
•
Jan
Jan
45
.
Jan
Jan
"166
8%
2X
Develop...26
Jan
Feb
2X
3X
IX
11M
1
conv
Jan
1
24
1,000
1,900
12X
8%
Lehigh Coal A Nav
Midland OH
nx
20
2%
101
Lakey Foundry A Mach__l
McWllliams
Jan
Jan
Lane Bryant 7% pref..100
♦5
8%
37%
3%
5
IX
41%
Jan
7
500
2%
Neptune Meter class A.,..*
New Engl Pow Assoc
*
6% preferred
100
New England Tel A Tel 100
Jan
10
Lefcourt Realty com
Preferred
Nelson (Herman) Corp
Jan
Jan
9*
7
1
5
Jan
Feb
21%
Feb
Jan
Jan
Jan
41%
43%
108%
31
5
Jan
Jan
100
9
*
Jan
0
Jan
Jan
ilH
ilH
1st preferred
Jan
30
\%
IX
"7% "7%
1
1
Feb
21X
16
Kreuger Brewing Co
1
Lackawanna RR (N J)-100
Lit Brothers
Jan
Jan
60
Koppers Co 6% pref... 100
Oil
Jan
3
X
Klrkl'd Lake G M Co Ltd.l
Klein (D Emll) Co com..*
Leonard
73
X
12
600
52
'A
85
Jan
Feb
*
Feb
Feb
%
10
700
9%
1
Feb
10
36
"2%
Lake Shores Mines Ltd
National Transit
12.60
Nat'l Tunnel A Mines
Feb
1,000
""166
2%
19
3%
4%
41%
18%
70
2%
Jan
Feb
4%
48
"ix
81J*
2%
100
Jan
Feb
9%
5X
7%
1,000
...._
*
Nat Union Radio Corp
Navarro Oil Co
3%
Jan
121
600
19
*
Conv part preferred
Feb
Jan
2I900
8%
14%
Jan
2
Feb
500
8%
13%
2%
Nebel (Oscar) Co com
*
Nebraska Pow 7% pref.100
06
5%
%
Jan
.100
Kress (S H) A Co
Jan
Jan
5X
*
66
Jonas A Naumburg.__2.60
Jones A Laugblln Steel. 100
Knott Corp common
Kobacker Stores com
Jan
9%
"% "I
common.
National Steel Car Ltd
High
Jan
4%
1,400
33
National Sugar Refining..*
National Tea 5% % pref. 10
1
Kingston Products
Klrby Petroleum
5%
"%
"52"
7u
Jan
9
14%
2%
25X
3X
Jan
5%
IX
3%
5%
9%
National Fuel Gas
Nat Mfg A Stores com...*
National Oil Products
4
40
Jan
181200
9%
National City Lines com
S3 conv pref
50
National Container (Del)
1,200
Jan
200
m"
1
com
Lew
1%
5
Nat Auto Fibre com
__1
National Baking Co com
7ie
9
Range Since Jen. 1,1938
Shares
~8% '~7X
8%
Murray Ohio Mfg Co
*
Muskegon Piston Ring.2 %
Nachman-Sprlng filled.
National P A L $0 pref...*
National Refining Co.—25
Jersey Central Pow A Lt—
Kansas Q A E 7% pref. 100
Keith(G E)7% 1st pref.100
Kennedy's Inc.
5
Feb
400
*
Jeannette Glass Co
Jan
1%
10
i%
14X
11%
11%
Amer dep ids
20 Lire
Italian Superpower A
*
6% preferred..
7% preferred
Jan
3X
4%
7i»
Iron Fireman Mfg v t c—10
1,500
Isotta Franschlnl Co—
Jacobs (F L)
Feb
4
3%
3%
Interstate Home Equip..1
Interstate Hosiery Mills,
Irving Air Chute—
'
8
1
11.76 Preferred—
Week
iMountainSts Tel APower,
States Tel 100
fountain
Nat Bellas Hess
Class B
for
ef Prices
Lew
High
Price
Moore (Tom) Distillery..1
Mtge Bk of Col Am shs.
Mountain City Cop 00m 5c
Jan
Internat Hydro-Eleo—
Pref S3.60 series
A stock purch warr
Week't Range
Sale
High
26, 1938
Sain
Latt
(Continued)
Sham
20
1%
Feb.
3
Friday
Week
0/ Prices
Low
Priot
Exchange—Continued—Page
Sain
Friday
Feb
110
Feb
Jan
*
*
*
Feb
8%
Feb
1
*
2%
2%
80
80
140% 143
50
3.500
200
10
50
*
100
*
71
"n"
"72H
"125
Jan
2X
Jan
85
Feb
Feb
90 X
82
Jan
77X
131
Feb
149%
Jan
66
85%
"80"
2%
86%
Feb
Feb
72 X
77
Jan
60%
2%
Jan
Jan
New Yoik Curb Exchange—Continued—•Page 4
146
volume
Friday
STOCKS
Last
Week's
(Continued)
Sals
of Prices
Low
High
Par
Pharls Tire A Rubber
Pries
1
Range
3X
*
•
Phlla Elec Pow 8% pref. 25
Philadelphia Co oom
3X
OK
25
U2K
Feb
Feb
31
1
Feb
31X
Phoenix Securities—
1
Common
10
*
Conv pref series A
Pierce Governor com
20
18
20
10%
16 X
14H
1,200
2X
17X
Jan
Jan
800
17 X
Jan
IX
3X
Jan
Jan
3X
3X
2,000
2X
Jan
0
3X
0%
700
5X
Jan
Pltney-Bowes Postage
M6t6T
Pitts Bessem'r ALE RR 50
38
38
50
1
ft
Q
700
PlttsDurgh
Forgings
"~58~X
Pittsburgh A Lake Erie. 50
"79"
Potrero Sugar com
9X
62 X
Jan
Jan
7%
Jan
Jan
Jan
56
OX
Feb
90
Feb
79
IX
600
IX
Feb
IX
Jan
1,200
2K
Jan
Feb
8X
2K
»ie
»u
X
400
500
Jan
Feb
IX
4%
X
3X
4X
14 H
50
14
Jan
14X
Jan
Jan
Jan
Jan
Feb
95
Feb
95
Feb
19 X
Jan
21X
Jan
IX
Jan
2X
Feb
4
14%
""2% ""2X "2% ""706
X
5X
'
3X
Providence Gas
Jan
OX
Jan
22
Jan
30 X
Feb
Common class B
Feb
Preferred
Feb
11X
Jan
99 X
Feb
99 X
7% 1st pref
"lOO"
103 K
Jan
10
106
106
106
Feb
*
Pub Serv of Nor 111 com
Quebec Power Co.
Ry. A Light Secur com
Jan
34
Feb
1st
Jan
17
Feb
2d
575
250
27 X
12
7
7
200
OX
Jan
7X
Jan
OX
OX
100
6
Feb
7
Jan
x90
97
20
94
Feb
100 X
Jan
137
140
40
137
Feb
140
Feb
•
25
9
9
Jan
9
10
K
Railway A Utll Invest A.-1
Feb
X
Feb
Jan
Felj
Class A..
*
X
Feb
X
Jan
Class B
*
X
Jan
X
Jan
300
S3
conv
2X
*
oom...50c
2X
500
5%
preferred
Mfg
Red Bank Oil Co
*
5
Reed Roller Bit Co
♦
24
Reeves (Daniel) com
Feb
29
15X
15
Feb
29
Jan
400
25
Jan
700
2X
3X
23 X
Feb
4
•
Feb
Feb
Feb
Jan
Feb
Works
Rome Cable Corp com
Roosevelt Field Ino
1
91.20
conv
8
.20
pref
Rossla International
12.50
conv
8
__*
pref
8X
X
I
36
Jan
'it
Jan
preferred
Jan
3%
Jan
Stetson (J B) Co com
*
Stlnnes (Hugo) Corp....6
7X
7
375
7
Feb
8X
Jan
IX
IX
100
IX
9%
Jan
2
Feb
Feb
12
Stroock (S) A Co
*
*
Machinery
Sunray Drug Co.
Sunray Oil
5X %
conv
3
3
35
35
100
Jan
9
H
Jan
200
39
3X
36
1.000
77
X
Jan
150
49
Jan
6
Jan
7X
Feb
9X
36
Jan
*18
X
300
"nS"
"27"
5,000
59 X
Jan
Jan
Trans western Oil Co
Jan
Tri-Continental warrants.
»i8
Jan
Jan
100
4 X
Feb
63 X
Jan
Jan
Feb
3X
Jan
Jan
2X
Jan
10 K
Feb
"~2~5~X ~20~~ ""506
24 X
113
»
Jan
Jan
113
X
X
80c dlv preferred
Ulen A Co
6%
preferred
Unexcelled Mfg Co
Union Gas of Canada
Jan
*
Union Premier Foods Sts.l
Investment
th
Feb
Feb
7K
IX
IX
♦
IK
3X
1,800
1
700
2
Jan
K
15
X
1
5
OX
58 X
1
7K
60
60 X
60
Allotment certificates...
dep rts reg
Jan
Feb
X
1,000
4.50
500
150
Severaky Aircraft Corp
Shattuck Denn Mining
5K
2
1
5
8X
8X
*16
5X
2X
9
200
OK
55
50 X
Warrants
Jan
Un Clgar-Wheien
IX
4 X
17
Jan
Jan
Jan
Corp warrants
United Gas Corp com
1st
1
37 pref non-voting. *
Option
Feb
IX
Jan
United
Jan
Jan
Jan
8X
Jan
Line stamped
»
1st preferred
•
00 X
36
Feb
United
Milk
Feb
United
•ii
Conv
pref
Simplicity Pattern com
Singer Mfg Co
Singer Mfg Co Ltd—
United N J RR A Canal
Jan
Jan
2X
Jan
United Profit Sharing
1,300
10 X
Jan
Feb
20
Jan
81
Jan
90
Jan
Jan
110
Jan
United
Jan
Jan
Jan
United Specialties
7
Feb
U S Foil Co class B
2 X
Jan
5X
Jan
OX
X
5X
X
*
Amer
IX
2
600
240
30
IK
Jan
4
2
1
100
Feb
224
Jan
_
240
4K
dep rec ord reg. £1
For footnotes see page
1375
46
Jan
Feb
46
Feb
48
Jan
Feb
102
Jan
Jan
Jan
243
5X
Jan
Jan
21
Jan
Jan
5%
Jan
Jan
4%
300
4
11 X
300
9X
9%
500
7%
4%
Feb
12 X
Feb
9%
Feb
Feb
4%
UK
5
Feb
Feb
Jan
3X
Feb
10 X
Jan
Jan
53
Jan
IK
100
Feb
1X
Jan
54 X
200
44 X
Jan
54 X
Feb
92
54X
15%
1%
Jan
96 X
Jan
15X
99
Jan
103
Jan
®i8
Jan
*18
Jan
X
Jan
IX
Jan
Jan
3%
Jan
Feb
2K
OK
2%
2X
600
OX
0%
1,800
2%
5%
X
»18
900
X
Feb
7%
X
Jan
Jan
9X
9%
9%
1,200
7%
Jan
11 %
Jan
Jan
35
Jan
33
33
100
3
400
25
2X
"~2% "2% ""160
"~2X ~~2% ""260
"ix
2%
OX
Jan
Feb
2X
Jan
IX
2Vs
Jan
2%
Feb
3%
Jan
7%
2%
Jan
Jan
Jan
2%
2%
Feb
1%
13%
Feb
IX
200
IX
Jan
13%
100
13 X
Feb
5X
IX
Jan
OX
Jan
15
Jan
"12 x "l2% "l3"
""400
10
Jan
14 X
Jan
10X
2,500
7
Feb
12 X
Jan
3
Jan
4
34
Feb
34
9%
Jan
Feb
94 K
Jan
%
Jan
3%
Jan
5%
X
1,600
X
""ix ""ix "ix "9"800
94
Jan
Feb
ui8
*18
'it
'it
1,100
95X
94
200
Jan
100
2X
2%
1
IX
Jan
Jan
Jan
Shipyards cl A—1
Class B
1
United
1
2X
Jan
3%
Feb
3%
2,400
2%
~~24% "20% ~25~X
Feb
4
Jan
16 K
Feb
X
26 X
8,300
Jan
19 X
Jan
1
Jan
OX
Jan
7 K
0%
2X
2
69 %
40%
5%
""ox
6
77
Jan
Jan
Jan
230
Jan
200
K
Feb
1
Jan
8X
2%
09%
40%
5%
8,300
2%
8X
Feb
77 X
100
OX
900
228
1
Shoe Macb com.25
.25
com—1
Jan
Feb
70
100
*
X
17X
X
Jan
Feb
Slmmora-Broadman Pub—
Simmons Hard're A Paint *
25
Molasses Co—
1%
1X
""OK "OX ""BOO
♦
300
Products._.*
Preferred
25
5%
IX
10 X
5X
0%
Common class B__
Feb
60
5X
2,400
5% cum pref ser AAA 100
Shreveport El Dorado Pipe
Sllex Co com
7,700
X
Pow com A. *
Jan
X
4X
"87% ~~8~5~X "S7X "2,400
com..25
20X
Jan
2%
warrants.
Lt A
Jan
Feb
200
Sts.-lOc
Feb
Jan
400
*
8hawlnlgan Wat A Pow
Sherwln Williams
......
Jan
800
United Chemicals com—*
107
*
1%
IX
20%
"~3~X "~3X ~~3X "1.20b
9X
19 X
X
1
Jan
"
1%
£1
com
Jan
800
5%
29 X
%
Transport
Jan
Jan
Jan
Selfridge Prov Stores—
Amer
116X
Jan
5
United G A E 7% pref. 100
26
Seton Leather
Aircraft
com.
United
1
Feb
4
9%
4X
*
Selected Industries Inc—
Sentry Safety Control..
*
26
2
*
10
7X % pref
Union
*
Selby Shoe Co
18 X
Jan
300
*
3X
Jan
IX
*
Convertible Stock
1
Jan
29 X
16 X
5
•
3%
103
1,500
IX
18%
46
1
Jan
15
Scranton Spring Brook
*
Feb
200
5
97 X
"20 Ii
-
Tublze Chatlllon Corp.__l
United
Selberling Rubber com
7
K
10
Series A pref....
*
IX
Feb
X
IK
1
Common
IK
IX
1X
Jan
7
7% preferred A
100
Tonopah Belmont Devel.l
4
92
2X
1
Feb
11
Trans Lux Plct Screen—
300
J5.50 prior stock
Am dep rets def reg
Feb
38
400
Segal Lock A H'ware
Jan
36 X
Jan
Tonopah Mining of Nev.l
Jan
3
49
3X
Seeman Bros Inc
3X
Jan
7
27
27
15X
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
Tung-Sol Lamp Works
Securities Corp general
Jan
34 X
100
1UX 115
4X
£1
£1
Jan
IX
Common
*
Exports
Am dep rets ord reg
Class A
Warrants
2%
100
7
7
I
3X
2K
com
Mines
Feb
IX
Water 8ervlce pref
6,300
3X
35
5%
Technicolor Inc common.*
Feb
2X
Scullln Steel Co
Feb
»
33.30 class A partlclpat.*
Swan Finch OH Corp... 15
Teck-Hughes
Feb
13 X
11
1
9%
Feb
800
9X
50
pref
Jan
Jan
13 X
9
9
8
..50
Elec So pref..
600
•
Sullivan
2X
Jan
Jan
4X
400
Savoy Oil Co
Scran ton
7%
Jan
400
Feb
Jan
29
Feb
Feb
2%
IX
3X
*16
Manufacturing. .25
Jan
100
Tobacco Prod
Samson United Corp com. 1
Sanford Mills com
*
Scovlli
1,600
Tobacco Securities Trust—
25
_
5X
2,100
Jan
Jan
Jan
2X
7X
Jan
Feb
Jan
Schlff Co common
Jan
4%
7X
1X
Feb
5
8X
ex
13 X
Feb
51
Jan
600
X
2%
Jan
1
59 %
5%
•300
7
X
4X
Jan
3X
100
Jan
ox
Jan
75
7% preferred
Jan
IX
2X
1
400
3
1%
Jan
OK
4X
Tlshman Realty A Constr*
600
3%
Jan
Sterling Aluminum Prod.l
Sterling Brewers Inc..
1
Sterling Inc
1
Feb
IX
6
1
5%
4X
96 X
3%
St Regis Paper com
2,400
28
Thew Shovel Co com__._6
Tllo Roofing Inc
..1
IX
pref A
IX
IX
Jan
...20
Jan
3X
conv
Jan
60
preferred
Jan
*
92
99 %
Jan
Ti8
1
Anthony Gold Mlnee.l
Feb
Jan
Feb
11X
Ryerson A Haynes com
Safety Car Heat A Lt
St.
98
4%
28 X
4
Jan
Ryan Consol Petrol
77
25
Jan
Feb
2X
*i«
Rustless Iron A Steel....1
Jan
3X
100
46
44
22
*
Jan
Feb
2X
46
Jan
Feb
Jan
6X
*
Russeks Fifth Ave
19
7X
5%
Feb
*
Royal Typewriter
300
Feb
12 X
8X
IX
2X
20X *21 x
98
98
0%
Jan
6
......
200
Jan
X
13
6
ox
2%
11%
IX
5
Root Petroleum Co
18
1,100
5
5
300
x95K
Jan
17%
*
5X
Rio Grande Valley Gas Co-
x
Jan
17
17X
20
com
common
1,100
2
Jan
14 %
Jan
Jan
X
14
Jan
Wholesale Phosp
Tenn El Pow 7% 1st pf.100
IX
Feb
Feb
Jan
Texas P A L 7% pref. ..100
Texon Oil A Land Co
2
1
Feb
2%
11 %
11
3
Jan
Radiator
2%
100
450
2K
Jan
IX
Voting trust ctfs
1
Rochester GAE6%pf D100
Roeaer A Pendleton [no..*
22
13
7
Jan
Richmond
Jan
18
""%
Swiss Am Elec pref
5X
X
Jan
22
Taggart Corp com
1
Tampa Electric Co com..*
Tastyeast Inc class A
1
Taylor Distilling Co
1
Feb
Feb
Jan
X
X
4%
1,100
1
Jan
Jan
IX
Jan
IX
2X
»!•
4%
Jan
Jan
98
Jan
.1
X
Feb
18
"x2lX
2 K
Reynolds Investing
Jan
4
ox
1
Reybarn Co Inc
T,§66
16
"l7~X
Reliance Elec A Engln'g .5
300
Feb
"4X
2K
Jan
Jan
Ti«
X
7ie
X
11
X
9X
Relter Foster Oil new..50c
Feb
100
X
Feb
2X
Jan
X
X
38%
2%
Superior Ptld Cement B
Raymond Concrete Pile—
16
22 X
1
_
Rainbow Luminous Prod—
10 X
Jan
Feb
200
Feb
17
15X
37X
Jan
Feb
700
Starrett (The) Corp vto.l
Feb
7X
__5
.
Stein (A) A Co
15X
Jan
•is
Jan
34
*
OX
9%
Feb
15
*
Puget Sound Pulp A Tim.*
Pyrene Manufacturing. .10
Quaker Oats com
* "97"
0% preferred.
100 137
Feb
900
Jan
78
29X
34
preferred
2K
Feb
Sterchl Bros Stores
*0 preferred
Jan
Jan
*18
89
Puget Sound P A L—
5%
2X
7%
Jan
X
Feb
Jan
""260
ox
38 X
20X
22
1
Feb
Feb
140 X
X
OK
38 X
1
78
X
Feb
Feb
•
89
100
7% prior lien pref... 100
|Pub Utll Secur 97 pt pf
*
6% prior lien pref
2
•
_
Standard Steel Spring
Standard Tube cl B
A Acid
Public Service of Okla—
Feb
"l7X "io'x "is" ""600
10
25
(Ky)
Standard Products Co
Standard Silver Lead
Standard
60
Common
Oil
2
1%
7X
10
Feb
1,400
2
"~4
Standard Oil (Neb)
Standard OH (Ohio) com 25
5% preferred
100
Standard Pow A Lt
1
230
25 X
......
Standard
Jan
99X
Jan
Jan
Jan
Feb
25X
27%
24%
27X
100
X
Jan
98
18
300
21
Jan
Feb
99 X
27X
2
38 %
*n
91X
15 X
36 %
25X
Standard Dredging Corp—
Common
l
Feb
18
Feb
"~~2~X "~2X
Standard Brewing Co
*
Standard Cap A Seal com. 1
Conv preferred
10
Feb
100
100
6% 1st pref
35 X
27X
""ox
OK
Public Service of Colorado-
100
4X
Jan
18
36
*
OX
5X
*
J0 preferred
%
35 X
*
700
500
Jan
*
5
com
400
30 X
3%
140
Stahi-Meyer Inc
0
94
Jan
Jsn
f
Spencer Shoe Corp
7
25
0%
2%
Am dep rets ord reg..£l
Am dep rets ord bearer £1
5X
93 K
Feb
"loo
25
7
30 H
Jan
5
~"~3% "~3% ~~3X
West Pa Pipe Line..50
Spanish A Gen Corp—
OK
__*
10 preferred
Feb
1%
So
5H
150
2%
*
South Penn Oil.
100
Public Service of Indiana—
Raytheon
Southern Union Gas
Southland Royalty Co
•
_
_
Prudential Investors
Jan
Feb
South New Engl Tel...100
Southern Pipe Line
10
1,000
......
2%
IX
100
•
Prosperity Co class B
95
preferred
Jan
88
900
IK
5% original preferred.25 f,35K
0% preferred B
25
5X % pref series C
25
Southern Colo Pow cl A.25
7%
""560
High
Jan
IX
HX
..1
South Coast Corp com
1
Southern Calif Edison—
X
X
.1
*
Producers Corp
"~2% "~2X ~~2X
1
Jan
Jan
18
Low
Shares
88
11.60 conv preferred..20
Standard Invest 95X pref*
Feb
16
*
■
Jan
7X
1
Pressed Metals of Amer.
6K
IX
*
Premier Gold Mining
Feb
38
2X
*
100
Pratt A Lambert Co
Jan
Feb
1X
Power Corp of Canada—
6% 1st pref
1,900
83
79
5
Powdrell A Alexander
200
6 X
38
2%
*
25c
6
Polaris Mining Co
200
7%
6%
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co. 1
Plough Inc
58 H
58
Pittsburgh Metallurgical 10
Jan
21
Jan
11K
1
Pioneer Gold Mines Ltd.-1
Jan
3X
Jan
150
3%
2%
1
Wlnterfront
Pines
3X
High
Soss Mfg com
Jan
4
Jan
Solar Mfg Co
Sonotone Corp..
Range Since Jan. 1, 1938
for
Week
of Prices
Low
Pries'
Sioux City G AE 7% pf 100
Feb
7 X
115
Jan
3X
*
Phillips Packing Co
Jan
Jan
4X
Feb
100
200
Sale
Par
High
Low
Week's Range
Last
(Continued)
Shares
115
115
STOCKS
1, 1938
Raege Since Jan.
for
Week
3X
OK
OK
Phlla Elec Co 15 pref
1373
Sales
Friday
Sales
1
3,800
1%
200
68 X
Jan
Jan
Feb
39
Jan
42 X
Jan
Feb
4%
Feb
0%
Jan
5
Feb
OX
Jan
10
3
Feb
New York Curb
1374
Friday
STOCKS
Week's Range
Last
Sale
{Concluded)
Par
of Prices
High
Low
Price
U 8 and Int'l Securities.-*
1st pref with warr
U 8 Lines pref
*
U 8 Playing Card
U 8 Radiator com
17
conv
Verde
United
Wall
56
Jan
Jan
1%
22%
Jan
Debenture 5s
22
Feb
3
Jan
600
2
1%
1%
Jan
Jan
Jan
100
%
Feb
%
Jan
10,800
1%
Jan
1%
Feb
2%
2%
800
2
Paper
2%
2
10
.
Jan
2%
Jan
Jan
7
Jan
1%
Jan
3%
Jan
8
Jan
4
Jan
15
Feb
Utah-Idaho Sugar
5
IX
Utah Pow A Lt S7 pref...*
39 X
1,000
675
42 X
36
42 %
ix
37 X
36 J*
150
1%
34
16%
1%
43%
Jan
Jan
Jan
Utah Radio Products...
Utility Equities Corp...
Priority stock
-•
Utility A Ind Corp com...5
Conv preferred
7
fUtll Pow A Lt
.....
X
100
15
14%
2X
15
2%
35
1
$0 conv pref
5
Van Norman Mach Tool-6
35
Feb
Jan
15%
Venezuela Mex Oil Co..10
Venezuelan Petroleum,..1
3X
IX
Va Pub Serv 7% pref.. 100
Vogt Manufacturing
70
1BX
3%
IX
70
26
100
13%
Waoo Aircraft Co
"2k "2k
9
9
100
Walker Mining Co
Wayne Knitting Mills
17%
2%
Jan
40%
Jan
16
Jan
Jan
Jan
Jan
Feb
1%
Jan
Feb
Jan
Feb
3%
Feb
Jan
Feb
3%
Jan
9
Jan
11%
Jan
Jan
83
Jan
7
Jan
7
Jan
%
1%
6%
6%
5%
*
Jan
X
1%
Jan
1
1%
1%
5
6%
5%
6%
100
Welsbaum Bros-Brower.. 1
5%
100
Wellington Oil Co
6
6
2%
2%
1,200
2
3%
3%
800
3
Jan
4%
Jan
8
Jan
8
Jan
1
Wentworth Mfg
1.25
Western Air Express.....1
Western Grocery Co...20
100
400
Western Maryland Ry—
7% 1st preferred
100
Jan
Vot tr ctfscom
2%
6%
2%
6%
Jan
Empire Dlst El 5s
Jan
Feb
6%
Jan
Empire Oil A Ref 5%s. 1942
Ercole Marelll Elec Mfg—
2%
Jan
75
Jan
"3% "3%
22
Feb
9
Feb
70%
Jan
2%
Feb
Jan
First Bohemian Glass 7s '67
Florida Power 4s ser C 1966
Florida Power A Lt 5s. 1954
6
Jan
Jan
Feb
„6s ex-warr stamped. 1944
Gatlneau Power 1st 5s 1956
Jan
3%
60
2%
7%
5%
Feb
4%
Jan
%
9
Jan
%
Jan
9%
8*
700
Jan
1
Jan
Jan
10
Jan
Jan
Jan
IX
103 X
1st A ref 5s
1968
"75k
1967
70 X
Amer Radiator 4%s._1947
Seating 6s stp_.1946
~93%
37X
85
29
X
28X
6s series E..
1st A ref
4%s
1956
ser F.1967
1968
Jan
8%
Feb
Gobel
Jan
2%
Jan
Grand Trunk West 4s. 1950
Gt Nor Pow 5s
stpd..!950
8%
2
9,800
2,000
103% 103%
85,000
102
Jan
90%
2,000
5,000
89
Jan
81
79
Jan
80
7
80
78
74
68
80
75%
70%
107
105%
88
107% 108%
101% 102
92%
93%
34% 37%
85
27%
25%
24%
28%
27%
29%
18",660
30.000
3,000
29,000
9,000
4.00o
6,000
79
Jan
92
Jan
Feb
80
Feb
Jan
Jan
Jan
91%
86%
Jan
Jan
81
Jan
Feb
107%
Feb
108%
Feb
Feb
81
105%
Jan
Jan
Jan
Jan
Jan
90
Jan
Feb
112
Jan
102
Feb
99%
Jan
Jan
51,000
32%
Feb
41%
Jan
31,000
2,000
50,000
62
Jan
85
Feb
19,000
33,000
4,000
46%
73
48%
75%
93
93
34,000
1,000
99%
99%
11,000
190
105
107%
99
•
86
73
15,000
19,000
95%
Jan
80%
Jan
103
Jan
Jan
55
11,000
94% 21,000
99% 100 ■ 107,000
50
Jan
55
Feb
93%
Feb
96%
99%
Feb
103%
Jan
108%
Jan
Jan
Jan
109%
105%
Jan
Jan
103
Feb
Jan
5%
Feb
104
105
53,000
Jan
14,000
103%
100%
5%
23,000
M
5
Feb
5
Feb
1%
5,000
45,000
3%
1%
1%
Feb
1%
Jan
1
%
Jan
106%
Jan
1%
79%
108%
Feb
73%
78
107% 108%
62%
67%
103% 104%
101
102%
1,000
37,000
67
8,000
74,000
60
Jan
Feb
71%
104%
102%
Jan
Jan
Jan
5,000
103%
Feb
6,000
101
Jaa
90
6,000
84
Jan
90
77%
80
32,000
Jan
80
Feb
Jan
56
Feb
66
55%
105%
66%
105
104% 104%
104% 104%
73
5,000
53%
102%
8,000
64
10,000
Feb
105%
Feb
71%
Jan
Feb
Jan
Feb
4s.._1965
Guardian Investors 5s. 1948
Hackensack Water 5s. 1977
Hall Print 6s
stpd
1947
♦Hamburg Elec 7s... 1935
♦Hamburg El Underground
A St Ry
5% 8
1938
Heller (W E) 4s w W..1946
Houston Gulf Gas 6s.. 1943
6%s with warrants. 1943
Houston Lt A Pow
3%s_'66
♦Hungarian Ital Bk 7%s*63
Hygrade Food 6s A... 1949
6s series B
1949
111 Northern Utll
5s... 1957
111 Pow A Lt 1st
6s ser A '53
1st A ref
5%sser
B.1954
1st Aref 5s ser C...
1956
8 f deb
5%s—May 1957
Indiana Electric Corp—
22
Jan
28
Feb
6s series A
Jan
29
Jan
6% s series
Jan
34%
Jan
5s series C
57%
"68%
26
Jan
33
Jan
30
Jan
36%
Jan
46
Jan
53%
Feb
Jan
42
Feb
48%
Feb
Indiana Service 5s
72
Jan
80%
Jan
1st lien A ref 5s
92%
97%
Feb
95
Jan
♦Indianapolis Gas
Feb
99%
Feb
Ind'polls P L 58 ser A. 1957
International Power Sec—
6%s series
1963
71%
79
105%
Jan
105%
93
Feb
95
Jan
84%
80%
Jan
84%
Feb
82%
36,000
79
Jan
87%
Jan
112% 113
120% 120%
121 %
120% 121%
142
1139
"78"
25,000
27,000
61%
37%
Jan
Feb
Jan
122%
121%
130
9,000
114%
Jan
132
Feb
78
80
20", 000
78
64%
10,000
80
104
104
107
108
81
84
114% 114%
96%
96
97
89
87%
89
95%
95
96
87
37%
5%s ex-warrants... 1954
37%
45%
35%
35%
37%
37%
1961
Jan
12.000
67
Jan
74
Jan
75
Jan
•76
Feb
72
79%
57%
$31%
66%
78
73
3,000
82
43,000
68%
58%
92%
5,000
86
Jan
Feb
87
Jan
7.000
103
Jan
104
Iowa Pow A Lt
4%s._1958
Feb
9,000
105
Jan
108%
Jan
35,000
81
Feb
98
Jan
113%
Feb
115
Jan
Iowa Pub Serv 5s
1957
Isarco Hydro Elec 7s.
1952
Isotta Fraschini 7s...
1942
Italian Superpower
101%
"2",000
7,000
93
93
1106% 106%
44%
43% 45
84
"90%
84
90%
90%
Feb
Feb
Feb
93%
66%
Jan
93
Jan
Feb
99%
91%
Jan
Jan
Jan
96
Feb
Jan
70%
Feb
5s series B
1961
68.1963
Jacksonville Gas —
5s Stamped.
Jersey Central Pow
6s series B
4%s series
1942
105
107%
68
Jan
33%
Feb
Feb
71%
Jan
Jan
63
Jan
Jan
92%
Jan
Jan
107%
107
Feb
Jan
Jan
60
Jan
65
Jan
60
53
Jan
59
Feb
33
Jan
35%'
37%
5,000
82
8,000
23
23
4,000
86
86
5,000
81%
105%
Jan
76%
Jan
37%
107
Jan
Feb
85%
Jan
23
Feb
21%
104% 105
$17
25
58%
58%
58%
58%
107% 107%
88%
86%
88%
85%
74%
89%
6,000
87%
75
33,000
86
87%
89
77
91%
75%
$109%
77
41,000
3,000
111
51%
51%
52%
53
55
53
105%
44
25
94%
lol"
,
Feb
Feb
107%
93%
88%
84%
74
63
104% 105%
107% 108
41%
44%
23%
25
69%
70%
64%
67%
94%
95%
94%
94%
106% 106%
100% 101
63
62%
Jan
Feb
Jan
Jan
Jan
110
Feb
Feb
100
Jan
Jan
94%
Jan
Jan
91%
85%
Jan
Feb
Jan
3,000
83
Jan
89
Jan
88%
71%
Feb
91%
Feb
Feb
78
Jan
108%
80%
106% 106%
111
Feb
Jan
99%
105
2,000
12,000
$78
52%
Jan
Feb
57
1,000
96
103
57
10,000
94
88
Feb
103%
2,000
Feb
98%
24,000
Feb
83%
101%
96
78
4,000
2,000
12,000
34,000
10,000
65,000
1,000
106%
110%
51
50
Jan
Feb
Feb
Feb
Jan
Feb
49%
Jan
104%
Feb
108%
81
107%
111%
58
58
64%
106%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
57
Feb
57
Jan
60%
Jan
2,000
56
Feb
57
Jan
2,000
107
Jan
54,000
29,000
9,000
52%
108%
Jan
39%
Feb
48
23
Feb
28%
Jan
65
Feb
73
Jan
Jan
16,000
61
Feb
69%
Jan
7,000
93
Feb
98%
96%
106%
102%
Jan
1,000
Jan
58%
2,000
15,000
94%
106%
98%
Jan
63
Jan
Jan
Jan
Jan
Jan
Jan
$60
44%
35%
66
85
85
1,000
78
Jan
85
Feb
43%
46
38,000
39
Jan
46
Feb
34%
35%
30,000
32
Feb
36%
Jan
A Lt—
.1947
C
Jan
Feb
65
$102% 104
$98% 101
1958
67
88%
90
15,000
78
Jan
62
4,000
Feb
56%
58%
72
78%
57%
33%
$20
23
4%s series F
1958
Iowa-Neb LAP 5s... 1957
85
1961
104% 105
103"
Kansas Elec Pow
3%s. 1966
Kansas Gas A Elec es.2022
43,000
82%
Feb
90
Jan
Kansas Power 5s
37,000
45,000
82,000
34%
Feb
41
Jan
34
Feb
101% 103
98%
98%
$114% 116%
99% 101
2,000
Feb
106
Jan
Feb
105%
Jan
3,000
103%
100%
9*%
Jan
15,000
114%
99%
63,000
Jan
99
Feb
114%
101%
Jan
Jan
Kentucky Utilities Co—
41
1947
10,000
Jan
39%
105%
1st mtge 5s ser H...1961
Jan
Jan
106
Jan
6%s series D
5%s series F
Jan
107%
Jan
5s series
1969
161"
1948
Jan
105%
1105% 108
Chicago A Illinois Midland
Ry 4%s A
1956
D
Jan
Jan
57
5s series
Feb
73
64
Jan
94%
89%
101%
87%
57
Feb
95%
1,000
Feb
56
Feb
87
Jan
72
56
80
8,000
10,000
11,000
Feb
101%
101%
70
57
55%
1,000
104%
Jan
Feb
1957
1,000
89%
41
45%
1105% 106
Jan
Jan
Feb
101%
$107%
"82"
International Salt 5s.. 1951
Jan
89
103%
6,000
67
1952
Interstate Power 5s... 1957
Debenture 6s
1952
Interstate Public Service—
Jan
28,000
80
1955
Feb
Jan
80
84
79
112%
119%
120%
64
107%
Feb
83
7,000
Jan
4,000
7s series E
178,000
Jan
Jan
103
$58
5s A 1952
C
Feb
$58
1957
1950
105
103
$107
Indiana Gen Serv 5s__1948
Indiana Hydro Elec 5s 1958
Indiana A Mich Elec 5s.*55
5s
Jan
80
92%
1953
1951
102%
5,000
5,000
85%
86%
104% 104%
101% 101%
101% 101%
$68%
72
$57
1947
B
3,000
2,000
13,000
7s series F
87%
Feb
100
74
(Adolf) 4%s...l941
26%
84
1948
page
72
1953
22%
94
178
67
Feb
15,000
48%
"99k
73
65
106%
106%
103%
68,000
53%
Cent States Elec 6s
see
65%
Jan
80
7%
1%
7%
1%
70%
87%
For footnote*
101%
♦Gesfurel 6s
Glen Alden Coal
96
.1955
86%
104%
101%
Jan
69
fls series R
Deb gold 6s. June 15 1941
Deb 6s series B
1941
General Bronze 6s
1940
16%
96
|*Chlc Rys 5s ctfs
1927
Cincinnati St Ry 5%s A '52
Jan
Jan
81
Jan
187
Chic Jet Ry A Union 8tock
Yards 5s
1940
65%
60
Feb
82
81%
Cent Power 5s ser D..1957
Cent Pow A Lt 1st 5s. 1956
6s series B.
Feb
Feb
120%
96
82%
"72"
4%s series H
..1981
Cent Ohio Lt A Pr 5s.. 1950
Cent States P A L 5Hs '53
Chic Dlst Elec Gen 4%s'70
Feb
Jan
101
84
Georgia Power ref 5s_.1967
Georgia Pow A Lt 5S..1978
52%
Cedar Rapids M A P 5s *63
Central III Public Service—
5s series G
105%
106%
122%
3,000
94
Gen Wat Wks A El
58.1943
33
Gas 5s... 1959
Broad River Pow 5s__1954
Canada Northern Pr 6s.'53
♦Canadian Pac Ry 6s. 1942
Carolina Pr A Lt 5s... 1966
Jan
Jan
3,000
97
93
Jan
53
112%
120%
4%s 1968
104%
"93"
Jan
28%
34%
1st M 5s series A... 1955
1st M 5s series B...1957
Elec
103%
56,000
96%
51%
93%
104
Jan
27
"25"
77 X
Birmingham
Birmingham
Jan
105%
3,000
105
66%
6%
Jan
Works—
Bethlehem Steel 6s... 1998
Feb
3,000
72
55
Jan
84
♦Convertible 6s
1950
Bell Telep of Canada—
i960
"79%
Jan
87
5s with warrants
1947
5s without warrants. 1947
5s series C
Jan
97%
90
16I"
6
105
108 X
4%s.l955
Locom
"67"
2%
106% 106%
72
69%
117,000
72
Amer
Baldwin
67
Jan
1
4%
107
Amer G A El debt 5s..2028
Atlantic City Elec 3%s *64
Avery A Sons (II F)—
104
Jan
5
600
80
1st A ref 4%s
Conv deb 4%s
1973
Assoc TAT deb
5%s.A'55
Atlanta Gas Lt
Feb
5
400
$78%
Aluminium Ltd debt 5sl948
Conv deb 5%s
1977
Assoc Gas A Elec Corp—
Conv deb 5s
1973
102%
59%
94%
15,000
63
102% 103
5%
90%
80
1968
104%
6%
81
81
1956
1950
Feb
$109
Grocery Store Prod 6s. 1945
Guantanaino A West 6s.*58
...1946
Debenture 5s
Feb
Feb
70
93%
100
Feb
BONDS
Conv deb 5s
106
101% 101%
16%
8
Conv deb 5%s
1938
Conv deb 4%s C...1948
Conv deb 4%s
1949
57
56%
87%
62%
72
5%
6%
5
Associated Elec 4%s._1953
Associated Gas A El Co—
Feb
Jan
$121% 124
3
Feb
£1
Ark-Loulslana Gas 4s.1961
Arkansas Pr A Lt 5s..1956
106
3
Yukon Gold Co.
Appalac Power Deb 6s 2024
105% 105%
106
General Pub Serv 5s..1953
Gen Pub Utll
6%s A. 1956
♦General Rayon 6s A. 1948
65%
Wright Hargreaves Ltd..*
Am Pow A Lt deb
6s..2016
Feb
102%
$126% 130
105%
9%
66%
3%
7%
9%
1
Registered
100
Feb
20,000
16,000
Gary Electric A Gas—
"566
Wool worth (F W) Ltd—
Amer dep rets
6c
1st A ref 5s
Banks 6s-5s stpd..,1961
Firestone Cot Mills 5s. 1948
Firestone Tire A Rub 5s *42
Jan
5
3X
Wolverine Portl Cement. 10
Wolverine Tube com
2
1951
Feb
Jan
Feb
25,000
1952
6%s series A
1953
Erie Lighting 5s.
1967
Federal Water Serv
5%s '54
Finland Residential
Feb
47
96
"78"
6%
59
70
64
1%
6%
Feb
47
95%
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1956
Edison El III (Bost) 3%s '65
Elec Power A Light 5s.2030
Elmlra Wat Lt A RR 5s '56
El Paso Elec 5s A
1950
60%
59%
Jan
94%
Feb
Feb
Feb
Feb
100
65
29,000
16,000
62
Detroit Internat Bridge—
♦6%s
Aug 1 1952
♦Certificates of deposit
♦Deb 7s
Aug 1 1952
Feb
200
Wisconsin P A L 7% pf 100
1st Aref 6s
102% 103%
55
Cudahy Packing 3%s.l955
Delaware El Pow 6%s_1959
High
Feb
171,000
56%
87%
64
1940
Denver Gas A Elec 5s. 1949
Det City Gas 6s ser A. 1947
5s 1st series B
1950
57
52
96
1954
Feb
1
1st A ref 5s
50
A stamped... 1943
Cont'l Gas A El 5S...1958
9
*
Abbott's Dairy 6s
1942
Alabama Power Co—
3,000
27,000
51
ser
Jan
Jan
21%
Williams (R C) A Co
*
Williams Oil-O-Mat lit-.*
JWil-low Cafeterias Inc.. 1
Conv preferred
...»
6% preferred
ds
69
1
Woodley Petroleum
Gen mtge 4%s
Consol Gas Utll Co¬
Feb
65
West Texas Utl 1S6 pref—
West Va Coal A Coke
•
Wilson-Jones Co
Jan
26,000
42,000
54%
50%
51%
Mtge
Westmoreland Coal Co...*
Wilson Products Inc
1939
Feb
Western Tob A Stat—
Weyenberg Shoe Mfg
5h
Crucible Steel 5e
6%
2%
500
Consol Gas (Bait City)—
Cuban Telephone 7%s 1941
Cuban Tobacco 5s
1944
Jan
77%
x7X
"166
ser N...1971
Jan
1%
70
Wahl (The) Co common.*
Waltt A Bond class A
•
Class B
2
83
*
♦
preferred
Jan
Jan
900
*
Wagner Baking vtc
Jan
3
400
10
Jan
3%s
Jan
Jan
2%
%
2%
Feb
14%
300
44
Jan
.*
300
50
Feb
Feb
1%
1,800
""
7% preferred
Valspar Corp com
7%
""366
"Ik "2
common.. 1
Class B
1%
36%
%
(Balti
Feb
2%
Jan
Feb
59
100
9.000
86%
Conn Light A Pow 7s A.*51
Consol Gas El Lt A Power-
Universal Pictures com—1
Universal Products Co.--*
59
98
101
Community Pr A Lt 5s.'57
Community P 8 5e___1960
8
Insurance
1943
7
"2k "2k ""loo
~2H
1
59% 260,000
100% 101
5%S
1949
♦Gommeri A Privat 5%a'37
Com'wealth Subsld 6%s '48
X
IX
Line 6s
Low
54%
54%
Cities Serv PAL 5%s.l952
Jan
Range Since Jan. 1, 1938
WW
s
53%
s
1969
5
for
WW
65
Cities Service Gas 5%8 .'42
Cities
Service
Gas
Pipe
Jan
X
1%
%
3
Higf
57
.1958
Feb
Feb
%
1,100
64
1950
Debenture 5s
Feb
Jan
1966
4%
3%
%
*
Universal Corp v t c
Cities
Jan
49
"966
3
iWeek's Ronot r
1
of PrttM
"J * IK4W
Service 5s
Conv deb 6s
"3% ~"sx
Exten—50c
Universal Consol Oil
Universal
Feb
400
2X
v tc
United
200
%
26, 1938
Sales
Low
•
*
1st pref
United Stores
100
1%
BONDS
High
1M
1%
U 8 Rubber Reclaiming.U 8 Stores Corp com
Feb.
5
vl
{Continued)
Low
56
65%
1
Range Since Jan. 1, 1938
for
Week
Shares
1
1
*
10
Exchange—Continued—Page
Sales
91%
Feb
106%
Feb
46%
95
106%
52%
I
74
73
$90%
$82
1955
73%
73
74
Jan
Jan
41,000
1,000
43
Feb
83
Feb
87
Jan
2,000
89
Jan
91%
Feb
Jan
1375
x
Jan
80%
Jan
Feb
97
Jan
82
9,000
73
91%
20,000
92%
85
74
Jan
Jan
90
Jan
71%
Jan
79
Jan
Volume
Friday
Sales
Friday
Last
Weeks Range
for
Sale
of Prices
Low
High
Week
Price
3%s '66
2026
Lehigh Pow Secur 6a
963*
94
♦Leonard Tletz 7%a__1946
933*
Llbby McN A Llbby fie *42
Long Island Ltg. 6s... 1945
Louisiana Pow A Lt 5s 1967
93
+23
Lexington Utilities 68.1952
993*
1033*
963*
953*
9,000
59,000
94%
101% 1033*
10,000
4,000
1,000
93
Jan
90%
Feb
96%
103
Feb
Jan
54,000
93%
Feb
Jan
91
97%
103%
Jan
Feb
Jan
99%
Feb
Feb
104%
Jan
*22
Marlon Res Pow 4% s. 1952
McCord Rad A Mfg 6s '43
*76
97
*99
80
85
Jan
Feb
98%
83
Jan
Jan
Memphis Com ml Appeal—
Deb 4Mb
*86
753*
1965
6734
90
753*
903*
11,000
3,000
1043*
Middle States Pet 634s "45
1043* 104%
*803*
63
94 J*
933*
Minn
87
87
88
67%
81
Feb
81
Jan
93
Jan
Feb
Jan
21,000
86
Feb
Feb
100
Jan
Jan
62
Feb
75
Jan
74
Feb
87
Jan
1093* 109%
65
633*
2,000
109
Jan
110
Jan
5,000
63
Feb
68
Jan
Dakota Power—
Nassau A Suffolk Ltg 6s '46
913*
92
723*
76%
76
43*
2030
683*
643*
683*
(♦Nat Pub Serv 5s ctfs 1978
44%
44%
44%
108%
2022
*75
753*
New Amsterdam Gas 6s '48
1163*
N E Gas A El Assn 5s. 1947
573*
6s
1948
573*
Conv deb 5s
1950
583*
3%s_1961
New Eng Pow Assn 6s. 1948
Debenture 6%s
1954
1033*
82%
84
4,000
27,000
91
Jan
95
72%
64%
Feb
86%
76%
44
9,000
78
753*
1163* 116%
573*
54%
25,000
10,000
14.000
573*
22,000
583*
533*
102% 1033*
49,000
53
81%
81%
Jan
5%
Feb
Feb
Jan
Jan
44%
Jan
Jan
Jan
108%
114%
Jan
109%
Jan
Feb
70
Jan
115%
48
46
46%
Feb
Jan
Jan
Jan
116
93%
75%
118
57%
Feb
Jan
Feb
Jan
Feb
57%
Feb
Jan
58%
Feb
Feb
103%
Jan
9.000
77%
Feb
85
Feb
Jan
18,000
79%
Feb
87
Jan
28,000
83
843*
3%
84%
34,000
36,000
87
74
94
90
1083* 1083*
*81
Nelsner Bros Realty 6s.'48
Nevada-Calif Elec 6s. 1956
Jan
2,000
10,000
102
New Orleans Pub Serv¬
1942
87
873*
8,000
86%
Feb
91
Jan
♦Income 6s series A. 1949
66
67
5,000
64
Feb
71%
Jan
993* 100
2,000
98
Feb
es stamped
N Y Central Elec
5%s 1950
100
Feb
New York Penn A Ohio—
♦Ext 434b stamped.1950
N Y P A L Corp 1st 4%s '67
N Y State E A G 4%s 1980
923*
N Y A Westcb'r Ltg 4s 2004
Debenture 6s
1954
112% 112%
*60
65
10,000
Jan
61
Feb
Jan
Jan
Feb
Jan
Feb
773*
793*
353*
36
1073* 108
33,000
75
Jan
80%
Jan
4,000
35
Feb
40
Jan
*80
1063*
91%
105
112%
Nippon El Pow 6%S._1953
82
853*
106% 107
923*
55.000
20,000
1,000
105
105%
91
103%
112%
53%
Jan
Feb
Feb
84
108%
97%
Jan
105
Jan
112%
No Amer Lt A Pow—
..1956
Nor Cont'l Utll 5%s__1948
5%s series A
79
36
No Indiana G A E 6s. 1952
Northern
series
105%
Jan
108
Jan
Feb
100
Jan
1968
43*1 s series E
North'n States Pow
953*
93
953*
34,000
93
1969
C
6s series D
943*
943*
943*
1,000
94
Feb
100
Jan
5.000
88%
Feb
Jan
99% 1003* 120,000
10,000
1033* 103%
1,000
903*
903*
97%
Jan
93%
100%
1970
3%s *67
N'western Elec 6s stmpd'45
'1003*
1033*
N'western Pub Serv 6s 1957
1945
Ogden Gas 6s
1043* 105
104% 104%
1043* 1043*
Ohio Power 1st 6s B..1952
1st A ref
10,000
8—
Indiana P
Feb
104%
91
Jan
Feb
86%
Jan
8,000
103%
Jan
105%
Jan
4,000
104%
Feb
107
Jan
10,000
103%
Feb
106%
Jan
100
54.000
96
Jan
100
92
86%
Feb
92
Okla Power A Water 5e_'48
79
73
Jan
80
101
Feb
103%
Jan
115%
Jan
116%
Feb
101
2,000
1153* 116
*88
95
Pacific Coast Power 6a.*40
15,000
101
Jan
1941
Pacific Invest 5s ser A. 1948
Pacific Ltg A Pow 5S..1942
*1133* 115
633*
65
1003* 1003*
Pacific Pow A Ltg 5s..1955
Palmer Corp 6s
Park Lexington
1938
32
3e
1964
4%s_197/
Penn Cent LAP
1979
Penn Electric 4s F
833*
*90
1971
fie
1st
83%
84
113%
Feb
Feb
88
113%
Jan
Feb
26,000
60
Jan
67
Jan
2,000
99
Feb
101
Jan
32
3,000
31%
Jan
34%
Jan
84
95
84
10,000
83
Jan
88
Jan
2,000
83
Jan
87
Jan
Penn Ohio Edison—
1950
86
90
3,000
80
Feb
Deb 5%s series B..1959
Penn Pub Serv 6s C..1947
81
81
5.000
80
Feb
6s series A
6s series
....
1954
D
Penn Water A Pow 68.1940
436s series B
108
1968
96
Jan
2d stamped 4s
2d stamped 4s
5,000
Feb
100%
Feb
103%
Jan
108%
Jan
107%
Feb
109
Jan
Feb
85
88
15.000
84
Feb
91
91%
9,000
88
Feb
91%
Feb
8%
18,000
7
Jan
10%
Jan
63*8.. 1972
Phlla Rapid Transit 6s 1962
Pledm't Hydro El 6%s.'60
112% 113
76%
75%
13.000
111
Jan
113
Feb
79
59%
13,000
56
Pittsburgh Coal 6s
107% 107%
2,000
106
(♦Peoples Lt A Pr 6e_. 1979
8
Phlla Elec Pow
57
1949
75%
Jan
60%
Feb
Jan
Jan
108
Feb
Feb
100
Jan
5,000
96%
19
Jan
19%
Feb
4,000
48
Jan
58%
Feb
1073*
5,000
106
Jan
107%
Feb
107%
107%
Jan
1,000
97
♦Pomeranian Elec 6s.. 1953
*19%
Portland Gas A Coke 5s '40
56
Potomac Edison 6s E.1956
107
4Hs series F
1961
Potrero Sug 7s stmpd-1947
Power Corp (Can)4%sB '59
Electric
6.000
Feb
107% 107%
Pittsburgh Steel 6s—1948
♦Prussian
63
98
24
57
3.000
64
9,000
100% 101
28%
*20%
6s. 1954
57
100%
20%
Jan
Jan
65
Jan
Jan
101
Feb
Jan
21%
Jan
Public Service of N J—
6% perpetual certificates
1343*
1333* 1343*
73,000
130
Jan
134%
Feb
Pub Serv of Nor Illinois—
1st A ref 5s
1966
112
1956
6s series C_.
4%s series D
4Mb series E
1st A ref 4%s
4%s series I
ser
1978
1980
F.1981
.I960
104
Jan
Jan
6,000
60
Jan
105%
56%
4,000
5,000
85
Feb
95
Jan
95%
66%
Jan
98%
Jan
Feb
79
Jan
Feb
55
Jan
70,000
6,000
43%
Feb
55
Jan
44
Jan
55
53
62%
66
6,000
44%
52
76,000
41
35,000
21%
Jan
2,000
1,000
104%
45%
Jan
105%
43%
46
Jan
47
*44%
45%
45%
105% 105%
*105% 106%
44
Jan
55
Jan
64,000
43%
Feb
50
Jan
29,000
30
28
Jan
11,000
46%
42
Feb
50
Jan
62%
Feb
72%
Jan
Jan
54%
30%
Feb
9,000
45
Jan
Jan
45%
Feb
Feb
106%
Jan
Jan
43
100%
Feb
Jan
39
105
~
Jan
9~66o
65%
Feb
78
Jan
80%
35,000
57%
Feb
60%
11,000
67
Jan
80%
60%
Feb
59
69
88
89%
23,000
85%
Feb
91,000
96%
Feb
70
66%
78
Jan
97%
..2022
Jan
1962
106%
City Rap Tr 6%s '62
90%
*92
98
96%
94
Jan
100%
104%
99%
*84%
"88"
Tide Water Power 6s.. 1979
Tletz (L) see Leonard
Twin
Feb
100
44%
48%
28
1946
Toledo Edison 5s
7,000
1,000
53%
54
53%
53
53
48%
44%
1940
6s series A
87
82%
Jan
80%
Jan
Feb
108%
63%
Jan
100% 106%
106
57
18,000
54%
Feb
43%
56
56
29,000
2,000
2,000
16,000
40
Jan
114
Jan
57
Jan
24
Feb
"i~o66
23
12,000
57
4,000
Jan
Jan
Jan
UlenCo—
Conv 6s 4th stamp. 1950
United Elec N J 4s
1949
United El Serv 7s
42%
42%
114% 114%
1958
57
♦United Industrial 6%s_'41
♦1st s f 68
..1945
United Lt A Pow 6s... 1975
60%
*24
35
25
25
25
60%
62%
1974
63
66
1959
6% 8
5% 8
96
96%
61%
Un Lt A Rys (Del) 6%s '52
United Lt A Rys (Me)—
68 series A
68 series A
69%
1952
..1973
104%
59
Utah Pow A Lt 6s A..2022
6s
1946
66
69%
103% 104%
59
59%
68%
78%
68%
78%
68%
79%
89
4%8
1944
Va Pub Serv 6%s A..1940
1st ref 6s series B
1950
87
89
Jan
114%
60%
Feb
Jan
24%
27%
Feb
Jan
72%
Jan
75
Jan
Jan
58
Jan
9,000
14,000
94%
Feb
100%
Jan
64%
Feb
78%
Jan
18,000
96
Feb
106%
2,000
1,000
82%
"83%
Jan
47
83
4,000
27,000
6,000
83
84%
10.000
15
17%
31,000
Jan
53%
Jan
70
Jan
64
Feb
78
Jan
Jan
75
Feb
82
83
Feb
90%
80
Feb
85
Jan
75
Jan
84%
Feb
Jan
Waldorf-Astoria Hotel—
♦6s Income deb
1954
17%
Wash Gas Light 6s... 1958
Ry A Elec 4s... 1951
Wash Water Power 6s 1960
West Penn Elec 6s
West Texas Utll 5s A
"103%
1957
85%
West Newspaper Un 6s '44
West United G A E 5%s '55
39%
Wlsc-Minn Lt A Pow 5s '44
105%
93%
1966
Yadkin River Power 6s '41
♦York Rys Co 58
17%
105%
Jan
Jan
107%
Feb
101
Feb
106
Jan
102
102%
13",606
97%
3,000
5,000
Feb
102
Jan
100%
Feb
103%
Jan
49,000
80%
Jan
89%
Jan
35
Feb
Jan
Jan
39%
105%
Feb
107%
Jan
Jan
106
Jan
Jan
96%
105%
Feb
103% 103%
86%
84%
39
39%
104% 104%
7,000
12,000
*107%
Wheeling Elec Co 5s..1941
Wise Pow A Lt 4s
Jan
Feb
97
102%
2030
West Penn Traction 5s '60
Jan
14%
103%
100%
14,000
103% 105
*107%
Wash
100%
105% 105%
93%
99% 100%
67%
1937
"9",000
22,000
95
41,000
5,000
97
104%
107%
105%
91%
96
Feb
67%
Feb
73
Jan
23
Jan
Jan
Jan
FOREIGN GOVERNMENT
Agricultural Mtge Bk (Col)
♦20-year 7s
105
112
1,000
110%
Jan
113
Feb
105
105
2,000
105
Feb
106
Jan
104%
Jan
103% 103%
2,000
103%
103% 103%
103%
Jan
3,000
103%
Feb
104%
Feb
102% 103%
105
105%
3,000
102%
104%
Feb
104
1947
Feb
106%
17%
22%
Jan
21%
21%
1,000
20
Jan
23
Jan
21
21%
2,000
21
Jan
21%
Feb
Buenos Aires (Province)—
♦7s stamped
1952
*73
80
76
Feb
76
Feb
♦7%s stamped
1947
1948
*73
80
80
Jan
Jan
80%
9%
Jan
9,000
7
24
Feb
27
25
Jan
♦Cauca Valley 7s
Cent Bk of German State A
9%
5%s...
4,000
26
12,000
1953
101%
Feb
Jan
100%
Jan
53%
19%
Feb
58
Jan
Jan
22
Feb
19%
Jan
22
Feb
58
21%
21%
21%
21%
21%
21%
22
20%
20%
2,000
20
Jan
21%
Feb
20%
1,000
19
Jan
11%
18%
2,000
11%
Feb
8,000
16%
7%
Jan
20%
13%
18%
Feb
Jan
8
Feb
Jan
1952
0%s
1947
♦Hanover (City) 7s... 1939
♦Hanover (Prov) 6%s_1949
6%s.'58
"n%
1958
♦Lima (City) Peru
18%
♦Maranhao 7s
2,000
10,000
11,000
58
♦German Con Munlo 7s '47
♦Secured 6s
11%
18
21%
7%
65%
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
♦Issue of Oct 1927
♦Mtge Bk of Chile 6s. 1931
6s stamped
1931
102%
Mtge Bk of Denmark fis '72
(State) 7s —1958
♦Parana
2,000
65%
08
7,000
23
22
*12%
♦Medellin 7s series E.1951
8
*20%
21%
*15
8
♦Mendoza 4s stamped. 1951
18
10%
%
2,000
♦6%s certificates—1919
78
♦5%s
1921
♦5%s certificates
1921
♦Santa Fe 7s stamped-1945
%
%
t%
*53
13%
S*12
64
Feb
72
Feb
22%
Jan
16%
Jan
23
Jan
Jan
15%
Jan
98%
Jan
102%
Feb
Feb
10%
Jan
8%
Feb
Jan
10%
%
Jan
%
1,000
%
Jan
Jan
57,000
%
Jan
%
%
%
Jan
%
Feb
9
1,000
6/6
/8
1949
Jan
14%
6,000
16
%
♦Santiago 7s
Jan
21
102% 102%
9%
9%
*8%
6%s..l959
Govt 0%s—1919
♦Rio de Janeiro
♦Russian
Jan
Feb
20
Jan
100%
Danzig Port A Waterways
External
Feb
100%
3,000
101% 101%
*99% 104
1955
5s
26
26
1952
♦6 series A
9%
26
♦Prov Banks 6s B..1951
Danish
9
lo'ooo
1
Jan
50
3,000
Feb
65
Jan
11%
Jan
13%
Feb
11%
59
13%
Feb
Jan
13%
Feb
Feb
101%
21%
21%
1951
Jan
Feb
*20%
1946
♦20-year 7s
♦Baden 7s
Jan
903*
B
Feb
15,000
52
Texas Elec Service 5s. 1960
Texas Power A Lt 5s._1956
Jan
107%
2,000
107% 107%
105%
1,000
1053* 1053*
*1003* 101
108
108
1961
series
Feb
109%
52%
Tenn Puollc Service fis 1970
Ternl Hydro-El 6%s._1953
Jan
91%
107%
1981
4s
Feb
106
Jan
66
Super Power of 111 4%e.'68
1st 4% s
1970
Tennessee Elec Pow 6s 1956
Peoples Gas L A Coke—
4s series D
106%
Jan
AND MUNICIPALITIES—
Pacific Gas A Elec Co—
1st 6s series B
Jan
104%
107%
Jan
78
19,000
2,000
98
1946
104%
6,000
17,000
Feb
903*
4%s ser D.1956
4%s... 1951
Okla Nat Gas
6e conv debs
102
Feb
Feb
53
♦Starrett Corp Inc 6s_ 1950
Stlnnee (Hugo) Corp—
7,000
Jan
100%
52%
Standard Investg 5% 8 1939
(Standard Pow A Lt 681957
4,000
95%
Jan
70%
53%
♦Convertible 6s
1935
♦Certificates of deposit
Debenture 6s
1951
Debenture 68. Dec 1 1966
Feb
17,000
Jan
100
54
♦Certificates of deposit
95%
793*
923*
53%
63
98%
4
70%
68
88
663*
92
So'west Pow A Lt 68..2022
So'west Pub Serv 6S..1945
82
106
97%
Jan
97
1944
♦Munson SS 6%s ctls.1937
97%
Jan
74
6>«8
97%
100
High
Low
29,000
12,000
87%
Jan
64
"65"
86
88%
763*
Miss River Pow 1st 5s. 1951
87%
75%
53%
97
New Eng Power
52
4,000
663*
6s series A
1951
S'western Assoc Tel fis 1961
S'weetern Lt A Pow 6s 1957
"5", odd
1955
4%s_1981
Sou Indiana Ry 4s
"if,600
92%
Jan
Jan
1957
Nebraska Power
105
106%
1955
Deb 6s series B
105% 106%
105% 106
109% 109%
104% 105%
51%
52
106%
Miss Power A Lt 5s
Nat Pow A Lt 6s A.-.2026
106%
3%s B.July 1 '60
Jan
Mississippi Pow fie
Montana
3%8_May 1 I960
Ref M
Jan
97
Missouri Pub Berv 60-1980
Ref M
109%
1938
Range Since Jan. 1,
S
12,000
85
84
106% 106%
Feb
94%
1st Are! 6s
85
let A ref mtge 4s
1960
Sou Counties Gas 4%s 1968
for
Week
of Prices
High
Low
106%
104%
90
61
Mllw Gas Light
Midland Valley RR 5s. 1943
4%s..l967
PAL 4%s.—_1978
a«
Weeks Range
1945
104
*1043* 105
Metropolitan Ed 4a E.1971
4s series G
Sales
(♦Stand Gas A Elec 6s 1935
♦7s without warr't8.1941
1952
Memphis P A L fie A..1948
Mengel Co conv 4%s.l947
Southeast PAL 6s...2025
Sou Calif Edison Ltd—
Debenture 3% 8
102%
101%
Sale
Price
26
103% 103%
993*
993*
Last
High
Low
$
Mansfield Mln A Smelt—
68
BONDS
(Concluded)
1,1938
Range Since Jan.
BONDS
(Continued)
Lake Sup Dtet Pow
1375
New York Curb Exchange—Concluded—Page 6
146
Jan
103%
101
100% 100%
65%
67%
16,000
1961
♦7s
18%
Pub Serv of Oklahoma—
1966
4s series A
Puget Sound PAL 5%s '49
1st A ref 5s series C. 1950
1st A ref
4%s
ser
D. 1950
673*
19,000
99
49,000
61%
Jan
69%
Jan
60
Feb
65%
Jan
61%
"hi"
63
17,000
61
61
10.000
53
Jan
63
Jan
1,000
85
Feb
93%
Jan
25%
Feb
27
Feb
24
Feb
Queens Boro Gas A Elec—
5%s series A
1952
Gas Corp 6%s_ 1953
♦Ruhr Housing 6%s__1958
Safe Harbor Water 4%s_'79
(♦St L Gas A Coke 6s. 1947
San Antonio P 8 58 B.1958
6s B '62
Sauda Fails 5a
1955
♦Saxon Pub Wks 6S..1937
♦8cbulte Real Est 68.^1951
San Joaquin L A P
110
123*
85
85
*27
*21
85
♦Ruhr
60
263*
110
1103*
2,000
11
12%
48,000
1033* 1033*
11,000
128% 128%
1,000
*110%
*24
24%
8crlpp (E W) Co 63*8.1943
101
1951
1948
44
Scullln Steel 3s
Serve!
Inc
5s
Shawlnlgan WAP 43*8 '67
let
1st
43*0 series B
1968
43*8 series D—1970
Coal 6s. 1947
Sheridan Wyo
Sou
Carolina Pow 6s. 1957
72%
_
21%
108%
10
102%
128%
Jan
Jan
Feb
110%
12%
Feb
Feb
Jan
104
Feb
Feb
128%
Feb
range,
101%
46
60
73%
salee
x
a
* Friday's hid and
♦
25
Jan
25
Jan
3,000
21%
Jan
25
Feb
16,000
100%
Jan
102
Jan
107%
Jan
Jan
104%
Feb
Jan
104%
asked price.
No sales were transacted
during current week.
Bonds being traded fiat.
e
Cash sales transacted
Jan
y
during the current week
and not Included In weekly or
28,000
103%
6,000
103%
2,000
103%
■■
Under-tbe-rule sales transacted during
the current week and not
included In
weekly or yearly range:
No sales.
%
Deferred delivery salee
Feb
Feb
year's
yearly range:
Jan
43
106%
Under
n
| Reported In receivership.
Jan
50
3,000
n
not Included
No sales
28
25
Deferred delivery salee not Included In year's range,
in year's range,
r Cash salee not Included
Ex-d'vldend.
y Ex-lntereet.
No par value,
112
*106%
103% 104%
1043* 104%
1043* 104%
60
—
•
the rule
In weekly or
transacted during the current week
and not included
yearly range-
No sales.
Abbreviations
Used
55
Feb
104%
63%
Jan
1,000
Jan
"cum " cummatlve:
4,000
72
Feb
77%
Jan
"v
1
Above—'-cod," certificates of deposit;
'conv," convertible; "m," mortgage:
0," voting trusts ertiflcates
without warrants.
'eons," consolidated*
"n-v." non-voting stock
"w I," when Issued; 'w w."
with warrants
x-w.
1376
Financial
Chronicle
Feb.
26, 1938
Other Stock Exchanges
Friday
New York
Real
Estate Securities
tiid
Unlisted Bonds
Ask
Par
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Week
Price
New England Tel A Tel 100
Unlisted Bonds
Bid
Ask
Sales
Last
Exchange
Closing bid and asked quotations, Friday, Feb. 25
Low
94
93
38th
8t
Bldg—
1945
90
Bryant Park Bldg 6%«1945
11 West 42d St 8%S--1945
7s
Prudence-Bonds Corp—
5%s 1937 11th series
68
New River Co pref....100
NYNH& Ilartf RR. 100
29
26
North
23
10 East 40th St Bldg 5sl953
250 W 39th St Bldgs 6s *37
68
2%
<J%g
12
mmm
Torrington Co
Exchange
Vt A Mass Ry Co
S.
6
Established
Calvert St.
1853
39
BALTIMORE, MD.
Louisville, Ky.
20
Jan
25
20
69
70
25%
"69"
90c
50
*
*
Jan
Jan
4%
Jan
290
9
Jan
10%
Feb
7%
Jan
11%
75
24%
Feb
27
Jan
19
Feb
20%
77%
41%
1%
Feb
2%
386
68%
35
Feb
38%
Jan
90c
Jan
96
1,080
96
8%
Jan
Jan
20
95c
96
Jan
5
16%
24%
305
39%
90c
100
79c
Feb
51
Jan
Jan
Jan
Jan
103
Jan
8%
55
7
Jan
23
25%
30
20
Jan
8%
25%
Feb
62%
62%
$6,000
60
Jan
75
Jan
Jan
Bonds—
Broadway
Eastern Mass St Ry—
Series B 5s...V...-1948
NEW YORK
Hagerstown, Md.
Jan
Feb
398
Jan
2%
Feb
39%
Waldorf System
42c
3%
.25
Warren (8 D) Co
SteinBros.&Boyce
Feb
12%
1
......
68
110
5
Utah Metal A Tunnel
Jan
Jan
Feb
1%
180
9%
•
Preferred
Baltimore Stock
on
300
102
4%
23%
United Shoe Mach Corp.25
Orders Executed
65
High
Feb
16%
23%
3%
10%
9%
25%
*
Union Twist Drill Co
20
75
55c
52c
25
(new)
90
20
..50
Stone A Webster
6
Low
639
2%
3%
15%
21%
3%
9%
8%
15%
Shawmut Assn T C
Dodge Corp—
52c
100
Pennsylvania RR
Qulncy Mining Co
5%
Place
Income bonds v t c
2.50
Old Colony RR
Pacific Mills Co
77
Internet Commerce Bldg—
Park
Butte
Range Since Jan. 1,1938
Shares
96
.
B'way
High
York, Pa.
Members New York, Baltimore and Chicago Stock
Exchanges
Chicago Board of Trade
New York Curb Exchange (Associate)
CHICAGO
SECURITIES
Listed, and Unlisted
BaltimoreStock
Feb. 19
Exchange
Friday
Par
Arundel Corp
for
of Prices
Low
High
Price
16%
16
27
Range Since Jan. t. 1938
Shares
16%
27
Conn) 50
Bait Transit Co com v t
27
15
Feb
17%
28
Feb
20
6% preferred
%
%
1%
%
176
1%
132
14%
15%
133
23
23
23
25
62%
63
104
100
Fidelity A Deposit
20
Houston Oil pref
100
Mfrs Finance 1st pref...25
2d preferred
*
Mar Tex Oil
1
Common class A
100%
16%
— -
-
2%
Mercb A Miners Transp..*
Mt Ver-Woodb Mills cmlOO
16
New Amsterdam CasualtyS
11
No American Oil
70
Jan
Friday
113%
Jan
115
Feb
Last
6%
Jan
8%
Jan
Sale
Feb
17%
Jan
965
%
2%
2%
200
2%
11
1%
11%
1%
25
13%
14%
1,448
Feb
322
Jan
Jan
Jan
19
Stocks—
Par
Price
Sales
reek's Range
ow
11%
1%
Jan
Jan
67
Feb
75
Jan
13%
Jan
15%
Jan
Jan
20
Feb
23%
Jan
21%
22% $51,000
24%
10,000
20
21%
21%
Feb
27
Jan
1975
85
85
1,500
85
Feb
85
Feb
99%
99%
1,000
99%
Feb
99%
Feb
Common
(new)
Allied
and Tyson
38%
40
400
6
6
500
5
Jan
7%
3%
3%
500
3%
Jan
4%
Jan
9
9
100
9
Feb
11%
Jan
7%
100
10
pref
7%
*
Amer Pub Serv pref
Armour A Co common
100
conv
1887
30 State St., Boston
Jan
Jan
Lewiston
Boston Stock
to
Exchange
5
com
Stocks—
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Range Since Jan. 1,1938
Shares
Low
High
Common..
100
Bigelow-Sanf Carp—
Preferred
100
50
Boston A Albany
100
Boston Edison Co.....100
Boston Elevated
100
80c
13%
139 %
85
92%
122%
Boston A Maine-
Preferred
100
Common
100
Prior preferred
100
Class A 1st pref stpd. 100
Class C 1st pref stpd. 100
Class D 1st pref.
100
Boston Personal Prop Tr.*
Boston & Providence.. 100
Brown-Durrell Co com...*
Calumet A Heel a
..25
2%
"II"
80c
13%
13 Mi
20
136% 140%
2,459
85
85
92%
95%
120% 124
49%
50%
2%
3%
9%
2%
3%
11
100
20
51c
13
129%
85
Jan
80c
Feb
Jan
14%
Feb
Feb
149%
Jan
Feb
369
91%
Jan
121
114%
Feb
98
48%
Jan
5
2%
Feb
50
3%
Jan
345
94
108 %
124
56
2%
3%
Jan
550
9
9
300
9
"12"
12
12
100
9%
12%
10
300
"i§"
%
"~3~%
4%
8%
1,950
200
9%
%
Feb
Jan
25
12%
Feb
14
Jan
Jan
Jan
Jan
%
%
100
5%
6%.
200
5
49%
48%
50%
1%
32%
1%
32%
33
96
95%
96
4
150
15
250
12%
Feb
%
200
%
Feb
2%
5,250
*
com
New
25
Compressed Ind Gases cap*
Consolidated Biscuit com. 1
Consumers Co—
Feb
3
325
2%
Feb
3
Jan
50
69
48
Dodge Mfg Corp
Feb
26
Feb
Jan
Jan
Elec
138
2
25
13
12
13
35
16%
18
340
1%
"10%
1%
10
1%
18
cum
preferred
100
v
t c. 1
Inc
1
20
4
National Tunnel A Mines. *
New Eng G A E Assn pref *
For footnotes see page
20
lJi
22
1%
20
%
4%
2%
23
1379,
com
4%
1%
379
10%
279
1%
18
20
1%
22
2
Jan
Feb
13
Feb
15%
Jan
18
Jan
1%
Feb
1%
Feb
9%
Feb
Jan
1
Feb
1%
Jan
10%
1%
50
13%
Jan
18
Feb
50
18
Jan
22
120
200
186
4%
2,689
2%
100
23
Jan
12
25
1%
20
3%
1%
19
10
1%
24%
20%
3%
Feb
15
%
2%
Feb
Jan
Jan
Feb
Feb
Jan
31
Feb
34
Feb
38%
Jan
57
Feb
1%
99
Jan
Feb
1%
100
50
9%
Feb
1%
Feb
25
3,650
22%
Feb
27%
21%
2,500
17
Jan
25
4%
050
12%
2
Jan
Jan
Jan
Jan
Fuller Mfg Co com
1
Gardner Denver Co com..*
Gen Finance
Corp coin... I
Gen Household Util—
Jan
Jan
4%
Feb
Feb
80
4
50
1%
Jan
6%
2%
Jan
%
50
%
Feb
1
Jan
20
98
Jan
97%
Jan
98
Jan
1%
650
1%
Feb
13%
Feb
2%
15%
Jan
450
250
8
Jan
10%
Jan
21%
50
20
Jan
21%
Feb
20
20
30
18%
Feb
20
Feb
4%
Feb
6%
16%
14%
Jan
4%
20
16%
100
16%
Jan
11
11%
3%
200
10
Feb
400
21%
50
3%
21%
2%
2
6
200
3%
21
Jan
4%
Jan
Jan
Jan
24
Jan
5%
Feb
7
Jap
2
Feb
2%
Jah
2%
300
12%
12%
3%
3%
12%
3%
250
11%
3%
Feb
4%
1%
1%
5,850
1%
Feb
2%
150
Jan
Feb
1%
Common
Jan
3%
14%
10%
1%
13%
6
com
Jan
16
Jan
Jan
Jan
Godchaux Sugar Inc—
Class A
Class B
*
32
Jan
33
Feb
Jan
14
100
12
Feb
14
18%
300
Feb
23%
8%
Jan
250
17%
7%
Feb
8
"15%
14%
16
1,150
12%
Feb
16
Feb
10
6%
6%
1
5%
Jan
Feb
Helleman Brew Co G
Jan
Hlbb Spenc Bartlett com25
Harders Inc com
...»
cap
30
14
24%
com.
33
18%
7%
Feb
HarnLschfeger Corp
33
•
Gossard Co (H W) com..*
Great Lakes DAD com..*
Feb
100
1%
5%
4,150
1%
5
4%
3%
Goldblatt Bros Inc com..*
5%
2%
.97
Jan
16
Household Util cap. 5
Elgin Nat Watch
15
Jan
23
33
Jan
4
Jan
10
11%
Jan
Jan
Feb
92
Jan
21%
.*
2%
Jan
29%
40
2
98
._*
com
Jan
Feb
1%
%
5
com
FitzSim AConDAD
Maine Central—
5%
21%
20
Jan
70c
Mergenthaler Linotype..*
Narragansett Racing Ass'n
25
Dayton Rubber Mfg com.*
Dayton Rubber Mfg A pf35
Deep Rock Oil conv pref
*
10%
7%
18
20
40
99
10
1%
1%
Jan
Mass Utilities Assoc
1%
99
13%
Feb
Isle Royal Copper Co
25
Loew's Theatres (Bost)_25
13%
%
Cunningham DrStores.2%
70c
2
2%
Jan
Jan
Jan
Edison—
4%
Gillette Safety Razor....*
"15"
Convertible pref
*
Chicago Yellow Cab Co..*
6%
Economy Grocery Stores.*
Employers Group..
*
Georgian, Ind, CI A pref.20
4
Chic A N'west Ry com.100
Chicago Towel Co—
35
100
Feb
100
100
Adjustment
Feb
1%
1,650
365
51%
30%
46%
34
70c
28%
240
750
2
57
7
28%
%
1%
%
6%
60%
2
70c
East Mass 8t Ry—
Jan
Feb
19
33
Dexter Co
8%
21%
50
49
Dixie Vortex Co
Jan
Jan
Jan
280
"2%
6
2%
49%
27%
Jan
200
*56%
10
3
Jan
%
•
25
50
Jan
4
♦
common
East Boston Co
East Gas A Fuel Assn—
Common
*
Jan
Jan
12%
Preferred
•
Chic Flexible Shaft com..6
Copper Range
4% % prior preferred 100
6% preferred
100
8
6%
18%
"6%
Continental Steel pref. .100
Cord Corp cap stock
5
Jan
550
*
Jan
Jan
Feb
24%
75
.....
1,150
%
Feb
Feb
250
6%
24
Feb
1%
13%
12%
24
4
Feb
28%
21%
8%
2
1%
Feb
4%
7%
4%
50
100
22%
20%
1
30
V t c part shs
pref
1%
Jan
Jan
Com pt shs v t c cl A..50
Com ptshsvtcclB...*
1%
Jan
14%
Jan
Jan
Jan
13
Jan
7
Jan
Feb
Feb
9%
6%
3%
3%
3%
12%
Feb
Jan
Jan
12
9%
13
Feb
Feb
2
Jan
5%
Feb
60
11
Jan
7%
Feb
16
Jan
21%
2
18
Jan
10%
100
2%
10
2%
Jan
1,0.50
45
3%
Feb
1,650
6%
85
10
%
50
Jan
6%
9%
9
2%
66
4%
25%
24
3%
66
JaD
450
2%
3%
10
"66"
Jan
1%
36%
19%
25%
»
Commonwealth
Jan
Feb
Jan
18
6%
3
8
7
32%
3%
9%
11%
6%
16%
6%
""9%
Prior lien pref...
Central States Pr A Lt pfd
Chain Belt Co com
._*
Cities Service Co
Jan
Jan
19
.
1
_
...
Jan
Feb
%
6%
)t
Common
Feb
Jan
Jan
4%
10
conv preferred
Chicago Corp
*
1st preferred
Amer Tel & Tel
Feb
1
4%
%
Chic City A Con Ry com..
Amer Pneumatic Service—
6
100
250
Central 8 W—
Sales
Last
50
1%
•
com
Preferred
Friday
Jan
Warner Corp—
Convertible pref
Cent 111 Pub Serv pref
Feb. 25, both
inclusive, compiled from official sales lists
7
5%
2,150
32%
Cent 111 Secur Corp com__l
Feb. 19
6%
7
10
Canal Constr Co conv pfd *
Castle (A M) common.. 10
Central Cold Storage com20
N. Y. Tel. CAnal 6-1541
Portland
Jan
56
"4%
Butler Brothers
Private Wire System
Bangor
9
35
Feb
Athey Truss Wheel cap...*
Automatic Washer com..3
5
Feb
Feb
52
1
com
6%
33
60
1%
32%
5%
Jan
100
"1%
Corp
Bruce Co (E L) com
Burd Piston Ring com
DEPARTMENT
Feb
53
Asbestos Mfg Co com
1
Associates Invest Co com.4
Brown Fence A Wire
New York Curb Exchange (Alio.)
40
33
5%
(New)
Members
Jan
53
5%
Borg
36%
33
53
6
Berghoff Brewing Co
1
Bliss A Laughlln Inc
cap.5
New York Stock Exchange
Boston Tel. LAF 7010
1, 1938
High
Products—
Common
Altorfar Bros
Belden Mfg Co com
Bendlx Aviation com
UNLISTED TRADING
Low
39%
Bastlan-Ble8slng Co com.*
Boston Stock Exchange
Shares
"3%
Barlow A Seellg Mfg A com 5
Established
High
Abbott Laboratories—
Jan
3
20
Townsend, Anthony
Range Since Jan.
for
Week
of Prices
Allied Laboratories com..*
1950
5s flat
both inclusive, compiled from official sales lists
Adams OH A Gas Co com.
Advance Alum Castings..5
Jan
Aro Equip
5%
Feb. 25,
to
Jan
2%
16%
Jari
Feb.
Jan
3
BondsBait Transit Co 4s (flat) '75
A5s flat
1975
CHICAGO
Jan
%
Feb
Feb
Jan
7
Feb
2%
9%
1%
1,550
67%
Feb
14
25
67%
1%
13%
6%
%
2%
2%
23
243
Feb
14
705
2%
1
com
Penna Wat A Pow com...*
U 8 Fidelity A Guar
2
Feb
2
16
St.,
Chicago Stock Exchange
61%
23
15%
Jan
Jan
6%
2%
2%
1
Jan
6%
------
Feb
37
114% 114%
100%
15%
16%
100
-
Salle
2%
17%
23%
%
m m
La
Jan
%
1%
12%
So.
Chicago Stock Exchange
Chicago Curb Exchange
Jan
Feb
1%
14%
Brager-Elsenberg Inc com 1
Consol Gas E L A Pow...*
10
23
Exchange
(Associate)
New York Curb
High
35
•
*
com
Low
333
*
c.
1st pref v t c
New York Stock
Week
*
Atlantic Cst Line
Black A Decker
Week's Range
Sale
Stock*—
Members
Sales
Last
B
?m\ H.Davis &
Feb. 25, both inclusive, compiled from official sales lists
to
18%
5%
6%
70
6
Feb
7%
5%
500
6%
Jan
45
45%
90
41%
Jan
45%
13%
13%
50
13%
Jan
14
7
Jan
Jan
Jan
Feo
Jan
Volume
Financial
146
Last
Hormel A Co com A
Week's Range
of Prices
Low
High
Week
Price
25
7
100
.1
m
com..
m
Feb
1%
Jan
500
5%
103%
Jan
7%
103% 103%
mmtrnm
16%
20%
22
Jan
5%
4
%
2%
%
2%
30
30
7%
Jan
12
Feb
Feb
28%
60%
100
Preferred
Jan
10
Jan
Jan
72%
Feb
66
7
Feb
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
Jan
4%
Feb
%
2%
Feb
1
Jan
£
4
Jan
aWOOPcq
Feb
30
Jan
GILLIS
Jan
3%
Jan
29
Jan
Union Trait Building, Cleveland
—
*
High
Feb
8%
9%
72%
9%
72%
..100
Jan
3%
10
Low
6
6
Jan
Jan
54%
200
Range Since Jan. 1, 1938
Week
Jan
Jan
22
400
X
2X
......
Feb
50
56
6
.50
Jan
30
23%
55
6
Lawbeck 6% cum pref. 100
6%
450
22
56
3%
Jan
10
10%
......
Feb
100
10%
22
comA*
Kentucky Utll Jr cum pf 50
6% preferred..
100
Kerlyn Oil Co com A.
5
Kingsbury Breweries cap 1
Jan
15%
18%
23%
4
600
10)*
Ken-Rad T & Lamp
Leatb A (>
14%
20%
6
6
Kellogg Switch A Sup com*
450
Shares
Price
Jan
Feb
300
for
of Prices
Low
High
Jan
7
Jan
14
4%
4%
1
108
Feb
5
100
200
14%
15%
14%
15%
1
100
250
5
5
14%
Week's Range
Jan
18%
22
<
Jefferson Electric Co com *
La Salle Ext Univ com.
8%
150
750
6%
......
Iron Fireman Mfg v t c...*
Katz Drug Co com.
Wurlitzer
Jan
10%
1%
1%
Jarvls (W B) Co cap.
Jan
2
21
10%
Hi North Utll pref
11
Jan
IX
Par
U S Printing pre!
16%
"l0%
Indiana Steel Prod
Jan
150
Hupp Motor com (new)..1
Stocks (Concluded)
High
Low
Shares
Last
Sale
17%
Hubbell Harvey Inc com.5
Illinois Brick Co
Range Since Jan. 1, 1938
17 X
•
Sales
Friday
for
Salt
Par
1377
Sales
Friday
Stocks (Concluded)
Chronicle
Jan
Cumulative
preferred _*
20
20
60
2%
19%
Feb
22%
10
10
10
10
200
8%
Jan
10
Feb
Llbby McN A
Llbby...10
8
8
100
7%
Jan
9
Jan
4
3%
2%
200
3
Jan
4
Jan
Feb
2%
Jan
A, T. & T. CLEV. 565 & 566
Telephone: CHerry 5050
Jan
Le RolCo com
Common
Lincoln Printing Co—
Common
8
1,050
Cleveland Stock
"V..
*
10
Lindsay Light com
......
*
23
*
Lion Oil Ref Co com
......
Loudon Packing com
22%
4
2%
23%
31%
300
2%
19%
550
31%
1%
Feb
100
31%
Feb
Feb. 19
to
Jan
2%
34
Friday
JaD
Last
Week's Rang
Sale
of Prices
Low
High
Par
Stocks—
Manliatt-Dearborn com
12
......
.*
.
12
10
Feb
14%
1
300
X
Feb
Jan
4,850
1,200
7%
3%
Feb
1%
9%
4%
*
9
8%
9%
Mer A Mfrs Seed A com.l
4
3%
4
Marshall Field com
3
cap...5
purchase warrants
......
Jan
Jan
Jan
Amer Coach & Body.
*
Conv preferred A
*
X
6
1%
X
%
Jan
4%
1%
850
Jan
3
5
2
5%
*
__*
1
v
5%
10%
14%
11%
19%
Clark Controller
Cleve Railway
—100
Cliffs Corp v t c_.
.*
Federal Knitting Mills
*
29
29
15%
11
11
11
35
35
35
37
37
37
IX
Feb
Feb
5
Jan
Greif Bros Cooperage A—*
Halle Bros pref
__100
18 X
Jan
20
Feb
11
Feb
12
35
Feb
35
Feb
25
35
Jan
37 X
Jan
5
5%
245
5
Jan
38
38 X
200
38
Feb
Jan
Jan
15
15
15
15
Jan
6 X
44%
18 X
10
10
10
50
8
Jan
10 X
Jan
30
3
Jan
Harbauer Co
*
Feb
Interlake Steamship
*
150
21%
Jan
7%
27%
Jan
Kelley Isl Lime & Tra
*
41%
Feb
Leland Electric
Jan
Lima Cord Sole & Heel —.1
3%
3%
3%
15
......
21%
......
......
22%
41%
21%
6
40
Jan
131
Jan
110
21
Jan
22%
6
*
Feb
6%
Jan
Medusa Portland Cement *
16%
lex
iox
50
22%
3%
Jan
Feb
Metro Paving Brick
Monarch Machine Tool..*
3%
13%
3%
13X
3%
13%
25
Jan
3X
Jan
140
'
4
*
300
20
%
18%
Jan
%
Jan
National Refining.
Jan
23%
Jan
National Tile
...*
10
Feb
10
Feb
Ohio Brass B
*
Jan
Patterson-Sargent
23%
25
%
150
19%
200
10
10
30
......
7
7
800
6%
Jan
9%
Feb
11
Jan
31%
19%
Prior lien pref
10%
Potter Co com
1
Quaker Oats Co com
_*
22
10
%'
m
.
-
•
-
"96"
50c
Reliance Mfg Co com...10
Rollins Hos Mills—
Common
1
......
2%
590
2
Jan
3
Jan
100%
Jan
Vlchek Tool
—*
6X
7
135
6
Jan
7
Feb
141
Feb
Warren
...2
2 %
2X
Feb
2X
*
18%
2%
18 X
50
9%
Feb
11%
Jan
IX
63 X
27
Jan
63%
5%
Feb
58
Jan
21%
54%
Feb
60
3%
Feb
100
10
Feb
17%
Jan
12%
60
12
Jan
13
16
16
17
12
50
14
Jan
600
2
Feb
300
10
Feb
*
4
9%
10%
450
25%
17%
25%
150
Swift International
16
Swift A Co
25
Thompson (JR) com ...26
Trane Co (The) com
.2
Walgreen Co common
*
Williams OlI-O-Matlc com *
com.
*
Radio Corp com..*
16%
3%
9%
Jan
13
Jan
13
Jan
Jan
27
Jan
Jan
18%
50
23%
16%
4%
Jan
5%
Jan
300
14%
Feb
16%
1%
Feb
1,200
Detroit Stock Exchange
Jan
1%
100
1%
Feb
2
250
1%
Jan
2
Jan
18
Jan
Jan
20%
4%
5%
Feb. 25, both inclusive, compiled from official sales lists
Jan
17%
17%
18%
19
50
450
4%
14%
3%
3%
350
18%
3%
4%
4%
850
4%
Jac
4
150
3%
12%
Jar
14%
13%
3,100
Jan
Fet
Par
Stocks—
for
of Prices
Low
High
Week
Price
Jan
Jan
Allen Electric---
Jan
Baldwin Rubber com—_1
Jan
Briggs Mfg com.
ActiveTTradlng" Markets'in
~
Cherry
Sys. Tel.
Cln.
56
"94
1
Det-Mlch Stove com
Detroit Paper Prod
"
.
„
—
Frankenmuth Brew com
363
Sales
955
20%
Jan
26
Jan
18%
260
17
Jan
20%
Jan
3
725
2
Feb
3%
59
1,536
48
Jan
62%
Jan
Jan
1%
Jan
92%
1%
2%
94
Par
Amer. Products
Week
Price
*
Champ Paper & Fibre
of Prices
Low
High
*
Churngold
IX
28
IX
Cln Gas & Elec pref
..
Cln Telephone
100
50
60
Crosley Radio
4%
80
Hall Lamp com
20
30
Low
IX
27
Jan
2
Jan
330
2
Jan
Jan
3%
3X
Jan
2%
11%
9%
1%
12%
425
10%
Feb
9%
409
1%
200
9
460
1%
60c
56c
60c
35
2%
16
Formica Insulation
*
Gibson Art..
*
—
Jan
3%
1%
Jan
50c
Jan
70c
Feb
2%
Feb
Jan
3
275
220
15
Feb
625
7
Jan
9%
Jan
8%
3%
17
Jan
Jan
Jan
2%
2%
1,910
Jan
Feb
575
2%
10%
Jan
3%
18%
Feb
Feb
IX
31
Jan
Jan
KJnsel Drug com
...1
59c
400
60c
Feb
75c
Jan
Masco Screw Prod com...l
1%
18
57c
18
59c
Jan
6X
Feb
7%
Feb
1%
600
1%
1%
Jan
97 X
Jan
100 X
Jan
McClanahan Oil com
1
37c
38c
1,000
37c
Jan
50c
Jan
4X
Jan
5
Jan
McClanahan Refining cm 1
99c
1.00
300
75c
Jan
1.25
Jan
79
130
7%
100
7%
80
9X
4%
75
Jan
80
7%
Jan
10 X
Jan
35
4X
Jan
5%
Jan
Feb
101X
Jan
101
101
!0
25
6
22%
11
11%
55
11
25
25
32
96
96
101
Feb
25
12%
Micromatlc Hone com—1
Jan
25 X
31
Jan
32 X
Jan
32
92
Jan
96
Feb
15%
60
15
Jan
17%
Jan
48 X
75
45%
Jan
10
14%
Feb
50 X
16
10
22 X
Jan
27
21X
Jan
23
750
Jan
Jan
5
Feb
4%
400
3%
Jan
4%
Feb
1%
1%
6%
200
1%
Jan
2
Jan
620
5%
Jan
7%
Jan
1.985
Jan
5%
Jan
2.033
4%
31%
Jan
37%
Feb
200
9%
Jan
12
Jan
34%
"2%
10%
2%
10%
2%
6%
1%
6%
600
5%
Jan
2
450
Feb
2%
450
3%
25%
100
1%
2%
3%
Jan
2
Jan
3%
4%
36%
Jan
103
2
Feb
62c
300
4%
37%
Jan
14%
22 X
22X
22 X
22%
6
300
5
6%
Jan
21
7%
66c
5
Feb
Jan
24
Jan
4%
—II-
Jan
Feb
1%
65c
Jan
30
15%
Jan
Jan
1%
2%
14 H
1379.
38
3
Kingston Products com..l
Kresge (S S) com
10
47 X
For footnotes see page
Jan
Jan
High
15X
22 X
Feb
750
48
22 X
12%
Jan
*
10
—*
Jan
Feb
Jan
60c
*
—---*
7%
1.625
P A G
Card
10%
Jan
60c
Randall A..
—
Feb
Jan
520
96
Kr< ger
300
Jan
Jan
Jan
""eoc
100
*
Kahn 1st pref...
2,643
1,015
1,540
1%
8%
5%
12%
29%
73
24%
31X
11
100
8
Jan
13%
10%
1%
16
8%
""l%
Early A Daniel
798
1%
111
4%
101
Jan
506
25
—.100
108
com—1
Hurd Lock & Mfg
Shares
Feb
300
3%
3
Jan
600
"T%
-
90
Jan
3%
12%
Hudson Motor Car com
97
1%
Jan
7H
7%
99X 100
4%
4%
9X
*
*
Dow Drug
Preferred
100
IX
28
Range Sines Jan. 1, 1938
200
7
1%
2%
6%
12%
36%
3%
1%
Hosklns Mfg com
for
Sal*
Stocks—
Week's Range
1%
100
X
"11
3%
■
Last
Jan
24%
12%
36%
Graham-Paige com....
Grand Valley Brew com.. 1
1%
9%
23%
18%
2%
6%
1
Goebel Brewing com
Exchange
Jan
Jan
743
6%
—3
Gar Wood Ind com
75o
1%
8%
9
Fruehauf—
both inclusive, compiled from official sales lists
Friday
-
......
General Motors com—
Feb. 25,
.
9%
Federal Mogul com
Gemmer Mfg B
Cincinnati Stock
.
"3%
com..!
Ex-Cell-o Aircraft com.
CINCINNATI
6711—Bell
""2%
Detroit Gray Iron com
BALLINGER & CO.
TRUST BLDG.
....
Det A Cleve Nav com...10
Cincinnati and Ohio Listed and Unlisted Securities
High
Jan
100
56%
1%
_
"23%
Detroit Edison com...
Low
53c
1%
8%
-*
^
Shares
53c
com——1
Auto City Brew
Members Cincinnati Stock Exchange
Phone
Range Sines Jan. 1, 1938
Week's Range
Salt
*
Burry Biscuit com—12%c
Chrysler Corp com
5
UNION
Sales
Friday
Jan
5%
17%
to
Feb
16
Feb. 19
Burroughs Add Mach
la
DETROIT
Telephone: Randolph 6530
Jan
5%
Jan
4
3%
Jan
Jan
Chicago Stock Exchange
Buhl Building:
Last
"l8%
20
New York Curb"Associate
Exchange
Exchange
Jan
1%
i
com
5
15%
50
3%
1%
2
*
com
18
5
"16%
*
com
Utll A Ind Corp com —.6
Convertible pref
Bank she
......
4
Jan
Members
New" York Stock
Detroit Stock
Feb
11%
44
19
2%
18
Watling, Lerchen & Hayes
Feb
9%
Woodall Indust
Jan
13
Sunstrand Mach Tool com£
Viking Pump Co
Jan
13
Standard Gas & El com...*
Utah Radio Products
Feb
13
2%
50
Jan
Jan
150
Convertible preferred.20
Refining
Weinberger Drug Ino
Jan
Feb
Jan
%
110
2%
*
Jan
500
350
......
Jan
2X
6X
2%
63%
•
11%
36 Mi
32 X
2X
Jan
22
Standard Dredge com
Feb
Van Dorn Iron Works---*
Feb
63%
Sou Bend Lathe W"ks cap 5
9
Jan
1%
61%
Slvyer Steel Castings com. *
25
7
Jan
4
10
Feb
2
4
Feb
6
Jan
21%
......
19 X
65
Jan
63
1
Jan
6%
1%
22
Blgnode St Strap Co—
Common
18
6
Jan
63%
Serrlck Corp el B com
Jan
50
6
%
Sangamo Elec Co com
*
Jan
33
Upson-Walton—
500
St Louis Natl Stkyds cap. *
Sears Roebuck & Co com.*
3
Feb
Jan
350
1
Feb
Feb
31
Jan
137
10%
Jan
2%
123
17
60
1
1
3X
3X
Jan
Jan
31
280
2%
10%
Feb
10
97
2%
3X
14
Jan
256
Raytheon Mfg—
v t c
Feb
13
34
Seiberllng R 8% cum pf 100
95%
3%
18 X
25
Jan
1
Jan
Feb
33 X
Rlchman Bros
1
100
200
4
25
Jan
Feb
140
%
1%
3
Feb
25
32
%
22
10
150
3%
3
31X
19X
10
35
H
33 %
Jan
50
%
%
1%
95%
1391*
......
......100
Preferred
10
22
100
Peabody Coal Co com B._*
Pines Wlnterfront com... 1
10%
8%
2%
31X
19 X
3%
*
Reliance Electric A Eng. .5
Northwat Bancorp com.. *
Northwest Utll 7% preflOO
%
.......
Jan
Jan
100
4
4
21
10
100
21%
6
5
10
41%
136
136
Jan
38 %
15
1%
Jan
19
U S Printing
20 X
32
Feb
Feb
......
Rapid.
Jan
Feb
14 X
11
1
......
Jan
17
6%
25
Jan
Feb
Jan
Jan
29
50
24
Jan
6%
11X
16 Ml
1294
30
100
......
6
318
1,108
7%
......
U 8 Playing
Feb
1%
Noblltt-Sparks Ind com..5
Hob art A
11X
70
IX
Northern Paper Mills com *
Cln Street Ry
Jan
7%
Natl Republic Inv Tr pref *
National Standard com.. 10
National Union Radio coml
to
10
......
National Pressure Cooker 2
Feb. 19
Feb
......
Mont# Ward A Co cl A.—*
Natl Battery Co pref
-*
Zenith
Feb
350
16 H
5%
10 X
*
Modlne Mfg Co com
*
Monroe Chemical pref—*
Wisconsin
62
30
16
Feb
—100
6% prior Hen
High
.Low
5
100
5%
10%
10X
11X
19%
Jan
3
400
50
City Ice & Fuel
Midland Utll—
Minn-Trollne Pr Imp com
Common
Week
Shares
5
10%
16 Mi
11%
19%
5
Jan
%
5
Jan
7
Jan
550
3
3
Range Since Jan. 1, 1938
for
Jan
3
2%
1,250
11,750
3
Midland United Co—
Common...
Price
Airway Elect Appl pref _100
Akron Brass Mfg
*
Apex Electric Mfg
2%
5%
1%
m
Middle West Corp
Stock
12
':i
Mickelberry's Food Prod—
Common
1
Sales
Jan
1
A...*
McCord Rad A Mfg
Exchange
Feb. 25, both inclusive, compiled from official sales lists
Feb
25
Feb
400
2
2
—5
Lynch Corp com
3%
3%
21
2
Peninsular Metal Pr com.l
.
Jan
3
Jan
Jan
4%
2%
3%
"25%
25%
3.415
176
2
22
Jan
Jan
3%
6%
2%
2%
Jan
Jan
Jan
Jan
Feb
4
Jan
Jan
27
Jan
Financial
1378
±
Range Since Jan. 1, 1938
Last
Par
Standard Tube B com
for
of Prices
Low
High
Week
Price
1
Tivoli Brewing com
Week's Range
Sale
{Concluded)
1
1874
&. Townsend
2%
Jan
4
1,863
4%
Jan
1%
1,384
3%
1%
Jan
IX
Jan
1%
Jan
Members
4X
4X
4%
3%
Jan
Jan
350
New York Stock Exchange
Philadelphia Stock Exchange
3%
~4%
4%
2X
230
Jan
5
Feb
5%
Jan
809
2
Jan
Jan
200
2
Feb
3%
2%
1
1
1
300
"»•
Jan
1%
Jan
31c
500
25c
Jan
%
Jan
1
1
4
2%
2%
30c
*
Wolverine
corn
DeHaven
3X
4X
965
4
Warner Aircraft com
Brew
Established
High
1%
2%
2%
Walker A Co B
Low
Shares
3%
4%
1
United Shirt Dist com—10
Universal Cooler A
-.*
B
*
Tom Moore D 1st com
1938
^
Sales
Friday
Stock*
Feb. 26,
Chronicle
2%
PHILADELPHIA
Jan
NEW
1513 Walnut Street
YORK
30 Broad Street
Philadelphia Stock Exchange
Feb.
19 to Feb. 25,
both inclusive, compiled from official sales lists
Wm.Cavalier&Co.
*
Last
Feb. 19
to
Los Angeles
Teletype L.A. 290
Angeles Stock Exchange
10
Barber Co
Bell Tel Co of Pa pref- -100
Sales
Friday
Last
Sale
Stocks—
Par
Price
Week's Rangt
Week
of Prices
General Motors
129%
14%
116%
3%
200
3
Feb
4-
Jan
9%
200
8%
Feb
9%
Feb
400
40c
Jan
45c
Jan
Phlla Rapid Transit
100
1
92%c
Feb
37c
37c
37c
100
37c
Jan
47c
Jan
2
2
2
300
2
Jan
2%
Jan
230
10
7% preferred
10
10
10
Feb
10
Feb
Tonopah Mining
20
20
20
100
19%
Jan
20
Feb
Central Investment.... 100
16
16
16
150
16
Jan
18
Jan
United Corp common
Preferred
Chrysler Corp
68
58
58
1
6%
Jan
Feb
30 X
299
Jan
30%
Jan
34%
37
990
26%
29%
Jan
4%
Jan
6%
Jan
41%
6%
8%
Feb
40
45
2
Jan
2%
Jan
6%
23 X
6%
7%
2%
1,629
23%
987
6%
2%
21%
140
140
2
100
2%
2%
114% 115
42
31%
31%
271
2%
3%
2%
4%
110
19%
Jan
2%
112%
Jan
21
22
3,509
38%
39%
235
37%
1%
210
%
2%
26%
3%
110
29
100
49%
Jan
62%
Jan
7%
Jan
Jan
10
400
9
Feb
7%
10%
United Gas Impt com
Preferred
*
300
9%
Jan
Westmoreland Inc
*
9
9%
26
Consolidated Steel pref
Creameries of Amer v t c..l
10
9%
10
200
8%
Jan
10
Jan
Westmoreland Coal
*
9
9%
26
Exeter Oil Co A
Globe Grain & Milling..25
Hancock Oil Co A
*
10
4
Jan
62%c
Jan
390
Jan
4%
95c
399
200
4%
Jan
18%
Feb
23%
Feb
28%
2,100
Jan
28
5
10%
102%
10%
10%
102% 103%
Jan
Feb
9
Feb
9%
Feb
Jan
Pittsburgh Stock Exchange
29%
Jan
Friday
Jan
1%
Jan
Last
Week's Range
for
10c
Feb
11c
Jan
Sale
10c
15c
15c
15c
300
15c
Feb
18c
Jan
of Prices
Low
High
Shares
9%
10%
4
4%
Stocks—
Par
Sales
Price
7%
Feb
3,600
2
Jan
3
Feb
Allegheny Steel
500
4
Jan
4%
Feb
Armstrong Cork Co
Blaw-Knox Co
*
17%
32%
*
13
1
1.05
1.10
800
1.05
Jan
1%
Jan
Carnegie Metals
Mid-Western Oil Co..-10c
4c
3c
4c
4,000
3c
Feb
7c
Jan
12c
12c
12c
1,000
12c
Jan
15c
Jan
24c
24c
24c
100
25c
Jan
30c
Jan
Oceanic Oil Co
1
1.10
1.00
1.10
1,400
1.00
Feb
1.20
Jan
Duquesne Brewing Co
1
4c
3c
4c
5,000
3c
Feb
28c
Feb
Pacific Clay Products
Pacific Distillers Ino
*
6%
6%
6%
100
5
Jan
7
Jan
Follansbee Bros pref_._100
Fort Pitt Brewing
1
1
35c
35c
35c
100
35c
Feb
49c
Jan
Harb-Walker Refrac
600
11%
Jan
Jan
Feb
Feb
Koppers G & Coke pref 100
23
Feb
Lone Star Gas Co
Jan
Feb
39
Jan
Jan
500
11%
1%
Jan
8
170
6%
Feb
14%
1%
9%
Jan
2
100
2
Feb
2%
Jan
20
188
13
13
140
*
*
Pacific Finance Corp com 10
Pacific G & E 6% 1st pf.25
13
12%
13
29%
29%
100
23
29%
23
200
18%
Jan
10
103%
Feb
104%
6
Jan
7
Jan
Feb
4
4
4%
700
3%
6%
6%
2,600
5%
Jan
3
3
3
100
2%
Feb
5%
7%
3%
Jan
6%
1,000
1.10
Feb
1%
Jan
103% 103%
6%
6%
200
1
1.20
1.20
1.30
Security Co units ben lnt..
26%
26%'
26%
56
Sierra Trading Corp...25c
7c
7c
7c
2,000
21%
8%
21%
21%
8%
22%
36%
27%
25%
100
Signal Oil & Gas Co A
*
Sontag Drug Stores
*
So Calif Edison Co Ltd..25
22%
8%
21%
Original pref
6% preferred B
25
36%
27%
36
25
5% % preferred C
25
25%
25%
So Calif Gas 6% pref A. .25
Southern Pacific Co
100
30%
20%
Standard Oil Co of Calif..*
33
30%
19%
32%
Corp
3
1
27%
20
Feb
Jan
14
Jan
Feb
11
75c
75c
75c
200
70c
Feb
80c
Jan
21%
64%
21%
66%
60
21%
Feb
Feb
10
64%
Feb
21%
73%
Jan
101
101
33%
3%
30%
13%
Jan
36%
7%
8%
353
9
Jan
7%
180
6%
7%
16%
Jan
7%
Feb
10
Jan
Jan
13%
12%
Jan
21%
100
18%
1
1
1
Feb
Jan
18%
Feb
1%
Jan
14%
14%
100
14%
Jan
14%
Jan
2c
2c
9,000
lc
Jan
2c
Feb
32% 33%
24%
26
96% 100%
Westinghouse Air Brake..*
Westlnghouse El & Mfg.50
Feb
18%
18
1
Jan
180
30%
34%
Jan
365
21
Jan
27%
Jan
145
88
Feb
107%
Jan
1,000
Jan
Feb
Feb
10%
Feb
Jan
Jan
800
Jan
25%
90%
Jan
2
Jan
Jan
5c
Feb
Feb
Jan
Jan
79
25%
2%
Jan
22%
Jan
29
Jan
6%
3%
119
24%
200
43%
Jan
118
100
300
Feb
Feb
180
40%
83%
Rund Mfg Co
5
San Toy Mining Co
1
United Engine & Foundry 5
3
Feb
25%
Renner Co..
33
1%
79%
Jan
Jan
Jan
25%
Jan
Jan
1%
35%
5%
4c
Feb
21%
400
1,000
27%
30%
Jan
1%
1%
36%
1%
Jan
6c
24%
Jan
9
5c
37%
Jan
105
Jan
250
Jan
Jan
Jan
7%
220
Jan
8%
100%
395
.
2%
Feb
300
22
Jan
100
8
6
26%
Jan
Jan
101
8
2%
35
7%
12c
Jan
5%
20%
Feb
100
29
Jan
Feb
3
13%
10%
36%
13%
10%
21%
9%
21
21%
1
Jan
12%
7%
5
25c
100
20
Jan
16%
33%
10
19
77
5
Mountain Fuel Supply.-10
Natl Flreprooflng Corp
Phoenix Oil com
200
Jan
6c
29
13%
10%
100
1,100
1,300
ST. LOUIS MARKETS
Feb
I. M. SIMON &CO.
9%
300
6%
6
300
5%
Jan
9%
6%
Feb
6
3%
Yosemlte Ptld Cement
Jan
9%
Pittsburgh Brewing pref. _*
Pittsburgh Plate Glass-.25
Pittsburgh Screw & Bolt..*
Pittsburgh Steel Foundry.*
Plymouth Oil Co
5
25
100
35%
Wellington Oil Co..
Jan
700
*
Universal Consol Oil
Jan
30%
20%
25
Taylor Milling Corp
Transamerica Corp
*
Union Oil of California. .25
Jan
9
Mesta Machine Co
Republic Petroleum com.l
Rlchfiled Oil Corp com...*
Roberts Public Markets..2
Ryan Aeronautical Co
304
9
6
*
McKinney Mfg Co
103%
6%
98
34%
13%
1%
Jan
Pacific Indemnity Co
10
Pacific Lighting 6% pref..*
Puget Sound Pulp & Timb.
23
High
21%
20
Jones & Laughlin St pfdlOO
29%
14%
29%
Occidental Petroleum._..l
Low
Feb
1%
7%
Consolidated Ice Co. pref 10
Devonian Oil
10
Ollnda Land Co..
90
15%
30%
Columbia Gas & Electric.*
5
18
2
*
com
1.10
NordonCorp Ltd
Range Since Jan. 1, 1938
Week
Jan
1
Menasco Mfg Co
Jan
Feb. 19 to Feb. 25, both inclusive, compiled from official sales lists
25%
1%
4%
Superior Oil Co...
11%
106%
10%
300
Los Angeles Invest Co...10
Sun ray Oil
Jan
1,400
900
Jan
Feb
11c
9%
Jan
Jan
Feb
1%
3
1%
3%
32
9%
11c
8%
2%
Jan
9
1%
3
Jan
Jan
Feb
102%
lie
Lockheed Aircraft Corp-.l
Los Angeles Indust Inc
2
Feb
109
1%
_
Feb
3%
Jan f
4%
Jan
24%
Jan
42%
3,529
1
com
Jan
32%
Jan
200
5
23%
*
116
Jan
Jan
Jan
23%
5
23%
28%
Hupp Motor Car Corp
Kinner Alrpl & Motor
Lincoln Petroleum Co.
200
4,300
399
5
Goodyear Tire & Rubber. *
4%
4%
85c
399
Farmers <fc Merchs Natl 100
7%
80c 87%c
399
4%
1
com
7%
7%
Jan
Jan
Feb
2%
Jan
2%
29
Jan
Jan
140
Jan
48
1
IX
*
__*
146
10
..__5
Feb
Jan
30%
Feb
22 X
Consolidated Oil Corp
Citizens Natl T & S Bk_ .20
Jan
140
29%
1%
3%
10%
1
—.
Jan
5%
58%
50
Byron Jackson Co
Feb
39
Salt Dome Oil Corp
Scott Paper--^---.—
Jan
119%
Jan
60
Berkey & Gay Furn Co...1
Warrants
Jan
Jan
Phlla Elec of Pa $5 pref..*
Bolsa-Chica Oil A com..10
Feb
Feb
Phlla Elec Power pref—25
40c
18%
4%
3%
50
40c
318
Jan
47%
2 X
3%
9%
175
Jan
Feb
10
2%
40c
95
483
7%
3X
9%
100
383
5%
4%
58%
30%
1
50
Pennroad Corp vtc
Penna Salt Mfg
Penn Traffic com
High
1
140%
18%
18%
117% 118%
11%
149%
5%
*
1
1
Jan
50
Cons-.l
1
8%
55%
28%
10
Lehigh Valley
Pennsylvania RR
Low
Shares
Higl
Low
Range Since Jan. 1,1938
for
Battery—100
Barnhart-Morrow
Brock & Co 2d pref
High
290
4%
Barker Bros Corp com
Bandlnl Petroleum Co
Low
9%
5%
*
Nat Power & Light
\
118%
5
Elec Storage
both inclusive, compiled from official sales lists
•
Shares
137
American Tel & Tel.-.100
Chrysler Corp
Feb. 25,
Range Since Jan. 1,1938
for
Week
High
9%
Budd (E G) Mfg CO
Budd Wheel Co
Los
Low
Price
American Stores
San Francisco Stock Exchange
Exchange
523 W. 6th St.
of Prices
Chicago Board of Trade
York Stock Exchange
Los Angeles Stock
Par
Stocks—
eel's Range
Sale
MEMBERSJ
New
Sales
Friday
3%
3%
100
3
Jan
3%
Jan
Business Established 1874
8%
6%
Jan
Jan
Enquiries Invited
Mining—
on
all
Alaska-Juneau Gold
10
11%
11%
11%
100
11%
Feb
Feb
Mid-Western and Southern Securities
Blk Mammoth Cons
10c
18c
18c
18c
18c
Feb
22c
Jan
MEMBERS
_10c
l%c
1%C
1%C
2,000
1,000
lc
Jan
New York Stock Exchange
3%
l%c
3%
l%c
3%
200
3%
Jan
1%C
4%
Jan
1
Jan
St. Louis Stock Exchange
1%C
3,000
l%c
Jan
2c
Jan
13%
13%
14%
700
3%
1%
4%
3%
1%
3%
200
1%
4%
200
Calumet Gold
Consol Chollar G & S
Imperial Development-25c
13
New York Curb (Associate)
Chicago Board of Trade
Chicago Stock Exchange
315 North Fourth
Unlisted—
Amer Rad & Std Sanitary. *
Aviation Corp (Del)
3
Commonwealth & South..*
Curtlss-Wright Corp
1
Goodrich (B F) Co
*
Intl Tel & Tel Corp
*
6%
6%
Montgomery Ward & Co.*
36%
18%
9%
19%
4%
New York Central RR
*
No American Aviation
1
North American Co
*
Packard Motor Car Co
*
Radio Corp of America
Tide Water Assoc Oil
4%
18
10
*
18
100
18
12
Jan
14%
Feb
3%
1%
Feb
4%
4
Feb
Jan
1%
5%
Telephone Central 3350
Jan
Jan
St. Louis Stock Exchange
100
16%
Jan
18
Feb
6%
100
6%
Feb
Feb
34%
36%
600
29%
Feb
6%
36%
18%
18%
200
15%
Jan
19%
Jan
Friday
8%
9%
19%
4%
800
7%
Feb
10%
Jan
Last
Week's Range
for
300
19%
Feb
21%
Jan
Sale
of Prices
Week
100
4%
Jan
5%
Jan
19%
4%
Feb. 19
Feb. 25, both inclusive,
to
Feb
Stocks—
Par
7
500
6
Jan
14
14
14
100
/13%
Feb
14
Feb
Jan
61%
Jan
Brown Shoe
Feb
7%
Jan
Price
Bruce (E L) pref 3% %_100
6%
6%
U S Steel Corp.
*
56%
55
57%
400
Warner Bros Pictures
5
6%
6
6%
300
52
5%
7%
American Inv
*
com
BANK
STOCKS
*
com
MEMBERS
650 SOUTH
LOS
ANGELES
STOCK
SPRING STREET
•
&
Co.
EXCHANGE
LOS ANGELES
Low
High
Range Since Jan. 1, 1938
Low
Shares
*
30
Elder Mfg com..
*
10
3
High
ser
Feb
21
Feb
40
10
34
Jan
40%
Jan
39
3%
39
Feb
39
Feb
30%
30%
155
26
Jan
31%
2%
29
Jan
3
440
2%
JaD
3
Feb
30
65
23%
Jan
30
Feb
Feb
12
10
Feb
10
20
10
20
Feb
21
8
230
6%
Jan
8
Feb
36
34%
IX
36
183
Jan
36
Feb
2
125
27%
1%
Jan
2
Feb
45
45
45
50
45
Feb
45
Feb
11
11
11
50
Jan
11
Feb
10
Hamilton Brown Shoe cm.*
*36.50
Huttig S & D com
Hyde Park Brew com
20
7%
1
Griesedieck-West Brew cm*
Hussmann-Llg pf
152
39
5
10
10
20
Ely <fe Walker D Gds com25
com
21
39
40
30%
Falstaff Brew
Revel Miller
Sales
20
Dr Peppercorn
ANGELES
compiled from official sales lists
Jan
Coca-Cola Bottling com__l
Columbia Brew com
5
LOS
St., St. Louis, Mo.
Jan
8%
Jan
SAN
For footnotes see page
FRANCISCO
1379.
Teletype: LA 477
SANTA
ANA
31%
30%
31%
250
27
Jan
31%
*
33%
33%
34
208
31%
Jan
36
Jan
com
*
10%
10%
11
645
10%
Jan
11
Feb
Mo Ptld Cement com
25
12
11%
12%
628
9%
Feb
13
Jan
National Candy com
National Oats Co com
Telephone: VAndike 2201
*
6
6%
387
15%
50
International Shoe
Knapp Monarch
com
*
6
15%
5%
15
Jan
Jan
7%
17
Feb
Jan
Jan
Volume
146
Financial
Friday
Rice-Stix D Gds
Week's Range
for
Sale
Par
of Prices
Week
Price
*
com
Istpref
100
com
com
4
100
Feb
X
101
45
Feb
101
Feb
3
10
2X
Feb
3
Feb
7
15
7
Feb
7
Feb
4X
111
Feb
6X
Feb
Private wire to
Feb
Santa
101
5
101
Feb
122
123
166
120
Jan
123^
16
10
16
Feb
16
25
26
190
23 H
Feb
27
Jan
25
25
$2,000
25
Feb
28
Jan
24 H
24 H
Feb
27
Jan
Oortlandt 7-4150
Feb
40
350
Bonds—
Barbara
San
t United Railways 4s.l934
t 4s c-ds
Broadway, New York
Jan
Feb
40 X
101
24^
"26"
Members New York Stock Exchange
V
-
Feb
4X
16
15
;
40
15
4X
101
123
Schwabacher fit Co.
Feb
5X
3
40
100
com
High
Low
165
5X
7
S* western Bell Tel pref. 100
Title Insuraance com.._25
Wagner Electric
Range Since Jan. 1, 1938
Shares
101
T"
*
Preferred
High
5
5
Securities Invest
Low
5X
St LBk Bldg Equip com..*
St Louis Car com
__10
Scruggs-V-B Inc
1379
Sales
Last
Stocks {Concluded)
Chronicle
4,000
Feb. 19
own
—
offices
Del
In
Francisco
San
Monte
Francisco Curb
Exchange
Sales
Last
Week's Range
Stocks-
Co.
Private Leased Wires
municipal and corporation bonds
Par
Alleghany Corp
Price
Low
com.
New York Curb Exchange
(AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
Aviation Corp
Seattle
Tacotna
Sacramento
Stockton
New York
Portland
Beverly Hills
;Fresno
Honolulu
Los Angelas
Ppsadena
long Beach
Preferred..
Cities Service Co
169
63c
100
57c
33 X
335
35c
1,175
34c
15
30
IX
Jan
Feb
149 X
Jan
Feb
70c
Jan
Jan
34o
36
Jan
Jan
45o
Feb
1
4X
4X
551
3X
3X
Jan
4X
5X
2.15
2.15
2.20
2,160
1.65
Jan
2.35
Jan
l
2.20
2.10
2.20
800
1.70
Jan
2.35
Jan
IX
IX
500
IX
Feb
2X
Jan
3
2
com.,
37
175
3X
2
13
17
Feb
Jan
Jan
Jan
125
IX
Jan
2X
Jan
5
5
6
160
3.55
Jan
6
Feb
9X
9X
150
4%
125
Feb
9X
5X
Jan
4X
9X
4X
Jan
4X
2X
2X
50
2X
Feb
3X
Jan
8X
21X
100
21X
20
21
Jan
8X
21X
Jan
33 X
1
2
Jan
9X
Consolidated Oil
Curtiss Wright Corp
Francisco Stock Exchange
140X
139
High
Feb
14X
3X
4X
Claude Neon Lights
1
Columbia River Packers-
San
Low
IX
128 X
1
(Del)
Central Eureka Mln
2
100
IX
33 X
139 X
Anglo American Mln...l
Anglo National Corp
Bancamerica Blair
San Francisco
Oakland
Exchange, San Francisco Stock Exchange, Chicago BoardofTrade
Shares
63o
American Tel & Tel...100
American Toll Bridge
1
Anaconda Copper Mln..50
2
Members: NewYork Stock
WapJr
VY Co/C
High
IX
Range Since Jan. 1, 1938
for
(if
vj jr#*voo
Sale
8c
Angeles —
Hills
Beverly
—
Feb. 25, both inclusive, compiled from official sales lists
to
Friday
Dean Witter
Los
—
Hollywood
—
33X
24
33 X
Feb
35X
Feb
Jan
Feb. 19 to Feb. 25, both inclusive, compiled from official sales lists
Farallone Packing
General Metals
2
Sales
Friday
Last
Sale
;
Stocks—
Price
Par
!■
Anglo-Calif Nat Bk S F.20
Assoc Insur Fund Inc
15 X
10
4
Atlas Imp Diesel Eng
5
Bank of California N A-_80
Byron-Jackson Co
of Prices
High
15
7X
19 X
648
4
7X
184
710
366
7X
125
185
19 X
Range Since Jan. 1, 1938
for
Week
Shares
15X
3X
185
*
Week's Range
Low
2
19 X
565
Low
High
2X
6X
184
19
Jan
Jan
4
Feb
9X
Jan
Feb
Feb
16X
Jan
2.50
Grt West El-Chem pref.20
Hawaiian Sugar Co
20
Holly Development
1
Idaho Maryland Mines..1
International Cinema
1
19 X
Jan
20 X
Calif-Engels Mining Co._l
Calif Packing Corp com..*
22
73c
510
67c
Feb
82c
Jan
5X
5X
1,960
5 X
Jan
ex
Jan
19c
20c
2,225
16c
Jan
34c
Jan
ex
6X
205
e
Feb
7X
Jan
40c
40c
425
36c
Feb
50c
2.40
2.45
775
2.30
Feb
3.20
Jan
39 X
39 X
232
•39^
Feb
39<*
Feb
11c
11c
1,375
100
Feb
14c
20 X
Preferred
20 X
29c
40
20 X
Feb
12,700
26c
Feb
6X
100
ex
7X
5,794
5X
9X
"40c
l
Kennecott Copper Min
19X
Jan
24
48
Feb
50
Jan
91X
Jan
97
Jan
Jan
102
Feb
22X
48 X
49 X
135
9*4
94X
94X
30
Caterpillar Tractor pref 100
Chrysler Corp
5
102
Claude Neon Elec Prod..*
8
Cst Cos G&E 6% 1st pf 100
Creameries of Amer Inc__l
106X
101
54 X
102
54 X
90
100
745
58 X
7X
50
362
8
10
Jan
8
Feb
North Amer Aviation
1
200
9
Feb
9X
Jan
33 X
30
31
Jan
33 X
Feb
26c
26c
100
25c
Jan
30c
P C Cst Aggregates... 10
1.95
1.85
1.95
948
1.40
Jan
2
Jan
30c
30c
35c
900
30c
Feb
50c
Jan
2.00
2.05
226
2
Feb
2X
12
18
2,319
Feb
12
Jan
90
64X
Jan
73
Jan
5
266
Pacific Distillers..
Schumacher Wall Board
1
So Pac Gold Gt 6 % pref 100
Standard Brands Inc
4%
4X
Jan
2
26 X
40
Feb
28
Jan
2
Texas Cons Oil
1
1
44
4X
4X
100
4X
Feb
5
Jan
*
isx
18X
18X
210
Feb
19
Feb
Emporium Capwell Corp.*
4X% cum pref w w__.50
530
Jan
14X
34X
Jan
U S Petroleum
Jan
Jan
Warner Brothers
Jan
iox
Feb
West Coast
Eldorado Oil Works..
„
.
_
12X
12X
12X
31X
31
32
110
18X
ux
28 X
10X
iox
iox
285
9X
46 X
46 X
46 X
36
36
36
72 X
74X
160
30
30X
850
Emsco Derrick & Equip..5
Ewa Plantation Co
20
Fireman's Fund Indem._10
Fireman's Fund
Insur..25
73
Corp com...10
30
Food Mach
3X
Jan
5X
10
43
Jan
46 X
34X
Feb
36
Jan
69
Jan
76
Jan
26
Feb
33
Jan
•
Jan
60c
750
1
Jan
1.20
Jan
70c
200
41c
Feb
74c
Feb
3
1
No par value,
c
Jan
1.10
3
170
3
Feb
3X
Jan
1.15
Jan
1.20
830
Feb
1.55
Jan
ex
500
6
Jan
21
11
Feb
7X
ux
Feb
6X
5
11
li
1.15
Feb
10
Feb
8X
;
5
Ins
40c
Jan
18
Feb
Feb
1,100
Jan
68c
1
Treadwell Yukon new___l
United Corp of Del
Life
9
8X
-■v
225
41c
40c
26 X
8tearman-Hamm'd.62^c
41c
264
130
8X
8X
*
25
Jan
33 X
100
$3 preferred
Doernbecher Mfg Co
Feb
9X
26c
2
72 X
6!*
Jan
33 X
2
70
Jan
Feb
1
Jan
72
Jan
38c
20
Feb
ux
Jan
22
Occidental Pete
4X
iox
Jan
Oahu Sugar Co..
106 X
103
9
;
2
Jan
425
Di Giorgio Fruit com... 10
62X
Feb
Feb
4X
11
Crown Zeller Corp com...5
Preferred.......
*
6X
6X
4X
9X
106X 106X
4X
4X
Jan
7X
~~7
Monolith Portl Cem pref 10
Mountain City Copper..5c
Jan
49 X
26c
M J & M & M Consol
Jan
Jan
X
50
Preferred
~~27c
Jan
19 X
700
Calif Water Serv pref..100
1
Jan
X
170
X
731
1
39 X
11c
20 X
20 X
X
22
Jan
67o
International Tel & Tel...
Italo Petroleum
1
Kinner Air & Motor
Marine Bancorporation
20X
X
Jan
19c
2
Calamba Sugar 7% pref.20
7
5X
2
Jan
190
8X
21X
2
Jan
14
l
Cash sale,
Jan
A. M. Castle & Co. split its common stock one
a
two-for-one basis on March 9. 1937
b Ex-stock dividend.
Galland Merc Laundry
General Motors com
23
Golden State Co
Ltd
23
23
Jan
23
36^
8X
*
10
General Paint Corp com..*
36X
8X
3X
36X
338
31X
Jan
38
Jan
8X
515
7X
Feb
9
Jan
3X
1,308
3
Feb
4X
Feb
*
3H
10
22
Hancock Oil Co
*
28 X
28
28X
750
26 X
Jan
29 X
Hawaiian Pineapple
*
700
22 X
Jan
29X
*
18X
;*
3X
26X
34X
18H
3X
27
10
26 X
34 X
Home F & M Ins Co
Honolulu Oil Corp
Landendorf Utd Bak B
Leslie Salt Co
150
33 X
Jan
35
18X
390
19
300
17 X
2
Jan
3X
Jan
34X
4X
d Stock split up on a two-for-one basis.
Jan
g
Stock dividend of 100% paid Sept. 1, 1936.
r
Cash sale—Not Included in range for year,
Feb
2
Listed,
Jan
J Company in bankruptcy, receivership
x
Ex-divldend.
y
Ex-rlghts.
t In default.
or
reorganization.
Jan
Jan
Feb
10
38
38
38
130
35
Jan
39
16
15X
16X
465
14
Feb
17
CURRENT
NOTICES
Jan
Jan
LeTourneau (R G) Inc
1
Lockheed Aircraft
1
9X
8X
9X
2,160
7X
Feb
10H
Jan
Magna vox Co Ltd
2X
X
%
260
X
Jan
IX
Jan
—Announcement is made of the formation of Don C. Wheaton &
Inc., with offices at 15 Exchange Place, Jersey City, N. J. to act
11X
X
ux
UX
800
11
Feb
13
13 X
13 X
13X
636
12X
Feb
14X
Jan
10
8X
8X
Feb
9X
Jan
5%
9X
8X
5X
225
Nat'l Automotive Fibres.*
8X
5X
9X
1,060
5
Feb
7X
Jan
9X
722
8X
Jan
iox
Jan
Magnin (I) & Co com
*
v
Mar chant Cal Mach com .5
Meier & Frank Co—
Natomas Co
:
__*
North Amer Inv 6% pf.100
North Amer Oil Cons
10
42
13H
13X
13X
Occidental Insur Co
24
24
24
10
O'Connor Moff & Co AA_*
Oliver United Filters B
42
9X
30
43
41
Jan
Harris Forbes Corp.
Jan
he joined Starkweather & Co., which was established by a group of former
Jan
iox
Jan
executives and
ex
Jan
9X
9X
100
9
5X
Jan
8X
Feb
170
Non-voting 1st pref
Pacific Tel & Tel
Paraffine Co's
com..
com
PIg'n Whistle pref
*
100
16X
115
*
*
Puget Sound Pulp
7
Ry Equip & Rlty 6%..100
Rayonler Inc com.:
Cumulative preferred...
Republic Petroleum
5X% preferred
1
30 X
Jan
28
Jan
27X
27X
318
37X
38X
1,032
70
26X
35X
101X
Feb
102X 103X
Feb
104X
Jan
5X
267
4X
Jan
6
Jan
16X
544
16
Jan
Jan
20
109
ux
U9X
676
35
115
39
40 X
•
2
■
40
Jan
Feb
Feb
IX
Feb
40
Jan
Jan
1927; Second National
1928; Third National Investors Corp. and
Fourth National Investors Corp., both organized in 1929.
The consolida¬
Feb
Jan
56 X
17
19X
2,935
17
Feb
25
Jan
26
26 X
481
25 X
Jan
29 X
Jan
Jan
3X
Investors Corp., organized in
7
Feb
700
National Investors Corp. is a consolidation of four predecessor companies,
the former National Investors Corp., organized in
tion took place in accordance with a plan of mutualization and reorganiza¬
7
4
Fred A. Mayfield, Vice-President;
Morton S. Bobbins, Vice-President and Treasurer, and Frank B. Tupper,
Vice-President,
tion adopted by the
54
4
are
director
Jan
75
26 X
company
a
Jan
100
7
X
of the
officers
He is
trustee of Kenyon College.
2X
42
56 X
7
56
Other
Sept. 30, 1937.
a
Feb
stockholders.
The corporation has registered with the
Securities and Exchange Commission 5,000,000 shares of its capital stock
which
being offered through investment dealers.
are now
—Announcement is made of the election of Frank F. Walker, a member
of the firm
of Eastman,
Dillon &
Co.,
as
chairman of the Investment
32
Jan
5X
36X
Feb
Bankers Conference, Inc., District No. 13 Committee..
1,080
12X
Feb
14X
Jan
the committee include:
6%
1,516
5X
Jan
7X
Jan
IX
210
X
Jan
IX
Feb
20
Jan
Other members of
6X
6%
*
IX
4X
16X
1
4X
Jan
& Co., Hartford, Conn.; Roy T.
16X
16X
115
15
Feb
iex
Feb
22 X
John E. Sloane, John E. Sloane & Co., New York and Garnet C. Williams,
22
22 X
200
Jan
24
Jan
21
2,281
20 X
17
Jan
25
*
Signal Oil & Gas Co A....*
Soundview Pulp Co com..5
Preferred
Jan
Jan
Corp. of Cleveland and
*
Schleslnger (B F) com
Southern Pacific Co
28X
29 X
of Ferro Enamel
36X
Richfield Oil Corp com
com
Feb
1,641
personnel of Harris, Forbes and Chase Harris Forbes Corp.,
from which firm he retired as a partner on
36H
12X
1 ■i
Preferred
5%
,25X
Feb
1,649
29 X
With the dissolution of the latter company in 1933,
36X
13 X
50
Rheem Mfg Co com
Shell Union Oil
Jan
6X
26X
56 X
17
4
7
6X
2
2
Jan
29 X
115
40 H
10
26X
5X
16X
President, started his
Feb
100
5X
company as
Feb
400
Pacific P S non-vot com..*
new
1913 with the old house of Harris, Forbes
partner in 1926 and later a Vice-President of Chase
13M
9X
27 X
38X
a
28X
6X
103 X
Wheaton, who heads the
Co., becojning
43
6
26 4
29 X
&
Jan
9X
*
Mr.
investment banking career in
Feb
6X
25
the leading mutual investment companies in this country.
10X
9X
6X
6% 1st preferred
25
5X% preferred
25
Pacific Lighting Corp com *
6% preferred
*
Co.,
general
24
*
Pacific G&E com
Jan
as
Investors Corp., one of
10
450
Pacific Amer Fisheries...5
Pacific Can Co
wholesale distributors for the shares of National
4X
14
4X
100
4X
Feb
19
18X
Feb
23
100
83
82
83
48
77 X
Jan
82 X
100
20
19
20 X
775
Jan
22 X
Jan
Jan
H
33 X
18X
Feb
Sou Pacific Golden Gt A..*
X
X
X
300
16X
X
Standard Oil Co of Calif..*
33 X
1,239
29 X
Jan
18X
32X
17X
33 X
Super Mold Corp of CaliflO
18X
497
13 X
Jan
Jan
Jan
Feb
Russell
V.
Adams,
Adams,
&
Mueller,
Newark,
Hallowell, Lee Higginson Corp., New York; Wm.
N.
J.;
N.
Penrose
H. Putnam, Putnam
Shurtleff, Blyth & Co., Inc., New York;
Williams & Twichell, Inc., Buffalo, New York.
District
No.
13
embraces
the
States of New York,
New Jersey and
Connecticut and has a present membership of approximately 500 investment
bankers'and security dealers and brokers.
Thelcommittee's office, located at 44 Wall St., New York, is under the
direction of Frank L. Scheffey, co-director of the Conference and executive
Thomas-Allec Corp A....*
iox
25
21
25
16
16
9X
1,542
ex
240
9X
Feb
Tide Wat Ass'd Oil com. 10
Transamerica Corp
Union Oil Co of Calif
Union Sugar Co com
2
Universal Consol Oil....10
Victor Equipment pref...5
Waiaiua
1
X
14X
10X
21X
Agricultural...20
9X
10
39
For footnotes see page 1379.
X
14X
8X
10
38X
50
X
Feb
IX
14X
620
13 X
Jan
3,618
iox
Jan
15X
12X
Jan
iox
21X
16 X
1,065
19 X
16 <*
Jan
21X
Feb
Feb
22 X
Jan
Jan
9X
iox
41X
Feb
10
39
400
110
35
fJan
Jan
Jan
Jan
Jan
secretary of the district.
—First of Michigan Corp., 1 Wall St., New
York City, has prepared its
periodic report on the current finances of the City of Detroit entitled
"Detroit and its Bonded Debt" which includes financial statements, tax
collections,
debt
bondholders.
schedules and
other information
of special interest
to
Financial
1380
..:
1
•
'
■
Feb.
Chronicle
26, 1938
=
1
•
"
t
:•
Moffatt
There have been indications
during the last six or eight months of an im¬
Heads New York Curb Ex
change—Is Reelected President for Fourth Term
by Board—William S. Muller Succeeds Mortimer
Landsberg as Vice-President—Four New Governors
elapse between the announcement of the offering of its new issues, either
Chosen
direct or guaranteed, and the opening of the
C.
Fred.
Fred
Again
Moffatt
C.
unanimously
was
elected
President
of
the New York Curb Exchange for a fourth term at a special
organization meeting of the Board of Governors on Feb. 16.
The
previous incumbent of
only
years
Muller,
S.
William
was
who was President from
Mr. Muller was elected
Vice-President to succeed Mortimer
Landsberg, who declined
throughout
vestors
Moffatt, who was first elected to the presidency in
February, 1935, became a member of the Curb Exchange on
Sept. 12, 1923.
the large centres, a
issue.
President
York Curb Exchange Securities Clearing Corpo¬
of the New
Feb. 16 Joseph A. Cole
on
the
for
Treasurer
ensuing year, and Harold
reelected
was
H.
Hart
raising margin requirements.
during the
It is,
of
Secretaries.
Christopher Hengeveld Jr., who has
of the Exchange for a number
Accountant
of years, was also appointed an
Assistant Secretary.
election, Feb. 14, four new members
At the annual
elected to the Board of Governors and nine
The four
Governors
new
pendent and defeated
Sliipman.
The Board
J.
Chester
elected
was
three-year terms—G.
running as an inde¬
Cuppia, and Herbert A.
was
Arthur
as
Callahan,
follows:
Joseph
A.
Cole,
James
A.
Robert H. Cox, Horace E. Dunham, James A. Dyer, Harold H.
Hart, James J. Hopkins, David U. Page, Henry Parish 2nd, W. Reitze, and
Herbert A. Shipman.
one-year
term—William
E. R. McCormick
Fund for
S.
consideration.
a
trustee of the
Gratuity
Chairmen of
The New York Curb Exchange announced on Feb. 15 that
the following are the Chairmen of the standing committees
the Exchange
for 1938-39:
Committee,
Committee
ot
Committee
on
Committee
on
Committee
on
Finance
Benjamin
Arrangements,
Business
Herman
Constitution,
Bonds,
on
David
Herman
Committee
on
Membership,
Committee
on
Public
Committee
on
October, 1937,
Committee
on
Harold
General
Howard
Committee
Committee
N.
Rodewald.
on
Committee
on
Investment
Committee
on
Unlisted
New Book
Formal
on
Had it not been for the disastrous
above the
have risen
level.
1926-29
country as a whole, 1937 was
In view
of what
with the
In
fact,
has
however, the
volume was
Nevertheless, for the
average.
good year.
a
happened during the last six months, we should
period of last year.
same
Their interest
and
I think that the situation is pretty
been
has
discounted in most people's
minds.
is, therefore, directed towards the probable course of events
later in the year.
and
It is well to recall that
a
satisfactory crop in western
material point of view.
a
As regards general business, much depends
the situation in the United States.
That country and Great Britain
the two greatest markets in the world, purchasing some
goods
entering
these countries have
retained
international trade in
value
in
imports by Great Britain during 1937 were about $1,500 millions
that their
the
30%
The stimulus which
1937.
given to world recovery Is indicated by the fact that
larger than in 1932. while United States statistics for the
imports increased by some $1,759 millions.
same
years
show
I should note that
import figures to which I have referred do not include purchases of
If these
included, the proportion of world imports
were
probably be close to
Recovery in Great Britain started earlier than in the United States,
.
that
more
States
It is not reasonable to count
extensive.
source,
that
so
conclude
must
one
have a decisive influence
may
Canadian
that
on
on
fresh stimulus
developments in the
the
course
of business
Business Conditions Are Considered Favor¬
able in Comparison with Those in
Hart.
United States,
Reports Bank of Montreal
"With
Skyes.
evidences
many
conditions, while not
business
underlying strength,
so
"Business
Trusts, Arthur F. Bonham.
Summary," dated Feb. 23.
"Such uncertainty
hesitancy as have been apparent come more from exter¬
nal than internal causes," said the bank, which noted that
"directly affecting many branches of activity is the fact
that foreign trade, though still at a high level, is not main¬
and
Market," by H. M.
Gartley
practically all investors are speculators, is one of the
major premises of "Profits in the Stock Market," by H. M.
Gartley, newly published in two large volumes. The author
proceeds to acquaint the voluntary and involuntary specula¬
tor with the science of stock market
study.
The work
represents a compilation of "the best work previously done
in the field," interspersed with
original contributions by the
author.
taining the advance of last year."
A
falling off in exports—they
compared with
purchasing
Need
of
in
1937—has caused
upon
of
some
industries, and this*is having its effect
the
a
decline in the
primary
important
more
the making of forward com¬
upon
preparations for, and the volume of, trade in domestic
requirements.
In
the
tions
to
Sees
workers
of
The bank continued:
valued at $72,200,000 in January as
were
$83,400,000 in January,
power
mitments and
manufacturing field there is evidence of
in
output
»
Canada
of
buoyant as they were at this time
a year ago, are favorable
by comparison with those in the
United States," says the Bank of Montreal in its current
Stocks, James A. Corcoran.
of
of
business activity in the first half of 1938 to compare favorably
generally understood,
Reitze.
Bank
areas
♦
Listing of Stocks, Robert B. Stearns.
of
drought which affected wide
probably somewhat lower than the 1926-29
United
F. Stern.
"Profits in the Stock
Towers
and
the same individu¬
elsewhere.
That
Governor
were to
the West, I believe that the volume of business in Canada last year would
from
Page.
H.
1936,
reducing their commitments in brokerage accounts.
and has been
Mortimer Landsberg.
Securities, Theodore W. Baumfeld.
Committee
October,
offset by increased borrowings from banks, although
were
33%
Cole.
Listing,
on
Foreign
on
0.
between
that
to suppose
Commenting on business conditions Governor Tower had
the following to say:
Committee, Fred C. Moffatt.
Committee,
brokers
to
Rodewald.
Morton
Securities, W.
liabilities
necessarily follow that the bank loans
als who were
Relations, James A. Corcoran.
Quotations,
clients'
which were
specualtive activi¬
one
taken by Great Britain and the United States would
U.
N.
of
Roealer.
Committee, Clarence A. Bettman.
Committee
Stock Ex¬
figures naturally include many loans
A.
Conduct, G. Arthur Callahan.
Commissions,
banks,
gold and silver.
H.
Joseph
about $111 millions
millions.
Nevertheless, the published information leads
reductions
are
Standing Committees of New York Curb
Exchange for 1938-39
Arbitration
increase of approximately $31
an
made for business purposes and have no connection with
upon
three-year term.
a
do not
During the 12 months which ended
Canada should represent a distinct gain over 1937, both from a psychological
Muller.
reelected
was
chartered
of all
General
that the figures of member borrowings
case
change member borrowings decreased $13 millions during the same period.
not expect
Corcoran,
Law
$45 millions.
$142 millions,
were
reelected.
were
Horace E. Dunham, William
are:
Muller, Henry Parish 2nd, who
of
were reduced to
millions in
being $82
month-end figure
Oct. 31, 1937, bank loans in this category rose from
it does not
Executive
Canadian collateral
give the complete story; bank loans to individuals against stocks and bonds
pointed Charles E. McGowan First Assistant Secretary, and
James S. Kenny, Martin J. Keena and James R. Murphy
For
the
course,
1937, borrowings
of January,
end
by the leading
degree of conservatism by
They did not rise appreciably at any time
the maximum
year,
must also be taken into
ties.
For
At the
$79.5 millions.
By Dec. 31, borrowings
August.
reappointed Assistant Treasurer, while Eugene R. Tappen
reappointed Secretary of the Exchange for the eleventh
year in succession.
The Board of Governors also reap¬
Assistant
that the
the growing volume
of speculation on the stock markets, and to the steps taken
Canadian Stock Exchanges to enforce a greater
The
was
those who are
I judge from comments which have been made
...
At the time of our last annual meeting, I referred to
was
S.
particularly
on
At the meeting
been
books for receipt of subscrip¬
better chance of participating in a new
to
ration.
period to
longer
a
change has been found helpful.
Prior to becoming President, Mr. Moffatt
Vice-President of the Exchange and as
as
allowing
is
This procedure gives small investors,
tions.
distant from
amounted to
served
Government
of promoting
object
With the
country.
of members of the Toronto and Montreal Exchanges on
renomination.
Mr.
the
Dominion
the
distribution,
the office to serve four
February, 1928, to February, 1932.
smaller in¬
better
provement in the demand for high grade bonds on the part of
various
and
imports
1,108,049
recorded
of
pounds
for
The
directions.
wool and
raw
little
or
January,
textile
more
mills
woollen
than
curtailment of opera¬
a
have
slowed
down
their
in January
amounted
half of the figure of 1,961,473
yarn
1937.
Careful
on
Scrutiny of Influence of Credit Facilities
Speculative Buying—In Annual Report to Stock
holders
Finds
Indications of Improvement in De¬
mand for High Grade Bonds
and Exchange
In
his annual report the stockholders G.
F. Towers
Governor of the Bank of Canada observed that
"the exrience of the last two years shows
again that th^re should
a
careful
scrutiny of the influence of credit facilities
speculative buying, and evidences the desirability of
action when the first
upon
prompt
danger signals appear."
He went
on
do
not
suggest
that
even
the
most conservative
policy In regard to
degree of stability In prices: experience elsewhere
has given proof to the contrary.
But caution in the use of credit does mean
ensure
any
that there is much less likelihood of those concerned
extreme
finding themselves In
financial difficulties, with all that this Involves in
the way of an
extended
period of liquidation and damage to public confidence."
Governor Towers, address
nual
on
March
Commission, will come to New York to attend the mid¬
10, at the Starlight Roof of the Waldorf Astoria.
general
Feb. 22.
was
delivered
at the
third
dealers.
dinner
of his talk will prove of widespread interest to brokers and
Frank
which
Is
Dunne. President of the Association, will preside at the
held
annually
for members
and their guests.
John J.
O'Kane Jr., is chairman of the dinner committee.
by Commissioner Healy, the gathering will
be ad¬
dressed by other speakers prominent in legislative and investment activities.
—John
W.
C.
H.
resides in
the
Bruce
has
Pitfield & Co..
Mt. Carmel.
State.
For
Co., Inc.. and
many
more
become
Inc., at
associated
with
the
120 South La Salle St.
Chicago
Mr
office
of
Bruce, who
111., will represent the firm :n the southern part of
years
he was associated with
Hoagland & Allum
recently with Phalen & Co.. Inc.
—James V. Sullivan, who has been on La Salle St. for the past 16 years,
an¬
meeting of the shareholders held at Ottawa,
A portion of his remarks
preceding the above'
follows:
Commissioner
Healy will be the principal speaker at the dinner and It Is anticipated that
Following the talk
margins will
NO TIC E S
winter dinner of the New York Security Dealers Association on Thursday,
the subject
to say:
I
C U R R E NT
—Hon. Robert E. Healy of Washington, Commissioner of the Securities
has become associated
vestment
securities
with
Paul H.
department.
Davis & Co. of Chicago in their in¬
Mr.
Sullivan was formerly
with
F.
S.
Lewis & Co. In charge of their investment securities department and prior
to that with
the Central
Republic Co.
Volume
Financial
146
Chronicle
1381
Canadian Markets
ANT
LISTED
UNLISTED
Provincial and Municipal Issues
Montreal Stock Exchange
Closing bid and asked quotations, Friday, Feb. 25
Province ol Alberta—
58
4He
bid
1 1948
Jan
Oct
A sir
5134
68
Prov ol British Columbia—
58
—.Oct
1942
5s..
1 1959
4s
June
1 1962
K'834 109 34
9534
434s
Jan
15 1965
115
11634
4^8
Aug
1 1941
90
92
ftp
June 15 1954
85
88
434s
2 1959
86
89
4s
..Dec
Province of Quebeo—
Prov of New Brunswick—
434s
434s
Apr
10354 10434
15 1961
1 1961
634s
Nov 15 1946
Oct
1 1951
434s
Bid
4b
Pacific
75
7834
7434
7534
5b
Alt
Bid
1 1946
101
6s
Deo
1 1954
July
1 1960
10134 10234
96 34
95H
....Sept
11434
11734
U534
11434
11634
119J4
11934
June 15 1955
Feb
1 1956
July
11957
5s
6s..
July
Oct
1 1969
1 1969
5s...
Feb
1 1970
11534
11834
11534
115
51
125
5
125
1434
1434
43
1434
"lQH
1334
1334
43
1534
1634
Bid
Alt
634s
1 1946
July
3a...
1 1962
.Jan
Last
Agnew-Surpass Shoe
Associated
Breweries
Preferred
Weet'e Range
"1234
*
-
......
Telephone...
97
«
Building Products A..—.*
11
Preferred
Jan
18
Feb
Jan
130
9
50
24
Jan
25
Jan
15
Feb
16
Feb
101
101
70
101
Feb
10234
Feb
99
100
135
95
Feb
100
Feb
Jan
Jan
934
434
1334
434
1,866
1434
1534
525
1234
Feb
17
41
36
42
832
34
Feb
48
Jan
Shawlnlgan W A Pow
2134
1934
2,739
19
Feb
2134
Feb
15
15
2134
1534
1334
Jan
16
Jan
Jan
115
Feb
.....50
*
Preferred
100
Simon (H) A Sons
*
Southern Canada Power..*
110
115
110
9
1234
4
10
9
100
105
-:
Jan
Jan
534
Jan
9
Feb
1034
Jan
1234
1234
205
1234
Feb
1334
Jan
*
64
6434
432
60
Feb
69
Jan
Preferred
Tooke Brothers....
Preferred
..25
59
60
240
56
Feb
63
Jan
3
3
5
3
Jan
3
Jan
-.100
12
12
15
12
Feb
15
Jan
Tuckett Tobacco pref.. 100
148
148
2
148
Feb
149
Jan
United Steel Corp
..*
West Kootenay pref
Windsor Hotel pref
100
5
100
*
Preferred
2 34
1.90
534
355
434
Jan
6
Jan
12334 12334
734
734
234
234
10
12334
734
Feb
12334
Feb
20
Feb
8
Jan
3
Jan
1.90
12
100
566
234
Feb
50
1.75
Feb
12
Jan
1,90
12
125
Jan
234
1434
Jan
Banks—
50
5934
60
45
162
165
58
160
Jan
16234
165
Feb
178
16234
165
51
101
100
Royal
...100
202
Jan
60
Feb
Feb
Jan
202
*177"
202
150
202
Feb
208
Jan
300
300
38
297
Jan
305
Feb
175
177
186
175
Feb
19134
Jan
Jan
106
Jan
Feb
9
Jan
1034
Jan
1.30
Jan
1.75
Jan
15934
1034
Feb
527
3334
534
434
Feb
45
334
Feb
10
Jan
104
Feb
4
5234
1234
110
v
Sparks St., Ottawa
330 Bay Street, Toronto
Jan
Jan
Montreal Curb Market
Jan
Jan
163*
Feb
1634
70
Feb
70
Jan
to
Feb. 25, both inclusive, compiled from official sales lists
Feb
18
Feb. 19
Feb
6
>
56
1883
St., Montreal
Jan
10
Jan
25
1634
70
10
JaD
715
266
1934
3
48
St. James
255
Feb
42
45
Established
Jan
Feb
171
434
50
HANSON BROS., Inc.
Jan
334
3
166
Jan
Feb
1234
2,774
3134
1634
1234
111
Jan
113*
31
Municipal
Utility and Industrial Bonds
Feb
12
161
1934
3
105
10
70
"19 54
Canadian Government
Public
Jan
111
11
1034
10534 10534
Canada Forgings class A. _*
Canada Iron Fdrs pref. 100
Canada North Pow Corp. *
Canada Steamship (new).*
50
Feb
250
High
11
50
1.50
50
—
,.....*
100
Preferred
sales lists
115
1034
1034
3134
434
334
*
Canada Cement
1634
Feb
1534
312
Feb
43
3,027
9
Montreal...... ......100
Nova Scotia
100
1,080
1234
111
161
1134
British Col Power Corp A. *
B
Jan
16
97 34
Feb
30
1.50
.100
Brack Silk Mills...
106
1234
Bawlf Northern Grain...*
Brazllllan Tr Lt A Power.*
Jan
24
108 34 109 34
Low
40
934
934
...
Jan
15
Range Since Jan. 1, 1938
for
Shares
High
111
Ratburst Power A Paper A*
ben
125
13)4
1234
9
Week
of Prices
Low
105
—.100
Jan
Feb
Jan
15
Canadlenne..
934
100
65
Sales
*
Preferred
35
24
Canada
.
Sale
Price
Jan
Feb
*
B...
12034
Feb. 19 to Feb. 25, both inclusive, compiled from official
Par
Jan
10134
25
Preferred
Winnipeg Electric A.....*
Grand Trunk Pacific Ry—
4s
..Jan
1 1962
11734
12034
12334 12434
Montreal Stock Exchange
Friday
980
80
Commerce...........100
Stocks—
High
Jan
Rolland Paper vot tr
Preferred
....100
10134
Canadian Northern Ry—
1 1951
Sept
70
10034
3434
Steel Co. ol Canada
Ast
Canadian National Ry—
*
20
50
125
..100
Sherwin Williams of Can 25
434s
434s
Preferred
35
50
14
5
St Lawrence Paper pref 100
Dominion Government Guaranteed Bonds
434s-.4^8
434s
434s
Low
84
34
Saguenay Power pref.. 100
St. Lawrence Corp..
*
Canadian Pacific Ry—
8534
8534
...Sept 15 1942 /10734 108
9834
9934
Dec 15 1944
114
July
1 1944
11434
434s
Range Since Jan. 1, 1938
Weet
84
35
Preferred
100
Power Corp. of Canada..*
Price Bros A Co Ltd
*
77
76 34
Bid
perpetual debentures.
5e
Shares
Price
*
A preferred
Alt
Ry—
Ottawa Electric Rys.
Quebec Power
Regent Knitting
Railway Bonds
Canadian
for
of Prices
Low
High
Ottawa L H & Pow pref 100
10934 11034
.June 15 1943
6s
10834
11534 11634
1 1960
...Mar
1 1958
..May
Prov of Saskatchewan—
108
Bept 15 1952
2 1950
10934 11034
10734 10834
10734
106
Province of Nova Scotia—
68
Mar
Feb
434s
Apr 15 1960
434s
Par
Penmans
Province of Manitoba—
58
Stocks (.Concluded)
12134 12234
9934
94
1 1953
May
98
July 12 1949
434a
1
Week's Range
Sale
11134 112
11634 11734
Oct
Sales
Last
Alt
Sept 15 1943
6e
A034
11956
62 34
Friday
Bid
Province of Ontario—
ft 134
234
Jan
834
306
193a
334
Jan
12
Jan
Sales
Friday
Last
Par
Stocks—
50
10
._*
Canadian Car A Foundry.*
Preferred
;i
25
37
37
37
480
36
Jan
40
10
11
1,770
9
Feb
1134
Jan
Abltlbl Pow A Paper Co..*
23
793
2034
Jan
23
Feb
19
2134
1834
23
Canadian Celanese
19
305
1634
Jan
20
Jan
6% cum pref
Asbestos Corp Ltd
15
15
25
18
Feb
20
Jan
10
10
20
1034
Jan
1034
Jan
for
of Prices
Went
Price
Low
High
Range Since Jan. 1, 1938
Shares
Low
High
Feb
1034
Week's Range
Sale
Jan
Canadian Bronze
*
—
Rights
Canadian
—
—
—
934
«« — —
Converters.. 100
Canadian Cottons pref. 100
Canadian Foreign Invest.*
17
26
""734
*
934
6234
Con Min A Smelt new...26
634
734
934
6234
1534
9
60
15
15
30
Dominion Coal pref....25
Dominion Glass
100
19
2934
1834
------
Dom Tar A Chemical
(New) pref...
Dryden Paper
Jan
110
Jan
Feb
234
1634
17
1,405
1434
Jan
19
Jan
62
6534
1,946
52
Feb
6534
Feb
4
Bathurst P & P Ltd B—
"434
Beauharnols Pow Corp..
*
Brit Amer Oil Co Ltd
434
734
"2634
4
55
Feb
132
Feb
434
534
2034
13
1,530
2034
Feb
10
Jan
13
Jan
6734
Jan
6834
Feb
6834
156
60
754
2134
16
1.50
25
18
55
16
Jan
18
Feb
15
"is
105
18
"16
107
1.50
Canada Vinegars Ltd...
Cndn Breweries Ltd—..*
106
16
10634
103
8
105
10
16
Jan
1634
1.25
Feb
1.55
15
25
14
Jan
15
Feb
Jan
110
Feb
105
1
Jan
2
Jan
Jan
Jan
8
Feb
1.00
Feb
1.35
♦
534
534
50
1.60
1,40
1.60
3,080
1.25
Jan
1.60
Feb
1434
634
150
14 34
Feb
Feb
"634
1434
534
Feb
Consol Bak of Canada...*
534
534
Feb
8
634
13,181
5
Feb
14
495
13
Feb
15
Jan
Dominion Eng Works Ltd *
35
35
35
280
30
Feb
35
1434
360
13
Feb
1534
Jan
Dominion Stores Ltd
*
7
7
7
20
834
8134
934
1,733
834
7534
Jan
10
Jan
Donnacona Paper A
*
534
84
Jan
8134
Feb
5
634
534
834
Jan
EasternDairles7% cmpflOO
6
6
Jan
Fairchlld Aircraft Ltd
5
5
Fleet Aircraft Ltd
6
7
10
8
.
1334
15
-
— —
-
—
734
654
734
1334
1334
98
1834
1434
14
4934
*
3034
2634
3034
434
Int Bronze Powder pref. 25
Internat-Pet Co Ltd
»
434
------
*
Jamaica P S Ltd pref. .100
-
Lake of the Woods.....
------
*
Land & Son Ltd (John A). *
— —
------
734
*
*
2,230
6
Feb
1,224
10
Feb
7
Jan
734
Jan
7
1,085
634
Feb
834
Jan
150
734
1334
Feb
834
Jan
734
45
12
1434
Jan
Jan
16
Feb
Voting trust otto—
Freiman(AJ)6% cum pflOO
Feb
98
Jan
GenSteelWares7%cm pflOO
1934
1434
5734
2634
3034
434
2634
Jan
27
Jan
897
2634
Jan
85
434
Jan
60
25
1,150
102
23
31
3,588
40
60
60
100
88
88
88
60
3954
3934
40
1,739
3934
4134
2,835
37
6034
62
Ogilvie Flour Mills
2934
29
30
------
15134 15134
8334
8334
634
11
106
39
12
480
60
4134
6134
1234
20
404
2834
56
1834
1634
Feb
Jan
Feb
1954
1634
13
734
Feb
Jan
Jan
Jan
Feb
Jan
14
Jan
102
Jan
Jan
31
Jan
Feb
62
Jan
80
Jan
89
Feb
3734
Jan
4134
Jan
Jan
39
Jan
41
Jan
3334
Jan
4134
Feb
3,783
55
Jan
62
Feb
1.113
29
Jan
31
Feb
10
150
Jan
5
85
Jan
15134
86
Feb
Jan
Jan
6 34
Jan
834
Jan
1,085
5
Feb
634
Jan
310
5
Jan
634
Jan
10
7
Feb
734
Jan
85
434
Feb
634
Jan
Jan
7
20
434
Jan
1734
1834
385
16
Jan
834
1834
Jan
15
1634
1734
230
13
Jan
1634
Jan
15
17
Jan
Jan
1734
39
39
22
38
Jan
38
Jan
6§"~
60
63
297
60
Feb
70
Jan
66
66
6754
20
66
Feb
6734
Feb
23
23
15
Lake Sulphite.....——
Feb
75
39
Feb
130
Feb
5234
130
National Steel Car Corp..*
Noranda Mines
•
80
Jan
1434
Jan
5
734
Feb
Jan
35
12
Jan
Jan
275
12
Jan
1734
1334
44
14
12
3034
434
Goodyear TAR Canada.
Inter-City Bak Co Ltd. 100
Int Paints 5% cum pf—20
Int Utilities Corp A
*
Internatl Utilities Corp B. 1
Lake St John P & P
-*
3,023
11,120
10,444
30
100
*
12
Jan
6
*
Ford Motor Co of Can A
Fraser Cos Ltd
93
106
*
25
6
100
3034
------
*
"5?4
B
885
1,723
80
7
Paper Ltd.*
16
1434
130
1134
Consolidated
98
80
1254
17
8
130
80
International Power pf.100
7J4
13
426
Jan
Jan
Commercial Alcohols Ltd.*
Can Vlckers Ltd....
14
934
8334
Jan
5
8
1334
834
Feb
Feb
25
8
7
Feb
Feb
50
Cndn Marconi Co
1434
634
634
Jan
105
Can No P Corp 7 % cmpflOO
Canada Starch 7% pref 100
32
Feb
3,140
Jan
225
Jan
Jan
1.36
Feb
7
Jan
Feb
634
13
6834
133
127
734
2034
Can A Dom Sugar Co
Preferred...
Canadian Light A Pow. 100
Jan
4
60
133
British Columbia Packers*
*
33*
532
434
'
133
Beldlng-Cort 7% cum pflOO
Brewers A Distill of Van-.6
1.16
150
'
Jan
1634
64
—100
1.20
Jan
5
*
—.100
Feb
1.15
148
52
Montreal Tramways
1.50
...1
50
1934
Montreal Telegraph
4,359
Can P & P Inv 5% cum pf *
150
734
2.00
Cndn Pow A Paper Inv—*
150
1,705
1.70
Jan
Jan
Intl Nickel of Canada
Mtl L H A P Consol
1634
10
Imperial Oil Ltd
*
Imperial Tobacco of Can.6
—
26
Feb
13
70
—— ----
Howard Smith Paper
*
Preferred
——100
Preferred
Feb
100
.
85
73*
Ottawa L H A Pow
19
20
6,570
Jan
634
Montreal Cottons pref. 100
Jan
Jan
—*
National Breweries
Preferred—
Feb
Jan
Gypsum Lime A Alabas..*
Hamilton Bridge
*
McColl-Frontenac Oil..
Jan
Feb
29
65
834
1234
Massey-Harris
1534
3234
13
791
255
80
*
_
Jan
Jan
80
Rights
International Power
Jan
1134
6434
215
*
Holllnger Gold Mines
834
Jan
Jan
70
100
Gurd (Charles)
Feb
834
5534
84
_...*
General Steel Wares
634
410
3,730
69
...
Preferred
Jan
84
------
.1
Foundation Co. of Can... •
Gatlneau
10
1.90
14
100
Electrolux Corp.
Jan
Feb
70
*
Preferred
2,509
Jan
4
8
15
434
Feb
445
1534
934
Jan
Feb
19
105
18
Jan
3
30
1334
9
Feb
108
------
»
100
Dominion Textile
105
1434
Jan
334
195
8
1634
1,285
*
Dominion Steel A Coal B 25
104
5
434
334
*
Distill Corp Seagrams
Dominion Bridge
25
8
334
.*
Canadian Pacific Ry
Cockshutt Plow
17
267
334
334
434
»
Canadian Locomotive
10434 10434
------
Canadian Indust Alcohol.*
Class B
— -
—
V
2,060
1234
Jan
80c
25
23
Jan
23
Jan
15
10
15
Jan
15
Jan
734
8
26
8
Feb
80c
80c
200
70C
Feb
383
2334
Feb
31
Jan
1,855
834
Jan
1.00 ' Jan
26
334
2234
Feb
Loblaw Groceterias Ltd A *
2334
534
2234
Feb
1234
2334
Feb
MacLaren Pow A Paper..*
13
13
100
12
Feb
17
Jan
46
48
205
44
Jan
50
Feb
9234
9234
234
125
8634
Jan
9234
234
Feb
Massey-H&rr 5% cum pflOO
McColl-F Oil 6% cum pflOO
Melchers Distilleries Ltd.*
Preferred
...
.10
....
-
'4734
234
6
634
25
2234
1
112
634
2
6
Jan
Jan
634
Jan
Feb
Jan
Mitchell (Robt) Co Ltd..*
13
13
50
1234
Feb
1534
Jan
Page-Hersey Tubes Ltd..*
Power Corp of Canada
9334
9334
95
9134
Jan
95
Feb
97
9734
434
434
10434 10534
46
6% cum 1st pref..... 100
Quebec Tel & Pow A
*
Sou Can Pow 6% cum pf
United Amuse Ltd A
100
.
-
93J4
Jan
20
434
Feb
69
10434
Feb
9534
Feb
434
Feb
106
Jan
*
17
17
5
15
Feb
17
Feb
Walker-Good A Worts (H) *
41
4134
110
40
Feb
4434
Jan
Walk-GAWorts $1 cum pf *
1834
1834
25
1834
Jan
19
Feb
•
No par value
Financial
1382
Chronicle
Feb.
26, 1938
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Last
Week
Low
Shares
Stocks (Continued)
High
Par
Aldermac Copper
102H 102H
Feb
67c
Jan
2c
Jan
3Hc
Jan
Calmont Oils
2Hc
Feb
Canada Bread
22c
Jan
Low
Arntfield Gd Mines
2Hc
2,220
lHc
24c
Ltd—1
24c
300
16c
Feb
Base Metals Mining
Ltd.
100
Jan
40c
33c
28,500
20c
Jan
33c
Feb
24Hc
Feb
45c
Feb
40c
40c
40c
12
Jan
12c
13c
12,200
8C
Jan
Feb
Canada Wire A
*
6c
6c
8c
8c
Feb
6c
Feb
Canada Wire B
*
8Kc
8Hc
9%C
2,500
36,470
6c
Feb
10c
Feb
Canadian
*
28
(1936)_.l
Bulolo Gold Dredging...6
28
28%
615
26 H
Jan
Mines
Jan
57c
13H
1.15
1,24
6,700
95c
Feb
1.25
Feb
6c
6c
2,300
6c
Feb
9Hc
Jan
Canadian Canners—
10c
12c
12,500
5c
Jan
15C
Feb
34c
38c
28,500
34c
Feb
43 He
Jan
Canadian Cannerslstpref20
2d preferred
*
2.68
2.70
300
2.15
Jan
2.70
Feb
Can Car & Foundry
66c 66He
270
260
Jan
41c
Feb
270
~33c
*
6
68
Feb
72
15
140
Feb
150
3
141
17H
1.60
17
165
2.35
2.52
6,200
2.19
Jan
2 54
Feb
Falconbrldge Nickel——*
Fed-Klrkland Mining Ltd 1
6.00
6.00
6.30
800
5.50
Jan
6.95
Jan
Canadian Oil pref
C P R
9Hc
9He
600
9Hc
Feb
13c
Jan
Canadian Wineries
*
Francoeur Gold M Ltd—*
"53c
1
Lake Shore Mines..
2%c
Mackenzie-Red
Lake
Feb
8c
Feb
Carnation pref
28 H
Feb
Central Patricia
1
~2~60
11 He
Feb
23C
Feb
1
12 He
1,917
19c
Jan
27c
Feb
Central Porcupine
Chromium Mining
*
65c
Feb
1.50
Jan
56%
295
52%
Jan
58%
Feb
Cockshutt Plow
»
5c
4,500
3HC
Jan
Feb
Coniagas Mines——.5
1.75
llHc 12Hc
2c
2Hc
2,000
llHo
Feb
14c
Coniaurum Mines
*
1.67
6,500
lHc
Feb
2Hc
Jan
Cons
810
4.85
Feb
5.50
Jan
Consol
1
90c
Feb
95o
95c
100
1.00
Feb
Cons
Smelters
300
40 H
Jan
Feb
Consumers Gas
43c
4,300
30Hc
Jan
43c
Feb
Cosmos
2.25
2.25
200
2.05
Jan
2.25
Feb
Crows Nest Coal...
"lkc
1HC
2c
55,500
1H0
Feb
3c
Jan
Darkwater
Mining Corp of Canada..*
Moffatt-Hall Mines Ltd-1
44
Montague Gold M Ltd. —1
15c
15c
15c
500
15c
Jan
20c
Jan
—1
4.05
4.05
4.25
10,375
3.10
Jan
5.40
Jan
Pamour Porcupine M Ltd *
Pandora Cad
1
3.75
3.75
3.80
400
3.60
Jan
4.30
53c
47c
53c
18,250
39o
Jan
620
Da vies
100
Mines
Petroleum
2,940
1.65
Jan
3,868
10
98 H
8H
3
Jan
Jan
2.25
102
Jan
Jan
Jan
Feb
Feb
2.10
Jan
2.72
Feb
9HC
Jan
12o
Feb
72c
19,800
30,460
43c
Jan
720
Feb
3,300
30HC
Feb
43c
8
Jan
11H
Jan
Feb
2.25
Jan
59c
9
1.75
1.66
9H
1.90
1.78
120
400
4,235
14 %
594
40c
18,435
2,493
32c
59 H
1.55
14
25o
55 H
Jan
1.84
Feb
16
Jan
420
Jan
Jan
Jan
Feb
Jan
64 H
Jan
169
183
Feb
199%
Jan
22
203
21
Jan
34
12
33
17c
51c
*
32c
1
*
15
Feb
Distillers Seagrams
Preferred—
100
74
Jan
Dome Mines
100
56 %
202
25
18H
*
62 H
1.75
185
183
19c
1
Denlson Nickel Mines
O'Brien Gold
6H
2H
Feb
5
115
34
61H
183
100
——-*
.....
Jan
21H
5
42%
40c
42
110
13,290
14
40c
38
12c 14Hc
35c
Bakeries
42%
Feb
2.70
"ok
*
—
Jan
1.25
102
2.53
Commonw'lth Petroleum.*
1
McWatters Gold
4H
Feb
32c 32He
1.25
Chibougama
Feb
91c
115
102
100
Jan
3
7%
2%
55Hc
5
Mclntyre-Porcuplne
Jan
30
2.24
Jan
Jan
Jan
55
6H
2%
1,500
4.90
9
Jan
Feb
2,051
2.10
1.30
4.85
1
5%
17%
39,037
2.14
Jan
50
177
4H
~~7%
—25
Cariboo Gold
4%c
U%c
Jan
1.24
3
1.15
112
100
56 %
Lee Gold Mines....—.1
Macassa Mines
4%
1.16
1.25
Lamaque Contact Gold—*
Lebei Oro Mines Ltd
1
Feb
35
2.50
1
1
280
4H
17
Feb
Canadian Dredge
Canadian Ind Alcohol A.
Klrkland Lake Gold
Feb
125
31
8H
Canadian Malartlc
Klrkland Gd Rand Ltd...l
163
130
30
Jan
Feb
28,700
41
5%
Jan
1.62
12c 13Hc
22c
27c
Jan
Feb
6Hc
12c
Feb
15
11%
60
1
Jan
17H
395
17H
8H
Jan
1.60
23
Jan
J-M Consol Gold
22
Feb
Jan
Jan
Feb
61
Feb
1.25
Jan
Jan
6c
Jan
20
1,515
Feb
50
37c
Feb
58
20
1.35
Jan
8
1 05
24
Jan
9H
54 H
500
12
20 H
4,000
1,190
Jan
3H
115
20
5H
17H
Jan
9
9H
61
20
Jan
2H
590
23,500
1,760
Jan
68
142
2H
9H
775
1.62
28 H
Jan
10 H
56%
5%c
48c 53 He
8c
8c
13
23
1.46
27 %
Jan
10
5Hc
"28k"
9H
22
1.62
Graliam-Bousouet Gd M.l
150
10 H
5%c
Hudson Bay Mln A Smelt *
11
Jan
22 %
56 X
Feb
Feb
*
*
56
4H
25
Preferred
Duparquet Mining Co—1
1
Eldorado Gold M Ltd
1
Dome Mines Ltd
East Malartlc Mines
Jan
163
1.55
Cndn Bk of Commerce. 100
1.20
38c
3H
17
Breweries
"Tic
Can Malar tic Gd M Ltd..*
Capltol-RouynGd M Ltd 1
Cartler- Malar tic G M Ltd 1
Central Cadillac G M Ltd 1
Central Patricia Gold
1
Consol Cblbougamau
1
Jan
15
60
20
Preferred.
Jan
30
62c
4
10 H
2%
Canada Steamships.—
Can Steamship pref
50
Bidgood-Kirk Gold
1
Big Missouri Mines Corp."
BouscadlUac Gold Mines. 1
Brazil Gd & Diamond M.l
3.10
68
Canada Permanent—..100
2,200
Jan
Feb
Feb
140
*
Canada Packers.—.
40c
45c
37c
2.39
40 He
4
27c
40c
6,440
5,750
2.9
46c 46 He
11
Jan
23
21H
2.80
—
40c
30c
Beaufor Gold
2.80
High
.Jan
80
23
.....1
Low
Shares
Hit,
22
Canada Cement
2c
Jan
Arno Mines Ltd..-
BrowDlee
47c
33,850
3,200
67
56
68
Corp...
TXT*i>b
W frC
of Prices
Price
25
Calgary A Edmonton—..*
Range Since Jan. 1, 1938
for
Sale
Burt (FN)
Alexandria Gold
Sales
Last
Range Since Jan. 1, 1938
for
of Prices
Low
High
Price
Par
Stock* (Concluded)
Week's Range
Sale
Exchange
Friday
Sales
Friday
20c
50c
53c
35c
31c
38
Jan
Feb
40
2,370
13
Jan
16
Jan
66 H
53 H
Jan
74
Feb
Jan
60
Feb
Jan
206
74
»
105
56
57%
3,010
202
Jan
Jan
13,400
14,200
23,185
14%
71H
200
15%
12o
24
25
290
200
Jan
23 He
57
46c
Feb
Feb
Jan
Jan
2.40
2.65
1,900
2.20
Jan
2.70
Jan
Dominion Bank
Pend Oreille M A Met—1
2.10
2.03
2.30
Feb
2.65
Jan
Dominion Coal pref
18H
19
50
18H
Feb
19%
1.65
1.58
1.77
8,850
30.500
1.70
Perron Gold Mines Ltd—1
1.02
Jan
1.77
Feb
4HC
4Hc
500
4c
Jan
5c
Plckel Crow Gd M Ltd—1
4.65
4.80
450
4.60
Jan
5.15
Jan
Dominion Explorers.....1
Dominion Foundry
...»
30
30 H
1,055
25 H
Jan
32
Feb
Placer Development Ltd.l
Premier Gd Mining Ltd—1
16c
16c
180
15%c
Feb
17 He
2.35
Feb
Dom Scot Inv pref
50
32
32
100
30
Jan
32
Feb
Dom Steel Coal B
26
13H
15H
5,230
13
Feb
16H
Jan
7H
9H
923
6
Jan
100
7%
Jan
20 H
86,100
14c
Feb
11c
5,000
70,250
39,405
lOHc
Feb
2.60
Pato Consol Gd Dredging 1
2.35
2.35
100
1.85
Jan
Feb
14H
1.25
1.33
2,900
1.14
Jan
1.33
Feb
Dominion Stores
*
7
—1
4.00
3.90
4.05
3,050
3.90
Feb
4.50
Jan
*
9H
*
30c
27c
38c
47,600
27c
Feb
42c
Jan
Dominion Tar........
Dorval Siscoe
1
19c
5Hc
3,500
3,500
6c
Feb
6Hc
2c
Jan
3c
Feb
East Crest Oil
1.45
1.48
600
1.30
Feb
1.48
Feb
East Malartlc..
1
1.63
1.45
1.63
26c 29 He
1.48
1.64
500
21c
Jan
30c
Feb
Eldorado Mines....
1
2.51
2.35
2.55
8,502
1.28
Jan
1.78
Jan
9.305
2.55
Feb
3.40
Jan
Equitable Life
Falconbrldge
*
1
"20 k"
1
9c
25c
15c
Red Crest....
Reward Mining
1
Ritchie Gd Mines Ltd.—1
San Antonio Gd M Ltd—1
Shawkey
1
Sherrltt-Gordon
1
Sleooe Gold Mines Ltd
1
2.72
..1
1.25
*
25c
Sullivan Cons Mines Ltd.l
1.00
1.00
Sylvanite Gold
Teck-Hughes Gold
Thompson Cad
Towagmac Explor Ltd
3.35
Bladen Mai
Jan
Jan
Feb
Ykc
5Hc
2HC
Preston-East Dome—... 1
Read Authler Mine
Feb
Stadacona-Rouyn
2.65
3c
2.80
"6". 05
.*
1.29
63.350
940
Jan
1.29
Feb
25c 28Hc
19,725
22c
Jan
44c
Jan
Fanny
1.02
8,950
950
Jan
1.10
Jan
Farmer....
Federal-Klrkland
3.20
3.35
800
3.05
Jan
3.60
Feb
Firestone Petroleum
5.40
100
6.30
Feb
5.60
Jan
Fleury-BLssell
26e
30c
17,190
20o
Jan
38c
Jan
60c 60Hc
~27c
6H
..25
5.40
1
1
1
10Hc
._.*
Famous Players voting
64c
Jan
60Hc
Feb
36c
Jan
43C
Jan
Ford
7.76
Jan
8.10
Jan
Foundation Pete
1.19
7
6H
65
6.40
4,115
3%
10
20 Ho
Jan
Jan
Feb
15c
Jan
1.05
Jan
1.63
Feb
3.17
Jan
2.59
Feb
5H
Jan
8
Feb
6.40
Jan
6.95
22
Feb
24
Jan
2,564
20%
Feb
21%
Jan
16,900
8Hc
Feb
14c
Jan
1,000
15c
Feb
22c
23
10
20 H
21
9c 10 He
15c
15c
3
3
35H
..10
Fontana Gold
6.00
23
*
Preferred.......
9H
18Hc
35H
14c 16Hc
Jan
Jan
165
3
Feb
4
Jan
9
35
Feb
40
Feb
Wood Cad
♦
37c
42c
8.00
"39c
1
Wright-Har greaves
2,700
54,100
5,800
11c
8.00
125
1,730
Oil-
Anaconda Oil
Co Ltd
*
15%
Jan
18H
.*
16Hc
18H
16Hc
4.100
16c
Feb
210
Feb
Francoeur
1
*
52c
42c
53c
52,600
350
Jan
53c
Feb
Gatlneau Power
Preferred
*
9%
8%
9H
949
6H
Feb
10
Jan
84
Feb
1
A
»
84
....100
17 H
18H
16c 17Hc
81
10c
1,000
10c
Feb
15c
Jan
46c
50c
10,200
45c
Feb
50c
Feb
2.85
2.95
700
2.40
Feb
3.10
Jan
General Steel Wares
Gillies Lake Gold
1
~60c
65c
60c
1,700
55c
Feb
70c
Jan
Glenora
*
1.28
1.25
1.35
3,385
1.10
Feb
1.40
Jan
*
51c
Homestead Oil & Gas Ltd 1
25c
1
24Hc
84
1
10c
Brown Oil
48c
Calgary A Edmonton
•
Dalhousle Oil Co Ltd
*
Home Oil Co..
Royalite Oil Co
25c
100
21Hc
Feb
300
21Hc
2.00
Feb
2.10
Jan
2.20
Jan
Gold Belt
12c
500
11c
Jan
17c
Feb
45c 47Hc
•
25c
2.10
»
Pacalta Oil
God'e Lake Mine
Goldale Mines
12c
OJalta Oils
1,934
41
Jan
Feb
47H
to
Feb. 25, both
Last
Sale
Stocks—
Par
Price
ADltlbi
Sales
Weeh's Range
High
1.85
6% preferred....... 100
17X
15
1.95
Shares
355
Low
1.50
14
High
Feb
2%
875
Feb
19 H
Jan
2,500
9,900
9o
Jan
10c
Feb
2%c
Jan
4c
Feb
21c
600
20c
Feb
26c
Jan
17%
25
10H
Jan
17H
Feb
26c
AJax Oil & Gas
Alberta Pao Grain pref.100
A P Cons Oils
...1
Aldermac Copper
♦
58c
26c
24c
Feb
37c
Jan
70c
46o
Feb
70c
Feb
....1
55c
2c
2c
1,100
172,800
2%c
10,000
21c
19,700
2Hc
Feb
Jan
25c
Jan
U8
1.15
1.25
2,772
\%o
16Hc
1.15
Feb
•
Feb
1.65
Jan
*
3.50
3.50
3.75
525
3.50
Jan
4.15
Jan
23c
15%c
6%c
25c
43,020
150
Feb
25c
Feb
1
Anglo-Can Hold Dev
Anglo-Huronian
Arntfield Gold
19%c
Ashley Gold
Astoria-Rouyn
1
3Hc
3%c
Augite-Porcuplne Gold
1
35hc
35%o
19Hc
94c
88c
Bagamac Mines..
Bankfleld Cons
Bank of Canada
50
59%
59%
7%c
3%c
3,000
5%o
Jan
10c
Jan
12,500
41c 109,150
3o
Feb
4%o
Jan
25c
Jan
44c
Feb
20c
3,550
19o
Feb
27c
Jan
1.03 183,312
62o
Jan
1.03
Feb
60C
Feb
59%
57 %o
Jan
Bank of Montreal
100
203
203
5
200
Feb
Bank of Nova Scotia
100
300
300
165
297
Jan
305
Jan
.100
240
240
45
240
Feb
249
Jan
*
6
6
5
6
Feb
6
Feb
Bank of Toronto
Barcelona Traction
Base Metals Mln
40c
Bathurst Power A
BeattleGold
...
10
•
1.37
*
Bell Tel Co of Canada. 100
Bloodgood Klrkland
Big Missouri...
162k
45c
94,575
9%
10H
330
1.35
1.40
5,100
1.25
Jan
1.49
Jan
4%
160
3%
Feb
5H
Jan
Feb
161
166
358
26o
Jan
45c
Feb
9
Feb
10H
Jan
159
166H
Jan
20c
Feb
50C
Feb
39c
Jan
580
Jan
Feb
10 %
Jan
12c
Jan
39c
37c
45c
43c
42Hc
45c
147,328
9,075
9%
9%
9%
9%c
7,400
9He
Feb
8.75
8.90
380
8.75
Feb
9.15
10H
Feb
13
*
—1
*
Mines....
Traction.....
•
11%
10%
U%
150
3,089
9
Brewers A Distillers..
5
7
7
7%
535
5
B A Oil
•
20%
20%
20%
20
..*
48c
43c
50c
16%c
17c
3,282
55,300
1,425
10,000
Brown Oil
Buffalo-Ankerlte.
1
Buffalo-Canadian..
*
Bunker
3%c
49%
...*
Hill
*
Jan
38c
1
Bobjo Mines
Building products
207
1
Blltmore Hats.
Brazil
26
4%
*
Beauharnois
Bralorne
203
16c
16c
3%c
50
17c
80
17,400
Jan
39c
Feb
7H
21H
68Ho
13Hc
Jan
17HO
Feb
Feb
Jan
Feb
Jan
Jan
Feb
3Ho
Feb
5 Ho
Jan
48
Jan
62 H
22c
F9
160
Feb
Ja
Jan
Jan
5,700
4c
Feb
5c
Jan
*51c
54c
19,835
46c
Jan
68c
Jan
Feb
25c
16,200
19c
Jan
25C
3,500
30c
Jan
43c
40c
42,800
28C
Feb
40o
Feb
Goodflsh Mining
1
7Hc
7Hc
9Hc
24,200
7Hc
Feb
12c
Jan
64
Jan
Jan
64
Feb
72 %
53 H
429
53%
Jan
56
1
7Hc
68H
54 H
9Hc
182
60
1,900
5o
Feb
9Hc
6c
7c
6,100
5o
Feb
8c
Jan
7c
500
6HC
Jan
lie
Jan
69
8H
Feb
12
Feb
33
*
1
6Hc
Grandoro Mines
.....*
Great Lakes Paper
♦
Preferred
»
7c
Grull-Wlhksne..
7c
8H
~27H
25
Hard Rock
10
27 H
126
25
Jan
Feb
Jan
J&n
8c
8c
1,000
7c
Feb
10c
Jan
1
99c
95c
1.05
75c
Jan
1.07
Feb
A Alabas..*
6%
6%
7H
74,185
1,282
6H
Jan
2c
2c
5,000
2c
Feb
Jan
'"3%
3%
3%
865
3%
Jan
8H
2Hc
3H
2.20 288,735
...1
Gold
*
9c
23c
4Hc
1
4%c
8H
Jan
38c
Halcrow-Swayze
17%
Feb
10c
23c
Harding Carpets
17%
Wc
Jan
6
17c 125,300
33c
Jan
21c
1
76
7H
12o
38c
Gypsum Lims
9c
Afton Mines Ltd
156
557
6
~~36c
Gunnar
3Hc
Acme Gas & Oil
Alexandria Gold
Amm Gold Mines
Range Since Jan. 1, 1938
for
Weet
of Prices
Low
Jan
1
Graham Bouaquet
Granada Mines
inclusive, compiled from official sales lists
Friday
Feb
4c
50c
Preferred
Feb. 19
20c
Eagle
Gold
Goodyear Tire
Toronto Stock Exchange
6%
15c
*
Jan
1
Hedley Mascot Gold
2.15
i
...
Barker
13Hc
1.36
1
High wood Barcee
14c
*
1.78
13Hc 14Hc
1.36
14c
1.40
16c
1.10
Jan
20,900
11c
Jan
1,500
1.36
Feb
2,700
14c
Feb
20o
2.20
15c
1.4
Hlnde & Dauch—
*
17
225
14
Jan
5
13H
16H
13%
17
Holllnger Cons
14H
3,580
13
Jan
17H
14H
1.23
1.39
1.40
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Home Oil Co
*
1.25
Feb
1
25Hc
20c
26c
7,840
13,800
1.10
Homestead Oil
20c
Feb
37c
Jan
Howey Gold
1
27c
27c
30c
15,895
27c
Jan
33c
Jan
Feb
67H
8H
Huron A Erie
100
20%
......
100
Imperial Oil
205
19H
14%
*
Imperial Tobacco
Preferred
65
80
8
100
Imperial Bank
65
5
8
28
201
205
36
18H
13 H
100
19H
14%
100
100
100
International Nickel
International Pete
*
52
49 H
52%
*
30%
30H
31
6,554
445
65
7H
200
17H
Feb
Feb
Jan
214
19%
14H
Jan
Jan
Jan
Jan
Feb
13H
Jan
10
99
Jan
16,377
43
Jan
52 %
Feb
31
Feb
2,910
102
Jan
Feb
28H
Jan
Intl Utilities B
1
70c
75c
200
70C
Feb
1.00
Jack Walts
1
44c
44c
1,500
320
Feb
63c
Jan
Jacola
1
33c
25Hc 36Hc 141,955
15c
Jan
36HC
Feb
...1
62c
69c 231,800
38HC
Jan
73c
Jan
Jellicoe
J M
Mines
Cons...
50c
1
12Hc
12c
14c
23,900
Kelvlnator
*
13H
13 H
13 H
10
Kerr Addison...
Kirk Hud Bay..
l
2.02
2.00
2.12
l
1.05
1.05
1.11
Klrkland Lake
1
Consolidated
1.23
Laguna Gold
......1
Lake Shore
...l
Lake Sulphite......
•
Lake of Woods
*
Lamaque Contact
Jan
51,692
1.80
Jan
2.25
Feb
4,200
1.00
Jan
1.50
Jan
1.20
Feb
1.50
Jan
28c
Jan
47o
Feb
Jan
58 H
Feb
1.33
45,945
47c
33,674
34c
57
5%
13%
13 H
15
4%c
5c
19,300
51,135
3%c
37 He
Laps Cadillac
1
1
1.06
1
llHc
2,998
995
62
3%
13
Feb
13
Feb
13H
Feb
Jan
5C
Feb
Jan
58c
63c
63H
58c
"
Jan
15
56 H
Laura Secord..
Lava Cap Gold
Lebei Oro............
17o
Feb
45c
5%
Jan
13
56 H
*
*
1.20
110
Jan
63 H
80
62H
Jan
1.00
1.08
9,340
53,100
99o
Jan
Jan
630
65
1.13
Feb
Feb
Feb
11HC
Feb
15c
Lee Gold
1
2Hc
2Hc
7,000
lHc
Feb
2Ho
Jan
Leltch
1
99c
99c
1.05
45,725
88c
Jan
1.12
Feb
*
5.05
4.95
5.25
7,365
4.95
Feb
6.00
Feb
Gold
Little Long Lao
•
No
par
value.
llHc 12Hc
Jan
Volume
Financial
146
Chronicle
1383
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange
Toronto Stock Exchange
'
Sales
Friday
Stocks
Loblaw
Par
(Continued)
A
Week's Range
for
Sale
of Prices
Week
Price
Low
High
.—*
22
22
20
20
High
Low
851
Feb
22
Last
Stocks
Jan
24
(Concluded)
Par
Winnipeg Electric A.
Preferred
Week's Range
Sale
Shares
224
Ill*
—
Sales
Friday
Range Since Jan. 1,1938
Last
of Prices
.*
Price
Low
2H
2H
2H
11H
11H
5
204
1,365
20
Feb
21 H
Jan
4.80
4.80
4.90
5,771
4.80
Feb
6.55
Jan
Wood Cadillac
.1
39c
MacLeod Cockshutt.. —.1
2.90
2.59
3.10 371,143
41c
24,500
1.30
Jan
3.10
Feb
Wright Hargreaves..
.*
8.00
; 37c
7.85
49C
Feb
Ymir Yankee Girl..
York Knitting
*
24c
24c
-
Mines
Madsen Red Lake
Ill*
East
•
—
Mines
♦
74
1160
27c
Jan
Jan
4C
24
451
2H
Feb
2X
125
4
Jan
7-';'>
47
—
m
—
lioo
Preferred
McKenzie Red Lake.. ...1
94c
MeVlttle-Graham
McWatters Gold
...i
...*
40c
Mlnto Gold
Monarch Oils
...
Moneta Porcupine
Feb
20c
18,500
43c
10,650
32c
Jan
48C
Feb
7c
500
5c
Jan
8c
Jan
4c
16c
16c
2.19
146
...1
12c
..10 -i'w'
...1
-
2.31
2.16
1.73
3c
Feb
2,500
32,950
16c
2.49
Jan
Feb
2.07
Jan
Ho
Jan
20C
Jan
4
2.41
Jan
Feb
299
31
Feb
35 H
Jan
100
146
Feb
Feb
13c
11,700
150 H
17c
34
11c
4
-
9,855
14,000
1504
334
-«• -
4
200
lie
Feb
4
Feb a'
4
Jan
Feb
24c
34c
7,000
2Hc
Jan
3 Ho
Jan
394
24c
394
74
20
39 H
7
Feb
41H
Jan
Feb
m
Jan
*
National
Brewing....
National
7
lioo
"
123
*
National Sewerplpe...
National Trust....... lioo
123
144
124
375
85
144
144
210
210
465
23
Jan
12H
207
Jan
126 H
19
Jan
Jan
123
210
Feb
Feb
Naybob Gold........ ...1
*
Newbee Mines
"***28c
27c
32c
27,530
22c
Jan
35 Ho
Feb
3c
3c
34c
4,000
3c
Feb
4 He
JaD
New Golden Rose.... nil
28c
25c •28c
1,700
1,310
5,357
1,200
3,100
27,306
250
Feb
320
Jan
1.89
J an
Nlplsslng.
Noranda
2.10
Nordon Oil
11c
...i
62
12c
24c
3c
nil
Norgold Mines
2.10
594
24c
*
2.00
614
...6
Mines
—
-
11c
Feb
14c
Jan
2^c
Feb
3Hc
Jan
95c
70c
Feb
1.14
Jan
1.40
100
1.40
Jan
1.50
Feb
34
100
3H
Jan
3?*
Jan
3.95
3.95
4.25
10,075
3.10
Jan
5.45
Jan
1.96
2.15
10,275
1.80
Feb
2 30
Jan
4c
4c
44c
10,700
3Hc
33Hc
Feb
5?*t>
Jan
Feb
46c
Feb
46c
Jan
890
Feb
lie
Jan
17C
Feb
Olga Oil A Gas
Omega Gold
40c 424c
17,296
*
89c
70c
89c
...*
114c
11c
13c
65,782
95,100
404c
Oro Plata
Oils....
•
Page Hersey
Pamour
Jan
Feb
2.05
•
Okalta Oils
Pacalta
2 15
62
88c
— —
•
Jan
1.40
91c
"i*
1115
Preferred...
O'Brien Gold...—- ...1
53
34
Normetal
North Star Oil..
94
924
96
3.80
3.75
3.85
17,825
3.65
Jan
4.30
Feb
48c
,.
47c
53c
10,000
40c
Jan
63c
Feb
»
Porcupine...
43c
7 50
Jan
8.20
Feb
Jan
30c
Feb
Feb
4M
Feb
405
89
22H)C
45
4H
4H
Feb. 25, both inclusive, compiled from
Jan
Jan
Section
official sales lists
Feb
96
Feb
Pandora-Cadillac
nil
Pantepec Oil
...
7
7
74
7,805
7%
Feb
...i
16c
16c 174c
33,400
6H
7H<
Jan
Partanen-Malartic
Jan
20c
Jan
...1
20c
Feb
21c
Feb
62c
62c4
67c
67,700
47,325
120
—.1
55c
Feb
690
Last
Stocks—
Par
18e
16c
19c
45,750
12Ho
Jan
19?*c
1.70
1.55
1.76
34,680
1.02
1.76
.iii
14c
14c
14c
2,000
10
Feb
1?*C
—j
4.65
4.60
4.80
4.50
Jan
5.10
3.10
3.00
3.10
2.85
Feb
3.25
-
III*
Canada Malting
Coast Copper
974
5
97
Jan
99?*
2.35
21,650
1 73
Jan
2.41
Feb
7c
53,200
4?*o
Feb
12c
Jan
600
7Hc
Jan
9c
Jan
33 H
235
31?*
Feb
36
Jan
16
16?*
70
15H
Jan
17H
Feb
1.30
1.05
1.30
3,660
1.05
Feb
1.40
Jan
19 H
19 H
19H
Feb
3.10
3.50 .•>:
lc
'
*
Consolidated Paper...
Cons Sand A G pref— lioo
5H
6H
III*
Jan
2.60
Jan
11,500
2,710
lc
Feb
5
Feb
7
Jan
15
IHe
19H
425
70
Feb
75
Feb
70
68c
20
30
6 H
70
Dalhousle Oil
65c
Jan
4.00
Jan
IHe
53c
2,545
Jan
69c
Jan
Jan
25
5H
Feb
30"
29 H
30
345
29 H
Feb
8H
32?*
Hamilton Bridge
"I" *
Hamilton Bridge pref. lioo
Honey Dew preferred-
7H
7H
8
53
7H
Feb
8%
Jan
49
49
10
45
Feb
50 %
Feb
12
12
8
12
Jan
14
Jan
III*
III*
II"*
Townsite... IIIi
"28 H
Jan
28 H
Feb
20H
—
*
Dominion Bridge
Hudson Bay M A S—
5H
5H
-
22 H
27 H
19
28 H
20
7,417
91
17
Inter Metals A
7H
7H
7 H
100
6
Kirkland
20c
19c
20c
5,400
IHe
l?*c
22Hc 22 He
12,000
3,300
Humberstone
Malrobic—
19
1
Mandy
*
Oil Selections.
Pawnee-Klrkland
....
Pend Oreille
IHe
III* "30H
III*
41H
__"*
3c
nil
Montreal L H A P
National Steel Car
....
—i
Robb Montbray
Robt Simpson pref
...1
-100
-
—
-
*
-
-
"100
Preferred
Jan
lc
Feb
lHo
Feb
Feb
24c
16c
Jan
320
28 H
Jan
30?*
Jan
33 H
Jan
41?*
Feb
3c
Feb
3c
4Hc
Jan
IHe
2,000
lc
Jan
2c
Jan
1.93
2.27
27,570
7,500
6,500
1.70
Feb
2.62
2c
Feb
3o
Jan
Jan
2?*C
Feb
2 J*c
110
no
20 H
2%
40c
Ho
515
110
Jan
21H
Feb
17
4 J*
Jan
Jan
75c
Feb
10c
Feb
23
Feb
30c
80
45c
Feb
Feb
2H
Jau
4
Feb
3H
19
190
110
Feb
110
600
18
17
------
1
5
3H
21H
3H
3>A
17
5,000
3c
2c
*
Stop A Shop
Temlskarnlng Mines..
23c
810
3H
Standard Paving
Feb
41?*
3Hc
3H
21H
Rogers Majestic
Shawtnigan WAP... in*
17C
H
30 H
2 HO
-
Jan
Jan
9
IHe
—
-
Feb
Feb
'
37
2c
-
Jan
30
2.08
...1
Ritchie Gold
Feb
134
2
31?*
16
...1
Feb
2.20
High
Feb
2
190
2
8 H
Ills
Cobalt Contact
-
"33^
*
Canada Vinegars
Canadian Marconi
nil
*
Canadian Wirebound.
Jan
974
'
:—
Low
7?*
'
'
—
4?*c
5c
*
Range Since Jan. 1, 1938
for
Week
Shares
High
2
Ilh
Brett Trethewey
Canada Bud
Jan
1
10,235
5,166
Low
*
Beath A
Jan
Pickle Crow..
Price
Jan
Feb
Pet Cob Mines
of Prices
Feb
*
Week's Range
Sale
Feb
...1
Sales
Friday
DeHavilland
Groceries-
Preferred
to
Jan
21c
7c
♦
Kirkland
1.10
Jan
40c
'-i00
16
Jan
Toronto Stock Exchange—Curb
Feb. 19
Jan
Feb
2.25
4H
Feb
45
.__.*
Feb
93
13c
34c
Murphy Mines
14
Jan
89c
4c
Muirheads pref
Jan
7,800
16c
«» —
11
86 H
174c
-
Jan
Feb
35o
10
42c 107,100
8.05
21,395
29c
30.700
Jan
Jan
2.05
■-
440
•:v
60
-
40 H
2.20
...
A
Jan
3,832
*
...1
Moore Corp
Jan
41 %
98c
94c
7c
...
Feb
7?*
424
in*
125c
Corp
14C
Feb
220
124
93
41
184c
in*
..
Merland Oil....
Jan
OH
560
12
424
Feb
9c
3,522
48
444
Mines.—. ...5
5
54,325
74
92
— —
92
High
3H
Feb
m
Jan
K
100
Jan
104c 134c
■
♦
McColl Frontenao.—.
Morris
Feb
24
13c
,--1
—
Preferred
Mining
22c
2Hc
*
Preferred
Massey Harris
Melntyre
1,600
12,500
39c
—
-
24c
24
Maple Leaf Milling- III*
Maralgo
28)*o
22c
24c
4U
__.*
Manitoba A
214c
24c
39c
—1
McDougall-Segur
Jan
Low
83
L Illi
B
Macassa
Range Since Jan. 1,1938
for
Week
Shares
High
Paulo re Gold
Paymaster Cons.
Payore Gold
...
';*■
1
134c
21c
11
~
lioo
36 J*
25c
Jan
20
Jan
25
Feb
35
Feb
42
25
36 J*
1.40
*
Walkervllle Brew
Feb
20
22,800
25
35
-----
321
12
11
*
Thayers 1st pref.
United Fuel pref
1.40
100
1.40
Jan
1.75
Jan
Feu
Pend Orille Mines A Metals
Ltd
Pioneer Gold
..
Porto Rico pref
Powell Rouyn
.100
..
Power Corp
Premier..
2.20
1
..
Jan
144
105
13H
Feb
15
2.25
2.40
7,300
1 89
Jan
2.42
17
321
15H
Feb
19
Preston E Dome.....
1.20
1.34 107,300
1.05
Jan
1.34
59c
Ill
59c
60c
1,000
59C
Feb
70c
4.10
3.90
Feb
4.55
38c
25c 294c
Quebec Mining
—
Read Authier
—.1
3.95
Red Crest Gold
--.*
31c
Ill*
11.*
27c
Reeves-Macdonald
Reno Gold..
n.i
...
Red Lake G Shore
-
------
Feb
45c
Jan
36 He
Jan
55c
23
Jan
14,800
39 He
23
64c
Feb
30
Feb
Royal Bank
.100
17c
93,800
10c
Jan
------
Russell Motors
lioo
St ADthony.........
...
70
18c
1
*
St Lawrence Corp
San Antonio
------
nil
Shawkey Gold
—
Silverwoods
47
70
18
176
45
144c
585
:
18c
10
42,008
44
44
15
1.36
1-.47
26,305
170
Feb
25
20c
190
Bid
Jan
40?*
Feb
48?*
Jan
Abitibi P & Pap ctfs 6s '53
70
Jan
70
Jan
Alberta Pac Grain 6b. 1946
Beauharnols Pr Corp 6b *73
12c
Jan
18C
Jan
Feb
4
1.25
5H
Jan
Bell Tell Co of Can 5a. 1955
Feb
1.55
Jan
Burns & Co 6b
—1958
/63 J*
Bid
Ask
MacLaren-Que Pr 5>$ a '61
54
75
-
-
71 J*
70 H
112H 113
60
-
98 H
31c
Calgary Power Co 5a.-I960
98c
Jan
32 He
1.21
Feb
6,800
Feb
Canada Bread 6b
1.65
38,432
1.27
Jan
1.80
Jan
Canada North Pow 5a. 1953
1.00
1.00
90
1.00
Feb
1.00
Feb
Canadian Inter Pap 6s '49
60
2H
Feb
3
Jan
Canadian Lt & Pow 5s 1949
101
81
Jan
95
Jan
Canadian Vlckere Co 6a *47
97
2.52
Feb
3.40
Jan
Cedar Rapids M A P 69
87C
1 30
Feb
Consol Pap Corp
'53
§Hk 1961
1961
83^8.1945
114
Jan
3
Simpsons pref........ 1100
Sisooe Gold...
—1
86
85
86
110
2.71
2.65
2.80
1.23
1.19
1.30 134,025
13,790
Jan
1941
103
42
-
-
-
-
Slave Lake
...1
14c
14c
164c
19,100
10c
Jan
24C
Jan
Spy Hill Royalties.... .25c
124c
124c
17c
6,200
12Hc
Feb
25c
Jan
53^8 ex -stock
Dom Gas & Elec
25c 294c
63c
644c
25,300
22c
Jan
45c
Jan
Donnaconoa Paper
110
60?*
Feb
69 H
Jan
150
55
Feb
5
4
Feb
4
Feb
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
51
Feb
15 He
Jan
Eraser Co 6a—Jan 1
1950
100
101
—
26c
*
■
*
Steel of Canada.
Preferred
_
Sterling Coal..
...
64 4
-25
.100
»
4
63H
Jan
lie
114c
3.10
3.05
3.35
2,475
2.95
Jan
3.80
Jan
Gatineau Power 6s... 1966
15c
15c
16c
12 He
Jan
16Hc
Feb
Gt Lakes Pap Co 1st 6s '55
7,600
Sylvanlte Gold
1
3.30
3.20
3.35
9,450
9,000
9,185
14 4
14 4
14 4
255
Feb
16
Jan
5^8—
"Ill
24c
2 4c
24c
2,000
2C
Feb
3 He
Jan
6s..-
..*
5.40
5.40
5.50
4,052
5.15
Jan
5.70
Jan
1.00
—1
.......
Tashota
...
Teck Hughes....
Texas Canadian...
Tip Top Tailors
Toburn Gold
Toronto Elevators
.
..
...
..
"II*
'2 *
"Hi
""50
Preferred
1.40
-
-
-
15
13,525
1.20
Jan
1.57
Jan
50
113^
Jan
13 H
2.30
Jan
2.90
14
Feb
17
45
Jan
48
Feb
80
31
80
Feb
85
Feb
144
154
46
47
83
58c
Exploration..!
Uchi Gold
Union Gas
1.55
»
------
"*
1.75
11.75
Feb
15 H
Jan
26c
54
1,195
4?*
Jan
6
6.25
6.50
3,030
6.00
Jan
7.40
Jan
1.07
1,000
99c
Feb
1.25
Jan
1.75
2.08
42,567
434
3,888
184
19
12c
15c
3
3
30
35
30
Western Can Flour preflOO
*
144c
lie
•
114
...
------
*
Jan
2.14
40
Jan
44?*
Jan
18H
Jan
19
J*
Feb
18,200
12c
Feb
18C
Jan
3
Feb
4
Jan
Feb
35
15
1.59
H
Jan
109
12
80
Jan
912
16c
144 c
104c 114c
11
Jan
28 J*
5,400
14Kc
Feb
34c
Jan
11,150
10c
Feb
14c
Jan
1,301
50
82
10
78
Feb
-.
94 H
ner
B
1966
103
Smith H Pa Mills 44 « '61
United Grain Grow 5s. 1948
104
81
664
764
United Securs Ltd 54» '62
Winnipeg Elec 6s. Oct 2 '64
68*
I
65
n
Nominal.
CURRENT
NOTICES
—Harrison & Schultz announce that Alson D. Kimball has been
admitted
partnership in their firm and that G. L. Smith, formerly with T. L.
MacDonald & Co. as manager of tljteir Telephone and Telegraph Securities
to
Department, is now associated with them.
—Orvis Brothers &
announce
the removal
Co., members of the New York
Stock Exchange,
of their branch office at 933 7th Ave. under the
management of James E.
Carrigan, to 250 West 57th St. in the Fisk Build¬
ing, New York City.
—Dominick Noce,
and the
previously with the trading department of Ernst & Co.
Express Exchange, has become associated with M. S. Wein & Co.,
25 Broad St., New York City.
—Morgan, Rogers & Co., Inc., announces the association with them of
Feb
84
Harry H. Kennedy and the change in firm name to Morgan, Rogers &
Kennedy, Inc.
14c
4,500
3,500
Jan
2c
Feb
5c
14c
64c
IMc
5c
..1
93 H
44s
Shawtnigan WAP 44® '67
Feb
14
Jan
Feb
14c
Whitewater
Wiltsey-Coghlan
Jau
Jan
15c
Hi
ioo
Jan
Feb
41
West Turner Petroleum50c
Preferred...
2?*
184
Western Canada Flour. ..*
White Eagle
90c
401
66c
17c
<
42
22*
Westflank Oil..
36.050
Feb
7,000
44
6.25
Preferred.
Gold
1.75
470
20c
5
Waite Amulet.
Walkers
21,900
14
17c
1
Vulcan Oils
53c
134
17c
United Steel..
Ventures...
H
1.00
*
United Oils
52c
1.57
To wag mac
-
103 4 105
1967
Jan
59
-
104 H 104?*
f Flat price
Jan
235
Dec 1
Feb
667
1014 1024
103 4 1044
1044 1044
-
64
Lake St John Pr A Pap
L45
Saguenay Power 44s A '66
95
1951
Feb
2.60
100 4 <
1961
Jan
3.60
134
102
Provincial Pap Ltd 54 s '47
93
1.11
Jan
1.40
101
44s '59
Power Corp of Can
92
Feb
No par value
Ottawa Valley Pow 548*70
75
'68
Co
9.5c
•
1956
1973
74
103
3.05
14
134
80
------
Toronto General Trusts 100
1.01
—
504
103
1034
964' 974
1004 1014
1054
504
75?*
102
Int Pr A Pap of Nfld 5s
2.55
-----
*
1.00
34s
34«-
5s-
1958
_
...*
Sullivan Cons
Tamblyns
Westons
4
—
-
.
value) 3s..--1939
74%
Co—
11c
♦
Sudbury Basin........
-.1
Sudbury Contact
Wendlgo
59
58
—-
Straw Lake Gold......
f48
par
Montreal Tramway 5e 1941
54
lie
J
Stadacona—
1034
Montreal LH A P ($50
-
43
—1
44
Minn A Ont Paper 6s. 1945
-
97 H
114?*
H
Bladen Malartic
—
96 4
97 4
1044 105
34 4
344
McColl Frontenao Oil 6s '49
104 J* 104?*
96 H
96 H
21o
Ask
75
Montreal Island Pr 54»'67
--
99 H
1.18
.
1004
548-1951
Maple Leaf Milling—
24s to '38—548 to 49
Massey-Harris Co 5s.-1947
Manitoba Power
-
27c
11,900
Utility Bonds
Closing bid and asked quotations, Friday, Feb. 25
1.47
24
IIAnover 2-6363
Feb
1.12
.
•
NY 1-208
Industrial and Public
Feb
1.52
------
1
mmm*
SiJverwoods pref
170
Jan
1.15
.50c
Sherrltt Gordon—;
1.38
...i
Sheep Creek..
20c
70
------
*
Royatlte OH
25
16c
New York
•
Bell System Tele.
Jan
35c
30 Broad Street
Jan
19c
600
64c
61c
28c
26,725
'
nil
Jan
Feb
50c
50c
Riverside Silk———
Roche Long Lac
Montreal and Toronto
Jan
28c
4,240
18,400
Corporation
•
Private wire connection between New York,
Jan
3.90
Municipal
•
Feb
16
1.26
...*
Government
Jan
2.33
17
—_
Pressed Metals
SECURITIES
CANADIAN
5c
Feb
8c
Jan
—■
4c
4c
1,000
4c
Feb
4?*c
Jan
—Doyle, O'Connor & Co. of Chicago, announced that Robert F. Camden
has become associated
with them in their municipal department.
1384
Financial
Quotations
Bid
a3a
a3?*s
a3?*s
a3?*s
a3?*s
o3?*s
«3?*s
1
July
1 1975
1977
101
1
1954
105
106
105
Bid
102?*
May
106
99
1 1964
Nov
1 I960
Mar
104?*
1976
105?*
July
May
1
a4s
1
1957
110?*
112
a4«
Nov
1
1958
110 H
a4s
1
1969
111
a 4jj
May
May
114?*
112?*
112?*
115?*
a 4«
Oct
115?*
116?*
108?* 110
1 1977
1
1980
1 1900
114?*
1 1962
115?*
118?*
16 1976
sJt
120
119
1 1977
120?*
119?* 120?*
15 1978
119?* 121?*
1 1981
1
121
122
116?*
1957
1 1967
118
117
118?*
119?* 120 H
120?* 121?*
120?* 122?*
122?* 123?*
124?* 126?*
1 1963
a4?*s Mar
1 1965.
a4?*s June
1 1967
*4Via July
a4?*a Deo 15 1971
1 1979
a4?*» Dec
116
4
116?* 117?*
118
119?*
16 1972
Apr
1 1974
June
a4?*9 Mar
a4?*s May
a4t*s Nov
115?* 116?*
1 1904
a4?*s Sept.
a4?*s Mar
a4?*s Mar
1966-
1
Apr
Feb
Jan
a4?*8 Nov
105?*
104
16 1976
Jan
a4?*s
a4?*s
a4?*s
a4?*B
a4?*s
99?*
Par
hid
Ask
Pai
bank of Manhattan Co. 10
23
24?*
Kingsboro
Bank of Yorktown..60 2-3
48
64
Merchants Bank
Bensonburst National.. .60
95
105
30?*
32?*
25?*
145
27?*
151
100
800
850
13.55
Commercial
Fifth Avenue
1810
First National of N Y..100 1770
36
100
Flat bush National
46
50
25
29?*
30?*
25
24
26
12?*
17
21
Public National
Sterling Nat Bank A Tr
Trade Bank
Companies
Ask
Par
Fulton
Guaranty
Irving
47
7
49
0
83
Central Hanover
7?*
88
3s
1974
62.65 less
1
3s
1981
62.75 lees
1
Canal A
World
Highway
6s Jan A Mar 1964 to '71
Highway Imp 4?*s Sept '63
Canal Itnp
War Bonus—
4?*s April 1940 to 1949.
Highway—
62.85
94
20
133
4?*s Jan 1904..
mm
Canal Imp 4s J&j '60 to '07
Barge C T 4s Jan '42 A '46
130
m
mm
...
124?*
110?*
Barge CT4?*s Jan 1 1945,
m
133
Can A High Imp 4?*s 1965
124?*
33
38
43?*
55
60
25
12
15
New
12?*
14
40
49?*
51?*
Title Guarantee A Tr. —20
50?*
22?*
51?*
Underwrtters
23?*
United States
Bank & Tr.10
Empire
20
—10
.
13?*
1640
28
97
41?*
50
Corn Excb Bk A Tr
4s Mar A Sept 1958 to *67
244
12?*
25
Clinton Trust
Continental
62.10
Improvement—
mm
m
Ask
220
239
100 1600
Kings County
Lawyers
Colonial Trust
Bid
Ask
Bid
200
.100
Chemical Bank A Trust. 10
Ask
;
12
54
102
10
15
13
10
47
360
......100
mmm
10
90
Bronx County
115
50
351
Brooklyn
mmm
40
National Saiety Bank. 12?*
Itallana.100
Bankers
New York State Bonds
Ask
05
100
Peoples National.
Bk of New York A Tr._100
Banca
Co mm
Bid
B14
100
Penn Exchange
New York Trust
Par
National... 100
National Bronx Bank
City (National)
12?*
National.. 100
Chase
117
Bid
1938
26,
New York Bank Stocks
City Bonds
Ask
Jan
Feb.
Over-the-Counter Securities—Friday Feb. 25
on
New York
Chronicle
Manufacturers
Preferred
20
York
91
-25
94
7?*
6?*
90
80
1515
100 1465
,
113?*
...
...
Chicago & San Francisco Banks
Par
Bid
Ask
American National Bank
Port of New York
A Trust—.—..
Authority Bonds
Continental
Bank
Bid
Ask
Port of New York-
Holland Tunnel
Gen A ret 4a Mar 1 1975
Gen A ref 2d
ser
Gen & ref 3d
«er
Bid
108?* 109?*
3?*a '65
3?*e '76
105
105?*
102?*
97?*
Illinois
Gen & ref 3?*b
1977
George Washington Bridge
4?*8 ser B 1940 53.M N
185
285
305
00
530
560
Natl
67
69
100
201
206
8AN
FRANC ICC
Bk ol Amer
MAS 50.25 to
1.25%
MAS
113
112
Par
Bid
A sk
MAS 60.25 to
1.25%
Aetna Cas A Surety...
83
87
MAS
110
Aetna
43?*
45?*
Home Fire Security
Homestead Fire
4?*s
D
ser
108
Aetna Life
.10
Par
25?*
66?*
27
Importers A Exportere. ..5
70?*
1ns Co of North Arner.
20?*
22?*
Knickerbocker
26?*
27?*
11?*
American
25
American Alliance
United States Insular Bonds
MJ4fl
4?*8
Bid
100
Oct""1959V—III!
4?*s July
1952
5e
Apr
1965
5«
Feb
1952
5?* 9 Aug
1941
Ask
101?*
102?* 103?*
102?* 103?*
100?* 102
105?* 107?*
108?* 110?*
113?* 115?*
B<d
Re-Insurance. 10
Honolulu
I
5s
U S Panama 3s June 1 19611
Govt of Puerto
■
63.50
114
Rico—
3s 1940
108
5
Maryland Casualty
„1
45?*
32
23?*
25?*
Merch A Mfre Fire New'kS
8?*
43?*
Merchants (Providence) ..5
4
3.00
Automobile
to
26?*
27?*
National Casualty
|118
'110?*
110?*
—
.10
National Fire
Baltimore Amer
.2?*
Bankers A Shippers...
Boston
5?*
6?*
25
79
KM)
Camden Lire
76
580
590
5
10
National Liberty
2
National Union Fire... .20
New Amsterdam Cas..
—
2
18?*
20?*
New Brunswick
21
22
New Hampshire Fire- .10
10
18?*
20
25?*
34?*
27?*
New Jersey
New York Fire
26?*
Northern
3?*
4?*
.
Carolina..
10
City ol New York
Continental Casualty. ...5
Eagle Ktre
Federal Land Bank Bond:
.2?*
Ask
Bid
102 Vi 102?*
4s 1946 opt
1944
J&J
3s 1956 opt 1946
3s 1966 opt 1940
J&J
4b
1958 opt
1938
MAN
MAN
102?* 102?*
102?* 102?*
3?*s 1955 opt 1945—MAN
A 3k
103K 104?*
4?*s 1958 opt 1938..MAN
111
HI?*
100?*
102?* 102?*
100»16
—
10
Fidelity A Dep of Md. ..20
Fire Assn of Phlla
43
6
5
Federal
Bid
41
Employers Re-Insurance 10
Excess
J&J
7
34?*
100
36?*
103
10
57?*
59
Flyman's Fd of 8an Fran25
71?*
10
20
2
FIremen'B of Newark. ...5
8?*
5
100?*
100?*
Burlington 5s
/43
/43
Central
Illinois 5a
48
101
4?*S
California 5s
103
48
/26
Chicago 4?*b and 5s..
'
/5?*
Dallas 3s—
29
0?*
Bid
Lincoln 4?*s
5s._
80
81
New York 5s
98
99?* 100?*
98?*
Oregon-Washington 5s
First CarollnaB 5e
Flretof Fort Wayne4?*s..
First of Montgomery 5»
First of New Orleans 5a
First Texas of Houston 5s.
First Trust of Chicago 4 ?*s
Fletcher 3?*s
Fremont 4?*s and 5s
Pacific Coast of L A 5s
Pacific Coast of Portland 5s
100
101
Pac Coast of Salt Lake 5s..
95
Pac Coast of San Fran 5s—
101
Pennsylvania 5s
100
99
97?*
98?* 100?*
Phoenix 4?*s
104?* 106?*
106?* 1081*
99?* 100?*
98?* 100?*
102
100
100?* 102
69
101?*
99?* 100?*
Illinois Midwest 5s
86
90
Iowa of Sioux City 4?*s_
94
97
Lafayette 5s
99
101
,
99
10
73
Phoenix
Preferred Accident
—5
27
9?*
28?*
Providence-Washington .10
Reinsurance Corp (N Y).2
Republic (Texas)
10
10
20?*
36?*
21?*
St Paul Fire A Marine.. .25
5
5s
Potomac 3s
St Louis 5s
/26
San Antonio 3s
99
Southwest 5s
101
29
100?*
5
38?*
Seaboard Fire A Marine ..5
13
14?*
15
31
34
Seaboard Surety
.10
Security New Haven... .10
15
Great American
—5
Great Amer Indemnity ...1
Halifax
10
Hanover
75
14?*
16?*
30
32
71
74
Springfield Fire A Mar. .25
23?*
25
Stuyvesant
8
9
23
24?*
5
6
7?*
24?*
23?*
21?*
23
5
5?*
183
7
.
6?*
191
8
10
18
20
28?*
30?*
112?* 115?*
4?*
5%
Sun Life Assurance
100
420
470
Travelers
100
420
430
21?*
Hartford Fire
—
10
31?*
66?*
68?*
U 8 Fidelity A Guar Co ..2
4
U S Fire.
48?*
50?*
53
55
U S Guarantee.
46
48?*
27?*
-10
Hartford Steamboller.
Home
29
WeBtchester Fire
2;)?*
30?*
10
2.50
13 J*
15
Bid
Allied
Arundel Bond
Corp 2-5s '53
75
98?*
99
Bid
100
45
Debenture
3-0s
1953
43?*
40
45?*
Bond
issues) 2-.5s
3-6s
47
...1953
50
42?*
45?*
45?*
42?*
45?*
Bondholders
(Central
part
Franklin
85
series)
/25
13
Nat Cons Bd Corp 2-5s '53
ture
Nat Deben Corp 3-0s.1953
42?*
28
73
50
North
100
52
55
78
Pennsylvania
100
22
1953
Corp 3-0s
Potomac
100
70
45
55
San
100
40
2
Realty Bond
deb 3-6s
A
42?*
45?*
Mortgage
1953
44
Unified Deben Corp 5s 1955
32
34"
Bid
Ask
.
45
.100
1953
72
Atlantic
75
—100
1953
Realty
26
25
Co
Deb Corp 3-6s
11
75
Deb
3-6s
ctls
Bid
22
—
Potomac Maryland Deben¬
100
Funding
—
34
Par
100
73
42?*
Potomac
New York
100
1963
..1953
..
Potomac
Denver
(all
Potomac Deb Corp 3-6s '53
Inc 2-5s
Dallas
72?*
Corp
Potomac Cons Deb Corp—
77
100?*
Ask
53?*
..19.54
Series B 2-5s
Potomac
55
Ask
1954
65
Goat'l Inv Bd Corp 2-5s '53
Contj Jnv DebCorp 3-6s'53
Nat
Par
Ask
Union Mtge Corp—
Series A 3-03
Associated Mtge Cos Inc—
99?*
99?* 100?*
Virginia-Carolina 3s
83
Deb Corp 3-6a '63
Arundel
16
98?*
Bid
Nat
1953
80
97?*
5s
Ask
Mtge Cop inc—
Ail series 2-6s
77
5s
Virginian
Sureiy Guaranteed Mortgage Bonds and Debentures
/14
Southern Minnesota 5s
Union of Detroit 4 ?*s
Joint Stock Land Bank Stocks
100
..5
5
—
interstate Deb Corp 2-5s'65
Mortgage Bond Co of Md
Atlantic
26
119
Rhode Island
Empire Properties Uorp—
2-3s.
1
1945
Atlanta
15?*
101
99?* 101
100
Greensboro 3s
39?*
101
93
12?*
28?*
42?*
41?*
16?*
80?*
96
Rossia
101
101
64
Greenbrier 6e
99?*
750
99
.
100?*
North Carolina 5s
Ohio-Pennsylvania 5s
11
27?*
40?*
115
34 M
,
100
Denver 58
Ask
76
59?*
25
Pacific Fire
22
Globe A Rutgers Flre.
2d preferred
77
7?*
119
National .25
Northwestern
20
Globe A Republic
Ask
99
6?*
115
77?*
32 X
Glens Falls Fire.
99
20?*
24?*
Gibraltar Fire A Marine. 10
Bid
9?*
6
18?*
57?*
2.60
North River
General Reinsurance Corp5
10
Georgia Home
Atlantic 3a
44
73?*
—
Franklin Fire
Joint Stock Land Bank Bonds
42
12.50
Revere (Paul) Fire
Atlanta 3b
3?*
4?*
3?*
Mass Bonding A Ins—12>*
Merch Fire Assur com..
5
41?*
108?* Ill
3s 1955 opt 1945
2?*
10
12?*
30
109
1948
Lincoln Fire
12?*
25
5s
July
8?*
61
-10
110?*; 112?*
Conversion 3s 1947,
7?*
59
American Surety
4?*s July 1952
U 8 converslo
.10
Connecticut Gen Life. -10
Hawaii 4?*s Oct 1966—..
16?*
11
_
Ask
American Reserve
4H
8?*
Ask
m
15?*
American of Newark.. -2?*
111?*
Agricultural
Philippine Government—
45?*
Bid
10
.10
American Equitable.. ...5
American Home
..10
110?*
43?*
Insurance Companies
1938-1941
Inland Terminal
1
NT&SA..12?*'
1942-1960
98?*
99?* 100
Ask
hta
Jo0|
Northern Trust Co...
E
ser
1942-1960
155
Trust—33 1-3
A
Flret National
103?*
Gen A ref 4th aer 3s 1976
4?*s
1938-1941
Ask
Par,
Harris Trust A Savings
100
Des Moines
First Carollnas
Fremont
100
Lincoln
100
Carolina..
Antonio
5
H
1
Virginia
11*
Virginia-Carolina
5
1?*
100
45?*
Telephone and Telegraph Stocks
1?*
74
3
Par
Am
DlstTeleg (N J)
Preferred
com. *
Bid
87?*
AsF
91?*
Par
New
York
Mutual Tel. 100
Debentures
116
160
164
Pac A At! Telegraph
117
120
Peninsular Telep com
Cuban Telep 7% pref..100
47
Preferred A.
Emp & Bay State Tel..100
Bid
F I C
F I C
F I C
F I C
F I C
Bid
F I C
1?*a—.June 15 1938 6.30%
15 1938 6.35%
F I C
58
33
37
•
85
88
F I C
F I C
l?*s—.Aug 15 1938
l?*a—.Sept 15 1938
b
Int Ocean Telegraph... 100
Mtn States Tel A Tel.. 100
68
73
23
118
121
Rochester
*
12
16
22?*
24?*
100
108?* 112
100
110
Telephone—
$6.50 1st pref
So A Atl Telegraph
18 1939 6 .55%
For footnotes see page 1386.
25
13
17
Sou New Engl Telep...100
.35%
6 .40%
l?*s.__Oct
15 1938 6 .45%
l?*s_..Nov 15 1938 6.45%
F I C 1 ?*s—_Jan
100
26
Gen Telep Allied Corp—
56 preferred
1?*8—_Mar 15 1938 6.25%
1>*«—Apr 15 1938 6.25%
1?*8—.May 18 1938 6.30%
1>*8—July
Ask
52
Franklin Telegraph
Ask
18
119
Bell Telep of Canada... 100
Bell Telep of Pa pref
100
Federal Intermediate Credit Bank
100
139
143
S'weateru Bell Tel pref. 100
121?* 123?*
Wisconsin Telep
116?*
7% pi. 100
Volume
Financial
146
Quotations
1385
Chronicle
Over-the-Counter Securities—Friday Feb. 25—Continued
on
Railroad Bonds
Guaranteed Railroad Stocks
gllii
illM 3o$epb Klalker $ Sons
Members 7\leu> York Slock
Exchange
Dealers in
120 Broadway
2-6600
STOCKS
42
76
84
1939
51
62
1957
93
96
85
_
Birmingham Terminal 1st 4s
Boston & Albany 1st 4k8._—_———ii——Boston & Maine conv 5s
Tel. REctor
42
40
6s
90
Augusta Union Station 1st 4s
Baltimore A Ohio 4ks
GUARANTEED
NEW YORK
Asked
Bid
/40
1945
Akron Canton A Youngstown 5ka
42
Buffalo Creek 1st ref 5s
46
72
1940-1945
80
Since 1855
55
60
/23
32
Chateaupray Ore A Iron 1st ref 5s
Guaranteed Railroad Stocks
1942
Choctaw A Memphis 1st 5s
Cincinnati Indianapolis A Western 1st 5s
Cleveland Terminal A Valley 1st 4s
1965
39
42
1995
38
43
....1945
37
40
Georgia Southern A Florida 1st 6s
(Guarantor In Parenthesis)
70
Goshen A Deckertown 1st 5ks
Hoboken Ferry 1st 5s_.—
Bia
Dollars
Aukea
55
92
89
Kansas Oklahoma A Gulf 1st 5s
Dividend
in
45
——
/13
15
86
Little Rock A Hot Springs Western 1st 4s
88
1949
Long Island ref mtge 4s
6 00
62
68
10.50
121
127
90
95
100
6 00
48
53
Maryland A Pennsylvania 1st 4s
37
44
56
2 00
31
34
Meridian Terminal 1st 4s.
84
Boston A Albany (New York Central)
106
8.75
£92
95
Minneapolis St Paul A Saulte Marie 2d 4s
Boston A Providence (New Haven)
160
8.50
60
46
50';
New YorkA Hoboken Ferry general 5s
Alabama A Vlcksburg (Illinois
Central)
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)..
Beech Creek
(New York Central)
—
I
Macon Terminal 1st 5s.——
....
Montgomery A Erie 1st 5s
1949
70
-
166
2.85
Carolina Clinchfleld A Ohio common 5% stamped. .100
5 00
79
83
5.00
78
83
Portland RR lst3ks
45
Cleve Clnn Chicago A St Louis pref
47
2 00
38
60
64
100
10 00
172
177
4 UO
46
60.00
.100
Michigan Central (New York Central)
>
84
Toronto Hamilton A Buffalo 4ks
57
60
4.00
87
37
42
...
Pittsburgh Bessemer A Lake Erie (U S Steel)
1.60
38
Preferred.
-
5 00
—'
160
74
.
6 82
58
6 00
135
Par
65
100
tun
Ask
Alabama Power 17 pref—*
65k
Arkansas Pr A Lt 7% pref *
71
73
3.00
64
68
6 00
135
140
Associated
.100
10 00
224
230
100
6 00
48
53
Gas
A
Electric
6 00
_
.100
Preferred...
Warren RR of N J (Del Lack A Western)..
,50
West Jersey A Seashore (Pennsylvania)
55
50
51
3.50
_
5 00
5.00
Chenango A Susquehanna (D LAW)
Valley (Delaware Lackawanna A Western)
Utlca
Vlcksburg Shreveport A Pacific (Illinois Central)
28
32
*
*
57 preferred......
*
Atlantic City El 6% pref.*
Bangor Hydro-El 7% pf 100
Birmingham Elec 57 pref.*
3.00
54
58
preferred
3
5
6k
7k
Buffalo NiagaraAEastern—
55
Original
56.60 preferred
—
26
Carolina Pr A Lt 57 pref..*
51
60 preferred
6%
*
preferred
6k
109
7%
56
EQUIPMENT TRUST CERTIFICATES
100
100
7% pref..100
preferred
preferred
Cent Pr A Lt
Consol Traction
(N J).100
Consumers Power 55 pref. *
7k
111
7%
Stroud & Company Inc.
Private Wires to New York
preferred
Dallas Pr A Lt
100
7% pref.100
Derby Gas A El 57 pref..*
Essex
Philadelphia, Pa.
Hudson
Gas
100
Bia
52.25
1.50
65.75
4.75
.
65.75
..
3**s Dei 1 1936-1944—
475
64 75
4.00
64-75
5s
Boston A Maine 4 %b
4.00
3.50
64.50
65.25
5b
Canadian National 4ks.—
2.75
63.30
63.30
Pacific 4ks
Cent RR New Jersey 4k«-
2.76
63.20
5a
2 70
4 00
64.75
4.00
65.25
6ks
New Orl Tex A Mex 4 ks
New York Central 4k8
..
6s
4.00
65.50
2.60
6s
3.75
64.75
Northern Pacific 4k»
3.75
65.50
4.50
65.50
N Y N H A Hart f 4 %b
6s
Interstate Power 57
4.50
61.75
Southern
Iowa
7%
73%
75%
New Eng G A E5**% pf.*
62
64
79 %
82
57 prior lien pref
New Orl Pub Serv 57
69%
72 H
79
7k %
76%
6%
40
44
04%
96
72 %
114
21**
74**
116
25**
181
21**
22**
23
22**
23 k
25
6a
1-00
Jan A July 1937-49
Chicago A Nor West 4 ks.
58
Obk
-
66 00
5-00
66.50
6.60
66 60
Milw A St Paul 4ks.
6s
6.60
Dec
1
1937-60
Pere Marquette 4ks
Reading Co 4**s._
4.00
65.00
5s.
65.00
5 %B
65.00
62.90
2.00
Mississippi Power 58 pref.*
57 preferred...
•
62 76
2.00
•
4.00
4.00
4
5 **s
94
92
%B
95
66,00
4.00
65.00
96
96
5s..
92
2.50
62.60
4.25
4.25
96
62.80
Northern 4 **s
2.15
5s
Texas Pacific 4s
61.80
1.25
4
61.75
1.00
Illinois Central 4**s
64.76
4.00
64 75
4.00
63.25
**B-_-
Union
.
_M
.
.
..
2.50
1.10
61.75
1.10
64.50
4.00
64.50
4,00
64.00
6s..
5s
Central 5e
5**«
Minn 8t P A S 8 M 4s
For footnotes see page
3.00
1386
2 50
1.60
61.60
100
100
■-.*
(Del) 7% pref
(Minn) 6% pref
99 k 100 k
Ohio Edison 56 pref
*
57 preferred....
*
Ohio Power 6% pref...100
Ohio Pub Serv 6% pi... 100
66**
68 k
89k
90
91k
100
preferred
100
99
Okia 0 A E 7%
pref—.100
*98
7%
93
102
111** 112 k
92
93 k
101
100 k
pf—100
61**
54
86k
87k
109**
25
100
37**
39
1
3k
4
5%
4k
6% preferred C
100
Sioux City G A E 57 pf.100
Southern Calif Edison—
94**
95 k
38 k
40**
52**
55**
84k
86 k
6% pref series B
25
South Jersey Gas A El. 100
27
81
107 k
83
28
preferred
6%
Republic Natural Gas
Rochester Gas A Elec—
181
108 k
35k
36 k
35k
39**
37
23
24
41**
Tenn Elec Pow 6%
pf.100
42k
—10Q
47 k
44**
49 k
Texas Pow A Lt 7% pf.100
97 k
99
preferred
7%
Toledo Edison 7% pf
A. 100
100k 102
United Gas A El (Conn)—
48i
39**
60
43
Utah Pow A Lt 57 pref—*
48
61
Virginian
100
preferred
7%
100
Ry_
69
36 k
151
71
37k
156
Bid
Par
Ask
5
9
7% preferred
100
/O Foods inc common..*
Blck fords lnc
*
75
Bid
lk
9k
61.70
52.60 conv pref
*
C) common...*
preferred
...100
Bo hack (H
7%
30 k
Ask
lk
15
6 **s
92
2k
Reeves (Daniel) pref
100
10
17
12k
102
6
22
103 k
95
17
100
72
82
preferred
7%
7k
9~~
56
*
preferred
19k
20 k
Miscellaneous Bonds
92
85
92
Associates
Bear
Invest 3s..1946
93%
Mountain-Hudson
1953
River Bridge 7s
Bid
Ask
94%
Henry Hudson Parkway—
4s
A prill
1955
—
Aug 15 1938
2s
Iks
June 1 1939
2 26
66.00
4.00
Federal Farm Mtge Corp—
65.00
4 00
101.10
4ks
Deo 1960
1 1939 101.7
Reynolds Investing 5s. 1948
Federal Home Loan Banks
100.5
Trlborough Bridge—
1 **s
April 1938 100.2
4s s f revenue 1977 AAO
Iks
July 1938 100.11 100.13
1 **g
2»
...
Marine Parkway
101.23 101.26
100.26 100.29
101.5
101.8
Bridge—
.Sept
DOo 1940
Ask
103k 104 k
Home Owners' Loan Corp
99
63.00
_.
3
United Cigar-Whelan Stores
92
85
—
Sons common..*
6**% preferred
100
Murphy (G C) 55 pref.100
17
98
Bid
..
Miller (I)
1.00
85
5ks
10k
33
100
Flshman (M H) Co Inc..*
Kobacker Stores
*
1.00
85
Western Maryland 4**s
Western Pacific 5s
2
pref
1.00
61.70
.
12
85
B
Kress (8 H) 6%
1.00
61.50
Ry 4**s
Wabash Ry 4**s
5s
6s.
Maine
101
*
Berland Shoe Stores
2.50
61.75
6s
Loutav A Nash 4 %n
4.25
63.25
Nor 4**s_.
Long Island 4**s
65.50
63.25
Internat Great
Pacific 4**s
5s
Virginia
2.60
63.25
62.26
5s.
6s
Par
Diamond Shoe pref
Hocking Valley 5s
6g
7% cum preferred
Northern States Power—
2 00
64.90
Southern Ry 4 %s
96
4.00
63.25
64 90
92
92
Great
92 k
2.50
2.50
90
St Louis Southwestern 6g_.
92
...
65
91
Chain Store Stocks
2.50
62.10
4 **S
08
99
108
Utilities Associates—
1.00
63 25
Southern Pacific 4 %a
5s
Erie RR 5%a
100
preferred
1.25
63.25
8t Louls-San Fran 4s
Denver A R G West 4ks—
32
63
85
81
Trustees' ctfs 3ks
56 cum
Light—
preferred
*
2%n series G non-call
5s
Chicago R I A Pacific—
60
5% conv partlc pref..50
Memphis Pr A Lt 57 pref. *
4s series E due
5.00
preferred
61.50
2.00
66.00
100
62.00
Pennsylvania RR 4k«
....
62.76
61.76
4 **s
5s
24**
30
Penn Pow A Lt 57 pref...*
Supply—
7% pf_.100
pref. 100
Kings Co Ltg 7% pref.. 100
Long Island Ltg 6% pf.100
Mass
Cheeapeake A Ohio—
pref..*
Kan Gas A El 7%
7%
*
pf._*
New York Power A
Pacific Pr A Lt 7%
23
Jer Cent PA L
1.20
22**
New Eng Pub Serv Co—
Utilities—
preferred
Jamaica Water
1.25
64.75
*
100
preferred
Interstate Natural Gas..
4 25
63.25
62.00
N Y Chic A St L 4 %a
Canadian
4.00
65.25
Missouri Pacific 4ks
100
Queens Borough O A E—
preferred
7%
20
121
121
58
18
109 k Hi
181
Ask
6
23** | 25
k
Ik
15** 16k
Newark Consol Gas
Idabo Power—
Ask
100
preferred
7%
107
6
22%
Hudson County Gas...100
Equipment Bonds
cum
Pub Serv 7% pref
26
Mountain States Pr com.. *
55
105
21 %
Corp—
preferred
preferred
*
57 cum preferred..
*
Gas A Eleo of Bergen.. 100
cum
56.60
Mississippi P A L 56 pref.*
Miss Rlv Pow 6% pref. 100
Missouri Kan Pipe Line..6
Monongabela
West
Penn
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref.100
Federal Water Serv
56
Baltimore A Ohio 4ks
Alk
63
55k
Continental Gas A El—
Atlantic Coast Line 4ks_.
Bta
64
4%
ConBOl Elec A Gas 56 pref
Quotations'Appraisals Upon Request
B id
Par
123
Central Maine Power—
Railroad
46
Utility Stocks
66 k
100
Second preferred
Tunnel RR St Louis (Terminal RR)
(Pennsylvania)
81
42
.1954
140
—
United New Jersey RR A Canal
—
178
.100
(Delaware A Hudson)
(Terminal RR)
mm mm,
165
174
.100
—.—.
St Louis Bridge 1st pref
80
72
1951
Washington County Ry 1st 3ka
76
7 00
7 00
_
62
105
Public
3 00
... -
Pittsburgh Fort Wayne A Chicago (Pennsylvania)
82
91
4.60
-60
Oswego A Syracuse (Del Lack A Western)
Rensselaer A Saratoga
Toledo Terminal RR 4ks
50
.100
Northern Central (Pennsylvania)
Preferred
37
1955
90
75
49
—60
70
45
St. Clair Madison A St. Louis 1st 4s
Somerset Ry 1st ref 4s
Southern Illinois A Missouri Bridge 1st 4s
34k
3 875
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (D L A W)
87
850
-
Rock Island Frisco Terminal 4ks
Shreveport Bridge A Terminal 1st 5s
Georgia RR A Banking (LAN-AC L)
Lackawanna RR of N J (Del Lack A Western)
60
40
5 50
Consolidated 5s
77
45
25
(N Y Central)
Fort Wayne A Jackson pref
75
100
Delaware (Pennsylvania)
3.50
2.00
Cleveland A Pittsburgh
Betterment stock
91
84
1966
-
50
87
56
Piedmont A Northern Ry 1st mtge 3**s
(N Y Central). .100
50
(Pennsylvania)
Canada Southern (New York Central)
29
*s serial revenue 1942-68
104k 105
66
69
108 k 109**
(2.40 to3.70
Feb. 26,
Chronicle
Financial
1386
1938
Quotations on Over-the-Counter Securities—Friday Feb. 25-Continued
Public
Atk
62H
63M
86
41H
42 H
*3H
24 H
24
26
26H
29
47
59
89
91
89 H
1983
1983
Sink fund lnc 5H8-.1983
f
.mm
■
+
■'mm
Kan City Put) Serv 48-1957
Sink fund lnc 4-5S..1986
26M
27 H
83
84
87
101
104K
Ohio Cities Water 5Hs '53
Ohio Valley Water 6s. 1954
70
74
105
101H 103 H
Ohio Water Service 5s. 1958
97H 100
103
Ore-Wash Wat Serv 5s 1957
81
84
103 M
93
95
105
Chester Wat Serv 4 Ha '68
1951
5s
90
5 Mb series A
1951
City of New Castle Water
5s
1941
91
Prop's
106"
105
105
105 M
......
101H 103H
Penna State Water—
1st coll trust 4H8..1966
103
Peoria Water Works Co—
101
1st A ref 5s
Old Dominion par 5s.-1951
5s
101H 101H
46
100 H
1st consol 5s
1948
98 H
104 H
Prior lien
1948
103H
24
25
Pennsylvania Elec 5s. 1962
28H
Penn Telep Corp 1st 4s *65
Parr Shoals Power 5s-.1952
106
35
Peoples L A P 6Hs—1941
Public Serv of Colo 6s. 1961
P9H
Bellows Falla Hy E! 5s 1958
102
Blackstone V G A E 4s 1965
81
6 Mb series B
1946
55
59
6s series A
1946
61
65
ConnellsvWe Water 5s 1939
100
87
96 H
98
107
104
105H 107 H
94H
Pittsburgh Sub Wat 5s '58
Plalnfleld Union Wat 5s *61
Richmond W W Co 5s.1957
Consol Water of Utlca—
81M
5s
Phlla Suburb Wat 4S..1965
Pinellas Water Co 5 Ha. '59
Community Water Service
mm —
98 H
1948
1954
...1957
B
series
1st 58 series C
48
100 H 103 H
1950
1st consol 4s
City Water (Chattanooga)
Ohio Pub Service 4s-.1962
86
Citizens Wat Co (Wash)—
N Y State Elec A Gas Corp
4s
1965
Secured notes 3 Ha—1947
103
101
79
103
...
.82
77
1951
98
IOOH 101H
10OH 102H
mm
5 Mb
1951
New York Wat Serv 5s '51
104
77
mm"
99
Water 5s I960
New Rochelle Water—
Newport Water Co 5s 1953
5 Mb series A
1954
Butler Water Co 6s...1957
35
5H-6H8—1986
101H
Calif Water Service 4s 1961
Missouri Pr A Lt 3 Ha.1966
Mtn States Pow 1st 6s.1938
25
m
New Jersey
Birmingham Water Wks—
5s series C
1957
6s series B
...1954
109 H
82 H
mm mm
mmm
101 M
94 H
109
Keystone Telep 5 Mb.. 1955
28H
mm
104H
105
Atlantic County Wat 5s '58
98 H
24
m
mm mm
S f lnc 4HS-5H8—1986
Sink fund lnc 5-08.-1986
1 lno
25
mm mm
■
96 H
Morgantown Water 5s 1965
Muncle Water Works 5s '65
5s series B
North Boston Ltg
23
Sink fund lnc 4Hfl-- 1983
S
Iowa Sou Utll 6 Ha-—1950
Narragansett Elec 3 Ha '66
Newport N A Ham 5s. 1944
Awoc Gait A Elcc Co—
Atk
bid
Ask
,
97H\ 98H
104 H
Ashtabula Wat Wks 5s '58
101M 102
-mmm
56H
Sink fund lnc 4a
Alabama Wat Serv 5s. 1957
103H
'
87
Cons ref deb 4Mb..IS
102
24 H
28H
1967
Kan Pow A Lt 1st 4 Ha '65
Corp—
Income deb 4Hb.
Bid
Atk
Alton Water Co 5a.—1956
Green Mountain Pr 5s.1948
Idaho Power 3Mb
102 H 102 H
99 H 100 H
Sink fund lnc 6a
Bid
88
Appalacbln Eiec Power—
Assoc Gas A Elec
Water Bonds
Utility Bonds
Bid
103~"
101
106
104
H
4Hb
1958
89
93
Roanoke W W 5s
1950
94H
1st mtge 5s
104 X
1958
94
97
Roch A L Ont Wat 5s.1938
99 H
97 H
108 H 109 M
103 H
Pub Utll Cons 5Ha—1948
59
60
E St L A Interurb Water—
St Joseph Ry Lt Heat APow
Calif-Oregon Pow 48.-1966
Cent Ark Pub Serv 5e_1948
Central G A E 6 Mb
1946
1st lien coll trust 6s. 1946
Cent Maine Pr 4a ser G *60
87
85
82
85
Sioux City G A E 4s
61
03
Sou Cities Utll 5s A—1958
66 H
St
......1942
1942
103
1966
100H
6s series D
1960
104
34
35
4Hs
105 H
59
60
Scranton-Sprlng Brook
Greenwich Water A Gas—
1st A ref 5s A
5s series A.......
Central Public Utility—
Income 6 Mb with stk '52
98H 100
1958
Water Service 5s.1961
Tel Bond A Share 5s—1958
104
6s series A.
100H 10CH
97 H
98 H
105
Joseph Wat 4b ser A..'66
Scranton Gas A Water Co
100H
6s series B__
68H
1947
4Mb
Utlca Gas A El Co 5s..l957
121
96 H
1952
94H
72 H
75
98 H
2H
1967
72 H
75
Shenango Val 4s ser B 1961
South Bay Cons Wat 5s '50
99 H
6s series B
...
1952
102
98 H
99 H
88 H
72H
1962
34
1
Dallas Pow A Lt 3 Ha. 1967
Federated Utll 5Hb—1957
68
35
105 H
101H
103H 103 H
1961
104H 105H
106H
90
1954
103 H
Terre Haute Water 6s B *56
101
5s
1962
104
106
101
101
103
Union Water Serv 6Hs '51
100H 103
101
103
W Va Water Serv 4s..l961
85
6s series B
Water—
5s series B
,
105
1st mtge 3 Hs
1906
AdralnisteredFund2ndinc*
Affiliated
Fund
lnc—1H
Amerex Holding Corp—*
Amer Buslneee SharesNew common
Amer A Continental Corp
Amer Gen Equities lnc 25c
Bar
Ask
13.09
4.05
4.40
Investors Fund C
Bid
Ask
20
21 H
3.83
8
9
62c
70c
1
10.12
10.74
Keystone Cust Fd lnc B-2
21.75
23.75
Series B-3
13.88
15.22
15.01
16.31
Series K-2
10.69
...
Series 8-4
Long Island Wat 5Hs. 1955
Middlesex Wat Co 5 Hb '67
103
Monmouth Consol W 5s '56
87
5
5H
6H
Major Shares Corp
Maryland Fund Inc...10c
5.93
Bankers Nat Invest Corp *
Basic industry Shares.. 16
6*53
2
2%
Mass Investors Trust....1
20.06
21.28
Mutual Invest Fund
10.82
11.83
3.28
Broad St Invest Co lno..6
Bullock Fund Ltd
1
10
Nation Wide Securities 25c
45c
30c
23.57
25.21
13H
14H
Voting ahares
Canadian Inv Funtl Ltd.
.1
3.75
4.10
Century Shares Trudt....*
21.33
Commonwealth Invest... 1
3.04
3.14
1.28
National Investors
Corp.l
New England Fund
1
1.41
5.18
5.52
12.45
13.39
N Y Stocks lno—
22.94
Agriculture
8.59
3.26
3.49
Bank stock
8.00
8.66
pf.100
7H
8H
Building supplies
7.01
7.59
Corporate Trust Shares.. 1
2.17
Electrical equipment
Insurance stock
7.32
7.92
8.70
9.41
Continental
Shares
Series A A
1
2.13
Accumulative series... 1
2.13
Series AA
1
2.59
1
2.59
m
rn
m
m
mm mm
Machinery
Crum A Forater
10
m
m
mm
mm mm
7.88
8.53
115
Crum A Foreter Insurance
Common B shares... 10
7% preferred..
100
Cumulative Trust Shares. *
24
Metals
9.18
9.92
9.35
10.11
Railroad equipment
■
Oils
7.57
8.19
Steel
22
...100
com
8% preferred.
7.82
8.52
No Amer Bond Trust ctfa.
27
52 H
No Amer Tr Sharee 1953. *
29
109
Deposited Bank Shs
A1
ser
Deposited I near Shs A
Deposited Insur Shs
mm
2.04
4.50
1.55
mm m
2.87
m mm m
2.64
mmmm
Trustee Shares
C
3.60
D
mm
1
2.50
1
2.30
Pacific Southern Inv pref. *
Class A__
•
mm
28
6M
*
7H
1
M
Plymouth Fund Inc..-10c
43c
51c
12.23
6.10
1.23
1.33
Quarterly lnc Shares..10c
5% deb series A
11.16
Eaton A Howard Manage¬
ment Fund series A 1..
17.26
18.54
Representative TrustShslO
Republic Invest Fund.25c
9.30
32c
37c
Royalties
40c
60c
.
Eqult Inv Corp (Massj..5
Equity Corp J3 conv pref 1
26.60
28.30
25H
28H
Fidelity Fund lnc
18.94
20.54
♦
Fiscal Fund lno—
Bank stock series
Selected
Management..1
Amer Shares. 2M
Selected Income Shares
10c
2.51
2.78
3.15
3.49
Spencer Trask Fund
io
....
Foreign Bd Associates Inc.
7.42
Foundation Trust Shs A.l
Fundamental Invest Inc.2
3.80
4.05
16.28
17.58
Fundamental Tr Shares A2
4.61
8.04
5.25
*
Automobile
Standard
Utilities
Inc.50c
State Street Invest Corp. *
Super Corp of Am Tr Shs A
AA...
...
shares
86
3.07
2.04
Chemical
5.03
Supervised Shares
1;29
Trustee Stand Invest Shs—
Series C
1
shares
1.21
88c
1.23
1.32
77c
85c
Investing
74c
82c
shares..
Merchandise
shares....
Mining shares
Petroleum
1.25
shares
1.11
RR equipment shares...
Steel
shares
Tobacco
92c
...
shares
79c
1.14
92c
Guardian Inv Trust com.*
Huron Holding Corp
1
1.01
Bank
Group shares....
Insurance Group Shares
Insuranshares Corp (Del) 1
1.21
87c
1.24
1.01
%
55c
58c
16.80
18.06
Invest Co. of Amer
com.
10
1.16
1.26
1H
34
1.28
1.39
1H
37
..1949
104
IW'ma port Water 5s...1952
101
1941
102
105
Mid
f31
B way Barclay
1st2s.. 1956
B'way A 41st Street—
1st leasehold 6HS--1944
Mortgage Certificates
Alk
/35
Atk
Metro pol Playhouses lnc
8 f deb 5s
/20H
35
36 H
1948
59 H
61H
1945
54
62
1st mtge 2s stpd A reg '55
1st A gen 6s
1946
N
22H
1945
/25
26 H
/25
27
Y
64
Athletic Club—
Broadway Motors Bldg—
4-68
Chanin Bldg lnc 4a
Chsebrough Bldg 1st 6s '48
N Y
4s
49 H
1st 6s
Apr 28 1940
Dorset (The) 1st 6s.-.1941
Majestic Corp—
with stock
46 %
33 H
5 Mb series C-2
5 Hb series F-l.
PIX
J49M
I6H
29
f31
J27
/44M
P*H
42
AO
22 H
5Hs series Q
1947
Eqult Off Bldg deb 5s. 1952
19th A Walnut Sts
7
fOM
60 Bway Bldg 1st 3s lno '46
500 Fifth Avenue—
1949
56
1st 6s
H
53
61H
(Pblla)
July 7 1939
58
50
Deb 5s 1952 legended
30
5Hs series BK
East Ambassador Hotels—
1st A ref 5Hs
28H
1956
N Y Title A Mtge Co—
Court A Remsen St Off Bid
Oliver Cromwell
37
1st 6s
(The)—
Nov 15 1939
P
1 Park Avenue—
30H
2d
32 M
mtge 6s
69
—1951
71
103 E 57th St 1st 68—1941
35
165 Bway Bldg 1st 5Hs '61
/35
/40
D
Series D
1
9.49
61
1st 3Hs-6Hs stpd..l948
Fox Theatre A Off Bldg—
38 M
1st 6Hs
Sept
Fuller Bldg deb 6s
/5H
Corp 6s
1958
1939
1400 Broadway Bldg—
1 1941
1944
1st 2H-4S (w-s)
1949
Graybar Bldg 6s
1946
Harrlman Bldg 1st 6s. 1951
/44
46~"
45
59
60 H
Prudence Co—
5Hs stamped
1961
Realty Assoc Sec Corp—
5s Income
lcfil
31
1st fee A 1'hoid 6H8-1940
36
Savoy Plaza Corp—
37 M
...1956
27
36
Sherneth
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s *43
49 H
53
/19
42
44
3-5Hb deb lnc (ws).1956
60 Park PI (Newark) 6s '37
Hotel St George 4s
40
42
616 Madison Av 1st 6Hs'38
/25H
1950
H
Lefoourt Manhattan Bldg
1st 4-5s extended to 1948
Lewis Morris Apt Bldg—
1st 6Hs
Apr 15 1937
Lincoln Building—
Income 5Hs w-s
1963
1947
(Bklyn)
1942
1st 6Hs (L I)
1936
Metropolitan Chain Prop—
1948
1947
1.01
U S El Lt A Pr Shares A..
12 M
with stock
29
Corp—
20H
40
3 H-5s with stock—1950
27H
Syracuse Hotel (Syracuse)
1st 6Hs
Oct 23 1940
12H
62
Textile Bldg—
1st 3-5s (ws)
59
38
37
40
/40
58 H
1958
39
Trinity Bldga Corp—
88 H
1st 5Hs—
193i
2 Park Ave Bldg 1st 4s 1946
90H
43
/41
Walbrldge Bldg (Buffalo)—
1st 6Hb
Oct 19 1938
56
64H
54 H
56
/17H
Wall A Beaver St Corp—
84
87
1st 4Mb
87
90
...1951
w-s
24H
Westing ho use Bldg—
1st fee A leasehold 4s '48
26H
69
6.49
92c
3s
61 Broadway Bldg—
2.29
62c
50 H
60~~
6s
Trustee Stand Oil Shs A.l
Series B.
1
54
/49
Roxy Theatre—
6H
Metropolitan Corp (Can)—
Trusteed Amer Bank Shs B
Trusteed Industry Shares.
/52H
33H
6s
2.34
1943
58
1st 6s
5.55
3
43
42 Bway 1st 6s
5.91
69c"
Sugar Stocks
1.36
H
1C2~
101H
1960
6i series A
(The) 1st 6s '41
London Terrace Apts 6s *40
Ludwlg Bauman—
B
1.72
Voting shares
80C
Un N Y Bank Trust C-3-*
Un N Y Tr Shs
ser
Wellington Fund
F
*
1
2
1
1.82
88c
2H
1H
12.94
14.26
4H
5H
Investm't Banking Corps
Incorporated Investors..*
Institutional Securities Ltd
Broadmoor
1st 6s
5.55
32.19
Food shares
1956
6b series C
Loew's Theatre Rlty Corp
,
2.04
4.62
1.21
2.55
52c
76 M
3.19
29.94
80c
15.90
48c
B
1.18
Building shares
77c"
2.35
Group Securities—
Agricultural shares
10.07
14.63
BB
4.20
9.80
69c
*
C
B
General Capital Corp...»
General Investors Trust.*
101
9.24
Standard Am Trust Shares
8.94
7.03
96 M
4.01
Sovereign Investors
Inauranoe stk series. 10c
Fixed Trust Sharee A... 10
B
5a series B
89
40 Wall St
26
5.45
j
Aiden 1st 6s
52d A Madison Off Bldg—
6s
...Nov 1947
Film Center Bldg 1st 6s '43
25c
Dividend Shares
91
S3
Wichita Water—
105
Bid
6Hb stamped
2.55
Class B
3.55
*9
100
1951
m
1
B1
ser
1
Series 1956
mm
Series 1955
Series 1958
Diversified
9.29
'
mod
Series ACC mod
1950
105 H
Real Estate Bonds and Title Co.
2H
16*89
15.79
British Type Invest A...1
»
1st mtge 5s
1st mtge 5Hs
Westmoreland Water 5s '52
103 X
Monongahela Valley Water
5 Mb
—.1950
»8H 100 M
•2
1950
5.42
4H
Assoc. Stand Oil Shares..2
lnc
102 H
16.07
Am Insurance Stock Corp *
Boston Fund
92
103
1949
6s series B
11.70
14.67
4.92
Series 8-2
104
Kokomo W W Co 6s.. 1958
Series K-l
12.30
3.47
105
Western N Y Water Co—
Joplln" W "w Co" 5sl—1957
Investing Companies
Hill
103
1960
6s series A
Indianapolis W W Securs—
Par
103
Indiana pedis Water—
59
57
flpringf City Wat 4s A '56
5 Hb series B
Huntington
Wisconsin Pub Service—
1st mtge 4a—
100H 101
101H
Hackensack Wat Co 6s. '77
70
102 H 103
103 H 104
101 H
109 M
Illinois Water Serv 5s A *52
35""
34
Consol Edison 3 Hb
1958
Consumers Power 3 Mb '67
Cumberl'd Co PAL 3 Mb '66
1977
6s
103 H 104H
-.1954
80
6s series B
flM
105
South Pittsburgh Water—
1st mtge 5s
.—1955
5s series A
1960
Texarkana Wat 1st 5s.1958
Colorado Power 5s... 1953
Consol E A G 6s A
1962
Bancamerlca-Blalr
Corp.l
Par
Cuban Atlantic Sugar.
Preferred
•
No
f Flat
Central Nat Corp cl A...*
class B
*
33
38
2
5
First Boston Corp
10
Schoelkopf, Hutton A
Pomeroy lnc com...10c
14
15H
1
1H
<
9
*
par
v
value,
n
a
Haytian Corp Amer
10H
6H
7H
1
price,
dividend,
0
1
1
Eastern Sugar Assoc__
Par
Ask
Bid
17
West Indies Sugar
18H
b
Interchangeable,
Nominal quotation,
tc
t
Baals
price.
When issued,
Now selling on New York Curb Exchange,
t Now listed
on
X Quotations
per
New
York Stock
Bid
*
d
Coupon.
H
30
Corp._l
w-s
2
Ask
H
Savannah Sug Ref com... 1
32 M
3
e
4
Ex-rights,
With stock
x
Ex-
Ex-stock dividend
Exchange
100 gold rouble bond, equivalent to 77.4234 grams of pure gold.
5 Ex 25% stock dividend Jan 27th.
Volume
146
Financial
Quotations
Chronicle
1387
Over-the-Counter Securities—Friday Feb. 25-Concluded
on
Specializing in all
Foreign Stocks, Bonds andjCouponsl
REGISTERED MARKS
Inactive Exchanges
£xpfLeAd< fcxcfiaatgz,
52 Wall
Street,
HAnover 2-3080
WALTER E.
New York City
A. T. & T.
Teletype N. Y. 1-1642
52 William
BRAUNL
St., N. Y.
Tel. HAnover
2-5422
Foreign Unlisted Dollar Bonds
SYLVANIA INDUSTRIAL CORP.
Bid
Anhalt 7s to
1946
Antioqula
1946
Bank of Colombia 7 %
C.
E.
j
BOwling Green 0-3565
Y.
Teletype N.
1948
Bavaria 6Ks to
1945
Bavarian Palatinate Cons
commodity Exchange. Inc.
Broadway, New York
1947
.
..
Barranquiiia 8~s'35A(M6-48
/ New York Security Dealers Association
Members
61
7s
UNTERBERG & CO.
TvromWa
Bogota (Colombia) 6^s '47
1-1666
8s
/15
/2054
19
2254
15
Ilseder Steel 6s
U
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
Bid
*
American Arch
*
.100
American
Book
Ask
3K
8%
pref
cum
American
Pat he Film 7% pref.....*
1
Petroleum Conversion
49
54
Petroleum Heat & Power.*
12H
Pilgrim Exploration
Remington rtrms com
11K
Scovlll
90
100
Ask
Bid
K
4%
3K
Manufacturing..25
24 K
Singer Manufacturing..100
24 K
Singer Mfg Ltd
13
16
Skenandoa Rayon
7Ms-~
Ind
4K
6^8
....195
62
69
Standard Coated Prod _10c
IK
52
Preferred .—........5
3 K
19
20 K
20
27 %
Screw
Bankers Indus Service A.*
3K
4)4
Stromberg-Carlson Tel Mfg
Belmont
3)4
5
Sylvanla Indus Corp
Beneficial Indus Loan pf_*
51K
13
17
1
5
Chic Burl A Quincy .—100
Chilton Co common
10
49
*
29K
5)4
16 H
K
*
Trlco Products
*
preferred...
Tublze Chatlllon cum pf.10
80
United Artists Theat com.*
2
13
15
United Merch & Mfg com •
30
32
United Piece Dye Works.*
109
100
Preferred
IK
36
39
32)4
116
43
Douglas Shoe preferred. 100
Draper Corp
*
Federal Bake Shops
16
20
57
(Northam)—
$3 conv preferred
*
Welch Grape Juice com..5
7% preferred
.100
West. Va Pulp& Pap com.*
61
Preferred
—
3K
5
Wesv Dairies Inc
15
*
20
26 K
$3
2)4
3K
*
1K
Garlock Packing com
*
37 K
Gen
*
15K
2)4
39K
16K
1
5)4
6H
Foundation Co For shs._..*
American
Fire
Good
shares
Extinguisher
Humor
Corp
Graton & Knight com
Preferred
4)4
*
100
100
2d 8% preferred
100
Macfadden Pub common.*
Preferred
6%
preferred..
100
8K
60c
17
"
53
mmm
,
---
mmm
5)4
50)4
29
31
114
10
11
*
*
109
5%
100
preferred
21
*
20
New Britain Machine
,
Norwich
American Tobacco 4s. 1951
Wire Fabrics 7s. .1942
Chicago Stock Yds 5s.1961
Frankfurt 7s to
123
106 K
95
•
24
93
/78K
/12
155
/19
85
1945
WestVa PulpA Pap 5 Ks '52
Wltherbee Sherman 6s 1944
Pharmacal
5
35 K
38 K
♦
11
13
*
7)4
/20K
18K
Panama
/25
33
18
Panama 5%
/26
30
....1956
33
34
1936-1937
/33
1st 5s
1952
scrip
Poland 3s-._
m
Porto Alegre 7s
Coupons
m m
mmm
many) 7s.;
f7K
(Ger¬
1946
/20K
—
-
Prov Bk
Westphalia 6s '33
Westphalia 0s '36
/22
1941
m
m
/20
Westph Elec 7% '36
/69
1941
mmm
109"
mm mm
mm
mm
mm
mm
102
...
/26
Rhine
0s
Rio de Janeiro 6%
•
■
mmm'
mmm
mmm
1933
n%
6Ka '46
/20K
/20K
Royal Dutch 4s.
1945
130
Saarbruecken M
Bk 6s '47
/20
...1957
/15
/12
Rom Cath Church
Salvador
7%.
'
7s ctfs of deposit-1957
mm mm mm
••
25
R C Church Welfare 7s '46
mmm
8K
/22
Prov Bk
"m
,
mm
m.
4s 8crip
mm
i
32 H
95
/40
/37
8K
mmm
mmm
"
...
13K
.
mm mm mm
''mm'mm
mm
/25
/22
mmm
59
m mm
/31
43 K
Sao Paulo (Brazil) 6S..1943
1951
/22
mmm
mmm
Slem <fc Halske deb 6s. 2930 /393
State
mmm
Mtge Bk Jugoslavia
65
1950
/60
/60
/6K
6K
Coupons—
Oct 1932 to April 1935
/65
...
/44
mmm
/854
9K
Stettin Pub Utll 7s.-.1946
/21K
/17K
18K
Stlnnes 7s unstamped. 1936
/62
mmm
Certificates
4s—1936
/50
mmm
7s unstamped
1946
/58
mmm
Certificates
4s—1946
/46
1955
/6 6
5s
1956
/25
27
2d series 5s
/23
28
Oct 1935
Apr 15 '35 to Apr 15 '37.
German Young coupons:
/ll K
I2K
June 1 '35 to June I '37..
95 K
8K
■mmm
/21
28
/26
Dec 1 '34 stamped
H
9K
/8K
/7K
/21K
Santander (Colom) 7s. 1948
Saxon State Mtge 6s-.1947
mm
61
/80
6)^8
/32K
9K
/8
1947
Santa Fe 7s stamped. 1942
Saxon Pub Works 7s_.1945
/34
Jan to June 1936.
mmm
92
10
/8
1948
8s ctfs of deposit-1948
8%
/35K
90
/41K
....1962
mmm
36 K
1968
Protestant Church
mmm
«•
/58
22 X
101)4 102)4
2d conv Income 5s..l962
8)4
1946
City 6Ks
8K
mm m
Jan to June 1935.
14
Woodward Iron—
common
/21
Oldenburg-Free State
7s to
1945
German Dawes coupons:
50
.
Oberpfals Elec 7s
July to Dec 1934.
80)4
22
64 K
5i
17
Jan to June 1934.
165
107
58 K
mmm
37
July to Dec 1933.
July to Dec 1936.
48
Leather
'mmm
59 H
1947
■
61
July to Dec 1935.
1946
mm
58 H
4s
mm
/90
80
1939
mm
/98K
m
Scrip
5s..l946
Scovlll Mfg 5Ks
mm
/19
Santa Catharina (Brazil)
(Glenn L)—
Conv 6s
■
/19
'■■■■
/3l K
94
1948
100
Match Co
/96
••
94
N Y Shipbuilding
6Ks-1948-1949
mmm
Hungary 7K»
1962
National Hungarian A Ind
Mtge 7s
1948
17K
/100
/100
/100
88
1937
mmm
/96
Nat Central Savings Bk of
71K
107
100
92
Nat Radiator 5s
5)4
6Ks.1946-1947
17 W
/21
86
Deep Rock OH 7s
/29K
6K» '38
Panama
(A A B)
28
,/42
1940
1st conv s f 6s
Martin
Bank
22
...
Cudaby Pack conv 4s. 1950
100
Ohio
Nassau Landbank
Nat
Cont 1 Roll & Steel Fdy—
Yeast
Ohio
23
6K
/36
/29
/20K
Dec 1934 stamped
Preferred 6K%
/21
5
/29
7s.
New Haven Clock—
Northwestern
22
Municipal Gas A Elec Corp
Recklinghausen 7s.. 1947
.1945
8s
Conv deb 6s
3)4
65"
/20K
/20K
Bonds—
45
*
/63
Munich 7s to
954
/35
8K
11K
Am
'mmm
Munlc Bk Hessen 7s to '45
98
7K
50
80
Casket
88
14)4
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co—
42
/21
5s
26 K
55
6%
47)4
National
854
/20K
200
110
U3,
7% preferred
.100
Muskegon Piston Ring.2 K
Preferred
6Ks.
M.
/4
Mock Judson A Voehrlnger
Nat Paper A Type com
2K
97
35c
*
16
24 K
8K
15
150
/21
Meridlonale Elec 7s...1957
/21
/20K
/20K
/21 K
/20K
69)4
/a
Merck <fe Co lnc common. 1
14
87
7
1948
Water 7s
18
/2lK
18)4
66)4
5
mm
'mmm
/14
97)4
*
36
30)4
7K
Lawrence Portl Cement 100
16)4
94)4
IK
7% preferred
100
Young (J S) Co com...100
7% preferred
100
34
28)4
/21K
"
WJR The Goodwill Sta__5
100
mm mm
mmmm
*
19K
10K
25
Lord & Taylor com
1st 6% preferred
17)4
11)4
Worcester Salt
mm
/24K
/56
42
50
Wilcox & Glbbs com
mmm
mmm
/14
105
York Ice Machinery
Great Lakes SS Co com..*
Kildun Mining Corp
1
King Seeley Corp com
1
Lawyers Mortgage Co..20
vtcl
mmmm
■
/17K
43
Great Northern Paper
Harrlsburg Steel Corp
com
preferred
*
White Rock Min Spring—
$7 1st preferred
100
Wlckwire Spencer Steel..*
cum
■'
/22
/50
1943
Mannheim A Palat 7s. 1941
/34
5s.
6)4
41
100
100
Preferred
23 K
30
_.■.
47
/44
North German Lloyd 6s '47
54
4K
3)4
mmm
Luneberg Power Light &
/19
Warren
36)4
100
/60
Nov 1935 to May 1937
20
/14K
8K
6K
K
mm
56
/30
Savings Bank
2K
(Jos) Crucible... 100
Preferred
100
City
mm
56
55
Nov 1932 to May 1935
20
+ +
*
/68K
2%
mmm
mmmmm
65
(C & D)
7s assented.
87 K
6
Dictaphone Corp
Co
36 K
5K
Dennlson Mfg class A
10
Devoe A Raynolds B com *
Fohs Oil
IK
34K
*
$1 cum preferred
Dixon
Corp
/23K
Leipzig O'land Pr 6Ks *46
Leipzig Trade Fair 7s. 1953
-
/24
/14K
10K
2K
4
Crowell Publishing com..*
$7
Tennessee Products
54
4
9
Steel common
*
Columbia Baking com
/19
Land M Bk Warsaw 8s '41
/6K
/9
/2K
6)4
14K
Taylor Wharton Iron &
7
1936
1948
32
'
mm
Coupons—
Central German Power
Hotels
1st preferred
Burdlnes lnc common
mm mm
30
/8K
/14
53
100
Bowman-Blltmore
mm
Koholyt 6Ks
/lie
4
Standard
/19
23
2
50
Corp
mm
Hungarian Ital Bk 7Ks '32
Hungarian Discount & Ex¬
4K
7K
/SO
8K
5% pref. 100
Radio
'mm
4H
Corp—
5K
6K
196
Brown Coal
245
240
4K
Corp..*
National Corp
*
Art Metal Construction .10
Andlan
/19
British Hungarian Bank
26K
22 %
/21
/17
6s.
5)4
UK
4K
mm mm mm
Housing & Real Imp 7s '46
Hungarian Cent Mut 7s '37
/18
1
/84K
/99K
1939
change Bank 7s
/45
10K
•_*
23
23
/6
100
1
*
25
Hardware
Amer Maize Products
American Mfg
Par
25
5% conv pref
--10
American Hard Rubber—
6s unstamped
M
/2l
4K
28 K
American Cynamid—
Hansa SS 6s stamped. 1939
—
f4H
Brazil funding 5a.. 1931-51
Ask
17
/13K
/10
/4K
/4K
68.
Industrial Stocks and Bonds
Par
Bid
22
78.
Alabama Mills Ino
Ask
/20K
/17
/21
/21
/14
8a
/13K
14K
Graz (Austria) 8s
1
Great Britain & Ireland-
Toho
82
to
April 1937
Electric 7s
65
mmm
mmm
70
page
/30
1386.
AUCTION
The
following securities
of the current week:
were
SALES
sold at auction
on
1 National Bank of Falrhaven, par $80
50
55 Codo Manufacturing Corp.t, par $10...
100 Douglas Aircraft Co., Inc
$ per Share
Stocks
t
10 Bell & Evans, Inc., preferred, par $100
no par
par $50
Per Cent
$2,500 S. W. Cor. 17th and Saasom Sts., 1st 6s, 1934
No. 2 1st 6s, 1933
$500 Breslyn Apts. 1st 6s, 1930
$300 Bellevue-Stratford Hotel 1st 6s, 1935-.
$25
6K
6
$15
8K
......-10K
,
$1,000 Nos. 1409-11 N. Broad St. 1st 6s, 1934.
—
flat
flat
flat
flat
Oat
81
...
7
CURRENT
27)£
par
Haven RR.,
Bonds—
.
........
NOTICES
21
3854
,
—James Talcott, Inc., has been appointed factor for Charles W. Kessel,
New York City, distributor of woolens.
By Barnes & Lofland, Philadelphia:
Shares
14 Minehill & Schuylkill
Co.
$11 lot
_._.$65 lot
$4 lot
10
10 at 40)4 and 4 at
40
$500 Wyneva Apts.
common.....
—
$ per share
10 South Jersey Mortgage Co. capital,
%
Co., par $100
Corp. 7% preferred, par $100..
Co. common,
.-«
(Concluded)
10 Maple Shade National Bank capital, par $10; 10 Merchantville Trust
7
Massachusetts Cos
10 Eastern Utilities Associates,
SALES
50 Industrial Trust Co., par $10
2754
Stocks
5 Chapman Valve Mfg.
Wurtemberg 7s to
Stocks
15
$ioo lot
By Crockett & Co., Boston:
35 Western
7 a"
41
par $100
2 Columbian National Life Insurance
4 Industrial Finance
91.92
/21K
/21K
/21K
1947
1945
capital, par $100; 105 Merchantville Park Extension capital, par $50
30 Merchantville National Bank & Trust Co. capital, par $10
3
39 Claredon Gardens, Inc., common
10 South American Utilities Corp. $4 preferred, par $1
9 South American Utilities Corp. common v. t. c., par $1..
5 Consolidated Investment Trast, par $1
Shares
70
AUCTION
$ per Share
Insurance Co. preferred,
187.28
Vesten Elec Ry 7s
Wednesday
Shares
Stocks
65 Massachusetts Title
1953
mm
/ Flat price.
By R. L. Day & Co., Boston:
Shares
1943
7% gold ruble
mm'mm
...1947
Union of Soviet Soc Repub
40
/20K
6s.
Haiti 6s
8H
Unterelbe Electric 6s. .1953
see
114K 115K
1960-1
4s
For footnotes
f7K
Tollrna 7b
$ per Share
$5 lot
—-Ross E. King,
formerly with Eli T. Watson & Co., is now associated
with Amotfc, Baker &
Co., Inc.
1388
Chronicle
Financial
General
Feb.
26, 1938
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
Acampo Winery & Distilleries, Inc.—Registers with SEC
See list given on first page of this department.—V. 145, p. 1573.
RIGHTS-SCRIP
Akron Canton &
Youngstown Ry.- -Earnings1938
$124,051
12,882
defl4,518
January—
Gross from railway.
Specialists since 1917
Net from railway
Net after rents
—V.
146.
p.
—
Period Ended
Gross
New York Stock
120
Bell
REGISTRATION
Gross income
STATEMENTS
—
$662,703
408,647
$753,077
405,391
$8,617,590
4,824,880
$8,512,157
4,806,049
$254,056
195,178
$347,686
195,178
$3,792,710
2,342,138
$3,706,109
2,342,138
$58,878
$152,507
$1,450,572
$1,363,971
vs.
ncome
pref. stock
on
UNDER
Balance
SECURITIES ACT
provision was made in 1936 for Federal surtax on undistributed
all taxable income was distributed,
No provision was made for
such tax in 1937 except for a small amount provided by a subsidiary com¬
No
x
The
following additional registration statements (Nos.
3603 to 3609, inclusive and 3251, a
refiling) have been filed
with the Securities and
Exchange Commission under the
Securities Act of 1933.
The total involved is approximately
$7,692,080.
Indiana Associated Telephone
Corp. (2-3603, Form A2) of Lafayette,
Ind., has filed a registration statement covering $400,000 1st mtge. 4
series B bonds due on Oct.
1, 1965, and 17,291 shares of $6 cumulative
no par preferred stock.
The company will sell the issue of bonds at
private sale to four purchasers
at 105%, the registration states.
The purchasers of the bonds will be
Bankers' Life Co., Modern Woodmen of
America, Equitable Life Insur¬
ance of Iowa and Bankers' Life
Insurance of Nebraska.
The preferred stock will be offered
publicly and will be sold for the
profits
as
No provision has been made for such tax In 1938.—V. 146,
pany.
American Bank Note Co.Calendar Years—
price of the preferred will be filed by amendment.
Proceeds will be used to repay indebtedness to General
Telephone to
reimburse the company's treasury for
expenditures for property acquisition
and for additions, betterments and
working capital.
J. F. O'Connell is
President of the company.
Filed Feb. 17, 1938.
Profit
appropriation._
Subsid. pref. dividends.
Other deductions..
Net profit
Pref. dividends (6%)
Common dividends
has filed a
registration statement covering 400 monthly payment participa¬
certificates, with insurance, to be offered at $1,200 each; 2,000 monthly
insurance, to be offered at $1,200 each and
1,000 fully paid certificates to be offered at $500 each.
Proceeds will be
payment certificates without
used
for investment.
Sponsored by depositor.
President of the company.
Filed Feb. 21, 1938.
Walter
N.
George
is
Co-op Traders of America, Inc. (2-3606, Form Al) of Narapa, Idaho,
has
filed
registration statement covering 100,000 credit coupons to be
offered at 50 cents and $1 each.
Proceeds will be used to redeem coupons
and for dividends and for
a
working capital.
No underwriter named.
Filed Feb. 21, 1938.
(2-3607, Form Fl) of San Francisco, Calif.,
has filed a registration statement
covering 50,000 voting trust certificates
or common
stock, no par.
Filed Feb. 21, 1938.
Winters & Crampton Corp. (2-3608,
Form Al) of Grandville, Mich.,
registration statement covering 25,000 shares of $8 par value
7o cents cumulative convertible
preferred stock to be offered at $10 a
share and 75,000 common shares of
$1 par value to be reserved for conver¬
sion of the preferred.
Proceeds will be.used for debt retirement and work¬
ing capital.
Thompson Boss Securities Co. and Straus Securities Co. were
named as underwriters.
R. E. Jervis is President of the company.
Filed
Feb. 21, 1938.
has filed
Mac
a
Andrew
Red
Lake
Gold
Mines, Ltd. (2-3609, Form AOl) of
»°T.°'
has filed a registration statement covering 1,300,000 shares
Hi i par
common stock to be offered at $1.25 a share. Proceeds
will be used for
building plants, equipment machinery and working capital.
New York Note & Share
Corp. was named underwriter. C. K. F. Andrewes
is President of the
company.
Filed Feb.
23,
The SEC has announced that at the
request of the appli¬
it has consented to the
withdrawal of the following
registration statements:
cant
^Uclnf,^a"?n,er» ][nc* (3403)
and a
preferred
undetermined
covering 25,000 shares of
amount
1nCi (3488) covering 75,000
stock (no
par).
cum. pref. stock
of common stock.
Filed Sept. 8,
Filed Oct. 26,
cum.
participating
1937.
/«iKmrwkJ X.HUoiyn
shares (par $5).
shares
^StnSaud CoriV (2044) covering
250,000 shares
($1 par)
Sturges Aulsbrook
ornrnon
stock (par
American Kid
$1).
Co.
250,000 shares ($5 par) pref.
common stock.
n
87,084
$5,534,429
$5,471,775
$1.24
$1.36
Taxes only,
y
No provision
1937
x
was
Real est.
$4,743,868
Nil
considered necessary for surtax
1936
1937
Liabilities—
<fcbldgs. 4,413,098
4,465,755
on
5,503,281
Accts. receivable.
1,561,575
1,544,309
$
4,495,650
4,495,650
Common stock
Mach'y,
equip¬
ment, &c
5,332,479
Mat'l & supplies-. 1,462,572
_
1936
$
6% pref stock
y
6,527,730
6,527,730
6%
1,322,100
pref. stock of
foreign subsid's.
391,032
391,032
for taxes
677,439
Accrued liabilities.
124,032
528,494
101,703
337,111
302,377
Accts. payable incl.
Com. stk. acq. for
reserve
resale to employ.
28,320
115,404
Marketable invest.
1,800,325
Advance custom'rs*
deposits
75,520
1,914,325
77,020
Invest, of approp.
surplus
Cash
757,450
682,698
Surplus approp. for
3,584,345
2,938,328
51,061
employ, pensions
Contract,
Total
x
in
37,138
19,035,557
After
y
orders
......
Dividends payable
Deferred charges..
Surplus.....
18,631,5471
Total
229,920
67,435
757,450
682,698
5,495,193
5,534,429
..19,035,557 18,631,547
reserve for depreciation of $1,715,869 in 1937 and $1,636,212 in
After reserve for depreciation of $3,668,642 in 1937 and $3,535,088
145, p. 2999.
1936.—V.
American Can Co. (&
Subs.)—Earnings—
Calendar Years—
1937
1936
Net earnings
$28,721,523 $23,982,079
Divs. & interest receiv..
562,675
384,766
1935
1934
$21,832,177
278,126
$25,158,660
114,285
Total earnings
$29,284,198 $24,366,845 $22,110,303 $25,272,945
Depreciation
5,701,688
2,000,000
2,000,000
2,000,000
Special pay under em¬
ployees annuity pain.
1,840,000
Res. for Fed. taxes
x4,300,000
3,300,000
2,800,000
3,750,000
Other deductions
yl,354,677
Net income
Common dividends
Goodwill trade marks &c
charged off
$17,927,833 $17,226,845 $17,310,303
2,886,331
2,886,331
2,886.331
9,895,992
12,369.990,
12,369,990
44,593,881
surplus__def$39,448,371
Previous surplus.
79,053,557
Unreg. bals in contg. res.
4,284,970
com.
$19,522,945
2,886.331
12,369,990
_—
$1,970,524
77,083,033
stock
$2,053,982
75,029,051
70,762,427
$43,890,157 $79,053,557 $77,083,033
Profit and loss
$75,029,051
$4,266,624
——
out¬
standing (par $25)...
2,473,998
2,473,998
$6.08
$5.80
2,473,998
$5.83
2,473,998
$6.72
Includes $975,000 for surtax on undistributed net income,
y Includes
$506,542 for settlement of claims applicable to prior years and $848,135
interest expense and sundry other deductions.—V. 144, p. 1585.
x
American
Electric Securities
Corp.—Smaller Dividend
The directors have declared a dividend of five cents per share on the
participating preferred stock, payable March 1 to holders of record Feb. 21.
Previously, a dividend of 7>i cents per share was distributed.—V. 145,
p.2537.
refusing to lift stop order issued:
(2031).
See V.
146,
p.
American Chain & Cable Co., Inc.
1230.
Calendar Years—
Gross sales..
Corp. (3415).
1937
Net income
Shares common stock
x
See V.
146,
p.
1237.
The last previous list of
registration statements
our issue of Feb.
19, page 1228.
$727,908 def$560,940
4,743,868
5,304,808
44,184
72,000
31,285
Consolidated Balance Sheet Dec. 31
stock
Filed March 28, 1936.
Corp. (3454) covering 235,000 shares of
Filed October, 1937.
Stop order with opinion issued:
Crusader Aircraft
$62,654
5,471,775
145,413
250,968
212,530
30,266
52,878
$5,495,193
shares
Earned per share
cum. pref. stock
Filed Sept. 7, 1937.
Jones
Order with opinion
x
common
Oil Ridge Oil &
Refining Co. (1575) covering 400.000 shares ($1 par)
ass A and 100,000 shares
($1 par) class B stock.
Filed Aug. 5, 1935.
nd
$1,160,132 loss$291,201
269,739
269,739
162,485
346,530
xl82,924
undistributed profits.
Shares
130'000 shares of
$1,079,825
269,739
747,432
Balance,
covering 7,000 shares 5y2%
common
common
«500,000 5 % 20-year secured
♦^t^littete'<5S72®.w'ertog
$1,706,774 loss$143,731
1934
$323,922
151,366
279,961
205,106
$1.07
_.
(par $1).
£i?tLIling Co' C2696) covering 120,000
($1 par) pref. and 210,000 shares common. Filed Nov.
30, 1936.
boi?dslal^led^Nov?2'9?I193^?'*^) covering
125,000
Prof. & loss surplus.
Earns, per sh. on 652,773
Pref. dividends (7%)...
shares of 60 cent
Fil^dejuiml 12*° 193p23^^ coverinS 135,000 shares of class A stock
~°Hfrman
par $50) and
Surp. approp, to reduce
com. stk. acq'd for re¬
sale to employees
1936.
1938.
Acampo Winery & Distilleries, Inc. (2-3251, Form A2, a refiling) of
Acampo, Calif, has filed a registration statement
covering 37,596 shares of
common stock, $o
par.
Of these shares 25,596 are to be offered by certain
stockholders and 12,000 are to be offered
by company, first at $5 and later
at market when listed.
Proceeds accruing to company will be used to
repay bank loans.
No underwriter is named in registration.
J, B. Gundert
s President of the
company.
Filed Feb. 19, 1938.
(par $100)
$1,584,170
y241,879
212,700
30,769
18,996
Assets—
Brew»n£ Corp.
.
Surplus..
Previous surplus
Frank
L. Jensen is President of the
company.
$1,599,201 loss$252,818
107,573
109,087
$47,848
5,534,429
^
Federal taxes—
5%
tion
$1,482,298
101,872
$967,528
269,739
649,941
Profit from operation.
to be reserved for conversion of
Participations, Inc. (2-3605, Form CI) of Springfield, Mo.'
1935
$2,333,761
$1,536,926
y321,938
177,450
48,879
21,131
Pension
American
1936
$2,287,651
219,819
327,306
x258,228
$1,416,952
119,974
Other income
ceeds will be used to redeem
5% 10-year convertible debentures due 1947.
Elwood A. Bayne is President of the
company.
Filed Feb. 21, 1938.
Earnings—
1937
Manufacturing profit..* $2,220,223
Maintenance and repairs
185,851
Depreciation
337,733
Ord. taxes & bad dt.prov
x279,687
of
$302,298 principal amount of outstanding
10-year convertible debentures on the basis of $5 and $6 a share for
same principal amount of
debentures.
No underwriter was named.
Pro¬
899.
The Guaranty Trust Co. of New ifork, as trustee for this company, will,
beginning March 1, purchase sufficient 20-year collateral trust convertible
5% bonds, series of 1930, to exhaust the sum of $100,000.—V. 146, p. 1229.
General Telephone Corp., the parent company.
Underwriters
of the preferred issue are Bonbright &
Co., Inc., 8,645 shares; Paine Webber
& Co., 6,485 shares, and Mitchum
Tully & Co., 2,161 shares.
Offering
Tivoli Brewing Co. (2-3604, Form
A2) of Detroit, Mich., has filed a
registration statement covering 60,459 shares of $1 par value common stock
p.
Alleghany Corp.—To Buy Bonds—
•
account
Mos.—1937
$20,137,794 $18,865,384
8,856,582
8,559,101
2,663,621
1,794,125
Int. & other fix. charges.
Teletype NY 1-1640
Net
OF
1938—12
1938—Month—1937
$1,580,390
$1,631,713
699,997
711,011
217,690
167,625
New York Curb Exchange
Telephone REctor 2-3815-30
D
FILING
52,450
Co.—Earnings—
.
Prov. for retire, reserve.
Exchange
Broadway, New York
1935
$181,203
75,366
45,620
Jan. 31—
revenue,,,
Oper. exp. & taxes,
x
Members
1936
$187,172
72,615
740.
Alabama Power
lyfcnONNELL&rO.
1937
$193,777
76,453
32,489
was
given
Earnings
x
After
come
per share.
—
(&Subs.)—Earnings
1936
1935
$28,710,663 $24,977,139 $17,921,663
y3,042,075
y2,967,789
1,645,806
987,436
250,517
250,222
$2.79
$9.45
$4.11
depreciation, amortization, interest and Federal and foreign in¬
y After surtax on undistributed profits.—V. 146, p. 1229.
taxes,
Volume
Financial
146
1937—12 Mos.—1936
1937—Month—1936
bSub. Cos. Consolidated-
Operating
Operating
$6,344,599
1,940,315
405,516
822,102
874,709
Depreciation
Taxes
Operating income....
Other income
$6,295,913 $74,289,148 $70,292,930
2,120,881
22,742,863
22,055,993
368,650
4,288,246
4,039,687
782,883
9,877,600
9,140,761
884,785
10,229,336
9,676,447
$2,301,956
22,519
$2,138,712 $27,151,100 $25,380,040
33,204
160,091
478,443
$2,324,476
revenue
Maintenance
$2,171,917 $27,311,191 $25,858,483
937,146 al0,886,020
11,235,776
417,883
5,014.399
5,014,392
Total income
Int. & other deductions.
910,770
Pref. stock dividends
417,884
Balance
Amer. Gas
cBal. of sub.
stock
sub.
$9,608,315
Elec. Co.—
995,821
273,648
cos
divs.
816,887
287,947
11,410,772
3,055,822
9,608,315
3,388,688
159,170
20,739
co. earns
Int. from sub.
Pref.
$816,887 $11,410,772
$995,821
....—...
159,170
124,787
1.910,050
67,117
1,910,050
301,432
from
companies
Other income
Total income
Int. & other deductions.
Pref. stock divs. to pub.
,388,792 $16,443,762 $15,208,485
34,816
745,299
630,161
212,141
2,050,241
2,561,376
177,811
2,133,738
2,133,738
$1,449,380
GY6,053
170,853
177,811
Expense
.
Balance
a
$1,106,768
After giving effect to $100,000 additional amortization of debt discount
and expense applicable to
1937 operations and entered
surplus in January 1938.
b Intercompany
Applicable to American Gas & Electric Co.
charge
c
$9,883,209
$964,023 $11,514,484
to
the books as a
items eliminated,
American Ice
The
directors
Co.-—Preferred Dividend—
have
declared
a
dividend
of
50
Anaconda
cents
per
Appalachian Electric Power Co.—Bonds Called—
All
American Insurance Co.
The directors have declared
common
dividend
of 5
cents
amounts
per share in
share on the
stock, both payable April 1 to holders of record March 9.
Similar
were paid on Oct. 1 and on April 1, 1937.—V. 145, p. 596.
American News Co. (&
Calendar Years—
Gross sales..
1936
.
will be made at the Continental National Bank & Trust Co. of Chicago.
All of the outstanding first and collateral trust mortgage 5% gold bonds
&
inter-
■
27,835,452
22,128,499
Dec.
due
sales
18,015,769
18.192,005
$61,854,890 $51,919,029 $43,558,219 $41,942,152
42,023,348
34,938,470
29,323,665
28,218,330
18,129,602
15,786,903
13,709,699
13,456,570
Cost of sales.
Operating
expenses
1942, of the Virginian Power Co. have been called for re¬
June 1 at 105 and accrued interest.
Payment will be made
on
at the New York Trust
Co., L»0 Broadway, New York City.
Trustee—
;
due Feb.
1, 1948.
Authorized issue—$10,000,000.—V. 146, p. 900.
Arnold Constable
Corp.—Dividend Halved—
Directors have declared
a dividend of 12% cents per share on the common
$5, payable March 21 to holders of record March 10. This com¬
pares with 25 cents paid on Jan. 28, last, and dividends of 12% cents paid
on Dec. 15, last, and each three months previously.
In addition a dividend
of 50 cents was paid on Jan. 21, 1937.—V. 146, p. 589.
stock,
par
Associated Dry Goods
Other income.
$1,701,940
153,489
$1,193,656
124,449
$525,455
96,709
$267,252
161,933
$1,855,430
350,000
$1,318,106
218,097
$622,164
92,500
$<±29,184
75,000
.
.
Total net income.....
Prov. for Fed. inc. taxes
xNet profit......
for the 13 week period ended
$17,971,186 compared with sales of $18,184,463 in the
corresponding period last year, a decrease of 1.2%.
Total sales for the
52 week period ended Jan. 29, 1938 were $58,407,949 compared with sales
of $55,538,612 in the corresponding period last year, an increase of 5.2%.
—V. 146, p. 431.
1938
were
Associated Gas & Electric Co.—Weekly
..
$1,505,430
1,264,308
Balance, surplus
421,436
$3.57
share
per
$529,664
$354,184
316,080
316,077
$241,122 def$268,339
Com. stk. out. (no par).
Earnings
$1,100,008
1,368,347
y
$213,587
210,718
$5.22
$38,104
210,718
210,718
$2.51
$1.68
18, Associated Gas & Electric System reports
85,092,009 units (kwh.).
This is a decrease of
4,967,208 units, or 5.5% below production for the corresponding week a
year ago.
This is the smallest percentage decrease reported for the System
electric
far
this
of
output
year.
operations of the American News New York Corp. (former parent company)
and subsidiaries from Jan. 1, 1937 to Dec. 6, 1937. the date of merger of
such former parent company with and into the American News Co.
The
amounts shown for the years 1936, 1935, 1934 represent the consolidated
results of operations of the American News New
owned subsidiaries.
York Corp. and wholly-
Consolidated Balance Sheet Dec. 31
1937
Assets-—
x
'
1937
$
Liabilities—
$
Land, buildings,
y
/
1936
$
1936
$
Capital stock...10,535,900 10,535,900
pay., &c_. 7,223,726
6,878,607
equipment, &c.. 7,668,589
Cash
4,657,825
U. S. obligations.. 1,211,650
4,853,750
Fed. inc. taxes,&c.
1,226,650
Customer & agents
Accts. & notes rec.
4,423,893
3,992,829
Contingent
reserve
Capital surplus...
Inventories
Mtges.
......
rec.,
Accts.
7,388,544
4,669,683
4,377,162
investm'ts, &c__
dep. & def. cred.
330,195
329,958
Goodwill
3,849,708
Deferred charges.
.
339,418
306,717
591,682
578,509
Prov. for pos. cl'ms
misc.
459,347
67,500
67,500
27,500
27,500
...i..
1,893,933
4,348,627
6,063,281
Earned
surplus...
286,378
utilities, amounted to 91,823,169
units.—V. 146, p. 1230.
Associated General Utilities
Calendar Years—
$90,636
24,157
$52,955
7,065
$176,747
4,135
$128,462
Balance
$66,479
56,063
$45,890
38,079
$172,612
128,624
$10,416
$7,811
$43,987
95,346
income..
$33,115
1937
Assets—
Invest,
Dep.
(at cost)..S
Sheet
1936
,720,270 $1,260,712
161,396
42,318
Int. A divs. receiv.
.
1,510
2,514
17,767
—
discount
31
1937
y$68,145
716,680
33,552
debt
2,514
1,510
"3",906
480,382
72,287
6,043
debenture int.
15,093
—
Accounts payable.
5,596
Exps. accrued
13,837
accrued..
Interest
Earned
5,434
118,766
surplus...
75,556
8,832
Capital surplus..*
$1,788,467 $1,457,170
Total
$1,788,467 $1,457,170
Represented by 82,873 no par shares outstanding,
y Represented by
6,778 no par shares common stock at stated value of $6,778 and 61,365
shares to be issued, $61,365.—V. 146, p. 100.
x
Associates Investment
Co.—Earnings—
Calendar Years—
1937
Gross receivables purch $149,475,874
xl0,741,129
4,809
Gross income
Other income
1936
1935
1934
$134476,606 $90,732,602 $56,581,950
x8,936,061
x5,772,109
4,103,466
2,042
21,187
8,037
$8,938,103
Amortiz.
of discount
$5,793,296
54,111,503
4,026,445
2,673,493
1,970,224
493,102
Total income..$10,745,938
Expenses
5,231,989
Int., incl. corn's & exps.
on coll. trust notes—
987,511
Sundry deductions
331,635
494,350
281
on
27,000
2,250
yl,278,400
1,238,614
65,156
10-year 3% debs
Portion of inv.in cap.stk.
of Associates Bldg.Co.
written off
Total
x
.....23,254,283 26,351,9471
After depreciation,
Total
....23,254,283 26,351,947
Represented by 421,436 no par shares in 1937
and 210,718 no par shares in 1936, excluding 10,564 shares in 1937 and
5,282 shares in 1936 held in treasury.—V. 145, p. 3809.
y
American Participations,
American Power & Light
Inc.—Registers with SEC—
Co.—Accumulated Dividends—
The directors have declared
a dividend of $1,12% per share on the no
$6 cum. pref. stock and a dividend of 93% cents per share on the no
par $5 cum. pref. stock, both payable April 1 to holders of record March 9.
Like amounts were x^aid on Dec. 20, last.
Dividends of $1.50 and $1.25
per share, respectively, were paid on Oct. 1, Juiy 1 and April 1, 1937,
Dec. 18 and Oct. 1, 1936; dividends of 75 cents and 62% cents per share,
respectively, were paid on Juiy 1, 1936; dividends of 37% cents and 31%
cents per share paid on April 1 and Jan. 2, 1936, and dividends of 75 cents
and 62% cents per share paid on the respective issues on Nov. 15, 1935.
The dividends due July 1, 1935, were omitted, prior to whxch the com¬
pany paid dividends on both issues at only one-quarter the full rate in the
nine previous quarters.—Y. 146, p. 99.
Sanitary Corp.—New
Alexander C. Nagle has been elected a director of this company, succeed¬
ing George Pick.—V. 145, p. 2833.
Water
:.
_
Miscell. expenses...
— --
Balance, surplus
Shs.com.stk.out. (no par)
-
-
----
452,079
20,892
45,000
5,420
285,900
300,000
1,562,143
z264,041
1,110,049
152,200
440,000
[,310,327
91,000
399,906
$1,358,895
418,247
$1,738,446
406,506
$1,722,998
400,000
$819,421
80,000
$3,221,038
Preferred dividends.---
$2,315,198
$3,112,536
Earnings per share.$6.98
$7.01
$5.40
$15.24
x Includes
commissions earned for the purchase and collection of re¬
ceivables of $131,201 in. 1937, $329,064 in 1936 and $255,586 in 1935.
y Includes $452,000 for surtax on undistributed profits,
z Includes $114,044 on 7% pref. (retired in 1936) and $150,000 on 5% pref. (issued in 1936.)
Balance Sheet Dec. 31
1937
1937
stk. of:
Assoc. Bldg. Co.
Emmco las. Co.,
1936
$
1936
S
Liabilities—
$
Assets—
6,000,000
6,000,000
x Common stock..
2,796,946
2,268,268
Notes payable
42,631,000 30,130,000
5 % pref. stock
Inv. In cap.
....
&
Electric Co.,
000 kwh., a decrease of 24.6%
under the output of 52,614,300 kwh. for
of 1937.
Comparative table of weekly output of electric energy for the last five
111,549
auto dealers...*
446,069
543,821
114,063
88,357
Reserve for losses.
1,755,701
1,335,767
Inc....
12,000,000
Deferred income.* 3,887,506
3,853,455
Accounts payable- 1,726,566
1,507,837
Earned surplus... 8,419,397
7,060,501
10-year 3% debs.. 12,000,000
Unamort. discount
10-year
Funds withheld fr.
3%
267,750
240,750
6,616,700
9,322,637
receivable..68,793,706 57,012,879
Accounts receiv—
4,321
31,325
.
Cash....
Repossessed cars..
Total....x
173,321
71,085
Total..'
79,663,184 64.699,645
1937
1936
1935
1934
50,683,000
52,042,000
52,341,000
52,614,000
43,089,000
44,163,000
44,680,000
44,129,000
39,285.000
38,450,000
40,091,000
40,407,000
32.957,000
33,939,000
35,156,000
35,707,000
>
...79,663,184 64,699,645
Represented by 418,247 shares no par stock in 1937 and 406,506
1936.—V. 145, p. 3188.
follows:
648,187
116,194
250,000
Furn. & fixtures..
Notes
the corresponding week
1938
Jan. 29.._ 39,727.000
Feb.
5... 39,300,000
Feb. 12... 39,717,000
Feb. 19... 39,654,000
—V. 146, p. 1230.
250.000
debentures
Inc.— Weekly
:/•
Wk. End.—
250,000
on
Works
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Feb. 19, 1938, totaled 39,654,-
years
val. 1 ife ins.
Prepayments..-.-
American Radiator & Standard
Director—
Output—
surr.
Federal taxes......
Common dividends
par
American
Cash
Net income--.
See list given on first page of this department.
10,812
10,182
Taxes accrued
Total
2,439
Matured bond and
Spec, subscriptions
debt
_
1936
x$82.873
1,547,900
Subscr. to inc. bds.
2,443
Capital stock
Funded
matured
bond & deb. int.
Unamortized
Dec.
Liabilities—
for
Cash.
1934
1935
$174,831
46,369
investments.
on
Expenses and taxes
Net
Co.—Earnings—
1936
1937
x After provision for
depreciation of $495,432 in 1937, $484,860 in 1936,
$446,696 in 1935 and $.386,808 in 1934.
y Of which $526,795, dividends
declared on the stock of American News New York Corp.
Notes—No provision made, or believed to be required, for Federal surtax
on undistributed profits in 1937 or 1936.
Amounts shown for the year 1937 include the consolidated results of
Output—-
For the week ended Feb.
net
Balance
..
Dividends
Corp.—Sales—
Sales reported by subsidiary store companies
Jan. 29,
Deductions from income
Operating profit.
'.v/';:
The Central Hanover Bank and Trust Co. has been appointed trustee of
the Appalachian Electric Power Co. sinking fund debentures, 4%% series
Income
Net
1,
demption
Gross output, including sales to other
1934
1935
$89,690,342 $74,047,527 $61,750,224 $59,957,921
Inter-company
branch sales
first and refunding mortgage gold bonds, 5%
1, 1956 have been called for redemption on March
Payment will be made at the Bankers Trust Co.,
outstanding
.
so
Subs.)—Earnings—
1937
the
New York City.
All of the outstanding first mortgage 5% sinking fund gold bonds, due
June 1, 1941 of the Appalachian Power Co., predec&ssor company, have
been called for redemption on June 1 at 105 and accrued interest
Payment
(Newark, N. J.)—Extra Div.—
extra
an
addition to the regular semi-annual dividend of 25 cents per
of
series of 1956, due May
14 at 104 and interest.
share on the
pref. stock, par $100, payable March 25 to holders of record
7.
A dividend of $1 was paid on Dec. 20, last, and dividends of
50 cents per share were paid on Sept. 25, June 25 and March 25, 1937,
Dec. 19, July 25, April 25 and Jan. 25, 1936, and on Oct. 25, 1935; prior
thereto regular quarterly dividends of $1.50 per share were distributed.
—V. 145, p. 3489.
Copper Mining Co .-—To Pay 25-Cent Div.—
The directors have declared a dividend of 25 cents per share on the capital
stock, par $50, payable March 28 to holders of record March 7.
Dividends
of 50 cents were paid on Dec. 20, Sept. 27 and on June 28, last, and divi¬
dends of 25 cents per share were paid on March 9, 1937, Dec. 1, Oct. 19,
July 20 and on April 20, 1936, this latter being the first dividend paid since
Aug. 17, 1931, when a dividend of 37% cents per share was distributed.
In addition, an extra dividend of 25 cents per share was paid on Dec. 21,
1936.—V. 146, p. 100.
non-cum.
March
Preferred Shares—
Stockholders at their annual meeting on March 22 will consider canceling
15,030 shares of preferred stock which the company has acquired, and to
reduce the preferred stock accordingly.—V. 146, p. 1062.
on
Note—Figures for periods prior to Jan. 1, 1937, restated for comparative
purposes.—V. 146, p. 270.
6%
1389
American Woolen Co.— To Reduce
American Gas & Electric Co. (& Subs.)—Earnings—
Comparative Statement of Combined Income
Period End. Dec. 31—
Chronicle
Atchison Topeka & Santa
Month of
Net railway operating
—V. 146, p. 1230.
Fe Ry. System—Earnings1938
January—-
Gross
income
in
-
1937
1936
$11.124,601 $12,962,035 $10,983,199
1,166,367
480,607
def866,641
Auburn Automobile Co.—Protective Committee—
of
the
convertible debenture
52,308,000
4*A%
notes,
stock
Surplus
Aviation
Hoffman, 30 Pine St., New York, and George H.
Building. Fort Wayne,
Ind., Counsel.—V.
Corp.—Officers—
W. H. Beal has been elected President and Albert I. Lodwick Executive
Aviation Manufacturing Corp., the operating sub¬
Vice-President of the
sidiary of Aviation Corp.
Victor Emanuel, chairman of the Aviation
and Transportation Co.
(formerly Cord Corp.), will become President of Aviation Corp.
L. B.
Manning, formerly Chairman and President of Aviation Corp. will continue
as Chairman.—V. 145, p. 3188.
Co.—Earnings—
[Including Baltimore Coach Co.]
Month of January—
193450
Operating
1938
$966,372
855,309
$959,913
813,524
$111,062
87,519
$146,388
90,425
—
$23.543
...—
713
$55,963
1,670
$24,256
5,454
revenues
Operating
$57,634
8,384
expenses
....
Net operating revenues
Taxes.....
Operating income
Non-operating income
Gross income
Fixed charges
_
1937
Net income—
$18,802
$49,249
Notes—(1) No deduction is made for interest on Series A 4 % and 5% deben¬
The approximate interest for one month, at the full
stipulated rates,
is $78,415.
(2) Inter-company items eliminated in above statement.—
V. 146, p. 743.
...
tures.
Baldwin Locomotive Works—Annual
Report—
George H. Houston, President, says in part:
Operations—Operations during 1937 were characterized by increased
volume, rapidly mounting costs due to higher wages, rising material
prices,
and higher taxes.
Most of the locomotives delivered during the year were
ordered during the latter part of 1936, a considerable
volume of locomotive
orders being carried over for delivery
during 1938.
^Consolidated sales for 1937, exclusive of intercompany
transactions,
totaled
$36,586,461. of which sales of locomotive products amounted to
$15,259,799, 58% of the total volume of business done was outside of the
locomotive field as compared with 82% for the
year 1936.
Unfilled orders
on hand at the end of 1937, without
intercompany eliminations, totaled
$24,533,345 as compared with $30,531,416 at the beginning of the
year.
Unfilled orders for
locomotives and tenders at Dec.
31, 1937 totalled
$13,512,783.
The year's operations resulted in a profit of
$2,880,691 after provision for
taxes, but before provision for depreciation and interest.
Depreciation
reserves accrued during the
year amounted to $1,850,468; and interest
charges to $622,846, of which bond interest amounted to $522,054
After
provision for depreciation and interest, the net profit from the
year's opera¬
tions amounted to $407,377.
~t
Consolidated sales, sales of locomotive products and the
resulting profit
or loss
before depreciation and interest,
together with taxes of all kinds
paid or accrued, for the eight years from 1930 through
1937, are shown in
the following table
1931
new
Sales
Consolid.
Sales
—
-
1932-
1936--..1937
of
Prof.
Locomotive
Taxes Paid
Products
or
.....$49,872,455 $31,026,055
20,436,342
6,197,035
3,034,694
8,250,319
1-937,104
14,554,444
3,396,733
19,462,746
6,484.928
20,877.735
3,737,185
36,586.461
15.259,799
Before
*921SlO
1.360,812
1,811,092
2,880,690
of ««•««
expenses
For purposes of this tabulation,
profit or loss and taxes are shown after
giving effect in the related year to subsequent
adjustments of estimated
tax accruals to amounts
actually paid or reserved for payment, and to ad¬
justments
due
to
the taxes accrued for
consummating
the
plan
of
reorganization.
Of
1937, social security taxes amounted to
$466 468
undistributed profits taxes to
$726,200, and
income, excess profits, and
other taxes to $618,424.
As
an
indication
of their contribution
country, it is of interest to
l^sidianes during the
$16,082,531, and for
company
The
to
the industrial
activity of the
note that expenditures of the
company and its
year, for compensation of personnel
amounted
to
purchases of materials and supplies, exclusive of
inter¬
transactions, to $20,967,311.
fefi8 ff?r accrual of depreciation
on the
of the Mid vale Go. for income tax
purposes
was
property, plant and equipment
beginning with the year 1935
changed during the latter part of 1937 at the
request of the Treasury
extension of the depreciable life of
that company's plant
facilities.
This cha,nge may result in
additional assessments for income
for 1935 and 1936 and for
undistributed profits tax for
1936; also in
refunds to-the government under the
Vinson Act, for 1935 and
1936.
The amount of these increased
taxes and refunds, if
any, has not
been finally determined.
Provision has been made for toeir
payment
however, by the creation of reserves considered
adequate for the purpose'
through charges to surplus.
1
^
'
nf^^TTR«rfhSVTg^at}0n
?
of the, con?Pany ™der the
provisions
?»
Bankruptcy Act, in proceedings in the U. S.
District Gourt 2
for the Eastern District of
Pennsylvania, under way since
Feb., 1935, has progressed toward
to the
final
order of
remaining interest charge on first mortgage bonds is that accruing
bonds outstanding in the hands of the public.
In 1937 this
amounted to $133,800.
The fixed annual payment to the
sinking fund under this mortgage, not to exceed $200,000 per annum, has
been made optional with the company.
The annual interest charge on the refunding mortgage bonds will be less
than the annual interest charge on the consolidated mortgage bonds by
$237,882, due to the reduced principal amount of these bonds because of
the exchange of certain of the consolidated mortgage bonds for common
stock.
The interest upon refunding mortgage bonds may be paid in pre¬
ferred stock, at the company's option, through Sept. 1, 1940.
The expenses of reorganization from the beginning of the proceedings,
including fees of counsel for the company, and allowances, expenses and
fees of counsel for the various protective committees and other parties at
interest (to the extent that requests for such allowances, expenses and fees
have been presented to the court) total about $915,000.
Of this amount
the company has paid items totaling $353,049.
The remainder awaits the
further consideration and approval of the court.
A reserve has been created
for these unpaid items, the amount of which, together with like expenses
paid during 1937, has been charged against the capital surplus resulting
from reorganization.
Prospects—The outlook for business in 1938 is uncertain.
Although a
reasonable backlog of orders was carried over into the new year, these were
concentrated upon certain products only.
There were no large orders for
locomotives placed during the latter half of 1937, and orders for other
products dropped off sharply during the latter part of the year.
Future
orders for locomotives will depend largely upon the income of the railroads
and th e vol ume of carloadings.
consummation
during the
confirmation entered by the court
year
on
Pur-
Sept.
1
Plan,of reorganization with respect to various
changes in the^first mortgage and with
respect to the exchange of the com¬
other securities were carried out.
The plan provided that
for n
period of 60 days after final confirmation
by the court, the holders of con¬
solidated mortgage bonds had the
option to accept for each
$1,000 bond
accrued
inter^t thereon, 80 shares of new $13 par value common stock
Consolidated mortgage bonds in the
principal amount of $3,964,700
were
so
exchanged under this option.
The remaining consolidated
mortgage
bonds, in the principal amount of $6,470,900, have
been or are being ex¬
changed for a like principal amount of new
refunding mortgage bonds, 6%
convertible series due 1950. dated
Sept. 1, 1935.
,
interest charge
,
The interest due to
Sept.
1,
1935
on
consolidated mortgage
bonds
Cost
ing, adm. &
warrants in accordance with the provisions of
the
Pursuant to these
provisions, all shares of new common stock are
being issued to voting
trustees, by whom voting trust certificates are
being issued to the holders
of old securities for which such new
common stock was
exchanged.
The
voting trustees now in position to vote the new common stock are
Charles
E. Brinley, Arnold Bernhard, Philip C.
Staples, Thomas S. Gates and
Robert K. Cassatt.
The balance sheet of Dec. 31, 1937, reflects the
capital structure of the
company arranged in accordance with the requirements of the
plan, on the
basis of an exchange of all of the consolidated
mortgage bonds and of all
of the old preferred and common stocks
outstanding, for the new securities
provided for this purpose under the plan.
The rearrangement of the capital structure
provided for by the plan of
reorganization resulted in a substantial increase in the capital
surplus.
As
sgII"
gen. exp.
Operating loss
32,282,935
1,850,468
19,108,714
1,846,216
18,666,746
1,852,409
15,088,658
1,856,234
26,870
$77,194
15,466
165,254
a586,961
$1,056,409
32,590
a453,006
$2,390,447
22,411
b355,032
prof$2,453,058
_
Profit
$2,645,182
622,846
Interest
Miscellaneous
373.369
d726,200
expenses.
Prov. for Fed. inc. tax..
Net loss
_..prof$922,767
Equity of minority stock¬
holders in net profit of
Midvale Co
c.515,390
Net loss accrued to the
Baldwin Loco.Wks prof$407,377
Previous surplus
4,870,819
Increase result from
organization
$525,233 loss$570.812 l's$2,013,004
al,086,229
al,088.045
el,092,958
615,918
220,101
306.679
d500,400
52,500
45,615
$1,677,314
$1,931,459
$3,458,257
c!86,635
cl88,279
c240,238
$2,163,950
7,178,050
$2,119,738
9,087,088
$3 ,698,494
'
9 .250,732
re¬
20,862,929
Miscellaneous credits
Increase resulting from
..
f2~10J06
.
red. of the stated value
of
1,054,800 shares of
common
stock
3,586,000
......
Total surplus
Other deductions
...$26,141,125
203,285
Reorganiz. expenses
681,379
Federal income tax paid
for
prior years
(less
portion charges tores.)
Surplus at Dec. 31 —.$25,256,461
$7,178,050
$7,178,050
$4,870,819
$9,138,238
$9,087,088
,014,100
143,281
>
51,150
a Includes
$321,300 of interest accrued but not paid on first mortgagt
bonds held in the sinking fund,
b Includes $149,171 interest paid on firs
mtge. bonds in sinking fund,
c Includes equity of minority stockholders in
loss of The Whitcomb Locomotive Co. d Provision for Federal and Pennsyl¬
vania income taxes of sub. companies (incl. Federal surtax on undistributed
profits), e Includes $321,300 interest accrued on 1st mtge. bonds held in
f Adjustment for amounts added to the sinking fund re¬
sinking fund,
ceivable from the company representing unpaid interest on 1st mtge. bonds
in the sinking fund, due Nov. 1, 1934. $157,150, and accrued interest on
such bonds for the month of November and December, 1934, of $53,550,
total as above $210,700.
g Of the capital structure of the parent company.
Consolidated Balance Sheet Dec. 31
1937
1937
1936
Assets—
a
Liabilities—
Prop'ty, plant &
equipment
40 969,751
44,790,845
302,430
Corp.
stk.
2,000,000
2,000,000
4,061,100
on
Pay
Advances
52,004
640,000
94,509
General
rec.
MLsc.
40,994
a
4,699,843
561,949
def.
839,470
402,469
4,640,569
4,712,822
26,989
27,902
in
capital stock
surplus of:
5,024.585
227,677
&
The Midvale Co
Whitcomb Loco¬
motive Co
—
fl ,164,762e2C,000000
3,878,594
2,027,542
7% pref. stock
13,759,506
8,123,710
Common stock..iS13 ,360,906bll ,053,300
127,421
130,971
Surplus
c
Total
—
&
stockholders
144,000
63,910
034,494
Equity of minority
(cur¬
Deferred charges..
res.
credits
,078,339
rent)
Inventories
reserves..
expenses
non-
75.618
1,585,237
44,602
Res. for reorganiz.
Notes & oth. credit
Instruments and
accts.
1,253,300
937,915
on
rec.
sales contracts..
current credit in¬
securities.
fund
per contra
12,500
struments & ac¬
hand
mtge.
sink,
Accrued accounts.
19.452
Notes of Standard
Steel Works Co.
Sundry
1,460,984
.....
1st
to
bond
1,191
trustee of 1st M.
counts receiv'le.
Cash in banks and
500.000
2,217,070
consol. mtge.
bonds
139,002
sinking fund
Spec'l fund held by
investments
6,470,900
4,500,000
139,002
Consol. mtge. bond
bonds
bonds
Notes & acct. pay.
Int. aecr. & mat'd
d Pref. stock of co.
Notes & other
10,435,600
6% conv. ref.mtge.
B. L. W. voting tr,
ctfs. & warrants
Other
S
5-year 6% bonds..
Bank loan payable
Castings
com.
1936
2, 676,000 10,000,000
8,879,730
sinking fund
Gen. Steel
S
1st mtge. 5% bds.
1st mortgage bond
on
and
plan.
ind
Other inc.—Dividends..
Int. & miscellaneous.
g
1934
$36,586,462 $20,877,736 $19,462,747 $14,554,445
of sbIos
Provision for deprec
ex¬
being paid by issuance of the company's new $30
par value
7% preferred stock.
The shares of old preferred and common
stocks of
the company have been or are
being exchanged for new common stock
.
Consolidated Income Account for Calendar Years
1937
1936
1935
Sales
pany s
changed for refunding mortgage bonds, and the interest due
from Sept. 1,
1935 to Sept. 1, 1937 on refunding
mortgage bonds issued for this exchange,
has been or is
such
upon
570,0351ossl,155,670
565,3371ossl ,121,957
550,382 Joss870,480
548,386 Ioss52l,544
769,908
*1,064,087
.
The only
Interest and
Accrued Depreciation
$807,764
$5,866,238
J
^
.
Baltimore Transit
$38,617,366 $37.57 persh.
#
.
Trust
Leonard, Citizens
146, p. 432.
1938
$37.57 per share, made up as follows:
1,027.762 shs. issued or held for issue $13,360,906$13.00 per sh.
■
25,256,460
24.57 per sh.
Total consol. book value of common stock
(or about 35%).
'7* /
Committee—Bennington R. Gordon, Chairman (Rogers, Gordon & Co.,
Inc.). New York: Meivyn H. Hecht, Sec. (Kempshall & Hecht, Inc.),
New York with Harry
26,
value common
The effect of the plan of reorganization on the past and future fixed
charges of the company is as follows:
.,
,
.
The liability to the first mortgage bond sinking fund for unpaid bond
interest to Sept. 1, 1937, in the amount of $1,067,500, and for three annual
fixed payments aggregating $600,000, was canceled.
The liability for unpaid interest in the sum of $713,646 accrued on con¬
solidated mortgage bonds exchanged for common stock, was extinguished.
The liability for unpaid interest accrued on consolidated mortgage bonds
exchanged for refunding mortgage bonds, and on such refunding mortgage
bonds, to Sept. 1, 1937, in the aggregate amount of $1,164,762. was liqui¬
dated through exchange for new 7% cumulative $30 par value preferred
stock provided under the plan for the purpose.
The first mortgage bonds previously held in the sinking fund have been
canceled.
This eliminates payment of bonds interest to the sinking fund.
shares
^
was
par
Par value of
of which
73%) are reported to be held by Cord
Corp., the name of which has been changed to Aviation & Transportation
Co.
The last-mentioned corporation hoids approximately 65,122 shares
of the capital stock of Auburn out of a total of approximately 228.236
approximately $1,695,000 (or almost
,,,
book value of the $13
of Dec. 31, 1937. the consolidated
The committee named below has been formed for the protection of the
holders
Feb.
Chronicle
Financial
1390
66,546,119
72,133,257
Treasury stock._
Total
25 ,256,461
4,870,819
..-..Drl.150,000
66,546,119 72,133,257
After deducting depreciation of $25,382,650 in 1937 and $23,754,971
b Represented by 1,155,860 no par shares,
c 50,000 no par shares,
in 1936.
d
e
g
2.000 shares at cost (market value $180,000) owned by Midvale Co.
Represented by shares of $100 par.
f Represented by shares of $30 par.
Represented by shares of $13 par.—Y. 146, p. 1231.
Court Reduces Reorganization
Fees—
Federal Judge Oliver B. Dickinson on Feb. 16 cut 80% from claims for
legal fees in the reorganization of the company.
certain
Volume
Financial
146
In a written opinion in which he criticized the "prohibitive cost" of
reorganization under the Federal Bankruptcy Law, he cut claims totaling
$270,000 to $55,000, filed by five bondholders' committees and attorneys.
He approved the request of the company for $444,000 "necessary expense"
for the reorganization.
peaking of the claims which totaled nearly $1,000,000, Judge Dickinson
"There
time when $1,000,000
a
was
of financial bliss.
77-b holds
costs.
tive cost it might
Feb. 23 declared an extra dividend of 25 cents per share
regular quarterly dividend of $1 per share on the common
stock, both payable April 1, to holders of record March 12.
Similar
amounts were paid in each of the five preceding quarters.
A special
dividend of $1 per share was paid on Dec. 15 last.—V. 145, p. 3491.
The directors
reached the heaven
item in a bill of
out a helping hand, but if it is extended only at prohibi¬
as well be withheld,":—V. 146, p. 1231.
(The) Belvedere, N. Y. City—Sold in ForeclosureThe 16-story Belvedere apartment hotel building, at 319-35 West 48th
St., N. Y. City, was sold at auction Feb. 16.
It was bid in for $1,000,000
by the Seamen's Bank for Savings, the plaintiff in an action against the
Meridian Securities Corp. to recover on a judgment of $1,432,738.
B. Hol¬
lander & Son
Bangor & Aroostook RR.—Earnings—
Month of January—
1938
1937
1935
$733,578
1936
$643,551
Gross oper. revenues...
$766,727
$610,523
Oper. exp. (incl. maint.
and depreciation)
413,555
360,105
392,013
411,855
$321,723
Tax accruals
$353,172
79,068
$250,418
61,649
Operating income.._.
Other income (Dr.)
$274,104
16,669
$188,769
7,665
$196,367
11,355
$265,835
$257,435
2,938
$181,104
58,079
3,065
$185,012
59,319
2,107
$257,171
67,972
2,137
$194,840
$119,960
$123,586
Gross income
Int.
59,657
funded debt
on
Other deductions
the auctioneers.
Franklin Foundation,
tificates Halted by Writ—
order, signed by Federal Judge William Clark, at Newark, N. J.,
permanently enjoins the company from continuing the sale of trust
interstate commerce, was filed Feb. 15 in the Federal dis¬
trict clerk's office.
The injunction was sought by the Securities and
Exchange Commission.
Judge Clark said he signed the order when J. T. Callahan, of the Attorney
General's office in Washington, presented an affidavit of consent from
officials of the Foundation to the injunction.
An
55,888
8,664
the Foundation had falsely misrepresented
supporting the certificates and that the, plan of operation for
SEC charged that
The
assets
surrender of the certificates had also been
xl935
$2,035,989
$1,950,573
9,503
8,043
21,359,957
4,586,232
20,041,323
14,928,009
10,543,376
Sell.,ship. & gen. exp...
4,033,355
3,426,382
3,028,644
Operating profit
Depreciation
$3,362,913
798,835
$2,983,993
856,789
$1,307,741
799,919
$940,299
766,193
......
......
85,534
$2,213,814
$2,144,648
744,356
159,945
728,072
154,473
xl934
xl935
1936
1937
Costof sales, excl.depre.
1934
1936
$2,135,145
the
the
1063.
$29,309,102 $27,058,670 $19,662,133 $14,512,320
other discounts
$2,205,364
Non-operating revenue.
8,450
p.
Sc
cash
tiftcr
S3il6$
Subs.)—Earnings—
misrepresented.—V. 146,
Bigelow-Sanford Carpet Co., Inc.—Earnings—
Calendar Years—
—•V. 146, p. 1063.
Bangor Hydro-Electric Co. (&
Inc.—Sale of Cer¬
certificates in
$187,062
from oper.
rev.
were
Benjamin
which
$251,538
55,171
Net
on
In addition to the
sub¬
would have been deemed a
happy possessor of it would have
We are dealing with it here as a mere
Co.—Extra Dividend—
Beech-Nut Packing
f
stantial sum, and the
1391
Chronicle
1937
Calendar Years—
Gross operating revenue
Operating expenses
Depreciation
Taxes—Local, State and
$966,329
284,412
Net oper. revenue
Interest expense
335,547
non-
276,993
$24,999 def$279,508
$1.15
$1.22
on
$1.51
$1.73
shares..
Figures revised,
17,630,731
$562,613
5,159,956
$1,672,206
4,586,995
$416,260
4,367,439
$173,023
4,495,730
$5,722,569
$6,259,201
158,418
158,418
940,827
$4,783,699
158,418
$4,853,437
171,619
314,379
$4,466,519
$5,159,956
$4,586,994
$4,367,439
313,609
$1.28
313,609
$4.82
313,609
$0.82
313,994
$0.05
begin, of yr__
sur.
of pref.
of the
stk.
made
& com.
parent co.
1934,
to
prior
184,683
transf. to cap. surplus
dividends
Preferred
...
1936
1937
b
c
Common stock
taxes of
$
$
2,498,200
2,179,900
5,425,500
7,108,000
2,500,000
6% pref. stock.. 2,179,900
b
7% pref. stock..
5,425,500
7,108,000
miscell-.
122,781
94,557
394,554
92,537
347,615
U. S. Govt, bonds.
Accts., Ac., rec.
417,185
376,487
Mdse. and supplies
199,341
wages payable..
174,535 Consum. dep., Ac.
Divs. payable
21,498
27,548
76,448
275,428
287,502
Accrued Interest..
584
113,747
464
58,826
65,169
Unamortized bond
....
92,537
Funded
debt
Audited accts. and
Accrued
Deferred charges A
taxes—_
Other reserves....
Contrib. for exts..
prepaid accounts
1,051,218
104,881
44,454
Depreciation res..
Premium
on
x
Comparative Balance Sheet Dec. 31
1937
949,931
101,223
43,402
78,807
(less reserves)
(at
Invent,
x
529,008
b Par value $100.
Less reserves,
c
Represented by shares of $25 par.
sec.
or
exps
by tr. rects,
243,047
received
Accounts payable.
14,160
17,826
390,573
302,555
-
333,638
1,309,180
Preferred stock
325,329
575,543
2,640,300
and Fed. taxes..
deferred-
428,442
Reserved for State
Insur. unexpired A
—V. 146, p. 1063.
$
ii 2,550,000
for wool in tran,
10,756,385
invests.
and receivables
1936
Acceptances under
letters of credit,
13,482,127 12,018,308
bldgs. A equip..10,760,896
Total.........19,369,442 19,069,134
4,972,024
3,833,375
..
lower
(com'l
A bk. l'ns) 5,200.000
pay.
paper
Land, wat rights
Non-curr.
19,369,442 19,069,134
686,696
$
Liabilities—
Notes
Accts. & notes rec.
of cost or mkt)„
24,503
691,158
tal stock
$
1.007,681
Cash
1937
1936
$
Assess—
capi¬
Earned surplus
Consolidated figures.
76,448
40,113
38,286
prior years
Avge. number of shs. of
com. stock outstand'g
Earnings per share
11,153
26,983
Cash
a
$178,198
5,175
Prov. for addit. Fed. inc.
Liabilities—
$
392,818
abandoned
i...
$493,860
77,600
322,600
98,000
Net income
sales
1936
$
Total
$2,092,806
120,000
Prem. & disc, on pur. &
the Public Utilities
Under date of Feb. 25, 1936,
y
property. 17,415,970
discount
5,691
Surtax on undis. profits.
State of Maine approved a
1937
Assets—
Invest.A
7,924
$171,746
6,451
$682,613
Earn.
Consolidated Balance Sheet Dec. 31
Prop'y
2.359
$488,169
Prov. for Fed. inc. taxes
be distributed.
Plant A
19,653
$2,084,883
Fed.
before
inc.
Net
def$33,147
305.794
293,242
6,083
42.321
$670,828
11,785
Interest received.
$571,971
distribution to common
stockholders, over the ensuing period or two years, of $209,533 to be paid
out of "premium on capital stock."
Since that date, the board of directors
of the company has declared distributions to common stockholders aggre¬
gating $141,190 in 1937 and $54,304 in 1937, leaving a balance of $14,038
a
other
1,097,631
share
Commission of the
to
&
operating expenses
$907,519
365,916
261.092
$162,151
com.
1,616,257
cost of market
282,603
$921,578
$635,035
305,668
y43,276
51,319
Other charges.
x
282,634
$555,662
305,753
195,318
334,098
yl62,716
217,020
from
invent,
Reduct.
Interest
$1,010,506
375,471
$681,917
305,731
Net income
Preferred dividends
k.
697,688
148.298
150,542
251,596
343,184
per
$2,036,107
•
Federal
Earnings
$2,044,032
689,278
2,640,300
15,680,450
Capital surplus...
504,726
504,726
Earned surplus
4,466,519
5,159,956
y
Bayuk Cigars, Inc.—Earnings—-
Common stock..15,680,450
...
subsidiaries]
1935
$3,933,990 $3,727,889
124,488
123,581
$3,403,267
74,002
$3,851,470
z2,194,272
25,277
217,711
$3,477,269
1,979,570
27,681
92,078
[Including wholly owned
1937
Calendar Years—
$3,858,049
Gross earnings
Other income
196,429
$4,054,478
Total income
Sell., gen. & admin, exp.
Interest (net)
z2,448,536
Federal tax
Commonw. of Pa. tax..
Undistrib. profits tax—
Loss on sale of tobacco.
32,763
181,340
51,800
84,760
1936
$4,058,478
z2,401,692
25,282
176,475
73,325
70,720
1934
31,541
57,774
18,100
304,198
360,123
L' Net profits..
1st pref. dividends
...
269,667
$985,612
132,493
x393,068
Common dividends
$974,898
151,525
x393,060
$1,022,544
169,766
y280,782
$941,298
181,932
y270,132
Surplus.
1937
n
$
Assets—
1937
1936
$
257,226
Trade accts. rec_.
1,536,995
Inventories
7,769,028
10,378
1,474,582
6,570,104
12,881
47.575
37,374
$
Liabilities-
1,876,700
2,987.047
217,725
Cash
Revenue stamps..
Em pi.
236,275
295.227
150,100
150,100
77,865
...
Investments
bLand,
7,065
Patent rights
Trade creditors
81,330
2.470,483
13,962
159,910
15,074
taxes, Ac
Total.
105,120
42,492
37,374
32,842
-
par)
37H cent
Trading Corp.—Preferred Dividend Passed
took no action on the payment of a
The past previous payment was the
dividend paid on Dec. 1,1937.—V. 144, p. 98.
Bon Ami
Co. (& Subs.)—Earnings—
1937
Net income
Dividends.
334,267
"
payable
385,636
32,842
19,250
20,500
49,842
5,069,438
51,323
4,638,984
Federal
officers A empl.
37,756
48,852
Total
Balance,
12,608,119 11,553,874
depreciation of
amortization of
3491.
surplus.
Earns, per sh. on
stock (no par)
1936
cl. A
KSftEpfe™
$2,724,720
1,722,469
89,561
241,625
$2,540,086
1,527,398
$1,391,282
xl ,391,800
profit on sales
Operating profit
Depreciation
Federal taxes, &c^
a
Dividends
$0.03
preferred stock.
Calendar Years—
40,543
Prov. for bonus to
1934
$35,115
1,322,395
their recent meeting
19,732
for
1935
$564,756
1,322,395
$0.43
Bond & Share
Directors at
126,280
Prov.
1936
$1,548,176
1,322,395
$1.17
After interest,
dividend of the 6%
24,496
taxes
1,334,458
$1.78
p.1063.
900,000
164,810
$2,379,692
depreciation, Pennsylvania capital and income tax and
Federal taxes, ruin, int., &c.
jVofe—The 1936 net profit is exclusive of $388,789 losses due to floods in
March, 1936, which were charged to earned surplus account.—V. 146,
x
37,756
1,800,000
159,666
a Represented
by 393,060 no-par shares,
b After
$2,011,464 in 1937 and $1,938,009 in 1936.
c After
$1,297,270 in 1937 and $1,218,690 in 1936.—V. 145, p.
profit
Earnings per share..
'
2,987.047
94,497
12,608,119 11,553,874
Net
Shares com. stk. (no
14,985
107,798
Accrued
Prepaid insurance,
Reorg., &C., exp..
x
Subs.)- —Earnings—
*937
Calendar Years—
Contractual oblig-
Ac. 2,279,772
Cigar mach'y, li¬
censes
47,575
Income tax
buildings,
equipment*
c
regular
144, p. 1430.
$
empl. Christmas
Accrued wages, Ac.
controlled
company
1936
Res've for divs. on
Sundry accts. pay.
Invest. in and rec.
from
holders of record March 15. Dividends of 40
the four preceding quarters, and previously
quarterly dividends of 25 cents per share were distributed.—V.
2,157,500
for
Notes payable
of 1st pref. stock
fund.
acct.
7% 1st pref. stk.
Cash for purchase
for sinking
Trustee
of Ala,—Smaller Div.
declared a dividend of 25 cents per share on the common
Gross
fund
Christmas
fund cash
Birmingham Fire Insurance Co.
Directors have
Blaw-Knox Co. (&
$489,234
$571,996
$430,313
$460,052
94,424
98,263
393,060
Shs. com. outst. (no par)
393,060
$8.04
$8.68
$2.09
Earns, per sh. on com
$2.17
x Paid in cash,
y Of which $98,148 ($94,419 in 3934) paid in cash and
$182,635 ($175,718 in 1934) paid in treasury stock (stated at average book
value of treasury stock, $48.35195 per share),
z Including provision for
bonus to executive officers and employees, based on earnings and sales
$49,842 in 1937, $51,323 in 1936 and $53,095 in 1935.
Consolidated Balance Sheet Dec. 31
*
x
After deducting depreciation and revaluation reservas amounting to
$17,377,468 in 1937 and $16,805,121 in 1926. y Represented by 313,609
hares (no par) .—V. 146, p. 903.
378,867
13",786
Exp. in connection with
recap. & refinancing._
Deprec. and amortiz
29,488,813 28,753,794
Total
stock, payable March 31 to
cents were paid in each of
_
Flood loss
29,488,813 28,753,7941
Total
1935
$2,367,456
1,246,852
83,103
1934
$2,469,714
1,349,837
160,659
86,568
170,654
$1,221,676
xl,323,758
$1,003,090
974,410
$1,092,616
1,034,200
def$518 def$102,082
* $28,680
$58,416
g$5.89
c$4.83
d$5.41
b$5.64
88,178
h217,544
"3.38
f$2.87
CS3.11
Under the participation provisions of the shares, class A stock is entitled
to $4 a share per annum, and after class B stock has received $2.50 a share
ner annum, both stocks participate equally as a class In any further dis¬
tribution. b Figured on 100,000 shares issued, c Figured on 199,800 shares
of stock in hands of public,
d Figured on 87,000 shares of stocks in hands
of public,
e Figured
on 88,870 shares of stock in hands of public.
f Figured on 200,000 .shares of stock in hands of public,
g Figured on
92.647 shares of stock in hands of public.
h Includes provision for Federal undistributed profits tax in amount
of $333.
* Includes dividends paid on both class A and class B in reacquired
a
common
A stock at cost.
"4.14
1392
Financial
Chronicle
Comparative Consolidated Balance Sheet Dec. 31
Assets—
1936
1937
Cash
Liabilities—
$617,386
1,498,382
1,190,368
Marketable securs.
at cost
1936
$42,683
.
24,011
Res. for inc. taxes.
241,625
forcontlng...
21,907
x Capital stock..,
4,123,880
Earned surplus
2,493,558
$58,340
25,196
214,750
Res.
Acets. receiv. (net)
less reserve for
168,749
150,633
720,381
34,939
4.123,880
2,494,076
684,799
bad debts
Inventories
Claim agst. closed
4,117
4,117
325.389
461,816
734,482
(less deprec'n)..
Goodwill, &c
2,850.001
30,775
Prepd. & def. chgs.
801,495
bank (net)
Cap. stk. of
y
co._
ing all income received during the last quarter," the report states, "with the
result tbat there is carried over to the next quarter an amount equal to
almost 25 cents a share.
not yet
Thus, even with a substantial amount of cash
invested on an income basis, the reserve affords a good measure of
protection for a continuation of the 18-cent dividend rate."
Investment changes for the three months ended Jan. 31 included Increases
In holdings of Allis-Chalmers, Anaconda Copper, Continental Oil. General
Electric, Hercules Powder, International Nickel, International Paper <fc
Power 5% pref., National Supply common and $2 pref.. Sears, Roebuck,
Texas Corp., Union Carbide and
Westinghouse Electric.
Holdings of
Deere & Co. were also increased
Kennecott
2,850,001
35,078
as a result of a stock dividend.
Holdings
in American Brake Shoe & Foundry, Baltimore & Ohio,
Copper, Montgomery Ward and Southern Railway.—V. 145.
decreased
were
Plant & equipment
3491.
p.
Boston & Maine
$6,947,663 $6,951,182
Total
Total
RR.—Earnings—
1938
Month of January—
$6,947,663 $6.95-1,182
$3,934,038
2,793.223
$475,501
203,707
Crl ,444
$1,140,815
308,960
204,182
Dr34,640
.def$40,855
126,969
$593,033
115,764
$86,114
620,508
$708,797
637,569
$534,394
sur$71,228
_
_
TciXGS
Ry.—Annual Report—
mm
mm
mm
mm
mm
mm
*»
—
m
mm
314.093
m
Equipment rents—(Dr.).
Traffic Statistics—Years Ended Dec. 31
1937
1936
1935
1934
6,217,978
6,222,871
6,134,988
6,151,314
Passenger revenues
$25,339,336 $25,502,416 $24,347,368 $24,187,129
Pass. rev. per mile (cts.)
54.15.
54.85
52.89
52.78
Pass. rev. per-hour
$5,556
$5,693
$5,471
$5,421
Pass. rev. mileage
46,796,328
46,492,077
46,033,344
45,822,648
Pass, revenue hours
4,560,540
4,4 79,552
4,450,340
4,461,771
Rev. passengers carried_296,397,493 296,180,666 280,402,526 277,034,175
Rev. passengers carried:
Per mile
6.33
6.37
6.09
6.05
Round trips operated.._
Per hour
64.99
66.12
63.01
1937
1936
Wages
Fuel (incl.gas for buses).
12,709,180
2,119,136
594,605
2.447,322
■
840,559
Total oper. expenses-.$18,710,804
Dividends
1,193.970
1,669,002
Taxes
12.346,223
2,090,890
676,742
2,448,816
847,670
1934
11,756,916
2,131,402
577,614
2,408,173
791,307
11,332,550
2,024.056
484,418
2,310,455
743,612
$18,410,342 $17,665,413 $16,895,090
1,193,970
1,193,970
1.193,970
1,573,218
1,520,924
1,407,119
Subway, tunnel & rapid
transit line rents
Int.
bonds and notes.
on
Miscellaneous items
2,822,629
3,939.114
130,281
Total cost of service__$28,465,801
Loss for year
2,526.024
2,812,255
3,862,562
141,277
2,809,087
3,816,444
149,840
Net deficit
—V. 146, p. 904.
Bridgeport Brass Co.—No Action
Common Dividend—
on
Directors at their meeting held Feb. 18 took no action on the dividend
.$25,939,777 $26,096,155 $24,926,426 $24,818,625
Material & other items..
Gross income
Total deductions (rentals, interest, &c.).
on
1935
Operating Expenses—
Injuries and damages...
Depreciation
Other income.
62.09
Comparative Division of Receipts and Expenditures
Calendar Years—
Total receipts
1937
$3,249,603
2,774.102
.
Represented by 100,000 shares class A and 200,000 shares class B stock
(no par value),
y Represented by 5,427 class A shares in 1937 and 7,353
class A shares in 1936.—V. 145, p. 3339.
x
Boston Elevated
1938
26,
"Your management has followed the conservative policy of not distribut
1937
Accta. pay. (trade)
Accr'd liabilities.-
$772,875
Feb.
company's no par common stock.
A dividend of 10 cents was paid on
Dec. 17, last; 25 cents paid on Sept. 30 and on June 30, last; 15 cents on
March 31, 1937, and previously regular quarterly dividends of 10 cents per
share were distributee!.
In addition, a special dividend of 50 cents was paid
on Dec. 18,
1936 and an extra dividend of 15 cents on Sept. 30, 1936.—
V. 145, p. 3491.
Briggs & Stratton Corp.—75-Cent Dividend—
The directors have declared a dividend of 75 cents per share on the capital
stock, payable March 15 to holders of record March 3.
A like amount was
paid on Dec. 15, last; a dividend of $1.25 was paid on Sept. 15, last, and
previously regular quarterly dividends of 75 cents per share were dis¬
tributed.—V. 145, p. 3491.
2,796,256
3,867,093
123,587
$27,993,624 $27,155,678 $26,283,115
1,897,469
2.229.251
1,464,490
Brooklyn-Manhattan Transit System—Earnings—
(Including Brooklyn & Queens Transit System]
Period End. Jan. 31—
Total oper. revenues
Total oper. expenses
193S— Month—1937
1938—7 Mo.?.—1937
$4,127,681
$4,205,949 $28,910,628 $30,096,851
2,972,574
2,824,077
20,336,427
19,792,879
Note—Profit and loss adjustments not included in above.
$1,155,107
514,653
$1,381,872
472,968
Net non-oper. income
$640,454
72,534
$908,904
75,257
$4,960,857
568,962
$6,939,595
Gross income
Total income deductions1
$712,988
686,841
$984,161
667,498
$5,529,819
4,814,590
$7,594,002
4,598,327
$26,147
$316,663
$715,229
$2,995,675
Income Statement for Calendar Years
Operating Income—
Total rev. from
Total
rev.
1937
1936
i
1935
transp..$25,339,511 $25,502,591 $24,347,543 $24,187,304
from other ry.
operations....
550,697
Total
549,361
540,066
2,809,672
3,446,341
1,745,742
8,560,672
12,204
2,155,784
19,612
2,825,340
3,345,698
1,750,222
8.297,342
10,663
2,194,337
13,260
2,787,556
3,237,473
1,708,297
7,955,676
7,438
1,983.330
14,358
1,882.419
16,141
Total oper. expenses__$18.710,804 $18,410,342
$17,665,413
7,222,196
1,520,923
$16,895,090
7,856,253
1,407,119
Power
Transportation expenses
Traffic
General & miscellaneous
Transp. for invest.—Cr.
^
Net earnings..
7,179,405
Taxes
1,669,002
on
ry. operations-
Operating income
Gross income...
Rent for leased roads...
Miscellaneous rents
$6,068,392
29,274
4,129
10,800
7,415
$6,449,133
22,463
14,080
16,780
13,959
$6,112,595
$5,740,090
$6,516,416
45,475
2,822,629
46,161
2,812,255
46,648
2,809,087
2,796,256
$5,701,273
20,137
465
10,800
misc. physi-
cal property
Int.
5.305
35,380
2,606
7,044
4,538
Deductions——
on
Int.
7,737,254
$5,510,402
sec.
sec.
Miscellaneous income...
on
2,616,556
3.075.980
1,593,717
$5,559,971
Income from funded
Inc. from unfunded
Inc. from sink, fund, &c.
Net loss
7,641,610
1,573.218
1,744
3,939,114
7,993
funded debt
unfunded debt
Amortization of disc't on
46,652
funded debt.
Total deductions from
gross income
$6,892,025
Balance, loss
1,332,054
Common divs. (5%)
1,193,970
9,361
3,866,238
855
79,142
9,115
3,862,562
71,598
11,464
Miscellaneous debits...
14,934
3,816,443
1
on
55,986
11,587
78,299
8,824
$6,816,093
703,499
1,193,970
$6,775,371
1,035,281
1,193,970
$6,786,935
270,519
1,193,970
$1,897,469
$2,526,024
$2,229,251
1937
1936
$
$
Road & equip.. 110
,140,035
Misc. phys.prop
invest'ts.
Cash—
Common stock. 23,879,400
23,879,400
,457,891
381,740
,943,916
payable
Mat'd
interest,
403,827
1,847,683
12,485
39,030
curr. assets
9,092
38,680
Ins. &oth. funds
Acer, int., divs.,
&c
Prepd. rents, &c
12o" 561
Disc, on fund.dt
Other unadj. deb
243,000
54,307
,260,343
81,775
1,195,545
72,203
Def'd liabilitiesTax
liability-..
Prem.
on
fd. dt_
InJ. & dam.
res.
Acer, deprec'n.
_
Oth.unadj. cred.
Deficit
Total
120,025.216 119,681,127
Total
to
•
4
608,481
337,042
1,040,453
35,102
1,517,804
1.434.095
24,260
28,187
1,071,142
16,226,987
440,484
3,926,200
1.184.096
15,103,237
1,057,150
24,461
323,398
3,206,767
120,025.216 119,681,127
-V. 146, p. 589.
Boston
76,200,917
473,671
333,766
divs., &c
...
receivable
Fund, Inc.- ■Changes Listed—Asset Value $14.37
Jan. 31—
Boston Fund reports net worth
of $1,314 43q
$14.37 per share
compares with
net
on
of
$1,282,937
am0,mting t0 «16'98
standing.
aR
of Tan
ioqq
on„oi
stock' This
at the close of the quarter
ended
* "hare on
tofvs?631.bSSftto?
In the report to shareholders
for the three months ended
ments'during
qi
91,456 shares of
outstanding capital
assets
M.
System
$26,147
$295,432
$715,229
$2,818,610]
Note—The above is without provision for tax on undistributed
profits.
[Excluding Brooklyn & Queens Transit System]
Period End. Jan. 31—
Total oper. revenues
Total oper. expenses
Net
Taxes
rev.
from oper___
1938—Month—1937
$2,394,512
1,517,174
8.8%.
sale of
As
Tan
Proof,
fhTqua^te? attenti0° to 8eVOTaI Important changes in'investa
result of
the
holding
oAhl Jh r«S™d fSmIS
wrtlon
c
and the ligntening
a
company's shares
of certain
cnmniit
during periods of market strength, cash was
increased from
to 16.6 %.
This should give the
.Fund
in any
of
uncertainty as well as afford ample buying power
to participate in the
re¬
sumption of the recovery movement when the
opportunity presents itself '*
ments
1938—7 Mos.—1937
$2,479,456 $16,946,833 $18,014,286
1,427,607
10,453,652
9,994,309
$877,338
311,915
$1,051,849
propertiest
Operating income
Net non-oper. income
-
$565,423
70,030
Gross income
Total income deductions
$6,493,181
2,248,817
$8,019,977
2,152,274
$756,279
73,356
$4,244,364
548,068
$5,867,703
844,769
$635,453
573,183
$829,635
559,011
$4,792,432
4,014,273
$6,712,472
3,871,822
$62,270
on oper.
$270,624
$778,159
$2,840,650
295,570
Current inc. carried to
surplus.
Note—The above is without provision for tax on undistributed
profits.
—V. 146, p. 745.
Brooklyn & Queens Trans;t System—Earnings—
Period End. Jan. 31—
Total oper. revenues
Total oper. expenses
1938—Month—1937
1938—7 Mos.—1937
$1,745,265
$1,738,799 $12,051,310 $12,173,352
1,458,395
1.399,252
9,904,629
9,821,319
Net rev. from oper
$286,870
202,738
$339,547
177,398
$2,146,681
1,364,528
$2,352,033
1,212,103
$84,132
14,867
$162,149
14,986
$782,153
107,432
$1,139,930
131,305
Gross income
Total income deductions
$98,999
135,122
$177,135
131,096
$889,585
952,515
$1,271,235
887,262
def$62,930
$383,973
on oper.
properties1
Current inc. carried to
def$3 6,123
$46,039
Note—The above is without provision for tax
—V. 146, p. 590.
Budd Wheel
^Ster
Srlid
on undistributed
profits.
Co.—Participation Dividend—
The directors have declared
share in addition to the
a participating dividend
of 25 cents per
regular quarterly dividend of $1.75 per share on
the 1st pref. stock, both
payable March 31 to holders of record March 17.
Similar payments were made on Dec. 31,
Sept. 30 and on June 30, last.—Y.
145,
p.
3492.
Bullard Co.—Dividend—
The directors have declared
a dividend of 25 cents per share on the com¬
stock, payable March 31 to holders of record March 4.
A dividend
was paid on Dec. 22, last; dividends of 25 cents per share were
paid in each of the three preceding quarters; a dividend of $1.25 was paid
on Dec. 22,
1936, and dividends of 25 cents were paid on Sept. 30 and on
June 30, 1936, this latter being the first
payment made since June 30, 1930,
when a dividend of 40 cents per share was distributed.—V.
145, p. 3492.
mon
of $1.25
Canadian National Rys.—Earnings—
Earnings of System, for Week Ended Feb. 21
1938
Gross
revenues
$3,193,163
1937
$3,495,314
Decrease
$302,151
—V. 146, p. 1233.
Canadian Pacific Ry.—Earnings—
Week Ended Feb. 21—
Traffic earnings.
to
177,065
T.
2,707,428
274
Mat'ls & suppl.
Int., div. & rents
$
Prem.on cap.stk
2,707,428
Funded debt
76,200,917
Vouch. & wages
349,437
1
L'us & notes rec.
Misc. accts. rec.
B.
Operating income
Net non-oper. income-
1936
$
776,863
1,567,184
3,095,773
328,255
3 ,390,277
Special deposits.
1937
Liabilities—
110,048,439
847,724
Other
on
Balance to
21,231
$1,464,489
General Balance Sheet Dec. 31
Assets—
654,407
Current inc. carried toi
surplus
Accruing to min. int. of
B. & Q. T. Corp
Taxes
Deficit
Oth.
Operating Income
564,040
$25,890,209 $26,051,952 $24,887,609 $24,751,343
Operating Expenses—
Way and structures
Equipment
$8,574,201 $10,303,972
3,613,344
3,364,377
1934
—V.
146,
p.
Cariboo
amounts
1937
$2,398,000
Gold Quartz Mining
The directors have declared
addition to the regular
common
1938
$2,246,000
Decrease
$152,000
1233.
an extra
Co., Ltd.—Extra Div.—
dividend of 1
cents per share in
quarterly dividend of 2M cents per share on the
stock, both payable April 1 to holders of record March 9.
Similar
were paid on Jan.
3, last.—Y. 145, p. 3648.
Volume
point 0.5 mile west of Pittsburg to Frisco Junction,
approximately 84.5 miles, with sub-branch line extending from North
Coalgate to Coalgate, approximately 1.6 miles, and the westerly end of
the branch at Ardmore for a distance of 1.51 miles, and as trustees of the
from
of railroad
Carlton & Coast RR.—Bonds—
Feb. 15 authorized
Commerce Commission on
The Interstate
the Reconstruction Finance
3308.
security for loans from
3168; V. 143
p.
p.
the com¬
date of maturity of
pledged as collateral
to extend from May 1; 1936 to May 1, 1941 the
exceeding $468,377 of first mortgage 6% bonds now
pany
not
Corporation.—V. 144,
Dividend—
Carpenter Steel Co .—Interim
interim dividend of 10 cents per
payable March 21 to holders of record
March 10.
Dividends of 25 cents were paid on Dec. 20, and on Sept. 20,
last; a final dividend of $1 was paid on June 20, last, and an interim dividend
of 25 cents was paid on March 20, 1937.—V. 146, p. 746.
The directors
share
Feb. 24 declared an
on
the common stock, par $5,
on
Corp.—Operations—
Carrier
Orders
air-conditioning equipment
for
since
booked by this company
1938, total more than $1,000,000, according to L. R. Boulware,
Vice-Preisdent and General Manager.
The company is at present employ¬
Jan.
1,
with the
moved
ago.—V.145,
ing 1,489 persons in its Syracuse plant and 507 persons in the field,
total less than 200 short of peak employment since the company
2838.
p.
production five months
Syracuse and started
its operations to
v
Caterpillar Tractor Co.—Balance Sheet Jan. 311938
1937
.V/1938
Accounts
2, 085,947
2,685,829
Accrued
Notes A accts. rec.
484,493
x
36,646
55,850,372 49,092.522
Total
55,850,372 49,092,522
depreciation of $12,632,988 in 1938 and $11,725,610
Represented by 1,882,240 no-par shares.—V. 146, p. 1233.
After reserve for
y
Celluloid Corp. (&
Subs,)—Earnings—
1934
1935
1936
1937
Calendar Years—
$375,227
Dr3,494
Other income (net)
Total income
Provision for deprec
$385,541
15,776
$252,624
36,780
$146,417
65,242
$371,733
193,268
Profits from operations.
$401,317
190,355
$289,403
121,046
14.210
$211,660
190,482
V vf"'
Federal cap. stock tax..
„■',*
—
«,
■
8,000
18,001
28,108
$160,464
1,629,681
$182,854
1,590,119
$154,148
1,483,736
$13,178
1,470.558
$1,790,145
167,174
$1,772,973
143,292
$1,637,884
$1,483,736
$1,622,971
$1,629,681
$1,590,119
$1,483,736
$6.45
Net profit
Previous surplus
Total
Dividends declared
Surplus
23,882
(nopar) shs. 1st pref..
-
47.764
Earns, per sh. on
$7.65
$6.72
1936
$56,766
91.776
133,162
Due to affll.cos—
27,874
31,037
70,110
52,109
Liabilities—
303,750
571,750
511,785
755,812
for
Res.
notes
recelv..
Invest, in affil. cos
17,886
1.832,048
17,380
Mtge. on prop.sold
1,321,947
1,450,306
4,315,849
53,562
pref.
partic.
2,388,200
2,38*,200
2,455,100
2,455.100
2,924,276
stock
23,182
84,047
2,263,862
contin¬
gencies
b 1st
A
Interest recelv..
accounts
2,924,276
1,629,681
c
$7 pref. stock
d Common stock.
Surplus
1.622,971
directors today decided not
dividend at this time."
the past two years the corporation
had disbursed dividends in the amount of $22 per share from earnings
commented further that during
He
aggregating for the same period $25.91.
These dividends were 85% of
the earnings.
Such dividend disbursements were high in proportion to
the earnings to which they related, but the incidence of the undistributed
profits tax upon earnings retained in the business was such as to make it
too expensive to retain in the corporation's treasury any more substantial
portion.
So long as taxation of this character remains in force directors
are not in a position to adjust the dividend rate of the corporation to a
long term stable dividend policy, and dividends may be expected to fluc¬
tuate.
At the present time the immediate prospects for business are too
obscure to warrant the directors making any assumptions with respect to
such dividends as this year's operations may justify.
Meanwhile, the
corporation retains its strong cash and current asset position until the extent
and duration of the current business recession can be more accurately
appraised.
Previous dividend distributions were as
follows: $3 paid on Dec. 13, last;
$3.50 paid on Sept. 10, last; $2 per share paid June 11; $1.50 paid on
March 13, 1937; $5.50 paid on Dec. 14. 1936; $4 paid on Sept. 15, 1936;
$1.50 paid on June 30,1936; $1 on March 31, 1936; 75 cents paid on Dec. 31,
1935; 25 cents paid each quarter from March 31, 1934, to and including
Sept. 30, 1935, 50 cents paid on Dec. 31 and Sept. 15, 1933; 25 cents paid
each 3 months from Jan. 2, 1931 to Dec. 31, 1932, inel., and 75 cents paid
per
share quarterly from April 2,
and June 29,
1926 to and incl. Sept. 30, 1930.
distributed on Sept.
25 cents per share were
1935, and on June 30, 1934.
addition, extra dividends of
Consolidated Income Account for
1937
1936
1934
843,599
598,884
362,254,626
318,898,897
121,099,942
2,758,242
85,838,658
1,365,468
43,355,729
1,720.943
110,967,414 123,858,184
87,204,126
45.076,672
47,657,402
40,890,672
2,406,540
30,860,170
2,834,643
12,800,000
8,931,095
1,847,023
1,158,518
com'l.
1,066,229
Cost of sales
.107,952,681
3,014,733
Gross profit
Other income
Total income
Admin., selling,
adv. &
general expenses
47,938,202
& accrued.
__
for est. U. S.
Canadian, &c., taxes. 11,000,000
90,239
Interest paid
$
$
$
$
x
Calendar Years
1935
In
30
769,807,839 667,138,391 516,830,333
661,855,158 546,038,449 430,991,675
Cars sold, pass. &
$41.538
Accrued liabilities.
$372,654
$257,039
U. S. Govt. A mu¬
nicipal securities
1937
Accounts payable.
1936
1937
Assets—
Cash....
& accts
Committee, made the
of the directors' meeting held on
Hutchinson, Chairman of the Finance
Sales
Consolidated Balance Sheet Dec. 31
Other
B. E.
$0.55
Prov. for contingencies
Customers'
Chrysler Corp. —Dividend Omitted—
Mr.
to declare a
Res. for Fed. taxes
54,998
Ac
1937.
in
Co.—Preferred Dividend—
of $7 per share on account of accumulations
preferred stock, par $100, on Feb. 15 to
holders of record Feb. 10.
A like amount was paid on June 29, last, and
a dividend of $2 was paid on Jan. 18, 1937.—V. 144, p. 768.
Dividends payable
1
and goodwill
Total
City of Paris Dry Goods
The company paid a dividend
the 7% cumulative second
on
Feb. 24:
"After careful consideration, Chrysler Corp.
413,567
expenses
Patents, trademka.
taxes,
Ry. be amended to provide that the present trustees of the St. Louis-San
Francisco Ry. and their successors shall be the sole operating carrier over
and Ardmore, and upon the
further condition that the Choctaw's terminal facilities at Ardmore be
leased to the trustees of the Frisco and their successors, all on the basis
heretofore agreed upon between the parties.—V. 143, p. 2203.
the line of railroad between Frisco Junction
following statement at the conclusion
500,000
1,750,000
1,016,305
1,086,889
2,122,875
2,046,195
6,014.776
Pref. stk. (par$ 100 J11,661.496
x Land, buildings,
9,411,200
equipment, &c.20,410,929 18, 788,774 y Common stock.. 9,411,200
13,733,577
199,709 Capital surplus...13,733,577
Miscell, properties
..........
14,723.691
Earned surplus...14,581,673
Prepaid Insurance,
Inventories.
trackage-right agreement of Nov. 12, 1913, between the then receivers
of the St. Louis & San Francisco RR. and Chicago Rock Island & Pacific
Notes payable....
.10,007,538 12, ,147.937
22,691.077 15, 833,507
less reserves
1.085,605
1,165,776
payable.
payroll &
Chicago Rock Island & Pacific Ry. abandonment of operation of the entire
branch extending from a point 0.5 mile west of Pittsburgh to a point 1.51
together with the sub-branch described, a total of
99.9 miles, all in Pittsburg, Atoka, Coal, Johnston, Marshall and Carter
counties, Okla.
The abandonment is permitted upon condition, however,
that the
miles west of Ardmore,
$
$
Liabilities—
$
$
Assets—
a
1937
1
Cash
1393
Financial Chronicle
146
4,061,040
Inventories
Real
a
est.,
plant
and equipment.
Prepd. exp. A chgs
66,049
Patents A licenses.
7,543
499,803
495,853
1,200,000
50.729,211
62,110,543
65,612,041
34,975,819
39,300,875
9,534,837
35,198,273
Total
*9,637,074 $9,655,104
$9,637,074 $9,655,104
depreciation of $4,470,722 in 1937 and $4,302,545 in 1936.
b Represented by 23,882 no par shares,
c Represented by 24,551 shares
(no par),
d Represented by 194,951 shares of $15 par value.—V. 145,
p.
3813.
Total earned
Div.
surplus..126,261,103 127,722,584
stock.. 43,520,620
52,190,692
74,276,694
8,664,652
44,733,110
5,432,235
75,531,892
65.612,041
39,300,875
1— 75,531,892
on common
After
a
Central New Hampshire
Power Co.— Utility Act Ruling—*
Exchange Committee has issued an order declaring
has ceased to be a holding company under the Utility
The Securities and
that the company
Act of 1935.
Central RR. of New Jersey—Earninas—
1938
1937
1936
$2,531,613
$2,613,237 $2,626,986
Net from rail way......
691,542
622,094
666,948
Net after rents
157,095
112,651
257,948
January—
Gross from railway.....
1 935
$2,468,558
486,873
190.021
The Interstate Commerce
Commissiqn on Feb.
11 authorized the com¬
pany to extend from March 1, 1938, to March 1, 1941, the date
of $750,000 remaining unpaid of a $1,250,000 bond.—V. 146, p.
Chain Belt Co.
1937
Calendar Years—
Net income.
x
(no par).
share-....
After all expenses
of maturity
905.
(& Subs.)—Earnings—
Shs. cap. stock
Earnings per
y$743,834
347,565
$2.14
1935
1934
$362,019
$209,987
115,836
115,826
115,821
$5.44
$3.12
$1.81
y After surtax on undistributed
1936
y$63d,899
and Federal taxes,
profits.—V. 146, p. 746.
Chesapeake & Ohio Ry.- -Earnings—
January—
Gross from railway._
Net from railway
Net after rents
—V.
146,
p.
1938
$8,565,335
3,058,886
2.044,459
-
1937
1936
$9,185,859 $10,325,469
3,510,330
4,623,782
2,307.948
3,811,702
1935
$8,601,289
3,466,712
2,660.644
906.
Chicago Milwaukee St.
Paul & Pacific RR.—Asks ICC
Certificates—
Commerce Commission for
in con¬
cost of
$3,210,922.
The equipment will consist of four pacsenger locomotives to
be built by American Locomotive Co. at a cost of about $658,000, and
464 freight cars and 55 passenger train cars to be built by the road itself
at a cost of approximately $2,552,922.
The certificates would mature jn
15 annual instalments of $149,000 each on April 1 from 1939 fo 1953, both
have applied to the Interstate
authority to issue $2,235,000 of 3%% equipment trust certificates
nection with the purchase of new equipment at a total estimated
inclusive.
Bids are being asked from
representative banks and insurance companies.
—V. 146, p. 1234.
Christiana Securities
4,358,391
4,332,326
4,345,788
$14.25
$8 07
$2.19
x Depreciation and amortization have been charged to cost of tales and
expenses in amount
of $15,641,168 in 1937, $142,211,152 in 1936, $16,986,564 in 1935, and $12,450,953 in 1934.
Liberalizes Dealer Contracts—
This company is distributing to its dealer organization a new form of
contrasted
agreement which incorporates many liberalizing features as
with the previous form of dealer contracts.
Although in many respects merely formalizing numerous practices
Chrysler previously has observed in its dealer and
which
distributor relations
contractual obligation, the new contract also is aimed at certain
features which in the past have caused complaints from some groups in
the dealer field.
In a letter to contributors and direct dealers notifying them of the new
agreement, K. T. Keller, President of Chrysler Corp., said; "In
portant respects, it is a substantially more liberal contract
customary in this industry."
Among the provisions of the new contract is an extension of the period
of notice required for termination of a dealer contract by Chrysler to 90
days from 15 days previously, whereas dealers or distributors can
their contract on 15 days' notice. Upon termination, the contract provides
for repurchase by Chrysler of the dealer's new-car stock, together
inventory of new parts for the current and three preceding models
new accessories bought during the preceding six months.
In the event of
new-car price reductions, the contract provides for an equivalent
by Chrysler on the dealer's new-car stock.
The contract also
Chrysler will not ship cars to distributors or direct dealers except on
The terms of the new contract also would apply to agreements between
the im¬
than has been
terminate
with his
and of
refund
provides
order.
Chrysler distributors
and their associate dealers.—V.
Power & Light
Under Holding Company Act—
The
Choctaw Oklahoma & Gulf RR.—Abandonment—
The Interstate Commerce Commission on Feb. 4 issued a certificate
permitting abandonment by Frank O. Lowden,
Joseph B. Fleming, as trustees of the company, of
James E. Gorman and
portions of a branch line
Securities and Exchange
146, p. 435.
Co.—Registers with SEC
announced the
Service Power &
Co., and the
registrants, for
Commission on Feb. 24
registration under the Holding Company Act of Cities
Light Co., and its subsidiary, Federal Light & Traction
application of Cities Service Co., parent of the above
exemption from all the provisions of the Act.
Cities Service Power & Light Co. and Federal Light & Traction
comprise virtually all the utility assets of the Cities Service system.
Service Power & Light Co. operates 66 subsidiaries, including
Co.
Cities
Federal
Light & Traction and its subsidiaries, organized
Michigan, Missouri, Connecticut, Kansas,
sas,
in Delaware, Ohio, Arkan¬
North Carolina, Virginia,
New York, New Mexico, Washington, Colorado,
Jersey, Indiana, Maine, and Canada.
connection with the filings by these companies, Chairman Douglas
Massachusetts, Tennessee,
New
In
Co.—To Pay $8.25 Dividend—
declared a dividend of $8.25 per share on the common
stock, payable March 15 to holders of record Feb. 28.
This compares with
$39.30 paid on Dec. 15, last; $28.50 paid on Sept. 16, last: $38,50 in June
$13.50 paid March 15, 1937; $39.10 paid on Dec. 16, 1936, and $30.50
paid on Sept. 16, 1936.
See V. 142, p. 3668, for record of previous divi¬
dend distributions.—Y. 145, p. 3342.
The directors have
82,740,484
capital stock out¬
standing (par $5)
4,351,132
Earned per share.-—$11.66
Cities Service
Authority to Issue Equipment
The trustees
Earned surp. Dec. 31Shares
without
Bond Extension—
•
1.300,000
Earned surplus Jan.
Total
x
for surtax on un
distributed properties.
Prov.
Net income for year..
9,028
Devel. charges def.
Provision
"The
Commission welcomes this action on
the part of the Cities
Service
Ne-Hm*
utilities system.
registration of Cities Service Power & Light and Federal Lightf&
Traction, bringing under the Act, as it does, virtually all of the utility
assets of the Cities Service system, is added evidence of a growing desire
on the part of the industry to proceed cooperatively with the
"The
The utility assets
represented by these registrations are
Government."
approximately
of Sept. 30, 1937, were approxi¬
mately $60,000,000.
The total assets registered are about $6,800,000,000
and total annual earnings about $915,000,000, representing approximately
44% in both cases the amounts estimated to be subject to the Act.
$428,000,000, and annual earnings as
1394
Financial
Chronicle
In its application for exemption, Cities Service Co. said it expects within
the near future to apply for an order of the Commission declaring that
Cities
Service Power &
Light and its subsidiaries
not subsidiaries of
are
the rate of $3 per
Cities Service Co., as defined by the Act.
The basis for the application of
Cities Service Co. for exemption was that it is only incidentally a holding
company, being primarily engaged or interested in one or more businesses
other than the business of a public utility company
^
Cleveland Union Terminals Co.—Balance Sheet Dec. 31
1930
1937
1937
Liabilities—
Common stock
Other
investments
1936
$
Inv. in rd. & equlp.86,628,403 85.389.643
231,614
Sinking funds-..49,224
$
10,000
1st mtge.bds 10,913,900
5
10,000
11,080,800
111,470
99,042
61,872
Non-negot. debt to
rec.
1.319,046
1,370,965
6,285
Special deposits...
Loans A bills
rec.
Mince!!, acets.
Community Public Service Co. (& Subs.)—Earnings—
5% 1st mtge.bds..22,616,600 23,017.200
4H% 1st mtge.bds 21,659,000 21,898,000
40,338
Cash
23,685
-
198,651
187,825
15
15
245,185
245,185
Other def'd assets.
677,494
1,029,882
Unrnat. int. accr'd
payable.
Rents A lnsur. pre¬
146,089
$3,016,114
1,463,692
187,397
204,756
Net income from operations
Net from mdse. & other miscell. operations
160,352
8,590
$1,285,736
25,088
$1,160,269
38,372
28,496
842,234
500
Other def'd liabii
6,655
6,975
fd. debt.
1,695,261
1,764,768
Accrued deprecia'n
899,127
1,310,824
341,694
1,198,641
349,771
8,958
271,892
6,967
799,544
1,080.889
608,240
Oth. unadj. credits
Adds, to property
539,346
448,363
on
Tux liability.
;——
504,296
_
-——
-
500
.
Oth. unadj. debits
Disct.
expenses
33,376
28,956
842,481
Balance
available for
interest, provision
renewals, and replacements, &c-_
553,159
Interest
on
for
—.
bonds...
Sundry interest paid public
Provision for renewals and replacements
through inc. and
surplus--..
1,661
1,661
127,410
Deficit...—-----
9,291
292,705
24,109
38,826
Federal and State income taxes
Net income
Total.
-.92,058,921 91,019,715
.
Total.
.
Common stock dividends
—V. 146, p. 274.
-V. 145, p. 105.
Commercial Credit Co.—Sells
Chrysler Stock—
Calendar Years—
entered into
of
a
In
connection
with
this
Interest paid.
Depreciation
transaction
the
contract with the Commercial Credit for the
time-financing
Chrysler products.
Last
fall
Net
had
companies
in
the
finance
companies
caused
unfair
380,525
381,753
453,472
$3,573,154
$3,086,496
$2,806,033
-
-
—
--
—
10,937
—
487,149
488,886
487,783
536,681
478", 176
365,410
449,538
243,500
$2,524,930
$2,548,689
$2,242,909
$2,102,058
2,486,000
income
2,289,870
2,267",365
2,240,296
17,090
Balance, surplus
Shares
x
com.
$38,930
relations
$258,819
1,243,000
1,243,000
$2.05
def$24,456 def$155,328
stock out¬
standing (no par)
Earns, per share on com.
$2.03
Exclusive of shares held in treasury.
Note—No provision has been made for surtax
1,230,900
1,218,500
$1.71
$1.82
x
RkThe grand jury proceedings
subsequently were dropped by the order of
the judge, but a few weeks ago the
Department of Justice asked that the
records of the jury be
impounded until a further inquiry could be made.—
V.
....
Common dividends
that the
between them.
1934
$2,352,561
Divs. paid—pref. stock.
tne
Department of Justice questioned the propriety of the
Chrysler Corp. owning a block of stock in a company with which it had a
contract for the financing of its cars.
A Federal grand
jury investigation followed in Milwaukee, Wis., involv¬
ing, in addition to Chrysler, the General Motors Corp. and the Ford Motor
Co. The Department of Justice tried to establish
that the interest
motor
1935
$2,704,743
292,760
Federal taxes, &c. (est.).
corporation
1936
$3,192,628
$3,500,965
Total income..
time
share.
a
1937
$3,208,205
Operating profits
Add—Interest, royalties,
dividends, &c
The Chrysler Corp. acquired 50,000 shares of the common
stock of the
Commercial Credit Co. in December, 1934, at its book value at that
$21.31
$561,053
14,275
349,623
355,490
—
Congoleum-Nairn, Inc. (& Subs.)- -Earnings-
A
banking group headed by Kidder, Peabody & Co., on Feb. 18 dis¬
tributed 55,020 shares of common stock of the
company.
It is understood
that the stock was acquired from the
Chrysler Corp.
At first the stock
was offered at 136 a
snare, but after the New York Stock Exchange had
opened the price was adjusted to the quotations on the
"Big Board." The
stock opened at 35% and sold down to 34
%, where it closed for a loss of
11A points for the day.
of
$643,024
Preferred stock dividends
92,058,921 91,019,715
.
1936
$3,410,223
1,666,597
229,283
228,605
Operating
Maintenance.
MLscell. accts. pay
Int. mat'd unpaid.
wages
1937
Taxes (other than Fed. & State income taxes)....
affiliated co's.—34,015,784 32,184,852
Mat'ls A supplies.
miums pd.in adv
Calendar Years—
Total operating revenues
Audited accts. and
Work'g fund adv..
Insur. A other fds.
share per annum since that date.
Gas Output—Gas output of the system for the month of January was
1,653,194,000 cubic feet as compared with 1,416,739,400 cubic feet for
January, 1937, an increase of 16.69%.
Total output for the year ended
Jan. 31, 1938, was 15,367,464,000 cubic feet as compared with
13,441,830,500 cubic feet for the year ended Jan. 31, 1937, an increase of 14.33%.
Electric Output—Electric output of the system for the month of January
was 636,417,969 kilowatt
hours as compared with 711,503,756 kilowatt
hours for January, 1937, a decrease of 10.55%.
Total output for the year
ended Jan. 31, 1938, was 8,442,323,502 kilowatt hours as compared with
7,882,775,760 kilowatt hours for the year ended Jan. 31, 1937, an increase
of 7.10%.-r-V. 116, p. 908.
.
Service Power &
J\ ssctsS
26, 1938
Output for Month of January—
Light Co. and Federal Light & Traction Co.
filed notifications of registration, Files Nos. 30-108 and 30-109, respectively.
The file number of Cities Service Co.'s application for exemption was
31-408.—V. 145, p. 1093.
Cities
Feb.
deduction for full preferred stock dividend requirement at the rate of $6
per share per annum.
Dividends were paid in full to Jan. 1, 1935, and at
Calendar Years—
1937
(& Subs.)—Earnings—
1937
Operating income
1936
1934
—a$l,905,882 a$2,854,821 a$3,645,884
674,553
396,725
181,096
Other income
Total income
Other deductions
Prov. for depreciation.
Fed. capital stock tax
Federal tax reserve.-
$2,580,434
271,244
336,829
,251,547
220,137
240", 756
144,687
8.853
Net income
Common dividends
-
-
$1,586,917
1,582,127
$2,232,135
2,109,447
$2,702,092
2,240,771
2,052,483
Accts. payable and
1,368,486
711,369
946,452
575,226
2,529,840
4,872.258
Reserves
3,884,412
3,762,032
1,715,213
2,472.988
Earned surplus.-.13,767,286
13,728,357
Inventories
curr. assets.
9,345,902
79,922
6,570.039
102,818
Other sec'd invest.
822,893
843,595
Other
accrued charges-
Taxes accrued
G'dwiil & tr.-mks.
1
78,160
409,304
1
Deferred debits—
47,972
Total
$2,346,237
1,581.592
$
stock—11,650,620 11,650,620
nicipal securs
Notes & accts. rec.
138,297
_
net
profits of subs
1,425,078
1936
$
Liabilities—
b Common
Treasury stock.. 1,368,486
IT. 8. Govt. & mu¬
$2,964,525
136,563
143,260
31,967
306,497
60,454
413,344
1937
$
12,332,045
c
581,205
146,531
366,263
1936
$
13,057,496
Fixed assets
Cash
$2,383,320
$3,826,981
405,949
23.533
360,940
.
—
Minority interest in
Assets—
a
1935
undistributed profit,
Consolidated Balance Sheet Dec. 31
146, p.1236.
Commercial Solvents Corp.
on
it is not expected that the corporation will be liable for this tax for
1936.
as
and 1937.
-30,422,993
Less
30,662,6871
Total
30,422.993 30,662,687
for depreciation of $12,513,986 in 1937 and
$12,359,358
b 1,390,000 shares of no par value, which includes
147,000 shares
acquired and held in treasury,
c See b above.—V. 146, p. 1067.
a
reserve
in 1936.
Surplus.
$4,790
a
$122,688
$461,321
$764,645
2,636,878
2,636.878
$0.84
2,636.356
$1.03
2,636,042
$0.62
Shares capital stock out¬
standing (no par)
Earnings per share
After
deducting cost of sales and expenses
$45,001,442 in 1936 and $33,664,114 in 1935.
of
$0.89
$44,032,545 in
1937
year.—V.
Consolidated Balance Sheet Dec. 31
1937
Cash.
1936
$
Assets—
s
2,379,975
Accts., notes A
cepts, receivable 1,893,576
Due from aff 11. cos.
Accrd. Int. receiv
Advs.on molasses
82,000
intangibles.....
836,135
961,826
357,643
Deferred charges..
Total
a
nnn*
Commercial
Int., Ac.
831,311
843,190
1,534,338
subs
Miscell. reserves.Common stock..
130,051
118,573
6,593,452
4,525,514
5,505,167
833,511
974,485
Total
23.481,078 20,225,393
shares,
y After
depreciation.
acquisition during 1935 of a controlling
Molasses Corp. and subsidiaries,
b Includes
no
par
current bank and other
loans.—V. 145, p. 2840.
electricity output of the Commonwealth Edison Co.
foj;h£eS»
the last
Consolidated Edison Co. of. New York, Inc.—Annual
Report—
Company
on Feb. 25 mailed to stockholders copies of its annual
report
The annual meeting of stockholders will be held March 21.
The company reported a consolidated net income for 1937 of
$35,662,563,
decrease of $1,736,308, or 4.64% from 1936.
This is equivalent, after
for 1937.
on
the company's common stock.
to
$2.17
a
This compares with $2.33 in 1936
and $2.00 in 1935.
Total operating revenues were $235,172,238, an increase of
0.15% over
1936.
The total operating expenses for 1937 were $2,087,874 more than the
year
previous.
The report says that operating labor costs were up ap¬
over the previous year but that taxes showed by far
proximately $2,550,000
major expense item.
Taxes were
an all time high, and an increase of 8.61% over 1936.
Considerable space in the report is devoted to the subject of taxes.
It is
pointed out that Consolidated Edison is probably the most highly taxed
$49,312,587,
128.545,000 136,818.000
-
127,618,000 137,264,000
131,778,000 138,877,000
H6."P:i236:
-133.737.000 138,401,000
r9Q~
6.0%
7.0%
5.1%
3.4%
Commonwealth & Southern
Corp. (& Subs.)—Earns.
r Period End. Jan. 31—
Gross revenue
1938—Month—1937
1938—12 Mos —1937
$12,639,005 $12,584,604 $149178,040
$136668;940
x
Oper exps. Ataxes...
6,682,018
6,262,829
78,934,340
71,246 275
Prov. for retire, reserve1,339,808
1.122,648
15,992,148
12 010 303
Gross income
Int. & other fixed chgs__
Net income
on
$125,000 Certificates of Indebtedness Approved—
Federal Judge Henry W. Goddard, has signed an order
authorizing the
issuance by the corporation of certificates of indebtedness, not to exceed
$125,000, when executed by Charles M. McLeod, newly elected Vice-Presi¬
dent, and attested to by M. H. Wood, Secretary-Treasurer.
The Presi¬
dency is vacant due to the recent resignation of Frederick Rupprecht.—
the greatest percentage increase of any
Decrease
Divs.
Plan
ree Peter B.
Olney Jr. in a report field with Federal Judge Henry W.
Goddard.
Proceedings .under section 77-b of the National Bankruptcy
Act have been before Referee Olney since Dec. 1935.
Judge Goddard is
expected to set an early date for a hearing on the feasibility and fairness
share
(inter¬
Week Endfd—
y
of
ref
deducting preferred stock dividends and minority interests,
group
6.0%.
-V.
Corp.—Confirmation
Confirmation of the amended plan of reorganization recently
accepted
by all creditor groups, has been recommended by Federal bankruptcy
a
company sales deducted) for the week ended
Feb. 19, 1938 was
128,545 000
kilowatt-hours compared with
136.818,000 kilowatt-hours in the cor¬
responding period last year, a decrease of
£?£• l\
Textile
V. 146, p.1068.
340,873
Commonwealth Edison
Co.—Electricity Output—
The
1236.
of the plan.
6,593,452
Capital surplus... 4,325,514
Earned surplus... 5,382,404
4,018,807
p.
Recommended—
1,547,150
Mln. int. in cap.
stk. and surplus
of
23,481,078 20,225,3931
$2,03o,000 for
6,272
royalties
x
mhlc£rffSe™ted by 2,636,878
A^®e Yera® arose ouf of'the
noK
wages,
.
eq.
Good will A other
to
Accrued
l
Investments
»
250.000
Due affil. cos.
16,050
152,307
7,338,212
acquired subseq.
to Dec. 31, 1932
4,018,826
a
3,161,789
Bank and other l'nsb4,035,000
a Pur. oblig.
pay..
and
Ld„ bldgs. A
$
836,077
1
bldgs.,
S
649,010
2,673
equipment
y
Liabilities—
Accounts payable.
146,
Consolidated
1936
3,386.684
12.951,094
Inventories
Land,
1937
ac¬
Consolidated Cigar Corp.—To Change Meeting Date—
Stockholders at their annual meeting on March 7 will consider
amending
the by-laws so as to change the scheduled date for the annual
meeting from
•the first Monday of March to the first Monday of
April in each and every
pref. stock..
Balance
of the average number
were
of meters served—electric, gas, and steam—they
equivalent to $13.90 a meter.
"To pay these taxes required more
money than the company received from sales of services during the months
of January and February," the report says.
"If the company had been
tax free and the taxes for 1937 had been applied against the bills of one
group
of electric customers, the residential group, their bills could have been re¬
$4,617,178
3,338,375
$5,199,126 $54,251,551 $53,412,361
3,414,973
39,632.066
duced 82 %.
$1,278,802
749,790
$1,784,153 $14,619,485
$13,906,733
749,770
8,997,363
8,997,156
in
$529,012
39:505,628
$1,034,383
$5,622,121
$4,909,577
x Includes provision for
Federal surtax on undistributed
^
profits for 1936
and 1937.
No provision has been made for such
tax in 1938.
y Reflects
major utility in the United States, and that its taxes now amount to nearly
a million dollars a week.
The operating taxes of the Consolidated System
companies in 1937 were equivalent to 20.99 cents out of each dollar of
revenue derived from sales of service.
They also amounted to $4.27 a
share on the common stock, or to $1,176 an average employee.
In terms
.
.
.
"Nearly $32,000,000 of the total taxes went to the city of New York.
In fact, the taxes of Consolidated Edison System for the
City of New York
1937 amounted to approximately 5% of the whole cost of running the
city.
These taxes were equal to more than one-half the annual cost of the
police department, or the expenses of the fire department for nearly a year
and a half, or almost onb-fifth the annual cost of all schools and
libraries.
They would run parks, parkways and museums for more than three years,
and were equivalent to nearly one-third of the annual cost of the
city's
unemployment relief.
They would cover the cost of street cleaning (De-
Volume
1395
Financial Chronicle
146
partment of Sanitation) for nearly nine months,or would run
the DepartHealth, including the'city hospitals, in the five boroughs for a year."
The^ report points out to the stockholders that Consolidated Edison's
ment of
Delaware Lackawanna & Western RR.—Annual Report
Statistics of Operation for
revenues are 9.29 % of the light and power industry of the country,
but that Consolidated Edison's
operating taxes are 13.93 % of the total for
the industry.
Thus, the report says, "Consolidated Edison does slightly
over
9% of the business but pays almost 14% of the taxes."
The taxes of
the industry amount to 72% of the net income available for dividends,
while Consolidated Edison taxes amount to 137 % of its net income.
The
taxes of the industry were slightly higher than tne funded debt interest,
amortization, &c.; Consolidated Edison's were equivalent to 282% of such
charges.
Combined, Earnings Statement for Calendar Years
1937
_
^
Operating
$
From sales of gas
40,115,599
From sales of electric.183,358,732
From sales of steam—
9,822,431
From misc.
41,163,262
42,115,466
180,448,596 176,691,588
10,761,341
10,589,765
1,875.476
2,451,992
2,898,056
sources...
44,709,429
170,956,805
11,045,099
792,106
Grossoper.revenue.235,172,238 234,825,191 232,294,876 227,503,440
Operating expenses
114,603,668 112,535,793 110,633,779 109,927,885
Retirement expenses
18,517,477
19,291,294
18,930,646
18,650,315
Taxes...
48,960,363 a45,065,865
45,865,126 40,771,625
Net earnings
Non-operating
Non-oper. rev.
revenue.
434,872
deduc'ns
484,263
Gross income
Int.
on
Misc.
53,090,73 1
...
53,041,340
long-term debt.. 16,269,577
int., amortiz. of
...
debt discount &
exp. &
misc. deductions.....
57,932,240
388,943
473,435
56,865,324
233,031
465,886
58,153,614
460,437
301,791
57,847,747
18,797,093
56,632,469
20,038,432
58,312,261
19,990,034
1,025,513
2,316,880
1,965,640
953,651
Hi vs.
on
pref. stock of
affiliated cos, held by
minority stockholders.
on
155,549
626,272
643,906
647,008
35,662,563
37,398,870
33,633,251
35,709,579
17,208,541
10,496,245
99,718
11,476,527
10,496.245
105,191
20,083,922
10,496,245
228,694
1,942,373
9,594,366
11,555,288
4,900,717
11,476,527
11,476,527
11,476,527
11,476,527
$2.17
$2.33
$2.00
$2.18
Company stock:
.
Common
22,943,054
S5 cumulative pref... 10,688,491
On affil. com. stock..
88,645
Bal. car. to sur. acct
»hs. common stock out►
a
share
per
Includes
a
of $5,385 for
provision
21,401,094
Earns, per pass.tr. mile.
Income Accouw Years Ended Dec. 31
1937
1936
1935
1934
$10,660,226 $10,419,506 $10,469,122 $10,555,766
26,644,938
26,570,157
22,471,579
22,012,174
Passenger
7,081,660
6,997,709
6,484,862
6,557,815
Mail
870,089
854,390
796,954
879,690
Express...
533,679
605,518
516,465
526,307
Milk
965,824
983,674
1,058,624
1,178,640
Other revenue
2,162,339
2,092,963
1,957,250
1,910,845
Incidental revenue.....
1,256,246
1,204,201
953,537
971,292
Merchandise freight
Total
.....$50,175,004 $49,728,116 $44,708,394 $44,592,530
Expenses—
Maint. of way & struc..
Maint. of equipment...
4,007,178
9,058,746
1,390,890
Transporta*. expenses.. 22,971,684
Miscell. operation
291,299
General expenses
1,691,187
Transp. for investment. Crl31,174
Traffic expenses
Total expenses
revenue
Federal surtax on undistributed
profits.—-V. 146, p. 1236.
from oper..
Railway tax accruals...
Consumers Power Co.—Earnings—
Prov. for retirem't res've
13,109
$6,526,585
143,231
307,298
$3,934,890
137,748
485,030
$4,779,660
136,612
412,093
$5,628,901
$6,362,518
$3,587,608
$4,504,180
6,447
206,922
3,607
208,231
6,231
247,278
7,393
254,295
130,957
128,496
119,322
531,959
331,217
35,741
484,857
276,458
148,480
476,776
277,203
12,538
108,602
557,419
571,474
14,512
7,498
33,582
7,498
26,331
7,498
2,215
7,498
332
$6,913,225
$7,646,473
$4,736,668
$6,025,705
7,083,866
494,829
171,293
7,085,031
422,597
175,592
7,086.464
423,575
7,133,867
472,360
900
330,286
Operating income
$5,833,897
Joint facility rent income
135,280
Hire of equip—Br. bal..
340,276
Net ry. oper. income.
Non-oper. Income—•
unfunded
from
securities & accounts.
Miscell. rent income
Misc. non-op. phys. prop
Hividend income
Miscellaneous income
$1,310,044
Int._& other fixed chgs..
367,024
Net income
3,173,000
3,926,000
285.500
335,500
Gross income
$1,385,953 $14,311,977 $13,510,306
368,809
4,360.253
4,296,345
$943,019
285,388
65,278
$592,352
$9,951,723
3,687,869
652,782
$617,655
$9,213,960
4,256,824
$5,611,071
$1,017,144
399,488
$4,957,136
3,728,663
8,760,476
1,286,217
19,649,050
252,671
1,842,332
Crl2,617
$39,279,811 $39,184,541 $36,968,499 $35,506,791
10,895,192
10,543,575
7,739,895
9,085,739
5,061,295
4,016,990
3,805,005
4,292,970
Income from fund, secur.
Period End. Jan. 31—
1938—Month—1937
1938—12 Mos.—1937
Gross revenue
$3,319,240
$3,156,662 $37,849,489 $33,333,191
x
Oper. exps. and taxes.
1,673.696
1,485,208
19,611,512
16,649.885
4,263,212
8,665.489
1,374,968
20.551,917
214,549
1,979,335
Cr80,972
4,194,758
9,273,366
1,379,607
22,167,490
265,612
2,020,183
Crll6,474
Uncollec. ry. revenues..
Income
standing (no par)
Earnings
21,364,678
20,309,692
20,506,176
464,569,825 423,783,439 429,765,249
1.51c.
1.53c.
1.53c.
$1.47
$1.46
$1.36
$1.37
Passengers carried
Pass, carried one mile...471,774,360
Rate per pass, per mile..
1.50c.
Net
Net income
Hi vs.
633.71
18,762,933
2662321,663
1.22c.
Revenues—
Coal...
1934
$
$
1934
1935
Aver, train load (tons)..
722.50
696.60
656.98
Rev.frt. carried (tons).. 22,064,257
21,307,721
18,569,680
Net rev. ton miles
3243578291 3083998,222 26256521300
Aver. rev. per ton mile..
1.15c.
1.20c.
1.25c.
(Incl. Affiliated Cos.)
1935
1936
$
revenues:
Calendar Years
1Q36
1Q17
operating
Income from sinking and
other reserve funds...
Inc. from lease of road..
Grossincome
Deductions—
Rent for leased roads...
N. Y. pier rentals
Int. on funded debt....
Balance
x No
provision was made in 1936 or 1937 for Federal
distributed profits as all taxable income was distributed.
has been made for such tax in 1938.—V. 146, p. 909.
-
surtax on
33,356
28,061
Miscellaneous rents
31
34
Miscell. tax accruals
Hlvs. on pref. stock
Amortiz. of pf. stk. exp.
52,684
53,987
33,288
54,644
186
54.321
Miscell. income charge..
13,937
14,019
16,494
10,745
$936,772
$132,847
$2,932,305
$1,972,613
Int.
unfunded debt..
on
un¬
No provision
Net deficit
General Balance Sheet, Dec. 31
Co-op Traders of America, Inc.—Registers with SEC—
of the company's assets.
The officers and directors of the company were
recently restrained by the court from doing business in New York State.
Crocker Wheeler Electric
9 Months Ended Jan. 31—
_
1938
1937
_.$38,799,203 $33,376,286
Cost of goods sold
y
25,342,558
Gross profit from sales
Other operating income
....
Total income
..$14,651,488 $12,50.5,266
4,491,214
4,169,124
Operating expenses
Otherexpense.net.
Bepreciation
Bepletion...
Interest
>
on
228,907
2,462,939
bonds & debentures &
on notes
797,850
50,809
36,383
980,783
645,813
x$5,246,865
$3,760,758
United States A Canadian income taxes
for the period.
On the basis of the
423,516
683,657
payable
incur, in connection with the red. of bonds & deb.
Net profit
268,739
2,403,083
506,314
—
Minority stockh'rs'proportion, Pacific Mills, Ltd..
f
22,175,533
$13,456,645 $11,200,753
1,194,843
1,304,513
s
capital stocks outstanding as a result of the
Paper Co., this is equivalent to $1.44 per
of common stock, (par $5), after deducting
full dividend requirements on the $5 new convertible preferred stock for
the nine months, and compares with 73c. per share earned in the same
period of 1937.
y Net, including equity in consolidated earnings of Fibreboard, Products, Inc., and its subsidiaries.
Note—No provision made for surtax on undistributed profits.—V. 145,
x
new
merger of Crown Willamette
share on the 2,261,199 shares
p.
3651.
Cusi Mexicana Mining Co., Duluth,
Minn.—Delisting—
F
The Securities and Exchange Commission announced Feb. 23 that a
public hearing will be held March 16 at the office of the Commission in
Washington on the application of the New York Curb Exchange to strike
from listing and registration the common stock (50 cent par) of the company.
In its application the Exchange stated that delisting was sought because
the company has terminated substantially all of its business operations,
having made no plans for resumption thereof of for liquidation.—V. 146,
p.
1070.
Cutler-Hammer,
See list given on
Inc.—Registration
Withdrawn—
first page of this department.—V. 145, p. 3343.
(Jacob) Dold Packing Co.—Sale of Sub. Approved—
Stockholders
on
Feb. 16 approved the sale of a subsidiary and two branch
Subsidiary is Hold Packing Co. of Omaha and the
Tenn., and Havana, Cuba. Purchase
offices to Wilson & Co.
branches are located at Memphis,
price was not announced.
Stockholders also voted to apply for a new perpetual charter, the original
60-year charter expiring in June.—Y. 146, p. 275.
82,411,108
83,955,786
15,706,304
70,720
23,750
4,067,000
4,457,000
Premium on cap.
15,650,632
84,441,200
Grants In aid of
stock
Impts. on leased
railway
prop.
construction-
Miscell. physical
2,448,999
2,448,999
Stocks....
9.489.847
9,487,386
property
Inv. in affil. cos,:
Equip. tr. oblig.
Non-negot. debt
314,246
to affil. cos
and
Traffic
279.458
car
Bonds
3.356.900
Notes
3,772.964
3,346,438
3,772,964
Advances
4,610.659
4,482,283
Audited accts. &
2,153,519
1,703,618
11,942,475
11,882,476
610,136
611,136
Unrnat. int. accr
42,432
42,446
14,855.220
16,247
14,306,883
17,401
Unmatured rents
1,785,421
1,785.968
2,348,010
3,915,478
649,327
668,248
950,547
& conductors.
451,024
618,326
1,255,254
1,000,301
Oth. unadl. cred
Mat'lts&suppl's
Subs.)-—Earnings—
Net sales—
Common
Mise. accts. rec.
Mfg. Co.—New Directors—
Apparent adjustment of differences between Arnold D. Kates and the
management of this company was effected at the annual meeting of stock¬
holders on Feb. 16.
Three new directors; including one representing Mr.
Kates, were elected.
1
Mr. Kates's representative is Alexander Hicks, New York attorney.
The other new directors are Henry L. Crowley of West Orange and William
J. Timberman Jr. of New York. The three succeed Br. Charles F. Burgess,
William P. Sargent and Edward C. Jones, who continues as Secretary.
► A spokesman revealed that Mr. Kates made a statement from the floor
expressing satisfaction with the present set-up.
He had previously been at
odds with the management on matters of policy.—V. 146, p. 748.
Crown-Zellerbach Corp. (&
54,795,536
Invest. In equip.
Supreme Court Justice Ferdinand Pecora has granted the request of
stockholders of the company for the appointment of a temporary receiver
to take charge of the company's properties in New York and Nevada.
The request was not opposed.
The court named Frank C. McRobfrts
to the post and designated the Continental Bank & Trust Co. as depository
55.698,020
84,441,200
70,720
stock.
Invest. In road.
Copperfield Mining Co.—Receiver—
$
$
Liabilities—
$
$
1936
1937
1936
1937
Assets—
See list given on first page of this department.
r
989
49,170
2,251,167
1,694,149
Add'ns
Other
591,679
784,780
payable
3,288,335
Misc. accts. pay
Divs.mat'd unpd
351.681
2,829,851
825,338
26,510
34,031
serv.
bal. pay.
wages
invest'ts:
Stocks.......
Bonds
Notes...—..
Advances
Miscellaneous
Cash
Special deposits.
Traffic. &c.. bal.
accrued......
Other curr. liab.
154,095
176.512
Deferred liabll—
12,893,914
3,247,271
995,547
12,859,395
40,847,288
39,940,965
2.052,525
Tax liability
Ins., &c.. res'ves
Net balances re-
Accr'd
ceiv. fr. agents
3,669,564
954,719
deprec'n
equipment
to
2,069,659
prop.
6,423,857
thru.inc.& sur
6,446,251
8,126
9,678
Deferred assets.
293,553
230,608
Approp.
surplus
417,048
417,048
Unadjust. deb..
983,409
984,703
Profit and loss..
53,223,865
54,502,559
Oth. curr. assets
215,275.521
Total
216,570,330!
Total
.215,275,521 216,570,330
Officers and Board Reelected—Property Well
Maintained—
the officers
M. Davis,
& Treas.; and managers, M. Hartley Dodge,
S. Jenney, Samuel Sloan, Roy O. Gasser,
Paul Moore, Clarence M. Woolley, Roy E. Tomlinson, Henry S. Sturgis,
John M. Davis, Atrhur G. Hoffman, Arthur A. Houghton Jr., Carl P.
Dennett, and John G. Enderlin.
Of the outstanding capital stock, 1,224,666 shares, or 76.7%, of the
eligible stock, was voted in person or by proxy.
While gross revenue in 1937 amounted to $50,175,003, an increase of
$446,887, the deficit'of $936,772 was attributed by President Davis to
increased taxes, advances made in wages and to higher prices of fuel and
materials.
Taxes were $5,061,295, an increase of $1,044,305, or about
25%.
Ten cents of each dollar received last year was paid out in taxes,
Mr. Davis said.
He likewise said that based upon last year's business,
tne granting of the rate increases now before the Interstate Commerce
Commission should add about $3,500,000 to gross revenue this year.
From funds made available by depreciation charges, the Lackawanna
RR. had invested the last three years, President Davis reported, more than
$1,000,000 in the guaranteed stocks of leased lines, thereby reducing fixed
charges $76,000.
Payments when due also were made out of depreciation
upon equipment obligations.
Mr. Davis reported that the property had been well maintained last year
and that, in accordance with the policy pursued for several years, more
than 10,000 tons of new rails, together with 140,000 tons of rock ballast
had been laid in the math tracks of the company.
The Lackawanna will
not be confronted by heavy expenditures for deferred maintenance, Mr.
Davis said, when business activity shall have been resumed.
At
and
the
annual meeting of the stockholders, held Feb. 23,
of the board were reelected as follows:
John
members
Pres.; John G. Enderlin, Sec.
Beekman Winthrop, William
The
completion last year of the grade crossing elimination
project at
Binghamton, N. Y., virtually concluded the large expenditures for grade
crossing elimination on the main lines, stockholders were told.
Mr. Davis
commented tnat he did not believe that the cost of such improvements
should be borne, neither in whole nor in part, by the railroads; nor should
the railroads be subjected to increased taxes upon the cost of grade crossing
eliminations when made in the public interest.
Mr. Davis reported that the Lackawanna RR. fiied last year more than
127,000 separate tax returns with Federal, State, county
authorities, due to the reporting of individual employment,
unemployment insurance,
taxes.—V. 146, p. 748.
gross receipts,
and municipal
social security,
sales, public schools and other
Financial
1396
(W. L.) Douglas^ShoeJCo.—Capital Reorganization—
The plan of capital reorganization has been declared operative, the agree¬
and articles of organization have been amended, and
ment of association
now been completed for the
the plan.
In order to facilitate the exchange, the letter
exchange of stock under
arrangements have
of transmittal should be
executed by stockholders and forwarded with their stock certificates by
registered mail to Home National Bank, Brockton, agent of the company
for exchanging the stock under the plan.
Upon receipt of each share of
preferred stock and the letter of transmittal, the bank will send three shares
of convertible prior preferred stock and two shares of common stock.
The directors have set March 21, 1938, as the last day for exchange of
preferred stock. Exchanges of preferred stock can not be made after that
date unless the directors extend the period during which exchange may be
made.
Exchanges of the old common stock for the new common stock
may be made at any time.—V. 146, p. 595.
Drilling Contractors, Ltd.—Bonds Offered—McDermid,
McDermid, Ltd., Vancouver, B. C., are offering
Chronicle
To be dated Jan. 15. 1938; due Jan. 15, 1943.
Principal and interest to be payable in legal tender of the Dominion of
Canada without charge at any branch of the Royal Bank of Canada in
Canada.
Denoms. 8100; $500, and $1,000. registerable as to principal
only.
Interest payable J. & J.
Red. at par in whole or in part at option
of company on any interest date on 60 days' notice.
Bonds may be called
at par for sinking fund at any time.
Authorized
300,000
Capitalization—
6H% first and closed mortgage bonds
Common shares (no par)..
Issued
300.000
100,000 shs.
100.000 shs.
_
Trustee; Trust & Guarantee Co., Calgary, Canada.
Purpose of Issue—Proceeds from sale of these bonds will be used for:
(1) Payment of balance owing on rotary rigs amounting to $127,000;
(2) working capital; (3) drilling a well for Frontier Royalties, Ltd.
Sinking Fund—An annual sinking fund of $36,000 per year will be pro¬
vided commencing Jan. 15, 1939, sufficient to retire 60% of the bonds by
maturity.
Life Insurance—As additional security the company has agreed to transfer
to the trustee, insurance on the life of F. P. Byrne for $100,000 (subject to
insurability).
.
Business—Company is a wholly-owned subsidiary of Anglo-Canadian
It owns in addition to other valuable
drilling rigs now operating in Turner Valley. Alberta.
rigs and equipment have a replacement value of over $400,000.
The above-mentioned four rigs under normal conditions can drill eight
wells per year.
For the drilling of each well, Drilling Contractors, Ltd.,
receive cash and(or) other valuable considerations, depending on whether
the equipment is rented or a "turnkey" contract is accepted.
Company has acquired water rights on the High wood River and has
established a pumping station to serve the boilers required for drilling
operations with water, at a charge of $400 per month per well.
This is
the usual charge for water service in Turner Valley.
Drilling Contractors. Ltd., have also established their own gas lines for
fuel to various wells.
For this they receive approximately $300 per month
Development & Holding Co., Ltd.
26,
1938
Peoples Savings Bank), Lewis ton,
Me.; Carroll H. Wentworth
Gorham Savings Bank), Gorham, Me., with
(Treas.,
Theron A. Woodsum, Secre¬
tary (Statistician, Savings Banks Association of Maine), 477 Congress
St., Portland, Me., and Bradley, Linnell, Nulty & Brown, 192 Middle St.,
Portland. Me., as counsel.—V. 146, p. 1072.
"11
Ebasco Services,
For
Inc.—Weekly Input—
Feb. 17,
the week ended
1938, the kilowatt-hour system input of
the operating companies which are subsidiaries of American
Co., Electric Power & Light Corp., and National Power &
compared with the corresponding week during
.
1937,
was as
1938
Operating Subs, of—
National P. & L. Co..
*
Decrease.—V.
Amount
82,317,000
Electric Auto-Lite Co. (&
Subs.)—Earnings—
1937
1 936
..y$4,206,614 y$4,510,491
Shs. cap. stk. (par $5)-1,202,255
1,194,980
Earns, per share------$3.43
$3.51
interest on debentures
profits.
taxes,
and
1934
1935
Calendar Years—
After
0.1
*1.4
*8.5
146, p. 1239.
xNetincome..
x
%
98,000
718,000
*6,999,000
1937
100.503,000
49,974,000
49,256,000
75,318,000
Electric P. & L. Corp.
Power & Light
Light Co., as
follows:
IUC^USC
;'
American P. & L. Co. 100.601,000
Miller &
$300,000 1st & closed mtge. five-year hlA% bonds at 99
and int., with a bonus of 1,000 shares of Frontier Royalties,
Ltd., with each $1,000 bond.
Guaranteed unconditionally
as to principal and interest by Anglo-Canadian Development
& Holding Co., Ltd.
Feb.
Pres., First National Bank), Biddeford, Me.; William F. Carrigan (Trustee,
$2,908,797
1,177,653
$2.20
$1,212,135
1,170,654
$0.78
minority interest,
y
After
surtax on undistributed
2It-Cent Dividend—
have declared
a dividend of 25 cents per share on the
$5, payable April 1 to holders of record March 18.
40 cents paid on Dec. 27, last; 80 cents paid on Oct. 1
60 cents paid on April 1, 1937, and on Dec. 21 and on
with 30 cents per share paid each three months from
Oct. 1, 1935, to and including July 1, 1936,
The Oct. 1, 1935, dividend
was the first paid since Jan. 2, 1933, when a similar distribution was made.
In addition an extra dividend of 50 cents per share was paid on Aug. 15,
1936.—V. 145, p. 3972.
directors
The
stock, par
This compares with
and on July 1, last;
Oct. 15, 1936, and
common
Electric Storage Battery Co.—50-Cent
The directors have declared
Quarterly Div.—-
quarterly dividend of 50 cents per share on
stock,
par $25, both payable March 30 to holders of record March 9.
Dividends
of 50 cents per share have been paid in each of the first three quarters of
1937, 1936 and 1935.
A final dividend of $1 was paid on these issues on
Dec. 21, last; one of $1.25 per share was paid on Dec. 21, 1936, and one of
$1 per share in addition to a special dividend of $1 per share was distributed
on Dec. 30, 1934.—V. 145, p. 3495.
a
the common stock, no par value, and on the cum. partic, preferred
four rotary
assets
Engineers Public Service Co.—Subsidiary Dissolved—
These
well.
Anglo-Canadian Development & Holding Co., Ltd., acquires potential
properties and through Drilling Contractors, Ltd., which is a whollyowned subsidiary,
develops them.
Company has outstanding 692,650
shares (no par).
It has given an option on 262.273 shares at $2.25 per
share.
These shares are to be offered to the existing shareholders at the
same price on the
basis of one share for each three shares now owned.
There is, in addition to the above, an outstanding option terminating
Dec. 15, 1938, on 45,077 shares at a price of $1.75 per share which has been
given to Gray, Byrne & Co., Ltd.
This company has notified the New York Stock Exchange that Eastern
Electric Co. (Del.), a subsidiary, was dissolved on Feb. 7, 1938.
Texas
The company
further advised the Exchange that in accordance with the
Liquidation the holders of common stock of Eastern Texas Electric
(Dei.), other than Engineers Public Service Co. are entitled to receive
cash in the amount of $46 per share of common stock held and Engineers
Public Service Co. has received all of the other assets of said company, in¬
cluding all the common stock of Gulf States Utilities Co. and all of the
common stock, certain shares of preferred stock and certain bonds of the
Plan of
Co.
Western Public Service Co.
per
oil
Duke Power Co.—To
The
Pay 75-Cent Dividend—
directors have declared
a dividend of 75 cents per share on the
April 1 to holders of record March 15.
This com¬
with $1.50 paid on Dec. 22, last; 82.82 cents paid on Nov. 1, last;
75 cents paid on Oct. 1, last: $1.25 paid on July 1, last and previously
regular quarterly dividends of 75 cents per share were distributed.—V. 146,
p. 275.
common
stock payable
pares
(E. I.) du Pont de Nemours & Co., Inc.—Interim Com¬
Dividend—
mon
on
on Feb. 21
the common stock,
declared
an
interim dividend of 50 cents per
payable March 14 to holders of record Feb. 28.
This compares with $2 paid on Dec. 14, last; $1.50 paid on Sept.
paid on June 15, last; 75 cents per share paid on March 15, 1937; a yearend dividend of $2 paid on Dec. 15,1936, and prior thereto regular quarterly
dividends of 90 cents per share were distributed.
In addition an extra divi¬
dend of 70 cents was paid on Sept. 15 and June 15, 1936, and an extra
dividend of 35 cents was paid on Sept. 14, 1935.—V. 146, p. 1071.
Eastern Gas & Fuel
Associates—Preferred Dividend—
The directors have declared a dividend of 75 cents per share on the 6%
preferred stock, par $100, payable April 1 to holders of record March 15.
Similar payments were made on Jan. 1, Oct. 1, July 1 and on April 1 last and
prior thereto regular quarterly dividends of $1.50 per share were distributed.
—V. 146, p. 107.
Eastern Oregon Light & Power Co.
Years End. Dec. 31—
1937
Gross revenues
$635,505
309,448
expenses & maint.
Taxes
87,446
Uncollectible
accounts-
_
Gross income
Interest
Miscell.
on
1936
$575,750
273,664
79,037
4,361
-Earnings1934
1935
$399,419
159,693
72,796
3,894
$187,813
99,625
'
$467,391
202,557
72,531
4,489
$163,036
99,625
$218,687
99,625
10,559
7,846
7.640
In
connection with these registrations,
Kellogg and President Barnes of Engineers Public Service
Co., Inc., have just handed to me notification of the registration of their
company and its subsidiaries.
"The Commission heartily welcomes this—the latest addition to the
growing list of registered companies.
This brings the total of utility assets
now registered under the Public Utility
Holding Company Act to over
$6,000,000,000, or about 40% of the industry subject to our jurisdiction."
The approximate consolidated assets of Engineers Puolic Service system
are $369,679,754, and
annual gross revenues as of Nov. 30, 1937, were
$52,262,283.
The system includes 23 subsidiaries organized in Delaware,
Louisiana, Texas, New Mexico,
New Jersey, Massachusetts, Maine,
Nevada, Washington, Georgia, Virginia, Maryland, Missouri, Kansas,
The three companies filed notifications of registrations, File Nos. 30-105,
30-106, and 30-107, respectively.—V. 146, p. 1073.
Equitable Office Building Cor p.—Earnings-—
60,000
45,000
income—Rental
inc.
(incl.
corporation's own offices)
$2,310,735
Other operating income
226,270
shs.
com.
$63,426
24,003
14,989
_
$51,216
24,003
14,989
$2.63
.
$1.82
,
$35,547
$10,904
Depreciation
$2,586,803
53,618
190,630
$1,339,235
7,446
$1,295,605
32,180
$2,537,004
67,^59
185,257
-
Real estate taxes.
Other operating expenses
614,558
432,392
Taxes (other than real est. & Fed. inc.
taxes & surtax on undistrib. profits)
42,273
29,908
25,812
Alterations for tenants
67,599
64,004
64,522
13,914
106,672
102,847
100,360
$970,348
7,634
$1,135,029
10,981
$1,072,730
8.691
$977,983
$1,146,010
$1,081,421
827,063
x64,000
844,847
51,000
864,670
30,000
$86,920
$250,163
$186,751
—
„■
—
Net exp. in connection with lease at
139 Broadway
Other general expenses
Profit..
-
prov.
on funded debt,
for Fed. inc. tax & surtax
undistributed profits
Interest on funded debt
------
------
Net income..
(par
x
$100)
$0.77
Erie
.Assets—
1937
1936
Property and plant$4,627,125 $4,633,574
7% pref.stock...
Misc.
Com.
Liabilities—
1937
$342,900
-
„
undistributed profits.—V. 145, p. 3495
Nil
Balance Sheet Dec. 31
f
:
Includes $34,500 for surtax on
_
_
Provision for Federal income tax
14,989
stock
$2,628,239
60,590
185,257
589,667
453,491
$1,217,989
17,183
Total operating income--Maintenance and repairs
on
..
$2,382,035
204,767
__
Net inc. before int.
reserve
on
1936
$2,391,401
236,839
601,750
464,749
rent on
45,000
Approps. for retirement
Net income
Preferred dividends
Common dividends.
1937
1938
9 Mos. End. Jan. 31—
Oper.
Other income
other
deductions
Earns, per sh.
Chairman Douglas of the Com¬
"Chairman
7,506
65,000
and
Neb., major subsidiaries, also registered.
mission said*
Net operating income.
Provision for doubtful accounts
$238,610
99,625
bonds
int.
announced Feb. 21 that the
15. last;
$2
Oper.
Securities and Exchange Commission
and New York.
The directors
share
Registers with SEC Under Holding Company Act—
The
company has registered under the Holding Company Act.
El Paso Electric
Co. of New York, N. Y., and the Western Public Service Co. of Scottsbluff,
1936
Lighting Co.—Earnings-
Years Ended Dec. 31—
Total operating revenues
49,378
9,859
rec.
Materials & suppi.
47,263
Prepd. & def. accts
Unamortized debt,
8,750
disc. & expense-
70,156
Accts. & notes
75,141
$1,734,445
$1.621,401
Maintenance
777,94b
118,146
718,b09
111,197
Long-term debt...
1,850,000
184,164
153,773
25,430
71,083
31,631
1,850,000
29,331
Provision for retirements
Accounts payable.
Accrued taxes
42,968
569
119,212
106,927
Consumers* depos.
Reserve
24,492
495,577
568,176
$491,437
$496,012
8,302
8,790
Surplus
6
77,645
88,353
1,498,900
Accrued interest..
2
19,584
96,339
1,498,900
Misc. unadj. cred.
investments
Cash...
32,294
488,610
32,294
472,576
Total
$4,869,221
$4,933,956
stock
par).
.
Contrib.
($100
Operating
_
in
$342,900
aid
expenses
Federal income taxes.
68,652
Surtax
32,783
29,554
-V. 144, p. 1107.
Eastern Mfg. Co .—Protective Committee—
The bondholders' committee for the first mortgage 7% sinking fund gold
bonds, series A, comprises the following: Clarence A. Leighton, Chairman
(Asst. Treas., Portland Savings Bank), Portland, Me.; Blin W. Page
(Pres., First National Bank), Skowhegan, Me.; Arthur F. Maxwell (Vice-
— -
Operating income
34,882
5,510
Other income
Gross income
Interest
on
Interest
$4,869,221 $4,933,956
-
undistributed profits
15,058
*496,947
236,737
25,809
10,407
$511,070
239,000
31,050
of
construction...
Total.
-
Other taxes
on
on
first mortgage bonds
unfunded debt
Amortization of debt discount and expense.
Interest charged to construction
Grbl
it—_*224^j_53
Balance of income
x
10.507
^rlbO
*23jL574
Preliminary
Note—Electric revenue and expense for
interchange sales of power on
This
has
no
effect
upon
net
1936 have been adjusted to reflect
a basis comparable with the current
earning..—V. 145, p. 1097.
period.
Volume
Financial
146
New
Dividend—
Elgin National Watch Co.—25-Cent
increase
dividend of 25 cents per share on the capital
stock, par $15, payable March 15 to holders of record March 4. This com¬
pares with $1.50 paid on Dec. 15, last; 50 cents paid on Sept. 15, June 15
and March 15, 1937; $1.25 paid on Dec. 15, 1936: 50 cents each paid
Sept. 15 and June 15, 1936. 25 cents paid March 16, 1936; 55 cents on Dec.
16, 1935, and 15 cents per share distributed in each of the three preceding
quarters, prior to which no payments were made since Feb. 1, 1931, when a
dividend of 37 H cents per share was disbursed. A dividend of 50 cents was
paid on Nov. 1, 1930, and quarterly payments of 62M cents per share were
made previously.—V. 145, p. 3495.
r
The directors have declared a
1938—9 Mos.—-1937
1938—3 Mos.—1937
Period End. Jan. 31—
$38,153
28,136
Net profit
$34,941
25,291
$52,272
84,892
$45,020
77,406
$10,017
-
Depreciation.
$9,651
loss$32,620
loss$32,386
3495.
—V. 145, p.
Fairbanks Morse & Co.—Gets
439.
p.
was
the organiza¬
of which $9,-
paid during 1937.
Net death losses in 1937 were even more
favorable than in 1936, amount¬
ing to but 53.2% of the '"expected."—V. 143, p. 585.
(625 Madison
Reorganization—
59th St. & Madison Ave. Office Building
Ave., New York, N. Y.)—Plan
or
A plan of reorganization has been adopted by the bondholders' committee
(George E. Roosevelt, Chairman) and, if it is assented to by depositors,
proposed in the reorganization proceedings.
The plan in substance
provides for the formation of a new corporation which will enter into certain
modification agreen ents with the ground owners relating to the ground
leases.
Under the plan there will be no bond issue on the leasehold, and the
new corporation will issue its stock to depositors and others in the manner
provided in the plan
Bondholders will receive in exchange for their bonds, stock in the new
participating cer¬
certificates, class B preferred
share of such stock for each
Depositors who are the holders of leasehold prior lien
announced on Feb. 23 the receipt of contracts aggregating
$1,750,000 for ship service equipment for two new United States battle¬
ships.
All but $500,000 of the equipment will be manufactured at Beloit.
146,
721,000
corporation at the rate of two shares for each $1,000, in principal amount
of old bonds in full satisfaction of all claiu s for principal aAd interest thereon.
Navy Contract—
l^The company
—V.
paid insurance of the company in 1937 was $27,187,000, a slight
over 1936, according to Mr. Talbot.
Total amount paid to policyholders and beneficiaries since
tion of the company in 1878 now aggregates $214,189,000,
will be
Exchange Buffet Corp.—Earnings—
Gross profit-
1397
Chronicle
tificates will also receive in exchange for such
stock of the new company at the rate of
one
$25 in principal air ount of such prior lien certificates held
satisfaction of all clai > s for interest and principal thereon.
by them in full
securing the bonds is not on the land and building but is a
mortgage only upon the interest of Madis Realty Corp., as tenant, in the
ground leases.
Madis Realty Corp. is in default to the extent of over
$1,000,000 in the payment of rent and other charges provided for under
these leases.
Although legal proceedings against Madis Realty Corp. have
now been stayed as a result of the commencen ent of the 77-B proceedings,
the landlords of a substantial portion of the property would otherwise be
in a position to disposses Madis Realty Corp. and thereby destroy the secur¬
ity for the bonds.
The mortgage
Candy Shops, Inc.- -Earnings-
1^ Fanny Farmer
1934
1935
1936
1937
WCalendar Years—
Net profit after deprec.,
Federal taxes, &c
;y$803,936
x$586,494
$501,078
$412,379
Earns, per share on comIfcmon stock outstanding
$2.06
$1.50
$1.28
$1.00
y No mention is made
undistributed profits taxes.
.
undistributed profits.—V. 145, p. 3816.
F"x After ded ictin?
of surtax on
The modification of the
ground leases and the settlement of the litigation
Street parcel are dependent upon the
in connection with the 54 East 59th
Farms, Inc.—Registration Withdrawn—
See list given on first page of this department.—V. 145, p. 2844.
Subs.)—Earnings—
Federal Screw Works (&
1934
1937
1936
1935
$505,343
202,417
$352,127
175,883
$245,875
224.106
$324,402
185,139
$302,926
5,479
$176,244
7,827
$21,769
21,470
$139,263
74,221
$308,405
$184,071
$43,239
107.993
102,205
15,877
23.000
7,721
17,325
6,000
8,086
115,453
17,305
$213,484
124,188
14,273
3,000
100,980
Calendar Years—
prof, before depr_
Sell., adm. & gen. exp_Gross
Operating profit
Other income.-—
---
approval and consummation of the plan.
Accordingly, if the plan fails of
acceptance the lease modification and the settlement will also fail of consum¬
mation, the result of which may, in
the judgment of the committee, be
detrimental to the interests of bondholders.
'
The deposit agreement has been an ended to provide for the submission
of the plan to the U. S. District Court for the Southern District of New
York in the reorganization proceedings or any other court of competent
jurisdiction.
By virtue of this amendment each depositor is given the right to with¬
draw his bonds from deposit at any time within 20 days (from Feb. 16)
upon
Net income.
— —
—
Provision for deprec
Int.
gold notes, Ac—
on
Federal income tax
Other charges.
*
—
x33,096
$153,816
$50,454 def$122.614 def$28,957
199,375
199,350
199,350
199,350
$0.77
$0.25
Nil
Nil
special provision of $25,000 for inventory obsolescence.
provision for surtax on undistributed profits.
profit
Shs. cap. stk. (no par)..
Earnings per share
Net
Includes
x
Note—No
1937
Asset s-
392.386
311,036
1,444
Notes A accts. rec.
$143,427
3,443
Inventories
Cash in closed bks.
Notes
Equipment oblig—
49,370
$65,683
49,271
226
_
_
6,675
_
895,018
1
17,809
11,887
--
6,000
y
1,737,000
1,737,000
199,375
311,242
199,350
468,537
Capital stock
Deficit
12,413
readjust, expense
Total
.$1,726,367 $1,612,839
1937 and $748,019 in 1936.
y Rep¬
resented by 199.375 (199,350 in 1936) shs. of no par value, of which 40,850
shs. are held in escrow under an agreement relating to gold notes deposited
x
After
Net investment income
$554,783
Balance
Net surplus
$10,354,841
Decrease
(net)
...
by adjustment in value of ledger assets,
$7,422,201
Balance Sheet Dec.
Assets—
31—
Years End. Dec.
Net gain for the year
Federal income taxes—
$1,096,747
$1,297,0631
230,000
198,000
$898,747
profit
1
/
Not available
Real estate..—...,-.--—--
487,426
259,075
1,157,460
coll. (not
due)..--.—-
1,131,499
Mortgage loans
over
90 days
-.——$20,974,727
Total
1,955
13,202
Govt, securities
—V.
$1,412,584
763,833
paid
Prem. on pref. stk. purch
Add. to reserve for con¬
$380,644
239,129
$.564,274
$1,067,063
840,229
31,035
Fort Dodge
$1,492,306
$1,513,694
$1,267,016
1937
$798,499
555,640
Cash
U. S. Govt. sees..
$465,709
808,999
and
accepts, recelv..
558,910
903,678
other
4,663
9,661
954,739
$164,943
$321,001
198,000
230,000
95,418
80,577
expenses.
Res. for conting.
Res.
for
loss
513,836
—
on
purch. contract.
for obsol. of
13,344
equipment
27,689
Res.
Com. stk. of Shaw-
Resins
y
300,000
Corp
Common stock.. 2,852,200
50,356
49,145
z
1,919,633
processes
45,118
charges
1,492,306
1,918,623
$5,187,559 $5,206,647
depreciation of $1,663,820 in 1937 and $1,501,712 in
Represented by 280.000 no par shares,
z Represented by 22,043
shares of common
stock.
Stockholders Ratify Merger
with Monsanto—
corporation ap¬
proved the transfer of the properties and assets of company to Monsanto
Chemical Co. in exchange for 148,523 shares of the common stock of the
Monsanto Chemical Co.
Out of 254,611 shares of Fiberloid stock outstand¬
ing, 244,807 shares were voted in favor of the transaction and no votes were
cast against the transaction.—V. 146, p. 440.
At their meeting
$739,709
278,092
$704,333
245,219
8,249
$546,286
212,251
10,172
$497,375
192,698
10,945
$1,026,773
$957,801
$768,709
$701,018
974,951
924,268
769,929
689,416
$51,822
42,296
296,996
8,272
$33,532
58,906
296,927
8,272
1O8S$1,219
66,048
296.995
8,272
21,304
$11,603
69,544
297,249
8,272
6,378
6,180
Crl,085
13*949
Non-operating
8,972
revenue.
(ex¬
&
equipment retired)--cluding depreciation
Profit
Depreciation
Interest accrued
332
Deficit
held Feb. 16 the stockholders of this
Fidelity Mutual Life Insurance
-
$294,657
1937
Other
9,544.874
28,140
133,014
Cash
Special des posits—
Notes receivable—
275
400
383,262
investment-
$
Liabilities—
$
%
9,655,576
28,130
Misc. phys. prop133,014
Invest. affll. cos-
1937
1936
410.572
1,618
1,618
140
1936
$
3,997,100
6,250,691
3,997,100
5,250,691
payable..
74,837
82,642
Misc. accts. pay..
Capital stock
debt
Funded
Audited
wages
accts.
A
53,499
65,796
int., divs.,
& rents unpaid..
2,522,132
2,225,582
Mat'd
515,000
515,000
payable...
21,889
21,889
liabils.
5,225
5,606
Other def. liabils—
6,859
622,560
27,901
603,266
Unadjusted credits
1,403.034
1.363,816
MIscell. accts. rec.
39,415
44,583
Mat'd funded debt
Mat'l & supplies—
130,708
101,534
Accrd. int., divs. &
Int., divs., A
rents
rents
498
498
Other curr. assets-
15.766
15,726
Deferred assets—
573,151
22,755
556,172
receivable
Unadjusted debits
49,817
Other curr.
Liab. for provident
funds
100,000
100,000
3,688,657
Misc. fund.reserves
Co. of Philadelphia
3,372,200
Profit A loss (debit
—Operations—
at the close of 1937 amounted to $117,806,000,
$5,368,000, Walter LeMar Talbot, President, stated in the
policyholders.
in force increased to $362,886,000.
$344,854
$393,839
$376,022
and Receiver) Dec. 31
Combined Balance Sheet (Corporation
Assets-
27,566
$5,187,559 $5,206,647 «PI.Total
y
Total oper. revenue—
Auxiliary revenue
—
Z>r283,274 Dr283,274
After reserves for
1936.
$16,998
456,466
17,963
681
5,265
Common stock in
treasury
Plant, equip, and
equipment
Other operating income.
$18,700
501,574
19,657
378
5,977
2,852.200
2,119,238
Sin-plus
Deposits with mu¬
tual fire ins. cos.
x
1936
Federal taxes...—
1.023.267
Inventories
Total
1937
Accounts payableAccrued
1934
$17,778
653,574
25,708
99
7,174
Oper. exps. & taxes
Liabilities—
1936
1935
19,409
682,210
31,529
102
6,458
Passenger revenue.
Total revenue
Condensed Balance Sheet Dec. 31
Assets—
RR.—Earning.<
(Corporation and Receiver) for Calendar Years
Equipment retired
Miscellaneous debits
Pension accruals
Dr403
$2,119,238
1_
$141,515
1,125,904
686
Bal., Burp., Dec. 31—
Defd.
$20,974,727
1936
Rent of
$245,992
1,267,016
Adjust, of prior years—
x
Total
1937
Switching revenue
Drl58
def $21,230
lnigan
2,000,000
7,422,201
Des Moines & Southern
Freight revenue
1,513,694
$648,751
1,492,306
Dr21,818
Surplus
Balance, surplus, Jan.
notes
Surplus
Amortization
316,775
1,507
217,028
tingencies
rec.,
689,278
and other liabilities
145, p. 3653.
Combined Income Statement
Accts.
1,545,420
of adjust..
335,237
Other assets
Surplus
realized
from
purchase of pref. stk-Res. for reval. of U. S.
Accts.,
$9,317,827
reserve
Res. for comm'ns, exps., taxes
restored
513,836
Dividends
Liabilities—
Losses in process
Capital
Prems. in course of
$365,487
$564,274
$1,067,063
|
31, 1937
$17,604,0291 Premium
Cash in banks and office.--.
1934
1935
1936
1937
-
Dec. 31, 1937
Net surplus
Bonds and stocks
Fiberloid Corp.- -Earnings—
499,897
28,814
2,461,557
—
145, p. 3345.
with trustee.—V.
Net
9,800,058
Dec. 31, 1936
Dividends paid
Gain from sale of ledger assets
depreciation of $768,260 in
Res. for conting.
$255,255
810,038
earned
Balance
19,861
.$1,726,367 $1,612,839
Total
(credit)
14,397
25,000
gold notes...
prep'd taxes, Ac.
— _
Conv. 6^% 10 yr.
Unexp. Ins. prems.,
Deferred gold note
3,000
$8,864,247
4,861,365
4,259,849
1,711
Earned premiums
Losses and adjustment expenses
Expenses
Underwriting profit and loss items
Net underwriting loss
income tax
898,939
1
chinery A equip.
3,000
10,893
._
Sundry curr. liabProv. for Federal
$9,131,732
267,485
Increase in unearned premium reserve
to
erty purchases
54,703
3
current)
—
relating
Oblig.
Year Ended Dec. 31, 1937
Premiums written (net)
$31,328
31,013
Ac.
in¬
Philadelphia—Financial Statement—
1936
equip, and prop¬
Land, bldgs., ma¬
Goodwill-
Acer. Interest.
(not
recelv.
Investments
x
169.315
Fire Association of
Income Account for
Accounts payable-
the
in connection with this issue to the date of such
who do not withdraw their bonds from deposit
within such period will have no further right to withdraw their bonds from
deposit by reason of the adoption of such amendm ent.
Depositors who wish to dissent from the plan must file with the depositary
within 20 days (after Feb. 16) a written dissent from the plan.—V. 138,
p. 1051.
1937
Liabilities—
$279,106
78,816
of deposit to the depositary and upon
curred by the committee
withdrawal.
Depositors
31
Consolidated Balance Sheet Dec.
1936
the surrender of his certificate
payment to the committee of his ratable portion of the compensation of
committee and of all expenses, indebtedness, obligations and liabilities
balance)
Assets of this company
an
increase of
annual report to
Insurance
Total
-Y. 144, p.
.10,884,171 10,887,090
1279.
Total
10,884,171 10.887,090
1398
Financial
First National Stores, Inc.-
Chronicle
-Earnings—
-14 Ffe.1937
-13 WTc s1936
$992,304
247,182
112,758
Period Ended Dec. 31—
$1,285,591
270,648
144,734
Net prof, before deprec. & Fed. normal tax & surtax
Depreciation
Federal normal tax.
Feb. 26,
General Brewing
Corp.—Registers with SEC—
See list given on first page of this department.—V.
General Electric
146, p. 277.
Co.—Signs Contract with CIO—
This company and the United Electrical Radio &
America,
1938
Machine Workers of
C. I. O. affiliate, have reached a national agreement granting
bargaining rights to the union in all plants where the union
designated as majority representative.
The agreement covers
a
sole collective
Net profit
before Federal
tributed profits—
surtax
undis¬
on
$870,209
817,065
816.567
$0.72
$1.01
Dec. 25, '37 Dec. 26, '36 Dec. 28, '35
operations._b$2,280,049
$4,634,833
$3,929,049
Dec. 29, *34
—
.
——
plants at Fort Wayne, Ind.; Cleveland, O.; Schenectady, N. Y.; Bridgeport,
Conn.; New Kensington, Pa., and Lynn, Mass.
A total of nearly 30,000
workers are covered by the agreement, the union states.
No wage scales are embodied in the agreement which runs for a
year, but
the General Electric policy of paying wages "equal to or
higher than wage
rates paid in community industries for comparable work
requiring the same
skill and efficiency" is written into the contract.
Strikes, lockouts and company unions are prohibited under the agree¬
ment.—V. 146, P. 441.
—V. 145, p. 3653.
General Baking
Co.—Earnings—
Years Ended—
-
Profit from
Int. & disc,
fd. debt--
on
Depreciation
Interest & premium
notes payable
Other interest
Federal
1,333,166
74,618
1,121
345,378
25,236
395.000
—
loss
1,333,228
7,179
surtax--
for
272.761
1,455.815
c
General Realty & Utilities Corp
.—Earnings—
on
Federal taxes
Prov.
$3,881,630
23,586
See
560", odd
[Exclusive of Lefcourt Realty Corp.]
334,567
1937
15,000
mitments
Profit of
after
$2,611,839
$2,151,117
$1,941,136
4,627,679
4,461,706
4,133.052
3,476,355
al63,635
83,550
$7,237,180
$6,367,720
703,064
953,218
$5,471,596
703,064
77,979
32,952
loss71,723
41,220
lossll9,795
110,403
32.787
improved
36,551
97,745
103,870
703,064
1,906,436
Total profit
estate
from real
$189,412
operation—
from
other
228,920
$310,499
Salaries,
State tax
208,558
202,743
$193,165
Net profit.
$4,461,706
$107,756
1937
$4,133,052
Assets—
1,588,697
$0.50
1,588,697
1.588,697
$0.91
$1.20
Acer.
$0.78
int.
&
rec. & amts.
as
due
$40,956,186, leaving $2,278,972 as profit from operations,
in the amount of $1,465,516 was charged during the year.
c
Depreciation
x
Marketable
creditors
of allied
Dec.20,"iG
2,782,012
586,965
2,690,456
463,083
2,115,937
2,008.342
Dec.25/37
& accrued exps.
Est. Fed. Inc. tax
1,203,440
1,275,288
Amt.rec.fr .millers
for current year-
672,927
829.214
in conn.with pro¬
Res. for tax cont.,
650,142
103,850
117,562
9,900
11,100
Res.
1,125,000
355,435
8,129
Sundry investm'ts,
loans, &c.
Insur., taxes, &c._
Bond Bread, other
names,
cum.
18,002.364
181,633
on
real es¬
purch.
Total...
x
..20,018,445 22,333,396
At market values not in
shares,
Btock.
a
Treasury stock
Bonds
Total
23,498,676 24,034,441
2,892 shs. of $8 pref. stock and 6,102 shs. of common stock,
b After
for depreciation of $9,884,693 in 1937 and $9,127,666 in
1936.
Represented by 90,775 no par shares,
d Represented by 1,594,799
shares, par $5.—V. 145, p. 3817.
a
General Outdoor Advertising
192,783
Total.....
.
11,703,713
10,720,275
9,781,721
$1,498,380
208,816
$830,964
124,848
$286,655
164,533
$2,268,089
$1,707,196
$955,812
$451,188
2,441
7,655
8,892
13,173
985,685
932,946
988,723
1,413,301
bonds, notes
170,000
Class A dividends
$726,596
337,824
Surplus
$579,911
$388,772
Assets—
S
S
Liabilities—
est.,
mach'y
equipment
5,001,560
Cash
1,849,976
Notes & accts. rec.
847,849
Painted displ. not
6%
5,054.783
1,910,701
-
billed to cust's.Adv. to employees
Ma*'ls & supplles-
Prepd .lease rentals
Invent,
of
6,423,850
305,540
241,647
purch .money ob¬
ligations
410,980
374,335
liabilities--
Accrued taxes
628,688
227,825
20.387
25,900
Prov. for contingencies..
101,751
Res. for contlng
Stock Outdoor Ad¬
vertising, Inc... 1,294,370
Mtges., notes and
x
x
y
Drl05,002
y$772,231
936,885
936,885
252,498
$8,833,778
deducting manufacturing, selling and administration expense.
After
Loss.
Consolidated Balance Sheet Dec. 31
1937
Mktable.
1936
1937
$
Liabilities—
1,647,103
securs..
121,600
Accts. receivable..
2,438,049
Inventories
2,220,970
28,822
Treasury bonds...
26,791
x Land,
bldgs.,machin'y & equip¬
Miscell. investm'ts
1936
$
$
2,453,832
250,769
Accounts payable.
160,909
Accrued Items
975,025
188,605
859,263
779,333
1,807,298
Operating
187,252
107,132
5first
41,057
26,791
119,965
reserves
mtge.
gold bonds
17,000,000 17,000,000
$6 cum. pref. stock 6,666,667
6,666,667
y Common stock.. 13,772,430 13,772,430
z
Capital surplus.. 5,373,486
5,346,831
Earned deficit
12,837.505 13,223,254
Bond disc. &exps.,
241,084
prepaid
taxes,
lns'ce,
organiza¬
tion exps.,
63,585
182,013
4,147,143
Dr52,633
163,657
188,977
1,875,408
Dr38,964
Total
«fec..
206,272
....31,298,264
187,261
30,717,673'
Total
31,298,264 30,717,673
x
After depreciation of $10,460,042 in 1937 and $9,304,363 in 1936.
Represented by 459,081 no par shares,
z After deducting $126,712 cost
of 2,505 shares of common stock purchased and held in
treasury.—V. 145,
p. 3196.
y
General
Steel
Wares,
Ltd.—Subscription
Warrants
common stock at $1 per share
preferred arrears approved last
November have been mailed to company's preferred shareholders by the
National Trust Co.
The letter reminds preferred shareholders that half-
in
5,266,548
9
9
18,377,234 17,889,1581
accordance
with
the
compromise
shares will not be issued and that
Total.
18.377,234 17,889,158
(104,085 in 1936) no par shares,
y Repre¬
14.99 shares in scrip in 1937) no par shares.
preferred and 9,326 (3,994 in 1936) shares
cost.—V. 146, p. 108.
Represented by 100,000
y$l,573,308
$12,837,505 $13,223,254 $11,343,972
6,172
216,795
5,726,056
stock at
1934
Subscription warrants for the pmchase of
236,737
sented by 642,385 (including
z 225 shares
6% cumulative
common
y$907,335
25,619
109,484
355,611
Patents and copy¬
Total
$257,759
1,165,094
$490,752 y$2,131,780 y$2,510,194 y$l ,709,116
13,223,254
11,343,972
8,833,778
7,124,662
see.
Deficit,Dec.31
106,170
1,576,107
rights
1936
y$71,280
1,164,269
1935
y$452,087
1,161,485
ments, &c
19,166,968 19,720,206
Pat'ns, flasks, &c. 5,441,687
5,451,123
Patents.....
1
1
Cash
life ins. policies.
Adv. displ. plants-
15,288,653 16,098,825
Co.—Earnings—
567.567
1,399,860
other receivables
82,623
Stks. & other sees. 1,575,375
surr. val. of
Surplus
Treasury stock
1.250,000
50,000
Previous deficit
Red. in res. for shrinkage
of acquis, of stk.
of Outdoor Ad¬
vertising, Inc
Total
—
Arnt. pay. inresp't
87,340
account
Common stock__ 4,817.887
Accounts payable390.941
y
Real est. mtge. and
comm.
signs in process.
Em pi. stk. subscr.
$
2.837,825
5,204,250
7,677
292.053
43,494
263.697
-
$
•5,000,000
1,000.000
5,397.308
— ...-
Total profit
$1,481,597 y$l,194,933
Bond int. & amort, of
discount and expense.
936,828
936,847
Int. on notes payable
4,017
Cash
pref. stk. 2,837,825
490,061
21,081
Prepaid insur. and
expenses
cum.
Class A stock
5,285,913
reserve.
$1,445,189 y$l,235,549 y$l,613,573
34,333
27,240
22,370
2,075
13,376
17,893
Net operating profit.-
Assets—
Accrued exp., &c.,
637.052
Due from affil. Co.
875,585
x
Surplus....
Voluntary
$2,616,969
1,171,780
Interest, discount, &c._
Income from investm'ts.
Company only for 1934.
b Advertising displayed on own plants,
displays and gross commissions earned on business sublet,
c Includes income from
contracts assigned to Outdoor
Advertising, Inc.,
of $6,104.
d Consolidated.
1936
*850,904
1,000,000
44,098
1937
i
a
1937
2,073.334
BrC
856,254
16,098,825
xProfit from operation..
Provis'n for deprec'n.--
def$41,802 def$975.286
1936
2,363,558
taxes & oth. liab.
15,288,653
in val. of market,
Consolidated Balance Sheet Dec. 31
unearned
Consolidated Income Account for Calendar Years
commercial
1937
for
308,000
172,553
Net profit
loss$41,802 loss$975,286
Res.
5,527,227
premiums
Res. for commls.,
General Steel Castings
40,000
$1,109,963
380,052
150,000
Net profit
Preferred dividends
$j
5,782,929
.
-V. 145, p. 3973.
10,691,467
$2,085,189
182,900
claim expenses.
627,566
as¬
...
1936
$
Res. for claims and
Capital stock
308,000
52,423
i
206,404
Co., Inc.—Earnings—
dl937
dl936
dl935
al934
$13,788,903 $12,218,655 $10,612,685c$10,978,122
Prov. for Fed. inc. tax.-
and
13,184,812
196,633
sets^
c
Real
13,253,448
609,127
reserve
on
1937
Premiums In course
23,498,676 24,034,4411
Total income
20,018,445 22,333,396
Represented by 227,450 nopar value.—V. 145, p. 3655.
y
Liabilities—
1,565,163
Mortgages
284,671
and mortgages
Prov. for retire. & amort.
of adv.
display plants.
$
666,467
and stocks.
Other admitted
Miscellaneous income
Total
of cost,
1936
$
Cash......
and goodwill
Balance
1,544,834
Corp.—Balance Sheet Dec. 31—
1937
Assets—
7,973,995
7,973,995
3,959,905
4,627,679
Dr379,234 Dr379,234
Real estate.......
Accrued interest..
Oper., selling, adm. and
general expenses, &c-
excess
Represented by shares of $1
z
General Reinsurance
9,077,500
mks., copyrights
Interest
Surplus
of collection
Calendar Years—
bSales
32,291
11,372,500
1,541,436
1,343,247
—
trade
Total
y
z
con¬
...i..
Other assets..
par
340,000
pref. Btk 9,077,500
Earned surplus
4,091
Prop'y & plant-17,496,303
tr.
?S
c
d Common
4,098
5,583,077
29,000
300,738
tate
purchases of raw
materials.
banks
advance, &c
12,677
Preferred stock. 11,372,500
Common stock._ 1,544,322
3,775,808
8,137,369
tracts....
on
estate
commitments for
Balances in closed
b
loss
for
real
460.843
2,000,000
_
adv.
mortgages, &c._ 5,089,653
Rents received in
7,123,016
payable
&C.,
194.641
454,458
against
8,789,000
28,103
2,991,130
630,000
250,000
217,974
6,782,000
12,084
secur
cos—..
Deposits
Liabilities—
Accounts
Res.
on
Real estate invest.
JDcc.26,'36
Assets—
91,697
Investm't in stocks
Comparative Balance Sheet
Dec.25,'37
and sundry
Notes payable
234,680
Real estate mtge.
loans
i..
less cost of goods, delivery, selling, advertising and administrative
expenses,
$
Accts. pay., accr'd
exp.
from rent'g agts.
Erovision at Federal incomesales, less returns and allowances, $43,235,159,
Arrived for
follows: Gross taxes thereon and for tax contingencies, <fcc.
1936
$
Liabilities—
1,181,679
divs.
currently------
Deps. with ins.cos.
Mtge. receivable..
191,818
1937
S
1,395,099
deducting
cessing taxes
Cash val.of life Ins.
196,809
loss$56,621 loss$308,049
1936
S
Cash.
1,588,697
Refunds of processing taxes applicable to prior years, after
Cash
10,097
*
Consolidated Balance Sheet Dec. 31
$4,627,679
out¬
standing (par $5)
Earnings per share
Accts.rec. (less res)
Inventories
155,386
$140,188 loss$116,231
and
miscell. expenses
97,900
loss$15,198 loss$126,329
sources
(net)
278,000
$3,959,905
stock
$81,579
212,310
$401,723
Inc.
635,479
Earned surplus at end
of year
1934
'
consolidated
151,831
Prov. for adj. of taxes—
1935
prop.,
int., deprec., &c_
Loss of unimproved prop
Profit of other co.'s not
and
Feb. 1,1935
Premium paid on red. of
debentures
a
$2,838,564
debs. red.
expenses on
com.
$2,993,075
54,103
$6,132,492
703,064
1,191.523
Miscell. credits
Shares
$3,191,393
180,035
23,409
operations
Net profit for year--- $1,504,813
Earned
surplus
begin¬
Total surplus
Preferred dividends
Common dividends
Unamort. discount
1936
$3,474,943
Gross income, real estate
340,000
ning of year
(
Consolidated Income Account for Calendar Years
com¬
on
been
has
$632,363
...
Common shs. outstanding (excl. treasury s«ock)—
Per share on common stock
no
re
rights
can
be exercised under fractional
warrants unless two or some multiple of two fractional warrants are sur¬
rendered after signature of the subscription form.
Neither the National
Trust Co. nor this company will buy or sell fractional warrants, it is pointed
out, the letter adding that possibly a purchase or sale could be arranged
through a broker.
Subscriptions must be received by the National Trust Co. not later than
the close of business on March 31, after which date all rights under the
Volume
warrants will
scribed
Financial
146
Shortly after that date the common shares so sub¬
definitive certificates to be
expire.
for will
allotted and issued, with
be
delivered after May 1.—V. 146, p. 913.
General Telephone Corp.
Corp.]
1936
$13,114,890 $11,962,328
^
_
2,386,296
2,271,343
3,733,408
1,100,479
2,112,729
—
./
undistributed profits
Federal income tax.......'.
3,301,558
919,975
228,547
Depreciation
339,930
3,260
115,642
-
Other Federal taxes
2,8bl
60,603
Profit before Fed. and State income taxes.
Federal and State income taxes
Federal undistributed profits tax
Net income
1936
1937
$93,515
39.567
Profit from operation before depreciation.
2,103,309
Depreciation
Other operating expenses
State, local and miscellaneous taxes
on
$1.
Income Account Years Ended 31
Maintenance
Federal surtax
par
This will not affect the actual net worth of the company.
[Excluding General Telephone Allied
operating revenues
to surrender their share certificates in order that the reduction of the
value may be noted thereon or new certificates issued therefor.
It is proposed to reduce the book value of good will from $1,177,895 to
(& Subs.)—Earnings—
Years Ended Dec. 31—
Total
1399
Chronicle
$107,295
36,951
$53,948
8,352
1,188
--
$70,344
7,467
7,120
•
$55,757
$44,409
32,548
_
Preferred stock dividends
......
Balance Sheet Dec. 31
$3,232,746
43,755
$3,164,532
52,969
Net operating income
Other income (net)
Assets—
x
1936
$987,624
453,690
$951,883
Accts. receivable
13,889
20.432
machinery,
_
1,311,575
1.357,787
o2>6(?5
qq'qko
Other interest
82,721
construction
020,990
436,886
19,006
45,349
10,413
_
Declared pref. stock divs. of
Undeclared pref. stock divs.
subsidiary cos...:—
of subsidiary cos
Minority interest in current earnings
023,461
Other fixed charges
*
445,798
44,204
45,794
220,539
$1,109,397
Income balance
Note—This statement is subject to the
men
Deferred charges..
Goodwill
$1,079,371
Jan. 1 to Feb. 14 —
14
1938
1938
1937
$18,375
$24,600
$156,078
$118,125
Gross
revenue
-
1,299,246
x
z
539,904
6,540,218
6,270,991
$477,136
$4,803,095
x
No
2,950,3o0
2,949,811
245,862
245,862
$2,176,415
was made in 1936 or 1937 for Federal surtax on un¬
as all taxable income was distributed.
No provision has
distributed profits
been made for such tax in 1938.—V.
$1,852,745
$231,273
$60,033
provision
reserve
for
1
146, p. 914.
amount to
arrears
x
Calendar Years—
Net income
y
Earnings
x
per
1937
1936
$2,782,485
$1.59
$1.00
After all deductions, including
State and Federal taxes,
145, P. 3973.
(& Subs.)
,
o0,137
90,929
4o0
76,241
on
570,391
64,841
500,308
42,263
429,015
$173,911
49,268
$141,254
45,004
$145,517
46,487
Federal income taxes
$223,179
45.015
53,309
20,658
$186,259
27,875
56,782
11,328
$192,005
19,402
60,839
13,672
$104,197
19,902
28,804
$90,274
20,516
45,477
$98,090
20,955
$55,491
$24,281
$77,135
ing expenses
Other deductions
Net profit from operations
Non-operating income
Non-operating
expenses
Bond interest
Consolidated Balance Sheet Dec. 31
1937
Cash
Notes receivable.
1,255
4,425
5,705
Federal taxes.....
371,005
476,628
157,570
18,877
9,791
Cr965
Cr237
$36,400
l0ss$44,895
Preliminary, subject to annual audit and such sundry book adjustments,
if any, as may be necessary incident to closing for fiscal year ended Dec. 31,
1937. '
Note—The relatively large provision for retirements during the current
Accrued
1st
Acer, items receiv.
construction..
Balance of income
Accounts payable.
Notes pay. to bks.
.
Accounts receiv.
$224,560
157,570
21,036
9,791
Amortizstion of debt discount and expense.
Interest charged to
622
Postage, &c__
Liabilities—
Cash surr. value of
—..
....
$75,634
792
........
1936
$70,860
Assets—
4,833
first mortgage bonds
unfunded debt
1935
$574,533
$140,379
income
on
1936
$683,826
$223,305
income
Interest
-Earnings-
1937
Administrative, selling, and advertis¬
x
Interest
$1.93
On 1,750,487
1937
$53,581
1930
$88,231
200,000
_
$135,546
Operating income.,
Gross
y
$809,143
Surplus.
73,973
182,607
518
88,458
_
Federal income taxes
Other
$3,375,537
$1,757,290
$0.67
Calendar Years—
Gross profit from sales
$920,381
479,319
$1,086,321
605,219
...
Provision for retirements....
Other taxes
1075.
1934
1935
$1,175,589
share
p.
shares capital stock outstanding.—V.
xl937
operating revenues
Operating expenses
47%.—V. 146,
(& Subs.)—Earnings—
Georgia Power & Light Co.—Earnings—
Years Ended Dec. 31—
Total
Maintenance
....$2,926,578 $2,875,285
Total
depreciation of $1,620,047 in 1937 and $1,636,158 in
After reserve for bad debts of $2,304 in 1937 and $2,319 in 1936.
Represented by shares of $50 par.
y
$5,126,227
pref. stock
on
Balance....
After
Note—Preferred dividends in
$1,017,040 $11,343,313 $11,397,218
555,771
Net income
Divs.
1,790,000
2,700,000
$305,896
Int. & other fixed chgs_.
154,074
Preferred dividends.
Common dividends.
200,000
$861,667
Gross income
l3-£48,074
14.997.701
1,218,929
230,000
Oper. exps. & taxes—
Prov. for retire, reserve.
x
13,039
def53,347
4,293
Globe-Wernicke Co.
1938—Month—1937
1938—12
$2,390,914
$2,435,969 $29,041,014 $26,835,292
Period End. Jan. 31—
8,787
154,105
6,480
Capital surplus
Earned surplus
1,177,895
Total.........$2,926,578 $2,875,285
1936.
Georgia Power Co.—Earnings—
r
14,824
1,177,895
Glen Alden Coal Co.
—Week Ended Feb.
Period—
375
274,898
audit of independent auditors not
Georgia & Florida RR.—Earnings—
Operating revenues
—V. 146, p. 1242.
475
276,665
Common stock..
Res. for Fed. taxes
1.005
1,514
Inventories
1075.
yet completed.—V. 146, p.
& employees
Accrd. rents receiv.
$1,299,910
220,539
preferred dividends
444,503
Advances to sales¬
Preferred
z
12,198
$1,329,936
Net income
General Telephone Corp.
y
stock.$1,627,400 $1,627,400
1,103,458
1,103,418
Accts, payable...
16,352
13,802
Accrued taxes
7,225
7,565
Accrued chgs. pay.
6,745
5,360
z
Cash
88,853
Amortization of debt discount and expense...
Interest during
$3,276,501
$3,217,501
Net earnings
on funded debt
Interest
1936
1937
Liabilities—
1937
&c..
Real est., bldgs.,
20,658
6%
77,560
76,216
80,020
1,749
c61,744
2,625
Preferred stock._.
979,515
1,039,302
b Common stock..
Notes rec., other.
Investments
1,872
731
6
6
1,422,604
40.427
27,161
Paid-in surplus
760,445
Earned surplus
157,366
108,338
34,435
Deferred
34,365
1,032,000
46,618
713,434
423
Sinking fund..
40,363
1,019,200
49,812
ments
1,443,837
420
64,934
938,400
Sink, fund require¬
life insurance...
Invests, (current).
Inventories.
11,328
59,652
916,200
expenses.
mtge.
18,596
y
z
Plant and equip.
Patents
charges.
x
year was necessary
in connection with the write-off
of certain abandoned
property.
The 1936 period includes operations of Folkston
formerly a wholly-owned subsidiary, which was merged Dec.
V. 145, p. 2847.
Power Co.,
31, 1936.—
Giant Portland Cement
Co.—Plan of Recapitalization—
of recapitalization will be
submitted to stockholders for approval
A plan
on
Feb. 28.
•
proposed to increase and reclassify the
capital of the company as follows:
Under the plan it is
Present Authorized
authorized
requirements for the year 1937.
They have been shown as current assets
due to the fact that the sinking fund requirements have been shown as
current liabilities.—V. 146, p. 1242.
Net
preferred stock.
7,108,018
$948,555
39,305
$944,739
43,157
$820,729
327,870
99,748
$909,249
357,031
112,296
$901,582
347,708
141,733
*
$393,112
$439,923
purchased for retirem't
Cr906
Cr490
preferred stock, and 22,069 shares will represent
Amort, of disct. & exp__
Dr22,059
preferred stock amounted to $23.50
convertible prior preferred stock, and
exchange will thereby relinquish
dividends on the preferred stock
exchanged.
Holders of present preferred stock who do not exchange
their stock, will retain their present priority over the holders of common
stock, but will be subordinated both as to dividends and rights in liquidation
to the holders of the $1.75 cumulative convertible prior preferred stock.
The right of exchange will remain open for a reasonable period after the
plan has been declared effective, but the Board may withdraw the right
for two shares of $1.75 cumulative
on
profit..
its
discretion.
The holders of
preferred stock who do not exchange their stock for $1.75
preferred stock under the plan will retain their
present priority over the holders of the common stock, but will be sub¬
ordinated, both as to dividends and to rights in liquidation, to the rights
of the holders of the $1.75 cumulative convertible prior preferred stock.
The amount of preferred stock authorized under the plan is equai to the
amount now outstanding, and such shares as are presented for exchange
Preferred
dividends
Surplus.
Shs. com. stk. (no par).
Earnings per share
$423,809 loss$274,745
190,428
$106,407
395,108
$423,809 def$465,173
395,104
$0.40
share, plus accumulated dividends.
Under the plan, the par value of the common stock
$50 per share to $5 per share.
Holders of common
will be reduced from
stock will be asked
$0.54
395,112
$0.59
395,116
Nil
Consolidated Balance Sheet Dec. 31
1937
Assets—
Cash
830,013
Acc'ts receivable..
970,066
1,024,560
933,865
Inventories
824,123
350,666
235,263
714,942
370,635
269,590
Other assets—
Deferred charges..
Liabilities—
1936
Property acc't.. $4,218,292 $4,334,864
1
1
Pats. & goodwill..
8,500
20,625
Marketable secure.
a
1937
payroll, &c
Income tax (est.).
Dividends payable
Contingent
reserve
149,315
20,800
47,607
29,589
d
Total
$7,436,924 $7,669,082
1936
Preferred stock...$2,720,400 $2,720,400
b Common stock.. 1,124,707
1,124,707
Gold debentures.. 1,931,000
2,087,000
Accounts payable.
51,454
75,679
Accrued
Interest,
Surplus
c
be
of $50 per
34~30f
16,205
$405,651
299,244
$79,119
Net profit
20,800
$351,159
272,040
Prov. for inc. taxes, est.
$1.75 cumulative convertible prior preferred stock will be canceled and
not reissued.
Accumulated dividends on preferred stock not exchanged
payable in fuil, as well as current dividends thereon, before any
dividends are paid on the common stock.
Preferred stock is callable at
$52.50 per share, plus accumulated dividends, which on Dec. 31, 1937,
amounted to $23.50 per share.
In liquidation, the holders of this stock
are entitled to receive out of the assets available for distribution the sum
Cr30,263
Crl4,835
Crl0,049
Adjustment of reserves.
for
will
Cr34,320
Cril~650
Profit on sale of securities
all accumulated unpaid
cumulative convertible prior
$412,141 loss$329,891
debentures
holders who voluntarily make such
their claims to
$138,982
303,828
165,045
Drl8,556
Discount
per share on Dec. 31,1937, or a total $764,878.
Holders of present preferred
stock will be offered the opportunity to exchange each share of their stock
at
8,267,476
$923,989
103,260
Profit after oper. chgs.
Net operating
Accumulated dividends on the present
the
8,249,555
&c
Interest
and not reissued.
the present outstanding common stock.
Total proposed authorized capital, $4,377,400.
1934
$8,052,757
Cost of sales, advertising,
Depreciation
250,000 shares of common stock (par $5), of which 130,192 shares will be
reserved for conversion by the holders of $1.75 cumulative con¬
1935
$9,216,031
Sundry deduct, (net)
32,548 shares of pref. stock (par $50), of which any shares exchanged for
$1.75 cumulative convertible prior preferred stock will be canceled
1936
1937
,173,544
sales
selling,
Proposed Authorized Capital
vertible prior
Inc. (& Subs.)—Earnings—
Gotham Silk Hosiery Co.,
Calendar Years—
of which 32,548 shares are
of which 22,069 shares are
$3,077,276 $3,237,647
$49 in 1936.
b Represented by 49,811 4-5 no par shares in 1937 and
46,617 4-5 in 1936.
c The
investments current of $80,020, represent
$48,500 par value 6% 1st mtge. bonds and 348 shares of 2% pref. stock of
Globe-Wernicke Co. purchased during the years 1936 and 1937.
These
investments are to be used in connection with the sinking fund and 1937
75,000 shares of $1.75 cumulative convertible prior preferred (par $20),
of which 65,096 shares will be set aside to be used for exchange
for present
Total
x After reserve for doubtful accounts of $47,329 in 1937 and $51,239 in
1936.
y After reserve for depreciation of $213,873 in 1937 and $142,731
in 1936.
z After deducting reserve for amortization of $82 in
1937 and
Capital
40,000 shares of preferred stock (par $50),
outstanding.
40,000 shares of common stock (par $50)
outstanding.
Total authorized, $4,000,000.
...$3,077,276 $3,237,6471
Total
Treasury stock..Drl36,945
Total
1.498,997
177,396
16,205
74,811
109,907
1,419,911
Drl36,935
$7,436,924 $7,669,082
of $4,644;012 in 1937 and $4,370,100 in 1936.
(no par) shares (including treasury stock),
c Represented by 54,778 shares
(54,774 in 193o) of common stock,
d In¬
cludes accumulated earnings less dividends, &c., of $1,292,020 ($1,292,020
in 1936), and surplus remaining from reacquisition of own shares at dis¬
count of $127,858 ($127,892 in 1936).—V. 145, p. 2075.
a
b
After
depreciation
Represented by 449,882
C.)
(H.
Capital
Co.
Godman
1938
share of the remaining assets at the rate of $3.30 per share."
your
Directors—
26,
liquidation is enclosed, covering
—V.
"A check representing final payment in
Voted—New
Reduction
Feb.
Chronicle
Financial
1400
144, p. 3674.
on Feb. 17 approved proposal for reorganization of capital
While no change will be made in the present 6%
cumulative first preferred stock, the second preferred will be exchanged on
the basis of six shares of new convertible preferred and one share common
for each old share.
Present no par common stock will be exchanged share
r'Stockholders
for share for new common $1 par
►^Directorate
1935
1936
1937
Calendar Years—
1 934
$17,312.9991
Net sales.........
Cost of sales, sell. & gen.
stock.
exp.
& min. int.
profits of a subsid
increased by two with election of W. H. Hoagland and
was
(& Subs.)—Earns.
Harbison-Walker Refractories Co.
structure downward.
Not available
in
12,613,660
J. L. Schmidt. Other directors and officers were reelected.—V. 143, P. 4000.
National FUms,
Grand
to
Other Income
reorganize the company and its subsidiary,
Act.
Interest
Prov.
unable to pay nominal
financing had stopped production of
The motion set forth that the debtor concerns were
claims of J 1,000 and
lack of proper
,
1936
1937
1934
1935
234.250
$414,974
289,105
$2,097,998
190,173
$925,451
182.459
$1,344,960
$704,079
$2,288,172
19,807
4,602
71,983
z77>655
94.980
325,000
120",000
$1,148,153
828,180
$622,476
y963,647
$1,796,208
y822,852
y546,070
$319,973 def$341,171
$973,356
701,608
651,017
$3,462,483
180,000
3,057,487
$1,805,669
180,000
1,358,883
$1,247,461
y270,000
849,552
$233,829
7,858,144
$224,996
7,605,280
$266,786
7,338,494
$127,909
7,633,216
Balance*, surplus.
Previous surplus...
Amount written off in
50,151
zl77*,006
and
of sale
715,352
$3,131,595
Pref. dividends (6%)...
180,000
Common dividends..
2,717,766
Net income.
$1,107,910
$391,690
$1,110,709
operating profit..
Other income
Loss
243,819
707,614
...
,
•Earnings-
Co
Great Lakes Dredge & Dock
Calendar Years—
Net
673,319
Fed. and State taxes paid
for prior years.
Deprec., deplet., &c—
Benny F. Zeidman and Pacific
Inc.
■
;
Edward Alperson, President, has denied that the company is insolvent
and said
that the bankruptcy
petition will be opposed.
The action,
he said, grew out of a dispute with Mr. Zeidman, who is a former producer
for the studio, over his contract.—V. 145, p. 1099.
.
dation of sub.
Dividends
$937,760
197,006
not
co.
Dr422,631
wholly owned
adjust, of deplet.
charges of subs, prior
to 1936
Net
One-half
plant costs written off
re¬
spect of prop, aband'd
Adf. arising from consoli¬
aban¬
donment of equipment
of unallocated
C'r27,868
Profit & loss surplus..
Shares of common stock
$7,894,968
$7,858,144
$7,605,280
$7,338,494
outstanding (no par).
Earned per share..:
1,358,883
1,358,883
1,358.883
1.358,883
$2.17
$2.41
$1.20
$0.79
__
Surplus
Shs. of capital stock out¬
standing (no par)
Earns. per sh. on cap. stk
552,120
552,120
$3.25
$1.12
$1.70
—x"ftet profit after depreciation of physical properties .$618,416 in 1937;
$630,217 in 1935; $810,804 in 1935 and $597,606 in 1934,
y Divs. paid less
dividends received on investment in company's
own
common stock,
z There is no liability in respect of Federal surtax on undistributed profits.
Balance Sheet Dec. 31
Liabilities—
$
$
Plant,
tools,
y
Ac. 8,029,211
8,280,238
94,342
equipment,
788,154
4,718,212
U. 8. Securities—
t
$
Capital stock and
surplus........14,510,349
3,484,486
Investments
1936
1937
1936
1937
Assets—
x
x
After deducting Federal taxes and proportion
of net income of sub. co.
interest therein,
y Includes
not
552,120
Accounts
payable,
&c....
566,578
12,338
......
8,000
Accts. receivable..
1,473,355
1937
3
Work
In
...
Inventories
Reserves
8,454.917
.7,935.817
Accts.
1,293,929
45,000
1,571,523
4,066.270
Accts. receivable..
Cash
1,216,807
22,557
_
3,415,425
2,568.011
1,847,779
2,094
4,030
Dep. Inclosed bks.
Other assets..
res're
656.237
Minority
of
234,309
3.469
State
..55,609,626 55,338,2221
66,643
59,197
Haverhill Gas
Deposit in respect
of
Unetn-
Operating
Operation
Total
x
15.322,432 14,883,430
-
After
y
Total.
........
15.322,432
14,883,430
1938—12 Mos.—1937
2,468
a7.407
$570,142
370,895
29,652
a87,377
$563,173
353,761
23,252
83,021
$5,540
$6,008
$82,216
$103,137
2
53
65
$5,540
2,916
$6,011
$82,270
35,000
$103,203
35,000
$2,623
$3,094
234
213
$47,270
2,188
$68,203
2,959
$2,389
Taxes
Net oper. revenues
Co.—Notes—
The company, a subsidiary of United Public Utilities Corp., a
registered
holding company, has filed with the Securities and Exchange Commission
an application (File No. 32-80) under the Holding Company Act for exemp¬
tion from the requirement of filing a declaration covering the issuance of
three promissory notes.
The notes are in the amount of $354,332, $146,000, and $57,209, each
bearing 6% interest and being
payable on or before Jan. 1, 1945. The first
to be issued in substitution for certain demand promissory
outstanding, and the third will be used to reimburse applicant for
certain capit il expenditures.
Opportunity for hearing in this matter will be given March 10.—V. 131,
p. 4216.
two notes are
notes
Balance
Retire,
of this department.—V. 144,
p.
Interest
Net
$2,881
$45,082
49,140
$65,243
58,968
termined until the end of the year.—V. 146, p.
Calendar
1936
1935
1934
$2,612,261
2,223,519
$2,298,634
1,859,725
177,251
277,754
138.024
278,180
167,544*
282.941
183.265
282.237
Profit on sales.
Other income....
$337,411
41.186
$78,994
43,067
loss$61.744
53.021
loss$26.594
43,399
Total income
$378,598
$122,061
def$8,723
$16,805
65,387
78,170
87,259
99.855
15,022
14,212
16,486
18,549
14,013
8,943
61,818
39.192
admin.
&
general
expenses
Deprec. & amortization.
Int. accrued
note
on
bonds &
(pay. from avail,
funds
in
accord,
reorgnizat.
with
indenture
dated Jan. 18, 1934)..
Amortiz. of bond disct.
and expenses..
Loss
on
cap. assets and
timber sales
Exp. incurred in
Other
charges
Hamilton-Brown Shoe Co.—New President &c.—
Edwards of St.
Louis, a broker, was on Feb. 15 elected
President of the company, succeeding Luke E. Hart, an
attorney, who has
been President and counsel since October, 1934.
Edward H. Miller, an attorney, was elected Secretary and counsel at
the first meeting of the new board of directors.
A. C. Brown Jr. was
named Vice-President, succeeding W. H. Matoushek.—V. 146, p. 1076.
Hamilton Cotton Co., Ltd.—Accumulated Dividend—
a
dividend
of $1
per share on
account of
accumulations
on the $2 cum. conv. s. f. preference stock,
par $30, payable
April 1 to holders of record March 15.
The dividend will be paid on
Canadian funds and is subject, in the case of non-residents, to a 5% tax.
Dividends of 50 cents per share were
paid in each of the 12 preceding quar¬
ters, the April 2, 1935, dividend being the first to be paid on this issue
34 874
reorg..
55,814
_
$145,432
Assets—
1937
Marketable securs.
41,410
Accts. & notesrec.
425.468
519,915
24,922
552,113
on
cutting
Dep. with trustee.
Cash in bank
326.083
3,300
268,656
Accumulations after the current dividend will amount to $6 per share.
—V. 145, p. 3819.
Capital assets.
5,674,904
5.800,828
Calendar Years—
1937
Net profit
z$3,048,462
Earnings per share....
$2.36
1936
1935
1934
$2,834,336
$2.14
$1,903,452
$1,726,647
$0.83
$1.09
After
depreciation and depletion and Federal income tax.
y On
1,016,961 shares common stock (no par),
z After surtax on undistributed
profits.—V. 146, p. 598.
x
Hannibal Bridge Co .—Final
Payment in Liquidation—
Harold T. White, President, in a letter to the stockholders Feb. 19 stated:
"Referring to our letter of May 18, 1937, we wish to advise the stock¬
holders that all details relating to the dissolution of the company have now
been completed.
3,943
Mill site A deprec.
value of Milwau¬
$114,631
1936
$72,607
missions A other
and
Reserve
for
94.633
62,247
83,300
82,825
83.000
31,925
county
taxes accrued
empl.
10,113
10,113
Bonds & note pay.
1,941,000
2,245,260
Stated capital
Initial surplus
4,116,091
1,415,493
4,116,091
1,415,493
579,626
752,636
hospital fund
y
Operating deficit..
kee
(M. A.) Hanna Co. (& Subs.)—Earnings—
y
State
Prov.for Fed .taxes
231
non-current
since the regular quarterly dividend of 50 cents per share was distributed
on Oct. 1, 1931.
x
1937
liabilities......
Inventories..
Notes & accts. rec.,
x
31
Liabilities—
Accounts payable.
Acer, wages, com¬
timber
contract
57,402
loss$35.247 loss$227,493 loss$233,068
1936
$3,729
31,766
305,841
$190,797
53,206
2.025
Sheet Dec.
Balance
Advs.
"53,958
"82,930
Prov. for income taxes.
Cash
The directors have declared
-Earnings$2,875,996
2.380,797
3656.
Presley W.
Years—
754.
1937
$3,783,192
2,990,775
a
Sept. 30 last and in each of the four preceding quarters, and dividends of
$100 per share previously dist(ibuted each three months.
In addition, an
extra dividend of $100 was paid on Sept. 29, 1934; an extra of $200 paid on
Dec. 31, 1932, and an extra of $150 per share was paid on Sept. 30, 1932.
p.
income
No provision has been made for the Federal surtax on undistributed
net income for the year 1938, since any liability for such tax cannot be de¬
dividend of $50 per share on the capital
stock, no par value, payable March 31 to holders of record March 10.
This
Compares with $100 paid on Jan. 3, last; dividends of $50 per share paid on
145,
charges.
2,916
a
Sell.,
Group No. One Oil Corp.—Smaller Dividend—
•
accruals.
Dividends declared.....
4180.
Greyhound Corp.—Would Buy Bus Line—
V
reserve
Hawley Pulp & Paper Co.
The corporation has asked the Interstate Commerce Commission for
authority to purchase for $200,000 the properties of Old Colony Coach
Lines, Inc., whose operations cover virtually all of New England.
The Greyhound proposes to pay $25,000 in cash and the balance in
negotiable 3% promissory notes maturing within two years after issuance.
—V. 146, p. 598.
have declared
....
Gross income..
Corp.—Registration Withdrawn—
See list given on first page
The directors
Including 21,117
$47,624
32,187
2,465
6,963
$52,334
36,918
....
Non-oper. income (net).
Greenville Electric Light & Power
Greta Oil
y
for depreciation of $7,978,102 in
1937 and $7,668,270 in
Represented by 552,120 shares of no par value,—V. 146, p. 754.
reserve
7,858,144
55,609,626 55,338,222
Total
1938—Month—1937
revenues
Maintenance..
1936.
9.277,941
Light Co.-—Earnings-
Period End. Jan. 31—
ploy. Insur. Res.
Deferred assets
498,294
4,451,503
subsidiary...
73,047
5,360
receivables.....
491,368
Conting. sec. res.. 4,451,503
Capital surplus... 9,277,941
Earned surplus
7,894.968
4,105.684
x Represented by 1,380,000 shares of no par value,
company's common shares at cost.—V. 146, p. 914.
273,681
67,876
:..
45,000
In
Int.
stk. A sur.
cap.
897.855
Invest, securities 4,096,000
Total..
other
A
y
payable
Div. payable
28,002
3,071,637
__
49,850
process..
Inventories
Advances
Insurance
$
Liabilities—
6% pref. stock.... 3,000.000
3.000,000
x Common stock..20,700.000
20,700.000
984
Accrued interest..
Cash......
1936
S
1936
§
Property acct
41,921,717 41,898,551
Deferred charges..
556.304
572,884
1,215,146
Note receivable—
Consolidated Balance Sheet Dec. 31
1937
A. s sat V"-"*
3,469
State unernploym't
Deposits on bids..
151,193
5,360
Prov, for taxes...
685.672
539,761
240,145
—.....
18,610
563,681
wholly owned according to minority
$90,000 deferred from 1933.
Note—No provision has been made for surtax on undistributed profits
in 1937 or 1936.
Notes receivable.
14,189,007
49,427
8.390
309
—
and
Fed.
est.
State income taxes—
motion pictures.
The creditors are Howard A. Anderson,
Title A Art Studio,
for
x$2,515,666 x$l,947,905
$4,756,347 *$4,178,143
Net earnings
on bank loans..
Grand National Studios, Inc.,
under the Federal Bankruptcy
x
$4,699,339
57.008J
Operating profit.
Inc.—Reorganization Asked—
petitioned in the Federal Court at Los Angeles, Calif,,
Throe creditors
cutting-up
plant destroyed
by fire Aug. 13,
1933....
Deferred charges to
operations.
Total
191.839
96.116
100,700
$7,278,637 $7,283.9271
Total
.$7,278,637 $7,283,927
x
Representing balance of "available funds" to be expended, at the
direction of the board of directors, under the provisions of the reorganiza¬
tion indenture, for purchase and retirement of bonds and (or) for capital
plant expenditures,
y Represented by 20,000 shares, no par value, first
preferred $7 per share (cum. divs. accrued to Jan. 1, 1934, amounted to
$420,000.
Dividends for succeeding five years have been waived); 8,000
Financial
146
Volume
shares, no par value, second preferred
and 200,000 shares par value $1 each
$6 per share, cum. after Jan.
common.—V. 145, p. 2548.
Chronicle
1,1939,
Harvard Brewing Co.— To Vote on Capital Increase—
meeting to be held on March 8, stockholders will act on
recommendation of directors that the authorized capital stock of the
corporation be made 650,000 shares of $1 par common and 1,000 shares of
$100 par 5% cumul. conv. pref. stock.
At present the authorized^capital
stock consists of 550,000 shares of $1 par common, of which 540,89/ shares
outstanding.
are
The purpose
v,.
...
•
of the proposed increase is to enable the company to obtain
capital in the amount of $100,000.—V. 144, p. 4346.
additional working
In the second week of February,
Properties—To Use Mtge. Moratorium
which has failed to deposit the monthly
6s for the past three months early in
issue that it is taking advantage of
New York mortgage moratorium.
As a result, foreclosure is prohibited
so long as taxes and interest on the issue are paid.
Outstanding now in the amount of $4,992,500, the securities are un¬
conditionally guaranteed as to principal and interest by endorsement by
William Randolph Hearst.
The next principal maturity is June 1, this
Hearst-Brisbane Properties,
when $295,500 of the bonds come due.
,
,
.
.
The bonds are secured by a first mortgage on four parcels of land located
in New York City and the buildings erected thereon, which include a
story apartment building, an 18-story office and store building, a
building, a 20-story store and office building and two other properties.
year,
36theatre
Dividend
Hercules Powder Co., Inc.—Declares 'Mi-Cent
Feb. 23 declared a dividend of 40 cents per share on the
common stock payable March 25 to holders of record March 14. A year-end
dividend of 75 cents per share was paid on Dec. 21, last, on the larger
amount of stock now outstanding.
See Y. 145, p. 3499 for detailed record
of previous dividend payments.—V. 146, p. 915.
Hudson
of
ments
model
abroad
season,
export
of January.
Mr. Tracy said that ship¬
continuing the satisfactory increases
are
In the first three months of the
greater than in the
during the past few years.
made steadily
1938
cars
States,
each week from Jan. 15
United States retail sales were
50% greater than for the corresponding week
Regarding the company's export business,
shipments were 61.8%
corresponding period of the 1937 season. He expects an even further gain
as a result of the introduction of the new Hudson 112, which offers the low
price and low cost of operation so eagerly sought abroad.
shipments In the last quarter of 1937, he said, were the
final quarter since 1928.—V. 146, p. 442.
Bay Mining & Smelting Co.,
Hudson
Hcarst-Briabane
The
principal instalments on the first serial
February notified the trustee for the
said, have shown a substantial increase
Mr. Tracy
1401
Hudson's retail sales in the United
retail sales and export business.
to date.
At their annual
■
Hudson's export
highest for any
Ltd.—Listing of
Capital Stock—
Stock Exchange has authorized
The New York
shares of capital
the listing of 2,757,973
stock (no par).
Consolidated Earnings tor 10
Months Ended Oct. 31, 1937
$14,485,333
Revenue
1,289,850
3,570,566
922,953
Freight, refining and all other sales and delivery expenses
Operating costs
Prepaid preparatory mining expense charged to operations
General and executive salaries and expenses
161,182
891.803
Depreciation
1,223,827
Estimated Dominion and Provincial income taxes
Estimated
—V. 145, p.
profit (before depletion) for 10 mos.
3198.
end Oct. 31,'37 $6,425,092
Directors on
per share on the
of record Feb. 26.
8, June 6 and on
have declared a dividend of 25 cents
stock, par $5, payable March 9 to holders
Dividends of like amount were paid on Dec. 6, Sept.
Feb. 27, 1937.—V. 145, p. 2549.
;
directors
the common
1934
$351,812
323,990
$296,670
352,234
$330,079
331,166
$317,079
418,741
operating deficit_prof$27,822
17,172
Net
$55,564
$1,087
25,711
$101,662
28,047
$23,295 prof$24,624
$73,615
32,269
Other income
Loss from
operations.prof$44,994
333
415
8,286
11,992
2,259
""x550
182,775
50,940
29,924
23,744
182,723
58,358
184,590
64,347
15,475
184,594
71,706
22,950
$288,301
$242,462
$250,675
adjustment for prior year.- -V. 144, p. 2483.
$353,416
Misc. deduc'ns from inc.
Hinde & Dauch Paper Co.—To Change Meeting Date—
Stockholders at their annual meeting on March 2 will consider changing
the Code of Regulations of the company so that the annual meeting shall be
held on the second Wednesday in April instead of the first Wednesday in
RR. & Coal Co.
1935
1936
1937
Operating revenue
Operating expenses
Corp.—2b-Cent Dividend—
Hewitt Rubber
The
Huntington & Broad Top Mountain
Calendar Years—
Taxes.
—
Interest on
debt, &c
Depreciation
Retirement ry. &
equip.
Invests .written down, &c
11,600
March.—V. 145, p. 2848.
Net deficit.
Detroit—Earnings—
Hoskins Mfg. Co.,
x
1935
Calendar Years—
Manufacturing profit—
1937
$1,026,106
1936
$922,404
Sell., adm. & gen. exps_«
263,8l0
240,844
240,o98
$681,560
Cr31.999
42,941
Cr31,003
43,143
95,270
1934 ___
$591,786
$507,916
66,064
$762,266
Cr23,730
44.231
106,700
Operating profit
bonds, Ac
Depreciation
..—-___
Prov. for Federal tax—
Interest on
—
$748,514
310.289
026,250
43,843
37,814
$429,712
300,725
69,634
$254,882
500,306
91,889
$1,232,407
624,000
$1,167,543
569,775
$800,071
299,150
$517,272
Total surplus
paid
425
615
charges
129,196
209.300
7,246
X120.000
$4.79
$1.32
$300,725
$500,306
xl20.050
$3.57
$597,343
y480,000
Earnings per share
xl20.050
$2.12
yPar $2.50.
xNo. par.
Balance Sheet Dec. 31
$147,322
U. S. Govt, secs..
$205,699
107,877
1,322
283,323
675,731
Otber bds. A stks-
268,734
Accrued
Int. rec._
10,934
473,156
8,460
Claims
In
y
Notes. Ac., rec._
Sundry acc'ts rec.
Inventories..---.
Land,
145,875
2,787
209,140
628,686
Accounts
payable-
Accrued expensesProv.
for
213,956
Federal
95,270
106,727
1,200,000
547,057
taxes
Capital stock
x
1936
$44,944
Surplus....---,.-
1,200,000
597,343
closed
10,765
13,266
519,989
495,901
banks
z
1937
$18,826
236,315
Liabilities—
1936
1937
Assets—
Cash
buildings,
machinery, Ac._
1
1
24,550
26,919
Pat'ts A goodwill.
Deferred charges.
.
$2,108,926 $2,151,513
Total
$2,108,926 $2,151,513
Total...
Represented by 480,000 shares capital stock, par $2.50, in 1937 and
120.000
no-par
shares in 1936.
y After reserves of $3,500.
z After
reserve
for depreciation of $335,207 in 1937 and $339,513 in 1936.—
V. 145, p. 3657.
x
Co. of Texas—Earnings—
Houston Oil
[Including Houston Pipe Line
1937
Calendar Years—
$8,099,867
Gross earnings
1,617,750
purch.
Decrease in crude oil and
Crl32,098
refinery invent's (net)
Crude oil and gas
1.500,965
Producing & oper. exps.
Taxes other
than ted.
420,556
629.753
20,255
income taxes..
Adminis. & gen. expense
Uncollectible accts
1936
$6,274,544
Co.]
1935
1,347,262
1934
$6,456,977
$5,775,279
818,596
1,119,867
Crl5,756
1,379,406
48,017
1,482.910
Crl06,401
1,453,059
293.106
305,265
450,625
322,466
457,612
459,010
1,283,940
1,250,483
1,175.359
1,600,089
$2,758,746
$1,550,060
95,489
$1,683,768
$1,967,854
xl .279,907
1,183,327
1,130,214
1,197,963
$1,574,327
$500,441
$837,639
Includes $62,300 for surtax on
174.124
1937
x
$
Southwed'n Settlem't
& Develop. Co. 6,110,628
Oil on hand
Mat'l and supplies
Advances
Accts
...
receivable..
Notes receivable.-
6,464
347,072
785,047
238,596
695,955
3,214
7,310
1,409,593
charges-.
257,054
Employees' funds.
Cash
Deferred
Total
x
$
from
Sinking fund cash-
The number
Subway Division Operations
Jan. 31—
operating revenueOperating expenses.—
Period End.
Gross
188,696
operation $1,068,861
deductions.
218,707
$1,386,563
$7,281,208
218,707
1,530,953
1,530,953
$850,153
$1,167,855
$5,750,255
$7,799,441
6,096,417
Preferred stock
Common stock
$
8,947,600
8,947,600
27,465,450 27,465,450
8,098,000
7,505,500
Notes payable
6,356
Accounts payable-
214,974
438,309
Acer, taxes & Int.-
228,530
596,319
Income from
Used for
25,000
547,284
267,176
18,952
City
52,857
148,618
$1,157,402
$5,697,397
$7,650,823
$831,201
$1,157,402
876,555
$5,697,397
5,919,240
$7,650,823
6,102,260
nnder
No. 3
from oper.
823,998
Fixed charges
Net inc. from oper
Non-operating income..
$7,202
778
$7,980
Balance
$280,846
775
def$221,842 $1,548,562
6,428
13,348
$281,622 def$215,414
$1,561,910
Manhattan Division Operations
Period End. Jan. 31—
217,000
6,793,576
53,596
6,076,939
1938—Month—1937
$858,550
$901,799
1938—7 Mos.—1937
960,699
866,958
$6,337,111
6,539,076
$6,578,890
5,977,408
$34,841
def$201,964
$601,481
$5,166
$4,946
3,808
3,479
6,457
$35,365
27,407
25,562
45,449
$34,671
3,996
4,203
6,385
$19,751
$18,691
$133,784
$131,815
$16,149 def$335,749
$469,666
Gross oper. revenue
Operating expenses
4,658
5,769
2,112,375
347,606
Total..
51,768,586 51,369,229
depreciation and depletion.—V, 145, p.
3657.
Feb.
United States and abroad
in the lowest price field,
substantial increases in recent weeks in both United States
10,452
$831,201
Net oper. revenue
def$102,149
Rental of jointly oper¬
ated lines:
Income tax
Surplus
18 stated that wide public acceptance both in the
of the new Hudson 112, the company's entrant
had resulted in
$9,330,394
purch. of assets
446,014
281,630
Reserve for Federal
$8,584,993 $10,445,722
1,303,784
1,115,327
$1,575,259
206,594
-
Gross inc.
1936
1938—Month—1937
1938—7 Mos.—1937
$3,665,971 $3,732,030 $24,401,106 $25,159,897
2,390,516
2,156,770 15,816,113 14,714,174
$1,275,455
Net oper; revenue
Taxes
Payable to
$
the entire system in January was
1,756,957, or approximately 2.07%, as compared
of passengers carried on
83,177,069, a decrease of
1937.
Balance—city & co—
1937
during the month of January carried
with January,
Queensboro line——
Lexington Avenue line
Rd. line.
Other rent items
White Plains
Hudson Motor Car Co.—Operations—
Vice-President in charge of sales for the company, on
W. R. Tracy,
receiver, in his monthly report, states:
occurrence.
of enterprise
Co.]
Liabilities—
Funded debt
.51,768,586 51.369,229
After reserve for
Thomas E. Murray Jr.,
67,159,795 passengers, a decrease of 1,071,882, or approximately 1.57%,
as compared with January,
1937.
All lines on the division reported less
traffic than during the corresponding month of last year.
The observance
of New Year's Day on Saturday instead of Friday reduced the loss by ap¬
proximately 2%, as compared with January, 1937.
The rate of traffic
flow during the month was therefore lower by approximately 3.5%.
The
subway division gained some additional traffic during the month by the
abandonment of service on the New York, Westchester & Boston Ry.
The connections with the interurban road were at East 180th St. on the
White Plains Road line, and at East 133d St. on the Thl rd Avenue Elevated
line.
The loss atributable to the discontinuance of interurban service to
these two points amounted to approximately 150,000 passengers during
the month.
Of this total, 50,000 were lost at East 180th St. and 100,000
at East 133d St.
The stations near the northern end of the White Plains
Road line gained about 100,000, or 50,000 more than the loss at the subway
division East 180th St. station.
The subway division probably recovered
the greater part of the balance of the loss at Grand Central Station.
The
Manhattan division lost probably the entire southbound traffic it received
at East 133d St. from the interurban line but on the return trip it is likely
that the elevated road recovered about half the northbound loss by carrying
passengers to the joint tracks on the White Plains Road.
The net result
to the system
was probably negligible, the gain on the subway division
being offset by the loss on the Manhattan division.
The Manhattan division during January carried 16,017,274 passengers, a
decrease of 685,075, or approximately 4.10%, as compared with January,
1937.
All lines showed less traffic than in the corresponding month of last
year.
Allowing for New Year's Day occurring on Saturday, as mentioned
above, the rate of traffic was approximately 6.5% lower than in the cor¬
responding month of 1937.
As mentioned above, the Manhattan division
suffered by the discontinuance of service on the New York, Westchester &
Boston Ry.
Probably 25% of the loss on this division was due to that
Contract
1936
41,907,653 41,317,914
Property acct
Due
4180.
Interborough Rapid Transit Co.—January Earnings—
Balance
undistributed profits.
[Including Houston Pipe Line
Assets—
pares
Current rent
Consolidated Balance Sheet Dec. 31
Dividend
dividend of 75 cents per share on the common
April 1 to holders of record March 19.
This com¬
with 50 cents paid on Oct. 1, last, and $1 paid on June 23, 1937.
Directors have declared a
stock, par $25, payable
$216,989
(includ-
Income charges
1 and on July 1, 1937.—V. 145, p. 282.
Imperial Paper & Color Corp.— To Pay lb-Cent
r-
$1,414,952
credits
Gross income
x
133.708
$1,874,934
92,920
$2,854,235
Income from oper
Other income
share were paid on Oct.
$1,240,828
Depreciation & depletion
Association—Special Dividend—
special dividend of 50 cents per share on the
stock, par $10, payable March 25 to holders of record March 10.
A dividend of $1 was paid on Jan. 15, last; and dividends of 50 cents per
Traffic—The subway division
$547,057
Surplus Dec. 31
Shares capital stock..
Hyde Park Breweries
Directors have declared a
common
—V. 144, p.
61,350
invest.
Transf. to res. for
133,194
Less
i
281,49/
$575,348
profit
Previous surplus
Adj. of res. for invest—
MisceJl.
^
$635,064
597,343
Net
Dividends
_
Bal. of net oper.
-V.
146, p. 1077.
rev..def$121,901
27,035
24,357
45,752
1402
Financial
Indiana
Associated
Telephone
Chronicle
Corp.—Registers with
SEC■—
See list given on first page of
this department.—V
Indiana Steel Products
Earnings for
146, p. 1077.
Co.—Earnings—
Year Ended Dec. 31,
on
1937
$86,932
100,000 shs. capital stock (par $1)
Assets—
$0.87
Corp.—Earnings—
profits for the years 1935 and 1936.
added to the
reserve to cover
cover
says
in
Gold
blocked foreign
y
Total United States
In Foreign Countries:
,
no
Grand total
427,073,943 398,873,929 1
Total
..427,073,943 398,873,929
par
$18,266,757
c Represented by 4,245,735 no
share in 1936.—V. 145, p. 3011.
Mercantile
par shares in
Marine
1937 and 4,245,755
Co.—Change
in
The New York Trust Co. as trustee under the first
mortgage and col¬
lateral trust indenture dated Oct. 1. 1916, has advised
the New York Stock
Exchange that it received on Nov. 24, 1937, from the International
Mer¬
cantile Marine Co. $352,002, proceeds of a first
liquidating dividend received
by the company in liquidation proceedings of the Royal Mail Steam
Navi¬
gation Co. and that on Jan. 26, 1938, the International Mercantile
Marine
pledged and deposited with it as trustee certificates for 35,201 shares of
preference stock of the United States Lines and obtained the release
to
Co.
it
from the trustee of the aforesaid amount of
$352,002.
To Consider Sale of
Ships—
Stockholders will hold a special meeting on March 25 to
consider
of the Maritime Commission to purchase the
three
Fiscal Period
1936
Pacific Line,
$63,235,000
53,195,000
61,305,000
18,417,000
and
subsidiary of I. M. M.
Pennsylvania.
The Maritime Commission holds
mortgages on the three
to about
$5,000,000.
an
offer
ships of the Panama
The ships are the Virginia, California
ships amounting
The Commission's offer, it is reported, would
cancd
the mortgages and pay the
company more than $4,000,000 in cash.
The three ships, it is said, would be
placed in the South American
by the Government, with the I. M. M. to build
atlantic service operated by the U. S. Lines.—V.
58,782,000
Indiana Steel Products
$351,928,000 $254,934,000
-
12,555,503
16,937,808
64,993,424
After depreciation reserves of $101,414,637 in
1937 and $94,368,595
b After reserve for losses of $23,498,149 in 1937 and
International
Report—
81,674,000
-
reserves
Collateral—
»
-
12,496,619
15,530,859
74,788,101
nance
in 1936.
in 1936.
$270,254,000 $196,152,000
All products...
1,640,327
613,763
mainte¬
Surplus
part:
$89,318,000
75,638,000
76,100,000
29,198,000
1,633,668
Special
Other
a
5,787,724
Fire ins. res've..
4,898,038
Defs charges...
$6,826,735, compared with
x
601,859
6,020.872
of affil. cos-
In
Total
1,429,267
2,653,289
2,474,340
Min. int. in cap.
stk. & surplus
7,040,964
49,923,918
London, Eng.
39,926,211
2,653,297
4,043,908
...
Com. div. pay..
98,629,199
6,309,694
34,237,893
bullion
invoices.
Def. cred
receivable, Ac 118,499,726
amount of
Fiscal Year
1937
Tractors (includingrepair parts)
Farm implements (including repair parts)
Motortrucks (including repair parts)
Steel, binder twine, &c—
-
Other assets
The company's trade during 1937 increased
substantially.
This was due
to increased farm income, the need for replacement of farm
implements,
the introduction of improved machines, and the
increased demand for the
new line of motor trucks and for other
products designed for industrial uses.
A comparison of 1937 and 1936 sales is as follows:
In the United States:
116,829,070
sec
b Notes & accts.
To provide additional working capital the company
sold, in December,
1937, to the Prudential Insurance Co. of America, $5,000,000 10-year 3M
%
sinking fund debentures at par.
These debentures are redeemable through
a sinking fund at the rate or $400,000
annually, commencing Dec. 15, 1942,
or earlier at the corporation's option.
International Harvester Co.—Annual
payrolls, taxes,
&c_......... 58,007,280
Pref. div. pay
1,429,267
Inventories .—155,915,690
stSftocl
Sydney G. McAllister, President
$
3,026,005
4,183,62 7
Cred. Bk. debs
blocked foreign profits is now
Watson, President, stated in his message to stockholders.
"Additions amounting to $10,609,415 were made during the
year for
rental machines, plant and equipment, and land and
buildings.
Disman¬
tled and obsolete equipment amounting to $4,835,309 was written off and
charged against reserves provided out of prior and current years' earnings,"
Net current assets at the end of the year were
$5,310,991 at the end of 1936.—V. 146, p. 756.
.
613,512
Fed'l intermed'te
$328,645
1935, so that the full
covered 100% by reserves,
Thomas J.
Common stk.
c
Curr't
Marketable
such profits prior to
amount of such
105,706.289
81,672,400
81,672,400
169,829,480 169,830,200
.
6,996,490
Cash
During 1937 the
1936
$
Liabilities—
Preferred stock
-
Corporation reports for the year ended Dec. 31, 1937, net income of
$8,082,512, after deducting $737,021 blocked foreign profits and $2,330,000
(including $633,000 surtax on undistributed profits).
The earnings were equivalent to $10.42 a share on 775,880 no par shares
outstanding at the year-end, and compare with 1936 earnings of $7,552,956,
equivalent to $9.73 a share if computed on the same capitalization, or to
$10.22 a share on 738,934 shares which were outstanding at the end of 1936.
was
1938
1937
%
mines, &c....109,863,760
U.S.Treas.oblig.
estimated Federal taxes
A stock dividend of 36,946 shares was issued in 1937.
Reserves of $1,414,838 were set up prior to 1937 to
1936
$
Real est., pl't,
a
International Business Machines
26,
Consolidated Balance Sheet Oct. 31
1937
Net income after all charges and taxes
Earnings per share
—V. 145, p. 3658.
Feb.
cludes the major portion of the operations of the
companies for a period
of 11 months ended Oct. 31, 1936, rather than for
the 10 months intervening
between the close of the fiscal year ended Dec.
31, 1935, and Oct. 31, 1936,
except that other income (interest and miscellaneous
earnings), deprecia¬
tion, and certain taxes (incl.
Federal income taxes) are included in the
income account for the 10-month period.
1936 fiscal period covers 12 months' sales in
the]Southern Hemisphere
and 11 months' sales in all other places,
y Tractor sales include
engines,
and tractor motors converted into
stationary and industrial power units.
The net working capital of the company at Oct.
31, 1937, amounted to
$247,177,000, of which $192,507,000 was held in the United
States, $12,171,000 in Canada, and $42,499,000 in other countries.
The higher in¬
ventory at Oct. 31, 1937, resulted from increased costs and from the
x
service
new ships for its trans¬
144, p, 4348.
Co.—Earnings—
Earnings for the Year Ended Dec. 31, 1937
Gross profit on sales
;
Selling, general & administrative
$172,720
74,208
expenses
Net profit from operations
Other income
greatly
$98,512
5,486
Gross income
Income deductions
increased production during the year together with the
necessity of forward
buying to maintain continuity of operations and provide for future
business
as estimated at that time.
Inventories have been valued at cost or
market
whichever is lower.
$103,999
3,179
Federal income taxes
13,888
...
Net income.
In order to serve Its customers
promptly and to provide more regular
employment, the company must maintain at all times a large investment in
inventories.
Therefore, the effect of price fluctuations is more severe in
this line of business than in many other lines.
The policy of
building up
the general inventory reserve during periods of
price advances has been
followed and $7,500,000 has been provided out of
1937 income, bringing
the general inventory reserve at the close of the
year to $30,000,000, which
is 16.1 % of the total inventory.
Foreign exchange rates at Oct. 31, 1937, were lower in certain
countries
than at Oct. 31, 1936, and as a result the valuations
of foreign assets de¬
creased $1,407,000 which amount was
charged to the reserve for foreign
losses and exchange fluctuations,
leaving a balance of $13,515,000 for the
protection of the foreign business.
Capital expenditures during the fiscal year ended Oct.
31,1937, amounted
to $15,136,000 compared with $10,005,000 for the
10-month period ended
Oct. 31, 1936.
These expenditures were: for additional facilities
for the
production of tractors and motor trucks, $6,001,000; for
modernization of
merchant mills and the completion of
blooming mill additions at the steel
mills, and expenditures at iron ore and coal mines,
$4,694,000; for buildings,
machinery and equipment at implement plants,
$2,883,000; for additional
branch warehouse and service station
facilities, $1,558,000.
Depreciation
has been provided by charges to 1937
operations at regular rates
plus an
additional amount to cover increased use of
machinery and equipment
during 1937.
During 1937 there was no stoppage or interruption of work at
any of the
company's manufacturing plants.
Two general wage increases were made
at all or the company's United States
operations.
During^937, the com¬
pany had a n average of 59,347 employes in the United
States as compared
with 50,400 during 1936 and 47,800
during 1929.
The
total
amount
received
in
wages,
salaries and
extra
compensation
.
$86,932
84,197
Dividends paid.
Condensed Balance Sheet Dec. 31, 1937
Assets—
Liabilities—
Cash
J.....
Inventories of materials
Deferred charges....
reserve
'
Year Ended
Oct. 31,'37
Sales
z
Calendar
1935
announced
exp.
Operating inc
$55,401,954 $47,119,782 $37,311,138
$20,856,619
58,024
182,419
122.799
850_,536
43,483
8,980,500
6,909,067
7,842,364
6,745,581
Special maint. reserve.
310,608
Prov. for invent'y res've.
7,500,000
5.000,000
3,500,000
Res've against for. losses
3,000,000
4,000,000
Prov. for losses on rec'les
6,546,271
5,327,544
y
6,250",287
Approx. surtax on undis¬
tributed profits
3,350,000
2,000,000
Other charges (net)
xCr3,650,000
_
$3,948,636
5,717,304
2,546,736
$9,794,677 $13,479,805 $10,753,414
*$4,315,404
4,245,737
4,245,755
4,245,773
4,245,797
$6.31
$5.99
$3.28
Nil
*
Deficit,
x Reduction of reserve for
losses*on receivables (estimated
excess of reserve applicable of
prior years) ,|$3,500,000;|
Recovery, of export
receivables previously written off
$1,000,000; less provision for abandon¬
stk.(no par)
Earnings per share.,
com.
of
ore
mine
$850,000.
y
T.
1936
1935
1934
$3,965,934
820,581
682,416
466,703
$3,291,155
$2,800,831
730,713
659,196
422,448
654,786
661,008
403,127
$1,996,233
44,310
82,380
$1,478,798
67,397
41,527
$1,081,909
89,039
78,840
$1,971,089
a330,997
$1,958,164
a331,890
$1,504,668
206,259
$1,092,108
160,053
$1,640,092
$1,626,274
$1,298,408
$932,055
66,408
50,541
$1,298,408
742,500
119,000
$932,055
660,000
119,900
478,309
6,142
Other income..
charges.
Soya
Profit transfd. to
surp $1,573,684
$1,575,732
907,500
119,000
1,155,000
119,000
$8.81
$8.82
$7.15
$4.93
a Includes
$34,000 in 1937 and $33,600 in 1936, United States surtax on
undistributed profits.
v
Consolidated Balance Sheet Dec. 31
Assets—
1937
Deducted fromloperating income,
z
In¬
1936
Liabilities—
Cash
$1,465,260 $1,264,075
Marketable secure.
468,617
734,839
a Receivables
363,526
410,283
Inventories
1,642,849
1,776,899
Cash value of life
insur. & prem.s.
pay.
crued
1937
Dividends payable
Prov.
for
Federal
1936
& ac¬
expense..
Fed.
surtax
169,839
150.928
102,982
694,466
2,801,006
2,315,723
l
59,500
59,500
333,860
299,260
1,700,000
1,700,000
on
1
35,105
203,529
$297,608
&
profits
461,628
$314,829
undistributed
102,498
170,916
Invest. Insub. (not
Prop., plant
equipment
Goodwill
Accts.
Dom. inc. taxes.
paid in advance.
Other assets
b
Surplus
ment
I.
$1,976,377
40,913
46,201
33,600
7%
consolidated)
Shs. of
acquisition of the W.
1937
Admin. & gen. expense..
Provision
for
doubtful
accounts, &c
Total income.
$32,492,763 $29,760,372 $19,618,238
5,717,068
4,287,801
5,705,516
16,981,018
11,992,766
3,159,308
the
000 shs. of com. stock.
on loans
Ore & coal depletion
Res've for depreciation.
Net profit
15
tne Air-Track Manufactur¬
The transaction consisted of the
exchange
$4,150,350
912,779
776,743
Shipping & sell, expense.
Advertising expense...-
Interest
Preferred dividends
Common divs.—cash...
3658.
(Mead) Johnson & Co. (& Subs.)— -Earnings-
Calendar Years—
Gross profit from sales..
Common dividends
Preferred dividends
Earned per share on 165,-
$49,972,354 $42,377,958 $29,570,948
$20,856,619
5,429,600
4,741,824
7,740,189
Other income
$591,906
p.
on the basis of one share of the
Jacobs company for one share of
the W. I. T. Corp., and was consummated
at a joint meeting of the boards
of directors on Feb. 14 in
Washington.—V. 145, p. 3199-
of
Amer.
Products Corp.
(net), & taxes...301,955,414 212,555,914
188,012,499
Feb.
of stock
1934
-.$351,927,768 $254933,872 $217583,447
on
ing Corp. of College Park, Md.
Years
Cost of goods sold, sell.,
collect, admin. & oper.
Total...
$87,960.—V. 145,
(F. L.) Jacobs Co.—Acquisition—
The company
Ijoss
Fiscal
Per. Ended
Oct. 31, *36
88,142
384,940
Dr8,173
2,352
....^
Provision for taxes
Period—
100,000
Appreciation surplus
Earned surplus
Treas. stk., 934 shs. at cost...
xl75,249
Manufacturing Corp., including its subsidiary,
The amount of taxes for 1937 was
$19,400,000 (Federal, State, local,
and foreign), and in addition
$3,046,000 for old age benefit and
unemploy¬
ment insurance under Federal and State
Social
{Incl. Affiliated Cos)
Common stock ($1 par)
for depreciation of
Other
Consolidated Income Account
52,985
40,816
$591,9061
After
$5,362
21,635
Accrued liabilities
811
Total
x
Accounts payable, trade
7,500
Other current assets....
Property, plant & equipment-.
during the fiscal year 1937 by all employees (exclusive of
the executive
officers) in the United States and abroad was $125,000,000.
The total
compensation received by the 14 executive officers of the
company amounted
to $719,000.
During this same period the preferred stockholders
of the
company received $5,717,000 in dividends, and the
common stockholders
received $16,981,000.
Security Laws.
$312,194
U. S. savings bonds—at cost-Accts. receiv. & trade accepts.
&
cum. pf. stock
(par $10)
c
Common stock._
Surplus
550,000
550,000
4.755,671
4,723,986
Trade-mks. & for¬
mulae
Deferred charges..
Total
42,839
...$7,713,860 $7,663,954
Total
$7,713,860 $7,663,954
After allowance for discount and doubtful accounts of
$25,714 in 1937
$23,039 in 1936.
b After allowance for depreciation of $1,787,403 in
1937 and $1,651,950 in 1936.
c Represented by 165.000 no par shares.
a
and
—-V.
145,
p.
3820.
Volume
Financial
146
Chronicle
1403
Consolidated Balance Sheet Dec. 31
Johnson, Stephens & Shinkle Shoe Co. (& Subs.)—
Consolidated
ncome
Account jor Year
Net sales of shoes after deduction
$3,584,651
discounts, &c
x
Assets—
a
3,395,570
Cost of shoes sold
26,186
Prov, for Fed. & State inc. taxes & surtax on undist. earnings,.
Claims
$160,844
38,352
70,681
income
dividends
Common dividends
Earnings
144,095
17,212,373
19,132,702
6.216,615
4,701.540
5,088,670
Mtges. and land
contracts pay.
Accts
payable..
2,985,907
2,782,082
1,605,260
Surplus
1,393,720
47,386,469
Dr732,024
Total
123,452,766 120,561,927
440,146
Federal tax
167,889
294,044
Reserves
Deferred charges
3,441,156
3,523,264
402,966
3,247,578
Accrued interest
against
banks.
d4,263,344
4,023,028
and taxes
18,793,215
277,590
248,463
144,095
sees.
55,178.817
51,411,148
b Treasury stock Dr716,277
$1.30
sh. on 94,207 shs. common stock (no par)
per
$
55,178,817
$10)
Misc. securities.
charging operating expenses, maintenance and depreciation of
physical properties, selling expenses and bad debts, less discount on pur-
Total
After
x
1936
$
Com. stock (par
299,246
rec
closed
Net
Preferred
77.657,625
290,471
21,537.768
Inventories
Marketable
Cash
Liabilities—
$
80,007,585
__
Leaseholds
Accounts
$189,082
2,052
Net operating profit
Miscellaneous charges—net
$
Fixed assets
1937
1936
1937
Ended Nov. 30, 1937
of returns and allowances,
120,561,9271
123,452,766
Land, buildings, equipment, &c., after depreciation of $20,482,924 in
1936.
b 27,960 (28,568 in 1936) shares at cost,
d Including $599,884 mortgages and land contracts maturing in 1938.
a
1937 and $18,794,638 in
Consolidated
Nov.
Balance Sheet
1937
30,
Liabilities—
Assets—
$150,000
Note
including accrued interest..
23,196
Notes & accounts receivable..
339,583
payable—bank
Accounts payable for merchan¬
dise, expenses, &c._
Accrued wages, taxes, &c
Inventories
804,544
Prov. for Fed. & State Income
Cash in banks and
State
and
on
hand...
municipal
$127,380
bonds,
....
surtax
on
undis-
40,512
7,918
Unearned license fees covering
20,854
Plant and equipment
Deferred
and
tributed earnings
notes,
partially secured
Investments
x
taxes
33,500
Prepaid expenses
Officers' & employees'
equip, leased to others
8% cum. pref. stock (par $100)
502,991
lasts
charges—dies,
95,244
36,701
6,510
456,000
400,702
82,126
598,722
Common stock..
Capital surplus...-.—
y
6,550
and patterns
Earned
surplus
President to Retire—
C. B. Van Dusen will retire as President of this company at the annual
stockholders' meeting on April 22.
It is possible that he will continue as a
director, however.
R. R. Williams, now Vice-President in charge of mer¬
chandising, will probably succeed to the Presidency.
Mr. Van Dusen will retire in line with a resolution adopted by the board
of directors in 1937 whereby officers with the exception of S. S. Kresge,
Chairman, shall retire at the time of the annual meeting when they shall
have reached the age of 63 in the 12 months prior thereto.—V. 146. p. 1078.
Keystone Public Service Co. (& Subs.)—Earnings—
xl937
$1,866,516
Total..
After
x
par
$1,866,516
Total
for
depreciation of $370,092.
shares.—V. 145, p. 2395.
reserve
y
Represented by 94,207
$1,352,568
569,773
65,923
100,022
42,920
116,290
53,499
122,935
$418,301
33,349
$448,242
47,342
$451,650
Operating expenses
no
1936
$1,350,670
613,820
59,315
$495,584
200,000
3,581
6,372
Cr 5,377
Years Ended Dec. 31—
Maintenance
Provision for retirements.
Federal income taxes
Other taxes
92,195
Judson Mills—Personnel—
Anderson as President.
Mr.
Pacolet Manufacturing
Co., a position he has held for years.
Other officers of the Judson are:
John Killars Jr., Vice-President and Treasurer; Gardiner; Hawkins, Secre¬
tary, and Walter E. Greer Jr., Assistant Treasurer.—V. 144, p. 4182.
Officers
also
Insull
Realize 8
President
Utility
Cents
D.
elected include
recently
Anderson is
and
W.
Treasurer
Investments,
on
of the
Inc.—Debentureholders to
Applications for fees and expense allowances aggregating $417,715 were
Kansas
City Public Service Co.—Earnings—
1938—Month —1937
Period End. Jan. 31—
1938—12 Mos —1937
$6,726,062
$6,761,061
5,159,446
5,361,627
Total oper. revenues
Total oper. expenses
$544,127
460,133
$586,703
Net oper. re venue
$83,994
22,991
$121,355
25,102
8,017
$1,399,434
$88 235
305
$1,033,776
General taxes.
Social security taxes
10,602
Operating income
Non-operating income
$50,399
132
-.
Gross income
on
on
Interest
on
1st mortgage bonds
200,000
8,562
unfunded debt
6,372
Amortization of debt discount and expense.
Interest charged to construction
$236,716
33,429
Balance
$291,008
33,429
$203,287
Dividends on preferred stock.
$257,579
case.
Liquidation of the company, which went into receivership in April,
1932, is expected to be completed soon.
Unsecured creditors holding'$55,000,000 of debentures are expected to realize about eight cents on the dollar
originally invested in the company's securities.
Committees representing holders of the debentures carried on extensive
litigation to recover assets pledged with bank creditors.
A settlement entered into several months ago provides that 11 banks in
New York and Chicago shall pay $3,435,088 to the trustee, and the banks
will be given clear title to the collateral they hold.
The actual payment
to the trustee is expected to be made by the banks in the near future.
In the meantime attorneys for the debenture holders will ask formal dis¬
missal of suits pending against the banks.—V. 145, p. 3198.
Int.
Interest
$1—
filed Feb. 16 before Federal Judge James H. Wilkerson at Chicago on behalf
of the trustee and 14 individuals, law firms and security holders' committees
active in the
Other income.
$50,531
465,348
40,481
$88,541
41,093
5 162
6 326
71,501
funded debt
Other fixed charges
Total depreciation
71,309
269.953
95 705
20,974
$1,054,750
491,783
78,189
862,182
$1,566,616
293,973
35,319
$1,237,323
9,219
$1,246,543
389,251
74,168
854,542
Preliminary—subject to annual audit and such sundry book adjust¬
ments, if any, as may be necessary incident to closing for fiscal year ended
Dec. 31, 1937—V. 145, p. 3348.
x
Lake Erie Power &
being notified that the company has elected to redeem and will pay and
dates hereinbelow shown, all of the outstanding
bonds at 105% of the principal amount thereof, plus accrued interest to the
redeem on the next interest
respective redemption dates.
Series C bonds, bearing
interest at the rate of 5M% per annum, are called
for redemption on March 1, 1938.
Series A bonds, bearing interest at
for redemption on April 1, 1938.
Net deficit
$66,613
$30,187
$7i,419
$377,404
the rate of 6%
Series C bonds, bearing interest at the
called
per annum, are
rate of 6% per annum, are called for
redemption on May 1, 1938.
All of the said bonds will be redeemed and paid on or after said respective
redemption dates at the call price thereof at the principal office of the
National City Bank of Cleveland, trustee, Cleveland, Ohio.—V. 139, p. 2812
La Salle Extension University,
T°less refund?-6!?. 1^1
$4,372,526
Res. for cancel. & losses1,707,241
Net
$2,665,285
income
Chicago—Earnings—
1936
1935
1934
$4,225,427
1,795,899
$3,447,887
1,519,820
$3,223,391
1,444,708
$2,429,527.
$1,928,067
$1,778,683
300,858
12,531
1937
Calendar Years—
214,905
13,259
2,716
2,422
Miscellaneous income—
246,228
12,017
193,527
14,621
Corp. service sales, &c._
Sales of books, &c
—V. 146, p.
Light Co.—Bonds Called—
fund gold bonds, series A, due Oct. 1,
1, 1949, and series C, due Nov. 1, 1952, are
Holders of 1st & ref. mtge. sink,
1946; series B, due March
905
626
52,187,217
2,135,324
917.
$2,897,232
2,551,541
46,531
Kentucky Valley Distilling Co.—Registration Withdrawn
See list given on first page of this department.—V.
144, p. 282.
Expenses
Int. & exch., &c. (net)__
Kingston Products Corp.—No Common Dividend—
Directors took
no
action
on
the declaration of
a
dividend
on
the
$2,639,029
28,662
34,781
$2,092,700
1,910,338
44,956
$299,161
Total gross income
$196,541
$17,112
$137,406
income.
Net
common
payable on March 15.
A regular quarterly dividend of 10
cents per share was paid on Dec. 15, last.—V. 145, p. 2697.
y
The directors have declared a dividend of 37 H cents per share on account
on the $1.50 class A cum. and partic. shares, no par
$223,864
$330,241
Notes
&
receivable-.-
1,609,187
1,677,024
—
107,939
$448,632
121,262
45,120
29,101
29,245
24,123
394,417
386,286
$401,800
Notes payable
Accounts
accts.
1936
1937
Liabilities—
1936
1937
Assets—
Cash
Creamery Co.—Accumulated Dividend—
Dec. 31
Balance Sheet
stock usually
Knudsen
2,413,827
payable-
Accrued
Int.
and
of accumulations
Value of life insur.
44,707
taxes not due—
value, payable Feb. 25 to holders of record Feb. 15.
A similar payment
was made on Dec. 23, Nov. 25, Aug. 25 and Feb. 25,1937, and on Nov. 25,
Sept. 10, May 5, and Jan. 27, 1936, this latter being the first payment
made on the issue since Aug. 1, 1934, when a regular quarterly dividend of
like amount was distributed.—V. 145, p. 4119.
Tax warrants, &c.
257
Undelivered steno-
(S. S.) Kresge Co. (& Subs.)—Earnings1937
1936
734
741
Number of stores
1935
745
162,228
34,123
1,555,635
Bldg. Corp
Other assets
Fixed assets
731
Advertising
149,680,100
127,549,946
138,636,352
118,843,824
138,035,100
117,141,035
x4,149,294
423,217
3,417,221
231,310
x3,725,386
802,443
3,328.412
4,330,004
1,097,227
3,715.030
18,865
25,752
Property,
State
fran¬
chise,
State income,
&c., sales
and gross
x4,713,564
271,224
Depreciation & amortiz.
3,582,643
Flood losses
149,100
Amort, of bond & mtge.
discount & expenses.
_
on
.
233,404
banks' securities, &c._
Federal income, &c., tax
Surtax on undistributed
266,972
Surplus
Total
of $608,359 in 1937 and $601,531 in 1936.
y After
depreciation and losses of $2,226,401 in 1937 and $2,077,657
Represented by shares of $5 par.
a Unexpired insurance pre¬
miums.—V. 145, p. 3975.
z
Ltd. (& Sub.)—Earnings-
Consolidated Statement of Earnings
Bullion
$2,892,329
o4U
Income from investments
-
-
Expenses
$2,893,169
2,046,828
—--
$846,340
83,902
53,376
117,426
1.585,051
54,855
xl,835,603
2,100,000
2,100,000
500,000
10,214,946
9,835,594
Cash in bank
140,000
5,487,241
140,000
4,663,154
Gold
6,587,833
11,042,139
140,000
7.133,923
4,124,680
51,411,148
3,768.216
47,386,469
4,587.705
43,718,252
5,032,440
38,150,004
5.489,921
$1.95
5,489,313
5,487.313
$1.98
$1.82
5,487,313
$1.76
Net
Liabilities—
$444,003
bullion on
--
Emphyteutic leases
sundry
receivable,
252,006
75,589
7,062
1,706,497
Capital assets
lamaque Theatre
Deferred assets
of Bour-
Co—
28,000
1,482,136
$3,995,291
Total
281.
—
Accrued bond interest--
4,014
31,250
Provision for Federal and Pro¬
vincial taxes
125,756
1st mtge. 5% bonds, maturing
Feb. 1, 1941
1,500,000
Capital stock (3,000,000 shares
no par
Earned
-V. 146, p.
$73,602
36,469
payable
Accrd. workmen's compensat'n
of
The Federal capital
taxes."
Accounts
Wages payable
hand and In
transit
Accts.
$709,063
profit for period
Consolidated Balance Sheet Dec. 31.1937
Investment in bonds
stock out¬
stock taxes for the year is 1934, in the amount
of $171,121, included in the tiem marked "Federal income, &c., tax, .and
the corresponding tax for the years 1935 and 1936 is included in the item of
"Property, State franchise, State income, &c., sales and gross income
x
for Year Ended Dec. 31, 1937
production—
Accts. rec..
common
1,072,546
$3,939,060 $3,776,212
After depreciation
in 1936.
10,712,513
standing (par $10)
Earns, per sh. on com..
1,100,000
1,468
Assets—
Shs.
553,900
1,260,000
1,296,775
Provincial and municipal taxes.
Pref. dividends (7%)
Balance, surplus.
Profit & loss surplus
358.800
Common stock..
allowance for
625,000
Common divs. (cash)
40,362
44,964
(est.)..
Preferred stock—
$3,939,060 $3,776,212
liquidation
Total
unearned
Federal income tax
income
Net profit.
for
comm's
Total
disposals of fixed
assets, &c
Loss & prove, in respect
of claims against closed
tion costs (est.).
Res.
z
Lamaque Gold Mines,
income taxes
Interest
Loss
a2,136
33,476
Due from banks in
x
-.155,243,467
service & collec¬
4,488
3,500
30,305
Prepaid insurance-
1934
$
$
$
$
subsidiaries). 155,204,790 149,523,435 138,339,968 137,667,131
Other income
38,677
156,665
296,384
367,969
Total income.
1,555,882
Res've for student
Invest, in La Salle
Sales (incl.
Cost of sales & sell. exp. 132,856,020
158,297
Inventories
x
Calendar Years—
146,002
types
142,451
Total
value)
surplus
750,004
1,474,195
$3,995,291
Financial
1404
Net profit..
y
Earnings per
1935
*1.516,741
$2,199,069
$1.70
$2.03
1937
1934
*1,272.387
$1,152,187
share—$1.54
..
$2.94
,
y
$
Accounts payable.
2,974,412
Cash
Farmers Trust Co., as successor trustee, has selected by
April 1,1938, at 101% of the principal amount thereof,
$36,000 aggregate principal amount of 15-year 5M% gold debentures due
April 1. 1942.
Debentures drawn will be redeemed at the principal office
of the successor trustee, 22 William Street.—V. 146, p. 1079.
1
3,294,347
■_
V. S. Govt,
The City Bank
lot for redemption on
Oth.
34~255
Lefcourt
Accident ins. fund-
Realty Corp. (& Subs.)—Earnings—
Dec. 31 '37
Dec. 31 '36
$1,792,424
1.544.852
1.577.364
1,531.032
$220,450
$461,332
2,245
166
$496,307
40,354
$282,083
350,868
x44,600
Operating income
Other income
Dec. 31 *34
$2,027,339
$253,472
28,612
Oper. exp., incl. int.—
$1,765,302
Dec. 31 *35
$2,038,696
1,538.952
Gross income
2,704,866
$222,695
$461.498
347.825
106,175
Deferred charges..
61,513
—
.
Deprec. & amortization
-
Prov. for Fed. inc. taxest
350,141
x34.600
51,800
$162,046 prof$61.873prof$l46,208
1,064,745
1,049.782
897,965
$113,385
970,635
Previous earned surplus.
Portion of res, for contg.
$536,661
347.825
42,628
72,000
36,470
54,310
50.000
615,000
108,175
reserve...
102,700
331,680 def210,660
Earned surplus
2,786,083
1,949.636
..10,736.031
Capital surplus
9.572,823
...
Total.
b After reserve for depreciation amounting to
$3,969,391 in 1937 and $3,713,630 in 1936.
c 300,000 shares without par
value authorized. 88,943 shares unissued, 211,057 shares issued,
d After
a
29,200 shares at cost,
reserve
Total income-
295,000
Adv. pay. on contr.
Res. for conting..
9.572.8231
.10.736,031
Total
Inc.
Accident insurance
a538,389
27,168
2,067,676
2,330,903
102,700
52,809
22,258
1,406,345
liabs..
taxes
34,255
—
Cash in closed bks.
d Bills & accts. rec.
Inventories
Years Ended—
133,144
accr.
for Fed.
Res.
505,156
secur.
..
117,060
879,456
market secs-
Co.'sown stock
l"l6~852
Misc.
115,560
1
Drawings, patt'ns,
—
6,331,700
Bills payable—
2,918,750
131,859
chinery, &c
Co.—Bonds Called—
$
$
Common stock..
6,331,710
700,000
389,982
c
dies, &c—.....
Goodwill
Lawrence Portland Cement
LiaMlUies—
b Land, bldgs.,ma¬
On 746,371 shares common
1936
1937
1936
$
Assets—
145, p. 3822.
outstanding.—V.
26, 1938
Comparative Balance Sheet Dec. 31
1939
1937
deductions, including taxes,
After all
x
stock
Feb.
Subs.)—Earnings—
Lambert Co, (&
Calendar Years—
x
Chronicle
1937 and $40,000 in 1936.—V. 145, p. 3659.
of $30,000 in
Lone Star Cement
Corp.—Earnings—
1937—3 Mos.—1936
1937—12 Mos.—1936
$4,876,751
$4,988,739 $21,249,486 $18,516,087
Period End. Dec. 31—
Sales
Mfg. and shipping costs
(exri. deprec. & depl.)
Selling & admin, expense
r
Total
15,904
surplus.-dividends.
83,113
75.000
$985,812
$1,186,655
121,910
$1,114,258
64,476
15,170
Preference
$873,155
yEarned surp.end of yr
$970,635
$1,064,745
$1,049,782
x Includes $17,200 ($13,250 in 1936) provision for Federal surtax,
y In¬
clude $727,380 representing the cost of pref. stock repurchased in 1937,
1936 and 1935, and $657,842 in 1934.
$359,465
Dep. of mtge. Int.
19,922
1936
$38,192
$234,563
138,028
other
Def. income, rents
received In adv.
34,037
and accrued
rec.
1937
Accts. pay., trade.
Accrued liabilities-
charges
arid
tenants'
Improved property 5,878,801
Prepaid expenses &
deferred charges
280,316
Misceli. assets....
67,199
Reserve for
40,325
5,991,792
19,333
24,933
10,000
33,672
2,731,725
210.000
2,731,725
con ting,
& Fed. Inc. taxes
x
224,802
15,041
$3
cum.
conv.
preferred stock.
Com. stk. (par $1)
210,000
970,635
Earned surplus
873,155
Capital surplus... 2,425,895
.16.446,330 $8,631,425'
Total..
x
Total
Lehn & Fink Products Co.—To
directors
The
have
declared
a
2.425,895
$6,446,330 $6,631,425
Represented by 69,705 no par shares.—V. 145.
Operating profit—.. $1,605,011
72,221
3659.
p.
on
Leggings, Inc.-—Earnings—
1937
Cost
and
Other charges
Provision for State
153.508
$1,743,238
$7,210,706
380,689
795,628
2,819.219
322.453
$2,892,717
Int. on funded debt—
726
b Provision for taxes...
209.793
39,175
263.892
Prov. for deprec. &
c Misceli. charges
603,208
80,506
719,615
0120,825
$782,999
$841,382
$3,913,625
a
$1,677,231
depl-
payments and amortization of debenture
b Including income, capital stock and franchise
taxes, &c. (other than the taxes which are charged directly to costs or other
accounts),
c Including provision for doubtful accounts and contingencies.
Earnings for the fourth quarter were $782,999, equal to 81 cents per share
on 961,395 shares outstanding in the hands of the public on Dec. 31. 1937,
as compared
with $841,382 for the same quarter of last year, equal to
88 cents per share on 956,535 shares outstanding in the hands of the public
a
348,961
344,735
1,497
and
taxes
on
interest
expense,
Dec. 31. 1936.
Earnings for the year were $3,913,625, equal to $4.07 per share on 961,395
Dec. 31, 1937, as com¬
pared with $2,892,716 for the year 1936, equal to $3 02 per share on 956,535
shares outstanding in the hands of the public on Dec. 31, 1936.
on
shares outstanding in the hands of the public on
No
provision has been made in 1937 for the Federal corporation surtax
1936.—V. 146, p. 918.
undistributed profits under the Revenue Act of
Long Island Lighting Co.—Preferred Dividends—
a
The directors at a meeting held Feb. 18 declared a dividend of 87.5 cents
the cumulative preferred stock, series A 7%, and a dividend of
snare on
75 cents a share on the cumulative preferred stock, series B 6%. both
payable April 1, to holders of record on March 15.
These payments repre¬
one-half the regular quarterly dividends due at this time on these
stocks.
Like amounts were paid on Jan
1, last, and prior thereto regular
quarterly distributions were made.—V. 146, p. 918.
sent
$331,242
352,924
Cr4,129
Including
discount
1934
$348,920
operating
general expenses.
Cr2,496
539
Loomis-Sayles Mutual Fund, Inc.—Earnings—
Calendar Years—
Income—Dividends
Interest
1937
$70,099
19.032
204
y4.401
_.
y3.763
$18,646
55,179
Operating profit.
Previous surplus.
Adjustments
$ lb,405
56.856
1,028
loss$579
54,693
2.748
loss$ 15.193
63,262
12,930
$74,289
18.009
1,101
$56,861
$89,131
56,411
m
•»
mm
mm
m
m
6.306
Total....
Deductions.
Net income
Net profit on securities sold.
Balance, Dec. 31
Shs.cap.stk. out.(par $1)
Earnings per share
$558,289
480,425
$479,783
$77,864
Dividends paid.
$130,391
$55,826
90,000
$0.20
$55,180
90.000
$0.18
$56,856
x30,524
Nil
$54,693
x31,430
Nil
yNo provision is required for Federal surtax
on
Note—The value of securities held, based
$23,854 in excess of cost as of Dec. 31, 1937,
of $1,089,357 at Dec. 31, 1936.
un¬
1937
Accts. receivable
1,151
$43,212
1,219
Notes receivable.-..
1,250
2,425
$28,410
312
Inventories...
Notes
rec.
1,925
$
Federal & State tax.
3.689
90,000
90,000
55,826
....
Lima Locomotive Works,
Total
$164,941
in
$165,003
1937
and
Inc.—Annual Report—
excepting in the last quarter when demand was adversely affected by the
generally unsatisfactory business conditions.
In order to provide additional working capital for financing locomotive
orders received during the latter part of 1936 and in the early montns of
1937, there were sold during January and February, 1937, 29,200 shares of
treasury stock.
These shares, which had been reacquired at a cost of
$538,388. were sold for $1,917,835, the difference, $1,379,446, being cred¬
ited to capital surplus account.
Company has considered the sales of
reacquired capital stock as capital transactions. Provision has been made,
however, by a deduction from capital surplus and a credit to reserve for
contingencies of the amount of $543,000, for possible additional Federal
income tax liability in the event that the excess of the proceeds over the
cost of treasury stock sold during the year should finally be determined
as
capital surplus covering possible Federal tax liability On sales of treasury
stock during 1936. has been transferred to reserve for contingencies, making
the total of this reserve $615,000 at Dec. 31, 1937.
The capital surplus at the end of 1937 was $2,786,082, compared with
b
Capital stock—
1937
...$1,857,164 $1,872,880'
$1,857,164 $1,872,880
Total
1937
$214,583
54,516
8,674
3,166
13,275
$111,977
22,037
4,203
59,073
$73,274
185,353
$194,023
on
bonds.
Total
Management fees
Custodian and transfer agent fees and expenses—
Miscellaneous expenses
-
Prov. for Fed. cap. stock and Mass. excise taxes—
$258,628
Net profit on securities sold.
Provision
Federal
for
normal
income
tax
5,493
959
11,503
and
on
657
Excess
of
12,904
$193,365
380,508
surtax
*245,724
94,572
$187,142
Cr$151,152
undistributed profits—
expenses
and
dividends paid
for the year
over
income and realized profits
1936
y$118,048
133,057
Assets—
1935
y$470,623
1934
y$422,321
67,028
1937
Divs.
...
565,836
9,812
19,697
profits tax
Surtax on undist. profits
Fed. capital stock tax—
55,018
205,000
90,000
LiaMlUies—
1936
Securities at cost—$5,751,348 $3,332,821
Cash in bank
receivable..
$106,485
$134,950
Interest
Accrd. int. recelv.
Loss.
1936
$176,937
37,645
Calendar Years—
Tax refund receiv.
652,888
10,885
1,539
1937
1936
Provision for Fed'l
and State taxes.
a
$12,200
$19,638
Cap. stk. equity-
6,334,495
3,983,015
207
Due from Loo mis,
13,066
$1,019,982
527,642
1,859,450
798,650 at Dec. 31, 1936.
The net asset value per share on the basis of
market quotations for the securities, was $81.67 at Dec. 31, 1937 and
$124.53 at Dec. 31, 1936.
The liquidating value per share, on the basis of
market quotations for the securities and after allowing for State tax on
unrealized profits, was $81.66 at Dec. 31, 1937 and $124.07 at Dec. 31,
1936.—V. 145, p. 3976.
Reserve for Fed. & excess
Net profitDividends paid
$13,429
Balance Sheet Dec. 31
Income Account for Calendar Years
$1,588,181
Reserve for depreciation
273.198
1936
$19,813
1,837,351
"L288
Tax refund rec'le..
$1,949,636 at the close of 1936.
y
and State taxes,
be taxable income.
The reserve for Federal income taxes of $72,000,
of Dec. 31, 1936, which represented a corresponding deduction from
Net operating profit
1937
Liabilities—
Provision for Fed'l
Loomis-Sayles Second Fund, Inc.- -Earnings—
'
Allen," Chairman,"says in part:'
The volume of sales billed during the year was the largest since 1930.
Locomotives shipped numbered 101, against 21 in 1936.
The sales of the
shovel and crane division compared favorably with the preceding year
to
market quotations, was
compared with an excess
b Represented by 22,790 (23,680 in 1936) no par shares.
Notes—The value of the securities of the fund, based on market quotations
at the respective dates, amounted to $1,628,650 at Dec. 31, 1937 and $2,-
1
$165,003
$382,127 $1,520,715
Preferred stocks..
106.850
70,350
Bonds..
81,728
1,152,319
Cash in bank
245,851
158,086
Divs. receivable..
4,212
2,600
Accrued int. rec'le
3,917
Total
100,747
1
as
55,180
875
$164,941
G.
14,622
1,511
4.304
Capltal stock
x After
deducting reserve fori depreciation of $128,996
$121,422 in 1936.
y Par value $1.—V. 145, p. 3200.
"^Samuel
$
12,363
2,448
2,457
97,107
xLand, bldgs., &c—
Goodwill and leases.
1936
2,250
3,025
20,569
(at cost)..
Total
Liabilities—
Accounts payable
Accrued expenses—
Surplus
Prepaid Ins., &c
sec.
11,805
secured
(non-current)
Mkt.
12
11,191
Accrued interest--..
1936
Common stock
1936
on
Balance Sheet Dec. 31
1937
Assets—
Comparative Balance Sheet Dec. 31
1937
349,391
5
distributed profits.
Cash
$69,611
410,171
525,570
Income and realized profits for year
Assets—
$108,233
38,621
$32,719
$60,999
$73,826
18,000
surplus
Dividends paid
Misceli. deductions.
xPar value $3.
1936
$105,739
2,494
bonds
on
and
Federal taxes
Total
1935
$368,962
355.514
-
...
of sales,
1936
$376,066
Years Ended Dec. 31—
Sales.
$7,057,198
226,848
Pay 60-Cent Dividend—
30' cents per share on the
14 to holders of record March 1.
with 62 W cents paid on Dec. 14 and on June 14, last; 87
Dec. 1, 1936; 62^ cents paid on June 1, 1936, and 50 cents
paid on Dec. 1, 1935.
See also V. 145, p. 3501.
paid
$7,943,524
40,342
on
This compares
cents
$1,702,896
$8,170,373
3.352
884,721
2,735,740
632,934
dividend of
stock, par $5. payable March
common
9.164,705
2,294,185
Net profit.
Liabilities—
1936
$166,055
Rents
10.714,821
2,591,140
Miscellaneous income—
Consolidated Balance Sheet Dec. 31
1937
....
Assets—
Cash.
2,573,570
712,273
70.085
$873,155
back
credited
2,507,543
764,198
Total income-
,
y$251,104
11,478
y$538,708
y$490,826
Sayles & Co.,Inc
Total
a
par,
4,311
$6,346,695 $4,002,653
Total
Including 162,506 shares, $10 par, in
in 1936.
$6,346,695 $4,002,653
1937 and 102,918 shares, $10
Financial
146
Volume
securities of the Fund, based on
Notes—The value of the
respective dates, amounted to
1937 and $46.63 in 1936.
J
,
No provision has been made in the above balance sheet for a dividend of
25 cents per share which was declared on Dec. 17, 1937, payable on Jan. 10,
1938 to stockholders of record as of Jan 3, 1938.—V. 145, p. 3660^
$35.40 in
Louisiana Southern Ry.—Receiver s Certificates—
Commission on Feb. 12 authorized the issuance
$10,000 of receiver's certificates, to be disposed of at not
less than par and the proceeds used to meet payrolls and current operating
expenses.—V. 142, p. 2164.
Ludlum Steel Co.—New Product—
company has started production on a new stainless steel product
"Ludlite," according to an announcement by President Hiland G.
Batcheller.
"Ludlite" will be used in home modernization, new homes
and in many industries, and will be sold at a price considerably below any
heretofore quoted on stainless steel.
Mr. Batcheller stated that a new combining mill has been designed and
built for the exclusive production of this product, and it is expected that
besides the jobs created in the factory, the new product will stimulate
employment all along the line—in fabrication, selling, installation, &c.
"Ludlite" is manufactured in rolls two feet wide and 50 or 100 feet long, as
The
called
well
in tiles four inches square.
as
product might be called a popularization of "Silcrome," Ludlum's
brand of stainless steel, taking it out of the luxury class and making it
available to the average home owner, home builder, store, hotel, institution
and manufacturer.
A composite product, its surface is a sheet of strong,
thin, stainless steel, backed by a tough non-metallic material
The back¬
ing is waterproof and flexible.
By a special process, involving heat and
pressure, the "Silcrome" facing and the backing are permanently
Because of the backing, "Ludlite" can be easily attached
to plaster,
wood, fiberboard, concrete and other surfaces.
A special waterproof
The new
joiaed.
for
cement
has been developed.
The backing deadens the
qualities.
The racing offers the toughness, wear
tarnish that distinguish stainless steel from all
light gauge steel is used "Ludlite" can be cut with
this purpose
Liabilities—
Assets—
103,975
Losses in process
Real estate
141,440
Res've for comm., exps., taxes
Cash in bank and office
251,694
30,567
3350.
p.
MacAndrew
bent by hand, and nailed,
screwed, or cemented
stainless steel in
See list
given
on
first page of this department.
282.
p.
Trucks, Inc. (&Subs.)—Earnings—
1937
1936
' 1935
Mack
z
Earnings per share
After
x
Net sales
1934
$11,065,960
Expenses
10,936,731
10,004,558
9.1/3.934
depreciation and Federal taxes,
y After surtax on
z On 597,335 shares capital stock (no par).—V. 145,
interest,
undistributed profits,
p.
3822.
Mahoning Coal RR.—Earnings—
1937—12 Mos.—1936
1937—3 Mos.—1936
Period End. Dec. 31—
Inc. from lease of road &
$1,529,151
$420,515
31,063
34,515
82,889
86,287
$302,177
39,744
6,865
1,659
$455,030
42,110
$1,612,040
$1,454,580
224.111
29.474
5,928
179,261
37.593
5,921
$253,908
$402,171
8,267
$1,352,527
33,067
$1,231,804
8,267
$245,641
$393,904
$1,319,460
$1,198,736
$8.19
Total income
Taxes
charges
im
Net income
$13.13
$43.98
$39,96
Div.,pref.stk. (1.25%)_
9,343
1,405
Net inc. after div. on
preferred stock
Earns, per share on com.
stock ($50 par)
—V. 145, p.
$1,305,703
118,838
$1,783,762
99,886
$1,723,205
87,830
$1,758,558
76,848
$1,424,541
$1,883,649
$1,811,035
RR.—Earnings1938
1937
$1,072,515
$1,065,321
815,231
.
21,814
45,621
54,480
763,349
$257,284
37,474
38,279
30,411
$301,972
69,107
42,077
25,931
$151,120
33,557
$164,857
32,965
$184,677
of January—Operating revenues
Operating expenses
...
$197,822
$1,835,405
Loss
on
Equipment rents (Dr.)...
Joint facility rents (Dr.)_.
Miscellaneous charges..
55,537
Res. for douotful acct..
59,545
488
278,964
65
51,878
1,563
163,699
48,055
3,711
207,785
Surtax of sub. company.
3,767
337,745
163
Depreciation
353,848
335,830
333,002
$673,480
941,797
$1,186,943
1,213,533
$1,215,271
1,078,696
$1,185,076
1,348,370
z$26,59.;ysur$136,575
Other
336,299
x$163,294
Reserve for tax
a$268,317
Balance, deficit
Gross
1937
on
deposit
Sell., gen. & adm. exps..
and
Cash
45,087
Marketable securs.
477,709
Accts. rec. (net)._
771,436
Loans to employees
2,227
Inventories
1,417,814
......
Accts.
48,629
....
Federal taxes
x
....
1934.
y
121,522
1,640,259
122,849
9,632,630
4,338,699
Reserves
y Capital stock
Earned surplus...
1936
Acc'ts
A
Deps. of U.S.Treas
9,632,630
10,287
pens.ins. res...
378,800
1,707,514 Acer, int., payroll,
co.
taxes,
com2,509,293
pens. ins. res,,Ac
241,498
207,543
170,500
Res. for comp. ins.
25,000
90,000
25,000
10,287
318,909
451,085
yLd., bldgs.,mach.
& equip., &c... 3,432,715
58,309
Deferred assets...
99.786
3,574,689
(not current)
108,077
in
170,160
185,551
Weekly
100,000
Pub., Inc
Mdse. with dealers
at cost
Deferred
x
charges.
Fixed assets
Subs, lists, Ac
77,097
256,028
3,287,899
8,365,931
x
8,365,931
Total
16,798,972 17,142,507
depreciation of $3,790,824 in 1937 and $3,461,363 in
1936.
y Represented by 533,860 (539,360 in 1936) shares of no par value.
—V. 145, p. 2081.
x
Less reserve for
Lumbermen's Insurance Co.—Financial StatementIncome Account
for Year Ended Dec. 31, 1937
(net)..
unearned premium reserve.
Premiums written
Increase in
adjustment expenses.
Expenses
Underwriting profit and
loss items (credit).
,.
$1,373,219
50,147
728,991
650,935
1,135
$55,720
205,230
underwriting loss
Net investment income earned.
Net
2,560,860
Dec. 31, 1936
$2,710,371
140,000
Balance
Dividends paid
ledget assets (net)
adjustment in value of
Gain from sale of
Decrease by
Net
surplus Dec. 31,
1937
ledger assets
$8,477,719 $8,681,499
Total
y
1937 and
of $7,050,402 in 1937
9,525
646,062
$1,933,834
$104,828
and $7,-
Marshall Field & Co.—New Officers—
has notified the New York Stock Exchange of the election
Wilson as Vice-President: Earl Kribben as Secretary-Treasurer,
and K. E. Armstrong as Comptroller.—V. 146. p. 918.
The company
of Percy
Master Electric Co.—40-Cent Dividend—
Feb. 22, declared a dividend of 40 cents per share on the
stock, payable March 21 to holders of record March 5.
A
amount was paid on Dec. 20 and on Oct. 1, last, and compares with 25 cents
per share paid each quarter from Jan. 2, 1936 to and including July 1,
and dividends of 15 cents paid each three months previously.
In addition,
an extra dividend of 25 cents was paid on Dec. 10, 1936.—V. 145, p. 3501.
The directors on
like
1937.
Melville Shoe
Period Ended Feb.
Corp.—Sales—
12—
Sales
—V. 146, p.
-
1938—4 Wks.—1937
$1,767,529 $1,910,326
1938—8 Wks.—1937
$4,649,735 $4,805,175
759.
Merchants
$149,510
Balance
Net surplus
2,643.900
2,379,525
2,591.594
2,400,541
common
$1,323,072
I pr
Earned premiums
osses and
Losses at
2,151,000
7% cum. pf. stock
2,643,900
(par $100)
2,379,525
Common stock
2,467,746
Paid-in surplus
Def. from opers... 2,087,345
doubtful accounts of $134,442 in
After reserve for
1936.
70,000
6% 20f. bonds. 1,970,500
mtge.
year 8.
After reserve for depreciation
262.487 in 1936.—V. 145, p. 2699.
in
16,798,972 17,142,507
Total
$8,477,719 $8,681,499
Total
73,427
231.986
3,129,760
conting.
for
Fed. taxes pay..
lst
from S. M. News
Co., Inc
Notes payable
Res.
Acct's & notes rec.
4.681,715
1936
$614,679
454,146
bonds agst. com-
84,937
1937
Sinking fund pay.
1,192,128
3,114,374
121,468
31
Liabilities—
$142,249
$320,654
notes
1,453,041
145,349
Inv, in A acct. rec.
Invest,
loss$215,288
Acct's pay., trade.
$350,998
Inventories
pattern
discards.......
$68,789 loss$157,542
$6,062 in 1937, $5,241 in 1936, $4,082 in 1935,
Includes $24,105 for undistributed profits tax.
1937
Assets—
receivable-
Res. for replacem't
Deferred credits..
110,350
88,266
77,960
95,463
officers & empl's
Def'd accts. rec...
Leasehold
200,193
269,674
110
loss$76,628
138,660
$338,191
profit...........
Cash
725,472
from
rec.
197,691
1.
loss$18,881
138,660
$205,330
136,540
Condensed Balance Sheet Dec.
107,185
of
loss$153,954
77,326
S
202,679
cost
$82,572 loss$l 13,263
87,048
94,382
35,710
Includes depreciation of
x
and $4,618 in
226,629
636,325
1,391,787
$583,347
131,665
y 113,491
funded debt
414,311
Divs. pay. Feb.
stamps
postage
hand
on
$
1934
$355,302
x391,022
118,234
Dr25,425
9,546
_
Total profit
on
1935
$404,193
x401,576
115,879
$599,226
Operating profit
Other income
Extraordinary income.
432,957
Accounts payable.
.
Depreciation
Int.
1936
$767,095
566,425
118,098
19.37
$1,453,340
698,322
155,791
Gross profit from oper..
Reserve for taxes.
with
Postmaster
2,073,847
Shovel Co.- -Earnings-
Marion Steam
Accruals...
1,550,506
hand
Liabilities—
S
$
Assets—
Cash
sur$27,146
146, p. 757.
Net
1936
170,676
$27,329
Calendar Years—
Comparative Consolidated Balance Sheet Dec. 31
1937
212,006
&c.)
Managed Estates, Inc.—Registration Withdrawn—
See list given on first page of this department,—V. 145, p. 3660.
outstanding (no par).
1936
income
Net deficit..
stock
533,860
539,360
539,360
539,360
Earns.per sh.on common
$1.26
$2.20
$2.25
$2.20
x After deducting four quarterly divs. paid during the year and dividend
of $259,674 declared Dec. 11, 1934, and payable Feb. 1, 1935, but before
crediting $10,645 net profit on securities sold during year and before de¬
ducting $16,987 cost of stock purchased and canceled,
y Before debiting
$126,754 appropriation for special pattern discards, less credit resulting
from adjustment of reserve for pattern discards to "cost of replacement"
basis, less net profit of $15,900 on securities sold during year,
z Before
debiting $28,747 taxes for prior years and crediting net profit on securities
sold during year, amounting to $8,834.
a Before debiting cost of 5,500,
shares of capital stock in treasury which were purchased during 1937 and
retired on Jan. 27, 1938, of $74,700.
...
income
Deductions (rentals, interest,
—V.
Net income
Common dividends
Shares of common
operating income.
Net railway
.
...
Taxes
of 37th St.
oper.
property
33,067
3976.
Net operating revenues.
Total income
$1,368,292
$271,113
equipment
Other income
9,3u7,403
Operating income
Other income (net)
$17,133
$0.03
y$l,284,691 y$l,440,850 loss$395,616
$2.15
$2.41
Nil
Net profit...
Month
1937
1936
1935
$12,242,434 $11,788,321 $10,897,139
1934
Calendar Years—
x
Maine Central
Subs.)—Earnings—
McCall Corp. (&
Calendar Years—
Ltd.—Registers
Mines,
Gold
McColl-Frontenac Oil Co., Ltd.—To Redeem Bonds—
The company announced that a total of $168,000 6% 1st mtge. and coll.
trust conv. bonds, series A has been called by drawing for redemption for
sinking fund purposes on April 1, at 103 and accrued interest.—V. 146,
cost distinguishes "Ludlite" from
the forms previously available.
Instead of having to be
pre-fabricated in a specially equipped metal working shop, "Ludlite" can
be installed by any carpenter, craftsman or other person handy with tools.
Moldings of stainless steel for trim and for covering edges and intersection
surfaces are available in adaptable shapes and styles.—V. 145, p. 3200.
Lake
Red
with SEC—
Other deductions
As a
.$4,784,697
Total.;
$4,784,697
Total
Interest
heavy scissors, shaped or
Surplus.....
203,497
(not over 90 days due)
145.
1,000,000
1,933,834
Capital..
Other assets..
—V.
163,591
liabilities..
and other
Premiums in course of collec'n
and resistance to rust and
into place with comparative ease.
A substantial saving in installation
210,509
of adjust
Moetgage loans
sound and has insulating
other materiajte.
$1,476,763
Premium reserve:
14,053,523
and stocks
Bonds
The Interstate Commerce
of not exceeding
Dec. 31, 1937
Balance Sheet
market quota¬
$5,170,133 in 1937 and $4,157,636
in 1936.
The net asset value per share, on the basis of market quotattons
for the securities, was $35.40 in 1937 and $46.71 in 1936.
The liquidating
value per share, on the basis of market quotations for the securities and
after allowing for State tax on unrealized profits as of Dec. 31, 1936, was
tions at the
1405
Chronicle
Debentures in
Distilling Corp.—Company Issues $500,000
Exchange for $500,000 Pref. Stock of Philadelphia
Acceptance Corp.—
of debenturesi and
V. 144, p. 3843),
sold pursuant to its
of common stock, all
Since the registration statement covering $1,000,000
50,000 shares of common stock became effective (see
underwriting agreement expired.
There were
terms $279,000 of the debentures and 7,105 shares
of which have been issued and are outstanding.
the
1406
Financial
Chronicle
The company has now (Feb.
14, 1938) entered into an agreement with
Philadelphia Acceptance Corp. to acquire, inter alia, 5,000 shares of pre¬
ferred stock, $100 par, of that corporation for $500,000 of
debentures, with
a conditional option to the company to return the preferred stock of
Phila¬
delphia Acceptance Corp. and to receive debentures in their place, and a
reciprocal conditional option to Philadelphia Acceptance Corp.
The Merchants' Distilling Corp.'s reason for issuing
$500,000 of its de¬
bentures in payment for 5,000 shares of preferred stock $100
par value per
share of Philadelphia Acceptance Corp. was to furnish
capital to Phila¬
delphia Acceptance Corp. and thereby enable it to sell the short-term obliga¬
tions of Merchants Distilling Corp. which it is
necessary for Merchants
Distilling Corp. to sell in the ordinary conduct of its business.
holding
some
Calendar Years—
Retirement Plan—New
Corp.
of
N.
Midvale Co. (&
1937
$990,338
$1,127,237
460,000
$1,341,816
1,198,426
330,815
$1,266,168
998,613
$496,085
200,000
$632,591
def$l87,425
1,650,597
$267,555
1,383,042
$296,085
1,086.958
$349,353
737,605
Profit & loss surplus.. $1,463,172
Earns. per sh. on 200,000
$1,650,597
$1,383,042
$1,086,958
$6.33
$2.48
$3.16
Dividends paid
Add'l Fed. inc. tax paid.
Balance, surplus
Previous surplus
elected
elected
$6.71
undistributed profits and, consequently, no provision has been made for
y Includes $100,000 provision for Pennsylvania income tax
on undistributed profits.
Consolidated Balance Sheet Dec. 31
562,592
fX&SCtS
Non-current
$223,790
7,089,199
7,136,463
Marketable
3,067,690
853,886
776,791
200,214
37,000
2,859,313
350,214
2,421715
36,631
20,023
rec
5 ggg
Deferred charges..
Inventories
$128,818
14,527
receivable
Inventories
Investments
A
63,559
other assets..
104,147
Land, bldgs., inach'y & equip.
495,553
Goodwill
payable
debt
Prior pref. $1 non-cum. stock
16,100
.....
y
Treasury stock
Total
$822,704
x
Represented by 6.295
Represented by 6,295 no
z
shares,
shares.
no
par
par
of
income
credits
6,000
1936
from Otho to
12,359
1,763
interest.
&
income before provision for
Federal income and excess profits1
$530,981
68,439
25,217
73,689
$429,779
$373,345
607,289
2,511
Assets—
1937
Cash....
x
$54,971
bills.
$1,190,091
300,000
Accts. receivable
•$980,766
218,000
36
5^ 492
$1.86
Property
701,693
Patents
l
payroll
Fed. inc.
1937
&
$1,631,463
r
flcuiity tlxS
y
93,656
bl4,441
39,088
& excess
on
(est.).
badges,
See b
Total
z
816
843
500,000
500,000
760,312
of $703,651
shares
Includ^ capital stock
(par
and social
Middle West
LJJf
ber of
directiors
Corp.—Directorate Reduced—
has am?nded it® by-laws providing for reduction
to seven from
eight.
in num¬
'fbe Securities and Exchange
Commission has approved an
application
by the corporation, successor to Middle
West Utilities Co., the old Insull
boldmg company, to acquire legal title to
280,269 common shares of the
Central & Southwest Utilities Co.
and 36,077 common shares
of the North
American Light & Power Co.
wTbeUtilities Co.
application
West
was based on incidents occurring in 1931, when Middle
lent stock of the
Commonwealth Edison Co., the Public
Service Corp. of N. 111., and the
Peoples Gas Light & Coke Co. to Insull
Utility Investments, Inc., and the Corporation
Securities Co. of Chicago,
with
a
was
paid
on
right of hypothecation, receiving
at the Continental Illinois National Bank
50
In addition, a special dividend of $1 per
Dec. 22, 1936.—V. 145, p. 3661.
Monarch Knitting Co., Ltd.—Accumulated Dividends—•
The directors
have declared
dividend of $1 per share on account of
pref. stock, par $100, payable April 1
Dividends of $1.75 per share were paid in
each of the 12 preceding quarters.
The current dividend will be paid in
Canadian funds. Non-residents of Canada will be
subject to a 5% tax.
accumulations
on
the
7%
as
the
payment
per share.—V.
pledge for the
a
cum.
15.
of the current
146, p. 1081.
The
New York
Stock
additional shares of
dividend
accruals
will
amount
to
Exchange has authorized the listing of 148,524
common stock (10 par) on official notice of issuance in
the acquisition of property.
These 148,524 additional shares of its common stock will be issued in
connection with company's
acquisition on or before March 16, 1938, of
all the properties and assets of Fiberloid
connection with
Corp. including its business and
goodwill as a going concern.
The Fiberloid Corp. has a plant at Springfield,
Mass.
It was established in 1892 and is one of the nation's
leading producers
of plastics and
molding compounds, its products including sheet plastic
for use in windshields, cast
type, and cellulose acetate
phenolic resins, nitrate plastic of the celluloid
molding powders.
It, in combination with
Shawinigan Chemicals Ltd., of Montreal, is now engaged in the erection
a large
plant at Springfield, Mass., for the production of plastics of the
vinyl acetate type.
The Fiberloid Corp.'s outstanding and issued capitalization consists
solely of 254,611 shares of common stock (no par).
It has assets with a
book value in excess of $5,000,000, and for the year 1937 its
earnings were
approximately $3.53 a share.
(See Fiberloid Corp. above).—V. 146, p. 919.
Montour RR.—Earnings—
January—
1938
Gross from railway.
Net from railway
Net after rents
—V. 146, p. 604.
stock lent to the
$132,232
36,601
45,975
1937
Years End. Dec. 31—
Profit for the year
Dividends paid
Provision
for
1936
$163,892
59,430
54,850
Montreal Loan & Mortgage Co.
a
Security Acquisition Approved—
,
Payment will be made
cents per share were distributed.
$1,631,463 $1,615,754
Represented by 200,000
-V8 M6,epr 1080a
12,034
865,173
After./e'serve for depreciation
$615,099 in 1936.
counties,
of
2,454
stock tax
SI,615,7541
5°noQ'in°i
en\
100,000
A
z
Capital stock
Surplus
X1
1936
$207,366
profits taxes
Accrued Fed. cap.
31,281
Depos.
TotaI
No par.
101,202
Accrued
1
36,009
Deferred charges..
y
$49,831
(bank).
Taxes
25,001
603,640
miles, all in Boone and Webster
Monsanto Chemical Co.—Listing—
$607,289
y100,000
$4.03
200.000
insurance
of life insurance.
145, p. 3502.
directors have declared a dividend of 50 cents per share on the
stock, no par value, payable March 20 to holders of record March
This compares with $1 paid on Dec. 20. last, and 75 cents
paid on
Nov. 1 and on Aug. 2, last previously regular
quarterly dividends of
$49.75
$760,312
Accounts payable.
455,437
dividend of 75 cents per share on the
10.
After
Note pay.
446,685
$657,289
50,000
2,454
Liabilities-—
$134,902
al92,063
Inventories
in
251,539
24,9i8
$865,173
200,000
$2.14
200,041
a
Trust Co. of Chicago.
share
excess
1936
Cash surrender val.
y
Berkeley, 36.3
to holders of record March
After deducting
depreciation in the amount of $92,634.
Balance Sheet Dec. 31
Treas.
Feb. 24 declared
Modine Mfg. Co.—To Pay 50-Cent Dividend—
$403,239
132
760.312
.
Surplus Dec. 31
Shares capital stock
(par $2.50)
Earnings per share..
S.
$476,929
80,392
20,810
Cash surrender val. of life
insurance.
U.
$467,001
*
Net income
x
$4,951,158 in 1936.
of $10,299 in
1935 and 1936.—
reserve
The
ex¬
...
13,823,873
common
tax
Dividends declared and paid
Additional Federal income and
profits taxes
1,650,598
.14,324,616
Total....
All of the outstanding 1st. (closed) mtge. 6% s. f.
gold bonds due March
15, 1953, have been called for redemption on March 15 at 103 and accrued
1935
Net
Gross surplus
388,000
1,463,172
The Interstate Commerce Commission on Feb. 4 has issued a certificate
permitting abandonment by Lucien C. Sprague and John Junell, coreceivers, of a portion of a branch line of railroad extending southerly
$475,165
17,375
Surplus Jan. 1
Surplus credits.....
613,392
to
Missouri River Sioux City Bridge Co.—Bonds Called—
$454,642
income
Provision for Federal income and
cess profits taxes
Provision for surtax
refs.
Minneapolis & St. Louis RR.—Abandonment—
Co.—Earnings—
1937
over
on
of $1 per share were made.—V.
Represented by 327 shares,
x$513,606
charges
A
Pay 7o-Cent Dividend—
80,621
deducting
depreciation and amortization)
Excess
taxes
Iowa.—V. 146, p. 919.
Michigan Steel Tube Products
Years Ended Dec. 31—
Profit from oper.
(after
56,950
338,290
$822,704
y
507,872
d Res. for add'l inc.
1937; $3 on Dec. 19,
1936; $1 on Oct. 1, 1936' 50 cents on July 1 and April 1, 1936; $1 on Dec. 7,
1935, and on Nov. 7, 1934; 50 cents on .Jan. 1, 1933; 75 cents on Oct. 1,
1932, and from Jan. 1, 1930 to and incl. July 1, 1932, quarterly distributions
Dr6,540
Total
275,000
Penna.
no par value, payable April 2 to holders of record March 26.
This compares with $2.50 paid on Dec.
18, last; $1.50 paid on Oct. 1, last;
$1.25 paid on July 1, last; 75 cents paid on April 3,
125,900
z Preferred
stock $7 cum
Common stock (par $1)
Earned surplus
Cum. pref. stock account
512,000
44,039
A
Income tax
capital stock,
72,440
37,100
Reserves
x
419,086
con¬
Act, for
The directors
86,024
11,458
Dividends
1
...
Deferred charges....
$14,461
10,574,621
243,168
423,054
tracts
a After
depreciation of $5,321,242 in 1937 and
b Represented by 200,000 shares
(no par),
c After
and $17,488 in 1936.
d Under Vinson
To
payable....
Acer, int., taxes,
payrolls, Ac.
Funded
Adv. pay. on
1937
1937
Accounts
..14,324,616 13,823,8731
$
459,863
Government
Liabilities—
Cash
Accounts
Account payable-.
Accrued liabilities-
Surplus
Total...
1936
$
Capital stock...10,574,621
Gen. & oper. res..
the amount of
Assets—
b
Federal
U. S. Treas. notes.
40,259
80,610
Note—Net income is after charges for
depreciation in the amount o*
$66,985 and losses by reason of sales and abandonments of
capital assets in
$1,878.
Additional depreciation in the amount of
$14 826
and losses on account of sales and abandonments of
capital assets in the
amount of $3,107, based upon excess of cost over
appraised values at April 1.
1933, have been charged against the reserve for appraisal revaluation.
8,471
secur¬
ities at cost-...
$168,601
1
5,471
3,242,900
...
cAcc'tsA notes
55,189
prior preference stock
preferred stock
42,505
rec..
Cash
on
1937
Liabilities—
$
Plant & property
a
1936
m'
Investments...
Net income for the year
Balance Sheet Oct. 31,
200,000
83,238
and $57,000 for Federal surtax
1937
;
34,646
such surtax,
$755,583
$192,990
30,799
stock
460,000
18,753
15,500
x Includes $100,000
provision for Pennsylvania income tax.
No part of
the profit for the year is considered to be
subject to the Federal surtax on
Operating profit
common
1934
$2,229,515
460,000
228,347
x275,000
shs.cap.stk. (nopar).
Other income less other expenses
on
1935
$2,569,300
460,000
255,484
y512,000
Netprofit
<
Earnings for Fiscal Year Ended Oct. 31, 1937
Gross profit from sales
Selling, delivery, advertising, administrative and general and
financing expenses...
on
1936
$1,079,016
48,221
Prov. for income taxes..
Michigan Bakeries, Inc.—Earnings—
Dividends
Dividends
Dividends
un¬
on
$912,264
78,074
Total income
which has carried the Merchant® group life insurance
Profit before taxes on income...
Provision for Federal income and excess profits
taxes, surtax
undistributed profits and windfall tax
Nil
After surtax
y
$2,164,685
64,830
Prov. for depreciation..
Profit partic. off. & empl
plan for all employees of this corporation and asso¬
ciated companies, Washington Assurance Corp. and Merchants
Indemnity
Corp., was announced on Feb. 17 and will be carried by the Equitable Life
was
1934
$680,657
$2,526,286
43,014
Y.—Adopts
was
1935
$1,634,326
$3.23
Subs.)—Earnings—
Calendar Years—
Net earns, from oper...
Other income
Officers—
George F. Warch, formerly Vice-President and Secretary,
Vice-President, and Walter F. Brady, formerly Secretary,
Vice-President and Secretary.—V. 140. p. 1247.
Subs.)—Earnings—
1936
y$2,160,036
$5.47
x After
all deductions including Federal taxes,
distributed profits.—V. 145, p. 3661.
A retirement income
Assurance Society,
for 20 years.
1937
Net income
y$2,230,811
Earns, per sh. on com..
$6.15
x
subscription.
No public offering of the debentures is contemplated either
by Phila¬
delphia Acceptance Corp. or Merchants Distilling Corp., and no such
offering will be made without full advance notice to Securities and Ex¬
change Commission.—V. 145, p. 1591.
Assurance
will
now
of the losses suffered."—V. 146, p. 919.
Midland Steel Products Co. (&
own
Fire
26, 1938
to,which the Middle West Corp.
Immediately after the two investment companies, which were then con¬
trolled by Samuel Insull, received the securities loaned to them
by Middle
West Utilities, these securities were pledged with a group of New York
and Chicago banks for bank loans.
Middle West Corp., the Commission found, under the circumstances
"has little choice but to acquire the legal title to the securities which it
holds as collateral, as it is only by so doing that it will be able to
recoup
After
Merchants
securities
company
take title.
careful consideration of the matter with Charles J.
Koller, who
handled these obligations for Merchants Distilling Corp.
(among others)
for the past few years through E. H. Rollins & Sons,
Inc., with which he
was connected, it has become obvious that it will be more
practical to handle
this paper through Philadelphia Acceptance Corp. than
directly.
Mr.
Koller will devote his entire time and attention to the
management of
Philadelphia Acceptance Corp.
It is quite likely that the capital of that
corporation will be enlarged by subscriptions to its capital from other dis¬
tillers, and it is even possible that Merchants Distilling Corp. may increase
its
Feb.
$177,359
73,152
68,863
1935
$132,295
50,964
58,134
Earnings—
1937
1936
1935
1934
$49,402
$49,952
48,000
$52,192
$63,346
57,000
63,000
48,000
deprecia¬
tion of real estate
Surplus
Previous surplus
Bal. carried forward..
26,946
$1,402
2,862
$1,952
def$31,754
$346
910
32,664
32,318
$4,264
$2,862
$910
$32,664
a After
deducting interest on borrowed capital, expenses of management,
together with Dominion income taxes, provincial and other taxes, and after
making provision for depreciation of real estate.
Volume
Financial
146
r
Assets—
1937
Mortgages
$600,000
Capital stock
estate.
$1,327,940 $1,518,912
Heal estate
440,264
Cash
338,142
53,116
10,787
Reserve fund
Profit and loss
•
Reserve to pay div.
Deposits
Sterling debens
Currency debens..
Int.
Deb.
850,000
4,265
12,000
117,930
48,667
126,300
2,862
141,441
48,667
238,900
2,458
17,371
Munsingwear, Inc.—To Increase Directorate—
(F. E.) Myers & Bros. Co.—Earnings—Quar. End. Jan. 31—
$438,691
179,055
$345,001
158,683
Heat
&
$345,399
x8,743
$370,092
x8,720
$259,636
x5,784
$186,319
xl0,931
$354,142
21,089
50,200
$378,812
20,045
54,000
$265,420
19,502
35,125
$197,250
19,414
25,800
$282,852
$304,767
$210,794
2_0d,000
150,000
100",000
$152,035
7,500
80,000
$82,852
$154,767
$110,794
$64,535
$1.41
$1.52
$1.05
$0.72
Consolidated—New
Power
Depreciation, &c.
Bridge
replacing J. W.
company,
Calendar Years—
1937
/
allowing
after
► taxes, expenses, &c
for
1935
1936
$275,103
248,552
Dividends....
Net profit..
Common dividends
all
...
Federal taxes
Preferred dividends
(Wm, R.) Moore Dry Goods Co.—Earnings—
$250,181
198,927
$425,071
397,624
T Assets—
1937
Cash
Surplus
a)U. S. Govt,
secur
receivable...
Receivables
1,129,720
12,214
from
►
employees..
b Inventory..
4,375
Real estate
Fixtures A equip.
|
R.
Dry
$5,768
Goods
National
A contingencies.
118,560
Capital stock
2,500,000
Undivided profits.
467.977
203,242
2,500,000
441,427
Reserve
for
taxes
Int. on 1st mtge. bonds.
Prov. for Fed'l & State
income
taxes
1934
$595,606
80,743
$468,170
83,319
al35,000
79,000
8,859
Net inc. for the year..
Previous surplus
37,500
76,000
55,300
$438,863
501,708
$329,551
619,048
$940,571
311,127
29,873
$950,226
448,518
100,000
Disc, on 1st mtge. bonds
8,380
pledged
to RFC
$522,205
660,397
$601,211
594.720
$1,182,602
Divs. paid on pref. stock
215,278
Divs. paid on com. stock
238,980
Net prem. on 1st mtge.
bonds & pref. stk. pur.
and held in treasury..
83,993
$1,195,932
215,330
310,674
&
Total....
$3,092,305 $3,256,195
pref. stk. purch. &
held in treasury
$3,092,305 $3,256,195
Total....
Par value, $1,177,500 in 1937 and $1,076,500 in 1936.
b Merchan¬
dise at mills or in transit, and unpaid
invoices therefor, amounting to
$23,748 in 1937 and $51,441 in 1936 are not included in the above state¬
ment.
c Depreciated.—V.
146, p. 283.
Morris Finance
Co.—Earnings—
r
Calendar Years—
Dross income from operations
1937
Net income from operations.
Other income credits
1935
$872,247
329,445
$631,456
263,107
$405,360
10,945
$542,801
10,939
$368,348
13,590
expenses
^
1936
$574,795
169,435
_
.....
...
Add'l
Fed.
inc.
1933.
1,626
......
a
Operating
1935
76,583
Co.
_____
deps.
1936
$912,794
1937
$661,062
59,858
Amt. approp. for res. for
fluct. in metai invent'y
1
Withdrawn-
National Bearing Metals Corp.—Earnings—
Years End. Dec. 31—
130,441
1
Airlines, Inc.—Registration
See list given on first page of this department.—V. 145, p. 2856.
$111,525
payable
Moore
stock.
Bk.
Accts.
3,121
953,065
681,949
123,345
c
c
Wm.
6,905
706,526
575,537
_
-
$380,276
1,029,498
1936
1937
Liabilities—
1936
$556,784
.....
Earns, per sh. on 200,000
shs. com. stk. (no par)
x Net.—V.
5.
146, p. 601
Balance Sheet Dec. 31
Accts. receivable
1935
$565,441
195,349
Other income
Light
Co.,"Ltd., has been elected a director of this
McConnell.—V. 146, p. 1081.
Bills
1936
$549,812
204,413
Total.........$1.778,991 $1,910,171
$1,910,171
Director—
earnings
1937
1938
Manufacturing profit
Operating profit
$1,778,991
V W. F. Angus, President and managing director of the Dominion
Net
146,
Stockholders at their annual meeting on March 8 will consider ratifying
amendment to by-laws so as to increase the number of the board of directors
from seven to nine.—V. 146,
p. 1249.
4,710
11,591
reserved
-V. 145, p. 123.
Montreal
1407
1^49.
•
850,000
12,000
1?
$600,000
Sundry accounts..
Total
1936
1937
Liabilities—
1936
real
on
Chronicle
continued the company in possession of its business and property.- -v.
Comparative Balance Sheet Dec. 31
9,530
1,749
for
tax
3,104
-
Earned surp. Dec. 31Earns. persh. on 119,490
$644,351
$660,397
$594,720
$501,708
stock—
$2.57
b$4.07
$1.87
$0.92
shs. common
Including $16,900 estimated surtax on undistributed profits,
b Before
amount appropriated for reserve for fluctuation in metal inventories.
a
Gross income
Provision for Federal taxes
Commissions on sales of capital stock
$553,740
*73,911
5,157
xl38,384
$416,304
73,475
5,687
x79,395
...
Int. on collateral trust notes,
Commissions & fees on coll. tr. notes.
.....
$381,938
53,857
4,172
49,489
7,045
.
Condensed Balance Sheet Dec. 31
U.
Net income
i
Cash divs. paid on pref. cap. stock..
Cash divs. paid on common cap. stock
$257,748
35,000
112,000
__
$336,287
35,000
94,500
Including $25,300 ($53,000 in 1936) for surtax
x
on
$267,373
31,906
undistributed profits.
Assets—
Cash
1937
deposit..
$683,971
$322,524
Notes receivable-.
5,200,815
Coll.
6,000,005
on
Repossessed
tels
5,346
_
11,753
20,411
trust notes.....
15,032
Reserve
on
ree'les purchd
39,037
83,706
for
100,304
170,267
345,549
135,991
158,686
185,053
300,154
500,000
250.000
Capital surplus
118,735
Earned surplus...
644,332
118,735
533,583
7% cumulatlve.
Cl. A stk (par $50)
y
Total
x
...$5,997,965 $6,437,875
Includes
Class B stock
Total....
repossessed automobiles,
y
10,000
no
Goodwill,
stock and
a
a
dividend of $2.50 per share on the class A
dividend of 50 cents per share on the class B
common
com¬
of amt. ree'd for
holders of record March 15.
Previously a regular
quarterly dividend of $3.25 per share was paid on the class A shares and
regular quarterly dividends of 65 cents were distributed on the class B
shares.
In addition, an extra dividend of $3.75 and 75 cents, respectively,
was paid on the A and B shares on Dec. 31, last.—V. 145, p. 3201.
Mountain States Power
Co.—-Earnings—
xl937
Operating revenues
Oper. exps., maintenance and taxes
Net oper. rev. (before approp.
Rents from lease of properties.
1936
$4,095,207
2,720,522
$3,634,622
2,395,501
for retire, res've). $1,374,685
$1,239,120
243,177
2,622
Dr57,974
243,249
2,507
Miscellaneous non-operating revenues.
Inc. from merchandising, jobbing & contract work-
"L656
Ac—
1,457,755
12,260
2,580,269
$1,562,511
300,000
$1,484,876
300,000
$1,184,876
12,000
477,521
45,917
Amortization of debt discount and expense.
Other interest (net)
_
Other income
_
_
deductions
477,521
45,917
373,245
17,247
389,541
12,615
$348,580
$247,281
Preliminary, as per books of company.
Notes—(1) In the above statement of income accounts, net income for
the year ended Dec. 31, 1936 has been reduced by $35,309, to reflect adjust¬
ments of amortization of debt discount and expense charged to surplus iu
1937 and sundry other items charged or credited to surplus in 1937, which
have been applied retroactively in the accounts.
(2) The revenues and expenses for the 12 months ended Dec. 31, 1937,
are in accordance with the classifications of accounts prescribed by the
Federal Power Commission and by the Public Utilities Commissioner of the
State of Oregon, effective Jan. 1, 1937, which differ in certain respects from
the classification previously followed by the company.
(3) No provision has been made for Federal income tax or for surtax on
undistributed profits for the years 1936 or 1937, as it is estimated that no
such taxes will be payable for those years.
(4) On Dec. 31, 1937, the District Court of the U. 8. for the District of
Delaware approved, as properly filed, the petition of the company for re¬
organization under Section 77-B of the Bankruptcy Act and after hearing
x
over
....—
Earned surplus.
__
252,680
644,351
252,680
660,397
1,457,755
36,846
$6,357,099 $7,358,982
Total
Represented by 119,490 no par shares, after deducting 510 shares held
treasury,
b Less reserve of $20,000 in 1937 and $20,303 in 1936.
c $150,000 due Oct. 26, 1938.—V. 145, p. 3352.
a
in
National Biscuit Co.—Earnings—
1935
1934
1937
1936
-Not reported.$101,942,900 $96,758,247
17,129,603
18,278,549 $14,474,879 $16,320,982
2,855,530
2,704,163
2,742.226
2,378,962
2,934,309
1,746,633
1,929,958
Calendar Years—
Earnings for year
Depreciation
Federal & foreign taxes.
$11,895,111 $12,640,077 z$9,986.020 $11-597.573
1,735,699
1,735,699
1,735,699
1.735,699
10,047.809
10,042,719 ylO,670,741 xl8,203,642
Revalua'n of securities..
Cr6,929
CV34.636
CV509.746 Cr2,003,106
Net
profit-
Preferred divs. (7%)—
Common dividends.—
Bal., earned surplus..
Shs.com.stk.out.(par$10)
Earnings per share—...
$896,295df$1,910,674df$6,338,662
$118,532
6,289,448
6,289,448
6,298,448
6,289,448
$1,61
$1.73
$1.31
$1.57
Includes dividends payable Jan. 25, 1935.
y Includes dividends pay¬
able Jan. 15, 1936.
z The earnings as stated above are before deducting
x
strike expenses aggregating $721,451, which were
but to insurance and contingent reserve.
Note—No provision
not charged to operations,
made or required for Federal surtax on undistributed
profits.
Consolidated Balance Sheet Dec. 31
x
$
machin'y, Ac.
82,806,222
S. securities.
757,500
N.
Y, City bds.
18,500
26,416,906
Accts. receivable
2,523,465
Cash...
84,219,395
757,500
18,500
26,154,203
2,397,885
A
Common
stock.
Accts. payable..
Ins. A cont. res.
Tax
reserve
Earned surplus.
Capital surplus.
materials,
supplies, Ac..
Notes
Liabilities—
Preferred stock.
Plant, r'l est.,
Raw
1937
1936
$
10,169,122
$
24,804,-500
62,894,480
1,800,483
7,696,600
4,023,826
13,146,947
9,656,014
1936
$
24,804,500
62,894,480
1,719,170
7,675,097
4,201,480
13,028,415
9,656,014
8,912,913
mtges.
154,724
receivable
Net income
of.
8,556
....$6,357,099 $7,358,982
Total
Assets—
$1,262,511
income
Issued
1,194,900
stated val. there¬
U.
Gross
Common stock..
sres.
3,440
1937
Rent for lease of electric property
Interest on funded debt
a
trade
processes,
Net operating revenue and other income (before
appropriation for retirement reserve)
Appropriation for retirement reserve
(par $100)
stock,
both payable March 31 to
Years Ended Dec. 31—
100,000
3,075,400
1,194,900
Cap. surp.—excess
Deferred charges..
par
Dividends Reduced—
100,000
3,075,400
—
1,188,285
30,964
Gross sares
Directors have declared
mon
rnkt.
1,176,406
29,893
of 1st mtge. bds.
$5,997,965 $6,437,875
Represented by
shares.
235460
1,219.500
metal
2,737
Fds. In closed bks.
100,000
capital stock
for
in
fluct.
Inventory.
Pf. 7% cum, stock
1,665
..
Rl. est. mtge. notes
500,000
250,000
100,000
.
Reserve
3,127
Land, bldgs. A eq. 2,583,051
Other property-..
8,156
repossessed chat¬
tels
158,508
S. f. cash for retire.
losses
Unearned income.
c850,000
Accrued accounts.
1936
$620,945
'
324,548
receivables A
Pref.
In
Other assets
Funds withheld
Prepd .commissions
2,059
1,569
1,016,459
hands of sale3m.
Inventories
$3, 618,000 $3,982,000
from dealers....
Prepd. int. on coll.
on
notes
accrued taxe3...
x4,852
48,384
<
Accts. receivable.
trust
payable....
1,008
470,003
receiv'le. ■
funds
1937
$81,260
pay.—bank
1st mtge. 20-yr.6%
s. f. gold bonds.
est. mtge. notes.
1936
Accts. payable and
chat¬
328,739
Notes receivable..
Accts.
Liabilities—
Accounts payableNotes
ctfs.
Treas. ctfs. & r'l
Working
1937
$699,638
$613,785
at cost—
b
Liabilities—
1936
.....
Acer. int. on U. S.
39,925
Balance Sheet Dec. 31
—
Treas.
S.
1936
1937
Assets—
Cash-...
103,069
301,960
186,228
Notes A accts. of
off. A empl's.
Empl'8 stk.acc't
Prepaid ins. and
def'd charges
Total
x
.
12,617
374,526
861,833
854,936
..124,022,849 123,979,156
At cost less
depreciation,—V. 145,
Total .......124,022,849 123,979,156
p.
2700.
National Distillers Products Corp.—Acquisition—
This company acquired as of Nov. 2 last year 55,000 shares of Train &
Mclntyre, Ltd., of Glasgow, Scotland, at cost of $814,491.
This constitutes
95% of the 58,500 shares of ordinary stock outstanding.
The company
also has outstanding 75,000 shares of cumulative class A preferred and
16,500 shares of cumulative class B preferred.
National Distillers on March 1 will discontinue as selling agents for
Black & White whiskey, one of the various brands controlled ny Distillers
Co., Ltd.—V. 146, p. 1249.
Financial
1408
(& Sub.)—Earnings-
National Candy Co.
1935
1934
$1,188,872
$1,270,680
1,735,208
from sales.
_
exchanged for the 6,617 shares of the capital stock ($100 par), (the only
Brothers Keene's Cement Co.
making the total amount applied for 1,237,358 shares.
$2,147,383
1,625,297
1,581,700
1,487,242
of Kansas,
Authority for and Purpose of Issue
Sell., adminis. & general
expenses
Trade accts.
written-off
reserved
and
91,517
a67,050
82,988
76.962
450
94,438
$570,1 llprof$314,844
66,087
66,087
70.462
70,462
48,204
192,815
$394,459
66,087
70,462
192,815
prf$488,740
66,087
70,462
192,815
(net).
deductions
Other
27,710
37.121
a475
.»■-
Income taxes
Cr41,532
Minority int. in loss
Net loss
1st pref
Dividends
2nd
Divs.
1
preferred...
dividends
Common
$0.73
Nil
$1.82
a Includes $196 ($1,350 in 1936) estimated surtax on undistributed profits
Note—Provision for depreciation of property, plant, equipment and rental
property included in the above statement, amounted to $410,381.
Consolidated Balance Sheet Dec. 31
1937
1936
1937
„
$
521,647
x
1,045,132
2,391.827
1,372,634
2,580,108
......
Customers' accts
Inventories..
deps.
Margin
grain
10,100
Cash
325,000
49,000
82,341
106,108
Series g. notes pay.
payable
Accrued accounts.
475
67,050
23,8 89,
5% ser. gold notes
436,000
483,000
248,579
Deferred credit...
18,181
18,180
5.372,973
82,804
Min. shareholders'
94,244
538,850
587,093
for contin?..
60,000
14,021
15,856
1st pref. stock
944,100
60,000
944,100
1,006,600
4,820,375
1,286,879
27,335
250,116
insurance
5,406,936
Perrn't assets..
Deferred assets—
Goodwill,
750,000
47,000
34,137
143,640
Taxes
Other assets
y
398,863
Notes payable
of life
value
413,219
Dividends
..
$
Accounts payable.
on
futures
1936
$
Liabilities—
$
523,198
Cash
interest in subs.
Res.
patent
rights A tr. mks.
7%
7% 2d pref. stock. 1,006,600
Common stock.4,820,375
540,281
Surplus....
9,752,860 10,234,590
Total
1937 and
$76,043 in 1936.
y Less allowance for depreciation of $5,148,022 in 1937
and $4,801,370 in 1936.—V. 145, p. 3202.
allowance
Less
x
doubtful
for
National Discount
of $75,600
&c.
accounts,
Expenses.
borrowed money.
on
li$t the common
Provision for Federal income taxes
1936
stock held in the company's
62,975.96 shares of authorized but unissued shares of common
.stock.
Company expects to assign an amount of $397,020 to its common
for the capital stock of Best Bros.; said value
to be issued in exchange
National Oil Products Co. (&
Subs.)—Earnings—
Earnings for the Year Ended Dec.
Net
31, 1937
sales
Cost of
—
$5,677,742
4,549,826
goods sold
$2,127,917
1,148,471
profit
Selling expenses
General and administrative expenses
310,928
111.062
395,245
92,319
79,000
$333,622
8,019
17,155
Dividends
on
$322,863
32,340
151,535
Operating profit for year.
249.512
stock....
common
Net profit on
Other income
$668,517
sales
35,995
$704,512
91,515
67,715
88,420
18,613
Other deductions
Provision for executive incentive
on
Provision for undistributed profits tax
Coll.
demand
5,978,362
mobiles
Due old
29,341
1,587
Prepaid
expenses.
a
Automobile equip
1
"17,209
872
1.674
40,551
28,161
1
claims...
12,561
23,851
44,783
30,085
..
Furniture A flxtur.
Consolidated Balance Sheet Dec. 31, 1937
Acer.
&
local
State,
2,631
5,326
$148,353
Acc'ts & notes rec.—trade..
221,397
Securities....
ernpl.—curr't."
79,251
190,405
311,204
421,473
417,326
Notes rec.
7% cum. pref. (par
$100)
cum.
9,794
Invest'ts, securities, real estate
and memberships
462,000
Unearned discount
pref. stk.
1,500
Common stock.
25,384
Capital surplus...
124,128
97,162
Earned
862,434
542,763
surplus
y
Fixed assets..
5,225
1,176
.......
Prepd. exps. A def'd charges..
Goodwill, patents, trademarks
$7,437,062 $6,523,670
National Life & Accident Insurance Co.—Stock Div.—
Co.—Earnings—
Years Ended Dec. 31—
x
1935
$341,390
$209,671
32,239
20,857
32,105
a53,845
38,834
23,675
$138,231
1936
$255,440
243.549
Excess
reserve
for
1934
$147,161
196,195
Federal"
Dividends paid (cash)
Additional Federal
income
taxes
$498,989
200,000
a
$343,549
After
$310,644
$297,412
$2.55
$1.47
Balance Sheet Dec. 31
1937
Cust. accts.
204,781
282,037
300,506
rec.-
1937
Acer,
expenses
Due to employees.
grain & supplies,
Provision for taxes
deposits & misc.
Res.
accts.
receiv'le.
9,892
Real
estate
18,378
362,846
460,252
51,380
Prepd. A def. exps.
from
for advert's'g
2,659
1,625,000
310,644
9,483
9,373
12,487
52,283
Capital stock
Surplus
1,625,000
297,412
668
21,664
21,911
8,046
8,095
surplus
surplus........
Total..........
miscell.
778,830
equipment
Total
a
$2,035,811
After
reserve
for
bad
767.601
$2,088,024'
debts
of
$2,035,811
1937
and
$4,053
$2,088,024
in
1936.
in^ter^re8^Ie p. 605.
for depreciation of $1,263,471 in 1937 and $1,231,232 in
146,
National
The
New
Gypsum Co.—Listing—Acquisition—
York
Stock
Exchange has authorized the listing of 62,976
($1 par) upon official notice of issuance thereof;
said, shares together with 3,194,040 shares now held in the.treasury to be
common
stock
132
115,290
360,130
....--11,389,091
y
After reserve
1937—11 Mos .—1936
1937—Month—1936
9,936,744 129,877,692 114,290,855
9,065,933 108,411,299
95,118,783
lectible
870,810
198,161
Net oper. revenue
Tax accruals and uncol¬
21,466,393
19,172,072
52
revenues
30,263
198,161
211,925
870.810
142,488
21,466,341
2,308,540
19,141,809
1.595,422
410,086
659,196
1,013,298
552,780
23,774,881
7,301,549
20,737,231
5,286,764
def249,109
460,518
16,473,331
15.450.467
Balance
Other Income.
Total income
Deductions
....
National
Supply Co. (Pa.)—Report for 1937—
The company in its
first consolidated annual statement giving
effect to
capital changes and a merger of The National Supply Co. of Del. and
Spang, Chalfant & Co., Inc., effected during the year, reports combined net
profit of $7,857,500 for 1937, after depreciation, interest Federal income
and undistributed profits taxes.
Corresponding earnings for 1936 were
$4,286,811.
The combined statement of the company and its subsidiary
and predecessor corporations shows gross income from operations for 1937
of $19,064,247 compared with $12,943,002 for 1936.
On the basis of the company' new capitalization, 1937 net profit is equiva¬
lent to $5.10 per share on the 1,155,517 shares of common stocjc outstanding
at the year-end, after allowing for yearly dividend requirements on prefferred stocks outstanding Dec. 31, 1937 (other than 115,550 shares of preferance stock issued as a dividend on the common stock, upon which dividends
did not begin to accrue until Jan. 1, 1938).
such preference stock, earnings per share
With allowance for dividends
on the common stock would
$4.90.
new company
are
took place during the year, earnings per
those of the old com¬
not comparable with
The National Supply
to $6.06 per share on
382,788 shares of common stock, which were subsequently split three for
one and latter exchanged for common stock of The National Supply Co.
(Pa.)
The presently outstanding amount of common stock also includes
shares issued in exchange for the small minority interest of Spring, Chalfant
& Co., Inc.
Three classes of preferred stock of the new company—5 H% and 6%
prior preferred and $2 10-year preference—were issued during the year in
.,,
.
Total
$4,400 in
1936.—V.
sharesi of
$19,715.
pany for the preceding year.
In its report for 1936,
Co. of Del. showed consolidated net profit equivalent
chinery, furnit, A
&
,
(Mexican Currency)
share of the
b Land, bldgs., ma¬
fixts.
2,443
of Mexico—Earnings—
Because of the changes which
officers
and employees..
Investments
13,004
Railway oper. revenues. 11,056,540
Railway oper. expenses. 10,858,379
amount to
580
149,249
692,292
Paid-in
on
notes
receiv., secured.
Due
85,519
payrolls and
Ad vs. of purch. of
Inventories
$48,751
9,781
895
51,042
Accounts payable.
1936
$35,790
Liabilities—
$253,548
304,656
Bonds (at cost)...
a
1936
$215,880
.....
Res. for jobbers p-ice adjust..
for bad debts and allowances of
National Rys.
$243,549
$1.35
Includes provision for surtax.
Assets—
...
Common stock ($4 par)
$3,389,091
„■
reserve
Net oper. Income
—V. 146. p. 1082.
1,577
Cash..
18,613
Fixed' liabilities""!!""!."!
100,000
for
prior years
Surplus as at Dec. 31
Earnings per share on 100,000 shares
capital stock
profita
1937
193
$435,644
125,000
-
88,420
1937
depreciation of $632,988.—V. 145, p. 3352.
Period End. Nov. 30—
1937
$191,328
Provision for income tax
normal
Federal
undistributed
for
Earned
2
Total.
for
Directors have declared a stock dividend of 33 1-3% on the common
stock payable March 1 to holders of record Feb. 21.—V. 140, p. 3395.
Operating profit and miscell. incomeDeprec. on buildings, machinery and
equipment
for
income tax,
Res.
67,715
$7,437,062 $6,523,67®
Total
a After reserve for depreciation of $16,639 in
1937 and S13.4C9 in 1936.
b Represented by 43,985 (41.924 in 1936) no-par shares.—V. 144, p. 944.
National Oats
33,657
accrued
1,048,030 Scrip outst. for conv. of fraainterest in shares of stock..
167,529
and formulae.
Total
19,858
Sundry taxes accrued
Reserve
14,492
134,506
Letters of credit payable..
Expenses
$89,289
$00,000
bank
Deferred credits......
by real estate,
Treasury stock.
543,335
Notes payable to
tax
due more than one year
489,900
570,046
(par $100)
payable.. ._.. _..:
Acc'ts rec.—credit balances—
2,714
...
Notes rec., sec. by rea! estate.
sec.
Vouchers
Res. for exec, incentive plan..
commodity futures contracts
Sundry receivables...
Ac...
2,161
and
purchases
on
119,865
stock taxes
contlng.,
1,503
1,747,392
6,933
.......
Due from off. A
Advances
Reserve for losses,
b
x
Salesmen's advance funds...
unemployin't
taxes
5%
hand and in banks—
on
Inventories
Acer. Fed. inc. and
cap.
Liabilities—
Assets—
Cash
2,040
9,484
pref .issue
$438,249
profit
Note—Depreciation included in above figures $81,613.
$4,544,000 $3,989,900
79,210
97,090
Accrued expenses.
hand
Mlscell.
1936
Withheld fr. dealers
5,401,049
auto-
(at cost)
1937
notes
Accounts payable.
Repossessed
on
trust
payable
depos.. $1,352,903 $1,017,495
Notes receivable..
Net
Liabilities—
1936
hand and
plan
Provision for Federal normal income tax
Balance Sheet Dec. 31
1937
Assets—
Cash
being
aggregate
Total income
Dividiends on pref. stock (7%)
Dividends on 5% pref. stock
stock
quoted market value of 66,170 shares of the company's
common stock at the closing price of the stock on the New York Stock
Exchange on Jan. 31, 1938, the date upon which the offers to exchange as
aforesaid received by the company from stockholders of Best Bros, equaled
95% of the 6,617 outstanding shares of Best Bros, capital stock.
Best Bros, has long been engaged in the manufacture and sale of crushed
gypsum rock, Keene's cement, white piasters and other gypsum products.
Best Bros, owns in fee at and near Sun City, Kans., approximately 2,000
acres of gypsum lands containing estimated reserves of over 30,000,000 t ons
of unusually pure, white gypsum rock.
In addition it has 200 adjoining
acres under a lease that still has 43 years to run.
The deposit being mined
averages over 20 feet in thickness.
Here the gypsum rock is mined, crushed
and loaded on cars.
A large portion of the equipment at this location is
comparatively new and all is in excellent condition.
The crushed gypsum rock is transported from Sun City by rail approxi¬
mately 24 miles over the lines of the Atchison Topeka and Sante Fe Ry.
to Best Bros.' mill at Medicine Hodge, Kans.
The plant here consists of
three manufacturing buildings and five warehouses of brick, steel and
concrete, all in good condition, with supplementary concrete storage silos
and sundry miscellaneous buildings.
The equipment is in good operating
condition.
The annual capacity of the plant is approximately 100,000 tons
of all types of gypsum products.—V. 145, p. 3352.
the
Gross
$1,000,490
stock of the company on the Exchange. The directors
stock required for the exchange be
composed of the 3,194.04 shares of common
in
1937
$1,099,056
lo3,237
444,658
105,525
112,013
Years Ended Dec. HI—
Discount earned, interest and service charges
for losses
Interest
to
authorized that the shares of common
Corp.—Earnings—
Provision
exchange for the issued and
outstanding capital stock of The Best Brothers Keene's Cement Co. in
the ratio of 10 shares of common stock of the company for 1 share of capital
stock of Best Bros.; provided that the owners of 95% of the capital stock
of Best Bros, offer their stock to the company for exchange and provided
further that the company shall have first received authority from the
Securities and Exchange Commission and the New York Stock Exchange
9,752,860 10,234,590
Total
Jan. 25, 1938, the directors
adopted at a meeting held
the issutnee of common stock in
By resolutions
authorized
treasury and
def.$14,520 def$723.823 > $159,376
surplus
def$754,864
Earns, per share on 192,815 com. shs. (no par)
Nil
Balance,
1938
issued and outstanding securities) of The Best
1936^
$2,098,708
1937
Years Ended Dec. 31—
Gross profit
Feb. 26.
Chronicle
^
of accumulated
previously out¬
National Supply Co. of Del. and Spang,
connection with the merger, recapitalization and discharge
dividends on old issues.
These were exchanged for the
standing preferred shares of The
Chalfant & Co.
In their report to
and John M.
stockholders, P. J. Shouvlin, Chairman of the board,
that 1937 was one of the most suc¬
Wilson, President, state
cessful years in
the history of the company's
business, both in respect to
Volume
Financial
146
earnings and inventory position.
They point out that the company ended
the year with a normal inventory, no future commitments other than normal
carry-over of unfilled purchase orders for current needs placed at prices not
higher than present market levels, and a well balanced output.
It is a little too early to judge to what extent we may be affected by the
recession in general business," the report concludes.
As a rule, there is
a
drop in sales toward the close of the year, and the falling off in November
and
December
not
than
normal, especially if consideration be
given to the very large sales in the first quarter.
Judging by reports from
the field it would seem reasonable to expect favorable earnings in 1938, but
not as large as in 1937."
was
Income Account
more
$2,556,309
1,166,457
Selling and general expenses
Balance Sheet Dec. 31
Assets—
x
income from
$1,389,852
operations
Other income
1937
equipment
Other
investments
Invest.
In
2 ,133,506
2,120,988
$1,498,544
969,758
deductions
$528,786
10,668,535
Consolidated net profit
Balance—Oct. 23, 1937
8,300
Adjustment to reinstate assets previously charged off
$11,205,620
Total
Dividends paid in cash
Divs. on common stock by issuance of $2 10-yr. preference
Premium on first mortgage bonds redeemed
494,812
4,622,032
4,120
235,167
12,116
stock
_
Consolidation expense charged off
Purchase of treasury stock—excess over par value
Miscellaneous
83
deductions
$5,837,290
Balance, Dec. 31, 1937
Consolidated
Selling & general
Income
Account
Calendar Years
2 ,544,750
2,544,750
8,232
148,030
397,167
Deferred debits...
Cash
Total income
$13,675,254
1,386,636
2,476,343
xl.954,776
Depreciation
Interest, taxes, &c
Federal taxes
Divs. of sub. company
Inc. applying to Spang,
Chalfant stock
$7,857,500
yl934
$7,199,744
3.930,432
$7,791,012
643,283
$4,069,566
658,586
$3,269,312
$8,434,295
1,323.659
1,577,821
xl,246,004
12,009
$4,728,152
1,832,418
1,146,985
276,651
20,058
$3,715,822
1,797.582
1,012.318
220,637
Dr781,420
Pr780,023
446,510
26,748
Accts. receivable..
170.169
Em pi.
562,128
173,279
133,980
185,273
434,696
65,064
793,238
Current liabilities.
Deferred credit.23,681
17,695
annuity fd.
Total
..$7,996,649 $8,024,6881
After
in 1937 and $7,334,271
3352.
Light Co .-—Earnings—
Years Ended Dec. 31—
Total operating revenues
1,364,370
129,940
1,104,490
582,236
1936
xl937
$4,386,516
1,877,603
Operating expenses
Maintenance
$4,477,844
1,816,672
373, 255
340,002
132.363
362,463
364,034
713",369
664,187
$949,922
31,942
$1,107,249
22,659
$981,864
Cr1,740
$1,129,909
58,213
Cr 116
$938,569
$1,071,812
Provision for retirements.
Federal income taxes
159,172
4,066
Surtax
on undistributed profits.
Other taxes
u
Operating Income
Other income (net)
Gross income
Interest
45.035
unfunded debt
on
Interest charged to construction
-
x Preliminary—subject to annual
audit and such sundry book adjust¬
ments, if any, as may be necessary incident to closing for fiscal year ended
Dec. 31, 1937.—V. 145, p. 3353.
New
England Gas & Electric Association (A Subs.)—
xl937
Years End. Dec. 31—
operating revenues
Operating expenses
Maintenance
Provision for retirements
Federal income taxes
Surtax
Other
on
1936
$13,940,252 $13,877,081
6,860,593
6,610,879
1,059,881
1,114,552
1,241,844
1,300,573
354.260
373,666
7,124
42,342
2,037,900
1,952,370
Total
undistributed profits
taxes
$2,378,647
320,825
582,236
Gross income
Subsidiary companies—deductions from income.
England Gas & Electric Association:
$2,482,696
308,708
$2,699,472
Other
Nat. Sup. Co. of Del.
Divs. paid on pref. &
com. stks. of National
Sup. Co., Pa
$7,996,649 $8,024,688
Total
for depreciation of $7,425,329
reserves
in 1936.—V. 145, p.
Operating income
income (net)
stk.of Spang, Chalfant
& Co. in excess of a
year's requirements
Divs. paid on pref. stk.
\ 115,000
$670,620loss$121,486
$3,483,602
pref.
on
I
562,128
175,614
309,454
Balance of income
yl935
$8,467,228
4,397,662
Pr791,200
exps
Net income from oper_$13,064,260
Other income
610,994
Net profit
Divs. declared
for
al937
yl936
$19,064,247 $12,943,002
^ 5,999,987
5,151,990
Gross income
/
875,061
New Bedford Gas & Edison
Other
annuities..j
Other reserves
434,696
Surplus
wholly-
owned subs
Res've
108,692
_
Total income
$6,362,500 $6, 362,500
Capital stock
$2 ,115,632 $2,273,459
1936
1937
Liabilities—
1936
Inv. in plant and
x
Net
1409
Inventories
for Period from Oct. 23, 1937, to Dec. 31, 1937
Gross income from operations
Chronicle
$2,791,405
227,248
212,680
_
New
on
funded debt
on
2,111,413
31,261
19,361
unfunded debt
Amortization of debt discount and expense
Pennsylvania Co. and subsidiaries, Delaware Co. and Spang, Chalfant
x Includes excess profits taxes and $383,533 ($339,548 in 1936)
on
undistributed profits,
y
Delaware Co. and subsidiaries
including Spang, Chalfant & Co., Inc.
x Dividends paid on preferred and
common stocks of the National Supply Co. (Pennslyvania) are as follows:
Prior preferred stock—5K% series—S1.37H
per share $315,633, prior
preferred stock—6% series—$1.50 per share $97,031, $2-10 year preference
stock—$0.50 per share $82,149 and dividends paid on common stock by
the issuance of one-tenth of a share of the $2-10 year preference stock (par
value $40 per share) on each share of common stock $4,622,032.
2,124,765
$324,757
Interest
Interest
z5,116,845
$417,563
2,443
19,385
a
& Co., Inc.
for
surtax
Surplus Accounts Year Ending Dec. 31,1937
f1937
Assets—
28,414,696
5,422,171
securities
fl937
2,389,178
5
V-1% series
6% series
2,468,428
10,824,523
A employees
33,225
138,083
21,478,729 21,122,621
Cash held by trust.
Deferred charges..
17,654
4,269,200
176,666
3,581,082
188,871
Patents & licenses-
30,169
23,690
Misc. invest., Ac
$
6 468,700
.
31
1937.
Note—-This statement includes for both
Dec.
Telephone
England
Telegraph
&
Co.—New
Directors—
Henry James and Joe. E.' Harrell, have
company.—V. 146, p. 1082.1*. a. lui km
been elected directors of this
Jersey Bell Telephone Co.—Earnings—
New
""'Calendar
Years— '
1937
Local service revenues-$31,175,762
15,799,010
1,319.886
Total service revenues—
Miscellaneous revenues.
1936
1935
1934
$29,613,011 $28,118,370 $27,783,786
14.669,407
13,314,247
13,166,536
1,162,843
1,068,434
941,925
$48,294,658 $45,445,261 $42,501,052 $41,892,247
150,148
138,079
177,362
163,064
Total
Uncollec. oper. revenues
Total oper. revenues.
.$48,144,509 $45,307,182 $42,323,690 $41,729,184
7,960,942
7,905,300
8,131,814
8,692,108
7,682,855
7,554,562
7,456,610
7,402,177
7,357,920
6,926,792
6,909,036
7,992,489
3,787.909
3,568,675
3,474,261
4,135,050
487.420
512,215
544,809
601,094
Current maintenance—
Depreciation expense
Traffic expenses
Commercial expenses
Operating rents
Gen. & miscell. expenses:
depart's.
407.029
373,717
Acct'g & treas. depts.
1,881,799
1,754,647
360,016
1,698,910
343,403
1,636,734
489,899
520,020
535,179
563,152
403,136
379,058
317,090
370.173
676,707
776,027
632,253
656,882
597,490
609.238
593.415
233,579
274,087
125,358
5,656,275
102.304
6,444,117
4,917,388
104,800
4,515,973
$8,630,636
381.861
$8,157,846
440,258
$6,890,542
454,160
$7,004,739
395,252
$9,012,498
$8,598,104
$7,344,703
$7,399,991
603,298
992,915
2,134,979
2,255,294
$8,409,199
stock8,750,000
$7,605,189
7,503,952
$5,209,723
4,815,808
$5,144,697
6,621,736
—def$340,800
$101,237
Exec. & legal
for
Prov.
employees'
service pensions
Employees' sickness &
accident, disability,
death & other ben'ts
Services receiv. under
license contract
struction—Cr
11 181,920
£11 ,555,170
periods the results of operations
subsidiaries of New England Gas & Electric Associa¬
tion, irrespective of dates acquired.
No income is included herein from
investments in transportation securities.—V. 145, p. 3504.
Taxes
(par $40)
audit and such sundry book adjust¬
for fiscal year ended
of all properties now
Other general expenses..
Gen. exps. charged con¬
22 702,900
Com. stk..
Accts. rec., officers
Preliminary—subject to annual
el6,635,300
82-10 yr. pref. stk/
Notes and acc'ts
Inventories
dl93>6
$
7% cum. pref. stk.
Prior
pref.
Ptock
3,059,714
receivable-..... 10,564,197
a
31
Liabilities—
$
machinery, Ac. .29,482,792
Market,
Dec.
d 1936
$
b Land, buildings,
Cash
Sheet
Balance
x
New
Balance—capital surplus—Jan. 1, 1937, $5,641,793; balance—earned sur¬
plus—Jan. 1, 1937, $8,199,481; total, $13,841,273; total net income for
the year 1937, $7,857,500; adjustment to reinstate assets previously charged
off, $8,300; surplus applicable to minority interests in predecessor corpora¬
tions, $83,483; total, $21,790,556; dividends paid in cash; Spang, Chalfant
& Co., Inc. 6% cumulative preferred stock—$10.50 per share, $1,364,370;
The National Supply Co. of Del: 7% cumulative preferred stock—$3.50
per share, $582,236; The National Supply Co. (Pennsylvania): prior pre¬
ferred stock—5j^% series—$1.37H per share, $315,633; prior preferred
stock—6% series—$1.50 per share, $97,031; $2 10-year preference stock—
$0.50 per share, $82,149; dividends paid on common stock of The National
Supply Co. (Pennsylvania) by the issuance of one-tenth of a share of the
$2 10-year preference stock (par value $40 per share) on each share of
common stock, $4,622,032; adjustment as of May 21, 1937, in connection
with the change by The National Supply Co. of Del. of 382,788 issued and
outstanding shares of common stock of a par value of $25 each into 1,148,364 shares of common stock of a par value of $10 each being 3 shares of the
new $10 par value stock for each share of the $25 par value, $1,913,940;
adjustments as of Oct. 23, 1937, representing the excess of the par value of
the capital stocks of The National Supply Co. (Pennsylvania) issued in
converting the capital stocks of the National Supply Co. of Del. & Spang,
Chalfant & Co., Inc., over the stated value or the capital stocks of the
constituent
companies so converted, $6,704,810; consolidated expense
charged off, $235,167; premium on first mortgage bonds redeemed, $4,120;
purchase of Treasury stock—excess over par value, $12,116; miscellaneous
deductions, $19,663; balance—Dec. 31, 1937, $5,837,290.
Consolidated
Balance of income
ments, if any, as may be necessary incident to closing
Spang,
9,569,700
6,294,000
6 ,191,000
Spang, Chalf. bds.
Notes payable
,700,000
Accounts payable.
,398,441
12,994,000
3,200,000
2,425,890
Acer, taxes, wages,
A:C
,307,412
1,152,345
pref. stock
...
c
Net oper. income
Net non-oper. income
Chalfant,
Res.for Fed.taxes
,954,776
1,246,004
2,566,373
2,353,874
5,83-7,556/
lDf2ed charges—6-f—
Interest-...-
Bal. avail, for divs—
5.KI
Divs. on common
Insur. and pension
reserve. Ac
Minority interest )
Capital surplus.. i
Earned surplus.. J
..73,863,982 69,821,707'
Total
a
In
After
1936.
reserve
b
Total
1
8,199,481
73.803,982 69,821,707
of doubtful accounts of $1,510,768 in 1937 and $1,330,493
After
for depreciation of $11,940,111 in 1937 and
Includes excess profits, normal and undistributed
reserve
$10,946,483 in 1936.
c
—V. 145, p.
3352.
*
National Transit Co.—Earnings—
Calendar Years—
Rev. from pipe lines, &c.
Divs., int. & misc. inc.-
$
Assets—
$
204 473,732 200,209,299
8 ,035,972
7,874,065
equipment
Other invest
1937
1936
1935
1934
$1,861,105
201,371
$1,584,121
87,614
$1,609,153
93,830
$1,603,584
99,888
AT. Co.
$2,062,475
Dividends paid
Balance, surplus
Earns. per sh. on
shs.
$1,702,983
200,392
of pension f'd.
1,273,322
1,186,447
$401,166
381,750
$429,661
381,750
$517,025
381,750
$95,985
$19,416
$47,911^. $135,275
509,000
m
capital stock (par
$12.50)
5,625,000
6,500,000
7,696,549
7,200,060
1,253,266
1,221,168
Notes sold to tr.
959,820
140,000,000
funds.
58,175
58,415
Mat'l A supplies
J,669,450
2,184,277
2,840
1,425,199
Prepayments —
Other def. debits
469,048
2,653
4,415,600
265,931
275,776
364,331
Cust's
depos.
advance
A
bill'g
Accts. pay. Aoth.
current
Accr'd
lab'ds.
2,663,265
1,673,731
2,602,682
2.276,954
liabilities
not due—
19,423
22,610
Deprec. reserve. 57,569,829
52,810,703
4,741,905
Deferred
credits
3,910,651
$1,703,473
1,270,569
509,000
Net income
$1,671,735
1,457,491
$604,985
Total
—
9.049
Surplus..
Oper. exp., depr. tax, Ac
—
$
$'
stock. 140,000,000
Adv. from A. T.
832,867
Misc. phys. prop
Cash
Working
Liabilities—
Common
Telep. plant and
1936
1937
1936
Acct's receivable
e
$393,915def$1477.039
Comparative Balance Sheet Dec. 31
1937
Notes receivable
Par
frofits taxes,$25. Delaware company including company Chalfant & Co.,
d g Par $10
Pennsylvania Spang , and subsidiaries.
nc.
Surplus.
$1.19
$0.79
$0.84
$1.01
Total
...221,340,665 216,447,132
Total
221,340,665 216,447.132
-V. 144, p. 1446.
New York Dock
The company
Co.—Deposit Time Extended—
™
has notified the New York Stock Exchange that the time
which 5% serial gold notes, due April 1, 1938, may be
under the plan of recapitalization dated Feb. 16. 1937, has been
to and including March 15, 1938.—V. 146
p, 605
^
within
deposited
extended
Financial
1410
Alfred Frankenthaler to consider and report
-Earnings-
New Haven Clock Co.
1936
1935
1934
$3,141,057
$3,714,327
$2,888,175
$2,291,438
Coat of sales, selling, adminis. & gen. expenses
2,490,379
2,823,306
2,349,494
1,771,659
Dprecy. of machinery,
equip, and bldgs
Certain selling expenses
59,104
213,910
51,958
221,918
57,505
209,576
86.061
184,343
148,028
131,932
123.831
114,336
$229,636
13,497
$485,213
17,103
$147,768
12,310
$135,039
17,796
$243,133
111 ,883
21,086
$502,316
102,637
94,754
$160,079
22,118
21,560
$152,835
36,060
18,214
$110,164
40,862
80,955
$304,925
159,022
26,985
$116,400
45,435
$98,560
$0.96
$3.60
$0.98
$0.74
.
Certain administrative &
general expenses.
Profit from operat'ns.
Other income
Gross income
Charges against incomeProvision for taxes
Net profit
dividends
Preferred
Common dividends
Earns, per sh. on 71,960
shs .or com .stk. ,no par,
40
excl.
in
held
shs.
treasury
Balance Sheet Dec. 31
......
1936
$192,781
(sundry)
Accrued int. rec..
rec.
Marketable
b Life
insurance.-
Inventories
28
6,200
938,020
1.249.359
1
15,476
24,825
153,138
wages, &c._
Unp'd & accr.taxes
61,348
d Pref. stock
e
625,400
Common stock._
Surplus
899,500
1.025,015
697,500
899,500
1,045,393
1
Goodwill
Total...
$3,168,182 $3,047,951
for doubtful accounts of $25,000 in 1937 and $30,000 in
c After reserve for depreciation of $2,108,-
reserve
b Cash surrender value,
1936.
535 in 1937 and $2,058,932 in 1936.
d Represented by 6J^% cumulative
preferred stock, $100 par.
e Represented by 71,960 shares, no par, after
deducting 40 shares held in treasury at cost or $500.-—V. 146, p. 761.
New York Fire Protection Co.—Tenders—
The Chase National Bank of the
City of New York, as successor trustee,
is inviting tenders for the sale to it of $1,000 principal amount of first
mortgage 4% gold bonds.
Offers will be received up to 12 o'clock noon on
March 10.—V. 141, p. 3234.
New York Steam
Corp.—Earnings-
Calendar Years—
Operating
1937
44,031
Non-oper. revenues
Gross earnings
Operating
1935
71,534
1934
39,180
55,884
$9,922,452 $10,888,321 $10,680,433 $11,156,368
5,457,954
5,599,810
5,581,989
5.711,138
1,039,247
749,522
728,719
892,623
xl ,475,488
yl ,360,359
1,318,270
1,126,240
See x
57,655
178,000
121,500
340,753
630,478
449,885
478,030
expenses
Maintenance expenses..
Taxes
Federal income tax
Prov. for retirements
Net earnings
$1,609,009
1,411,894
125,573
99,137
15,829
$2,490,497
1,419,551
111,428
99,625
16,975
$2,480,070
1,425,202
loss$43,425
156,879
$842,918
627,517
$779,237
629,155
$1,086,108
631,808
414,000
def$200,304
Int.
$215,401
$150,082
$40,300
on funded debt
General interest
Amort.of bd.disc.& exp.
Miscell. deductions
Net income
Preferred dividends
Common dividends
Balance, surplus
x
1936
$9,878,421 $10,816,787 $10,641,253 $11,100,484
revenues
150,207
99,973
25,451
$2,770,337
1,430,311
128,025
100,278
25,615
Represents accruals
per books which are subject to revision and adjust¬
No provision has been made for Federal income
tax, excess profits
undistributed profits, as none is deemed necessary for
ment.
tax and surtax on
1937.
y
No provision has been made for Federal surtax
on
undistributed
profits.
Comparative Balance Sheet Dec. 31
1937
Assets-
$
in
1936
TAabilities—
56,692,528
1
Cash..
,410,917
242,469
617,670
receivable
8
5,569,280
13,320,000
5,615,500
12,880,500
,335,268
due 1950
8, 700,000
Accounts payable.
566.760
Adv.from affll.cos. 4, 800,000
Accr'd taxes, int.,
15,693
1,423,017
13 ,'549
Interest receivable
406
406
1 ,142,563
946,384
sup¬
&c
plies (at cost)
Prepayments
Miscell.
1930
3,987,100
1st mtge. 0% bds. 5 ,605,500
1st mtge. 5% bds.12 ,758,000
1st mtge. 5% bds.,
cos.
&
$6 pref. stock
3 ,943,800
5 ,569,280
1,515,836
263,325
956,267
d Accounts & notes
Materials
Pref. stock
b Common stock__13 ,320,000
amortization
Miscell. assets
Due from affll.
a
c
of
process
1937
$
Plant & property.57 111,779
Bond disc. & exp
8,700,000
531,233
4,300,000
29,181
34,814
3,516
290,956
175,595
Misc. current liab.
30,478
155,576
268,048
Diva, declared
95,675
483,072
26,690
181,004
1,906,721
Empl's' retirement
com
pen.
Retire,
reserve
reserve
1, 958,738
Other reserve
Surplus
Total
a
of
62,033,227 61.875,309
Total..
196,301
3, 681,438
111,219
3,812,669
02,033,227 61,875,309
Represented by 39,438 shares no par value in 1937 and 39,871 shares
value in 1936.
b Represented by 360,000 shares of no
par value
stock,
c Represented
by 58,070 shares, no par value,
d After
no par
common
reserves.
Preferred Stocks
The Committee
to Be Removed
Stock
from Stock Exchange List—
List of the New York Stock
Exchange is filing
application with the Securities and Exchange Commission to remove
listing and registration, at such time as may be determined
by the
Commission the $7 preferred stock and the
$6 preferred stock of the cor¬
on
The company, which
and mortgages of over
at one time had outstanding guaranties of certificates
$700,000,000, had assets with a book value of $63,-
196,865 on Dec. 31, 1936, the report said.
The realizable value of the
assets, however, was estimated at only $16,014,411.
The plan recommended in the report calls for the creation by the Super¬
intendent of Insurance of a new corporation to engage in a mortgage business
under State or Federal law, as may be approved by the court.
The new
corporation would become the owner of all of the capital stock of New York
Title Insurance Co., a wholly owned subsidiary of New York Title &
Mortgage Co., in liquidation, organized by the Superintendent of In¬
surance in 1933 to carry on a title insurance business.
In addition the new company would receive from the Superintendent of
Insurance between $5,000,000 and $7,500,000 of additional assets, so that
on commencing business the new mortgage company would have assets
of $9,000,000 to $11,500,000.
Under the plan submitted by Mr. Martin the new company would be
owned by three voting trustees to be appointed by the court and each
creditor who assented to the plan would receive a voting trust certifi¬
cate in proportion to the size of his claim as allowed by the Superintendent
of Insurance.
The mortgage certificates and mortgages now held by credi¬
tors would not be affected by the plan.
Non-assenting creditors would
be paid their distributive shares in the liquidation proceedings.
The report indicates that the plan was adopted with the concurrence
of substantially all the creditors who appeared before the referee.
It is
understood that steps will be taken shortly to secure the confirmation of
the report by Mr. Justice Frankenthaler.
Denies
Court
Certificates
Held by
Company Rank Below
Others—
In
a
unanimous decision, the Appellate Division of the New York Supreme
Court reversed Feb. 11a decision made by Supreme
Court Justice Franken¬
thaler which held that mortgage certificates held by title companies were
subordinate in interest to certificates held by others.
The Appellate Court
ruled that the certificates ranked equally.
The effect of the decision is to increase the general assets of the defunct
companies, at the same time diminishing correspondingly the assets of
particular groups of mortgage certificates.
The decision was based on a
test case brought by the trustees of Series C-2 of the defunct New York
Title & Mortgage Co.
The trustees had sued to recover $1,063 in interest which had been paid
to the State Superintendent of Insurance as liquidator of the title company
on account of $106,355 in Series C-2 certificates held by him and also for a
judgment declaring that his certificates were not entitled to share in further
interest and principal distributions until all the other certificates in the C-2
issue had been paid in full.
Their request was granted by Justice FrankenthnlOT*
In its opinion, delivered by Associate Justice Townley, the Appellate
Division pointed out that the superintendent's certificates had been re¬
purchased from individual investors by the company before it went into
rehabilitation.
Of the total held by the company, $68,875 came from
decendents' estates under repurchase agreements and $7,680 from other
investors by way of exchanges.
The opinion said there was notning in the circumstances of their ac¬
quisition to indicate that the company, when it bought them, intended to
cancel them, thereby adding to the security of other investors in the C-2
It also declared there
issue.
was no
evidence available to indicate that the
funds used by the company in making the purchase came from the
of rents from C-2 properties and were therefore impressed
ment
assign¬
with a
trust in favor of other investors in the same issue.
Payment Planned for Series F-1 Certificates—
Trustees of the $27,600,000 Series F-l mortgage certificate issue reported
Feb. 9 to Supreme Court Justice Alfred Frankenthaler that the assets secur¬
ing the issue had been placed on a stable administrative basis and that
they expected to have available during the current year for distribution
to certificate holders and compensation of the trustees about $1,295,000.
At the same time the trustees, Aaron Rabinowitz, James L. Clare and
Lawrence N. Martin, gave notice to the certificate holders that they would
apply to Justice Frankenthaler on March 4 for approval of their accounts
and inventories for the past year.
The accounts show receipts of $3,798,018 and disbursements of $3,256,406 during 1937, not including a 1%
distribution of principal amounting to $275,745 credited to this year's
accounts.
The distribution for last year amounted to $6 on each $100 of
certificates.
The report also states that the trustees have paid certificate holders
$3,308,949 from income since the trust was created, May 13, 1935.
Within
the same period, the report continues, the trustees succeeded in effectuating
a policy adopted by them on their appointment calling for the reduction
of all assets to two categories: fee ownerships and mortgages in good stand¬
ing without arrears.
At the end of last year, according to the report, the assets consisted
of 67 fee ownerships of real estate without tax arrears, 50 mortgages in good
standing and three mortgages under foreclosure by reason of defaults.
The trustees also stated that they had been able to increase the income from
the trust by $159,879 over 1935 by managing the properties in the trust
through a wholly owned corporation in place of the system of employing
managing agents followed previously.
In its conclusion, the report, drafted by Wagner, Quillinan and Rifkind,
attorneys for the trustees, says:
"The operation of the F-l trust estate is now on a stable administrative
basis.
We expect that its liquidation will proceed regularly and orderly,
taking advantage*of opportunities that the market affords.
We look to
the future with the confidence inspired by a task well done, bearing always
in mind the responsibility resting upon us."—V. 146, p. 761, 605.
New York Transit Co.—15-Cent Dividend—
459,559
Consumers' depos.
60,786
suspense.
1938
plan of reorganization for
title
$3,168,182 $3,047,9511
After
77,594
5,750
27,384
1,201,408
39,055
Fixed assets
a
97,775
1.214.358
0,735
Mlsceli. assets
Total
1936
$150,000
40,543
Unpaid & accrued
7,405
4
3,450
100,307
secur.
Deferred charges.c
570,287
359,019
2,633
receivable
notes
Accts.
1937
Notes payable
Accounts payable-
Trade accts. and
a
$.">00,000
Liabilities-—
1937
$187,200
Assets—
Cash-
a
the company.
1937
Years—
Calendar
Feb. 26,
Chronicle
an
The directors have declared a dividend of 15 cents per share on the
capital stock, par $5, payable April 15 to holders of record March 25. This
compares with 60 cents paid on Dec. 28, last, 25 cents paid on Oct. 15 last
and a dividend of 15 cents paid on April 15, 1937 and each six months
previously. In addition, an extra dividend of 5 cents was paid on Oct. 15,
1936 —V. 146, p. 1083.
Norfolk & Western
Ry.—Earnings—
Month of January—
Railway operating revenues
Railway operating expenses
1938
$5,677,029
4,013,679
1937
$7,511,754
4,410,710
Net railway operating
Railway tax accruals
$1,663,350
$3,101,044
revenues
1,102,233
1,145,290
$561,117
212,049
Z)rl3,158
$1,955,753
316,632
Drl4,105
$760,008
128,209
$2,258,281
56,374
$888,218
178,816
$2,314,655
178,816
$709,401
Railway operating income
Equipment rents (net)
Joint facility rents (net)
$2,135,839
from
poration, because of the small amount of the issues
remaining outstanding
in the hands of the public.
The Committee is advised
that, as a result of surrenders of these stocks
under an exchange offer
by th3 Consolidated Edison Co. of New York, Inc.
abProxiniately 1,300 shares of the $7 preferred stock and 1,900 shares
of the $6 preferred stock now remain
outstanding in the hands of the public.
—V. 14b, p. 116.
New York
Resignations—
Telephone Co,—Bonus Offered for Voluntary
In order to cut down the
surplus of employees in Manhattan, Bronx and
Brooklyn, created by the decreasing volume of telephone
calls, attributed
to the recession of business, the
company is asking a limited number of its
employees in these boroughs not solely dependent on their
jobs for income
to
resign
voluntarily.
Those who who do resign will receive in addition to
vacation pay special
payments of one week's pay for each year of service.
This move is made
in order to stave off part-time work and
layoffs according to the company
Acceptance of this offer is voluntary on the part of
employees.
This plan
is
a].0118 the line of a similar arrangement which worked satisfactorily in
1933, the company stated.—V. 146, p. 1082.
New York Title &
Creation of
take
Feb.
over
a
Mortgage Co.—Plan—
new
company with assets of $9,000,000 to $11,500 000 to
the assets of the company now in
liquidation, was recommended
14 by James A. Martin, referee, appointed
by Supreme Court Justice
Net railway operating income
Other income items (bal.)
Gross income
Interest
on
funded debt
Net income
—Y. 146, p. 762.
North Star Insurance Co.Assets—
1937
Cash in banks
Bonds
1936
$371,710
2,191,647
1,478,822
& claim expenses
Preferred
stocks..
15,000
Common
stocks..
1,297,870
2,396,395
38,500
38,500
7,500
7,500
254,727
149,349
12,797
10,881
Mortgages
Real estate
Res.
Balances due from
assets
1,587,948
1,003,814
commis¬
taxes and
liabilities.
Voluntary reserve.
120,093
56,735
700.000
.......
600,000
600,000
1,650,849
1,817,768
Total
....$4,119,072
$4,453,158
Capital stock
3,197
Total
145,
$211,483
Surplus
_
Other admitted
-Y.
sions,
$223,539
unearned
for
premiums
Res. !+for
other
cos
Accrued interest.
1936
1937
$297,833
__
ceding
Balance Sheet Dec. 31Liabilities—
Reserve for claims
$4,119,072 $4,453,158
p.
1430.
Oberman & Co.—Registration Withdrawn—
of this department.—V. 145, p. 1749.
See list given on first page
Volume
146
Financial
Northern States Power Co.
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended Feb. 19. 1938 totaled 25,115,957 Kilowatt hours, an increase of 2.0%
compared with the corresponding week last year.—V. 146, p. 1251.
Ohio Edison
Co.—Earnings—
Period End. Jan. 31—
Gross
x
1938—Month—1937
1938—12 Mos.—1937
$1,674,569
$1,711,543 $19,664,497 $17,974,657
823,304
730,080
9,554,143
8,674,910
200,000
150,000
2,325,000
1,525,000
revenue
Oper. exps. & taxes.__
Prov. for retire,
reserve.
Gross income
Int. & other fixed cbgs_.
$651,265
288,531
on
pref. stock
Balance
$7,785,354
'3,176,451
$7,774,747
3,480,653
$362,733
155,577
Net income
Divs.
$831,463
344,457
$487,006
155,577
$4,608,902
1,866,923
$4,294,094
1,866,923
$207,157
$2,427,171
$2,741,979
$331,420
x No
provision was made in 1936 or 1937 for Federal surtax on undis¬
tributed profits as all taxable income was distributed.
No provision has
been made for such tax in 1938.—V.
146, p. 923.
Ohio Leather Co. (&
1936
1937
(after
deducting material costs
y$85,174
39,676
13,149
$300,900
z32,155
21,398
$247,347
Other income.
$32,349
9,943
Profit before Federal taxes
Prov. for est. normal inc. and
$42,291
6,169
$260,791
41,300
15,700
$36,122
34,128
43.225
58,436
$203,791
34,128
43,225
48,657
def$99,667
48,697
$77,781
48,657
$2.60
^
Interest
on debentures
Other charges
profits tax...
undistributed profits tax...
Provision for est.
excess
Indemnity Co.—Extra Dividend—
$10, both payable April 1 to holders of record March 15. Similar paywere
in each of the four preceding quarters. An extra dividend
a quarterly dividend of 30 cents per share was
paid on Jan. 2, 1937.—V. 145, p. 3506.
par
of 20 cents in addition to
Pacific Mills (&
Dividends
on
first preferred
Dividends
on
second preferred.
common stock
Dividends
on
Surplus
stock
common
per
(no par)
share
13,444
Nil
1937
1936
$518,382
U. S. Govt, secur.
Customers'
cept.
Net
operating
Other charges.
...
adjust, to cost
market, whichever
473,402
1,448,785
not used in opers
I
839,475
6,537
77,400
8% 1st pref. stock
7% 2nd pref. stock
426,600
617,500
officer,
Common stock..
678,609
19,338
accrd.
1,606,164
5,893
&
interest.
a
310,536
426,600
617,500
677,609
4,774
Capital surplus...
97,561
97,561
1,409
Earned surplus...
569,743
569,410
19,075
dep.
3,342
1,570
20,475
.$3,589,981
$3,780,926
with
trustee
z
780,075
207,287
edness
77,400
co._
directors & em pis
s
Misc. acct. receiv.
Funds
$222,896
indebt¬
411,403
Land & dwelling
from
$193,269
19,338
Long-term
!
Stock in other
& Federal taxes-
Dividends payable
Land, bldgs.
cbinery,
equip.,
&c
Prepd.
exps.,
926,730
47,838
&c.
922,040
/
$3,589,981
x
After
of
reserve
55,933
Total
$3,780,926
$21,774 in 1937 and $18,390 in 1936.
y
by 48,697 (48,657 in 1936)
no par
shares.—V. 145, p.
After
reserve
z
for depreciation of $12,930 in 1937 and $12,286 in 1936.
for depreciation of $909,132 in 1937 and $868,255 in 1936.
After
of
the
outstanding first mortgage and refunding 6% gold bonds
1953, have been called for redemption on March 1 at
107H and accrued interest.
Payment will be made at the Bankers Trust
Co., New York City.—V. 146 p. 445.
Oil Ridge
Oil & Refining Co.—Registration Withdrawn—
department.—V. 141,
$185,679
p.
2,259,442
Operating
Operating
Provision
for" Federal
$5,821,558
3,321
$6,221,387
1,454
$5,824,879
1,200,000
$6,222,841
1,200,000
$4,624,879
1,714,395
270,049
60,009
$5,022,841
2.192,552
375,990
30,000
$2,580,425
_.
$2,424,298
Net operating revenue and other income (before
appropriation for retirement reserve)
Appropriation for retirement
reserve
$1,466,845
1,264,292
Cr49,213
136,095
$1,575,442 loss$417,680
$115,671
40,091
636,762
$457,771
$521,091
*
«.*
zl32,000
Dividend paid.._
—;—
$2,073,763prof$956,191
594,184
396,123
$457,771
Including $20,541 surtax
Net income
*
x
Preliminary—subject to audit
accountants.—V. 146, p. 285.
being
now
made
by
Assets—
1
'38
Jan.
$
2 '37
mutual cos
342,044
314,267
Other investments
3,015
5,377
Prep. &def. items.
90,182
118,577
y Plant
...22,595,046 23,122,329
Total
Jna.
Liabilities—
$
1.293,833
1,028,587
Accts. receivable.. 5,335,718
8,344,599
Inventory
...14,614,839 16,053,263
Ins. prem. on dep.
44,274,678 48,987,001
certified
public
(& Subs.)—Earnings—
Operating
1937
revenues
1936
$8,325,362
3,020,173
Taxes (not xncl. Fed'l surtax on undistrib. profits)
Net operating revenues.
........
Non-operating income (net)
■
781,407
208,969
631,848
$4,329,692
24,736
$3,855,756
55,931
$4,354,428
1,142,355
.
$7,597,636
2,901,062
194,089
Operation
Maintenance..
—-
-
Gross income
Interest and amortization, &c
$3,911,687
1,325,288
$3,212,072
1,507,496
;....
Net income.
$1,704,576
Divs. paid & accrd.—Conv. 6 % prior pref. stock.
133,200
Prov. for Fed. surtax on undistributed profits (for
fiscal year ended Nov. 30, 1937)-...a40,000
.
Earned surplus,
$957,682
88,800
Pea body
Total
44,274,678 48,987,001
Coal Co.—Accumulated Dividend—
The directors have declared
the 6%
on
a
dividend of $2 per share on account of
cumulative preferred stock,
$2,748,594
b1,302,868
$1,445,725
a No provision has been made for the
Federal surtax on undistributed
profits for the fiscal year beginning Dec. 1,' 1937, since any liability for such
tax
cannot
be
determined until
the end
of the
fiscal
b Includes
June 17, 1936.
year,
$1,283,676 in connection with refinancing, consummated on
c As
provided by indentures dated as of May 1, 1936, relating to the
1st mtge. bonds and debentures of the company, dividends are payable on
the common stock only out of net earnings of earned surplus derived from
net earnings accruing after April 30, 1936.—V. 146, p. 762.
/
Pacific
Gas
&
Electric
Co.—$15,000,000 Bonds Placed
Privately—The company has sold privately $15,000,000
1st & ref. mtge. 3}4% boncb, series I, due 1966.
The bonds
were disposed of at private sale to a
group of fire insurance
par $100,
payable
March 1 to holders of record Feb. 28.
Like amount was paid on Dec. 20,
last. A dividend of $1 was paid on April 28, 1937, and dividends of $2 were
paid
on
March 10, 1937, and on May 25, 1936, this latter being the first
dividend paid since Nov.
2, 1931, when a regular quarterly dividend of
$1.50 per share was distributed.-—V. 145, p. 3980.
Pacific
Telephone & Telegraph Co.—Annual Report—
Statement
of System for Calendar Years
1936
1935
1934
Local service revenues._$79,103,294 $73,721,096 $69,170,401 $65,939,924
Toll service revenues... 31,321,035
28,375,505
24,911,346
22,555,997
Miscellaneous
Total
Uncoil, oper.
3,109,712
revenues.
2,621,433
2,278,466
1,960,894
$113,534,041$104,718,034 $96,360,214 $90,456,815
513,902
revenues..
518,498
407,698
415,230
$95,944,983 $89,942,913
17,618,173
18,343,947
17,080,545
16,786.981
12,674,321
11,961,436
7,770,647
7,354,147
483,406
481,371
7,696,931
6,481,635
11,464,203
10,616,467
Total oper. revenues $113,015,543$104,310,336
Current maintenance..
22,089,024
19,640,773
..
17,579,323
16,916,018
Traffic
17,324,603
14,115,421
expenses
Commercial expenses.
9,390,988
8,330,249
523,773
498,834
Operating rents
Gen. and miscell. exps
9,282,122
8,091,329
_xl5,545,348 xl3,365,383
Operating taxes
Depreciation expense..
..
..
$21,280,362 $23,352,328 $20,430,983 $18,642,703
103,533
201,814
170,205
101,974
Net oper. income
Net non-oper. income.._
available
for
$21,482,176 $23,522,533 $20,532,957 $18,746,237
2,478,356
1,779,920
2,915,165
2,954,802
683,363
692,640
1,060,617
948,441
fixed charges
Bond interest
Other interest
Amortiz. of discount on
funded debt
...—
Other fixed charges
Release
of premium
funded debt (net)
2,250
108,793
12,000
168,277
12,000
170,601
12,000
on
Cr9,730
—...
divs...$18,761,294 $20,240,020 $16,744,874 $14,548,216
pref. stock (6% ) 4,920,000
4,920,000
4,920,000
4,920,000
common stock. 14,440,000
12,635,000
10,830,000
10,830,000
Bal. avail, for
on
Divs.
on
def$598,706
Surplus
$2,685,020
1,805,000
$7.67
1,805.000
$8.49
$994,874 df$ 1201,784
Shares of com. stock out¬
standing (par $100)—
Earns. per share on com.
x
1,805,000
1,805,000
$6.55
$5.33
No provision for surtax.
1937
$868,882
1,879,712
$2,937,555
Earned surplus—end of period
'37
2
$
Comparative Consolidated Balance Sheet Dec. 31
$2,977,101
39,546
Total.
Net direct charges
c
$2,586,399
1,628,717
$1,531,376
1,445,725
beginning of period
Jan.
Represented by surplus arising from reduction in par value of capital
in 1934, $5,277,461, less deficit from operations Jan. 1, 1934, to
Jan. 1, 1938, after payment of dividends $3,053,480.
y After reserve for
depreciation of $22,455,342 in year ended Jan. 1, 1938, and $21,960,460
in year ended Jan. 2,
1937.
z Represented by 396,123 no par shares
excluding 3,877 shares held in treasury at $193,850.
Note—The gross plant account of $45,050,387 is book value which
represents cost as nearly as can be determined by the company, except
that it includes an increase over cost of $7,564,331 made in 1922, to repre¬
sent In part the excess of the then reproduction value over book value.
—V. 145, p. 3354.
1937
Telephone plant463,585,655 444,047,204
Investments
In
9,825
controlled cos
1936
$
1936
Liabilities—
Balance.
'38
8,925,000
9,600,000
767,753
1,952,629
Accrued items
331,529
161,793
Fed. & State taxes
90,000
250,000
General reserve x. 12,000,000 12,000,000
Other reserves
300,000
300,000
z Capital stock...19,806,150
19,806,160
Surplus
-_x2,223,982
4,846,692
x
Divs.
Balance
Retirement accruals
1
$
Notes payable
Accounts payable.
stock
Income
Oklahoma Natural Gas Co.
12 Mos. Ended Dec. 31—
—
undistributed profit.
on
_
Gross income
Interest charges (net)..
Amortization of debt discount and expense.
Other income deductions
—
$521,091
198,061
Consolidated Balance Sheet
1937
1936
$13,152,153 $12,521,674
7,330,594
6,300,287
expenses, maintenance and taxes...
Net oper. rev. (before approp. for retire't res.)
Other income (net)
$895,854
1,162,846
Cr94,513
245,201
&
local income taxes
1016.
xl937
revenues
*34
487,251
Co.—Earnings—
Year Ended Dec. 31—
$2,812,452
1,194,124
Cr97,007
139,893
loss after
inv. markdown.
$2.073,703 pf$l ,575,442
Flood exp. at Lawrence,
Consolidated Income
Oklahoma Gas & Electric
29
oper.
accumulations
series C due March 1,
See list given on first page of this
*35 Dec.
is
lower
z
28
reserve
Represented
2086; V. 144, p. 3513.
a
Ohio Public Service Co.—Bonds Called—
All
Dec.
or
Cash
Accts. pay. & estd.
Reserves
67,564
ac¬
Inventory
Due
$1,709,022
1,252,204
Dr77,558
193,580
Net oper. profit before
>
inv. mark down
Net
Jan. 2 '37
profit
Plant depreciation
Net interest charges
Jan.
1936
1937
Liabilities—
$607,226
67,564
and accts.
receivable
y
Jan. 1 '38
$47,881,648 $55,950,032 $51,035,089 $40,732,302
46,172,625
53,137,580
50,139,235
39,265,457
Cost of goods sold.
Consolidated Balance Sheet Dec. 31
Assets-
x
Sub.)—Earnings—
Years Ended—
Net sales..
JVIciss
Net profit
Earnings
Pacific
The directors have declared an extra dividend of 10 cents
per share in
addition to a quarterly dividend of 40 cents per share on the common
stock,
Inv.
Profit
Shares
1411
companies and one bank.
The purpose of the new issue is
to replenish
working capital ana provide additional funds
for construction, purposes (see also V.
146, p. 763).—V.
146, p. 1084.
before charges
Sub.)—Earnings—
Calendar Years—
Operating profit
and expenses)
Chronicle
$
Common stock. 180,500,000
Preferred stock. 82,000,000
Bonds
—
Other lnvestm'ts
1,632,346
1,934,758
Advs. from Am.
Misc. phys. prop
1,578,842
323,998
1,547,479
Tel. & Tel. Co
180,500,000
82,000,000
54,614,900
79,263,100
Sinking fund...
200,000
24,242,000
bonds.-.-—
2,583,151
3,457,736
105,636
119,602
5,492,330
19,020
receivable 10,424,788
4,681,469
18,048
Cash & spec.deps
Working
funds.
Mat'ls & suppls.
Notes receivable
Accts.
9,943,237
3,162,120
Disc, on cap. stk
3,073,526
4,817,811
4,817,811
Oth. defd. debits
209,238
194,035
Prepayments
Notes
14,000,000
4,400,000
16,808,777
sold
14,520,256
1,906,803
1,792,649
to
trustee of pen¬
Dep. for red. of
sion
Cust.
fund
dep.
and
adv. payments
Accts.
pay.
other
and
current
liabilities
Accrd.
6,017,837
6,046,242
8,358,879
8,490,979
455,710
771,307
liabilities
not due
Defd credits
Depreciation resl24,826,915 115,624,398
Surplus reserved
1,372,000
923,500
Surplus........
2,984,521
4,042,893
Total
493,846,343 498,375,325
Total...... .493,846,343
498,375,325
Financial
1412
Comparative Income Statement {Company Only)
Calendar Years—
1937
1936
1935
Local service revenues..$46f466,502 $43,698,410 $40,123,569
Toll service revenues
18,980,699
17,504,281
15,303,006
$38,537,300
14,308,494
1,343,892
1,194,012
Miscellaneous revenues,
1,549,863
1,810,664
1934
Total
.$67,257,866 $62,752,554 $57,070,467 $54,039,807
Uncoil, oper. revenues.
252,598
199.898
201.330
241 402
Total oper. revenues. .$67,005,268 $62,552,656 $56,869,137 $53,798,405
12,048,421
10,852,589
10,304,247
13,587,045
10.085.198
10,299,363
9,935,481
10,651,489
Current maintenance.,.
11,460,103
5,452,731
394,573
5,891,851
y8,775,460
.
Commercial expenses..,
Operating rents
.
Gen. and miscell. exps_.
Operating taxes
Net oper. income
.$10,792,015
Net non.oper. income...
10,572,562
.
9,581,515
4,830,477
380,297
5,145,156
y7,520.473
8,104.355
4,152,137
348,821
8,469,740
4,383.551
366,523
4,755.775
6,582,361
4,056,277
6,621,422
$12,746,953 $11,373,398 $10,375,664
9,996,499
7,796,977
7.959.987
Income avail, for fixed
$21,364,577 $22,743,452 $19,170,376 $18,335,650
2,373,067
1,778,868
2,461,173
2,480,327
733,356
501,051
891.858
525,248
charges
Bond Interest
Other Interest
on
102,863
(h» funded debt
Other fixed charges
Belease
of
12.000
148,118
12,000
on
funded debt (net)
l
146.574
12,000
2,250
prem.
Cr9,730
*
Bal. avail, for dlvs
$18,859,833 $19,754,470 $16,025,381
Divs. on pref. stk. (6% ).
4,920.000
4,920,000
4,920,000
Dlvs. on common stock. 14,440,000
12.635,000
10,830,000
y
No
def$500,167
provision
for
department at 100 Broadway, New York, N. Y., upon surrender of the
old securities or certificates or deposit
therefor (except the above mentioned
of deposit issued by Provident Trust Co.), accompanied by
appropriate letter of transmittal, duly executed, and in the case of
holders of general claims, upon receipt of the request, duly executed.
certificates
the
Also
Co.
pursuant to said order and as above mentioned, Provident Trust
for the distribution of
of Philadelphia has been appointed sub-agent
the new securities and cash
distributable under the plan with respect to
Provident Trust Co. of Philadelphia,
sub-depositary, for first lien 5Yi% gold bonds, series of 1941.
Such
distribution is to be made at the office of its Corporate Trust Department,
at 1632 Chestnut St., Philadelphia, upon surrender of such certificates of
the certificates of deposit issued by
as
deposit, accompanied by the appropriate letter of transmittal duly executed.
The interest represented by the July 1, 1936, Jan. 1, 1937, July 1, 1937
and Jan. 1, 1938 coupons on the first mortgage bonds of Texas Public
Service Co. and interest at the rate of 3 % per annum in respect of the July 1,
1936, Jan. 1, 1937, July 1, 1937 and Jan. 1, 1938 interest maturities on
the collateral lien bonds of the new company will be payable, immediately
after distribution of such new bonds under the plan to holders of the old
first lien 5H% gold bonds (and certificates of deposit therefor) of Peoples
Light & Power Corp, on surrender of such coupons for payment at the
offices specified in the coupons.
As permitted by the plan and as set forth
in the collateral lien bonds, the balance of the interest represented by the
above mentioned coupons on the collateral lien bonds has been deferred by
action of the board of directors of the new company.—V. 145, p. 2087.
$14,803,347
Pere
4,920.000
10,830,000
$2,199,470
$275,381
Marquette Ry. Co.—Earnings—
1938
1937
$1,921,261
1,849,392
$2,254,244
1,913,641
Month of January—
def$946,653
.
surtax.
1937
1936
$71,869
152,725
Net operating revenue.
Railway tax accruals
Comparative Balance Sheet (Company Only) Dec. 31
ASSfit
1938
deposit issued by Provident Trust Co. of Philadelphia, as subdepositary,
lien 5M% gold bonds, series of 1941, are to be distributed by
Provident Trust Co. as sub-agent).
Such distribution by New York Trust
Co., as distributing agent, is to be made at the office or its reorganization
.
Surplus..
26,
for first
.
Traffic expenses
of discount
Feb.
and claims entitled to receive any distribution under the plan (except that
the new securities and cash distributable with respect to certificates of
.
Depreciation expense..,
Amortiz.
Chronicle
1937
$340,603
186,574
•
1936
Telephone plant274,665,092 266,310,894
Liabilities—
%
Commln stock..180,500,000
Investments
Preferred stock.
82,000,000
82,000,000
Bonds
54,594,000
79,242,000
Tel. & Tel. Co. 14,000,000
Notes
sold
to
4,400,000
Other income
9,711,626
Miscellaneous deductions from
1,154,612
1,136,664
Rent for leased roads and equipment..
Interest on debt
3,342,922
3,982,077
5,692,466
5,911,522
$
controlled
S
in
cosl42,394,927 136,524,752
1,617,408
1,915,421
Other Investm'ts
Misc. phys. prop
861,021
801,527
Sinking
323,998
200.000
funds.
_
Adv.
Dep. for redemp.
Am
24,242,000
1,964,424
2,687,145
99,991
2,830,397
10,418
dep.
11,145,557
and
funds.
74,567
Mat'ls & suppls.
Notes receivable
3,262,057
Accts.
6,469,184
1,551.449
6,175,715
Accrd. liabilities
1,552,345
not due......
4,817,811
151,400
4,817,811
144,917
12,227
receiv
Prepayments...
Disc,
on
cap.stk.
adv. paym'ts.
current
liabfls
Defd credits
383,855
81,608,486
76,685,872
1,372,000
923,500
2,261,667
3,221.777
Total
438,055,567 448,313,335
1084.
Paraffme
Companies, Inc.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, no par value, payable March 28 to holders of record March 10. Four
quarterly dividends of $1 per share each were paid during 1937.—V.1 146,
p. 763.
Penn Rivet
A dividend
on
stock
amounting to 15 cents per share was
paid on Feb. 21 to holders of record Feb. 16, in the form of 4 H % three year
notes. Interest on the notes is payable annually on the last
day of February,
the end of the fiscal year, beginning with Feb.
28, 1939.
Principal and
interest payments are to be made from the
company's office. These notes
can be prepaid, on not less than 30
days notice.—V. 145, p. 4124.
common
Pennsylvania Electric Co. (& Subs.)—Earnings—
Years Ended Dec. 31—
Total operating revenues
$11,104,634 $10,280,933
4,655,207
4,865,757
838,437
1,040,034
724,868
414,181
260,595
154,548
2,828
764,518
649,315
Federal income taxes
Surtax on undistributed profits
Other taxes
Operating income
$3,647,630
55,855
on
Interest
on
income.
first mortgage bonds
unfunded debt
Amortization of debt discount and expense
Interest charged to construction
$3,524,575
1,818,605
166,950
54,244
0590
Balance of income
x
$1,685,779
$1,485,367
Preliminary, subject to annual audit and such sundry book adjustments,
1937y' aymi45
ne2essary incident ^ closing for fiscal year ended Dec. 31,
'
-
.
*
Pennsylvania Water & Power Co.—$1 Common Div.—
The directors have declared
dividend of $1 per share on the common
stock, payable April 1 to holders of record March 15. A dividend of $1.50
was paid on Jan. 3,
last, and previously
were
distributed.-—V.
146, p.
1084.
Peoples Gas Light & Coke Co.—Dividend Omitted—
Since
prospects
for
improvement
in
business
are
"not
very
bright"
dividend action will not be considered until later in the
year, George A.
Ranney, Chairman of the board of directors, told stockholders at their
annual
meeting held Feb. 23.
dividend of *2 P0r share was paid on the
capital stock on Dec. 10, last,
this latter being the first distribution to be made
since
July, 1933.—V. 146
P. 1084.
L
The unaudited consolidated statement for six months ended Dec.
showed net profit after Federal taxes of $374,257.—V. 145, p. 3664.
Philadelphia National Insurance Co.—Statement—
Income Account for
See Peoples Light <fe Power Corp.
The Marine Midland Trust Co. of New York has been
appointed regis¬
the cumulative convertible preferred and common class B
stock
trar for
company.—V.
146,
p.
924.
Peoples Light & Power Corp.—New Securities Ready—
£The reorganization
G. N.
White)
managers (G. P.
Kynett, W. R. K. Mitchell and
in a notice to all creditors and to the holders of
class A common stock state:
preferred and
M^'Tn the proceedings now pending under Section 77-B of the
Bankruptcy
Act, in the U. S. District Court for the District of Delaware, for the re¬
organization of corporation, the court has made an order, dated Jan. 31
1938, authorizing and directing the taking of any and all such action as
may be necessary or appropriate for the purpose of putting into
effect,
carrying out and consummating the plan of reorganization, dated June 1,
1936.
Pursuant thereto. Peoples Light & Power Co., a Delaware
corpo¬
(the new company provided for under the plan) has taken title to
the property contemplated by the plan to be
acquired by it and the new
securities and cash are now available for distribution.
Consequently, the
holders of all outstanding securities and claims entitled to receive
any
distribution under the plan may now surrender their old securities and
claims, and the new securities and cash distributable under the plan will
be delivered as soon as practicable, after
receiving the old securities and
ration
claims of the respective holders thereof.
^Pursuant to said order, the New York
Trust Co.
has
been
appointed
distributing agent for the purpose of distributing the new securities and
cash distributable under the plan to the holders of all
outstanding securities
Year Ended Dec. 31,1937
(net)
$582,054
42,534
Increase in unearned premium reserve
Earned premiums
Losses and adjustment expenses
Expenses
Underwriting profit and loss items
Net
$539,520
290,846
280,960
4.031
(debit)
underwriting loss
$36,317
118,905
Net investment income earned
Balance
$82,588
1,381,463
Net surplus Dec. 31, 1936
Balance
$1,464,052
Dividends paid
70,000
Gain from sale of ledger assets (net)
9,702
349,027
Decrease by adjustment in value of ledger assets
Net surplus,
Dec. 31, 1937
$1,054,726
Balance Sheet Dec. 31, 1937
Assets—
Liabilities—
Bonds and
stocks
$2,401,046
51,791
43,900
202,085
Mortgage loans
Real estate
;
Cash in banks and office
Premiums In
course
Losses
tion (not over 90 days
due)
process
$554,995
of adjost-
81,079
Reserve for commission*,
penses, taxes
ex¬
and oth«r lia¬
bilities
52,074
19,688
Total
in
ment__
of collec¬
Other assets
-V.
Premium reserve..
79,782
Capital
Surplus..
$2,770,584
1,000.000
1,054,726
Total
$2,770,584
145. p. 3355.
-Files Re-
Philadelphia & Reading Coal & Iron Co„organization Plan Under 77-B—
The company filed Feb. 17 with the U. S. District Court at Philadelphia
a proposed
plan of reorganization under Section 77B of the Federal Bank¬
ruptcy Act.
Judge Oliver B. Dickinson signed an order referring the
plan to Special Master Howard Benton Lewis.
Ralph E. Taggart, President of the company, in discussing the proposal
said:
"This plan of reorganization is proposed with the thought that the fixed
obligations of the company for interest and sinking fund charges in its out¬
standing indebtedness should be placed on an income basis for a reason¬
able period of time, in order to give the company an opportunity to solve
the major problems which have adversely affected earnings of the com¬
Peoples Light & Power Co.—Securities Ready—
of this
31
a
regular quarterly dividends of $1
per share
Recapitalize—
The company has
revise its capital
called a special meeting of stockholders for March 10
structure to bring about the acquisition of a large
block of its own outstanding stock.
The special meeting will precede an¬
other to authorize a definite commitment and It may be necessary to
arrange outside financing to complete the contract to purchase.
It is proposed to reduce capital to $912,464 from $2,708,503, transferring
the balance to surplus to be represented by shares of $1 par value.
$3,367,647
156,927
$3,703,486
1,816,342
177,919
54,144
030,699
Other income
.
Petroleum Heat & Power Co.—To
to
"
expenses
Maintenance
Provision for retirements
Gross
Interest
$149,925
7,743
272,262
1936
*1937
~
Operating
$405,726
Premiums written
Corp.—Dividend—
the
$135,915
5,835
Net los3
598,296
reserve.
Deprec.
438,055,567 448,313,335
-V. 146, p.
_def$117,878
5,876
8,195
273,776
income.
-V. 146, p. 764.
Surplus
Total
$40,692
95,223
Accts. pay. & oth
Surplus reserved
Oth. defd. debits
$154,029
50,820
62,517
_def$212,403
94,525
Net railwa;
fund
sion
Cust.
def$80,856
68,174
63,373
.
Equipment rents (net)..
Joint facility rents (net).
trustee of pen¬
of bonds
Cash <t spec.deps
Working
from
$
180,500,000
most of which are still operative.
During this period the plan
positions of both creditors and stockholders should
substantially preserved, but that the creditors be given adequate repre¬
sentation in the management of the company so that they may share
in the determination of the many questions of policy which must be worked
pany,
proposes that the relative
be
out,"
It is proposed that the company be reorganized under its present name
that the principal amount of its present funded debt should be left
unchanged with the rights of the securityholders being modified only to the
extent necessary to meet the financial necessities of the company initially
and
for
a period of five
years.
The plan does not provide for any
change in securities, but attempts to
"breathing spell" by placing all fixed charges for a
an income basis.
By the end of that time it is
anticipated that steps will have been taken to rehabilitate the anthracite
industry as a whole.
'
Outstanding securities to be dealt with under the plan include capital
stock 160,000 shares ($50 par), $8,000,000; Philadelphia & Reading Coal &
Iron refunding mortgage 5% bonds due Jan. 1, 1973, $24,411,866, and
Philadelphia & Reading Coal & Iron 20-year convertible 6% debenture
bonds due March 1, 1949, $29,148,000.
Reading Co. and Philadelphia & Reading Coal & Iron general mortgage
4s in the amount of $43,000 are not affected by the plan.
Priorities of interest and sinking fund payments from net earnings under
the plan of reorganization follows:
(1) Refunding bonds—current interest accruing from Jan. 1, 1938.
(2) Refunding bonds—modified sinking fund due Jan. 30, 1939
.
(3) Debenture bonds—current interest accruing from March 1, 1938.
give the
company
a
period of five years on
.
,
,
Volume
Financial
14f
(4) Refunding bonds, deferred interest represented by two coupons due
July 1 1937, and Jan. 1, 1938.
(5) Debenture bonds, deferred interest represented by three coupons,
March 1 and Sept. 1. 1937, and March 1, 1938.
(6) Stock.
The first payment date under the plan is Jan. 30,1939, from net earnings
during the calendar year 1938.
Net Earnings Determined,—Net earnings for any calendar year shall be
determined by deducting from the gross operating income of company for
such calendar year, all taxes and operating expenses, including depreciation
and depletion, but excluding all interest on the funded debt of the company
and sinking fund charges.
The plan provides that capital stock shall be deposited under a voting
trust agreement and transferred to voting trustees to be appointed or
approved by the Court.
The 160,000 shares of stock now outstanding are
all owned by the Philadelphia & Reading Coal & Iron Corp.
The voting
trustees are to number eight, and relative representation of the voting
trustees of the holders of the refunding mortgage bonds and debenture
bonds, and the equity represented by the shares of common stock, shall be
determined by the Court.
May Borrow Up to $5,000,000—As to interim financing the plan
that during the rive-year period and any extension thereof,
with the approval of a majority of the voting trustees, shall
to borrow
constitute
Approval of the Court is also necessary to borrow.
The reorganization managers are members of the recently organized
committee of the whole of securities holders consisting of George W. Norris,
representing the Philadelphia refunding 5% bondholders' protective com¬
mittee, James Jay Kann, representing the New York refunding 5% bond¬
holders protective committee, Cornelius A. Sullivan, representing the
Philadelpoia 6% debenture bondholders' protective committee and Jacques
Cohen, representing the New York 6% debenture bondholders protective
committee.—V. 145, p. 3981.
•
Rapid
Transit
Co.—Court
Denies
Bus
Purchases—
U. S. District Court Judge Welsh at Philadelphia has refused to allow the
for six routes in and around Philadel¬
phia, at a cost of $1,551,645.
The trustees filed two other petitions.
One
asked for "advice" as to the purchase of 44 trackless trolleys for Route 61,
trustees to purchase 156 new buses
Ridge Avenue, and the other for 20 new buses to "motorize" Route 55,
Broad and Olney Ave. to Willow Grove.
Judge Welsh ordered a
public hearing on these petitions for Feb. 28 in view or the trustees' asser¬
tion that it would be cheaper to buy the new equipment than to repair the
present properties.—Y. 146, p. 118.
on
from
Phillips Electrical Works, Ltd., Brockville, Ont.—
Offered—W. C. Pitfield & Co., Ltd., Montreal, are
offering at 99 3^ and int., to yield 5.05%, $1,000,000 5%
15-year 1st mtge. sinking fund bonds, series A.
Bonds
To be dated Feb. 1, 1938: due Feb. 1,1953.
Principal and interest (F. & A.) payable in lawful money of Canada in
Montreal, Toronto, Ottawa, Quebec, St. John, Halifax and Vancouver.
Coupon bonds in denoms. of $1,000 and $500, registerable as to principal.
Red. in whole or in part at the option of company at any time on 30 days'
notice at a premium of 5% up to and incl. Feb. 1, 1939, the premium de¬
creasing
of 1% each year thereafter until Feb. 1, 1951, and thereafter
at par to maturity; in each case with accrued interest to date of redemption.
Trustee: Montreal Trust Co., Montreal.
The trust deed will provide for an annual sinking fund for the retirement
of bonds of series A commencing May 1, 1939, of a sum equal to 2
of
bonds of series A issued.
Company may deliver bonds at par in whole
or part satisfaction of any sinking fund payment.
S»Xn the opinion of counsel, these bonds will be a legal investment for
insurance companies registered under the Canadian and British Insurance
Companies Act, 1932.
Capitalization—
bonds
5% 15-year sinking fund bonds, series A
Capital stock ($100 par)
First mortgage
x
Further bonds,
Outstanding
Authorized
$1,800,000
x$1,000,000
3,600,000
4,000,000
series A or other series but
bonds of
contained
Company—Incorporated in 1917 under the Dominion Companies Act to
acquire the assets and undertaking of Eugene F. Phillips Electrical Works,
Ltd., a company incorporated under the Dominion Companies Act in 1889.
engaged in
the fabrication of copper rods and shapes and electrical wire and cable
used principally in the electric power and telephone industry.
It is also
engaged in the manufacture of telephone equipment.
Company operates at Brockville, Ontario, a copper rolling mill—rebuilt
In 1932—for the manufacture of copper rods, flats and shapes, and operates
in connection therewith a modern and completely equipped plant for the
drawing and manufacturing of wire products.
The telephone manufactur¬
ing plant, also at Brockville, came into operation on Jan. 1, 1937.
At
Montreal the company operates a plant for the manufacture of power cable
and telephone cable.
The copper rolling and wire drawing mills'of the
company are capable of fabricating and manufacturing for sale approxi¬
mately 50,000,000 pounds per annum of copper rods and shapes, ancLelec¬
oldest and
one
of
the largest Canadian manufacturers
trical wire and cable.
Earnings Years Ended Dec. 31
1935
1937
Balance
$160,287
50,000
$259,625
90,000
$290,818
100,000
$110,287
loan, depreciation and inc. taxes..
Company's provision for depreciation
$169,625
$190,818
The averags annual earnings available for
bond interest, before charging
depreciation and income taxes, for the three years tended Dec. 31, 1937,
as shown above, therefore amount to $236,911, equal to over 4.7 times the
annual interest requirements of $50,000 on thisissue of $1,000,000 of 5%
first mortgage bonds to be outstanding. "
After deducting the average annual provision for depreciation from such
average annual earnings for the above-mentioned period, the balance is
$156,910, equivalent to over 3.1 times such annual interest requirements.
Purpose—Proceeds will be used in part to fund capital expenditures
already made upon the plants and properties of the company, and in part
for the extension of the company's manufacturing
facilities, any balance
maining to bs used for general corporate purposes.
re¬
_
j
Pillsbury Flour Mills Co.—Bonds Called—
Holders of first mortgage 20-year
6% gold bonds are being notified that
there has been drawn by lot for
redemption at par plus a premium of 2 H %
April 1, 1938 for account of the sinking fund, $50,000 principal amount
of these bonds.
Payment of drawn bonds will be made at the head office
of City Bank Farmers Trust Co., 22 William St., New York City, trustee.
—V. 145, p. 1597.
on
Pittsburgh Metallurgical Co., Inc.—Dividend Omitted—
Directors have passed the dividend ordinarily due at this time on com¬
pany's common stock.
distributed
June 18,
on
A regular quarterly dividend of 25 cents per share
Dec.
15 last.
An extra dividend of $1
was
paid
on
its
10 authorized the
com¬
issue, reissue, extend or renew, at par, a promissory note or notes in a
total face amount of not exceeding $25.0,000 at any time outstanding.!
pany to
IfcThe report of the Commission says in part:
all its obligations for the months of Jan., Feb. and March and
to curtail reasonably its 1937 unpaid vouchers and retain $100,000 cash
working capital, the applicant states that it is necessary to increase im¬
mediately its cash working capital to approximately $300,000 by borrowing
►' To meet
short period or periods. To evidence such loan
or loans, the applicant desires authority to issue, reissue, extend or renew
its short-term unsecured promissory note or notes in a like face amount,
$250,000 for
a
bearing interest at a rate not exceeding 6% perfannum, and ,to Imature
not later than two years after the date of our order authorizing the issue
thereof. As soon as conditions permit, the applicant will desire to'reduce
or discharge such note or notes, but It requests authority to issue additional
unsecured short-term notes, at no time to exceed a total of $250,000 out-
or
notes, together with the applicant's
a maturity of two
outstandingjsecurities.
years or
*
other outstanding
less, will exceed 5% of the par value or
^
ij
Applies for Loan from RFC—
The company has askedjthe Interstate Commerce Commission for au¬
thority to approve its applicationifor|a|loan of $500,080 from the Recon¬
struction Finance Corporation to meet fixedIcharges of $468,625 due on
April 1.
It owes the RFC $3,725,207, which is secured by pledged collateral
valued at more than $8,000,000.—Y. 146, p. 924.
Powdrell & Alexander,
Inc.—Earnings—
Earnings for Calendar Years
Net sales.
$5,181,812
5,265,848
8,772
Expenses.
Taxes
Net gain from sale of
1934
1935
1936
1937
$5,995,898
5,643,224
65,172
$4,307,871
4,119,275
32,000
$5,946,385
6,202,398
se¬
Cr51,419
curities, &c
Net loss
Preferred
7,863
19,001
175,728
200,089
41,836
def$268,537
(par $5) ^322,343
share
;
Nil
$79,548
278,940
dividends
Common dividends
Surplusforjyear
Shs.
com. outst.
Earnings
$204,594
25,001
$92,809prof$287,500prof$156,595
per
$95,758 def$229,595
x55,788
x55,788
Nil
$2.51
$1.00
No par shares, the stock
and each share (no par) was
having been changed to $5 par on July 2,1936
changed into four shares of $5 par.
1*, Joseph W. Powdrell, President, says in part:
Company is in excellent financial condition. The working capital amounts
to $1,830,695, an increase of $'227,773 over the working capital at Dec. 31,
1936. The ratio of current assets to current liabilities is 3.01 to 1. The book
value per share of the 322,343 outstanding shares of the capital stock is
$9.02, while the net current asset value per share is $5.67.
In accordance with the registration statement filed with the SEC on
Feb. 13, 1937, and made effective March 5, 1937, 55,788 shares ($5 par)
capital stock were sold for cash at $10 a share between March 9, 1937, and
April 25, 1937, resulting in net proceeds of $542,739. after deducting
expenses in connection with the issue amounting to $15,140.
Provision
was made from the net proceeds for new equipment for the expansion of the
finishing plant and additional looms amounting to $94,562, and the balance
was applied to the reduction of notes payable, which at March 5,
1937,
amounted to $1,075,000 and at June 1, 1937, had been reduced to $500,000.
When the securities markets broke in October, 1937, resulting in quota¬
x
tions for the stock of the company
considerably under its net current-asset
value, directors decided that it would be for the best interests of the stock¬
holders to have the company acquire some of its stock at such low prices.
The Board, therefore, authorized the purchase in the open market of 10,000
shares at not to exceed $4 per share and an additional 6,737 shares at not
exceed $5 per share for the purpose of retirement and extinguishment,
to
or
of retention and reissuance in the form of a stock dividend.
12,385 shares were purchased under this authorization to Dec. 31. 1937 for
$48,610.
1,790 shares were purchased during January, 1938, for $6,481
making total purchases to Jan. 31, 1938 of 14,175 for $55,091, including all
charges, at an average cost of $3,886 per share.
The stockholders at the
annual meeting held in Boston, on Feb. 1, 1938, authorized the purchase
in the open market, at the discretion of the President, of 19,299 additional
shares of stock within the calendar year 1938, at not to exceed $5 per share,
for the purpose
for the purpose of retirement and extinguishment, or for
retention and reissuance in the form of a stock dividend.
1937
Assets—
Cash
Accts. receivable..
Inventories
assess.
and
Mtges.
$227,030
780,839
the purpose of
16,042
9,700
income taxes—
9,700
1,051,544
Other curr.liab..-
430
com.,
State
receivable, &c..
1,051,629
Prepaid insur. and
accrued.
and
Federal
Special contlng.res
y Common stock-
27,200
Earned surplus.—
1,888
29,108
2,346
interest-
Adv. to salesmen-
Capital surplus...
Treasury stock...
$3,850,314 $3,882,974
Total
z
39,575
Salaries, wages and
21,562
160,188
19,687
payable...
Accts.
1,174,842
$885,000
23,288
1,372,793
notes
Plants & prop's .
$850,000
Notes payable
1,731,879
1,680
Investments
x
1930
1937
Liabilities—
1930
$223,014
Total
x After depreciation of $857,343 in 1937
12,385 shares at cost.—V. 145, p. 3665.
Public Service Corp.
10,269
1,489
77,135
30,000
30,731
1,073,640
1,394,700
292,984
200
24,350
1,260.201
zl)r48,610
996,402
$3,850,314 $3,882,974
and $767,768 in 1936. y Par $5
of New Jersey—Annual
Report—
President, says in part:
resented many troublesome
General Survey—Although the year 1937 pres
_
aspects in the public utility {field, including the general business recession,
—~ii
v*.^a.;nrlnotr»;no
rlnrino1 \ta lQ.of, Hiiarrpp
which affected utilities, as well as all other industries, during its last quarter,
the corporation and its subsidiary .operating companies, with loyal coopera¬
tion from employees, continued to show an upward trend in gross revenues.
Among outstanding features of the year were a revival of activity in new
industrial construction/in thejcompany's territory, a gratifying growth of
demand for electrical energy, an increase in gas sales for building heating
as well as for automatic water 4heating, and a gain in passengers on trans¬
portation lines where all-service vehicles were substituted for street cars.
While sales of both electricity and gas registered gains, electric gross
revenue was affected by a jate reduction, and net {revenues of both elec¬
tricity and gas by substantial increases in taxes, rising cost of materials
and an adjustment of hours and wages which meant enlarged payroll exThomas N. McCarter,
^
—
-i
~~
~~
T)0HS0
territoty
Fifty manufacturers obtained new locations In Public Service
These represent ja total connected electric load of 23,000
estimated gas consumption of 7,000,000 cubic feet per month and
in 1937.
hp., an
an em¬
ployment roll of more than 7,560 persons.
..u
There was an improvement In the business done for the first nine months
of 1937 by Coordinated Transport and affiliated companies but an abrupt
change came in the last quarter due to the business slump.
The gross
passenger revenue, however, showed a small increase over 1936, but the
net income from operations was lower duetto thejncreasing costs referred
to above.
v**
.
street cars was effected on a number
planned for 1938.
In all instances
increased passenger traffic followed these {changes .indicating that the public
has generally favored this new type of vehicle, which may be operated from
overhead wires or proceed ;by its own engine {power.
A Transport Sales
Department, under a general manager in .charge of sales, was created during
the year with the purpose of stimulating business.
During the year steps were taken towards jsimplification of the corporate
structures of Public Service Electric & Gas Go. and JPublic Service Co¬
Substitution of all-service vehicles for
and further substitutions are
of lines
Somerset, Union & Middlesex"SLighting
Dec. 31, 1903, was merged into Public
Pittsburgh & West Virginia Ry.—Notes—
not to exceed
The proposed note
notes of
ordinated Transport.
1937.—V. 145, p. 1750.
The Interstate Commerce Commission on Feb.
proposed note or notes should not exceed 5% per annum.
provide, and will also provide that the last maturity date
so
dates of the note or notes shall not be later than two years from the date
ot dates of the original
issuejthereof, and not later than Feb. 28, 1940.
00
1936
Profit befors providing for interest on
was
Our order will
or
Other curr.
in the trust deed.
Is the
interest on the
Balance Sheet Dec. 31
exceeding $800,000, may be issued as
only subject to the restrictions to be
not
standing, if It should again requireTtemporary assistance during the twoyear period.
The applicant states that, if we consider that the maximum
rate of interest for short-term unsecured notes at this time should not exceed
5% per annum that rate will be acceptable to it. In our opinion the rate of
provides
the company,
be authorized
up to $5,000,000, for use as working capital, with such loans to
a charge against the company's assets prior to its funded debt.
Philadelphia
1413
Chronicle
The
Co., operated under lease since
Service Electric & Gas Go. on
^(Bl
iWgen Turnpike Go. and Paterson & State Line Traction Co.,
1937«
Juno 21
non-operating subsidiaries, were merged into Public Service Coordinated
Transport on July 6, 1937.
,
.
Issuance of Securities—During the year 1937, 360,290 shares (no par)
common stock of Public Service Electric & Gas Co. were issued to Public
Service Corp. of New Jersey at $20 per share:
'
(a) June 21—10,290 shares (stated ,value $205,800) in exchange for
2,058 shares of capital stock of Somerset, Union & Middlesex Lighting Go.
,
(par$KWL.
^—350,000 shares (stated value $7,000,000) to
for construction expenditures.
Company Stock to Be Retired—Dec. 31
company
reimburse the
,
the'holders of 6% cumulative
preferred stock of New Jersey & Hudson River Ry. & Ferry Co. were
notified that said stock will be redeemed by payment in cash of $115 per
share April 15, 1938, withAall accrued and unpaid dividends thereon to date
Lessor
Chronicle
Financial
1414
of redemption.
of New Jersey.
These dividends are guaranteed by Public Service Corp.
The amount necessary to redeem this stock will be pro¬
vided by Public Service Coordinated Transport, lessee, from funds ad¬
vanced by Public Service Corp. of New Jersey.
Maintenance and Retirement Reserve—Expenditures for maintenance of
the property of the corporation's operating companies amounted to $10,106 328
Public Service Coordinated
of surplus of Peoples Gas Co.
company.
During the year
charges for retirements amounted to $5,555,641.
$125,000 was transferred
from retirement reserve to surplus of Riverside & Fort Lee Ferry Co.
The
net increase in retirement reserve during the year was $4,542,570.
Fixed Capital—The fixed capital (consolidated) at the end of the year
was $632,794,881.
The net income from operations on this fixed capital
was
approximately 5.83%.
The balance in the retirement reserve was
$103,759,384, or 16.40% of the fixed capital.
Taxes and Insurance—Taxes of subsidiary companies amounted to $21,137,030 during the year and taxes accrued against the corporation and other
non-utility operations aggregated $1,172,301, making a total of $22,309,332.
Taxes of subsidiary companies, including non-operating taxes, amounted
to 16.69% of gross earnings and 36.47% of combined net earnings before
Operating expenses— 48,499,638
Maintenance-
Deprec. & retire,
10,166,327
10,117,909
exp.
Taxes
d21,137,030
38,489,702
38,564,133
129,621
341,432
Bond
stocks
38,619,322
38,905,565
40,246,959
applic.
8,785,763
9,398,283
10,700,768
11,170,163
int.,
1,501,160
Crl46,745
1,501,316
Dr652,058
1,501,316
Dr39,499
Retirement expenses
Taxes
Cr411,394
int.
bearing certificates
Int. on misc. obligat'ns.
9,079,548
27,067,065
26,663,981
9,462,573
$58,143
9,410,582
$291,302
14,016,536
4,314,652
Deduction
Surplus end of period. $9,352,438
Balance
of
0311,984
514,073
1,200
dl,145,718
dl,123,645
482,862
$9,410,582 $14,016,536 $14,338,395
p.
25,963,737
Calendar Years—
136",804
25,746,018
27,581,892
0282,544
478,745
1,200
Cr297,602
514,374
Cr276,048
539,648
Consol.
1937
from oper.
1936
$7,910,153
1,104,168
ings from operations $4,666,906
rec
131,127
1,091,736
41,333
1,091.736
12,567
$6,805,985
214,981
$4,962,410
258,503
$5,914,937
396,704
$4,798,033
$7,020,965
$5,220,913
$6,311,641
630,986
1,287,009
668,411
832,686
$4,167,046
1,091,737
7,193
24.612,947
24,859,433
26,482,962
14
1,204,765
$5,733,956
$4,552,502
$5,478,956
earn¬
1,130,012
265,625
Net income
profits taxes.
Adjustment of deprec.
charges of prior years
118,841
•
1
less related
Bal. for divs. & surp__
Divs.
on common
stock.
24,531,606
1,715,944
2,023,560
3,523,872
24,612,933
1,715,944
2,023,560
3,523,872
23,773,509
1,715,944
2,023,560
3,523,872
25,352,951
1,715,944
2,023,560
3,523,872
2,587,560
14,308,302
2,587,560
13,757,983
current
Surplus
2,587,508
15,408,940
Bal. carried to surplus
Shs.
of common
stock
372,368
453,695
164,591
93,126
outstanding (no par).
Earns. per sh. on com;
5,503,193
5,503,193
$2.68
5,503,193
5,503,193
$2.82
_
adjustm'ts
Adjust, to market of se¬
curities & foreign net
$2.67
_
$2.53
Interest on bank balances, special funds, U. S. of America
Treasury
bonds and notes, municipal tax revenue bonds and
notes, rents from
properties not used in operations and interest and dividends from invest¬
ments
in non-affiliated companies,
b Rearranged by editor for com¬
parative purposes,
c Includes $14,267 for surtax on undistributed earn¬
ings.
d Includes surtax on undistributed earnings,
e Also includes special
fund, U. S. of America Treasury bonds, notes, revenue from real estate
owned and from other investments, exclusive of
affiliated
a
Consolidated Balance Sheet Dec. 31
Assets—
$
Fixed capital...632,794,881
Cash
1936
Notes receivable
Accts. receivable
$
17,531,098
9,004
6
13,013,786
14,121,388
12,323,268
60,423
71,544
Matls'& supplies
Miscell. current
7,987,635
253.040
y
goodwill (subs.)
Gross surplus
428,112
86,416
82,410
Special deposits.
225,138
302,286
Oth. misc. assets
28,553
ownership
28,553
372,766
581,019
638,404
252,659
cos.
330,069
12,133,742
12,586,834
24,904
27,746
11,435,800
19,634,800
Funded debt... 174,798,706 176,153,306
Accts. payable.
3,584,966
3,269,060
299,556
25,674
Taxes accrued8,211,661
_
liab.
3,186,834
1,552,025
xl46,343,470
Profit and loss..
19,330,536
Total
1,805,591
18,778,033
After transfer of $38,000,000 to
special reserve.
x
as a
1938—Month—1937
1938—12 Mos —1937
Op^?x™n,^aTnt:;de-$11'173'150 $11'122'944 S127235.984
& taxes
7,908,324
T'l256
$3,264,826
US"
2,203,429
other
2,250,000
2,050,309
2,050,000
con¬
tingencies
6% pref. stock
7,497,797
90,722,711
$123186,587
84,644,748
$3,625,147 $36,513,273 $38,541,839
2-564,830
91,614
117,1751
49,407
48,977
400,771
16,838,000
z
2,760,820
18,000,000
2,716,445
18,000,000
Common stock..15,210,000 15,210,000
473,780
16,534,282
10,377,522
Surplus
17,135,113 17,593,525
Total
61,757,909 63,517.557
and
equipment
Total
x
24,170,205
61,757,909 63,517,5571
At cost
370 in
or at market if lower,
y After depreciation reserve of $13,446,1937 and $12,816,162 in 1936.
z Represented by 702,000 no par
shares.—V. 144,
24,750,723
p.
3690.
Queens Borough Gas & Electric Co.—Preferred Div.—
The directors, at a meeting held Feb. 18, declared a dividend of 75 cents
a
share on the
6% cumulative preferred stock, payable April 1 to holders
record on March 15.
This payment represents one-naif the regular
quarterly dividend.
A like amount was paid on Jan. 1, last, and prior
thereto regular
quarterly dividends were distributed.—V. 146, p. 286.
of
Radio
Consolidated Earnings for Period Ended
Jan. 31
Net inc. from oper
and
to
prepaid expenses
Land, buildings,
machinery,
684,434,488 691,861,304
f IK® -384; special reserve for retirement of street
Ia'i 24,104,309; contingency reserve, $1,728,000;special
f7ol11 !^lrance reserve, $4,598,530; contribuy Rep¬
resented wT1!?™ iii no '128: miscellaneous reserves, $6,969,676.
by 5,503,193
.
2,250,000
shrinkage
Res .for advertising
Res. for insurance
Trademarks, trade
141,105
148,374,099
1,589,386
shares,
70,520
270,000
1,900.751
381,619
Misc.unadJ.cred
par
y
11,310.242
curr.
Reserve
surplus and immediately appropriated
122,175
270,000
pay¬
Res. for inventory
rights, patents &
goodwill
10,325,902
...
299,432
3,226,522
20,667
684,434,488 691,861,3041
394,569
decl.,
able after Dec.31
(for
adv.
4,188,695
adver.
foreign
Insurance & other
stock
Interest accrued
Misc. accr. liab.
146
<fe
through
ownership
Misc.
—V
stock
part, owned subs
Miscell. investm'ts
Consumers' dep.
prec.
in
of
agreement
Divs.
870,491
cap¬
employees).
Inv.
14,450,468
94,326
S
subs, under loan
indebted¬
Company's
ital
6,051,091
12,935,427
93,350
1936
1,168,062
3,026,680
com pens.,
&
of employees
S
wages and other
Obligs.
550,000
securs
purchase
ness
30.450,213
Cap.stk.of lessor
Divs. declared.
Total
municipal
x
12,805,956
$5,054,798
17,666,288
933,120
&c.)
11,985,555
Govt, securities. 12,796,067
State, county &
cos. not contr.
cap. stock tax
Unamortiz. debt
3,814,270
Plies
x
Liabilities—
Accounts payable.
Acer. Iiabs.(taxes,
of
grain, materials,
products & supx
1937
$
3,888,174
(less reserves)..
Inventories
controlled
...
1936
3,406,270
Accounts receiv.
through stock
ownership
$
4,408,998
other
30,441,903
$5,050,024
17,449,678
Consolidated Balance Sheet Dec. 31
Stock
Cap.stk.of lessor
245,266
Deferred Federal
disc.& expense
Misc. suspense.
...
$5,634,750
17,228,093
$21,707,361 $22,862,843.$22,499,702 $22,721,085
1,074,483
1,074,447
1,074,291
1,074,089
3,497.765
4,194,871
4,197,318
4,197,318
1937
Assets—
through stock
Investments
Sinking funds._
Prepayments...
060,615
0599,650
Dr44,965 Drl,023,808
Surplus at end of year. $17,13 5,113 $17,593,525 $17,228,093 $17,449,679
Earns.per sh.on 702,000
shs. com. stk. (no par)
$4.40
$6.63
$4.95
$6.27
x
sub. controlled
$4,113,836
17,593,525
year
dividends
Common dividends
$
Common stock
111,933,694zl 11,933,694
8% cum. pf.stk. 21,449,300
21,449,300
7% cum. pf. stk. 28,908,000
28,908,000
6% cum. pf. stk. 58,731,200
58,731,200
85 cum. pf. stk. 49,424,198
49,424,198
Cap.Btk. of oper.
247,465
divi¬
assets
D/-62.028
Dr37,177
Dr51,620
Preferred
(no par)
6,385,393
&
1936
TAabilities—
628,004,479
dends receiv..
Interest
Cr481,872
Dr52,083
Dr44,066
Cash
1937
12,953,100
2,494,471
U. S. securities.
assets
reserve
Surplus, before divs
Surplus at begin, of
companies.
1937
C'r94,558
Amort, of trade-marks &
2,587,560
14,308,302
1934
$6,988,690
1,073,752
profit
8% cum. pref. stock
7% cum. pref. stock
6% cum. pref. stock
$5 per share per annum
cum. preferred stock..
1257.
1,070,110
Interest & divs.
1,091,736
49,430
1935
$6,032,520
$5 619 794
952,888
earns,
Depreciation..
610
Credit adjust't of profit
and loss
sur$95,490
14,242,905
Quaker Oats Co. (& Subs.)—Earning
82,634
adjust,
$321,859
14,338,395
in
Fed. & foreign income &
and loss
11,034,893
31, 1936, of unamortized permium on certain securi¬
prior years, heretofore included under deferred charges,
b Includes $57,376 for surtax on undistributed
earnings.—Y. 146,
27,982,297
24,348,615
Debit
10,786,740
of Dec.
as
retired
ties
perpetual
on
$2,245,311
$27,101,916 $27,289,228 $26,533,494 $27,574,227
adjustments
02,144
Dr670,530
054,647
0288,762
Consolidated net
Int.
$2,115,979
1,505,893
25,489,782
Expenses
$1,833,243
and
Deficit
sees,
owned by Pub. Ser.
Corp. of New Jersey 26,838,789
e
rentals
Surplus begin, of period.
a
to
Public Service Corp. of
New Jersey—
Int. on bank balances.
$1,849,479
$36,181,463 $36,751,801 $37,320,234 $38,609,121
Total
.$27,104,060 $26,618,697 $26,588,141 $27,862,990
7% cum. prel. stk. divs.
1,400,000
1,400,000
1,400,000
1,400,000
$5 cum. pref. stk. divs..
1,500,000
1,500,000
1,500,000
1,500,000
Common stock divs
24,262,203
24,010,000
24,010,000
24,867,500
a
Bal.
1613
Co.—Earnings—
Net income.
of
subsidiary cos
Adjust, of profit and loss
$1,159,355
miscell. int. charges..
payable to the public,
on
$1,106,988
Gross income
39,771,586
475,373
36,978,967
miscell. deductions—
$870,601
Non-oper. income
119,226,428 120,430,038
44,229,228
42,231,307
40,570,355
9,997,823
9,534,504
9,631,908
10,269,823
10,435,021
10,973,443
cl9,856,471
18,461,462
19,482,745
amortiz. of discount &
Dividends
4,035,511
.'..$1,818,921
.
bonds & rentals
on
$2,876,156
3,930,379
Operating income
$34,331,984 $34,918,558 $35,204,254 $36,363,810
Non-oper. revenue
1,851,701
1,836,057
2,117,692
2,247,030
Non-oper. rev. deduct..
2,222
2,813
1,713
1,719
Profit & loss
Int.
$2,823,391
4,072,476
Years End. Dec. 31—
1937
1936
1935
1934
Operating revenue
$98,160,594 $94,315,301 $91,331,498 $92,090,797
Oper. exps.& taxes
b56,555,297
52,217,382
48,952,263
48,154,181
Retire, exps. (depr.,&c.)
7,273,313
7,179,361
7,174,981
7,572,806
122,843,047
Operating income
36.874,116
Non-operating income.a
dl04,851
Gross income
$3,201,875
3,864,319
Public Service Electric & Gas
bl934
1935
$2,045,398
Includes $1,640 for surtax on undistributed earnings.—V. 144,
p.
x
Earnings of Corporation and Subsidiary Companies
1936
$2,800,009
76,147
(int.
Net deficit
Service companies, as of
The average rate per $100 of insur¬
compared with 14.76 cents for 1936.
Shareholders of the Corporation—At the close of 1937 there were 106,404
accounts on the shareholders' lists of the corporation.Eliminating dupli¬
cates resulting from ownership of more than one class of stock, there were
85,080 shareholders, or 2,856 more than on Dec. 31, 1936.
.
$2,752,200
71,191
rents, &c)
as
1937
$3,076,705
125,170
Gross income..
Income deductions
Dec. 31, amounted to $117,843,281.
Subsidiary Companies
$
Operating revenues
126,795,021
Transport—Earnings—
$1,926,352
xll9,046
Operating income.
Non-operating income..
deduction for taxes.
Fire insurance in force on property of Public
Calendar Years—
1938
Calendar Years—
1937
1936
1935
1934
Operating revenues
$27,073,099 $27,021,561 $25,723,093 $26,109,305
Operating deductions— 25,146,747
23,944,856
22,970,893
23,309,295
and depreciation $104,102 was set aside out
and credited to retirement reserve of that
14.49 cents
26.
Directors have elected Thomas W. Streeter of Morristown, N. J., Presi¬
dent; Harry Hall, Vice-President, and Ernest H. Hawkwood, Executive
Vice-President.
The corporation, organized in 77-B reorganization pro¬
ceedings of the former company of the same name, is expected to com¬
mence operations next month.—V.
145, p. 3665.
For retirement and depreciation $10,117,909 was set aside by the operat¬
ing companies and $1,200 by the corporation, making a total of $10,119,109.
In addition to the amount included in revenue deductions for retirement
ance was
Feb.
Prudence-Bonds Corp.—New President—
Corp. of America—Annual Report—
The 18th annual report, released today (Feb. 26) to
million stockholders, shows a net profit for the year
nearly a quarter of a
1937 of $9,024,858.
(The preliminary estimate of profit published on Feb. 8 was $9,000,000.)
This represents a profit margin of 8% on a gross income of $112,639,498
derived from the corporation's activities in the fields of communications,
broadcasting, manufacturing and radio research.
R. C. A.'s 1937 dollar volume was up 11.3% from the 1936 figure of
$101,186,310.
Operating costs increased 8.4%.
The net profit increase
over the previous
year's figure of $6,155,937 was 46.6%.
The total of
folume
Financial
146
paid or accrued by the corporation during 1937 amounted to $4,297,500, exclusive of Federal excise taxes.
Of this amount, $2,117,300 repre¬
Reliable Stores
taxes
provision for Federal income taxes, and $2,180,200 payments of Social
Security, State, local and other taxes.
During the year R. C. A. stockholders received a total of $6,409,226
in dividends.
This sum included regular quarterly dividends on the con¬
vertible first preferred stock, all dividends in arrears on the remaining shares
of "B" preferred stock, and a dividend of 20 cents a share paid to holders
sents
of common stock.
compared with
End of 1936
End of 1937
$39,358,710 $38,709,772
10,719,273
11,724,522
3.7 to 1
3 3 to 1
assets
Current liabilities.
Ratio
Working capital
28,639,436
26,985,250
Cash
15,103,296
11,818,756
39,146,234
14,657,407
11,526,975
37,784,957
on
hand and in banks
Inventories...
Fixed
^-V.
assets
146,
1086.
p.
R. C. A. Communications,
Inc.—Earnings—
1937—Month—1936
$457,894
$492,205
383,813
330,039
Period End. Dec. 31—
Teleg. & cable
oper. revs
Tot. tel. & cable op. exps
1937—12 Mos.—1936
$5,225,144
$4,643,206
4,293,982
4,011,676
$631,529
399,054
455,647
1,000
47,683
$931,162
385,658
457,958
12,000
418,874
$20,498
95,941
$109,551
54,762
$427,987
976,193
$315,392
544,366
$116,439
29,403
$164,312
29,313
$1,404,180
$859,758
373,333
$87,036
-$135,000
$162,166
34,201
Taxes assign, to oper
$74,081
31,175
41,002
1,000
42,756
Operating income
Non.oper. i ncome
operating revenues.
Uncoil, oper. revenues
Deducts, from gross inc.
income
146,
p.
Remington Rand, Inc.—Common Dividends—
on Feb. 23 declared a year-end interim cash dividend of 25
share and an extra dividend of 1-100 of a share of $4.50 cumulative
on the common shares both payable March 25 to holders of
record March 4.
A dividend of 25 cents was paid on Jan. 3, last; one of 35
on Oct. 1, last; 25 cents paid on July 1, last, and previously,
dividends
of
15
38,133
12,000
247,545
343,431
Republic Electric Power Corp.—To Merge Subsidiaries—
The corporation, a registered holding company,
has filed with the Securi¬
& Exchange Commission an application (File No. 47-19) under the
Holding Company Act asking approval for the acquisition of assets of
Apache Gas Co. and Gas Transport Co. Apache Gas Co. and Gas Trans¬
port Co., operating in Oklahoma, are wholly owned subsidiaries add the
acquisitions are to be effectuated through their merger into the applicant.
Opportunity for hearing in this matter will be given March 7.—V. 146,
946.
p.
Co.—Earnings—
Years End. Dec. 31—
1934
1935
1936
1937
$1,413,635
507,041
$489,491
295,601
$883,404
378,254
$619,697
x412,314
$906,595
x585,810
$193,889
47,838
$505,149
263,111
$207,383
$320,785
$146,051
$242,038
Net prof.after Fed.taxes $1,086,534
Res.for deprec. & deplet.
466,836
Net profit
Dividends
Surplus
and 1936,
Including $241,314, $258,810 dividends paid in 1937
spectively, on 1st pref. stock charged to capital surplus.
x
$486,425
$1,060,749
Assess—
1937
rec.
re-
$4,068,703
$3,198,094
$5,133,617
$3,661,848
Net revenue from railway operations
Railway tax accruals
$870,609
270,364
$1,471,769
Railway operating income
Equipment rents (net)
Joint facility rents (net)
$600,245
24,545
10,520
$1,038,800
24,181
4,863
Net railway operating
—V. 146, p. 1086.
$635,311
$1,067,844
railway operating expenses
income
Co. of
investments
382,256
522,852
Deferred charges..
33,843
22,738
6,253,199
6,527,008
Other
y
Real
241,666
259,158
685,745
829,941
$9,505,525 $9,805,269
Total
x Represented by 42,687 shares
1st pref. stock (1936, 45,171 shares),
240,000 shares class A stock and 345,000 shares class B stock,
y After
reserve
for depreciation and depletion,
z Represented by 4,115 shares
1st pref. stock in 1937 (1936,3,889 shares lstprer. stock).—V. 145, p. 4127.
Robat Hand
given
on
Corp.—Registration Withdrawn—•
first page of this department.—V. 142, p.
Roberts Public
Directors
Expenses
Underwriting profit and loss items (debit)
64,938
Surplus approp. for
retire, of 1st pf.
$9,505,525 $9,805,269
Total
See list
$836,043
462,534
438,884
785
$356,231
7,569,600
742,891
stock
$903,614
67,570
Earned premiums
Capital stock
Earned surplus
x
Capital surplus
Philadelphia—Statement—
Losses and adjustment expenses
Conting. reserves.
plant
est.,
& equipment...
$301,672
64,938
7,321,200
872,813
tax
17,574
399,789
528,259
for Year Ended Dec. 31, 1937
(net)
Increase in unearned premium reserve
res.for Fed.inc.
761,440
17.574
Treasury stock..
z
432,969
Premiums written
906,550
Stocks and bonds.
1937
1938
1936
1937
Liabilities—
1936
$1,087,563 $1,164,721 Payrolls, accruals,
accts. payable &
278,749
406,677
Inventories
Reading Co.—EarningsMonth of January—
Total railway operating revenues
Insurance
cents was paid
quarterly cash
distributed.
In
March 26, 1937.—V.
were
ties
Cash
Income Account
1%
Condensed Balance Sheet Dec. 31
446.
Reliance
dividends of
and stock
cents
addition, a special dividend of 15 cents was paid on
146, p. 1087.
Notes & accts.
Total
$9,160,018
$9,379,076
Directors
cents per
Riverside Cement
Other oper. revenues
Other oper. expenses
Net
1938—12 Mos.—1937
1938—Month—1937
$391,927
$461,668
—V. 146, p. 608.
Net telegraph & cable\
—Y.
Corp.—Sales—
Period End. Jan. 31—
Net sales
preferred stock
Earned surplus at Dec. 31, 1937, was $16,528,905, as
$15,334,648 at the close of 1936.
Other comparisons:
Current
1415
Chronicle
have
2515.
Markets, Inc.—Dividend Omitted—
decided
to
omit the dividend usually payable on the
1.
A regular quarterly dividend of
Jan. 1 last.—V. 145, p. 3357.
company's common stock on April
20 cents per share was paid on
Root Petroleum Co.— Trustee—
Trust Co. of New York has been appointed
trustee of $130,000 equipment trust of 1938 serial trust certificates.—-V. 145,
p. 2557.
The Continental Bank &
$66,160
Net underwriting loss
Net investment income earned
155,799
Balance
I
Net surplus Dec. 31, 1936
$89,639
2,057,089
k
;1,
I
Dividends paid
Gain from sale of ledger assets
100,000
11,602
1,319
509,144
(net)
Gain from special reserve
Decrease by adjustment in value of ledger asssets
Net surplus
$1,550,505
Dec. 31, 1937
Balance Sheet Dec. 31,1937
$3,016,182
Bonds and stocks
Premium reserve
Losses in process of adjustment
136,690
Res. for commiss., exp., taxes
Cash in banks and office
278,076
$287,000 out of requested totals of $636,800.
Howard
S.
Cullman, trustee,
90 days due)
194,904
Other assets
129,455
Rustless Iron & Steel
Cost
1,000,000
1,550,505
Surplus
—V. 145, p.
$3,743,173
Total
$3,743,173
$737,281
139,736
131,368
$494,081
121,182
119,823
y$217,979
43,145
44,342
profit on sales..
develop,
Research,
$1,198,182
300,855
$1,892,309
y61,125
$172,117
167,341
$634,436
1,873
50,564
2,879
63,902
4,448
$844,999
14,640
$412,735
16,707
$189,173
Miscellaneous income—
$859,639
$429,443
$203,234
loss$l7,524
16,545
16,500
""38
""173
2,652
1,246
1,610
Total income
Int.
$1,499,037
$339,458
$636,309
zl,630
xl48.131
xl52,933
263,408
12,500
securities
Prem., unamort. disct. &
50,000
50,000
154,812
13,000
50,000
profit for the year $1,509,804
Preferred dividends
221,088
Common dividends
1,348,765
Shares common stock
7,493,140
$1,100,905
$136,525
$142,590
36,848
974,108
7,493,140
3,382,979
3,382,979
$0.17
$0.14
expenses on
bonds
Prov. for contingency.
200,000
442,000
Prov. for Fed. inc. taxes
_
Net
Earnings per share
Nil
Nil
only,
y Includes $34,287 for extraordinary
income due to consumption of materials written off and reported as "Ad¬
x
Interest
bank
on
loans
justments of inventory values" in 1933.
z
serve
1937
969,544
a
1,958,679
1,314,550
82,198
6,105,191
140,972
162,041
303,144
Misceil. invests
_
a
hand
_
Prepaid
Accounts
1,081,597
228,517
629,038
32,370
Investments
-
Fixed assets.—
1,895,216
1,826,714
z
7% cum. pref. stk. 3,684,800
Common stock.. 7,493,140
3,684,800
7,493,140
Patents-.-.-...--
6,471,938
148,651
66,597
51,201
1,997,743
2
Less reserve of $272,279 in
Total
20,769,739 21,158,223
1937 and $253,402 in 1936.
b Less
reserve
in
50,000
60,900
90,457
152,219
65.269
Fed¬
6% notes pay..
._....
125,000
1st mtge. 6% note
payable to Fed¬
1,002,217
2
eral
Res.
furnaces,
Preferred
150,000
Bank.
2,000
<fcc—
stock—xl,189,048
862,625
815^063
1,104,621
568,230
Common stock.
Surplus
depreciation obsolescence of $10,186,027 in 1937 and $9,778,718
1936.
c Represented by shares of $1
par.—V. 145, p. 3829.
for
$156,666
Reserve for reltning
.
...$3498,,379 $2,022,685
After reserve for doubtful accounts of $11,203 in 1937 and $6,838 in
z After reserve for depreciation
of $228,573 in 1937 and $380,720
1936?
in 1936.
a Represented b y 863,339 (815,359 in 1936) no par shares after
deducting 188 shares (78 in 1936) shares held in treasury at a cost of $902
($374 in 1936).—V. 146,p, 926.
Total
52,204
20,769,739 21,158.2231
for
eral income tax.
a
165,858
1936
$128,966
Instal. on 1st mtge.
6.531,987
&c
Reserve
10,259
161,480
....—
payable-
Bank loans pay—
Accrued liabilities.
and defd
assets..
conting.,
$152,653
Accts. and notes
Inventories
1937
Liabililies-
1936
$173,987
and
10 495,653 10,415,063
b Plant & prop
Pats., tr'marks.&c
Def. cebit items.
Total.
Comparative Balance Sheet Dec. 31
1937
Assets—*
pen¬
c
Surplus
Invest, and advs.,
Brazilian co
109,087
"2.701
$166,133
$350,707
$713,139
$713,139
$350,707
$166,133 loss$23,033
$0.22
$0.43
$0.72
$0.72
$0.43
$0.22
Nil
y After deducting depreciation of $34,536 (depreciation in the amount of
$1,667 charged to selling administrative and general expenses).
Note—Depreciation provided by the company in 1937, 1936 and 1935
has been charged as follows: Cost of goods sold 1937, $65,999;
1936,
$33 667- in 1935, $32,007, and selling, administrative and general expenses;
1937, $3,086; 1936, $2,178; 1935, $1,815.
84,599
in & advs. to
foreign subsid..
1,512,495
84,087
15,000
311,089
68,616
Inventories
sions,
588,947
7 441,889
advances, &c
for
427
20,000
profit
Earns per share on com.
y
1,140,558
Contract obligat'ns
Reserves
profits
131,500
Net
receivable..
accruals.
1,052,475
receivable
Federal income tax—
Surtax on undist.
on
$
451
59.000
loanprovision for
Expenses of merger
Accounts pay. and
Accounts & notes
Mlscell. accts.rec.,
Inv.
$
...
tion with 1st M.
Estimated
1936
Liabilities—
$
Cash
__
Amort, of exp. in connec¬
Cash in banks
1937
1936
14,060
note
Bank
bank loans
Interest on
Interest on bank and other loans.
Balance Sheet Dec. 31
Assets—
mtge.
payable to Federal Re¬
Int. & amort, of disc, on
bonds and gold notes.
1st
on
...
Misceil. int. exp
$1,953,434
Total income
79,914
111,248
doubtful accts.
Calendar Years—
Net income from oper.
.
and
Remington Arms Co., Inc.—Earnings—
1934
1937
1936
1935
$16,961,671 $14,501,451 $12,651,677 $11,755,449
Income from operations.
1,270,608
2,605,514
1,930,345
852,491
Prov. for deprec. & obsol.
of plants & equipment
636,172
713,205
732,164
680,374
1935
1934
$1,685,4951
Not
1,191,414/ reported
$1,243,159
181,957
168,610
Gross
Prov. for
Net sales
1936
$2,646,784
1,909,503
patent expense
3356.
Miscellaneous income
Corp.—Earnings—
1937
disct.,&c $4,193,461
of goods sold
2,950,302
Selling expenses
27,487
Total
on
awarded $37,500 out of his plea for
Years Ended Dec. 31—
Gross sales, less
Adminis. & general exps.
Loss
was
$120,000, while the Pounds bondholders' committee, proponents of the
plan, which had asked for $50,000, was allowed $15,000.
The Court cut
the claim of Proskauer, Rose & Paskus, attorneys for the trustee, to $33,000,
and granted $47,500 to White & Case, counsel for the Pounds committee.
—V. 146,p. 926.
116,492
and other liabilities
Capital
in course of collection
over
amount of
$946,721
89 834
Real estate
Mortgage loans
(not
Terminated-
Liabilities—
Assets—
Prems.
Roxy Theatres Corp.—Reorg. Proceedings
-.$2,146,728
Balance
.$3,498,379 $2,022,685
Total
1416
St.
x
Financial
Earnings
After
taxes,
y
1,955,679
$1.28
Standard Products Co.,
leases, depletion,
Earnings
Aktieselskabet Saudefaldene
(Sauda Falls Co., Ltd.) Kingdom of Norway first mortgage 5% sinking
fund gold bonds series "A" due Oct. 1, 1955.
Called bonds will become
payable on the redemption date at the office of the bank, 70 Broadway,
New York.—V. 145, p. 1435.
1938—9 Mos.—1937
$20,182
$37,391
Consolidated
Seiberling Rubber Co.—New President—
£Bc&>l0s
Serrick
on
Profit from operations.$10,008,831
Divs. from
9
issued
Fed. surtax
Calendar Years—
Gross revenue
$25,291,380 $25,912,255 $24,256,764
Interest, &c
Depreciation
7,023,225
6,131,993
Net income
Preferred dividends
Common dividends
Surplus
x
....
7,528,134
* 5,623,562
$12,136,162 $12,760,559 $11,742,594
5,063,551
5,043,587
6,491,485
5,568,913
5,172,006
4,774,197
$1,503,698
...
7,810,878
4,703,292
$2,544,966
$476,912
Includes non-operating and miscellaneous income.—V. 146,
p.
122.
Southern Colorado Power Co.—Accumulated Dividend—
i
F Tne directors have declared a dividend of $1 per share on account of
accumulations on the 7% cum. pref. stock, par $100,
payable March 15
to holders of record Feb. 28.
A similar amount has been paid on this Issue
quarterly since and incl. June 15, 1933, as against $1.25 per share on March
15, 1933, and $1.75 per share in preceding quarters.—V. 146,
p._1090.^
>outh ern Ry.-
Earnings—
—Second"Weeicof Feb
Gross earnings (est.)
t $2,220,793
1938
—V. 146, p. 1260.
Jan. 1 to Feb.
1937
1938
Utilities, Inc.—Bonds Called—
$15,000,000 Debenture
to
Life Insurance Companies—
present
plans, the debentures
p.
Southern Pacific
927.
Co.—Earnings—
January—
1938
Gross from railway
'
1937
1936
$11,137,921 $14,274,677 $10,177,475
1,379,798
3,573,191
1,920,929
def419.631
2.022,645
688,389
Net from railway
Net after rents.
1260.
January—
1935
$8,618,976
1,591,927
409.253
1937
^
$507,400
$712,785
def66,957
1
|j78,880 J
def81,583 j D 69,832
Net after rents
1936
$393,863
def63,480
def66,224
$335,177
defl09,960
def 111,135
131,931
6,682
$8,669,061
5,625,239
$8,308,074
3,893,135
$8,289,202
2,164,367
—
z572,809
.$16,850,020 $14,867,110 $12,201,209 $10,453,569
7,175,645
7,033,332
6,575,969
6,560,434
Surplus
$9,674,375
1,705,150
$7,833,777
1,715,563
$5.28
Shs. of cap. stk. outst—
$5.05
$5,625,239
1,717,670
$4.83
$3,893,135
1,730,639
$4.79
Sterling Products' proportion of profits of affiliated companies for the
year 1937 was approximately $204,000
above received from such companies,
y
in
of dividends, included
Includes depreciation of $324,528
in 1937, $307,644 in 1936, $294,906 in 1935 and $268,990 in 1934.
z Amount
excess
realized from sale of stock of Three-in-One Oil Co. in excess of book value
of its net tangible assets, $853,799, less net cost of development of certain
products, $183,709 and proportionate share of settlement of claims
against Drug Inc., $97,281: net (as above), $572,809.
a Includes net profit
non-operating real estate, $61,677, net adjustment of foreign exchange
of $31,379 and miscelalneous income of $61,931.
on
Consolidated Balance Sheet Dec. 31
Assets—
1937
Cash in banks and
on
hand
1936
$8,563,418 $12,135,831
Certificates of deposit of banks
Short-term loan
350,000
170,100
4,954,052
1,451,617
3,065,521
288,085
37,481
250,000
U. S. Government securities
Other marketable securities
Accounts receivable—trade
Balances owing by affiliated companies
a
Items in transit with foreign subs, and branches
N otes receivable
Other receivables
350,000
315,900
5,358.851
1,310,779
2,733,142
246,160
23,094
500,000
consignment with customers—
Bal. owing by officers & einpl. on purch. of stock._
Investment in affiliated companies
140,269
5,118,861
281,946
4,492
3,375,919
2,117,891
3,903,138
264,791
7,570
3,160,554
1,588,335
1,590,037
250,000
38,487
b Land & buildings, machinery & equopment, &c__
3,516,282
Net cost of development of new products
366,124
Advertising supplies and deferred charges
743,373
Trade-marks, goodwill, &c
12,142,868
57,089
3,249,582
395,483
779,005
5,460,497
Inventories
on
108.843
Advances
250",600
$48,816,822 $42,198,646
Liabilities—
Accounts payable, accrued expenses, &c
Accrued Federal and foreign income taxes
Divs. pay. on stk. to be issued & on pref. stk. of sub
Due to affiliated companies
Notes payable
$2,424,426
2,058,549
26,302
Reserves for prior years' Fed. & foreign inc. taxes..
Reserve for contingencies
878,570
888",599
5,096,319
29,510
78,790
98,840
5,096,319
Reserve for pensions
Res. for fluctuations in market value of securities—
Minority interest in pref. stock of sub.
Capital stock (par $10)
Capital surplus..
.....
Earned surplus
c
Treasury stock
co
.....
78,591
$2,486,908
1,786,458
30,460
46,436
5,450,000
29,193
313,598
106,650
17,507,000
17,507,000
8,226,238
8,226,238
7,833,777
9,674,375
Dr2,810,488 Dr2.152,990
After
$48,816,822 $42,198,646
reserves
for doubtful accounts and discounts of $148,100 in 1937
and
$145,552 in 1936.
b After depreciation reserve of $3,968,425 in 1937
and $3,727,281 in 1936.
c 45,550 shares in 1937 and 35,137 shares in 1936
at cost.—V. 145, p. 3360
Sturges Aulsbrook Jones Corp.—Registration Withdrawn
767.1
Stock
Exchange has been notified that this company
merged its wholly owned subsidiary, Kellogg Grain & Elevator Corp.,
by certificate of merger filed pursuant to the provisions of Section 85 of the
Stock Corporation Law of the State of New York on Feb. 11. 19.18.—
V. 145, p. 3509.j
^
Standard Gas & Electric
Co.—Weekly Output—
Electric output of the public
utility operating companies in the Standard
Co- system for the week ended Feb.
19, 1938, totaled
99,742,336 kilowatt hours, a decrease of 4.1%icompared with the corresponding week last year.—V. 146,p. 1260.1 «
Standard Oil Co. of
Stockholders at
161,578
6,456
Earned per share
a
9135
Spencer Kellogg & Sons, Inc.—Subsidiary Merged—iM
has
155,097
6,413
Total..
Lines—Earnings—
1938
Gross from railway
Net from railway
York
182,108
5,944
»**
Southern Pacific SS.
New
80,899
Total
probably will carry a 3 H % coupon and will be priced
somewhere around 101)4.
They probably will mature in 30 years.
Proceeds from the sale, it is believed, will constitute new
money, and
some of it may be used to
repay bank loans.—V. 146.
The
1,240,434
124,390
121,775
118,456
$9,016,243
7,833,777
Dividends
of
The company, it is understood, plans to sell
$15,000,000 of debentures
several life insurance companies in the near future.
Under
—V. 146, p.
$9,668,249
1,350,128
1,713,010
sec..
Net profit for year
^
Southern New England Telephone Co.—Plans Sale
p.
$9,826,236
1,878,936
Other investments
14-^-
1937
$2,941,380 $13,623,394 $16,314,153
F A total of $51,000 first mortgage
6XA% s. f. gold bonds, series A, due
Sept. 1,1939, have been called for redemption on March 1 at 101. Payment
will be made at the First National Bank of Kansas
City, Kansas City, Mo.
—V. 141. p. 448.
146,
73,524
Note receivable due Jan. 2, 1939
Miscellaneous accounts receivable
Southern Gas
—V.
2,687
undistrib¬
Previous surplus
Finished stocks
LJi
to
$8,366,099
new
Net earnings—_
_
yl937
1936
1935
$42,548,841 $42,020,332 $37,877,876
17,257,461
16,108,077
13,621,112
621,677
72,844
14,941
741,866
4,745
91,140
Miscellaneous credit....
x
Expenses, Fed. Income taxes, &c
on
Total surplus
Co., Ltd.—Earnings—
534,105
815,146
$11,447,852 $10,624,481
Deprec. of market,
Mines, Ltd.—Extra Dividend—
Southern California Edison
299,182
16,015
al54,987
Interest paid
Other losses and charges.
Divs. on pref .stk.of subs
The directors have declared an extra dividend of one cent per share in
addition to the regular quarterly dividend of five cents per snare on the
capital stock, par $1, both payable March 15 to holders or record Feb. 28.
A similar extra was paid on Dec. 15 and March 15, 1937, and on March
14,
1936.
See V. 142, p. 1303, for detailed dividend record.—V. 146, p. 1260.
$8,686,615
291,002
IIIIII
uted profits.
permitting abandonment, as to interstate and foreign commerce, by the
company of its entire line of railroad extending from Manning in a northerly
direction to Prestridge and Huntington, approximately 11 miles, all In
Angelina County, Texas.—V. 120, p. 2547.
Siscoe Gold
$9,503,391
secur.
Total income
certificate
a
1934
x918,408
Prov. for Fed. & foreign
income taxes
Shreveport Houston & Gulf RR.—Abandonment—
Feb.
1935
&
Miscellaneous income
121.
on
cos.
Profit from sale of
Dec. 22 last.
At the same time the company paid a stock dividend
of l-20th of a share of class A stock on each share of $1
par class B stock
held.
A quarterly cash dividend of 30 cents was paid on the B shares on
Commission
affil.
Adjust, of taxes & other
items of prior yrs.(net)
on
Commerce
Years
Calendar
349,610
miscellaneous incomeProfit on foreign exch
Corp.—Dividend Action Deferred—
Interstate
for
1936
and
securities, interest, &c.
Because the company paid off $50,000 in bank loans during
January,
the directors at their meeting on Feb. 18 decided to defer action on the
class A and B dividends.
A quarterly dividend of 22 cents per share was paid on the $5 par class A
The
Account
Income from marketable
Feb. 18 declared
p.
$1.09
discounts..$33,852,853 $31,250,390 $29,286,679 $26,043,739
Cost of goods sold, sell.
adv. & admin, exp... 23,844,021
21,746,999
20,600,064
17,677,640
y
no par
Sept. 30 last.—V. 146,
$326,896
$0.04
stock
$llow*
Igss returns
ances
a dividend of 25 cents per share on the
value payable March 5 to holders or record Feb. 26.
This compares with 40 cents paid on Dec. 6, Aug. 5 and on May 5, last, and
previously dividends of 50 cents per share were distributed each three
months.
For detailed record of dividend payments see V. 140, p. 2720.
—V. 145, p. 1273.
stock,
com.
1937
Selby Shoe Co.—To Paf25-Cent Dividend—
The directors
common
x
Income
A.
Seiberling, President of this company, has resigned to become
Chairman of the Board. He is succeeded by his son, J, Penfield Seiberling,
formerly Assistant to the President and Vice-President in charge of sales.
Col. J. L. Cockrun, former assistant sales manager, has been elected VicePresident in charge of sales.—V. 146, p. 609.
stock
300,OdO shs.
Company has purchased for cash and holds in its treasury 45,550 shares
own corporate stock at a total cost of $2,810,488.
During the year the company acquired the business conducted under the
names of American Ferment Co., Cellasin Co. and Drew Pharmacal Co.,
paying therefor a total purchase price of $7,290,000 of which $1,840,000
was paid in cash.
Company issued 3% notes for the remainder of the
purchase price, these notes being due on Jan. 2,1938, Jan. 2,1939 and Jan. 2
1940, in the amounts of $2,000,000, $1,800,000 and $1,650,000, respectively.
The increase in trade-marks, goodwill, &c., amounting to $6,682,372,
resulted primarily from the acquisition of these businesses.
—V. 145, p. 3668.
F.
on
of its
Corp.—Earnings—
1938—3 Mos.—l937
loss$4,113
$13,446
1936
$12,133
share
Sterling Products (Inc.)—Annual Report—
the sinking fund, $48,000 principal amount of
Schumacher Wall Board
per
x After all charges including provision for normal Federal income
taxes,
but before provision for surtax on undistributed profits.—V. 145, p. 4129.
Called—
The Central Hanover Bank & Trust Co., as trustee, has designated
by
lot for redemption at 107^ and accrued interest on April 1, 1938, through
Period End. Jan. 31—
Net profit after all chgs.
1937
Net income
x
obsolescence and
Sauda Falls Co., Ltd.—Bonds
1938
Inc.—Earnings—
6 Months Ended Dec. 31—
Federal income
After surtax on undistributed profits.—V. 145, p. 954.
abandoned
26,
,
$2,511,002
1,955,680
$3.64
per share
1935
1934
$486,200 loss$812,518
1,955.679
1,955.679
$0.24
Nil
1936
1937
—y$7,127,945
Shs. cap. stk. (par $10)-
Feb.
Wrightsman, the President of the corporation, and the purchase of 21,557 +
shares of capital stock for an aggregate of $847,194.—V. 145, p. 3830.
Joseph Lead Co. f& Subs.)—Earnings—
Calendar Years—
Net Income
x
Chronicle
a
Kansas—May Reduce Capital—
special meeting to be held
on
March 16 at 12 o'clock
P°on will consider reducing the capital of the corporation from $1,600,000
to $1,366,870, by retiring 23,313 shares of
capital stock of the par value of
$10 each owned by the corporation; also
amending the certificate of incor¬
poration should such reduction be approved by
decreasing the authorized
capital stock from 320,000 shares to 138,000 shares.
Stockholders at their annual meeting which is scheduled for 2
p. m., the
same day, will consider
ratifying the approval of a managerial and option
contract dated May 24, 1937, between
the corporation and Charles B.
See list given on first page
Sun Oil Co.
of this department.—V. 145, p. 2407.
(& Subs.)—Annual Report—
J. Howard Pew, President, says in part:
"The business depression in the later months of 1937 has continued into
1938, and conditions at this time do not justify optimism as to the im¬
mediate future.
During the earlier part of 1937 company enjoyed sub¬
stantial gains in its business as compared with 1936.
Toward the year's
end, however, the rate of increase in gasoline volume slackened off, while
there were actual losses in sales of lubricants and fuel oil, by comparison
with
1936.
"On the whole, the company's
pression,
recovery
and
experience throughout the period of de¬
depression since 1929, is regarded as justifying
continuance of the program of development and expansion which has
steadily pursued..
ment
been
Business and industry are the real sources of employ¬
and
guarantors of prosperity, and we believe there should be^no
interruption of modernization and improvements in plants, equipment and
technical processes.
Only through such progress is it possible to continue
reducing the prices of our profuts, increasing wages, expanding employ¬
ment and raising the standard of living.
Accordingly, the management
of the company has adopted for 1938 one of the largest budgets of capital
expenditures that it has ever undertaken, included in whichis an appropri¬
ation of $11,000,000 for plant expansion of our refineries at Marcus Hook,
Pa., and Toledo, O.
It is planned not only to increase their capacity, but
Volume
them to important new refining processes.
These will effect
conservation of crude through larger recoveries and improved
of the most valuable elements, and will reduce refining costs.
Work has already been started on these operations.
Inasmuch as the ma¬
terials to be used must be manufactured especially for us, substantially the
entire expenditure will go into wages for labor.
h- "The company's expansion and development in face of the generally
inauspicious conditions during the current decade, has been possible be¬
cause of the policy of plowing earnings back into the business.
At the end
of 1929 our consolidated balance sheet showed total assets of about $85,
000,000; the present balance sheet shows about $128,000,000.
The in¬
crease represents earnings, that, remaining in the business, have effected
increases in employment, wages and production, shorter hours of work, and
lower prices to users of our products.
No other industry has a record of
progressive price reduction, comparable to that of the petroleum industry.
In the States in which company operates gasoline showed an average price
at filling stations, exclusive of tax, in 1920, of 31.01c.; and for 1937 that
average price had fallen to I3.20c., a drop of over 50%.
And in this con¬
nection it may be noted that the U. 8. Department of Labor recently
reported that hourly wages in petroleum refining were the highest of any
manufacturing industry.
"During 1937 the company's net production of crude from its own
holdings was 13,597,085 barrels.
Beyond this, we bought crude in some
periods and sold it in others; the result being a net excess of purchases over
sales of 11,415.467 barrels.
Company's proven reserves at the year s end
were estimated 233,000,000 barrels, as against 200,000,000 a year earlier.
At the end of 1937 the company owned 1,869 producing wells; during the
year it drilled 295 wells in its own interest, of which 243 were producers of
oil, 9 of gas, and 43 were dry holes.
Beyond this, the company participated
in the drilling of 112 other wells.
It holds under lease 101,600 acres of
proven oil lands, and 4,630,552 acres as yet unproven.
During the year
the leased acreage in Michigan has been largely increased and considerable
drilling has been done with quite satisfactory results: while in the new
to
Symington-Gould Corp.—Meeting Again Adjourned—
adapt
further
quality
under lease, which
hopes for good results byt have not yet met the test of the drill.
central
Illinois field we have taken large areas
"Crude oil
run
to our refineries
1417
Chronicle
Financial
146
justify
Meeting of stockholders scheduled for Feb. 17 to approve acquisition of
McConway & Torley Corp. has been adjourned until March 17.—V.
146, p. 928.
Tennessee Corp .—Option
The
has
corporation
advised
time to time, at any time up to
Period Ended Jan. 31—
Gross
Oper. exps. & taxes...
Pro v. for retirement res.
Gross income
$493,280
239,145
Elaces on the payrolls: but of these, 429 became lessors of the filling stations,
•
are
due in
.
,
debentures and
The debentures
1943, 1944, 1945, 1946 and 1947, but are callable earlier, on 30
days' notice.
Capital expenditures of approximately $14,000,000 and all operating
and repair costs were met through current receipts.
Of the capital outlay
$6,500,000 went to production, $2,660,000 to refneres, $3,320,000 to
marketing, $ ,020,000 to the marine department, and the remaining
$500,000 to various other improvements."
,
Gross oper. income
Years
inter-company sales)$133,323,263$105,446.627
Costs, oper. & gen. exp.. 106.333,288
83,415,966
Taxes (incl. est. Federal
► income tax)
d5.255,677
d4,304.445
Intangible devel. costs..
5,449.255
4,225,709
Depletion & lease amort.
1,607,839
1,139,891
Deprec., retirement and
6.062.299
other amortization
6,936,338
$88,524,940 $82,667,367
68,387,827
63,689,767
d2.985,631
d2.671.339
3.033.941
$101,657
$1,073,480
1936
Texas Gulf Producing
Calendar Years—
or
5.524,352
$6,298,317
$6,016,704
1.575.249
1,458,427
$6,228,100
1.028.972
$9,928,884
$7,873,566
$7,475,131
$7,257,072
325,571
280,443
93,056
447.943
57,821
263.782
44,949
1,407
1.282
1.394
1.724
$9,544,085
$7,563,554
$7,100,239
$6,650,464
10,053.004
13,896
9,512.101
237,349
9.609.319
194,037
10.778.750
195,524
$19,583,193 $16,838,306 $16,515,520
600.000
600,000
599.995
on
undis¬
No provision has
Co.—Earnings—
1937
1936
1935
1934
Operating charges
$1,952,744
875,958
$1,599,406
728,472
$1,623,869
677,115
$1,155,126
39.225
$1,076,786
Other income.
40,696
$870,935
120,049
$946,754
31,372
$1,194,351
540,057
$1,117,481
264,857
$990,984
160,803
$978,126
134,153
Income deductions
Prov. for Fed. inc. &
cess
ex¬
profits taxes
49.709
32,000
43,000
$823,410
44,405
$798,181
$800,973
$0.68
Dividends paid
29,214
$604,585
88,813
Net income.
$0.92
$0~89
Earns, per sh.on com.stk
"
~$0"93
Balance Sheet Dec. 31
Assets—
Cash
on
1937
recelv.
Liabilities—
1937
1936
I Accounts payable.
Notes payable
$60,589
$98,942
2,468
571,899
3,230
Working funds
Notes
1936
$108,432
Accrued liabilities.
48",282
I
hand <fc In
banks—on dem.
30,000
54,772
Prov. for Fed. Inc.
and
accrd. Interest..
&
27,957
155,858
167,257
taxes as estd. by
83,961
82,294
4,407
9,430,943
54,250
32,500
Long-term debt...
516.873
1,263,054
Contingent oil ine.
Res for contlngs..
171,800
208,788
Common stock..
633,843
633,811
1,472
Surplus arising from
appraisal
3,787.749
4.079,978
Earned surplus...
.
*1,000
3.876,164
Other curr. assets.
Fixed assets
2,108
_
9,344.418
Deferred charges..
31,328
48,356
183,608
1,125
220,597
213,760
Accts. recelv. from
Other assets
Total
..$9.905.493510,279,514
excess
profits
company
z
1,519.869
6,065,279
$790,510
1937 for Federal surtax
$2,142,230
987,104
production
3,641,975
1,427,524
$2,341,405
1,550,894
$124,744
Gross operating income.
y
(excl.
$2,624,365
1,550,884
No provision was made in
Inventories
1934
$231,029
129,372
129,391
Balance....
„
1935
1936
1937
$5,049,736
2,708,332
tributed profits as all taxable income was distributed.
been made for such tax in 1938.—V. 146, p. 928.
Accts. receivable.
Consolidated Income Account for Calendar
$5,433,524
2,809.159
$254,135
income.!
preferred stock.
$464,425
233,395
on
„
andling our products.
"On Feb. 15, 1937, the company sold $9,000,000 ot2%%
retired two issues of debentures aggregating $9,364,000.
Co.—Earnings—
1938—12 Mos.- 1937
$1,331,670 $16,179,687 $15,148,311
762,245
9,486,163
8,838.574
105,000
1,260,000
1,260,000
748,419
105,000
Int. & other fixed charges
x
Exchange that on
1938—Month—1937
x
Net
Stock
April 30, 1942.—V. 145, p. 3984.
$1,346,700
revenue
Divs.
York
New
Tennessee Electric Power
25,860,582 barrels,
during the year was
against 24,463,881 in 1936.
Our refinery capacity is now 80,000 barrels
daily.
At the year's end the combined inventiry of crude oil and refined
products was 11,740,357 barrels.
"Company's average payrooll for 1937 numbered 13.085, as compared
to 12,819 in 1936.
Recent punitive chain store taxation by the States
compelled the company to lease out its filling stationsi, the operators,
ceasing to be employees.
No less than 1,205 operations thus lost their
as
Granted—
the
238.701
DI". credits outstg
Total
4,391,935
1,504
$9,905.493510,279,514
Notes receivable only,
x
y After reserves for depreciation and depletion
1937 and $2,487,571 in 1936.
z Represented by 888,134
shares.—V. 146, p. 123.
"
$7,740,866
Non-oper. Income (net).
2.188,018
Net operating income.
Total Income.
Int. and disct. on funded
and long-term debt
Other interest
Net
inc. applic. to min-
stockholders
Net prof .accrd .to corp
Earn, surplus
of period..
156,941
beginning
Adjustments—Dr
...
2,021,184
4,164,117
1,884,706
$17,233,690
599 985
1.722.602
4,518,717
priated end of periodflO,953,754
$10,053,004
$9,512,101
pref. stk. (cash)
Stock div. on
stk. (cash)
stock
com.
RR.—Earnings
$4,111,544
1,251,978
38,580
802,981
Net after rents.
'1936
1937
1938
$3,488,334
581,526
$3,113,232
622,711
241,789
1935
$2,669,794
432,002
744
—V. 146, p. 1262.
Texas & Pacific
Ry.—Earnings—
1938
1937
$2,118,482
1,542.449
Month
162,053
2,051
$2,345,668
1,653,546
151,762
139,044
8,870
$258,577
38,079
$392,446
38,604
$431,050
7.956
of January-
153.352
common
stock out-
_
„.
b2,023,119
cl,886,594 al,725.772
b$3.44
C$3 45
a$3.51
a Prior to stock div. of 9%
payable on Dec. 15.
b Prior to distribution
on Dec
15 of 3% stock div.
c Prior to distribution of 6% stock dividend,
d In addition to the amount of taxes shown above there was paid (or
accrued) for State and provincial gasoline taxes'
$22,836,070 in 1937,
$20,069,390 in 1936. $19,199,774 in 1935 and $16,593,559 in 1934. and for
Federal gasoline taxes $7,392,300 in 1937, $6,755,169 in 1936. $6,598,411
in 1935, and $6,301,546 in 1934.
e Prior to stock dividend of 8% payable
e2,144,440
e$4.l7
standing (no par)
Earnings per share
Dm.
15.
1937
Market,
6,494.818
12,176
sscurs.
Loans payable..
Tax liability....
7,210,908
Oil
18,277,974
Mat'ls & suppl's
5,483,471
Inv. In affll. cos. 11,578.633
receivable
3,564,718
within 1 year.
113,667
96,853
Accrd. liabilities
1,008,970
1,335,695
9,389,917
6,467,583
940,409
715,094
50,000
50,000
4,051,359
70,007,335
Other reserves..
Capital & surp.
1,687,253
3,255
ints
3,356
Preferred stock.
charges
10,000,000
10,000,000
Common stock 79,873,770
of minor,
1,737,141
c
surplus.
10.953,754
73,988,667
10,053,004
Treasury stock
Z>r527,331
Z>r527,331
128,400,708
117,446,843
Earned
e
128,400,708
Total
117,446,843
Total
depreciation and amortization of $62,626,954 in 1937 and $57,348,615 in 1936.
b After reserves of $253,143 in 1937
and $299,023 in 1936.
r Represented by 2,328,380 no par shares in 1937
and 2.156,825 no par shares in 1936.
d Special trust funds only,
e Repre¬
sented by 11,896 no par common shares.
After reserve for depletion,
May Increase Common Stock—
March 8 will consider amending
the authorized common
3,000,000 shares.—V. 146, p. 928.
Stockholders at their annual meeting on
the Certificate
of Incorporation so as to increase
stock from 2,500,000 shares to
Superior Steel Corp.—May Increase
Stock—
President of the corporation, announced that stock¬
asked at the meeting on March 21 to approve an increase
in authorized capital stock from 115.000 to 200,000 shares.
There are no
immediate plans for the sale of additional stock.
Current assets at Dec. 31 totaled $1,359,881, Including $197,572 cash,
and current liabilities were $1,181,811, including $962,000 funded debt
due in 1938.—V. 146, p. 1091.
Frank
R.
Frost,
holders will be
$92,542
.
Third Avenue Ry.
System—Earnings
(Railway and Bus Operations)
Period Ended Jan. 31—
1938—Month—1937
1938—7 Mos.—1937
$1,108,534
835,562
$8,062,739
6,271.636
$7,891,290
5,827,561
$258,554
137,877
$272,972
118,457
$1,791,103
922,747
$2,063,729
792,484
$120,677
26,178
$154,515
36,951
$868,355
181,840
$1,271,245
253,278
$146,855
216,665
$191,466
232,784
$1,050,196
1,527,893
$1,524,523
1,600,887
$69,810
Net oper. revenue...
$1,170,694
912,140
Operating income
Non-oper. income
Gross income
Total deductions......
Net loss
—V. 146, p.
$41,318
$477,697
$76,364
770.
Accrd. divs. (pref,
stock
Prepaid and de¬
ferred
929.
330,552
long-
Due to affll. cos.
74,090,757
—V. 146, p.
4,095,239
&
term debt
3,620.154
plant,
equip. & pats.
76,649
5,069,297
4,100,548
8,839,384
dl2,558
trust funds
def$41,962
Taxes
Purch. obllg. due
Funded
8,202
330,416
Fixed charges
6,022,836
5,717,827
14,835,458
Sinking & special
Prop's,
7,255,373
71,108
5,216,356
Accts. payable..
1936
$
$
Liabilities—
$
8,554,865
21,572
b Notes &. accts.
Other Investm'ts
1937
1936
$
Assets—
Miscellaneous deductions.
Total oper. revenue
Total oper. expenses
Consolidated Balance Sheet Dec. 31
Cash..____.__^
Railway tax accruals
Equipment rentals net),
Joint facility rents net).
Other income.
Earned surp. unappro¬
a
Texas & New Orleans
January—
Gross from railway
Net from railway
$9,609,319
on com.
a
....
5,301.784
on
Divs.
on
par
$296,656
2,144,336
5,885,103
Total surplus
Divs.
Shs.
of $3,176,417 in
no
Thompson-Starrett Co., Inc.—Earnings—
3 Months Ended—
9 Afonths Ended—
Jan. 27, '38 Jan. 30, '36 Jan. 27, '38 Jan. 28, '37
$50,689prof$136,702
x$137.452
$117,678
Period—
Net loss
do not include results from operations on the Colorado
Aqueduct, in respect of which the amount of loss (in excess of $100,000
earlier established) cannot be determined before completion, con¬
tracted for May 31, 1938.—V. 145, p. 3360.
x
These figures
River
reserve
Tivoli Brewing
See list given on
Tom Moore
Co.—Registers with SEC—
first page of this department.—V. 145, p. 3831.
Distillery Co.—Co-Registrar
York has'been appointed co-registrar
stock, effective Feb. 24, 1938.—V. 145, p. 947.
The Guaranty Trust Co. of New
for the common
Trippensee Mfg. Co., Detroit, Mich.—Stock Offered—
with offices at 2620 Elmwood Ave., Detroit, Mich., is
stock (par $1) at par.
Authorized, 250,000 shares; outstanding, 50,000 shares (of which 36,000
shares in escrow).
Option to present stockholders to purchase at par,
The company,
offering 100,000 shares of common
50,000 shares, expiring March 15, 1939; present offering, 100,000 shares.
Transfer agent, Manufacturers National Bank of Detroit.
Company was incorporated in Michigan March 15, 1937.
Company
consists of two distinct divisions, Standard Reamer and Tool Division,
and Trippensee Division.
The Standard Reamer and Tool Division will continue its present business
of manufacturing high-speed precision cutting tools, catering to the auto¬
motive and other industries.
It has a background of over 16 years, and
1418
Financial
numbers
among its customers
automobile companies.
practically
of
all
the
nationally
Chronicle
known
sented
The Trippensee Division will
manufacture and market certain patented
specialties that have been under development for several years.
These
specialties include: Trippensee compressor, Trippensee beer cooler, Trip¬
pensee water cooler, Trippensee air conditioner.
The two divisions are closely related, and both will be housed in the
present plant at 2620 Elmwood Ave., Detroit.
To balance the plant
equipment of the Standard Reamer & Tool Co., it
is proposed to purchase additional machinery with the first $10,000 available
from the net proceeds of the sale of stock.
By apportioning a further $10,000 for working capital, from the proceeds
of the sale of stock, the Standard Reamer & Tool Co. will be enabled to
take advantage of all trade and quantity discounts from which it will
by shares of $25 par.—V. 145,
Union Pacific
1937
Revenues—
Freight
Passenger..Mail
Express
Allother......
1936
9,913.82
$
130,685,961
17,320,898
4,996,450
2,112,937
6,948,064
Ry. oper. revenues—162,064,310
Expenses—
17,725,360
Maint. of equipment... 30,309,226
Traffic
4,666,453
Transportation
54,668,797
Allother..............
9,464,742
follows:
(President and gen. manager), Green Lake,Mich.
(V.-Pres. and Dir.), Gross, Pointe Shores, Mich; Albert E.
Chesley (Sec. and Dir.), Pontiac, Mich.; William F. Trippensee (Treas.
Dir.j, Detroit, Mich.; Melbourne
Vernor Highway,
155,213,583
E. Thompson,
15,971,237
24,200.534
7.530,874
Ulen & Co.—To
Expand—Officials—
Stockholders have approved a plan to expand the management and per¬
sonnel for the purpose of increasing the activity of the company to include
Net
domestic engineering, advisory and appraisal work, with compensation of
be partly in cash and partly in stock.
95,208,407
37,095,637
10,055,873
Harry A. Arthur, President of American International Corp., a prin¬
cipal stockholder, will act as Chairman of the Board of Ulen & Co. without
salary. James A. Manning, who retired some weeks ago as President of
Stone & Webster Engineering Corp., another principal stockholder, will
act as President.—V. 146, p. 929.
Total income.
Fixed & other charges..
Net
Co,—Earnings—-
Net income
a
$6,798,922
483,648
854,512
Depreciation
Fed. tax
Surtax
inc. & cap..
undis. profits.
on
on
Soc. security taxes.
and State
$4,962,413
483,182
493,838
7,743,929
482,398
$4,031,542
480,672
455,000
$3,463,571
473,692
Total surplus
x
invests,
in &
ad vs.
subs,
1,717,518
net
income
transportation
revenues...;
b$7,560,732
Transportation for investment
666,448
$3.62
$4.36
1937
Notes
and
1937
Liabilities—
$
Acer,
receivable
5,644,861
Investments
Patents,
Accrued
4,364,274
missions,
432,810
831,216
liabilities
50,000
60,000
Deferred income..
47,118
42,917
expend.. 6,068,822
6,167,602
7,330,840
12,340,521
goodwill,
1
....
y
Common stock..
29,612,742 27,919,3681
7,330,840
13,955,006
Surplus
Total
77,034
Res. for conting. &
future
Total.
29,612,742 27.919,368
x After reserve for
depreciation of $8,183,639 in 1937 and $7,898,512
In 1936.
y Represented by 733,084 no-par shares.—V. 146, p. 1091.
Union Oil Co. of Calif. (&
Calendar Years—
Sales
1937
Subs.)—Earnings—
1936
1935
^ refined,
1934
'
oil products
..$83,626,601 $65,130,914
Other operating revenues
1,714,125
2,437,186
$61,169,527 $57,368,455
2,618,016
2,335.285
Total income
$85,340,726 $67,568,100
Cost of sales & operating,
$63,787,543 $59,703,740
selling, administrative
and general expenses.. 62,044,382
Profit
51,870,934
49,190,088
49,131,916
$23,296,343 $15,697,166 $14,597,455 $10,571,824
466,094
305,785
345,281
649,969
Non-oper. income
Total profit
Int. & taxes pd. at source
on funded debt
Bond issue expense
$23,762,437 $16,002,951 $14,942,736 $11,221,793
887,657
916,344
1,063,140
Other non-oper. expense
5,442
Prov. for income tax..xl, 135,224
12,261
149,531
9,402
"A. 764
xl38,662
8,802,286
400,346
8,282,031
267,241
6,798,022
Prov.fordeple. &deprec.
Profit for the year
$12,061,332
6,465,338
$6,133,398
4,386,070
$5,595,994
$1,747,328
$2.58
Cash dividends
$1.40
Surplus
Earnings
x
9,672,782
per
share
$5,038,286
4,386,070
1,249,033
$2,902,733
4,386,070
$652,216 df$l ,483,337
$1.15
$0.66
No provision for surtax is
required.
Consolidated Balance Sheet Dec. 31
1937
a
Properties
1936
$
Assets—
$
1937
Liabilities—
112,174,792 107,856,361
Inv .in controlled
& affll. cos
In
stocks
218,592
223,195
6,655
5.486
241,828
228,241
235,412
U. S. Govt, bds.
557,207
8,345,870
9,605,492
Marketable
1,018,913
Advs.
accts
Other investm'ts
Other advances
.
Cash
sees,
6,637,951
4,080,928
1,021,375
b Notes & accts.
receivable
623,672
63,158
21,566,977
2,542,103
charges
Total
a
Reserves
7,500,000
4,800.000
3,903,448
467,665
$768,282
2,282,169
200,662
23,114,616 Earned surplus. 17,992,127
2.187,274 Capital surplus.
3,699,117
12,169,182
3,699,117
996,918
153,119
165,515,793 153,215,1271
and
1937—3 Mos.—1936
$17,889
2,488,368
6.6c.
Rev. fare pass, carried..
Aver. fare per passenger
.
165,515,793
$2,369
2,849,293
1937—12 Mos.—1936
$16,573
prof$1,255
10,976,271
11,347,404
6.7c.
6.6c.
6. 5c.
—V. 145, p. 3212.
United
Gas
Week Ended—
Improvement Co.—Weekly Output—
Feb. 19, '38 Feb.
Electric output of system (kwh.)..._
87,958,759
—V. 146, p. 1263.
United Light & Power
12, '38 Feb. 20, '37
87,991,874
93,928,447
Co.—Registers with SEC—
The Securities and Exchange Commission announced Feb. 18 that
United
Light & Power Co. has registered under the Holding
Company Act. Also
registering were United Light & Railways and Continental Gas & Electric
Corp., both subsidiaries or United Light & Power Co. American Light &
Traction Co., another subsidiary, had
previously registered. The United
Light & Power System has consolidated assets of
approximately $570,541,432, and gross revenues were $87,608,223 as of Dec. 31, 1936.
The United Light & Power System includes 64 subsidiaries in
Maryland,
Iowa,
Tennessee,
Delaware,
Illinois,
Indiana,
Connecticut,
Kansas,
Minnesota, Oklahoma, Ohio, West Virginia, Missouri, Texas, New Jersey,
Michigan and Wisconsin.
The system's business includes electric and
natural gas service primarily while some subsidiaries
operate railway,
transportation, investment, real estate and other businesses.
Registration of the United Light & Power Co. and its two subsidiaries
brings to approximately $5,775,000,000 the atnount of assets registered
under the Holding Company Act,
representing about 37% of the total
assets of the industry which are estimated to be
subject to the Act.—
V. 146, p. 449.
'
United States Freight Co. (&
Period End. Dec. 31—
Gross
Subs.)—Earnings-
1937—3 Mos.—1936
1937—12 Mos.—1936
$9,163,025 $14,944,654 $39,826,828 $49,152,960
7,305,986
11,619,129
30,278,732
38,704,341
1,806,151
3,229,793
9,084,117
9,553,520
revenue..
Freight & cartage cost..
Operating costs
Gross income
$50,889
Interest
$95,732
1,215
28,364
97,730
(incl. Federal)
Depreciation
Investment adjust
44,969
71,738
75,000
Net loss....
$141,617
$463,979
$31,577
799
Taxes
$153,258prof$514,127
5,103
263,756
273,379
75,000
$895,099
1,215
205,206
174,551
—V. 145, p. 3361.
United States Leather Co.-
-Earnings—
1938
1937
Operating profit
yloss$709,364
Depreciation & depletion
79,322
Interest (net).
3,893
1936
$390,077
97,392
x$414,606
103,558
3 812
Reserve for Federal taxes
32,000
Includes
loss$792,579
interest
inventories.—V.
146,
accrued
p..
$281,048
174,045
1,908
30,666
$256,873
1935
$168,190
153,215,127
1937 and
b After reserve
of $6,839.
y
After revaluation
loss$7,763
of leather
1263.
United Towns Electric
Co., Ltd.—Bonds Delisted—
The Securities and Exchange Commission has issued
an order
withdrawing
and registration on the Baltimore Stock Exchange the first
and refunding mortgage 6% series A bonds, due
1945, of the company,
effective Feb. 21.—V. 122, p. 3343.
from
listing
Utilities Power &
Total
depreciation, $134,252,021 in
$127,890,082 in 1936, have been deducted from properties,
Ry.—Earnings—
Period End. Dec. 31—
Net loss
x
Res. for taxes..
for depletion
$921,403
930.
p.
Net income
1,559,810
1,166,493
271,162
966,784
320,500
146,
.
and
990,548
6,474,251
$1,456,576
481.272
53,901
.
3 Mos. End. Jan. 31—
Interest accrued
products..
in advance
539,881
8,026,500
taxes__
7,950,077
Mat'ls & suppl's
Taxes and insur.
Other
fuel
5,128,037
109,651,750
other sales and
excise
Crude & refined
oil
$
debentures
Serial debentures
Motor
1936
$
Capital stock.116,656,750
Series A 6s, 1942
8,026,500
15-yr. 3 Hb debs. 10,000,000
12-yr. 4% conv.
c
Accts. payable..
Accrued payrolls
$2,714,536
1.257,960
Net of items
—V.
474,972
Deferred
$9,787,086
$1,455,112
594,265
1,247,014
80,631
94,764
$7,890,689
Equipment rents.
facility rents (net)
Union Street
&c._.
taxes....
379,019
198,221
$2,690,134
1,235,022
com¬
Unred. mdse. coup
develop¬
ment,
7,125,724
265,842
4,806,020
4,446,341
Fixed assets
5,779,351
8,979,593
310,345
5,377,126
Inventories
&c.
wages,
$
400,501
in
Cr2
Railway operating expenses
1936
$
Accounts payable.
5,578,153
acc'ts
Prepaid expenses..
x
1936
$
operations
1,242,753
393,230
Joint
Consolidated Balance Sheet Dec. 31
oil
$10,580,823 $12,501,622
714,391
1,047,112
1,950,199
2,673,984
340,872
328,349
4,167,577
4,901,611
252,527
275,869
465,123
560,159
Maintenance of way and structures
Maintenance of equipment
manufacturing, selling and general expenses and all
4,854,475
14,723,625
6.62%
revenue
Transportation
as follows:
1935, $2,295,000 and 1934, $2,295,000, and $303,870 repre¬
senting common stock in treasury in 1934 and 1935.
c Including $303,950
representing common stock in treasury.
Assets—
14,636,529
6.58%
from
revenue
other charges amounting to $23,968,521 in 1937 and $22,349,783 in 1936
b Including special surplus capital reserve used in retirement of pref. stock
Cash
18,705.349
3,981,724
88,716
341,515
156,747
Miscellaneous operations
General
$5.06
18,618,253
3,981,724
1,279,208
396,590
Railway operating
189,350
1,082.985
18,226,811
8.20%
$428,521
Traffic
$6.70
After deducting
a
$8,833,067
122,939
share
per
33,967,547
15,262,198
revenue.
Incidental
to
cos.
34,047,626
15,429,373
revenue
Express
All other
Balance Dec. 31
C$13,955,006 C$12340,521 b$9,051,044
Com. shs. outstanding..
733,084
733,084
666,448
Earnings
,
Mail
for
to reserves
18,444,384
15,523,163
Earnings for Month of January
1938
1937
$8,318,047 $10,193,635
Freight revenue
Passenger revenue
$2,604,879
6,228,188
$17,253,884 $14,607,265 $10,656,602
129,299
189,350
3,298",878
1,416,209
2,014,506
dividends
Common dividends
22,208,535
3,981,724
13,673,792
6.15%
Restated,
y Includes
southern California.
385,000
$3,095,870
7,560.732
9,051,044
Capital adjs. charged to
earned surplus in prior
years now restored—
non-consol.
17,655,516
3,981,724
146,689
$3,838,704
32,522,672
37,485,610
14,867,156 xl5,277,075
19,295,835
14,751,791
all
pref. stock
Bal. for com. stock...
Per cent on com. stock..
65.000
$4,913,363
12,340,521
7,485,188
1934
„
Approp.
on
Fed.
Net income for year..
Balance Jan. 1
Preferred
from
income
sources
Divs.
Consolidated Income Statement for Calendar Years
1937
1935
1936
83,567,403
36,870,096
10,940,524
trans¬
portation oper
22,886,260
25,070,627
Income from investments
and other sources
y9,636,412 xl2,414,983
executives to
Underwood Elliott Fisher
from
inc.
12,422,935
22,482,976
2,818,134
37,524,784
8,318,574
3,354,670
44,151,092
108,728,115
Net rev. from ry. oper.. 45,229,732
46,485,468
Railway tax accruals... 13,244,160
13,057,039
Other oper. and income
charges (net)
9,099,312
8,357,802
(Dir.), 7739 West
9,783.85
132,304,044 120,437.499
16,927;97l
29.090,749
3,835,288
49,200.442
9,673.665
Railway oper. exps... 116,834,578
Detroit, Mich.
1934
9,836.44
Ward H. Peck
and
Repre-
126,916,646 109,94/,962 100,52/,120
15,062,417
11,200,331
9.239,901
4,796,/54
4,472,556
4,236.618
2,116,578
1.815,195
1.764,340
6,321,188
4,868,000
4,669,520
Maint. of way & struc..
Frank J. Trippensee,
1935
9,859.80
——.
as
c
2709.
Excluding offsetting accounts between the companiesj
Calendar Years—
business.
of the directors and officers are
p.
RR.—Earnings—
Aver, miles of road oper.
of the net proceeds of the sale of stock the
management proposes to purchase such tools, equipment, &c., as may
be deemed necessary in the manufacture of compressors, beer and water
coolers and air conditioners, and provide working capital for the production
and sale of these specialties and for the general operation of the company's
names
1938
26,
Consolidated Income Statement (Inion
Pacific System)
derive substantial savings.
From the remaining balance
The
Feb.
for doubtful receivables of $320,172 in 1937 and
$345,767 in 1936.
Light Corp.—New Trustee Named—
Federal Judge William K. Holly on Feb. 24 appointed
Jay Samuel Hartt
of Madison, Wis., head of an engineering firm
of the corporation, succeeding Willoughby G.
bearing his name, as trustee
"Walling, who died Feb. 23.
Financial
146
Volume
At the same time Roy D. Keehn,
representing Harley L. Clarke,
West Ohio Gas
former
Eresident offor a corporation, notified Judge Holly that he had decision by
is request
the hearing which was filed after a memorandum withdrawn
Judge Holly Feb. 23.
The court charged Mr. Clarke with fraud in a
$2,000,000 stock and loan transaction of the corporation and its
aries and holding companies.
Mr. Keehn said he was satisfied the court
order does not contain any charges but will only affect the voting control
subsidi¬
Oral argument
145.
before
April 21 i
of claims.
Court Charges
$2,000,000 Stock and Loan Fraud—
issued by Judge Holly charging Harley L. Clarke,
complicated $2,000,000 stock and loan transaction of the
corporation and its subsidiaries and holding companies says:
"All of these transactions are marked by an utter lack of good faith.
Fraudulent is rather a mild term to apply to them."
Judge Holly issued his memorandum on a petition by Frederick Z.
Marx, trustee for the Webster Securities Corp., Mr. Clarke's personal hold¬
ing company, which with the parent company is undergoing reorganization
under Section 77b of the Federal Bankruptcy Act.
The memorandum
instructed Mr. Marx to vote 100,000 shares of common stock of the Utilities
Power & Light Corp. at the meeting of stockholders of the company on
Feb. 28, in accordance with the wishes of Atlas Corp.
The shares are now pledged on a note held by the Atlas Corp.
In his memorandum Judge Holly outlined the complicated process by
which the Webster Securities Corp. acquired the voting trust certificate
for 100,000 shares of Utilities Power & Light from the latter company.
The certificate was pledged with the old Central Republic Bank & Trust
Co., in 1931, for a $2,000,000 loan.
The money, Judge Holly charged, was
then used by Mr. Clarke to pay personal debts.
Mr. Clarke's note passed
to the Reconstruction Finance Corporation as part of the collateral on the
$90,000,000 "Dawes loan" from the RFC and from the RFC eventually to
the Atlas Corp.
"The transaction
which Harley L. Clarke obtained $2,000,000 in
& Light Corp. was fraudulent," Judge Holly
doubt that, desiring approximately this amount
by
cash from the Utilities Power
"There can be little
said.
devised a scheme
Light Corp., the
Securities Corp.,
& Light Corp. to pay his
his obligations to a New York bank, he
by which through his control of the Utilities Power &
Utilities Power & Light Securities Co. and the Webster
of money to meet
he could
obtain the money of
private debts."
Utilities Power
memorandum were voting rights at
Also involved in the
the coming meet¬
transaction was more
205,349,404 149,106,963 108,218,139
xl84,567,388xal29200471 102,864,997
1,267,819
1,208,443
2,732,863
Cost of sales
Interest deductions
dl9,514,197 bl8,698,049
18,000,000
16,500,000
Net income
Dividends..
Surplus
Earns.per sh.on
cap.
c2,620,279def7,751,548
2,198.049
$3.12
2,620,279 def7,751,548
$0.44
Nil
1,514,197
$3.25
stk.
Including effect of change in inventories.
Includes depreciation on
machinery in 1936 at a higher rate than used during the preceding four
years of low activity, resulting in an increase for the year of $1,335,094.
b Surplus account was credited with $18,698,049, representing earnings
a
for 1936
(including income from subsidiary and
surplus account $672,244 representing profit on sale of marketable securities
for the year.
Partly offsetting these were debits of $1,750,000 covering
premium paid to redeem debenture bonds retired on Oct. 1, 1935 ana
$380,211 for other miscellaneous charges.
d Surplus account was credited with $19,514,197, representing earnings
for 1937 (including income from subsidiary and associated company) and
charged with dividends paid of $18,000,000; amortization of patents and
goodwill—Teletype Corp., $1,294,598.
x Includes Federal income taxes.
No provision has been made for surtax
on undistributed earnings, since no liability is anticipated.
Note—Above table includes results of Western Electric Co., Inc., and
its equity in the profits and losses of subsidiary and associated companies
Balance Sheet Dec. 31
(Company Only)
dollar of
Deferred receivables
Prepaid insurance & rent
Advances to suppliers
Voted—
Receivables
Marketable Securities
under the plan and
approval of the plan
by the Court of Chancery of the State of Delaware.
Upon consummation of the plan, the Valspar Corp. will have outstanding
$2,401,184 of unsecured 4notes, due Nov. 30 1941; 30,444 shares of
$4 cumulative convertible preferred stock, $5 par value; and 385,342 shares
of common stock, $1 par value.—V. 146, p. 611.
4,083,908
Total
Liabilities—
Van de Kamps
Holland Dutch Bakers, Inc.—Extra
<5
Reserves depreciation of plant
Reserves workmen's compensation
Reserves other self-insured risks
Long-term liabilities
Notes payable for borrowings
Pay rolls and suppliers
Accrued taxes and interest
Subsidiary & associated
Other accounts
Div.
have declared an extra dividend of 6H cents per share
the regular quarterly dividend of 6 H cents per share on
the new no-par common shares now outstanding, both payable March 31
to holders or record Feb. 23.
Similar payments were made on Dec. 20,
The directors
addition to
Sept. 30, last, these latter
shares.—V. 145, p. 3832.
and on
new
being the initial disbursements on
Wagner Electric Corp.—To
the
companies
payable
directors
stock,
$8,233,301 charged off in 1932 to a reserve accumulated in
previous years to provide for anticipated decline in plant costs, and after
deduction of obsolete, worn-out and excess plant written off or retired,
y Represented by 6,000,000 no par shaees.
At cost less
x
(Consolidating the accounts
have
par
Sugar Corp.—Amends
Deposit Agreement—
bondholders' protective committee, in a notice to holders of cer¬
tificates of deposit for 1st & ref. mtge. 15-year 7% sinking fund gold bonds,
series A, due Jan. 1, 1939, announces that the committee has filed with
City Bank Farmers Trust Co., New York, N. Y., depositary under the
deposit agreement, an amendment modifying the same so as to provide
in substance (1) that title to bonds deposited with the committee after
Feb. 16, 1938, shall not pass to the committee until it shall so elect, but
that the committee may exercise all powers vested in it under said deposit
Total plant
agreement either before or after title to such bonds shall have been vested
in the committee or its nominee or nominees, (2) that the committee
may,
in order to pay its expenses or to discharge indebtedness or liability,
funds deemed advisable to carry out any purposes of the deposit
to obtain
or
agreement, or for the payment of any expenses of foreclosure or of reor¬
ganization or to any reorganized company, request the payment or delivery
to it and give receipts or acquittances for any moneys held by the trustee
or any other party for the benefit of the bondholders to the extent that
such moneys shall be allocable or attributable to bonds deposited with
the committee, and may in such connection assign or charge pro rata the
distributive shares of the deposited bonds in all or any part of such moneys,
and
give agreements of indemnity, and (3) that the
of certificates of deposit may withdraw from
holders
period after which
the deposit agree¬
ment upon the terms and conditions set forth therein and subject to the
further provisions thereof if no plan of reorganization shall have been
approved by the committee or the committee shall not have purchased
tne mortgaged property or some part thereof shall expire on May 25,
years from the date of the deposit agreement, as
1939, instead or five ye
heretofore.- V. 146, p. 1264.
Wentworth Mfg. Co.—Earnings—
31—
1938
1937
Fed. taxes..
x$13,449
x$101,701
undistributed taxes.—V. 145, p. 3673.
3 Months Ended Jan.
Profit after charges and
x
Before surtax on
Wesson Oil &
The directors have
1936
$94,023
Snowdrift Co., Inc.—Extra: Dividend—
declared an extra dividend of 50 cents per share in
quarterly dividend of 12 }A cents per share on the
addition to the regular
stock, both payable April 1 to holders
amounts were paid on Jan. 3, last, and an extra
common
paid on Aug. 25,
Investments
.
Patents & good will—Teletype Corp
Deferred.receivables, less reserve—
y
z
Prepaid charges
suppliers.
Advances to
Merchandise
Notesrec. & trade accept., less reserve
Marketable securities
have declared a dividend
the 6% cum. pref.
of 37 H cents per share on account
stock, par $25, payable March 1
$1,12^ paid on Dec. 1
paid on Sept. 1 and June 1 last; 373^%paid on March 1,
paid on Dec. 21, 1936, and dividends or 3734 cents per share
paid on Dec. 1, Sept. 1, June 1 and April 1, 1936, this latter being the first
payment made on the preferred stock since June 1, 1932, when a regular
quarterly dividend of 37H cents per share was distributed.—V. 145, p. 3214.
holders of record
Feb. 19.
last; 75 cents
1937; 75 cents
This compares with
-
$296,901,339 $283,231,911'
1937
1936
Total
Liabilities—
b Total capital
Surplus....
-
$142,500,000 $142,500,000
15,350,550
15,130,951
1
Reserves
Depreciation of plant
Workmen's compensation
Other self-insured risks
Foreign exchange
Long-term liabilities
Notes payable
Accounts payable—
Pay rolls & suppliers...
Accrued taxes & interest
Sub. & assoc. companies not
Other accounts
Drafts
80,762,885
325,000
433,340
69,088
...
—
34,919,643
3,400,000
75,232,125
325,000
494,181
107,732
31,534,872
1,036,027
„
......
7,829,027
5,675,657
1,070,235
HH'SS
3,394,076
consolidated
payable
payable
6,543,176
5,722,764
1,270,649
1.015,919
2,318,516
.$296,901,339 $283,231,912
At cost less $8,233,301 charged off in 1932 to a reserve accumulated
in previous years to provide for anticipated decline in plant costs, and after
deduction of obsolete, worn-out and excess plant written off or retired,
y Less
reserves,
z Cost less provisions made for amortization,
a At
lower of cost or market,
b Represented by 6,000,000 no par shares.
Contingent liabilities: Dec. 31, 1937—On notes guaranteed, $1,620,226;
on obligations under certain conditions to repurchase the common stock of
Graybar Electric Co., Inc., which at Dec. 31, 1937, would have amounted
to approximately $2,225,000.—V. 145, p. 3985.
Total
x
Western
Union
Telegraph
Co.,
Inc.—FCC Begins
Hearings on Plea for Telegraph Rate IncreaseOpening public hearings in its investigation ordered in connection with
'o increase in domestic rates, the
petitions of telegraph companies for a 15% increase in dom"*'
/umuiuuivov.vuo
.
wnsumed
Federal Communications Commission consumed the Feb. 14 session in
of arguments for intervention and denying motions to dismiss,
p.
Telephone Co.—Accumulated Dividend—
of accumulations on
to
Receivables...
a
last.—V. 146, p. 124.
West Coast
The directors
of record March 15. Like
dividend of 87M cents was
directly owned subs.)
1937
1936
.$146,627,763 $142,058,906
23,863,368
24,188,936
21,431,788
22,726,386
1,435,659
1,786,975
2,918,372
3,221,960
568,640
411,019
66,093,085
50,991,488
635,773
206,096
28,179,159
22,144,845
576,021
11,146,514
4,571,711
4,348,787
-
Cash & deposits..
31
of company and its 100%
Assets—
x
y
Warner
The
1936
$290,782,336 $275,419,319
Total
Consolidated Balance Sheet Dec.
Pay 25-Cent Dividend—
declared a dividend of 25 cents per share on the
$15, payable March 21 to holders of record March 1
This compares with $1.25 paid on Dec. 20, last; 50 cents paid on Sept. 20,
June 21 and on March 20, 1937; $1.50 paid on Dec. 21, 1936; 25 cents paid
on Sept. 21, 1936; 50 cents paid on June 20, 1936; 25 cents paid on March 20,
1936; 50 cents on Dec. 20, 1935; 25 cents on July 20, 1935, and 50 cents on
Dec. 20, 1934.
Prior to this latter date no payments were made since
Sept. 1, 1932, when a regular quarterly dividend of 12M cents per share
was paid.—V. 146, p. 612.
The
common
$275,419,319
$142,500,000 $142,500,000
15,350,550
15,130,951
77,976,658
72,320,016
250,000
250,000
205,800
197,670
33,174,505
29,660,090
3,400,000
——
7,559,115
6,177,708
4,553,205
4,623,001
—
1,461,507
1,593,064
956,920
648,303
3,394,076
2,318,516
Capital stock
Surplus
y
Drafts payable
in
3,070,145
$290,782,336
1937
Cash & deposits
negatively.
certificate of incorporation to
provide the new preferred and common stock issuable
to amend the by-laws.
The current action is subject to
46,966,733
21,323,209
10,212,032
61,348,529
27,684,667
11,000
Merchandise
stock, voted in favor of the plan.
Stockholders owning 23,539 shares of preferred stock and 177,155 shares
of common stock voted in favor of the plan and only one stockholder,
owning 100 shares of preferred stock, voted
The stockholders also voted to amend the
$141,050,610 $136,490,096
55,184,743
55,406,686
509,396
1,249,663
340,843
289,736
568,640
411,019
Investments.
special meeting held
$8,492,146
114,700,748
13,297,202
$9,236,639
117,745,933
14,068,038
machinery
Total plant
x
treasury of
1936
1937
Assets—
Land
Buildings, Service equipment &
Small tools, furniture & fixtures
complicated but the net result was that
voting trust certificate repre¬
a
associated companies) and
charged with dividends paid of $16,500,000; amortization of patents and
goodwill—Teletype Corp. $803,632 and appropriation for reserve for work¬
men's compensation $5,000.
c In
addition to the profit of $2,620,279, there was also credited to
Feb. 18 approved a recapitaliza¬
tion plan providing for the funding of fixed bank indebtedness and also for
the discharge of accumulated dividends on the present preferred stock
through exchange for new preferred and additional common shares. More
than a majority in number of the holders of preferred and common shares,
representing over three-fourths of the outstanding preferred and common
a
93,899,223
98,481,160
3,169,611
2,686,095
1,882,364
the holder of the
Valspar Corp.—Recapitalization
Stockholders at
2,801,338
91,807,396
2,091,827
(net)
Gross income
Holly
"That
$
Ilp
203,467,040 146,420,868 105,416,801
shares,
Webster Secrutities became
$
1934
1935
1936
1937
ing of stockholders of another voting trust certificate for 30,000
now held by Jason & Co.
As the nominee of the Continental Illinois Na¬
tional Bank & Trust Co., with which the certificate was pledged as colla¬
teral, the bank may vote this certificate through Jason & Co., Judge
ruled, and then said of the 30,000-share transaction:
senting 30,000 shares through Clarke's manipulations without
real money being paid.
The price of the shares came from the
the Utilities Power & Light Corp.w—V. 146, p. 611.
and re¬
Co., Inc.- -Earnings—
Calendar Years—
Other income
a
a
3515.
Sales.
memorandum
The
p.
Western Electric
Judge Holly postponed the hearings on the plans of reorganization
Special Master in Chancery Charles T. Adams from March 21 to
This postponement also includes the hearings on classification
on Plan—
committee of holders of 6% first
Co.—Hearing
requested by
funding mortgage bonds in regard to an amended plan of reorganization
of that company under the Public Utility Holding Company Act of 1935 will
be held before the Securities and Exchange Commission on Feb. 24.—V.
of the stock.
with fraud in
1419
Chronicle
1265.
Westinghouse Electric & Mfg. Co.—New President—
George H. Bucher, Executive Vice-President of the company, was on
Feb
23 elected President at a meeting of the board of directors.
The
announcement was made by A. W. Robertson, Chairman of the Board,
Frank A. Merrick, who has been President of the concern since 1929, was
made Vice-Chairman.
Paul J. Myler, President
a
director of this company
,
^
of the Canadian Westinrhouse Co., was
at the same meeting.— v. 146, p. 932.
,
,
.
elected
1420
Financial
Chronicle
& Western Maryland Ry.—Earningt
l
Willys-Overland Motors,
Gross earnings (est.)
—V.
146,
14— ——Jan. 1 to Feb. 14
1937
1938
1937
$245,592
$405,781
$1,647,041
dent, announced.—V.
$2,316,606
Wheeling Steel Corp.—Preferred Dividend—
r
The directors have declared
accumulations
holders
Inc.—New Vice-President—
146,
p.
125.
1264.
p.
Winters &
k
1938
W. O. Cowling, formerly general sales manager of the Ford Motor
Co.,
has been elected Vice-President of this company, David R.
Wilson, Presi¬
—Week Ended Feb.
1938
Feb. 26,
on
of record
a
Crampton Corp.—Registers with SEC—
See list given on first page of this department.—V. 146, p. 774.
dividend of $1.50 per share on account of
the 6% cum. pref. stock, par $100, payable April 1 to
March 12.
Similar payments were made in preceding
Yellow Truck & Coach
Directors have declared
Manufacturing Co.—Pref. Div.
a quarterly dividend of $1.75
per share on the
cum. pref. stock, par $100, payable April 1 to holders of record March 15.
A dividend of $15 75 was paid on Dec. 23 last.
Arrearages now amount
quarters.—V. 146, p. 1093.
7%
White Motor Co. (&
ii
P Calendar Years—
x
Earns, per sh. on
Subs.)—Earnings—
1937
Net profit
1936
y$65,854
$0.10
cap.stk.
1935
Px After charges, depreciation and Federal taxes,
distributed profits.!**
to $14 per
1934
$681,628 *$2,911,736 z$l,400.801
$1.09
Nil
Nil
Loss.—V. 146,
p.
y
After surtax
on
un¬
2093.
New
share.—V. 146, p. 1093.
Secretary—
Harry C. Grossman, who is Vice-President of Yellow Truck'&TCoach
Manufacturing Co. and the Yellow Manufacturing Acceptance
Corp.Awas
Secretary of both organizations.—V. 146,ip.*1093. ^
elected
^
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY
COMMERCIAL EPITOME
Coffee—On the
19th
with 910 tons
Friday Nighty Feb. 25, 1938.
inst.
futures closed
1
to
3
points
The March
position, first notice day for which is
Thursday, closed at 6.32c., or 25 points over May. Con¬
siderable interest is developing as to the effect notices will
have, since in some quarters serious doubt exists as to
whether
fair
a
standard
percentage of the coffee tendered will pass
specifications, owing to the fact that the
coffee from Brazil is poor.
2 to 5
points
run
of the
On the 21st inst. futures closed
in the Santos contract, with sales totaling
up
37 contracts.
The Rio contract closed 14 to 3
points down,
with sales totaling 8 contracts.
The opening range in the
Santos contract was 3 to 4
points above the previous close,
while Rios opened 1 point lower to 4
points higher. Cost and
freight offers from Brazil were unchanged to 10 points higher,
with Santos 4s,
however, still ranging from 6.50 to 7.00c.
Milds
were
steady, with Manizales at 934c«> He. cheaper.
were
exactly unchanged from Saturday, with
Havre futures
trading reduced to 3,000 bags.
On the 23d inst. futures
closed unchanged to 2
points up in the Santos contract, with
sales totaling 37 lots.
The Rio contract closed 2 points
higher, with only 1 lot transacted. Half the business in the
Santos contract
against the March position, on the one
on the other, short cover¬
was
hand representing
liquidation, and
ing.
Apart from that there was some new selling by trade
interests and scattered new demand and
covering.
Santos
receipts
on
Tuesday
were 31,000 bags, and stock at port
2,193,000 bags.
Santos "soft" 4's declined
100 reis to 19.600, and "hard" 4s were off 200 reis
to 17.500.
Havre closed 34 to % francs below
Monday's levels.
amounted
to
On the 24th inst. futures closed
unchanged to 3 points up
in the Santos contract, with sales
totaling 43 contracts. The
Rio contract closed 2
points up, with sales of 2 contracts.
Coffee futures were
irregular in quiet trading and without
Today was first notice day for March con¬
special feature.
tracts
without
notices.
higher and later stood
Santos
contracts
opened
1
to
4
at 2
higher to 2 lower. Rio contracts,
which started 8
higher, were neglected in later trading.
In
Brazil cost and freight offers were
unchanged, with Santos
4s at from 6.50 to 7.00c.
Milds held steady, with Manizales
for nearby shipment at
9%c. and possibly 934c. Very little
was
being done in actuals.
In Havre futures were
1% to
234 francs lower. Today futures closed 5 to 9 points off in
the Santos contract, with sales
totaling 37 lots.
The Rio
contract closed 3 points net
lower, with sales totaling 4 con¬
tracts, all in the May delivery.
Trading in coffee futures
expanded on a declining trend. Santos contracts
opened 4
to 5 points lower.
In the later trading Santos were 6 to 9
points lower, with December at 5.98c., off 8
points, while
Rio contracts were 5
points lower, with May at 4.16c. Cost
and freight offers from Brazil were
unchanged, with Santos
4s. at from 6.50 to 7c.
Milds were steady, with Manizales
at 9%.
Business in actuals was at the best
only routine.
Havre futures were 34 to
134 francs lower.
Rio coffee prices closed
March
May
July
as
follows:
4.371 September
December
4.18
—
March
as
6.29
May
July
-.6.06
6.02
follows:
September
December
-_5.98
5.99
Cocoa—On the 19th inst. futures closed 17
higher.
The market rallied
to 20
points
sharply during today's
session, recovering virtually all of its Friday losses
during a
brisk trading period.
Opening sales went at gains of 3 to 7
points, while the closing was very substantially
higher than
net
previous final prices.
Transactions totaled 308 lots or 4,127
tons.
London came in
unchanged to 3d. lower on the out¬
side and 6d. to 9d.
stronger on the Terminal Cocoa Market,
#
On the 21st inst. futures closed 11 to 14
points net lower.
The market experienced quite a setback
today as a result
of profit-taking influenced
by
reports that Brazil was selling
already, anticipating delivery late the cur¬
rent year and evidently satisfied with the
price. That more
than offset news that the Gold Coast
holding movement
continued. Trading was active during most of the
session,
with sales totaling 652 contracts.
Warehouse stocks de¬
creased 1,400 bags.
The total now is 570,474 bags. Local
closing: March, 6.02; May, 6.02; July, 6.07; Sept., 6.09;
Oct., 6.11; Dec., 6.18; Jan., 6.23. On the 23d inst. futures
closed 29 to 36 points net higher.
This compared with
opening gains of 16 to 28 points. Transactions totaled 1,635
its 1938-39 crop
lots,
or
21,909 tons.
outside
and
Market
over
of
Is.
London noted
3d.
to
Is.
6d.
a
on
gain of Is. 9d.
the
on the
Terminal Cocoa
the
holiday, with 2,800 tons of futures trading.
Reports that the Gold Coast natives in their latest meeting
had decided to continue the crop
hold-up until the arrival
of the newly appointed British Cocoa
incentive for a sharply higher and
Commission, furnished
unusually active cocoa
Exchange. Local closing: March,
6.28;May, 6.31; July, 6.34; Sept., 6.35; Oct., 6.39; Dec., 6.45.
On the 24th inst. futures closed 11 to 16
points down.
Transactions totaled 781 contracts.
Profit taking caused a
recession of 8 to 10 points in the
early trading. The market
continued active, with a turnover of 625 lots to
early after¬
noon.
This was first March notice
day and 181 notices were
issued, but all were stopped promptly. In London the
pre¬
mium of March over later months
widened, indicating that
market
on
the New York
squeeze was in progress.
Warehouse stocks increased
4,800 bags.
They now total 570,152 bags.
Local closing:
March, 6.17c.; May, 6.18; July, 6.18; Sept., 6.22; Oct.,
6.26;
Dec., 6.32; Jan., 6.35. Today futures closed 8 to 12 points net
a
lower.
Transactions
totaled
462
contracts.
In
reduced
trading activity cocoa futures slid off further, with March
going to 6.12c., off 5 points.
Sales to early afternoon
amounted
bags to
235
to
lots.
Warehouse stocks
jumped 14,163
total of 584,315.
The increase was attributed to
from private warehouses to licensed stocks
for delivery on contract, as well as to
receipts of cocoa from
Brazil.
Local closing: March, 6.06; May,
a
transfer of
cocoa
6.07; July, 6.10;
Sept., 6.13; Oct., 6.15; Dec., 6.20; Jan., 6.24.
Sugar—On the 19th inst. futures closed 3 to 4 points off
in the domestic
contract, with sales totaling 221 lots.
This
decline in the sugar market was attributed
largely to reports
that the Administration's aim is for lower
prices.
Most of
the
selling represented liquidation of recently built up long
positions. Very little hedge selling appeared, brokers said.
The trade bought on the scale
down, and January went into
a
new low of 2.23c.
Although the market for raws was
quiet today (Saturday), the tone was easier,
reflecting
futures.
was
About 15,000 tons were offered at
3.18c., and it
believed that Philippines were available at
refiners
3.17c., but
were
not interested at better than
3.15c.
The world
closed 1 to 2 points off, with
only 13 lots
London terme prices were 134d. lower to
sugar contract
traded.
unchanged,
raws were
unchanged. On the 21st inst. futures closed
unchanged to 2 points down in the domestic contract, with
sales totaling 445 contracts.
The world sugar contract
closed unchanged to 1
point up, with sales totaling 65 con¬
tracts.
The opening range in the domestic
sugar contract
was
unchanged to 1 point lower. Trading was only moder¬
ately active. Today was first notice day for March without
notices.
In the raw market the
spot price dropped 2 points
to 3.15c.
American took 6,150 bags of Puerto Ricos and
3,500 tons of Philippines; Pennsylvania bought
2,500 tons
and MeCahan 1,000 tons of
Philippines.
Further refiner
interest was reported at 3.15c., while sellers were
asking
3.20c.
The world sugar contract opened
34 point higher and
later stood 1 to 134 points
higher, losing considerable of the
gains later as a result of profit taking.
London futures were
and
4.06
4.05
4.061
Santos coffee prices closed
situation
due
lower, with sales totaling 5 lots. The Rio contract closed 1
point lower, with only 1 sale recorded.
While it was re¬
ported a steadier tone prevailed in the mild market, Brazilian
grades were unchanged.
Otherwise there were no new
factors.
trading. Nothing further was heard on the
today (Saturday), but some news is
early this week. Local closing: Feb., 6.13; March, 6.14;
May, 6.15; July, 6.18; Sept., 6.21; Oct., 6.24; Dec., 6.32.
Gold Coast
i
.
GOODS—WOOL—ETC.
1421
Financial Chronicle
140
Volume
DAILY CLOSING PRICES
34
higher to 34 pence lower, while raws there were
5s. 3%d., equal to about 1.0034c• per pound
b. Cuba.
On the 23d inst. futures closed 1 point lower
pence
reduced
f.
o.
to 1
to
The market ruled heavy during
point higher.
the session, reflecting the raw and refined markets.
market the offerings were held at 3.15c., with
raw
most of
In the
8.95
May
July
September
9.15
9.35
9.35
* 9.30
9.47
9.67
buyers
interest at 3.13c.? and in refined the depressed
prices of 4.65c. and 4.70c. in Southern territory, which the
refiners canceled on Monday, were reinstated.
Bulk of the
trade accounts, representing hedging and
liquidation and short covering and small new buying. Total
sales were 101 lots, or 5,050 tons.
Although no sales were
definitely reported in raws, offerings were around the
previous day's price of 3.15c.
The amount on offer was
small.
The world sugar contract closed unchanged on all
deliveries compared with previous final quotations. Transac¬
tions totaled 130 lots, all but 22 of which were effected in the
form of switches.
The London market was a shade easier.
Raws there were offered at 5s. 3d.
On the 24th inst. futures closed unchanged to 1 point
down in the domestic contract, with sales totaling 206 con¬
tracts.
The opening range was unchanged to 1 point lower.
Hedge selling appeared to have increased slightly in volume.
No March notices were issued.
In the raw market nothing
was reported
done, although offers were at 3.15c. against
bids of 3.13c.
World sugar contracts were at losses of 34 to
activity was for
134 points, with
London futures
Sales of raws were
points off in the domestic contract,
1
point
reported done
with
to 2
with sales totaling 119
World
up,
Cottonseed Oil, sales,
Crude, S. E., 7c.
the
8.27
July-
April
May
8.26
8.31
August
September
8.37@
8.37 @
8.42@
June
8.31
October
8.43© 8.44
Many in the trade feel that the
the market must come from developments in
situation.
refined
World
sugar
contracts
Improved
slightly after opening unchanged to 1 point higher.
London
futures were yd. to 2d. lower.
Raws there were offered at
5s. 3yd., but afloat sugars were reported sold at 5s. 134^.,
equal to about 0.9634c. per pound f. o. b. Cuba.
Closing quotations were as follows:
March
2.24
2.19 (September
May
2.21 (December
2.22] January (new)
July
net lower.
2.20
19th inst. futures closed 7 to
15 points
The opening range was 5 to 7 points
below the
Lard—On
the
previous closing prices.
New York on
Lard shipments from the Port of
297,775
Saturday were fairly heavy, totaling
pounds, destined for Liverpool and Manchester. Liverpool
lard futures closed unchanged to 3d. lower.
Hog prices at
Chicago were 10c. higher, with the top price quoted $9.20,
the bulk of sales ranging from $8.70 to $9.
Total receipts
for the Western run were 16,800 head, against 16,200 head
for the same day last year.
On the 21st inst. futures closed
12 to 15 points net higher.
The opening range was un¬
changed to 2 points higher. As the session progressed new
buying made its appearance and prices advanced 15 points
in the active deliveries. Liverpool closed unchanged to 6d.
higher. Lard shipments from the Port of New York were
22,500 pounds, destined for Hamburg.
Western hog re¬
ceipts were moderately heavy and totaled 79,700 head,
against 47,800 head for the same day last year. Hog prices
were unchanged to 10c. lower, the top price registering $9.10,
with the bulk of sales ranging from $8 to $9.10. On the 23d
inst. futures closed 15 to 17 points net higher. The market
was fairly active after the holiday, and gains were recorded
early in the day. The opening range was 10 to 12 points net
higher, reacting later on scattered selling.
Subsequently
there was a rally with the market closing substantially higher.
the Port of New York were 305,300
for Liverpool.
Liverpool lard futures
closed 6d. to Is. higher.
Western hog receipts totaled
54,500 head, against 70,100 head for the same day last year.
Prices of hogs at Chicago closed 10c. higher, the top price
registering $9.20, with the bulk of sales ranging from $8.25
Lard
exports from
pounds,
to
destined
$9.10.
On the 24th inst. futures
closed 2 points lower to 2 points
Selling pressure was rather heavy at times, prices
at one stage suffering a decline of 10 to 17 points.
When
grains rallied late in the session, new buying orders made
higher.
their appearance, as a result of
erased almost all the early losses.
which the lard market
Lard clearances from the
Rubber-
were
9d. to Is. higher.
Western hog
ranging from $8.40 to $9.10.
Today futures closed 7 to 10
points down.
Trading was relatively light, with the under¬
tone heavy throughout most of the session.
closed 1 point lower
points higher.
The opening range was unchanged to 5
points higher.
Fluctuations were extremely narrow, even
in the active deliveries which showed differences of only
points between the highs and the lows of the day.
only 820 tons.
Outside prices were
unchanged on a spot basis of 14J4c. for standard sheets.
Local closing:
Feb., 14.79; March, 14.87; May, 15.05;
July, 15.18; Sept., 15.30; Oct., 15.34; Dec., 15.41.
On the
21st inst. futures closed 17 to 28 points net higher.
Trading
4 to
5
Transactions totaled
Talk was current among the trade
pointed to a renewal of the international
restriction agreement.
This served to offset a substantial
gain in United Kingdom stocks.
They increased 2,660 tons
last week.
As a result, they now total 68,366 tons, largest
total for the movement.
London closed l-32d. to )4d.
was
moderately active.
that indications
higher,
while
Singapore
also
advanced
slightly.
Local
closing:
March, 15.09; May, 15.25; July, 15.39; Sept:,
15.52; Dec., 15.68; Jan., 15.74.
On the 23d inst. futures
closed 4 to 18 points net higher.
At the opening prices were
21 to 37 points above Monday's closing prices.
Trading
very heavy, transactions totaling 7,620 tons.
While
proposed extension of the restriction plan caused little
comment, the feeling is now growing that later this yeai, as
a result of
the drastic curtailment in exports, a relatively
was
the
tight supply situation may
develop.
The outside market
(Wednesday), but a fair amount of
factory business was reported.
Crepes were in active
demand and their premium over standard sheets widened
to iia. per pound.
Foreign markets closed quiet, prices
ranging unchanged to slightly higher.
Local closing:
March, 15.13; May, 15.35; July, 15.50; Sept., 15.64; Oct.,
15.70; Dec., 15.83.
On the 24th inst. futures closed 15 to 20 points net lower.
Trading slowed down perceptibly and a heavy undertone
prevailed throughout most of the session. In the early after¬
noon sales had totaled 2,200 tons.
The London and Singa¬
pore markets closed quiet and dull respectively, prices rang¬
ing from unchanged to 34d. lower.
Local closing: March,
14.98; May, 15.15; July, 15.33; Sept., 15.45; Dec., 15.68.
Today futures closed 6 to 12 points net lower. Transactions
totaled 409 contracts.
Trading in rubber futures consisted
largely of switching operations, with the trade buying near
months and selling deferred positions, while commission
houses took the other end of the operation.
It was said that
shipment business was only moderate.
On the opening
futures were unchanged to 10 points lower, but later the
market was unchanged to 2 points higher, with March at
15c. flat.
Sales to that time totaled 2,980 tons.
London
closed steady, unchanged to l-16d. higher. Singapore closed
5-16d. up.
Local closing:
March, 14.92; May, 15.05;
July, 15.21; Sept., 15.35; Dec., 15.58; Jan, 15.65.
Hides—On the 19th inst. futures closed 5 to 8 points off.
The opening range was 1 to 16 points down, and during the
half-day session the list fluctuated within a comparatively
was
less active today
Transactions totaled 3,520,000 pounds.
spot hide market
prior to November
take-off, selling at 834c., and November-December take-off
bringing 8c. In the Argentine there were 4,000 frigorifico
steers, January-February take-off, sold at 11 ll-16c.
Local
closing: March, 8.96; June, 9.30; Sept., 9.62; Dec., 9.93.
On the 21st inst. futures closed 30 to 31 points net higher.
Transactions totaled 282 contracts. This market displayed
price range.
sales reported in the Chicago
included 26,800 hides, with branded cows
The
marketings were 55,700 head against 48,800 head for the
same day last year.
Chicago hog prices were 10c. higher,
with the top price registering $9.25, and the bulk of sales
-On the 19th inst. futures
n
to 3
narrow
pool lard futures
including switches, 222 contracts.
Prices closed as follows:
March
day for prompt sugars.
next move in
9.37
9.55
9.75
cars is quoted 9.3c. to 9.5c. per
Quotations: China Wood: Tanks, spot and nearby,
1334c. to 14c.; if shipped, 13.7c.; drums, 1434c. to 15c.
Coconut: Crude, Tanks, .03]/8g.; Pacific Coast, .0334®. to
.0334c. Corn: Crude, West, tanks, nearby, .0734c. nominal.
Olive: Denatured, spot, drums, $1.00 to $1.05; new crop,
$1.03 bid. Soy Bean: Crude, Tanks, West, forward, .0634®-;
L.C.L., N. Y., .08c. offered.
Edible: 76 degrees, 1034coffered.
Lard: Prime, 1034c.; Extra winter strained, 9)4cCod: Crude, Norwegian, light filtered, 3234®Turpentine:
3234c. to 3434c. Rosins: $5.15 to $8.25.
sugar contract closed 34 point down to
with sales totaling 260 contracts.
Domestic
futures displayed a steady undertone during most of the
session, with the market unchanged to 1 point lower. Sep¬
tember selling at 1.24c., off 1 point.
There were still no
March notices issued.
In the raw market 3,000 tons of
May shipment Cubas were sold to Godchaux at 2.25c.
(3.15c. duty paid), 2 points above the price paid late yester¬
The
lots.
9.45
9.62
9.85
Oils—Linseed oil in tank
September at 1.0834c., off 134 points.
In
unchanged to yd. lower, while raws
5s.
9.42
9.65
9.82
pound.
3d., equal to about 99c. per pound f. o. b. Cuba,
freight up to 16s. 3d. per ton.
Today futures closed 1
ar
O
L
Pork—(Export), mess, $27.3734 P®r barrel (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. Hams:
Picnic, Loose, c.a.f.—4 to 6 lbs., 1334c.; 6 to 8 lbs., 1234c.;
8 to 10 lbs., 1134c.
Skinned, Loose, c.a.f.—14 to 16 lbs.,
1734c.; 18 to 20 lbs., 15c. Bellies: Clear, f.o.b. New York—
6 to 8 lbs., 2034c.; 8 to 10 lbs., 1934c.; 10 to 12 lbs., 18c.
Bellies: Clear, Dry Salted, Boxed, N. Y.—15 to 18 lbs.,
1234c.; 18 to 20 lbs., 12%c.; 20 to 25 lbs., 12^c.; 25 to 30
lbs., 1234c.
Butter: Firsts to Higher than Extra and Pre¬
mium Marks: 2734c. to 3034c. Cheese: State, Held '36, 22c.
to 24c.; Held '37, 19c. to 2134®. Eggs: Mixed Colors, Checks
to Special Packs: 1634c. to 2034c.
were
offered at 5s. 3%d.
FUTURES IN CHICAGO
Wed.
Thurs
Frt.
H
9.10
9.07
9.00
Tues.
Mon.
8.80
showing
were
OF LARD
Sat.
March
last
1422
Financial Chronicle
firm tone
a
was
4 to 8
during most of the session. The opening
range
points higher, the market developing
strength as
the session progressed.
The top range of the day was 29 to
points net higher. Trading was active, with sales to
early
afternoon totaling 6,040,000
pounds. In the spot market
it was reported that a packer sold
20,(XX) branded cow hides
at 8^e. to tanners.
Local closing: March,
9.26; June, 9.60;
Sept., 9.92; Dec., 10.24. On the 23d inst. futures closed
41
30 to 33
points net higher. The opening range was 16 to 35
points above the previous closing prices.
Heavy buying
stimulated by the continued strength in the
other
commodity
inflationary talk current, was met by
during the early hours. The list continued
to surge ahead, but late in the
day eased off from the day's
best levels under realizing,
though prices at the close made
an
excellent showing for the
day.
Transactions totaled
18,040,000 pounds. Further spot trading was
reported at
steady prices when some 35,000 branded cows were sold at
8 Ac. for prior to and
up to last November
take-off, while
Decernber-January take-off hides sold at 8c. a
pound.
Local closing: March, 9.58;
June, 9.90; Sept., 10.25; Dec.,
10.56; March, 10.85.
markets
and
the
scattered selling
On the 24th inst. futures closed 24 to
20 points net lower.
Transactions totaled 179 contracts.
The market
opened 10
to 26 points lower on
profit taking following the recent
sharp
was
steady and less active than
yesterday.
On transactions aggregating
4,720,000 pounds
March sold down to 9.38c., off 20
points; June to 9.76; off
14 points and September to
10.09c., off 16 points respectively
rise.
Thereafter the market
In the domestic spot market
a
to have sold
cow
16,000 branded
ber take-off, at 8c.
Chicago packer was reported
hides, November-Decem¬
pound.
Local closing:
March, 9.34;
June, 9.70; Sept., 10.03; Dec., 10.34.
Today futures closed
4 to 7 points net
higher. Transactions totaled 106 contracts.
The hide futures market
opened 9 to 13 points
lower, but
commission house support rallied
prices and caused the mar¬
ket to show considerable firmness
despite trade selling. In
early afternoon June stood at 9.76c., up 6
a
points. September
was 7
points higher.
Transactions to that time
2,200,000 pounds.
Local closing:
March, 9.40;
June, 9.74; Sept., 10.10; Dec., 10.41.
at
10.10c.
totaled
Ocean
quiet,
Freights—The market for charters was
relatively
with the week presenting no
outstanding feature.
Charters included: Grain booked: Two
loads, New York to
Hamburg, end Feb.-early March, 1534c.
Ten to twenty
loads Montreal to
Antwerp or Rotterdam May 15-31, 14c.
Grain: Gulf to Antwerp or
Rotterdam, March 15-32, 2s. 6d.,
option United Kingdom, 2s. 9d.
Portland, Or eg. to Ireland,
April, 27s. 6d. Pacific coast to United
Kingdom-Continent,
March, 24s. 6d.
Trip: Trip across, delivery, North of
Hatteras, Feb., March, no rate given.
Trip across Atlantic
Range to South Africa, March, SI.90.
Sugar: Cuba to
United
Kingdom-Continent, March, 16s. 3d. San
Domingo
to United
Kingdom-Continent, March, 15s. 6d.
Scrap:
Atlantic Range to Spanish
scrap
Mediterranean,
and pig iron, March loading.
Coal—The outlook for
the
29s. 6d., f. i.
o.
coal
industry is reported as
anything but cheerful in view of the confusion
caused by
the collapse of the new
bituminous coal minimum
price
schedules.
This is expected to result in
a
protracted period
of hardship for most of the
industry. Already the railroads
are
demanding refunds from producers on all coal
purchased
since
the
minimums
took
effect.
The
suspension of the
other consumers to
follow suit.
In view of all
this, it is expected the
industry
will sell very little coal in 1938
at or above the cost
level as
prescribed by law, regardless of how soon
the revised sched¬
ules are completed.
A recent report of the Bureau
of Census
indicates that the sales of
antliracite burning stokers of a
capacity of less than 61 pounds per
hour, amounted to 9,074
for the year 1937.
Prior to 1937, figures were
not available
showing anthracite stokers separately from
bituminous, but
the sales of all stokers
burning less than 100 pounds per
hour amounted to 93,519 in
1937, a gain of more than 22%
over 1936, and
127% over 1935.
remaining minimums likely will
small
Feb. 26,
quantities at from 60c.
65c., with class 4 wool at
60c. and below.
Small lots of Ohio delaine have
brought
28c. in the grease, or 70c.
scoured basis.
Demand for
scoured wool is very
spotty.
Silk—On the 21st inst. futures closed
lc. off to I Ad.
up.
The market was firm in
light trading. The opening range
l^c. higher, but by early afternoon the
was
A,g. to 2c. higher, with March at $1.59 and
May at $1.58. Sales to that time were 200
bales, indicating
limited interest. The
price of crack double extra silk in the
lc.
was
lower
to
market
New York spot market
hama closed
1
was
A,<s. lower
7 yen lower.
to
Copper, Tin, Lead, Zinc, Steel
Pig Iron, usually appearing here, will be
found in the
articles appearing at the end
of the
department headed
Business Activity," where
they are covered
Wool—The wool markets
appear to be in
confused state.
There is much
stitutes the basic value on the
of some, wools at current low
uncertainty
raw
to this
opinion.
material.
an
unsettled and
to what
In the
as
con¬
session.
Activity
changing hands.
extra
eased
lc.
The
to
was
moderate, with 1,520 bales
average
quotation
A
larger volume of pur¬
primary markets seems to give
support
Fair-sized quantities of
Western wools have
acquired by Eastern interests
during the week, the
basis said to be
practically that indicated by the futures
market for wool tops at the
recovery high of the past few
days.
Buying in Texas, it is stated, has been on
a fair
scale, while in Montana wool has been taken at
62c., clean
basis landed East, and in Arizona
some
weight of wool has
been acquired at around
55c., it is reported.
Advices from
Boston state that sales in that
been
market
few and at
gen¬
erally easy prices.
Spot average 12 months' Texas has sold
around 63c, the best wool
65c, and the eight months' wool
from 60c. to 62c.
Good French
combing has been taken in
of
crack
double
$1.66 A-
The primary markets ruled
slightly weaker and fairly
active.^ Yokohama reported a
spread of 4 yen lower to 4 yen
higher, while Kobe came
through with 4 yen weaker to 4
yen better.
Grade D ran
17 Ai yen off at Yokohama
at 712^ and off 10
yen in Kobe
at 720.
Spot sales in the Japanese centers totaled
325 bales,
while futures there totaled
675 bales. Local
closing: March,
1.603^; April, 1.60; May, 1.5*%
June, 1.583^; July, 1.57^;
Aug., 1.56; Sept., 1.56*$.
On the 24th inst. futures
closed 2 to
33^ cents net lower.
The heaviness of
Japanese markets had much to do with the
heaviness in the local market. In
the early afternoon March
stood at $1 .IX), off one-half
cent a
pound, and April at $1.59,
off 1 cent.
Sales to that time totaled
330 bales.
The price
of crack double extra silk
advanced one-half cent to
$1.67 a
pound.
In Yokohama Bourse
prices were unchanged to 6
yen lower, but grade D silk
outside advanced
12A yen to
725 yen a bale.
Local closing:
July,
closed
1.543^; Sept.,
A. to 1 cent
contracts.
After
1.53; Oct.,
higher.
net
Mar., 1.583^; May, 1.56;
1.62AToday futures
Transactions totaled 16
opening silk futures recovered,
higher in the early
afternoon, with
lower
a
standing 13^ to 2
cents
March at $1.60 and June at
$1,563^ on sales of 130 bales.
The price of crack double
extra silk in the New
York spot
market dropped
cent to $1.66
A- The Yokohama Bourse
closed 1 yen higher to 4
yen lower.
Grade D silk in the
outside market was 5
yen lower at 720 yen a bale.
Local
closing: Mar., 1.593^; May, 1.57; June
1.55H; Aug., 1.54;
Sept., 1.54.
COTTON
Friday Night, Feb. 25, 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
86,327
bales, against 101,785 bales last week and
112,608 bales the
previous week, making the total
receipts since Aug. 1, 1937,
6,392,456 bales, against 5,524,770 bales for the
same period
of 1936-37,
showing an increase since Aug. 1,1937, of
867,686
bales.
,
Receipts
at—
Sat.
Galveston
Houston
.
Mon.
7,775
4,640
Tues.
Wed.
5,293
3,357
1,992
5,671
6,342
11,236
80
451
Corpus Christi__
-
New
Orleans
Mobile
Pensacola, &c
-
-
940
are
499
481
623
4,186
4,174
7,535
39,144
142
—
305
—
—
50
122
845
516
-
—
-
166
356
366
313
—
—
-
176
714
407
10
28
209
133
_
—
—
_
«.
Baltimore
Totals this week.
19,003
iUUUVYlUg
total since
649
206
74
1,026
1,148
1,092
1,026
9,244
18,464
86,327
'
Norfolk
X JUC
16
24
221
375
Wilinington
16,549
VCUUIKJ
—
13,370
OUUWO
L/JlCi
r
9,697
WCCA
Aug. 1, 1937, and the
O
stocks
with last year:
1937-38
516
16
37
163
■
62
_
Total
25,115
15,411
4,790
3,983
-
•*—
Savannah
Fri.
3,589
142
-
-
Thurs.
3,668
Jacksonville
Charleston
Lake Charles
uuuai
Feb. 25
Corpus Christ!—
Beaumont
New Orleans—
Mobile
Pensacola, &c
Jacksonville
Savannah
Charleston
Lake Charles
Wilmington
Norfolk
New York
Boston
Baltimore
Totals
Since Aug
Week
Galveston
Houston
This
1, 1937
25 .115 1,750,897
15 ,411 1,697,051
623
390,676
10,841
39 ',144 1,818,526
845
184,616
516
72,231
16
3,607
649
119,863
714
179,356
28
77,903
,148
21,269
,092
48,997
28
iC-UCipiyO,
1936-37
This
Stock
Since Aug
Week
1,1936
11,349 1,602,861
10,074 1,211,372
227
282,209
9,799
22,936
25,169 1,691,488
2,936
214,128
88,189
3,615
1,365
114,842
581
151,376
525
54,768
291
20,383
463
31,618
,
1938
874,414
904,583
55,115
16,315
823,010
60,506
10,860
3,098
148,708
68,133
24,771
22,991
30,477
1937
609,218
416,075
47,431
35,528
535,813
94,128
6,045
2,066
155,298
38,018
15,792
21,682
33,470
100
1,026
3,690
16,623
86.327 6.392,456
1/UC7
tonight, compared
Receipts to
opinion
prices have largely discounted
any likely cut in the wool tariff.
chases in the Western
Yoko¬
2
was
cause
Metals—The report of
fully.
$1.67^.
A yen
Japanese exchange was A lower
at 29M yen.
Local closing: Feb.,
1.60; March, 1.59; May,
1.573^; June, 1.563^; Aug., 1.543^; Sept.,
1.543^. Gn the
23d inst. futures closed lc.
to 2c. net
higher. The opening
range was unchanged to
2A$- higher.. Speculative
buying
and commission house
liquidation were among the features
of the
lower at 730 yen a bale.
and
"Indications of
at
Grade D silk
----
more
1938
to
3,240
34,985
950
323
3,928
1,150
66,019 5,524,770 3,047,721
2,014,965
In order that
comparison may be made with other
years,
we give below the totals at
leading ports for six
seasons:
1423
Chronicle
Financial
146
Volume
materialize. Importance was attached
of gold, expanded credits through the
Reconstruction Finance Corporation, the Government's atti¬
tude on commodities in general, the new farm bill and the
fact that sales of textiles during the week were probably
three times current production. It was also argued that the
Government has a heavy interest in cotton inasmuch as it
has extended loans on the current crop to the extent of
$218,548,000. The Government is still carrying 1,670,000
bales on previous loans, which, if the cotton has cost around
14 cents, including the original loan and carrying charges,
when these failed to
1932-33
1933-34
1934-35
1935-36
1936-37
1937-38
Receipts at—
20,615
32,300
33,493
4,652
1,286
Mobile
845
Savannah
649
11,349
10,074
25,169
2,936
1,365
940
21,603
21,819
16,851
1,168
1,688
301
76
—7i4
"""581
"l",674
"2*765
1,270
291
22
120
881
1,657
1.017
509
522
824
183
"5",733
101,012
25,115
15,411
39,144
Galveston
Houston
Orleans.
New
24.288
8,371
9,890
19,440
2,594
1,096
1,438
15,199
16,548
Brunswick
Charleston.
__
1,148
1,092
Wilmington..
Norfolk
463
Newport News
"
All others
"2",209
13,791
"l",853
""2",370
"4",498
Total this wk_
86,327
66,019
64,035
45,509
70,903
6,243,397 7,139,980
Since Aug. 1__ 6,392,456 5,524,770 5,992,290 3,641,491
evening reach a total
to Great Britain,
10,734 to France, 6,808 to Germany, 10,463 to Italy, 44,646
to Japan, 5,498 to China and 13,073 to other destinations.
for the week ending this
The exports
132,444 bales, of which 41,222 were
of
corresponding week last year total exports were 95,537
For the season to date aggregate exports have been
In the
bales.
bales in the same period
the exports for the week:
4,282,456 bales, against 3,801,724
of the previous season.
Below are
Exported to-
VK-";
Week, Ended
Feb.
1938
25,
Ger¬
Great
Exports from,—
France
Britain
Galveston
8,057
667
6,684
4,005
290
Corpus Christ!..
2l",799
New Orleans
"300
279
San Francisco
6,808
10,463
44,646
11,477
11,448
10,367
—-
11,702
19,647
8,354
3,960
Exported to—
From
Ger¬
Exports from—
Britain
Galveston
259,842 168,176
224,222 149,524
Houston
90,344
4,231
Corpus Chrlsti
Beaumont
New
...
Orleans.
Lake Charles-
Mobile
France
25,677
114
1,283
35,462
Savannah
49,509
....
Charleston
90,252
....
-
-
Wilmington..
Gulf port
Los Angel es__
1.000
10
'
'<»«.«.
-
29,728
16,172
7,461
4,999
---
1,000
1,785
-
10,044
5,529
454
v
'
—
20,313
*
— —
-
1,150
81,273
29,369
10,863
—
1,977
75,119
69,396
3,301
278,825
125,487
50
200
1,162
"
50
1—
.
...
862,924 609,241
'35-'36. 1024,469 573,656
'36-'37_
NOTE—Exports to
346,679
51,564 786,323 4282,456
510,124 243,816 1054,022
609,868 258,568 1156,578
19,553 502,044 3801,724
30,750 711,987 4365,876
698,308 382,714
Total...... 1345,557 671,311
Total
•
250
322
16,606
,15,859
Total
-
-
561
83,202
Francisco
Seattle
-
398
241
Philadelphia..
86,346
130,379
1,561
m
-
630
60
47,239
4,468
«»- to. -
420
•
56
Baltimore....
San
*» -
-
255
"
*
8,417
4,436
?
100
------
979
280
Boston
-
648
19,095
2,157
5,341
904
York
New
-
-
250
'••'V
-----
3,989
4,663
6,889
Norfolk.
500
-
3,465 155,653 1000,597
54,748
20,959
15,678 161,559
60
1,457
■
'•'
—-
-
-
-
24,922
''',
■/
11,159
31,753
35,559
113
Pensacola, &c.
-
-
375,260 227,853
6,534
23,296
79,762 18,045
Jacksonville..
22,667 198,347 1089,230
20,726 164,858 870,787
3,556 57,761 361,107
'
61
Total
China
75,703
143,424 92,330
57,261 52,979
3,625
111,884 101.560
1,284
2,675
36,357 11,717
73,529
Other
Japan
109,055
Italy
many
211,687 119,456
practice to include in the
virtually
view,
that for the month of
have been 21,354 bales.
say
Inquiries we are receiving regarding the matter, we will
January the exports to the Dominion the present season
In the corresponding month of the preceding season
19,488 bales.
For the six months ended Jan. 31, 1938, there were
143,955 bales exported, as against 165,296 bales for the six months of 1936-37.
the exports were
give us the following amounts
cleared, at the ports named:
On
Feb. 25
Ger¬
Great
Britain
New
France
Orleans..
2,900
6,508
5,543
1,900
1,265
4,817
3",375
Houston
8,275
12,698
5,438
Foreign
Leaving
Stock
Coast-
wise
21,400
11,578
2,000
606
2,175
1,868
6,762
3.000
"293
16,326
29,607
19,569
many
Other
666
Total
31,200
20,623
21,165
Savannah
Charleston
Mobile
2", 194
"526
Norfolk.
Other
843,214
883,960
801,845
148,708
68,133
58,312
30,477
137,890
ports...
1938.
1937..
Total 1936..
Total
_
Total
Speculation
active during the
undertone
5,781
7,580
12,587
35,372
83,319
64,017
9,428 75,182 2,972,539
6,079 139,283 1,875,682
4,502 106,113 2,282,395
in cotton for future delivery was quite
week, with the market displaying a strong
during most of the period.
The upward move¬
which had been in progress since last week
ment in cotton,
interruption, was checked yesterday
no definitely new development to
the reaction outside of a disposition in some
take down profits.
with little
There
was
On the 19th
inst. prices
The advance in
(Thursday).
account for
quarters to
closed 9 to 13 points net higher.
the market today
recovered all of Friday's
showed substantial net gains. It was the
impression in the trade that Friday's decline of over SI a
bale from early high levels had represented liquidation by
many traders who bought cotton in anticipation of infla¬
tionary developments in Washington and who had sold out
net
losses and
abroad and active foreign
houses were reported
the buying side of near months, while the advance at¬
tracted heavy profit-taking, which at times resulted in
reactions.
Aside from the recognized influence of the farm
legislation, the advancing tendency was attributed to recent
developments in Washington, including desterilization of
gold, the apparent desire on the part of the Administration
to see higher commodity values in general, and political
developments abroad, which many have construed as favor¬
ing higher prices. The general advance of most commodity
markets and the stock market also played their part as a
wholesome influence on bullish sentiment.
Southern spot
markets, as officially reported, were 5 to 10 points higher.
Average price of middling at the 10 designated spot markets
in response to general advances
and commission house buying. Trade
was
9.34c.
On
the
almost
a
24th inst.
this
week
upward trend, the
the form of rather
prices closed 5 to 10 points off.
For
market had been showing a steady
upward course meeting a check today in
substantial liquidation, apparently profit-
There were no new developments in the cotton
to account for the setback, though the general
downward tendency in most other markets served to under¬
taking.
situation
eral
confidence.
to
The disposition
take down some
seemed to be quite gen¬
profits, and with an absence
of
appreciable demand, prices yielded.
Importance was
attached to the fact that the average price of spot cotton
at the 10
designated spot markets had reached 9.34c. a
any
pound on
Wednesday.
This level was believed to
represent
plus carrying charges, and it was feared
that any further advance would dislodge more cotton in
the South.
Southern spot markets, as officially reported,
were unchanged to 6 points higher.
the
loan
price
Today prices
was
Shipboard Not Cleared for—
at—
Galveston
telegrams tonight also
of cotton on shipboard, not
above exports, our
In addition to
absence of pressure
mine
Canada—It has never been our
of cotton shipments to Canada, the reason being that
all the cotton 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
above table reports
however, of the numerous
aggressive than selling,
more
was
on
Aug. 1, 1937 to
Greal
day tomorrow, and included active exchanging from March
to later positions, which was believed to have materially
reduced the open interest in March, which at the close on
Saturday was reported to have been 148,400 bales. Buying
up
375
5,149
13,073 132,444
5,498
13,472
Feb. 25, 1938
to
76,761
931
11,513
10,734
38,067
19,924
1936
419
8,613
41,222
1937
Total
"§50
2*225
....
2,900
.—
Total..
Total
L042
66
95,537
20
355
"613
Angeles....
of
13,174
"*38
893
Norfolk
902
1,208
1,208
Charleston
production. Today's maximum range showed gains
78 points from the low of the month.
Traders
placed conflicting interpretations on political developments
in Europe, but whether they point to lasting peace or war,
they were looked upon as bullish and foreign cotton markets
were higher.
Liverpool was reported a good buyer here.
March liquidation was active in anticipation of first notice
current
and there was noticeable
from the South in the form of hedging
operations. Southern spot markets, as officially reported,
were
13 to 17 points higher.
Middling quotations ranged
from 8.81c. to 9.60c., compared with 9.13c., the close for
March in New York.
On the 23d inst. prices closed 5 to
14 points net higher.
The opening range was 6 to 8 points
11
1
"890
of $116,000,000, making
$315,000,000.
Southern spot markets as officially reported, were 10 to 12
points higher. Average price of middling at the 10 desig¬
nated spot markets was 9.12c.
On the 21st inst. prices
closed 13 to 18 points net higher. This sharp upward move¬
ment today was attributed largely to reports of large sales
of textiles in Worth Street, possibly equaling a full month's
would aggregate an additional value
a total amount outstanding of approximately
10,706
L325
Pensacola, &c...
Savannah
1,989
2,267
729
10,366
3,007
Mobile..—
Los
13,571
"97
279
Charles...
Lake
3,472
"664
961
2,013
Total
37,781
30,244
3,129
38,944
5,453
1,892
2,756
19,937
1,775
Houston
Other
China
Japan
Italy
many
the desterilization
to
extremely
closed 10 to 6 points net lower. The market
narrow during most of the session, with
quotations
prices changing very little from previous closing
in the early trading.
Trading was light.
The
market
Despite
opened 5 to 6 points lower on a light turnover.
the fact that the difference between Bombay and New
York
the widest it has been in several months, brokers
with Bombay interests did very little business.
Liverpool
is about
were the principal buyers on the opening.
selling and some profit-taking were clearly
in evidence.
No large amounts were bought or sold on the
call.
Futures held fairly steady after the opening, with
losses of 4 to 5 points registered in all active contracts.
Beports from Washington stated that Agricultural Adjust¬
ment Administration officials said cotton benefit payments
under the soil conservation program would probably be set
at 2 4/10c. a pound.
The officials pointed out that while
this is a reduction from the 5c. payment last year, it will
be computed on a different basis.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Feb. 19 to Feb. 25—
Sat. Mon. Tues. Wed. Thurf. Fri.
Middling upland
9.10
9.23
Hoi.
9.37
9.31
9.22
and
the
Light
trade
hedge
and Discounts for Grade and
gives the premiums and discounts
Premiums
table below
Staple—The
for grade and
staple in relation to the base grade, Middling
established
for deliveries oh contract on Mar. 3, 1938.
Premiums and
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
1424
Financial
and staple premiums represent
60% of the
%-inch cotton at the 10 markets
over
Vs
15-16
Inch
Inch
1 In.
.66
15-16
Inch
Good Mid
on
.51
.34
1.13 on
on
Basis
St. Low Mid-
Good Mid
1.06
on
St. Mid
Mid
St. Mid
on
In
dt
Longer
..98
£.10
.14 off
.46 off
on
on
.82 on
•St. Low Mid-
.46
•Low Mid
Total
1.48 off 1.40 off 1.32 off
on
2.28 off 2.23 off 2.18 off
.61 off
.17 off
1.38 off
1.21 off
•St. Good Ord.
2.19 off 2.14 off 2.09 off
•Good Ord
2.78 off 2.76 off 2.74 off
Stock
Stock
Stock
Stock
Tinged—
Good Mid
.46 off
.30 off
.74 off
.56 off
.40 off
on
.76
Bt. Mid
.34
on
Mid
Even
.61 off
.36 off
St. Low Mid...
Low Mid
on
.98
,60
on
.82
1.54 off 1.44 off 1.36 off
Low Mid.. 2.31 off 2.26 off 2.20 off
2.89 off 2.84 off 2.81 off
Yet. Stained-
on
.25
on
.46
on
on
.17 off
1.38 off 1.28 off 1.21 off
2.78 off 2.76 off 2.74 off
Good Mid
781,000
86,000
at Havre
929.000
193,000
287,000
13,000
745.000
226,000
214.000
13,000
71,000
*76,000
*11,000
4,000
867.000
262,000
175.000
at Rotterdam-—
-
-
615.000
592,000
-----
i
45.000
20,000
10,000
9,000
13,000
8,000
-
Total Continental stocks
1.19 off 1.05 off
.91 off
1.66 off 1.59 off 1..50 off
2.38 off 2.33 off 2.28 off
•St. Mid
•Mid..
-
.56 off
.36 off
532,000
1,461,000 1,360,000 1,459,000
252,000
205.000
179.000
American cotton afloat for Europe
283,000
229,000
264.000
200,000
Egypt, Brazil.&c.,af]'t for Europe 191,000
156,090
110,000
162,000
Stock in Alexandria. Egypt
366.000
384,000
317,000
305.000
Stock in Bombay, India
873,000 1,055,000
624,000
739.000
Stock in U. S. ports
3,047.721 2.014,965 2.388,598 2.508,397
Stock in U. 8. Interior towns
2,543.316 1,880,455 2,103.575 1,639,959
U. S. exports today
25.744
24,298
12,765
4,700
.18 off
Not deliverable on future contract.
Futures—The highest, lowest and
closing prices
New York for the past week have been as follows:
671.000
-
.80 off
.59 off
.42 off
1.40 off 1.29 off 1.20 off
•Mid
at
Total visible supply——
Of the
9,219,775 7,456,718
7,384,848 7,197,047
above, totals of American and other descriptions
American—
Saturday
Monday
Tuesday
Feb. 19
Feb. 21
Feb. 22
Wednesday
Friday
Feb. 24
Liverpool stock
Feb. 25
Thursday
Feb. 23
Manchester stock
Bremen stock
Mar
8.91- 9.02
9.01-
9.00
9.13- 9.14
—
9.16
9.19-
9.27
9.14-
9.27
9.05n
.
9.10
9.10
.
U. S. port stock
U. S. interior stock
U. S. exports today
9.18«
9.00-
9.29 n
9.23n
9.14rt
9.11- 9.26
9.26- 9.33
9.20-9.28
9.16-
—-
9.26
9.24
9.31- 9.32
9.25
9 16-
9.17
—
June—
9.13n
.
9.27n
9.34n
9.29n
Total American
East Indian, Brazil, &c.—
Range..
9.07- 9.18
9.18-
Closing.
9.18
9.33
9.33
9.33- 9.40
9.27-
9.38
HOLI¬
Aug.—
9.33- 9.34
Range..
Closing.
Sept.—.
Range..
Other Continental stock
9.23
Indian afloat for Europe
Stock in Alexandria, Egypt--.-Stock in Bombay, India
9.19n
9.41?i
9.35n
9.2671
9.25tt
.
9.34n
9.38n
9.44n
9.37n
9.3471
Total East India, Ac
Total American
9.27- 9.42
9.42-
Total visible
9.41-
9.31- 9.40
9.48
9.39
9.31
9.48n
9.39n
9.3171
Range..
9.15-
9.39- 9.39
Closing.
9.23
9.27
-—
9.42
9.48
9.35-
9.45
Nov.—
9.24n
.
9.41n
Dec.—
Range..
9.15-
Closing.
9.29
9.28- 9.42
9.42-
9.42
9.25
9.47- 9.48
9.50
9.33-
Range..
Closing
9.43
9.38
Jan. (1939)
9.31- 9.44
9.45- 9.51
9.40-
9.27
_
9.44
9.50
9.40n
—
Feb.—
9.31-
9.40
9.32
9.20- 9.27
9.47
•"Figures
9.35- 9.40
Closing.
.
Range for future prices at New York for week
ending
Feb. 25, 1938, and since
trading began on each option:
Option for—
Feb.
Range for Week
Mar. 1938—
Apr.
1938.
May
1938—
7.69
8.91
Feb.
19
9.28 Feb.
Feb.
19
9.33
Feb. 23
*9*07 Feb.'ii)
9 AO
Feb".
24
9.00
1938—
Sept. 1938—
9.39
Feb.
25
9.39
Feb.
25
Oct.
9.15
Feb.
19
9.48
Feb.
23
1938
Dec.
Jan.
Mar. 31
3 1937 13.97
Apr.
8 1937 12.96
Mar. 21
—
7.60 Oct.
9.63
23
Aug. 1938
Nov. 1938.
3 1937 13.85
Deo.
At
1937
9.15
1939..
the
119.030
317,000
624.000
1,791,000 2.065,000
5,590,848 5,132.047
9,219,775 7,456,718 7,384.848 7,197.047
5.21d.
7.41d.
6.04d.
7.09d.
9.22c.
9.76d.
11 26d.
4.41d.
5.77d.
6.46d.
4.53d.
9.13d.
24; later figures
Interior
Aug. 27 1937 11.36 July
8 1937 11.36 July
7.65 Oct.
Towns
9.39
Feb. 18 1938
7.85 Nov.
4 1937
1937
Movement to Feb.
25,
27 1937
27 1937
Towns
Receipts
not
13.27c.
11.33c.
9.38d.
5.21d.
12.60c.
9.21d.
6.09d.
5.79d.
available.
the
1938
Movement to Feb.
9.39
Feb.
18 1938
9.48
Feb.
Ship¬
West
Season
Feb.
Week
23 1938
Stocks
ments
9.20
Feb.
19
9.50
Feb.
23
Feb.
19
9.51
Feb.
23
8.73
Dec. 29 1937
8.67 Jan. 28 1938
Ala., Birm'am
9.50
Feb.
23 1938
9.51
Feb.
23 1938
567
417
Montgom 'y
729
25
68,327
1,549
167,651
Ark.,BIythev
Receipts
26,
1937
Season
Stocks
ments
Week
Ship¬
Feb.
Week
26
234
18 Feb.
22 Feb.
23 Feb.
24
65,200
May
70,800
July
75,800
21,800
27,800
13,800
(1939):
81,900
61,300
61,300
46,200
61,100
42,900
18,800
12,000
January
All Inactive futures—
11,200
50,300
9,300
18,300
3,500
5,700
day
300
285,800
87,400 278,800
New Orleans
Current crop (1938):
March..
17 Feb.
19.000
52,400
11,512
12,741
1,331
200
37,476
16
45,713
584
16,696
66
17.413
19
13,284
35
44,706
167,437
1,150
2,784
17,479
846
6",298
28,905
302,068
149,952
13*274
2,570
37.414
158,935
137,703
34,350
36,139
21,824
1,185
170,259
4,799
29,477
234,169
110.483
400
24,300
500
44,128
504
30
16,527
244
.
145,391
38
19,525
538
176,884
7*462
78,320
502
12,644
2,385
46,876
5,850
—
5,850
16,700
20,350
9,850
5,450
1,200
December
7,400
1,900
January
4,550
22,350
30,450
39,700
29,400
7,000
30,400
900
5,700
4,800
541,100
196.600
42,500
21 Feb.
22
Feb. 21
600
14,125
39,098
823
38,026
45
20,994
500
67.413
25
30.903
17,173
7,750
10,650
26,600
3,000
3,400 £14,050
300
1,650
150
100
All Inactive futures..
600
52,300
72,100
16,800
61,300
42,950
94,250
160,300
241,689
4,260
76,150
2,263
99,381
158,003
37,581
289,762
1.215
574
33,072
257
38,252
384
8,246
12,155
31.484
98,231
391
255,922
2,313
28,908
28,214
17,414
5,590
Jackson
218
64,151
489
day
108
60,923
17,963
783
1,639
11,610
15
622
50,012
1,509
20,651
73
299
20,317
38,792
822
75,306
36,688
6
51,344
4,865
220
128,603
1,334
4,781
2,443
8,093
246,404
7,852
15 towns *_
C., Gr'ville
Tenn., Mem's
Texas, Abilene
4,084
141
3,038
168
8,136
160
3,758
508,981
173,542
104.870
181,994
86,439
475
3,215
8,997
3,090
59,633
1,712
88,288
178,345
33,805 2248,968
5,572
95.904
688,610
611
48,730
598,306
8,066
63,371 2196,018
63
45,451
17,393
6,024
34
1,546
13,437
"76
2,617
"36
334
109,290
594
37,266
501
221
92,799
726
25 622
Robstown—
66
-
244
Total, 56 towns
1,750
429,900
Supply of Cotton tonight, as made
up by
cable and telegraph, is as
follows.
Foreign stocks as well
consequently all foreign
15,657
288
823
7,565
—-
283
San Antonio
41,692
89,191
38,705
537
16.080
"~43
Texarkana
5,383
4,968
3,317
154
Austin
__
276
1,285
Oklahoma—
113,650
17,000
100
67
Vlcksburg—
Yazoo City
Mo., St. Louis
N.C., Gr'boro
Waco
The Visible
this week's
returns, and
36,100
47
*
29,800
500
3,175
1,481
Paris
Holi¬
11,750
15,787
2,569
Natchez
10,900
Contracts
6,350
10,890
497
Dallas
7,450
are
529
98
205
830
Brenham
May
Total futures
253
53,933
148
1
July
New crop (1939):
October
10.249
58,843
17
ColumbusGreenwood.
*78,900
783,400
45,200 1,171,500
19 Feb.
211
43
La., Shrevep't
Miss., Clarksd
249,700 162.700 2,814.300
18 Feb.
24
62.735
27,673
129,576
Augusta
Columbus.
Open
16 Feb.
64.013
3,928
S.
Feb.
956
1,869
Macon
300
Total futures
167,317
32,339
4,484
735
Feb.
66,300
Holi¬
October
December
60.140
27
25
142,157
2,097
Rome
Current crop (1938):
March
1,090
8,941
45,887
177,633
61,641
„
Bluff.
Walnut Rge
Ga., Albany-
24
961
998
54,092
6
44,163
10,010
782
Rock
Newport-
Contracts
19 Feb: 21' Feb.
36,272
49,557
27
60,768
112,132
30,066
1,756
265
Jonesboro—
New York
183
55,274
779
69,885
43,800
26,400
27,072
98,108
26,314
83,423
Hope
Little
97,297
64,738
92
8,503
53,314
100
1,646
3,548
2,598
1,358
—
43,009
611
319
.
1,114
City
Helena
Pine
11,093
46
Forest
Open
1,734
48,070
68
Atlanta
Feb.
59,394
Eufaula
Selma
Athens
afloat
119,000
205,900
detail below:
5 1937
Volume of Sales for Future
Delivery—The Commodity
Exchange Administration of the United States
Department
of Agriculture makes
public each day the volume of sales
for future
delivery and open contracts on the New York
Cotton Exchange and the New
Orleans Cotton
Exchange,
from which we have
compiled the following table.
The
figures are given in bales of 500 lb. gross
weight.
as
24,000
26,000
117,000
252,000
101,000
156,000
366.000
384,000
873,000 1,055,000
514,000
28,000
39.000
26,000
73.000
179,000
162,000
305,000
739.000
.
1938
New crop
45,000
28.000
.
June 1938—
July
Nov.
7.39
304,900
42,000
48,000
47.000
32.000
28,000
movement—that is, the
receipts for the week and- since Aug. 1, the
shipments for
the week and the stocks
tonight, and the same items for the
corresponding period of the previous year—is set out in
Range Since Beginning of Option
1938—
follows:
Continental imports for past week have been
99,000 bales.'
The above figures for 1938 shows a
decrease from last
week of 14,165 bales, a
gain of 1,763,057 over 1937, an
increase of
1,834,927 bales over 1936, and a gain of
2,022,728 bales from 1935.
9.3471
Range..
Nominal.
supply
for Jan.
471,000
1,949.000 2,473,000
7,270,775 4,983,718
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
O.P.Oomra No.l staple.s'fine.Liv
Range..
n
—
Egypt, Brazil, <fcc., afloat
Oct.—
Closing
356,000
48,000
38,000
9,22- 9.33
9.35
DAY.
are as
345,000
336,000
267,000
65,000
,63,000
58,000
146,000
182.000
226.000
255.000
186,900
139,000
24,000
55,000
89,000
229,900
264,000
200.000
2,014.965 2.388.508 2,508,397
1,880.455 2,103.575 1,639,950
24,298
12,765
4,790
7,270,775 4,983,718 5,590,848
5.132,047
Manchester stock
Bremen stock
Havre stock
9 19ti
July—
Closing
307,000
59,000
283,000
3,047,721
2,543.310
25,744
Liverpool stock
Range..
Closing
648,000
140,000
220.000
Havre stock
Other Continental stock
American afloat for Europe
9.12- 9 21
May—
Range..
Closing
bales.
9,12
9.28
9.21- 9.22
April—
Range..
Closing
29,000
71,000
27,000
19,000
9,000
Total European stocks
1,863.000
iDdia cotton afloat for Europe..117.000
Oray—
Good Mid
St. Mid
(1938)
Range..
Closing:.
1935
640,000
105,000
♦Low Mid
•St. Good Ord. 2.19 off 2.14 off 2.09 off
Good Ord
1936
816,000
113,000
1,192,000
258,000
331.000
16,000
Great Britain
at Bremen
Stock at Venice and Mestre.
Stock at Trieste.-----
♦Mid
*8t
.51
1937
188,000
-
at Barcelona
Stock at Genoa
.12 off
St. Mid
White—
Good Mid
1938
bales-1,004,000
Stock at Manchester
.25 off
.53
on
.25
on
1938
.36 off
.66 off
Mid
on
.31
26,
are
Feb. 25—
Stock at Liverpool
on
.06 off
.60
Low Mid
♦
1
Inch
Feb.
brought down to Thursday evening.
To make
the total show the complete figures for
tonight (Friday) we
add the item of exports from the United
States, for Fnday
only.
Feb. 24.
on
linger
on
.59
St. Good Mid..
•
figures
Spotted—
Mid. Pair
Extra
premiums
average
dt
White—
Chronicle
884
2,061
9,482
623
5,283
13 698
31
"35
8,744
25
471
2,598
1.743
257
20,178
48
34,671
238
644
17,499
176
78,305
700
97,344 5796,066 124,258 2543.310
3.895
936
"37
6,076
79,631
69,421
315
64,403 5406,671'110,752 1880,45
Includes the combined totals of 15 towns In
Oklahoma.
The
above
decreased
totals
662,855 bales
more
receipts of all the
the
same
show
during the week
that
than at the
towns have
week last year.
the
26,914
interior
bales
same
and
stocks
are
period last
been 32,941
bales
have
tonight
year.
more
The
than
Volume
146
Financial
Chronicle
New York
The
Quotations for 32 Years
for middling upland at New
quotations
Feb. 25 for
eac h
of the past 32
years have been
1938
1937
9.22c.
13.20c.
1930
1929
1936
11.25c.
12.55c.
-12.40c.
5.95c.
7.15c.
11.30c.
1928
1935
1934
1933
1932
1931
-15.10c
—
1922
18.80c
1921 ——12.20c.
1920
40.10c.
1919
26.35c.
1918
31.95c.
1917
16.45c.
1916
11.30c.
1915
8.35c.
-20.55c.
—
-19.05c.
1927
-14.30c.
-20.10c.
-25.35c.
-29.45c.
-29.75c.
—
1926
—
1925
1924
1923
—
—
Cotton
York
on
follows:
as
1914
1913
1912
1911
1910
13.00c.
12.50c.
--.10.40c.
14.10c.
14.45c.
1909
9.65c
1908
11.35c.
11.35c.
1907
Market and Sales at New York
The total sales of cotton on the
spot each day during the
week at New York are indicated in
the fallowing statement.
For the convenience of the
reader, we also add columns
which show at a
glance how the market for spot and futures
closed on same
days.
Futures
Spot Market
Saturday
Monday
Tuesday
WednesdayThursday
Friday
—
Contr 'ct
Spot
30
30
100
100
100
100
230
38,905
230
159.8)5
120", 900
Overland Movement for the Week and Since
Aug. 1—
We give below a statement
showing the overland movement
for the week and since
Aug. 1, as made
up
from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1937-38
Since
Week
20,942
109,732
656,090
6,397
5,000
Aug. 1
245,369
122,642
3.751
7.407
142,252
436,570
.35,316
997,169
24,533
957,991
3,240
*$l %75
5,075
-
2,797
89
445
.3,809
----
4,412
-
7,852
4,750
95.966
106
Via Louisville
Via Virginia points
Via other routes, &c
1936-37
Since
_
Via Mounds. <fecVia Hock Island
sented
1,026
16,411
.
164
6.151
171
.
7,804
168,328
11,152
34,985
8,504
323,874
8,994
190,890
14,563
367.363
.26,322
806,279
9,970
590,628
.
.
Total to be deducted
*
Including
The
movement
.
by rail to Canada.
foregoing shows the week's
this
year
the
week
net
overland movement
increase
an
over
..;J
Bales
Alabama
Sight and Spinners'
Takings
to Feb. 25
Net overland to Feb. 25-
Arkansas
6,392.456
Week
Aug. I
66.019
9.970
5,524.770
806.279
130,000
3,940,000
10,333,735
1,791,979
205,989
590,628
10,055.398
*46,349
696,400
takings
consumption to Feb. 1——
526,721
170,735
1,102,456
159,640
12,652,435
North, spinn's* takings to Feb. 25.
21,820
*
Decrease.
—76.405
45,802
100,969
538,511
California
48,016
Florida
Oklahoma
990
Georgia
South
Tennessee
Texas—.—-—
Virginia
523,690
-
887,888
—
11,854,254
75,105
1,340,631
Bales
1938—The Bureau
of
the
Census
Bales
_
operated at
time
some
during the month, compared with
22,328,472 for
December, 22,791,550 for November, 23,724,272 for
October,
23,886,948 for September, 24,353,102 for
August, and
24,400,028 for January 1937.
The
aggregate number of
active spindle hours
reported for the month was
5,682,452,Since the inauguration of tnis
inquiry in
696.
1921, the
hours of operation for the
day shift for all of the
used in
computing the monthly percentage of
activity.
The hours of employment and of
productive
machinery are not uniform throughout the
industry. How¬
ever, in order that the statistics
may be comparable with
those for earlier months and
years, the same method of
computing the percentage of activity has been used.
Com¬
puted on this basis the cotton spindles in the
United States
were
operated during January, 1938, at
average
mills
was
93.5% capacity
single-shift basis. This percentage
compares with 92.0
December, 105.2 for November; 111.1 for
October,
124.1 for September, 130.5 for
August, and 136.9 for January
1937.
The
a
for
average number of active spindle hours
per
spindle in place for the month was 214. The total
number of
cotton spinning
spindles in place, the number active, the
number of active
spindle hours, and the average hours
per
spindle in place, by States, are shown in the
following
statement:
<"■
Active Spindle Hours
Spinning Spindles
,
State
for January
Active Dur¬
Jan. 31
ing January
Total
26,610,596
22,327,444
5.682,452,696
214
18,812,744
6,984,548
16,897,958
4,815,164
614,322
4,554,720,798
1,020,262,675
107,469,223
242
813,304
1,919,530
645,188
3,248,538
1,436,464
459,302
2,921,792
708,812
United States
Cotton growing States
New England States.
All other States
Alabama
Connecticut
Georgia-.----------
604,336
2,453,596
389,352,128
83,402,414
799,288,687
169,418,884
486,807,034
58,505,374
100,518,069
38,382.031
Maine
Massachusetts..
Mississippi...
New Hampshire
—
3,848,068
207,636
-—-
Average
511,820
365,108
261,892
5,427,658
North Carolina.—___
6,053,098
1,016,416
5,700,220
Spindle
Returns by
Place
146
132
203
129
246
239
127
282
151
105
1,315,753,209
217
159,014.034
186
1,550,205,182
189,387,960
316
215,316
66,692,284
260
610,884
146,507.256
231
577.626
129,218.150
175
256,570
634,080
739,712
All other States
per
in
707,214
5,417,904
557,008
600,068
Texas
Virginia
principal cotton markets for each day
164,632
667,552
New York
11,313,054
-
on
that, according to preliminary figures
26,610,596
cotton spinning
spindles were in place in the United States
on Jan.
31, 1938 of which 22,327,444 were
7,455.557
10.444,908
_
Quotations for Middling Cotton at Other Markets—
Below are the closing
quotations for middling cotton at
Southern and other
announced
19
Tennessee
Since Aug. 1-
—169,072 1935.
133.017 1934
137.050 1933
of the week:
1,588,819
9,291
—
Activity in the Cotton Spinning
Industry for Jan¬
South Carolina———
Movement into sight in previous
years:
Weekly—
83,483
223,361
254,822
Carolina------——
408,787
269,482
-
Rhode Island
1936—Feb. 28
1935—Mar.
1
1934—Mar. 2-.
Bales
Missouri.-..-—
New Mexico.——
North Carolina.-
Since
3,135,000
197,649
*26,914
Came into sight during week
Total in sight Feb. 25
which loans have
76,763
-
1936-37
Aug. 1
86,327
26.322
85,000
Southern consumption to Feb. 25-
on
State—
747.431
Arizona.---——
year ago
Since
Week
Receipts at ports
Total marketed.....
Interior stocks in excess
Excess of Southern mill
a
repre¬
pound.
In Place
1937-38
over
$218,548,251.23, and
has been 26,322 bales, against 9,970 bales for
last year, and that for the season to date the
aggregate net overland exhibits
of 215,651 bales.
In
aggregated
average loan of 8.38 cents per
State—
on
Deduct Shipments-Overland to N. Y., Boston, &c--.
Between interior towns
an
Figures showing the number of bales
been made
by States are given below:
uary,
Total weekSince Aug. 1
^feouls
amount of the loans
Feb.
HOLI DAY.
Feb. 25—
Through Feb. 17 Aggregated
$218,548,251 on 4,996,622 Bales—Announcement was made
on
Feb. 18 by the
Commodity Credit Corporation that
"Advices of Cotton Loans" received
by it through Feb. 17,
1938, showed loans disbursed by the
Corporation and held
by lending agencies on 4,996,622 bales of cotton.
The
Total
Steady, 10 pts. adv. Steady
Steady, 13 pts. adv. Steady
Steady, 14 pts, adv. Very steady
Quiet, 6 pts. dec
Steady
Quiet, 9 pts. dec
Steady
CCC
Louisiana..Mississippi- ————-
SALES
Market
Closed
Closed
1425
Loans of
272
Telegraph—Reports
to us by telegraph this
evening denote that the interior sections of the cotton belt
claim that preparations for the new
crop are
to
waiting
on
backward, due
the Government.
'
v■"
Week Ended
Feb. 25
Closing Quotations for Middling Cotton
Saturday Monday
Galveston
New Orleans
Mobile
Savannah
Norfolk--.
Montgomery.-.
Augusta—
Memphis
Houston
Little Rock
Dallas
9.00
9.29
9.05
9.31
9.30
9.25
9.45
900
8.94
8.95
8.67
HOL.
9.46
9.20
9.45
9.45
9.40
9.59
9.15
9.09
9.10
8.81
8.81
HOL.
HOL.
9.21
9.53
9.26
HOL,
9.51
HOL.
9.55
9.45
9.66
HOL.
HOL.
9.15
HOL.
HOL.
HOL.
HOL.
New Orleans Contract Market—The
for leading contracts in the New Orleans
the past week have been
as
Friday
9.15
9.48
9.06
9.38
9.20
9.45
9.50
9.40
9.60
9.25
9.10
9.10
8.88
8.88
9.25
9.16
9 15
8.91
8.91
x
■
v.:
Rain
9.11.
9.37
9.40
9.32
9.51
9.15
9.02
9.00
8.78
8.78
closing quotations
cotton market for
Monday
Tuesday
Feb. 2i
Feb. 22
Wednesday
Feb. 23
Thursday
Friday
Feb. 24
Feb. 25
Feb.(1938)
March——
.
Brownsville
Corpus Christ!
-
9.28- 9.29
939&- 940a
9.33
9.24
9.19
9.36
June
9.43
DAY.
9.53
December-
9.37
9.54
—
Jan. (1939)
9.38
9.55
—
—
9.41
9.57
9.53
—
9.41
9.42
Tone—
Spot
Options.
Steady.
-.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady
Steady
49
68
36
58
68
54
29
32
66
30
38
2
2
1.64
0.15
64
1
0.08
42
16
22
dry
-
Louisiana—New Orleans
-
—
-
Mississippi—Meridian
Vieksburg
-
-
.
-
-
Florida—J acksonvi lie
.
Miami.
-
-
-
Alahta
.
-
-
-
-
_
-
-
Tennessee—-Memphis
Chattanooga
Nashville
-
-
.
-
50
51
36
-
San Antonio
Oklahoma—Oklahoma City—
Arkansas—Fort Smith
Little Rock
Shreveport
62
1.80
0.76
-
North Carolina—Charlotte.
Ashe vi Ue
9.53
36
0.14
0.01
9.34
9.56
61
57
41
1
-
9.28
November
41
44
44
28
0.62
Houston
9.44
9.52
26
78
70
54
1.56
-
El Paso
Palestine
Port Arthur
9.47
9.58
56
2
1
Wilmington..
9.35
0.34
2
1
Macon.
South Carolina—Charleston
September
October
47
-
9.38
HOLI¬
9.26
July
60
-
9.43
August
Mean
40
18
34
Dallas
Augusta
May
Low
Del Rio
Georgia—Savannah
9.10
40
-Thermometer
0.04
Abilene
Pensacola
April
"tih
dry
Montgomery
Feb. 19
1.75
1.02
-
Birmingham
Saturday
Inches
3
4
-
Amariilo
Austin
Alabama—Mobile
follows:
Rainfall
Days
Texas—Galveston
on—
Wed'day Thursday
9.14
8 67
Fort Worth
Tuesday
'V"
54
44
■
53
50
29
38
1
0.26
2
0.86
62
42
5
52
2.35
29
55
32
34
51
52
58
2
1.94
80
70
2
2.66
70
24
46
4
1.88
74
36
2
54
1.58
70
30
3
2
1
1.30
0.52
0.16
76
78
80
34
50
55
38
48
64
3
1.70
0.32
76
38
67
1.12
72
74
4
3
3
3
0.44
73
58
40
56
34
53
54
34
34
2
0.58
0.50
0.57
0.58
0.73
5.07
1.10
70
32
2
39
61
0.32
64
30
47
4
3
3
3
4
76
68
64
60
68
59
55
42
55
36
26
50
43
38
29
53
-
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:
Financial
1426
Above
Above
Above
Above
Above
Memphis
Nashville
Shreveport
Vicksburg
19.1
25.6
16.6
29.7
380
14.5
11.5
Bombay appears to show an
compared with last year in the week's receipts of
4,000 bales.
Exports from all India ports record a decrease
of 49,000 bales during the week, and since Aug. 1 show a
32.0
of gaugeof gauge.
of gauge.
of gauge.
of gauge.
zero
zero
zero
zero
zero
52.5
decrease of 811,000
Feb. 26, 1937
Feet
York to Present Drama
Next Dinner Meeting on March 1—At
Commodity Club of New
of
its
dinner meeting on March 1, the Commodity Club of
York has arranged for a "Cotton Evening."
The pro¬
Cotton at Its
next
New
will be of a most interesting and educational character,
forth the drama of cotton in pictures.
The
outstanding offering will be "The Story of Cotton" presented
in a film developed over a period of years by James E. Brooks,
of Montreal, Canada.
This will portray all phases of cotton
production, marketing, handling, compressing, and certain
details of manufacture.
This is a silent film, but it will be
gram
According to the foregoing,
increase
bales.
and
Receipts
Alexandria
Shipments—We
"blurbs" and amplified by ex¬
from Mr. Brooks. In addition, the
program committee has arranged to give the members of the
club, and those who are interested in cotton, an account of
by
new
developments in the industry.
the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
End.
1936
1937
Receipts from Plantations
Stocks at Interior Towns
Receipts at Ports
Week
Receipts (centars)—
This week
7,563,068
This
Since
Week
1
Aug.
1
Aug.
6,000 145,702
136,167
27",666 475,463
30,157
6,000 157,360
4,000 108,326
3,000 453,200
20,000 728,515
33,000 787,489
13,000 744,870
Total exports
25,984
Egyptian bales weigh about 750 lbs.
receipts for the week ended Feb.
99 lbs.
Note—A. cantar is
statement shows that the
This
23 were
shipments were 20,000 bales.
180,000 cantars and the foreign
Market—Our report received by cable to¬
Manchester
that the market in both yarns
Demand for cloth is improving.
give prices today below and leave those for previous weeks
night from Manchester states
steady.
We
of this and last year
Nov.
Week
6,000 127,696
114,318
To Manchester, &c
To Continent and India_ 13",000 468,304
18,197
1,000
To America
Liverpool
To
and in cloths is
1935
1936
1937
1935
1936
1937
1935
1
Aug.
Since
This
Since
This
Week
Exports (Bales)—
120,000
7,118,802
190,000
8,257,207
189,000
—. -
Since Aug. 1
from
Receipts
re¬
1935-36
1936-37
1937-38
Alexandria, Egypt,
Feb. 23
adequate
planatory comment
now
weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
ceive
and it will set
illuminated
1938
10.7
Feb. 25. 1938
Feet
New Orleans.,
Feb. 26,
Chronicle
for comparison:
2397,188 2350,425 202,425 240,994 251,319
26. 160,560 217,564 222,432 2501,559
Dec
3.
2358,279 213,711
169,362 211,898 258,950 2545,908 2366,617
181,327 266,804
2327,953 2369,180 230,448 194,354 188,356
10- I "5,506 133,018 157,455 2610,850
2290,467 2371,801 199,284 106,109 190.764
17. 169 711 143,595 188,143 2640,423
32s Cop
1911,138 162,762 82/67 169,268
139,333 119,319 158,812 2663,852 2253,715
99,705 2658,348 2250,247 2361,505 147,067 112,749 78.953
31- 141,563 117,505
1937
1938
714-
21.
28.
125,265
121,714
116,840
120,588
Feb
26,355
50.871
8,472
56,513
59,413
19,670
26,023
22,543
42,943
104,958
54,826
112,608
57,820
18-
101.785
82,257
25.
86,337
66,019
64,035 2543.310 1880,455 2103,575
(1) That the total receipts
plantations since Aug. 1, 1937, are 8,174,268 bales;
in 1936-37 were 6,218,524 bales and in 1935-36 were 6,940,491
bales.
(2) That, although the receipts at the outports the
past week were 86,327 bales, the actual movement from
plantations was 59,413 bales, stock at interior towns having
decreased 26,914 bales during the week.
from the
World's Supply and
follow¬
Takings of Cotton—The
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
obtainable; also the takings or amounts gone out of
1936-37
1937-38
Takings,
4.899", 258
4,339",022
170",735 12,652,435
159", 640
Bombay receipts to Feb. 24-_
Other India snip'ts to Feb. 24
Alexandria receipts to Feb. 23
119,000
15,000
36,000
15,000
1,213,000
329,000
1,506,200
294,000
115,000
34,000
38,000
16,000
supply to Feb. 23-*&-.
Upl'ds
d.
s.
@12% 10
9
@11
0
6.72
10%@10
IX
9
IX
4.65
@11
0
6.81
IX
4.70
11%@12% 10
MX@12X 10
9
9
10%@10
10%@10
9
@10
4X
6.93
17- 10%@11%
IX
4.81
n%@i2%
10
6
@10
9
6.88
24- 10%@11%
9 10%@10
9 10%@10
IX
4.88
6
@10
9
7.01
io%@n%
9 10%@1Q
IX
4.84
11%@12% 10
11X@12X 10
6
@10
9
7.10
IX
IX
IX
IX
4.97
31-
19 37
19 38
Jan7-
9
14-
9
10%@12
10%@11%
21„ 10%@11%
28- 10X®11X
10%@10
10%@10
9 10%@10
9
10%@10
5.02
4.93
4.82
4
@
9
6
7.11
9
4
@
9
6
7.20
9
6
@10
0
7.16
9
6
@10
0
7.34
9
6
@10
0
7.30
9
0
7.30
11%@12%
11%@12%
12
@12%
12%@13%
9
f/ik
reo.
10%@11%
11- 10%@11%
18- 10%@11%
25- io%@n%
4„
shipping
9
5.02
12X@\3X
12M@13^
6
@10
IX
5.16
12%@13%
9
4
@
9
6
7 22
3
5.21
12% @ 13%
9
6
@10
0
7.41
4.93
9
@10
9
9
@10
9 10%@10
@10
10
News—Shipments in detail:
Bales
GALVESTON—To Japan—Feb. 21—Ronda, 9—149; Wales
4,924
Feb. 19—Liberator, 5,864
To China—Feb. 21—Ronda, 961; Wales Maru, 931
To Sydney—Feb. 19—Schwanheim, 300To Copenhagen—Feb. 19—Talbor, 1,225
Maru,
11,854,254
1,829,000
568,000
1,655,200
362,000
To
jord, 600
300
7,895,174 21,167,712
438,456 13,710,994
9,961,794
309,456
369,900 11,113,882
7,799,082
248,900
121,000 3,314,800
25_a
Of which other
7,456,718
7,456,718
9,219,775
3.749.200
129.000
—
-
To Manchester—Feb.
24—Aquarius, 2,143-—Feb.
jord, 598-
21—Kongsf-
24—San Pedro, 110
Pedro, 436-Dunkirk—Feb. 24—San Pedro ,231Puerto Colombia—Feb. 15—Tillie Lykes, 111
To Havre—Feb. 24—San
To
Ventura—Feb. 15—Tillie Lykes,
— -
140
HOUSTON—To Ghent—Feb. 21—San Pedro, 300---Feb. 19—
Beemsterdijk, 48—Feb. 24—Belgique, 171
To Havre—Feb. 21—San Pedro, 1,592---Feb. 24—Belgique,
994
Embraces receipts
To Dunkirk—Feb.
21—San Pedro,
and foreign spinners,
India
1936b Estimated.
7,978,882 bales in 1937-38 and 9,770,994 bales in
37, of which 4,664,082 bales and
6,021,794 bales American,
Cotton Movement from
of Indian cotton at
All Ports—The receipts
Bombay and the shipments from all India
and for the season from Aug. 1 are cabled,
have been as follows:
To Hull—Feb.
Feb. 24
119,000
Bombay
Aug. 1
Since
Since
Since
Week
Week
Aug. 1
Week
Aug. 1
1,213,000 115,000 1,829,000 106,000 1,409.000
Since Aug. 1
For the Week
j
Exports
from—
Great
Britain
Bombay—
1937-38-
nent
China
Great
Jap'n &
Total
Conti¬
Japan &
Britain
nent
China
Total
13", 000
7,000
21,000
143,000
19.000
3,000
1936-37—
1935-36-
Conti¬
18",000
37,000
40,000
192,000
506,000
342,000
846,000 1078,000
20,000
15,000
48,000
51,000
218,000
584,000
4,000
853,000
To
To
To
15,000
112,000
217,000
329,000
To
34,000
221.000
347,000
568,000
To
23,000
165,000
299,000
464,000
To
To
To
835,000
1937-38—
3,000
19,000
22,000
133,000
360,000
342,000
1936-37-
25,000
28,000
18",000
71,000
261,000
539,000
1935-36—
13,000
43,000
15,000
71.000
216,000
517,000
846,000 1646,000
584,000 1317,000
75
-
141---Feb.
---
23—
To
To
300
Copenhagen—Feb. 17—Tijkandi, 150Antwerp—Feb. 17—Floride, 535
Feb.
Havre—Feb. 17—Floride, 1,588.
Dunkirk—Feb. 17—Floride, 1,070
Marseilles—Feb. 17—Mongiroa, 349
Rotterdam—Feb.
15—Lurdam, 100
-
15—Lurdam, 1,131
Valparaiso—Feb. 19—Cefalu, 572; Ulua,
Ventura—Feb. 19—Ulua, 200
Cristobal—Feb. 19—Ulua, 10
To Buena
50
391
1
100
1,544
20
6,525
2,711
1,130
16,178
5,621
200
500
To Susac—Feb.
To
4,780
835
19—Beemsterdijk, 1
Gdynia—Feb. 21—Virginia, 200
2—Laura C, 500
Japan—Feb. 19—Norfolk Maru,
2,756
276
Manila—Feb. 19—Wales Maru ,100
Manchester—Feb. 16—Daytonian, 1,544
To Antwerp—Feb. 23—Binndijk, 20
NEW ORLEANS—To Genoa—Feb. 2—American Cross, 1,468--Feb. 17—Mongiore, 5,057
To Venice—Feb. 2—American Cross, 1,839; Laura C, 872
To Trieste—Feb. 2—American Cross, 605; Laura C, 525
To Liverpool—Feb.
19—Kongsfjord,
10,124
Feb. 17—
Tribesman, 6,054
______—
_
To Manchester—Feb. 19—Kongsfjord, 634...Feb. 17—Tribes¬
man, 4,987.
9,000
Total all—
Oporto—'Feb. 21—Nishmaha, 276
Reval—Feb. 21—Nishmaha, 50
Rotterdam—Feb.
19—Beemsterdijk,
Binndijk, 250
-----
To
To
13,571
911
50
701
To
15,000
25~666
1935-36-
21—Nishmaha, 911
Hamburg—Feb. 21—Nishmaha. 50
Gdynia—Feb. 21—Vigilant, 134; Nishmaha,
Lisbon—Feb. 21—Nsihmaba, 75
To Tallin—Feb.
23,000
1937-38—
1936-37-
To
To
Other India-
519
360
21—Nishmaha, 360
To Bremen—Feb.
To
Receipts—
110
436
231
111
140
1,419
—
To
1935-36
5,316
937---Feb. 24—Belgique,
Japan—Feb. 21—Liberator, 4,559—Feb. 19—Wales Maru,
5,485—Feb. 17—Ronda, 3,527
To China—Feb. 21—Liberator, 898—Feb. 19—Wales Maru,
619
Feb. 17—Ronda, 1,239
To Liverpool—Feb. 22—Kongsfjord, 1,409—Feb. 16—Daytonian, 3,371-
for three years,
1936-37
520
42
To
ports for the week
1937-38
2,936
2,586
-
482
in Europe from Brazil, Smyria, West Indies, &c.
a This total embraces since Aug.
1 the total estimated consumption by
Southern mills, 3,135,000 bales in 1937-38 and 3,940,000 bales in 1936-37—
takings not being available—and the aggregate amount taken by Northern
*
1,225
1,334
399
111
2.741
-
To Ghent—Feb.
19,937
1.892
Gdynia—Feb. 19—Tabor, 1,331; Nishmaha, 389—-Feb. 29
—Vigilant, 1,216
Gothenburg—Feb. 19—Tabor, 520
Bremen—Feb. 18—Aachen, 42
—
Liverpool—Feb. 24—Aquarius, 4,716.--Feb. 21—Kongs-
To Buena
9,219,775
d.
11
9
To
9,589,675 20,333,657
Total takings to Feb.
Of which American
d.
s.
•
3-
To
7,532,534
Visible supply Aug. 1
American in sight to Feb. 25-
Feb. 25
d.
10%@11%
26- 10%@12
JLJQC
To
Visible supply
d.
4.64
Season
Week
Season
9,233,940
Total supply
Deduct—
d.
.
to Finest
Nov.
To
Week
Other
s
Middl'g
ings. Common
Twist
To
Week and Season
Visible supply Feb. 18-
d.
32s Cop
Bremen—Feb. 19—Nishmaha, 1.334
To Hamburg—Feb. 19—Nishmaha, 399
To Oslo—Feb. 19—Tabor, 111
sight for the like period:
Cotton
s.
Cotton
Shirt-
Middl'g
10- 10%@11%
77,204
17.101
4.
shows:
66,834
17,573
10,309
11.
The above statement
74,508
23,351
30,702
74,203
70,572 2598,040 2001,896 2196,265
63.630 2575,215 1952,548 2158,658 135,433
56,534 2570,224 1926,804 2124,667 96,794
d.
Lbs.
8%
Cotton
Upl'ds
to Finest
Twist
1936
1937
1938
1936
1937
1938
1936
98,804 2619,799 2180,501 2337,209 86,716
96,101
128,497
61,240 92,756 2613,016 2142,612 2311,287
82,643 103,103 2629,639 2090,671 2285,388 133,463
86.523 2628,795 2046,413 2249,736 119,744
61,831
Lbs. Shirt¬
ings, Common
8%
24.
Jan.
1936
1937
64
—-
300
150
645
1,588
1,070
349
1,131
636
200
10
Volume
146
Financial
Bales
CORPUS CHRISTI—To Ghent—Feb.
20—Belgique, 379
To Antwerp—Feb.
20—Belgique, 300To Havre—Feb.
20—Belgique, 1,187; Meanticut, 401
To Dunkirk—Feb.
20—Belgique, 425..
379
_
300
1,588
425
To
Hamburg—Feb. 25—Meanticut, 290
25—Meanticut, 50.
25—Meanticut, 47__
25—Meanticut, 50__
1
SANANNAH—To Bremen—Feb.
21—Dunstaffnage, 87
To Hamburg—Feb.
21—Dunstaffnage, 1,121
PENSACOLA, &C.—To Liverpool—Feb. 23—Panacroft, 295
To Manchester—Feb.
17—Bienville, 595
To Ghent—Feb.
19—Antinous, 11
To Bremen—'Feb. 19—
Ipswich, 1
LAKE CHARLES—To
Liverpool—Feb. 23—Colorado Springs,
290
______
To Venice—Feb.
To Genoa—Feb.
To Oporto—Feb.
50
47
_
50
87
1,121
295
595
11
1
275
275
To Manchester—Feb.
23—Colorado Springs, 4
NORFOLK—To Ghent—Feb. 19—Black
Gull, 20
To Hamburg—Feb.
4
20
25—City of Norfolk, 355
355
CHARLESTON—To Bremen—Feb.
24—Dunstfferage, 273To Hamburg—Feb.
24—Dunstfferage, 620
To Rotterdam—Feb.
24—Dunstfferage, 38
MOBILE—To Bremen—Feb.
5—Frankenwald, 200
Feb. 21—
Ipswitch, 1,027To Hamburg—Feb.
5—Frankenwald, 98
To Antwerp—Feb.
22—Antinous, 464
To Rotterdam—Feb.
21—Ipswitch, 200
LOS
ANGELES—To
Liverpool—Feb.
19—Montgomery City,
350; Pacific Pioneer, 263
273
620
38
1,227
98
464
200
-
613
To Havre—Feb. 19—San
Jose, 942
To Dunkirk—Feb. 19—San
942
Jose, 100-
To Japan—Feb.
To China—Feb.
100
21—Bockosheim, 2,225
21-—Bockosheim, 850
To India—Feb.
21—Bockosheim, 419
SAN
2,225
-
850
419
—--
FRANCISCO—To Great Britain— ?—2,900
To Japan—7—8,613
2,900
8,613
-
Total
132,444
Cotton
Freights—Current rates for
from
cotton
York, as furnished by Lambert & Barrows, Inc.,
follows, quotations being in cents per pound:
High
Stand¬
High
ard
Density
Liverpool
.52c.
.67c.
Manchester.52c.
.67c.
Antwerp
.52c.
.67c.
Havre
Stand¬
Rotterdam ,52c.
as
Stand
ard
Density
Trieste
d.45c.
.60c.
Piraeus
.85c.
1.00
Flume
d.45c.
.60c.
Salonfca
.85c.
1.00
d.85c.
1.00
Barcelona
*
*
.67c.
.52c.
are
High
ard
Density
New
Japan
*
*
Venice
Copenhagen. 57c.
.72c.
.67c.
Shanghai
Naples
d.45c.
d.45c.
.60c.
Bombay
.50c.
.65c.
Oslo
Leghorn
d.45c.
.60c.
.58c.
.73c.
Bremen
.52c.
.67c.
Stockholm
Gothenb'g
.57c.
.72c.
.63c.
•78c.
Hamburg
.52c.
.67c.
Genoa
♦
No quotations.
Only small lots,
*
*
*
*
.60c.
we
Feb. 4
Of which American
Amount afloat
Of which American
Feb. 11
50,000
1,126,000
722,000
37,000
21,000
255.000
148,000
Of which American
Total imports.
54,000
1,184,000
787,000
94,000
Feb. 18
Feb. 25
56,000
54.000
1,193,000 1.192,000
795,000
787,000
68,000
55,000
71,000
175,000
40,000
176,000
79,000
85,000
24,000
182.000
97,000
The tone of the
Liverpool market for spots
each day of the
past week and the
and futures
daily closing prices of
spot cotton have been
follows:
as
precipitation in the winter wheat belt the last
four days had brightened
crop prospects materially.
How¬
ever, B. W. Snow, crop expert, issued a
special report based
conditions as of Feb. 15,
indicating crop prospects in
Kansas have declined due to moisture
deficiency. Mr. Snow
on
said the estimated condition of the
crop was
60%, suggesting
yield of 148,000,000 bushels, compared with 178,000,000
of Dec. 1.
On the 21st inst. prices closed
unchanged to
He. lower.
At no time did the Chicago wheat market
today show any net gain, although some buying of wheat
futures was attributed to
exporters and milling interests and
to previous
speculative sellers collecting profits.
A decrease
of 2,393,000 bushels in the United
States wheat visible
supply total was larger than looked for, but was virtually
ignored.
Something of an offset was an increase of 1,960,000
a
as
bushels in the amount of wheat afloat for
The
Saturday
Monday
pool quotations, due H to He. higher, showed at one
stage
today a fall of as much as l%c.
The grave poliitcal dis¬
turbances in
Europe appeared to be more or less ignored by
Liverpool wheat trade, stress being placed on increased
offerings of Australian wheat together with relative absence
the
of purchase offers on the
part of British importers.
On the
23d inst. prices closed 1
He. to 1 He. net higher.
The market
rose
sharply today as a result of reports of large scale Russian
military buying of Australian wheat, which shot prices up¬
ward 2 3^c. on the
Chicago Board and 3 He. at Liverpool.
Russia's wheat purchases were for
shipment to Vladivostok,
because of Russian
troop concentrations there, the nearest
Russian port to Japan.
Highest prices of the day in Chicago
prevailed as the end of dealings approached, but were then
reduced by last-minute
profit-taking.
ported to have sold
P.
Quiet.
Wednesday
Thursday
Quiet.
Quiet.
Friday
Quiet.
M.
5.13d.
Futures-
Market
5.19d.
5.22d.
5.25d.
5.22d.
5.21d.
Steady,
Quiet but
Steady,
Steady,
Steady,
Quiet but
st'dy 6 to 8 2
_
opened
to
5
pts. 5
to
7
1
pts.
to
3
pts. 2
pts. decline
Market,
advance.
advance.
advance;
Very st'dy.
f
4
P. M.
More
demand
Mld.up'lds
Steady,
Steady,
4
1
(
to
3
pts. st'y,
1
pt.
decline.
decline
Very st'dy,
Steady,
to 5 pts. 2 to 3 pts. 6 to 7
pts. 9 to 10 pts.
decline.
advance.
advance.
advance.
Quiet, st'y.
4 points
unch'g to 1
decline.
pt. decline
Prices of futures at
Liverpool for each day
are
given below:
LFeb. 19
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
i
Feb. 25
j
Close Noon Close Noon Close Noon Close Noon Close
Noon Close
New Contract
March
d.
(1938)...
d.
«
-
«.
5.03
5.07
-
5.06
5.13
5.10
5.13
May
July
October...
d.
5.01
5.19
5.16
5.19
Decern ber.
5.25
5.23
5.22
5.29
March
L.
5.26
5.24
-
May
5.28
July
5.29 J
mmm
-
mm'
-
«r
-
m-m
-
-
fl.
-
-
-
5.31
m
-
—
-
—
_
5.29
5.32
__
^
mm
mm
were
today totaled 250,000 to 500,000 bushels, and that Canada
done an export business
equalling that of the United
Furthermore, it was said that Spain had purchased
had
States.
1,250,000
the 24th
Influenced
wholesome influence
by
conditions
for the domestic
winter
crop,
wheat
prices tended downward today, but declines were only frac¬
tional.
A sustaining influence was an authoritative esti¬
mate
that
less
than
hard winter wheat
30,000,000
bushels
of
United
remained available for
now
States
It
export.
predicted all this wheat would be taken by importing
countries, because of smallness of the world supply of hard
milling wheat at present.
On the other hand, North Amer¬
ican wheat export business
today totaled but 300,000 to
400,000 bushels, including United States hard winter wheat
was
well
as
as
reported
United
wheat from Canada.
as again after
States
Pacific
Vladivostock, however, was
wheat, both from Australia and the
Coast.
Today prices closed y8 to %c. net higher.
5.09
5.08
5.08
5.16
5.15
5.15
5.22
5.21
5.21
5.27
5.27
tions lc.
5.31
5.31
mm
'mm
5.29
5.31
5.31
5.35
5.37
5.38
5.32
5.35
5.36
5.28
5.28
5.32
5.32
5.34
_
5.33
-
»
m
5.30
5.38
-
-
m
mm
'
mm
5.29
5.34
5.40
5.41
5.09
5.34
5.36
mm
mm
5.37
5.36
m
mm
m
5.37
further ahead
It is reported that
than 60 days.
inst.
influenced
on sentiment,
and a sudden outburst
buying found the market slack on offerings, with the result
that the rally was swift.
The day's highs were not fully
maintained in the light trade that followed.
Export sales of
North American wheat, apparently stimulated
by yesterday's
price dip, were estimated at 750,000 bushels overnight.
prices closed unchanged to %c. lower.
official reports of generally satisfactory
5.21
largely by reports of
heavy snows in winter wheat territory.
Added to this was
the report that a fairly good export wheat business
had been
transacted overnight.
Strength in securities also had a
■of
inst.
5.16
important interest.
was
supply at
5.13
prices closed unchanged to
L2C. higher.
This market on the Chicago Board had a max¬
imum rise of 1 He. from early lows, due
largely to buying from
commission houses and export interests.
This buying that
market
that
were
5.20
d.
Demand for flour in this market is
generally slow.
Barring occasional spurts of odd lot purchases, the consum¬
the
Inci¬
sources.
5.26
d.
steady.
revived
various
5.24
d.
Flour—The only flour price change here
recently was an
semolina, putting No. 1
bakery grades of wheat
Tlour, advertised family brands, clears and rye patents held
19th
from
5.18
d.
advance of 20c. per barrel for No. 1
in jute sacks at $7.55.
Standard
the
wheat
5.17
d.
Friday Night, Feb. 25, 1938
Wheat—On
of
Canadian trade advices
Canada would have little or no
carry-over wheat
the end of the present
Wheat moved
today to the highest price level that has been reached in
a fortnight.
Increased European takings of United States
wheat were largely responsible for
lifting Chicago quota¬
d.
BREADSTUFFS
nothing is being booked
bushels
dentally, authoritative
up
Profit-taking
on bulges, however, wiped out most
In addition to evidence of improved European
demand shown for wheat from this
country, Liverpool quo¬
tations were considerably higher than due.
Furthermore,
of the gains.
the
fact
wheat
no
wheat, estimates
European takings of United States wheat
current that
5.12
October...
ing trade shows
Adding to the upward tendency of prices were
Germany before long would be a large buyer
5.10
d.
mm
mm
5.26
5.21
Jan (1939)
—
re¬
5.22
d.
-
was
of wheat, although German
supplies of rye were still sufficient.
Besides the Russian
buying of Australian
growth
Quiet.
Australia
total of about 70,000 tons of wheat to
a
crop year.
Tuesday
Market,
12:15
importing countries.
Chicago wheat market appeared to be adversely in¬
fluenced by the
surprisingly bearish action of the Liverpool
market.
General selling of wheat futures in
Chicago with
tumbles of 13^c. a bushel followed
announcement that Liver¬
On
Spot
Pacific Coast grain sold to Ireland and Mexico.
was
Traders said
assertions that
have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Forwarded
The bulk
1427
Vladivostok.
d Direct steamer.
Liverpool—By cable from Liverpool
Total stocks.
Chronicle
pointed out
was
in
the United
that
States
combined
and
visible
Canada totaled
supply of
19,000,000
bushels less than at this time last year.
Remaining stocks
of wheat in Australia and Argentina were
also
figured
under those of
a year
as
One leading Chicago house said:
ago.
"The
growing scarcity of hard wheat
users
will
and
will
the
other
have to
adopt
an
find it advisable to
be
suggests that world
attitude of being less choosey
take
available."
not
the
soft
winter wheat if
Open interest in wheat
was
92.402,000 bushels.
DAILY CLOSING
PRICES
OF
Sat.
No. 2 red
DAILY
—
CLOSING
PRICES
-110#
OF
Season's
May
July
September
93
88#
88#
High and
122#
105#
92#
IN
Tues.
NEW
HOL
Ion.
109#
WHEAT
Sat.
May
July
September
WHEAT
111#
Wed.
FUTURES
Mon.
Tues.
92#
88#
88#
When
Made
\
Season's
July 29. 1937 May
Sept. 28, 19371 July
Feb.
9, 1938 j September
IN
Wed.
H
Low
Fri.
111#
1115^
CHICAGO
Thurs.
94#
89#
89#
O
L
YORK
Thurs.
93#
89#
89#
Fri.
94#
90#
90
When
Nov.
8,1937
81#
Nov.
86#
,
and
85#
Jan.
8,1937
6, 1938
Made
DAILY CLOSING PRICES OF BONDED WHEAT IN
WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
May
July-
October
127#
118#
97#
127#
117#
96#
128#
119#
98#
Corn—On the 19th inst. prices closed
128#
119#
98#
128#
119
98#
128#
119#
98
unchanged to He.
Unfavorable conditions for corn marketing, a decline
in bookings to arrive, and reports of increased
export busi¬
ness kept corn prices
steady. Export sales were estimated
up.
Financial
E1428
at
approximately 1,000,000
300,000 bushels in addition .to
worked late yesterday.
On the 21st inst. prices
closed ]/sq. to He. down. There was no news of particular
significance relative to this grain, its downward course
entirely by the bearish action of
the wheat market.. On the 23d inst. prices closed unchanged
to He. higher. Attention of the trade appeared to be focused
on the wheat markets.
Trading in corn was light, with the
undertone steady. Argentine corn crop official figures were
being influenced almost
stated.
bullish, it was
was
this
the 24th inst.
reported to have improved Argen¬
tine corn prospects a little.
Today prices closed unchanged
to y8c. higher.
This market was steadied somewhat by the
report that upwards of 600,000 bushels of corn were pur¬
chased for export.
Open interest in corn was 48,187,000
Showers
wheat.
bushels.
were
171,000
1,247,000
292.000
69,000
226,000
475,000
757,000
188,000
89,000
881,000
214,000
334,000
79,000
39,000
113,000
Duluth
673,000
231,000
Chicago
3,000
17,000
16.000
42.000
211,000
98,000
67,000
4,000
23,000
377,000
118,000
10,000
86,000
2,000
70",000
62,000
9,000
61,000
18",000
Milwaukee-
Toledo.
Indianapolis
Louis..
120,000
317,000
1,017,000
Peoria.....
45,000
23,000
507,000
Kansas City
11,000
915,000
320,000
236,000
PRICES OF CORN IN
-
DAILY CLOSING
108,000
Omaha
54,000
55,000
"3",000
"V.OOO
4,000
280.000
15,000
35,000
354,000
—
4,000
City.
Sioux
38,000
417.000
52,000
Joseph.
Wichita
105,000
Buffalo
Tot. wk. '38
425,000
3,201,000
5,419,000
2,066,000
421,000
2,299,000
3,070,000
1,418,000
1,143,000
283,000
Same wk '37
171,000
1,116,000
Same wk '36
316,000
1,118,000
2,906,000
879,000
167,000
729,000
Since Aug. 1
1936
1935
79,377,000 21,796,000 71,568,000
54,156,000 11,977,000 64,822,000
96,824.000 16,260,000 61,907,000
11,117,000 218,395,000 177,395,000
12,417,000 162,452,000 108,431,000
96,368,000
10,752,000 253,894,000
1937
....
July
September
61%
62%
—
74
66%
September..-. 62%
May
July
the week ended
59%
61%
62%
60% 59%
61% 61%
62% ' 62%
55 X
56 X
59%
May
July 29. 1937
July
Sept. 30. 1937
September
Jan. , 8. 1938
Made
Nov. 30, 1937
Nov. 30. 1937
Feb.
2, 1938
closed He. off to He. up.
quiet and without feature. On the 21st inst.
prices closed He. to He. net higher. This showing was
rather remarkable in view of the downward tendency of
the other grains.
Trading was light, with the undertone
firm.
On the 23d inst. prices closed He. to He. higher.
"~Oats—On the 19th inst. prices
Trading
was
of oats was largely in sympathy with
and vigor of the wheat markets.
Oh the 24th inst. prices closed unchanged to %c. lower.
There was very little of interest in this market, trading
being more or less routine.
Today prices closed %c. up on
all deliveries.
There was little or nothing to report con¬
cerning this market, trading being more or less routine.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Season's High
31%
29%
29%
31%
29%
When Made
Oct. 13.1937
Nov. 6,1937
Feb. 16, 1938
OATS FUTURES IN WINNIPEG
CLOSING PRICES OF
48%
45%
—
49
41
May
July
•
45%
48%
45%
48%
45%
49
46
40%
40%
Thurs.
Wed.
Tues.
Mon.
Sat.
bbls 196 lbs
40%
40%
Fri.
48%
45%
40%
Rye—On the 19th inst. prices closed unchanged to He.
higher. No developments of interest occurred in this market.
On the 21st inst. prices closed unchanged to He. off. There
was relatively little interest in this market today, though
the undertone was steady during most of the session.
On
the 23d inst. prices closed Ho. to lHc. higher. This market
stimulated in large measure by the strong action of
wheat and the stimulating news concerning foreign pur¬
was
which
looked
are
forerunners of
upon as
purchases of rye.
On the 24th inst. prices closed % to %c. off.
There was
little to report concerning this grain, its heaviness being
largely attributed to the heaviness of the other grains,
especially wheat. Today prices closed unchanged to %c. up.
Trading was light and without any particular feature,
substantial export
DAILY
CLOSING PRICES
OF RYE FUTURES IN
Sat.
May
July
September
Season's
May
July
September
and
High
84
72%
69%
DAILY CLOSING
Mon.
Wed.
Tues.
CHICAGO
Thurs.
Fri.
75% 75%
H
76
75% 75%
—.
70% 70%
O
70% 70% 71
67
67
L
68% 69
When Made
I
Season's Low and When Made
Aug. 10.1937 (May
63% Nov. 8.1937
Oct. 21, 1937 July
62
Nov. 8.1937
Jan. 26, 1938
PRICES OF RYE FUTURES IN WINNIPEG
Feb.
9,
19381September
Sat.
Mon.
July
DAILY CLOSING PRICES
66
Tues.
Wed.
Thurs.
Fri.
84% 85
83% 83%
OF BARLEY FUTURES IN WINNIPEG
82%
81%
83%
82%
May
Sat.
May
July
—
Mon.
84%
83%
Tues.
64%
59]
64%
59
65
59
84%
83%
Wed. Thurs.
65%
65%
'
59%
59%
Fri.
4,000
96,000
10,000
Baltimore-.
23,000
19,000
19,000
New Orl'ns*
30,000
99,000
360,000
21,000
485,000
27.666
1,688,000
297,000
Boston.
21,000
322,000
2,616,000
963,000
61,000
105,000
59,000
1,981,000
13,825,000
8,709,000
433,000
829,000
1.510,000
320,000
384,000
2,048,000
33,000
3,000
3,000
2,051,000
3,984,000
6,877,000
364,000
172,000
36,000
Galveston—
Tot. wk. '38
3,000
Since Jan. 1
1938....
Week 1937.
Since Jan. 1
1937
♦
on
Receipts do not include
The exports
from the several
ended Saturday,
statement:
Hard winter clears
Cornflour
5.65
4.80@5.00
Coarse
Corn, New York—
No. 2 yellow, all rail..
73
All the statements below
141,000
223,000
182,000
291,000
270,000
122,000
52,000
48,066
601,000
309,000
Baltimore
Texas
City
55,000
5,000
866,000
Mobile
New
4,000
1,000 1,596,000
222,000
Orleans
1,666,000
Galveston
St. John, West
24,000
3,000
3.258,000 3,609,000
108,066
3,000
1,000
111,705
9,000
Halifax
Pt.
16,000
27,000
297,000
—
202,000
Texas..
Arthur,
Total week
1938..
675,000
1937....
The destination of these exports
193,000
52,000
for the week and since
July 1, 1937, is as below:
Corn
Wheat
Flour
Exports for Week
and Since
Week
Since
July 1 to
Feb. 19
July 1
1938
1937
1938
1937
1938
1937
Barrels
Bushels
Bushels
Bushels
Bushels
Barrels
Since
Week
Feb.
38,761
1,603,151
14,735
318,437
S. & Cent. Amer.
14,500
West Indies.
36,500
895,500
Kingdom.
Continent
1,621,000
1,610,000
ine
July 1
5,000
36,000
1,501",000
3", 570
195,573
22",000
3,419,661
3,587,184
3,258,000
111,705
Total 1937
19
Feb.
48,242,000 2,372,000 16,682,000
38,823,000 1,237,000 12,236.000
170,000
1,056,000
"5",000
108,066
countries..
Total 1938
Since
Week
3,000
Brit. No. Am. Col.
Other
July 1
19
404,000
United
visioie
supply
oi
89,658,000 3,609,000 29,093,000
5,000
1,000
86,962,000
675,000
gram,
comprising
me
siocks ill
at principal points of accumulation at lake
seaboard ports Saturday, Feb. 19, were as follows:
granary
and
GRAIN STOCKS
Wheat
Corn
Oats
Rye
Barley
Bushels
United States—
Bushels
Bushels
Bushels
Bushels
2,000
1,000
Boston
"
143,000
13,000
27Y.666
77.000
718,000
793,000
761", 000
18",000
26",666
"3,000
218,000
13,000
80,000
1,000
25,000
1,687,000
27,000
1,292,000
3,820,000
829,000
2,269,000
New York—
87.000
237,000
...
29,000
afloat
Philadelphia
Baltimore
New Orleans
Galveston
2,000
49,000
9,000
87,000
188,000
7,000
6,000
108,000
9,000
580,000
809,000
243,000
103,000
2,425,000
12,792,000
2,991,000
941,000
'
2,817,000
4,832,000
430,000
2,319,000
1,018,000
Indianapolis
1,115,000
1,993,000
1,172,000
10,000
20,000
19,000
76,000
10,000
10,000
208,000
St. Louis
4,000
408,000
490,000
Sioux
City
110,000
'
10,000
39,000
13,000
9,094,000
7,317,000
2,225,000
709,000
308,000
1,805,000
65,000
804",000
243:666
106", 000
826:606
7,671,000
3,065,000
13,607,000
1,042,000
5,827:666
3,615,000
6,402,000
3,954,000
1,114,000
1,925,000
Detroit
175,000
50,000
5,908,000
1,994,000
2,000
4,000
2,000
190,000
45«:666
322:660
386:666
Peoria
Chicago
4.00
afloat
Milwaukee
afloat
45%
Rye, No. 2. f.o.b. bond N. Y__ 88%
Barley, New York—
47% lbs. malting
64%
Chicago, cash
48-63
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by'us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Bushels
Duluth
1.90
Fancy pearl, Nos.2;4<fe7 5.25@5.60
OatB, New York—
No. 2 white
Barley
Bushels
Bushels
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic
111 %
Manitoba No. 1, f.o.b. N.Y..168%
Rye
Bushels
Minneapolis
Barley goods—
5.65@5.85
Oats
Bushels
New York
Omaha
2.52%
Flour
Barrels
Philadelphia
Kansas City
Oats, good
500
Corn
Wheat
Exports from—
St. Joseph
5.60
seaboard ports for the week
the annexed
Feb. 19, 1938, are shown in
Wichita
Rye flour patents
5.20 @ 5.30
Seminola, bbl.,Nos.l-3. 7.55 @
Orleans for foreign ports
grain passing through New
through bills of lading.
Fort Worth.
6.15
16,000
"4" 000
24,000
Halifax
Hutchinson
Hard winter patents
40.000
"3",000
3,000
292,000
1,000
61%
FLOUR
6.70
75,000
30"666
239,000
35,000
66
Closing quotations were as follows:
Spring oats, high protein .6.40
Spring patents
5.95
Clears, first spring
6.40
Soft winter straights
4.75
Hard winter straights
..5.45
bush 56 lbs bush 48 lbs
162,000
Same week
chases of wheat,
Oats
bush 32 lbs
Fri.
28%
28
28%
July 29. 19371 May
Oct.
2, 1937 July
Jan. 10, 1938 (September
October
31%
29%
29%
H
O
L
Season's Low and
I
When Made
33%
32%
30%
May
July
September
^tfAILY
and
Thurs.
Wea.
Tues.
31%
29%
29%
30%
29%
May
July..—
September
Corn
bush 56 lbs
York.
New
the strength
Mon.
Wheat
bush 60 lbs
Philadelphia
This firmer showing
Sat.
Barley
Rye
Flour
Receipts at—
ports for
of flour and grain at the seaboard
Saturday, Feb. 19, 1938, follow:
St. John W.
When
and
Season's Low
When Made
Fri.
Thurs.
Wed.
H
O
L
59%
61
62%
60
Total receipts
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
—
and
NEW YORK
73% 72% HOL 73% 73
73
PRICES OF CORN FUTURES IN CHICAGO
May
Season's High
Tues.
Mon.
Sat.
No. 2 yellow
3,000
64,000
334,000
St.
-
DAILY CLOSING
t
bush 56 lbs bush 48 lbs
Minneapolis
St.
prices closed % to %c. lower. There
nothing especially new in the corn situation, prices for
grain following along in sympathy with the trend of
On
bush 32 lbs
bush 56 lbs
bush 60 lbs
bbls.lQQlbs
Barley
Rye
Oats
Corn
Wheat
Flour
Receipts at—
bushels
1938
Feb. 26,
Chronicle
"
afloat
Buffalo
afloat.
2,406,000
276,000
197,000
90,000
4,122,000 9,854,000
Total Feb.
4,045,000 10,040,000
Total Feb.
3,958,000 11,907,000
Note—Bonded grain not included above: Barley—Duluth, 110,000 bushels; New
York, 55,000; total, 165,000 bushels, against 4,830,000 bushels In 1937.
Wheat—
New York, 1,065,000 bushels; Buffalo, 46,000; Albany, 276,000; Erie, 731,000; total,
Total Feb.
62,606,000 36,200,000 23,296,000
12, 1938.. 65,000,000 37,652,000 23,650,000
20, 1937— 41,511,000 13,135,000 25,786,000
19, 1938—
2,118,000 bushels, against
20,162,000 bushels in 1937.
Volume
Financial
146
Wheat
Oats
Bushels
Canadian—
Lake, bay, river & seab'd
Corn
Bushels
Bushels
Ft. William &Pt. Arthur
10,642,000
11,652,000
Other Can. <fc other elev.
24,466,000
Rye
11
11
Bushels
Bushels
633,000
1,347,000
326,000
5,848,000
9,178,000
1,281,000
9,236,000
.
1,858,000
932,000
7,788,000
19, 1938._ 46,760,000
Total Feb. 12, 1933.. 48,042,000
Total Feb. 20, 1937.. 72.280,000
23,000
757,000
Total Feb.
1,289,000
1,556,000
9,053,000
9,222,000
8,933,000
4,122,000
9,854,000
1,281,000
9,053,000
12.282.000
Summary—
American
62,606,000 36,200,000 23,296,000
46,760.000
9,178,000
Canadian
Total
Feb.
19, 1938.-109,366,000 36,200,000 32,474.000
Total Feb. 12, 1938..113,042,000 37,652,000 32,886,000
Total Feb. 20, 1937.-113,791,000 13,135,000 38,068,000
The world's
shipment of wheat and
corn, as
furnished by
the week
1936, are
following:
Corn
Wheat
Week
Exports
Since
Since
Feb. 18,
July
July
1,
1,
1938
Black Sea.
Argentina.
Australia
.
Bushels
Bushels
Feb. 18,
1936
Bushels
North Am.
1937
4,731,000 124,642,000 139,945,000
504,000
63,370,000 46,736,000
3,464,000
37,043,000 82,906,000
3,445,000 59,771,000 54,695,000
India
11,592,000
17,544,000
July
1,
1937
1938
Bushels
Bushels
Since
1,
July
1936
Bushels
29,464,000
257",000
5,000
3,144,000
3,592,000
16,363,000
177,013,000 271,199,000
7,712,000
15,048,000
Since
Week
Other
countries
496,000
Total... 12,640,000 311,466,000 349,538,000
64,378,000
1,062,000
15,642,000
4.911,000 273,999,000 303,209,000
Weather Report for the Week Ended Feb. 24—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Feb. 24, follows:
One of the most significant features of the week's weather was the
stagnation of a low-pressure area over New Mexico and the immediate
Southwest from the 16-18th.
As a result of this condition, precipitation
was widespread over
the Great Plains and most central valley sections,
being particularly heavy over northern Texas and Oklahoma.
Cool weather prevailed over the Northeast and far West at the be¬
ginning of the week, but moderated rapidly in the former area, especially
on the 18th, when a rapid rise in temperature was noted.
Cooler weather
overspread the Plains area on the 18th, and subzero temperatures were
reported on the 19th southward to northern Kansas.
Precipitation was general from the Ohio Valley eastward and south¬
eastward on the 19-20th, and lower temperatures followed, being general
over much of the South and East on the 20th, with near-freezing weather
reported in the interior of the Gulf States on the 19-20th.
At the close
of the week precipitation was again reported from some eastern sections,
while somewhat cooler weather was noted in the Northeast and parts of
the West.
The week
was
contrast to last
mal.
the
much colder than normal in the Great Plains, in marked
week, when much of this area was considerably above nor¬
The temperatures for the week averaged from 9 to 17 degrees below
seasonal average in practically all sections from northern Texas to
Montana.
From the
Mississippi River eastward the week was generally
except in the extreme Northeast.
In this region mean tempera¬
averaged from 3 to 9 degrees above normal, while aiong the Pacific
coast they were near normal.
Minimum temperatures were much lower in the Northwest than for
some
preceding weeks.
Subzero weather was reported from first-order
stations as far south as northern Kansas, while subfreezing occurred nearly
to the western Gulf coast.
However, the line of freezing remained prac¬
tically stationary in the East, extending from western North Carolina
westward to western Tennessee.
The lowest temperature reported from
a first-order station was —28 degrees at Havre, Mont., on tne 17tn.
Precipitation for the week was abnormally heavy from the lower Great
Plains northeastward over the Ohio Valley, with the weekly amounts
varying from 2 to over 6 inches.
The falls were particularly heavy in north¬
ern
Texas, Arkansas and adjacent sections.
Noteworthy weekly totals
were as follows:
Fort Worth, Texas, 4.6 inches; Dallas, Texas, 4.7 inches;
Fort Smith, Ark., 6.1 inches; Bentonville, Ark., 4.3 inches; Little Rock,
Ark., 4.4 inches; and Memphis, Tenn., 5.4 inches.
The amounts were
largely in excess of 1 inch in the Panhandle of Texas, most of Kansas and
Missouri, and quite generally in the Ohio and lower Mississippi valleys.
Weekly totals were also substantial in the Middle Atlantic States and
the far Northwest, while moderate amounts were reported from the Lake
region and scattered sections elsewhere.
Otherwise, the week had rather
light precipitation, particularly in southern Florida and the far Southwest.
The outstanding feature of the week's weather as affecting agriculture
was the general replenishment of water supplies in most of the dry south¬
western area.
Heavy to excessive precipitation occurred in eastern and
central Oklahoma, with weekly totals from 8 to 11 inches at a number of
stations, while heavy falls occurred in the eastern two-thirds of Kansas
and quite generally in Missouri.
Preliminary reports in Oklahoma indi¬
cate that the average precipitation for February will be the greatest of
warm,
tures
record.»
Beneficial
New
snows were
Mexico,
western
also
reported in northwestern Texas, northeastern
and southeastern Colorado.
Throughout
Kansas,
the moisture will be of considerable benefit and its effectiveness
is indicated by the fact that no duststorms were reported from any part
this
of
area
this
most
region.
sections
Surface-moisture supplies are now generally ample in
country from tne Great Plains eastward, although
of the
the subsoil continues dry locally in Missouri and in Kansas.
As a result of the heavy to excessive rains numerous floods
were
re¬
ported in Arkansas and Oklahoma, with farm work generally at a standstill
and the soil too wet to work.
In some parts of .these areas the extremely
heavy rainfall caused considerable soil erosion on recently plowed uplands,
while most lowlands
were
flooded, with considerable losses.
In most eastern sections farm work made very good advance
during the
and soil preparations progressed favorably, with some early
week
crops
seeded and most vegetation ahead of an average season.
Corn has been
planted in Florida, while this crop is coming up nicely in extreme south¬
ern Texas, with much planted over the remainder of that State.
Cotton
planting is also general in southern Texas and much land has been pre¬
pared in Gulf sections.
Farm work was generally delayed in many north¬
ern portions of the country from
the upper Mississippi Valley westward
due to wet soil or a moderate to heavy snowcover.
The increase in cover
in the Dakotas is very favorable, while the heaviest snowfall of the winter
occurred in southern Minnesota.
The reaction to colder weather
over
much of the
Rocky Mountain States
caused suffering of livestock and consequent shrinkage, but
practically no
losses were reported although increased feeding was necessary.
Mountain
snow
storage was materially increased in the
Pacific States, with depths
or above quite generally.
Additional snows were benencial
of New Mexico and Arizona, with water prospects improved in
northern sections.
Storage was also increased in Colorado and Utah,
while in Wyoming water prospects were reported best in recent
years.
now
in
normal
parts
Small Grains—Except for portions of
California, where some grain was
destroyed by floods in Sacramento County, the week was generally favor¬
for small grains from the Mississippi River westward.
Beneficial
snows were reported in the Central Valleys, over the Plains and
westward, with the snowcover in most instances sufficient to furnish
able
rains or
to
protection from low temperatures.
Wheat continues in good to excellent condition over the Northwest and
grains are emerging satisfactorily.
In Nebraska the snowcover, except
in some central and southwestern counties, greatly improved winter wheat
prospects, while Kansas, with 1 to 9 inches of snow during the week re¬
ports winter wheat greening though the subsoil is still dry in that State
and in portions of northwestern Missouri.
Winter wheat improved in
Oklahoma and Texas, where condition is mostly fair to good, but sun¬
shine is needed in Oklahoma and the crop is making too-rank
growth in
portions of Texas because of heavy rain.
....
.
Ice cover
on
Michigan and
1429
fields
some
some
was
unfavorable in portions of Wisconsin and
damage from freezing and thawing
was
reported in
Michigan; there was some heaving of winter grains in New York.
Con¬
tinued improvement is noted
throughout the Ohio Valley and Tennessee
and to eastward where considerable
growth was reported and condition is
generally good.
Oats are coming
in Oklahoma, but much replanting will be necessary
barley are mostly good in Texas, and wheat,
improved in Missouri.
Some rye pasture is
now available in
Kentucky, and oats are mostly good in the Southeast,
with spring crop germinating in South Carolina.
Oat sowing has extended
northward to Maryland and Delaware.
in
wet
up
Oats
areas.
barley and
rye
5,403,000 18,907,000
5,334,000 19,262,000
5,514,000 19,840,000
Broomhall to the New York Produce Exchange, for
ended Feb. 18, and since July 1, 1937, and July 1,
shown in the
Chronicle
Barley
are
and
much
THE DRY GOODS iTRADE
Reflecting the general slackening in industrial activities
employment, retail business
While some stores, largely
owing to promotional events stressing price reductions, were
able to maintain their volume of sales, others continued to
show more or less substantial losses as
compared with the
corresponding 1937 period.
Even in the South, where
heretofore sales had recorded gratifying increases, results
made a less
satisfactory showing.
On the other hand,
sections where last year's floods had
played havoc with
business, registered increases for the current year.
Trading in the wholesale dry goods markets continued to
reflect the slow pace of retail distribution, and the
resulting
persistent tendency on the part of merchants to restrict
and the further reduced state of
continued its spotty character.
their
new
showed
commitments to the irreducible minimum.
Prices
slightly better trend in some divisions, with mod¬
erate advances being announced on denims and on brown
sheetings.
Buying of these items developed on a rather
large scale although most orders were for early shipments,
with little inclination on the part of wholesalers to enter
a
into forward commitments, m view of the uncertain outlook
the general business situation.
Wash goods continued
in
to
in fair volume.
move
Business in silk goods again made
fairly good showing, with the demand for printed dress
materials maintaining its previous volume.
Prices showed
few changes.
Trading in rayon yarns registered a further
slight improvement which, however,, was mostly limited
to the finer cuprammonium yarns, for use m the
lingerie
trade.
While the current moderate improvement in the
demand for yarns is believed to virtually equal the
present
curtailed output, no immediate restoratiQn of
capacity
production is looked for, pending the absorption of the
substantial surplus stocks in producers' hands.
a
Domestic Cotton Goods—Following the previous week's
spurt in sales, trading in the gray cloths markets, at the
beginning of the period under review, slowed down materially.
Later in the week, business
experienced another moderate
revival, without, however, reaching the previous large volume
of sales.
While the President's statement concerning the
necessity of raising prices that have been unduly depressed,as
well
the further enhancement in
raw cotton values,
it was the continued disappointing
movement of finished goods that prevented any sustained
buying operations.
Mills, on the other hand, having-been
placed into a somewhat better statistical position, and
cognizant of the early need of replenishment purchases by
many users, were little disposed to press their offerings on
the market and, moreover, in many instances, declined to
accept commitments for the second quarter at current
prices.
Osnaburgs moved in fair volume and a scattered
demand existed for drills.
Business in fine goods slowed
down considerably,
with unfavorable reports about the
flow of finished goods causing buyers to resume their waiting
attitude.
Scattered interest continued, however, for slub
yarn broadcloths, and a few spot lot orders were received
on
combed lawns, pongees and dimity stripes.
Closing
prices in print cloths were as follows:
39-inch 80s, 6%c.;
39-inch 72-76s, 6^c.; 39-inch 68-72s, 534c.; 3834-inch 64-60s,
424c.; 3834-inch 60-48s, 3K to 4c.
as
benefited
sentiment,
Woolen Goods—Trading in men's wear fabrics improved
moderately as clothing manufacturers endeavored to cover
additional spring requirements.
Heretofore popular fabrics
continued to attract attention, and growing interest was
shown in top coatings.
Most orders, however, were con¬
fined to nearby deliveries, and little willingness manifested
itself to enter into forward commitments.
slightly
Prices followed
trend.
Reports from retail clothing
centers continued their disappointing showing, with special
clearance sales meeting with but moderate response.
Busi¬
a
ness
steadier
women's
in
wear
goods remained active
as
garment
manufacturers placed additional orders for various types of
dress materials.
Operations of mills in this division showed
further
expansion, with the backlog of unfilled orders holding
previous levels, and with a number of mills being com¬
pelled to reject orders, because of their inability to concede
at
wanted deliveries.
Foreign
Dry Goods—Trading in linens was quiet.
suitings and dress goods as well as on household
items continued to reach the market, but their volume
remained small.
A growing element of uncertainty has
been injected through the uncertainty surrounding the out¬
Orders
come
on
of
the
negotiations.
current
British-American
trade
agreement
Business in burlap continued inactive.
While
the postponement of the meeting of the Indian Jute Mills
Association concerning the question of a production agree¬
ment was a depressing factor, the steadiness of the sterling
rate served to counteract its effect.
Domestically light¬
weights continued to be quoted at 3.75c.; heavies at 5.10c.
Financial
1430
Feb.
Chronich
"To invalidate the tax as applied
1938
26,
here would be to aid the process by
already over-endowed with economic
which the large interstate corporations,
advantages in competition over their local competitors, are
out the
-Specialists in
New York State—Senate Approves Various Tax Bills—
According to Albany press advices on Feb. 24, the Senate
Illinois &M issouri Bonds
passed and forwarded to the Assembly for consideration the
following Buckley bills, forming a part of the tax program
recommended by Governor Lehman:
Temporary emergency tax on net incomes of
STiFEL, NICOLAUS &, CO., Inc.
105 W. Adam* St.
CHICAGO
WIRE
ST.
unincorporated businesses
for another year.
Additional emergency tax on
„
stock transfers for year ending June 30,1939.
Temporary 1% emergency personal income tax for another year, to be¬
314 N. Broadway
DIRECT
come clue
LOUIS
in 1939.
Additional tax of 2% on gross incomes or gross operating incomes of
utility corporations for year ending June 30, 1939.
Increased rate of franchise tax on business corporations for year beginning
Nov. 1, 1939.
fJ
'
Until July 1, 1939, tax rates on estates of residents and non-residents.
For year ending July 1, 1939, authority of cities to impose a tax on gross
J
^
News Items
income
of utilities.
Bill Amendments Ordered as Opposition
Municipals—Several amendments to the
Maloney over-the-counter bill were ordered to be printed on
Feb. 23 by the Senate Banking and Currency Committee
as increased opposition appeared from members of the Com¬
mittee and from municipal organizations all over the country
toward the inclusion of municipal dealers in the measure.
Maloney
on
elimination from section
sub-section which empowered the SEC to make rules "to insure
protection comparable to tnat provided under this title with
respect to national securities exchanges."
Another amendment to section two provides that the criminal penalties
of the Securities Exchange Act will be made inapplicable to violation of
any rules made under clauses 3, 4 and 5 of section two, while clause 3 will
also be shortened and made more definite by eliminating the phrase "and
against the evasion of financial responsibility through the use of corporate
forms, special partnerships or other devices.'
A third section is also to be added to the bill which will make the re¬
The amendments to the bill will provide for the
two of the
Investors
porting power of section 17(a) of the Securities Exchange Act of 1934 ap¬
plicable to registered securities associations in addition to those now exer¬
cised over registered brokers and dealers and stock exchanges.
In brief,
section 17 provides that members of stock exchanges, and the exchanges
themselves, be required to keep such records as the SEC may require and
to make them available for SEC inspection.
A fourth change in the measure the Commission said, would bring about
"general clarifying changes" in section one.
The amendments, which
Senator Maloney said were suggested by the SEC to be included in the
latest print of the measure, were made known after an executive session of
the Banking and Currency Committee.
Considerable opposition to the inclusion of municipal dealers and se¬
curities in the bill was reported to have come from Senators Bankhead,
McAdoo and Herring.
Following the session, Senator Bankhead declared
that he would oppose the bill unless State and municipal securities were
excluded from its provisions.
"The States stili have some rights and I am
opposed to giving the Federal Government regulatory power over their
securities," he said.
Copies of the new print will be available tomorrow,
the committee announced, while stating that it would reconvene in execu¬
tive session next Tuesday.
Michigan—Special Legislative Session to Be Called—Gov¬
Frank Murphy is reported as saying that on March 15
he will call the Legislature into special session to consider
three matters, provided the job-relief situation has not shown
material improvement by that time.
ernor
The session, if called, will convene about
April 1, the Governor said, and
will 1)0 ci/Skod to considfr*
An appropriation of $3,000,000 to $5,000,000 for additional State aid
1
to local communities for direct relief, until the end of the fiscal year, June
2
Legislation preventing sellers of merchandise
on
30;
The State has advanced $3,100,000 already this year to local governments
for direct relief.
Governor Murphy estimates $2,600,000 will be needed in
March, leaving but $1,600,000 in general and emergency funds to last until
June 30.
Invalidates
Mortgage Morato¬
rium Law—The State Supreme Court on Feb. 21 invalidated
the State mortgage moratorium law by a 6-to-l decision,
according to a United Press dispatch from Lincoln, which
continued
as
follows:
The Nebraska Supreme Court invalidated the
State
mortgage
morato¬
rium law by a 6 to 1 decision.
The Court reversed a district court decision
upholding the law in the case
of the First Trust Co. of Lincoln against Walter C. Smith, co-partner of
Smith Brothers Lumber & Coal Co.
The Supreme Court held that the mortgage moratorium law impaired the
obligation of contract and asserted that the "factual and legislative situation
existing on Feb. 16, 1937, and since continuing, was insufficient to con¬
stitute a 'temporary emergency'."
New York, N. Y.—Sales Tax Ruling Asked by City of U. S.
Supreme Court—The city filed two test cases in the United
States Supreme Court on Feb. 19 to determine whether its
sales tax law is constitutional as applied to orders shipped
from outside the State.
The city sought a review of decisions by the New York Court of Appeals
holding that the municipality could not impose its 2% tax on the National
Cash Register Co.. of Dayton, Ohio, and on the West Publishing Co., of
St. Paul, Minn.
That would place an unconstitutional burden on inter¬
state commerce, the Court of Appeals ruled.
Joseph D. McGoldrick, Comptroller of New York City, who appealed
to the Supreme Court, said in his petition:
"Hundreds of proceedings awaiting the final outcome of these cases are
pending, either on the courts or before the petitioner for assessment, hearing
or
determination.
"In
New
York
.
.
large business is done every
year in a manner similar to that here involved, since a large number of
foreign corporations engaged in manufacturing or distribution obtain their
sales orders here and fill them by shipment from outside the State.
"The questions here involved relate to the past, present and future ap¬
plication of New York City's sales tax law. as well as to the future applica¬
tion of any similar municipal or State law.
"Since the burden of the taxing question does not fall on the vendors
(the two companies) but has to be borne by their purchasers, all vendors
a
very
.
who seek to invalidate the tax
as
.
than
A typical example is
once.
located
violative of the
advantages over their local competitors.
found where cities maintain their own
counties in which the cities are
organization, even though
the primary districts.
assessment
are
Despite the fact that overlapping assessment
regarded expensive, annoying to taxpayers and
districts generally are
frequently an obstacle
equalization, the majority of them have
existed for many years, according to the National Association of Assessing
Officers.
In general, the association finds, reason for their existence may
fair
to
assessment
be any one
and
proper
of the following:
.
(1) Desire by a city within a county for a higher
the rest of the district, in order to support a certain
to
or
(2)
produce a low tax rate which will attract residents and industries.
Desire for a lower assessed valuation than the primary district s,
curb against public
as a
assessment level than
tax levy or debt load,
attraction
spending and debt incurrence, or as an
to
industry.
(3) Belief that the overlapping district's
more equitable assessment than the primary
government can produce a
district's.
(4) More jobs to reward party workers.
(5) An expression of political independence that
veloped out of the pioneer spirit and been fostered by
has apparently de¬
proponents of home
rule in its most extreme aspects.
Three ways are suggested by the association's committee on the subject
to bring about elimination of overlapping assessment districts, choice of
procedure depending on circumstances which may differ from State to
State and locality to locality. "One method," the group says, "perhaps the
most generally acceptable, is to require the district to use the assessment rolls
of the primary district as the basis for its tax levies.
Another is to make
each overlapping district a primary district.
Finally, when the area of an
overlapping district includes most of a primary district, the governments
of the two districts may be consolidated into a single unit."
Bond
Proposals and Negotiations
ALABAMA
ATHENS, Ala.—BOND ELECTION—It is stated by M. S. Kennemer,
City Clerk, that an election will be held on March 22 in order to vote on
the issuance of $45,000 in school improvement bonds.
Dated April 1,
1938. Due from April 1, 1940 to 1958.
BIRMINGHAM, Ala.—BOND OFFERING—Sealed bids will be received
noon on March 15, by C. E. Armstrong, City Comptroller, fpr the
until
purchase of two issues of refunding
bonds, aggregating $1,070,000, divided
follows;
as
$910,000 capital improvement bonds.
Due on April 1 as follows:
1942 to 1946; $50,000, 1947 to 1951; $70,000, 1952 to
$80,000, 1957 and 1958.
$30,000,
1956, and
160,000 public improvement bonds.
Due $16,000 from April 1, 1942 to
1951, inclusive.
Dated April 1, 1938.
Denom. $1,000. The bidder shall specify the rate
of interest which the bonds are to bear, not exceeding the legal rate of
interest in the State.
The bidder shall use the lowest rate of interest at
which he will pay par or more
for the bonds, expressed in multiples of X
of
Each or the two issues of bonds may carry a different interest rate,
split rates on either of the issues, as regards that particular issue,
will be considered.
The bonds will not be sold for less than par, plus accrued
interest to date of delivery of the bonds and payment therefor.
The award
of both issues of bonds will be made to the single bidder who offers the
1%.
but
no
highest lawful price for the combined issues.
In determining the highest
bidder for the bonds, the net interest cost to the city shall govern.
Principal
and interest payable in lawful money at the Chemical Bank & Trust Co.,
New York City, or at the First National Bank, Birmingham.
The Com¬
mission will furnish to the purchaser the opinion of Thomson, Wood &
Hoffman, Esqs., of New York City, approving the legality and
The bonds are secured by the full faith and credit
said bonds.
validity of
of the city
of the city heretofore, now, or thereafter conferred
upon it by law.
The public improvement refunding bonds are further
secured by subrogation to the respective liens which the bonds refunded by
said refunding bonds respectively have on the respective sinking funds and
local improvement assessments securing the issues of which the refunded
bonds form a parr.
Both issues of bonds and the interest thereon are exempt
from State, county, and municipal taxation, and after the maturity thereof
are receivable in payment of all taxes and dues to the city.
Enclose a
certified check for $10,700, payable to the city.
and by the taxing power
JEFFERSON
(P. O.
Birmingham), Ala.— WARRANT
of road refunding warrants offered for sale on
COUNTY
SALE—The $83,000 issue
Ward,
of
and
Feb. 23—Y. 146, p. 1278—was awarded jointly to Marx & Co. and
Sterne & Co., both of Birmingham, as 33^s, at a price of 98.49, a basis
about
3.70%.
Due on March
$6,000 in 1952.
MONTGOMERY,
of street paving
15 as follows: $7,000, 1941 to 1951,
OFFERING— It is reported that the
sale on March 8, at noon, a $200,000 issue
Ala.—BOND
bonds.
PHENIX CITY, Ala.—BOND TENDERS ACCEPTED—In connection
the call for tenders up to Feb. 23, of various outstanding bonds of
with
city, noted in these columns recently—V. 146, p. 1107—it is stated
by J. S. Bird, City Clerk, that a total of $7,500 4M % refunding water works
bonds, dated July 1,1935, were tendered and accepted at a price of 79 flat.
the
.
commerce
clause have for
their real purpose not to avoid payment of the tax, but to obtain
United States—Survey Made on Overlapping Assessment
Districts—Overlapping local assessment districts number be¬
tween 6,000 and 7,000 in the United States, it is revealed in
a
study just completed. These districts, as distinguished
from overlapping taxing districts, exist in large numbers in
14 States, and to some extent in 20 others.
Overlapping districts mean those in which property is assessed more
City Commission will offer for
.
City in particular,
be taken up on Feb. 28.
instalment contracts
suing or garnisheeing for amounts due after repossession; and
3 Legislation giving cities of 10,000 population the right to participate
in Federal housing grants.
This right already is held by Detroit under
special legislation.
Nebraska—Court Decision
^
,
Buckley bills continuing gas taxes are to
Increases
able to squeeze
latter."
economic
ROANOKE,
semi-ann.
Ala.—BOND
assessment
SALE—The
improvement
$5,000 issue of 5%
coupon
bonds offered for sale on Feb. 21—
146, p. 1278—was purchased by C. W.
cording to the City Clerk. Dated Jan. 25,
No other bid was received, she reports.
V.
Foster of Roanoke at par, ac¬
1938. Due on Jan. 25, 1948.
Volume
146
Financial
COUNTY
(P.
O.
Safford),
000.
Ariz.—BONDS
were
approved by the voters at
a recent
purchased as 4s, and mature on Jan. 1 as follows: $500, 1940 to 1957,
and $1,000, 1958 to 1964.
Payable at the Union Planters National Bank &
Trust Co., Memphis.
COACHELLA, Calif.—BONDS VOICED—On Feb. 7
proposition to
DAVIS, Calif.—BOND SALE—The $20,000 issue of city hall bonds
for sale on Feb. 21—V. 146, p. 1279—was awarded to
Howell,
Douglass & Co. of San Francisco as 2y>s, paying a premium of $70.00,
equal to 100.35, a basis of about 2.43%. Dated Feb. 15, 1938. Due $2,000
from Feb. 15, 1939 to 1948 incl.
offered
offer of $35.40 premium on
2^s, submitted
by Brush, Slocumb & Co. of San Francisco.
GUSTINE DRAINAGE DISTRICT (P. O.
Gustine), Calif.—BOND
OFFERING—Sealed bids will be received until 10 a. m. on March 12, by
the District Clerk, for the purchase of $50,000
drainage system improve¬
ment bonds.
These bonds are part of the $100,000 issue approved
by the
on Feb.
1, as noted here—V. 146, p. 1279.
The entire issue of
$100,000 bonds matures from 1950 to 1959.
voters
LOS ANGELES COUNTY (P. O. Los Angeles), Calif.— WHITTIER
UNION HIGH SCHOOL DISTRICT BOND ELECTION—It is reported
an
election will be held
LOS
March 22 in order to vote
on
COUNTY
(P.
O.
on
Los
ANGELES METROPOLITAN
WATER DISTRICT
(P. O. Los
Angeles), Calif.—BOND OFFERING—It is
stated by S. H. Finley, Secre¬
tary of the Board of Directors, that he will receive sealed bids until 1.30 p. m.
on March 4, for the purchase of a
$60,000,000 issue of Colorado River water
works bonds.
Interest rate is not to exceed 5 %, payable A. & O.
Denom.
Dated April 1, 1938.
Due on April 1 as follows:
$1,666,000,
1953 to 1964, and $1,667,000 from 1965 to 1988.
The bonds will be sold
for cash only, and at a price not less than par plus accrued
interest to the
$1,000.
date of
the voters
are
struction
delivery.
Bids submitted must be for all of said bonds and
no
bids
than all of said bonds will be considered.
Principal and interest
payable in lawful money at the office of the District Treasurer or at the
National City Bank, New York, or at the Continental Illinois National
Bank & Trust Co., Chicago.
No telegraphic bids will be considered.
The
bonds are issued in pursuance of an Act of Legislature
approved May 10,
1927, and of all amendments thereof and supplements thereto.
The bonds
may, at the request of the holders thereof, be registered as to principal and
for less
interest in the holder's
name
on
the books of the
District Treasurer, and
after such registration may, with the consent of said District and the holders
of such bonds, be reconverted into coupon bonds, at the
expense of the
holders thereof, and may again be reconverted into registered bonds from
time to time as authorized by, and in the maner and pursuant to the
pro¬
visions of, subdivision (k) of Section 7, of the Metropolitan Water
District
Act. Payment for and delivery of bonds will be made at the
District
Treasurer's office in the City of Los Angeles.
Payment for said bonds shall
be made in instalments of periodic internals, as
may be required by the
District, the amount of each instalment and the date of payment therefor
to be hereafter determined by the Comptroller of said
District; provided,
however, that the amounts of such instalments shall be not less than
$500,000 and at least $3,000,000 of bonds shall be paid for in each month,
commencing with May, 1938. until the expiration of six months from the
date of sale.
It is anticipated that the amount of the first instalment
will
be approximately $1,500,000 and that payment therefor will be
required on
or about May
1, 1938.
The bonds will not be ready for delivery at the
date of award, but will be prepared, executed and delivered as soon
there¬
after as possible.
The successful bidder shall, upon
DENVER,
move
consolidates
some 2UU separate bond issues into one issue and is
the city several thousand dollars
annually due to the lower
Present bonds draw 5.38% interest.
Refunding, it is
save
interest rate.
also
said,
relieves taxpayers from guaranteeing
payment of any of the present
LAFAYETTE, Colo.—BOARDS AUTHORIZED—The City
refunding bonds.
YUMA, Colo.—BONDS SOLD—It is stated by F. H. Harris, Town
Clerk, that the $70,000 4% electric plant improvement bonds authorized
recently by the Common Council, as noted in these columns—Y. 146, p.
1279—have been purchased by Fairbanks, Morse &
Co., Chicago.
CONNECTICUT
CONNECTICUT (State of)—GENERAL FUND HAS SURPLUS FOR
FIRST TIME IN SEVEN
YEARS—Governor Wilbur Cross recently
declared in a published statement that at the close of the first six months of
the present fiscal year—the first actual
operating period of the State's new
budgetary control system—the general fund had a surplus of slighlty less
than $250,000.
This is the first period since 1930-1931 that the receipts of
the
general
fund
as
shown by the
1930 census,
was
actual
for
equalized
rolls, the sum of $1,827,765,725.
$1,200,000, payable to the District.
ALTO,
Enclose
a
for
the
same
HARTFORD, Conn.—NOTE SALE—Local bonds purchased
17
of $1,500,000 tax anticipation notes, dated Feb.
an issue
certified check for
Calif.—BONDS VOTED—At the Feb.
15 election the
voters approved an issue of $175,000 hospital construction bonds
by a vote
of 1,402 to 308.
The bonds, when issued, will bear interest at not more
than 4%.
Winifred Kidd, City Clerk, informs us that City Council has
not yet determined the date of the sale.
on
Feb.
17, 1938 and
due May 17, 1938.
MILFORD, Conn .—BOND ISSUE POSTPONED—We are informed by
the ToAvn Clerk that the proposal to issue $250,000 school building bonds
has been postponed indefinitely.
The matter was to be the subject of a
special election
on
Feb. 21—V. 146,
1279.
p.
DELAWARE
SEAFORD,
Del.—STATE SUPREME
COURT REFUSES BAN ON
MUNICIPAL UTILITY OWNERSHIP—'The State Supreme Court refused
Feb. 15 to block plans of the town to buy a municipal electric power plant.
It denied to the Eastern Shore Public Service Co. and its bondholders an
injunction against the granting of a private franchise to the Seaford Power
& Light Co. .which the town some day intends totake over .according to report.
FLORIDA
BONDS
Clyde C. Pierce Corporation
Barnett National Bank
JACKSONVILLE
-
-
-
Branch Office:
National
First
Bank
Building
T.
Building
FLORIDA
-
TAMPA
S.
Pierce, Resident
Manager
FLORIDA
1,665,833.
The total assessed valuation of all property within the District
subject under
law to taxation by the District is, according to the 1937
assessment
have
excess
exceeded the disbursements, the Governor said.
the period was $224,300.17 and compares with a
period of the last fiscal year of $353,115.46.
The
Governor's statement was made in accordance with his announced
policy
of reporting to the people of the State the status of the
government's
financial condition at the end of each six month period.
The results of the
financial operations of the general fund during the initial six months of the
present fiscal period suggests that, barring unforeseen contingencies, the
State will finish the year with the fund in balance.
During the previous
seven fiscal periods, it was said, the
general fund had accumulated a deficit
of approximately $25,000,000.
This figure has now been reduced to about
$12,700,000.
The
deficit
amount, will be furnished the purchaser.
The
Metropolitan "Water District of Southern California is composed of territory
included within the corporate boundaries of the City of Los
Angeles and
various other cities in the county and in the
County of Orange.
The total
the
Council is
said to have approved an ordinance
calling for the issuance of $59,000 in
or
population of the District,
are
issues.
O'Melveny, Tuller & Myers, of Los Angeles, that the bonds are valid and
binding obligations of the District and payable from ad valorem
taxes,
rate
con¬
obligations general bonds in
The
expected to
or Assistant Comptroller of the District.
When the definitive bonds have been prepared and
executed, the same will
be delivered to the purchaser upon the surrender of such interim
certificate.
The approving opinions of Thomson, Wood &
Hoffman, of New York, and
to
$66,000 school
AUTHORIZED—'We
year.
REFUNDING
The ruling will be appealed, we understand.
payment.
duly executed by the Comptroller
PALO
Colo.—BOND
above named firm.
He advises us further that the Denver District Court ruled
that the city
has the legal right to increase its tax
levy to aid in paying these special
bonds but this decision does not make these
being furnished with
as
authorized issue of $100,Heller, Bruce & Co. of
They mature from 1938
informed by our Denver
correspondent that the City Council on Feb. 21
passed on final readingthe ordinance
authorizing the sale of the $4,127,000
Special Improvement District refunding bonds to the Carleton D. Beh Co.
ofDes Moines.
It is stated that the bonds bear
5M % interest for the first
the legal opinions hereinafter mentioned, pay to the District Treasurer
the purchase price of each instalment of said bonds and there will be de¬
livered to the purchaser, as evidence of such payment, an interim certificate
unlimited
an
4 to
said to have approved the issuance of the
bonds, authorized early last
the proposed
Angeles), Calif.—BOND
ELECTION—An election is scheduled for March 4 in
Clearwater-Hynes
Elementary School District, at which a proposal to issue $70,000 school
building bonds will be voted upon.
LOS
Oct.
incl.)
$485,000 in construction bonds of the above district.
ANGELES
awarded
basis of about 2.65%.
mission for the
a
issue $35,000 sewer system bonds was approved by the voters.
issuance of
a
18 months of maturity, then an
average rate of 3.44% interest on or before
the final maturity date of 15
years after date of contract.
It is also re¬
ported that the difference represepted by the extra
coupons is the com¬
CALIFORNIA
that
were
COLORADO
were
an
the unsold portion of
BENT COUNTY SCHOOL DISTRICT NO. 10
(P. O. Las Animas),
Colo.—BONDS VOTED—At the election held on Feb. 11—V. 146,
p. 946—
ARKANSAS
was
to 1949
election.
ST.
FRANCIS SUB-DRAINAGE DISTRICT NO. 22 (P. O. St.
Francis) Ark.—RFC BOND SALE DETAILS—It is now reported by the
District Secretary that the $16,000 refunding bonds sold to the Recon¬
struction Finance Corporation, as noted here
recently—V. 146, p. 1279—
The second best bid
are
The other $60,000
Francisco, at 105.01,
OFFERED—
The County Board of Supervisors is stated to have called for bids for the
purchase of a $34,000 issue of bonds for school building at Pima.
These
bonds
1431
rt(The above bonds
ARIZONA
GRAHAM
Chronicle
FORT
Fla.—BOND
VALIDATION
PROCEEDINGS
for validation of city's $3,456,000 refunding bond
filed in circuit court recently by City Attorney G. R. Nottingham
PIERCE,
STARTED—Petition
issue
was
and Judge Frank A. Smith
March 9 for public hearing
of Orlando, jpresiding in chambers, set 10 a.m.
thereon.
He issued an order to the public to
there be, why the proposed issue should not
show cause at that time if any
be validated and confirmed.
*
Previous validation action was dropped on account of the fact that
subsequent court rulings in other cases made minor changes in the setup
necessary.
SACRAMENTO
MUNICIPAL UTILITY DISTRICT
(P. O. Sac¬
ramento), Calif.—BOND ISSUANCE VALIDATED—In a ruling handed
down on Feb. 14, the United States Supreme Court held that the
above
district is within its legal rights in offering for sale the
$12,000,000 electric
system bonds approved by the voters at the general election on Nov. 6
1934.
This decision brings to a close the litigation instituted
by the Pacific
Gas & Electric Co. to prevent the sale of the bonds.
*
FRANCISCO-OAKLAND BAY BRIDGE AUTHORITY
(P. O.
San Francisco), Calif.—RFC MAY SELL BLOCK OF BONDS—A
dis¬
patch from San Francisco to the "Wall Street Journal" of Feb. 24 had the
following to say:
SAN
"Possibility that $33,000,000 to $73,000,000 of San Francisco-Oakland
Bay Bridge bonds would be moved from Reconstruction Finance Corpora¬
tion holdings into private hands in the near future was advanced last
week
in settlement of refinancing terms of $73,000,000 bridge bonds
California
Toll
by the
Bridge
Authority.
The Authoritydecided on terms it
refinancing, passed a resoltition accordingly and
would offer the RFC for
forwarded it to
Jesse
H.
Jones, RFC Chairman.
Final indenture of the
proposed refinancing issue will be subject to approval by the State Authority
and by the RFC.
"If bridge bond financing is completed as outlined in the
proposed agree¬
ment, $33,000,000 serial 4% bonds and $40,000,000 term bonds would be
issued, backed by bridge toll revenues.
The serials would mature probably
on a graduated scale running from
1939 to about 1965, the term bonds
falling due in 1976.
Understanding is that hte RFC proposes to reoffer
either of these blocks, or both, to private dealers as soon as possible after
completion of the present agreement or amendments thereto.
"It is understood that two syndicates headed by New York investment
houses are prepared to bid on the public offering should it be made."
SANTA
BARBARA COUNTY
(P. O. Santa Barbara), Calif.—OF¬
FERING
OF
$40,000
CARPINTERIA
UNION
SCHOOL
DISTRICT
BONDS—J. E. Lewis, County Clerk, will receive sealed bids until 10 a. m.
on March 14 for the purchase of $40,000 3H% bonds of the above district.
Dated Sept. 13, 1937.
Denom. $1,000.
Due $5,000 annually on Sept.
13 from 1950 to 1957 incl.
Interest payable annually for the first year and
semi-annually thereafter.
A certified check for 3% of the amount bid,
payable to the order of the County Treasurer, must accompany each
proposal.
WALES
LAKE
At
an
SCHOOL
DISTRICT,
Fla.—BOND
ELECTION—
election to be held on March 22, voters of district will be asked to
Issue of $60,000 district bonds for the construction of elementary
school and gymnasium.
approve an
RIVER VALLEY DRAINAGE DISTRICT (P. O. Miami),
REHABILITATED
BY
COURT RECEIVER—The
LITTLE
Fla.—It I NAN CES
following news item is taken from the Miami "Daily News" of Feb. 17:
The once debt-ridden Little River valley drainage district, consisting of
3,000 acres of fertile farm and dairy lands north or N. E. and N. W. 71st
St., was returned to local supervisors late yesterday by Grady C. Harris,
court receiver, who was discharged by Judge Paul Barns after having
rehablitated its finances.
,
_
Comparative figures show that when Harris was appointed Nov. 5,
1935, the outstanding principal and interest of its bonded debt was $315,000,
$205,000 was past due.
The bonds drew 6% interest.
In re¬
of which
turning the district, the receiver announced the only creditor now is the
Reconstruction Finance Corp., to which it owes $110,854 in 4% bonds.VK
In addition to the changed figures in outstanding debt, the report also
showed no
principal will have to be paid for three years, that $12,804.04
back, that 71% of the property is back on the tax rolls
33% and that all needs of the district in the meantime have
in cash was turned
in place of
fooGii met#
The receivership resulted from a suit brought by the First State Savings
Discharge of the receiver now places the district
Bank of Morenci, Mich.
back
the
in
hands of Dr.
J.
G.
DuPuis,
F.
M.
Soar and
Earle
supervisors, and Mrs. Edna C. Bayston, as secretary-treasurer.,
Rader,
g|
OKEECHOBEE COUNTY (P. O. Okeechobee) Fla.—SUIT FILED
BONDS—The county and the County School Board
named in two suits, each asking $150,000 for recovery on defaulted
bonds and interest coupons, filed in the United States District Court on
ON DEFAULTED
were
Feb. 17.
OSCEOLA COUNTY (P.
O. Kisaimmee) Fla.—BOND TENDERS
INVITED—It is stated by J. L. Overstreet, Clerk of the Board of County
that he will consider sealed offerings until March 26, at
Commissioners,
7 p
m
,
of road and bridge refunding bonds, dated May 1, 1936, of the
County-Wide Special Road and Bridge Districts Nos.
following issues:
2 and 4.
Financial
1432
connection with the $278,000 series
without success
TAMPA, Fla.—BONDS SOLD—In
A, and $1,673,000 series B refunding bonds offered for sale
Feb. 1, as already noted in these columns—V. 146, p. 946—it
is stated by
Kelley, Richardson & Co. of Chicago, that a syndicate composed of them¬
selves, Welsh & Green, Inc.; Blair, Bonner & Co.; Charles K. Morris &
Co., all of Chicago, and Dee & Co. of West Palm Beach, has purchased a
block of $500,000 of the series B bonds, maturing $25,000 annually from
May I, 1939 to 1958.
The syndicate was also granted an option on the
remaining series B bonds and the entire amount of series A bonds.
K The following letter, dated Feb. 16, was sent out by Kelley, Richardson
on
all holders of callable bonds;
of Tampa, Fla., has undertaken a
& Co. of Chicago, to
"The City
comprehensive refunding
which all callable bonds now in the hands
of these bonds, all of which bear
program upon the completion of
of tne public will be retired. A description
5% interest, follows:
Next Date
Callable
Dated
Due
June 1,1938
June 1,1905
June 1,1955
June 1, 1938
Dec. 1, 1911
Dec. 1, 1961
June 1, 1938
Pub improvement bonds.. Doc. 1,1912
Dec. 1,1962
June 1,1938
Pub, improvement bonds. . June 1, 1915
June 1, 1965
••An arrangement has been entered into with a group of investment firms,
Issue—
Pub.
improvement bonds-
.
Bridge bonds..
for which we are
of callable
acting as syndicate manager, which contemplates exchange
for new refunding bonds and (or) the
bonds now outstanding
purchase by us of
with the proceeds.
refunding bonds and retirement of
the old callable bonds
Since it is the desire of the officials of the City of Tampa
holders of the callable bonds be given ample opportunity to
exchange their holdings for the new refunding bonds, we are endeavoring
to contact present holders before making a general public offering of the
that present
bonds.
"Enclosed is a circular
new
which gives financial and general information re¬
garding the City of Tampa and also details regarding the refunding bonds.
Callable bonds will be accepted at par and accrued interest in exchange for
the new bonds at prices shown in the circular, accrued interest to be added.
Series A refunding bonds will be given in exchange for the issue of 1905,
and series B refunding bonds for the issue of 1911, 1912 and 1915.
"If you wish to exchange your callable bonds for new refunding bonds
please fill in the enclosed exchange agreement form and return It to us at
your earliest convenience.
amount of discretion as to
It is our suggestion that you
allow us a certain
maturity of the new bonds as demand for some
likely will exceed available bonds. We shall comply with
your preference as nearly as possible.
"Exchanges will be made through a bank in New York or Chicago and
we shall inform you when arid where the old bonds are to be forwarded.
If
you will inform us of your expense in shipping old bonds we shall gladly
reimburse you."
maturities very
GEORGIA
1936
HOOPER/ALEXANDER SCHOOL DISTRICT, De
ELECTION—Election will be held on March
bonds to construct a school house.
Maturing annually June 1, 1939, to June 1, 1966.
Ga.—BOND
$14,000 serial 4%
Kalb County,
12 to authorize
Denom. $500.
IDAHO
Id a ho—BONDS
CLEARWATER COUNTY
COMMON SCHOOL DISTRICT NO. 8
BE SOLD—It is stated by the District
will be sold to the State of Idaho.
LITTLE WOOD RIVER IRRIGATION DISTRICT (P. O. Carey)
Idaho—BOND ELECTION—At a special election to be held on March 5,
votera will be asked to authorize $50,000 not to exceed 7% int. construc¬
tion bonds to pay for completion of dam and reservoir on Little River.
Issue is in addition to $50,000 authorized Feb. 15, 1936.
(P. O. Orofino) Idaho—BONDS TO
Clerk that $2,280 construction bonds
RIDGE, III.—BOND SALE—The issue of $55,000 working cash
23—V. 146, p. 1280—was awarded to the H. C. Speer
Dated April 1, 1938 and due March 31 as follows:
bonds offered Feb.
& Sons Co. of Chicago.
,$1,000, 1939 and 1940;
$2,000, 1941 and $3,000 from 1942 to
RIVERSIDE TOWNSHIP
1958 incl.
SCHOOL DISTRICT (P. O. Brookfield),
building bonds sold
in these columns in
III.—BOND SALE DETAILS—'The $200,000 school
to the Northern Trust Co. of Chicago, as reported
and were sold at par plus a premium of
Due serially in 20 years.
January, bear 3 lA % interest
equal to 101.377.
$2,755,
FRANCIS TOWNSHIP (P. O. Montrose), III.—BONDS DE¬
election the voters defeated the proposed issue
road bonds.
ST.
FEATED—At the Feb. 14
of $25,000
SANGAMON COUNTY NON-HIGH SCHOOL DISTRICT (P. O.
Springfield), 111.—BONDS SOLD—The White-Phillips Corp. of Daven¬
port purchased on Jan. 19 an issue of $125,000 3M% coupon high school
tuitions bonds at a price of par.
Denom. $1,000.
INDIANA
BLOOMINGTON SCHOOL CITY, Ind.—BOND OFFERING—Raymond M. ltenaker, Trustee, will receive sealed bids until 2 p. m. on March
15 for the purchase of $68,000 not to exceed 4% interest gymnasium pur¬
chase bonds.
Dated Jan. 1, 1938. Denom. $1,000. Due as follows: $1.000,
July 1,1939; $1,000 Jan. 1 and $2,000 July 1,1940; $2,000 Jan. 1 and $4,000
July 1, 1941; $4,000 Jan. 1 and July 1 from 1942 to 1944 incl.; $4,000
Jan. 1 and $5,000 July 1, 1945; $5,000 Jan. 1 and July 1, 1946 and 1947;
and $5,000 Jan. 1, 1948.
Interest payable J. & J. A certified check for
$300 is required.
P CLEAR
TOWNSHIP
CREEK
(P.
0.~Smithville), 1 nd.—BOJSib
Pate, Township Trustee, will receive sealed bids
March 8 for the purchase of $15,000 not to exceed 5% inter¬
est judgment funding bonds.
Dated March 1, 1938. Denorr.. $500. Due
$500 July 1, 1939; $500 Jan. 1 and July 1 from 1940 to 1953 incl. and $500
Jan. 1, 1954.
Interest payable J. & J. A certified check for $150 is re¬
quired.
(This offering w»f previously mentioned in these columns.)
OFFERING—Orval E.
until 2 p. m. on
EAST CHICAGO.
Ind.— WARRANT OFFERING—M. A.
McCormick,
City Comptroller, will receive sealed bids until 11 a. m. on March 7, for the
purchase of $60,000 not to exceed 2 % interest time warrants.
Dated Feb. 1,
1938.
Bidder to name a single rate of interest.
Due on or before Dec. 30,
1938.
City reserves right to redeem any portion of warrants on five days'
notice to purchaser.
Acting City
OFFERING—H. Nathan Swaim,
bids until 11 a. m. on March 10,
Comptroller, will receive sealed
purchase of $75,000 not to exceed 6% interest notes or warrants,
to be issued on behalf of the Sanitary District and shall be payable solely
out of taxes actually levied and now in process of collection pursuant to
for the
the
providing for the creation of such districts.
Debt will
1938 and payable May 10, 1938.
Interest payable
State law
dated
10,
March
be
at
warrants shall be payable to the bearer thereof at the
office or at one of the authorized depositaries in
maturity.
Notes or
County Treasurer's
Indianapolis.
INDIANAPOLIS SCHOOL CITY, Ind.—BOND OFFERING—Sealed
A. B. Good, Business Director of Board of School Com¬
will be received until noon on March 16 for the purchase of
bids addressed to
missioners,
$200,000 not to exceed 5%interest construction bonds.
Dated March 23,
1938.
Denom. $1,000.
Due Jan. 1 as follows: $5,000, 1941; $10,000,
1942; $15,000, 1943: $30,000, 1944; $15,000 in 1945 and 1948; $10,000
1949 to 1954 incl. and $10,000 from 1956 to 1960 incl.
Bidder to
name a single rate of interest, expressed in a multiple of M of 1 %.
Interest
payable J. & J.
A certified check for 3% of the amount of bonds bid for,
payable to the order of the Board, must accompany each proposal. Legality
of issue to be determined by the successful bidder.
TOWNSHIP (P. O. Westpoint), Ind.—BOND OFFERING
Trustee, will receive sealed bids until 10 a. m. on March
of $66,500 not to exceed 4M% interest school aid and
building bonds, divided as follows:
—George E. Wolf,
12 for the purchase
$34,500 school township bonds. Due as follows:
from 1940 to 1956 incl., and $500 Jan.
32,000 Civil Township bonds.
1940 to 1955 incl.
$1,000, Jan. 1 and July 1
1 1957.
Due $1,000 on Jan. 1 and July 1 from
of thb bonds will be dated March 1, 1938.
Denom. $500. Bidder
single rate of interest, expressed in a multiple of M of 1 %. Inter¬
payable J. & J. A certified check for 1 % must accompany each proposal.
The legal opinion of Matson, Ross, McCord & Clifford of I.dianapolis will
be furnished the successful bidder.
Bonds are direct obligation of the
school and civil township, payable out of general ad valorem taxes to be
levied on all of the taxable property within the limits prescribed by law.
Delivery will be made within 15 days after the sale.
All
to name a
est
ILLINOIS
ALEDO, III.—BONDS SOLD—An issue of $12,000 swimming pool
struction bonds was sold to the White-Phillips Corp. of Davenport.
con¬
COMMUNITY HIGH SCHOOL DISTRICT NO. 217, III.—
BONDS SOLD—The issue of $270,000 school addition construction bonds
approved at an election in January was sold to Paine, Webber & Co. of
ARGO
Chicago as 48.
O. Belknap),
bonds sold
in these
annually
CACHE TOWNSHIP ROAD DISTRICT NO. 10 (P.
111.—BOND SALE DETAILS—The $5,000 road improvement
National Bank of Vienna, as previously reported
columns, bear 5% interest, were sold at par and mature $500
on Oct. 1 from 1938 to 1947 incl.
the
First
120 (P. O. Galena), III.—
BOND ELECTION—The Board of Education has adopted a resolution to
call an election March 8, for the purpose of submitting to the voters a
proposal to issue $110,000 school building bonds.
HERRIN, 111.—REFINANCING APPROVED— It is reported that the
city has accepted the offer of A. S. Huyck & Co. of Chicago to refinance
the $787,000 of water debt presently outstanding.
This figure includes
defaulted principal and interest, it was said.
The plan provides for settle¬
ment of the debt for $433,000, of which $390,000 will represent new bonds
and the other $43,000 taken from funds on hand for brokers' fees.
The
""GALENA SCHOOL DISTRICT
NO.
against the original figure of
6%.
Interest currently in default amounts to $152,000.
LA SALLE SCHOOL DISTRICT NO. 122, La Salle County, 111.—
BOND SALE—John Nuveen & Co. of Chicago purchased an issue of $88,000
2H% coupon, registerable as to principal only, school building bonds and
are re-offering them for public investment at prices to yield from 2.25%
to 2.70%, according to maturity.
Dated Dec. 1, 1937. Denom. $1,000.
Due Dec. 1 as follows;
$7,000 from 1946 to 1954, incl.; $8,000 in 1955
and 1956. and $9,000 in 1957.
Principal and interest (J. & D., first coupon
due June 1, 1939) payable at the office of the School Treasurer, La Salle.
Legalitv approved by Chapman <fc Cutler of Chicago.
The bonds are
refunding bonds
will bear \%% Interest, as
payable from general ad valorem taxes which may be levied without
as to rate or amount on all of the district's taxable property.
Financial Statement
(Officially reported by
Secretary of Board of
1937
bonded debt including this issue
Assessed valuation,
Total
PARK
Feb. 19 election by a
WAYNE
labor.
to
vote
Issue was approved at the
from
VOTED—V oters recently au¬
$20,000 construction bond issue to provide additional funds
for the proposed high school auditorium-gymnasium building.
The ad¬
ditional revenue was made necessary by increases in the cost of material and
thorized a new
.
1957 incl.
of 1.285 to 683.
from 1939 to
INDIANAPOLIS, Ind.—WARRANT
GEORGIA, State\>f—TAX LAWS REVISED AT SPECIAL SESSION
—Reorganisation of the tax system to include homestead and pensonal
property exemption laws was one of the major accompoishments of the
Georgia Legislature which on Feb. 12 adjourned its Special Session of 83
days, longest on record.
Also included in the new laws is revision of the
22-year-old prohibition statute to permit local option elections, reform of
the prison system and a new corporation law.
Governor E. D. Rivers in
reviewing the Legislature's work said it made effective virtually all of the
Administration's plans for "more extensive governmental services."
BONNERS "FERRY,
Feb. 26, ms
Chronicle
Population
The above
Education as of Feb. 10, 19381
$6,855,388
, 160,000
(present estimate) 13,900.
financial statement does not include
to levy taxes within
subdivisions having power
school district.
.
Year—
1933
Tax Collection
limit
the debt of other political
the area included in the
$97,921.10
103,606.55
109.165.78
116,165.93
Incl. Delinquent
$83,648.99
as
of the Board of Directors.
CENTERVILLE, Iowa—BOND OFFERING DETAILS— In connection
with the offering by Edmund Hanson, City Clerk, of the $10,000 swim¬
ming pool bonds at 7 p. m. on Feb. 28, as noted in our issue of Feb. 19—
V. 146, p. 1280—it is now reported that the bonds mature $1,000 from
1940 to 1949, incl.
These bonds were approved by the voters on Dec. 14,
1937.
DES
MOINES, Iowa—BOND SALE ORDERED—'The City Council
the issuance of $80,000 bridge bonds to pay for material and
has authorized
equipment purchased and rented for use in the
across the junction of the Des Moines and Raccoon
construction of bridges
rivers.
in part as follow"
PROPERTY TAX RATE SET AT $54.54—We quote
from the Des Moines "Register" of Feb. 16:
Des Moines property owners will pay taxes on their
property
at the rate
of $54.54 per
real and personal
$1,000 of assessed valuation, it was
announced Tuesday.
This
is 49
m
.
$1,000 less than last year's tax rate. The exact
this year is 54.546, while last year's was 55.034.
cents per
millage rate for taxes
Explanation
Although the tax rate is reduced slightly
city as a whole was increased
valuation of the
less than 1%, the assessed
from $135,225,012 to $141,-
4.57%.
[This 'means that a house assessed at $5,000 last year paid $275 in taxes
last year, and if it received the average increase of assessments in the
405,076
or
would be $285. This
city, the taxes payable this year under the new rate
does not take into consideration any homestead exemptions.]
(P. O. Spirit Lake), Iowa-BOND ELECTION
—At an election March 3 the voters will be asked to approve an issue of
$550,000 highway bonds.
DICKINSON COUNTY
Iowa—BONDS VOTED—Voters recently approved a
for the construction of an $80,000 community center and
addition to the high school. Four hundred
cast against the issue and 1,055 for it.
A Works Progress
grant of $30,000 has been applied for.
FAIRFIELD,
$50,000 bond issue
ten votes were
Administration
Percentage
86%
106,517.53
103
1935
135,154.99
132
106,924.39
92
^OTTAWA SCHOOL DISTRICT No. 141, IlI.-^SALE NOT CON¬
SUMMATED—BOND OFFERING—J. G. Schumacher, President of the
Board of Education, states that the private sale announced recently of
$200 000 school construction bonds to the First National Bank of Ottawa,
3Ms, at 100.06, a basis of about 3.24%, has been rescinded.
The issue
will be offered at public sale and sealed bids will be received by Mr. Schu¬
macher until 7:30 p. m. on March 2.
Bidder to name an Interest rate of
not more than 4%.
Bonds will be dated July 1, 1938 and mature serially
1934
according to the Secretary
vocational arts building as an
Record
Amount Collected
Extension
IOWA
ATALISSA INDEPENDENT SCHOOL DISTRICT (P. O. Atallssa),
Iowa—BOND SALE—The $10,000 issue of school bonds offered for sale
on Feb. 21—V. 146, p. 1280—was awarded to Veith, Duncan, Worley &
Wood of Davenport, as 2 Ms, paying a premium of $36.00, equal to 100.36,
LEE
(P.
COUNTY
O.
Fort Madison)
Iowa—BONDS SOLD—It is
bonds
Corp. of
by the County Treasurer that the $70,000 poor funding
authorized recently, have been purchased by the White-Phillips
stated
equal to 100.117.
MELBOURNE, Iowa —BOND ELECTION—City Council has referred
to bond attorneys the legality of a proposed issue of about $25,000 to build
a water works system.
It is planned to call an election to vote the bonds
Davenport, as 2 M s,
on
March
paying a premium of $82.00,
28.
ORANGE
Iowa—BOND ELECTION— It is
election will be held on March 28 to
hospital bonds.
CITY,
Town Clerk that an
ance
of $30,000 in
reported by the
vote on the issu¬
Volume
146
RICHLAND
Financial
TOWNSHIP
SCHOOL
(P.T O.
Greenfield), Iowa—BONDS AUTHORIZED—By a vote of 176 to 68 voters
authorized the addition of $5,000 to the
$12,000 cash fund for the con¬
struction
of auditorium
and
that
the
W.
Cravens, Town Treasurer,
waterworks revenue bonds,
outstanding $13,000 5%
dated Aug. 16, 1934, of the Town,
maturing serially $1,000 on ths first day
of Sept., of each of the years 1938 to
1950, both years included, and payable
at any time prior to
maturity at the option of said Town, are called for
payment on April 1, 1938.
Said
bonds should be presented for payment at the office of i(he Town
Treasurer, Sanborn, Iowa, or at the office of Carleton D. Beh Co., Des
Moines, Iowa. Interest will cease on April 1, 1938.
*
H
SIOUX CITY, Iowa—BOND SALE— The $59,000 issue of funding
on Feb. 24—V. 146,
p. 1281—was awarded to the
lowa-Des Moines National Bank & Trust Co. of Des Moines, the Harris
Trust & Savings Bank of
bonds offered for sale
port, jointly,
Chicago, and the White-Phillips Corp. of Daven¬
2s, paying a premium of $551.00, equal to 100.9339, a
1.84%. Dated March 1, 1938. Due from Nov. 1, 1941 to
as
basis of about
1946 incl.
The second
highest bidder at the auction was Halsey, Stuart & Co., Inc.,
of Chicago, offering $550.00
premium on 2s.
SPENCER, Iowa—BOND OFFERING—It
Is stated by E.
City Clerk, that the City Council will offer for sale
on
H. Penning,
March 4, at 2 p.m.,
$6,539.04 issue of 5% annual sewer construction bonds.
These bonds
will be sold in one block to the
highest and best bidder.
They are payable
a
only out of special assessments for
TAYLOR
COUNTY
sewers.
O. Bedford), Iowa—BOND OFFERING—It
is stated that bids will be received until Feb.
28, by the County Treasurer,
for the purchase of a $16,000 issue of
poor fund warrant funding bonds.
A previous sales of the bonds to a Des Moines bond house is
reported
to
have
been
halted
(P.
by
ground that the sale had
officers
not been
of
the
Bedford
National
Bank
on
the
properly advertised.
WATERLOO,
Iowa—PRICE PAID—We are now informed that the
sewer bonds purchased
by a local investor, as noted in
these columns recently—V. 146, p. 1281—were sold as 5s at
par.
$8,223.28 issue of
WATERLOO.
Iowa—BOND OFFERING—It is reported that bids will
be received until 8 p. m. on March
7, by the City Clerk, for the purchase
of a $400,000 issue of sewer bonds.
1433
LOUISIANA, State of—DEBT STRUCTURE REVIEWED—The cur¬
Financial Review," published by the Equitable
Securities Corp. of Nashville, presents a detailed
study of the debt structure
of the
State, including a maturity schedule of its obligations as of Feb. 10,
1938.
rent issue of the "Southern
gymnasium,
SANBORN, Iowa—BOND CALL—J.
announces
Chronicle
DISTRICT
The customary review of the
193654
the
SouthernTmunicipal market is'also givenfin
booklet.
RUSTON,
La.—BONDS
OFFERED
FOR
INVESTMENT—'The
sewer improvement bonds sold on Feb. 15 to Scharff &
Jones, Inc.,
Orleans, as 434s and 4s, at a price of 100.11, as noted here—V. 146,
P. 1281—are being offered for
public subscription at various prices, accord¬
ing to maturity. The $85,000 434s mature on Feb. 15 as follows:
$2,000,
1939 to 1943; $3,000, 1944 to 1950;
$4,000, 1951 to 1954; $5,000, 1955 to
1958, and $6,000, 1959 to 1961.
The 4% bonds mature $6,000 in 1962;
$7,000, 1963 to 1966. and $8,000 in 1967 and 1968.
$135,000
of New
FinanciaT\Statement
(As officially reported Jan. 24, 1938)
Assessed valuation, 1937
♦Total bonded indebtedness (incl. this
issue)
Less: Sinking fund on hand
Net debt
$2,444,220.00
$264,000.00
11,296.31
252,703.69
Population (1930 United States Census)
Population (1938 officially estimated)
4,400
6,000
*The above bonded debt does not include that
of other politicallsubdivisions having power to
levy taxes upon property within the town.j
■ * Tax Collection Record
Year
Total
.
Levy
Uncollected
$1,495.25
$29,905.91
27.082.92
26,289.63
26,291.89
The town of Ruston has
never
% Collected
95%
761.54
97%
700.23
97%
98%
370.44
defaulted
on
the principal or interest on
any of their outstanding issues, nor has it been
necessary for the town to
issue any refunding bonds to
operating
meet maturing obligations.
balanced budget.
on a cash basis with
PURCHASERS—In
The town^is
a
connection
with
the
sale of the
above bonds,
It'll
now reported that the
National Bank of Commerce, Weil & Co., Dane"&
Weil, and Lamar, Kingston & Labouisse, all of New Orleans, were assoclated with the above firm in the
purchase of the bonds.
fciNtaJ
fsT. HELENA
PARISH SCHOOLTDISTRICT^NO. 2 (P. O. G
La.—BOND OFFERING—Sealed bids will be received until 10
Man h 8 by J. L. Meadows, District
Secretary, for the purchase of
$15,000 issue of school bond.. Interest rate is not to exceed 6%, payable
burg),
a. m. on
KANSAS
r
HUTCHINSON, Kan.—BOND
ann.
various
Feb.
18,
purpose
were
bonds
aggregating
awarded to the W.
a
SALE— The five issues of 2M%
E.
$73,067.91,
semi-
offered for sale on
at a price of
Davis Co. of Topeka,
The bonds are divided
101.492, according to the City Clerk.
as follows:
$14,700 bonds.
Denom. $1,000, except one for $700.
Due on Feb. 1
as follows: $700, 1939:
$2,000, 1940; $1,000, 1941, and alternately
thereafter $2,000 in even years and $1,000 in odd years.
9,127.03 general bonds.
Denom. $1,000, except one for $127.03.
Due
$127.03 Feb. 1,1939, and $1,000 yearly on Feb. 1 from 1940 to 1948.
17,493.56 general bonds.
Denoms. $1,000, except one for $1,493.56.
Due Feb. 1 as follows:
$1,493.56, 1939; $2,000, 1940, 1941 and
1942; $1,000, 1943: $2,000, 1944 to 1947, and $1,000 in 1948.
23,689.03 internal improvement bonds.
Denom. $1,000, except one for
$689.03. Due on Feb. 1 as follows: $1,689 03, 1939: $2,000, 1940;
$3,000, 1941, and alternately thereafter $2,000 in even years and
$3,000 in odd years.
7,988.29 internal improvement bonds.
Denom. 5 for $1,000, 4 for $500
qnd 1 for $988.29.
Due Feb. 1 as follows: $988.29, 1939; $1,000,
1940; $500, 1941, and alternately thereafter $1,000 in even years
and $500 in odd years.
Dated Feb. 1, 1938.
LEAVENWORTH,
Kan.—BOND
SALE
DETAILS—Edward
A.
Schaaf, City Clerk, states that the $290,000 water works revenue bonds
purchased by a group composed of Stern Bros. & Co., Estes &
Co., and the
Brown-Crummer Co., all of Kansas City, as noted here in
January—
V. 146, p. 306—were sold
at
par,
as
follows: $45,000
as
3J^s,
and
$245,000 as 3H*.
legal expenses.
The purchaser is required
to pay the printing
and
M. & S.
Denom. $500. Dated March 1, 1938. Due from March 1, 1940
to 1958. The approving
opinion of B. A. Campbell of New Orleans will be
furnished the purchaser. A certified check for
$300, payable to the Dis¬
trict Treasurer, must
accompany the bid.
SPRINGHILL, La .—BOND
OFFERING— Sealed bids
wilfbe received
until 7:30 p. m. on March 14,
by D. G. Tyler, Town Clerk, for the purchase
of an issue of $100,000 public
utility extension and improvement, first
mortgage coupon bonds.
Interest rate is not to exceed 6%, payable
F. & A.
Denom. $1,000.
Dated Feb. 1, 1938.
Due on Feb. 1 as follows:
$6,000, 1940 and 1941; $8,000, 1942; $10.000,1943 and 1944; $12,000,1945;
$13,000, 1946; $15,000, 1947, and $20,000 in 1948. Callable on any interest
payment date after Feb. 1, 1943, in direct numerical order, at par, upon 30
days' notice from the Peoples Bank & Trust Co., Minden, trustee for the
town.
Prin. and int. payable at the Peoples Bank & Trust Co., Minden.
Proceedings have been prepared by Kennon & Kitchens of Minden.
Final legal approval by Chapman & Cutler of
Chicago.
A certified check
for 2% must accompany the bid.
All revenues derived from the opera¬
tions of the plants are to be held by the above mentioned trustee.
(This notice supersedes the offering report given iniour issue of Jan.r22
—V. 146, p. 627.)
SUNSET, La.—BONDS SOLD—It
6% semi-ann. gas system bonds offered
noted
as
here
the
at
time—V.
146,
is
now
reported that the $25,000
for sale without success on Jan. 20,
p.
948—have
been
purchased
Chapman & Cutler, of Chicago.
■
W READING, Kan.—BONDS AUTHORIZED—An ordinance has
adopted which authorizes the issuance of $18,700 water works bonds.
been
by
Dr. Charles F. Boagni, of Opelousas.
'
^
It is said that an additional issue of
$15,000 was also awarded to the
said purchaser.
Both issues were sold subject to an approving opinion by
f
n
mnmmmmmmmm
mmm
r
will be held
April 5 in order to vote
on
i
#>
mmmmmmmmmammmmmmmmmmmmmmammmmmmmmmmmmmmmwi
THIBODEAUX, La .—BOND ELECTION—It
on
is said
that an
election
the issuence of $110,000 in sewer¬
age system construction bonds.
KENTUCKY
CARROLL COUNTY (P. O. Carrollton), Kv.—BONDS PUBLICLY
OFFERED—The Bankers Bond Co. of Louisville is offering for
public
subscription a $10,000 issue of 43^ % Carroll County School Corporation
bonds.
bonds
W
Dated Oct. 1, 1936.
Due $5,000 on Oct. 1, 1956 and 1957.
part of a total authorized issue of $50,000.
These
are
MARYLAND
HAGERSTOWN, Md.—BOND
SALE—Alex. Brown & Sons of Balti¬
purchased an issue of $100,000 3 % water bonds at a price of 104.759.
The bonds had been held as investments by the Municipal Power Co. of the
more
city.
HARDINSBURG, Ky.—BONDS
that
$10,000
offered
4M%
sewerage
and
PUBLICLY OFFERED—It is stated
disposal system revenue bonds were
of Jan. 28, by the Bankers Bond Co. of Louisville.
Dated Feb. 1,
1937.
Due on Feb. 1 as follows:
$500, 1939 to 1946; $1,000, 1947 to 1949,
and $1,500, 1950 and 1951.
Prin. and int. (F. & A.) payable at the
City
The bonds, due on Jan. 1 from 1963 to 1973 incl., were reoffered by
the bankers to yield from 2.65% to
2.75%. A bid for the issue of 103.674
made by W. W. Lanahan & Co. of Baltimore.
was
as
Treasurer's office.
of Louisville.
Legality approved by Woodward, Dawson & Hobson,
MASSACHUSETTS
BARNSTABLE COUNTY (P. O. Barnstable), Mass.—NOTE SALE—
Hyannis Trust Co. was awarded Feb. 18 an issue of $50,000 notes at
0.19% discount. Due Nov. 15,1938. Other bids were:
The
^MONROE COUNTY (P. O. Tompkinsville).
Ky .—BONDS SOLD—
It is reported that $59,000
4H% semi-annual funding bonds were pur¬
chased in December by the Bankers Bond Co. of
Louisville.
Due from
1938 to 1962.
Legal approval by Stites & Stites of
Louisville.
RPADUCAH, Ky.—BOND SALE
NOT SCHEDULED—It is stated
by
Bean, City Manager, that the $200,000 flood wall bonds
approved
by the voters on Nov. 2, 1937, as noted here at that
time, will not be
offered for sale until such time as the
city is advised by the United States
Army engineers to proceed.
L. V.
TODD COUNTY
(P. O. Elkton), Ky.—BONDS PUBLICLY OFFERED
Louisville is offering for public subscription
$17,000 5% road and bridge bonds.
Denom. $1,000.
Dated June 1, 1937.
Due on June 1 as follows:
$5,000 in 1965 and 1966, and $7,000 in 1967.
Prin. and int. (J. fc D.) payable at the
County Treasurer's office. Legality
of the bonds approved by Stites & Stites of
Louisville, and by the Court of
Appeals of the Commonwealth.
In connection with the above
sale, it is stated by the Clerk of the County
—The Bankers Bond Co. of
Court that the bonds
were
sold at par.
Bidder—
First National Bank of Yarmouth
Buzzards Bay National Bank
BOSTON, Mass.—NOTE SALE—The issue of $4,000,000 notes offered
on Feb. 25 was awarded to C. J. Devine &
Co., Inc., New York, at 1.24%
interest, at par plus a premium of $52.
Dated Feb. 28, 1938 and due Nov.
4, 1938.
The bankers reoffered the issue to yield 1.05% and succeeded In
placing the notes with investors within
were
as
ASSUMPTION PARISH SCHOOL DISTRICT NO. 1
(P. O. Nnis stated by 8. A.
Alleman,
Secretary of the Parish School Board, that he will receive sealed bids
until
10 a. m. on March 23, for the purchase of a
$400,000 issue of
building
bonds.
Interest rate is not to exceed 6%, payable A. & O.
Denom. $1,000.
Dated April 1,1938.
Due from April 1, 1939 to 1978. These are the
bonds
were approved by the voters at the
election held on Nov. 9, 1937. as
noted here at that time.
that
DONALDSONVILLE, La.—BOND SALE DETAILS—We
are
informed
$25,000
improvement bonds purchased on Feb. 14 by White,
Dunbar & Co. of New Orleans, as noted in these columns—V.
146, p. 1281—
were sold for a premium of $26.00,
equal to 100.104, on the bonds divided
as follows:
43^% bonds mature from 1939 to 1957, and tho4}£% bonds
mature from 1958 to 1968, all incl.
JEFFERSON
DAVIS
PARISH
(P. O. Jennings), La.—BOND RE¬
FINANCING PLAN APPROVED—At a special
meeting of the Parish
School Board held recently, approval is said to have been
accorded a plan
of L. L. Kilgore, Parish
Superintendent, to issue refinancing bonds on the
garish would be assumed
onds
school system, through parish-wide basis. $364,000 in outstanding
which a total of This plan would involve
on
the issuance of about
a
$350,000 in
new
bonds.
JENNINGS, La.—MATURITY—It
Is now reported
1942.
Int.
Smith, Barney & Co.
Premium
Rate
1.29%
1.31%
$29.00
32 00
Chase National Bank and Whiting, Weeks & Knowles,
jointly,
Halsey, Stuart & Co., Inc
purchased
1.32%
'1.48%
__
m
00.00
38.00
NationaHlank
Feb. 21 an issue of $20,000 revenue notes at 0.42%
28, 1938.
The First National Bank of Boston,
second high bidder, named a rate of 0.489%. \
*.^(
'H- *
' ;
1
Due
**DRACUT,
on
Nov.
Mass.—NOTE
OFFERING—'The
Town
Treasurer
will
receive bids until 8p.rn.on March l for the purchased discount of $125,000
notes, dated March 14,1938 and due Nov. 30.1938.
^^
^H
•«
(
•^LEXINGTON, Mass.—NOTE OFFERING—Bids wllfbe~received
by
the Town Treasurer until
noon
$150,000 notes, dated Feb. 28,
Oct. 28 and Dec. 9, 1938.
Feb. 26 for the purchase at discount of
1938 and due in blocks of $75,000 each on
on
$$
*«S|
vs
"1
IM
1
EVERETT, Mass .—NOTE SALE—'The issue of $500,000 "revenue
anticipation notes offered Feb. 25 was awarded to Second National Bank
of Boston, at 0.339% discount.
Dated Feb. 25, 1938 and due in amounts
of $250,000 each on Nov. 7 and Nov. 15, 1938.
Other bids were:
Bidder—
Discount
Leavitt & Co
Bidder—
Discount
.0.413% First Nat'l Bank of Boston—0.448%
Bank...0.42%^fE. II. Rollins & Sons, Inc—0.46% )
;
0.44 %
_.
Shawmut National
Jackson &vCurtis
LITTLETON, Mass.—NOTE SALE—The issue of $46,000 coupon high
school addition loan notes offered Feb. 24—V. 146, p. 1281—was awarded
to the First National Bank of Ayer as 1 Hs at par.
Dated March 1, 1938.
and due March 1 as follows:
$5,000 from 1939 to 1944 Incl., and $4,000
from 1945 to
bylihe'CityJcTerk
that the $10,000 fire department bonds purchased
by R. W. Brickhaus, of
Elton, as 4^s, at par, as noted here in January—V. 146, p. 468—are due
on Feb. 1 as follows:
$2,250 in 1939; $2,500, 1940 and 1941, and $2,750
in
Other bids for the loan
BURLINGTON, Mass.—NOTE SALE—The Merchants
poleonville), La.—BOND OFFERING—It
the
hour.
First Boston Corp. and Brown Harriman & Co., jointly
of Boston
that
one
follows:
Bidder—
discount.
LOUISIANA
P
Discount]
0.20%
0.35%
0.45%
Cape Cod Trust Co
1948 incl.
Boston, the offer
ROCKPORT,
Mass.—NOTE SALE—The
Boston was awarded Feb.
plus a premium of $6.75.
bids
were
as
Second high bidder was Newton, Abbe & Co. of
beingji price of 101.0357 for l%s._
follows:
18
an
^
Second
National. Bank
issue of $50,000 notes at
of
0.20% discount,
Due $25,000 Sept. 26 and Oct. 26, 1938. Other
Financial
1434
Bidder—
Discount
Gloucester National
First National Bank of Boston
0.20%
0.23%
0.227 %
-.......
New England Trust Co.
Wrenn Bros. & Co
0.25%
R. L. Day & Co
0.28%
0.34%
0.324%
—
Jackson & Curtis
Frederick M. Swan & Co
Bancamerica-Blair Corp
.......
STOUGHTON,
—1
0.43%
..........
Mass.—NOTE OFFERING—Bids will be received by
the Town Treasurer until 4:30 p. m. on March 1 forthe purchase at discount
$150,000 notes, dated Mar. 8, 1938 and due De c. 22, 1938.
of
WATERTOWN,
Mass.—NOTE SALE—The issue of $200,000 notes,
1938, offered Feb. 21 was awarded to Jackson & Curtis of
Boston, at 0.345% discount.
The First National Bank of New York,
second high bidder, named a rate of 0.385%.
Other bids:
Chronicle
Feb.
26,
1938
Formal application to the Public Debt Commission
for approval was filed on Oct. 24, 1936.
No statutory authority existed for the refunding of 1935 and 1936 interest
and the expedients proposed for the disposition of such interest were not
satisfactory to the Debt Commission.
Consummation of the plan has been
delayed pending passage of supplemental legislation at the 1937 session
and by subsequent reconsideration of the plan by certain bondholders.
form
on
Oct. 12,1936.
been made in the original proposals.
The dating
changed from Aug. 1, 1936 to Sept. 1, 1937.
Interest
an average of 3.5% and 3.68% to 3.87%
and 4.15%, and the starting rate has been increased from 1M% to 2%.
Provision is made for a cash payment of $20 per bond; an interest reserve
of 25% of the annual interest requirements; a minimum levy of 9 mills for
10 years, and a sinking fund for certificates to start in 1938 rather than
Several changes have
of the bonds has been
rates have
been increased from
due Nov. 25,
Bidder—
Discount
R. L. Day & Co
National Shawmut Bank.....
0.37%
0.37%
....
Second National Bank of Boston
0.37%
0.385%
;
First National Bank of Boston
Merchants National Bank of Boston
0.39%
Union Market National Bank, Water town
Wrenn Bros. & Co
0.39%
0.395%
While the District made no levy for debt service in the years 1932 to
1934, inclusive, the levies prior to that time had made substantial provision
delinquency.
In January, 1934, the Board provided for the accept¬
ance of bonds and coupons in payment of 1930 to 1932 taxes.
Since that
time, $22,300 in taxes of those years have been paid, retiring $2,000 in
principal and $20,811.31 in back interest.
The settlement of back taxes
at prices ranging from 35 to 60 cents on the dollar accounts for 28.4% of
for tax
the total
55.6% collected
on
1932 and prior taxes, and has undoubtedly
contributed to improved current collections.
The piian is now before the Public Debt Commission.
final action, the Commission will require a
substantial proportion of the bondholders.
Before taking
favorable expression from a
Debt Commission approval and early consummation of the plan will be
a prompt expression from you on the form provided herewith.
expedited by
TOWNSHIP (P. O. Colllngwood Road, N. W., Grand
Mich.—BOND OF1
PEERING—William H. Muth, Township Clerk,
WALKER
MICHIGAN MUNICIPALS
wilfrecefve
sealed olds until 7 p. m. on Feb. 28 for the
not to exceed
Cray, McFawn & Fetter
DETROIT
Telephone Cherry 6828
Telephone 9-8256
TOWNSHIP
(P. O.
tified check for
Flint), Mich.—BOND OFFERING—
Ernest O. Britten, Township Clerk, announces that the Township Board
Boyd, Supervisor, 914 Citizens
Bank Bldg., Flint, until 5 p. m. (to opened at 8 p. m.) on March 3, for the
purchase of $220,000 not to exceed 6 % interest coupon water supply system
revenue bonds.
Dated March 1, 1938.
Denom. $1,000.
Due March 1 as
follows:
$5,000, 1941 and 1942; $6,000, 1943; $7,000, 1944; $8,000,
1945; $9,000 in 1946, and $10,000 from 1947 to 1964, inclusive.
Bonds
numbered 171 to 220 both incl. will be callable in inverse numerical order
on
interest payment date after March 1,
any
interest.
Interest rate to be
payable M.
expressed in
a
1946, at
par
and accrued
multiple of M of 1%.
Interest
& S.
Both principal and interest shall be payable at the
Citizens Commercial and Savings Bank in the City of Flint, Michigan, or
at its successor paying agent named
by said township, which shall be a
responsible bank or trust company in the City of Flint, or City of Detroit,
Michigan.
The bonds shall be awarded to the bidder whose bid produces
the lowest interest cost to the township after
deducting the premium offered,
if any.
Interest on premium shall not be considered as deductible in
determining the net interest cost.
The principal of said bonds and the
interest thereon are payable solely from the revenues of the water supply
system of Township of Burton, and the said bonds are issued pursuant to
the provisions of Act No. 94 of the Public Acts of
1933, as amended.
A
certified check in the amount of 2% of the par value of the
bonds, drawn
upon an incorporated bank or trust company, and payable to the order of
the Treasurer of the Township of
Burton, must accompany each bid as a
guarantee of good faith to be forfeited as liquidated damages in event of
non-performance of any accepted bid.
No interest will be allowed on the
good faith checks.
Bids shall be conditioned upon the
unqualified opinion
of Claude H. Stevens, of Berry &
Stevens, Attorneys, Detroit, approv¬
ing the legality of the bonds. The cost of the legal opinion and the printing
of the bonds will be
paid by the township. The bonds will be delivered
about March 15, 1938, but the purchaser shall not be
required to accept
delivery until the township shall have entered into a contract with a re¬
sponsible party to construct the said water supply system in substantial
accordance with the specifications and plans referred to in the ordinance
authorizing the issuance of said bonds.
bidder
a
and the
Township will furnish any intereste
report of the essential facts pertaining to its financial condition
proposed water supply system.
CENTREVILLE, Mich.—BOND
SALE DETAILS—'The $5,500 general
obligation street improvement bonds sold to the Wolf Bros. State Bank of
Centreville,
were
as
previously noted in these columns, bear 3%
interest and
purchased at par.
COTTRELLVILLE TOWNSHIP (P. O., R. F. D., Marine City),
Mich.—BOAT!) OFFERING—Walker H. Smith, Township
Clerk, wili
receive sealed bids until 8 p. m. on Feb. 28 for the
purchase of $57,050 not
to exceed 6% interest special assessment water
extension
bonds, issued in
anticipation of collection of special assessments to be levied on property
within Water Extension District No. 1.
The bonds are dated Oct. 1, 1937,
^
$3,000
as follows:
$1,050,
1938; $2,000 in
1939,
and
from 1940 to 1957, incl. Principal and interest (A. & O. 15)
payable
Savings Bank, Marine City.
Legal opinion of Miller, Canfield, I addock & Stone of Detroit, will be furnished by the township, and
at the Marine
costofprinting the bonds will be paid by the township.
A certified check
$1,000 must accompany each proposal.
(The above issue was unsuccess¬
on Oct. 12 and again on Dec. 8.)
for
fully offered
DFT,R?/rVri'.Mich.—CURRENT REPORT
ON FINANCIAL STATUS—
First of Michigan Corp. has
prepared its periodic report on the current
finances of the City entitled "Detroit and its Bonded
Debt," which in¬
cludes financial statements, tax
collections, debt schedules and other in¬
formation of special interest to bondholders.
PORT SANILAC, Mich.—BOND SALE—The
issue of $16,000 4%
general obligation water works bonds offered Feb. 21—V. 146, p 1282—
was awarded to the State Bank of
Sandusky, at par plus a premium of $25,
©dual to 100.15, a basis of about 3.98%.
Due $800 each Sept. 1 from 1940
to 1959, incl.
RPXu L
TOWNSHIP, Mich.—BOND EXCHANGE
IN PROGRESS
—Matthew Carey, refunding agent, 2149 Union Guardian
Bldg., Detroit,
isladvising holders of bonds and notes of the Township, as follows:
^lan submitted in circular letter and prospectus dated
1937, has been approved by the Public Debt Commission (Order
14, 1938) without change.
At a meeting held Jan. 29,
1938, the Township Board instructed the
undersigned to proceed with the exchange.
Bonds and certificates are now
oo
Oct. 28,
dated Jan.
cIVSiUdDIG,
Because of
retirements effected while the plan has been under considera¬
tion, the amount of refunding bonds to be issued has been reduced to the
following:
Fractional
Refunding
a
.
Bonds
.
—
-
2528*"
Series D.
Cash
-
-
$225.93
97,225
—
2.50
63,000
$228.93
(Corporate Trust
accompanied by
$366,325
Please forward bonds to the National Bank of
Detroit
National
Bank
Building,
letter of transmittal in triplicate.
►
Amts. Paid
$45,600
160,500
Total
Division),
A. slight delay
may
Principal and semi-annual interest payable at the Peoples National Bank,
A cer¬
2% of the bonds, payable to the order of the Township
Treasurer, must accompany each proposal.
Proposals to be conditioned
solely upon approval of legality of issue by legal attorneys designated by
the bidder, and the township will pay for such legal services and for the
printing of the bonds.
Grand Rapids or at such other institution mutually agreed upon.
MICHIGAN
BURTON
Detroit,
Mich.,
be involved in securing the
actual deposit
MINNESOTA
ANOKA COUNTY
COSMOS, Minn.—BOND SALE DETAILS—It is now reported by the
Village Clerk that the $12,000 water works bonds purchased by the State
at par, and mature on
1949 to 1957.
a
tentative refunding plan, which
was
adopted in resolution
January—V. 146, p. 628—were sold as 3s
July 1 as follows: $500, 1943 to 1948, and $1,000,
•• <
INTERNATIONAL FALLS, Minn.—BOND ELECTION—It is reported
that a $70,000 issue of municipal hospital bonds will be voted on at an elec¬
tion to be held on March 10.
KELLOGG, Minn.—WARRANTS NOT SOLD—It is now reported by
Jerry Keenan, Village Clerk, that the $18,000 sewer warrants offered for
29, as noted in these columns at the time,
still remain unsold.
sale without success on Nov.
LINCOLN COUNTY (P. O. Ivanhoe), Minn.—BONDS SOLD—It is
reported by the County Auditor that $25,000 refunding bonds authorized
recently by the Board of Supervisors, have been sold tb the State.
MINNEAPOLIS, Minn.—BOND OFFERING—We are informed by
George M. Link, Secretary of the Board of Estimate and Taxation, that
auction bids on March 10,
at 10 a.m., three issues of bonds aggregating $1,300,000, divided as follows:
$1,000,000 public relief; $150,000 P. I. (work relief), and $150,000 storm
drain bonds.
Dated April 1, 1938.
Payable in equal annual instalments
from April 1,1939 to 1948 incl
Said offerings will bear interest at a single rate per annum, payable semi¬
annually, any such rate to be a multiple of M or l-10th of 1% and not to
exceed 6%. The bonds will be issued as coupon bonds, in denomination of
$1,000, and may be registered as to both principal and interest on appli¬
cation to the City Comptroller of Minneapolis.
Said obligations will be
issued pursuant to the terms of Sections 9 and 10 of Chapter XV of the
Charter of the City of Minneapolis, will be payable in "lawful money of the
United States of America," will be without option of prior payment and
will be tax exempt in the State of Minnesota.
The full faith and credit of
the said Board will offer for sale by sealed and
.
the
City of Minneapolis will be pledged for the payment thereof.
purchase price, purchasers will be required to pay the
bond to apply on the expense
of the Board in issuing and transporting the bonds to place of delivery.
Delivery will be made by the City Comptroller in New York City,
in Chicago, or in Minneapolis at a National bank satisfactory to the pur¬
chasers, any charge made by said bank for delivery service to be paid by
the purchasers.
Said obligations will be sold to the bidder (or bidders)
offering bids complying with the terms of this sale and deemed most favor¬
able, subject to the provision that the Board of Estimate and Taxation
reserves the right to reject any or all bids.
Bids for a portion only of said
issues will not be considered until bids for all or none have been disposed of.
Sealed bids will be accompanied by a certified check (or bank cashier's
check) payable to the City Treasurer for an amount equal to 2% of the
amount of the obligations bid for.
Proposals and subscriptions must state
the total number of obligations bid for, and total amount offered therefor,
including principal and accrued interest thereon from the date of said
obligations to the date of delivery. Delivery will be made as soon after the
date of sale as the bonds can be printed and signed, for which approximately
15 days will be required. Both principal and interest of said obligations will
be payable at the fiscal agency of the City of Minneapolis in the City and
State of New York or at the office of the City Treasurer in the City of
Minneapolis, at the option of the holder. The obligations will be accom¬
panied by the opinion of Messrs. Thomson, Wood & Hoffman, attorneys
and counsellors at law, of New York City, that said obligations are valid
In addition to the
Board of Estimate and Taxation $1.30 per
and
binding obligations.
NORMAN COUNTY (P.
The County Board
O. Ada), Minn.—BONDS AUTHORIZED—
the issuance of
has adopted a resolution authorizing
$75,000 poor relief bonds.
PARKERS
PRAIRIE,
Minn.—BONDS DEFEATED—.A proposal to
by the voters at a recent election.
issue $12,000 sewer bonds was rejected
ST. JAMES, Minn.—BOND ELECTION—It is said that an election is
scheduled for April 5, in order to vote on the issuance of $25,000 in 3%
water filtration
plant bonds.
WASECA COUNTY INDEPENDENT SCHOOL DISTRICT NO. 72
(P. O. Wateca), Minn.—BOND SALE—The $185,000 issue of coupon re¬
funding bonds offered for sale on Feb. 18—V. 146, p. 1111—was awarded
to Bigelow, Webb & Co. of Minneapolis, as 2s, less a discount of $175.00,
equal to 99.905, a basis of about 2.015%.
Dated March 1, 1938.
Due
from March 1, 1939 to 1951.
The second highest bid was an offer of $2,745 premium of 2Ms, tendered
by Kalman & Co. of Minneapolis.
of the
follows:
On June 29,1936, the Board engaged the
undersigned and on July 27,
—It is
of Minnesota, as noted here in
MISSISSIPPI
minimum number of bonds that has been set before
the initial exchange is
TROYTOWNSHIP SCHOOL DISTRICT NO.
6, Oakland County,
Mich.—NOTICE
TO
BONDHOLDERS—Matthew
Carey,
refunding
agent, 2149 Union Guardian Bldg., Detroit, is advising bondholders as
(P. O. Anoka), Minn.—
reported that sealed jbidslwM be received until 10 a. m. on March 5, by E. A.
Carlson, County Auditor, for the purchase of a $10,000 issue of 3% drain¬
age funding bonds.
Denom. $1,000.
Dated Feb. 1, 1938.
Due $1,000
from Feb. 1, 1940 to 1949 incl.
Prin. and int. (F. & A.) payable at the
Northwestern National Bank & Trust Co., Minneapolis. '
effected.
1936, approved
purchase of $68,000
follows:
•
A.T.T. Tel. Grpe. 7
will receive sealed bids at the office of Ivan
as
'
GRAND RAPIDS
A.T.T. Tel. DET 540-641
5% interest bonds, divided
$50,000 Special Assesssment District water system bonds.
Dated Feb. 1,
1938.
Due $5,000 on Aug. 1 from 1940 to 1949, incl.
Callable at
par in inverse numerical order.
This issue failed to attract bids
at a previous offering on Feb. 8.
18,000 Special Assesssment Sanitary District sewer bonds.
Dated March
1, 1938.
Denoms. $1,000 and $500.
Due $1,500 on Sept. 1 from
1940 to 1951, incl.
Callable at par in inverse numerical order.
LAUDERDALE COUNTY (P. O.
It is
now
Meridian), Miss.—
SOLD—
reported that $56,000 4% semi-ann. refunding bonds were pur¬
National Bank & Trust Co. of Memphis.
chased by the Union Planters
Dated Jan. 1, 1938.
(At the-offering on Jan. 6, of the various issues of bonds aggregating
$95,000, a total of $81,500 bonds were sold to a group, of which the above
was a member, as noted in these columns at that time.)
bank
Volume
Financial
146
Chronicle
Borough
MISSISSIPPI
the successful bidders at the offering of $250,000 coupon or
NEW
BANK
according to maturity.
Demand from investment interests resulted in
resale of practically the entire offering before close of business on Feb. 25.
Department
a
The bankers reoffered the bonds at prices to
ORLEANS, LA.
Teletype N. O. 182
LEE COUNTY SUPERVISORS DISTRICT NO. 2 (P. O. Tupelo),
Miss.—BONDS SOLD—It is reported that $33,000 5% semi-ann. refunding
bonds were purchased jointly by the First National Bank, and Lewis &
Thomas, both of Memphis.
Dated Jan. 3, 1938.
Legality approved by
Charles & Trauernicht of St. Louis.
at a
recent meeting the issuance of $675,000 bonds.
About $470,000
will be asked for purchasing voting machines, $26,000 for new fenders and
repairs to the Court Street bridge, Hackensack; $16,000 for drains on the
Boulevard, Hasbrouck Heights; $6,000 for drains in East Rutherford.
The
remainder
lation
The
TRICT,
P.
O.
Marion
CONSOLIDATED
LINE
County,
Miss.—BOND
election will be held at Stovall voting district
issuance of $15,000 of the district's bonds.
on
SCHOOL
DIS¬
ELECTION—Special
March 5 to authorize the
MISSISSIPPI, State of—PROPERTY TAX TO BESET ON SLIDING
SCALE—A dispatch from Jackson, Miss,
on
Feb. 18 had the following report
to make:
Mississippi's property tax levy for the next two years will be based on a
sliding scale of from six mills (depending upon the financial condition of the
treasury) to two mills, it was decided today when the Senate concurred
with the action taken by the House Thursday.
Governor White, upon recommendation of the State tax commission,
will be empowered to set the tax rate from six to two mills on or before
Nov. 1 of each year.
The 1937 total assessment of property subject to the
impost amounted to $554,147,173, minus $102,065,565 in homestead ex¬
emptions.
The 1937 assessment
based
was
on
four mills.
BONDS
July 1 as follows:
$2,000, 1939 to 1944 incl.; $2,500, 1945 to 1950 incl.;
$3,000 from 1951 to 1955 incl. and $1,000 in 1956. Other bids were as follows:
Van
Outwater & Wells and B. J. Van Ingen & Co., Inc
First National Bank of Dunellen
H. L. Allen & Co...
This bid
Feb. 21—V. 146, p.
1112—was
$150,000 public sewer bonds on Feb. 14 to Francis Bro. & Co.
as 2^8, at 101.347, a basis of about 2.38%, noted in these
146 p. 1283—we are
now informed that Stix & Co. of St.
Louis, and Goldman, Sachs & Co. of St. Louis, were in joint account with
the above firm in the purchase.
Dated Feb. 1, 1938.
Due from Feb. 1.
1943 to 1958 incl.
JERSEY
and mature in 20 years.
PARK COUNTY HIGH SCHOOL DISTRICT NO.
1
(P. O. Livings¬
ton), Mont.—MATURITY—It is now reported by the Deputy District
Secretary that the $123,750 school bonds purchased by the State Land
Board, as 2%s, at par, as noted here recently—V. 146, p. 1283—are due
in 20 years.
(P.
informed
O. Savage), Mont.—
by the District Clerk
that the $30,000 school building bonds purchased on Feb. 15 by the State
of Montana, the only bidder, as 5s at par, as noted in these columns—
V. 146, p. 1283—are due on the amortization plan up to Jan. 1, 1958.
(State
NEBRASKA
BLUFF,
Neb.—BONDS AUTHORIZED—'The City Council
has authorized the issue of $50,000 storm sewer system and street improve¬
bonds.
Y.
$22,000 refunding bonds to the First National Bank of Nevada, of Reno,
and associates, as 3%s, paying a price of 100.52, a basis of about
3.31%.
Due on Dec. 1 from 1939 to 1957, inclusive.
9,000 sewerage bonds to the same group, as 314 s, paying a price of 100.51,
a basis of about 3.17%.
Due $1,000 from Dec. 1, 1940 to 1948,
inclusive.
7,000 street improvement bonds to the above syndicate, as 314s,
a price of 100.51, a basis of about 3.15%.
Due $1,000 from
1940 to 1946, inclusive.
2,000 expense bonds to the Ely National Bank of Ely as 214s, according
to report.
Due $1,000 on Dec. 1. 1938 and 1939.
O. Elizabeth), N. J.—BOND SALE—The issue
registered voting machine bonds offered Feb. 23—
1284—was awarded to a group composed of Bancamerica-Blair
Corp., Goldman, Sachs & Co. and Charles Clark & Co., all of New York,
as 2.20s, at par plus a premium of $308, equal to 100.11, a basis of about
2 19%.
Dated March 1, 1938 and due $20,000 on March 1 from 1939 to
1952 incl.
Second high bid of par and a premium of $50.17 for 2.20s was
entered by Smith, Barney & Co. of New York.
The bankers reoffered the bonds for public investment at prices to yield
from 0.75% to 2.30%, according to maturity.
Bids for the issue were as
146, p.
HAMPSHIRE
Premium
rate of
&
Sons,
Inc.,
Boston, the only other bidder, named
a
0.58%.
NEW
JERSEY
ALLENHURST, N. J.—BOND OFFERING—Margret Pyle-Ekstromer,
1,
for
Borough Clerk, will receive sealed bids until 3:30 p. m. on March
the purchase of $14,000 3H% coupon or registered beach improvement
Dated May 1, 1938.
Denom. $1,000.
Due $1,000 on May 1
1939 to 1952, incl.
Principal and interest (M. & N.) payable at the
A certified check for
bonds.
from
2.20%
280
2.20%
_
280
2.25%
280
2.25%
2.2h/o
644.00
280
2.30%
529.20
280
2.30%
Hemphill, Noyes & Co
507.00
J S
Rippel & Co.; J. N. Hynson & Co.,
Inc., and Edward Lowber Stokes & Co.
63.28
La/ard Freres & Co.; R. W. Pressprich &
Co
and Martin ^Chambers887.60
Shields & Co., and Morse Bros. & Co., Inc 809.20
280
2.30%
280
2.30%
280
280
2.40%
2.40%
H. B. Boland & Co
Kean, Taylor & Co.; First of
Corp., and Van Deventer,
Co., Inc.Dick & Merle-Smith
-
714.89
2.30%
280
Michigan
Spear &
Brown Harriman
& Co., Inc
Mueller
M. M. Freeman &
Co., Inc
Dougherty, Corkran & Co., and C. C.
Collings & Co
E
H. Rollins & Sons, Inc.; A. C. Allyn
& Co., Inc., and MacBride, Miller & Co
H. L. Allen & Co
Chase National Bank, and Colyer Robinson & Co., Inc..
-
504.90
280
2.40%
I&8S
22Io°
IM
279
2.40%
143.62
§72'™
756.00
o'rnc/
ocn
2.50%
280
9
^84.72
279
2.50%
566.00
339.20
280
279
2.50%
2.50%
111-60
732.00
279
280
2.50%
2.70%
NORTH BERGEN TOWNSHIP, N. J.—CALL FOR TENDERS—The
Hudson County National Bank of Jersey City, acting as fiscal agent for
John B.
Carroll & Co
will receive sealed tenders until 11 a. m. on March
sale to the township of 4-414 % refunding bonds at a price
township,
Allenhurst National Bank & Trust Co., Allenhurst.
the
2% of the issue, drawn upon a bank or trust company to the order of the
offers for
OA_
280
280
Adams &
Rollins
Int. Rate
0
and Charles Clark & Co
$308,00
Smith, Barney & Co., and Campbell,
Phelps & Co
50.17
The First Boston Corp., and MercantileCommerce Bank & Trust Co.
462.00
Phelps, Fenn & Co_— - —
■ 386.40
Halsey, Stuart & Co., Inc
l-^.OO
& Co.,
N. H.—NOTE SALE—The issue of $100,000 notes offered
awarded to the Nashua Trust Co. at 0.475%
Due $50,000 on Dec. 15 and Dec. 29, 1938.
Second National
Bank of Nashua submitted the next best bid, naming a rate of 0.51%.
NASsHUA,
Feb. 24—V. 146, p. 1283—was
discount.
No. of Bonds
Bancamerica-Blair Corp.; Goldman, Sachs
B%%& &T Inc::a"d M1"S?h: M-0ne"
H.
ON
UNION COUNTY (P.
MANCHESTER, N. H.—PLANS BOND SALE—F. D. McLaughlin,
City Treasurer, informs us that an issue of $200,000 3% work relief bonds
will be offered for sale about July 1.
The will mature $10,000 annually.
E.
BIDS
City.
^Bidder—
NEVADA
ELY, Nev.—BOND SALE—The four issues of coupon general obligation
offered for sale on Feb. 21—V. 146, p. 950—
bonds aggregating $40,000,
were sold as follows:
NEW
ASKS
Ridgewood Township school bonds.
Dated July 1, 1927
July 1 from 1938 to 1943 incl.
Legality ap¬
proved by Hawkins, Delafield & Longfellow of N. Y. City.
60,000 424% Ridgewood Township school bonds.
Dated July 1, 1930
and due July 1 as follows:
$15,000 in 1939, and $15,000 from
1941 to 1943 incl.
Legality approved by Hawkins, Delafield &
Longfellow of N. Y. City.
43,000 4 24 % Borough of Rutherford school bonds.
Dated Dec. 1, 1927.
Due Dec. las follows: $2,000, 1938; $10,000, 1939; $1,000 in 1940,
and $10,000 from 1941 to 1943 incl.
Legality approved by Hawk¬
ins, Delafiled & Longfellow of N. Y. City.
Separate bids will be considered for all of the bonds on any or all of the
seven blocks offered for sale.
Each block of bonds will be awarded to the
bidder offering to pay therefor the largest price and accrued interest.
The
purchaser will be asked to take delivery of the bonds and to make payment
therefor at the State Treasurer's office at such time, not later than one week
from the date of the award, as may be specified by the Board of Trustees.
A deposit of 2% of the par value of the bonds bid for will be required.
V.
CULBERTSON, Neb.—BONDS VOTED—At a recent special election
the voters approved a proposition to issue $15,000 water works bonds.
SCOTTS
of)—ANNUITY FUND
and due $2,000 on
of $280,000 coupon or
ment
1284—were awarded
A. Wood 3d, Secretary of the State
Fund, will receive sealed bids until 1 p. m.
on March 11 for the purchase of the following described
fully registered
short-term New Jersey municipal bonds aggregating $318,000:
$100,000 414% Town of Irvington school bonds.
Dated Jan. 1, 1927 and
due Jan. 1 as follows:
$5,000, 1940; $25,000, 1941 to 1943 incl.;
$20,000 in 1945.
Legality approved by Hawkins, Delafield &
Longfellow of N. Y. City.
10,000 4 ti% Town of Kearny water bonds.
Dated May 1, 1925.
Due
$5,000 on May 1 in 1940 and 1943.
Legality approved by
Hawkins, Delafield & Longfellow of N. Y. City.
28,000 4J4% Millburn Township general improvement bonds.
Dated
May 1, 1930 and due $4,000 on May 1 from 1938 to 1944 incl.
Legality approved by Reed, Hoyt & Washburn, N. Y. City.
65,000 4)4% Town of Phillipsburg school bonds.
Dated Dec. 1, 1927.
Due Dec. 1 as follows: $15,000 from 1938 to 1941 incl. and $5,000
in 1942.
Legality approved by Clay, Dillon & Vandewater of
'
LIBERTY COUNTY SCHOOL DISTRICT NO. 28 (P. O. Joplin).
Mont.—BOND SALE DETAILS—It is now reported by the Chairman of
the Board of Trustees, that the $5,000 school bonds sold to the State Land
Board, as 5s, as noted here recently—V. 146, p. 950—were purchased at
now
p.
Teachers' Pension and Annuity
N.
DISTRICT
146,
of about
12,000 424%
MONTANA
are
Ail other offers were for entire issue.
VARIOUS LOCAL ISSUES—John
Louis,
SCHOOL
for $42,500 bonds.
324s, at a price of 100.26, a
3.67%.
Dated Feb. 1, 1938 and due Feb. 1 as follows:
$4,000 from 1939 to 1945 incl. and $2,000 in 1946.
columns—V.
DETAILS—We
was
Par
43,344.00
43,133.30
4%
4M%
registered emergency relief bonds offered Feb. 16.—V. 146, p. 950.
1, 1937. and due Oct. 1, as follows: $2,000 in 1938 and 1939,
$1,000 from 1940 to 1945, incl.
basis
KIRKWOOD, Mo.—BOND SALE DETAILS— In connection with the
HIGH
x$43,042.88
43,542.88
43,236.50
METUCHEN, N. 3.—BOND SALE—The $30,000 coupon or registered
sale of the
SALE
Amt.Bid
3%%
3%%
324%
324%
Devanter, Spear & Co
Deventer, Spear & Co
emergency relief bonds offered on Feb. 23—V.
to the Commonwealth Bank of Metuchen, as
1938.
Due from Aug. 1, 1940 to 1947 incl.
The second best bid was an offer of $2,805.60 premium, tendered by Callender, Burke & MacDonald, of St. Louis, and Francis Bro. & Co., Kansas
City, Mo., bidding jointly.
SAVAGE
Int. Rate
Bidder—■
Van
LODI, N. J.—BONDS NOT SOLD—No bids were submitted for the
$50,000 414 % coupon or registered emergency relief bonds offered Feb. 24—
V. 146, p. 1283.
KIRKSVILLE, Mo.—NOND SALE— The $60,000 issue of 3% semi-
BOND
and jail, for instal¬
improvement projects.
Dated Oct.
awarded to the Mississippi Valley Trust Co. of St. Louis, paying a premium
of $3,371.40, equal to 105.619. a basis of about 2.01%.
Dated Feb. 1,
par,
for road
and
DUNELLEN, N. J.—BOND SALE—The issue of $43,000 coupon or
registered refunding bonds offered Feb. 24—V. 146, p. 1283—was awarded
to Boenning & Co. of Philadelphia, as 3Ks, at par plus a premium of $335,
equal to 100.779, a basis of about 3.40%.
Dated Jan. 1, 1938 and due
NEW
of St.
Pines
and
ST. LOUIS, MO.
water works bonds offered for sale on
Bergen
At the present time the county's bonded debt is about $9,700,000 and its
fiscal affairs are considered to be in better condition than any other county
in New Jersey.
or
MISSOURI
ann.
at
HILLSIDE TOWNSHIP (P. O. Hillside), N. J.—BONDS NOT SOLD—
No bids were submitted for the $10,000 not to exceed 5% interest coupon
SCHERCK, RICHTER COMPANY
BUILDING,
be used for repairs to the courthouse
new
C. A. Preim & Co....
Markets in all State, County & Town Issues
LANDRETH
will
of elevators
bond issue, it was said, will not increase the county's bonded
because approximately $900,000 in bonds will be paid off this year.
debt
x
MISSOURI
yield from 2% to 3.70%,
BERGEN COUNTY (P. O. Hacksensack), N. J.—TO ISSUE $675,000
BONDS—The Board of Freeholders was scheduled to formally approve
MISSISSIPPI
WALTHALL
registered
relief bonds offered Feb. 25—V. 146, p. 1283.
The bankers
price of 100.66 taking $249,000 bonds and naming an interest rate
of 3%%f cost basis to the
city being about 3.59%.
The bonds are dated
Feb. 1, 1938 and mature Feb. 1 as follows: $32,000 in 1939 and 1940;
and $31,000 from 1941 to 1946 incl.
Raymond 5409
Bond
WHITNEY NATIONAL
MARION
each proposal.
Bonds will be
Borough offices, 318 Hume St., Allen-
accompany
emergency
paid
.
must
BAYONNE, N. 3.—BOND SALE—Charles Clark & Co. of New York
were
MUNICIPALS
Bell
Treasurer,
delivered to the purchaser at the
hourst, on or about June 1, 1938.
Offerings Wanted:
LOUISIANA &,
1435
12 of
of not
Financial
1436
available for such
purchases is $154,845.51.
Tenders must by their terms permit acceptance
by the fiscal agent by registered mail on or before 6 p. m. on
more
than
and
par
accrued
The
interest.
amount
March^l2/^j^j|
AMBOY, N. J.—BONDS SOLD—The $275,000 coupon'or
registered bonds for which no bids were received on Feb. 16, as previously
noted in these columns—V. 146, p. 1284—were subsequently purchased
\
privately .as 5^s, at par, by B. J. Van Ingen & Co., Inc., New York.
The sale included:
PERTH
$200,000 emergency relief bonds of 1938.
1939 to 1946 inclusive.
Due $25,000 on
Feb.
75,000 emergency relief bonds of 1937.
Due Feb. 1 as follows:
from 1939 to 1945 inclusive and $5,000 in 1946.
All of the bonds are dated Feb. 1, 1938.
1
from
Chronicle
of 1
WEST ORANGE,
N. 3.—PROPOSE LOWER TAX RATE—Town Com¬
15 estimated the
drop from $3.72 to $3.63.
A drop of $60,906.03 in the levy
for municipal costs accounted for the decrease.
The public hearing will be March 15.
Improvement in collection of taxes and miscellaneous revenues in 1937
enabled the town to increase the appropriation from surplus and the amount
of miscellaneous revenues anticipated and to cut the reserve set up.
The levy for municipal costs is $713,680, compared to $774,586.03 last
year, and for schools, $590,883, compared to $588,158.09.
It is estimated
the levy for county costs will increase from $243,660.80 to $258,457, and for
State costs from $136,796.10 to $137,000.
tax rate will
_
Administration
appropriations increased $13,224, from $607,665 to $620,dropped $2,589, from $291,421 to
889.
Ordinary debt service charges
$288,836.
The
appropriation from surplus was increased $40,000, from $60,000 to
revenues anticipated, $19,051.74, from $201,-
$100,000, and miscellaneous
248.26 to $220,300.
The reserve for uncollected taxes was cut $66,603.35, from $491,608.35 to
,
$425,005, but this was partly offset by a drop of $40,820.35 in the amount of
delinquent taxes the town anticipates collecting.
This total is $390,000,
compared to $430,820.35.
(P. O. Woodbrid^e), N. 3.—BONDS
not to exceed 6%
registered emergency relief bonds offered Feb. 21.
—V. 146, p. 1284.
l5ated Feb. 15, 1938 and due Feb. 15, as follows:
$7,000 In 1939 and 1940, and $6,000 from 1941 to 1946, incl.
WOODBRIDGE
TOWNSHIP
bids were submitted for the $50,000
NOT SOLD—No
interest
coupon
or
m
FULTON, N. Y.—BOND
N.
M.—REFUNDING
been passed declaring it necessary to issue
EDDY COUNTY (P. O. CarUbad), N. Mex.—BONDS TO BE SOLRPIt is stated by the County Treasurer that the $190,000 court house bonds
approved by the voters at an election held on Feb. 19 by a wide margin
will be purchased by the State of New Mexico.
iLj
t~3gUrqB£073UB
11
las
i-
CRUCESTnTm.—BOND
$20,000 in fire department bonds, if voted at the next city election.
NEW
YORK
Y.—BOND ISSUE APPROVED—The
N.
State
Legislature
recently authorized the city to issue $1,250,000 bonds to refund a similar
amount maturing in 1938.
Any surplus of revenues for 1938 resulting will
be applied to reduce the amount raised by tax to meet expenses for the
ensuing year.
auburn, n. y.—BOND OFFERING—a. P. Briggs, City Comptroller,
noon (Eastern Standard Time)
on March 3
will receive sealed bids until
for the purchase of $300,000 not to exceed 3% interest coupon or registered
bonds, divided
as
follows:
$160,000 public works bonds to finance city's share of home relief for year
July 1, 1937-June 30, 1938.
Due $16,000 annually on March 1
from 1939 to 1948, incl.
140,000 public improvement bonds to finance improvements during fiscal
year ended June 30, 1938.
Due $14,000 annually on March 1
from 1939 to 1948, inclusive.
All of the bonds will be dated March 1, 1938.
Denom. $1,000.
Bidders
invited to name the rate or rates of interest which the bonds are to bear,
are
not
exceeding 3% per annum.
Where a fractional rate of interest is bid,
such fraction must be expressed in a multiple of either X or 1-10 of 1 % per
annum.
The rate of interest bid is to apply to all the bonds of that par¬
ticular issue, but a different rate may be bid for each issue.
Principal and
interest are payable in lawful money of the United States at the Chemical
Bank & Trust Co., N. Y. City.
The interest is payable semi-annually
on Sept. 1 and March 1.
The bonds will be prepared under the supervision
and direction of a company regularly engaged in the preparation of bonds
for market; the genuineness of the signatures of the city officials and the
seal of the city will be duly certified and authenticated; the
city assumes all
expense incident to the preparation of bonds and their
delivery at New
York; bonds will be ready for delivery on or about March 11, 1938.
The
city is authorized and required by law to levy on all taxable property of the
city such ad valorem taxes as may be necessary to pay the bonds and the
Interest thereon, without limitation as to rate or amount.
Each bid must
be accompanied by a certified check, drawn upon an incorporated bank or
trust company, payable to the order of the
city, for $6,000.
No interest
will be allowed upon the deposit check of any bidder.
Checks of unsuccess¬
ful bidders will be returned upon the award of the bonds.
Purchaser will
be furnished free with the favorable approving opinion of
Reed, Hoyt &
Washburn, Attorneys, 49_Wall St.. in the City of New York.
i£-camb-ri'a, n. yAtiJklb SlFFMrio-ilx
——vJurt
Li. Thrall, Town Super¬
visor, will receive sealed bids until lp.m.on Feb. 25, at the County Court
House in Lockport, for the purchase of $8,400 not to exceed
6% interest
registered highway bonds.
Dated March 1,1938.
Due March 1 as follows:
$800, 1939; $600, 1940; $800 in 1941 and 1942, and $900 from 1943 to
1948 incl.
Rate of interest to be expressed in a multiple of
X or 1-10 of 1 %.
Interest payable annually on March 1.
the
Niagara
County
National
Bank
check for $800 is required .ft*
>
CORTLANDT (P. O.
&
Principal and interest payable at
Trust Co., Lockport.
Certified
,
Peekskill)TNTY.—CERTIFICATE
AND BONIJ
OFFERINGS. Allen Mead, Town Clerk, will receive sealed bids until
March 1 for purchase of $79,805.63 certificates of indebtedness.
Dated March 1, 1938.
Due June 1, 1939.
Proceeds will be used to pay
schools; uncollected tax of 1937; as at Feb. 1, 1938.
Approving opinion of
f
fb'dd °n
Vandewater 0f New York City will be furnished the successa*s0 rece*ve sealed bids at the
same
time for the purchase
of $8,000 not to exceed 5% interest
coupon or registered road improvement
bonds.
Dated Feb. 1, 1938.
Denom. $1,000.
Due Aug. 1, 1939. Bidder
to name a single rate of interest,
expressed in a multiple of X or 1-10 of 1 %.
Principal and interest (F. & A.) payable at the Westchester County National
Bank, Peekskill, with New York exchange.
A certified check for $160,
payable to the order of the town, must accompany each
proposal.
The
approving legal opinion of Clay, Dillon & Vandewater of New York City
will be furnished the successful bidder.
P
DRESDEN,
N.
Y.—BOND
registered water bonds offered
SALE—The
^
issue
of
$<*0,000
couponTor
Feb. 25—V. 146, p. 1284—was awarded
to the Manufacturers & Traders Trust Co. of
Buffalo, as 3.60s, at 100.299,
a oasis of about 3.58%.
Dated Feb. 1, 1938 and due $750 on Feb. 1 from
1939 to 1978 inclusive,
FFORT PLAIN, N. Y.—BOND OFFERING—John
E.""Barker, Village
Clerk, will receive sealed bids until 3 p. m. (Eastern Standard
Time) on
March 7 for the purchase of $25,000 not to exceed
4% interest coupon or
registered water main bonds.
Dated March 1, 1938.
Denom. $1,000.
Due Sept. 1 as follows: $2,000 from 1942 to 1953 incl. and
$1,000 in 1954.
Bidder to name a single rate of interest, expressed in a
multiple of X of 1-10
Fielding, City ChaxnMarch 4 for the purchase
fl05,000
refunding relief bonds. Issued to pay off certificates of indebted¬
ness sold for
work and home relief.
Due March 1 as follows:
$10,000 from 1939 to 1943, incl. and $11,000 from 1944 to 1948, incl.
99,000 public works projects bonds, to pay off certificates of indebtedness
which provided the city's share of projects undertaken Dy the
Works Progress Administration.
Due $11,000 on March 1 from
1940 to 1948, incl.
Each Issue is dated March 1,1938.
Denom. $1,000.
Although different
interest rates may be named on the respective issues, all of the bonds
each issue must bear the same rate.
Bidder to express rate in multiple
of
of
The bonds are general obligations of the city, payable
from unlimited ad valorem taxes.
Principal and interest (M. & S) payable
at the Marine Midland Trust Co., New York City.
The bonds will be
prepared under the supervi(ion of the Continental Bank & Trust Co.,
New York, which will certify as to genuineness of signatures of city officials
executing the bonds.
A certified check for 2 % of the bonds bid for, payable
to the order of the City Chamberlain, must
accompany each proposal.
The approving legal opinion of Caldwelli& Raymond of New York City
will be furnished the successful bidder.I
X or l-10th of 1 %.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 28 (P.'O.
Long Beach), N. Y.—BOND OFFERING—James J. Morrison, District
Clerk, will receive sealed bids until 10 a. m. (Eastern Standard Time) on
March 11 for the purchase of $861,000 not to exceed 6% interest coupon or
registered school bonds.
Dated April 15, 1938.
Denom. $1,000.
Due
April 15 as follows: $26,000, 1941; $25,000,1942 to 1946 incl.; $30,000 from
1947 to 1958 incl. and $35,000 from 1959 to 1968 incl.
Bidder to name a
single rate of interest, expressed in a multiple of X or l-10th of 1 %. Prin¬
cipal and interest (A. & O. 15) payable at the Marine Midland Trust Co.,
New York.
The bonds are direct general obligations of the school district,
payable from unlimited taxes.
A certified check for $18,000, payable to
the order of Frank G. Waldron, District Treasurer, must accompany each
proposal.
The approving legal opinion of Clay, Dillon & Vandewater of
New York
City will be furnished the successful bidder.
HUDSON, N. Y.—BOND SALE—E. H. Rollins & Sons, Inc. and A. C.
Allyn & Co., Inc., both of New York, jointly, purchased privately from the
Reconstruction Finance Corporation on Feb. 18 an issue of $270,000 4%
high school bonds.
Dated Nov. 1, 1935.
Due Nov. 1 as follows: $5,000,
1938 to 1946, incl.; $10,000, 1947 to 1951, incl.; $15,000 from 1952 to 1956,
incl., and $20,000 from 1957 to 1961, incl.|
Co., Inc. and Paine, Webber & Co., both of New York, jointly, as 1.70s,
a price of
100.079, a basis of about 1.69%.
The sale consisted of:
$60,000 series A general bonds of 1938.
Due March 1, as follows: $5,000
from 1939 to 1943 incl. and $7,000 from 1944 to 1948 incl.
80,000 series B general bonds of 1938.
Due March 1 as follows: $8,000,
1940 to 1945 incl.; $10,000 in 1946, and $11,000 in 1947 and 1948.
All of the bonds will be dated March 1, 1938.
The bankers reoffered
at
the bonds to yield from 0.50% to
PARKWAY
MARINE
kjpmm
ELECTION AUTHORIZED—The Town
Board is said to have approved an ordinance provising for the issuance of
ALBANY.
m. on
&
AUTHORIZED—Ordinance has
$75,000 of 3K % bonds to refund
outstanding 1918 series of Clayton water works 6s as of May 1, 1938.
CLAYTON,
OFFERING—HaroldA*.
berlain, will receive sealed bids until 3:30 p.
of $204,000 not to exceed 6% interest coupon or registered bonds, divided
as follows:
KINGSTON, N. Y.—BOND SALE—'The $140,000 coupon or registered
bonds offered Feb. 25—V. 146, p. 1113—were awarded to Adams, McEntee
MEXICO
NEW
The bonds are general obligations of the village, payable
A certified check for $1,500, payable to the order
each proposal.
Bank, Fort Plain.
oftbe village, must accompany
Council has adopted a
missioners in introducing the 1938 town budget on Feb.
1938
from unlimited taxes.
$10,000
WEST CALDWELL, N. 3.—TAX RATE UNCHANGED—'The Borough
municipal budget which calls for $56,300 to be raised
by taxation, $3,000 above the 1937 figure.
The local tax rate will be
$1.12, according to Councilman Henneberper, Chairman of the finance
committee, and the total tax rate, including State, county and school
taxes, is estimated at $3,48, the same as in 1937.
The municipal budget
total for 1938 s $93,323.30, as compared with $88,200 for 1937.
Feb. 26,
% .m Principal and interest (M. & S.) payable at the Fort Plain National
WAY
AUTHORITY.
N.
1.75%, according to maturity.
AUTHORITY-HENRY
Y.—FINAL ACTION ON
HUDSON
PARKCONSOLIDATION
BILL 'MM1NENT—Final
legislative approval of. a bill providing for con¬
solidation of the above units through creation of a new body, the New
York City Parkwat Authority, is looked for within the next few days.
The measure received sanction of the Assembly sometime ago and is await¬
ing advancement from second reading in the Senate.
The bill provides
for emission by the successor agency of up to $18,000,000 of bonds, the
proceeds of which would permit the retirement of the $11,100,000 out¬
standing bonds of the existing agencies and provide funds for further im¬
provements.
The existing obligations are callable at not less than 30 days'
notice, at varying premiums over par.
NEW YORK, N. Y.—GENERAL FUND ESTIMATES—General fund
for the year 1938 totaling $124,098,396 were submitted to the
City Counci Feb. 23 by Comptroller Joseph D. McGoldrick.
The general
fund for the year 1937 was $128,163,538.
estimates
Three items comprise the total
revenues of the general
Estimated
Cash balance in the
for the current year.
fund
of Dec. 31, 1937-.
various special accounts
general fund
Unneeded remainders of
Total
as
They are:
$114,920,000
2,278,396
In submitting his estimates
6,900,000
$124,098,396
—
Comptroller McGoldrick said:
"There is no doubt that the $124,098,396 which is estimated to be avail
able for the general fund for the year 1938 will keep the current budget
well within balance.
Although the carry-over from last year was less than
had originally been hoped for, we were able to find sufficient money among
the unneeded
remainders
of various accounts to compensate for reduction
in the cash balance at the close of last year.
These
transferred into the general fund for the reduction of
NEW
YORK,
N.
Y.—REVENUE
BILLS
remainders have been
taxation."
SOLD—City
Comptroller
Joseph D. McGoldrick announced Feb. 25 the sale of $15,000,000 revenue
bills by subscription to 26 banks and trust companies located in the city.
The securities are dated Feb. 28,1938 and mature May 3,1938.
NEW YORK, N. Y.—BOND
OFFERING—Supplementing the informa¬
tion given in these columns in V. 146, p. 1285, we give herewith the ma¬
turity details of the $43,000,000 not to exceed 4% interest bonds which will
be offered at
rick at noon
public sale at the office of City Comptroller Joseph D. McGold¬
on
March 1:
$19,500,000 rapid transit railroad construction bonds.
Due $650,000
annually on July 1 from 1939 to 1968, inclusive.
15,300,000 school construction and various municipal purposes bonds.
Due $510,000 annually on July 1 from 1939 to 1968, incl.
This series is divided as follows: $7,500,000 school construc¬
tion and $7,800,000 various municipal purposes.
3,200.000 school construction and various municipal purposes bonds.
Due $160,000 annually on July 1 from 1939 to 1958, incl.
This series is divided as follows: $500,000 school construction
and $2,700,000 various municipal purposes.
450,000 various municipal purposes bonds.
Due $30,000 annually
on July 1 from 1939 to 1953, inclusive.
4,050,000 school construction and various municipal purposes.
Due
$405,000 annually on July 1 from 1939 to 1948, incl.
This
series is divided as follows: $2,550,000 school construction
and $1,500,000 various municipal purposes.
500,000 various municipal purposes bonds.
Due $100,000 annually
on July 1 from 1939 to 1943, inclusive.
All of the bonds are dated March 1, 1938.
They will be Issued in coupon
form in $1,000 denominations, or in fully registered form in denominations
of $1,000 or multiples thereof.
Coupon serial bonds may be exchanged for
registered bonds but are not interchangeable.
Interest will be payable on
July 1, 1938, and semi-annually thereafter on Jan. 1 and July 1.
Proceeds
of the sale will be used in the redemption at maturity of bond anticipation
notes which were issued for the purposes for which the bonds are designated.
The cash remainder will be expended in the payment of contract liabilities
and awards for land acquired for rapid transit, schools and various munici¬
pal purposes.
The sale of the bonds will not in any way increase the city's
debt within the 10% constitutional limitation.
In addition to the $43,000,000 bonds being offered publicly, the city will sell privately to the sink¬
ing funds $6,500,000 rapid transit construction bonds, due $650,000 an¬
nually on July 1 from 1969 to 1978, incl.
Conditions governing the sale
of the $43,000,000 securities are as fodows:
1. Every bidder shall deposit with the Comptroller 2% of the par value
of the bonds bid for.
2. Bids will be accepted in series at one rate of interest for each
Bids on separate yearly maturities will not be accepted.
3.
not
Bidders shall
name
series.
the rate of interest in multiples of l-25th of 1%,
exceeding 4%, which the bonds of each series offered for sale are to
Bids stating a net yield but not stating a rate of interest will not be
bear.
considered.
4. Bidders for the entire issue offering to purchase all or any part of the
issue may also submit a bid for all or none of the entire issue, which bid
must state a
single rate of interest for all the bonds.
Volume
Financial
146
N. Y.—BIDS FOR BONDS—The $17,000 coupon or
bonds awarded on Feb. 18 to Bacon, Stevenson & Co. of
werejalso bid for as follows: | 4 <
NORTHPORT,
registered
sewer
New York
on a
bid of 100.07 for 1.703,
Int. Rate
Name—
Marine Trust
Co., Buffalo
1.70%
1.70%
2.00%
2.00%
2.00%
2.10%
J. & W. Seligman & Co., New York
R. D. White & Co., New York
Sherwood & Reichard, New York
Roosevelt & Weigold, Inc., New York
;
A. C.gAllyn & Co., New York
Price Bid
$17,010.25
17,005.10
17,017.50
17.011.90
17,010.20
17,015.13
NUNDA, PORTAGE, GROVE AND GRANGER CENTRAL SCHOOL
DISTRICT NO. 12 (P. O. Dalton), N. Y.—BOND SALE—The issue of
$125,000 coupon or registered school building bonds offered Feb. 21—V.
146, p. 1113—was awarded to the Manufacturers & Traders Trust Co. of
Buffalo, as 3s, at 100.399, a basis of about 2.97%.
Dated Feb. 1, 1938,
and due Feb. 1 as follows; $4,000, 1940 to 1962, incl.; $5,000 from 1963
to 1965, incl., and $6,000 from 1966 to 1968, incl.
OTHERB1DS—
Int. Rate
1
Rate Bid
Adams, McEntee & Co., Inc
3.10%
100.76
Marine Trust Co. and R. D. White & Co., jointly
3.10%
3.10%
100.73
100.32
3.10%
100.18
3.20%
100.78
Bacon, Stevenson & Co
E. H. Rollins &' Sons, Inc. and A. C. Allyn & Co.,
Inc.; jointly
..i
George B. Gibbons & Co., Inc. and Sherwood &
Reichard, jointly
Bancamerica-Blair Corp. and Roosevelt & Weigold,
jointly
Eurchaser's choice. Prin. and int. were approved by the voters at anY. City.
eld
These bonds payable in lawful money in N. election
Jan. 21.
on
It is said that these bonds are
100.43
|*|
SLOAN, N. Y.—BOND OFFERING—Robert A. Kersten, Village Clerk,
(Eastern Standard Time) on March
$15,000 not to exceed 5% interest coupon or registered
street
improvement bonds.
Dated March 1, 1938.
Denom. $1,000.
Due March 1 as follows: $2,000 from 1940 to 1945, incl. and $1,000 from
1946 to 1948, incl.
Bidder to name a single rate of interest, expressed in
a multiple of X or l-10th of 1%.
Principal and interest (M. & S.) paayble
at the Marine Trust Co., Buffalo, at their Broadway Branch office. With
New York exchange.
The bonds are general obligations of the village,
payable from unlimited taxes.
A certified check for $300, payable to the
order of the village, must accompany each proposal.
The approving legal
opinion of Clay, Dillon & Vandewater of New York City will be furnished
will receive sealed bids until 4 p. m.
4 for the purchase of
the successful bidder.
Financial Statement
The assessed valuation of the property subject to the taxing power of
the village is $3,387,509.00.
The total bonded debt of the village including
the above mentioned bonds is $185,460.00 of which none is water debt.
The population of the village (1930 census) was 3,482.
The bonded debt
does not
include the debt
of any
other subdivision
having
levy taxes upon any or all of the property subject to the taxing
power of the village.
The fiscal year commences March 1.
The amount
of taxes levied for each of the fiscal years commencing March 1, 1934,
March 1, 1935, and March 1, 1936, was respectively $67,913.86, $67,408.23
and $61,986.78.
The amount of such taxes uncollected at the end of each
of said fiscal years was respectively $24,422.85, $24,345.95 and $11,726.63.
The amount of such taxes remaining uncollected as of Feb. 8, 1938, is
respectively $19,042.17, $20,549.94 and $10,634.37.
The taxes of the
fiscal year commencing March 1, 1937, amount to $87,576.67 of which
$72,357.13 have been collected.
power to
TICONDEROGA, N. Y.—BOND SALE—Sherwood & Reichard of New
York were awarded on Feb. 18 an issue of $7,000 registered crusher bonds
as 3s, at a price of 100.10, a basis of about 2.98%.
Denom. $1,000.
Due
$1,000 annually on July 1 from 1939 to 1945, incl.
Principal and semi¬
annual interst (J. & J.) payable at the Ticonderoga National Bank.
The approving
■
■.
LEAKSVILLE, N. C.—NOTES SOLD—It is reported that $5,000 revenue
notes were purchased by the First National Bank of Leaksville, at 2X %._,
(P. O.
Asheboro)
N. C.—NOTM &ALE
reported by the Olerk of the Board of Commissioners
COUNTY
RANDOLPH
is
that the $60,000 revenue anticipation notes purchased by the Wachovia
Bank & Trust Co. of Winston-Salem, at 2%, plus a premium of $3.38, as
noted in these columns recently—V. 146, p. 631—are dated Jan. 28, 1938,
on
May 28, 1938.
REIDSVILLE, N. C.—NOTES SOLD—The Depositors National Bank
of Durham is reported to have purchased $15,000 revenue notes at 1X%,
plus a premium of $2.50.
SAMPSON COUNTY (P. O. Clinton), N. C.—MATURITY—It is
Auditor that the $105,500 bond anticipation notes
purchased by the First Citizens Bank & Trust Co. of Clinton, at bX%*
as noted here in January—V. 146, p. 631—mature on June 15, 1938.
stated by the County
STANLY COUNTY
SANGEkMELD, MARSHALL AND MADISON CENTRAL SCHOOL
DISTRICT NO. 1 (P. O. Waterville), N. Y.—BOND SALE—The issue of
$100,000 coupon or registered school building bonds offered Feb. 25—V.
146, p. 1285—was awarded to the Marine Trust Co. of Buffalo and R. D.
White & Co. of New York, jointly, as 3s, at 100.701, a basis of about 2.95%.
Dated March 1, 1938 and due March 1 as follows:
$3,000 from 1939 to
1950 incl. and $4,000 from 1951 to 1966 incl.
In reoffering the bonds, the
bankers priced them to yield from 1 % to 3 %, according to maturity.
above stated
general obligations of the city.
opinion of Reed, Hoyt & Washburn of New York, will be furnished.
A
certified check for $2,300, payable to the State Treasurer, must accompany
and mature
-
3.20%
of $100,000 coupon or
registered unlimited tax public welfare bonds offered on Feb. 24—V. 146,
p. 1285—was awarded to the Harris Trust & Savings Bank of New York,
as 1.90s, at a price of 100.297, a basis of about 1.85%.
Dated March 1,
1938 and due $10,000 on March 1 from 1939 to 1948 incl.
The bankers are
reoffering the issue at prices to yield from 0.60% to *1.90%, according to
***
GOLDSBORO, N. C.—BOND OFFERING—It is stated by W. E. Easter¬
ling, Secretary of the Local Government Commission, that he will receive
sealed bids at his office in Raleigh, until 11 a. m., on March 8, for the
purchase of an issue of $115,000 coupon or registered water bonds.
Denom.
$1,000.
Dated March 1, 1938.
Due $5,000 from March 1, 1941 to 1963,
incl.
Interest rate is not to exceed 6%, payable M. & S.
Rate to be in
multiples of X of 1%.
No bid may name more than two rates and each
bidder must specify in his bid the amount of bonds of each rate.
The award
will be determined by the lowest interest cost to the city.
No bid for less
than par and accrued interest will be considerred.
Delivery at place of
DETAILS—It
ROTTERDAM,'NT"SaLe—The issue
maturity.
the order of the State Treasurer of North Carolina for $2,800.
The
approving opinion of Masslich & Mitchell, New York City, will£be fur¬
nished the purchaser. '** M
-Ml
j
to
the bid.
Bidder—
*
1437
Chronicle
(P.
O. Albemarle) N. C.—NOTES SOLD—It is
been purchased by the Wachovia
2%, plus a premium of $1.76.
stated that $50,000 revenue notes have
Bank & Trust Co. of Winston-Salem, at
WINTON, N. C.—NOTE SALE—The $16,000 issue of bond anticipation
Feb. 22
146, p. 1285—was purchased by the
r0, plus a premium of $7.75, according to
ue on Sept. 1, 1938.
report. Dated March 1, 1938.
notes offered for sale on
Farmers Bank of Sunbury, at 5
DAKOTA
NORTH
DRAKE, N. Dak.—BOND OFFERING NOT SCHEDULED—In connec¬
tion with the report given in these columns in January, that $8,000 5%
semi-annual water works bonds would be offered for sale on Febr21—V.
146,
was
p. 794—it is stated by A. M. Haykel, City Auditor, that the report
inaccurate, the sale never having been definitely settled for any date.
It is possible that a $10,000 issue of bonds for this purpose may
in the near future but nothing definite has been decided as yet.
be offered
HARVEY PAVING DISTRICT NO. 1 (P. O. Harvey), N. Dak.—
WARRANT OFFERING—Sealed bids will be received until 8 p. m. on
April 4, by A. N. Belsecker, City Auditor, for the purchase of a $30,000
issue of 5% coupon main street paving warrants.
Denom. $500._ Dated
>ue $1,500 from May 1, 1940, to 1959, incl.
hi ■
Principal
May 1,
and interest (M. & N.) payable at the office of the City Treasurer in Harvey.
No bid for less than par will be considered.
The legal opinion will be
furnished by Aloys Wartner Sr., Harvey.
No certified check is required.
KENSAL SCHOOL DISTRICT (P. O.
Kensal), N. Dak.—CERTIFI¬
exceed 6% certificates of
sold as no bids were received,
CATES NOT SOLD—The $5,000 issue of not to
offered on Feb. 17—V. 146, p. 1114—was not
according to the District Clerk.
Due in one year.
•
NORTH DAKOTA, State of—CERTIFICATE SALE—The $1,100,000
issue of certificates of indebtedness offered for sale on Feb. 18—V. 146,
&,ated Feb. purchased by the $500,000 North Dakota, 1939, and to report.
952—was 18, 1938. Due Bank of on Feb. 18. according $600,000
April 18. 1939.
on
BALANCE IN FUNDS SHOWS
DECLINE—Mainly responsible for a
decline of $10,021,803 in the balance in all funds at the beginning
from a year previous, in the State of North Dakota's operations,
certificates of deposit, says
He says at the beginning of 1937 certificates
to $6,808,273 during the year.
Balance in
$18,235,616.30; at the beginning of this year
falling
off in
of 1938,
was the
State Treasurer John Gray.
totaled $14,910,273, dropping
all funds Dec. 31, 1936, was
it was $8,213,712.93.
UNION
SPRINGS, N. Y.—BOND SALE
The issue of $60,000 coupon
registered water bonds offered Feb. 21 was awarded to A. C. Aflyn
Co., Inc., New York, as 3.20s at a price of 100.66, a basis of about
3.15%.
Dated March 1, 1938 and due $2,000 on March 1 from 1941
to 1970, inclusive.
or
&
WOODSTOCK (P.
O. Woodstock), N. Y.—BOND SALE—The issue
registered town hall bonds offered Feb. 24—V. 146,
951—was awarded to Sherwood & Reichard of New York, as 2X8* at a
price of 100.05, a basis of about 2.49%.
Dated March 15, 1937 and due
$2,000 on March 15 from 1938 to 1953 incl.
of $32,000 coupon or
MITCHELL, HERRICK & CO.
p.
700 CUYAHOGA
YORK, LEICESTER AND CALEDONIA CENTRAL SCHOOL DIS¬
(P. O. Greigsville), N. Y.—BONDS APPROVED—The voters
recently approved an issue of $220,000 bonds for construction of a central
school at Greirsville.
The project will cost $400,000, the balance of $180,000 to be paid for out of a Public Works Administration grant already
TRICT
authorired.
$36,000
RANDOLPH COUNTY,
N. C. School 4s
12/1/60-65 at 100^-100 int.
SPRINGFIELD
OHIO
AKRON, O.—SURVEY OF ECONOMIC AND FINANCIAL STATUS—
Cleveland, has prepared the following memo¬
randum of the city's economic and financial condition. The survey was based
on information obtained from the Ohio Municipal Advisory Council and
official sources and the statements made, while not guaranteed by the
investment house, are believed by them to be correct.
The City of Akron, despite threatened decentralization of plants because
of labor trouble, still remains the center of the rubber industry. Four of the
five principal tire manufacturers are located in Akron, and the major
portion of their investments in plant and equipment is represented by
their Akron properties.
While some of the tire companies have acquired
and located plants in other sections of the country, we do not believe this
warrants the assumption that Akron is going to lose its principal source of
The First Cleveland Corp.,
Incidentally, the B. F. Goodrich Co. expanded its Akron plant in 1937.
Present employment in the Akron rubber plants is estimated by a city
with the peak of 38,000 in 1937.
>
official to be 26,000 compared
Current
Richmond, Va.
A. T. T. Tel. Rich. Va.
COIUMBUS
income.
F. W. CRAIGIE & COMPANY
Fh.n. S-91S7
BUILDING, CLEVELAND
CINCINNATI
AKRON
CANTON
N. Y.—CERTIFICATE SALE—James E. Hushion, City
Comptroller, reports the recent sale of $280,000 IX % certificates of
indebtedness, due in two months.
The Yonkers National Bank & Trust
Co. and the First National Bank of Yonkers each took $140,000.
YONKERS,
Due
MUNICIPALS
OHIO
83
Operations
cash basis. All 1937 and prior year's obli¬
been paid.
Akron closed the year 1937 with a surplus of
$105,000 in the general operating fund after $247,000 was spent for direct
relief in the last half year. The 1938 budget provides approximately $500,000
for poor relief and medical aid.
In addition, $200,000 is included in the
budget to retire the balance of scrip outstanding.
Akron is now operating on a
gations have
NORTH
CAROLINA
ALAMANCE COUNTY (P. O. Graham) N. C.—BOND OFFERING—
Sealed bids will be received until 11a.m. on March 8, by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of an issue of $140,000 coupon funding bonds.
Interest
rate is not to exceed 6%, payable J. & D.
Denom. $1,000. Dated Dec. 1,
1937. Due on Dec. 1 as follows: $3,000, 1949 to 1953; $5,000, 1954 to 1958,
Debt Retirement
Schedule showing how Akron has
Jan. 1, 1931 to
■
Total Debt
Jan. 1,
Coupon bonds registerable as to principal alone; principal and interest
(J. & D. 1), payable in legal tender in New York City; general obligations;
unlimited tax; delivery on or about March 24, 1938, at place of purchaser's
Jan.
Jan.
1931
1. 1932
1. 1933
Jan. 1, 1934
requested to name the interest rate or rates in multiples of
X of 1 %. Each bid may name one rate for part of the bonds (having the
earliest maturities) and another rate for the balance, but no bid may name
more than two rates, and each bidder must specify in his bid the amount of
bonds of each rate.
The bonds will be awarded to the bidder offering to
A reduction
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 interest upon all of the bonds until their respective
maturities. No bid of less than par and accrued interest will be entertained.
Bids are required on forms to be furnished with additional information
by the above Secretary, and each bid must be accompanied by a certified
check upon an incorporated bank or trust company, payable unconditionally
_
,
,
^
Total Debt
Outstanding
$40,419,713
38,537,932
39,418,566
36,933,365
$45,314,305 Jan. 1, 1935
42,989,680
Jan. 1, 1936
41,298,857
Jan. 1, 1937
40,525,138
Jan. 1, 1938
of $8,380,940, slightly over 18%.
—
choice.
are
.
Outstanding
and $25,000, 1959 to 1962; all incl.
Bidders
reduced its bonded indebtedness from
Jan. 1, 1938.
Future Debt Requirements
The peak of future debt requirements occurs in
bonds mature. Of this amount $2,643,000 are water
1942, when $4,975,000
works bonds, which are
self-supporting; furthermore, $2,170,000 of the water works bonds are term
bonds and the sinking fund for them is up to actuarial requirements, i. e.
$1,637,504 of investments now in the water works sinking fund. The 1943
maturity requirements drop to $2,466,500 of which $477,000 is water works
debt.
From then on maturities gradually decrease.
■
■*General Tax Collections
*
"■*
1934-35 levy, 101%
1935-36 levy, 108%
1936-37 levy. 106%
collected, including prior delinquencies.
collected, including prior delinquencies.
collected, including prior delinquencies.
1438
Financial
Debt
Assessed valuation 1937-38
Assessed valuation, 1936-37
$268,526,000
266,680,560
27,172,299
$107
---
—
Ratio of direct debt to assessed valuation;
$150
private sale and to that end the opportunity to submit
will
be continued
until
March 10.
The notes are to bear
will be issued in denoms. requested by
purchaser and will be callable at any interest period.
Interest will be paid
March 1, 1939 and semi-annually thereafter.
Notes will be secured not
only by the tax levying power or the Board inside the 10-mill
interest
at
not
than
more
4%,
limitation,
but in addition by delinquent taxes which have
been levied and still out¬
standing in the amount of $1,706,302.
|j|
ASHLAND
CITY
SCHOOL DISTRICT (P. O.
Ashland), Ohio—
BONDS NOT SOLD—J. L. Grindle, Clerk of the Board of
Education, in¬
forms us that ali bids were rejected for the
$85,000 2%% school building
bonds offered Feb. 21—V. 146, p. 952.
The Clerk expalins that the ballot
carried average rate for retirement of issue as
.03636, as certified by County
Auditor.
This should have been 0.3636.
Future action undecided.
The
bonds were to be dated Dec.
1, 1937, and mature serially on Sept. 1 from
1939 to 1963, incl.
BETHESDA,
Feb.
15
Ohio—BONDS
their approval to
gave
a
construction bonds.
VOTED—The voters of the village on
proposal to issue $44,000 water works
CINCINNATI, Ohio—AUTHORITY
FOR
ISSUANCE OF $3,950,000
BONDS EXPIRES JAN. 1—Unless the
city issues before Jan. 1 $3,950,000
worth of bonds that were
approved years ago by the voters, Cincinnati
City Auditor Henry Urner has in¬
will forfeit the right to use the
funds,
formed City Manager C. O. Sherrill.
R. J. EDWARDS, Inc.
Erie Avenue street
improvement,
Fire Department, real estate and
$35,100, voted Aug. 12, 1919.
buildings, $200,000, voted Nov. 3, 1925.
Grade crossing eliminations,
$2,000,900, voted Nov. 6, 1928.
Plum Street widening,
$1,000,000, voted Nov. 6, 1928.
Fire alarm signal system.
$725,000, voted Nov. 5, 1929.
Mr. Sherrill said he would
try to have some of the bonds included in the
bond program for next year, which
begins July 1.
He indicated he prob¬
ably would try to have the fire alarm signal system
included, and said he
was
considering a pian for widening Plum Street to
provide an additional
lane of traffic.
But the right to use the
$2,000,000 bonds for grade-crossing
elimination would be lost, he
said, unless the railroads and the Federal
Government could be induced to
provide their share.
CLEVELAND, Ohio—BOND
SALE DETAILS—The
$400,000 4% poor
sinking fund, as reported in these columns last
January, are dated Dec. 1, 1937 and mature Oct. 1 as follows:
$57,000 from
1939 to 1944 incl. and $58,000 in 1945.
Price paid was par.
sold
to
the
DENNISON, Ohio—PROPOSED
Municipal Bonds Since 1892
Oklahoma
AT&T
BOND
ISSUE—Village Council has
the State Tax Commission for
permission to issue $16,000
deficiency bonds to pay past due bills.
Bonds would be retired from the
village's share of delinquent tax collections.
petitioned
HASKINS, Ohio—BIDS UNDER
ADVISEMENT—Jenny
Village Clerk, informs us that the bids submitted for
the
Russell.
$12,000 4%
syetem construction bonds offered Feb.
23—V. 146, p. 1114—are
being held for further consideration.
Dated Feb. 1, 1938 and due $1,000
on Oct. 1 from 1939 to
1950 incl.
Ok
LEBANON,
Ohio—BONDS SOLD—An
issue of $6,800 4% sanitary
locally.
OAKWOOD CITY SCHOOL DISTRICT.
Ohio— BOND OFFERING—
Parker, Clerk-Treasurer of the Board of
Education, will receive sealed
bids until noon on March
14, at his address 1210 Far Hills Ave.,
Dayton,
for the purchase of
$40,000 not to exceed 4% interest
library construction
^Onds;fto?ated,^ch,1' 1938- Denom. $1,000. Due $2,000 on Sept. 1
from 1939 to 1958 incl.
Bonds are payable from taxes levied
outside the
tax limitations.
Interest payable (M. &
S.).
A certified check for $400,
payable to the order of the Board of
Education, must accompany each
proposal.
construction bonds has been sold
The bonds will be
approved
as to
of Cleveland.
legality by Squier, Sanders & Dempsey
P^RRy TOWNSHI
p (P. O. Perry), Ohio—BOND SALE—The issue
of $8,000 fire equipment
bonds offered Feb. 21—V.
146, p. 952—was
Saunders, Stiver & Co. of Cleveland as 2^s at
par plus a pre¬
mium of $37.75, equal to
100.47, a basis of about 2.69%.
Dated March 1,
1938, and due Sept. 1, 1946.
awarded to
TOLEDO
CITY
SCHOOL
DISTRICT,
Ohio—NOTE
SALE—
Ryan, Sutherland & Co. of Toledo
purchased an issue of $400,000
l%%
anticipation notes, due Aug. 25, 1938.
tax
PAID—It
struction
is
CARRIER
Carrier),
offered
UNION
GRADED
Okla.—BOND
for
TRUMBULL COUNTY (P. O.
Warren), Ohio—BOND OFFERING—
H. Roberts, Clerk of
the Board of
County Commissioners, will
receive sealed bids until 2
p. m. on Ma(ch 14 for the
purchase of $160,000
^3°nArnfundAing., ^ondlv, Dated March 1, 1938. Denom. $1,000. Due
$8,000 on April 1 and Oct. 1 from
1939 to 1948
Robert
interest
rate other than
incl.
4%, provided
that where
a
Bidder may name an
fractional rate is bid
ei«nrnC^on Li jessed in a multiple of X of 1%. A certified check for
$1,600, payable to the order of the
County Commissioners, must accompany
C ounty will
pay for printing of the bonds; successful bidder
each proposal.
muy c
Oct
1
opmion and expense of shipping the bonds.
1938
t0
refunded consist of S94.000 due April
WASHINGTON
sold
to
TOWNSHIP
SCHOOL
^$60,000
the
State Teachers
Retirement System
H l*B<YA£nese columns last November,
iyjy to
lyoo, incl.
WOOSTER
TOWNSHIP
RURAL
1,1938 and $66,000
DISTRICT
sale
on
Feb.
CP
O
Nevl
price of 100.308, as
mature $3,000 each Oct. 1 from
Edwards, Inc., of Oklahoma City as follows:
$4,500 as 2s, maturing
$1,500 from 1942 to 1944; $6,000 as 3s, maturing $1,500, 1945 to 1948,
334s, maturing $1,500 from 1949 to 1953, and $2,000 in 1954.
FAIRVIEW, Okla.—BOND OFFERING—Sealed bids will be received
until 8 p. m. on March 1, by J. C. Nicholson, City
Clerk, for the purchase
of a $30,000 issue of sewer system bonds.
Sale will be made to the
bidder
offering the lowest rate of inteiest and agreeing to pay par and accrued
interest for the bonds.
Dated April 1, 1938.
Due $3,000 from April 1,
1941 to 1950 incl.
Bonds are to be delivered to the purchaser in blocks of
$10,000 each, as the money is needed by the city.
A certified check for 2%
of the bid is required
GUTHRIE, Okla.—PRICE PAID—We are now informed that the
$25,000 water works improvement bonds awarded on Feb. 15 to the
City
Treasurer as Is, 2s, and 3s. as noted here—V.
146, p. 1286—were sold
ar par.
Due from 1941 to 1957.
OKLAHOMA
CITY
SCHOOL DISTRICT
SCHOOL
(P.
O.
o
o
whole
Ra^l"/Lda,te,-
or
in
part
Principal and
INGTON
on
Oct.
1, 1959, or any subsequent interest
at the Commercial
A certified check for
$1,000, payable to
interest (A. & 0.( payable
Wooster.
the order of tne Board of
Education,
SCHOOL
must
accompany each proposal.
DISTRICT, Ohio— BOND
SALE
that the
Interest payable J. & D.
Oklahoma
City),
146,
OKLAHOMA
Peshek Jr.,
to
vote on
bonds.
(P.
is
stated
by M.
City Clerk, that an election will be held on March 12 in order
the proposed issuance of $2,357,000 in Fort
Supply Reservoir
PONTOTOC
43
CITY, Okla.—BOND ELECTION—It
O.
JOINT
CONSOLIDATED
SCHOOL
DISTRICT
NO.
Pontotoc)
Okla.—BOND OFFERING—Sealed bids will be
7, by Jay Harden, District Clerk, for
building bonds. Sale will be made to the
bidder offering the lowest rate of interest at
par and accrued interest.
Due
$500 annually from 1941 to 1952 incl.
A certified check for 2% of the
amount of the bid is required.
received until 2 p. m. on March
the purchase of a $6,000 issue of
STONEWALL, Okla.—BOND OFFERING— Sealed bids will be received
until 2 p. m. on March 2, by O. D.
Wardlow, Town Clerk, for the purchase
an $8,000 issue of sewer bonds.
Sale will be made to thf bidder offering
the lowest rate of interest and
of
agreeing to pay par and accrued interest.
Due $1,000 from 1942 to 1949 incl.
A certified check for 2% of the bid is
required.
YEAGER CONSOLIDATED SCHOOL DISTRICT NO. 3
(P. O.
Holdenville), Okla.—BOND OFFERING—It is stated that sealed bids
will be received until 2 p. m. on Feb.
25, by E. A. Clarke, District Clerk,
at the County Treasurer's office in
Holdenville, for the purchase of an
issue of $8,200 school
building bonds.
Interest rate to be specified by the
bidder, not less than par and accrued interest.
Due as follows: $1,000
1943 to 1949, and $1,200 in 1950.
A certified check for 2% must accom¬
pany
the bid.
OREGON
INDEPENDENCE, Ore.—BONDS TO BE SOLD—It is stated that bids
will be opened sometime in March for the
purchase of a $22,000 issue of
high school remodeling Ponds.
KLAMATH FALLS, Ore.—PRICE PAID—O. H. Langslet, Police
Judge, states that the $14,851.86 issue of street improvement bonds pur¬
chased by the city, as noted here
recently—V. 146, p. 1286—were sold as
3s at par. Due in 10 years, optional in one year.
LA
GRANDE, Ore—BOND
OFFERING—Sealed bids will be received
until 7:30 p. m. on Feb. 26
the purchase of an issue of
to exceed 3%,
payaole M.
by J. E. Stearns, City Recorder-Treasurer, for
$150,000 refunding bonds.
Interest rate is not
& S.
Denom. $500.
Dated March 1, 1938.
Due $10,000 from March 1, 1939 to
1953, incl.
The approving opinion
of Teal, Winfree,
McCulloch, Shuler & Kelley of Portland will be furnished.
The bonds will be delivered in Portland.
A certified check for $5,000
must accompany the bid.
ONTARIO,
Ore—BOND
OFFERING— Sealed
bids
will
be
received
until 8 p. m. on March 7
by F. P. Ryan, City Recorder, for the purchase
$4,899 issue of Lateral Sewer Districts No. 14 and 15. general obliga¬
tion improvement bonds.
Interest rate is not to exceed 5%, payable
M. & S.
Denom. $500, one for
of
$399.
Dated March 7, 1938.
Due on
March 7 as follows:
$399 in 1940 and $500, 1941 to 1949 incl.
Prin. and
int. payable at the office of the
City Treasurer.
A certified check for $100
must accompany
the bid.
SILVERTON, Ore.—BOND
OFFERING—It is reported that sealed bid»
will be received until 7:30
p. m. on Feb. 28, by George W. Hubbs, City
Recorder, for the purchase of a $2,500 issue of refunding bonds.
Interest
rate is not to exceed
6%, payable M. & S. Denom. $500.
Dated March 1,
1938.
Due $500 from March 1, 1942 to 1946 incl.
A certified check for
$200 must accompany the bid.
SOUTH
Eugene),
$12,000
WILLAMETTE
WATER
DISTRICT
Ore.—INTEREST RATE—We are now
coupon
of Portland at
par, as noted here—Y.
No other bid
(P.
O.
informed
water supply bonds sold on Feb. 7 to Ferris &
was
146, p.
Route
that
3,
the
Hardgrove
1115—bear interest at 5%-
received for the bonds,
WEST SALEM SCHOOL DISTRICT NO. 32 (P. O. West
Salem)„
Ore.—PRICE PAID—We are now informed that the $4,000 4% coupon
school bonds purchased on Feb. 15
by the State Bond Commission, as
noted here—V. 146, p. 1286—were sold for a
premium of $166, equal to*
104.15. a basis of about 2.75%.
Due from 1940 to 1943 inclusive.
PENNSYLVANIA
COALPORT SCHOOL DISTRICT, Pa.—BOND SALE DETAILS—
The $8,000 building bond issue
purchased by the County National Bank of
as
sold at par.
ERIE
previously noted in these columns, bear 3% interest and were
COUNTY
(P. O. Erie), Pa.—NOTE OFFERING— Harvey M.
Willis, County Comptroller, will receive sealed bids until 2 p. m. on March 1„
for the purchase of $200,000 notes.
Dated March 10, 1938 and due in.
five months.
Bidder to name the rate of interest.
Principal payable from
current revenue at the office of the
County Treasurer.
JOHNSTOWN
SCHOOL
DISTRICT,
Pa .—BOND OFFERING—
George B. Hunter, Secretary of the Board of Directors, will receive sealed
bids until 8 p. m. on March 14 for the purchase of $325,000
coupon, registeras to
principal only, bonds, to bear interest at one of the following rates,
named in the successful bid: 2, 2H, 2H, 2%, 3,
3K. 3J^, 3M, 4, 4% or
able
DE-
AILS- $105,000
C J. Cummings, Clerk of the Board of Education, informs us
building bonds awarded to
Walter, Woody & Heimerdinger of Cmcinnati, asi
previously noted in these columns, were sold as
1
incl. Denom. $1,000. 'T1?37 and due seriady on Dec. 1 from 1939 to 1958
+
O.
952.
p.
Clearfield,
DISTRICT
Young, Clerk of the Board
~L
®i K /InA i JeCeLve ,sLal1d bids until noon on March 14 for the purSi nnn ^P^school building bonds. Dated Feb. 1, 1938. Denoms.
fin®* nnn
^o1-as, foli?Ws: $2,500 from 1939 to 1958 incl.
k?
1959 to 1963 incl. The bonds due from 1959 to 1963 are
^liable in
(P.
Okla.—BOND ELECTION NOT SCHEDULED—We are informed
by the
Clerk of the Board of Education that no new election has been set
by the
said Board to pass on the $1,750,000 In not to exceed
5% school building
bonds that were defeated on Jan. 22, as noted in these
columns—V.
a
Ohic^BOiVD OFFERING—Albert
SCHOOL DISTRICT NO. A (P. O.
SALE—The $20,000 issue of building bonds
15—V. 146, p. 1114—was purchased by R. J.
and $9,500 as
3% school building bonds
at
(P. O. Carnegie), Okla.—PRICE
reported by the District Clerk that the $3,000 con¬
purchased by Calvert & Canfield of Oklahoma City as
noted here recently—V. 146, p. 1114—were sold at par.
now
bonds
3s and 3Ms, as
TRENTON, Ohio—BOND
SALE—The issue of $3,250 fire
apparatus
purchase bonds offered Feb. 21—V.
146, p. 952—was awarded to Saunders,
Stiver & Co. of Cleveland
Dated March 1, 1938 and due
$325 annually on
Sept. 1 from 1939 to 1948 incl.
Long Distance 158
OKLAHOMA
sewer
sewer
City, Oklahoma
Cy 19
CARNEGIE SCHOOL DISTRICT
The
referendum authority granted
by the voters will expire Dec. 31, 1938, having
already been extended for
one year under an Act of the
State Legislature.
The bond issues and the
dates they were authorized
by vote of the people are:
reiief bonds
1938
10.13%
per capita
AKRON
CITY
SCHOOL
DISTRICT, Ohio—BIDS ASKED ON
$400,000 NOTES—Hazel Fleek, Clerk of the Board of Education, announces
that the Board has recently passed legislation
authorizing the issuance of
$400,000 notes, prior to the issuance of bonds, for the
purpose of paying
off all of the city's outstanding tax
anticipatory notes, commonly known
as "scrip."
The notes, to be dated Mdrch 1, 1938 and due March 1,
1940,
will be sold at
bids
26,
issue of $10,000 sewer bonds
has been sold to Fox, Einhorn & Co., Inc. of Cincinnati.
Summary
The matket on City of Akron bonds has been depressed. Lack of demand
for the bonds exists because of apprehension of the future of Akron. Rumors
of decentralization of the rubber plants and what effect the
current business
depression will have probably created this apprehension.
Since the last
depression, Akron has made considerable progress in reducing its debt and
the city is in a much stronger position now.
Refunding of maturities was
necessary during 1932-35, due to the banks closing and poor tax collections.
All 1936 and 1937 maturities amounting to a total of
$6,019,375 were paid
promptly.
Maturity requirements in 1938 are $2,991,778 and in 1939,
$2,802,888, or a total of $5,794,666 for the next two years.
informal
Feb.
ZANESVILLE, Ohio—BONDS SOLD—An
Total direct net debt Jan. 1, 1938-Direct net per capita.
Overlapping debt
Chronicle
Analysis
as
4H%. The offering consists of:
$210,000 operating
revenue
bonds.
Due $21 000
on
April 1 from 1939 to
1948 incl.
115 000 refunding bonds. Due April 1 as follows: $11 000 in odd
years and
$12 000 in even years from 1939 to 1948 incl.
Volume
Financial
146
CITY OF PITTSBURGH
99.50
&
1439
JASPER COUNTY (P. O. Ridgeland), S. C.—BOND SALE—'The
$50,000 issue of coupon school bonds offered for sale on Feb. 21—Y. 146,
p. 1115—was awarded to the Robinson-Humphrey Co. of Atlanta, as 334s,
paying a premium of $352.00, equal to 100.704, a basis of about 3.38%.
Dated March 1,1938.
Due $5,000 from March 1, 1940 to 1949 incl.
.The next highest bidder was Johnson, Lane, Space & Co. of Savannah,
offering $225,000 premium of 3 34s.
2M% Bonds due February 1, 1956
Price:
Chronicle
Interest
SOUTH
Moncure Biddle & Co.
DAKOTA
ELK
POINT, S. Dak.—BONDS SOLD—It is stated by the City Auditor
$23,000 refunding bonds authorized recently by the City Council
that
1520 Locust St.. Philadelphia
have been sold.
HARRISBURG
CONSOLIDATED
INDEPENDENT
SCHOOL DIS¬
TRICT
NO. C-l
(P. O. Harrisburg), S. Dak.-—BOND SALE—The
$15,000 issue of gymnasium-auditorium bonds offered for sale on Feb. 19
—V. 146, p. 1115—-was awarded to the Northwest Security National Bank
of Sioux Falls as 3)48, paying a premium of $185, equal to 101.233, a basis
of about 3.33%.
Dated Jan. 1, 1938.
Due $1,000 from Jan. 1, 1939
to 1953, inclusive.
The second best bid was an offer of $180 premium on 3)4s, submitted
by the Justus F. Lowe Co. of Minneapolis.
CITY OF PITTSBURGH
21/48
Due
February 1, 1954 to 1958
At
and interest
99^
To
net
MADISON INDEPENDENT SCHOOL DISTRICT (P. O. Madison),
S. Dak .—BOND OFFERING—It is stated by G. N. Arneson, Clerk of the
Board of Education, that he will receive sealed and auction bids until Feb.
2.28%.
YARN AIL & CO.
A. T. A T.
28, at 8
m.,
p.
for the purchase of
$45,000 issue of refunding bonds.
a
Interest rate is not to exceed
%, payable A. & O.
Dated April 1, 1938.
Due $3/000 from April 1, 1939 to 1953 incl.
The approving opinion of
Teletype—Phila. 22
Junell, Briscoll, Fletcher, Dorsey, Barker & Colinan,
1528 Walnut St.
Philadelphia
WASTA, S. Dak.—BONDS VOTED—At
the
PENNSYLVANIA
payable to the order of the District Treasurer, is required. Bonds will be
issued subject to approving legal opinion of Townsend, Elliott & Munson of
Philadelphia.
Pa.—BOND
voters
election held on Feb. 7
District No. 1
an
approved the issuance of $10,000 in School
a wide margin, according to report.
building bonds by
All of the bonds will be dated April 1 1938. Denom. $1,000. Bids must be
for the entire $325,000 bonds. Interest payable A. & O.
District assumes
and agrees to pay all taxes, except succession or inheritance taxes, which
may be levied on principal of bonds and interest under any present or future
law of the Commonwealth of Pennsylvania.
A certified check for $6,500,
KINGSTON,
Minneapolis, will
or
be furnished.
OFFERING—Charles
H.
Blochberger,
Borough Secretary, will receive bids until 7:30 p. m. March 7, for the
purchase at not less than par of $150,000 coupon, registerable as to principal,
bonds.
Bidders are to specify a single rate of interest on the entire issue,
making choice from
2%%, 234%, 3%. 3H%, 3M%, 3M% and 4%. De¬
nom. $1,000.
Dated April 1,1938.
Int. payable semi-annually.
Due on
April 1 as follows:
$10,000, 1940; $5,000, 1941 and 1942; $10,000, 1943:
$15,000, 1944 and 1945; $25,000, 1946, 1947 and 1948; and $15,000, 1949.
Certified check for 1% of amount of bonds bid for, payable to the Borough
Treasurer, required.
Bonds will be issued subject to the favorable legal
opinion of Townsend, Elliott & Munson of Philadelphia.
TENNESSEE
GIBSON COUNTY (P. O. Trenton), Tenii.—BOND SALE—The First
National Bank of Memphis and associates, purchased and are now making
public offering of $225,000 4% funding bonds.
Dated March 1, 1938.
Denom. $1,000.
Due serially on March 1.
The bonds currently available
for purchase are due from 1947 to 1956 incl. and are priced at 102 and 101.50.
Principal and interest on the entire issue (M. & S.) payable at the Chemical
Bank & Trust Co., New York Oity.
The bonds are direct and general
obligations of the county, payable from a direct unlimited ad valorem tax
irrevocably levied against all of its taxable property.
I egality approved
by Chapman & Cutler of Chicago.
Purpose or the issue was to fund all
of the county's floating indebtedness.
Financial Statement
Estimated actual value all taxable property
MATAMORAS, Pa.—BOND OFFERING—W. L. French, Borough
Secretary, will receive sealed bids until 8 p. m. on March 7 for the purchase
of $8,500 4% coupon bonds.
One bond for $500, others $1,000 each.
Due
serially from 1939 to 1947 incl. Interest payable A. & O.
MIFFLIN TOWNSHIP SCHOOL DISTRICT (P. O. Terrace), Pa.—
BOND OFFERING—Sealed bids addressed to H. H. Finnecy, District
Secretary, will be received until 7:30 p. m. on March 7 for the purchase of
$100,000 coupon school building bonds.
Dated March 1, 1938. Denom.
$1,000. Due $5,000 on March 1 from 1939 to 1958 incl. Bidder to name the
rate of interest in a multiple of % of 1 %.
Interest payable semi-annually.
Bonds will be issued subject to approval of the Pennsylvania Department of
Internal Affairs.
Successful bidder will be furnished with the approving
legal opinion of Burgwin, Scully & Churchill of Pittsburgh.
The district
will also furnish the bonds.
A certified check for $1,000, payable to the
order of the District Treasurer, must accompany each proposal. This issue
carried at the general election last November.
PENN TOWNSHIP SCHOOL DISTRICT (P. O. Oakmont), Pa.—
BONDS AUTHORIZED—The school board has authorized the issuance of
$92,000 bonds.
bids until 8 p. m. on March 15 for the purchase of $20,000 coupon, registeras to principal
only, fundjng bonds, to bear interest at one of the
following rates, as named in the successful bid: 2, 2H, 23d, 2M. 3, 33d,
3)4, 3% or 4%.
Dated April 1, 1938.
Denom. $1,000.
Due $2,000 on
April 1 from 1939 to 1948 incl. Interest payable A. & O. A certified check for
2% of the amount of bonds bid for, payable to the order of the Township
Treasurer, must accompany each proposal. The bonds will be issued subject
to approving legal opinion of Townsend, Elliott & Munson of Philadelphia.
able
$1,612,809
Net bonded debt
None
Floating indebtedness
Population 1930 census—46,528 (36,638 white)
*The above statement does not include the debts of other political sub¬
divisions having power to levy taxes on
property within the county.
Tax Collections
Per
Cent
Collected
Assessed
Valuation
Tax
Rate
Taxes
Levied
Amount
Collected
$16,814,832
16,146,732
16,155,750
15,844,550
$1.63
1.82
1.82
2.30
$274,081.75
294,870.52
294,034.65
364,424.65
$272,537.53
282,100.70
263,694.62
(not delinq. until
Tax
Year
1934
1935
1936
1937
99.44
95.67
89.68^
Mar. 1)
KNOXVILLE, Tenn.—NOTES SOLD—It is stated by A. P. Frierson,
Director of Finance, that $200,000 tax anticipation notes were placed with
local banks about Jan. 1.
HUMBOLDT,
Tenn.—BONDS NOT
SOLD—It is stated by Mayor
Howard J. Foltz that the $215,500 refunding bonds offered for sale without
success on
UPPER PROVIDENCE TOWNSHIP (P. O. Mont Clare), Pa .—BOND
OFFERING—Herman B. Willaredt, Township Secretary, will receive sealed
$31,687,100
15,844,550
2,529,000
916,191
Assessed valuation 1937 (50% actual)
*Total bonded debt, including this issue
Less: Highway Reimbursement funds.
Feb. 23, 1937, are still unsold.
Dated April 1,1937.
Due from
1939 to 1959.
LEWISBURG, Tenn.—BONDS SOLD TO PWA—It is stated by O. O.
Wallace, City Clerk, that $55,000 4% semi-ann. electric light and trans¬
mission line bonds have been purchased at par by the Public Works Ad¬
ministration.
B.
LIVINGSTON, Tenn.—BONDS NOT SOLD— It is stated by Mayor
H. Hunt that no further action has been taken toward reoffering the
$35,000 issue of not to exceed 6% semi-ann. auditorium
for sale without success on July 24, 1937.
bonds offered
WHEATLAND, Pa .—BOND OFFERING—F. L. Hutchison, Borough
Secretary, will receive sealed bids until 7:30
p. m.
TEXAS
(Eastern Standard Time)
March 4 for the purchase of $10,000 not to exceed 4% interest coupon
Dated March 1, 1938.
Denom. $1,000.
Due $2,000 on March 1
from 1946 to 1950 incl. Bidder to name a single rate of interest, expressed
on
bonds.
in
a m jltiple
of H of 1 %.
Interest will be payable semi-annually on March 1
and Sept. 1 free of all taxes (except gift, succession and inheritance taxes)
levied pursuant to any present or future law of the Commonwealth of
Pennsylvania.
Bonds will be issued subject to approval of the Pennsylvania
Department of Internal Affairs. A certified check for $250, payable to the
order of the borough, must accompany each proposal.
WILLIAMSPORT, Pa.—BOND OFFERING—Sealed bids addressed to
Byron C. Houck, City Clerk, will be received until noon on March 15, for
the purchase of $50,000 not to exceed 3% interest funding bonds.
Due
$5,000 annually from 1939 to 1948, incl.
Bidder will be required to name
a single rate of interest, the choice to be made from the
following:
1, 1 XI,
1)4, 1H, 2, 23i, 2)4, 2% or 3%.
Legal opinion of Townsend, Elliott &
Munson of Philadelphia.
PUERTO
RICO
PUERTO RICO (Government of)—BOND SALE DETAILS—In
as
noted here recently—V. 146,
have been furnished:
Dated
July 1, 1936.
Denom. $1,000.
p.
1287—the following details
Due July 1
as follows:
$50,000
in 1938 to 1940; $60,000 in 1941 to 1944; $70,000 in 1945 to
1948; $80,000
in 1949 and 1950; $90,000 in 1951 to 1953, and $100,000 in 1954 to 1956.
Bonds maturing on or after July 1, 1946, are redeemable in whole or in
part in the inverse order of maturity, on such date or on any interest
payment date thereafter at the option of the obligor on published notice,
the principal amount thereof and accrued interest thereon to date of
.redemption plus a premium of 34 of 1% for each year or fraction thereof
from the redemption date to the stated date of maturity of the bond.
Principal and interest payable in any coin or currency of the United States
which, on the respective dates of payment, is legal tender for public and
private debts, at the office of the Puerto Rico Treasurer, or at the Chase
National Bank, New York.
The legality of the bonds has been approved
by the Attorney General of Puerto Rico and Thomson, Wood & Hoffman
of New York.
at
SOUTH
GREENVILLE COUNTY
(P.
C
ACT DECLARED INVALID—The State Supreme Court declared uncon
the Greenville County Road Bond Act, passed by the 1937
The
Assembly.
Court
affirmed
order
of Circuit
Court
Judge Philip N. Stoll
granting a permanent injunction against the bond sales.
The measure provided for a $350,000 bond issue and allowed the county
to borrow not more than $350,000 from the Federal Government to construct
an
and pave roads.
The Supreme Court held that the
tion
Act violated the section of the constitu¬
providing for the three branches of government, executive, legisla¬
tive and judicial, to be separate and distinct.
The Court also said that
members of the Legislature were "elected for the purpose of making laws,
not
administering them."
Board.
REFUNDSTUDIED—Commissioners' Court has under consideration
CAMERON COUNTY (P. O. Brownsville), Texas—BOND
ING BEING
proposal to refund $5,618,500 of road bonds of the 1934 issue.
The pro¬
posal provides exchange of bonds for two issues of refunding bonds, one of
which would be for $1,350,576 and would bear 5% interest until maturity
and the other for $4,638,523, would bear interest of 3% the first five years,
4% the next 10 years and 5% the remaining 20 years.
The refunding proposal also carries a provision allowing the court to
a
„
,
when
,
the bondholders for 150 days
by the Commissioners' Court.
It will become
holders of 75% of outstanding bonds approve it.
after its passage
ELECTRA, Texas—BOND ELECTION—At an
effective
election to be held on
Feb 28 voters will be asked to authorize the issuance of $122,000 not to
exceed 4% interest light and power system revenue bonds, maturing serially
period of not more than 20 years.
Bonds shall be payable as to
principal and interest from and secured by an exclusive first lien
of the system after deduction of resonable
operation expenses.
over
a
both
on
and pledge of the revenue
GALENA
PARK, Texas—BONDS VOTED—At the election held on
1116—the voters approved the issuance of the $100,000
drainage bonds,
Feb. 10—V. 146, p.
in street and
BONDS DEFEATED—At the same
to issue
GRAND
Under
a
time the voters defeated the proposal
$25,000 in city hall and fire station bonds.
SALINE, Texas—WATER WORKS BONDS
refunding arrangement recently
REFUNDED—
consummated by the City Council,
outstanding water works bonds have been purchased and
resold under an arrangement whereby the payments will be made annually
the $40,000 in
unpaid balance of the $50,000 issued in 1924, when
The first bonds bore interest
waterworks system was built.
of 6% and beginning in 1945 the
of $10,000 every five years.
The new bonds bear only 5% interest,
the present
BOND
stitutional
General
$5,000 gymnasium bonds have been
ra^The bonds6the
CAROLINA
O. Greenville), S.
SCHOOL DISTRICT (P. O. Baird), Texas—
reported by the President of the Board of Education
purchased by the State School
BA1RD INDEPENDENT
BONDS SOLD—It is
that
buy county
bonds under certain conditions.
The proposal will be open for acceptance by
con¬
nection with the sale of the $1,400,000 4% semi-ann. electric power revenue
bonds to the Bancamerica-Blair Corp., by the Reconstruction Finance
Corporation,
HEIGHTS, Texas—BOND ELECTION—It is reported that
an election will be held on March 1 to vote on the issuance of $50,000 in
bonds, divided as follows:
$25,000 street improvement and $25,000
drainage and storm sewer extension bonds.
ALAMO
at the rate
bonds were payable at the rate
.
■
and a certain portion
comes
dUToanurchase
and refund the bonds, it was necessary that the owner be
paid a premium of $4,418, and a commission of $800 was paid for the com¬
pleting of the transaction.
Despite this expense, City Treasurer Stewart
estimates that the city will save $8,992 in the transaction.
GREGG COUNTY (P. O. Longview), Texas—BONDS SOLD—It Is
reported that $114,000 refunding bonds were purchased by Garrett & Co.
of Dallas at a price of 100.44.
LAMESA INDEPENDENT SCHOOL DISTRICT (P. O. Lamesa),
Texas—BOND ELECTION—On March 3 voters will be asked to approve
1440
Financial
the"*issuance
of $83,000
30-year serlalI4M%
equipping of two free school buildings.
Chronicle
bonds for theTerection and
WEST
/
^
^
MINGO COUNTY
oTLeakey),
INDEPENDENT SCHOOL DISTRICT (P.
Texas—BOND CALL—It is reported that all outstanding
LEAKEY
5% bonds,
May 13. 1921, are being called for payment as of March 20.
Due
May 13, 1961, optional after five years from date of issue.
LIBERTY
stated
bonds
COUNTY
(P.
indefinitely by
Dated March 13, 1938.
Due $6,000 from March 13,
Prin. and int. (M. & S.) payable at the State Treas¬
Legal approval by Chapman & Cutler of Chicago.
(A total of $300,000 road bonds are being called for payment on March
13, as noted in these columns recently—V. 146, 1. 1288.)
a court
order of Feb. 19.
$1,000.
WISCONSIN
1939 to 1948, incl.
unn,
noon on
of refunding
bonds dated
Oct.
15,
1936,
up
to
the amount of $10,000.
All offerings should be firm for five days.
McKINNEY
SCHOOL
DISTRICT
BONDS SOLD—It is stated by J.
that the $60,000 3M% semi-ann.
voters at the election held on
(P.
O.
McKinney),
Texas—
It.
Ryan, Superintendent of Schools,
construction bonds approved by the
Feb. 14 have been sold.
Due In 1958.
7*
PALESTINE
SCHOOL
DISTRICT
(P.
O.
Palestine), Texas—
BOND SALE DETAILS—It is now reported by the Superintendent of the
Board of Education that the $200,000 school improvement bonds purchased
by the Brown-Crummer Co. of Wichita, as noted in these columns last
October, were sold at par as 3M», 3Mb and 4s, and mature in from 1 to 30
years.
PASADENA, Texas—BOND ELECTION—It is reported that
will be held
on
Feb. 26 in order to vote
on
an
election
the Issuance of $20,000 sewer
TAFT INDEPENDENT SCHOOL DISTRICT
(P. O. Taft), Texas—
BOND ELECTION—It is stated that an election will be held on March 5
in order to vote on the issuance of $130,000 in school construction bonds.
TEXAS, State of—BOND PURCHASE APPROVED—The State Board
approved the purchase with state education funds
of Education recently
of more than $1,000,000 of bonds of
nearly 200 different school districts.
Interest on the bonds will go into the available school fund.
-
TIMPSON SCHOOL DISTRICT (P. O.
Timpson), Texas—BONDS
SOLD—It is stated by L. G. Hilliard, Superintendent or Schools, that the
State Board of Education has purchased at par a block of $14,600 of the
J20,000 4% semi-ann. school bonds offered for sale without
uly 12, 1937.
WOOD
BOND
COUNTY
ROAD
CALL—The following
success on
DISTRICTS
bonds
are
(P. O. Quitman), Texas—
being called for payment as of
April 1:
Road District No. 1, 5% bonds, dated July 10, 1911, Nos. 1 to 30
incl.,
$1,000 each, maturing forty years from their date, redeemable after 20
years
of which have reached their optional date.
*4
It is stated by L. D. Callaway, County Treasurer, that the above bonds
payable at the American National Bank, Austin.
are
VIRGINIA
DRIVES SANITARY DISTRICT (P. O. Prince George), V..—
SOLD—It is stated by George It. Walters, Clerk of the Board of
Super¬
visors, that $30,000 water and sewer bonds approved by the voters on
June 29. were purchased on Jan. 31 by Miller & Patterson of
Richmond.
p ROANOKE, Va.—OFFICIAL REPORT OF VOTE ON $5,000,000 BOND
ISSUE—L. D. James, City Clerk, confirms as follows the
previous report
in these columns of the vote to
be taken March 22
on
a
proposed issue of
$5,000,000 water bonds:
"The ordinance
authorizing the issuance of $5,000,000 of bonds to provide
funds to defray the cost of acquisition of the water works
plant or system
of the Roanoke Water Works Co., and to provide funds for additions
and
betterments thereto, was adopted by the Council of the
City of Roanoke
on the 7th day of
February, 1938, and Ordinance No. 5426 providing for
the holding of an election to take the sense of the
qualified voters on the
question of endorsing the bond ordinance, was adopted on Feb.
14, 1938,
tne date of election provided for in the ordinance being March
22.
"The award of the Commissioners has fixed
$4,523,437 as the
value of
the plant."
WASHINGTON COUNTY SANITARY DISTRICT
NO.
1
(P.
O.
Abingdon), Va.—BOND SALE—The $340,000 issue of 4% coupon water
supply bonds offered for sale on Feb. 24—V. 146, p. 1288—was awarded to
Scott, Horner & Mason, Inc., of Lynchburg, Va., and Minnich, Wright
& Co.,
Inc., of Bristol, Tenn., jointly, for a premium of $7,000, equal to
1939°to81967 aSiS °f ab0Ut 8 "81
Dated July 1, 1937.
Due from July 1,
<DrumWli?r, Ehrlichman & IPltib
ESTABLISHED
NORTHWESTERN
1
as
the date of
a
special election at which
$15,000 refunding bonds will be submitted to
HARTFORD
CITY
a
a
proposition to issue
vote.
HIGH
SCHOOL DISTRICT (P. O. Hartford)
Wis.—BOND OFFERING—Sealed bids will be received until 2 p. m. on
Feb. 23, by Otto Mickelson, District Clerk, for the purchase of an issue of
$100,000 3% coupon building and improvement bonds.
Denominations
$1.000 and $500. Dated March 1,1938. Due on March 1 as follows: $5,000,
1939 and 1940: $5,500. 1941 and 1942; $6,000, 1943 and 1944; $6,500, 1945
and 1946; $7,000, 1947 and 1948; $7,500, 1949 and 1950;
$8,000, 1951;
$8,500, 1952, and $8,500 on Jan. 31, 1953.
The successful bidder will be
required to furnish and print the bonds at his own expense. Interest pay¬
able M. & 8.
8ecurity for these bonds will be a direct general obligation upon all of the
property comprised in said district, the limits of which are coterminus with those of the City of Hartford, Wis.
Said bonds will represent all of the indebtedness of said district.
Bids
will be accompanied by a certified check equivalent to
1% of the bid to
show good faith.
The District will furnish a legal opinion of the Attorney
General of the State of Wisconsin on said bonds, and
complete legal pro¬
taxable
OFFICIAL
1921
STATEMENT—'The
Hartford
City
High
School
District
comprises the same territory as is included within the limits of the City of
Hartford, Wis.
The 1930 population of the City of Hartford was 3.757,
and its estimated present population is 4.500.
The assessed valuation of
all of the taxable property in the City and district in 1936 was
$4,864,085,
and in 1937 was $4,636,185.
Neither the City of Hartford nor the Hartford City
High School District
has ever defaulted on any of its obligations.
This issue was submitted to a
referendum of the electors of the district held on Oct. 26. 1937, at which
election there were 444 votes cast in approval of the issue and 108 votes
against.
Both principal and interest are payable at the First National
Bank, Hartford, Wis.
No other issue of bonds is now contemplated by
district.
the
There is
no
litigation
or
controversy pending
or
threatened concerning
the validity of the bonds, the boundaries of the
municipality or the titles
of the officials to their respective offices.
The Attorney General of Wis¬
consin has approved the proceedings and has indicated that the bonds will
be
approved
The
from their date.
Road District No. 6, 5% bonds, dated Jan. 1,
1917, Nos. 1 to 64 incl.,
$1,000 each, maturing 40 years from their date, redeemable serially, being
a portion of an entire issue of
$150,000 of such bonds, Nos. 1 to 64 incl.
.
CASSVILLE, Wis.—BOND ELECTION—The Village Council has set
March
ceedings covering the issue.
improvement and $10,000 street improvement bonds.
r
VIRGINIA
(P. O. Williamson), W. Va .—BOND ELECTION
is
urer's office.
5LUFKIN, Secretary, that he will receive tenders until is stated March 22
by T. L.
City Texas—BOND TENDERS INVITED—It
1938
ROMNEY, W. Va .—BOND ELECTION—It is reported that an election
scheduled for March 22 in order to vote on the proposed issuance of
$32,500 in paving and sewer bonds.
O.
Liberty), Texas—BONDS SOLD—It is
by Murphy Cole, County Auditor, that $60,000 4% road refunding
were purchased on Feb. 16 by Fenner & Beane of New York at par.
Denom.
26,
POSTPONED—It is stated by the County Clerk that an election scheduled
for March 8 to vote on the issuance of county jail bonds was
postponed
dated
on
Feb.
upon their being submitted to his office for that
approval of the proceedings is dated Dec. 28, 1937.
MARSHFIELD,
Wis.—BOND
purpose.
ISSUANCE
REJECTED—The
City
that the Common Council has rejected an ordinance pro¬
viding for the issuance of $135,000 in high school construction bonds.
Clerk reports
ST. CROIX COUNTY (P. O. Hudson), Wis.—BOND SALE POST¬
by S. N. Swanson, County Clerk, that the sale of the
$104,000 3% semi-annual highway bonds, scheduled for March 1, as noted
in these columns in December—V.
145, p. 4010—has been indefinitely
postponed.
Dated April 1, 1938.
Due $100,000 on April 1, 1943, and
$4,000 on April 1, 1944.
PONED—It is stated
SUPERIOR,
until
of
an
noon
on
Wis.—BOND OFFERING—Sealed bids will be received
1 by R. E. McKeague, City Clerk, for the purchase
March
issue of $146,000 refunding bonds.
The bids will be considered at
a
meeting of the City Council to be held at 8 p. m. on the date of sale. Inter¬
rate is not to exceed 4K%. payable semi-annually.
Denom. $1,000.
Dated April 1, 1938.
Due on April 1 as follows: $5,000, 1941 and 1942;
$6,000, 1943; $7,000, 1944; $8,000, 1945 to 1952; $9,000. 1953 and 1954;
$10,000, 1955 to 1957, and $11,000 in 1958. Principal and Interest payable
at the office of the City Treasurer.
Said bonds will be sold to the highest responsible bidder, the high bid
to be the bid offering to purchase bonds bearing the lowest rate of interest
and paving the highest premium for bonds at such rate of interest.
The bonds have been authorized for the purpose of refunding outstand¬
ing bonds of the City of Superior maturing $5,000 Jan. 3, 1938; $5,000,
Feb. 2, 1938; $10,000, April 1. 1938; $4,000. May 1,1938; $11,000, May 15,
1938; $29,000, June 1, 1938; $12,000, July 1, 1938; $23,000. Aug. 1, 1938;
$8,000, Aug. 2. 1938; $38,000, Sept. 1, 1938, and $1,000. Nov. 1, 1938;
and are to be delivered in blocks as the
outstanding bonds are presented
for payment and cancellation.
Bids must be accompanied by a certified
check for not less than 2% of the par value of said bonds, made payable
to the City Treasurer of the City of Superior.
The refunding bonds are to be issued subject to the approving opinion
of Chapman & Cutler of Chicago. The purchaser is to
pay for the cost of
the approving opinion and the cost of the blank bonds.
The city raserves
the right to sell all or part of the bonds, and to reject any or all bids.
est
CANADA
EDMONTON. Alta.—BOND EXCHANGE IN PROGRESS—Old bonds
of Edmonton, Edmonton Public School District and Edmonton Separate
School District are exchangeable into new bonds as from Feb. 1, according
to report.
Coupons attached to old bonds will no longer be honored, it
is said, so that holders must exchange their securities in order to receive
interest payments when due.
MUNICIPAL
AND CORPORATE SECURITIES
LONDON,
Ont.—CONSIDER
TAX
PAYMENTS
EVERY
TWO
proposal that municipal taxes be collected in instalments
two months is being considered.
If adopted, the plan,<would.^not
likely be effective before 1939, it was said.
MONTHS—A
Exchange Building
SEATTLE
every
Washington
f MONCTON SCHOOL DISTRICT, N. B.—BOND OFFERING—Sealed
WASHINGTON
and mature from 1940 to 1959.
SPOKANE
COUNTY SCHOOL DISTRICT NO. 156
(P. O. Spokane),
Wash.—BOND OFFERING—Paul J.
Kruesel, County Treasurer, will
receive bids until 2 p. m„ March 11 for the
purchase of a block of $1,400
school building bonds.
Interest rate is not to exceed 6%.
Dated
April 1,
1938.
Interest payable annually.
Due serially for 10 years.
Prin. and
int. payable at the County Treasurer's
office, or at the State's fiscal
in New York, or at the State Treasurer's
office in Olympia.
for 5%, required.
agency
Cert, check
of
bids will be received
March 21, by Pearl
Benjamin, City Clerk, for the purchase
of $141,840 sewage disposal
plant construction bonds. Interest
a. m. on
an issue
rate is not to exceed 6%,
payable semi-annually. These bonds are payable
only out of Yakima Water Works Special Bond
Fund, series D.
Denom.
$1,000, one for $840.
Dated March 1, 1938.
Due on March 1 as follows:
?M40 Ln,A^0:.l3'000'^1941 and 1942: 34,000, 1943 and 1944; $5,000,
19^annro 1®n6n;n$n6'^'o194l ^M9i8; 37.000, 1949 and 1950; $8,000, 1951
an3 $12,000 in 1958 and ^L1954: $10'000' 1955 and 1996; $11,000, 1957,
J?o2rin^'°9R'Co1953. 1959.
and
bids shall specify, (a) the lowest rate of interest and
premium. If
aobve par, at which such bidder will purchase said
bonds, or, (b) the
Said
any,
lowest rate of interest at which the bidder will
purchase said bonds at par,
the bonds to be sold to the bidder
making the best bid, subject to the right
of the corporate authorities to reject
any and all bids and readvertise.
f
All bids shall be sealed, and except the bid of the State of
Washington,
shall be accompanied by a deposit of
5% of the total amount of bid either
in cash or certified check, which
deposit will be returned if the bid is not
accepted.
All bids must be unconditional.
The City of Yakima will furnish
legal opinion and will print the bonds at
its expense.
The exact terms and form of said bonds are as
provided in Ordinance
No. B-121 of the City of Yakima, passed and
approved Dec. 9, 1935, as
amended by Ordinance No. B-122, passed and
approved Dec. 12, 1935, as
further amended by Ordinance No. B-278,
passed and approved Jan. 31,
1938j
Saint John.
•!
f QUEBEC (Province
of)—$20,000,000 ISSUE OVERSUBSCRIBED—
banking group, headed by W. C. Pitfield & Co. of Montreal,
rapid oversubscription of an issue of $20,000,000 bonds
which was publicly offered on Feb. 18.
The offering consisted of $10,000,000
four-year 2M% bonds, sold privately at 99.43 and $10,000,000 of 10-year
3Ms. sold at 99.45.
A Canadian
announced
the
*
YAKIMA, Wash.—BOND OFFERING—Sealed
until 10
bids will be received by H. H. Trimble, Secretary of the Board of Trustees,
1 for the purchase of $11,000 3M% or 4% re¬
funding bonds.
Dated March 15, 1938.
Denom. $1,000 or $500.
Bids
are asked on 15-year 3
A % bonds, 20-year 3 As, 15-year 4s, and 20-year 4s.
Bonds will be registerable as to principal only.
Bonds and interest will be
payable at the Bank of Montreal in Moncton, Montreal, Toronto and
until 3:30 p. m. on March
P EAST WENATCHEE, Wash.—BOND SALE DETAILS— It is now re¬
ported by the Town Clerk that the $3,000 sewer bonds
purchased by the
State of Washington, as noted here
early in January, were sold as 4s at par,
m*
REG1NA7 S a s k.—$ 8 4()7o 0 0~BONDS TO BE PAID iiT CASH—Bonds
maturing this year total $840,000.
This will be met in cash, using the
$300,000 cash already in the sinking fund plus the sinking fund payments
to be made by the city during the year according to Canadian news sources.
Maturities of $3,700,000 in 1943 had been causing some concern, but it
has been discovered that $3,250,000 of this amount is in 5% consolidated
stock, which contains a provision giving council the option of redeeming
or extending the maturity as far ahead as 1963.
>4
Que.—BOND OFFERING—Sealed bids addressed
City Clerk A. Deslauriers will be received until March 1 for the purchase
btttivoROOKE,
to
of
$150,000 3M% improvement bonds.
Denom. $1,000.
Due serially
years.** Payable in Sherbrooke, Montreal, and Quebec.4
in 15
m
STRATFORD, Ont.—DELINQUENT TAXES AT LOWEST LEVEL
SINCE
1932—Tax collections for 1937 were $708,942, equal to 102% of
levy.
Current collections were 79.5% of the levy.
This leaves out¬
standing taxes at the lowest point since 1932.
Bank loans at $320,000
were the lowest since 1930.
The city had a surplus of about $5,000 on the
year, and there was a $45,855 surplus in the $1.2 million sinking fund.
Relief costs and the number of recipients declined materially duringtthe
the
year.
WINDSOR, Ont.—1937 SURPLUS INDICATED—Preliminary figures
show
a surplus of approximately $25,000 on 1937 operations of civic de¬
Actual surplus was about $315,000, made up of $154,000 of
underexpenditures and $161,000 unexpected revenue.
From this must be
deducted $160,000 for sinking fund, and $129,000 representing the difference
between the original and final interest rates under refunding nian
^
partments.
@FedFRASER