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FEB 7
ADM.
1938
3,\*V
/O-finanrial
The
ommfffia'fUnrontrlp
BY WILLIAM B. DANA
COPYRIGHTEO IN 1938
COMPANY, NEW YORK.
'™6W%VsP?AZtCm-
VOL. 146.
BROOKLYN TRUST
ENTERED AS SECOND-Ct ASS
MATTER JUNE 23, 1879, AT THE POST OFFICE AT N EW YORK, NEW YORK, UNDER THE ACT OF MARCH
NEViTyORK, FEBRUARYS, 1938
THE CHASE
NATIONAL BANK
Chartered 1866
OF
New York
McLaughlin
George V.
For
Insurance
tra-
ditionally a bankers' bank.
BROOKLYN
Member Federal Deposit
NEW YORK
OF
CITY
THE
The chase is
President
NEW YORK
NO. 3789
William cor. Sprue# Sta., N.Y.City
BANK
COMPANY
3, 1879.
it has
years
many
large number
TRUST
New York
correspondent
and
White, Weld
served
COMPANY
Corporation
\
depository.
& Co.
Member
Members A
ew
reserve
United States
Boston
Government
Amsterdam
London
United States
Securities
Representatives' Offices
Government
Buenos Aires
Paris
Securities
The
SMITH, BARNEY &
CO.
STREET, NEW YORK
Incorporated
63
BOSTON
NEW YORK
NEW YORK
1
AND OTHER
PRINCIPAL
9-5000
Philadelphia
Chicago
Francisco
Washington
Representatives in other leading
Cities
PRINCIPAL CITIES
BOSTON
111
St.
Devonshire St.
LONDON
CHICAGO
105 W.
FRANCISCO
York
BOwling Green
OFFICES IN
PHILADELPHIA
1411 Chestnut
Boston
San
SAN
PHILADELPHIA
Wall Street, New
Telephone:
CHICAGO
FIFTH AVENUE,
& Co.
Brown Harriman
first boston
CORPORATION
522
Cerftrathn
Federal Defeiit Insurance
York Stock Exchange
New York
14 WALL
a
of banks and bankers as
11
Adams St.
BirchinLane, EC3
State and
Municipal Bonds
New\orkTrust
Hallgarten & Co.
Eatabliahed 1850
Company
& Co.
Barr Brothers
INC.
NEW
Capital Funds
YORK
.
.
$37,500,000
New
Chicago
York
London
Chicago
ioo
broadway
57TH ST. &
Wertheim &
Co.
40TH ST. &
120 Broadway
FIFTH AVE.
MADISON AVE.
NEW
YORK
Service to
Banks and
Dealers since
1888
New York
Amsterdam
London
European
8
CarlM.Loeb,Rhoades&Co.
KING
WILLIAM
NEW YORK
Paris
Amsterdam
STREET
LONDON, E. C 4
HORNBLOWER
&
WEEKS
Established 1888
40
Wall Street
NEW YORK
*
BROADWAY
61
London
Representative's Office:
Members New
Cleveland,
VI
Federal Reserve System,
the New York Clearing House Association
and ofthe Federal Deposit Insurance Corporation
Member of the
Berlin
York, Boston,
Chicago,
Philadelphia and
Detroit Stock
Exchanges
II
Financial
Chronicle
Feb.
5,
Foreign
A.
G.
Becker & Co.
Incorporated
J, & W.
NATIONAL BANK OF NEW
ZEALAND, Ltd.
Seligman & Co.
Established 1872
Chief Office
Established 1893
n
New Zealand:
Wellington
P. R. M. Hanna, General
No. 64 Wall Street
Investment Securities
Head Office: 8
Moorgate.
NEW
YORK
Paid
The
London
Correspondents
SELIGMAN
..£1.000,000
Reserve
conducts
connec ed
£500.000
description
every
with
New Zealand.
of banting
Correspondents throughout the World
London Manager, A. O.
Norwood
Chicago
And Other Cities
Bant
business
2. Eng.
£2.000.000
Fund
Currency
C
£6,000.000
Capital
up
Reserve
Commercial Paper
New York
Manager
London. E.
Subscribed Capital.
BROTHERS
Australasia and New Zealand
BANK OF
NEW SOUTH WALES
Leading Out-of- Town
Investment Bankers and Brokers
(ESTABLISHED 1817)
Paid
Up Capital
i
Reserve Fund
Reserve
Liability
BIRMINGHAM
£8,780,000
6,150,000
8,780,000
of Proprietors
HARTFORD
£23,710,000
Aggregate Assets
MARX & CO.
Specialists in Connecticut
BIRMINGHAM, ALABAMA
Securities
830
MUNICIPAL
Members New York Stock
Exchange
AND
6
CORPORATION
BONDS
CENTRAL ROW
Tel. 5-0151.
A. T. T.
BRANCHES
ST.
AGENCIES
in
the
arranged.
Head
HARTFORD
Office:
George Street, SYDNEY
London
Teletype—Hartford 564
29
DETROIT
AND
Australian
States, New Zealand,
Fiji, Papua,
Mandated Territory of New
Guinea, and London.
The Bank transacts
every description of Aus¬
tralasian
Banking Business.
Wool
and
other
Produce Credits
PUTNAM & CO.
SOUTHERN
30th
Sept., 1937.£123,145,000
DAVIDSON, General Manager
A. C.
Offices:
Threadneedle Street, E.C. 2
47
Berkeley Square, W. 1
Agency Arrangements with Banks
throughout
LOUIS
the U. S. A.
MICHIGAN
MUNICIPALS
Missouri and Southwestern
and
CORPORATION BONDS
Stocks and Bonds
WATLING, LERCHEN & HAYES
Members
New York Stock Exch.
New York Curb Assoc.
Detroit Stock Exchange
Chicago Stock Exch.
334
BUHL
BLDG.,
Smith, Moore & Co.
NATIONAL BANK
of
St. Louis
DETROIT
A.T. &
T.
Teletype
Head
St. Louis Stock
St. L. 587
EGYPT
Office
.......
FULLY
PAID
CAPITAL
RESERVE FUND
£3,000,000
.
3,000,000
....
MICHIGAN
Cairo
Exchange
MUNICIPALS
■
;
■_
.t
....
.
■
■
b
■
.
LONDON AGENCY
6
St/K
Charles A. Parcel Is &, Co.
4
and 7,
King William Street, E. C.
Co.
4
Branches in all the
BA/NT LDU/B
principal Towns in
so9 ouvt st
EGYPT and the SUDAN
Members of Detroit Stock
Exchange
PENOBSCOT BUILDING,
DETROIT, MICH
Members St. Louis Stock
Exchange
MILWAUKEE
•
NATIONAL BANK OF INDIA, LIMITED
WISCONSIN
Bankers
CORPORATION SECURITIES
Teletype—Milwaukee
92
EDGAR, RICKER&CO.
BROKER WANTED
To sell part or all of
shares of Gold
750 North Water Street
ties and
sion.
Notices
OF VOLUNTARY
Mining Issue
Prospectus filed with Securi¬
Milwaukee, Wis.
NOTICE
75,000
Head
to the
Office:
26, Bishopsgate, London, E. C.
Branches
in India,
Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Subscribed Capital
Paid Up
Capital
Reserve Fund
Exchange Commis¬
Copies
on
application.
£4,000,000
.£2,000,000
£2,200,000
The Bank conducts
every
description of banking
exchange business
and
Trusteeships
James L. Curran
LIQUIDATION
Government in Kenya
Colony
and Uganda
and
Executorships
undertaken
also
Lead, South Dakota
OF
THE
MT.
GILEAD
Mt.
NATIONAL BANK
Gilead, Ohio
CHARTER
NO. 6620
Notice is hereby given that the
shareholders
owning more than two-thirds of the
stock of the
Mt. Gilead National
Bank, Mt. Gilead, Ohio,
at a meeting
regularly called and held for
that
purpose on the 22nd day of
August. 1935, voted
that said Bank should
go into voluntary
liquida¬
tion and be closed.
Notice
Is
is
further
closing up
notes
and
its
other
given that the Association
affairs and the holders of its
creditors
are
hereby
notified
to present the notes and
other claims against
the
Association for payment.
By order of its Board of Directors.
'SEAL}
?Wdent-
PORTFOLIO
MANAGER
BOND TRADER
20
years' experience man¬
aging bank investment port¬
folios; trading and analyzing.
Highest credentials.
Box
S2, Financial Chronicle, 25
Spruce St., New York City.
Hong Kong & Shanghai
BANKING CORPORATION
Incorporated in the Colony of
Hongkong.
liability of members is limited to the
The
extent and
in manner prescribed
by Ordinance No. 6 of 1929
of the
Colony.
Authorized Capital
(Hongkong Currency) H$50,000.000
Paid-up Capital (Hongkong
Currency)
H$20,000,000
£6,500,000
(Hongkong Cur¬
Reserve Fund In
Sterling
Reserve Fund in Sliver
rency)
Reserve
Liability of Proprietors
kong Currency)
A.
72
G.
WALL
H$10.000,000
(Hong¬
HJ20,000.000
KELLOGG, Agent
STREET, NEW YORK
IV
flmmtrtW I
No. 3789.
FEBRUARY 5, 1938
Vol. 146
CONTENTS
Editorials
The Financial
page
798
Situation
Republicans in the Wilderness
The Van Zeeland Report,
811
...
812
Comment and Review
New
814
Capital Flotations in January
Exchange Record of
Prices for Year 1937 817
Security Prices for 1937
818
St. Louis Stock
Kansas
City
Book Reviews:
Will Gold
Depreciate?
Personnel Administration
Week
on
the European
in the Federal Government,
Stock Exchanges—
....
803
Economic Situation
Exchange Rates and Comment
Foreign Political and
Foreign
Course of the
807 & 857
819
— 819
801
853
Bond Market
Activity
Stock Exchange
the New York Curb Exchange
Indications of Business
Week
on
Week
on
816
816
802
the New York
News
Current Events
Bank and Trust
832
852
898
and Discussions,
Company Items,.,
General Corporation
and Investment News
Dry Goods Trade
State and Municipal Department
943
—
-
944
Stocks and Bonds
857,863 & 890
857
Auction Sales.
890
New York Stock Exchange—Stock Quotations—
864
New York Stock Exchange—Bond Quotations
864 & 874
New York Curb Exchange—Stock Quotations
880
New York Curb Exchange—Bond Quotations
884
Other Exchanges—Stock and Bond Quotations
886
Canadian Markets—Stock and Bond Quotations
891
Over-the-Counter Securities—Stock & Bond Quotations
894
Foreign Stock Exchange
Quotations
Dividends Declared
...
Reports
806
Foreign Bank Statements
Course of Bank Clearings
Federal Reserve Bank
General Corporation
854
861
898
Statements
and Investment News
Commodities
The Commercial
933
936
941
Markets and the Crops
Cotton
Breadstuffs
Published Every
Saturday Morning by the William
25 Spruce Street, New York City
William D. Riggs, Business
2081 SouthiLa.Salle Street (Telephone
1938 by William B. Dana Company.
of March 3, 1879. "UtaCTiptlons
$16.50
year, $9.75 for 6 months,
Britain, Continental Europe
Transient display advertising matter, 45 cents
fluctuations in the rates of exchange, remittances
B. Dana Company,
Editor; William Dana Seibert, President and Treasurer;
of Fred H. Gray, Western Representative.
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada,
per
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
per agate line.
Contract and card rates on request.** NOTE;
On account of the
for foreign subscriptions and advertisements must be made in New York funds.
Chairman of the Board and
Other offices:
Chicago—In charge
Herbert D. Seibert,
Manager.
The Financial Situation
Jackson,
THOSE Presidential advisers who, it is under¬
stood, have been contending that
have
we
been
afflicted
more
serious
on
during recent months with nothing
than
crisis"
"inventory
an
and
tacit
permit any reduction to
Congress
upon
for
in
occur
various-
the
of
recent
one
approval.
occasion
If the whole situation
so-called
staged
by
the
"small
Washington
been able to find little in
to
comfort them.
rent
reports
main
the
cur¬
present
there
in
a
of
to
not
He
con¬
is
none¬
the
the
tenor—of
its
counter securities
which in
sensible
man
uttered
able
both
were
now
further
any
this
of his zeal for
other
Securities
of
his
the
If
is
hoped, that they have
taught the general public,
particularly
an
it
and
in
excellent
business
actually
these
to
so
easy
to obtain
a
guarantee of
of
indolence
Exchange
one must
would
and
lack
furnish
the
of
foresight?
guarantee
clear
There
all.
to be
have
been
who
but
it
see
how
confidently and so
harshly about what he sees
existed, and in
degree
another still
or
of
work
as
their title to the
Avenue.
limits
some
of
business,
and
that such
regulation shall be
and as in his
opinion it is
jurisdiction of the Securities
mission
is
concerned,
unless
of
what
remarks
than
he
is
and
he
Exchange Com¬
had
good
reason
was
heartily in accord
doing and saying.
Some of his
during the
week
in
feebly echoed the words
determination
forthcoming if, when,
needed, as far as the
believe that the President
with
his
Chicago rather
of
Messrs.
more
Ickes and
but
Congress after all
is
more con¬
headway at the
other end of
more
abundant life?
the need for still further
regulation
to
possible to make
as
be¬
one
exists, that it has become
structive
to work
can
some¬
Who
way
willingness
A
better grounded
lief has
pay" now were to act in
indicated, how long would it be
before they would be
obliged to offer mere
would not speak
they
longer avoid it.
what
a
difficult
is
the
suppose,
reluctant
were
accept this futility as
and the comforts of life?
If those who "can
so
circles
now
indeed to
a
to
really sympathetic
understanding hearing
fact,
existence, why should not all
simply become "willing to work," doing
nothing else to look out for themselves since
they are then protected from the penalties
then
a
Administration
many
to
discus¬
good deal.
a
futility of efforts
ought by
case.
is
or
The
comfortable
the
Commission,
the
whether
public,
to
indeed
were
be
men
to
and
They
thing. It is, however,
probable, and certainly to
living for him¬
family
any¬
intended to do any
obtain
his
men
such
employee live in
water-tight compartments, and that an em¬
ployer can never become an employee or
vice versa.
Such is of course
quite obviously
Washington.
Chairman
policies.
never
Those who talk in this
way seem to suppose
that the employer and the
ideas and of
having it
orders from
lic
scorn
dispose of it.
none
henceforth subject
business
thing concerning wise pub¬
illustration of the notions
upon which much
of the public
policy of the day seems to rest.
Yet it ought not to be difficult
to
im¬
suit
of
groups
not,
and
con¬
taught the President
patience and
required
the
nor
dignified
more
sions
self
making, the
to
farce
ferences with various
logic they deserve.
skill
of
neither
course
at
not
over
of
comic
and
such level of understanding unless those
didactic
minded
course
Business Men
to
The strange idea that a man need
only to
be "willing to work" to have
someone
else
guarantee him a comfortable
portant branch of business
the President has lost
the
explain line
upon line and precept upon
precept the utter
fallacy of these preachments.
2,
one
serious
of
present
the
evidence
in
of
But
with
who have taken the trouble to inform
them¬
can
and will muster the
markets,
is
apt to sicken the
Instructive
unim¬
them with the
selves
apparently with Ad¬
that
treat
suc¬
current events.
quickly the absurdity of doctrines of this
type, if such they can be called.
It will take
a
long time for the rank and file to come to
way.
brought for¬
is
to
too
souls
This country will never work its
way back
a solid foundation until
the vast rank and
file reach the
stage of economic intelligence
that will enable them to detect
clearly and
ministration support as an
amendment to the original
measure,
or
true
effort—
much
play petty politics
students
time with such ideas
them
obvious
time when statesman¬
a
all
to
an
particularly Section
which is
The
waste
They and the individuals here
who
ignore them
regulation of the over-the-
own
are
been
doctrines, or others
like them, preached by many who enjoy
so
many citizens with the
voting privilege, and so widely are they now
apparently accepted, albeit unthinkingly,
that it is
obviously no longer wise either to
The appearance of Senator
Maloney's bill for
country
obliges "those who
in
ship should stand forth
having
the confidence of
Adminis¬
terior—if it is
even
enough
press as
law" had
unwritten
very
no more assurance
Yet
ward
at
portant. That time, however, has now
passed.
So fervently are these
this
at
these.
as
tration continues to
pursue
even
Martin,
added, apparently in explanation, that
can keep goods and
there
recovery in the spring than
there was some months
ago.
quoted in the
"new
ago no
substantial and sound
a
was
a
which
work to do would
importance,
There
moment
of
number
but recessions
theless.
Homer
wages moving, the Government must fill in
the gap in
employment on the one hand, and
the need for goods on the other."
Not a great while
large recessions, to be
sure,
cess—to
"relief
a
men"
4
at mid-week.
without
of
"unless private business
On the
of branches of
state
by the Economic Club of
Wednesday,
the
albeit
to pay to underwrite a
job for every person
in the United States
willing to work."
moderate
a
that
evolved
trary, there has been fur¬
ther recession in
on
America,
said
improvement since the first
of the
year.
arranged
York
But
Unwritten Law"
President of the United Automobile Workers
is
situation
even
New
New
general discussion about the
a
business
the
in
apparent
yet
suggest
At
If
are
accurate,
nothing
A
of the past week
news
business
so
every¬
diversion
some
from what the elder dramatists would term
scene"
has
not
were
a most serious sort to
reform, have certainly
the
President
given at least his
body, it would be possible to obtain
pressure
measures
to whose incontinences the
than
fraught with hazard of
on
this basis have been urging the Administration not
to
more
Pennsylvania
Within
there
reason
is
severe
probably
for this
hope,
again showing that it is
still under the influence and control of
the President
in greater
degree than could be wished were the case.
Moreover, it is
to be feared that what
Congressmen
have been hearing from home does not
always ring to
"one clear note," but does take
form in "divers
tones," to
A well
career
use
the words of the poet.
known railroad executive who in his
has
been
obliged
to
make
many
long
journeys
Volume
Financial
146
of the
average Congressman to the Bond Club of New
York early this week.
He had not found the Con¬
gressman altogether unintelligent and uninterested in
the public weal, as many charge, but rather what is
euphoniously called a political realist, that is, one
who has chosen politics as a career, is determined
to "stay in business,"
and who, right or wrong,
to
explained
Washington,
with the idea that in order to
is imbued
bow
must
(not to
he
what
to
conceives to
do so he
be the wishes
prejudices and whims) of his constitu¬
of us may well wish that there were no
truth in such
would
Senator
description. All of us doubtless
a
Congress composed of men such as
a
few others in Washington who have
prefer
a
Glass
and
intelligent ideas of their own
and who conceive it
duty to follow the dictates of their own
minds and consciences.
But the fact of the matter
be their
to
that Congress
is
has not been
be in the
The
far
begin
must
mass
propaganda,
mean
Nor have
the word.
do
who misuse
By education of course we
education.
as
do so many
in mind public pronounce¬
we
organization in
resolutions, manifestoes, appeals, and
briefs for or agaisnt this program or that notion.
All this may, and often doubtless does, have its
place, and wield a helpful influence when done
wisely and well.
But the vast rank and file are in
by this, that or the other
ments
the
of
form
of human conduct in the realm
business—that is to say, in
the
they
their heads by numberless groups in
upon
outside of business.
.
and
■
Popular Misunderstanding
How, for example, make an
masses
tax
turn
a
deaf
ear
effective appeal to the
to many of the absurd'
even
a
of the tax
if these masses
wholly without
a remotely adequate conception of the nature
corporate balance sheet or income statement?
already upon the statute book,
are, as
of
to
proposals of the day, to say nothing
laws
improved means of transportation and
tion
is unquestionably the case,
How combat the various
purchasing power panaceas
daily coming forward in endless
one man
realized
is
in
a
variations when not
hundred has any clear and
It is very
technical economic
highly
who thinks he understands
of which he is as
of
giving the
discussions.
these
if such
a
Words,
have been disseminated
We now face the
widely enough in all conscience.
task
the street
well complex problems
ignorant as a babe in arms.
the outward form of ideas,
substance of vital reality to
There can be no turning back
course were
The words and
desired.
pseudo-ideas are now common property.
the
will
not
They
relinquished, and those who hold fast
be
continue to misuse them
until they are
taught their real meaning.
Such work is best done not
conventions, or by public relations
by individuals in the course
but
is the only way
in well-publicized
long way round, but it
It is the
home.
counsel, so called,
of their ordinary
Every business man, whether he
daily contact with others who
the occasion to sit down with a cor¬
day-to-day lives.
be
large or small, is in
have never had
poration balance sheet or income account, or who
next to no experience with banks except
have had
as
Some in
-depositors.
around him
his own office are all
making use of the general terms now so
connection with New Deal and other
widely heard in
without any definite
conception of their
busy
Responsible executives are as a rule
affairs, but it would in the long run pay
dividends if they would take the
with many
handsome
them
carefully, and
in
terms of definite realities as expressed in actual
accounts to the end that a better understanding of
the nature of business operations may be promoted.
A man reasonably familiar with the problems and
the necessities of an actual enterprise, and who in
trouble
appropriate
where
where feasible
to
go
individually, over their problems
becoming familiar with
standing of the terms
them has gained an under¬
in which its affairs are ex¬
pressed, is not nearly so
likely to be misled by allur¬
he would be without any such
knowledge. At any rate, some effective educational
work of the sort indicated is an absolute essential
to a restoration of common sense in public affairs.
ing
panaceas
tenable con¬
purchasing power and how
it is possible to create it?
How expect rational
control by public opinion of banking legislation
when the average man, often the business man him¬
hear
coming from the lips of the man on
terms
even
enormously
communica¬
probably by very few.
to
now
common
meaning.
the simplest of economic
significance) have been made
property in recent years by the
common
of what is known as
Such instruction the people must somehow
are to form any intelligent judgment
mass
of proposals being perennially poured
receive if
out
extent
panaceas
precepts.
of
The
(but not their true
principles
need of instruction in the most elementary
uninformed and mis¬
of officials may not succeed them?
to which certain words and phrases
informed group
from
ignoble strife."
This country, as well as
of the world, is faced by a gigantic problem
the rest
not
Effective work in
the "madding
practical moral is this:
crowd's
and another equally
program
to them will
future.
Washington
of
is not so composed,
past, and is not likely to
for many years
near
standing of economic and social processes, where is
the assurance that another about equally absurd
say
All
ents.
conception
his
799
Chronicle
as
The Small Business
Man
ception of the nature of
of the functions and
mode of operations of a commercial bank, indeed
often is in ignorance of the meaning of the terms
commonly used in discussion of these subjects? How
self, has but the vaguest idea
put to
rest this
apparently endless attack upon
corporate surpluses when almost
meaning of the term are
of the
Actual
experience
fantastic notions
widely prevalent?
with some particular program
and obviously dam¬
aging, produce a reaction against it. One group of
economic pretenders may lose favor as a result of
may,
hard
if that experience is grossly
times.
But without greater
popular under¬
THE week, although bringing, in addition to the
already mentioned, an announcement by
events
the
Public
Works Administrator
of the "release"
munic¬
ipalities for the erection of utility plants to com¬
pete with private enterprise, was not entirely with¬
out
encouragement.
One
rather
heartening
development, curiously enough, finally emerged
of
nearly f100,000,000 in
from
the
so-called
suspect
conferees had been hand-picked, or at
the politicians thought that they had
conferences
small business men.
that
these
least
that
loans and grants to
hand-picked them.
Moreover, the President
for a
has been alleging that merely the big
or certain of them, and those under
long while past
business men,
with the group of
There is every reason to
800
Financial
their thumb "misunderstood" him and his
program.
He has rung the
changes on the
"overwhelming
jority" which
ma¬
supposed to be in substantial part
composed of "small business men" and which was
pictured
was
favorable to the New Deal
as very
Yet, after
display of confusion and comedy, this
a
of small business
group
drew up
pet projects
been framed and presented
It is not
the
at
men
Washington finally
and adopted resolutions fully a3 hostile to
most of the President's
altogether
in
that have
as any
by so-called big business.
definite
the appearance of
was
hostility to parts at least
Maloney bill for regulation of
of the so-called
the over-the-counter
defined, include both
dealer in securities and the
very
centers.
While there is evidence of
cerning the whole
than
measure
the financial
doubt
more
con¬
is
officially ad¬
mitted, hostility at the recent hearings before the
Banking and Currency Committee of the Senate
centered largely
upon the terms of amendments now
proposed by Senator Maloney to take the form
Section 2
which is
of
as
the measure.
This proposed
sweeping at it is brief, reads
Sec. 2 Subsection
(c)
change Act of 1934,
of section 15 of the
as
amended,
is
of
section,
follows:
as
Securities Ex¬
amended
to
read
as
mails
"(c) No broker
or
or
dealer shall make
use
the
commerce to
effect any transaction
in, or to induce the purchase
of,
any
security
acceptances,
or
(other than
commercial
national securities
commercial
bills)
otherwise
tection of investors
lative acts
(1)
to
prevent
than
on
a
of such rules
prescribe
public interest
sale
bankers'
paper,
exchange, in contravention
and regulations as the
Commission may
sary or appropriate in the
or
as
for
or
fraudulent
neces¬
the
or
pro¬
manipu¬
or
practices; (2) to prevent fictitious
quotations;
to provide safeguards
against unreasonable
profits or
unreasonable rates of commissions
or
other
(3)
charges: Pro¬
vided, That nothing in this subsection
shall authorize the
imposition of any schedule of
prices, discounts, commis¬
sions, allowances, or other
charges; (4) to provide safe¬
guards
or
against
issuers,
or
unfair
brokers
discrimination
between
customers,
and
dealers; (5) to provide safe¬
guards with respect to the
financial responsibility of brokers
and dealers and
against the evasion of financial
responsi¬
bility through the
use
of
corporate forms, special
partner¬
(6) to regulate the
manner, method,
and place of
soliciting business; (7) to regulate the
time
ships
or other
and method
(8)
to
tion
of
Patman
making settlements,
of
payments
collection, recording
or
and dissemina¬
information relating to
over-the-counter markets;
(9) otherwise to prevent acts
or practices
inconsistent
with just and
equitable principles of
trade, and to insure to
investors protection
comparable to that provided
under this
title with
respect to national securities
word
visions
of
it
is
this
perfectly obvious why the
proposed
section
should
able
profits
other
or
unreasonable rates of
commissions
charges," plainly either
and
has
virtually unlimited
Exchange Commission
"issuers"
ton has been
suggests the possibility that
wondered
no
power
Some
why
capital.
one
bother
meaning
or
of
other
or
else
to the Securities
to review the
There
is to be
adopted,
with
the
their
There
adoption
others
remainder
any
its
or
of
sound
the
equivalent
its terms.
are
It is
for the
reason
adoption of any such provisions of law
set forth.
of gov¬
are
has not without warrant
all-inclusive
so
some
Washing¬
harboring rather definite ideas
allocation of
proposed Section 2 if sub-section 9
here
many and obvious reasons
are
are
why
should
be
not
as
thought of for
a
moment.
We
have, however, been disappointed in what
be
to
pears
investment
a
rather
—apart from
measure
Section
believe that many
themselves
only
general
disposition
in
ap¬
the
banking community to acquiesce in the
of the
passage
proposed to be amended
We
find
it
difficult
to
of those who have been expressing
favorable to Section 1 of the bill
as
other
as
2.
section)
have
thought that it deserves.
given
the
(the
matter
the
The New York Stock Ex¬
change with many decades of experience with selfregulation is finding it all but impossible to satisfy
the
our
Securities and Exchange
Commission, and in
judgment will not succeed by merely altering its
of
organization.
exchanges
Neither the national stock
,
"national associations"
nor any
the-counter
of
over-
dealers
presently formed are likely to
get along well with the authorities unless
they are
willing to become little more than enforcement
agents for the Commission, policing the
industry to
that the wishes of
see
should not
suppose
dealers
now
of
enforcing
their
own
stand
Washington
mandates
the
from
the
could
It is true of
among
wish
course
to
be
that the
Exchange Commission already enjoys
almost unlimited
powers
all
Washington
We certainly cannot under¬
individual dealer
regulated in this way.
Securities and
to become bureau¬
care
only, charged with the duty
name
membership.
how
observed. We
are
that the various organizations of
existing would
cracies, private in
provisions
of
(assuming the validity of
the
Acts
under
which
it
operates), but it is
one
thing to be regulated and
quite another to
as
catspaw for the regulating
agency
act
a
to be regulated by unofficial policemen
or
without experience or
training for their tasks.
We
do not believe that the scheme will work
out well in
practice, and it ought to be abandoned
have
too
much
and
far
too
at
once.
We
expensive regulatory
Federal Reserve Bank Statement
meet
charges," but which forbids
"any schedule
prices, discounts, commissions,
allowances
grants
philosophy into the regulation of the
markets, although the inclusion of the
machinery already in operation.
regulations to prevent "unreason¬
or
un¬
pro¬
virtually unanimous opposition in the financial
com¬
munity. Language which empowers the
Commission
to issue rules and
therefore
The provision
fair-haired favorite amid the shadows in
exchanges."
course
and
discretion.
own
deliveries;
and
Of
individual transactions and
Act
securities
devices;
provide for the
1938
against "unfair discrimination between customers,
issuers, or brokers and dealers" seems to inject
form
of
instrumentality of interstate
5,
or
or
follows:
of any means
lawful, wholly in its
the smaller
largest in the busi¬
namely, the large underwriter in
ness,
them "unreasonable"
on
impossible to conceive of
Maloney Bill
encouraging event
as
pronounce
like unto these.
the
markets, which,
concerns
on
The
Another
individual
ernmental
appraise the true signifi¬
the part of
representatives of
business
community, but it cer¬
tainly tends to encourage hope that the
country is
learning.
masses
Feb.
easy to
of this action
cance
program.
Chronicle
profits of
THE condition statement ofreflects this week
the 12 Federal Re¬
banks, combined,
serve
a
modest decline in member bank
reserves, owing to a
modest and expected increase of
currency in circu¬
lation, and to transfers of Treasury funds from ordi¬
depositaries to the general account with the
nary
regional banks.
The statement
covers
the month-
end, and it indicates that the currency increase was
$29,000,000 in the week to Feb. 2. This is a normal
<
Volume
Financial
146
gain, but it will be interesting to observe in coming
weeks
mas
the
whether
tradition.
true
figures run
currency
to
but Mr. Roosevelt and his
holidays and the severe business reaction intro¬
duce
some
the
on
Member
point.
down
the official
bank
institutions
deposits with the 12 regional
reserve
were
doubts
There
the
no
$46,575,000 in the statement week, and
estimate of excess reserves over legal
open
of $59,$1,390,000,000. There
market transactions or other changes
significance whatever.
The credit summary
that
indicates that the Treasury
manipulating the gold figures, for reasons
still is
Monetary gold stocks
apparent figure of $12,-
entirely obscure.
are
have been maintained at an
despite the changes that
from week to week, and the level
weeks,
for
755,000,000
necessarily occur
again is unchanged in the current statement. The
statement indicates total
Federal Reserve condition
these institutions of
for
reserves
of Feb.
2,
holdings
more
of currency.
Federal Reserve
dropped
of the outflow
notes in actual
circulation increased $18,672,000 to
Total
$4,137,756,000.
deposits with the regional
$7,775,220,000, with
dropped $31,325,000 to
banks
variations
account
the
Gold certificate
to $9,116,097,000,
sharply in reflec¬
down $1,798,000
while "other cash"
tion
$9,557,611,000 as
drop of $10,391,000.
a
were
bank
member
reserve
consisting of
balances
decline of
a
by $46,575,000
to
$7,249,296,000; an increase of the Treasury general
account balance by $25,349,000 to $142,671,000; a
drop in foreign bank
deposits by $5,884,000 to $151,-
$4,215,000
864,000, and a drop of other deposits by
to
The reserve ratio remained un¬
$231,389,000.
changed at 80.2%.
declined
to
$17,788,000.
bills
Discounts by the regional banks
$250,000 to $11,220,000, and industrial ad¬
resumed their decline with a fall
vances
were
of $141,000
Open market holdings of bankers'
of
motionless at $548,000, and holdings
United States Government
securities
were
similarly
unchanged at $2,564,015,000.
about
colleagues
Utility stocks
that Chair¬
man Douglas, of the SEC, made in Chicago.
Plainly
for political reasons, Mr. Douglas joined the Admin¬
istration parade of officials who can see nothing
were
adversely affected by some speeches
harmful in the Administration program
only from such considerations,
that
a
markets
investment com¬
in business and the
futile gesturings of the Administration in Washing¬
ton.
Stock prices turned upward during the early
sessions of the week, but the movements were hesi¬
tant. In the mid-week period the trend was reversed,
week, the perturbation felt by the
munity regarding the collapse
On Thursday, however,
recession occurred and
were reached in scores of
changes again small.
exceptionally
severe
lowest levels of the year
Many stocks plunged lower even
issues.
prices reached in the collapse of last
trading yesterday resulted
for the list as a
the
autumn.
The
in a modest rally, but
whole levels are considerably under
figures of a week ago.
affected.
than the
Especially
All groups of issues were
however, was a
significant,
American Telephone stock on Thurs¬
the entire market in sympathy.
ranged between 500,000 and 1,000,000
most sessions, and even during the swift
sharp decline in
day, which unsettled
Turnover
shares in
downswing
on
Thursday it barely exceeded the
%
1,000,000 mark.
All
interests
sign of economic
awaited
with anxious hope some
sanity and reality in Washington,
against the
suffered not
American Telephone stock
utilities.
but also from rumors
Com¬
forthcoming Federal Communications
mission report on
the company will be adverse
in
Nothing is known definitely
about the report, of course, but in the black mood
of the market such gossip is influential.
Another
important particulars.
striking indication of the
Administration
cumulative effect of the
antagonism was afforded on Thurs¬
day, when a New
York Stock Exchange seat was
the last pre¬
The figure is the lowest recorded
$59,000, a drop of $6,000 from
sold at
vious transaction.
and can be considered a
in 20 years,
tribute to the
depressing influence of the Roosevelt regime.
In the listed bond market movements were sizable
and
irregular.
United States Treasury obligations
institutional buyers awaited in¬
further borrowing operations.
Best
idly, while
drifted
of
dications
grade corporate loans were
rather steady, but ne¬
glected for the new issue of $67,000,000 Appalachian
Electric Power bonds and notes, which met a good
Railroad bonds of the more
reception.
speculative
marked sharply higher early in the week,
with equal speed in later dealings. Foreign
types were
but lower
dollar issues were
disregarded. Commodity markets
unimpor¬
of
sensible Administration measures prevail, despite
continual disappointment.
Foreign exchange trad¬
lackadaisical and movements were
were
In this field, as
tant.
in almost all others, hopes
that fugitive funds
lodged here in
moving
obscured by the
official interventions, but the London gold price
advanced to a high record, which in itself indicates
months by European owners were
earlier
HIGHLY uncertain conditions on the New York
for securities again reflected, this
absurdities as the capital
such
gains and corporate surplus taxes.
back.
an
con¬
from all parts of
Oddly enough, most of the "little fel¬
their better known
country.
ing indicated
The New York Stock Market
with
Administration
lows" seemed to feel much like
000,000, to an aggregate of
of any
leadership.
sensible
much fanfare about
was
ferences with little business men
requirements shows a comparable recession
were
associates again failed to
resembling
anything
supply
sharp decline following the Christ¬
The
801
Chronicle
a
The extent of
the outflow is
resumption of hoarding.
On the New York
Stock
touched
new
high levels
stocks touched new
Exchange 41 stocks
for the year while 410
low levels.
On the New York
touched new high levels
and 218 stocks touched new low levels.
Call loans on the New York Stock Exchange re¬
Curb
Exchange 32 stocks
mained
On
the
unchanged at 1%.
the
New York Stock
half-day session on
shares; on
Tuesday,
Exchange the sales at
Saturday last were 434,170
Monday they were 757,950
shares; on
691,690 shares; on Wednesday,
583,910
and on Fri¬
day, 805,990 shares.
On the New York Curb Ex¬
change the sales last Saturday were 76,000 shares;
Monday, 108,099 shares; I on Tuesday, 143,420
shares; on Wednesday, 109,365 shares; on Thurs¬
day, 187,995 shares, and on Friday, 146,025 shares.
Caution prevailed in the stock market on Monday
and prices moved to higher ground in light trading.
shares; on
Thursday, 1,088,350 shares,
on
Further
recovery
panied by a
took place on
Tuesday, accom¬
diminished volume of sales.
Wednes-
802
Financial
day stocks worked their
closed the
three
to lower levels and
day with net losses ranging from
points.
Washington
of
many
an
ceptibly, following heavy liquidation in the
of
the
above-mentioned company,
declines
mated
running from
to five
one
Yesterday the list showed
their
one
stock
and closed with
or
more
points.
a
modest recovery, and
equities in various instances reflect improvement in
position
over
that of
at
early solution of the
vexing problems of the day. Led by American Tele¬
phone & Telegraph, which lost 7% points on the
day, the general list on Thursday weakened per¬
week
the
operations for
men
in the financial community who felt it
point the way to
for
agement
Wednesday shattered the hopes
on
Feb.
Trade and industrial
reports
one to
The conference of small business
in
would
way
Chronicle
acquisition
the week
furnished
of
no encour¬
securities.
ending today
30.5%
of
capacity against 32.7%
month ago, and 79.6%
a
Production of electric
year.
Jan. 29
was
Steel
esti¬
were
by the American Iron and Steel
25.6%
s, 1938
Institute
last
week,
at this time last
for the week to
power
reported by the Edison Electric Insti¬
tute at
2,098,968,000 kilowatt hours against 2,108,968,000 for the preceding week and 2,214,656,000 in
the corresponding week of 1937.
Car loadings of
revenue
freight for the week ended Jan. 29
reported at 553,176
ican Railroads.
This
were
by the Association of Amer¬
cars
was
decrease of
a
17,157
cars
drop of 99,846
cars
General
from the
preceding week and
a
yesterday at 37% against 39 on Fri¬
day of last week; Consolidated Edison Co. of IN. Y.
from the
figure for the
week of last year.
ago.
Electric closed
at
21% against 20%; Columbia Gas & Elec.
against 7%; Public Service of N. J.
at
at
7
30% against
31; J. I. Case Threshing Machine at 84 against
82;
International
Roebuck
&
Harvester
Co.
at
57
at
60
against 58;
against 55%;
Sears,
Montgomery
Ward & Co. at
31% against 31%; Woolworth at
41% against 38, and American Tel. & Tel. at
131%
against 142%.
Western Union closed yesterday at
on Friday of last week; Allied
23% against 24%
Chemical & Dye at 160
against 161; E. I. du Pont
de Nemours at 110
against 110; National Cash
Register at 15% against 15%; International Nickel
at 47%
against 47; National Dairy Products at
13% against 13%; National Biscuit at
19% against
19; Texas Gulf Sulphur at 30 against
30%; Conti¬
nental Can at
38% against 383,4; Eastman Kodak at
152
against 156; Standard Brands
at 8
against 8%;
Westinghouse Elec. & Mfg. at 903,4 against 93; Loril16%; U. S. Industrial Alcohol
at 18
against 19%; Canada Dry at 16%
against
15%; Schenley Distillers at 22% against
22%, and
National Distillers at
19% against 19%.
lard at 16 against
The steel stocks suffered further
losses this week.
United States Steel closed
yesterday at 50% as
Friday of last week; Inland Steel at
62% against 66%; Bethlehem Steel at
51% against
54%, and Youngstown Sheet & Tube at 33%
against 53
on
35%.
the
As
indicating the
motor
group,
yesterday at 4% against 4%
Auburn
on
Auto
Friday of ]ast week;
51% against 52%, and Hupp Motors at
1% against
1%. In the rubber group, Goodyear Tire & Rubber
closed
yesterday at 18% against 19 on Friday of
week; United
27%,
States Rubber at
27%
and B. F. Goodrich at 15%
against
against 16.
The
railroad shares reflect moderate
improvement over
the previous week.
Pennsylvania RR. closed yester¬
day at 20% against 20% on Friday of last
week;
Atchison Topeka & Santa Fe at 33
against 323,4;
New York Central at
16% against 15%; Union
Pacific at 74 against
733,4; Southern Pacific at 17%
against 16%; Southern Railway at
10% against
and
Northern Pacific at 11
the oil
stocks, Standard Oil
day at 47% against 46%
Shell Union Oil at
10,
against 103/8.
Among
of N. J. closed
yester¬
Friday of last week;
15% against 15%, and Atlantic
on
Refining at 20% against 21.
Anaconda Copper closed
In the copper
group,
yesterday at 293/8 against
Friday of last week; American
Smelting &
Refining at 46% against 46%, and Phelps
Dodge at
23% against 23.
29%
on
against 93%c. the close
as
Friday of last week.
yesterday at 59%c.
May
yesterday at 31%c.
on
Chicago closed
against 60%c. the close
as
Friday of last week.
corn at
on
May oats at Chicago closed
against 31%c. the close
as
on
Friday of last week.
The
spot price for cotton here in New York closed
yesterday at 8.60c.
against 8.44c. the close
as
Friday of last week.
yesterday
The
14.22c.
was
price for
rubber
Domestic copper
closed
yesterday dull and unchanged at 10c., the close
Friday of last week.
In London the
20%
pence
ounce
per
price of bar silver yesterday
ounce
on
against 14.68c. the close
as
Friday of last week.
on
spot
against 20%
as
on
was
pence
per
Friday of last week, and spot silver in
on
New York
closed
yesterday at 44%c., the close
on
Friday of last week.
In
the
of
matter
transfers
London
on
the
foreign
closed
against $5.00 11/16 the close
as
week, and cable transfers
at
3.28%c.
as
on
exchanges,
yesterday
on
at
cable
$5.01%
Friday of last
Paris closed yesterday
against 3.26%c. the close
on
Friday
of last week.
European Stock Markets
closed
General Motors at
32% against 32%; Chrysler at
last
of the commodity mar¬
kets, the May option for wheat in Chicago closed
yesterday at 95%c.
against
In
same
course
IRREGULAR tendencies prevailed this week on
exchanges in the leading European finan¬
stock
cial
centers, partly because the uncertain downward
movements at New York created fresh unsettlement.
Dealings
On
the
were
small at London, Paris and Berlin.
British
market a fairly good demand for
high grade investment securities was reported, but
industrial issues, commodity stocks and interna¬
tional securities
were
The French Bourse
inclined to seek lower levels.
experienced several adverse
ses¬
sions, which left quotations sharply lower for the
week.
On the German market
despite
the
government
changes
crisis.
The
were
small,
paramount
question in all European markets remained that of
world business
soned
that
commodities
cations
the
on
will
this
demand
prove
point
highly
were
reports from the United
The chief
tion of
the
tendencies, and it
American
securities with
Bourse,
settlement
a
further
rea¬
international
important.
Indi¬
encouraging, for
States
tendency, accordingly,
Paris
program
not
was
for
was
were
gloomy.
toward liquida¬
speculative element.
moreover,
the
same
sort
of
On
un¬
prevails with regard to the "New Deal"
of the Left Front that
our
own
markets
Volume
Financial
146
have been
Roosevelt, and
struggling with under Mr.
pronounced at times.
was
market
unfavorable in all markets.
Business
on
the London Stock Exchange was
in the initial session of the
in the industrial section the
quiet
a
maintained, but
metal stocks
receded, while Anglo-American favorites recovered
after early weakness.
A firm session followed 011
Tuesday, but dealings again were on a small scale.
Gilt-edged issues were marked fractionally higher,
possibly 011 investment of French funds. Small gains
appeared in industrial stocks, and even the com¬
moderately lower levels. Gold and base
The cheerful
to New York
advices.
Wednes¬
response
demand
was
International
small.
direction
Anglo-American favorites.
prices were
Thursday,
Commodity
steel issues.
under the impetus of
securities fell
the
gains than losses, with move¬
more
either
in
ments
and
iron
showed
stocks
for industrial stocks, with
noted
of
exception
on
and mild
Gilt-edged issues advanved again,
day.
liquidation of
In another dull market
marked downward in
nearly all groups. Gilt-edged issues remained steady,
but industrial
stocks drifted
slowly downward.
securities were
weak, owing chiefly to unfavorable advices from
Commodity shares and international
New
Gilt-edged issues were steady yester¬
York.
day, but all other groups declined on unfavorable
advices from New York.
Industrial stocks were
quite weak.
prevailed
in the initial session of the
the Paris Bourse
on
business week, with fears
of inflation reflected in a demand
shares while all other groups
drifted
Rentes
French
for gold mining
suffered under liquida¬
lower,
as
did virtually
ranged easily with money at 4%%,
on
the
did not
drums
were
of
against 5%%
preceding mid-month adjustment, but this
aid the session.
The Bourse was in the dol¬
Tuesday, and movements in that
on
of little
the
all
The month-end carryover was ar¬
equities.
importance.
session
Rentes recovered a little
lost previously,
ground
but most French
Mining stocks remained in
demand, while international securities showed small
losses and gains in equal numbers.
Traders and
equities again receded.
Wednesday.
of a
new French Treasury issue with a lottery feature.
French equities were quiet, while commodity issues
Rentes lost
stocks were modestly improved.
decline,
mining shares again the sole exceptions.
Thursday resulted in a sharp
on
gold
Rentes
were
losses were
only fractionally, but
off
registered in equities of all
and in most international
session occurred
international
Little
when
day.
soon
the end were of no
The turnover was small, as the politi¬
was
on the increase,
and there was no
crisis
cal
take a definite stand
disposition to
trend
The
Thursday
on
of modest proportions.
again
changes
recessions
issues
were
with
Even the
fractionally lower, while
leading stocks were only
fixed-income
either way.
downward,
was
held
former levels.
to
Sharp
registered yesterday, many issues
falling two to three points.
Trade Treaties
toward increasing international
STILL another step toward reduction of tariff
and
barriers
trade
was
reciprocal accord will be
fresh
a
Public
Canada.
with
preliminary notice
negotiated
hearings are to begin on
week, in the form of a
late last
that
of State Cordell Hull,
taken by Secretary
itself an indication
with
The existing treaty with
April 4, which stipulation is in
that Mr. Hull expects
the
to make speedy progress
Anglo-American pact.
Canada is said to have
sidered
desirable
discussions
with
been for
has
given great satisfaction on
but modification is con¬
the border,
sides of
both
in the light of the
some
time
a
tendency to enlarge the
of the agreement with
scope
forthcoming
Moreover, there
Great Britain.
Canada, a Washington
dispatch to the New York "Times" notes. In accord¬
ance with the usual procedure, Mr. Hull made public
list of hundreds
the
tween
United
of
limit
States
are
trade be¬
Canada on which
effected.
already have been
tariff
Agreements Act, and it
that
and
The list contains many
subjected to the 50%
reductions permitted by the Trade
changes might be
items which
of items entering into
on
includes also other items
It is surmised, accord¬
the free list.
Hull contemplates arrangements
to the lower rates or to
the free list, in exchange for Canadian concessions.
Numerous items are included, on the other hand,
which have not yet been subjected to the full 50%
ingly,
that
that Mr.
might bind such items
reduction made possible by the law,
is considered
import tariff
and
a
fresh
possible as
stimulus to trade thus
a
of the United States-
consequence
Canadian discussions.
British Foreign Loans
ground owing to an announcement
and international
Dealings
Wednesday prices improved on
on
Boerse, and net changes at
preferred to remain aloof on
investors
with
opening
relaxed
After
importance.
a
Bearish conditions
tion.
weak
the
Anglo-American
tendency was maintained on
issues advanced in
Fixed-interest issues were steady.
slightly.
slight
Heavy industrial, chemical,
other issues were sought by buyers,
activity.
and
electrical
main trend was toward
modity shares found some buyers.
of
Tuesday, and there was a
on
partly because the demand money rate was
definite lead from
British funds were well
New York.
firm
was
increase
week, with all interests
apparently intent on awaiting a
The tone of the Berlin
better demand than others.
International
political tension developed, especially with respect
to the Spanish conflict, and this factor also was
liquidation
803
Chronicle
descriptions,
Another weak
was
was
done on
the Berlin
in
the
House of
Commons, Tuesday, by
it
was
indicated at the same
be continued
Sir John Simon, but
time that controls will
through the Foreign
Transactions Ad¬
visory Committee. The real extent of
tion is a bit difficult to determine, for
the modifica¬
it apparently
depends largely on the nature of applications pre¬
sented to the committee.
In response to questions
Boerse
put by Members of Parliament, Sir John remarked
that the time has not yet arrived for indiscriminate
resumed for the week, last Mon¬
The opening was uncertain, but improvement
set in and at the end only small fractional vari¬
ations were noted.
nounced
Chancellor of the Exchequer
and
yesterday, with rentes, equities
issues all affected.
business
trading
securities.
important
MODIFICATION to British restrictionswas Em¬
on an¬
pire lending of foreign countries
Mining and steel stocks were in
investments. "I refer particu¬
applications in behalf of
governments, foreign local or public authori-
approval of foreign
larly," he added, "to those
foreign
804
ties,
Financial
State controlled
or
organizations.
Applica¬
tions of this kind will continue to be
considered
their
Chronicle
merits, along the lines laid down in
the
unofficial
latitude, however,
notice
will
be
allowed
Reactions
com¬
cally,
ing of
I refer
new money on a
long-term basis
tion ed
volving large blocks of foreign-owned
empha¬
was
sized, is to encourage "suitable expansion" of inter¬
capital transactions.
Short-term foreign
with
lending of
tions
a non-commercial character
was
don
ruled out
definitely by the Chancellor.
v
the
was
by the armaments
of
sharply
message which President Roose¬
velt transmitted to
There
was
Congress on Friday of last week.
disposition to quarrel with the con¬
forth by Mr.
Roosevelt, but rather a
tentions
set
desire for additional information and
lineation of various
aspects of
risk
of
war
clearer de¬
a
foreign affairs.
The
more
on
rumors
than
more
occasion
one
and reports of close
tween the United
of
the
understandings be¬
States and British Governments.
was
being pursued carefully.
fortunately, Mr. Roosevelt preferred
the
Un¬
to remain silent
matter, and in view of his whimsical
and
light-hearted plunging of the Nation into
grave and
costly domestic experiments, much concern con¬
tinues to prevail
The
world
regarding his foreign policy.
from
message
emphatically
Mr.
entered
armaments
the
Roosevelt
United
The
race.
States
in
sincerity,
the President
the peaceful intentions of this
efforts
made
international
creases
to
national
national
obtain
,
the
President
is
With
dwelt
on
reductions
by
to
wars now
report
"inadequate for
security and requires increase
in prog¬
that
our
purposes
for that
of
rea¬
The need for
cited in defense of the
proposals.
was
The
The intent,
insisted, is not aggression, but only defense.
most
increase
important recommendation
of
was
20% in naval authorizations,
for
and
building of two battleships and two cruisers
and
above
additions,
vances
all
present
army
were
peacefully inten¬
concern
conversations
in
are
ex¬
progress
terminating the qualitative
London
per¬
was
Naval
Treaty.
limita¬
Such discus¬
still in effect
among Great
United States.
The naval
armaments competition
emphasized additionally this week
by the start
was
of British maneuvers in and
mark the
opening of
near
Singapore, which
huge drydock
a
the
on
heavily
fortified islands.
construction
improvements
urged.
League Council
ANOTHER session of the
League of Nations Council ended
plans.
Air
an
for
Wednesday, with
the week's dis¬
than
more
a
tion of the moral
support of the Chinese
Government that
session
was
devoted
was
reaffirma¬
Nationalist
expressed last autumn.
mainly to consideration
The
of the
Sino-Japanese war, with the dominant
thought once
again that of securing American
support for League
endeavors
and
proposals.
made, and in the
with the
end
But no progress was
the Council contented itself
adoption of
a resolution
deploring the in¬
China, and recalling and empha¬
tensified strife in
sizing the
recommendation that
no
action be taken
by any member States that might weaken the
Chi¬
power of resistance.
A committee of 28
nations
while
the
Council
on
any
Tuesday by the
on
reform of the
in
was
session,
League
but
this
unable to take effective action
was
on
subject whatever.
The group was startled
appearance of the
Spanish For¬
eign Minister, Julio Alvarez del
Vayo, who appealed
for international action
against
Germany, Italy and
Japan,
on
the plea that these countries
laws, sowing the seeds
the world."
the
in
appeal, and concentrated
the
gates
"out¬
are
of death and destruction in
But the committee
quietly sidestepped
on
proposed changes
coercive provisions of the Covenant.
from
argued
Holland,
that
Sweden
sanctions
have
and
Dele¬
Switzerland
become
although
optional,
most other representatives contended
they
still must be
applied by all member States when
voted
by the
proper
any progress on this
League body.
matter, which
in any
case, the reform
entire question to the next
over
ish and French
force
ing for private
and equipment ad¬
The program,
according to
on
cussions productive of little
group likewise
protecting two coasts, and the
question that remains regarding the Panama
Canal,
were
all
again reported from Lon¬
was
35,000-ton limitation
fol¬
But the armaments in¬
nations, and the
defense
It
that
to
the
met
country and the many
armaments
agreement.
of other
impelled
son."
Paris
the
communication
similar expansion
programs in recent years.
ress,
of
of
prevailed, while much
view
a
and
Germany and Italy mild
phase of the international
formally and
precedent set on so many occa¬
by heads of other States, when they announced
unquestionable
In
Britain, France and the
nese
lowed exactly the
sions
the
inap-
Administration spokesmen in the Senate
scoffed at
suggestions of this nature, and stated
clearly that
the time-honored
policy of isolation and indepen¬
dence of action
calmly assumes," the
American
new
debated
was
propriateness of the "quarantine" speech made
by
the President at
Chicago last October.
A
timely
airing of views also developed with respect to Lon¬
on
Britain
soberly this week by the
experienced Senators, and the
country was
reminded
don
and
no
#
greeted enthusiasti¬
sions, to which the United States
necessarily is a
party, concern reports that Japan is
building battle¬
ships of more than 40,000 tons. The
possibility thus
arises of general construction of
ships in excess of
Armaments Race
GENERAL concern about the foreign policy
Administration
heightened
Great
nations."
pressed in Japan.
national
it
"For Great Britain
turbation
but of
securities."
Government, it
was
guard the security not only of the United
States,
acquiring assets or developing enter¬
prises in foreign countries, and to transactions in¬
The desire of the British
news
battleship,
cruiser, destroyer and airplane helps to safe¬
every
Empire for
outlay of $800,-
years.
to this program
instances of great interest.
some
report added, "that every
behalf of
on
British borrowers from
any part of the
the purpose of
1938
London dispatch to the New York "Times"
a
remarked.
particularly to the rais¬
an
5,
foreign countries
In Great Britain the
further
respecting applications not falling within the
class I mentioned.
of
succeeding
diverse and in
were
Greater
until
estimates, will involve
000,000 in this and
on
mittee's terms of reference and with
regard to the
general policy of the British Government.
Feb.
Unable to
seems
committee
make
academic
referred
Assembly meeting.
the
Brit¬
delegates utilized the League meet¬
conversations with Rumania's For¬
eign Minister, Istrate Micescu, but
warnings that
special session
of
the
Council
might be called
a
to
Volume
the
with
deal
fascist
Financial
146
anti-Semitic campaign
regime in
of the new
Rumania apparently were
805
Chronicle
gret," and the way thus was
dis¬
regarded.
Spanish Civil War
Sino-Japanese Conflict J
ALL accounts from
China indicate that a
major
were
countries,
involving
foreign
engaged in pitched battles
Province and the important
railway lines that link northern and central China.
Guerrilla warfare, which the Chinese favored for
gruesome
insurgent airplane
developed in the central part
China, with huge armies
for control of Shantung
some
nese
But
where the Japa¬
now are endeavoring to strengthen their hold.
the defenders in this undeclared war which
time, continues in all areas
cities far behind the
various
points of the Aragon sector, and the result
to favor neither side.
The airplane bomb¬
seemed
unless the
which women and children
by
General Francisco Franco last Sunday, in the form
of a horrible hail of bombs on Barcelona, in which
well be correct as to the area
more
was
their conquests and sub¬
population. It was reported on Thursday
Japanese invaders proposed to clear a huge
north to the borders of
Manchukuo, of foreign residents, possibly with the
aim of establishing one of their puppet States in
the zone. While the fighting continued in the north,
airplane bombing expeditions remained the chief
reliance of the invaders in Canton and other south¬
ern cities through which munitions reach China.
from the Yangtze
sioned
which have marked the Japanese
Some
authorities in recent years occa¬
another minor
crisis in Tokio, this week.
exasperation was expressed in a
Diet session,
the withholding of information
of the Japanese Parliament.
The
Tuesday, owing to
from
members
government's policy of "not enlightening the people
but demanding their blind confidence" was assailed.
revealed even more
statement by a War Ministry
spokesman about troop replacement was contra¬
dicted within a few hours by superior officers.
The
On
Wednesday the situation was
sharply, as an official
in many countries, that the
militarists do not bother to inform the
civil regime of their intentions is strengthened by
such incidents.
Meanwhile, there is growing nerv¬
ousness in Japanese circles about possible difficul¬
ties with third Powers.
War Minister General Gen
suspicion entertained
Japanese
Diet late last week that Japan
of China. The inter¬
national complications of the Japanese war against
China were illustrated more forcibly by still another
incident involving the United States.
An exchange
Sugiyama told the
must prepare
to fight an ally
regarding the slapping
of John M. Allison, Third Secretary of the United
States Embassy in Nanking, by a Japanese soldier.
For reasons that are not entirely clear, the State
of brusque
accepted
An orphanage
sacrificed.
These
150 children perished.
by the insurgents slowly are
crystallizing the sentiment of free peoples against
General Franco.
The London House of Commons
adopted
a
resolution, Wednesday, expressing
"grow¬
ing horror and resentment at the aerial bombard¬
ment of defenseless civilians."
It is now rather
that such air attacks are the
definitely established
the Spanish fascists hope to
mechanism whereby
from their military
divert attention
A fresh
inabilities.
Mon¬
international incident developed on
submarine of unknown nationality and
sank the British merchant ship
Endymion, with a loss of 11 lives.
Three Britons
were killed and the Swedish observer for the Non¬
intervention Committee also died.
The British
Government was aroused by the attack, and a num¬
ber of warships promptly proceeded to the Mediter¬
ranean for augmentation of the anti-piracy patrol.
French ships joined in the move, and orders were
issued to sink at sight any unidentified submarine.
day, when a
origin torpedoed and
The
loyalists of Spain issued a formal statement to
General Franco had received as gifts
the effect that
from
two
to
Italy an assortment
the
officials
of four destroyers and
according
One of the latter craft,
submarines.
loyalists,
sank
the
Endymion.
disclaimed any information as to
tity of the
British
the iden¬
submarine, and the matter reached the
Sullivan stage when Italy gravely was
join in the augmented anti-piracy cam¬
Gilbert and
invited to
The Spanish fascists
paign.
announced last Mon¬
day that a permanent Cabinet had been appointed
to aid in the rule of the large area of Spain in their
loyalist Cortes held one of
hands.
The duly-elected
its rare
legislative meetings on Tuesday in a monas¬
tery near
Barcelona.
Cortes that
Premier Juan Negrin told the
the government never
will agree to any
compromise with the insurgents.
j[ |
German Crisis
notes developed
Department preferred to take a highly serious view
of the occurrence, and formal apologies were de¬
manded
than 400 lives were
hit and more than
incredible maneuvers
jugate the
The differences
The answer was supplied
the chief victims.
are
the official interpreters, but the
general course of the war may not be reflected accu¬
rately. In the Yangtze basin, encounters were on a
more modest scale, but the Japanese here also were
civil and military
helpless civilians, in
on
kept in mind by
area,
occasioned a threat by the loyalist
they!' would bomb city for city,
insurgents halted their devastating raids
that
authorities
500,000 soldiers are locked
course of events rather
obscure.
Both sides claim victories, and each main¬
tains that its opponent suffered heavy losses.
In
an epic struggle such as now is in progress in China,
that the
counter-attacks
and
ings of last week
battle, with the real
attempting to round out
with lines little changed.
developed at
but
continued,
desperate stand,
all such claims may
The struggle for
attacks
dispatches suggest that
in
battle lines.
Fierce
China apparently have decided
probably under the direc¬
Generalissimo Chiang Kai-shek.
Shanghai
tion of
by increasigly
attacks on loyalist
and
Teruel
Japan forced upon
to make a
>
MILITARY movements in theweek by civil war
Spanish incidents
overshadowed this
of
conflict has
ii
cleared for the next
incident.
Monday
the Japanese expression of "profound re¬
and given.
The Department last
THROUGH all the maze and economic affairs it
political, military and confusion of Ger¬
man
is
genuine crisis has developed in
is known to be
but it seems to be a rift between the
apparent that a
that
none
country.
The economic position
too happy,
political and military leaders that has occasioned
the current difficulty.
The outside world began to
806
Financial
realize
that
tions for
a
troubles
Chronicle
stirring when prepara¬
special meeting of the alkNTazi Reichstag,
Rate in
Country
anniversary of the rise to
Hitler, but there
was
asm.
The
celebrations
Field Marshal Werner
von
Minister, failed to
Rate
Argentina..
Country
3)4
3)4
4
Belgium
Bulgaria...
2)4
Aug. 15 1935
Mar. 11 1935
7
2)4
Italy
Japan
Chile
4
Jan.
24 1935
4)4
Java
Colombia..
4
July
18 1&33
6
Jugoslavia
1
2
1936
Holland...
2
Dec.
2 1936
2)4
4
Aug. 28 1935
India
3
Nov. 29 1935
June 30 1932
4)4
3)4
3)4
May 18 1936
Apr.
6 1936
3.65
m
21937
5
Norway...
Jan.
61938
4
3)4
Poland
4)4
Dec.
England...
17 1937
2
June 30 1932
5
2)4
4
Aug. 11 19?"
Sept.25 1934
Portugal...
Rumania..
1 1936
3)4
4
Sept. 30 1932
Greece
6
Jan.
Morrocco..
mar¬
of the German junkers who still control
as
to
on
attempted to foist upon all Germans.
to the doctrines that
Reorganization of the German Cabinet
the
least
that
can
7 \sti4
6
South Africa
3)4
May 15 1933
4
Spain
5
July
Sweden
5)4
7
Switzerland
2)4
1)4
Dec.
1 1933
Nov. 25 1936
10 1935
3
2
were
as
on
Friday of last week, and 9-16% for three-months'
bills, as against 9-16% on Friday of last week.
Money
on call at London on
Friday was lA%. At Paris the
control
the Nazis have
4)4
IN bills Friday market discount rates 9-16%
LONDON open 9-16%, against for short
resignation. This
incident, while relatively trivial in itself, apparently
as
Dec
4)4
5
1937
4
4)4
6
Foreign Money Rates
said to have occasioned the
real showdown
4 1934
offense
and objections by the old army leaders
a
3)4
19 1936
Jan.
5)4
4)4
3)4
military, and
4
1935
Jan.
Dec.
of the German
1
Oct.
Nov. 12 1937
a grave
14 1937
4
3
3
opened the way to
July
1 1936
May 28 1935
4
vakia....
6
were
Jan.
Feb.
Danzig
4
the array,
3
5
.
5
5)4
3)4
3)4
France....
Germany..
in the eyes
4)4
Lithuania..
Finland
Blomberg recently
3
3 29
Denmark..
appear, and the report soon
von
Rate
Hungary...
spread that he had handed his resignation to Chan¬
General
vious
4)4
Chechoslo¬
Blomberg, the German
commoner, which seems to be
Date
Established
4~
cellor Hitler.
a
Pre¬
Effect
Ireland
6
Mar.
July 10 1935
July
1 1935
May 15 1935
Estonia
ried
1938
Feb. 4
Canada
particular enthusi¬
no
vious
Austria
revealed, incidentally, that
War
5,
Rate in
Date
Established.
Batavla
of Chancellor
power
Adolf
Pre¬
Effect
Feb. 4
originally scheduled for last Sunday, hastily were
abandoned.
Germany celebrated on Sunday the
fifth
Feb.
were
market rate remains
open
is considered
at
develop from the affair, while
Bank of
observers believe that the
power exercised by
Chancellor Hitler may be curtailed in the
general
at
3}4% and in Switzerland
1%.
some
England Statement
ACCORDING to the statement for the week
ended
readjustment.
Feb.
2
an
expansion of £3,497,000 took place
during that week; month-end re¬
in note circulation
Haiti and Dominica
quirements
the
STEADY progress is being madecontroversy be¬
toward settle¬
war-threatening
with
tween
increase
ment
of
the
sioned
the
Haitian
and
Dominion
by charges that Haitians
Republics,
were
occa¬
were a
amount
factor in the increase which raised
outstanding to £476,694,000 compared
£457,311,181
a year ago.
There was a small
£26,061 in gold goldings attending the
of
expansion in circulation and
subjected to
the reduction in
so
"wholesale massacre" when
they entered Dominica
serves
in search of
£2,150,000 and other deposits £2,447,564.
latter amount,
£1,689,712 was from bankers'
gainful employment.
The truth about
these incidents remains to be
established and
revealed.
the
two
islands
It
countries
in
the
which
share
Caribbean
mutual desire to
Communications
fully
and
be recorded in the meantime
that
can
one
display
an
of
the
ago;
and
of
it
will pay
lent
of
ately
BANK
.1
be
continued
and
Dominica
promised to abide by the findings of the
tribunals,
although the responsibility of the State was not
Results
of
the
investigation
are
to
by
peaceful
The international incident
thus settled
means
was
'■
excellent example
set for all the world.
THEREdiscount no changes during the week in
have been
the
of the
banks.
Present, rates
at
the
1
■
'1
1
the
v
'
''—■.
»•'
■
■■
■
'■
"
'•
Clrdulatlon
Feb. 7
1937
1936
1935
1934
476,694,000 457,311,181 399,832,757
376.987,922 368,184,624
11,404,000
12,214,103
10,989,105 16,534,575
Public deposits
17.272,431
Other deposits
147,973.442 134,379,254 139,901,921
143,416,826 137,577,251
Bankers' accounts 111,382,758
Other
accounts
36,590,684
Govt, securities
Other securities
;
98,078,165
29,150,177
Dlsct. & advances.
Securities. *•.
Reserve notes & coin
Coin and bullion
Proportion of reserve
to liabilities
10,478.552
18,671,625
50,293,000
326,987,627
96,105,653 102,876,738 104,069,033
101,440,533
38,273,601
37,025,183 39,347,793 36,136.718
80,449,242
79.415,001
82,911,413 69,540,610
27,448,378
28,294,745 19,183.655 19,864,877
8,520.709
14.440,137
9,276,686
8,417,442
18,927,669
13,854,608
9,906,969 11,447,435
56,856,056
61,354,608 76,034,186 83,602,401
314,167,237 201,187,547 193.022,108 191,787,025
31.50%
38.70%
2%
Bank rate
2%
40.66%
2%
47.53%
53.98%
2%
2%
Bank of France Statement
THE weekly statement dated Jan.170,764 francs,
27 showed a
slight gain in gold holdings of
which raised the total to
pared
with
58,933,039,089 francs,
57,358,742,140 francs
65,223,422,365 francs the
bills
discounted
of
foreign central
leading centers are
is
now
before.
and
notes
francs
showed
the
a
securities
francs
previous
last
of
ago
French
in
com¬
and
com¬
circulation
The total of circulation
year
year.
loss of 3,000,000
accounts of
year
522,000,000 francs and 390,-
92,255,365,330 francs,
687,989,135
a
year
000,000 francs respectively.
Discount Rates of
Foreign Central Banks
shown in the table which follows:
in
Feb. 6
mercial
rates of
any
made
show the different items
Feb. 5
recorded increases
disputes
was
we
securities which
was
Feb. 3
proved effective, however, and
thus
change
ENGLAND'S COMPARATIVE STATEMENT
exceedingly grave, for
Haitian officials estimated that
up to 12,000 of their
countrymen were slain.
Existing agreements for
the
pacific settlement of international
an
other
on
be
given full publicity, and both governments
promised
to do their utmost to
prevent similar incidents in
the future.
loans
1938
ratification of the accord by the
legis¬
latures of the two
countries, and the remainder in
live equal instalments
beginning Jan. 31, 1939. In¬
to
week
government
Feb. 2
upon
admitted.
OF
i|V'■■■"
agreement whereunder Dominica
to Haiti, by way of indemnity, the
equiva¬
One-third is to be paid immedi¬
are
reserve
a
with comparisons for
previous years:
|750,000.
vestigations
No
Below
rate.
and
£50,223 and
rose
£285,611.
2% discount
the West Indian island
Hispaniola for negotiations, and in
Washington
reported last Monday that signatures had
an
£865,000
accounts
The
on
off
Of the
from 32.7%
Loans
re¬
fell
The latter consists of discounts
and advances which
was
been affixed to
38.70%.
was
decreased
decreased
Delegates
on
it
year
deposits
from other accounts.
was
securities, £235,388.
which both countries
promised to avoid any resort
arms for settlement of the
dispute.
subsequently assembled
last
securities
adjust their differences peacefully.
were
exchanged late last year in
to
£757,852
Public
proportion dropped to 31.5%
larger
earnest
£3,470,000.
was
compared with
and
Credit
87,-
81,503,345,245
balances
abroad
francs, advances against
70,000,000 francs and creditor
153,000,000 francs.
The Bank's
current
reserve
Volume
ratio is
and
Financial
146
at
now
49.66%,
70.60% two
as
A comparison of
different items for three years
BANK OF FRANCE'S
New York Money
against 54.67% a year ago
ago.
years
807
Chronicle
the
Rates
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
is furnished below:
ruling quotation all through the week for both new
loans and renewals.
The market for time money
COMPARATIVE STATEMENT
Changes
Jan.
for Week
Jan.
27,1938
11,864,653
9,127.502
Note circulation
+522,000,000 11,973,403,182
1,423,565,759
853,942,500
No change
—70,000.000 3,824,162,975 3,701,104,913
+390,000,000 92,255,365,330 87,687,989,135
Credit, current accts
—153,000,000 26,410,737,495 17,235,239,966
bills discounted-_
b Bills bought.abr'd
Adv. against secure.
continues
this week.
9,210,068,050
1,314,685.918
3,350,363.597
81,503,345,245
10,885,806,864
French commercial
c
65,223,422,365
8,553,116,718
16,264,088
—3,000,000
Credit bals. abroad.
a
31,1936
Francs
+ 170,764 58,933,039,089 57,358.742,140
Gold holdings
Jan.
29,1937
Francs
Francs
Francs
90
31,903.805.755 19,772,095.857
No change
State._
out int.to
Proport'n of gold on
hand to sight llab.
70.60%
54.67%
49.66%
—0.10%
b Includes bills discounted abroad, c Rep¬
10-blllJon-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 65.6 mg.
a
Includes bills purchased In
months maturities.
been
Paper has been in good supply
days and 1 Yi% for four to six
prime commercial paper has
market for
The
Temp. advs. with¬
quiet, no transactions having been reported
Rates continued nominal at 1J4% up to
very
active this week.
and
the
been
demand has
Rates are
brisk.
very
quoted at 1% for all maturities.
Bankers' Acceptances
France,
resenting drafts on Treasury on
of gold to
the franc.
THE market for prime bankers' acceptances bills
extremely quiet this week.
Prime has
been
been
have
Bank of Germany
Statement
THE statementexpansion last note circulation of
for the in quarter of January
showed
an
which is now 5,199,-
485,000,000 marks, the total of
aggregated
before 4,097,788,-
Circulation a year ago
100,000 marks.
4,799,080,000 marks and the year
000 marks.
An increase was also recorded in gold
which brought the total
and bullion of 36,000 marks,
up
to 70,770,000
marks last year
marks, compared with 66,904,000
and 76,618,000 marks the previous
Reserves in foreign currency, silver and other
and other assets showed decreases of 409,000
year.
coin
marks, 71,960,000 marks and 61,363,000
marks re¬
The reserve ratio is now at
1.46%; a
spectively.
it was 1.51% and two years ago 1.99%.
also appeared in bills of exchange and
ago
year
Increases
checks, advances, investments, other
been
Federal Reserve Bank of
and including 90 days are
quotation as issued by the
New York for bills up to
for four
asked; for five and sixmonths, %% bid and 9-16% asked. The bill-buying
rate of the New York Reserve Bank is Y% f°r bills
Yi% bid and 7-16% asked; for bills running
months, 9-16% bid and Yi%
%% for 91- to 120-day
180-day bills. The Federal
running from 1 to 90 days;
bills, and 1% for 121- to
Bank's holdings of acceptances
Reserve
changed
REICHSBANK'S COMPARATIVE
*
STATEMENT
quoting the same rates as
Federal Reserve Bank of New York.
180
Days-—
Asked
#i«
X
90
Bid
Asked
7u
X
Of which depos.
No change
abr'd
Reserve in foreign curr.
—409,000
Bills of exch. & checks.
+ 707,244,000
—71,960,000
+ 22,596,000
+ 652,000
Silver and other coin
Advances
Investments..
—61,632,000
Other assets
Relchsmarks
70,770,000
+36,000
In
66,904,000
Relchsmarks
76,618,000
20,264,000
5,135,000
5,591,000
5,304,000
5,519,092,000 4,858,062,000 3,962,822,000
189,063,000
190,856,000
173,776,000
72,061,000
64,718,000
65,682,000
664,106,000
525,129,000
394,606,000
696,487,000
767,703,000
807,751,000
20,333,000
18,063,000
851,448,000
+ 97,108,000
Oth. dily matur. oblig..
706.568,000
H% bid
X% bid
—
banks
the Federal Reserve Banks
The following
the
for
is the schedule of rates now
various
of
classes
at
paper
343,501,000
349,754,000
—0.16%
1.46%
1.51%
DISCOUNT RATES OF
1.99%
FEDERAL RESERVE BANKS
Rate in
Date
Feb. 4
Established
2
27
4
11
27
IX
Sept.
1
Aug.
Philadelphia
IX
Sept.
Cleveland-.--.
Richmond---
IX
IX
May
ALL departments of the
Atlanta...
IX
Aug. 21
were
was
New York money market
this week, with funds avail¬
still lacking.
important transaction noted during the week
the extension by banks of loans aggregating
huge amounts and the demand
able in
One
stagnant,
IX
Aug. 21
IX
Sept.
IX
Aug. 24
IX
Sept.
Dallas
IX
Aug. 31
San Francisco..
IX
Sept.
New York
Market
$50,000,000 to United States Steel Corp.
were
paper
not
divulged.
Bankers' bill and commercial
The Treasury sold
further issue of $50,000,000 discount
unchanged from previous weeks.
on
Monday a
at 0.084%
annual bank discount
bills, due in 91 days, and awards were
computed
average,
Call loans
basis.
on
on
an
the New York Stock Exchange
loans re¬
mained at 1%% for maturities to 90 days, and 1%%
for four to six months' datings.
The tabulation of
held to
1% for all transactions, and time
brokers'
loans
revealed
that
were
by the New York
aggregate
Stock Exchange
borrowings
on
collateral
$597,418,040 at the end of January against
$659,219,305 at the end of December.
Chicago
-
St. Louis
-
Minneapolis
Kansas City
1
Aug.
Course of Sterling
Details
dealings were slow and colorless, with rates
Previous
Effect on
Federal Reserve Bank
Boston
New York Money
in effect
the different
Reserve banks:
270,150,000
Propor. of gold & for'n
curr. to note clrcul'n.
7i«
679,402,000
+ 9,114,000
Other liabilities
X
7i»
Asked
THERE haverates ofno changes this week banks.
been the Federal Reserve in the
rediscount
+ 485,000,000 5,199,100,000 4,799,080,000 4,097,788,000
circulation
Days
Bid
WITHIN THIRTY DAYS
FOR DELIVERY
Liabilities—
Notes
X
—30
Days—
Asked
Bid
X
-
Asked
•ie
9u
60
Days
Days
Bid
Bid
X
Prime eligible bills
—120
150 Days
Asked
Bid
Prime eligible bills
1938 Jan. 30, 1937 Jan. 31, 1936
Relchsmarks
Relchsmarks
Assets—•
Gold and bullion..
The rates for
DELIVERY
SPOT
Discount Rates of
Jan. 31.
un¬
market acceptances are as follows:
open
Eligible non-member
Changes
for Week
remain
dealers are
those reported by the
Open market
$548,000.
at
Eligible member banks
t'
The official
change in rates.
no
daily maturing
obligations and other liabilities.
Below we furnish
the various items with comparisons for previous years:
demand has been light.
and the
scarce
has
There
2
3
3
Rale
2
1937
1937
1937
1935
1937
1937
1937
1937
1937
1937
1937
1937
IX
2
2
2
2
2
2
2
2
2
2
Exchange
unseasonal exchange continues to display the
STERLING firmness which has characterized the
foreign exchange market
throughout the past six or
eight weeks when, under more normal conditions of
international trade, the rate would have been much
easier in terms of
mid-January
New York.
However, from after
should move
exchange
in favor
of
increasing firmness during the spring
It seems extremely unlikely that ster*
London to gain
and
summer.
ling in terms of the
levels
is
even
dollar will exceed present high
of the tourist season, which
at the height
ordinarily favorable to the
excessive firmness of
pound.
The present
due
sterling, as in past weeks, is
chiefly to Continental
uncertainties as to American
808
Financial
Chronicle
monetary policies, and the critical situation of French
securities
public finance is of
Feb.
5, 1938
business.
causing
course
widespread
funds into London.
ment of Continental
this week has been between
for bankers'
a
sight, compared with
has
transfers
been
$5.01%, compared with
$5.00%
week
a
The range for
between
$5.00
the
on
this
of
the
New
French
present
unseasonal
firmness
also
stimulated
Continental funds to London
and
Swiss
the
funds find
due to the
conditions
well
a
movement
of
The "greater
centers.
to Amsterdam
part of these
lodgment in London.
expected to last unless export business is
stimulated.
Business
in
as
as
not be
can
This is
extremely critical situation of the
has
franc
years,
trade
and
condition of general business in Great Britain
perous
practical cessation of
a
In the past few weeks there has undoubtedly
been some movement of foreign funds
away from
The
political
lending in the interest of the export trade, and it has
been frequently pointed out that the
extremely pros¬
to
as
sterling.
New York.
unsettled
For months London banking
interests have been urging a
resumption of foreign
side, the
the
foreign funds to New York.
of
The Government has been
foreign lending for several
generally
public finance policies of the Washington adminis¬
element
their
throughout the world.
markets, coupled with doubts
movements of
to
averse
ago.
tration, have brought about
an
increasing foreign loans.
and
of $4.99 11-16 and
a range
inactivity and weakness
York security
9-16
foreignXto the original character of
At present perhaps the most
important influence
affecting the future of the foreign exchange market is
a renewed and
lively discussion of the necessity for
of between
a range
Distrust of the business situation
comparative
The range
$5,003^ and $5.01 9-16
$4.99% and $5.00 11-16 last week.
cable
move¬
Great
in
Britain still
continues
at
ex¬
tremely high levels, although since the end of October
there has been evidence of retardation in
lines,
a
number of
especially perhaps in the textiles, which
preeminently dependent upon foreign trade. The
are
more
heavy armament
will
program
continue
for
some
and has in fact hardly begun to get under
years,
While this program represents from
way.
beginning to end
The fear of Continental hoarders,
especially French
interests, is also reflected in the strong bidding for
gold in the London open market.
On numerous
continue to be of
great
importance to engineering and mechanical lines.
A
occasions in the past
few weeks the dollar equivalent
gold price in London has ranged between
while
and
Harvard
of
the
$34.90
$35.03
an
thus
ounce,
indicating the
complete unattractiveness of the American gold price
an ounce.
When gold in the London market
of $35.00
was
ranging around $34.70
ago,
it
was
an ounce
months
many
profitable to buy gold in London and ship
Now foreign hoarders
operating in
useful
no
the
of
In addition to these
special influences at present
giving firmness to the pound, there is the
The
has
amount of
because
which
A
foreign funds
of
are
deposit in London
on
begun to give bankers there
a sense
of uneasiness
the
temporary character of the funds,
designated in this country as "hot money."
significant reference to the problem
week in the annual
report
by
one
was
banks, from which it
may
action
by the London banks
will
taken
foreign deposits.
courage
years
be
be assumed that definite
dis¬
to
Hitherto and for several
past, the banks have encouraged such business
in the
race
for
deposits, although there has been
profit for, them in these mounting foreign
and not
infrequently
have had
inference
a
certain value
seems
loss.
some
as
no
reserves
Their large deposits
window-dressing.
reasonable that the
The
The
played
rates to
are
superabundance
in
London
has
important part in holding down money
excessively low level. Working conditions
extremely unprofitable for the discount
an
still
a
money
As
a
result these
century have been
of international
trade,
portfolios
gilt-edged
with
are
houses
one
which, for
more
of the main supports
now
obliged to fill their
government
and
other
of
Ministry
Health
required
is
programs
estimated
at
over¬
approxi¬
year-end addresses of the British bank
their
to
stockholders
few
a
weeks
ago
emphasized the necessity of increasing foreign loans.
The chairmen of the Big Five banks
particularly
stressed the point.
in
line
and
has
Official London has
now
fallen
agreed to relax the ban in
some
important respects.
Financial
circles
believe
that
apart
from
the
remarks of the bank chairmen at their annual meet¬
ings, the relaxation
recent
may
developments.
be partly the result of two
One
report submitted by former
is
that
premier
the
van
economic
Zeeland of
Belgium stressed the need for resumption of foreign
Sir Robert Kindersley recently warned that
lending.
Britain may
be living
inasmuch
it is not
of
as
on
capital rather than
reinvesting
overseas
on
income
the amounts
foreign loans repaid by amortization.
John
On Tuesday
Simon, Chancellor of the Exchequer, an¬
nounced in the House of Commons the relaxation of
Treasury's
ban
on
foreign
borrowing
in
the
London money market.
In
ment
an
houses.
than
of
ex¬
Recently the
complete the present slum clearance and
the
of these
funds, the Government's
change fund would suffer embarrassment.
housing
Sprague
of
All of the
Bank of England have now indicated
they wish to discourage further increases in such
deposits, because it is felt that in the event of sudden
withdrawal
great
M.
statement that the number of houses
chairmen
Sir
that
the
O.
mately 400,000 and will take around five-years to
complete.
Treasury author¬
ities and the
a
crowding relief
made last
of London's largest
scale.
greater
constant
necessity for banking and commercial houses through¬
out the world to keep
liquid balances in London.
Professor
was beginning to lose impetus.
It is
however, beginning to be revived on an even
to
ing houses.
thought that
which
England,
now,
the
gold market are again depositing their
acquisitions in the vaults of the London bank¬
was
for
University was largely responsible during
period in which he acted as adviser to the Bank
made
London
it
ago
program,
it to New York.
metal
production of consumption goods, it has
nevertheless been and will
answer
the
to
questions put by members of Parlia¬
Chancellor said
among
do not consider that the time has
other things:
come
"I
when consent
with respect
to foreign issues as defined under the
Foreign Transactions Advisory Committee's terms of
reference
be given
indiscriminately. I refer partic¬
ularly to those applications on behalf of foreign
governments, foreign local or public authorities, or
State
can
control
organizations.
Applications
kind will continue to be considered
on
of
this
their merits
Volume
Financial
146
of
the general policy of the
along the line laid down in the committee's terms
with
reference
regard to
latitude,
Greater
Government.
allowed until further
I refer
class I mentioned.
particularly to raising of new money on long-term
basis on behalf of British borrowers, in which terms
I include borrowers from any
the purpose
part of the Empire
for
enter¬
of acquiring assets or development
sight
$5.01 @
was
1-16@$5.01%. On
Wednesday exchange on London was fractionally
easier.
The range was $5.00%@$5.00 15-16 for
bankers' sight and $5.00 9-16@$5.01 for cable trans¬
fers.
On Thursday sterling was firm in limited trad¬
ing in New York.
The range was $5.00 13-16@
and to transactions involv¬
ing large blocks of foreign owned securities. Foreign
short-term lending of a noncommercial character
involves other considerations and raises special diffi¬
culties rendering it generally undesirable."
and $5.00%@$6.01 1-16 for
$5.01 for bankers' sight
On
transfers.
cable
pound
was
firm.
The range was $5.01%@$5.01%
sight and $5.01 3-16@$5.01 7-16 for
Closing quotations on Friday were
cable transfers.
Lombard Street. Call
money against bills is in supply at %%.
Two,three-, and four-months bills are 9-16%, and sixmonths bills 19-32%.
All the gold on offer in the
London open market seems to have been taken
chiefly for account of foreign hoarders. On Saturday
last
there
was
available £254,000, on Monday
Tuesday £558,000, on Wednesday
£455,000, on Thursday £576,000, and on Friday
£81,000. At the Port of New York the gold move¬
Friday the undertone of the
bankers'
for
Money continues easy in
and $5.01% for cable trans¬
$5.01 5-16 for demand
finished at $5.01 3-16,
Commercial sight bills
fers.
60-day bills
$5.00 5-16, 90-day bills at $5.00,
at
documents for
payment (60 days) at $5.00 5-16,
for
and
Cotton and grain
seven-day grain bills at $5.00%.
payment closed at $5.01 3-16.
Continental and Other Foreign
Exchange
on1
reported by the
of New York, was as follows:
week ended Feb. 2, as
ment for the
Federal Reserve Bank
GOLD
On Tuesday sterling
$5,019-16; cable transfers $5.01
prise in foreign countries,
£363,000,
$5.0134
9-16 for bankers' sight and
@$5.01% for cable transfers.
continued
firm.
Bankers'
applications
notice respecting
falling within the
not
$5.01 3-16@$5.01
will be
however,
809
Chronicle
Exports
Imports
$275,000 from India
71,000 from
INCLUSIVE
JAN. 27-FEB. 2,
MOVEMENT AT NEW YORK,
from
displayed
the extreme weakness
on
Wednesday, and Thursday of last week.
Tuesday,
On Tues¬
day, Jan. 25, the London quotation on Paris soared
to 155 francs to the pound, the highest on record
On Thurs¬
for francs, after
with official support around the Jan. 13
and adverse to Paris.
favoring London
None
Australia
THE Frenchthere has been acontinues precarious,
franc situation noticeable recovery
although
day, Jan. 27, the New York rate
$346,000 Total
Net Change in
Gold Earmarked for
meeting
Foreign Account
The
above
figures
for the week ended on
are
On Thursday there were no
Wednesday.
imports or
metal or change in gold held ear¬
foreign account.
On Friday there were
exports of the
marked for
imports or exports of the metal or
held earmarked for foreign account.
no
Gold held in the inactive
fund,
as
change in gold
indicated in the
issued during the week
ended last Wednesday was as follows.
The day-to¬
day changes are our own calculations:
daily Treasury statements
GOLD HELD IN
THE
Date
Jan.
27
Jan.
31
Feb.
_____
1
Feb.
+$1,848
+5,324
+8,637
+1,867
+15,696
+13,778
$1,223,003,978
1,223,009,302
1,223,017,939
1,223,019,806
1,223,035,502
1,223,049,280
29
Jan.
TREASURY'S INACTIVE FUND
Amount
Daily Change
28
Jan.
2
Week Ended Wednesday
Increase for the
exchange
ranged this week between a
Montreal funds
of
1-64% and
continues relatively
a
steady.
premium
MEAN
LONDON CHECK RATE
152.99
152.84
152.74
Saturday, Jan. 29
Jan. 31
Tuesday, Feb.
1
Monday,
LONDON OPEN
Saturday, Jan.
Monday,
Jan. 31
Tuesday,
Feb.
PRICE PAID
1
Thursday,
Friday,
Feb. 3__
Feb. 4
FOR GOLD BY
Wednesday, Feb. 2
Thursday,
Friday,
Feb. 3
Feb. 4
THE UNITED STATES
RESERVE BANK)
Saturday, Jan.
29
Monday, Jan. 31
Tuesday, Feb.
1
Referring to
— --
152.77
153.15
152.67
MARKET GOLD PRICE
139s. 7d.
139s. 6d.
139s. 7d.
29
ON PARIS
Wednesday, Feb. 2
$35.00
35.00
35.00
Wednesday, Feb. 2
Thursday,
Friday,
Feb. 3
Feb. 4
139s. 9d.
(FEDERAL
$35.00
35.00
35.00
infquiet trading. Bankers'
sight was
$5.00 9-16@$5.00%;
cable transfers
$5.00%©$5.00 13-16. On Monday the pound was
firmer
on
European demand.
The range was
^
London check rate on Paris
This week the mean
averaged close to 152.85 francs to the
cents to
pound, while
3.27%
of the franc in New York was from
the range
The weakness in the franc,
3.29% cents.
reflected in the discount in
Between Jan. 27
when 30-day francs were at a discount of 6% points
and Feb. 1 when they improved to 4% points dis¬
however, is most clearly
rate for futures.
the basic cable
count, 90-day francs
ranged from discounts of 14%
points to 12 points.
'
French financial and business circles are
disturbed by the
plight of the franc.
;
greatly
There is no
repatriation of French balances from
abroad nor any sign of a return of confidence in the
Government's financial policies.
Contrary to what
longer
any
be expected, the Paris foreign ex¬
change market was not
overwhelming majority
favorably impressed by the
obtained in the Chamber of
Government in the first
fund reserves
are
low, and as there has been no repatriation of
capital since the new Cabinet was formed, the fund
is not in a position to reconstitute its reserves, which
vote
were
The French stabilization
sought.
weakened
resorted to
was
:139s. 9d.
139s. lOd.
day-to-day rates sterling exchange on
Saturday last was firm
through that level
1926 at 3.22%.
Deputies by the Chautemps
premium of 5-128%.
tables show the mean
London check
rate on Paris, the open market gold price, and the
price paid for gold by the United States:
The following
and established a new low since
would normally
$47,150
Canadian
cents a franc, broke
low of 3.23
No change
by
being exerted on
The steps
of
intervention
which
was
the unit.
taken in Paris to restrict speculation
foreign exchange
lishment
the
few weeks ago when heavy pressure
a
continue to rouse fear of the
exchange
control
in
some
in
estab¬
disguised
result that manufacturers and traders
are
continuing to make provision in foreign cur¬
rencies for their future purchases abroad.
Hence
form, with the
proceeds the movement of these funds into London,
Brussels, Amsterdam, the Swiss centers and other
the strong bidding for
market by French interests.
markets, and hence also comes
gold in the London open
810
Financial
The Government authorities
there will be any
Chronicle
the
of
exchange
revalorization of gold
or
depreciation of the franc.
of monetary
"In
marine, the most important industry so far as the
balance of payments of the
country is concerned.
The net foreign
exchange earnings of the commercial
fleet for the five-year period 1932-36 were
sufficient
rumors
Government contemplates expedients such
control
as
new
or
to
He declared in favor
floating currencies exist,
Gold
disorder.
monetary
Other
partners
the
to
agree¬
French view that
exchange equalization funds afford
only
of avoiding exaggerated fluctuations,
and proved it by the closest collaboration in
past
means
days."
In
minister's
his speech
sum,
policies' will
proved that the
follow
closely those
new
of
abroad
his
are
few points
a
discounts
of
basic cable rate,
6
Feb.
on
The
1.
and
the
belga is largely
attributable to the precarious position of the French
franc,
although Belgian business and the banking
are on the whole
entirely satisfactory. The
National Bank of Belgium on Jan. 27 showed total
gold stock of 3,533,200,000 belgas, with a ratio of
situation
gold to notes of 82.51% and
a
ratio of gold to total
sight liabilities of 68.90%.
The
following table shows the relation
of the lead¬
ing European currencies to the United States dollar:
Old Dollar
New Dollar
Parity
b France
(franc)
*
Parity
Range
This
a
Week
'
3.92
6.63
Belgium (belga)
Italy (lira)
13.90
16.95
5.26
8.91
Switzerland (franc)
19.30
32.67
Holland (guilder)
68.06
55.82
New dollar
parity
as
The London check rate
at
152.67 against 153.15
New York
3.27^ to
16.91
3.29^
to
16.95\i
5.26H to
5.26^
to 55.93
before develuation of the European currencies
between Sept. 26 and Oct. 3, 1936.
b Franc cut from
gold and allowed to "float"
sight bills
on
on
on
on
June 30, 1937.
Paris closed
Friday
Friday of last week. In
on
the French center finished
at
3.28, against 3.25%
transfers at
closed at
for cable
on Friday of last week; cable
3.28%, against 3.26%. Antwerp belgas
16.95 for bankers'
for
the
past
sight bills and at 16.95
transfers, against 16.91 and 16.91.
Final
quotations for Berlin marks were 40.39% for bankers'
sight bills and 40.39% for cable transfers, in com¬
parison with 40.28 and 40.28%.
Italian lire closed
at 5.26% for bankers'
sight bills and at 5.26% for
cable transfers, against
5.26% and 5.26%. Austrian
schillings closed at 18.95, against 18.90; exchange on
Czechoslovakia at 3.51%, against
3.51%; on Bucha¬
rest at 0.74%,
against 0.74%; 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.
on
Friday
Friday of last week; cable
on
at
on
Norway finished at 25.19 and cable transfers
25.19, against 25.16% and 25.16%.
at
—♦—
EXCHANGE
on the South American countries
presents a series of mixed trends
owing to the
endeavors of the various South American
exchange
controls to keep dowm
goods,
so
as
not
to
imports, especially of luxury
deprive these countries of the
effects of the gains made in the
past few years by
their export trade.
Now that exports have declined
somewhat from peak levels in the
past year, they feel
23.15)^ to 23.22^
40.20
a
market
55.90%, against 55.82; and commercial
55.85, against 55.79%.
Swiss francs
closed at 23.22% for checks and at
23.22% for cable
transfers, against 23.15% and 23.15%.
Copenhagen
checks finished at
22.38% and cable transfers at
22.38%, against 22.36% and 22.36%.
Checks on
Sweden
closed at 25.84% and cable transfers
at
25.84%, against 25.81% and 25.81%; while checks
quoted at from
were
in
Amsterdam
against 55.81
sight bills
Jan. 24 to 3% points discount
weakness
the
transfers at
at
are
1% points below the
90-day belgas
points discount
on
1
into
at 55.90
ruling
are
While 30-day belgas
par.
between
reserves
Bankers' sight on Amsterdam finished
showing slight weakness and
under
in
several months.
predecessor, M. Georges Bonnet.
Belgas
deficit
increased
"are in complete accord with the
the
trade
of the Bank of
The, Netherlands
during the week ended Jan. 31, bringing
the total gold reserves to the
highest figure in Dutch
financial history.
The total gold held by the bank
reached 1,405,900,000
guilders, excluding whatever
gold may be held by the 300,000,000-guilder Dutch
exchange fund.
The continued rise in the Dutch
gold reserves reflects the influx of capital from
the tripartite agreement continues the sole barrier to
ment,'' he said,
the
cover
the amount of
-343,000,000 kroner and permit a net amortization of the
foreign debt to the extent of 164,000,000 kroner."
liberty and budgetary equilibrium.
world where only
a
1938
the first 11 months of
1937, but the adverse balance
has been offset by the
earnings of the merchant
Monday the French Finance Minister, M. Marchandeau, defining his policy for the first time in a
speech at Chalons-sur-Marne, tried to dispel
5,
"Denmark usually has an excess of
imports over
exports, which amounted to 106,800,000 kroner for
deny emphatically that
exchange control.
On
that
Feb.
it
more
important than
undue enhancement of
ever
that there should be
no
imports.
On Jan. 29 foreign
Buenos
Aires
fluctuated
exchange quotations in
violently when the Central Bank
of Argentina with¬
drew its support from the free market.
The Argentine
Information Bureau in New York on Jan. 29
received
a
cable from Buenos Aires
stating that the Argentine
Department of Finance had decreed a reduction from
20% to 10% in the exchange surcharge on
payments
for
goods imported without prior permit.
The
decree
also
promised
further simplification of the
control.
Argentina is now
enjoying the greatest prosperity it has known since
mechanism of exchange
the World War.
Argentine paper pesos closed on Friday, official
quotations, at 33.43 for bankers' sight bills,
against
33.37 on Friday of last
wreek; cable transfers at 33.43,
against 33.37.
The unofficial or free market close
26.50, against 29.30@29.40.
Brazilian milreis
quoted at 5.85@5.90 (official), against 5.85.
Chilean exchange is
quoted at 5.19 (official), against
5.19.
Peru is
nominally quoted at 24%, against
24%.
was
are
—♦—
♦—
EXCHANGE on the firm. The
the EXCHANGE
generally countries neutral during the
of
presents
war
is
currency
Scandinavian countries, whose• business has been at
very prosperous levels in the past few years, moves
in
close
sympathy with sterling exchange. Swedish
business has been at
particularly high levels.
In
commenting
the Danish situation recently,
Dean John T.
Madden, director of the Institute of
International
ducted
on
Finance,
by the
research organization con¬
Investment Bankers Association in
a
cooperation with New York University, took occa¬
sion to point out in a recent bulletin that
Denmark
has
no
difficulty
providing
external debt service.
foreign
exchange
for
no
on the Far
new features
those of many months
past.
ments
from
Tokio
The official
frequently
Government is determined
Eastern countries
importance from
of
to
level of yen
reiterate
announce¬
that
maintain the
the
pre ent
exchange at Is. 2d. to the yen in order
prevent harmful inflation.
Japanese imports will
doubtless be greatly restricted in the
to
in
order
to
reduce
as
far
as
coming months
possible international
payments to be made at the end of the
year and
thereby decrease specie shipments.
Closing quotations for yen checks
yesterday were
29.05, against 29.06 on Friday of last week. '
Hong¬
kong closed at 31.35@31 7-16, against 31.34@ 13-32;
Financial
146
Volume
at 29%(§^29%, against 29.70@29
50.00, against 50 1-16; Singapore at
Shanghai
Manila at
against 58%; Bombay at 37.86,
Calcutta at 37.86, against 37.80.
drive of the New Deal
58.85,
and
the
bullion
exchange) in the principal European
at par
of gold
banks as of
reported
"take
France
Germany b.
Spain
c87.323.000
a25,232,000
0_
Italy
Netherlands
116,735,000
101,417,000
Nat
Belg._
Switzerland
314,167,237
347,628,740
2,442,050
87,323,000
42,575,000
68,298,000
83,495,000
25,504,000
6,551,000
6,603,000
26.172,000
Denmark
6,544,000
7,515,000
_.
Norway
Total week. 1.091,365,367
Prev. week.
193,022,108
655,038,218
2,928,900
105.401,000
80,744,000
Sweden
£
201,187,547
521,787,379
£
£
326,987.627
310.173.890
2,521.850
England
£
£
2,817,700
90,123,000
42,575,000
55,726,000
97,088,000
46,825,000
23,677,000
6,555,000
6,602,000
90,714,000
62,731,000
67,960,000
72,860,000
69,112,000
15,953,000
7,395,000
6,852,000
191,787,025
614,883,627
16,192.500
90,462,000
76,666,000
76,603,000
78,433,000
67,518,000
14,545,000
7,398,000
6,574,000
Amount held Deo.
1,241,062.152
1,089,988,027 1,094,963,626 1,244,566,226
31, 1936, latest figures available,
exclusive of gold held abroad, the
reported at £1.016,650.
c Amount held Aug. 1,
The gold of the Bank of France was revalued
43 m?B.« there are
about 190 francs to
Jan. 29, Dr. Glenn
committee of 200 or more
the past few weeks to draw
speech at Topeka, Kan., on
Frank, chairman
of a
members chosen during
Party, announced
principles to which lie
believed the party should subscribe.
In view of his
position as head of the party committee, and of the
approaching meeting of the committee at Chicago
up a program
for the Republican
five-point statement of
a
on
Feb.
28, there appeared to
be some reason to
Frank a declaration of policy which,
perhaps lacking the formal characteristics of a
expect from Dr.
while
give some definite indica¬
tion of the program that will in due time be offered
to the country.
Further interest attached to what
he might say because, prior to the campaign of 1936,
his name was several times mentioned as that of a
desirable Republican candidate for the presidency.
The introduction of his credal statement was not
platform, would at least
Frank announced himself
of Americans, in
both the Republican and Democratic parties, who
can best be described as reluctant rebels against the
New Deal."
"We are reluctant," he continued, "be¬
cause we believe,
with an intensity of belief that
altogether propitious. Dr.
as
belonging "to a growing army
no
New Dealer can
the
major social
either match or
make believe, in
objectives outlined by Mr. Roose¬
Administration." This
seemed to commit the Republicans, together with
such dissenting Democrats as Dr. Frank assumed to
velt
the
at
speak for, to
program
which it
outset
of his
substantial acceptance of the
address, as it went on,
out for
the bill
wages
came
Roosevelt
and to opposition only to the methods by
has been carried out. This impression the
appeared to confirm. Singling
particular mention the court-packing bill,
to reorganize the executive departments, the
and hours bill and the farm bill, "as they
White House and its special band of
from the
declared that while "our sym¬
pathy with the expressed purpose of these four
major measures of the New Deal made us reluctant
to oppose them," the measures "symbolize the wdiole
advisers," Dr. Frank
had just been
arraigned.
A
of the party was to
second duty
American millions to
the certain
government involved in
has, in the last
accurate
much of the legislation that
pressed for passage
five years, been
.
.
to
threat
this
"awaken the
destruction of self-
The awakening of the millions to
cannot be achieved by
diatribes and
ugly vilification of the
of leaders in power, but by honest and
analysis and interpretation
of these
by Congress.
feverish
£1.
Republicans in the Wilderness
a
to the American
Fascist program which
is the
than
motives
In
carry
quarter-century have been, and, second, it must be
more faithfully expressive of the American spirit"
b Gold holdings of the
amount of which Is now
1936. the latest figure available.
on July 23. 1937, at 43 milligrams
of gold 0 9 fine, equal to one franco; this was the second change In the gold's values
within less than a year, the previous revaluation took place on Sept. 26. 1936,
when the gold was given a value of 49 milligrams to the franc as compared with
66.5 mgs. previously.
On the basis of 65.5 mgs., approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1 sterling, and at
a
his pro¬
through, reduce to clear
think
statement, and
1,245,913,725 1,243,527,934
1.091.225,607 1,103,919,268 1,095,854,699
Bank of Germany are
methods
and compelling
people a
philosophy of government and a program of action
that will have two distinguishing marks; first, it
must be more sensitive to the human needs of the
millions than many political programs of the last
to
1934
1935
1936
1937
"expressed
The Republican Party must, first of all,
advantage of its position as a minority party
gram.
four years:
1938
American people
man."
purposes" which Republicans approved and
which they rejected, Dr. Frank announced
respective dates of most recent statements,
to us by special cable yesterday (Friday); comparisons
are shown for the corresponding dates in the previous
of—
of the
distinguished between
thus
Having
Banks
(converted into pounds sterling
THE following table indicates the amounts
Banks
enterprise
and
life
United
toward converting the
Fascist State with supreme power over
States into a
lodged in the hands of one
Gold Bullion in European
of
29-32;
against 37.80;
811
Chronicle
.
democracy
measures."
the grow¬
ing practice in American politics, of which it may
itself have been guilty at times, of auctioning off
As
a
third duty,
the party "must expose
organized
pressure groups that can muster enough votes to
look impressive.
It must prepare and propose to
the country truly national policies under which
business, industry, finance, labor and agriculture
the
country to a
will not be
suasion of any highly
but in coopera¬
of all groups and the
working at cross purposes
tion for the
legitimate interests
whole." Fourth, the party "must ground
for business, industry, labor and agri¬
culture on an economics of plenty which will result
in more goods at lower prices, to take the place of
the New Deal economics of scarcity which is result¬
people as a
its program
goods at higher prices." Finally, it is
party to "strike at the growing
heresy, fostered by the Administration, that when
a
party is elected to office by a clear majority every
Senator and every Representative must check both
his conscience and his intelligence at the door of
ing in fewer
the
duty of the
checks his hat at the door of the
thereafter echo in detail the will
and even the whim of the Chief Executive."
No exception is likely to be taken, either by Re¬
Congress, as he
dining-room, and
publicans or by anti-New Deal Democrats,
declaration of faith. The trouble with it is
to this
that it
generalities. Not
only is there little in it that has not been made
trite by repetition, but it offers no indication of
what the Republicans would do if by some great
reversal of political opinion they were restored to
power. The walls of ancient Jericho, the Old Testa¬
contains little
except the merest
prolonged
blowing of trumpets, but there is no reason to expect
that the New Deal, or so much of it as the Repub¬
licans object to, will be undone by a proclamation of
general principles, however lofty or well phrased the
proclamation may be in content or form. The New
Deal is intrenched, not merely in the philosophy of
ment
narrative tells us,
fell down before a
812
Financial
that
government
Mr.
expounded, but in
supplemented by
tive regulations
a
an
Roosevelt
in
and judicial
specific
but
have
situations
The Republican
ways.
of
approves
denounces
most
of
Party,
of the
some
the
are
methods.
What the country would like to
know, and what, we
knowing before it gives
suspect, it will insist upon
its
confidence to the party
what
the
and its candidates,
Republicans would do in
situations if
they had the
these
is
specific
power.
Take, for example, the farm situation.
already
a
the statute book
It is not
the New Deal
has
inaugu¬
rated, and more is now pending in Congress. Waiv¬
ing that point, however, what do the
Republicans
propose to do for the farmer?
They straddled that
disgracefully in their .1936 platform; are they
issue
disposed to straddle it again ?
is their
If they are not, what
Do they favor the removal of all
program?
Federal restrictions
withdrawal
soon
of
all
on
acreage and
Federal
production, the
subsidies
and
loans
as
as
existing valid agreements have
expired, the
abandonment of all efforts to
keep up prices, and
the repudiation of the ever-normal
granary scheme?
If
they do, what, specifically, do they intend to offer
a
depressed agriculture, or do they favor
leaving the farmer
may
determine?
to conduct
success or
his
failure
The New Deal is
industry
as
as
prevent that calamity?
Would they continue the
high duties of the Smoot-Hawlev tariff with their
obstacles to international
don
The
According to Dr. Frank, the
to have
a
Re¬
square deal
specific Federal legislation?
Republicans,
again, reject the wages and
although in the address from which we
hours bill,
have
just quoted they are represented as
wanting
"the ghost of
involuntary unemployment laid once
and for
all" and
enough,
make
and
life
satisfying adventure
If the
factory, what do
believe
that
should
in
wages and
the
any
case
If
enough
the
hours bill is
be
and
to
working
lower tariff
if
they do, how do they propose to bring it about?
they approve of low-cost housing at Federal
prescribed by
If
legislation that
will
they think
are
organized labor
prevent labor
from
being
exploited, and do away with the one-sided
collective
bargaining enshrined in the Wagner Labor
Labor, at least, will want specific answers to
Act?
such
questions before it goes to the
polls to support
a
Republican ticket.
So with all the other
Dr.
the
objectives
Deal.
Are
as
the
well
as
the
methods
operations of the Tennessee
Valley
competition with private
they prepared to restrict
that
embody
of the
New
Republicans ready to curtail
to end its
Frank
was
certainly
against "feverish diatribes
right
and
in
protesting
ugly vilification of
the
motives of leaders in
power."
There has been
altogether too much of that kind of thing on the
part
of Republican
spokesmen.
It is> greatly to be
hoped, however, that Dr. Frank's committee, when
it meets at
Chicago, will lay generalities aside and
"get down to brass tacks." "Minority
parties," Dr.
Frank declared at
Topeka, "have been, over the
years, the source of political regenerations."
The
country is anxious to know whether the Republican
Party is able to perform that function.
The
will not be
dispelled by anything short of
practical program of party action.
and
The Van Zeeland
The report of Paul van
trade which
some
to
have
ment circles.
of
made
was
anxiety
specific
a
the
aroused
and
inviting Mr.
make "an
on
in
Jan. 27
deserves, in
interest than it
business and
the
Authority
so as
industry?
Are
the activities of the Securi-
govern¬
prepared at the request
French
van
international
on
measure of
The report was
British
united in
Report
Zeeland
public
respects, a greater
appears
Governments,
which
Zeeland, in April, 1937, to
inquiry into the possibility of obtaining
a
general reduction of quotas and of other obstacles to
international trade." Mr. van Zeeland was
at
that
time Premier of
Belgium, and his selection
lieved to have been influenced
position
as a
representative of
be¬
was
by the hope that his
small Power would
a
make his mission
acceptable to both Germany and
Italy. The American Government was not a
party
to the
invitation, but it was consulted and its in¬
short and
inquiry Mr.
obtained,
Zeeland made
van
nominally unofficial visit
to this
a
country
and conferred with President
Roosevelt and Secre¬
tary Hull.
His report, accordingly, while not in
formal
sense
results
of
official,
an
nevertheless
inquiry which
endorsed and two of them
three
embodies
great
or
not,
are
a
the
Powers
directly promoted, and its
conclusions, whether acceptable to the
Powers
entitled to
more
interested
than personal
weight.
As far
as
collaboration in the removal of obstacles
to international trade is
found
leading statutes
and, in all probability,
government owned?
formal approval was
reported to have been
the Federal
do
subsidized merchant marine which
a
will be government-controlled
and in behalf of the
they do not,
oppose the demands of
and
expense,
unsatis¬
Government should
go, and how is the
they ready to
will they aban¬
or
high protection and
Do they
working conditions
they do, how far
requirement to be enforced?
for
for
high
wages
Republicans propose?
wages, hours
Government?
the Federal
enough,
working conditions good
a
millions."
"hours short
trade,
historic devotion to
walls?
Do they favor a return to the
gold standard and the free circulation of
gold, and,
giving the farmer
along with the urban worker, the investors in and
the
controlling forces of American industry." Pre¬
cisely what does that mean when translated into
terms of
their
he
party that
publicans "want the farmers
and curb its multi¬
bankruptcy and thence into government ownership,
have they
something specific to propose that will
circumstances
plentiful hand-outs in money and
privilege; is lie
likely to transfer his allegiance to a
offers him less?
1938
or
in aid of
chooses and meet
Exchange Commission
5,
plying interferences with security dealings?
Are
they willing to see the railroads drift into general
good deal of farm legislation in
which
Feb.
Do
clear, from Dr. Frank's address, what particular
"farm bill" the
Republicans find objectionable, for
there is
ties and
administrative in¬
or
particular
according to Dr. Frank,
objectives
others
long list of Federal statutes,
imposing mass of administra¬
terpretations, in which
treated
and
Chronicle
tries
"not
which
a
concerned, Mr.
he
visited.
When it
proposals, however, there
marked
very
van
single discordant voice" in
reserve."
was
"It
came
to
before
taken,
or
being certain
coun¬
practical
almost everywhere "a
seemed
that
wanted to commit himself in advance in
tion
Zeeland
the
that
the
path
nobody
any
direc¬
had been
at any rate had been mapped out, by several
Volume
Financial
146
813
Chronicle
current debts in the same way that new
debts will be treated when exchange restrictions
others in which
have been removed. As a help in the period of trancieney, was the aim of national policy. The greatest
sition for countries where exchange restrictions
obstacles, of course, were found in protective tariffs
have been lifted, the opening of reciprocal credits by
and quota systems. The existence of general tariffs,
banks of issue, through the Bank for International
the report points out, is not in itself one of the most
Settlements, to finance commercial exchanges is
serious obstacles, since the duties as a whole react
recommended, and possibly the establishment of a
upon prices and costs of production and tend to
common fund for the same purpose,
become absorbed in them.
It is when such a tariff
Mr. van Zeeland is clear that the situations which
has been in existence for only a short time, or when
he describes need a comprehensive treatment, but he
duties
specific articles greatly exceed the general
puts with commendable frankness the difficulties in
tariff level, or when administrative regulations are
the way. He notes the unfavorable effect of the
rigorously or technically enforced as virtually to
business recession, and points out the varying
Over
others."
the
against countries which
importance of
recognized
arrears of
international trade were found
autarchy, or national self-suffi-
on
so
emphasis which is placed in different countries upon
the pursuit of autarchy, armament expenditures, the
A general agreement to lower tariff barriers does
development of synthetic products to offset a lack
not
to Mr. van Zeeland a present possibility,
of raw materials, the lack of colonies, currency dis"A
modest but more flexible plan," he suggests,
orders, exchange restrictions, and high tariffs as
would be for governments to undertake not to raise
explanations of present troubles and obstacles to
broaden their tariffs and gradually reduce duties
change. He is equally clear, however, that differof
exceptional character.
"One of the most ences of opinion or policy must be examined in a
efficacious methods," however, would be the conspirit of collaboration, and that if such a spirit does
elusion of bilateral commercial agreements based
not exist "everything possible must be done to
prohibit importation, that
the impediment becomes
serious.
seem
more
or
an
the
on
The latter
most-favored-nation principle.
the World War, has often
points out, not of reducing
tariffs but of adding to their rigidity, but it should
nevertheless be retained, Mr. van Zeeland thinks,
principle, as applied since
had the
effect, the report
suspension "in the case of
discriminations or which refuse to participate in a general
effort" to lower international trade barriers, and it
should be so used as not to impede the formation of
with
a
proviso for its
countries
employ inadmissable
which
regional agreements.
Mr.
most
van
Zeeland regards quotas as
international trade.
mends, should be
are
in
a
Industrial quotas, he recom-
Agricultural quotas
suppressed.
different position, but
that those
"one of the
the development of
formidable obstacles" to
while it is suggested
affecting seasonal or
might be retained, and
perishable products
that account be
taken of the
agricultural production at
moment, the movement should be toward
or suppression, no existing quotas should
difficulty of restricting
any
given
reduction
be
"tightened
up," and no new ones
should be
imposed.
the obstacles interposed
by monetary disturbances and restrictions on the
transfer of capital and commercial payments.
The
best solution of the first of these problems, Mr. van
Zeeland declares, would be the re-establishment of
Equally formidable are
the
gold standard,
"though on a considerably
altered
impracticable at the moment,
he proposes a revision and extension of the AngloAmerican-French tripartite agreement and the adhesion to it of Belgium, The Netherlands and Switzerland. The extension of that agreement would, he
is confident, do much to mitigate exchange difficulties, but before the movement of commercial funds
can be entirely free it is necessary also to "liquidate
the past."
The report accordingly recommends an
agreed adjustment of external debts, with due regard
to changed conditions affecting interest and amortization since the debts were incurred; the consolidation of old commercial debts arising out of "old
basis," but since this is
create it."
He accordingly proposes the
conclusion of "a pact
of economic collaboration, embracing the largest
possible number of States and in any case open to
all. . . . The object of the pact would be to assist
the participants to raise the standard of living of
their nationals by improving the general well-being,
It would contain two parts, one negative, by which
the participating countries would bind themselves
to abstain from a certain number of practices contrary to the interests of the community of partieipants; the other positive, but general in its nature,
by which the participating countries would bind
themselves one toward the other to take up and
examine in a spirit of understanding and mutual
assistance the problems and difficulties arising in
their economic relations."
As a preliminary to the formulation of such a
pact, the report proposes an early conference of
representatives of Great Britain, France, the United
States, Germany and Italy to examine the "main
lines" of the report. The conclusions and criticisms
which the conference developed, if they were "constructive and such as to encourage a serious hope,"
would be referred to a committee which would seek
from all other States information regarding "the
difficulties which they meet with in their international commercial relations" and "the measures
of assistance which they feel entitled to expect from
other States and those which they are prepared to
render." On the basis of the information collected,
the committee would draw up a form of economic
agreement, and another conference would be called
to give it final form and arrange for the necessary
signatures.
It is at this point that
the initial criticisms of the
principally directed. The "torpedoing" of the World Economic Conference by President Roosevelt, in 1933, discouraged resort to conferences for the consideration of international
economic questions, and there is no discernible disposition anywhere to try that method again. Little
credits completely immobilized and regarded as
confidence appears to be felt that the economic
only payable little by little in the manner of a sinkpolicies of States which are striving for self-suffiing fund on a long-term debt," and the treatment of
ciency could be reconciled with those of States which
report have been
814
desire
Financial
broad expansion of international
a
trade, and
Germany and Italy, it is believed, would insist
assurances
be
case
that the
League of Nations
Chronicle
economic difficulties and
derlie them.
upon
would in
no
cooperation
brought in.
No nation is prepared to drop
seriously curtail its armament program notwith¬
or
standing that armament expenditures,
as
of
some
the
economic
report deals, and the
has
disorders
new
which
already brought indications that
naval
proceedings
quota
of
the
The recent session
as
of
van
near
seems
United
itself, however, stands
and
impressive
with
and
analysis
of
and
men
much
world
of
time
diplomatists,
economic
as
grand
strictly new
total of
$121,443,640, leaving $92,387,340 as
capital.
Our compilation, as always, includes the
stock,
bond, and note issues by corporations, by
holding, invest¬
ment, and trading companies, and by States and munici¬
palities, foreign and domestic, as well as Farm Loan and
publicly-offered governmental agency issues.
United States Government
financing was along the usual
lines during
January and consisted of four single offerings
of
Treasury bills.
The details in respect to these
offerings
are
recorded in our remarks further below.
In view of the
magnitude and
importance of the United
States Government
financing, we set forth a summary of
all Treasury issues marketed
during January, giving full
particulars of the various offerings.
Treasury Financing During the Month of
January, 1938
Secretary of the Treasury Morgenthau on Dec. 30 an¬
nounced a new
offering of $50,000,000 or thereabouts of
91-day Treasury bills.
The bills were dated Jan. 5 and
will mature April
6, 1938.
Subscriptions to the offering
totaled $153,977,000, of which
$50,000,000 was accepted.
99.984, the average rate
being 0.065%.
Issued to refund
Mr.
Morgenthau on Jan.
$50,000,000 or thereabouts
bills
dated Jan.
were
12
was
7 announced
being to be passed
of
new
offering of
91-day Treasury bills.
The
and
will mature April 13, 1938.
amounted to $138,807,000, of which
Tenders to the
offering
$50,027,000 was accepted.
The average price for the bills
was
99.976, the average rate on a bank discount basis
being 0.097%.
Issued to refund
maturing bills.
Mr. Morgenthau on Jan. 14
announced another new
offering of $50,000,000 or thereabouts of
91-day Treasury
bills.
The bills were date 1 Jan. 19
and will fall due April 20,
1938.
Tenders to the
offering totaled $160,075,000, of
which $50,130,000 was
accepted.
The average price for
the bills was
99.972, the average rate on a bank discount
basis being
0.111%.
Issued to replace
maturing bills.
Secretary of the Treasury Morgenthau
nounced
a
further
new
offering of
on
Jan.
$50,000,000
21
or
an¬
there¬
abouts of
91-day Treasury bills.
The bills were dited
Jan. 26 and will mature
April 27, 1938.
Subscriptions to
the offering totaled
$176,533,000, of which $50,035,000 was
accepted.
The average price for the bills was
99.974, the
average rate on a discount basis
being 0.103%.
Issued to
replace maturing bills.
In
the
following
we
show in tabular form the
Treasury
financing done during January, 1938. The results
that the Government
disposed of $200,192,00), all of
constitute 1 refunding.
UNITED
STATES
TREASURY
*
Date
FINANCING
Dated
Due
Jan.
5
Accepted
7 Jan.
50,000,000 Average
50,027,000 Average
50,130,000 Average
50,035,000 Average
days
91
days
91
days
Jan.
total
♦Average
rate on a bank
200,192.000
discount basis.
it
cause
for
as
the
During the Month
FUNDS
Jan.
5
Jan.
19
Jan.
Accepted
91-day Treas. bills
91-day Treas. bills
12
Jan.
Total Amount
Security
Dated
26
New
Refunding
bills
$50,000,000
50,027,000
50,130,000
bills
91-day Treas.
91-day Treas.
.
50,035,000
Total
Indebtedness
$50,000,000
50,027,000
50,130,000
50,035,000
$200,192,000
Grand
Features of
$200,192,000
$200,192,000
total.
$200,192,000
January Private Financing
Proceeding further with
our
analysis of the corporate
during January, we observe that public
flotations announced
utility issues accounted
900,480 reported for
miscellaneous
January,
for
$39,300,000,
them
offerings
in
to
against $20,-
as
December.
amounted
Industrial
$10,005,996
and
during
compared with $31,449,137 for that
group in
as
December.
There
of railroads
during the month
the
of railroads in
account
was
no
new
financing for the
of
January.
account
Financing for
December, 1937, amounted
to
only $4,880,000.
The total corporate securities of all
kinds put out
January
was,
already
as
stated,
$49,305,996,
$40,025,000 comprised long-term
000,000
sented
of short-term
was
stock
than
offerings.
$3,773,300,
month
the
or
for
refunding
and
portion of the
refunding
which
notes,
maturity, and $7,280,996
The
for
bonds
during
of
$2,-
repre¬
month's
purposes
cor¬
was no more
about 7^% of the total; in the previous
refunding
than 25% of the total.
was
portion
In
$14,462,769,
was
January
$203,516,962,
a year ago
or
about
or
more
the amount
67%
of
that
month's total.
The
largest corporate offerings of the month were $30,of New York,
Inc., deb.
to yield about
3.375%,
and $9,000,000 Consumers Power Co.
1st mtge. 3)^s,
Nov. 1, 1967, priced at
102, to yield about 3.39%.
000,000 Consolidated Edison Co.
3^s, Jan. 1, 1958, offered at 101
Included
January
in
was
the
an
financing
offering
of
done during the month of
$23,350,000 Federal Inter¬
mediate
Credit banks consolidated debenture
lj^s, dated
15, 1938, and due
in 90 days, nine months, and one
year, offered at a slight premium over
par.
One of the
offerings made
Jan.
to
acquire
was
as
stock
during January carried rights
on
a
basis
of
one
kind
or
another.
at
$25
It
follows:
26,180 shares Bausch & Lomb Optical Co. 5%
pref. stock, convertible into common stock
cum. conv.
through 1940
share, thereafter through 1943 at $27.50 per
share, and thereafter to Dec. 31, 1947, at $30 per share.
In the elaborate and
comprehensive table on the succeed¬
ing page we compare the foregoing figures for tiie four
years
preceding, thus affording a five-year comparison.
We also
furnish a detailed
analysis for the five years of all the cor¬
porate offerings, showing
separately the amounts for all
Yield
per
Following the full-page table,
of the
153,977,000
91
19
26
Jan.
OF
$
138,807,000
160,075,000
176,533,000
12
14 Jan.
21
the
possibly
the different classes of
corporations.
days
Jan.
MONTH
Price
91
Jan.
which
Amount
Applied for
S
30 Jan.
THE
show
JANUARY, 1938
Amount
Offered
Dec.
DURING
between
may
over.
Type of
porate flotations used
a
Britain
though political quite
even
USE OF
and
maturing bills.
of
suggests, and the
agreement
considerations
of
The average price for the bills
on a bank discount
basis
resumption
a
interesting step along
January
municipal issues, and $23,350,000 of Federal
Intermediate Credit Bank
financing.
Refunding operations
during January amounted to $29,056,300 out of the
New
the
The report is too
searching and
drop entirely out of the minds of states¬
the United States
new capital flotations in this
country
January reached $121,443,640, repre¬
by $49,305,996 of corporate securities,
$48,787,644
State
in
The recent
Government is pre¬
upon
Great
The grand total of
sented
moving
indicates.
an
commercial
States
truthful to
as
The New Capital Flotations In
during the month
favor
from
so
register another.
likelihood, therefore, that Mr.
Zeeland's suggestions will be acted
upon in the
future.
The report
admirable
an
small
otherwise
foreign loans is
contemplated
ing question of sanctions to the front.
There
willing to do
of the lines which the
report
one
the
look
un¬
tariffs, modifying its
which the report
to
British
has nevertheless kept the irritat¬
were,
conditions which
announcement that the British
pared
1938
question need not deter
own
and
5,
widespread international
seems out of the
restrictions,
directions
building
League, moreover, weak and inconclusive
The fact that
gradually lowering its
American naval program
elsewhere will be increased.
the
with
the
any country that is able and
the report
points out, contribute heavily to the continuance
Feb.
99.984 *0.065%
99.976 *0.097%
9.9972
*0.111%
99.974 *0.103%
new
we give complete details
capital flotations during January, including every
issue of any kind
brought out in that month.
Full details
as to the
separate issues for each of the preceding months
dating back to the beginning of our compilations in
1921,
March,
can
be found in the monthly articles for those
months,
those articles
now
appearing usually
Saturday of the month.
on
the first
or
second
o
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YRAUNJ
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094, 3 691,50 1 842,53072 0 ,5 1 0 , 8.03 68,9473
65,2790
257,419 0 , 72 05.817,36 403,94
0 ,052 0 ,519 403,91.
094.7,32
094. 95 691,50 2
0 5,217
05,7821
403.9 4
0,57621 0 ,582 05.81,49 09,814
0 ,052 094, 521 05.42,1
0 ,501
0 ,501 0 , 081
094, 95 0 5,4 2
05.731,2 0 . 0,8 842,59 2 0 ,5.1 0 , 803
847,2 .86
0 5,217
0 , .51 257.4,381
05,782
0 ,052 05,268 0 ,0 7
0 , 51 05,817 2
0 , 03
0 ,052 0 ,0 9 0 , 78
257,419 0 , 72 05.817,4
.tnemrvoG
EHT
DETINU
gnidufeR 6391 SETAS
latipaC
.
ROF
EHT
latoT
0.7,521 0 ,582 05,8197
HTNOM
weN
0 ,762.5
I
0,954.2 0 .4
0
057.30 2 052,3652 0 ,40 2
057,812
652.87,1 0 .584,2
0 ,516
0 .516, 0 ,04
0 ,5842
0 ,516
0 ,87
0 ,4 8 0 .4
0 .0 4
latipaC
-
■
097,458 0 ,"6 2 0 . 58 269,15302
214,8061 0 , 6. 05,380 gnidufeR
028,93716 183,270 0, 62 0, 58 934,1792
latoT
7391
$
540,6 1 490,7 631 0 .509 03,428 1
YRAUNJ
5391
ROF
EVIF
MRAF
0 ,627 0 .4
057,8134 052.369,2 0 .402
057,812
052,871 0 ,014
0 . 1,4
0 ,261 0 ,4
6 .871
weN
LAPICNUM
403,9 4 05.782,1 257,4.381 gnid ufeR GNICA F
0 ,0 8 68,9471 0 ,0 2 05,217 847,2 06
390.4 21 951,60.5 439, 27
latipaC
6391
10.7268 54, .83 0 ,02 0, 84 65,279.0
0 .0 8 09,812 0 , 02 0 , 81 05,817342
401,36 4 416,32598 0 ,02 0, 84 094,7 32
704,3895
704.389,5
latoT
latipaC
704,3895
ROF
latoT
EHT
weN
HTNOM
latipaC
FO
0 ,9701 0 ,529 0 ,5842 0 ,87
346,92 0 ,34 346.9,08 0, 0.6 0 .762,5
gnidufeR 5391 YRAUNJ
0 ,516 0 .48 ROF
$
67,438 67.516 0 , 203 0 ,9542
SRAEY
latoT
EVIF
weN
914,35.1 0 ,34 914.27,9 0 , 263 0 ,627
0 ,9701 0 .529 0 , 1.4 0 ,261
weN
704,3895
NAOL
DNA
$
$
SRAEY
$
972,35.4 278,96 3 0 , 05 704,3895
704.3895
latipaC
"
4391
$
gnidufeR 4391
6 ,05.1
$
0 .05,1
0 .05,1
0 , 51
0 ,05.1
23.106,24 23,108 0 , 32 0 ,051
.J
$
704.38,7
,TNEMRVOG
FO
0 ,87 latipaC
gnidufeR
540.6,1 286,5902 0,542 057,8926
-
.
eht OET
$
439. ,27
195,37"41 74,916
A7-D
NI
NGIEROF
weN
$
ycnega
SEUS I lared F
weN
69,153 0 ,9173 0 , 02 0 ,5204
69,5034
,ETAROPC
latoT
-
yna
ETAROPC
7391
latoT
$
morf
WEN
latipaC
0 .0,5 0 .08 05,38.0 05,20 0 ,06 0 .843, 05,4 .1 0 ,6519 0 ,5841 gnidufeR
0 ,0 8
gnidufeR 8391
08,201 0 ,761 05,3701
704,3895 6 ,"b 5,f 704,3895
704.3895
0 .05,1
0 .051
latoT
16.4509 402,175 0 , .82 704,38 7
-
704,3895 0 .05,1
816
Financial
Chronicle
Feb.
DETAILS OF NEW CAPITAL FLOTATIONS DURING
BOOK
JANUARY, 1938
Will
Gold
LONG-TERM BONDS AND NOTES (ISSUING MATURING LATER
THAN FIVE YEARS;
PUBLIC
New York:
This book is
UTILITIES
$300,000 California Water Service Co. 1st 4s, B, May 1, 1961.
Re¬
imburse treasury for sums expended for additions, betterments,
&c.
Placed privately.
Consolidated Edison Co. of New York,
Inc., debenture
3^s, Jan. 1, 19.58.
Reimburse treasury for retirement of
$773,500 mtge. bonds and provide for
acquisitions, construc¬
tion, completion, extension or improvements to
plant and
distributing system.
Price, 101 ^; to yield about
3.375%.
Offered by Morgan Stanley & Co.,
Inc.; Kuhn, Loeb & Co •
Blyth & Co., Inc.; Brown Harriman & Co.,
Inc.; Lazarcl
Freres & Co.; The First Boston
Corp.; Smith, Barney & Co *
Bonbright & Co., Inc.; Lehman Brothers, and
Clarke, Dodge
& Co.
Other underwriters were:
Bancamerica-Blair Corp •
Dominick & Dominick; Goldman, Sachs &
Co.; Harris Hail
& Co. (Inc.); Hayden, Stone &
Co.; Hemphill, Noyes & Co.;
W. E. Hutton & Co.; Kean,
Taylor & Co.; Kidder, Peabody
& Co.; Ladenburg, Thalmann &
Co.; Lee Higginson Corp •
Mellon Securities Corp.; F. S.
Moseley & Co.; Schoellkopf
Hutton & Pomeroy, Inc.; J. & W.
Seligman & Co.; Stone &
Webster and Blodget, Inc.; Spencer Trask
& Co.; White.
Weld & Co., and Dillon, Read & Co.
*
9,000,000 Consumers Power Co. 1st M. 3Ks, Nov.
1, 1967.
Provide
for property additions.
Price, 102; to yield about 3.39%.
Offered by Morgan
Stanley & Co., Inc.; Bonbright & Co.,
Inc.; The First Boston Corp.; Brown Harriman &
Co., Inc.;
Smith, Barney & Co.; E. W. Clark &
Co.; Mellon Securities
Corp., and Coffin & Burr, Inc.
30,000,000
$39,300,000
LAND, BUILDINGS, &e.
$300,000 Swedish Covenant Hospital (Evangelical
Mission Coven¬
ant Church of
America), Chicago, III. 1st M. 4^8 and 5s,
May 15, 1938-Nov. 15, 1947.
Refunding.
Price, 100 }4;
to yield from 3.50% to
4.94%.
Offered by B. C. Ziegler &
Co., West Bend, Wis.
425,000 Western States Teachers
College (Kalamazoo, Mich.)
dormitory and union revenue 4J^s, Jan. 1, 1953.
Real
estate mortgage.
Price, 100; to yield 4.50%.
First of Michigan Corp.;
Cray, McFawn &
E. H. Schneider & Co.
Offered
Petter,
by
and
$725,000
BONDS AND
AND
NOTES
(ISSUES MATURING
UP TO
INCLUDING FIVE YEARS)
MISCELLANEOUS
$2,000,000 Manufacturers Finance Co.
(Del.) 5-year coll. trust 4]A%
notes, series A, Oct. 1, 1942.
Refunding and provide working
capital.
Wee, 100; to yield 4.50%.
Offered by the com¬
pany through
investment dealers. Holders of
5% series A
coll. trust notes of the
company, maturing April 1, 1938,
were invited to
exchange maturing notes for the new notes
on
a dollar-for-dollar
basis, receiving a premium of
1% of
the principal amount of notes
tendered in exchange.
STOCKS
r
Preferred stocks of
stocks of
their
no
par
a stated par value are
taken at par, while
preferred
value and all classes of common
stock are computed at
offering prices.
IRON, STEEL, COAL'COOPPER, &c.
$400,598 Callahan Zinc-Lead Co.
200,299 shs. of capital stock,
par $1.
Additional capital for purpose of
acquiring property.
Price: $2 per share.
Offered to stockholders with
option to
Goldfield Consolidated Mines to
purchase unsubscribed portion.
« ■ 1
i
OTHER
INDUSTRIAL AND
MANUFACTURING
~
$2,618,000 Bausch & Lomb Optical Co.
26,180 shares 5% cum. conv.
pref. stock.
Retire temporary bank
loans, provide for re¬
funding and retirement
of 1st
pref. stock and increase working
Price, 100; to yield 5.00%.
Convertible into common
stock through 1940 at $25
per share; thereafter
through 1943
at $27.50 per
share, and thereafter to Dec. 31, 1947, at
$30
per share.
During the conversion period the holders of
the
conv. pref. stock are
entitled to receive four shares
capital.
stock upon surrender of
of common
share of pref. at its par value
of
$100 per share and the payment of the
additional amount, if
1
nnn
AAA
Dny' in,ca*lh-,
by Stone & Webster and Blodget, Inc.
1,000,000 Bausch & Lomb Optical Co.
50,000 shares common stock.
Retire temporary bank
loans, provide for refunding and re¬
tirement of 1st pref.
stock, and increase working capital.
.
_
one
£«<»• 20.
.
Offered by Stone & Webster and Blodget, Inc.
Manufacturing Co. 17,435 shares common stock.
174,350 Belden
178,750
Additional working capital.
Price, 10.
to stockholders and
employees.
L. E. Carpenter & Co.
65,000 shares
tirement
of
debt
and
provide
Offered by company
common
stock.
Re¬
additional
working capital.
o^A AAA \V,ce-2^.
Offered by Whittaker Bros. & Co., Inc., New York
240,000 Allen B. Du Mont
Laboratories, Inc., 20,000 shares common
stock.
...
...
Future
of
Einzig
lapse,
the price
Irice, 12.
706,440 Emerson Electric
Manufacturing Co. 117,740 shares com¬
stock.
Working
capital.
Price,
market,
about
6.
Offered by Van Alstyne, Noel &
Co., New York, and Taussig,
Day & Co., St. Louis.
Other underwriter was Fenner &
Beane Corp., New York.
261,858 United Drill & Tool
Corp.
mon
130,929 shares class B stock.
Repayment of bank loans, plant additions,
machinery, equip¬
ment, and working capital.
Price, 2.
Offered by
well
be
the
above
$600,000 Martex Oil Co. 200,000 shares
stock.
common
Provide for
purchase of Ken-Ben Co. or retire
portion of secured indebted¬
Price, 3.
Offered by A. W.
Porter, Inc., New York.
ness.
MISCELLANEOUS
~
$1,000,000 Lincoln Service Corp.
(Washington, D. C.) 40,000 shares
6% partic. pref. stock.
Liquidate outstanding 7% deb. notes
and provide working
capital.
Price, 25.
Offered by Manilow
& Co., The., New
York.
101,000 J. J. Newberry Co. 1,000 shares
series A 5% pref. stoclc.
Working capital. Price, 101. Placed
privately with Hartford
Fire
Insurance Co.
the same."
price
that
FARM LOAN AND
GOVERNMENTAL AGENCY ISSUES
$23,350,000 Federal Intermediate Credit Banks
cons. 1}4%
debentures,
dated
Jan.
Priced at
15,
1938, and due in 90 days, nine
months, and
Refunding and provide funds
a
slight premium
"that,
would
final
In
after
that
Pages.
book
Dr.
temporary
a
well
to
recover
of
rate
figure."
leaves
re¬
above
the
stabilization
A careful
his
earlier
would
per
also
reconsideration
views
of
"substantially
He is still convinced that "in the long run the
of gold will
rise,
present figure," and
and
be
will
fixed
well
above
the
this "in spite of the fact that in
the
meantime it has become fashionable to forecast
a
substantial
reduction in the price of gold."
Dr. Einzig concedes that the rise in the price of gold that
followed the devaluation
pronounced"
he
as
of the
had
French franc
"not
was
The conclusion
expected.
of
so
the
tripartite agreement prevented
"a
currency-depreciation
race," and the stabilization of currencies that "appeared to
be imminent
further
.
rise
thinks,
.
seemed
.
in
the
ing immediately
"largely
to rule
price
of
the possibility of
out
gold."
This
impression,
any
he
"partly responsible for the wholesale dishoard-
was
after the devaluation
responsible
for
the
of
the
franc,"
and
realization
of
gold-mining
He is still convinced, however, that the rise which
he looked for in the price of gold after the gold bloc col¬
shares."
lapsed "will eventually take place," although "much later"
than he thought.
He regards as "entirely unfounded" the
and of
a
reduction in the American buying price of
gold,
stabilization of sterling and the dollar below their
a
present gold value," and thinks it "equally unlikely that, as
result of a limitation of gold
purchases, the price of gold
will be allowed to slump."
He admits that this "may sound
a
incredible at
stocks
time when the existence of
a
immediate
over
requirements
a
surplus of gold
is giving
rise, rightly
or
wrongly, to much concern," but he reminds the reader
that the expected rise is not looked for "in the near
future,"
but that it will come "only after the world has recovered
from the shock caused by the realization of the
sudden in¬
crease
of its gold stock, and
only after the growth of
requirements has more or less offset the increase."
Trade
and credit expansion and debt increases due to
rearmament
will undoubtedly add to gold
requirements, at the same time
that output will be checked by enhanced
production costs
due to
rising prices.
"The urgent desire to rearm irrespec¬
tive of cost," indeed, seems to him to be "the basic factor
of
the situation," and the only direction in which the
price
of gold can move in the long run is
These
conclusions
upward.
predictions are enforced
and
by
an
elaborate survey of the gold situation in Great Britain and
this country.
Successive chapters discuss the
gold
scares
and their consequences, the outlook for
gold supplies and
the praspects of gold requirements, the American and British
gold
policies,
extended
ments
and
the
a
discussions
and
of the relation between gold move¬
capital movements and the sterilization of gold,
statistical
stock
of
limitation of gold production, and the
higher gold price. Appendices contain two
the
possibilities of
gold,
exhibits
the
dealing
world
with
annual
the
and
gold
and
changes
stocks
indispensable to
problem
or
of
in
Great
gold
Britain
and
since
reserves
world
production
discovery of America, the gold import
of
monetary
gold
since
export surplus
or
United
the
1929.
The
States,
book
any one who wishes to understand the
is
gold
who is practically concerned with it.
Personnel Administration in the Federal Government.
By Lewis Meriam.
62 Pages.
Washington: The
Brookings Institution.
is
a
critical
50 Cents.
examination
of
the
state
of
and of
various proposals for improvement or
change, with
particular reference to the proposal to abolish the present
Civil Service Commission and transfer its
functions to a
central
with
a
personnel
over
par.
Dunn, New York, fiscal agent.
for
loan
Offered by
purposes.
Chas.
R.
ISSUES NOT
REPRESENTING NEW FINANCING
$41,250 L. E. Carpenter & Co. 15,000 shares common
stock.
Price,
2 %.
Offered
by^Whittaker Brothers & Co., Inc., New York.
570,084 Emerson Electric
Manufacturing Co. 95,014 shares common
stock.
Price, market, about 6.
Offered by Van Alstyne,
Noel & Co., New York, and
Taussig, Day & CoSt. Louis.
Other underwriter was Fenner &
Beane Corp
New York.
agency
with
a
single head,
and perhaps
nonpartisan advisory board "appointed to
serve
as a
watch-dog of the merit system."
A detailed study of the
history and work of the Commission leads to the conclusion
that
a
board
better than
$1,101,000
year.
178
$2.
personnel administration in the Federal Government service
OIL
one
1934.
in
opinion
the
situation
gold
This pamphlet
$5,179,398
Einzig.
supplement to the author's "The
a
published
of gold
that
ounce—and
company
to holders of its class B
stock.
Paul
The Macmillan Co.
figure at which it stood at the time of writing—143s.
Plant
expansion
and
general
corporate
purposes.
Offered by Schatzkin, Loewi &
Co., New York.
REVIEWS
By
essentially
Gold,"
expressed the
"fears of
SHORT TERM
Depreciate?
5, 1938
tration
and
or
a
would
court
commission, preferably of three members, is
single administrator, that a one-man adminis¬
raise political as well as personal
problems
some
serious
dangers,
and
that
an
advisory
board would in practice be much less useful than those who
have supported the change have urged.
The present Civil
Service Commission,
however, does not escape criticism
notwithstanding that some of its shortcomings have been
due to inadequate appropriations, and a number of
practical
suggestions are offered for improving its efficiency.
The
pamphlet is especially timely in view of President Roose¬
velt's request for authority to reorganize the executive de¬
.,
$611,334
"
*
partments with
a
view to
his personal control.
bringing them
more
directly under
Volume
EXCHANGE—STOCKS AND BONDS
STOCK
ST. LOUIS
THE
monthly record of the high and low prices on the St. Louis Stock Exchange
>;>The tables include all stocks and bonds in which any dealings occurred
following we furnish a
In the
817
Financial Chronicle
146
for each month of the last two years.
during the
shares^.traded
actual sales. The numbeiyof
prices are all based on
1936 and 1937, and the
years
compared with 424,455 shares during the year 1936. The
money value of transactions in 1937 was $11,608,765 and in 1936 was $9,302,491.^|^
fc►
pa».
For the record of previous years see "Chronicle" of Feb. 6, 1937, page 844; Feb. 8, 1936, page 850; Feb. 2,
1935, page 697; Feb. 3, 1934, page 739; Feb. 4, 1933, page 7(20; Feb. 6, 1932, page 912; Feb. 7, 1931, page
914; Feb. 1, 1930, page 695; Feb. 2, 1929, page 636; Feb. 4, 1928, page 632 and Feb. 5, 1927, page 697.
MONTHLY RANGE OF PRICES ON ST. LOUIS STOCK EXCHANGE FOR YEAR 1937
467,186 shares, as
during the year 1937 was
in
December
November
pref
30
30%
33
36*2
30l2
33i2
34
38*2
35
4712
49
48
4978
46
pref—*
3U2
31*2
1
30%
32
37
5
4
100
80
25
*
pref
conv
Common
Brown Shoe Co common
E L Bruce Co
Mfg Co cum
Common.
Inc
Breweries
com
Century Elec Co com (old)
(new)
10
Chicago & So Airlines Inc pref 10
Coca-Cola Bottling Co com,(old) 1
Common (new)
1
Columbia Brewing Co com
5
pref. 100
116
32
477s
39%
44%
49
40%
45%
38
47%
47
47
39
32%
32%
32*4
32%
29
32
30
34*2
22
31%
22
23
363s
32*2
43g
96
90
93
8
9"
118
136
136
5
92
92
57s
4
4
Johansen Bros
25
12U2 122
105
110
100" 1*10*"
39
5*8
4
6
3%
3*4
4*4
378
39
38
40*4
37
117
834
4%
10*8
20
3*4
3
11*2
13
4578
*
15
10
12
8
11
9
85
85
84
85
75
80
85
86
25
24%
24%
24*2
26
26
26
26
42*4
16*2
24%
25*2
25
26
14%
1*4
1*2
1
1%
1
1
6
6
5
5
4
4
3
6
40
43
33
4034
3138
36*2
31%
3334
11
13
12
12
12
12
4112
44
44*4
42%
4134 .45
4434
14
15
15
15
12
12
10*2
12
10
11
1434
13
10*2
13*4
13
10
16
16
14*8
13
15
14i2
12
353S
3978
39*2
40
40
35
35
40
34
39
27
38
25
14
18
18
21
15
18
14
15%
32%
34
30
"234 "3%
4
31
36
35
30*4
36
34
30
35
11
1434
2U2
16*2
19*8
1734
19*2
20
1878
34*4
35
35
33*2
22
19
20
20
18
5378
58
19*4
19*2
22l2
19
101
17
18
47
37
42
40
29*4
32
32
49
42
28*2
48
32
50
17
15
15
15
18
15
18
17
19
17
17
19
19
17
19
17
20*2
101
II84
25
51
20
57
70
51*8
114
114
12
1334 "16**4 Tl%
12l2 1334
1212 13
115
115
117
117
117
118
11834 119
100
101
100
100
10034 100
"27" 27* 26*2 27
28*2 29
27*2 29
h
1*2
1*4
2
1
1*8
1*2
1*2
51*2
115*2 116
11
934
*24*4 "2*4*14
19*4
20*4
19*4
21*8
50
57
116
70
49
20
23*2
116
1734
50
26*2
22
26
24
20*4
19%
6*2
12*4
6*2
10*2
100
6
"16*2 "l~l*2
115
100
& Equip com.*
10
100
Co com—*
*
pref..100
_
5
7*g
16
80
70c
4
3
15*4
13
85
15
90
11*4
81
25c
8*4
678
6*2
80
60c
50c
4*4
3*2
40c
4*2
7*8
15
80
50c
4%
12l2
1712
1534
1734
1734
115*2 115
115
100
100
100
101
11
434
6*4
II84
1134
30C
50c"
4
4
5
1U2
76
77
40c
1*2
95
90
90
95
90
90
91
95
9%
13
10%
1^8
30c
1%
4l2
6*4
12
75
77
2
60c
50c
65c
50c
4
6
7*2
9%
9*2
11
9
11*2
115
117% 110
114*4 114*4 11538 117*8
101% 101% 100
100*4 102
14
35c
60c
5*2
5
13%
76
12
76
30c
*"i34 ""l*34
1%
4
5
10
11
10
76
70
95
100
3
13
8**4
5*2
25c
50c
2
10c
100
6
5
7.
3*2
2%
3%
100
3%
70
6c
10c
50c
ioo"
100
3%
13
70
70
25c
5%
115
1
"75c
75c"
12c
80c
85c
"
12
95
90
14
8
20
90
100
Scruggs-V-Barney Inc cm (new) 5
1st preferred (new)
100
2nd preferred (new)
100
33^% cum preference (new) 100
11
77
40c
10%
9
115
6*2
60c
1134
Co—
preferred (old)
5
11
8*2
114
60c
60c
10
9*8
14%
11
8
23
35
23% 24%
28
31
35
48*2 48% 30
50
108
106
113*2 106
113*4 115
115
115
115*4 115*4 115*4
5%
6
6*2
7
5
7%
7*2
834
8
9
734
9
7
9*2
105
105
110%
109*2 109% 110
106
106
107
111
94% 94%
95
95
94*2 95
16
16%
94*2 9412
16
16*
15*4 16
16
19
18
19
2178 21%
85c
1
85c
85c
75c 76c
114
7
10% 12
1034 13*8
115
117*4 117*4 115
100
101
11%
17%
14
10*2
7%
48
4934
4934
113
75c
75c
9%
13
17
4
115
11%
49
19
55
10
13
11
2*4* " "l2" *19*" "141*4 "17" "I334 *17%
50
29
19
15
11
28
50
26*2
2158
53*2
*21*
10
28
533s
32l2
21%
16*2
31
26*2
11
25
28
22
55
16%
31
24
10*2
24
31
19
16
18
25
9
2734
26*2
18*2
53
14
18
17*2
8*2
*1*1*"
25*8
27*4
18*2
53
"16"
24
24
100
55c
1
50c
1
1434
1434
1034
10
8
33*2
*1*4%
*13*
15
12
6
2
15
*
Goods Co com
20%
11
85
50
1458
com—25
Co com. 5
17
47
45
50
17*2
*
*
*
227s
16*2
234
23*2
*
(old)..*
*
-*
com—*
46*4
44
48*2
10
2212
14l2
25*2
1*2
10^4
9*2
134
1%
2
1%
50
85
2*4
2
3*0* "
3*0* " *27*
"26*
2%
2
50
24
2*1*"
*20*
12
11
4834
4712
7
7
2*4
178
12
49*2
48
20*
"26"
15*8
13*2
14
13
*
*
2
35
56*2
85
18*2
2*2
90
1734
.7*4
56
85
18*2
85
3%
31
80
634
116
24
98%
80
2
75
52i2
27*2
*95*
8%
7%
3%
2*2
75
90
1934
15
16
12l2
15
80
17
80
78
15
14%
12
1334
81
75
* "l9" 2334
51
55
Securities Invest Co common..*
7% preferred (old)
100 110*2 110*2
20%
2334
56
58
100*8 HI
100
11
* 11
Co pf 100 12212 125*2 125*8 126 "
Sterling Aluminum Pd Inc com. 1
12*2 13*2
Stix-Baer & Fuller Co com
10 12l2 135g
Southwestern Bell Tele
"22%
58
67*2
65
66
31
28
28
28
25*2
29
34
2934
27
28
30
23
27
23
27
23%
15%
24%
60
60
57*2
101*2 101*2 100
101
29*2
23%
2834
58
51
51
51*8
1243s 128
1134
12*2
1134
13*2
10%
71%
62
7%
65
6034
52
52
26
26
20
25
8
9
56
52
60
54
52
26*2
57*2
24
12
7
75
37
11134 112
12
70
6034
1334
81
1334
83
67*2
35
Scullih Steel Co preference
5% preferred (new)
Sieloff Packing Co com...
8*4
1034
36*2
32
17
90
18
36*2
3*4
57
23
2034
Scruggs-V-Barney D G
9*2
11
14l2
13
85
34i2
2%
38
3
20
15
Preferred
934
9
50
21
14*2
St Louis Screw & Bolt
115
112
2034
50
1978
*21% ~19% *2*0**
"26"
23
10134 102
121
124
123
5434
22*4
14%
50
17*2
Pd Co com*
Preferred
122
102
34%
2*2
21
Shinkle
St Louis Public Serv
124
117
8*2
5212
St Louis Car Co common
110
21%
121% 121%
122% 121%122
100
10034 10034 98
71% 71%
75
80
119
124
100*8 102*2 100
105
101
9*2
8%
1034
9
28
27*2
104
104
106
11*2
10
.
110
27*2 29
121l2125
29
2834
31
30
31*2
1334
Natl Oats Co common
St Louis Bk Bldg
62
30
20
preferred
58
2734
30*2
35*4
27%
100 II2I4 113%
Rice-Stix Dry
2334
28
26
28
19
3412
3*4
Nicholas-Beazley Airpl
22%
334
71
51*2
Candy Co common
26*2
108
18
Preferred
22
18
23
Co
28*4
71
55
pref...100
20
common..25
Natl Bearing Metals
19*4
76
35
1734
Missouri Portl Cement
35
31%
20
1412
McQuay-Norris Mfg Co com
Meyer-Blanke Co common
234
27
35i4
20
Co common
Steel
2%
76
Laclede Gas Light Co
Landis Machine Co
3%
20
51*4
$2.50 preferred
3
34
5212
16
Laclede Christy Clay
30
3*4
36
74
21*4
.
3%
24*2
2%
27
3
38
17
Knapp-Monarch Co com
Common (new)
28
20
50*4
Key Co common
37*2
334
3*4
34
10*4
85
&
4
20
100
Johnson-Stephens
6*2
5
20*4
18
Co com
Shoe Co com
8
4%
43
18
International Shoe
34
6
4*2
20
102
10
6%
4%
8
4
37
121*2 122
17*2
6%
4%
7%
21*2
32"* *30*
4
4*2
2%
434
4l2
48
108
32i2
2
36*2
39
378
36*2
3%
39
36%
5
4
116
116
3334
2
2
9*4
42
110*2118~ 113" 125"
116
40
4i2
6
74
93g
*3*7* *
*34*
*2*4* "
*22*
2%
2%
2U2
46
34i2
Co comlOO
100
Preferred
36""
*30*
3634
34
21
20
8
5*8
5
6
*32*4 32~l4
4l2
7
7
7*4
7*4
7*2
149*8 152
150
160
144
639*4 40
5
3*2
7*2
3434
95
92
95
95
32
3434
4*2
538
4%
5*4
412
32%
3214
32i2
5034
Preferred
Hydraulic Press Brick
2nd
43
49
13
Hyde Park Breweries Assn com
2nd
46
49
com—5
Huttig Sash & Door Co
Natl
44
16*4
Common
Laclede
46*2
50
1936
Series
47
44
37
46
48*2
46
34*2
10*4
33g
pref
50
*
Co
Hus8mann-Ligonier
21*4
116
Griesedieck-West Brew
Hamilton-Brown
20
43g
112
Co com. *
Shoe Co com.*
Globe-Democrat Pub Co
21%
31
5
8
20
34i2
20
103
24%
32
35%
100
1
pref
21
32
100
1st preferred
100
*30*
Ely-Walker Dry Goods Co com 25 *27% *3*0%
1st preferred
100 11812 120
2nd preferred
100 9934 100
Falstaff Brewing Co com
25
3212
"A" preferred
Emerson Elec Mfg Co
23*4
32*8
734
118
25
*
Pepper Co common
23*2
3234
85
20
Dr
*3*6* "
20
34*2
80
414
27
*36*
22
32*4
Century Elec Co com
7%
27
36
20
32*2
4%
113
27
36
20*2
8
8
8
491?
27
34
20
22*4
275s
34
*341*2 *3*6""
37*2 a20*2
8
*
Boyd-Welsh Inc com
Central
37
36
30
27*2
2~7%
*
% preferred. 100
Cumulative
Burkart (F)
30
27*2
25
7% preferred
2934
2934
2978
29%
32*4
32*4
*34% 3*4%
20
25
Common
Amer Invest Co 8%
HiQh
High Low
$ per share $ per share $ per share
$ per share $ per share $ per share
105
105
$ per share $ per share $ per share
110
110
$ per share $ per share $ per share
110
110
110
110
114
114
*33* "3*3*"
114
114
30
31
114
114
30
32
35
35
100
pref
Aloe (A S) Co
High Low
High Low
High Low
Low
STOCKS
October
September
August
July
Low
Low
High Low High
HiQh Low High Low High
June
May
April
High Low
High Low
March
February
January
101
102
117*2 12034 120% 123
122i2 126*2 118*2122*4 117*4 121
9
103S
8% 11
834
9*8
9
10*8
10
115s
9*2 10
9
10
10
1034
10*2 11
11*2 12l2
17*4
17*4
47*2
25
27
5
16
6
100
102
100
13%
100
8%
8%
934
934
122
123% 118% 12034 120
6
7
5
7*2
734
9
8*4
8%
8*2
9
9
9
119
1238
14%
40
934
40
100
100%
120*
122%
5*2
8
7
8%
Wagner Electric
Co com.
25
15
4234
'4234
4934
1734
1734
1734
18
18
17
17*2
16*2
1734
"39"
44
4834
41
4634
41
45
38*2
43
40*2
16*2
45
41*2
"35"
4"l"84 "19* *3*634 *23*
29* *22*
27*"
90c
Title Ins Corp common
1%
WARRANTS
BONDS
City & Sub P S 5s A
..1934
5s certificates of deposit..1934
Natl Bearing
33
(unass't'd) '41
91~
96
88
1951
3s
United
4s certificates
*
1934
Railway 4s
of deposit..1934
No par vaiue.
a
89*2
36*2
33*8
3334
34*8
32%
dividend,
89*2
94
91
35
After 75% stock
_
—
28*4
34*4
33*4
106*4 106*4
*89*
89*4
93*2 1013s
91
96
29*2
*30*
30*" *27**2 "2*8*12
b After 4 for 1 split.
27*2
33*2
33
31
"80*
93*8
96
90
95
92
79
26*2
91
93
75
93%
93
9134
92*4
73
25
29
27
28*2
3034
22
27
31
26
61%
26
26*2
26*4
28
28
25%
28
26
26*2
27
32
24
25%
27%
75*8
75%
75
73
32%
72
56
95
70
75
81*2
81
23
24
25
30
106
81
28
79
25
26*2
28
25
32
106
93
88*2 102
27*2
31
30%
27*2
33
107l2 107*2
107*4 107*4
1947
extended—1945 ~88~
Scullin Steel Co 6s
30%
33*2
Metals 6s
St Louis Car 6s
|
30*2
*59*
64%
52
52
23*2
28*4
28
23%
818
Financial
MONTHLY
RANGE OF
January
STOCKS
Low
PRICES
February
High Low
ON
March
High Low
ST.
Chronicle
Feb.
LOUIS STOCK EXCHANGE
FOR
YEAR
April
June
May
July
August
September
High Low High Low High Low High Low High Low
High
High Low
1936.
October
Low
s, ms
November
High Low
December
High Low
High
Par $ per thare % per thare % per thare $
per thare S per thare S per thare S per thare S
per thare % per thare $ per thare S
A S Aloe Co common
per thare S per thart
20
27
27
27
2712
21
21
22% 22%
27
27
Preferred
33
36
..100 101% 102
103
103
110
110
107
110
110
110
l
American Credit Indem
113
113
10
*39" 45 "46" 4814 50
65
60
57
60% 62%
American Investment com..
*
20
20
24
2812
21
22
2312 22
22
22% 21% 22
22
A common
28
26% 27
28%
29
28% 31
.......25
"27" 27~
29
30
27»4 30
29
28% 29
2834 29
30
7% Preferred..
25
27
27i2 27l2 27
27
27%
28
Conv cum preferred.....
27% 27% 28
27% 27% 27
25
27%
29
29% 30
31% 30
29
3134
30
8% Preferred
25
"29" 30
29
30
30
30
30
30
30
30
Boyd-Welsh Inc common—
"l3% Ye
2%
Brown Shoe Co common.......*
63
64
63
64%
55
60
50
2%
55%
51
53%
51
62
48%
59%
64
77
69
59
63
Common (new)
.1
Preferred
...........—..*
571*
60i2
60
y Burkart Mfg common. .......*
55
68
67
67%
60
70
32*4
32»4
32%
3212
32iZ
32i2
32U
3214
32
32%
30
32%
35
36
36
57
57
61
38"
36
63
41
40
Pepper common....
Common (new)
Elder Mfg.
A
25
17*4
19i4
100 118
Globe-Democrat preferred
Grlesedieck West Brew
4%
5%
....100
5%
3
10
4
Preferred
*
11
18
80c
6
6
8
8i8
11 ®4
14%
14
17>4
1434
8%
9%
934
9%
•
M
»^!°>
"29"
1
!
7U
21
21
15%
1714
1
11%
1
12
7%
"l'l"
17
8%
5
5%
5
72
7
93
5
81
22
118
118
100
95
5%
13"
"l3%
10
7
7984
79
96
16
22
67g
16
16
16
5%
"8% "9%
9%
22
95
20
2%
14%
12
15
12%
2%
6%
6
16
8%
18
2%
14%
1434
6%
12
120
2%
11%
14
12
14
19
74
25%
26%
24
25%
120% 120%
95"
96
100
100
9%
95"
9%
17%
2%
13%
13%
2%
19
74
101" 10Y"
9
1034
19%
26%
834
19
20
20
234
2%
3
3
14%
14%
13%
17%
1534
19%
17%
17%
5%
16%
13%
19
17%
1%
18
14
14
12
15
48
48
50%
47%
14
14
15
16
49%
17%
12
12%
11%
12%
11
12
15
15
19
21
22%
23
32%
32%
10%
3234
12%
32%
12%
32%
24%
28%
25»4
27%
21%
65c
1
1
1%
1
7%
49%
6
8
9
12%
12
15
H34
Ye"
4834
4984
48
49%
47%
4834
14
47%
13%
13%
13%
14%
13%
13%
10
11
32
18s
12%
13
12
28
23
6884
69%
59
61
55
13%
14
-t...
1%
36
101
10%
8
24%
2278
24%
19
193g
20
60
52
55
52
61
28
10%
102
102
102
15%
11%
105" 105""
102
16%
17
15%
1%
1134
118
14%
1334
118
15
97g
12%
29
29%
105% 106%
13% 14%
9
958
1
I84
9
9%
17%
29
47
11%
13%
11
45
24
25%
20
20
21
59
59
58
58
54
15
14%
15
14
15%
16%
23
11
15%
17%
17
20%
17
20
44
50
47
50
49
50
10%
13
12%
14%
24
16%
60
13
1484
21%
6884
60
118
118
118
118
102
102
102
102
19
20
1634
17%
1
7%
46
40
43
110
111
111
1%
834
7%
7%
166"
11%
100
54
IOS4
11%
117% 117% 118
"
1134 14
118
119
11834 119%
100
100
100% 100%
24% 30% 26
26%
118
100
100
23
24
24
1
1
11
10
113
1934
5%
5%
4%
4%
11%
10% 12%
1134 12%
115
114
114% 114
115
100
100
100
25
1%
114
115
114
115
114
115
102
100
100
101
100
100
7%
8%
8%
9%
112% 114
111%112
101
101
100
3%
9
10
9%
98% 100
25
1
80c
1
55c
1
,
101
100
2
5
25
15c
15c
15c
20c
25c
com
30c
30c
30c
15
*
common...25
412
4%
..100
40
2
38%
75
common
10
Title Insurance
common......25
Wagner Electric
common
..15
40
27g
43
2
38%
Packing Co common
*
7
Southwestern Bell Tel pref.. 100 123
53
40
2
pref..........100
4
52
38%
Sleloff
Stix, Baer-Fuller
5
62
100
Scullln Steel pref..
Securities Inv common
......*
Preferred
.........100
Sedalia Water
484
42
1%
4
40
4
63
4%
53
53
40
60c
101
101
100
100
8%
9%
10%
9%
8
8%
4
4
4
55
55
54
60
60
40
32iz
31%
33
3178
9%
34%
73
15c
5s
1934
Certificate of deposit...
26%
3212
30
30
78
40
41
45
46
1
8
28%
4%
43%
3%
5
43%
44
5%
6
4%
4434
7
70
5
11%
45
85
8
7
45
47
112
113
9%
78
4%
3378
29%
33
3284
19
31%
3278
32
35
13%
16%
80"~
85
95
95
14%
13%
22
1934
48
49
60
51
75
Southwestern
Bell Tel
22
22
3J$s_1964 105
Railway 4s
.1934
107
108
x
35%
32%
34
31
Split 4 for 1.
y
33
33
29
30
11
125
1534
19
37
30
30%
30%
19
19
19
38%
41%
40%
4434
35
33%
38
29
30
29%
29%
29
75
32
33%
108% 108% 10734 10734 108
108
33
34%
34
32%
32%
34%
33
33%
32%
34
Split 3 for 1.
69
75
42%
50
49
49%
45
67
68
77
76%
9834
80% 88"
95% 105
30%
33
31
2984
29%
30%
29%
28%
30
28%
29%
30%
32%
33%
32%
36
33
34
29
31%
32%
31%
32
33
36
32
33%
35%
32
34
3234
3234
Par changed to $1
Removed Dec. 4, 1936.
28
z
75
"76"
82
Removed Oct. 30,
"80"
79
82
1936.
City, Mo.
"and Stern Brothers & Co.
keep a record of the securities having a
have courteously placed that record at our
disposal. The table below shows
market in Kansas
City, and they
high and low prices of these securities
Dec. 31, 1937.
RANGE
Range in
OF
1937
for the calendar
year
PRICE8
IN
1937, together with the bid and asked prices
SECURITIES LOCAL TO KANSAS CITY
Price Dec. 31.'37
Range in
High
105
Common
American Rolling Mill Co
Associated Tel & Tel Co
4>i%
Low
101
111
103
58
63 H
32
55
preferred
100
105
--
-«
•
39
44
Insurance Corp
Davidson-Boutell 6% con
preferred..
Dickey Clay Mfg Co preferred
Employers Reinsurance Corp
Gleaner Harvester
Corp
j,
H. D. Lee Mercantile Co
Kansas City Fire & Marine
Insurance
Kansas City Stock Yards Co
preferred
Common
Kansas Electric Power
7%
38
43
6
6
9
3
3
5
16
Cook Paint & Varnish
Co $4 preferred.
10
11
12
89
74 H
75
80
48 X
34H
35
40
64 >4
47
50
55
96 M
96
100
4
5
102
4
50 M
39
preferred..Ill III
1, 1937 at 102.
Price Dec. 31,"36
11
40 H
13
13H
13
14H
Class A
26
17
15
15
18
97
80
81
59
60
65
102
102
106
89
90
95
113M
104
116
104
104
•
86
108
99
106
102
106
80
80
85
95
90
35
37
1014.
6214c
10M
20
24
7
—
Class A
1H
103
102 H
11^
Woolf Bros Inc
7% preferred
Class B preferred
5H
Asked
40
13
%
1
♦
4
H
28
H
2H
*
5H I
102
90
90
96
18
BONDS—
Athletic Club & Office
Bldg 6^«. 1941
Dickey Clay Mfg Co 5s, 1949
10
10
14
31
91
Dierks Lumber & Coal
6s, 1947
Kansas City Structural Steel
5s, 1944
Oregon American Lumber Co
6s, 1950..
90
75^
60
_
Lumber Co 6s, 1946
Telephone Bond & Share 5s. 1958
96
2M
7% preferred
United Telephone Co Kansas
7% pref
Western Insurance Securities
Pickering
96
33 H
.
Lucky Tiger Comb Gold Mining
& Share
Bid
105
103
_.
Long-Bell Lumber Co preferred
Common
Telephone Bond
Low
106 'A
91
.
42
25
27
81
6% preferred
Kansas Gas & Electric
7% preferred.
.
.
30
10
III.I.
Kansas Power &
Light 6% prefereed
7% preferred...
Kansas Power Co $6
preferred
$7 preferred
.
15
$4 preferred
Class A
Butler Mfg Co common.
6% preferred
Central Surety &
1937
Asked
100
7% preferred......
preferred
Bid
High
American Asphalt Roof Co
preferred..
40%
32
32
39%
42%
35%
Prescott, Wright, Snider Co.
All called July
13
122% 125%
15% 16
69
29
Course of Security Prices in Kansas
The
112
13
10
123
124% 125
13
12% 13%
108% 108%
107
28%
27
Certificate of deposit...
Removed Dec. 4, 1936.
105
30
34
75
2384
24%
52%
112
19
33%
29
1935
1941
2®4
14
16
19
30
107% 10734 108
6s extended
Scullin Steel 6s
600
2%
10%
:
112
47%
8
8
7%
7%
8
8
125% 123% 126% 125
126
126% 125
12434 125% 125
127
10%
9% 10
978 10%
10
10%
10%
10%
934
12
32%
30
Laclede Gas Lt 1st 8c ref
5)4* 1953
National Bearing Metals 6s. 1947
St Louis Car 6s
30c
10
50
2%
43%
78
32%
13%
82%
14
BONDS
City-Suburban
6%
7
77%
7%
75
80"
62%
40
2%
43%
43
5%
18
2914
3
6%
65
8
124
10
20c
2%
8%
6
1%
4
75
124" 126% 12434 127%
2
48
10
5?
2
43
2%
6%
45
60c
40
23s
42
4%
30
20c
40c
378
4%
30
53
40
2
3%
43
20c
40c
113
13
1257s
10%
912
125
25
6%
31%
20c
5
25
5%
*
1st preferred
Second preferred....
*
.
1
20
19%
116
10
com
Preferred
$6
15
111
10%
118
102
15%
42
1-
117% 115
100
10
15
25
59
12
117
"1684
5
105S
23
13
102
"l6"
16
9
21
....
28
75c
10%
102
30
102
13%
9
21
28
100
Scruggs-V Barney
the
3%
BankBldg&Equptcom*
St Louis Screw 8c
Bolt
w
"l"7~"
45
23
1134
1134
12%
20
11
978
10%
2434
1284
119
75c
32%
12
20
10%
12
9%
26%
101
9%
9%
24
27
102
13%
29
119
Preferred
4s
4
18
"9"
48%
10
28
119
St Louis Car
common.....
United
31%
3%
16%
17%
1%
9%
18
38%
100 100
St Louis Public Service
5s
25
4%
17
80
17%
1278
10%
14
6
13%
634
17%
17
110
734
116
75c
13%
26%
19
74
100
I684
13
25%
26%
100
75c
7%
5%
100
18%
25
120
22%
116
2
7%
110
434
74
116
10
6
98
434
100
95
434
85
96
6%
90
109
23
85
7%
92
66
21
75
6%
90
78
85
8
23
119
100 102
70
7
90
118% 120
97% 99
120
*6% "7
49%
7%
38%
14
......100 116
7
9484
66
100
1
8
48
30
119
Second preferred...
32
15%
97
17
5634
10%
25%
25
9%
38%
31®4
4%
28
102" 102""
*
30
31%
4
534
13
16
39
10
Pedigo Co common
Rice-Stlx common........
323,,
31
6%
66
120
6%
24%
27%
...100 116
5
11%
27%
56
..100
..*
26
78
15%
18
2%
103s
12
75c
14
8
1312
14
25
2
984
39
McQuay-Norris common.......*
"16"
27%
32
94
80
120
7%
11
21
common.
61
100
"7"
33
Landis Machine common.....25
common
"e"
8
10
8I4
14
11
5184
16
33
30%
Second preferred
17
2i2
11%
11%
7
12%
7%
*
26
31
1
7
6%
2884
32%
26
116
4984
14%
3434
31
27%
St Louis
67*
9
15
27%
*
47%
25
578
85
53i2
15i2
51
40
National Candy common...
5%
120
115
214
9l2
1714
1%
75c
63
25
Preferred
6
46%
50%
32%
80
1714
1%
40
Missouri Portland common
25
National Bearing Metals com..*
Preferred
*
47%
27
7%
95
100
117%118
97% 100
48
17
lOU
Laclede Gas Light pref
..100
Laclede Steel common........20
common.....
784
77
6
66
17i2
6
9i2
1H2
7i2
4934
*
common...
8%
81
80
314
8
6
5
*
First preferred...
15
15
118
114
3
45
75c
*
common
Preferred
214% preferred.
National Oats
15
14
97l2
714
115
9
50
..*
Nlcholas-Beazley
61%
45
80
"74"
6i2
47%
com*
common
First preferred
5%
5134
1334
65«4
1712
334
6
"lY*
4
common—*
Johnson-Stephens-Shinkle
Meyer-Blanke
8
75
4478
116
9
1
1—
1
50c
..100
....
18
118
278
4%
»
common.. 100
International Shoe
4
50%
32%
60
9
6
51%
97l2
7%
IOI4
10
com
284
46
32%
43
17
2%
65s
*
—
Preferred
Hydraulic P Brick
1712
115
*
D common
Hyde Park Brewing
18
98"
118
98
*
Laclede-Christy
1334
6534
74"
*
com
^Preferred
Knapp-Monarch
1334
64
42%
72
4%
*
com...
Hussman-Ligonler
17^4
97"
118
98
100
com
48
109
*
First preferred
Key Co
42i2
42
36
100
Second preferred
100
Emerson Electric preferred.. 100
Falstaff Brewing com...
..1
Huttig S &
35%
42%
9
5
414
..100
common.....
45
434
70
9l2
65
5
414
30i2
42%
..*
common
preferred....
Hamilton Brown
3*4
..*
First preferred
Ely-Walker
3%
65
1334
3
6i2
64
5
{Dr.
41
8U
.
common
51%
21
Central Brew!nil common...
5
Century Electric common
100
Chicago & Southern Air pref
10
Coca-Cola Bottling
1
Columbia Brewing
234
47
12K
.
80
90
15
75
80
98
102
64
59
X
59
23
42
40
10
74
100
H
118
25
12
12
14
58
57
60
29
Volume
Financial
146
Bond Market
The Course of the
from last week's low
There has been some recovery
rather mixed, some
been
have
stopped
changes for the week
Governments
wavering
of
while
National
1
advanced
Meat
Building bonds have been stronger,
Products 5%s, 1948, rising 1% to 57%.
receded, the Armour 4s, 1955,
issues have
packing
declining 2% to 89.
In
bond market losses prevailed as
the foreign
in
American & For¬
issues.
2030, closed at 48, up 1% since a week ago;
Power & Light 6s, 2016, declined 3% to 68% ;
American
85; General
Light 5s, 1956, fell 4% to
Power &
Carolina
MOODY'S BOND
bonds
the
in
softer
late tradings.
All
U. S.
MOODY'S BOND
PRICES (REVISED)
120 Domestic Corporate
120
Govt.
(Based
Daily
Bonds
A
Baa
RR.
P. U.
Indus.
105.79
92.28
67.68
75.70
98.45
106.92
76.05
98.62
107.11
Aa
Aaa
4- 110.16
92.28
113.89
3- 110.18
92.59
113.89
105.98
93.06
67.77
2.. 110.17
YIELD AVERAGES
(REVISED)
Individual Closing Prices)
on
120 Domestic Corporate
120 Domestic
*
Corporate by Groups
by Ratings
Domes¬
Daily
Corp.*
1938
Corporate by Groups *
tic
Averages
120
All
120 Domestic
*
by Ratings
Domes¬
yield averages
in the following tables:
given
(Based on Average Yields)
1938
the German
the general trend and turned
followed
computed bond prices and bond
Moody's
are
remained
showed declines, as did_ some of
Japanese
weakness
issues, among
relatively firm.
Italian and
South American
of the
most
Chileans
which
Polish
eign Power 5s,
1952, closed
Phelps Dodge conv. 3%s,
101.
to
Certain-teed
the
moderately during
speculative utilities declined.
grade and
1% to 105%.
rose
104, up 1% points.
at
On Thursday, however, medium-
part of the week.
the first
to 102,
In the
advancing %
1960,
1965,
,,
classes firmed up
Utility bonds of all
Feb.
4%s,
Steel 4s,
other
the
on
continued
points.
diverse trends this
Socony-Vacuum 3%>s, 1950, have fallen 1 to 105%;
hand, Standard Oil of New Jersey 3s, 1961,
oil group,
1956, moved up to 51, a
6%s,
Ry.
Southern
Steel
Bethlehem
1978, advanced 2% points to 46;
gain of 3%
%; Nickel Plate 4%s,
up
As
week-end.
bonds, while developing vulnerability
the close, have remained slightly above the levels
week.
New York Central 3%s, 1946, at 83% were
last
shown
have
prices
and receding toward the
compared with last Friday, steel bonds have
risen,
speculative railroad
toward
bond
Industrial
week, rising over the early part
Medium-grade and
to 103%.
points
$10,000,000 deb. 4%s, 1948, by
$57,000,000 1st 4s, 1963, and
spite of registering general
weakness, have managed to close slightly better than a
week ago.
Atchison gen. 4s, 1905, at 108% were up 2%;
Union Pacific 4s, 2008, rose % to 105%; Virginian 3%s,
advanced 1%
High
86%.
There was an offering of
Appalachian Electric Power Co.
High-grade railroad bonds, in
1906,
5 at 72; Texas
have declined 8% to
grades have not been affected.
United States
end of the week, while
have been almost stationary.
tendency toward the
Electric 5s, 1943, have lost
Electric Service 5s, 1960,
and
bonds having improved
High grades showed a
ground.
others having lost
Net
declines.
Thursday by fresh
on
prices,
Water Works &
but this recovery was
particularly among rail bonds,
819
Chronicle
30
*
tic
Corp.
Averages
A
Aa
Aaa
ForBaa
P.
RR.
U.
4.47
3.27
3.68
4.47
6.45
5.70
4.09
4.45
3.27
3.67
4.42
6.44
5.67
4.08
3.61
3.67
4.41
6.38
5.62
4.08
5.87
3.62
4—
3-
Feb.
eigns
Indus.
3.58
114.51
93.21
68.37
76.64
98.62
107.69
2—
4.43
92.90
105.98
3.24
4.43
3.24
4.08
3.58
76.17
98.62
5.66
68.27
6.39
93.06
4.42
105.79
3.68
114.51
1-
92.90
107.69
1.. 110.24
3.25
3.58
Jan. 31-.
4.09
98.45
5.75
75.12
6.49
92.59
67.28
4.45
105.22
3.71
114.30
4.48
92.12
107.69
Jan. 31.. 110.21
92.59
98.45
4.49
3.26
3.59
114.09
29-
29.. 110.10
91.97
107.49
4.09
74.55
6.54
5.80
66.80
4.45
105.04
3.72
28-
4.50
3.26
3.72
4.45
6.58
3.58
107.69
4.08
98.62
5.85
73.99
110.07
91 81
114.09
105.04
92.59
66.41
4.50
4 07
3 58
98.80
5 84
74.10
6 53
66.89
4.44
92.75
3.75
104.48
3.26
114 09
27..
91.81
107.69
27- 110.00
3.24
5.74
4.05
3.56
75.24
6.44
67.77
4.41
93.21
3.70
105.41
4 45
114 51
26-
92.59
108.08
110.16
99.14
26..
4.04
3.53
93.21
108.66
25..
110.25
99.31
5.66
76.17
6.38
68.37
4.37
93.85
3.66
106.17
4.41
3.23
114.72
25„
3.22
3.53
94.01
3.65
106.36
4.38
110.40
93.69
108.66
24-
114.93
24..
4.02
99.66
5.59
77.00
6.30
69.17
4.36
6.24
5.54
3.52
22-
94.01
77.60
4.34
94.33
3.63
106.73
4.36
3.21
115.14
22..
110.43
108.85
4.01
99.83
3.51
69.99
4.34
21- 110.52
115.35
21-
94.33
109.05
3.99
100.18
5.52
77.84
6.22
94.81
3.63
4.31
106.73
3.20
109.24
3.62
3.50
78.20
6.20
70.20
4.30
94.97
3.18
94.49
106.92
4.33
20- 110.58
115.78
20..
3.98
100.35
5.49
4.34
3.18
3.62
4.30
6.26
5.53
3.98
3.51
19.. 110.60
"""
5~.78
28..
69.78
5.76
94.33
115.78
106.92
94.97
69.58
77.72
100.35
109.05
19—
4.30
3.18
3.98
3.61
100.35
5.42
70.73
79.07
6.15
95.13
4.29
107.49
3.59
115.78
18-
94.97
109.05
110.60
3.58
3.50
109.24
3.18
3.98
100.35
5.33
80.20
6.05
95.46
71.79
4.27
107.69
4.27
95.46
115.78
17-
17- 110.36
72.11
4.26
3.50
116.00
15..
15-. 110.34
95.62
109.24
3.97
100.53
5.30
80.58
6.02
95.62
3.58
4.26
107.69
3.17
4.25
3.17
3.58
4.26
3.50
95.62
109.24
14-
3.97
100.53
5.28
80.84
6.00
72.32
3.17
3.57
4.25
5.99
5.26
3.50
109.24
4.25
3.97
100.53
13-.
5.25
3.97
3.50
18..
5.83
110.15
95.78
116.00
107.69
13— 110.07
95.78
116.00
107.88
95.78
72.43
81.09
95.78
72.65
100.53
4.24
4.25
107.69
3.17
116.00
12-
95.95
109.24
12- 109.98
81.22
5.97
3.17
3.56
3.50
109.24
4.24
3.98
100.35
5.24
81.35
5.98
95.95
72.54
4.24
108.08
—
95.95
116.00
11
11— 109.97
3.50
109.24
3.56
4.00
100.00
6.22
81.61
5.97
72.65
4.25
95.78
10-
10.. 109.99
108.08
3.18
115.78
4.24
95.95
6.01
3.63
III
8— 109.97
95.46
72.21
3.57
4.27
107.88
3.19
115.57
4.26
95.62
108.66
8-
4.01
99.83
6.24
81.35
3.64
5.75
7- 109.97
108.46
4.26
95.62
107.88
7-
4.02
99.83
5.24
81.35
6.03
72.00
4.27
95.46
3.57
115.78
3.18
81.22
99.48
4.29
6.07
71.57
3.57
95.29
95.13
3.18
6- 110.01
107.88
4.28
3.56
115.78
6-
4.03
108.08
5.25
3.57
3.59
107.49
3.20
4.03
99.48
5.26
81.09
6.10
94.97
71.25
4.30
107.88
4.29
95.13
115.35
5-
5- 109.90
4..
4.28
3.57
4.03
3.61
99.48
107.11
6.22
81.61
6.08
95.13
71.46
4.29
107.88
3.19
115.57
4.27
3.20
3.55
4.28
6.06
3.62
106.92
3—
4.03
99.48
5.18
82.13
3.27
3.75
4.47
6.58
5.85
4.09
3.62
5.87
3.17
3.55
4.24
5.97
5.18
3.97
3.50
5.75
3.18
3.80
4.51
4.00
3.71
3.43
5.19
3.71
3.36
3.35
3.57
4.17
4.86
4.38
3.99
3.58
3.99
6.12
14-
■
..
4-
109.69
95.29
3-.
109.69
95.46
High 1938 110.60
1938 109.69
Low
108.27
95.29
71.68
108.27
95.95
72.65
82.13
100.53
109.24
Hlgh 1938
4.50
95.95
115.35
116.00
113.89
104.48
92.28
66.41
73.99
98.45
106.92
Low 1938
4.24
91.81
1
1 Yr. Ago
•
91.66
97.11
107.88
112.25
100.18
86.50
yield averages, the latter
STATE
THE
93.69
being the truer picture of the
gains.
leaders
effect
on
weeks
no
A
sentiment
business
small
in
decided
the attitude
shewed
confidence.
for
the
Apparently the
been all along—upon
its apparent stubborn
remedy for even one of the
of the Administration in
to
provide a
halted business and shaken investor
being made at the national
While gestures are
the assistance
regarded by not a few as
clined last
generally.
based largely—as it has
disinclination
to
activity
for the worse again, this being reflected
in the action of the stock market.
of pessimism prevails in the "Street,"
major evils which have
ing
business
Feb. 4, 1938.
measure
feeling
this is
capital
107.69
This, together with the optimistic views of many
of industry, was beginning to have a wholesome
picture is changing
and
100.18
TRADE—COMMERCIALfEPITOME
OF
successive
three
110.63
Feb. 4 '37
Feb. 4 '36
basis of one "typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
bond market.
Friday Night,
For
105.22
...
computed from average yields on the
movement of actual price quotations.
These prices are
level or the average
100.00
Yr. Ago
2 Yrs.Ago
2 Yrs.Ago
Feb. 4 '36 108.03
103.56
112.05
115.78
105.22
Feb. 4 '37 112.32
3.58
of business, these efforts are
being far from sincere. Accord¬
"Journal of Commerce," business activity de¬
70.4, which compares with a revised
week to
and 94.9 for the corre¬
Automotive activity led the de¬
cline, and electric output, petroleum runs to stills and car
loadings were also lower.
Steel operations advanced sub¬
stantially, and bituminous coal production showed a gain.
figure of 71.2 for
the previous week
sponding week of
1937.
Caution
recent
of wages
mary
among
steel
buyers
has been intensified
statement from President
of
and prices, "Iron Age" states
the
in its current sum¬
It observes that while a survey
large steel company among its customers
industry.
conducted by one
disclosed
by the
Roosevelt on the subject
virtually unanimous
opposition to a cut in
steel
time, the fact stands out that scarcely
any are willing to add to their inventories until the issue
of both wages and prices is determined by the result of
the negotiations
which start next Monday between the
management of the United State Steel Corp. and the Steel
Workers' Organizing Committee for the renewal of the
existing labor contract.
The magazine estimates steel pro¬
duction this week at 31% of capacity, off 2% points after
four successive weekly gains.
It is stated that the auto¬
mobile industry's February output will be less than that
for January.
Production of electricity in the United States
totaled 2,098,968,000 kilowatt hours in
the week ended
Jan. 29, a loss of 5.2% under the corresponding week of
last year, according to the Edison Electric Institute.
Out¬
put for the latest week was 10,000,000 kilowatt hours under
the previous week's total of 2,108,968,000, and 115,688,000
under the total of 2,214,656,000 in the same week last year.
The Nation's 137 Class I railroads reported they had a net
operating income of $590,180,565 in 1937, a return of 2.27%
on
their property investment.
This compared with $667,-
prices at the present
Financial
820
174,165,
2.57%, in 1936, and $868,719,483, or 3.36%, in
steel industry will make expenditures for new
or
The
1930.
Chronicle
figures
received from
reports
on
Institute,
Steel
and
Iron
American
which based
and weakness in textile quotations more than offset
small advances.
The "Annalist"
Weekly Index of
Wholesale Commodity Prices for Feb. 2 was
83.2, a drop of
0.1 of a point from the preceding week and the
lowest since
July 16, 1936. Since the August high of 94.9 the Index has
now
its
120 companies in the
the
Hides enjoyed a sharp rally, but subsequently lost all of their
gains
irregular, and rubber resumed its downward course.
considerably below the amount expended
for this purpose during 1937.
Last year, according to the
Institute, the steel manufacturers spent some $320,000,000
for plants and equipment, or about $30,000,000 more than
are
the start of the year.
THE
WEEKLY INDEX OF WHOLESALE
COMMODITY PRICES
(1926=100)
Feb.
add
decline of 3%
from the previous week.
signed to stimulate a
vast private home-building program
through liberalization of Federal mortgage insurance.
This
legislation is designed to put the construction industry to
work by reducing the cost of financing private building
of homes.
The weekly weather report contained nothing
of a very unusual character.
At the beginning of the week
pomitrv east
oncf
east,
to
consiueramy
considerably
iauen
fallen
naa
had
fpmneratures
temperatures
over
over
oi
of
most
most
tne
the
of the Great Plains, particularly in the Northehaneres ranged from 20 degrees
changes ranged from 20 degrees
where tho 24-honr
the 24-hour
whpre
40
Precipitation was general
degrees.
over
the North¬
east, but elsewhere mostly fair weather prevailed. Warmer
weather was noted in some sections of the West.
At the
close of the week temperatures
to 40
had fallen from 20 degrees
degrees over most of the Atlantic Coast States, with
and
districts
Eastern
precipitation
parts of
the country
The line of freezing temperatures extended
of the winter.
73.6
Preliminary,
Revenue
a
Freight
Car
the week, the early part being cloudy
and rainy, with rela¬
tively mild temperatures, and the latter parr clear and
pleasant.
Today it was fair and cold here, with tempera¬
tures ranging from 37 to 46 degrees.
The forecast was for
Cooler tonight.
Overnight at Boston
it was 42 to 48 degrees; Baltimore, 38 to 50; Pittsburgh,
32 to 50; Portland, Me., 34 to 40; Chicago, 28 to 40; Cin¬
cinnati, 30 to 58; Cleveland, 30 to 50; Detroit, 30 to 44;
Charleston, 50 to 66; Milwaukee, 26 to 36; Savannah, 52
to 72; Dallas, 58 to 70; Kansas City, 34 to 52; Springfield,
Mo., 48 to 60; Oklahoma City, 54 to 68; Salt Lake City,
30 to 48; Seattle, 38 to 50; Montreal, 32 to 38. and Winnipeg,
6 below
8
to
Off 17,157
29, 1938
T
REVENUE" FREIGHTXOADED
Cars
in
AND
i
*
"RECEIVED"FROM~CONNECTIONS
(Number of Cars)
Loaded
on Own Lines
Weeks Ended—
Received from Connections
Weeks Ended—
Jan. 29 Jan. 22 Jan. 30 Jan. 29
Jan. 22 Jan. 30
1938
Atchison Topeka A
Santa]Fe„Ry_
BaltlmoreJA Ohio RR
Chesapeake & Ohio Ry_.
Chicago Mil. St. Paul
A
1938
18,755
22,474
Pac.|Ry_
19,800
13,836
1937
19,912
23,059
19,437
13.928
1938
20,787
29,876
12,548
1938
4,629
17,429
19,358
6,623
7,801
6,318
7,304
8,378
9,723
7,672
11,066
3.498
1,570
2,338
2,543
2,816
18,016
16,019
40,835
6,319
Missouri Pacific RR
13,317
New York Central Lines...
New York Chicago A St. Louis Ry
Norfolk A Western Ry.......
30,012
31,045
4,040
4,753
Pennsylvania RR
48,327
16,155
48,228
30,675
4.029
4,491
12,536
65,400
4,841
3,531
International Great Northern RR
Pere Marquette Ry
Pittsburgh A Lake Erie RR
1,702
3,684
3,783
15,308
7,190
13,278
3,815
6,738
15,558
16,151
11,961
Mlssourt-Kansas-Texas RR...
1937
4,661
13,145
12,525
6,244
13,499
3,634
1,734
4,007
13,714
2,281
4,180
1,644
1,735
2,380
2,746
8,411
32,170
8,437
2,864
11,350
35,046
9,301
33,132
8,725
3,881
30,618
4,463
3,594
4,223
8,573
5,325
41,932
3,922
3,349
3,116
7,037
3,797
22,965
Southern Pacific Lines
Wabash
23,167
4,960
24,512
7,578
3,558
8,012
9,400
5,624
7,650
7,862
9,109
4,717
Total..
rain.
7.825
257,701 266,142 307,072 157,399 164,952
190,283
TOTAL LOADINGS
AND
RECEIPTS FROM CONNECTIONS
Weeks Ended
Jan. 29, 1938
Chicago Rock Island
A Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry......
Total
4.
week
Jan.
22,1938
Jan. 30, 1937
^soc*at*on
Jan.
ended
Moody's Index of Staple Commodity Prices declined
slightly this week, closing at 148.9 on Friday, as compared
cars.
with 149.8
21,553
23,826
24,335
29.096
29,432
12,445
31,417
11,948
62,597
__
above.
Moody's Commodity Index Slightly Lower
Loadings
_
partly cloudy tonight and Saturday, jpossibly followed Satur¬
day night by
91.3
Loadings of revenue freight for the week ended Jan. 29,
1938, totaled 553,176 cars.
This is a decline of 17,157 cars
or 3% from the preceding
week; a decrease of 99,846 cars,
or 15.3%, from the total for the like week a
year ago, and
a
drop of 68,714 cars or 11% from the total loadings for the
corresponding week two years ago.
For the week ended
Jan. 22, 1938, loadings were 14.3% below those for the
like
week of 1937, and 2.5% below those for the
corresponding
V^I^VJJLVAJlJUg
of
inoc
T—a:
£—
week of 1936.
Loadings for the week ended Jan. 15, 1938
showed a loss of 16.6% when compared with 1937 and
a
drop
0f 5% when comparison is made with the same week
of 1936.
firgt jg major railroads to report for the week
ended
Jan. 29, 1938 loaded a total of 257,701 cars of
revenue freight
on their own
lines, compared with 266,142 cars in the pre¬
ceding week and 307,072 cars in the seven days ended
Jan. 30, 1937.
A comparative table follows:__
Chicago A North Western Ry
Gulf Coast Lines
prevalent in the Canadian interior, where 50 degrees below
was
reported from two stations.
In the New York
City area the weather has been more or less mixed during
72.9
083.3
Weeks Ended Jan.
isiana* and practically all of Texas, except the central and
south coast.
Sub-zero weather
was experienced
in the
zero
74.1
83.2
Revised.
Chicago Burlington & QuincylRR
Northeast, but much more severe conditions were
68.3
86.8
All commodities...
southward to central Florida, the southern portion of Lou¬
extreme
98.0
68.6
88.9
Miscellaneous
over
reported the coldest week
103.5
88.9
contrast
northern
89.2
*68.6
temperatures for the week were quite low, in
to several preceding weeks, and
many
Minimum
marked
with
83.2
81.2
91.5
103.2
...
Building materials.
rains in the Pacific States.
general
72.9
a59.6
Chemicals
southward to the east Gulf
reaction to warmer weather had
coast; at the same time a
set
in
over
Western
sections
1937
102.1
73.2
extending
weather
freezing
Metals
Feb. 2,
79.5
91.5
Com¬
pared with the same 1937 week, loadings showed a decline
of 99,846 cars, 15.3%.
Latest reports from Washington
state that President Roosevelt has signed legislation de¬
Jan. 26, 1938
*58.1
Textile products
Fuels
*
1938
79.3
Food products....
that, encouraged by the success of
events, retailers this week were con¬
siderably more generous in their wholesale commitments.
In addition, they state that spring market openings, trade
shows and conventions gave most of the major wholesale
markets a busier aspect than was apparent in the preceding
week.
Freight car loadings fell 17,157 cars to a total of
553,176 cars for the week ended Jan. 29, according to the
report today by the Association of American Railroads.
a
2,
Farm products
January promotional
This was
Cocoa
"ANNALIST"
For the coun¬
retail volume during the latest week was
reported to be from 1% to 3% heavier than in the like
period of last year, according to Dun & Bradstreet, Inc.
observers
season.
•
was
try as a whole,
These
The "Annalist"
Trading in the various futures markets was uninteresting for the most
part, with lower prices the order of the day.
Active selling took place in
the "World" sugar market,
forcing! prices to new lows for
comprising over 90% of the total steel-making
capacity in the Nation. The estimated expenditures for the
had been estimated at
lost 11.7 points, or more than
12%.
continued:
announcement
industry,
current year
S,
group
a few
plant equipment and construction of at least $165,0|)0,000
during 1938, bringing such spending for the four years,
1935 to 1938, to more than $840,000,000.
The estimated
total for the 1938 improvement was issued yesterday by
the
Feb.
65,703
72,052
16,298
American Railroads, in
22, reported
as
reviewing the
follows:
ing week in 1937 and
a
week ago.
There were no large net changes in individual commodity
Cocoa, wheat, hogs and cotton advanced, while
prices.
hides, rubber, corn, steel scrap, wool and sugar declined.
There were no net changes for silk, silver, copper, lead and
coffee.
The movement of the index
parisons, is
as
"Annalist"
Prices
149.9
Year ago, Feb. 4
1937 HighApri. 5
Low—Nov. 24
1938 High—Jan. 10
Low—Jan. 3
148.6
148.4
148.9
Weekly
Index
Continued to
has
been
com¬
of
Wholesale
1^1.2
-149.3
205.2
228.1
144.6
152.9
—----148.3
Commodity
Decline
During Week Ended
Lowest Point Since July 1936
interruption in the decline of com¬
modity prices, said the "Annalist" on Feb. 3, which went on
to state that further losses in the hard-pressed farm products
no
was a
week in 1930.
freight for the week ended Jan. 22 totaled
570,333
decrease of 95,013 cars, or
14.3% below the correspond¬
a deer esse of 276,822
cars, or 32.7% below the same
1
„
Loading of
10,267
revenue
freight for the week of Jan. 22
1.8% below the preceding week.
Miscellaneous freight loading totaled 206,830
cars
was
a
decrease of
cars, or
below the preceding week, and
Loading of merchandise
an
149.1
Feb. 2-—Index at
There
during the week, with
.-149.8 2 weeks ago, Jan. 21
149.3 Month ago Jan. 4
Jan. 28
Sat.,
Jan. 29
Mon.,
Jan. 31
Tues., Feb. 1
Wed.,
Feb. 2
Thurs., Feb. 3
Fri.,|
Feb. 4
This
revenue
a
cars, a
decrease of 3,044
decrease of 51,189
cars
below the
corresponding week in 1937.
follows:
Fri.f
Loading of
increase of 4,295
cars
less than carload lot
freight totaled 145,547
above the preceding week, but
below the corresponding week in 1937.
Coal loading amounted to 125,106
cars
cars, a
the preceding week, and a decrease of
29,006
a
decrease of 6,244
below the
cars
cars,
decrease of 13,130
cars
below
corresponding
week in 1937.
Grain and grain products loading totaled 36,151
cars, a decrease of 6,242
below the preceding week, but an increase of
6,637 cars above the
corresponding week in 1937.
In the Western districts
alone, grain and
grain products loading for the week of Jan. 22, totaled
22,698 cars, a de¬
crease of 4,176 cars below the preceding
week, but an increase of
cars
4,039
cars
above the corresponding week in 1937.
Live stock loading amounted to 15,573 cars, an
increase of 354
the preceding week, and 2,827 cars above the
cars
above
corresponding week in 1937.
In the Western districts alone, loading of live stock
for the week of Jan.
22,
totaled 11,812 cars, an increase of 243 cars above the
preceding week, and
2,303
cars
above the corresponding week in 1937.
^
Volume
^ Forest
products
821
Chronicle
Financial
146
increase of 1,371 cars
of 2,891 cars below the corre¬
loading totaled 27,242 cars, an
above the preceding
week, but a decrease
Ore loading amounted to
of 2,813 cars
1937.
Coke loading
decrease of 144 cars below the
of 5,448 cars below the corresponding week
amounted to 6,725 cars, a
loadings
week ended Jan. 22,
showed increases
undertake to show also the
In the following we
weeks in
compared with the corresponding
decreases
2.485,371
when
compared with the same
1937 and 1930.
REVENUE
FREIGHT LOADED AND
RECEIVED FROM CONNECTIONS (NUMBER OF
Total Revenue
Railroads
1936
1937
1938
Southern
Eastern District—
490
Bangor & Aroostook
Boston & Maine
Chicago Indianapolis & Loulsv.
2,847
7,065
1,418
544
967
1,965
7,322
324
274
9,050
1,716
10,677
2,661
1,287
Delaware & Hudson
West.
Delaware Lackawanna &
28
13
37
66
1,417
4,343
9,577
817
5,231
9,449
1,551
6,609
5,358
2,159
7,753
7,108
233
329
204
112
122
3,249
2,654
1,446
2,743
11,806
6,050
1,464
1,830
3,538
15,320
8,096
1,929
1,466
8,202
Detroit Toledo & Ironton
167
270
316
10,849
3,244
12,822
3,172
11,062
4,037
154
164
129
Detroit <fe Toledo Shore Line...
Erie
Grand Trunk Western..
Lehigh & Hudson River
1,293
8,358
3.247
5,562
2,220
40,773
10,810
1,611
4,755
7,523
1,513
Lehigh & New England
Lehigh Valley
Maine Central
M onongahela
Montour
New York Central System
N. Y. N. H. & Hartford
New York Ontario*& Western.
N. Y. Chicago & St.lLouls....
Pittsburgh & Lake Erie
Pere Marquette
8,800
3,155
2,735
1,721
31,045
8,507
1,648
4,040
3,158
4,491
1,242
7,573
4,827
3,101
3,453
1,821
35,664
9,543
1,666
3,769
4,886
5,335
877
6,654
3,228
23
17
238
267
1,129
447
622
487
826
5,726
3,705
5,151
2,919
7,862
2,498
1,472
1,044
9,621
3,772
151,137
133,047
134,137
Chicago Milw. St. P. & Pacific.
-
169,742
9,723
2,561
7,304
2,712
11,320
3,109
8,814
2,968
272
6
7
8
15
9,919
11,972
950
54
45
49
306
30
32
140
4
37
Fort Worth & Denver
2,592
1,348
39,440
691
2,434
1,232
30,618
13,862
7,647
1,145
61
66
85
3,159
3,819
2,859
4",738
M14
103,832
139,801
106,375
78,907
101,907
19,437
16,155
3,652
22,584
21,337
6,738
3,881
4,338
21,602
18,301
3,595
917
848
48,259
43,498
11,536
13,142
Pocahontas District—
39,244
Southern District—
798
18,347
2,665
3,279
159
263
1,148
1,528
75,792
66,373
37,891
48,106
20,185
2,900
17,669
2,489
4,661
2,186
7,008
2,398
376
301
76
87
15,912
2,343
10,618
3,435
1,082
3,788
1,029
1,015
2,144
14,613
1,681
9,540
3,213
1,091
2,807
6,623
8,628
937
945
7,960
2,077
8,715
2,595
1,326
2,554
2,442
430
1,178
1,698
Illinois Terminal
8,156
4,138
185
179
154
744
1,122
75
104
652
333
423
31
49
27
6,601
1,198
8,574
15,771
41148
328
301
995
12,721
12,883
11,824
5,803
Toledo Peoria & Western ♦
360
946
663
3
12
1,254
1,180
1,505
2,313
93,774
Total.....
101,419
89,775
42,645
56,242
Southwestern District—
170
259
239
230
2,824
1,644
2,816
227
370
435
323
1,298
1,031
375
267
352
294
252
Missouri-Kansas-Texas Lines—
169
136
137
376
309
Missouri Pacific
985
1,256
778
978
997
38
39
56
98
721
151
143
932
1,791
1,404
Southern
801
1,811
1,200
2,044
1,344
1,953
1,007
1,766
2,160
1,150
1,892
1,190
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Louisiana & Arkansas
102
152
147
392
439
372
414
726
944
784
803
202
199
83
91
369
172
4,007
13,745
4,191
14,845
4,526
2,746
9,301
2,923
9,695
Valley
Missouri & Arkansas
1,396
1,595
342
437
308
608
660
1,526
19,547
21,449
1,439
20,799
20,722
1,168
983
10,812
148
198
154
373
181
150
301
283
81
89
93
107
7,280
1,975
7,425
2,148
4,050
7,128
4,450
6,033
3,925
3,373
3,926
4,270
2,361
2,946
4,511
220
237
235
91
45
31
22
63
36
24
50,996
49.756
36,557
37,306
2,660
6,884
4,203
506
187
153
Texas & Pacific
9,519
4,499
Savannah
Mississippi Central
revised.
Southern.....
Wetherford M. W. & N. W
49,161
Total.
2,256
* Previous figures.
which more than
Average Further Declined
During Week Ended Jan. 29 Reaching Lowest
Level Since June,
1936, According to National
Wholesale Commodity Price
Fertilizer Association
Continuing the downward trend of the previous week, the
price index comuiled by the National
Fertilizer Association during the week ended Jan. 92 fell
to the lowest point since June, 1936.
Based on the 1926-28
in
of 100%, last week the index registered 77.0% as
against 77.8% in the preceding week. A month ago it stood
at 77.7% and a year ago at 84.6%.
The highest point
recorded by the index in the recovery period was 88.8 % in the
middle of last July. The Association's announcement, under
date of Jan. 31, continued:
average
None of the group
vances.
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
Latest
Per Cent
Week
Each Group
Jan.
Group
Bears to the
29,
1938
Total Index
Preced'g
Week
Jan.
22,
1938
Month
Ago
Jan. 1,
1938
Year
Ago
Jan.
30,
1937
84.2
75.6
76.0
62.8
64.2
61.4
92.2
Cottonseed oil..
23.0
*74.0
Fats and oils
25.3
71.2
72.6
67.6
108.9
*67.2
68.9
69.0
47.5
48.1
46.4
73.0
72.7
73.7
70.2
106.1
*69.5
71.9
73.6
78.5
84.6
84.6
83.8
80.9
81.3
81.6
80.6
84.8
*61.6
61.9
62.0
80.4
Foods
Farm
-
products
Cotton
Grains
and foods were largely responsible for the
downturn in the all-commodity index last week.
With cotton, grains, and
livestock all receding, the index of farm product prices feU to the lowest
point reached since late 1934." Livestock quotations, which held up weU
during most of 1937, have declined sharply in recent weeks, the livestock
index having faUen off 26% since the middle of September. The food price
registered by it since 1934.
in the index
indexes moved upward during the week.
Thirty-nine price series included in the index declined during the week and
only 12 advanced; in the preceding week there were 36 declines and 20
advances; in the second preceding week there were 23 declines and 43 ad¬
prices for farm products
Livestock
17.3
10.8
—
Fuels
Miscellaneous
commodities..
8.2
Textiles
7.1
Metals
6.1
Building materials...
1.3
Continued
resulted in another downturn last week in the
textile price index. A small decline in the index of metal prices was brought
about by lower quotations for brass products and tin. A new low point for
the current recession was registered by the building material index, reflecting
lower lumber prices.
Declining quotations for hides, leather, and rubber.
higher prices for cattle feed, resulted
representing the prices of miscellaneous
offset the effect of
moderate decline
a
commodities.
wholesale commodity
the lowest point
15,071
230
6,970
Texas & New Orleans
1,401
20,480
18,692
4,882
2,002
244
Texas...
Litchfield & Madison
Wichita Falls &
3,687
2,166
602
Louisiana Arkansas &
Midland
251
129
252
3,634
1,734
International-Great Northern..
Kansas Oklahoma & Gulf.
Kansas City
405
123
228
Burlington-Rock Island
Fort Smith & Western
4,739
2,511
1,071
1,819
805
*
1,275
Utah
660
769
80
18,554
375
8,548
3,818
Georgia..
280
1,633
681
17,653
722
37
251
978
484
Peoria & Pekln Union
9,995
4,157
Galnsvllle Midland..
10
1,413
1,413
North Western Pacific
504
Florida East Coast
2
1,071
1,074
445
1,237
1,025
4,993
2,933
1,100
1,945
Durham & Southern
2,048
897
1,231
2,192
363
Northern
Gulf Coast Lines.
760
817
1,520
Missouri-Illinois
Western Pacific
159
Columbus & Greenville
Note—Previous year's figures
2,678
5,269
8,575
111
City
1,100
...
92
2,171
1,901
2,504
1,236
Union Pacific System..
193
Carolina
Illinois Central System
57
1,664
795
8,600
3,431
Georgia & Florida
Gulf Mobile & Northern
215
1,160
4,603
8,348
95
Southern Pacific (Pacific)
618
Alabama Tennessee &
Chicago & Eastern Illinois
Colorado & Southern
Nevada
590
443
1,389
Denver & Salt Lake
204
48,916
11,956
Clinchfield
488
1,248
Denver & Rio Grande Western
336
623
Central of Georgia
489
13,928
1,620
11,503
2,627
Bingham & Garfield
1,226
5,363
1,111
62,072
13,730
15,097
Coast Line
202
3,054
609
373
...
408
808
Northern
Atl. & W. P.—W. RR. of Ala..
Atlanta Birmingham <fc Coast..
7,952
161
2,206
19,912
2,525
Fe System.
.........
1,472
6,058
460
Total.
4,441
209
8,266
Central Western District—
191
Virginian
5,190
338
8,130
68,751
Chicago Rock Island & Pacific.
Norfolk & Western
8,334
1,171
Total.
1,453
6,005
Chesapeake & Ohio
372
78
International
Spokane Portland & Seattle..
Chicago Burlington A^Qulncy.,
Chicago & Illinois Midland
Co
(Pittsburgh)
West Virginia Northern..,
Western Maryland
158
276
359
Spokane
869
Union
142
647
4,196
Northern Pacific
15,193
2,427
Reading
724
757
308
645
Pennsylvania System
4,178
1,008
540
1,618
4,939
7,293
13,145
1,076
163
18,666
803
Minn. St. Paul & S. S. M
Atch. Top. & Santa
48,228
12,391
5,885
Chemicals and drugs
Fertilizers
0.3
Farm machinery
♦
New low
All groups
lor 1937-1938.
combined
97.7
98.0
95.6
*81.8
82.2
83.4
87.4
95.3
95.3
95.5
94.4
72.5
72.5
72.2
71.2
79.8
Fertilizer materials
0.3
100.0
84.1
97.5
0.3
of all fibers
12,000
1,897
16,594
3,902
& Ishpemlng
Minneapolis^ St. Louis
475
Llgonler Valley
Long Island
Penn-Readlng Seashore Lines.
index is now also at
14,567
2,186
Lake Superior
24,176
1,347
Cumberland & Pennsylvania..
weakness in prices
65,774
522
241
Lower
59,492
Green Bay & Western
544
Cornwall
Macon Dublin <fc
92,766
2,158
9,088
305
Louisville & Nashville
882
97,942
Great Northern
30,788
2,587
Central RR. of New Jersey...
Charleston & Western
554
428
13,499
2,511
18,016
3,810
Chicago Great Western
300
Cambria <fc Indiana
Atlantic
580
156
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South.
771
Buffalo Creek & Gauley
Total.
363
185
Northwestern District—
Chicago & North Western
23,059
1,123
Ohio
427
146
Total.
39,992
12,061
1,808
11,571
6,889
5,575
337
Akron Canton & Youngs town.
Bessemer & Lake Erie
7,180
18,305
1,001
1,112
4,512
4,649
14,489
91,362
Alton..
Baltimore &
8,716
19,277
3,939
4,033
12,756
Southbound...
Winston-Salem
33,132
9,993
1,536
8,725
3,516
4,463
299
Alleghany District—
288
Duluth South Shore & Atlantic.
4,960
2,430
Total.
317
367
Chicago St. P. Minn. & Omaha.
Duluth Mlssabe & I. R
392
:
811
Tennessee Central
25
522
Wheeling <fe Lake Erie
409
286
Southern System
26
124,209
Wabash
487
8,225
18,205
Seaboard Air Line
232
2,730
1.248
Rutland
1,653
930
380
184
905
Pittsburgh Shawmut & North..
Pittsburgh & West Virginia
1,952
2,253
838
Richmond Fred. & Potomac
417
386
Pittsburgh & Shawmut
1,752
2,547
Piedmont & Northern
33
Detroit & Mackinac
1,557
2,535
1,075
Norfolk Southern
1,888
Central Vermont
1937
1938
907
2,0431
2,402A
Nashville Chattanooga & St. L.
1,208
4,574
9,550
Central Indiana *
District—(Concl.)
Mobile & Ohio
1,459
2,054
8,397
1,631
621
Ann Arbor
from Connections
1936
1937
1938
1937
1938
Total Loads Received
Total Revenue
Freight Loaded
Railroads
from Connections
Freight Loaded
week last year:
CARS)—WEEK ENDED JAN. 22
Received
Total Loads
696,035
for separate roads and systems for the
1938.
During this period only 29 roads
in 1937.
All districts reported
2,061,427
Week of Jan. 22
Total
preceding week, and a decrease
665,346
1,703,247
-
Week of Jan. 15
of 613 cars below the pre¬
below the corresponding week in
7,159 cars, a decrease
ceding week, and a decrease
570,333
775,755
862,461
847,165
700,046
580.600
8
Week of Jan.
sponding week in 1937.
1930
1937
1938
552,314
79.8
79.8
75.8
97.9
97.9
96.5
92.7
*77.0
77.8
77.7
84.6
822
Financial
December
Sales
Federal
of
Wholesale
Reserve
District
Firms
18.2%
in
New
Chronicle
York
A 5.4%
Below
(New York)
District averaged 18.2% lower than
December, 193G, the largest decrease from
a
6.3%
below the corresponding week a year
ago.
Thei ndex for the chemicals and
in
drugs group declined 0.4%
because
previous
year
York, which also has the following to
The
by
shoe,
grocery,
in
sales
1934,
Sales
of
and
those
clothing
a
year
the year
|.
1935
to
1936, and
At the end of
and
ware
hand
than
a
year
1936
and
there
an
firms
1936,
and
concerns,
goods
moderate
compared with
advance of 5.5%
again
previous,
level.
from
rayon
reported
also
in
far
sales
Foreign
data
1934
and
larger
an
silk
stocks
of
increase
to
of
pine flooring,
turpentine, and whiting averaged slightly
copper sheets,
hard¬
a
0.7%
in
below
The
current index for the
month ago and 0.7%
window sash,
group—91.8—
higher than the corresponding week
1937.
The index for textile products declined
on
fractionally due to slightly lower
prices for certain cotton and woolen textiles, silk and
rayon, manila hemp,
raw jute.
The indexes for clothing and knit goods remained
stationary.
Fuel and lighting material
prices also moved fractionally downward be¬
remained
concerns
and copper wire.
is
1935.
merchandise
higher in price.
Other items showing price decreases were
prepared roofing,
10.1%
goods, drug,
of
minor.
were
were down 0.2%.
Lower prices
largely responsible for the decline.
Yellow
for certain paint materials were
accounts
and
of
cause
Commerce
of
the
United
States
Department of Commerce is
the work formerly done by Federal Reserve banks in
collecting
issuing reports on wholesale trade conditions.
price
declines
for
anthracite
Average prices for bituminous
over
and
below the level of the week bo-
Average prices for building materials
of
outstanding were slower in
December than a year previous in
practically all reporting lines.
Beginning with the January, 1938, figures, the Bureau of Domestic and
taking
0.2%
steel index to
advance fractionally and lower prices for certain
plumbing items resulted in
a fractional decline for
plumbing and heating items.
the
remained
declines
while stocks of the jewelry
Collections
vegetable oils.
Price fluctuations within the
remaining subgroups
Higher prices for malleable iron castings caused the iron and
reported
were
by the cotton goods firms.
silk
were
years
jewelry
registered
was
December the grocery,
diamond
below the
and
four
1937 total sales of the reporting wholesale firms
averaged
year
and
copra,
Due to continued falling prices for nonferrous
metals, the index for the
"Monthly
drugs.
3.4% higher than for the
from
than
more
rayon
and
ago,
hardware, stationery and
For
sulphate,
copper
fore.
in
diamond
paper,
below
of
prices for
metals and metal products
group was
largest decline since July,
men's
in its
1:
largest reductions
the
say
lower
of
primarily
,
Average prices for drugs and pharmaceuticals, fertilizer materials, and mixed
fertilizers were unchanged.
since March, 1933," says the Federal Reserve Bank of
New
Review" of Feb.
price decline for hides and skins caused the index for the hides
.
Leather, shoes, and other leather
products including harness and luggage showed no
change.
This week's
index for the group—96.3—is 2.0%
lower than 4 weeks ago and
"December sales of the reporting wholesale firms in the
.Second
1938
and leather products group to fail
0.8%
December,
3.4%
1936—Increase for Year Reported at
Feb. 5,
The
were
index
for
crude
1.4%.
up
and
coal and coke
rubber
Oklahoma
were
prices advanced
natural
gasoline.
unchanged.
4.3%.
Cattlefeed prices
Average prices for automobile tires and tubes and
paper
and pulp showed no change.
Percentage
P. C.
of Accounts
Outstanding
Change
December, 1937
Compared with
Percentage
Change
Nov. 30
Collected in
December, 1936
Net Sales
December
Year 1937
Commodity
Compared
Stock End
Net Sales
Groceries-.
1936
1937
+ 11.3
95.0
97.9
52.3
37.4
—4.6
Men's clothing
—29.6
Cotton goods
Rayon and silk goods
—34.8*
Shoes
—41.6
—22.7
Drugs and drug sundries
Year 1936
Diamonds
—43.7
+237
—40.5
—7.4
were
lower.
1935, and Feb. 3. 1934.
35.5
—5.5
477
47.2
62.8
51.9
(1926=100)
+ 7.2a
Jan.
Commodity Groups
+4.4
+ 4.3
+ 11.1
Jan.
29
Jan.
22
1938
15
1938
Jan.
Jan.
8
Jan.
1
Feb.
30
Feb.
1
Feb.
2
1938
1938
1938
1937
1936
3
1935
Weighted average
—18.2
18.1
1934
j 25.1
/ +37.0
I
63,7
All commodities.
+3.3
59.0
Inc.,
80.8
81.0
80.8
81.0
85.4
80.5
79.1
72.8
70.8
71.8
73.4
72.7
73.0
91.4
79.5
78.3
60.5
77.8
86.9
81 +
65.7
•
not
Foods
74.6
76.1
Hides and leather products..
+ 3.4
♦Quantity figures reported by the National Federation of
Textiles,
included fn weighted average for total wholesale trade,
80.3
Farm products
Jewelry
a
and tablecloths
of
—1.0*
58.7
+ 18.6
Bureau
—2.4
59.3
72.2
—6.1
—3.2
index of the
+0.2
46.6
37.2
—12.2
The
The following table shows index numbers for
the main groups of com¬
modities for the past five weeks and for Jan.
30, 1937, Feb. 1, 1936, Feb. 2,
68.3
"+2.7 a
Stationery
Paper..
fractionally in price and woolen blankets
Labor Statistics includes 784
price series
weighted according to their relative importance in the
country's markets
and is based on the average for the
year 1926 as 100.
+ 4.6
49.4
+8.9*
—6.1a
Hardware.
with
of Month
Minor fluctuations in furniture and
furnishing items resulted in no change
in the index for the
housefurnishing goods group.
Office furniture advanced
96.3
97.1
97.4
97.9
Textile products
98.3 102.8
97.5
86.8
68.9
69.0
69.3
69.2
69.4
76.9
70.9
69.9
76 5
79.0
79.1
78.8
78.8
78.7
77.0
77.1
74.4
73.9
85.2
85.1
l uel and iigh
Reported by Department of Commerce.
ing materials..
Metals and metal products
96.3
76.8
96.5
96.5
76.8
96.1
96.1
83.2
90.7
86.0
90.5
Building materials
United
in
States
Department of Labor
Wholesale
Reports
Commodity Prices of 0.6%
Decline
During
91.8
92.0
92.1
92.3
92.4
Chemicals and drugs
91.2
85.4
84.9
79.2
79.5
79.5
79.2
79.2
87.6
80.5
80.2
Housefurnishing goods
75.0
90.7
90.7
90.8
90.8
91.2
85.8
82.3
Miscellaneous
82.2
81.8
75.2
75.1
75.0
74.5
74.6
75.7
67.9
70 2
68.4
Raw
materials
74 1
74 7
75.9
75.3
86.4
Raw material prices,
cultural products fell
Decreases
were
also
influenced largely by prices of agri¬
The Commissioner continued:
0.8%."
registered for
hides
and
leather
products,
textile
products, fuel and lighting materials, metals and metal
products, building
materials, and chemicals and drugs
Average prices for housefurnishing
goods showed no change and the index for
miscellaneous commodities ad¬
vanced
The
fractionally.
88.0
78.9
*
*
77.0
77.5
77.6
77.0
77.2
85.4
74.8
♦
*
84.1
84.5
84.4
84.3
84.6
84.6
82.3
*
*
82.4
82.8
82.8
82.6
82.8
84.1
80.7
79.2
75.4
83.5
83.7
83.6
83.5
83.6
83.2
79.1
77.9
78.
AH
now
early August, 1936 and
stands at 80.3
shows
an
is the lowest level
farm
All
week of
April 3.
The decrease for the
group of finished products is the greatest shown
during recent weeks.
The index, which declined
0.5% , now stands at 84.1.
It is 0.6% below the level for
4 weeks ago and for a
year ago.
Prices for
semi-manufactured commodities dropped 0.6%
and are 0.3%
and 9.8%
below their respective levels of
last month and the
corresponding week of
1937.
The current level for
prices of raw materials is 1.9% below that for
Jan. 1, 1938, and
15.8% below the Jan. 30, 1937, level.
Nonagricultural
commodity prices, measured by the index for "all com¬
modities other than farm
products," are 0.5% lower than for the
preceding
week and for the
corresponding week of a month ago, and 2.0% below the
level of the
corresponding week a year ago.
According to the index for
"all commodities other than
farm products and
foods," industrial com¬
other
than
products
commodities
other
than
farm products and foods
*
_.
Not computed.
Chain Store Sales in New York Federal Reserve
District
During
December
Reported
Unchanged
from
December, 1936 Level—Sales During 1937 Gained
2.9%
According to the Feb.
York
Federal
somewhat
"Review"
Sales
in
of
the
December,
in
amount
a
favorable
more
further
than
in
November.
The
says:
10-cent
and
1936, and
number
variety chain
sales
of
of
stores were slightly higher than
candy chains declined by the smallest
the
months.
Grocery
and
shoe
stores
continued
to
report moderate reductions in sales.
For
the
year
1937
higher than for the
1935 to
1936, and
There
was
a
total
year
an
sales
1936
decrease
of
of
as
advance of
the
reporting chain
compared with
an
stores
were
increase of 8.4%
2.9%
from
1.8% from 1934 to 1935.
2.3% between
December,
1936,
and December,
1937, in the total number of chain stores in
operation, reflecting closings
by the grocery and candy chains which exceeded increases in the
of stores
number
of
10-cent
per store of all
and
variety,
chains combined
modity prices declined 0.2%
Compared with the index for 4 weeks ago
are 0.1% lower and
compared with last year they are
0.4% higher.
and
shoe chain
were
units.
Consequently, sales
2.3% higher than in December, 1936.
Percentage Change
December, 1937 Compared
.
they
with December, 1936
In
presenting the remarks of Commissioner Lubin the
nouncement by the
Department of Labor also said:
1 "Monthly Review" of the New
Bank, total December sales of the
Reserve
reporting chain store systems in the Second (New York)
District were unchanged from the
December, 1936, level,
and on an
average daily basis the year-to-year comparison
accumulative decrease of
9.1% from the 1937 high—88.3—reached during the
products
commodities
was
all-commodity index which
reached since
75.5
Semi-manufactured articles..
Finished
Week Ended Jan. 29
"Wholesale commodity prices fell
0.6% during the week
ended Jan. 29," Commissioner Lubiu of the
Bureau of Labor
Statistics of the U. S. Department of Labor
announced on
Feb. 3.
"The drop of 0.6% brought the
general index to
80.3% of the 1926 average, showing a decline of 0.9% as
compared to a month ago and 6.0% as compared to a
year
ago.
The continued decline in prices of farm
products and
a
sharp drop in prices of foods" Mr. Lubin said, "were
primarily responsible for the decrease in the composite index.
Percentage Change
Year 1937
from Year 1936
Type of Stores
an¬
No. of
Total
Sales per
Total
Stores
Sales
Store
Sales
Store
—6.6
—6.2
+0.4
—3.9
+0.4
•
Sales per
The index for
wholesale food prices
dropped 2.0% largely because of
the 4.2% decrease in
prices of meats, the 1.3% decline in fruit and
vegetable
prices, and the 2.2% recession for "other foods"
which includes cocoa
beans,
Rio coffee, copra,
eggs, black pepper, raw sugar, edible
tallow, and coconut
oil.
Other individual food items
showing marked price declines were
cheese, powdered milk, wheat flour, corn
meal, dried apricots, apples
(New York market), lemons,
oranges, white potatoes
(Chicago market),
fresh beef, lamb,
mutton, and veal.
Food items showing
price increases
were butter,
oatmeal, rice, canned pears, canned
spinach, onions, sweet
potatoes, dressed poultry, fresh pork,
lard, and corn and cottonseed oils.
The current food
index—74.6—is 4.1% below a month
ago and 14.2% under
a
Grocery
Market prices for farm products fell
1.4% with all subgroups
contributing,
Grain prices decreased
0.7% ; livestock and
and other farm products
1.8%.
Price declines
poultry, 1.0%
including wool, potatoes, alfalfa
were
cows
were
year.
timothy hay,
barley, rye, wheat, calves,
Average prices for corn, oats, hogs, and
also reported for
steers, sheep, and live poultry.
is 3.0%
;
and
fractionally higher.
The present farm products
index—70.8—
below last month and 22.5% below the
corresponding week of last
+ 1.2
+0.9
—0.2
+0.4
—5.8
—6.2
+3.1
Candy
+3.4
+3.3
—3.1
—1.5
+ 1.6
—9.5
—7.7
All types
—2.3
+2.3
+2.9
+4.3
+4.6
Decrease of
1% in Department Store Sales in December
Compared with December, 1936 Reported by
New
York
Reserve
Bank—Sales
During
1937,
However, Increased 3.7% Above 1936
as
year ago.
to the decline.
—...
Ten cent and variety
Shoe
For
the month of December total sales of the
reporting
department stores in the Second (New York) District were
only about 1% lower than in December, 1936, and on an
average
daily basis the decline
ber.
In
New
York
to say:
was
smaller than in Novem¬
noting this in its "Monthly Review" of Feb. 1, the
Federal
■
1
Reserve
Bank
also
had
the
following
Volume
Financial
146
Rochester,
in
Sales
York
apparel
1935
from
and
this
in
Apparel store sales
1936.
to
following an increase of nearly
slightly higher than in 1936,
1935
stores
smaller decline than in
a
9.7%
of
increase
leading
1936,
the
For
New
week ended
a decrease
of 5.2% from the output for the corresponding week of
1937, when production totaled 2,214,656,000 kwh.
The
output for the week ended Jan. 22, 1938, was estimated to
be 2,108,968,000 kwh., a decrease of 6.6% from the like
in November.
district were 6.7% below
November.
year 1937 total sales of the reporting department stores in the
district were 3.7% higher than in 1936 as compared with an
the
of
December,
week
of December,
Collections of
in December,
somewhat higher in the
but
stores,
department
the
in
1936,
were
Week Ended
Week Ended
Week Ended
Jan. 22, 1938
Jan.15,1938
Jan. 8,1938
12.1
12.0
10.3
New England
Middle Atlantic
the first year-to-year reduction since March, 1936.
accounts outstanding were lower in
December, 1937, than
1936,
Week Ended
Jan.29,1938
Major Geographic
Regions
December, 1937, than at the end
0.5% lower at the end of
PREVIOUS YEAR
PERCENTAGE DECREASE FROM
retail valuation, were
department stores, at
in
merchandise
of
year ago.
15% between
1936.
Stocks
a
only
were
electricity by the electric light
and power industry of the United States for the
Jan. 29, 1938, was 2,098,968,000 kwh.
This was
but the declines were less thau
below those of a year ago,
were
Institute, in its current weekly report,
The Edison Electric
estimated that production of
Buffalo, Northern New Jersey, Bridgeport,
and Central New York State reporting stores
State,
29, 1938, Totals
2.098,968,000 Kwh.
Brooklyn,
York
New
southern
stores
than in November, and the
daily sales
and
York
New
the
District
Capital
and
Syracuse
average
Output for Week Ended Jan.
Electric
recorded larger
northern New
Nork State, Westchester and Stamford, Hudson River Valley District, and
Niagara Falls department stores reported advances in the daily rate of
sales following recessions in the previous month.
Daily average sales of
The
increases
823
Chronicle
1.4
1.6
0.7
Central Industrial..
9.1
12.3
11.3
West Central
1.2
0.5
1.3
4.6
2.4
6.3
Rocky Mountain
1.8
*2.6
2.2
Pacific Coast
5.9
4.1
3.8
5.2
6.6
6.6
Southern States..
apparel stores.
Percentage Change
a
P. C. of
from
Accounts
Outstanding
Year Ago
Total United States.
Nov. 30
Collected in
Stock on
Net Sales
Locality
DATA
of
KILOWATT-HOURS)
WEEKS (THOUSANDS OF
FOR RECENT
1937
1936
Month
December
4.7
xIncrease.
December
Hand.
End
Feb. to
December
Not
Available
Per Cent
—1.3
45.7
44.8
+ 7.4
50.6
44.6
+4.6
+3.3
+ 4.2
+6.3
+ 1.7
50.7
48.5
from
+5.3
+8.8
40.8
39.7
1936
—5.0
+2.7
+ 6.5
—1.9
43.7
44.0
—0.3
+ 7.2
—1.6
45.1
+3.0
+3.2
37.1
—0.5
New York
—3.7
Buffalo
Rochester
Syracuse
Northern New Jersey
Bridgeport
Elsewhere
+ 1.3
-
Change
•
42.6
6
+5.3
+2.9
—7.4
+2.0
+ 4.9
+ 1.7
+3.6
+3.1
+0.8
+ 1.2
+9.3
Niagara Falls
—1.8
—1.7
York StateSouthern New York State.
Central New York State...
Hudson River Valley Dlst.
Capital District
Westchester and Stamford.
Northern New
2,176,557
+6.4
•••
•
Nov. 27
Dec.
m+mm
•
-
Dec. 25
+3.4
—0.5
45.2
45.5
Jan.
46.4
in the principal
previous in the
year
a
Net Sales
Women's ready to-wear
—1.3
+0.3
—0.5
—4.2
+3.0
—0.4
the
have
allowance
after
been
Value
district during
January were 0.7% below the corresponding 1937
for the usual seasonal decline, sales -appear to
well maintained
Washington on Jan. 27
between December and
12 Months Ended
January.
Value
29.7
55,866
24.6
11,517
3,641
5.1
^3.574
1.6
9,621
8,992
75,911
62,783
24.1
668.168
27.6
721.871
21.9
19.9
614,112
154,056
21.3
523,396
15.9
4.2
6.4
198,475
6.0
2.4
101.742
3.1
2.4
100.640
"~4".2
17,449
6*6
4.0
15,910
1,539
53,492
.5
58,144
56,969
1,175
143,798
129,949
13,849
.6
15,765
.5
17.0
394.760
16.3
677,254
20.6
.1
4.219
.1
1.6
5.8
16,556
16.423
133
67
*
Non-agricultural —
Mfd. foodstuffs & bev.
Agricultural *
Non-agricultural
.
Cent
13,128
67,383
materials
Agricultural
Non-agricultural —
Crude foodstuffs..—
Agricultural
-
Value
Cent
Value
Cent
Domestic Exports—
Crude
Per
Per
Per
Cent
December
1937
1936
1937
Per
department stores in this
reporting
three weeks of
first
period;
the
of
sales
Total
1,717,315
Class
"Review":
the
I
1936
New York during the
from
1,588,967
(Value In 1,000 dollars)
regarding sales in the metropolitan area of
first three weeks of January, is also
The following,
1,542,000
1,733,810
1,736,729
of the United States
Month of December
—2.5
—12.8
Miscellaneous
1,598,201
DECEMBER, 1937
—2.8
—12.5
leather goods
Furniture
—5.2
Department of Commerce at
+2.6
—7.9
+ 1.5
Luggage and other
Silks and velvets..
—6.6
—5.3
—7.2
Woolen goods
2,214,656
+ 1.2
—0.2
—4.8
furnishings
—1.1
—2.6
Books and stationery
+ 11.3
—2.3
—
Toys and sporting goods
Women's and misses' ready-to-wear
+8.0
—1.6
Jewelry
Shoes
1,637,683
of the foreign trade of the United States
in December, 1937 and 1936, and the 12 months ended with
December, 1937 and 1936.
This statement indicates how
much of the merchandise imports and exports consisted of
crude or of partly or wholly manufactured products.
The
following is the report in full:
ANALYSIS BY ECONOMIC GROUPS OF DOMESTIC EXPORTS FROM
AND IMPORTS INTO THE UNITED STATES FOR THE MONTH OF
—1.3
—0.4
handkerchiefs
Silverware and
The
+0.7
+0.1
Men's furnishings
1,414,710
1,619,265
1,602,482
1,970,578
1,949,676
1.955,507
—6.6
issued its analysis
+ 8.2
—9.3
+ 1.3
accessories
1.840.863
1,860.021
for December
+0.3
+5.3
drugs
Toilet articles and
--
1,806.222
1,554,473
1,847,264
1,854,874
m
—4.7
Analysis of Imports and Exports
—13.4
+ 2.1
and radio
29
31, 1937
+5.4
Musical Instruments
Home
Dec.
Compared with
Dec. 31. 1936
+8 4
Men's and boys' wear..
Linens and
Slock on Hand
Compared with
December, 1936
Hosiery
2,098,968
-
Jan.
Percentage Change
December, 1937
Cotton goods
2,108,968
2,115,134
15
22
1.718.009
1,563,384
following table:
Percentage Change
Classification
"
m
1,818,164
1,510,337
1,518,922
1936
2,080,954
2,244,030
2,264,125
2,256,795
1,998,135
2,139,582
8
Jan.
departments are compared
m
1937
1
Jan.
44.1
—0.5
-
1,798,169
1.793,584
1.475.268
1,983,431
2,002,005
—3.3
•
1,531,584
1,876.684
1,969,662
+0.9
—2.1
2.274.508
1938
—0.5
and stocks
6ales
of
—6.0
2,202,200
2.085,186
m
Jan.
those
+2.5
2,196,175
2,133,511
2,243,916
2.278.303
2.196,105
--
Dec. 18
mm-m
2,169,715
2,152,643
4
Dec. 11
—6.7
Apparel stores
December
1,913,684
1,938,560
1,953,119
2.065,378
-
1.815,740
1,525,410
1,520.730
1,897,180
+0.3
2,224,213
Nov. 20
-
—0.9
stores...
All department
with
+ 1.2
2,175,810
2,169,480
2.202,451
Nov. 13
Nov,
35.4
'
1929
1932
1935
1937
1936
1937
Week Ended
5.2
"
5.1
3.1
1.102
177.451
5.9
161.686
5.4
"s". 4
4.9
Sales in United States During 1937
Increased 3% Above 1936 According to Life Insur¬
ance Sales Research Bureau
Insurance
With
of life insurance in
all-time high, sales of
the total volume
States
United
at
an
force in the
ordinary life
policies in 1937 showed a gain of 3% over the 1936 total,
the Life Insurance Sales Research Bureau, Hartford, Conn.,
announced on Jan. 31.
At the same time, it was estimated
from data submitted to the Association of Life Insurance
Presidents that premium notes and policy loans outstanding
showed a decrease of more than $48,000,000 for the year
1937.
An announcement bearing on the report of the Re¬
search Bureau also said:
The Bureau's report showed that total sales of ordinary life insurance
(exclusive of group and industrial insurance) in 1937 were $7,238,894,000,
compared with $7,002,389,000 in 1936, or an increase of $236,505,000.
Every section of the United States showed a gain in sales for the year,
the East North Central section leading the country with a gain of 6%.
Other sections showed the following gains:
East South Central, 5%;
West North Central and South Atlantic, 4% each; New England, West
South Central, Mountain and Pacific, 3% each; Middle Atlantic, 1%.
gain in volume
'The
of ordinary life insurance
sold last
and the fact that the total of life insurance in force
of 1937 passed $110,000,000,000, an all-time high,
indications of the public trend toward increased owner¬
year,
.2
Semi-manufactures—
Agricultural
Life
529
34,899
15.4
292
.1
322
.1
3,782
15.3
53,170
16.9
390.978
673.035
20.4
34,607
16.1
Non-agricultural...
49.0 151,864
613
.2
48.2
1,154,099
47.7
,616,598
49.1
.2
4,665
.2
5.093
.2
48.9 151,251
48.0 1,149,434
47.5
,611,505
49.0
Finished manufactures 111,221
355
t Agricultural
Non-agricultural... 110,866
exports- 226,666
69,080
Agricultural*
Total domes.
157,587
Non-agricultural *. .
100.0 315,271 100.0
30.4
96,051
30.5
69.5 219,221
100.0
2,418.969 100.0 3,294,916
709,477
29.3
795.034
24.1
69.6 1,709,492
70.7
2,499,882
75.9
973,535
729,915
243.619
32.3
413,345
399.277
13.7
Imports for
Consumption—
75,276
55,321
materials
Agricultural
Non-agricultural.. .
Crude foodstuffs
Agricultural
Non-agricultural.. .
Mfd. foodstuffs & bev.
Agricultural*
Crude
33.6
732,965
30 2
52,801
25.9
526.790
21.7
15.681
7.7
206,175
8.5
14.4
8.3
40.221
16.7
21,819
10.7
39.092
16.3
20,480
10.1
24.2
8.1
1,339
.7
14.068
13.8
28,552
14.0
386,240
15.9
440.103
14.6
17,864
8.8
303.872
12.5
356.928
11.9
6.0
10,688
5.2
82.368
3.4
20.4
43.555
21.4
490,238
20.2
83,175
634,181
21.1
49,091
2.2
6,032
2.6
89,794
18.2
38,523
18.9
71.209
419.029
2.9
3.0
5,321
43,771
42,532
Non-agricultural—
.5
.5
1,129
348,682
336,528
12,153
33,110
21,211
11.899
Non-agricultural *- -
17.3
41,293
544,387
551.323
18.1
20.3
8.8
597
Agricultural
Non-agricultural...
for con¬
.2
392
.2
465.852
5,195
41,935
Finished manufactures
...
68,482
23.0
19,955
Semi-manufactures—
Agricultural
Total imports
sumption
31.3
17.5
40,900
20.1
460,657
17.7
13.9
.5
13.3
2.8
18.3
19.3
.2
5,874
.2
19.0
545,449
18.1
100.0 3,012,487 100.0
240.230 100.0 203.700 100.0 2,423,977
52.5
61.3 1.581,788
50.6
96,569 47.4 1,243.593
121,541
| Agricultural*
Non-agricultural *. . 118,688
49.4 107,131
P * Revised to include whiskey and other
Instead of with agricultural products.
52.6
1.180.384
48.7
1,430,699
47.5
distilled spirits in non-agricultural products
at the end
are
ship of
ager
of
insurance," said John Marshall Holcombe Jr., man¬
the Bureau, in commenting on the report.
He
added:
A
healthy
further
sign
is
the decrease in policy loans
and premium
Summary
of Business
Board of
Volume of
in
There
has
also
been
nation-wide
about
were
to
$3,000,000,000 of
people
by
owned life insurance before. In 1937 it is probable
the total sales of new insurance last year
who owned no other insurance at the time of the purchase.
people who had never
that
evidence of substantial purchases
Industrial Production
Declined Further
December
Industrial
notes.
Conditions in United States by
Federal Reserve System—
Governors of
output
declined further
in December and,
reports, showed little change in
the first three weeks of January, states the Board of Gov¬
ernors of the Federal Reserve System, in its monthly sum-
according
to preliminary
824
Financial
of general
mary
United
first
business
States, based
three
weeks
and
financial
conditions
in
Chronicle
carloadings
and
department
dally averages.
Construction contract Indexes based
Dodge data for 37 Eastern States.
statistics for December and the
January.
Prices of raw materials,
upon
of
Feb. 5,
Note—Production,
tbe
store
1938
indexes
based
on
three-month moving average of F. W;
on
Employment Index, without seasonal adjustment,
by Bureau of Labor Statistics.*
which had declined sharply in October and
November, have
been maintained since that time, according to the
Board, in
its summary, issued Jan. 27, follows:
sales
and payrolls index compiled
INDUSTRIAL PRODUCTION
(1923-1925 average=100)
Production
Volume
Board's
of
industrial
continued
Steel
with
sharp
89
mobiles
and
lumber
curtailment
plate
and
declined
cotton
There
consumption
sharp
decline.
production
in
was
1923-1925
decline
reflected
durable
of
capacity,
considerably,
decrease
in
At
and
the
Adjusted for
chiefly
Dec.
Nov.
Dec.
Dec.
Nov.
Dec.
1917
1937
1936
1937
1937
1936
of
auto¬
Manufactures
production
non-durable
of
Durable Goods
Iron and steel..
goods
mills
and
Output of crude petroleum and
bituminous
anthracite
months,
49
shoe
143
43
63
50
67
104
49
68
Steel Ingots
102
49
68
147
42
62
128
92
122
94
111
147
Automobiles.
.
78
....
Locomotives
*
level.
seasonally,
while
In
first
the
increased
part of
increased
weeks
three
from
somewhat
in
the
extreme
output
low
of
steel
levels
and
large
the
in
awards
further
part
financed
contracts awarded
in
as
decline
a
was
work
in
preceding three
for
reductions
reached
automobiles
in
the
Textiles
mines,
to
November
the
on
decrease.
for
same
seasonal
factories
and
privately-financed
in
residential
middle
in
as
in
each
the
little
of
of
change
in
stores
compared
was
at
this
further
declines
December,
showed
the
first
between
the
plants
in
that
the
year
freight
month
in
in
the year.
132
95
133
97
119
further
December
index
90%
November and
an
of the
average
and
93%
of
sales
sea¬
1923-1925
at
in
variety
continued
to
than
lower
average
the
decline
for usual seasonal
in
for
December,
the
first
111
122
114
115
125
109
117
119
160
157
Wholesale
January.
of
little
Grains,
increased
reduced.
prices
showed
basic
commodities,
change
cotton,
somewhat,
139
140
137
88
86
87
85
93
101
115
81
79
66
63
64
64
63
63
64
139
145
*
130
p87
134
77
*
Calf and kip leathers
Goat and kid leathers
in
108
*
111
♦
80
*
print
while
cloths,
leather,
steel
sharply
the
three
first
and
scrap
and
rayon
Bank
*
98
59
84
111
*
82
120
191
*
212
192
♦
268
242
113
102
Gasoline
Kerosene..
*
Lubricating oil......
Excess
any
19
member
♦
Tobacco products
170
Cigars
Cigarettes.
Manufactured tobacco...
155
183
wood
weeks
bituminous
pulp
prices
138
time since May 1.
increase
that
The volume
declined
for
this
occurred
of
loans
showed
growth
at
of
excess
in
reserves,
little
the
Christmas.
reporting member
five
larger than
was
weeks
net
banks
in 101 leading cities
19, while their holdings
Declines occurred in loans to
ending Jan.
change.
security brokers and dealers and in commercial loans, which decreased both
in New York
City and in other leading cities.
Inter-bank balances were
built up during the period, while other
deposits decreased somewhat, reflect¬
ing largely the repayment of bank loans, partly offset
by a return flow
of
currency
from circulation.
Money Rates and Bond Yields
The
rate
average
on
January at less than
declined to
corporate
railroad
new
bonds
issues
of
low levels
also
issues
new
%
1%,
of
91-day Treasury bills
and yields
for recent months.
declined
somewhat,
Yields
while
on
those
the
on
continued
of Board of
Federal Reserve System
149
Minerals
Bituminous coal
83
55
86
62
221
265
202
219
217
83
92
69
81
75
p7 7
78
97
P82
87
103
P70
Iron ore.....
Zinc
65
73
V 69
67
72
pi 74
Petroleum, crude
174
161
Pi 69
172
156
40
......
108
Silver
108
p
98
119
*
Data not yet available,
34
113
110
108
100
128
114
Preliminary.
PAYROLLS
(1923-1925 average=100)
Payrolls
Without Sea-
in
Without Sea¬
Seasonal Varia'n
Adjustm't
sonal
Adjustm't
Nov.
Dec
Dec.
Nov.
Dec.
Dec.
Nov.
1937
1937
1936
1937
1937
1936
1937
1937
90.7
Durable Goods
Iron and steel
tonal
Dec.
98.4 101.0
90.2
98.1 100.4
72.0
85.7 103.2
Dec.
1936
Machinery
112.8 120.8 114.0 112.7 121.4 114.1 110.4 121.2
113.6
Transportation equipment.. 101.5 119.1 118.7 104.2 121.8 122.1
92.0 120.0 120.9
Automobiles
106.8 128.1 133.4 111.1 133.2 138.7
Railroad repair shops....... 63.4
57.4
61.7
53.0
57.4
61.2
Nonferrous metals
97.9 105.1 110.7
98.9 108.4 111.6
Lumber and products....
59.1
62.1
67.9
58 4
90.3 125.8 135.7
56.9
63.3
86.8
99.9 105.5
65.5
63.5
Stone, clay and glass.....
65.0
67.2
Non-durable Goods
Textiles and products.
88.3
63.2
88.0
A. Fabrics
82.4
85.8 100.1
83.9
B. Wearing apparel..
99 4 103.0 119.8
95 3
Leather products..........
86.0
85.7
98.8
81.7
Food products
112.2 114.2 115.0 107.8
Tobacco products
59.4
59.6
62.0
60.6
Paper and printing
102.0 105.0 104.0 104.0
Chemicals & petroleum prod. 115.2 120.9 118.6
116.0
A. Chem.* group,
except
48.8
55.1
60.5
68.2
91.6 106.8
69.0
67.1
67.1
54.8
63.6
59 1
92.0 106.4
68.5
71.5
94.6
87.2 101 7
68.9
71.5
96.8
101.0 114.8
64.8
68.6
86.3
58.4
53.8
78.3
80.3
94.0
114 6 110.6 110.6 115.9 105.7
62.9
54.9
63.3
57.2
55.4
106.4 106.0 100.6 101.5 102.6
122.7 119.3 124.4 132.1 118.3
petroleum refining.. 114.0 120.2 118.3 115 1 122.4 119.3 120.4
129.6 118.0
B. Petroleum refining
120.1 123.9 120.1 119.5 123.9 119.5 137.5 140.4
119.5
Rubber products
85.0
90.4 102.2
84.8
90 9 101.9
76.5
82.0 104.8
Note—Indexes of factory employment and payrolls
nearest middle of month.
December,
1937, figures
arc for
are
payroll periad ending
preliminary.
highest-grade
the
rose.
Monthly Business Indexes
158
73
247
Anthracite
Treasury notes and bonds
on
116
84
coal
were
to
before
sharply in the
investments
increased
132
127
74
of
Credit
banks
111
144
of
the four weeks
ending
$1,370,000,000, and were larger than at
The post-holiday decline in money in
circulation,
$1,010,000,000
which accounted
of
of
reserves
from
122
*
the
in
108
63
Fuel oil
*
114
105
80
83
...
Jan.
77
76
Employment
declining
and
P74
84
211
*
*
Adjusted for
after
December
*
141
80
♦
change.
Prices of a wide variety of finished industrial
products showed
declines, and livestock products continued to decrease
sharply.
further
143
142
—
Commodity Prices
autumn,
117
81
110
and
half
95
94
107
FACTORYJEMPLOYMENT AND
18%
101
85
117
...........
by about the usual
100
74
96
Petroleum refining
decreases.
was
86
72
Cattle hide leathers
employment at shoe
tobacco products, while
Mail order business
loadings
car
were
86
101
ago.
making allowance
year,
83
81
62
Tanning
allowance
more
than the seasonal increase, while sales of
substantially.
Preliminary reports indicate that in
January sales at department stores were at about the
of
a
p72
144
134
Leather and products
in
producing
showed
after
somewhat
as
Railroad
139
80
91
94
Newsprint production
Newsprint consumption
and
declined
half
level
same
21
88
Sheep
employment at
industry also continued
increase
some
group
with 91%
10 months of
automobiles
15
Calves...
reflecting,
while publicly-
previous three months,
amount, and the Board's adjusted
the first
Pl2
69
number
the
There
industries
as
105
20
Hogs
projects,
building,
in the construction
Department store sales increased
average
115
14
15
Cattle
Distribution
sonal
89
p77
Sugar meltings
payrolls showed
the
decline
changes.
and
other
most
151
Slaughtering and meat packing.
During this period
employed at factories was larger
than in earlier months in industries
producing durable goods, and was
particularly marked in the steel, machinery and automobile industries.
For
the non-durable goods industries as a
group, the decline in December was
about the
108
Wheat flour
railroads, and
The
89
Cotton consumption..
latter
December continued in about
months.
increased.
Factory employment and
of
71
151
Nondurable Goods
Employment
middle
*
76
Silk deliveries
volume
same
there
January
declined
December.
Value of construction
the
of
coal
*
56
88
somewhat.
production
15
91
108
Beehive coke
a
*
76
pll
high
at
125
71
Cement......
Plate glass
Tin deliveries
was
68
Pig Iron
output at silk mills,
following a considerable period
refineries increased further.
Mineral
other recent
Seasonal Adjustment
a
output
woolen
Without
Seasonal Variation
average
industries.
goods
and
of
output
further.
sugar
in
as
December
the
Total
sharp
a
in
the
of
maintained,
was
Activity at
December,
in
26%
reduced
declined
factories, however, output
of
The
about
declined.
further
84%
at
was
activity
was
also
seasonally.
of
averaged
glass
cement
declined
index
November.
in
ingot production
and
production
seasonally adjusted
compared
as
lower-grade
Increase of 1,300,000 in Number of
Unemployed Workers
in
December
Reported by National Industrial
Conference Board—Total
Unemployed Estimated
at
Governors of
Under date of Jan. 26, the Board of
Governors of the
Reserve System issued
as
follows its
monthly
indexes of industrial
of
Federal
production, factory employment, &c.:
BUSINESS INDEXES
1,300,000 in
the
total
estimates
Since
(1923-1925 average=100)
8,998,000
Between November and December there
was
increase
an
the number of unemployed
workers, bringing
unemployed to 8,998,000, according to the latest
of
the
National
September the
total
Industrial
number
Conference
Board.
of
unemployed persons
increased by approximately
3,000,000, said the Board,
which, under date of Jan. 28, added:
has
Without
Seasonal Adjustment
Seasonal Variation
Dec.
Industrial production, total
Manufactures
Nov.
Dec.
Dec.
1937
1937
1936
1937
p80
Nor.
1937
1936
AU other
Factory employment, total
89
121
85
121
109
117
V68
56
66
p52
pSO
50
32
53
45
p25
31
p95
Residential
76
38
83
p 74
65
65
P89.0
94.1
.
90
114
p75
86
114
V107
112
111
Durable goods..
98.6
p 88.5
p84.2
91.4
Non-durable goods
92.7
P84.2
92.4
p94.0
97.0
92.7
104.9
P93.2
97.3
104.0
P80.9
89.5
95.2
Factory payrolls, total
Durable goods
Non-durable goods
P77.2
P85.6
94.7
89.9
89.0
98.1
93.4
97.5
Freight-car loadings
Department store sales, value
67
71
83
62
72
p90
91
77
Department
92
P158
101
p73
161
76
71
p68
86
67
V
store stocks, value
Preliminary.
Conference Board's estimate 6hovvs
of
workers
attached
to
increase of nearly 100,000 In
government emergency labor force,
Administration and the Civilian Con¬
an
the
represented
by the Works Progress
Corps, which in December included 2,147,000 unemployed workers.
declines in employment in recent months were noted in
manufacturing,
transportation,
construction,
and agriculture.
Between
September and
December
employment
in
manufacturing declined by
1,278,000 workers; in transportation, by 134,000; in
construction, by
152,000; in agriculture, by 1,470,000.
Employment in trade, distribu¬
servation
p84
p80
pll3
Minerals
Construction contracts, value, total
The
the number
Dec
The
tion
and
The
account
labor
have
greatest
finance
the
force.
been
The
showed
Conference
increase
It
added
total
is
an
Board's
in
increase
estimate
population
estimated
to
number
the
of
labor
that
of
407,000 in this period.
of
and
since
total
unemployment
consequent
1929
a
total
increase
of
in
takes
the
into
total
5,002,000 workers
force.
employed workers is estimated at 44,292,000 in
showing the distribution of these workers among the
major fields of activity are presented in the
accompanying table:
December.
Figures
Financial
146
Volume
EMPLOYMENT (IN
UNEMPLOYMENT AND
.
1111.
"
.
Avge.
Mar.,
Dec.,
Oct.,
1933
1936
1937
1937
920
Unemployment total
Employment total
47,368
Agriculture
14,984
44,907
35,586
10,650
10,344
9,920
6,437
46,754
1937*
44,292
45,531
11,508
10,293
11,039
268
136
179
195
180
165
10,998
16,205
16,546
15,861
15,089
756
789
768
744
1,087
587
11,071
7,013
11,596
2,841
2,416
989
10,405
1,135
1,545
1,859
1,224
1,943
11,038
1,185
1,884
864
937
995
986
7,325
5,869
7,549
1,114
7,754
7,725
9,055
9,349
1,431
7,724
9,319
8,047
9,313
1,408
1,384
Manufacturing
Construction
Transportation
Public utilities
Miscell. industries &
finance..
9,160
1,383
services
11,386
1,266
1,369
in Employment
Losses
Illinois Industries
in
and Payrolls
During December,
by Illinois Department
Reported
changes
The
and total wage pay¬
from 6,361
manufacturing and non-manufacturing establishments em¬
ploying 626,782 workers, the Department explained, adding:
during December are
ments
current
The
based upon reports
November-December
changes in emplyoment
and payrolls
contra-seasonal declines.
For the 14-year period 1923-1936, in¬
clusive, the records of the Division of Statistics and Research show that
the average November-December changes were increases of C.l of 1% in
employment and 0.6 of 1% in payrolls.
The 6ame records show that the
current November-December rates of decline of 2.5% and 3.4%, in employ¬
ment and payrolls,
respectively, were the second largest for this period
represent
14
in
years.
confined
were not
compared
with
payments
significant to note that employment and payroll declines
to any particular industry group daring December as
November.
Recreases in both employment and total wage
is
It
appeared
in
industry classification except the wholesale and retail
coal mining, the paper products, printing and publishing, and
every
trade group,
and millinery groups.
the clothing
December, 1936, the December, 1937, indexes show
and 0.8 of 1% in total wage payments.
The index of employment for all reporting industries dropped from 86.6
in December, 1936, to 84.9 in December, 1937, while the index of pay¬
rolls fell from 75.7 to 75.1 during the same period.
Seventeen reports of wage increases were received by the Division of
Statistics and Research during the month of December.
Wage increases
affected the pay -envelopes of 7,421 workers in manufacturing and nonmanufacturing industries, or 1.2% of the total number of workers reported
as employed.
The weighted average rate of increase was 4.9% as compared
compared with
As
with
2.0% in employment
of
decreases
weighted
a
increase
average
of 8.7% in November
and 7.1% in
October.
Paid, According to Sex
4,264 enterprises which designated the sex ot their work¬
ing forces showed decreases of 5.1% in the number of male and 3.6% in
the number of female workers employed
during December as compared
with November.
Total wage payments to male workers decreased 6.2%,
while total wages paid female workers declined 5.0%.
Reports from
the
Within
manufacturing
classification of
industry, 2,298 reporting
number of male and female workers decreased 5.5%
and 7.3%, respectively.
Total wage payments to male workers decreased
7.2%, while total wages paid to female workers decreased 8.5%
the
establishments,
non-manufacturing classification
the
of industrial enterprises, 1,966
decrease of 3.2% in the number of male,
increase of 9.9% in the number of female workers.
Total wages
male workers decreased 2.1%, but total wage payments to female
increased 9.3% in December as compared with November.
establishments reported a
Average
but an
paid to
workers
Weekly Earnings—December
for both sexes combined in all reporting industries
$27.99 for men and $15.23 for women. In the manu¬
facturing industries average weekly earnings were $25.54 for male and
female workers combined; $27.42 for men and $15.61
for women. In
the non-manufacturing industries weekly earnings averaged $26.77 for both
sexes combined;
$30.59 for male and $14.05 for female workers.
earnings
Weekly
averaged $25.95;
Changes in Man-Hours
Com/pared with November
During December as
enterprises reported man-hours for male
and female workers combined, and in
these enterprises the total hours
worked declined 3.6% during December in comparison with November.
Hours worked in 3,373 establishments reporting man-hours for male and
female workers separately, decreased 7.0% and 8.1% for male and female
reporting industries, 3,901
In all
respectively.
manufacturing
workers,
the
In
2,194 enterprises
worked by male and female
2,065 establishments showed
total man-hours worked by made and
classification
of
industries,
reported a decline of 7.2% in total man-hours
workers combined.
Within this classification,
a
decrease of
8.2% and 10.7% in the
female workers,
the
In
6.9%
respectively.
non-manufacturing group,
Within
1,707 firms reported an increase of
workers combined.
showed a decrease
6.0% in the total man-hours worked by male
total man-hours worked by male and female
this classification of industries, 1,308 concerns
in
of
respectively.
Average actual hours worked in December by 491,501 workers in all
reporting industries were 37.9, or the same as in November.
In
the
manufacturing establishments the average hours worked in
December were 36.5 as compared with 37.2 in November, or a decrease
of
1.7% and an increase
and
of
female employees,
In
the
the average number of hours
December was 41.9, or 4.8% more than in
non-manufacturing classification,
per
week
during
November.
were
earners
Jan. 21.
is
it
off
laid
estimated that 520,000 wage
between
mid-November and mid-
"Although a seasonal de¬
cline is usual in factories in December, this is the largest
recorded since 1920."
Secretary Perkins added:
Working forces were reduced on private construction jobs and in most
mining activities, and there were small decreases in employment in the
utilities and
in certain Bervice industries.
It is estimated that retail
stores
hired about
320,000 additional temporary people for Christmas
Miss Perkins said.
December,"
in the rate of industrial activity, the
and some spreading of work, there was an
total amount of payrolls than in employment.
manufacturing, weekly payrolls were reduced by $17,600,000, or 9.6%.
work schedules,
greater decline in the
even
In
reductions
widespread
shortening of
and similar reductions
decline
This
in other
industries were offset in part
retail trade, the net decline for all reporting indus¬
$15,800,000.
So far during the current recession, there is no
by larger payrolls in
tries
being
evidence of any
general tendency toward
reductions in wage rates.
Smaller
reduced operating time.
employment in the past two
months, approximately 765,000 fewer workers were engaged in December,
1937, in the industries regularly surveyed by the Bureau than in December,
1936, and weekly payrolls were $19,600,000 smaller than a year ago.
Reports to the Bureau showed that 79 of the 89 manufacturing indus¬
tries decreased their working forces.
Whereas in October and November
factories making non-durable goods,
such as textiles, clothing, &c., had
reported most marked declined in employment, the reports for December
indicate that layoffs were more pronounced in the durable goods industries,
particularly in automobile plants, steel mills, foundries and machine shops,
sawmills, railroad
repair shops, and in factories producing electrical
machinery.
The decrease in employment in the durable goods industries
group was 8.9%, compared with the decline of 4.2% for the non¬
payrolls, particularly in factories, are due to
Largely as a result of the decrease in
a
as
goods industries.
In comparison
about the same relative
durable
industries showed
for
decline
the
with a year ago, both types of
reduction in employment. The
for the non¬
industries was 9.2%, and
goods
durable
10.4%.
The magnitude of the declines in employment from November to Decem¬
ber, particularly in the durable goods industries, is indicated by the
mated reduction of 89,000 in the number of workers in automobile assembly
and body and parts plants; of 35,000 in blast furnaces, steel works,
rolling mills; 28,200 in foundries and machine shops; 21,500 in steam
railroad repair shops; 21,000 in sawmills; 20,000 in electrical machinery,
and 10,300 in radios and phonographs.
In the non-durable goods group,
canning factories made a further seasonal reduction of 22,700
16,300 were laid off in knit goods; 13,500 in men's clothing
and
10,200 in cotton mills.
Reductions in certain other manufacturing
durable goods,
esti¬
and
workers;
factories,
industries involved
so
a
larger
workers, but did not affect
proportion of the
individuals as in the industries listed above.
the
non-manufacturing group retail trade was the only industry
increased employment to any appreciable extent.
Christmas
many
which
trade
of a large number of employees in retail
stores, where there was an increase in employment of 9.0%.
At this
level, the index of employment in retail trade was about equal to the
average for the year 1929 (99.9%), and was the highest for any December
since 1930.
The major portion of this increase was in the general mer¬
chandising group of retail establishments, composed of department, variety
and general merchandising stores and mail order houses, in which a gain
of .30.9%, or 275,000 workers, was shown.
Employment in this group in
December, 1937, exceeded the level of any preceding month, including
December, 1929.
Employment in other lines of retail trade increased by
1.7%, or approximately 46,500 workers.
There were substantial employ¬
ment gains in stores dealing in jewelry, apparel, hardware, furniture and
house furnishings, and in wood, coal, and ice firms.
Retail lumber and
building material
dealers reported a greater-than-seasonal decline, and
was
responsible for the addition
automobile
of retail food stores
creasing 0.1%.
Anthracite mines
reported fewer workers.
showed virtually no change,
also
dealers
retail
group
reported
a
somewhat
The important
employment de¬
less-than-seasonal increase of
firms
non-manufacturing
employment from November to December, and insurance
hired a small additional number of workers.
In the 13
industries reporting losses in employment, the most pronounced decline
was
in the private building construction industry.
While employment
this industry normally recedes from November to December, the
0.6%
in
in
current
of the December decreases shown in the
preceding five years for which data are available.
Other industries in
which substantial declines, largely seasonal, were reported were quarrying
and
non-metallic mining (12.7%), and dyeing and clearing (4.2%).
Metal mines further reduced their working forces in December, employment
falling 6.8% over the month interval.
Bituminous coal mines reported a
decrease of 2.2% in number of workers and year-round hotels also reported
a
seasonal curtailment of 2.2%.
In the remaining industries surveyed
(crude petroleum producing, telephone and telegraph, power and light
and manufactured gas, electric railroad and motor bus operation, wholesale
decrease
of
18.1%
trade, laundries,
in excess
is
and brokerage)
the decreases ranged from
1.6% to 0.2%.
in the combined 16 non-manufacturing industries
increase (225,000 workers) between November and
payrolls were $1,800,000 greater in December than
Aggregate employment
surveyed showed a net
December, and weekly
in the
preceding month.
The
following
manufacturing
employment conditions in the
non-manufacturing industries of the
from an announcement issued by the De¬
regarding
and
United States is
partment of Labor:
Manufacturing Industries
1.9%.
worked
Statistics, Secretary
on
manufacturing,
"In
In
and Total Wages
Changes in Employment
In
announced
payrolls in December
the United States
of Labor Frances Per¬
each month by
surveyed
Bureau of Labor
kins
With
industries declined
in employment
$15,800,000 in weekly
sales.
of Labor
2.5% during
December as compared with November, and payrolls de¬
creased 3.4%, it was announced on Jan. 28 by the Division
of Statistics and Research of the Illinois Department of
Employment in Illinois
Labor.
drop of
industries
in
1,828
Preliminary .
Contra-Seasonal
a
976
1,167
Extraction of minerals
Trade, distribution and
Service industries
and
300,000 in employment
of about
There was. a net decrease
8,998
7,709
18.582
Forestry and fishing
Total Industry
*
7,789
Compared with November Noted by Secretary of
Labor Perkins—Weekly Payrolls Down $15,800,000
Dec.,
Nov.,
1929
December Employment as
of 300,000 in
Decrease
Net
THOUSANDS)
j
825
Chronicle
Further
in
declines
in
factory
December, employment
rolls
9.6%.
payrolls were registered
the month interval and pay¬
employment and
falling 6.5% over
826
The
of
Financial
preliminary December,
the
1923-1925
(98.1),
and
average)
the
1937,
9.8%
was
December,
index
1937,
of
factory employment
below
payroll
the
level
index
of
Chronicle
(88.5%
December,
INDEX
NUMBERS
1936
compared
Feb.
with
(80.9),
1936 (95.2), showed a decrease of 15%.
The most pronounced
percentage decreases in employment from November
to December were
in
industries in which sharp seasonal curtailment is
generally reported in December.
Beet sugar plants,
having passed the peak
of seasonal
activity, reduced their forces
42.2%, and canning and
in
operations.
seasonal
16.6%
28.2%,
mid-November
although
and steam
decrease
larger
of
primarily
15.4%
mid-December,
is
usual
in
the
to
and
this
at
completion
employment
in
the
I
also
was
1937
reported
to
the
reported
seasonal
a
Decreases
in
decline
of
employment
of
Electric
year.
of
orders
industry
reported
clothing,
also
reported
and
the
knit
for
goods industry.
millwork; shirts
reported
in
iron
steel
and
recording
shops
firms
from
Other
industries
the
over
9.1%
chemicals
refining
in
in
of
workers
woolen
ing and
Iron and steel and their products.
85.7
103.2
92.9
somewhat
115.4
was
73.2
80.5
83.8
65.3
78.7
98 4
Cast-iron pipe
(not Including silver
and plated
cutlery), and edge
00.4
57.9
66.9
44.5
42.6
52.5
decrease
not
worsted
(partly
9.9%
were
indexes
returns
and
in
which
glass
and
to
interval
pipe
The
hat,
by
substantial
used
average,
1923-1925, taken
seasonal
variation.
in
December
were
recorded
were
fertilizers
were
The
increases in
establishments
computing
100.
as
Reports
in
(7.3%),
shoes
can
cane
(3.5%),
sugar
refin¬
in
these
in
89
indexes
is
The indexes have not
manufacturing
three-year
the
been adjusted
in December,
1937, from 22,525
manufacturing establishments employing ST,803,646
workers, whose weekly
earnings during the pay period ending nearest Dec. 15 were
$87,354,694.
The following tabulation shows the
percentages of change in the Bureau's
general indexes of factory employment and
payrolls from November to
December in each of the 19
years,
110.2
79.6
89.6
87.4
55.4
63.5
69.6
53.1
67.4
80.5
85.4
heating
62.4
66.3
73.2
50.6
77-1
91.1
107.7
56.0
69.4
75 0
70.1
68.3
89.8
96.8
94.4
92.5
99.8
93.5
87.6
apparatus and steam fittings.
Stoves
91.7
96.2
82.5
90 3
104.5.
-
65.0
96.0
74.5
65.7
Structural & ornamental metalwork..
Tin cans and other tinware
Tools (not Including edge
tools,
machine tools, files and
saws)
Wlrework
Machinery,
102.7
not
179.5
187.6
136.0
162.3
182.5
112.8
121.4
114.1
110.7
121.2
113.6
Including trans¬
portation equipment
143.0
102.9
173.5
184.5
121.5
133.6
120.7
137.8
141.2
122.9
104.1
113.1
105.8
102.4
114.3
103.1
142.1
and calculating machines
139.6
128.9
Agricultural Implements
Cash registers, adding machines
147.8
123.5
145.4
155.0
117.6
97.7
104.8
99 4
92 8
101.8
100.2
Machine tools
148.3
153.9
130.7
149.1
157.9
135.5
Radios and phonographs
Textile machinery and parts
121.7
156.7
202.7
95.9
123.0
167.6
73.7
77.7
76.9
63.5
70.2
127.0
138.4
143.6
106.6
106.0
137.0
104.2
121.8
122.1
92.0
120.0
120.9
Aircraft
785.5
Automobiles
Typewriters and parts
Transportation equipment
78.8
795.0
690.9
702 3
725 3
819.9
111.1
133.2
138.7
90.3
125.8
135.7
Cars, electric A steam-rallroad.
55.0
65.8
56.8
63.7
81.1
59.9
Locomotlves
59.5
61.6
43.8
63.7
51.4
31.4
Shipbuilding
105.6
105.9
89.9
128.1
121.4
90.6
63.3
65.5
Railroad repair shops
Electric railroad
53.0
and
69.2
68.2
61.0
50.1
63.0
65.6
108.4
111.6
86.8
99.9
105.5
113.4
Brass, bronze A copper products
Clocks
56.9
63.4
57.0
98.9
Aluminum manufactures
61 2
63 1
52.2
Non-ferrous metals A their prods.
i 7.4
63.5
Steam railroad
123.5
117.7
111.3
127.8
114.7
97.1
67.4
105.5
116 2
80.1
92 1
111.0
115.2
125.0
121.3
109.7
122.3
117.9
89.8
100.3
92.8
70.3
78.8
74.0
87 1
95.0
101.4
72.2
94.4
104.2
76.1
79.3
73 5
67.6
72 6
71.3
,
watches and time-
recording devloes
Jewelry
Lighting equipment
....
811verware and plated ware
Smelting and refining—Copper,
for
received
were
67.5
99.9
Foundry A machine-shop prods.
losses
railroad repair shop,
slaughtering and
smoking tobacco industries.
employment and payrolls are computed from
representative
base
55.8
80 5
Electrical machinery, apparatus
and supplies....
electric
factory
48.9
Engines, turbines, tractors, and
(6.7%), silk (0.3%),
pulp (3.7%), petroleum
(4.4%), boots and
(2.4%).
74 3
68.2
95.7
time-
chewing and
of
supplied
industries.
Foundries
87.1
64.7
91.5
machine
clocks, watches and
reported
fur-felt
88.3
60.0
83 9
Plumbers' supplies
Steam and hot-water
were
contra-seasonal, and the gains in the remaining three
larger than seasonal.
Smaller increases were
packing, and
The
iron
83.7
tools.
Forgings, Iron and steel
water wheels
November
goods
Including machinery
Cutlery
jewelry
to
tires.
included
month
89.0
72.0
were
the millinery,
meat
the
over
(6.6%), cast
and
wool
industries
from
85.0
75.7
manufacturing industries surveyed, and increased payrolls were
industries.
Among the 10 industries reporting gains in
17
refining
sugar
and
importance
interval
employment
of the 89
numbers
major
104.0
100.4
machinery apparatus and supplies industry
ranging from 7.1% to 7.8% were
collars; tin cans and other tin ware;
(5.7%), leather (5.2%), paper
(3.5%), and cotton goods (2.5%).
Gains
shown
of
97.3
Durable Goods
109.3
Declines
structural metal work;
month
93.2
93.4 J
97.5 j
98.1
and
cement; and rubber
decline of 0.8%.
a
89.9
Hardware
devices;
reported
shown
10
forgings;
77.2
108.6
typewriter
electrical
92.7
90.2
shops.
the
92.4
100.0
and
hardware
industries, and in
Employment in blast furnaces, steel works
and rolling mills decreased
7.9% over the month interval, and payrolls
in this industry decreased
18.5%.
Decreases in employment of 7.9% were
repair
95.2
84.2
rolling mills
Bolts, nuts, washers, and rivets
manufacturing
a
89.5
Blast furnaces, steel works, and
rug,
men's
1930
80.9
The
hand.
on
reported
factories making bolts, nuts, washers and
rivets, brick, tile, and terra
products, wire work, cottonseed oil, cake and meal, men's
furnishings,
and rayon, in marble, slate and
granite works, and in sawmills.
Losses
of 8% or more were reported in the
brass-bronze-copper, carpet and
railroad
1937
98.1
fell
in the
aluminum,
Dec.,
1937
Non-durable goods.
declined
payrolls
cotta
steam
Nov.,
1936
1937
xDec.,
Durable goods
in
10.4%.
ranging
Payrolls
Dec.,
,
94.7
sharp
a
decrease
industry
weekly
time
stove
Plants
manufacturing
plumbers' supplies
seasonal) of 11.2% in employment, and
Nov
88.5
All Industries.
decline in the stamped and enameled
pronounced than the usual December declines.
more
Employment
xDee.,
than seasonal and the 14.7%
industry
IN
Manufacturing Industries
preserv¬
building companies reported 10.5% fewer employees
car
due
to
increase
some
railroad
December,
ware
and
phonograph factories also
(22.3%) in number of-workers.
Due
schedules, employment in the automobile
from
PAYROLLS
reflecting seasonal reductions
decline
production
in
Radio
decline of 23%,
a
AND
INDUSTRIES
(Three-Year Average 1923-1925—100.0)
December,
ing establishments reported
EMPLOYMENT
OF
MANUFACTURING
5. 1938
85.3
Furniture
88.0
81.1
80.5
83.8
70.1
122.8
144.0
162.4
114 5
141.5
164 2
58.4
63.5
67.1
48.8
55.1
60.5
74.6
79.5
87.8
60 2
65.8
78.3
47.0
lead, and zinc
Stamped and enameled ware..
Lumber and allied products
51.2
54 1
42.7
46.3
50.7
40.4
41.0
Lumber:
Millwork..
....
Sawmills
43.2
Stone, clay, and glass products..
47.0
49.0
34.4
In¬
Year
1919
..
1920
..
1921
1923
_.
1924
..
..
1926
1934..
1.4
1920..
8.4
3.5
1930-
2.1
1921..
2.1
19311932..
1.2
1923..
-
1.5
The
ment
16
1934..
The
12-month
1936..
0.7
1927..
1.0
1937-
__
computing
the
index
for
earlier
numbers
years
is
99.5
106.7
100.6
97.1
111.9
95.1
Marble, granite, slate A other
products
38.0
42.1
41 0
30 6
34.6
33.2
Pottery
73.8
70.9
76.5
59.5
70.0
65.2
Non-Durable Goods
Textiles and their products
Fabrics
is
surveyed, with
used
for
not
Carpets and
Cotton goods
Cotton small
indexes
the index base,
non-manufaoturing
as
the
available
from
the
100,
in
industries.
Bureau's records.
DECEMBER, 1937, AND
NOVEMBER, 1937, AND DECEMBER, 1936
92.0
106 4
87.2
101.7
68.9
71.5
96.8
85.7
97.9
56.2
49.7
90.5
88.8
68.5
71.5
94.8
91.1
101.4
85.1
91.2
105.8
75.1
79 0
106.8
108.8
122.8
86.8
89.0
116.4
83.8
83.0
85.5
64.7
61.0
Knit goods
Silk and rayon goods
Woolen and worsted goods..
employ¬
or
88.0
83.9
105.4
82.5
103.1
111.9
121.8
95.6
112.3
120.2
63.4
67.0
81.4
48.2
50.8
68 4
01.2
59.8
91.6
49.4
42.8
84.3
95.3
101.0
114.8
64.8
68 6
83.3
86.3
90.7
107.8
54 8
61.1
84.9
131.1
134.9
wares
Clothing, men's
Clothing, women's
of
59.1
78.8
rugs
Wearing apparel.....
INDEXES OF EMPLOYMENT AND
PAYROLL TOTALS IN
NON-MANU¬
FACTURING INDUSTRIES
WITH
58.8
9.6
below.
Information
67 3
0.7
December, 1937, were available, and
percentage
November, 1937, and December, 1936, are shown
1929
58.8
5.0
1926..
«.
6.5
for
62.0
2.5
for
average
66.1
5.8
1935-
1928..
payrolls
from
40.9
61.1
1.8
4.6
0.4
rion-manufacturing industries
and
36.4
Dyeing and finishing textiles.
Hats, fur-felt
1933-
1924..
1925..
'
-
Non-Manufacturing Industries
changes
63.0
30 7
2.8
•
1937..
54.8
48.8
1.0
2.5
0.6
1936..
1.3
1929..
1922..
2.4
'
0.5
--
6.8
De¬
crease crease
1.81
*,
1935..
1.3
..
..
In-
Year
1.1
-
1933..
--
0.3
De¬
crease crease
1919..
2.7
1932..
1.7
1.5
-.
1927
1931..
«...
In¬
Year
3.6
1930..
1.2
1.3
1925
De¬
crease crease
1929..
7.8
«...
..
1928
In¬
Year
1.6
..
1922
De¬
crease crease
67.1
45.5
Glass
Payrolls
68.2
41.3
Cement
Employment
63.2
Brick, tile, and terra cotta
1919 to 1937, inclusive:
COMPARISON
Corsets and allied garments.
73.8
154.0
85.2
76.8
84.2
98 2
furnishings
Millinery
103.0
87.3
88.1
89 3
78.8
82.1
117.8
Men's
130.4
140 6
88.7
103.8'
28.1
26 7
29.2
112.1
44.5
43.8
44.9
100.3
.....
Shirts and collars
114.6
122.8
88.0
115.1
88.6
102.6
81.7
80.3
94.0
58.4
53.8
83.6
80.8
94.1
53.2
40.0
78.6
71.4
82.9
98.4
78.4
82.7
107 8
105 0
114.6
110 6
132.2
135.2
132.2
127.5
130 3
187.7
194.3
119.8
181.0
Butter
202.0
212.7
82.2
187.6
83.7
81.6
65.5
Leather and Its manufactures
Boots and shoes
Leather
Food and kindred
products
Baking.
Beverages
110.6
115.9
78.3
105.7
Canning and preserving
Industry
P. C.
Trad®—Wholesale
merchandising.
Nov.,
1937x
1937
—0.2
+9.0
Dec
,
1930
77 7
—0.8
+0.3
80.2
+ 6.5
+ 6.8
+5.7
+26.6
+5.8
143.7
+30.9
+0.2
122.9
+ 1.7
+0.3
71.4
+0.9
+5.7
78.3
—1.0
+6.3
94.3
+3.5
+ 14.4
Public Utilities:
Telephone and telegraph
and
!
power
and
manufactured gas..
Electric railroad and motor
bus operation A malnt.
96.2
—1.1
72.9
89.9
111.4
90.8
90 6
86.0
89.8
80.3
76.0
+3.1
cream
74.3
74.4
packing.
61.2
60.5
61.5
55.1
90.5
99.4
104.8
102.3
252.1
101.5
172.5
126.3
267.4
75.0
70.4
151.8
cane
69.0
Tobacco manufactures
72.4
66.8
60.6
59.3
02.9
63.3
54.9
57.2
55.4
57.0
56.7
56.4
64.8
63.8
64.8
and snuff
Cigars and cigarettes
Paper and printing
Boxes, paper
Paper and pulp
61.0
03.6
53.7
56 4
106.4
106.0
100.6
101.5
97.0
103.3
102.0
106.3
92.5
102.6
109.3
108.3
113.6
112.8
99.2
105.4
108.0
97.7
...
64.1
104.0
Book and job
Newspapers
—0.6
+ 10.0
69.7
65.1
91.0
145.8
meat
98.3
97.4
95.4
93.1
106.5
93.2
107.0
106.0
108.3
100.1
105.4
Printing and publishing:
103.2
76.7
63.8
Slaughtering and
Sugar, beet.
Sugar refining,
Chewing and smoking tobacco
+ 2.5
mer¬
chandising
light
Dec.,
1936
88 A
Other than general
Electric
Dec.,
1937
99.9
General
Change from
Nov.,
x
93.3
Retail
P. C.
Index
Dec.,
02.9
96.8
91.8
75.0
Ioe
Change from
Index
1937
67.2
118.7
86.2
Flour
Payrolls
91.5
Confectionery
Employment
Chemicals
and
and
periodicals.
allied
54.3
products,
and petroleum
refining
110.0
Other than petroleum
refining.
119.3
124.4
132.1
115.1
118.3
122 4
119.3
120.4
129.0
122.4
129.8
118.0
129.1
130.9
141.7
109 3
132.5
121.0
98.0
122.7
—0.4
Mining—Anthracite
+0.5
71.7
50.8
—0.3
Bituminous ooal
Metalliferous
+0.6
—7 3
473
80 3
—2.2
+ 4.7
—4.2
+3.4
—14.7
70.2
—6.8
+4.5
—4 3
+9.1
65.0
—11.9
33 4
110.5
112.5
106.6
09.9
94.7
112.5
+5.1
95.4
—0.4
Explosives................
125 8
—1.5
—15.1
124.2
76.1
—19.9
Druggists' preparations
82.1
—12.7
+ 12.7
113.0
43.5
—9.1
104.6
Quarrying & non-metalllo.
Crude petroleum
producing
93.2
+ 14.2
Fertilizers
100.3
100.6
80.0
75.3
80.4
Paints and varnishes
81.9
77 4
120.9
71.0
y76.5
—1.7
128.0
127 5
+9 6
115.8
124.8
336.8
374.0
—0.2
Rayon and allied products..
362.4
Soap
313.5
360.3
121.0
321.3
Services:
Hotels (year-round)
Laundries
87.0
87 2
Dyeing and cleaning.....
Brokerage
77 2
—2.2
+3.6
—0.9
—0.4
79.0
59.0
Building
construction
—4.2
—0.7
...
Insurance
z
—1.0
—6 9
...
z
+0.1
+ 1.8
—14.8
z
81.4
—18 1
—68
+3.8
+ 2.8
z
—2.8
—0.3
z
—0 7
+4.4
z
—24.8
—13.3
x
Preliminary.
y
Cash payments only; value of
board, room, and tips cannot be
computed.
Data are not available for
z
Chemicals
Cottonseed—Oil,
cake A meal
......
Rubber boots and shoes.
Rubber goods, other than boots
94.0
100.4
98.8
111.3
116.9
119.5
.....
Petroleum refining
Rubber products
98.0
123.9
119.5
137.5
140.4
119.5
84.8
90 9
101.9
76.5
82 0
104.8
104.3
67.2
71.9
82.5
51.5
02.1
76.9
shoes, tires, and Inner tubes.
120.8
128.2
Rubber tires and Inner tubes..
137.8
109.9
121.7
139.2
74.7
80.8
92.5
71.0
72.9
99.7
1929 base.
December, 1937, indexes preliminary, subject
to revision.
Volume
Financial
146
Balance Sheet Items
Steam Railways for November
Selected
and
Income
seasonally adjusted basis, reached the lowest
A gain of 6% over 1936 was registered for
1937 was the best year since 1929.
Total construction in 37 Eastern States, according to F. W. Dodge Corp.,
amounted
to
$2,913,000,000 compared with $2,675,000,000 in 1936, a
Statistics
of
Bureau
point
the
the
of
Commission has issued a statement
totals
steam
present statement
terminal
This was the peak year since 1931.
The most pronounced
residential, non-residential and public utility fields, while a
registered in public works.
Bituminous
coal and electric power production
declined fractionally,
while crude petroleum output advanced by more than the usual amount
during December.
Petroleum production registered a 15% gain over the
compiled
The
for Class I switching and
141 steam railways.
excludes returns
The report in full as follows:
UNITED 8TATES (ALL
For the
Income
1937
Newsprint
1936
1937
1936
Other Income
Inc.
18,538,036
18,586,348
1,647,637
1,704,578
$83,214,147 $672,720,935 $710,249,290
avail, for fixed charges.. $46,400,513
Fixed charges:
10.238.674
41,604,940
216,821
Rent for leased roads
Interest deductions
Other deductions
11,084,169
120,578,481
40,778,816
236,363
447,473,871
2,523,748
121,981,697
454,180,119
....
2,519,061
adjusted index of machine tool orders
orders reached the lowest volume
as
$578,680,877
$52,060,435 $52,099,348 $570,576,100
Total fixed charges
d5,659,922
31,114,799
102,144.835
905.916
Income after fixed charges-
920,916
11,171,051
Contingent charges.-
Depreciation (way A structures
131,568,413
11,076,051
$90,973,784 $120,492,362
d$6,565,838 $30,193,883
Net lncome.a.
16,570,103
1,184,721
Dividend appropriations:
On common stock
On preferred stock
16,036,496
3.732,430
180,192,065
32.956,663
177,393,860
39,120,844
5,539,082
and equipment)
Federal income taxes,...
34,276,187
7.904,764
113,226,292
26,172,515
99,697,494
I
27,207,163
Weekly
26,317,950
Balance at End of
of affiliated
bonds, Ac., other than
those
companies.....
Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
....
Loans and bills receivable
receivable
and conductors.
Traffic and car-service balances
Net balance receivable from agents
Miscellaneous
accounts receivable
Materials and supplies
Interest and dividends
receivable.......
Rents receivable
Other current assets
stood at 39% of the
$686,520,181
$680,220,334
$459,071,321
17,048,268
38,616,837
83,761,116
10,495,244
58,794.091
51,385,583
134,224,673
383.661.332
29,459,812
2,346,621
8,930,900
$556,196,304
21,689,247
36,648,437
104,834.533
2,619,220
67,577,143
60,071,347
148,227,377
297,703,076
35,489,424
2.985.615
6,411,307
$1,277,795,798 $1,340,453,030
Total current assets
Selected Liability Items—
Funded debt maturing within
$93,453,013
Traffic and car-service balances
$211,578,226
78,886,152
304,135,488
68,981,798
632,012,210
1,818,400
payable
payable—
payable
Audited accounts and wages
Miscellaneous accounts
$169,481,986
$216,403,914
86,395,223
245,084,996
117,310,258
517,668,671
2,177,035
474,704,127
38,391,250
119,832,481
six months.b
Loans and bills payable.
Interest matured unpaid
—........
Dividends matured unpaid
47,235,405
120.494,628
Unmatured dividends declared
Unmatured Interest accrued
39,516,488
Unmatured rents accrued
$75,956,886
145,406,220
United States Government taxes
Other than United States
The net Income as
Government taxes.
$96,093,610
144,366,544
1937
and
levied
of $3,281,312 for November,
1937, $1,512,398 for November, 1936
reported Includes charges
$36,386,013 for the 11 months of
$16,189,363 for the 11 months of 1936 on account of accruals for excise taxes
under the Social Security Act of 1935; also includes charges and credits
resulting
$3,260,482 for November, 1937 and $23,282,718 for the 11 months
of provisions of the "Carriers Taxing Act of 1937," approved
29, 1937 and repeal of the Act of Aug. 29. 1935, levying an excise tax upon
In a net charge of
of
1937,
June
because
their employees, and for other purposes.
(Public
The charges and credits were not handled in a uniform
separate totals are not available.
The net income
for November, 1936 includes charges of $4,218,163 and for the 11 months of 1936
of $35,075,455 under the requirements of an Act approved Aug. 29, 1935, levying
an excise tax upon carriers and an income tax upon their employees, and for other
purposes.
(Public No. 400, 74th Congress.)
b Includes payments which will become due on account of principal of long-term
debt (other than funded debt matured unpaid) within six months after close
carriers and an income tax upon
Congress.)
No. 400, 74th
manner
by all the carriers and
of
month of report.
c
Includes obligations
which mature not more than
two years after date of
issue,
-
other reverse items.
d Deficit or
Production in December Continued Down¬
According to National Industrial
Industrial
Conference
Board—Fourth
Industrial
for the
monthly
Industrial Conference Board. The
production during December declined
month, according to the regular
of the National
survey
had the following to say:
the manufacturing and mining industries
from the level at which it stood last
August, and was about 34% below the average 1929 per capita output.
The most pronounced declines in production last month occurred in the
automobile, steel and
pig iron industries.
On the other hand, total
building awards advanced, on a seasonally adjusted basis, for the second
Board,
On
has
a
on
per
fallen
Jan. 25, also
capita basis, output in
approximately
29%
month.
Automobile
production
in the United
States and Canada,
preliminary estimate, totaled 332,559 units for
decrease of 36% since a year ago.
Total
according to
the month of December—
output for 1937 indicates
that the automobile industry has achieved its second five million car year,
production having been larger only in 1929.
a
Week Ended
during the week ended Jan. 22, 1938,
1929 weekly average of production and
about
about
week showed
and ship¬
All items were
business.
week of 1937. For the
seventh consecutive week new orders execeeded production.
National production reported for the week ended Jan. 22,
1938 by 6% fewer mills was fractionally above the output
(revised figure) of the preceding week; shipments were 1%
above shipments of that week; new orders were 6% above
that
week's orders, according to reports
Manufacturers Association from
Lumber
to the National
regional associa¬
and
covering the operations of important hardwood
softwood mills.
In the week ended Jan. 22, 1938, produc¬
tions
softwood
and orders as reported by 409
respectively 18, 12 and 22% below similar items
in corresponding week of 1937.
The Association further
reported:
During the week ended Jan. 22, 1938, 504 mills produced 128,551,000
feet of hardwoods and softwoods combined; shipped 157,853,000 feet;
booked orders of 177,936,000 feet.
Revised figures for the preceding week
were mills 634; production, 128,103,000 feet; shipments 156,284,000 feet;
mills
orders
were
167,527,000 feet.
but Southern
Cypress, Northern
Hemlock and Northern
of production in the week ended
Jan. 22,1938.
All softwood regions but West Coast, Cypress and Northern
Hemlock reported shipments above output.
In the reporting hardwood
regions, shipments were below production.
All regions but Northern
Hemlock reported orders below those of corresponding week of 1937; all
but West Coast reported shipments below, and all softwood regions but
Northern Pine reported production below similar week of 1937.
Lumber orders reported for the week ended Jan. 22, 1938, by 419 soft¬
wood mills totaled 171,498,000 feet; or 42% above the production of the
same mills.
Shipments as reported for the same week were 152,570,000
feet, or 26% above production.
Production was 120,770,000 feet.
Reports from 100 hardwood mills give new business as 6,438,000 feet,
Hardwoods
or
reported orders in excess
Shipmeiits as reported for the same week
below production. Production was 7,781,000
17% below production.
5,283,000 feet, or 32%
were
feet.
Identical Mills Reports
Last week's
production of 409
identical softwood mills was
119,778,000
feet; shipments were
and orders received
respectively
170,459,000
it was 146,185,000
151,341,000 feet, and 172,865,000 feet,
feet and 217,544,000 feet.
feet, and a year ago
Newsprint Production Decreased During
December—Output of United States Above Novem¬
ber—Production During 1937 Increased 11.3% in
Canadian
Consecutive Monthly
Decline
fourth consecutive
1938
ments; appreciable gain in new
lower than during the corresponding
Trend,
ward
Movement,
22,
49% of average 1929 shipments.
Production was
44% of the corresponding week of 1929; shipments,
53% of that week's shipments.
The 1938
slight gains over the previous week in production
All regions
Tax liability:
a
24.874,638
$1,988,124,071 $1,883,331,967
Total current liabilities.
and
40,489,374
.
18,668,004
Other current liabilities
Lumber
tion, shipments
464,797,272
Funded debt matured unpaid
of
The lumber industry
November
Selected Asset Items—
Investments In stocks,
Report
Jan.
1936
1937
iri North America increased more than seasonally
During 1937 an all-time peak for the industry was
production
December.
Domestic
$728,788,326
$48,105,091 $84,861,784 $691,307,282
Mtecell. deductions from Income
20% from that of the preceding
for the seventh consecutive
receded further in December.
since March, 1935.
Foreign
orders, however, were almost equal to the high point for the year.
The Conference Board's analysis indicates that domestic retail sales were
well maintained during December.
Department store sales advanced by
less than the usual seasonal amount,1 but were only
2% lower than in
December, 1936, and showed a gain of 6% for the year.
Rural retail
sales rose more than seasonally during the month, but were 3% below
the level of December, 1936.
The gain for rural retail sales for the year
a
whole was also 6%.
Variety store sales increased sharply during
December to a point 4% above the corresponding month a year earlier.
The gain for the year for this group, however, amounted to only 3%.
The physical volume of retail trade
did not increase commensurately
with the rise in the value of 6ales, owing to a substantial advance in
retail
prices.
Compared with the pre-depression years, however, the
physical volume of sales remains considerably higher than the dollaT
value.
During the past year the Conference Board's index of retail orices
rose
4.2%, but averaged approximately 16.2% lower than in 1929.
$72,376,521 $563,210,940 $596,668,624
Income- $32,440,919
128,096,342 132,119,702
15,664,172 12,485,263
Total Income
production decreased
stocks continued to increase
established.
The
Net railway operating
copper
copper
month.
Months of
during
Items
was
1936.
Domestic
month, but
REGIONS)
For the 11
Month of Nov.
of 9%.
year
companies.
TOTALS FOR THE
October, 1934.
however, and
gains were in
loss of 19%
revision and were
These figures are subject to
135 reports representing
since
year,
gain
November.
from
ingot production, on a
Steel
of Class I
Interstate Commerce
showing the aggregate
of selected income and balance sheet items of Class I
railways in the United States for the month of
The
827
Chronicle
North America
Canadian
During December the production of newsprint by
mills Was below November while that of United States
mills
according to the monthly
Bureau, issued on Jan. 13.
Canadian mills produced 293,038 tons during the month,
against 302,236 tons the previous month, whereas the United
States mills had an output of 79,537 tons against 79,338 tons
slightly above November,
report of the News Print Service
was
However, as compared with a year ago the
showed increased production while that of the
mills in the United States was lower.
The report of the News Print Service Bureau, as
in the Montreal "Gazette" of Jan. 14, follows:
Canadian newsprint production in December totalled 293,038 tons, an
increase of 3,726 tons or 1.3% over the total a year ago but a decrease
of about 3%
from the November, 1937, total of 302,236 tons.
Ship-
a
month earlier.
Canadian mills
contained
828
Financial Chronicle
ments continued to run ahead of
over
production being 306,137 tons,
the month's output of about
4-4% .
an
increase
daily,
15,000 barrels under the January figure and 34,700
February estimate of the Bureau of Mines.
in Oklahoma was obviated, however, bv the
action of the Central Committee of California Oil Producers
which set the February allowable at 693,700 barrels
daily,
an
expansion of 15,400 barrels from the quota of 678,300
barrels daily in effect during January.
The next State-wide proration hearing on the oil and
gas
industry to consider problems relative to the March allowable
was set for Feb. 18
by the Texas RR. Commission.
A charge that oil is being
dumped into export channels at
less than existing domestic
prices was made on Friday by
Paul E. Hadlick, Secretary of the National Oil Marketers'
an increase of 454,710 tons
The bureau's total production for 1937 in North
America, in¬
was 4,943,717 tons, an increase of
11.3% over the
1936 total of 4,439.876 tons.
Stocks of newsprint at Canadian and United States mills
at Dec. 31
totaled 49,657 tons, as against 71,558 tons on Nov.
30 and 38,745 tons on
Dec. 31, 1936.
,
cluding Newfoundland,
The
following table, also contained in the "Gazette,'
newsprint production in North American countries
reported by the News Print Service Bureau:—
compares
as
December
1937
1936
Change
293.038
289,312
+ 3.726
+ 1.3
...
79,537
80.048
—511
—0.6
__
372.575
369,360
+ 3,215
+0.9
26.085
27,601
—1,516
—5.5
+ 0.4
Canada.
United States
United States & Canada..
Newfoundland
North
America
398,660
396,961
-
....
3,190,599
+ 454,710
United States...-.
United States & Canada. ..4,591,030
Newfoundland
351,687
North
America..
%Ch'ge
+ 1,699
3,645,309
945,721
12 Months—
Canada,
4,943,717
+24,313
showing that petroleum product exports last year spurted
43% over the preceding year.
Another astounding fact, he
added, seems to be that the prices quoted for petroleum
products for domestic consumption are higher than for export.
+2.6
+ 479.023
+ 11.6
+ 24,818
+ 7.5
+ 503,841
+ 11.3
Known crude oil reserves in the United States now
ag¬
gregate 13,489;457,944 barrels, being lifted to that
figure by
an increment of
584,511,398 barrels last year, according to
the Oil and Gas Journal.
More wells were
Sugar Exports from Java During December
Reported
Below Same Month Year
Ago—Total Exports in
completed and
were oil wells.
Production also
broke all records with a total crude
output of 1,264,117,102
barrels from 351,206 wells, which
averaged 9.84 barrels per
day per well.
Petroleum output in California last
year showed an in¬
crease over 1936 both in
quantity and
value, reaching a total
237,666,000 barrels, or about 11% above that of the
year
before, the Wells Fargo Bank of San Francisco
reported.
Since there was
practically no change in the price structure,
the
of
Jan. 1, 1938
the same
on
total value exceeded that of 1936.
^
The Wilmington oil field
North Dome
of
Santos
Coffee
Market Being Studied to
Exports, According to President of Na¬
Department, Brazil—Brazilian Coffee
Shipments During January Highest Since
October,
Production
Increase
1935
barrels
following cablegram
has supplanted Kettleman Hills
the largest single source of oil in California.
Jan. 31, including wells both within the
city
as
on
limits of Long Beach and
Wilmington, aggregated 86,755
barrels.
Of total output for that
day 25,232 barrels were
produced on the Long Beach side of the field and
tional Coffee
The
history
32,560 wells completed.
14,275, of which 11,030
date in 1937.
Position
added in 1937 than in
any other year
of the industry.
A total of 23,600 oil wells,
were
2,540 gas wells and 6,420 dry holes made
up a new record of
Texas led in completions with
from Java during the month of December,
1937 amounted to 75,817
long tons, according to B. W.
Dyer & Co., New York, sugar economists and
brokers, a
decrease of 11,086 tons over the same month a
year ago.
The total exports for the
year 1937 amounted to 1,111,041
tons compared with 866,096 tons for the
corresponding period
of 1936, an increase of
244,945 tons. Total production during
1937 amounted to 1,392,151 tons,
compared with 583,031
tons in 1936, an increase of
809,120.tons.
sugar
According to the Dyer firm, stocks in~Java on
were 546,030 tons
compared with 601,836 tons
oil wells
more new
in the
1937 Increased 244,945 Tons Above 1936
Exports of
or
Assn. in a letter to the Senate
Military Affairs Subcommittee.
He presented export
statistics, which he termed "astounding,"
+ 14.3
921,408
4,112,007
327,879
4.439,876
1938
The slash
in Canadian mills, as
compared with 3,190,599,
14.3%
5,
barrels under the
For the 12 months ended December
production totalled 3,645,309 tons
or
Feb.
on
the
Wilmington side.
61,523
Wilmington's contribution
Feb. 1 from Rio
by the New York Coffee & Sugar Ex¬
amounted to 12% of the
720,055 barrels produced throughout
the State on that
day.
Kettleman Hills North Dome pro¬
duction on Jan. 31 was
The President of the National
Coffee Department in an interview
with
the "press" stated that the
general position of the Santos coffee market
is
being meticulously studied, the view being to increase
exports to the utmost.
The question of
withdrawing the National Coffee Department's coffee
holdings from the Santos stock is also being studied but this
of Mines
report for the week ended Jan. 22
disclosed domestic and
foreign crude oil stocks of 304,424,000
barrels, a net increase of 745,000 barrels over the
preceding
week.
Moreover, the domestic supply was higher by 1,088,-
de Janeiro, Brazil,
change, Inc.:
was
received
on
77,981 barrels.
any fear as the operation will be
performed in such
full protection for all
concerned.
Incident to
need not cause
a
manner
as
to afford
the
above, the New York Coffee &
Sugar
Exchange calculated on Feb. 1 that shipments of coffee from
Brazil during
January totaled 1,570,000 bags, the best
monthly total since October, 1935, comparing with
1,497,000
bags during December, 1937 and 1,289,000
bags during
January a year ago. For the seven months of the
crop year—
July, 1937 through January, 1938—shipments to all
ports
of
the
world
from
Brazil totaled 7,714,000
bags against
8,519,000 bags during the 1936-37
period and 10,180,000
bags during the same period two season's
ago, the Exchange
said, adding:
Thus Brazil, while
regaining part of her lost market, has not
yet brought
up to the totals of the last two
seasons, the Exchange points out.
Details of shipments
during January reveal that 871,000
bags were
shipment
destined
for the United
States; 580,000 bags for various
European ports; and 119,000
bags for other parts of the world. Of the
total, 289,000 bags were
shipped
from the port of Rio de
Janeiro; 948,000 bags from Santos;
168,000 from
Victoria; 21,000 from Bahia; 74,000 from
Paranagua; and 70,000 bags from
Angra dos Reis.
The Bureau
000
barrels while the
foreign stocks
barrels. East Texas alone contributed
total expansion.
Daily
average crude oil production of the Bradford field
1,709 barrels to 45,978 barrels
during the week of Jan.
29, the Bradford District
Pennsylvania Oil Producers' Assn.
reported.
A drop of 158 barrels lowered the
rose
output of
barrels.
the
daily
Alleghany field during the week
its
Texas Aids in
Products—Sunday
Shutdown
in
Slashing Nation's Oil Flow by 148,550
Barrels—Government to Proceed with New
AntiTrust Case,
Cummings Says—Oklahoma Allowable
for
February Pared by 15,000 Barrels—Oil
at
public hearing of the Pennsylvania oil
industry in¬
vestigating commission scheduled to be held in
Philadelphia
Feb. 1 was
indefinitely postponed as the result of a court
action continuing a
temporary injunction, obtained by the
Petrol Corp.
The commission was established by the 1937
legislature to determine whether the oil
industry should be
placed under State regulation.
Pricet of
Typical Crudes per Barrel at Wells
(All gravities where A. P. I.
degrees are not shown)
Bradford. Pa
$2.20
1.25
With all wells in Texas shut
down on
Sunday, the nation's
crude oil production
during the week ended Jan. 29
dropped
148,550 barrels daily to a total of
3,357,650 barrels,
weekly report of the American Petroleum according
Institute.
The slash in Texas alone
amounted to 168,400
barrels, but
to
the
increases in
Oklahoma,
part of the decrease.
California and
Louisiana nullified
Attorney General Homer Cummings declared
Wednesday
that the Department of
Justice is ready to
proceed with a
new anti-trust ease
against 70 oil companies and
individuals
involving an alleged conspiracy for the
fixing of uniform
margins of profit.
The trade was not
surprised, since the
government's victory at
Madison, Wis., augured such a
move.
If a trial can be
obtained, Mr. Cummings added, the
government may be
ready to proceed with the prosecution
by
next fall.
Most of the defendants in
the prospective new
case were named in
the original
indictment on which the
government won its case at
Madison.
The Oklahoma
Corporation Commission fixed the state¬
wide oil production allowable
for February at
535,000 barrels
_
Central Field, Mich
1.40
40 and above.
Rodessa, Ark., 40 and above
Smaekover, Ark., 24 and over
Darst Creek
1.35
Illinois
Eldorado, Ark,, 40
Rusk, Texas, 40 and
1.27
Lima (Ohio Oil
Co.)
Corning, Pa
Sunburst, Mont.
1.30
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
Petrolia. Canada................
1.25
0.90
....
.$1.27
over
1.35
1.09
1.42
1.22
...
1.22
1.42
2.10
REFINED PRODUCTS—GASOLINE
STOCKS UP 2,059,000 BARRELS
TO ALL-TIME
RECORD—GASOLINE TAX
WAR
Reserves
Peak
9,057
on
Mld-Cont't, Okla.,
and
average
to
A
Western Kentucky
Petroleum
were off by 343,000
638,000 barrels of the
ALBANY—TAX
The nation's
record
last
inventory of gasoline soared
week,
BEGUN
IN
ON FUEL OIL LIKELY
a
further addition of
to
a new
all-time
2,059,000 barrels
during the week ended Jan. 29 lifting the total in
storage to
84,844,000 barrels. The latter figure is equivalent to about
days' supplies, or about 10 days' more than a
year ago.
72
The present
position of gasoline stocks has made for great
uneasiness in petroleum circles
particularly since the normal
peak consumption season is two months
away.
The sharp increment in stocks came in
the face of a drastic
curtailment in refinery runs, -which was due
principally to the
smaller available
supplies of crude during the week.
Daily
runs
to refineries
were
pared by 50,000 barrels daily to a
3,170,000 barrels, the lowest figure since last May.
Since the end of November runs have been
curtailed by ap¬
proximately 155,000 barrels daily and were at a peak of
3,455,000 barrels in the week ended Sept. 25, 1937.
Re¬
fineries last week operated at
approximately 77.1% of
capacity, a reduction of 1.3 points from the preceding week.
J. A. Brown/, President of the
Socony-Vacuum Oil Co.,
Inc., took cognizance of the top-heavy
inventory situation
on
Friday when he returned from a European tour.
He
total of
Volume
829
Chronicle
Financial
146
WEEKLY
ESTIMATED
domestic stocks of gasoline are too
high, but expressed the belief that it is possible to correct
this condition through control of crude oil production during
based on railroad oar loadings and river shipments
are subject to revision on receipt of monthly tonnage reports from dlstrlot
State sources, or of final annual returns from the operators.)
(The current estimates are
and
and
the year.
York State got under way
of
Opponents
the
Week Ended—
gasoline
major drive against the one cent emergency
A
tax in New
in Albany this
Jan.
State
week.
Jan.
appeared before the Senate
measure
Gulf
Shell Eastern
(Bayonne)—
i
Brooklyn.
xNot Including 2%
611
828
783
929
175
198
208
417
24
21
40
43
63
I
*
55
i
J
32
1*| 82
k 140
h 190
j
607
L 240
11
11
18
13
18
76
73
79
77
75
29
26
72
75
64
85
59
1
514
435
*
-
Dakota
1
61
33
48
r 73
850
814
385
305
550
1,447
1,346
2,614
1,989
2,926
3,402
83
bituminous
51
112
115
108
133
26
16
Utah
16
15
24
69
143
83
156
109
303
220
258
211
216
224
Virginia
40
Washington
West
16
62
Texas
38
50
36
62
74
1,404
1,229
2,561
1,618
2,106
1,134
502
789
762
114
166
186
*
s5
87
8,777
13,850
1,968
13,818
-
Virginia—Southern a
349
406
Northern b
*
2
Other Western States c
168
90
112
Wyoming'
Total bituminous coal
7,400
6,507
1,253
815
965
1,035
11,884
1,685
Pennsylvania anthracite d
8,653
7,322
11,353
9,812
13,569
All coal
10,388
the N. <fc W., C. & O., Virginian, K. & M., B. C. & G.,
Mason and Clay counties, b Rest of State,
District and Grant, Mineral, and Tucker counties, c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly
rate for entire month,
p Preliminary,
s Alaska, Georgia, North Carolina, and
South Dakota Included in "Other Western States."
* Less than 1,000 tons.
Includes operations on
a
and
B.
the
on
&
O. In Kanawha,
Including the Panhandle
$.05 -.05 X
.065*- 07
ports...
.0554
Daily
0454-.045*
Oil
Crude
Average
During Week
Production
Placed at 3,357,650 Barrels
American Petroleum Institute estimates that the
29, 1938,
Ended Jan.
The
F.O.B. Refinery
I New Orleans.$.055*-.0554
I Tulsa
03H-.04
$1.05
1.35
...
and
at
|
3,444,4.50 barrels.
The daily average output for
Jan. 30, 1937, totaled 3,194,050 barrels.
ended
Included
Station, Tax
daily average gross crude oil production for the week
Jan. 29, 1938, was 3,357,650 barrels.
This was a drop of
148,550 barrels from the output of the previous week,
the current week's figure was above the 3,406,800 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during January.^ Daily average pro¬
duction for the four weeks ended Jan. 29, 1938, is estimated
....$.025<-.03
ITulsa...
$.053
28-30 D__
I Newark,.
| Boston
$.19
.19
New York...
180
Tennessee
Gulf
Chicago—
$.045*1
*
96
179
205
Pennsylvania
Refinery or Terminal
Gasoline, Service
a
102
604
Ohio
2.20
27plus
90
194
Refinery
$.04
I Los Angeles.. .0354-.05
F.O.B. Refinery or Terminal
California 24 plus D
I New Orleans" C
$1.00-1.251 Phlla., Bunker C
$1.25
Ga« Oil, F.O.B.
N. Y.
64
170
ended
White, Tank Car,
| North Texas
(Bayonne)—
659
70
New Mexico
Orleans.
Tulsa
$.055*
Diesel 28-30 D
8
2,111
^
169
Montana..
.0754
Bunker C._
332
North and Soith
Fuel Oil,
N. Y.
439
Michigan
New
Chicago
$.075*
085*
075*
Texas
Kerosene, 41-43 Water
(Bayonne)
428
254
f 226
*
Other Cities—
New York—
New York—
377
238
138
'
Maryland
^ Y
Warner-Qulnlan..
1?686
Western
by-product, but a co-product with gasoline. He
substantiated this by revealing that since 1930 the demand
for domestic fuel oils has increased eight times as fast as the
demand for gasoline.
An easier tone came into the coastwise dirty oil tanker
rate situation this week.
It was reported in authoritative
circles that although the large shipowners are asking 37 cents
a barrel for No. 2 oil, February shipment from the Gulf to
north of Cape Hatteras, at least one vessel is available for
this run, on a bid, at 35 cents a barrel.
Steadiness characterized the price structure in the refining
Tank Car Lota, F.O.B.
1,150
jdffars
1^434
» 193
276
1
1,298
Kentucky—Eastern
a
J..$.075*
Socony-Vacuum.. .08
Tide Water Oil Co .085*
Richfield Oil (Cal.) .075*
146
1
1,005
Kansas and Missouri
said,
Stand. Oil N.
168
1
Carolina
Indiana
section of the American Society of Mechanical
Engineers that the annual demand for fuel oil nearly ap¬
proximates the demand for gasoline.
"This fact," he
"forcibly demonstrates that fuel oil must no longer be con¬
New York—
382
82
Iowa
politan
(Above 65 Octane),
239
120
148
Georgia and North
consideration.
Dr. R. T. Goodwin, manager of the fuel oil department
of the Shell Union Oil Corp., told a meeting of the metro¬
.
3
276
63
1,144
Colorado
Illinois
U. S. Gasoline
2
209
100
..
Arkansas and Oklahoma.
mittee for
field.
2
232
Alabama
Representative Patrick Boland of Pennsylvania this week
appealed to President Roosevelt for administration support
for his bill providing a one-cent per gallon tax on all fuel oil.
He said his bill is before the House Ways and Means Com¬
1938 p
Awe.
1923e
1929
1936
1937 p
2
Alaska
five years.
p
16, Jan. 18, Jan. 12,
Jan.
8.
15, Jan.
1938
presented arguments. William J.
Gottlieb, President of the Automobile Club of New York,
declared before the hearing that $259,000,000 of gasoline
revenues had been diverted for other purposes in the last
Taxation Committee and
sidered
BY 8TATE8
PRODUCTION OF COAL.
OF NET TONS)
(IN THOUSANDS
admitted that present
$.175
$.165! Buffalo.
.18 |
the week
Further
reported by the Institute, follow:
petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Jan. 29 totaled 974,000 barrels,
daily average of 139,143 barrels, compared with a daily average of 109,429
barrels for the week ended Jan. 22 and 128,929 barrels daily for the four
details,
as
Imports of
city sales tax.
a
Statistics
The National Bituminous Coal Commission reported that
production of soft coal declined slightly in the week ended
Weekly Coal Production
estimated at 7,200,000 net tons,
against 7,400,000 tons in the preceding week, a decrease
Jan. 22.
as
Total output is
of 200,000 tons or 2.7%.
week of 1937 amounted to
/
Production in the
corresponding
9,632,000 tons.
Bureau of Mines in its weekly report
stated that production of anthracite in Pennsylvania con¬
tinued to increase during the week ended Jan. 22.
Total
The United States
estimated at 1,318,000 tons, a gain of 5.2% over
production in the preceding week, and an increase of 57.7%
when compared with production in the corresponding week
output is
a
Cumulations for the calendar year to
year ago.
date show
receipts of
There were no
for the week
California oil at Atlantic
ended
ended Jan. 29.
from refining
Reports received
companies owning 89.0%
potential refining capacity
estimated daily
barrels daily
during the week.
DAILY AVERAGE CRUDE OIL
(Figures In Barrels)
.,
'■
,
I
PRODUCTION
Four
B.
of M.,
Week
Dept. of
Allowable
Ended
Calcu¬
d Coal Year to Date
State
Interior
Net Tons)
Week Ended
of the 4,159,000
of the United States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
basis, 3,160,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, gulf terminals, in transit and In
pipe lines as of the end of the week, 84,844,000 barrels of finished and un¬
finished gasoline and 118.793,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.8% of the poten¬
tial charging capacity of all cracking units indicates that the industry as
a whole, on a Bureau of Mines'
basis, produced an average of 685,000
barrel
the same period of 1937.
ESTIMATED UNITED STATES PRODUCTION OF SOFT COAL, WITH
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
(In Thousands of
and Gulf ports, for
with a daily average of 27,286 barrels
Jan. 22, and with 9,143 barrels daily for the four weeks
29, compared
the week ended Jan.
advance of 19.2% over
an
29.
weeks ended Jan.
Jan. 1
Jan. 29
1938
lations
Week
Change
Weeks
from
Ended
Ended
Previous
Jan. 29
Jan. 30
Week
1938
1937
(.Jan.)
Jan. 22 Jan. 15 Jan. 23
1938
1938
1937
1937-38 1936-37 1929-30
Bituminous coal a:
Total, Including
C7.200
b:
of weekly output—
Crude petroleum
Coal equiv.
a
7,400
1,200
mine fuel
Dally average
1,233
9,632 333,369 356,428 434,494
1,721
1,422
1,328
1,605
5,616
5,569
5,134 244,372 207,600 190,412
of historical comparison
Includes for purposes
and statistical convenience,
the
semi-anthracite outside of Pennsylvania,
converted to equivalent coal assuming
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal,
c Subject
to revision,
d Approximate coal years to date.
Sum of 43 full weeks ended Jan 22,
1938, and corresponding periods in other years.
Note that the coal year 1937-38
began with unusually large stocks of bituminous coal, which helped to depress
production of lignite and anthracite and
b Total barrels produced during the week
of 1937.
PRODUCTION OF
purchases during summer
ESTIMATED
PENNSYLVANIA ANTHRACITE
(IN NET TONS)
Jan.
East Central
1937
1929
c
Total Texas.
a
fuel
Daily average
219,700
208,800
Total Louisiana
1,193,000
b Comm'l production. 1,255,000
Beehire Coke—
United States
28,600
Daily average
a
Includes washery
peratlons.
t working
27,000
63,500
4,767
total...
4,500
10,583
-
—
.
b Excludes colliery fuel,
three years.
197,900
10.416
c
coal shipped by
truck from authorized
Adjusted to make comparable
)■
the number
180,950
238,400
86,350
256.000
—1.900
+ 6,400
79,150
171.250
165,150
254,650
+ 4,500
250,400
251,500
+ 1,450
41,750
23,050
42,450
132,750
+ 450
134,250
116,000
128,000
48,250
—650
49,750
50,800
—750
49,500
13,450
—400
13,850
29,000
48,800
16,450
4,200
—250
4,400
107,150
—100
107,200
4,300
103,100
Total east of Calif.
_
107,100
678,300
y678,300
725,200
+ 8,400
716,150
583.400
3,194,050
3,357,650 -148,550 3,444,450
Jan. 15.
The State-wide Sunday
23 and reflects Itself in the Texas figures
will remain In effect through Feb. 27.
Allowable effective
shut-down order was in
herewith. This Sunday
shut-down order
Recommendation of Central
3,550
92,850
2,610,650
2,632,450 -156,950 2,728,300
2,728,500
3,406,800
y
187,550
13,100
-
California
x
194,300
55,500
361,000
19,000
449,350
54,100
Wyoming
effect on Jan.
and dredge coal, and
days in the
85,900
4,521
105,950
475,150
231,650
35,200
Montana
4,811,000
836,000 3,386,000 2,840,000
267,300
157,800
188,100
139,300
2,698,000 4,465,000
796,000 3,224,000
85,400
78,450
New Mexico
1,318,000 1,253.000
32,700
171,200
193,200
176,200
North Louisiana..
Colorado
Anthracite—
Total, Incl. colliery
Penna.
65,600
-168,400 1,352,200 1,268,100
1,350,900 xl405240 1,237,800
Arkansas
c
74,800
70,300
32,000
184,250 —17,150
—
Coastal Texas
Michigan
1937
1938
70,200
—9,300
423,250 —69,650
206,900 —34,600
Texas.
East Texas
Southwest Texas
—1,450
180,000
31,350
175,600 —24,950
79,250 —9,850
Texas.
West Texas
Eastern.--.—------
Jan. 23.
15,
1938
AND
Calendar Year to Date
Week Ended
1938
-.
-
Coastal Louisiana
BEEHIVE COKE
Jan. 22,
186,472
North Texas
West Central
587,750
173,600
—450
Panhandle Texas
550,000
545,000
63,000
Kansas.-----------
553,900 + 10,250
187,050 —3,050
74,200
566,600
179,300
Oklahoma
Committee of
California Oil Producers.
830
Financial
Chronicle
Note—The figures Indicated above do not
Include any estimate of
any oil which
might have been surreptitiously produced.
E.
& M.
Feb.
prices for January
against 75.18 in December and 87.03 in
CRUDE RUNS TO STILLS AND
STOCKS OF FINISHED AND
UNFINISHED
GASOLINE AND GAS AND FUEL
OIL, WEEK ENDED JAN. 29, 1938
Crude Runs
Capacity
to Stills
Unfinished Gasoline
Stocks
and the custom smelters moved
prices down to that level, and after that
date the dual price situation no
longer disturbed the industry.
In view
of the quiet
prevailing in most consuming centers, the reduction did
not
bring in much business.
Domestic sales for the week totaled
3,121 tons.
Sales for the month of
January amounted to 25,543 tons, which com¬
of
Reporting
Daily
Total
P.
P.
Aver
Oper
At Re¬
age
tial
Rate
ated
fineries
C.
East Coast..
669
669 100.0
489
Appalachian.
Ind., 111., Ky
Okla., Kan.,
146
129
88.4
112
529
489
92.4
411
Mo
Unfin'd
C.
Gas
in
73.1
and
Terms., Nap'tha
Distil.
Ac.,
Fuel
Oil
11,758
86.8
7,257
1,416
1,686
232
84.0
8,486
4,602
871
pares with
6,771
1,014
26,504 tons in December.
Business booked in the
foreign market was in good volume.
With pro¬
duction abroad not equal to the
current sales volume, the
foreign group
11,446
1,216
452
383
84.7
263
68.7
Inland Texas
Texas Gulf..
355
4,409
201
2,298
476
56.6
119
59.2
3,551
833
2,167
164
797
243
95.7
732
1,659
La. Gulf
91.8
10.572
174
257
168
96.6
1,903
136
81.0
91
1,452
643
58
431
63.7
39
67.2
3,281
306
89
113
62
69.7
88
45
72.6
821
746
90.9
510
68.4
1,818
11,492
2*469
3.702
89 0
2,856
77.1
feels that the market
situation outside of the United States
is on a sound
The London market was
steady throughout the week.
Based on latest 1937 estimates
on world production of
copper, output of
new metal
(production from ore) was
probably a little in excess of 2,400,000
short tons, easily the
largest yearly total on record.
Total output from all
basis.
10,487
No. La.-Ark.
Rocky Mtn.
California...
Reported.
Est.
49,375
4,000
53,375
76.430
610
3,170
3,220
691
1,225
23,990
314
457
471
106
y3,038
unrept.
sources, which includes copper recovered
from scrap, was about
2,604,000
tons.
The United States
produced 840,000 tons of new
copper in 1937;
6,389 116,003
2,790
Chile, 437,000 tons; Africa, 410,000
tons; Canada, 227,000 tons; and Russia.
51,481
24,600
24,510
6,869 118,793
6,794 118,433
Exports of refined copper from the United
States during December to¬
taled 26,236 short
tons, against 25,315 tons in November.
43,681
20.094
7,103 102,664
280
100,000 tons.
xEet.tot.U.S.
Jan. 29 '38
4,159
Jan. 22 '38
4,159
4,159
4,159
The exports con¬
sisted chiefly of foreign metal
refined in this
country in bond.
Export dur¬
ing 1937 totaled 294,279 tons, which
compares with 220,390 tons in 1936.
Imports of unrefined copper in 1937
amounted to 194,768
tons, against
138,135 tons in 1936.
Copper contained in ore, concentrate.
U.S.B. ofM
xJan
z
29 '37
Estimated Bureau of Mines basis,
y
January, 1937, daily
average.
during 1937 amounted
World
Production
1937
The
Consumption
Previous
of
Tin
During
Year
January issue of the International
Tin Research and
Development Council's "Bulletin, compiled
by the Hague
Statistical Office presents the
following explanation of the
decisions taken at the December
meeting of the International
Tin Committee:
&c., Imported
73,161 tons, against 45,804 tons in
1936.
Buying of lead was in about the same volume as
in the
preceding week,
sales in the open market
totaling around 1,500 tons.
Again, however, a
fair quantity was
bought during the week on an
average-price basis, so that
total transactions were not
quote so disappointing.
"At the meeting of the
International Tin Committee on Dec.
10, 1937,
the delegations of
Bolivia, the Belgian Congo and French Indo
China agreed
to surrender the arrears
which they were permitted to
carry forward from
1937 in addition to an extra
tonnage of 5.884 tons in the case of Bolivia
and
of 231 tons in the case of
French Indo China.
This extra
tonnage is a sur¬
render of standard
tonnage for 1938 at a quota of
70%
The total of the
surrenders being ] 1,468 tons
at a quota of
70% is divided among Malaya,
the Netherlands East
Indies and
Nigeria in proportion to their standard
tonnages.
The above agreement is
subject to the condition that the
quota
is not reduced below
70%
.
The "Bulletin" also
contains
standard tonnages for
table
a
giving the operative
International Control in 1938 and the
permissible exports for the first
quarter of this year.
As to
the production and
consumption of tin during the year the
following to
Quotations
generally accepted
were
as steady at
4.90c., New York, which was also the con¬
settling basis of the American
Smelting & Refining Co., and at 4.75c.f
tract
St. Louis.
The
the
Production and
to
Lead
and
Above
announcement has the
75.56,
was
a year ago.
The feature in the domestic market for
copper was the reduction in the
price on Jan. 28, to the basis of 10c.,
Valley.
The large mine operators
Stocks of Finished and
Finished
1938
Copper
Daily Refining
Poten¬
January
The publication further
reported:
(Figures In Thousands of Barrels of 42 Gallons
Each)
District
5,
J. index of metal
industry feels that nothing will be done
previling import duty
on lead under the
in
Washington
to disturb
contemplated reciprocal trade
agreement with Great Britain.
It was feared in
question might be opened up.
Production of lead in Mexico
threatens
strike at
a
The entire
some
directions that the
to be
seriously curtailed unless
plant at Boquilla, in
Chihuahua, is settled soon.
section has been hit, and a
prolonged shutdown
the power
lead-producing
would involve production of
approximately 10,000
that normally reaches the
world market from
tons
of lead
month
a
the territory.
Zinc
Sales of the common
grades of zinc in the last week
tons.
Owing to the
involving about 1,500
costs
now
obtaining, producers held
were
the
5c.
basis
on
Shipments of the Prime Western division
during the
totaled
2,300
tons
and
London market for zinc
unfilled
was
light in volume*
comparatively high production
to
orders
amounted
Prime Western.
week ended Jan.
to
45,283
tons.
29
The
fairly steady throughout the last week.
Tin
With business
quiet,
say:
owing to disappointment over the
tardy recovery
consuming industries, tin prices were
barely steady last week.
The quotation for Straits
tin touched
40c., New York, a new low for the
movement, but steadied a little before the
close, as Wall Street advices
seemed more
encouraging to traders abroad.
Rumors of a new buffer
pool
helped steady the situation.
in
Consumption in
1937
Preliminary figures
for December, 1937
indicate that world production
of tin in that month
reached an all time record of
approximately 26,000 tons
making the total for the year about
206,000 tons.
This figure compares
with 180.000 tons in
1936 and exceeds the
previous record (1929)
by 7% .
World consumption in 1937 on
the basis of the data
at present available
Is given as 181,500 tons
but it is possible that
when fuller information is
available the total world
consumption for 1937 will prove to be
about 194,000
tons.
varous
The
January statistics showed United States
deliveries of 5,550 long
tons, against 5,020 tons in December and
7,615 tons in January a year
ago.
The world's visible
supply, including the Eastern and Arnhem
carry-overs,
amounted to
27,101 tons at the end of
January, an increase of 57 tons.
Chinese tin, 99%
was nominally as follows:
Jan. 27th,
,
39.000c.; 28th,
Consumption by Countries
38.750c.; 29th, 38.500c.; 31st,
39.250c.; Feb. 1st, 39.375c.; 2d, 39.500c.
Tin consumption
by the principal countries in the
year
1937 is given in the
following table in comparison with
for the
preceding year.
Large percentage increases are
chief tin
consuming countries with the
exception of France
decrease of nearly
9%
In the United States there
.
19%
,
was an
Year Ended November
United States
*
Germany
_
,.-.
12,600
11,135
% In.
8,117
29,904
consumption.......... 182,000
31,684
....
Tin
Consuming
industry
more than
6.824,000 in 1936.
+29.5
—
159,200
5.6
world
and
Prices
December, 1937
stood at 25,711
the
preceding year.
In each case
the ratio of stocks to the
consumption of tin for the year was
14.2% .
The
average price of standard tin in
December last was
Sterling £190.12.1 and
the average for the
year
1937
was
Metals—Copper
virtually
consumers
are
no
Reduced
to
10c.,
Valley,
27
10.025
40.500
4.90
9.775
9.550
40.250
4.90
9.775
4.75
9.600
5.00
40.000
4.90
4.75
9.500
5.00
40.750
31
Feb.
9.775
1
2
9.600
Domestic copper
improvement
in the
news
from' those
important outlets for
reduced to 10c.,
Valley, but
tempt buyers under present conditions.
The
for a larger
navy caused hardly a
ripple in the
Straits tin made a new lowr
during the week, selling
40c., New York.
Lead and zinc were
was
4.75
4.90
5.00
4.75
5.00
9.775
....
9.525
40.875
9.775
4.90
4.75
9.600
5.00
41.000
4.90
4.75
5.00
9.563
40.563
4.90
4.75
5.00
9.817
silver, 44.750c.
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
delivered at consumers'
Is,
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 Atlantle
seaboard. On
foreign business in copper sellers usually name a
c.l.f. price—Hamburg,
Havre, and Liverpool. The c.l.f. basis
commands a premium of
0.350c. per pound
above
f.o.b. refinery quotation.
Dally London Prices
Copper
Electro.
Tin, Std.
3M
{Bid)
Spot
43%
43%
178%
Jan.
27
397i#
39ui«
Jan.
non-ferrous metals,
purchased little in the week that
ended Feb. 2.
not
St. Louis
28
Spot
"Metal and Mineral
Markets" in its issue of Feb.
3 said
industries that
Zinc
St. Louis
Sterling £242.6.7.
During Last Week—Trading
Generally Quiet
that with
Lead
New York
29
Copper, Std.
Non Ferrous
New York
The above
+14.3
6,300,000 vehicles being produced
in 1937 against
Stocks
QUOTATIONS)
Average prices for calendar week
ended Jan. 29 are:
Domestic copper f.o.b*
refinery, 9.942c.; export
copper, 9.596c.; Straits tin,
40.521c.; New York lead,
4.900c.; St. Louis lead,
4.750c.; St. Louis zinc, 5.000c.; and
a record of
4,020,000 tons
A record was also
achieved in the
Tin
Jan.
Average..
8.9
Industries
World visible stocks of tin
at the end of
tons against 22,695 tons
at the end of
J."
Jan.
+29.4
—
The world
output of tinplate in 1937 reached
against 3,715,000 tons in 1936.
motor
M.
Tin
Jan.
Feb.
+32.0
6,266
„
or Dec-
+18.9
8,606
9,813
-
Dom.,Refy. Exp., Refy.
+20.8
9,549
8,937
France
Japan
("E. &
Straits
was a
Jan.
72,273.
21,009
25,383
Electrolytic Copper
increase of about
1936
85,924
United Kingdom
U.8.S.R.
Other countries
Total apparent
where there
.
1937
PRICES OF METALS
the consumption
and in Russia, 32%
Substantial in¬
Germany and Japan each about 29
%% and in
increase of
16.8% to 2,536 tons.
also recorded for
Canada there
DAILY
shown by all the
was an
in the United Kingdom,
21%
creases are
ended November,
28
39 %
Jan.
39 %
31
38 %
39%
43
1
177%
39%
391*16
43%
180%
Feb.
177
Lead
3M
179%
177%
178%
180%
182%
Spot
15%
Zinc
3M
Spot
3M
15#i6
14*16
15*16
15%
14%
14%
14%
15»u
15*16
14*16
14*16
1513I6
16
14%
14%
1413i6
3913i«
40'i6
182
44%
15lsi6
15%
14i*n
Prices for lead and zinc are
the official buyers' prices for
the.first session of the
London Metal
Exchange; prices for copper and tin are the official
closing buyers'
prices. All are in pounds
sterling per long ton (2.240 lb.).
Feb,
2
this did
program
market.
down
unchanged.
to
The
Steel
Buyers'
Caution
Intensified
by
Wage-Price
Discussion
The "Iron Age" in its issue of Feb.
3 reported that caution
among steel buyers has been intensified
by the recent state-
Volume
President Roosevelt
ment from
on
The
the subject of wages "and
is determined
which start
Monday (Feb. 7) between the United States Steel Corp.
and the Steel Workers Organizing Committee for renewal of
Jan.
Jan.
United States Steel Corp. and
the Jones &
Jan.
signatories of S. W. O. C. contracts,
in reducing working time of all salaried employees, points to a wage re¬
duction for mill workers cannot be even surmised from any available in¬
formation, the position that the steel companies may take in the forthcoming
wage conference being a closely guarded secret.
Only one steel company
of those not governed by labor contracts has reduced wages, the WickwireSpencer Steel Co., which has announced a cut of 20% for both salary and
Feb.
1
Feb.
8
79.6% May 17
80.6% May 24
Feb.
15
81.6% May 31
Feb.
22
82.5% June
wage earners.
Apr.
Laughlin Steel Corp., the two largest
1
8
Mar. 15
87.3% June 21.
88.9% June 28
Mar. 22
89.6% July
Mar. 29
90.7% July
89.9% July
Mar.
Mar.
5
Apr. 12
ingot pro¬
advancing steel operations, the
four weeks of slowly
After
indicated 31% .
Under present conditions of irregular operations, accurate estimates are
difficult because some open hearths are run for two or three days a week,
so that the rate in the middle of the week may be higher than in the be¬
duction rate this week has
declined two and half points to an
districts well illustrate the
The fluctuations by
27%
.
automobile
The
buyers holding back, even when
but the automobile industry
ventories of steel are low,
two of the
their in¬
until Feb. 8, with their schedule for
uncertain.
releasing very little steel even against their
Railroads are
the
normal main¬
been no more substantial rail tonnage,
contributed largely to the gain that ingot production
made in January.
However, the Missouri Pacific has received court au¬
thorization to spend $7,540,088 for rails and accessories, bridges and
trestles and shop equipment.
The Milwaukee Road, at work on rebuilding
prospect in the con¬
steel that will be bought for the Grand
Pipe & Steel Co., San
steel outlook, scrap markets
which would be more pronounced except
for export demand.
Heavy melting steel has declined 50c. a ton at Cleve¬
land, but The Iron Age composite, which is an average of Pittsburgh,
Chicago and Philadelphia, is unchanged at $14.
.
Feb. 1,
One month ago
—_ —
One year ago
——
wire, rails,
.2.605c.
..2.605c,
,2.330c.
1936
1935
1934
1933
1932
1930
— -
1927
tons
—
-
—,
bars,
beams, tank plates,
black pipe, sheets and hot
These products represent
85% of the United States output.
Low
2.330c.
2.084c.
2.124c.
2.008c.
1.867c.
1.926c.
2.018c.
2.212c.
Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct. 3
Oct. 4
Jan. 7
Jan.
4
Feb. 1,
2
10
8
2
18
1
9
1
furnace and foundry irons at
.-—$23.25
23.25
One year ago
20.25
Buffalo,
Valley
Southern iron at Cincinnati.
Philadelphia,
1936
1935
1934...
1933..
1932
...
1930
1927......
-
-
...$23.25
19.73
18.84
—
17.90
16.90
14.81
18.21
19.71
and
continues an important
Feb.
1, 1938,
$14.00 a Gross Ton
$14.00
14.00
18.92
—
One month ago
_
$20.25
9
24
5
1
5
5
7
4
Feb.
16
Aug. 11
18.73
17.83
May
14
16.90
Jan.
27
13.56
Jan.
3
13.56
Dec.
6
15.90
Dec.
16
17.54
Nov.
considerable tonnage and some is
of armor plate being divided between
by railroads indicates
One year ago
of
1937
1936.
1935
—:
1934
1933
1932
1930..
—
——
-
1927
No.
stock and
assemblies last week
slumped to 59,365,
compared with
computed by "Steel" showed no change last week. Scrap is
possible position and there is little movement except toward
the coast for export loading.
The composite of steelmaking scrap is
stationary at $13.90 for the third consecutive week.
The iron and steel
composite at $38-97, Is also unchanged for three weeks.
The finished steel
composite at $61-70 is steady at the level maintained for several months.
Steel ingot
1
heavy,
melting
Mar.
Dec.
Dec.
Mar.
Aug.
Jan.
Feb.
Jan.
week and 30% two
weeks ago.
week before
credited with Z2X% ,
compared with 31% in the preceding week and 29H% two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding;
S. Steel is
and 31%
stee
Philadelphia
1938.—
1937.—
1935...
Low
30
21
10
13
8
12
18
17
$12.92
12.67
10.33
9.50
6.75
6.43
11.25
13.08
ended Jan. 31, is
the "Wall Street
% in the previous
The "Journal" further re¬
production for the week
placed at 32J^% of capacity, according to
Journal" of Feb. 3.
This compares with 31
two
estimated at 32 M%
weeks ago.
,
Nov.
June
Apr.
Sept.
Jan.
July
Dec.
Nov.
against 31 X% in the
Leading independents are
1
Chicago.
High
$21.92
17.75
13.42
.13.00
12.25
8.50
15 00
15.25
need for rails, rolling
in the dullest
1936.—
.
being
three
December,
Industry
on
quotations at Pittsburgh,
and
market,
promises to give
Steel Scrap
One week ago
factor in the steel
before.
General Motors produced 21,475, against 21,920
in the previous period; Chrysler dropped to 5,950 from 11,800; Ford held
steady at 22,765; independents assembled 9,175, compared with 8,933 the
preceding week.
Outlook is for restricted production through February.
The waiting position of the market is indicated by the fact that the three
U.
Mar.
Nov.
Nov.
May
Dec.
Jan.
Jan.
Jan.
Based
.
ported that:
Low
High
1937
Valley
Chicago,
Based on average of basic iron at
1938. $23.25 a Gross Ton
One month ago
producers.
composites
Mar.
Mar.
Jan.
Jan.
Apr.
Feb.
Dec.
Nov.
Pig Iron
One week ago..
and
country.
rolled strips.
—2.605c.
2.330c.
2.130c.
2.199c.
2.015c.
1.977c.
2.273c.
—2.402c.
—
of the iron
declined from 52,795 tons in November to 31,364 in
for part of the loss in value.
Japan took less than 10,000
scrap, the smallest tonnage of any important scrap-importing
Automobile
Hioh
1937...
summary
65,418 the week
Based on steel
1938, 2.605c. a Lb.
One week ago
31
accounting
Finished Steel
\
24
Jan.
31 and Cincinnati
exports
COMPOSITE PRICES
AGE"
Nov.
Jan.
Pittsburgh advanced 4 points to 30%, Cleveland 5 points
8 points to 40. Chicago receded half a point to 27%,
Youngstown 1 point to 27, Wheeling 5 points to 46 and Buffalo 4.5 points
to 18.5.
There was no change at Detroit at 52, St. Louis at 21, New
England at 20, Birmingham at 60 and Eastern Pennsylvania at 31.
In
most centers indications were for a further increase for this week.
Steel exports in December continued the high rate of earlier months,
with 306,647 gross tons of manufactures and semi-amnufactures and 318,771
tons of scrap.
Because of smaller shipments in some higher priced materials
the value for December was slightly under that of November.
Tin plate
to
uncertainty in the immediate
"IRON
Oct.
Nov.
slight in others.
few weak spots,
THE
Oct.
17
66.1%
63.6%
18—_—55.8%
25
52.1%
1.* —.48.6%
8
41.0%
volume shows lack of financial ability to cover full
needs.
Sentiment is that a decision on the rate advance request will come
soon and that it will be favorable.
This is relied on to cause an immediate
increase in buying of rails and cars, programs for which have been for¬
mulated long since, but held up until funds are available.
Steel production last week reached 33% of capacity, the highest since
the week of Nov. 20.
This was an increase of 2.5 points over the preceding
week.
A gain of 4 points at Pittsburgh was the most important change,
a number of centers maintaining their rate unchanged, while declines were
three companies.
Reflecting fresh
67.3%
82.7%
82.5%
84.3%
10
Jan.
-.25.6%
27.8%
29.8%
32.7%
30.5%
3
Jan.
11
Socony-Vacuum tankers and
Scattered buying
8,373 tons for penstocks
Francisco, and 1,700 tons
of reinforcing bars, to be furnished by Columbia Steel Co., have been
awarded, while bids on remaining requirements will be taken shortly.
Structural steel lettings of 18,400 tons in the week include 6,000 tons for a
building in Rockefeller Center, New York.
New projects of 20,000 tons
are headed by 4,500 tons for Queens-Manhattan tunnel approaches, New
York, and 3,400 tons for a bridge at Jacksonville, Fla.
Publicly financed
work predominates in construction activity.
The proposed naval construction program will take 400.000 tons of steel,
including special steels, forgings. armor plate, machinery, &c., but much
of this would be spread over a long period, as it takes about three years to
build capital ships.
The Navy has awarded 13,700 tons of armor plate to
have developed a
Oct.
repairs and its small
U. S. Bureau of Reclamation,
built by the Western
to be
Oct.
75.0%
producers last week.
large both at present and in
Of 80,000 tons of
27
1938—
Jan.
4
75.9%
placed currently, 13,696 tons
Railways of Brazil.
Government work looms
Dec.
January is 10 to
The Navy program
increase the number to 1,500. The Grand
Trunk Western has ordered six passenger locomotives from Lima.
Pull¬
man-Standard has received an order for 250 cars and 95 underframes from
1,000 cars in its own shops, may
Coulee Dam by the
20
be spread over a long period. In addition to
12 maritime commission cargo ships
on which bids will be opened this week, and 12 tankers for the Standard
Oil Co. of New Jersey, requiring in all about 120,000 tons of plates, other
work is appearing.
The Maritime Commission has signed a subsidy agree¬
ment with an additional steamship company for construction of 10 cargo
ships in five years, four to be started this year.
The Union Oil Co. of
California will take bids on a tanker in February and on two others later.
requirements, and there has
struction field.
13
Dec.
Jan. 31, stated:
Ship construction
the two
rolling of which has
the Central
6
Dec.
though requirements will
remainder of the month
tenance
Dec.
1938.
and the railroads,
channels, are taking next to nothing. The
industry's February output will be less than that of January.
major consuming
Chrysler plants are shut down
Nov. 29
15% better than in December, in the
This is not a marked improvement,
since the December level was low, but coupled with the slow but steady
advance in production it indicates consumers are in need of material.
Appearance of buyers who have been out of the market for weeks indicates
depletion of stocks by consumers.
Purchases by these interests are only for
current needs and there is no tendency to cover for the future.
The President has asked congress for an appropriation of $6,080,000 for
tools, dies and equipment for producing necessary army supplies, of which
$5,000,000 would be spent in the fiscal year beginning next June.
He also
asks two additional battleships and two cruisers to be laid down during
this week to 30%, while
only are the miscellaneous
Not
Nov. 22
Aug.
Cleveland, in its
Steel buying in
has lost two points to 25% .
Other districts to show losses are the Ohio Valleys, Cleveland-Lorain,
Buffalo and Detroit.
Partly counteracting these are increases in the Wheeling-Weirton area, up eight points to 60%; the southern Ohio district,
which has gained 29 point3 to 57% , and the St. Louis district, up two points
to
5
12
19
26
experience of important
equally important Chicago area
the almost
of
steel markets, on
present buying condition.
has moved up one point
90.3% July
"Steel"
ginning or end.
The Pittsburgh district
7
85.8% June 14
2
Aug.
36.4%
31.0%
29.6%
27.5%
27.4%
23.5%
19.2%
Nov. 15
85.5%
9.....84.6%
Aug. 16
83.2%
Aug. 23
83.8%
90.0% Aug. 30—84.1%
71.6%
91.0% Sept. 7
80.4%
77.4% Sept. 13
76.1%
—76.2% Sept. 20
74.4%
76.6% Sept. 27
91.3%
92.3%
91.0%
91.2%
19
11—78.8% Apr. 26
3
18
80.6% May
25
77.9% May 10
1937—
1937—
1937—
79.4% Apr.
4
Jan.
ported:
Whether the action of the
operating rate of steel companies
1927—
The "Iron Age" further re¬
existing labor contract.
telegraphic reports which it has
cated that the
next
the
and Steel Institute on Jan. 31 an¬
received indi¬
having 98 %
of the steel capacity of the industry will be 30.5% of capacity
for the week beginning Jan. 31, compared with 32.7% one
week ago, 25.6% one month ago, and 79.6% one year ago.
This represents a decrease of 2.2 points, or 9.7%, from the
estimate for the week ended Jan. 24, 1938.
Weekly indi¬
cated rates of steel operations since Jan. 4, 1937, follow:
a survey
by the result of the negotiations
Iron
American
nounced that
conducted by one large steel com¬
pany among its customers disclosed virtually unanimous
opposition to a reduction in steel prices at the present time,
the fact stands out that scarcely any are willing to add to
their steel inventories until the issue of both wages and prices
While
prices.
831
Chronicle
Financial
146
1934...
16
9
23
25
3
5
9
22
1933.—
1932
1928
1927
1
+
59
+
40
+ 3
x
IX
21
+
i
44
+
73
+ 3
—
.
32
16X
—
2
27
+
1
51
+
76H + 3
80
+ 3
4-1
88
+ IX
47
86
78
—
26
+
1
—
—
—
2
2
vx
2X
1
83 X
89
84
—-
3
57
47
—
26^
—
+
3<SX + 2X
19
+
X
"
1930.—
85
—
—
+
32H + IX
74
43
—2
50J4
54
Independents
IX
80
...
1931...
1929
32^ + IX
U. 8. Steel
32^ +
79
86X
71
+ 2
832
Financial
Chronicle
The Week with the Federal Reserve
Banks
During the
balances
bank
week
ended
decreased
Feb.
2
bank
Reductions
$47,000,000.
reserves arose
member
in
member
of member
banks
Feb. 2
on
a
for the week.
Commercial, industrial
New
of
Increase
Bills
discounted
9
;
913,000,000 commltm'ts—Feb.
2).
Deposits credited
to domestic banks showed
the week, all
reporting member banks
on
currency
Member bank
reserve
Increase
Money In circulation
Treasury cash.....
Treasury deposits with P.
Non-member deposits and
eral
♦
Reserve
i
Assets—
7,249,000,000
6,323,000,000
3,648,000,000
R. bank..
143,000,000
—47,000,000
+29,000,000
+ 6,000,000
+ 26,000,000
other Fed¬
accounts
j
643,000,000
On
—25,000,000
Other
On
Chicago—Brokers' Loans
(In Millions of Dollars)
Investments—total..
Loans—total
7,823
3,285
Industrial
Obligations
219
1,467
176
1,933
615
*
611
651
212
128
36
616
Otherwise secured
& unsec'd
U. S. Gov't direct
obligations...
guaranteed
United States
Government
Other securities
.....
-1,036,000,000
+ 9,000,000
+ 23,000,000
—73,000,000
—338,000,000
+380,000,000
—85,000,000
—209,000,000
+96,000,000
—947.000,000
+ 14,000,000
1,139,000,000
2,922,000,000
5,735,000,000
305,000,000
2,046,000,000
....
Balances with domestic banks
+ 161.000,000
+ 127.000,000
—1,000,000
+ 88,000,000
+3,000,000
Liabilities—
Demand deposits—adjusted
Time
deposits
14,583,000,000
5,213,000,000
653,000,000
—1,000,000
5,322,000,000
Foreign banks
595
—11,000,000
+4,000,000
—707,000.000
+ 1,000,000
425,000,000
1,000,000
Comparable figures
30
381
30
37
—4,000,000
+ 11.000,000
not available.
36
190
Apologizes for Action of Japanese Soldier
Slapping United States Diplomat—State
13
13
14
30
1
1
5
3,464
192
3,150
958
20
*
20
Other assets—net
961
The State
*
1,150
396
455
101
1,017
2,764
101
95
994
1,097
259
258
2,769
272
2,658
592
625
deposits—adjusted
52
50
22
65
25
33
67
81
167
162
172
474
494
60
65
5,852
61
5,869
6,419
651
1,421
1,441
651
1,561
619
469
343
464
454
351
146
62
63
41
2,125
deposits
2,126
2,393
1
United States Govt,
deposits
Inter-bank deposits:
Domestic banks
562
379
569
387
384
6
5
4
337
"353
"362
1,486
Foreign banks....
"l5
1,482
~~17
I
account
Comparable figures
1,473
240
249
231
615
not available.
Returns
the
action
bassy
of
a
Jan.
on
expression
31
of
Japanese soldier
announced
"profound
in
the accept¬
regret"
China.
The
handed
Japanese
over
Nanking in slapping
Allison, Third Secretary of the United States
in
Affairs
Department
Japanese
a
John M.
Vice-Minister
Em¬
of
Foreign
Grew, United
an
apology to Joseph C.
States Ambassador to
Japan, and promised punishment for
responsible parties.
The incident mentioned
was referred to in the "Chronicle"
Jan. 29, page
671, and it was also noted that Secretary
State Hull had protested to
Japan after conferring with
of
of
"~19
Borrowings.
Other liabilities
of
ance
543
49
banks."
Liabilities—
Demand
—
32
472
Balances with domestic
Announces Acceptance of "Profound Re¬
grets"—-Major Battle Between Sino-Japanese Forces
in
Central
China
Japanese
Troops Capture
Pengpu.
73
♦
in
Depart¬
ment
48
73
129
234
3,123
Japan
398
Cash In vault
President
Roosevelt.
Japanese spokesmen
announced
Feb.
on
3
that
Japanese
troops had captured the key city of
Pengpu after a terrific
battle along the Tientsin-Pukow
railway. Associated Press
advices of Feb. 3 from
Shanghai reported this announcement
follows:
as
of
Member
Reserve System for the
As explained
29
29
by
Reserve with Fed. Res.
banks..
Banks
of
the
Federal
Preceding Week
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
until the
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
of the entire
body of reporting member banks of
the Federal Reserve
System for the week ended with the
close of business Jan. 26:
returns
statement of
weekly reporting member banks in 101 lead¬
ing cities shows the following
principal changes for the week ended Jan.
26:
A decrease of $43,000,000 in
commercial, industrial and*agricultural
loans,
and an increase of
$33,000,000 in holdings of United States
Government
+ 2,000,000
+33,000,000
by
United States Government
2,112
381
998
38
232
On securities
The condition
guaranteed
Borrowings
1,936
or
Other loans:
Complete
718,000,000
814,000,000
8,176,000,000
9
*
175
127
purchasing
♦
1937
9
+ 10,000,000
+ 7,000,000
67,000,000
Other securities
Reserve with Fed. Res.
banks....
Cash in vault
3
1938
9
*
1,480
211
& unsec'd
carrying securities
Real estate loans
Loans to banks.
Capital
Feb.
1938
and
Loans to brokers and
dealers.
Other loans for
Time
8,513
3,497
223
Otherwise secured
Open market paper
Obligations fully
3,317
fully
—412,000,000
loans:
On securities
-
7,857
Jan. 26
1,000,000
securities
Inter-bank deposits:
Domestic banks.
Chicago
2
—6,000.000
or
United States Government
deposits
Feb.
806,000,000
617,000,000
1,162,000,000
purchasing
Otherwise secured and unsec'd
U. 8. Govt, direct
obligations
coming Monday:
Assets—
for
securities
Other loans:
ASSETS AND LIABILITIES
OF WEEKLY
REPORTING MEMBER BANKS
IN CENTRAL
RESERVE CITIES
—5,000,000
—38,000,000
459,000,000
Real estate loans
Loans to banks
Below is the statement of
the Board of Governors
ofA the
Federal Reserve System for the
New York
City member
banks and also for the
Chicago member banks for the cur¬
rent week, issued in
advance of full statements of the
member
banks, which will not be available until the
agricultural
loans
carrying
New York City
Feb. 2 Jan. 26
Feb. 3
1938
1938
1937
9
9
9
563,000,000
...
Loans to brokers and dealers in
securities
+ 96,000,000
(—)
loans:
securities..-
Otherwise secured and unsec'd
3,832,000,000
Open market paper
1
—11,000,000
Decrease
or
—10,000,000 —1,352,000,000
—51,000,000
+ 95,000,000
9,038,000,000
cultural
+ 491,000,000
+1,119,000,000
—33,000,000
Returns of Member Banks in
New York
City and
Commercial,
investments—total....21,275,000,000
Loans—total
Less than 9500,000.
Loans and
$
Loans and
+126,000,000
(+)
Since
Jan. 19,1938
Jan. 27,1937
$
$
Jan. 26,1938
Commercial, industrial and agri¬
balances
$1,000,000
A
+131,000.000
+1.391,000,000
+3,000,000
to
summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended Jan.
26, 1938, follows:
—6,000.000
2,594,000,000
12,755,000,000
2,657,000,000
mrnm
relatively little changeffor
$11,000,000.
a net decline of
to foreign banks increased
$4,600,000.
Borrowings of weekly reporting member banks
amounted
January 26.
—1,000,000
Treasury
showing
Deposits credited
(- -)
+8,000,000
*
Total Reserve bank
credit
Gold stock
change.for
member banks.
+134,000,000
18,000,000
Other Reserve bank
credit
In
$43,000,000*at
and
Other classes of loans show little
week.
—2,000,000
2,564,000,000
...
$6,000,000 in the Chicago district,
$20,000,000
Demand deposits-adjusted increased
$47,000,000 in New York City,
$21,000,000 in the Chicago district and
$11,000,000 in the Boston district,
and declined $12,000,000 in the
Cleveland district, all reporting member
banks showing a net increase of
$96,000,000 for the week.
Time deposits
increased $10,000,000 in New York
City and $14,000,000 at all reporting
9
11,000,000
1,000,000
Bills bought
declined
flj
Since
Jan. 26, 1938
Feb. 3, 1937
I
U. S. Government
securities
Industrial advances (not
Including
Decrease
or
loans
Holdings of United States Government direct
obligations increasedT$29,000,000 in New York City, $9,000,000 in the
Chicago district, $7,000,000
in the Richmond district and
$33,000,000 at all reporting member
banks,
and declined $6,000,000 in the Kansas
City district.
Holdings of obliga¬
tions fully guaranteed
by the United States Government
increasedl$9,000,000.
Holdings of "Other Securities" show a small decline for the
$50,000,000
(+)
agricultural
the week.
Inactive gold included in the
gold stock and
Treasury cash amounted to $1,223,000,000 on Feb.
2,
unchanged for the week.
The statement in full for the
week ended Feb. 2, in com¬
parison with the preceding week and with the
corresponding
date last year, will be found on
pages 862 and 863.
Changes in the amount of Reserve bank credit outstand¬
ing and related items during the week and the
year ended
Feb. 2, 1938 were as
follows:
Feb. 2, 1938
York City,
and
all reporting member banks.
estimated to be
were
decrease
$14,000,000^in
time deposits.
from increase of
approximately $1,390,000,000,
5, 1938
direct obligations; increases of
$88,000,000 in reserve balances with Federal
Reserve banks and $23,000,000 in balances
with domestic
banks; and in¬
creases
of $96,000,000 in demand
deposits-adjusted and
reserve
$29,000,000 in money
in
circulation, $26,000,000 in Treasury deposits with Federal
Reserve banks and $6,000,000 in
Treasury cash other than
inactive gold, offset in
part by a decrease of $11,000,000 in
nonmember deposits and other Federal Reserve
accounts
and an increase of
$3,000,000 in Treasury currency.
Excess
reserves
Feb.
Dispatches
has
been
Chinese
forces
was
Chinese
but said
severe
trading city
reports
and
the
defense south
Chinese
The
from
Japanese
expeditionary
fighting slowly northward
said
were
on
of
the Hwai
becoming
neither
fighting
the
the Chinese
were
denied
nor
going
which
line
driven back
a
new
the
Japanese
the
near
to
the
an
Hwai
Thousands
bolster
of
of
north
victory
fresh
troops
defenses.
were
The
rushed
Chinese
southward
blew
up
reports,
River.
Japanese
bank of the
defense line there to halt
from
the
Pengpu.
these
week*
stubborn
Anhwei Province
advance.
to
for
the
collapsed and the retreat of
south of Pengpu,
on
Tientsin-Pukow
trying to establish
force,
Nanking, asserted
had
rout.
a
admitted
was
from
River
the railroad
the
Hwai
Japanese
Suchow
area
bridge south
A
Japanese maneuvering force swung to the west of
Pengpu in a move
designed to flank Chinese positions around Pengpu.
The Japanese main
body drove straight north along the Tientsin-Pukow
line, hammering the
Chinese with artillery fire.
Japanese
after
two
captured.
reports
other
said
towns
Pengpu
in
that
was
stormed
area—Fengyang
and
and
occupied
immediately
Tingyuan—had
been
Volume
the
Besides
assault
destructive
Pengpu,
on
heavily
Financial
146
said that
sides.
It
ment.
The weather
was
artillery
which
preparation
reported,
was
the
Japanese
the final
the city
icle" of Jan.
preceded
bombarded
Reports indicated- casualties were high on both
killed in a single sharp engage¬
air.
the
from
it
bitterly cold, with snow falling
intermittently.
Sino-Japanese conflict was intensified this
The
Spanish civil war was last referred to in the "Chron¬
29, page 672. Rebel planes continued to attack
cities in control of loyalists this week, and several hundred
The
600 Japanese were
was
week, with
central China front, where Japan
is seeking to connect the widely separated areas she has
conquered.
This was reported in the following Associated
Press Shanghai dispatch of Feb. 1:
The center of the battle surged around the town of Mingkwang, 100
miles south of Suehow, vital junction of the Tientsin-Pukov and Lunghai
Railways, which is the objective of one Japanese army marching from the
intensified along
the bitterly contested railroad running from
Tientsin south to Pukow,
each army reported that heavy casualties and severe setbacks had been
suffered by the other.
The troops, believed to total upward of 500,000,
While
In
for
counter-attack
a
than
more
Mingkwang,
at
had been
that fighting
agreed
dispatches
skirmishing
been
have
<
the
month.
a
flung back
least 1,000 men
fighting marked
lives, and that to the south¬
they
Chinese asserted,
Japanese forces struggling to cross a river and killed "at
and officers."
The Chinese declared vicious hand-to-hand
taking many
west of the city 5,000 Japanese with
tanks and airplanes were locked
in no-quarter combat with Chinese soldiers.
Denying Chinese claims, Japanese insisted they had advanced beyond
Mingkwang and were driving China's army back toward Pengpu, 30 miles
north, after having slain more than 1,000 enemy soldiers.
The Japanese
were reported
to be speeding strong reinforcements to the Tientsin-Pukow
front to break the apparent deadlock that has delayed direct assault on
by repeated bayonet charges was
Suchow.
;.v-
.
the Wuhu and Hankchow fronts south of the Yangtze
reported, their increased activity had compelled Japanese to
Along
Chinese
Rizer,
divert
additional troops to those areas, as well as tanks and artillery.
Chinese guerrilla detachments were said to be harassing Japanese com¬
munication
lines and attacking small convoys of Japanese soldiers in
30,000
Province and even between
Hopei
Shanghai and Nanking.
Jan. 31 made public the
The State Department on
ing translation of the text
of the Japanese
follow¬
Vice-Minister's
communication to Ambassador Grew:
•
1. Whatever the antecedent circumstances might have been, the striking
by a Japanese soldier of an American consular officer is a most regrettable
occurrence.
A Japanese staff officer has already expressed in the name
of the commanding officer regrets and apologies over the incident, and,
although Mr. Allison has apparently accepted such regrets and apologies,
the Imperial • Government for its part hereby expresses its profound regrets
oral
the occurrence of this
over
of the
view
In
2.
this incident the Imperial
Gov¬
strict investigation it will take suitable
punish those concerned in this affair.
of this character take place, discrepancies are
adequate measures to
incidents
Whenever
3.
character of
serious
gives assurance that after
ernment
and
unfortunate incident.
the respective contentions of the persons involved,
are sutetantial
differences between Consul
Allison's report, as described in the complaint of the American Govern¬
ment, and in the report received by the Japanese Government, in respect
of the circumstances leading up to the slapping of the American Consul
likely to occur between
this
in
and
determination of the actual facts must await
is now to be undertaken and it is desired
the carrying out of such investigations.
by the Japanese soldier.
The
careful investigation which
a
accordingly to report
Jan. 31, it was announced
on
a
heretofore handled by the junta.
central administration,
the
on
other
is expected they will
of the month.
Only
the structure of the government's
administrative departments was out¬
lined in the decree, which General Franco signed here late last night.
[An Associated Press dispatch from Hendaye, France, stated that Gen¬
eral Franco would assume the presidency of the Cabinet and gave the
names
of six persons
said definitely to have been selected for Cabinet
of the
names
who will fill the
men
posts.]
to be filled are the
The Ministerial posts
Steamer
Sunk
Spanish Coast—11
by
Submarine
Off
Drowned—Nationalists in Spain
Permanent
Create
"Pirate"
Cabinet
Syndical Organization and Public Order.
Hitherto Antonio de San Groniz has been in charge of
Labor
as
tional
"pirate" submarine torpedoed and sank the British steam¬
ship Endymion off the eastern Spanish coast.
The Spanish
Government Defense Ministry announced that 11 persons
were
drowned, including the vessel's British captain and
his wife.
It was officially announced in London, on Feb. 1,
that the British Government took a grave view of the inci¬
it immediately.
Foreign Secretary, suggested
to the French and Italian Ambassadors to London on Feb. 2
that Mediterranean patrol vessels be instructed to sink sub¬
marines on sight.
He also Announced that Great Britain
'tvould return her patrol force to full strength, and proposed
that France and Italy do likewise.
His suggestions were
outlined in the following London dispatch from Ferdinand
Kuhn, Jr., to the New York "Times" on Feb. 2:
The meeting between Mr. Eden and the Ambassadors lasted only twenty
minutes.
It was little more than a formality.
There was no discussion,
apparently, of other measures, such as a collective protest to the National¬
ist [Insurgent] regime in Spain against the sinking of the British freighter
Endymion Monday morning off Cartagena, Spain, with the loss of 11
dent, and would investigate
Anthony Eden, the British
lives.
Certainty
No
as
to
General Franco's diplomatic
chief of
Finance Commissioner,
as
"Theiefore, it was necessarily only provisional in character.
the exceptional ability of its commissioners and subthis body can no longer cope adequately with the growing
morning.
Notwithstanding
secretaries,
complexity of public services in our
volume and
matter of fact,
a
there is no certainty in
London that the Endymion
Stanley Thomas, rescued mate of the Endymion, told a
London newspaper by telephone from a hospital in Cartagaia today that
there was just "a violent explosion" below the waterline.
"We cannot tell if the explosion came from a torpedo or a mine," he
torpedoed.
"The only indication
said.
and
only a
is that the sea was very
drifting mine could have
deep at this point,
been placed there."
British cruisers Southampton and Newcastle sped
toward Valencia, Spain, from Gibraltar today to make a searching inquiry
into the sinking of the Endymion.
Eight destroyers scoured the sea where
crack
The
the
9,000-ton
freighter went down, but
Yesterday
lona
found no trace of a submarine.
(Feb. 4) Associated
modifications
future
that
assumed
be
not
Control
control,
British
all
freighter
were rescued by a
and brought to Barcelona.
British,
fishing vessels
Alcira,
Spanish Government sloop and
and immigration
Order,
inspection services is placed in the hands of the Minister of Public
who will also be responsible for public safety and will command the
Civil
Interior is relieved of
these duties, presumably so
attention to collecting
reparations for rehabilitation of devastated regions and to local administra¬
tion, promotion of tourism and direction of the Nationalist Press and
police.
highway
and
Guard
The Minister of the
that he may give more
Propaganda Bureau.
will
Cabinet
The
have
a
vice-president, charged with
Colonial admin¬
istration.
As
take
as
they
as
soon
take their posts,
the Nationalist regime
ready to
are
oath of allegiance to
an
retains the power to
chief of staff, who
general character," and whose
Cabinet members must
and to General Franco
decide "juridical standards of a
signature will be required on
all laws before
become effective.
they can
Jan. 31 from Barcelona
described
of the British steamer as follows:
The 887-ton steamship, out of Gibraltar, sank in four minutes off Cape
Tinosa, 14 miles southwest of the loyalist naval base at Cartagena, to
the sinking
identity was
exact
its
torpedo,
of coal.
of the Mediterranean
bound with a 1,700-ton cargo
was
Although the submarine rose out
not established.
before firing the
The Defense Ministry
submarine was a rebel craft.
It said the sinking occurred
a.
m., at a point 16 miles
off the rocky promontory of Cape
which is almost directly east of the rebel-held Balearic island
merely said the
7:20
at
Tinoso,
of
Majorca.
reported missing of the 15 on board was a control
International Non-intervention Committee, identified oniy
Among the 11 persons
of
agent
as
the
With the exception of the
Swede.
a
control agent, the victims were
all
British.
The incident was
the first actual
civil war since
Mediterranean patrol against
the
with
their
Spanish
Nyon accord of last Sept.
Defense Ministry here
the
The
in connection
navies began
"pirate" submarines and aircraft under
sinking of a neutral ship
the British and French
12.
made the announcement on
the basis of a
commander of the Cartagena naval base, who said four
survivors of the Endymion's crew had been rescued.
The
Endymion,
a
steamship with three masts, was owned by the
Vernao
Steamship Co., Ltd.
The ship, built in 1909, was 210 feet in
length.
•:
•
-■
"■
.
■ ■
report
from the
The
insurgent
after
worst
bombings
sea
The
.
the civil war.
the
port
lines
city
in from
dead and 700
Bombing squadrons sweeping
with
more
than
300
.
insurgents' new
ernment
from
took the offensive today in mountainous southwest
raiders subjected government Barcelona to two of the
of
littered
.
Associated Press accounts
in part:
army
air
Spain
Jan. 31,
of
date
Under
Hendaye said,
north
of
land offensive rolled
Cordoba,
back the thinly-manned gov¬
along the border
of Badajoz Province.
attack. Insurget communiques
said the drive was forcing loyalist troops back to the east, through the
rugged mining region starting with Acehuche, just east of Campillp.
The government admitted it had been forced to abandon some positions
but asserted the operations were localized, with no major objective.
The
government said a counter-attack was "on the way."
The offensive in this long-quiet region diverted attention temporarily
from
the Teruel
sector, where government and insurgent troops have
been deadlocked for weeks since the government's surprise capture of Teruel.
Tanks
and
lanes supported
infantry in the
Withdrawal of Invitation by
trying to run the Spanish insurgent
blockade, was bombed by two planes and 6unk today 20 miles southeast of
Barcelona.
Her crew of 25 and an observer for the non-intervention
The
it must
improvement are in any
or
precluded or even prejudiced."
of communications and of the frontier customs
sense
Press advices from Barce¬
said:
territory, which are steadily
expanded with our army's liberation of additional regions.
"But while a basic form of government is hereby provided,
wounded.
As
was
foreign relations
Cabinet.
really has acted as the Burgos
junta's Finance Minister for 14 months.
Joachim Bau, as Trade Com¬
missioner, has generally fulfilled the duties of Minister of Commerce and
Industry.
For more than 10 months General Martinez Anido has officiated
as
Chief of Public Order in Franco territory.
Since the beginning of the
civil war Colonel Martinez Fusset has acted as Juridical Assessor, a post
corresponding to Minister of Justice.
"The technical junta had to be created quickly to administer our civil
affairs," says the preamble to General Franco's decree, published this
Amado,
Julio
the
Cause
Public Works,
or
which she
Spanish civil war again was the cause of interna¬
repercussions on Jan. 31, when an unidentified
Tlie
Justice, Education,
Commerce,
and
Industry
Agriculture,
presidency and vice-presidency
Finance, Defense, Interior,
Affairs,
Foreign
of
those
and
Cabinet
the
of
United Press advices of
British
Cabinet's presidency and 11
portfolios have not been officially announced, but it
be tomorrow so that they can begin work the first
there
instance
reported killed in bombing
were
Meanwhile,
The
the south.
and another moving from
north
raids on Barce¬
that General
Franco, commanding insurgent forces, had appointed a per¬
manent Nationalist Cabinet to replace the temporary techni¬
cal junta that has functioned at Burgos, Spain, since Octo¬
ber, 1936.
A Burgos dispatch by William P. Carney to the
New York "Times" described this announcement as follows:
In
decree signed "El Caudillo"
[the chief], Generalissimo Francisco
Franco
sets up 12
Ministries, which, with under-seeretaries, will carry
civilians
lona.
the
major battle on
a
833
Chronicle
Japanese
National Com¬
of Inter¬
1939 Biennial Congress
national Chamber of Commerce at Tokyo
mittee
The
to
Hold
Japanese National Committee
Commerce has voted to
Chamber of
of the International
defer until 1941 the
834
Financial
Chronicle
invitation which it has previously extended to hold the 1939
Biennial Congress of the International Chamber in
it
announced
was
of
the
Wadsworth,
Chamber.
We
the stock in trade of their business, and they
Tokyq,
Jan. 25 by Thomas J. Watson, President
International Chamber of Commerce, and Eliot
have
on
Chairman
In
of
the
American
Section
of
advised
by the
Japanese National
Committee
rates
enable
not
the
The Japanese
as
Commerce
at
to
and to propose to the International Chamber of
invitation to hold the 1941
Congress at Tokyo. The
International Chamber has accepted the withdrawal of the
invitation for
1939.
The invitation for 1941 will be presented to the
Council
use.
a
sufficiently long experience of
a
managed currency to
opinion of the general effect of its operation.
an
be overlooked that deliberate currency management,
subject to such world-wide influences
A few
years
ago
as
It must
particularly of
sterling, is not
an
a
easy
the very conception of a purely managed
which long usage
of the gold standard has accustomed
practice that the system is working smoothly.
an
knowledge
we
us,
find in
In the light of our present
managed currency can no longer be regarded as
ary makeshift while the gold standard is in abeyance.
.
a
a mere tempor¬
.
.
Everyone must recognize the dangers and difficulties of free monetary
management—difficulties which have been greatly increased by the vast
at the next
meeting.
concern in mone¬
maintaining national credit unimpaired.
Much had to be learnt and is
being learnt, but, however difficult it may be to put on one side the ideas
Congress of the International Chamber of
Tokyo,
Commerce Council
direct
a
country with banking and credit highly centralized and with a government
they affect the rest of the world.
Committee has accordingly resolved to withdraw its in¬
vitation to hold the 1939 Biennial
had
form
undertaking.
difficult to attain the original purpose of
conducting a study of economic
conditions in the Far East
industry and trade, money is
have
currency was something new; in no country were the conditions such as to
make it practicable; it is only conceivable as
being efficiently practised in a
they consider that it will be
as
now
us to
currency
International Chamber that, in view of recent
developments in the China
situation, they do not now think it opportune to invite leading business
figures of the world to Tokyo next year,
charged for its
We have
the
of
S, 1938
tary policy, which determines the quantity of money and through this the
making the announcement Mr. Watson stated:
been
Feb.
their prosperity depends largely upon that of
.
^
of funds from
country to country for a variety of motives,
economic, financial and political.
But the fact that mankind is subject to
innumerable physical disorders is no reason
movements
Investment
Dealers
Establishment
minion
Association
of
Bodies
of
Creation
Canada
of
National
Harmonize
to
Suggests
Fiscal
and
why medical research should
Do¬
Policies
cease or
of
plies
Dominion and Provinces
The establishment of
freedom under present conditions in
adapting our policy to rapidly changing
circumstances.
The instruments with which trade can be stimulated or
Dominion Grants Commission and
National Consultative Committee to harmonize the fiscal
a
a
policies of the Dominion and Provinces
and
to
why the individual should not try to keep fit. The argument ap¬
less to financial than to bodily health.
We have had far greater
no
speculation checked
the amount and nature of financial assistance
to be granted
Provinces where temporary disabilities
exist was the
proposal
Canada
in
Rowell
of
the
Commission
Jan. 24.
A final
Regarding
Investment
presenting
the
Dealers
Association
its
preliminary brief before
Dominion-Provincial relations,
on
system
of
as we ever
Emphasizing
yields of
wide
public securities
borrowers,
rates
of
the
in
Investment
Dealers
be
limited
abilities,
meet
made
then
the
Association
to
subsidies
by
the Dominion
mission,
and
after
suggested
should
on
that
increased
or
to
thorough
exploration
of
By the adoption of this procedure,
the
the
which
of
it
findings
and
dis¬
sufficient
to
suggested,
be
Grants Com¬
ty
Provinces.
adequate
revenue
being assigned to the Dominion, the investment dealers expressed
hope that there would develop a better understanding of the nature and
of fiscal difficulties and that by national sharing of disabilities.
sources
a
gravity
Federal
assistance
under
and unity In
mony
K. M.
ciation
appropriate
conditions would
fiscal practices which
are
bring about
a
har¬
absent.
now
Pringle, President of the Investment Dealers Asso¬
of
Canada,
headed a delegation which comprised
Toronto; Ernest Savard, Montreal; R. D.
Baker, Winnipeg; D. K. Baldwin, Montreal; Courtland
Elliott and A. D. Cobban, Toronto; R. 0.
Daly, Socilitor for
the Association, and others.
J.
A.
Eraser,
Before
cusses
In
Annual
Stockholders
''Depressing Influences"
In
United
States
addressing the annual meeting of the shareholders
of the
Midland Bank in London on Jan.
26, Reginald McKenna,
Chairman of the bank, declared that "when we
look to the
future I see no ground for
pessimism." He went on to
say:
We must not, it is true, underrate the
At the
beginning of his remarks, Mr. McKenna,
referring
"depressing influences at work in the United States" said:
to
In April President
Roosevelt declared that some
prices, particularly of
high.
At the same time the
gold scare,
based largely on unjustified inferences from
that statement, gave rise
to
the non-ferrous metals, were too
fears of
restrictive monetary policy and
precipated
stock exchange quotations and
primary
a
have been
into
a
no more
than
a
a
general decline in
commodity prices. But what might
temporary break developed in the United States
Offset
Balance
"Denmark usually has
to
an excess of
106,800,000 kroner for
imports
over exports,
the first 11 months of
which amounted
1937, but the adverse trade
balance has been offset by the
earnings of the merchant maripe, the most
important industry so far as the balance of payments of the country is con¬
cerned.
The net foreign exchange
earnings of the commercial fleet, includ¬
ing ships' stores and bunkers and port dues, for the five-year period 1932sufficient to cover the trade deficit in the amount of 343,000,000
were
kroner,
net
interest,
abroad amounting to
dividends,
commissions,
379,000,000 kroner, and
of the foreign debt to the extent of
Bacon, butter, and
and
insurance
payments
to permit a net amortization
164,000,000 kroner."
the chief Danish products and
leading exporter of these products.
"However," according to the bulletin, "this specialization
has made the national
economy of the country dependent on
the absorptive capacity and
prices of these products in for¬
eign markets, particularly in Great Britain which takes
about 99% of the total Danish bacon
exports."
eggs are
Denmark is the world's
As
result of the shrinkage in recent
years
a
Denmark's agricultural
obtain markets for her
products,
of the foreign markets for
Denmark is intensifying her efforts to
high-quality industrial products such
refrigerating equipment.
ships, Diesel
as
In 1936 exports of manu¬
25% of total exports.
"The
Danish Krone," according to the bulletin, "has remained stable
July 7,1933 'pegged' at the rate of 22.40 kroner to the pound sterling.
since
On Dec. 31, 1937 the legal reserve ratio stood at
28.24% but a revaluation
of the gold
holdings of the National Bank of Denmark
on
the basis of the
current
exchange rate of the Krone would increase the gold holdings from
117,800,000 to 239,400,000 kroner and the ratio of gold to notes in cir¬
culation to
over
57%.
In October, 1937 the foreign-exchange position of the
National Bank changed from
December, 1937 amounted
a net
to
debit to
a
net credit, which at the
end of
62,152,945 kroner.
This improvement was
largely to the increased earnings of the shipping industry.
"The current account budget has shown a
surplus each year since 1929-
due
If
the recent
shrinkage in
American business should for
any reason persist, then it seems
likely that
the slow but substantial growth of
world trade, which had been
gathering
strength until the middle of last year, may be
definitely arrested.
Trade
The bulletin states:
Importance of American develop¬
ments in their effect on other
parts of the world.
great deal has
technique will be developed under the new
Finance—Adverse
and marine engines, and
Smoothly—
Meeting Also Dis¬
a
had when working on the gold standard
factured goods represented almost
Reginald McKenna of Midland Bank of London
Regards
Managed Currency System Working
Already
use.
Denmark has experienced no
difficulty in providing foreign
exchange for external debt service, according to a bulletin
issued Jan. 31 by Dean John T.
Madden, Director of the
Institute of International Finance.
The Institute, which is
a research
organization conducted by the Investment Bank¬
ers Association in
cooperation with Newr York University.
36
National
a
the
a
by Earnings of Merchant Marine
the
extraordinary
was
require
of
permanent
an
difficulties
Dominion
would
through
budgets.
The
Dominion
a
low
present
only
amount
an
rather
Provinces might
due to
might,
the recommendation
Consultative Committee representative of
the
some
disabilities of
loans
to
balanced
of
interest
indicated
attained
where
sources
and
standing of public
access
responsibilities
be
grants
time
be
of
that
revenue
prices
credit
could
succession
To meet temporary
conditional
the
concluded
a
that
market
present
of
borrowers
expenditure
carry
discrepancy.
special
dealers
the
the
at
appraisals
about
indicated
that
Canada
public
bring
Commission
nature,
all
to
to
Rowell
too
in
investors'
investment
interest
devised
means
submission
fine
Experiences No Difficulty In Providing For
Says Bulletin of Institute of Inter¬
national
brief, it is expected, will be submitted later.
of the investment dealers, it is
their
as
External Debt
on
proposal
in
differences
Denmark
the
stated:
readily available for
and I do not doubt that
to
chief
are
been learnt about the
principles and practice of a free monetary system,
determine
1930 with the exception of 1933-34.
closed with
and
a
The fiscal year ended March 31, 1937
surplus of 27,400,000 kroner and the estimates for
1937-193j
1938-1939 anticipate small surpluses.
usually show
a
The capital account"budgets
deficit offset in part by an increase in state assets.
_"The direct funded debt of Denmark on March 31, 1937 amounted to
1,229,140,000'kroner composed of*559 J82/)00 kroner internaUdebt^and
669,358,000 kroner external debt.
par
The foreign debt is computed at the old
of exchange, but calculated at the average March 1937
exchange rate
of the foreign currencies in
Copenhagen it amounted
thus raising the total debt to
the current
1,521,645,110 kroner
or
to
961,863,110 kroner,
about $340,000,000 at
exchange rate of the krone."
real business recession.
The confidence of
industrialists, already dis¬
turbed by the policy of the
Government, became seriously shaken, and
capi¬
tal construction was arrested.
Happily, no similar obstacle to business
enterprise is present in Great Britain, and there is no
indication here that
the drop in stock
exchange quotations and commodity prices will
lead to a
comparable decline in general trade.
Continuing, Mr. McKenna
and practice of
It is natural that
a
Import Licensing System
The
Jan.
commented
on
"the
managed currency," saying in part:
theory
setback first in prices and then in
trade should be taken
to confirm the fears of
people who are dubious about the
theory and prac¬
tice of a managed
currency.
Management has meant cheap and abundant
money, and in their view long-continued
cheap money must lead to overexpansion of industry and trade, which has its
inevitable reaction in a
slump.
The alleged benefits of
cheap money, they tell us, have been
exaggerated,
while the danger of inflation is
always present. Now they see that a fall in
prices and a drop in employment have taken
place while money is still cheap,
and they regard this as definite
condemnation of a managed
a
currency.
We shall all agree that the
question of the right method of
currency and
credit control is of the greatest
importance to the whole country. For banks
in particular the subject has a
special significance. Apart from the fact that
Australia Again Accorded Most Favored Nation Tariff
Treatment Effective Feb. 1—Australia Abolishes
ment
Feb.
State
27
Department
advices
informing
1)
at
Washington
communicated
it
that
it
the
to
had
been
made
public
Australian
restored
on
Govern¬
(effective
to the list of nations accorded most-favored-nation
treatment.
Nearly two years ago President Roosevelt
ordered that on Aug. 1,
1936, the benefit of the lower Amer¬
ican tariff duties
resulting from reciprocal trade agreements
be withdrawn from Australia
because of discrimination
against United States products involved in the new Aus¬
tralian
ence
to
import licensing system adopted at that time.
President
Roosevelt's
order
was
made
in
Refer¬
our
issue
of
July 4, 1936, page 35.
In effect, said Washington ad¬
vices, Jan. 27, to the New York "Times," this
procedure
bore down
heavily
on
American exports to Australia, since
Volume
835
Financial Chronicle
146
Australia than
These advices added:
The reversal of policy by the Australian Government made possible the
resumption of friendly commercial relations.
The development was viewed as of particular significance, coming as it
does on
the eve of negotiations
between the United States and Great
Britain for a reciprocal trade agreement.
Any arrangement of this kind,
if completed, would inevitably alter the economic relations of the British
Empire, which were established under the Ottawa Agreements of 1932.
It
is considered probable that the various British
dominions will, in that
event, desire to conclude their own reciprocal agreements with the United
States, and Australia is now again in an eligible position.
STOCK EXCHANGE
YORK
NEW7
sold more goods to
this country always has
Committee
on
Securities
Feb. 2,
it bought there.
Department's note, just
The State
such coupons:
communicated to Aus¬
General Thomas M. Wilson
at Sydney, Australia, reads as follows:
.
I
instructed by my government to inform you that, on the basis
of the announcement made by the Government of Australia on Dec. 7, 1937,
of its intention to abolish import restrictions and of action subsequently
taken which effectively restores to American exporters without discrimina¬
tion the market possibilities they formerly enjoyed in Australia, the Presi¬
dent of the United States has directed that beginning Feb. 1, 1938, the
products of Australia entering the United States shall thenceforth be
tralia through
American Consul
received that pursuant
Notice has been
to an amendment
bonds of 1928, due
1958:
That the bonds
shall continue to be
1, 1938, and
be a delivery in
Feb. 3, 1938, must carry the
dealt in "Flat" and to
made beginning
subsequent coupons.
ROBERT L. FISHER,
Odd-Lot Trading on New York Stock
Week Ended Jan. 29
Additional Members Elected to
Bondholders Committee
The
Bondholders Committee
120 Wall Street,
Colombia
for Republic of
New York City, announces
Mr. F. Hasler
is Chairman
of the Executive
Colombia,
the election to
Committee of The Conti¬
Mr. Hasler was an original member
Republic of Colombia, but resigned
January 12, 1937, because of a then existing pressure of business.
Mr.
Hasler, has, over a period of years, acquired a very broad experience in
Latin-American financial matters and his services will prove a distinct
Co. of New York.
Bondholders Committee for
benefit to the
newspaper man
the
data
The
are based upon
by odd-lot dealers
published
with the Commission
ODD-LOT TRANSACTIONS OF
IN STOCKS, RIGHTS, AND
reports filed daily
and specialists.
ODD-LOT DEALERS AND
WARRANTS ON THE NEW
JAN. 29, 1938
SPECIALISTS
YORK STOCK
EXCHANGE—WEEK ENDED
PURCHASES
SALES
(.Customers' Orders to Sell)
{Customers' Orders to Buy)
present time the
United States Senator. He is now serving his
second term, having been reelected Nov. 3, 1936.
The membership of the Bondholders Committee for Republic of Colombia
now consists of:
Robert L. Owen, Chairman; Frederick E. Hasler, Arthur
L. Higbee, Lawrence E. de S. Hoover, Marvel Mills Logan, Richard C.
the
673.
of Jan. 29, page
and journalist. He is
New York Representative and public relations
counsel of several large corporations among which are:
Borg-Warner Corp.
of Chicago and Houdaille.Hershey Corp. of Detroit.
Senator Logan is a member of the Bar of the State of Kentucky.
He
was nominated for the office of Attorney General in 1915 without opposition
and was elected and served until June 1, 1917, when he resigned.
In 1926
he was nominated and elected Judge of the Court of Appeals, the highest
court of the State of Kentucky, and served as a member of that Court until
Jan. 1, 1931, when he became Chief Justice, which position he held until
at
and Exchange Commission made
week ended Jan. 29, 1938 of the
daily corrected figures on odd-lot transactions of odd-lot
dealers and specialists in stocks, rights and warrants on the
New York Stock Exchange, continuing a series of current
figures being published weekly by the Commission.
The
figures for the week ended Jan. 22 appeared in these columns
bondholders.
Higbee was for many years a
Mr.
Exchange During
On Feb. 3 the Securities
Hasler,
regard¬
ing the new members is from the Committee's announcement:
of the
Secretary
public a summary for the
membership, at a meeting on Jan. 19 of Frederick E.
Arthur L. Higbee and M. M. Logan.
The following
nental Bank & Trust
Feb. 1,
1938;
settlement of transactions
Aug.
bonds be quoted ex the
Securities rules that the
The Committee on
1938, coupon on Feb. 3,
treatment.
most-favored-nation tariff
Three
thereto dated
offered instead of such cash offer payment
in cash at the rate of \M%
per annum in exchange for the coupon due
Feb. 1, 1938, and that the paying agent is now prepared to deliver the 3%
dollar funding bonds in exchange for the Feb. 1,1938, coupon or make pay¬
ment in United States dollars at $21.25 per $1,000 bond upon surrender of
said coupon from City of Warsaw 7% 30-year sinking fund external gold
1937, holders are now
Oct. 14,
am*
accorded
1938
the Republic of Poland on Feb.f24,
1937, which provides for the payment of the Feb. 1,1937, Aug. 1,1937, and
Feb. 1, 1938, coupons from City of Warsaw 7% 30-year sinking fund ex¬
ternal gold bonds of 1928, due 1958, at 35% of their face amount in United
States dollars or at the option of the holder in 20-year 3% dollar funding
bonds of the Republic of Poland in an amount equal to the face amount,of
notice published by
Referring to the
Trade Date
Shares
No. Ord.
No. Ord.
Value
$4,393,054
82,926
Jan.
24
Jan.
25
5,263
5,334
131,431
4,348,817
26
14,907
367,407
9,683
27
10,376
6,618
192,372
Jan.
28 and 29
14,802
9,157
258,656
Jan.
10,893,216
7,771,726
10,458,237
284,736
Jan.
Total for week..
50,582
1,241,003 $37,865,050
32,368
257,787
358,892
Value
Shares
3,247
3,658
125,486
98,594
$2,707,412
3,326,695
8.963,859
5,860,111
7,930,253
917,284 $28,788,330
beginning of his term as
Jr.
Patterson,
New
Greek Government 6%
York Stock Exchange on
Loan of 1928
announced on Jan. 29
the adoption of the following rules by its Committee on Se¬
curities pertaining to the Greek Government 6% gold bonds,
Stabilization and Refugee Loan of 1928, due 1968 :
Stabilization and Refugee
York Stock Exchange
New
NEW
YORK STOCK
Committee on
EXCHANGE
Securities
Jan. 29,
1938
payment of $12 per $1,000 bond will
be made on presentation for stamping of the coupon due Feb. 1, 1938, from
Greek Government 40-year 6% secured sinking fund gold bonds, Stabiliza¬
tion and Refugee Loan of 1928, due 1968:
The Committee on Securities rules that the bonds dealt in under option
(b) be quoted ex-interest $12 per $1,000 bond on Feb. 1, 1938;
That the bonds shall continue to be dealt in "Flat" and to be a delivery
in settlement of transactions made beginning Feb. 1, 1938, must carry the
Notice having
been received that
follows:
(a) Aug. 1, 1933, and Feb. 1.
coupons as
1, 1935, coupons
and Feb.
1934, coupons, ($8.25 paid),
($10.50 paid), Aug. 1, 1935, to
inclusive, (40% paid), and subsequent
(b) Aug. 1. 1933, and Feb. 1, 1934, coupons,
coupons,
coupons,
That
been for
Aug. 1, 1934,
Feb. 1, 1937,
coupons;
($8.25 paid), Aug. 1, 1934,
Feb. 1, 1938,
($10,50 paid), Aug. 1, 1935, to
inclusive, (40% paid), and subsequent coupons;
and Feb. 1,
Trading
1935, coupons,
transactions made
without specification
(a).
bonds under option
percentage of
The
shall be considered to have
ROBERT L.
FISHER, Secretary
Danish Consolidated Municipal Loan 30Bonds, Due 1955, Drawn for
Redemption May 1, 1938
Brown Brothers Harriman & Co., fiscal agents for Danish
Consolidated Municipal Loan 30-year 5H% external sinking
of
Year
5^% External
that $91,000 of the bonds
redemption on May 1, 1938
fund bonds, due 1955, announce
have
York
trading in stocks on the New
York
and the New York Curb Exchange during the
week ended Jan. 8 by members for their own account, except
odd-lot dealers on the Stock Exchange, was higher than in
preceding week ended Jan. 1, it was announced yesterday
4) by the Securities and Exchange Commission.
Member trading on the Stock Exchange during the week
ended Jan. 8 amounted to 3,134,690 shares in round-lot
transactions, the Commission noted, or 24.17% of total trans¬
actions on the Exchange of 6,483,410 shares.
This compares
with 2,984,280 shares of stock bought and sold on the Ex¬
change for the account of members during the previous week,
which was 17.20% of total transactions that week of 8,677,the
(Feb.
480 shares.
been drawn
by lot for
Bonds so drawn for redemption
principal amount on and after
presentation at the New York office of Brown
through the sinking fund.
will become payable at the
May 1 upon
Bros. Harriman & Co.
"
■
the New York
shares, a percentage of 21.39%.
ended Jan. 1 member trading on
data issued by
week ended Jan.
8, said:
round-lot volume in the table for the New York
York Curb Exchange represent the volume of
all round-lot sales of stock effected on those exchanges as distinguished from
the volume reported by the ticker.
The total round-lot volume for the
week ended Jan. 8 on the New York Stock Exchange, 6,483,410 shares, was
7.2% larger than the volume reported on the ticker.
On the New York
Curb Exchange, total round-lot volume in the same week, 912,790 shares
exceeded by 6.0% the ticker volume (exclusive of rights and warrants).
The data published are based upon reports filed with the New York Stock
Exchange and the New York Curb Exchange by their respective members.
These reports are classified as follows:
New Yort
New York
given for total
and the New
Stock Exchange
Stock
Exchange
1,079
received
transactions:
Curb
Exchange
865
102
60
Initiated off floor
115
Reports showing no transactions
469
606
*Note— On the New York Curb Exchange the round-lot transactions of specialists
"In stocks In which registered" are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
specialists*
Other than as
of Warsaw (Poland)
bonds of 1928, due
the member trading
the SEC is in the series of current
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. 1 were given in these columns of Jan. 29,
page 673.
The SEC in making available the figures for the
The
As
adoption of the following rules on City
7% 30-year sinking fund external gold
1958, by its Committee on Securities:
week
figures being
Reports shewing
York Stock Exchange Rules on City of Warsaw
(Poland) 7% External Gold Bonds of 1928, Due 1958
The New York Stock Exchange announced on Feb. 2 the
In the preceding
the Curb Exchange was
16.28% of total transactions of 1,799,600,
having amounted to 585,940 shares.
Number of reports
New
.
Curb Exchange members traded for
their own account during the week ended Jan. 8 to the
amount of 390,590 shares against total transactions of 912,790
On
The figures
$91,000
New York Stock and New
During Week Ended Jan. 8
on
Curb Exchanges
Stock Exchange
Gold Bonds,
The
Member
....
specialists:
292
319
Initiated on floor
dealer, as well as
those of the
206
specialist.
836
Financial
Chronicle
The number of reports in the various
classifications may total more than
the number of reports received
because, at times, a single report may carry
entries in more than one classification.
NEW
YORK
STOCK
FOR
EXCHANGE—TRANSACTIONS
ACCOUNT
OF
MEMBERSa
IN
ALL
STOCKS
As of Feb, 1, 1938. New York Stock
on
the Exchange.-..
ings in New York City
Per
Week
1938
$38,869,140,625, and with 1,216 stock issues,
aggregating 1,366,590,299 shares with a total market-value
of $61,911,871,699 on Feb. 1, 1937.
In making public the
Feb. 1 figures the
Exchange said:
(SHARES)
Total for
5,
market value of
Week Ended Jan. 8, 1938
Total volume ol round-lot sales effected
Feb.
Cent.b
6,483,410
Exchange member total
net borrow¬
on collateral amounted to $597,418,040.
The ratio
borrowings to the market value of all listed stocks,
of these member total
this
on
date, was therefore 1.52%
Member borrowings are not broken
down to separate those only on listed share collateral from
those on other
collateral; thus these ratios usually will exceed the true
relationship between
borrowings on all listed shares and their market values.
.
Round-lot
transactions
of
members
except transactions of
specialists arid odd-lot dealers In stocks in which registered:
1. Initiated on the floor—Bought
599,210
565,430
•Sold
Total
2.
Sold
of
total net
283,230
specialists
In
stocks
registered—Bought
in
3.99
-
725,530
727,180
—
Total
1,452,710
Total round-lot transactions of members,
of odd-lot dealers In stocks In which
11.20
Feb. 1, 1938
Transactions for account of odd-lot dealers In stocks
in which
registered:''
1. In round lots—Bought...
Building..
425,110
102,160
.....
Total
Bought
EXCHANGE—TRANSACTIONS
ACCOUNT
OF
MEMBERSa
IN
ALL
Week Ended Jan. 8, 1938
Total for
Week
'
Total volume of round-lot sales
effected
on
J^.
the Exchange
transactions of members, except
specialists In stocks In which registered:
1. Initiated on the
floor—Bought...
transactions
"
;
Communications (cable, tel. & radlo).
"■' ■
Mlscellaneous utilities
of
Aviation
Business and office equipment
31,620
...
Sold
Shipping services
Ship operating and building
Miscellaneous businesses............
22,850
Total
54,470
2.
Initiated off the floor—Bought
Sold
2.98
Leather and boots
Tobacoo
34,365
35,775
transactions
of
specialists
In
stocks
In
3.84
131,540
134,440
Sold
*
265,980
14.57
30.60
16.20
6.20
22.63
25.11
24.08
17.31
25.79
26.29
39.86
15.73
22.85
11.11
82.55
12.22
11.72
27.96
3.29
9.37
14.77
23.93
52.25
13.75
18.49
1,049,525,733
27.20
27.59
3,162,283,606
129,276,808
286,192,996
303,008,421
6,172,634
27,266,461
78,289,948
156,855,474
1,385,727,777
21,643.527
564,654,556
973,070,721
84.26
11.86
12.46
26.75
2.95
9.00
13.22
22.95
52.08
12.89
17.68
25.21
38,869,140,625 '27.53
Revised.
We
Total
Total round-lot transactions for
accountsiof all members:
28.77
39,242,676,837
All listed stocks
which
registered—Bought
....
Garments
70,140
Round-lot
6,895,719
28,384,575
87,482,370
163,528,412
1,390,324,988
23,081,905
590,437,004
U, S. companies operating abroad
Foreign companies (Incl. Cuba & Can.)
Total
45.54
307,061,457
1,896,999,836
3,112,376,808
1,977,972,969
204,466,729
1,819,870,557
1,079,401,880
3,098,454,136
133,186,083
269,184,513
317,036,640
Gas and electric
(operating)
Gas and electric (holding)
912,790
;
Round-lot
....
Steel, Iron and coke
Textiles
Per
Cent.b
53.54
21.40
40.16
1,419,700,140
1,640,572,198
4,627,085,855
Retail merchandising
Railways and equipments
2,309,660,158
19.92
850,783,472
16.31
4,740,707,834
54.48
484,246,926
22.75
1,639,451,091
42.49
2,516,293,932 27.83
288,451,442
27.31
633,180,950 47.16
276,860,987
15.44
30,533,117
6.11
1,423,800,448
22.58
1,617,315,341
24.81
4,612,945,686
24.00
287,924,588 16.22
1,802,359,291
24.49
3,218,884,064
27.35
1,995,762,736
40.22
199,095,038
15.23
1,677,159,705 23.63
1,169,280,890
12.04
16.35
2,601,441,069
324,153,834
611,426,343
291,821,002
31,285,752
....
.......
STOCKS
(SHARES)
%
22.04
455,566,953
.........
Machinery and metals
Mining (excluding Iron)
Petroleum..........
Paper and publishing
1,962,024
FOR
Price
1,549,543,372
..w
Land and realty
792,470
1,169,554
CURB
......
Amusements
Total
YORK
-
Rubber and tires.....
4.07
specialists):
Sold
Value
2,555,403,963
852,179,739
4,726,824,303
——...—....
...
Farm machinery
of
Aver
Price
S
accessories
Electrical equipment
manufacturing..
Foods
527,270
(Including odd-lot transactions
Market
24.17
Financial.
Chemicals
Sold
Aver.
I alue
Autos and
NEW
Jan. 1, 1938
Market
3,134,690
in odd lots
Exchange member
$659,219,305.
1,558,850
1,575,840
Total
2,
Stock
except transactions
registered—Bought..
Sold
New~Yo7k
In the following table listed stocks are classified
by leading
industrial groups with the
aggregate market value and aver¬
age price for each:
which
Sold....
1, 1938,
borrowings in New York City
on collateral amounted
The ratio of these member total
borrowings
to the market value of all listed
stocks, on this date, was
therefore 1.70%.
to
517,340
-
transactions
8.98
234,110
-
Total
Round-lot
As of "Jan.
1,164,640
Initiated off the floor—Bought
give below
a
two-year compilation of the total market
value and the
average price of stocks listed
on
the
Exchange:
Bought
197,525
193,065
Sold
Market
Average
Value
Price
Total
390,590
21.39
Odd-lot transactions of
specialists in stocks in which
registered:
Bought
Mar.
Tfttal
-
b
-
Percentage of members' transactions
culating these
percentages
the
total
of
to
total
their
firms
and
Exchange transactions.
members'
1
1
their
In cal
transactions
Is compared with
twice the total
exchange volume for the reason that
the total of members'
actions Includes both
trans¬
purchases and sales, while the
total exchange
volume includes
only sales.
York
Feb.
38.61
Mar.
1
35.74
May
1
1
54.066.92V315
40.30
1
Oct.
1
54.532,083.004
55.105,218.329
58,507,236,527
60,019,557,197
Nov.
1
Dec.
1
37.35
June
1
38.00
July
Aug.
1
40.56
Sept.
1
40.88
Oct.
1
43,36
Nov.
1
44.26
Dec.
1
1937—
1
Exchange Reduces Salaries of Em¬
10 to 16%—Becomes
Effective Feb. 5—
Also Eliminates Fee
Paid to Governors for
Attend¬
♦
$45.30
45.46
46.26
41.80
41.27
39.21
42.30
40.51
35.07
*31.77
28.92
1938—
1
59
,878,127,946
44.02
Jan.
1....
Feb.
Curb
Price
$61,911,871,699
62,617.741,160
62,467,777,302
57,962,789,210
57,323,818,936
54,882,327,205
59,393,594,170
56,623,913.315
49.034,032,639
*44,669,978.318
40,716,032,190
1
Apr.
1
1
1
38.85
July
Aug.
Sept.
Jan.
New
$37.98
June
110,232
Exchange members,
$50,164,457,052
51,201,637,902
51,667,867,515
47,774,402,524
49.998.732,557
50,912,398,322
1
May
Average
1937—
1
Apr,
52,501
57,731
a The term
"members" Includes all
partners, Including special partners.
1936—
Feb.
SoW....
Market
Value
1
38,869,140.625
39,242,676,837
27.53
27.59
Revised.
ployees
ing Meetings
The Finance Committee of
the New York Curb
Exchange,
at a
meeting held Jan. 27, decided that
by reason of the de¬
crease in
Exchange income, due to conditions in the securities
markets, it was necessary to cut down
operating expenses of
the Exchange.
It was accordingly decided to
reduce all
salaries, and to eliminate fees paid to
members of the Board
of Governors for
attendance at
meetings of the Board and
at meetings of the
Committees of the
Exchange. The Ex¬
change's announcement in the matter
continued:
By instituting this salary cut the
Exchange has presently obviated the
necessity of reducing its working force.
Salaries will be restored
levels when business
improves.
These reductions and the
$20 but under $22
will be reduced
15%
.
a
week,
.
week 12%
a
a
was
it had
been fully restored.
increases in 1937 which
no
week.
in
cut
This loss
,
however, that
shall receive less than
$15
The latest previous
August, 1932.
former
elimination of fees become
effective Feb. 5.
or less, will be cut
10%
Those earning
and all salaries of $22 a
week and over
The new schedule
provides,
Employees earning $20
over
to
salaries
on
the Curb
partly restored
Floor employees of the
brought their
Exchange
in 1933 and,
pay to new
employee
Decrease of $61,801,265 in
Outstanding Brokers' Loans
on
New York Stock
Exchange During January—
Total Jan. 31
Reported at
$597,418,040—Amount
$428,954,052 Below Year Ago
is
According
to the monthly compilation of the New York
Eschange, issued Feb. 3, outstanding brokers' loans
on
the Exchange decreased
$61,801,265 during January to
$597,418,040 Jan. 31 from $659,219,305 Dec. 31. As com¬
Stock
pared
with
amounted
Jan.
to
Value
of
Listed
Stocks
Exchange
New
in
were
given
York
Stock
Exchange Feb. 1,
$39,242,676,837, Compared with
Jan.
1—Classification of Listed
$38,869,140,626
Stocks
The
that
as
York Stock
Exchange
of Feb. 1,
1938, there were
on
Feb.
3
1,259 stock issues
aggre¬
gating 1,422,402,089 shares listed on the New
York Stock
Exchange with a total market value of
$39,242,676,837.
This compares with
1,259 stock issues,
aggregating 1,412,002,738 shares listed
on
the
Exchange member total
contracted for and carried in New York
1938 aggregated
as
net
borrowings
on
Exchange Jan. 1, with
a
total
collateral,
of the close of business, Jan.
31,
$597,418,040.
The detailed tabulation
follows:
*
Demand
Time
Net borrowings on collateral from New York
or trust
companies
$463,966,540 $104,814,000
Net borrowings on collateral from
banks
announced
re¬
spectively, a month and a year ago.
The monthly
compilation of the Stock Exchange for Jan.
31, 1938, as issued by the Exchange, Feb. 3, follows:
(1)
New
when the loans outstanding
the figure for the end of
decrease of $428,954,052.
$106,464,000 against $147,331,000 and $307,266,765,
occurred
by January, 1936,
high levels.
on
1937,
January, 1938, represents a
Demand loans and time loans
outstanding on Jan. 31 were
both below the Dec. 31 and the Jan.
30, 1937 figures. The
demand loans on Jan. 31 totaled
$490,9o4,040, as compared
with $511,888,305 Dec. 31 and
$719,105,327 at the end of
January, 1937; time loans at the latest date were reported at
New York Stock
Market
30,
$1,026,372,092,
(2)
_
,
private
bankers, brokers, foreign bank agencies
others In the
City of New York
or
26,987,500
1,650,000
SAQfl 954 040
SI06 464 OOO
*
Combined total of time and demand
borrowings
Total
—---
$597,418,040
face amount of "Government securities"
pledged as
collateral for the borrowings included in Items
(1) and (2)
above
-
$20,006,755
Volume
scope or
the above compilation
report issued by the Exchange a
Below
we
furnish
a
is exactly the same as in
two-year
396,076,915
381.878,415
372,679,515
313,642,415
275,827,415
282,985,819
719,105,327
734,435,343
792,419,705
.
31
Aug. 31
Sept. 30
31
Nov. 30......
Dec. 31
307,266,765
340,396,796
366,264,500
382,529,500
30
Feb.
27
Mar. 31
1,063,950,736
969,997.839
988,543.241
967,381,407
973.784,584
971,531,244
,
May 29
804,749,884
777,836,642
June 30
818.832,335
367,495,246
31
836,864,420
872,462,148
732,505,016
493,340,168
336,893,088
313,987,000
306,615,500
232,282,704
498,567,175
511.888.305
189,219,404
147,331,000
490,954,040
106,464,000
Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31
31
transactions on the same
antor's
Odd-Lot
Exchange Governing Committee
Amendment to Require Registration of
Dealers and Specialists
The board has recently
The board also stated
activities of members of the Exchange
of less than the unit of trading;
activities of specialists;
To supervise the
in trans¬
in lots of stock
To supervise the
.
fc (b) To supervise the activities of specialists; to approve
member acting or continuing to act as a specialist on
of any
or disapprove
the Exchange;
the above amendment is to empower the Committee on
Odd Lots and Specialists to approve or disapprove of any member acting
as an odd lot broker, odd lot dealer, or specialist on the Exchange.
When
this amendment becomes part of the Constitution, the Committee on Odd
Lots and Specialists proposes to recommend to the Governing Committee
that the rules adopted by the Governing Committee be amended so as to
(The purpose of
specialist, odd lot dealer
in the proper capacity
in such security with the Committee on Odd Lots and Specialists and unless
that Committee has approved of his registration and has not withdrawn its
approval. Members who are registered as specialists or odd lot dealers when
these amendments become effective automatically will be granted regis¬
tration and approval without further action on their part.
Odd lot brokers
provide that in the future no member shall act as a
or odd lot broker in any security unless he is registered
sufficient time for
registration.)
made for such a guarantee pursuant to the old
to the new regulation. In effect, all
adjustments for guarantees under the old regulation may be considered as
having been automatically eliminated so far as the new regulation is con¬
cerned, and transactions effected under the old regulation pursuant to
such an old guarantee need no longer be reflected in the guarantor's account.
A guarantee may not be given effect under Section 6(c) if the guarantor
is a creditor. The term "creditor" as defined in Section 2(b) of the regula¬
tion includes, among other persons, every member of a national securities
exchange, and the term "member" as defined in Section 3(a) (3) of the
Securities Exchange Act of 1934 includes, among other persons, "any firm
transacting a business as broker or dealer of which a member Is a partner,
and any partner of any such firm."
Accordingly, a partner of a member
firm is a creditor within the meaning of this provision regardless of whether
or not he holds an exchange membership, and a guarantee executed by such
regulation need not be carried over
partner may not
be given effect under Section
SEC Amends Forms for
6(c) of the regulation.
Stock Exchange on Feb. 1 distributed to
interpretations of Regulation T of the
Federal Reserve Board.
The first held that in determining
the maximum loan value of an exempt security the broker
should set the figure at what he would lend on that security
ifjt were the only collateral for the loan, instead of one of
several items in a general brokerage account.
The second,
dealing with a short sale covered at a profit before margin
had been put up, held that the situation obviously did not
call for margin to be posted following the closing of the deal.
On Jan. 29, the Exchange sent its members a Federal
HThe New York
its members two
opinion on technicalities involved
brokerage accounts reading as follows:
in guaranteed
guaranteed account the guarantee is
of an excess of the adjusted debit
balance of such account over the maximum loan value of the securities in
such account or an increase in any such excess, through an appropriate
deduction in the calculation of the adjusted debit balance of such account
and a corresponding addition In the calculation of the adjusted debit balance
of the guarantor's account, the guarantee may not serve on a subsequent date
to meet the margin requirements resulting from the transactions in the
guaranteed account on the earlier date. Consequently,
(a) the necessity for obtaining margin because of a transaction on a given
day in a particular customer's account may not be obviated by the filing
of an appropriate guarantee on a date subsequent to that of the transaction
on the day of a transaction in a
effective in preventing the creation
y
guaranteed account;
Regsitered
Commission on Jan. 22
amended Form 1-MD (the general
form for annual reports required of certain companies having
securities registered under the Securities Act of 1933),
and in Forms 12-K and 12A-K, which are the annual report
forms for certain companies having securities listed on a
national securities exchange and which file annual reports
in accordance with Section 20 of the Inter-State Commerce
The
Act
Securities
and Exchange
or
Section 19 of the
Communications Act of 1934.
The
regarding the first amendment said:
The amendment applies only to carriers which make
nnua Jreports under
Section 20 of the Interstate Commerce Act or under Section 219 of the
Communications Act of 1934.
The amendment provides that annual
reports made on Form 1-MD by such companies may be the same in content
would be required if the securities of the company were listed on a national
SEC announcement
as
securities exchange.
fa With
the
regard to the amendments to the
SEC
other two forms,
said:
of annual reports to the Interstate Com¬
Federal Communications Commission be filed as
exhibits, but permit the filing of certain selected schedules of Form A of
the Interstate Commerce Commission Instead of copies of complete reports
on that form.
The amendment is for the purpose of deleting from the list
of selected schedules a schedule which is no longer contained In Form A
These forms
require that copies
Commission or the
merce
Commerce Commission.
print and furnish to registrants copies of
Annual Report Form A of the Interstate Commerce
Commission."
These extracts will be available for distribution after Feb.
15, 1938.
Printed copies of the various other forms of the ICC and FCC
will likewise be furnished by the SEC to any registrant which desires to use
the same and which notifies the Commission on or before Feb. 15, 1938,
of the exact number of copies which it will require and the names of the
companies for which the copies will be needed.
.
The
Reserve
Annual Reports by
Companies
of the Interstate
Stock Exchange Publishes Federal Reserve
Rulings Clarifying Regulation T—Interpretations
of Margin Provisions Issued by Board
New York
in the
requirements of
outstanding under the old
announced that it had
Present Form
Proposed Form
not
that if a guarantee was
regulation, the adjustments
a
|T (a) To supervise the activities of odd lot dealers and odd lot brokers; to
approve or disapprove of any member acting or continuing to act as an
odd lot dealer or odd lot broker on the Exchange;
|F If
would comply with the filing
6(c).
Section
Committee on Jan. 26,
Specialists, as indicated:
will be given
provides that in order for a
provision a duplicate
opinion that such procedure
1938, adopted the following
amendment to the Constitution which, pursuant to Article XXV of the
Constitution, is hereby submitted to the Exchange:
Amend Article X, Section 1, Subdivision, 10th, sub-paragraphs (a) and
<b), referring to powers and duties of the Committee on Odd Lots and
(b)
regarding the pro¬
which relate to guaranteed
considered several questions
revised Regulation T,
guarantee to be given effect pursu¬
original of the guarantee must have been
filed with the secretary of a national securities exchange of which the creditor
is a member or through which his transactions are effected.
In response
to a question as to whether this requirement would be satisfied if the creditor
filed the original guarantee with the secretary of an appropriate exchange
and merely kept a facsimile for his own records, the board expressed the
Section 6(c)
ant to that
Committee read in part:
(a)
adjustment by reason of other
adjusted debit balance of the guar¬
loan value of the securities in
accounts.
Committee of the New York Stock Ex¬
adopted an amendment to the Exchange's
Constitution, designed to empower the Committee on Odd
Lots and Specialists to approve or disapprove of members
who desire to act as odd-lot dealers or brokers, or as special¬
ists. The Exchange's Constitution at present stipulates that
members who wish to specialize in a particular stock or to do
odd-lot business are merely required to indicate that that is
their intention.
The proposed new arrangement would
enable the Exchange to limit the number of members
specializing in a particular issue or to refuse approval to a
member to act as specialist or odd-lot broker. The proposed
amendment will become effective in two weeks unless de¬
feated by the membership. The statement by the Governing
acting business
day causes the
exceed the maximum
visions of section 6(c) of
The Governing
Governing
to
IjgiThe Exchange on Jan. 25 made public a Federal Reserve
interpretation of Regulation T whereby cash and securities
placed with a brokerage house to meet a margin call may be
placed in a special miscellaneous account.
On Jan. 20 the
Exchange published the following additional Federal Reserve
ruling regarding Regulation T:
change on Jan. 26
The
account
such account.
Stock
York
Proposes
together with any other necessary
tion,
♦
New
calculating the adjusted
guaranteed account, respec¬
day of the transaction which would otherwise
cause a need for obtaining additional margin in accordance with section 3 (b)
and such addition and deduction may not be made on such day if the addi¬
£93$
Jan.
addition and deduction in
guarantor's account and the
tively, must be made on the
597,418,040
July
374,376.346
additional margin; and
debit balance of the
1,187,279,384
1,152,212,988
1,186 327,581
1,173,757,508
1,186,449.148
1,039,120,516
725,622,872
687,786,579
659.219,305
Apr. 30
of the appropriate amount of margin in the guar¬
day subsequent to that of the transaction which caused
(c) the appropriate
1,026,372,092
1,074,832,139
1,158,684,205
> 1937—
Jan.
the need for
974,928,018
984,004,702
1,051,425,161
688,842,821
559,186,924
30
May 29
June 30
Oct.
324,504,713
292,695,852
243,792,915
375,107,915
410.810,915
407,052,915
661,285.603
708,177,287
768,439,342
Mar. 31
July
924,704,335
924,320.544
996,894,018
581,490.326
1
antor's account on a
$
571,304,492
591,906,169
598,851,729
29
Apr.
Total Loans
Time Loans
$
600,199,622
631,624,692
753,101,103
guaranteed account, the
satisfied by the deposit
$
31
connection with a trans¬
margin requirement may not be
required to be obtained in
(b) In case margin is
action effected in a
compilation of the figures:
Demand Loans
Feb.
the loan
month ago.
1936—
Jan.
837
Financial Chronicle
146
the
Commission will again
"Extract from
Curb Exchange Unlisted Trading
Bond or Debenture Issues—Denies
Applications for 7 Others
The Securities and Exchange Commission announced on
Jan. 21 that it had granted applications by the New York
SEC
Grants N. Y.
Privileges in 12
Curb Exchange for
unlisted trading privileges in 12
bond or
and had denied similar applications for the
same privileges in seven others.
This was the first major
SEC ruling on action by the Exchange to obtain rights to
trade in securities of this type which have previously been
dealt in only over the counter.
Only one of the 19 issues on
which unlisted trading was asked is registered on an Ex¬
change
The ruling indicated that the Commission sanctions
unlisted trading to a limited extent, but reserves the right to
alter its procedure.
It was discussed as follows in a Washing¬
ton dispatch of Jan. 21 to the New York "Times":
The applications were based on the fact that in each of the eighteen
securities the commission received information comparable to that which
would be obtained if they were registered on an Exchange voluntarily,
debenture issues,
.
838
Financial
because the issuer had another
security registered
on
Exchange
an
Chronicle
compelled to furnish periodic reports as a condition to
registration of the
security for issuance under the Securities Act of 1933.
stocks which
Not Equity Securities
missions
New York
"Financial
tered, the commission declared that the importance of
solicitation in con¬
bonds would arise only from the
abnormal, not the normal,
been
the
find," the commission said, "with respect to the
bond issues
as to which the
applications are hereinafter granted, that the
public interest -i
and the protection of the investors would
nevertheless best be served
by
such extension of unlisted
trading privileges without the imposition of
any
we
Ruling
Business
on
including the whole United States
the,
look for
an
sought.
test to
weight to the evidence
by members of
is not sustained."
mean
the
present
cases
we
Curb Exchange
are
able to give some
underwriting and over-the-counter transactions
Exchange, since it is apparent that with
respect
to these transactions investors
looked to members
the
to
or
the
as
a
means
of
or
general
associate members of
effecting purchases
sales
or
problem
of these
securities."
The Curb Exchange had contended
that "vicinity" extended to
"all
portions of the country reached
by its ticker service and by its printed and
broadcast reports of transactions and
quotations, excepting from this
area only the
territory in the neighborhood of other
Exchanges on which
the same securities were
traded."
in
an
expansion
program
lines.
the
on
preserving its
forward
five
fully abiding by
to
test
its
our agreement not to force
to
ignore
constitutionality,
the
we
compliance with it.
(Public
faith¬
are
But
during
this interval, which has
already continued for more than two
years, much
time and many
opportunities for constructive work have been
missed.
A
basic
Industry which ought by now to
financing has largely neglected
needed
have
to
been
put
its
house in
...
"I do not want to chide
of its
They
are
...
or
to
criticize, but these
also tragic episodes.
are
grave
disappoint¬
While the nation awaits restoration
capital markets, financial
leadership slumbers.
and
To Conform with
by'Boston,
Pittsburgh Stock Exchange—
Higher Rates of New York Stock
Exchange
According to Associated Press advices of Dec. 30
from
Boston, the Board of Governors of the Boston
Stock Ex¬
change today voted "to conform with the New
York Stock
Exchange on the rise in customer commission rates."
is subject to the
approval of members of the
The advices continued:
The
move
exchange.
The
Governors also provided that
"notwithstanding the provisions of
this article, any member of
this exchange or firm
registered thereon may in
on this and other
exchanges in the United States
charge the rates of commission prescribed
by such other exchange."
respect of securities traded
The
San
Francisco Stock
Exchange recently announced
the adoption of a revised
schedule of minimum rates of
com¬
mission, to be effective Jan. 3, 1938.
The new schedule has
the effect of an
average increase over the old of about
10%.
In Pittsburgh advices to the
"Wall Street Journal" of
Jan.
14, it was stated:
higher schedule of commission rates
to meet those which
have been
put into effect by the New York
Stock Exchange was voted
last night by
the
Pittsburgh Stock Exchange.
The
Increased
rates
on
.
these stocks
average
other
than
those
prevail."
listed
Exchange President,
Exchange and apply to
on
outside
markets,
where
lower
all
rates
the
trusteeships
in
were
nature
most
railroads
and
of
the
striking
is
and
be
to
reorganizations
the hands of
70,000
in
receivers
miles
one
time
or
of
at any
Section
a
similar
into
gone
77
Jan.
on
in
the
of the
the
Line, operating 4,297
Erie RR.,
operating
application.
18
was
approved
March
on
3,
under Section
hands
Federal
1933.
77,
the
of
receivers
of
railway
trustees
or
bankruptcy law
in
are
the
in
original Section 77,
far only two railroads
have
unimportant interurban electric
Thus
one
an
short
a
last
equity
the
line owned
by a copper raining company.
history of the last few years,
therefore, has been one of
receiverships or trusteeships, and almost no
completed
Some blame
has
active
been
With
fact
full
that
mistakes
recognition
in
some
in
management
competent
ganization
of
is
in
the
authorities
the
lack
it
that
the
present
of
and
unfortunate
itself.
the
of
financing,
this
Power
defects
difficulties
or
many
reorganizations.
of
cause
the law
of Earning
the
the
cases
regarding the
put upon
Lack
bankruptcy laws
railroads
be
to
appears
great
are
obstacle
and
due
to
the
past
generally agreed
to
puceessful
reor¬
prospective
earning power.
And
turn, is not due
primarily to a reduced
demand for
railway transportation service but to a
combination of economic
and
political
factors
that
have
been
this
lack
of
earning
in
power,
beyond
management.
.
.
However,
in
the
control
of
railway
.
Cost Level
the
opinion
an
Important Factor
of
many well-informed
persons, the earnings
question.
In its latest annual
report the
Commerce Commission
points out that transportation has
never
been
completely monopolistic and that "in recent
years
the element of
competition has grown by
leaps and bounds.
No competitive
industry can work out its salvation
through a price-increasing
policy
alone.
While price increases are at
times necessary, the vital
thing in competition is
totincrease the salability of the product and reduce
its cost."
question
is
not
solely
rate
a
Interstate
...
.
An
.
.
analysis of the
of
causes
low
earning power shows that wages and
important factors tending to narrow
the spread between
Wages have risen approximately
18%, and taxes
about 25%, since
May 1, 1933.
have
The
sary
in
expenses.
of
present
to
the
note
present
these
11
21
Class
months
unless
occur
earning position
the
questions
lies
receiverships but also
that
first
inevitably
If
been
and
urgency
only to
question
I
of
railroads
1937
steps
of
to
the
fact
potential
failed
realize
taken
are
the
in
to
earn
that
to
that
is
apply
only
not
neces¬
and
taxes
bankruptcies
must
expenses
more
improve
tbey
It
ones.
to
very
carriers.
materially
the
were
merely one of common justice to an
economic
group, it would be important
enough.
But it is far broader than
that,
affecting as it does the
prosperity and welfare of the entire
country.
Railway transportation is a
vitally essential public service and cannot be
properly performed by companies that are
continually threatened with
insolvency and
tion.
.
,
that
cannot
Directly
.
ployment for millions
Finally,
the
of
maintenance
raise
and
the
workers.
of
capital
indirectly,
They
their
required
they
are
service
[the
for
Banks
opera¬
provide em¬
the largest taxpayers.
their credit
is an indis¬
and
safeguard against the waste and
inefficiency of
ership and operation.
National
efficient
railroads]
among
pensable
government
own¬
Favor
Continuance of Comptroller's
Independent Agency—Survey Incident to
Byrnes Bill for Reorganization of
Federal Govern¬
Office
as
ment
Officers of
National
practically
unanimous
the
and
rate
increases, according to Ralph S.
Richards,
"are uniform with those of the
New York Stock
stocks,
meet
The
a
about 11%
of
and
filed
mileage has
terms
line, and the other
taxes
New Schedule of Commission
Rates Adopted
Francisco
2,000 miles,
this
reorganized
revenues
San
trusteeship,
order to
financing possible and practicable.
operating managers pressing for
opportunity to work under the act,
because they know that
by complying with it they can perform a
service
which, quite properly, would be
profitable not only to their stockholders
but to themselves. Yet I see
these men under the
whiphand of New York
finance, paralyzed into inaction.
I see realists
chafing under the domina¬
tion of these bankers who
are
forestalling them from moving forward to
obtain equity
money which the companies
sorely need.
see
ments.
for
ready for much of its
own
make that
I
of
the
among
large part of the industry continues
Utility) act, pending litigation
a
York, in
railway
the 96 companies operate
71,386 miles, or 28.1% of
mileage of the United States.
This is the
largest per¬
railroad
applied
record.
Common¬
critical
the
confronting
receiverships,
a small group
before the
the
operating
Altogether,
which
a major contribution
who stand squarely in its
path,
intangible interest regardless of the costs."
own
of
Perhaps
years.
been
the opportunity to make
part Mr. Douglas, who spoke
wealth Club of
Chicago also said:
a
of
Inquiry has naturally been
by
realization
succession.
situation
Only approximately 14,500 miles
receiverships begun prior to the enactment of
William 0. Douglas, Chairman of
In
"While
record
approximately
He added:
industry which has
can
Soo
Exchange Commission on Feb. 2 declared
industry which its leaders tell me could use millions
toward recovery is stymied
intent
the
centage of mileage ever in the hands of the
courts
history of American railroads.
On Dec. 31 the
a
year in capital for the next few
years does not
quicken to the possibilities which have been and are in
store
An
of
In November, 96 railroads
36 of them Class I railroads
total
miles,
of dollars
for it."
evidence
the
trustees,
the Securities and
that "an
swift
in
under
move
sharper
a
in
years.
Most
utility industry to
to
come
found
Fear
of Government
public
recent
Criticism by Chairman
Douglas of SEC of Those Who
Halt Financial
Utility Programs Because of
of the
only decisive public action
the Guaranty Trust Co. of New
says
have
convincing
Citing the failure
become
point has
a
Their credit is essential to the
accumulation and investment
the capital without which
economic progress is
impos¬
sible."
The "Survey" declares that "it is
no exaggeration
to say that the plight of the
railroads of the United States
has become one of our most
important and pressing national
problems.
Failure to meet the situation in
the thorough¬
going manner that the occasion demands
would," it says,
"be followed by
consequences more serious and
far-reaching
than is generally realized."
In part, the
"Survey" adds :
The developments that have
brought government officials,
business, and
the
"vicinity
a
on
the Curb
has
of
Exchange to
exchange market in the securities for which unlisted
trading is
"By applying this
railroads
recovery, and
Guaranty Survey." The securities
railroads, it is pointed out, "affect the
safety of the
savings of every bank depositor and
every life insurance
policyholder, comprising a majority of our
population.
sections in which a particular
Exchange
the, national Exchanges to which investors
would
or one of
need,"
the
where
of the
Range
"Rather," the commission held, "we interpret
'vicinity*
particular geographical section
reached
of
business
its Jan. 31 issue of "The
conditions."
Another finding was that the claim of the
Curb
rehabilitation
condition of
necessary
situation.
as
charged by outside Exchanges.
Plight of Railroads One of Most Pressing of National
Problems
According to Guaranty Trust Co. of
nection with
ranks
on
36.
page
voluntarily regis¬
or
The effect is to meet increases made
are
applicable
the applications before it.
such terms
1938
Reference to the new schedule of commission rates
of the
New York Stock
Exchange was given in our issue of Jan. 1,
Dealing with the fact that its regulations covering the
solicitation of
proxies, which must be observed by issuers who
voluntarily register se¬
curities on an Exchange, would not be
applicable where unlisted trading
privilege was granted to an Exchange in a security not
"Hence
S,
listed both on the New York and
Pittsburgh Exchanges
and other stocks, provided the commission rate
is not Increased above com¬
The commission noted that as none of the
securities for which the un¬
listed trading privileges was
sought was an equity security, the requirements
of the Securities
Exchange Act of 1934, for reports of dealings in
equity
securities by officers, directors and
principal stockholders of issuers which
voluntarily register such securities on an Exchange, were not
to
Feb.
The increase is effective Feb. 1.
or was
public
served
the
national
throughout the
belief
that
banking
the
system
country are
interests of
can
best
be
by maintaining the office of the
Comptroller of the
Currency
was
the
banks
in
as
stated
President
an
in
of
independent
New
the
York
National
on
agency
Feb.
Bank
2
of
by
the
government, it
Russell G. Smith,
Division of the American
Volume
Financial
146
Bankers Association, in announcing the
of
opinion
this
on
results of a survey
Mr. Smith is Vice-President
America National Trust & Sav¬
question.
and Cashier of the Bank of
The survey, it is stated,
ings Association in San Francisco.
by current proposals heard as to the con¬
solidation of the office of the Comptroller of the Currency
occasioned
was
under the broad,
permissive powers of the pending Byrnes bill for the reor¬
ganization of the Federal Government, should that bill be¬
come law.
The purpose of the survey was to learn the
attitude of the National banks, which are under the super¬
vision of the Comptroller's office, toward such a possible
consolidation.
In
announcing that the National banks
with
some
Members
2%,
desire a continuation of the Comptroller's
office as an independent agency, Mr. Smith said:
As the Federal regulatory authority devoted 6olely to National banks,
the Comptroller's office has asked and obtained close adherence to sound
banking practices on
the part of banks under its jurisdiction.
The
excellence of its standards, the quality of the examining staff, and absolute
freedom
from
political bias of any kind have combined to make the
Comptroller's office one of the most outstanding of governmental agencies.
The
feeling is general among informed bankers that it would be
unfortunate if this organization were to lose its identity in a reshuffling
governmental bureaus and agencies.
of
26%
paid less than
not regulating
clearing house regulating rates
the
of
22%
also
did
as
members of clearing houses
of the
rates.
11% of the clearing houses regulating rates paid more than
Members of
2%,
24%
did
as
that
indicating
of
those
interest rates
without regulation.
This is interpreted as
tend to be lower in banks governed by a
clearing house rule.
States
other agency of the government
unanimously
of
839
Chronicle
than
which
in
2%
reported
houses
clearing
deposits
savings
on
were
Georgia,
prevailing rate of less
Illinois, Kansas, Missouri,
a
Oregon and Wisconsin, while the States
Carolina, Utah and Virginia showed a prevailing rata of 2t&%.
Montana, Nebraska, North Dakota,
of
North
From the survey
The
note:
we
expressed by clearing house officers regarding
and existing interest rates in their clearing houses
of opinion
consensus
trend
the
downward
was
that interest rates are still too
high under present conditions—that is,
prevailing market rates, and
shown by banks in making
competition with postal savings
and building and loan associations.
Opinions were expressed that'interest
rates should be reduced since the present rates were more than could be
earned on deposits, but then any disturbance of the rate might jeopardize
the
goodwill of their depositors and discourage thrift.
On the other
hand, experiences in a number of clearing houses were related, pointing
out that savings deposits
in member banks had increased regardless of
the
lower
interest
rates paid and
that in most cases depositors were
low
the
return
further
reductions,
chiefly
account of
on
the safety of their funds than
for
banks
to
investments,
Considerable hesitancy was
for
looking
high-grade
on
loans.
demand
for a high rate of
return.
Banks and Trust Companies
Largest Users of Insurance
Says J. E. Baum of A. B. A.
the United States are
indemnify banks against loss
through criminal offenses, plus uninsured losses, the crime bill against
banking last year exceeded $21,000,000.
This tidy sum, of course, is in
addition to the initial costs and expenses of maintenance of safes, vaults,
alarms and other protective equipment, also guard personnel, all of which
are required
to discharge the responsibility of banks as custodians of other
people's money, securities and valuables entrusted to them.
By the nature
of their trusteeship, therefore, it is not suxprising to find banks and trust
companies in the United States carrying a greater volume and variety of
insurance coverage than any other form of private enterprise.
Measured
by
Mr. Baum
the
of
cost
insurance
to
reported a steady decline in bank crime during
He also reported a series of rate reduc¬
the last five years.
the Associa¬
Beginning in June, 1934, with fidelity schedule bonds, we find a series
rate reductions which amounted to $600,000 in 1936,
of which about
also
blanket bond rates.
In 1936 a 20% reduction was
robbery rates charged banks in 33 States, including
applied to
$216,000
effected
in
the
this reduction amounting to about $60,000.
In the face of continued improvement in the trend of insured
Louisiana,
bank losses,
early in 1937 the Insurance Committee of the American Bankers Association
contended that more drastic reductions in blanket bond rates were justi¬
This proposal
fied.
was
advanced in the belief that loss ratios on
blanket
acceptable to deter¬
mine equitable rates.
On behalf of its member banks, the committee
emphasized this point in discussions with underwriters' representatives.
We proposed
that further decreases were justified for both large and
small banks in the belief that a loss ratio of 63% was not excessive for
rate finding purposes.
After several joint conferences on the subject, the
rates charged for blanket bonds
carried by large and small banks were
further reduced on July 1, 1937, to an extent which caused a saving of
bonds
in
excess
of
$113,786,770 During 1937—Total Dec. 31
Reported at $10,126,381,152
by National Asso¬
ciation—Depositors,
Assets
and Surplus Also
creased
Higher
and account of mutual savings banks,
one-fifth of American bank deposits, were
stationary in 1937, according to figures made public Jan. 28
55%, and perhaps 60%, should be
holding
by the National Association of Mutual Savings Banks.
Slight gains and recessions left the total of accounts and
assets about on balance for the year.
"It is impressive evi¬
dence of the will to save that
R.
of
the Williamsburgh Savings Bank, Brooklyn, N. Y.
"The
expected upturn of industry soon should be reflected in
further
in the premium dollar paid
emphasized the "limitations of insurance as a supplement
rather than a substitute for stringent preventive measures,"
and declared:
"There never was a time when a dollar
meant so much in earnings."
B. A. Insurance Committee were
expense
Other activities of the A.
reported by Mr. Baum, notably the broadening of coverage
under the various forms of contracts commonly
used by banks.
f
granted
«.
Declined in
Three Pre¬
ceding Years, According, to Survey by A. B. A.
Interest
1937
Rates
on
Although
Interest rates
pdid
Bank
Deposits Again
Less Sharply Than in
on
mission, American Bankers Association, made public Jan. 31.
"The trend of
interest paid rate, which has continued
steadily downward since
1933, reveals," the survey states,
in carrying out their primary responsibility
safeguarding their depositors' funds, have followed the
paying only a rate of return com¬
mensurate with the security of those funds."
An Announce¬
of
safe and sound policy of
ment
The
bearing
on
the commission's survey continued:
prevailing rate paid by banks in 1937 was the same as in
the two
years—2%.
Reductions in interest rates in 1937 were shown
only 16% of the reporting banks, compared with reductions in 34%
the banks reporting in
1936.
The survey was made by means of a
previous
in
of
questionnaire sent to 588 clearing house associations having a membership
of more than 6,000 banks.
Responses were received from 477 associations,
than 81% of those receiving questionnaires.
„
The greatest uniformity in
interest rates was found >mong the 338
clearing house associations which regulate interest rates.
Bank members
of 211 associations, or 63% of these 338 associations, paid 2%.
The 2%
rate was also paid by the members of 73 associations, or 55% of the 138
representing more
associations
which
do not
deposits
and
number
year
In
accounts."
of
announcement of Jan. 28 continued:
all mutual savings
institutions, operating in 17 States, at the
amounted to $11,500,624,304, compared to
ago.
The gain for the year was $143,181,953.
the
deposit column, total balance on Dec. 31
$11,357,442,351 a
reached
last
the
against $10,012,594,382 on the same date of
1936.
Increase for the year was $113,786,770.
In
number of accounts, which savings bank officials consider the real
barometer of thrift, the total rose to 14,578,186 from 14,398,920 a year
of
figure
ago,
$10,126,381,152
The average of accounts was $694.63,
of 179,266 accounts.
gain
a
compared to $695.30 the year before.
All
of
the totals
cited above were
figures
but
slightly
the
below
highest
In the case of combined surplus account
institutions.
of mutual
$1,319,217,549 from $1,260,319,338 on
Dec. 31, 1936, increase for the year being $58,898,211.
These figures show that mutual institutions have reserve funds of more
than 13c. additional security for each $1 of deposits, one of the highest
ratios on record for any group of financial institutions.
Restricted investment opportunities and low rate of earnings continued
to affect the rate of dividends paid to depositors, which averaged
from
the
total
to
rose
a
new
peak
of
York
of assets,
Massachusetts,
and
respectively, continued to lead in
point
deposits and accounts.
Receiver of
Notice
Burlington Joint Stock Land Bank Issues
Bondholders to Present Claims Before
to
July 31, 1938
Gallagher, receiver of the Burlington Joint Stock
Iowa, has issued a notice to bond¬
holders and all others having claims against the bank that
John B.
Land Bank of Des Moines,
they should present their claims to the receiver on or before
July 31, 1938.
Communications and requests for proper
forms for the delivery of bonds and proof of claims should
be addressed to John B. G,allagher, receiver, 134 South La
Salle St., Chicago.
savings and time deposits by banks
throughout the Nation during 1937 again declined, although
less sharply than in the three preceding years, according
to the seventh annual survey of the Bank Management Com¬
"that bankers,
of
Assets
to
additions
The Association's
described by Mr. Baum, who also
for bank insurance were
operating
in a year of much uncertainty
public reserves were so well maintained," said Henry
Kinsey, President of the National Association and head
New
The various elements of cost
in
about
2% to 2%%.
approximately $1,200,000 annually.
saved
deposits
Assets,
year-end
said, in part:
As to this, he
tion.
of
by the Insurance Committee of
secured
tions
In¬
Mutual Savings Banks in 17 States
in
Deposits
the
country's largest users of insurance, said J. E. Baum, deputy
manager of the American Bankers Association and Secre¬
tary of its Insurance Committee, speaking at the Louisiana
Bankers Conference at the Louisiana State University,, in
Baton Rouge, on Jan. 27.
In his remarks he said:
Banks and trust companies in
regulate
interest rates.
or Thereabouts, of 91Bills—To Be Dated Feb. 9, 1938
Announcement of a new offering of $50,000,000, or there¬
abouts, of 91-day Treasury bills, dated Feb. 9, 1938, and
maturing on May 11, 1938, was made on Feb. 3 by Secretary
of the Treasury Henry Morgenthau Jr.
Tenders will be re¬
ceived at the Federal Reserve banks, or the branches thereof,
up to 2 p. m., Eastern Standard Time, Feb. 9, but will not
be received at the Treasury Department, Washington.
The bills, which will be sold on a discount basis to the
highest bidders, will, on their maturity date, be payable at
their face amount without interest.
An issue of similar
securities in amount of $50,027,000 will mature on Feb. 9.
The following is from Secretary Morgenthau's announce¬
New
Offering
of $50,000,000,
Day Treasury
ment of Feb. 3:
They (the bills) will be issued in bearer
nominations
of
$1,000;
$10,000,
form only, and in amounts or de¬
$100,000,
$500,000,
and
No tender for an amount less than
must be in
multiples of $1,000.
basis of 100, with not more
tions must not be used.
$1,000,000
"H
(maturity value).
Each tender
expressed on the
$1,000 will be considered.
The price offered must be
than three decimal places, e. g.,
99,125. Frac¬
840
Financial
Chronicle
Tenders will be accepted without cash deposit from incorporated banks
10% of the face
amount of
or
Treasury bills applied for, unless the tenders
of payment by
express guaranty
an
to the
As
branches thereof up
prices will follow
reject
as soon as
possible thereafter, probably
The Secretary of the Treasury expressly
morning.
any or
all tenders
or parts
applied for, and his action in
mitting
tenders
will
be
any
such respect shall be final.
of the
acceptance
Those sub¬
rejection
or
thereof.
Reserve
Banks
in
cash
other
or
immediately available funds
White
on
presented to President
committee representing
a
the
President
thought some of them were
of fulfillment, but regarded others as impracti¬
cable.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale
except
or
and inheritance taxes.
No loss from the sale
shall be allowed
as
a
The recommendations,
other disposition thereof will also be exempt, from all
estate
Treasury Decision 4550, ruling that Treasury bills
gift tax.)
officials said
House
constructive and possible
Feb. 9, 1938.
taxation,
recommendations
ciated Press also said:
Payment at the price offered for Treasury bills allotted must be made at the
Federal
23
yesterday (Feb. 4) by
where iD this issue) White House officials were reported as
stating that the President thought a large majority of them
were
constructive and possible of fulfillment.
The Asso¬
the right to
of tenders, and to allot less than the amount
advised
The same analogy could be applied to
the small business men's conference (to which we refer else¬
the following
on
reserves
the
to
Roosevelt
closing hour will be opened and public announcement of the acceptable
pointing out
attempting to put a floor under farm
was
in industry, he said.
wages
Feb. 7, 1938,
on
farm bill he
prices rather than to set prices.
trust company.
or
bricklayer and all other workers should receive.
a carpenter or
But he warned reporters against misinterpreting that,
that in the pending
are
incorporated bank
Immediately after the closing hour for receipt of tenders
all tenders received at the Federal Reserve Banks
1938
The President said that that argument was in line with what he had always
said.
Tenders from others must be accompanied by a deposit of
accompanied by an
how much
say
and trust companies and from responsible and recognized dealers in invest¬
ment securities.
Feb. S,
deduction,
are not
and
to
by the United States
or
any
scribe the terms of the
Treasury bills and
read to the President at
were
an
hour
for
was
permanent advisory council of
a
consult with the Government.
men to
Secretary Stephen T. Early told newspaper men after the White House
of its
meeting that the President personally did not want to name such a commit¬
possessions.
Treasury Department Circular No. 418,
*
*
One of the recommendations
small business
otherwise recognized, for the purposes
of any tax now or hereafter imposed
*
half conference by Chairman Fred Roth of Cleveland, Chairman of
a
the two-day session of "little fellows" of business.
exempt from the
other disposition of the Treasury bills
or
or
(Attention is invited
tee, but asked Mr. Roth and his colleagues to advise with Secretary Roper
as
amended, and this notice pre¬
govern
with
view to
a
setting it up.
the conditions of their issue.
+
♦
President Roosevelt Tells
Tenders
of
$184,593,000 Received to Offering of $50,000,000 of 91-Day Treasury Bills Dated Feb. 2—
$50,060,000 Accepted at Average Rate of 0.084%
Secretary of the
nounced
on
Treasury
Henry Morgenthau Jr. an¬
offering last week
Treasury bills
were accepted.
Jan. 31 that the tenders to the
of
$50,000,000, or thereabouts, of 91-day
totaled $184,593,000, of which $50,060,000
The tenders
received at the Federal Reserve banks and
the branches thereof up to 2 p. m., Eastern Standard
Time,
Jan. 31.
were
The
Treasury bills are dated Feb. 2 and will mature
on May 4,
1938.
Previous reference to the offering was
made in our issue of Jan. 29, page 678.
Regarding the accepted bids to the offering, Secretary
Morgenthau's announcement of Jan. 31 had the following
to say:
Total applied for, $184,593,000
Total accepted, $50,060,000
Range of accepted bids:
High
99.981 equivalent rate approximately 0.075%
Low
99.976 equivalent rate approximately 0.095%
Average price 99.979 equivalent rate approximately 0.084%
(44% of the amount bid for at the low price
was
States Has
duty to the rest of rhe world,"
a
Jan. 31 in welcoming a group of more
on
than 200 Protestant ministers to the White House.
Speak¬
ing extemporaneously, Mr. Roosevelt said that the country
had made "definite and distinct progress toward a spiritual
reawakening" in the past four
It
is
a
the
to
the
It
duty
I
how
in
heart,
I
have
I
in
America
not
in
the
world.
in
church
has
what
seen
the
American
not only on
We
After
call
all,
what
church
the
have
progress
We
last
not
addition
which
few
years
really,
in
other
deep
lands.
accomplished in
the
on
tie
in
side
of
health
definitely
very
"human
of those terms
home,
at
progress
influence
great
a
far in these
gone
social
security"
and
toward
years
and
in
making that
nations
of
the
world.
human
greater
a
be described
believe
I
other
in
can
security and a
progress.
We want
on.
keep
We have
and
The additional bills will mature about June 15.
tically
meeting with the Executive Committee of the Open Market
Committee Secretary Morgenthau,
according to a Washing¬
ton dispatch Feb. 3 to the New York
"Herald Tribune"
great
had
have
greater
a
Before his
did
have
but
doing
In the last analysis all
made
we
have
to
the
I
missions
them
of
been
justice."
meeting on Feb. 3 with the Executive Com¬
Open Market Committee of the Board of
Governors of the Federal Reserve
System, Secretary of the
Treasury Morgenthau announced that the Treasury Depart¬
ment will on Feb. 28 begin "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 Treasury bills.
These bills will be in addition to the
regular $50,000,000
Treasury lull offered weekly to meet maturing issues. It is
stated that the question as to how much "new
money" will
be sought will depend on the March 15 income tax collections.
of
in
word, and that is "Christianity."
one
We
Following
mittee
the
until
missions
side
three
have
we
"social
Offerings of $50,000,000 Treasury Bills
realize
the religious
by
to Engage In "New Money" Borrowing Be¬
ginning Feb. 28—Total of $200,000,000 to $300,000,000 To Be Sought Through Additional Weekly
about in
come
other countries—things
did
believe very much
education.
together.
Treasury
has
do have,
we
additional duty to the rest of
an
<
countries,
of
awakening
of the word—and that is putting it milddly.
sense
confession:
influence
my
Today I do.
many
this
fully that
to our own people,
Things have been going on
a
He added:
years.
that
more
owe
make
much
thing
realize
me
spiritual in any
must
down
makes
we
world.
not
are
significant
very
America.
and
accepted.)
United
"Duty to World"
The United States "owes
the President said
Protestant Ministers
make
task
a
the
America
in
We
don't
to
want
that lasts through
progress
our
President
we
or
eight
we
can
years
or
20 years to
As long
all eternity.
making,
are
that
stop
task, not only for four years
a
come—but
to
justice.
as
we
look for
a
continue
safer and better
lifetimes.
own
Roosevelt
Urges United Fight Against In¬
Paralysis in Speech Incident to Nation¬
wide Balls Commemorating His 56th Birthday
fantile
President
Roosevelt,
in
nation-wide
a
broadcast,
on
Jan. 29, urged a united campaign against infantile paralysis
similar to the national effort which has prac¬
cancer,
conquered
tuberculosis,
other dread diseases.
commemoration
Jan.
30.
diphtheria
smallpox,
The President's address
and
made in
was
his
of
56th birthday, which occurred on
15,000 birthday gatherings were held
More than
the latest
said that relief needs of the
country can still be met within
budget estimates. From the same advices we also
for
quote:
Meanwhile many thousands of letters
Aubrey Williams, Works Progress Administrator, Director of the
Budget
Daniel Bell and the Secretary have canvassed the
relief situation, it was dis¬
closed, and on the basis of the latest WPA statistics funds are on hand
White House containing contributions to the battle against
infantile paralysis, from which the President was once a
totaling about $680,000,000.
He said this total is sufficient to take
care
of
relief needs through June 30.
Mr. Morgenthau said that the relief
schedule submitted last December
by Mr. Williams
was
was
virtually unchanged, and added that because WPA
slow in the early winter in
taking on relief clients it will
more in February than
originally
50,000
to take
he declared,
has about $12,000,000
"If the time should
come when there are not
sufficient funds to take care
of the needy, Mr. Bell and I will be
the first to say so," the
Secretary empha¬
sized.
"In that case we will make
every effort to get the funds, even asking
Congress for
a
year's celebration
money realized
infantile paralysis.
Mr.
Roosevelt,
National
has
been
Press Conference
to
on
Wages Incident
of
at
to
Opposition
Senator Wagner
"Prevailing Wage" Proposal
At his press conference
yesterday (Feb. 4) President Roose¬
velt said he was trying to
put a floor under wages in the same
manner that he was
endeavoring to establish a minimum for
agricultural prices.
Price fixing or wage fixing, he added,
was not
contemplated, according to Associated Press, which
in part stated:
The President's remarks
and farm prices were made in response
question of whether he agreed with Senator
Wagner (Dem., N. Y.),
recently contended, in opposing the prevailing wage amendment
to
that collective bargaining would be eliminated and the
the Housing bill,
country put
on
the road to fascism if the Government
ever
attempted to
birth¬
donated
the
to
of
conquest
explained that the object
Paralysis was to
Nation, and that the Foundation
for Infantile
carry on its work through research, epidemic first
aid, dissemination of the knowledge of care and treatment,
and provision of funds for centers combating the disease.
His speech follows:
My Friends:
It is
in
a
our
and
found
deadly
enemy,
lifetime
save
as
dread
that
cure
It
in
cause
presenting
a
people tonight,
solid front
against
an
the scourge of infantile paralysis.
thing for
to
lives.
tuberculosis has been
national scale
gratitude to the whole American
common
very glorious
cwn
to
out in
goes
have
we
insidious but
us
to think of what has been accomplished
epidemic diseases,
united
by
was
effort
brought under control; it
smallpox ajnd
diphtheria
to relieve
on
was
a
human
national
suffering
scale
by united effort
have been almost
that
on
a
eliminated
diseases.
Today the major fight of medicine and science is being directed against
two
other
scourges,
infantile paralysis.
national
unite
of
all
the
dimes
forces
National
contributed
over
to this
tion
of
we
because of
the
new
the
new
toll
of
which
is
unthinkably
great—cancer
and
In both fields the fight is again being conducted with
unity—and
Tonight,
on wages
President's
the
would
My heart
Reported as Favoring Some
Recommendations of Small Business—Views
of
Paralysis.
received at the
were
in his address,
Foundation
unite all the forces in the
deficiency appropriation."
Roosevelt
Infantile
for
the fifth since he took office, and on each occasion
was
the
for
President
who
This
Foundation
care
of livelihood.
a
National
new
sufferer.
of the
of destitute farmers
up to June 30.
The Secretary said that
particular attention is being paid to these farmers who have
no other means
to
parts of the country on Jan. 29 to enlist public support
the
day
employ about
contemplated,
b The Farm Security Administration,
in all
believe
your
with
growing success.
splendid
against
one
Foundation
tonight and
in
of
for
help,
these
we
are
plagues
making it possible to
by starting the work
Infantile Paralysis.
the continuing campaign
The dollars and
will be turned
Foundation, which will martial its forces for tne ameliora¬
Buffering and crippling
among
infantile paralysis victims wherever
Volume
Financial
146
method and
practice to
part of the
every
help
men
land.
birthday
funds
enlightened
and especially children, in
be combated through the most
where the disease may
to centers
We expect
aid, through dissemina¬
through the provision of
of care and treatment,
of knowledge
tion
work.
The whole country remains the field of
they are found.
through scientific research, through epidemic first
and women,
first
accomplished,
this
of
establishment
so
celebrations
new
many
Infantile Paralysis, I
birthday to this united effort.
been coming, literally by
Yesterday between 40,000 and 60,000
few days bags of mail have
During the past
the truck
1934,
Foundation for
National
happy, indeed, to lend my
was
in
that in literally hundreds of
load, to tl^ White House.
to the mail room of the White House.
Today an even greater
number—how many I cannot tell you—for we can only estimate the actual
count by counting the mail bags.
In all the envelopes are dimes and
quarters and even dollar bills—gifts from grown-ups and children—mostly
from children who want to help other children to get well.
Literally, by the countless thousands, they are pouring in, and I have
figured that if the White House staff and I were to work on nothing else
for two or three months to come we could not possibly thank the donors.
Therefore, because it is a physical impossibility to do it, I must take this
opportunity of thanking all of those who have given, to thank them for
the messages that have come with their gifts, and to thank all who have
aided and cooperated in the splendid work we are doing.
Especially am I
grateful to those good people who have spread the news of these birthday
parties throughout the land in every part of all the big cities and the
smaller cities and towns and villages and farms.
It is glorious to have one's birthday associated with a work like this.
One touch of nature makes the whole world kin.
And that kinship which
human suffering invokes is perhaps the closest of all, for we know that
those who work
to help the suffering find true spiritual fellowship in
letters
came
love.
of
labor
that
although
So,
■God
bless
you
happiness we share in
word of mine can add to the
no
done.
Roosevelt on Sept. 22 of the
Announcement by President
creation of the
tell you all
Thank you all and
all engaged, I do want to
appreciate everything you have
all.
deeply I
the fight
referred to in
National Foundation to coordinate
phase of infantile paralysis was
these columns Oct. 2, 1937, page 2160.
on
every
President
Roosevelt Signs Administration
ment
Report—Lodge "Prevailing Wage"
Following the adoption by
both the House and the Senate
the Administration Housing
announced yesterday (Feb. 4) that
was
Amend¬
Stricken out
of the conference report on
it
Housing Bill
House and Senate of Con¬
Following Adoption by
ference
bill,
the President had
Final Congressional action on the legislation
conferees' report on the bill was
.adopted by the Senate by a vote of 42 to 40; on Jan. 21 the re¬
port was agreed to by the House without a record vote. The
measure known as
the Wagner-Steagall bill, was sent to
-conference on Dec. 21 last, as was noted in our Dec. 25 issue,
page 4046, after its passage that day by the Senate, following
its adoption by the House on Dec. 18.
Agreement by the
conferees on the differing provisions of the two bills was
reached on Jan. 20 at which time Washington advices to the
New York "Journal of Commerce" said:
signed the bill.
occurred
on
Feb. 1, when the
of the most Important
One
revisions made was
elimination of the so-
inserted in the bill in the Senate requiring that
the prevailing wage shall be paid on all construction work undertaken
under its provisions.
This elimination is likely to lead to considerable
■difficulty when the measure returns to the Senate floor because of its in¬
dorsement by the American Federation of Labor.
The conferees, however, explained that they thought inclusion of such
a limitation in the bill would work against aims of the program to encourage
new home building and also would deter banks from participating in the
•called Lodge amendment
program.
They fear that the
banks would hesitate to make
possibility that the contractor
leaving the bank
change of
No
loans when there is
might violate the prevailing wage
provision,
unable to recover from the Government.
Action
House, homes costing up
by the conferees in the
As previously approved by the Senate and
insured up to 90% of the ap¬
to $6,000 may be
Federal Housing Administration with interest limited
to 5% and the insurance premium limited to Y, of 1% .
Homes costing up to $10,000 are insurable up to 90% on the first $6,000
of the appraised value and 90% on the remainder.
The large scale projects
praised value by the
insured up to 80%
to be
are
Room
cost
and at $1,150
Over the
was
York "Times" said:
$1,350 in large scale projects
can
Title I of the Federal Housing Act
by the conferees until July 1,
loans madejfor modernization
1939.
This title
and repair of existing
"We
Yields
House conferees, on
the other hand, yielded to
It
may
handle mortgages
deposited with these agencies
It is provided that
shall not be allowed
in homes in the $6,000 and $10,000 class
buy any type
but they
have not
associations
they desire, whether it is insured or not
provided that privately
of mortgage
shall not be allowed to
been insured by
The Senate
owned national mortgage
issue debentures against mortgages
costing up
provided such loans had
which
the FHA.
amortization period on loans for con¬
to $6,000 until 25 years remained in the bill,
provision extending the
struction of homes
"whereby the National
normally flows from the money
by the people "
•
of the House conferees,
out that direct mortgage
operations could not be made by any as
Representative Steagall of Alabama, manager
exists in the bill, pointing
denied that such a threat
for the
loans
smaller housing
sociation financed
Federal
by the Reconstruction Finance
been granted prior to July 1,
1939.
Corporation or any other
agency.
Representative Luce of Massachusetts criticized the authorization
issuance of tax-exempt securities by the new mortgage associations
facilities in the bill for
"a curse on
the building of
for
and
apartment houses, which he called
humanity."
where the conference report was
In the Senate,
adopted
sectional and bloc lines were wiped out
as
the Senate split over the so-called "prevailing-wage
amendment" of Senator Henry Cabot Lodge jr., Republican,
of Massachusetts, said the New York "Herald Tribune in
advices from its Washington bureau on Feb. 1, from which
the following is also taken:
This amendment would have provided that all housing coming under the
insurance terms of the Act would employ labor at a rate not less than that
on
Feb. 1, all party
prevailing in the community.
In a last effort to save his amendment
Senator Lodge read a telegram
Federation of Labor,
and "insisting" upon the
appointment of a new conference committee.
The vote accepting the
conference report automatically excluded the possibility of amendment.
The Administration, thoroughly alarmed lest the housing bill be "sabot¬
aged" by the inclusion of an amendment whichlwould increase building costs
and make supervision difficult, brought up all of its guns.
Political promises
were understood to have been made to doubtful and recalcitrant Democrats"
which will come up for payment later.
Jesse H. Jones, Chairman of the
RFC, was at the Capitol adding his influence to that of Administration
leaders in urging Senators to pull the housing bill through intact.
The result was so close that one changed vote would have resulted in a tie.
Oddly enough. Senator Frederick Steiwer, Republican, of Oregon, whose
resignation became effective just yesterday, might otherwise have voted
against the conference report today had he been eligible.
He was an ad¬
vocate of the prevailing-wage amendment in conference.
An analysis of the vote showed that all those voting for the conference
report were Democrats with the exception of Senator George W. Norris,
Independent, of Nebraska.
25 Democrats voted against it, along with
13 Republicans.
Senator Robert M. La Follette jr., Progressive, of
Wisconsin, and Senator Ernest Lundeen, Farmer Labor, of Minnesota,
made up
rejection of the conference report
the total.
Senator Carter
Glass, Democrat,
Senator who was
mouth
should
V
for it.
contraption," he rasped from the side of his
in his characteristic manner.
"I don't believe that the Government
set up a bureau to go into the real estate business.
I wish I could
whole
against the
vote some way to
kill this bill."
Indicative of how the
split,
were
was
the bill while
it since he was paired with a
of Virginia, denounced
could not vote against
regretting that he
"I'm
President of the American
Green,
William
from
usual New Deal and
anti-New Deal alignments
Homer T. Bone,
Senator from Washington,
the New Deal
against the bill.
Robert F. Wagner,
Democrat, of New York.
.
.
When the Lodge amendment first was
up in the special session just before Christmas he voted for it.
.
. Today
he voted for the bill and against the Lodge amendment.
The
oddest
situation of all was
that of Senator
.
of the bill the
20 said in part:
Detailing the provisions
Washington advices Jan.
The bill as
for
"Times" in its
will make available
of mortgage made
Federal insurance
for housing con¬
which were confined in scope
to relatively small
rewritten in conference
maximum
a
of $3,000,000,000
struction.
Unlike its predecessors,
large Government guarantee behind mortgages
those financing housing operations by limited divi¬
undertakings, it will put a
small houses and also
on
single operations.
real boost to heavy in¬
dustry, which even before the present recession lagged far behind other
types of industry in recovering from the low point of 1933.
The bill is designed primarily to make available ample funds for housing
at
uniform interest rate of 5% plus annual "premium charge," which
varies from M of 1% of the principal on the smallest undertakings to be¬
tween Y and 1% on large ones.
The premium on all mortgages will be
levied on the diminishing balance of principal and not on original face value,
dend
corporations up to a value of $5,000,000 for
provision is counted upon to give a
a
major change from the
which constitutes a
also provides that
present Act.
premiums assessed against
shall be brought into line with the new rates.
approved by the conferees, the revised bill provides
of a mutual mortgage insurance fund which may insure
old insured
mortgages
ment
for establish¬
up to $2,000,Congressional authority, with the right to increase
total by 50% if authorized by the President.
new section of the bill, as compared with the old National Housing
advances the limit of value of multiple family dwellings qualified for
000.000 of mortgages on
that
Act,
when built by individuals or regular corporations, from
and provides for insurance of 80% of value of the
The limit rises to $5,000,000 under the same conditions,
mortgage insurance,
$16,000 to $200,000
completed work.
for limited
the Senate on limitations
privately owned associations can.
also
the credit that
dividend company
operations.
Apartment Room Costs
placed around operations of the mortgage associations.
Government owned or controlled mortgage associations
operate or
trust companies and insurance
system," he added,
a
Government is infringing on
Associations
on
banks,
associations,
loan
established
have
A
in the matter of debenture
national mortgage associations proposed to be set up under the
bill.
As the measure comes out of conference it is provided that the as¬
sociations may issue debentures guaranteed by the Government up to
20 times capital, as against 15 times capital provided in the House bill.
also yielded to the House
issues by
while
and
building
homes.
Senate conferees
today
Representative Wolcott of Michigan.
companies."
As
in small homes.
opposition of the Senate,
restored in operation
of the bill voiced in the House
He objected that under
bill "a situation will be created whereby national mortgage associations
not only service mortgages but make loans in competition with existing
that of
The revised Act
.
limitations are to be fixed at
provides insurance on
to
only substantial criticism
The
was
The latter
Insurance
on
material importance was made
provisions of the bill.
salient
Jan. 21
on
urging the
service in which we are
this great
how
the course of tile conference report in the
a dispatch from Washington to the New
Regarding
House
the
splendid results
localities facilities
for combating the disease have been created where none existed before.
We have learned much during these years and when, therefore, I was
told by
the doctors and scientists that much could be gained by the
the
Since
have been
841
Chronicle
The bill sets no
Limited
limit on construction costs per
room
for small family
for cost limit per room in multiple
cost limit of $1,150 per room—including value
dwellings, but provides two measures
dwelling projects.
of
It sets a
ground and improvements—on
insured property valued at
the type
by limited
The conferees
mortgage holders to 95% of face value of
mbursement provision written by the House.
reimbursement «f insured
gages
new
less than $200,-
value is raised to $1,350 per room on undertakings of
dividend corporations
found a middle ground between the Senate provision for
But the limit of
000
and a 100% •
section provides
outstanding value, if
mort¬
The
choices between payment of 98% of
the mortgagee desires to accept such an offer, or the
for alternative
842
Financial
issuance of debentures to him covering
100% of the debt if he
cares to c6n-
tinue operation of a project at his own expense.
Chronicle
Feb.
benefit payments
under the
farm
new
S,
1938
As to this
program.
Associated Press advices from Washington stated:
Mortgage Groups Authorized
previously
They
had
agreed
such
to
The bill authorizes the establishment of national mortgage associations
to make loans and advances on mortgages for
insurance, initiating such
poration
loans and issuing debentures against them.
than that amount for compliance in
Under
Senate amendment
a
adopted bjr the conferees, these associations also may buy uninsured mort¬
gages, but only up to a limit of 60% of the value of property against which
uninsured mortgages have been issued—and no debentures
may be issued
could
individuals
They
while
1938
decided
they
land-owners
large
compliance
partnerships
or
said
for
receive
and
farming
to
the
on
the
in several
amount
and
program,
states
to
any
to
receive
cor¬
permit
no
more
each State.
the
corporations
$10,000 limitation
had
delay
expecting Federal farm
limit
a
with
made
leases
and
to continue
programs
because
many
agreements
for
at present.
as
against uninsured mortgages.
A further important limitation in the bill
sociations
controlled
financed
or
by
stipulates that mortgage
Federal
agencies—in
those established by the RFC loans—cannot initiate loans
at less than
$16,000.
This provision
other
as¬
words,
houses valued
on
Hearings Before Senate Committee on Maloney Bill for
Regulation of Over-Counter Markets—Investment
was written for the specific purpose
Bankers and
Dealers Voice Objections to Certain
Broadening Powers of SEC—Maloney
Bill Changed from Original Draft—Representatives
of keeping government
companies in
agencies out of competition with private lending
field where it is felt the Government should not operate.
a
Provisions
of Investment Bankers Conference
Senate and House Conferees Reach Agreement
Bill—Embodies
Ever-Normal
Granary
Farm
on
Program,
Governing Production of Five Crops
Agreement
reached
was
Senate and House
the farm
in
Dec.
on
17,
Dec. 10.
and
25,
its
conferees
of
the
was
of those which
one
just before the adjournment of the
Special Session of Congress
these columns Dec.
by
Dec. 21; as was reported in
on
page 4046, the bill passed the Senate
adoption by the House occurred on
Under the ever-normal granary
program
proposed
controlling the
production and marketing of cotton, wheat, corn, tobacco
and rice, with a view to
stabilizing prices.
The conferees
are reported as
saying that the general provisions for corn,
wheat, rice and tobacco were not altered during final
in
the
legislation
sessions
the
of
had been
provision
"Wall
Street Journal"
of Feb.
3
that at
Smith, Chairman of the Senate Agri¬
Committee, the conferees inserted a provision in
calling for price-adjustment payments of not more
bill
than two cents
the
for
committee, which since Jan. 3
in drafting a compromise bill from the
passed by the House and Senate.
It is
separate measures
learned from the
cultural
made
conference
engaged
the behest of Senator
the
is
Commodity Credit Corp.
their 1937 cotton crop.
Re¬
porting from its Washington bureau, the paper from which
wc quote went on to
say:
The
1938
all
new
provision
The
of
to receive
program
title to
the
1937
to
%
cotton
producers complying with the
price-adjustment payment if they surrendered
the CCO by June 30 this
year.
cotton to
payment,
amount
price of
average
on
allow
the
loan
price-adjustment
title, would
the
would
the
which
middling cotton
markets, except that it would not be
This
cotton
vision,
only
could
if
the
be
sold
by
be
between
the
on
made
12
10
CCC,
cents
according
cotton
the
on
surrender
upon
cents
pound and
a
designated spot-cotton
than two
more
the
price of
average
would
difference
to
pound.
a
the
day of
Smith
sale
pro¬
is
high
enough to reimburse the Government for all payments
by it on the cotton
in question.
After July 31,
1939, the CCC could not sell more than
300,000 bales of cotton in any month or more than
1,500,000 bales in a
year.
had
approved
stated
that
the
conferees
his
suggestion that bonus payments on the
be hastened, Associated Press accounts
from Washington, Feb.
2, further said:
1937
cotton
crop
Under thiB arrangement
growers
turn
can
over
the government about
to
5,000,000 bales of cotton
on
which loans
aiealready made.
Congress already has voted $130,000,000 in extra
payments on the 1937
cotton crop
in addition to loans ranging down from 9 cents a
pound.
Some
members
from
and
corn
wheat
sections
are
expected
to
protest
the
provision.
The
establishes
program
definite
supply levels for the five crops and
attempts to control production and marketing
through a system of benefit
payments, loans on stored supplies and penalties for excess
sales
when
supplies are large.
The
Secretary of Agriculture will
other
or
then
needed in
crops
split the acreage
any
up
thirds
all
stored
on
of the
convert
this
of corn, wheat
figure to acreage,
and
States, counties and individual farms.
these limits will receive benefit
payments and
supplies become excessive a vote of two-
among
Farmers who stay within
loans
estimate the production
season,
When
crops.
producers taking part in
a referendum
can
clamp controls
farmers.
on
Conferees said that these
marketing controls or quotas would operate this
for corn, wheat, cotton and tobacco, if
approved by growers.
The normal
supply for corn is fixed at about 2,500,000,000
bushels,
representing average annual domestic consumption,
exports for the last
ten years and a reserve of
7% of these two
year
figures.
If
may
indicated
corn
supplies
apply limitations
their
corn
If
crop.
penalty of 15 cents
The
a
climb
sales.
on
they sell
to
Then
or
feed
2,750,000,000 bushels,
this
corn
will have to store
growers
surplus
corn
growers
a
part of
they will
face
a
bushel.
corn
program,
if finally approved by
Congress, will operate in
parts of 12 Western States, known as the "corn limit"
area under
previous
Federal programs.
Mandatory government loans on corn are ordered
whenever prices fall below certain levels.
When
those
limits
within
provisions,
on
Conferees
as
bushels
and
operate,
growers
outside
the
may
manner
sales
corn
said
corn.
belt who have not
complied with
obtain loans at lesser rates.
the
wheat
The
controls
program
normal
sales
on
would
supply level
would
take
the
the
operate
would
effect
be
crop
wheat
On
to
in
postpone
until
in
Commission,
a
$10,000
and
urged
were
this
week
before
the
Feb. 2, it is stated,
unanimously expressed to the Committee
opinion that efforts now being directed toward establishment of a system of self-regulation of over-the-counter mar¬
kets will be retarded if Congress insists
upon placing in the
hands of the SEC the "bludgeon" embodied in the
Maloney
the
bill.
The New York "Journal of Commerce" in
reporting this
bureau (Feb. 2) also stated that the
told the Senate Committee that Section 1 of the
Maloney bill (to which reference was made in these columns
Jan. 22, page 526 and Jan. 29, page
676), providing for
registration of national associations of over-the-counter
brokers and dealers, not only is desirable but
probably is
necessary for protection of those in the profession from
unethical practices of others, but all the
good provided in
that section is likely to be undone by the
operation of Section
2 giving the SEC broader and more direct
powers to regulate
from its Washington
groups
over-the-counter markets.
From the
merce"
we
Criticism
same
advices (Feb. 2) to the "Journal of Com¬
also quote:
directed
was
specifically at clauses 3 and 9
of the section
em-
powering-the Commission to promulgate rules "to provide safeguards
against
unreasonable profits or unreasonable rates of commissions
or
other
charges,"
and "otherwise to prevent acts of practices inconsistent with
just and equit¬
able principles of trade, and to insure to investors
protection comparable to
that provided under the title with respect to national
securities exchanges."
Following the hearings the witnesses conferred at length with Com¬
missioner Mathews of the SEC and other Commission
members and experts
on a possible
compromise in the language to make more explicit scope of the
regulations that could be issued under the section.
Commission indicated a willingness to compromise
It
was
the
reported that
section
but
was
against its entire elimination.
Section 2 Is Outlined
Section 2 is
on
a new
the
section added to the bill being sponsored for
the Com¬
Maloney (Dem., Conn.).
Made public at
the
yesterday [Feb. 1], it amends Section
Securities Exchange Act of 1934 by the addition of new
language
measure
initial
15 of the
broadening
the Commission's authority to
put rules into
effect governing conduct of
brokers and dealers whether they be members of the
associations or not.
The thought behind the section is understood to be that
with this in the
law brokers and dealers in the over-the-counter
markets would more
readily
join associations proposed for selfpolicing of the
industry and at the same
time "enable the Commission to
step into situations in which associations
prove unable to do the job-themselves."
With
one
exception, Frank Dunne of the New York Security Dealers'
Association, witnesses who appeared before the
committee
today insisted
that the provision would have the
would be
more
opposite effect; that brokers and dealers
hesitant to join associations with the section in the law
than
they would otherwise, because of the attitude of people
generally against
compulsion
The attitude of underwriters and investment bankers
was
summed
up
by B. Howell Griswold, Jr., of Baltimore, Md., Chairman of the Invest¬
ment Bankers Conference, Inc., with the
following statement:
Hits at Duress
"It is clear
as
you go
along that
you
do not convert people by threats
of law."
Failure of witnesses, however, to offer
anything more constructive than
the suggestion that the section be eliminated
entirely from the bill
brought
criticism
from
two
members
of
the
Senate
committee.
Senators
Adams
(Dem., Colo.) and Brown (Dem., Mich.), who said that while
objections
voiced against the section might be sound.
Congress, nevertheless, must
look at the situation from another
standpoint—that of protecting the in¬
nocent investor against
unscrupulous practices of dealers.
Joseph C. Hostetler, counsel for
the Investment
Bankers'
Conference,
insisted, however, that no amount of regulation would protect investors
from the type of persons the Senators have in
mind—those whose office is
in their hat.
Such persons, he
said,
see a
are
willing to
agree to
anything if they
chance to make money.
"They
are-not interested in just the interest
getting the principal, too," he pointed out
Those who
were
or
*
fee; they
*
are
interested in
*
heard today were Mr. Griswold, Mr. Dunne,
same
805,000,000
tion; A. W. Snyder of A. W. Snyder & Co., Houston, Tex., and
Joseph C.
much
set
when
at
acreage
program,
limitation
the
supplies
stated that the Conferees
1939
over-the-counter
Virgil C.
McCorrill of the Maine Investment Dealers' Association; Frank
Weeden,
Co., San Francisco; Ralph T Crane, Vice president of Brown,
Harriman & Co., Inc.; Nevil Ford, Vice President of First Boston
granary
1939.
Jan. 30 it was
belt
corn
penalty of 15 cents
insurance
of
of Weeden &
940,000,000 bushels, provided growers approved.
Sales of wheat above quotas would
carry a
The granary bill also includes a
regulation
Banking and Currency Committee by representatives
of investment banking and underwriting
groups, who, on
hearings
Smith
of
Senate
mission by Senator
Indicating that Senator
new
mechanism
a
Exchange
pound to farmers who obtained loans from
a
of
ment
brokers and dealers, under supervision of the Securities and
in the bills passed by the
The farm bill
to Conference
sent
2
adjustment of the differences in
relief proposals carried
House and Senate.
was
the
Feb.
on
Meet with SEC
Changes in the Maloney bill, providing for the establish¬
reached
on
for the Investment Bankers Conference, Inc.
On Feb. 1, with the
a
bushel.
starting with
had
Corpora¬
Hostetler, counsel
agreed
Federal
Senate
Committee,
opening of hearings on the bill by the
was given by Commissioner
warning
Mathews of the SEC that failure of over-the-counter brokers
and dealers to
support the Commission's program for self
regulation will lead to direct regulatory action by the Com¬
mission.
Mr. Mathews
was
quoted
as
saying:
'
Volume
If
Financial
146
have any hope that
we
the securities business is to be put on a
there be direct Government action.
Feb. 1 advices from Washington to the 44Journal of Com¬
merce," from which the above is quoted, also had the follow¬
ing to say in part:
originally proposed and
Commissioner Mathews revealed that the bill as
somewhat to broaden
the Commission's authority over brokers and dealers who failed to join an
association.
The change was in subsection (c) of Section 15, and in explana¬
by Senator Maloney has been modified
A';-.
tion he said:'
"This subsection gives
the Commission power to adopt
various types of
regulations designed to prevent conduct inconsistent
rules and
Government Outlines
level of
We must put people in
position to control the operations of their members.
But if there are no
associations set up as here proposed, I believe the public will insist that
high ethical standards we must have cooperation.
introduced
843
Chroiiicle
with just and
in the over-thecounter markets protection comparable to that provided under the Exchange
Act with respect to exchanges.
Powers specifically mentioned include the
in its brief filed in the test case
Corp. on which oral arguments begin Mon¬
day.
As against the contentions of the utility, the Government said tbat
only the registration provisions of the law need be passed upon by the
Company Act was outlined to the court
against Electric Bond & Share
court at this time.
brief said
The
manipulative acts or practices.
"1.
To prevent fraudulent or
"2.
To prevent fictitious quotations.
"3-
To provide safeguards
of commissions or
rates
commissioners, allowances or other
provide safeguards against unfair
To
"4.
the court
from, other provisions of the Act.
invalid, nearly
because they are so drafted as
to be applicable only to 'registered' companies," the brief stated.
"But
the converse is not true; enforcement of the registration provisions is in
no wise dependent upon the operation of any other provision of the Act.
and dealers and against the
of the Act would fail
To regulate the manner, method, and
"7.
To regulate the time and method
deliveries.
"There
responsibility
responsibility
recording and dissemination
over-the-counter markets."
*
*
that that the defendants' cross
problem confronting the Commission
in attempting to
without co-operation upon the part
of the dealers, in comparison with the job of regulating the exchanges.
In order to perfect a system of regulation, he continued, it is essential
with responsible membership
responsible size.
An association of this sort, if it is big enough
long way in making unnecessary direct regulation by the Commis¬
voluntary organizations be established
sion
Favors Voluntary
Organization
emphasized that organization of the association and membership
therein should be voluntary "because we think this is a good practice."
of the over-thelegislation," Commis¬
sioner Mathews said.
"I think it is poor policy for the Commission to write
the body of legislation even though it has the power to do it.
"I believe that strong associations can and will be set up If this bill is
"For
us
to set up a
comprehensive program of regulation
would be for us to set up a body of
counter markets
enacted."
,
Washington dispatch Feb. 3 to the New
York 44Times" further action as to changes in the Maloney
bill will await the resumption of hearings before the Senate
Committee on Feb. 8 when officials of the Investment Bank¬
ers' Association will appear.
The 44Times" advices of Feb. 3
According to
a
added:
As
a
result of the conference yesterday
Bankers Conference, Inc.; and the
between representatives of the
SEC to work out a basis for agreement
the final draft of Section 2 of the
bill acceptable to Senator Maloney, it
is,believed that obstacles to speedy enactment
of the legislation will be
removed.
The Investment Bankers Association, of
is President, has
It
bill.
which Francis E. Frothingham
their views on the
Conference, Inc., but
canvassed its Board of Governors for
is separate from
the Investment Bankers
about 520 of its 700 members are
also members of the latter.
Bankers Conference who met the
solution of the com¬
of legislation which would
favored by Senator Maloney, for setting
Representatives of the Investment
SEC yesterday feel that
the discussions have led to the
the success of the program,
assure
brokers and dealers with
legal status.
Commissioners Mathews, Healy, Frank and Hanes were
present during parts of the discussions.
The Commission's staff of experts
was represented by Sherlock Davis, director of the over-the-counter section,
and Milton Katz.
v',
up a
Co.
registered association of the over-the-counter
Government
Court
Files
Companies
The
Brief
to
United States Supreme
Requiring Utility Holding
with
Law
Defending
Register
with SEC.
Department of Justice, in a brief
filed with the United
to
Feb. 1, defended the power of the
require the registration of public
utility holding companies
under the Utility Holding Company
States Supreme
Court
Government
Federal
on
in which the law is challenged by the Electric
Bond <fc Share Company, will bs argued before the Supreme
Court on PYb. 7 and 8.
Attorney General Cummings, in the
Government's brief, outlined a series of alleged evils in the
The
Act.
case,
utility industry which
caused the enactment of corrective
legislation.
In summarizing the Government brief, a Wash¬
ington dispatch of Feb. 1 to the New York "Journal of Com¬
merce" said:
The department
means
gress
to
prevent
merce
for
relationship is not a
responsibility and Con¬
said that the holding company
constitutional insulation from statutory
only to the limitations of the Bill of Rights,
the use of postal facilities and the channels of interstate com¬
a purpose or in a manner which Congress reasonably deems
has the power, subject
contrary to sound
public policy.
won a
Su¬
also stated:
was
The Life Insurance
paid taxes on its life insurance
The majority
the ground that the
The company had already
Company objected to the tax on
carried on in Connecticut.
business taxed was
actually written in California.
be sustained, either as
opinion said "the tax cannot
business done, or transactions carried on within
as a tax on a privilege granted by the State."
The Court said that California had no relationship to the
to the reinsurance
company or
or
authority granted by the
In
laid on
the State, or
life insurance
in the course of per¬
not dependent upon any privilege
contracts and that acts
the contracts were
forming or discharging
State.
Black bluntly announced his belief that
the protection of the 14th amendment to
dissenting opinion, Justice
a
corporations are not entitled to
the United States
Constitution.
Justice Black said he did not
proved beyond all
believe the
California tax in this case had been
reasonable doubt to be in
stitution.
-■
He then said it was
violation of the Federal Con¬
:,,V
"Person"
vs.
Corporation
contended by the majority
that the due process clause
prohibits California "from determining what terms
should be imposed upon this Connecticut corporation to
of the 14th amendment
and conditions
promote the welfare of the people in California.
"I do not believe the word 'person' in the
14th amendment includes
corporations," Mr. Black said.
He said the
doctrine that Judicial
decisions should be allowed to
stand
field of constitutional law, citing an
opinion by Justices Stone and Cardozo.
Justie Black said he believed the Supreme Court should now overrule
previous decisions which interpreted the 14th amendment to include cor¬
porations.
"When a statute is declared by this Court to be unconstitu¬
tional, the decision until reversed stands as a barrier against the adoption
of similar legislation.
A constitutional interpretation that is wrong should
limited application in the
had only a
stand."
not
Specifies Provision
provision of the 14th
The
being improperly
prive any person
and
in the same
the equal protection
In United Press
quoted
Both
as
Black contended Is
amendment which Justice
construed is that which states "nor shall any State de¬
of life, liberty or property without due process of law"
the provision
any person
was
to
General Life Insurance
Court case in which it protested against assessment
of the 2.6% California State tax on insurance premiums
against $836,061 of reinsurance premiums written in Con¬
necticut on California policies; this was noted in Washington
advices to the "Wall Street Journal" of Feb. 1 in which it
preme
problem attendant upon the final form
mon
valid,
to
property,
He
on
registrations as so applied are
dismissed."
bill was correctly
Court
Supreme
The Connecticut
consideration to the
regulate the over-the-counter markets
go a
registration provisions of the Act as
Upholds Application of 14th
Corporations—Rules in Favor of
Connecticut General Life Insurance Co. Opposing
California Assessment on Re-Insurance Premiums
on
California
Policies—Justice Black Only Dis¬
senter in this and Two Other Cases
S.
U.
of in¬
by the sharp drop in new capital flota¬
tions.
Frank Dunne, President of the New York Security Dealers' Associa¬
tion, in another letter, also expressed accord with the spirit of the bill.
Commissioner Mathews, in his testimony before the Committee, called
can
the validity of the
below to
raised by de¬
correctly limited by the
the issues sought to be
bill have been
plaintiff's
to
answer
applied to the defendants; that the
public by Senator Maloney
(Dem., Conn.), sponsoring the bill for SEC, to give
a
difficulties in a court's passing upon
has been implemented by ad¬
grave
statute before it
"It is submitted, therefore, that
fendants'
*
present plight of securities dealers
and of
in particular,
regulatory
place of solicing business.
of making settlements, payments
England, urged the Committee, in a letter made
that
controversy.
action.
ministrative
fc*While expressing accord with the general purposes of the legislation,
Waldo Kendall, President of the Securities Dealers' Association of New
attention to difficult
are,
extensive
an
Amendment
formation relating to the
Controversy 'v.
Judicial process that it limits itself
The reasonableness or un¬
reasonableness of a legislative enactment or administrative rule can be
determined only in light of specific application to concretely understandable
genuine
in
issues
concrete
to
,
To provide for the collection,
in
Issues
and merit of the
"It is the strength
partnerships or other devices.
"6.
"8.
the financial
evasion of financial
through the use of corporate forms special
or
provisions were adjudged
"It is true that if registration
all other provisions
courts
To provide safeguards with respect to
"5.
of brokers
charges.
discrimination between cus¬
dealers.
tomers, or issuers, or brokers and
capable of separate
and are not, as the defendants would have
believe, inextricably intertwined with, or inherently inseparable
facts.
against unreasonable profits or unreasonable
other charges (but not the power to impose any
schedule of prices, discounts,
provisions are plainly
registration
operation and enforcement,
equitable principles of trade and to assure to investors
power:
Defense
constitutionality of the Utility Holding
defense of
Government's
The
amendment that States shall not
of the laws.
accounts from
deny to
Washington Justice Black
follows:
Congress and
the people were
familiar with the meaning of
the
the 14th Amendment was submitted and
adopted.
The Judicial inclusion of the word "corporation" in the 14th
Amendment has had a revolutionary effect on our form of Government.
"The States did not adopt the amendment with knowledge of its sweeping
word
corporation at the time
meaning under
gave
and
its present
United
States
No section of the amendment
courts."
Two other
lows in
subject every State law
to censorship of the
t
Court Jan. 31 in which
the sole dissenter were referred to as fol¬
decisions of the Supreme
Justice Black was
United Press accounts
Justic Black also
must
construction.
notice to the people that, if adopted, it would
municipal ordinance, affecting corporations,
dissented in the
reconsider the action
Court's decision that Indiana court®
of Dorothy Anderson, a
school teacher, seeking
Indiana Taechers Acts of 1927 and
1933.
The petitioner, whose contract was not renewed under the 1933 Act,
claimed she was entitled to a permanent post under the 1927 law.
Justice
Black held the majority verdict invaded Indiana State rights. .
The former Alabama Senator (Justic Black) again dissented in the ruling
which upheld the validity of patents held by Robert Esnaut-Pelterie of
France on airplane "joy sticks" and found that the Government had In¬
fringed in these patents.
Black took the position that some of the parts
were in general use before the patent rights were granted.
reinstatement in a
suit involving the
844
Financial
United
Chronicle
States
Supreme Court Holds District Courts
Empowered to Enjoin Hearings Held by
NLRB Under Wagner Act
Are
The
United
Supreme
Court
unanimously that Federal District Courts
ity to enjoin hearings conducted
Relations Board inquiring into
by
Jan.
on
are
31
of Appeals enjoined the Board from further
proceedings in connection with
investigating complaints by the Industrial Union of Marine and Shipbuilding
Workers of
America, a Committee for Industrial Organization affiliate, of
alleged unfair labor practices at Bethlehem's Fore River, Mass., plant.
Fourth
Circuit Court
of Appeals
held in
the
Newport News Co.
that Federal courts do not have authority to halt
proceedings of the
The high tribunal today upheld this
position, but it used the
Bethlehem case as the vehicle for defining the
power of Federal courts under
case
The
Provisions of
after
the
decision
read
was
Stanley Foreman Reed,
Supreme bench, had been
by Justice
Louis
D.
Brandeis
consider the appeal of Miss Gertrude Kay, Brook¬
(N. Y.), real estate broker; the Court of Appeals on
April 5, last year, upheld the conviction of Miss Kay, on
lyn
charges of alleged violation of the Home Owners' Loan Act;
that
decision
page
2408.
Hughes,
on provisions of the Act prohibiting false state¬
ments, and barring fees not authorized by the Corporation.
Associated Press
Mr.
have
said
were
District
the
Court was of the opinion that the Federal
"without power to enjoin the board from
holding the
Court," Mr.
Brandeis
said,
"is
without
jurisdiction to
enjoin hearings because the power 'to prevent any person from
engaging
in any unfair practice
affecting commerce' has been vested by Congress in
Board and the Circuit Court of
Appeals and Congress has declared:
This power shall be exclusive and shall not
be affected by any other means
of adjustment or prevention that has been or
may be established by agree¬
ment, code, law or otherwise.
"The grant of that exclusive power is
Constitutional, because
Board and
in
an
order is conferred upon the Board.
must
the
And
until
apply to
Board's
propriate Circuit Court of Appeals,
the Act
To
secure
Circuit Court of Appeals for its
a
order
no
has
been
penalty
affirmed
accrues
The Bethlehem Corp. had contended that it
Wagner labor law under which proceedings were
was
by the
ap¬
for disobeying it."
not
subject to the
brought, because it
was
not
engaged in Interstate commerce.
The Newport News Co. made a
similar plea, arguing that no labor
dispute existed and its business did not
"directly,
substantially affect Interstate commerce."
"Not being subject to the
regulatory powers of the Board," the
said, "petitioner is immune from its inquisitorial
powers."
or
company
Government in both cases replied that the
Wagner Act provided
for hearings on complaints before the
Labor Board and that either
party
to the litigation then could
appeal to the Circuit Court of Appeals and the
Supreme Court.
Shipbuilding Workers
of America
the
complainant in each case.
It contended that the Bethlehem
Corp.
had interfered with the administration
of a labor organization known as
the
"Plan of Representation of
Employees" at its Fore River plant at Quincy,
Mass.
It said the Newport News Co.
had dismissed employees because of
union activity and also had
interfered with a "Representation of Em¬
ployees" organization.
Bethlehem
Corp. obtained
an
injunction against
lower Federal Courts.
The
and
by the Labor Board.
a
hearing
was held
Newport News Co.
was
a
of Newark.
contracts
Court,
Jan.
step
an
injunction
an¬
four points:
That Congress
legally was entitled
commerce.
illegal.
to
vest
in
the
Board
executive
engaging in any unfair practice affecting
3.
The award of
enjoining powers to Federal Courts in Labor Board action
would substitute the district
courts for the
Board
and determine what
and determine.
4.
for
a
as
the tribunal to hear
Congress declared the Board
exclusively should hear
That the Circuit Court of
Appeals should have reversed the decrees
preliminary injunction and directed dismissal of the bill.
Of the contention of the
companies that they operated
only in Intrastate
and that a hearing
by the Board would subject them to
irre¬
parable damages, the decision said:
commerce
This contention (that District
Courts may be substituted for
the Board)
long settled rule of Judicial administration that
no one is
a
supposed or threatened injury until the
pro¬
remedy has been exhausted.
That rule has been
repeatedly acted on in cases where, as
here, the contention is made that the
Is at war with the
entitled to Judicial relief for
scribed administrative
administrative body lacked power over the
subject matter.
Obviously, the rule regarding exhaustion of the
administrative remedy
cannot be circumvented
by asserting that the charge on which the
complaint
rests is groundless, and that
the mere holding of the
prescribed administra¬
tive hearing would result in
irreparable damage.
Law-suits often prove to
have been groundless; but no
way has been discovered of
relieving a de¬
fendant from the
necessity of a trial to establish the fact.
Declaring that the Circuit Court should
have vacated the
injunction to the Bethlehem
company, Mr. Brandeis said that
of the injunction
was
"clearly"
a case of
discretion."
"It
is
denying
true
a
that
will
of
settlement
Berry
negotiate
agreeing
bargain without such
toward
the
to
Newark
"News"
of
of
Berry
the
to
was
points
of
maintain
a
agreement
an
other
held
all
or
to
effect
difference
closed
the
with
as
em¬
Defendants
shop.
contract
ticket
its
preliminary
a
differences.
such
would
agreement
an
be
invalid
and
strike for a closed shop was continued.
Finding sufficient overt acts
justify the injunction, the Court of Errors sustained it upon grounds
differing in some particulars from those expressed by Mr. Berry.
to
The
in
Berry restraint
fering with
or
premises
the free
and
enjoined
defendants
from picketing in the streets
employees of the company, from inter¬
conduct of the company's business on the
about the homes of officers
or
or
from
obstructing the
directing
violating
the
ingress and
or
order
or
of
the
of officers
egress
persuading
or
and
other
persons,
court
aiding
or
employees thereto,
than
defendants,
abetting
them
from
in
such
violation.
closed
of
referring
shop
cited
the
to
refusal
agreement,
of
some
the
acts
company's trucks
"The
situation
of
accompanied
"In
this
injunction
The
by acts of
situation
now
the
to
opinion
which
negotiate,
for
the
followed,
under
except
Court
of
a
Errors
including driving
one
river.
a
said
Justice
union
a
secure
violence
Court
unions
Parker's
violence
into
appears,"
number of cases, of
a
the
of
Justice
employer and employees to
Parker,
"to
be like
that
obtain¬
interfering in the relations between
'closed shop' and resorting to picketing
to compel compliance with its demands.
of
a
Chancery acted rightly
in
granting the
under review."
findings of Vice-Chan eel lor Berry
24, 1937, page 534.
were
referred
to
in these columns July
Conference of Small Business Men Held In
Washington
At
Instance
of
President
Roosevelt—Called By
of
Commerce
preliminary
the
to
Roper—Twenty-Three
President
Roosevelt Call For
Repeal of Undistributed Profits Tax, Loans to
Small Business, Cut In Government
Expenditures,
Etc.,
Permanent
Advisory Council Urged
Twenty-three recommendations were submitted to Presi¬
dent Roosevelt yesterday (Feb. 4) by a committee of the
small business men's conference, which
opened in Wash¬
ington on Feb. 2; called by Secretary of Commerce Daniel C.
Roper, at the direction of the President, more than 500
executives of smaller businesses of the Nation
to
were
invited
participate.
was
one
Among the recommendations to the President
advocating "the establishment of a permanent
advisory council for small business interests with equal
regional representation."
Repeal of the undivided profits
tax, modification of the capital gains tax and of regulations
of the Securities and Exchange
Commission, curtailment of
Government expenditures and loans to business are among
the
recommendations, which follow in full:
1.
A.
In the matter of finance, we make these recommendations:
Enable the American banking system to make insured loans for
all
necessary purposes.
B. Set up a government
agency to render this service wherever financial
institutions are unable or unwilling to function.
C. Modify the capital
gains tax to give the taxpayer credit for loss years
against
D.
years of
gain.
Repeal the undivided profits tax.
E.
.
Modify Securities and Exchange Commission's regulations to increase
the amount of exemption to $500,000, but require reasonable information
for protection of investors.
2.
granting
new
"improvement exercise of Judicial
We urge the encouragement of the investment
of private capital In
3.
ordinarily the decree of
preliminary injunction
that
Recommendations
That there was no claim
by the corporation that the
statutory pro¬
visions and the rules of
procedure prescribed for such
hearings are
2.
to
Vice-Chancellor
willing to
Secretary
1.
power to prevent any person from
before
was
except
advices
stated:
also
the
...
on
Trenton
Vice-Chancellor
shipbuilding decision was to give the Labor Board indis¬
putable authority to make investigations or
take any
preliminary steps it
regards necessary to pass on
complaints of alleged violations of the
Wagner
based
be
The validity and enforceability of closed
shop
not discussed in the decision of the Errors
which
Testimony
ployees
United Press advices Jan. 31 said:
was
may
would
ease
was
said
27,
company
Effect of the
The unanimous decision
the
hearing in the
denied
No findings have been
nounced.
Act.
that
injunction restraining labor organizations and others from
interfering with operation of the International Ticket Co.
ing in
The Industrial Union of Marine and
The
and
Jan. 27 the Court of Errors and Appeals at
Trenton,
N. J., upheld Vice-Chancellor Berry in
granting a temporary
After
The
was
assumption
national Ticket Co. of Newark.
the review
by the Circuit Court of Appeals and adequate opportunity to secure
judicial
protection against possible illegal action on the part of the Board.
"No power to enforce
erroneous
consideration.
On
refused
provided for appropriate procedure before the
enforcement, the Board
an
further
Jersey Court of Errors and Appeals Upholds ViceBerry in Restraining Labor Organiza¬
tions from Interfering with Operation of Inter¬
the
affirmance.
under
for
Chancellor
hearings."
"The
Jan. 31 said:
on
New
in.
delivering the opinion, Justice Brandeis indicated that
was no dissent.
Justice Cardozo, who is ill, did not
participate.
The following regarding the Court's conclusions is from
Associated Press advices from
Washington, Jan. 31:
Brandeis
adyices_from Washington
Hughes said that the procedure in the Circuit Court of Appeals
been
there
Justice
was
referred to in our issue of April 10,
The Supreme Court decision, by Chief Justice
vacated a
judgment affirming her conviction,
which bore
In
District Courts
Loan Act
shortly
President Roosevelt's second appointee to
sworn
Home Owners'
further
returned
Court's
of
On Jan. 31 the United States Supreme Court called upon
the United States Circuit Court of Appeals in New York to
Board.
the Labor Act.
Supreme Court Directs United States
Appeals of New York to Further Con¬
Appeal of Gertrude Kay in Case Involving
sider
alleged unfair labor
thus were not within the Board's jurisdiction.
States
Circuit
alleged unfair labor practices
The Massachusetts Federal District Court and the First Circuit Court
The
United
Labor
the ground that they operated solely in Intra¬
on
improvident exercise of Judicial discretion."
an
without author¬
the National
Both sought to enjoin Board action on complaints of
insuperable objection to the maintenance of the suit in point
an
ruled
by companies subject to the Wagner Labor Relations Act.
The ruling grew out of legal action brought
by Bethlehem
Shipbuilding Co., and Newport News, Va., Shipbuilding &
Dry Dock Co., said United Press advices from Washington
Jan. 31, which added:
practices at their plants
was
of jurisdiction and where it clearly appears that the decree was the result
of
States
state commerce and
that
1938
"But that rule of practice has no application where, as here
Brandeis said.
Not
Feb. 5,
not
a
be
District Court
disturbed
on
granting
or
appeal," Mr.
enterprises.
We ask that employer and
employee alike be held responsible for the
faithful observance of mutual labor agreements.
4.
We urge that governmental
expenditures be curtailed and the budget
balanced
as
soon
as
possible.
Volume
5.
We urge the
immediate institution of a campaign to
stimulate business.
invitation to attend
social reform is necessary as a part
local communities
9.
We urge that the
government abstain from
We urge that it be
10.
A
granting advantages or
indirectly.
for firms, cor¬
competition with
sell to employees in
called by the Secretary
intimately acquaint me
with the problems of smaller businesses.
I anticipate that the suggestions
resulting from your conference will be very helpful to me
I am therefore
looking forward to conferring with your committee at the White House
of Commerce at my request,
business.
We
11.
principles of the Robinson-Patman
the
approve
and Miller-
Tydings acts.
tomorrow
We approve the
12.
practice acts and
designed to curb destructive competition of
It
all laws seeking to
strengthening and enforcement of
We urge the
curb monopolies.
security and unemployment taxes:
simplification of detailed forms in connection
In the matter of social
14.
We favor the
A.
Social Security tax.
reduction of unemployment taxes
We recommend the
B.
exists justifiable employment
industries where now
with the
Press likewise
in stabilized
hour bill because of
immediate investigation of the administration
of the Wagner Labor Relations Board be made.
17. We urge the approval of the Wagner-Steagall Housing act and the
encouragement and extension of home ownership by making loans for owner
residence at a rate as low as 3 K% .
18. We urge that the government confine its direct home building
activities to slum clearance projects by means of assistance to local housing
authorities by the United States Housing Authority.
19. We strongly urge that Works Progress Administration labor or money
We recommend that an
shall not be used for
principle of instalment selling,
business practices in such sales.
to sound
In the matter of
21.
We urge the
A.
We
C.
taxation:
holding companies when
oppose
forms so that they shall be
prearation.
creating
of holding
used for purposes of
monopoly or tax evasion, but urge differentiation in the case
companies which are actually operating companies.
D. We oppose a surtax on "small business" closely held corporations.
We
22.
that
urge
for extension of credit to
foreign purchasers of
American goods
manufacturers.
realize the value of research now conducted
extended by European
to credits
23.
American
it possible
comparable
government study means whereby
obtain financial aid, making
the
manufacturers and exporters can
We
by government
of smaller businesses and believe further that
organization to coordinate and disseminate the facts of
proposed and existing
legislation and other matters of general interest to
recommend the establishment of a per¬
small business interests with equal regional
We therefore
smaller
business.
manent
*
the "little business
All charges that
More
or
Oppose
"We
opposed to all forms
are
"The Wagner
to business
immediate repeal of the
less disorder
The meeting
marked the course of the meetings;
2 to the New York
hardly got under way when
"Times",
the public address system
broke
deafening
the midst of his welcoming speech, was seen
lips without being heard even by those in the front rows. When
shouts of "louder" filled the hall the Secretary appealed that
every one
sit down, only to be
Secretary Roper, in
to move his
balanced budget)."
administered is unfair and detrimental
reemployment."
Government should cooperate with and not compete
Labor Act as now
business."
that
President Delays
Corp. was one of
those who
of
Present
Stop
Federal Tax Structure is to
Every
New Enterprise Says State
Tremaine Before New York Chamber
meeting and should be so
Comptroller
of Commerce
Punish¬
Speaking on the subject, "Promotive Taxation vs.
ment Taxes," before the Chamber of Commerce of the
State
Feb. 3 New York State Comptroller Morris
S. Tremaine declared that our present tax structure is on
such a "punishment basis" as to stop practically every new
enterprise.
"There are billions of capital available, but it
is timid
because the investor will not risk his principal
of New York on
where he has to earn
anywhere from $1.00 to
$4.00 for the
dollar earned for himself as punish¬
for his success," said Comptroller Tremaine, who
that the capital gains tax, in his opinion, had not
Government for each
tomorrow.
1.
Loans to small business.
2.
Unemployment.
3.
Fair trade practices
4.
Social security.
5.
Government for small
6.
Wages
7.
Housing.
8.
Instalment selling.
9.
Development
ment
stated
and price legislation.
federal
Win-
produced one single dollar of net revenue to the
government since it had been on the statute books.
throp W. Aid rich, President of the Chamber, in
Mr. Tremaine, said that New York State was fortunate
business.
and hours legislation.
introducing
Although the White House
had announced in calling
the conference that
of the small business men who
had written their views to the President, no place on the program of group
discussions had been provided for the subject.
taxation relief had been
the chief demand
Tax Protest Gains
On this score, however,
Rearing
the delegates took matters
into their own hands.
from the convention floor that a group be formed to discuss
Federal and State taxation was all that was needed to send about 20 men
A suggestion
the floor,
with the reluctant
roundtable denunciation
begin a
profits, capital gains,
acquiescence of the chair, to
of taxes on undistributed
Social Security laws.
The complaint was general that the Social Security payroll taxes were
preventing little business men from becoming big business men through
expansion of plant facilities where warranted by actual or prospective new
payrolls for support of the
business.
the small business concerns, made public
Roper said:
The President has directed me to call a conference of executives of smaller
business of the nation representing different industries and locations as com¬
pletely as possible. The purpose of this meeting is to discuss the problems
of small business and to formulate suggestions for the consideration of the
Administration.
After a full discussion of these problems, a committee
will be selected to represent the group and to submit suggestions directly
In his letter to
Jan. 27 Secretary
President.
-
in
Comptroller's office who from the
beginning had understood the dangers of unsound taxation.
Urging the law makers to try what he called "incentive
taxation" to increase" the velocity of business, or turnover,
Mr. Tremaine said he felt that if Congress could be per¬
suaded to take this viewpoint our unemployment troubles
would rapidly disappear.
Mr. Tremaine appealed to mem¬
bers of the Chamber to do all in their power to bring about
the repeal of the capital gains and undistributed profits
levies and to modify the upper brackets of the income tax
so that capital could be used to provide employment through
the starting of new enterprises.
"If our representatives in
Congress cannot grasp these facts," he continued, "let us
send somebody down there who will be bold enough to build
up
employment, give our working people a real chance
instead of trying to mislead them with silly destructive
panaceas."
From Comptroller Tremaine's address we also
having
and location of small industries.
10. Miscellaneous taxes.
to the
Reconstruction Finance
addressed the meeting.
of the R. F. C.
Chairman Jones
interpretations of conditions
by this conference will in turn
and on
Parley
10.30 a. m. tomorrow.
ference at
Effect
conducted by you as to bring out
which a committee to be designated
present in such form tomorrow at the con¬
ference table with the President.
Business problems naturally divide
themselves though analysis into two general groups:
"Those which can and should be worked out privately on your own
initiative through the cooperation of proper agencies locally, and those
which present disturbed conditions, at least temporarily, will require the
assistance of the Federal Government."
Mr. Roper called for the following group discussions out of which the
collective voice of "small business" was to be heard by President Roosevelt
"This is your
from
*
*
disappointed and irritated over the fact that the delega¬
tion named to go to the White House would not get that opportunity until
tomorrow.
Original plans called for such a visit at 3.30 p. m. today. The
President, however, said he was overrushed* with work this afternoon and
would prefer seeing the delegation immediately after his regular press con¬
Then Mr. Roper went on:
'
*
told "no" by a group in the rear.
Roper States the Purpose
concrete
undistributed profits tax (as an
and discourages
"We propose
with
regulations and
of Federal wage, hour
legislation."
initial step toward a
resolutions
Wage Control
Many appeared
reporting from Washington Feb.
Felix Belair Jr. said in part:
down.
handpicked
Characteristic excerpts from these
pounded by the New Deal
included the following:
advisory council for
representation.
men's conference" was
Commerce vanished into thin air today as the 800 or
delegates from 44 States voted condemnation of "all forms" of Federal
wage-hour legislation, demanded further relief from opporessive taxation
and made vigorous pleas for "less interference from the Government."
In a session as equally tumultous as that of yesterday, the delegates
adopted a score of resolutions, gist of which will compose the program they
will present to President Roosevelt at 11 a. m. tomorrow.
These resolutions,
with few exceptions, are directly contrary to the business philosophy ex¬
by the Department of
more
"We advocate
agencies for the general good
there is need for an
Washington to the
S. Burton Lyons
"Journal of Commerce" from
said in part:
t,
but urge adherence
tax base.
account from
Under date of Feb. 3 an
New York
simplification of the taxation
easily understood and less expensive in
B. We recommend broadening the income
more
being done in
making some of the
differentials."
'<X
building purposes.
20. We indorse the
revealed yesterday that this was
criticisms of the Administration "less
offensive" when they were presented to the President.
An example of such a change:
The wages and hours resolution adopted
by the conference expressed outright opposition to regulation of wages and
hours by legislation; the committee told the President today that "we ques¬
tion the merit of a standard wage and hour bill because of geographical
the interest of
geographical differentials.
16.
advices from Washington
said:
A committeeman had
experience.
merit of a standard wage and
We question the
15.
noted in Associated Press
was
yesterday (Feb. 4) that the list of recommendations pre¬
sented to the President showed that the conference repre¬
sentatives had made many changes in the draft of recommen¬
dations adopted by the conference on Feb. 3. The Associated
chain stores.
13.
afternoon.
principle of the State fair trade
approval of legislation
urge
of the meeting follows:
Washington.
Your meeting,
is intended to more
I welcome you to
considered unfair trade practice
porations or governmental units to
Roosevelt, read by Secretary
from President
message
Roper with the opening
organizations, either directly or
special favors to non-profit
W., Washington, D.
Constitution Avenue, N.
with business.
government continue to cooperate
We urge that the
the Department of
in the auditorium of
rapidly as possible.
as
8.
Feb. 2, 1938, at 10:30 a. m.,
Commerce, Fourteenth Street and
C.
will be held on Wednesday,
The meeting
that it not be so rapid as to disrupt
7. We urge
i
representative of smaller business enterprise, a cordia
this conference and to participate in the discussion.
I extend to you, as a
of progress, but
industry.
that relief administration and responsibility be returned to
6. We recognize that
urge
845
Financial Chronicle
146
a
man
in
quote in part as
I
have
organized
the
follows:
four or
five other businesses,
and in each instance
and labor and
So
that
retard
enterprise and rob labor of millions, perhaps billions, of dollars.
I
state without fear of challenge that an increase of 15% in the
velocity or turnover in business would add, without doubt, 30% to the
government got a considerable amount in taxes,
employes got far more than the owners of the business.
you see
taxes like the Loss and Gains Tax or the Undistributed Profits Tax
the
can
844
Financial
United
Chronicle
States
Supreme Court Holds District Courts
Are Not Empowered to Enjoin
Hearings Held by
NLRB Under Wagner Act
The
United
States
Supreme
Court
unanimously that Federal District Courts
ity to enjoin hearings conducted
Jan.
on
31
ruled
practices at their plants
United
Labor
Provisions of Home Owners' Loan Act
On Jan. 31 the United States
Supreme Court called upon
the United States Circuit Court of
Appeals in New York to
further
consider the appeal of Miss Gertrude
Kay, Brook¬
(N. Y.), real estate broker; the Court of Appeals on
April 5, last year, upheld the conviction of Miss Kay, on
charges of alleged violation of the Home Owners' Loan Act;
lyn
jurisdiction.
that
of Marine and
Shipbuilding
America, a Committee for Industrial Organization
affiliate, of
alleged unfair labor practices at Bethlehem's Fore River,
Mass., plant.
The Fourth Circuit Court of
Appeals held in the Newport News Co.
that Federal courts do not have
case
Board.
The
Bethlehem
high tribunal today
the vehicle for
case as
upheld this position,
but
it
used
Mr.
the
have
power of Federal courts under
the Labor Act.
The
after
the
decision
Stanley Foreman
read
was
Reed,
Supreme bench, had been
by Justice Louis D.
President
sworn
Brandeis
Associated Press advices from
Washington, Jan. 31:
Brandeis said
were
hearings."
"The
District
the
Court was of the opinion that the
Federal
"without power to enjoin the board
from holding the
Court," Mr.
Brandeis
said,
"is
without
jurisdiction to
enjoin
hearings because the power 'to prevent any person from
engaging
in any unfair practice
affecting commerce' has been vested by Congress in
the Board and the Circuit Court of
Appeals and Congress has declared:
This power shall be exclusive and shall
not be affected
by any other means
of adjustment or prevention that has been
or may be established
by agree¬
ment, code, law or otherwise.
"The grant of that exclusive
power is
New
because the Act
provided for appropriate procedure before the Board
and in the review
by the Circuit Court of Appeals and adequate
opportunity to secure judicial
protection against possible illegal action on the
part of the Board.
"No power to enforce
an
order is conferred
upon the Board.
enforcement, the Board
must
affirmance.
the
And
until
apply to
propriate Circuit Court of Appeals,
The
Bethlehem
Wagner labor law
not
engaged in
Corp.
a
had contended
under which
Interstate
has
penalty
no
that
proceedings
The
commerce.
To secure
Circuit Court of
Appeals for its
Board's order
been
affirmed
accrues for
it
was
by the ap¬
disobeying it."
not
subject
erroneous
assumption
the
to
were
brought, because it was
Newport News Co. made a
and
from
tions
Interfering
national Ticket Co. of
Shipbuilding Workers of America
the complainant in each case.
It contended that the
Bethlehem Corp.
had interfered with the
administration of a labor
organization known as the
"Plan of Representation of
Employees" at its Fore River plant at
Quincy,
Mass.
It said the
Newport News Co. had dismissed
employees because of
union activity and also had
interfered with a "Representation
of
ployees" organization.
The
Bethlehem Corp. obtained
lower Federal Courts.
The
an
injunction against
Newport News Co.
and
a
hearing
was held
by the Labor Board.
nounced.
was
a
Em¬
with
interfering with operation of the
of Newark.
contracts
The validity and
Operation
not
was
Testimony
company
ployees
step
before
discussed
in
to
the
that
for
differing in
The
of
Berry
held
particulars
some
premises
or
from
the
free
directing
After
closed
cited
of
an
an
injunction
from
of
four points:
any unfair practice
powers to
affecting
Federal Courts in Labor Board action
would substitute the
district courts for the Board
and determine what
Congress declared the Board
and
determine.
as
the tribunal to hear
exclusively should hear
4.
That the Circuit Court
of Appeals should have
reversed the decrees
for a
preliminary injunction and directed dismissal of the
bill.
Of the contention of
the companies that
they operated only in Intrastate
commerce and that a
hearing by the Board would subject them to
irre¬
parable damages, the decision
said:
This contention
(that District Courts
may be substituted for the Board)
i8Ji(iWf.Wlr A*1.6 *on£
rule of Judicial administration
fiwK
that
no
one
is
5 Ja(uciai relief for a supposed or threatened injury until the
pro¬
administrative remedy has been
exhausted.
That rule has been
on in cases
where, as here, the contention is made that
the
^
^ lacked power over the subject matter.
Obviously, the rule regarding exhaustion
of the administrative
cannot be
remedy
circumvented by
asserting that the charge on which the
rests is groundless
complaint
and that the mere
holding of the prescribed administra¬
tive hearing would
result in irreparable
damage.
Law-suits often prove to
have been
scribed
repeatedly acted
i
,
groundless: but
no
fendant from the
necessity of
Declaring that
injunction
to the
the Circuit Court
should have vacated the
Bethlehem
of the injunction was
It
is
preliminary
company, Mr. Brandeis said that the
granting
"clearly"
discretion."
denying
has been discovered of
relieving a de¬
trial to establish the fact.
way
a
a case of
"improvement
exercise of Judicial
true
a
that
ordinarily the decree of a District Court
granting
preliminary injunction will not be
of
those
or
acts
"The
situation
appears,"
employer and employees to
accompanied
"In
this
injunction
The
by
acts
situation
now
of
the
as
from
the
disturbed
on
of
ticket
its
em¬
Defendants
a
or
preliminary
officers
or
to
opinion
and
overt
and
acts
grounds
upon
Berry.
in
company,
company's
other
aiding
unions
invalid
the
streets
from inter¬
business
on
the
employees
thereto,
defendants, from
abetting them in such
than
negotiate,
for
followed,
the
under
except
Court
of
a
Errors
including driving
one
river.
said
Justice
union
secure
violence
by Mr.
the
which
be
it
picketing
of
Parker's
a
a
would
sustained
expressed
persons,
violence
number of cases, of
a
Errors
with
Finding sufficient
of
egress
the
of
Justice
of
effect
shop.
contract
employees of the
court
refusal
to
the
the
the
"to
be like
that
obtain¬
'closed shop'
a
to
Court of
Parker,
interfering in the relations between
compel
and resorting to picketing
compliance with its demands.
Chancery acted rightly in granting the
under review."
findings of Vice-Chancellor Berry
1937, page 534.
were
referred
to
in these columns July 24,
Conference of Small Business Men Held In
At
Instance
of
President
Washington
Roosevelt—Called
Secretary
by the corporation that the
statutory pro¬
visions and the rules of
procedure prescribed for such
hearings are illegal.
2. That
Congress legally was entitled to vest
in the Board executive
power to prevent
any person from
engaging in
enjoining
referring
of
Co.
"News"
difference
closed
or
Errors
defendants
persuading
company's trucks into
ing in
an¬
.
The award of
order
the
to
of
a
agreement
continued.
ingress and
shop agreement,
some
the
By-
of
Commerce
Roper—Twenty-Three
Recommendations to President Roosevelt Call For
Repeal of Undistributed Profits Tax,
Small Business, Cut In Government
preliminary
3.
the
of
Newark
was
points
agreement
such
enjoined
or
decision
the
Berry
obstructing the conduct
or
the
maintain
Court
about the homes of officers
or
Ticket
differences.
was
injunction, the
International
to
all
to
an
other
closed shop
a
Berry restraint
fering with
and
negotiate
agreeing
bargain without such
justify the
in
of
toward settlement
strike
to
Vice-Chancellor
willing to
was
except
Vice-Chancellor
Effect of the
shipbuilding decision was to give the Labor
Board indis¬
putable authority to make
investigations or take any
commerce.
Inter¬
hearing in the
denied
No findings have been
steps it
regards necessary to pass on
complaints of alleged violations of the
Wagner
Act.
on
of
enforceability of closed shop
Court, said Trenton advices
Jan. 27, which also stated:
United Press advices Jan. 31 said:
The unanimous decision
was based
1. That there was no
claim
be
at Trenton,
N. J., upheld Vice-Chancellor
Berry in granting a temporary
injunction restraining labor organizations and others from
violating
was
may
would
Newark.
violation.
Union of Marine and
Appeals
case
On Jan. 27 the Court of Errors and
Appeals
or substantially affect Interstate
commerce."
"Not being subject to the
regulatory powers of the Board," the
company
said, "petitioner is immune from its
inquisitorial powers."
The Government in both cases
replied that the Wagner Act
provided
for hearings on
complaints before the Labor Board and that
either party
to the litigation then could
appeal to the Circuit Court of Appeals and the
Supreme Court.
The Industrial
oI
the
Jersey Court of Errors and Appeals Upholds ViceBerry in Restraining Labor Organiza¬
similar plea, arguing that no labor
dispute existed and its business did not
"directly,
that
consideration.
Chancellor
refused
Constitutional,
an
further
shortly
Roosevelt's second appointee to
in.
delivering the opinion, Justice Brandeis indicated that
there was no dissent.
Justice Cardozo, who is
ill, did not
participate.
,'V
The following regarding the Court's
conclusions is from
District Courts
under
for
♦
In
Justice
Hughes said that the procedure in the Circuit Court
been
returned
Court's
was
ments, and barring fees not authorized by the Corporation.
Associated Press advices from Washington on Jan. 31 said:
authority to halt proceedings of the
defining the
2408.
referred to in our issue of April
10,
The Supreme Court decision, by Chief Justice
Hughes, vacated a judgment affirming her conviction,
which bore on provisions of the Act
prohibiting false state¬
of Appeals enjoined the Board from further
proceedings in connection with
Workers of
decision
page
District Court and the First Circuit
Court
investigating complaints by the Industrial Union
Supreme Court Directs United States
of Appeals of New York to Further Con¬
Appeal of Gertrude Kay in Case Involving
sider
complaints of alleged unfair labor
within the Board's
not
were
States
Circuit
the ground that they operated solely in Intra¬
on
and thus
The Massachusetts Federal
the result
was
without author¬
are
by the National
Jan. 31, which added:
state commerce
"But that rule of practice has no
application where, as here
insuperable objection to the maintenance of the suit in point
was an
jurisdiction and where it clearly appears that the decree
of an improvident exercise of Judicial discretion."
inquiring into alleged unfair labor practices
by companies subject to the Wagner Labor Relations Act.
The ruling grew out of legal action
brought by Bethlehem
Shipbuilding Co., and Newport News, Va., Shipbuilding &
Dry Dock Co., said United Press advices from Washington
on
1938
Brandeis said.
that
of
Relations Board
Both sought to enjoin Board action
Feb. S,
Loans
to*
Expenditures,
Etc., Permanent Advisory Council Urged
Twenty-three recommendations were submitted to Presi¬
dent Roosevelt yesterday (Feb. 4) by a committee of the
small business men's conference, which
opened in Wash¬
ington on Feb. 2; called by Secretary of Commerce Daniel C.
Roper, at the direction of the President, more than 500
executives of smaller businesses of the Nation
were
invited
to
participate. Among the recommendations to the President
one
advocating "the establishment of a permanent
advisory council for small business interests with equal
regional representation."
Repeal of the undivided profits
was
tax, modification of the capital gains tax and of
regulations
of the Securities and
Exchange Commission, curtailment of
Government expenditures and loans to business
recommendations, which follow in full:
the
are
among
1.
In the matter of finance, we make these
recommendations:
A. Enable the American
banking system to make insured loans for all
necessary purposes.
B. Set up a government
agency to render this service wherever
financial
institutions are unable or unwilling to function.
C. Modify the capital gains tax to
give the taxpayer credit for loss years
against
years of gain.
Repeal the undivided profits tax.
E. Modify Securities and
Exchange Commission's regulations to increase
the amount of exemption to
$500,000, but require reasonable information
for protection of investors.
D.
2.
new
"We urge the encouragement of the
investment of private capital in
enterprises.
3. We ask that employer and
employee alike be held responsible for the
faithful observance of mutual labor
agreements.
or
appeal," Mr.
4.
We urge that governmental
expenditures be cm-tailed and the budget
balanced
as
soon
as
possible.
'
.
institution of a campaign to stimulate
We urge the immediate
5.
social reform is necessary as a part
6. We recognize that
We urge that relief
7.
local communities
business.
of progress, but
industry.
that it not be so rapid as to disrupt
urge
administration and responsibility be
returned to
rapidly as possible.
as
We urge that
the government continue to cooperate
business.
We
11.
of the Robinson-Patman
the principles
approve
and Miller-
Tydings acts.
We approve the principle
12.
of the State fair trade practice acts
approval of legislation designed to
urge
and
curb destructive competition
of
chain stores.
We urge the strengthening
13.
and enforcement of all laws
seeking to
curb monopolies.
geographical differentials.
16. We recommend that
of
that
the
authorities by the United
3 H%
administration
Housing act and the
loans for owner
.
confine its direct home
government
by means of assistance to
building
local housing
Progress Administration
labor or money
shall not be used for building purposes.
instalment selling, but urge
practices in such sales.
We indorse the principle of
20.
to sound business
21.
adherence
In the matter of taxation:
We urge the simplification of the taxation forms so
easily understood and less expensive in prearation.
B. We recommend broadening the income tax base.
A.
that they shall be
more
holding companies when
We oppose
C.
used for purposes of creating
holding
monopoly or tax evasion, but urge differentiation in the case of
companies which are actually operating companies.
D. We oppose a surtax on "small business" closely held corporations.
study means whereby American
manufacturers and exporters can obtain financial aid, making it possible
for extension of credit to foreign purchasers of American goods comparable
22. We
that
urge
to credits extended
We
23.
by European manufacturers.
the
realize
businesses. I anticipate that the suggestions
resulting from your conference will be very helpful to me
I am therefore
looking forward to conferring with your committee at the White House
problems of smaller
afternoon.
tomorrow
It
was
noted in Associated Press
yesterday (Feb. 4) that the list
value of research
showed that the conference repre¬
in the draft of recommen¬
adopted by the conference on Feb. 3. The Associated
dations
Press likewise said:
A
by legislation;
differentials."
small business interests with
men's conference" was handpicked
vanished into thin air today as the 800 or
more delegates from 44 States voted condemnation of "all forms" of Federal
wage-hour legislation, demanded further relief from opporessive taxation
and made vigorous pleas for "less interference from the Government."
In a session as equally tumultous as that of yesterday, the delegates
adopted a score of resolutions, gist of which will compose the program they
will present to President Roosevelt at 11 a. m. tomorrow.
These resolutions,
with few exceptions, are directly contrary to the business philosophy ex¬
pounded by the New Deal
Characteristic excerpts from these resolutions
included the following:
Oppose Wage
"We
the New York "Times",
public address system broke
down.
Secretary Roper, in the midst of his welcoming speech, was seen
to move his lips without being heard even by those in the front rows. When
deafening shouts of "louder" filled the hall the Secretary appealed that
every one sit down, only to be told "no" by a group in the rear.
hardly got under way when the
Roper States the Purpose
initial step toward a
"We propose
"Those
which
which
can
through
general groups:
out privately on your own
be worked
and should
the cooperation of proper
conditions, at least
of the Federal Government."
present disturbed
assistance
agencies locally, and those
temporarily, will require the
collective voice
tomorrow.
'
1.
Loans to small business.
2.
Unemployment.
3.
Fair trade practices and price
4.
Social security.
5.
Government for small business.
6.
Wages and hours legislation.
7.
Housing.
legislation.
had
written their views to the President, no
the conference that
small business men who
place on the program of group
the subject.
Tax Protest Gains Hearing
On this score, however,
the delegates took matters
into their own hands.
the convention floor that a group be formed to
Federal and State taxation was all that was needed to send about
A suggestion from
from
the floor,
with the
roundtable denunciation
and
on
The
discuss
20 men
reluctant acquiescence of the chair, to begin a
of taxes on undistributed profits, capital gains,
Security laws.
Social Security payroll taxes were
payrolls for support of the Social
complaint was general that the
preventing little business men from
expansion of plant facilities
becoming big business men through
actual or prospective new
where warranted by
business.
In his letter to
the small business concerns,
Jan. 27 Secretary Roper
made public
said:
of smaller
business of the nation representing different industries and locations as com¬
pletely as possible. The purpose of this meeting is to discuss the problems
of small business and to formulate suggestions for the consideration of the
Administration.
After a full discussion of these problems, a committee
will be selected to represent the group and to submit suggestions directly
The President has directed me to
to the
President.
Parley
disappointed and irritated over the fact that the delega¬
the White House would not get that opportunity until
such a visit at 3.30 p. m. today. The
tion named to go to
tomorrow.
Original plans called for
President, however,
said he was
overrushed* with work this afternoon
seeing the delegation
would prefer
and
immediately after his regular press con¬
10.30 a. m. tomorrow.
ference at
the R. F. C. Reconstruction Finance
of those who addressed the meeting.
Chairman Jones of
Corp.
was one
Federal Tax Structure is to Stop
Enterprise Says State Comptroller
Before New York Chamber of Commerce
Present
of
New
Every
Tremaine
Speaking on the subject, "Promotive Taxation vs. Punish¬
ment Taxes," before the Chamber of Commerce of the State
of New York on Feb. 3 New York State Comptroller Morris
S. Tremaine
such
a
declared that our present tax
"punishment basis" as to
structure is on
stop practically every new
"There are billions of capital available, but it
the investor will not risk his principal
where he has to earn anywhere from $1.00 to $-1.00 for the
Government for each dollar earned for himself as punish¬
ment for his success,"
said Comptroller Tremaine, who
stated that the capital gains tax, in his opinion, had not
is
because
timid
Comptroller's office who from the
of unsound taxation.
he called "incentive
taxation" to increase" the velocity of business, or turnover,
Mr. Tremaine said he felt that if Congress could be per¬
suaded to take this viewpoint our unemployment troubles
would rapidly disappear.
Mr. Tremaine appealed to mem¬
bers of the Chamber to do all in their power to bring about
the repeal of the capital gains and undistributed profits
levies and to modify the upper brackets of the income tax
so that capital could be used to provide employment through
the starting of new enterprises.
"If our representatives in
Congress cannot grasp these facts," he continued, "let us
send somebody down there who will be bold enough to build
up
employment, give our working people a real chance
instead of trying to mislead them with silly destructive
panaceas."
From Comptroller Tremaine's address we also
having
had announced in calling
chief demand of the
discussions had been provided for
compete
*
*
*
federal
Instalment selling.
9. Development and location of small industries.
10. Miscellaneous taxes.
Although the White House
detrimental
reemployment."
that Government should cooperate with and not
discourages
produced one single dollar of net revenue to the
government since it had been on the statute books.
Winthrop W. Aldrich, President of the Chamber, in introducing
Mr. Tremaine, said that New York State was fortunate in
8.
taxation relief had been the
profits tax (as an
administered is unfair and
enterprise.
following group discussions out of which the
of "small business" was to be heard by President Roosevelt
Roper called for the
Mr.
Act as now
President Delays
meeting and should be so
themselves though analysis into two
initiative
repeal of the undistributed
balanced budget)
"The Wagner Labor
Effect
conducted by you as to bring out
concrete interpretations of conditions which a committee to be designated
by this conference will in turn present in such form tomorrow at the con¬
ference table with the President.
Business problems naturally divide
regulations and
legislation."
Then Mr. Roper went on:
"This is your
Control
of Federal wage, hour
opposed to all forms
are
Many appeared
marked the course of the meetings;
reporting from Washington Feb. 2 to
Felix Belair Jr. said in part:
The meeting
the "little business
All charges that
by the Department of Commerce
equal regional
representation.
less disorder
from Washington to the
Commerce" from S. Burton Lyons
Under date of Feb. 3 an account
New York "Jourual of
with business."
or
The wages and hours resolution adopted
outright opposition to regulation of wages and
the committee told the President today that "we ques¬
standard wage and hour bill because of geographical
tion the merit of a
proposed and existing legislation and other matters of general interest to
smaller business.
We therefore recommend the establishment of a per¬
More
done in
the Administration "less
example of such a change:
to business and
advisory council for
yesterday that this was being
of the criticisms of
presented to the President.
by the conference expressed
agencies for the general good of smaller businesses and believe further that
there is need for an organization to coordinate and disseminate the facts of
manent
had revealed
committeeman
offensive" when they were
"We advocate immediate
conducted by government
now
advices from Washington
of recommendations pre¬
sented to the President
government
the
called by the Secretary
intimately acquaint me
Washington.
Your meeting,
is intended to more
I welcome you to
with the
said in part:
States Housing Authority.
We strongly urge that Works
19.
of
of home ownership by making
activities to slum clearance projects
opening of the meeting follows:
of Commerce at my request,
hours
approval of the Wagner-Steagall
Roosevelt, read by Secretary
from President
message
An
residence at a rate as low as
urge
A
Roper with the
the interest of making some
standard wage and hour bill because
immediate investigation of the
an
encouragement and extension
18. We
a
Labor Relations Board be made.
We urge the
17.
stabilized
justifiable employment experience.
We question the merit
of the Wagner
unemployment taxes in
the reduction of
industries where now exists
15.
with the
detailed forms in connection
We favor the simplification of
A.
Social Security tax.
R. We recommend
I extend to you, as a
sentatives had made many changes
and unemployment taxes:
In the matter of social security
14.
i
representative of smaller business enterprise, a cordia
invitation to attend this conference and to participate in the discussion.
The meeting will be held on Wednesday, Feb. 2, 1938, at 10:30 a. m.,
in the auditorium of the Department of Commerce, Fourteenth Street and
Constitution Avenue, N. W., Washington, D. C.
with business.
9. We urge that the government abstain from granting advantages or
special favors to non-profit organizations, either directly or indirectly.
10. We urge that it be considered unfair trade practice for firms, cor¬
porations or governmental units to sell to employees in competition with
8.
845
Financial Chronicle
146
Volume
call a conference of executives
a
in
man
the
beginning had understood the dangers
Urging the law makers to try what
quote in part as
follows:
or five other businesses, and in each instance
considerable amount in taxes, and labor and
employes got far more than the owners of the business.
So you see that
taxes like the Loss and Gains Tax or the Undistributed Profits Tax retard
enterprise and rob labor of millions, perhaps billions, of dollars.
I can state without fear of challenge that an increase of 15% in the
velocity or turnover in business would add, without doubt, 30% to the
I
the
have
organized
government
got
four
a
846
net
Financial
of
revenues
the
income
a
Our
the
the
York.
In
other
would
country
and
state
based
are
on
a
Federal
pin
depressed period,
decrease.
bill
New
of
be
the
words,
doubled,
we'll
as
after
governments,
increase
Chronicle
in
Tax fears
the
as
business
rent
had
by
cities
and
Therefore,
should
we
point that
oall
we
net
earnings.
the necessities of Government
should have
we
include
the
of
cost
much
a
government
as
firtt
a
at
a
moderate
more
basis
a
where
the
business, the increased volume
far
more
than
revenue
a
tax
of business
high
rate.
investor
has
would
tax rate
that
In
other
words, if
incentive
an
to
retards
or
of
claim
not
Gains
that
is
of
revenue
know
Loss
the
Federal
Government
approximately $75,000,000.
Government cannot
to
the
annual
Tax
the
appear
repealed
how
and
much
Gains
stand
this
The
loss
of
A
reasonable
but they do
revenue,
if
sources
estimate
would
vide
they
be
Loss and
to
to
be
conservative
time,
I
have
in
put
the
public
the annual
for this
support
utterances
net
I
increase at
statement
from
have
have
tried
velocity of business,
called
an
of
men
"incentive
experiments
We
turnover.
or
and
from
a
in
might at
least
to
increase
what
try
have
reasonable
less
not
than
established
an
being chartered;
a
margin
that the propor¬
bank should be sufficient to
for losses and shrinkage in
having
quality that would avoid undue risk."
far,
it
authorities
the
might
taxation."
should
six months of
values and sufficient to furnish bank
owners
with
incentive for the pursuance of sound
banking policies;
that bank funds should be invested in
assets
So
long experience in
effort
an
bank
operation and
Chairman of the Board
Deposit Insurance Corporation,
1937, made public
standards," Mr. Crowley points out, "pro¬
banks
a
of
of the Federal
asset
essential
other
many
that
provide
$250,000,000, and I
public finances.
We
made
standards
tion of capital to the size of
Gains Tax.
have plenty of
by the Association on
July 17 issue, page 346.
our
Leo P. Crowley,
says
minimum capital before
an
5% on the gross turnover or velocity of business, which
would
certainly produce an increase in net revenue of at least
10%.
In other
words, it would be reasonable to expect the
government, in the course of
a couple of
years, to increase its net income
by $500,000,000 by repealing
the
Just
minimum
in his report for the final
Jan. 27.
"These
the
Trrasury officials
they could get from other
Tax.
from
increase of
time
uniform
supervision,"
of Directors
estimated
Loss and
issued
survey
referred to in
"Substantial progress has been made in the
development
run,
human
activities.
The
semi-annual
vision
we
promote
produce, in the long
punishes
deter¬
44% of all
FDIC for Six Months
greater
dollars
on
elements by
Ended Dec. 31,
1937,
$24,371,587—For Year,
Total was
$48,148,408—
Corporation's Surplus Increased During Year to
$93,849,491—Chairman Crowley Reports Progress
in Uniform Standards of
Operation and Super¬
considerable development, a tax levy on
gross
earnings would, I
believe, tend to equalize the tax bill, do away with punishment
taxes, give
an
opportunity to grow and give the government a much
of
four retarding
Income of
cost,
needs
taxes
top
was
business
put
the
5. 1938
ranked No. 1
are
our
putting it in the cost of goods where it belongs and not on the
pin point
of net profits, which
disappear when Government needs money the moBt.
Such a plan
is now before the Treasury Department, and while it
number
than half the cities,
more
July 3 last
increase and its
broader base for
by
and among
some,
The
When
Feb.
cited
are
reporting.
fairly normal level.
a
revenues
tax
to
taxes
have
we
State
of business of
growth
net
reached
the
banks
is
largely
that
deposit
that this
and
due
the
to
cooperation
insurance
cooperation
losses
have
continue and
He adds:
of
be
banks
and
remained
extended
supervisory
small.
in
It
order
that
Corporation may remain permanently sound.
We believe
that the desired
uniformity and improvement of standards will be accom¬
plished and the welfare of the banking system will be
better served
be
if
classes
of
banks
are
represented
in
determining
the
policies
of
Corporation.
Semi-Annual Survey of Real Estate Market
by National
Association of Real Estate Boards—Finds
While stating that
Prices
Sustained
Higher
or
Despite
Decline
in
Market
Activity
While
real
estate
market
activity, especially in the last
three months, has shown the effect
business recession, real
the country, and are
of the current
estate prices
advancing in
general
holding well
are
more than
over
third of the
a
cities, said the National Association of Real Estate
Boards,
in making available on
Jan. 15 the thirtieth semi-annual
of
survey
the
real
estate
market,
covering
260
cities.
Activity was lower than was the case at this time last
in 61% of the cities
reporting, the Association
but
pointed out,
prices have held the
in
same
a
in
in 36% of the cities and have
de¬
10% of them.
The Association's announce¬
only
ment, bearing
The
This
smaller
is
west
region
63%
the
city
of
less
it
price situation
shows the
its
activity
the
the
cities
is
so
are
reporting,
increasing.
geographical variations.
highest proportion
The
though
Southwest
of
cities
not
with
city
a
comes
next,
in
Smaller
Cities
under
a
Strong Proportion
house
in
the
that
each
has
been
last
population
tion
of
region reports
47% of its cities
with
a
of Under $4,000
1937 averaged about
year
of
the year,
10,544,231,
six
the
however,
months.
total
In
number
of
22,948, and the total number of
same
proportions
was
161
vacant
to hold
were
the
number
of
home
active real
it
means
site
The
year
sites
of
the
estate
purchased
first
of
such
What Are
Lack
of
confidence
home
building,
including both
of
these.
operative
Reduced
Present
the
real
home
buying
element by any means
of
totaled
Rate
half
a
having
of
sale
by the
far
most
per
cent
uncertainty
with
homes
built
was
estimated
was
approximately
be
remembered
future
which
the
the
builders
sheer
as
number
frequently
of
all
they
is
is
detached
is
those
having
made for
houses
gathered.
to
the
Cost
of
and
assessments paid
excess of interest and
expenses.
insured banks which
637,
less
or
than
were
%
liquidated
of
1%,
loan
statistics
through
Dee.
31,
merged
or
not
fully
during
1937
were
1937.
of
176
principally,
banks
new
in
from
the
the
number
of
of
excess
insured
banks
institutions
closed
or
merged
chartered.
the
report
built
and
a
but
.
present
High
second
factor,
a
.
this
of
is
bulks
not
cities
was
reporting,
an
the
placed
high
No.
as
material
important
buying
tends to be given by
element
of uncertainty
adequate capital
with
power
$24,371,587.19,
ments
paid by
provision
profits
for
insured
income
amounted
costs
obstacle
were
deterrent.
by
Eighty-
appears
as
a
in
regard
was
factor
cited
in
only
to
by
labor.
51%
recognized as a factor by 22%
them seventh or eighth place on the list.
of
of
the
six
which
months
ended
$19,474,714.34
to
of
the
and
profits
interest
securities
on
administrative
losses and
The
amounted
by
31,
1937,
assess¬
for
the
of
ended
year
assessments
lees provision
$1,371,571.07 and
of
Dec.
for amortization
$9,334,858.64.
For
31,
1937,
$38,813,549.39 paid
the
of
premiums,
total
year
losses
$8,320,146.86, of which $2,705,434.02 represented
and
$5,614,712.84
represented
deposit
insurance
expenses.
Corporation
resulting from an excess of income over
$93,849,491.47 as of Dec. 31, 1937.
Income
$119,657,277.02 from the beginning of deposit insurance.
this amount was
$85,859,152.93 derived from assessments paid
banks and $33,798,124.09
represented interest and profits on
and
Included
sold
to
expenses
surplus of the
expenses
Corporation
$48,148,408.03, including
and expenses amounted
Dec.
represented
and
$4,896,872.85 represented interest, less
of premiums,
earned on securities owned and
Expenses and losses amounted to $5,656,482.56
sold.
by insured banks, and
losses
was
to
in
insured
securities,
after
making provision for
to
have
amounted
surplus
449,666.84
representing
of
merging
banks for
closed
to
amortization
25,807,785.55.
disbursements
insured
loans
banks
in
of
premiums.
Charges
charges included $44,-
These
actually
made
settlement
of
pending
or
to
claims
and
their
de¬
to
and
purchase of assets, and expenses and other
charges of $643,229.20 incident thereto, less estimated
recoveries of $31,352,310.03 ;
and' administrative
expeftses
and
other
charges
of
$12,067,199.54.
Closed
During
closed
the
of
insured
the
months
to
the
by insurance
or
Corporation.
protected
$10,859,000,
953,000,
banks,
extent
but
of
144
against
were
were
47
merged
with
by
to depositors.
The 103,485 depositors
having total deposits of $24,812,000, were
$24,362,000, or about 98% of their claims,
or
of
through
the
in
From
taken
total
the
were
closed,
other
of
the
47
receivership
beginning of deposit
banks
loans
insured
purchase
or
depositors
Of
purchase of assets
amounting to
insured
Banks
31, 1937, 48 insured banks were
bank was subsequently taken over
loss
loss.
placed
Insured
Dec.
One
without
otherwise,
All
Insolvent
ended
insolvency.
bank
remaining
protected
fully
six
because
another
1
for
banks
amortization
securities
on
Operations
Corporation
during this period, including administrative
expenses of
deposit insurance losses and expenses of
$4,284,911.49.
in
of
is
to
to
57%
land
amounted
an
reporting cited material costs, 77% listed the
outlook, 79% listed high labor
costs,
available
future
as
the
next
business
builders
of
the
of
to
uncertainty of the general business future.
are
contributory.
in
Income
heavy
so
'
•
.
building,
important factor.
capital
it
deterrent'
cost
most
quote:
we
'
this
Buildingl
principal
report.
the
.
Home
having adequate
is
mentioned
general
coupled
Lack
of
cities
operative
cities.
cities.
cities,
and
positors
ever
boards
labor,
probably
deduction
206,864.
that cities
compiled by the Association
Deterrents
power
confidence
of the
Scarcity of
of
of
greatest
the
seven
lack
losses
31,
from
Only six banks (excluding three cash
depositories) were chartered during
were not insured
by the Corporation at the end of the year.
of
combined
a
High financing costs and tax fears
While
only
decrease
From
lots.
data
estate
and
10%
a
124,000
186,000
national
materials
If
residential lots
in
local
total
than
more
sale
on
market.
national
a
sale
figures
are
Lack
and
one
lots sold
general
most
home
1937,
pay-off
net
over
for the total urban
popula¬
making such a projection, however, it should
having an active real estate board are in
factor
A
Homes
only about one-third
cities
detached
the
In
the
31,
resulted,
The
dwelling built, the reports indicate.
months
If the
all
over
283,000 depositors in
Dec.
considerable
country they would mean that detached
dwellings built in the
country in 1937 totaled
approximately 137,910,
They would indicate
entire
that
of
as
33,970.
as
six
during the
home
new
prevailing in the first
reported
Of
to
In 60%
Sales of home sites
to
securities
on
$85,859,152.93 derived
$7,990,338.54 representing an
and
Closed Insolvent Insured Banks
North¬
increase,
186,000 Home Sites Purchased
During 1937
lots
profits
included
amount
Membership
price
factor in this year's
of the cities it accounted for at least
one-fourth of all
houses built.
In 39% of the cities
half of all the houses built
were
in
the under $4,000 class.
In 14% of the cities these
low-cost houses consti¬
tuted three-fourths or
more of all
dwelling construction for the year.
But
the very
large cities have only a small per cent of this
type of home
construction.
The proportion does not run
beyond half the home building
in any
city of over 200,000 population.
building.
Dec.
This
1937 which
Show
$4,000
1937.
by insured banks
recession.
The
the
showing higher prices.
The
securities' income and profit for the first
such period, Mr.
Crowley observes that for the full calendar
year, however,
interest and profits on securities were
more than
$1,000,000
greater than losses and expenses.
Administrative expenses
of the
Corporation, it is stated, continued low,
amounting
to only about
$2,700,000 for the year.
Other features of the
report were summarized as follows:
The Corporation's surplus had
increased to $93,849,491.47 on
Other
affected
all
the
during the six months ended Dec. 31,
losses
of
the
Corporation exceeded
and
expenses
protected.
continued:
survey,
by the current
down the line of population
groups.
true straight
Notable in
its
on
1937,
majority of the cities
(54%), have advanced
clined
year
is
the
this
in
the
and
17,
banks
of assets
banks
deposits
with
with
with
deposits
the
aid
of
of
were
of
$13,-
loans
and
$4,878,000 by the Corporation.
insurance to
which
three
Dec. 31,
1937,
182
insolvent
were
subsequently reopened or
by operating banks, and 179, having 282,968 depositors and
deposits of $75,822,000, were liquidated or
over
merged.
banks,
by the
suspended
30,
banks,
126,
with
deposits
of
$36,472,000,
were
placed
in
Of
these
receivership
179
or
and
liquidation,
by
in
126 banks
The 168,086 depositors
90% of
to $16,723,000.
protected to the extent of $32,764,000, or
were
pledge of security. Only
of 1%, of these depositors were not fully protected.
less than
or
aid
the
by insurance, offset, preferment
claims,
637,
with
amounting
Corporation
the
the
their
banks
or
things: either justify it or else
of two
In
insured with the Federal
1937, reflecting a reduction of
For the year ended Dec. 31,
1937, there was a decrease of 176 in the number of insured bank6.
This
decrease resulted
principally from the elimination of insolvent or weak
banks by action on the part of the appropriate authority in closing them
or
merging them with sound banks with aid from the Corporation when
necessary, and
from the chartering of few new banks.
During the year
ended Dec. 31,
1937, 256 insured banks were eliminated by suspension,
merger or consolidation, or voluntary liquidation, and the insured status
of one bank was terminated.
There were 81 banks admitted to insurance,
including 46 banks first opened for business during the year and 35 banks
in operation or successors to uninsured banks in operation at the beginning
of the year.
These changes, which are summarized in Table I, do not
include cases
in which insured banks were succeeded by other insured
13,797 operating commercial banks
were
banks.
In
for
could
during
States
the
of
close
three cash depositories in one
1937 which were not insured by
excluding
banks,
State, chartered in four
the Corporation at the
year.
sound banking conditions would
be promoted by making the Executive Committee of the
Association of State Bank Supervisors an Advisory Council
cooperation in working for
to
his
or
have
the FDIC.
FDIC
the
of
as
31, 1937,
of Dec.
STATEMENT OF A88ETS AND
.
$20,634,573.44
and on deposit
securities (cost less reserve for
Cash on hand, in transit
United States Govt,
'''' ■v.':''
premiums) and accrued interest
amortization of
receivable..
■*.' 348,485,505.78
«...
—....
$369,120,079.22
through bank suspensions & mergers:
claims of depositors against closed
Assets acquired
Subrogated
Insured banks
$16,042,560.42
.
Net balance of depositors
10,700,338.81
they
duction
is
think
I
16.153,977.84
1.00
66,088.80
and equipment.
charges and miscellaneous assets
$385,340,146.86
Total assets
Accounts and assessment
$61,198.89
rebates payable
In closed insured banks,
pending settlement or not
know
You
$1,641,071.83
paid to temporary Federal Deposit
prepaid assessments
administrative and Deposit Insurance expenses—
444,280.07
105,746.60
Insurance funds and
$2,191,098.40
Total liabUities
in
$289,299,556.99
Capita] stock
Surplus:
Balance, June 30,
$74,850,140.82
1937
periods prior to
adjustments applicable to
284,246.02
July 1, 1937
Surplus for the six
$75,134,386.84
June 30, 1937
Balance as adjusted
months ended Dec. 31,1937:
Additions:
Deposit insurance assessments $19,474,714.34
Interest earned and profit on
sales of securities (less pro¬
vision for amortization of
premiums)
The
decentralization of
cases
of people who have themselves,
voluntarily,
darts
there
say
at
are
to New
equally obvious.
are
interlocking
Your
of
some
one
or
thousand people
few
a
is distorted by those who want to
another, and you get around so that people
directorships
who control half the industry of
country.
your
business is moved back you will be getting in with the
local towns would have a stake in that industry.
they had a greater stake than they have today.
The
the manager who doesn't want to do something that the
Those
people.
local
They
usual
remark of
local
community wants him to do is to say, "Well, New York won't let me
do that."
That is said every day in the year in moet communities.
There
is somebody saying it today, and that isn't doing New York any good.
In the first place, it isn't true in many cases.
It is an alibi; but if the
feel
would
was
there that kind of a
who
Harriman,
is
remark wouldn't be made.
Chairman
of the Board of the
RR. Co. and a member of the
Brothers Harriman &
Brown
banking concern
Co., is likewise Chairman
Advisory Council of the
United States De¬
partment of Commerce, stated in his address that "it isn't
difficult for us to get an understanding of what the public
thinks about us if you
will only stop and attempt to
analyze
and, if we do it, we can foresee the political
and foresee what is going to happen to us."
He
what that is,
trends
usually too late if we tackle a problem
public issue. The job to do is to attempt
foresee the trends and to attempt to correct the abuses
purchased
charged off
1,350,709.52
equip¬
and
20,861.55
...
$5,656,482.56
$18,715,104.63
93,849,491.47
Total capital
$383,149,048.46
Total liabilities and capital....
$385,340,146.86
similar
report
for the
months ending Dec. 31,
six
our issue of Feb. 20, 1937, page 1199.
The annual report of the Corporation for the year 1936 was
appeared in
at length in
24, 1937, page
profits in 1936 was given
these columns July
An item bearing on the net
36, July 3, 1937.
♦
Discussing
Concentration of Business Control in
New York, W. Averell Harriman Before Bond Club
Advocates Decentralization
of
Management—With
Moving Back of Business from New York Declares
Local Towns Would Have Stake in Industry
Referring
on
Jan.
directorships and
28 to
the
"question of interlocking
concentration of control in New
Averell Harriman, in an
of New York,
York,"
address before the Bond Club
stated that "I think we should
the
the public about the advantages to
have been filled with cases of the
If that issue gets into a political
issue—it might have been there today if it wasn't for the recession in
business.
Recession of business has slowed up some of the reform ideas,
unquestionably, but I think we ought to sit down and analyze what are
the things that are legitimate about the use1 of the holding company as
an
instrumentality for economic and social good, and what are the devices
that are used
for the sake of making some money, and if we do that
thing and business people are ready to recognize and accept the abuses
you will find yourselves in a much better or we will find ourselves with a
much better case when that thing comes to an issue.
the
abuse of
the
use
of holding companies.
frankly analyze
further
his
don't
is
remarks he said, in part:
another general
I think, another typical case,
We talk a lot about the necessity
subject,
make ourselves clear.
where
of the
accept the fact that that is an
essential thing to progress; and we go down to Washington, we make a
speech, and we say, "Private capital must flow into industry."
One of
the reasons why there wasn't more stability in the improvement of business
from 1933 to the middle of last year was because back of it there was not
a
flow of private capital into industry, and we point to the fact that most
of the new issues were for refunding of old issues and not for new capital,
and we expect the public to get terribly excited about this.
.
.
.
flow
$4,284,911.49
expenses
ment
objecting to, which it is obvious
has ever attempted to tell
holding company.
They
of
them
In
and
Administrative expenses
Furniture, fixtures and
are
declared:
man
we
Deposit insurance losses
public
the
politician is going to do something about at some stage of
the game."
Reverting to "the holding company situation," Mr. Harri¬
There
W.
that
4,896,872.85
..........
Deductions:
page
own
your
York I think
$24,371,587.19
on
with
off
few years or the past 10 years, moved back.
advantages of moving back are obvious.
The advantages
Nobody
Capital
to
better
We wouldn't
the past
that
1,579,872.94
claimed—Contra
Unused credits for assessments
referred
be
have the load to carry here of justification
why there should be so much of the business of the country centered
the business capital.
I leave that for thought and consideration, and
am
in all seriousness talking about it, and it isn't a radical thought.
to
Net balances of depositors
510.
located.
are
would
York
New
after it becomes a
Current liabilities:
The
off with their headquarters in
York.
Most business people, if
observed that "it is
Liabilities
1936,
thinking about it, there come to
where the amount of time that they need spend in New
the amount of time they should spend in the centers
businesses
management.
in
are
you
than
less
their
of the Business
13,399,119.88
Furniture, fixtures
Add
or
situations
York
in
as
of the country than New
in New York, travel to the centers of their pro¬
their centers of distribution, and on the flow basis there are
many
of
all,
you
the
back to the centers
headquarters
have
of
1,230,325.55
Reserve for losses
Reserve for
to
part
Union Pacific
$29,553,097.72
Deferred
that
other
Mr.
1,579,872.94
who have their head¬
live in New York where
minds companies who would be better
some
President
banks to avert
purchased from merging
deposit insurance losses
Assets
Less:
great many businesses
New York all of whose dii'ectors
in closed insured banks,
pending settlement or not claimed, to be sub¬
rogated when paid—contra
Loans to merging banks to avert deposit insurance
losses and recoverable liquidation expenses
they had
President
know many of them
again.
there not a
Are
think
I
your
If
LIABILITIES, DEC. 31, 1937
Assets
he came here, and we
events,
home
back
Query:
the
follows:
New York as headquarters
they would get national
weight of the values aren't on the side of their moving
of their business activities or their production?
throw
sheet
balance
The
in all
family;
gone
quarters in
I
reported as having suggested that
Chairman Crowley is
that came to New York with
or
other they thought
reason
one
prestige, or else they thought they would be financed better if
headquarters there, or maybe it was for the personal likes of the
where
general, supervisory officials have refused to charter new banks which
not qualify for deposit insurance.
As a result, there were only six
We all know of
judgment, there is a balance between the two.
my
of companies
In part,
change it."
to say:
Harriman went on
Mr.
New York, and the
We ought to do one
interlocking of directorships, means.
because
Deposit Insurance Corporation on. Dec. 31,
90 for the six months ended on that date.
of control in
concentration
this
what
cases
Membership
There
847
Chronicle
$39,350,000, were merged or con¬
of loans or purchase of assets
of
with deposits
53,
other
with
solidated
Financial
146
Vohimt
of private
Let
us
capital to industry, and we
look at the real
facts, and as the thing
that can be dramatized
that has never been done. It is an easy thing to do,
my opinion.
Can't you paint the picture of what the flow of capital
means
to the man on the street, what it has meant to him in the past,
how he has gotten his automobile for so
many hundreds of dollars as
against what it was?
Paint the picture of what that meant in the flow
of
private capital into the automobile industry, the same thing with
radio, the same thing with the reduction in cost of power, and you can go
right on through the lines of things, the progress that has been made
with inventions and the amount of capital that is used to develop these,
the things that will make for an increased standard of living.
...
Fundamentally, business creates wealth, and, fundamentally, the poli¬
tician spends wealth.
Of couree, there are variations to that, but that is
fundamental, and that is something that the American people are ready
to believe and ready to understand.
.
.
.
People in this country, I believe, are ready to listen to business men
with
more
confidence than they are to the politician, but when the
business people don't offer any hope, don't offer any solution, why, they
turn to the politician for the political cure.
Don't let us forget that there are something like 2,000,000 people who
become of age each year.
Multiply that by eight years and you have
16,000.000 people that have come of age who have known nothing but
by industry in a way
in
848
the
Financial
depression.
have
They
had
a
difficult
very
problem
In
Chronicle
ized it
finding
job.
a
However,
confidence
.
they
.
in
business
will
language,
people
.
appear
do
that,
people,
provided
understand
to
will
you
business
respect
have
people,
business
their
people
problems;
problem
no
and
of
not
they
will
and
talk
being
got
A. F. of L.
their
mend
business
listened
to
the
in
Washington.
New
Bill
,
Chamber of
Present
in
Commerce
Form
Opposed
Reorganize
to
Executive
The Chamber of Commerce of the State of New
3 approved a report from its Executive
YorlFon
warned that centralization of power
always ended in tyranny.
The Chamber is on record in favor of a Federal Govern¬
ment reorganization which would
eliminate and prevent
abolishes
United
States
Civil
to
Commission
and
the
(4) It creates a General Auditing Office under the direction of an
Auditor
General, appointed by the President, to be an agency of
Congress, but whose
are limited to annual
reports to Congress "not later than March 1
of each year"; the set-up of this office and of
the Bureau of the
Budget
obviously fail to recognize that the expenditure of public funds is a con¬
stitutional duty of the legislative branch of our
Government, and should
be safeguarded by well-recognized
safety measures.
Chamber
of
Com¬
Centralizing Power Planning in Federal
Government
divide the United States into seven
would tend to centralize all
power of
eral Government, a
and Rankin bills to
conservation
regions
planning in the Fed¬
report adopted by the Chamber of Com¬
of
merce
Feb.
3,
ground
the
State
that
of New
"would
it
York
the enactment
opposes
pave
at
of
its
such
monthly
meeting,
legislation
on
the
the way
towards a complete
regimentation of the entire population of the United States."
The report emphasizes the fact
that the bills authorized
the Federal Government to
engage
in the hydro-electric
power business throughout the Nation in
competition with
its own citizens and
says there is no guarantee that the
regulation of navigation, floods,
droughts and the conserva¬
tion
of
natural
resources
production of power.
In
fact,
would
ruled
be
of
governmental
through the seven
political appointees
by
power
grid-work
not
be
subordinated
From the report
possible
over
electric
of
students
will
of
the
activities
regional
to
United
take
pointed
agencies
over
States,
to
be
practically
which
to
1938, they march into the A. F. of L., horse, foot and dragoons,
would
controlling the industries of the United States as well
is
generally recognized that under the various
as
It
that
out
created
the
be
it
and
entire
a
means
"If that is not
pleasing to the A. F. of L., then I offer the alternative:
Feb. 1, 1938, let the entire
membership of the A. F. of L., horse, foot
and dragoons, march into the C.
J. O., and C. I. O. will issue charters to
every unit of the Federation and will agree to call a joint convention to
settle
the points at issue.
"If the A. F. of L. want peace, let them choose
which method
Let them fish or cut bait."
Earlier Philip
with
being unjustified and
of
The report reaffirms the
opinion of the Chamber that
should
be enacted
which
would
of
the
this
impair
United
no
the
States Army Engineers in their
conduct of rivers and harbors
improvements and other pub¬
lic works or subject their
activities to political considera¬
tion, as these bills would.
.
John L. Lewis, Chairman of the
Committee for Industrial
Organization, proposed on Jan. 26 that the C. I. O. and the
American Federation of Labor end
their dispute which has
divided labor forces into two
opposing camps, by consoli¬
dating immediately and referring disputes as to the
status
of their units in the reunited labor
movement to
a
This
was
for the peace parley's
followed by demands by delegates
as
"This is not a new proposal," Mr. Green
said, referring to a suggestion
by Lewis that the warring union factions combine on Feb. 1—either
in
one of the rival movements or the other.
"It is just the same old
thing."
Mr. Green reiterated his offer to renew truce
negotiations with the rebel
Lewis group as soon as the latter took the
initiative, but he said the sugges¬
tion made by the C. I. O. leader late
today offered no basis for discussion.
"No one will be deceived by it," he said
curtly.
"It is identical with the
impossible
plan proposed by Lewis toward the end of the
peace
ference
(last month) after he had vetoed our proposal which
accepted and approved by the C. I, O. committee.
peace con¬
had
been
"We rejected his plan then because it would
only serve to move the scene
of war and dissension from outside the A.
F. of L. into its very midst.
The same objections prevail now."
The Federation President spoke on the need of labor
unity after a lengthy
meeting with his Executive Council.
The council did not review the sub¬
ject but prepared to discuss it in
a
few days.
Instead, it decided today to begin
a
militant drive for amendment of
insuring protection of craft union minorities in National
Labor Relations Board collective
bargaining elections and certifications.
Action was taken after John P.
Frey, President of the A. F. of L.'s Metal
Trades Department, had presented a schedule of
amendment suggestions
to
the council.
Mr.
Green said they had been indorsed and
steps would
be taken to seek their enactment.
The collapse in December of the efforts toward
the differences between the A. F. of L. and the
was noted in our issue of Dec.
25,
T.
convention.
MrJLewis made his suggestion
during the annual convention
of the United Mine Workers in
Washington, and it was
cheered by the 2,000
delegates present, although it did not
differ essentially from a
plan proposed by the C. I. 0. and
rejected by the Federation during peace
negotiations which
failed in December.
The new proposal by Mr. Lewis was
rejected on Jan. 26
by William Green. Federation President, who character¬
page
adjusting
C.
I.
O.
4053.
M.
Girdler Offers Proposals for Industrial Peace—
Recognition of Collective Bargaining and Freedom
of Employees from Coercion in Matter of
Union
Affiliation Among Four Points
Proposed—Regards
British Trade Disputes Act a Good Guide
Discussing "The Way to Industrial Peace," at Chapel
Hill, N. C., Jan. 31, T. M. Girdler, Chairman of the Republic
Steel Corp., expressed it as his belief that "it is
possible to
industrial peace."
"I believe," he said, "in the prin¬
have
ciple of collective bargaining.
I believe that industry should
pay the highest wages and provide the shortest hours with
the
New Peace Proposal
by John L. Lewis is Rejected
by
William Green-—Leaders of C. I.
O. and A. F. of L.
Again Fail to Reach Agreement
Federation, laid the blame
Mr. Green's comments on this
proposal were described
follows in United Press advices of Jan. 26 from
Miami:
wasteful.
legislation
authority
committee of the
O. committee which negotiated
although one
censuring Mr. Lewis for blocking reunion.
opposed this expenditure
as
a
Murray, head of the C. I.
for immediate recall of Mr. Green's card in
the U. M. W. A.,
lone local offered a resolution
Under the terms of these bills
hydro-electric plants and canalization of
the St. Lawrence River could be
undertaken without
any further particular
action by Congress.
This Chamber has
repeatedly
public funds
they will
have.
agriculture.
provisions
legislation State planning commissions, State
utility commissions,
State fish and
game
commissions, interstate compact commissions
and,
finally, State courts would have their functions and
duties abridged in
varying degrees.
It would not be possible for States to
make compacts
to control
pollution, water conservation, flood control, &c.
•
on condition
convention to arrange a
the Wagner Act,
proposed
of
a
on
the
quote:
we
have
;';/v
Washington dispatch of Jan. 26 to the New York "Herald
failure at the Federation's door.
United States into Seven Conservation
Declaring that the Norris, Mansfield
...
settlement of the points at issue.
duties
as
Washington
that the A. F. of L. issue charters and later call
thereof, politically appointed, without authority to
pass upon the legality
of public expenditures in advance of
payments.
merce
to
Mr. Lewis, in making his
proposal, said "if the A. F. of L. wants peace#
I'll recommend to the 4,000,000 members of the C.
I. O. that on Feb. 1,
It abolishes the General Accounting office and the offices
of Comp¬
troller General, &c., and creates the Bureau of
the Budget and a director
by New York
Wash¬
Tribune" described Mr. Lewis's
peace proposal as follows:
Service
(3)
Divide
from
/•'"
the merit system and the freedom of the Civil
Service from partisan politics.
to
come
A
Service
Regions Viewed
2
The specific charge against Mr. Green resulted from his
signing an A. F.
Commissioners, and vests all their functions in a
Civil Service Administrator,
politically appointed, thereby endangering
Bills
Feb.
of L. charter for the Progressive Miners of
America, rival to the U. M. W.
in Illinois.
effort to promote economy and eliminate
waste in the
the
reported in the
was
The American Federation of Labor
President, in Miami for his Executive
Council's meeting, notified the convention this week he did not have
time
activities of Government bureaus.
It
this proposal was unanimous.
on
not
William J. Graham is
Chairman, holds that the
Byrnes Bill makes no effort to do this.
Among the principal defects in the Byrnes Bill, in the
opinion of Mr. Graham's Committee, are the following:
(2)
international
greater
give him a fair hearing. The Board then turned the case over to the
convention and notified Mr. Green that he would be
given an opportunity
to be heard.
of which
offices of Civil
about
The Executive Board last July summoned Mr. Green to trial.
He re¬
fused to appear, saying that the Board had no
authority and that it would
overlapping and duplication of administrative bureaus and
departments as a means of promoting greater efficiency and
economy, but the Executive Committee of the
Chamber,
no
bring
recom¬
its influence with
against Japan.
The decision regarding Mr. Green
following Associated Press advices of
ington:
Declar¬
ing that the fundamental purpose of the American Constitu¬
tion was protection from the abuse of
power, the report
It makes
to
use
guilty.
condemning in its present form the Byrnes Bill to reorganize
(1)
Jan. 25 had refused to
on
On the preceding
day the convention had adopted a constitutional amendment
to eliminate from its constitution
all
references
to
the
A.F.of L.
C
Committee
the Executive Branch of the Federal Government.
The Council
Administration
The vote
Branches of Government
Feb.
old thing."
Mr. Green was at Miami
meeting of the Executive Council of the
a
The United Mine Workers convention on Feb. 2 ordered its
Executive Board to try Mr. Green on
charges of "treason"
and to expel him from the union if he were found
Byrnes
to
5. 1938
same
suggestion that the Federation
a
pressure
York
"the
as
FLa., attending
have
when
Feb.
best working conditions
And I believe that all
these
that
can
are
economically feasible.
be best attained under the
capitalistic system."
"And so," he stated, "I believe that
industrial peace in this country can be built
upon four pil¬
lars, which I would describe as follows:
"1.
Recognition
"2.
Recognition of
organization
"3.
that
of
Recognition
"4.
and
other's
the
principle
the
right
own
that
between
cooperation
each
of
of their
problems
Legislation
which
of
choosing,
of
and
are
both
will
bargaining.
join
to
relations
are
management
possible
fairly protect
and
the
'human'
and
to
join
relations
mutual
any
source.
and
understanding
essential.
rights
of
both
employees
employers."
Mr. Girdler declared that
"we cannot legislate
peace in
this country, but in the Wagner bill
gerously
near
we
industrial
came
legislating the country into industrial
fare.
to
not
or
free from coercion from any
industrial
men
collective
employees
dan¬
war¬
To understand this," he added, "it is
only necessary
glance at the amazing record of strikes since its enact¬
ment."
Mr.
Girdler
went
on
to
say:
Volume
mendations
basis
a
offered a good guide.
Disputes Act
have begun to put forward the British Trade Disputes Act
which to work.
Some of these people, however, have
this country
in
as
that I believed the
Since that time others
replied
I
legislation.
labor
for
were
Trade
from
the Act that are favorable to
important pro¬
visions
which
which require
trade unions to
render financial accounting and which prohibit trade
unions from
indulging in illegal acts in connection with labor disputes.
To be helpful in the framing of legislation in this country, not a part,
but all of the provisions of the .British Trade Disputes Act must be taken
pointing out only those provisions of
been
trade
have entirely ignored those equally
outlaw illegal strikes and the check-off;
They
unions.
consideration.
into
What
public interest as special
to the
menace
a
industry.
For
just
'
government privilege for
problem of industrial peace
solve the other great problems facing the country
at a Lehigh University alumni meeting, I
can
we
unregulated
iB just as
'
believe we can solve the
I
part,
my
as
few days ago,
A
hour.
with in America in the recent past
It is no more in the interest of the
unregulated labor unions than it is to have
Special government privilege favoring unions
corporations.
much
contend
to
leadership running wild.
to have
public
had
have
we
labor
was
at this
stressed
government. In
between
urgent need for cooperation between industry and
the same spirit today I urge fair-minded and tolerant cooperation
the
and employees.
employers
•
Carolina),
indictment
Girdler
Mr.
of
for
acted
good of the
the
industry as well."
Con¬
I think
want
if
that
I
it
is
belong
to
they do
have the right to
should
in
the single
do
can
that.
that,
coercion
summed
country."
worker, coercion for the employer,
industrial relations can be
"Let's keep the United States a free
I, for one, am not going to be worried
phrase,
about the
outcome.
the
recent
forced
be
must
is the
That
past
to
labor leaders have said, in
certain
use
it.
philosophy which has helped to distort our labor legislation,
such legislation.
That is the philosophy which,
conclusion, calls for the closed shop and
the check-off.
That is the philosophy which, in the end, would lead
inevitably to a labor dictatorship—a labor monopoly—which in the name
of protecting the worker, would in fact destroy the individual freedom
of the worker and make him merely a dues-paying cog in a semi-political
through to
carried
review of important
only
too
that
has
one
strikes over the past two years
show all this to be
an issue, for
plainly true.
Collective bargaining has not been
been written into the law.
The issues
long since
hours
wages,
not
of
or
have not been
working conditions.
In the steel strike, for instance,
involved.
The issue was whether the company would
these was
irresponsible labor union which would use the
contract in an effort to force all employees to join the union whether they
wanted to or not, and it was soon made clear that this union would not
hesitate to employ methods <*>f violence in an effort to gain its ends.
In my opinion it is important for the country today to realize that
solution of the problem of industrial peace does not lie in the imposition
cf one particular method of; collective bargaining upon workers and upon
industry.
The important question is how to preserve the actual right of
collective bargaining, and
the human rights of all of the individuals
concerned in collective bargaining—employers as well as employees. .
.
.
Whatever the form of collective bargaining to be adopted by employees,
its success will depend upon the degree of consideration which both manage¬
ment and the employees give to each other's problems.
Without coopera¬
tion and mutual understanding between men and management, there can
be no answer to the problem of industrial peace in this country
sign
a
contract
with an
Mr. Girdler's address
was
referred to in our
Chairman
Douglas
before the Lehigh University
issue of Jan. 22, page 535.
of SEC Before Economic
alumni
Club of
National Financial Machinery Is
Geared to Great Extent to Large Business—Seeks
Advice on Problem of Financing Small Company—
Comments on New York Stock Exchange Report
Chicago Declares
Speaking before the Economic Club of Chicago on Feb. 1,
O. Douglas, Chairman of the Securities and Ex¬
William
"increasing flow to
New York of the local funds from many communities through¬
out the United States," said that "frequently, perhaps too
often, these local savings have been attracted to the great
national corporations at the expense of small local enter¬
prises back home." Continuing, he said:
change Commission
"It is true that as
ment
over
commented
on an
New York became the national
clearing house for invest¬
supplied capital to the larger local enterprises all
Still there were many instances where worthy local
funds. Wall Street
the country.
enterprises suffered
from lack of financing.
"Grafted the desirability and the
market for capital funds upon which
necessity of having a great national
the whole country can draw, yet the
dangers of leaving the small local enterprise without an adequate mechanism
laying off men—or they must
take advantage of new
Others need capital to
economic welfare rests'on the
welfare":of small business, our national
financial
exclusively to large business. This is not a new
problem.
It is an old one.
It is pressing at the present time, especially
because of the paralysis of our capital markets.
.
"Frankly, I seek your counsel and advice on this problem of financing
the small company.
We see the problem sharply focused in Washington.
Small business must not be suffocated.
In a capitalistic system dependent
on individual initiative and freedom it must be served first.
Can the ideal
solution be found in the machinery of our capital markets?
Can there be
found or developed locally reservoirs of capital for the legitimate needs of
small business? Or, as a measure of last resort, should the Federal Govern¬
ment do the job ? We need business statesmanship on this pressing problem."
machinery is geared almost
-
was
the report of
also made by Mr. Douglas to
Committee (mentioned in these columns
Jan. 29,
690), proposing revisions in the administrative organiza¬
tion of the New York Stock Exchange, as to which he is
page
quoted
as
Chicago advices to the New
follows in
V
"Times".
New York Stock Exchange's
an
>
.
■
.
- -/
York
:v
Exchange practices and
But I think the report of the
and courage in
good reason.
committee shows real wisdom
effort to solve a perplexing
problem.
governed on business and
organization in which the balance of
recommends a Stock Exchange
"Their report
democratic principles; an Exchange
power
-
I have'been critical of Stock
"On past occasions
methods, and, I am afraid, with
would be held by those whose interest is and must be to serve the
It calls for a new type of Exchange organization where
investing public.
greater opportunity to
public interest has
the
remain paramount.
Of
must rest
Exchanges.
"In this connection I would like to lay a ghost.
Persistent rumors have
it that the Commission wants the power to elect the new president of the
Exchange (and even members of the new board) or at least to have a veto
on
the eventual success of this program
to a major extent,
the quality of the men
selections.
such
The only one I
be, for
who are chosen to head the
with those rumors.
statements are complete
is not, and I hope never will
There are several things wrong
need mention is the fact that those
Management of such institutions
falsehoods.
government."
-Death of
>
Fairfax Harrison, Former
Head of Southern
Chairman of Finance Committee
Retiring As President In October
Ry.—Remained
its logical
machine.
A
profitable lines on the present
means
'
the administration of
and
basis of operations—which of course
install up-to-date production methods.
markets which lie at their
doors.
You must know of such companies, and the men at the head of
them, in this great Chicago area.
Yet investment funds here are likely to
go to New York and into our national industries.
"The same thing is true of the investment funds of other cities through¬
out the country.
Looking at it broadly, it means that while our national
most
on
effect: "It is
not enough that workers have the right to bargaining collectively.
Workers
must use our particular brand of collective bargaining.
They must use
our
brand of collective bargaining whether they want it or not.
They
In
well-established companies which
given work to the citizens
course,
My whole philosophy for
anybody.
up
we
join if they want to do
against coercion for the
am
for
If
benefit of the unions. .
clear that the vast majority of American workers do not
to unions for various reasons of their own.
And I believe
not want to join they should have that right, just as they
advances made without
great social
national
community.
of their communities for years. Some have
compete with the larger ones unless they
undertake extensive modernization.
Such companies, and we have talked
with the executives of many, must either restrict their activities to their
have
Reference
tinuing, he said, in part:
However, in the mass production industries, such as steel and auto¬
mobiles, unions have never gained a foothold among employees.
Yet
wages
have constantly advanced and working conditions have been con¬
stantly improved.
Since 1890 wage rates in the steel industry, for example,
have increased 260%, and the work week has been reduced 44%.
These
are
throughout the country old
"There are
It is a major
solution in almost every
found that they can no longer
the Conway
I know that many unions have
well, and some of them unquestionably
capital cannot be overlooked.
problem which presses for local
North
"I am making no blanket
said:
for obtaining adequate
Hill (delivered before
of the University of
unions.
served their members
have
Union
Political
Carolina
the
remarks at Chapel
in liis
Earlier
849
Chronicle
appearance before the Senate Committee on
last 6ummer, I was asked what my recom¬
my
Post Roads,
and
Offices
British
of
occasion
the
Upon
Post
Financial
146
On
twenty-four years President of the
Fairfax Harrison, for
Southern Railway
until his retirement last October,
heart disease on Feb. 2
Baltimore, where he
Mr.
in the Union Memorial
died of
Hospital in
recently had undergone an operation.
sixty-eight years old, entered the
Harrison, who was
hospital
on
Nov. 22 from his home at Belvoir, Va. Born in
13, 1869, Mr. Harrison was graduated
New York on Mar.
from Yale College
in 1890 and received his M.
A. degree the
Later he entered Columbia University Law
and began the practice of law in New York City in
following year.
School
of practice he joined the Southern
solicitor. Seven years later,
in 1903, he became assistant to Samuel Spencer, then Presi¬
dent of the company, where he continued until Mr. Spencer's
death.
In 1906 he was made a Vice-President of the com¬
1892, but after four years
Railway's law department as a
and four years afterward was elected to the Presidency
Chicago, Indianapolis & Louisville Ry., but continued
serve as a director and a member of the executive com¬
pany,
of the
to
Subsequently, in 1913, on the death
succeeded to the Presidency of the
Southern Ry.
In addition, Mr. Harrison was also President
of several roads related to the Southern—the Mobile & Ohio,
the Cincinnati, New Orleans & Texas Pacific, the Alabama
Great Southern, the New Orleans & Northeastern, the
Georgia Southern & Florida, and the Northern Alabama.
We quote below from a brief outline of Mr. Harrison's
career
contained in the New York "Herald Tribune" of
mittee of the
Southern.
W. Finley, he
of W.
Feb. 3:
During the World
War he was Chairman
of the Executive Committee
of
Association, commonly known as the War Board,
which strove to speed up the nation's railroads to the highest efficiency in
moving freight consignments to seaports for transhipment to the Allies.
The Board continued to function until December 26,1917, when the Federal
government took over the large roads and placed them under Federal con¬
trol, with William G. McAdoo as Railroad Administrator.
In 1922, during a strike of the shopcraft workers of the Southern Railway
the American
at
Railway
Salisbury, N. C., Mr. Harrison sent his personal check for
contribution to a fund to relieve the suffering of the women and
strikers' families. He said he was "acutely conscious of the
Spencer and
$1,000 as a
children of the
plight of women and children of the men who
winning and have nothing laid aside for the
Mr.
and wrote many
elected to suspend their breadlong pull."
development of the South
actively interested in the
articles on its history.
Harrison was
850
Financial
Charles R. Gay Names
of
Constitution
Committee of Three to Rewrite
York
New
Committee
Governing
Chronicle
Stock
Approves
R.
Exchange,
Gay,
President
of
Jan. 31 appointed
on
bers to prepare
the
1938
issue of Oct. 9,
our
Reorganization
New
Thirty-Seventh Annual Banquet of New York Chapter,
York
Stock
committee of three
a
S,
2322.
page
Report of Group Headed by C. C. Conway
Charles
Oct. 4; reference thereto was made in
on
Exchange—
Feb.
American
♦
Institute
of
Banking,
Held
Be
to
on
Feb. 26
mem¬
amendments to the Exchange's constitution,
The
thirty-seventh
banquet
annual
the
of
New
York
giving effect to the recommendations contained in the report
of the reorganization committee headed by C. C.
Conway.
Chapter of the American Institute of Banking is to be held
That report was
J.
Stanley Brown, Personnel Director of the Chemical Bank
&
Trust Co.
Jan. 29, pages
the
Exchange
Mr.
690 and 691.
The Governing Committee of
Gay to appoint
special committee to draft the constitu¬
Marine
The resolution
a
the
tional amendments.
Jan. 31 read
on
as
adopted by the Govern¬
as
Midland
A
sacrifice,
rendered
to
the
Exchange) have, at great
Exchange and to the community.
Exchange
per¬
fied
fields,
Feb.
on
Sewell
3.
John
L.
business
a
Franklin,
G.
Peckitt,
C.
Joseph W.
proposal to end
Delano,
Robert
E.
and 23.
vote
ship.
The task is such
a
be made ready
not
heavy
up
the Committee
The next scheduled sessions
one
that it
are
R.
Feb. 9
Following
a
the
various
changes to
effective before the Nominating Committee makes known its
choice for the
various offices on April 11 for the annual elections
on May 9.
Under the
proposed new set-up the Committee would select nominees for 30
governors,
who with
the
Carl
facing the Committee is the method by which
While there
was
no
set
American
President
of
States
Seat
as
I.
Jan. 15 to be
an
Vice-President
of
Gillespie
&
for
B.
Co., Inc.
Manufacturers
of
&
Electric
Trust
Co.
Co.
G.
Michalis,
Chairman
of
Executive
Committee
of
Seamen's
Savings.
Grainger,
President
of
Montclair
Pratt,
Andrew
Reinhard, of Reinhard &
Markoe
Robertson, of
Mott
Associate Justice of
B.
Standard
Oil Co.
Sloan
&
Trust
of New
Co.
Jersey.
Hofmeister.
Robertson.
Rode, of Rode & Brand.
Schmidt, Architect.
Sidney J. Weinberg, of Goldman, Sachs & Co.
Robert
David
on
Winthrop,
Robert
of
Winthrop & Co.
Weir, Director of Horace S. Ely & Co.
'
Associate Justice of the United States Su¬
Describing the ceremonies, Associated
Washington said:
Press
Before the Court
began handing down decisions
swore to "do
Co.
Co., Ltd., of London.
Co.
Richardson
Supreme Court
preme Court succeeding Associate Justice
George Sutherland,
resigned, assumed his seat on the Bench on Jan. 31.
tucky
Assurance
Corp.
Insurance
Cross.
&
L.
The
Stanley F. Reed nominated by President Roosevelt
Steel
Fire
Co.
Harris, Consulting Engineer.
Jensen,
Alfred B.
United
RR.
of Rockefeller Center.
T.
Stanley F. Reed Assumes
Co.
Co.
Line
A.
Clarence
Bank
offered yesterday it was felt that the easiest
way out of the situation would
be to
Coast
Director and Vice-President of Leigh Chandler & Co.
Trustee of Seamen's Bank for Savings.
Cross
of
Co.
Inc.
Kelsey, General Agent of Tokio Marine & Fire Insurance Co.
Ercole H. Locatelli, President of Mattia Locatelli, New York
Branch, Inc.
opinion
amend the constitution
terminating the office of all governors.
nominating committee could then proceed with a clean slate.
Pipe Corp.
Maize-Products
Walworth
of
Atlantic
Economist Stamp
Flanigan,
R.
C.
&
Watch
Finlay Jr., Director of American Water Works
C.
Joseph
32 governors.
the governing committee is to be
reduced.
Bloom,
Chorley,
S.
Frederic
<
Co.
Vice-President of Bethlehem
of
Brewster,
Cross,
Horace
president and chairman of the board would constitute the
One of the biggest tasks
diversi¬
Co.
Foundry
Waltham
of
Director of Filedity-Phenix
Barrett,
D.
Kenneth
Eliot
be made
Jr.,
Chairman
McMath,
S.
Walter
for
Warren
of
President
Barbour, Manager of Northern
Robert
by the Governors, the changes would then be submitted to the member¬
This would throw final acceptance, which is
conceded, into the
President
Holton
Baerwald,
P.
Richard
favorable
middle of March at the earliest.
Ample time would then be had
B.
Sidney F.
was admitted that the report
before the latter date.
K.
Winfred
Paul
drawn
&
Lines
President of
Lyman
been
Ward
States
David,
have to be rewritten.
have
Montgomery
President of United
President of United Shipyards,
Donald
could
widely
are:
Powell,
self-perpetuating tendencies of the governing committee, it was con¬
ceded by members of the Exchange that the constitution would
practically
Final Acceptance in March
elected
Dumaine,
the
will report back to the Governors.
Feb. 3
on
representing
men,
Simmons, President of the Simmons Co.
Leonard
reduction in the number of governors from 50 to 32,
amendments
Commerce Admits 33 New
elected to membership in the Chamber of
Those
Frederic
If all of the proposed changes are
followed, among which are provisions
necessary
announcement of the Curb
Monthly Meeting
Avery, President of
M.
Grant
the creation of the office of chairman of the board and
Once the
an
Commerce of the State of New York at the monthly meeting
Gay included E. H. H. Simmons of
Committee.
a
to Board of Gov¬
Exchange
Exchange, nominating Henry Parish, 2d,
at
were
Simmons &
paid president,
Curb
Jan. 26.
on
Members
Co., a former President of the Exchange; William
McC. Martin Jr., of A. G. Edwards & Sons of St.
Louis, and Charles B.
Harding of Smith, Barney & Co.
Mr. Martin served as Secretary of the
a
York
New
New York State Chamber of
describing the appointments by Mr. Gay, the New York
The Committee appointed by Mr.
for
of
The
"Times" of Feb. 1, said:
Conway
Chairman
as
for the term of three years, has been filed with the
Thirty-three
H.
York,
1
Secretary's office, according to
telligence, the energy and the comprehension which the Special Committee
brought to its important work.
E. H.
New
of
independent nominee for election to the Board of Gov¬
ernors
Special Committee (for the Study of
concise and lucid report itself testifies, more eloquently than this
body could
hope to do in any formal resolution, to the spirit of public service, the in¬
In
York
petition signed by the required number of members of
as an
grateful acknowledgment and expresses sincere appreciation of the valuable
the Organization and Administration of the
of
the New York Curb
tion, giving effect to the recommendations contained in said report.
Be It Further Resolved, That the Governing Committee
hereby makes
sonal
Co.
Trust
ernors
to the Governing Com¬
possible the necessary amendments to the Constitu¬
services which the members of the
of the New
+.
Administration of the New York Stock Exchange,
Jan. 27, 1938, is approved, and that the President
appoint a
promptly
as
President
Henry Parish Nominated for Election
special committee of three to draft and to submit
mittee
and
follows:
Be It Resolved, That the final report of the Committee for the
Study of
on
York
Banquet Committee.
the Organization and
submitted
of New
New York City on Feb. 26.
Chapter, has announced the appointment of Leroy S. Clark,
Jan. 31 approved the report, and authorized
on
ing Committee
at the Waldorf-Astoria Hotel in
described in detail in the "Chronicle" of
equal right to the
his
advices
Alfred E. Reames Appointed Oregon Senator to Succeed
Frederick
from
election
at
Steiwer
Resigned—Will
General
not
Seek
Re¬
Election This Year
Appointment of Alfred Evan Reames, veteran member of
Stanley Reed of
Ken¬
poor and to the rich" and then took
the
Oregon bar and
a
leader in the Democratic party,
as
seat on the Court as
President Roosevelt's second
appointee.
The
brief and formal
ceremony over, the high tribunal proceeded
immediately
with its work—the
reading of opinions and the hearing of arguments.
United States Senator from Oregon, to fill out the
unexpired
term of Frederick Steiwer who resigned on Jan.
27, after
Solicitor-General took two separate oaths before he
his place on the Bench at
the extreme left of Chief
Justice Hughes.
serving eleven
The
former
took
The
Chief Justice administered the
Constitutional oath in the
robing room.
Then, at 12 noon, as the Justices filed into the
crowded chamber, Mr.
Reed took his place beside Charles
Elmore Cropley, clerk of the
Court.
The Chief Justice announced
that the President had nominated
and the
Senate had confirmed Mr. Reed to
take the place left vacant
by the retire¬
ment of Justice Sutherland.
He then instructed the clerk to
read the
commission and administer the
Judicial oath.
Mr. Reed repeated the words in
Marshal Frank Key Green then
firm voice while the other
Justices stood.
escorted the new Justice to his seat.
Stone leaned
and
across
Justice Cardozo's vacant
gripped his hand.
Justice
seat
The tribunal then went
had
1
was
noted in
our
successor
of the United States.
was
on
Jan. 29 by Governor
The Portland "Oregonian"
noting Mr. Reames' appointment, said in part:
Senator Reames will leave for Washington with
next
week,
Mrs.
Reames sometime
he said at the Portland hotel yesterday (Jan. 29).
He must
arrange for someone to take over his law business while he is gone,
will return to it next year.
He is pledged not to seek relection.
Reames will
February 5.
take
office
He recently was
asjhe
Ml
{
on
approximately his 68th birthday,
advanced by friends for a vacancy on the
Federal bench, but was eliminated by age restrictions.
He confirmed rumors that he would retain
Republican's office staff.
some
members of the retiring
It had been reported that Senator Steiwer had
Jan. 5, effective
Mr. Reed,
of the United States.
Jackson, Assistant Attorney General
Senate confirmation of Justice
Suther¬
noted in our Jan. 29
issue,
Hugo L. Black, President Roosevelt's
Justice, assumed his seat on
Associate
announced
requested this in submitting his resignation.
on
in the latter
post President Roosevelt has
nominated Robert H.
land's Nomination
with its business.
issue of Jan. 8 page 199.
previously been Solicitor General
As his
[absent because of illness)
on
The resignation of Justice
Sutherland
Jan. 18
of Jan. 30, in
Senator
a
years, was
Charles H. Martin of Oregon.
page
692.
earlier appointee
the
as
Supreme Court
E.
W.
of
Palmer Appointed
Federal
Reserve
Director of Nashville Branch
Bank
of
Atlanta—F.
D.
Rash
Elected Managing Director of Louisville Branch of
Federal Reserve Bank of St. Louis
The Board of Governors of the Federal Reserve
Jan. 31 announced the appointment of E. W.
dent of the
System
on
Palmer, Presi¬
Kingsport Press, Kingsport, Tenn.,
as a
Director
Volume
Financial
146
the Nashville Branch of
of
Atlanta for the
of
Dec.
the Federal Reserve Bank
unexpired portion of the term ending
31, 1940.
At
meeting of the Board of Directors
a
Louis held Jan. 27,
Bank of St.
Reserve
Ky.,
Rash of Louisville,
He will assume
Louis.
was
of the Federal
Col. Frank D.
elected Managing Director
of
of St.
the duties of that office about Feb. 21.
of the Federal Reserve Bank
the Louisville Branch
851
Chronicle
world trade by creating
a
better understanding among the people of the various
nationalities who are members of it was stressed by Presi¬
dent Thomas J. Watson, who is also the President of the
International Chamber of Commerce, in speaking to the
the
of world peace through
cause
and by a short-wave radio
assembled representatives,
the
to
cast
organization
M.
B.
I.
business
Appointed Chief National Bank
Prentiss Jr.,
(San Francisco) Federal Reserve
Examiner of 12th
peace
depends
war.
In
Appointments
District—Other
in the staff of the
Henry Morgenthau Jr.:
To
Twelfth (San Francisco)
Jr., at present Chief Super¬
vising Receiver and First Deputy Comptroller of the Currency.
To succeed Mr. Prentiss, Marshall R. Diggs, Dallas, Tex., at present
Executive Assistant to the Comptroller of the Currency in the Federal
District, William Prentiss
Reserve
Deposit Insurance
Corporation.
To succeed Mr. Lyons as
J.
Deputy Comptroller of the Currency,
Oppegard, Assistant General Counsel
Goodwin
for the Federal Deposit Insurance
"V'V'"/V;-.
Corporation.
National Associa¬
of Manufacturers—Succeeds W. B. Warner
has Become Chairman of the Board
Hook Elected President
R.
tion
Who
Charles R. Hook, President
of the American Rolling
Mill
Jan. 26 elected President of
the National Association of Manufacturers for 1938.
The
election took place at the initial meeting of the new Board of
Directors of the Association elected at the Congress of Ameri¬
Co., Middletown, Ohio, was on
The Board meeting was
Industry held in December.
can
William
of the McCall Corp., who was elected
held at the
Waldorf-Astoria.
B. Warner,
President
Chairman of the N. A.
Mr. Hook succeeds
M. Board.
General
Board of N.A.M
during 1937, was elected Chairman of the Association's
Executive Committee. In 1936, prior to becoming Chairman,
Mr.
Chester was President of the Association.
Other
who served as Chairman of the
officers elected on Jan.
If
President, Monsanto Chemi¬
cal Co., St. Louis, Mo.; Walter J. Kohler, Chairman of the Board. Kohler
Co., Kehler, Wise., S. Clay Williams, Chairman, R. J. Reynolds Tobacco
N. C.
Vice-Presidents—H. A. Bullis, Vice-President, General Mills,
8. Davis, President, Borg-Warner Corp.,
Chicago, 111.; T. M. Girdler, Chairman, Republic Steel Corp., Cleveland,
Ohio; Sinclair Weeks, President, Reed & Barton Corp., Taunton, Mass.
Lammot du Pont, President,
E. I. du Pont de Nemours & Co., Inc.,
Wilmington, Del.; H. W. Prentis, Jr., President, Armstrong Corp Co.,
Co., Winston-Salem,
Regional
Minneapolis, Minn.; C.
Pa.
Lancaster,
ChairmaD, Walworth Co., Inc.,
Howard Coouley,
York,
was
do
all that
of
As
the
New
Business
Declares
Peace
Depends on World Trade—Con¬
Attended by Representatives of Foreign
World
World
vention
Congress
International
of
Corp.—Thomas
J.
Watson
Countries
annual
The
Business
opened
Machines
business
congress
in New York on Jan. 24, at
of
the Waldorf-Astoria
of the company's organiza¬
South America, Europe and Asia in
Hotel, with 1,600 representatives
tions
in
North
and
Jan. 27.
The banquet was featured
by the bestowal of various
awards
for outstanding achievements in the company's
behalf during 1937.
Chief among these was the presenta¬
tion of the Watson World Trophy for the best individual
sales record in the I. B. M. world organization in 1937 to
Julian M. Gibson, divisional manager at Albany, N. Y.
His
sales record also made him President of the 1937 Hundred
Percent Club.
Awards were also made to him and the
other officers and members of the club in recognition • of
attendance, closed
their
its sessions with a banquet on
achievements.
Frederick
W.
all
either
Vice-President and
General Man¬
opened the first day's session by greeting the I. B. M.
Hundred Percent Club of sales leaders, in whose honor the
ager,
convention was held.
pany
He announced that in 1937 the com¬
had shattered every
countries can
develop
history of wars you come to the conclusion that
developed as a result of economic conditions that
satisfactory or were thought to be unsatisfactory in some
.•"/
,
' '
not
were
that same spirit among the
the
have
wars
countries.
speakers at the opening session included:
Hastings of Chicago and Oscar L. Gubelman of New York,
the
company;
John L. Merrill, President of All-America
Cables, Inc. and of the Pan-American Society; Walter F. Titus, VicePresident in charge of manufacturing of I. B. M.; John E. Holt, European
General
Manager;
Oswaldo F. Boucas, Director-Manager, Cia. Nacional
Machinas
Commereiales of
Brazil;
Professor Ben
Wood of Columbia
University; Professor Theodore H. Brown of the Harvard School of Busi¬
ness Administratjon ;
George Morris, Manager of the Canadian organization;
G. W. Baehne, Manager, China; J. A. Osterlund, Manager, Puerto Rico;
T
K. Mallen, Manager, Philippine Islands; Eugene F. Schwerdt, Manager,
Other
M.
of
directors
U.
S. R.
S.
A
the session
of
feature
Becker,
Frank
L.
the installation of officers
The officers are:
Albany, President.
Gibson,
M.
Julian
was
Club.
of the Hundred Percent
Lewis
and
Newark,
Bernard
F.
Murphy,
Detroit,
W.
Bargar,
Vice-
Cleveland,
Secretary.
Thomas
V.
Learson,
Boston,
Treasurer.
C.
previous record in its history.
Thomas Jr., Cleveland, E. A. Thomas,
Buffalo, directors.
Mahan, New York, Ross G.
H.
and David C. Moore,
Endicott,
Besides the United States,
those at the convention repre¬
Switzerland, France,
Russia, China, Brazil, Argen¬
Puerto Rico, Japan, Peru,
tina,
Netherlands, Italy, Philip¬
Belgium
Sweden, Cuba, Norway, Hungary,
pines, Finland,
Canada.
and
A
the Jan. 25 session
of
feature
of the convention was
presentation by President Watson of medals to 17 mem¬
bers of the world organization who have been members of
the
five
Hundred Percent
more
or
from
sentatives
foreign
flected, it is said, the
Reports of repre¬
Clubs.
countries
the
at
convention re¬
linking of nations in peace by
world
trade.
foreign representatives
In South
pointed out that the prospects for general
Significantly, it was stated, the
to
in
peace
is
it
America
peace on
because
widely separated. areas.
two
that continent are the best perhaps in
the numerous boundary disputes, which
existed and were fruitful causes
the
of
its history,
previously
of disagreement, have now
And the Chinese branch
announcement
the
of the company, said
convention,
reports that
it is
intact and training additional men
ready for a large amount of business when
keeping its personnel
order to be
in
is reestablished.
peace
Speaking at the banquet
declared
Watson
went
sufficient knowledge and can express
international trade and friendly business and social
peoples of all nations, the peace of the world will be
clearly
among
on
assured.
,
I
As
people
peace,
about
go
among
the different countries,
be
can
people.
it
countries
If
we
be
about
only through the individual
contributions of
leave it to the political parties of the different
impossible for them to work out the answer that
world peace,
will be no more happiness in this
least for several generations.
I appeal to all of you to take
you this message of world peace through world trade.
all back
us
because
world,
brought
will
want.
all
Let
back
the matter of world
than it does to any¬
study the subject of
peace.
It
we
I find that the young
especially are taking a greater interest in
because it means more to the young people
I appeal to all of you to continue to
body else.
world
He
thinking people acquire
all
themselves
relations
contributions of many people."
to say:
on
When
which closed the sessions, Mr.
only be attained
"world peace can
that
through the individual
many
Nichol,
different
to help develop
can
we
been settled.
International
Corp., the largest in its history, which
world
79
over
world.
review
you
nearly
elected Treasurer of the Association.
Machines
spread
and helpfulness, and belief in the future peace
that it can be developed among nations, and it is our
world, I say
to
nations
look
Annual
is
spirit of cooperation,
the
job
that
business
a
that
sented
26 included:
National Vice-Presidents—Edgar M. Queeny,
Inc.,
world-minded because of the fact that
opportunity to meet in gatherings such as this, where they
personal contact with one another, and realize that there is
no
difference
between the peoples of the world.
Boundary lines and
nationalities make no difference in this business.
in
come
Presidents.
Chairman of the Board of the
Chester,
C. M.
Foods Corp.,
it today.
an
can
Samuel
Charles
Everyone loses.
One side may win
will find that everyone
war, we are all agreed, would end
world
M. are all
B.
I.
in
such thing as any country or any group
no
the years roll on you
as
understand
"we
as
is
modern war.
Another
suffers.
people
,
Bank Examiner of the Sixth
Chief National
Our
of
(Atlanta) Federal
Reserve District, Gibbs Lyons, at present Deputy Comptroller of the
Currency.
Mr. Lyons will succeed Ellis D. Robb, who retired on Dec. 31,
1937, after approximately 27 years of continuous service.
be
To
civilization
there
a
but
field,
world
the
in
that
winning
battle
they have
Bank Examiner of the
be Chief National
Federal
the
of a general
part, he said:
countries
on
realized that world
he soon
He warned of the effects
it.
on
all realize
We
of
Comptroller of
the Currency were recently announced by Comptroller J. F.
T. O'Connor with the approval of Secretary of the Treasury
The following changes
declared
he
angle,
broad¬
throughout the world.
world trade was from the
Although his original interest in
William
contributing to
M. organization in
I. B.
of the
work
The
without
at
with
everyone
world
who is making any effort toward
peace
there
852
Financial
ABOUT
ITEMS
The
BANKS,
Manufacturers
TRUST
Co.
Trust
of
COMPANIES,
New
York
Chronicle
&c.
value of
$3 each and 10,000 shares of
value of $10
par
announces
Feb. s,
*
Department for a number of
Secretary.
years,
Ralph Bucklin Bardwell, Chairman of the Board of the
Third National Bank
& Trust Co., Pittsfield,
Mass., died in that city on Jan. 27. He was 94 years old.
Born at Shelburne Falls, Mass., Mr. Bardwell, after
serving
has been elected
Pittsfield
Assistant
an
»
Under sanction of Robert P. Stephenson, referee in bank¬
for
ruptcy, existing assets of the defunct private banking firm
of Clarke Brothers, New York City, which closed its doors
on June 29, 1929, with a loss of
approximately $5,000,000 to
its
depositors,
sold
were
Jan. 31, in Federal
on
creditors' committee for the
$1,300,000 in notes that
sum
of $1.
Court, to
The assets include
are
Pittsfield
the
at
2,300
of
decision
creditors
M.
assets.
final
Clarke
of
J.
the
on
Kramer,
report of
Brothers.
About
outsider,
an
the
trustees.
50
were
attempted
to
.
.
.
present
buy the
for $350.
assets
A
sale
reserved
the trustee's
of
summary
follows:
report
bursements, $744,677.75; balance, $52,314.39.
$4,842,803.85 general and
$719
Receipts,
$796,992.14;
dis¬
Claims proved and allowed,
priority.
National
Bank
&
Chairman of
made
was
held at his
Trust
the
Co., in 1929,
Mr.
Board, the office he
death.
4
F. Kavanagh, three lawyers, to handle the affairs of
the estate.
In its account of the matter, the New York
"Herald Tribune" of Feb. 1, said in part:
are
Third
Bardwell
realizing something on the assets and Mr. Stephen¬
therefore, appointed Louis Ginsburg, Albert Weiss and
referee
a
tional Bank of
John
The
Bank,
Teller in the
Bank.
National
Subsequently (1881) he was
appointed Cashier of the then newly-organized Third Na¬
Pittsfield, and in 1905 became its President.
Upon the merger of these two institutions to form the
a
on
There
1864, where he became
Pittsfield
uncollectible, according to the
report of the Irving Trust Co., as trustees for the
bankrupt estate.
A group of creditors desired to take a
son,
year as a clerk in the Shelbourne Falls National
a
went to Pittsfield in
final
chance
stock of the
share.
a
that Henry A. Frey, who has been connected with the real
estate
common
ms
From
Winchester, Va., advices, appearing in the Richmond
"Dispatch" of Jan. 27, it is learned that J. Fred Thwaite,
Vice-President and for
some
years
director of the Union
a
Bank of
Winchester, had been promoted to the Presidency
of the institution to succeed the late H. B. McCormac
Sr.,
and
that Charles P. McVicar had been
appointed VicePresident.
The dispatch added that H. B. McCormac, Jr.,
had
succeeded
his
father
as
member
a
of
the
Board
of
Directors.
•
'
,
At
the
United
———♦
*
regular monthly
States
Trust
Co.
meeting
of
New
of
the
York,
on
trustees
Feb.
of
the
3, several
important changes were made in the bank's personnel, in¬
cluding the election as Chairman of the Board of William
M.
Kingsley,
who
had
been
President
for
more
than
ten
the advancement of Williamson Pell, formerly First
Vice-President, to the Presidency, and the promotion of
years;
Benjamin Strong, heretofore
of
First
Vice-President.
have been
with the
The former joined
made
President
Mr. Pell
was
the United
bank for
Vice-President, to the office
Mr. Kingsley and Mr. Pell
more
the institution
on
Jan.
6,
on
1927, the
was
an
on
Belleville Bank & Trust Co., Belleville,
Til., on Jan.
a notice
signed by "Edward J. Barrett State
Auditor," that the institution had been closed for examina¬
twenty-five years.
Apr. 1, 1909, and was
same
date
on
which
Mr. Strong joined
Sept. 18, 1933.
Previous to
who
was
assigned to the Delancey Street office.
Mr.
Schneider's banking experience dates back to 1912 when he
joined the National Bank of Commerce in New York, which
from
Guaranty Trust Co. of New York,
officer in those institutions up to 1933.
He also
Vice-President and Treasurer of
company in
a
large Maple Sugar
St. Johnsbury, Vt., before coming to the Public
National Bank Broadway office.
♦
The
National
announces
Safety
Bank
& Trust Co. of New York
the election of William J. Terry as an Assistant
Cashier.
*
Jacob
at
Klinck, President of the Kings County Savings
Brooklyn, N. Y., was the guest of honor on Feb. 3
special luncheon in the President's dining room of the
Manufacturers Trust Co. at 55 Broad Street, New
York, to
commemorate his completion of 50 years of
banking service.
Harvey D. Gibson, President of Manufacturers Trust Co.,
a
presided and greeted the guest of honor in behalf of the
assemblage.
Mr. Klinck began his banking career on Feb. 2,
1888, as an
office boy with the Metropolitan Trust Co. where he remained
for 37 years,
except for the period during which he assumed
the Presidency of the
Williamsburgh Trust Co. and took
charge
of
Savings
its
liquidation.
Bank
elevated to the
in
1927
as
He joined the Kings County
Vice-President and was soon
Presidency.
—4
Arrangements
were made
a
New
,
unchanged from the last previous sale, and of one member¬
ship at $1,900, down $100 from the last previous sale.
of
Jan.
28
21, 1938, brought an advance of $550 in
Exchange memberships. Mr. J. J.
membership owned by the Estate
Mayer.
re¬
quote also said:
pointed
to
$5,000
check
the
out
bank
protection
has
under
Federal
deposits up
require an involved
are
guaranteed, but it will
determine the financial position
to
Deposit
which
of
the
various
accounts.
♦
With reference to the affairs of the
defunct
Bank of Lincoln,
111.,
Press
a
Lincoln Na¬
dispatch by the Associated
Jan. 18 said:
on
Receiver
J.
(Jan.
18)
would
receive
P.
Drake
of
that depositors
an
the
who
Lincoln
National
Bank
announced
already have received 100c.
on
the
today
dollar
additional
$125,000, representing 5% interest on deposits.
Approximately $1,500,000 has been paid out since liquidation began.
♦
L.
C.
•
JFredricksen, Vice-President since 1930
of the Live¬
stock
National Bank of Sioux
City, Iowa, was named
President of the institution at the recent annual
meeting of
the directors, succeeding A. G. Sam who was
elected Chair¬
man of the Board.
Mr. Sam had held the Presidency since
1919.
In noting the above
changes, the "Commercial West"
of Jan. 22 also stated that M. A.
Wilson, heretofore Cashier,
was
promoted to Vice-President, while continuing as
Cashier,
K. V. Jensen was named an Assistant
Cashier, along
with W. G.
Nelson, W. C. Schenk, and L. K.
and
re¬
elected.
♦
Arthur L. Coad, heretofore a
Vice-President, was elected
President of the Packers National Bank in
Neb., at the directors'
ceeds
his
brother,
Omaha, Omaha,
meeting on Jan. 19.
He suc¬
Coad, who resigned and was
annual
John
F.
elected
Chairman of the Board, a newly-created office.
In
noting the change, the Omaha "World Herald" of Jan. 21
had the following to
say in regard to the career of the
new
President:
Arthur
as
L.
Coad
has
Vice-President.
a
been
He
with
received
the
bank
almost
20
years,
since
1929
his
early schooling in Omaha parochial
University and later the
University of
Nebraska College of Agriculture.
For five years after his graduation he
managed family farm interests, and spent 10 succeeding years at
family
ranches in New Mexico and
Wyoming.
From those ventures he came to
schools,
attended
bank.
He
Cheighton
served
in
1936
as
President
of
the
&
Trust
Omaha
Clearing House
Association.
♦
The
Mercantile-Commerce Bank
Co., St. Louis,
31, shows total
deposits of $152,879,491 and total assets of $170,413,560 as
compared with $154,316,639 and $171,538,851, respectively,
on
June 30 last.
in
the
current
The
as
of
Dec.
principal items comprising the assets
statement
are:
United
States
obligations, $103,255,106 (against $103,043,087
•
of M. R.
indicating the suspension of the
"Globe-Democrat"
Mo., in its condition statement
Arrangements have been completed for the sale of two
memberships in The Chicago Stock Exchange at $2,000 each,
New York Coffee & Sugar
Kutch paid $4,250 for the
we
The previous
*
The sale of Jan.
In
Louis
Insurance Corporation
the
Feb. 3 for the transfer of
York Stock Exchange
membership at $59,000.
transaction was at $65,000, on Jan. 28th.
St.
Ross, all
C.
Bank of
which
Directors
later merged with the
an
the
tional
E. C< Gersten, President of the Public National Bank
and
Trust Company of New York, announced on Feb. 3 that the
Directors appointed Ernest H. Schneider a
Vice-President,
and was
adjustment.
ported that alleged misappropriation of more than $100,000
of the bank's funds had been admitted
by George E. Wuller,
resigned Cashier of the Belleville institution.
The paper
officer of the Bank of the Manhattan
♦—
was
and
institution
Co.
was
posted
tion
than
elected First Vice-President.
States Trust Co.
that time he
a
Both
The
27
Government
on
the earlier
date) ; other bonds and securities, demand loans, real estate
loans, and time loans (combined), $55,520,456 (compared
with
$56,820,347), and cash and due from banks, $48,386,735
(against $53,085,956
on June 30).
The bank's capital re¬
unchanged at $10,000,000, but surplus and undivided
profits account are now $2,800,000 and $2,867,746, respec¬
tively (as compared with $2,600,000 and $2,899,909, respec¬
tively, on June 30). W. L. Hemingway is President of the
mains
4
The N. Y. Cotton Exchange
membership of F. W. Schwerin
was sold Feb. 1 to Allan
Bond for $9,750, off $250 from the
last previous sale.
institution.
The
New
York
State
Banking Department
on
Jan.
approved plans to increase the capital stock of the Bank of
Williamsville, Williamsville, N. Y., from $100,000, consisting
of 5,000 shares of the
par value of $20 each, to $175,000,
consisting of 25,000 shares of preferred stock of the par
4
26
In
its statement
of condition
as
at the close of business
Dec.
St.
31, 1937, the Boatmen's National Bank of St. Louis,
Louis, Mo., reports total resources of $56,370,178 (as
compared with $50,483,607 at the close of business June 30
Volume
Financial
146
and due from
the chief items are: Cash
last), of which
banks, $20,091,288 (against $15,989,342 on the earlier date) ;
loans and discounts, $17,895,136 (against $14,804,348), and
United
States
Government obligations, $11,689,445
(com¬
On the debit side of the
(up from
$46,049,871 on the earlier date). Capital remains the same
at $2,000,000, but surplus and undivided profits are shown
at $1,700,000 and $339,642, respectively, as against $1,610,000
and $343,516, respectively, on June 30.
Tom K. Smith is
President of the institution which was founded in 1847.
pared with $12,814,911 on June 30).
deposits are shown at $51,891,153
statement total
Stockholders
Bank of Jackson¬
National
Barnett
the
of
their annual meeting on Jan. 25 re-elected
the old directors and added C. G. McGehee, President of the
ville,
Fla.,
at
Paper Co., to the board, it is learned from the
At a subsequent meeting
Jacksonville
"Florida Times-Union" of Jan. 26..
of the position of Chief Clerk was
William R. McQuaid, who stated
of the directors, creation
announced by
R.
that
President
Cushman, Manager of the
W.
bank's analysis de¬
partment, had been promoted to the office. Former officers,
headed by Bion H. Barnett, Chairman of the Board; Arthur
F.
of the Board, and Mr. MoQuaid,
Perry, Vice-chairman
President, were re-appointed.
been made in the personnel
The following changes have
National Bank of Palestine, Tex., on Jan. 15,
it is learned from advices from that place on the date
named to the Dallas "News":
Clyde W. Hanks, for the
of the Royall
15
past
years
Vice-President
a
the
of
institution,
President to succeed the late Tucker Royall,
elected
R.
Eugene
Fish
Vice-President and Cashier.
elected
was
was
while
The dispatch added:
Mr.
side
Cashier
and
banker
told
ager,
for many years, and it was from the
learned the banking business.
annual meeting of the shareholders
on
Jan. 26, Robert Rae, the General Man¬
that
deposits
had
increased
total of $117,782,320; commercial
discounts in Canada had risen to $7,419,858 in
shareholders
$5,303,900 during 1937 to
loans
and
late
Bank, held at the bank's head office in
Dominion
Toronto, Canada,
Vice-President.
he
that
At the sixty-seventh
the
before becoming
Cashier
Mr. Royall
by side with
Dallas-Palestine
of
served a6 a runner,
He worked
Hanks, who went to work for the bank in 1899,
Assistant
a
cash securities and assets immediately avail¬
totaled $91,445,340, or 72% of the
bank's liabilities to the public.
Net profits for the year,
the period, and
able
the
at
after
year-end
and
made,
to contingency accounts,
appropriations
making
of which full
out
provision for bad and doubtful debts had been
after deducting Dominion and
Provincial Gov¬
$237,311, amounted to $976,839, which,
when added to $668,977, the balance to credit of profit and
loss brought forward from the previous calendar year, made
$1,645,816 available for distribution.
Out of this sum the
following allocations were made: $700,000 to pay four quar¬
terly dividends at the rate of 10% per annum; $75,000 con¬
tributed to officers' pension fund, and $100,000 written off
bank premises, leaving a balance of $770,816 to be carried
forward to the current year's profit and loss account.
Total
resources
are
shown at $114,049,658.
C. H. Carlisle is
President.
A. W. Rice, 49 Wall Street, is the bank's local
ernment
of
taxes
agent.
»
The semi-annual statement of the Standard Bank of South
Africa,
shows
office London), has recently been re¬
months ended Sept. 30, 1937, and
of that date resources of £87,019,549
(as com¬
Ltd.
ceived.
(head
It cpvers the six
as
pared with assets of £77,691,058 on Sept.
30, 1936), of which
Bills discounted, advances to cus¬
accounts, £38,644,050
(compared with
£34,301,099 on the earlier date); cash in hand and with
bankers, and cash at call and short notice, £12,781,471
(against £11,424,861); investments, £15,357,802
(against
£14,597,184) ; customers' bills, &c., for collection, per contra,
£10,880,137 (against £8,967,433), and bills of exchange pur¬
chased and current at this date (Sept. 30, 1937), £4,925,911
the principal
tomers
and
items are:
other
(compared wdth £4,485,197 on Sept. 30,
capital
paid-up
has
fund
reserve
remains
increased
The directors have
dividend
of
5c.
the
1936).
The bank's
same at £2,500,000, but its
from £2,500,000 to £3,000,000.
declared, the report tells us, an interim
share
per
(being at the rate of 10%
necessary
pref., 2 points to 28; Sherwin-Williams, 334 points to 87%,
and Utah Power & Light pref., 1% points to 1624*
Curb stocks were somewhat firmer on Monday, and while
there were a few weak spots scattered through the list,
most of the active issues were able to hold fairly steady
The transfers for the day were
Public utilities at¬
tracted a modest amount of speculative attention and there
was some buying among the mining and metal stocks but the
changes were light. On the downside Royal Typewriter was
the weak spot as it dipped 434 points to 41.
Babcock &
Wilcox also fell off 3 points to 86.
The advances included
among others Aluminum Co. of America, 1 point to 76;
Humble Oil, 2 points to 62; Lake Shore Mines, 134 points
to 56%, and Alabama Power pref., 1% points to 55%.
Quiet strength was apparent throughout the list as the
market opened on Tuesday.
Some' profit-taking developed
during the closing hour but it was gradually absorbed as
the stocks continued to move slowly forward. The advances
were not particularly noteworthy though the gains ranged
from fractions to 3 or more points.
Lake Shore Mines was
the strong spot in the mining and metals and reached 5834
at its top for the day.
Oil stocks were generally higher and
specialties registered a number of modest advances. The
gains included among others Jones & Laughlin Steel, 2
points to 3334; Pepperell Manufacturing Co., 4% points to
68%; Colt's Patent Firearms, 5 points to 57, and Aluminum
Co. of America, 2 points to 78.
Stocks were dull and irregular on Wednesday, and while
there were a few popular trading issues that were moderately
higher, the list, as a whole, was dull and unsettled. Public
utilities were moderately active but most of the changes
were fractional.
Mining and metal shares were in demand
and held around the best prices for the movement. Modest
gains were also registered by a number of the more active
shares in the industrial specialties. Among the stocks show¬
ing gains for the day were United Shoe Machinery^ 234
points to 7034; Todd Shipyard, 234 points to 50; Singer
Manufacturing Co., 1 point to 232; Montgomery Ward A,
1 point to 133, and Central Maine Power Co. pref., 3 points
to 83%.
V: 4. "A V.
The trend of prices again pointed downward on Thursday,
many prominent issues slipping backward from fractions to
3 or more points.
As selling persisted the declines extended
to all parts of the market.
Scattered through the list were
a number of small gains but these were generally among the
inactive stocks.
Public utilities were down and specialties
were comparatively quiet.
Some of the mining and metal
shares registered minor advances and the oil stocks were
fairly steady. Noteworthy among the recessions were Ala¬
bama Great Southern 6% points to 4034; Babcock & Wilcox,
3% points to 8234; Draper Corp., 8 points to 55; Jones &
Laughlin Steel, 3% points to 30%; Mead Johnson, 3 points
to 96; Penn Salt, 8 points to 136 and Carrier Corp., 2%
points to 23%.
Following an irregular opening on Friday the curb market
moved slowly upward and a number of the speculative favor¬
ites among the specialties, utilities and mining and metal
stocks moved to slightly higher levels.
The advances in the
public utilities were largely among the preferred issues,
Cities Service BB pref. moving up 234 points to 26; Florida
Power & Light, 2% points to 35 and Alabama Power pref.,
1 point to 47.
Other gains were largely in minor fractions.
As compared with Friday of last week prices were slightly
lower, Aluminum Co. of America closing last night at 73
against 75 on Friday a week ago; American Gas & Electric at
22% against 2334; Carrier Corp., at 25 against 2534; Creole
Petroleum at 23% against 2434; New Jersey Zinc at 64
around the
preceding close.
down to the minimum since
■
DAILY
TRANSACTIONS
on
YORK CURB EXCHANGE
Bonds {Par
Value)
Feb. 4,
1938
Foreign
Foreign
of
Shares)
Domestic
Total
Corporate
Government
$8,000
$552,000
The Standard
Saturday
Monday
108,099
986,000
28,000
10,000
143.420
1,060,000
7,000
120,000
1,024.000
1,187,000
Wednesday
109,365
1,324,000
1,194,000
13,000
16,000
1,353,000
57,000
7,000
1,258,000
1,013,000
8,000
19,000
1,040,000
$6,114,000
$120,000
$180,000
$6,414,000
EXCHANGE
irregular during the greater part of the week.
There was some activity apparent in the public utilities
from time to time but the changes were small and without
special significance. Profit-taking appeared during the late
trading on Tuesday, but most of this was absorbed before
the market closed. Daily transfers have been comparatively
light, the volume of sales on Monday dropping to the lowest
point since July, 1935.
$537,000
76,000
.—-
187,995
146.025
770,904
Total
the New York Curb Exchange have
been dull and
THE NEW
Stocks
Friday
Price movements
AT
{Number
Week Ended
Thursday
CURB
Corp. at 54 against 60.
against 6934 and Newmont Mining
The New York
is at 67 Wall Street.
THE
July, 1935.
Tuesday
provisions have been made.
1862.
Bank of South Africa was founded in
agency
irregular price movements characterized the Curb
during the brief period of trading on Satur¬
day. There was a slighdy better demand for public utilities,
and while there were occasional soft spots in the group,
most of the active issues were higher at the close.
Mining
and metal stocks sagged and oil shares were generally down.
Some of the trading favorites among the specialties were
moderately strong but the changes in the general list were
largely fractional. Among the stocks closing on the side of
the advance were Babcock & Wilcox, 2 points to 89; Childs
Dull and
market dealings
per
annum), subject to income tax, and furthermore that the
bank's investments in the aggregate stand in the books at
less than the market value as at Sept. 30, and all the usual
and
853
Chronicle
$7,000
Week Ended Feb. 4
Sales at
New York Curb
Exchange
1937
1938
x
Stocks—No. of shares-
Jan. 1 to Feb. 4
1938
1937
770,904
4,282,445
4,761,584
23,430.872
$6,114,000
$30,442,000
$67,068,000
640,000
Bonds
Foreign government..
120,000
$11,680,000
242,000
Foreign corporate
180,000
747,000
766,000
1,958,000
2,584,000
$6,414,000
$12,669,000
$31,848,000
$71,610,000
Domestic
Total
-
854
Financial
Course of Bank
Chronicle
there is
same
week in 1937.
comparative
Friday of 24.5%.
for the week follows:
summary
Clearings—Returns by Telegraph
Week Ending Feb. 5
New
York
Chicago
—
.
1937
-
—
—-
January
Federal
-
-
-
$3,447,081,611
290,258,290
—14.9
330,000.000
—10.3
175,466,645
216.829.000
—19.1
81,009,828
74,600,000
—13.2
130,734,000.
123,051,391
—17.7
-
—
St. Louis
72,400,000
San Francisco
107.599,000
Pittsburgh..
Detroit
99,558,969
71,268,473
Cleveland
63.907.488
Baltimore
Eleven cities, five days
Other cities, five days.
—24.5
Total all cities for week
cases
7th
—12.3
$6,666,132,251
—19.4
979,162,733
531,947.008
473,744.570
677,764,500
718,885,775
—5.7
592,502,960
524,770,605
2,014,686,341
—14.9
1,980,430,746
1.743,041,324
607,493.602
—2.1
566,568,071
495.124,029
409,602.367
428,286,564
—4.4
377,348,273
334,489,218
741.256,936
793,377,962
—6.6
748,572,967
495,607,186
478,449,166
+3.6
408,490,006
335,053,139
1,077,042,778
1,141,384,313
—5.6
1,037,478,333
880,608,119
24.229.213.026
29,925,437,829
—18.8
27,663,352,857
25,623,449,668
10.887,050,779
12,402,120,613
—12.2
10,876,517,032
9,416,924,399
1,358,095,433
1,626,611,568
—16.5
1,561.155.047
1.301.305,194
•#
4*
• 0
0$
194 cities
Canada
2,368,448,129
594,602,391
#4
7
11
Total
1,449,393,279
J
32 cities
626.412,740
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended.
The results
for
January in 1935 to 1938
given below:
are
Month of January
Description
1938
Stock, number of shares
1937
24,151,931
1936
58,671,416
1935
67,201,745
19,409,132
Bonds
Railroad and miscell. bonds. $128,981,000 $267,568,000 $404,531,000
$195,181,000
State, foreign, &c„ bonds...
20,576,000
U. S. Government bonds
16,353.000
Total bonds
The
49,481,000
25,038,000
38,488,000
33,118,000
40.649.000
94,716,000
$165,910,000 $342,687,000 $476,137,000 $330,546,000
volume
of
transactions in share properties on the
Exchange for the month of January of the
1935 to 1938 is indicated in the following:
New York Stock
years
1938
Month of January
The
course
1937
1936
1935
No. Shares
No. Shares
No. Shares
No. Shares
24,151,931
58,671,416
67,201.745
19,409,132
of bank
clearings at leading cities of the country
January in each of the last eight years is
subjoined statement:
for the month of
shown in the
BANK
CLEARINGS
(000.000*
AT
CITIES IN
LEADING
1938
1937
1936
1935
1934
$
omitted)
New York___„
$
8
$
-.13,412
Chicago,*.
JANUARY
$
1,262
Boston
879
1933
16.787 16,207 13,552
822
1,484
1,219
1,114
886
859
1,154
1,051
1932
1931
$
17,523
$
$
12,646
16.684 25,300
795
1,141
2,035
795
OF
BANK
Reserve
Dists.
$
$
—31.8
254,748,840
4,572,722,200
—35.4
3,920.225,445
3rd
PhlladelphialO
"
335,108,614
396,499,638
—15.5
359.038,171
319,586,504
4th
Cleveland..
5
"
245,545,579
284,749,570
—13.8
229,394,860
209,327,288
5th
Richmond
6
"
115,463.129
131,379,405
—12.1
104,712,749
95,902,235
6th
Atlanta....10
"
136,613,937
149,176,064
—8.4
115.225.751
104,624,285
7th
Chicago —.18
"
412.347,079
518,113,518
—20.4
429,944.671
8th
377,659,105
St. Louis
"
94,621,562
100.686,280
—6.0
9th
Minneapolis 7
"
81,587,469
89,424,090
—8.8
74,225,402
10th Kansas City 10
6
12th San Fran.. 11
70,180,933
"
117,035,773
129,735,106
—9 8
122,985.817
111,284.748
84,525,669
77,318,950
"
63,571,247
59,351,288
+7.1
48 272,605
43.621,834
"
212.915,941
231,823,039
—8.2
198,396,786
182,786,639
5,941,696,766
6,989,304.340
—28.6
2,549,941,775
—16.2
2,135,635,988
1.916,553,273
277,673,726
335,883,318
—17.3
265.128,869
OU.-LllJU~l.ajl
J
VI
l/liv
420
595
646
592
506
434
375
514
691
270
305
257
237
202
216
289
354
239
247
222
198
168
166
201
288
378
417
399
1,849
668
330
276
244
306.
318
270
227
249
350
512
231
207
197
168
212
283
166
166
137
113
447
118
142
206
418
522
451
375
278
248
353
635
Louisville
146
121
135
114
96
79
88
110
Omaha
123
125
133
114
114
72
110
168
Providence
43
52
47
37
36
32
47
Milwaukee
88
93
79
65
49
47
80
115
Buffalo
134
162
139
124
110
112
137
184
St. Paul
103
107
99
87
80
58
67
88
Denver
121
130
112
95
46
68
86
127
76
81
73
60
53
49
62
82
131
Indianapolis
Richmond
VlCOlllilga
166
Hartford
Total
67
59
43
52
57
103
92
75
112
146
66
59
54
44
44
54
73
56
55
50
37
33
45
57
21,877 27,320 25,405 23,669 20.137
Other cities
2,422
Total all..
We
113
73
132
63
City
119
88
142
50
Salt Lake
2.605
2,258
1,954
24,299 29,925 27,663 25,623
10,887
tut?
January.
For that month there was a loss for
body of clearing houses of 18.8%, the 1938 aggre¬
gate of the clearings being $24,299,213,026 and the 1937
145
57
84
—
Outside New York
1VI
of
the entire
183
459
140
Memphis
Seattle
242,645,465
OJ
302
399
5,650.178,695
4,990,545.588
2,136,963,202
V..UV.
345
270
3,838,646,897
32 cities
408
345
219,239.277
2,963,651,575
Canada
479
Detroit
325,644,142
"
112 cities
647
255
$
222.083,683
York. 13
Outside N. Y. City
488
481
New Orleans.
New
11th Dallas
312
Kansas City
Boston
4
249
Minneapolis
1935
1st
-
276
Cleveland
1930
$
%
1,252
309
Cincinnati
2nd
12 cities
1,119
352
San Francisco——
✓
Dec.
1,408
392
Pittsburgh
CLEARINGS
1937
1,629
357
Philadelphia.--.
Inc.or
1938
1,742
1,134
1,326
1,734
1,483
St. Louis
Baltimore
Wfk End, Jan. 29. 1938
month
1,718,371,424
1,143,501,140
—10.2
has to be estimated.
SUMMARY
.v
1,481,540.010
—14.9
—16.8
639,692,689
1,843,405,916
■
Outside N. Y. City-
—20.6
17,605,844,530
•t
Fran..20
—21.5
$5,644,496,388
1.021,635.863
1,033,658,651
17,335,141,817
574,376.827
31
Louis..
11th Dallas
—14.9
1,223,000,112
—23.3
16
Chicago
St.
12th San
729,614,525
—22.4
1,206,482,241
Miuneapollsie
10th KansasCity 18
districts:
.
Atlanta
$
1,341,999,379
18,114,620,855
••
9th
however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended Jan. 29.
For that week there was a decrease of 28.6%, the
aggregate
of clearings for the whole country having amounted to
$4,990,545,588, against $6,989,304,340 in the same week in
1937.
Outside of this city there was a decrease of
16.2%,
the bank clearings at this center having recorded a loss of
35.7%. 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 show a falling off of 35.4%, in the Bos¬
ton Reserve District of 31.8%, and in the
Philadelphia
Reserve District of 15.5%. In the Cleveland Reserve Dis¬
trict the totals are smaller by 13.8%, in the Richmond
Reserve District by 12.1%, and in the Atlanta Reserve Dis¬
trict by 8.4%.
The Chicago Reserve District shows a de¬
crease of 20.4%, the St. Louis Reserve District of
6.0%, and
the Minneapolis Reserve District of 8.8%.
The Dallas
Reserve District enjoys a gain of 7.1%, but the Kansas
City Reserve District suffers a loss of 9.8% and the San
Francisco Reserve District of 8.2%.
In the following we furnish a summary by Federal Reserve
Total
$
1.568,512,305
Richmond .10
8th
In the elaborate detailed statement,
Federal
%
1,040,853,818
Cleveland. .19
6th
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch as the week ends
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
1935
$
•1
Philadelphia 17
5th
—15.5
$4,914,881,863
$5,375,016,300
January
1930
13,898,425,336
York. 15
4th
—17.2
$4,479,180,325
895,836,065
Total all cities, five days
January
Dec.
$
Boston-- .-14 cities
New
3d
—12.2
$3,858,410,850
620,769,475
All cities, one day
Inc.or
1937
Dists.
1st
—19.1
72,802,343
62,482,621
Reserve
2d
—2.9
86.032,779
52,811,725
January
1938
Cent
$2,602,086,399
247,033,442
296,000,000
-
Kansas City
District of 10.2%, and in the Atlanta Reserve District
5.7%.
The Chicago Reserve District reports totals
smaller by 14.9%, the St. Louis Reserve District by 2.1%,
and the Minneapolis Reserve District by 4.4%.
The Dallas
Reserve District enjoys a gain of 3.6%, but the Kansas City
Reserve District suffers a loss of 6.6%, and the San Fran¬
cisco Reserve District of 5.6%.
serve
of
Our
70,278,709
-
Philadelphia
Boston—
District of 14.9%.
In the Cleveland Reserve District the
a diminution of 16.8%, in the Richmond Re¬
Per
1938
1938
totals record
At this center
loss for the week ended
a
5,
aggregate $29,925,437,829.
In the New York Reserve
District the totals show a decrease of 23.3%, in the Boston
Reserve District of 22.4%, and in the Philadelphia Reserve
Clearings
Bank'clearings this week will again show a decrease com¬
pared with a year ago.
Preliminary figures compiled by us,
based upon telegraph advices from the chief cities or the
country, indicate that for the week ended today (Saturday,
Feb. 5) bank clearings from all cities of the United States
from wnich it is possible to obtain weekly returns will be
19.4% below those for the corresponding week last year.
Our preliminary total stands at $5,375,016,390, against
$6,666,132,251 for the
Feb.
add
12,402
10,877
9,417
126
161
18,648 24,450 36,927
1,460
1.942
2,724
1,256
21,393 20.108 26,392 39,651
7,840
7,473
9,708 14,350
detailed statement showing the figures
for each city separately for January and for the week ended
now
our
Jan. 29 for four years:
CLEARINGS FOR JANUARY, AND FOR WEEK ENDING JAN. 29 FOR FOUR YEARS
Month of January
Clearings at-
Inc.
1938
1937
Week Ended Jan. 29
or
Inc.
Dec.
or
1936
1935
1938
1937
Dec.
1936
$
$
$
$
%
$
$
488.957
638,117
557,576
551,017
1935
'
$
Flrst Federal Reserve District
—Boston—
Me.—Bangor
%
2,321.595
—17.8
9,827.467
—5.9
10.080,276
8.524,273
1.536.160
2.262,600
—32.1
2,847.354
1,447,355
878,933,498
2,744,676
Mass.—Boston
2,825,163
9,249,011
Portland
1,153,804,882
—23.8
1,050,504,901
190,113,614
219.000,000
189.321,042
—12.4
2,941,948
286,356.971
633.710
—33.6
3,133,149
1,821,916
—17.0
515,892
586,451
—11.2
403,074
342,595
+ 17.7
2,491,136
2,396,918
—23.4
1,656,546
886,459,503
2,915,750
1,692,827
1,805,479
3,654,940
15.930,002
+ 1.9
1,555.360
1.328.801
2,731,585
13,660,635
—25.3
2,618,895
457.279
756,415
—39.5
528.577
463,237
2,693,973
2,921,223
2,534.200
—10.7
6,341.275
1.783,415
3,358,931
2.134.293
—19.8
9.686.699
3,016,577
13,754,226
7,585.136
11,487,584
8,651,743
—16.4
1.484,686
1,203,712
49,759,771
18,150,981
56.337,525
20,857,297
—11.7
55,194,917
10.250,801
3,749,069
13,420,042
4,674,964
11,641,676
18,594,805
50,460.659
15,333,541
—26.1
—13.0
—19.8
4,410,977
3,768,634
5,740.000
Fall River
Holyoke
7,337,100
—21.8
5,924,700
5.133.600
43,429,000
—16.9
47,464,900
37,213,500
10.044,000
8.416,900
2,023.503
52,246,900
2,730.860
—25.9
2,234,684
1.751,520
1,040,853,818
1,341,999,379
—22.4
1,223,000,112
1,033,658,651
1,617,692
Lowell
I
New Bedford
Springfield
Worcester
Conn.—Hartford
New Haven
Waterbury
R. I.—Providence
N. H.—Manchester
$
...
Total (14 cities)
1,840,128
—14.2
526,150
«.■>
w*
w
9,919,333
....
-
M
«.
.
-
•.
-
-
-
-
-
-
-
269,246
279,288
-
10,422,700
—3.7
370.459
642,804
—42.4
527,633
416,040
222.083.683
325,644,142
—31.8
254,748.840
219.239,277
10.042.200
Volume
Financial
146
855'
Chronicle
CLEARINGS
)
(
Weet Ended Jan. 29
Month of January
Clearings at—
Inc. or
Inc. or
1938
1937
Dec.
1937
1938
1935
1936
Dec.
%
%
Second Federal Reserve Oistr let—New Yor
+ 15.1
29,356,522
—17.7
5,614,657
133,705,264
35,825,570
6,053,890
161,692,118
2,518,107
3,495,848
—28.0
41,242,472
N. Y.—Albany.
4,982,847
Bingham ton
Buffalo
...
Elmira
...
New York
Rochester
Syrcause
Utica.!
Westchester County
Conn.—Stamford
...
...
N. J.—Montclair.........
Newark...'
...............
Oranges.
Distri
Third Federal Reserve
+ 7.2
—4.0
—11.1
—15.0
+2.4
1,1429,107
*1,500,000
1,488,149
9,847,554
Lancaster....
4,983,730
Lebanon
1,640,398
Norriatown
1,679,495
Philadel phia
1,483,000,000
....
6,466,896
.....
...
9,789,480
Scranton.
4,010,776
—
...... ...
2,181,359
1,868,128
1,478,009
9,626,220
5,862,006
1,833,446
2,433,703
1,742,000,000
6,300.701
11,938,004
5,050,180
1,466,564
546,380
......
_
.
6,393.615
11,445,197
—44.1
10,146,029
7,083,123
1,160,738
29,800,000
1,388,528
26,000,000
769,801
903,200
977,577
—7.6
29,100,000
38,600,000
—24.6
602,798
700,725
720,393
—14.0
600,12y
—23.8
548,676
428,877
397,343
—35.7 3,806,060,778
2,853,582,386 4,439,362,565
3,733,625.422
7,785,838
4,152,512
2,634", 193
—17.0
4,003,973
9,059,935
4,131,370
—3.1
8,356,287
5,184,759
3,303,773
2,534*944
+ 30:3
2",82i:766
4,049,346
257,948
4,304,779
—5.9
2,922,027
386,596
—33.3
400,000
2,415,569
666,442
19,324,343
23,078,636
—16.3
19,151,489
18,847,288
24,060,065
37,419,483
—35.7
33,192,566
32,980,838
-35.4 3,920,225,445
3,838,646,897
7,521,452
13,729,088
1,742,960
77,414,067
169,374,831
3,749,557
-23.3 17,335,141,817 16,705,844,530
2,953.651,575 4,572,722,200
—16.1
1,737,957
360,957
404,828
1,700,000
306,045
298,691
+2.5
+0.7
1,273,686
998,992
369,913
293,631
+26.0
303,989
456,567
241,414
377,530
—19.7
+2.3
8,484,211
7,283,232
4,186,629
1,243,496
1,689,485
1,125,149
l",15i:626
—2". 3
1,056,214
'"970". 165
1,408,000,000
325,000,000
385,000,000
—15.6
349,000,000
5,585,404
1,109,504
1,904,663
1,156,804
—4.1
1,029,109
2,454,127
—22.4
2,401,486
309,000,000
1,027,320
2,148,560
682,392
1,260,559
—45.9
848,983
993,642
1,ly6,991
1,449,372
—17.4
1,331,409
1,199,678
—15.0
5,041,820
—10.5
1,505,840
—31.0
—18.0
2,009,811
1,629,000,000
5,062,959
11,552,087
—20.6
5,153,216
—16.7
6,085,729
1,452,487
7,176.796
1,499.650
5,975,383
York
.
41,099,306
4,585,232
124,320,558
2,636,381
2,075,097
16,206,525,269
29,213,413
15,647,767
2,348,852
11,382,152
Philadelp hia—
ct-
Harris burg
—14.9
+2.6
—2.2
1,492,701
9,949,785
4,366,961
5,240,775
1,232,314
—10.8
574,997
—5.0
441,421
375,000
2,790,177
—17.5
13,527,007
18,458,300
14,375,640
—5.9
26,416,900
—30.1
2,568,639
14,509,461
20,792,100
2,186,640
11,227,996
16,480,600
3",053:660
3,030,000
+0.8
2,369,000
3,622,000
1,843,405,916
-14.9
1,718,371,424
1,481,540,010
335,108,614
396,499,638
-15.5
359,038,171
319,586,504
7,344,644
222,048,808
317,772,530
43,484,100
1,907,992
6,118,839
197,877,899
270,222,683
44,009,900
1,752,391
....
Hazleton..
Del,—W ilmington
—.
N. J.—Trenton ..............
Total (17 cities)... .
.
.........
1,568.512,305
Federal Reserve Dlst rlct—Clevela nd—
398.920,067
—13.5
51,780,500
—4.3
2,228,101
1,418,250
8,335,367
13,511,776
5.962,613
21,643,783
895,755
—20.7
464,891
499,151
—6.9
479,754
787,929
480,543,232
560,390
+ 40.6
646,747,434
6,627,084
11,105,128
796,771
12,473,711
9,410,615
—25.7
1,055,079
479,275,023
6,064,548
+9.0
685,578
+ 18.6
8,050,026
6.138.549
—34.8
1,206,482,241
..........
Columbus
—0.8
—2.9
17,979,611
941,215
Cincinnati
Cleveland-...
9,768,662
246,708,121
1.449,393,279
—16.8
9,691,141
239,479,763
344,936,700
49,564,200
Ohio—Canton
.
1,766,450
1,430,784
Hamilton...
Lorain..
......
Mansfield
,
Youngstown....
6,515,018
9,368,061
4,627,202
....
Newark
.....
Toledo
....
Pa.—Beaver County
...... ...
Franklin...
.........
Greensburg.
............
Pittsburgh
Erie...
6,747,629
Oil City..
9,841,044
868,479
Warren
14,790,343
Ky.—Lexington
W. Va.—Wheeling..
Total (19 cities)...
Fifth Federal Reserve
Distric
+ 0.9
887,782
5.841,564
10,185,897
4,465,974
17,346,760
5,065,268
7,180,353
4,556,441
11,712,099
625,861
312,951
46,300,233
64,362,193
10,156,900
+ 6.5
9,130,300
47,424,028
57,346,531
9,305,300
1,380,380
1,878,636
—26.5
1.206,003
995,222
72,427,209
—30.7
—22.4
—16.9
+5
+ 1.8
—11.4
653,553
x
x
x
846,896
x
x
110,084,909
146,623,296
"24".9
108,396,131
94,256,207
7,330,548
408,194,640
5,800,000
9,171,016
476,311
8,107.383
6,427,174
1,143,501,140
989,162,733
245,545,579
284,749,570
—13.8
229,394,860
209,327,288
8,620,980
1,158, ,988
+ 4.1
923,197
653,607
251,468
96,733 + 160.0
201,065
112,845
1,206,053
11,449,000
11,711, ,000
—2.2
9,654,000
2,771,000
2,621,000
+ 5.7
38,547,407
1,843,000
31,157,387
27,850,056
183,271, ,579
6,080 ,815
8,328, ,484
40,035,798
—3.7
166,266,790
-13.4
9,295.000
130,861,412
4,236,365
Richmond
1,040,048
1,167,828
—10.9
906,209
1,174,971
60,044,152
5,268,329
S. C.—Charleston............
Columbia
7,384,878
-
4,706,263
12,730,308
Greenville
N. C.—Durham
Md.—Baltimore
270,324,749
....
1,604,338
Frederick
93,436,119
D. C.—Washington
574,376,827
Total (10 cities).
Sixth Federal Reserve
—9.3
6,260, 143
-24.8
15,096, 076
-15.7
144,739,814
4,754,217
8,142,904
4,607,130
13,650,976
305,452, ,848
1,770, ,672
100,562, ,084
-11.5
257,182,556
—9.4
1,301,665
86,990,549
639,692,689
—10.2
-11.3
—7.1
20,009,522
20,009,388
+ 0.1
74,470,800
+4.1
Ga.—Atlanta
214,800,000
71,513,298
246,800,000
6,313,671
....
Augusta- ...
10,442,271
237,313,813
1,285,354
69,566,923
54,885,803
65,386,214
-16.1
54,139,610
17,967+03
22",071:832
-18~.6
16",465:478
14",647:211
531,947,008
473,744,570
115,463,129
131,379,405
-12.1
104,712,749
95,902,235
13,799,819
62,847,622
11,521,511
55,697,497
4,667,075
3,273,810
+42.6
16,271,591
14,301,009
+ 13.8
201,200,000
4,682,839
186,400,000
4,235,356
39,300,000
859,291
63,200,000
1,362,848
—26.1
2,671,669
12,742,881
43,400,000
1,025,472
37,500,000
712,661
4,899,285
3.421,622
3,604,321
80,727,620
6.326.787
80.122,815
6.828.788
—13.0
—22.4
3,128,533
3,002,897
64,465,038
6,574,493
74,875,633
5,792,688
3,492,821
4,019,000
5,602,811
1,452,330
2,377,088
3,151,192
"609",079
Macon—......
Tampa—_ _ ....
Ala.—Birmingham
+ 1.6
764,506
+ 0.2
784,663
554,564
165,680.450
+0.1
136,781,773
112,934,839
677,764,500
.......
Mobile
79,489,992
6,839,951
87,730,823
8,844,121
3,874,418
4,645,000
6.486,392
1,456,158
165,900,139
'
-
—10.5
766,245
...........
Fla.—J acksonville
3,823,050
4,614,557
1,449,212
Columbus...
718,885,775
-5.7
592,502,960
524,770,605
3,563,865
Montgomery
4,409.000
6,464,479
Miss.—Hattiesburg
Jackson
—
Meridian
Vlcksburg.............
La.—New Orleans—.........
Total (16 cities).
Seventh Federal Reserve
Dis trlct—Chicag
2,061,930
Mich,—Ann Arbor
Detroit--..—
.....—
418,299,701
4,503,103
11,052,608
2,017,193
Flint
Grand Rapids
Jackson
—. .—.—....
Bay City..
,
5,678,586
2,382,489
2,612,876
Muskegon
—
4.401.832
12,104,546
75,944,921
5,758,371
19,519,220
5,505,402
Ind.—Fort Wayne
Gary
Indianapolis
South Bend
Terre Haute
Wis.—Madison
88,050,362
1,420,670
2,898,753
Milwaukee
Oshkosh
Sheboygan
2,308,357
521,589,443
4,683,219
15,099,337
2,267,602
\6,951,283
3,026.064
2,864,943
4,633,681
12,996,549
81,232,148
6,133,933
22,648,497
4,612,688
93,172,732
—21.9
—7.5
—8.7
—22.8
—8.0
—5.1
—0.3
—0.5
2,073,000
6,184,522
3,905,303
Distric t—Atlanta—
Nashville..
Term.—Knoxvllle
...
+ 31.6
—17.4
704,628
—21.8
x
39,052,000
87,660,139
9,535,500
51,496,181
t— Richmond
W. Va.—Huntington
Va.—Norfolk
Lansing
247,609
2,303,086
Du Bois......^
Fourth
17,983,577
3,019,540
14,581,230
16,991,843
1,912,881
82,441,134
193,998,315
3,493,577
—32.8
Chester.......—
.
—7.3
—17.7
4,208,049
....
Bethlehem.........
.
34,747,081
187,525,547
—.....
Pa.—Altoona....
.
16,786,835,825
—7.1
13,898,425,336 18,114.620.855
Total (15 cities).
Potts ville.
—23.5
4,311,045
...
Wilkes-Barre
138,626,440
2,833,664
2,705,531
126.032,870
Northern N. J
Reading.
—12.6
—17.3
3,372,020
13,412,162,247 17 ,523.317,216
35,42y,518
38,157,503
18,158,838
19,596,798
3,203,272
3,890,360
15.933,098
14,856,592
17,350,428
18,070,250
2,034,944
1,808,516
92,524,150
78,640,691
2,946,123
Jamestown
1935
1936
54,138,482
5,034,309
68,994,715
5,191,536
3,415,096
4,006,000
5,906,650
—36.9
2,470,821
11,824,868
~6~70~,666
631,686
20,947,000
20,501,000
+ 2.2
13,823,000
13,234,000
16,695",683
18,597",673 —lb".2
13,518,856
13",714:295
1,428,268
—0.9
1,126,985
1,000,384
168,208
172,024
—2.2
106,778
147,694
35,680.051
35,396.192
+0.8
26,140,110
23,387,876
136,613,937
149,176,064
—8.4
115,225,751
104,624,285
414,884
124,061,316
—30.3
—19.0
762,603
102,467,572
86,681,399
1,415,959
1,211.770
"943,840 —35:5
825,763
,522,775
289,091
375 ,223,774
100,444,922
,197.812
8, ,011,399
2,170",845
3,168:721 —3l".5
2,494,696
1,986",069
960,395
1,540:958 —37.7
1,308:620
1,171:927
—10.7
2,807,234
—19.8
—26.8
450,785.533
3,923,202
12,795,057
—11.0
1,924,247
1 ,605,950
,179,039
—21.3
5,552,045
2,606,352
4
2
,055,471
—8.8
2,895,160
—5.0
4,201,133
9,773,387
,044,921
3 ,026,776
—3.8
—18.3
—6.9
2
8
2
754,632
8, ,618,699
—18:6
"~84l",363
716,469
16","434:660 -fal
15",405:660
12",b"52",6oO
920,230
60 ,204,000
3 512,770
1,313,006
4,028,256
1,267,391
4,668,427
+3.6
1,209,971
—13.7
3,937,620
644,662
3,652,935
+ 19.4
72,767,000
4,498,911
19,649,263
4,019,583
13,768,000
16",508:047
20,938,257
—2l".2
16","eei+Ii
14,716:212
798,450
1,041,916
8,026,452
2,714,608
-23.4
778,311
-13.5
6.971,726
+ 8.9
2,819,582
782,818
6.464,201
2,493,689
—27.3
285,521
240,586,207
504,973
—20.7
278,099
268,645,884
728,907
2,995,094
746,894
891,011
—20.4
429,944,671
377,659,105
—6.5
—6.1
—13.8
17, ,679,336
2 ,717
849
—5.5
78,780,954
64 ,539,758
1,986,550
—28.5
2,978,048
—2.7
1,761,798
2,495,227
,513,900
2 ,030,227
344,758
963,063
,374,251
1
495,730
545,678
—9.2
1,183.920
4,795,968
33,852,323
1,437,392
4,948,586
35,531,004
—17.6
1,246,836
—3.1
4,094,401
—4.7
31,467,870
14,276,757
822,011
1,569,244
12,958,224
+ 10.2
13,140,918
806,341
+ 1.9
596,811
2,018,881
—22.3
1,139,622
1,327,285
1,735,126
—23.5
Chicago
1.262,061,952
1,483,793,629
—14.9
Decatur
4,145.388
3,977,158
+4.2
15,660.077
4,582,571
19,913,592
5,742,942
—21.4
5,212,103
488,449
5,299.638
—1.7
554,864
—12.0
524,588
377,137
2,014,686.341
2,368,448,129
—14.9
1,980,430,746
1,743,041,324
Watertown
Manitowoc
Iowa—Cedar Rapids
Des Moines
Sioux City
Ames
111.—Aurora
Blooming ton
Peoria
Rock ford
Springfield
Sterling
Total (31 cities)
...
—20.2
469,575
626,984
462,899
589,954
965,916
6,944,878
2,955,504
1,762,177
1 ,290.475
1,219,062,199
3,148,421
14,969,238
3,481,825
4,090,179
1,113 ,968,668
,243,312
224,429
255,829,942
693,471
2,816,822
2 ,817.803
934,578
,773.312
911,811
308,594
324,881,001
804,764
4,526,214
1,246,559
1,149,226
412,347,079
518,113,518
2 ,558,336
11
3
—21.3
—13.8
—37.8
—25.0
2,640.069
636,377
823,814
856
Financial
Chronicle
Feb.
5, 1938
CLEARINGS (Concluded)
Month of
Week, Ended Jan. 29
January
Clearings at—
Inc. or
1938
1937
$
Cape Girardeau
independence
Ky.—Louisville
Term.—Memphis......
391.739,108
—8.8
3,500,626
—2.2
482,086
604,803
—4.5
140,411,084
al21,053,746
+20.9
84,426.713
266,721
2,419,000
88,090,182
261,337
—4.2
+ 1.7
403,093
135,386,222
73,356.306
286,368
2,344,000
+3.2
1,797,000
594,602,391
007.493,802
—2.1
566,568,071
—0.2
12,028.810
—5.5
270,389,661
1.307,003
+ 3.2
—3.8
107,378,906
—5.1
1,502,366
254,386 + 101.0
8,302,440
+3.3
700,000
+ 12.2
Total (7 cities)
Ninth Federal Reserve Distri
Minn.—JDuluth
ct
....
1,348,267
103,310,914
...
St. Paul
Winona
1,483,106
Fergus Falls..
611,436
—
N. D.—Fargo
Grand Forks..
8,579,466
792,000
714,000
2,533,806
7,127,806
....
Minot
S. D.—Aberdeen
S
1935
1
S
84,000.000
16,142,280
—9.8
$
+
1*4*6
63.300.000
c27,457*309
b
69,700.000
c25,*9*16*844
14,476,669
13,679,880
X
X
j
420,000
544,000
—22.8
349,000
339,070
495.124,029
94,621,562
100,686,280
—6.0
84,525,669
77,318,950
2,827,284
53,820,214
2,739,461
+3.2
1,847,692
1,692,006
61,337,061
—12.2
46,608,934
44,597,935
20,351,475
20,746*639
—1*9
21.36*9*, 176
19*.*448*016
8,483,915
683,000
580,566
1,756,896
1,7*0*5*263
3*6
1,862,509
1,524*751
2,240,492
7,010,701
452,206
2,204,324
2,845,763
10,357,224
475,017
"581*, 312 —1*8*3
*446*321
406.915
X
Minneap oils—
12,000,642
255,482,670
—.—
Minneapolis
—
1936
%
c32,098,125
18,401,562
9,594,764
230,769,718
1,106,272
99,183,059
1,382,566
Quincy
Dec.
3
75,800,006
352,347,770
2,991,312
...
111.—Jacksonville—...
1937
$
..........
...
Rochester..
1938
1935
Loui
367.172.429
3,424,759
...
1936
%
Eighth Federal Reserve Distr ict—St.
Mo.—St. Louis
Inc. or
Dec.
745.178
em m
mi m em em —
211,553
—4.2
Mont.—Billings.
2,525,880
2.479,696
7,291,858
684,859
2.394,024
Great Falls...
2,702,708
2,728,496
—0.9
Helena
9.866,106
9,910.769
—0.5
164,003
216,113
—24.1
242,151
Total (10 cities)....
409,002,367
428,286.564
Tenth Federal Reserve Distri ct—Kansas C ity
Neb.—Fremont
422,926
386,804
—4.4
377.348,273
+ 9.3
—13.4
420,073
490,170
11,168,482
—1.9
132,692,374
113,934,631
—2.6
6,800,744
517,423
+
5,848,487
Sioux Falls
Huron..
459,500
—....
Lewis town
......
Hastings
*425,000
...
Lincoln.........
Omaha
Kan.—Kansas City.....
Manhattan......
17,976,001
519,686
668,082
917,471
Parsons
Topeka.......
473,669
12,229,046
125,432,437
10,589,515
123,016,392
17,514,069
....
St. Joseph............
.....
Carthage
Okla.—Tulsa
39,091,796
2,657,896
121,294,022
2,397,366
1,302,373
Pueblo
Casper
..........
Total (18 cities)
741.250,936
Eleventh Federal Reserve Dis trlct — Dallas
Texas-—Austin.........
Dallas.....—
Fort Worth
Galveston
Houston
.....
Port Arthur
Wichita Falls
Spokane
Yakima-
.........
Idaho—Boise.
Portland
Ariz.—Phoenix
Calif.—Bakersfleld
.
Pasadena
Riverside
Jose..............
Santa Barbara
Stockton
Total (20 cities)
24,253,275
2*,4*5*9*256
l",*839*613
3,233,026
2,500,367
80,03+430
89,977,612
2,938,901
—1*1*1
84,571*112
76*.*146*3 73
—8.4
2,603,449
2,592,015
—9.5
954,090
569,817
+ 1.4
26,202,000
2,153,878
94,960,534
—9.3
2,692,909
—2.3
—6.5
112,006.009
—12.4
2,420,354
+ 9.4
2,749,655
1,133,447
793,377,962
—6.6
748,572,967
626,412,740
5,499,109
3.638,172
150,552,989
13,390,142
21,543,428
7,077,916
9,187.000
2,218,000
"522" 114
—1.3
16,113,643
27,023.088
12,351,000
—8.5
169,819,877
1,949,570
3.834,585
1.437.943
+ 0.4
+8.0
+ 5.2
"""97", 162
*186*894
—*1*9*7
"5*44*422
"458*133
129*.*735* 106
—9.8
122,985*817
111,284.748
1,166,292
1.226,127
—4.9
1,006,356
992,052
49,097,666
45,4*6*6", 808
+8.0
36,603,587
34,85*8*,360
6,094,875
+ 16.1
5,391,430
4,139,295
2,823,000
—21.4
1,840,000
1,710,000
110,734,339
1,366,130
2,913,624
~
3,503,589
1,061,164
*935,687
*750*866
+24*6
677*511
—3.4
+ 6.9
12,692,123
852,923
9,375,283
3,075,686
2,"9*8*9",612
+2*9
2,7*53,721
1,922*127
+ 7.1
48,272,605
43,621,834
+28.8
15,883,532
2,198,781
141,996,795
11,224,000
144,737,895
1,549,357
—14*2
*572*616
117,035*773
4,375,383
4,059,253
"*608*556
459*542
"
838,328
X
+ 3.6
408,490,006
335,053.139
63,571,247
59,351,288
—11.3
2,211,692
1,673,112
103,004,324
36,295,000
29,90*5*183
30,11+316
6,502,000
—6*7
26*.915*523
23*.*734*862
—7.2
—24.9
0,679,000
587,130
7,989,000
948,220
—1.6
131,801.247
37.291,000
—16.4
4,065,009
—17.3
34,599,000
3,167,658
4,508,973
918,000
+ 10.1
4,988,410
+0.9
716,000
117,543,181
102,978,221
2,907,707
58,673,710
6,031,000
711,926
2,039,145
4,180,862
513,466
91,020,706
462,648
24,334*483
24,260*695
+0*3
18,431*087
19*.*3*5*8*396
12,X02~§6i
14*.08*6",211
—14.1
11,6*1*9*684
12*121*, 378
3",*6*3*5",059
3*,751*759
—3*1
3*.*72*3*714
2,6*98*722
3*.2*71*,687
3,791*439 —13*7
3*227701
2,540,907
110,260,840
1,523,780
967,016
—17.2
122,227,025
2,188,751
1,283,054
1,514,117
—8.2
198,396.786
182,786,639
3,545,118
+ 1.0
—14.2
06,098,765
—4.5
16,456,206
6,960,434
21,164,950
18,363,401
3.459,000
—14.0
+ 1.8
2,998,000
2,333,000
20,032,104
—15.1
15,640,537
4,238,039
—11.2
4,157,352
645,975,646
11,283,616
—7.9
591,541,433
127,419,000
2,268,059
1,365,538
1,871,695
142,355,000
2,396,559
1,354,539
—10.5
2,259,301
212,915,941
231.823,039
13,975,926
+ 21.8
5,293,722
+ 2.9
19,999,946
17,632,937
—5.0
2,539,366
53,983,666
10,604,582
4,514,354
15,335.513
13.091,313
+4.4
11,063,605
0,298,791
+ 9.2
5,934,065
8,980,504
+ 14.8
7,197,165
11,785,079
3,153,550
505,979,211
7,802,842
4,886,562
5,872,466
1,077,042,778
Francisco...—..........,
San
27,100,290
+ 1.3
6,875,821
10,312,551
.................
San
—4.1
—20*3
182,150,511
17,440,798
3,522,000
16,997,460
3,765,365
594,988,303
11,783,458
87,162
66,530
3,154,386
2,735,236
1,190,359
21,772,694
Modesto
2,202,431
383,133
—13.2
2,720,748
129,731,310
8,487,152
Berkeley
Long Beach
—27.0
2*.4*71*366
+ 0.9
118,686,508
3,041,542
03,124,315
14,149,722
+22.3
2,776,317
27,408,255
30,445,749
2,625,382
926,000
Utah—Ogden
Salt Lake City
94,468
2,027,876
26,296,367
2,807,223
—3.0
Ore.—Eugene
70.180.933
81,323
93,346
1,968" 6 54
+23.8
*1,950,000
139,722.516
31,168.250
3,361,919
4,966,405
Seattle
74,225,402
—5.7
2,842,988
+ 15.2
Total (11 cities)
495,607.186
478,449,166
Twelfth Federal Reserve Dist rict—San Fra ncisco—
Wash.—Bellingham
—8.8
79,852
685,933
5,383,594
1,389,739
10,978,857
89,424,090
10,100,385
4,802,598
4,938,682
Texarkana
La.—Shreveport
2,174,200
12,082,230
1.809,735
330,391,804
14,030,881
213,998,229
20,531,675
28,450,563
2,050,420
43+110
1,668", 063
731,107
+ 7.5
11,299.000
180,643,301
........
*42*4*647
1*6
—8.0
6,662,223
4,657,175
Beaumont..
El Paso
3*9
—4.4
215,980,751
20,274,345
30,732,693
....
+
+
75,316
115,517
10,446,813
14,206,873
2,154,078
398,522,645
14,507,853
2,185,366
416.778,310
526,493
Colo.—Colorado Springs
Denver
+28.9
"46*2", 954
1,852*666
81,587,469
334,489,218
38,550,045
2,618,045
378,035.734
14,217,409
Kansas City
—10.3
480,924
1,869,659
15,705,617
606,494
14,601,093
Mo.—Joplln
+ 5.5
997,468
11,671,984
13,480,192
11,162,254
...... ........
Wichita
+2.2
—2.2
—21.4
1,141,384,313
—5.6
1,037,478,333
880,608,119
—5.4
+ 0.8
1,129,090
Grand total (194 cities)
24,299,213,026 29,925,437,829
-18.8 27,663,352,857 25,623,449,668
4,990.545,588 6,989,304,340
—28.6 5,941,696,766 5,650,178.695
Outside New York
10,887,050,779 12,402,120,613
—12.2 10,876,517,032
2,136,963.202 2,549,941,775
—16.2 2,135,635,988 1,916,553,273
CANADIAN CLEARINGS
FOR
JANUARY,
9,416,924,399
AND FOR WEEK ENDING JAN.
27 FOR FOUR YEARS
Month of January
Week Ended Jan. 27
Clearings at—
Inc. or
Inc.
or
1938
1935
1938
1937
Dec.
1936
S
%
$
§
8
$
%
$
416,323,301
Vancouver
114,899,805
73,081,298
72,895,523
19,412.902
....
Ottawa
Quebec
Halifax
629,070,703
493,252,654
—21.4
531,859,389
—15.6
423,019,112
150,001,549
—23.4
253,279,665
85,166.820
—13.5
72,423,484
77,176,645
—5.5
95,797,476
19,850,203
10,695,515
—2.2
15,844,788
15,034,492
+ 0.2
9,534,547
20,958,240
—2.1
19,475,693
24,219,829
—8.3
8,161,801
7,190,290
—5.3
23,173,232
6,380,968
8,968,572
14,430,958
20,164,427
—1.2
10,715,504
20,509,377
22,205,902
7,725,731
...
Hamilton
Calgary
St. John
Victoria
7,102.478
11,070,336
17,077,205
11,578.621
London
Edmonton
Regina
Brandon..
Saskatoon
Moose Jaw
Fort William
Medicine Hat
Peterborough
2,561,270
2,773,329
4,615,850
13,862,270
1,234,047
2,892,593
2,173,597
2,236,710
1,874,870
3,831,743
Sherbrooke
KitchenerWindsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
cities)
Estimated,
1,358,095,433
x
No
figures
available,
a
—9.5
13,257,287
+4.3
15,738,375
12.525,926
—7.6
11,734,845
1,112,098
1,820.873
—4.1
500,253,837
396,802,602
173,952,583
60,167,137
19,899,853
6,682,414
5,921,522
11,121,959
17,964,500
11,284,454
1935
$
101,469,900
128,725.077
—21.2
106,240,312
92,158,168
86,661,147
106,513,825
—18.6
77,097,997
80,672,336
21,853,625
15,697,292
13,000,356
4,079,370
2,367,650
4,703,257
4,761,337
1,652,284
1,500,124
2,123,390
3,409,885
2,197,407
29,562,890
17,224,791
—26.1
13,205,501
—1.6
27,492,251
13,833,346
9,701,808
2,919,391
1,485,106
3,263,655
4,477,395
1,169,223
25,770,675
11,528,362
3,434,564
2,881,330
1,661,343
2,623,718
3,664,111
1,238,576
1,123,558
—8.9
4,270,438
—4.5
2,042,825
+ 15.9
4,662,358
5,734,320
—17.0
+ 0.9
1,664,922
—0.8
1,572,480
2,349,078
—4.6
1,186,662
—9.6
+ 2.1
—12.7
221,667
3,338,889
2,518,056
220,770
2,111,387
2,469,806
2,610,843
165,254
393,061
282,285
+ 39.2
959,903
1,133,660
—15.3
472,044
—16.4
1,704,648
3,097,473
1,951,260
1,221,291
1,445,584
+ 30.0
5,692,904
—16.8
2,373,438
—10.2
5,274,887
2,069,775
4,127,235
3,448,242
—4.8
3,467,840
786,907
+ 8.9
2,230,058
3,391,718
2,346,766
857,328
—7.2
600,670
661,705
—9.2
2,394,000
2,131,498
3,928,859
3,199,050
2,544,025
824,518
Brantford
New Westminster
6,633,708
12,235,582
16.379,201
1,171,572
1,878,643
4,737,399
Leth bridge
*
1936
494,425,607
Winnipeg
Total (32
Dec.
$
Canada—
Toronto
Montreal
1937
+ 6.3
2,287,019
1,863,172
569,823
504,681
+ 12.9
141,631
188,351
—24.8
502,621
517,473
506,474
—2.9
420,596
+ 19.0
342,524
382,749
676,917
2,016,507
731,300
1,907,823
216,623
890,457
—7.4
2,859,976
—10.4
2,618,486
2,378,293
+ 16.6
2,243,255
4.512,555
958,195
+2.3
4,313,447
13.159,723
+ 5.3
11,439,886
1,274,148
2,792,430
2,156,216
1,239,810
1,616,515
4,935,288
1,854,094
394,678
766,593
2,524,306
+ 0.4
894,366
303,244
549,938
328,567
580,688
36,1358
356,057
478,549
365,398
143,940
2,053,764
4,061,186
8,786,458
1.180,341
2,677,431
928,486
881,677
+ 5.3
2,831,054
3,150,055
247,349
—10.1
654,487
638,896
+2.4
566,263
2,025,277
445,019
417,361
+ 6.6
602,762
202,704
316,801
363,604
854,081
159,829
400,986
1,368,756
—9.8
3,151,233
2,262,059
—8.2
2,425,103
—7.8
1,962,051
1,909,083
468,133
485,000
—3.5
335,402
391,367
2.074,942
—9.6
1,865,169
1,709,442
2,714,640
399,376
445,110
—10.3
272,501
976,799
958,070
+2.0
637,334
279,870
589,040
1,310,305,194
277,673,726
335,883,318
—17.3
265,128,869
242,645,465
—3.9
3,940,819
—2.8
3,116,645
1,626,611,568
—16.5
1,551,155,047
Smaller
due
to
flood
conditions,
b No
figures
due
249,204
+ 0.7
195,609
"
toflood
conditions,
c
Not included
*n
totals.
610,681
346,490
460,070
Volume
Financial
146
857
Chronicle
GOLD
ENGLISH
THE
We
MARKETS
SILVER
AND
of
of
the following from the weekly circular
& Co. of London, written under date
reprint
Samuel Montagu
Jan. 19, 1938:
gold
of England gold reserve against notes amounted to £326,Jan. 12th showing no change as compared with the previous
The Bank
406.825
on
Wednesday.
gold disposed of at the daily fixing
market the amount of
In the open
during the past week was about £3,350,000; this was larger than for some
weeks past, demand from the Continent being stimulated by the political
crisis in France.
Prices, however, showed very little change and included
premiums over dollar parity varying
from 3%d. to 7d.
Quotations during the week:
Equivalent Value
of £ Sterling
Per Fine
Ounce
Jan.
Jan.
EXCHANGE RATES
FOREIGN
14
15
Jan.
Jan.
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
Pursuant to the
give below
a
139s.
139s.
139s.
139s.
139s.
139s.
13
17
18
19
Jan.
Jan.
JAN.
29,
FEDERAL RESERVE
South
£1,777,044
Africa
Belgium...
505,849
Jan. 31
Jan. 29
Feb. 4
Feb. 3
Feb. 2
Feb. 1
|
S
$
$
$
.189033*
.189033*
.188983*
.189033*
Belgium, belga
.169067
.169350
.169305
.169319
.012575*
.012600*
.012675*
.012575*
.012550*
.012550*
.035115
.035133
.035153
.035125
.035131
.035133
.223747
Irish Free State
5,600
Palestine
4,150
3,375
2,784
Other countries
6,202
.169440
Bulgaria, lev
Czechoslo'kia, koruna
200,414
Yugoslavia
.189083*
.169244
255,310
-
6,472
7,915
Other countries
.188920*
Switzerland
82,456
Germany
Netherlands
Europe—
859,454
341,400
China
;
France
Unit
£261,500
—
Venezuela
Canada
Value in United States Money
exports of gold
the 17th instant:
France
Netherlands
New Zealand
Rate for Cable Transfers in New York
Noon Buying
12s. 2.03d.
Belgium
437,192
108,462
28,307
82,237
98,876
691,650
,
United States of America
Country and, Monetary
12s. 2.03d.
12s. 2.02d.
Exports
British India.
Australia
1938, INCLUSIVE
TO FEB. 4.
12s. 1.94d.
the United Kingdom imports and
registered from mid-day on the 10th instant to mid-day on
Imports
UNDER TARIFF ACT OF 1930
12s. 2.03d.
The following were
British
BY
CERTIFIED
RATES
BANKS TO TREASURY
12s. 2.03d.
139s. 7.58d.
Average
record for the week just passed:
EXCHANGE
FOREIGN
12s. 2.07d.
7d.
7^d.
7%d.
8%d.
7%d.
7%d.
Austria, schilling
£1,933,987
£3,832,662
The SS. Strathaird which saled from Bombay on
to
value
the
of about
£188,000.
.223786
.223758
.223533
sterl'gi5».006708
.013291
.012166
.008041
>.008541
i,012708
Finland, markka
.022100
.022154
.022125
.022131
.022106
.022150
France, franc
.032725
.032775
.032858
.032780
.032750
.032828
.402908
.403275
.403520
.403369
.403616
.403779
Union of South Africa
Greece, drachma
.009178*
.009183*
.009183*
.009185*
.009183*
.009180*
Brisith West Africa
.198200*
.198325*
.198275*
.198300*
.198275*
.198275*
Southern Rhodesia
Hungary, pengo
Italy, lira
.052609
.052G07
.052609
.052607
.052607
.052609
Netherlands, guilder.
.558201
.559089
.559067
.558442
.558507
.558896
Norway, krone
.251566
.251870
.251827
.251606
.251678
.251834
Tanganyika Territory
Kenya
Uganda Protectorate
.189700
.189766
.189766
.189700
.189700
.189700
British'India
Poland, zloty
Portugal, escudo
Rumania, leu
.045275
.045333
.045333
.045275
.045283
.045287
British' Malaya
.007350*
.007364*
.007364*
.007364*
.007364*
.007364*
Hongkong
.061250*
.061250*
.061071*
.061071*
.060916*
.061071*
China
Spain, peseta
.258370
258145
.258198
.258350
British West India Islands and British
.223491
Denmark, krone
England, pound
relchsmark
Germany,
Sweden, krona
.258089
.231521
.231832
.231835
.231732
.231891
.232110
.023350*
.023375*
.023425*
.023381*
.023375*
.023400*
.295687
.295791
.295791
.295583
.295583
Venezuela
dol'r
Hankow(yuan) dol'r
.295687
.295687
.295687
.295791
.295791
.295583
.295583
Peru
Shanghai (yuan) dol
Tlentsln(yuan) dol'r
.295687
.295687
.295791
.295791
.295583
.295583
Uruguay
.295687
.295687
.295791
.295791
.295583
.295583
Morocco
Hongkong, dollar..
British India, rupee
.312781
.312734
.313125
.312500
.312812
.312812
.377925
.378518
.378464
.378153
.378221
.378437
Germany
Netherlands
Japan, yen
.290267
.290430
.290367
.290267
.290422
.290452
Belgium
Straits Settlem'ts, dol.
.586500
.587500
.587500
.586250
.586750
.587000
Guiana
New Zealand
Yugoslavia, dinar
.
Australia
Switzerland, franc
Canada
Asia—
United States of America.
China—
Chefoo (yuan)
3.991510*3.994218*
3 .988802*3 .995416 * 3.994791 * 3.990625*
Australia, pound
4.018750*4.023750*
New Zealand, pound. 4 .018258*4 .024687*4.024196*4.019866*
Africa—
4.960625* 4.961171*4.965468*
South Africa, pound.. 4 .958593* 4.965625* 4.966015*
North
1.000156
.999166
.999166
.999166
.277500
.277500
.277500
.997656
.997656
.997656
.997656
.997656
.333800*
.334230*
.334255*
.333866*
.333945*}
.058120*
.058120*: .058020*
.051680*
.051680*
.051680*
.051680*
.040000*
.040000*
.040000*
.040000*
.051680*
.040000*'
.557900*
.557100*
.557100*
.557100*
.557900*! .557900*
.658760*
.659684*
.659755*
.658840*
.658972*:
.000156
.999166
.999166
.277500
Newfoundland,
.277500
dollar
America—
Argentina, peso...
Brazil, mllreis
Chile, peso—official..
••
export__
Colombia, peso
Uruguay, peso
*
Other countries
'
.334158*
.051680*
.40000**
.659495*
SILVER
Temporarily omitted.
a
BERLIN
THE
STOCK EXCHANGE
Closing prices of representative stocks as
"fVi
y-loTr
/-*
r\oof
received by cable
WDGI/**
Jan.
29
Feb,
Feb.
Feb.
Feb.
1
Jan.
2
3
4
31
-Per Cent of
.118
AUgemelne Elektrizitaets-Gesellschaft
Berliner Handels-Gesellschaft (6%)
118
117
117
.136
136
136
136
136
17,628
2,347
Germany
Other countries
Egypt
169
170
169
169
169
122
122
122
122
122
.122
122
123
122
122
127
127
127
127
127
Gas
Deutsche Bank
.142
143
144
144
141
130
130
130
130
*
Of which
t Coin not
Quotations
£904,815 in coin not of legal
of legal tender in the United
130
.114
114
114
114
114
161
163
162
161
161
.146
147
149
148
147
146
Hamburger Elektrizitaetswerke
.151
152
154
153
153
153
81
81
81
115
116
115
115
115
Bar Silver per
114
.161
Gesfuerel (6%)
Dresdner Bank (4%)
(7%)
Farbenlndustrle I. G.
Hapag
(8%)
.
—
Manneemann Roehren
82
.114
(4%%)
•
Nordeutscher Lloyd
__
Rhelnlsche Braunkohlen (8%)
Balzdeturth (6%)
.170
as
210
230
230
170
170
170
170
215
214
212
210
FINANCIAL MARKET—PER CABLE
&c., at London,
follows the past week:
reported by cable, have been as
Mon.,
Jan. 31
20 3-16d.
20 3-16d.
Gold, p. fine oz. 139s. 7d.
139s. 6d.
Consols, 2]4%- Holiday
£76%
Silver, per oz__
Wed.,
Tues.,
Feb. 1
Feb. 2
20 3-16d.
20 3-16d.
139s. 7d..
£76 15-16
139s. 9d.
__
Hobday
The
Holiday
States
Bar N. Y.
Feb. 3
20%d.
139s.
lOd.
139s. 9d.
£77%
£78M
£102%
£102%
£103%
£103%
£113%
£113%
£114
£114%
£114%
price of silver per ounce (in
the same days has been:
cents) in the United
44^
44^
S. Treasury
(newly mined)
64.64
15
17
18
19
Jan.
Jan.
Jan.
64.64
64.64
44%
64 64
44%
44%
64 64
44%
64.64
18,387
1,940
1,055,304
2,839,374
2,592,992
1,214,977
323,361
15,000
51,549
29,045
13", 054
£11,281,570
£8,278,918
19%d.
19%d.
19 7-16d.
19%d.
\9%d.
20 %d.
19.656d.
1,770
3,056
IN NEW YORK
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
45
45
45
.45
45
45
15..
17.
18
19.969d.
The highest rate of exchange on New York recorded during
from the 13th to the 19thiJanuary,11938 was $5.00J^ and
Average
^
The
page
cents
cents
cents
cents
cents
cents
the period
the lowest
London Stock [Exchange, National Banks and
Sales, usually; appearing here, will be found on
Auction
890.
DIVIDENDS
Dividends are
grouped in two separate tables.
In the
bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
first
pany
on
(for.) Closed
14
Jan.
—19^d.
19 13-16d.
\9%d.
19 I5-16d.
20 l-16d.
20 %d.
13
Feb. 4
20>*d.
£102%
British 4%
1960-90
2 Mos.
Cash
Jan.
Jan.
Fri.,
£77%
British 3% %
War Loan.
Thurs.,
18,000
19,962
12,482
192,452
75,844
140,521
(Per Ounce .999 Fine)
Oz. Sid.
$4.98^.
daily closing quotations for securities,
Sat.,
Jan. 29
U.
211
210
212
Siemens & Halske (8%)
ENGLISH
«
231
211
210
r_
.231
The
•
-
.210
Relchsbank (8%)
83
-
-
1342
442,944
54,161
263,416
300,000
Kingdom.
during the week:
IN LONDON
140
Rys pf 7%) .129
-
Deutsche Relchsbahn (German
1,101,049
£963,561
tender in the United Kingdom,
122
.127
(7%)
(6%).
Deutsche Erdoel (6%)
Dessauer
51,375
23,000
20,473
474,152
109,076
Other countries
£124,302
136
(8%)
Commerz-und Privat-Bank A. G. (5%)-- .122
£8,020
above the parity of 45 cents.
117
Berliner Kraft u. Llcht
451,581
455,097
44,614
44,060
10,281
957,776
7,712
The following were the United Kingdom imports and exports of silver,
registered from mid-day on the 10th instant to mid-day on the 17th instant:
Exports
Imports
Australia
£62,040 United States of America.*£939,825
Straits Settlements
t5,528
Argentina
10,079 Aden &
Dependencies
t5,004
Belgium
17,805
6,678
France
14,403 France
Sweden
1,700
Par
118
Exports
Imports
£6,127,457
made an appreciable advance during the week under review,
quotations being 20%d. for cash and 20%d. for two months'
delivery; the cash quotation is the highest since June last and that for
forward the highest since July last.
Demand was mainly from the Indian Bazaars to cover bear commit¬
ments, but the firmness of the market was again largely due to the small
supplies which consisted mainly of sales on Continental account and re-sales
by speculators.
,,
_
_
The outlook is uncertain and some reaction would not be unexpected,
Prices
today's
especially as prices are well
Nominal rates,
>1-*
1.000156
.999166
.277500
.997656
1.000130 1.000136
[.000114
Mexico, peso
"
France
Yugoslavia
Algeria
Portugal
America—
Canada, dollar...
Cuba, peso
South
*
Switzerland
Australasia—
imports and exports of
The following are the details of United Kingdom
gold for the month of December, 1937:
.258416
Jan. 15th carries gold
,\
.223603
we
in our "General Corporation and
Department" in the week when declared.
dividends announced this week are:
name
News
The
Investment
858
Financial
Per
Name of Company
Acme Wire Co
When
Holders
Payable of Record
Share
50c
Agricultural Insurance (Watertown, N. Y.)
—
Extra
Feb.
75c
-
-
Apr.
Apr.
25c
Alaska Treadwell Gold Mining Co
--— -—
Allentown-Bethlehem Gas Co., 7% pref. (qu.)-Aluminum Goods Mfg. (irregular)..
Aluminium, Ltd., preferred (quar.)
Aluminum Goods Mfg
American^!ndeinnity Co
—-American Paper Goods Co. (quar.).
7% preferred (quarterly)
2.8c
*ia
25c
90c
50c
25c
3
Mar. 19
Mar. 19
Feb.
Jan.
Apr.
Mar. 21
Feb. 15
Mar.
Apr.
Apr.
31
Mar.
25c
Mar.
Feb.
75c
Mar.
Feb.
50c
Mar.
Feb.
21
14
28
5c
Mar.
Feb.
15
15c
Mar.
Feb.
15
3c
Feb.
Feb.
2
63c
Apr.
Apr.
Feb.
Feb.
28
28
Mar.
Feb.
15
Mar.
Feb.
15
Atlas Powder
87 Ac
»
Baltimore Radio Show, Inc. (quar.)
6% preferred (quarterly)
Bandini Petroleum Co. (quar.)
—
Bangor & Aroostook RR. Co., common
Preferred (quarterly)
Barlow & Seelig Mfg., class A (quar.)
Beaunit Mills, Inc., preferred (quar.)
Bigelow-Sanford Carpet (no action).
Preferred (quarterly)
Bristol-Myers Co. (quarterly)
Brooklyn Edison Co. (quarterly)
Brown Shoe Co., common (quarterly)
Buffalo Niagara & Eastern Power, 1st pref. (qu.)
Preferred (quarterly)
Bunker Hill & Sullivan Mining (omitted).
Butler Bros, (quarterly)
Preferred (quarterly)
—
SIM
30c
37 Mc
SIM
Mar.
1 Feb.
14
60c
Mar.
1 Feb.
15
$2
75c
28 Feb.
11
Mar.
1
May
Apr.
2 Apr.
40c
sim
-
Feb.
Feb.
19
15
1 Mar. 15
Mar.
1 Feb.
11
Mar.
1 Feb.
11
50c
Mar.
1 Feb.
Carman & Co.. class A
Carolina
Telephone & Telegraph (quar.)
Caterpillar Tractor Co
5% preferred (quarterly)
Central Arizona Light & Power, $7 pref. (qu.)_.
$6 preferred (quarterly)
Central 111. Public Service, $6 preferred
6% preferred
Central Ohio Light & Power Co., $6 pref. (qu.)_
Central Vermont Public Service, pref. (quar.)_.
Chase (A. W.) Co., non-cumul., partic. pf. (qu.)
Chicago Corp., preferred (quarterly)
Chickasha Cotton Oil (resumed, special)
Chicago Corp., preferred (quar.)
City Ice & Fuel Co. (action postponed)—
Preferred (quarterly)
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)
8pecial (guaranteed) (quarterly)
Colonial Finance Co.(Lima,Ohio) 5A% pf.(qu.)
Columbia Broadcasting, A & B
Columbia Troy Corp. (liquidating)
Compania Swift Internacional (quar.)___
Compressed Industrial Gases (interim)
Consolidated Edison of N. Y. (quar.)
Consolidated Laundries, pref. (quar.)
Continental Assurance Co. (Chicago, 111.) (qu.)_
Corrugated Paper Box, 7% pref. (quar.)
Cosden Petroleum, 5% preferred (omitted).
Cresson Consol. Gold Mining & Milling Co
Crown Cork & Seal Co., Inc. (interim)
Preferred (quarterly)
Crown Zellerbach Corp., $5 preferred (quar.)
Crum & Forster Insurance Shares, A&B
Preferred (quarterly)
Curtis Publishing Co., $7 pref. (quar.)_
Cushman's Sons, 7% preferred
Denver Union Stockyards, 5A% pref. (quar.)_.
Detroit Gasket & Mfg., pref. (quar.)
Distillers Co., Ltd., Amer. dep. rec. ord. reg
Eaton Mfg. Co., common
Empire Capital Corp., class A (quar.)
Emsco Derrick & Equipment (quar.)
Ewa Plantation Co. (quar.)
Fajardo Sugar of Porto Rico
This payment includes a div. of 50c. from
Fajardo Sugar Growers Assoc. a sub. co.
Farallone Packing Co
Faultless Rubber Co. (quar.)
Federal Light & Traction, preferred
(quar.)
Florida Power Corp., 7% pref. A
(quar.)
7% preferred (quarterly)
Fuller Brush Co., class A (quar.)
General American Corp.
(quar.)
—
Apr.
Feb.
Feb.
15
1 Mar. 24
25 Feb. 15
25 Feb.
1 Jan.
Feb.
Feb.
1 Jan.
Mar. 15 Feb.
Mar. 15 Feb.
Mar.
1 Feb.
87&
87 Ac
50c
8
87$
SIM
40c
$1
50c
25c
50c
$i m
50c
SIM
2c
50c
56Mc
SIM
30c
SIM
t8s7I
30c
19
-
1 Aug.
1 Aug.
10
10
Dec.
Dec.
1 Nov. 10
28 Feb.
1 Feb.
Mar.
SI
Feb.
Apr.
Mar.
Mar.
Mar.
Apr.
11
7
14
10
1 Feb.
Feb.
75c
14
15
25 Feb.
15 Feb.
Feb.
Mar.
Feb.
20
1 Feb.
Mar.
87 Kc
12 Mc
18
8 Jan.
15 Feb.
28 Feb.
Mar.
5c
18
28
1 Feb.
1 Feb.
Mar.
50c
18
15
5
15 Jan. 31
1 Mar. 15
Feb. 15*
Feb.
Feb.
Jan.
15
15
27
Feb. 15
Mar. 15
Jan. 26
Feb. 28
Mar.
Feb.
Feb.
15
10
Mar.
Feb.
Feb.
4
Feb.
Feb.
4
Feb.
Apr.
Apr.
Feb.
Jan.
20
Feb.
Jan.
29
Feo.
Feb.
Feb.
25
11
1
—
_
_.
I
Harbison-Walker Refractories Co
Preferred (quarterly)
Hart-Carter Co., $2 conv. pref.
(quar.)
Hazel-Atlas Glass Corp
Sunray Oil Corp., preferred (quar.)
Swift International Co., Ltd., dep. ctfs. (qu.)
Sylvania Industrial Corp
ii»
Mar.
Feb.
Mar. 18
Jan.
10c
Mar.
Feb"." 15"
37Mc
14
30c
10c
Mar.
Mar.
Feb.
AYtwklllllllllll
Feb.
Mar.
Feb.
Feb.
15
8
(monthly)
Light" Co.—
7% preferred (quarterly)
Jewel Tea Co. (quar.)
~
Kendall Co., series A
prefexTed~(~q~uar~.)
Kresge (S. S.) Co.
.III"
Lake Superior District
Power, 7% pref! (qui)II
6% preferred (quarterly)
guaranteed
Special guaranteed
(quarterly)
Special guaranteed (quarterly)
Special quaranteed (quarterly)
Original capital
Original capital
Original capital
Original capital
("quar.j..
37 Mc
15c
Feb.
Feb.
SI
Feb.
$1
Mar.
$1
Feb.
Mar.
Mar.
SIM
30c
SIM
SIM
Mar.
Mar.
Mar.
Jan.
Jan.
Feb.
Jan.
Feb.
Feb.
Feb.
12 Mar.
1 Feb.
1 'I?nk
l'Feb.
19
31
28
26
26
15
17
10*
1
15
50c
Mar.
15
Mar. 10 Feb. 25
Juno 10 May 25
50c
Sept. 10 Aug. 25
50c
Dec. 10 Nov. 25
Mar. 10 Feb. 25
June 10 May 25
50c
$1
$1 10
$1.10
$1.10
23
Jan.
31
21
.
Mar.
50c
1 Feb.
Mar. 15 Feb.
35c
Mar.
SIM
25
27
1
Mar.
40c
25c
SI
SIM
SIM
SIM
SIM
58 l-3c
25
Feb.
15 Jan.
Feb.
Mar.
lMc
S2M
S3M
21
Feb.
15
1 Feb.
11
Feb.
21 Feb.
10
Feb.
15 Feb.
1
1
_
Mar.
1 Feb.
21
Mar.
1 Feb.
21
Mar.
1 Feb.
Mar. 15 Feb.
28
Feb.
15
25 Feb.
9
Mar. 14 Mar.
1
1 Feb. 14
Feb. 23 Feb. 10
Feb.
1 Jan. 21
Feb.
1 Jan. 28
Mar.
Feb.
1 Jan.
Mar.
Mar.
1 Feb.
10
1 Feb.
19
Mar.
1 Feb.
19
Mar.
1 Feb.
Mar.
1 Feb.
12
3
1 Feb.
15
Mar.
28
50c
Mar.
1 Feb.
412-3 c
Mar.
Feb.
1 Feb.
15
1 Jan.
27
25c
70c
SIM
SIM
50c
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Mar.
1 Feb. 15
1 Mar. 19
50c
Apr.
Apr.
10c
Mar.
50c
Mar.
SIM
10c
40c
15
1 Mar. 19
1 Feb.
18
1 Feb.
18
_
Mar, 15 Mar.
1
Mar.
6 Feb. 15
Mar.
1 Feb. 17
SIM
SIM
Mar.
1 Feb.
17
Mar.
1 Feb.
21
2c
Mar.
1 Feb.
25
SIM
Mar.
1 Feb.
28
87 Mc
40c
Mar.
1 Feb.
Mar.
1 Feb.
15
28 Feb.
Mar.
1 Feb.
20
50c
SIM
SIM
58l-3c
50c
Feb.
Mar.
Feb.
Feb.
Mar.
Mar.
Feb.
412-3 c
Mar.
Mar.
Feb.
18
15
15
15
15
15
Feb.
15
30c
62 Mc
Feb.
25 Feb.
Feb.
15 Feb.
10
5
37 Mc
Mar. 21 Mar. 10
Feb. 25 Jan. 31
Mar.
1 Feb. 15
iiii
_
_
Feb.
1 Jan.
27
15c
Feb.
15 Feb.
2
$2
SIM
SIM
SIM
S3
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 10
Mar. 10
Mar. 10
Mar. 10
Mar. 10
40c
Mar. 15 Mar.
75c
75c
75c
Mar. 10 Mar
Mar.
Feb.
Mar.
Feb.
Feb.
Feb.
Feb.
Mar.
1
11
15
15
14
10
Feb.
19
20
—
Mar.
Feb.
Feb.
Feb.
Jan.
26
Feb.
Jan.
31
Mar.
15*
Feb.
15
15c
Apr.
Feb.
18
SIM
12 Mc
June
June
Feb.
28; Feb.
16
Mar. 15 Feb.
Mar. 15 Feb.
15
Mar. 15 Feb.
15
SIM
25c
25c
10c
Apr.
Mar.
1"
50c
Mar.
1 Feb.
25c
Mar. 15 Mar.
68Mc
1
15
8
15
1
Texas-New Mexico Utilities Co.—
"IIIIIIIIIIII
(quar.") SSSII" 11111
Honolulu Plantation Co.
(mo.)___""
Independent Realty & Investment Co. IIIIII11
Inter-Ocean Reinsurance Co.
(s -a )
Feb.
1
lc
Standard Oil Co. of Calif
Extra
Apr.
1
Feb.
15c
Apr.
50c
Hecla Coal & Coke (quar.).
Hecla Mining Co
Hobart Mfg. Co., class A
Mar.
12Mc
Mar. 20
Feb. 10
6
15
1 Feb
Mar.
Apr.
Apr.
Feb. 15
Mar. 20
1
Mar.
37 Mc
Mar.
25c
SIM
1
Apr.
Feb.
Feb.
SIM
S2M
SIM
Nov. 30 Nov. 29
1 Feb. 15
Mar.
Mar.
SI
74 Mc
30c
Feb. 15
Mar. 15
Feb. 21
Feb. 21
Mar.
81 Mc
75c
_.
May 31 May 30
Aug. 31 Aug. 30
Sheaffer Pen Co
8hell Transport & Trading Ltd., Amer. shs
Southeastern Greyhound, pref. (quar.)
Southern Calif. Edison Co., Ltd.—
Mar.
Mar.
SIM
SIM
SIM
1
Feb. 15 Feb.
1
Mar. 15 Feb. 25
Mar. 10 Feb. 20
Mar.
1 Feb. 20
Feb. 28 Feb. 27
15c
Republic Insurance Co. of Texas (quar.)
Risdon Mfg. Co
Roos Bros., Inc. (Dela.) (quar.)
Royalty Income Shares, series A
Rustless Iron & Steel, preferred (quar.)
St. Louis Car, 7% pref. (quar.)
San Carlos Milling Co., Ltd
Savannah Electric & Power, 8% deb. A (quar.)_
% debenture B (quarterly)
debenture C (quarterly)
6 A% debenture D (quarterly).
re
6% preferred (semi-ann.)
Scott Paper Co., common
Sears, Roebuck & Co. (quar.)
Second Investors Corp. (R. I.) S3 pref. (qu.)
Secord (Laura) Candy Stores, (quar.)
Mar.
Apr.
43 Mc
43 Mc
2c
Purity Bakeries
SIM
1
25c
SIM
43 Mc
43 Mc
S3M
_
6% preferred series B (quarterly)
Southern Pipe Line Co
Southington Hardware Co
Sovereign Investors,Sine
Spear & Co., 1st & 2nd pref. (quar.)
Standard Brands, Inc. (quar.)
Preferred (quarterly)
Storkline Furniture (quar.)
Standard Oil Co. of Indiana (quar.)
Mar.
50c
$2
Sept.
Sept.
28
14
15
SIM
6% preferred (quarterly)
Nova Scotia Light & Power pref. (quar.)
Ohio Power Co., 6% pref. (quar.)
Ohio Public Service Co., 7% pref. (mo.)
6% preferred (monthly)
5% preferred (monthly)
Ohio States Life Insurance (quar.)
Ohio Water Service Co., cumul. class A
Oklahoma Natural Gas, prior pref. (quar.)
Okonite Co., 6% preferred (quar.)
Ontario Mfg. Co
Ontario Mfg. Co. (irregular)
Oshkosh B'Gosh. Inc. (quar.)
$2 conv. preferred (quarterly)
Otis Steel, pref. (quar.)
Pacuhau Sugar Plantation Co. (mo.)
Parkersburg Rig & Reel (quar.)
Preferred (quarterly)
Penn State Water Corp., $7 pref. (quar.)
Petroleum Oil & Gas Co. (semi-ann.)
Peoples Telep. Corp., 6% pref. (quar.)
Phoenix Hosiery, 7% 1st pref. (quar.)
Pillsbury Flour Mills (quar.)
Portland & Ogdensburg Ry., gtd. com. (qu.)
Potomac Electric Power Co., 6% pref. (quar.)_.
5 A % preferred (quarterly)
Public Service Co. of Colorado, 7% pref. (mo.)..
6% preferred (monthly)
5% preferred (monthly)
31
21
15 Feb.
SI
10
10
15 Jan.
Dec.
Feb.
15c
1 May
1 May
7 Feb.
Mar, 15 Feb.
Mar.
1 Feb.
Feb. 28 Feb.
1
22
50c
(quar.)
June
June
Mar.
Oct.
Jan.
1 Jan.
National Pressure Cooker (quar.)
1 Feb.
15
Mar. 31 Mar. 15
Mar.
1 Feb. 15
1 June 21
1 Sept. 21
28 Feb.
Neisner Bros., Inc.
New Jersey Insurance Co. (s.-a.)
New York & Queens Electric Lt. & Power
Preferred (quarterly)
Mar.
Feb.
15c
15c
,
—
$7 preferred (semi-ann.)
Preferred (quarterly)
Northeastern Water & Electric, $4 pref. (quar.)
Northwestern Public Service, 7% pref. (quar.)
15
28
11
July
lc
15
10
10
1 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
2 Apr.
May
5
1 Mar. 21
Feb.
25c
1 Feb.
Mar.
5
Apr.
SIM
Mt. Diablo Oil Mining & Development Co
Mullins Mfg. Corp., pref. (quar.)
1 Feb.
10c
25c
60c
SIM
(quarterly).
7% preferred (quarterly)
-
—
Mar.
Feb.
SIM
SIM
SIM
Class B
-
Mar.
Feb.
58c
6 % preferred "(quarterly).
RR., special
(quar.)
Masonite Corp. (quarterly)
Preferred (quarterly)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Mead Corp., $6 pref. A (quar.)
$5 A preferred B (quarterly)
Memphis Natural Gas, pref. (quar.)
Metal Textile Corp., pref. (quar.)_
Middlesex Water Co. (quar.)
Midland Mutual Life Insurance Co. (quar.)
Missouri Utilities Co., 7% pref. (quar.)
Monsan'o Chemical Co. (quar.).
Moran Towing Corp.. 7% partic. pref. (quar.)—
Morse Twist Drill & Machine (irregular)
Noma Electric Corp
1 Nov. 10
Mar.
1 Feb. 15
Mar. 11 Feb. 25
Feb. 11 Feb.
4
28
Feb.
5c
Extra
Mansanto Chemical Co.
National Credit Co.. class A (quar.)
National Linen Service Corp., $5 pref. (s.-a.)
19
1 Sept. 21
24
5c
North Carolina RR. Co., gtd. stock (s.-a.)
North Continent Foundation, Inc
Feb.
Jan.
3 Dec.
Mar. 25 Feb.
Mar.
1 Feb.
Feb. 15 Feb.
SIM
Mallory Hat Co., 7% preferred (quar.).
Managed Investors, Inc. (quar.)__
10
Feb.
Oct.
$2
SIM
SIM
SI M
SIM
21
18
Mar. 31
Mar. 22
1 June 21
20c
15
25c
SIM
SIM
Hanes (P H.) WKi
P.
Knitting Co. (quar.).
—.
15
15
Mar.
...IZ.IZ."
Hammermill Paper Co
Litt-e Miami
—
1 Feb.
27.2c
25c
Extra
Iron wood & Bessemer
Ry. &
(quarterly)
25c
Hamilton Watch Co
Preferred (quarterly)
Holophane Co., Inc
Holt (Henry), $1.80
partic.
Homestake Mining Co.
(quarterly)
Madison Squares Garden Corp.
1 Feb.
Apr.
25c
(quarterly)
Griggs (C.) & Co., 7% pref. (quar.)..
Guelph Carpet & Worsted Spinning Mills—
0A% preferred (quarterly)
;
Guggenheim & Co., $7, 1st pref. (quar.)
Gurd (Chas.) & Co.,
preferred (quar.)
—
Mar.
SI
Preferred
(quarterly)
(quarterly)
Mar.
40c
Grand Union Co., $3 preference
Great Atlantic & Pacific Tea__
preferred
preferred
preferred
preferred
Munsingwear, Inc
17
15 Mar. 31
Feb. 10 Jan. 31
Mar.
1 Feb. 15
%i%
July
Jan.
Feb.
$2
-----
15
Feb.
—
Glens Falls Insurance Co.
(quar.)
Goodall Securities Corp
Golden Cycle Corp.
(quarterly)
Gossard
(II. W.)
$2
(quarterly)
(quarterly)
(quarterly)
—
15c
37Mc
.
.
Feb.
6A%
6H%
6Yi%
6A%
Jan.
$2
66c
3711
4
Holders
31
Feb. 28
Mar. 31
1
Apr.
67c
37 Ac
50c
(qu.)._
Monthly
Monthly
8% preferred
8% preferred
8% preferred
8% preferred
1938
Payable of Record
67c
Lock Joint Pipe Co. (monthly)
S,
When
Share
,
Lunkenheimer Co
21
Mar.
Atlantic Refining Co. (quar.)
Atlas Corp., 6% preferred (quar.)
Animal Trap Co. of Amer.,Inc. 7% pref.
Company
Jan.
Archer-Daniels-Midland
---
Per
Name of
(quarterly)
Louisville Gas & Electric, class A&B (quar.)__.
Ludlow Mfg. Assoc. (quarterly)
Mar. 15
Jan. 28
Feb. 18
—
Feb.
Mar. 21
Mar.
1
Feb.
Mar.
Mar.
$M
American Steel Foundries
15 Jan.
Feb.
8rm
Chronicle
Sept. 10 Aug. 25
Dec. 10 Nov. 25
7% preferred (quarterly)
Tidewater Assoc. Oil (quar.)
Timken Roller Bearing Co
Toledo Edison Co., 7% pref. (mo.)
6% preferred (monthly)
5% preferred (monthly)
Trustee N. Y. Bank Shares, bearer
Trustee Standard Oil Shares, series B, bearer—
Union Tank Car Co. (quar.)
United Drill & Tool Corp., class A (quar.)
United Printers & Publishers, cum. preferred—
Cumulative preferred
United States Electric Light
SIM
Mar.
1 Feb.
21
25c
Mar.
Mar.
Mar.
1 Feb.
5 Feb.
1 Feb.
11
25c
58 l-3c
50c
412-3c
Mar.
1 Feb.
15
Mar.
1 Feb.
15
2.2c
& Power Shares, B_
Universal Winding Co., 7% pref. (quar.)_
Vick Chemical Co. (quar.)
Extra
Virginia Coal & Iron Co. (quar.)
Vogt Mfg. Corp
Walker (H.)-Gooderham & Worts
Preferrred (quarterly)
Wayne Pump Co
Wheeling Electric, 6% pref. (quar.)
15
10
19c
Mar.
1
40c
15c
Mar.
Feb.
1 Jan.
t$l
Feb.
1
Feb'." 15"
Mar. 24 Feb.
31
14
14
4c
Feb.
Jan.
31
25c
Apr.
Apr.
Mar. 16
$1
United States Playing Car Co. (quar.)
Extra
Feb.
16
25c
24 Feb.
Mar. 16
Feb.
1 Jan.
50c
Mar.
1 Feb.
10c
Mar.
1 Feb.
15
25c
20c
Mar.
1 Feb.
1 Feb.
18
iMar. 15 Feb.
25
SIM
SI
25c
50c
SIM
Mar.
Mar.
Apr.
Mar.
27
15
15
5 Feb. 25
1 Mar. 17
1 Feb.
3
Volume
15
June
1 May
16
Continental Oil Co
Cook Paint & Varnish (quar.)
June
Apr.
20c
Feb.
91X
Feb.
25c
Feb.
25c
Feb.
1 Feb.
Feb.
15 Feb.
15 Feb.
Feb.
25c
5
weeks
we give the dividends announced in previous
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
It Below
When
Per
25c
Preference
(quarterly).
Mar. 15
Feb.
Jan.
4
$2
Feb.
Jan.
91X
Mar.
Feb.
31
15
25c
Mar.
Mar.
50c
Mar.
Feb.
18
Jan.
25
El Dorado Oil Works
Mar.
Feb.
25
June
May 25
Aug. 25
$1
91X
91X
SIX
$1%
Associated Dry Goods Corp.,
7 % 2nd preferred
14*
18
20
Fairbanks Morse & Co.
Feb.
Feb.
4
Apr.
Apr.
Mar.
Mar.
Feb.
July
July
June 25
Mar.
Feb.
Mar.
Feb.
16
Feb.
11
Feb.
11
Bankers & Shippers Insurance
Barber (W. H.) Co. (quar.)
Belden Mfg. Co. (quar.)
Bethlehem Steel Corp., 7%
Preferred (quarterly)
5*
5*
10
Freeport Sulphur Co. (quar.)
Preferred-
June 25
—
__
Blue Ridge Corp.,
9
Payable in common stock or
Borden Co. (quarterly)
cash.
1
General Cigar Co., Inc..
Feb.
Feb.
General Foods Corp. (quar.)
General Metals Corp. (quar.)
Feb.
Feb.
28
Feb.
Feb.
5
Apr.
Apr.
Mar.
4
4
Globe & Rutgers
Feb.
Feb.
1
Mar.
Feb.
5
2nd
Mar.
1 Feb
Feb.
15 Jan.
21 Jan.
Feb.
15 Feb.
1
Hancock Oil
1
Mar.
Feb.
Feb.
14
12Xc
Feb.
1
Mar.
Feb.
18
Feb.
A.) Co. $5 preferred (quar.)
Utilities Co. 6% preferred-Hawaiian Agricultural Co. (monthly)
Hawaiian Commercial & Sugar Co. (quar.)
Hawaiian Pineapple Co
Hercules Powder Co., pref. (quar.)
Hershey Chocolate Corp
Hanna (M.
Havana Electric &
1
25c
Feb.
Feb.
Feb.
5
20c
Mar.
Jan.
29
50c
Feb.
Jan.
31
Apr.
Apr.
Mar. 15
Feb.
Jan.
Mar. 15
Jan.
31
Feb.
Jan.
31
Feb.
Jan.
30
M
Additional
Feb.
130c
lt$i0
Mar.
liix
Vinegars, Ltd. (quar.)_
6
Feb.
Mar.
Mar.
28
Feb. 28
Feb. 15
tsi
8% preferred (quar.)
(Wmj Co.. pref. (quar.)
—
Caterpillar Tractor (quarterly)
Preferred (quarterly)
Case (J. I.) Co., pref. (quar.)
Castle (A. M) & Co., common (quar.)
Cedar Rapids Mfg. & Power Co. (quar.)
Central Cold Storage Co. (quar.)
Central Eureka Mining Co
Non-cum. preferred
Central Ohio Steel Products
Centrifugal Pipe Corp. (quar.)
Quarterly
>
Quarterly
Quarterly
;
. —
Century Ribbon Mills
Preferred (quarterly)
Chain Belt Co
-
Feb.
1
Feb.
1
Apr.
Mar. 10
Mar.
Mar. 10
$1^
Mar.
Feb.
50c
Feb.
Feb.
15
91X
SIX
Feb.
Feb.
Apr.
Feb.
Jan.
28
31
5
75c
Feb.
Jan.
25c
Feb.
Feb.
6c
Feb.
Jan.
31
Feb.
Jan.
31
Mar.
Feb.
19
6c
Monthly
Hires (Chas. E.) Co., class A
Honomu Sugar Co. (monthly)
Hormel (Geo. A.) & Co
preferred (quar.)
Horn (A. C.) Co. 7% non-cum. (quar.)
6% non-cum. partic. pref. (quar.).
Horn & Hardart (N. Y.) pref. (quar.)
Hutchinson Sugar Plantation (monthly)
Hyde Park Breweries Assoc.,'Inc
Idaho Maryland Mines (monthly)
Illuminating & Power Securities
7% preferred (quar.)__
Imperial Tobacco of Gt. Britain & Ireland—
Amer. dep. rec. ord. reg. (final)
Class A
Bonus
Free of tax but less
Feb.
Feb.
5
May
5
Aug.
5
10c
Nov.
Nov.
5
Kaufmann
Feb.
Feb.
Mar.
Feb.
Kayser (Julius)
Preferred (quarterly)
Consolidated Paper Co (quarterly)
Container Corp. of America
Feb.
1
Kroger Grocery
Apr.
Mar. 15
Mar.
Feb.
1
Feb.
5
Mar.
Feb.
10
25c
Mar.
Feb.
18
11
50c
Feb.
SIX
SIX
SIX
SIX
Apr.
Mar. 21
July
June
Oct,
Sept. 19
20
Jan.
Dec.
19
Feb.
Feb.
5
5
Apr.
Mar.
SIX
six
Feb.
Jan.
20
Fe^.
Jan.
six
68Xc
Feb.
Jan.
20
20
Feb.
Feb.
1
4c
SIX
50c
Feb.
Feb.
1
Mar.
Feb.
Feb.
Jan.
15
25
six
Mar.
Feb.
15
62 Xc
Mar.
Feb.
15
SIX
SIX
Mar.
Feb.
15
Feb.
15
Jan.
Mar.
SIX
Feb.
15
15
25c
Mar.
Feb.
18
30c
Feb.
Feb.
5
20c I Feb.
Mar.
15
Mar.
1 Feb.
1 Feb.
20
92 X
S3
SIX
Mar.
Feb.
24
Mar.
Feb.
24
Feb.
Jan.
29
Feb.
Feb.
Feb.
8
Feb.
Feb.
5
Mar.
Feb.
15
Mar.
25
Feb. 11
15
8
Feb.
Feb.
Feb.
Feb.
1
25c
Mar.
Feb.
15
20c
Mar.
Feb.
15
SIX
t75c
Mar.
Feb.
75c
15
Feb.
Feb.
1
20c
Feb.
Feb.
25
75c
50c
Feb.
Feb.
5
25*
Jan.
Feb.
Feb.
Feb.
4
£
Feb.
15 Jan.
$1
$1
Feb.
Feb.
15 Jan.
15 Jan.
25
25
Feb.
20c
Mar.
Mar. 15
Mar.
Feb.
Feb.
Feb.
Feb.
Jan.
15
5
29
Feb.
Jan.
29
8Xc
45c
Mar.
Mar.
Feb.
Feb.
15
15
SIX
Mar.
Feb.
10
3I&°
25
15
Fob.
15
Feb.
Jan.
$1
Mar.
Mar.
5c
Feb.
Feb.
10
$1
Feb.
Jan.
31
SIX
Feb.
10c
7X%
10%
4
Jan.
31
Mar.
8 Feb.
Mar.
8 Feb.
11
11
Feb.
1
15
8
Feb.
Feb.
Mar. 15
Feb.
Jan.
24
Mar.
Feb.
25
Mar.
Feb.
15
Mar.
Mar. 10
Feb.
Feb.
Feb.
Feb.
1
1
Mar.
Mar.
1
Mar.
Feb.
4
SIX
May
Apr. 20
Apr.
Mar. 18
30c
—
u
-
Mar.
Feb.
15
25c
Feb.
Feb.
5
25c
pref.?(quar.).
May
Aug.
May
Aug.
25c
25c
Quarterly
preferred (quar.)
preferred (quar.)
SIX
SIX
SIX
SIX
Nov.
Nov.
Mar.
Mar.
June
June
Sept.
Sept.
Dec.
5
10
Mar. 14
25c
Tobacco com. & com B
Feb.
$1
---
pref. (quar.)
Apr.
3
Dec.
Feb.
40c
Life Savers Corp
(qu.)._
Insurance (Ft. Wayne)-_-
QuarterlyQuarterly
(quar.)
Preferred (quar.)._
Loblaw Groceterias, class A & B (quar.)
Loew's. Inc., preferred (quar.)---Loose-Wiles Biscuit Co. 5% pref. (quar.)
Louisville Henderson & St. Louis RR
Common (semi-ann.)
5% preferred (semi-ann.)
5% preferred (semi-ann.)
Link Belt Co.
ar.
Apr.
SIX
7%
7%
7%
7%
Lincoln National Life
Mar. 15
25c
Quarterly,
Liggett & Myers
15
Apr.
40c
—
preferred (quar.)
preferred (quar.)
Lansing Co. (quar.)
Lehigh Portland Cement Co.
7
Feb.
Apr.
50c
& Baking Co
7% preferred (quar.)__6% preferred (quar.)
Lake of the Woods Mining,
Landis Machine (quar.)
Quarterly
Feb.
Mar.
SIX
Kresge (S. S.) Co
4
SIX
Colgate-Palmolive-Peet, pref. (quar.)
Columbia Gas & Elec. Corp., 6% ser. A pf. (qu.)
5% cum. preferred (quarterly)
5% cum. preference (quarterly)
Columbia Pictures, pref. (quar.)
Commonwealth International Corp. (qu.)
Commonwealth Utilities Corp. 6X% Pf- C (qu.)
Community Public Service
Connecticut Light & Power Co. (quar.)
Connecticut Power Co. (quar.)
Connecticut River Power Co. 6% pref. (quar.)-.
Consolidated Cigar Corp. 7% pref. (quar.)
Consolidated Oil Corp. (quar.)
1 Feb.
Mar.
SIX
& Co
junior preferred
Feb.
tsix
SIX
Mar.
SIX
15c
Kentucky Utilities
Feb.
Feb.
18
25
31
ws
Mills pref. (quar.)--.-(quar.)
---Dept. Stores, pref. (quar.).--
Feb.
25c
1 Feb.
15 Jan.
15 Jan.
Apr.
Jarvis (W. B.) Co.
Feb.
Feb.
SIX
Jantzen Knitting
Aug.
91X
SIX
_
Feb.
SIX
International Business Machines Corp—
(Stock div.)
International Harvester, pref. (quar.)-_.
International Rys. of Central Amer., pref.
May
9
18
Mar.
50c
Mar.
25c
(quar.)
SIX
M
10c
$5X pref. (quar.)
Mar.
Mar.
deduction for depositary
Inland Steel Co
25c
Chicago Mail Order (quarterly)
Chicago Yellow Cab (quarterly)
Chile Copper Co__
Cincinnati Union Terminal 5% pref. (qu.)
5% preferred (quar.)
5% preferred (quar.).
5% preferred (quar.)
Clear Springs Water Service Co., $6 pref
75c
expenses.
Ingersoli-Rand Co
10c
(quarterly)
Feb.
.
10c
SIX
June
Mar.
10c
—
(quar.)
10c
_.—.-
15
10
18
Feb. 15
Mar.
1
June
50c
Bartlett & Co. (monthly)
Intertype Corp., 1st pref. (quar.)
Jamieson (C. E.) & Co—.
25c
50c
12 Xc
50c
20c
preferred (quarterly),
tional dividend
Additi
15
Mar. 12
50c
-
Champion Paper & Fibre
Chartered Investors, Inc.. pref.
Feb.
Feb.
t$2
Extra
Apr.
28
Feb. 28
Mar. 18
Mar. 18
Xl2Xc
XV2Xc
(quarterly)
(quarterly)
Canadian Oil Co., Ltd. (quar.)
Apr.
JS1X
Canada Wire & Cable, preferred
Preferred (quarterly)
Conv.
Hibbard, Spencer,
31
Feb.
Mar.
Feb.
Mar.
pref. (quar.)
Co. of Calif, class A & B (quar.)_-
Class A & B (extra).
19
Feb.
Feb.
11
11
Mar.
25c
(quarterly)
Preferred
Feb.
25c
SIX
SIX
Feb.
25c
Western
Hammond Insurance Co., 6%
$1
37Xc
62Xc
31
Feb.
Mar.
—
Mar. 31 Mar. 17
35c
Jan.
Mar.
25c
Electro-ChemicalHale Bros. Stores, Inc. (quar.)
Hamilton Watch Co. (quar.)
Great
Mar. 25 Mar. 10
40c
Feb.
25c
25c
—
Extra..
50c
}25c
18
80c
semi-ann.)
Y.) (s.-a.)
Knight, 7% pref. quarj
Great Lakes Dredge & Dock Co__
31
31
75c
preferred
7% pref. (qu.)
Fire Insurance—
Grace National Bank (N.
15
Feb.
Apr
Feb.
20c
Extra
Graton &
Apr.
1
Mar.
50c
Gibraltar Fire & Marine Insurance
50c
_
-
Globe Democratic Publishing Co.,
SIX
SIX
25c
25c
Mar.
68Xc
(Quarterly)
(quarterly)
California Water Service preferred (quar.)
Campbell, Wyant & Cannon Foundry Co
Canada Cement Co., Ltd., 6X% preferred
7% preferred (quar.)
1
8
Mar.
1
10
10
18
5
15 Feb.
1 Feb.
Mar.
!Mctrch. 5*
18c
Preferred
Chester Water Service,
Feb.
40c
Brooklyn-Manhattan Transit—
Preferred (quar.)
Brooklyn Teleg. & Messenger (quar.)
Brown Fence & Wire Co., pref. A (semi-annual)
Buck Hill Falls Co. (quar.)
—
Buckeye Pipe Line Co
-.
Buffalo Ankerite Gold Mines, Ltd. (quar.)
Burlington Mills Corp
Burroughs Adding Machine Co
Byron Jackson Co
Calamba Sugar Estates (quarterly)
7% preferred (quarterly)
California Packing Corp. (stock div.)
2-200ths of a sh. of $50 pref. stock.
Preferred
Feb.
91X
-
Bridgeport Gas Light Co. (quar.)
Preferred
25
19
75c
(quarterly)
Canadian Cottons, Ltd.
Feb.
75c
Bourjois, Inc., preferred (quar.)
Bower Roller Bearing Co., common
Canada
Jan.
—
Boss Mfg. Co—
Boston Fund,
Feb.
91X
SIX
(quar.)
$3 pref. (quar.)
Feb.
Holders
may convert pret. stock into com. at rate
of 3 1-3 shs. com. for each pref. sh. on or
before Feb. 1 and at rate of 2X shs. of
com.
for each sh. of pref. on or before
Feb.
5% preferred (quarterly)
Blauner's (Phila.), $3 pref.
11
Entire issue called at $103 per sh.
25c
pref. (quar.)
Jan.
1 Mar. 10
1 Mar. 10
1
Feb. 15 Feb.
1
Feb. 15 Feb.
Apr.
Apr.
40c
Firestone Tire & Rubber Co. 6% preferred A_.
First Security Corp. of Ogden, cl. A & B (s.-a.)_
FitzSimons & Connel Dredge & Dock (quar.)
Mar.
—
Feb.
$1
-—
15c
(N. Y.) (qu.)
--
(quar.)
10c
Extra
21
18 Mar.
Mar.
(s.-a.)
11
11
Jan.
Feb.
Jan.
5
5c
Baltimore American Insurance Co.
Feb.
Feb.
1
1 Feb.
Feb.
Feb.
25c
Feb.
Mar.
Mar.
Feb.
$1.05
Mar.
cash.
Mar.
Atlas Plywood Corp. (quar.)
Baldwin Locomotive Works, 7% pref
Aug. 10
Feb. 10
Feb. 15
Mar.
Mar.
Mar.
Mar.
6% 1st pref
Feb.
Sept.
Mar.
40c
SIX
Armstrong Cork Co. (interim)
Artloom Corp., preferred (quar.)
Mar.
21
15
SIX
(quarterly)
Ely & Walker Dry Goods (quarterly)
Empire & Bay State Telep. & Teleg.,
4% guaranteed (quarterly)
Employers Reinsurance (quar.)
Nov. 25
92 X
15
Feb.
8
1 Feb.
1 Feb.
or
Mar.
M
Feb.
Mar.
25c
B (quar.)
Mar.
Mar.
50c
50c
Preferred (semi-ann.)
Mar.
SIX
SIX
75c
Amoskeag Co., common (s.-a.)
Mar.
pref. (qu.)
40c
American Tobacco Co., com. and com.
Feb.
Shareholdings, preferred
Optional div. of 44-1,000ths of a share of com.
Dec.
Mar.
Mar. 21
Feb.
75c
Eastern Shore Public Service Co. $6X
1
Mar.
91X
10
Mar.
1X%
Preferred
20c
Co
10
31
Feb.
37Xc
62 Xc
Duplan Silk (semi-annual)
91X
Co
Jan.
Feb.
Mar.
of dep.
Dow Chemical Co. common
25c
American Re-Insurance (quar.)
American Smelting & Refining
Carter
Sept.
Feb.
$2
Electric
Alpha Portland Cement
American Arch Co. (reduced)
American Can Co. (quar.)
American Envelope Co., 7% pref. A (qu.)
7% preferred A (quarterly).
_——:7 % preferred A (quarterly)
7% preferred A (quarterly)
_
—
American Fork & Hoe Co. (quarterly)
American Home Products Corp. (mo.)
American Metals Co. preferred (quar.)
Feb.
1
25c
$6 preferred (quar.)
Feb.
(quar.)
American Sugar Refining
Preferred (quar.)
15
Feb.
Apr.
preferred (quar.)
Allegheny Steel Co.
Mar.
31
six
7X%
Dixie-Vortex Co. (quarterly)
Class A (quarterly).
3%
Co. preferred
Jan.
50c
75c
-—
Less tax and deduction for expenses
2
Feb.
18
35c
$1
Dictaphone Corp
Preferred (quarterly)
Diem & Wing Paper Co. 5% preferred (qu.)
Distillers Co., Ltd., Am. dep. rec. ord. reg
tlX%
_
Alabama Great Southern RR.
Alaska Packer Assoc.
Mar.
31
six
preferred (semi-ann.)
Partic. preferred (semi-ann.)
15
Feb.
Mar.
13 0c
Agnew-Surpass Shoe Stores (s.-a.)
Mar.
35c
Abbots Dairies, Inc. (quar.)
Addressograph Multigraph (quarterly)
Jan.
92 X
-—
Par tic.
Holders
Feb.
43%C2
Diamond Match Co__
Payable of Record
Share
of Company
Feb.
Mar.
25c
Preferred (semi-ann.)
Name
18
Mar.
Mar.
87 Xc
_
Designated as a capital repayment.
Cuneo Press, Inc. preferred (quar.)
Deere & Co. preferred (quar.)
Derby Oil & Refining Co., $4 pref
1
25
7
Feb.
25c
Cuban Atlantic Sugar
12
Mar. 15 Mar.
Mar.
75c
75c
Crown Drug Co., pref. (quar.)
Crum & Forster pref. (quar.)
21
Mar.
91X
91X
S3X
Youngs town Steel Door
1 Jan. 27
4
15 Feb.
4
15 Feb.
Jan.
7c
$4 preferred (quar.)
Copperweld Steel Co. (quar.)
Corporate Investors, Ltd. (increased)
Cosmos Imperial Mills (quar.)
Creameries of America, Inc., pref. (quar.)
Crown Cork & Seal Co., Ltd. (increased)
I May 16
1 Mar. 19
5
15 Feb.
Feb.
Mar.
50c
—
Mar.
15c
$1
Continental Can Co. (interim)
15
50c
25c
28 Feb.
1 Feb.
Feb.
Payable of Record
Share
Company
Mar.
$9
$1X
SIX
S2X
SIX
Washington Ry. & Electric
...
5% preferred (quarterly)
5% preferred (quarterly)
5% preferred (semi-ann.)
Whiteman (Wm.) Co., Inc., 7% pref. (quar.)..
Whiting Corp
6X% preferred (quarterly)
Williams (J. B.) Co. (quar.)
Cumulative preferred (quarterly)
Williamsport Water Co., $6 pref. (quar.)
Worcester Salt Co., 6% pref. (quar.)
York Knitting Mills Ltd.7%lst&2d pf.(s.-a.)__.
Name of
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Name of Company
859
Chronicle
Financial
146
Mar.
Feb.
3
$1
Mar.
Feb.
15
30c
May
Aug.
Apr. 26
JulyJ 26
30c
Nov.
Oct.
50c
Mar.
Feb.
Apr.
Mar. 15
30c
SIX
25c
SIX
six
Mar.
Feb.
26
15
10
29
Feb.
Jan.
Apr.
Mar. 18
$4
Feb.
Feb.
1
$4
Aug.
S2X
92 X
Feb.
Aug.
Feb.
Aug.
Aug.
1
1
1
860
Financial
Per
Name of Company
Lord & Taylor, 6% 1st pref. .(quar.)
Louisville & Nashville RR. Co
Mar.
$2 >4
Feb.
Feb.
25c
25c
Manhattan Shirt Co. (quar.)
Manufacturers' Casualty Insurance
SIM
20c
Extra
SI 34
SI 34
SI 34
$134
25c
(quar.)
40c
10c
:
Massachusetts Bonding & Insurance Co.
(qu.)-McColi Frontenac Oil (quar.)
Mclntyre Porcupine Mines (quar.)
McKesson & Robbing, $3 pref.
(quar.)
Meadville Telephone Co. (quar.)
31
15 Feb.
5
8734c
10c
$10%
75c
Feb.
15 Jan.
28 Feb.
Feb.
7 Jan.
10c
Feb.
Feb.
7 Jan.
24
7 Jan.
24
15c
Feb.
15 Feb.
4
23c
Feb.
15 Feb.
4
SIM
SiM
$1,275
(quar.j^.egulator Co.
Minneapolis-Honeywell
75c
Preferred B (quarterly)
Mitchell (J. 8.) & Co
Monmouth Consol. Water, $7 pref.
(quar.)
Monsanto Chemical Co. $4)4 class A
pref. (s.-a.)
Montreal Light, Heat & Power
SI
$2
—......
(quar.)
Moody's Investors Service partic. pref. (quar.)..
Moore (W. R.) Dry Goods
(quar.)
Quarterly
Quarterly
Quarterly
Morris Plan Insurance Society
(quar.)
Quarterly
Quarterly
Quarterly
Muskogee Co., 6% cum. pref. (quar.)
Mutual Telep. Co.
(Hawaii) (quar.)
Nash-Kel vinator Corp
National Biscuit Co.
(quar.)
Preferred (quar.)..
Nat. Credit Co.
(Seattle, Wash.) 5% pf. (qu.)..
National Gypsum Co., 1st
pref. (quar.)
2d preferred
(quar.)
SIM
$234
$2
75c
$134
$134
$134
1
Oct.
1 Oct.
2 Jan.
2
1 Feb.
24
1
20c
40c
SIM
SIM
SIM
$2
SIM
30c
50c
40c
$134
25c
1 Nov. 2»
1 Feb.
15
Mar. 15 Mar.
5
Feb.
21|Jan. 31
Apr. 15 Mar. 11
Feb. 28 Feb. 11
Feb.
25c
$1$i
Dec.
Mar.
$134
1234c
May 27
15 Feb.
1
1 Mar. 16
1 Mar. 16
Apr.
Apr.
Mar.
Feb.
Feb.
Mar.
Feb.
Feb.
15 Feb. 25
15 Feb.
1
15 Feb.
1
1 Feb. 19
15 Jan. 31
15 Jan.
Feb.
Feb.
1 Jan. 31
14 Mar. 31
14 Mar. 31
Feb. 15 Feb.
Mar.
1 Feb.
Apr.
1
Mar. 10
1
Mar. 22
Feb. 15
Mar.
1
16
Mar.
Feb.
1
19
Feb.
8
Mar. 10
.
Norfolk & Western Ry.
(quar.)
Preferred (quar.)
North American Edison
Co., preferred
North American Oil Consol.
(quar.)
North River Insurance Co
Northam Warren
Corp. conv. pref. (quar.)
Oahu Sugar, Ltd.
(monthly)
Occidental Insurance Co.
(quar.)
Ohio Public Service Co.
5)4% 1st pref. (quar.)_Omnibus Corp. preferred
(quar.)
Ontario Steel Products,
—
pref. (quar.)
Oswego & Syracuse RR. (s.-a.)
Outboard, Marine & Mfg. Co
Owens Illinois Glass Co
Paauhau Sugar Plantation
(monthly)
Pacific Fire Insurance
(quar.)
Pacific Gas & Electric 5
£2% pref. (quar.).
6% preferred (quarterly)
Pacific Lighting
Corp. (quar.)
Parker Pen Co.
(quarterly)
Parker Rust-Proof Co.
common ($2 >4
P»r)
Common (no par)
(quar.)
Payable at such time as said
May 16 May
Aug. 15 Aug.
2
50c
Class A (quar.).
Class A
Feb.
Feb.
15 Feb.
5
50c
50c
50c
Nov. 15 Nov.
1
25c
25c
Feb. 19 Jan. 31
Mar.
1 Feb. 15
Feb.
5 Jan. 25
Mar. 10 Feb. 25
Mar.
SIM
Feb.
Feb.
Feb.
$2
Apr.
SIM
S2M
Feb.
30c
25c
10c
Co
Philadelphia Co. 5% pref.
(s.-a.)
Philadelphia Germantown &
Norristown
Philadelphia Insulated Wire
(s.-a.)
Pitney-Bowes Postage Meter
(quarterly)
Pittsburgh Bessemer & Lake Erie RR.
(s.-a.)
Pittsburgh
—
(quar.)__
(quarterly)
(quarterly)
Feb.
Feb.
5 Jan.
Mar.
Tampa Electric Co. (quarterly)
(quar.)
Tennessee Electric Power Co.,
5% 1st preferred (quarterly)
6% 1st preferred (quarterly)
7% 1st preferred (quarterly)
7.2% 1st preferred (quarterly)
6% 1st preferred (monthly)
6% 1st preferred (monthly)
7.2% 1st preferred (monthly)
7.2% 1st preferred (monthly)
Texas Pacific Coal & Oil Co. (quar.)
Thatcher Mfg. Co., conv. preferred
Tide Water Power Co., $6 pref.
(quar.)
Trane Co., $6 preferred (quarterly).
Union Bag & Paper—
—
50c
25c
$25c
50c
50c
40 c
60c
3734c
SIM
SI 34
25c
$134
25c
25c
43 Mc
1 Feb.
15
8
19
19
1
1
1 Mar. 15
15 Feb.
Feb. 15 Jan.
Mar. 31 Mar.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
5
25
1
15
15
15
Feb. 15 Jan. 28
Mar. 15 Feb. 15
Apr. 15 Mar. 15
Feb. 28 Feb.
1
Mar. 15 Feb.
28
Feb.
15 Jan. 25
Feb. 10 Jan. 13
Mar. 10 Feb. 17
Mar.
1 Feb. 15
Feb. 15 Jan. 25
Mar. 30 Mar 15
Mar.
1 Feb. 19
Mar.
Mar.
1 Feb.
11
1 Feb.
11
Apr.
July
1 Mar
1 June
10
Feb. 15 Feb.
Mar.
1 Feb.
Feb. 15 Feb.
Feb.
Mar.
40c
SIM
40c
40c
31Mc
Mar.
Mar.
SIM
3im
29
15 Jan. 31
1 Feb. 15*
1 Feb.
Feb.
10
15 Feb.
Feb.
15 Jan.
4
25
25
10
19
19
31
31
Mar. 15 Feb.
Mar.
1 Feb.
Mar. 31 Feb.
Mar. 31 Feb.
Feb. 15 Jan.
Feb.
SIM
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
Mar.
1 Feb.
15 Jan.
1 Mar. 15
1 Mar. 15
1 Mar. 15
50c
Apr.
15
1 Mar. 15
60c
Mar.
1 Feb.
60c
—
Apr.
Mar.
1 Mar. 15
1 Feb,
8
10c
90c
$134
SIM
1234c
SIM
20c
Common
15c
United Corp. Ltd., $134 class A
(quar.).
United Engineering &
Feb.
15 Jan.
10
1 Feb.
24
Feb.
18 Feb.
Feb.
10 Jan.
1 Feb.
Mar.
Feb.
15 Jan.
Feb.
Feb.
15 Feb.
SIM
SIM
25c
SiM
58 l-3c
7% preferred (monthly)
58 l-3c
6.36% preferred (monthly)
53c
6.36% preferred (monthly)
53c
6% preferred (monthly).
60c
6% preferred (monthly)
50c
United New Jersey RR. & Canal
(quar.)
United Shoe Machine (special)
United States Pipe & Foundry
Co., com. (quar.)
Common (quarterly)
(quarterly)
(quarterly)
15
24*
11
1 Apr. 15
May
Apr. 15 Mar. 21
July 15 June 30
50c
$5 preferred (quarterly)
United Light & Rys., 7% pref.
(mo.)
31
1 Feb.
Mar.
38c
Foundry Co. (quar.)
Preferred (quarterly)
United Gas Corp., $7 pref. (quar.)..
United Gas Improvement (quar.)
15
Mar.
30c
40c
(quar.)
Preferred (quarterly)
Steel
15 Jan.
Feb.
Feb.
50c
United Bond & Share Ltd., common
United States
Feb. 15 Feb.
5
Mar. 15 Mar.
1
Mar.
1 Feb. 15
Mar.
1 Feb. 15
95
SI .80
—...
Union Oil Co. of California
United Biscuit Co. of America
Feb. 15 Jan. 31
Mar. 10 Feb. 23
Mar. 15 Mar.
1
25c
-
31
5
15 Feb.
5
Mar.
1 Feb. 10
Mar. 31 Feb. 28
Mar. 31 Feb. 28
Mar.
1 Feb. 16
1 Mar. 15
Apr.
Mar.
1 Feb. 15
Apr. 1 Mar. 15
Mar
1 Feb. 15
1 Mar. 15
Apr.
Apr. 10 Mar. 21
Feb. 14 Feb.
1
Mar. 19 Feb. 28*
June 20 May 31*
Sept. 20 Aug. 31*
Dec. 20 Nov. 30*
Feb. 19 Jan. 28
Corp., pref. (quar.)
Apr. 16 Mar. 15
July
Co
Vermont & Boston Telegraph Co
Vulcan Detinning pref.
1 June 15
July
Apr. 20 Apr. 11
July 20 July 11
(quar.)
Preferred (quarterly)
Preferred (quarterly)
Oct. 20 Oct. 10
Feb. 20 Feb. 15
Mar. 15 Feb. 25
Feb. 17 Feb. 10
2 Mar. 26
Apr.
Wailuku Sugar Co
:
Walgreen Co. $434 pref. (quar.)
Walker & Co., $2 34 class A
Waltham Watch Co.,
6% pref. (quar.)
6%
6%
preferred (quarterly)
preferred (quarterly)
July
Prior preferred
(quar.
Oct.
Feb.
preferred (quar.)
Feb.
Feb.
Wentworth Mfg. Co., preferred
(quar.)_
Wesson Oil & Snowdrift Co., Inc.—
Convertible preferred (quarterly)
10
Western Cartridge Co., pref.
(quar.)
Mar.
3
15 Feb.
Feb.
15
Feb.
-
Feb.
Feb.
1
Feb.
Preferred
Westminster Paper Co. (semi-ann.)
Westvaco Chlorine Products
(quar.)
West Jersey & Seashore RR.
(s.-a.)
Jan.
25
Feb.
Feb.
Feb.
4
Feb.
1
Apr.
July
1
Mar. 31
June 30
Oct.
Feb.
Feb
Sept. 30
Feb.
8
Feb.
8
May
Mar.
Feb"." 15"
July
June
15
Feb.
Feb.
6% preferred
7% preferred
Whitaker Paper (quar.)
7% preferred (quarterly)
White (S. S.) Dental Mfg.
(quar.)
Will & Baumer Candle
Co., Inc., pref
Williams (R. C.) & Co
Jan.
21
21
Apr.
Apr.
Feb.
Apr.
Feb.
Winsted Hosier Co.
(quar.)
Jan.
Mar. 19
Mar. 19
Jan. 31
Mar. 15
Jan. 27
Apr. 15
May
May
Aug.
Aug.
(F. W.) Co. (quar.)
Woolworth (F. W.) Ltd., ordinary
(final)
Ordinary (bonus)
—
Oct.
15
Mar.
Quarterly
Extra
Oct.
Nov.
Quarterly
Extra
Apr. 15
July 15
July 15
Nov.
Extra
Woolworth
3 Sept. 24
1 Jan. 15
10 Jan.
Feb.
—
6% preferred (quarterly)
Western Grocer Co—
Western Tablet & Stationery
West Penn Electric
Co.,
3 Sept. 24
2 Mar. 26
2 June 25
Apr.
July
Washington Gas Light (quar.)
conv.
2 ijune 25
Oct.
Prior preferred (quar
Prior preferred (quar.
Apr.
$134
40c
SIM
SIM
75c
50c
20
5c
5c
56c
—
Extra
Quarterly
Quarterly
Westinghouse Electric & Mfg. Co
50c
20
15 Jan.
Apr. 15 Mar. 19
SIM
Sylvanite Gold Mines, Ltd. (quar.)
Mar.
4 Feb.
Feb. 15 Feb.
Feb. 21 Feb.
Feb.
15 Jan.
Feb.
25c
20c
25c
Corp., com
Western Virginia
Pulp & Paper Co., pfd. (qu.)_
Westinghouse Air Brakes (quar.)
25c
Savannah Gas Co., 7% pref.
(quar.)
—
Feb. 15 Feb.
5
Feb. 15 Feb.
5
Mar.
1 Feb. 21
Mar.
1 Feb. 21
Feb. 10 Jan. 20
Mar.
1 Feb.
4
Mar.
1 Feb. 10
25c
Rolland Paper Co
Preferred (quarterly)
Saco-Lowell Shops, new
(initial)
Conv. preferred class A & B
— .—.....—
Feb.
25c
—
Southern Canada Power Co. common (quar.)..
Spencer Kellogg & Sons, Inc. (quar.)
Spiegel Inc.pref erred (quar.)—-Stamford Water (initial, quar.)
Standard Brands. Inc., $434 cum. pref. (qu.)_.
Standard Cap & Seal (quarterly)
$1.60 preferred (quarterly)
Stanley Works (New Britain) preferred (quar.)_
Stein (A.) & Co
Sterling Products Inc. (quar.l
Stromberg-Carlson Telep. Mfg. pref. (quar.)__
Struthers Wella-Titusville Corp. pref.
(quar.)
Super Mold
Cum.
SIM
SIM
—
(quarterly)
37 34c
5% cumul. partic. pref. (extra)
15
10
$2
Quaker Oats Co. pref.
(quar.)
Quaker State Oil Refining
(quar.)
Quebec Power Co. (quar.)
Reading Co
Hist preferred (quar.)
Regent Knitting Mills, Ltd.,
pref. (qu.)
Reynolds (R. J.) Tobacco
Co., com. & com. B_
Rich's, Inc., 6)4% pref.
(quar.)
Rochester Button Co
$134 pref. (quar.)
Rochester Gas & Electric,
5% pref. (quar.)
6% preferred C & D
Pendleton, Inc. (quar.)
Southern Calif. Edison Co., Ltd
Extra
15
15
1 Mar. 15
Apr.
Feb. 19 Feb
10
19
10
50c
65c
■
Quarterly
40c
$134
SIM
15
Feb.
SIM
15
15
1 Feb.
23 Feb.
1 Feb.
50c
15 Jan.
1 Feb.
25 Feb.
Mar.
1 Feb.
Feb.
Feb.
2 Feb.
Feb.
50c
25c
Mar.
17
15 June
20
SI 34
31
Mar.
15 Jan.
$134
$334
17
10 Jan.
Vanadium-Alloys Steel
Feb.
55c
28 Feb.
28 Feb.
Feb.
5
Feb.
75c
Feb.
Feb.
SIM
25c
SI 34
South Carolina Power Co., $6 1st pref. (qu.)
South Pittsburgh Water Co.. 5% pref. (s-a.).._
Preferred A
15
7
31
2c
(quar.)
Preferred
1 Feb.
11 Feb.
10 Jan.
2c
6% preferred (quarterly).
South Bend Lathe Works (quar.)—......
Sun Oil Co.
Feb.
SIM
pref. (quar.) —
10c
------
Mar.
Feb.
Mar.
15 Feb.
1
1 Mar. 15
15 Jan. 31
21 Feb.
4
10 Jan. 25
15 Jan. 29
Feb.
Feb.
Mar.
SIM
United States Sugar Corp pref. (quar.)
Preferred (quar.)
Universal Insurance (quar.)
3734c
75c
8734c
SIM
25
25
31
5
15 Feb.
7
15 Jan. 31
15 Jan. 31
50c
15 Jan.
15 Jan.
15 Jan.
15
Feb.
Feb.
3734c
3734c
Feb.
1 Feb.
$134
34Mc
—
17
6234c
(Wm.) Brewery (quar.)
Common
Common
15
15 Feb.
15 Feb.
75c
20c
30c
exchange into $234 par com. stock
Pender (D.) Grocery class A
(quar.)
Peninsular Telephone Co.
7% preferred (quar.).
Penmans. Ltd. (quar.)
Pennsylvania Power Co., $3.60
pref. (monthly)
$6 preferred (quar.)
Peoria & Bureau
Valley RR. Co. (s.-a.)
Suburban Water Service
Co.—
$5 H preferred
(quar.)
Procter & Gamble Co.
(quar.)
Public Service Co. of N. J.
(quar.)
8% preferred (quarterly)
7% preferred (quarterly)
$5 preferred
(quarterly)
6% preferred
(monthly)
6% preferred (monthly)
6% preferred (monthly)
1
$2H Mar. 19 Feb. 28
stock Is turned
in for
5
16
1 Sept.
3 Dec.
Feb.
Feb.
SI
Solvay American Corp., 534% Pref. (qu.)
31
Aug.15 July 30
Mar.
1 June
Oct.
25c
Sound view Pulp Co.
1
5
16
1 Mar. 17
5c
...
Extra
Sioux City Gas & Electric,
1
1 Aug. 27
15c
Niagara Share, (Md.) pref. A
(quar.)
1900 Corp., class B
Class A (quar.)
Class A (quar.)
1 Apr.
1 July
Sept.
SIM
SIM
Jersey Zinc Co
New World Life
Insurance Co
Apr.
July
June
10c
Neptune Meter Co., pref. (quarA
15 Jan. 31
15 Feb.
1
SI
si
10c
Newberry (J. J.) Realty 5% pref. A (quar.)
New Amsterdam
Casualty (semi-ann.)
New
Feb.
Feb.
SI
25c
25c
National Power &
Light Co., com. (quar.)
National Union Fire Insurance
Extra
1 Feb. 21
1 Feb. 21
1 Feb. 21
Feb. 19 Feb.
4
Mar.
1 Feb. 19
Mar. 1 Feb. 16
Feb. 15 Feb.
1
June
1 May 10
Jan.
SIM
National Oats Co. (quar.)
National Paper & Type
5% preferred (semi-ann.)
5% preferred (semi-ann.)
Mar.
Mar.
Mar.
Mar.
—
National Lead Co., pref. A
(quar.)
National Liberty Insurance of Amer
Extra
Simon
Feb. 15 Feb.
Mar.
1 Feb.
Apr.
July
20c
-
SIgnode Steel Strapping, pref. (quar.)
31
24
:
1938
Jan.
IIS
SIM
Silex Co
31
$334
Partic. preferred (partic.
div.)
Minneapolis Gas Light, 5^4% pref. (quar.)
y0 preferred (quar.).
Extra
15
15 Jan.
—
—
Shawinlgan Water & Power (quar.)
5
Nov. 15 Nov.
5
Mar.
1 Feb. 10
Feb. 15 Feb.
1
Feb. 15 Feb.
1
Feb.
5 Jan. 27
Mar. 15 Feb. 15
Mar.
1 Feb*
1
Mar. 15 Mar.
1
Feb.
Feb.
50c
25c
$1M
Sherwin-Williams (quarterly)
Preferred (quarterly)
5
SIM
-
Phillips Petroleum
May 15 May
Aug. 15 Aug.
75c
(qu.)_.__
7% preferred (semi-ann.)
10 preferred
Mar. 15 Feb. 18
Feb. 15 Feb. 10
Feb.
8 Feb.
3
Feb. 28 Feb. 15
Feb. 15 Feb.
5
20c
Merchants & Manufacturers
Security—
Class A & B
(quarterly)
Roeser &
31
15 Jan.
3734c
Melcher Distillers, Ltd., 6% pref. (extra)
Mercantile Stores Co., Inc., 7% pref.
Merchants Fire Assurance (s.-a.)
Extra...
Scotten Dillon Co
31*
5.
When
Holders
Payable of Record
Share
Servel. Inc. (quarterly)
Preferred
(quarterly)
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Feb.
6c
Magnin (I.) & Co., 6% pref. (quar.)_
Preferred (quarterly)
Preferred (quarterly).....
Preferred (quarterly)
17
Feb.
50c
Macassa Mines, Ltd. (reduced)
MacMUlan Co. (quar.)
Per
Name of Company
31
15 Jan.
15 Jan.
$1'A
Lynch Corp
$5 non-cumulative preferred (quar.)
Madison Square Garden
1 Feb.
28 Jan.
Feb.
— -—
Feb.
Holders
Payable of Record
$1*4
Ludlum Steel Co.
Luzerne County Gas & Electric/.$7 pref. (quar.)$6 preferred (quar.)
(quar
When
Share
Chronicle
Feb.
Jan.
14
Jan.
14
Feb.
Feb.
15
10
Worthington Pump & Mfg. prior pref. (quar.)_
Mar.
Wrigley (Wm.) Jr.
Mar.
Mar.
Mar.
Feb.
Apr.
Mar. 19
Conv. prior preferred
(quar.)
Co. (monthly)
Monthly
Mar.
4
4
19
5
15
1
15 Feb.
1
1 Feb.
21
*
Transfer books
not closed for this
dividend,
t On
account of accumulated dividends.
I Payable in Canadian funds, and in the case of
non-residents of Canada,
a tax of
reduction of
5% of the amount of such dividend will
be made.
Bank of
*
*
Time
Deposits,
Average
2,
Jan. 26,
1938
1938
Feb.
3,
1937
Deposits,
Average
Undivided
Profits
Members
corresponding
previous week and the
Feb.
Net Demand
Surplus and
Capital
of the Federal Reserve
business Feb. 2, 1938,
date last year:
ASSOCIATION FOR THE
Clearing House
New York at
comparison with the
in
MEMBERS OF THE NEW YORK CLEARING HOUSE
WEEK ENDED SATURDAY, JAN. 29, 1938
OF
STATEMENT
shows the condition
the close of
The following
the New York City
The weekly statement issued by
Clearing House is given in full below:
Bank of
Condition of the Federal Reserve
New York
York City
Weekly Return of the New
Clearing House
861
Chronicle
Financial
146
Volume
Assets—
S
$
Bank ofNYA Trust Co
Bank of Manhattan Co.
20,000,000
National City
25,862, 300
e58,834, 500 al,453,947,000
446,909,000
54,625, 900
77.500,000
Bank
Chem Bank & Trust Co.
20,000,000
Guaranty Trust Co
90,000,000
42.419,500
Manufacturers Trust Co
.
181,690, 100 61,288,926,000
466,732,000
45,129, 300
704.482,000
70,476, 200
245,901,000
18,052, 000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
Cent Hanover Bk<fcTr Co
Corn Exch Bank Tr Co.
Flrst National Bank
Irving Trust Co..
Continental Bk <fc Tr Co
Chase National Bank
433,823,000
456,107,000
37,821,000
4,158, 700
131,390, 700 cl.889,714,000
108,207, 600
61,732, 200
500,000
3,660, 300
51,058,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
7,000.000
76,932, 400
(2743,538,000
1,265, 200
9,021, 000
27,798, 700
8,154, 000
8,949, 900
13,473,000
99,593,000
267,362,000
73,650,000
Fifth Avenue Bank
Bankers Trust Co
Title Guar <fc Trust Co..
Marine Midland Tr Co..
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
79,376,000
Other cash
not
Bills discounted:
Secured
are
8. Govt, obligations,
guaranteed
Total
2,772,000
341,000
United
IN
375,000
1,404,000
262,000
3,113,000
3,608,000
1,666,000
214,000
4,282,000
214,000
1,093,000
5,890,000
market
Bills bought In open
Industrial
3.233,000
bills discounted
advances.,
4,378,000
securities:
States Government
209,858,000
338,108,000
191,588,000
191,588,000
132,099,000
361,251,000
158,910,000
739,554,000
739,554,000
652,260,000
747,754,000
660,909,000
65,000
5,423,000
.....
Treasury notes
209,858,000
338,108,000
747,163,000
Bonds
Total U 8. Government
the figures for the week
NOT
INSTITUTIONS
by U.
direct or fully
Other bills discounted
$278,314,000; 6 $92,966,000;
securities..
Total bills and securities
65,000
85,000
5,736,000
7,369,000
146,472,000
10,134,000
10,434,000
Due from foreign banks
"Times" publishes regularly each week
of a number of banks and trust companies which
members of the New York Clearing House.
The
following
96,816,000
3,848,822,000 3,837,613,000 3,638,349,000
Total reserves
The New York
are
1,712,000
74,020,000
1,710,000
1,588,000
90,877,000
f
State, Dec. 31, 1937; trust
per
returns
3,756,357,000 3,739,087,000 3,562,617,000
671.522,000
9,373,532,000
909,313,700
623,189,500
official reports:
National, Dec. 31, 1937;
companies, Dec. 31, 1937.
e As of Jan, 4, 1938.
Includes deposits in foreign branches as follows:
a
C$120,921,000; d $41,434,000.
As
United States Treasury.*...
Redemption fund—F. R. notes
Treasury bills
Totals
♦
hand and due from
Gold certificates on
11,821,000
36,687,000
173,828,000
10,243,000
56,271,000
95,631,000
53,336,000
24,899,000
2,407,000
6,973,000
9,562,000
48.312,000
2,518,000
34,086,000
2,827.000
10,282,000
34,694,000
3,581,000
53,564,000
145,868,000
475,252.000
13,372, 700
6,000,000
Federal Reserve notes of other
Bank premises
126,777,000
129,321,000
9,956,000
Uncollected Items
;
9,973,000
11,835,000
12,322,000
All other assets
ended Jan. 28:
CLEARING HOUSE WITH THE
FOR THE WEEK ENDED FRIDAY,
NATIONAL AND STATE BANKS—AVERAGE
BUSINESS
banks
4,753,072,000 4,739,753,000 4,473,752,000
Total assets.
CLOSING OF
JAN. 28, 1938
FIGURES
Liabilities—
877,857,000
908,951,000
917,680,000
circulation
3,306,576,000 3,116,507,000
Deposits—Member bank reserve acc't.. 3,323,310,000
44,073,000
32,766,000
23,042,000
U. 8. Treasurer—General account
27,563,000
55,307,000
56,293,000
Foreign bank
136,511,000
191,469,000
188,747,000
Other deposits
F. R. notes In actual
Dep. Other
,
Banks and
Elsewhere
Gross
Trust Cos.
Y. and
N.
Including
Bank Notes
Deposits
%
$
$
%
$
Manhattan—
Res. Dep
Other Cash,
Loans,
Disc, and
Investments
3,591,392,000 3,586,118.000 3,324,654,000
Total deposits
21,035,600
17,964,000
136,000
6,887,300
484,000
2,802,400
5,976,000
26,988,900
6,405,000
Trade Bank of N Y__
4,056,433
272,380
3,061,355
244,850
6,510,688
fc Brooklyn—
Lafayette National..
People's National
6,391,778
5,069,000
304,615
1,544,557
424,938
7,761,994
Surplus (Section
7)
98,000
742,000
218,000
5,475,000
Surplus (Section
13b)-.
Grace National
Sterling National
27,292,000
Capital paid In
Reserve for
N.
Cash
Bank•* and
Gross
Trust Cos.
Deposits
S
$
$
$
*1,318,969
*6,460,900
3,502,607
3,699,600
2,409.899
20,562
Fulton
53,264,800
8,803,154
11,291,255
20,781,100
487,000
329,000
Lawyers
United States
27.891,600 *13,904.500
71,082,876 19,236,483
772,500
Empire
Federation
Fiduciary
14,251,000
1,501,214
*8,689,600
213,938
15,173,680
Brooklyn—
81,537,000
31,842,400
Brooklyn
Kings County
♦
Includes amount with
ciary, $946,841; Fulton,
total
987,000
to deposit and
combined
purchased
reserve
85.4%
69,547,000
10.951,289
13,569,927
23,496,400
40,781,100
75,671,900
make
to
Industrial
4,589,000
ad-
vances
not Include Federal Reserve
f "Other cash" does
Reserve bank notes.
6%
449,000
4,575,000
Commitments
86
85.4%
494,000
liability on bills
for foreign correspondents
8,218,000
notes or a bank's own
Federal
United States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
x
Empire, $6,596,900; Fidu¬
$13,281,500.
Following is the weekly statement
of
F. R. note liabilities
Contingent
Federal Reserve as follows:
$6,126,000; Lawyers,
These are
certificates given by the
Member Banks of the
Weekly Return for the
||
Ratio
55,000 114,896,000
40,194,035
37,519,000
12,204,585
3,143,000
1,644,198
50,993,000
51,943,000
7,744,000
8,210,000
Dep. Other
Elsewhere
$
Manhattan—
Dep.,
Y. and
Res.
Loans,
Disc, and
149,660,000
51,454,000
51,474,000
7,744,000
9,260,000
1,649,000
124,807,000
4,753,072,000 4,739.753,000 4,473,752,000
Total liabilities
Investments
7,744,000
8,210,000
1,599,000
..........
contingencies
All other liabilities
COMPANIES—AVERAGE FIGURES
TRUST
123,531,000
50,973,000
51,943,000
Deferred availability Items
Federal Reserve System
Federal Reserve System,returns the obtained.
giving principal
which weekly
of the Board of Governors of
Events and Discussions
reporting member banks for week later.
issued by the Board of Governors of the
and liabilities of the reporting member banks in 101 leading cities from
are
These figures are always a week behind those for the Reserve banks themselves.
The comment
the Federal Reserve System upon the figures for the latest week appears in our department of "Current
immediately preceding which we also give the figures of New York and Chicago
a
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as reported in this statement, which were
described in an announcement of the Federal Reserve Bank of New York of April 20, 1937, as follows:
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement it was made known that the new items "commercial, industrial, and agricultural loans" and
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May 29, 1937, issue of the "Chronicle," page 3590.
items of the resources
show the
carrying
located
"other loans'
LIABILITIES OF WEEKLY
ASSETS AND
Federal Reserve Districts—
Investments—total...
Loans—total
Commercial, Indus, and
unsecured..
Open market paper..
Loans to brokers and dealers
Other loans for purchasing or
Other loans:
Other securities
Federal Reserve
Bank..
Cash in vault
with domestic banks. ...
assets—net
Balances
deposits—adjusted
Time deposits
Government deposits..
Inter-bank deposits:
Domestic banks—/.
Foreign banks
„
1,803
624
637
3,741
456
695
245
Borrowings
Other
liabilities..
$
2,966
653
385
653
490
2,111
290
946
318
175
266
236
1,033
•50
10
17
10
40
551
37
231
48
46
14
12
563
152
140
324
148
75
231
96
147
1,582
159
523
255
7
18
3
40
459
83
16
13
11
25
50
189
4
4
3
17
6
1
22
3
4
657
19
43
27
12
9
12
14
57
6
21
21
372
10
76
34
287
38
17
15
617
35
87
174
30
47
59
87
234
27
84
2
7
4
3
4
39
2
24
46
11
123
29
2
12
13
55
28
35
104
42
41
29
59
58
54
257
52
814
228
173
661
792
1,439
156
305
283
193
3,363
155
428
189
47
14
45
30
35
33
59
50
3
1
8,176
265
129
1,139
20
444
92
61
40
114
51
288
255
61
95
1,158
262
392
133
73
2,922
5,735
157
71
163
331
846
330
104
110
133
248
20
6
13
11
18
10
17
38
57
36
68
11
305
76
227
188
220
139
121
144
204
348
124
142
113
2,046
92
23
16
23
27
207
317
2,925
1,283
78
558
83
104
34
38
253
480
402
887
420
406
1,033
182
145
128
1,032
5,213
196
122
738
184
275
881
265
6,415
1,065
786
2,176
997
328
14,583
60
27
24
13
2
653
19
8
21
362
17
14
269
113
345
187
243
1
13
6
323
81
330
5,322
209
2,193
275
323
425
10
388
3
821
27
364
238
1,612
195
767
7
1
1
1
3,626
86
1
203
1
-
Capital account
$
$
Ran Fran.
$
3,832
LIABILITIES
United States
$
1,115
Dallas
48
718
jlh On securities
p Otherwise secured and unsecured..
United States Government obligations
Obligations fully guar, by U. 8. Govt.
Demand
$
8,706
67
Loans to banks
Other
$
1,218
$
$
$
$
$
21,275
9,038
26, 1938, (In Millions of Dollars)
Minneap. Kan. City
St. Louis
Chicago
Atlanta
1,162
carrying
securities
Real estate loans
Reserve with
LEADING CITIES BY DISTRICTS, ON JAN.
Cleveland Richmond
Phila.
806
agricul. loans:
On securities
Otherwise secured and
New York
Boston
$
ASSETS
Loans and
REPORTING MEMBER BANKS IN 101
Total
24
20
7
17
7
18
5
3
92
88
372
56
92
349
90
226
'
862
Financial
Chronicle
s. ms
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the twelve Reserve banks
at the close of business
on
Wednesday.
on
Thursday afternoon, Feb. 3,
The first table presents the results
for the System as a whole in comparison with the
figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following)
gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board, of Governors
of the Federal Reserve System
returns
for the latest week
in
appear
our
upon
the
department of11 Current Events and Discussions "
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
BANKS AT THE CLOSE OF BUSINESS Feb. 2, 1938
Thrt ciphers
(000) omitted
ASSETS
Gold ctfs.
hand and due from U.S. Treaa.x
on
Redemption fund (Federal Reserve notes)
Other cash
Total
*
._
reserves
.
Bills discounted:
Secured
by
U.
S.
Government
obligations,
direct or fully guaranteed
Other bills discounted
—
Total bills discounted..
11,220
Bills bought in open market
Industrial advances
17,788
17,390
548
United States Government securities—Bonds..
Treasury notes
Treasury bills
—
727,573
1,172,213
064.229
Total U. S. Government securities
Other
securities
Foreign loans
.......
on
gold
-
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
—
Bank
premises
All other assets
Total assets
...
LIABILITIES
Federal Reserve notes In actual circulation
4,283,385
Deposits—Member banks'
Other
4,293,307
4,294,885
0,982.762
139,604
172,634
239,983
0,884,407
231.540
210,438
202.583
0,8304282
reserve account
United States Treasurer—General account..
Foreign banks
deposits.....
Total deposits
241,843
225,938
219,700
....
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
....
Total liabilities
Ratio of total reserves to
deposits and Federal
Reserve note liabilities combined
Contingent
foreign
liability
bills
on
purchased
for
correspondents..
Commitments
to make Industrial
advances...
Maturity Distribution of Bills and
Short-term Securities—
1-16 days bills discounted
16-30 days bills discounted
...
...........
31-60 days bills discounted
61-90 days bills discounted
...
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought
16-30 days bills bought
31-60 days bills bought
61-90 days bills bought
In open market
In open market
In open market....
In open market
Over 90 days bills bought In
open market.
Total bills bought in
open market
1-15 days Industrial advances
16-30 days Industrial
advances...........
31-60 days Industrial advances
61-90 days Industrial advances
....
Over 9C days Industrial
advances
Total
Industrial advances......
1-15 days U. 8. Government
securities
16-30 days U. 8. Government
securities
31-60 days U. 8. Government
securities
...
...
...
61-90 days U. 8. Government
securities
Over 90 days U. S. Government
securities.
...
Total U. 8. Government securities
1-15 days other securities
...
.......
16-30 days other securities...
.......
31-60 days other securities
61-90 days other securities
Over 90 days other
securities
Total other securities
Federal Reserve Notes—
^ehl°Xe^1^erVe^an,kbyF*R*Agent
Collateral Held by Agent as
Notes Issued to Bank—
4,119,084
4,516,887
361,615
4,587,496
4,623,282
365,436
4,683,094
399,709
4,709,922
397,362
4,069,198
375,891
4,665,962
371,077
4,475,246
363,539
4,155,272
4,190,134
4,257,846
4,283,385
4,346,383
4,293,307
4,294,885
4,158.067
4,671,132
9,998
25,000
4,685,632
"
4,530,632
9,907
33,000
------
United States Government securities
Total collateral
369,986
Security for
and dUe teom
By eligible paper
4,489,070
4,137,756
In actual circulation
4,474,787
337,031
Held by Federal Reserve Bank
..
4,579,539
4,569,632
4,606,632
10,159
33,000
9,472
33,000
4,612,791
4,649,104
4,7Q6,13ol
317,179
===============
4,735,132
4,730,032
4,705,032
4,690,632
4 491,132
9,538
11 950
15 118
14 801
16 677
25,000
2 556
25,000
20,000
20[(X)0
20,000
87,000
4,720,170
4,772.082
4,765,750
4.740.433
4,727,309
4,580,688
does not Include Federal
Reserve notes,
t Revised figure.
certificates given by the United
States Treasury for the gold taken over from the
Reserve banks when the dollar was devalued
from 100 cents to 59.00
cents on Jan. 81,
1934, theee certificates being worth less to the
extent of the difference, the difference tself
having been appropriated as profit by the Troasuf* under
provisions of the Gold Reserve Act of
1934,
*
"Other
x
These
cash"
are
f
146
Volume
RESOURCES AND LIABILITIES OF
STATEMENT OF
(000) Omitted
Three Ciphers
certificates
Gold
on
and du6
hand
%
*
%
$
%
%
RESOURCES
962
513,064
660,239
2,772
1,750
399
341
310
497
504
26,915
14,448
1,113
44,101
292,814
190,439
292,816
190,952
700,520
247
79
252
17
180
95
2
159
733
141
50
120
640
238
985
137
321
145
249
295
874
375
10,992
940
306,032
740
16,168
28,968
535,265 3,848,822
462
61,108
989
37,299
9,557,611
Total reserves.........
192
1,446
20,871
Bills discounted:
Secured by U. S. Govt,
direct and (or)
Other bills
obligations,
7,545
discounted
632
3,113
2,624
709
487
1,580
3
16
16
39
50
68
2
56
24
548
214
19
41
688
578
935
4,282
30,494
80,132
37,486
71,802
115,685
23,622
60,047
32,485
52,337
38,058
60,395
34,222
65,551
29,656
21,566
54,819
49,128
27,839
73,156
1191,588
62,311
35,309
129,102
28,310
45,611
1,479
61,245
53,415 1209,858
86,060 5338,108
1,728
38,677
125
475
999
202
3,555
253,038
136,297
107,461
282,390
114,478
83,246
739,554 1211,610
114,932
84,064
market
•
727,573
securities—Bonds.
1,172,213
664,229
Treasury notes
Treasury bills
Total U. S. Govt, securities
254,796
138,536
109,185
283,291
2
12
21
5
6
5
16
7
2
17
541
1,274
3,422
898
2,061
682
710
986
23,651
41,772
55,834
45,185
1,486
3,148
1,627
1,488
1,935
1,275
1,571
377,154 2,148,320
436,614
292,253
462,952
318,750
955,356
497,084
966,026
178,906
135,421
165,472
334,603
155,743
82,267
198,158
176,544 1,002,934
44,352
2,045
206,532
5,329
118,702
188,000
535,946
10,833
4,473
7,478
3,429
5,254
4,324
10,586
17,743
1,019
234,601
17,428
4,324
5,458
3,830
316
3,007
13,973
133,439
256,669
200,585
571.338
187,186 1,006,048
221,792
25,444
3,878
4,667
14,083
2,890
30,808
24,911
3,921
3,892
1,215
3,153
1,001
1,943
167
317
2,996
2,628
9,956
12,322
4,845
6,203
4,659
2,569
786,930 4,753.072
782,187
983,021
917,680
310,813
416,964
275,703
4,137,756
142,671
151,864
account-
bank
10,735
56,293
3,288
231,389
188,747
221,201
12,744
2,115
1,661
7,835
6,411
5,218
3,619
13,717
3,654
3,379
395,141
480,132
54,649
9,398
123,531
50,973
43,687
12,280
53,869
44,979
534,050
Deferred availability Items
432,432 3,591,392
239,066
7,775,220
Total deposits...
13,154
4,916
21,414
4,432
(Section 7)..—
liabilities
|
bUls purchased
for foreign correspondents..—.
Commitments to make Indus, ad vs..
13,466
14,323
7.774
4,411
1,007
8,210
2,000
3,177
3,409
1,401
1,603
395
191
485
1,599
389
420
on
•"Other cash" does not include
1,509
1,490
Omitted
RESERVE NOTE
40
98
430
42
99
269
2,871
Chicago
%
9
139,160
3,739
174,166
8,694
92,850
10,583
48,137
20,322
192,096
13,190
382,740
991,396
25,370
178,906
135,421
165,472
334,603
996,026
82,267
155,743
136,500
182,000
93,500
404,000
202
965
135
316
93,635
404,316
176,065
209,637
11,479
4,137,756
275,703
917,680
310,813
416,964
198,158
452,000
161,000
196,632
337,000
2,051
995,000
341,000 1,035,000
3,034
570
203,000
4,536,632
pin actual circulation.......
Collateral held by Agent as security
415
484
135
247
8,000
1,353
20,000
339,051
211,484
182,353
995,135
341,570 1,038.034
to banks:
certificates on hand
and due
from United States Treasury
9,907
Eligible paper
4,579,539
Total collateral..
5,000
33,000
U. S. Government securities
452,415
Transactions
United J
States
Government Securities on
the New
Stock and Bond
United States Treasury
Bills—Friday, Feb. 4
quoted are for discount at
Bid
Asked
Bid
New
Quotations .of representative
each day of the past week:
0.15%
0.15%
0.15%
0.15%
0.16%
0.16%
41938.
0.13%
0.14%
June
1 1938.
June
81938.
0.14%
0.14%
June
0.16%
Cle Distr
June
0.16%
0.14%
Cle Generale
April 6 1938
April 13 1938
April 20 1938
0.16%
0.14%
July
0.17%
0.14%
July
0.17%
April 27 1938
0.14%
July
0.17%
Comptoir Natlonale
Coty S A...
2 1938
Mar.
9 1938
Mar. 16 17 18419
1938
Mar. 23 1938
Mar. 30 1938
May
May
Paris et Des Pays Bas
de l'Union Parlslenne..
Banque
Pacific
Canadian
Figures after_decimal point represent one or more
32ds of
(PLM)
Rentes
Int.
Maturity
Rate
Bid
Rate
Maturity
Asked
Rentes
Bid
Asked
Rentes
Rentes
Dec.
15 1938...
1 H%
101.5
Mar. 15 1940.
Dec.
15 1941...
1 H%
100.27
100.29
Mar. 15 1942...
1H%
101.15
101.17
Dec.
1H%
101.14
101.18
101.6
101.8
Sept. 15 1942...
June 15 1939
Sept. 15 1939...
Dec. 15 1939...
101.3
15 1942
..
...
1H%
101.28
101.30
1H%
102.7
102.9
1 H%
102.8
102.10
103.9
103.11
102.14
102.16
June
151941
IH%
Mar.
15*1939...
1H%
1H%
101.14
101.16
Sept. 151938...
2%
2K%
2H%
101.17
101.19
June
151938...
2H%
101.17
101.19
1H%
101.21
101.23
Mar. 15 1938...
3%
101.2
101.4
1H%
101.20
101.22
1941...
June 15 1940...
Mar. 15
Dec
151940...
-
101.27
101.29
----
25,300
25,300
25,000
574
573
559
1,170
1,180
1,130
1,120
33
35
35
33
411
416
657
658
.
....
395
650
130
170*
212
206
430
430
170
170
210
419
1,350
1,340
1,150
1,330
1,140
1,310
1,120
271
270
277
467
472
1,320
264
467
470
594
598
592
584
1,070
1,070
1,050
793
800
800
790
770
778
760
"358
360
359
22
22
22
1,120
1,855
360
_
_
_
_
1,060
363
....
1,895
1,891
1,898
69.50
69.75
69.50
69.10
69.00
66.50
66.25
65.90
65.70
64.50
66.10
1918
—
4^%, 1932, A
4^%. 1932 B.—j
5%, 1920,—.......—
Royal Dutch
Saint Gobaln C & C
..•-a.
66.30
———.....
Perpetual 3%
—
Cle
Soclete Francalse Ford
Societe Generale Fonclere
Society Lyonnaise..
Soclete Marseillaise
Tublze Artificial Silk preferred..
Union d'Electrlclte...
—
Wagon-Llts.—
212
24.400
21
4%. 1917
Schneider &
223
1,140
DAY
6%—
Capital
Rentes 4%,
Int.
223
431.
HOLI-
,
Ry..
Pechlney
227
6,800
'
160
Liqulde
Rentes,
point.
395
1,080
Orleans Ry
a
5,900
1,983
382
212
....
Kuhlmann
Pathe
5,900
1,038
391
659
d'Escompte
Commercial de FranceLyonnaise
Lyonnaise cap
Energle Electrlque du Nord
Energle Electrlque du Littoral—
Nord
1,040
34
Eaux des
Lyon
5.900
400
Transatlantlque..
Credit
Notes—Friday,
Francs
1,160
d'Electrlclte
d'Electrlclte—
Credit
Feb. 4
Feb. 4
Francs
575
Courrieres
Quotations for United States Treasury
Feb. 3
Francs
25,600
Canal de Suez cap........—-
L'AIr
Feb. 2
Francs
227
Bank of France
Banque de
Feb. 1
Francs
381
Citroen B
Mar.
May
cable
1,045
Cle Generale
June
23 1938
stocks as received by
6,000
May
16 1938
Feb.
BOURSE
Jan. 31
0.12%
0.12%
0.12%
0.13%
91938..
Feb.
York Stock Exchange,
Averages—See page 879.
Francs
Feb.
182,965'
Yearly—See page 879.
THE PARIS
purchase.
Asked
141,702
196,879
the
at
Daily, Weekly and
York^Stock Exchange—See following page.
Rates
$
%
$
%
San Fran.
Dallas
Minneap. Kan. City
St. Louis
S
448,955
31,991
333,913
23,100
312,220 1,021,589
103,909
36,517
4,474,787
337,031
Atlanta
$
$
$
$
$
3
Bank
40
STATEMENT
Cleveland Richmond
Phila.
New York
Boston
Total
Federal Reserve notes:
Held by Federal Reserve
318,750
462,952
Federal Reserve notes.
Federal Reserve Bank of—
Issued to F. R. Bank'by F. R. Agent
327
955,356
32
332
138
2,000
128
292,253
1,614
135
1,776
195
42
48
494
934
436,614
59
4,575
.1,270
25,058
10,104
9,805
2,121
164
497,084
127
FEDERAL
Three Ciphers (000)
545
4,119
3,613
1,142
377,154 2,148,320
983,021
100
1,379
13,369
730
782,187
786,930 4,753,072
12,793,693
Total liabilities
51,943
4,964
9,900
2,874
71,617
13,016
22,387
1,429
7,312
526
|
27,683
33,019
5,139
5,626
*1,448
1
133,087
147,739
Surplus (Section 13-B)
Reserve for contingencies
for notes Issued
450,017
376,852
2,579
14,611
1,099
414,657 3,323,310
23,042
3,752
7,249,296
deposits
1,890
21,187
2,694
3,934
12,793,693
U. S. Treasurer—General
Gold
14,092
2,336
3,960
54,048
41,962
Member bank reserve account
f
23.917
4,579
3,309
25,898
3,338
3,608
5,423
129,321
Deposits:
I
67.409
30,571
326
44,971
Contingent liability
217,671
217,845
resources..
other
215,832
100,855
65
LIABILITIES
All
99,767
133,579
747,163
21,522
F. R. notes In actual circulation
Surplus
132,103
13
533,885
Items..
Total resources
Other
98,674
55,913
191.654
premises
Foreign
25,846
171
Fed. Res. notes of other banks
All other
188,239
96,744
2,593,571
Due from foreign banks
Bank
48,764
2,564,015
;.
Total bills and securities
Uncollected
'2,742
17,788
Industrial advances
U. S. Government
113
11,220
Total bills discounted
Bills bought In open
519
3,675
fully guaranteed..
655,306
241,110 1,785,638
1,295
33,077
10,612
275,906
218,793 1.724,068
276,075
621,978
488,546 3,756,357
641
1,588
90,877
46,078
478,692
430.902
9,116,097
from United States Treasury
Redemption fund—Fed. Res. notes..
Other cash *_
175.900
265,404
179,072
*
J
%
I
%
*
*
\
San Fran.
Dallas
Minneap. Kan. City
St. Louis
Chicago
Atlanta
Cleveland Richmond
BUSINESS Feb. 2. 1938
RESERVE BANKS AT CLOSE OF
EACH OF THE 12 FEDERAL
Phila.
New York
Boston
Total
Federal Reserve Agent at—
(Concluded)
Federal Reserve System
Board of Governors of the
Weekly Return of the
WEEKLY
863
Financial Chronicle
■
65.30
65.10
64.50
72.75
72.80
72.50
72.00
72.80
72.70
71.90
73.30
73.60
73.30
93.10
93.50
93.50
93.30
93.80
6,090
1.918
6,080
6,150
6,040
5,950
1,875
1,860
1,840
958
940
960
910
60
60
59
55
92
90
86
75
....
1,144
1,120
....
1,140
1,149
474
474
____
55
475
....
117
121
123
116
....
357
360
358
351
....
72
73
73
70
864
Feb.
Stock and Bond Sales—New York Stock
5, 19SS
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales
account is taken of such sales in
are disregarded in the day's range, unless
they
computing the range for the year.
United States Government Securities
Below
furnish
on
the only transaction." of the day.
are
the New York Stock
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
we
a
Daily Record of U. S. Bond Prices Jan. 29 Jan. 31
Trelwurr
Feb. 1
Feb. 2
Feb. 3
Feb. 4
fHigh
117.17
{Low.
117.17
117.16
{Close
117.17
117.16
Total tales in $1,000 units...
10
3
4KB, 1947-62
High
107.17
107.24
107.22
107.15
107.21
107.20
107.16
107.21
107.22
68
6
{Low
17
112.22
112.28
112.26
112.23
112.28
112.24
112.23
112.25
Close
Total tales in $1,000 units...
112.22
112.28
112.24
112.23
28
3
1
2
High
111.9
Low.
111.9
Close
111.9
108.5
107.31
108.5
104.12
104.16
104.11
104.10
104.11
104.12
104.12
104.12
104.16
104.11
104.13
104.12
101.17
101.12
101.10
101.16
101.11
1
13
fHigh
10
*1
15
2
105.21
Low.
105.21
105.26
105.28
105.23
Close
105.21
105.26
105.28
105.23
5
27
1
43
High
ZHb. 1940-43
106.2
Low.
{Low.
3Hs. 1941-43
107.3
107.3
107.6
107.3
107.3
107.6
3Hs, 1948-49..
106.13
106.12
{Close
106.13
106.13
106.12
106.13
106.16
106.12
106.8
106.8
106.8
106.7
106.4
106.7
106.4
Mortgage
fHigh
[High
55
107.13
103.26
3
104
103.25
103.28
103.26
103.28
103.24
103.28
103.26
103.28
103.24
10
50
27
5
Mortgage
High
103.30
104.2
104
103.31
104
104
104
Low.
103.30
104
103.30
104.2
104.1
25
28
High
102.28
102.27
Low
102.28
102.26
102.28
102.27
*1
20
10
30
103.30
103.31
103.30
Mortgage
High
Low.
7
5
102.28
102.30
102.26
102.28
102.26
102.26
102.28
102.26
102.26
11
104
103.29
103.30
103.27
103.28
103.27
103.26
103.30
1,03.27
103.28
103.27
103.29
46
72
3
41
101.31
101.29
19
High
101.22
101.30
Low.
101.22
101.30
101.27
101.28
101.27
101.27
101.22
101.30
101.30
101.29
101.29
101.27
1
3
398
10
65
30
High
101.17
101.18
101.22
101.22
Low.
101.21
101.21
101.17
101.18
101.20
101.20
.Close
101.19
101.17
101.17
101.18
101.20
101.22
101.21
101.17
*
2
29
6
55
33
includes
only
sales
Home Owners' Loan
107.9
2*s. 1942-44
Total sales in $1,000 units
10
107.21
107.24
107.20
107.21
107.21
.{Low.
{Close
107.12
107.18
108.21
107.18
107.20
107.12
107.21
107.21
107.19
107.20
107.16
1
8
11
33
4
10
102
101.29
107.16
♦
Odd lot sales,
102.4
102.8
102.11
102.9
102.11
102.8
{Low.
102.1
{Close
102.5
102.8
102.5
102.7
102.4
102.4
102.8
102.9
102.7
102.8
t Deferred delivery sale.
Note—The
bonds.
I High
above
table
Transactions in registered bonds
of
coupon
were:
102.6
units...
66
(High
104.4
27
38
197
104.13
104.14
104.15
Treasury 3*s 1941-1943
104.10
104.9
104.11
107.3
to
107.3
104.10
104.12
104.12
7
25
40
15
Treasury Bills—See previous
104.7
104.10
United States
104.12
104.5
104.13
8
Total tales in $1,000 units...
104.13
104.4
Close
5
86
104.4
Low.
WS
103.28
.Close
107.12
Total tales in $1,000 units..
*
104.3
104.3
3
29
Total sales in $1,000 units...
fHigh
2*«, 1945-47
104.2
104.2
3
103.22
2*s, series B, 1939-49..
107.9
8
,104.3
103.27
Home Owners' Loan
107.11
107.13
107.11
Close
Total tales in $1,000 units...
107.13
107.10
Low.
Totaljales in $1,000
103.27
Close
26
107.11
97
104.2
{Low
106.8
35
35
104.10
,
9
103.10
104.6
38. series A. 1944-52
106.8
106.8
114
104.10
Home Owners' Loan
106.10
106.8
Close
Total sales in $1,000 units...
3*s, 1941
103.30
Total sales in $1,000 units..
Low.
2*8, 1955-80
X
103.4
103.4
20
.Close
1
High
3*s. 1944-48...
103.8
103.11
106.12
3KS, 1949-52.
99.30
103.9
2*s, 1942-47
106.12
106.12
Total tales in $1,000 units...
99.28
103.9
1
Federal Farm
106.17
Low.
•
99.30
99.31
100.1
103.3
Total sales in $1,000 units...
106.16
100
103.3
103.30
107.1
106.13
99.31
99.31
64
Close
Total sales in $1,000 units...
107.1
Close
Total tales in $1,000 units...
106.12
99.31
100
13
100.3
103.11
3s, 1942-47
107.3
Low.
fHigh
99.30
100.2
103.30
Federal Farm
2
107.6
100.2
{Close
105.29
107.3
101.4
12
103.11
Total sales in $1,000 units..
105.29
107.3
100.1
{Close
105.30
106.3
101.4
101.4
20
103.3
{Low.
38, 1944-49
106.3
101.4
101.7
Total sales in $1,000 units...
105.24
106.1
101.4
3
15
fHigh
105.24
106
101.4
75
Mortgage
3*s, 1944-64
105.24
106.2
[High
99.28
101.12
{Low.
Federal Farm
106
Close
Total sales in $1,000 units..
99.31
39
101.7
fHigh
105.24
106.3
101.6
21
105.26
106.1
101.6
25
99.31
Federal Farm
25
Total sales in $1,000 units..
101.7
{Close
104.13
High
105.29
101.6
101.7
Total tales in $1,000 units...
1
105.27
101.7
{Low.
104.13
1
105.28
101.14
101.17
2*s, 1949-53
104.13
Close
105.27
101.19
40
{Close
104.12
3s, 1948-48
101.17
Total tales in $1,000 units
Low.
Total tales in $1,000 units
101.16
101.15
2*8, 1945
[High
104.12
4
101.16
101.16
fHigh
25
104.13
23
15
108.6
3s. 1951-55
14
101.13
108.6
1
101.13
{Close
108.6
Close
Total tales in $1,000 units...
17
Total tales in $1,000 units
35
107.31
102.7
101.16
111.6
10
Low.
3Hs, 1943-47
102.7
102.8
14
2*s, 1956-59
111.6
108.5
102.8
101.10
111.8
107.31
102.10
102.11
101.13
112.25
1
(High
102.8
102.11
102.11
2
{Low.
112.25
112.22
Total tales in $1,000 units...
Feb. 4
102.12
{Close
Low.
3Jis, 1940 58
Feb. 3
102.11
Total sales in $1,000 units...
(High
4s. 1944-54
Feb. 2
102.13
Mortgage
102.6
fHigh
2*s, 1951-54
Farm
102.10
{Close
107.22
10
Feb. 1
102.10
fHigh
Total sales in $1,000 units..
107.22
Close
Total tales in $1,000 units...
Treasury
2*s, 1948-51
107.24
Low.
3 H», 1943-45....
Federal
Daily Record of U. S. Bond Prices Jan. 29 Jan. 31
117.16
No
United
States
Treasury
Notes,
page.
&c.—See
previous
page.
New York Stock Record
LOW
AND
HIGH
SALE
Saturday
Monday
Jan. 29
Jan. 31
$ per share
36*
*36*
40
*33
*41*
45
*4134
8* »
8*
*19i2 120*
21
834
*llf*
21
a
*1*1»
21
1»4
1d.
1*
*33
40
*33
40
46
41
4134
*39
4034
20*
21
21
134
49
1*
12
*—-
12*
1*
12
1*
1*
11S4J 11*
*11
11%
13
*11
♦10
12*
*10
*14
16
15*
7*
11
678
734
4834
12
2*
58*
*12*
*51*
*
58*
13
5334
1934
1934
21
21
21
*1*
48*
134
50*
134
1*
1*
1*
14
12*
13*
14
*13
13
14
*11
r
1
1*
12*
*10*
*10*
13
15* 16
8*
8*
152* 164
1534
8*
163
9
*8
87S
*8
12*
12
12*
7*
12
7*
55
7*
♦48*
4234
42
12
12
2*
20*
*58*
2*
20*
57
*12*
53*
60*
57
13*
5334
55
634
48*
41*
238
4334
12*
2*
*12*
*2*
r20*
20*
*20
3612
36*
§
$ per share
36*
36*
40
*33
38
*36*
39
8*
878
19*
8*
*19
8*
191?,
.19*
20*
1*
*19
20
8*
19*
20*
1*
45*
1*
1*
*1*
46*
47
H«
1*
1
1*
14
12*
1*
11%
*10
13*
*10
14
*12
16
8*
163
878
12*
7*
48*
43*
137S
"
2*
2234
Shares
14
13*
15
15*
15*
8
12*
1*
,
11%
*10*
*10*
*12
8
156* 160
*8
11*
6*
47*
38
8*
12*
634
48
Abraham & Straus
Address-Multlgr
200
Advance Rumely
Air Reduction Inc
4,700
2.3nn
2,300
156
*8
6*
*45
6,600
20
20
6034
6034
10,300
400
16,000
1134
1,000
2*
1,800
800
61
57
59
*51*
55
*51
55
400
13
11%
12
11*
*51*
13
900
53*
6
23
4
3
war.
53*
a Def'd
Jan
3
6
13* Feb
2
3
1*
1778
17*
17*
Jan
17*
Jan 12
1,100
5% preferred
Allla-Chalmers Mfg
No par
7* Jan 29
154* Jan
delivery,
n
preferred..
New stock,
r
5
11
Jan 29
No par
6*
Jan
3
100
4778
Feb
3
38
Feb
3
1134 Feb
4
No par
No par
1
o218
20
50
per
share
36
Nov
55
Mar
Nov
69
Mar
4334 Dec
778 Nov
17* Oct
16* Oct
1* Oct
44* Nov
85
Aug
22* Mar
28* Feb
36
Jan
Jan
Mar
8
Oct
4*
80*
5*
100*
1534
166
*
Oct
Jan
Jan
Jan
Feb
Jan 28
Oct
7
1
Oct
Oct
5*
5934
Feb
11
Jan 12
11
Oct
59
Feb
Jan 12
10
Oct
58*
52*
45*
23*
258*
17*
33*
21*
Feb
2134 Jan 17
978 Jan 17
176*
9* Jan 10
14* Jan 19
10
9* Jan 12
53*
5134
15*
3*
Jan 11
Jan 12
6*
Jan 11
49
34
Jan 11
Feb
4
24
Jan
3
68* Jan 15
1
66
Jan
3
1578 Jan 15
4978
Jan
3
54
y
7*
Jan 11
Feb
Ex-div,
6*
145
11
x
10*2
13
Jan 10
55
50
Cash sale.
Highest
share $
Jan 12
57
Amerada Corp
No par
Am Agrlc Chem
(Del)..No par
American Bank Note
10
6%
29
8* Jan
No par
Alpha Portland Cem
Amalgam Leather Cos Inc
6% conv preferred
80
Jan
11* Jan 26
12* Jan 26
12* JaD 25
13* Jan 28
15* Jan 29
5
Allied Stores Corp
per
146
1*
100
Allied Mills Co Inc
$
97
1
100
war.
Jan 24
134 Jan 10
58* Jan 10
1* Jan 7
10* Jan
100
Allied Kid Co
«•
13
*51*
3
Jan
Jan 14
1038 Jan 10
z2034 Jan 20
1* Jan
Industries Inc
1
Allied Chemical & Dye.No par
4,500
61
X In receivership,
4
19* Jan
No par
2,300
24
52
19
Allen
40
3878 Jan 12
45* Feb
war.
Alegheny Steel Co
48i2
4
3
8* Feb
$2.50 prior conv pref.iVo par
500
share
Feb
10
5H% pf A with $40
5M% pf A without
*55
this day.
Corp
1,300
per
.No par
No par
pf A with $30
4,900
*11%
2*
2*
5
8
*20
11%
Corp
15*
38
$
37
Way El Appliance..No par
Vlcksburg RR Co..100
Allegheny
1,400
12*
U34
6*
share
Lowest
36* Feb
Alaska Juneau Gold Mln... 10
Albany & Susq RR
100
11*
8*
11*
per
Ala &
14
on
Air
160
7*
Year 1937
Highest
36
No par
No par
900
1*
12*
40*
12*
2*
60*
Express
Adams-Millis...
41,000
14
15*
$
25
Adams
200
1234
Range for Previous
100-Share Lots
No par
Acme Steel Co
5,500
61
53*
Par
600
55
*51*
On Basis of
Abbott Laboratories...No par
600
55
5334
Range Since Jan. 1
STOCK
Lowest
66
1234
12*
1*
1134
134
48
1
1
66
12*
YORK
EXCHANGE
40
36
..
13*
36*
60
53*
STOCKS
NEW
Week
*13
Bid and asked prices, no
sales
878
1
-
13*
*11
41*
1178
2*
24
59
20*
49
Feb. 4
*33
878
66
12*
3634
9*
678
*48
42
59
36*
11*
7
*20
8*
*8
1138
12
15*
14
155* 158
9
4834
13s
1234
13*
12*
734
15*
4034
1234
13*
15*
154*1158
*778
66
*
Sales
the
$ per share
40
.
72
per share
37*
9*
*19*
CENT
Friday
Feb. 3
*36*
878
NOT PER
for
Feb. 2
$ per share
37
*1*
134
4634 [4734
1
1*
46* J 47
11
SHARE,
Thursday
Feb. 1
$ per share
36i2
*33
PRICES—PER
Tuesday
Jan
8
Jan 12
Ex-rights,
8*
1*
19
Oct
Oct
Oct
Nov
Dec
Oct
Oct
Dec
Feb
Feb
Mar
Apr
Mar
Aug
Jan
Mar
Mar
Oct
83*
Jan
Oct
3934
8*
52*
114*
101*
41*
75*
Jan
Mar
Oct
Oct
51* Nov
53* Oct
10
85
Aug
Oct
Mar
Mar
t Called for redemption
Jan
Jan
Feb
Jan. 29
31
125
125
3134
30%
125
125
77
77
21%
21%
*
150
*93
*
25
6%
*11%
11%
11%
1134
14
4
4
4
3%
9
*5
9
5
5
*172
300
*172
300
*172
300
7
*4
300
*172
300
3
3%
3%
3%
3%
3%
33s
3%
17%
18%
18%
17%
17%
15
8
15
*20
21%
21
21
20
35
35%
35%
35%
3434
35%
2
1%
*15
16
*15%
*6%
6%
17%
18%
17%
I884
18%
1834
60
60
60
60%
59
59
1234
12%
12%
12%
12%
1234
1284
4%
4%
29%
4
4%
3%
30
30
31
32
32%
29%
103
*103
115
*103
115
*103
26
26
26
25
5
4
29%
103
115
*102
26%
4%
4%
30
24
25%
26
25%
30
26
4%
*4%
4%
1234
12%
18
600
*4
29
29
115
*103
115
25
*25
26
5%
4%
29%
24%
11%
29%
31%
31%
24
2534
29%
24%
26
27
22%
23
2534
12
22
12
1284
11%
11%
28%
28%
4584
29
29%
*50%
*50%
49%
48
49%
245%
*50%
51
66%
5%
5%
834
8%
*27%
165
Jan
6
17%
Feb
4
2278 Jan 15
15%
Oct
100
66
Jan
3
78
Jan 15
63%
Dec
Razor..18.50
17
Jan
3
2078 Jan 12
15% Dec
Jan
3
14% Jan 12
35% Jan 11
5684 Jan 12
7%
24%
Co ..No par
10
28
Jan 27
44%
Feb
4
Feb
Refg.No par
700
300
American Sugar
110
18
200
Amer
41,700
Oct
Nov
Feb
3
3434 Jan 10
8% Jan
4
Jan
3
31
108% Jan
5
112
22%
100
25
Tobacco.-No par
Telep & Teleg Co.—100
Tobacco—..—25
Common class B
25
6% preferred
100
Am Type Founders Inc
10
5,900
600
3,400
13,300
Am Water
1,100
29%
2,100
7,200
634
37
......
30%
31%
30
31%
28%
29%
2734
29%
92,100
40%
16%
37
45
37
37
36%
36%
900
Anaconda W &
38
15%
15%
*105% 109% *105% 109% *105% 109%
*105% 109% *105% 109% *105% 109%
15%
*13%
14%
13%
14%
15
14%
*14%
15
13%
*13
13%
500
15%
40%
*97% 100 "
5%
5%
..
.»
*119
98"
98
M.
*119
97%
534
31%
~30%
31%
3,400
*6%
6%
6%
6%
200
4%
4%
3%
3%
3%
1,300
6%
*6%
634
*4
4%
*4%
4%
*
85
78
*70
*34
80%
634
85
~6%
4,200
634
100
*68
70
*68
70
68
68
*70
78
*70
78
*70
78
*70
78
34
34
*32%
35
*32%
40
32%
32%
80%
*75
80%
*75
80%
77
77
*75
80%
*75%
~~6%
7
*
85
100
94
70
40
*76
"7"
7
4
*
85
♦
94
_
_
*68
78
40
•
95% *__
*
85
"~6%
6%
70
*33%
100
65
*62
63
*62
~30%
*6%
*70
11,900
6%
4%
*68
5%
32%
6%
"6%
5%
6%
*4
634
534
"32%
♦
96
*6%
70
300
32%
33
85
97%
"31%
*
94%
3134
*68
———
97%
5%
65
200
31
*28
99%
*71
*71
♦71
-R
-R
-
—'
*71
'
«
-
200
20
......
■ -
*71
*71
3334
33
3434
3434
35%
34%
35
32%
3334
32
33
33%
6234
65
65
65
65
63%
64
61%
62%
61%
62%
1,800
6234
21
20%
21%
2,500
21%
*5%
7
*534
6%
534
534
400
Atl G
9%
10%
20%
9%
9%
500
20%
2034
6,000
5% preferred
Atlantic Refining
105%
500
7%
2,500
1234
21%
4234
114
110
6
6
110
*6
4%
2%
4%
2%
*110
6%
4%
114
*6
4%
*2%
2%
19
334
3%
3%
3%
*18%
334
7%
7%
8%
8%
8%
8%
9%
834
8%
8%
834
10%
9%
10%
10%
19
*18
*10%
21
21
20%
*39%
40
1,800
*40
42
42
42
500
*110
114
110
110
110
111
6
6
6%
4%
2%
19
334
8%
9
1034
4%
4%
2%
2%
18%
3%
18%
8%
334
83s
5%
4%
2%
18
3%
7%
8%
8%
8%
10%
1034
934
*30%
33
*87%
90
15%
15%
15%
15%
153s
1438
8%
8%
834
834
*7%
1034
*1034
*110% 115
*16
16%
115
94%
*87
33%
*30%
*80
*30^4
*98
101
*16
*27
13%
29
14%
*28
13%
14%
834
734
Sh
8%
934
834
103S
8%
28
27%
100
100
*99
*73s
734
*81l4
87%
*81%
84%
*81%
84%
in2
1234
113s
12%
13%
13%
11%
16%
12%
17%
16%
734
*7%
734
101
*99
101
*99
*81%
11%
11%
11%
1134
16%
17%
16%
16%
84%
12%
17
32%
31%
32%
3234
3234
33
33
33%
553s
543s
56%
55%
5434
57
51%
33%
54%
50%
52%
15%
*1538
I.534
15%
15%
15%
14%
15
14%
14%
1514
57%
15%
90U
91
91%
91%
93
93%
92%
93
90
91%
26
22
22
22
21
2234
20%
21
*22
90%
20%
15%
14%
14%
14%
14%
14%
12%
12%
11%
1134
11%
11%
12
14%
1134
14
*14
90%
20%
12%
12
11%
11%
16%
*14%
15
*12%
62
*41
62
*40
*25
28%
*26
20
*21
29%
29%
28%
26
15
*12%
15
62
*40
62
30%
26
2834
*25
30
28
400
100
m
_
-
MR -
MR
100
.
400
84%
5334
28%
300
8
84%
734
16%
29%
7,000
101
*7%
*81%
7%
734
17
28
140
11
*1634
3238
*41~
400
1334
11
17
♦
......
28
13%
11%
*11
12
12
1134
*110% 115
*110% 115
*110% 115
*110% 115
16
16%
*15%
16
*16
16%
16%
16%
16%
92%
92%
94%
*92%
94%
*92%
94%
*92% 94%
42
42
42
*30%
42
*30%
*3034
*30%
33%
734
*81%
11%
1H2
13,600
19,600
5,200
8%
28
*11
12
*12%
*40
26%
*25
55 prior A
Aviation Corp
*33
34%
50
*42
56
2,000
2,400
4,100
11%
15
11%
*12%
11,600
2,300
1,500
88,700
2,300
1,600
28
27%
25%
*25
15
MR
—
-
-
2734
31,700
27%
100
Oct
Jan 10
57
Dec
71
3
8% Feb
.
Jan 28
80
No par
(The)..3
Works—No par
Oct
Oct
3
8% Jan 10
3%
Jan
6
40
2734 Feb
4
3634 Jan 11
34
Jan 10
z27% Oct
24% Nov
50
15% Feb
Jan 11
39
Oot
18
36% FeD
103
Jan 15
10
Oct
3
96
Oct
Jan 11
7
107% Jan
Jan
19
12% Jan
Oct
2% Dec
2584 Jan
6
119
Jan
6
95
Jan
4
5% Jan
3
3
58
Jan
90
Jan 12
30% Jan 28
6% Jan 5
3% Jan 3
683 Jan
67
Jan
3
30% Jan 13
120% Jan 14
22
Dec
11684 May
Oct
100% Jan 18
6% Jan 10
93
Jan 12
57
Dec
94% Jan 31
Jan 12
39
96
Feb
30
Oct
72
7% Jan 21
6% Jan 13
Oct
4%
4%
Oct
2%
Oct
80
83g Jan 12
Nov
6
Dec
32% Feb
7
69
Jan 12
4
35
Jan 10
77
Jan 18
72
Jan 22
Feb
4
32
61% Feb
3
20% Feb 3
5% Jan 31
9% Jan 4
Jain
20
10434 Jan
7% Feb
39% Feb
42
105
58
Dec
83
Nov
33
Dec
77% Jan 27
72
Jan 22
42
Jan 12
71»4
Dec
70
Dec
Jna 14
66%
72
32% Nov
Dec
2738 Jan 12
734 Jan 11
18
Oct
5
Oct
14% Jan 10
22% Jan 10
9
Oct
8
Jan
107
978 Jan 10
Jan 11
43
Feb
1013s Bept
Dec
7%
Oct
39%
Jan 11
48
Jan
Oct
18
111
38
Nov
4
101
Dec
Feb
4% Jan
73s Jan 12
6% Jan 12
3% Jan 19
Oct
Dec
4%
3% Jan
3%
2% Feb
16
Jan
3% Jan 28
20% Jan 25
4% Jan 10
2
Sept
15
Dec
2%
Oct
3% Sept
3
Sept
934 Jan 15
5
Oct
734 Jan
10% Jan 11
1384 Jan 11
33
Jan 12
8%
Oct
10
30
Oct
Jan 21
90
Jan 14
89
Dec
14% Jan 28
8
Jan 3
18
Jan 10
10%
.50
27% Jan
30
..5
13
Jan
16% Jan 11
par
10% Jan
1234 Jan 13
Jan
Jan 31
3
5
9% Jan 5
30
Jan 28
86
100
110
-
—
115
12
Jan 19
784
10
Oct
9%
108
13%
96% Jan 17
92
29%
Jan
7% Jan
83
Jan
Feb
9034
838 Jan
73s
82%
100
83
Jan
Oct
Dec
Nov
1734 Jan 13
97
Oct
20
92% Feb
preferred w w
No par
.50
Beech Cieek RR
.20
Beech -Nut Packing Co
Beldlng-Heminway
No par
Belgian Nat Rys part pref.
Loan..No
No
Steel (Del).No
10% Jan
15% Jan
.25
55
8%
Oct
Oct
Oct
Nov
Dec
Oct
Oct
Dec
Oct
16% Jan
15
Oct
par
14% Jan
1734 Jan
38% Jan
29
Dec
par
29
65% Jan
Oct
par
50% Feb
41
.20
14% Feb
89% Jan
20% Feb
16% Jan
14
Oct
98% Jan
85% Nov
28
22%
10% Jan
-5
preferred
100
preferred...—----par
Bigelow-Sanf Carp Inc.No
par
Black & Decker Mfg Co No
5%
7%
Oct
7% Jan
No
Bayuk
Bethlehem
82
434 Jan
100
10
514% preferred
Barnsdali Oil Co
Aviation..
Jan 20
Dec
Oct
Jan
No par
Barker Brothers
Beneficial Indus
Best & Co
8
86
8
Jan 21
25%
27
100
50
Barber Co Inc
Bendix
Jan 12
Jan
5
3
13
-100
Bangor & Aroostook
Conv 5% preferred
Cigars Inc
1st preferred
Beatrice Creamery
Jan 11
3%
Jan
—
ctfs
Ohio
preferred
Voting trust
Baltimore &
4%
Dec
128% May
4% Oct
5834
7234
139%
7%
13%
5% Jan 12
33% Jan 10
4
of Del
Loco
Assented
115
*98% 101
*73s
29
50
6,400
3,200
15
9
13%
3%
15
15
*7%
30
600
18
14%
14%
13%
3%
15
90
*27
18
140
5i8 Jan
No par
4%
2%
20
90
100
preferred
fAuourn Automobile.-No par
Austin Nichols
No par
90
*30%
90
5% conv
Atlas Tack Corp
1,200
*8 734
32
*87%
No par
Baldwin
8%
8%
9%
....50
preferred
Atlas Powder
1,100
90
*30%
13%
3%
series A...100
1
5%
32
90
29
2%
18
Corp
6%
25
43s
2%
*30%
32
13%
1034
4%
110
Atlas
100
5%
33
*87%
*27
6
*30%
*8734
*30%
9
7%
4% conv pref
43
32
*7%
105
43
43%
43%
4234
4234
*110
12%
106% 106% *105% 1063s *105% 106%
7%
8
8
7%
8%
8%
40%
39%
40
4034
40
40
*105% 107
*105% 107
8%
734
7%
7%
3934
40
3934
40
*2%
20%
7
213s
*9%
21
*18
22%
*534
21
12
21
Line RR...100
& W I SS Lines.-No par
2134
*10
*938
100
preferred
5%
Atlantic Coast
6
21%
21
Santa Fe__100
Atch Topeka &
14,000
Oct
14934 Jan 10
Paper Co
22%
22%
5%
21%
5%
1234
a4%
_
5%
21%
*40%
.
20
No par
Archer Daniels Midl'd.No par
7% preferred
100
Armour&Co(Del) pf 7% gtdlOO
Armour & Co of Illinois
5
56 conv pref
...No par
7% preferred
100
Armstrong Cork Co...No par
Arnold Coastable Corp
5
Artloom Corp
No par
Preferred
100
Associated Dry Goods
1
6% 1st preferred..
100
7% 2d preferred
100
Assoc Investments Co ..No par
5% pref with warrants..100
55 pref without warrants 100
....
*119
■mtm
*97
534
*613S
94%
~~6%
*119
Cable_.No par
Copper Mining
A P W
65
31%
*
-
Andes
500
*60%
95
*
MR
99%
5%
"31%
*
-
-
*97%
31
*27%
30%
*28
-
-
5%
65
*63
MR
97%
534
5%
63
63
MR
28
28
27
27
*119
4
*3
4
*3
4
*3
1534
1534
16%
16
4
*3
4
*3%
28%
*118
*16
16
*15
484
*3%
*27
30%
40
45
*15
Oct
4
13838 Jan 17
AnchorHockGlass Corp No par
56.50 conv preferred.No par
28%
2934
29
*40%
Dec
104%
2
14
63% Jan
Wks & Elec.No par
24
Jan 11
18% Jan 17
127I2 Feb
60 s4 Jan
preferred...—No par
American Woolen
No par
Preferred
100
Amer Zinc Lead & Smelt
1
$5 prior conv pref
25
Anaconda Copper Mining..50
22% Oct
7% Dec
IIS4 Jan 18
Jan
Dec
Jan 26
17
56 1st
4%
*29
46
125
American
800
8%
6%
6%
122
Am Sumatra
5%
28
Jan 17
51% Jan 14
132% Jan 28
50% Jan
Refining..100
Preferred
900
"4%
35
15,800
131
6
130
10
Oci
Dec
Nov
41
4
123
2634
Oct
140
Jan 17
-—100
25
...
Snuff
6%
60
Oct
9%
...100
25
Mill
Building Co.No par
Preferred
American
80
28%
*29
38
*31
Oct
San'y.No par
2634
4%
6%
6%
6%
7
38
*31
35
*31
37
28%
29%
634
634
6%
6%
63s
*31
29%
28%
28
29
4%
27%
4%
29%
Nov-
Oct
*934
8%
100
1378 Jan 10
165% Jan 12
preferred
...100
Amer Steel Foundries..No par
American Stores
No par
*
Oct
2484 Nov
Jan 25
104
4
100
8%
4
Jan 28
IDs Feb
400
80
Feb
29
3
Oct
25,900
51
*.
3
26
Amer Smelting &
123
8%
9%
80
"4%
5
4%
5
*4%
4%
*
80
*._.
9%
9%
9%
9%
80
*60
80
~*4%
6%
6%
6
534
8%
*
Oct
334 Jan
22
4^% conv pref
51
6 534
Oct
10%
Jan 12
Amer Ship
139
53
14% Jan 10
6% Jan 12
3834 Jan 12
33
American Seating
5%
74% Jan 17
4
3
530
64
2
Feb
900
139
Oct
Feb
1238 Feb
59
No par
No par
preferred
preferred
1,300
534
14%
Dec
18%
139
Dec
23% Jan 17
3
1034
5%
534
3
31
American Safety
123
139
139% 139%
6
63S
139
139
*138% 139%
Jan 11
16% Feb
778
26
28
64
Oct
14
5
16% Jan
15l2 Jan 27
534 Jan 28
29% Jan 18
7% Jan 12
40% Jan 12
1,100
63%
Jan 10
2
4
69%
127% 131%
3734 Jan 14
3
3
13,000
*1634
26
3
1% Jan
3
18%
110
Jan 13
3
33% Jan
No par
Preferred
131% 132
23
24%
2%
20%
32%
1%
4% Jan 13
Feb
55
51
6634
66%
*138% 139
Jan 18
Feb
Jan
Jan
Dec
Oct
Oct
Oct
Oct
Oct
Jan 13
12
Feb
10
*132
133%
*131
133% *131% 133% *131% 133% *131% 133%
26
25
24%
22%
26%
25%
25%
2434
25%
24%
10
9%
10
9%
10%
10%
10%
10%
9%
9%
28%
28% *27
*2634
26%
26%
28%
28% *26
*26%
111
111
112
112
*110% 117% *110% 117% *110% 117%
18
*1634
17%
17%
18%
18
*1734
*17
17
17
129% 135
137% 139%
139% 140%
140
142%
141% 142%
65
65
65%
66
65%
*65
65
65
65%
*64
66
6434
67%
66%
67
6734
67
14%
734
19
Feb
American Rolling
4634
Oct
4
Am Rad & Stand
44%
534
26
Light
28
*50%
17%
Jan
68%
38%
Jan 13
lli2 Jan 14
Jan 28
20
Jan
1384
Oct
Dec
25
56
124
124
126
*124
51
*50%
51
2%
1
100
preferred
conv
29%
4634
28%
438 Jan 13
100
6%
Amer Power &
10%
10%
30%
30%
128
*124
127
*123
51%
47%
47
4534
4634
124
124
11
11
11%
30%
11%
29%
11
Mar
3'
No par
22,600
12%
169%
Jan
225
American News Co new No par
2,900
27
27
4%
4%
.
17
Oct
13%
103
100
630
22
4%
4%
11
3,300
23,100
1,800
4%
434
12
1,700
4%
4
30%
*157
*11
2,100
12%
Oct
175
Feb
Corp...No par
American Locomotive.-No par
Preferred
100
Amer Mach & Fdy Co..No par
Amer Mach & Metals..No par
Amer Metal Co Ltd
No par
6,100
5
Jan 22
177
Feb
3
Amer Internat
63
Oct
10
Leather
Ice
Nov
2
24
SS Co
Jan
99% Mar
80
"12
preferred
33%
Oct
Jan 18
163s Jan 28
712 Feb 4
No par
A....No par
6% non-cum pref
400
1,500
5%
11%
11%
169% *157
169% *157
169% *157
169% *157
169% *157
17%
18%
19
17%
18%
19%
18%
19%
18%
19%
18%
69
70
71
68%
71%
71%
73
71%
*71
73
*71
18%
18
18%
18%
18%
20%
*18%
20%
1934 *18%
*18%
11%
Jan 28
American
*55%
12%
63
*55%
28%
24%
11%
24%
11%
Jan 22
3
800
17
1734
16%
18%
1234
4%
29%
177
700
534
6
6
64
1734
*56
100
400
16
3
Feb
12%
23% Mar
3084 Mar
434 Jan 12
6% Jan 17
No par
35%
1%
16
16
15%
6
6
6%
*6
6%
5%
16
*15%
1%
1%
1%
1%
1%
16
8%
83
Power
20
20
*34%
1%
56
3
78% Jan 25
358 Jan 3
No par
10
1
6% preferred
50
American Home Products...1
3
3%
3
33g
13% Feb
11
5
57 2d preferred
900
5%
8
3
No par
preferred
57
Jan 11
1334 Jan 15
1634 Jan 12
Jan 27
Feb
Sees
Express Co
Amer & For'n
6,900
1,100
2,000
3%
17
20
34%
20%
10
Sugar
Amer European
100
3%
3%
21%
1%
1,800
,
American Hide &
3%
Feb
12l2 Feb
6% 1st preferred
100
American Encaustic Tiling..1
Amer Hawaiian
♦34%
*1%
16%
Am
1,600
*20
1%
6
Dec
Oct
Oct
Jan
N J(AllegCo)25
Co
10
Comm'l Alcohol Corp. .20
3,300
34%
*14%
Apr
Aug
29
11%
21
3%
112
14
*34
3%
Oct
7%
*20
3%
150
No par
Chicle
*10%
10
3%
Oct
Oct
10%
11%
*10%
10
11%
90
*12%
11%
Oct
86
10%
*10%
36
Jan 26
12
11%
3%
*10%
Jan 15
101
Amer
*14%
734
50
17% Jan 17
100% Jan 24
12
14%
Feb
Jan
8
9
14%
Jan
71
69
Feb
American Crystal
300
3%
Oct
Oct
174
27%
19% Feb
American Colortype
40
3%
6%
*172
18
734
*7%
15%
9
14
334
*4%
121
151%
15%
Jan 14
95
1,600
78%
Jan
Dec
Jan 12
82i2 Jan 12
97
1,300
14|
78%
3%
3%
*14
9
8
14
734
7%
*14
*78%
78%
109
Am Coal Co of
ui
*13%
1334
80
28
2
100
preferred
American
500
6%
11
11%
13%
*78
16%
3%
17
17
14%
80
200
3
104% Feb
3384 Aug
5%
25
6%
11
11%
11%
*13%
800
7,600
97
*6%
3%
*4
80
6%
37
American Car &
share $ per share
8OS4 Feb
Oct
160
Feb
Dec
per
>
Jan
164
Jan
Fdy—No par
Preferred
100
Am Chain & Cable Inc.No par
per
42i2
3
70»4 Jan
25
163
100
*.
25
"*6%
13%
78%
3%
9
*3%
♦172
97%
♦
25
"~6%
6%
3%
334
384
9834
*9734
♦
25
122
100
-
Lowest
share
125% Feb
Jan 29
Jan 14
100
Preferred
5,600
13
97
97%
3078
Can
American
100
9634
*93
100
14%
*78%
2,800
12%
13%
12%
*93
12
14
79
79
97
"6%
6
*11%
14
14
14
97
9834
*
25
"<r
"*5%
*97
9834
*97
99%
*97
*
1334
130
*93
150
93
14%
1384
14%
13%
14%
*13%
4034
4034
4034
*38
220
78
77'
78%
167
*163% 167
167
*163
163% 163% *163
21%
22
20%
19%
2234
21% 22%
19%
39
37
37
37
40
38%
40%
38%
$
share
5 per
5H% conv pre!
122
122
125
125% 125% *122
76
79%
78%
Par
& Fdy.No par
Am Brake Shoe
3,800
35%
31%
31%
31%
Year 1937
Highest
Lowest
Shares
$ per share
$ per share
34
33
78%
78
*161% 164
21%
21%
*160% 164
Week
125% 125%
77%
76%
the
Feb. 4
34
33
31
Friday
Feb. 3
$ per share
$ per share
% per share
share
S per
Thursday
Feb. 2
1
Feb.
Previous
Range for
EXCHANGE
Wednesday
Tuesday
Monday
Jan. 31
Saturday
On Basis of
STOCK
YORK
NEW
for
jut
1
100-Share Lots
Range Since Jan.
STOCKS
Sales
SALE PRICES—PER SHARE, NOT PER CENT
AND HIGH
LOW
865
New York Stock Record—Continued—Page 2
146
Volume
Jan
Jan
Dec
13% Nov
12% Feb
11% Jan
1784 Jan
17% Jan
1734 Jan
15%
Dec
42
No par
Bloomingdale Brothers .No par
100
Blumenthal & Co pref
-5
Boeing Airplane Co
-5
Bohn Aluminum <fe Brass—
Blaw-Knox Co
42
50
Dec
35% Jan
16
Oct
Jan
21
Oct
Jan
23% Jan
23% Jan
r
Ex-dlv
14
30
Jan
Jan
9
Oct
* Called for
raderop'lon
New York Stock
866
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT
PER
Monday
Tuesday
Wednesday
Jan. 29
Thursday
Jan. 31
Feb. 1
Feb. 2
Feb. 3
%
share
per
87%
$ per share
87
88%
4184
12%
18%
2234
4%
*40
*12
18%
22%
*3%
*17
87%
*40
4134
*12
12%
18%
22%
22
17
834
2834
32%
1%
*29%
1%
1%
7
7
9%
9«2
*7%
9%
10
2534
16%
*38%
41
*26
28
15)2
15%
*37
41
8%
*8%
26
*26%
16%
28
44
8%
8%
8
8
8
8
82
80
81
5%
42%
42%
4
5%
27%
*15%
*7%
13%
7
7%
19%
3%
20
2
*40
1534
48
7%
36%
7%
*34
*5%
*37)2
*40
*34
6%
*5%
*37)2
76%
16%
*3)2
45
80
84
*16
17
4
*3%
80%
6%
*
"15% 21%
*55% 62%
26)2 26)2
3%
3%
*104% 104%
9%
9%
"20%
6
97%
38)2
634
2534
6
25
38
*
~28"
28
11
*9
11
42
33
39
2%
%
3%
33%
90%
138
234
%
3%
*2%
11%
6
*2)2
%
*3)2
*2%
11%
1134
34
1%
1'4
3%
934
%
1%
1%
*3%
9%
34
1%
1%
3%
9%
29
•
*1
29
*1
*28
2
2
1*4
*9
15%
134
4%
*36
*56
53%
2%
66%
70
*234
18%
3
234
1834
18%
49
%
4%
*36
54
5334
12%
66%
*12
70
*
49
"§4%
*
9
*21%
22
13%
*58%
8%
*90
2134
95
95
*12%
15%
*6%
*9%
29
17%
*65
*7%
17%
*16%
15%
8
9%
9%
1734
18
66
13
*32%
7%
70
*56
65
13%
33%
7%
12
1234
z31%
31%
7%
7l2
65
14
14
*116
9
91%
22
29
*7%
9%
8
94%
*8
1734
*1734
66
12%
*29
7%
16
65%
1234
65)2
*70
73%
63
33%
*83%
37%
34
86
*83%
33%
90
38%
96
*94%
96
8
8
7%
8
1%
734
1%
8
1%
1%
1%
1%
34%
2334
32%
33
24
24)2
♦
32
23%
32%
24%
*33
23%
96
Bid and asked
prlces;no sales
9)2
on
20
20
*77
1,300
79
♦
49
115
112
90
8%
90
34%
14%
*58%
8%
*87%
1,800
200
300
29
*7%
18
64
11%
15%
6)2
21
15%
*63g
*7%
34%
40
3134
*82%
3734
38%
96
96)2
8
7%
33%
88
1%
32%
23%
2" 300
18)2
400
62%
900
13
*25
1,900
32%
30,900
68%
*60
200
7%
6%
68%
300
65
32
4" 600
34
92
"
39%
101%
5*700
734
5,600
7%
1%
1%
30
31
23
233s
t In receivership,
40
938
62%
12%
*82%
3734
140
19
*18
*96
8
"moo
9
*18%
70%
60
8
9
2,300
15%
93s
65
2234
21
*20%
9%
*60
1%
30%
25% Jan
26
5
Chesapeake Corp
No
Chesapeake & Ohio Ry
Preferred series A
fChic & East 111 Ry Co
par
25
.100
Jan
a
Def.
6%
preferred
Preferred
9%
Jan 29
11
Jan 10
8
Jan 26
Jan 10
4
Oct
3%
Oct
95
8%
3
5% Jan 20
Jan
3
97
Jan 10
35% Jan
3
46%
Jan 11
6
Jan 28
2234
103%
27
Jan 28
Jan
3
Feb
89
Jan
% Jan
Jan
5
2% Jan 22
11
Jan
938 Feb
preferred
No par
JChic Rock Isl & Pacific...100
4
27% Feb
7%
preferred
6% preferred
100
Chicago Yellow Cab...No par
Chlckasha Cotton Oil
Chllds Co
10
Chile
No par
25
City Ice & Fuel
No par
Copper Co
Chrysler Corp
5
6)4% preferred..
City Investing Co..
100
1%
9%
1238
334
32%
46%
11%
Feb
59
Jan
Jan
__5
Clark
Equipment
No par
C C C A St Louis Ry Co...100
Clev El Blum §4.50
pf.No
par
Clev Graph Bronze Co
Clev & Pitts RR Co
(The) 1
7% gtd_50
guar 4%
..50
Molybdenum..No par
500
37,300
3,600
11,600
6%
preferred
Collins & Alkrnan
Colorado & Southern
4% 1st preferred
90% Mar
Oct
68% Mar
Jan
89
5
Jan 11
Jan
Class
B
Columbia Pict
v
v t c
No par
$2.75 conv preferred.No
par
Columbia Gas & Elec_.No
par
6% preferred series A... 100
Oct
Dec
% Dec
1% Oct
% Dec
2% Dec
Jan 12
634
33
45
1%
Oct
10 %
1
Oct
834 Mar
27% Jan
22% Jan
15% Mar
Feb
36
Feb
3
Jan
63% Jan 15
13% Jan 12
46%
11
Dec
Oct
67% Feb
57
Dec
92
Dec
3
334 Jan
24
6%
Jan 2 7
76
Jan 27
40% ~jan 7
15% Jan 10
3
115
112
Feb
Jan 14
11% Jan 12
Feb
3
95% Jan
20% Feb
3
27% Jan 12
Jan 14
96
4
Jan 22
Oct
3
Oct
36
20
Jan
834 Jan 12
1134 Jan 10
3
Jan 27
Jan
8
Jan 15
9% Jan 10
22% Jan 15
21% Jan 11
17%
17%
62%
11%
Feb
4
Feb
3
15% Jan 10
30
Jan
5
33
6% Feb
68% Feb
4
Jan 29
Jan
3
4
76
Jan 10
Jan 11
9% Jan 13
79
Jan 15
Oct
Oct
Dec
48
Oct
179
10234 June
19% Dec
113
82
47%
24%
13%
110%
9334
56%
8%
Oct
Dec
Oct
Jan
Oct
18
Dec
9834 Nov
Dec
30
Jan
7%
Dec
29
Jan
Dec
32
Dec
65
Nov
10
Oct
2534 Dec
z4% Oct
x68% Oct
64% Dec
Dec
Dec
par
36
Jan
3
$4.25 conv pf ser '35.No
par
4434 Jan 17
93
Jan 17
9634 Feb
Commonwealth
30
34
Dec
3
86
Dec
Jan 12
5
Oct
Jan
3
1
Oct
34
Oct
Feb
4
42% Jan 13
2234 Feb
3
25
Apr
1634
16%
80
2
6234 Feb
11234 Mar
45
303s
par
June
51% Feb
27% Mar
5
No par
Edison Co..25
59
2584 Mar
104% Jan
Oct
Dec
38'4 Jan 17
$6 preferred series
29% July
132% June
170% Apr
Jan
86
10
Jan
Feb
5
7% Jan 3
1% Jan 18
90
Dec
3
Jan 18
Jan
48% Aug
50%
Jan
Jan
Aug
Act
41
Dec
31% Jan
65
Feb
Mar
Dec
8
Feb
Feb
Nov
95
11%
5%
Mar
July
10% Mar
2
86
Jan 28
80
135%
21%
17%
26
Jan 27
Oct
12
7
Jan 12
109% Jan 28
26% Jan 10
Jan
61
Feb
74
Jan
111
9
Feb
Aug
3% Mar
12
12
12
12
33% Jan 28
13% Jan 27
8
Jan
3% Mar
7% Mar
6% Mar
19% Feb
Jan
Jan
Jan
Jan
106% Jan 7
19% Jan 28
6
Mar
32
Dec
Comm'l Invest Trust..No
par
4
18% Mar
1238 May
Oct
84
179
15
Mar
484 Mar
13)2 Mar
2%
1234
15%
5%
Jan
Jan
234 Jan 27
17% Jan 4
95
Feb
100
2834 Dec
5% preferred
...100
Commercial Credit..
10
4K % conv preferred
100
Commercial Sol vents..No
Commonw'lth & Sou...No
48
Oct
10
Jan 10
90
to No par
1
3
J an 15
Jan 17
2.50
Columbian Carbon
Oct
Oct
2% Dec
5
Jan 25
100
Dec
34
2
Jan 10
59
4% 2d preferred
.100
Columbia Br'd Syslnc clA 2.50
Feb
Nov
125
100
Feb
63% June
31
3
..No par
82
111
z40
58% Feb 3
8% Jan 28
5% conv preferred
100
ColoniU Beacon Oil
No par
Colo Fhiei & Iron
Corp .No par
Feb
Jan 17
par
No par
Jan
86% Mar
Jan 11
100
Class A
Colgate-Palmollve-Peet No
June
23%
58
76
Feb
Oct
.100
City Stores
100
5
32% Jan 17
1% Jan 20
2% Jan 11
% Feb
1% Jan
100
Jan
Feb
35% June
9% Apr
19134 Aug
12934 Jan
Jan 11
1% Jan 25
334 Jan 13
1% Jan 10
5% Jan 10
2% Jan 22
Jan
% Jan 26
3
25% Nov
Jan 10
52%
102
115
Sept
Jan 27
89
238
95
Jan 12
30 84
105
7%
37% Feb
31% Feb
Jan
Oct
3434 Dec
3% Oct
I8I2 Oct
103% Dec
8% Jan 10
30%
12%
46%
38%
.100
conv
Oct
June
Jan 25
par
$3
Oct
2
96
105
100
Chicago Pneumat Tool No
24
4% Jan 12
3
4)4 Feb
...100
tChleago Great Western.. 100
4% preferred
.100
J Chic Ind & Louis v 4% pf.100
Chicago Mail Order Co
5
3
Nov
6
.100
Cab..:
7
Jan 17
28
3
Oct
80
Jan 12
60
Jan 13
3% Jan
103% Feb
19
Climax
3,700
94%
*1734
94
Feb
55% Jan 31
par
Cluett Peabody & Co..No par
Preferred
100
Coca-Cola Co (The)
No par
60
89
94% *..__
9
Central Viol eta Sugar Co
Century Ribbon Mills -.No
2,000
8%
29|
*15
44 6%
Central Foundry Co
...1
Central ni Lt 4H% pref.-lOO
Central RR of New Jersey .100
3,700
61
21%
*
preferred
.100
Central Aguirre Assoc_.No par
Checker
Jan
18
100
No par
5%
Special
113
58%
7%'
this day.
700
230
124
7
23%
19
108
*113%
*29
33
19
13%
734
1%
"i'200
234
"34%
*68%
7%
1%
32%
233s
160
107
79
71
96
1,700
70
234
20%
32%
88
""eoo
89,500
*56
108
63
34
500
52%
11%
66%
11%
3%
193s
71
*83%
39%
500
90
f65%
70
18%
18%
64%
12%
32%
1234
1,400
50
52
*60
*94
*94
7%
66
*60
37%
16%
800
1,300
20%
9%
70
100
400
15
*20%
18
7%
300
32%
14
23
29
7%
*29
1,100
' 4%
35
58%
8%
18%
734
100
4%
32%
124
91%
*9
*14%
4%
112
18%
1234
32%
200
3,600
2,600
1®4
11%
1334
9
94%
*12%
16%
**9
*113%
14) 2
*734
63
33%
*83%
22
*
1*1%
1%
11
49
"34"
37
124
18
70
34
*77
18
*60
84%
20
*
9%
10%
18%
73
38
*90
23
*12%
15%
*
63
37
19
108
80
8%
91%
34
38
"36"
36
♦60
*68%
21
49
124
8%
22
95
29
1034
9%
17%
1734
12
116% 116% *116% 117
*58% 61
*58% 61
8%
9134
95
7
13%
*115
61
*13%
15%
*6%
*8%
*7%
15%
"34%
34%
1334
48% Mar
82% Jan
39% Jan
12% Jan
107% Jan
4134 Jan
2434 Jan
14% Mar
92
Jan
67%
*77
Oct
108
3
11%
*
115
Dec
4% Jan 12
97% Jan 20
3
Jan
67
49
Dec
Jan 27
Jan
1
*2
18% Mar
19%
1,300
10
Dec
90
500
27%
%
2%
4%
Jan
52
100
334
JCblcago & North West'n.100
68
108%
21% 21%
13% Nov
2% Oct
2,900
15
108
Jan 11
1%
1%
4%
12%
36
21%
18
1
1
2%
*234
90
Jan
17% Mar
61%
37% Dec
14
3
61
Oct
Nov
Jan 17
Feb
38% Mar
Dec
6%
28
6% Jan 18
37% Jan 28
3
9%
27%
%
6%
105% Aug
41% May
100
1%
3%
52% Sept
Oct
86
Jan 26
1484
4'8
3%
4
Jan 27
1%
3%
44
Jan 15
%
36
234
*19%
Jan 11
36
1%
*%
9%
8% Jan 10
3
6% Feb
1
44
3
Jan
J Chic Mil St P & Pac._No par
5% preferred
.100
15
3
Jan 11
6% Feb
29
2,600
48)2
55)4
12)2
3
44
"""506
*1434
4%
*56
3
34
li4
1%
1%
*36
70
Feb
13% Jan
1,500
%
11%
2%
50
37%
3
%
3%
6
11%
50
53
Jan
Dec
Jan
100
138
~
54%
12%
20%
10
10
700
i**%
4%
Oct
1%
978
28
*9%
f*l%
Oct
4
3%
11%
%
3
1%
1
10)4 Jan 11
1534 Jan 10
19% Jan 14
.^*34
""9%
♦27%
11
2% Jan 10
3
Dec
1,600
'73%
2%
3
13
11,000
{ *2%
%
1%
1%
1
1%
*914
*12%
*67%
*19
%
1%
1%
334
10%
2834
1% Jan
6% Jan
Callahan Zinc-Lead
Feb
Jan
31%
5*
Jan
34% Mar
48%
14
3714
6
91
Oct
Dec
Dec
7% prior preferred
Celotex Co
31%
3%
Oct
1
preferred........—50
2% '«.* 2%
1%
10%
15i4
4%
*56
115
58)2
2%
108)2 109
*108
108%
20% 21%
20% 21%
*77
*76% 80
80
115
94
1
67
66)2
2%
1834
*115
8%
3%
10%
29%
2%
4%
115
*5838
%
1%
1%
*3%
10%
2834
*%
2%
%
48
115
*88
34
1%
1%
6
12%
18%
49%
Jan 11
Dec
37%
[*3%
1*2%
[1II4
3%
12
24
Jan 12
3
3
Dec
200
3%
*2%
*11%
9%
1%
13a
*3%
10%
29%
2%
*33%
34%
*1334
13%
*112% 120
117
4
12
Jan 11
Jan
Cham Pap & Fib Co 6% pf 100
Common
No par
%
Oct
97
Q
1%
4
Oct
6
Jan
Cerro de Pasco Copper.No par
Certain-Teed Products..
1
6% prior preferred
100
%
36% Mar
9% Feb
3334 Mar
2%
jan 10
102% Jan 28
18% Jan 12
MQ
*84
t23g
Feb
113s
3634
1934
24%
Jan
9
1
30
Oct
43$ Jan 10
3
100%
-.19
1
20% Jan 13
Feb
18% Mar
Nov
""700
2%
Feb
45%
Oct
97
28
1
3
F'eb
Oct
5%
16%
40
105
1
.
Jan 29
3% Jan 26
39
10
8% Jan 11
Jan 20
fc*27
2%
%
12
15
*56
*108% 109%
*20% 21%
80
*76%
♦
*1
Jan 12
19
No par
Preferred
89
16
15%
Packing
5,600
1,260
*
3
6% Jan 26
Oct
134 Oct
6% Dec
55% Jan 10
*104
33%
89
12% Jan
15
Jan 17
3% Jan 15
65% Mar
45)4 Jan
18% July
35% Feb
11 s4 Jan
39% Feb
28
J*80
11
Jan
Caterpillar Tractor
No par
5% preferred
100
Celanese Corp of Amer.No par
105
89
3
Feb
19
California
Preferred......
7,300
700
|l27
33
3
Jan
10
5,700
39i2
Jan
7
Jan
13
98% Jan
*104
11
Jan 11
98
79
106
25
20
8% Jan 21
20% Jan 10
4
Jan 26
2
fBash Term Bldg gu pf ctfs 100
6%
*?24
2514
Jan 27
Feb
14%
Oct
100
29
89
1%
*9%
5134
12%
66%
&23%
31% Jan 12
Oct
100
290
6%
3
2%
2% Oct
24% Dec
10% Oct
534 Dec
Case (J I) Co
100
1,800
105
*28%
*9%
39%
1
I36%1,38
7)8
63s Jan 12
54% Jan 11
53$ Jan 20
Jan
117% Mar
"l'M
4
84%
15%
35
3
3
Jan
Oct
Dec
37)2 Jan 28
76% Jan 31
15% Jan 5
800
100
*95
38
6I4
34
1
4%
7
90%
1%
3%
15
*36
136%
7%
2634
39)2 *38
3334 V313s
134
10%
4%
40
43
15
45
51%
12%
*65%
11
1%
*9%
10%
15%
*104
29
*2%
%
*3%
*2)2
9%
*2%
105
*9541106
*89
4
1
1%
39
*39%
33%
34
1%
138
334
10%
29%
*1
32%
*89
5%
97%
7
*9%
1134
*89
634
25%
*28)2
39%
33%
90%
L%
3%
%
634
*4%
*95
7
*
i
3
Oct
6%
76
Feb
24%
15%
7%
16%
No par
6
8
81% Jan 27
Jan
$3 preferred A__
—10
Carolina Clinch & Ohio Ry 100
Carpenter Steel Co.
...5
Carriers & General Corp
1
50
103
1434
15*2
Co
Jan
Dec
12,300
1634
♦26%
3%
3%
3%
104% 104%
*9%
1138
4% Jan
40
Burroughs Add Mach..No par
JBush Terminal
No par
Debentures-100
Capital Admin class A
19
■ 18
18%
5634 f 55% 56
27%
*26% 27%
3% *»3%
3%
1103% 104
*100% 10334
M 9%
9U «g 9%
9%
H' 638
638
*6%
7
P 414
*4
5
414
27
Watch
934
Jan 10
3% Jan
100
No par
No par
400
82
100
No par
preferred
5%
133g Jan 13
Jan
80
Canada Sou Ry Co
-.100
Canadian Pacific Ry
..25
Cannon Mills..
....No par
82
14%
*
7%
200
17
102
Jan
Jan
Feb
~~6~,7o6
183s
5734 J*5534
27
25%
*3712
**78%
116%
334
*3%
82
83
8
38%
24%
24%
5%
45
5%
Jan
Oct
Dec
Jan 10
7
40
42
V39% 41%
101% 101% *101% 102%
21%
*55%
3934
7
105 ' *103
28
*37
3734
44
20"
512
45
1
3
35
*33
234 Jan 13
934 Jan 13
Feb
3
5%
48
P 6%
1101% 101%
100
21
25
86
102
101% 102
15% 16%
5734
27%
3%
6%
4
*
"20%
27
17%
85%
100
*27
45
4234
*55%
39
634
25
105
27%
*8%
*
5%
*3712
*78%
16%
334
81%
82
102
3%
33s
104% 104% *104
104%
9%
9%
*9%
11%
*6%
7i2
712
*6%
*4
6
*4
5%
*95
97% *95
97%
7
*634
*4
*95
88%
44
10134 10134
15%
16%
20%
55%
27%
3%
55%
*26%
6%
*334
104
7
35
Jan
Oct
Calumet & Hecla Cons Cop. .5
Campbell W & C Fdy.-No par
Canada Dry Ginger Ale.....5
1.900
*41
48
6%
*33
47
1®4
5% conv preferred—..—30
Butte Copper & Zinc
.5
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co
No par
22,300
59%
53%
Dec
18
Jan 20
7% Feb
1,300
16%
Dec
28
6% Feb
8% Jan
100
Butler Bros
*15%
22
34
7% Jan
7%
100
7,300
26% Jan 20
30% Jan 13
Jan
1,500
4,000
Feb
Jan
Feb
50
714
19%
3%
8%
~~5MQ
Feb
34
15%
8
Jan
Aug
23%
Jan 24
7
2
4%
34
10
*1278
12
Oct
41
100
1%
Oct
Dec
7
6
300
7%
%
15%
35
8
2
Jan
10% Jan 11
23
No par
2%
8
6
Jan 13
%
22%
Jan
Bui lard
52
Jan
50% Aug
1534 Mar
Oct
Jan
Burlington Mills Corp
*47%
28
3
53
1,200
400
Dec
2234 Dec
102%
5234
1,200
2,300
17%
16
Jan 10
Dec
7i8
31
Aug
Dec
167S
20
25
7
416%
30
Dec
15% Dec
Bulova
20
Jan
11
Jan 12
21
3,800
*16%
Apr
Jan 13
Jan 11
Budd Wheel
1,600
220
46%
Jan 13
5,900
4,400
93
Oct
37
290
3,000
3
Oct
39
21%
5
8%
7684
Jan 12
25)2 Feb
14% Jan 27
preferred
Budd (E G) Mfg
19%
Jan 12
preferred
No par
Bklyn-Manh Transit.-No par
$6 preferred series A. No par
Brooklyn Union Gas ...No par
*23s
*7U
12%
16%
*41
7%
17%
4
*3%
43)2
30
434
share
per
28
Bruns-Balke-Coilender.No par
Bucyrus-Erle Co
5
1,800
4)8 fr 4U
25)2 27
Highest
share $
per
434 Jan 10
1634 Feb
7% Jan
1934 Jan
$6
40 41 42
52
7%
1134
15%
100
1,100
4 734
31i2
*47U
1%
800
2,700
38)2
$
Brown Shoe Co
3,100
1534
*79 !i 81%
9
31%
17
*78
101
734
16
36
17%
9%
6,600
26%
7%
1678
2
*32
6%
87
9%
25%
15%
38)2
734
7% j
Year 1937
Lowest
share
per
92%
443s
13%
19%
28%
5
21% Feb
3% Jan
a4 Jan
Brooklyn <fe Queens Tr.No par
16i2
7
7%
77
*102
*
300
800
73g
1718
2%
712
1512
714
1912
3ig
48
45
84
1%
7%
2634
838
12%
*40
17
103
101
37%
48
77
84
1%
634
i 265s
1%
8
12%
16%
5
100
17
1%
Jan
%
12% Jan 26
17% Jan 3
100
700
20%
8%
Corp
28
734 J
52
40
1
30)4
16
12%
17%
Borg-Warner
share
Jan 22
15
*24
19%
*47)4
Bond Stores Inc
Borden Co (The)
*28%
21%
5,
Range for Previous
Highest
87
JBotany Cons Mills class A.50
Bower Roller Bearing Co__17
7,000
17%
*37)2
43
42%
101% 101%
14%
15%
I684
8%
21%
700
8%
20%
20%
1612
*102
1634
834
B
2
33
76%
4
16%
17%
34
82
43% 44
*101% 102%
14%
14%
3%
9%
*5%
*37%
45
Boston & Maine RR
20
7%
33%
*538
102
102
*104
738
500
33
52
*40
36
3%
18%
20%
12%
16%
48
7%
3%
*47%
1%
734
2
7%
20
9%
*17%
7%
1234
16%
3%
32
20
1%
12%
7%
3%
9%
52
7%
8
12%
1534
*7%
12%
20
2234
334
17% 116
734 | x7h
17% il634
234 " 2%
A
9%
712
13% *12%
7%
7iS
20%
19%
3
3%
93s
834
*2%
9%
32
20
19%
*4714
2%
500
6,500
9,100
7% »-8
28 «4
7)2
15%
*7%
1934
3434
17%
*17
52
2%
9
8%
*3H2
20
1%
734
12%
15)4
17
*8
7%
19«4
3%
3%
9
31%
17%
*16%
7%
17%
734
12«4
81% f79 a 81%
5% f 434]
5
43% 140
42
4%
14%
4*2
17
*13%
19
*4714
17
14
7
3%
17
14
*2%
19
9
29
*734
13%
31
28
$ per
No par
No par
17%
Class
40
28
8%
8%
43%
4%
27%
4)2
*17
734
1634
234
934
.
43
4%
16%
7«4
16%
234
9%
734
17
*2%
16%
5
53s
42
4%
30%
27%
16i2
17%
7h
1634
42
4%
2634
43
8
Bon Ami class A
1234
17%
21%
17%
6%
9%
9%
27 •
*25)4
15%
16%
*38)2 £43
9%
*79
5%
5%
42
4%
27%
8%
81%
8%
110
4034
*1%
6%
8%
8%
88
Par
29
2%
16%
*38)2
8%
*79
29
2634
18%
Shares
28
3034
10
Lowest
*24
*29
*1%
*6%
9%
Week
Bridgeport Brass Co ...No par
Brlggs Manufacturing. No par
Brlggs & Stratton
No par
Bristol-Myers Co.5
22
28
*3812
*8%
16%
9
21%
*27%
32)2
1%
7%
*634
934
17
9
*86)4
Feb.
Range Since Jan. 1
On Basis of 100-Share Lots
23%
16%
8%
20%
17
4
3
EXCHANGE
4034
*3%
4
*3%
9%
28
8
*80
5
23%
17%
2134
17
*29l4
STOCKS
the
% per share
4134
12%
12%
18
4
Feb
87
23
23%
22
8%
87
*40)2
12%
17iZ
*3%
17
2
*1%
18
8%
21%
29
29
Sales
Friday
$ per share
88%
40%
40%
12%
17%
22%
17
834
20)2
*27%
*27
*87
13%
2H2
21%
28%
21
$ per share
87%
40%
40%
*12
4
4
18 %
8%
$ per share
87
17%
Record—Continued—Page
NEW YORK STOCK
Saturday
*17
CENT
Aug
31% Aug
12534
39%
46%
20%
Apr
Jan
108
Jan
101
69%
114
80%
120
21%
4%
75%
Jan 26
fnr
pfldemntlon
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Wednesday
Thursday
Friday
the
Feb. 1
Feb. 2
Feb. 3
Feb. 4
22%
734
2234
7%
21%
2034
734
9%
1534
634
6534
*7%
634
878
9%
12
*4%
%
4%
4%
*16
18
*84
86%
4%
*16
*84%
1234
134
8
28
1%
28%
12%
1%
29%
12%
4%
.
13%
.
50%
5834
22%
92
92
50
61
60%
4934
61
61%
*90% 113
168
*162
...
4
4%
4%
4%
*4%
19%
19%
20%
21%
22
93
90
903g
90
90%
22
22
*4
23%
9%
33
*22%
22%
21%
9
9
9
9
9
34%
35%
36%
35%
3534
*34
37
*34
36
*34
36
32
31
31
*31
32%
934
'
9%
934
;
10
934
72
*68%
72
34%
36
36
37
82
82
80
*34
10%
?8
10%
4%
70%
17
4%
70%
*1534
9%
4%
16
6%
*15%
16
100
5%
6
5,000
*43%
46
*43%
47
44%
6%
44%
4%
4%
4%
15%
15%
15%
55
49
49
14%
*46%
«
15
15
6%
14%
6%
6%
2
2
1%
227g
*12
127g
6
*3%
32
25%
36
734
14%
29%
25%
29%
25%
*35
*66
70
*66
69%
*16%
17
16%
*30%
16%
*3%
*28%
25%
*34%
*7%
13%
14%
6%
2%
*3%
35
*28%
25%
*34%
*7%
25%
*34
36
8
8
13%
13%
697g
70
70
19%
68%
19%
59%
18
18
56%
58%
59
60%
*89
91
23
*19%
23
10
10
7%
*7
7%
38%
39%
35%
91
91
92
92
8834
*19%
23
*20%
*%
10%
%
*%
%
1
*%
*2%
1
*10
1
3
12
*10
12
*10
*113
115
*115
115
*113
108
110
109
135
135
*134
*113% 114
111
135
135
5%
157
157
159
162
*160
162
18
33g
17%
31
26
30%
27
28
28
27%
27%
27%
27%
*27%
*%
3,1
*%
*3%
834
30
*%
134
17%
38
*103
3%
134
1734
38
105%
4
8%
3%
8%
18%
9%
3%
9%
*2
~
3%
93g
32
32
27%
2%
37%
26*,200
94
21%
10
400
2%
2
32
3Q
29%
29%
%
*9
30
26
26%
29%
%
2734
27%
?
*2
2%
18
18
18%
45%
*43
45%
43
40
40
47
47
*45%
48%
*45%
47%
43%
43%
*51
56
50
50
*47
52
*47
52
2%
1%
1%
1%
3%
3%
3%
5%
6
5%
334
6%
3%
5%
3%
3%
3%
4
*334
4%
*4
4%
*4%
4%
*8%
,
^
9
134
*8%
9
8%
*1%
1%
2
8%
253g
*134
134
2
9%
30
*934
*70
*834
26
26%
30
10%
73
2934
9%
*70
*134
834
26%
31
9%
73
31%
9%
7234
*63
75
*63
75
*65
*94
105
*94
105
*94
3%
*3%
13g
15%
3%
3%
1%
15%
3%
3%
13g
*15%
1%
3%
6
4%
4%
83g
1%
2
834
26%
3%
3%
1%
17%
3%
*3%
1%
1634
43
1%
3%
2
3%
6
6%
*334
4%
4%
83g
134
1%
9%
4%
83g
*1%
1«4
8%
2534
*95
*95
*95
*95
16,500
31%
9%
7234
70
105
3%
3%
1%
1634
26
...
*45
1%
3%
*5%
*334
4
734
*1%
1%
8%
24
162
60
17
2,300
3% | 3%
1634 t17%
8
32
31
9
8
73
73
*70
*65
75
96%
*3%
*3%
1%
1534
1,600
5,600
12,100
2,500
8%
*33g * 3%
8% f 8%
30 4 31
*26 C 28%
29,200
1,400
1,400
2734
500
^
2734
134
*40%
44%
*45
*134
4
*4
8%
1%
1%
8%
25%
3,900
162
1%
3%
5%
3%
100
2
3%
5%
334
7%
1%
*1%
8%
24%
44
45
52
500
2,900
400
10
6,600
300
31%
100
2
3%
5%
334
8,200
4%
300
8
1%
134
9%
25
1,900
4,000
1,800
600
300
110
370
3,100
30%
31
"2",600
9%
500
7334
*70
20
*65
75
*65
96%
*95
105
*95
7334
75
105
"166
33g
4
134
1534
3
3%
*3%
3%
1,200
3
3
*3
3%
200
1%
3,200
1%
1434
1%
15
1%
15
A
—
Western..50
6% pflOO
100
Det A Mackinac Ry Co...100
Devoe A Raynolda A—No par
Diamond Match
No par
8% participating pref
26
Diamond T Motor Car Co..2
Distil Corp-Seagr's Ltd No par
6% pref with warrants--100
Dixie-Vortex Co
No par
Class A
No par
Doehler Die CastlngCo No par
Dome Mines Ltd
-No par
Dominion Stores Ltd—No par
Douglas Aircraft
No par
Dow Chemical Co—--No par
Dresser (SR)Mfg conv A No par
Class B
No par
JDuluth S 8 A Atlantic..-100
6% preferred
100
Dunhlll International
1
Duplan Silk
—No par
Delaware Lack A
8%
100
preferred
Du P de Nemours (E
6% non-voting
24.50 pref
DA Co 20
deb..—100
No par
5% 1st pf-100
Eastern Rolling Mills
6
Eastman Kodak (N J)-No par
6% cum preferred
100
Eaton Manufacturing Co
4
Eltlngon SchUd—
No par
Electric Auto-Lite (The)
5
Duquesne Light
Electric Boat
—-----3
Inc. Am shares.—
Electric Power A Light-No par
27 preferred
No par
$6 preferred
No par
Elec Storage Battery—N< par
Elec A Mus
15
108%
Apr
31% Feb
44% Jan 11
94% Jan 17
21
Oct
80
Nov
Jan 31
7
1% Jan
% Jan
700
6% Jan
De<
81% Mar
Mar
136
3
% Dec
Jan
3
Oct
17%
2%
Oct
14%
Jan
Corp—A o par
6% preferred
—50
El Paso Natural Gas
3
Endlcott-Johnson
5%
Corp
preferred
Engineers Publio
26 conv
Service
50
100
1
preferred—-No par
preferred w w..No par
—No par
Bldg-.No par
-100
4% 1st preferred
100
4% 2d preferred..
100
Eureka Vacuum Cleaner.—-5
Evans Products Co
5
26 preferred
Equitable Office
Erie Railroad
Buffet Corp.N# par
Fairbanks Co
—.25
8% preferred
100
Fairbanks Morse A Co-No par
Exchange
preferred
100
Fajardo Bug Co of Pr Rico-20
Federal Light A Traction. .15
$6 preferred
100
Federal Min A Smelt Co.—100
Preferred
Truck. .N*
Works.-No
Federal. Water Serv A—No
Federated Dept Stores.No
Federal Motor
Federal Screw
100
par
par
par
par
Jan
Oct
Feb
109% Jan
8% Mar
13% Feb
48% Jan 11
22% Jan
18% Jan 17
Jan 12
50
8%
Oct
23% Mar
54%
Dec
86
Jan
22% Jan
24
Nov
62
Feb
15% Jan 28
5% Jan
24% Jan 10
18% Nov
27
7
Jan 10
6
Oct
18%
13% Jan
15
Jan 24
12%
Oct
24
96%
50% Jan 18
5% Jan 10
_
25% Jan 17
Jan 20
25
22% Feb
12
Jan
Feb
107
20%
39% Dec
2
Oct
Ian
Feb
Jan 28
9%
8% Feb
102% Jan
18% Feb
"Oct
109
Jan
19% Nov
27
Nov
20% Nov
31% Mar
•
Jan
29
15% Jan 11
17% Jan 12
8
Oct
13
Oct
68% Mar
Jan 12
_
13% Jan 28
5
Oct
^ 24% Mar
6% Jan
2% Jan 10
Jan 12
1% Jan
108
93% Feb
4% Jan 24
37% Jan 10
4% Jan 24
29% Jan 31
20% Jan
26% Jan 20
Jan 27
36
31% Jan
6% Jan
9% Jan 12
1%
Oct
10%
88%
Dec
116%
5
Oct
22
Feb
Jan
ivray
Feb
Feb
Feb
76%
29% Dec
18% Oct
36%
Occ
5%
40%
Dec
30
23
Apr
16
Jan
10
Oct
29
Mar
73
Jan 15
60%
Oct
96
Mar
157g Jan
17
Jan 12
15
Oct
26
Feb
30% Feb
34
Jan 12
27
Oct
41%
22%
Jan 11
16%
Oct
46%
Jan
Feb
35
Oct
57%
Dec
5
Dec
1278 Jan
Jan 26
66
17% Feb
53% Jan
6
I
60% Feb
8% Jan 20
46% Jan 21
Jan
35
Feb
Oct
26%
877s Jan 27
98
Jan 15
79% Nov
19% Jan 27
22
Jan 10
21
3
% Jan 3
% Jan 3
2% Feb 3
10
Jan 28
12% Jan 17
8% Jan
113
106
Feb
% Jan
132
Jan
111
3
% Jan
3
8
3% Jan
10
Jan
28
12% Mar
77%
Jan
143% July
Jan
Dec
55
8%
%
Dec
39%
Oct
1%
%
1%
Oct
Oct
3%
8%
Feb
17%
Jan
Oct
10
Jan
Jan
Jan
Jan
Jan
Feb
Jan
106
Nov
122
120% Jan
135% Jan
98
Nov
130
Oct
180%
135%
Oct
Oct
Oct
112
17
Mar
115
Jan 12
4
4
Jan
111% Jan
Nov
113% Jan
107%
5
Jan
114% Feb
7% Jan
109%
2%
149%
Feb
167
Jan
144
Nov
198
Aug
157
Jan
162
Feb
150
Apr
164
Nov
15% Jan
21% Jan
Jan
4% Jan
3%
15% Jan
21% Jan
Feb
10% Jan
8
4
3% Jan 26
8%
Feb
3
Jan
115%
Jan
15% Dec
2% Dec
14% Dec
3% Oct
3% Oct
37%
7%
Feb
16
45%
16
Feb
Mar
Feb
Feb
Oct
26%
Jan
Jan
27
Oct
92%
Jan
13% Jan
6%
30
Jan 23
43
26
Jan 29
40
Jan
24
Oct
87
Jan
26
Jan 26
30%
%
2%
20%
Jan
Jan
Jan
Jan
22
Oct
44%
Jan
Oct
Oct
Oct
2
Jan
8
Jan
% Feb
jElk Horn Coal
6%
*9
8
Class
400
*95
*95
9
3134
52
1,300
xia
1734
*37%
*43
253g
10
110
17
1734
17
17%
1734
35
35%
35%
35%
40
*35% 40
*36
40
*104% 106%
*104% 104%
104% 104% *104% 106% *104% 106%
334
4
4
3%
4
4%
4
4%
4%
4%
18
49%
8%
113
106
*%
*%
46%
*134
113
50
*45%
*1%
100
200
900
*43
2
1
3
12
*2%
400
32
2
%
113% 113%
33g
8%
9%
*27%
%
i",2o6
134% 134%
32%
10
"
114% *113% 114%
5%
5%
5%
5%
150% 152
149% 155
3%
9
934
*%
114
113% 113%
3%
*19%
*10
3%
8%
30
3%
*91%
*%
2%
10
10
534
5%
15634 159%
*160
162
*160
162
162
162
16%
1634
*1634
18
17%
17%
3%
3%
3%
334
3%
3%
17
18
17%
18
1734
18
8%
834
834
9%
9
9%
1734
9%
334
9%
834
33g
1
3
12
*10
7%
35
*%
*%
5%
158% 159%
17%
3%
17%
%
5%
1734
3%
17%
*19%
934
11334 11334
5%
157
*%
*%
*2%
22%
10%
*7
38
8834
21%
9%
*113
115
*113
115
115
106% 110%
III84 113%
113%
134
134
*134
134%
135
113
113
1133g 113%
*113% 114
*113% 114
*160
3
12
111%
113% 113%
5%
5%
3
10
19,200
7%
*7
7%
*7
397g
387g
39%
800
17%
59%
57%
Jan
200
31
17%
56%
72% Jan 12
Jan
100
16
*29
60%
1137g 1137g
*66
Jan
4
3,600
*15
70
Apr
39
1
1
Cushman's Sons 7% pref-.100
28 preferred
No par
Cutler-Hammer Tnc newNo par
Davega Stores Corp
5
Conv 5% pref.—.
25
Davison Chemical Co (The). 1
Dayton Pow A Lt 4)4 % PL100
Deere A Co new
No par
Preferred
20
Dlesel-Wemmer-Gllbert
10
Delaware A Hudson
.100
600
16
*7
*%
13
Jan
25%
34
—No par
Preferred
700
31
58%
*2%
13%
70
30% Dec
8% Oct
47%
12% Jan 12
70
Curtlss-Wright
""166
16
734
39%
88%
*%
*2%
14
7%
66%
Jan 27
jDenv A Rio Gr West
30%
5834
*9%
7%
77g
Jan
Dec
4
Detroit Edison
16%
*7%
%
*34%
Feb
Jan
600
31
20
10%
*25%
36
7%
Jan
100%
Oct
800
*30%
20
*%
*25%
25%
12%
*66%
36
Jan
28%
4
7,000
6%
2%
93%
5%
35
25%
36
7%
37
7% Jan 12
300
13%
35
25%
*34%
*25
25%
33% Jan 12
3
Aug
115
Dec
6%
Jan
2,400
*16
*30%
*9%
14%
*66
20
88%
12
13%
16%
32
*19
5%
3
Dec
Nov
28% Nov
.
5
40
697g
20
37%
13%
2234
6%
*134
Feb
9% Jan
10% Mar
56% Feb
21
10%
397g Jan 17
Jan
4
37
4
Jan
Jan
Oct
88%
Jan 11
31% Feb 3
34% Jan 28
71%
171%
22% Nov
Jan 11
,
Feb
77
Cudaby Packing
50
Curtis Pub Co (The)—No par
23,800
2,000
93%
*3%
25
July
35% Mar
Mar
100
19%
24
18%
*16
20%
37%
94
57g
377g
20%
58%
32
6%
2%
*3%
31
*30
6%
*134
6%
2%
6
25
13%
14%
94
8
13%
13%
15
94
36
7%
6%
*17g
13
22%
*12
9%
107
*834
1
2
Apr
3
4% Jan 12
Jan 12
27
Jan 14
98
2l7g Feb
Jan
8
49
Oct
153
Jan
Jan
Feb
43
300
12
19%
22%
18%
Jan 31
Feb
3%
Dec
Dec
400
15%
107
107
107
6%
*14
8%
8%
9%
94
95
*3%
*277g
6
*87g
15%
-
15
*94
94
94
97
*94
14%
6%
634
17g
17g
22?g
*14
15
15
19
Oct
9% Oct
46% Nov
50% Oct
65% Jan 17
164% Jan 10
90
42%
24
16% Jan 10
Jan 12
3
25%
Oct
%
56
7
Oct
Jan
Feb
Jan
12
2,000
18
Jan
3% Jan
Dec
69%
108%
23
1% Jan 15
34% Jan 11
4
109%
106%
5%
9% Jan 17
Jan 12
32
3
5%
Oct
Dec
1
Jan 25
110'
Oct
37%
6
20
*534
6%
7%
65
2% Jan 13
82% Jan 11
45% Jan 12
18% Jan
30
*16
17
6
37% Ap*
37% Jan
Jan
9,700
22%
22%
....
Oct
Oct
15
29,000
49
10%
127
340
15%
1334
92% Aug
16% Jan 18
16% Jan 15
100
Sugar
Preferred
700
4%
4
*45
49
1534
6%
*105% 107
20%
19%
20%
227g
227g
227g
*12
147g
127g
197g
19%
17%
*6%
-
14
12%
14%
17%
9%
*105
18%
*22%
127g
1934
23
22%
49
-I
1434
14
15%
22%
-
16
*8%
9%
*8%
4%
6%
*14
*104%
4
*46%
*22%
-
17%
*6%
17%
44
43%
4%
17%
*22%
-
5%
6%
4%
6%
46
Oct
Dec
Apr
52% Apr
13%
Dec
Cuban-American
*15%
16
79%
Oct
Jan
70
1,200
16
Feb
Jan 27
Cuba RR 6%
*157g
6%
4%
Jan
1%
12% Feb 4
5% Jan 10
Jan
3
87
1,130
157g
*4%
4%
10%
3
49% Feb
58% Feb
100
10
Pref
12%
11
1578
6%
6
12%
4%
10%
105%
Oct
27% Feb 4
12% Jan 27
164
Jan
Oct
7% Jan
27% Jan 28
1% Jan 3
80
(The)
Oct
13%
Dec
4
Jan
107
-100
No par
Cuba Co
7
Feb
17% Apr
Oct
%
Jan
No par
America--100
800
Jan
3%
2%
38% Feb
-20
Preferred
Jan
108
Nov
92
3
7
1% Jan
73
100
25 conv pref
18%
49%
Oct
86% Jan 21
3% Feb
No par
Crucible Steel of
Jan
Oct
Dec
1
% Jan 4
5% Jan 12
22
Jan 12
7% Jan
Jan
66
500
5%
4%
21%
100
%
30
12,000
*68
6
19
4%
1
10%
4%
%
%
%
25%
3% Jan
ex-warrants...-No par
Crown Zollerbach Corp
5
100
70
33%
82%
\
*78
4
5% Jan 15
10% Jan 10
Pref
75
17
23
5,700
*64%
31%
3
22.25 conv pref w w..No par
9%
80
Jan
Seal...-No par
""966
67%
35
96% Jan
Corp...No par
36
32%
9%
4
8% Feb
Crown Cork A
16%
*22%
9%
4,300
*65
634
*1334
4%
■
15%
15
33
9%
Feb
4%
Crosley Radio
75
17%
—
400
*65%
*49
*8%
9
31%
11
4%
49
15
9
70%
6
49
*104%
700
70
*15%
—
22
4%
75
*43%
*6
22
80
10%
600
*30
67%
%
9%
1,900
8,700
4
70
70
44%
4%
1534
17%
%
9%
9%
4%
4%
15%
*22% •
%
%
*%
6%
6
44%
82%
*80
81
400
90%
82%
35%
*80
14,500
100
37
72
*68
*67%
34%
3,200
*34
9%
Jan 29
90
No par
.5
Continental Insurance.._$2.50
Continental Motors
1
Continental OH of Del
5
Continental Steel Corp. No par
Corn Exch Bank Trust Co._20
Corn Products Refining
25
Preferred
100
Coty Inc
No par
Crane Co
25
5% conv pref._
100
Cream of Wheat ctfs—No par
2,400
36
30
20%
Jan 14
Continental Diamond Fibre.
2,200
3134
1% Jan 31
5% Jan 3
71
$4.50 pref
700
1,900
30%
*34
9%
9%
10
4,900
22%
33
Mar
12% Jan
10% Jan
Continental Can Inc
Jan
Mar
95
83% Jan
preferred
18%
87
13% Feb
8%
Oct
Oct
preferred
Class B
4%
Oct
100
300
July
63
Amerloa.20
Continental Bak class A No par
9,300
6,000
26
65
Container Corp of
6,300
Jan
Oct
Jan 15
1
5% preferred v t o
200
22
8
75% Jan 25
1% Jan 11
6% Jan 12
5
Jan
Consumers PCo$4.50pfNo par
600
90%
9%
31%
31%
31
V
*9
36
*34
35%
72
*66
2,800
Jan
19%
7% Dec
678 Dec
9% Jan 15
19% Jan 17
68
N# par
pf-100
^Consolidated Textile..No par
Consol Coal Co (Del) v t C..25
500
share
Feb
19%
46% Mar
Ja 117
Consol RR of Cuba 6%
$5
21
*90% 113
22
22
21%
9
32
22,300
per
Oct
8
—No par
"4",400
8
1
Dec
4%
20
5
Jan
8
3
6% Jan
preferred
Consol Oil Corp
300
4
4%
2134
203g
*22%
*878
*32%
34%
300
59
58%
58%
60%
164% 164% *163%
7% Jan
No par
Consol Laundries Corp
5
$5
1,900
50
50
4934
49%
50
"162
168
*
32,800
13%
12%
4
21
90
7% Jan 14
24% Jan 22
22 partlc pref
No par
Consol Edison of N Y..No par
700
*4%
19
V 4%
90
9034
;
5%
Consol Film Industries.
1,000
1%
5%
21%
9l3g
21
43g
50
50%
59%
*162
....
20
13g
28%
1%
28%
59%. 59%
*162
28%
*13
54
*49
8
28
"""16
73
I3g
5%
20%
13g
13g
5%
Jan 27
Jan 31
14% Jan 28
6% Jan 6
66% Jan 3
100
100
preferred
6H % prior pref w w
7%
14%
143g !xl3
1334
14%
13
13%
1234
1334
13%
15
15
134
1%
134
1%
1%
2
2%
*77
82
79
79
*76%
82
79%
79%
38%
3834
40
38%
39%
40%
3934
41
*109% 110%
10934110
*109% 112
109% 110
734
734
7%
7%
8%
8%
8
8%
27%
28
28%
29%
29
29
29%
30
1%
1%
13g
1%
13g
1%
1%
1%
28
27%
28
283g
28%
293g
28% 293g
1234
13
*13
14
13%
13%
*13
1334
3934
8
•
700
2
109% 109%
8%
28
1%
5%
223g
Cougoieum-Nalrn Jnc—Nc par
Cigar
No par
Conn Ry A Ltg
% Dref-100
Consol Aircraft Corp
1
Consolidated Cigar
No par
T.SOO
22
13g
5%
6
Congress
200
6534
*72
73
73
74
*
"2" 100
14%
81
3834
39%
39%
10834 10834
6%
*
7%
9%
14%
634
14%
14%
14%
2
*79
82
*79
20%
86%
13%
13%
1%
14%
1314
178
13%
7%
9%
14%
7%
6534
*4%
4%
4%
4%
5
8%
8%
9
9%
8%
9
8%
9%
*100
106
*100
106
*100
106
*100
106
6%
7
*6%
6%
*6
634
7%
6%
%
%
3g
%
*3g
%
%
%
3%
3%
3%
4
4%
4%
4%
4%
*14%
16
*17
19
13%
16
*16
21 ■
*84
85%
85
85
85
85
*85
86
5%
*38
*73
1%
6
2234
93
43g
5%
7%
6534
7%
*
74
91%
106
*100
1334
21 %
5
5%
5%
*%
15%
1%
8%
9
106
*100
15
*5%
*4%
4%
4%
*7%
*73
6
22
9234
92
*92
9%
6534
1%
*5%
20%
93
5%
20%
*
74
13g
134
5%
21
*1%
7%
*8
15%
7%
15%
*634
*7%
*7%
14%
634
22
21
7%
9%
*8
6
22
Highest
Lowest
$ per share
share
per
20%
Inc.—No par
Conde Nasi Pub
*5%
2134
6
*5%
$
share
per
Previous
Year 1937
Highest
Lowest
5
Par
Shares
$ per share
$ per share
6%
23
*5%
*8
6534 *___.
*73
74
*73
i"
6
*7%
15%
7
*6%
:
*5%
20%
1434
$ per share
$ per share
87g
145S
On Basis of
Week
734
*
EXCHANGE
Tuesday
$ per share
*5
6
6
2134
*8
NEW YORK STOCK
Jan. 31
$ per share
*5%
21i2
*7%
STOCKS
for
Monday
Saturday
Jan. 29
Range for
1
100-Share Lots
Range Since Jan.
Sales
CENT
SALE PRICES—PER SHARE, NOT PER
HIGH
AND
LOW
867
New York Stock Record—Continued—Page 4
146
Volume
2
Jan 27
%
1%
14%
29
Jan
60
Feb
Jan
Feb
3
347g Jan
3
40% Jan
Jan
5
106% Jan
3% Feb
3
6% Jan
3
Oct
115%
17%
Feb
3
49% Jan
41
Oct
78%
Jan
43% Feb
3
54
Jan
45
Nov
81
Feb
62% Jan
2% Jan
5% Jan
8% Jan
6% Jan
5% Jan
10% Jan
1% Jan
61
Nov
86%
Dec
Oct
Oct
23%
Oct
28%
17
104
40
50
Jan 31
1% Jan 31
3
Jan 18
5% Jan 26
3% Jan 19
3% Jan 3
712 Jan
1% Jan
33
Nov
100
Nov
1%
4%
8%
5
9%
35%
3
Oct
14%
6%
1%
Dec
Oct
34%
6%
5%
Jan
Feb
Jan
Mar
Mar
Mar
Jan
Mar
Jan
Jan
8% Jan
24
Jan
11% Jan
33% Jan
Feb
33
28% Jan 28
Jan
1
Oct
7%
Oct
Oct
28
71%
Jan
150
2
1% Jan
Mar
210%
Jan
26
Oct
70
Jan
Oct
Dec
103
Jan
150
Mar
129
Apr
Feb
Feb
23%
7%
72%
72% Feb
1
10% Jan
73
Feb
Jan
8
74
Jan
60
96% Feb
2% Jan
2
3
96% Feb
4% Jan
90
Nov
Oct
8
70
3
Feb
3
Jan 28
1% Jan 29
14% Feb 3
,
29%
Jan
Jan
2
Oct
11%
2%
1%
Oct
Oct
11%
Jan
18% Jan
14%
Deo
43% Mar
4% Jan
2
6
Jan
New York Stock
868
LOW
AND
HIGH
SALE
PRICES—PER
SHARE.
NOT PER
Record—Continued—Page
CENT
Sales
STOCKS
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Jan. 29
Jan. 31
Feb. 1
Feb. 2
Feb. 3
Feb. 4
$ per share
$ per share
Shares
$ per share
*73
*29%
*10%
20%
*90%
I per share
76
30
30
$ per share
*73
76
*73
29
29
29
*13i2
20'2
20%
76
30
♦14
21
75
29
29%
75
2934
*15
30
75
30
20
*90%
*31%
15%
93
2038
*90%
21%
93
91
33
*32
33
32
32
*24
27
*24
27
*24
*16*4
*2%
18
*1634
18
*17
29
29
2%
29
28
93%
*93%
65
14%
2%
*93l4
15i2
937s
1534
*2%
*28%
*93%
1534
*52
70
1578
*55
*3%
334
*38
25
255s 26
*10312 103*8
*23%
1278
1278
2
2
334
2534
103% 103%
*23%
30
30
3%
*13
12%
1234
*2
4
*13
15%
90
143s
14%
14%
*89
90
534
*534
534
6
*93
95
38
8
118
118
*4
8
7%
118
♦119
4
,
67
*64
67
64
*24%
25
*24%
*116
9'%
1834
120
3834
39%
38%
39%
32
31%
32
1
1834
32*8
115
19%
33%
3234
115
26
26
26%
5%
5%
5%
53s
*5%
8%
8%
8%
834
8%
„112
20
99
1%
*87
1%
1%
17
15
21
22
21%
11
*15%
*95
11*8
21%
11
7%
21%
47
49
18%
*78
*70
16
19%
3%
61
*54
3%
65
16%
22%
123s
2038
29%
45
8
1%
*20
24
1%
5%
*15
17
*25
25%
*32
34
5%
*17% 18%
*98%. 100
*1%
12%
14%
*24
14%
25
22
92
*40
16
8%
45
63s
*12%
*50%
5%
1%
1%
1258
15%
24%
*21%
16%
2434
5%
16%
*5
♦15
6%
77%
2%
88
634
100%
152
13
52%
1%
*484
*15%
17%
25
25
*25
29
*15%
*2434
*32
34
*32
33%
*32
6
6
6
5%
*61%
*2
87
*6%
77%
12%
52%
58%
58%
7
7%
49%
22%
20%
*42%
45
2%
3%
6%
2
6%
*146
1234
52%
2%
*86
6%
152
12%
13%
52
6%
52%
13
52%
77
70
20
18%
83
81
4%
58%
1%
54
4%
1%
*29%
*125
50
*41
1634
16%
8%
9
8%
734
*1%
1%
2484
5%
20
*434
17
*82%
634
42
*134
*5%
84
6%
42%
2%
7%
73s
7%
1%
884
9
*15%
1%
19
*82%
634
42
2
*5%
7%
13s
9
9
*8%
19
19
93%
21%
6334
6434
22
22
*9%
50
49
8334
8334
7
7
10
7%
8334
7%
2
*4%
8
*49
46
2
2
9%
49
45
43%
64%
*22
*8234
6%
45%
2%
7%
1%
*18%
*434
5%
2
2
634
86
6%
6%
*9034 100%
146
13%
1234
49%
52%
734
*4
*127
*99
834
146
1234
5034
130
2
*85%
6%
100
8%
8%
18%
23
9.
834
48%
*8234
6%
*127
17
49%
84
7%
*
43
2
*4%
7%
1%
49
84
6%
61%
1%
734
1%
9%
9%
*17%
31%
19
17
17
3134
30%
*5%
17
18
18
29%
30
30
6%
*5%
Bid and asked prices: do sales
I
6%
on
*6
ttils day
6%
f
100
9%
10
12,200
400
20,800
300
700
10
500
1,200
1,000
800
900
30
700
200
20
700
300
No par
General Refractories
Glmbel
No par
10
700
200
2,400
"""36
Brothers
No par
4H%
No par
preferred
conv
50
1%
*5
7%
7%
1%
1%
8 '8
9%
*17
6%
in reoelv^rahlp.
3134
534
a
%5
conv
preferred
51
Gotham Silk Hose
""166
"moo
Preferred
par
100
Graham-Paige Motors
Granby Consol MSA P
1
6
Grand Union Co tr ctfB
1
J3 conv pref series
No par
Granite City Steel
Grant (W T)
No par
Dec
4
z99
Dec
34
Oct
647*
Jan
28% Nov
44%
Feb
384
Jan
120
Preferred
120
Feb
29%
112%
Oct
May
3
Jan
4
38% Jan 15
116
Jan
5
Jan 20
31% Jan 18
534 Jan 12
9%
106
2%
26%
87
90
Jan
6
Jan 28
Jan 11
Feb
1% Jan 26
18% Jan 3
3
Jan
1%
110
Jan 18
85
Nov
Oct
5>4
Jan
Oct
19%
19%
28
Jan 10
18
Oct
48%
70%
Jan
Jan 28
Feb
3
2834
Jan 10
10% Jan 11
14
Jan 10
15%
20
Jan
Feb
3
6
13%
Oct
88
Oct
33*4
Jan
Dec
9%
16
43%
Feb
95
Nov
105%
Jan
8
Oct
24
Aug
10% Jan 11
8
Oct
20%
Feb
55% Feb
60% Jan 11
9% Jan 10
56
88%
Feb
6% Jan
50
Jan 27
20% Jan
3
Jan 28
46
2%
58
Jan 13
27%
Jan 11
51% Jan 19
Jan
3
Dec
29% Mar
Oct
19%
Dec
43
Oct
90% Mar
61% Jan
58% Jan
3% Jan 10
Jan
70
Feb
378
Oct
6%
49%
1%
Oct
2
Jan 11
Oct
80
Jan 17
Jan
19%
Jan 15
Jsn
Jan 28
88% Jan 12
478 Jan 11
72% Dec
3% Dec
Feb
3
54
65
1% Jan 22
4% Jan 3
1% Jan 28
11% Jan 3
1334 Jan
2
13%
46% Jan
17% Jan
76
3%
54
57% Jan 15
23
19
26%
Feb
3
178
13%
18%
*27%
Jan 10
22
Dec
Jan 24
1934
Dec
10
Oct
Feb
4
7%
1% Jan 29
17% Jan 5
5
Jan
5
15%
Jan
3
Jan 22
8% Jan 5
1% Jan 10
28
5%
Jan 12
Jan 14
20%
23%
129
Dec
Oct
Dec
50% Sept
15% Oct
7% Oct
7% Dec
7«
12
3%
56*4 May
42% Jan
145% Mar
64% Mar
39% Mar
16% Feb
17% Mar
59% Mar
34*4 Feb
12
Oct
Jan 13
23%
Dec
Jan 17
25%
34
Jan
6
26%
7
Jan
7
434
Oct
21% Jan 15
1734
Dec
Jan 18
Apr
36
Jan
Jan
20%
Feb
31
Feb
Feb
100
100
Jan 18
95
Nov
108
par
92
Jan 28
96
Jan
6
92
Oct
105
par
20
Jan 31
25
Jan 15
18
Oct
123% Jan 29
121
Dec
Jan
58% Mar
140
Feb
I
Jan
5
x734
Jan 19
5
Oct
60
Jan
6
65
Jan 17
107
Feb
2
Jan
3
55%
1%
Dec
2
Hazel-Atlas Glass Co
5
100
w w
Oct
8
Jan
26
234
Jan 11
17*4
Jan
86
Feb
3
93
Jan 11
81
6
Jan
3
Dec
25
89
778 Jan 17
90% Jan 13
117%
16%
Aug
par
86
Dec
126
Feb
..100
140
129
Nov
166
Jan
Hecker Prod Corp v t a. No
Helme (G W)
Preferred
Motors
No par
preferred
100
No par
54 conv preferred-_ .No par
Hlnde A Dauche Paper Co. 10
Holland Furance
No pa'
preferred..No
par
6
No
par
12 60
Houdallle-Hershey ol A .No
Class B
par
No par
Household Fin
com
Jan 10
Jan
8
12% Jan
49-% Feb
126% Jan
31
147%
17
Feb
4
Jan 11
stk-No
6% preferred—...
634
9,600
Houston OH of Texas
3,500
134
500
100
Howe Sound Co
v
t c._25
5% preferred
Hudson Motor Car
Hupp Motor Car Corp
58
130
43% Jan 27
84% Jan 3
43%
Jan 26
39%
93
Jan 13
83
19
Jan 10
17
Jan 31
98
Jan 10
Jan 11
Feb
1
19% Jan 21
22% Jan 10
6,600
Illinois Central
39%
Feb
Nov
64
Dec
May
135%
Feb
16%
15%
100
Jan 13
93
11
Jan 12
4
25% Jan 12
734
15%
52%
Jan
4
65% Jan 20
22
Feb
1
25
109
Dec
67%
Jan
Nov
111
Jan
Dec
Oct
37
June
Nov
52%
120%
Feb
Jan
Dec
30% Mar
Oct
43%
Oct
Jan
114*4 Mar
l3984
Oct
Jan 12
21
Dec
41
Jan
Oct
27%
Feb
73
Jan
94
Mar
5334
Dec
8%
Jan
3
1178
Jan 12
6
46%
Jan
4
50%
Jan 24
44
Oct
83%
6%
Jan 26
78%
Dec
434
Oct
17%
Oct
90% Mar
85
Jan 14
Jan
3
878
Jan 11
3
53%
Jan 13
1% Feb
4
2%
Jan 13
100
6
Jan
8
par
6% Jan
1% Jan
8% Jan
3
100
Oct
Jan
50
3
41% Jan
1
Nov
125
8% Feb
18% Feb
100
No
11
4
5
Manhattan
9,500
par
5%
19
...100
Homes take Mining
Hudson A
Jan
22% Dec
28% Mar
Oct
Jan 12
Jan 19
conv
Jan
Feb
Feb
11% Mar
4*4 Jan
5% Jan 26
17% Jan 31
5%
Jan
59
32
123% Jan 29
Feb
Oct
25
cum
4*4
Oct
19
100
Jan
Jan
6%
27%
48%
47%
Oct
6
Mar
13%
96
Oct
Dec
Jan 12
'47% Mar
141
15
1%
Feb
50% Mar
87*4 Mar
Oct
10
Feb
Feb
3
13
Jan 14
8%
Oct
Jan 11
32
3
Oct
6%
116
1%
Jan 11
127% Jan
8% Feb
Oct
Jan 10
26%
Jan
Jan
Dec
16%
Jan 12
15% Jan 12
Feb
46
6% Jan 12
23
11% Feb
Jan 21
z83% Dec
1234 Dec
25
6%
Jan
14% Jan 15
7% preferred class A
25
Hall Printing
10
Hamilton Watch Co
No par
100
Feb
10% Jan
9% Jan
Jan 12
6% preferred
Jan
1
14
Jan 12
6H% preferred
Hayes Body Corp
Jan
Feb
Jan 10
10%
Hat Corp of America cl A
Jan
53s
65%
117%
Jan 10
40
preferred
Jan
Feb
Mar
2
21%
Hanna (M A) Co $5 pf.No
Harbison-Walk Refrao. No
Feb
Feb
19
Jan 22
Water
19
Dec
Oct
Jan 31
Hackensack
Oct
16
16
100
199
Jan
Jan
Feb
Oct
Oct
Jan 15
40
10
64%
6578
124
70%
122%
60%
15%
Oct
21%
3%
8%
8
Jan
Dec
111
Jan
152
3
Jan
No par
Dec
Mar
62%
Jan
1%
Feb
preferred
100
Gulf Mobile A Northern.. 100
28%
65
15
20
8%
Nov
48
117
Jan
23
par
33
Jan 11
Jan 28
4% Jan 5
7% Jan 28
102
3
Feb
57%
120%
Jan 31
26
30
3?% Mar
126% Mar
Oct
3
Green Bay A West RR Co. 100
Green (H L) Co Inc.
1
44%
"5",700
3
'4
4
Jan
125
Holly Sugar Corp
7% preferred
7%
Feb
5034 Jan
100
Hollander A Sons (A)..
100
30
118
10
1,100
18*666
Jan
20
6% pref
Gt Nor Iron Ore Prop. No par
Great Northern pref
100
Great Western Sugar. .No par
1,100
500
734
1%
9%
22
No par
Hershey Chocolate
92
8334
par
No par
Hercules Powder new—No par
3,200
42
5% preferred
No
Goodyear Tire A Rubb. No
2,000
9
49%
*8234
6%
Jan 10
1
Hercules
20%
18%
491
2784
24% Jan 27
110% Jan 13
No par
1,300
10
6~3%
Oct
Jan 10
100
Glldden Co (The)
6%
50
2,600
"666
130
Oct
Oct
1
16 preferred
6% preferred
8%
32
16
*5%
"5", 100
400
7%
8
29%
Gen Realty A Utilities
S6 preferred
23
2
934
6
400
4,100
*21%
45
734
1%
1534
No par
Railway Signal—No par
6% preferred
100
6% pref
5
*99% 100
8%
8%
18%
18%
9%
9%
29
No par
Gen Public Service
Gen
% preferred
Guantanamo Sugar
147% 147%
*12% 13%
4934 51
64"
23
138
6
920
*102
61%
93s
29
700
10
88
6%
14%
1
1,100
6%
*90%
*18%
*102
1%
ib"900
*9034 100%
*41
24
8
General Printing Ink
56 preferred
734
1%
23
2
90%
6~4~34
734
900
1634
51
20%
1734
*18%
19
2
60
1
1,600
10
No par
Greyhound Corp (The)-No
6
*5%
17% 17%
*98% 100
2
86
152
46%
1,900
2,100
General Motors Corp
55 preferred
Gen Outdoor Adv A...No par
Common
No par
9,200
20%
90
*102
63%
24
400
"2*666
33
99
*834
1,300
100
834
25
99
*102
91,300
preferred-
Jan
66
2%
1% Jan 11
1,300
33
99%
*49
7%
13g
20
Feb
Jan 24
3
3,800
17
14
13
Jan 25
50
16%
8%
8%
Oct
72
1
15,500
25
17%
51"
1634
Feb
2578 Jan 12
30
2034
34
18%
9%
*41
163
Feb
No par
6%
Feb
Oct
Oct
Feb
No par
16 conv pref series A.No par
General Mills..
No par
86%
19%
5
Feb
Foods
60
Nov
117
5% Jan 12
General
29%
127%
26
17%
*49
50
15%
17%
9%
*29%
*125
12
*33
*40%
6234
*21%
20
2934
21%
*2434
90%
*18%
834
1134
193s
33%
92
63%
22%
9%
12
29
20%
8%
22
13
4
Gen'l Gas A Eleo A
1,700
14%
Jan
Jan 15
Feb
3,300
4%
1%
24
9
121%
4,700
15,500
*15
51
62%
22%
12%
Jan
45% Jan 10
33% Jan 17
1%
17
*18%
19
3%
*15
*40%
*9038
19
13s
4%
*1%
*1134
14%
23%
21%
1%
125
83
31% Nov
4
*,»■**<•»
434
1%
5
18%
54
|1%
92
*8%
18
334
153s
48
*79%
*3%
1%
25
*102
45
91
Jan 10
36% Feb
70
48
19%
81%
3%
*18%
17%
83s
19
21
"l434
54
*48
*90%
...
20%
*42%
Jan 25
45%
No par
56
*
70
51%
*46%
8%
19
7
15%
25
*102
100
Oct
95
3
Electric
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
92
99%
preferred
5%
8
Jan
58
No par
No par
Jan 10
7%
Jan
33
106% Jan
19% Feb
16% Mar
105% Jan
3%
8%
17%
No par
100
Feb
Feb
Jan
118
6
2,000
*18%
♦99% 100
No par
3%
*90
17%
Oct
3
9134
51
4
3%
*90
17
7% Jan 12
Gobel (Adolf)
51
*18% 25
1734
18
*99% 100
3
7
General
105
55%
45
16% V 1434
130
Nov
Jan
1,400
*40%
*129
88
5%
6%
9334
35%
7%
3
2%
51
130
Jan 17
2%
130
130
90
2%
*43
130
6
3
*90*4 100%
*146
153s July
x39% June
Jan
2%
*128
*128
15%
92
92
93%
21%
*20% 21%
*123
128
*123% 128
*123% 128
5%
6%
*6
658
6%
6%
6%
77%
*61%
77%
*61%
77% *61% 77%
*9034 100%
152
1%
*92
90
Dec
Oct
89
cum
7%
60,000
99
*48
21%
*92
*86
11%
10%
Baking....
preferred
General Cigar Inc
100
1
128
2
2%
Dec
Jan 20
General Tire A Rubber Co__ 5
Gillette Safety Rasor_.No par
%5 conv preferred—No par
*98% 100
21%
3
Jan
16%
3,900
18%
93%
Jan 17
16
"V,100
*17%
21
5
3
9%
55%
7%
534
*17%
1734
*98% 100
5%
*61%
87
120
11%
9%
984
*92
6
600
*95
11%
6
20%
3
Jan 28
1234
105
6
*123
Jan
Feb
Gen Steel Cast 18 pref.No par
Gen Theat Equip Corp .No par
*17%
18%
*98% 100
*90% 100%
*140
6
3%
12%
13%
Gen Time Instru Corp-No par
*45
30
5%
Jan
7% Mar
400
7%
125
*7%
1%
Jan
48%
Oct
1,500
15
*20
73
Oct
1%
11
23
*434
20%
24%
1%
10%
15%
12
8%
1%
2434
Oct
6%
4,300
14%
16*4
8%
20%
Jan 12
21%
21%
15%
8%
*1%
*20%
17%
17%
*98% 100
24%
7%
Jan
Mar
2%
No par
Class A
400
Jan
32%
117
3
No par
Cable
2,200
Oct
Jan
Bronze
58
102
2
6
58
Oct
Jan 12
Jan 21
16 pf.-No par
S8 1st preferred
General
18
Jan 22 *107
Jan
10
preferred
General
Dec
13% Jan 20
Gen Amer Investors
900
83
40
Jan 21
27
1,500
6,200
183s
28
3
Feb
Jan
Oct
4
Gar Wood Industries Ino
120
40% Jan 13
135
Dec
2%
3
1,000
S6
Jan 18
Feb
preferred
conv
1%
5% Jan 12
Jan 31
103%
22%
Gabriel Co (The) el A..No par
Galr Co Inc (Robert)
1
53
3
Jan 10
Oct
9% Jan
20%
20%
10%
15%
13
9%
600
38
No par
General
*87
Jan 28
5
No par
$6 2d preferred
15
23
2334
22%
21%
12%
11%
21*4 6 19
16%
50
580
15
13
*40
preferred
100
Fuller (G A) prior pref-No par
conv
1,900
38%
3134
56
par
8
13a
9%
6884
30
68
preferred..-No
conv
16
11
125
65
17
99
*95
*1%
70
10
934
5
64%
22% Jan
500
15%
2334
22%
12%
20%
50
9
734
1%
*20%
*54
Oct
F'k'n81monACoInc7% pf 100
Free port Sulphur Co
10
50
15%
1634
9%
734
*1%
51%
19%
*81%
*334
11%
110
56
56%
56
56%
120% 120% *120% 123
13
25
*46
92
*91
4%
58%
1%
12
128
*140
82
1934
92
*2
20%
*54
1%
12%
1
20% 20%
20
123% 123% *123
*86
19%
*334
22%
22%
12
12%
12%
21%
21%
22%
2934
2934
29% 29%
127% *125
127
127% *125
8%
*60
51%
15%
20% Jan 12
8
120
12
2%
3%
Sept
3
10
8
Jan
3
1
3% Jan
300
121% 121%
*334
3%
8%
17% 17%
66
21%
*70
1634
17
7%
*42%
77
4%
16%
*6
*55
*45
98
14% Jan
Foster-Wheeler
*87
11%
9%
Apr
Oct
No par
1,400
121%
k 384
3%
8%
9%
17%
18
60%
60%
*24% 24%
105
11*4
58
80
1%
*15%
1%
17
*95
Oct
3
33% Jan 10
95% Jan 21
27
Jan
6
11%
*1578
82
5
834
92
19%
82
89
Oct
3
89
100
100
Gen Am Transportation..
*30
Jan
2% Feb
26% Feb
Machinery Corp
conv pref
4H%
2,400
21
3%
*48
458
16%
5%
19
*79%
3%
5634
33
Francisco Sugar Co
5,000
97
1
3
Feb
413s Mar
107% Feb
52% Mar
X Follansbee Brothers..No par
Food
36%
19%
10%
15%
2%
4%
1%
*734
*5
51
60
5%
5%
31%
Jan
3934
Oct
Nov
46% Feb
68% Feb
39% Mar
9% Feb
5%
*94%
36%
1
90
Dec
534
30
16%
Jan 11
15
5%
1
Jan 15
92
21
5%
31%
25%
6
18% Jan 17
Gannet Co
30
4
Dec
10
36%
Jan
Jan
Dec
90
37%
32
*18%
90%
1087g Mar
46% Jar
Oct
Dec
26%
11%
*88
117
Oct
22%
20
22
89
36%
x65
32% Jan 19
Highest
share $ per share
per
17% Jan 21
29% Jan 12
Gamewell Co (The)
97
x79
$
28
10
37
8
3
share
Jan 18
143s Jan 28
23% Feb 4
2,300
| 6%
4
Feb
per
No per
15%
23
45
13s
13%
*40
51
a
67% Jan
27
700
2
3%
%
No par
3%
12%
22
2%
3%
4,300
65
12%
share
per
Lowest
Fllntkote Co (The)
*13
21
2134
16
110
16%
2
Year 1937
Highest
First National Stores..No par
334
13
""
15%
12%
20
56
*70
16%
f 3%
*13
22%
21%
*42%
1%
25
*125
77
1,700
95
*51
2
21%
9%
58%
7%
58%
7%
1%
*24
1934
29%
3%
2*1
3234
1%
1%
*15
12
934
1%
*1238
*14%
*12
3%
16
13s
4%
1%
*22
2%
21%
56%
12
*49
48%
77
82
73s
2%
3%
49
58
*87
105
1134
9%
54
56%
18
*95
21%
*42%
2%
3%
♦54
*40
15
23
22
12
56
*93%
16
50
1
138
*15%
12
2%
95
Range for Previous
Florehelm Shoe claee A.No par
""300
26%
27
15
1938
Florence Stove Co
500
18
*2%
26%
22%
11
3
15%
2134
2234
16
1134
934
*57%
7%
32%
40%
*120% 121%
15
105
12
400
33%
34%
31%
32%
31% 33%
113% 114% *113% 114% 114
114
26% 26%
26
26% *25
28%
5%
5%
5
5%
5
5
5
8
8%
8%
8%
8%
8%
8%
108
*105% 108
10534 106
*105% 108
1%
*1%
1%
1%
1%
*1%
1%
2034
2034 22
20
19%
19%
19%
1%
15
22
16
2%
*70
138
15
*95
7%
47
11
117
3834
*30
99
18
9%
21
22
*87
105
*57%
*40
99
8,600
28
*105% 108
*105%
1%
1%
1%
1%
21
20
20%
20%
*15
21%
*26
108
*87
15%
33% 34%
114% 115
*23%
*105
117
50
6% preferred series A... 100
117
19%
62
25
1%
*30
3334
115
19%
62
2484
40%
32%
100
*17
*119
9%
*55"
56
56
56%
*120% 123
*120% 123
115
120
4
56
*55"
120
9%
120
"3",700
23%
14%
23%
2%
p5%
95
♦94%
38%
35%
8% * 7%
4
*
♦120l2 123
5%
95
38%
8%
2434
1
1%
6%
5%
64
39%
31%
18
4 89
934
45
45
90
6
5%
9%
*116
31i2
15%
4%
25
9%
1834
1
6
*4
*24i8
1
*89
95
7%
120
90
38%
8%
121%
19%
92%
32%
$
Fed Dept Storee 4%[ % pf__100
Fidel Phen Fire Ine N Y..2.60
Fllene's (Wm) S0113 Co.No par
Firestone Tire A Rubber—10
*32
15%
56
200
1,900
*89
32
Par
76
1934
92%
Lowest
30
*2%
26%
93%
2%
3%
14%
334
95
24
58
*13%
*13%
38
918
1812
*603s
*116
4
15%
.
20
5,
EXCHANGE
28
27%
*15
*3%
4%
3%
3%
3%
3%
*38%
50
38%
38% *38
50
25% 26
25
25%
25% 2.534
103% 103% *103% 10334 *103% 10334
23% 23%
23%
23%
22% 22%
13
13
13%
13%
1234 13
*2
95
4
18%
57%
3734
118
4%
9%
93%
16%
15
*5%
*5%
5%
37
8
*89
19%
*90%
31%
14%
2384
2%
27%
93%
17
27
2
*334
*13%
*13%
534
*93
*37%
2
18
*2%
65
*3%
4
*38%
50
25%' 25%
103% 103%
*2234 25
13%
13%
2%
334
14%
*13
*89
55g
*534
378
38
27
*17
2%
28%
93%
16%
*58
16%
*24
20
16%
38
16
16%
27
2%
16
*3*8
46
15%
20%
*73
29%
30
*17
91
3212
15
93
*31*8
75
27
*15
Feb.
Range Since Jan. 1
On Basis of 100-Share IjOts
STOCK
Week
$ per share
YORK
5
3
5
7%
10
178
37
Jan 13
1%
3%
Jan 13
4
Jan 10
1%
8
Jan
Oct
5%
Oct
Oct
15%
23%
Feb
Dec
4%
Aug
Jan
Jan
1134
Jan 10
Oct
38
18
1,000
6% preferred series A... 100
16
Jan 28
20
Jan 10
16
Oct
33
840
67% Mar
Leased lines 4%
—..100
RR Sec ctfs series A._.looo
29
Jan 28
38
Jan
4
34
Dec
72
Jan 11
5
Dec
25% Mar
534
Def
100
dc"very
534 Feb
4
7%
1 Called for redemption
Mar
Jan
Wednesday
Thursday
Friday
Jan. 31
Feb. 1
Feb. 2
Feb. 3
Feb. 4
Weet
18%
18%
1812
76
75
185a
19
76
77
*
138
7i8
1914
*65a
7
7
*
138
18
74
74
*
138
*
138
175
64
65U
64l2
6478
64
6438
64
65
63
64
113a
1178
lll2
12i4
12
125a
1214
127gj
113a
12
4i2
*4
9012
*35a
lOU
278
*22
10i2
18l2
1734
18
93
93
90i2
90i2
334
88
90
334
3U
III4
10
103a
934
25a
2214
3
23
1034
3
24
3
2434
5914
3%
33a
lli8
10%
334
11
7\
48
Int Nickel of
200
150
478
514
3
314
10
463a
"7"
634
13", 800
7i8
658
Class C
30U
3U4
5
30i8
47g
3118
478
434
313a
32i2
30i2
32i2
478
4i2
484
4%
4478
22l2
34
20%
34
34
*2014
3334
*20
22i2
100
*33
35i2
*33
35i2
300
International
35i2
18
*16i2
177a
17
17
400
International Silver
1834
♦16U
19
*17&a
69
*65
67
6434
65
185a
64
64
*65
69
*65
69
6
6
578
13,700
Inter Telep A Tel eg
6I4
'4,800
IOI4
10U
lOU
10U
10
Ida
10
1,700
IOI4
10
10
69
69
68I4
68I4
170
69
69
6934
69
68
*68
100
10l2
*2214
10l2
*1018
1234
*10l8
*22l4
23
23
23
4734
4734
6734
68i2
68
163a
*118i4
"
200
4734
4734
""506
67i2
70l4
6,000
7114
73
67i2
71
16i2
»
m
*16i2
*118i2
•
-
68
17
----
73g
~7%
7i2
758
714
714
*1634
20i8
*17i2
18%
*17i2
19i2
1678
*16
17
*16
17
13i8
*13
1314
98
*7434
98
I67a
17
17
13
*7434
734
434
zl3
13
13i8
98
13
*82
98
*7434
734
45s
34i8
35i8
3458
75g
*18i2
734
*2
8
15
*1414
*1414
6
*5
*24
*1234
17
534
*478
6
*24i2
30
*5
*2314
lll2
*5i8
1234
1234
15
15
1534
1534
34
78
378
*334
*978
34i2
8
8
*26
77a
2612
*26i4
92
92
9234
93
9212
*163
167
*163
167
16i2
*16
16l2
24i2
25i2
25
2534
26
26i2
36
36
3478
355a
36
36
46i8
18
18
17%
45i2
4634
47
48
*105
H4
H2
13a
3i2
314
1834
3'8
*1734
13g
3i2
338
I6i8
*12158 126
20
1934
28i2
*28
*15a
*6
2i2
8i2
778
*7
"
11%
2
6
12%
12l8
26
25
Liggett A Myers
3,100
167
100
167
*160
167
2212
36l2
16i2
17
138
1%
3134
U4
3234
ll4
*3214
33
3l2
*3i2
334
358
4
4,300
2,000
1,700
1778
1,400
3,800
4514
1,500
155a
16
2,100
*297g
31
100
104
104
17
47l2
47l2
46
45
17
*16i8
18
16
3112
*29
31
*29
*123i2 126
2014
20U
29
25
*12l8
2478
2912
125a
25i8
126
123l2 12312 *12158
19
1912
20i8
1914
2878
2778
28
2834
125a
12%
125a
1178
24i2
*2
238
*2
*6
734
*6
714
*6l2
*14i8
17
12
14
12U
7i2
634
7
7
7
6i2
IH4
2i4
*11%
12
11
6
H8
6i8
Us
7
8
8
*n8
*2314
H8
H8
*2638
734
2878
778
1634
173a
1678
*3%
414
378
8
158
28
8i2
17&8
4
6
*34
*3i2
*73a
*li8
27l2
SU
6i4
Hs
*2
6
*34
*334
5
878
734
1%
27%
8%
*1%
*26%
17%
1734
*3i2
4%
7U
*11
12
2
2
2
6%
578
6
578
6
1
434
734
15a
28
8%
1634
17%
4
27
100
8
4,400
12,300
534
"
*85
90"
*13
1334
9
13i8
914
*7278
79i2
*737a
90
*9
38%
534
24
*20
*20
*20
38l2
*2378
9i2
77
90
*13
9U
*737a
_
*534
*2378
6%
24
23%
237g
90
*85%
90
13%
93a
*13
13%
77
*74
9%
9%
77
90
13
9
1
*85%
13
*85%
74
*22
*20
*20
*20
*3%
4
30%
2334
*157%
12%
9%
9%
74
158
1678
36%
*534
23
878
1578
2934
23%
*157%
37
3634
*534
6%
29
24
6
16%
3%
3%
32
24
8
16
23%
~37%
28
758
*30%
6
1%
*1%
*25
24
3714
k
40
*26%
7%
734
734
31
38
1,000
1,200
9,700
5
23%
*157%
70
%
30
38
11%
100
*3%
*7%
1%
23?a
*2378
117
86
*7 l7a
2934
2334
38%
40
120
220
500
1,700
1,400
"2",000
6
200
24
200
--
Loew's
Loft
Inc
Lone Star
Long Bell
20
12%
600
9%
3,800
80
zll6
Sept
4
49
Dec
65l2 Nov
Jan 10
100
4
Oct
19i2
Jan
80
Dec
109i2
Feb
Jan 14
87
Jan
Feb
2% Jan 10
15
Feb 3
16i2 Jan 12
18% Jan 18
6
Jan 12
28
Jan 12
Jan
Jan
Jan
Jan
Mar
27U
Jan
Jan
110
Feb
28U Nov
43U Jan 10
978 Jan 12
22
Jan 17
698a Mar
6'2
Oct
20i2 Mar
1734
1®4
Dec
OCt
4684
20
Dec
71
11
Dec
35i2 July
15i2
Dec
29&a
Jan
Apr
98a Mar
Feb
4
Oct
157a
Jan
22
Dec
47i2
Jan
Dec
2414
Jan
17i2 Jan 17
14
18
Jan 12
6
Oct
2778
30
Jan 12
8
Oct
4Ds
10i8
Dec
24
6
Dec
1784 Mar
1278 Jan 10
Jan
8
6
3
Feb
4
4
Jan
87S
.
25
5
100
100
100
...100
i-1
No par
preferred w w
No par
preferred ex-warr_ No par
*6 1st cum pref
No par
McCall Corp
No par
McCrory 8tores Corp
— .1
$3
100
Oct
2778 Mar
Oct
6112
Jan 17
97
Dec
58
22 s4
Dec
Dec
Dec
8
Oct
43i2 June
213g Feb
Oct
685a
2714 Jan 17
Jan 11
42
163a Mar
6
23
Oct
29
Jan
100
Jan 10
Feb
10212
Jan 11
Jan 22
167
Jan
5
Jan
5
16l2
3434 Jan 12
40U Jan 17
4
Jan
105
Jan 12
6278 Jan 12
106l2 Jan 14
20
Feb
6
1% Jan
3134
1% Jan 17
36i2 Jan 12
3
Jan 27
412 Jan 11
Jan 12
3% Jan 28
17i2 Feb 4
21
103i2 Jan
5
106
Jan 18
1558 Feb
3
18
Jan 14
1295S
Feb
1
13412
Jan 25
16
Jan
3
4434 Feb
4
Jan 13
15% Feb 4
30i2 Jan 4
1215a Jan 14
1712
56i2 Jan 10
2114 Jan 12
31
126
Jan
7
Jan 21
Jan 12
18
Jan
3
2434
26
Jan
3
3214 Jan 12
10i8
!258 Feb 3
307a Jan 11
4
3
178 Jan
7
712 Jan 10
7
Jan 8
Feb
6i8
Jan
3
5
Jan
3
178 Jan
578 Feb
3
58 Jan
6
5
Jan
8
7
Jan 28
1%
Jan
10
11314
Feb
Oct
114
Jan
May
175
82
Dec
83i2
151
Oct
Oct
15i2
18U
33
Nov
14
Oct
435a Dec
9934 Nov
June
1
Oct
32
2i8
Oct
17i8
Dec
Oct
101
14l2
25
Jan
Feb
75% Mar
10®4 Jan
4314 Jan
378
110
Oct
4
8
Jan 13
Feb
3
223a Jan
4
Jan 26
May
2884
99
Feb
Jan
Jan
Mar
4184 Mar
36
Feb
13212
Feb
6214 Mar
58I4 Mar
15«8
Oct
Oct
63
1
Oct
7
6
3
Aug
110
Oct
Oct
30
778
Jan
Mar
Jan
Mar
Jan
9"
Jan
5i2
Dec
21 if
Apr
9
Jan 10
6
Dec
l67a
Jan
2012 Jan 13
9
Jan 13
10
Oct
39
Jan
Oct
1012
Jan
29%
684
Jan
Feb
14i4
Feb
24
4U
1214 Jan 13
234 Jan 11
7i2 Jan 11
9i2
5i2
Oct
Oct
Oct
1% Jan 31
6I4 Jan 13
34
Dec
lli2 Jan 12
134 Jan 13
U4
458 Jan 24
3714 Jan 10
2534 Jan 13
Jan 26
157
20
Jan
634
Dec
39
Jan
138
Oct
678 Mar
Dec
51«4 Mar
Dec
307a Mar
Oct
29U
714
1378
Jan
20
Oct
74
Feb
22
Dec
4134
Jan
142
May
3334
Dec
4i2
Oct
3
42l2
Jan
3
2212 Feb
3
678 Jan 12
Jan 10
25
Jan
4
90
12i2 Feb
4
16
Jan
3
10
Jan 11
3
79
Jan 18
Apr
Oct
1®4
Jan 16
3434 Jan
3i2 Mar
Oct
3
10
Feb
877a
8I4
Jan 14
74
Aug
267» July
18i2
978 Jan 12
2U2 Jan 3
75g
63
2858
Dec
29
80
Feb
14734
12318 Nov
17% Dec
75« Jan 26
157a Feb 4
25a Jan 3
5
8312
Dec
48i2 Nov
13i8 Oct
26»4 Oct
27i2 Jan 28
157
Jan
23i2 May
Oct
153a
125
24
29
Aug
li2
Jan
2334 Jan
12
Jan
Oct
Feb
4 4%
Jan
79
Dec
90
3478 Jan 31
16i2 Feb 3
Jan
5
88
3
23
Jan
18i2
3358
27
Jan 10
27a
384
Jan 10
9
2514 Jan
22l2 Feb
Feb
245g Mar
Oct
283a Jan 12
Jan 14
11
Feb
.16
Feb
203
4U
1% Jan 12
514 Jan 13
31i4 Feb
73a Jan
165
9>4
Jan 10
658
Jan
2278
Jan
14
100
4
Feb
23
Jan
Mar
1514 Jan 12
1934 Jan 12
5
34 Jan 31
338 Jan 3
Exploration.. 1
preferred
658 Jan 10
412 Jan
A Co..-No par
Martin (Glenn L) Co—
1
Martin-Parry Corp
No par
Masonlte Corp
No par
Mathleson Alkali Wks.No par
7% preferred
. — 100
May Department Stores... 10
conv
233a
95
Marshall Field
6%
Oct
5
100
Maytag Co
7
1412 Jan 31
deposit—-100
Preferred
100
Pref ctfs of deposit
100
Mandel Bros
No par
t Manhattan Ry 7% guar. 100
Modified 5% guar
100
Marlln-Rockwell Corp
Nov
934 Jan 10
IH4 Jan
-10
preferred
6% 2d preferred
36
1058 Feb
No par
Macy (R H) Co Ino
No par
Madison Square Gard—No par
prior
447s
Oct
12i2 Jan 28
21
Feb 4
Mack Trucks Ino
6%
Oct
Nov
1418
14i2 Jan
100
Ludlum Steel
-1
MacAndrews A Forbes
10
6% preferred
-No par
Shirt
Mur
13
5
El A—No par
Midland Corp
Market Street Ry
6% preferred
Mar
29
15
24
Nashville
Maracalbo Oil
Jan
121
Oct
1414 Jan 12
15i2 Jan
25
6%
100
Lorlllard (P) Co.-—--—10
7% preferred
100
Marine
46
18U Jan 12
12
Biscuit
preferred
Manhattan
Isb
5
178 Feb
125a Jan
Loose-Wiles
Sugar
1912 Jan 10
758 Jan
No par
No parr
Magma Copper
Jan
136
6
19
No par
Cement Corp No par
Lumber A.—No par
Louisville A
Jan
126
64»4 Nov
1518 Dec
115i2 Apr
Jan 10
78
Jan
87is
155
Mar
120
124% Jan 10
32 58 Feb
No par
Louisville Gas A
Aug
8
Jan 22
80
Corp-.No par
Inc
Jan
Apr
127
Jan
80
25
Preferred
100
Lily Tulip Cup Corp—No par
Lima Locomotive Wks.No par
Link Belt Co
30
678 Jan 31
414 Jan 3
Tobacco..25
Liquid Carbonio
Oct
5034 Jan
Jan 24
13
*3
--
90
Jan 28
1634 Jan
Certificates of
1
31
-
700
5
23i2
-
3,700
*34
30
....
3,000
*358
24U
158
10
2,100
7
2
31
*157i2
7
1212
2%
8%
4
500
734
17i2
*2
1,460
23«
*14i8
IH4
Apr
26t2
B
Series
X Manatl
2i2
18U
2
•120
2,100
25
24
734
12
6i8
25
*7'4
2
24
4434
778
*11
38"
1612
31
8l2
2i8
6i8
1%
17i2
I8I4
1734
*103i2 104
*103i2 104
16
1558
16l2
1558
165a
13034
13034 13034 *12914 13034 *129i2
16
16
16
16i8
17
*16
19
*18i4
12i8
107i2
Nov
Libbey Owens
*0.60 preferred
3314
*714
7
10,900
109
778
1H8
*157i2
45%
4414
700
1,600
17
*105
109
*105
2,800
38l2
17
46
4458
4734
2334
*3618
24
36i4
1734
100
22l2
26
38
16l2
*16
1612
*16
16i2
*160
8i2
7
13is
700
91
*634
5
*85
700
89
*6
*3i2
*534
26
90i2
8l2
Us
37
26
88
90i4
*6
5
*23"a
26i4
8934
90
312
3i2
Dec
9
1
6
2578
600
36i8
20i2
60
8934
778
*734
Dec
70
No par
Prod Corp
Oct
85a
Jan 15
Lerner Stores
2i2
*34
31
Lehn A Fink
300
*6
7
Coal
700
*2
7
7
Lehigh Valley
7,200
2i2
*2
5
*23%
1658
*29
700
1,100
33
*2
*14
19
*14
*1218
25
27
*2514
31
78
23
858 Nov
Jan
6»8
734 Jan 11
133a Jan 12
Jan 11
75
3
Feb
167a
Oct
4
Jan
Jan 18
100
334
3134
Feb
12
preferred
978
2278
7?a
778
Oct
4
122
Lehigh Valley
4,600
Mar
110
Oct
Oct
24
-No par
No par
5
6% conv preferred
Lehman Corp (The)
52
16
65
66i2 Jan 26
"2", 300
10i2
30
Jan 17
3
Cement.—25
100
RR
60
512
Jan
Feb
Jan
Oct
4
Lehigh Portland
"
Feb
116U Jan 19
4614 Jan 28
9214
33
*12312 126
*1215a 126
21
20i8
20
2012
29
29
283a
281a
12i8
12i8
16l2
31
16i8
3212
16ls
2,400
Rubber A Tire
10
8»4
67%
28®4
493g
Dec
68U Jan 25
7i2 Jan 11
4
Feb
9h
19i2
3
Apr
Apr
18
68% Sept
2134 Jan
91
138
13a
33
20
9% Jan
26i4
47
*103l2 104
103i2 103i2 *103i2 104
17
17
17
165a
16i2
16i2
132
1295g 131
*130
134
*129i2
*16
1678
I67a
167a
*16
1634
48
*4634
46
455g 46
46
1*31
Lee
32
31I4
*10514 109
19
*18
18
18
13a
32i2
32
32
32
32
109
*105
Lane Bryant
200
1,500
2314
2434
109
109
*105
(The)
Lambert Co
23
*36'4
*17i2
17i2
18
46i2
*173a
3534 Jan 24
3
Jan 27
100
preferred
237g
978
23i2
*23
3412
16i2
16i2
*16
6
Jan
Corp...-No par
Ford Gl.No par
Llbby McNeill A Llbby No par
Life Savers Corp
5
*162.
165
165
Jan
136'4
Jan
1914 Sept
10l8 Jan
8934
26i2
*8934
Jan
68
90i4
778
*26
92
5%
4% conv
*10034
978
IOI4
24%
92
*16
253S
2334
21
10
16i8
1578
334
*2314
3234
48%
6
par
par
par
5i8
34
10i2
8
Jan
34
Jan,
73% ' 11a
16
Kresge (S S)
1214
5
334
2412
3514
92
12i8
5i2
1,100
11
11
24
*978
92
160
334
233a
*2314
778
778
2178
78
978
34
21
.4%
2578
33U
210
53a
*34
%
4
25
2414
24
934
*23
13
1278
I6I4
5%
6
578
6%
*34
6i8
4
1234
*10034
*10034
........
6
1538
1078
534
16i8
*10034
15%
1258
1058
*518
1214
534
2,900
155a
Nov
62
City P A L pf ser B
Co
Stores
No
Kress (8 H) A Co
No
Kroger Grocery A Bak.No
Laclede Gas Lt Co St Louis
18«4
3H2
Kresge Dept
22
11
534
92
*734
26i2
23
13
115a
3234
8l4
26i2
*90
22
1334
30
13
*1112
*53a
23%
934
2414
*24l2
£15%
12i2
I6I4
16
16i8
16
30
*24i2
28
*2412
22
243a
934
4,000
1678
6
*125a
4
2414
32i2
130
173«
1534
24
70
16
14l4
15
4
48
*14i4
167a
*478
1278
*334
*15i2
6
*5i8
78
178
15
17
113a
*10034
514
2
48
16
24
12i2
14i2
*10034
5%
~~5%
34
78
500
178
2
*5
*2234
614
600
17
*13i2
115a
2,100
21
*14i4
13
*5i8
*12i4
48,500
758
75g
*19
20U
15
214
30
*11%
*15%
*2
*1214
48
13
22i2
2212
21I8
3434
3258
8
758
19
20
147a
I6I4
16U
16iS
16i2
35
8
2H8
1,300
1714
27
16i8
3314
8
5
85
*81
17%
6
2512
*24
3714
3534
T,500
*4l2
434
85
4i2
8
*7
714
*6i2
14i4
1714
17
*5
13
98
*1414
15
1634
165a
13
*7434
85
8
*14
48
13
98
5
2178
2i4
*2
2i4
*2
*14
2,600
13
*7434
Oct
1277a May
118i2 Jan 28
85S Jan 12
20
Jan 3
200
Jan
Apr
37
118% Jan 28
6i2 Jan 5
16
Feb
3
500
17
85
37
*20
20
48
*14
'
20
22i2
2%
3578
734
353a
778
18
*16
1678
1514
Jan 21
5l2 Feb
Jan
Oct
Oct
6
No par
Kansas City Southern
100
4% preferred
100
Kaufmann Dept Stores.* 12.50
Kayser (J) A Co
5
Kelth-AIbee-Orpheum pf__100
Kelsey Hayes Wheel conv cl A1
Class B
1
Kendall Co $6 pt pf A .No par
Kennecott Copper
No par
Keystone Steel A W Co No par
Kimberly Clark
No par
Kinney (G R) Co
1
*8 preferred
No par
15 prior preferred
No par
"714 "MOO
714
*14i8
17
*16
5
85
*81
*118i2
Aug
178
63i2 Feb 3
163a Jan 31
Kan
I7i8
*81
434
45a
434
85
*80
85
*80
714
714
7i2
67a
434
100
120
162
3
Laugh Steel pref—100
Kalamazoo Stove A Furn—10
"714
16
7l2
714
17
Jan
5312 Nov
138
Nov
1
189
39i2 Jan 12
6
Jan 21
Jones A
450
*1534
718
7"i8
64%
63i2
I6I4
*118i2
*
18i2
Preferred
63i2
127i2 Nov
3
3
6
Apr
Apr
9i8
Oct
20
1
Johns-Manvllle
28i2 Mar
Oct
38U Jan
No par
No par
100
Jewel Tea Inc
90
124
123
63i2
69
68
6978
70
*12214 123
123
123
~4~8%
preferred
$6
*116i4
*116i4
1634
7
22l2
*47i8
*16l4
*118l2
70
163s
*21
48
*68
68
19
2234
48
*12214 123
68l2
6812
*1638
*118i4
7%
1634
*21
2218
*116I4
70
69
*10i8
48
*467a
*12214 123
123
*122
"4734
1258
25
*11614
♦116U
*11614
*46 i4
*1018
1234
22i8
*10l8
Corp
Island Creek Coal
Oct
29i2 Dec
2U Oct
4i8 Sept
3i8 Jan
100
No par
1
Preferred
Intertype
lll2
Oct
6
2
6U Dec
8'4 Sept
4i2 Sept
Foreign share ctfs
No par
Interstate Dept Storee.No par
10
2i8
111% July
lli2 Mar
978 Jan 12
No par
534
6
70
1234
preferred
7%
40
5i2
Dec
4
2712 Feb
100
-100
612
92
Jan 19
3
658 Feb
No par
No par
Shoe
Apr
5134 Jan 17
132
Jan 19
132
578
*68
978
778 Jan
6i4
634
*6l2
678
6l2
678
658
7
*6i2
Jan
4314 Jan
5&a
6
578
6I4
22i2
64U
734 Jan 12
478 Jan 11
1178 Jan 21
478 Feb
100
*65
44%
2018
35
230
Oct
18U
Feb
150
Voting trust certlfs.
4458
Jan
20
15434 Jan 21
Jan 11
70
55i8 Feb
142i2 Jan
Cent Am.. 100
.No par
Tnternat Rys of
18
*3334
4378
22l2
*3412
*16i2
6
710
5% preferred
International Salt
4358
Jan
100
5% conv pref
9,900
4i2
*42%
*20i2
*21
42
*20
578
2914
*414
4l2
43%
4458
22l2
445a
447a
4134
27&a
30
27l2
4i2
140
No par
No par
Class B
13®4
Jan 17
29
Jan
3
6
Oct
Jan 17
378
2i2 Jan
Jan
Oct
li2
434 Jan 12
1312 Jan 12
Jan
20
Canada—No par
Preferred
100
Inter Pap A Pow Co
15
132
*132
7i2
7U
69,400
9,300
*145
48l4
•46%
495g
483a
*132
"
7i2
1034
1,200
60
5518
338
1034
31a
IOI4
11,200
9,300
6,300
500
147
147
514
5
512
378
2,400
9
Feb
33ig
378
6
Jan
95
314 Feb
No par
No par
Internet Agricultural—No par
Prior preferred
100
Int Business Machines.No par
Internet Harvester
No par
Preferred
100
Int Hydro-Elec Sys cl A.-26
Int Mercantile Marine-No par
Internat Mining Corp
1
Iron
Interlake
19,300
July
131% Mar
68'4 Nov
614 Oct
634 Jan 13
Jan 12
25
3
Feb
88
100
6% preferred
Intercont'l Rubber
90
400
314
1058
234
24
25a
*2212
152
*145
150
150
4978
*132
738
7
56
60U
59
1,100
89
378 Jan
X Interboro Rap Transit-—100
Intercbemlcal Corp
No par
700
378
1712
*82
14934
59
148
152
151
53a
4878
4834
4712
*132
2314
2314
Ills
11
*3U
3i8
5i2
35a
514
3i2
5%
1034
*3
150
150
150
5i8
IOI4
149l2 14912
60
6138
60
*148
714
634
3
24
11
334
3l2
III4
312
4i8
146i2 146i2
475a
47U
17i2
I8I4
93
♦225a
*130
334
18i4
3
5U
3i2
11
5i8
33a
4
1834
lOU
150
4
4
Feb
143
153a Jan 11
4i2 Jan 19
3
3
3i8 Jan 5
17
Jan 26
97s Jan
Inspiration Cons Copper—20
Insuranshares Ctfs Ino
1
600
144
Oct
Jan 12
78i2
4
Feb
Jan
138
4712 Apr
Dec
Nov
Jan 14
62
No par
Inland Steel
4,206
23,800
4
4
43a
*3i2
5934
58
*148
4
43a
19
18i2
*90i2
148
*145
4
73i2 Jan 21
Jan 6
15
Jan 18
86
72
132
22
Jan
138
100
preferred
6%
"
11»4
4
4l2
334
334
4
18
9012
418
105a
3
2334
*35a
1734
lll8
4i2
*4
*4
43a
*4
138
62l2
*—
62
138
Ingersoll Rand
800
75
share * per share
22U
Jan
5i8 Oct
per
Jan 10
87S
3
16
Highest
Lowest
$
share
per
5
67a Jan
10
No par
No par
Industrial Rayon
6,100
18i2
18i8
Indian Refining
100
7
*6
7i8
185a
76
*74
76
*74
*6
19*8
1812
Shares
$ per share
$ per share
$ per share
*6
7i8
% per share
$ per share
$ per share
*7
7%
$
share
per
Year 1937/
Highest
Lowest
*
Par
Previous
Range for
of 100-Share Lots
On Basis
STOCK
EXCHANGE
Tuesday
the
Monday
Saturday
Jan. 29
*130
NEW YORK
for
1
Range Since Jan.
STOCKS
Sales
PRICES—PER SHARE, NOT PER CENT
HIGH SALE
AND
LOW
869
Record—Continued—Page 6
New York Stock
146
Volume
20U
Dec
35
June
Jan 21
75
Nov
Jan 18
IH4
7»4
z66
165
Jan
66I4 Mar
15i2
Jan
44
Jan
45
Jan
111
Jan
Dec
36
Jan
Oct
24is
Feb
Oct
IO6I4 Mar
New York Stock
870
LOW
AND
HIGH
SALE
Saturday
Jan
$
share
per
11
Tuesday
31
Feb
$ per share
Wednesday
1
.
$ per share
10
103,
10%
*9
*9
44 Sj
2:44
21
21
9%
44%
21%
6%
101;
91<
44%
10%
443<
45%
221;
44%
2134
7
7
32%
32%
2178
684
22
32
32
7
♦32
33%
♦078
*65
94
12%
*60
72
12%
72
11
*60
*52
59
42
42
*14
38%
2134
96
96
22
22%
96%
17%
23
18
22
17%
*2134
90
96
37%
9%
1734
♦21%
94%
878
8%
r
*94
*91
15
4%
87%
8%
99
*94
99
*94
99
49
49
49
49
*50%
♦105
114
6
6
♦45
105% 105% *104
6
50
50
50
%
%
1%
1%
%
♦1
*1
15
8
2
14
2%
5%
5%
*50%
54
103
104
6
934
11%
11%
10%
8%
187g
10%
♦7%
18%
*154
♦14%
1034
8%
8078
*39i2
15%
13%
41
*108
*12
11
8%
*155
5034
51
11%
50%
*101
*77
80
41
15%
13%
15%
1638
16%
16%
13%
13%
111% 111%
108% 108%
*5%
6%
*484
5%
19% 20%
13%
111
111
15
13%
111
106% *106% 108%
6%
*5%
0%
5%
5%
5%
20
19% 20
2038
*5%
*434
18
*14%
18
6
6%
24%
6%
24
25
*157
18
6%
34
19
6%
34
%
*%
%
6%
70
68%
22%
68%
*00
75
*70
75
70
70
4
4
4
9%
9%
9%
*21
22
*21
23
*65
68%
39%
*65
*3234
68%
39%
110
*105
12
22
*22
25
70
*3234
39%
68%
*33%
68%
39%
90
*30
37
10%
*2
284
17%
17%
12%
12%
24%
24
10%
*93
10%
98
*6%
*1278
*42%
14
Mulllns
Mfg
"MOO
230
2,400
10",300
150
2,300
900
5,600
200
1,000
400
3,200
10,400
80
30%
%
12%
8%
15% Feb
4
2114 Jan 10
15%
B—1
pref class
A
100
0%
.100
1,200
6,300
84
38
3,700
13,100
730
*9
600
2,000
19%
70
*64
*33%
39
400
70
39%
100
"
w
"
-
A
106
-
10
6% 2d preferred
*1
9%
55
*85
434
1%
9%
55
95
*98% 100
*%
1%
4%
4%
1
9%
*51
2%
434
1
51%
8%
*91%
*81%
10%
*30
*2
*17%
12%
25
10%
105
1834
51%
*1
9%
9%
8%
93%
85
1838
*51
8%
*90
93%
*30
37
98
*2%
*17%
1238
26
10%
*93
50
14
46
....
*45
13%
*42%
95
*85
95
'*85
*84
11%
1034
*30
2%
21%
*2
*1738
12%
25%
10%
13
26%
10%
100
*93
*6
88%
11%
37
234
21%
1234
26
10%
100
634
20%
21%
125% 125%
938
934
50
47
13%
13
46
*42%
*114
47
13%
46
*114
53
52
53
53
54"
10
10
10
10
10
5
5
*5
16
17
16
*6%
12%
*12%
8%
13
and asked prlcee; no sales
*%
*%
*7%
*12%
on
*83%
89
10%
29%
30
*2
*17
11%
22%
10
*93
*584
20
1034
2%
6% pref series A
J New Orl Tex A Mex
5%
16
7%
13
this day,
10%
11%
2%
Adjust 4%
29,300
"16
13,100
2334
934
6%
20
46
58
*12%
*42%
46
14
10%
534
20%
584
2034
125% 125%
8%
9%
*45
49%
1278
127g
*42%
-
«
""160
2,400
50
400
10
53
"7,500
*9%
10
1,000
5
5
5
16%
*6%
12%
16%
180
778
12%
12%
t In reoelvershlp.
a
7
40
Jan 14
32
3
106
Jan 18
99% Nov
Jan 10
12
Jan 10
Jan
3
Jan 28
Jan 28
'1512
13i2 Jan 21
15%
Oct
14
Oct
20
26
Jan 25
15
434
1034
114%
%
Jan 11
2«4
Oct
Jan 11
5
Oct
Jan 20
110
Jan
3% Feb
38 Jan
56
Jan 10
2% Jan
45s
3
Jan 28
Jan 18
Dec
2
Oct
234 Jan 10
6% Jan 10
OCt
4%
Oct
5
1%
Jan 15
1
Oct
3
10%
Jan 2 4
3
Oct
Jan 10
30
Jan
5
63% June
Jan
4
73
50
Jan 26
88
Jan 10
100
100
Jan
4
78 Jan
3
100
180% Feb
3
100
105
No par
Jan 29
62
88%
100
1%
198
Jan 11
Oct
Apr
4
22
Jan
3
4
54% Jan 13
10% Jan 10
2
99
Jan 25
978 Jan
3
Jan
8
178 Jan
17i8
122
Jan 12
14% Oct
48% June
3
Oct
Jan 13
93
Oct
9334 Jan 13
13% Jan 12
31% Jan 21
30
91
97S
Oct
Oct
Dec
3
3
Jan 12
Jan 29
22
Jan 13
15
Oct
14% Jan 10
9
Oct
24
Nov
3
Jan 14
534 Feb 4
1934 Jan 31
100
Oct
180
102
734 Feb
Feb
%
Jan 13
163s Feb
92
Oct
June
10634 Jan 17
50
No par
Jan 14
8i2 Feb
32
Jan 12
12% Jan 13
93
Jan 26
734 Jan 21
24% Jan
12734 Jan
11
21
1%
6%
90
5%
20%
125
Oct
Oct
Nov
Oct
Oct
Nov
12
Jan 12
3
56
' Jan 11
48
Dec
127S Feb 4
4214 Jan 26
16
Jan 10
1234
Dec
50
Jan
44
Dec
46
4
Feb
100
12]
6%
Oct
114
48i2 Jan 24
9% Jan 5
May
51% Nov
Jan 28
66% Jan
11% Jan
5% Jan
13
Jan
4
17
Feb
7%
0
Jan
3
Oct
4
8% Jan
14% Jan
4
11% Jan
10%
Dec
4
...No par
Corp (Cal) .lO
No par
Cash sale,
Oct
3g
54%
% Jan
No par
r
Jan 10
61
Oct
8% Jan
3
New stock
19% Jan 12
Oct
Nov
30% Nov
91
n
10%
29
Jan 10
No par
Pacific Finance
Def. delivery,
19% Jan 15
Jan 12
No par
50
Nov
22%
11214 Jan
300
Dec
9
39
Jan 10
Oct
38%
734 Feb
1st preferred
2d pref
0%
233s Feb
Owena-Illlnols Glass Co.. 12.50
Pacific Amer Fisheries Inc...5
Pacific Coast
10
200
15%
6%
Dec
Dec
225g Feb
934 Jan
...
Oct
Dec
Dec
Dec
3
Preferred
52
Feb
55
17%
20%
62
36*2 Jan
29
% Sept
% Sept
22%
125s Jan
$5.50 conv 1 st pref..No par
Outboard Marine A Mfg
6
Outlet Co
No par
46
7
Jan 12
%
10% Jan 20
23% Jan 7
68% Feb 2
Jan 11
1178 Jan
Otis Steel
300
*114
~5~3~~
Dec
12
Telegraph.—50
6% preferred
7,200
Oct
Dec
100
100
Elevator
6
3
No par
Otis
Dec
Jan 12
8%
10%
75
8%
1912 Feb
100
.1
Oct
03%
8% preferred A
100
Oppenhelm Coll A Co..No par
Mi
4
Jan 11
4%
Oliver Farm Equip
No par
Omnibus Corp (The) vtc No par
5,000
3,100
W
Dec
Oct
1
63
100
Corp part stk_.l
pref
4%
Jan 14
50
Ohio Oil Co
Oct
Oct
70
Jan
Jan
28
12%
4
14% Feb
Northwestern
24
Jan
4
17
Jan
Norwalk Tire A Rubb.-No par
Preferred
60
—
1
5
Feb
50
12"700
40
Jan 11
34 Jan
21
88
...
Feb
Jan 11
734
34 Jan 7
% Jan 12
Northern Central Ry Co.-.50
Northern Pacific
100
2178
100
6% Feb
400
12
*93
1078
6% preferred
50
North Amer Aviation
1
No Amer Edison $6 pf. No par
*17
10%
5% Jan 28
20% Feb 3
No par
North American Co
1.400
18,400
21%
100
111%
109
4
Feb
No par
Norfolk A Western
200
31
*2%
Dec
Oct
Oct
Jan 27
Jan 28
53s Jan
312 Jan
No par
X Norfolk Southern
"266
89
*29%
100%
104%
5%
10734
106
65
1
7% preferred
_
12%
24%
125% 125%
8%
9%
5134
9%
*4%
14%
6%
12%
*83%
Oct
70
4H% conv serial pref...100
Newberry Co (J J)
No par
N Y Steam $0 pref
$7 pref series A
1%
Oct
No par
Natomas Co
Nelsner Bros Inc
N Y Shlpbldg
*98% 100
1%
*114
10
7%
*98% 100
13
12
tNY Ontario A Western.. 100
95
*5
16
300
Oct
18% Jan 10
1534 Jan 12
100
{NYNH & Hartford... 100
Conv preferred...
100
150
834
39
100
J N Y Investors Inc...No par
N Y lack A West Ry Co.. 100
7,400
55
51%
15%
7%
*1134
1%
9
*51
5%
15%
7%
5%
*1
9%
53
Jan 11
No par
N Y A Harlem
2,500
43
6234 Jan 12
22% Jan 12
25% Jan 11
74% Jan 11
5H% prior pref...
0% prior pref
National Tea Co
6% preferred
"3", 900
53
185
182
180% 180% *180
105% 105% *105
108%
105
105
18
18%
16%
17
17%
16%
51%
51
5134
51%
51%
51%
8%
8%
8%
7%
734
8%
92
92
*91% 93% *90
93%
90
2%
21%
1238
25%
10%
2%
478
*181
8%
1138
8%
2%
4%
*85
5134
37
*1
2%
434
1%
56
*98% 100
*%
1%
19
*82%
11%
9%
2%
4%
Aug
3912 Feb 4
1478 Jan 3
1314 Jan 31
100
New
10
Dec
90
Oct
Newport Industries
N Y Air Brake
59
*53
55
95
*85%
*98% 100
♦%
1%
*105
2%
4%
1%
*54
May
13
Jan 31
24
600
*38
*54
2%
145
80
Jan 26
112% 112%
38
%
3S
6034
156% Feb
17% Jan 10
Jan 11
74
July
510
38
Dec
127
230
"2%
17
153
8%
*
Jan 21
Jan 20
National Steel Corp
25
National Supply (The)PcnnalO
$2 pref...
40
York Central
Oct
Jan
3%
*
Oct
130
734
3%
Oct
0%
3
4
*8%
*112%
8
13178 Feb
0% preferred series A...100
NYC Omnibus Corp..No par
New York Dock
No par
4
10
Jan
100
N Y Chlo A St Louis Co... 100
*3%
4
Jan 10
Jan 11
18
1,700
8%
9
8%
*8%
*112% 120
*112% 115
Jan 17
1334 Feb
Oct
7
2,200
2,500
23%
3%
3%
3%
8%
8%
8%
115
*112% 115
%
*3g
lg
*54
6034
59
150
3
5
159
15
22%
Jan
Jan 10
3
2434
23%
15
1734
3
Dec
12%
15%
13%
1034
20%
2
44
Feb
13%
23%
95s Feb
7% Feb
Apr
Jan 18
158
23%
22%
3%
20
2334
Oct
4378
9% Feb 4
11% Jan 29
Nov
47
1734
10
25
27
3
Jan 26
Dec
100
24
16
26%
23
10
16,900
102
2934
Lead
1,100
14
50
Jan 12
18% Jan 25
7% Jan 7
49,600
14
Jan 12
7% Jan 17
5% Feb
23% Jan
Nat Mall A St Cast's CoNo par
National Power A Lt
No par
Nat Rys of Mex 1st 4% pf.100
600
200
378
9%
57
104
3
Jan
Oct
Dec
9%
412 Jan 26
19l2 Feb 3
7% preferred A..
6% preferred B
400
51%
15%
21%
4
Jan 11
4%
50
1734 Jan 27
National
20
734 Jan 15
64i4 Jan 13
13% Jan 14
No par
12,206
100
4
6
5
10
Nat Distillers Prod
Oct
Oct
Dec
Jan
No par
preferred
Dec
Dec
49% Feb
100
7% pref class B
Nat Depart Stores
3
Jan 29
101
10
13,400
19%
0%
478 Jan
% Jan
12
No par
A w w
3
50
Nat Bond A Share Corp No par
Nat Cash Register
No par
Nat Dairy Products...No par
200
4,900
class
7% cum pref.
100
Nat Bond A Invest Co .No par
7%
Oct
Jan 10
Nashv Chatt A St Louis..100
National Acme
-.1
230
1,000
Co
ser
Dec
.1
Co
Nat Aviation Corp
National Biscuit
5% pref
Oct
21
Nov
Jan 10
17 conv preferred...No par
Munslngwear Inc
No par
Murphy Co (G C)—No par
6% preferred
100
Murray Corp of America... 10
Myers F A E Bros
No par
Nash-Kelvlnator Corp
6
300
30
14
1634
10%
13
2,000
105
21%
31%
*114
Bid
Brass
r71
3
15%
61%
♦
Mueller
Jan 31
6
Jan 26
3
31
*5
*1134
1,200
7
31
Jan 12
Jan
113
-5
Wheel
16%
14%
*50%
15%
Motor
Jan
Oct
36*2 Jan 15
30% Jan 17
39i8 Jan 13
4
25
Oct
1% Dec
1% Oct
12% Dec
% Jan
1534 Jan
1018 Jan
30
*10
*7
1,500
Feb
Dec
5%
Jan 11
17
Dec
Dec
Oct
2
8
91
5
29%
.50
15%
13%
*44%
*13%
*42%
46
Morris A Essex
Jan 28
Jan
Oct
Dec
15'
Jan 10
Jan
Oct
%
«4
78
Jan 11
lUs
238
3%
7712 Jan 29
111
Mother Lode Coalltlon.No par
Motor Products Corp..No par
30
*93
*114
10
17%
16%
2634
23%
6%
53
740
Jan
13
20
33
7
*6%
7
*6%
20%
20%
1934
21%
2034 21%
*123% 126
*123% 126
*123% 126
9
9
9%
934
9%
9%
*43
5
$4.50 preferred
No par
Mont Ward A Co Inc.-No par
Morrel (J) A Co
No par
14,400
3,200
60
'4 Jan 10
1%
2U
—100
Mohawk Carpet Mills
Monsanto Chemical Co
100
Jan 12
734
60
0
16%
106
*81%
10%
preferred
Jan 12
98%
4%
138 Jan 12
1734 Jan 13
3% Jan 12
1'2 Jan
32
1738
16%
192
884
conv
Jan 27
212 Jan
7*2 Feb
32
18
52
6%
Oct
Nov
10514
3
100
„
Nov
91
53
2
100
1634
105
93
tMlssourl Pacific.
87
Jan 26
Jan
No par
Oct
Jan 10
Feb
A
Oct
Oct
15
94%
34 Jan
l
14
4%
14
Jan 12
65
Jan 31
% Feb
Jan 11
Dec
Jan 11
101% Jan 12
4
5l2 Feb
100
32
181% 181% *180
93
series
Jan
50
100
1634
16%
26%
23%
18
*51%
8%
Preferred
38,666
270
102
No par
35
105
17%
preferred
15%
484
105
7%
578
22%
1012
4312
1178
225g
2712
94i2 Jan 20
40i2 Jan 28
preferred.No par
conv
4% leased llnectfs
Mission Corp
Mo-Kan-Texas RR
~
500
70
106
100
6%
*64
no
$0.50
1,300
-
*33%
*105
No par
1st pref
cum
Jan 28
17% Jan 29
20% Jan 4
9412 Feb 2
Minn Mollne Pow lmpl No par
300
75
19%
3334 Nov
*93s
1438
434
95
110
22
Jan 17
3
15%
484
*%
1%
*180
184
21
3
*938
14%
%
*85
*105
9%
Feb
7% Jan
14
6034
2%
*98% 100
110
9
35
5
10
23%
•
"3%
4
Dec
16%
*%
1
9%
*67
*
75
"4"
14
*9%
"2%
9%
*
3%
9%
1438
Jan 13
Nat Enam A Stamplng.No par
Nat Gypsum Co
1
*%
*%
*2034
70
1
15%
2%
55
70
3%
938
21
*67
Feb
12
%
6034
9%
70
4
.
Dec
16%
%
55
69
10%
4
16
1
17%
22%
68
Jan 12
3,000
132
50
3
2,300
1734
6%
•
Oct
17% Feb
15
12
"2%
*.
1534
22%
0%
34
38
51%
15%
2134
3
15%
16
26
*3%
8%
*112% 120
%
53
*05
*105
6%
*%
*%
50%
14%
Jan 11
100
5%
21%
*157%
131% 131% *128
17%
18% *18
4
12
*30
16%
2334
334
8%
%
52
6%
21%
158
Dec
1
Minn St Paul ASS Marie. 100
1,300
2,200
12%
*15%
6%
Dec
50
*1534
26%
22%
33
26
110
0%
20%
158
«.
18
60%
37%
100
1,600
51
Jan 25
Jan 19
15%
*9%
15%
1578
2334
22
-
19%
634
h
*%
38
53%
1738
*3%
938
iL*15%
0%
2434
—
638
34
22%
1634
a22%
18
18%
16%
22%
*68%
17
*14%
6%
21%
5%
50
*11
72
Dec
Jan 13
8%
3,300
111
111
*108% 111%
107% 107% *107% 109
5%
5%
538
584
*434
5%
434
434
19%
1934
19% 20 *
*120% 132
19
6%
*%
*%
52
15
*158
*68
15%
*14%
156
*40
15
51%
*9%
15%
*29%
8%
1934
193s
156
51
*105
1484
11
7%
80%
%
*3234
10
*12%
1034
19%
6134
17%
22%
69%
9
984
834
160
6%
44%
*41
6
5%
Oct
10
01
Mtlw El Ry A Lt 0% pf—100
Minn-Honeywell Regu.No par
4% conv pref ser B
100
"2",500
100
50
51
49%
103% 103% *101
103
6
534
6
5%
*41
*41
44%
47
9%
984
9%
9%
*13
13%
1234
13%
9%
10
10%
10%
7%
7%
*7%
834
19
18%
19%
19%
*153
156
156% 156%
14%
14
14%
1334
*75
78%
78%
79%
40
40
39% 39%
16
15%
15%
15%
13%
13%
13%
13%
104
6%
41
1784
2%
13%
60
6%
41
6%
*384
2%
*51
106
18
*%
*%
5134
1634
*22%
1%
2%
2%
7%
*1%
Jan 12
*48
Midland Steel Prod
m
15
3
Jan 27
05
4
Miami Copper
~
lli4 Jan
par
Mid Continent Petrol
m,
Dec
0
3
60
m,
28%
Jan
1,200
1%
1%
14%
2%
8%
1%
2%
*1
14
8
*11%
*126% 132% *126% 132% *126% 132
6%
1%
2%
2%
*13%
80%
*1484
5%
2%
8
*77
23%
1%
1%
14%
2%
*1
14%
8%
134
15
*157
18
2%
8%
80
*15%
♦84
13s
1434
2%
1,400
%
Jan 10
Jan 15
Oct
Feb
5,300
50
*%
*84
Dec
Oct
50
8,100
57g
*40
3fi
Dec
30%
18%
6%
78% Dec
No par
Mengel Co. (The)
104
684
53
*%
1%
*1
41
13%
0%
23%
*43
%
12%
11
1938
160
*108
♦167
5%
53
104
0
7«4
Feb 1
Jan 12
Jan 10
41
1,200
55%
Jan
6% Feb
15.50 pref ser B w w'bNo par
99
49
105
60
*8%
19%
15%
18
105
6%
77
*106% 108%
*5%
6%
5
*484
1934 20
23
106
6
6%
44%
9%
1434
9%
11
*14%
111
♦15%
5%
99
50%
*40
15%
1334
*94
*94
346%
30
$ per share
11
Dec
Jan 15
Jan 12
100
Melville Shoe
94
51%
134
104
6%
*41
12
19
15
*77
*91
*91
99
14%
51
934
12
*155
*21
94
*36%
83g
173s
3
3
..1
No
1,000
37%
878
1734
22%
*52%
*11%
51
6
45
9%
160
*11
104
104
534
*41
9%
17%
21%
6
50
12%
50%
60%
49
94%
35%
8%
17%
21%
50%
12%
534
50
*11
104
6
♦41
534
50
12%
35
9
No par
Jan
19*4 Jan
6% Jan
share
per
1434
10i2
45i8
20i8
8%
3334
878
No par
""3OO
16
14
♦1334
13
14
13%
81
78%
81
8034
78
79
79
79%
*111
113
113
*110% 113
*111
113
*111
113
3234
32%
33%
313s 3234
29% 30%
29% 31%
30
*2434
31%
*2484 31% *25% 31% *25% 30
31
33
31%
33% 34
32
33%
32% 32%
%
%
%
3s
%
%
%
h
%
17
1638
1634
1634 17%
16
16
16%
1634
12
1134
1134
*11% 1134
11%
11%
11%
11%
♦17
1634
18% *1684
18%
16%
1684
16
15%
5%
51
*12
Year 1937
Lowest
6% conv 1st pref
50
Merch A Mln Trans Co.No par
Mesta Machine Co
5
30
19
15
$
Jan 31
8% Feb
5
preferred
Mead Corp
600
15
18
*10%
preferred
Stores
conv
$6 pref series A
18
%
*84
2%
"MOO
12
72
59
4%
conv
McLellan
0%
4034
4%
9%
*45
$3
600
*5234
0%
2
*1%
2%
2%
14%
77%
77%
78%
♦110% 113
*111%
30%
3134
31%
♦27
30
31%
31
31% 33
%
%
%
16
15%
♦16%
11%
11%
11%
10%
16%
1634
50
2%
834
8%
*14
*11
14%
2
*1%
2%
3%
*1
14%
12
*39%
4%
17%
183s
*105
%
1%
13s
14%
234
834
McKeeeon A Robblns
94
*62
12%
72
5,000
53
22
51
53
*%
*84
1%
14%
2%
8%
2%
8
♦1%
*2%
*13%
*46
%
%
1,900
*65
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
10
40
2,500
41
37%
6%
33%
684
4%
'
%
*%
♦14%
2%
108
6
6%
7
6%
Range for Previous
Highest
share
10
5234
15
51%
22
6%
33%
034
new
1
McGraw-Hill Pub Co ..No par
41
*13
*94
443<
21
3314
*62
4%
20
20
15
4334
% per
McGraw Elec Co
3,200
1,000
18,600
59
37%
9%
18%
37%
8%
17%
38%
4%
1934
Par
8%
42
4134
4%
19%
I034
38%
8%
18%
4%
*18%
Shares
10%
8%
94
12
72
Loioesl
10%
6%
*65
5, 1938
EXCHANGE
6%
*32
I2I4
*53
59
42
1034
6%
Feb.
Range Since Jan. 1
On Basis of 100-Share Lots
STOCK
YORK
7
Week
443^
2114
21
321;
*60
42
♦14
7h
7
*52
20
43%
94
52
*18%
9
7
42
4%
*18%
STOCKS
the
4
.
$ per share
105|
447(
21s4
12
72
Feb
9
*65
52
4
Sales
Friday
10%
9'<
32%
12%
4178
4
Record—Continued—Page
CENT
3
.
$ per share
11
7
*05
12%
Feb
94
6%
94
12%
12%
*00
7
67s
734
♦65
6%
Thursday
$ per share
11%
9%
078
I
Feb. 2
9
.
SHARE, NOT PER
NEW
Monday
Jan. 29
PRICES—PER
x
Ex-dlv.
y
Ex-rights
x9%
2%
Dec
Oct
Oct
f Called for redemption
Range for Previous
Year 1937
Range Since Jan. 1
Sales
STOCKS
jur
fnr
NOT PER CENT
HIGH SALE PRICES—PER SHARE,
AND
LOW
871
New York Stock Record—Continued—Page 8
146
Volume
NEW YORK STOCK
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Jan. 29
Jan. 31
Feb. 1
Feb. 2
Feb. 3
Feb. 4
100-Share Lots
On Basis of
Week
Lowest
Highest
Lowest
'
$
$ per share
$ per share
2534 26
$ per share
$ per share
26
26
26%
25%
26
25%
37
35
36
3434
35%
36
*36
13i2
1314
13U
1378
13% 13%
114%
11412 11518 *113
37
13
13i2
110
114%
116
116
140
*135
*136
140
*137% 140
*138% 140
*136% 140
1134
1134
12%
*1134
*12%
14%
1218
12is
12i8
11«4
12i8
4%
4%
434
4%
478
434
45s
478
434
478
4%
8
8
9
*8
*8
9%
95S
93s
*8i8
93s
*8%
1%
; 1%
*1%
1%
1%
1%
ll4
U4
114
1%
ll4
*116
117
*136
140
1134
-
41
41
36
36
10i8
"*934
*83
86
*83l2
86
978
*22 ;
10i8
2312
2i2
89%
10%
10i8
*22
212
3278
18i8
178
2312
2i2
212
32
32
*1»4
*
95i2
*3214
18U
178
*1734
36
18%
178
10
33
33
1734
18
*1734
2
*184
2
178
53s
*538
558
10i2
*10i2
434
434
434
66
6612
67
67
*2
258
*2
4
4
*18l2
213s
*18%
67%
65
67
2%
2%
2%
4i8
*4%
4%
334
4
Oct
8% Jan 10
7
Oct
3
1*2 Jan 7
55i2 Jan 15
1
Oct
29
Oct
1412
2112
*1312
14
2178
14
21%
14i2
2H4
*31
19
21%
19%
13
21
31
*30
34
*30
♦158s
16*2
*153s
105s
1058
1034
5
5
2234
*34U
23%
: 5i8
2278
35
*34
*50
70
*55
70
312
12
12
*11
*30%
32
*3014
2%
*2
4%
58
*3%
2
2%
4%
*3%
%
%
*178
2%
2%
2i8
*2
*3%
334
4
4
*3%
*%
%
%
%
%
83%
83%
84i2
84i2
85%
8
*5i2
8
65
63s
*50l2
37i2
*2i2
*2734
♦63s
2178
2178
*2U2
23%
*21%
6%
23%
45
46
50
*34
50
82
*5
*512
8
*50%
72
*5012
72
3612
3614
*2i2
*2734
37
36%
4
*2i2
*28%
35
6
22l2
35
*34
35
*6
6
22
4
%
83%
*5
37
38
z34%
*2%
36
34%
4
*2%
3
*2734
35
7
6%
50
7
35
*30
7
*6
7
*6
7
*6
*6
*160
166
*55
65
*56
163
163
12
*8
90
*12
14%
12
12
12
12%
17
8%
*9
1434
*34
3%
1
*34
1
*2%
*34
3%
*3%
778
33s
734
3%
734
8
8
8
8
8
8
234
2%
*7%
*23%
25%
24
24
47
4734
4734
48
94
94
*93
*103
107
*104
*121
124
119
*112
29%
1034
96
*95
9%
*15
9%
15%
6
6%
6
*95
6%
60%
60%
45%
46%
4
4
4
*19%
*1978
4%
1834
1834
*28%
*2434
29%
29
29
*3%
26
4%
58
*35
*1
1%
*7
10
*8%
10%
83s
10%
*2434
*3%
*35%
*1
*7
8%
*10
4
16%
14
*2%
3
16%
*934
7%
*2%
*34
3%
1634
*9%
778
3%
"l'.ioo
7%
5,900
Pressed Steel Car Co Inc
7%
1,100
5% ebnv 1st pref.........5
6% conv 2d pref
60
Procter A Gamble..—No par
26
4%
50
1%
11
8%
10%
1338
834
*34
— •
1%
3%
3%
8%
8
2%
1678
7%
7%
678
20%
22
4734
46%
47%
3,900
30%
5,000
700
250
*117
*91
92
600
106
105
105
400
*117
121
*117
122
*117
122
200
135
140
*112
*112
116
32
30%
3134
2834
11
11%
10%
96
97
9
978
15%
15%
6%
6%
96
934
15%
638
47%
4%
4%
*20
*17%
*25
47%
4%
20%
100
....
4,800
23,600
30
2834
10%
30%
1078
*95% 102
9
8%
15%
15%
1034
200
97
*95
47%
46%
334
4%
334
378
2,400
22,700
20
*19%
2()34
300
600
Rayonler Inc
"m
~
-
*60
500
43,100
6
•578
0%
57g
1934
*1434
200
'
mm
r*
47
*17
1734
17%
17%
*1634
18
*25
25%
25
25
*25
20
100
*19%
20
20
20
20
20
600
*28%
*2434
29%
29%
*2434
29%
30
30
34
400
2434
37«
100
4% 1st preferred
4% 2d preferred
Real Silk Hosiery
5778
510
*4
*35%
*1
41
10
*10
13%
*2434
4
*3%
378
41
*35%
5778
*35
1%
*1
*1
1%
11
*8%
26
41
4%
*7
25
*2934
2434
4
26
*7
8%
*10
10%
14
14%
1%
8%
173s
17%
10
300
1278
65%
13%
5,700
65%
♦60
67%
100
70
*52
70
70
17%
800
14%
*51
2%
8
*7
*52
23g
2%
17
17%
16
133s
1334
2%
1578
238
1634
30
2%
4,400
1634
48,300
*58
70
*60
6734
*61
68
63
64%
*62
68
*64
67
*60
69
*60%
6434
*60%
12%
67
*64
6734
63
63
13
12%
12%
11%
30
*24%
30
1234
2634
90
*81%
90
*61%
1134
*22%
81%
65
12%
70
*63
70
63
63
16%
15%
16
89%
85
85
12
12%
12
24
24
24
24
*81%
90
*81%
90
*24%
*81%
*63
70
*63
70
*63
15%
*85
15%
16
163s
16
16%
89%
*85
89%
*85
89%
8
40%
*52
*6%
6%
57
8%
6%
*10
12%
17
17%
1734
18
*2
30
*1%
2%
•
2%
32
1%
2%
51%
*634
6%
*10%
17%
*17%
*2
30%
*1%
2%
52
8%
6%
12%
173s
18
7%
40%
51%
*15%
*82%
1,200
20
90
7%
758
20
16
1,500
89%
7%
1,700
40
41%
7%
3978
40
3934
40
21,000
54
56
54
56
63
54
650
*6%
7
100
6%
12%
7%
734
*634
77g
734
0%
6%
6%
6%
6%
6%
6
*10%
*17%
17%
12%
*10%
*16%
10%
*10
18%
17%
18
17
17%
♦1634
17%
*2%
3234
33%
♦2%
30%
1%
2%
2%
18%
1734
2%
33
1%
1%
23s
2%
Bid and asked prices: no sales on
this dAy.
2%
1
2%
*2
17%
1,800
2%
*5*566
1
1
2%
2%
2,100
1,300
30%
1%
2%
a Def
6
100
Co
preferred
No par
—..—100
Corp...No par
Reliance Mfg Co
-10
Remington-Rand
1
Preferred with warrant#..25
Ranaselarr A Sar
Reo
RR Co. ..100
6
Motor Car.
Republic Steel Corp -
..No par
6% conv preferred
6% conv prior pref eer
Revere Copper
100
A. 100
A Braes..
Class A
7% preferred...*
5Ji% preferred
Reynolds Metals
conv
5
10
100
100
Co...No par
pref..
100
.1
claw B.10
10
Rhine Westphalia Elec A Pow.
Richfield OH Corp
No par
Spring
Reynolds (R J) Tob
Reyno ds
Common
Dental Mfg
No par
Antelope Copper Mines
Ruberoid Co (The)
No par
Rjtter
31
3134
t In receivership
6,500
"l"206
19
50
50
Reliable Stores
100
53
6%
1%
23g
7,800
41
12%
31%
"""366
63
*
*10%
18%
17%
*2
81%
8%
32
1%
*85
*22%
*81%
28
*634
6»8
2%
2%
16%
1338
—
Preferred
1st
11
8
8%
preferred
52
Reis (Robt) A
1%
*7
11
10
70
238
100
10
*52
2%
8%
*3%
10%
60
2%
*1
*7
11
*47
*734
1
25
--60
Reading
67
40%
Purity Bakeries
19%
*60
734
100
6% preferred.
46%
6,900
9%
15%
834
18
67
40%
No par
...No par
Pullman Inc
Pure OH (The)
25%
*65%
7%
pf 55.No par
19%
67
40%
8% preferred.
Pub Ser El A Gas
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Araer
No par
55 preferred B
.No par
53.50 conv 1st pref_.No par
JRadlo-Keith-Orph
No par
Raybestos Manhattan.No par
*60
*60
4734
190
137% 137%
Roan
Rutland RR 7% pref
St Joseph Lead
t St
100
.10
Louis-San Francisco.. 100
preferred
100
stock.
r Cash sale,
Oct
8
Oct
Jan 10
32
Dec
1
20ia
Jan 10
23
Dec
Jan
6
30
4
Jan
45
Jan 13
1
12
Feb
Jan 13
Dec
8
8
Jan
Dec
84 Nov
138
16% Jan 10
84 Jan 19
3
Oct
Apr
8%
2% Jan 11
Oct
Oct
i2
19U
Jan 10
13
Oct
Dec
Jan
3
11
Jan
6
9
4
12
Jan 15
7
214 Jan
7
338 Jan 13
U2
Jan 21
1% Jan 22
4*8 Jan 17
>4
Feb
30
612
4
105
4
119
Oct
114i2 Mar
3038
Oct
91
98% Jan 12
Jan
6
3
Feb
Oct
43U
50r>8 Jan 11
118i2 Jan 15
3512 Jan 13
9212 Feb
Oct
Oct
6%
20
3U2 Jan 17
Jan 21
117
Oct
Oct
Oct
Oct
2%
10% Jan 10
10% Jan 15
7% Feb
67S Feb
2012 Feb
45% Jan
Oct
Oct
108
1031*
Jan 31
123% Jan 13
117
Oct
135
Jan 26
143
J an 14
132
Sept
112
Jan 12
11278 Jan 21
110
June
2834 Feb
10% Feb
3
3
Jan
3
3678 Jan 17
1338 Jan 11
98% Jan 18
94
195s
3
Jan 31
Feb 3
Jan 31
Jan 28
Feb 3
Jan 28
17
Feb
25
Feb
2
3
18*2 Jan
3
738 Jan
15%
578
60%
44%
384
Oct
Oct
25i2
884
Oct
85
Oct
584
10i8 Jan 24
10i4 Jan 14
7% Jan 11
13i8 Dec
484 Oct
24
90% Dec
61
Jan
52
Jan 15
Dec
44
538 Jan 11
214
Oct
2334 Jan 15
24% Jan 11
29i8 Jan 18
22
Jan 13
1912
Dec
20
Dec
26
Dec
1S18
Dec
29
Jan 31
30% Jan 15
30
Dec
24
Jan
7
27i2 Jan 25
4% Jan 10
23
Dec
Jan 21
39
3
1
33s Jan 17
38% Jan 13
1
Jan 26
41
Jan 26
11
8
8
Jan
4
10
Feb
3
123s Jan
3
65
Jan
8
50
1% Jan
3
4
01
Jan 28
60
Jan
6
1138 Feb
4
Oct
Dec
Sept
3i8
Jan 10
7i2
Dec
934 Jan 10
11% Jan 12
14i2 Jan 15
66
Jan 19
734
984
Dec
Oct
8i8
Oct
Jan 28
2i8 Jan
1578 Feb
Jan 22
61% Nov
Dec
69
Jan 10
I84
2034 Jan 15
75i2 Jan 15
12%
Oct
Oct
65
Dec
50
Dec
3
73
Jan 13
17% Jan
8
9
Oct
24
Jan 29
37
Jan
8
28
Dec
81
Jan
4
85
Jan 21
04%
Jan
21
1734 Jan
7
63
Jan
15l2 Jan
85
Feb
Jan
6%
3984 Feb
51% Jan 31
6% Feb
3
53s Jan
3
10
Jan 19
17
Jan 27
17
Feb
3
2
Jan
6
4
2978 Jan
1
Jan 28
2
Jan
6%
delivery.n New
Apr
1634 Jan 12
3% Feb
1
100
100
..100
7% preferred
Dec
45s
46
1
par
Pf-100
6% preferred
*105
137% 13978
par
55 preferred
106
Dec
738 Feb
ol Feb. 1 *29). 100
of N J._No par
No par
5% Pi
30
93%
4834
165
172
Jan 25
17312 Jan 5
878 Jan 10
3
9
Pub Serv Corp
3034
92%
106
*112
pat
par
tPostal Tel A Cable 7%
Dec
166
% Jan 26
16% Feb 3
__6
Pocahon..No
Poor A Co class B
No
Porto Ric-Am Tob cl A. No
Class B
...No
30%
94
*9334
118
117
118% 118%
31
31%
13
17%
778
1
237S
*63
2%
17%
3%
734
600
3
23
13%
2%
1
;■
7%
*2* 200
8%
46%
50
50
2%
48
47%
67%
13%
*62
8%
Plymouth OH Co
Pond Creek
8%
25
*778
*24%
-
2%
*84
*338
2.866
Oct
4
3
11
16%
11
2
25
*97%
No par
Plttston Co (The)
6
134 Jan 29
1434
21
18
20
17%
6%
46%
25%
*25
""430
Jan
Feb
Jan 17
10i2 Jan 13
1634
11
12%
Oct
4i2
7% Jan 17
7
1
25
100
100
unstamped
Pittsburgh A West Va
36
Feb
684 Jan 21
Jan 28
57
Jan
33
100
100
Conv pref
90
100
100
1
6% preferred
Pittsburgh United
35
Oct
Ids Jan
33% Jan
Feb
20
par
*934
8%
*60
*20
*1834
*25
934
15%
21
20%
1734
25%
*52
90
1.900
134
134
134
*52
10%
*8
1058
134
50
48
par
Corp
Pitts Term Coal
1%
*34
1%
*78
*8
113g
96
45%
30
8
17112 Jan 26
684 Jan 27
16%
112
11
61
1734
-
31%
11
45%
70
37
Oct
Oct
Dec
3
Jan
163
100
100
34
24%
48%
112
30%
61
2034
*32
4
20%
838 Jan 10
24i2 Jan 12
4
12%
136
958
*18
36
Jan 29
5% Jan 28
5
*%
136
15%
21%
Bolt...No
Pittsburgh Steel Co
No
7% pref class B.._.
5% pref class A
6 M 1st scr conv prior pref
Plttsb Screw A
Oct
Dec
27
26% Jan
*10%
122
2958
9%
15%
*20
*32
_.
Oct
Nov
30% Jan 18
40
34
31%
96
11
*35
40
Chi
Oot
65
30%
20% Jan
11%
8%
10%
2934
180
*33
$5 conv pref
Oct
%
34 Jan
42i2 Jan 10
6
Corp No par
No par
Preferred........... .
Dec
178
pref...100
Pillsbury Flour Mills
26
Pirelli Co of Italy "Am shares'
Pittsburgh Coal of Pa
100
6% preferred
100
Pitts Ft W &
1»4 Dec
2U Oct
62
30% Jan 18
*%
*117
135% *134% 136
112%
112% *112
135
!
31
121
11%
11%
10
4,600
1,400
7
634
7
1134
<•
34l2 Nov
3
*34% Feb
Pierce Oil 8% cony
Pitts Coke A Iron
Oct
3712 Jan 12
Jan
6
65
50
.........100
Preferred
Oct
18% Nov
5%
%
96
*93%
105% 105%
107
20
»«.
Phoenix Hosiery
Oct
3
91% Jan 15
7% preferred
Phillips Pftroleum
Oct
988
3
Feb
81
Ltd...10
No par
100
No par
*
6
*%
1%
3%
8%
.
*118%
96
*.«,
38
■
24%
4734
118
*117% 118% alls
31
30%
3034
30%
30
56
172
Jan 26
178 Jan
3
9
9
*834
3
56
172
34
Jan 11
678 Jan 10
313s Jan 10
4
Feb
Jan
13%
Oct
II
6
15
6
22
1434
*934
8%
100
6
*5%
Dec
Jan
17
1678
1434
*2%
...
30%
37%
38% Jan 15
10% Jan 28
484 Jan 3
9
17
*9
300
6
35
*«•***.
7
90
12
%
*%
34
*%
1678
34
*%
1634
190
50
*5%
172
11%
178
*52
90
*30
65
m-
1%
178
*34
5%
32%
6
*170
12
*8
1%
*51
90
*51
*51
12
1%
178
*78
1%
*78
*8
11%
*134
178
134
1%
*78
1%
*78
*8
50
'
37
*35
40
400
*56
65
166
*35
23%
6
7%
*160
36
*20%
5%
65
35
40
21%
*34
*168l4 171% *169l2 171l2 *169J2 17U2 *169% 172
7
7%
7
7
7%
678
67S
684
12
1234
12% 12%
12l2
123s
12i2
12%
36
36
37
♦30% 38
37
40
*35
20
23
20% 20%
20%
*20
22l2 *20
*36
300
*30
35
166
*53%
65
*53l2
*160
6
Dec
15
No par
Phillips Jones Corp
......
0
638
*578
21%
6
*5%
*6
35
*2734
35
7% preferred
Phillip Morris A Co
......
30
214 Jan 26
4i2 Jan 12
Phlla A Read C A I
18,200
35%
Oct
4
Jan 11
6
3% Jan 5
i2 Jan 11
9,900
35
4
*2%
*2734
4
9
6478 Jan 21
2,100
Dec
3
No par
tPhlla Rapid Tran
Oct
27
110% 8«Pt
Co.....50
50
56 preferred
340
20
4
Jan 18
22
Jan 28
25
60
Dec
34i2 Jan 12
4% Jan 12
Jan 12
15
1
Feb
No par
Oct
13%
4
314 Feb
IU4 Feb
30
Phelps-Dodge Corp
Philadelphia Co 6% pref
100
31
112
3014 Jan 26
6
Feb
5
Jan 18
28
Am
Pfelffer Brewing Co
65
*50%
No
Milk..
Jan
Oct
15
2412 Jan 15
Jan 28
par
;
Petroleum Corp of
......
65
*30
738
Pet
1,600
1,000
14,500
8
*6
*50%
38%
5% preferred
'
81%
1934
30
100
100
6% Prior preferred
100
2%
Jan 11
5
3
112
57% Nov
1% Oct
24% Jan 10
1512 Jan 11
3
1212 Feb
.100
100
160
Jan
Oct
Nov
37
2l2 Jan 10
3
3% Jan
Oct
2%
Jan 17
73
3
Jan 27
2i8
6% conv preferred
100
People's G L A C (Chic) ..100
40
65
35
*512
8
Peoples Drug Stores
400
%
83%
*50%
*30
7
*6
784
35
*512
*30
81
86
%
83%
8
Jan
50
No par
Pennsylvania RR
Pere Marquette.
4
*3%
%
4
8
Jan
62
No par
57 conv pref ser A
Peoria A Eastern...
2%
2
2%
4
4434 Jan 15
17
Oct
Jan 12
Jan 28
par
Oct
3
4134
Penn G1 Sand Corp v t cNo par
70
*55
70
*55
70
*55
70
*55
Oct
Jan
Jan
Feb
Feb
29^8 Aug
7% Jan
1%
5% Jan 10
NO par
Corp...10
(J C)
600
3i2
Oct
12
2i2 Jan 10
3
3
Penn-Dlxle Cement...No
1,300
32
31%
4
1®4 Feb
No par
Penn Coal A Coke
200
*112% 114
*112% 114
*112% 114
*11212 114
32
31
31
31%
3134
*32
3134
3312
6%
*338
3%
3%
3%
3%
314
314
11%
11%
12%
12
*11
11% 11% *11
III4
29
28
30
*28
30
30
29% 30%
3212
30
30
32
32
3784
*30
*30%
34
3734
16%
*15%
16%
*15%
16%
*15%
16%
*1538
16i2
1034
*10%
11
1078
11
10%
1034
1078
1078
5%
5%
5%
5%
534
*5%
558
*514
5i8
22
2334
24
22%
25
24% 25%
24
2412
3634
*3378
*30
3634
*30
3034
34%
34l8
34i8
32
*3
*30l2
28
20% Jan 10
Jan 28
17
12i4
22,300
30
Jan 20
34%
8U
4484
3
600
20
Oct
978 Jan
4i2 Jan
300
*12
2684
Oct
684
1,600
*19%
Oct
I
4
Penney
800
4
Mar
8
484 Jan
Penlck A Ford
90
1097# Mar
28*4 Jan
200% Jan
18ia
Jan 20
34
3138 Jan
Jan
Jan
May
3% Jan 10
Jan
Peerless Corp
1,500
2%
24
2%
No par
Patlno Mines & EnterprNo par
2,000
4%
3212 Nov
Sept
8% Oct
80i2 Oct
97i2 Jan 10
1238 Jan 10
Pathe Film Corp
1.800
66%
4
Feb
Feb
Parmelee Transporta'n.No par
200
2%
Feb
21
.
No par
2,50
Parker Rust Proof Co
2,600
5
Feb
9
1
CM
Parke Davis & Co
44
9
82
1
1
1,300
900
*4%
Utah
17%
121
*95
1278 Jan 10
Ine
7,600
*112l2 114
*112l2 114
Park-Tilford
Jan 21
42
3
100
__10
6% 1st preferred
6% 2d preferred
Park
•
Feb
35
100
Paramount Pictures Ino
36
20%
No par
500
*417S
13
*31
36
*31
36
100
40
100
103s
05
Jan 28
8% conv preferred
Parafflne Co Ino
21%
19%
12%
19
19
19
36
20%
*31
36
42%
23g
4i8
22
*13%
14%
203s
20i8
*31
5i2 Jan 12
4
53S
1038
478
42%
66%
2%
4%
19%
434
5
44
*42%
4212
4
1038
5
42l2
25g
10%
1.
5
5%
10%
5%
478
42i2
65
5%
10%
11
*4058
4
*13
63s
5%
5i2
103s
*2
3
2
1%
Jan
2984 Apr
128s Feb
Dec
Jan
18
2
149
ID4
Feb
2%
33%
33
1%
1578 Jan 10
Feb
300
18%
Jan
Apr
133
II84 Jan 29
1%
21
33%
Jan 28
152
8
2,200
18%
140
Nov
110
4
30,400
238
100
Jan 31
t Panhandle Prod A Ref No par
9%
33
116
Pan-Amer Petrol A Transp._5
9%
82
2%
Jan
Jan
13
4% conv preferred
19
10%
434
4212
65
234
2%
538«
447S
400
260
21
Jan
Oct
200
9
22
38
Oct
10%
14,100
1,600
33
3278
53s
*4U4
21%
2%
23
*22
Oct
x34»4
40
Corp
10
Packard Motor Car
No par
82
934
9%
22
Jan 14
16% Jan 11
Pac Western Oil
35
9%
84
*80
28*8 Jan 10
3
Feb
109% Feb 4
Jan 13
134
—100
6% preferred
'
'
4» «■
95
....
*18
1014
45s
857fi
978
934
-
42
35
*
95
*9*"
978
*81%
258
2i2
♦
95
"*9%
23
35%
3578
10%
*22
44
35
46
*
41
42
43%
353s
43 "s
3534
3578
9512
10%
934
9%
*80i2
4378
4214
42i4
3538
*8912
95s
95i2
*8912
Pacific Telep A Teleg
700
'
45s
*8i8
*1%
Pacific Mills
310
$ per share $ per share
share
per
25% Jan 31
3484 Feb 4
No par
900
13%
*1234
109% 110%
13%
Pacific Ltg Corp
$
share
$ per
25
No par
Pacific Gas A Electric
4,300
2,400
25%
3634
2578
3534
♦13
Shares
$ per share
share
per
26%
25%
3534
3534
Par
t Ex-dlv.
5
87%
10i8
46i2
5812
8%
77«
IIS4
2034
2384
212
40%
1%
3
v Ex-rlghta.
Jan 21
7034
Dec
Nov
60
Oct
1284
Nov
80
Jan 11
578
Dec
8
40U
Dec
65
Oct
Jan
Jan 11
Jan
7
Jan 10
IOI4 Nov
4i8 Oct
Jan 10
884
Dec
Jan 19
Jan 11
18%
17U
Dec
Oct
Jan 10
1
Oct
Jan 12
Jan 12
26% Nov
Oct
1
He
f Called for
Oct
redemption
New York Stock
872
LOW
HIGH
AND
SALE
PRICES—PER
SHARE.
NOT PER
Record—Continued—Page
CENT
Sales
NEW
Monday
Tuesday
Wednesday
Jan. 29
Jan. 31
Thursday
Friday
the
Feb. 1
Feb. 2
Feb. 3
Feb. 4
5%
$ per share
Gig
*4%
*9
16
20
78
78
19%
*76%
*90%
91
91
9 per share
5%
*9
20
*4%
$ per share
5%
16
*6
16
20
77%
93
20
*4%
20
81
81
%
80
*6
16
20
18%
♦76%
93
79
92
90%
101% 102
16%
16%
o*4
2II4
64
4%
*44%
47
*2
2%
22%
57%
57
14
7%
16
13%
14'
7%
15%
*60
4%
*25% 30
15% 1534
*99% 103
4%
*43%
47
4%
16%
100
100
7
7
7
19%
3%
19%
25%
19%
*3%
*18%
25%
3%
19%
26%
95
*91
93
*18%
25%
*91
7%
8
*97
99
6%
20%
*3%
*18%
95
3%
71
31
19
99.
*3%
*37%
2%
*7
t
11%
17%
11%
17
18
25
25
*3%
*37%
2%
3%
46
*3%
*37%
2%
334
47%
2%
7%
*11
36%
*7
*21
*12
18%
36%
34%
9%
9
8%
52
17
17
53
17%
8%
8%
*104
106
*3
8
23%
19%
12%
34%
19
34
9%
8%
106
3
3
14%
3%
7%
14%
17
17%
17
18
7
♦%
29%
32%
*30
46%
3%
7
1%
30%
32%
34%
46%
*7g
29%
32%
18%
1%
32%
35%
46
47%
30%
32%
35%
*30
96
97
16%
16%
16%
12%
300
1134
147g
*112% 114
*112% 114
2%
234
2%
234
9%
8
8%
8%
5%
50
5%
50
*120
12%
*22%
2%
13%
19
124%
12%
24%
2%
13%
8%
5%
8%
5%
51%
*120
123%
12%
12%
24% 25
2%
2%
13%
13%
*50%
19
*8%
17%
24%
7%
*5%
*6%
*42%
*4%
*6
37%
3%
303g
8%
8%
19
9%
*8
17%
24%
17
24
7%
6%
7%
6
7%
*6%
*42%
*4%
45
5
6%
38%
3%
30%
8%
8%
*20
30
8%
8%
18%,
21%
*58
*6
37%
3%
61
*4
18
20%
*58%
4%
55
3%
2
*4
*
3%
234
*10%
2
5
13
234
117«
13%
13%
*80
*4%
13
2%
10%
40%
10%
6'%
6'%
3%
10%
41%
3%
83
534
534
30%
33
35%
9
9
30
8%
9%
18
*18
6
2
*17g
*4%
5
13
23,!
27fi
*1034
1334
84
83
7
3%,
80
*78
6
5%
3%
3%
*
50
10%
72%
19%
74
74%
23%
2234
49%
10%
6934
19%
74%
*70
22%
21%
8%
*8%
*134
497g
10%
71%
19%
7634
73%
17fi
49%
107«
71%
19%
78
73%
22%
2278
*22
Bid »nd asked prices,
22%
no
No par
prior pref
No par
1,600
Stokely Bros A Co Inc
Stone A Webster
9%
3%
8%
8,000
10%
20,100
1734
19
4%
50
3%
4%
4%
""loo
1,100
5%
5%
5%
534
7%
1,900
1,500
3%
11,500
9%
17ft
50%
10%
72%
1978
78
74%
23%
23%
on
8%
75
*22
21%
5%
*5%
*7%
8
22
2034
22%
30
30
30
*29%
4%
40
1%
49%
1034
72%
19%
10%
70%
1934
77%
80
8
8%
49
3
21
4%
*134
6%
*
4%
40
8
4%
4%
% Feb
3
Jan 24
38
39
10
Oct
65
Jan
14
Oct
72%
Jan
Jan 13
%
Dec
4
Jan
27%
Dec
50
Feb
Oct
30% May
60
Feb
34
Jan 24
26%
43
Dec
51% Jan 12
42
Nov
76
Mar
26
19%
53%
5%
Dec
48
Mar
Dec
Oct
75
Jan
21
Feb
6%
6%
Dec
Oct
17%
33%
Jan
Jan
3
Oct
20
Feb
44%
Jan 15
58% Jan 12
11% Jan 12
11
Jan 13
11% Jan 12
7% Jan 12
5778
Jan 24
118
Dec
Aug
6
9
Oct
Jan 13
18
Oct
3% Jan 11
17% Jan 10
8
125
Jan 13
1%
Jan 12
Jan 11
10%
8% Jan 11
Oct
Oct
Oct
6%
Oct
77%
Jan
125
Jan
20% July
6I84 Feb
784 Mar
47% Mar
397g Jan
20% Jan
28% Mar
337g Maf
2384 JaQ
Oct
17%
JaQ
Dec
1584
Jan
Dec
67% Feb
8% Jan
15% Mar
Jan 28
3
447g Jan 11
478 Jan 10
3434
Jan
2
Oct
65% Apr
9% Mar
3
34
Jan 19
2334
Oct
44
9% Jan 10
53g
6%
Oct
16%
Jan
3
Oct
15%
Jan
3
Jan 19
10% Feb
2
900
Oct
Mar
Jan 19
Feb
3
22
Jan 10
19
Jan
3
23
Jan 11
4
50
3
1
Jan
3
Jan 21
Jan
434 Jan 17
56
Jan 13
4
4% Jan 12
134 Jan 28
4% Jan 3
2% Jan 13
5% Jan 12
15% Jan 15
12
par
Jan
3
2% Jan
par
3
3% Jan
8
15% Nov
18% Dec
54% Mar
65
Oct
64
Oct
1384 Mar
3%
55
Nov
2%
1%
Oct
Oct
4
Dec
10
Oct
Oct
2S7g
79
Feb
17
Aug
Jan
Oct
13%
Oct
Feb
85
72
Jan 13
Jan
Jan
Oct
13% Jan 11
15% Jan 6
1%
6%
Jan 28
3
93%
Feb
Dec
Jan 27
13%
80
48
13% Feb
8% Jan
15% Mar
287g Feb
10% Jan
40'4 Jan
21% Feb
98% Aug
11
$3.50 com pref
No par
Tide Water Assoc Oil—.
10
$4.60 conv pref
No par
Oct
10% Jan
137g Jan 11
38
Feb
48% Jan 11
36
10% Jan
12% Jan 12
10
Oct
5% Feb
7% Jan 15
4
Oct
Transue & Williams St'l No par
6% Feb
Oct
3
9% Jan 10
4% Jan 12
5%
Trl-Contlnental Corp..No par
3%
Dec
22%
27% Jan
11% Mar
No par
No par
3%
Truax Traer Coal
Truscon Steel
10
Preferred
Feb
Jan
83
Feb
Jan
6% Jan 10
10% Jan 11
Jan
24
Jan
31% Jan 20
Jan
Jan
10% Jan 12
7
Oct
25
Mar
Feb
2% Jan 13
1%
Oct
46%
Nov
87g
Dec
47%
48
9%
3,700
Union Bag A Pap new.No par
70%
19%
16,100
67% Feb
18% Jan
72% Feb
73% Feb
22
4,000
Union Carbide & Carb. No par
Union Oil California
25
74
4,100
Union Pacific
74
74
600
22
22
*22%
23
300
20%
21%
100
4% preferred
100
Union Tank Car
No par
United Aircraft Corp
•
New stock,
r
Cash sale,
Mar
94
6934
7234
50
Dec
48%,
10%
1934
407g Mar
Nov
39
9%
75
Oct
18%
25
Mar
Jan 11
67%
74
26% Mar
44
47%
No par
Under Elliott Fisher Co No par
74
Jan
12
Dec
Jan
7%
1%
47%
9%
1
Ulen & Co
19%
7334
109%
Oct
7
Jan 13
200
77%
Dee
4%
6
2,500
75
Jan 25
82
Feb
36
100
Twin Coach Co
Jan 10
884
Jan
1%
delivery.
Jan 14
Jan
8%
Def
12% Jan
14% Mar
32% Mar
Jan 12
1
Oct
337g Jan 12
35% Jan 7
3
Jan
8
a
Oct
48% Mar
16% Jan
107% Deo
Oct
187g Jan 10
*1%
In receivership,
Oct
5
27
Twin City Rap Trans.-No par
46,000
Oct
2%
3
1%
21%
Nov
7%
2%
4
Jan
8%
20%
16
101
Jan
Feb
Apr
Jan 12
3
300
1,400
2884
95%
Jan 12
Jan
400
160
3
Jan 10
134
J
4
60
Dec
Nov
3% Jan 10
5%
11%
22%
26%
1
28% Jan
3178 Feb
Jan 11
Dec
8%
49
9% Jan 10
107
4
13% Jan 28
16% Jan 28
8
22%
2234
1
3% Jan 28
67g Jan 28
81%
5%
7%
19%
26%
3,700
7
21% Jan 11
67g Jan 28
20th Cen Fox Film Corp No par
$1.50 preferred
No par
300
Jan
17%
25
9%
67%
19%
tht» day
16% Feb
105% Feb
2% Jan
900
100
$6 preferred
"""900
5
11% Jan 10
60
7% Jan
8% Jan
No par
100
6
42
*39
Feb
37%
3%
Texas & Pacific Ry Co
100
Thatcher Mfg
No par
$3.60 conv pref
No par
57g
4%
39
Feb
8% Jan
Jan
Jan
Aug
27
10
8,200
*41
Jan
30
50
Oct
10%.
5%
35
Oct
10%
31
2384
Dee
•
5%
10%
42
Oct
10
4
10%
5%
10
Jan 10
41
1034
5%
Jan 17
15%
3
Feb
42%
Tlmken Detroit Axle
10
Tlmken Roller Bearlng.No par
Transamerica Corp
2
Transcont & West'n Air lnc.5
534
21%
16% Jan
12
Jan 11
6,900
10%
36
Jan 15
11%
39%
,
Dec
5
10%
5%
19%
6
8
39
5%
Feb
Jan
6
11%
7
Feb
94
22
4% Jan 11
39
3%
31
Jan 17
21
Jan 10
10%
80
6% Dec
73% Sept
47
38
7
Jan 12
Jan 14
11%
3%
Jan 12
9
Jan 18
41
♦
4
7
7
11%
39%
10%
7%
3%
3
Jan
Oct
4
*77
80
Oct
Jan
7
Jan 21
4
80
7
1%
3% Jan 10
5% Feb
80
3%
65% Mar
6% Jan
81%
7%
3%
Oct
1
Tbermotd Co
Jan
Jan
117g Mar
77% Mar
9% Jan
5
Jan 14
7% Feb
Texas Paclflo Land Trust... 1
Old
100
The Fair
Jan
32%
9
Texas Pacific Coal & Oil
Feb
Oct
16%
23%
6
155
Oct
Oct
81%
80
17
1784
5%
2%
484
4%
83
6
22% Jan 12
Oct
Oct
12%
1034
130
7%
12%
400
42%
Jan 10
Thompson (J R)
Thompson Prods Inc..No
Thompson-Starrett Co .No
4,100
Oct
9
Tennessee Corp
5
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
June
6%
20%
130% Jan 27
24% Jan 10
Peb
23% Aug
115
Jan 10
28
Oct
Jan 10
Third Avenue Ry
81
Oct
Mar
1%
9
100
100
13
110
Jan 13
60
400
1,500
Jan 10
Jan 12
Dec
"i",666
6,200
Feb
'7%
4%
2%
40%
29«4
Oct
Jan 15
3%
2%
1334
Dee
984
21
Preferred
1134
10
Jan 15
Jan 26
1334
2%
Jan
15% Jan 15
137g
16%
112%
3%
18
13%
2%
Mar
64%
10
*934
3
12%
Mar
120
Oct
29%
12%
14%
27g
13%,
14%
1%
197
June
13
3
*97g
1334
5
Nov
96
4
1234
2
5
67
Jan 26
100
30
Jan 12
46
2%
50
Feb
Jan 13
82%
Jan
Without warrants
Oct
102%
3
120
-..25
Apr
Apr
Feb
77g Feb
4% Jan
Swift International Ltd
26
60%
20% Jan 10
100
Feb
5)4% preferred
Telautograph Corp
1,200
20,200
3,500
3,900
Nov
13
Talcott Inc (James)
5
88
Sutherland Paper Co
Sweets Co of Amer (The)
300
6%
Feb
13% Jan
3,400
39
93
4%
1584
26%
3
534
*434
6%
37%
3%
29%
7%
9%
Jan 10
3
6%
5
2% Nov
Dec
Dec
Jan 13
Mar
2% Jan
Symington-Gould Corp ww..1
45
177g Mar
68
Feb
Swift A Co.
Feb
Oct
Oct
11% Jan
1,600
18,00
*42%
Nov
5%
17%
21
4,800
45
91
1%
35%
3% Jan
4934
10
173g
6%
Feb
Superheater Co (The).-No par
Superior Oil
1
Superior Steel
100
24%
7%
6
3484
105%
Feb
43% Mar
1
6% preferred
Sunshine Mining Co
Feb
65%
87g Jan
7% Jan
No par
100
44
60% Mar
No par
Studebaker Corp (The)
Jan
24% Dec
I47g Nov
Dec
1
Sun Oil
Mar
14
66
27
34
17%
634
3%
1%
prior pref
cum
12%
*27g
*17g
5
3034
8%
*134
800
87g
7%
5%
*4%
12%
cum
97
120
Oct
Dec
44
32
Stand Investing Corp..No par
Standard Oil of Calif. _No par
Standard Oil of Indiana
25
Standard Oil of Kansas
10
3%
*1%
*4%
*12%
2%
*10%
13%
2
13
30%
8%
1'%
6,100
19
50
3%
$6
Feb
Oct
tStand Gas A El Co...No par
$4 preferred
No par
24
8%
*40
22
8%
1'%
49%
10%
6934
2%
13%
*8
30%
*3%
50
*8
*4%
2%
13%
*18%
*40
4%
2134
*40
16,700
100
10
*30
7,900
5%
500
22%
4%
8%
5
19
*8
31
77g
300
21
22
42
4,400
61
10
4%
1.400
9
8%
*19
22
*39
55%
*8
1,500
1734
1
Aug
Oct
21% Feb
54% Jan
3,200
9%
...1
No par
Apr
Mar
9
No par
$4.50 pref
Stand Comm Tobacco
Jan
15
44% Jan
12%
8
Square D Co class B
Jan
Jan
13% Jan 12
37
8 perry
No par
Feb
Feb
21% Jan 10
1
$3 conv preferred A..No par
Spiegel Inc
2
Mar
Jan 28
par
Spencer Kellogg A: Sons No par
Corp (The) vto
1
Splcer Mfg Co
No par
Dec
384
Jan 14
34%
16% Jan 28
10
60
Mar
Mar
15% Jan 28
24% Jan 31
Standard Oil of New Jersey.25
23
29%
3
Starrett Co (The) L 8—No par
Sterling Products Inc
10
Stewart-Warner
6
12%
6%
38%
3%
Feb
500
21
634
*42%
*434
6%
3734
3%
4
21,900
12%
24%
7%
Jan
22%
22
7%
534
128
20%
Jan 14
Oct
Oct
22
3
47%
*58%
*3%
*8
*30
35%
3
Jan
No par
Standard Brands
Jan 14
Oct
3%
No par
....
Conv $4.50 pref
3
22
.100
100
4
Oct
16
3% Jan 17
Jan
2134
55%
60
234
Jan
46%
61
22
40
7,400
23
10
31%
4%
13,900
32%
*19
22
*4%
3034
317g
124
13%
Jan
2% Jan
100
Sparks Wltblngton
800
*119
17%
8%
10%
*8
40
300
87g
19%
87g
17%
Jan
Jan
13% Jan 28
25
1st preferred
2,100
%
5%
2%
4'%
6'%
2134
*30
17%
%
29%
*58%
11%
10%
534
7%
3%
16
1634
19%
42
6
14
61
4
11%
10%
10,300
120
18%
37g
30%
55
13
1,200
6,000
734
23
23
61
3%
3%
7%
1,300
*13
40%
8%
97g
3%
9
8%
8%
Feb
15% Jan 28
11% Jan 3
100
Mobile A Ohio Stk tr ctfs 100
600
*197g
*58%
*334
*20
*58%
3%
8%
3,200
15,500
12%
45
30%
56
750
*18
61
4
8
*30
100
Southern Calif Edison
770
19%
20%
4%
*6%
39%
23%
8% preferred
Spear A Co
50
24
334
3,100
50
8%
47g
6%
40%
3%
31%
8%
10
35%
48%
Sloes Sheff Steel & Iron
1%
27% Jan 27
18% Jan 11
101% Jan 27
9% Jan 11
24% Jan 11
100
6% preferred
$5.50 pref erred.
167g
Jan
Oct
Oct
34% Nov
84 Oct
5% Jan 10
48
16% Jari
25% Jan 29
90% Jan 4
25
Spalding (A G) A Bros .No
22
7%
6%
30%
3234
Slmonds Saw A Steel.-No par
Skelly Oil Co
80
120
6%
*4%
334
52
Jan
3
6% preferred..
51
17%
24%
*42%
1
5%
24%
17%
3%
7%
14%
1634
8
*8
6%
45
4,700
50
87g
*67g
39%
3%
557g
87g
8%
5%
7%
5
*30
87g
.
6%
6%
38%
3%
30%
8%
9%
*%
2934
32%
4634
23%
9%
6%
*42%
1334
1634
7%
8
41%
*5%
30%
3278
5%
1034
3%
1
*30
5%
42
*
187g
*%
*6%
13%
7
7
7%
12
10%
*57g
3%
8
15
*8%
10%
5'%
6'%
3
7%
3%
Slmms Petroleum
10
8,800
14%
24%
700
30%
9%
8%
100
No par
10
%
3%
Jan 24
66
Feb
112
100
8
4
Socony Vacuum OH Co Inc. 16
Solvay Am Corp 5)4% pref 100
117g
8%
60% Feb
44%
24%
15%
96%
6%
18%
South Am Gold & Platinum. 1
So Porto Rico Sugar...No par
12
17
No par
No par
pref ser A.No par
5,400
200
16%
pref
conv
Southern Railway
105% 105% *104
107% *105
107%
27g
27g
27g
27g
234
27g
9%
8%
8%
41
10%
17%
6%
12
*80
17%
8%
conv
4
27,200
25,900
30
17% Feb
42% Mar
Jan
7% Jan 27
1478 Feb
11
1834
8%
50%
16%
34
Oct
13
3
Snider Packing Corp...No par
21%
34
Dec
6%
6
Jan
4
Jan
42
Jan 27
100
1734
*1134
87g
53%
12a4
15
% Jan
400
"21%
8%
16% Jan 12
8% Jan 17
20% Jan 11
1
7% Jan 11
Jan 28
18%
31
Dec
2
No par
No par
5)4% conv preferred
75
50
71
Feb
21%
93
54
*8
7%
45
13%
85
35
9%
Jan 12
Jan
% Jan 29
5% Jan 28
37% Jan 3
Sliver King Coalition Mlnes.6
200
234
8
81
Feb
3
4,600
*7
Dec
96
42
*
Oct
22
75
1
12,700
234
8
*
11
6
4984 Nov
Southern Pacific Co
*3%
4
64% Jan 17
167g
*35
27g
Jan
55
12
34
17%
8
334
38
113
19
27% Jan
5
27,500
26
Dec
Feb
4
107g
10%
15%
*98
15
2178 Feb
37g Jan
17%
*23
Jan
100
1734
53
24
17%
24%
10%
75
*12
8%
17%
55
3%
2
*4%
*12%
*8
16%
1634
24%
*7
51%
51%
*50% 52
123% 124% *120
124%
12%
12%
12%
12%
24
25%
237g 24%
2%
2%
2%
2%
14
14%
*13% 14%
19%
19%
19%
19%
19%
10%
*
56
9
17%
234
49
9
2434
Mar
113
$6 preferred
No par
Smith (A O) Corp
10
Smith & Cor Typewr._No par
50
2434
130% 130% *130% 142
20%
20%
20%
20%
37
25
8
220
"21%
66
9%
8%
25
157g
*21%
18%
48
9
9
8%
5%
11%
14%
1434
25
8
*23%
55%
11%
14%
56
*12
12%
11%
16%
75
56
56
*8
*7
*
25
24
56
*12
55
103
Dec
100
Simmons Co
100
98
*3%
49
*22
56
600
3,300
93
*23
47
25
56
19%
24%
*91
200
56
115
*22
*22
*1734
24%
93
3
%
29%
32%
30
*30
800
3
Dec
86
Sheaffer (W A) Pen Co.No par
Shell Union Oil
No par
3,600
25
18
19
%
3
70
Jan 18
Jan 10
20
$5
50
2,300
3,600
Jan
Jan 20
93
102
53% Feb
$3.50
3%
18%
16%
46
9%
53
17%
17%
8%
8%
105% 106
*2%
3
3%
3%
7%
8%
15%
15%
8%
106
34
9%
53
17%
*14%
3%
19%
13%
*12
54
3%
3%
7%
1434
7%
75
7%
1934
81
Jan
Jan
No par
Sharpe & Dohme
!'«r
55
18
278
2%
23%
99
*7
19
46
par
Line
Shattuck (F G)
*97
18
*3%
*38%
46
*21%
99
67g
37% Mar
Dec
par
Air
Sharon Steel Corp
18
*23
3%
*7
'
75
23%
19%
52
2%
98
20
*91
99
17%
11%
17%
18
24%
15%
3%
601
*97
18%
11%
24%
13
18%
17%
16%
75
*2l"
17%
29
16%
*24
17%
10%
15%
26%
15%
3%
88
No par
1,300
100
*25
20«4 Mar
Nov
18
Jan 12
23%
100
1
Servel Inc
9,100
3,400
2634
Oct
10
100
1,100
4
47
5% Jan 26
18% Feb
72% Jan
>—100
4-2% preferred
4,100
60
4
*43%
Jan 26
Highest
share $ per share
$ per
% Jan 3
2% Jan 13
25% Jan 11
5% Jan 14
fSeaboard
16",300
24%
19%
26%
17
15%
15%
17
*15%
*16%
18
*12
13
12
*12%
12
12%
*11%
12%
11%
11%
*11%
12%
14%
14%
14%
14%
14%
15%
*112% 113% *112% 113% *112% 113%
2%
234
2%
3
234
2%
2%
3
23% 23% *24
24
24
24
2534
24
*130% 142
*130% 142
*130% 142
*130% 142
2034 21
21
20% 2034
21%
16%
10%
*56%
4%
47
share
per
27%
51«4
98%
3%
23%
45%
2%
8%
54%
11%
98%
8% preferred
Scott Paper Co
4%
6%
19%
21
*15%
16%
10%
61
4
2,000
21%
57%
14%
7%
15%
98
7%
20%
*97
7%
*56
200
15%
60
99
14%
*43%
100
61
*97
15%
41
1,800
25%
61
60
15%
20%
*3%
53%
13%
7%
14%
9
Lowest
Seaboard Oil Co of Del .No par
%
*2
Year 1937
Highest
share
5%
No par
5)4% preferred
tSchulte Retail Stores
""440
2%
2%
21%
1938
Seagrave Corp
No
Sears. Roebuck A Co ..No
400
%
7%
39%
39^4
%
17
*91
60
%
4%
57
601
1,500
*5%
$ per
6% preferred
100
6% preferred
100
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp
5
3,800
%
20%
47
15
22%
6
*3%
54%
13%
7%
4
93
60
15
81
5,
Range for Previous
100
Sale way Stores
70
21%
%
4%
5% preferred
"OOO
19%
*79
41%
*2
58%
14%
*43%
93
60
%
*5%
16%
*3%
*18%
26%
15%
40
30
20
290
240
22%
%
60%
4%
7%
20
15
2%
22%
*3%
57%
14%
*7%
*16%
47
91
92
102
80
*%
2%
64
4%
*43%
*25%
16%
30
*25%
15%
100
*60
90%
>101% 105
91
%
22
14%
7%
17
16
77
102
7%
41%
Par
t St Louis Southwestern. .100
70
*6
22
%
Shares
5%
18%
76%
80
*5%
434
58
7%
16%
64
19%
*3
*217g
21%
Range Since Jan. 1
On Basis of 100-Share Lots
STOCK
Lowest
16
23%
41%
*4%
Feb.
EXCHANGE
19%
79
82
*80
<
2134
*334
*2
7%
1534
*60
6%
41%
84
%
2%
22
4%
*21%
*3%
56%
4%
56i2
1334
*15%
*5%
41%
*%
34
%
J4
2Hg
*312
55%
13%
*7%
41
41
23%
80
$ per share
5%
*6
19%
80
*5%
41
*4%
*76%
80
%
%
6%
*5
41
$ per share
5%
76%
76%
*90%
*102
105
*102
105
*101% 105
*1512 I6I4
1534
16
16%
16%
22
22
2214
2234
22% 22%
*71
YORK
Week
f per share
19%
7334
STOCKS
for
Saturday
9
5
58
Feb
Jan
17%
o7g
100%
Jan
Jan
Jan
18% Sept
61% Nov
111
17% Oct
80
Nov
14884 Mar
81
Jan
6
78
Oct
23%
Jan 12
22
Nov
21%
Jan
Ex-dlv
Oct
88% Jan 12
Jan 10
27% Jan
20% Feb
r
Jan 15
12% Jan 12
78% Jan 15
234
v
Ex-rlgbts.
5
1034
Oct
28%
9984
Feb
Feb
Jan
31% Feb
35% Mar
5 Called for redemption.
Monday
1
Tuesday
Wednesday
Thursday
Friday
Feb. 1
Feb. 2
Feb. 3
Feb. 4
Week
10%
6%
*8%
18%
*7%
18%
18%
♦110%
18%
18%
41
42
*18%
*110%
*40%
*16
17
*16
*18
*110%
----
41
40%
173s
♦16
29
♦27%
63s
—
6%
6%
43"
*41
27g
27%
28%
6%
7
71
71
5
5
*31%
32%
32
32
62
62
62%
5
5
♦3134
32%
*63
63%
62
5
*4%
9
5734
6884
1%
6%
*5%
8%
*8%
5834
5978
19%
5%
5%
5%
8
8
8
75
*55
5
8%
8%
5%
8%
*55
5%
8%
19%
"7%
20
*19
26%
2634
2634
26%
434
4%
434
27%
54%
62%
28%
27%
28%
56
54%
57
63
65
66
66
*66
51%
53%
5
162
66%
68
53%
25%
57%
55
52%
67
52%
65%
27%
55%
66
68
69
66
66
*64%
67
300
54%
50
52
49%
52%
1%
1%
2
2
2
*38
43
*38
13%
*11
2
2
*38
42%
41
13%
2
13%
13%
*11%
*51
54
*53
55
*53
55
*53
55
*141
144
142
142
*141
144
144
144
*142
36
*11
34
35
*36%
40
*36%
42
*36%
1
1
%
1
%
1
*%
53%
42
1
25
*20%
25
*20%
16%
17%
16%
17%
19%
19%
19%
*40%
41
*40%
4%
108% 109
110
*109
*3
4
10
3%
*3
10
11
11
108
~
1,400
4%
2434
3,700
2,400
220
109
1%
234
30
47
48
42
45
*42
47
*118
121
*118
121
*118
121
2
2%
*2%
*7%
73s
19%
*79%
82
*47%
234
5
734
2%
234 '■j 3 ■
5
*2%
7%
*7%
19
19
*80
82
*80%
3
*314
*7%
7%
—
7%
600
1,100
80
7
7
10,100
40
40%
6%
40%
*18%
19%
19%
19%
*1834
40%
19%
2,300
*18%
*40%
*18%
40%
19%
12%
2%
*11%
12%
*12%
14
*12
13%
3%
11%
11%
11%
11%
300
*11
3
3
3
3
1,500
*36
42
*38
45
,
278
3%
*7%
6%
6
3%
3%
3
40
40
44
*35%
38
3
3%
*36%
13
*9
12
*19
22
*7%
20
20
20
13%
24%
2%
12%
1334
24%
*2%
1%
25
29
29
29
74%
73%
73%
*18
*20
23
14
14
13%
13%
13%
25%
25%
25%
25%
25%
24
2%
2%
*1%
25%
2%
1%
*1%
*2834
30
29
1%
29
*74
74%
74%
74%
*82%
85%
*73
2%
25g
*1%
1%
29
*29
*73
2%
*1%
28%
29%
74%
74%
1%
*73
*82%
85
84
84
*84
85
84
91
91
91
*91%
94%
*92
94%
92
92
87
87
*86%
*87
88
88
*113
113% 11334
113%
*15
16%
15%
15
4
4
86%
16"%
4%
4%
4%
4%
"15%
15
4%
4
*6%
9%
*7%
9
*7
9
*6%
1%
*6%
1%
9%
1%
2%
24%
1%
*1%
1%
1%
*1%
2%
2%
2%
*1%
*2%
2434
24
2034
21
213s
24%
2134
91%
9334
91%
93%
*138
138
138
13%
13%
1334
*31%
*1234
3334
*2414
28
*31
13
13%
*243s
85
90
*85
21%
21%
22%
140
2%
24%
22%
93%
139
2%
*2%
*31
33%
*32
3334
*32
13
*13%
14%
*13%
14%
*13%
25%
25%
*25%
25%
86
*80
95
25%
85
22%
*80
"""300
2%
500
91%
3334
22
22
22
22%
1,700
1,400
1%
23%
13%
"l5""
*1%
*2%
23%
21%
8734
88%
138
120
*6
23%
21%
14
110
1%
2%
94%
*13%
330
9
23
*138
86%
9
25
14
30
210
4
93
*13%
300
4
22%
13%
1,200
120
*113%
14%
4%
24%
24%
23%
95%
139
2%
50
91%
119"
*113%
11334 113% *113%
16
15%
*15%
*334
900
85
91
120
120
2,000
2,600
1%
*
85
84%
86%
120% 120%
120% 121
"""lOO
2%
*83
84
91
120% 120% *120% 121
9,400
13
14
*2%
*1%
28%
10
13
1%
*2%
20,400
2%
234
*7%
*9
200
35
3
1378
*21
534
2%
3%
25%
234
1334
25%
6
35
38
*35
38
1334
*20
6
5%
6%
6
6%
*35%
3
13%
23%
*9
13%
23%
*377s
38
*35
48
3%
*3%
45
578
6
5%
*35
3
22%
138
13%
33%
133
*32
13%
13%
'"300
*24%
28%
200
86
*80
86
21
*85
21%
*85
101
*85
101
*50
63
*50
63
*50
60
*55
60
55
55
*49%
59
*1434
15
*1434
14%
*14%
15
*14%
10%
15
14%
14%
*14
15
9%
10%
10
*10%
10%
*10%
*214
*18%
10%
*2%
*16%
3
17%
1934
*2%
2%
5%
*2%
53s
2%
5%
4%
43g
4%
*214
2%
258
53s
4%
50%
3
2%
505s
5034
13%
5034
107g
23g
2%
20%
19%
2%
*2%
*5%
43s
*51
10%
10%
2
18%
*2%
2%
2%
2%
*5%
5%
4%
4%
*51
53
10%
2%
19
2%
2%
5%
4%
53
16
18%
2
*10%
2
16%
200
10%
100
2
3,400
16%
1,900
2%
2%
*2%
2%
300
2%
5%
4%
2%
2%
23s
1,600
*51
5%
4%
53
*5%
4%
*51
5%
500
4%
7,600
52
14%
14
40%
39%
14%
14%
66
63
*46%
14%
147g
15
15
39
3878
40%
16
15%
39%
1578
39%
1478
15%
15%
14%
41%
15%
*45
66
*45
66
*45
*48
60
*45
60
*45
60
*45"
60
*45
60
*45
2,500
14,800
35
*27
33
*27
33
*27
33
*27
30
30
32
*35%
40
*34
40
*36
40
*37
40
37
37
35%
35%
74
74
*73
737g
*72%
77
*72%
76
65
70
*61%
65
*6178
65
*62
65
*63
65
63
63%
*21
22%
21%
21
21
13%
11%
12%
11%
87
84
85%
15%
34%
84
3.500
60
*27
21
21%
2034
2034
12%
13%
12%
82
13%
127g
13%
21%
12%
84
84
85
87
15%
3534
15%
15%
15%
15%
15%
367g
36%
37%
34
36%
80
80
15%
35%
36%
15%
*64
80
73
73
15%
12%
16
1534
16%
1278
13%
1334
3
3
3%
*3
•
Rid and asked
*65
16%
13%
*3
80
16%
14%
3%
**63%
*16%
13%
3
75
16%
14
3%
prices: no sales on this day
15%
31%
*64
15%
12%
3
75
"""200
200
70
71
140
*63
66
200
21%
21%
12%
1,900
83,100
480
15
85%
15%
1,700
32%
33%
41,600
*67
16
15%
13%
12
3
2%
r In receivership,
65
Dec
26
Jan
4
32
Jan 17
24
Oct
Foiindry
Oct
Oct
Oct
3%
6% Jan 10
4l8 Jan
22% Jan
No par
No par
20
Oct
43%
Dec
100
45% Jan
31% Jan 21
63
Jan 21
60
5712 Jan
70
Jan 11
52% Nov
68
Feb
1
63
50
77
1534
12%
3
a Def.
100
4,200
9,600
900
4% Jan 20
2%
Oct
3
2% Jan 10
1
Oct
Feb
3
Jan 26
46
37
41
13% Jan 14
10i2 Jan 10
Oct
Dec
984
50
Jan
3
54% Jan 24
Jan
6
144
Jan 28
135
Jan 29
54
Jan 12
Nov
47
140
29
34
Nov
Oct
7
1% Jan 10
25
Jan 17
% Jan
3
2038 Jan
5
15
Jan
3
I8I4 Jan
3
Oct
84
5S
1% Jan
% Jan 28
Oct
16
20% Jan 12
22% Jan 11
Oct
9%
Oct
14%
Oct
Jan 19
101
Jan 27
97
Oct
3912 Feb
4
42
Jan 22
3584 Nov
3% Jan
3
Jan
3
5% Jan 21
32% Jan 21
Jan
4
110% Jan 26
3% Feb
1
97
2234
108
Feb
Dec
Feb
3
3
Jan 10
113
Dec
57
1
42
Jan 10
60
Dec
8
Oct
11734
2% Jan 11
4% Jan 11
Feb
2
11734 Jan 19
11714 Jan 11
1% Jan 5
100
100
100
June
4% Jan 20
1534 Jan 11
115
100
Oct
Oct
105
120
Jan 29
10
238
18%
Oct
2%
234 Jan
5
3% Feb
4
2%
2%
No par
6% Jan
3
8% Jan 17
6%
Co
No par
Pref with warrants 100
18% Feb
74% Jan
4
20% Jan 10
5
81
Jan 31
par
Snowdrift No par
preferred
No par
West Penn El class A..No par
7% preferred100
0% preferred
100
West Penn Power 7% pref-100
Dec
Oct
2%
9
Nov
16
Oct
Oct
17% Jan 17
11%
20
Oct
Oct
2%
Jan 12
3
Jan
1
1% Jan 28
July
Oct
32
Jan 10
23%
75
Jan
7334 Jan
Jan 24
73% Nov
84
Feb
1
102% Jan
3
84
Oct
91
Jan 29
102% Jan
Oct
9784 Jan
Feb
121
3
3
88
3
8434 Feb
xll7
Instrum't.No par
Class A.
No par
Westvaco Chlor Prod—No par
6% conv preferred
30
Wheel&L ErleRy. 5 H % c pr 100
Wheeling Steel Corp—No par
Preferred
100
$5 conv prior pref—No par
WhlteDent'lMfgCo(The 88) 20
White Motor Co
1
White Rk Mln Spr ctf—No par
White Sewing Mach—No par
$4 conv preferred
No par
5
1
10
Inc——No par
100
10
Woolworth (F W) Co
--10
WorthlngtonPAM (Del)No par
Preferred A 7%
-100
Preferred B 6%.
100
Prior pref 4^% series
10
Prior pref 4H% convserleslO
Wright Aeronautical.—No par
Wrlgley (Wm) Jr (Del)-No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B—1
Preferred
100
Young Spring A Wire—No par
Youngstown 8 A T
No par
5H% preferred
100
Youngst'wnSteelDoorCoNopar
Zenith Radio Corp
No par
Zonite Products Corp
1
r Cash sale
33
2934 Jan 17
Feb
27
preferred
stock
4% Jan 13
13% Jan 13
24% Jan 14
1% Jan
Western
n Vew
Feb
Oct
26% Dec
434 Oct
734 Jan 10
Jan 13
40
2%
preferred
-100
Western Auto Supply Co.—10
Western Maryland
-100
4% 2d preferred
100
Woodward Iron Co
Jan 18
48
Feb
Oct
2
384 Jan 13
12% Feb
6%
preferred
16%
24
(4 conv
Wilson A Co
Oct
3
7%
258 Feb
10% Jan
1634 Jan
Wesson Oil A
Willys-Overland Motors
6% conv pref
Oct
17
35
1
Gas
32
3
Jan 15
19% Feb
534 Feb
6
No par
No par
$3 convertible pref—No par
Warren Fdy A Pipe
No par
Waukesha Motor Co
5
Wayne Pump Co
1
Webster Eisenlohr
No par
Wilcox OH A
44% Jan 15
40
S3.85 conv pref
Co
Oct
Dec
Oct
Jan 10
9% Jan
214 Jan
par
X Warren Bros
Wells Fargo A
18
7134
3%
Jan 24
Jan 28
6i2
par
100
Pictures
Oct
Oct
Dec
3934 Jan 29
18i2 Jan 11
-No par
par
Preferred
Warner Bros
delivery,
Apr
4
1% Jan
100
Walk(H)Good A W Ltd No
Preferred
...No
Ward Baking class A ...No
Class B__
No
$6
62% Jan 25
114% Jan 10
Jan
4%
100
Walworth Co
0%
Jan
493s Feb
104% Jan 28
100
100
Detlnnlng..
4 H %
200
66
14%
38%
15
♦
"""lOO
8,100
14
14%
3834
14%
66
10%
3,900
10%
39%
14%
*46%
1334
3834
•
*10%
1%
30
101
*85
10%
*10%
6,900
5,200
3334
101
10%
Jan 20
Weston Elec
*85
10%
63
190
101
103s
Jan 20
800
*85
10
63
13%
13%
101
11%
100
20
28,200
22
25
21%
6%
9034
135%
23%
25
21
10%
Jan 13
Pacific--——---100
100
Western Union Telegraph.100
Westlngh'se Air Brake.No par
Westlnghouse El <fc Mfg
60
1st preferred
50
*80
14%
Oct
3
Walgreen
100
46
2%
*36
27g
6%
7%
7
7%
Nov
53
154% Nov
734 Feb
Preferred
400
40
41
4
Jan 18
Dec
6% preferred B
Waldorf System
*18%
7
Jan
2
6% preferred A
19%
7
167
Feb
100
40%
634
72
Jan 26
5
3,800
40
7
40%
Jan 31
..No par
class A .No par
tWabash Railway
19
634
3934
Jan 27
Dec
preferred
Vulcan
—
1834
*76
8
16%
3S4
"""900
7%
83
*76
'i,
18%
19
5%
Oct
29%
3%
3%
7%
7%
18%
80%
80
82
6
*3%
6
234
3
3
Oct
35% Jan 12
2334 Jan 15
6% Jan 13
2%
234
*2
2%
19%
*19
19
19
3
*2
2%
43s
57
pref.100
futilities Pow A Light A
1
Vadsco Sales
.No par
Preferred
100
Vanadium Corp of Am .No par
Van Raalte Co Inc
5
7% 1st pref
100
Vlck Chemical Co
6
Va-Carollna Chem
No par
6% preferred
100
Va El & Pow $6 pref...No par
Virginia Iron Coal A Coke. 100
6% preferred-100
Virginia Ry Co0% pref—100
110
57
125
2
6
73s
300
11534
*118
2%
*1834
40
3%
20
2
2
2
8%
500
40
115% *114
7% Jan 12
9% Jan 11
164
Universal Pictures 1st
7,000
16%
*9%
Jan
4
fii2 Feb
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
10
*3
11
11
3%
147
'
3%
*3
Feb
Oct
Jan 27
101
108
100%
»4
70
Jan 27
Feb
700
4%
24%
25
108
*114
115
115
115
115
57
*47
*117% 125
*3
4%
24%
Nov
1% Jan 18
73
4
162
3,400
21
Jan
2484 Mar
126
1
39%
39%
4%
39%
Dec
3
300
*117% 125
50
50
40
40%
1157s 11578
*115% 120
41
558
.4
25
*97
101
*97
101
Feb
Jan 20
1,700
%
15%
16%
Jan
90
*19%
Oct
152
40
19%
Jan
3%
8684 Mar
119
""166
17
19%
*97
*40%
26
26
25%
15%
4%
4%
4%
4%
26% 27
26% 27
*108
108%
108% 109
3%
3%
3%
3%
15
11%
*10
*9%
42
4.%
43s
4%
*25
17%
20%
110
*97
110
*97
110
17
*19%
17%
20%
*19%
*97
20%
*20%
17%
19%
25
25
113%
1% Jan 18
No par
100
United Stockyards Corp
1
United Stores class A ..No par
$6 conv pref. A
No par
44
*20
17
Oct
Preferred-.
1,300
%
*%
Oct
U 8 Tobacco
57
%
20%
%
%
%
%
34
*20%
34
a4
%
*34
%
Oct
9
101
Dec
58
48% Nov
100% Oct
Oct
114
144
36%
%
52
5
3
4
Preferred-
144
*3514
Feb
Mar
Jan
Feb
Preferred..
*53
144
Apr
11% Jan
64% Jan 24
106
Feb
U 8 Steel Corp
13%
*11%
13%
53%
*11%
*11
63
40
38
Jan
Mar
9% Mar
Oct
3ll2
17%
1st preferred
8%
2
38
37
37
106%
Oct
25g
24
Jan 12
534
U 8 Smelting Ref <k Mln
4%
4%
*1%
4%
4%
1%
4%
Dec
74
6% Jan 11
35
100
162
*156
26»4
8% Jan 11
U 8 Rubber
3,700
104% 105%
145%
145% *125
162
16
Oct
4
U 8 Realty A Impt
5134 133,900
106%
*156
162
5
434
67
145% *125
4%
2
5
105
109
108
*156
4%
4%
4%
43s
*38
27%
14578 *125
4%
46
25%
66%
16134 162
4%
U 8 Pipe &
1,900
2634
2634
26%
4%
Oct
6%
638 Feb
preferred
Prior
4,100
75,900
13,200
2,200
*66
109
109
86
534
Feb
69
-.100
S Freight
No par
8 Gypsum...
20
7% preferred-100
8 Hoffman Mach Corp
5
5H% conv pref
50
Partlc A conv
86
26
54%
*125
7%
7%
*55%
105
preferred
U 8 Leather.
28%
5%
28%
66%
08
54%
162
8
5
Jan 10
80% Jan 10
3
Feb
434 Jan 28
30i2 Jan 3
56% Jan 3
U 8 Industrial Alcohol-No par
55
68
125
7%
*55%
U
2,500
1,000
2,400
5
5
70
preferred
Conv
27%
66
125
126
8%
5
58%
*156
106
*156
5
100
5
5
Jan 12
8% Jan 17
100
18
Jan 31
4
1,100
31%
17%
3
6% Jan
40%
Feb
U
31%
26%
8%
Oct
5% Jan 12
U
19
Mar
Jan
Oct
4
30
37
35
Dec
2
43g Feb
200
5
28
5%
29%
106% 107
106
*125
8
Feb
25%
8
5,200
86
27%
47g
28%
56%
52%
8
91
8
3
40
60%
60
5934
16934
16934 *165
6%
6%
7%
634
*3112
17%
*56
86
*55%
26%
75
8
8
Jan
Feb
Dec
Jan 12
Jan
58
37%
19%
5%
19%
19%
534
7%
7%
*31
37%
100
5%
Jan
Feb
30%
11784
Jan 10
934 Feb
*165
*5%
37%
3,000
6%
19%
334
32%
7%
9%
Jan 28
31%
Oct
Oct
3684
17%
No par
10
U S & Foreign Secur...No par
$6 first preferred
100
U S Dlstrlb Corp
No par
1%
8%
62
60
*165
7%
*317g
1934
7%
7%
*31
37%
6
*%
4
United Pa per board
69
89
1%
Feb
234 Jan 28
Oct
7
15
110
No par
$5
100
*534
6
*8
8%
6%
75
16
No par
Fruit
United Gas Improvt
700
4%
4%
5%
4%
United
105
4
10
United Eng A Fdy
700
17,500
10
JaD
7
Dyewood Corp
Preferred
United Electric Coal Cos
600
6134
*103
United
1,900
*%
1%
*5%
*165
165
164
7
7
*31
57%
,v
31%
934
105
*69
75
'*34
6%
57
167
*165
6%
*71
75
*34
31%
*60%
9%
4%
6%
4%
6%
4%
1%
*7%
*7%
61
105% 105% *103
*5%
6%
*6
31
61
434
46% Jan 12
3
39
No par
5
preferred
S3
United Drug Inc
50
80
"*4%
4%
9%
7
v
*
z30%
10
6%
7
7
63%
28
6%
71
32
978
*34
1%
7
70
32
*61
7
6%
*71
75
*71
75
*34
6%
63g
7
♦63s
*71
6%
4%
5
*4%
4%
45g
27%
6%
200
22,400
4,100
2,200
2,000
2%
27
26%
5
105%
*105
106
*105
107
*105
16
2%
6%
7%
T.eoo
4038
16
80
10
978
10
9%
10
9%
39%
3
5
5%
478
"
17
234
*71
80
*70
""loo
19%
41~"
40
27%
6%
7%
7%
7%
784
71%
734
71
*18
8*4 Jan 5
934 Jan 11
19% Jan 11
11034 Jan 18
3
6I2 Feb
812 Jan
United Amer Boscb
__
*110%
*16
3
11
16i8 Jan 3
110% Jan 20
6
No par
United Biscuit
No par
Preferred
100
United Carbon
No par
United Carr Fast Corp No par
United Corp
No par
Un Air Lines Transport
7,000
7
6%
*8
20
*18
41%
16%
16%
3
6%
8%
*110%
17
2734
6%
Highest
$ per share $ per share
243s Jan
53s Oct
share
$ per
share
per
Lowest
Highest
Lowest
5
Par
Shares
$ per share
6%
*7%
m
10%
18%
*110%
278
278
28%
6%
7%
234
2734
2%
234
7%
*8%
634
10%
$ per share
$ per share
10%
7
7%
*8%
7
$ per share
7
7
$ per share
$ per share
Range for Previous
Year 1937
EXCHANGE
the
Jan. 31
Saturday
Jan. 29
On Basis of
VAPTT QTHPTT
lUltJti olUL/i\
XTTPW
INHjW
fnr
JOT
1
100-Share Lots
Range Since Jan.
STOCKS
Sales
SHARE, NOT PER CENT
HIGH SALE PRICES—PER
AND
LOW
873
New York Stock Record—Concluded—Page 10
146
Volume
Jan
111% Jan
4
6
14% Jan 28
3% Jan 5
4
7
Jan
1
Jan 28
2
Jan
5
23% Feb 3
20% Jan 29
1
117%
Oct
Jan 12
110%
Apr
4% Jan 10
14%
2%
6%
Dec
Oct
11334
18% Jan 11
9
Jan 10
1
1% Jan 11
3% Jan 11
28% Jan 10
27% Jan 15
87% Feb
4
4
140
13
Jan 28
31% Jan 19
12
Jan
3
24
Jan
3
Oct
Oct
22%
Dec
Oct
1784
87% Nov
113
Jan 27
IO84
17% Jan 16
3234 Jan 5
Oct
Oct
31% Nov
1034 Oct
15% Jan 18
2:2684 Jan 13
21%
Dec
Dec
4
90
2734 Jan 12
19
Oct
4
75
Nov
59
Jan 14
55
Dec
Jan 13
14%
Oct
90
Jan
85
Jan 31
21
Feb
90
Jan 26
95
Jan
55
Jan 28
14
3
Oct
1%
109% Jan 15
Jan
133
Oct
76
Jan
5
15
8% Jan
3
13% Jan 12
6
Oct
Jan
5
11
Jan 21
8%
1% Jan
3
3
Jan 22
1%
Oct
Oct
21%
Jan 24
10
13% Jan
4
11
I84
Oct
Oct
2% Jan
2% Jan
2% Jan 10
2
Dec
4% Jan
4
3
6% Jan 10
534 Jan 6
43s
Dec
45s
Oct
50% Jan 28
13
Jan
5
60% Jan 21
4924
Dec
Jan 17
10%
Dec
34
Dec
4% Feb
3
Jan
3
14% Feb
3
36
66
Jan 25
19%
Jan
41% Feb
7
4
19% Jan 10
Jan 25
66
12
Oct
64%
Oct
40
Oct
30
Feb
3434
Jan 12
34
Dec
35
Jan 26
46
Jan 10
3934
Dec
65
Feb
3
94
Jan 10
62
Jan 24
65
4
38
Oct
Jan 15
58%
Oct
2034 Jan 31
8% Jan 3
80
Jan 5
27% Jan 10
15% Jan 21
93
Jan 11
2134
Dec
68
Dec
3
3
12%
Dec
73
Jan 29
15
Jan 28
12
Feb
4
18% Jan 10
4384 Jan 12
75
Jan 26
22% Jan 10
17% Jan 12
284 Jan
3
3% Jan 11
13%
Jan
3134 Feb
x Bx-div
v Ex-rlghta. ?
7%
Oct
34% Nov
70
Oct
11%
2%
"Dec
Oct
Called for redemption.
874
Feb.
NEW
YORK
STOCK
Bond
NOTICE—Prices
S, 1938
EXCHANGE
,yadiWeekly and Yearly
rF,droceR
"and
are
Interest"—except lor income and defaulted bonds.
Cash and deferred delivery gales are
disregarded in tbe week's range,
unless tbey are the only transactions of the
week, and when selling outside of the
regular weekly range are shown in a footnote In the
occur.
Nc "vccount Is taken of such sales in
week.In which they
computing the range for the year.
Friday
BONDS
N.
Y.
V
EXCHANGE
Week Ended Feb. 4
]S
Week's
Last
Range
Sale
«i»
K
STOCK
Friday's
Price
Bid
<fc
«0
or
Low
Range
Friday
BONDS
Since
II
Asked
N.
Y.
Jan. 1
STOCK
Week Ended Feb. 4
High
No.
117.17
117.17
13
107.20
112.25 112.23
107.24
101
107.2
108.6
35
112.2
113.11
F
Friday's
Price
D
Bid
A
J
Range
Sale
MN
112.28
Week's
Last
Inter st Period
EXCHANGE
U. S. Government
Low
High
Treasury 2Kb
Treasury 2Kb
Treasury 2Kb
Treasury 2Kb
Treasury 2Kb
O
A
A
O
J
D
M
S
J
D
111.6
111.6
111.9
45
Low
107.31
104 J 3 104.10
108.6
104.16
30
105.29
109
105.29 105.29
107.1
107.1
106.3
S
107.6
15
107
D
106.12
106.17
21
105.28106.28
106.4
100.10
118
S
D
J
D
M
J
J
D
F
A
A
O
107.9
32
15
Sept. 15 1966-1959 M 6 101.4 101.4
Treasury 2 Ha—Dec. 15 1949-1963 J D
99.30
99.28
Treasury 2Kb
Deo. 15 1945 J *D 103.4
103.3
Federal Farm Mortgage Corp¬
M 0 104.3
ses
Mar. 15 1944-1964
103.30
107.22
416
100
60
101.17
122
3s series A
298
103.11
155
99.18100.8
102.14103.20
104.16
10
0
102.26
May
1 1944-1952 M N
1 1939-1949 F A
J
1942-1944 J
103.28104.30
121
103.15104.12
65
103.22104.26
102 30
72
Corp—
2Kb series B._Aug.
2Kb series Q
Foreign Govt.
1 1942-1947 M
101.30
100.2
104.2
Mar.
100.3
102.18103.17
103.29 103.26
104
181
103.19104.15
101.27 101.22
102
507
101.19102.14
101.17 101.17
130
101.6
102.4
A Municipals—
♦External
A
1948 A
f 7s series B
s
O
♦16
J
21
*16
M N
100K
J
1946
21K
6K
OX
6K
6K
♦External
s
f 7s series C——1945
s
f 7s series D
1945
♦External
6K
s
f 7s 1st series
1957
OX
sec a
f 7s 2d series.1957
♦External
sec s
f 7s 3d series.1957
Antwerp (City) external 5s
1958
99K
Argentine (National Government)—
8 f external 4Kb
—1971 M N
8 f extl
0 f extl
loan 4s Feb
conv
conv
1972 F
1972 A
loan 4s Apr
92
91H
83
82
O
82 %
J
1957 M S
105 %
105 K
1956 M N
101%
1957 J
Australia 30-year 6s
External 5s of 1927
-.—1955 J
External g 4Kb of 1928
Austrian (Govt) 8
A
7s
•Bavaria (Free State) 6 Kb
1945
Belgium 25-yr extl 8Kb—
1949
External s f 6s..
1955
External 30-year s f 7s
...1955
Bergen (Norway) extl s f 5s
♦Berlin (Germany) s f 6 Kb
♦External BlDklng fund 6s
J
F
S
J
J
J
D
1950 A
O
D
♦Brazil (U S of) external 8s
1941 J D
♦External s f 6Ka of 1926—1957 A O
♦External s f 6Kb of 1927—1957 A O
6
85
0
1
ox
OX
5%
99
63
162
81
67
100
105 %
104K
105K
10
103
105X
20 %
107
20 %
1
107
107
107
115«
115K
al02
"20 K.
20 K
17 K
15K
20K
19K
17K
15K
107X
107X
115%
9
17
12
al02
1
20 K
20 K
19
18K
58
4
10%
10%
10%
125
15 %
15%
8
100 K
100 K
101X
19
1958 F
A
♦100K
—I960 J
D
*102
101 x
102 x
—.1962 J
D
8% external
s f
*22 X
*70
*60
*60
63
63
1976 F
A
64
63 K
—1976 A
O
65 %
05%
65 X
1975 M N
$ bonds
.1984 J
♦Secured
s
f 7s
-—--1967 J
J
1968 M N
Canada (Dom of) 30-yr 4s
1960 A
31K
33
101K
100%
J
100 K
100 X
96
♦Chile (Rep)—Extl
s
J
J
M
A
♦Extl sinking fund
6s_.Sept 1961 M
♦External sinking fund 6s
1962 M
♦External Blazing fund 6s
1963 M
♦Chile Mtge Bank 6
Kb
1957 J
1961 J
1961
♦Guar s f 6s
—1962
♦Chilean Cone Munlo 7s
1900
♦Chinese (Hukuang Ry) 5s
1951
♦Cologne (City) Germany 5 Kfl-1950
Colombia (Republic of)
of
♦6s extl
1928
8
A
O
A
J
S
8
70%
70 %
72 %
53
31%
4
31%
33 X
9
32X
34%
35%
77
108 X 110
113
19
112 X
101 %
101K
63
100K 101 %
100 X 101X
100 x
37
96 K
41
63
113K
99% 100 %
95X
90%
62
1
59
62
37
5
36
37
31
2
30
31%
6
29%
1
30
31K
31K
18K
18%
18%
18%
18%
18%
31
31
17K
17K
17K
17K
17K
17 H
17%
17M
15K
15K
15K
15K
17 K
D
al5%
S
12 %
x
D
8
17K
O
13%
Jan 1961 J
J
13 K
25
10%
75
10%
10%
10%
10%
10%
10 X
14%
17%
23
17%
17%
38
25
11
17%
17%
71
15X
27
15%
15%
15%
13%
14
14%
16
28
15K
11
14%
14%
16K
15
11%
14
18X
15%
35
*2l"
Oct 1961 A
f g
page 879.
\
106
105 %
103 K
101
105
23
47
101K 104
99K 101K
61
1
02%
mmmm
26 %
99
100
12 %
13
Irish Free State extl
-
32%
13%
12K
13%
13
19%
21%
102% 108
97
99K
105
9
3
16
99 %
27 X
24
77
25%
27%
4
22%
24
33%
18
30K
33%
*30%
m
—
29
—
*28
26
O
O
O
a27
9
26
27
25
1
25
29
.
«...
29
4
29
29 K
26
9
25K
28
J
3
70
85
10
19
20
17K
17K
19
*18%
*
*
A
1
104 X
18
1
m
*115
80%
65
78
12
J
7s.—1952
Japanese Govt 30-yr a f 6Ks—1954 F A
Extl sinking fund
5Kfl1965 M N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
61
61
15
114K 114%
75%
82
65K
80 X
61
65 K
74
72
63 X
75 X
104
72
81
56 %
55 K
57%
115
42%
43 X
15
64 K
43 K
20%
1
49K
42%
20%
A
D
20%
*
104X
D
6K
1
7
2K
assenting 4 Kb. 1943 M N
♦Mexico (US) extl 5s of 1899 £
J
1946 Q
2X
*
—
—
1
rnmmm
2%
»
20%
t
•
1
1
2%
3%
3%
3%
mmmm
-
1
OX
2X
3%
3
4
*2%
2%
«
4
*2
«,
1
20
*3K
•
J
1954 J
1954 J
58K
mm
75
♦4s of 1904
18
57
-
75%
1945 Q
18K
18
59 X
75
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
19
18K
mmmm
18
18
*57
104 X 105
18%
20
18
IVI N
1954 J
27
75
104 %
J
J
30 X
29
'
20
m —
76
♦MedelUn (Colombia) 6
Kb
♦Mexican Irrig
100%
19 X
*
m
.
IVI N
F
107
70
«.
7X
l>
♦Assenting 4s
♦Assenting 4s
♦Assenting 4s
of 1904
D
of 1910 large
of 1910 small
jTreas 6s of '13
assent(large) *33 J
1
♦5 Small
Milan (City, Italy) extl
8Kb—1952 A
Mlnas Geraes (State)—
♦Sec extl
s
f 6Ka
♦Sec extl
s
f 6 Kb
1958 M
-
♦6s series A
New So Wales (State
)extl 5a..1957 F
External s f 5s
Apr 1958 A
Norway 20-year extl 6s
1943 F
20-year external 6s
External sink fund 4 Kb
External s f 4Kb
48
s
0
9
60
*
A
104
A
~
—
10 K
9
11
1
60
61
101
54 K
57 X
102 %
104 X
16
103K
2
106K
67
17
60
103 K
O
9
106 X
7
57 X
104K
100 K 103K
105K 107
106 X
107
52
106 X
105 X
22
1965 A
O
103 %
A
52
f 5s.—1970 J
6s
1952 F
102 X. 103 %
D
103%
102%
104 X
21
F
103 %
102 %
104 K 106K
102 % 103 %
A
——
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
s
63 %
21
9
9%
9X
105
—.1963
s
"36
9%
9X
6
105
5Ka
♦Nat Loan extl
♦Nat Loan extl
66%
T
3%
3%
2X
3X
106%
1955 A
ser
2%
3%
0
Oslo (City) s f 4Kb-.
Panama (Rep) extl
f 5s
5
A
1953 M
s
1
2%
1956 M
Oriental Devel guar 6s...
Extl deb 5 Kb
♦Extl
2%
2%
2%
mmmmm
—.1944 F
f ext loan
Municipal Bank extl B
♦Nuremburg (City) extl
2%
mm
64~"
J
O
—.1959 M S
--.1952 J D
1959 MN
♦Montevideo (City) 7s
m
2%
*1X
♦
A
-
—
102 %
*102%
—
—
20
3
20
54
25
51
53 K
53
1958 M N
51%
51
102 X
O
1953 J D
1963 M N
1963 M N
1947 M
1959 M
f 6e 1st ser..1960 J
f 6s 3d ser..1961 A
1940 A
1947 A
1950 J
S
103
O
O
51 X
103 X
8
103 X
25
103
7
47 K
42
107K
mmmmm
20 X
60
102
103
*40
55 K
103 K
104 X
7%
X
42 X
35K
S
D
mmmmm
20
0
21
14%
14%
3
105%
32%
a20%
26
A
10
99%
25
m m
J
108K
20%
23 X
A
A
100
*20
O
A
108
100 x
26%
mmmm
J
30
99
2
105%
99 X
D
mmmrn
23%
14
0
♦Leipzig (Germany) s f7s
1947
Lower Austria
(Province) 7KS-1950
01%
20 K
106K
105 K
97 X
D
5
26 X
19K
_
106 %
1960 MN
5s
51
100
D
♦Stamped
19K
s f
64
62
108
108
...
D
Italy (Kingdom of) extl 7s
1951 J
Italian Cred Consortium 7s
ser B ,*47 M
Italian Public Utility extl
J
64
55
58%
*19
J
1945 J
1946 J
65
00%
60
10
J
F
3
03
*60
89
57
60
62 X
1988
♦7Ks secured s f g
♦7s secured s f g
7
00 x
N
1965 J
♦Hungarian Land M Inst 7 Kb. 1901
♦Sinking fund 7 Kb ser B
1961
♦Hungary (Kingdom of) 7Ks—1944
83
65
63
S
1968 F
94
62 %
—
Haiti (Republic) s f 6s ser
A—1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7Ka '50
Helslngfors (City) ext 6 Kb
1980
Hungarian Cons MuniclpaljLoan—
105%
00%
1958 J D
7a—1964 M N
♦6s part paid
106
25
104
101 x
*60
99%
—1964
105
101
1965
ser
104
105%
103%
O
♦German Rep extl 7s
stamped. 1949 A
♦7s unstamped..
1949
German Prov A Communal
Bks
♦Greek Government s f
♦7s part paid.—.
♦Sink fund secured 6s
74K
103
104
S
1949 J
♦(Cons Agrlo Loan) 8Kb
1
63
M N
♦5Kb stamp(Canad'an Holder)'65
104
71
106 X
*80%
1941
♦5 Kb unstamped
102 % 106
183
O
M
1949
3
74
6
mm
French Republic 7Ka
stamped.1941 J
7s unstamped
96X 100
106
104
J
1948 J
1967 J
German Govt International—
♦5Ks of 1930 stamped
2
*102 %
A
Customs Admins 5 Kb 2d ser.1961 M
6 Kb 1st series
1969 A
5 Kb 2nd series
1969 A
♦Dresden (City) external 7s.—1945 M
7Kb unstamped..External 7b stamped
4
71X
J^Stamped extd to Sept 1 1935._ M 8
Dominican Rep Cust Ad SKs—1942 M S
1st ser 6 Kb of 1926
1940 A O
2d series sink fund 5 Kb
1940 A O
(Republic) ext 6s
1945
♦Frankfort (City of) s f 6 Kb -—1953
103 X
106 X
100
73 K
O
36 X
19
35X
39X
7%
8%
3
7%
9%
UX
U%
UK
07%
82 %
11
9X
9%
61 K
A
17X
24 102 % 103K
106X 106X
106 %
m
O
1942 J
1965 F
External g 4 Kb
Apr 15 1962 A
Deutsche Bk Am part ctf 6s...1932
80
106
mm
mmmmmm
O
1942 A
Denmark 20-year extl 6s
External gold 5 Kb
♦Stabilization loan s f 7s
♦External sink fund g 8a
see
1961 A
80
100
103K
mm-m
J
♦Poland (Rep of) gold 6s.
For footnotes
4
79%
70 %
48%
31
15K
J
63 X
05%
05%
~78%
7
31
17K
17K
al7K
17K
17K
17 K
N
M
63
37
rvi n
M
23
31
D
O
19%
19%
19X
99 X 101X
99% 101%
101K 102 X
110
02
O
♦External sinking fund 6s
1960 A
♦Extl sinking fund 6s.—Feb 1981 F
♦Ry ref extl s f 6s
Jan 1961 J
♦Sink fund 6Ks of 1926
•Guar s f 6s...
62
O
A
21K
23
100 X
J
1942 M N
f 7s
21K
112K
S
J
17%
15%
15%
15%
101
109 K
J
J
21
33 K
J
19K
18%
78%
79%
130
31%
A
30-year 3s
1967
♦Carlsbad (City) s f 8s
1954
♦Cent Agrlo Bank (Ger) 7s
1950
♦Farm Loan s f
6s..July 15 1960
♦Farm Loan s f 6s
Oct 15 1960
♦Farm Loan 6s ser A Apr 15 1938
79
79
66 X
64
248 K
1961 J
100
22 %
9
--.1944 J
3Kb
2Kb
22
20%
106 % 108
104 X 107 X
114X 115%
100
44
Aug 15 1945 F
10-year 2 K«
25-year
7-year
♦6s
O
1952 M N
23 X
05%
109 K
112K
101H
5s
64
29
68 X
49
J
Bulgaria (Kingdom of)—
♦Stabilization loan 7 Kb
24
102
15
16
4Ke-4Ks
Extl re-adj 4Kb-4Hb
Extl s f 4Kb-4Ks
96%
82
88 %
81%
88%
104 X 100%
104 K 106K
102
15K
f
23 %
D
Czechoslovakia (Rep of) 8s
Sinking fund 8s ser B
91%
101
D
s
7K
7X
OX
6K
OX
09%
105K
1952 J
♦Buenos Aires (Prov) extl 6s.-.1961 M 8
♦6s stamped...
1961 M 8
♦6 Kb stamped
.1961 F A
Extl s f 4K»-4HB
1977 M 8
OX
5
1957 M
Refunding
7s
J
7K
♦7s (Central Ry)
♦Budapest (City of) 6s
90
♦Public wks 5 Kb.—June 30 1945 J
7K
6
4
99%
94 K
85 X
18K
22
11
ox
OX
0%
OX
0%
Brisbane (City) s f 5s
Blnklng fund gold 6s
20-year s f 6s
62 %
82
Sinking fund 5 KB—-Jan 15 1953
100K 102
98
1960 M S
1958 J
81%
105%
8
4
106K
106K
A
M
*5%
*5%
99K
16K
17%
102
6K
♦External
♦External
53
4
Finland
1947 F
Akershus (Dept) Ext 5s
1963
♦Antloqula (Dept) coll 7s A—1945
33
87 X
1951 M N
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7b
Agriculture IMtge Bank (Colombia)
♦Gtd sink fund 6s
♦Gtd sink fund 6s
58
-
101.22
99% 100 X
97X
98K
87 K
58
100.26101.20
104
Loan
101.30 102.29
73
5
J
mm~ mmm
Cuba (Republic) 5s of 1904—.1944 M S
External 5s of 1914 ser A—-1949 F A
External loan 4Kb
1949 F A
101.25102.23
103.25104.29
101.7
May 15 1944-1949 M N 103.24 103 22
2Kb
105.19106.20
33
98%
97%
*58
22 5
22 1
18%
17
59 X
00 x
Cordoba (Prov) Argentina 7s.-1942 J
♦Costa Rica (Rep of)
100 %
High
17%
16 K
mmmm
mmmm
100
107.12
107.31
Jan.
103.30
105.29106.13
22
24
97%
A
Low
22
*16
ioo x
A
107.4
3s
J
F
F
107
102.11
*16
Since
Jan. 1
No.
High
♦16
mmmmmm
—1953 M N
106.11
19
104.15
25-year gold 4Kb—
104.28
67
3s
15 1942-1947 J
107.18108.19
O
104
107.24
102.13
A
105.6
107.13
107.16 107.12
♦Colombia Mtge Bank 6K«—194'
110.27111.22
105.24 105.21
M
J
Mar. 16 1955-1960 M 0 102.6
102.1
Sept. 15 1945-1947 M S 104.12 104.4
Sept. 15 1948-1951 M S 102.7
102.6
June 15 1951-1964 J D 101.11 101.10
Home Owners'
116.22117.24
Bonds Sold
Ask
Foreign Govt. & Mun. (Com.)
Treasury 4Kb—Oct. 16 1947-1962
Treasury 3^1.,-Oct. 16 1943-1946
Treasury 4s.----Dec. 16 1944-1964
Treasury 3^8
Mar. 16 1946-J956
Treasury 3 Kb—June 16 1943-1947
Treasury 3s
--Sept. 16 1961-1955
Treasury 3s
June 15 1946-1948
Treasury 3 Kb
June 16 1940-1943
Treasury 8Kb.—Mar. 15 1941-1943
Treasury 3Ha---June 16 1940-1949
Treasury 3 %s—Dec. 15 1949-1952
Treasury 3%s
--Aug. 16 1941
Treasury 3K8
Apr, 16 1944-1946
Range
or
&
9K
9K
m
m
11
2
10
57
9%
20
61
64
O
78K
78%
2
J
58 K
59 X
19
20
11
9X
ox
61
78%
58%
02
,
Week's
Last
Range or
Sale
Friday's
Inter st Period
EXCHANGE
Week Ended Feb. 4
(Concl.)
1961
♦Extl loan 7%s
1960
Prague (Greater City) 7 Ha
1952
♦Prussia (Free State) extl 6%s.l951
Price
Bid
Low
Foreign Govt. &Munlc.
♦Porto AJegre
(City of) 88
J
D
J
J
M
A
O
O
20%
1
96
3
19
21
108%
28
109%
109
mmmmmm
3
7
25
25
1
25
10%
2
10%
8%
11%
13
8
8
8
A
♦6s extl
1968
f g
s
D
J
J
J
A
O
A
O
D
8%
D
8%
A
O
66%
F
A
J
J
1907
Rome (City) extl 6 Ha
1952
♦Roumanla (Kingdom of) 7s—1959
J
♦Saarbruecken (City) 08
1953
Sao Paulo (City of, Braall)—
♦8s extl secured s f
1952
M N
M N
8%
1930
J
J
J
f 7s
1950
1956
1968
1940
J
♦Saxon State Mtge Inst 7s
1945
'
8%
1957
♦7s municipal loan
♦0 Hs extl
secured
f
s
8%
65%
30%
*18
11
8
23
8%
♦8s external
♦7s extl Water loan
♦6s extl Dollar loan
Secured
8
8%
M S
J
O
D
m
—
24
Mi
w
m
J» m
32%
83
30%
32%
40
31 %
33 %
5
56
60%
25
Cal Pack conv deb 5s
A
H-l Or rfn
"22
J
J
51
F
1961
48%
26
43%
64%
54
13
45
53%
51
42%
63
40
40
43%
50
45
49
42%
48
40
40
5
J
♦
O
m
m
79%
mm* m m
"98"
-
57%
A
D
m
W~
W
60
54%
mm m m
F
J
■
100
55%
MN
57%
104
7
43%
"42%
—
<
'm ' -m 1
m
_
2
«, «»
trust 4Hs
1st A cons g 0s ser
D
M
52
52
'
D
A
1C0 %
AO
76%
J
76%
*98
D
O
90
"39
76%
2
99%
mm
—
-
m
—'
"25
99% 103%
——
47
87
1
87
92%
82
O
A
O
F
A
68
82
11
82
87
Central of N J gen g
57
J
D
59
A
O
A
O
A
O
m"m
59
M S
102%
103
*""2
105%
109"
1
fid
105%
—mm
mm*
67%
40
35%
31%
O
A
59
37%
28%
53
40
*33
mm m
"
70
60%
28%
———
90
"12
40
8
57
65
59
68
29%
♦Mac A Nor Div 1st g 5s
90
86
65
♦Chatt Dlv pur money g
54
57
67
*60
..
F
77
mmm
10 6%
B
M
deb 6s—
J
*
102% 105%
127
103%
95
"l03%
M N
J
J
MN
103%
95
113
92%
3Hs
92
112% 113%
100% 101%
100% 101%
100%
100%
101%
113
106
—
106
106
8
105
92
92
1
92
O
103
104
95
—
—
mi m
m
104
*26
99
♦
"89"
89
J
J
O
108%
""2
39
m
62
108%
177
Atchison Top A Santa Fe—
Nov
M N
J
J
J
M
J
4s July
General unified 4 Ha A
May 11946
10-year coll tr 5a
LAN coll gold 4s
Oct 1952
Atl Gulf A W I SS coll tr
1948
1959
5e
J*Auburn Auto conr deb
Austin AN W lft gu g 6s
4%s.l939
1941
July 1948
Bait A Ohio 1st g 4s
D
J
J
J
M
July
gold 5e
6s series C
m
—m—mmm
m'm
Conv
M 5s series F
5a
4s stamped
5s series B
C—
For footnotes see page
2
108%
44
'
94%
109%
—
—
97"
94% 104%
87%
71%
171
83
94
18
70
77%
76
rn-m
81%
20
76
88
4
69
76%
28
8
26
31%
28
1
28
55
12
54%
60
19
6
17%
20
——
m
"a* m *
17%
-
♦
102
1
102
100
102
O
"63%
60
64
55
59%
D
29%
28%
137
28%
78%
39%
O
67%
63
30%
67%
109
63
82%
D
32%
31
34%
232
30%
45
50
47
50
40
39%
43%
38%
59%
40
42
4
40
46
28
27
30
152
27
38%
25
23%
27
415
23%
34
29%
27%
30%
99
27%
39
104"
104%
13
107% 112%
104
106
104%
104%
16
103
8
1943 J
J
J
1948 J
J
1960 A
O
110
—
*
—
—m
*93"
m'mm
mmm
127%
•
-
~
60
mm m
46
20
J
1951 J
116%
114
115
11
113%
114%
10
123%
124%
3
88%
93
87%
95%
RR ref g 3s
Q—111 Div 3%l—Division 4«
Chic A Alton
Illinois
General
4s
4 %s series B
1st A ref 5s series A—
1st A ref
—
—
101
113%
100%
95%
101%
118%
3
116% 117
113%
101%
*
F
A
D
71%
J
D
22
F
A
90%
112% 114%
100% 104
31
1937
100
101%
100% 108
81
56
71%
73
83
53
92
"71%
22
22
20
76%
22%
63
50
50
11%
10
12%
6%
"16%
10%
6%
6%
*5
23
~*5~"
*
J
10%
"2%' ; 28
i05r"
105
70
107
1
70
63
*105%
'"98%
112
105
12
70
M
M
107% 107%
"98% "is
97
100
100
97%
♦107
A
7%
24%
*
J
6%
5%
0%
6
J
F
99
95%
78
*25
J
M
89
86
100% 103%
8
55
*42
J
119
113% 115
113% 114%
123% 125%
29
100%
"
2
26
107
"40
8
35
46
29%
32
5
29%
34%
29
9Q
1
27
29
35
J
"29%
J
J
A
102%
103%
A
A
87%
91%
O
F
93%
102% 105
104
86
177
97%
101%
*—
"63"
103%
59%
"02
65
"59% "74%
M N
M N
75%
*61
*116
M N
120
50
00
56
64%
105% 106
'
M
8
57%
M
S
105%
105%
106
105
105
105%
117%
119
M N
M
S
MN
f
A
96
94%
109%
91%
96
*112%
III"
*.
112
112% 115
*107%
101%
106%
1958 M
1977 F
103%
23
23
97
F
99%
101%
104%
101%
96%
99%
23%
15
102%
120
107%
104%
32
348
98%
60
103
90
M N
1982 M N
M S
90
90
15
14%
16
*13%
1934 A
1st gold 6s
1959
{♦Chicago Great West 1st 4s—
1947
{♦Chic Ind A Louisv ref 6s
1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C
1906
♦1st A gen 5s series A
1960
♦1st A gen 6s series B—May
1950
Chic Ind A Sou 60-yr 4s
—
1969
Chic LB A East lst4%«
121
90%
♦
1949 J
1971
106
117
94%
93%
94%
1949 A
1949 J
{f ♦Chicago A East 111 1st 6s_—
1951
{♦C A E 111 Ry (.new Co) gen 5s.
♦Certificates of deposit
105
25
92%
"94%
J
J
\
J
M
Chic Mllw A
St. Paul—
A
May 1
1989
1 1989
1 1989
♦Gen 4%s series E—May 1 1989
♦Gen 4%s series F—-May 1 1989
{♦Chic Mllw St P A Pac 6s A--1975
♦Conv adj 6s
Jan 1 2000
♦Gen 4s series
♦Gen g 3 %s series B—May
♦Gen 4%s series C—May
92
J
118%
116%
113% 114%
115% 116%
118% 119%
15
109
13%
16%
72% 108
18%
74
19%
191
15%
19
12%
1
12%
13%
10%
13
J
J
*12
J
J
*11%
M N
5%
6
J
J
J
99
93% 105
98% 109%
90
90%
14
17%
17%
12%
J
J
1
21
....
26%
99% 107
74
J
J
98
21%
102% 111%
D
t
14%
18%
5%
5%
6%
89%
5%
7%
7%
85
85%
31
54%
54%
—
72
27
28
J
118%
115
8
86
1960
Chicago A Erie
97
30
119
101%
1941
1948
Champion Pap A Fibre deb 4%s '50
Ches A Ohio 1st con g 5b
1939
General gold 4%s
1992
Ref A lmpt mtge 3 Hs ser D--1996
Ref A lmpt M 3 Hb ser E
1990
Craig Valley 1st 5e
May 1940
Potts Creek Branch 1st 4s—1940
R A A Dlv 1st con g 4s
1989
2d consol gold 4t
1989
Warm Spring V 1st g 6s
1941
105
97
43
116%
*82%
4a—1954
Chic Burl A
112
114
13%
105% 109
100%
gold 4s.-1949
|*Cent RR A Bkg of Ga coll 5s
6s extended to May 1 1942
Central Steel 1st g s f 8s
Certain-teed Prod 5Hs A
98% 103
99% 103%
101% 102
97
104%
100% 101
101% 106%
101
103%
109% 112%
70
28
1960 F A
1996 M 8
879.
m
95"
90%
2^
"83%
J
1948 A
80%
106
41
mm
72
m
J
A
-mm
31
116
*106
*
J
1st ru 3s-. 1989 J D
1951 A O
Beech Creek ext lat g 3Hb
1st A ref 5s series
109%
106
mm m
J
Battle Creek A Stur
Bell Telep of Pa
109%
J
1951 J
Bangor A Aroostook 1st
Con ref 4a.
5
71
J
2000 M
5s series D
230
MN
4s A— 1959 J
4 Ha
Ref A gen
■—-
102
86
J
2
104
m-m
8
J
127
99
101
*
—
-
101%
102
108%
1941 MN
4s
J
J
Southwest Dlv 1st 3H»-58-. 1950
Ref A gen
*100
m m
-mm mm m
P L E A W Va Sys ref
Tol A Cln Div 1st ref
rn'm
D
M N
.1995 J
Ref A gen
u*.
103
J
.1995 J
Refund A gen 5s aeries A
"99"
mm
3
100
101%
mm mm
M N
Baldwin Loco Works 5s atmpd.
1st
J
J
Atl A Dan 1st g 4s
Second mortgage 4s
mm
8
1964
4 Ha A
1st 30-year 5s series B
Atl A Chan A L 1st
98%
99%
-
*
J
1962
1946
1944
1944
A
Atl Knox A Nor 1st g 6s
-
100%
D
J
Trans-Con Short L 1st 4s—
Atl Coast Line lsrt cons
D
J
m
D
J
Cal-Arlz 1st A ref 4Hs
D
J
—
-m
100%
m
88
137
91%
90%
89
89%
A
96%
29
41
2;
J
8 m'mkm'mmim
A
107
102% 105
30
41
Jan
Rocky Mtn Dlr 1st 4s
104%
98%
100%
J
F
103
7
95
198
100%
M
78
104%
113%
115%
118%
10
D
—-—1987
N Y Power 3%s1902
Through Short L 1st gu
Guaranteed g 58
99
105%
103% 104%
MN
5s———1987
Cent Pacific 1st ref gu
58
/
106
D
Q
95
101%
J
MN
♦Anglo-Chilean Nitrate—
46
1
113%
O
A
"45
113
A
J
J961
debentures
debentures
51
95
"47%
Telep A Teleg—
20-year sinking fund 5%s—.
100
———
8
D
61
13%
"l6
a 100
al00
42
49%
100%
4s„—
General
Central
M
4a
37
104%
113%
{♦Central of Ga 1st g 6s—Nov 1945
MN
♦Consol gold 5s
--3945
A O
♦Ref A gen 6Hs series B
1959
A
♦Ref A gen 5s series C
1959
4s__1951
1946
♦Mid Ga A Atl Div pur m 68-1947
♦Mobile Div 1st g 5a—
1946
Central Foundry mtge 0s
1941
Gen mortgage 5s——
1941
Cent Hud G A E 1st A ref 3%«-1965
Cent 111 Elec A Gas 1st 5s
1951
Cent Illinois Light 3Hs
1966
{♦Cent New Eng 1st gu 4s„—1901
*47
m
*40
A
A
76%
mm'
101
♦Cent Branch U P 1st g
1947
1948
87
-
M
Celotex Corp deb 4Hs w w
101
99
112%
Cart A Adir 1st gu
95
94%
93%
5
94
100%
100
D
A
3 Ha
*93%
ji'tm
m
mm
—
J
1st cons 4s series B
Albany Perfor Wrap Pap 6fl—.
6s with warr assented
94
94
S
1947 J
F
8%s
5s w w 1950
gold 4b
1198
62%
52
38
54
85%
38%
100
J
Carriers A Gen Corp deb
Coll trust 4s of 1907
Amer
A-Dee 15 1952
85
105%
Deo 1 1954
—-I960
10
85
*9%
1944 J J
J D
J J
—1949 J J
1938 J D
equip trust ctfs
Coll trust gold 5s
Collateral
"
44
30%
8%
*Io3%
1946 M S
-
{♦Car Cent 1st guar 4s
J
106% 106%
"66
54
116
6s
61%
53%
11
"3§"
~37~"
119
Coll trust 4Hs
95% 100
55%
62
10
48
110
73
95%
105% 106%
110
111%
16
106%
#
1957 J J
5s—-July 1969 J J
Oct 1969 A O
Guaranteed gold 5s
1970 F A
Guar gold 4%s
June 15 1955 J D
Guaranteed gold 4 Hi
1956 F A
Guaranteed gold 4%a—Sept 1951 M S
Canadian Northern deb 0 Hb
1946 J J
Canadian Pac Ry 4% deb stk perpet J
J
COMPANIES
Am A Foreign Pow
A
Guaranteed gold 5s
Caro Clinch A Ohio 1st 5s
Alb & Susq 1st guar
1934
Guaranteed gold
60%
48%
92
31
Canadian Nat gold 4H«
45
103
7
50%
48%
M N
-.1952
28
104
♦Camaguey Sugar 7s ctfs
Canada Sou cons gu 5s A
57
41
:m
—
"
M N
(City).external 7s—1958
48%
3
64%
103%
103%
A mm-l'm
A
45
53
O
M N
18
52%
42
mm
—
m
68
31
110
A
D
1960 A O
-1940 J J
—1942 A O
1902 A O
{Bush Term Bldgs 5s gu
25
51%
6
94
105%
105%
——1952 A O
1955 J
J
;>; 1
103% 104%
106%
69
92
*1
Consol 5s
25
m
102
68%
93
9
57%
-r
78%
74%
106% 108%
12
*7%
25
M S
46
1C2
10
56
104%
107%
102
*8%
{Bush Terminal 1st 4s
33%
31%
T*
'**
18
77
107%
O
A
jx
A
"70%
A
F
61
48%
60
*105%
{f*Burl C R A Nor 1st A coll 5s
24
30%
31
52
44%
3%s series C--1967
MN
Buff Roch A Pitta consol 4%s—1957
Buff Niag Elec
A
,
6s
—
-
F
J
Buffalo Gen Elec 4 Hs ser B
D
J
♦Warsaw
35
6
1950
1981
102% 104%
104%
51
♦Certificates of deposit
M N
Vienna (City of)
11%
47%
38
F
1964
Yokohama (City) extl 6a
9%
29
9%
37%
44
107%
1957 MN
P
r
1960
♦External s f 6a
1950
1st Hen A ref 5s series B
F
1957
8a.-.1946
♦External s f 6s_
Debenture gold 6a
13%
13
J
Trondhjem (City) 1st 5 Ha
♦Uruguay (Republic) extl
~
M N
-1971
1952
1961
Taiwan Elec Pow s f 5 Ha
14
9%
9%
10
12
40
D
13%
Brown Shoe s f deb 3%s
11
45
A
J
41
47%
M N
3
*17
♦Sinking fund g 6H«
1946
Serbs Croats & Slovenes (Kingdom)
♦8s secured extl
1902 M N
1962
♦Slleela (Prov of) extl 7s
1958
♦Slleslan Landowners Assn 6s.-1947
TSyria (Province of) 7s
1946
Sydney (City) ■ f 5 Ha
1955
m -
m
M N
45
*17
D
J
F
43%
44%
32
* '
J
1947
35
38
*
M N
11
35
35%
J
Bklyn Un Gas 1st cons g 5s
1st lien A ref 6s series A
44%
102%
103 %
52
IVI N
1945
Bklyn Union El 1st g 5s
10%
9%
mm-
mmm
11%
8%
34%
43
86%
*39
1941
1950
5s stamped
10%
6
9%
10
J
A
68-1491
84
*41%
14
13%
9%
10
J
Tokyo City 5» loan of 1912
External s f 6 Ha guar
Bklyn Manhat Transit 4%s—1900
Bklyn Qu Co A Sub con gtd
12
8%
A
73
313
37
O
38
86%
23%
100% 103%
92%
95%
41%
A
30
2
—
21
81
84%
27%
27%
24%
23%
26%
20%
90
94%
*107%
40%
42
M S
65%
73
29%
102%
94
M N
F
1961
series JJ
1st g 4%s
10%
High
Low
9
23
22%
101%
102
{♦Boston A N Y Air Line 1st 4s 1955
J
J
Brooklyn City RR 1st 6s
1941
M N
Bklyn Edison cons mtge 3HB—1966
1st
♦7a series B sec extl
1944
1907
1955
C
1st M 5s series II
10%
10%
10
San Paulo (State of)—
§♦88 extl loan of 1921
..-1952
Big Sandy 1st 4s
12%
8%
8%
71%
30%
8
8%
18
85H
J
10%
10%
127
24%
94 %
1956
D—1960
1966
E
Cons mtge 3%s series
3Hssf conv debs
8H
8
1960 MN
♦7s extl loan of 1926
10%
10%
27%
O
Beth Steel cons M 4%s ser
Boston A Maine 1st 5s A
O
1946 A
7
O
Rio Grande do Sul (State of)—
♦8b extl loan of 1921
No.
27%
21%
A
12
60
High
21
26%
F
A
25
10%
Jan. 1
27%
♦Berlin Elec El A Undergr 0 Hb
19
21%
107% 108%
106% 109%
Since
03 &a
J
D
♦Berlin City Elec Co
98
20%
20%
J
J
Ranoe
§1
Friday's
&
Asked
Bid
Low
Ha.-1943
deb 0 Hb-1951
♦Deb sinking fund 6Hs
1959
♦Debenture 6s
1955
Belvldere Delaware cona 3
11%
10%
96%
108
108
Queensland (State) extl 8 I 7s—1941
25-year external 6«
1947 F A
♦Rhlne-Maln-Danube 7a A
1950 M S
♦Rio de Janeiro (City of) 8a
1946 A O
♦Extl sec 0%s—
1953 F A
Sale
Price
High
10%
9
9
96%
20%
20%
mmmrnmm
Low
——
1
9
S
A
1952
♦External a f 6a
10%
Jan. 1
No.
High
*8%
MN
Bonds Sold
•X r
nA,
Y. STOCK EXCHANGE
Week Ended Feb. 4
N.
Since
Range or
Last
BONDS
Range
Ask
&
Week's
Friday
Friday
BONDS
STOCK
Y.
N.
875
New York Bond Record—Continued—Page 2
146
Volume
m
-
m
mm m
70
100
mmtp m m
99% 100
»
119
119%
21
127
127%
8
118
119%
126% 127%
28
J
"31%
J
stpd Fed lnc tax—1987
♦Gen 5s stpd Fed lnc tax
1987
♦4 %s stamped—.
19 87
§ ♦Secured 0 Hs
1930
May 1 2037
stpd.May 1 2037
ref 4 Hb ser C-May 1 2037
4%s series A
1949
♦1st ref g 5s
♦1st A ref 4%s
♦1st A
♦Conv
26%
29%
87
20%
35%
27%
20
25
30
30
32%
7
28%
36
32
3
28%
35%
28
33
13%
30%
J
*30
J
F
10%
A
4
M N
{♦Chic A No West geu g 3%S—1987 M N
♦General 4s
—1987 M N
♦Stpd 4s non-p Fed lnc tax 1987 MN
♦Gen 4%s
112%
26
J
*110%
32
10%
11%
*378
10%
3%
4%
112
3%
4%
16%
15
16
24
15
18
14%
15
17%
19
14%
16
15%
18%
18%
2
15%
17%
17
22
16%
18%
22%
16
16%
15%
16%
M N
20%
22
M N
15%
20
M N
19%
*16%
19%
J
D
11%
10%
11%
J
D
11
10
11
25
10
12%
11%
J
D
10%
10
10%
16
10
11%
MN
5%
286
5
7%
5%
"22% "19
6
9
18
10%
New York Bond
876
Record—Continued—Page
Feb.
3
Friday
bonds
N.
Y.
STOCK
One Wall Street
©Igby 4-5200
Gen A ref M 4a
-<• 'Bell
ser
F
135 So. La Salle St.
%andolph 7711
System Teletype -V- Cgo. 543
Dow Chemical deb 3s
Friday
Week's
Last
*'
Sale
Range or
Friday's
STOCK EXCHANGE
Week Ended Feb. 4
Nft,
Price
hid
&
Ask
Low
High
No.
tl*Chicago Railways 1st 5a atpd
Feb 1 1937 26% par paid
^♦Chlc R I A P Ry gen 4a
f
1951 J
1934 a
44
J
44
17Vi
18Vi
o
17 H
♦Certificates of deposit
*16
^Refunding gold 4s
♦Certificates of deposit
I ♦Secured 4 Vis series A
♦Certificates of deposit
♦Conv g 4 Vis
Cb St L A New Orleans 5s
7Vi
4Vi
1960 M N
1951 j
D
Gold 3 Vis
June lfi 1951 j
Memphis Dlv 1st g 4s
-,1951 J
8Vi
7 Vi
8Vi
7Vi
4 Vi
Chic T H A S'eastern 1st 5s...1960 J
Inc gu
5s
7Vi
58
17Vi
8
18 Vi
9 Vi
6 Vi
7 Vi
5s stamped
Erie A Pitta g gu 3 Vis ser B
Series C 3 Vis.
10
4
17
8Vi
6Vi
4
8Vi
5Vi
Vi
78Vi
78 Vi
78 Vi
58
58
57 Vi
67
48
44
54 Vi
Guaranteed 4s
1944 A
1st mtge 4s series D
1st mtge 3 Ha series E
3Vis
1951 M
J
51
1996
J
26Vi
1953
o
1953
♦Ref A lmpt 5s of 1927
♦Ref A lmpt os of 1930
♦Erie A Jersey 1st 8 f 6s
General 6s series B
vi
*106 Vi
*102
1993
Cleve Elec Ilium 1st M 3Vis--.1906 J
Cleve A Pgh gen gu 4 Vis ser B.1942 A
Series B 3 Vis guar
1942 A
Series A 4 Vis guar
79 Vi
*92 Vi
57 Vi
—1967 ivi N
o
*100
17Vi
105 Vi
105 Vi
llOVi
llOVi
65
11
62
15
♦N Y A Erie RR ext 1st 4s—1947 ivi N
♦3d mtge 4 Vis
1938 M S
*95 Vi
106 Vi
j
..1953
92 Vi
100" loivi
99
5
90
98
86
89
28
86
96 Vi
1
109 Vi
107" "28
109 Vi
112 Vi
106
97 Vi
96 Vi
97 Vi
100 Vi
103 Vi
100 Vi
35
103 Vi
22
102
112 Vi
112Vi
112Vi
12
112Vi 112 Vi
95 Vi
98
99 Vi 100 Vi
103Vi
112Vi
7
112 Vi 113
112
1
112
110 Ji
llOVi
2
105Vi
106 Vi
104 Vi
52
110 Vi llOVi
105 Vi 107
104
17
101
104
112
105
100 Vi 101
105Vi 106
107Vi
107Vi 107Vi
105Vi
9
105
105Vi
64
103 Vi 105Vi
102
103 Vi
43
101 Vi
97 Vi
*20 Vi
106 Vi
96 Vi
*16
J
*16
O
*16 Vi
*16
J
50 Vi
M N
106 Vi
May 1 1905 M N
d
Vis——1971 J
1947 j
102 Vi
1944 f
90
j
103 Vi
21 Vi
Great Northern 4Vis series A..1961
104 Vi
107
95 Vi
91 Vi
92
92
1976
j
1977
J
1946
J
95 Vi
J
87 Vi
J
75
1940 M N
Gulf Mob a Nor 1st 6 Via B
1950 A O
1st mtge 5a series C
O
1960
Gulf A S 11st ref A ter 5a Feb 1952
J
*100
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40
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99 Vi
105 Vi
91
102
106 Vi
103 Vi 104 Vi
36
42 Vi
50
63
40
54
56
40
41
56
*45
49
45
47
106 Vi
*107Vi
j
106 Vi
48 Vi
107 Vi
j
J
*104 Vi
J
*106 Vi
107 Vi
54
ivi N
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12
14
59
106
47
50
107 Vi
52 Vi
106 Vi 107 Vi
103
103 Vi
106 Vi
107Vi
106
107 Vi
107 Vi 108Vi
107 Vi 108Vi
*107Vi
12 Vi
"•4
"l3Vi
14
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1952
j
1949
J
108 Vi
*24 Vi
1999
j
115
♦Adjustment
A. 1957 f
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ser
A
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58
58
*35
99Vi
22
21 Vi
58
1
5
40
100 Vi
23
"l5
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*120
121
51
53
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18H
18 fi
19 Vi
124
108 Vi
107 Vi
108 Vi
51
101
100»3jl00i»»
105 Vi
U5 Vi
Hackensack Water 1st 4a
♦Harpen Mining 6s
Hocking Val 1st cons
26
87
12
102 Vi
99
100 Vi
102 Vi
"51 vi
6
16
102 Vi
108 Vi
o
Hudson A Manhat 1st 5a
103 Vi
3
101 Vi
90
54
99 Vi
85 Vi
1946
107
10
84
lOlVi
o
1944
5s_—1937 m n
86
44
60 Vi
76 Vi
o
cons g
471
76 Vi
1966
4 Vis
97 Vi
88
76
"8l"
*
O
104 Vi
87 Vi
52
9Vi
*104 Vi
1961
Gulf Statea Steel a f 4 Via
Gulf Statea Utll 4s series C
10-year deb 4 Vis
105 Vi
87
'ioevi
85
J
102 Vi
101 Vi
103
30
43
1952
5
47Vi
"~9Vi
Greenbrier Ry 1st gu 4a
Stamped
4
81 Vi
83
72 Vi
*59
Feb
Feb
78
52
81
1967
....
95 Vi
80 Vi
93 Vi
82
1946
10
3
65
105 Vi
43
50 Vi
11
68
j
General mtge 4s series G
g
69Vi
J
50 Vi
106
96 Vi
79
J
106 Vi
25
55
68 Vi
65
"99 ji
104
"94"
104 Vi
....1973
Gen mtge 4s series H__.
Gen mtge 3Vis series I
♦Green Bay a West deb ctfs A
♦Debentures ctfs B
^{♦Housatonlc Ry
104 Vi
48 Vi
103 Vi
79
67
Hoe (R) A Co 1st mtge
101
2
96 Vi
16 Vi
105 Vi
21
24 Vi
*80
16Vi
103 Vi
39
30
"42
*106"
29Vi
"18"
106
38
50
.....1952
General 5 Vis series B
General 5s series C
General 4 Vis series D
General 4 Vis series E
103 Vi
102 Vi
101
95
104
A
1950 j
105 Vi
50 Vi
2
4
45
95
"46 Vi
d
Houston Oil sink fund 5 Vis A.. 1940 ivi N
Hudson Coal 1st a f 5s ser A—1902 j D
Hudson Co Gaa 1st g 5s
1949 m n
j
1936 j
1930 j
102
17 Vi
100 Vi
d
1943 ivi N
103 Vi
16
103
A
O
108
101 Vi
99 Vi
A
j
43 Vi
42 Vi
103 Vi
21 Vi
103
J
Cuba RR 1st 5s g
1952 J
7Vis series A extended to 1940... J
6s series B extended to 1946
J
Dayton Pow A Lt 1st A ref 3 Vi« I960 A
97 Vi
106 Vi
106 Vi 107 Vi
96 Vi
99 Vi
102 Vi
100 Vi
D
D
27
3
44 Vi
42 Vi
103 Vi
95
ivi N
102 Vi
J
1942 j
105
21 Vi
106 Vi
2
28
45
108
100 Vi
46
1950
Graya Point Term 1st gu 5a
Gt Cons El Pow (Japan) 7a
1st a gen a f 0 Via
85
102
99 Vi
43
90
90
j
1951 J
99 Vi
Gotham Silk Hosiery deb 5s w w '46 ivi s
Gouv A Oswegatchle 1st 5s
1942 j D
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j
mtge 4Vis
42 Vi
119Vi
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*20
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1950 M n
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4Vi
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j{*Ga Caro A Nor 1st ext 6s..1934
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Goodrich (B F) conv deb 6s
1945
9Vi
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t
92 Vi
91 Vi
Consol Oil
page 879.
6
101 Vi
72
6
*2Vi
"47"
89
106 Vi
g 4s
72
6Vi
6
102 Vi
Goodyear Tire A Rub 1st 5a...1957
103Vi
57 Vi
5 Vi
J
47 Vi
106
55
*45
A
j
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Galv Hous A Hend 1st 5 Vis A—1938 a o
Gas A El of Berg Co cons g 5s..1949 j D
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42
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109 Vi
*109 Vi
2
95
*101
60
90
99
82
J
15
86 Vi
98
94 Vi
owner M n
1941
3
"8
80
♦Certlflcatea of deposit
Fonda Johns A Glov 4 Via
1952
J {♦Proof of claim filed by owner. M n
(Amended) 1st cons 2-4a
1982
11
D
1951 f
98 Vi
"95"
J
t }*Proof of claim filed by
♦Certificates of deposit
95 Vi
25
95Vi
1974 M s
42
J
D
"95"
12
61 Vi
99
95 Vi
I
D
♦1st A ref 5s series A
15-year 3Vis deb
1951
Gen Pub Serv deb 6 Vis
1939
Gen Steel Cast 5 Vis with warr.1949
t*Ga A Ala Ry 1st consSs.Oct 1 '45
102 Vi
1943 j
Telep 5s-Feb 16 1954 f
—.1943
^♦Florida East Coast 1st 4Vis..l959
65
*107Vi
105Vi
1946 j
8
104 Vi 104 Vi
82
105Vi
79 Vi 102 Vi
105Vi
—1966 M n
j
41
89
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d
1946 J
f 7s
61
1
...1970 M n
1942 ivi
1954 J
a
61
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of Upper
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Consol Gaa (N Y) deb 4 Vis
1951
1st A ref 4Vis
1909
let mortgage 4 Vis
—1909
Den Gaa A El lBt A ref 8 f 6s—1961
Stamped as to Penna tax.—1951
49
105
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conv deb 3 Vis
1951
t*Consol Ry non-conv deb 4s.„1964
♦Debenture 4s
1955
♦Debenture 4s
1965
♦Debenture 4a
1956
1st lien 6s stamped
100
95 Vi
S
30-year deb 6s series B
Flat deb
—.
61
s
1942
41
1943
Del A Hudson 1st A ref 4s
Del Power A Light 1st 4
80
*99 Vi
101 Vi
1951
Cuba Nor Ry 1st 5 Vis
83 Vi
108
106 Vi
104 Vi
Conn Rlv Pow s f 3Vis A
1961
Consol Edison (N Y) deb 3Vis. 1946
3 Vis debentures
1950
f 5s stamped
d
♦Sinking fund deb 0Vis
1940 J
♦20-year a f deb 6s
1948 ivi N
Gen Motors Accept Corp deb38-*46 F a
108
112
1965
Crane Cos f deb 3Via
Crown Cork A Seal s f 4s
Crown Willamette Paper 6s
106Vi 108
liovi
1981
a
106Vi 106Vi
106 Vi
72 Vi
80~
...1951
1st mtge 3 Vis
Container Corp lBt 6s
15-year deb 6s
106 Vi
90
1956
1957
♦Consolidation Coal s f 5s
1960
Consumers Power 3 Vis.May 1 1065
106
112 Vi
112 Vi
1954
Vis
llOVi HI
79Vi
Commonwealth Edison Co—
guar 4 Vis
105
102 Vi
90
Commercial Credit deb 3Vis.—1951 A O
2 Vis debentures
1942 j D
1st Hen
*
8
Gen Amer Investors deb 5s A.. 1952 f
Gen Cable 1st s f 6 Via A
1947 J
♦Gen Elec (Germany) 7s Jan 15 1945 j
*102
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Columbus A Tol 1st ext 4s.... 1965 F a
Columbus Ry Pow A Lt 4a
1965 M n
g 4 Vis series D
1st mtge g 4s series F
1st mtge 3 Vis series H
Codd A Pasaum Rlv 1st 4s
Conn Ry A L lBt A ref 4
105 Vi
176
61
58 Vi
65
Framerlcan Ind Dev 20-yr 7 Via 1942
J
Francisco Sugar coll trust 0s... 1950 mn
llOVi
18
16 Vi
241
j
Fort St U D Co 1st g 4 Vis
104 Vi
99
13
18 Vi
j
101Vi 102 Vi
*105
Columbia GAB deb 6s...May 1952 M N
Debenture 5fl
Apr 16 1952 a o
Debenture 6s..
Jan 15 1001 j
J
1st mtge
"ievi
17Vi
1955
"56" ~73Vi
67
J
1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron Co gen s f 5s.. 1943
♦6s Income mtge
1970
Colo A South 4 Vis series A.—1980 M N
1st mtge g 5s series A
1st mtge g 5s series B
1st mtge g 4 Vis series C__
107 Vi
101 Vi
90 Vi
85 Vi
82 Vi
1973
Commercial Invest Tr deb 3 Vis 1961 J
78
O
1972
f 6a series B guar
lstsf 4 Vis series C
107 Vi 108 Vi
104 Vi 108 Vi
82 Vi
101 Vi
63
102 Vi 104 Vi
107
108
19
60 Vi
f 6s—1957
a
f»FIa Cent A Penln 5s
108Vi
1948 mn
s
14
106 Vi
104
1950
Gen 4 Vis Berlea A
1977
Gen A ref mtge 4 Vis series B.1981
Cleve Short Line 1st gu 4 Vis.—1961
Cleve Union Term gu 5 Vis
14
"16
108
O
1942 j
Series C 3 Vis guar
Series D 3 Vis guar
65
107Vi
j
J
56
105 Vi
1940 m s
1940 J
92 Vi
13
108 ?i
D
Cleve-Cllffs Iron 1st mtge 4 Vis. 1950 mn
80
57
106
D
Ref A lmpt 4 Vis series E....1977
j
Cairo Dlv 1st gold 4s
J
1939
Cln Wabash A M Dlv 1st 48.1991 J
j
St L Dlv. 1st coll tr g 4s
1990 mn
Spr A Col Dlv 1st g 4a
W W Val Dlv 1st g 4s
104
1042 M n
80
89
21 Vi
98 Vi
34 Vi
104 Vi
31
29Vi
22 Vi
22 Vi
f
D
56
"51 "vi
20 Vi
o
1975 a
103 Vi
50 Vi
26
o
1953 a
4s aeries D
100 Vs
Fairbanks Morse deb 4a
1956
Federal Light A Traction 1st 5a 1942
58 International series
1942
*12 Vi
103 Vi
"l9
*100 Vi
102Vi 105 Vi
Cleve Cln Chic A St L gen 4s—1993
j
30
Cln Un Term 1st gu 5s ser C— .1957 ivi N
lst mtge guar 3 Vis series D .1971 M N
Clearfield a Mah 1st gu 4s— .1943 j
J
see
j
103 Vi
88
Cincinnati Gas a Elec 3Vis— .1986 F a
-1907 j D
For footnotes
1940
1940
102 Vi
100
io2"vi
92 Vi
102 Vi
56 H
4s._
102 Vi
61
87 Vi
"44
95 Vi
A
1962 IVI N
J {♦Den A R G 1st cons
I ♦Consol gold 4 Vis
102 Vi
1954
5
1
vi
100
O
Ernesto Breda 7a
81
5
O
105 Vi 107 Vi
108 Vi 110
1943 a
^Copenhagen
D
105 Vi 109 Vi
87 Vi
84 Vi
103 Vi
1985
9
80
"40
1941 Ml N
1951 j
50
87Vi
1st mtge 3 Vis
1st mtge 3 Vis
100
107
1
22
80
103 Vi
*131 Vi
99 Vi
4a prior..1990
B
conv
30
104
107 Vi
o
105Vi
4a— .1952 J
cons 5a..
103Vi
106
108Vi
80
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♦Gen
1
40
*21 Vi
107
^♦Choc Okla A Gulf
.
103 Vi
107
106 Vi
108 Vi
106 Vi
1962 M
1st
1965 j
1963 J
con
con gu
*
106 Vi
108 Vi
1st a ref M 4 Vis ser D
Chllds Co deb 6s
1st mtge 3 Vis
Cln Leb A Nor 1st
37
1963 J
guaranteed..
Chlo A West Indiana
cons g
♦Genessee River 1st
Chicago Union Station—
11
.1965
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♦Series
"86" "80"
48
Dec 1 1960 m 8
^♦Erle RR 1st
83 Vi
~78Vi
d
El Paso A S W 1st 5s
16
4 Vi
*50
El Paao Nat Gas 4Vis ser A
19Vi
22
D
d
51
17Vi
"21
7Vi
8 Vi
5
105 Vi
37
J
44
19
8
7Vi
8Vi
1962 MS
2
37
7
105 Vi
d
J
Elgin Jollet A East 1st g 5s
A
1988 j
20
U3H
108
109Vi
N
East Ry Minn Nor Dlr 1st 4a..l948 a
High
112 9i
107 Vi
109 Vi
D
East T Va A Ga Dlv 1st 5s
1956 M n
Ed El 111 Bklyn 1st cons 48—1939 j
J
Ed El 111 (N Y) 1st cons g 5a. .1995 J
j
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1952 f A
Low
113
107Vi
D
Since
Jan. 1
9
4Vi
109Vi
s
Range
Is
<§<3
No.
----
6
*17
O
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|el
bonds
Y.
7Ji
8Vi
t|*Dul Sou Shore A Atl g 58—1937 J
N.
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..1965 A
Range
Asked. c?«
&
5
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1995 j
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—.1995 j
Detroit Term A Tunnel 4ViB—1901 ivi
Connections
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A
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Gen A ref 5s ser E
1952 a o
Chicago, III.
*Private Wire
| §2
Low
RAILROAD 'BONDS
*h{ewYork,cr{.T.
I
Friday's
Price
t*Den A R G West gen Cs.Aug 1055 F
♦Assented- subj to plan)..
♦Ref A lmpt 68 ser B
Apr 1978 a
t*Dea M A Ft Dodge 4a ctfs.—1935 j
.
Range or
j
Sale
Week Ended Feb. 4
Hewlett Hros. & Johnson
Week's
Last
EXCHANGE
11 Vi
14Vi
13
15
IHlnoia Bell Telep 3 Vis ser B...1970 a
Illinois Central 1st gold 4s
1951 J
let gold 3 Vis
1951 J
Extended 1st gold 3Via
1951 A
1st gold 3a sterUng
Collateral trust gold 4a
Refunding 4s
Purchased lines 3 Vis
Collateral trust gold 4s
Refunding 5s
*75
92 Vi
99
*88
1
1951 M
1952 A
93
.
"4l"
41
1955 mn
1952 j
99
*88
38
t
J
37Vi
36 Vi
38
1955 m n
47 Vi
46 Vi
30 Vi
29Vi
52 Vi
32 Vi
4Vis
Aug 1 1966 F
Cairo Bridge gold 4s
1950
Litchfield Dlr 1st gold 3a
1951
A
I
98 Vi
*59Vi
Louisv Dlv A Term g 3 Vis...1953
Omaha Dlv 1st gold 3a
1951
St Louis Dlv A Term g 3s—1951
Springfield Dlr
79 Ji
80
80
1st g 3 Vis—1951
g
4s
..1951
81 Vi
74 Vi
1951
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2
93
54 Vi
1953 m n
40-year
Gold 3 Vis
41
41 Vi
95
*50
72 Ji
5,
"47
11
153
Since
Jan. 1
Friday
Friday
BONDS
N.
Range or
Sale
fc
K
Friday's
Price
4
Week Ended Feb.
Bid
Int Agrlc
39M
120
O
35M
39
33
107 M
15
105
35H
D
A
33
"i07M
107M
*
O
A
♦87"
96
J
*13
25
12?*
1003* 100 m
103?* 105?*
IVI N
IVI
s
108 X
A
O
F
103?*
104M
45
48 M
47 X
503*
177
48
51?*
♦Mex Internat 1st 4s asstd
1977
17
18
16
23
M S
50 3*
52
49 m
56
*45 M
53
49
54?*
1914 coupon)
1977
♦Mlag Mill Mach 1st s f 7a
1956
Michigan Central Detroit A Bay
O
A
M
S
50?*
♦4s (Sept
'iTm
J
J
75
72
80 3*
6
100
100 m
19m
100
M N
1952
1952
76 X
100 m
40
17
19 m
73 M
73 m
O
A
17 X
5
7
17
6
4M
17
4M
5?*
19
15
18
13
62 M
59?*
63
108
59?*
72%
38 M
38 X
40 m
15
38?*
48
86 M
87
10
84
94?*
17
"77 j*
15
19
77 %
78 X
12
70
83 3*
M N
80 M
80 m
1
80 M
82
88
89m
7
87 M
94
F
A
J
J
53
52
55
J
J
86 M
86
88 M
F
A
56 M
56
58
IW
S
39
~14
24 m
1
66m
22
65m
713*
55
58 m
83
55
63 X
J
"~563*
J
106M
105?*
104
"24m "29""
107 m
79
104
104?*
8
(Rudolph) 1st 6s—1943
w stmp (par $645) --1943
M N
*37
(par $925) -.1943
(par $925).-1943
M N
*23
23 m
83
83
1961
unguaranteed
1961
A P 6s
1937
Kings County Elev 1st g 4s—1949
Kings Co Lighting 1st 5s
1954
1st A ref 6Ms
1954
Kinney (G R) 5 Ms ext to
1941
*
4 Ms
*98
J
A
collateral trust notes—1947
{♦Kreuger A Toll secured 6s
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 5s. 1939
Coll A ref 5 Ms series C
1953
Coll A ref 6 Ms series D
1960
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1942
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1942
28
31?*
85M
86
24
85
90 m
56 M
56
57
18
56
61X
55 X
60
50
53 %
57
14
50 M
52
4
*49 X
52
*85
95
55?*
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■
89
95 m
97
J
J
A
55 J*
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A
71
65
Gen A ref s f
95
Morris A Essex
J
A
7
23
32
42
30
40
129?*
129?*
-1951 F
A
122 M
124
D
104m
104M
106
A
"98 m
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1
gold 4s
4s stamped
Guar ref
D
O
-1938 J
D
.1949 Nl
—-
S
1
66M
*
86
85
S
.1951
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ouisvllle Gas A Elec 3 Ms— -1966
ouls A Jeff Edge Co gu 4s__. .1945
oulslana A Ark
115?*
F
.1969 J
J
M
S
IVI
102 H
122?* 126
33
104 m 106 3*
96?*
62
75
~99m
63 m
90
1003* 100 M
86
86
86 M
6
86
3
85
88
120
series B
series C
A ref 4s series D
12
3
70 X
28
106M
16
105 m
102?*
1033*
60
1013* 105
99 m
97 X
88
"60
83
83
84
2
75
78
52
*1CT4
107
77M
.1946 F
*
S
10
74 x
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106M
1
.1944 F
a99
c99
4
Corp s f deb 68.1951
McKesson A Robbins deb 5M8-1950
Maine Central RR 4s ser A—1945
Gen mtge 4 Ms ser A
1960
IJ^Manatl Sugar 1st a f 7 Ms—.1942
♦Certificates of deposit.
{♦Manhat Ry (N Y) cons
4s.1990
♦Certificates of deposit
2013
IVI N
IVI N
100
983*
100
97 M
93 m
83
90
75
81
74 x
80
106m lum
98
98
100 X
18
99M
44
99 % 100 X
75
M S
113*
102
A
101M
1023*
63
70
45
45
*39
41
27 X
28
27
27
M
*24"
32m
22 m
313*
15
73 %
11
79
*72 M
58 M
80
14
57
11
51
53 M
30
1135*
2
113?*
M N
1956
1956
,1954
A
4Msl945
1998
1946
2013
2013
1952
11
61
25
97
97 M
2
100
103M
201
98 J*
99
1033*
67
223*
67
"97
103
6
45
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4
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1?*
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A
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J
D
104?*
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M N
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J
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D
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J
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D
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J
J
106
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F
121
29 3*
1233*
1213*
1073*
M N
108
*
A
62
72
1163*
122 M
121
1233*
95
64 M
63 3*
11
18
45
24
91
17
59
61
3
91M
89 M
90
453*
90
"96"
61
7
I
30
"3l"
31
I'M
42
C
55
A
O
*3
F
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A
35
32
34
35
15
40 M
deposit
4s serlee A
10-year 33*8 sec s f
Ref A Impt 4Mb series A
Ref A Impt 5s series C
Conv secured 33*0
64
56
1133*
deposit
N Y Cent RR
*30
1003*
73
*72 M
lnc 68—1936
1954
Newport A C Bdge gen gu
O
45
1003*
M N
5s—1948
D
A
♦Certificates of
913*
52 m
{♦New England RR guar 5s—1945
♦Consol guar 4s
--—1945
New England Tel A Tel 5s A. .1952
1st g 4 Ms series B—
-—1961
N J Junction RR guar 1st 48—1986
N J Pow A Light 1st 4Mb——I960
New Orl Great Nor 5s A.
1983
N O A N E 1st ref A imp 4 Ms A 1952
New Orl Pub Serv 1st 6s ser A—1952
1st A ref 5s series B
1955
New Orleans Term 1st gu 4s--.1953
♦1st 4Mb series
90
903*
MN
4s—-.1954
♦Certificates of
1
94
MN
F
♦1st 5s series C
19
94
A
1965
B
11?*
102
coll s f 48
♦1st 6s series
123*
M N
1914 coupon on—.1977
♦4s April 1914 coupon off
1977
♦Assent warr A rets No 5 on '77
Nat RR of Mex prior lien 4 Ms—
♦Assent warr A rets No 4 on. 1926
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off.-.1951
♦Assent warr A rets No 4 on *61
Newark Consol Gas cons
12
70
M S
♦4s April
Nat Steel 1st
17 3*
88
11
A
1978
J
J
stpd
1951
J
D
extend to
1946
M N
Nat Dairy Prod deb 3 3*s w w__1951
MN
Nat Distillers Prod deb 4 Mb—1945
National Rys of Mexico—
J
J
♦4 Ms Jan 1914 coup on
1957
J
J
♦4Mb July 1914 coup on
1957
J
J
♦4M July 1914 coup off
1957
♦Assent warr A rets No 4 on '57
55
A
*12H
"72
203*
*113*
Nassau Elec gu g 4s
913*
60
28m
90
223*
A
F
99 m
85
*50 M
O
174
M S
Nash Chatt A St L 4s ser
84m
84 M
D
D
53*
22?*
M S
5%—1941
97 m
D
J
J
43*
203*
*68 M
J
45
3
J
A
53
21
A
ref 33*0-1966
1st A ref 5s
1941 J
A
5s series A
1955
A
5s series B
1955
A
4Mb series C—1955
A
5s series D
1955
J
1st gu 3 Ms—-2000
♦1st 6M8 series
McCror * Stores
879.
85 3*
112" 112"
"76
11
22 M
1938
I|*N O Tex A Mex n-c
J
♦Second 4s
102
105?* 107 m
.1955 IVI N
A
107
92 M
*in"
.1945 M S
.1952 J
72
102j* 103 m
85 M
.1980 IVI
60 m
102M
873*
.2003 A
128m
1153* 122 m
20
-2003 A
4s—
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4 Ms—
South Ry Joint Monon 4s_.
Atl Knox A Cin Dlv 4s
uwer Austria Hydro El 6 Ms.
127
103
.2003 A
series E
20
1977
-
88 m
85
128
64
♦
-2003
1st A ref 4 Ms
118"
129 3* 131
105M
102 3*
s
.1940
1st A ref 6s
For footnotes see page
21
1003*
1153*
70 M
Nashville RR—
Unified gold 4s
Paducah A Mem Dlv
U7M
5
75
127
-1944 A
6s
1st A ref 3Ms
115
91M
"86"
18 M
20
*17
{♦Naugatuck RR 1st g
-1949 M
orillard (P) Co deb 7s
ouisvllle A
*—
S
-1949 IVI
45
74 X
*113""
4s
30 m
83
32
O
3?*8 ext to—
Long Island gen gold
Unified gold 4s
213*
104
26 M
O
-1950 A
46 m
30
24
30
A
-1952 J
1:
23 M
22 M
O
Liquid Carbonic 4s conv debs.
-1962 M N
Little Miami gen 4s series A_.
Long Dock Co
62
22M
45
.1944 A
deb 3 Ms
Lombard Elec 7s ser A
100
46 M
24 X
45
127
MN
40
76
58
2
82
22 M
"A*
Nat Acme 4 Ms
.2003 IVI N
-2003 M N
-2003 M N
Loews Inc s f
1981
Mut Un Tel gtd 6s ext at
31
37
20
213*
O
F
4%..July 1938
39 3*
10
22 M
20
63*
*17M
30
58
183*
7?*
deposit
35
34 X
99M
50
*17M
45
-1947 J
6s
A
313*
"66" "98m
1
20?*
21
MN
Constr M 6s series A
-1946 F
Tobacco 7s—
Gen A ref s f
14
40
183*
7
MN
Montana Power 1st A
95
58
34
19
48.1991
Monongahela Ry 1st M 4s ser A *60
Monongahela West Penn Pub Serv
1st mtge 4 Ms
1960
6s debentures
1965
55X
99
46
18 m
8
40
*27 M
34
43 M
36
40
IVI
98 M
V
60 3*
34 X
-1980
♦Secured 5% notes
Gen A ref s f
8
54
40 M
"19"
8
Mohawk A Malone 1st gu g
62
32 3*
7
29 M
55
-1949
♦Ref A impt 4Ms
Montreal Tram
6
64
41
FA
1955
Constr M 4 Ms series B
1955
Mutual Fuel Gas 1st gu g 5s—1947
*27 M
-1940 J
1st gu g 5s.. -1941
-1965
Lex A East 1st 60-yr 5s gu—.
Liggett A Myers
95 m
102
4
62
28
J
M
87 M
S
Leh Val Term Ry
J
40
M
5
13
M N
{♦Mobile A Ohio gen gold 4s—-1938
♦Montgomery Dlv 1st g 50—1947
29
91 %
59 X
*
21
43*
deposit
♦1st A ref 5s series I—
Mo Pac 3d 7s ext at
56 X
56
*45
J
22
li*
18 m
5Ms-
30
29M
55?*
10?*
3m
1978
♦1st A ref g 6s series H
Gen A ref s f
30
93*
6M
10m
"63 X
deposit
♦Certificates of
2
18
43*
J
90 m
95M
"94"
RR 4s A-—1965
Lehigh A N Y 1st gu g 4s
1945
Lehigh Val Coal 1st A ref a f 68.1944
1st A ref s f 5s
1954
1st A ref s f 5s
-1964
1st A ref s f 6s
1974
J Secured 6% gold notes
1938
Leh Val Harbor Term gu 5s
1954
General cons 6s
18
85M
Lehigh A New Eng
4s
92
30 M
O
1975
4 Ms—.
86 m
A
Lehigh C A Nav s f 4 Ms A
1954
J
Cons Blnk fund 4 Ms ser C—1954
Leh Val N Y 1st gu g
98 3*
24
"52"
gold
7
2M
3m
6
10 m
8
J
100 3*
49
S
So g
Co Ltd—
Lehigh Val (Pa) cons g
General cons 4 Ms
103""
92
3
10
J
♦Certificates of deposit
100 m
30 M
to.-1947
1941
3 Ms
1997
♦1st mtge income reg
103?* 103 3*
40
M
RR—
2d gold 6s
103M
99M
1023*
99M
30 M
"91"
extended at 3%
Lautaro Nitrate
98 m 100 X
78
90 M
J
F
101X-
71
98 %
*101M
101 J*
M N
2M
1975
1977
♦General 4s
♦Certificates of
71
*
*5?*
3m
173*
55
*18
IVI
1965
{♦Mo Pac 1st A ref 5s ser A
♦Certificates of deposit
74 3*
60
1990 J D
J
M-K-T RR pr lien 5s ser A—1962 J
J
J
40-year 4s series B__
—1962
Prior lien 4Mb series D
1978 J J
A O
♦Cum adjust 6s ser A
Jan 1967
♦Conv
——
71
3 Ms
Lake Sh A Mich
{♦Mo-Ill RR 1st 5s series A
Mo Kan A Tex 1st gold 4s
2
95
173*
1959
♦1st ref 5 Ms series B
♦Certificates of
100
*151X
54
*51
1949
1978
1941
-
♦1st A ref 5s series Q
Plain
Lake Erie A Western
6 Ms
♦1st A ref 6s series F
97 X
Kings County El L
1951
83 m
*98M
1961
coll tr 4s_-1945
27
108 m 108 m
*100
1938
int
23m
27
82 x
*25
Corp 1st 6s.
1946
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4 Ms—1961
106 m
"l4m "l9"
19
18M
Keith (B F)
Kresge Foundation
104m 108 m
104
6s gu as to
{1st Chicago Term s f 4s
25
47 m
D
47
101
J
cons
♦25-year
28m
100 %
100 m
*77
—1946 J
♦1st A ref 6s series A
j*
1003*
100 m
J
♦1st
65 M
O
A
1st gold 3s
1950
5s
Apr 1950 J
City Term 1st 4s
1960 J
J
Gas A Electric 4Mb—1980
100 x
J
98 j*
24 M
24M
15m
102m
85 j*
153*
F
J
78 m
23
89
J
92 m
27
100
{♦M St P A SS M con g 4s int gu'38
♦1st cons 5s
1938 J
92 m
2
94
*
J
1962 Q
1
5m
1st gold 3 Ms
70
72
6
*20
D
J
♦Ref A ext 60-yr 5s ser A
18
102 m
6
*23*
*23*
1940
33*8—^—1951 M S
IVI N
-1952
J
J
Ref A impt 4 Ms series C
1979
A O
{♦Mid of N J 1st ext 5s
1940
J D
Milw El Ry A Lt 1st 6s B
1961
J
1st mtge 5s
:
1971 J
D J
{ S^MllwANo 1st ext 4 3*s(1880) 1934
J
D
1st ext 4 Ms
1939
Con ext 4 Ms
1939
IVI S
{♦Mil Spar A N W 1st gu 48—1947
J
J
{♦Mllw A State Line 1st 3 Ms.-1941
MN
{♦Minn A St Louis 6s ctfs
1934
IVI S
♦1st A ref gold 4s.,—1949
3
21
102 m
J
63 M
2M
92M
O
Ref A Impt
56
2
70
O
Kan City Sou
79
7
4
Jack Lans A Sag
90
92 M
S
A
59 M
70
D
A
52
86
2m
2M
IVI
77
174
90 m
97 m
108
M S
53 m
47?*
7
81
96 m
A
104?*
1942
Koppers Co 4s ser A..
25
89 m
97m
Mead Corp 1st 6s with
J
t|»K C Ft S A M Ry ref g 48.1936
♦Certificates of deposit---
1st
J
warr.-1945
Metrop Ed 1st 4 Ms ser D
1968
Metrop Wat Sew A D 5 Ms
1950
I {♦Met West Side El (Chic) 4s. 1938
Market St Ry 7s ser A
City Air Line 4s
Stamped
80
~81~"
90 m
S
J
♦Ctfs with warr
*70
A
Clear 1st 4s—1959
Jones A Laughlin Steel 43*s A-.1961
Kanawha A Mich 1st gu g 4s..1990
5s 1937
133*
90
81
O
No.
99
*
J
1947 A
April 1940 Q
F
James Frank A
♦Ctfs w w stmp
J
{♦Man G B A N W 1st 3Ms—1941
High
*72
*85j*
s
J
-
♦Ctfs w
IVI
IVI N
M
1956
♦1st g 6s series C
1956
Internat Hydro El deb 6s
1944
Int Merc Marine s f 6s
1941
Internat Paper 6s ser A A B—1947
Ref s f 6s series A
1955
Int Rys Cent Amer 1st 6s B—1972
1st lien A ref 6 Ms
1947
Int Telep A Teleg deb g 4 Ms—1952
Conv deb 4 Ms
1939
Debenture 5s
1955
{♦Iowa Central Ry 1st A ref 4s. 1951
♦Karstadt
1st ext
42
"87" "87"
J
♦1st 6s series B
Kansas
68—1953
(South Lines) 48—1939
4s
1959 IVI N
Manila RR
107?*
104
J
1947
{♦Int-Grt Nor 1st 6s ser A
♦Adjustment 6s ser A.-July
Kansas
Low
High
46 m
353*
Marlon Steam Shovel s f 6s
J
1932
1932
4s
Corp 5a stamped
39m
J
tInterboro Rap Tran 1st 5s—1966
♦Certificates of deposit
Interlake Iron conv deb
D
Price
Week Ended Feb. 4
Manila Elec RR A Lt s f
J
Friday's
Bid
&
Asked
EXCHANGE
STOCK
Y.
Jan. 1
Low
High
111 Cent and Chic
}♦10-year 6s
f*10-year conv 7% notes
♦Certificates of deposit
©
No.
Low
St L A N O—
Joint 1st ref 6s series A
1963
1st A ref 4 Ms series C
1963
Illinois Steel deb 4 Ms
1940
Ind Bloom A West 1st ext 4s__1940
Ind 111 A Iowa 1st g 4s
1950
{♦Ind A Louisville 1st gu 4s—1956
Ind Union Ry 3 Ms series B—_1986
Inland Steel 3?*s series D
1961
©
N.
Since
Asked
&
Range or
Sale
BONDS
Range
kS
Week's
Last
Week's
Last
§3
EXCHANGE
STOCK
Y.
877
New York Bond Record—Continued—Page 4
146
Volume
*110
J
161
A
713*
71M
75 m
O
833*
833*
85
o
56
52
58
162
o
61?*
723*
583*
643*
278
713*
76
M N
76
46
New York Bond
878
Friday
BONDS
N.
Y.
Last
EXCHANGE
STOCK
Weel's
Friday's
Bid
Price
<fc
N Y Cent A Hud River M 3KB-1997
Mich Cent uoll gold 3 Kb
No.
89
Low
66
69
85 K
89K
20
89 K
57 K
102
51K
77
A
13
51K JL 65
46
44
A
Oct 1 1938
3-year 6s
4a collateral trust
54
M S
1974
1978
58
1st guar 6s series B
Certificates of
N Y Lack A West 4s ser A
89K
44
D
44
44.
49
47
44%
46
103K
102% 104 K
103
104
123
122 K
123 K
122
114K
114K
103 K
12
*102
102 K
103
78
93
1965
4e
S
M
8
O
16.%
16K
16K
17K
17K
16K
A
16K
....
j
1966 M N
April
1990
J
;
96
98
90
95
80
83 K
80
79K
*116K
109K
109 %
17
21
6K
*105K
{♦Phlla A
19K
25
17K
20 K
♦Conv deb
8
35
1967 M N
*"9K
9
9K
12
9
12
21K
21
22 K
75 K
44
20 K
75K
78K
8%
96
10 K
1
108
42
116
108 K
'""8
107 K
108 K
6
87 K
90 %
106%
81
14H
16 K
65
4 k
j
23 K
21K
24
107
110
114K 114K
107K 110
107
108K
108 %
109
20
109 K
95 K
87K
105
14%
107 %
20
4K
181
O
76
107 %
33
4K
J
75K
64 %
51
A
80 K
102
22
"4%
8K
107
72
5K
11
24
108 K 109
23
5
53
K
Pirelli Co (Italy) conv 7i—
1952 IVI N
Pitta Coke A Iron conv 4Kb A.l«52 IVI 8
♦Debenture 4s
♦1st A ref 4 Ks Ber of 1927—1967 J
D
♦Harlem R A Pt Chee 1st 4S.1964 M N
66 K
66
104 K
J
1949 Nl
s
6
105
"46
105 K
108
87
{{♦Philippine Ry is. s f 4a
1937
Plllabury Flour t Tllla 20-yr 68—1943
107
75%
107
101 %
89
109 K 112K
55
60
1
102%
106
18K
%
23
6
66 K
64%
8
95% 101K
116K 116K
21
6K
72
104"
D
Reading C A 1 ref 6s .1973 J
118
55
D
7
38
110M
55
1981 J
17K
16
150
107 K
Phlla Co sec 5t series A
1967 J
Phlla Electric 1st A ref 3 Kb—1967 IVI
20
98 K
*114K
19
1
96
J
16K
34
167
123
A
15K
15K
17
108K 111
88 K
95 K
117K 120 K
99 K 106
105 K 111K
91
80 %
102 %
1977 J
1
22 K
33
1
23
109 K
86
80%
1974 F
5
17
77
109k 114
100 K
4a—1943 M N
series B
2
20 K
33
20 K
92 K
119K
72
1980 IV» 8
3 Kb deb—.1952 J D
16K
1940 A
"2
J
conv
96 K 101
108 % 109 K
109 %
109
106 K
Apr
16 K
♦Collateral trust 6s
165
111
109
1952
General g 4 Ks series C
Genera; 4K* series D
19K
17K
"99%
81
104 %
97% 104 K
97
1981
1984
^956 J
Phlla Bah, A Wash 1st
17
104
33
89 K
117K
92 K
118K
102 %
108 K
85K
97 K
J
Geneial 6
High
77
2
100 %
~96K
~96K
A
N
1
.Low
4
104
97 K
1st g 4 Ks series C
79K
99
No
82
1968
'956 J
Phelps Dr dge
Since
Jan.
78
77K
104
"lbb%
109K
1974 F
80
93
78
High
*108K
Pere Marquette 1st ser A 5s
1st 4/- series B.
85
O
M
O
Peoria A Pekin Un 1st 5 Kb
54%
102 K
77 K
92 K
M S
A
A
1970
♦Income
12
Asled
&
M N
Peop Gas LAC 1st cona 6fl
1943 A O
Refunding gold 5s.
1947 M S
Peoria A Eastern 1st icons 4s—1940 A O
123K
113K 114K
Range
or
Friday's
Bid
1948 M N
Debenture g 4Kb
General 4Kb series D
Gen mtge 4Kb series E
Conv deb 3Ks
50 K
102 %.
103
—1948 J
debenture 6s
46K
1938
1981 J
General 4Kb series A
General 5s series B
95K
108
103 K
103 K
1973 M N
♦Conv debenture 3K»——.1956 J
♦Conv
83
45
4Kb series B
1973 M N
N Y L E A W Coal A RR 5 KB-1942 M N
♦N Y L E A W Dock A lmpt 681943 J
1
♦Non-conv debenture 4a
77
105 K 109 K
■
1949 F A
N Y A Long Branch gen
4Kb series B
90
104
*43
1965 A O
1966 A O
4s
1941
{♦N Y A N E (Bost Term) 4b.-1939
{♦N Y N H A H n-c deb 4s
1947
♦Non-conv debenture 3 KB—1947
♦Non-conv debenture 3Ka—1954
♦Non-conv debenture 4a
1955
4s sterl stpd doflar May 1 1948 M N
Gen mtge 3Kb ser C
1970 A O
Consol sinking fund 4Kb
1960
57
88
105K
47 K
46 K
O
2000 M N
gold 3K«
62
43
36
105
♦N Y A Greenwood Lake 6fl—1946 M N
N Y A Harlem
Consol gold 4a
105K
N Y Gas El Lt H A Pow g 58-1948 J
Purchase money gold 4s
74
50
104
deposit
N Y Edlaon 3 Kb Ber D
1st lien A ref 3Kb ser E
N Y A Erie—See Erie RR
Pennsylvania PAL 1st 4Kb—1981
Pennsylvania RR cons g 4a
1943
84
Range
Sale
Low
84
143
78 K
*85
105
1953
1951
1938
N Y Dock 1st gold 4S
Serial 5% notes
Last
Price
sr
Penn-Dlxle Cement 1st 6a A...1941 M
Penn Glass Sand 1st M 4 Kb.-1960 J
D
Pa Ohio A Det 1st A ref 4 Ks A. 1977 A O
62
57
P
fe
►id.
EXCHANGE
94 K
98 K
65K
82 K
48
*
1946 F
1st mtge 3 Kb extended to-—1947 A
N Y Connect lflt gu 4Kb A——1953
STOCK
Week Ended Feb. 4
77
76K
N Y Chic A St Loula—
Ref 6 Kb Berlen A
Ref 4Kb aeries C
Y.
76 K
78
76K
N.
5,
Weel's
High
53
1942
2013
1998
1998
Feb.
BONDS
Since
Jan. 1
89K
Debenture 4b
Ref & lmpt 4 He ser A
Lake Shore coll gold 3 K«
2
03
High
86
Range
g
Ashed
Low
5
Friday
j -g
Range or
Sale
Week Ended Feb. 4
Record—Continued—Page
|
{♦N Y Ont A West ref
4a
g
O
75 K
1992 M S
8%
8%
D
6K
6K
O
*94 K
N Y A Putnam 1st con gu 4s—1993 A O
N Y Queens El Lt A Pow 3 Ks-1965 M N
*59 K
PfctsCCC AStL4KB A
"65
106
33
Series b 4Kb guar
9
1955 J
{♦N Y Providence A Boston 4s.l942 A
1
106
♦General 4s
JN Y Rys prior lien 6s stamp-1968 J
N Y A Rlchm Gas 1st 6s
A
N Y Steam 6a series A
J
1961 M N
98
80
105K
105K
1951 M N
104 K
104 K
j
F
j
A
10 K
F
A
M N
J
J
104 %
J
D
J
Niagara Falls Power 3 Kb
1966 M S
Nlag Lock A O Pow 1st 6b A—1955 A O
Niagara Share (Mo) deb 6Ks—1960 M N
Nord Ry ext sink fund 6 Kb
1960 A O
{{♦Norfolk South 1st A ref 68-1961 F
A
♦Certificates of deposit
5K
4%
105K
*108K
91K
91K
98
96 K
12
12
1961 F
Deb 5 K« series B
Deb 6s series C
A
1957 M
A
Nov 161969 NM
North Cent gen A ref 6s
1974 M
11
9k
J
100K 104
101
11
100K 104
103 K
25
101
99 K
41
99
99
t
86 K
56 K
83 K
63 K
74
70
1938 A
0
J
J
8K
F
79%
93%
50
78
62
62 K
76
82 K
268
71
70
88 K
71K
5
69 K
72
100
8K
99 K
94 K
100
100
4s -1946 J
g 6a_. -1946 J
-1946 J
113K
J
J
115K
J
98 K
8K
101%
~72%
O
48%
108
1st gen 5s series B
1962 F
A
1974 J
1977 J
D
101K
A
72
*66 K
103
D
102 K
J
*103
99
K
J
S
8
O
Penn Co gu 3Kb coll tr ser B_. .1941
Guar 3 Kb trust ctfs C
.1942
Guar 3K8 trust ctfs D
.1944
Guar 4s ser E trust ctfs
.1952 M N
28-year 4s
.1963 F A
72 %
49
108K
105K
101K
78
1
84
1
5
1
59
52
49
Port Gen Elec 1st 4Kb
1st 5s 1935 extended to 1950
Porto Rlcan Am Ton
conv
D
1960 M S
J
~49K
50%
J
*104K
6s..1942
44 K
{♦Postal Teleg A Cable coll 6s_1953
Potomac Elec Pow 1st M 3Kb. 1966
103K
"19
103 K
51
13%
12 %
14 K
239
104 K
104 K
104K
45
1951
80
"26
100
61
92 K
15
{♦Providence Sec guar deb 4a._1957 M N
{♦Providence Term 1st 4s—...1956 M S
Purity Bakeries 8 f deb 5s
J
1948 J
103 % 104%
80
91
*5%
85K
24
"§4"
8K
"84"
~85K
5K
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coU 4s. 1951
Gen A ref 4Kb series A
1997
73
1997
73
63 K
81
81
63 K
1
73
79 K
1
60 K
75
81
93 K
101
83
Remington Rand deb 4Kb w w.1956 IVI S
Rensselaer A Saratoga 6a gu
1941 M N
Republic Steel Corp 4Kb ser A. 1950 M S
Gen mtge 4Kb series B
1961 F A
83
6
82
93
90
90 K
91
43
90
95 K
n.
ui%
78%
Purch money 1st M conv 5 Kb *54 M N
Gen mtge 4Kb series C.
1956 IVI N
Revere Cop A Br 1st mtge 4Kb. 1956 J
J
♦Rheinelbe Union a f 7s
J
1946 J
104%
80%
"20K
J
99K
110
111%
75
104 K
78
99 K
*26 K
112
80 K
106
81K
100
"5
92
56
43
38
"lil% 118"
75
87 %
104 K 108K
78
88 K
99K 101
28 K
20
26
*24
N
1952 IVI N
32
20 %
31K
27
30
*25K
26K
30
26 K
20K
29
26 K
26 K
93 K
90 K
95
1952 J
J
*104K
I
A
98
102
4s
s
f conv debentures
Rlchm Term Ry 1st gen 5a
♦Rlma Steel 1st s f 7s
Roch Q A E 4 Kb series D
Gen mtge 6s aeries E
26 K
1007n 100-K
67 K
74 K
♦Rutland
50
1962 IVI
f 6a
a
50
D
J
O
s
S
1948 A
*17
9K
J
♦Stamped
40 K
"26K ~28K
50
50
68 K
41
41
43
40 K
43
18
110
9
21
iio"
108 K
9
9K
21
20K
*11K
14
10
*10
32 %
♦12K
20
J
J
4Kb—.1941 J
J
J
J
10K
Safeway Stores a f deb 4a
1947 J D
Saguenay Power Ltd 1st M 4Kb *66 A O
102 K
102 K
102 K
43
101K
100 %
101K
30
108
108
RR
1st
con
♦Stamped
St Jos A Grand Island
1st.4a—.1947
78
82
St Lawr A Adlr let g 5s
2d gold 6s
70
J
J
10
50
15K
20%
118K 119
■117K
110
O
1949 J
♦Rut-Canadian 1st gu g 4a
50
*26
"43"
1977 M S
{{♦R I Ark A Loula 1st 4KB—1934 M
♦Ruhr Chemical
107K 109 K
104 % 106 %
100 H 102%
1955
{♦Rio Grande June 1st gu 5e—1939 J
♦Rio Grande West 1st gold 4s_.1939 J
♦1st con A coll trust 4s A
1949 A
114K 116K
115K 118K
99 K 106 K
9K
12 %
10K
9%
110
11
21K
10 K
9%
13K
10 K
101 %
100 K
104
101%
6
108
109
13
57
64
55
62
St Loula Iron Mt A Southern—
103
104 K
102 K 104 %
1996 J
.*1966 A
♦JRiv A G Dlv 1st g 4a
♦Certificates of deposit
94
J
98 K
O
1933 IVI N
60
58
60.
*55%
99% 100K
{♦S L Peor A N W 1st gu 6a...l948 J
St L Rocky Mt A P 6e atpd—.1956 J
J
61K
{♦St L-San Fran
4a A..1950 J
J
90
71 K
73
43
71K
91 K
92 K
16
91
92 K
40
41
*118
122
*60
74
6u
45
38K
118K 118K
70
70
pr lien
J
♦Certificates
1950 J
j
of deposit
♦Con M 4 Kb series A
♦Ctfs of deposit stamped
{St L SW 1st 4a bond ctfB
.1978
M~S
10K
16K
17
65
"l"2K
11
♦Certificates of deposit
♦Prior lien 5s aeries B
17
65
12
13K
11K
10K
12K
10K
10 K
9K
15
16
18K
1
65
68
11K
10K
12K
15
48
20
13K
2
11
4
10K
9K
UK
78
10
20
53
5
50
67 K
5
27K
30 K
24 K
17
9K
101 % 103K
♦2d g 4s lnc bond ctfs—Nov 1989 J
J
27K
28
{♦1st terminal A unifying 58.1952
J
J
19
18 K
19K
21
103%
102 K
102% 103 K
103 K 103 K
102 K 103
18 K
1990 J
J
14 K
14 K
15K
31
14K
94
100K
♦Gen A ref g 5s series A
13K
15K
13K
50
9K
1989 MN
101K
96
8
85K
26 K
91K
103K
12 K
15
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk (65% pd)—.
59 K
2
55
48K
17K
91K
40
102 K
94
81
48 K
104K 104 %
44K
109
99K
101K
88
...
44 K
S
97 K
74 K
73
51K
106
1952 M
100 %
45
55 K
109 %
*99K
1st 4Kb series D
70
5
78
*59 K
91
A
.1955
100K
78
J
.1955
98 %
108
*99 K
1st gen 5s series C
50 K
108
26 K
1
49
O
8
97
42
106
A
] |107K
104 %
D
100 %
104%
"56" "55 K
49K
D
98
50
O
115K" »115K
115K
101K '103 %
1007i»j 100K
107K
page 879.
1968 A
1948 J
A
104 K 112 %
106
1953 F
HI K 113K
108
.1968 M
88
108
.1955 A
111 K 111 K
106 % 110
105
.1947
14
100 %
♦Cona mtge 6s of 1928
1
D
Parmelee Trans deb 6a
.1944 A
Pat A Passaic G A E cons 6a... .1949
♦Paull8ta Ry 1st ref s f 7s
.1942
108 K
99 %
*104 K
*
99 K 102 K
94 K
mk"
♦Cona mtge 6s of 1930
Richfield OilCorp—
99% 103%
96
117
105K
13
2
D
f g 3a loan ctfs
101%
100 K
117
6
12
108 K 108K
57
D
13
9
113K
:IIIK
1946
Paramount Pictures deb 6a
3Kb conv debentures
Paris-Orleans RR ext 6 Kb
79
80
113K
111K
1964
1st A ref mtge 3Kb ser H—. 1961
1st A ref mtge 3Ks ser I
1966
Pac RR of Mo 1st ext
1938
g 4a
2d ext gold 6a
1938
see
14
115K
S
J
64 K
64
106 K
J
Panhandle Eastern Pipe L 4s.. 1952 M
Paramount Broadway Corp—-
ser
♦Direct mtge 6s
100 K
D
Pacific Tel A Tel 3Kb ser B_.. 1966
Ref mtge 3 Kb ser C
1966
Paducah A 111 1st s f g 4 Kb
1955
117
'107%
106 K
99K
♦Rhine-Ruhr Water Service 68.1953 J
19
1097jj 1077ij
D
D
Otis Steel 1st mtge A 4Kb... -1962 J
For footnotes
68
A
Ore-Wash RR A Nav 4s
-1961 J
TfOslo Gas A El Wks extl 5s.. -1963 M
s
88 K
58 K
224
'99%
101
J
Paclflo Gas A El 4i series G
1st mtge 4Kb series C
Pitta Y A Ash 1st 4s
Gen A ref 4Kb aeries B
J
Ontario Power N F 1st g 5s... -1943 F A
Ontario Transmission 1st 6a_. -1945 M N
1st M
116% 116%
279
52 K
*11
J
Q
g
O
♦Rhlne-Westphalla El Pr 7a—.1950 M
J
-1967 M S
Pacific Coast Co 1st g 5s
103K
*101K
—1946 J
Ore Short Line 1st cons
Guar stpd cons 5s
118
—1943 M S
-
105
J
-1965 MN
4s debentures
118K 119K
125
*115
1975 A
117"
53
74
70
J
con
51
119
6
108 %
107%
D
Pressed Steel Car deb 5s
101K
79H
F
2047
1st mtge 3Kb.
-1972
TOhlo Indiana A West 5s.Apr 11938
TOhlo Public Service 7a ser B, -1947
Oklahoma Gas A Elec 3 K b
-1966
12K
11%
70
2047
2047
♦Og A L Cham 1st gu g 4s... -1948 J
Oregon RR A Nav
98
70
64
Northwestern Teleg 4 Kb ext.—1944 J
-
107% 108K
91K
95 K
96 K
99
"94"
83 K
*109
u7~~
66 K
2047
♦Stamped
70
*70
as to sale of April 1 *33 to
Oct 1 1937 lncl couponB—1945
North Pacific prior lien 4a
1997 Q
Gen Hen ry A Id g 3s Jan
2047 Q
Ohio Connecting Ry 1st 4a.
Ohio Edison 1st mtge 4a
1st mtge 4a__
64
4K
6%
104% 107
10 K
♦Stpd
Ref A lmpt 5s series D
Nor Ry of Calif guar g 5s
64
5K
105K
80
108 K 108 K
108 K 110K
1964 IVI N
1970 J
Gen mtge 6s series B
I
102
99
8
A
84
A
1963 F
104 K 105K
100 K
100 %
103"
1968 F
Gen 4 Ks series C
1977 J
J
Pitts Va A Char 1st 4s guar
1943 M N
Pitts AW Va 1st 4Kb ser A—.1958 J
D
1st mtge 4Ks series B
1959 A O
106K 107
♦108K
108K
*108K
1949 F A
1953 J D
1957 M N
Series G 4s guar—
Series H cona guar 4a
Series I cons 4Kb
Series J cona guar 4 Ks
43
105K
O
Gen mtge 6s series A
16
106 K
.
'
11K
8K
118K
♦{Northern Ohio Ry 1st guar 6s—
♦Apr 1 1935 A sub coupons. 1945
♦Apr 1938 and sub coupons.. 1945
Ref A lmpt 4 Kb series A
Ref A lmpt 6a aeries B
Ref A lmpt 5a series C
40 K
9K
100 K
8
1974 M
Gen A ref 4Kb series A
6
42
*52 K
8
Aug 15 1963 F
9K
10K
12
11
{{♦Norfolk A South 1st g 6a...1941 MN
Norf A W Ry 1st cons g 4s
1996 O A
A
105K
98K
94 %
106 %
104 K 106 K
104K 106
80
"64"
1946
{{♦N Y Westch A Bost 1st 4Kal946 J
ser
80
6
40 K
106 K
6s stamped
North Amer Co deb 6a
92 %
12K
6
M N
108
100 K
*82~"
—1942 A O
1942 M N
1945 M N
Series E 3 Kb guar gold
10K
{♦|N Y SufiQ A West 1st ref 58.1937
{♦2d gold 4 Kb
1937
♦General gold 6s
1940
♦Terminal 1st gold 5s
—.1943
N Y Telep 1st A gen s f 4KB—1939
ref mtge 3Kb ser B
1967
N Y Trap Rock 1st 6s
1946
...
Series C 4Kb guar
Series D 4s guar
7K
Series F 4s guar gold
105
104K
10 %
6
106
104 K
1956 M N
No Am Edison deb 6s
2
98K
83%
106K
80
1947 M N
1st mtge 6s
1st mtge 6s
43
1940 A
i
14
11%
1
New York Bond Record—Concluded—Page 6
146
Volume
Friday
Friday
Week's
Last
Range or
Sale
Friday's
SI
BONDS
N.
Y. STOCK EXCHANGE
Week Ended Feb. 4
fe
K
Bid
Price
Nil.
J
D
4%a—1947
4%s.l941
J
J
{♦St Paul E Or Trk 1st
F
A
1940
J
J
1972
J
J
{♦St Paul AKCShLgu
St Paul Minn A Man—
(large)
St Paul Un Dep 5a guar
S A A Ar Pass let gu g
i943
6a.-1962
4b
San Antonio Pub Serv 1st
G A E 4a—1965
Santa Fe Pres A Phen 1st 6a..1942
San Diego Conaoi
f 6
96
8
7%
8
8
100
100
1
100
116%
116%
1
116% 118%
J
J
70%
J
J
109%
69%
109%
72%
109%
108
108
108H
4
M N
81%
69%
109% 110%
2
J
J
A
O
*27
32%
O
*27
30
27
M N
114
114
8
114
14
14
51
14
18
A
O
13%
15
F
A
4
3%
4
A
O
6
6
7%
6%
1960
Oct 1949
1969
6%
8%
9
13&
♦Certificates of deposit
1945
MS
1935
certificates
1951 M S
1952 J D
1935 J
♦Silesia Elec Corp 6
7b
Southern Colo Power 6a A
Southern Kraft Corp 4%s
105%
106%
114
117%
4
102 H
102%
103%
49
107%
107%
108%
108%
26
107%
1965
1955
1994
4a
8 tamped
Devel A gen 4a aeries
5a
A
Devel A gen 6%s
7
90
60
19
52
61%
67
101
60
69%
76
49%
55%
55%
168
49
63%
49%
48%
55%
197
48%
75%
105
67
97%
83%
100%
110
98
104%
35
174
42%
158
45
Texas A Pac lBt gold
'"74
{{♦Union Elev Ry (Chic)
_
1952
4s—1947
June 2008
lat lien A ref 6s
—June 2008
34-year 3 Ha deb
1970
36-year 3Hs debenture
1971
United Biscuit of Am deb 6a—-1950
Un Cigar-Wbelen Sta 5a
1952
United Drug Co (Del) 6a
1953
U N J RR A Can gen 4s
—1944
{{♦United Rya St L lat g 4a
1934
U S Pipe A Fdy conv deb 3HB-1946
U S Rubber lat A ref 5a aer A.-1947
♦Un Steel Works Corp 6Hs A—1961
♦Sec a f 6 Hs aeries C
1951
♦Sink fund deb 6 Ha Ber A—1947
Utah Lt A Trac lat A ref 5s
1944
Utah Power A Light lat 5a
1944
{♦Utll Power A Light 5 Ha
1947
{♦Debenture 6s
1959
Union Pac RR 1st A Id gr
lat lien A ref 4a
Cons a f 4s aeries B——
Southwest 1st gu 4a
1st cons 5s
1958
60
62%
15
60
75%
62%
M
S
M
116%
*
A
1940
M N
~89~"
89
92%
13%
*107%
13%
1947
J
1949
week,
x
{ Companies
78%
88%
88%
a
78%
102
85%
104
8%
72%
103%
105""
"94
11
70
27
105
118
106%
107
110%
110
111%
48
105%
105
106%
102
77%
109
54
5
75
55
76
78
29
109
109
4
*25%
105%
96% 100%
week and not lnoluded in the
yearly
only
transaction during
t Accrued
week, a Deferred delivery sale;
*4.8484,
redemption or nearlng
maturity.
reorganized under
26
104
89%
108%
96
"
80
107%
107
"5
104%
28%
105%
133
transacted during the
3 1984, Feb. 1 at
Transactions
76
109
107
the
at
lnoluded
current week and not
47.
New York
Stock Exchange,
and Yearly
Railroad dk
State,
United
Toted
Mis cell.
Municipal A
States
Bond
Number of
Shares
Bonds
For'n Bonds
Bonds
1938
Feb. 4,
Monday....
757,950
Tuesday
691,690
Wednesday
583.910
—
1,088,350
Thursday.
805,990
Friday
Week Ended Feb.
Sales at
Stock
New York
107%
94%
81%
109
foreign
111
6,044,000
*4,921,000
*2,851,000
*36.773,000
Jan. 1 to Feb. 4
4
1937
1938
11,753,616
$18,650,000
Industrial
27
*36,773.000
■'Total
103% 105%
30
27%
1,000,000
*6,066,000
9,125,000
57,899,000
29.001,000
6.454,000
7.264,000
755,000
393,000
4,362,060
..;
Railroad and
320,000
852,000
27,321,871
Bonds
State and
455,000
829,000
976,000
$2,851,000
4,921,000
Stocks—No. of shares.
Government
968.000
1937
1938
Exchange
116
$29,001,000
4,362,060
Total
Sales
*3,533,000
5,890,000
7,588,000
$99,000
*460,000
665,000
*2,974,000
4,770,000
5,791,000
5,158,000
5,657,000
4,651,000
434,170
Saturday
108%
94%
90%
105% 106%
76%
69%
25%
107
transacted during current week.
No sales
Bonds selling flat.
Deferred delivery sales
108% 114%
113
"93" "36
92%
106
99
97
97%
IVI N
Stocks,
117% 118%
14
*113%
106%
J
J
9%
reported as being in bankruptcy, receivership, or
Act, or securities assumed by such oompanlee.
....
117%
91%
8%
10
"♦5%
during current
exchange rate of
Week Ended
100
*92
"73%
14%
6%
60%
103% 103%
106%
91%
91%
106%
72%
13%
10
*
Daily, Weekly
*116%
al07
15%
14
*6%
current week,
n Under-the-rule sale; only
Ex-lnterest.
{ Negotiability lmpalied by maturity,
Buenos Aires
*100%
80
109%
13%
In the yearly range:
96% 102
70
80
106%
9%
"26
34
49%
74
13%
85
82
109
109%
*13%
IVI N
the ounent
Friday's bid and asked price.
♦
79
96%
105%
5
82
7%
«
Cash sale; only transaction
*
52%
*
1961
18
5
lOl'is 101 »n
*96% 100%
48
97
82
J
7
46
101'u 101»»»
O
J
Cash sales transacted during
112% 116%
*71
106%
A
.1960 J
92%
13%
4
6%
5
96%
93
91%
3
14%
13%
85
1
15%
*13
13%
68
91
92%
92%
96%
3%s
105% 105%
108
110%
*105%
S
F
60
J
100% 102
*73,090,0001
24,372,000
150,238,000
*193,260,000
57.476.686
$24,556,000
48,710,000
262.460,000
$335,726,000
30
7
27%
27%
78%
36
13
27%
30
30
15
27%
30
80
7
78%
86%
80%
83
28
80%
87%
50
50%
31
50
50%
the daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
50
50
62
50
50%
as
83
84%
6
81
86
Stock and Bond
Below
Averages
are
compiled by Dow, Jones
& Co.:
Bonds
Stocks
no"
1957
2003
J
1938
H Bonds called for
6%
72%
10
1%
{♦Vera Crua A P 1st gu 4Hs—1934
{♦July coupon off
♦Vertlentes Sugar 7a ctfa.——1942
Va A
J
5%
interest payable at
29
1955
Virginia El A Pow 4a aer A—1955
Va Iron Coal A Coke let g 58—1949
65%
Section 77 of the Bankruptcy
103
Vanadium Corp of Am conv 5a. 1941
Vandalla cona g 4s series A
26
101'n
current
104% 106%
79%
A—1942
3 %a debentures.
70
D
79%
6s—1946
Union Oil of Calif 6s series
21%
66
D
79
1945
70
J
transaction during
81
77
104%
116%
1®52
59%
J
J
0
105% 106%
105%
*92
50
range:
111%
105
72%
66%
20%
1st mtge a f 4s aer C
108%
105
61
18
♦Certificates of deposit
82%
111
7Hs—-1955
42
22
No sales.
70%
24
79
103%
68%
67
20%
{♦ Wla Cent 50-yr lat gen 4s
98
102
53%
20
65%
59%
J
74%
104%
104%
21
17
49
103%
114
77
18
37
J
{♦ Wor A Conn East lat 4 %a—1943
*112
103%
22
19%
64%
Youngstown Sheet A Tube—
106
Tol St Louis A West 1st 4a
1962
20
J
r
75%
93
84
87
98%
107% 108%
s
80
*105%
Tol A Ohio Cent ref A Imp 3%8
UJlgawa Elec Power a f 7a
Union Electric (Mo) 3%s
62%
Ml N
11
108
1942
Jonv deb
105% 106%
121%
I960
Jan I960
1937
1952
f 7s
19
{♦Sup A Dul dlv A term lat 4a '36
♦Certificates of deposit
95
70%
Tokyo Elec Light Co Ltd—
Tyrol Hydro-Elec Pow
"20"
8
1966
Wlnaton-Salem S B lat 4a
120
1977
1979
Gen A ref 5a aeries D
1980
Tex Pac Mo Pac Ter 6%b A—1964
——1953
I960
1950
Tol W V A Ohio 4s ser C——1942
Toronto Ham A Buff lat g 4a.-1946
Trenton G A El 1st g 5s.——1949
Trl-Cont Corp 5s conv deb A—1953
s
M
97%
62
32
Gen A ref 6a aeries C
lat 6a dollar aeries
IVI
57
106% 108
82
107%
19%
18%
62%
66%
64%
O
120%
109% 110%
87%
87
87
J
A
116
1
19
88%
84%
86%
O
A
J
13
12%
102% 105
100
101%
100%
100
9
Gen A ref 5a aeries B
♦AdJ inc 6a...
{♦Third Ave RR 1st g 5a
Tide Water Asso Oil 3 Ha
107
37
105%
121% 123
101
102%
14
110
1951
1943
2000
Third Ave Ry 1st ref 4a
118%
167"
60
101
2
1953
5 %fl A—1950
5a
105
4
109%
109%
1
121%
102%
118%
109%
107%
IVI
Wlunar A Sioux Falls 5s
107% 109%
2
*h8—1939
1944
Tex A N O con gold 5a
7
105
101
73
1950
5a—1951
Texas Corp deb 3 %s
109%
109%
97%
12
deb 6a B—1944
Texarkana A Ft S gu
91
109%
'
47%
63
64%
79%
43%
*107%
118%
52
deb 6a aer C—1944
A
1947
lat cona gold 6a
*
A
{♦WP nwlre Spencer St't 1st 7a. 1935
J
J
Jtf dep Chase Nat Bank
•C ifs for col A ref conv 7s A.1935 MN
"64"" "83""
183
Tenn Elec Pow lat 6s aer
Gen refund a f g 4s
34
67
White -iew Mach deb 6a
93
73%
"Il2
4^8----"d?le
Term Aasn of St L lat g
23
70
Wuson A Co lat M 4a aeries A..1955 J
201
84
74
80
♦Studebaker Corp conv deb 6a. 1945
Tennessee Corp
37%
D
{♦W ukee-Barre A East gu 5a
1938
Tenn Cop A Chem
Registered
63%
63
68
99 %
34
J
Wheelli g Steel 4%a aeries A
49%
H
75
71
1949
Wheeling A L E Ry 4a aer D
RR let consol 4s
167
68
75
2
129
1953
2361
2361
1966
West Shore 1st 4a guar
98%
54
64
75
1960
♦Westphalia Un El Power 6s
95
95%
1938
B.-1964
S'western Gas A Elec 4a aer D—1960
♦{Spokane Internal lat g 6a—1955
Staley (A E) Mfg 1st M 4a
1946
Standard Oil N J deb 3s
1961
Tenn Coal Iron A RR gen
93%
22
104%
121%
1950
—.1951
-
6
95
Mobile A Ohio coll tr 4a
Swift A Co 1st M 3%b
4Hfl
25-year gold 5a
30-year 6a
108
92
29
Western Union g
103
105
1946
♦5a assented
35
73%
*
109%
1952
1977
1943
1946
lat 4s
lat A ref 5 %s series A
{♦Western Pac lat 6a aer A
90%
8-western Bell Tel 3 %s aer
Staten Island Ry 1st
Western Maryland
West N Y A Pa gen gold 4b
94%
1961
East Tenn reor Hen g 5a
99%
9
9
71
35
1961
1966
120%
101% 103%
107
108%
107% 108%
Mem Dlv lat g 5a
St Louis Dlv lat g 4a
88
13
10
103%
66%
>5
13
8%
10%
77%
90
1956
1956
1956
Devel A gen 6a
1st mtge 4a aer H
114
24
*80
10%
75
E..1963
105% 108
49
9
gtd—.1950
1967
Gen mtge 3%s
y
13%
11%
11%
10
1939
Westchester Ltg 5a atpd
64
92
JJ N
S
J
O
4%
F
1945
1945
"8
9%
11
Wash Term lat gu 3 Hs
1st 40-year guar 4s
5%
79%
114
1969 M
1981 M
—1946 J
—1950|A
10-year secured 3% a
9%
22
97
105%
J
9
25
11
{♦Warren Bros Co deb 6a
1941 M S
A
Warren RR lat ref gu g 3 Ha.—2000 F
Washington Cent lat gold 4a—1948 Q-M
73%
34
Gold 4 %a
Southern Ry 1st cons g
"74%
104
.——1951 4 O
So Pac coll 4a (Cent Pac coll)-1949
D
1st 4 Ha (Oregon Lines) A—1977
JJ B
San Fran Term 1st 4a
65%
1st mtge 3%a series I
98%
lat mtge pipe line 4 %a.
Gold 4%a
65%
"72%
"61% "64%
84%
Southern Natural Gas—
Gold 4%s
1955 A O
1955 A O
1939 M S
*17
--1965 F A 108 H
1947 J J
1946 J D "90"
lat mtge A ref 4a
103%
West Penn Power lat 5s ser
}961 M S
%s
103%
Warner Bros Plct deb 6a
54
82
{
South Bell Tel A Tel 3 %s
1945
D
10
1
9%
11
J
97% 100%
98%
22
11
9%
10%
6s debentures
60
*72%
10%
Walworth Co 1st M 4a
99
"63%
"l6"~
10
*98%
63%
S
A
Walker (Hiram) GAW deb 4% a.
58
60
69%
♦Certificates of deposit
97%
98 %
40
O
8
4%
82%
Socony-Vacuum Oil 3%s
1950 A
South A North Ala RRgu 68.-1963 A
So Pac RR 1st ref guar
5%
45
*25
■
s
♦Certificates of deposit
♦Ref A gen 5s series D
10%
4
98 H
-
Southern Calif Gas 4
36
O
O
1962 A O
deb 4a—
Skelly Oil deb 4s
3
4%
*3%
J
1951 M S
1946 F A
1941 F A
A O
%a
8%
19%
30
*28
J
O
O
♦Ref A gen 4 %s series C
17%
4%
8%
7%
19%
7%
30
94
14%
8
4%
35
105
102
55
A
25
6%
43
19%
"m
A
{♦Siemens A Halake a f 7s
♦Debenture a f 6 %s
1
151
26%
J
A
23
12%
3%
5%
3
42
5
A
J
Wash Water Power a f 5a
F
Shlnyetsu El Pow lat 6 Ha
Shell Union Oil deb 3%s
Slleslan-Am Corp coll tr
""§%
8
♦Certificates of deposit
{♦Alt A Blrm lat gu 4a
1933 MS
{♦Seaboard All Fla 6a A ctfa—1935 F A
17
1
67%
28%
F
J
1980
114
O
A
20%
51%
28
53%
1978
27
20%
56
1976
♦Ref A gen 6a series B
High
Low
131
56
F
20
25
20
No.
Since
104
♦Certificates of deposit
17%
20
High
Range
Jan. 1
52
102%
103%
♦Certificates of deposit
110% 112%
....
Is
S3
Price
S
{♦Wabash Ry ref A gen 5 Ha A.1975 |M
110
108
J
1989
♦lat A cona 6s aeries A
sec a
102%
A
i ♦Refunding 4a
Guar
9%
7%
24
Friday's
Bid
&
Asked
M N
{{♦Wabash RR 1st gold 58—1939
♦2d gold 5a
1939
♦
lat lien g term 4a
1954
♦Det A Chic Ext lat 5s
1941
♦Dee Moines Dlv 1st g 4s
1939
♦Omaha Dlv lstg3%s
1941
♦Toledo A Chic Dlv g 4s
1941
9%
8
M
1966
Virginian Ry 3%s series A
98
8
100
Range or
Sale
Low
High
96
J
{♦Gold 4a stamped
♦Adjustment 6a
1st 4a
Low
....
S
{{♦Seaboard Air Line lat g 4a. .1960
Simmons Co
No.
High
*
Week's
Last
73
feS
K fe
EXCHANGE
STOCK
Week Ended Feb. 4
1946
%a aeriee B
♦Stamped
Scioto V A N E lBt gu 4a
♦Series B
£3
Jan. 1
Y.
N.
M
♦Stamped
a
Since
1946
{♦Schulco Co gu.it 6 %a
♦Guar
V
BONDS
Range
£2
Asked,
dk
Low
4a—1968
St Paul A Duluth 1st con g
fPacific ext gu 4a
879
Date
9%
108%
108%
*40
9%
108%
41%
9%
14
108% 109%
*56"
Total
20
Total
10
First
10
70
Indus¬
Grade
Grade
40
Utili¬
Utili¬
Rail¬
trials
Rails
Rails
Bonds
roads
Stocks
ties
ties
trials
39.10
53.80
89.75
18.44
102.77
27.42
98.60
4.
120.52
104.45
Feb.
42
38.51
53.61
89.70
18.25
102.84
27.08
97.94
3.
118.49
104.42
Feb.
40.01
98.64
2
123.06
104.65
Feb.
19.16
102.93
27.97
54.89
104.54
54.90
90.23
123.97
40.42
98.55
1.
19.53
102.93
28.36
Jan. 31.
39.76
89.59
19.21
102.83
27.96
97.64
53.60
121.87
104.36
27.45
52.90
120.14
104.28
Jan. 29.
39.20
89.14
19.05
102.71
45
101
63
10
20
Second
30
Indus¬
1%
"59% "el"
Feb.
96.66
90.28
New York Curb
880
NOTICE—Cash and
Exchange—Weekly and Yearly Record
Feb.
5,
1938
deferred delivery sales are disregarded In the week's
range unless they are the only transactions of the week, and when
selling outside of the
a footnote In the week In which
they occur
No account Is taken of such sales In computing the range for the
year.
regular weekly range are shown In
In the
following extensive list
we
furnish
a
complete record of the transactions
on
week
the New York Curb
Exchange for the
beginning on Saturday last (Jan. 29, 1938) and ending the present Friday (Feb. 4,
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:
Friday i
Sales
Last
Week's Range
of Prices
Week
Price
Acme w ire
v
Low
20
t c com
Friday
for
Salt
STOCKS
High
30
Aero Supply Mfg class A
Class B.
Range Since Jan. 1,1938
30
Low
100
26
3
1,700
3
Feb
100
23
Jan
40%
62 X
40%
55X
47
Invest
46
49
6X
OX
Jan
2%
2X
1%
IX
IX
Jan
7% 1st preferred
Jan
Borne Scrymser Co
Jan
2
Jan
Jan
{Botany Consol Mills Co
Bourjols Inc
Jan
X
Jan
Bowman-Blltmore com—*
50
40%
Feb
49 X
Jan
7% 1st preferred
100
170
52%
Feb
64
Jan
2d preferred
100
46
50
7
13X
Aluminium Co common..*
73
6% preference
100
Aluminum Goods Mfg...*
105X
13X
70 X
79
105
106
Feb
54 X
Jan
Jan
Jan
IX
2X
IX
Feb
Jan
IOX
Jan
Aluminum Industries com*
100
7
100
13
"566
67 X
10
600
1
100
1
IX
IX
19X
2X
19X
2X
2X
"23%
Amer Foreign Pow warr__
"23"
111
Jan
12 X
Jan
British Amer Tobacco—
Jan
IX
Jan
Jan
51
Jan
Jan
10 X
Jan
Amer dep rets reg
British Celanese Ltd—
Jan
X
Jan
Jan
Jan
{Brown Co 6% pref
Jan
23 X
57
Jan
2X
Jan
3X
Jan
Jan
_25%
27 X
Jan
"(f,000
Buckeye Pipe Line
Jan
Jan
IX
100
IX
Jan
26X
IX
Jan
Buff Nlag A East Pr pref25
$5 1st preferred
*
Jan
Bunker Hill A Sullivan 2.50
Jan
Burco Inc
Jan
Jan
111
Jan
500
4
Jan
5
Jan
4
24
250
Feb
25 X
Jan
27X
Jan
11
50
Jan
13
Jan
16%
12%
100
16
Jan
500
11X
Jan
20 X
60
X
X
23
Jan
23
Jan
X
Jan
1
Jan
200
22
Jan
26X
Jan
200
30
Jan
34
Jan
8
2,200
6
X
700
X
69
70
12X
13X
~~9X
3X
3X
3X
IX
3X
7X
5X
4
IX
3X
10X
101X 101 x
*16
X
3X
3X
3X
3X
9X
10,100
X
Jan
9X
Jan
IX
69
Feb
Jan
75
18
12%
Jan
3 X
Jan
300
10
IX
3X
9X
101 x
Feb
103%
Jan
300
*16
Jan
X
Jan
2,200
3X
Jan
4X
Jan
5,700
3X
5X
Jan
4X
Jan
300
Feb
2X
Jan
Jan
4
Jan
12
Jan
6
300
Feb
7
71
Jan
72
6
100
6
Jan
Jan
100
3X
Jan
Jan
IOX
1
1
*
X
1
X
IX
ex
Jan
X
Jan
400
Jan
Jan
11X
1
Jan
Jan
Option warrants
Assoc Laundries of Amer.*
Carter (J W) Co
Casco Products
3X
3
22
»ii
10
10
$7 dlv preferred
1st preferred
Cent Hud G A E
Cent Maine Pw
IX
Jan
8%
Jan
'«»
Jan
'16
Jan
Jan
X
Jan
6% pref without
7% preferred
Jan
X
"7%
7
X
IX
7X
7
3
Feb
22
Feb
30
Jan
1
1,100
Jan
IX
15X
Jan
warr
'*16
10
Jan
4X
X
Jan
X
Jan
900
Jan
Char Is Corp
500
Feb
Jan
200
7
Jan
2X
8X
8%
Jan
7X
1X
7X
Jan
21
Jan
Jan
2X
3X
Chic Rivet A Mach
Chief Consol
Childs Co preferred
Cities Service common
170
14X
Feb
19
Jan
90
975
82
Feb
93
Jan
13 X
7X
Barium Stainless Steel...1
Barlow A Seellg Mfg A...5
2X
"ex
Beaunlt Mills Inc com..10
6
2X
8X
ex
6
IX
ix
12 x
12 x
1
3X
Preferred...
5,100
15
600
8
1,600
2X
9X
7x
ex
20
1
3X
ix
2,000
100
2,700
200
3%
13%
6%
1%
2%
8%
6
6
Jan
4%
Jan
Jan
15%
9%
1%
2%
Jan
Jan
Jan
Jan
Feb
Jan
10
Jan
Jan
Jan
Jan
8%
Jan
Preferred B
20%
City Auto Stamping
♦
City A Suburban Homes. 10
Clark Controller Co
1
Claude Neon Lights Inc.. 1
5%
Jan
67
67
3%
18
67
3%
25
500
67
Jan
Jan
25
Feb
3%
Feb
12
12
84%
83 %
84%
......
18
Jan
67
18
Jan
12
Jan
300
20
80%
130
84%
Jan
7%
7
12%
84
86
400
6%
Jan
Jan
77%
1%
1%
»16
®ie
5%
1%
"""500
17,600
5%
100
Jan
1%
%
Jan
4%
12%
Jan
Jan
Jan
9
x3%
Jan
1,000
4
3%
Jan
6%
6%
200
6%
Jan
7%
7%
100
7%
20%
Feb
100
%
43%
7%
X
44%
27
7%
28
700
300
9
X
21,100
1,000
100
1%
26%
2%
28%
2%
26
23
26
200
40
Jan
40
Jan
7%
600
1%
1%
26%
Jan
Feb
%
Jan
1%
Feb
26%
Feb
2%
Jan
26
Jan
23
Feb
30
26
4%
28
4%
5%
2,700
Jan
26
Feb
4%
3%
17%
Jan
Jan
20
1%
900
2
2,900
1
Jan
32
20
1%
125
250
31
Feb
Jan
2%
4
2%
4%
600
conv
2,100
3%
5%
800
5
'Jan
500
52
f Jan
100
53
Feb
Jan
118
Jan
Jan
18
6%
pref
Colorado Fuel
31
Feb
£1
Colt's Patent Fire Arms.25
1,300
IX
Jan
600
Columbia Gas <fe Elec—
«i„,r Jah
X
Jan
300
9% T Jan
IOX
Jan
Conv 5% preferred.. 100
Columbia Oil & Gas
1
Commonwealth A Southern
Jan
54%
7
Feb
Jan
11
Commonw Distribut
Feb
11
Feb
6X
Jan
Jan
9X
21%
Jan
17 X
Community P A L16 pref *
Community Pub Service 25
Community Water Serv._l
Jan
57
Jan
Jan
6
Jan
Jan
Jan
Feb
Jan
"""4
53
4%
Warrants
8X
5%
53%
4%
3%
1%
9
A Iron warr
%
2%
"""166
'*16
For footnotes see page 885.
1,100
6%
4X
iox
5
2%
2%
800
6%
2%
Colon
165
25
100
5%
10%
24%
Jan
12%
5%
12%
2%
Cohn A
Feb
4.100
Feb
Cockshutt Plow Co com..*
Jan
Jan
Feb
8X
Feb
Rosenberger Inc.*
Development ord
*
Jan
3X
11
70
23
40
1,300
163 X
7
10
4,400
79%
1%
16
10
11
Jan
70
26%
5%
1%
Feb
X
7X
78
70
23
1%
12 X
X
com
Jan
Club Alum Utensil Co
iox
Blauner's
Jan
Jan
1%
Jan
*
Bliss (E W) new com
Bliss A Laughlln com
20
500
2X
Feb
Purchase warrants
Blckfords Ino common
pref
Blrdsboro Steel Foundry A
Machine Co com
*
100
1%
100
1
conv
20%
1%
78
25
»
Preferred BB
•
Cities Serv P A L17
pref.*
16 preferred.
*
Berkey A Gay Furniture.
12.60
Jan
4%
IX
15X
X
X
2",600
4%
300
50
1%
4%
600
18
1%
1%
1
._*
Jan
Jan
Jan
Cleveland Elec Ilium
*
Cleveland Tractor com
*
Cllnchfield Coal Corp..100
3X
18
1
1,100
Jan
116
Conv pref
1%
eX
163 X 163 X
Bell Tel of Canada
100
Bell Tel of Pa
6% % pf.100
Benson A Hedges com
*
Jan
Jan
3%
100
*
Jan
Jan
Jan
500
14
..4
Mining
15X
82
3X
13X
7%
1
1%
10
Jan
14%
83 X
5
Jan
20
3%
Cherry-Burrell com
5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Jan
Jan
*16
10%
*
1,900
Jan
2
100
500
100
2
Locomotive—
5
22
iu
Chamberlln Metal Weather
Strip Co
5
2X
Jan
21%
Jan
95%
Feb
12% 1 Feb
4
100
Centrifugal Pipe
Jan
7
100
Conv preferred
100
Conv pref opt ser *29.100
Cent Pow & Lt
7% preflOO
Cent A South West Utll 50c
Cent Statee Elec com
1
21
...1
3,100
*
*
com
Jan
130
400
3,900
Jan
21
*
7% pref100
Cent NY Pow
5% pref. 100
Cent Ohio Steel Prod
1
600
10%
X
150
5
...*
7% 1st partlc pref
100
Celluloid Corp common. 15
24
3X
'"300
96%
14
20
1
common.
Jan
*
Feb
3
Castle (A M) com
10
Catalln Corp of Amer
1
Celanese Corp of America
1
200
.....
21X
95%
12%
21 %
*16
1
com
6X
3,600
200
200
2X
95%
12%
*
common
'u
ex
2%
7%
500
8
*
Carnegie Metals
5X
3X
3%
Jan
*
Carolina P A L 17 pref...*
S6 preferred
*
Carrier Corp
...*
Feb
Jan
Jan
35
1
Jan
6
3X
3%
7X
25c
Jan
3X
Feb
*
Carman A Co class A
Class B
300
Jan
22
5
*
Carnation Co
300
400
B non-voting
Canadian Marconi
Capital City Products
Carlb Syndicate
Jan
Jan
300
*
common
Jan
7X
Feb
200
25
2%
Calamba Sugar Estate..20
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
Jan
Jan
Jan
22
Amer dep rets pref shs £1
20
7,300
£1
com
Jan
S3 convertible pref
Warrants
Jan
24
Industries
1
Jan
26%
26%
500
50
Jan
32
4
Art Metal Works com....6
Ashland Oil A Ret Co
1
Bell Aircraft
Corp com
18X
14%
31X
X
69
26%
Burma Corp Am dep rets
Burry Biscuit Corp..l2%c
Cable Elec Prods v t c
*
Cables A Wireless Ltd—
Jan
7X
5X
Common class A
*
Preferred
10
Arkansas P A L|7 pref...*
SI.50 conv pref
Beech Aircraft Corp
12X
27 X
22
f Arcturus Radio Tube.-.l
Arkansas Nat Gas com...*
Bath Iron Works
Corp
1
Baumann (L) A Co com..*
7% 1st pref
100
Jan
Feb
X
22
Brown Rubber Co com—1
Bruce (E L) Co com
6
27 X
23
23
*
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
Jan
26 X
20
Angostura Wupperman..l
Apex Elec Mfg Co com...*
Appalachian El Pow pref.*
Purch warrants for com..
7% preferred
30
28
11%
6
Avery (B F)
...6
6% preferred w w
26
Warrants
Axton-Flsher Tobacco—
Class A common
10
Babcock & Wilcox Co
*
Jan
Jan
Jan
33
100
Feb
11
~31X
26%
£1
Feb
24%
._*
Automatic Products
..6
Automatic Voting Mach..*
Jan
22
16%
26%
Class A pref
_.*
Brown Forman Distillery. 1
J6 preferred
*
IX
6,900
110
2
*
7%
Feb
21
Brown Fence A Wire com.l
27X
..*
Atlas Corp warrants
Atlas Plywood Corp
150
Am dep rets ord reg—10s
British Col Power class A.*
Class B
*
575
10
Atlantio Coast Fisheries..*
Atlantic Coast Line Co..50
20
Feb
20%
2X
11
1
V to common
20
Am dep rets ord bearer£l
7X
5,600
25
*5 preferred
*16
.
19 X
24
Superpower Corp com*
Bellanca Aircraft
Jan
24
22
100
Austin Silver Mines
Jan
700
24
Amer Mfg Co common 100
Common
Jan
Feb
900
4
25
Class A
1%
3%
19%
2X
4
20
Amer deposit rets
Assoc Gas A Elec—
100
1
"466
Jan
700
15X
5X
110% 111
22%
*
Amer Hard Rubber Co..50
Elec
30
200
74 X
11X
Amer Gas A Elec com...
American General Corp 10c
S2 preferred
.....1
S2.60 preferred
1
Jan
1,000
Jan
*16
Jan
Jan
Feb
81
6,800
Jan
Feb
1%
3%
21X
IX
Amer Fork A Hoe com—*
Preferred
American Thread pref
Anchor Post Fence
1%
10%
5%
3%
8%
400
*16
Jan
24
10
1st preferred
300
Jan
Jan
1%
57
1
Republics
Amer Seal-Kap com
Jan
X
7
600
5%
8%
81%
81
Jan
200
3%
19%
21X
Class A with warrants 25
American
106 X
6
4%
8%
8X
4
Jan
•
X
Amer Cyanamld class A. 10
*
Amer Potash A Chemical.*
Jan
Jan
*
Corp class B
Class A...
9X
25
Amer Maracalbo Co
Amer Meter Co
Jan
100
50
2%
11%
5%
5
7% preferred
100
Brlllo Mfg Co common.
Class A
__*
British Amer OH coupon.
48
8X
Am Cities Power A Lt—
6% preferred
Jan
Feb
100
X
10%
Bright Star Elec cl B
Brill
Jan
Jan
"~8X
15.60 prior pref
Amer Centrifugal Corp—1
Preferred
Jan
Jan
Jan
10c
Amer Laundry Mach
Amer Lt & Trac com
9
14%
15X
S3 preferred
Preferred
37%
5%
2%
Registered.
1
American Capital—
Class A common...10c
n-v
Jan
400
400
10
2
10%
5X
100
86
4
X
*
Preferred
Jan
100
~70"
9%
American Beverage com__l
American Book Co
100
Amer Box Board Co com.l
Class B
Feb
550
15X
1,450
5
"68"
69
6% preferred
100
American Airlines Inc...10
Class A
4
10
Brazilian Tr Lt A Pow...*
Breeze Corp
—1
Brewster Aeronautical._.l
Feb
70 X
105
15X
Aluminium Ltd common.*
Common class B
15X
Bridgeport Machine
25
conv com
Jan
Feb
400
10
7
1%
25
200
38
\%
38%
7X
2X
100.
IX
*
10
Low
300
'16
8X
Jan
Allied Internet Invest com*
13 conv pref
1 ya
38
Range Since Jan. 1, 1938
Shares
15%
10%
*
Feb
2 X
com
Allied Products com
Baldwin
*
X
16 preferred
Associated
Blumentbal (8) A Co
Bohack (H C) Co com...*
X
IX
Alles & Fisher Inc corn...*
Am
Jan
Jan
ex
14%
-•
Price
1
500
*
Southern..60
Ala Power $7 pref
Class B
Week
400
Warrants
Class A
for
of Prices
Low
High
Blue Ridge Corp com
S3 opt conv pref
Jan
4%
32X
1
Conv preferred
Alliance
Jan
3%
31%
6X
X
IX
Air Investors common...♦
Gt
Week's Range
Sale
Par
33 X
17
31%
6%
X
IX
31 %
Alnsworth Mfg common. .5
Air Devices Corp com
Alabama
Jan
52 %
1
Last
High
16
3
Agfa Ansco Corp com
Sales
STOCKS
(Continued)
Shares
%
%
1
22
%
53
4%
2,800
25%
Jan
%
%
%
21 % 1 22 %
20%
21
13,300
300
X
%
Feb
275
21%
Jan
450
19
Jan
4
%
%
600
%
Jan
Jan
Volume
Sales
Friday
Range Since Jan. 1,1938
STOCKS
Last
Week's Range
for
(Continued.)
Sale
of Prices
Low
High
Week
Par
Price
Cities Service Co.
High
Low
Shares
Common
Compo Shoe Mach—
t c ext to
v
500
12%
Jan
5
64
1,000
4%
4%
62
62
100
6% pre! class A
Jan
115
Jan
Feb
1
60%
3
300
59
Jan
500
3
Jan
64%
3%
Jan
81%
"i"x "ix
"200
Jan
1%
Jan
Jan
Jan
Jan
We
1,000
5%
Jan
(Continued)
3
3
4%
We
1%
3%
Jan
Jan
75
100
80
%
100
*
6%
700
6
Jan
%
8%
Jan
Jan
4
200
4
Feb
4
Feb
Florida P & L 67 pref....*
Jan
9%
Jan
Cooper Bessemer com
$3 prior preference
'7X
7X
20
65
Jan
Gatineau Power Co com
8%
Jan
Jan
6% preferred
General Alloys Co
%
Feb
12
%
22%
6X
5%
1
5%
3
Crown Cork Internat A..*
IX
IX
Crown Drug Co com..25c
IX
25
6% preferred
105%
100
7
Darby Petroleum com...5
900
Jan
17
Jan
1
Jan
""600
35
"~6%
""460
"2% "~2%
2,000
'"6"
8%
100
IX
1
Feb
%
8%
Jan
Jan
Gen Water G A E com
63 preferred
Georgia Power 66 pref..
65 preferred....
Gilbert (A C) com
Jan
8
Jan
10 %
Jan
Jan
21
Jan
6
Jan
Jan
2%
Jan
Jan
7%
Jan
40
Jan
3%
200
12%
1%
700
1%
Jan
9%
Jan
50
Jan
2
Jan
Godchaux Sugars class
Jan
Jan
Jan
10
Feb
9
Jan
Jan
16
Jan
9
Jan
Jan
16
Jan
1%
100
1%
61
Jan
Feb
1%
Jan
7%
Jan
9%
Feb
10
10%
9%
10%
1,800
3,500
8%
Jan
13%
Jan
East Gas & Fuel Assoc—
*
4% % Prior preferred-100
6% preferred..
100
2%
2%
2%
49%
27%
400
100
%
*
56 preferred series B
*
Easy Washing Mach B
*
Economy Grocery Stores.*
26"
26
IX
18
18
~~3%
1%
50
150
300
75
19
50
18
3%
3%
1,000
Feb
31
Jan
Jan
11
Jan
Hearn
1%
Jan
Jan
49%
Feb
Jan
18
Jan
24
Jan
Helena Rubensteln
3
Jan
Jan
4%
14
Jan
Jan
Jan
Jan
40%
46%
Jan
55%
Jan
Jan
58
Jan
2%
Feb
4
Jan
Jan
4
Jan
210
2%
22%
Feb
35
Jan
3,600
3%
Feb
43%
43%
48
47%
50
3
2%
3%
1
2%
2%
2%
*
22%
22%
3%
3%
100
2,000
2,300
1,400
Feb
6
Jan
10
10
Hollinger Consol G M...5
Holophane Co com
*
Hormel (Geo A) Co com.*
Horn (A C) Co com...
1
Horn & Hardart
*
5% preferred
...100
Hubbell (Harvey) Ice...5
Hud Bay Min & Smelt
*
Humble Oil & Ref
*
13
Jan
1%
x70
*
Elec Shovel Coal $4 pref..*
Electrographic Corp
1
5%
Jan
400
5%
150
75
5%
Jan
2%
Jan
Feb
IX
70
75%
Jan
Jan
'ix
Elgin Nat Watch Co....15
13
Jan
1
Jan
Jan
Hussman-Llgonler Co
100
22
Jan
24
Jan
Jan
32 %
Jan
1%
23
Empire Dlst El 6% pf.100
1%
Jan
36
Jan
30
Jan
30
Jan
28
Jan
37
Jan
32
Jan
38
Jan
Jan
10%""Jan
28
100
..100
100
100
Empire Power part stock.*
8% preferred
Equip..5
9%
9%
300
Equity Corp com
10c
1
%
%
lhe
2,100
%
Jan
10%
10%
11%
800
9%
Jan
13
Jan
Illinois
Jan
31
Jan
9
3
1
1
"Io%
Oe
Ye
6%
10%
7
11%
*ie
Jan
%
Jan
8i«
Jan
%
Jan
6%
Jan
11%
Jan
Jan
13%
Jan
Jan
3%
Jan
2,000
300
7%
7%
300
4%
5
500
2%
4%
7%
7%
200
Federal Compress &
32
Warehouse Co com...25
1
1
Fire Association (Phila)-lO
Flsk Rubber Corp
..1
19
32
19
19%
6
2%
Britain
and
Ireland..£1
10
6% pf.100
6
Jan
7%
Jan
20%
Jan
Jan
Indiana Pipe Line
4%
Feb
6%
Jan
4%
200
15%
800
6%
700
8%
5,100
Feb
8%
Jan
32
300
19
6%
1,500
Jan
Feb
%
55
5%
58
Jan
32
Jan
23
Jan
7j«
Jan
60 %
Jan
Jan
7%
Jan
Jan
61%
Jan
Jan
Class B
Feb
Jan
Feb
Jan
Jan
7%
3%
7%
Feb
Jan
Jan
Jan
6%
Jan
6%
100
35
Jan
9
9%
""206
9
Feb
14%
5,000
13
Jan
13%
13%
4
21%
21%
Jan
4
100
4
Feb
22
550
z21%
Jan
98%
Jan
10
Jan
23%
23
24%
3,100
22%
Jan
61
60
62%
4,600
60
Feb
5%
100
6%
Jan
%
Jan
7
2%
700
Jan
7%
4%
1%
Jan
Jan
Jan
27
Jan
300
3
Feb
13
Feb
3
3
3%
13
13
14%
900
4%
200
4%
Feb
10%
48%
Jan
8%
Feb
4%
49%
49%
25
8%
8%
300
Jan
18
18
18%
2,100
17%
Jan
18
18
18%
600
17%
Jan
14
200
Jan
88
6%
Jan
11%
6%
Jan
13%
6%
Jan
36%
6%
Jan
Jan
1%
1%
—...—*
Jan
Jan
Industrial Finance—
Vtc common
7% preferred
Insurance Co. of No
885.
Jan
6%
7% preferred
100
Indpls P & L 6% % preflOO
Indian Ter Ilium Oil—
Non-voting class A
*
7%
Feb
%
4%
14%
5%
v
20
Indiana Service
6%
10
60
57
100
For footnotes see page
10
600
Fldello Brewery..
56 preferred
7%
Illuminating Shares cl
20%
5
Ferro Enamel Corp
1,500
100
•
Zinc....
1%
30
4%
Div arrear ctfs
200
3
3
coml
Metallurgical...*
Feddere Mfg Co
%
*
Jan
1,200
600
Option warrants
1(i«
A.*
Imperial Chem Indust—
Am dep rets ord reg._£l
Imperial Oil (Can) Coup..*
Registered
...*
Imperial Tobacco of Can.5
Imperial Tobacco of Great
31
50
European Electric Corp—
Fansteel
9
Jan
Jan
*
100
7% pref unstamped..100
Hydro Electric Securities
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
Illinois Iowa Power Co...*
5% preferred...50
Emsco Derrick <fc
100
1%
7% pref stamped
Empire Gas & Fuel Co—
Jan
11
}Hylers of Delaware Inc—
Common
..1
100
13
1
23
400
31%
13
1
Electro! Inc v t c
5X
1%
70%
%
4%
14%
Hummel-Ross Fibre Corp 5
6%
Shareholding—
Jan
2%
1
1%
6
Hey den Chemical
Hoe (R) & Co class A
1
3%
14%
Hewitt Rubber com.....6
Jan
12%
2%
Jan
200
25
Preferred ww
1%
»
*
1
Class A
Heller Co com
10%
1,300
37,100
25
1%
26c
*
*
2
13%
7%
12%
26
Jan
1%
6%
12%
Jan
18
Jan
Feb
58
50
6% preferred
Hecla Mining Co
1%
2%
Dept Store com..5
Feb
1
7
Option warrants
26
Am cl B com.l
Hazel tine Corp
*
6%
100
1
2
3%
51
1
12%
1
Elec Bond <fc Share com..5
Elsler Electric Corp
4,400
38
37
81
37
*
13
"ix
57 preferred series A
Edison Bros Stores
Feb
Jan
Feb
78
38
25
8
49%
Malleable Iron.25
*
2%
Jan
Feb
100
66 preferred..
Feb
Jan
28
%
Hat Corp of
9%
Fanny Farmer Candy
46
119%
5%
Jan
Jan
9%
Falstaff Brewing..
175
"""so
2%
Jan
65
9%
7% preferred
Ex-Cell-O Corp
Falrchild Aviation
28
%
Gypsum Lime & Alabas..*
Hall Lamp Co
*
Haloid Co
5
Hartford Elec Llght..._25
Hartford Rayon vtc
1
Hartman Tobacco Co
*
Harvard Brewing Co
1
Duval Texas Sulphur....*
Wallower Lead
1,300
Gulf States Util 65.50 pref *
Jan
Evans
25
Gulf Oil Corp
Jan
Eureka Pipe Line com
28
100
Guardian Investors
X
Esquire-Coronet
48%
5%
Jan
6%
w
5%
47%
2%
Jan
Jan
1 7% preferred
4%
47%
Grocery Sts Prod com..25c
63
Jan
I 6%% preferred
Jan
Jan
5%
2%
20%
X
6% preferred
%
8%
4%
100
Jan
5%
-
1,900
*
7% 1st preferred
Gt Northern Paper
Feb
300
56 conv. pref w w
Feb
extend.*
Grand Rapids
16
6
Common
Feb
15%
55
6
Elec P & L 2d pref A
16%
300
30
6
1
Class A
150
17
100
Durham Hosiery cl B com*
16 preferred
16%
15%
V t c agreement
Great Atl <fe Pac Tea—
300
$5 preferred
16%
16%
*
Gorham Mfg Co—
Jan
62
Elec Power Assoc com
Jan
Feb
Jan
61
Eastern States Corp
2%
16
1%
100
Common
700
13
67
Jan
5,400
15%
Jan
Jan
%
55
100
Eagle Picher Lead
12
2%
16
Dubllier Condenser Corp.l
Duro-Test Corp com
29
300
%
55
16
10
Duke Power Co
Jan
200
12%
Greenfield Tap <fc Die-
100
*
7% preferred
Jan
33
2%
Jan
Jan
16
Douglas (W L) Shoe Co—
Driver Harris Co
5
*
Jan
3%
67
*
7% preferred
Draper Corp
Jan
3,500
%
Non-vot com stock
100
Dominion Textile com
5%
67 preferred
*
Goldfield Consol Mines.. 1
13
Jan
Domln Tar & Chem com.*
5%% preferred
Jan
90%
13%
1
Dominion Steel & Coal B 25
Feb
12
*
Varnish
*
Gray Telep Pay Station. 10
3
Dlvco-Twln Truck com_.l
Feb
6
33
A
Class B
5
Grand National Films Inc 1
£1
Dobeckmun Co com
5%
63 preferred
10
5
100
Jan
64%
40
6
Glen Alden Coal
Gorham Inc class A
14
300
Gladding-McBean A Co.
Jan
21%
15%
Jan
Jan
6%
14
Jan
Jan
14
*
*
66
6
64%
66
Preferred
55%
15%
Diamond Shoe Corp com.*
Jan
5%
1
Gilchrist Co
Jan
800
1,300
10U
6% preferred A
Feb
8%
1%
17%
Jan
*11% "12%
Rubber—
&
12%
2%
Distillers Co Ltd
Tire
Jan
1
*
Distilled Liquors Corp
General
11%
pref
Jan
Jan
Preferred
conv
7
2%
De Vilblss Co com
63
Jan
88
General Telephone com_20
105%
Feb
1%
11%
Gen Rayon Co A stock...
Jan
8%
12%
16%
Jan
65
20
65
Gen Pub Serv 66 pref
Stove Co com..1
Detroit Steel Products
%
42%
Jan
3%
3%
Detroit Paper Prod
100
65
65
Gen Outdoor Adv 6% pflOO
Jan
12%
20
1,300
%
800
Jan
50
1
12%
Warrants
3%
40
2%
Derby Oil & Ref Corp corn*
Preferred
*
Jan
Jan
66 preferred
;•>
10%
......
Dejay Stores
1
Dennlson Mfg 7% pref.100
Jan
Feb
10%
11
»
29%
Jan
Jan
Jan
1,000
2
18%
10%
General Investment com
Jan
*11
Jan
%
Gen Fireprooflng com
Jan
18
"8% ~~8%
"~8%
Dayton Rubber Mfg com.*
6% pref ww
Detroit Gray Iron Fdy
Jan
Jan
102
Jan
Jan
75%
1%
reg.£l
Feb
6,100
Davenport Hosiery Mills.*
Detroit Gasket & Mfg
Amer dep rets ord
11
%
7%
he
Cusi Mexican Mining..60c
Class A
50
9%
Gen Electric Co Ltd—
Jan
Jan
29%
105% 105%
100
1%
3
200
.__*
100
9
7
3X
Cuban Tobacco com v t c.*
6%% preferred
Jan
Jan
%
*
10
15%
8%
8%
14%
Jan
15%
8%
86
*
1%
Jan
17
8%
*
10%
Jan
1%
1,500
Feb
100
5
Jan
10
1
5
Jan
4%
Crown Cent Petrol (Md)«5
Preferred
Jan
600
*
Crowley, Milner & Co
Feb
%
600
6%
15
preferred
1
9%
*
Conv
27%
100
Croft Brewing Co
3%
1
Common
Jan
Feb
9%
Crocker Wheeler Elec
100
Gamewell Co 66 conv pf..*
9%
10,200
Jan
3%
Froedtert Grain <fc Malt—
Jan
9%
Jan
7%
12
2%
Jan
3%
Jan
Feb
24%
Fox (Peter) Brew Co
Fruehauf Trailer Co
1%
22%
Jan
Jan
25
900
2
13%
1,200
23 %
Feb
5%
15%
16%
17%
frcs
5
1
Jan
Jan
IX
£1
32%
1,500
17%
17
17
100
5%
17%
5%
*
Amer dep rets...100
Jan
72
Jan
IX
Cramp (Wm) A Sons com.l
Creole Petroleum
5
Crystal Oil Ref com
Jan
3%
Jan
2%
65
300
65
IX
50
Courtaulds Ltd
Low
Ford Motor of France—
Franklin Rayon Corp
500
2X
2%
2%
J&h
1
6% conv preferred
Week
Shares
35
32%
35
reg..£l
Class B
Jan
22%
2%
Jan
IX
2,000
IX
Price
Ford Motor of Can cl A..*
Jan
Jan
Jan
7%
Jan
20
300
20
IX
IX
17
Jan
4%
Jan
9%
Jan
6%
1,700
8
17
*
$6 preferred A
.
Am dep rets ord
Copper Range Co
Copperweld Steel com.. 10
Cord Corp
5
Corroon <fc Reynolds—
Common...
1
Cosden Petroleum com
of Prices
High
Low
Ford Motor Co Ltd—
9 C
*
*
*
*
$4 preferred
Jan
X
*
Cook Paint & Varnisn
Electric
Sale
Range Since Jan.
for
Week's Range
Last
1-1943
Sales
Friday
Par
Continental Secur com...5
Eastern
Teletype; N. Y.
2-5383
HA
1
Cont Roll & Steel Fdy
Det Mich
60
City
Street, New York
Wall
STOCKS
Jan
59
CO., INC,
WILLIAM P. LEHRER
Jan
400
X
*
Consol Steel Corp com
70
Jan
X
80
1
Consol Min & Smelt Ltd .6
Consol Retail Stores
1
8% preferred
100
Consol Royalty Oil
10
Consol Gas Utilities.
Cont G & E 7% prior pf
Continental Oil of Mex
Feb
62
113%
%
Preferred
and
XJQHT—SOLD—Q UO TED
BO
Jan
Jan
4%
6%
Jan
4%
Jan
14
Jan
3%
4
4
1
Consol Copper Mines
5
Consol GELP Bait com *
1,700
10,300
13
12%
1946
Consol Biscuit Co
Cuneo Press Inc
881
New York Curb Exchange—Continued—Page 2
146
1
100
Am. 10
.7
55
7%
50
7
Feb
54
58%
1,200
54
Feb
1,1938
New York Curb
88 2
Friday
STOCKS
Last
(Continued)
Week's Range
Sale
Par
of Prices
High
Price
Low
International Cigar Macb •
20
for
Range Since Jan. 1,1938
20
100
19
Hydro-Eleo—
50
12
12%
A stock purch warr
13
254
154
....
Internat'! Paper A Pow war
International Petroleum..'
30
500
254
29 54
4,700
30
International Products—*
3
3
Internat Radio Corp
1
Internat Safety Razor B.*
International Utility—
654
654
Class A
854
1
Class B
354
1,100
7
1,000
54
*
54
54
Jan
100
854
300
54
9
International
lu
Vitamin—1
Investors Royalty..
1
%
554
2%
%
5%
2%
13%
800
9
2,000
1,100
%
31
30
33%
35
2%
3%
1%
6
6%
101
101
Lockheed Aircraft
Lone Star Gas Corp
1
Jan
Jan
37%
Jan
New Mex A Ariz Land
Jan
30
Jan
*
1%
1054
Jan
Jan
58%
Feb
Feb
3%
85%
Jan
80
12%
80
Feb
Jan
Common.-.i
5% 1st pref
5% 2d preferred
6% 2d pref cl B
10
%
15%
3,200
"i«
Jan
600
14%
Feb
17%
Jan
44
19
Jan
20%
Jan
4,400
Jan
25%
Jan
Class B
Jan
12%
Jan
Class A pref
Jan
26
Jan
""i"6o
18%
10%
23%
IX
8%
Nlles-Bement
Jan
2%
Jan
Jan
10%
Jan
2,200
100
9%
7%
7%
Jan
1
Jan
Feb
13 %
Jan
Jan
4%
Jan
Feb
9%
100
8%
8%
6,200
7%
Jan
7%
Jan
10%
9%
Jan
1,900
iy
3,100
1%
Jan
1%
Jan
60
36%
30%
Jan
42
Feb
34%
Jan
Jan
2%
Jan
Jan
100
38
33
2%
8%
350
200
8%
5,100
~33~
""""50
1%
2
1,200
1%
8%
%
33
45
45
10
Jan
9%
Jan
%
Jan
Jan
Feb
Jan
38
Jan
5
500
~~6X "7
T566
47
2%
9%
2%
10%
50
4
*
Noma Electric
Nor Amer Lt A Pow—
Warrants..
654% A preferred... 100
Northern Pipe Line
Jan
Jan
7%
20
com
100
Jan
Northwest Engineering._*
Novadel-Agene Corp
*
7%
Jan
2%
Jan
6%
Feb
Jan
Jan
Ohio Brass Co cl B com..*
Ohio Edison 96 pref..
*
Jan
7%
16%
Jan
47
Feb
Jan
3%
Jan
2%
1,700
Feb
6% 1st preferred
9%
95%
Feb
Jan
OUstocks Ltd
Feb
107 %
Jan
Oklahoma Nat Gas
3%
Jan
4%
Jan
12
Jan
55
Jan
Jan
19
com
6%
2X
Jan
4%
Jan
%
%
Jan
Jan
%
114
%
4%
6
6
7
%
16i«
Jan
54
Jan
7
105'
7%
4%
4%
1%
1%
For footnotes see page 885.
754
7454
7,300
454
133
~23K "24%
Jan
Feb
Jan
ht
*
Pacific Can Co com
Pacific G A E 6% 1st
pf.25
5%% 1st preferred
8954
J an
jioo
31
Jan
254
454
1,400
1,400
2
Jan
354
Jan
154
3554
1,300
154
Jan
1 754
400
254
154
3554
1654
*
Pan-Amer Airways
5
3554
Jan
16
Jan
Jan
43
54
54
""54 ""ht
54
20
6254
10
7154
100
11
1,400
54
54
100
"2154 "2154
"IOO
3154
"93"
3 1 54
9454
93
109
109
110 54 11154
99 54
9 9 54
2
9
2
3
254
3
3
6
*2954
Jan
5",300
6
1054
%
Jan
6 2 54
6
"21%
Jan
54
354
72
62 54
72
10%
100
6
2954
3054
954
Jan
ii"
Jan
Jan
150
31
Jan
91
Jan
200
10854
30
11054
9454
*8854
954
10
1,000
250
8
2154
5
*2854
91
Jan
2
Jan
200
200
1,200
3
6
Jan
Jan
Jan
Jan
Feb
Bie
ni#
"23"
"24"
Jan
Pender (D) Grocery A
Class B
*
Jan
Jan
4%
Jan
Peninsular Telp
Preferred
*
23
23
100
110
110
Jan
2.000
Penn Edison Co—
92.80 preferred
554
8014
114
Jan
Jan
714
Jan
Jan
9
Jan
2
Pennroad Corp vtc
1
Jan
214
Feb
25 %
104
27
Jan
Pa Pr A Lt 97 pref
96 preferred
Jan
106
Jan
Jan
8
Jan
Feb
"~30
100
1,900
1,900
6%
4%
Jan
120
"50
Jan
514
214
Jan
1%
Jan
2
Jan
Jan
Jan
131
Jan
Jan
514
140
29%
Jan
3014
Jan
22
Jan
2514
Jan
145
Jan
145
Jan
Jan
95 preferred
Penn Mex Fuel Co
Penn Salt Mfg Co
Pa Water A Power Co
Pepperell Mfg Co
Perfect Circle Co
5
Jan
Jan
1454
1554
1554
16
Jan
1554
Jan
21
Jan
""266
22
Jan
100
21
Jan
20
110
Feb
1,300
354
*
Jan
100
16,100
*
Jan
Jan
4
554
Patchogue-PlymouthMlils*
7
Jan
Jan
1454
16
4
1%
Jan
2854
1754
2454
1454
554
Feb
800
Jan
25
2,600
...10
200
Jan
"2654 "2854 """650
15
2%
Feb
Jan
Jan
Jan
Parkersburg Rig A Reel__l
73
11154
9954
454
Jan
14
10954
Jan
200
314
Jan
Jan
Jan
51
454
Jan
13%
Jan
102
454
Parker Pen Co
com
Jan
Feb
2754
Paramount Motors Corp.l
Jan
Feb
6
2,550
*
1
Jan
2154
*
*
Jan
2054
900
25
91.30 1st preferred
Pacific Tin spec stock
454
"3254
8t"
32
*
Pacific Ltg 96 pref
Jan
700
91
8%
7%
4%
2%
7
554
Jan
75
105
500
7154
61
Jan
5
131
Jan
754
7154
7%
71%
Jan
15
Jan
75
2%
Jan
4
50
%
100
1%
7%
7
100
5%
8%
2
100
900
1554
Jan
14
1
*
854
4
854
4
15
Feb
Montana Dakota UtU...10
*
Jan
%
3%
300
2%
133
Jan
92
6
•>«
1%
Miss River Power
pref. 100
Missouri Pub Servcom
♦
97
20
Pacific P A L 7% pref.. 100
Jan
4
Mining Corp of Canada..*
Minnesota Mining A Mfg.*
"85
300
•1*
7%
9954
91
1
Pacific Public Service
Jan
Jan
Jan
Jan
9354
Pan tepee OH of
Venez
700
73
50
854
2454
99
700
*u
100
Jan
Jan
92
99 %
Jan
3%
14
29%
4
2%
»
Jan
9
800
_io
Midland Oil conv pref..e'
Midland Steel Products—
Feb
25 54
Jan
%
600
54
25
Feb
"u
%
60
154
100
1,000
Jan
1,150
8
Overseas Securities
Jan
Jan
Feb
Feb
~3~,706
5
Oldetyme Distillers
Jan
%
454
70
15
com.
conv pref
Jan
4%
50
900
...50
Feb
Jan
Jan
Jan
87
70
6
100
93 preferred
17%
3%
Jan
Jan
8
Ohio P 8 7% 1st
pref... 100
200
Jan
35
"IOO
"eo"
2954
Ohio Oil 6% pref
100
Ohio Power 6% pref...100
47%
200
Jan
Feb
2
{Nor Texas Elec 6% pf. 100
Jan
Feb
250
4%
92 non-cum dlv shs
63J4
"54"
10
cl A
300
4%
2%
64
"54"
154
Feb
400
54
1354
95
454
Nor Ind Pub Ser 6% pf.100
7% preferred
100
4%
1 %
Jan
600
200
55
87
5%
Nor Cent Texas OH
5
Nor European Oil com.__l
99
%
1%
154
5
6% prior preferred
50
No Am Utility Securities.*
100
%
Feb
400
654
1
3%
1%
"266
111
4
Jan
%
1%
14
"38% "38%
1
Jan
44
Mesabl Iron Co
1
Metal Textile Corp com..*
Partlc preferred
"ie
13%
96 preferred
*
North Amer Rayon cl A..*
Class B com
♦
"2% "3%
Participating preferred.*
2%
100
Pond
4
95%
3%
Merritt Chapman A Scott *
13%
5
1%
55
Merchants A Mfg cl A...1
Jan
1%
Jan
common
14
47
Jan
100
3%
45
Jan
1654
400
"7% "7%
7%
1%
Class A opt warr..
Class B opt warr
Jan
Feb
Jan
Jan
Niagara Share—
Jan
45
Feb
Jan
54
100
1%
7%
9%
18
100
Common
20
4
17
Nineteen Hundred Corp B1
Nlplsslng Mines
5
4
4
35
*
19% r\9%
19% 21%
12%
12X8
3%
%
4%
96
700
Shipbuilding Corp—
Nor Sts Pow
2%
100
300
ht
Niagara Hudson Power—
96 preferred
3
Memphis Nat Gas com...5
Memphis P A L 97 pref..*
Mercantile Stores com
*
Jan
Jan
2%
1%
Dredging...*
Ward A...
Montreal Lt Ht A Pow..
101
9
51%
...1
Montgomery
Feb
600
May Hosiery Mills Inc—
Moody Investors pref
Moore Corp Ltd com
Class A 7% pref
6
24,400
~33~
94 preferred w w
mM*
McCord Rad A Mfg B.__*
3%
4%
%
154
N Y A Honduras Rosario 10
N. Y. Merchandise
10
N Y Pr A Lt 7% pref..100
58%
2%
8%
6%
3%
4
%
Founders shares...
1
New York Transit Co
5
N Y Water Serv 6% pf.100
2
common..*
Monroe Loan Soc A
Jan
Jan
1
Mock, Jud, Voehrlnger
Common..
...2,50
Molybdenum Corp
1
Monogram Pictures com
15%
11
30%
Mldvale Co
1
Mid-West Abrasive
50c
Midwest Oil Co
10
Midwest Piping A Sup...*
Jan
Jan
37
*
Jan
Feb
9
7%
80%
45
18
4854
354
Y City Omnibus—
Warrants
100
1
v t c
N
Jan
8%
100
*
Jan
Jan
N Y
100
Middle States PetrolClass A v t c
8%
4%
1%
Jan
Communication ord reg£l
Margay Oil Corp
*
Preferred
Jan
Jan
Jan
d*
37
1
100
550
1
Jan
2%
3%
1%
Jan
18
51%
"4%
25
Newmont Mining Corp. 10
N Y Auction Co com
•
12
7%
Michigan Steel Tube__2 60
Michigan Sugar Co
1
102
10
254
18
*
Jan
7%
*
Long Island Ltg—
Common
Class B
Jan
31
700
200
700
Jan
48%
48%
6% preferred
100
New England Tel A Tel 100
New Haven Clock Co.
New Jersey Zinc
~~2% ~~2%
*
Mexico-Ohio Oil
Michigan Bumper Corp..l
Michigan Gas A Oil
1
Jan
Feb
5
•
Jan
11%
500
25
Mead Johnson A Co
Jan
6%
Jan
11%
14%
20%
Jan
*
%
12%
3%
%
r
13
Corp__5
100
%
1
McWilliams
21%
Jan
800
1
Develop...25
Master Electric Co
43%
108
80
80"
Le Tourneau (R G) Ino.-l
line Material Co...
»
Massey Harris
New Engl Pow Assoc
2,300
"75
700
Jan
Neptune Meter class A...*
Jan
Jan
55%
2%
57%
»
Marlon Steam Shovel
Mass UtU Assoc v t o
Jan
Jan
Feb
11%
»
*
Nelson (Herman)
12%
Lackawanna RR (N J) -100
Lake Shores Mines Ltd—1
95 conv preferred
Marconi Intl Marine—
Jan
11%
8%
Lakey Foundry A Mach-.l
Lane Bryant 7% pref..100
Majestic Radio A Tel
Mangel Stores
3
10%
1
13%
2%
*
15
2%
3%
1X
10
Loudon Packing
*
Louisiana Land A Explor. 1
Lucky Tiger Comb G M.10
Lynch Corp common....5
Jan
6
10
Jan
Nebraska Pow 7% pref. 100
Nehl Corp common
1st preferred.
%
100
7% preferred
6% pref class B
Jan
25%
35
3654
754
1,300
%
Jan
30
Jan
Jan
200
1
Jan
107
Feb
13%
2%
*
73
50
*
Locke Steel Chain
Corp
66
10
1
Llpton (Thos J)clA
6% preferred
Lit Brothers com
Nat Union Radio
85
400
Klrkl'd Lake G M Co Ltd.l
Klein (D Emll) Co com..*
Knott Corp common
1
*
Jan
Jan
21X
254
3%
5
Jan
National Tea 5% % pref. 10
National Transit
12.50
Nat'l Tunnel A Mines
*
Jan
1,200
107% 108
Kings Co Ltg 7% pref B100
6% preferred D
100
Lion Oil Refining
Jan
Jan
100
600
7%
Conv part preferred
*
National Steel Car Ltd...*
National Sugar Refining..*
Feb
2%
10754
Kingston Products
Leonard Oil
Jan
Jan
9%
Jan
Feb
7%
1
common
70
80
Breweries...
Lefcourt Realty com
Preferred
Nat Service
66
70
Kennedy's Inc
5
Ken-Rad Tube A Lamp A *
Lehigh Coal A Nav
Feb
Jan
81 %
70
Keith (G E)7% 1st pref. 100
Koppers Co 6% pref
Kress (8 H) A Co
%
7%
3%
Jan
2%
200
15%
12%
Feb
Jan
Navarro Oil Co
100
Kreuger Brewing Co
Jan
500
754
954
National City Lines com.i
93 conv pref
50
National P A L 96 pref...*
National Refining Co—25
Nat Rubber Mach
Jan
6%
%
Jan
5
7% preferred....—100
com
Jan
Jan
554
254
Jonas A Naumburg.-_2.50
Jonee A Laughlln Steel. 100
Kobacker Stores
Jan
4%
Jan
100
Kir by Petroleum
4
7n
Jan
Feb
%
Nat Mfg A Stores com...*
National Oil Products
4
354
300
Jersey Central Pow & Lt—
Kingsbury
Jan
350
Isotta Franschlnl Co—
Kansas G A E 7% pref. 100
%
30C
10
6% preferred
Feb
554
71«
14%
10X
7%
454
1,5*
%
National Container (Del)
National Fuel Gas
28
900
220
7%
Jan
Jan
Jan
454
Jan
Jan
Feb
554
5%
1
com
Jan
Feb
700
Jan
100
10,400
5%
7%
9%
Low
154
354
119
National Baking Co com
1
400
3%
6%
1
9
3%
3%
i.
it
*
Feb
7%
Range Since Jan. 1, 1938
Shares
..
com
9%
25%
Amer dep icta
20 Lire
Italian Superpower A
*
Nat Auto Fibre
Feb
600
4
1
Nachman-Sprlngfllled.
Jan
Feb
200
4
14
654% preferred
Jan
354
Irving Air Chute
Jan
Jan
3%
8%
%
Feb
26 X
1
Jacobs (F L) Co
Jan
354
354
Iron Fireman Mfg v t O..10
Jean nette Glass Co
Jan
Jan
25 54
4
115
3%
5%
Murray Ohio Mfg Co
*
Muskegon Piston Rlng.214
Jan
ht
400
'it
3%
Interstate Home Equip.. 1
30%
2954
%
8%
3,500
854
Interstate Hosiery Mills..*
Interstate Power 97 pref.*
5
{Mountain States Power.*
Mountain Sts Tel A Tel 100
Feb
Jan
8
93.50 prior pref
Warrants series of 1940.
Feb
%
Mountain City Cop com 5c
Mountain Producers
10
Nat Bellas Hess
8
....
28%
29%
2%
5%
2,700
Jan
17%
2%
3%
Feb
High
Moore (Tom) Distillery..1
Mtge Bk of Col Am shs...
Jan
1%
Jan
2%
1%
Low
for
Week
of Price*
Price
Jan
22
Jan
12
600
254
Registered
91.75 Preferred
Jan
Week'* Range
Sale
Par
5, 1938
Sale*
Last
High
1%
Pref 93.50 series
STOCKS
(Continued)
Low
Feb.
3
Friday
Week
Share*
Internat Holding A Inv.
Internat
Exchange—Continued—Page
Sale*
Jan
1
*
50
254
'8154
131
*
68
100
61
254
8654
2%
87
5,200
200
86
Jan
81 54
81 54
131
144
20
79
Jan
68
61
254
Jan
6854
175
131
200
68
68
Feb
350
61
Feb
Feb
Week's Range
for
(Continued)
Sale
of Prices
Low
High
Week
Par
Price
Philadelphia Co com
Phlla Elec Co $5 pref
Shares
33*
400
33*
33*
Jan
43*
Jan
Jan
73*
Jan
Sioux City G AE
Solar Mfg Co
*
33*
200
5*
23*
1,400
183*
390
143*
133*
Jan
Sonotone Corp
4
Jan
Boss Mfg com
1
23*
183*
23*
193*
15
31
A
Conv pref series
173*
113*
2
1
10
Common
Jan
21
Jan
Jan
Jan
6% preferred B
53* % pref series C
Jan
Jan
53*
73*
500
53*
Jan
63*
Jan
South New Engl Tel... 100
1,100
63*
Jan
93*
623*
Jan
Southern Pipe Line
Jan
Southern Union Gas
Jan
Southland Royalty Co
Jan
South Penn Oil
53*
63*
7
PlttsDurgh Forglngs
Pittsburgh & Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate
73*
200
73*
81~
Glass..25
Co
1,800
13*
700
*
234
14
19 3*
Jan
213*
Jan
23*
Jan
conv
63*
Jan
53*
73*
63*
Jan
Jan
Jan
Standard
Relter-Foster OU
Jan
300
97
800
135*
Reynolds Investing
Rice 8tlx Dry
Goods
Jan
29
Jan
Jan
163*
Jan
Standard Pow A Lt
1033*
Jan
73*
7
Jan
Jan
1003*
1383*
Jan
1st
Jan
2d
Jan
Jan
3*
Jan
3*
Jan
14
600
53*
283*
3*
93*
1,100
100
300
Jan
3
Jan
23*
200
23*
Jan
35*
1,900
25*
113*
Jan
35*
123*
Jan
Jan
35*
Feb
43*
Jan
"35*
1
:
Sunray OU
53* %
conv
400
53*
43*
63*
700
53*
Feb
73*
43*
200
43*
Feb
43*
Jan
2 5*
2 5*
200
25*
Jan
35*
Jan
73*
73*
100
73*
Jan
85*
Jan
15*
Jan
28
pref.
13*
Feb
12
Jan
7
Jan
9
Jan
10
10
10 3*
*
•
..1
50
8
8
83*
500
13 3*
200
33*
363*
23*
35
Jan
*18
Jan
Swan Finch OU Corp
Feb
113*
Jan
Swiss Am Elec pref
23*
3*
43*
Jan
Jan
23*
Jan
Taggart Corp com
13*
Jan
Jan
53*
Jan
13*
Jan
23*
Jan
3*
93*
15
111
1
Tampa Electric Co com..*
Tastyeast Inc class A...1
4
Taylor DlstUllng Co
1
Technicolor Inc common.*
1
Tenn El Pow 7 % 1st pf. 100
Texas P A L 7% pref... 100
Teck-Hughes
Mines
275
115
100
43*
273*
3*
13*
600
Jan
3*
Jan
13*
Jan
13*
Jan
Feb
53*
Jan
165*
53*
163*
183*
53*
55*
983*
983* 1003*
7,800
7,700
Texon OU A Land Co
Thew Shovel Co com....5
93*
93*
73*
23*
73*
200
Jan
13*
Jan
33*
800
3
Jan
Jan
Jan
Jan
5*
Jan
53*
83*
49
Jan
53*
Jan
6
Jan
1,600
73*
Feb
93*
Jan
39
33*
13*
36
Jan
38
Feb
33*
13*
763*
Jan
Jan
Feb
4
Jan
13*
Jan
Jan
Jan
Tonopah Mining of Nev.l
Trans Lux Plct Screen—
100
78
56
10,300
3
300
33*
49
23*
600
123*
200
200
26
Jan
Feb
13*
123*
243*
113
92
•11
Jan
7%
Water Service pref
*
*
5
3
55*
63*
Jan
Jan
Feb
Jan
Jan
61
33*
23*
Jan
Jan
Jan
15
293*
Jan
Jan
113
100
163*
Jan
Jan
5
preferred
Unexcelled Mfg
Jan
Union
Jan
United
1,200
Ti«
Feb
•
13*
13*
100
13*
Feb
13*
13*
1
•
1
13*
7,000
1
Jan
13*
Jan
Co
1
.*
25
2
10
23*
33*
500
23*
Jan
43*
Jan
16
8elby Shoe Co
Jan
Selected Industries Ino—
Jan
com..*
Premier Foods Sts.l
Investment
Aircraft
mi-rn
23*
Jan
17
Un
13*
Corp warrants
United Gas Corp com
United
1
1st $7 pref non-voting.*
800
3*
Feb
13*
Jan
50
63*
Jan
85*
Jan
563*
150
55
Jan
Jan
573*
100
563*
Jan
583*
583*
Option warrants
United G A E 7% pref. 100
Jan
United Lt A Pow com
•u
Jan
13*
13*
13*
73*
73*
8
4,500
1,900
Jan
23*
Jan
A.*
Common class B
*
$6 1st preferred
•
United Milk Products
*
$3 preferred
*
United Molasses Co—
Am dep rets ord reg—
United N J RR A Canal 100
United Profit Sharing
•
Preferred
10
United Shipyards cl A—1
Class B..
1
United Shoe Mach com.25
Preferred
25
Jan
53*
Jan
United Specialties
Jan
U S Foil Co class B.....
3*
Jan
43*
13*
Jan
5
Jan
Jan
25*
Jan
65*
Jan
103*
Jan
100
6i»
20
108
20
Jan
81
Jan
90
Jan
107
Jan
110
Jan
63*
300
3*
55*
Jan
3*
Jan
200
3*
3*
25
Jan
i~450
20
"863* "893*
1073* 108
Shreveport El Dorado Pipe
Silex Co com
7
Jan
Feb
.......
Simmons-Broad man Pub—
•
13*
Simmons Hard're A Paint *
Simplicity Pattern com
1
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rec ord reg. £1
230"
2
232*
900
"130
13*
43*
224
43*
885.
Feb
83*
Jan
23*
Jan
33*
Jan
Jan
163*
Jan
443*
Jan
54
Jan
Jan
953*
Jan
Jan
Jan
243
53*
com—1
Jan
Jan
13*
103
Jan
Jan
Jan
Jan
200
3*
Jan
13*
Jan
23*
Jan
Jan
1,100
1,000
1,800
55*
"16
Feb
Jan
33*
75*
J*
73*
Jan
115*
Jan
Jan
35
13*
Jan
25*
63*
Feb
23*
23*
400
23*
^ Jan
143*
400
53*
53*
100
600
13
12
12
Jan
400
""300
^ Jan
13*
133*
*
3*
5*
716
3*
16
943*
943*
97
800
3*
1
72
20
70
63*
Jan
Jan
Jan
Jan
4
Feb
34
Feb
Jan
3*
Jan
»i«
7i.
Feb
3*
Jan
33*
Jan
53*
Jan
2,900
1
4
Jan
16
Jan
34
33*
Jan
125*
7
4,400
1,000
17,900
Jan
*
Feb
1,700
3*
33*
Jan
143*
3
34
34
Jan
53** Jan
10
£; Jan
100
83*
Jan
Jan
73*
23*
23*
600
63*
13*
Jan
33*
3
""l3*
Jan
Jan
23*
63*
145*
53*
Cigar-Whelen 8ts..l0o
563*
"873*
Jan
73*
13*
$3 cum A part pref..
56
1
93*
100
25
73*
Warrants
3*
8
Transport
1
63*
3*
63*
Seton Leather com
For footnotes see page
83*
United Chemicals com.
See man Bros Inc
6% cum pref ser AAA 100
5%
Union
3*
Shawlnlgan Wat A Pow.
Sherwin-Williams com..25
Corp...l
1
Tung-Sol Lamp Works
80c dlv preferred
Ulen A Co 73*% pref
Jan
ht
3*
1
Class A
183*
73*
700
Mining.
"is
Trl-Contlnental warrants..
53*
96.50 prior stock
25
Allotment certificates..
Jan
100
123*
500
25*
Tublre ChatUlon
Jan
Feb
1,600
>16
3*
1
Jan
102
99
3*
3*
10
Jan
43*
Feb
43*
100
preferred A
Jan
983*
Jan
50
50
49
Union Gas of Canada...
17
23*
Tonopah Belmont Devel
1,200
48
4
Am dep rets ord
200
23*
1
5
43*
Am dep rets def
100
38
Jan
Jan
92
reg...£l
reg._.£l
Todd Shipyards Corp
*
Toledo Edison 0% pref. 100
Feb
700
850
41
*i«
Common
Warrants
80
Tobacco Securities Trust—
""206
53*
153*
13*
4
Tobacco Prod Exports.
3*
Jan
21
48
4
Tllo Roofing Ino
Jan
35*
95*
Jan
3*
13*
163*
Jan
1
Jan
293*
Jan
100
Jan
100
Jan
53*
Feb
4
800
Jan
2
1163*
Jan
273*
1103*
600
133*
73*
Scullln Steel Co com
Jan
3*
Jan
17
11
283*
13
243*
Feb
Jan
343*
100
2
Jan
363*
23*
400
13
123*
33*
Jan
7,800
Superior Ptld Cement B
Trans wee tern OU Co
123*
Feb
Jan
Fob
Feb
49
133*
133*
11
133*
903*
3
Jan
10
500
3*
33*
Jan
Jan
500
Feb
763*
29
Jan
12
12
12
5
*
Machinery..
Sunray Drug Co
Jan
43*
963*
*
Jan
93*
50
Scranton Spring Brook
Conv pref
*16
Jan
Jan
13*
Manufacturing..25
Line stamped
Jan
Tie
763*
5
•
Severeky Aircraft Corp
3*
73*
Jan
13*
Savoy Oil Co
Schlff Co common
Sentry Safety Control
53*
600
3*
33*
Jan
800
5
300
73*
Jan
83*
Jan
3*
963*
38
33*
Jan
13*
$3.30 class A partlclpat.*
2
33*
13*
Jan
73*
35*
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Sterling Inc
.1
Stetson (J B) Co com
*
Sullivan
Jan
24
Jan
3*
1
800
23*
3
*
Stroock (S) A Co
Jan
500
Jan
Feb
39
73*
Jan
50
20
preferred
preferred
; Stinnes (Hugo) Corp
Jan
•
Denn
'
Jan
3*
Jan
3*
23*
53*
Sanford Mills com
Shattuck
Sterchl Bros Stores
Jan
10
Jan
3*
*
*
Ryeraon A Haynes com
1
Safety Car Heat & Lt
*
St. Anthony Gold Mines. 1
St. Lawrence Corp Ltd
*
92 conv pref A
.60
St Regis Paper com...
6
7% preferred
100
8amson United Corp com.l
993*
_*
100
63*% preferred
9
40
Jan
Feb
25*
""l3* "l3*
35*
22
2,500
1
Jan
Jan
983*
6
92.60 conv pref
Convertible Stock
Jan
73*
Jan
19
13
Ryan Consol Petrol
Common
Jan
18
963*
•
Selberllng Rubber com
143*
Jan
Works com...20
Jan
Feb
23*
33*
3*
H
23*
1
Segal Lock A H'ware
Jan
17
25
3*
1
Jan
243*
*
Securities Corp general
11
Wholesale Phosp
!
20
Scran ton Elec 90 pref..
Jan
50
1,400
Stein (A) A Co common.
Feb
13*
14
5
Starrett (The) Corp v 10.1
Jan
1,200
Russeks Fifth Ave
ScovlU
Standard Steel Spring
Standard Tube cl B
Jan
103*
3*
Jan
Jan
Teoo
7
Jan
500
93*
193*
983*
13*
1
3*
163*
43*
24
Jan
"l93*
3*
33
100
12
103*
33*
Royal Typewriter
Rustless Iron A Steel
""I
1
Jan
200
I
I
3*
Jan
18
400
173*
983*
1
I
3*
18
11
"19"
"193*
Jan
63*
63*
"266
Jan
19
173*
1
Jan
89
Jan
Jan
Preferred
Jan
1033*
Jan
73*
12
50
19
11
273*
150
28
133*
Rio Grande Valley
91.20 conv pref
Rossla International
200
"173*
Standard Products Co
9
Radiator
43*
43*
Common class B....._*
95
1
Gas CoVoting trust ctfs
1
Rochester GAE6%pf D100
Roeser A Pendleton Ino
*
Rome Cable Corp com
6
Roosevelt Field Inc
5
Root Petroleum Co
1
Richmond
Jan
12
10
(Ky)
113*
30
1
1
*
Reybarn Co Inc
Oil
22
220
1383*
5*
22
19
25
Standard OU (Ohio) com 25
6% preferred
100
98
Feb
94
10
24
""63* "T
.5
Reliance Elec A Engln'g
Feb
16
A Acid
*
*
Reeves (Daniel) com
21
Standard Oil (Neb)
6
273*
*
*
150
Jan
Jan
*
Reed Roller Bit Co
223*
Jan
Jan
Mfg com...50c
Red Bank OH Co
Jan
Jan
Jan
3*
7
Prod—
*
*
preferred
Jan
Jan
53*
Raymond Concrete Pile—
93
373*
3*
Standard
12
500
73*
383*
Jan
225
89
*
Jan
13*
200
A.-1
Common
63*
3*
43*
7
100
Class B
700
Jan
Jan
Ry. & Light Secur com.
Class A
65*
38
Jan
*16
Jan
18
Feb
16
Quaker Oats com
Rainbow Luminous
65*
373*
3*
Jan
13
0% preferred
Jan
2 3*
13*
3*
Puget Sound P <k L—
Railway & Utll Invest
Feb
55*
Jan
43*
1,700
Jan
13*
pref...100
f Pub Utll Secur 17 pt pf
Tim.*
Manufacturing..10
1403*
Jan
Standard Cap A Seal com.
7% prior lien
Puget Sound Pulp A
Feb
23*
43*
Standard Silver Lead
10 preferred.
1403*
43*
21
3*
63*
113*
28
10
"166
*
Jan
Stahl-Meyer Inc com
Standard Brewing Co
100
1033* 1033*
*
1403* 1403*
*
Jan
Public Service of Okla—
preferred
Jan
West Pa Pipe Line..50
2,700
24
...100
Common
Jan
253*
Am dep rets ord bearer £1
Spencer Shoe Corp
*
Jan
com..*
00
Pub Serv of Nor 111
Raytheon
Jan
Jan
Feb
Colorado-
7% 1st pref
13*
43*
3*
33*
Jan
23*
16
94
12J4
10 preferred
273*
100
253*
Spanish A Gen Corp—
Am dep rets ord reg..£l
1,100
53*
*
$7 prior pref
So
Jan
1,100
Public Service of Indiana—
Public Service of
Jan
83*
33*
7
94
Jan
Jan
"37k"
63*
55*
16 preferred
13*
Jan
1,900
3*
Prudential Investors
Jan
273*
243*
1
Conv preferred
10
Standard Dredging Corp—
J 1.60 conv preferred. .20
Standard Invest $53* pref*
16
Amer..*
Producers Corp
1
Prosperity Co class B
*
Providence Gas
*
Pressed Metals of
363*
5
200
2
23*
Jan
Jan
"~23* ""23*
213*
213*
Mining..-
Premier Gold
Jan
33*
1403*
25
14
Pratt A Lambert Co
63*
Jan
*
Feb
1
33*
Powdrell & Alexander
Feb
10
Jan
33*
3*
Potrero Sugar com
Pyrene
90
23*
23*
25c
5
6
Corp of Canada...*
Co
Polaris Mining
$5
Feb
13*
Plough Inc
6
23*
253*
73*
13*
Pleasant Valley Wine
Power
73*
Jan
73*
81
843*
81
Jan
56
60
800
900
100
7% preferred
56 3*
56
Jan
55*
35*
Southern Colo Pow cl A.25
Jan
—
15*
13*
33*
25
25
23*
Jan
Pltney-Bowes Postage
Meter
Jan
13*
355*
1
Mines Ltd--1
23*
Feb
5% original preferred.25
T.900
1
Wlnterfront
Pioneer Gold
Jan
13*
"35*
173*
13*
33*
1,000
23*
Southern Calif Edison—
Jan
33*
100
1,000
5
"23* "3"
Pierce Governor com
Pines
Jan
23*
15*
1
South Coast Corp com
Phoenix Securities—
Jan
88
Jan
88
Jan
33*
33*
High
Low
Shares
High
23*
1
1
1, 1938
Range Since Jan.
for
Week
of Prices
Low
Price
7% pf 100
Jan
31
200
31
31
31
*
Co
Par
High
63*
33*
1
Sale
(Continued)
Low
Week's Range
Last
STOCKS
Range Since Jan. 1,1938
Last
Pharls Tire A Rubber
Sales
Friday
Sales
Friday
STOCKS
Phllllpe Packing
883
New York Curb Exchange—Continued—Page 4
146
Volume
94
Jan
3*
Jan
Feb
70
100
13*
77
Jan
"173*
23*
23*
6,000
Jan
Jan
~iek "193* "4", 100
23*
Jan
33*
Jan
43*
163*
Jan
43*
Jan
Feb
263*
Jan
173*
Jan
193*
Jan
63*
"23*
Jan
63*
Jan
19
19
25
Jan
230
Jan
1
800
J*
Jan
1
Jan
1,400
1,900
23*
13*
683*
53*
23*
Jan
Jan
Feb
773*
Jan
228
3*
3*
Jan
4
45*
15*
13*
13*
693*
683*
733*
550
41
423*
30
39
Jan
423*
Feb
Jan
63*
Jan
Feb
63*
Jan
"53*
53*
55*
600
5
5
55*
900
5
Jan
New York Curb
884
Exchange—Continued—Page
Friday
STOCKS
Range Since Jan. 1, 1938
for
Sale
Par
I Sales
Price
uvuu
a
tyt
Low
Shares
52N
IN
22?*
IN
10
$7 conv let pref
United Stores v t c
2
2N
49
Jan
56
Jan
Jan
Jan
IN
22 N
Feb
Jan
43*
Jan
Jan
33*
N
Jan
Jan
5
Jan
50
1,500
3
600
2
4
4
1
*u
'
IN
500
Universal Conaol Oil— ,,.10
Universal Corp vtc
1
7
7
100
2%
3
1,200
13*
IN
IN
IN
2
1N
36
IN
2N
Jan
Jan
Com'wealth Subsld 5N« '48
7
1,400
Jan
7
Jan
Jan
3N
Jan
Jan
8
Jan
IN
43 N
Jan
Jan
Jan
1?*
39 N
100
IN
Feb
75
N
200
13*
IN
600
39N
N
IN
Feb
N
IN
7
3*
*;
1,200
N
IN
100
16N
2N
16 conv pref
6
Van Norman Mach Tool-5
16N
2N
353*
14?*
3N
"ll H
3 N
Venezuelan Petroleum... 1
Va Pub Serv 7% pref.. 100
IN
15
150
23*
35N
800
15
300
Jan
2N
Jan
*16
Jan
Jan
Jan
Cuban Tobacco 5s
2
Jan
Jan
Jan
Jan
Denver Gas A Eleo 5s. 1949
Det City Gas 6s ser A. 1947
3
3
Jan
IN
1,800
Feb
IN
Jan
Jan
77 N
Jan
3N
Jan
7
7
100
6N
Jan
23*
2N
300
2N
Jan
9
9
200
9
Jan
83
Jan
83
Jan
Jan
7
Jan
72
7% preferred
100
Wahl (The) Co common.*
Waltt A Bond class A..
Class B
7
Jan
Jan
IN
Jan
Elec Power A Light
58.2030
IN
Jan
Jan
63*
Jan
Jan
Feb
3N
900
3
Jan
6N
2N
4N
Jan
300
3
Jan
8
3H
6N
200
5N
53*
2N
Jan
53*
2N
Jan
8
Jan
Grocery Co
20
Western Maryland Ry—
7% 1st preferred
100
Western Tob & Stat—
Jan
Jan
65
West Texas Utll $6 pref--*
West Va Coal & Coke
69
2N
6N
69
40
2N
6N
23*
6N
33*
*16
Jan
Jan
213*
Jan
69
Feb
70 N
Jan
23*
Feb
6
200
*16
71
1,400
33*
1
Jan
21N
corn
Jan
2N
7N
Jan
100
*
50
Jan
N
N
8N
Wolverine Tube com....2
5
5N
200
8N
IN
IN
1st & ref 6s
1st A ref 5a
1951
1st A ref 5s
1956
1st A ref 5s
1968
75
1st A ref
1967
70 K
1946
90
106N
68 N
90
32 K
Jan'
933*
100
109
Feb
109
Jan
103
96
Jan
100
9,000
40,000
94 N
100
65N
101N
1,000
51
50
Jan
9,000
10,000
93 N
Jan
Jan
54 N
Jan
Feb
96N
100
Feb
103 N
Jan
108N
103N
Jan
109N
Jan
Jan
Jan
105
1053*
105N
1023*
18,000
39,000
Jan
102
100 N
Jan
102 N
Jan
4N
6,000
4N
Jan
5
Jan
3N
IN
Jan
4
Feb
N
Jan
43*
*33*
IN
75
2,000
4
-
IN
%
75 3*
106N 107 N
5,000
3,000
N
73 N
"eo"
60
67
46,000
30,000
87,000
Jan
106N
Jan
Jan
IN
IN
79N
108
Jan
Jan
Jan
Jan
60
Feb
71N
Jan
J102N 104N
104
Jan
1101 N 103
101
Jan
104 N
102 N
Jan
64 N
88
88
73 3*
74
76
Jan
84
Jan
90
Jan
73
11,000
62,000
Jan
78 N
Jan
56
103N
Jan
56
Feb
17,000
103
Jan
105
Jan
64 3*
2,000
64
Feb
55 N
103
2,000
71N
6,000
Jan
104N 105
103 N 105
10,000
3,000
100
102 N
103
Jan
103
Jan
Jan
103
Jan
105 N
105N
Jan
95
103
{94
53 N
Jan
95
Jan
Feb
Jan
81N
79?*
83N
10,000
80N
Jan
83 K
82
50,000
79
Jan
87 N
Jan
85
86
2,000
83
Jan
89
Jan
103 N 104
Jan
Jan
General Bronze 6s
1940
General Pub Serv 5s. .1953
Feb
67
67
73
Jan
81
1,000
2,000
Feb
80
80
Feb
69
7,000
67
Jan
87 K
74
Jan
67N
4N
Jan
6
Jan
Jan
7N
6N
16 N
Jan
Jan
Jan
Jan
Jan
8N
Feb
IN
Jan
2N
Jan
Gen Pub Utll
63*8 A. 1956
♦General Rayon 6s A. 1948
Gen Wat Wks A El 5s.
1943
Georgia Power ref 5s__1967
102
Jan
102
Jan
89
Jan
99
Jan
17,000
79
Jan
92
Jan
3,000
78
Jan
91N
Jan
Jan
69
72 N
106 3* 106 N
20
50,000
73
Jan
65
Jan
9,000
106 N
Jan
106N 107N
67,000
673* 72
104,000
11,000
106 N
67 N
Feb
1053*
Jan
88 3*
32 3*
91
36
77
24 N
2,000
79
Jan
Jan
86 N
81
107 N
108 N
81
105 3*
90
J an
Jan
Jan
♦Gesfurel 6s
Grand Trunk West 4s. 1950
Gt Nor Pow 5s
stpd.,1950
Jan
105 N
Jan
Houston Lt A Pow
33*s_'66
Jan
107 N
Jan
♦Hungarian Ital
109
Feb
112
Jan
Hygrade Food 6s A...1949
Jan
6s series B
..1949
111 Northern Utll
5s... 1957
111 Pow A Lt 1st 6s ser A
'53
Jan
1st A ref 53*s ser B.1954
1st A ref 5s ser
13,000
99 N
Jan
100 N
Jan
75,000
86
Jan
49,000
953*
41N
Jan
32 N
18,000
6,000
62
Feb
Jan
78
Bk
27
Jan
29
Jan
34 N
Jan
6s series A
263*
28N
26
Jan
33
Jan
63* s series
31
31
74,000
8,000
30
Jan
36 N
Jan
48
46 N
48
41,000
46
Jan
43 K
42 N
46
43,000
75 N
192 N
493*
473*
Jan
76
2,000
97 N
98
189
Jan
Jan
Jan
97N
80 K
95
Feb
Jan
Jan
Jan
Jan
63
84
61N
66 N
42,000
613*
1947
B
5s series C
58
1950
Feb
73 N
Jan
Jan
114N
Jan
Feb
Jan
lb'.ooo
121N
Jan
130
Jan
132
Feb
13,000
80
Interstate Power 5s... 1957
Debenture 6s
1952
Interstate Public Service—
Jan
85
Jan
55 3*
Jan
67
Feb
82
Jan
87
Jan
103
105N
81N
65
67
82 N
84
103
103 N
105 N 106N
85
88
114N 114N
1956
97 3*
88 K
1968
1981
97
96 N
88 N
98?*
90 N
83
"§5~~
41N
1961
Chicago A Illinois Midland
Ry 4N« A
1956
Chlo Jet Ry A Union Stock
97
91
106 N
45
1955
For footnotes see page 885
F
104N
Jan
103N
Jan
70,000
105
Jan
Jan
85
Feb
108 N
98
Jan
Jan
115
Jan
Iowa Pub Serv 5s
1957
Isarco Hydro Elec 78.1952
Isotta Fraschlni 7s...1942
70,000
1,000
45,000
40,000
2,000
3,000
114N
96 N
Feb
Jan
Italian Superpower 6s. 1963
Feb
93
Jan
36
37
39N 42N
105N 106
1107
109
93
106 3* 106 N
43 N
45
83 N
89
853*
84
"73""
I07N
"hi"
59N
Feb
99 N
Jan
Jan
91N
Jan
93 3*
66 3*
Jan
94
Jan
Jan
70
83
Feb
90
21,000
18,000
35N
Feb
41
Jan
35
4?*8 series C
1961
Kansas Elec Pow
33*8 1906
Kansas Gas A Elec 68.2022
Jan
41
Jan
Kansas Power 5s
Jan
Kentucky
3*
Jan
Jan
58 series B
1947
1947
Jan
92N
Jan
107 N
Jan
60
Jan
63
Jan
65
Jan
53
Jan
33
Jan
37 K
Jan
Jan
106 N
Jan
Jan
85N
Jan
56
Jan
5,000
1,000
83N
Feb
88
Jan
101N
Feb
103
Jan
98 N
Feb
99
Jan
11,000
103N
613i
20,000
60
60
1,000
110
1,000
94
96
30,000
883*
85?*
90 N
88
76 3*
7,000
83N 85N
88N 88N
71N 74
1083* 1083*
793* 793*
107N 107 3*
111N 111N
8,000
1,000
51
40 N
62 N
94
100
104N
Feb
63
62
Jan
94
Jan
100
88N
Jan
84 N
75
Jan
83
Jan
110
107N
Feb
Jan
Jan
Feb
Jan
89
Jan
88 N
Feb
71N
Feb
2,000
108 N
79 N
Jan
1,000
Jan
N
94N
91N
85N
26,000
Jan
7.00C
107N
Jan
5,000
111
Jan
39,000
51
Jan
52
Jan
Jan
91
78
108N
81
107 N
111N
58
Jan
•
Jan
Jan
Jan
Jan
Jan
Jan
50
Feb
8,000
49 N
Jan
64 N
Jan
42,000
105N
Jan
106 N
Jan
Jan
11,000
58
Jan
8,000
_
52 N
57
Jan
56 N
Jan
60 K
Jan
57
56
107N 107N
9,000
39?* 42 3* 115,000
24
25N
19,000
Jan
57
Jan
107
Jan
108N
Jan
39 N
Feb
48
Jan
24
Jan
28N
Jan
68N
24,000
67 H
Jan
643*
25,000
61N
Feb
69N
Jan
933* 94 N
943* 94 N
106N 1063*
993* 101
8,000
93 N
94 N
Feb
98N
Jan
Jan
Jan
Jan
96 N
106 N
Jan
102 N
Jan
{59
"79"
79
41 K
41
33
1043*
1013*
60
Feb
Feb
55
673*
61?*
N
15,000
1053* 105N
55 ?*
59
22,000
53
55
105N
Jan
25
50
Stamped
Jersey Central Pow A Lt—
95 K
90
Jan
13,000
103?* 104N
Jacksonville Gas 5s... 1942
101N
Jan
71N
26
75
"94~~
1961
88 3*
68
Jan
76 N
SON
110
60
Iowa Pow A Lt
43*8._ 1958
5s series B
Jan
Feb
Jan
8,000
{12
"eo""
1956
.1958
51,000
83
92
D
103
70 N
35 N
35
5s series
43*8 series
Iowa-Neb LAP 5s... 1957
13,000
96
169
Cent States Eleo 6s... 1948
95 N
91
194
5,000
8,000
Jan
90
105 N
83 N
International Salt 5s..1951
122 N
Jan
Jan
N
56 N
2,000
62
Jan
81N
2,000
60
112N
1193*
120N
132
^
3,000
8,000
150
13,000
62
63
56
{50
56,000
132
61
1952
120 N 122 N
88
107
27,000
„
....
1957
120N
^
3,000
92
7s series E
112 N 113
78
Jan
34
{21N
1963
112 N
1120?* 121N
^
38,000
58 3*
7s series F
I
„
101 N 101 3*
98 N
99 3*
1957
Indiana Service 5s
1st lien A ref 5s
3*
91
80
1953
1951
Indiana Gen Serv 5s..1948
Indiana Hydro Elec 6e 1958
Indiana A Mich Elec 5s.*55
Jan
+25
deb 53*s._.May 1957
Indiana Electric
Corp—
♦Indianapolis Gas 5a A1952
Ind'polls P L 5s ser A. 1957
International Power Sec—
63*8 series C
1955
94
177
12",000
423*
72
93
94
S f
Jan
75
Feb
78 N
55
73*s'63
C—1956
Jan
72
33
63*8 with warrants-1943
106N
81
106N 106 N
Heller (W E) 4s w
W..1946
Houston Gulf Gas 6S..1943
2,000
3.00C
69,000
65
61
Hall Print 6s
stpd. —1947
Jan
Jan
33 3*
63
57
♦Hamburg Elec 7s...1935
♦Hamburg El Underground
A St Ry
53*8
1938
104 N
81 3*
+107
Guardian Investors 5s. 1948
Hackensack Water 5s. 1977
Jan
73
180
"9l"
104 N
101N
101N
75
763*
72
*31N
64
67
Jan
'
793*
Grocery Store Prod 6s. 1945
Guantanamo A West 6s.'58
Jan
Jan
N 1013*
*74
72
1953
34,000
49,000
104
Georgia Pow A Lt 5s.. 1978
Jan
4Haser F.1967
80 N
87,000
Jan
101N
Jan
Cedar Rapids M A P 5s '53
Central 111 Public Service—
68 series B
Jan
101N
Jan
84
1940
65N
103N
22
66
Yards 5s
Feb
13,000
26N
Broad River Pow 5s..1954
|*Chlc Rys 5s ctfs
1927
Cincinnati St Ry 5Kb A '52
Feb
60
62
13,000
22N
Birmingham Elec 4N« 1968
Birmingham Gas 5s...1959
6s series B
121
122N
45,000
82,000
I960
5Ns ex-warrants... 1954
6,000
11,000
121
101N 101N
66,000
.1998
Cent States PAL 5Ns *63
Chic Dlst Eleo Gen 4>*8'70
Jan
Jan
101
26 N
♦Convertible 6s
1950
Bell Telep of Canada—
6s series G
105N
106 N
122 N
Deb gold 6s. June 151941
Deb 6s series B
1941
Works—
4Ns series H
Jan
Jan
Gatlneau Power 1st 5s. 1956
Jan
25N
6s with warrants...1947
5s without warrants. 1947
Cent Ohio Lt A Pr 5s__1950
Cent Power 5s ser D..1967
Cent Pow A Lt 1st 5s. 1956
103 N
Jan
29N
Avery A Sons (B F)—
1st A ref
Jan
Jan
83
23
3Ns '64
6s series E
Jan
97
1
9N
3N
27N
6Ns.A*55
Canada Northern Pr 6s.'53
♦Canadian Pac Ry 6s. 1942
Carolina Pr A Lt 5s... 1956
Jan
67
Jan
105N
43*
Firestone Tire A Rub 5s '42
First Bohemian Glass 7s
'67
Florida Power 4s ser C 1966
22 N
23 3*
28
Atlanta Gas Lt
4N»-1955
Atlantic City Elec
.
104
Jan
10
76
74
1973
5s series C
Fet
59 N
94 N
Jan
82
100N
Conv deb 5Ns
1977
Assoc Gas A Elec
Corp—
Conv deb 5s
1973
Bethlehem Steel 6s.
103
9,000
Jan
74 3*
106 %
109
110N
99 N 100 N
1968
1st M 5s series A...1955
1st M 5s series B...1967
12,000
17,000
Jan
Jan
7N
$6,000
104 N
Conv deb 5Ns
1938
Conv deb 4N« C...1948
Conv deb 4V*8
1949
Conv deb 5s
1950
Locom
Feb
1,000
*
3*
3
Finland Residential
Mtge
Banks 6s-5s stpd_..1961
Firestone Cot Mills 5s. 1948
Jan
800
90
105 N 105 N
87
88 N
104 H 104N
2024
Debenture 5s
84 N
o8,000
50 N
105
5s ex-warr
stamped. 1944
82
4N8-.1947
Arkansas Pr A Lt 5s. .1956
Associated Elec 4N8..1953
Associated Gas A El Co—
Jan
65N 70N
101N103
963* 96N
.
Florida Power A Lt 5s.
1954
81
Aluminium Ltd debt 6sl948
Debenture 6s
70
106N 106N
.
Gary Electric A Gas—
35,800
tl02N 104 K
Alabama Power Co—
Appalachian Power 6s. 1941
Jan
5,00C
Feb
64
Jan
BONDS
Abbott's Dairy 6s.... 1942
Ark-Loulslana Gas 4s. 1951
55N
55N
103
Glen Alden Coal 4s...
1965
Gobel (Adolf)
43*s-_.l941
Am Pow A Lt deb 6S..2016
Amer Radiator
102 N
Fet
Fet
56
Jan
N
1,100
6N
8
8N
IN
.6
Amer Seating 6s stp._1946
Appalachian El Pr 5s. 1956
Jar
47
47
64
5
16N
6% preferred
£1
Wright Hargreaves Ltd.,
4Kb
101
8
200
6N
Petroleum
1
Woolworth (F W) Ltd—
Arner dep rets
5c
Amer G A El debt 5s..2028
35.00C
78.00C
39,00C
49?*
84 N
Jan
103
4N
100
Jan
1967
Jan
N
99
53*8 '54
Jan
Jan
Fet
1953
Erie Lighting 5s
Federal Water Serv
3N
3*
94N
2N
8
Woodley
Baldwin
63*s series A
30.00C
9N
Wilson-Jones Co
Wilson Products Inc._._
Wolverine PortI Cement-10
Conv deb 4Ns
Assoc TAT deb
Empire Oil A Ref 53*g. 1942
Ercole Marelll Eleo
Mfg—
5
Williams Oll-O-Mat Ht.
fWll-low Cafeterias Inc..l
Conv preferred
....*
93
Elmlra Wat Lt A RR 5s '56
El Paso Elec 5s A
1950
Empire Dlst El 5s.__.1952
2N
95
Jan
{126?* 130
.
33* s '65
N
Jan
Jan
97
.
Aug 1 1952
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1956
Edison El 111 (Bost)
Jan
56
603*
-
♦Deb 7s
IN
200
5N
Western
Yukon Gold Co
3N
11N
Fet
60
1950
N
Welsbaum Bros-Brower
Wellington Oil Co
1
Wentworth Mfg
1.25
Western Air Express
1
Williams (R C) & Co
Feb
52
103N
66
Detroit Internat Bridge—
♦63*8
—Aug 1 1952
♦Certificates of deposit
63*
IN
5
Weyenberg Shoe Mfg
7
5s 1st series B
21,001 1
60
62
Delaware El Pow 53*8.1959
16
60 N
56 N
Jan
Fet
95?*
I21N
i
Cudahy Packing 3N8-1955
40 N
Jan
Fel)
51N
104N 105N
1944
Jan
50 N
37,00(
103
.
7>*s 1941
Jan
192,00(
*
1943
stamped
17N
Jan
50
t c.__
ser A
63N
*
Cont'l Gas A El 5s... 1958
Crucible Steel 5s
1940
Cuban Telephone
73
Waoo Aircraft Co
6s
13N
900
13*
Gen mtge 43*s
1954
Consol Gas Utll Co—
Jan
Jar
47
84N
.
High
55N
5331
47
105
Low
11,00(
53 N
101
*
1939
26
25
3N
IN
Jan
N
Jan
2N
Jan
2N
44
Jan
72
.»
Walker Mining Co
Wayne Knitting Mills
(Balt) 3Ns ser N-—1971
Consol Gas (Bait Clty)-
57
102N
49N
*
103
Range Since Jan. 1, 1938
$
5431
*
*
Conn Light A Pow 7s A_'61
Consol Gas EI Lt A Power-
Jan
94N
*
Community Pr A Lt 5s.'57
Community P S 5s...I960
Jan
IN
34 3*
25
52
52
♦oommerz A Prlvat 53*s'37
1?*
393*
Venezuela Mex Oil Co..10
Vot tr ctfs
Jan
553*
50 3*
51N
*
Line 6s
1943
Cities Serv PAL 53*8-1952
53*8
1949
N
common.
v
Jan
IN
2,600
36
Class B
Wagner Baking
*
Debenture 5s
.1958
Debenture 5s
1969
Cities Service Gas 53*s.'42
Cities
Service
Gas
Pipe
5s
Utility Equities Corp
Priority stock
*
Utility A Ind Corp com...6
Vogt Manufacturing
1950
Week
4
4
23*
Universal Pictures com—1
Utah-Idaho Sugar
Utah Pow A Lt 17 pref...*
Utah Radio Products....*
7% preferred
Valspar Corp com
Jan
1966
3*
8
preferred
Service 5s
Conv deb 6s
Jan
100
2
Universal Insurance
Feb
N
*
Cities
Jan
IN
22 N
80
3N
2N
Jan
IN
150
United Verde Exten—60c
United Wall Paper
|Utll Pow A Lt
Jan
for
of Prices
Low
Hig h
8
300
64
IN
22?*
3
U S Rubber Reclaiming..*
U S Stores Corp com..
Conv
High
N
U 8 Playing Card
U S Radiator com
Week's Ra,»g «
{Continued)
U 8 and Int'l Securities
1st pref with warr
U S Lines pref
BONDS
Week
5, 1938
Salts
IV
Last
{Concluded)
Feb.
5
67
5,000
33,000
•
-
79
3,000
41N 144,000
33
104N 105
101 N 1043*
{97
6,000
983*
7,000
15,000
57,000
58 N
78
Jan
39
33
Jan
Jan
Jan
63
Jan
Jan
79
Feb
Jan
43
Jan
36 N
Jan
_
104N
Feb
106
101N
Feb
105N
97 N
Jan
114N
_
{114?* 1163*
100
106 N
98 K
73
Jan
114N
Jan
99
Jan
Jan
Jan
65,000
30 N
Jan
100
9,000
99 N
Jan
101N
Jan
14,000
105 3*
Jan
106
Jan
1st mtge 5s ser H...190I
73
105N
Jan
74
Jan
Jan
80N
Jan
63*s series D
53*8 series F
194-
92
94
8,000
7,000
73
107 N
92
Feb
97
Jan
..l'»55
82
82
82
Jan
5s series 1
Jan
90
Jan
71 N
73 N
71K
Jan
79
Jan
10,000
8,000
21,000
92
106 3*
43 3*
Jan
Feb
46
N
95
106 N
Jan
Feb
83
83
52N
Jan
1,000
83
Feb
87
Jan
893*
89 N
2,000
89
Jan
91
Jan
Utilities
Co—
lht>9
4,000
19,000
Volume
Last
Week's Range
for
Sale
of Prices
Week
Low
Price
33* s *66
Lehigh Pow Secur 6a. .2026
100 M
73*8..1946
5s. 1952
~96~~
♦Leonard Tleta
Lexington Utilities
95
96
103
5b '42
Island Ltg. 6s—1945
Jan
1023*
98
10334 104
10334
973*
1033*
94
15,000
18,000
18,000
33,000
1033*
"98"
Louisiana Pow A Lt 5e 1957
103
10331
96
Jan
warr'ts-1941
Marlon Res Pow 43*8.1952
McCord Rad A Mfg 6s '43
Memphis Comml Appeal
Deb 4Hs
1952
Memphis P A L 5s A..1948
Mengel Co conv 43*8.1947
Metropolitan Ed 4s E.1971
*973*
82
Jan
82
3,000
70
Feb
88
6,000
81
Jan
-----
105
106
-----
87
88
563*
583*
92
943*
563*
-
-
-
-
90
90
983*
97
99
62
62
67
84
83
84
—
-
—
-
-
109
1093*
Missouri Pub Serv 5s.1960
1093*
653*
643*
1063*
Jan
105
Jan
2030
Nevada-Calif Elec 5s. 1956
New Amsterdam Gas 5s '48
Jan
97
Feb
100
33*8-1961
1948
1954
53*s
62
Jan
75
Jan
87
109
Jan
110
68
Jan
643*
Feb
Jan
95
Jan
Feb
863*
763*
Jan
Jan
443*
Jan
1083*
1145*
843*
Jan
1093*
Jan
Jan
116
Feb
Feb
93 3*
Jan
703*
1153*
Jan
733*
Jan
85
Jan
87
Jan
493*
50
463*
48
102
80
Jan
57
573*
1023*
893*
643*
1949
99
65
89
99
653*
Jan
91
Feb
713*
Jan
99
84
Ext 4)*s stamped..l950
N Y P A L Corp 1st 43*8 '67
84
1055* 10734
9134
935*
104J4 1043*
112J4 112J4
5334
55
4Mb 1980
N Y A Westch'r Ltg 4s 2004
Debenture 5s
1954
Nippon El Pow 63*8—1953
No Amer Lt A Pow—
10534
Feb
25,000
9134
Jan
16,000
2,000
2,000
10334
11234
5334
Feb
Jan
10834
9734
1043*
Jan
Jan
Feb
Jan
11234
Jan
Jan
58 3*
Jan
75
Jan
80 3*
Jan
.
7734
3,000
35 34
3 5 34
9,000
3534
Feb
40
Jan
9,000
10534
Jan
108
Jan
77
1956
53*s~1948
No Indiana G A E 6s. 1952
Nor Cont'l Utll
106
107
Northern Indiana P S—
5s series D
4>*s series E
7,000
33*s '67
N'western Elec 6s stmpd'45
N'weetern Pub Serv 5a 1957
Ogden Gas 5s
1945
Ohio Power 1st 6s B..1952
100
95
Feb
100
90
Jan
9734
Jan
10234
Jan
863*
10334
1053*
10434
12,000
5,000
6,000
23,000
13,000
4,000
13,000
105
D.1956 "105"
Okla Nat Gas 43*8—1951
1946
Okla Power A Water 5s.'48
Pacific Coast Power 5s.'40
Jan
5,000
59,000
2,000
2,000
1970
97
13,000
1966
1969
102
96
Jan
Jan
Jan
10434
9034
Jan
1053*
Jan
Jan
107
Jan
Jan
10634
98 3*
Jan
Jan
Jan
88
Jan
73
Jan
1013*
Jan
Jan
93 3*
99
Feb
Jan
Jan
92
Jan
10334
Jan
1163*
Feb
1153*
Jan
116
11634
3,000
Pacific Invest 5s ser A. 1948
84
84
Feb
88
Jan
+113
8634
116
7,000
58—1942
A Ltg 68.. 1955
603*
613*
21,000
60
Jan
67
Jan
1938
99
99
1,000
99
Feb
101
Jan
313*
Jan
345*
Jan
83
Jan
88
Jan
1941
—1964
43*8.1977
1979
8534
Penn Electric 4s F....1971
"83"
Park Lexington 3s
*3134
85 34
*90
33
8 5 34
-
-
-
83
-
14,000
92
63*8 series B..1959
Penn Pub Serv 6s C..1947
10734
1954
.1961
§*Peoples Lt A Pr 56—1979
53*8—1972
Phlla Rapid Transit 6s 1962
Pledm't Hydro El 63*8.'60
Pittsburgh Coal 6s„.1949
Pittsburgh Steel 6s. —1948
107
10734
10034 10034
1107 34
108
86
86
8834
863*
88
8934
7
7
8
11234 11234
Phlla Elec Pow
7634
56
56
107
*9634
♦Pomeranian Elec 6s._ 1953
193*
Portland Gas A Coke 5s '40
53
83
1,000
Jan
9634
193*
87
Jan
1073* 10734
60
603*
*1993* 1013*
2034
2034
Electric 6s. 1954
96
Jan
Feb
103 3*
Jan
1073*
Jan
1083*
Jan
108
....—
Jan
Jan
109
Jan
91
Feb
Jan
19,000
23,000
24,000
86
Feb
88
Feb
903*
Jan
7
Jan
17,000
111
Jan
103*
1123*
Feb
78
763*
Feb
56
Jan
106
Jan
108
Feb
100
603*
Jan
Jan
Jan
Feb
Jan
10,000
5,000
963*
19
Jan
193*
Feb
3,000
20,000
48
Jan
58
Jan
9,000
4,000
------
2,000
106
Jan
107 3*
Jan
1073*
Feb
1075*
Jan
57
Jan
65
Jan
1003*
Jan
1003*
Jan
203*
Jan
213*
Jan
Jan
1333*
Jan
43*8 series D
43*8 series E
1st A ref 43*8
4Mb series I
ser
1978
1980
F.1981
1960
1333*
111
132 34 1 33 3*
111
111
*1043* 10834
10334 1033*
104
104
1043*
1033* 104
10434 105
Jan
45
Jan
43
1
Jan
4,000
39
1
Jan
423*
Jan
3,000
105
1
Jan
1063*
Jan
8,000
105^
673*
*
Jan
106
Jan
Jan
78
Jan
573*
Feb
Jan
1,000
443*
443*
42
413*
1053* 106
106
106
3,000
2,000
673*
573*
673*
57
Jan
633*
603*
863*
Feb
1003*
Jan
1003*
Feb
1043*
Jan
94
Jan
993*
Jan
I,000
823*
Jan
863*
Jan
1073* 1083*
53.000
Feb
41,000
1083*
633*
Jan
603*
1073*
563*
573*
583*
863*
5734
3,000
943* 101,000
1003* 1033* 104,000
97
97
1,000
583*
83
83
1073*
573*
563*
Feb
Jan
Jan
♦1st
s
63*8.'41
1945
f 6s
Jan
114
Jan
57
Jan
60
Jan
243*
Jan
3~6oo
25
273*
*23
273*
23
Jan
243*
273*
Feb
Jan
723*
Jan
75
Jan
~
57
38,000
613*
953*
41,000
58
95
Feb
70
17.000
67
100
58
68
70
3,000
793*
80
833*
85
Jan
1143*
Jan
22,000
67
"95"
60
95
593*
1974
1959
Un Lt A Rys (Del) 53*s '52
63*s
53*8
57
58
United Lt A Pow 6s„ .1975
Jan
40
7,000
59
58
47
7,000
5,000
46
43
1143* 1143*
1956
♦United Industrial
Jan
Jan
Feb
1003*
783*
21,000
99
Feb
1063*
Jan
30,000
533*
Jan
70
Jan
68
Feb
78
Jan
2,000
793*
Feb
82
Jan
14,000
833*
Feb
903*
Jan
Feb
85
Jan
80
Jan
Jan
United Lt A Rys (Me)—
6s series A
1952
99
...1973
99
543*
"68"
Utah Pow A Lt 6s A. .2022
1944
A—1946
43*s
Va Pub Serv 53* s
1st ref 6s series B
~84~~
1950
83
81
833*
9,000
81
1946
78
773*
78
3,000
75
Jan
15
15
16
52,000
II,000
143*
Jan
0g
Waldorf-Astoria Hotei1954
♦5s Income deb
5s...1958
Ry A Elec 4s
1951
Wash
*1073*
Wash Water Power 5s 1960
2030
~~9jj66
1043* 105
101
West Penn Elec 5s
West Penn Traction 6s '60
West Texas Utll 5s A
1957
'44
'55
Wheeling Elec Co 5s..1941
373*
West Newspaper Un 6s
West United G A E 53*s
1043*
1966
Yadkin River Power 6s '41
♦York Rys Co
1937
5s
72 3*
Feb
106
Jan
Jan
102
Jan
Jan
Jan
1003*
Feb
833*
803*
Jan
38
41,000
6,000
1043* 105
16,000
363*
1043*
Jan
1033*
893*
393*
Jan
1053*
Jan
1073*
1053*
913*
Jan
1073*
Jan
Jan
106
Jan
50.000
104
Feb
105
Jan
1,000
70
Jan
73
Jan
173*
Jan
23
Jan
373*
1,000
9,000
93
92
104
Jan
1043*
5,000
1053* 1053*
Wise Pow A Lt 4s
1073*
2,000
*1073*
Wise-Minn Lt A Pow 5s '44
Jan
1003* 100 3*
82
82
Jan
100
101
1003*
Jan
105
173*
1053*
1063*
1053* 105%
1053*
Wash Gas Light
105
104
723*
72 3*
Jan
963*
Jan
Jan
Jan
FOREIGN GOVERNMENT
31,000
6,000
------
15,000
11,000
34,000
7,000
130
Agricultural Mtge Bk (Col)
..1946
1947
*203*
...1951
♦20-year 7s._
♦Baden 7s
*193*
1103*
Jan
1113*
Jan
1053*
Jan
106
Jan
1033*
Jan
1043*
Jan
104
Jan
1043*
Feb
102 3*
Jan
104
Feb
106
20
Jan
23
Jan
21
Jan
21
Jan
*70
1952
1947
♦7s stamped
*70
83*
1948
Cent Bk of German State A
♦Cauca Valley 7s
B..1951
80
*22
♦6 series A
Jan
803*
Jan
7
Jan
9
Jan
253*
Jan
27
Jan
25
Danish
Jan
25
Jan
1003*
1953
Danzig Port A Waterways
External
.1947
1939
♦Hanover (Prov) 63*8-1949
♦Lima (City) Peru 63*s.'58
21
Mtge Bk of Bogota 7s.
54
Jan
58
Jan
3,000
193*
193*
Jan
213*
4,000
Jan
213*
20
Jan
213*
19
Jan
12
Jan
163*
73*
Jan
203*
133*
173*
Jan
Jan
Jan
Jan
Jan
Feb
Jan
65
Feb
72
*11
173*
*73*
♦Medellln 7s series E.1951
1951
2,000
21
*18
1958
♦Mendoza 4s stamped.
58
203*
21
*20
♦Hanover (City) 7s...
♦Maranhao 7s
65
23
213*
163*
173*
83*
"2',000
70
65
1,000
1947
♦Issue of May
♦Issue of Oct
15
♦Mtge Bk of Chile 6s. 1931
6s stamped
1931
*123*
63*8—1959
Govt 63*8...1919
22
Jan
223*
Jan
23
163*
Jan
23
Jan
1,000
143*
Jan
153*
Jan
4,000
4,000
985*
Jan
9
Feb
103*
7,000
83*
Feb
103*
3*
Jan
3*
18
9 '
83*
Jan
Jan
23
100
100
Mtge Bk of Denmark 5s '72
♦Parana (State) 7s
1958
73*
15
*203*
*203*
1927
1927..—
♦Rio de Janeiro
Jan
Jan
193*
'47
♦Secured 6s
Jan
1013*
1003*
58
1952
63*s
♦German Con Munlc 7s
Jan
1003*
1013*
*993* 104
*101
1955
53*8
5s
3,000
26
26
*22
1952
♦Prov Banks 6s
80
85
83*
93*
93*
83*
Jan
100
Jan
Jan
Jan
X%
3*
Vi
3*
GO'.OOO
3*
Jan
3*
10,000
Jan
*3*
%
3*
3*
3*
3*
Jan
3*
Jan
3*
Jan
64
613*
Jan
65
Jan
13
133*
133*
133*
113*
113*
Jan
13
♦63*8 certificates...1919
♦53*8...
1921
♦53*s certificates
1921
♦Santa Fe 7s stamped. 1945
Jan
133*
Feb
Feb
Jan
Jan
1013*
23
23
30
Jan
1043*
*203*
Buenos Aires (Province)—
♦Russian
Public Service of N J—
6% perpetual certificates
Pub Serv of Nor Illinois—
1st A ref 58
....1956
5s series C
...1966
Jan
1962
United El Serv 7s
Jan
913*
1075*
1013*
1,000
193*
Feb
106
.5,000
2,000
97
Jan
883*
5634
5034
10634 107
1961
Potrero Bug 7s stmpd.1947
Power Corp (Can)43*sB '59
43* s series F
92
3,000
15,000
5,000
5,000
8,000
7634
108
53
Potomac Edison 5e E.1956
♦Prussian
89
1073* 1073*
Penn Water A Pow 5s. 1940
43*s series B
1968
Peoples Gas L A Coke—
4s series B
1981
93
8834
Jan
28
Rap Tr 53* s '52
♦73*8 stamped
Penn Ohio Edison—
1950
723*
543*
2022
♦20-year 7s...
95
83
Feb
AND MUNICIPALITIES—
Pacific Gas A Elec Co—
Pacific Ltg A Pow
683*
Jan
Jan
80
Jan
Jan
63*8—1953
6s series A
84
Jan
82
56
Jan
Conv 6s 4th stamp. I960
Jan
1,000
52,000
Jan
213*
United Elec N J 4s... 1949
Jan
983*
Jan
433*
Ulen Co—
Jan
643*
9,000
8,000
1,000
90
56
41
Tide Water Power 5s__1979
Jan
Feb
102
Feb
10,000
1003*
Jan
Jan
443*
63,000
"8634
Jan
463*
55
26
Texas Power A Lt 5s_. 1956
Jan
46
Jan
443*
Texas Elec Service 5s. 1960
Jan
57 3*
Jan
44
243*
Ternl Hydro-El
118
55
41
Tenn Public 8ervlce 5s 1970
Jan
Jan
433*
683*
'413*
Feb
Jan
Jan
44
463*
453*
683*
433*
Feb
48
55
44
Tennessee Elec Pow 6s 1956
Feb
51
Jan
44
4134
Twin City
Jan
44
45
4434
Tleta (L) see Leonard
Toledo Edison 5s
Jan
543*
443*
1940
1946
Super Power of 111 43*s.'68
1st 43*8
1970
Jan
1053*
Feb
44
1951
6s ser lea A
Feb
44"
933*
53*
Jan
Jan
44
Jan
33*
Jan
5,000
453*
1935
Jan
15,000
19,000
16,000
8,000
17,000
20,000
45
44
Jan
433*
ibiooo
433*
Jan
New York Penn A Ohio—
4s series D
Jan
100
2d stamped 4s
Feb
116
48
..1942
D
79
2d stamped 4s
793*
116
493*
N Y Central Elec 63*8 1960
series
Jan
3,000
4,000
973*
96
9734
44
Jan
New Orleans Pub Serv-
5s
69
92
44
Jan
83
773*
723*
46
------
1948
1950
88
703*
713*
New Eng Pow Assn 5s.
Deb
Jan
513*
883*
100
Jan
29,000
843*
56.1947
6s series A
983*
923*
88
37,000
1143* 116
1st 6s
Jan
50
883*
IStandard Pow A Lt 681957
803*
1143*
Penn Cent LAP
Jan
953*
51
♦Starrett Corp Inc 6s. 1950
Stlnnea (Hugo) Corp—
783*
2022
Nelsner Bros Realty 6s.'48
Palmer Corp 6s
95
Jan
793*
1083*
Pacific Pow
Feb
Jan
773*
Nebraska Power 43*s_1981
443*
443*
1083* 1093*
1st 6s series B
883*
1951
Jan
1023*
-----
58 conv debs
563*
953*
Jan
44
92
|*Nat Pub Serv 5s ctfs 1978
ser
Jan
60 3*
Jan
883*
6,000
8,000
2,000
9,000
26,000
3,000
35,000
12,000
79,000
3,000
66
43*8
Jan
50
Debenture 6s. Dec 1 1966
88
66
66
1st A ref
1053*
Standard Inveetg 53*8 1939
Jan
22,000
74
North'n States Pow
Jan
Feb
753*
533*
70
743*
C
104
100
Jan
1063*
Feb
Nat Pow A Lt 6s A—2026
series
45,000
28,000
Debenture 6s
74
91
6s
1043*
♦Certificates of deposit
793*
92
63*8 series A
Jan
104
72
Jan
91.
Nassau A Suffolk Ltg 5s *45
N Y State E A G
1093*
♦Convertible 6s
15,000
8,000
53*
♦Income 6s series A.
Jan
♦Certificates of deposit
90
4
6s stamped
Jan
1073*
*66
Jan
93
104
4,000
19,000
2,000
5,000
45,000
30,000
18,000
6,000
11,000
8,000
4,000
933*
4
1944
Debenture
1043*
9,000
So'west Pub Serv 6s..1945
3,000
59,000
93
♦Munson SS 63*8 ctte.1937
New Eng Power
1043*
8,000
1083*
So'west Pow A Lt 68—2022
Jan
81
Montana Dakota Power—
Conv deb 5s
31,000
108
3348-May 1 1960
334s B.July 1 '60
4s...I960
Counties Gas 43*s 1968
I^Stand Gas A Elec 6s 1935
70
1043* 1053*
-
Jan
Jan
1,000
853*
Miss River Pow 1st 5s. 1951
5s
1043* 1043*
1043* 1043*
10634
6'western Lt A Pow 5s 1957
Jan
83
Jan
70
70
1957
N E Gas A El Assn
Jan
Sou Indiana Ry 4s
943*
*75
63*s *45
Midland Valley RR 6s. 1943
Mllw Gas Light 43*8—1967
Minn PAL 43*8
1978
1st ArefSs
1955
Mississippi Pow 5s
1955
6s series A
Jan
1063*
1053*
1053*
Sou
983*
97
983*
82
Middle States Pet
Deb 5s series B
953*
Jan
1st A ref mtge
J22
1965
s
Jan
106
85
83
8334
1945
8'western Assoc Tel 5s 1961
♦7s without
Miss Power A Lt 5s
82
50,000
Ref M
Mansfield Mln A Smelt—
4s series G
50,000
Ref M
Jan
10434
Feb
High
Low
S
1063* 1063*
334s
Debenture
Jan
Feb
98
Jan
91
1, 1938
Week
of Prices
High
Low
Sou Calif Edison Ltd—
Jan
Jan
10034
Southeast PAL 6s...2025
Jan
953*
Jan
93
34,000
Sale
Price
Range Since Jan.
for
Week's Range
Last
(Concluded)
High
Low
$
High
*945*
9534
10034 101
*23
29
Llbby McN A Llbby
Long
BONDS
1, 1938
Range Since Jan.
BONDS
(Continued)
Lake Sup Dlst Pow
Sales
Friday
Sales
Friday
885
Exchange—Concluded—Page 6
New York Curb
146
Jan
1949
1961
♦Santiago 7s
♦7s
*55
13
17,000
2,000
Pub Serv of Oklahoma—
4s series A
*
99
1966
Puget Sound P A L 53*s
'49
63
61
43*8.ser D.1950
'5634
Queens Boro Gas A Elec—
53*8 series A
1952
♦Ruhr Gas Corp 63*8.1953
63*8—1958
43*8.'79
|*St L Gas A Coke 6s. 1947
San Antonio P S 5s B.1958
San Joaquin L A P 6s B '52
Sauda Falls 5s
.1955
♦Saxon Pub Wks 6s..1937
♦Schulte Real Est 6s„ 1951
Scripp (E W) Co 53*8.1943
Scullin Steel 3s
1951
Serv el Inc 5s
1948
Shawlnlgan WAP 4Mb '67
1st 43*s series B
1968
1st 4Mb series D
1970
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
56
573*
*22
109
10
40,000
57,000
99
Feb
613*
Jan
693*
Jan
4,000
61
Jan
653*
Jan
6,000
53
Jan
63
Jan
Jan
933*
Jan
"7,606
853*
253*
Feb
263*
Jan
Jan
Jan
9434
253*
♦Ruhr Housing
Safe Harbor Water
6434
6134
*92
1st A ref 5s series C. 1950
1st A ref
623*
100
109
10
26
2634
109
1034
10334 1033*
*10334 104
------
213*
5,000
7,000
1083*
31,000
1023*
10
213*
Jan
1093*
113*
Jan
Jan
103 3*
Jan
*2334
2234
101
*433*
107
25
Jan
25
Jan
24
3,000
215*
Jan
24
Feb
5,000
1003*
Jan
102
10334
—
■-i-
Jan
50
e
Jan
107
Feb
1073*
Jan
1033*
1033*
Jan
1043*
Jan
Jan
104 3*
Jan
1033*
10334 10334
10334 10334
58
5834
753*
753*
sales not Included
No sales were transacted
n Under
n year's
during current week.
\
receivership.
transacted during the current week
i Reported in
Jan
43
107
asked price.
Bonds being traded flat.
Included in year's range,
r Cash
Cash sales
and not Included In
weekly or
No sales
28
10334 104
Deferred delivery sales not
yearly range:
102
46
a
not Included in year's rang#,
Ex-divldend. v Ex-Interest.
sales
z
t Friday's bid and
*
*1113* 112
24
No par value,
range,
Jan
Feb
♦
the rule
_
1,000
24,000
22,000
2,000
6,000
3,000
Jan
1043*
Jan
633*
Jan
773*
transacted during the current week
and not included In
No sales.
z
Deferred delivery salee
In weekly or
transacted during the current week
and not included
yearly range*
No sales.
Jan
73 3*
Under-the-rule sales
Jan
58
V
weekly or yearly range:
Jan
without warrants.
consolidated
886
Financial
Chronicle
Feb.
5. 1938
Other Stock Exchanges
Sales
Friday
New York
Real
Estate Securities
Last
Unlisted Bonds
B'way
38th
St
Bid
Ask
90
Bryant Park Bldg 6%sl945
20
11
West 42d St 6%s..l945
■
!,■
;
6%s
m
5%
20
21
77
m,
250 W 39th St Bldgs 6s '37
mm
t c
v
12
mmm
mmm
100
1
"l%
Stein Bro s. &B oyce
S.
Established 1853
Calvert St.
gg
BALTIMORE,. MD.
Louisville, Ky.
9
Jan
Jan
Jan
22
Jan
Jan
24%
Jan
5%
2,760
3%
Jan
5%
%
2%
Jan
90
90
98
2%
55c
4%
Stone A Webster...
York, Fa.
16%
24%
Jan
Jan
Feb
20
Jan
665
9%
9
Jan
Jan
*
8%
9
25%
26
19
20
69%
39%
68%
39%
41%
90c
97c
Jan
Jan
27
Jan
Feb
20
Jan
85
95c
887
68%
23
38
*
2%
.*
77%
Jan
Jan
Jan
Jan
Jan
41%
1%
1%
8%
Feb
4%
Jan
1
Phb
1%
50
7%
2%
""7%
Jan
Feb
%
90c
1,100
1
•
Warren (SD) Co...
75%
Jan
10%
11%
19
870
19
Feb
7%
25%
682
25%
Corp.-l
Jan
13
•
Warren Bros Co
Jan
19
United Shoe Mach Corp.25
Preferred..
25
Members New York, Baltimore and Chicago Stock
Exchanges
Chicago Board of Trade
New York Curb Exchange (Associate)
5
20
5
Venezuela Holding
Waldorf System
Jan
Jan
4%
2%
10
(new)
1
79c
28
Utah Metal A Tunnel
Broadway
Jan
Jan
Jan
570
20
8
102
Feb
2
55
21%
19
9%
90
Jan
Jan
42c
98
13
20%
"9%
Jan
Jan
3,250
4%
13
20%
10c
1%
991
2%
50c
100
66
45
1%
Union Twist Drill Co
Torrington Co
NEW YORK
Hagerstown, Md.
6%
18
22%
20
10c
1%
"55c"
2.50
Pennsylvania RR
50
Reece Button Hole MachlO
Shawmut Assn T C
_*
Baltimore Stock Exchange
4%
10c
100
Butte
Old Colony RR
Pacific Mills Co
on
High
490
18%
23
4%
com v t c.l
National Tunnel A Mines. *
New England Tel A Tel 100
Natl Service Co
mmm
Orders Executed
Low
135
8%
18
22%
Linotype..*
Inc
North
6
6%
cum pref erred ...100
N YNH AHRR
6
Range Since Jan. 1,1938
Shares
Narragansett Racing Ass'n
mm
Dodge Corp—
Income bonds
for
Week
Price
Par
Common
Mergenthaler
.
5%
Place
Ask
Certificates of deposit..
10 East 40th St Bldg 5sl953
mmm
29
Internat Commerce Bldg—
Park
Bid
65 West 39th Street Bldg—
1945
(Concluded)
of Prices
Low
High
Maine Central-
Unlisted Bonds
Bldg—
7s
Stocks
Week's Range
Sale
Exchange
Closing bid and asked quotations, Friday, Feb. 4
7%
345
7
3%
495
2%
Feb
Jan
Jan
21%
23
25
20
Jan
23
Feb
63
63
$3,000
63
Jan
75
Jan
Bond#—
Baltimore Stock
Jan. 29
to
Eastern Mass St. Ry—
Series B 5s.
.1948
Exchange
63
Feb. 4, both inclusive,
compiled from official sales lists
Friday
Sales
Last
Par
Week's Range
for
Sale
Stocks—
of Prices
Low
High
Price
Arundel Corp
*
Atl Coast Line (Conn)..60
Bait Transit Co com v t o. *
1st pref vtc
15%
15%
12%
62%
65
%
1%
Black A Decker com.....*
Consol Gas B L & Pow
*
62%
12%
1%
100
1
Fidelity & Deposit
70
Mfrs Finance 1st pref...26
2d preferred
*
6%
1
Merch A Miners Transp..*
Mt Ver-Wdb Mills pref 100
14
380
700
4
25
115
225
12
1,010
2%
2%
New Amsterdam Casualty6
No American Oil com
1
"10%
16
Jan
91%
32%
9%
14%
6%
Jan
Feb
18%
104%
35%
Jan
9%
Feb
Jan
17%
Jan
Feb
2%
2%
%
Feb
Jan
Jan
69
Feb
75
Jan
Jan
24%
Finance Co of Amer 4% *42
Read Drug & Chem 5%s. *45
Sales
Last
Par
Week's Range
for
Sale
Stocks—
Jan
of Prices
Low
High
Week
Price
Jan
Common (new)
*
Adams Mfg (J D) com —*
Adams Oil A Gag Co com.*
Jan
72
Jan
72
Jan
Advance Alum
1,972
13%
Jan
15%
Jan
$17,000
21 %
Jan
23%
Jan
37
8%
8
6%
6%
3%
Aetna Ball Bearing com._l
Allied Laboratories com..*
Allied Products—
25%
5,150
24%
Jan
9,000
2,000
Feb
97
Jan
101%
Jan
102
Feb
102
27
Jan
Castings..5
Low
High
Common
Jan
39%
Jan
7%
Jan
9
Jan
5
Jan
Jan
Jan
Jan
7%
4%
7%
11%
Jan
450
7
450
3%
6%
9
100
9
Feb
7
7
150
7
Jan
9
Jan
52
53
430
52
Feb
56
Jan
6%
5%
5%
3,300
6%
200
5%
6%
Jan
Jan
1
6%
1%
100
1
Jan
34
....
1
1Y2
Barber Co (W H) com
1
Barlow A Seellg Mfg A com 5
34%
200
4%
Athey Truss Wheel cap.—*
Automatic Prod com
5
and Tyson
36 %
9
Amer Pub Serv pref...100
Armour A Co common...6
1
150
200
1,050
4
__10
Aro Equip Corp com
Asbestos Mfg Co com
37%
8%
5%
6%
Associates Invest Co com.4
Townsend, Anthony
Range Since Jan. 1,1938
Shares
Abbott Laboratories—
97
96%
102
inclusive, compiled from official sales lists
Friday
Jan
Bonds—
Bait Transit Co 4s (flat) *75
A5 s flat
...1975
Feb. 4, both
Jan
10
13%
to
Jan
3
Feb
Chicago Stock Exchange
Jan. 29
Jan
17
72
23
7
Jan
1,680
21 %
Feb
10 So. La Salle St., CHICAGO
Jan
Feb
1%
Chicago Stock Exchange
Chicago Curb Exchange
Jan
Jan
14
70
13%
Jan
46%
9%
1%
329
72
13%
Jan
70
16
10%
1%
Feb
Feb
Members
New York Stock Exchange
New York Curb (Associate)
Jan
56
47
09
2%
17%
2%
16%
47%
11%
1%
15
i%
*
com
Phillips Packing pref.. 100
U 8 Fidelity & Guar
2
Jan
Jan
3,300
46%
9%
Jan
114%
4,625
2%
6
PaaJ HJDavte &
Jan
1
Jan
43
14
28
Feb
6%
%
Common class A
17%
Feb
1%
12%
62%
113%
2%
Mar Tex Oil.
Feb
Feb
%
%
%
2%
15%
23
Unlisted
High
4,453
16%
16%
100% 102%
32% 34%
9%
9%
14%
15%
20
Fide & Guar Fire Corp.. 10
Finance Co of Am A com.5
Houston OH pref
100
Penna Wat A Pow
607
SECURITIES
Listed and
Low
1,439
114% 114%
Eastern Sugar Assoc—
Preferred
Range Since Jan. 1,1938
Shares
16%
25%
%
2%
14%
23
*
6% preferred
CHICAGO
Week
4%
1,050
32%
3%
1%
13%
1%
13%
350
1%
Q
Q
100
12
Jan
6%
Jan
Jan
Jan
6%
Jan
1%
36%
Jan
Jan
Jan]
4%
Jan
Jan
1%
Jan
13%
Jan
Jan
New York Stock
Boston Stock
Exchange
30 State St., Boston
Bangor
10%
Jan
11%
350
11
Jan
13
Jan
10
10%
1,000
10
Jan
13
Jan
6
11%
11%
6%
5%
12%
Jan
14%
6%
17
21%
12%
Borg
Private Wire System
Boston Tel. LAP 7010
Jan
11%
10
Berghoff Brewing Co
1
Blnks Mfg Co capital
1
Bliss A Laughlin Inc
cap.5
Exchange
New York Curb Exchange (Alio.)
UNLISTED TRADING DEPARTMENT
9
11%
Belden Mfg Co com
Bendix Aviation com
1887
Members
50
Bastlan-Bleesing Co com.*
Estsblisbed
Lewlston
Class A
Boston Stock
Jan. 29 to Feb. 4, both
Exchange
Friday
Last
Sale
Stocks—
Par
Price
sales lists
Week's Range
of Prices
High
for
Range Since Jan. 1,1938
Week
Shares
Low
High
*
1st preferred
60c
50
6% preferred
Amer Tel A Tel
14%
50
100
1%
132
Blgelow-Sanf Carp pref 100
Boston A Albany
Boston Edison Co
..100
100
Boston Elevated
100
Boeton-Herald-Traveller
Common
1%
1%
129% 142%
10,336
Preferred stamped.
~95~"
115
88
20
92
96
264
115
119
39%
19
19
3%
.100
2%
20%
3%
2%
9%
100
2%
2%
3
3
2%
3%
3
Class A 1st pref stpd.100
Class B 1st pref 8td..l00
CI C 1st pref stamped 100
CI C 1st preferred
.100
8
Feb
Feb
1%
149%
Feb
Feb
94
Jan
Chicago Corp
*
Preferred
*
Chic Flexible Shaft com..6
Chic A N West Ry oom. 100
Jan
*
common
*
Jan
Feb
20
2%
Feb
2%
Feb
247
3%
Jan
3%
Jan
4%
3%
Jan
3
Feb
Jan
3%
2%
12
Jan
Jan
"~7%
19%
Commonwealth
5
Jan
Feb
Jan
New
25
Compressed Ind Oases cap*
Consolidated Biscuit com.l
Consumers Co—
9%
Feb
8%
315
6%
Jan
853
4%
Jan
2%
49%
27%
27
2%
Feb
111
49
Jan
55
26
Feb
51%
30%
23
116
16
Jan
23
Feb
Jan
Jan
18
Jan
Feb
30
Dodge Mfg Corp com
*
Eddy Paper Corp (The) ..*
Jan
Cord Corp cap stock
Jan
5
22%
9%
Jan
5%
6%
19%
20%
7%
20
1,050
21
47
1%
94
6
6%
18%
Jan
21
Jan
200
19
Jan
25
Jan
Common
..*
1%
6%
Feb
1%
Feb
7%
10%
Jan
Feb
Fuller Mfg Co com
2%
Jan
Jan
31 %
Jan
Jan
97
Jan
30
92
750
2%
Jan
Jan
46%
43
46%
600
38%
Jan
46%
Jan
1%
200
1%
Jan
8%
10
1%
1%
2%
200
6.850
1%
8%
9%
1%
9%
100
1%
4,500
14
Jan
1
Jan
8%
Feb
10
Jan
100
Jan
100
Jan
61%
9%
1%
Jan
65
Feb
Feb
12%
Jan
Jan
2
27
Jan
30
Jan
22%
Feb
27%
Jan
Jan
25
Jan
28
28
22%
11,800
20
24%
20%
4
4%
700
5
5%
40
1%
%
23%
.....
1%
100
1%
Jan
%
90
%
10
97%
1%
1,100
1%
Feb
Jan
Jan
14%
9
13%
Feb
300
8
Jan
10%
Jan
50
20
Jan
20
Jan
98
1%
•
13%
20
2%
20
98
20
2%
400
400
200
17
3%*
Jan
4%
Feb
Jan
5
Jan
6%
2%
Jan
Jan
2%
Jan
1
Jan
98
Jan
2%
15%
Jan
Jan
3%
Jan
Feb
18%
18%
18%
20
18%
Feb
18%
16
16
16%
11%
100
15%
Jan
16%
300
10%
Feb
14%
Jan
150
19
Jan
20%
Jan
Jan
4%
Jan
10%
10%
19
3%
21
20%
3%
600
3%
Jan
12
Feb
24
Jan
5%
6
400
5%
Feb
7
Jan
2%
1
General Candy Corp cl A 5
1%
8%
Gardner Denver Co—
New common
Feb
140
2,410
33%
FltzSlmAConn(DAP) com*
Jan
Jan
1%
1%
30%
95%
Feb
Elgin Nat Watch—*.__15
Feb
9%
Feb
Jan
Feb
10
193
1%
Jan
60%
Feb
Deep Rock Oil conv pref..*
Dixie Vortex Co—
oom
110
35c
6%
Jan
120
12%
1%
Decker A Cohn
7%
9%
Jan
Jan
46%
100
47%
31
Jan
40
Jan
Jan
550
Jan
1%
1
8%
13
13%
27
27c
5
Jan
32
"20~"
237
3%
Jan
250
12%
1%
Dayton Rubber Mfg com.*
Cumul cl A pref...
35
Jan
Jan
Jan
31
Cunningham Dr Stores.2%
555
10
Feb
4
Jan
Jan
Jan
31
"i%
Jan
2%
15%
450
7%
100
30
Elec Household Util cap. 6
3
Jan
3%
16%
27%
1%
900
1%
95
Vtc part shs pref
50
Common def shs vtc A50
Common pt shs v t c B. *
Continental Steel pref-.100
5%
Jan
Jan
Edison—
5%
12%
10%
7%
Jan
8%
4%
5%
47
Coleman Lamp A St com.*
Jan
3
35c
19
7%
50
Feb
1%
100
20
7
Jan
4%
65
Fet
35c
890,
19
...
6%
25
28%
13%
65
20%
2
9%
Feb
50
Common capital
*
Chicago Yellow Cab Co..*
Cities Service Co com
»
Jan
1%
9%
21%
12%
5%
Feb
350
Jan
19
26
......
4,250
6%
10
4
16
23%
12%
100
50
27
Jan
100
83
16%
22%
pf *
conv
237
27
Jan
Chic Rivet A Maon cap. ..4
10%
Employers Group
16%
Chicago Towel Co
Feb
General Capital Corp
»
Georgian Ind cl A pref. .20
Gilchrist Co
800
Jan
3%
2%
10
18%
Jan
Feb
3%
Jan
Jan
56
Feb
49
Jan
6%
122%
7%
49
8
Jan
108%
Jan
2
3
Feb
5%
Jan
3
5
11%
6%
100
Feb
48%
3
9%
800
6
7%
*
Jan
8
30
815
6
*
11
East Mass 8t Ry—
14%
130
2
1st preferred
100
East Steamship Lines oom*
For footnotes see page
91%
115
Jan
100
4
1
16
4% % prior preferred 100
6% preferred
100
Copper Co
Convertible preferred..*
Cent 111 Pub Serv pref-—*
Central 8 W—
Prior Hen pref
Chain Belt Co com
3
9%
Common
Class B
88
Jan
3
2%
East Gas A Fuel Assn—
*
22
1%
129%
60c
3
~5%
25
Gillette Safety Razor
Hathaway Bakeries—
470
13
Jan
2
CI D 1st pref 8tpd...l00
Copper Range
10
766
240
51c
3
.
CI D 1st preferred
100
Boston Personal Prop Tr.*
Calumet A Heels
25
Isle Royal
51%
100
.
60
88
100
Prior preferred
C1 A 1st preferred
30
Preferred
100
10
39%
_*
60c
14%
Boston A Maine—
•
conv preferred
Common
Amer Pneumatic Service—
Common.
12%
Castle (A M) common..10
Central Illinois Sec-
Sales
Low
5%
22%
*
Bruce Co (E L) oom
*
Burd Piston Ring com_._l
Butler Brothers
...10
inclusive, compiled from official
'l8~~
850
7
6
Warner Corp—
(New) com
5
Bracb A Sons (E J) cap...*
Brown Fence A Wire com.l
N. Y. Tel. CAnal 0-1541
Portland
10
2%
300
2%
Jan
2%
Jan
600
11%
9%
Jan
Jan
16
Jan
10%
Jan
12
9%
22
13
9%
550
150
21
Volume
Sales
Friday
Gen Finance
3X
Range Since Jan. 1,1938
Shares
Low
Stocks (Concluded)
High
4X
Jan
Cln Advertising Prod.
2
Feb
2X
Jan
Cin Gas A Elect pref— .100
Cincinnati Street Ry— -50
995*
3,100
45*
775*
Great Lakes DAD com..*
"13"
Harnlschfeger Corp com.10
Helleman Brew Co G cap. 1
150
12
Feb
14
Jan
22
1,300
18
Feb
23 X
Jan
Dow Drug
8X
Jan
Eagle-Picher Lead
Jan
Gibson Art
Jan
8
8
200
13
14
1,700
13
Jan
6
6
6
90
6
Feb
7X
Jan
5X
5X
700
5X
Jan
7
Jan
5X
55*
100
5
Jan
ex
44
44 X
40
175*
18
com..25
15
Jan
45
Jan
21
Jan
85*
115*
Jan
iox
100
iox
Feb
11
Jan
100
IX
Jan
2
Jan
24
24
245*
5
5
35*
3X
3X
60
105
Jan
108
Jan
24
Feb
29
Jan
15
350
7
Jan
Jan
15X
Jan
Wurlitzer.
14
Feb
15
15X
100
145*
Jan
185*
100
20 X
Jan
23 X
40
40
Jan
40 X
50
4
Jan
5X
Jan
150
5X
Feb
7X
Jan
Kerlyn Oil Co cl A com—5
Kingsbury Breweries cap.l
La 8alle Ext Unlv com...6
35*
10
100
10
Jan
12
70
25
Jan
28 X
*
preferred.*
10
3k
Le Rol Co com
55 X
100
55
Feb
60 X
Llbby McN A
650
Jan
4X
Llbby—10
75*
X
250
X
Jan
1
450
2X
Jan
3
250
Jan
4
315*
*
25
25
Feb
22 X
8X
Jan
9X
300
7X
Jan
9
3
Jan
4
400
2X
Feb
2X
195*
Feb
20
400
*
2
2
2
300
2
Jan
34
34
34
300
34
Feb
195*
19 X
25
Jan
35*
...
X
7X
35*
X
85*
X
3,450
7X
85*
85*
15
8
Jan
85
15
Jan
85*
175*
Feb
155*
49
49
49
18
49
Feb
49
Feb
465*
46
48
93
455*
Jan
505*
5*
117
15
245*
245*
25
35
23
100
23
23
90
7
7
20
85*
8
50
117
117
10
r's: 7
85*
.....
4
3,150
3X
1,000
2X
Jan
6X
IX
5,500
4X
IX
X
X
3X
3
2,050
Jan
V7:?';
Jan
Airway Elec Appl pref-100
Jan
City Ice AFuel
Clark Controller
Jan
Cleve Cliffs Iron pref
Feb
X
5
Stocks—
20
IX
Jan
2
Jan
680
2X
Jan
4%
Feb
150
120
Jan
21X
\
Jan
131
Jan
27X
100
7X
7X
Feb
3X
50
3X
Jan
21X
850
3X
20
Jan
21
Jan
235*
Jan
600
18X
20
X
185*
950
Jan
%
Jan
Jan
23X
Jan
Jan
2X
Jan
85*
Jan
2 X
95*
'U"
2%
150
2X
7
7X
1,350
6X
Jan
9X
Feb
80
10
9X
9X
9X
t4
125*
100
12X
8Vs
45*
250
IX
400
1
300
97
96 X
141
140
160
12X
8
;
v;-4
x
1
........100
Raytheon Mfg—
Common v tc
50c
Preferred
2X
X
10X
2%
X
9X
97
10
X
Jan
Jan
95X
Jan
13
Jan
4X
Jan
Jan
IX
Jan
Jan
Jan
137
2
IX
Jan
1005*
Jan
141
Feb
Jan
2X
Jan
IX
11X
Jan
99
Jan
200
X
Jan
260
Feb
10
9X
97
1,000
X
Jan
18
55
55
56
104
29X
15X
30X
295*
155*
305*
305*
155*
305*
249
113
*
Federal Knitting Mills—*
Foote-Burt
—-—*
Great Lakes Towing —100
Preferred
100
Halle Bros..5
Preferred..»:.
100
Hanna (M A) $5 cum pref *
Interlake Steamship
... *
Jaeger Machine
*
Faultless Rubber
_
...
—
_
_
97
1
1
63 X
63 X
54 X
45*
23 X
57
4%
4X
IX
Jan
58
63 X
23 X
50
150
Jan
635*
Jan
23 X
Feb
27
Jan
54X
750
/C
Feb
Jan
*
Kelley IslLimeATra
Lamson A Sessions
*
Leland Electric
*
Lima Cord Sole A Heel
1
McKee (A G) B
*
Medusa Portland Cement *
National Refining
25
National Tile
*
Nestle LeMur A-.--—-*
Ohio Brass B
*
—
—
635*
Jan
55*
Jan
_
1
Upson-Walton
Van Dora Iron
13
350
10
Feb
175*
Jan
17
600
14
Jan
17
Feb
Warren
98
98
73
73
Jan
10
98
Jan
70
72
Jan
Jan
25*
Jan
100
Jan
73
175*
"ix
600
Feb
13
250
9X
Jan
13
24
24 X
9.50
23 X
Jan
27
Jan
17
17X
700
16X
Jan
185*
Jan
14X
"24
600
10X
14X
IX
150
14X
Feb
16
Jan
X
IX
IX
X
500
IX
IX
X
IX
17X
17 x
15*
IX
18X
18X
IX
19 X
50
10
35*
Jan
Jan
Jan
15*
Jan
Jan
18
500
IX
Jan
15*
18 X
Jan
205*
W Res
New York
25
75*
iox
Jan
76
11
125*
Jan
795*
205*
Feb
11
Feb
11
Feb
85*
Jan
Jan
7%
29
Jan
45
45
45
32
45
Feb
45
Feb
175*
365*
175*
20
175*
Feb
215
35
Jan
175*
375*
Jan
365*
175*
365*
92
92
92
16
92
Feb
92
Feb
41
41
35
41
Feb
445*
Jan
165*
165*
425*
175*
165*
Feb
20
Jan
15
Jan
185*
Jan
176
Jan
17
17
55*
85*
35*
5
85*
35*
28
28
200
75
125
45*
Jan
65*
Jan
8
Jan
105*.:
Jan
35*
Jan
4
Jan
30
28
Feb
31
Jan
Jan
185*
45*
Jan
Jan
390
16
35*
25*
415
18
16
16
175*
5X
85*
35*
285*
62
25*
25*
X
X
315*
£ X
200
315*
15
35*
25*
X
315*
105*
185*
4X
105*
15
105*
10
10
10
34
34
105*
105*
355*
105*
3%
3%
315*
100
Jan
Jan
Jan
3
Jan
X
Jan
Jan
33
Jan
Feb
115*
4X
250
19
Jan
Jan
18
19
Jan
Jan
Jan
15
45*
10
Jan
55*
115*
602
31
Jan
365*
Jan
105*
Jan
11
Jan
150
40
4%
Jan
6
Feb
7 : V Feb
6
6
7
135
25*
65*
25*
25*
65*
25*
25*
65*
25*
325
2
Jan
3
Jan
35
6
Jan
Jan
65*
25*
Jan
2X
100
60
60
60
144
20
20
20
340
Jan
18
Jan
20
Jan
60
Jan
60
Jan
3X
Jan
45*
4X
Jan
55*
3X
Jan
55*
12X
Feb
175*
Jan
Telephone: Randolph 5530
Jan
2,850
DETROIT
Buhl Building
Jan
100
New York Curb Associate
Chicago Stock Exchange
Jan
200
fit HAYES
Feb
100
12X
350
Detroit Stock Exchange
Jan. 29 to
Feb. 4, both inclusive,
Sate
compiled from official sales lists
Sales
Par
Price
Week's Range
of Prices
High
Low
for
Range Since Jan. 1,
1
1
1
Auto City Brew com
Allen Electric
Baldwin Rubber com
BALLINGER & CO.
Burry
CINCINNATI
BLDG.
Phone Cherry 6711—Bell
common.....*
Biscuit com—125*c
Briggs Mfg
Chrysler Corp com.
5
Consolidated Paper com. 10
Sys. Tel. Cin. 363
Cunningham Drug com
Det A Cleve Nav com.
Cincinnati Stock Exchange
Feb. 4, both inclusive, compiled from official sales lists
1, 1938
Range Since Jan.
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Shares
100
165*
15*
165*
15*
27
29
214
104
104
104
10
Det-Mich Stove com
Prod com
..
100
5
1
56c
59c
1
1
1
7X
20X
7X
20X
2
52
50
14*4
14X
545*
15X
14
14
"iX
93X
.1
1H
93X
IX
2X
2X
com...*
iox
3X
ix
com..3
Jan
16
X
27
1035*
18 X
Jan
IX
Feb
Gar Wood Ind com
Jan
General Motors com
9
Fruehauf
Feb
Feb
31
Jan
104
Jan
Goebel Brewing com
3
10
1
8
21
2X
2
Frankenmuth Brew com. _ 1
Ex-Cell-O Aircraft
Fed Motor Truck
High
Low
600
28
Det Gray Iron com
Det Paper
Sales
Friday
Detroit Edison com
2.50
10
56c
6
32X
3
9
5X
315*
3
IX
96
Shares
X
Jan
Jan
%
IX
Jan
i»ii
7
Jan
95*
Jan
650
1,600
718
841
High
Low
20X
Jan
Jan
Feb
3X
Jan
2,763
48
Jan
62 H
825
14
Jan
15X
135
14
Feb
Jan
Feb
Jan
IX
93X
IX
Jan
Feb
Jan
15X
IX
1,400
234
790
2
Jan
3
740
25*
Jan
100
10X
3X
IX
Feb
300
520
100
6
1,338
34
3,669
3X
Jan
2
300
9
26
1,700
IX
2X
10X
3X
m
1938
Week
Markets in
Cincinnati and Ohio Listed and Unlisted Securities
890
50
Jan
Jan
Stock Exchange
Jan
50
3X
45*
4X
14X
Active Trading
15*
Jan
205*
25
Stock Exchange
Detroit
Stocks—
165*
125
Jan
113
Members
Member« Cincinnati Stock Exchange
Burger Brewing
Jan
23
Last
Price
Feb
109
Jan
26
Friday
UNION TRUST
50
WATLING, LERCHEN
Jan
79 X
4X
12X
Inc
*
Inv Corp 6% pf 100
Weinberger Drug
Jan
1,400
3X
4X
2
-
Refining
Jan
10X
Wisconsin Bank shs com.*
Jan
305*
185*
315*
Jan
79 X
11
Williams OU-O-Matio com *
Jan
Jan
15*
5*
Jan
16
Jan
15
Jan
26
Jan
550
2X
10
32
Jan
2X
UX
10
2X
Feb
29%
Feb
10
25*
10
*
*
2
Works
Vlchek Tool
16
2
11
7X
7X
185*
*
---*
3
Reliance Electric A Eng .5
Richman Bros
*
S M A Corp
1
Peerless Corp
10
100
205*
11
11
Packer Corp
16
2X
Feb
55
26
105*
11
2
Jan
Jan
Jan
Rollins Hoa Mills1
205*
20X
Patterson-Sargent
...100
Jan
1,025
25
113
113
.
Jan
6
125*
205*
645*
Feb
17
40
Jan
1
9X
Jan
1
100
Jan
Feb
4
270
Jan
14X
Feb
8
250
13
Jan
X
X
Jan
11
Feb
9X
14
1,000
X
965*
20
200
14
Dow
125*
18
Jan
6
115*
140
115*
Jan
140
Feb
7X
1938
High
Low
10
6
6
6
Commercial
23
Range Since Jan. 1,
for
Shares
18
1
*
.100
Cliffs Corp vtc
4 5*
134
lists
Week
of Prices
High
Low
UX
*
*
Bookbinding.*
Chemical pref
100
IX
7A
7
Jan
Jan
2
•
Jan
X
131
Week's Range
Last
Price
Par
Jan
3%
7%
35*
"21""
10
Sales
Sale
3
500
23
134"
Feb
A. T. & T. CLEV. 565 & 566
Friday
IX
Modlne Mfg Co com
Jan
7
Jan
85*
23
both inclusive, compiled from official sales
P^3'A:-
Midland Utll—
4X
Jan
Jan
7
Cleveland Stock Exchange
Jan. 29 to Feb. 4,
Cleve Railway
100
Feb
Union Truat Building, Cleveland
Jan
45*
Jan
X
•
27
Feb
215*
y
Jan
117
Jan
22 5*
Jan
95*
Jan
1,200
IX
Feb
2%
100
Feb
Midland United Co.....
Feb
117
Jan
GILLIStf JWOODcb
Jan
2X
34
Jan
4%
IX
8
Jan
155*
*
Jan
25
Feb
2X
5*
Manhatt-Dear'nCorp com*
Jan
Jan
5
For footnotes see page
25
Jan
Jan
Lynch Corp com
Mach...20
*
Champion Paper A Fibre.*
Preferred
100
32 5*
85*
Jan
100
Loudon Packing com
Amer Laundry
Jan
155*
Jan
25*
Par
31
Jan
100
3X
Stocks—
26
25
■,jV,
7
Members Cleveland Stock Exchange
Jan
20
2X
19%
3X
25*
7X
*
29 to
Jan
Jan
3X
195*
8X
8
2X
Lindsay Lt A Chem com. 10
Lion Oil Ref Co com
*
Jan.
Jan
7
5
315*
Telephone: CHerry 5050
*
255*
Jan
2%
8X
Woodall In dust com
Jan
Jan
3X
Lincoln Printing Co—
Zenith Radio Corp com.
Jan
24
Jan
3X
35*
X
25*
19X
1
St Louis Natl Stkyds cap.*
Sangamo Electric Co
•
Sears Roebuck A Co com.*
Serrlck Corp cl B com.
1
Signode St Strap CoCommon
*
So Bend Lathe Wks cap. .5
South Colo Pow A com..25
Southw Gas A El 7% pf 100
Southwstn Lt A Pow pref.*
Standard Dredge com
*
Convertible preferred. 20
Sunstrand Mach Tool com5
Swift International..... 15
Swift A Co
25
Trane Co (The) com
2
Utah Radio Products com »
Util A Ind Corp com
5
Convertible pref
..7
Viking Pump Co com
*
Wahl Co (The) com
»
Walgreen Co common....*
Wleboldt Stores Inc com..*
Cumul prior pref
*
12 5*
100
315*
_
.
Jan
Leatb A Co—
Common
Jan
95*
Jan
Ohio Listed and Unlisted Securities
Jan
25
55
"25*
10
25
6% preferredvto
5
Reliance Mfg Co com—.10
55*
Jan
50
5*
6X
*
Jan
Jan
4
Preferred
5
Jan
21X
5X
Quaker Oats Co com
200
45*
7
US Playing Card
U S Printing pref.
4 »A
com..*
Northwest Utll 7% pref 100
Ontario Mfg Co com
*
Parker Pen Co (The) comlO
Peabody Coal Co cl B con *
Penn Elec Switch conv A 10
Penn Gas A Elec com
*
Pictorial Paper Pkg com..5
Pines Wlnterfront com... 1
Potter Co (The) com
1
100
7
*
4
40
Northwest Bancorp
Jatt
5
7
,
Jan
5%
*
Montg Ward A Co cl A—•
Nachman Sprlngfld com..*
Natl Republic Inv Tr pref *
National Standard com. .10
National Un Radio com..l
Noblitt-SparkB Ind com..5
North Amer Car com. ..20
13
54
5% preferred
Jan
4%
pf
Jan
25
.50
3X
1
Kellogg Switch A Sup com*
Ken-RadT A Lamp com A*
Kentucky Utll Jr cum pf 50
6% preferred
...100
7% prior lien
13
*
5X-:
50
21
155*
Joslyn Mfg A Sup com...5
Miller A Hart Inc conv
65
105*
Rapid.
14
14
Jefferson Electric Co com *
preferred A
Jan
13
*
100
150
5
pre!..*
Iron Fireman Mfg v t c_._*
Jarvls (W B) Co cap...—1
Conv
80
25
Procter & Gamble
Indiana Steel Prod com.._l
Common
Jan
25
Little Miami spl
m
IX
106 h
105
8H
*
Mer A Mfrs Sec cl A com.l
Mlckelberry's Food ProdCommon
1
Middle West Corp cap—5
Stock purchase warrants
75
11
Kroger
105*
—
Jan
109
11
Kahn common
Jan
IX
Marshall Field com—
13
78
5
Julian A Kokenge
Jan
IOX
Common
Jan
5
*
8X
Hupp Motor com (new)..l
Cumulative
1005*
Jan
—10
.
41X
16X
Hubbell (Harvey) Inc com5
Katz Drug Co com
Jan
4X
*
50
8X
105 yi
7X
200
18
Interstate Power S6
975*
93
Jan
Houdaille-Hershey cl B.._*
100
Jan
75
4X
99
*
Hobart A
Heln Werner Motor Parts 3
Indep Pneum Tool v 10—*
7
*
Goldsmith
55*
*
Jan
77 5*
13
12
High
65*
45*
Cincinnati Telephone. -50
*
Cln Union Stock Yard
Low
50
7
7
7
Week
99 5*
Feb
18
19 5*
Common
*
3X
12
*
Goldbiatt Bros Inc com..*
Gossard Co (H W) com..*
Class B
IU North Utll pref
Shares
Price
1,150
Godchaux Sugar Inc—
Hormel A Co com A
Par
2%
25*
...
Hlbb Spencer Bart
for
of Prices
Low
High
35*
3%
Gen Household Utll—
Common
Week's Range
Week
1
Range Since Jan. 1, 1938
Last
Sale
for
of Prices
Low
High
Price
Par
Corp com
Week's Range
Sale
(Concluded)
Sales
Friday
Last
Stocks
887
Chronicle
Financial
146
3,050
9
5X
29X
3
Feb
Jan
Feb
Jan
Jan
Jan
1005*
Jan
Jan
2
Jan
3X
3%
Jan
Jan
135*
4%
1%
Jan
Jan
Jan
Jan
Jan
105*
75*
38
3X
Jan
Jan
888
Financial
Last
Graham-Paige
Low
High
Shares
1%
13*
971
65c
65c
120
m
Grand Valley Brew com..l
General Finance com
1
~W
1938
£S
Low
High
LOS
Jan
Jan
Jan
Revel Miller
Jan
MEMBERS
3%
360
3
100
11
150
11
Jan
43*
33*
123*
Hosklns
163*
163*
186
163*
84
Jan
17
Jan
Jan
113*
04
Jan
q
Hudson Motor Car com..*
Hurd Lock & Mfg com
1
..
.
Q
7H
*
84
150
Jan
7
1,075
Jan
50c
53c
200
4
Jan
2%
2%
1,400
23*
163*
Jan
Kingston Products corn..l
24
Kre«ge (8 8) common... 10
Drug common.... 1
173*
795
50c
50c
52c
1,900
50c
125
200
24
14
13*
Feb
m
24
IK
IK
37c
40c
1,150
37c
Jan
Lakey Fdy & Mach com__l
Masco Screw Prod
1
com...
McAleer Mfg com
*
McClanahan Oil com... .1
760
Jan
Jan
650 SOUTH
ANGELES
Co.
&
STOCK
SPRING
STREET
Telephone: VAndike 2201
Jan
EXCHANGE
SAN
LOS
•
ANGELES
Teletype: LA 477
FRANCISCO
SANTA
Jan
ANA
■.
■
Jan
33*
183*
3*
33*
14
13*
3*
13*
Jan
LOS
Jan
"1#
Feb
24
14
14
17
Kinsel
STOCKS
Jan
69c
3
Mfg common...*
BANK
14
Jan
11
3*4
ANGELES
Jan
14
4
34
24
Hall Lamp common—...*
Hoover Ball & Bear com. 10
Houdallle-Hershey B
5, 1938
Week
of Prices
Price
1
com
§ 1 S3
for
Sale
Par
Feb.
Sales
Friday
Stocks (Concluded)
Chronicle
Jan
Friday
Jan
Last
Week's Range
for
Jan
Sale
of Prices
Week
Jan
Stocks
(Concluded)
Par
Sales
Price
Low
High
Range Since Jan. 1, 1938
Shares
Low
High
Jan
Jan
Superior Oil Co (The)
25
6
7
440
6
Feb
7
Feb
62c
65c
200
62c
Feb
Jan
Jan
Jan
Van de Kamp's(H D) Bak *
2
Jan
Wellington Oil Co
3%
2,012
34
13*
53*
Jan
10
4%
IK
3%
325
50c
3%
14
4
43*
Jan
73*
323*
103*
19?*
6?*
53*
53*
323*
103*
193*
83*
53*
53*
13
MichSt'l Tube Pr com.2.50
Michigan Sugar
323*
103*
193*
83*
53*
53*
Transamerlca Corp
*
Union Oil of California. .25
Universal Conaol OIL... 10
13
13
100
200
100
Jan
35
Jan
Jan
303*
103*
183*
6?*
53*
53*
124
213*
83*
53*
63*
13
Jan
Jan
McClanahan Refin corn—1
95c
Micromatlc Hone com__.l
Murray Corp
com
com
1,200
Jan
5*
'
com....
Mid-West Abrasive
1.00
600
Jan
...1
1,300
1,500
1,800
100
Jan
Jan
Jan
Jan
Jan
Feb
iJan
Jan
Mining—
Packard Motor Car com.*
44
Parke-Davis com.....—*
Penln Metal Prod com—1
24
4^
32%
2K
34
Pfeiffer Brewing com....*
Prudential Investing com.l
53*
Jan
Union Investment com...*
United Shirt Dist com...*
2
Jan
33*
33*
Feb
4
43*
Jan
264
Jan
263*
100
Feb
22c
20c
Jan
22c
Jan
33*
13*c
33*
13*c
400
33*
13*c
Jan
43*
Jan
Jan
2c
Jan
13*c
1,000
American Tel & Tel
100
139?*
29?*
13*
13*
139?* 139?*
29?*
29?*
14
14
14
14
100
Feb
20
198
20
Feb
22
Jan
Commonwealth & Sou...*
300
212
90
Jan
90
Jan
Curtlsg-Wrlght Corp
.1
4
4
4
100
4
885
103*
33*
13*
Jan
14
Jan
Electric Bond & Share—5
7
7
7
100
7
Feb
Jan
General Electric Co
Montgomery Ward & Co.*
38?*
293*
200
Jan
39?*
303*
394
Jan
304
200
38?*
293*
Feb
34
53*
34
.34
New York Central RR—*
16?*
Jan
5
Jan
North American Aviation 1
Feb
33*
33*
13*
33*
3*
63*
Feb
15?*
73*
43*
63*
38?*
133*
523*
4
22
2,198
34
4%
34
,i 370
427
100
2%
1,150
99c
94c
99c
1,100
m
2%
4.
24
380
30c
5
5
30c
Wolverine Tube com.....2
Jan
23*
1,320
IK
4
.*
244
5,600
1
Jan
43*
13*
Jan
2
63*
Jan
l,u
Jan
Jan
Feb
200
23*
3*
100
5
Jan
Jan
Anaconda Copper Min.,50
Jan
4
Cities Service Co
Jan
——*
*
Jan
Radio Corp of America. ..*
Jan
Jan
Texas Corp (The)----—25
Tide Water Assoc Oil —.10
83*
43*
63*
38?*
13?*
Jan
US Steel Corp
523*
Packard Motor Car Co
*
—
*
100
100
16 4
300
84
43*
200
63*
100
2
Jan
13*
53*
93*
45?*
353*
Jan
Jan
Jan
Jan
Jan
38?*
133*
Feb
100
100
52
'
523 W. 6th St.
Jan
Feb
Los
Jan. 29
to
34
274
1
1.00
Chrysler Corp
40c
1.00
General Paint Corp com..*
73*
83*
43*
8
Jan
18
Jan
493*
73*
Jan
623*
73*
43*
4A
73*
83*
43*
4
Jan
4
Jan
93*
93*
300
75c
85c
2,600
343*
400
8
8
200
73*
73*
100
5
5
100
93*
623* C
303*
74
7
Jan
23*
10
Jan
Jan
95c
373*
Jan
Jan
Jan
Jan
Jan
{Jan
Jan
Jan
Jan
8
Feb
Jan
8:3*
Jan
Jan
5
Jan
183*
284
183*
253*
183*
293*
2,900
Jan
223*
293*
Jan
75c
75c
75c
100
75c
Jan
85c
Jan
1.25
1.25
1.25
300
13*
Jan
11c
Menasco Mfg Co
11c
17c
Jan
18c
Jan
74
Feb
Jan
2
23*
500
2
4
4
100
4
Jan
103*
23*
43*
65c
Feb
75c
13*
65c 673* c
1.05
1.10
700
Jan
1.05
1193*
Feb
Jan
65*
Jan
Jan
433*
Feb
Jan
102
213*
1
270
33*
Jan
53*
553*
28
646
633*
Jan
Jan
1,509
303*
413*
102 3*
Feb
223*
13*
125
473*
263*
293*
1003*
213*
3*
13*
63*
Jan
413*
1023*
101
25*
2
24
204
25
135
Feb
140
Jan
113
113
1143*
25
113
Feb
116
Jan
Jan
31
Jan
303*
33*
31
748
4
65
Jan
1065*
103*
Jan
Jan
1.20
Jan
23c
6,200
19c
Jan
23c
200
113*
25?*
18?*
36?*
33*
Jan
143*
273*
16c
500
15c
Feb
16c
Jan
Feb
Jan
74
23*
33*
13*
173*
*
Preferred
23*
_*
27
"93*
1.40
1.40
100
1.25
60c
60c
9c
9c
203*
203*
25
115
288
1045*
Jan
50
93*
Jan
6
22
51,000
6
Jan
El & Peoples tr ctfs 4s. 1945
Jan
Jan
Jan
Feb
Jan
6c
Jan
29
12c
203*
100
203*
Feb
25c
140
25c
Feb
25c
83*
83*
213*
363*
273*
253*
100
7?*
203*
Jan
83*
243*
373*
273*
253*
203*
35
25
273*
253*
273*
293*
18
303*
33*
25
800
84
200
300
293*
100
Jan
Jan
H. S. EDWARDS & CO.
Jan
Jan
UNION
Jan
Tel.
Jan
BANK
BLDG.,
Court-6800
*
A.
PITTSBURGH, PA.
T.
&
T. Tel.
Pitb-391
Jan
120
Jan
BROADWAY, NEW YORK
Jan
Feb
35
Jan
263*
243*
Jan
Jan
22
Jan
Jan
Jan
Pittsburgh Stock Exchange
Feb
Jan
Jan. 29
to
Jan
Feb.
29
Jan
4,
both inclusive, compiled from official sales lists
Jan
Friday
Jan
Last
Jan
Sale
Stocks—
293*
173*
293*
23*
Jan
Specialists in Pittsburgh Securities
25
4,000
25c
35
Jan
Jan
393*
54
373*
25c
203*
10
35*
Jan
Jan
83*
25
.*
3
Jan
Jan
Feb
*
25
Jan
Jan
Bonds—
10
25
70
Jan
10
Jan
123*
253*
193*
363*
43*
333*
60c
Jan
113*
1.10
1.40
13*
Jan
200
500
Jan
93*
1.10
53*
14
33*
Jan
Jan
5,559
1.10
200
Jan
Feb
Jan
Jan
2,500
Feb
75*
173*
423*
32
30c
63*
13*
33*
35*
43*
Jan
Jan
Jan
14
33*
Jan
Jan
15*
23*
265*
Jan
25c
6
17
35*
122
Westmoreland Inc.
63*
13*
33*
295*
15*
33*
63*
105*
373*
Jan
239
Jan
*
Jan
285
Jan
32
Jan
195*
24
70c
4
Jan
1,488
2,926
135
203*
23*
15c
100
23*
303*
22
135
273*
93*
103*
1043* 1063*
Jan
700
2
Jan
23*
23*
Jan
200
Jan
135
50
12c
193*
83*
Union Traction
United Corp com..
900
4
Jan
Jan
Jan
12c
Jan
Jan
Jan
189
6
200
451
13*
63*
Jan
235*
13*
15*
Jan
3*
100
20c
V
13*
Jan
Feb
Jan
3*
United Gas Improv com..*
Preferred
*
12
15
56
Jan
*
Jan
253*
268
63*
"64
42
1
Jan
4,000
10
22,242
7c
9c
Jan
45*
269
365
Tonopah Mining
Jan
26c
22c
890
Jan
173*
425*
23*
15c
1
173*
122
Jan
15c
see page
Jan
63*
Jan
4c
145*
1163*
63*
4c
Jan
Feb
50
14
lc
8
50
7% pref
Philadelphia Traction
100
25
Sunray Oil Corp
Jan
Jan
Feb
503*
275*
313*
"27%
'1024
1495*
8
50
305*
33*
33*
1,600
1
25
50
1,500
333*
Sou Calif Gas 6% pref A.25
Southern Pacific Co
100
Standard Oil of Calif
*
1
Pennsylvania RR
Penna Salt Mfg
50
Phlla Elec of Pa $5 pref...*
PhllaElec Pow pref
25
Phlla Rapid Transit
50
5c
Signal Oil & Gas Co A....*
Signal Pet Co of Calif Ltd 1
C
Pennroad Corp vtc
2c
Samson Corp B com
*
Secur Co units of ben int
Sierra Trading Corp...25c
Orig preferred
6% preferred B
"44
Feb
30
1173* 1193*
43*
54
433*
433*
43*
43*
25
*
Jan
1293*
8
15
Jan
12c
123*
253*
193*
363*
Roberts Public Markets..2
Ryan Aeronautical Co
1
5
"
Mitten Bank Sec Corp..25
Preferred
Natl Power & Light
115*
8
10
Horn & Hardart (Phil) com *
Horn & Hardart (NY)com*
1,594
High
Jan
15
8
5
100
lc
.50
Sontag Drug Stores
Sou Calif-EdLson Ltd
Chrysler Corp
Elec Storage Battery
General Motors
5c
363*
33*
333*
Rice Ranch Oil Co
Richfield Oil Corp com
Warrants
*
84
113*
405*
25c
1.10
*
Budd Wheel Co
Low
70
1
12c
com.l
100
Range Since Jan. 1, 1938
Shares
Salt Dome Oil Corp
Scott Paper
25c
Pacific Indemnity Co...10
1313*
*
Bell Tel Co of Pa pref—100
Budd (E G) Mfg Co
Preferred
104
1273* 1423*
-.10
13*
13*
623*c 623*c
5c
14
623* c
.1
100
Baldwin Locomotive
Barber Co
High
04
Jan
200
65c
Pacific Finance Corp comlO
Pacific G & Elec com
25
34% preferred
Jan
375
300
4
1
com
lie
19c
8
1.05
1
Olinda Land Co
Jan
Jan
17c
lc
Oceanic Oil Co..
lie
1.50
Jan
73*
Rights.
Occidental Petroleum
400
Feb
17c
1
Mid-Western Oil Co...10c
Mills Alloy Inc A
*
Mt Diablo Oil M & Dev_.l
Nordon Corp Ltd.
5
11c
200
74
23*
Los Angeles Investment. 10
Mascot Oil Co
1
For footnotes
Feb
200
800
1.00
*
Kinner Air & Motor Ltd..!
Lincoln Petroleum Co..10c
34 % preferred
100
Jan
Low
for
Week
of Prices
Price
*
Jan
95c
Co..l
Lockheed Aircraft Corp..l
Los Aug Indust Inc
2
Republic Petroleum
Jan
43*
183*
253*
com
Holly Development
Hupp Motors
Pacific Lighting
45c
Jan
5
& Rubber.*
Hancock Oil Co A
Jan
Jan
2
73*
& Co..*
Jan
4
293*
16
200
32
40c
Jan
4
54
75c
Feb
100
54
93*
33*
273*
Par
salesTlists
Sales
Week's Range
Sale
Stocks—
American Tel & Tel
200
54
Globe Grain & Milling..25
Friday
American Stores
23*
.5
73*
83*
High
1.00
15
t c..l
Low
300
2
32
Goodyear Tire
150
15
Emsco Derrick & Equip..5
Exeter Oil Co A com
1
General Motors com
10
Gladding McBean
40c
700
2
—
v
33*
273*
Shares
15
Claude Neon Elec Prod
Consolidated Steel pref
Feb. 4, both inclusive, compiled from official
to
sales lists
Range Since Jan. 1, 1938
100
Central Investment.
Creameries of Ame
33*
273*
40c
Bolsa Chica Oil A com.. 10
High
30 Broad Street
Philadelphia Stock Exchange
Jan. 29
Week
Low
NEW YORK
1513 Walnut Straet
Last
for
of Prices
Price
Bandlni Petroleum Co
1
Barker Bros 53* % pref..50
Barnhart-Morrow Corns.
Berkey & Gay Furn Co
Week's Range
Sale
Par
York Stock Exchange
PHILADELPHIA
Sales
Last
Stocks—
1874
Teletype L.A. 290
both inclusive, compiled from official
Friday
Jan
Jan
Philadelphia Stock Exchange
Chicago Board of Trade
Angeles Stock Exchange
Feb. 4,
Jan
Feb
Members
New
San Francisco Stock Exchange
Los Angeles
Jan
Jan
Jan
DeHaven & Townsend
MEMBERS
York Stock Exchange
Jan
Jan
Jan
Wm. Cavalier & Co.
Lot Angeles Stock Exchange
Jan
Jan
19?*
10?*
5?*
73*
41?*
13?*
61?*
Feb
6
100
Jan
Jan
363*
Jan
153*
73*
43*
800
38?*.
133*
523*
Jan
Jan
Established
New
Jan
145
Feb
115*
34
24
com——1
Feb
Unlisted—
90
3
Wayne Screw Prod com..4
Brew
18c
400
33*
Developing—25c
5,000
Jan
Jan
54
Wolverine
Imperial
100
450
*
com.-
Jan
2
34
34
20c
20c
11$*
34
14
14
Warner Aircraft
Jan
Jan
18c
20c
139?*
293*
14
14
"m
—.1
U 8 Radiator com.Univ Cooler B._
300
12?*
18c
20c
Blk Mammoth Cons M 10c
Cardinal Gold Mining
1
Consol Chollar G <fc S M.. 1
Jan
Jan
33*
63*
33*
20
100
com.
Jan
53*
34
Jan
264
24
24
Tlmken-Det Axle com.. 10
Tivoli Brewing com
1
Tom Moore DLst
Jan
Jan
2
90
Standard Tube B com.—.1
Stearns & Co (Fred'k) com*
Preferred.
43*
313*
773
500
2
10
com.
1,920
24
34
34
34
Rlckel (H W) common—2
River Raisin Paper com..*
Scotten-Dlllon
44
33
Alaska Juneau Gd Min--10
Par
18
700
163*
Jan
303*
33*
29
Jan
30?*
21?*
333*
Jan
400
Allegheny Steel com
Armstrong Cork Co
*
600
2
Jan
33*
Jan
Blaw-Knox Co
*
4
Price
Sales
reek's Range
of Prices
Low
Jan
Jan
*
154
313*
113*
High
163*
323*
123*
for
Range Since Jan. 1, 1938
Week
Shares
301
145
709
Low
153*
313*
113*
High
Feb
213*
Jan
39
Jan
Jan
143*
Jan
Jan
Volume
Financial
146
Last
Par
Carnegie Metals Co
Price
Columbia Gas & Electric
9%
ix
400
8%
1H
4
100
3%
Jan
214
20%
Copperweld Steel-....-.10
Crandall McK & Hend.__*
19%
Follansbee Bros pref... 100
8%
Brewing
1
.
.
80c
Koppers Gas & Coke pf. 100
Lone Star Gas Co
...
—
_
Mesta Machine Co
_
35
...6
5%
2%
Pittsburgh Plate Glass..25
Plymouth Oil Co
1
Shamrock Oil & Gas.
*
60c
19%
20
49
49
49%
40
40
44
20
70
8
Jan
11
75c
Jan
585
80c
31
9
764
7%
37%
Jan
450
5%
Jan
2
500
6
2%
325
100
7
130
84%
7%
8%
16%
1%
346
485
20
800
920
115
400
25
7c
9%
90%
Jan
40
100
55
765
50
Jan
62%
30%
185
30%
Jan
32
Creameries of Amer Inc.-1
4%
4%
475
4%
Jan
Jan
Crown Zeller Corp com..5
Preferred.
*
9%
68%
4%
9%
10
4,157
U%
70
200
9%
64%
Feb
68%
Jan
73
Di Giorgio Fruit com...10
S3 preferred100
3%
Jan
Jan
25
Jan
Doernbecher Mfg Co
*
4%
Jan
Emporium Capwell Corp.*
4%% cum. pref w W..50
12
12
32%
32%
9%
Corp
101% 101%
101%
_
Jan
Jan
Jan
34%
200
25
Feb
28
4%
300
Feb
5
12%
34%
220
4%.
11%
28%
9%
200
9%
34%
Jan
10%
4%
240
Jan
1454
Jan
34%
34%
\
1
34%
Feb
36
74
75
170
69
Jan
76
33
20
9
Jan
26%
26
29
911
26
Feb
Jan
10
Jan
Foster & Klelser A pref-.25
16
16
16
20
16
Jan
16
Feb
8
18%
1%
Jan
16%
Jan
General Motors
10
32%
32
32%
569
31%
Jan
37%
8%
25%
1,040
7%
Feb
100
25%
Feb
1
Jan
com
74
General Paint Corp com..*
Preferred...
*
8%
7%
Jan
25%
Jan
Gladding, McBean & Co.*
7%
25%
7%
Jan
34%
1%
Jan
Golden State Co Ltd
Jan
45
4
Jan
2%
30%
1%
42
Jan
Jan
21
Jan
89%
Feb
60c
8%
3
356
Feb
3%
575
11%
Jan
675
Jan
13%
29%
25%
27
300
26%
22%
Jan
29%
34
34%
120
33%
Jan
35
18%
18%
330
17%
Jan
19
28%
12%
28%
Jan
Hawaiian Pineapple
*
Home F & M Ins Co....10
25%
34
18%
*
25%
Jan
3%
12%
*
Corp
Hudson Motor Car Co...*
8
8
100
8
Feb
10
IX
1%
1%
100
IX
Feb
Hutch Sugar Plant-.-.--*
ST. LOUIS MARKETS
8
Hunt Bros
16%
16%
16%
10
14%
14%
412
common
Langendorf Utd Bak A..*
B
I. M. SIMON &CO.
Business Established 1874
Lockheed Aircraft
all
8t
Board
Chicago
Chicago Stock Exchange
Louie Stock Exchange
of
Jan
3
Jan
Feb
17
Jan
7%
Feb
8%
Jan
7%
%
7%
1.636
7%
Jan
10%
Jan
%
250
%
Jan
1%
Jan
X
11
Feb
13
Jan
1,192
12%
Feb
14%
Jan
8%
210
Feb
9%
Jan
5%
1,175
8%
5%
Jan
7%
Jan
8%
Jan
10%
Jan
4
Jan
5%
Jan
11
12%
12%
13%
10
8%
8%
5%
5%
186
11
11%
11%
290
10
24
24
24
9
9
100
Range Since Jan. 1,
for
J
16%
5%
5%
Jan
30
30
29%
27%
30%
27%
1,237
401
35%
36
641
Jan
33
Feb
*
39
39%
50
34
Jan
40%
Jan
1
20
20
10
20
Feb
21
Jan
Pacific Tel & Tel
Century Elec Co (new).. 10
Coca-Cola Bottling com.. 1
30
5
Feb
5
Feb
Paraffine Cos common
30
214
26
Jan
Low
31%
... _
5%%
preferred
Pacific Lighting com
High
Jan
2%
28
20
2%
Jan
28
20
23%
Jan
30
21
21
25
20%
Jan
21
116
10
Feb
118
Jan
16%
110%
70
101% 102
5
16%
116%
16
109
2%
Jan
7
Jan
Jan
Jan
26%
Jan
28
Jan
35%
101%
Feb
40
Jan
4%
Jan
1,000
1,271
4%
4%
12
28%
30%
Jan
Feb
Jan
Jan
104%
Jan
6
16
Jan
17%
Jan
460
109
Feb
119%
Jan
*
35
35
36
767
35
Feb
42
Jan
100
92
92
93
20
92
Jan
93
Feb
*
2
2
2
20
2
Jan
Pig'n Whistle pref
Jan
116
100
27%
35%
101%
20
Jan
Ely & Walker D Gds com25
1st pref
.100
com..
Preferred..
Jan
*
2%
Jan
Feb
20%
5
6%
12
Feb
com
Jan
Jan
5%
25%
Feb
Dr Pepper com
J
17%
400
33
Columbia Brew
10%
Feb
2,956
12
12
12
it
Jan
9
16%
5%
6%
20
5
28%
26%
6% 1st pref...—-
Week
Shares
30%
Feb
5%
50
5
Jan
24
25%
210
Burkart Mfg com
12%
5%
33
Brown Shoe com
Jan
Jan
25%
15
Sugar
20
20
25
40
Pacific Gas & Elec com..25
Paauhau
33
*
com
Conv pref.
of Prices
High
Low
Feb
Pacific Amer Fisheries.-.5
1938
20
American Inv
Price
525
30%
10%
50
120
16%
5%
25
25
*
6% preferred
*
Pac Pub Ser (non-v) com.*
(Non-vot) preferred...*
Sale
Par
Stocks—
30
9%
16%
B
Sales
Week's Range
10
Oliver United Filters A...*
4, both inclusive, compiled from official sales Iiss
Last
30%
100
com..
5%% preferred
St. Louis Stock Exchange
Friday
200
O'Connor Moffatt&Co AA*
Feb.
1,025
4%
Mo.
Telephone Central 3350
29 to
9%
4%
30%
Occidental Ins Co
316 North Fourth St., St. Louis,
Jan.
9%
North Amer Oil Cons.-.10
9%
4%
30%
11%
*
North Amer Inv
Jan
2
14
100
11
Natomas Co
14%
7%
Nat Automotive Fibres..*
Trade
Jan
Jan
12
7%
*
Meier & Frank Co
New York Curb (Associate)
17
7%
B
MEMBER8
Jan
Jan
7%
1
Lyons-Magnus Inc A
Securities
Jan
Jan
100
15
14
;
9%
1%
1,300
2%
2%
2%
14
Marchant Cal Mach com.5
Mid-Western and Southern
New York Stock Exchange
14%
*
LeTourneau (R G) Inc-.-l
Libby McN & Libby com.*
9
Feb
7
29%
*
Hancock Oil Co
Oil
500
12%
Hale Bros Stores Inc
Jan
Jan
8
3
3
■_*
Jan
27%
107%
on
5%
26%
25
9%
303
4%
4%
4%
Emsco Derrick & Equip..5
Fireman's Fund Indem..l0
Honolulu
Enq uiri*« Invited
4%
Jan
83%
6%
143
V
Jan
52%
101%
51
60c
100
23%
Feb
Fireman's Fund Insur...25
Food Mach Corp com
10
Feb
361
60c
60c
Westinghse Elec <fc Mfg. 50
.
Jan
40
Jan
3
Jan
2%
7
49
30%
Jan
9
Jan
24
50
90
1,929
Feb
43%
6%
3%
Feb
5c
36%
Jan
51%
73%
Jan
105
21
Jan
30%
Clorox Chemical Co
105
Jan
Jan
19%
Jan
10
100
Chrysler
40
Jan
69
Jan
36%
9%
5%
19%
____5
Jan
Jan
80c
Jan
25
100%
248
350
21
23
Jan
Preferred
42
1
20
Caterpillar Tractor com..*
42
Westinghse Air Brake
Jan
Jan
Vanadium Alloy Steel
Victor Brewing Co
36%
Feb
United States Glass Co..25
*
36%
Calif Ink Co
7
3%s
32%
1%
5
36%
Jan
20
5c
16%
2%
.*
2%
Jan
2%
1
.1
_
20
9%
com
16%
150
5%
5%
20
187
17
21
Jan
2%
32%
1%
.
.
United Eng & Foundry
17
20
5%
7
37%
8
5
RennerCo..,
17
20
Jan
19
40
83%
6%
Pittsburgh Screw & Bolt..*
Pittsburgh Steel Foundry. *
....*
Calamba Sugar com
5
High
Feb
696
Bishop Oil Co
Byron Jackson Co
7
6%
6%
Low
112
Jan
5
6X
5%
645
Atlas Imp Diesel Eng
150
8%
Week
522
Jan
Jan
i
Jan
2%
20%
7
_
Shares
Jan
7
2X
Pittsburgh Brewing Co.. *
Pittsburgh Forgings Co..l
for
of Prices
Low
High
Price
Par
339
37%
5%
2X
1
Jan
Week's Range
California Packing com..*
Preferred
50
131
5c
Mountain Fuel Supply.. 10
Nat'l Fireprfg Corp.
5
Phoenix Oil pref
100
69
69%
101% 102%
7%
8%
102
*
_
468
7%
2%
20%
75c
Jeannette Glass pref...100
Jones & Laugh Steel pf.100
45
Stocks (Concluded)
7
7
10
Fort Pitt
11%
1%
4%
Jan
7
Consolidated Ice Co pref 10
Range Since Jan. 1, 1938
Last
High
Low
Shares
8%
ix
1%
Clark (D L) Candy Co..
Devonian Oil...
Range Since Jan. 1, 1938
for
4
.—*
1
Byers (AM) com
of Prices
Loio
High
Sale
Week's Range
Sale
Sales
Friday
Sales
Friday
Stocks (Concluded)
889
Chronicle
Jan
2%
Ry Equip & Realty com..*
Falstaff Brew
...
7%
com
Griesedieck-West Br com.*
Hamilton-Br Shoe
*
com
32%
2
Hussmann-Ligonier com .*
Hyde Park Brew com
10
Hydraulic P Brick com.100
14
International Shoe
33 X
.
com.
_
_
*
6
6
100
5
6
Jan
56
66
56
20
54
Jan
56
Jan
18
17
18
789
17
Feb
25
Jan
25%
25%
25%
324
4
■„
Cumulative preferred...
6%
Jan
7%
Jan
80
27%
Jan
35%
Jan
Republic
Petroleum
.1
1%
Jan
Feb
Rheem Mfg Co com
1
190
2
2
298
14%
14
Feb
14%
Jan
27
Jan
30
Jan
Roos Bros common
30
1
25
75C
Jan
1
243
31%
Jan
36
Jan
8
55
8
Feb
1
104%
*
27
27%
25
27
Feb
27%
Feb
Schlesinger (B F) pref.-.25
Shell Union Oil pref
100
Laclede-Christy C Pr com *
10
10
10
9
Jan
11
Jan
Laclede Steel
..20
15%
17
130
15%
Feb
17
Feb
25
11%
11%
150
11
Midw Piping & Sply com.*
8%
6%
6
...
6
Jan
•:
Mo Port Cement com
Natl Candy com
*
National Oats Co
15
*
com
Rice-Stix Dry Gds com
1st pref
9
100
140
7
230
15
50
300
4%
4%
*
100
Jan
5%
Jan
Jan
14%
Jan
6%
2,084
5%
Jan
7%
Jan
250
15%
Feb
104% 104%
10
Jan
4%
30
103%
4%
Feb
20
100
Feb
6
15%
16
100
50
Preferred
4%
100
100
100
20%
140
17%
17
18%
4,206
100
80
80
80
pref..25
30
20%
20%
Signal Oil & Gas A
com
29%
Jan
12%
4%
Soundvlew Pulp com.,—5
Key Co com.
Knapp Monarch pref
Jan
3%
820
Feb
35
25%
532
12%
6%
15%
-.1
-
Jan
12%
4
4
12%
Richfield Oil Corp com—*
75
13%
30
33%
6
...100
6%
Rayonler Inc common
100
7%
33
2
116
Jan
17
Jan
105%
Jan
4%
100
Feb
10%
Jan
24
Jan
17
Feb
23
Jan
77%
Jan
87%
Jan
20
75
30
13
Feb
30
Feb
Jan
Jan
Feb
9
Feb
Southern Pacific Co.-.100
17%
16%
17%
1,195
16%
Jan
5%
7%
Jan
So Pac Golden Gate A.
%
%
100
Standard Oil of Calif..
30%
29%
852
X
29%
Jan
33%
Jan
Jan
%
30%
Jan
Jan
22%
%
Jan
8%
Super Mold Corp of Calif 10
15
15
15%
385
13%
Jan
17%
Jan
Jan
530
13%
Jan
15%
Jan
15
4%
100
Jan
Feb
Feb
17
5%
101
Sou Calif Gas 6%
30
30
Jan
Jan
TldeWater Ass'd Oil com 10
13%
13%
14
81
81
84
81
Feb
84
Jan
10%
10%
19%
6,615
10 X
Jan
12%
Jan
675
19%
Jan
21
Jan
17%
631
16%
Feb
22%
Jan
8%
Jan
Jan
5
6
6
5
6
Feb
6%
Jan
$4% preferred
*
Transamerlca Corp.——.2
Scullin Steel pref
._.*
Southwest Bell Tel pref 100
6
6
12
6
Feb
7%
Jan
Union Oil Co of Calif
Jan
Union Sugar
St Louis B B1 Equip com.*
Scruggs-V-B Inc
Sterling Alum
com
122%
1
com
Stix Baer & Fuller com
Wagner Electric
2%
.
.
"23%
8%
23%
153
123
6%
5
8%
6%
10
.15
com...
122
150
2%
2%
180
585
24
2%
Feb
120
5%
3
Jan
—
Co
7%
Jan
Universal Consol Oil.—10
8%
Feb
Victor Equipment com...
Feb
23%
Feb
27
Preferred
Jan
......
Western Pipe &
78
2,000
55
Jan
79
28
4
Jan
4%
10%
770
9%
Jan
10%
Jan
39%
19%
100
35
Jan
41%
Jan
510
16%
Jan
22%
Jan
9%
Steel.-.10
4
9%
39%
2,270
8%
4
39%
19%
5
Co.20
7
19
Jan
27
735
8%
Jan
Jan
Jan
55
tUnited Railways 4s.. 1934
tUnited Ry 4s c-d's
25%
25%
3,000
25%
25%
25%
4,000
25%
Feb
77%
6%
Jan
4
1
40
Jan
Jan
Laclede Gas 5 %b ser D1960
St Louis Car 6s extd
78
16%
Jan
8%
55
17
123%
Bonds—
$500
25
com
19%
Jan
Waialua Agricultural
55
25
10%
19%
Co.
Schwabacher &
Members New
Dean Witter
Members: NewYork Stock Exchange, San Francisco Stock
New York
Cortlandt 7-4150
offices In San Francisco — Los Angeles —
Del Monte — Hollywood — Beverly Hills
Private wire to own
Exclrange, Chicago BoardofTrade
Santa
Barbara
—
Exchange (AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
San Francisco
Oakland
111 Broadway,
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
New York Curb
Co.
&
York Slock Exchange
Seattle
Sacramento
Tacoma
Stockton
New York
Portland
Fresno
Beverly Hills
Honolulu
LosAngele*
Ppsadena
Long Beoch
San
Jan. 29 to Feb. 4,
Francisco Curb
Sales
Friday
San
Jan.
29 to Feb.
Francisco Stock
Exchange
Last
Week's Range
for
Sale
of Prices
Week
Price
for
of Prices
Low
High
Shares
Range Since Jan. 1, 1938
Alaska-Mexican.-
Price
Alaska-Treadwell
Low
1.60
14
Alleghany Corp com
High
American Toll
Bridget—-1
50
Alaska Juneau Gold Mln 10
12%
12%
13%
575
11%
Jan
13%
Feb
Anglo Cal Nat Bk of S F.20
15
15
15
558
14
Jan
19
Jan
2
"l32"
62c
Anaconda Copper
Jan
3%
3X
3%
470
2%
Jan
3%
Anglo American
For footnotes see page 890.
IjOw
18c
5
25
American Tel & Tel——100
Assoc Insur Fund Inc...10
Range Since Jan. 1, 1938
Week
High
Shares
High
Low
Sales
Last
Par
Par
Stocks—
Week's Range
Sale
4, both inclusive, compiled from official sales lists
Friday
Stocks—
Exchange
both inclusive, compiled from official sales lists
7
3,800
1.75
500
14
100
128% 143
62c
62c
30
"40c
20c
40c
30
40c
1,164
100
380
750
16c
1.40
14
Jan
Jan
Feb
128%
Feb
62c
Jan
30
37c
Jan
Jan
20c
1.75
12
149%
70c
36
45c
Feb
Jan
Jan
Jan
Jan
Jan
Jan
890
Financial
I
MS I
Week's Range
for
Sale
Par
of Prices
Low
High
5,
1938
Week
Price
PREFERRED
Range Since Jan. 1, 1938
Low
Shares
STOCK
"B"
DECREASED
Amt. of
Decrease
High
21—Merchants
Jan.
Anglo National Corp
Argonaut Mining
14
15
145
13
Jan
17
5
3.30
3.30
100
3.25
Jan
4.25
5
7%
20
7%
Jan
8%
Jan
Bancamerica-Blalr
1
7%
4%
12%
4%
2,690
3%
Jan
5%
Jan
12%
300
12%
Feb
17%
Jan
1%
1%
70
1%
Feb
1%
National
Bank
in
Plattsburg,
Plattsburg,
Jan
Atlas Corp com
Feb
15
"4%
Bunker HU1 & Sullivan.. 10
2
Calif Art Tile B
Calif-Ore Pow 6% pref.100
1927
100
Calif-Pacific
2
60
60
58
60
60
2
Claude Neon Lights
CoenCo's IncA
60
Feb
66
Electric Bond <fe Share
15c
Feb
15c
20c
700
13c
Jan
23c
Jan
25c
1,700
25c
Jan
30c
2.10
2.20
2,930
1.65
Jan
2.35
2.15
2.20
700
1.70
Jan
2 35
1%
1,680
1%
Feb
Jan
1%
600
1%
Jan
2%
2%
50c
100
28c
Jan
50c
Jan
Jan
Feb
9%
39%
8%
Jan
7
200
7%
39%
7
373
36%
Jan
8
150
20
53%
50
52%
Feb
59
21%
35
21
Jan
21%
50c
7
60c
100
50c
Feb
50c
70c
600
67c
Feb
82c
100
5%
Jan
8
COMMON
PREFERRED
STOCK
ISSUED
Livonia, Livonia, N. Y.„
AUCTION
980
18c
6
5%
105
Jan
6%
Jan
16c
Jan
34c
Feb
SALES
sold at auction
were
Jan
7%
By R. L. Day & Co., Boston:
36c
46c
1,376
36c
Jan
50c
Jan
2.30
2.50
1,335
2.30
Feb
3.20
Jan
Shares
Boston Metropolitan Building,
Iron Cap Copper
'
Slocks
11c
12c
900
11c
Feb
14c
Jan
15c
15c
700
15c
Jan
15c
Jan
59
1
1.10
1.15
225
1.10
Feb
1.55
Jan
lc
lc
1,450
lc
Jan
5c
Jan
$ per Share
16 Old Colony Trust Associates....
M J&M&MConsol
1
Nash-Kelvinator
„
28c
28c
30c
3,300
28c
Feb
38c
Jan
6
_5
_
5%
6%
3,350
5%
Jan
9%
9%
9%
9%
Feb
28c
28c
800
25c
Jan
30c
Jan
1.50
1.60
1,413
1.40
Jan
2.00
Jan
20
Radio Corp of America
100
9%
4%
20
,■ -.
Associates,
5%
7%
common.
Inc., par $1
100 Eastern Utilities Associates, convertible
Jan
6
648
29%
Jan
25
Feb
Jan
Shares
20%
24%
26%
Feb
24
Jan
40
Jan
25%
Feb
Jan
25
20%
25%
27%
21%
634
25%
35
27%
$ per Share
Fine Spinning
United Merchants & Manufacturers.
Feb
25
50
50
Jan
5%
20
Jan
Jan
180 Suburban Electric Securities
Jan
7%
30
26
27%
214
255
8%
Feb
27%
14%
8%
45c
50c
750
40c
Jan
60c
4
...
93c
common
Stocks
S per Share
Philadelphia National Bank,
$20
par
.....104%
Jan
14%
8%
Co.,
—
By Barnes & Lofland, Philadelphia:
Jan
8%
Jan
10
Standard Brands Inc
13 Berkshire
4%
So Calif Edison
...25
$100 lot
,
Slock
Shares
21
17%
5%
29%
25
Jan
10%
15
5%
47c
25
10
Feb
Jan
CURRENT
NOTICES
Jan
Feb
7
Jan
—F. T. Farrelly and J. M. Chrystal have announced the formation of
18
18
28
18
Jan
18
Jan
partnership under the firm name of Farrelly, Chrystal & Co. to conduct
1
Studebaker
1
600
1
Jan
Jan
general investment business in government, municipal and corporate bonds,
5%
5%
Sunset-McKee A.........
Texas Consol Oil
.1
z
285
5%
5%
1.20
1
1.25
1.15
1.25
1,755
1.15
Feb
1.55
Jan
..100
50%
50%
50%
200
11%
11
50%
11%
Feb
11%
60%
11%
Feb
West Coast Life Ins
12
—...
—
$12,700 Burkhardt Corp. 7s, 2024 registered
455
4%
29%
Stearman-Hammond 1.25
1%
par $10
Pond
20
Santa Cruz Ptld Cement. 50
Shasta Water Co com
6% pref
25
So P G Gate Fer0% pf 100
20c
common
7% prior preferred,
By Crockett & Co., Boston:
T.60
....
Pioneer Mill Co
Corp.,
Jan
■
Petroleum.. 1
Pac Coast Aggregates. 10
Packard Motors.
2
Wednesday
of the current week:
40c
lc
on
Jan
6
2,900
following securities
2.30
Mountain City Copper. _5c
$15,000
(Class B sold locally.)
80
Co
Amount
■r
Jan. 26—The Stewart National Bank of
...10
U g Petroleum
U 8 Steel com
Amt.of
Increase
Jan. 25—The City National Bank of Tuscaloosa, Tuscaloosa, Ala.
From $200,000 to $300,000
$100,000
1
5%% pref
STOCK INCREASED
■
1
Menasco Mfg
Occidental
6
18c
Rights...
2
CAPITAL
•
Jan
6
KInner Alrpl & Motor.. 1
Kleiber Motors
$25,000
succeeding bank.
or
'
Jan
7%
5%
5%
Cinema.. 1
Preferred
z
No absorbing
Imogene, Iowa.
Howard,
Feb
67c
7%
67c
20
Italo Petroleum
of
Jan
International Tel & Tel...
2
Bank
Amount
The
International
National
VOLUNTARY LIQUIDATOIN
Jan
21%
com
Idaho-Maryland Mln.i...!
50,000
LOCATION AND TITLE
First
Jan. 24—The First National Bank of Imogene, Iowa
Effective Jan. 11, 1938.
Liquidating agent, Ruth
Jan
'
Hobbs Battery Co B
2
OF
the
Midland, Midland,
County of Haakon, S. Dak., changed to Philip, County of Haakon,
S. Dak., andjtitled changed to "First National Bank in Philip."
Jan
7%
52%
1
of
Jan
Jan
1%
36%
Development
22—Location
Jan.
Jan
1%
1%
~2~20
5
Honokaa Sugar Co
to $50,000.
CHANGE
Jan
Metals
Preferred
From $100,000
Jan
Feb
General Electric Co.
Great West El Chem
N. Y.
Feb
15c
1
Holly
Feb
100
50c
1
....
2
58
15c
15c
.1
Central Eureka
General
60
15c
25c
Cardinal Gold
z Preferred.........._1
Cities Service
2
10
40
Jan
15c
Trading
Carson Hill Gold
z
Feb.
Sales
Friday
Stocks (Concluded)
Chronicle
5
Feb
Jan
bank and
insurance
a
a
stocks, unlisted and local securities, with
company
offices located at 503-504 Union National Bank Building, Youngstown, Ohio.
Mr. Farrelly came to Youngstown in 1928 from Pittsburgh, where he had
*
No par value,
two-for-one basis
c
Cash sale,
a
A. M. Castle 4 Co. split Its common stock
been
with
associated
Moore,
house of that
0
Listed,
with
z
Ex-dlvldend.
y
Ex-rights,
t In default.
George H. Burr & Co.
Lynch & Co.
as
STOCK
Mon.,
Tues.l
Wed.,
Jan. 31
Feb. 1
Feb. 2
British Amer Tobacco.
45/6
46/1%
Thurs.,
Fri.,
Feb. 3
Feb. 4
45/10%
45/7%
107/6
Canadian Marconi
'
106/10%
106/10%
107/6
107/6
£63%
Cable & Word
£63 %
£63 %
£62 %
£61%
4/9
4/9
4/9
£25%
£25%
£24%
4/7**
£25
Cons Goldfields of 8 A.
75/7**
75/-
76/3
76/10**
76/10**
Courtaulds 8 <fe Co
44/9
44/6
44/9
44/6
43/9
£U**
£11**
£11%
£11%
£10/**
102/-
102/-
102/6
102/-
101/6
14/9
14/9
14/9
14/9
14/6
22/1**
22/-
22/6
22/3
in
Distillers Co
Electric & Musical Ind.
Ford Ltd
HOU-
Gaumont Pictures ord.
DAY
6/9
Hudson Bay Min <fe Sm
Imp Tob of G B
<fc
6/7**
6/7**
6/7**
6/6
2/6;
A
2/4**
2/6
2/6
2/4**
22/0
I..
22/-
22/6
22/3
22/3
150/-
Metal Box
149/4**
149/4**
150/-
149/4**
£28
London Midland Ry_.
£28
£27%
£27%
71/3
71/3
71/3
71/3
£8%
RloTinto
£8%«
£8h«
£87i«
£8%
£16**
-
Roan Antelope Cop M.
£16%
17/-
£17
18/-
:
*'
18/3
£16%
£15%
Royal Dutch Co
Shell Transport
18/-
17/-
92/6
92/6
92/6
92/6
92/6
£39%
RollsRoyce
£39%
£40%
£39%
£4»i»
£4"jj
£4»i«
£4"«
£4%
51/6
50/-
50/9
49/-
Unilever
38/3
38/26/4%
38/26/3
23/9
37/1**
26/23/6
£8%
£8%
Vickers^
West
24/-
WItwatererand
Areas
x
26/1%
23/9
£8%
£8iSj6
23/10%
£9
Ex-dividend.
some
business
for
the
Mr. Osborne
past
period of years
20 years,
head of the municipal de¬
as
investment
banking houses.
on
He is well
the Pacific Coast.
—Mr. B. J. Larkin of the New York office of Halsey, Stuart & Co., Inc.,
been
has
elected
Rider, deceased.
director
a
that
of
organization
Mr. Larkin has been
a
1930.
As
head of the
eastern
succeeding
member of the
Co., Inc., organization since 1919 and has served
as a
Mr.
P.
C.
Halsey, Stuart &
Vice-President since
municipal buying department of Halsey,
Stuart & Co., Inc., he has achieved outstanding distinction in his field.
—William Forbes Ingold, formerly President of Hammons & Co.,
has opened
offices at 40
corporations
mergers,
requiring
Wall St.,
additional
Inc.,
New York City, for the financing of
capital,
working
the
negotiation
of
reorganization plans, and for the placement here and abroad of
substantial blocks of listed and unlisted securities.
—Announcement is made of the formation of
of
Herbert
T.
Redmond,
formerly
mond &
Titus, for the transaction of
with offices at 39
—David
E.
Jan. 21—Merchants National Bank
N. Y.
From $200,000 to $50,000
in
Plattsburg, Plattsburg,
offices at 40
Amt. of
X)@CTBQrS(j
STOCK "A"
21—Merchants National Bank in
N. Y.
From $500,000 to $200,000-
DECREASED
and
and
Edward
Hilson
that
announce
the
firm
of
announces
the formation of D. E. Graham & Co. with
Exchange Place, New York City, to transact
a
general securities
—Lewis C. Sheridan, a member of the New York Curb Exchange and a
former
partner of Berdell
Bros.,
announces
a
the opening of offices at
165
general securities business, which
through Fahenstock & Co., Bennett & Palmer and Berdell Bros.
the direction of F. Edward Atkins
a
municipal bond department, under
Jr., is made by Harrison & Co. of Phila¬
delphia.
H.
The firm is also announcing that Alvin D. Sturts and Richard
Shelly have become associated with their sales department.
G.
Parker,
associated
with
Louis
P.
Ferrari
Winthrop,
office, of which Mr. Parker
was
Louis
and
Mitchell
J.
Tavormina,
Co.
in
their
&
the manager, have become
all
Brooklyn
associated with
Alexander Eisemann & Co. in the
Brooklyn office.
—Harry F. Reed has become associated
their investment department.
New
York
Stock
with
Burnett
&
Van
Tuyl in
Mr. Reed, who is also on the faculty of the
Exchange Institute,
was
for
12
years
connected with
R. L. Day & Co.
Plattsburg, Plattsburg,
24—The Jefferson County National Bank of
Watertown,
Water town, N. Y.
From $400,000 to $100.000
Willett,
business.
$150,000
f
&
general over-the-counter business
a
Broadway, New York City.
Graham
Mr. Graham also
formerly
Amt. of
Reduction
partnership consisting
of Bristol
Graham & Hilson has been dissolved by mutual consent.
—Donald
COMMON CAPITAL STOCK REDUCED
a new
partner
a
Edward H. Titus Jr., formerly with Clark & Loder, to be known as Red¬
Department:
a
—Announcement of the opening of
following information regarding National banks is
the office of the Comptroller of the
Currency, Treasury
PREFERRED
Wick & Co., of
to
For the past several
in charge of the investment department of a large
Broadway, New York City, to transact
The
Jan.
years
the investment
partment of one of the national
he will clear
Jan.
with
known in financial circles in New York and
NATIONAL BANKS
from
later changed
was
partner until 1931.
was a
bank in San Francisco and
59/-
38/26/1%
Ltd
Molasses
been connected
including
£38%
Triplex Safety Glass...
United
became
he
£27
71/3
Rand Mines
This firm
Chrystal
charge of their investment department in San Francisco.
has
22/-
De Beers
1918
territory.
£25%
4/9
Central Min & Invest.
In
—James Lyle Osborne has become associated with Schwabacher & Co.
Sat.,
46/-
In 1917 he joined the organization of Merrill,
sylvania and the Youngstown territory, various counties in the Columbus
received by cable
Jan. 29
Boots PUre Drugs
partner in the firm of
was a
short time ago
he has been with Otis & Co. covering, in addition to Western Penn¬
years
EXCHANGE
as
a
of their Cleveland office.
manager
brokerage department.
which firm Mr.
LONDON
investment
associated with the Youngstown Securities Co. as manager of their listed
t Company In bankruptcy, receivership or reorganization.
Quotations of representative stocks
eacli day of the past Week:
prominent
Mr. Chrystal started in the securities business in New York City in 1909
Stock dividend of 100% paid Sept. 1, 1936
Cash sale—Not Included In range for year,
z
Lynch,
Co., Butler, Wick & Co., and
Soucy, Swartswelter & Co. until
; ;
r
&
Since coming to Youngstown he has been associated
city.
with Wick &
b Ex-stock dividend.
d Stock split up on a two-for-one
basis.
THE
Leonard
one
March 9, 1937
on
$300,000
300,000
—Fenner & Beane
both
&
announce that Harold W. Murphy and Scott Grover
formerly in the commodity department of Whitehouse & Co. and Post
Flagg,
are now associated with them in their
commodity department.
891
Chronicle
Financial
146
Volume
Canadian Markets
Province of Alberta—
4*4s
1 1948
ft 2
54
/51
52
Prov of
Sept 15 1943
1 1959
June
1 1962
120*4 121^
108*4 10914
4s
4*4s
11714
116
94*4
96
92
35
30
30
30
*
58
57*4
59*4
*
235
Noranda Mines
Aug
1 1941
June 16 1954
86
89
4*4s-__ ....Mar
5a
Dec
2 1959
87
90
4s
107
109
103
104*4
Ogllvle Flour Mills
4*4s.
4*4s
Province of
Apr 15 1960
Apr 15 1961
Nova Scotia—
5e
1 1961
109*4 11014
Saskatchewan—
June 15 1943
1946
1 1951
72
Oct
Pacific
414s
.
4 si
11946
Deo
1 1954
July
10014 10114
11960
9514
9614
Jan
31
Feb
24
Feb
24
Feb
101
100*4 101
35
100*4
Jan
35
26
34*4
Jan
35
27
55
Jan
65
Jan
131
13*4
Jan
15
Jan
175
43
Feb
50
Jan
155
16*4
Jan
18
Feb
-
Sept 1
June 15
Feb
1
July 1
July
1
414s
414s
414s
434s
58...
5s
1961
1955
1956
1957
...Feb
1 1948
July
6*4s
123*4 124*4
117
117*4
114*4 115
Grand Trunk Pacific
114
113*4
Jan
4s
Jan
3s
1969
116
116 *4
119
Ry—
1 1962
1 1962
.100
Acme Glove
of Prices
High
Low
pref
50
Assoc Tel A Teleg pref...*
Bathurst Power A Paper A»
Bawlf (N) Grain pref—100
------
British Col Power Corp
B
Brack Silk Mills
Preferred
3*4
11
Feb
29
Jan
30
Jan
10
42
Feb
43*4
Jan
615
9
Jan
10*4
17
50
42
10*4
15*4
A. _*
Canada North Pow Corp.*
3
Canada Steamship (new).*
11
Preferred
-.50
Canadian Bronze
*
9*4
Canadian Car A Foundry. *
21
Preferred
25
Canadian Celanese
*
Preferred 7%
100 "103 "
—
10*4
Jan
12*4
33*4
5*4
3*4
Jan
160
3*4
4*4
3*4
Jan
'
48
115
52
52*4
1254
Jan
Jan
10
Jan
112
98
Jan
110
17
17
5
11
Jan
17
18
Jan
19*5
3*4
Jan
3*4
11
11*4
434
35*4
36*4
2*4
8*4
362
30
3
12
Jan
Jan
36
Jan
39
17
Jan
Jan
48
Jan
19*4
19
19*4
1,746
19
Feb
20*4
Jan
16
Jan
•
Steel Co. of Canada..
Jan
10*4
Jan
16*4
Feb
18
Jan
3*4
Feb
3*4
9
7
Feb
8*4
Jah
8*4
55*4
Jan
11*4
Jan
Jan
Jan
13
Feb
35
80
Jan
85
Jan
.100
83
69
69
212
65
Jan
70
Jan
*
70
•
---
26
■
540
4*4
Jan
Feb
4
Jan
Jan
10
Jan
61
3,464
14
910
29*4
31
755
29*4
Feb
64*4
15*4
32*4
19*4
890
19
Feb
26
Jan
45
100
Feb
110
Jan
13
Feb
16*4
Jan
Jan
10
Jan
100
13
14*4
7,290
7*4
300
Jan
Jan
6*4
6*4
365
6*4
Feb
8*4
Jan
*
*
1
Enamel A Heating Prod..*
1.25
1.25
50
1.25
Jan
1.25
Jan
14*4
14*4
200
14*4
Jan
2*4
2*4
20
2*4
Jan
3
Jan
9
9
65
7
Jan
10
Jan
15*4
Jan
English Electric B
.*
Foundation Co. of Can—*
13*4
*
100
*
8*4
80*4
6*4
6*4
13
12*4
15
54
56
Jan
13*4
Jan
536
8*4
Jan
10
Jan
402
75*4
Jan
81
Jan
1,565
6*4
Feb
869
12*4
Feb
13*4
10
8*4
8*4
79 *4
80*4
7*4
13*4
15
218
54
•
Feb
8*4
Jan
17
Jan
56
Jan
7
7*4
165
7
Jan
7*4
Jan
6*4
6*4
460
6*4
Jan
8*4
Jan
8
8
100
8
Jan
50
51
35
49
Jan
13*4
13*4
14*4
13*4
Jan
14*4
Jan
12
12
12
455
12
Jan
15*4
Jan
94
96
21
94
Jan
98
Jan
*
18*4
18
18*4
Imperial Tobacco of Can 6
Preferred
..£1
14 *4
14*4
7*4
Corp—*
Intl Nickel of Canada
♦
Int Bronze Powder pref. 25
29*4
29*4
47*4
Internst-Pet Co I.td
30
46*4
26*4
29*4
4*4
*
7*4
Lake Sulphite
"
12*4
Lang A Sons
76
130
Lake of the Woods
6
4,280
8*4
53
Jan
Jan
17*4
Jan
19
Jan
14*4
2,912
2,020
13*4
Jan
14*4
Jan
7*4
25
7*4
Jan
7*4
Jan
29*4
49*4
330
Jan
29*4
Jan
51*4
Jan
26*4
30
4*4
76
130
12*4
9,869
27
44
Jan
26*4
26*4
Jan
27
Jan
1,090
Jan
30*4
Jan
210
4*4
Jan
4*4
Jan
10
46
40
3,145
76
130
12*4
Jan
Jan
77
Jan
130
Jan
Feb
16*4
Jan
Feb
12*4
Jan
12*4
13
450
6
13
13
20
12
Jan
13
Jan
Ltd (John A)*
5
5
25
5
Feb
5
Feb
*
7*4
Jan
Lindsay (C W)
'
McColl-Frontenac Oil.
*
Montreal Cottons pref-100
Mtl L H A P Consol
*
Montreal Telegraph
40
6*4
Massey-Harris
Tramways—.100
National Breweries
*
Preferred
25
Montreal
14
„4»«.
30
2*4
345
2*4
Feb
3
2.50
475
2*4
Jan
2*4
Jan
12
Jan
14*4
Jan
59*4
Feb
12
36
58
Jan
161
22
160
Jan
161
100
170
117
168
Jan
178
—
Jan
210
210
3
210
Feb
210
Feb
203
204
148
203
Jan
208
Montreal....
Jan
300
300
2
297
Jan
304
Jan
184*4 185
128
182*4
Feb
191*4
Jan
168
100
—
.....—
204
100
.100
Nova Scotia....
59*4
59*4
100
6*4
12*4
103
Jan
HANSON BROS Canadian Government
Municipal
INCORPORATED
255 St. James
Public Utility and
1883
ESTABLISHED
56
St., Montreal
Industrial Bonds
330 Bay St., Toronto
Sparks St., Ottawa
Montreal Curb
Jan. 29 to
Feb. 4, both inclusive,
Market
compiled from official sales
Last
Range Since
for
Week's Range
6*4
Jan
7
965
14
6,845
11
Jan
14
Feb
103
5
103
Jan
103
Feb
28*4
Jan
31
Jan
56
29*4
30*4
58
58
86
85
86
40*4
40
40*4
39*4
39*4
40
2,363
1
24
1,798
30
Jan
62
Jan
80
Jan
88
Jan
37*4
Jan
41*4
Jan
41
Jan
*
Bathurst Pr & Pap class B *
Beauharnois Pow Corp...*
Beld-Corticelll 7%cmpfl00
Brewers & Distill of Van..6
Bright A Co Ltd (T G)...*
Brit Amer Oil Co Ltd
*
Packers*
Can & Dom Sugar Co
*
Canada Malting Co
*
Can No P Corp 7%cmpflOO
Canadian Breweries pref..*
Cndn Breweries Ltd
*
Canadian Dredge A Dock *
British Columbia
*
Cndn
*
Cndn Light & Power.-.100
Can PAP Inv 5% cum pf.*
Can Vlckers Ltd
*
7% cum pref
-.100
Canadian Wineries Ltd—*
Claude NeoniGen Afv
*
Commercial Alcohols Ltd.*
Invest
Intl Inv Trust
Price
of Prices
High
Low
"52"
3%
4*4
1.50
15
2*4
Feb
14*4
Jan
Feb
Jan
Jan
19
52
62
Jan
966
150
3*4
Jan
4*4
Jan
593
4*4
Jan
6*4
Jan
45
132
6*4
5*4
21
6*4
"20*4
1.50
4*4
3*4
4*4
6*4
High
Low
6,590
1,215
56*4
3*4
52
132
132
Jan. 1, 1938
Week
Shares
1.85
15
1.65
534
20*4
Feb
132
Jan
135
5*4
Jan
7*4
Jan
120
5*4
Feb
5*4
Feb
917
20*4
Jan
21*4
Jan
24
13
13
10
Jan
13
Jan
67*4
13
6734
60
67*4
Jan
67*4
Jan
34*4
75
34
Jan
36
Jan
95
103
Jan
107
Jan
30
16
34
16*4
371
106
106
106
16*4
16*4
1
Jan
16*4
1.40
Feb
1.55
Jan
Jan
1.40
1.40
1.50
320
30*4
30*4
10
33
Jan
30*4
450
8
Jan
8*4
Jan
Jan
1.00
Jan
8*4
Canadian Gen
Jan
34
1.00
15
1.00
15
1.00
15
15
20
14
Jan
14
Jan
5
5
Jan
6
Jan
255
6
Jan
8
25
21
Jan
30
5
"fl"
22
5
6
6*4
25
22
3*4
[Jan
iJan
3*4
Jan
Jan
Feb
3*4
3*4
10
20c
20c
300
1.25
1.35
305
1.25
Jan
1.E0
Jan
1.25
70
4*4
4*4
Jan
4*4
4*4
JaD
5
4*4
5
5*4
Feb
6
5*4
6
365
5*4
Jan
6*4
6*4
Jan
Consolidated Paper Ltd.*
Donnacona Paper A...—*
5*4
5
5
150
5
Jan
6*4
Jan
5
5
11*4
Jan
Preferred
*
B
pflOO
EasternDalrles7% cmpflOO
Falrchlld Aircraft Ltd
5
Fleet Aircraft Ltd..
*
Ford Motor Co of Can A. *
Foreign Power Sec Corp..*
Fraser Cos Ltd
*
Voting trust ctfs
*
Frelman (A J) 6% cmpflOO
Gen8teelWares7%cm pflOO
Intl Paints (Can) Ltd A—»
Internatl Utilities Corp B.l
Mackenzie Air Service. — *
MacLaren Pow A Paper..*
Massey-Harr 5% cum pflOO
McColl-F Oil 6% cum pflOO
Melcher Distilleries Ltd..*
Melchers Distilleries Ltd—
.10
Co Ltd..*
N 8cotla L & P6%cm pflOO
Page Hershey Tubes Ltd.*
Paton
Mfg Co
--*
of Canada
6% cum 1st pref
100
Quebec Tel & Pow A..
Power Corp
•
No par
value
35c
Jan
Jan
9
5
9
Feb
6
6
5
7*4
Jan
7*4
Jan
5
Jan
6*4
Jan
4*4
Jan
8*4
Jan
Jan
18*4
Jan
Jan
5
17*4
5*4
640
8
8*4
280
17
17*4
430
50c
50c
150
13*4
50c
13*4
25
16
'
Jan
50c
13
Jan
16*4
Jan
17*4
Jan
Jan
50c
"62"
14*4
16
1.055
12*4
Jan
37
15
37
30
38
Jan
38
65
60
62
Feb
70
62
Jan
4*4
"70c
4*4
15
3*4
Jan
4*4
Jan
70c
75c
900
70c
Feb
1.00
Jan
1.00
Jan
95c
1,100
70c
Jan
14*4
790
13*4
Feb
17
44 *4
44*4
200
44
Jan
49*4
Jan
88
75c
13*4
88
86*4
Jan
88*4
Jan
Jan
75c
13*4
2
6*4 "
Preferred
Mitchell (Robtl
9,263
20c
9
Ea KootenayP? % cm
Jan
39
Sale
Par
Stocks—
lists
Sales
Friday
Co..♦
Feb
10*4
13
76
Jan
18
168
—100
18
55
82
*
Jan
50
161
6% cum pref
Asbestos Corp Ltd-
35
100
*
International Power pf.100
Jamaica P S Co Ltd pref 100
20
285
10(
Abltibi Pow & Paper
18
57
International Power
Jan
Jan
4*4
5
19
18
-
—
-
-50
--
Jan
20
19
Industrial Accept
-
Jan
82
Imperial Oil Ltd
Jan
6
12
100
107
13*4
29*4
100
63
Jan
10
12
Jan
105
10
103
8
Preferred
Jan
60
12
Jan
8
Howard Smith Paper
Jan
60
485
2*4
Jan
59*4
6
*
69
63*4
1.75
Jan
8
Holllnger Gold Mines
Jan
12*4
2*4
11 *4
9*4
"
Jan
62*4
12*4
1.75
20
8*4
100
13*4
*
22*4
7*4
Preferred
Jan
*
Jan
6*4
7*4
Jan
12*4
4*4
m.
Jan
8
Gypeum Lime A Alabas.. *
Hamilton Bridge
*
10*4
60
*
Feb
9
3*4
56
Jan
60
16*4
8
Rights
Goodyear T pref inc '27.50
Curd (Charles)
*
13*4
9*4
00
20*4
3*4
General Steel Wares
65
230
12*4
•
*
Wabasso Cotton
10*4
65
-25
United Steel Corp
16
Jan
10
190
3*4
Preferred
15*4
*
605
3,060
990
Gatineau
4
25
18*4
10
103
Jan
5*4
Jan
35
21*4
9
4
...
Jan
13*4
625
18
3*4
Electrolux Corp
4
850
20*4
3*4
East Kootenay Power
Feb
4*4
Jan
345
Dryden Paper
100
1,200
Jan
Jan
18
18
(New) pref..
Dominion Textile
Jan
Jan
10*4
13*4
98
4*4
Jan
18
184
10*4
16*4
9
147
Jan
1,237
105
10
10*4
'
Jan
100
Jan
Jan
4
17
7
101
13*4
Feb
15
5
*
Canadian Indust Alcohol.*
Class B
•
Canadian Locomotive....*
Canadian Pacific Ry
25
Cockshutt Plow
*
Con Mln A Smelt new...25
DlstllJ Corp Seagrams
•
Dominion Bridge...
*
Dominion Coal pref
25
Dominion Glass
100
Dominion Steel A Coal B 26
Dom Tar A Chemical
*
Converters. .100
Canadian Foreign Inv
25
Jan
Jan
Jan
355
32*4
10*4
Canadian
Jan
101
37
Jan
18
Rights
24
10
Jan
166
1,960
33*4
17
Jan
32
459
Jan
164*4
20
165*4 166
11*4
10*4
50
Canada Forglngs class
7
101
13
Jan
29
105
"10*4
*
100
—
—
1938
Feb
29
5
*
Building Products A
Canada Cement
10*4
32*4
A. *
..*
•
•>
High
Low
•
11
15
Telephone
100
Brazllllan Tr Lt A Power.*
Bell
25
101
99
«» *.
Week
Shares
5
9*4
1,
Range Since Jan.
11
42
9*4
Jan
25
«.
35
Royal
for
Week's Range
Jan
954
Jan
13
Imperial
official sales lists
11
Amal Elec Corp
9*4
Jan
35
preferred
Preferred
97
Sales
Works
9
9
380
Banks—
Friday
Sale
18
9
Jan
101*4
50
A
Canada
both inclusive, compiled from
Price
44
16*4
...
Montreal Stock Exchange
Par
43
Saguenay Power pref. .100
♦
St. Lawrence Corp
Commerce..
Stocks—
14
—25
Preferred
Canadlenne
Last
52*4
14
•
B
109
119*4
Jan. 29 to Feb. 4,
52*4
14
•
Winnipeg Electric A_.
119*4
119
52*4
100
_
Preferred
1 1969
1 1970
Oct
5s
Ask
Bid
114*4
35
-
Southern Canada Power..*
Canadian Northern Ry—
114
Jan
29
87
Canada..*
Simon (H) A Sons
Guaranteed Bonds
Ask
Canadian National Ry—
155
1,009
Sherwin Williams of Can
Bid
Jan
Feb
245
Jan
24
Shawlnlgan W A Pow.
Dominion Government
Jan
150
St Lawrence Paper pref 100
10114 102
114
113
1 1944
..July
56
Sept
6s......
225
8
31
*
_
Rolland Paper pref
414s
34
150
24
Knitting
Regent
414s
6s...
245
150
Price Bros A Co Ltd—
Canadian Paclflo Ry—
86*4
87*4
perpetual debentures.
Sept 15 1942 /105*4 106*4
98*4
99*4
Dec 15 1944
4s
60*4
30*4
*
Power Corp. of
Bid
Ry—
31
Jan
24
Penmans
Railway Bonds
Canadian
Feb
55
31
Quebec Power
Ask
30
100
Ottawa Electrlo Rys
Preferred
Bid
Jan
Jan
50
2,747
Ottawa L H A Power—
73
Nov 15
38*4
245
......
*
Ottawa Car Mfg
73
5*4s...
4*4s.—
107*4 108*4
115
116*4
Jan
100
(New)
108
Preferred
Prov of
5s
Sept 15 1952
Mar
1 1960
4*4s
May
4*4s...
Brunswick—
Prov of New
2 1950
1 1958
1U9J4 110
Feb
107
.100
Preferred
33*4
495
36
High
Loto
Shares
High
Low
Price
*
Province of Quebec—
6e
Week
National 8teel Car Corp..*
Niagara Wire Weaving
Provlnoe of Manitoba—
4*4s
for
of Prices
35
—
88
Par
Stocks (Concluded)
116*4 117*4
May
98*4 100
1 1963
Oct
4*4 s
6s
Week's Range
Sale
112
111
Range Since Jan. 1, 1938
Last
Ask
Bid
5s
July 12 1949
5s
Sales
Friday
Friday, Feb. 4
Province of Ontario—
Oct
1 1942
58
Ask
Oct
1 1956
British Columbia—
Jan
5e.
Montreal Stock Exchange
Municipal Issues
Provincial and
Closing bid and asked quotations,
Bid
UNLISTED
AND
LISTED
12*4
12*4
21
2*4
82
2
Jan
2*4
6*4
13*4
168
6
Jan
6*4
12*4
Feb
15*4
Jan
20
105*4
Jan
105*4
Feb
91*4
Jan
93
16
Jan
16
Jan
94*4
105
93*4
Jan
Feb
4*4
40
4*4
Feb
94*4
4*4
92
92
110
16
16
25
4*4
Jan
285
105*4 105*4
94
Jan
Jan
Feb
892
Financial
Chronicle
Feb.
5,
1938
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Week's Range
Sale
Stocks
(Concluded)
Par
Toronto Stock
Sales
Last
for
Sarnla Bridge Co A
B
High
Shares
High
Stocks
(Continued)
10
10
11
Jan
11
Jan
5
5
Calmont
40
4
Jan
5
Jan
Jan
106
Jan
26
1.10
1.10
18%
18%
1.50
104%
5
1.50
160
1.60
Walker-Good A Worts (H) *
Walker-G A W SI cm pf.. *
Par
of Prices
Low
Hit
Price
Canada Bread..
104% 104%
United Securities Ltd..100
Walkervllle Brewery Ltd.*
for
Sale
Low
10
*
Sou Can Pow 6% cum pf 100
United Distill of Can Ltd. *
Sales
Last
Week
of Prices
Low
Price
40
50
40%
1.00
45c
B
1.15
Jan
Canada Cement
Jan
18%
Feb
1.60
Jan
44%
Jan
Jan
19
Feb
18%
*
Canada Steamships
Can Steamship pref
10H
10H
'~2%
10%
18%
207
Aldermac Copper Corp—*
Alexandria Gold
2H
51c
4,950
60c
Jan
67C
Jan
2c
2%c
1%C
2c
Cndn Bakeries pref
Jan
3%C
Jan
Canadian
1%C
Jan
2c
Jan
26c
29c
2,000
1,500
6,100
Jan
31c
Jan
50c
50c
250
40c
Jan
57c
Jan
.10%c 10% c
Beaufor Gold
-.1
1,000
10%c
Feb
26c
Big Missouri Mines Corp.l
Bob jo Mines
-.1
Bouscadlllac Gold Mines. 1
8c
Dredging—6
9c
28 H
1.00
28%
Can Malartlc Gd M Ltd..*
Capltol-Rouyn Gold
58
30
1.10
20c
5,600
1,885
3,725
13,500
6%c
12c
Preferred
Jan
lie
30
Jan
1.00
Jan
1.15
*
16H
17
Jan
*
8
25
12
Jan
60
Jan
20
Jan
22
Jan
25%
1.30
Feb
25%
Feb
Feb
1.60
Jan
50
15
168
17
80
7%c
8 He
Jan
9%c
Jan
6c
16,900
6C
Jan
32
Jan
170
17,050
Canadian Dredge
Canadian Ind Alcohol A..*
"30
9c
38c
34c
Feb 43 %c
3%
3%
4
Jan
205
2.45
2,400
Canadian Locomotive. .100
2.15
8
8
8
5
31c
6,600
Jan
Canadian
Jan
Dome Mines Ltd
32c
*
Jan
947
64%
Jan
Canadian Oil pref
Duparquet Mining Co
60
1
Feb
5c
C P R
5c
5c
1,500
Jan
East Malartlc Mines
Eldorado Gold M Ltd
1
1.45
1.38
1.54
1
2.25
2.25
2.36
30,150
2,200
6C
1 05
2.19
Falconbrldge Nickel
*
6.00
6.00
6.25
110
5.50
Jan
Francoeur Gold M Ltd...*
Goldale Mines.
39c
38c
39c
3,300
38C
Feb
22c
22e
100
6c
500
24%
175
Consol Chlbougamau
1
30c
30c
58
Graham-Pousquet Gold-_l
Hudson Bay Min A Smelt *
60
58%
6c
23
26C
13c
14c
8,400
Klrkland Gd Rand Ltd
1
19c
17c
19c
800
18c
Klrkland Lake Gold
Lake Shore Mines..
1
1.43
1.40
1.50
1
57%
1,450
1,964
4c
55%
3%c
68%
Lamaque Contact Gold--*
4c
1,000
LebeJ Oro Mines Ltd
Lee Gold
1
12%c
1%C
..1
Mac ass a Mines
J
Mclntyre-Porcuplne
5
12%c 12%c
5.05
Jan
1.30
62%
Jan
Jan
Jan
Jan
70C
Jan
Jan
2.48
Feb
1
11c
10c
12c
14,000
9%C
Jan
14c
Jan
1
45c
Feb
1.50
Jan
Feb
Com
4%c
Jan
45c
Jan
3,300
2c
Jan
2%c
Jan
Dark water
1,610
4.90
Jan
Jan
Da vies
720
40%
Jan
42%
Denlson Nickel Mines
Distillers Seagrams
Preferred
1
Jan
2.05
Jan
3c
Jan
Jan
Jan
3.40
3.80
Dome Mines
Jan
5.40
Jan
4.30
10,870
1,550
3.10
4.05
3.60
Jan
4.30
Feb
1
2.65
2.50
Pend-Orellle
1
2.05
2.00
2.21
Perron Gold Mines Ltd..l
3,100
1.32
1.84
Jan
2%c
Jan
62c
Jan
2.20
Jan
2.70
1.85
Jan
2.65
*
206
Jan
24
10
21
Jan
14Hc 21 %c
40c
31c
Jan
1.45
23,200
Dom Steel Coal B
1.02
Jan
25
1.45
Feb
*
4.60
Jan
5.15
Jan
30
60
11,994
17%
1.25
1.32
2,700
4.10
4.30
29 %c
30c
2,285
3,200
5%c
5%c
Reward Mining
1
Ritchie Gd Mines Ltd
1
San Antonio Gd Mines...1
6%c
2%c
4,500
2c
1.45
1.45
26c
3,900
2%c
Jan
1
1.42
1.35
1.50
Slseoe Gold Mines Ltd
1
Bladen Mai
...1
2.75
2.74
3.15
18,225
1.02
97c
1.02
28,950
94c
22c
21c
2.600
*
25c
25c
27c
22,895
*
3.05
3.05
3.05
4c
Eldorado Mines
..1
Equitable
.25
Jan
Falconbrldge......
Feb
26c
Fanny Farmer
1
1
Jan
1.78
Jan
Federal-Klrkland
Feb
3.40
Jan
Fleury-Blssell Ltd
Jan
1.10
Jan
Preferred
Jan
Fontana Gold
Ford
13
3.05
1.00
1.07
6,674
95c
Jan
1.10
3.35
3.40
5,120
3.05
Jan
3.40
Jan
5.40
5.50
5.40
Jan
5.60
Jan
1
28c
1
36c
*
22c
32c
77,170
20c
36c
39c
19,750
35c
8.10
8.10
575
7.75
10c
10c
10c
3,000
10c
Feb
15c
Calgary A Edmonton
2.40
2.40
2.58
2,900
2.40
Feb
3.10
Jan
50c
52c
800
T.ii
*
Dalhousle Oil Co Ltd
56c
Jan
70c
Jan
1.12
1.20
4,775
*
Home Oil Co
*
Roralite Oil Co
*
41 %
41
42
525
Jan. 29
to
ADltlbi
♦
1.50
1.50
2%c
14
14
8%
Gold Belt
Gold Eagle
Oil
Buffalo-Ankerlte
Buffalo-Canadian
Jan
35c
Jan
9%c
11c
31,500
8%c
Jan
12c
Jan
1
•
54%
6c
6c
1
Grandoro
Mines
Great Lakes Paper
»
Jan
8%
Feb
12
Feb
33
26
72
20
25
Feb
25
Feb
11
11
11
20
11
Feb
12
Jan
7c
8c
2,500
10c
Jan
89c
39,350
75c
Jan
83c
Jan
790
6%
Jan
Jan
Feb
2c
2c
"2c
13 H
13%
1.13
1.13
1
28c
27c
1
29c
3%c
3%c
33c
8c
69c
""40c
17c
*
»
*50
18%c
12%
"
2.40
Jan
37c
Jan
30c
8,510
Jan
Flunts A__
*
42c
Jan
9%
10
15
Huron A Erie
100
65 H
67
103
Huron A Erie 20%
100
7%
8
31
62c
Jan
57 He
Jan
59 He
Jan
5
202
Jan
207
245
Jan
246
11
245
59 H
38c
1.40
13
4
18
Jan
70c
249
Jan
Jan
Imperial Bank
Imperial Oil
Imperial Tobacco
International Nickel
International Pete
26c
Jan
42c
Jan
9H
Jan
10H
Jan
1.25
Jan
1.49
Jan
13
Feb
15
Jan
Jacola
Jan
5%
Jan
Jelllcoe
161
Feb
166H
J
8,125
10
%
185
31c
43,067
2,357
166
320
48c
9%
180
10c 10Hc
8.90
9.05
13.400
23
10%
6%
11H
5,335
70
1,504
37%c
Jan
Jan
39c
Jan
58c
Jan
9
Feb
10%
Jan
25c
9%c
8.85
Jan
Jan
Jan
12c
9.10
Jan
Jan
23
Jan
24
Jan
10%
Jan
13
Jan
100
»
18
14
*
*
30
B
Jack Waite
Jan
70c
Feb
1.00
Jan
40c
40c
600
36c
Jan
53c
Jan
1
16c
16c
17c
6,466
15c
Jan
22c
Jan
50c
48c
54c
52,670
38%c
Jan
73c
Jan
14c
13c
14c
5,150
11c
Jan
17c
Jan
50
13%
Kelvinatojr
*
14
14
Kerr Addison
Kirk Hud Bay
Jan
15
Jan
]
2.03
1.86
2.10
90.174
1.80
Jan
2.10
Feb
i
1.14
1.14
1.25
1.00
Jan
1.50
Jan
1
1.39
1.36
1.49
7,350
74,580
Klrkland Lake
Lag una Gold
Lake Shore
Lake Sulphite....
1
....1
*
Lake of the Woods
*
Lamaque Contact
33c
7H
7,000
50
48
17c
l
5%c
Jan
Jan
52 H
Feb
Lava Cap Gold
Lebel Oro
Jan
22c
Jan
Leltcb
12%
275
12H
Jan
13
Jan
23
140
Jan
23
2.57
Feb
3.10
Jan
Gold
Little Long Lac
Jan
2.39
21 H
2.39
8,789
*
No
par
value.
36c
8,168
58%
18,820
6
12%
13
4c
55
*
Jan
12%
21%
100
La pa Cadillac
Laura Secord
13
32c
55%
58
*
Landed Banking
35,600
Jan
1
Jan
52H
Jan
]
Jan
18c 19Hc
Jan
Jan
Com
34
Jan
46%
Mines
Consolidated
7H
21H
Feb
Jan
7%
Feb
17HC
43
28%
Feb
68Hc
Jan
Jan
25
5
Jan
19
700
1
33
Feb
Jan
Jan
Jan
3,974
20
39c
214
17%
13%
75c
80
13Hc
3%c
Feb
Jan
Jan
8%
35
9,835
207
Feb
70c
4.170
16,450
25,944
7%
25%
8%
6%
45c
49%
30%
328
Jan
70c
20H
16%c 17HC
4%c
4Hc
7,294
Jan
10%
67%
8%
Jan
8%
33
Jan
5
18%
14%
33c
Feb
14%
51%
30%
8%
20
Jan
207
Jan
9%
*
Intl Utilities A
M
207
18
14%
47%
6
27c
65
1
14,800
20
10
1.33
49
Jan
1.40
Jan
4%c
205
39o
14%
Feb
27c
Jan
33
"~20 %
Jan
1.13
Jan
23
"ioli
13
25c
9
9.05
9,487
3 He
Jan
Jan
5,400
9,550
Jan
16%
4,020
36c 265,000
9c
Jan
Jan
Jan
28c
Jan
27c
Feb
15c
20c
1.20
Jan
24c
Jan
1.60
Jan
Jan
14%
1.65
Jan
Jan
lie
14%c
14
4 15
29c
1.10
Jan
415
Jan
45c
10c
2,800
Jan
20c
161
1.60 296,429
15c
79,550
Jan
21,125
24,765
27%c
1.37
13%c
14%c
18c
21c 21 He
65c
73c
4%
28c
1.46
13Hc
3.50
10
161
34
2,232
7c
35c
Feb
8,750
205
'245
Feb
33%
20c
2,000
59
2c
120
34
16c
Jan
2,500
33%
"
7c
8%
2%c
3.75
8c
Jan
7
16Hc
Jan
Jan
80c
48,300
1,550
1.20
2%
6%
*
Jan
Feb
6 %
5
25c
2%
""86c
Holllnger Com
Home OH Co
Jan
26
50
Homestead Oil
Howey Gold
1.30
3.50
21c
Jan
Jan
Jan
25
15
19c
8c
lie
31
2%
14
Jan
Feb
25
14 %
6
5c
6%c
450
*
2 He
Jan
5,500
Hinde A Dauch
Jan
Jan
Jan
6%c
4,600
i
2c
72%
56
Jan
6c
11
*
*
*
26
1
1
Jan
Jan
6c
"25"
...._*
Gold
68
53%
3,100
8%c
8%
Feb
30
6%c
6c
9
*
50
24c
8c
*
*
Great West
Saddlery
Jan
80
56
Hlghwood Sarcee
13
*
69
55 H
1
Harker
37c
25
69
....50
Graham Bousquet
Granada Mines
Jan
*
Burlington Steel
43c
Jan
Jan
Building products
Burt (FN)
Calgary A Edmonton
Jan
29C
Jan
Bunker
Hill
19c
30c
68c
4,500
Jan
500
37c
59
.1
Jan
23c
9,500
Jan
*1.35
*
Jan
68c
Jan
20,300
Feb
»
*
5c
Jan
24c
47c
8c
Bralorne Mines...
*
Brantford Cordage pref.25
Jan
46c
31c
25c
35c
1
4%c
9,372
37c
i?
10%
3%c
Bloodgood Klrkland.....1
Big Missouri
l
12.400
20c ■*.
2,900
18c
Bell Tel Co of Canada.
100
10c
5c
26,212
Beatty Bros A
Beauharnols
Brit Col Power A
Brown Oil
Jan
17c 129,100
52c
1.25
50
*
Jan
Jan
30c
Gunnar
3c
Jan
Jan
8%
37c
Gypsum Lime A Alabas..*
Halcro w-Swayze
1
36c
81
22c
Jan
15
10
Jan
31c
Jan
Jan
Feb
Jan
37c
2K
Jan
6%
1
19 H
22c
6%
76
58c
26c
*3*65
Beattie Gold
Bra ill Traction
Brewers A Distillers..
5c
161
1
Feb
25
15c
52c
2%c
21c
1
BiltmoreHats...
Bobjo Mines
16c
52c
186
175
50c
Goodflsh Mining
Goodyear Tire
Greening Wire
Grull-Wiksne Mln
8%
6%
2c
1
Bathurst Power A
1
15%
80%
7%
79
50c
100
B A
Jan
25c
50c
100
1,250
Jan
Jan
Jan
2c
Astorla-Rouyn
..1
ugite-Porcuplne Gold... 1
Bank of Canada
Bank of Montreal
2%c
22c
14
19c
Jan
Feb
14
Jan
Jan
Jan
19c
50c
A
Bank of Toronto
Base Metals Mln
1.50
1,465
5.800
40
lie
50c
25c
*
Bagamae Mines
Bankfield Com..
1,740
High
Jan
40
18%
Jan
Low
Jan
4
Jan
*
Jan
Jan
14c
Feb
Jan
1
46%
21%
Feb
17c
God's Lake Mine
Goldale Mines
Jan
75
Jan
IOC
3%
35c
6%
Jan
Jan
1,501
80 %
1.40
40
6.95
20%
12c 16%c 130,500
17
Jan
Jan
Jan
8,700
Preferred
3c
15
Hamilton Cottons pref..30
Hard Rock
1
1
Mining
1.80
11c
3%
5.40
4%
4,900
*
Preferred
15%
21%
10c
1,180
1,975
24,900
1.54
2.50
18c
...100
Preferred
Range Since Jan. 1, 1938
Shares
6.25
Jan
Anglo-Can Hold Dev....*
Artec
14
22c
1
Arntfleld Gold.
High
14 %
2%c
1
Anglo-Huronlan
Low
6.00
Jan
Jan
Jan
4
40c
General Steel Wares
Gillies Lake Gold
Feb
1.05
2.17
154
17%
Jan
Week
Price
6% preferred
100
Afton Mines Ltd
1
Ajax Oil A Gas
1
Alberta Pac Grain pref.100
A P Cons Oils
1
Aldermac Copper
...»
Alexandria Gold
Amm Gold Mines...
for
of Prices
Feb
8
Jan
18c
Jan
Sales
Week's Range
Sale
Par
Jan
78
35c
8.10
Exchange
Last
Stocks-
Jan
15c
20%
17%
43c
Feb. 4, both
inclusive, compiled from official sales lists
Friday
20c
Jan
*
38c
Preferred...
Toronto Stock
Jan
11c
40
Jan
41
15c
13c
Jan
1.12
31
3%
Glenora
*
Jan
Jan
5,600
10Hc
Jan
Oil-
Anaconda Oil Co
84
8%
18c
Foundation Pete
Jan
Jan
Jan
10
38c
Gatlneau Power
Wood Cad
16%
Jan
Jan
*
Francoeur
1,475
W rlght-H ar greaves
Feb
6
7%
Jan
Jan
.*
1.00
Jan
Jan
5c
32
17c
*
A
Jan
Jan
82%
7
6.05
*
44c
Feb
Feb
Feb
19%
11c 13%c
13,225
1.37
1.54 127,429
2.22
2.40
21,415
21
1
Feb
Jan
3.05
60
206
Jan
4c
50
15%c
1
"6*60
1
..*
1.28
19%
750
7%
Life
Jan
Jan
53%
200
1,861
2.30
Jan
Jan
Jan
Jan
Jan
14
1.42
Jan
1.45
46c
16
13
11c
Jan
Jan
71%
30
82
Jan
Feb
Jan
100
7%
57
Jan
2,500
7%
Jan
21 %C
13
32
7%
Jan
66%
355
4c
..100
2.78
100
Teck-Hughes Gold
Thompson Cad
15%c
4.50
Jan
1
Sullivan Cons Mines Ltd. 1
Sylvanlte Gold
1
1
East Crest Oil...........*
East Malartlc
1
6%c
2%c
2c
1.42
Shawkey
Sudbury Basin Mines
Dorval Slseoe
Jan
Feb
1,500
Stadacona-Rouy n...
Feb
42c
Sherrltt-Gordon
23 He
1.33
Jan
Jan
Feb
200
21%c
1.14
Feb
4.10
30
19%
7%
17%
29%c
5%c
206
24
Jan
310
3,651
*
30c
40
8,800
14
7%
Dominion
400
1.30
12c
10,435
68
56%
"13 %
Dominion Stores
2,800
Preferred.
35c
49,960
32
5.00
Tar
43c
13
4c
1.24
4.20
Jan
Jan
50
1
4.75
1
16
64%
199%
19%
16%
*
Jan
Jan
205
1
.1
14%
65%
Feb
"58 %
*
1
Red Crest
315
68
Placer Development
Preston-East Dome
Read Authler Mine
Jan
2,525
185
13%
Pickle-Crow Gold.
15%
15%
61%
1.55
Jan
407
100
Dominion Explorers
Dom Scot Inv pref
Jan
3,656
Feb
190
34c
Dominion Bank
100
Dominion Coal pref.....25
39c
Jan
555
1.67
14%
18c
Feb
Pa to Gold
Jan
40c
2.05
62c 105,300
2.65
1,825
11%
57
1
1%C
48c
Jan
45c
185
.*
2%c
3.40
Jan
8
59 H
Mines
200
"48c
70c
43c
1.55
189
Petroleum
Jan
600
1
Jan
Feb
1,000
23
14c
4,000
1
43c
30 %C
Cosmos
Jan
2c
Porcupine M Ltd *
2,900
3,200
15
5
2.05
Pamour
45c
55c
1.56
100
2%c
O'Brien Gold
Feb
53c
*
Smelters
Consumers Gas
102
30%c 33%c
8%
9%
30Hc
...*
lHc
Pandora Cad
Jan
Feb
55c
2%c
2.05
Jan
2.10
Murphy Mines
.
1.65
98%
MInlng Corp of Can Ltd. *
Moffatt-Hall Mines Ltd-.l
..1
775
30
Conlaurum Mines
Com Bakeries
6 50
2.00
Jan
Jan
8%
2.00
11,825
42,260
12c
44
Feb
65c
5.25
5.00
1.16
115
Jan
6%
2.48
2c
44
Jan
60c
58%
Jan
Jan
Feb
110
Jan
10
2.21
Chemical Research
Jan
3 He
14
2,784
101% 102
Chromium Mining
*
Commonw'lth Petroleum.*
Cockshutt Plow.........*
Jan
20c
97c
18,475
Jan
Jan
4%
2.40
Jan
Jan
Feb
1.98
100
Feb
17c
8
7%
-.1
6c
Jan
35
Feb
1
900
lHc
44
JaD
Jan
27%
1.10
Jan
Feb
3%
6%
1.98
1
1—22c
Jan
97c
112% 112%
"*7
Jan
Jan
Central Patricia
Central Porcupine
2.49
Jan
13c
Cariboo Gold
Carnation pref
Castle Trethewey
6.95
Feb
6c
24
Jan
48c
1.00
100
25
Feb
1.54
Jan
22c
1
%
13%c
23%
J-M Consol Gold...
6%c
Jan
Machinery...
9
11%
22%
20%
30
Jan
17%
Jan
Feb
34c
2.40
Jan
8
6%c
Jan
Jan
9%
1
2.22
Jan
5
300
22
Jan
16%
177
390
Cartler-Malartlc G M Ltd 1
Central Cadillac G M Ltd 1
Central Patricia Gold
1
2.46
Jan
Jan
Feb
4%
110
8%
30
Jan
3%
Jan
Jan
145
10
21
Jan
2%
9
51
4%
17%
9%
Jan
10
16%
17
8
9%
...
Can Car A Foundry
Preferred
Jan
58
320
169
4%
Jan
20
150
32
145
168
13
Feb
10
25%
130
Jan
Feb
55
20%
25%
140
Canadian Cannerslstpref20
2d preferred
Jan
Jan
20
25%
*
Cndn Bk of Commerce. 100
Canadian Canners
*
Jan
8c
26%
20
100
Breweries
Jan
4%
46
Feb
142
111
3..
11%
58
50c
2c
--*
Bulolo Cold
11
*
*
Jan
62c
Jan
9%
18%
25
30
60
l%c
---1
Arno Mines Ltd
Jan
600
146
Canada Wire B
19
3%
43
Canada Wire A
18%
Mines—
Feb
205
18H
High
40 He
46
142
*
Low
7,765
46
Canada North Power—
Canada Permanent
100
Feb
40
Shares
40 He
-50
Range Since Jan. 1, 1938
Week
4
Jan
1.50
190
Oils
Jan
15
Exchange
Friday
Range Since Jan. 1, 1938
45c
13
4c
55
42c
63%
990
100
1.27
Jan
1.50
Jan
28c
Jan
36C
Feb
Jan
58%
Feb
52
6
Feb
13
Jan
13
Feb
13
Feb
3%c
Jan
4%C
55
Feb
60
4c
13,700
47c
20,100
37%c
55
65
31
Jan
48c
Jan
Jan
Jan
20
62%
1
1.10
1.04
1.13
6,800
99c
Jan
1.13
1
12c
12c
13c
22,600
12c
Jan
15c
88c
Jan
1.05
Jan
5.15
Jan
6.00
Feb
...1
1.00
90c
5.90
5.65
1.03 109,770
6.00
12,786
Jan
65
Feb
Feb
Jan
Financial
146
Volume
893
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Week's Range
Sale
Stocks (Continued)
Par
of Prices
High
Low
23 %
704
22 H
Jan
24
Jan
372
20 H
Jan
21H
Jan
5.05
5.25
15,410
4.90
Jan
5.55
Jan
1.50
1.37
1.60
69.900
1.30
Jan
1.60
i
Madsen Red Lake
1
40c
*
2Hc
A
Manitoba
East
Feb
6H
30
6
Jan
6H
2%
35
2H
Jan
2H
Jan
Jan
10c
5,925
9c
Jan
11c
Jan
Last
Week's
7
2,950
6H
Feb
7H
Jan
Sale
47H
41%
Jan
of Prices
Low
High
14
8,162
11
161
86 H
8.030
40.550
45
1.03
Sewerplpe
45
Jan
Jan
1.10
Jan
17c
Jan
Canadian
2.600
15c
Feb
18c
Jan
Canadian Wirebound
Jan
2.49
Jan
Coast Copper..
4c
3 HO
Jan
4Hc
Jan
Jan
Jan
34 H
122
31H
Jan
16c
5,300
15c
Jan
35 H
17c
Jan
15c
Jan
2Hc
6,000
Jan
3Hc
Jan
DeHavilland..
16H
25
19
Jan
Jan
210
Feb
Fraser voting trust
35 He
Feb
5,500
3c
Feb
4Hc
Jan
28c
3,800
26c
Jan
32o
Jan
850
56
59 H
North Canada...
♦
North Star Oil
3,700 12HC
Jan
14c
83c
Jan
2Hc
Feb
60c
94c
*
2.15
60
3.764
92c
Jan
Jan
6.000
H
1.14
3Hc
Jan
5.45
Jan
Mercury Mills pref
4Hc
12.500
4c
Jan
37c
28,865
35C
Feb 43 He
4c
35c
1.05
1
49c
1
5%
4.15
17%c
1
Pauiore Gold
1
1
1
18Hc
130
Perron Gold
1
*
4.30
63c
43,900
5%
1,000
14Hc
20c
13c
15c
59c
66c
.
16c 19Hc
62,700
5,900
71,750
2,000
lHc
lHc
19
19
19
......1
4.75
4.75
5.05
1
3 00
2.90
3.00
28,150
3,155
Pioneer Gold...
Feb
2.30
5Hc
1.50
5
971
5H
Feb
7
Jan
70
5
70
Feb
70
Feb
82
5
82
Jan
82
Jan
Jan
27 H
Jan
20
Jan
20H
Jan
7
Jan
OH
Jan
5
72
Jan
76
Feb
23o
Jan
195
8
76
19c
3.400
lHc
lHc
43,000
16c
Jan
lHc
Feb
16c
Feb
24c
Jan
1,700
18
Jan
19
28 H
40
18
Jan
30H
Jan
Jan
38H
Jan
Jan
36
458
33H
10c
12c
500
Jan
13c
2.00
20.405
1.85
Jan
2Hc
10,800
2o
Feb
1
2.05
Robb Montbray
1
3H
Jan
4.30
Feb
Standard Paving
lHc
2o
*
*
3H
19H
63c
Feb
6H
Jan
Waterloo Mfg A
1
2HC
3H
Feb
4
Jan
95
19H
Feb
21
Jan
245
2%
Jan
3
17c
19c
9,300
17c
1.50
130
1.50
4H
Feb
Jan
18c
—
Jan
Feb
540
4
19H
1.50
Tetnlskamlng Mines
Jan
9,400
2Hc
Jan
3c
Jan
1 He
3
....
Jan
Jan
2.62
2c
12c
1
Jan
H
2.00
1
Pend Oreille
Ritchie Gold
Jan
lHc
30H
Rogers Majestic
1.02
14
Jan
34
Shawlnlgan W A P
13C
Jan
30
Jan
56c
50%
12
•
Jan
Jan
50H
22 H
42
♦
Oslsko Lake Mines
Jan
70
50 H
National Steel Car...
Jan
7HC
Jan
Montreal LHAP
14c
20c
8%
Jan
Jan
95
5H
17H
Jan
Jan
73c
40c
Feb
317
Jan
Jan
Jan
Feb
20 H
18
32 H
Feb
1,120
"is
Jan
Jan
Feb
8
16o
*
100
69c
14H
15
12
lHc
1
Jan
8H
50
24 H
76
Jan
Jan
29H
112
8
lHc
Jan
125
14H
4.00
53c
15
30 H
Jan
Jan
20
8
1,150
54c
8
7H
Feb
25c
Jan
Jan
1.75
Jan
Jan
Feb
18c
Jan
Jan
67c
Jan
Jan 19Hc
Jan
Jan
1.45
Jan
lHc
Jan
19
Feb
19
Feb
4.50
Jan
5.10
Jan
2.90
Jan
3.25
SECURITIES
CANADIAN
Feb
1HC
Jan
2.11
2.21
26,075
1 73
Jan
2.25
14H
100
13H
Feb
15
32c
1,200
30c
Jan
1.95
2.11
23,310
16
2.11
Feb
7H
lie
46c
32c
2.16
.....
10
19c 19Hc
Feb
107
13 H
......1
*
25c
Powell Rouyn
Prairie Royalties
105
4,500
20
20
89
73,500 12Hc
62,350
145
1.05
3.65
43,511
5%
123
1
Photo Engravers
30
49c
61c
Pet Cob Mines
26.400
92
4.00
14c
Paymaster Cons.
Payore Gold
2.600
14c
12c
89
Pandora-Cadillac
Power Corp
64c
62c
13c
50
1.05
Feb
Feb
107
1
107
Jan
1
Mandy
1.80
*
•
Pickle Crow...
Klrkland Townslte
Malroblo
14,680
Partanen- Malartlc
Jan
Feb
107
2.60
14H
100
Preferred
Feb
2.05
Page Hersey
Pamour Porcupine
Pantepec Oil
Jan
73c
4c
665
23 H
*
1.50
1.80
•
Oils
Inter Metals A
Jan
1.87
..♦
Oro Plata
Jan
Jan
3.10
35c
Feb
50H
*
1.40
23,760
_*
Orange Crush
Humberstone
100
3.75
1
19H
12
Jan
14,350
3.40
•
70
14H
*
73c
"3~50
50
19H
54c
...100
Preferred
Honey Dew preferred
Hudson Bay M & S
1.50
♦
Olga OL1 & Gas
1.40
8
_*
Jan
68c
1
Ontario Loan
Jen
8
1.50
69 He
1.10
Hamilton Bridge
2.10
3c
25
29 H
Jan
3Hc
14c
Jan
1.15
*
Jan
26c
2Hc
17
82
70
100
Dominion Bridge
2.02
12Hc
Jan
70
Corrugated Box pref... 100
Dalhousle Oil
.*
2 Ho
3c
15H
5H
♦
2.39
'58%
70
5H
Jan
53
Jan
17H
lHc
Feb
5.911
36
lc
2.07
1.89
Jan
3.50
16Hc
3c
Jan
34
3.60
3,300
3c
7Hc
90
lHc
65,338
26c
Jan
65
19H
"l"9H
2.30
12H
Jan
8H
34 H
1.15
2.15
22c
Jau
3.75
Consolidated Paper
Cons Sand & G pref
207
12c
9c
7c
17
17
*
Cobalt Contact
18
High
Low
Shares
17,600
1
1.73
10.500
210
Week
8c
...5
11,420
27c 35 He 125,800
Range Since Jan. 1, 1938
for
Range
34
20c
1
Omega Gold
Marconi
2.20
16H
Norgold Mines
Okalta Oils
1
8c
*
42c
207 H
Jan
8
Jan
33c
•
Jan
4H
compiled from official sales lists
7c
*
Jan
Canada Malting
Canada Vinegars
13c
2Hc
1
Gold
1
33 H
*
.....
Jan
90c
Brett Trethewey
Canada Bud
32c
5
Normetal
Feb
8.450
16c
Nl pissing
Feb
28o
Jan
Feb
90
11,900
1.98
4H
Sales
Price
16Hc 17Hc
New Golden Rose
Mines
14
Jan
15c
2.30
1
*
1
Newbec Mines
Jan
Par
Stocks-
35c
2.05
80
Friday
13 He
15c 15HC
.100
Nay bob Gold
8.20
Jan
26,200 22 Ho
Exchange—Curb Section
Feb. 4, both inclusive,
to
Jan
1
*
National Trust
Jan
Toronto Stock
Jan. 29
33c
13Hc
1
Murpby Mines..,
50
40 H
732
90
92c
1
•
Klrkland
Pacalta
3Hc
43 H
25c
Moore Corp
O Brien
Jan
Jan
3Hc
Moneta Porcupine
Nordon OH
4c
3Hc
87
•
Monarch Oils.
Noranda
Jan
6
92c
Mlnto Gold...
National
28HC
2HC
Jan
14,500
44 %
*
Mercury Oil
Mining Corp.....
Morris
33,900
89
1
♦
McVlttle-Graham
Jan
7.50
52,960
Jan
43c
1
McWactere Gold
High
Low
Shares
4H
2 He
5
McKenzle Red Lake
28c
4H
6H
44 H
14
100
Mines
25o
2H
9Hc
"oh
*
Preferred
Mclntyre
8.00
26c
3Hc
38c
100
Preferred
McColl Frontenao
8.20
.*
2Hc
2H
♦
Massey Harris
43c
Ymlr Yankee Girl
12H
*
1
Mines
Maralgo
8.20
•
*
Wright Hargreaves
York Knitting Mill
3Hc
6H
*
Maple Leaf Gardens pref 10
Maple Leaf Gardens
Maple Leaf Milling
Week
Price
Par
1,1938
Range Since Jan.
for
of Prices
Low
High
Feb
MacLeod Cockshutt
Mines
Macassa
(Concluded)
Week's Range
Sale
Stocks
High
Low
21
1
B
Week
Shares
20 H
4.95
20 H
A
Sales
Last
1, 1938
Range Since Jan.
for
22 H
*
•
Lobiaw
Exchange
Friday
Sales
Last
Price
Toronto Stock
Exchange
Friday
18
Jan
Jan
2.11
Feb
19
Jan
Premier
1
♦
Preston E Dome
1
"l~25
1.15
62c
65c
70c
1
~4~25
4.10
4.30
7,465
4.10
Jan
4.55
♦
30c
32c
3,600
30c
Feb
45c
Jan
"28c
27c 31 He
44,800
Jan 36 He
Jan
40c
40c
"50c
46c
50c
13Hc
13HC
16c
184
183
2-6363
• HAnover
Tele. NY 1-208
New York
•
Jan
Red Crest Gold
30 Broad Street
Jan
Read Authler
Corporation
•
New York, Montreal and Toronto
Royal Securities Corporation
Jan
Pressed Metals
Municipal
•
Private wire connection between
Jan
34c
Feb
1.89
Government
Quebec Mining
*
Red Lake G Shore
*
Reeves-Macdonald
...1
Reno Gold
Roche Long Lao..
1
100
•
Royal Bank
Royallte Oil
40 %
45
1.33 200,540
2,500
500
1,075
70
70
20
109
100
100
100
100
St Lawrence
16c
25
40 H
1
190
48 H
70
Jan
Jan
Jan
Jan
109 H
Jan
99
Feb
100
Feb
12c
Jan
18c
Jan
4H
Feb
5H
1.35
Jan
1.55
Jan
Jan
27c
Feb
Jan
1.15
Feb
4H
1.46
9,504
23c
27c
9,400
21c
1T3
1.10
1.15
3,100
98c
1.42
I
50c
Feb
Jan
70
103H
4H
1.37
1
Shawbey Gold
Sheep Creek
15,725
Jan
182
1.35
*
Corp..
San Antonio
14c 16Hc
Jan
1.40
1.52
24,756
1.27
Jan
1.80
Jan
Silverwoods
*
1.00
1.00
40
1.00
Feb
1.00
Feb
Silver woods pref
*
2H
2H
190
2H
Feb
3
Jan
Jan
95
Jan
Sherrltt Gordon
86
...100
Simpsons pref
51
87
81
2.71
Feb
1
2.75
2.71
3.15
69,592
Sladen Malartlc
1
1.00
97c
1.08
68,450
87c
Jan
Slave lAke
1
14c
14c
17c
18,550
10c
Jan
South End Petroleum
*
6c
6c
6c
1,000
itadacona
•
25c
25c 27Hc
36,850
Steel of Canada
•
61%
Siscoe Gold
25
Preferred
57
4
100
Sterling Coal
6c
Feb
Jan
45c
Jan
Feb
69 H
Jan
60
190
57
Feb
63H
Jan
50
4
Jan
9,000
Jan 15Hc
2 95
Jan
Sudbury Basin
Sudbury Contaet
•
I
3.10
3.05
3.20
1,695
13c
13c
14c
4,400
12HC Jan
Sullivan Cons
1
1.00
99c
1.07
9,285
97c
Jan
Supersilk A
2
Feb
Tamblyns
*
1
*
Tashota
1
2H
250
2H
Feb
3.45
15,225
3.05
Jan
3.45
175
14H
Jan
16
Jan
3 He
52%
Burns A Co 5a
6SH
66
112H 113
1955
1958
60
Calgary Power Co 6a.. 1960
Canada Bread 6a—^.1941
Minn A Ont Paper 6s. 1945
103 H
par
95 H
94 H
115
114
41H
40 H
1961
/45
77
78
76
76 H
3Hs
3%a
96H
103 %
103 %
•
97
100H
106
100H IOI H
103
Provincial Pap Ltd 5%s *47
101
104H
101
4%a A '66
1966
4%a
101
-
99 H
1967
Dec 1
5s
48
»
50 H
105 H
5H8'70
Corp of Can 4%a *59
Saguenay Power
100
34H
102H 103
Montreal Tramway 5s 1941
Power
95
ser
B
101H
102 H
103 H
Shawlnlgan WAP 4%a '07
Smith H Pa Mills 4%a '61
103
104
......
95
78
80
68 H
67 H
76 H
United Grain Grow 5e.
96 H
65
1948
Uolted Secure Ltd 6H» '52
Winnipeg Elec 6s.Oct 2 '64
94H
93 H
102
1961
1961
6a.
50
1939
1966
1973
value) 3s
Ottawa Valley Pow
6%B. 1945
Co—
4s.
1956
East Kootenay Pow 7s 1942
Eastern Dairies 6a
1949
Fraser Co 6a—Jan 1 1950
tiatlneau Power 6a—1966
Gt Lakes Pap Co let 5a '55
lot Pr A Pap of Nfid 5a '68
Lake 8t John Pr A Pap Co
47
98 H
105
Montreal LHAP ($50
101
Donnaconna Paper
6 Hs
98
Montreal Island Pr5H*'67
95 H
94 H
Dom Gas A Eloc
45
104 H
34
103 H
103
5%s ex-stock
Maple Leaf Milling—
2%b to '38—5Hs to '49
Massey-Harrts Co 6e._1947
McColl Frontenao Oil 6s '49
103
1953
Canadian Inter Pap 6a '49
Canadian Lt A Pow 6a 1949
Canadian Vlckera Co 6a '47
Cedar Raplda M A P 6a '63
Conuol Pap Corp 5%B 1961
Canada North Pow 5a.
75
6HS-1951
97 H
96H
Ask
101H 102 H
MacLaren-Que Pr 5Ha '61
Manitoba Power
72
Alberta Pac Grain 6s. 1946
Beauharnols Pr Corp 6s '73
Bell Tell Co of Can 5a.
Bid
Ask
f51H
*63
Bonds
Friday, Feb. 4
66 H
Jan
3c
Bid
Abltibl P A Pap ctfs 6a
Feb
15
Jan
2
3c
3Hc
3,000
5.70
5.15
Jan
13,000
1.20
Jan
40
11H
Jan
13
Jan
108
2.69
2.61
15%
15H
105
—Edwin S. Elder is now
2.30
Jan
2.90
Jan
St
195
16
15H
Jan
17
Jan
of Halsey
45
Jan
46
85
5
80
Jan
85
Jan
122
15
120
Jan
122
Jan
47c
5
46
2,400
48c
47C
Feb
Nominal
NOTICES
66c
Jan
1
1.60
90c
Jan
1.75
*
14%
1,455
12H
Jan
15H
Jan
*
20 He
21c
7,270
20Hc
Jan
26c
Jan
United Steel
*
4%
4H
5H
1,180
4%
Jan
6
Jan
Ventures
•
6.55
6.50
6.80
2,623
6.00
Jan
7.40
Jan
Vulcan Oils....
1
1.00
1.05
1,300
1.00
Jan
1.25
Jan
1.59
Jan
2.14
Jan
Jan
44%
Jan
foreign
formerly with Rhoades & Co., is now manager
department of J. R.
of
Williston & Co., members of the New
York Stock Exchange.
Feb
Union Gas
United Oils
—Erwin H. Davison,
the
Co., of
representative
associated with Edward D. Jones and
Stuart and Co.
Jan
80
120
46
n
Mr. Elder was formerly St. Louis
Louis as a salesman.
3,200
2.85
*
"~48c
f Flat price
CURRENT
Jan
16
106
1
"80 "
value
Jan
Toburn Gold
50
No par
Jan
16.082
1.47
12H
5.40
106
100
•
Jan
1.57
5.50
1.31
11H
1.35
Toronto Elevators
Preferred
Jan
Jan
3.25
5.50
Toronto Mortgage
50
To wagmac Exploration..1
Jan
1.11
14H
•
Toronto General TrustslOO
Jan
3.45
•
Preferred
3.80
16c
Jan
15
•
.
4
12c
15c
.
Jan
61H
12Hc
Tip Top Tailors
10c
Jan
22c
HHc
Texas Canadian
Jan
230
*
Teck Hughes
Jan
1.10
64
Straw Lake Gold
Sylvanlte Gold
3.40
24c
4
61 %
57
Closing bid and asked quotations,
Jan
99
1
Industrial and Public Utility
Jan
16c
109
St Anthony
55c
Jan
100
.
Jan
10c
48,100
100
.
35c
Bell System.
Feb
Jan
Russell
Saguenay Power pref.
19c
Jan
1.33
60c
Russell Motors
Motors pref
62c
Jan
Jan
300
42 H
1.05
9,175 39 He
184
40 H
16
Uchl Gold
Walte Amulet..
•
1.70
Walkers
♦
*
40%
16%
1
13 He
Preferred
Wendlgo
Gold
*
10%
West Turner Petroleum50c
10Hc
*
1
*
4Hc
White Eagle
Wlltsey-Coghlan
W innipeg
Electric A
B
Preferred
Wood Cadillac
*
18%
13c
10H
1.80
5,647
41H
3,205
19
14c
2H
165
1.500
11
lHc
4Hc
4Hc
2H
65
19c
10c llHc
165
1,007
18,000
31
lMc
2H
240
428
12,600
<
500
2,100
245
373
11H
100
1
1.63
40
19c
•
Westons
1.75 116,850
15
31
Western Can Flour pref 100
Westflank Oil
1.47
14H
'"36c'
12H
35
36c
39c
10,200
40
18H
Jan
19
Jan
Feb
18c
Jan
31
Feb
31
Feb
19c
Jan
34c
Jan
10
Feb
12 H
Jan
Feb
14c
Jan
lHc
Jan
Jan
Jan
Jan
Jan
Jan
13c
lOHc
lHc
4c
Jan
Jan
2H
Jan
1.65
Feb
11
35c
4Hc
3H
2H
Jan
16
Jan
43c
—Mitchell, Hutchins & Co.,
announce
members of the New York Stock Exchange,
Jr . has been admitted as a general partner
that Andrew H. Brown
in the firm.
—Hession, Maher &
department under the
unlisted trading
formerly of Maher
Griscom announce the opening of an
management of Francis L. Maher,
& Pagano.
—Homer &
Co., Inc., 40 Exchange Place,
periodical bulletin on the
New York City, has issued its
market for high-grade public utility
and railroad
bonds.
—Farson, Son & Co., Ill
Broadway, New York City, in
circular, quote the prices on an
with them.
—A. C. Grubb has become
their current
extensive list of municipal bonds.
that Portland Merrill is now associated
—H. B. Boland & Co. announce
associated with Hardy &
Co.
Financial
894
Quotations
Bid
o3b
1 1977
Jan
Bid
a3*s July
1 1975
o3*s
a3*s
o3 *s
«3*s
o3*s
1 1954
105
I 1954
105* 106*
104* 105*
104* 105*
«4s
1 1960
15 1976
Jan
106*
July
1 1975
107
May
1 1957
109* 111*
109
a4s
Nov
1 1958
a4s
May
May
1 1959
no* 111*
a4s
1 1977
113
a 4s
Oct
1 1980
114* 115*
1 1960
114
1 1962
114* 115*
115
116*,
a4*s Sept.
a4*s Mar
a4*s Mar
110
1 1904
111*
114
115 *
a4*s Apr
a4*s Apr
a4*s June
a4*» Feb
a4*s Jan
a4*s Nov
a4*s Mar
a4*s May
a4*s Nov
a4*s Mar
a4*s June
a4 *s July
a4*s Deo
a4*» Deo
I 1 I960.
115* 116*
117
118*
117* us*
15 1972.
1 1974.
151970.
Par
Ask
151971..
117* 119
118
119*
118* 119*
119* 120*
117
118*
117* 118*
118* 120
119
120*
119* 121
121
122*
1 1979..
1 1981..
1 1967..
1 1957..
1 1963..
1 1905..
1 1907..
24
Klngsboro
48
54
Merchants Bank
Bensonhurst National —50
13.55
Chase
95
National Bronx Bank—50
40
32
National Salety Bank.12*
Penn Exchange
10
Peoples National
.60
10
12
47
64
30
25
136
800
850
26*
36
25
28
29*
Sterling Nat Bank A Tr.25
24
26
17
21
Publlo National
46
New York Trust
Bid
10
Bankers
45*
47*
6
79
20
3a 1974
62.65 less
1
World War Bonn"
1981
62.75 lees
1
4*8 April 19*Tto 1949.
Highway Improvement—
3a
Canal A Highway—
5s Jan A Mar 1904 to '71
62.85
^
mmm
4s Mar A Sept 1958 to'67
93
42*
55
60
25
12
15
New York
133
mm-
Canal Imp 4s JAJ '00 to '67
Canal Imp 4Mb Jan 1904..
133
mmm
Barge C T 4s Jan '42 A '40
Can A High Imp 4Ma 1905
130
Barge C T 4*s Jan 11945.
33
96
40*
50
20
39
49*
51*
25
Preferred
37
20
Manufacturers.
92
Continental Bank A Tr.10
11*
12*
Title Guarantee A Tr. ..20
20
49*
50*
Underwriters
Empire
124*
124*
110*
1630
28
Corn Exch Bk A Tr
62.10
12
11
10
Colonial Trust
Ask
215
234
100 1580
Kings County
Lawyers
Clinton Trust
Central Hanover
Bid
100
Irving
8
74
Ask
200
229
Fulton
Guaranty
Chemical Bank A Trust-10
Ask
Bid
Par
102
360
7
100
Bronx County
Brooklyn...
Companies
96
100
12*
Ask
354
Italians. 100
15
13
Trade Bank
1780
First National of N Y -100 1740
Par
mmm
115
105
130
Flat bush National..—100
Ask
:
65
100
.12*
Fifth Avenue
Bid
National..-100
100
National ..100
City (National)
Commercial
Banca Coram
New York State Bonds
Par
Ask
22*
Bank of Yorktown__66 2-3
122* 123 *
1 1977..
151978..
Bid
Bank of Manhattan Co. 10
Bk of New York A Tr
Bid
5, 1938
New York Bank Stocks
City Bonds
Ask
99* 99*
101* 102*
May
Nov
Mar
Feb.
Over-the-Counter Securities—Friday Feb. 4
on
New York
Chronicle
10
22
23
United States..
95
5*
6*
90
80
100
.100 1430
1480
113*
Highway Imp 4*s Sept '03
Chicago & San Francisco Banks
Par
Bid
Port of New York
Authority Bonds
Atk
Port of New York-
109* 110*
Gen A ref 2d
ser
104* 105*
Gen A ref 3d
ser
Gen A ref 4th
Gen A ref
3*a '05
3*s '70
102
97
98
1977
59
99*
3^a
ser
MAS 60.50 to
MAS
67
112
199
204
Insurance
B 1940-53.M N
Par
ser D
MAS 60.75 to
1938-1941
MAS
Home Fire
46
Homestead Fire
.—..10
23
24*
1959
Apr
1962
1955..
6a
Feb
1952
5*8 Aug 1941
Hawaii 4*s Oct 1956....
102*
102*
100*
105*
108*
Honolulu
103*
U S Panama 3s June 1 1901
5s
American
103*
t
Ask
Govt of Puerto Rico—
63.50
102
6a
110*
116
3.00
July 1948
108
U S conversion 3s 1940-.
108
3.50
Ins Co of North Amer
5
5
10
12
Maryland Casualty.
1
Mass Bonding A Ins.-12*
39*
10*
3*
3*
41*
29*
20*
38*
25*
Newark...2*
10
...25
10
31*
Merch Fire Assur
5
40
43
22*
Merch A Mfrs Fire New'kS
8
40*
Merchants (Providence)..5
National Casualty
10
4
6
16
18
26*
110*
110*
10
com
National Fire
2*
25
Bankers A Shippers
5*
6*
74
580
Boston
.......100
Camden Fire....
6
77
590
10
National Liberty
National Union Fire
20
2
New Amsterdam Cas
2
108 * 111
18
20
New Brunswick
10
19*
20*
18
New Hampshire Fire....10
New Jersey..—.
20
24*
23*
3*
19*
25*
25*
4*
Employers Re-Insurance 10
Conversion 3s 1947
10
41
43
Excess
110
Carolina
City of New York
114
5*
33*
35*
Connecticut Gen Life
.10
Continental Casualty
5
Eagle Fire
Federal Land Bank Bond:
2*
5
Federal
Bid
Ask
Bid
3s 1955 opt 1945
JAJ
JAJ
JAJ
102* 102*
102* 102*
40 1940 opt 1944
3s 1950 opt 1940
4s 1958 opt 1938
MAN
MAN
102* 102*
4*8 1958 opt 1938..MAN
MAN
Ask
103* 103*
38
1950 opt
1940
3*S 1955 opt 1945
110* 111
100* 101*
102* 103*
10
6*
100
Fidelity A Dep of Md—.20
Fire Assn of Phlla
10
104
68*
76*
6
50*
74*
7*
—.6
25*
27*
Flyman's Fd of San Fran25
Firemen's of Newark
Franklin Fire.——
2*
16*
8*
55*
7*
Lincoln Fire
118
63.70
Askti
1*
15
8*
10*
Re-Insurance. 10
Automobile...
10
10
K nlckerbocker
24*
10
American Surety
Security
66
62*
19*
5
26
Baltimore Amer
4*s July 1958
107*
45
20*
26*
..10
Equitable
American of
Bid
Bid
Importers A Exporters...5
American Reserve
101*
Par
87*
44
United States Insular Bonds
6a
1
43
Companies
Ask
83
Aetna Life..
Atk
Bid
10
American Home
4^8 Oct
4^8 July
NTASA..12*!
Aetna
American Alliance
100
1
FRANCISCO
Aetna Cas A Surety.....10
Agricultural
4s 1940
SAN
Bk of Amer
110
110* 112
Bid
555
1.25%
108
American
Philippine Government—
Ask
'295
70
100
113
4*s
1
525
100
1
Trust...33 1-3
A
1.50%
1942-1900
Inland Terminal
Bid
270
Northern Trust Co...
E
ser
1938-1941
1942-1900
George Washington Bridge
4*s
4*a
Ask
First National
103
3s 1970
aer
Bid
Holland Tunnel
Gen A ref 4s Mar 1 1975.
185
Continental Illinois Natl
Bank
Bid
|
Harris Trust A Savings. 100
160
100
A Trust
Par
Ask
American National Bank
9
——10
New York Fire.—.—
Northern
2
12.50
North River
2.50
Northwestern
National. 25
Pacific Fire
...28
Phoenix
10
Preferred Accident
-.-5
Pro vldence-Washington
.
10
54
9*
2*
3*
9
56*
6*
68*
7*
111
115
12
10*
25*
41*
27*
43*
37
40
13*
14*
72
75
24*
26*
115
119
97
£93*
74
78
13*
28*
15*
30*
Reinsurance Corp (N Y)_2
6
21
7
33*
Republic (Texas)
—10
Revere (Paul) Fire
..10
Rhode Island...—...5
10
20
22
Rossia
Gibraltar Fire A Marine. 10
21
St Paul Fire A Marine...25
185
195
Glens Falls Fire
34*
Seaboard Fire A Marine. .6
8
10
Security New Haven
Springfield Fire A Mar..25
General Reinsurance
Corp5
Georgia Home
Joint Stock Land Bank Bonds
Bid
Atlanta 3s
Atlantic 3s
Burlington 5e._..—....
4*s__........
California
Ask
99* 100*
99* 100*
—
Bid
Lincoln 4*s
6s
New York 5s
/45
65
North Carolina 6s
102
76
77
97*
55
100
5s
Central Illinois 5s........
Ask
72
72
/45
98*
99* 100*
98*
99*
Ohio-Pennsylvania 6s
5
15
Chicago 4*s and 5s
/25
/5*
Dallas 3s
100
101
Pacific Coast of Portland 6s
100
99
100
Pac Coast of Salt Lake 5s__
100
91
94
Pac Coast of San Fran 5s—
100
100
102
Pennsylvania 5s
100
101
Phoenix 4*8
5s
105
15
73
76
5
Rutgers Fire
2d preferred
Great American
22
12*
Great Amer Indemnity—.1
Halifax.....
Hanover
22*
29*
63*
52*
27*
10
Hartford Fire
10
Hartford Steamboller
...
23*
8
—.10
10
108*
9
5
Seaboard Surety
—10
10
Stuyvesant
5
23*
22*
5
7
6*
6*
20
27* 29*
106* 109*
4*
5*
Sun Life Assurance
100
390
440
24
Travelers
100
407
417
31*
65*
U S
U 8 Fire
54*
U S Guarantee
29
Westchester Fire
Fidelity A Guar Co—2
4
10
15
13*
46*
46
48*
48*
28*
30
107
107
29
22*
30*
13*
31*
5
Globe A Republic
Globe A
31*
21*
...
Denver 5s....
First Carollnas 5s
First of Fort Wayne
4*8..
28
6*
Oregon-Washington 5s
f45
Pacific Coast of L A 5s
101
55
Home.......
•
90* 98*
97* 99*
98* 100
Potomac 5s
100
101
First Trust of Chicago 4*s
Fletcher 3*s
99
St Louis 5s
/24
27
100* 102*
San Antonio 3s
100
Fremont 4*8 and 6s
Greenbrier 6e
67
72
100
102
Greensboro 3s
99* 100*
Illinois Midwest 6s_.._
84
87
Iowa of Sioux City
93
96
4*s.._
Lafayette 5s
99* 101
Southwest 5s
76
Southern Minnesota 5s
fl2*
Union of Detroit 4*s
5s
100*
79
14
97*
98*
98*
99*
99* 100*
Virginian 5s
Virginia-Carolina 3s
Surety Guaranteed Mortgage Bonds and Debentures
Bid
ASk
Allied Mtge Cos ino—
All series 2-5s
1953
82
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s 63
75
mmm
55
Debenture
3-6s
1953
43*
Cout'i Inv Bd Corp 2-5s 53
Conty Inv DebCorp 3-0s'53
46*
45*
77
mmm.
48
Ino 2-5a
Atlantic
45
55
New York
100
Ask
Par
40
50
100
76
80
21
25
Potomac
Des Moines
100
45
50
100
2
Fremont..
100
Denver
Llnooln
...
ioo
5
*
100
43
48
100
20
1
.....100
70
37
85
—
F
F
F
l*s
Mar
I C 1*«
Apr
I C 1*8...May
I O 1*«—June
Funding
series)
1/25
Nat Cons Bd Corp 2-5a '53
Nat Deben Corp 3-6s.l953
28
73
5
100
1*
1*
74
44
47
ture
Maryland Deben¬
Corp 3-08
1953
72
Realty
Atlantic
1953
Realty
Bond
A
deb 3-6s
44
47
Mortgage
1953
45
44
47
Unified Deben Corp 5s 1955
32
Par
Ask
Bid
Atk
Bid
Ask
87
91
115
160
164
Bell Telep of Pa pref
100
Cuban Telep 7% pref—100
116
118
53
59
Franklin Telegraph
100
Gen Telep Allied Corp—
32
40
84*
88
70
76
15 1938 6.35%
111
116
40
—*
F I C
l*s—Sept
F I C
l*s...Oct
FI C 1 *s... Jan
New York Mutual Tel. 100
Bid
Pac A Atl Telegraph.—.25
Peninsular Telep com
♦
Rochester
14
21*
100
108
10 1939 6.00%
For footnotes
see page
897.
23
100
24*
110
So A Atl Telegraph.....25
14
140
S'western Bell Tel pref.
Wisconsin
17
112
Telephone—
36.50 1st pref
Sou New Engl Telep.—100
Int Ocean Telegraph...100
Mtn States Tel A Tel-100
Ask
17
r
Preferred A
15 1938 6.40%
15 1938 6.45%
15 1938 6.45%
15 1938 6.50%
Par
118
$0 preferred
FICl*a_..July
FICl*s...Aug
34
Telephone and Telegraph Stocks
3
15 1938 6 .25%
15 1938 6.25%
15 1938 6.25%
10 1938 6.30%
47
1953
3-6s
Deb Corp 3-0S
part ctfs
Emp A Bay State Tel..100
F I C
47
44
43
Virginia-Carolina
Federal Intermediate Credit Bank
Debentures
P I O 1*8—.Feb
73
44
75
100
(Central
Am DLst Tel eg (N J) com.*
Preferred
100
Bell Telep of Canada... 100
Bid
1953
25
Virginia..
1*
Ask
12
San Antonio
First Carollnas
Dallas
Bid
72
(all
Potomac Cons Deb Corp—
3-08
1953
Potomac
9
North Carolina..
Pennsylvania
—100
_100
Issues) 2-5s
1954
Corp
Potomac
1953
Nat Bondholders
Bid
Ask
65*
33
mmm
Mortgage Bond Co of Md
100
Bond
Potomac Deb Corp 3-08 '53
Potomac Franklin Deb Co
Interstate Deb Corp 2-5665
Atlanta
Series B 2-5s
Potomac
99* 101
Joint Stock Land Bank Stocks
Bid
Nat Union Mtge Corp—
Series A 3-0s
1954
mmm
mm
Associated Mtge Cos Inc—
Empire Properties Corp—
2-3s
1945
Par
2.50
mm
mmm
First of Montgomery 5s...
First of New Orleans 5s...
First Texas of Houston 6s.
101
5
-mm
101
100
Telep 7% pf.100
17
143*
121* 123*
116
895
Chronicle
Financial
146
Volume
Securities—Friday Feb. 4—Continued
Quotations on Over-the-Counter
Railroad Bonds
Ailed
Bid
Guaranteed Railroad Stocks
Youngstown 6 Mb
Akron Canton ft
York Stock Exchange
Tel. RE ctor
Boston
GUARANTEED
NEW YORK
2-6600
STOCKS
....
41
Iron 1st ref fis
Choctaw A Memphis 1st 5s
Cincinnati Indianapolis ft Western 1st
Cleveland Terminal ft Valley 1st 4s
6s
70
(New York Central)
ft Ohio common 5%
ft St Louis pref (N Y
Cleveland ft Pittsburgh (Pennsylvania)
0.00
53
58
2.00
31
33
8.75
95
99
8.50
55
05
100
2.85
.100
6 00
(N Y Central)
2.00
38 M
68
172
177
4.u0
44
47
50.00
800
35
54
57
4.00
83
87
4.00
.100
.....
30
39
Toronto
4Mb
—
170
176
6 82
52
57
6.00
130
141
3.00
08
71
Chicago (Pennsylvania).
.100
(Terminal RR)
KM)
——
80
105
109
76
83
40
45
Utility Stocks
Seashore (Pennsylvania)..
Alabama Power 37
Arkansas Pr A
130
141
220
Original
0.00
48
53
6.00
00
600
60
09
Associated
221
52
57
27
30
3.00
60
59
...
5
6
109
112
120
Private Wire* t* New
Railroad Equipment
Bonds
I
Bid
Alt
75M
78
07
70
74
New York Power ft
75 M
39
43
95M
97
75
Gas—.100
6M
6
Dec 1 1935-1944
Interstate Power
6 Ms
64.75
4.00
4.60
4.00
New On Tex ft Mex 4 Ms-
64.90
4 25
4.00
New York Central 4Mb.-.
63.26
2.50
3.00
62.00
1.25
64 60
4.00
64.60
4.00
65.00
4.00
65.00
4.00
61.75
1.20
68
N Y Chic ft St L 4Mb—-
Canadian National 4Me...
63.50
2.75
63.60
Canadian Pacific 4Mb
4 Mi-
2.75
63.25
fie
2.70
64.60
3.50
fie
N Y N H A Hartf 4Mb-—
fie
Northern Pacific 4Mb
62.00
Pennsylvania RR 4Mb
Chesapeake A Ohio—
62.75
fie
2.00
gg
61.75
4Mb
1.00
4e
——
Chic Mllw A St Paul 4Mb.
66.00
6.00
66 00
6s
5.00
66.50
6.50
66.60
5s
Chicago RIA Pacific—
Trustees' ctfe 3 Ms.....
6.60
62.90
2.00
2Mb series G non-call
Dec 1 1937-50
62.75
2.00
63.25
2.50
63.25
65.00
4Mb
Reading Co 4Mb
—
62.10
fie
65.00
4.00
« MB
65.00
4.00
93
68
88
93
4Mb
88
93
64.50
2.16
61.80
fie
1.25
Hocking Valley fie
61.75
1.00
Illinois Central 4Mb......
64.75
4.00
fis
—
64.76
Nash 4Mb
fie
2.60
61.75
1.10
1.10
S S M 4s
3.50
64.00
3.00
2.60
63.25
2.50
fis
62.25
1.50
61.50
1.00
61.70
1.00
61.70
01M
63 M
89 M
90 M
.*
*
pref...100
Ohio Pub Serv 0% pf.,100
7% preferred
100
Okla G ft E 7% pref...100
91M
pref
113M 115M
30 M
25 M
Ohio Edison 30 pref
180
Ohio Power 0%
19M
20 H
21X
37
preferred..
93 M
104
101
111M
92 M
90 M
110
101
99
24
Pacific Pr ft Lt 7%
120
Penn Pow 4 Lt 37
180
100
90
0%
pf-100
pref.—*
98 M 100 M
51M
65 H
80 M
87 M
37
39
G ft E—
preferred.....—100
109 M
108
24 M
22 M
6M
4
95 M
97
84
80 M
27
27 H
Rochester Gas ft Eleo—
39 M
53
preferred C
100
City G 4 E 37 pf.100
Republlo'Naturaf Gas
0%
37
4M
1
3K
55
Sioux
Southern Calif Edison—
0% pref series B
25
South Jersey Gas ft El.100
80
82
108
180
110
32 M
35 M
30 M
32 M
30 M
38 M
23
23 M
42
45
41
45 M
47 M
7%
41M
45M
preferred
pf.100
Toledo Edison 7% pf A.100
United Gas 4 El (Conn)—
Texas Pow ft Lt 7%
7%
61M
pf.100
100i
Tenn Elec Pow 0%
100
preferred
Utah Pow ft Lt 37 pref..*
Virginian
100
Ry
Bid
Par
All
0
9
75
Kress (S H)
0% pref
43
46 M
97
99
102
104
69
34 M
150
71
36
155
Bid
11M
Alt
13
85
1M
2
Sons common..*
0M% preferred
100
Murphy (G C) $5 pref. 100
Miller (I)
10
30 M
1M
15H
90
7M
10M
33
2M
3
25
105
(Daniel) pref... 100
100
Cigar-wheian Stores
preferred
....*
17
Reeves
8
18
101
m m
16M
102
9
United
$6
1.00
58
Virginia Ry 4Mb
fis
6s
9
18M
15
70
80
Miscellaneous Bonds
Bid
80
Wabash Ry 4Mb
....
.......
80
3.00
Western Maryland 4Mb
3.00
Western
64.00
3.00
6 Ma
Pacific fie
90
Associates Invest
90
Bear
3s—1940
92 M
93 M
4.00
—
Aug 15 1938
100.28
101.31
101-2
101.6
Dec 1960
Reynolds Investing 68.1948
103M 104M
72
68
2s
1Mb
4.00
65.00
Alt
103 M 104M
June 1 1939
Marine Parkway Bridge—
99
2.25
65.00
Hudson Parkway—
A prill 1955
Home Owners' Loan Corp
Henry
4s
Mountain-Hudson
0
63.00
Bid
Alt
80
80
5 MB
63.76
897.
100
,-«.*
7%
(Minn) 5% pref
20 M
93 M
98 H 100M
7% cum pref erred... 100
Northern States Power—
(Del)
21M
54
92
1.00
61.60
common...*
7% preferred
100
Diamond Shoe pref
100
Flshman (M H) Co Inc..*
Kobacker Stores
♦
7% preferred
100
Bo hack (H C)
lMs
Sept 1 1939
Federal Home Loan Banks
1 Ms
For footnotes see page
62
Light—
»
2.00
63.25
63.75
fie
2.40
4Mb-
Texas Pacific 4s
6s
5 Mb
63.00
2.50
61.76
fie
4.06
63.40
Long Island 4 Mb
4.00
64.75
63.40
4Mb..
4.00
64.25
fis
Southern Ry 4 Ms
4.00
62.50
5 Ms
Union Pacific 4Mb
fie
90
66.00
65.00
fie
Stores.....*
7% preferred
.100
B /G Foods Inc oommon—*
Blck fords lno
*
$2.60 conv pref
*
Berland Shoe
3.50
62.80
fie
Great Northern 4 Ms
95
93
4Mb
St Louie Southwestern
Southern Pacific 4Mb—.
88
—
2.50
92
19""
28
Chain Store Stocks
Par
84
4.00
18
20 M
2.50
Pere Marquette
St Louie-San Fran 4s
Denver AEG Weet 4 Ms—
1.00
1937-49
fie
80
1.25
61.60
series Edus"
Jan A July
Chicago A Nor Weet 4Mb.
*
37 pref..*
Iowa Southern Utilities—
7% preferred
100
Jamaica Water Supply—
7M% preferred
50
Jer Cent PAL7% pf-100
Kan Gas ft El 7% pref. 100
Kings Co Ltg 7% pref. .100
Long Island Ltg 6% pf-100
7% preferred.
100
Mass Utilities Associates—
5% conv partlc pref..50
Memphis Pr ft Lt 37 pref.*
Mississippi Power 30 pref.*
37 preferred
♦
Natural Gas
Interstate
4.00
64.60
fie
*
100
preferred
preferred
4.00
4.60
64.00
4Mb
30
30 cum preferred
Queens Borough
64.75
1.60
56 00
120
77
64.75
52.25
64 60
5B
21M
21M
84
68
Missouri Pacific 4Mb
18
112
72 M
7%
66.09
4 He..
A Ohio 4 Ms
Atlantic Coast line
10
109
pref. 100
Newark Consol Gas
100
New Eng G ft E 5 M% pf-*
New Eng Pub Serv Co—
Nebraska Pow 7%
72
Hudson County
Ait
Nassau ft Suf Ltg 7% pf 100
56
62 M
Idaho Power—
Bid
1H
J). 100
Consumers Power 36 pref ♦
Continental Gas ft El—
7% preferred
100
Dallas Pr ft Lt 7% pref. 100
Derby Gas A El 37 pref..*
Essex Hudson Gas
100
Federal Water Serv Corp—
30 cum preferred
30.50 cum preferred
♦
37 cum preferred
*
Gas ft Eleo of Bergen..100
Philadelphia! Pa.
Yerk
18
...
82
—100
preferred
preferred
Consol Traction (N
Inc.
15""
100
preferred
7%
25
'
100
Cent Pr 4 Lt 7% pref..100
Consol Eleo ft Gae 30 pref. •
30
CERTIFICATES
Stroud & Company
23 M
Pub Serv 7%
37 prior Hen pref
*
New Orl Pub Serv 37 pf..*
7%
Quotation*-AppraitaU Upon Rmqu**t
5M
4M
Monongahela
0
5
Central Maine Power—
EQUIPMENT TRUST
107
105
West
Penn
pref
25
Mountain States Pr com..*
2M
56 M
54 M
Mississippi P ft L 30 pref.*
Miss Rlv Pow 0% pref.100
Missouri Kan Pipe Line..5
-
--
..
55
3.60
6.00
52 M
71
50 M
pref..*
Lt 7% pref *
Gas ft Electric
preferred
»
30.60 preferred
*
37 preferred
*
Atlantic City El 0% pref.*
Bangor Hydro-El 7% pf 100
Birmingham Elec 37 pref. •
Buffalo NiagaraA Eastern31 00 preferred
25
Carolina Pr A Lt 37 pref--*
0% preferred
*
6.00
Lack ft Western)...—...
Alt
Bid
Par
All
too
Par
u
10 00
1(M)
.KM)
61
72
Ry 1st 3 Ms—
Public
700
of N J (Del
Minn St P ft
80
45
RR 4 Ms
Hamilton A Buffalo 4Ms....
105
Preferred
Maine Central
90
78
70
100
(Terminal RR)..
.100
United New Jersey RR A Canal (Pennsylvania).—
.100
Utlca Chenango ft Susquehanna (D L ft W)
Valley (Delaware Lackawanna ft Western)
.100
Vicksburg Shreveport ft Pacific (Illinois Central)..
Loulev A
84
1st 5s....
Missouri Brioge 1st 4s
38
1.50
7.00
Tunnel RR 8t Louis
Internat Great Nor
65
84
70
ft St Louts 1st 4s—
Washington County
3.00
(Delaware ft Hudson)—...
Erie RR 5 Ms
92
60
Toledo Terminal
.100
1st pref
Second preferred
Cent BR New Jersey
45
88
43
4.60
60
St Louis Bridge
3 Ms
40
...
Illinois A
Southern
32
600
—
-
Boston A Maine
35
70
80
Shreveport Bridge 4 Terminal
Somerset Ry 1st ref 4s
3.875
Western)
Preferred
Baltimore
90
28
Ferry general 6s
1st mtge 3M«—
Frisco Terminal
Ht Clair Madison
Lake Erie (U S Steel)..... ..60
Pittsburgh Fort Wayne ft
West Jersey ft
Rock Island
10.00
Northern RR of
Rensselaer ft Saratoga
45
85
Consolidated 5s
03
60
ft Western (D L ft W)
(Pennsylvania)
Preferred..
90
40
Portland RR 1st 3 Ms
.100
New York Lackawanna
Pittsburgh Bessemer ft
90
1st 4s
ft Northern Ry
Ptsdmont
40
5.50
86
Sault Ste Marie 2d 4s..
ft Erie 1st 5s.....—
New York ft Ho Do ken
.100
(L ft N-A C L)
Lackawanna RR of N J (Del Lack ft Western)
Michigan Central (New York Central)...
Morris 4 Essex (Del Lack & Western)
Warren RR
49
.100
8
84
—_—
Georgia RR ft Banking
N J (Erie)
Oswego ft Syracuse (Del Lack ft
Montgomery
79
46
/4
Minneapolis 8t Paul ft
83
70
89
1939
1st fis
Maryland ft Pennsylvania
Meridian Terminal 1st 4s
83
78
2.00
60
78
6.00
3.50
stamped. .100
Central). 50
Maoon Terminal
53
85
4a_.
Long Inland ref mtge
48
43
—25
(Pennsylvania)
Jackson pref
Fort Wayne ft
Northern Central
125
60
Betterment stock
Delaware
115
85
45
Springs Western 1st 4s
Little Rock ft Hot
07
KM)
Canada Southern
Cleve Clnn Chicago
02
10.60
Vicksburg (Dllnols Central)
Albany ft 8usquehanna (Delaware ft Hudson)
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston A Albany (New York Central)...
Boston ft Providence (New Haven)
Alabama 4
Carolina Cllnchfleld
6 00
,100
37
1978
Oklahoma ft Gulf 1st fis
Kansas
51
33
Ferry 1st 6s
Ho bo ken
60
40
5s
Georgia Southern ft Florida lat
Goshen ft Deckertown 1st 5 Ms
Asked
Bid
Doilari
34
60
(Guarantor In Parenthesis)
Dividend,
60
/25
...........
Chateau say Ore ft
Par in
80
60
1940 45
ref fis
45
75
-
Buffalo Creek 1st
Guaranteed Railroad Stocks
....
1944
4Ms
Convertible 6a
Since1855,
7
92
1942
___
Prior pen
s
96
....
t»en 4s
Prior
51
92
Terminal lat 4s
ft Albany 1st 4Ms
ft Maine 3s
45
84
1st 4s
83
49
1945
Birmingham
Boston
Dealers in
120 Broadway
Augusta Union Station
Baltimore ft Ohio 4 Ms
42
76
3o$upb ttlalkersSons
Member} J^ew
45
/42
1Mb
2s
April 1938
—July 1938
—_DOc 1940
101.4
101.7
100.5 100.7
100-11 100.14
101.21 101.24
—
4Mb
Triborough
Bridge—
4s s f revenue
1977.A&O
1942-68
4s serlai revenue
108 M 109M
52.40 to3.70
896
Financial
Quotations
Public
60
Bid
61
82 H
A gk
Bid
85
)
Green Mountain Pr 6s. 1948
99H
Idaho Power 3%a
Iowa Sou Utll 6 He
99 H
38 H
Associated Electric 6s. 196
Assoc Gas A Elec
Water Bonds
Ask
5
101H 103
Alabama Wat Serv 58.1957
Alton Water Co 5e.—1956
21
20%
21%
i
23
26
New Rochelle Water—
1951
73
26H 27H
108% 109%
Kan Pow A Lt 1st 4 He *66
Keystone Telep 6 He—1955
Birmingham Water Wks—
5Hs
1951
New York Wat Serv 5s *51
78%
80%
102% 104%
85
87
1954
101
Newport Water Co 5s 1953
98
101
1954
104
94 H
6s
Missouri Pr A Lt 3 He.1966
98
99
43
Mtn States Pow 1st 6s. 1938
72
92
Narragansett Elec 3 He '66
89
102 H
99 H
B
A
series
23
North Boston Ltg Prop'!
Secured notes 3 He.-1947
23
103
Ore-Wash Wat Serv 6s 1957
79
82
Parr Shoals Power 5s.-1952
27
99H
48%
88
Pennsylvania Elec 6s.l962
32
Penn Telep
101H 103
109%
6s
series
.1947
77 H
60
59
02
99
Consol Water of Utica—
4 Hs
1958
94
96
1st mtge 5s
1958
97
99
E St L A Interurb Water—
5s series A
1942
6s series B
1942
36
6s series D
1960
103
1963
105
Consol E A G 6s A...1962
121
105""
95
103 X 103 %
68
Consol Edison 314s...1958
1952
93
95
105
101
102
104
5 He series B
73
101% 102
102 X
105
103%
99
Huntington
105
1954
74
56
1961
104
101
104"
102 H
1960
102 %
1960
1968
6s
102%
99% 101%
Investing Companies
Par
AdmlnlsteredFund2ndinc*
Affiliated
Amerex
Bid
11.04
Fund Inc...l%
Holding Corp...*
'
Ask
Bar
11.75
3.71
4.08
Investors Fund C
New
common
Amer A Continental Corp
Amer Gen Equities Inc 25c
Am Insurance Stock Corp *
9.01
9.57
20.56
22.45
12.72
13.96
13.93
15.14
Boston
Fund
Inc
....
9
67c
101H
Union Water Serv 5Hs '51
100
6
3%
Mass Investors Trust
2.96
45c
Canadian Inv Fund Ltd-.i
Century Shares Trust-..*
Commonwealth Invest-—1
2.99
8% preferred
100
10.65
Wide Securities 25c
Public
13%
Investors Corp.l
New England F*und
1
4.69
4.93
11.21
12.05
3.60
3.90
N
20.39
21.92
Agriculture
7.33
7.94
3.20
Bank stock
7.75
6.22
Electrical equipment
Insurance stock
6.55
Machinery
6.86
7.43
1 97
mmmm
2 30
22
mmmm
115
m .
-
-
'
-
-
mmmm
110
1.51
3.50
j
8.99
8 99
6.47
7 01
Alden
7.06
7.65
Broadmoor
Steel
52
w
Series 1950
1
2.28
1
'■<.08
2.75
..
2 53
*
«
»
Pacific Souther
Class A
Idv pref. *
3.25
Q
*
Plymouth Fund I
10c
Eqult Inv Corp (Mass)..6
Equity Corp S3 conv pref 1
Representative TrustShs,
25.38
27.00
23%
26%
Republic Invest Fund.25<
Royalties Management. .1
Fidelity Fund Inc
♦
17.19
18.51
10?
2.51
2.76
Insurance stk series. 10c
Sovereign Investors
3.18
3.49
Spencer Trask Fund
B
General Capital Corp
8.15
....
6.45
....
7.28
7.89
3.50
3.75
14.55
15.47
4.23
4.58
3.85
....
*
27.87
29.97
4.28
4.66
1.00
78c
1.10
80c
Building shares
1.08
1.18
Chemical
1.08
1.18
shares
Food shares
72c
91c
1.13
1.08
65c
1.01
90c
com. *
Holding Corp
1
Investors. _*
72c
1.11
99c
X
H
40c
80c
15.64
16.82
Group shares
Insurance Group Shares
Insuranshares Corp (Del)l
Invest Co
of Amer com. 10
103 H
1.13
1.25
1.21
1.34
1
32
1%
35
leasehold
0%a..l944
H
37e
Bid
28
IX
■-
.
23%
-—
59%
1945
54
Chsebrough Bldg 1st 6s '48
47
1
45c
Court A Remsen St Off Bid
1st 68
Apr 28 1940
Dorset (The) 1st 6s...1941
01%
51
1
S f deb 5s
N
1945
Y Athletic Club—
1st mtge 2s stpd A reg '55
1st A gen 6s
1940
N Y Majestic
Corp—
4s with stock
1958
N Y Title A Mtge Co—
5 %s series BK
m
f27
...
30
101
8.85
34c
40c
60c
Amer
Shares.2%
8.40
3.66
9.15
4.25
61c
»
Standard Am Trust Shares
Standard Utilities lnc.50c
State Street Invest Corp.*
Super Corp of Am Tr Shs A
AA
B
68c
13.76
14 48
2.30
41c
71%
2.50
45c
75
2.83
1.88
2.94
BB
D
5.05
Supervised Shares
3
8.60
934
Trustee Stand Invest Shs—
Series C
l
n
8
54
1
2.06
Trustee Stand Oil Shs A.l
604
Series B
l
Trusteed Amer Bank Shs B
Trusteed Industry Shares.
54
56
U S El Lt A Pr Shares A..
5.38
66c"
82 c
90c
Voting shares
Un N Y Bank Trust C-3_»
Un N Y Tr Shs ser F
»
11%
11%
1.55
B
1.65
77c
85c
2
2%
1
1%
1st 6s
Nov 15 1939
1 Park Avenue—
2d mtge 6s
1951
103 E 57th St 1st 6S--.1941
50 Bway Bldg 1st 3s Ino '46
600 F'lfth Avenue—
1st 6s
37
38%
1949
30%
52d A Madison Off
Bldg—
6s
Nov 1947
Film Center Bldg 1st 6s '43
32%
/51
141%
40 Wall St
Corp 6s
42 Bway 1st 6s
1400 Broadway
l
Bancamerlca-Blalr Corp.l
Central Nat Corp el A...*
12.16
13.41
class B
•
First Boston Corp
Schoelkopf, Hutton
Pomeroy Inc
com
10
4
5
38
2
13%
...
47%
1939
61
65
5%s stamped
1901
Realty Assoc Sec Corp—
Bldg—
Lewis Morris Apt Bldg—
1st 6 Hs
Apr 151937
Lincoln Building—
Income 5Hs w-s
Loew's Theatre
10c
37
6
36%
38%
59
36
38%
69%
...
42
41
5s income
58%
/otJ
.
.
00%
62%
/52
55
/48
50
Savoy Plaza Corp—
3s with stock
1950
Sherneth Corp—
3-5%s deb ino (w a). 1956
00 Park PI (Newark) 6s '37
27
/19%
28
20%
36
f25
27
39
...
42
Syracuse Hotel (Syracuse)
1st 0%s
Oct 23 1940
62%
Textile Bldg—
1st 3-5s (w s)
•
...
63
88
90
1958
39
1939
53
Bldg 1st 4a 1940
55
41
Trinity Bldgs Corp—
1st 5%s
2 Park Ave
/38%
1942
1936
57
65
Walbrldge Bldg (Buffalo)—
—
Metropolitan Chain Prop—
1948
1947
.
.
1st 6 %8
Oct 19
Wall A Beaver St
85
90
87
90
Metropolitan Corp (Can)—
6s
45%
010 Madison Av 1st 6%s'38
01 Broadway Bldg—
43
61
1947
(Bklyn)
44
/44%
1943
Ludwlg Bauman—
6s
__
70
3 %-5s with stock...1950
1963
London Terrace Apts 6s '40
1st
/6%
40
Rlty Corp
1st 6s
/21
Roxy Theatre—
5
2
35
1st fee A I'bold 0%a.l940
...
/5
38%
For footnotes see page 897.
1H
165 Bway Bldg let 5%s '51
45%
15%
A
42
Prudence Co—
Hearst Brisbane Prop 6s'42
Hotel Lexington 1st 6s '43
Hotel St George 4a
1950
6s
33
52
(Phlla)
July 7 1939
1958
1st 3Hs-6Hs stpd.,1948
Fox Tbeatre A Off
Bldg—
1st 6Hs
Sept 1 1941
Fuller Bldg deb 6s
1944
1st 6Hs (L I)
Wellington Fund
29%
47
Oliver Cromwell (The)—
Lefcourt Manhattan
Bldg
1st 4-58 extended to 1948
59 c
26%
56
Deb 5s 1952 legended
2.11
Series D
28%
62%
26%
/32
/49
5 %s series Q
19th A Walnut Sts
1st 2H-4S (w-8)
1949
Graybar Bldg 5s
1946
Harrlman Bldg 1st 68.1951
1.88
5.05
/24
/24%
/39
5%s series C-2
5 %s series F1
East Ambassador Hotels—
1st Aref 5Hs
1947
0%a stamped
Selected
60
/44
Eqult Off Bldg deb 5s. 1952
8.35
11.35
Ask
Metropol Playhouses Ino—
35
1948
Mortgage Certificates
Ask
/38
r34%
f22
(The) 1st 6s '41
4 6s
Investm't Banking Corps
Institutional Securities Ltd
Bank
105
Broadway, N. Y.
Broadway Motors Bldg—
6%
96%
1.23
.99
Tobacco shares
Huron
71c
83c
shares
RR equipment shares...
Steel shares
Incorporated
80c
64c
Investing shares
Merchandise shares
Mining shares
26
10.35
6% deb series A..
General Investors Trust.*
Guardian Inv Trust
'
C
Group SecuritiesAgricultural shares
Automobile shares
Petroleum
Quarterly Inc Shar.
Selected Income Shares...
.»
1st
i
17 60
....10
2.37
•
...
Class B
d
..1941
Chanln Bldg Inc 4s
-
.
.
16 39
B
101
Water
Estate Securities
Bid
1st 6s.
B'way Barclay 1st 2a..1956
B'way A 41st Street—
1.91
1
ment Fund series A-l...
Foreign Bd Associates Inc.
Foundation Trust Shs A.l
Fundamental Invest Inc.2
Fundamental Tr Shares A2
104
5s_.,195s
Real Estate Bonds and Title Co.
8.51
...
Eaton A Howard
Manage¬
Fixed Trust Shares A... 10
.
6.74
8.31
1.21
Fiscal Fund Inc—
Bank stock series...
.
INCORPORATED
150
2360
Oils
1.11
25c
.
BArclay 7
Metals
Series 1955
4.12
D
101%
1980
IW'msport
'
AMOTT, BAKER A CO.
Y Stocks Ino—
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953. ♦
29
k6
National
Railroad equipment
m .
25
*
O
1956
1949
8.99
7
mmmm
Deposited Bank Shs ser A1
Deposited Insur Shs A... 1
Deposited Insur Shs ser Bl
Diversified Trustee Shares
Dividend Shares..
6s series B
5s series C
7.10
8.31
6
2.01
Voting
Series 1958.
Cumulative Trust Shares.
101
101%
Utilities—Industrials—Railroads
8.39
Building supplies
12
Crum A Forster Insurance
Common B shares...10
7% preferred
..100
98
1.20
L 97
1
90
87
99 %
Reports—Markets
2.86
2 36
10
Nation
1.13
Accumulative series... 1
Series ACC mod
Cru in A Forster com
9.75
2.76
Series
.1
19.51
10
hares
Continental Shares pf.100
mod
93
Wichita Water—
89""
101
Real
5.84
18.39
is" n
14.13
22.90
AA
2
5.33
1
Mutual Invest Fund
30c
1
99 H
91
4.79
Major Shares Corp
*
Maryland Fund Inc.—10c
2%
1950
102
97H
13.41
4.31
4s.-1961
6* series A
Monongahela Valley Water
5Hs
W Va Water Serv
Westmoreland Water 5s '52
105~"
92 H
103
Western N Y Water Co—
6s series B
1950
1st mtge 5s__.
1951
1st mtge 5Hs
1950
85
OC O
Monmouth Consol W 5s '56
90H
101
4%
21.41
Series A A
13.07
80
104
Kokomo W W Co 6s..1958
Long island Wat 5H8.1955
Middlesex Wat Co 5Hs '57
9.94
Series 8-4.
4H
5H
British Type Invest A...1
Broad St Invest Co lno..6
Bullock Fund Ltd
1
Corporate Trust Shares.. 1
9.08
Series 8-2
8
Assoc. Stand Oil Shares..2
Bankers Nat Invest Corp ♦
Basic Industry Shares., lb
Series K-2
3.52
60c
Ask
1
Series B-3
20%
3.19
Bid
Keystone Cust Fd Ino B-2
Series K-l
19
Amer Business Shares-
1958
1957
105
Terre Haute Water 5s B '56
6s series A
1949
Texarkana Wat 1st 5s.1958
Indianapolis W W Secure
Joplln W W Co 5s
69
1955
Indianapolis Water—
1st mtge 3 Hs
66
Pittsburgh Water—
1st mtge 5s
5s series A
Sprlngf City Wat 4s A '56
103
1962
100
74 H
ser B
South Bay Cons Wat 5s '50
105H
64
98 H
72H
...
101
6s
102H 103H
105
Co
1958
98%
1J9
Illinois Water Serv 5s A '52
—.1961
99 H
58 series B
1977
1954
6s
1st mtge 4s
94
97
72
Water—
6s series B
100
91
Shenango Val 4s
97
Hackensack Wat Co 5s. '77
96H
Scranton Spring Brook
Water Service 5s.1961
1st A ref 5s A
1967
South
36
36
Consumers Power 3 %s '67
Cumberl'd Co PAL 3 %s '66
Dallas Pow A Lt 3%s.l907
Federated Utll 5%s.__1957
1952
5s series B
...
Water
4 Ha
-mm
34
34
1962
Scranton Gas A
Greenwich Water A Gas—
60
6s series A
Utica Gas A El Co 6s_.1957
104%
100%
34
2%
fix
100
107
93 H
101
St Joseph Wat 4s ser A..'66
103
Central Public Utility—
101
103 H
105H
1948
Roanoke W W 5s
1950
Roch A L Ont Wat 5s.1938
100% 101%
96
58 H
98
1948
1948
Richmond W W Co 5s. 1957
57
1946
95
Tel Bond A Share 5s--1958
94
100H
PhJla Suburb Wat 4s..1965
Pinellas Water Co 5Hs. '59
Pittsburgh Sub Wat 5s '58
Plalnfleld Union Wat 5s *61
Water Service
,
92
98 H
98
1st consol 48
1946
64
99% 100%
64
68
...
1st consol 58
Prior lien 5s
...
Connellsvllle Water 5s 1939
88
4He.
1st coll trust 4H8..1966
Peoria Water Works Co—
1st Aref 5s
..1950
...
100%
104%
1957
6s series A
104% 105H
00
101
..1954
5 He series B
107
/ 70
86
Penna State Water—
...
(Chattanooga)
B
1st 5s series C
98 H
106
Public Serv of Colo 68.1961
Pub Utll Cons 5 He—1948
84
103
i94i
92
90 H
Corp 1st 4s '65
Peoples L A P 5 He...1941
108 H
102
1951
A
5S
Community
25
105
1951
City Water
40
102
98%
5 Hs series
23
81
95%
103% 104H
99
06
77
105
Citizens Wat Co (Wash)—
25
02
Ohio Cities Water 5 He '53
Ohio Valley Water 5s. 1964
Ohio Water Service 5s. 1958
City of New Castle Water
27
86
104%
92
32
70
100% 102
6s
1965
mm
—
Butler Water Co 6s—1957
Corp
4s
100
Calif Water Service 4s 1961
Chester Wat 8erv 4 He *58
oo >—CO
90
Newport N A Ham 5s. 1944
N Y State Elec A Gas
6s
series
1957
74
66
Assoc Gas A EJcc Co—
Power
C
5 Hs
90
6sBerles B
series
6s
97
27
...
—
101%
40
21
-mm
104
Atlantic County Wat 5s '58
52
87
104
Muncle Water Works 5s '65
New Jersey Water 5s 1950
Ashtabula Wat Wks 6s '58
24
i
Ask
Morgan town Water 5s 1965
5s series B
20
Income 6%s with stk *62
Bid
99
99 X K>0%
97
95H
1967
1950
Kan City Pub Serv 4s.l957
J
i
Colorado
Atk
96
104%
101%
40
Corp—
1938
Over-the-Counter Securities—Friday Feb. 4—Continued
on
Appalachln Eiec Power—
196
Feb. S,
Utility Bonds
Bid
i
let mtge 4s.
Chronicle
1st 4%s
1938
/17%
Corp—
w-s
1951
23%
25%
Westing ho use Bldg—
1st
fee A leasehold 4a '48
68
---
Volume
Quotations
on
897
Chronicle
Financial
146
Over-the-Counter Securities—Friday Feb. 4—Concluded
Foreign Stocks* Bonds and Coupons
Inactive Exchanges
BRAUNL
E.
WALTER
S3 William St.,
N. Y.
Tel. HAnover 2-5422
^
Foreign Unlisted Dollar Bonds
Bid
Anhalt 7s to
1946
/19*4
/17
78
1948
_
Bavaria
8s'35^4(M6-48
1945
6*4s to
21*4
Hansa SS 6s stamped. 1939
6s unstamped
23
1939
Housing A Real Imp 7s '46
/20
/14
/20
8s..
1946
Bank of Colombia 7%. 1947
Barranqullla
Bid
Ask
/20
Antioquia
23
Hungarian Cent Mut 7s '37
17
Hungarian Ital Bk 7*4s '32
Hungarian Discount A Ex¬
21
22
Bavarian Palatinate Cons
Ilseder Steel 6s
10
/3*4
4
Jugoslavia 5s funding-1956
Jugoslavia 2d series 5s. 1956
1958
/3*4
/3*4
3*4
7s
1969
1940
/19*4
Brazil funding 5s_. 1931-51
25
/ New York Security Dealers Association
| commodity Exchange, Inc.
BOwllng Green 6-3565
61 Broadway, New York
Teletype N. Y. 1-1866
159
/24*4
fl 6
20
/50
(Colombia)
7*4 s *46
oeara
414
Book..
27
Petroleum
49
53
Petroleum
11*4
1114
Pilgrim Exploration
Remington «rmg com
American Cynamld—
6% conv pref
10
American Hard Rubber—
8%
100
pref
cum
pref
23
*4
3*4
8*4
1
*
Manufacturing..25
Singer Manufacturing..100
3*4
23*4
Scovlll
82
19 *4
2014
103
100
*
Conversion
1
Heat A Power.*
Pat he Film 7%
100
American Arch
American
3H
*
♦
Ask
1
10
4*4
16
Singer Mfg Ltd
Skenandoa Rayon Corp..*
75
Standard
20
27
Andlan National Corp...*
50
62
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
6
7
Art Metal Construction. 10
18*4
20
Bankers Indus Service A.*
3 *4
61*4
13*4
8*4
f8H
9*4
Nat
1947
/3
5
Radio
Belmont
Corp
Beneficial Indus Loan
1st preferred
1
Chic Burl A Quincy ...100
10
Co common
Columbia Baking com...*
31 cum preferred
*
Crowell Publishing com..*
100
preferred
Dennlson Mfg class A
10
Preferred
1314
2*4"
Foundation Co For shs
117*4
•
*
shares
American
Garlock Packing com
Extinguisher
Humor
Corp
Knight com
*
*
1
*
49"
16
1914
53*4
58
414
1914
19
22
2
3
1*4
1*4
*4
54
3*4
(Nortbam)—
33 conv preferred
Preferred
Wee* Dairies Inc com
White Rock Min
105
18*4
German Atl Cable 78.. 1945
100
v c c 1
94*4
97*4
German
1
2
14*4
17
86
*
95
Sprlng-
100
Spencer Steel..*
37 1st preferred
6*4
7*4
12
15
28
50
55
*
614
York Ice Machinery
5
preferred
100
Young (J S) Co com...100
7% preferred..
100
7%
7%
914
*4
614
14
714
X
9
9*4
59*4
62
87
97
14
100
100
100
1214
1414
150
200
110
Merck A Co Inc common. 1
29
31
100
114
6%
preferred
27
124
27
f 35
36*4
1948
6*4a
1956
1936-1937
Coupons
/36*4
1968
/7*4
Porto Alegre 7s
Protestant Church
Rhine Westph Elec 7% *36
120
122
122
118
168
1941
118
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6a *36
—
6s
Rio de Janeiro 6%
1941
6*4s '46
R C Church Welfare 7s '46
—
1945
Royal Dutch 4s
Saarbruecken M Bk 6s *47
1957
ctfs of deposit-1957
7%
Salvador
7s
P *4
1933
Rom Cath Church
4s scrip
/19*4
130
/19*4
/18
/14
16
P
10
125
8s ctfs of deposit. 1948
/21*4
108*4
1951
Am Wire Fabrics 7s..1942
American Tobacco 4s.
120
Santa Catharina (Brazil)
/3054
1947
8%
31*4
/88
95
Santa Fe 7s stamped. 1942
Scrip
German defaulted coupons:
18 H
16 0
180
158
Santander (Colom) 7s. 1948
Jan to June 1934
140
Sao Paulo (Brazil)
08—1943
17 *4
17*4
July to Dec 1934
138
Saxon Pub Works 78—1945
136 *4
135
133 *4
/32
/28
125
123
100
90
93
86
88
July to Dec 1935
Jan to June 1936
July to Dec 1936
Jan to June 1937
1938
92
90
/74*4
76*4
/13
15
Dec 1 *34 stamped
9
10
Casket
*
42
45
*
109
com...*
100
21
24
Scovlll Mfg 5*4s
*
19
21
60
70
WestVa PulpA Pap 5
Yeast
100
40
42
Wltherbee Sherman 6s 1944
Pharmacal
5
35
37
80
Woodward Iron—
*
11
16
2d series 5s
1956
26
6*4
Coupons—
Oct 1932 to April 1935
165
to April 1937
144
9*4
Stettin Pub Utll 7s...1940
June 1 '35 to June 1 '37—
1954
.—.1960-1990
4s
1948
63
120
118
162
15 0
1946
158
Certificates
12*4
114
106*4
1936
7s unstamped
4s... 1940
Stlnnes 7s unstamped. 1930
19
62
14*4
Certificates
Toho
4s
Electric 7s
1955
1947
Tolima 7s
146
158
17H
113*4 114*4
13Q
187.12
Unterelbe Electric 08—1953
/20
Vesten Elec Ry 7s
1947 nm
Wurtemberg 7s to
1945 120 *4
62
8
Union of Soviet Soc Repub
7% gold ruble
Hanover Harz Water Wks
1943
91.7 5
Standard Textile Products.
100
27
/60
/60
Great Britain A Ireland—
Guatemala 8s
1948
75
1956
German Young coupons:
(Glenn L)—
7% preferred
100
Muskegon Piston Ring_2*4
5s
nm
Apr 15 '35 to Apr 15 '37.
405
State Mtge Bk Jugoslavia
28
Oct 1935
P
8*4
8*4
120
121
1385
0*48
Siem A Halske deb 6s. 2930
German Dawes coupons:
Graz (Austria) 8s
1937
1938
Kelsey Hayes Wheel Co—
—1951
Saxon State Mtge 6s..1947
/6*4
Dec 1934 stamped
Deep Rock Oil 7s
Haytlan Corp 8s.
10
65
/20*4
July to Dec 1933
German scrip
95
Chicago Stock Yds 5s. 1961
Cont'l Roll A Steel Fdy—
1st conv s f 6s
1940
8*4
120
1948
8s
Conversion Office
Funding 3s
1946
Int ctfs of dep July 1 '38
8*4
(Ger¬
many) 7s
Building A Land
Jan. to June
Conv deb 6s
Mock Judson A Voehrlnger
German
123
6*4s
5% scrip
Poland 3s
/19*4
105*4 108*4
/loo
/loo
/loo
/42*4 45*4
July to Dec 1937
614
4814
*
Preferred
126
Bonds—
Cudahy Pack conv 4s_1950
113
514
45%
Macfadden Pub common.*
bank
60
Jan to June 1935
1714
5H
314
27*4
1940
.
16*4
26
25
5
Kildun Mining Corp
1
King Seeley Corp com
1
Lawyers Mortgage Co..20
1937
com.*
50
Harrlsburg Steel Corp
SS 6s '52
6s
58
/19*4
Panama
/35
128
1945
198 *< 100
1952
to
Panama City
18
8
120
120
1945
7s
19
/29
1967
Income
6s
100
Great Northern Paper
7s
194
/19J4
18
/36
1967
7b
1947
5s
1966
1966
7*4 8
7*4 s Income
vestment
Gelsenklrchen Min 6s. 1934
18
15
100
preferred
7%
Worcester Salt
16
6*4s '50
1953
194
Oberpfals Elec 7s
1946
Oldenburg-Free State
Mortgage A In
French Nat Mall
41*4
*
com..5
WJR The Goodwill Sta._5
3314
3014
1st 6% preferred
2d 8% preferred
1945
East Prussian Pow 6s. 1953
Frankfurt 7s to
Wilcox A Glbbs com
42
Lord & Taylor com
1945
4*4
1948
4s
/7J4
/20*4
/19*4
/19*4
/19*4
/20
/20
Dortmund Mun Utll 6s *48
8*4
Mtge 7s
North German Lloyd 6s '47
1949
Electric Pr (Germ)
7
314
40
31*4
Lawrence Port! Cement 100
67
6*4s
214
38
38
...100
/60
/15
/17
/15
European
Wlekwtre
Great Lakes SS Co com..*
Preferred
1937
Costa Rica funding 5s. '51
Costa Rica Pao Ry 7*4 s '49
36*4
33 cum preferred
3 *4
14*4
1*4
37
87*4
West Va Pulp A Pap
45
2*4
/35
80
Welch Grape Juice
3714
*
Co
/20
1946
34*4
*
pf.10
United Artists Theat com. *
United Merch A Mfg com *
United Piece Dye Works.*
Preferred
100
Warren
109
1*4
10*4
3114
33*4
30
Preferred
Fire
8
11*4
28*4
*
*
(Jos) Crucible...100
Douglas Shoe preferred. 100
Draper Corp
*
Federal Bake Shops
*
Graton A
4
514
33
Dixon
Good
55
4*4
1953
Savings Bank
Tublze Chatillon cum
8
100
Dictaphone Corp
Gen
45
16
Budapest 7s
/26*4
Panama
6*48.1946-1947
6*48.1948-1949
Hungary 7*4s
1962
National Hungarian A Ind
68
Trlco Products Corp
12
5*4
29
Devoe & Raynolds B com
Fohs Oil
9
9
♦
*
Steel common
16
/13
Dulsburg 7% to
Taylor Wharton Iron A
Tennessee Products
-.100
Burdlnes Inc common
37
514
63
/13
6*4s '38
Nat Central Savings Bk of
/22*4
/66
Dueeseldorf 7s to
Hotels
Bowman-Biltmore
Chilton
3*4
(
1968
Chilean Nitrate 5s
Bank
(A A B)
(C A D)
Cundlnamarca 6*4s... 1959
14*4
13 54
7*4s
5s
4
*
pf_*
6*4
22*4
Recklinghausen 7s__ 1947
8*4
(Brazil) 8s_
Cordoba 7s stamped..
29
Screw
21*4
/20*4
Munlc Bk Hessen 7s to '45
Nassau Landbank
Colombia 4s
5*4
13
70
25
*
Hardware
Amer Maize Products
21*4
119 *4
1945
7*4
Madgeburg 6s
1934
Chile Govt 6s assented
City
4*4
25
American Mfg 5s pref..100
American
04
120
7s to
/6
7s assented
4J4
235
229
/7*4
fl2H
7s... 1947
Central German Power
Alabama Mills Inc
/20
/62
Munich
1944
1946
Cauca Valley
Bid
/20
Municipal Gas A Elec Corp
Industrial Stocks and Bonds
Par
54
Burmelster A Wain 6s. 1940 /U6
Callao (Peru) 7*4b
Ask
/21
Meridlonale Elec 7s...1957
/20
1953
Buenos Aires scrip
Call
Bid
1948
Water 7s
Mannheim A Palat 78.1941
Corp—
Caldas (Colombia)
Par
1943
128
1962
6*4s
—
Members
122
Leipzig O'land Pr 6*4a '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
Hungarian Bank
Brown Coal Ind
/44
Land M Bk Warsaw 8s '41
20~
7*4s
56*4
56 *4
/60
28
/17
1940
Nov 1932 to May 1935
Nov 1935 to May 1937
Koholyt 6*4s
/40
6s
& CO.
55*4
21
Brazil funding scrip...
British
UNTERBERG
E.
55*4
Coupons—
3*4
7*4
16
6s..l953(
Bremen (Germany) 7s. 1935
C.
123
13*4
8s. 1947
6s
SYLVANIA INDUSTRIAL CORP.
120
17
78
Brandenburg Elec
120
1948
/14
/12*4
19
1945
8s
(Republic)
120
124
1945
Cities 7a to
Bogota (Colombia) 0*4s '47
Bolivia
199
1936
change Bank 7s
Ask
184
National
Preferred
Nat Paper A Type
5%
preferred
New Britain Machine
Martin
3%
5
Northwestern
Norwich
Ohio
Shipbuilding 58—1946
1945
*
Ohio Match Co
714
814
1953
Haiti 6s
/19*4
70
80
17*4
90
85
107
lst 6s assented
Leather common
/14*4
/ Flat price.
k
New Haven Clock—
Preferred 6*4%
135
1948
Nat Radiator 5s
N Y
1957
6s-
145
1939
Conv 6s
1st 5s
2d conv
1942
>43 '52
/20J4
100
40
/38
—Announcement is made of the formation
to deal in
1962
Income 5s..l962
NOTICES
CURRENT
22*4
100*4
102*4
93*4
97*4
City.
of F. W. Schaumburg & Co.
investment securities with offices at
52 William St., New York
The firm succeeds to the business formerly conducted by
Schaum¬
burg, Rebhann & Lynch.
Mr.
Par
Bid
Cuban Atlantic Sugar. ..10
1
Eastern Sugar Assoc..
11*4
.1
15*4
Preferred
13
17*4
Harris, Forbes & Co. in
Par
Bid
*
1
West Indies Sugar Corp..1
Ask
*4
Haytlan Corp Amer
Savannah Sug Ref com
30*4
3
left to form Schaumburg,
—Webber, Darch & Co., 208
32*4
4
Joe Means,
—Chisholm
No
par
value,
a
Interchangeable.
6 Baals price,
n Nominal quotation,
to i When issued,
v Now selling on New York Curb Exchange,
f Flat price,
dlvldend.
d Coupon,
e Ex-rights.
w-s With stock,
t Ext Ex-stock dividend
3 Quotations per 100 gold rouble bond, equivalent to 77.4234 grams
27tn.
&
of pure gold.
Salle St., Chicago, announce that
Republic Co., has become associated
charge of their Municipal Department.
Chapman announce the
Kniskern is manager
partner of
Department.
Harold L.
that G. Morgan Browne, formerly a
associated with them as manager
Charles A. Frank & Co. is now
of their Investment
removal of their branch office
622 Lexington Ave., New York City.
of this office.
from 507 Fifth Ave. to
Taylor, Bates & Co. announce
t Now listed on New York Stock Exchange.
{ Ex 25% stock dividend Jan
securities business, became
In 1921 Mr. Schaumburg
S. La
formerly with the Central
with them and will be in
•
1897.
with that firm until 1930 when he
Rebhann & Lynch.
joined Hannahs, Ballin & Lee staying
Ask
8
7
Schaumburg, long identified with the
associated with
Sugar Stocks
Financial
898
General
Chronicle
Feb.
1938
5,
Corporation and Investment News
RAILROAD—PUBLIC UTILITY-
INDUSTRIAL—MISCELLANEOUS
General Banknote Corp. (3386), covering 22,500 shares of 7% cum.
pref. stock (par $10) and 600,000 shares of common stock (no par).
Filed
Aug. 31, 1937.
.
International
Cinema, Inc. (3411). covering 50,000 shares of 7%
pref. stock, par $5, and 100,000 shares of common stock, parjJSl.
Filed Sept. 16, 1937.
RIGHTS-SCRIP
cum.
Rule Co. (3329), covering 313,858 shares of
Filed Aug. 5, 1937.
Lufkin
Specialists since 1917
■
>■■■■
par
$5.
common
stock;
Montana
and
Highlands Gold Mining Co. (143), covering common stock
production certificates in the aggregate of $250,000.
Filed
gold
Aug. 16, 1933.
Phillips Petroleum Co. (3391), covering 444,905 shares of common stock
Filed Sept. 2, 1937.
ftfcpONNELL&fO.
(no par).
The last
Members
New York Stock Exchange
120 Broadway, New
New York Curb Exchange
York
Bell
n
our
previous list of registration statements
was
given
issue of Jan. 29, p. 740.
Telephone REctor 2-3815-30
Teletype NY 1-1640
Power & Paper Co., Ltd.—Ripley Committee to
Efforts to Effect Reorganization—
Abitibi
Continue
FILING
OF
REGISTRATION
SECURITIES
The
following additional
STATEMENTS
UNDER
ACT
registration statements
(Nos.
3585 to 3594, inclusive, have been filed with the Securities
and Exchange Commission under the Securities Act of 1933.
The total involved is
International
approximately $35,070,634.
Accountants
Society,
Inc.
(2-3585,
Form
E-l)
of
Chicago, 111., has filed a registration statement under a plan of reorganiza¬
tion covering $753,157 of 5% 30-year unsecured convertible debentures, due
1968; 38,063 shares class A no-par value common stock; 47,917 shares class
B no-par value common, and 95,833 rights for purchase of class B common.
A newly formed management group of International Accountants Society,
Inc., will offer the debentures, together with 23,000 shares of the class A
common and all the rights to the class B common, in exchange for 29,795
shares of 8% cumulative $10 par value preferred stock, and 95,833 shares
of $ 10 par value common stock of the registrant now outstanding.
Alexander
Hamilton Institute holds 99.75% of the common stock.
Acting through the group, Alexander Hamilton Institute will then offer
to its own stockholders $750,000 of the new debentures, and the 23,000
shares class A common of International Accountants Society, Inc., in
exchange for 15,000 shares of its own preferred stock and 8,000 shares of
its own common stock which they now hold.
In effect, Alexander Hamilton
Institute is thus retiring part of its outstanding securities.
The registration is filed in furtherance of a reorganization plan for In¬
ternational Accountants Society. Inc., and the management group may
underwrite the issues. John T. Madden is President of the company. Filed
Jan. 28, 1938.
Cumberland County Power & Light Co. (2-3586, Form A-2) of
Portland, Me., has filed a registration statement covering 10,000 shares
5M% cumulative preferred stock, $100 par value.
The stock will be offered publicly through underwriters at a price not
less than $95 per share and not more than $98 a share for at least the initial
public offering, the company states.
Proceeds will be used to pay $600,000 bank indebtedness and for general
corporate purposes.
Names of underwriters will be fiied by amendment.
is President of the company.
Filed Jan. 28, 1938.
Walter S. Wyman
Hub Loan Co. (2-3587, Form A-2) of Jeffiey City, N. J., has filed a
registration statement covering 20,000 shares $10 par value 7% cumulative
preferred stock and 10,000 shares $10 par value non-voting common stock
to be offered to the public in units of two shares of the preferred and one
share of the common at $39 a unit.
Proceeds will be used for repayment
of bank loans and for working capital.
Hub Extension Service, Inc., will be
underwriter.
Israel Schachner is President of the company.
Filed Jan.
28. 1938.
Dividend
filed
a
Shares, Inc. (2-3588, Form A-l) of Jersey City, N.J., has
registration statement covering 16,515,041 shares of 25 cent par
value capital stock to be offered at market prices.
Proceeds will be used
for investment.
Calvin Bullock, President of the company, is the under¬
writer of the issue.
Filed Jan. 28, 1938.
National Underwriting Corp. (2-3589, Form A-l) of Baltimore, Md.,
a registration statement covering a maximum of 1,000 units of
Lloyds Underwriting participations, $1,000 face value. Proceeds
will be used for equipment and working capital.
No underwriter is named.
Allan Rutherford is President of the company.
Filed Jan. 28, 1938.
has filed
National
Reda Pump Co. (2-3590, Form A-2) of Bartlesville, Okla., has filed a
registration statement covering 192,950 shares no par value common stock.
All of the shares are now outstanding.
Of the shares being registered
172,950 will be offered through underwriters by Phillips Petroleum Co. and
the balance has been sold to underwriters.
Russell Maguire & Co., Inc.,
and Allen & Co. are the underwriters.
C. H. Alexander is President of the
company.
Filed Jan. 29,1938.
Green Mountain Distillery, Inc. (2-3591, Form A-l) of Burlington,
Vt., has filed a registration statement covering 100,000 shares of $1 par
common stock to be offered to the public at $2.50 a share.
Proceeds will
be used for payment of debt, for purchase of a gin still and for working
capital.
No underwriter is named in the registration.
William Knox is
President of the company.
stock.
Of the shares being registered 100,000 will be offered to the
public
through underwriter at $1.37H, 15,000 will be given to the underwriter as
bonus and may be publicly offered at a later date, and 2,500 will be offered
to M. F. Goldstein for services and may be resold at the same price.
Pro¬
ceeds will be used for repayment of indebtedness, for acquisition of property,
purchase of equipment, mill development, drilling and for working capital.
L. J. Fitzgerald Co. will be underwriter.
John J. Darmody Is President
of the company. Filed Jan. 31,1938.
Huron River Silica Co. (2-3593, Form AO-1) of Detroit, Mich., has
filed a registration statement covering 375,000 shares of $1 par value
common stock.
Of the shares being registered 250,000 will be offered to
the public through underwriter at $1.50 per share, 27,500 shares represent¬
ing treasury stock, have been optioned to underwriter for resale at $1.50
per share, 50,000 have been optioned to H. L. Joseph assigned to the
underwriter for sale at $1.50 per share, and 47,500 will be given to the
underwriter for services.
Proceeds will be used for purchase of plants,
equipment and machinery.
Spindler & Co. will be underwriters. Hugh L.
Joseph is Vice-President of the company.
Filed Jan. 31, 1938.
Financial Independence Founders, Inc. (2-3594, Form
the bondholders.
"The committee," he said, "is not primarily concerned with the method
by which the reorganization is effected, i. e. The Judicature Amendment
Act, The Companies' Creditors Arrangement Act and The Dominion
Companies' Act, or a cash sale. The result and the speed of accomplishing
the result are the primary considerations."
Commenting on the decision to appeal from the recent judgment of Mr.
Justice McTague, dismissing the trustee's motion for the sale of Abitibi
letter
&SS43ti8
"In'view
of the doubt as to the practicability of a plan being effected
Dominion legislation, which would meet with the required
approval of several classes of security holders, we are appealing from the
judgment pronounced under date of Jan. 17, 1938.
We think a decision
should be obtained from the higher court as to whether a mortgagee in
Ontario, in the absence of a cash sale, must ask the consent and approval
of several classes of shareholders as to the consideration to be received
under
the
by the mortgagee on a sale for a consideration other than cash.
"In respect to the validity of The Judicature Amendment Act and its
applicability to the Abitibi plan, the Court, in its judgment of Jan. 17,
stated that without declaring the legislation ultra vires, The Judicature
Amendment Act, 1935, cannot be applied in the case of insolvent com¬
panies since that field is covered by Dominion legislation," the letter
points out.
"Our solicitors recognize the validity of the Dominion legislation and
its applicability in cases where the required three-fourths vote of the several
classes of creditors and shareholders can be obtained. Our solicitors advise
us that The Judicature Amendment Act is also intra vires and applicable to
Abitibi. Our procedure under The Judicature Amendment Act was dictated
by our firm belief that neither oar plan nor any other plan fair to the bond¬
holders could, as a practical matter, be effected under the Dominion legis¬
lation requiring the favorable vote of three-fourths of those present and
voting at meetings of each of the several classes of creditors and share¬
holders. It was on this account, i. e. the question of practicability, that we
decided to proceed under the Provincial legislation requiring only the vote
of bondholders and not any vote whatever from shareholders."
Reviewing the efforts to effect a compromise, Mr. Ripley states; "During
the course of the hearing of the trustee's motion, the Court suggesteu that
the parties compose their differences by agreeing on a plan.
In accordance
with such suggestion, two separate, but unfortunately unsuccessful attempts
were made to arrive at a compromise solution of the matter. These attempts
took the form of negotiations with various of the interested parties and were
made in accordance with the policy of the committee which has from the
outset been, and still is, to be open to cooperative discussion toward the
end of finding a constructive solution of the problem.
"The committee's activities," Mr. Ripley states, "have now extended
over a period of nearly six years, during all of which time it has taken an
active part in Abitibi's affairs and has cooperated to the utmost in con¬
nection therewith.
Its work has always been directed toward the ultimate
goal of a sound and constructive reorganization, with recognition of the
rights of the bondholders, who have received no interest on their invest¬
ment for a period of about six years, and whose claim amounts to approx¬
imately $1,350 per $1,000 bond. The bondholders' c^aim is secured by a
lien (established by Court decision as valid) on all the assets of the enter¬
prise subject only to the receiver's certificates which now aggregate $2,600,000."—V. 146, p. 740.
Abbott
Laboratories—Listing—
The Chicago Stock Exchange has
C-l) of New
York, N. Y., has filed a registration statement covering 4,500 periodicdeposit trust certificates with insurance, to be offered at $1,200 each; 3,500
periodic-deposit certificates, without insurance, to be offered at the same
price; and 1,000 fully paid certificates, to be offered at $500 each. Proceeds
will be used for investment.
There will be no underwriter.
John L. Thomas
is President of the company.
Filed Feb. 1, 1938.
Acme Steel Co.
x
(& Subs.)—Earnings—
Period End. Dec. SI— 1937—3 Mos.—1936
Net profit——
loss 171,341
711,022
registration statements:
Brainard
Steel
tock, par$l.
Corp. (3379), covering 116,000 shares
Filed Aug. 28, 1937.
of
common
1937—12 Mos.—1936
$1,898,904 $2,157,677
share—
def$(M>2
$2.17
$5.79
$6.58
x After interest, depreciation, Federal income taxes and surtax on undis¬
tributed profits,
y On 328,108 shares capital stock.'—V. 145, p. 2684.
y
Earnings
per
Acme Wire Co .—Dividend Halved—
a
dividend of 50 cents per share on the common
par $20, payable Feb. 15 to holders of record Jan. 31.
This com¬
with dividends of $1 paid on Nov. 15 and on Aug. 14 last and pre¬
viously regular quarterly dividends of 50 cents per share were distributed.
In addition an extra dividend of $1 was paid on Dec. 15 last and one of
stock,
pares
$1.25 per share was paid on Dec. 15,
Adams
1936.—V. 145,
p.
3644.
Express Co.—Change in Collateral—
The company has notified the New
collateral on deposit as at Dec. 31,1937,
York Stock Exchange that the
under the supplemental indenture
securing 10-year 4M% debentures due 1946, and under deeds of trust
securing collateral trust 4% bonds due 1947 and 1948, respectively, was as
follows:
Collateral held by Manufacturers Trust Co. (New York) as trustee under
supplemental indenture dated May 15, 1937, securing 10-year 4%% de¬
bentures, due Aug. 1,1946:
No. of
Name of Company
Radiator
American
Shares
&
Sanitary Corp., common stock.
Anaconda
Copper Mining Co.
common
5,000
Crane Co., common stock. 1
General Realty & Utilities Corp.,
10,000
9,800
capital stock
Otis Elevator Co., common stock.
...
5,500
Corp.,
stock
....
16,000
5,000
20,000
2,000
5,000
9,000
Twentieth
Century-Fox
Film
stock
15,000
Underwood
Elliott Fisher Co.,
common stock
10,000
Corp.,
com.
Mack Trucks, Inc., com. stock..
stock..
Standard Oil Co. (N. J.), cap. stk.
International Harvester Co., com.
Cement
Shares
stock
5,000
5,000 Natl Steel Corp., capital stock
5,000 National Supply Co., com. stock. 10,000
Corp. of Pennsylvania,
capital stock
10,000
Star
common
(Inc.),
10,000 Pullman, Inc., capital stock
Standard Oil Co. of Calif., capital
80 pref. stock
Gulf Oil
Lone
of Company
Mid-Continent Petroleum Corp.,
17,000
stock
Best & Co., Inc., common stock..
No. of
Name
Mathleson Alkali Works,
Standard
stock..
The SEC has announced that at the request of the appli¬
cant it has consented to the withdrawal of the following
approved the application of the com¬
stock.—V. 145, p. 4106.
pany to list 40,000 additional shares of common
Directors have declared
Filed Jan. 29, 1938.
Colossal Mines, Inc. (2-3592, Form AO-1) of Indianapolis, Ind., has
filed a registration statement covering 117,500 shares $1 par value common
^
Joseph P. Ripley, Chairman of the bondholders' representative com¬
mittee for the first mortgage bonds, has sent a letter to the bondholders,
stating that the committee is not willing to abandon its efforts to effect
some reorganization plan which it believes to be in the best interests of
common
—
Collateral held by Guaranty Trust Co. of New York as trustee under
deed of trust, dated June 17.1907, securing collateral trust 4% distribution
bonds of 1907, due June 1,1947:
Volume
Name of
Financial
146
stock
Western RR. Co., capital
Reading Co., common stock
Southern Pacific Co., capital stock
_
5,500
3,400
held by the trustee $21,766,000 principal amount
of Adams Express Co.'s collateral trust 4% distribution bonds of 1907, due
June 1, 1947, which have been deposited over a period of time with the
In addition, there were
trustee.
Bankers Trust Co. (New York) as
Collateral held by
Feb. 9, 1898 securing
trust dated
Name of
bonds, due
Company—
Reading Co., common stock
New York Central RR. Co., 3%% secured
Southern Pacific Co., 3<^% secured bonds,
a
6,500 shs.
$58,000
600,000
1,000,000
_
bonds, 1946
1946—-
4% demand notes
Southern Express Co.,
Secured by collateral.
In addition, there were held
Period End. Dec. 31—
773,699
228,555
167,500
x8,867,597
$18,712,811
x8,506,560
1.767,000
$702,072
389,745
$743,463
395,734
$8,707,964
4,821,624
$8,439,250
4,805,635
$312,327
$347,729
195,178
$3,886,340
2,342.138
$3,633,615
2,342,138
$152,550
$1,544,201
$1,291,477
Oper. exps. and taxes..
$1,684,662 $20,189,117
707,590
Prov. for retir. reserve-
Gross income
Int. & other fixed charges
Net income
Divs.
on
1937—12 Mos.—1936,
1937—Month—1936
$1,638,217
Gross revenue
trustee under deed of
collateral trust 50-year 4%
March 1, 1948:
Co.—Preliminary Earnings—
Alabama Power
No. of Shs.
5,800
Company
Delaware, Lackawana &
899
Chronicle
195,178
pref. stock
Balance..-.
$117,149
—
2,613,556
undistributed
made for
provision was made in 1936 for Federal surtax on
all taxable income was distributed. No provision was
such tax in 1937 except for a small amount provided by a
company.—V. 146, p. 270.
x
No
profits
as
subsidiary
a
1948, which have been
—Y. 146, p. 586.
premiums
$23,257,278
Losses paid
8,243,498
Taxes paid_
585,841
Commiss's & exps. paid- 10,994,227
1935
1934
$16,785,403 $16,767,292
5,920,858
7,288.793
531,559
502,888
8,067,086
7,671,131
1936
1937
Calendar Years
Net
$17,175,260
6,978,572
504,793
8,235,503
31 that the necessary 60% or assents had been
indenture of the 5s of 1950.
The indenture
will be revised to permit the use of cash deposited as collateral in pur¬
chasing these bonds in the open market.
>
"While technically the consents of the necessary 60% of the bonds have
been obtained, actually only $12,000,000 of the bonds have been
and another week or 10 days will elapse before all those who have
assents deposit their bonds.
The next step after execution of the
will be for the corporation to advertise that bonds will be purchased
the open market at the rate specified in the plan.
$3,433,711
$2,265,900
$1,456,392
$1,304,479
of outstand'g losses
at
390,704
19.478
68,464
Cr974,349
3,433,730
349,217
229,847
Crl36,577
def $390,723
$1,087,696
$1,967,587
$2,415,406
end of year
of un¬
earned premium res.
accrued but
!
unpaid taxes and exps.
172,452
30,000
Cr54,299
54,300
.loss$563,175
1,476,925
$1,057,696
1,475,301
$2,021,886
1,485,205
$2,361,106
1,554,924
1.466,204
144,039
1,521,856
47,168
273,868
Dr3,961
Appreciation in market
Dr3494,765
Dr47,396
$5,076,115
$4,185,937
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
18,169
01,747
90,000
$4,143,241
1,200,000
Voluntary reserves set up
during year
2,230
67,891
83,629
289",309
361,475
80,645
421,169
Cr52,576
054,959
045,728
Drl85,647
b$3,755,956
$1,407,092
$2,272,120
$1,098,476
Net pay. marine awards_
Conn, invest, tax accru.
Stockholders' tax accru'd
accrued
in unadmitted
during year
Decrease
assets
Increase in surplus
a
Financial Statement Dec.
^ *
§
Bonds and
Real estate
stocks.42,396,757 42,511,136
825,000
800,000
Cash on hand and
4.439.639
4,563,130
2.616.39 7
229,057
assets74,146
2,473,975
222,177
123,864
in bank
Prems.
in
course
of collection..-Interest accrued
Oth. admit,
_ _
31
1937
1936
1937
jA-SSCtS
1936
$
$
prems--20,016,996 16,583,266
TAaJAlilies—
Unearned
Losses in process
of
Res.
miscell.
Associates,
reserves
4,100,000
7,500,000 7,500,000
15,600,498 19,356,455
4,100,000
50.580,998 50.694,283
statements for both years
amortized value of bonds.
assets and surplus would
Watertown—Extra Div.
profit
Earned surplus Oct. 1, 1936
$83,390
x85,433
....
Net
Total
On $7 pref. stock
$14,396; on common
(old), $2,742: on 1st pref.
stock, $33,168
Taxes—prior years
30,1937
share on
82,921 shares common
adjustment, $618, of estimated
income and for special compensation.
x
After
Balance Sheet
stock (par $1)
$168,823
50,306
29
$118,488
$0.77
provisions for Federal tax on
$45,874
Marketable securities (cost)
1,000
Accounts receivable
xl44,713
Inventories
363,426
Sundry deposits and advances—
3,324
$112,583
Acer, taxes, wages, commls., &c.
9,174
Prov. for Fed. tax on inc., est-17,400
Reserve for new catalog costs
9,568
Accounts
payable
1st preferred (par $9)
24,678
Common stock (par $1)
84,916
& equipment._-yl03,124
Capital surplus
312,892
New product development costs.
10,920 Earned sur. (since May 5,1931). 118,488
Unamort. leasehold improvem'ts
9,283
Sundry prepaid expenses
8,035
Property, plant
$689,699'
Total
reserve
Total
of $4,928.
for doubtful accounts
$689,699
y
After reserve for
depreciation of $51,576.
Note—Unissued shares of common
stock were reserved at Sept. 30, 1937,
shares for conversion of 1st pref. stock,
(b) 17,000
shares under options granted to officers at $8.50 per share, exercisable at
various dates to Oct. 1, 1942.
(c) 24,000 shares for underwriters' options,
as
follows:
which
Net income
x
(a) 28,358
expired, unexercised,
Nov. 1, 1937.—V. 145, p.
3644.
1934
$44,149
5,337
$39,887
6,211
202
3,182
x4,648
11,523
3,074
$36,625
5,598
3,495
3,293
$49,117
Legal fees
1935
1936
1937
31—
dividends
Yeats End. Dec.
3,403
2,800
2,440
3,742
4,400
$24,621
$23,093
365
$31,659
$26,690
for year..
Includes accounting.
Statement of
Surplus Dec. 31,
Capital surplus balance Jan. 1, 1937
Repurchase of pref. stock—year ended
Balance
1937
$2,272,796
22,969
Dec. 31, 1937
-----------
-
Realized losses on securities
Balance Jan. 1, 1937
sold to Dec. 31,
Realized profit for the year
ended
Undistributed income balance
Net inc. for year
Adjustment of
1937:
$1,385,270
Dec. 31,1937690
Jan. 1, 1937
above.
ended Dec. 31, 1937, as
$2,249,827
Drl.384,580
$112,852
26,690
93
accrual—prior year
$139,635
pref.
29,754
109,881
$975,128
Dec. 31, 1937
Total surplus at
Dec. 31
Balance Sheet
1936
1937
Assets—
Secure, at
on
cost..d$l,225,004 a$l,411,303
1936
1937
LiabilitiesSecured
$175,000
loans
318
Res. for taxes pay-
Divs.
1,099
2,587
27,626
Bank balances
71,311
Def. credits to inc.
1,481
pf. stk.
263,790
9,039
297,540
2,249,827
sold 1,384,580
109,881
Undistributed inc.
389
brokers.
receivable &
accrued interest
Due from
$3,024
1,655
2,272,796
1,385,270
112,852
Accounts payable.
b $3 conv.
c
Common stock.-
Capital surplus—
Loss on secur.
a
Total
$1,254,117 $1,485,202
Total
book value of these
The aggregate
2,928
9,039
......$1,254,117 $1,485,202
securities exceeded the
aggregate
value in
Dec. 31, 1936,
shares,
based on
prices currently quoted at Dec. 31, 1937, $512,883.—V. 146, p. 587.
Allied Laboratories, Inc. (& Subs.)—Earnings—
based on published quotations (or estimated fair
the opinion of the directors for securities not then quoted) at
by $240,384.
b Represented by 26,379 (29.754 in 1936) no-par
c Represented
by 90,385 no-par shares,
d Estimated value
market value,
Earnings for Year
Gross
Ended Dec. 31, 1937
SI,005,842
profit on sales
Selling,
787,219
general and administrative expenses
profit from operations
——-
Other income
Liabilities—
A 8 sets—
After
stock.—V. 146, p. 587.
International Investing Corp.- -Earnings-
Interest & cash
Net
Sept. 30, 1937
Cash
x
Allied
Dividends aggregating $1 per share paid
stock on account of accumulations
$1,450,367
1,099,796
Gross profit on sales
—$350,571
Commissions earned
—
14,250
Total gross profit
_
$364,821
Selling, administrative, and general expenses
262,929
Operating profit
$101,892
Profit on sale of sees., int., dividends, and sundry income
1,536
Total profit
-—-$103,428
Provision for doubtful accounts, interest paid, &c
2,638
Provision for Federal taxes on income—estimated
17,400
Balance Sept.
purchase price
paid by the
holdings from
There had been some rumors that there was a division of feeling between
the remaining syndicate members and the Foundation and the sending of
the proxy is taken as an indication of a renewal of cooperation between
the group.
If the Foundation had refused to send its proxy it might have
been necessary for the note to be paid off prior to its due date, May 5, 1939,
——
sales
Cost of goods sold
August and since has re¬
director of the corporation.
The balance of the
or the control of Alleghany acquired last April was $4,000,000
syndicate in cash to the Foundation, which obtained the
George A. Ball.
as a
Provision for taxes
Miscellaneous expense._
Net
Earns, per
Kolbe withdrew from
Mr.
1,000,000
Ended Sept. 30, 1937
Dividends paid:
Kirby.
the syndicate last
Frank F. Kolbe and Allan P.
signed
General & administrative
Inc.—Earnings—
Earnings for Year
(new).
has received from the Ball Foundation a
scheduled for May.
common shares, which are pledged under
a promissory note for $2,375,000 as part of purchase price in acquisition
of the holdings of Midamerica Corp. by the original syndicate of Mr. Young,
proxy for the annual meeting
The stock represents 1,200,000
Interest.
dividend of 25 cents per share in addi¬
tion to the regular Quarterly dividend of 75 cents per share on the capital
stock, par $25, both payable April 1 to holders of record March 19. Similar
payments were made on April 1, 1937.—V. 144, p. 1265.
declared an extra
Proxy—
Young, Chairman,
870,000
Total
Agricultural Insurance Co. of
stock
Gets Ball Foundation
Robert R.
and
Capital
$737,264.—V. 144, p. 1264.
value of $24,387,000, against 42.7% and 44.7%
The dollar amount was $9,993,696, against $10,-
300,000
Note—In order to show relative comparisons,
based on actual market value of stocks and
If market value of bonds were used for 1937 the
Air
quarterly
report was 41% of par
on Dec. 2 and Nov. 1.
1,854,562
expenses
Conflagration
are
Directors have
the par
113.7%,
300,000
for taxes and
Net surplus
be increased by
$40,398,272,
2.
2,193,502
adjustment
dividends-
Res. for
..50.580.998 50,694,283
Total
1944, was 128.4% of
bonds outstanding, as compared with
value of the $31,466,000
par
bond issues on
Co., showed a sharp
142.6% on Dec. 2 and 135.8% on Nov. 1.
The figure stood at
including $838,850 deposited cash against $44,875,682 on Dec.
The securities underlying the 5s, 1949, were valued at 106.5% of
value of $21,938,000 bonds outstanding, against 118.5% and
respectively on Dec. 2 and Nov. 1.
The dollar amount was
and on Dec. 2 was $26,003,686.
The collateral value under the 5s, 1950, according to the
in order to vote the
b Decrease
Loss,
collateral securing the three
as
418,546 on Dec. 2.
1,200,000
a$2,538,411
stock.
Income tax
1
$23,360,486
amount of
Divs. declared to
Collateral Off Feb. 1—
market value of the
compiled by the trustee, Guaranty Trust
decline from that on Dec. 2 and Nov. 1.
The market value of the collateral under the 5s,
the
t
in
increase
from
Loss
The
Feb.
Loss from inc. in amount
Loss from increase
deposited,
signed
indenture
in
Value of
f
disbursements
Effective in Week—
Alleghany Corp.—Plan
Officials declared Jan.
obtained for revision of the
Co.—Earnings—
Insurance
Aetna
$9,681.500 principal amount of
by the trustee
trust 50-year 4% bonds, due March 1,
deposited over a period or time with the trustee.
Co.'s collateral
Express
Adams
$218,623
lo,2Ud
$233,826
4,766
1,021
27,805
1,710
Total income
Interest
-
deductions
Federal income tax
Other
138
State income tax
Federal surtax on
undistributed profits.
$198,387
Net
260,767
profit
Earned surplus balance Dec.
31, 1936.
$459,153
Total
v
Dividends paid on common
167,914
-
stock
31, 1937
—
share on 224,530 shs. common stock (no
Note—Provision for depreciation included in the
Balance, Dec.
Earnings per
amounted to
$31,017.
—
par)
above
$291,239
$0.88
statement
900
Financial
Chronicle
Consolidated Balance Sheet Dec. 31, 1937
Assets—
Cash in banks and
Inventories
on
hand—
Cash
Bank
of
33,740
20,723
Prepaid exps. & def'd charges.
Plant <fe equipment
$70,000
24,490
payable
Prov. for Fed. & State inc. tax
Accr'd State, local &
mlscell.
Federal taxes
corporate
insurance..
Investments
loans
Accounts
819,506
value
sur,
life
$56,644
*255,142
.
1937, at $52
30,410
2XA%)
Earned surplus..
Common stock reacquired and
Woolen
Selling,
gen.
and
Total
2,858,510
...$2,120,003 I
After
Profit
Z>r 13,874
Total
or
$718,114
The
directors
no par
American Brake Shoe &
Profit
controlled]
zl937
for
surtax
1936
1935
$2,837,057
926,618
211.038
$2,177,132
11,500
$3,410,799
329,834
2,527,626
$2,351,968
549,229
1,590,437
United
on
States
undistrib'd
earnings
Net profits
Preferred dividends—
Common dividends
.
.
835,957
171,834
$1,699,400
662,235
764,615
$1,169,341
662.235
489.354
preferred stock, and is therefore included in the
1937 consolidation.
Earned Surplus Account Year Ended Dec.
31, 1937—Earned surplus,
Jan. 1, 1937, $4,398,419;
surplus for 1937 (as above),
$553,339; total.
$4,951,758; deductions, $338,851; earned surplus, Dec.
31, $4,612,906.
Consolidated Capital Surplus Account Year Ended
Dec. 31, 1937—-Capital
surplus, Jan. 1, 1937, $5,078,319; paid in surplus from
issuance and sale of
common stock, less
expense of registration and
issuance, net, $2,531,811;
paid in surplus from issuance of common
stock in exchange for
minority
interest acquired; less excess of the
consideration assigned on the
exchange
the book value of such
minority interest, net, $6,666; total,
$7,616,795;
adjustments caused by including
Ramapo Ajax Corp. in the consolidation
at Jan. 1, 1937, and
subsequent acquisition and redemption of its
pref.
stock, net, $1,031,111; excess of cost over
par of treasury preferred stock
over
acquired, $3,233; sundry adjustments,
$13,018; capital surplus, Dec. 31,
1937, $6,569,433.—V. 145, p. 3965.
Co.—Earnings—
1937
Net sales
x
Earnings
1936
$517,557
10,538
Net profit
y
per share
$567,842
34.215
$0.15
$0.05
x After
depreciation and Federal income taxes, but
before undistributed
profits surtax provision,
y On 231,400 shares of capital
stock.—V. 146,
p.
741.
American Re-Insurance Co.—Financial
Statement Dec.3l
1937
Assets—
Bonds
102,336
Reserve
306,162
265,864
52,077
31,631
Real estate
6,582,145
826,366
144,280
not over
Workmen's
bility
com¬
legal
3,337,290
for
on
premium
bonds owned
Capital stock
Surplus-.
x
175,000
500.000
__
250,000
500,000
1.000,000
6,123,137
11,879,776 13,421,895
p.p. 596.
American Steel Foundries
Co.—Dividend Reduced—
Directors have
declared a dividend of 25 cents
per share on the common
stock, no par value, payable March
31 to holders of record
March 15.
Four dividends of 50 cents
per share each were paid
during 1937 and a
dividend of $1 per share was
paid on Dec. 15, 1936, this latter
first payment made since
being the
Sept. 30, 1931 when a regular
dend of 25 cents
quarterly divi¬
per share was distributed.—V.
145, p. 3187.
American Water Works & Electric
Co., Inc.—December
Output—
The power output of the
electric subsidiaries of the
American Water
Works & Electric Co. for the
month of December
totaled 183,108,958
kwh.,
214,696,917 kwh. for the corresponding month of
1936, a decrease
of
against
15%.
For the
12 months ended
471,509 kwh.,
increase of 6%.
as
against
Dec. 31,
1937,
power
2,405,317,201 kwh.
for
output totaled 2,543,the previous
tyear, an
Weekly Power Output—
Output of electric energy of the electric
properties of American Water
Works and Electric Co. for the
week ended Jan.
29,1938, totaled 39,727,000
kwh., a decrease of 21.62% under the
output of 50,683,000 kwh. for the
corresponding week of 1937.
Comparative table
of
years follows;
Week End.
1938
Jan.
8
39,604,000
Jan. 15
40,233,000
Jan. 22
Jan. 29—-
40,743,000
39,727,000
weekly output of electric energy for the last
five
1937
48,763,000
49,494,000
50,441,000
50,683,000
1936
1935
*43,260,000 *36,191,000
44,401,000
37,637,000
43,821,000
43,089,000
♦Includes New Year's
Day.—V. 146, p. 741.
2,122,542
2,008,575
1,913,567
61,043
111,149
19,938
1,865,873
12,631
349,294
455,979
18,624
47,485
$1,929,983
1,532,860
in¬
$2,740,5981oss$5458494
-
-
$3,004,547 sur$397,123sur$2740,598
Consolidated Surplus. Dec. 31, 1937
—
$5,458,494
RR.—Earnings—
1937
Gross from railway
1936
$328,651
62,145
18,990
$255,254
48,249
29,232
3,962,735
783,776
428,221
3,959,274
898,972
482,558
3,307.260
732.421
374,659
—V.146.P. 742.
Archer-Daniels-Midland
x
Period End. Dec. 31—
Net profit
Earnings
1934
$352,658
97,659
66,776
3,920,393
681.453
294,065
Gross from rail way
Net from railway
Net after rents.—
y
1935
$274,039
35.823
9,792
Net from
railway
Net after rents-—
From Jan. 1—
Co.—Earnings—
1937—3 Mos.—1936
$317,667
$640,442
$0.48
1937—6 Mos.—1936
$1.07
per share
$676,117
$1,163,886
$1.04
$1.92
x On
549,546 shares common stock (no par).
y After charges but before
provision for surtax on undistributed
earnings.—V.
145,
3187.
p.
Aspinook Co., Jewett City, Conn.—Plant
co
Reopen—
Philip A. Johnson, President of the
company, announced Feb. 1 confirma¬
of a contract
disposing of the long-closed finishing plant to B. R.
a group that
recently pledged $500,000 to
bring about reopening of the factory by March 1.
The factory closed last
Aug. 16 because of labor trouble,
throwing 460
hands out of work.
The average payroll at that time was
between $15,000
and $16,000
weekly.
The stockholders voted soon afterward to
liquidate.
Recently Lloyd G. Buckingham, Chairman of a special town
committee,
stated that his group had raised
$100,000 by public subscription to match
the $500,000
pledged by the New York men.
tion
Armour of New York, head of
Appalachian Electric Power Co.—$67,000,000 Securities
Offered—Fifty Houses Participate—Bon bright & Co., Inc.,
on
Feb. 2 headed a nation-wide
underwriting group of 50
investment houses offering an
aggregate of $67,000,000 bonds
and debentures of the
company, consisting of $57,000,000
first mortgage bonds,
4% series due 1963, and
sinking fund debentures, 4^% series due 1948.
were priced at 98
M and the debentures at 100
of
accrued
$10,000,000
The bonds
exclusive
interest.
offering
g^oup are: Tne First Boston
Corp.; Tucker, Anthony & Co.; Coffin & Burr, Inc.; Brown
Harriman & Co., inc.; Smith,
Barney & Co.; Blyth & Co.,
Inc.; Mellon Securities Corp.; W. C.
Langley & Co.; Harris,
Hall & Co. (Inc.), and Jackson & Curtis.
Bon bright & Co., Inc., announced Feb. 2
that the
offering
of
$57,000,000 bonds had been heavily oversubscribed
and
subscription books closed.
The offering,
according to
the announcement, has been
very well taken and met with a
good response, not only from the larger institutional
invest¬
the
2,000,000
3,028,763
Total
Including taxes recoverable.—V. 145,
77,593
364,500
catas¬
trophe reserve
11,879.776 13,421,895
88,138
543,702
re¬
&C--
for
Voluntary
Total
925,653
1,190,142
pay.
taxes,
insurance,
Res.
1,021,259
1,185,623
Commissions
Res.
2,990,869
other
reserve
recover¬
146,610
63,805
17,539
Other members of the
loss
reserve
for
15.484
def$1854902
1,149.645
Fed.
Ann Arbor
pensation & lia¬
losses and claims
90 days due
Accrued interest..
able
S
Unearned premium
54,529
*23.125
Mortgage loans
5,417,195
1936
$
39,222
Cash.-
Reins ur'
1937
Liabilities—
5,708,404
4,255,050
1,290,644
202,638
Stocks
Premiums
1936
$
92,660
220,700
113,950
December—
of its
American Forging & Socket
29,166
$1,854,901; dividends on 7% cumulative preferred
stock, $1,149,645; profit and loss deficit at
Dec. 31, 1937, $6,564,277.—
V. 145, p. 3645.
Surplus
$553,339
$212,302
$272,550
$17,752
y Shares common stock
(no par)
769,092
611,712
611,692
611,692
Earnings per share..,—
$4.01
$2.95
$1.70
$0.83
x After
deducting manufacturing, administration and
selling expenses
and including dividends received on
stocks of associated
companies whose
earnings are not incorporated herein and other net
income,
y Excludes 1,224 shares of
treasury stock.
z
Ramapo Ajax Corp., not consolidated in 1936 because
less than 95%
controlled, became wholly owned in 1937
through the retirement
3 Months Ended Nov. 30—
$5,367,266loss$3289204
Capital Surplus—Balance Dec. 31, 1936,
$28,622,952; discount on addi¬
tional preferred stock purchased for
retirement, $674,125; liquidating divi¬
dend received from Textile
Realty Co. during 1937, $200,000; fixed assets
transferred from Textile Realty Co.
during 1937, net, $50,662; capital
surplus at Dec. 31, 1937, $29,547,739.
Profit and loss since Jan.
1, 1932—Deficit Dec. 31, 1936, $3,559,730;
deficit for the year 1937,
1934
$3,802,186
1,037.358
401,360
16,000
Federal taxes
Prov.
after
come taxes
Deficit
$5,425,020
1,443.222
555,000
Operating profit
Depreciation
2,685,756
23,947
Preferred dividends
Foundry Co.—Earnings—
658.407
2,821,077
$4.739,273loss$3703618
627,993
414,413
129,410
270.722
13.760
profits
Consolidated Income Account
for Calendar Years
[Includes subsidiaries 95% or more
x
scrapped
Add. to reserve Jfor Fed.
income taxes
'
Surtax on undistributed
have
declared a dividend of 25 cents
per share on the
value, payable April 1 to holders of record
March 21.
This compares with 40 cents
paid on Dec. 15 last; 25 cents paid on Oct.
1,
July 1, and on April 1, 1937; a special dividend of 30
cents paid on Dec. 15,
1936, and a regular
quarterly dividend of 15 cents paid on Oct. 1, 1936.
In addition an extra dividend of
15 cents was paid on
July 1, 1936, and an
extra of 10 cents was distributed on
July 1, 1935.—V. 145, p. 3488.
stock,
$5,103,899
22,809
395,619
-
Interest charges.Pensions
Provision for deprec—-
145, p. 2833.
Aluminum Goods Mfg. Co.—Smaller
Dividend—
$4,445,492
other
charges and deprecProv. for doubtful accts
Flood loss and expense-Loss on fixed assets, sold
$2,120,003
reserve
for
common
before
3,134,828
$172,101
546,013
Profit from operations
Other income and credits
for allowances and doubtful
accounts of $34,829.
y After
depreciation of $300,853.
z
Represented by 224,530 no
par
shares,
a Of which
$13,874 representing cost of
treasury stock is restricted
until such stock is sold or canceled.—V.
x
1934
adm.
expenses
held in treasury—1,370 shs.
reserve
(& Subs.)—Earnings—
Consolidated Income Account
for Calendar Years
1937
1936
1935
a291,239
at cost
Co.
Sales, less disc., returns$75.061,505
$71,022,579 $70,317,232 $48,711,188
Cost ofsales.excl. of dep.
72,030,895
63,442,259
62,756,882
49,729,050
120,000
zl,122,650
436,872
Common stock..
139, p. 272.
7,062
6,448
Capital surplus
The company paid a dividend of 30
cents per share on its common stock
Dec. 20 to holders of record Dec. 10.
This was the first dividend paid
the common shares in several
years.—V.
American
per share
Bank loan (Int. at
on
on
24,706
Accrued wages & commissions.
Liability for redemption of
pref. stock called Jan.
1,
42,001
y892,247
S, 1938
American Transformer Co.—Dividends Resumed—
Liabilities—
Accts. <fc notes receivable
Feb.
38,469,000
39,285,000
1934
*30,818,000
32,519,000
33,056,000
32,957,000
but also from individuals and banks in various
parts of
Ihe sale of the $10,000,000 of
4^% sinking
fund debentures had been
slower, due to the fact that major
efforts were concentrated on the sale of
the bonds, but the
bankers announced Feb. 3 that
subscription books on the
debenture issue had been
closed, the issue having been over¬
subscribed.
p
ors,
the country.
First Mortgage Bonds—Dated Feb.
1, 1938; due Feb. 1, 1963.
Red. at
option of company, on at least 30
days' notice—as a whole or in a
principal
$1,009,000 or more, at any time, or in a
principal amount of
less than
$1,000,000, on any interest date—at the
principal amount and
accrued int. together with the
following premiums; 6%
before Feb. 1,
1943; 5% on or after Feb. 1, 1943 and
before Feb. 1, 1948;
after Feb. 1, 1948 and
3H% on or
before Feb. 1, 1953;
2% on or after Feb. 1, 1953 and
before Feb. 1, 1958;
1% on or after Feb. 1, 1958 and before
Feb. 1, 1961;
without premium on or after Feb.
1, 1961.
Sinking Fund Debentures—Dated Feb. 1, 1938: due Feb. 1, 1948. Red.
as a whole or
in part at any time, at the
option of the company, on at least
30 days' published notice at
the principal amount and
accrued int. together
with the
following premiums: 5% before Feb.
1, 1940; 3}^% on or after
Feb. 1, 1940 and before Feb.
1, 1942; 2)^% on or after
Feb. 1, 1942 and
before Feb. 1, 1944;
1% on or after Feb. 1, 1944 and before
Feb. 1, 1946;
without premium on or after
Feb. 1, 1946.
In case of
redemption for the
sinking fund, the premiums will be as
follows: 2% before Feb.
1, 1944;
1% on or after Feb. 1, 1944 and before
Feb. 1, 1946; without
on or after Feb.
premium
1, 1946.
Issuance and sale authorized
by the State Corporation
Commission of
Virginia and by the Railroad and Public
Utilities Commission of
Company—Company, 100% of the voting stock of which is Tennessee.
owned by
American Gas & Electric
Co., was incorp. in Virginia on
March 4, 1926,
and is engaged
principally in the generation and purchase of
electric energy.
In its distribution in
extensive territory in
Virginia and West Virginia and,
in its sale at wholesale to
other electric
companies in
amount of
North Carolina and Ohio.
are
Tennessee,
Kentucky,
The population of the
territory served at retaU
730,000.
The
is estimated to be in excess
of
principal communities served
Huntington, Charleston, Biuefield,
Williamson, Beckley and Princeton,
Volume
and
Va.
W.
Financial
146
Lynchburg andlPulaski, Va.
Among
coal mines, chemical plants, textile mills
the large
Roanoke,
power customers are
and metal
steam-electric generating
generator capacity, and
stations with 44,900 kw. total rated installed
working and glass factories.
Company owns five
stations with 335,090 kw. total rated installed
generating
capacity, together with substations, transmissions and dis¬
&c., serving 151,401 electric customers accounts as of
30, 1937.
Company has under construction one hydro-electric
five hydro-electric
generator
lines,
tribution
Nov.
generating station of 75,000 kw. capaity.
First Mortgage Bonds, 4% Series Due 1963—The bonds will, in the opinion
of counsel for the company, be secured by a first mortgage lien on sub¬
stantially all the fixed physical property and franchises now owned.
The mortgage permits, under certain conditions, the issuance of additional
bonds thereunder, of the 1963 series or of other series, and provides under
certain conditions, for releases of, and substitutions for, property covered
by the mortgage, without notice to bondholders.
The mortgage provides that the company will deposit with the corporate
trustee, on or before March 1 in each year, beginning with the year 1939,
an amount in cash
or in principal amount of 1963 series bonds equal to
1% of the maximum amount of 1963 series bonds outstanding at any one
time under the mortgage; provided, however, that the company may
credit against this requirement unfunded net property additions (which
thereby become funded) and the aggregate principal amount of bonds which
the company is then entitled to have authenticated under any provisions
of the mortgage (other than on the basis of property additions or a deposit
of cash).
Cash deposited pursuant to these requirements may be withdrawn
In any amount equal to 142 6-7% of the principal amount of bonds issuable
against unfunded net property additions or may be applied to the purchase
or redemption of the 1963 series bonds.
The mortgage also provides that the company will deposit with the
corporate trustee, within four months after the close of the calendar year
1937 and of each calendar year thereafter, cash or principal amount of
by which 15% of
expended during such
under the mortgage equal to the amount
the total operating revenues exceeds the amounts
bonds issued
Jrear of cash or bonds, the company may certify unfundedproperty. In
ieu
for repairs and maintenance and for replacement of net property
additions (which thereby become funded); and a credit balance established
in any year may be carried forward or used subsequently for the purpose
cash or bonds deposited pursuant to these requirements
unfunded property any property additions certified under
The covenant to expend annually 15% of total oper¬
ating revenues for these purposes is subject to modification as a result of
action by any regulatory authority having jurisdiction over the company,
limiting the amount which the company may charge against operating
revenues for depreciation.
Sinking Fund Debentures, 4H % Series Due 1948—The debentures will be
unsecured, and will, in the opinion of counsel for the company, rank
pari passu with the $4,000,000 of debentures now outstanding.
The
debenture agreement provides that no additional debentures will be issued
under the old debenture agreement under which the presently outstanding
$4,000,000 principal amount of debentures were issued.
of withdrawing
to restore as
or
these requirements.
agreement permits, under certain conditions, the issuance
of additional debentures thereunder of other series than the 1948 series
debentures.
It provides that, so long as any of the 1948 series debentures
shall be outstanding, the company shall be subject to certain restrictions
as to the payment of dividends on its common stock and as to the
The debenture
incurring
of debt.
further provides that, so long as any of the
series debentures remain outstanding, the company will, on or before
1 of each year, beginning with the year 1938, deliver to the trustee
The
1948
Dec.
debenture agreement
principal amount of 1948 series debentures, and that
deposited shall be applied by the trustee to the purchase or redemp¬
$250,000 in cash or
cash
so
tion of 1948
series debentures.
Application of Proceeds—The net
proceeds to be received by the company
(estimated at $64,353,599, after
will be applied to the following
of the bonds and debentures
deducting expenses estimated at $358,901)
from the sale
purposes:
cancellation from American Gas & Electric Co.,
at cost to it, of $10,458,000 1st & ref. mtge. gold bonds, 5%
series of 1956, at a cost, exclusive of accrued interest, of
Deposit with the respective trustees, in trust, of cash equal to
gold bonds, 5%
called for recemption on or before
June 1, 1938, at a premium of 4%) —
Outstanding $5,125,000 Virginian Power
trust
Co. 1st & coll.
gold bonds (to be called for redemption
5%
1938, at a premium of
mtge.
June 1,
Outstanding
5%)
$8,911,000 Appalachian Power
Co. 1st mtge.
Bonds
1,490,000
2,550,000
1,700,000
1,070,000
850,000
850,000
850,000
York
York
Halsey, Stuart & Co., Inc., Chicago.
Hayden, Stone & Co., New York
850,000
150,000
New York
New York
Schoellkopf, Hutton & Pomeroy. Inc., New York
Shields & Co., New York
Stone & Webster and Blodget, Inc., New York——
Bancamerica-Blair Corp., New York
Paine, Webber & Co., New York.
Schroder Rockefeller & Co., Inc., New York
Stroud & Co., Inc., Philadelphia
Spencer Trask & Co., New York—
White, Weld & Co., New York
A. C. Allyn & Co., Inc., Chicago
Central Republic Co., Chicago
E. W. Clark & Co., Philadelphia
Estabrook & Co., New York._„
Graham, Parson & Co., New York
Hayden, Miller & Co., Cleveland
He nphill, Noyes & Co., New York
Merrill, Turben & Co., Cleveland
G. M.-P. Murphy & Co., New York
Arthur Perry & Co., Inc., Boston
850,000
850,000
850,000
850,000
150,000
150,000
150,000
150,000
E. H. Rollins & Sons, Inc., New
L. F. Rothschild & Co.,
640,000
640,000
640,000
425,000
425,000
425,000
425,000
425,000
425,000
425,000
425,000
425,000
425,000
340,000
340,000
-
may
The remainder
be increased.
60,000
30,000
4,250,000
750,000
of Nov. 30, 1937, American Gas & Electric
220,000
f.
Management & Control—As
owned 5,969,977 shares of the common
Co.
stock of the company, repre¬
senting 100% of the voting stock outstanding.
Co. also owned, as of said date, 136,770 shares
American Gas & Electric
of $7 preferred stock and
is informed
securities of
34.805 shares of $6 preferred stock of the company.
Company
that Electric Bond & Share Co. owns 17.51% of the voting
American Gas & Electric Co.
Prior to Jan. 1, 1938, American Gas & Electric Co.
engineering and other
advisory,
ment,
pursuant to an oral understanding.
an identical basis are being rendered
Service
Corp.,
rendered manage¬
similar services to the company
Since Jan. 1, 1938,
to the company
wholly owned subsidiary
Co.
a
Balance Sheet Nov.
of the net proceeds
——-.-——
Sinking funds &
1,477,666
...
special deps.
Coupon deposit.-Dividend deposit
16,010,294
346,580
1,173,114
116,900
394,747
...
1,844
2,152,326
1,316,651
Merchandise for resale. —59,774
Deferred & unadj. charges.
5,751,530
-
receiv'le
Materials and supplies—..-
Accounts and notes
will be paid to Americaa Gas
which
-
30, 1937
$80,783,000
Funded debt
6,968,155
2,283,960
—5,785
Other affiliates..
112,213
Payrolls payable.-,
202,539
Dividends payable—Pref—
1,844
Divs. accrued on preferred.380,856
Interest accrued
—
427,738
Matured int. on funded debt
394,748
Customers' deposits.—
430,411
Taxes accrued..
2,705,941
Other accrued liabilities.
34,646
Deferred & unadj. credits.
10,633
Reserves....——6,255,856
Loans
payable
payable—General-
Accounts
Subsidiaries
—
——
_ _ .
_
Contributions in aid of con*
Kingsport Utilities, Inc., in consideration
of $16,130,000 of the company's 1st & ref.
1956.
$20,377,444 $18,727,662
938,761
774,806
Maintenance
revenue..$21,352,273 $19,586,117
970,276
885,451
Depreciation
2,675.000
2,475,000
2,400,000
2,100,000
Operating income
Other income (net)-.
$7,770,294
$7,165,219
Drl 16.377
Drl32,281
$7,440,805
$7,504,703
debt serv.
$7,653,917
$7,032,937
$7,483,770
$7,534,958
$920,639
$864,367
$1,042,460
$1,040,824
-
2,326,167
581,491
22,699
7,006,343
General taxes
Federal income taxes. —
Fed. undistrib. prof. tax.
Other oper. rev.
x
Bal. avail, for
x
deduct.
2.130.108
666,001
28,956
6,772,811
2,155,625
522,320
12,822
6,369,678
subs, re¬
sold, not in¬
42.965
2,099,641
568,682
o,679,828
30,255
Inc. on sec. of
cently
cluded above
the $57,000,000 1st mtge. bonds to be
completion of the present financing, will amount to
$2,280,000, and the annual interest charges on the $14,000,000 debentures
The annual
outstanding
interest charges on
upon
to
be outstanding upon
to
completion of the present
financing will amount
$690,000.
Capitalization—The capitalization as of Nov. 30, 1937. and as adjusted
the retirement of all mortgage bonds then outstanding and the
the new bonds and debentures is as follows:
Outstanding
to reflect
issuance of
After New
Authorized
1st & ref. mtge. 5s 1956
Unlimited
Appal. Power Co. 1st mtge. 5s, 1941-.$25,000,000
Virginian Power Co. 1st & coll. tr.
5s, 1942
15,000,000
Appal. Power Co. 6% debs, 2024
dUnlimited
Appal. Elec. Power Co. 1st mtge. 4s,
1963
Appal. Elec. Power
-
Co. 4H% debs,
dUnlimited
Nov. 30, '37
Financing
5.125,000
4,000,000
$4,000,000
57,000,000
dUnlimited
......
10,000,000
400,000 shs.27,168,360 a27,168,360
100,000 shs. 6,124,678 b6,124,678
—6,000.000 shs.20,207,188 c20.207,188
Represented by 271,683 shares,
b Represented by 63,891 shares,
Represented by 5,969,977 shares,
d Unlimited as to maximum amount
but issuance limited by the requiements of the instrument under which
such securities are issues or are to be issued.
1948
stock (no par)
$6 preferred stock (no par)
Common stock (no par)
$7 preferred
a
c
Capital
surplus
.... —
Earned surplus...
Total
,
__
—
..-$170,253,132
.
—
4,792,581
10,935,224
.$170,253,132
Total.
-V. 146. p. 431.
(111.)—Stockholders Approve Bond Financ$75,000,000—
The stockholders at their annual meeting Jan. 28 approved resolutions
granting the directors extended and broadened authority to undertake $75,Armour & Co.
ng
Up
„o
000,000 bond
financing for refunding purposes.
fiscal year
outlook for
declara¬
tion of any common dividend next month.
A year ago at the directors'
meeting which followed the annual stockholders, meeting, a dividend of
15 cents a share was declared on the common stock, the first since 1926.
Frederick H. Prince, Chairman, and Robert H. Cabeil, President, dis¬
cussed the unfavorable business developments at the annual stockholders'
meeting.
Mr. Prince said: "The outlook will require Armour & Co. to be
Unprofitable operation in the first two months of its new
declining meat prices and a somewhat discouraging
its South American properties indicate that directors may omit the
caused by
conservative."
Following the stockholders* meeting Mr. Cabell, when
more
specifically the effect declining live stock and meat prices
on
Armour's profit showing in the first quarter of the new fiscal year,
began Oct. 31, 1937, admitted that it was "exceedingly
company should show any profit for that period.
The first quarter
preceding year was described as having been "very
Referring to the South American business, Mr. Cabell said the company
had a good year there until August when Argentine live stock interest
the Government brought about an unreasonable increase in price
stock.
For a time the company was compelled to pay p:ices which
impossible to earn a profit.
Recently this situation has
are now more favorable.—V. 146, p. 271.
asked
have had
which
doubtful" that the
of the
good."
and
of live¬
made it
altered and prices
Associated Gas &
Electric Co.—To
Maturity—
anticipation of the
maturity Nov.
Provide for Nov. 15
v
,
15, next, of $3,250,000 5}f%
avoid default the company has
their approval. The letter
convertible investment certificates and to
issued a letter to the holders outlining a plan for
dated Jan. 26 says in part:
...
—
9,123,000
20,207,188
Common stock
In
$62,525,000
26,775
stock—27,168,360
stock.........
6,124,678
—
$6 preferred
Nov. 30,
Comparative Statement of Earnings
Year End. 11 Mos.End. —Years Ended Dec. 31—
Nov. 30. '37 Nov. 30, '37
1936
1935
Electric oper.
struction
$7 preferred
& Electric
Electric Co.
& West
Virginia Power Co., Inc., and
of the surrender for cancellation
mtge. gold bonds, 5% series of
like services upon
by American Gas &
of American Gas &
Liabilities—
Working funds
against the open account debt to that company,
on
1937, amounted to $6,968,154.
Note—On Jan. 3, 1938, the company sold to American Gas &
all the issued and outstanding stocks and bonds of Kentucky
Co.
60,000
340,000
x
redemption
60,000
340,000
New York
York
60,000
340,000
Newton, Abbe & Co., Boston
Lawrence Stern & Co., Inc., Chicago
Kuhn, Loeb & Co., New
75,000
75,000
75,000
75,000
75,000
75,000
75,000
75,000
75,000
75,000
75,000
75,000
75,000
60,000
425,000
425,000
425,000
First of Michigan
Minsch, Monell & Co., Inc.,
110,000
110,000
75,000
640,000
640,000
425,000
York
Whiting, Weeks & Knowles, Inc., Boston
Corp., Detroit
Laird, Bissell & Meeds, Wilmington
Laurence M. Marks & Co., New York
150,000
110,000
110,000
110,000
110,000
850,000
640,000
Inc., Milwaukee
-
-
.
New York-
Securities Co. of Milwaukee,
150,000
850,000
Lee Higginson Corp.,
F. S. Moseley & Co.,
-$61,829,590
These bonds are payable, at the option of the holder, in London at
the rate of £205.9s.8d. in respect of each $1,000.
To the extent that the
market price for pounds sterling may exceed the above price, the cost of
Total.
150,000
850,000
York
Cash
9,356,550
300,000
180,000
150,000
Kidder, Peabody & Co., New York—„
Lazard Freres & Co., New York
Investments-
x5,381,250
150,000
150,000
450,000
1,700,000
& Co., New York
Glore, Forgan & Co., New
W. E. Hutton & Co., New
450,000
300,000
2,550,000
York
Blyth & Co., Inc., New York.
Mellon Securities Corp., Pittsburgh
J. & W. Seligman
150,000
260,000
850,000
—
Harris, Hall & Co., Inc., Chicago
Brown Harriman & Co., Inc., New
Smith, Barney & Co., New
$1,210,000
1,000,000
450,000
540,000
270,000
$6,940,000
5,700,000
2,550,000
3,060,000
1,530,000
Ticker, Anthony & Co., New York
Coffin & Burr, Inc., New York
W. C. Langley & Co., New YorkJackson & Curtis, Boston
completed—
call for
through
1938,
Debentures
Underwriter—
Prop, plant, &c (lncl.intang)$141,451,705
Construction contracts un¬
5% sinking fund gold bonds after giving effect to the
redemption on Dec. 1, 1937, of $212,000 of bonds
the sinking fund (to oe called for redemption June 1,
at a premium of 5%)
Principal
Amount of
Bonbright & Co., Inc., New York
First Boston Corp., New York
Assets—
37,374,480
severally underwritten are as
Principal
Amount of
Electric
of 1st & ref. mtge.
respective
principal underwriter and the
and debentures
follows:
$9,717,310
Erincipal and premium in the hands redemption of the followbonds outstanding required for of the public:
lg
Underwriters—The name of each
principal amount of bonds
Electric
Purchase for
Remaining $35,937,000
series of 1956 (to be
901
Chronicle
,
„
^
^
shall be no default,
in a single year
company's ability
period of curtailed markets
management has been determined that there
still to be met is too great to be retired
out of available cash without interfering unduly with the
to meet requirements for construction during this
The
but the obligation
for new sGCuritics
It is
to be
planned, therefore, to
paid in advance
of the
divide the maturity into three parts,
original due date, one part to be
one part
In 1939#
if conditions prior
certificates or to retire
place this plan in
of the issue to be retired in 1943 or earlier
to that time permit the company to refund the
some or all of those remaining out of cash receipts.
To
operation, the following options are hereby
investment certificate holders:
and the balance
made available to
convertible
902
1.
Financial Chronicle
For each
$1,000 principal
of
amount
5K% convertible investment
certificates, the holder may receive an immediate cash
payment of $200 and
the maturity of the balance of his
principal ($800) will be extended for
one year to Nov. 15,
1939, at a continued interest rate of
of
To
5>£ % per annum.
The holder may extend the
maturity of $800, of each $1,000 principal
held, to Nov. 15, 1943, at a continued interest
2.
amount of certificates
per annum, in which case he will receive an
immediate cash pay¬
$220, of which $200 will be a payment on account of
principal and
$20, the equivalent of an additional interest advance at the
rate of H %
per annum, as a consideration of the
five-year extension of 80% of his
principal.
Baltimore & Ohio
Pennsylvania
Electric,
Buffington concurred in
the
decision,
Erie
Electric.
For the week ended Jan. 28, Associated Gas &
Electric System reports
net electric output of 85,281,934 units
(kwh.).
This Is a decrease of 6,-
705,608 units, or 7.3% below production a year
ago.
This is the largest
decrease since the week ended March 18.
1933, a period of
percentage
nearly five
years.
Gross output amounted to 91,686,803 units for the
week.—V. 146, p. 742.
Atlanta
1937
Gross from
railway
Net from railway
1936
$262,040
defl5,361
def57,504
railway
Net after rents—....
$309,921
defll,174
def59,058
$245,610
3,653,448
347,698
defll2,575
Net after rents
From Jan. 1—
Gross from railway
3,422,307
378,549
defl4,664
3,008,517
221,894
def83.294
—V. 146, p. 100.
Atlanta & West Point RR.December—
Baton Rouge Electric
12 Months Ended Dec. 31—
Operating
Net after rents
1935
$140,675
31,412
8,555
1,788,864
railway.192,506
rents
def78,583
Net after
22,094
def3,010
,
1,804,607
272,289
def4,946
1,586,604
193,569
def50,302
146, p. 100.
Atlantic Mutual
The
x
$233,691
def8,863
def43,327
2,818.836
def37,035
non-operating income, net.
146, p. 272.
y
reserve.—V.
Calendar Years—
Gross revenue
$1,733,102
540,870
226,666
After appropriations for retire¬
Beauharnois Power
Corp., Ltd. (&
Subs.)—Earnings—
1937
1936
1935
$2,205,047
1934
$1,663,250
543,575
1,153,912
$2,872,882
569,374
1,759,343
$2,227,555
»
Expenses
Fixed charges
Deprec. & amortization.
548.655
1,660,596
board of trustees
1,637,186
153,337
021,475
$34,238xsur$545,795
$4,204
$8,175
x This amount has
been reinvested in the
development (as contemplated
under the scheme of
reorganization made effective in 1933).
thereby reducing
by that amount the capital outlay for which
it was necessary to issue bonds
during the
year.
Assets—
devel-.71,367,481 71,194,071
y42,425
25,000
Cash-—-———
584,315
380,995
Cash dep. as guar.
Accts. receivable..
Amt. due from
now
288,490
present will be combined
held by J. A. Bogardus.
x
offices of Comptroller, Assistant Treasurer and
Assistant Secre¬
created, to which offices Charles F. Lynch, Martin L.
Henry
and William N. Williams were
appointed, respectively.
The office of Loss Manager, which has been
vacant for some time,
was filled by the
appointment of F. G. Forrow.
W. Irving Plitt was appointed Branch
Manager of the Boston office to
take the place of Roy E. Oarr, who was
recently appointed Field Manager
of the company with
headquarters In New York. Mr. Plitt will take up his
duties in Boston about Aprh 1.—V.
146, p. 742.
new
Int.
pay.
Co
125,756
913,323
res.
HAfll*,
rtf
aoloa
Total
Represented by 762,000 common shares of
144, p. 1590.
securities.—V.
Beaumont Sour Lake & Western
December—
1937
Gross from railway
Net from railway
Net after rents—.
$188,786
38,399
defl6,999
1—
Gross from railway
Net from railway
Net after rents
—V. 146, p. 100.
2,841,625
1,045,124
316,225
77,177,120 76,900,066
no
par value,
expenses
1937
zl936
X1935
*1934
$17, 385,515 $15,895,300 $13,086,966 $12,558,999
J 15,872,119
14,337,282
11,938,715
11,344,354
$1,513,396
135,554
$1,558,018
113.797
$1,148,251
207,261
$1,214,646
97,212
$1,648,949
215,077
$1,671,816
241,735
$1,355,513
194,344
$1,311,858
187,135
$1,433,871
(6%).—
342,985
Common dividends
936,176
$1,430,080
383,000
873.246
$1,161,170
457,890
499,927
$1,124,722
502,880
497,511
$154,710
248,145
$173,834
248,666
$203,353
249,966
$4.40
$4.21
$2 81
$124,331
249,978
$2.49
&c.,
Net oper. profit
Other income (net)
Gross income
Federal taxes
....
Net income
Preferred divs.
Surplus
_
Com. shs. outstanding..
Earns, per sh. on com..
Includes
x
wholly-owned subsidiary companies, all of which were dis¬
1936.
y The 1937 figures include Atlas de
Mexico, S. A., for 9
months ended Dec. 31, 1937.
z The 1936
figures relate to Atlas Powder
Co. only.
solved In
Consolidated
Balance
1937
Cash
2,701,575
2,364,657
275,000
TJ. S. Govt,
1.257,000
secure.
at par
Other
$
marketable
secure., at cost..
551,196
receivable, trade 2,153,260
Inventories
2,884,254
2,328.934
e
Accts.
&
notes
18,633
2,886,449
14,214
Misc. notes & accts.
receivable, &c_-
41,726
159,332
2,998
1,488
Curr. acct. due fr.
uncolsol.
sub...
$
Accts. & notes pay.
Accrued liabilities-
444,203
690,576
275,059
237,120
Fed. Inc. tax accr.
239,561
253,301
accrued
39,138
Res.for stk.
959,803
3,317,176
b Mlscell. invest—
291,842
956.940
3,227.857
309,505
g Plant prop's and
equipment
7,475,328
Goodwill. pats.,&c. 4,053,069
46,641
38,735
57,164
accr. on
57,164
65,377
381,626
410,647
pref.
stock
bonus
awards to empl's
Res. for conting..
Install, paid on stk.
70,633
c55,303
36,554
$100)
9,860,900
9,860,900
h Common stock..
8,760,925
8,714,625
Paid-in surplus
Earned surplus
827,698
804,548
3,915,548
3,760,837
5%
cum. conv. pf.
stock (par
solidated sub...
f Co.'s cap. stock.
Total
al936
$
subscr. by empl.
Securities of uncon¬
Deferred charges..
31
1937
Div.
-
Notesreo., empl's.
Dec.
Liabilities—
Social security tax
701,196
,
Sheet
al936
$
Assets—
46,872
Total
24,922,500 24,935,641
a Atlas Powder Co.
only,
b Includes $11,000 U. S. Government bonds
(book value $10,735) deposited as guarantee under
Pennsylvania Compensa¬
tion Law.
c
Represents subscriptions by employees to
2,027 shares of
authorized
e
but unissued common stock.
After reserve for doubtful accounts
and
$231,144 in 1936.
notes of $111,815 in 193t-and
f 30,012 shares preferred and
14,682 (12,772 in 1936)
g After reserve for depreciation and
obsolescence
shares common stock,
Including
Ry.—Earning,
1936
$215,920
■:
81,078
21,958
$183,390
59,633
13,276
2,213,965
1,772.055
1935
1934
$134,909
22,825
defl4,321
1,660,394
603,749
456,785
defl9,623
368,068
def33,410
defl38,205
Telephone Co. of Pa.—New Directory &c.—
John T. Harris of
Harrisburg, Vice-President and Genera]
Manager for
Pennsylvania territory of the
company, was elected on Jan. 27
director and Vice-President of
Operations at a meeting of the board.
He succeeds the late G. Thomas
Cartier.
H. S. Wherrett of
Pittsburgh, President of the Pittsburgh Plate Glass
Co., was elected a director, filling a
vacancy caused by the resignation of
Edmund W. Mudge, President
of the Weirton Steel Co.
J. Frank Cox,
General Commercial
Manager in Harrisburg, will succeed Mr.
Harris as
Vice-President and General
Manager for Central
a
Pennsylvania.—V.
Birmingham Gas Co.—Recapitalization Plan—
A plan of
recapitalization, which
proved credit position with a
would place the
company In an Im¬
simplified capital structure, and which has
of the Alabama P. S.
Commission, was
mailed Feb. 1 to note and
preferred stockholders of the
company, and to
debentureholders of American Gas & Power
Co., the parent company.
The development of this
plan is necessitated because of the
otherwise
expected inability of the
company to meet maturities on Oct.
1, 1938. the
principal amount of which
aggregated $1,329,249 on Jan. 25, 1938.
Unless
the provisions contained in
the plan are made to meet
these maturities, the
olders, as well asposition of the of American
the investment unsecured creditors and preferred stockGas & Power Co. in
Birming¬
ham, will be jeopardized.
already
met
with
the
approval
Elan states, the
American Gas & Power Co. Is
the
owner of the
following securities of
Birmingham Gas Co.:
A note for
$405,000, due Oct. 1, 1938, unsecured,
bearing no interest
and subordinated
by its terms to other note indebtedness of
Birmingham,
aggregating $969,242 as at
199,995 shares of
Nov. 30, 1937.
common stock,
being all of the common stock except
qualifying shares.
The foregoing securities
are pledged by American
with Bankers Trust
Co., New York, as trustee under the
debenture agreement of
dated as of May
American,
1, 1928. and supplements thereto.
directors'
No dividends have
been paid by
October, 1931.
Birmingham
on
its common stock since
American is indebted to
Birmingham in the principal sum of
$1,086,744,
evidenced by a certificate of
indebtedness issued by American
pursuant to a
plan of reorganization of American
confirmed by order of the U. S.
District
Court, District of Delaware, on Ju»y 2,
1935, in proceedings taken under
Section 77-B of the Federal
Bankruptcy Act.
The unpaid accrued interest
on said
certificate as at Nov. 30, 1937,
aggregated $192,460.
Said cer¬
tificate of indebtedness
(together with interest at the rate of
6% per annum
thereon) by its terms is payable oniy out of a
portion of 33 1-3% of the net
earnings of American, after operating expenses, fixed
charges, depreciation
and taxes, under a formuia
prescribed in the plan, confirmed
by the Court.
The amount of net
earnings of American in 1936 available for
application on
said certificate held
by Birmingham, in the year 1937, computed
under said
formula, was $20,308, or less than one-third of the
interest on said
certificate
accrued in said year.
6,778,177
4,053,020
24,922,500 24,935,641
y
the Central
Earnings—
y
HAHVAPV
134,388
193,739
146, p. 589.
Atlas Powder Co.Calendar Years—
Sales (net)
593.441
165,448
133.979
197,943
Bell
1st
on
mtge. bds. of B.
4,795,363
77,177,120 76,900,0661
From Jan.
$
1,800,000
1,800,000
Funded debt
74,155,900 74,155,900
Accounts payable.
142,444
216,338
Ins, & conting.
4,570,709
charges..
Total
1936
$
Capital stock
Lt., Ht. & Pow.
derwriters of B.
Denton.
were
176,919
un¬
Lt., Ht. & Pow.
Co. 1st mtge
1,411,665
87,476
defl53,636
Walter J.
Thompson was appointed Secretary, such appointment to take
effect July 1, 1938, upon the retirement of
the present Secretary, F. D.
Liabilities—
x
1934
Jan. 31 announced confirmation of certain
the following appointments by the President:
1937
$
& power
Deficit
$118,609
10,309
def26,685
1936
$
Cost of prop, rights
on
Vice-President,
466,682
Cr1,631
Deficit
def333,300
The office of Treasurer was created, which for the
with the office of Senior
The
Includes
ment
1936
$1,916,580
622,815
286,690
taxes
Consolidated Balance Sheet Dec. 31
Insurance Co.—Organization
Changes
organization changes and
tary
1937
Balance after oper., maintenance and
y Balance for dividends and
surplus
x
Prepaid
$167,651
From Jan. 1—
Gross from railway
—V.
25.225
def536
1936
$125,532
def8,935
def40,948
railway
Net from
Co.—Preliminary Earnings—
revenues
1937
1934
-Earnings—
1937
Gross from railway
Net from
1935
The
were
present holders by bankers.
It is understood that
bankers will defer presentation of the
certificates for payment.
Interest on both issues was
paid in full at their maturity.
Interest due Feb. 1 on the
4H% notes of 1939 and 4^% convertible
bonds of 1960 has been
paid.—V. 146, p. 743.
these
Birmingham & Coast RR.- -Earnings-
December—
Net from
1923, amounting to $925,000,
purchased from the
Interest income
Weekly Output—
on June 10 and on
of 1926, series
G—amounting to $558,000 were paid by the company.
certificates issued under the trust of
the companies for alleged
Metropolitan Edison, Northern Power,
Lighting, Clarion River Power and 8olar
common
RR.—Equip. Maturities & Interest—
As to the
inquiry of the companies.
Judge J. Warren Davis and Joseph
but Judge John Biggs, dissented.
The companies under probe are
the
equipment trust maturities which became due Feb.
1, aggre¬
gating $1,483,000, it is stated that the certificates
issued under the trust
.
violations of State laws.
on
on Dec. 24, 1936, and
dividends of 25 cents in addition to
regular dividends of 50 cents
share paid on Dec. 10, 1936 and each three months
previously.—
V. 146, p. 742.
The United States Circuit Court of
Appeals at Philadelphia has again
restrained the Federal Power Commission from
investigating the affairs of
six Pennsylvania subsidiaries of company.
In a two to one decision, the Court ordered the
Commission to decide
whether it has any jurisdiction to conduct an
on
dividend of 50 cents per share
per
transmittal, signed and marked to indicate the option of choice.
All other
offers formerly available to certificate holders are
hereby terminated,
penalties
a
value, payable March 10 to holders of record Feb. 28.
This
a special dividend of 50 cents
paid on Dec. 24, last; 75 cents
Said on10, 1937; special$1 on Sept. 10, last; 75 cents
larch
Dec. 10, last; dividend of 50 cents paid
In neither case will there be
any change in the nature of the
certificates;
in fact, the original certificates will themselves
be returned to their owners
having been stamped to indicate the extension
agreed upon and
the payment made on account of
principal.
Coupons for interest on the
unpaid balance to the extended date of maturity will be
attached to certi¬
ficates in coupon bearer form.
To be extended in accordance with the terms
of either of the available
offers, certificates should be forwarded to Transfer and
Paying Agency,
41 Trinity PI., New York, N. Y., and should be
accompanied by letter of
Its authority was challenged by counsel for the
companies more than a
year ago, on the ground they are not utilities subject to Federal
regulation
and that the Federal probe was in
reality to aid the State of Pennsylvania to
obtain evidence for the infliction of
no par
extra
after
Inquiiy Checked—
1938
compares with
ment of
Power
5,
h Represented by 262,828
Pay oO-Cent Dividend—
Directors have declared
stock,
rate
5^%
Feb.
of $7,561,643 in 1937 and
$7,234,870 in 1936.
(261,438 in 1936) no par shares.
Birmingham had outstanding
1st mtge. 5%
acquired)
as at Nov. 30, 1937:
gold bonds, due May 1, 1959 (incl. $85,000
_
re-
a$6,000.000
b662,000
6% notes, due Oct. 1, 1938
(publicly held)
Notes held by First National Bank
of Birmingham and Birm¬
ingham Trust & Savings Co., due Oct.
1, 1938, bearing 6%
interest
Notes held by Sloss-Sheffield
Steel & Iron Co. and Alabama
By-Products Corp., due Oct. 1, 1938,
bearing 6% interest-Non-int.-bearing note, due Oct. 1, 1938, held by American
$6 1st pref. stock
(publicly held), (par $10)
Common stock (par
$2) all owned by American, except five
directors' qualifying shares
As at Jan. 25, 1938:
c204,888
102,354
405,000
d297,747
400,000
$85,000 of the first mortgage bonds shown to be
outstanding have been
reacquired by Birmingham and are
pledged as collateral to a bank loan.
It is expected that these
bonds will be resold by
Birmingham in due course
a
Volume
Financial
146
b'$15,000 of the 6% notes shown to
by Birmingham and
d Birmingham
be outstanding have been reacquired
surrendered for cancellation,
These bank loans
c
have been reduced to $174,895.
holds 225.32 shares of its first preferred stock in its treas¬
Retire its certificate of
$1,086,744.
(b)
(c) Retain 70% of the common stock of Birmingham, and such common
stock, on the basis of the recapitalization of Birmingham, should afford an
income through dividends to American.
(not included in the shares shown to be outstanding).
No dividends have been paid on the $6 first preferred stock of Birming¬
ham since Jan. 31, 1932.
Accumulated and unpaid dividends on $6 first
Income Statement for
to Nov. 30, 1937, aggregated $1,042,114.
The debt
structure of Birmingham and the fixed charges thereon, together with the
cash requirements of the company for extensions and additions, would
make it improbable that dividends can be paid on the $6 first preferred stock
even with improved earnings.
(A) American will request the holders of its debentures issued under its
debenture agreement dated as of May 1, 1928, and supplements thereto, to
consent to and approve a modification of said agreements so as to permit
American to withdraw, and Bankers Trust Co., as trustee, to release, the
$405,000 note and the 200,000 shares of common stock (less directors'
Operating expenses-..-
$2,165,724
1,514,068
Net operating income
Non-operating income
$651,656
13,344
Gross income
Other deductions
A certificate of a firm of independent engineers filed with the
value of the note and stock to be not in excess of $160,000,
approval of the holders of 66 2-3% in principal amount of the outstanding
debentures (excluding any debentures owned or controlled by American or
by any subsidiary or affiliated company) is essential to effect such modifica¬
tion and release, and, if accomplished, will place in the hands of American,
available for use in the plan of recapitalization of Birmingham, the note
dividends
American
the
evidenced by the loan in stalments over a period of two years.
Under the formula provided in the supplemental debenture agreement of
American dated July 18, 1935, the interest and sinking fund instalments
on said loan will constitute a prior charge in the determination of net earn¬
ings of American available for (a) conditional interest on the debentures,
(b) sinking fund for retirement of debentures and (c) principal and
payments on remaining inter-company debt.
(C) American will offer to pay to Birmingham $550,000 in cash
surrender to Birmingham the $405,000 note and 60.000 shares of common
stock of Birmingham in exchange for the surrender by Birmingham to
interest
and to
certificate of indebtedness of American above referred to,
$405,000 note to be canceled by Birmingham and the $550,000 in
of common stock to be used by Birmingham in effecting
its recapitalization.
(D) The Alabama P. S. Commission having, by its order
28, 1938, authorized Birmingham to do so, Birmingham will make an
to the holders of its notes and $6 first preferred stock.
It is not
to disturb or to affect in any way the presently outstanding first mortgage
bonds of Birmingham, due May 1, 1959.
American of the
cash
said
and 60,000 shares
entered Jan.
offer
proposed
The holder of each $1,000 principal amount of the publicly
due Oct. 1, 1938, to accept in payment of and exchange
held 6%
therefor
The new
will bear
interest at rate of 43^% per annum, payable semi-annually, and will be
redeemable at any time, in whole or in part, upon 30 days' published notice
at their principal amount, together with accrued interest.
The new notes
in the principal amount of $500.
1, 1938, will mature Oct. 1, 1944,
limited in aggregate principal amount to one-half of the principal
amount of the 6% notes outstanding on the date that the plan becomes
effective and will be issued under a note agreement with a trustee, con¬
taining substantially the same provisions (with such changes as may be
required) as. the note agreement between Birmingham and Bankers Trust
Co., as trustee, dated as of Oct. 1, 1935, under which the 6% notes were
issued, excluding provisions relating to Birmingham's indebtedness to local
creditors but including a sinking fund provision requiring Birmingham to
pay to the indenture trustee the sum or $50,000 per annum for the retire¬
ment of the new notes by purchase or redemption, or at the option of
Birmingham to surrender to the trustee $50,000 principal amount of the
will be
notes.
new
National Bank of Birmingham and Birmingham Trust &
in payment of and exchange for the notes held by
payment in cash to the extent of50% of the unpaid principal amount
of said notes and new notes in respect or the remaining unpaid principal
amount, bearing such rate of interest as may be agreed upon and maturing
90 days after date, with an option to Birmingham to renew any unpaid
balance for two additional 90-day periods.
(3) Sloss-Sheffield Steel & Iron Co. and Alabama By-Products Corp.
to agree to the cancellation of the notes held by them or to the extension of
such notes, in whole or in part, or other disposition thereof.
(4) The holder of each share of $6 first preferred stock to accept in ex¬
change therefor (including unpaid accumulated and accrued dividends
thereon) one share of new $3.50 cumulative prior preferred stock and two
shares of common stock.
Scrip certificates will be issued in lieu of fractional
The First
(2)
on
and
Balance
$140,358
178,648
preferred stock—
Sheet as at Nov. 30, 1937
Liabilities•
Assets—
Property, plant, equip.,
200,000 shares of common stock of Birmingham, and of any other securities
of Birmingham which may be owned by American.
It is expected that
loan will be effected under an arrangement whereby American will have
reasonable assurance that it will be permitted to liuqidate the indebtedness
(1)
provision for Federal income taxes
preferred stock
65,207
Net income before
with a bank or trust company in N. Y. City
$500 in cash and a new note
notes will be dated as of Oct.
-ac-
received
Annual dividend requirements on
ebentures
Proposes to which itthis loan by pledge of approximately $800,000 of the
secure has reacquired, and by pledge of 140,000 out of its
notes,
$75,151
Gas & Power Co.-
indebtedness of American
on
crued but not
referred to.
borrow, for the purposes of the plan, not in excess of $700,000.
(net)
Balance
Interest
being the approximate market value as at Jan. 28, 1938, of the principal
amount of American's debentures to be so surrendered.
The consent and
to
$35,141
40,010
Balance
Discount on reacquired securities
trustee shows the
(B) American will arrange
$664,999
401,573
228,286
.
2
Interest deductions
aualifying shares) of Birmingham from the lien of the of $400,000 6% series
elivery by American to the trustee for cancellation agreements, upon the
and common stock above
1937
the Year Ended Nov. 30,
Gross operating revenue
stock
debentures.
principal amount of
indebtedness, the unpaid
which is
ury
preferred
903
Chronicle
Miscell.
&c_.$15,429,270
1,279,204
6,020
53,994
307,805
98,586
Gas&PowCo.
Due from Am.
at cost
invest'ts,
Cash
(net)
Accounts receivable
Materials and supplies
Long-term debt
18,590
120,649
Miscell., current assets
Deferred charges
$5,915,000
_
Consumers' meter and exten¬
300,141
1,881,738
sion deposits
Current & accrued liabilities.
15,299
Unadjusted credits
1,441,877
Reserves
297,747
$6 1st pref. stock
400,000
Common stock
6,300,000
762,316
Capital surplus
Other surplus
$17,314,118
Total
$17,314,118
Total
30, 1937
Pio-Forma Balance Sheet as at Nov.
(Giving Effect to Proposed
Plan of Recapitalization Assuming 100%
Acceptance)
&c., $10,320,257; miscell. invest¬
Assets—Property, plant, equipment,
$6,020: cash in banks and on hand, $114,172; accounts
receivable (net), $307,805; merchandise, materials and supplies, $98,586:
miscell. current liabilities, $18,236; prepaid expenses, $16,370; unamortized
debt discount and expense, $75,787; other deferred charges, $28,491; total,
$10,985,727.
Liabilities—Firstmtge. 5% bonds, due May 1, 1959, $6,000,000; 4H%
sinking fund notes, due Oct. 1, 1944, $331,000; consumers' meter and ex¬
tension deposits, $300,141; notes payable—bank loans, $102,443; notes
ments—at
cost,
payable—other, $4,439; accounts payable, $200,799; accrued interest,
$46,087; accrued taxes—local, State and Federal, $169,722: miscell., $14,925; unadjusted credits, $870; retirement and replacement reserve, $1,218,942; reserve for uncollectible accounts, $46,423; reserve for contributions
for main extension, $176,511; $3.50 prior pref. stock ($10 par), $297,747;
common stock ($2 par), $400,000; capital surplus, $1,190,987; other surplus,
$484,686; total. $10,985,727.—V. 145, p. 3339.
Bigelow-Sanford Carpet Co.—No Common
Directors at their
recent meeting took no
Dividend—
action on the payment of the
dividend ordinarily due at this time on the no-par common shares.
A dividend of 50 cents was paid on Dec. 1 last and compares with
$1.75
and
paid on Sept. 1 last; 75 cents on June 1; 50 cents on March 1, 1937,
dividends of 25 cents per share previously distributed each three months.
In addition a special dividend of $2 per share was paid on Dec. 3, 1936.—
V. 145, p. 3189.
Black & Decker Mfg.
Co. (& Subs.)—Earnings—
Ended Nov. 30, 1937
Earnings for 12 Months
$6,112,823
Net sales
profit after all charges
undistributed profits
Net
—V.
including Federal inc. & surtax on
980,680
146, p. 1101.
Savings Co. to accept
them
Blue Ridge
a
create the new $3.50 cumulative prior preferred stock, it
to amend the certificate of incorporation of Birmingham,
In order to
be necessary
will
at a
such amend¬
special meeting of stockholders called for that purpose, and
ment will require the affirmative votes in person or by proxy of the holders
of at least 66 2-3 % of the $6 first preferred stock and of at least a majority
stock.
The new $3.50 cumulative prior preferred stock created by the charter
amendment will have a par value of $10 per share, will be entitled to quar¬
terly dividends when and as declared by directors, and cumulative from date
of issuance, will be redeemable in whole or in part at any time at $52.50
per share, plus dividends, on 30 days' notice, and will be entitled to one
of the common
the event of the
entitled
$50
class of stock.
of
of Birming¬
effect
mentioned
and retired its presently
$902,988
$1,027,209
22,000
219,564
7,793
271,243
938
361,599
4,297
276,682
$2,343,376
$2,116,744
$1,268,885
$1,303,892
489.048
518,884
15,500
323,785
Optional stock div. (tax¬
able)
Interest
Miscellaneous income.
__
Total cash income
with six-year 4H%
the operation of a
said notes by ma¬
by 50% and will have refunded the remaining 50%
notes under an indenture which will provide, through
sinking fund, for the payment and retirement of all of
turity.
(c) It will have reduced the amount
conditions which will permit it to retire
course of its business over a period.
of its bank loans by 50% under
these bank loans in the ordinary
corrected an excessive capital structure, particularly
preferred stock capitalization, upon which present dividend
requirements cannot be realized, and will have eliminated an excessive and
constantly increasing amount of accumulated and unpaid preferred stock
22,300
Taxes
carr'd
to oper. surplus
$1,832,028
Div8. on opt. $3 conv.
pref. stock
1,273,149
Divs. on common stock.
1,123,422
Consolidated
dividends can be
structure that can
be supported.
situation which would be presented
of unsecured obligations.
down the book value of
Nov. 30, 1937, to the
approximate historical cost of such assets, such write-down amounting to
approximately $5,100,000, to be made out of capital surplus.
American will, through the consummation of the plan:
(a) Transform Birmingham, an important subsidiary, into a sound
operating company, free from impending substantial debt maturities and
with a prudent capital structure and good credit position.
1,801,562
748,948
Dec. 31,
31, 1937
.—.$11,489,067
for the Year Ended Dec.
1937
Consolidated Earned Surplus Account (Subsequent to
1937
shares
363,773
..$11,125,294
Dec. 31, 1932) as of
31, 1936
Amount transferred from general reserve
Net income for the year ended Dec. 31,1937
Net profit on sales of securities based on average book values
(revaluations as of Dec. 31, 1932 & cost of subsequent pur¬
chases) after provision of $11,000 for normal Federal inc. tax.
Balance, Dec.
$5,334,224
215,716
1.832,028
578,260
,
$7,960,229
Total
Dividends paid in cash:
optional $3 convertible preference
stock
amount of warrants
On
1,273,149
stock
1,123,422
130,739
On common
Write-off of book
Balance, Dec. 31,
$5,432,918
1937
unrealized depreciation of investments, as shown
in the annexed balance sheet at Dec. 31, 1937, was $6,905,220. This com¬
pares with net unrealized appreciation at Dec. 31, 1936 of $15,146,792
after deducting provision of $2,350,000 for normal Federal income tax.
Note—The indicated net
31
Balance Sheet Dec.
1937
d
$
Investments—.36,247,332 40,209,285
Int.
191,151
accrued
Accts.
receivable
a271,855
See a
.
4,830,300
Warrants
stock—
1.755,824
———
130,739
for pur.
of com.
1937
(g) It will have avoided the serious
Oct. 1, 1938, upon the maturity of $1,329,248
(h) It is proposed as a part of the plan to write
the fixed assets of Birmingham from $15,429,270 at
Liabilities—
1936
$
1936
$
Assets—
$
Accts. pay. &accr.
44,952
payable
sees,
5,416,000
69,013
34,713
to
banks
Due to
73,622
5,332,667
expenses
Notes
brokers for
purchased.
264,665
318,882
stocklO.328,950 10.788,950
stock. 7,489,483
7,489,483
Prov. for tax cont.
c
Preference
b Common
Surplus
16,558.212
General reserve.-- 1,207,047
on
2,032,469
Balance, Dec. 31,
Cash
with a capital
$986,090
1,739,539
value ($25 per share) of 18,400
of optional $3 convertible preference stock retired
Divs. rec'le &
preferred stock
It will have substituted in place of the existing first
prior preferred stock, on which it is expected that
earned and paid.
(f) It will have placed itself in an improved credit position
(e)
$933,999
1,294,674
Balance, Dec. 31, 1936
Excess of cost over stated
It will have
a new
44,816
$1,582,359
Capital Surplus Account
with respect to
dividends.
272,985
11,100
Net cash income
outstanding note for
^(b)°It will have reduced its presently outstanding publicly held 6% notes
(d)
$1,844,564
$2,074,379
19,641
Security rec. as div
following
It wJl have canceled
1934
1935
1936
1937
stock
vote per share.
Dividends will be payable upon the new preferred
prior to any payment on any other class of stock.
In
liquidation of Birmingham the new preferred stock will be
to
per share, plus dividends, prior to any payment on any other
The new preferred stock will nave no preemptive rights.
30,000 shares
new preferred stock will be authorized.
(5) Acceptance of the plan by substantially all of the holders
ham's notes and first preferred stock are conditions precedent to the plan
being declared effective.
The plan of recapitalization of Birmingham will not be put into
if any of the assents, acceptances, borrowings or adjustments
fail of accomplishment.
If the plan is consummated, Birmingham will have effected the
improvements in its capita* structure:
Wholly-Owned Subsidiary)
Calendar Years {.Incl.
Cash dividends
Expenses
shares.
(a)
Corp.—Earnings—
Account for
Income
Treasury
Total...
a
Includes
value.
Of the
41,268,783 42.367,703
Total
stock.—
1 6.823,291
1,422,763
Dr26,205
41,268,783 42,367,703
$1 par
receivable,
b Represented by shares of
authorized 12,500,000 $1 par value shares, there are
accounts
619,737
904
shares
Financial
reserved
for
of
conversion
preference
Chronicle
stock;
1,142,914 shares for
dividends on preference stock
(maximum annual requirement, 51,557
shares), and 228,301 shares for exercise of warrants (to purchase at any time
shares of common stock at $20 per share),
c 413,153
(431,558 in 1936)
shares, no par value, at stated value of $25 per share, d At average book
values (based on Dec. 31, 1932 market quotations as to investments ac¬
quired prior to that date, and cost as to subsequent purchases).—V. 146,
p. 744.
B. & M.
debentures
*411,760
.........
2,900,888
Surrender value of life lnsur'ce
policies j
Amounts due from employees,
balances
due
from
closed
6,284
y892,822
39,043
....... .......
$4,790,123
After
x
reserve
Total
Hollywood
p.
during
rec.
1937
Includes
1935
y$194,322
13,177
14,195
$229,557
$166,950
166,950
Assets—
1937
x229,557
Nil
Nil
secure.
Railroad
Indus,
$416,551
securs._.J$4,152,752
sec
f
Mlscell. securities)
Sundry securities/
Ins. cos.
.
Cash....
Dlvs. A int.
Prepaid
def.
rec
charges....
Brazilian
Cash
Net profit
Shares capital stock (par
$5) outstanding
per share
2,216,556
139,942
592,654
664.733
Property assets.
2,602.219
99,217
94,247
2,577,147
99,217
96,200
29,109
no par
$4,227,351
shares.—V. 145,
$303,844
330,731
262.614
184,814
1,000,000
1,000,000
2,380,560
1,190.280
2,380.560
1,193,433
reserves..
pref.
6H%
_
208,242
1,682,101
Prior
stock
cumul...
Preferred stock 6%
cumulative
Common
p.
stock
1.190,280
687,168
685,368
$0.41
$3.26
687,168
$3.31
1937—6 Mos.—1936
193,400
871,009
206,148
$7,558,454
5,273,736
1,163,403
$7,396,548
5,066,745
1,250,886
$255,183
$1,121,315
$1,078,917
on
Lives
and
-
-
oper. & admin, exps.,
less miscell. earns
Deprec'n and amortiz'n.
debentures
16,158,228
289,675
48,315
instalment notes.
1936
15,512,757
325 088
100,311
bCr51,392
Adj. of prior yr.'s rentals
Prov. for Federal tax
14,424,686
319,599
106,057
2,961
13,326,302
321,032
112,311
17,328
bCr37,616
Cr33,704
Crl7,135
5,300
operating
1937
profit
Total surplus
Divs. on 7% 1st pref. stk
Divs. on 5% cum. conv.
'
preferred stock
69,000
42", 767
$214,262
751,370
cl2,889
loss$5,005
859,241
d62,632
$1,626,170
61,266
$1,262,893
$978,521
143,430
$916,867
153,553
168,653
38,618
22,310
$587,925
$300,910
54,000
$449,405
43,469
"8",453
~8~453
"8",453
2,177
1,379
1,560
82,947
3,320
75,100
3,260
66,578
2,080
74,043
46,625
24,618
28,206
$362,985
296,073
$271,119
dividends
*235,650
$153,158
151,057
$154,216
151,057
Balance, surplus.
$66,912
$35,469
$2,101
investments.
investments
on
Recovery of deprec.
prov.
on
during
sold
year
24,763
Total income
Prov. for depreciation
11,945
$835,090
$751,370
Including sales of leased departments,
b Less $634 in 1937, $2,512 in
1935 for miscellaneous interest paid,
c Discount on
1936. and $1,099 in
44,464
Reserve for amortization
of fixed properties
Trans, to conting. res..
Legal fees
Salaries and bonuses paid
I
to executive officers._
Net
inc.
tax
profit
Common
Assets—
Land, bldgs. A
on
1937
$279,594
50,146
45,146
539,713
Other accts. recelv
312,749
x
Class A stock—$1 ,438,110
Class B stock.__
Accts. payable, Ac
Prov.
for
Dom.,
13,275
16,536
1,211,200
52,140
22,208
10,720
9,582
Surplus
$2,785,760 $2,696,654
Total
charges.
Total
1937
y
1,133,934
Investments
x
$648,383
475,995
$730,306
Liabilities—
.
305,672
eq.
hand
Accounts recelv
Deferred
1936
Prov., Ac., taxes
Res.
for conting..
"
J~,880
45.000
138,378
80,196
219,912
864,164
$3,158
1936
$1,438,110
45,000
149.301
54,070
212,921
797,251
$2,785,760 $2,696,654
Represented by 116,346 (non-voting) class A shares (no par),
y Re¬
(no par).—V. 145, p. 3968.
presented by 4,500 (voting) class B shares
Bunker Hill & Sullivan Mining &
$1,094,241
$190,460
56,132
33,001
pre v.
props,
—No Common
years
1934
$207,233
46,604
on
Cash
247,297
fl40,925
Balance per bal. sheet $1,074,598
1935
$372,728
38,059
Profit
102,084
stock.
Miscell. deduction
Prov. for add'l Fed. inc.
1936
$546,651
31,806
9,468
Interest
Stock
$412,766
835,090
dl5,037
1, the New
Building Products, Ltd.- -EarningsCalendar Years—
1934
87,000
Miscellaneous credits
"
1935
145,
Public Service Commission announced on Jan. 31.
More than 800 customers in Niagara Falls will be affected
by the new
uniform rate which replaces the present rate based on the number
of elec¬
tric sockets.
In Buffalo, 6,300 users will save $185,250.—V.
145, p. 3190.
provincial
$529,714
1,094,241
e2,215
Profit for year
Previous surplus
'
bCr43,172
and
Corp.—Electric Rates Cut—
Prov. for Dominion and
$16,376,751 $15,072,718 $13,726,429
Int.
on investments and
instalments accounts.
Granting Annuities, Philadelphia, Pa.—V.
3003.
Directors fees
Broadway Department Stores, Inc.
—Earnings—
-
1937
Corp.—Bonds Called—
Buffalo Niagara Electric
profits.—
Corp., Ltd.—Earnings—
1937—Month—1936
$1,357,434
$1,332,340
Years End. Oct. 31—
1937
a Sales
-$17,061,541
Cost of goods sold, sellg
on common
Insurance
Net
$257,721
-
in
Rates for commercial use will be reduced
$202,400 on Feb.
272.
-
$7,086,226 $6,515,545
depreciation of $3,536,722
590.
A total of $26,000 first and
refunding mortgage gold bonds, 6% series,
due Sept. 1, 1941, have been called for redemption on March 1 at
104 and
accrued interest.
Payment will be made at the Pennsylvania Co. for
1937—3 Mos.—1936
1937—12 Mos.—1936
z$376,776
x$281,482 z$2,235,002 x$2,275,251
British Columbia Power
------
Total
for
p.
York
$1,609,951 $21,176,107 $17,690,107
146, p. 101.
undistributed
Balance
reserves
Budd Realty
After provision of $20,655 for the three
months and $55,133 for the 12
on undistributed
profits,
y After depreciation, Federal
and other charges,
z
Before surtax on
Operating expenses
Int., pref. divs., Ac
deducting
3967.
$0.55
Period End. Dec. 31—
Gross earnings
$7,086,226 $6,515,5451
After
p.
V. 145, p. 3002.
a
1936
$294,313
Income tax
Sundry
$3,398,338 in 1936.—V. 146,
$4,193,909
1937—Month—1936
1937—12 Mos.—1936
$3,076,979
$2,915,342 $38,555,900 $32,197,610
1,469,223
1,305,391
17,379,793
14,507,503
taxes
prior
1937
Accounts payable.
17,533
Total
Total
months for surtax
tax for
Nil
Reserve for Federal
1.627,319
174,349
of steel
Deferred charges.
685,368
Earnings
Divs.
Nil
Liabilities—
639,280
Patents
Bristol-Myers Co. (& Subs.)—Earnings—
Period End. Dec. 31—
"
29.135
$2.85
1936
$654,174
357.301
castings prod
Inventory of raw
Before depreciation and amortization.—V.
~
def $22,658
$920,575
Inventory
$4,193,909
7,525
22,669
Net earnings
on
$383,414 def$370,991
$3.52
1937
Investments
x
on
$181,198
62,225
141,631
Accts. A notes rec.
x
x
Int.
$882,220 loss$167,134
62,225
62,225
141,636
141,632
294,945
191,570
Comparative Balance Sheet Dec. 31
$1,607,756
Operating expenses
Int.
.
Assets—
Traction, Light & Power Co., Ltd.—Earnings
from oper__
p.
dividend
1936.
Corp.—Registration Withdrawn—
Period End. Dec. 31—
146,
$1,045,744
62,225
141,642
353,934
Earns, per sh. on 238,056
shs. com. (no par)...
1
Represented by 260,860
-V.
1934
$401,903
Surplus
1,500
Brainard Steel
x
1935
$487,944
pref.
Common dividends
See list given on first page of this department.—V.
145, p. 1576.
y
$1,329,281
184,447
262,614
$11,777
178,911
tax
Prior pref. dividend
6%
-Earnings1936
mat'ls A supplies
$4,227,351 $4,193,909)
earns,
58.784.002
$1,559,314
182,839
330,731
Depreciation
x
Gross
$8,652,651
A
exps.
Total
x
Total
1937
and income tax
1936
x$4,219,S26
1,094,241
Buckeye Steel Castings Co.
Years End. Dec. 31—
Profits before deprecia'n
188,276
47,243
25,856
....
surplus
Accrued liabs
1,130,584
1,074,598
Sept. 15, 1932, to and incl. Sept. 15, 1936, and $1 per share distributed
quartern previously.—V. 145, p. 2837.
Capital and
1,013,049
413,077
1,895,204
245,082
I
securities)
1937
2.630.584
Surplus
directors have declared a dividend of 75 cents per share on the
stock, par $50, payable March 15 to holders of record Feu. 18.
A
like amount was paid on Dec. 15 last and compares with $1
paid in each of
the four preceding quarters; 75 cents per share
paid each three months from
U. S. Govt, securs
TAabilities—
z
The
\
$2,174
of
1936
securs.)
Public utll.
$8,784,002
Common stock__
166.778
$8,652,651
3,500.000
.
common
$169,125
166,950
$49,563 in 1937 and $62,606 in
Includes $2,443 ($5,016 in 1935) transferred from surplus income.
Balance Sheet. Dec. 31
Real estate
55,685
122,823
1,500,000
pf.
period of the previous year.—V. 146, p. 272.
$194,828
13,034
12,669
dividends
extra
78.779
195,868
1934
y$249,732
17,124
3,051
$12,517
year
cum. conv.
stock..
Brown Fence & Wire Co.—Sales—
$5,500,000,
$229,031
x216,514
Dividends
x
1936
5%
1,821,900
Buckeye Pipe Line Co.—17L-Cent Dividend—
$252,296
17,792
5,474
year.
Net income
y
187,040
108,455
1,677.000
Sales of the company in January amounted to $164,750 against $181,092 a
before, a decline of 9.0%.
For the seven months ended with January
sales decreased 3% to $1,573,806 from $1,624,625 in the
corresponding
Income
Commissions & expense.
Taxes
Surplus for
al93,795
.
Property Trust—Earnings—
Calendar Years—
303 8*8
year
Boston institutions, and coming due Feb. 1, has been
arranged for a further period.
The $7,569,437 Reconstruction Finance
Corporation loans outstanding
prior to the $2,000,000 just approved by the Interstate Commerce Commis¬
sion, were last year extended for two years, or until Feb.
1, 1939.—V. 146,
p. 744.
Income
69,000
355,234
salaries,
176,641 (116,641 in 1936) no par shares,
a Includes $11,075 for preliminary ex¬
penditures, on extension to Hollywood store estimated to cost equipped
$800,000 (construction required to start before Dec. 31, 1938).—V. 146,
p. 589.
Boston & Maine RR.—Bank Loans Renewed—
Boston Personal
1936
87,000
15-yr. 6% debs
7% cum. 1st pf.stk
7% 2d pref stock..
held
Total
589.
It is understood that the renewal of bank loans
amounting to
Accrued
Store
securs.
1937
payable...$1,005,234 $1,078,963
x After reserve of $80,000 in 1937 and $57,000 in 1936.
y After deprecia¬
tion of $2,286,671 in 1937 and $2,050,824 in 1936.
z Represented by
Output—
held principally by
to
Miscell. reserves..
in treasury
The company reports output for January, of
1,337,281,000 cubic feet, an
increase of 11.7%, compared with January, 1937.
December output was
1,801,351,000 cubic feet.—V. 146,
Accts.
Reserve for taxes.
2,979,650
Miscell. assets
Deferred charges..
for doubtful accounts and discounts of
$33,440.
y After
reserve for depreciation of
Boston Consolidated Gas Co
.—January
;
including commissions
taxes, Ac
2,765,027
Ac.
leasehold
Co.'s
for depreciation of $1,348,730 and
special
$397,377.—V. 146, p. 744.
reserve
5, 1938
for
reserve
Liabilities—
1936
$765,116
1,659,633
2,847,277
fixtures, delivery
$4,790,123
_
1937
$021,570
leased land, store
198,180
580,786
_
stock
common
1,787,303
Accts. receivable
equipment.
129,515
300,000
3,250.000
Capital stock, com. (par $100)
Capital surplus
Earned surplus
additional
Merchandise.--.- 3,010.309
y Bldg. A equip, on
taxes, incl. Fed. In¬
undistributed profits
and capital stock taxes
Res. for invent. & conting
Land, bldgs., mach'y A equip.
Deferred charges
Total
come,
and
Assets—
$304,000
12,529
15,113
Accounts payable
Accrd. wages A commissions..
Accrued
137,064
banks, Ac..
Liabilities—
Notes payable to banks
..
Accts. A notes receivable
Inventories........
$402,262
stock
Cash
x
(& Subs.)- —Balance Sheet Nov. 30, 1937—
hand...
on
from
Balance Sheet Oct. 31
Frederick A. Mansfield of Los An¬
geles, pleaded guilty to substantially the same charges in an earlier indict¬
ment, and was sentenced on Aug. 18 1937 by Judge Bowen to a similar
term in the Federal Penitentiary.
Boss Mfg. Co.
transferred
underwriters of $106,483.
case,
A seels—
$4,301
ferred from reserve for premiums on 7% cumulative first, preferred stock.
f Expenses in connection with the issuance of 5% cumulative convertible
preferred
Securities Act of 1933 an the mail fraud statutes in the sale of
stock of the
13 & M Mining Syndicate.
Cash in banks and
and
premiums
Discount on debentures and first preferred stock retired, and $11,585 in
1936 and $8,855 in 1934 transferred from reserve for premiums,
e Trans¬
Mining Syndicate—Mail Fraud Convictions—
same
retired,
d
The Department of Justice and the Securities and
Exchange Commis¬
sion announced on Feb. 2 that Edwin J. Barrett of Los
Angeles has been
sentenced to serve 21 months after pleading
guilty to violations of the
Another defendant in the
Feb.
Concentrating Co.
Dividend—
Directors at their recent meeting decided to discontinue the payment of
common dividends for the time being because of the state of general business
and particularly the
unsatisfactory condition of the base metal market.
A dividend of 37/^ cents
per share was paid on Nov. 10, Sept. 1 and on
June 1 last, the latter being the initial distribution on these shares, the old
common stock
p.
3340.
having been previously split up on a 4-for-l basis.—V. 145,
Volume
Financial
146
rescinded
Burlington-Rock Island RR.—Earnings—
1930
$88,746
1935
$75,777
1934
$61,613
railway—defl6,839
rents
defll,356
def4,108
def24,143
3,135
defl2,540
defll,262
def23,247
Gross from railway
Net from
Net after
K From Jan. 1—
Gross from railway
Net from railway
—V.
1936
1935
-~.a$l,261,000
$1,908,100
$1,284,907
$1.12
$1.70
1937
profit after all taxes, &c
Earnings per share on common
Net
in
1936
$126,670
46.266
103,157
$111,018
37,192
114,714
1934
$90,564
def2,190
58,437
1,299,528
503,571
919,598
1,292,050
320.825
838,090
1,132,262
222,843
838,052
1,046.514
13,509
657,824
after rents
1—
Net from railway
Net after rents.
—V. 146, p. 102.
1935
10-Day Period Ended Jan. 31
$4,377,154
Canadian Pacific Lines in
Maine—Earnings"
$255,915
53,958
6,847
1935
$208,806
52,354
15,550
$182,301
41,842
6,578
2,414,811
388,224
49,412
2.177,509
188,263
defl59,589
1,882.066
124,473
defl79,768
1,985,675
279,939
def38,382
1936
1937
Net from railway
Net after rents
1—
Gross from railway
Net from railway
Net after rents
—V. 146, p. 103.
V
December—
1937
$93,793
defl,385
def27,103
Gross from railway
Net from railway
Net after rents
From Jan. 1—
1,135,119
defl33.261
def436,441
Gross from railway
Net from railway
Net after rents
End. Dec. 31—
def30,761
1934
$77,040
def4,493
def25,276
1,029,544
def287,887
def574,287
962,688
def227,930
def488,489
930,135
def206,891
def462,482
1935
$2,925,365
dividend of 50 cents per share on account
$2 cumulative convertible class A stock, par $100,
payable March 1 to holders of record Feb. 15.
For detailed record of
previous dividend payments see V. 145, p. 3003.
Carriers & General
of corporation with
assets
Dec. 31,
1937
Stock
$3,252,000
Vineyard Electric Co.—Financing
1936
1935
1934
$372,613
55,285
$139,153
54,042
$142,635
48.924
825
3,940
$443,779
77.014
rec.
$431,837
$193,195
63,436
$221,631
110,750
110,750
Expenses
Int. on 5% debs. & amt.
of deb. discount & exp
y2,850
$231,472
$129,759
$158,064
prof. 8,957
355,197
896,954
basis
loss$225,438 loss$738,890
111,869
111,868
210,742
178,497
is that of average cost,
for computing cost of securities
&
1937
1935
x$7,327
x$5,886
invest..
of tem¬
x$15,108
porary investments...
Int. on temp, investm'ts
y771,283
y71,294
yl5,431
Dividends from securities
30,815
9,607
2,350
1,725
securities.
1934
$4,125
2,948
213
paid under pro¬
taxes
4,021
test
Oper. profit for year (as
above)
Excess prov.
for prior
years taxes, net
Dividends declared
240,429
Cr2,332
210,742
Ioss225,438
loss738,890
178,497
242,237
111,869
111,869
$5,983,618 $6,324,946
x Includes
$315,480 excess of amount of cash received and valuation
ascribed to securities acquired over par value of capital-stock issued therefor.
$6,361,031
$6,394,858
31
Balance Dec.
Balance Sheet Dec.
$7,922,489 $7,124,629
656,926
643,960
1,038,572
405,372
Cash in bank
31,874
4,586
13,667
155,045
13,065
Dividend recelv'ble
Receiv. for.sec.sold
......
7,548
144,851
Accrd.int.on bonds
Deferred charges.
for sec.
Pay.
Invest, at cost—
.
31
not yet
$23,043
9,278
int.
pay.,
on
4,812
6,228
2,079
500
5,063
1,236
2,202
4,174
3,050
951
3,942
2,118
3,048
930
1,201
2,524
General & miscellaneous
Invests,
written-off—& contgs
$21,878
&c
18,429
18,346
2,000.000
2,000,000
Capital stock
602,120
6,394,858
6,361,031
8,034
y
formed
approximate J^ths working interest. The Mid Plains Oil Corp. was
to take title to these properties.
The organizers of the corporation, which
included the company, decided to provide the corporation at the outset
with adequate funds to complete all anticipated development requirements
except those that could be met out of current revenue.
Accordingly,
approximately $1,000,000 was paid over to the new corporation in exchange
for a like amount of 5% income debentures and the entire initial issue of
the corporation's stock, namely 100,000 shares.
For $112,606 company
acquired $112,500 of income debentures and 10,68734 shares of common
stock of the corporation.
Company's investment in Astillero Oil Corp., amounting to $30,544, was
written off during the year as worthless.
A lease on certain lands in Colom •
bia, South America, comprising the only asset of that corporation, was
5%
2,850
debs,
Surplus
x
par
Total
$9,037,286 $9,025,300
Total....
The aggregate
602.120
$9,037,286 $9,025,300
securities owned was
Represented by shares of $1
market value as of Dec. 31, 1937 of
At Dec. 31. 1936,
$4,725,796.
$8,115,672.
y
value.—V. 145, p. 3969.
Carson Hill Gold
$553,385
$38,990
$1,625 loss$16,984
Dividends paid
z391,767
x Net income from operations under Texas leasehold after provision for
depreciation and depletion of $18,130 in 1937. $8,564 in 1936 and $7,737
in 1935.
y Profit on sale of securities, net.
z $316,916 in cash; $74,851 in
stock or 41,297 shares at market value per share $1.8125.
Harold J. Watson, President says in part:
On April 20, 1937 company sold its entire holding of stock of Colombian
Petroleum Co., namely 20,868 shares, in equal parts to Socony-Vacuum Oil
Co., Inc. and the Texas Corp. for an aggregate consideration of $2,050,000
The proceeds of this sale have been largely invested in the securities.
In September last company joined with others in the purchase of, and
acquired approximately an 11% interest in, the properties and develop¬
ment of the Garden-Haines Oil Co. and Nickerson Petroleum Co., com¬
prising approximately a Mths working interest in 3.900 acres located in the
Wherry Pool, (formerly known as the Hauschild Field) Rice County, Kan.
The terms of purchase of the properties were approximately $500,000 in
cash and $1,000,000 payable out of one-half of the oil produced from the
undistrib¬
uted net Income.
15-year
——
Net income for year..
5% debs.,
Prov. for Fed. cap,
5,465
Custodian expenses
Fees and exps. of regis¬
trar and transfer agent
Prov. for taxes
22,078
accrd.
due Nov. 1, 1950
Legal fees and expenses.
Taxes
on
5% debs., &c
Acct.
$18,875
pay.,
int.
accrued
$7,286
11,100
$80,971
15,044
6,807
1,236
2,135
3,744
30,544
175,000
receiv.......
Sund. accts.
1936
pur.
Prov. for Fed. sur¬
$826,813
14,920
1,500
32,229
Office rent
1937
Liabilities—
1936
1937
Assets—
stk. & oth. taxes
Directors'fees.
Stockholders' meetings.
Total income
1934
1935
Assessm't for Fed. transf.
tax on
Salaries
income.
Dec. 31
Dec. 31
$14,453,104x$14,453,104 $14,137,623 $14,137,623
7,812,677
6,961,919
8,092,073
8,154,005
Oper. deficit bal. Dec. 31
Bonds
1936
net
balance
surplus
Stocks
for Calendar Years
undistributed
Surplus Account for Year Ended
1937
1936
x
Syndicate, Ltd.—Earnings—
$240,429
$242,237
Provision for Federal surtax on
Capital
Approved—
......
of
oper.prof .for year
The
l",668
y3,850
_
sales
on
Dividends
y
61,899
"
$252,166
securities
Net
86,765
9,929
loss
Net
78,996
div. on
a
as
$40,000
Department of Public Utilities has approved the issuance by
of 20,000 shares ($25 par) capital stock. The stock is to be
sold at $50 a share, the price fixed by the Department.
The Department also approved issuance by the company of $1,000,000
first-mortgage 4H %, series 3 bonds, maturing July 1,1965.
The Department, in its order, states that proceeds from the sale of stock
and bonds are to be applied to payment of floating indebtedness incurred
for capitalizable purposes amounting to $306,250 on Dec. 31, 1936 and to
payment of advances owed on open account to the New England Gas
Electric Association made for capitalizable purposes amounting to $971,500
on Dec. 31, 1936.
The balance of $722,250 is to be deposited with the Old
Colony Trust Co., trustee, in escrow and to be paid out to the Cape & Vine¬
yard Electric Co. upon the finding of the Department of Public Utilities that
certain expenditures have been made for construction and alteration of
mortgaged premises, the cost of which shall have been under proper account¬
ing rules chargeable to the capital account.—V. 145, p. 2066.
Income Account
Calendar Years
$394,031
investment held
x
Increase
The Mass.
Interest from
1936.
Interest on bonds
746.
sale
Corp.—Annual Report—
securities valued at market quotations
31, 1937 as compared with total assets of
Net income for 1937, after interest and
amortization of discount and expense on the company's outstanding deben¬
tures but before net loss on sales of investments ($9,928) was $252,166, as
compared with net income of $231,472 in 1936.
The company reported
interest and amortization of discount and expense on outstanding deben¬
tures were earned over three times and net asset coverage at the year-end
amounted to $2,628 per $1,000 debenture.
The net asset value per common share, pricing securities at market quo¬
tations and excluding unamortized debenture discount and expense was
$5,178 per share on Dec. 31, 1937, as compared with $11,817 per share a
year earlier.
Before net loss on sale of Investments, expenses of the company in 1937
were 11% less tha in 1936.
At the year-end approximately 74% of the company's investments were
in common stocks of 61 corporations.
Fourteen preferred issues accounted
for about 16% and 13 bonds for approximately 10%.
Total
x
the company
on
Dividend—
Co., Inc.—Accumulated
Carman &
$139562,762
115,251,651
$3,541,807 $23,742,247 $23,311,110
Period Ended Jan. 31
$3,292,000
Traffic earnings
Divs. on temp,
par).—
The directors have declared a
Operating income.
1937—12 Mos.—1936
1938
Profit
(799,020 in 1936) shares (25 cents
Represented by 840,317
of accumulations on the
Ry.—Earnings—
1937—Month—1936
Earnings for 10 Day
Carib
1,051,123
$1,631,930 $1,267,528
Total
$1,631,930 $1,267,528
Total
Cash divs. on stocks
$85,569
def8,742
def32,126
1936
$94,400
defl3.582
$12,262,235 $12,253,202 $145085,557
9,336,869
8.711,395 121,343,310
earnings
Cape &
199,755
Capital stock...
1,116,811
Capital surplus
161,618
Earned surplus
Treasury stock... Dr33,783
a
.
.
242
lombia office
Prov. for Fed. inc. tax..
Canadian Pacific
Working expenses
-
1937
Vermont—Earnings—
103.
Gross earnings
2,251
.
Income Account for
Canadian Pacific Lines in
—V. 146, p.
1934
$299,967
79.966
39,424
December—
Net
$206,242
$4,583,396
745.
Gross from railway
1" Period
T)prrpn <tp
1QQ7
1QQQ
146, p.
85,983
2,026
.
Co¬
to
$9,359,416 on
National Ry.—Earnings—
Gross revenues.
—V.
125,946
.
175,000
210,079
.contlng
amounted to $5,296,632 on Dec.
Earnings of System for
Jan.
933,776
Investments
a
From Jan.
Gross from railway
From
145,398
112,607
$16,651
&
taxes
—V. 144, p. 3167.
1937
$108,079
45,935
77,931
December—
Gross from railway
—V. 146, p.
1,272,491
Accrued
3003.
Net from railway
Canadian
int. rec--
Marketable securs.
for
$1.17
Cambria & Indiana RR.—Earnings—
Net
9,984
.
Advances
for pref. dividends which company did not have
Also after allowance
1936.—V. 145, p.
?89,894
3,804
1.161
hand
on
Accounts receiv
Leaseholds and de¬
Chicago—Earnings—
Calendar Years—
a
$113,894
Res.
$2,205
payable-
Accounts
1936
1937
Liabilities—
1936
velopment rights
102.
146, p.
Butler Bros.,
31
Balance Sheet Dec.
1937
Assets—
Cash in banks and
Furn. & fixtures..
791,543
defl22,399
def283,443
865,066
defl31,397
def326,628
906,037
def75,648
def276,424
1,375,325
161,496
defl04.693
Net after rents
1937 for non-fulfilment of contract.
It seemed
further advances to the corporation.
27,
Sept.
on
inadvisable to the board to make any
1937
$109,621
December—
905
Chronicle
Mining Corp.—Earnings—
Earnings for
Tons
3 Months Ended Dec. 31, 1937
milled
Revenue from sale of bullion
86,805
$203,578
214
Revenue from other sources..
Total
$203,792
revenue
171.795
Operating costs
Operating profit before deducting deprec.,
-Y. 145, p.3341.
Central Illinois Public Service
The
directors
have declared
depletion, &c._
$31,997
Co.—Accum. Pref. Divs.
dividends of $1 per share on account of
pref. stock, and the 6% cum. pref.
accumulations on the no par $6 cum.
stock,
par
$100,
19.
15,
1935.
both payable March 15 to holders of record Feb.
made on Dec. 15, Sept. 15, June 15 and March
Similar payments were
1937; Dec. 22, Oct. 15, April 15 and Jan. 15, 1936, and on July 15,
Dividends of 50 cents per share were paid on Dec. 24, 1934, and on Oct. 15,
July 15 and May 15, 1933.
Prior to this latter dividend, regular
disbursements of $1.50 per share were made on both issues.—V. 145, p.30O3.
quarterly
Central RR. of New Jersey
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
1936
1935
1934
$2,599,619
496,175
def58,362
$2,910,312
3
$2,534,955
$2,426,2il
809,648
178,164
683,756
115,232
774,161
186.768
32,577,715
31,799.356
8,190,570
1,564,004
29,514,458
8,051,786
2,192,693
29.022,116
Net from railway
8,650,138
Net after rents
2,147,765
—V.
146,
p.
-Earnings—
1937
December—
746.
8.774,323
3,060,752
906
Financial
Chronicle
(J. I.) Case Co.—Annual Report—
The company
changed its fiscal year from the calendar year to
a
Proceeds from issue of shares: Balance Dec. 31,1936
year
Comparative Income Account
$16,468,499
Average paid-in value of shares purch. & retired during 1937 —
2,073,466
Jan. 1, '37 to Nov. 1 '36 to —Years Ended Dec. 31—
Oct. 31. '37
Oct. 31, '37
1936
1935
Profit from sale of pro¬
duction & other income 56,588,079
1938
$14,844,359
1,624,140
For the year 1937
ending Oct. 31.
Period—
Feb. S,
Capital Accounts for the Year Ended Dec. 31, 1937
$14,395,034
$6,105,174
910,818
$4,843,107
762,505
1,059,826
$2,988,886
759,051
1,550,000
al,300.000
b700,000
425,000
Prov. for depreciation..
Prov. for Fed. and State
income taxes
a
Net income
$4,275,574
$3,894,355
1,000,000
$2,894,355
paid-in value thereof at dates of purchase: Bal. Dec. 31, 1936
For the year 1937
1,000,000
$3,275,574
4,959,263
Credit resulting from retirement of shares at less than average
9/1,142
466,168
Total
$3,083,281
$1,804,836
$3,083,281
4,271,926
$1,804,836
2,874,391
7,355.207
1,629,200
766,744
.$15,832,344
Balance loss from sales of investments: Bal. Dec. 31,1936
2,803,995
For the year 1937
DrS,314
Adjustment of cost of investments sold in 1935 less Federal
-*(
income tax thereon of $345
Cr40,536
4,679,227
407,300
Spec, approp. out of net
inc. to
res.
for invest..
Balance, surplus
Previous surplus..
Total surplus
$8,234,838
Preferred dividends
Common dividends..
534.581
1,150,716
Balance
$13,063,570
Balance
$
$4,959,263
1937
$12.37
Casualty insur..
7,821,788
1,062,042
1.062,042
trust cos
cos
723,703
667,366
366,436
Accrued dlvs. rec.
36,186
113,542
Assets—
Liabilities—
a Land, bldgs., &cll,208,370
10,122,582
Patents,
designs,
devices. &c
1,044,423
Market securities.
25,512
10,182,500 10,182.500
stock...19,496.000 19,496,000
2,793,418
947,121
1,902,801
1,026,441
Res. for con ting..
500,000
500.000
150,357
Inventories
14,745,129 13,184,348
b Notes receivable
7,668,220
1,840,710
Res.
7,831,487
Accts. receivable..
966,926
Foreign
Govt,
(at cost)
47,196
31,979
15,031
In
Industrial
100,000
100.000
3,379,312
3,379,312
4,959,263
6,969,156
118,053
Deferred charges—
Chain Store Investment
31,854
Period—
Dividends income
After
a
rserve
1,820
Total
x$32',008
2,212
424
Earnings per share
—V. 145, p. 3648.
1937
Oct. 1 to
622
151
1,393
522
357
164
1,046,
277
Jan. 1 to
Dec. 31, '36 Dec. 31. '36
x$12,172
x$24,305
636
2,122
1,027
367
Net inc. to curr. surp.
$4,691
$26,735
$10,864
$20,266
x Includes interest income $187 for the
period Oct. 1 to Dec. 31, 1936
and $323 for the
period Jan. 1 to Dec. 31, 1937 ($681 for the period Jan. 1
to Dec. 31, 1936).—V. 145, p. 3004.
Chesapeake & Ohio RR.—Erie Nickel Plate Control—
The Chesapeake & Ohio RR. on Jan. 28 took over direct control of the
Erie RR. and the New York Chicago & St. Louis (Nickel
Plate) RR.,
through purchase of capital stock from the Alleghany Corp., top holding
company of the Van Sweringen railroads and the Virginia Transportation
(A. M.) Castle & Co.—Earnings—
1936
$559,377
120,000
$4.66
$958,932
240,000
$4.00
164
944
Miscellaneous expense._
of $11,165,817
in 1937 and $10,559 in 1936.
b Customers' notes receivable, including
interest accrued, less commission certificates
outstanding, but after de¬
ducting reserve for losses and collection expenses amounting to $3,950,000
in both years,
c Acquired under foreclosure and held for sale,
d Con¬
sisting of 3,172 shares of common stock in 1937 and 3,272 in 1936.
e After
deducting reserve of $2,000,000 in 1937 and $1,000,000 in 1936.—V. 145,
p. 2384.
renewals
Calendar Years—
Net profit after ail charges and taxes (incl.
surtax).
Common shares outstanding
Jan. 1 to
Dec. 31, *37
$6,500
Taxes
44,903.572 40,590.637
accruing
13,251.269 13,235,343
Corp.—Earnings—
1 to
Managers' commission..
44.903,572 40,590,6371
for depreciation and
Total
Dec. 31, '37
Interest
Total
2.232
10,508
Oct.
Cash
in¬
come
110,199
13,251.269 13,235,3431
closed
banks
Undistributed
a 488,292
(494,535 in 1936) participating par value $1 in 1937 (no par in
1936) 488,292 (494,535 in 1936), ordinary, par $1 (no par in 1936). b Market
value$9,555,839in 1937 and$13,017,649in 1936. c Estimated Federal income
taxes which would be payable if investments owned were sold at Dec.
31,
1936 quoted bid prices amount to $38,000.—V. 145, p. 3969.
15,579
151.701
of shares
Total
130,310
7.979,944
cur.
Real est. & prop.
c
Funds
for
accident liability
Capital surplus
Earned surplus... 6,549,540
se-
a
173,087
Shs. outstand..13,063,570 13,011,506
Common
Accounts payableProv for taxes
25,561
145,357
39,777
166,019
Accts. rec. for sales
7% pref. stock
1,044,423
d Treasury stock..
e
Oct. 31, '37 Dec. 31 ,'36
$
$
partic. shares...
&
Cash..
Dec. 31 *36
$
banks
C5.872
8,034
payable for
purchas.
3,278
8,762
Invest,
2,136,387
trust
$
2,651
Reserve for dlv. on
2,727.902
Other
palance Sheet
Oct. 31 '37
Accts.
N. Y.banks and
on
1936
%
Accrued expenses.
Accrued taxes
755,598
8,137,315
Life insurance..
$.560
$11.37
Including approximately $500,000 and $400,000 for Federal surtax
undistributed profits for the 10 months and 12 months,
respectively,
b Including approximately $100,000 for Federal undistributed
profits tax.
a
755,598
Fire insurance..
$4,271,926
31
Liabilities—
$
b Invest, at cost:
Surplus Dec. 31..
$6,549,540
Earn. per sh. on common
$ 13.98
Dec.
1936
1937
Assets—
Sheet
Corp., a subsidiary of the Chesapeake & Ohio.
m
The Chesapeake & Ohio proposed to pay the Alleghany
Corp. $5,065,475
for the 167,000 shares of Nickel Plate common and
215,000 shares of Erie
common.
All but $550,000 already had been paid, and this was
arranged
Jan. 28, through cancellation of a debt which
Alleghany owed the Chesa¬
peake & Ohio.
Century Indemnity Co.— ■Earnings—
Calendar Years—
Net premiums
1937
Receipts in
amount of
$5,299,359
2,704,023
3,220,812
$751,624
$282,153
$27,666
506,582
242,418
158,650
526,527
157,161
155,706
94,065
2,473,605
of
of
outstanding
losses at end of year..
of accr'd
71,157
63,258
23,841
58,397
Underwriting loss.._prof$ 104,337
267,721
Deprc. in market value
of securities.
63,838
$80,580
250,530
$57,500
240,192
$312,214
211,951
14,329
8,481
Cr59,033
Cr4,964
019,501
23,845
Investment inc. earned.
secur.
.
Cr 1,470
Chesapeake & Ohio canceled an equal
Transportation, Chesapeake & Ohio
Virginia Transportation's 7.44% interest in Nickel Plate stock
and 45.68% in Erie.
The stock transferred included 25,100 shares of
Nickel Plate common, 151,405 shares of Erie first
preferred, 60,195 shares
of Erie second preferred and 769,800 shares of Erie common.
Together, Alleghany and Virginia Transportation have owned 57.02%
of Nickel Plate and 55.68% of Erie, which now is in
reorganization, with a
trustee scheduled to be named by Federal Court here on Feb. 14.—V.
146,
p. 591.
Chicago Burlington & Qu incy RR. —EarningsDecember—
writing & in vestm'ts
Net after rents
$309,690
$147,139
—V.
$246,690 loss$104,607
Crl6,081
029,361
054,859
6,816
32,000
"7,318
~7", 300
058,028
5,632
$286,954
$169,183
$291,249
—
$286,954
1937
Assets—
$169,183
Cash
Prems. in
1937
$
Liabilities—
6,947,638
1,178,071
course of
collection
1,659,177
1.401.977
46.569
38,421
3,352
6,494
Interest accrued..
Oth. admit, assets
Total
10,754,793
$747,789
Unearned
$
3,114,229
Reserve for losses. 3,921,285
prems..
Re. for comm'ns—
Res. for oth. claims
326,116
1936
$
2.824,046
3,419,389
294,959
295,000
9,572,602
®J-7b7°nSn w%e
$377,980.—V. 144,
Total
10,754.793
9,572.602
forA937'the assefcs and surplus would
p.
1270.
1937
1936
1935
1934
$476,519
$374,750
$176,975
$93,710
$476,519
$176,975
$93,809
280
32,099
$374,750
1,050
29,915
200
14,643
7,016
$443,489
$343,785
$162,051
$86,593
Dr7,100
39,223
39,106
5,949
1,820
552
828
723
$438,211
435,978
$383,560
381,739
$201,985
201,433
$93,264
92.436
$2,232
$1,821
$552
$328
Interest received
Operating
930
expenses.....
Net income
Reserve for dividends
participating shares
on
__
income.
Total
Divs.
on
partic. shares-
Undistributed
income
13,326,497
1,175,789
10,228,355
80,288,159
22,280,177
12,650,936
1936
1935
1934
$1,338,912
331,638
89,590
$1,654,766
667,051
403,749
$1,309,236
$1,124,433
404,286
260,968
16,382,400
3,851,597
1,336,582
16,109,107
4,357,967
1,658,301
13,427,593
2,800,460
622,754
391,914
182,962
12,776,551
2,831,177
641,697
1937
Net after rents.From Jan. 1—
Gross from railway..
Net from railway
Net after rents
1936
1935
1934
$1,488,809
398,809
144,639
$1 ,787,770
665,352
365,063
$1,416,299
677,118
478,171
$1,197,052
377,404
169,430
18,710,372
4,448,861
862,928
,817,001
,599,582
,197,924
15,607,176
4,016,088
1,307,386
15,491,939
4,200,222
1,340,269
—V. 146, p. 746.
Chicago & Illinois Midland Ry.—EarningsDecember—
1937
Gross from railway
Net from railway
Net after rents
From Jan.
146, p.
1936
1935
1934
$328,642
63,279
95,998
$417,302
146,885
105,630
$272,027
73,187
56,903
$266,706
85,873
81,085
3,904,687
3,805,484
1,454,980
1,168,008
3.248,304
925,029
820,030
2,974,212
851,601
804,488
1—
Gross from railway
Net from railway..
Net after rents
104.
1,205,057
870,043
.
Chicago Milwaukee St. Paul & Pacific RR.—Institu¬
tional Group Urges Plan—
99
Trustee's fees
82,901,980
20,357,596
Chicago Great Western RR .—Earnings—
December—
—V.
Century Shares Trust—EarningsCalendar Years—
Cash dividends
—
Gross from railway
Net from railway
1,000,000
1,811,207
comparisons statements for both years
based on actual market value of stocks
and amortized value of bonds
E^SeLnalK
6
be increased by
98,082,411
26,839,408
13,448,827
1937
railway
From Jan. 1—
Gross from railway
223.000
1,000,000
Net surplus...... 2,098,162
Capital
Npte—In order to show relative
are
December—
Net from railway
Net after rents
loss$52,211
800,000
$291,249
1936
$
8,021,401
1,124,293
1934
$6,330,189
1,619,527
1,050,470
1,910,542
104.
p.
Net after rents
—•V. 146, p. 104.
Financial Statement Dec. 31
Bonds and stocks-
—
Net from railway
3,000
Net
Increase in surplus
146,
Gross from
accr_.
profit in surplus
from operations
Surplus paid in
1935
$7,284,310
Chicago & Eastern Illinois Ry.—Earnings—
un¬
year
Stockholders' tax
1936
$8,920,988
2,746,027
1,578,475
From Jan. 1—
Gross from railway. —100,151,212
Net from railway..
25,873,207
Net after rents
admitted assets during
Conn, invest, tax accr.
Income tax accrued.
1937
$7,912,073
2,556,327
1,493,066
Gross from railway
Net from railway—
Net gain from under¬
Gain from decrease in
an arrangement by which
of stock it held in Virginia
obtained
in
but
unpaid taxes & exps..
Loss from sale of
Through
amount
un¬
earned prem .res
Loss
from
increase
49.58% of Nickel Plate and
125,777
290,183
increase
Loss from increase in
amount
1934
$5,475,749
2,457,326
106,568
2,629,701
$972,259
excess
disbursements
from
1935
$6,502,330
2,724,735
147,697
2,878,274
179,235
Commissions & exps. pd.
Loss
1936
$7,189,642
2,817,335
Losses paid
Taxes paid
These holdings represented
10% of Erie.
A protective committee for institutional investors
holding $81,731,200 of
securities of the company on Feb. 1 appeared before the Interstate Com¬
Commission in support of their plan of reorganization of the carrier.
At the beginning of the hearing a protective committee for holders of
merce
preferred stock in the road petitioned the Commission for leave to inter¬
vene in the proceedings.
Their committee, of wnich H. C. Orton, Chicago,
Chairman, pointed out that the plan of institutional investors provided
for elimination of the interest of preferred stockholders in the
reorganized
is
property.
<4
Oliver E. Sweet, finance director of the I. C. O., presiding at the hearing,
refused
to consider a reorganization plan filed by the independent com¬
mittee for the protection of bondholders on the ground that it was filed
too late.
F. W. Walker, Vice-President, Northwestern Mutual Life Insurance
Co., and Chairman of the Institutional Investors committee, and Kenneth
F. Burgess, counsel for the committee, testified in support of their
plan.
Financial
146
Volume
907
Chronicle
Consolidated Balance
Ended
and, 12 months
Earnings for December
31.
Dec.
Ajsels-
1935
1934
$9,517,686
2,622,753
1,482,104
$7,788,073
1,820,609
942,846
$6,708,923
1,163,420
306,715
107,662,276 109,142,086
20,524,832
23,897,732
8,790,661
9,461,358
92,446,697
16,030,180
4,723,983
1936
1937
^ December—
$8,266,682
1,326,312
383,163
Gross from railway
Net from railway
Net after rents
Net after rents...
87,859,792
18,204,245
6,539,054
Co., Ltd
Inventories
Accts. & notes rec.
1—
Net from railway
Net after rents
1934
on
$5,485,379
1,065,028
Chicago Railways
417,338
a
75.893,418
14,081,598
5,202,104
Contingent res've.
435,000
Capital surplus...
Consol. earned sur¬
971,247
971,247
2,927,633
262,511
79.420
Co.—Interest—
113,944
After reserves for depreciation
b After reserve of $87,687.
Chicago Rock Island & Gulf Ry.—Earnings—
1937
1936
1935
December—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
4,782,035
1,498,369
Net from railway
343,244
Net after rents.
—Y. 146, p.
$282,163
43,257
def26,312
3,633,188
Net after rents
840,630
def48,845
—Y. 146, p.
Chicago Rock
Island & Pacific Ry.—Earnings—
Island & Gulf Ry.]
1937—Month—1936
1937—12 Mos.—1936
Columbia
(Including Chicago Rock
31—
$4,723,406
836,545
Freight revenue
Passenger revenue
Mail revenue
229,665
Express revenue
120,011
$5,447,372 $65,802,175
703,763
8.182,732
263,33 3
2,419,961
138.951
1.270,113
3,968,269
7.440,426
2,506,833
1,404,088
3.622,140
$6,898,016 $81,643,250
$6,245,011
Total oper. revenue—
$869,785
Net rev. from oper
for equip.
& rents
& joint facil.
Net oper.
income
$1,562,809 $13,132,449
9,664,252
x
$865,849 x$4,458,707 $1,000,681
$1,220,000 due cancellation of 1936 excise tax ac¬
$415,101
of
Includes credit
cruals.—V. 146, p.
696,960
454,684
273.
Chicago St. Paul Minneapolis &
1934
1936
1935
$1,549,466
$1,509,823
$1,353,430
$1,208,044
254,739
21,003
170,774
def38,916
188,513
32,466
59,514
def70,754
18,178,115
railway
from railway
Gross from
Net
Omaha Ry.— -Earnings
1937
18,328,050
3,053,115
427,646
15,446,158
2,164,453
175,578
14,848,618
2,357,738
December—
Net after rents
1—
railway
railway
Net after rents
—V. 146, p. 105.
From Jan.
Gross from
2,229,626
defl74,546
Net from
601,985
Called—
guaranteed bonds due April
1, next, $324,000 prin¬
1,1944, at par and interest.
Chickasha Cotton Oil Co.—Special Dividend—
The directors have declared a special dividend of 50 cents per share on the
common stock, payable March 1 to holders of record Feb. 10.
This will be
the first dividend paid since July 1, 1936, when a regular quarterly special
dividend of like amount was
Directors
distributed.—V. 145, p. 2541.
Div. Postponed—
at their recent meeting decided to postpone action on
the
a dividend on the common shares until their March meeting.
City Ice &
Fuel Co.—Action on Common
payment of
The regular quarterly
dividend of $1.62^ per
share was declared on the
holders of record Feb. 15.
share was paid on the com¬
6Yi% preferred stock, payable March 1 to
A regular quarterly dividend of 50 cents per
mon stock on Dec. 15 last.—V. 145, p. 2840.
Claridge Hotel Co.,
The
on
company
Jan. 27 filed a
new
reorganization proposal with U. S.
which proposes a 20%
Judge George H. Moore, at Cleveland,
the company's first mortgage obligations of
notes for 5% of their claims to holders of $279,500
$355,000 and would give
in second mortgages
petitioned for reorganization under
Nov. 16, 1936. The latest proposal
cut in
claims. The company
bankruptcy Act on
Charles F. Levy, President.
The proposal claims the reasonable market value of the company's hotel
property at 18th and Locust Streets is at present not in excess of $275,000,
or less than the amount due on the first mortgage. The proposal also says all
current operating expenses have been paid since Nov. 16, 1936.
The first mortgage obligations against the company are in the form of
and unsecured
Section 77-B of the
was
signed by
Bank & Trust
$355,000 in notes executed with the Mercantile-Commerce
Co. The bonds are in default as to interest and principal.
The company asks the 20% reduction in the first mortgage
notes to
these notes. The
income of the
$284,000 and will raise $40,000 in cash to be applied on
remainder of the notes would run 10 years at 4 % interest. Net
business would be paid into a sinking fund for these notes.
$84,500,
proposal says the outstanding second mortgages aggregate
partly in default in interest and principal. The holders and the
creditors for $195,000 are to get notes for 5% of the amount of their claims
under the proposal.
The new notes would be secured by a second deed
The
unsecured
of trust.
the proposal sets out, owns stock of $114,000
Hotel Claridge, Inc., of Memphis, Tenn., but this
is of little intrinsic value.
The company,
says,
par value
stock, the proposal
in the
Clinchfield RR.—Earnings—
1937
December—
railway
railway
Gross from
Net from
Net after rents
1—
Gross from railway
Net from railway
Net after rents.
—V. 146, p. 105.
$516,959
245,131
263,096
1936
$657,476
343,209
209,338
From Jan.
6,880,009
3,241,027
3,207,138
Cockshutt Plow Co.,
Years Ended
6,324,863
2,824,331
2,575,949
Ltd. (& Subs.
5,204,649
2,205,823
2,043,294
bank loan
Depreciation of building and equipment
Uncollectible accounts of subsidiary
Prov. for Dominion & Provincial income taxes
121,824
Interest on
_.
Year End.
53 Wks. End.
Dec. 28 '35
Jan. 2 '37
$2,810,078
852,335
$3.30
$3,755,523
852,335
$4.41
$2.52
3649.
Commercial Investment Trust
Corp.—Annual Report—
President, says in part:
Earnings—Combined net earnings amount to $21,501,296, consisting of
$19,389,852 from consolidated operations and $2,111,444 representing net
underwriting profit and investment income of National Surety Corp.,
Henry Ittleson,
compared with
$21,181,020 combined net
earnings in 1936.
net earnings
$21,095,055, equivalent to
hands of the public
equivalent to $6.07
the hands of the public at
combined net earnings
In both years are exclusive of capital gains and losses, both realized and
unrealized, resulting from fluctuations in the market value of investments.
All determinable and known losses have been written off and reserves
considered adequate to protect the corporation against possible future
losses and unforeseen contingencies have been set up.
Finance—During the year a total of 1,111 shares of the convertible prefer¬
stock, $4.25 series of 1935, was converted into a total of 1,666 shares
of
stock.
Pursuant to authorization by stockholders at the annual meeting on
March 9, 1937, directors canceled the authorization of 225,000 shares of
6M% first preferred stock, which had never been issued, and also canceled
and retired 120,000 shares of the corporation's own common stock, which
had been acquired some years ago and had been carried on the balance
sheet
deduction from the amount of common stock outstanding.
At Dec. 31, 1937, the treasury stock consisted of 62,658 shares of common
After dividends on the preference stock, there remained
applicable to the common stock in the amount of
$6.36 per share on 3,314,339 shares outstanding in the
at Dec. 31, 1937.
This compares with $20,083,159,
per share on 3,307,422 shares outstanding in
Dec. 31, 1936.
The profits of National Surety Corp. taken into
ence
as a
stock of which
19,691 shares are
Net
volume of
The
comparison with
held for outstanding
the
Volume for
Retail
receivables acquired by the
1936, follows:
1937
automobile instalment
operating subsidiaries, in
instalment lien
(products other than
Total instalment
Automobile
Industrial
Accts. receiv. of
Increase
1936
$
$
i
lien
*8,823,556
391,518,446
400,342,002
124,884,002
74,061,636
50,822,366
516,402,448
474,403,638
41,998,810
467,856,313
notes
Industrial
options.
Year
$
410,659,252
5,089,292
279,544,633
57.197,061
6,926,797
15,884,655
i
notes
.
autos.)—
lien notes
& accept's:
12,016,089
295,429,288
factoring subs..
122,007,323
1,291,704,138 1,169,696,815
*
Decrease.
increased from approximately
Industrial instalment business
instalment volume in 1936 to 24%
16% of total
in 1937, reflecting heavier sales of house¬
industrial equipment, especially in the first nine months
of the year, and reflecting also the greater diversification achieved by sub¬
sidiaries by expanding their business in these fields.
Volume in all classifications except industrial showed a marked decline
hold
appliances and
second half of the year as
reflecting the change in
in the
in 1936,
compared with the corresponding period
general business conditions which began
notably the recession in the automobile and
tries.
New business volume in these lines compared with
progressively from August through December.
Dollar Outstandings at Dec. 31
1937
1936
$
$
in the summer,
Retail
automobile instal. lien
Industrial instalment lien
(products other than
textile indus¬
1936 declined
notes__271,238,693 256,646,988
notes—
Increase
$
14,591,705
automobiles).109,531,360 61,993,533 47,537,827
Total instalment lien notes
380,770,053 318,640,521 62,129,532
Wholesale lien notes and acceptances:
^
Automobile
46,256,775 36,525,189 9,731,586
1,214,840
*4,458,408
Totals
68,617,550
order to carry their investment in receivables as shown above, the
subsidiaries employ substantial credits obtained from banks and in the
market, these credits aggregating $288,750,000 at Dec. 31, with more
$63,600,000 cash on hand.
On the basis of the consolidated bal¬
cash on hand plus currently maturing receivables more than
in less than five months the total notes payable, and in seven months
Industrial....... - -1
receiv. of factoring
Accts.
*
subsidiaries
1,933,642
718,802
37,314,843 41,773,251
466,275,313 397,657,763
Decrease.
open
than
ance
—Earnings-
1,593
Legal fee
5,314,957
2,227,789
2,047,003
$695,119
23,884
1,600
renumeration
Inc.—Earnings—
In
27,576
Directors'fee
Consolidated profit for year
1934
$411,176
183,949
155,618
1937
Total income
Executive
1935
$510,388
286,226
268,581
$667,543
Operating profit
Income from investment
144,619
SEC—
(est.) $4,297,600
1,707,950
sheet,
cover
Nov. 30—
Ended
Jan. 1 '38
Wholesale lien notes
Cleveland—To Reorganize—
District
def972
common
Chicago Union Station Co.—Bonds
has called for redemption on April
The company
cipal amount of 4%
—V. 145, p. 105.
Broadcasting System,
prof, after chgs. & taxes
outstanding
—V. 145, p.
349,353
Inc.—Registers with
department.
Shares
$10,664,933
x8,673,742
Deduc. for taxes
598,589
Earnings per share
67,401,773
68,510,801
5,335,207
5,375,226
Operating expense
Net
6,257.965
1,224,784
5,618,296
1,026,414
77,343
first page of this
Period—
$78,066,706
344,597
335,384
Other revenue
7,397,916
1,673,617
Year
$63,093,219
1934
$453,273
105.
See list given on
Period End. Dec.
1935
$586,163
169,665
101,660
190,270
90,932
7,701,150
1,726,373
675,992
Colossal Mines,
105.
certified for
208,176 shares of common
1936
$504,842
5,125
def60,690
railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
for listing and
$672,866
1937
Gross from
1934
$10,595,532 $9,759,594
1937 and $1,793,052 in
Represented by 300,678 no par shares.
Ryv -Earnings-
Colorado & Southern
3,909,815
1,053,258
84,360
4,398,562
1,245,998
531,520
Gross from railway
c
1103.
$332,966
81,315
213
$400,886
151,490
71,980
Total
of $1,983,955 in
Colonial Finance Co.—Listing—
The Cleveland Stock Exchange has approved
registration the application of the company for
stock, $1 par.—V. 146, p. 105.
December—
$404,552
176,428
119,229
plus
34,839
$10,595,532 $9,759,594
—V. 144, p.
paid Feb. 1,1938, on the first mtge. 5% gold bonds,
(stamped as to 25% partial redmption).—V. 145, p. 752.
..
4,273
12,477
2,392,767
1936.
Interest of 2M % was
due Feb. 1, 1927
157,301
30,229
11,314
435,000
60,040
hand
Total..
146, p. 104.
—V.
214,354
Cash in banks and
77,315,017
11,996,438
3,578,483
91,969,298
14,939,298
5,260,641
89,802,536
8,448,404
37,401
Gross from railway
1,717,000
2 ,288,000
Unclaimed dlvs
b471,213
48,524
operations
382,876 $6,382,876
Dom. and
Prov.Inc.taxes.
469,368
3,022,143
3,261,774
1936
1937
stock—$6
payable-
Accounts
Res. for
Def. chgs. to future
Chicago & North Western Ry.—Earnings—
December—
1937
1936
1935
Gross from railway
$6,700,069 $7,704,760 $6,326,759
Net from railway
544,996
1,447,246
1,063,298
Net after rents
def84,143
841,442
643,292
Capital
Bank loans—secur.
1
1
goodwill, &c
Invest. In Canada
146, p. 747.
From Jan.
c
trademarks,
Pats.,
Sheet Nov. 30
Liabilities—
1937
1936
eq_$3,733,681 $3,819,198
Carriage & Body
1—
Gross from railway
Net from railway
From Jan.
—V.
L'd, bldgs.&
a
210,155
122,744
30,229
$183,091
cover
1936
$355,111
28,026
$383,137
31,822
1,600
1,033
118.361
187,595
16,967
4,273
$21,487
all current
Instalments
expenses and taxes.
past due at Dec. 31 were 34 of 1% or the
compared with 1-5 of 1% on the same basis
liabilities plus accruing
30 days or more
total of instalment receivables,
at the end of 1936.
Wholesale automobile outstandings
.
.
.
. ,
of approximately
but a decrease of more than
at June 30, 1937. The whole¬
^quirementsofd^lersatthlstime
of the year.
Wholesale outstandings at Dec. 31 delude a total of $3,870,756
of loans to dealers secured by used cars, compared with $3,432,160 at the
end of 1936, an increase in used car wholesale paper of $438,595.
At Dec 31, with 995,154 retail automobile accounts on their books, sub¬
sidiaries had on hand 2,820 unliquidated repossessed automobiles, or ap¬
show an increase
$9,731,000 from the end of the preceding year,
$20,000,000 from the wholesale outstandings
sale paper is in sound proportion to the
proximately 3-10
mobiles in
of 1%.
In addition, there were 7,843 repossessed auto¬
under their repurchase responsibility, amount-
dealers' possession
908
Financial Chronicle
Feb. S,
Ing to about 8-10 of 1%.
The corresponding figures for
the end of 1936
showed 2-10 of 1 % and 8-10 of 1
%,
Columbia Troy
respectively.
Department of Justice Investigation—In September, 1937
the Department
of Justice began
presenting evidence to a Federal Grand
Jury in
Acceptance Corp.
Credit Co.
Ford
paid
Motor
Co.,
Columbus & Greenville
December—
Gross from railway—
which
has no financial Interest in
Universal Credit
that the Motor company
discriminates between
who patronize Universal and
those who patronize other
finance
companies, and deny that dealers are
compelled to patronize Universal.
They further maintain that Universale practice of
setting up reserves to
compensate dealers for agreeing to repurchase cars
which may be
repossessed
from defaulting buyers is
economically necessary and entirely lawful.
Conferences took
Corp., and Universal deny
dealers
1937
55,713,465
20,193.720
expenses
Int.on curr.indebtedness
3,959,547
Operating profit
31,650,197
rec. from National
Surety Corp..
29,281,759
Div.
Recovery
earnings
g
17,096,628
88,476
Jan. 29
Jan. 22
Jan. 15
Jan.
8
3.637,973
3,628,228
2,817,369
cl9,983.694
264,385
833,476
15,867,591
16,566,124
114.890,622
7,296.217
2.417,487
53,236.461
3.995,211
51,747,661
bonds,
National
at
7,452,822
61,618,404
f$5.71
f$6.25
5.444,832
47,689,623
f$4.61
previous
to
the
lower of cost
11,643.135
839,572
652.233
466,319
or
below cost.
of
of
market;
on
to
1,542,272
6,403,635
78,515,151
70,663,518
1,123,702 xl5,774,988 xll,848,198
Gross income
Int. & other fixed chgs._
$4,437,605
3,271,357
$5,132,284 $54,833,499 $52,843,169
3,238,684
39,708,664
39,493,359
$1,166,248
$1,893,600 $15,124,835 $13,349,810
Net income
y
on
Miscellaneous deductions
19,389,851
$43,417,383
406.240
16,566,124
.11
Total earned
surplus, Dec. 31,
1937
respect
of
Connecticut General
Statement Dec. 31—
4,619
surplus Dec. 31,
1937
-$53,236,461
el937
Assets—
el936
$
Cash
$
63,631,539
&
accts.
receivable
Repossessed
cars
secure.
receivable
Capital stock
78,750
585,247
of
343,514
1,620,223
763,504
11,531,000
11,531.000
400,001
361,727
Furn. & fixtures
Deferred charges
400,001
349,135
7
7
1,389,955
1,231,229
In
bal.
affili¬
2,117
3,652,349
3,408,826
33,000.000
35,000,000
payable..288,751,375 208.938,897
per share,
11,054,088
9,090,285
on
debentures...
165,000
Deferred income
27,447,624
shares.
d
©
x
Sell,,
pay. on claims
9,407,130
9,252,385
Pol. hldre. deps.
13,710,699
12,145,629
to pol. holders
Taxes payable.
All other liabs..
Capital stock
Total
1,111,546
1,153,350
...
1,357,154
1,600,000
1,570,157
3,000,000
3,000,000
6,210,522
_
6,064,282
1,321,849
2,500,000
1.583,153
.227,284,676 208,417,564
1937
gen., &c. expense
Net operating incomePurch. disc., misc.
sales,
1936
$1,157,696
810,119
$1,072,981
783,557
$952,957
740.324
$949,307
649,336
$347,577
$289,424
$212,633
$299,971
7,497
8,500
9,527
$296,921
28.611
32,336
18,805
15,473
$221,133
22,308
20,808
17,341
14,102
$309,499
23,015
37,300
30.687
13,909
$201,696
191,687
$146,572
59,291
$204,587
&c
11,446.881
165,000
24,702,033
6,076,824
24,027,531
1,176,376
27,720,129
Total income
$347,577
Interest, discounts, &c
Prov. for Fed. inc. taxes
Obsolescence
Net
prof,
46",573
See
Patent charges absorbed
carried
x
See
x
1935
1934
to
$301,004
290,354
Dividends paid.
Total
Arising out of conversion of
preference shares
Financial statements of
National Surety Corp.
consolidated.—V. 146, p. 435.
common
2,226,678
4,701,512
-
.544,613,395 462,540,028
(96,552 in 1936) no
par shares,
c
Represented by 3,314.339 no
par shares in 1937
(3,307,422 in 1936),
after deducting 62,658 shares
in
treasury in 1937 (187,842 in 1936) at
value of $15
stated
not
$
Compo Shoe Machinery
Corp.—Earnings-
Calendar Years-
b Represented by
95,441
into
1936
189,317,465 171,396.914
future
Contingency fd.
227.284.676 208.417,564
-V. 144, p. 4175.
3,118
6,973,128
26,440,980
d Capital
surp..
1,262,479
Pa'd-in surplus.
26,795,480
are
23,632,344
6,632,060
Total
14,865,244
Accts. payable..
12,060,248
Dealers' reserve
contingencies.
Earned surplus.
544,613.395 462,540,028
for
Surplus..
8,543,473
4,442,465
3,415,749
3% debentures. 33,000,000
3j^% debens... 35,000,000
accrued
2,494,567
4,647,517
Res.
$
reserves.
Re8.fordiV8.pay.
$
subsidiaries
Divs. payable..
Int.
.
1937
Policy
due
mfre., &c
Min.int.of others
Notes
23,650,854
8,365,132
All other assets
9,655,200
49,715,085* c49,611,330
Res. for loss and
Total
el936
co.'s
Int. & rents due
& accrued
9,544.100
..
Miscell. invest..
ated company
Com. stk. scrip.
$
on
policies
Cash
Co.—Financial
Liabilities—
115,183,726
104,944,936
7,076,590
8.584,118
Mortgage loans. 40,201,969
32,644,246
Real estate
25,664,319
25,051,669
in net worth of
Surety
Corp
Invest.
b $4.25 pref .stk.
Common stock.
Credit
359,855
Mtscellan. accts.
Nat'I
Liabilities—
48,643,651
466,275,312 397,657,763
& other prod.
Market,
el937
$
Insurance
1936
$
Bonds
Stocks
Loans
$26,795,480
Consolidated Balance Sheet Dec.
31
Life
1937
Assets—
79,964
31, 1937
8,997,136
$4,352,674
on
corporation's
deductions
8,997,343
$6,127,492
New Vice-President—
The directors
—-$27,720,130
Total
Paid-in surplus contributed
—$27,800,094
to National
Surety Corp
1,000,000
Miscellaneous
Total paid-in
surplus, Dec.
sh.
stk. outstand.
per
Feb. 1 elected Walter H.
Sammis a Vice-President of the
corporation, succeeding the late T. A.
Kenney.—V. 146, p. 593.
$26,440,980
(2) Paid-in surplus—Balance Jan.
1, 1937
Additional paid-in surplus in
capital stock
4,037
749,774
$1,143,825
Note—The consolidated net income
includes the entire net income of
the subsidiary
companies applicable to securities owned
by this corporation.
The subsidiary
companies did not distribute in
dividends, the entire amount
of their net income.
Including dividends received from subsidiaries the
net
income of the corporation for the
year 1937 was $7,257,384 or
equivalent to
$4.84 per share on its
outstanding preferred stock as compared with
$3.24
per share in 1936.
Total-Divs. on serial preference
stock, $4.25 series of 1935
Cash dividends on
common stock
749,783
_.
$416,465
earns,
on com.
securities
Surety Corp.)
pref. stock.
$0.18
$0.13
x Includes
provision for Federal surtax on
undistributed profits for
1936 and 1937.
y Reflects 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 the rate of $3 per share
per annum since that
date.
-
Notes
on
Approx.
31, 1937 (but not incl. undis¬
tributed earnings of
National
Total
Divs.
Balance
securities
marketable
carry
^
Prov. for retire, res--.--
Consolidated Surplus Account Year
Ended Dec. 31, 1937
(1) Earned surplus—Balance Jan.
1, 1937
Net income year ended
$24,027,531
Dec.
common
13.52%.
Preliminary Income Statement (Comonny and
Subsidiary)
Period End. Dec. 31—
1937—Month—1936
1937—12 Mos.—1936
Grossrevenue
$12,953,247 $12,659,621 $149123,639
$135354,886
Operating exps. & taxes.
6,973,369
amount
income
due April 1, 1965.—V. 146,
p. 747.
kilowatt hours as compared
739,474.267 kilowatt hours for
December, 1936, a decrease of 8.19%.
Total output for the
year ended Dec. 31, 1937, was
8,517,409,289 kilowatt
hours as compared with
7,792,626,871 kilowatt hours for the
year ended
Dec. 31, 1936, an increase of
9.30%.
Gas—Oas putput of the
Commonwealth & Southern Corp.
system for
the month of December was
1,668,999,100 cu. ft. as compared with
1,506,551,800 cu. ft. for December,
1936, an increase of 10.78%. Total
for the year ended Dec.
output
31, 1937, was 15,131,009,400 cu. ft. as
compared
with 13,328,673,000 cu. ft. for
the year ended Dec.
31, 1936, an increase
follows: 1936,
income account
Surety Con), during the year,
$699,648, and
31, 1937, $81,762.
1 Of portion of
out
3&%,
H,
with
as
Dec.
years
ser.
output of the Commonwealth &
Southern Corp. system
for the month of December
was 678,947,707
j5,358.731
$5.73
securities
to
3.4
4.9
1.6
3.2
Commonwealth & Southern
Corp.—Output—
Electric—Electric
$335,095
retained
138,401,000
139,745,000
137,494,000
138,918,000
Exchange has removed from listing and registration
stock, par $25, 1st mtge. gold
bonds, ser. A, 5%, due July 1, 1953;
1st mtge. gold bonds, ser.
B. 5%, due June 1, 1954; 1st
mtge. gold bonds,
C, 4H%. due April 1, 1956; 1st
mtge. gold bonds, ser. D,
4^%, due
July 1, 1957; 1st mtge. gold bonds, ser.
F, 4%, due March 1, 1981, and 1st
mtge.
additional for prior years,
i Does not include
dividend of 20% in common
stock at the then stated
value of $8 per share,
distributed to common stockholders
May 28,1936, amounting to $3,779,315.
i Does not include stock dividend of
25% in common stock distributed
to common stockholders
Oct. 1, 1934, charged to
surplus at the then stated
value of $8 per share, and
aggregating $3,753,784.
k Provision to write
down marketable
in
-
133,737,000
132,912,000
135,259,000
134,477,000
ser.
Surety Corp. but does
income of $1,197,325 of that
is applicable to the stock of
company, which
Commercial Investment Trust
Corp.
Adding
$0.36 per share undistributed net
earnings of National Surety
the
Corp. for
year makes a total of $6.07 per share on common
stock outstanding in
the hands of the public on
Dec. 31, 1936.
d Does not include
undistributed net income of
$2,111,444 of National
Surety Corp., which is applicable to the stock
of Commercial
Investment
Trust Corp.
Adding $0.63 per share undistributed net
earnings of National
Surety Corp. for the year makes total of
$6.36 per share on common
stock
outstanding in the hands of the public on
Dec. 31, 1937.
e
Covering balance of additional Federal
income taxes in respect of
prior
years and interest thereon,
i On common stock
outstanding at end of
year,
g Does not include stock
dividends.
applied
—
-
1,693,135
a
transferred
-
capital
for 1936 includes dividend
received from National
not include undistributed net
securities
Co.—Weekly Output—
The New York Curb
2,433,479
315,241
Includes foreign subsidiaries,
b Includes stock divs
$28,463; 1935, $28,019; 1934, $447.
c The
consolidated
h Including
$
comparisons for the last
four weeks and the
corresponding periods last year:
■—Kilowatt-IIour Output-- Per Cent
Week Ended—
1938
1937
Decrease
400,000
on com,
1934
525.999,303 377,959,931
z7,738,945
z5,382.897
of the Commonwealth Edison Co.
group (inter¬
deducted) for the week ended Jan. 29, 1938 was
133,737,000
kilowatt-hours compared with
138,401,000 kilowatt-hours in the cor¬
responding period last year, a decrease of
3.4%.
The following are the
output and percentage
©412,208
To earned surplus
Total surplus
Earns, per share
Commonwealth Edison
The electricity output
17,185.104
1,015,355
—
Common dividends—
1935
$
$
Listing & Registration—
3,490,115
Net profit
dl9.389,851
b Serial pref. stock divs_
$4.25 series pref. divs—
406,240
1936
company sales
175.903
Prov. to write-down in v.
in affiliated
companyNet income applicable to
minority interest
Charges against current
Subs.)—Earnings—
1937
$7.09
$6.07
$5.60
$4.11
x
After all charges including Federal income tax
and minority interest,
After surtax on undistributed
profits,
z
After subsidiary preferred
dividends.—V. 145, p. 3493.
h5.319.350
31,920,005
Interest on debentures..
2,215,000
Write-down, securs., &c.
k781,410
Miscell. deductions
3.524
Fed. inc. & chp.stk. tax5,629,292
Surtax on undist. profits
410,810
def3,410
y
23.750,496
1,015,355
269,838
Total income
875,249
26,805
64,944
Gross securities purch
933,854.332 789,508,418
x Net income
yl3,593,119 yl2,005.779
Earns, per sh. on com—
30,573,015
1,326,500
—
Miscellaneous income.—
23,574,593
1934
$73,829
def4,962
defl0,893
990,190
93,140
$
400,000
485.594
405,661
_
146,001
Commercial Credit Co. (&
1936
1935
1934
$
$
$
1169696815 965,724,853
779.749,248
46.579,422
37,198.141
28.838,441
14.979,683
11,914.763
10.232,663
2,317,978
1,618.785
1,509,150
$
Volume of business.-.1291704138
Net service & commis'n.
1935
$99,924
19,895
17,339
1,228,580
191,209
109,895
1,301,108
Calendar Years—
decree had been agreed
upon.
It is impossible
to state what further
proceedings may be taken by the
Department of
Justice or what further discussions of the
matter may be had.
Consolidated Income Account
for Calendar Years
a
1936
$114,413
12,090
2,151
defll,811
—V. 146, p. 105.
a consent
1
June 29, 1937.—V. 145, p. 106.
Ry.—Earnings—
1937
$97,779
def3,062
def22,501
Net from railway
Net after rents
From -Jan. 1—
Gross from railway
Net from railway
Net after rents
place at the office of the
Attorney General at Washington
looking to the possibility of consent decrees,
although all groups urged that
any questions of legality which might be
involved should be
explored in civil
proceedings in order to establish a clear guide for
future conduct.
Upon learning of the negotiations, the
Federal Judge at Milwaukee
expressed disapproval of conducting such
negotiations during the
of grand jury
pendency
proceedings and discharged the grand
jury before it had re¬
ported and before
Operating
on
Motors
second group, and by Chrysler
Corp. and Commercial
as a
third group.
as a
Corp.—Liquidating Dividend—
At a special meeting of the board of
directors held Feb. 2 a
liquidating
and (or) capital distribution dividend at
the rate of $1
per share was de¬
clared payable Feb. 11 to holders of record
Feb. 4.
A similar liquidating dividend was
Milwaukee,
which the Department Indicated related to
separate alleged violations of the
Sherman Act by Ford Motor Co. and
Universal Credit
Corp., a C. I. T.
subsidiary, as one group, by General Motors
Corp. and General
Surplus
*
Shares capital stock out¬
standing,
Earnings
par
$1
per share
$10,650
$10,009
$87,281
$204,587
145,177
$2.09
143,577
$1.40
118,583
118,383
$1.24
$1.73
Includes selling, installation,
service, development/general administra¬
tive expenses,
depreciation, obsolescence, patent charges and miscellaneous
x
expenses.
Volume
Financial
146
Cash
Accts.
working
and
113,159
118,365
Inventories (cost).
Res. for unemploy.
employees
wages
Investments
1,382
1,620
1,620
producing
fac¬
prem.
tories of lessees—
386,461
See x
depreciated
Earned surplus
Prepaid expenses A
23,922
*596,561
—
436,911
producing
Compressed Industrial Gases,
Inc.—Smaller Dividend—
dividend of 25 cents per share on the
common stock, payable March 15 to holders of record Feb. 28.
Previously
quarterly dividends of 50 cents per share were distributed.—V. 145, p. 3814.
have declared
directors
The
Connecticut
a
has
Automatic Merchandising
Consolidated
Weighing
Peerless
See
below.—V. 145,
Vending Machine Corp.,
&
3005.
Consolidated Coa1 Co. of St. Louis—Bonds Called—
National Bank of the City of New York, as successor trustee,
tenders for the sale to it of gen. intge. 30-year 6% sinking fund
gold bonds in an amount sufficient to exhaust the sum of $53,112.
Offers,
which should not exceed par and accrued interest, will be opened at the
corporate trust department of the bank at 11 Broad St., on Feb. 7 at
The Chase
145, p. 938.
Consolidated Edison Co. of
Inc.—Cose of
New York,
by Commission—
Milo R. Maltbie, Chairman of the New York P. S. Commission, in com¬
menting on the recently issued $30,000,000 3H % debentures, declared in a
Bond Issue Criticized
statement made
The
can
be
cation,
bonds,
dated Jan. 17, that the company's
the debentures were "un¬
public, Feb. 1, but
estimated figures for expenses
necessarily large."
of such
in the issuance of
necessity
this issue
$80,000,000 appli¬
particularly those that have to do with the $60,000,000 of refunding
now abandoned, should be charged to surplus."
Commission is not convinced, Mr. Maltbie wrote, "of the
expenses." He added: "Further, only expenses relating to
charged to it; all costs relating to the former
petitioned
amended the
debentures to be
used for new construction.
A proposed refunding of $60,000,000 of out¬
standing debentures was contemplated in the original application.
Expenses in connection with the issuance and sale of the $30,000,000
issue, according to the application filed with the Commission, would
approximate $197,000, the largest single item, $42,000, being for accounting
services.
These expenses, Mr. Maltbie declared, if in excess of reasonable
amounts, should not be paid, "and if they are or have been paid, may not
In its original application to the Commission last year, company
permission to issue $80,000,000 of new securities, but later
application and limited the issue to $30,000,000 of new
436.
Consolidated Gas Electric Light & Power Co. of
Baltimore (& Subs.)—Earnings—
Period End. Dec. 31—
1937—3 Mos.—1936
1937—12 Mas.—1936
Revenue from elec. sales $6,414,069
$6,030,178 $24,816,359 $22,909,655
Revenue from gas sales.
2,319,736
2,313,212
8,959,971
9,114,299
Rev. from steam sales.
261,114
236,709
756,205
775,087
Miscell. oper. revenue._
51,038
81,030
202,959
310,057
charged to the cost
of this issue."—V. 146, p.
_
Total oper.
revenue..a$9,045,958
4,609,502
Operating expenses—...
858,270
1,389.468
Retirement expense
Taxes
-
Operating income
Non-operating income.
$2,220,342
$8,670,732
55,638
133,843
557,785
....
$2,244,354
$2,354,185
635,829
16,410
Gross income
deductions.
711,654
3.086
$1,592,115
278,829
1,050,657
$1,639,445
_
Net income
dividends...
Common stock dividends
Pref. stock
$9,228,518
2,646,359
65,756
278.829
$6,516,403
1,115,315
1,050,657
4,202,629
$9,156,848
2.750,208
11,951
Gross income...
Int. & other
fixed charges
$1,261,267
359,309
income
Net
Divs. on
preferred stock.
pref. stock exp
$901,958
285,427
65,278
$551,252
Balance
$1,476,237 $14,387,887 $13,319,074
343,019
4,362,039
4,283,422
$1,133,217 $10,025,848
350,608
3,801,968
$782,609
$1,301,658
$1,362,740
1,500,000
1,500,000
Preferred dividends
dividends
$198,342
Deficit
Earns, per
x
Si.73
sh. on com..
After deducting
and adding other
yCr269
6,360
24,607
8,784
Crl ,459
44,286
368,463
$242,451
z248,801
prof$75,321
Dividends paid
565.000
$306,691 def$491,252 def$489,679
$176,867
surplus
stock (par $5)
Balance,
2,246,700
2,256,700
2,256,700
2,256,700
Earns, per share
Nil
$0.13
Nil
$0.03
x Includes
rental and other operating income,
y After deducting cash
discount allowed, loss on fixed assets, &c., of $14,791.
z After deducting
cash discounts received, &c., of $5,463.
a After deducttng interest paid,
(net) amounting to
&c., of
loss on fixed assets,
To
$5,636,374
$4,827,650
undis¬
593, 105.
$1,542,793
22,864
525,000
$1,819,688
86,382
450,000
$54,905.
y
After deducting
b Before extraordinary profit ana loss
$2,078.
$163,690.
charges of
Change Name and Reduce
Stockholders will be asked at
Capital—
Chicago on Feb. 11
their annual meeting in
disclosed at the
$50,000,000
the name of this company for a new title to be
meeting, and to approve a reduction in authorized capital from
to change
$3,000,000, or from 10.000,000 shares of $5 par stock to 3,000,000 shares
of $1 par stock.
Cancellation and retirement of 13,300 shares held in the
treasury also will be asked.
If the action is approved, the outstanding 2,246,700 shares of $5 par stock
will be changed into a like number of shares at $1 par stock, and $8,986,800
will be transferred from capital to paid-in surplus account, permitting a
considerable saving in taxes.
The company and subsidiaries report a net loss of $340,557 for 1937,
after all taxes, write-offs and reserves, compared to a profit of $306,691,
or 13 cents a share, in 1936.—V. 145, p. 1415.
to
Corduroy Rubber Co.—Dividend—
paid a dividend of $2 per share on the non-cumulative
Dec. 20 to holders of record Dec. 15.—V. 139,
The company
prior preferred stock on
p. 1865.
Cosmos
Imperial Mills, Ltd.—Extra Dividend—
declared an extra dividend of 25 cents per share in
regular quarterly dividend of like amount on the common
value, both payable Feb. 15 to holders of record Jan. 31.—V.
The directors have
addition to the
stock, no par
144,
p.
769.
Corp.—New Model Radio—
Crosley Radio
announced a new push-button or automatic automobile
under $25.
aid to safe driving by making it possible for a driver
to tune to any station without taking his eyes off the road, Powell Crosley
Jr., President, said in announcing the new model.—V. 145, p. 3343.
The
company
radio to sell for slightly
This radio will be an
Crowley, Milner &
The company
Dividend—
Co.—Pays Initial Pref.
paid an initial
dividend of $6 per share on
stock on Jan. 20 to
cumulative preferred
its 6% non-
holders of record Jan.
18.—V.
146, p. 437.
Dividend—
Crown Cork & Seal Co., Inc.—Interim
declared an interim dividend of 50 cents per
stock, payable March 7 to holders of record Feb. 18.
quarterly payments of 50 cents each were made.—V. 145, p.
Directors have
share on the
Heretofore
3494.
common
Crystal Tissue Co.—Earnings—
1937
1936
$102,024
$101,589
$0.88
$0.88
Federal income taxes and surtax on
Calendar Years—
profit...
Net
-
Earnings per share on
x
After
93,000 shs. common
stock-_
depreciation, obsolescence,
145, p. 3815.
undistributed profits.—V.
Co., St.
Curtis Mfg.
Louis—Earnings—
6Mos. End.
Years Ended
30—
profit on sales._
1936
1937
Period Ended Nov.
$601,050
243,250
192,177
$293,002
101,611
79,770
$374,102
2,527
$165,623
2,117
$111,620
1,102
$376,629
4,648
x64,381
$167,740
2,767
24,036
$112,723
1.060
14,674
$307,601
243,206
$140,937
97,283
$96,988
$1.58
$0.72
$0.50
Other income.
Total
income
Other expenses
Provision for
Fed. & State inc. taxes..
Dividends paid
Earnings per share on
194,565 shares
capital stock (par $5)
x Includes $7,098 for
undistributed profits tax
Balance Sheet
Fed.
1937
$354,461
Intermediate
151,269
22,500
bonds
Notes, accts. and
accept, recelv..
U.S. savings
15,000
219,620
233,643
1,243
781
1.054,694
865.534
1,939
64,921
1,344
64,921
376 512
Land
equipment.
and trade
Patents
^
_
Total
8,450
41,600
17,648
15,538
commis¬
sions, &c
28,478
Accrd. gen. taxes.
State
1,000,000
1,127,925
23,991
1,000,000
1,063,531
Dr27,221
Dr27,221
64,215
income tax
Cap. stock C5 par)
Surplus
treasury
26,366
12.284,855 $2,133,392
for depreciation
2841.
b After reserve
tion of
stock
9,237
29,562
■
Deferred charges..
—V. 145, P.
1936
$39,906
355,115
Buildings impts.
moflrq
1937
$49,857
Ac
salaries,
Applied in acquisi¬
Finance
Co
and
Nov. 30
Liabilities—
Federal and
Accrued int. rec..
Inventories
from
I
wages,
150,951
debentures
b
1936
$410,183 (Accts. payable.
Accrued
Credit bks.lH%
Due
1935
—$836,857
249,535
213,220
Selling expenses
General and administrative expenses.
Assets—
$137,260 sur$994,929sur$1283,306
$1.82
$2.02
$2.31
and general expenses of $448,488
selling, administrative
income
89,988
12,619
"
b$l76,867prof$306.691
4,208,001
Consolidated Paper Co., Monroe, Mich.—Earnings—
1934
31—
1937
1936
1935
$2,383,387
Profit from operations.. $2,170,785 y$2,212,551 x$2,396,221
243,093
Allowance for deprec'n..
556,433
548,813
538,428
320,606
Prov. for Federal taxes.
292,450
292,570
315,000
Excess profits tax
8,698
8urtax on undist. profits
11,546
8,429
Common
$1,135,288
573.753
Cr823
Net loss.
Shs. cap.
»
aCr4.309
23,454
$9,035,651
Years End. Dec.
profit
profits
Cash...
No
Net
9,842
of subsidiaries
587,504
provision was made in 1936 or 1937 for Federal surtax on
tributed profits as all taxable income was distributed.—V. 146, p.
x
22,293
pref. stk. of subs.
Minority interest
Net loss from sale of stks.
1,115,315
4,202,629
Co.—Preliminary Earnings—
1937—Month—1936
1937—12 Mos.—1936
$3,342,507 $3,169,049 $37,686,911 $33,051,899
1,745,740
1,430,312 xl9,423,024 xl6,582,826
335,500
262,500
3,876,000
3,150,000
Amort, of
90.791
Di vs. on
Consumers Power
31—
$531,224
605,878
67,654
Other deductions
Gross
Period End. Dec.
502,716
Federal taxes
$6,394,688
$262,629
$309,959 $1,198,459 $1,076,744
Earns, per sh. of com.stk
$1.12
$1.17
$4.63
$4.52
Note—Operating revenue affected by reductions of electric rates in 1936
and eletric and gas rates in 1937 as follows: a $338,220; b $232,054; c $1,115.998; d $434,565.—V. 146, p. 274.
Oper. exps. and taxes
Pro v. for retire't reserve
$917,676
477,932
66,500
4,220
1,700
z9,582
22,265
Depreciation
$8,754,943
401,905
Balance..
Gross revenue
$18,743
1,116,545
$405,330
Total income
x
Fixed charges
Other
b$8,661,129c$34,735,495d$33,109,098
4,671,851 18,098,774 17,598,527
643,546
2,859,407
2,487,147
1,125.389
5,106,581
4,268,481
$2,188,716
_
$173,600
357,624
Expenses
for
be
$133,753
271,577
Gross profit
Other income
is inviting
12 noon.—V.
1,002,435
$198,816
718.860
outstanding
change Time Extended—
p.
Corp.—Ex¬
648,576
$784,905
766,162
x$847,392
x$668,147
534,394
Surtax on undist.
Shipbuilding Co.—Incorporates—
according to press dispatch from New London, Conn.,
been incorporated in Connecticut, according to papers filed at the Town
Clerk's office, Groton.
The organizers are reported to be negotiating with
the Government on the construction of merchant vessels, with an eye to
the former Groton Iron Works property as a location for the shipyard.
Paul W. Chapman of the New York investment house of P. W. Chapman
& Sons, Inc., which was behind the construction of vessels for the United
8tates Lines, is a leader in the new company, says the dispatch.
Company,
1934
1935
1936
1937
30—
product* &
Cost of sales.
..$1,171,594 $1,144,164
machinery.—V. 145, p. 3493.
deceased.
Subs.)—Earnings—
Cord Corp. (&
Years End. Nov.
Total
Co., has been
succeeding Ridley Watts,
747.
Sales of mfg.
..$1,171,594 $1,144,164
Includes revenue
x
435,477
444,477
445,113
Co.—New Director—
company,
44,481
Patents
Total
on
$1,900,789 $2,004,672
1,603,534
1,633,296
of Home Life Insurance
Chairman
Low,
director of this
a
—V. 146, p.
1
charges
Fixed assets.
I.
Ethelbert
8,720
1
deferred
paid
143~577
elected
stock..--—.—
$3,502,486
3.207,200
3814.
Continental Insurance
3,272
145,177
-
Cap. stk. (par$l).
Surplus—arising fr.
ma¬
chinery
1,921
taxes
$4,150,683
4,209,450
dividends
—V. 145. p.
Accrued social sec.
revenue
Dec. 26 '36
taxes
Preferred
(.& Subs.)—Earnings—
Dec. 28 '35 Dec. 29 '34
Dec. 25 '37
profit after charges
and
44,963'
60,250
ins. tax
1,381
Special deposit
in
Continental Baking Corp.
Years Ended—
Net
State taxes
machines
—for lease (cost)
in
3,585
Accrued Federal A
104,646
cers
Accrued salaries A
agencies
Inv.
18,081
234
3,147
from
rec.
$59,648
28,616
853
232,990
2,804
201,062
__
Adv. to employees
Finished
$44,456
.
pay.—offi¬
(directors)
Accts.
902
receivable
Accts.
pay.—trade
cred. & sundry
$239,548
$232,133
funds
Cust. notes A accts
1936
1937
Liabilities—
1936
$461,779 ($453,629 in 1936)
in 1936).
$161,698, as
shown above, include a charge of $97,837 for appreciation entered on the
books of the company in 1926 on certain acreage disposed of during the
current year at a sales price of $8,323 in excess of cost.—V. 145, p. 3192.
selling, administrative and general expenses of
and other deductions less other income of $161,699 ($6,888
Note—Other deductions iess other income amounting to
Dec. 31
Balance Sheet
1937
Assets—
909
Chronicle
Total
$2,284,855 $2,133,392
of $844,373 In 1937 and
$861,224 in 1936.
910
Financial
Cumberland
County
Power
&
Light
with SEC—
Chronicle
Feb.
Co.—Registers
1937
Assets—
Prop.,
Company (subsidiary of New England Public Service Co.), a registered
holding company, has filed an application (File 32-79) under the Holding
Company Act for exemption from the requirement for filing a declaration
covering the issuance of 10,000 shares ($100 par) 5H% cum. pref. capital
358,551
360,186
202,482
surplus
Funded debt--—-
8,235,347
234,123
157,864
260,370
118,106
282,131
236,004
Accts. & wages pay
Matured int. and
18,560
886,683
29,432
928,208
taxes paid in adv
Cash-.
B pedal
a
&
sundry obligations-
3,900,947
226,441
Gross from
1934
184,123
Gross surplus
$36,619,110 $25,385,834 $15,489,528
Preferred dividends—
5,786,250
3,703,200
1,705,000
Common dividends
_cll,981,988
$9,849,075
465,000
Surplus end of year—$18,850,872 $21,682,634 $13,784,528
3,004,362
1,001.454
$4.25
$9.42
Includes cash
1936
1935
1934
$875,672
519,349
372.328
$741,317
335,354
$540,076
273,608
185,886
..
7,507,246
..
3,539,784
7,851,226
4,000,878
2,791,754
8.102.706
4,463.944
3.257,259
5,837,776
2.832.748
1,953,028
2,348,112
...
..
1937
distribution, collection and administrative
$1,980,000 for surtaxes
Distillers Co.,
The
3,815,007
2,084,421
1,076,002
un¬
dividends of $2,002,908 and dividend
in common (at
held) of 200 % aggregating $9,979,-
Assets—
c
$
1937
%
$
Liabilities—
%
2,760,380
2,493,744 g Common stock.30,079,080 20,100,000
dNotes & accts rec55,873,913
44,011,612 Dividends payable
540,050
2,092,500
e Inventories
23,903,010 18,101,853 Em pi. savs., depos
828,158
859,281
1 Cos stk owned147,428
147,428 Accts. payable— 3,688,573
2,381,019
Pension fund inv
713,096
943,358 Notes pay. banks. 7,850,000
Cash
4,181,599
4,005,845
Deposits in closed-
Res.
banks
90,102
100,213
20,000
20,000
Cash deposit, with
escrow
rec.
of officers &
em¬
ployees
Deferred charges
Total
.
3,656",290
8,097,811
Ins
accld.
Dividend Shares,
Dobeckmun
Co.—Earnings—
for contlng—
Surplus
2,141,568
2,112.084
18,850,872 21,682.634
614,698
a
December—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from
railway
Net from railway
Net after rents
Balance Sheet Dec. 31, 1937.
Liabilities—
$68,310
Notes and accts.
rec.
Notes payable (bank)
164,682
(trade)
Inventories
Accounts payable (trade)
Dlvs. payable Jan. 15, 1938—
92,193
35,700
Accrued
34,360
312,463
Sundry debtors
Prepaid expenses
10,777
93,744
4,853
926,678
1936
1935
$2,235,543
$1,788,516
555.673
388,459
Denver & Salt Lake
Ry.December—
Gross from railway
Net from railway..
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net
aftef rents
—V. 146, p. 106.
Denver
381,449
132,657
20,936,609
4,802,141
2,417,975
19,246,850
4,602,589
2,311,564
1935
1934
$314,871
159,099
$303,621
166,632
175,355
$260,178
101,982
126,959
$181,564
189.398
210.095
2,856,949
918,281
1,090,810
2,234,877
958,196
1,260,698
1,620,006
805,155
913,122
930,160
Tramway System—Earnings—
[The Denver Tramway Corp. and The Denver &
Intermountain
(with inter-company transactions
eliminated)]
Years End. Dec. 31—
Total oper. revenues
1937
1936
$501,633
34,684
$308,349
29,699
$345,070
34,309
$536,317
85,765
258,796
$338,048
114,013
262,739
$379,379
129,775
269,799
4,068
5,013
def$42,772
def$25,208
Miscellaneous Income
$373,410
29,731
Gross income
Int. on underlying bonds
Int. on gen. & ref. bonds
Amortization of discount
$403,141
56,428
255,833
on
x
x
funded debt
Balance
1,530
$89,350
2,331,107
430,612
2,013.
$189,743
a
Income.
17,555
due In 1938
50,000
200,199
102,000
171,530
$1,581,5081
After
176
surplus
752,794
Total
$1,581,508
for
bad debts of $16,892.
b At cost less depreciation
$313,576.
c On
purchase of Oakland division plant at
5% interest
by machinery and equipment.—V. 145, p. 1255.
of
reserve
Dollar
Steamship Line—Creditors Receive Cash, Bonds
and Stock—
The "Journal of Commerce" in
stated:
Adjustment of
a
dispatch from San Francisco Jan. 27»
current
obligations of the Dollar Steamship Line through
issuance of short-term bonds and
5% pref. stock, together with a small
percentage of cash, was accomplished as a
preliminary to signing the
temporary operating differential subsidy
contract
authorized
by the
Maritime Commission on Jan. 25, it was disclosed
by Reginald Laughlin,
money involved in these obligations,
well as the estimated amount which will be
paid the line under the
subsidy agreement, Mr. Laughlin expressed the belief that the
reorganiza¬
tion of the
company's finances thus affected has placed the line in an excellent
position for future operations.
as
The arrangement with
trade creditors provides for immediate cash
payment of 20% of outstanding obligations, and issuance of
bonds and
stock for the balance.
Thus, 20% of the whole will be
paid in five-year
3% debenture bonds, and the remaining 60% in
5% pref. stock.
All
obligations to affiliated companies are to be paid in pref. stock.
Mr. Laughlin declined to comment on arrangements made
with banking
firms, firms involved in the Dollar situation.
He said that a pro forma
sheet is
line.
ness
now
in
preparation
and should
be released
soon.
This, it
was
a complete picture of the improved condition of the
He pointed out that the large reduction of the
company's indebted¬
to the Government by reason of insurance
paid on the
President
Hoover has contributed substantially to
improving the company's position.
The temporary operating subsidy, which is to run until
July 25, is of
the standard form approved by the Commission for other
lines operating
on a temporary basis.
The company has agreed, however, to withdraw
its suit for $5,900,000 filed in the Court of Claims for
adjustment of
mail contracts held under the Merchant Marine Act of
1928.
as
For debt maturities,
sinking funds and other corporate
purposes.
on
on contract
indicated, will give
317,812
$3,263,351
Net oper. income
1935
$2,815,988
2,189,827
RR.
1934
$2,741,140
2,103,458
292,612
$3,227,072
2,385,100
468,561
Oper.exps. (Incl.depr.).
Taxes
Res. for Fed. taxes
Sundry creditors
c Contract
payable
Commission attorney assigned to Dollar Line affairs.
While withholding the amounts of
-Earnings—
1936
178.792
expenses
Paym't
Earned
Total
1934
$1,605,455
477,601
269,977
1937
2,806,256
784,104
$125,000
Common stock ($1 par)
Paid-in surplus.—.
—Earnings—
1937
25,599,309
4,660,351
1,569,815
$88,889
48,181
13,544
secured
$1,912,885
240,682
def57,823
26,781,992
2,656,275
def283,337
$149,770
366,809
10;272
20.285
c
2223.
$150,615
64,721
33,512
$178,381
in 1936.
p.
$237,533
61,712
26,050
25.938
111
108,105.069 88,415.9471
Denver & Rio Grande Western RR.
$130,072
20,543
$296,900
-
Adv. to salesmen & other
empl
b Fixed aasets
Total
108,105.069 88.415,947
After reserve for depreciation of
$22,526,722 In 1937 and $21,091,628
d After reserves for cash
discounts, returns and allowances, and
possible losses in collection of $13,539,180 in 1937 and
$10,682,793 in 1936
c After reserve for
possible losses of $8,138,316 in 1937 and $6,155,550 in
1936.
f Represented by 7,000
preferred shares and 3,546 common shares,
g Represented by 3,007,908 no
par shares in 1937 and 1,005,000 no par
shares in 1936.—V. 145,
$1,770,102
1,262,947
$216,463
21,070
509,697
8,106
$127,120
140,700
1934
$1,966,067
1,298.715
440,868
10,020
$270,961
Assets—
93,845
615,670
profits
Net profit for period—
Divs. paid & declared
Cash
4,532,138
1935
$223,345
78,670
17,444
Other deductions
Prov. for normal inc. tax
Provision for surtax on
undistributed
1936
$2,353,108
1,564,343
$197,350
25.995
_
5,028,956
2,952.066
1,552,571
731,070
Inc.—Registers with SEC—
Years End. Dec. 31—
1937
Gross sales less disct., &c $2,403,220
Cost of goods sold
1,668,720
Sell., gen. & adm. exps..
537,150
Prov, for doubtful accts-
com.
sions
Res.
86,825
.
taxes
3,554,169
1,963,142
1,037,662
See list given on first page of this
department.—V. 146, p. 437.
for group life
pensat'ns & pen¬
agent
Notes & accts.
Accrued
137,384
167,246
67,628
Ltd.—Interim Dividend—
1936
Property&eqpt_19,723,046 17,883,349 Preferred stock--.31,000,000 31,000,000
Investments
1934
$282,049
the
Operating profit
1936
3,967,609
2,211,967
1,131,537
1935
$385,408
243.042
directors
on
Other income
Consolidated Balance Sheet Oct. 31
1937
■Earnings—
$449,456
269,321
139,344
have declared an interim dividend of 27
1-5 cents per
American depositary receipts for ordinary
registered stock,
payable Feb. 8 to holders of record Jan. 11.—V. 145, p. 108.
and
on
459.401
1936
$310,425
161,137
79,696
Net after rents
Nil
expenses, including provision for possible losses in collection of
for decline in market values of
inventories, and for contin¬
RR.—Earnings—
—V. 146. P. 106.
1,001,454
receivables
c
632,903
118,570
101,920
77
$585,849
272,154
250,262
railway....
Net after rents
From Jan. 1—
share
$3.91
rate of two shares for each common share
654,444
105,821
63,544
1934
$37,973
1937
.
Gross from railwayNet from railway
1,001,454
gencies, &c.
b Including approximately
distributed profits.
803,484
198,178
130,742
Detroit & Toledo Shore Line RR.
out¬
Cost of manufacture,
a
general
der23,341
885,445
190,801
91,441
Gross from railway
Net from railway
$9,384,075
stock
1935
$43,485
def2,798
def6,624
December—
856,801
565,709
$379,734
9,469,341
com.
1936
$69,681
19,358
12,488
—V. 146. p. 106.
$3,319,948
1,341,841
$6,105,452
9,384,076
shares.
no par
defl3,033
From Jan. 1—
Gross from railway
175,863
Net profit for year...$14,936,476
$11,601,306
Previous surplus
21,682,634
13,784,628
25,947,950 26,399,054
Earnings-
1937
def8.047
Net from railway
Net after rents
1,300,386
159,920
3,358,193
131,946
standing (no par)
Earnings per share
Total
b Represented by 61,240
$40,749
Net from railway
Net after rents
~
$2,019,562
2,422,945
775,493
a
Repairs and maintenance
Rents paid
Shares
depreciation,
December—
1935
$25,566,913 $17,204,885 $14,398,276
1,621,323
1,518.509
1,444,327
See
25,947,950 26,399,054
After deducting
Detroit Toledo & Ironton
$21,858,978 $13,909,137 $11,948,108
3,707,935
3,295,748
2,^50,168
a
12,330
credit items
—V. 146, p. 106.
$100,399,710 $71,527,016
78,540,732
57,617,879
See
644,240
12,236
res.
27,716
Net from railway
(6c Subs.)—Earnings—
gen. exps._.
Interest on notes payable
19,641
Net after rents
Consolidated Income Account for Years Ended Oct. 31
Adminis. &
662,691
55,889
From Jan. 1—
Gross from railway
1, 1937;
Sept. 1 and June 1, 1936, and prior to then regular quarterly dividends
of $1.75 per share were distributed.—V. 145, p. 3193.
Depreciation
47,315
Net from railway
Net after rents
dividend of 87 H cents per share on the
7% cum. pref. stock, par $r00, payable March 1 to holders of record Feb. 15.
A like payment was made on Dec. 1,
Sept. 1, June 1, and March
Pro v. for Federal income
and other taxes
b8,782,673
115,613
Oper. & other
136,537
417,079
111,401
Detroit & Mackinac Ry.-
a
$
136,002
15,542
7,125
Deferr, & suspend,
December—
Gross from railway-.-.
Cughman'g Sons, Inc.—Accumulated Dividend—
Net profit
420,165
—V. 145, p. 3006.
,
Gross profit
Other income
134,514
int.& notes
Total
134,514
Accrued taxes
Service liabilities—
Deferr. & suspend,
debt terns
3, last and
compares with $1.75 paid on Oct. 1, July 1 and April 1 last; Dec. 15 and
Oct. 1, 1936, and in each of the eight preceding quarters and with
$1.25
per share paid on July 2, 1934
75 cents per share on April 2, 1934, and
60 cents per share on Jan. 23, 1934. In addition, a dividend of 25 cents was
paid on Dec. 21, 1936.—V. 14.5, p. 3006.
8,115,970
6,405,600
99,690
5,800,950
div. unpaid
Accrued Int. pay—
for
& accts. received
The directors have declared a dividend of $1 per share on account of
on the 7% cum. pref. stock,
par $100, payable April 1 to
holders of record Feb. 28.
A like amount was paid on Jan.
Cost and expenses
depos.
matured interest
Accr'd
accumulations
a
.
Insurance prem. <fe
Curtis Publishing Co.-—Accumulated Dividend—
$
b Common stock &
Material &suppl.
A substantial part of the bank indebtedness was
incurred through the purchase of securities of the Berwick &
Salmon Falls
Electric Co., now a wholly controlled subsidiary pf the
applicant.
Opportunity for hearing in this matter will be given on Feb. 16.—
V. 146, p. 748.
Net sales
$
.10,441,200 10,441,200
_
Sinking fund
purposes.
Deere & Co.
23 808,565 24,162,228
1936
$
_
Invest. & securities
The applicant proposes to sell the shares to the public at a
price as yet
undetermined, but at not less than $95 per share, and to use the proceeds
$600,000 of indebtedness to banks and the balance for
have declared
1937
Liabilities—
Preferred stock
Real est. not used-
for the repayment of
The directors
$
&
equip.
franchise
a
1936
$
'
See list given on first page of this department.
corporate
5, 1938
General Balance Sheet Dec. 31
drawn, contains
ocean
The contract,
provision for renewal beyond July 25, although it
assumed that the company will make application for a
long-term
agreement to take its place.
no
was
Dominion Woollens &
Worsteds, Ltd.—Int. Payments—
This company on Jan. 3 paid interest on the first
mortgage sinking fund
6% bonds, due 1953.
This is the first payment to be made under the
scheme for reorganization
V.
145, p. 2692.
approved by bondholders
on March
27, 1935.—
911
Chronicle
Financial
146
Volume
Inc.—Weekly Input—
1938, the kilowatt-hour system input
operating companies which are subsidiaries of American Power &
Light Co. Electric Power & Light Corp. and National Power & Light Co.,
compared with the corresponding week during 1937, was as follows:
Increase
Ebasco Services,
Dufaycolor, Inc.—$1,000,000
Outlay—
of the
Hamilton,
as
Ltd., an
of Dufay-Chromex,
managing director
Daponte,
Demetre
Electric Power & Light
x
Duluth Missabe & Iron Range Ry. —Earnings—
1936
1935
def7,877
def546,208
def657,980
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
$84,372
def360,522
def393,428
19,091.036
10,693,649
8,694,801
11,519,593
4,877,051
3,765,586
Net after rents
9,486.593
2,769,180
1,981,648
was
Calendar Years
Consolidated Income Account for
pany carried the case to the
In its brief filed Feb. 1, the
Subs.)—Earnings
1937
1936
1935
$
$
the registration
provisions of the Utility Act are constitutional and involve no unconstitu¬
tional delegation of power.
The kind and type of information which may
be prescribed by the SEC for niclusion in a registration statement, the
brief says, is defined with definiteness and precision.
"A mere reading
of section 5 (b) should be sufficient answer to defendant's assertion that
it vests uncontrolled discretion in the Commission," it states.
The brief further contends that compliance with the registration provi¬
sions does not prejudice the right of a company to contest other provisions
of the Act.
"It is carping to assert that registration under the Act could
even by remote possibility prejudice the later assertion of any constitutional
1934
$
$
other oper. rev..286,043,075
Cost of goods sold & oper. cUargesl74,744,472
Selling, general & admin. exps... 39,016,557
260,333,220
155,521,419
36,624,086
Sales (net) and
72,282,056
68,187,715
55,190,288
43,796,411
plants & equipment.
16,305,179
15,222,225
14,473,364
13,505,789
55,976,867
36,672,635
6,648,858
52,965,490
44,004,389
40,716,925
22,497,720
8,636,163
30,290,622
operations
Inc. from invest, in Gen. Motors.
Income from miscell. secur., &c__
operations
Income from
for depreciation
lescence of
and obso¬
Income from
4,746,320
out of oper.
of previous years..
.
51,576,231
4,818,017
89,884,449 62,085,410
196,312,228 178,729,397
b
46,701,465
170,345,234
245,814,808 219,538,312
6,557,586
6,555,635
34,253,280
196,312,229 178,729,397
a42,944,993
number of shares com.
stock outstanding (par $20)... 11,065,762
11,049,470
Amount earned per share.
$7.29
$7.56
a In
1935 a div. of $3.45 and l-55th of a share of General
mon stock,
b The value of du Pont company's investment
Average
11,049,259
$3.66
11,050,399
$5.04
Motors Corp. com¬
in General Motors
books of the company in 1934 to $157,000,000 in 1935 to $162,000,000, in 1936 to $176,000,000, and in 1937 to $176,000,000,
which closely corresponded to its net asset value as shown by the balance sheets of
General Motors Corp. at Dec. 31, 1933, 1934, 1935, and 1936, respectively.
These
shares are now valued at $17.60 a share,
d Includes provision of $1,267,125
($2,148,000 in 1936) for surtax on undistributed profits,
e Transfer to capital stock
account in connection with Issue and sale of 500,000 shares preferred stock ($4.50
cumulative) for $48.750,000.—V. 146, p. 748.
Corp. common
stock was adjusted on the
East Kootenay
Period End. Dec.
Power Co.,
Operating expenses
130,038
121,064
$20,329
$287,871
Mines,
Issue
Shares
Ltd.—Treasury
Changes—
Company has
advised the Toronto
Stock Exchange that with respect to
to shareholders of record
$1 per share, that 42,611
disposition of the 1,000,000 shares offered
Dec. 6 for subscription on or before Dec. 15 at
the
remaining
commission being
underwriters have the
28 had taken
13,045 shares to be
monthly
subscribed and paid for by shareholders and the
957,3 9 shares were underwritten at the same price, no
paid to the underwriters.
Under the agreement, the
pr vilege of anticipating the monthly payments and up to Jan.
up and paid for 178,433 shares, leaving a balance of
taken up on Feb. 1, with subsequent instalments provided at
intervals to Sept. 1 next.—V. 145, p. 3652.
shares
were
Surplus
$35,898
43,942
Profit for the year
Dividends paid
$8,044
$4.09
Deficit
Earns, per
share on 8,786 shares
capital stock
Balance Sheet Dec.
31, 1937
$25,479
2,643
35,411
Inventories
—
72,001
Marketable securities at cost84,558
Land, ore res. & mineral rights.*1,129,403
Buildings, mach. & equipment yl28,560
Prepaid insurance
5,097
Vermont Marble Co. lease
5,000
Cash
Notes receivable
receivable
Accounts
payable--
Accrued taxes
—
Capital stock (issued
Paid-in surplus..
8,786 she)
$5,942
95
915,260
518,214
48,642
-
Earned surplus
-
$1,488,153
Total
x
After
preciation of
Eastern
400,000
-
-V. 145. P.
400,000
2,348,080
1.869,694
$4,370,456 $5,021,077
Total
Ry.—Earnings—-
Eastern
railway...
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents._
—V. 146, p. 107.
$907,661
30,426
defl55,533
__
..
.
$1,996,719
709,835
466,630
19,119,317
6,000,389
4,080,304
14,202,771
4,078,990
2,870,358
1,944,985
661,634
193?™"
1936
1935
$2,659,804
$1,654,974
12,298
$1,507,200
$1,411,809
8,813
$1,351,125
4,678
$1,667,272
634,673
108,493
$1,519,692
637,089
144,466
$1,420,622
639,309
$1,355,803
174,154
209,502
12,447
525,000
13,957
525,000
14,651
.192,000
16,063
189,000
$400,507
$299,842
1937
tSes-6!?::?!!"!"-?.!-
$2,794,964
yi,703,379
1,383,155
$3,210,579
$.3,579,224
*1,924,250
Non-operating income—
Total income
Int. on
on
replacem'ts.
12,492
$386,657
$199,179
of $130,132 in
Net income
1,308,679
641,395
1937* $51,189 in 1936,
Federal income tax
Includes
10,289,344
Electric Co.—Earnings—
30—
operating revenue.
funded debt
Other interest
Fed. & State taxes
$824,188
154,335
150,576
$1,369,880
420,918
293,012
21,340,188
6,420,341
3,723,271
__
Empire District
Years End. Sept.
1934
1935
1936
1937
Gross from
x
400,000
1,666,769
1,871,671
$1)
3816.
December—
Appros. for
400,000
(par
stock
Earned surplus
$4,370,456 $5,021,077
Total
$1,891
1,412
stock (par
value $1)
Com.
Capital surplus
probable that no
and $14,911 in 1934.
y It is considered
undistributed profits will be incurred, z Including
Balance Sheet Sept. 30
$29,501 in 1935
$1,488,15.,
Total-.y
After reserve for
de
Public util.,
1936
?
Assets—
$
surtax.
6% pref. stock...-
other
1936
$8,496,009
$8,552,050
1,526,061
309,824
1,673.465
309,824
1,855,818
Notes—(1) Eastern Utilities Associates has accrued for surtax on undis¬
tributed net income for 1937.
No accruals made by subsidiary companies.
(2) Subject to adjustment and audit.—V. 146, p. 276.
1,697,372
Eaton Mfg. Co.—25-Cent Dividend—
The directors have declared a dividend of 25 cents per
common stock, no par value, "payable Feb. 15 to holders of
A special dividend of 25 cents was paid on Dec. 24
a
cents was paid on Nov. 15, and on Aug. 16 last, and
quarterly dividends of 50 cents per share were
special dividend of $1 was paid on Dec. 22, 1936; extra
cents per share paid on Feb. 15, 1936; Nov. 15 and Aug.
special dividend of 25 cents paid on Dec. 20,
record Feb. 7.
last; dividend of 75
previously regular
distributed. In addition
dividends of 123^
15, 1935, and a
1935.—V. 145, p. 3816.
7,382,000
7,382,000
3,000,000 3,000,000
prop & invest-.827,421,473 27.162,259 Funded debt
13,121.000 13,122,000
5,460
50,000
Miscell. investm'ts
2,462
Notes payable.
.
60,000
17,255
Injury and damage
42,695
53,648 Accounts payablefund
61,182
4,000 Accts. payable, af¬
54,340
53,882
Special cash dep..
4,880
filiated cos
..
x
Sinking fund
*
Cash
Gust, accts. rec—
Accts.
rec.
323,171
from
affiliated cos
Oth, accts.
460,123
127,557
—
36,798
Common
stock..
receivableMdse. accts. rec..
accr'd.
Mat'ls & suppliesPrep'dinsur., &C--
Deferred charges..
Total
x
Current acct.
3.666
245,315
33,103
10
accr'd
salaries
& taxes
Wages
&
299,324
24,474
20.895
603,294
1,234,530
deposits.
136,054
123,733
exten.
Notes & accts.pay.
—not
3,213
996,116
322,400
payable
Due to parent co..
Consumers' <fc line
current—
Reserves...
Capital surplus.
Earned surplus
....29,835,919 29,590,267
Represented by shares
182,952
tax
37.326
7,777
7,072
Fed. lnc»
Prov. for
273,873
yl,319
843,017
with
fiscal agent
217.449
26,107
-
—
114,848
300.250
8,459
245,493
Int. receiv.
accts. rec.
—not current..
413,602
Int.
& notes
Notes &
share on the
1936
$
$
Liabilities—
.
Associates—Earnings—
1937
$1,902
30,114
1937
for depreciation of
Utilities
Class A
10,200
1937
Ended Dec. 31—
Operating revenues, subsidiary companies
Net earnings of sub. cos. applicable to Eastern
Utilities Associates
Other income of Eastern Utilities Associates
Balance for East. Util. Assoc. divs. & surplus
12 Months
4,893,014
8,826
value
surtax on
$167,502.
$103.370.—V. 145, p. 109.
reserve
4,118,916
&c
1936
1937
payable.
Accrd. accts.,taxes
book
value
Int. receiv.,
Accounts
$117,863
bond interest.
Liabilities—
Assets—
Accounts
$242,714
$4,131,558
$4,217,774
Dec. 31
Liabilities—
1936
1937
Securities, at
Gross
Magnesia Talc Co., Inc.—Earnings—
Earnings for the Year Ended Dec. 31, 1937
23,275
Balance Sheet
_____
40,060
7,163
$3,538,440
Assets—
$4,315,618
144,000
$4,470,187
200,000
960,990
Surplus Dec. 31
Cash
77,219
135,783
45,250
de¬
to provide for
approp.
29,786
4,131,559
$4,818,705
296,000
preciation of securities at Dec. 31-_
Tax on undist. property charged to
capital surplus
x
Eastern
$191,650
4,046,749
302,954
Total
Elgin Joliet &
Malartic
$202,845
34,073
4,217,774
reed, for sees, sold-
Dividends paid
Book value of invest, in sec. of U. S.
Electric Power Corp. written off—
146, p. 275.
East
$221,436
$297,977
$226,727
$30,363
Net earnings
-V.
Ltd.—Earnings—
1937—9 Mos —1936
$417,909
$347,791
1937—Month—1936
$46,119
$39,637
15,756
19,308
31—
Gross earnings-
$236,918
Net income for year
Excess of amounts
1935
1936
$329,978
32,001
and interest
(including taxes)
Surplus Jan. 1
244,772,477 226.236,595
Profit and loss surplus
31
Years Ended Dec.
Cash dividends
Expenses
321,518,539 300,196,678
6,557,586
6,557,586
1,237,500
68,950,975 67,402,497
stock...
preferred stock
common stock
$5,084,874,
and com¬
stocks.
Income Account
Dr 8,388
CY5,000,000 Cr2,500,000
Total
Dividends on
mon
CY8,500,000 C'rl4000,000
&c_e_Z>rl,250,000
Dividends on debenture
Dividends on
of the corporation as of Dec. 31,1937, with
quotations as shown in the balance sheet, amount to
which is equivalent to $6.35 a share on the outstanding class A
at market
1937
redemption of out¬
stock
Adjustment resulting from re¬
valuation of interest in General
Transf. to cap. stk. acct.,
Inc.—Annual Report—
securities valued
Associates,
Electric Power
for
Motors Corp...
before the Court is
Act.—V. 146, p. 749.
the brief emphasizes that the only issues
the registration provisions of the Utility
The net assets
standing voting deb.
capable of
brief stresses that such provisions
even if the rest of the Act should
In conclusion,
the validity of
56,750
3,250,000
......
Surplus at beginning of year
226,236,595
Premium (excess over par value)
paid
provisions of the Act are
separate operation and enforcement, the
are not "too fragmentary" to stand alone
6,285,974
fail.
88,031,943
Net income...
Government contends that
right," the brief argues.
Declaring that the registration
14.999,635
71,850,808
6,458,646
56,750
99,298,360 101,716,199
Provision for Federal taxes
dll,210,000 dll,775,000
Interest on bonds of sub. cos....
56,417
56,750
Prov. for conting. liabll. arising
Total income.
and the com¬
in the lower courts
U. S. Supreme Court.
The Government won
unconstitutional.
& Co. (&
but the entire Act, was
registration provisions,
contended that not only the
(E. I.) du Pont de Nemours
Prov.
Provisions of
Contends Registration
tional arid Involve No
275.
—V. 146, p.
Bnef—
Co.—Government Files
& Share
Bond
UivLiy Act Are Constitu¬
Unconstitutional Delegation of Power—
The Government on Feb. 1 filed its brief with the U. S. Supreme Court
in the Electric Bond & Share Co. case.
Suit
begun by the Securities and Exchange Commission in November,
1935, to compei the company and 12 intermediate holding companies to
comply with the registration provisions of the Utility Act.
Company
1934
$164,098
def519,423
def625,816
26.756.066
16.374.067
12,721,781
railway
749
Decrease.—V. 146, p.
Electric
1937
$189,179
def539,640
def760,948
December—
%
99,485,000
2,658,000 2.7
49,768,000
x405,000 x0.8
87,744,000 xll,627,000 xl3.3
American Power &
Naftzger, ViceTreasurer.
the
Amount
1937
Operating Subsidiaries of—
1938
Light Co_1102,143,000
Corp__ 49,363,000
National Power & Light Co..- 76,117,000
Alton A.
English company, is a Vice-President of the American company,
Brody is Vice-President and General Manager, Leslie R.
President,
Secretary and Counsel, and William A.
Smith
With William R. Morris, theatrical booking agent, these men compose
board of the American company.
Gross from
Jan. 27,
ended
week
the
For
which has the rights in the United States to manufacture
film for colored photography developed from a French invention, plans to
build a plant in New York to cost $1,000,000, Pierpont N.
President, has stated.
The company,
of $100 par.
Total..
y
y846
1.971,798
938,957
2,011,111
12,846
1,679,536
938,957
1,624.454
29,835,919 29,590.267
Accounts only.—V. 145. p.
3972.
912
Financial
El Paso Electric
Co.—Preliminary Earnings—
12 Months Ended Dec. 31—
Operating
x
Includes non-operating income, net.
y
reserve.—V. 146, p. 276.
1936
S3,132,946
1,216,898
401,471
»
$2,934,214
1,099,334
327,269
439.
Operating
Operation
revenues
Balance
---
$4,320,657
1,818.312
2.042
$1,891,229
659,214
..
Int. & amortlz.,&c—
Balance
$1,232,015
5,596,789
2,787,860
1,244,405
$4,092,603
25.985
$4,066,617
b Balance
_
of earns,
Co.,
as
applic. to Engineers
above
Earnings from sub.
Public Service
4,066,617
Balance of earnings-
b Allowing for loss
_
—
a
Includes
surtax
$6,527.
no
to
Federal
income
taxes
of
$1,029,527
of
which
undistributed profits for four
subsidiary companies
The
on
other
subsidiary companies
are
62,404
Other accrued llab.
1.380
63.212
101.182
7,280
Res. for conting...
25,000
30,300
30.350
Operating
73,028
73,028
b
25.000
101,369
417,255
2,068
1,814
Earnings
x
6.834
7,378
37.630
41,384
Net inc. avail, for divs
Preferred dividends
Common dividends
Stock divs. extra
Added to surplus
Common equity begin¬
ning of period
Net loss applic. to
prior
December—
476,671
162.109
85,370
32,340
360,853
136,639
88.227
1.412
$189,823
20,161
62,500
y62,500
$196,852
22,719
59,375
$134,575
28,849
62,500
v-
$44,662
$114,758
1,327,121
$43,226
1,324,265
1937
vvuunun
Includes
on
own
Cr2,731
y
Stock
$1,324,265
dividend
on
paJd
dividend of 50 cents Wltl? securities previously held in portfolio,
z Extra
per share on common
stock, paid in 7 % class A preferred
Cash
on
a
on
1937
hand and
deposit
Open accts. rec.
(quar)
a
Industrial
Sundry
1936
liens.
Liabilities—
$1, ,056,899 $1,110,209
3 .480,045
1 ,044,369
accts. rec.
9,388
20,230
Stocks and bonds.
Furn. & flxt. & life
2,360,862
3,840
37,836
insurance
Due from empl'ees
20.684
Prepd. & unamort.
disc. & insur'ce.
2,306
56.798
Short-term notes.Accrued interest.
2,766" 500
Total
a
1
Sundry
45,095
accts. pay.
Reserves
7% pref. stock
7% pref.stk., cl. A
b Common
stock.
Surplus
$5,688,414 $4,569,6641
36,813
25,783
9.838
25.138
133,250
166,000
625,000
828.624
625,000
Financial
Independence
with SEC—
$62,306
48,603
$58,835
38,042
$9,726
2,718
$13,703
18,036
$20,792
16.631
$12,444
15,227
$31,739
170,873
$37,424
171,486
def$131
14,159
$14,290
Includes interest accruals
on
Federal income taxes
common
Earnings
$2,783
$139,134
$134,062
outstanding funded debt.—V. 146, p. 108.
Machinery Corp. (& Subs.)—Earnings—
3 Months Ended Dec. 31—
profit after depreciation,
1937
amortization
1936
and
$213,019
426,633
stock
per share
$0.39
145, p. 3816.
Manufacturing
1937
Other deductions—net—
Prov. for Fed. inc. tax-
1936
1935
$346,954
187,895
54,941
profit
Sell., gen. & adm. exps.
Allowance for deprec
$504,145
184,586
$304,943
53,359
Cr7,076
49,110
12,283
11,200
Cr5.646
$262,021
384,444
l$0.62
162.32
1934
84,387
33.496
54,075
6,719
X15.384
x42,000
$94,380
354,693
$231,275
316,540
Dividends.
$449,073
75,347
$547,815
193,122
$340,094
23,554
$293,621
23,552
Balance Dec. 31
Earns, per sh. on 97,457
$373,726
$354,693
$316,540
$270,070
shs. cap. stk. (no
par).
$0.96
$2.45
$0.72
Net profit
Previous balance
Includes $1,100 ($2.80 in
1936) for surtax
x
1937
Cash
U. S. Govt, secur.
Inc.—Registers
V. 145, p. 435.
1936
$82,477
319,208
on
$70,024 Ioss$109,905
270,070
403,526
'Nil
undistributed profits.
Liabilities—
$120,667
319,208
accts.
283,285
a
58,181
883,235
846,277
1
1
4,909
Other assets
1937
ex¬
penses, Ac
Notes payable
to
$62,792
banks
on
Deferred charges..
$60,811
250,000
Prov. for Fed. taxes
income,
est.
15,200
14,731
Accrued taxes
&c
1936
payable for
purchases,
3.976
Land, buildings,
mach'y,
equip¬
Total
Accts.
178,911
29,740
c
114,904
246.829
Inventory
b
Capital stock
1,165,780
Surplus
373,726
Treasury stock...Dr d32,544
60,841
1,165,780
354,693
$1,849,684 $1,642,124
Total
$1,849,684 $1,642,124
reserve
for depreciation,
b Represented
by 97,457 no-par
Includes 3,251 shares of
capital stock purchased for resale to
employees at cost of $32,089.
d 3,281 shares at cost.—V.
a
After
shares,
c
144, p. 4344.
(George A.) Fuller Co.—Adjourned Meeting—
Stockholders will hold
sider
an
adjourned special meeting
on
Feb. 15 to
con¬
approving a proposed plan for the capital readjustment of the
com¬
pany and to decrease the capital from
$7,279,400 to $2,881,383.50, and to
amend the by-laws as contained in
exhibit "D" of the proposed
plan.
See also V. 145, p. 4117.
$5,688,414 $4,569,664
Founders,
See list given on first
page of this department.
$16,583
6,857
def$3,158
Net
Foreign Bond Associates, Inc.—Annual Report—
reserve and
reserve for doubtful
by 75,000 shares, $5
par, class A stock and
class B stock.—V.
50,000
145, p. 2693.
b Represented
shares, $5 par.
2,082.000
26,858
72,550
273,350
860,212
Total
After applying customers'
contingent
accounts,
1936
$663*5O5
13,067
Federal taxes
$565,212
506,377
3,027
Pat., trade marks,
goodwill, &c
$980,000
17,831
1
1937
Funded debt
Coll. trust notes..
_
1,036,778
$548,369
486.063
3,879
Gross income
Deduc. from gross inc.
ment,
Comparative Balance Sheet Dec.
31
Assets—
$53,301
36,718
$721
Other income
—V.
1937—12 Mos.—1936
$43,563
42,842
Operating income
Shares
RR.—Earnings—
1937—Month—1936
expenses.
receivable
$1,327,122
stock,
7,609.612
1,467.324
225.476
revenues
Assets—
Dr104,985
$1,453,624
company's
7,728.266
1,034.058
def222,593
Net rev. from
oper
Tax accruals
Customers'
$1,485,212
dividends
8,614,508
2,098,654
877.796
Balance Sheet Dec. 31
ouu
of period
x
$676,835
119,697
65,543
Fonda Johnstown & Gloversville
1.305,024
26",716
Cr8l",84i
1934
95,877
Period End. Dec. 31—
6,917
Dr9~,027
1935
$772,088
124.916
39,875
9.303,206
2,179,903
741,578
year s-Dr
Deprec. of securities
Surplus adjusts, (net)
1936
205.240
—V. 146, p. 108.
x
440.
$937,287
306,330
283,604
railway—$848,684
From Jan : 1—
Gross from
railway
Net from railway
Net after rents
Operating
Operating
p.
Earnings—
(The) Foote-Burt Co.—Earninos—
440,329
162,311
54,370
33,824
$40,613
$1.50
Calendar Years—
1936
1,453.625
1936
$1,171,034
668,046
$1.75
670,346
depreciation, Federal income taxes, &c.—V. 146,
Gross from
Baltimore—Earnings—
$199,753
21,640
75,000
*62,500
Federal income taxes
1937
$1,005,423
Net from railway
Net after rents
x
532,515
207,913
82,827
42,022
expense
Interest
Subs.)—Earnings—
share
Net deficit
1935~"
~1934 ~~
$31,311,031 $26,452,599 $22,273,636
Gross inc., less
$19,410,248
chargeouts.
per
After
Food
at
(&
Florida East Coast
Ry.-
Fenton United
Cleaning & Dyeing
Operating
notes
Calendar Years—
Chesapeake & Ohio—
1937
274,377
Net profit
Shares common stock
Co.—Accum. Div.—
The directors have
declared a dividend of $1.75
per share on account of
accumulations on the
7% cum. pref. stock, par $100,
payable Jan. 25 to
holders cf record Jan. 24.
Similar amount was
paid on Oct. 15 and on
Finance Co. of America
Surplus
x
See latter
company above.—Y. 146, p. 750.
Calendar Years—
Purchases
101,369
reserves
purchase
to
on June 16. 1937.—V. 145,
38,188
of company's shares,
x Represented
by 66,821 no par shares,
including
treasury stock,
y After depreciation of $964,238 in
1937 and $889,102 In
1936.
z Represented
by 5,000 shares.—V. 146, p. 751.
of the
$3.50 was naid
55,014
$1,721,997 $1,899,388
Total
$1,721,997 $1,899,388
b Of the earned surplus
$73,028 is represented by 5,000 shares of
treasury
and this amount therefore is not available for
dividends or the
146, p.
a dividend
taxes
Total
cos.
c Of parent and
sub. cos. applic. to
Engineers
before allowing for loss,
d In investment in
stock of sub. cos., measured
by cum. divs. on pref. stocks of such
not earned within the
year, less minority interest and
JU*2225 *a8t aDt*
Liabilities—
1937
1936
Common stock..$1,259,105 $1,259,105
5,752
51,190
stock
Service Co. stocks,
Erie RR.—Direct Control
by
66,821
Accounts payableAccrued Insur. and
237,283
receivable
intercompany
eliminations.
Such amounts are not a
claim against
Engineers Public
Service Co. or its other sub. cos.
Notes—Effective Jan. 1, 1937, certain sub.
cos. adopted the new
of accounts prescribed
system
by tne Federal Power Commission which
differs in
certain respects from the
system the companies
previously followed. One
of the requirements of the
new system is that
certain property studies are
to be made and
completed by Jan. 1, 1939. It cannot
presently be foreseen
what changes in the
companies' accounting for
property and provision for
property retirements may be necessitated
upon the completion of these
studies, but they may be material.
(2) On March 31, 1937 the
physical
property and certain other assets of Ponce
Electric Co. were sold.
The
income statement includes results
of operation of that
company for periods
prior to that date.—V.
107.
x
105,635
60,449
-
Long-term
common
cos.
200,369
Deferred charges—
of certain sub.
Public
x
-
notes A accts .rec
Federal
amounts
1936
Officers & employ.
opinion that they have
liability for Federal surtax on undistributed
profits for 1937. b Applicable
Engineers Public Service Co., before
allowing for unearned cum. pref.
divs.
1937
Investments----t Treasury stock.-
$2,946,392
$2,323,537
the
$2,631
66,821
$3.09
Inventories
$3,420,887
474.495
$3,768,777
$2,323,537
66,821
$0.51
69,488
Bal. applic. to stocks of
Engineers Public Service
Co., after allowing for loss
Pref. div. requires, of
Engineers P. S. Co
$30,441 sur$144,381
66,821
Accounts receiv.—
Cash value life ins.
$3,646,561
225,673
$4,118,566
349,789
$121,648
stock out¬
Flintkote Co.
Total-.-
c
com.
Cash
63.105
87.672
44,542
charges above:
Expenses, taxes and interest
$28,282
30,913
equip.,docks,&C.$1,178.619 $1,238,929
3,451,240
59,811
76,274
150.714
$4,353,417
234,851
cos., included in
Interest
Preferred dividends, declared
Revenue from miscellaneous investment
$190,748
46,367
Comparative Balance Sheet Dec. 31
$3,451,240
-
$31,380
61,821
-
Assets—
$3,466,256
15,015
-
b$140.124
111,842
Land, plant and
y
5,371.760
2.664.767
1,268,112
Balance
Amount applicable to minority interests
1934
b$302.257
111,509
Nil
$0.42
a After
charging all administrative and operating expenses,
including
maintenance and repairs,
b After charging all administrative and
operating
expenses, including maintenance and
repairs and Federal Income taxes,
c Includes
treasury stock.
$1,249,335 $13,721,658 $12,770,897
—;
Shares
c
$1,905,075 $21,616,195 $20,882,791
655,739
7,894,536
8,111,894
Appropriations for retirement reserve c
Dividends on pref. stocks, declared
Cum. pref. divs. earned but not
declared.
Bal.
Deficit
$1,801,927 $21,953,733 $19,714,965
103,148
Dr337.538
1,167,825
295.344
405.074
1935
98,072
1os8$59,827
61,821
Net profit
Cash dividends paid
1937—12 Mos.—1936
$52,456,909 $48,123,557
20.630,744
19,827.107
3.634,264
2.925.732
a6,238,168
5.655,752
$1,889,187
Net oper. revenues..Non-oper. income (net)-
1936
b$129,452
standing (no par)
Earnings per share
$4,516,884
1,770.301
336,375
521,020
Maintenance
Taxes
Dredge & Dock Co. (& Subs.)—
1937
full-time
Subs.)—Earnings—
1937—Month—1936
$206,463
a$34,992
94,819
Depreciation----------
-
Engineers Public Service Co. (&
Period End. Dec. 31—
146, p. 277.
Fitz Simons & Connell
reductions, said Charles F. John¬
son
Jr., General Manager, will affect about 200
employees.
A formal
statement signed by George F.
Johnson, President of the board, and other
company executives, states that business
generally and inventory results
had not improved.—V. 146,
p.
$197,735
Calendar Years—
Net income
wage reduction for
.
1937
———-
—V.
After appropriations for retire¬
20%
5, 1938
Month of January—
Sales
Endicott-Johnson Corp.—Cuts
Pay 20%
This company announced on Feb. 2 a
salaried workers, effective Feb. 1.
The
Feb.
(M. H.) Fishman Co., Inc.—-Sales—
1937
revenues
Balance after oper., maint. and taxes
y Balance for dividends and surplus
*
ment
Chronicle
At the close of the
year, after all reserves, the asset value
per share was
as compared with $11.25 on Dec.
31, 1936.
This represents a decrease
of 24% after
allowing for the cash dividends paid during 1937 of $1.10
per
share.
These dividends were equivalent to a return of
9.13% on the offering
price as of the first business day of the
year and to 13.80% on
the^offering
price as of the last business day of the
$7.45
During the
82,124, or
to
year
year the number of shares outs
over
165%.
-
>
»*ng increased from 30,912
Volume
Financial
146
$24,537
Interest earned
Corporate expenses
Fiscal agent's fees
Legal and auditing
Taxes (other than Federal income)
6,223
6,287
3,684
1,909
_
$6,434
89,985
Excess of interest earned over operating expenses
from sales of securs. computed on basis of avge. cost
Net profit
$96,419
13,500
1,500
Total
Federal normal tax
Federal surtax on undistributed profits
$81,419
$252,064 in
Net profit
r Note—The cost of securities owned at Dec. 31, 1937 was
excess of market value (as determined by the Executive Committee of the
company) for such securities at that date.
At Dec. 31, 1936, the cost of
securities owned was $48,538 less than the market value (as determined by
that date.
the Year Ended Dec. 31, 1937
Statement of
Surplus for
$262,123
Capital surplus, balance at Dec. 31, 1936
mon
stock
over
shares of com¬
553,575
value of the shares issued
the par
$815,698
Total
stock
Cost of registering 200,000 additional shares of common
with the Securities and Exchange Commission
7,894
given on first page of this
See list
Co., Inc. (& Subs.)—Earnings—
General Cigar
&c.$21,723,6661
Gross sales lessdisct.,
15,737,434/
Cost of sales
$5,986,232
3,640,782
466,149
280,279
$6,374,754
3,929,594
491,868
304,361
$6,639,816
3.871,420
$7,151,679
4,066,780
499,991
331,919
473,729
395,746
$1,599,021
e74,908
$1,648,931
153,726
$1,936,486
139,645
$2,215,425
$1,673,930
$1,802,657
$2,076,131
$2,342,952
$1,673,930
$1,802,657
8,978,964
$2,076,131
8,671,779
$2,333,545
12,066,036
$10,213,623 $10,781,621 $10,747,910
Preferred divs. (7%)...
350,000
350,000
c35O,O0O
Common dividends
1,418,946
1,891,928 dl,418,946
$14,399,581
a525,000
Gross profit
Sell., admin. & gen. exps
Deprec. & amortization.
Federal, &c., taxes
Net..
Other income
Total income
Net profit
for
$33,941
31, 1936
ended Dec. 31,1937
year
81,419
$115,360
Adjustment of provision for Federal income
taxes for prior years
Dividends paid.
Balance at Dec. 31,
$567
67,143
67,710
47,650
1937-
Net
income
owned, as deter¬
Executive Committee of the company in con¬
formity with resolutions passed by the board of directors—
over
Total surplus.
Consolidated Balance Sheet Dec.
$603,390
.........—.—.......
surplus at Dec. 31, 1937, exclusive of
market value of securities owned at that date, less
cost over
7% cum. pref. stk.
900,308
62,250
1,289,479
of
Mtges. receivable.
U. S. Govt, securs
agent's fee applying to dividends, is equivalent to an amount
$0,552 for each share of common stock outstanding at Dec. 31, 1937.
Balance Sheet Dec.
31, 1937
for securities
sold
Accounts payable
754
but not delivered
Securities owned
Accrued interest receivable
stock
Accrued expenses..
(par $0.10)...
Common stock
of
Excess
cost
servefor depreciation
$636,129
3973.
Fundamental Investors, Inc.—Earnings—
1937
1936
Dividends
$423,665
$200,083
distributions
receivable as
investments held
Securities
on
24,108
992
-
Interest
4,312
84,041
Expenses
$364,724
Net income
$75,093
26,004
$131,343
$448,765
Total income
5,249
$204,395
73,053
$49,089
y618,778
y875,017
xl31,554
x Consists of $75,813 applicable to earned surplus and $55,741 applicable
to undistributed net income,
y Consists of $240,943 ($750,424 in 1936)
declared out of earned surplus and $377,835 ($124,593 in 1936) declared
Dividends paid
Balance Sheet Dec.
Funds
$827,585 $1,201,437
custodian.
7,443,330
Securities owned..
and
Dividends
Accrued
12.742
Prov.
48,400
y23,600
Prov.
dep.
on
323
239
charges.
Cash
for
for
Unred.
Federal
x
scrip red. & un¬
claimed divs
19.750
scrip
1936
$1,193,707
720,347
$1,153,130
126,052
$473,360
114,269
$1,146,926 def$l 18,955
72,766
89,881
$1,279,182
375,102
Deprec. & amortization98,306
Maintenance and repairs
Cap. stk. & franch. taxes
yl'60",623
Fed. & State taxes (est.)
$587,629
298,565
55,378
$1,219,692
$645,150
138,228
321,030
$194,109
138,228
321,030
Operating income
Other income
and
dlvs.
on
profit
Divs. on pref.
Divs. on com.
stock
stock
Surplus..
Shs .com .stk
Federal
x
x
$450 provision
Includes
Dividends receivable only,
over
1,695,035
174.426
206,547
$8,298,527 $9,308,599
Total
for Federal surtax on
z
Par $2.—V. 146, p.
Gatineau Power Co.— To
undistributed income-
751.
y29,275
Expand—
capital stock tax only,
y
operation—
Interest on bonds
Int. on spec, bank loan.
Premium on bonds red..
Profit from
Exch.
coupons
Ltd. (& Subs.)- -Earnings—
*937
Calendar Years—
250,000
3,150
2,545
55,175
250,000
2,550
3,785
49,750
35,000
26,000
17,000
C/16,315
Cr52,065
$177,939
1,048,761
1,207,076
"¥,124
General administrative expenses
Selling expenses..:
Net
811
...
Net
profit
common
z
9,923
1,252
4,509
3,169
$53,234
2,773
$28,986
3,230
$56,009
8,670
10,138
$32,217
7,483
1,463
$77,030
Federal taxes.
Earnings per share on
46,506
7,341
3,639
$115,666
16,749
z21,887
profit
Extraneous expenses
State and
78,106
$92,116
23,550
income
$37,200
Includes $7,526 for surtax on
$236,346
870,822
$79,332
$634,475
Consolidated Balance Sheet Dec.
1937
mtges.,
77,491
&c
44,489
Deferred charges..
9,313
992,643
22,651
3,219,530
63,405
44,303
Peerless
959,502
151,717
60,661
693,061
Special bank loan.
Reserves
69,363
68,433
450,000
4,558,207
4,340,516
137,000
155,000
Bonds (company). 6,577,000
Preferred stock... 4,500,000
685,655
12,619,489 12,463,813
General Vending
3008.
—
6,577,000
4,500,000
1,000.135
634,475
Bonds of sub. cos.
Represented by 200,000 shares
See
p.
$
46,626
& accr.
liabilities..
Taxes pay. & accrd
x
Common stock..
Deficit
18,851,734 16,815,659
Total
x
Accts. pay.
1936
536,843
Bank loans
Accrued interest
connect'n
reorgan. of
funded debt—
$
Liabilities—
Exps. in
Fixed assets
$870,822 $1,048,760
1937
$
$158,316
31
1936
$
43,891
Accts. receivable.. 1,039,644
Sundry debtors—
27,321
Inventories
4,313,752
Agreem'ts for sale,
$23,270
$0.26
$0.08
$0.02
undistributed profits.—V. 146, p. 277.
-
634,475
deficit._.
3,606
250,000
2,250
33,333
$555,143
profit
deficit
Previous
233,613 shares
stock (no par)
120,000
Prop, of refin. exps. w-o
Capital profit on bonds
retired during year...
with
operating profit.
Total
1935
$138,494
48,850
'
Engineering expense
Royalties on castings
Accounting department expense
Extraneous
1936
$214,365
67,341
2,300
57,306
& Prov.
Assets—
$830,806
451,698
250,000
3,150
418,486
payable
depreciation..
Directors' fees, &c
Legal fees
Profit & loss
$925,996
432,286
$1,004,827
Prov. for
Net
1934
1935
1936
„
$1,368,215
327,571
19,411
income taxes
Co.—Earnings—
1937
$239,841 def$801,079
321,030
320 ,700
$1.74
Nil
Federal surtax not assessable.—
145, p. 2846.
Cash
$321,943
117,850
111,166
$698,934 loss$342,151
138,228
138,228
320,865
320,700
$0.17
$1.58
Salaries of officers
announced on Feb. 4 that it has applied to the Provincial
Electricity Board of the Province of Quebec for approval of plans to spend
about $750,000 in 1938 for additional generating and transmission line
capacity.
This will be financed out of earnings and cash on hand.
The principal item
will be an additional 60-cycle 34,000-horsepower
generating unit at the Chelsea hydro-electric plant on the Gatineau River,
six miles north of Ottawa.
This will be the fifth 34,000-horsepower unit
at Chelsea and will complete that station to its full designed capacity of
170,000 horsepower.
The other major item will be a second 110,000-volt
circuit to be added to the existing six-mile transmission line from the com¬
pany's Farmers hydro-electric plant, one mile south of Chelsea, to its Val
Tetreau switching station in Hull, P. Q.—V. 145, p. 3497.
Years Ended Dec. 31—
$7,551
289,587
34,248
25,867
$185,892 def$265,149
321,030
321,030
—
.outstand'g_
Res. from Dom.
This company
General Alloys
292,103
41,395
xl4,709
172,552
xl0,300
in foreign currency—
y
$526,179
645,134
36,625
General Steel Wares,
732.418
6,554.175
cost of invests. Dr3,255,998
Earned surplus
$8,298,527 $9,308,599
674,968
temp,
Total income
3,772
Unrealized net ap¬
Total
$1,821,894
invest,
in U. S. Treas. notes..
Profit
V.
1,090,406
surplus.-.10,260,253
preciation
1934
1935
1937
700
Capital stock
Paid-in
3,772
Rep¬
$2,008,815
855,685
operating income.
Sell., admin. & gen. exp.
Gross
12,639
Federal
unclaimed
for
3,800
c
752.
Signal Co.—Earnings-
Calendar Years—
Earnings per share
income tax
3,073
Rec. for sec. sold..
$99,836
*3,450
capital stock
tal stock
Deferred
3,500
Reserve for taxes.
Subscribers to capi¬
1936
p.
Corp.—Distribution to Employees—
distribution of $2,690,068 in cash and com.
its employees savings and investment plan.
Each employee who in 1932 paid in $100 to the fund will now receive
$243.55 in cash and stock. Of the total amount, employees paid in $1,107,650 and the corporation contributed the balance.—V. 146, p. 597.
manage¬
ment-fee
8,042,625
in¬
receivable
terest
$2,417
Accounts payable.
deposit
on
with
1937
146,
General Motors
Net
31
LiaMlUies—
1936
1937
b After re"
and $3,217,678 in 1936.
of no par value.—V.
The company has begun the
stock to its employees through
out of distributed net income.
Assets—
25,138,080 25,351,177
Total
of $3,080,076 in 1937
General Railway
1935
$69,844
500,000
8,539,693
3,899,658
1937 and $124,181 in 1936.
of $73,305 in
reserves
500,000
2,083,261
148,479
130,923
resented by 472,982 shares
,
Years Ended Dec. 31—
After
175,000
626,423
311,992
8,444,677
3,899,658
.
surplus
Capital surplus
25,138,080 25,351,177
Total...
market
owned.._Z>r252,065
Total
$636,129
Total
—V. 145, p.
1,919,533
4,933,337
900
15,000
2.882
8,212
over
value of securities
Accts. receivable
Earned
1,890,714
Deferred charges..
807,804
47,650
Capital surplus
Earned surplus
Fed. & Cuban tax.
Insurance reserve
Cash
175,000
537,301
283,032
payable,
payrolls, &c
70,750
3,000,000
12,920,092 13,801,763
a
1,000,000
Accounts
sup¬
$5,456
289
Federal capital
tax
Prov. for Fed. income taxes..
927
Deferred charges
for
Provision
1,640
611,053
2,888
Miscellaneous accounts recelv.
a
Payable
for
securities pur¬
chased but not received
$18,867
Cash in bank
Receivable
1
plies, &c_......
LiabUUles—
P Assets—
mat'la,
Raw
5,298,410
Special capital res.
Dividends payable
1,057,269
machinery
Common stock..
5,000.000
5,298,410
1,000,000
5,000,000
e
3.298,940
Cost of licenses for
fiscal
$
$
Liabilities—
2,982,154
1
Goodwill,
the excess of
allowance for
1936
1937
$
Land, buildings,
b
31
1936
$
Assets—
machinery, &c—
Balance
$8,444,677
472,982
$2.80
1937
market value of securities
Note—The earned
b5,202,802
$8,539,693
$8,978,964 $8,671,779
472,982
472,982
472,982
Earned per sh
on com._
$3.07
$3.65
$4.19
a Includes regular dividends of $350,000 and $87,500
dividend payable
March 1 and $87,500 dividend payable June 1, 1935 (the latter two pay¬
ments charged
to surplus).
b Consists of regular dividends (including
$472,982 payable Feb. 1, 1935), $2,364,910 and extra dividends {including
$1,418,946 payable Feb. 1,1935), $2,837,892.
Dividends paid Feb. 1,1935.
were charegd
to surplus,
c Representing dividends paid Sept. 2, 1935,
and Dec. 2, 1935, and dividends payable March 2, 1936, and June 1, 1936.
d Representing three dividends of $1 per share paid May 1, 1935, Aug. 1,
1935, and Nov. 1, 1935.
e After deducting $132,922 loss on sale of nonoperating properties (net).
Profit & loss surplus..
Shs. com. outst. (no par)
mined by the
252,065
9,407
8,539,693
Previous surplus
$855,455
Excess of cost
127,527
Interest
.
$807,804
Balance at Dec. 31, 1937
Earned surplus, balance at Dec.
1934
1935
Not available
1936
1937
Calendar Years—
by the Executive Committee of the company) for such securities at
Excess of amounts received on issuance of 51,212
Corp.—Registration Withdrawn—
department.—V. 145, p. 1585.
General Banknote
31, 1937
Earnings for the Year Ended Dec.
913
Chronicle
Total..
1,000,135
79,332
18,851,734 16,815,659
of no par value.—-V. 145, p.
3655.
Corp.—Exchange Time Extended—
Machine Corp., below.—V. 145,
"Weighing & Vending
914
Financial
Chronicle
Georgia & Florida RR.— EarningsPeriod End. Dec. 31—
1937—Month—1936
%82,24$
$92,396
85,147
91,743
Operating revenue
Operating expenses
Net
from ry. oper.
Railway tax accruals,..
rev.
def$2,901
3,013
.
$653
Cr844
def$5,915
Equip, rents (net)
facility rents (net)
Net ry. oper. deficit—
Non-oper. income
$136,947
73,157
$1,832
inc.$36,374
1,328
Gross income
15,793
def $6,031
def$504
1,104
...
427
$52,689
11,464
1937
Cash
$3,434
11,103
December—
Gross from railway.....
From Jan. 1—
Gross frojn railway
Net from railway
Net after rents
567,781
690,209
$261,343
defl2,358
def1,298
3,674,891
500,693
522,002
3,724,469
714,546
676,175
3,214,746
461,937
512,887
1935
pref. stock
Balance
No provision
or
$2,023,985
was
distributed.—V. 145*
on
p.
Company, operators of
Providence, which
value of each share.
Preferred stock would be issued
similarly to landlord creditors for
unpaid
rent and charges
up to July 29, 1937, but this would be
issued in sums
equal
to the amount of the
indebtedness at the "reduced rates"
which were
charged for rental after the reorganization
petition was filed.
Many long
leases, signed before the depression, which
contributed largely to the firm's
financial difficulties, had
already been rejected under order of the
Court,
the plan stated, and the
company proposes to reject all other
leases, but
those of the Gibson
Realty Co.
Mr. Barrows would
purchase all outstanding stock of the
corporation and
exchange for it 100 shares of new no par value
common stock which would
be
transferred to three trustees until
all preferred stock had been
retired.
Edgar S. Stanley of Needham,
Mass., and Carroll Harrington and
Henry
T. Farrell of Providence would
serve as trustees.
The common stockholders
would receive no dividends
until after retirement of the
preferred stock.
The landlords also would
receive preferred stock on the
basis of 10%
of the amount of claims for
damages allowed by reason of the
rejection or
breach of leases. New leases would
be given at the current rates.
Judge John O. Mahoney ordered that
any objections to the reorgan¬
ization plan be filed
by Feb. 10. He set Feb. 25 for a
hearing on the pro¬
posals.
Total indebtedness of the firm
as of
July 29, 1937, was
given
as
$245,000.
Director-—
Globe
Net loss (before
Assets—
Cash in office and
banks
U. S. Govt, bds
State, railroad
and
other bonds and
stocks
Real estate
Premiums In
Liabilities—
14,216,723 14,057,007
1,000,000
1,000,000
S
earned prems.—
Cash in banks
7,068,465
sundry accounts
3,304,817
2 845,724
196,641
217,792
672,597
634,231
rents
<
x
Voluntary
for
1,230,000
771,000
3,638,784
3,741,403
2,500,000
5,000,000
2,200,000
2,500,000
5,000,000
-36*103,261 35,664,264!
^Including fluctuation
Total
36,103,261 35,664,264
in market value of securities.—V.
145, p. 3196.
(B. F.) Goodrich Co .—Fire Hose
Order—
An order for
116,000 feet
ever
or
22 miles of fire
hose,
one
of the largest orders
p^aced^has been awarded to this company by the City of Los Angeles.—
directors
have
declared
dividend of 25 cents
per share on the
common stock, no
par value, payable March 1
to holders of record Feb.
This compares with
15.
50 cents paid on Nov.
24, last and 25 cents paid on
ne
March 1, 1937.
Prior to this latter
dividends were distributed
payment no
since April
1, 1931, when a cash dividend of
o7o
C
8 a
a stock dividend of 1 1-3% had been paid.—V.
p. Zto.
146,
a
«
Graham-Paige
Cum. int.
2,066,075
1st mtge
1941
on
95.715
(4M%) due Sept. 28,
80,000
Income
mortgage
bonds
1,000.500
2,558
1,000,500
Total
x
$2,108,848
—
Total
74,314
—
—
Green Bay & Western
December—
railway
Net from railway
$95,074
36,605
1,624,122
387,060
176,881
1,412,110
275,530
133,036
1,117,539
108,397
21,931
22,441
Distillery, Inc.—Registers with SEC—
See list given on first page of this
department.
Ship Island RR.—Earnings—
December—
1937
Gross from railway
1936
$96,476
8,229
1935
def20,860
$115,446
12,259
def38,455
1,543,040
251,222
def67,095
1.443,901
177,398
1,263,013
170,727
defl46,384
def95,752
.
railway
Gross from railway
railway
Net after rents
—V. 146, p. 109.
Gulf States Utilities
1934
$89,810
$88,146
926
7,735
3,104
defl0,785
1,140,281
132,863
defl50,098
Co.—Preliminary Earnings—
12 Months Ended Dec. 31—
y
1934
$109,003
16,191
9,805
109.
p.
Green Mountain
Net from
1935
$153,100
48,216
30,250
1,687,011
446,969
263,462
From Jan. 1—
Gross from railway..
Net from railway
Gulf &
1936
$114,825
21,789
9,049
Net after rents
146,
RR.—Earnings—
1937
Gross from
x
$2,108,848
.
After reserve for doubtful accounts of $150.—V.
142, p. 786.
1937
Balance after oper., maintenance and taxes
Balance for dividends and surplus
x
Includes non-operating income, net.
tirement reserve.—V. 146, p. 278.
y
1936
$6,459,628
2.922,858
1,199,294
revenues
$5,863,973
2,788,776
890,250
After appropriations for
re¬
Hamilton Watch Co.—2ry-Cent Dividend—
The directors have declared
a dividend of 25 cents
per share on the com¬
payable March 15 to holders of record Feb. 25.
This
75 cents paid on Dec. 15, last; 60 cents paid on
Sept. 15,
last; 40 cents paid on June 15, last and 25 cents paid on March
15, 1937,
this latter being the first dividend
paid since Sept. 1, 1931, when 15 cents
per share was distributed.—V. 145, p. 3346.
mon
stock,
no
par,
compares with
Period End. Dec. 31—
Gross operating incomeCosts, oper. & gen. exps_
1937—6 Mos—1936
89,671
amortization...
\
amortiz.[
$1,472,860
1,269,298
62,308
$3,073,259
2,330,864
,
168,240
$2,950,041
2,521,446
104,424
87,665
Intangible develop, exps
Deprec'n, retire. & other/
Deplet. & lease
California—Earnings—
1937—3 Mos.—1936
$1,496,134
1,108,503
77,379
186,965
159,611
Net operating profit-.
Motors
Corp.—Maturity
corporation has declared
operative the
Plan—
plan to extend until Feb.
1943, the maturity of about $860,000
1.
first-mortgage 6% bonds due Feb. 1
85% of the bonds assenting to the
with more than
plan.
.The company, it is reported, is
negotiating for a loan
additional working capital.—V.
145, p. 3973.
to
be
used
for
$210,295
$63,875
$387,190
$164,561
a Includes raw
materials, operation, selling and administrating expenses,
State, county and Federal taxes.—V. 146, p. 598.
Harbison-Walker
Refractories
Calendar Years—
1937
Co.
directors have declared a
dividend of 50 cents per share
on account
of accumulations on the
$3 cum. conv. pref. stock no
par value
March 1 to holders of record
payable
Feb. 10.
Similar amount wras
paid on Dec 1
Sept. 1 and on June 1 last.
A dividend of 75 cents
was paid on
April 1 last:
dividends of 25 cents were paid on
March 1 1937 and on Dec.
1
June 1
Sept. 1 and
1936 while dividends of
373^ cents per share had been distributed
(& Subs.)—Harris.
1936
1935
1934
$3,462,483
1,358,883
$1,805,668
1,358,883
$2.41
$1.20
$1,246,587
1,358,883
$0.78
Net profit after deprecia_
Grand Union
Co.—Accumulated Dividend—
The
$2,799
1,090
6% inc. mtge.
bonds
12,823
Hancock Oil Co. of
(The H. W.) Gossard
Co.—Dividends—
The
x947
Deficit
Operating
reserve
conting's
Capital
Surplus
Accruals & accounts payable.
Tenants' security deposits
3,892
6%
538,218
Reserve for losses
4,148
60,030
Due Jan. 1, 1951
Prepaid rentals
Capital stock (par $50)
6,492,641
620,109
$12,280
$51,897
25,111
Deferred expenses
on
uncoil, prems...
Res. for taxes and
482
$154,360
88,800
53,280
From Jan. 1—
14,421,002
$153,878
Liabilities—
Net after rents
1936
$
Reserve for claims. 16,045,902
Reserve
for
un¬
Res. for comrn's
due and accrued
Sundry bals. due—
Total
1937
$
course
of collection
Interest and
$
1,293,460
1,080,463
—15,419,023 15,829,044
31, 1937
depreciation)
Due from agent
Accounts receivable—tenants
Land & building (not
depre.).
Net from
Financial Statement Dec. 31—
to Dec.
Balance Sheet Dec. 31, 1937
a
1936
17,282,444
—
—
Assets""""*
of
1937
17,951,186
Total
225,000
Net operating income
Administrative expenses & fees—
Cumulative interest on 6% income mortgage bonds..
director of this
company, the Glen
Co. and the Commerce Insurance Co.
Indemnity Co.
def70,158
for depreciation of
expenses
Interest & real estate tax
Glen Falls Insurance
Co.—New Diiector—
vacancy.—V. 144, p. 2481.
175,120
6.000,000
Total income
—V.
Mr. Sherman fills
only one of the vacancies created
the deaths in the last
by
year of Irving Fowier and Lewis F.
Lighton. No one
was elected to fill
the second
7,500,000
17,282,444;
..17,951,186
reserve
Operating
See Glen Falls Insurance
Co., below.—V. 135, p. 138; V. 134, p. 4668.
election
Oct.
due
b Represented
Net after rents
Indemnity Co.—New
Coolidge Sherman has been elected
bonds,
82,122
3,142,197
f.
1, 1955
6,000,000
Accrd. int. thereon
155,625
b Capital stock
7,500,000
Earnings for the Period from Jan. 1, 1937
4117.
Under the plan signed
by Fred H. Barrows, President,
merchandise and
general creditors who have claims
totaling $102,636 would receive
preferred
a par value of
$10 to the full amount of their
claims; the stock
to be retired not later than
Dec. 31, 1948 by annual
payments equal to at
least 10% of the original
Indemnity
16,882
s.
Income—net charges to tenants for rent & water
Miscellaneous income
undis¬
stock with
The
14,911
5% 1st mtge.
Greeley Square Building Corp .—Earnings—
shops in down¬
on
July 30, 1937, petitioned for
authority to
reorganize under Section 77-B of the
bankruptcy laws, filed a plan by which
it proposes to carry out the
reorganization.
Glen Falls
3,817,554
8,369,948
period
Res. for bal. contra 3,472,114
$2,684,356 in 1937 and $2,377,688 in
by 100,000 class A $2 cumulative
participating
preference shares, 100,000 shares class B $2 cum. partic. pref. and 100,000
shares common stock, all of no par value,
c Includes accrued
charges.
—V. 145, p. 1901.
chain of restaurants and food
a
After
1936.
$2,100,972
1937 for Federal surtax
chgs.
Earned surplus
Gibsons, Inc., Providence, R. I.—Plan Submitted—
town
110,000
3,303,745
8,488,765
3,826,003
paid exp
$5,050,792
2,949,819
$243,304
made in 1936
tributed profits as all taxable income
further
applic.to rec'sliip
110,000
3,494,408
Fixed assets.—
$1,019,529 $11,498,686 $11,308,255
530,978
6,524,350
6,257,463
$183,327
was
&
Timber limits
a
$4,974,335
2,9.50,350
4,782
Res. for reorg. exps.
tim¬
Total...
$488,550
245,246
3,847
reconstruction..
38,294
31,472
ber limits
1937—Month—1936
1937—12 Mos.—1936
Gross revenue
$2,486,523
$2,470,353 $29,086,069
$26,499,086
Oper. exps. and taxes...
1,268,751
1,250,824 xl4,917,384
xl3,467,080
Prov. for retire, reserve.
230,000
200,000
2,670,000
1,723,750
$429,190
245,862
on re¬
yet expended on
Investments
Georgia Power Co.—Preliminary
Earnings—
$987,772
558,582
200,000
194,654
Fire claim rec., not
126,402
Def'd charges, pre¬
108.
Net income
63,729
234,375
1,000
turnable cores..
621,739
cos., est.,
unabsorbed_;—
a
$
Est. taxes payable
Def. bond int.pay.
Cust. depos.
Insur.
1934
1936
$
C349.223
1937-38
opers.,
3,157,426
533,833
578,961
Gross income
Int. & other fixed cbgs—
woods
on
cut
$233,007
41,488
70,651
p.
26,994
Depos.with mutual
Period End. Dec. 31—
.
655,149
Inventories
of Ont., re
1937
1936
$319,547
60,317
43,048
Falls
1937
Bank loans, secur.
Accounts payable.
Depos. with Prov.
$254,788
defl3,434
def4,949
quarterly dividend
Liabilities—
293,512
629,862
Advances
RR.—Earnings—
Net from railway
Net after rents..
x
$
Accta. receivable..
Georgia
a
1936
$
hand and
on
In banks..
$7,136
$932 xsur$41,224
$7,669
Surplus applicable to interest.
Period—
Week End. Jan. 21
Jan. 1 to Jan. 21
1938
1937
1938
1937
Operating revenues
$20,225
$28,475
$55,500
$75,775
—V. 146. p. 753.
on
last and compares with
Great Lakes Paper Co., Ltd.—Balance Sheet Dec. 31—
Deficit
Divs.
a dividend of $1 per share on the
common
payable Feb. 16 to holders of record Feb. 4. A similar
of $1.50 per share and an extra dividend of 25 cents
per share paid each
quarter from Sept. 1 1931 to and including Sept. 1 last.—V. 146, p. 753.
*
146,
value
Assets—
Daduc. from income...
—V.
no par
payment was made on Dec. 1
$12,359
16,314
Pay Si Div.—
The directors have declared
stock
$12,170
Drl,324
Dr23,205
$63,790
Dr4,007
1938
quarterly
598.
p.
Great Atlantic & Pacific Tea Co.—To
$86,354
74,183
Dr23,408
$7,484
1,452
CY415
5,
Accumulations after the payment of the current dividend will amount to
$4.12H per share.—V. 146
1,095.308
$1,497
Drl.423
Drl,906
Drl.984
Joint
1937—12 Mos.—1936
$1,291,201
$1,181,662
1,154,253
Feb.
in each of the five preceding quarters and prior to then
regular
dividends of 75 cents per share were paid.
tion, depletion & taxes $3,140,233
Shs.com .stk.out. (no par)
1,359,883
Earnings per share
$2.18
^
Dividend Halved—
Directors have declared
dividend of 25 cents per share on the common
stock, no par value, payable March 1 to holders of record Feb. 10.
Pre¬
a
viously regular quarterly dividends of 50 cents
—■V. 145, p. 3010.
per
share
were
distributed.
Co.—Earnings—
21,723
101
Miscellaneous revenue
Administration expense
Interest
and
sinking fund trustee
paying agent
Depreciation..
Amortization of bond discount
Premium on bonds purchased
Services,
40,812
4,000
Notes,
Inventories
75,721
$40,222
$18,804
Cash—Gen. fund.
Accrued interest.
2,297,266
871,700
1,016,500
708,537
871,700
3,752
2,297,266
Holophone Co.,
$2,524,263 $2,612,350
common
Co.—I o Pay Smaller Dividend—
a dividend of 10 cents per share on the
capital stock, par 25 cents, payable March 15 to holders of record Feb. 15.
This compares with 25 cents paid in each of the three preceding quarters:
a dividend of 20 cents paid on March
15, 1937 and on Dec. 18, 1936 and
regular quarterly dividends of 15 cents per share paid on Aug. 15, 1936,
and each three months prior thereto.—V. 145, p. 3198.
directors
have declared
*
$4,440,273
$4,284,164
$3,175,973
524,928
3,646,392
($3.00)
profit
590,544
3,065,365
($5.25)
707,163
2,042,661
($3.50)
Common
$3,038,406
738,753
2,041,951
($3.50)
$268,953
10,623,674
10,178,157
$426,149
10,229,141
Surplus...
Previous surplus
Proceeds fr. sale of stk,
in excess of stated val.
fr.
Proceeds
in excess
Total
'
$10,655,290 $10,321,484
Prem. on
sh. on com..
Surplus
$10,178,157 $10,229,141
573.879
$6.33
zl,212,240
$3.23
583,639
$4.23
all
deducting
After
$97,336 i« 1936.
expenses
Average number ,of
z
shares outstanding.
Dec. 31
Consolialed Balance Sheet
1937
$
$
Other assets
201,938
9,619,400
,945,850 15,155,850
y Common stock..16
Accts. payable and
1.565,709
952,363
accr. accounts..
Accrued
Deferred
209.496
2,502,364
4,485,178
3,470,686
securities.
seeurs.
pref. dlv
credits..
Federal taxes
Reserves
Profit and loss
131,232
18,038
131,232
40.822
1,081.073
3,907.979
019 913
10.623,674
13,636,948
.249.324
a
equipment
Fire Insurance
Newport Industries,
smelters
Cash
.....
charges.
Deferred
has filed suit
Inc., Claiming Patent
Infringe¬
Industries, Inc., claiming
production of purified wood
the paint and varnish
of wood and stumps,
of the pine tree.
Hotel Drake Corp.— Trustee—
National Bank & Trust Co. has been appointed trustee for
issue of $3,393,250 first mortgage 5% income and sinking fund bonds due
Feb. 1, 1953, and also as transfer agent for voting trust certificates for
13.573 shares of common stock.—V. 146, p. 110.
;
The Sterling
Son, Inc. (&
;
surplus...
Sales..
sales
gen.&adm. exp._
$4,821,356
3,344,442
1,926,308
Subsidiaries]
1936
1935
$4,280,041 $3,363,535
2,794,147
2.461,176
775,394
1934
$2,966,178
2,078,492
614,903
624,989
$287,455
Years End.
—21,164,019 18,645,754
Total
Co.—Registers with
first page
$6,335,712 in 1937
of $5 par value.—V.
paid
Depreciation..
Other deductions
Res. for Fed. inc. taxes.
Miscellaneous taxes
Interest
181,644
98,211
123,572
$892,144
$385,666
16,838
68,129
116,025
26,160
$386,268
21,350
64,908
64,822
32,338
46,654
84,312
184,378
b25,297
118,968
22,162
71,893
111,066
bl01,409
Municipal
SEC—
dividends
c$585,614
$158,513
697",9i4
93,263
719
—
($5par).
share
a
board of
the
monthly
was
who has
Corp., London, Ont.—Earns.
1934
1935
1936
48,557
30,955
$441,987
69,929
58,775
12,631
12,826
12,738
31,500
12,125
56,052
225,000
100,000
250,000
300,000
300,000
$2,703
122,548
$3,881
118,669
taxes, other
real estate—
prem's
for further add'n
Approp.
to internal reserves—
Dividends
surplus
Balance,
def$45,448
125,251
$11,990
79,804
Balance.-
$79,804
$125,251
$122,549
deposits, deducting expenses
making provision for actual and
$91,794
surplus
After paying interest on debentures and
management and other expenses, and
x
of
$377,896
$365,935
other losses.
Balance Sheet
^
Dec. 31
1937
1936
1937
Office
2,000,000
1,254,644
premises
Real estate
b Mtges.
c
Canadian
2,000,000
968,576
Sterling
d Sterling
& agree¬
d Sterling
33,593,570 34,250,982
5,620,347 6,040,985
ments
Securities
Canada Trust
1,557,555
856,781
deb. stk.
deb. stk.
Int. accr. on
IT of
River Silica
trlvorl
fi'mf
norm
Co.
of fV»io
370,352
9,051,042
8,956,881
Provision for taxes
65,000
35,000
Capital stock
Reserve fund
Dividend payable.
Total
44,882,898 45,634.345
a Held
for sale,
b For sale,
c
perpetual.—V. 145, p. 2849.
Huron
201,660
334,546
Deposits
1,557,555
816,248
5,000,000
5,000,000
Profit and loss
Cao
198,740
debs.
and deposits
Co.
stock
1936
$
$
debs—26,357,806 27,158,700
debs
2,233,970 2,269.448
Liabilities—
$
$
Assets—
$202,850
7,000
93,263
$22,011
$112,300 sur$64,531 sur$102,587
209,700
cl86,025
186,525
186,525
$0.91
$3.14
a$0.84
a$1.05
After allowing for dividends on B. J. Goodman, Inc., guaranteed
preferred stock,
b This item represents normal Federal income taxes
only, in that this company was not subject to either excess-profits tax or
surtax on undistributed profits,
c Giving effect to subscription for 26.575
Deficit...
announced the election of
off office
Cash
211,875
1937
$308,397
Canada taxes
Provinces of Can. taxes 1
a
$189,863
profit
Preferred dividends...
and
146.
of this department.
Erie Mortgage
Dec. 31—
Dom. of
$262,697
$710,500
$649,474
Total income
431,482
431,483
Capital surplus...
180.229
Profit for the year
x
Subs.)—Earnings—
$450,606
198,868
profit
Other income—
387,759
796,628
15,999,290 13,986,220
the Hupmobile Illinois Co., to the
has been a Hupp dealer and distributor in
Chicago area for more than 15 years, was elected at the regular
directors' meeting at which the resignation of Arthur S. Dewing
accepted. Mr. Davis will fill the unexpired term of Mr. Dewing
left for a lengthy sojourn in the Far East.—V. 146, p. 442.
100% Owned
1937
Calendar Years—
Com. shs. outs.
taxes
Earned
Davis, President of
directors.
Mr. Davis, who
Previous
Earnings per
S.
U.
L.
S.
against Newport
Corporation and
18,200
Director—
an
Common
chgs.
liab—
and foreign
Misc. curr.
3,798,444
1,849,798
2.584,256
4,070,990
20,414
Hub Loan
than on
(A.) Hollander &
352,131
43,246
18,200
471,427
&c
Accr. market
21,164,019 18,645,754
Total
$
2,368,955
1,057,759
a After
deducting reserve for depreciation of
$5,980,232 in 1936.
b Represented by shares
p. 599^
145. p. 3499.
Net
&c—
Govt, bonds,
Huron &
Gross
245,827
494,527
25,536
207,046
635,958
535,091
3.57
1936
Payrolls, vouchers,
518,694
96,129
fund
investments
Written
Sell.,
590,860
47,133
11,078,036
Reserves-
.13,084,477 10,824,362
Metals on hand
$
2,368,955
Capital stock...
Hupp Motor Car Corp.—New
President, of this corporation,
infringement of basic patents covering the
rosins suitable for general use in size, in soap and in
industries.
Wood rosin is made by the distillation
while gum rosins are made
from the collected sap
Cost of
—
-
-
Accts. & notes rec.
$
Dec. 31
1937
and
Inventories
473,791
$4.94
Liabilities—
$
b
Prop., plant
ment—
—V.
473,791
Tom Bradley,
Total
a
The company
473,791
$5.32
1936
$
See list given on
46,573,069 42,125,740
8,706 shares pref. in 19,36 and 1937 and 38,958 shares common in 1937
(22,355 in 1936).
x After depreciation of $16,360,974 in 1937 and $15,003,460 in 1936.
y Represented by 1,355,668 (606,234 in 1936) no par shares.
Total.........46,573,069 42,125,740
Sues
$269,770
473,791
$10.03
1937
Assets—
102,834
163,891
Deferred charges..
%
9 ,619,400
Preferred stock...
70,447
3 867,564
Mat'ls & supplies. 4, 500,246
Finished products. 4, 936,094
Invest,
U. S. Govt
1936
S
Liabilities—
Prop'y_18 ,670,286 17,439,546
5,000,000
Goodwill
5, 000,000
2,449,298
Cash
4, 187,547
4,716.581
Accts.receivable.. 3. 443,755
a Co.'s cap.
stock
1,679,309
Cat cost)
1, 577,474
Plants <fc
24,274
$422,872
Consolidated Balance Sheet
Due from
1937
1936
Assets—
x
$221,098
$1,910,298
stock out¬
standing ($5 par)
Earnings per share
583,529
$3.95
incident to manufacture and sales,
ordinary and extraordinary repairs, maintenance of plants, accidents,
depreciation, taxes, &c.
x Changing from accrued to declared basis,
y Includes Federal income and capital stock taxes of $1,074,343 in 1937 and
$951,863 in 1936, and undistributed profits tax of $167,889 in 1937 and
*
$1,691,143
1,421,373
Shares capital
116,194
out¬
of common
52,341,726
1,918,854
355,480
$4,753,044
2,842,746
Net income
360,940
182,738
..$13,636,948 $10,623,674
standing (no par)
Earned per
1934
$10,097,874
.7.490,699
576,334
339,698
1,819,380
Dividends
Adjustment prior years-
Shares
8,583,832
1,103,876
265,216
.
x92,343
adjustment..
pref. stk. ret'd.
Balance, surplus...
9,309,714
1,063,543
335,424
$2,518,984
2,297,886
12,765,835
Depreciation
div.
Pref.
Subsidiary Companies]
1937
1936
1935
$19,693,739 $13,227,666 $12,294,650
[Including Interest in
Total oper. revenue
Taxes
826.778
made
A like payment was
Sound Co.—Earnings—
Operating exps., &c
195,831
Equity in undist. earns.
of associated cos
10 cents per share on account
class A stock, no par value,
with 30
share paid on
1935, this latter being
1933, when 15 cents
each three months from
regular quarterly
3010.
Calendar Years—
23,672
surplus........$14,463,726 $10,806,412
-
have declared a dividend of
accumulations on the $1.80 cum. partic.
payable March 1 to holders of record Feb. 8.
on Dec.
1, Sept. 1, June 1, and March 1, 1937, and compares
cents paid on Dec. 1, 1936, and dividends of 10 cents per
Sept. 1, June 1, and March 2, 1936, and on Dec. 2,
the first payment made on the issue since June 1,
was paid.
22H cents per share were distributed
June 1, 1932, to March 1, 1933, inclusive.
Prior to then
dividends of 45 cents per share were disbursed.—V. 145, p.
stk.
treas.
Inc.—Class A Dividend—
(Henry) Holt & Co.,
The directors
of
Howe
$628,256
3,375,268
of cost
"
of 25 cents was paid. A like
against 40 cents paid on April 1,
1930.—V. 145, p. 1260.
$257,702
10,040,110
dividends
divs
Rate of common
the
of record Feb. 15.
with 50 cents
April 1, 1932, when a semi-annual dividend
payment was made on Oct. 1, 1931, as
1931, and 50 cents on Oct. 1 and April 1,
Inc. (& Subs.)—Earnings—
Calendar Years—
1937
1936 '
1935
1934
Gross receipts
$44,558.502 $36,740,574 $29,669,715 $25,795,409
Net earns, all sources..
5,682,506
5,333,365
3,768,607 3.488,715
Federal taxes...
yl,242,232 yl,049,200
592,634
450,309
Preferred dividends
$0.37
per share on
paid on Dec. 1 and on Sept. 1 last; 20 cents
paid on June 28 last; 50 cents paid on June 1 and on March 1, 1937; 25
cents on Dec. 15,1936; 40 cents on Oct. 1,1936, and 25 cents paid on April 1,
1936, this latter being the first payment made on the common stock since
Hercules Powder Co.,
Net
stock, no par
This compares
Hecla Minrng
The
declared a dividend of 30 cents
value, payable March 1 to holders
directors have
The
$1.38
Dividend—
Pay 30-Cent
To
$2,612,350
....$2,524,263
1935
$55,566
1936
$144,362
$1.30
1937
$151,715
after taxes and charges__
Earnings per share on common stock.
Total
(13,975
Inc.—Earnings—
Ended Dec. 31-—
6 Months
2548.
-V. 145, p.
Good¬
shares
(13,975 in 1936) shares of A.
Net earnings
1.265
Deferred charges..
$5,188,225 $4,009,516
Total
of $875,912 in 1937 and $791,600 in 1936.
b
Goodman, Inc., only,
c Represented by 226,575
$5) before deducting shares in treasury amounting to 16.875
After depreciation
(par
in 1936) shares,
d Represented by 16,875
Hollander & Son, Inc., stock.—V. 146, p. 599.
4,810
Surplus
$4,009,5161
$5,188,225
Total
10,828
cash—
depositor's par¬
ticipation ctf
Sinking fund cash.
Fixed assets
754,237
6,235
13,413
265
884,100
Common stock
6,235
63
Funded debt
Accounts payable.
2,669
255,132
Investments
Total
1936
$10,538
Reserves
2,677
184,604
Int. rec.frominv.
16,308
115,680
will, &c., of B. J.
$10,412
_
94,500
20,000
$1,873
1937
Liabilities—
1936
1937
Assets—
contig
royalties..
1,111,065
Prepayments
$34,571
Dec. 31
Res. for
&c.
1, 998,053
9,819
94,500
4,521
taxes
44
342,126
Res. for
rec
a
Comparative Balance Sheet
unemploy. &
Accr.
94,360
139,610
788
accts.
Common
Capital surplus
Earned surplus
365,609
Deposits
165
$46,885
Net income.
210
40,812
4,000
4,000
128
465,212
stk. (cost)
Cash
210
455
40,812
460,000
Investments
5,645
12,127
11,902
&c..$l 663,232
&c
lae,
stock..$1,132,875 $1 ,132,875
845,475
845,475
$1,460,048
1,775,738 1 ,801,343
119,015
25,297
460.000 Federal taxes—_
426,193 Notes py. (banks). 1,300,000
c
formu¬
bGoodwill,
d Treas.
capital,
State
Taxes—Fed. income,
stock and loans
1,634
59,950
1936
1937
Liabilities—
1936
1937
Assets—
Land, buildings,
a
machinery,
$114,125
$153,398
2,934
58,580
$163,991
5,911
53,899
Total income
13,053
1,072
916
Sheet Dec. 31
Balance
Consolidated
$100,000
$132,250
20,233
$142,167
Total rent paid
Interest and dividends
equal to $2.75
above net profit is
212,600 shares.
share on
a
1935
1936
*
1937
Dec. 28, 1936, the
shares as of
common
Haririsburg Hotel
Calendar Years—
Restricted
915
Financial Chronicle
146
Volume
1,500,000
50,000
91,794
1,500,000
62,500
79,804
Total
44,882,898 45,634,345
Including accrued interest, d 4%
-Registers with
Honarf.mpnt
SEC-
916
Financial
Illinois Bell
Calendar Years—
1937
Local service revenues..$66,119,348
Toll service revenues. 19,648,680
Miscellaneous
Chronicle
Telephone Co.—Earnings—
1,909,511
revenues.
1936
1935
1934
Calendar Years—
Profit from operations.
Profit, sale of Govt. sees.
Cash discount earned—
Red. in res. provided by
$61,983,617 $58,971,338 $40,819,656
17,986,904
16,018,370
15,518,630
1,597,180
1,407,271
1,180,767
1,224,196
(less
"exps.
charged
construction").
1,135,563
Net oper. income
Net non-oper. income
1,112,398
1,614,857
7,008,240
$15,098,244 $14,484,594
61,762
208,961
of discount
funded debt
on
persh!
Earns",
onT!/SOo!^
000com.shs.(par$100)
The company does not
112,788
tWM5
1937
t7"'667
$
991,440
969,547
356,010
356,010
1,008,185
1,012,210
250,000
on
250,000
Notes
6,104,262
4,269,626
16,305
7,783,756
Accounts receiv.
Materl &supp._
Deferred debits.
3,439,596
619,333
19,576
45,000,000
7,201,145
7,201,145
billing
Accrued
1,612,191
1,547,260
4,818,863
5,191,176
10,634,809
302,807
96.372,281
11,008,262
89,901,344
21,572,434
20,698,582
liabil.
not due
Def. credits
Deprec.
reserve.
315,759
Unappropriated
surplus
Total
*
not
337,634,108 330,883,105
Total...
337,534,108 330,883,10
Demand notes held
by trusted as an investment of pension trust funds
presently required to meet pension
payments.—V. 146, p. 279.
Illinois Central
•
97,694,402
23,529,565
14,635,913
Illinois Terminal
December—
146, p.
,108,950
1935
131,886
5,312,739
1,747,028
1,219,921
4,930,061
1,502,179
1,003,617
181,453
$2,660,267
yl,273,115
$2,473,747
1,143,518
$2,536,165
1,142,540
1937
Assets—
$1,387,152
719,366
483,945
124,305
y
$1,330,229
$1,393,625
642,375
51,265
642,375
53,070
x$636,588
depreciation.
1937
Gross from railway
20 ,388,109
780,712
L, 011,156
Including
S.
1936
|
1937
20.200,5941Preferred
2,319,554
|
1936
?
stock...
1,054,900
1,054,900
Common stock
5,250,000
5,250,000
Funded Indebted.
13,827,000 13,827,000
261
261
Consumers depos.
94.898
Other current liab.
88,426
44,128
43,445
21,872
283,024
110,720
22,323
12,200
3,488
38,280
All other bonds....
552,044
Stocks
y
Total.
x
of Financial
604,950
...
...
$2,982,867
270,256
94,710
'
Reserve for taxes
AH
922,675
128,700
93,372
128,650
....
Capital
Surplus.....
other liabilities
48,2 82
500,000
:
14,225
31,731
1,656.524
1,306,163
271,915
25,067,499 24,530,243
Main extension de¬
posits
Accrued taxes
Accrued interest..
Other accr. liabil
Reserves
23,882
1,754,086
Misc.unadJ .credits
78
Corporate surplus. 2,412,598
Total
—V. 146, p. 280.
2,109,510
.25,067,499 24.530,243
Corp.-—Options—
This company has
notified the New York Stock
have been granted to two
Exchange that options
employees to purchase 1,000 common shares
each of the
corporation at a price of
$35 per share up to June 30, 1942.—
—V. 146, p. 600.
Accountants
with SEC—
See list given on first
page of this
Society,
Inc.—Registers
27,662
422,027
$5,355,194'
.r
Amortized value,
y
Total..
$5,355,194
Market value.
Extra Dividend—
The
directors have declared an extra dividend of
$1 per share in addition
to the regular semi-annual dividend
of like amount on the common stock.
The extra dividend was
paid on Feb. 2 to holders of record Jan. 26 and the
regular semi-annual payment will be made on March
9 to; holders of record
Similar amounts
Jewel Tea
were
paid
on
March 9, 1937.—V. 144, p. 940.
Co., Inc.—Earnings—
Consolidated Income Account
Years Ended—
Net
Jan.
sales
1
'38
Jan.
2
'37 Dec. 28
'35 Dec.
Depreciation
Total income
Fed. & all other taxes..
....
Misceil.
department.—V. 146,
p.
600.
29
'34
$23,277,441 $20,762,707 $18,804,498 $17,217,177
20,611,808
17,986,540
16,414,286
14,962,287
378,354
373,157
367,414
348,109
Costs and expenses
$2,287,279
244,551
$2,403,010
241,695
$2,022,798
190,106
$1,906,781
293,168
$2,531,830
991,909
$2,644,705
850,605
deductions
$2,212,904
676,717
$2,199,949
Net income
Common divs. (cash)...
£89,069
367,757
x87,801
——
$1,452,120
1.244,315
$1,794,101
1,718,413
$1,536,186
1,061.814
$1,243,123
923,146
$75,688
$474,372
1,860,613
$319,978
1.540.636
$2,334,986
$1,860,614
269,569
$4.61
,
——
$207,805
2,410,674
Total surplus
Common shs. outst'g
Earns, per sh. on com..
2,334,986
$2,618,479
273,934
$2,410,674
273,080
$5.30
$6.57
—V. 146, p. 756.
Jonas & Naumburg
Corp. (■&
271,222
$5.66
Subs.)—Earnings—
Earnings for the Year Ended Oct. 31
(Subsidiary Companies for the Year Ended Aug. 31)
Gross profit from sales
Selling
1937
;
General expenses.
...
Profit from operations
Income credits
Gross income..
Interest
Loss on investment
Reorganization
fees, &c.)
exps.
1936
1935
$363,737
84,402
178,208
$636,506
57,515
157,615
$194,413
43,956
106,323
$101,127
12,392
$421,375
52,943
$44,134
15,888
$113,519
13,301
expenses
$474,318
21,529
15,000
~~$60,022
3,003
14,742
3,306
13,692
(legal & auditing
Securities and
Exchange Commission
registration expenses
Miscellaneous
Adjust, of deprec. reserve
applicable
to prior years
Provision for income taxes
department.
International Cinema
Inc.—Registration Withdrawn-
See list given on first
page of this
1,459,078
25,161
Accrued InterestDue from insurance
companies
416,200
15,603
1,113
1,183,493
Co.—Statement
Unearned premiums
Reserve for losses
2,569,130
....
First mortgage loans.
Home office building
38,282
8,437
International
$432,866
direct
and/or fullyguaranteed obligations
x
12,575,330
3,188,222
1,370.550
Liabilities—
Cash in banks..
xU.
$908,927
89.340
def30,192
11,534,327
1,934,698
529.900
1,950,570
148,032
A88€t8-~~-
1934"'
$923,630
63,430
def22,236
12,141,148
Inter-Ocean Reinsurance
Condition Dec. 31, 1937—
Previous surplus
340,499
90,464
Inter chemical
13,071,957
2,016,974
197,568
Balance, surplus
lnvestm'ts, gen'l..
Total
177,267
7,805
def109,880
—V. 146, p. 111.
1935
$1,055,389
48,496
From Jan. 1—
Gross from railway
Net from railway
Net after rents
I
Accts. receivable..
Mat'ls & supplies,
241,381
1936
$996,495
x$698,180
91,005
$576,781
$
Fixed capital
Undlstrib. debits..
146, p. 755.
Conting. reserve, &c
$586,654
depreciation.
& expense
3974.
1934
Balance Sheet Dec. 31
count
p.
International Great Northern RR.-EarningsDecember—
Other income
1935
$1,194,905
Prepayments
Special deposits
Unamort. debt dis¬
$1,340,121
1,006.000
Co.—Listing—
Operating profit.....
Co.—Earnings1936
Net corp. income
Market securities.
Notes receivable..
$608,012
1,008,000
$1,361,460
1,322,170
1934
5,998,627
2,238,273
1,531,948
Amort., &c., deduc'ns..
Cash
$262,210
1,321,845
The Chicago Stock
Exchange has approved the application of the company
26,050 additional shares of capital stock.—V.
$440,781
158,929
125,315
yl,393,252
Interest-
218,000
3,090
to list
Feb. 26.
1936
$2,588,156
exps. and taxes
Before
6
1937
revenues
Net oper. income
x
79,228,255
20,074,138
12,688.092
12 ,710,843
$488,658
Calendar Years—
Oper.
84 ,767,518
$554,628
232,899
157,702
Water
Seez
101,300
Revenue, $226,731; less additional Federal
therewith, $41,475; cash dividends declared,
1,905,015
1,610,178
Co.—Earnings—
110.
6.506
reports of Bureau of Internal
Income taxes in connection
$6,882,848
6,196,308
2,189,716
1,398,457
Indianapolis
Operating
1934
$490,671
136,939
74,754
From Jan. 1—
Gross from
railway
Net from
railway
Net after rents
—V.
98,843,934
24,072,509
14,087,852
1937
Gross from
railway
Net from
railway
Net after rents
1935
$9,128,281
$7 ,448,670
2,928,162 def3 .091,726
2,021,014def3 ,526,432
1,945.346
From Jan. 1—
Gross from railway
Net from
railway
Net after rents
—V. 146, p. 755.
237,510
5.275
891
Collateral loans
1936
$8,301,231
2,741,644
48.897
AH other real estate
RR.—Earnings—
Earnings of Company Only
December—
Gross from railway
Net from railway
Net after rents.
23,106
S.
Net from railway
Net after rents
de¬
Accounts pay. &
other cur. liab.
9,817
8,210,133
3,504,727
790,251
U.
$1,321,845; balance Dec. 31, 1937, $5,053,095.—V. 145
$
to
and payments
5,621,465
of
capital, $2,547,083; less underwriting
commissions, expenses, & c.
financing, $172,162; balance, $2,374,921; balance, Dec. 31,
1937, $4,735,714.
Earned Surplus—Balance at Jan.
1, 1937, $5,927,473; net profit for the
year, $262,210; net adjustment of reserves
for depreciation to conform to
1936
19,576
vance
113,499
15.822
3.990
18,749
in connection with
nf
posits and ad¬
218,608
sale
Net profit
«4 «4
45,000,000
sold
Customers'
4,921,211
222,229
Investments..
Notes receivable
217,831
950
Shs. cap. stock outstand¬
ing (no par)
759,325
606,500
606,500
600,000
Earnings per share
$0.34
$2.24
$1.00
$2.23
z No
provision for surtax
necessary.
Capital Surplus—Balance at Jan. 1, 1937.
$2,360,793; excess of selling
price of 152,825 shares of
capital stock (Including 1,200 shares sold to offic rs
under option at $30 a
share) over stated value of $13 1-3 a share allocated to
cap.
trustee of pen¬
sion fund*...
special
on
Dividends
respect of
$
Funded debt
Working funds.
Temporary cash
67,566
•
&
203,192
150,000,000 150,000,000
stock
con¬
deposits
198,456
654,294
&
Govt, securities
Federal inc. tax (est.)
Prov. for est. undistrib¬
uted profits tax
12.008,501
in r«m<v*
1937
Prem.
Sinking fund...
$2 ,431,195
Sundry charges
Loss
Inland Steel
Ua bilities—
Capital stock
Mi8cell. physical
Cash
$1,545,976
648,202
stated
*2.868,985
any
1936
$
trolled cos
$2,456,947
623.312
prior years
Prov. for doubtful accts.
123,041
$8.81
consider that
Telephone plant 312,304,575 305,187,915
Other lnvestm'ts
$1,124,412
571,632
4,656
204,187
invest, in connection
therewith charged off.
Addit. franchise tax for
Comparative Balance Sheet Dec. 31
property
Invests, in
96,394
40,840
1934
$2 .089,775
expense
Cost of license agree.
$7,258,501
5,250,000
$8.51
$7 91
liability exists
undistributed earnings in 1937.
Assets—
57,231
17,835
—
$12,761,667 $11,868,985
12,000,000
9,000,000
13,125,000
on
8,804
&
equipment scrapped..
Prov. for contingencies..
$13,791,539 $13,909,763
535,326
968,133
-
Federal surtax
Experimental
$15,160,007 $14,693,555 $14,326,865
$14,877,896
1,575,000
1,575,000
2,530,230
2,436,310
377,461
356,889
CY185.138
5,060,043
Bal. avail, for
divs...$13,207,545
Divs. on com. stock
■n,
71.691
75.503
105,125
23,302
Gross profit
Reserve for depreciation
Interest charges
for
fixed charges
Bond interest
Other interest
Amort,
22,372
years
661,900
8,442,949
t
available
24,904
Sundry income
610,381
962,384
12,384,900
757,126
.".....al2,933,970
Income
1935
$1,448,537
Interest earned
.$87,489,839 $81,371,162 $76,134,796 $58,337,011
16,675,267
15,128,097
13,809,635
13,820,521
Depreciation expense— 11,450,150
11,101,125
13,062,730 Cr4,174,034
Traffic expenses
16,389,870
13,981,471
12,683,127
12,438,250
Commercial expenses
7,145,340
6,668,532
6,803,972
6,394.817
Operating rents..
927,323
937,822
1,048,039
1,095,504
Exec. & legal departm'ts
435,821
461,844
386,853
484,382
Accounting and treasury
departments
2,874,335
2,512,161
3,252,206
3,138,861
Prov. for employees' ser¬
vice pens
905,502
985,248
1,010,622
1,006,511
Employee's sickness, ac¬
cident, death, & other
benefits
672,691
627,422
550,578
507,202
Services received
....
-Earnings—
1936
$2,281,009
70,538
.
under
license contract.
Other general expenses
5, 193S
charges to inc. in prior
Current maintenance—
Taxes
1937
$801,791
92,112
26,580
.
Total
..$87,677,539 $81,567,702 $76,396,980 $57,519,054
Uncoil, oper. revenues..
187,700
196,539
262.184
Cr817,957
Total oper. revenues
Feb.
Industrial Rayon Corp. (&
Subs.)-
Net income for the
year
Dividends paid
Earns, per share on
capital stock
10,494
3,894
;
9,648
2,100
2,056
4,617
61,194
7,613
$70,725
99,263
$359,596
$31,346
$0 21
$1.08
"
Vo'.OQ
Volume
917
Financial Chronicle
146
31
Condensed Balance Sheet Dec.
Consolidated Balance Sheet Oct.
(Subsidiary companies Aug.
1...
$146,650
Marketable
5,064
Notes
$213,732
securs
5,088
Cash
&
cept.
226,325
1,303.764
Inventories
company
&c
taxes, wages,
Other curr. liabs..
Crl91,483
29,456
69,252
Cash
b
827,188
61,202
55,533
342,562
403,912
Old common stock
pref. stock
23,374
29,299
21,641
29,922
others
Deferred charges..
d3,355
Jan.1, 1934
$1,797,239 $1,786,688
Total
1,797,239 $1,786,688
1937
Represented by
the
6,711
of 1
discounts and doubtful accounts of $19,091 in
1936.
b After reserves for depreciation,
c
851 no par shares to be exchanged for new common capital stock on
basis of 6V£ new shares for each old share,
d Represented by
no
par shares, to be exchanged for new common stock on the basis
new
share for each 5 old shares.—V. 145, p. 2395.
a
After reserves for
and $26,233 in
Jones &
The
Laughlin Steel
Corp,—Collateral
notified the New York Stock
corporation has
on
Deposit—
March 1, 1961, of the
Shannopin Coal Co-
...
...
The Vesta Coal Co
Adelaide Land Co
Steel Service, Inc
Jones & Laughlin
corporation:
Amount
267.522.51
11,174.992.13
1,980.738.31
1,619,610.12
597,431.81
Connecting Railroad Co. to
said corporation
„
Jan. 8, 1938
305,000.00
Jan. 8, 1938
1,545,000.00
Assignment by Jones & Laughlin Steel Corp.
of the indebtedness of Aliguipoa & Southern
Co.
Railroad
to
corporation
said
in
the
amount of
notified the Exchange that all notes and
assignments dated prior to Jan. 8, 1938, were surrendered to the Jones &
Laughlin Steel Corp. upon delivery of the obligations dated Jan. 8, 1938,
corporation has further
The
as
8.815,318
stock
2,549,374
1,891,986
14.669,084 13,007.860
Dr2,027,418Dr2025,377
4,110,851
9,013,213
25,070
506,416
d Treasury
692,503
dep. in escrow..
Deferred charges..
25,070
75,873,404 73,535.205
Total
75,873.404 73,535,205
Total
Represented by 2,357,574 shares, no par, including treasury stock,
$7,323,699 in 1937 and $6,916,976 in 1936.
c After
depreciation of $3,722,475 in 1937 and $3,180,402 in 1936.
d Treasury
stock at cost: 191,065 shs. of special pref. (1936, 190,681) and 5,748 shs.
common in both years.—V. 146, p. 443.
a
b After depreciation of
Key West Electric Co.—Preliminary
Earnings—
x
y
Balance for dividends and surplus
67.637
and taxes.
22.798
Includes non-operating income, net.
Kirsch
y
After appropriations for retire¬
146, p. 280.
Co,—Earnings—
6 Months Ended Dec.
1936
$1,372,694
1937
$1,851,471
136,084
$0 75
31—
Net sales
Net
x
$142,491
64,465
18,012
$151,107
revenues
Balance after operation, maintenance
x
1936
1937
12 Months Ended Dec. 31—
Operating
profit
Earnings per share
154.564
$0.88
normal Federal income taxes
and other charges, but before provision for Federal surtax on undistributed
earnings,
y On combined A and B common stock.—V. 145, p. 2229.
x
After deductions for operating expenses,
Lake Shore Mines, Ltd.—Output—
company
during the three months ended Dec. 31, 1937, milled
of $2,262,398 with gold figures at $20.67
per
ounce.
Average recovery for the period was $9.85 per ton.
In the
preceding quarter output was $2,147,000 from 228,978 tons treated, aver¬
age recovery being $9.37 per ton.
For 1937 Lake Shore had bullion output of $9,216,483 which compares
with $9,357,023 in 1936.
In the recent period the company treated 900.321
tons of ore, recovery working out at $10.23 per ton.
In the 1936 period
the company milled 887,571 tons with recovery $10.54 per ton.—V. 145,
This
229.590 tons of ore for production
Assignment by Jones & Laughlin Steel Corp.
of the indebtedness of the Monongahela
in the amount of
466,919
3,400,414
Cash
y
$3,501,291.41
expenses,
&c
U. S. Govt, securs.
deposit
Dated
Jan. 8, 1938
Jan. 8, 1938
Jan. 8, 1938
Jan. 8, 1938
Jan. 8, 1938
Jan. 8, 1938
Accrued
U. S. Govt, securs.
Exchange that the
trustee
Promissory Note of:
Inter-State Iron Co.
Jones and Laughlin Ore Co
383,870
ment reserve.—V.
following is a list of the promissory notes and (or) assignments on
as collateral
with the Union Trust Co. of Pittsburgh, corporate
under indenture of mortgage dated March 1, 1936, securing first mortgage
bonds, series A, 4\i%, due
$
pref.
special
6%
Surplus--
to landlords
cl3,828
.
Capital surplus
Earn, surplus since
to
Total
342", 562
Old $3 cum. conv.
&
tools
810,007
325,375
197.998
14,106,465 13,126,768
179,014
166,731
& advances
(current)
$2.50)
4,417
184,605
bldgs
equipment
Prop, leased
Sundry debtors.—
Common stockipar
14,095
policies
b Land &
8,763
&c
fcof life insurance
b Mach.,
243
adjust.,
change
value
suit,
194
interest-
Inventories
Res. for foreign ex¬
59
Accrd. int. receiv.
1936
$
9,119,761
9.119.761
Leasehold & other
a Commonstock._48,511,253
48,511,253
improvements. -10,851,783 10,118,352
1,514,997
cLand & bldgs—31,320,763 29,619.963 Accounts payable. 1,450.908
1
Fed. tax reserve.. 1,600.440
1,514,725
Goodwill, &c
1
Loans
9,175
earned
against
merchandise
116,485
credit—un¬
Def.
6;182,548
& fixtures 6,296,571
b Furn.
$40,473
47,057
65,064
47,808
1,088,054
Cr225,485
accts
payable.
68,261
Net debit in inter¬
Advances
$100,000
11,612
bank.
291,363
.
Liabilities—
stock
Deposits payable.
Accrd. exps.—inc.
accts.
receivable
1937
$
Assets—
1936
to
payable
Accounts
Notes, trade ac¬
a
31)
1937
1936
$
1937
Liabilities—
1936
1937
Assets—
31
P.
3349.
Superior District Power Co .—Earnings—
Earnings Statement for 12 Months Ended Oct. 31, 1937
Lake
listed above.
$1,968,825
Total
operating revenues
Total operation
Meeting Postponed—
Directors
Regular meeting of corporation directors
postponed to Feb. 25.—V. 145, p. 3199.
Edward) Jones Petroleum
(J.
Corp.—Seeks to With¬
Income taxes,
dismiss its
Law.
meeting of
temporary trustees
Drilling Co. pending a
as
Period End.
and Henry H. Kaufman
and directed them to cooperate with the Potter
decision by the court.—V. 146, p. 111.
Public Service Co.—Preliminary
1937—Month—1936
$620,315
$606,718
Dec. 31—
Total oper. revenues
Total oper. expenses (ex¬
Social security tax
5,127,104
$163,470
11,397
$1,436,795
$1,572,555
294,606
29,784
272,063
93,120
2,482
$149,590
Drl 1,874
248
$1,071,612
21,147
$1,248,165
9,089
depreciation
76,714
861,989
380,182
74,050
854,454
145,
that year
Lake
Net after rents
Net after rents
V. 145, p.
Surplus-
(par $25)
(S. H.) Kress & Co. (&
Subs.)—Earnings—
1937
234
operated
234
235
Cost of mdse. sold, oper.
expenses
80,127,965
78.918,774
2,117,593
and rent
2,097,713
Deprec. & amortization.
1,175,000
Federal normal taxes
Prov.
for
surtax
on
232
on
71,682,778
1,921,297
935,647
1,225,000
68,334,901
1,434,254
1,073,240
employees
100,000
208,181
7,155
10,089
9,397
$4,210,147
1,646,299
$4,210,706
1,641,689
$3,929,319
1,862.385
$4,810,481
1,061,949
$5,856,447
13,007,860
Net income
$5,852,395
12,274,009
$5,791,704
11,851,151
$5,872,431
9,185,470
Other income
on
—
...
Total surplus.
$18,864,307
3,762,922
Divs. on common stock.
$18,126,405 $17,642,855 $15,057,900
4,115,695
2.352,163
1,759,334
Total
432,301
Earned surplus..
Shs.
common
1,176,121
1,170,915
414,893
344,707
276,500
xl
,495,854
553,630
568,530
17,256
11,080
15,205
8,994
$14,669,084 $13,007,860 $12,274,009 $11,851,151
y2,351,826
y2,351,826
1,175,913
1,176,829
8h. on com.$2.30
$2.^1
$4.63
$4.75
Write-downs in building and equipment accounts for obsolescence and
eliminations and provision for additional depreciation applicable to prior
years.
y Issued or reserved for exchange of old stock, excluding 5,748 shares
held in company's treasury. The com. stock was split 2-for-l In May, 1936.
Earns, per
x
serial
4,821
25,455
14.835
155,000
22,072
18.204
pay¬
gold
Fed'l and
Employees'
relief
1,195
1,572
210.000
215,000
(par $25) 1,250,000
1,250,000
873,950
fund
7% cum. pref. 8tk.
(par $100):
Com.stk.
904,546
Surplus
$2,566,018 $2,545,706
Total
$2,566,018 $2,545,706
for doubtful accounts of $25,000.
y After reserve for
$559,321 in 1937 and $535,638 in 1936.—'V, 144, p. 779.
reserve
Lehigh & Hudson
December—
River Ry.—Earnings—
1937
1936
1935
$135,688
$123,462
46,982
32,577
22,939
8,356
railway
from railway.
after rents
$118,069
25,,237
5,706
Gr^o^l-afcr
1.650,949
501,831
204,924
Gross from
Net
railway-----Net after rents..
—Y. 146, p. 112.
Net from
stock out¬
standing (no par)
After
depreciation of
Net
587.956
pref. 6% cum. stock. _
special pref.
Miscell. deduction
equip.
of small
tools
Deferred charges—
Stock div. paid in special
Divs. on 6 %
46,500
Land, bldgs., ma¬
Inventory
852
46,500
$12,324
4,029
State Inc. taxes.
852
$13,723
and
roll and comm..
Res. for
1936
135,000
employees
Accrued int.,
notes
Int. rec.
Investment—
Investments
1937
payable.
officers
$2.13
31
Liabilities—
Due
5H%
Accrued
x
Net profit
Previous surplus
11,339
348,945
and
chinery &
200,000
21,396
19,466
sale of invest—
Interest
1,440,140
others
y
un¬
distributed income
Loss
1934
$87,871,478 $86,767,531 $78,479,130 $75,662,274
Sales.
1,467,822
394,022
.14,262
Inventories.
Due from officers,
Mdse.
$801,559
$1.37
$1-67
Accounts
5105,199
Notes and accts.
receivable
Consolidated Income Account for
1936
1937
980
$873,950
$904,546
50,000 com. shs.
-
$60,594
$56,416
744,164
53,911
Dr2,978
year's income..-
and
$122,161
65,745
$18,480
801.559
873,950
Assets—
*
Calendar Years
1936
1935
65.400
$83,880
Condensed Balance Sheet Dec.
Cash on hand
495,246
270,648
1935
1936
$33,574
-----
-------
Adjustment of prior
increased to eight members by the election
Vice-President and chief geologist.
T. M. Kerr, who
for number of years, was elected a Vice-President.—
3820.
1,422,948
834,857
Co.—Earnings—
1937
$98,624
65.050
Previous surplus
Earnings per share on
Increased—
2.224.036
1.156.037
after all charges
Dividends paid—
In banks
Stores
31—
Years Ended Dec.
Surplus, Dec. 31
Kerlyn Oil Co.—Directorate
$29,487
def38,658
def43,939
112.
Net profit
The board of directors has been
of D. A. McGee, a
has been a director
146, p.
—V.
2,931,809
1,717,105
1,195,756
$44,742
def33,177
def41,575
1—
Gross from railway
Net from railway
1934
1935
1936
$46,040
def38,732
def95,329
3,267,308
1,944,559
1,383,488
Net from railway
From Jan.
■Earnings—
RR.
1937
$36,641
def49,736
def93,201
December—
4119.
p.
Federal undistributed profits tax on its operations
p. 3012.
Superior & Ishoeming
Gross from railway
def$51,433
71.886
Note—This is a preliminary report for the periods indicated and is subject
to revision based on the annual examination of accounts now being con¬
ducted.—V.
Adjustments of taxes and
Or this period.—V.
J>any had no liability145,
for
$1,257,254
492,395
$23,697 def$338,339
$25,087
Net income
$1,092,759
$137,716
28,368
13,765
$151,793
40,415
13,719
72,572
funded debt.:
$422,209
-;
depreciation made on the books of
December, 1936, have been allocated to prior months of
to which they properly apply.
(2) It is estimated that the com-
(1)
Landis Machine
Other fixed charges
Total
5,366,842
(before"
depreciation)
on
443,248
$151,545
Operating income
Non-operating income..
Int.
Notes
the company in
$6,699,659
$158,343
Crl,324
8,122
Net oper. revenues._.
General taxes
income
$6,803,637
interest
Net income
$640,729
38,531
$679,260
195,941
4,873
43,856
10,313
2,066
funded debt
on
(net)
Amortization of bond discount and expense
Amortization of preferred stock commissions and expenses
Taxes assumed on interest and other deductions
General
1937—12 Mos.—1936
461,972
clusive of depreciation)
Gross
Earnings.
-
Total net earnings
Interest
continued Lawrence H. Asman
Kansas City
operations
Total other income
creditors
The court
Federal and State—
Net earnings from
P Company on Jan. 28 asked Federal Judge John C. Knox to
petition to reorganize under Section 77-B of the Federal Bankruptcy
Hyman I. Fishback, attorney for the company, said that at a
creditors held recently in Louisiana, where the company owns oil lands, the
Potter Drilling Co., whose claim for $192,476 represents about 85% of
the company's liabilities, had agreed to operate the properties for the
benefit of all creditors and, upon payment of all claims out of income, to
retransfer the properties to the Jones company.
Judge Knox reserved decision on the application, ordered that all
be notified of the proposal and adjiourned the hearing on the application to
284,205
220,775
84.064
Depreciation or provision for retirement reserves
Taxes (other than income taxes)
draw 77-B Plea—
Feb. 18.
633,190
105,861
scheduled for^ Jan.*25 was
Maintenance
Lehigh Valley
1.566.897
489,682
187,533
1.493.250
479,942
192,796
1934
$119,046
39,212
19,853
1,447,588
421,718
151,689
Transit Co.— Trustees—
department of Guaranty Trust Co. of New York invites written
made to it up to 11 o'clock a. m. on Feb. 11, 1938. for the sale
to it of first mortgage 30-year gold bonds 4% series A, and 5% series B,
due Dec. 1, 1935. extended to Dec. 1, 1945, to exhaust as nearly as
The trust
offers to be
possible
918
the
sum
Financial
of $347,208 now on deposit with it as trustee.
A price differential
of 5 M % of the unpaid balance of the
principal amount of the series B bonds
In excess of the price of series A bonds,
namely, $39,375 per bond, will be
applied in determining the most advantageous price at which bonds
may be
purchasedV. 144, p. 3004.
Lehigh & New England RR.—Earnings—
December—
1937
$286,355
„
Gross from railway
Net from railway
Net after rems
From Jan. J—
Gross from railway
42,145
46,702
3,689,201
853,799
754.237
Net from railway
Net after rents
—V.
146,
p.
1936
$325,612
74,456
84,721
1938,
1934
64,975
53,290
$262,468
37,671
83,472
3,432,533
838,933
822,797
3,455,844
789,086
761,746
112.
to
3J^%
from
5%,
with renewal
of the
maturing March 5,
its maturity.
loan
upon
Louisiana & Arkansas Ry.—Earnings—
December—
Gross from railway
Net from railway
1937
1935
1934
Gross from railway.....
$464,912
132,486
88,336
$409,856
133,980
93,061
$383,213
123,845
72,988
5,993.800
1,965,313
1,216,265
Net after rents
From Jan. 1—
Net after rents
—V. 146, p. 113.
Subs.)—Earnings—
1936
$506,135
161,932
83,616
Net from railway
Leslie Salt Co. (&
5, 1938
National City Bank, with New York Trust Co. to be
repaid $500,000 on its
loan.
These bank loans bear interest at 3% a year.
The company has also made arrangements with
Empire Power Corp. to
reduce interest on an aggregate of $5,333,000 in loans
-
1935
807,313
Feb.
—V. 146, p. 282.
$279,307
3,962,591
1,028,977
Chronicle
5,537,818
1,783,113
1.090,601
4,792,102
1,669,106
1,132,072
4,467,631
1,526,027
1,007,116
Consolidated Income Account for Year Ended Oct.
31,1937
Gross profit on sales
$1,244,995
342,665
198,025
Selling, handling and warehouse expense
General and administrative expense
Net operating income
Other income (net)
Net
$714,231
98,797
695,970
Accounts receivable
$680,288
311,249
(net)-.-,
$123,852
31,422
114,570
254,221
Dlvs. pay. Dec. 15, 1937
398,728
Pro v. for Fed. inc. & cap. stk.
taxes
Land
...
15,400
bidgs., &c
Prepaid exp. & unamort. taxes
Construction work in progress
Reserve.
2.511,731
1,467,668
35,879
6,281
—
sSalt ponds, appurt,
—
—
Total
a
Capital stock (par $10)
Capital surplus
c
b
x
108,032
27,806
Treasury stock
80,536
Total..
$5,808,701
depreciation,
b 3,100 shares at cost,
c Of the
291,300 shares of capital stock issued, 58,260 shares issued to
former stock¬
holders of Arden Salt Co. are escrowed with
the Crocker First National
Bank of San Francisco.
The stock issued in escrow shall
be delivered to
the then holders of record after a
lapse of eight years from the effective date
of the consolidation of Leslie-California
Salt Co. and Arden Salt Co. and
not sooner, and such stock shall bear no
dividends nor carry any voting
rights whatsoever for the entire eight year
period.
Note—Purchase Option Obligation—A contract dated
May 15, 1930 by
between Arden Salt Co. and Mathieson
Alkali Works, Inc., gives
Mathieson Alkali Works, Inc. exclusive
rights to purchase the entire capital
stock of Aiviso Salt Co. (30,000
shares) from Arden Salt Co. prior to May
May 15, 1938 for $750,000 plus amounts expended for
improvements and
discharge of indebtedness of Aiviso Salt Co. existing at
May 15,
1930, plus
Interest at 5% per annum.
The net assets of Aiviso Salt Co. are
included
in the foregoing consolidated balance
sheet at $409,854.—V.
145, p. 1424.
Libby, McNeill & Libby—-Bonds Called—
total of $112,000 first mortgage
5% 15-year gold bonds due Oct. 1,
1942 have been called for
redemption on April 1 at 102
and interest.
Payment will be made at the Harris Trust &
Savings Bank, Chicago, 111.
—V. 145, p. 2209.
respectively.
A regular monthly dividend of
75 cents per share was paid on the common
an extra dividend of
$2 per share was paid on
p. 112.
shares on Dec. 31 last and
Dec. 27 last.—V. 146,
bonuses estimated
ratified at
a recent
paying themselves
annually for the next five years
was begun Jan. 31 in New York
minority stockholder.
The plaintiff
stockholders' meeting,
Supreme Court by Bernard Epstein,
a
also wants the defendants to
account for the
and its 178 subsidiaries.
The suit for the
temporary injunction
both sides agreed to an
for
early trial
finances of the corporation
ended Feb. 2 when
attorneys
of the suit for a permanent
was
an
757.
On any shares taken down
ending Jan. 16, 1941, $3.50
As to all
or
1939, $1.50
year
ending Jan. 16, 1940, $2.50
per share.
during the
per
any portion of
an
year
share.
per share.
commencing Jan. 17,1939 and
commencing Jan. 17,1940 and
additional 100,000 shares
(subject to read¬
justment), of the authorized bufc iunissued capital
at the
following prices (subject to adjustment):
On any shares taken
down up to Jan. 16,
On any shares taken down
during the
ending Jan. 16, 1940, $3
year
per share.
On any share taken down
during the year
ending Jan. 16, 1941, $4
per share.—V.
Lone Star Cement
or
loss
1939, $2 per share.
commencing Jan. 17, 1939 and
commencing Jan. 17, 1940 and
145, p. 3349.
Corp.—Options Granted—
The corporation has notified
the New York Stock
-Exchange that con¬
have been entered into with
19 officers of the
corporation and its
to which such officers
have been granted
options to purchase an
aggregate of 16,400 shares of the
common stock of
the corporation at a
price of $34 per share
(subject to adjustment).
Such
k0 exercised in whole or in
part at any time on or prior to Jan.
10, 1941.—V.
wholly owned subs., pursuant
Profit
or
loss on
Long Island RR.
Gross from
railway
Net from
railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
146, p.
1937
1936
1935
305,519
$1,968,269
406,759
def58,091
78,038
$1,952,676
772,655
434,812
25,525,378
5,909,185
797,449
23,794,826
5,363,467
4,763,919
defl76,253
540,687
24,227,481
7,080,899
2,372,922
Long Island Lighting Co.- -Seeks Issuance
of $2,300,000
to
Repay Bank Loans—
The company has asked the
New York P. S. Commission for
authority
to issue $2,300,000 1st
ref. mtge. 4s due 1960.
Proceeds would be used
to repay bank loans of an
equal amount.
The bonds to be sold at
par will
probably be sold privately.
company would repay with proceeds from
sale of the
proposed bonds would be $800,000 on a loan of
$1,000,000 from the Na¬
tional City Bank, New York, and
$1,000,000 on two $500,000 notes held by
146,
p.
113.
$6,577
1,600
2
sales of U. S. Gov. securities
sales of land and timber
Dr683
73
1,074
3,705
1
Total earnings
Expenses
$9,094
7,418
14,458
$12,963
13,503
2,078
19,797
$13,109
$22,415
-
Loss
1936
$5,200
4,500
on
revaluation of securities
327
Taxes
Total loss for year.
Balance Sheet Dec. 31
Assets—
1937
$87,792
Cash in banks
U. S.
1936
$14,511
Liabilities—
cipal, Canadian,
188,270
982
1,671
Res.
for
profit
land' &
tracts.
stock
13,576
9,716
260
260
General reserve...
con¬
1,139
Oregon timber....
Land...
$50,167
account
111,000
rec._-
sales
1936
$42,582
Garyville Land Co.
&c,
Timber
1937
Accrued taxes
Gov., muni¬
1,622
2,384,906
2,401,212
1
1
sales
.
on
timber
76
-
V. A. Grieger tim¬
ber
sale—pay¬
1
1
20,000
(2(K)shs.)_
20,000
ment on account
Cap.
stk.
shs.
2,428
(49.970
outstanding
at $20
par)
999,400
999,400
...
1,560.685
1,567,670
Loss—year 1937..
13,109
Surplus
Total.........$2,605,822 $2,627,288
140, p. 976.
Total
$2,605,822 $2,627,288
V.
The directors have declared an extra
dividend of 5 cents per share in
addition to the regular quarterly dividend of
like amount
stock,
no
on
the common
value, both payable Feb. 15 to holders of record Feb. 1.
was paid on Nov.
15, Aug. 10, May 15 and on Feb. 15,
1937; an extra dividend of 25 cents was paid on Dec.
24, 1936, and extra
dividends of 5 cents per share were distributed on
Nov. 16, Aug. 15 and May
15, 1936, and on Dec. 23, 1935, and Feb.
15, 1934.—V. 145, p. 3013.
par
A similar extra
Manning, Maxwell & Moore, Inc.—Registrar—
The
Central Hanover Bank & Trust Co. has
been appointed registrar
400,000 shares capital stock (no par
value).—V. 145, p. 3660.
or
Manitoba Power Co., Ltd.—Unlisted
Trading—
The New York Curb
Exchange has removed from unlisted trading priv¬
ileges the 1st mtge. 53^% sinking fund gold
bonds, series A, due Jan. 1,
1951.—Y. 141, p. 4019.
Marine Midland Corp.—To Vote
Stockholders
at their annual
the
on
Capital Reduction—
meeting on Feb. 16 will consider amending
as
to decrease the authorized
capital
7,000,000 shares.—V. 146, p. 758.
certificate of incorporation so
stock from 10,000,000 shares to
Marshall Field & Co.—Vice-President
Resigns—
J. P.
Margeson, Jr., announced his resignation as Vice-President of this
as General
Manager of the manufacturing division, effective
company and
Jan. 31.—V.
146,
p.
758.
Massachusetts
Bonding
&
Insurance
Co.—Annual
Report—
Underwriting profits of
company for 1937 amounted to $688,411, accord¬
ing to the annual report.
With net interest and rents earned and
profits
from sales of securities, total net
earnings were $1,483,691, equivalent to
$9.27 a share on the company's outstanding
single class of capital stock,
consisting of 160,000 shares of $12.50 par value per shpre.
These figures compare with an
underwriting profit of $186,132 reported
for 1936 and total
earnings from all sources which, although not given in
were stated in last year's annual report to have
amounted to $7
per share.
detail,
Income Account for Calendar Years
1934
$2,057,836
288,465
def7,266
24,586,449
department.—V.
1937
1937
Earnings—-
$1,798,455
112.
which
of this
page
Gross prems.
written--$19,331,016
Prems. canceled & ret'd3,878,591
Bonds
The loans
on
p. 3822.
December—
first
Miscellaneous earnings
stock of the company,
tracts
145,
on
Doubtful accounts collected
Profit
Loft, Inc.—Options Extended—
The New York Stock
Exchange has been notified that this company has
extended the various periods of the
option heretofore granted to Phoenix
Securities Corp., within which
Phoenix Securities Corp. can
purchase
shares of stock of
Loft, Inc., for a further period of two months and
seven
days, so that said option may be exercised as
follows:
As to all or
any part of 300,000 shares
(subject to adjustment) of the
authorized but unissued
capital stock of the
company, at the following
prices (subject to adjustment):
On any shares taken down
to Jan. 16,
On any shares taken down
during the
146, p. 113.
Calendar Years—
stay.
Supreme Court Justice Peter Schmuck directed the
attorneys to submit
order for trial of the action in
April.—V. 146.
p.
1936_o
Managed Investments, Inc.—Extra Dividend—
Loew's, Inc.—Suit Holds Salaries Excessive—
as
given
_
$2,470,583
676,395
Co.—Registration Withdrawn—
Land scrip.
Garyvllle Land Co.
Pipe Co.—Dividend Reduced—
to restrain officers and directors
from
at nearly $3,000,000
_
Interest earned.
Dividends received
The directors have declared a
monthly dividend of 67 cents per share on
the common stock, payable Jan. 31 to
holders of record Jan. 21.
Directors
also declared a dividend of 67 cents
to be paid Feb. 28 and one of 66
cents
per share payable March 31 to holders of
record Feb. 18 and March 21,
injunction suit
list
Accrued int.
A
1937
$2,686,733
719,105
Lyon Lumber Co.—Earnings—
and
An
15,948
Generating Corp.—Preliminary Earns.
revenues
Includes non-operating income (net).—V.
See
117,220
Net after reserve for
Lock Joint
59.599
Lufkin Rule
2,913,000
2,687,773
Deficit
.$5,808,7011
952,999
217,216
23,878
Balance after operation, maintenance and taxes.
x
Accounts payable
Accrued expenses
127,195
969,906
215,855
44,923
146. p. 113.
Operating
Ileal estate
Stocks of other corporations-Other investments...
1,252,844
176,274
def71,486
12 Months Ended Dec. 31—
Inventories-..-..----.....-—
$63,665
after rents
Louisiana Steam
$2.67
Liabilities—
hand—
1934.
_
$82,758
16,245
2,429
1,299,925
297,307
Net from railway
Net after rents
Consolidated Balance Sheet Oct. 31, 1937
on
1935
$99,419
4,617
defll,823
$615,434
capital stock
Earnings per share on 229,940 shares of capital stock
on
Cash in banks and
1936
$80,244
17,955
8,074
From Jan. 1—
Gross from railway
—V.
Net profit year ended Oct. 31
A 88Cl8~~*
1937
$704,305
9,927
_
Net profit before Federal income taxes
Federal income taxes
Dividends
Louisiana Arkansas & Texas
Ry.—EarningsDecember—
Gross from railway
Net from railway
Net prems.
written—$15,452,425
Prems.
on risks reins'd.
808,374
.
Net premium
income,$14,644,051
Interest dividends, rents
and other income
966,354
1936
i»ou
Inspections
and
$14,260,143
1,070,018
$15,330,161
7,668,054
4,075,248
3,879,150
assessments
Dividends
Netincome
$13,424,739 $12,406,480
925,940
726,102
$14,350,679 $13,132,582
7,425,867
7,005,726
3,597,151
3.450,654
payroll
audits
241,346
764,907
219,556
737,222
181,240
777,052
166,493
745,970
547,947
107,994
545,426
444,831
78,573
370,106
335,432
112,018
291,801
163,979
$1,422,728
$1,932,667
$1,921,918
$1,307,958
Underw't'g & manage exps
Taxes, licenses, fees and
Miscellaneous
1934
xyo<i
$15,063,192 $14,252,631 $13,752,539
803,049
827,892
1,346,058
Total income
$15,610,406
Losses & loss exps. paid7,904,808
Acquisition expense
1935
moo
$19,089,740 $18,214,599 $17,198,891
4,026,547
3,961,968
3,446,352
expenses,
Volume
146
Financial
>
Assets—
Res.
SI, 076,419 $1,207,004
'
Stocks and bonds. 14, 143,877
Real estate
1,.139,306
of coll...
1,157,591
,522,472
Accrued Interest..
86,150
Collateral loans
Relnsur.
other
Deps.
160,654
missions
paid
for
186,172
x
199,524
140,262
With companies not
x
authorized in New York State.—V. 144, p.
Mathieson Alkali Works
1936
1935
Traffic
$2,529,995
1,171,511
$2,028,319
89,090
$1,590,135
80,840
$1,358,484
35,096
$1,962,749
298,566
expenses
exps
General expenses.
$55,793
88,094
$83,407
82,630
$2,210,598
867,243
$1,990,689
1,130,000
def$32,301
18,294
15,213
$776
11,003
16,369
$1,343,354
348,600
226,193
$860,688
273,791
190,973
Net after rents....def$65,808
def$26,595
Drl,651
480,821
' $768,560
Dr268,647
502,501
£>r694,887
5,808,770
$395,924
Dr359,833
5,597,943
$836,957
$509,068
$5,735,097
$5,561,852
Net railway revs
Taxes
Net after taxes.
$1,939,229
310,749
$1,509,295
149,519
$1,323,388
157,552
$1,664,183
166,439
1,369,115
$1,628,480
166,439
1,245,745
$1,359,776
166,439
1,246,086
$1,165,836
166,437
1,154,020
Other income (net)
Int. on funded debt
Net deficit
Note—As there is
Total income
Federal taxes
income
Net
Preferred
dividends
Common dividends
Deficit
Shs. com. stk.
Earnings
per
(nopar)..
share
$154,621
830.714
y$1.20
$52,749
830,663
$1.44
$216,296
830,428
sur$128,630
828,191
$1.81
$1.76
manufacturing, general and selling expenses (but
operations),
y Net earnings for 1934 of $i.20
are calculated on the basis of 830,714 shares of
common stock outstanding, whereas the net earnings of $1.70 a share for
1933 are on the basis of 623,263 shares of common, the increased amount
for the year 1934 representing the additional common stock sold by the
company to finance the cost of its new plant at Lake Charles, La.
After
x
deducting
includes income from other
a
share
the
on
common
Balance Sheet
1937
Notes
&
trade ac¬
10,164
6,213
910,869
2,046,927
Inventories
1,808,161
Investments
Sinking
fund.....
Deferred
Res.
Miscell. oper. res.
250,704
194,547
197,864
189,380
160,870
267,980
5,491,349
liability.
281,534
271,454
Free surplus
Ear nings-
-
1935
1934
$71,092
1936
$58,949
5,569
$92,929
6,336
defll,626
defl 1,104
def22,405
def203
1,043,008
185,529
34,261
$77,811
defll,548
def29,750
railway...
680,559
118,640
29,644
922,581
185,804
63,322
From Jan. 1—
Gross from
Net from
railway
railway
1,135,476
174,394
12,857
Net after rents
—Y. 146, p. 114.
Missouri Illinois Ry.—Earnings—
1935
1934
$86,754
9,671
def9,444
$124.013
39,121
23,779
$79,148
8,092
2,042
$74,187
15,340
8,669
1.476,178
452,404
195,366
1,178,415
300,516
1,053,285
207,005
51,122
959,753
206,096
59,775
December—
Gross from
1936
1937
railway
Net from railway.
Net after rents
Gross from railway
Net from railway
Net after rents..
103,365
—V. 146, p. 114.
Missouri Pacific RR.—1938
for contlng..
228,316
will be spent on
160,870
steel rail.
225,518
purchase of one
cost of $20,000.
5,428,985
1,072,026
Dr518,411
of pref. stock...
The
Denies
1,019,270
Treasury stock.. Dr560,182
Improvements—
Guy A. Thompson,
improvements to the rail¬
approximately $6,000,000
the roadbed ana will include purchase of 29,000 tons of new
remainder will be spent for betterments to equipment and
new A A R transverse fissure detector car at an estimated
Judge
H.
George
Moore
has authorized
trustee, to spend $7,540,088 for betterments and
road and its subsidiaries during 1938.
Of this
Approp. for retire.
z
Ry.
146, p. 759.
1937
Net from railway
Net after rents
Federal
turnable)
239,948
294,421
227,720
303,459
expense
Deferred charges..
Missouri & Arkansas
Gross from
for
taxable income to date, no provision is necessary
December—
423,161
450,515
Containers charged
61,986
38,083
210,438
no
undistributed profits.— -V.
on
pay¬
rolls, &c
to customers (re¬
from employees.
Devel.
Common stock..16,024,769 16,024,769
338,701
Accounts payable.
356,425
300,000
Notes pay. to bks.
receivable
the surtax
From Jan. 1—
2,377,700
2,377,700
y
Accr'd taxes,
recelv'le
(less reserve)..
Balance
Preferred stock...
1,041,487
ceptances rec'le.
Accounts
$
$
Liabilities—
807,209
896,761
1936
1937
$
Property acc't. .21,089,863 21,434,728
Cash...
Dec. 31
1936
$
Assets—
x
$1,045,802 $15,001,430 $14,109,841
147,193
2,315,037
2,200,002
208,305
2,837,621
2,701,068
37,822
415,684
425,468
510,947
6,529,779
6.047,232
58,127
692,710
745,381
$1,058,680
155,681
212,077
33,781
oo,«ox
543,556
57,791
Maint. of way & struc ex
Maint. of equipment.
1934
$3,019,263
1,429,128
$2,039,556
76,807
from oper.
Income charges (net)
revenue
revenues
Hire of equipment
Rental of terminals
$3,713,010
1,684,691
1937
Calendar Years—
Earnings
$3,781,452
Deprec., deple. & obsol.
1,741,896
earns,
2834
(Inc.)—Earnings—
x
Net
2,000,000
3,747,992
19,587,840 20,143,018
Total
other
Transportation
20,775
2 ,000,000
2 ,491,362
Surplus
.19,587,840 20,143,018
500,000
700,000
Capital
Total..
66,226
146,812
Reinsurance....
257,773
Freight revenue
Passenger revenue
Total
con¬
tingencies
Compen.
Re-Ins. Bureau-
Other assets......
1937—Month—1936
1937—12 Mos.—1936
$866,910
$841,541 $12,739,867 $11,935,939
75,212
79,506
912,553 868,049
106,558
124,755
1,349,009
1,305,852
461,095
488,454
other
for
Reserve
with Work¬
Condensed Income Statement
Period End. Dec. 31—
All
un¬
liabilities
14,385
1,604
Companies
com¬
or
premiums.
Reserve
due from
men's
for
Reserve
2.473,491
85,602
160,862
Central Ry.]
Wisconsin
tExcluding
premiums
Gross premiums in
course
1936
1937
unearned
for
$4, 897,527 $4,969,752
7,971.035
Reserve for claims. 8, 351,617
426,917
Res. for accr. taxes
491,292
14.717,645
,
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earns.
Liabilities—
1936
1937
Cash
919
Chronicle
Balance Sheet Dec. 31
Reorganization Will Give Alleghany
The company has
denied, in
Control—
brief filed with the Interstate Commerce
control of the road under the
of reorganization now pending before the
a
Commission that Alleghany Corp. would be in
Total
26,028,696
.....
26,203,425
Total
....26,028,696 26,203,425
of $13,857,444 in 1937 and $12,563,263
in 1936.
y Represented by 858,191 shares of no par value,
z Represented
by 30,000 (27,763 in 1936) shares of no par value.—V. 146, p. 444.
After deducting depreciation
x
Mercantile Stores Co.:—Pays $1 Dividend—
dividend of $1 per share on its common stock on
25.
This was the first payment made since
Jan. 23,1937, when a dividend of $3 per share was paid in 10-year 5 % deben¬
tures.—V. 144, p. 4185.
The company paid a
Jan. 26 to holders of record Jan.
Merchants & Miners
inc.
Net
after
x$685,591
Shs. cap.
236,902
def$1.31
236,902
$2.89
stbek (no par).
Earns, per share
x After provision
$400,380
236,902
$1.69
$641,130
236,902
$2.71
for surtax on undistributed profits.
For the quarter ended Dec. 31, 1937, net loss was $412,836 after charges
and Federal income taxes.
In the December quarter of 1936, net income was
$134,752
or
57 cents
Middle West
a
creditors," the brief stated.
of creditors.
"Thus, while the plan gives Alleghany a voice in the selection of the oper¬
ating management, its exercise of that voice is subject at all times to the
absolute control of creditors."
New Directors—
& Mexico RR. and the Texas &
urer
Monarch Machine Tool Co.—Earnings—•
Inc. and Corporation Securities Co. of Chicago.
Inc. deposited as collateral for the loan 250,080
shares of common stock of Central & South West Utilities Co. and 27,402
shares of common stock of North American Light & Power Co.
In addition,
50 38-50 shares of North American Light & Power Co. common stock have
since been received as a dividend.
Corporation Securities Co of Chicago
deposited as collateral for the loan, 30,189 shares of common stock of
Central & South West Utilities Co. and 8,625 shares of common stock of
North American Light & Power Co.
Applicant states that it proposes to release all rights to the securities
loaned and in settlement will acquire title to the securities which were
deposited as collateral, and accept $35,000 in cash.
Opportunity for hearing in the above matters will be given Feb. 7.
—V. 145, p. 3977.
Insull Utility Investments,
Insull Utility Investments,
RR.—Abandonment—
Commission on Jan. 24
issued
a
certificate
permitting abandonment by the trustees of the company of a branch line
of railroad of that company, extending from a connection with the main
line of the Duluth South Shore & Atlantic Ry. at Keweenaw Bay to Alston,
approximately 16.05 miles, all in Baraga and Houghton counties, Mich.
—V. 144, p. 2488.
on
,
Commission has again postponed oral argument
proposals of the Associated Railways to dismember the
Feb. 21 to Feb. 23.
Minneapolis.
Hearing date was changed from
Earnings
for December
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Shares common stock...
Earnings per share
—V. 145, p.
12
months
1936"
$703,365
128,314
42,849
Ended
Dec
1935
$639,104
99,528
39,861
Gross from railway...
Net after rents
8,660,085
1,535,108
503,215
8,955,364
1,839,922
725,722
7,606,769
843,388
101,621
1937
$66,444
4,026
def4,609
Net from railway
Net after rents
From Jan. 1—
933,014
Gross from railway
Net from railway
—V.
r_
after rents
146,
p.
$453,079
284,054
156,339
$349,025
206,533
100.935
$276,282
142,690
38,113
4,468,539
2,571,428
1,197,132
4,716,390
2,894.341
1,470,538
3,844,798
2,300,186
1,114,371
3,820,585
2,249,309
Net after rents
From Jan. 1—
Gross from
railway
Net from railway
Net after rents
146, p.
—V.
114.
142,797
31,987
1936
1935
1934
1,097
$43,054
def9,229
def9,831
920,228
202,302
108,502
726.033
87,565
25,616
632,174
43.051
defl8,437
988
Dales
regular monthly
of the fourth Thursday of
payable the fifteenth of
March, June, September and December will be acted upon at the February,
May, August and November meetings, instead of January, April, July
The company
announced that directors had changed the
meeting dates to the third Wednesday instead
each month.
Hereafter, quatrerly dividends
October.—V. 146, p. 444.
Highlands
Montana
Mining
Gold
Co.—Registration
Withdrawn—
of this department.—V. 137, p.
given on first page
1704.
Montreal Island Power Co.—Earnings—
Calendar Years—
1937
1936
1935
Gross revenue
$763,872
$764,789
$765,000
$624,430
Net revenue.
F
and
ex^ha^e.^?!
137,228
139,385
$610,402
•
$627,772
$627,021
513,419
514,917
515,211
519,505
$111,010
$95,486
$112,561
$107,516
Surplus
a
Transferred to depreciation reserve.
Balance Sheet Dec
41,488
63,353
receivable.
63,430
_
25,030
Investment
Deferred charges.
tion
.
154,176
Accr. int. on bonds
83.976
9,161,000
pref. stock... 1,000,000
Funded debt
6%
Common stock..
375,000
$
88,093
84,791
9,250,000
1,000,000
375,000
10,651,108
Total
10,774,152 10,797,8 8
After deducting reserve for deprecia ~
of $637,075 in 1937 and $526,065 in 1936.—V. 144, p. 2662.
Total
x
10
674,396
$
Accts. & bills pay.
x
7.073
Funds with trustee
Fixed assets
16.906
18.055
-
1936
1937
Liabilities—
I
$
11,197
Accts.
31
1936
1937
y
1934
$766,407
154,387
139.442
_
Cash
$61,983
Meeting
Co .—Dividend
Chemical
Monsanto
Changed—
40,723
$80,384
defl4,407
def27,889
1,066.544
114.
Assets—
December—
1934
1935
1936
1937
$293,916
152,860
47,277
Net from railway
146, p. 759.
Gross from railway
$2,90
-
Monongahela Ry.—Earnings-
7,514,180
690,779
Mississippi Central RR.—-Earnings-
Net
—
.
_
/_
December—
1934
$537,337
12,593
def22,375
$258,078
115.066
$2.24
3351.
Gross from railway
Exposes
31.
1936
$436,524
150,079
provision for
a
Net from railway
—V.
and
1937
$721,338
166,948
67,206
December—
incl.
Federal and undistributed profits tax
See list
Minneapolis & St. Louis RR .—Hearing Postponed—
The Interstate Commerce
1937
Years Ended Dec. 31—
income after all charges,
Co., both of which are registered holding companies.
According to the application, Middle West Utilities Co., a predecessor
of Middle West Corp., in September, 1931 loaned certain securities to
Commerce
was
Net
corporation, a registered holding company, has filed an application
(File No. 46-91) with the Securities and Exchange Commission under the
Holding Company Act for approval of the acquisition of securities of
Central & South West Utilities Co., and North American Light & Power
Interstate
Pyeatt of Cleveland, President of the Denver & Rio Grande Western
elected to succeed H. G. Dalton of Cleveland, resigned, on all
James Finegan was elected Assistant Secretary and Treas¬
of the Texas & Pacific.—V. 146, p. 759.
j
J. S.
RR.,
three boards.
share.—V. 145, p. 3661.
Corp.—Acquisition of Securities—
Mineral Range
of Kansas City has been elected to succeed his father, the
boards of this railroad, the New Orleans Texas
Pacific RR., it was announced on Feb. 1.
James Kemper
The
The
with
that
plan at most permits Alleghany to provide, with the approval of the
creditors, the majority of the directors who will select the initial operating
management, which may only continue from year to year at the sufferance
the
late W. T. Kemper, on the
deprec.,
loss$310,979
int. & Fed. taxes
of unsatisfactory directors rests
"Under these circumstances, it is clear
"Power to prevent the appointment
1934
1935
1936
plan
Commission.
Transportation Co.—Earnings—
1937
Calendar Years—
amended
management's
10,774,152 10,797,885
75 000 shares without par
value,
y
920
Financial
Montreal Light, Heat & Power
Calendar Years—
Gross earnings
1937
Balance
1935
paid
Depreciation (extra),..
$4,878,781
2,963,541
$7,869,500
6,733,772
20,000
750,000
$7,842,322
6,733,772
20,000
750,000
com.
owned subsidiaries y._
Est. Fed. income tax
Prov. for Fed. surtax on
undistributed profits
stk. outstand.
$365,729
4.489,005
4,489,015
$1.91
Earned per share
$338,550
Liabilities—
1,388,938
Govt. & Que.
munlc. bonds.
2,176.047
2,592,344
Bills <fc accounts
receivable
2,841,298
x
$
2,403,374
4,274,702
1,257,041
of subs. Aoth.
DIv.
1,705,888
corp. incl.adv.
Receipts
to
«fc
a
stocks
subs., less
payable
of
depreciation..159,851,322 160.479,114
Inventories
330,541
081,606
Unamort.bd.exp
Total
provision
for
1608.
p.
z4,688
Mountain
An
order
States
"""459
on
$1,805,391
-
$1,941,078
$2,318,263
y New
York & Suburban Air Lines, Inc.
undistributed profits for year ended Dec. 31,
$2,642,135
Provision for
1937 (no normal
z
payable).
1937
Furn. & fixt.
(net)
1930
Liabilities—
918
......
Prep'd & def. chgs.
subscr
Total.
114,093
Contingent
1,250,000
2,060,000
res..
1,250,000
2,050,000
33,614
1937
1930
Accruals
$3,133
$2,832
Res. tor Fed. taxes
10,018
93,755
2,380,700
x
Capital stock...
2,380,373
Paid-in surplus... 0.041,689
Deficit
$6,635,823 $0,583,572
Represented by 477,275
3352.
x
p.
(earned)..
0,041,302
1,805,391
National
Total
1,941,078
(477,352 In
$6,635,823 $6,583,572
1936)
no
par
shares.—V.
|
Total
109,332,300 169,897,755
Broadcasting Co.—New Directors—
National Casb Register Co.—Orders—
Month
of January—
1938
Domestic gross orders.$1,937,050
Co.—Company
1937
Changes
%
$3,356,525
—$1,419,485
42.3
decrease of 24.1% under Dec., 1936.
Exceptional volume of business secured in January, 1937, grew out of
acceleration of orders due to announcement of
carrying charges and reduc¬
tion in casb discounts on orders received after Jan.
15, 1937, according to
statement by company.
A similar situation developed in March, 1937,
when exceptional volume of business was secured in
anticipation of price
increases, the statement continued.
Domestic sales for the entire year 1937 were 7
3-10% higher than in 1936.
With exception of January, 1937, gross domestic business
Continued in
entered by the U.
8. District Court for the District of
28 continuing company in possession of Its
under a petition for reorganization filed by the
company on
31, 1937, under Section 77B of tne Federal Bankruptcy Act,
according
statement by Z. E. Merrill, President.
a
secured in
That petition recited the inability of the
company, although solvent, to
maturity of its first mortgage gold bonds, series A 5% and series
B 6%, totaling $8,182,250, which were due
Jan. 1, 1938.
On Dec. 31, 1937,
the court authorized the
company to pay its bond interest which was due
Jan. 1, 1938.
ary, 1938, is
larger than in any other Januarj- since 1930.—V. 146.
meet the
National Lead Co. (&
Calendar Years—
Net sales.
Two committees representing bondholders and
preferred stockholders of
the company appeared at the hearing Jan.
28, asking permission to intervene
in the reorganization
proceedings and this
permission
was
court.—V. 146, p. 605.
Net operating profit..
Munsingwear, Inc.—To Pay 25-Cent Dividend—
a
April 1 and
on Jan.
771.
p.
Common dividends
Surplus
Shs.
Calendar Years—
1937
200
Number of stores
Sales
Other income
Total Income.
42,589,837
37,968,471
607,496
Res. for Fed. inc. taxes.
y681,000
Provision for surtax
167,200
Bond interest
101,533
Amort, of bond discount
Flood loss & expenses...
31,754
25,000
Net income
dividends
dividends
No. of common shares.
$3,007,383
200,000
1,719,464
480,500
$5.84
$2,945,278
200,000
1,622,397
464,598
Earned per share..
$5.90
y Includes State income taxes.—Y.
146, p. 445.
_
1935
189
1934
186
$31,597,890 $28,001,013
45,377
307,011
31,643,267
28,313,683
450,179
y431,062
119", 964
156",849
43,772
Mutual Investment
$2,247,860
240,000
239,900
149,938
$13.39
25 ,447.744
401,739
310,578
$1,947,342
240,000
239,900
149,938
$11.38
Fund—Earnings—
1937
1936
$112,140
$62,882
1Q
19Q
75,888
.
161,503
xl27,330
Realized profit on sale of securities.
Unrealized profit
See y
Total
$188,038
30,792
Expenses
Net income
Distributions
$157,245
145,748
™
$329,493
203,653
Excess of market value of securities
owned at end of year over market
beginning of year or over cost if purchased
during year, less net
unrealized profit at
beginning of year on securities sold
x
during
or losses which
year.
heretofore have been Included in
the income statement
appear in the reconciliation of earned
surplus.
The
unrealized loss for 1937 was
$1,081,885.
Balance Sheet Dec.
AS8€tS—
ket
1937
at
Accrued dlvs. rcc.
Dus
on
1930
mar¬
value
$1,777,008 $1,920,172
3,010
3,795
subscr. for
Mut'l Inv. ctfs.
in hands of
10,700
Cash
custodian
152,241
ctfs
$17,353
22,194
N.
Y.
City
$2,211,108
$1,479,559
b309.510
b271,500
$916,548
$10.77
$8.37
14% stock dividend amounting
d Includes administrative,
selling and other expenses and
p. 445.
Arrearages
arrears
Shareholders
of $9 a share
are
meeting on
1933, immediately following the annual
meeting, to consider the
proposals offered by directors.
The plan may be summarized as follows:
(1) The outstanding class A shares are to be canceled.
(2) One-fifth of the issued common shares (10,639 shares) are to
Feb. 25,
be
(3) Name of the company would be changed to National
Clay In¬
dustries, Ltd.
(4) Authorized common stock would be increased to
100,000 shares.
In return for the cancellation of their
stock, plus accrued and unpaid
dividends, holders of the outstanding 27,762 no
par value class A shares
would receive, for each five class A
shares now held, the sum of $130,
payable as follows:
(1) $40 in cash.
(2) $80 principal amount of new 5% convertible,
redeemable, 20-year
debentures.
(3) One common share of the company.
Both
State
$5,609
6.062
3,370
&
taxes
Res. for Fed. taxes
the class A
and
common stocks now
outstanding carry one vote
share.
No dividends have been paid on the class
A, which is entitled
cumulative annual dividend of $2.40 a
share, since Dec. 15, 1933.
In introducing the
proposals, Ryland H. New, President, pointed out that
there is little likelihood of the
company being able to pay a dividend within
per
to
a
Provision is to
be
made whereby registered holders of
any number of
five or a multiple thereof can
buy or sell any number
exceeding four, as may be required to bring his holdings to
a multiple of five.
A fixed price of $26 a share for class A
shares other than
shares,
not
five shares
or
stock and $8 a share for common has been
set.
Without allowing for any changes which
may be necessary
of the purchase or sale of
shares, as mentioned above, the
capitalization will become
as
follows: if the plan is adopted.
Authorized
5% debentures
Common, no par value
new
debentures
$500,000
100,000 shs.
are
be
to
convertible into
basis of five shares for each
$80 principal amount.
shares receiving these debentures exercise this
common
as
a
result
company's
Outstanding
$444,192
48,106 shs.
stock
on
the
If holders of class A
conversion
Mut. Inv. ctfs..
Res.
for
possible
1,142
1936
standing Mutual
Accrued expenses.
Due on redemp. of
stk.
1,081
1937
out¬
21,970
Def.
charges (cap.
tax & orlg.
Issue stamps)...
Liabilities—
Invest,
$4,200,188
1,461,518
464,772
1,357,350
The company has announced a
plan for settlement of
at Oct. 31,
1937, on its class A shares.
The
on
$5,261,390
1,461,551
464,772
cl.855,508
National Sewer Pipe Co.—Plans to Settle Div.
as
31
Acer. dlst.
$7,232,531
1,461,551
464,772
3,095,100
the next few years.
$351,843
22,350
value at
Securities
$3,059,544.
146,
of
The unrealized profits
$2,759,030
1,441,158
cancelled pro rata.
Years Ended Dec. 31—
Income and profits—Dividends
Interest.
y
to
taxes.—V.
28 ,308,024
163,889
25,000
Provision for einpl. relief
Preferred
38,063,852
33,506,395
503,620
y699,700
122,200
97,770
$3,373,885
1,887,505
______
80,520
Operating expenses
Depreciation
Common
1936
195
$42,522,253 $37,995,419
67,584
68,433
$5,453,180
1,779,351
com. stk. outst'g—
a3,095,100
a3.095,100
Earns, pershare
$0.95
$1.71
a Par. $10.
b Par $100.
c Exclusive of
(G. C.) Murphy Co. (& Subs.)—Earnings—
1934
$1,378,078
Class B pref. dividends..
2,1937.—Y. 145,
1935
$4,886,951
1.496,551
464,772
1,547,550
Class A pref. dividends..
dividend of 25 cents per share on the common
no par value, payable Feb. 21 to holders of record
Feb. 10.
Divi¬
dends of 75 cents per share were
paid on
1936
$2,646,824
2,240,127
Total income
stock,
Jan,-,
r
283.
Subs.)—Earnings—
1937
d Cost of goods sold
granted by the
p.
$91,947,303 $78,764,590 $66,559,197 $56,350,470
89,300,479
73,311,410
63,185,312
53,591,440
Other income
Directors have declared
145,
See Radio Corp. of America, below.—V. 145. p. 3662.
Delaware at Wilmington Jan.
to a
.10", 767
Balance Sheet Dec. 31
property
Dec.
x$169,-174
2,462,195
477,352
(at cost)..$6,203,405 $5,701,242
Accts. receivable..
2,422
Cash
398,743
818,990
Property—
was
$324,331
2,642,135
2,318,263
4,500
Invest,
b Represented
by 4,489,015
(1936, $4,489,005 shares, no par).—V. 144,
Power
8,152
$854,538
to
December sales showed
Possession of
14,426
38,535
paid
Assets—
10,000,000
22,588,300
22,590,700
4,112,462
1,282,856
1,705,888
income tax.
shares of no par value in 1937
81,850
z
$131,186
1,941.078
5,000,000
2,177,483
169,332,300 169.897,755
Including
a
tax
98.597,455
563.290
2,002,647
deb.
Def'd & prepaid
charges
x$90,457
78,717
on acct.
Insurance res've
277,247
Loss,
surtax
$
Accts. payable
Accrued interest
Bonds
$435,689
58,396
surplus
1930
b Cap. 8tk.& sur 99,807.718
2H% bonds
4,000,000
3H% bds., 1956 10,000,000
bds., 1973 22,588,300
Debentures
21,798,050
1,404,901
Dom. and Prov.
$1,034,857
90,316
Prov. for prior yrs. taxes
Dividends
$1.78
1937
x$163,635
73,178
See
year
Total deficit
1936
$
Cash & call loans
profit for
Previous deficit
Net
credit
adjust,
Balance Sheet Dec. 31
1937
Assets—
$314,755
120,934
_
Net
$481,446
4,489,001
4,489,004
$1.75
$1.75
$902,669
132,188
$205,838
69,964
Profit
20,000
750,000
1934
1935
1936
$62,128
143,711
Managem't & corp. exps.
Loss on invest, in wholly-
$7,985,218
6,733,772
Balance,surplus..... $1,071,945
Shs.
Profit from sale of secure.
Int. &divs. ree'd, &c...
$7,985,218
$8,575,717
6,733,772
20,000
750,000
Net income
Dividends
Pension fund
1937
193 4
$5,156,933
2,712,567
1938
5,
Earnings for Calendar Years
$24,273,720
8,136,688
2,065,659
2,427,372
3,658,782
$5,735,692
2,840,024
revenue.
Feb.
Consolidated—Earn'gs
1936
..$22,891,195 $21,999,878 $21,136,970
Operating expenses
9,093,341
8,818,968
8,159,767
Taxes
2,903,556
2,524,229
2,315,963
Deprec. & renew, reserve
2,573,122
2,471,244
2,410,051
Fixed charges
2,585,483
3,028.503
3.372,407
Non-oper.
Chronicle
4.590
4.590
3,281
2.210
1,943,293
037,983
1,156,837
privilege, they
they now hold in class A shares,
33,314 from the present 27,762.
The proposed debenture
issue, which is to be authorized to $500,000
principal amount, would be issued in denominations of $8 ), $400 and
$800.
They would be redeemable at any time at a price not
exceeding par and
will obtain the same number of
thus increasing their
voting
common as
power to
convertible as mentioned above.
Until all debentures are retired
25%
of annual net
earnings, after payment of debenture interest, depreciation
and taxes, would be used for
redemption or purchase for cancellation.
—V. 138. p. 1576.
xMut.Inv .ctfs. iss'd
& to be lss'd on
National Steel Corp. (&
subs,
received—
$10 par value...
Paid-in surplus...
Earned surplus.._def043,510
348 608
430,250
Total
*
$1,951,300 $1,969,279
Total
$1,951,300 $1,969,279
194,329.3 shares in 1937 and 115.683.7 shares in
1936.—V. 146, p. 759.
National Aviation
Corp. (& Subs.)—Annual Report—
The indicated liquidating value of the
Btock of corporation as of Dec.
31,
1937 was $12.70 per share.
This figure is based on the market value as
of
Dec. 31, 1937 or securities having an active
market and on the value, as
estimated by the management, of securities
not
having an active market
less allowance for estimated Federal income
taxes for 1937.
It includes the
investment in National Airport
Corp. and Washington Air Terminals
Corp. of $1,485,385, and the investment in National Aviation
Research
Corp. of $50,000, both at cost.
Period End. Dec. 31—
Net earnings..
Shs. cap. stk.
a
($25 par).
Earnings
per snare
Subs.)—Earnings—
1937—3 Mos.—1936
$2,580,925
2,167,877
$1.19
1937—12 Mos.—1936
$4,628,729 b$17801.893 b$12541,842
2,162,277
2,167,877
2,162,277
$2.14
$8.21
$5.80
After all
charges, Including interest, taxes, depreciation and depletion
for Federal undistributed profits tax).
b After
provision for Federal undistributed profits taxes of $1,715,000 in 1937
and $629,307 in 1936—V. 145, p. 3978.
a
(but
before
provision
National Underwriting
Corp.—Registers with SEC—■
See list given on first page of this department.
Naumkeag Steam Cotton Co.—To Reduce Wages—
This company posted a bulletin announcing a general
wage reduction of
12H%, effective Feb. 7, and applicable to 2.900 employees.
R. L. Dick,
General Manager, said the reduction was made because of the
general
decline in the cotton goods market.—V. 146, p. 760.
Volume
Financial
144
National Surety
Div.
Corp.—Earnings—
Date
1936
$9,223,983
2,678,292
$9,175,959
3.191.620
4,791,375
Total
(Per Share)
$.50
.50
Non-Taxable
(Per Share)
$.14975
.14975
Taxable
<
(Per Share)
$.35025
35025
Paid
No.
1937
Calendar Years—
921
Chronicle
__
incurred
4,898,994
Underwriting expenses incurred
$1,646,697
950.993
Drl86,246
Net income before prov. for
Fed. income taxes.
Provision for Federal income taxes
Net income after Federal income taxes
$1,597,325
259
May 10
35025
.14975
.50
260
June
10
35025
.14975
.50
262
Aug. 10
Sept. 10
.35025
35025
.14975
.14975
-50
.50
263
Nov. 10.
264
Dec.
.35025
70048
.14975
.29952
50
1.00
220.000
$3.15223
$1.34777
$4.50
400,000
Dividends paid
10_
Mar. 10
$1,817,325
$2,111,444
Investment expenses
$1,192,963
779.865
Pr155,504
$2,411,444
300,000
Underwriting profit
Interest, dividends and rents earned.
Feb.
261
Net premiums earned
Losses & loss adjustment expenses
257
258
_
_
....
10
Totals Year 1937
approved by the U.S. Treas¬
ury Department pending its final determination upon said Department's
completion of the usual annual audit of your company's income tax return.
—V. 145, p. 3204.
The above allocations have been tentatively
Balance Sheet Dec. 31
1937
$
$
Assess—
New Orleans Texas & Mexico
S
See Missouri Pacific BB., above.—V.
10,961,401
7,482,931
5,391,164
5,283,158
1,020,498
524,702
2,500,000
981,747
Surplus
6,861,770
4,142,210
Invest'ts—bonds..
Stocks
Res.
unearned
for
premiums
Res've for comms.,
and taxes.
exps.
collect., not over
1,127.245
1,281,388
90 days due
int., divs. &
130,689
134,268
receivable
61,665
!
146, p. 761.
750,000
2,500,000
6,273,630
1934
1937
1936
1935
$27,307,908 $34,607,189 $28,227,324
3,031,450
9,808,394
5,113,189
def976,978
1,779,938
3,464,119
$24,632,290
5,188,324
1,575,958
366,226,126 361,063,872 310,030,771
82,225.687
92,233,436
72,833,316
36,028.267
45,278,626
35,964,711
295,084,881
70,913,121
29,160.928
Chicago & St. Louis RR .—Direct
Control by
December—
Gross from
RR.—Earnings—
railway
Net from railway
Net after rents
V
From Jan. 1—
Gross from railway
Net from railway
136,600
850,000
Res. for conting..
105,735
1st mtges. on rl.est
New York Central
3,972,477
loss adjst. exps.
2,303,553
8,346.900
4,179,097
Capital
companies 2,323,657
Prems. in course of
Acer,
1936
$
Liabilities—
Res. for losses and
Cash in banks and
trust
Ry.—New Directors—
1937
1936
850,000
rents.
Reinsur. and other
accts.
Net after rents
Home office rl. est
—V. 146, p. 445.
New York
20,477,232 19,761,0111
Total....
19,761.011
.20.477,232
Total.
Chesapeake & Ohio—
See latter company
-V. 145, p. 948.
Neisner
Month
Brothers, Inc.-
,182,076
.,129,129
Sales
—V. 146, p. 284.
$52,482
1934
$23,324
def2,100
7,316
def683
422,598
124,549
87,607
353,606
From Jan. 1—
691.856
Net after rents
_
559,598
337,604
256.655
Gross from railway
Net from railway
235,767
169,464
70,166
36,401
—V. 146, p. 115.
England Telephone & Telegraph Corp.- —Re-port—
1937
Local service revenues..$54,212,208
18,160,287
2,495,601
Toll service revenues...
Miscellaneous revenues.
1934
1936
1935
$52,136,670 $51,079,146 $49,573,872
15,186,344
17,469,574
15,671,597
2,182,712
2,182,475
2,280,853
.$74,868,097 $71,788,720 $68,031,596 $66,942,928
Total
184.487
244,248
133,653
254,819
Uncoil, oper. revenues..
Totaloper.revenues..$74.613,278 $71,655,067 $67,787,348 $66,758,441
13,9 6,771
13,796,759
Current maintenance
15,513,988
14,610,098
11,610,786
Depreciation expense
11,686,446
11,807,370 11,749,235
11.854,742
12,045,780
Traffic expenses
13,800,081
12,630,227
5,151,647
5,359,941
Commercial expenses
5,883,482
5,617,550
Net oper.
661,197
5,482,312
679,453
5/31.543
revenues-.$20,764,563 $20,722,851 $18,692,123
8,123,207
x6,869.111
5,419.346
$12,641,356 $13,853,740 $13,272,777
107,402
88,527
141,958
$13,347,547
205,300
income
available
_
688,743
5,578,227
$12,748,759 $13,942,267 $13,414,736
3,550,000
3,550.000
3,551,000
1,193,715
1.348,438
1,609,369
—
interest..
$13,552,847
166,306
166,314
166,306
$8,877,523
8,667,477
$8,089,051
8,000,748
$8,011,198
8,000,748
$88,304
undistributed net income.
$10,450
166,306
funded debts.
$7,838,737
8,334,112
Bal. avail, for divs...
on common
stock.
def$495,375
Balance, surplus
x
Includes $3,193 for surtax on
•
$210,046
31
Balance Sheet Dec.
$
Assets—
316 ,576,331 310,333,852
5,084,141
Misc. phy. prop.
4 ,149,845
1.400,353
,523,035
Inv.in contr.cos.
Telep. plant
1,112
1,425
.707,842
1,716,194
Working funds.
Notes receivable
520,236
367,134
308
783
Accts. recelv'le.
,079,539
,498,217
,349,618
4,194,571
invest
Cash
Deferred
%
Liabilities—
•'
Capital stock... 133,345,800 133,345.800
35,000,000
1st m. 5% bds._ 35,000,000
40,000,000
1st mtge. 4^8
40,000,000
2.000,000
Real est. mtge..
2,000,000
-
Advances
from
Amer.T.&T.
Notes
payable..
8,948,457
Accts.
17.100,000
11,213,517
9,783.853
3,660,119
2,727,298
2,076,792
2*700,496
2,109,587
1,387,771
1,256,610
1,263,624
committee organized
The
RR.—Committee
& Hartford
Holders—
Haven
New
Seeks to Protect Preferred
for the protection of preferred
the
of the reorganization plans for the New Haven now being considered by
Interstate Commerce Commission, "two would wipe out your Investment
Under a fourth (the
plan submitted by the board of directors of the railroad) you would receive
1 \i shares of new common stock in exchange for each share of preferred
now owned.
The committee believes that plan to be sound and equitable
and that it should be actively supported by you."
and
third would subject you to a
a
not due......
2,114,398
2.35Q.081
&
serv.
Abandonment—
Interstate Commerce
The
515,383
20,384
596,354
Deprec. reserve.
80,521,954
82,028,702
8,214,529
8,739,857
5,876
Corp't'n surplus
Richmond Gas Co.—Preliminary Earnings
1937—Month—1936
1937—12 Mos.—1936
$98,811
$94,643 $1,167,924 $1,177,263
15,588
accruals
ment
income
Net
22,812
.
263,634
116,299
Note—The company is of the opinion that it has no liability
surtax on undistributed net income for 1937.—V. 146, p. 116.
Niagara Share Corp. of
Total
$1,209 for each share of class A
B
Maryland—Annual Report—
common
pref. stock and $22.59 for each share
340,406,087 334,764,694
corporation and subsidiaries at the end of 1937 had an
indicated value of $31,483,945, compared with $48,849,721 on Dec; 31,1936.
Tne report states that the largest investments were in the securities of Niag¬
ara Oil Corp., Niagara Hudson Power Corp., Schoellkpof, Hutton & Pomeroy, Inc., and Marine Midland Corp.
Consolidated Income Account Years
1937
Ended Dec. 31
1934
1935
1936
$603,975
531,567
1,484,383
497,227
---—
10,408
37,057
11,041
31,965
804
11,992
382
136,034
1,778
income... $1,974,968
$2,014,380
159,406
632,500
$1,147,917
129,922
635,873
$1,380,326
382,194
665,536
29,351
29,737
30,312
31,444
6,882
409
c37,410
6,629
6,234
Interest
3,116
Syndicate profits
Rents received.
Commissions
172,723
631,728
General expenses-
funded debt.
Amortization
of
bond
discount and expense.
Inc. tax paid at source
debentures
on
unfunded debt..
Reserved for taxes
a44,272
of subsidiaries
charged against inc—,
3,157
to
fage 5% bonds, series A, due June1,1,1961.
1952,
34% bonds, series B, due May
company's funded debt
$35,000,000 first mort-
and $40,000,000 first mortgage
proceeds of the new financing wiU be used to pay off
all of advances from the American Telephone & Telegraph Co.,
$17,800,000 on Dec. 31, 1937.—V. 146, p. 761.
It is believed that
part
or
which stood at
22,842
__
CY197.672
63,270
Ci 113,418
59,300
53,890
4,004
13,623
4,150
762
639
713
$1,087,-548
1,243,845
$1,123,642
1,196,022
$476,109
1,029,857
2,317
1,340
earned surplus.. $2,331,393
Miscell. adjust, applic.
$2,319,664
$1,508,283
$1,222,973
182,233
181,319
Special legal expenses—
Loss on foreign exchange
Miscellaneous
expenses.
Net income.
the company.
$20,000,000 bond issue will increase the
$95,000,000.
There are outstanding at present
$605,564
623,425
$1,375,525
551,346
Dividends.
Miscellaneous reserves..
Bonds Privately—The private sale of
$20,000,000 first mortgage 3M% bonds, due Feb. 1, 1968, at
par to seven insurance companies was announced Feb. 1 by
The new
of class
stock.
Investments of the
Int. on
$20,000,000
Sells
286,201
136,628
for Federal
The annual report shows net assets as of Dec. 31. 1937 equivalent to
$2,705 for each $1,000 debenture, $647 for each share of class A pref. stock
and $11.19 for each share of c.ass B common stock.
Corresponding net
asset values as of Dec. 31, 1936 were $4,194 for each $1,000 debenture,
Sec. losses
340,406,087 334,764,694
certificate
Period End. Dec. 31—
Total gross
billed
unappropr'ted
Commission on Jan. 24, issued a
Operating revenues..—
Gross income after retire¬
Interest on
credits
in advance
Deferred
heavy assassment.
permitting abandonment by the trustees of part of the line of railroad ex¬
tending from the north end of the Bridgeport yard limit to a point about
300 feet south of the siding at Stepney, in the town of Trumbull, approxi¬
mately 7.43 miles, all in Fairfield County, Conn.—V. 146, p. 761.
Miscellaneous
Subscribers' dep.
Total
stockholders'
headed by Harry W. Harrison of Philadelphia, has sent out an
appeal to other holders of preferred stock asking authorization for the
committee to represent them.
The committee calls attention of preferred stockholders to the fact that
3,205.169
Accr'd liabilities
oth.curr. liabs
items.
17.800,000
payable &
2,717,782
Materials & sup¬
plies
1936
1937
1936
1937
Other
2,830,93 1
2,193,345
1.142,948
—
York
New
,»
3,551,000
1,825,342
of discount on
Amortiz.
Divs.
5,176,950
for
fixed charges
Bond interest
Other
134,435
—V. 146, p. 116.
$18,524,497
666.927
6,297,790
expenses
Net non-oper. income.
Income
101,810
2.497,952
1,851,163
Net from railway
Net after rents
New York &
Net oper.
Taxes
175,074
98,757
interest,
Years End. Dec. 31—
Operating rents
Gen. & miscell.
163,278
66,190
Gross from railway
1935
$46,500
15,511
24,183
16,641
20,796
16,315
railway
Net after rents
New
$239,081
200,768
From Jan. 1
1936
$54,774
1937
_
$229,676
$256,699
railway
Net after rents
Nevada Northern Ry.—Earnings—
December—
1934
1935
1936
$174,765
116,922
Gross from railway
Net from
Gross from railway.
RR.—Earnings—
1937
December—
1937
1938
of January—
Net from
above.—V. 146, p. 761.
New York Connecting
-Sales-
Previous
earned surplus
years' in-
---~To
3,700
$261,532
960,100
Refund of prior
come
tax pd. at source
Gross
to
Divs
prior years (net) —
on pref. stock
div. on class B
1,273
182.226
801
182,226
Stock
New Jersey
Zinc Co.—Earnings—
Period End. Dec.
x
Income._
31—
—
Dividends
Surplus
264 shs.
$675,572
1937—12 Mos.—1936
$7,871,914
$5,250,789
7,853,056
4,908,160
$0.68
-
Income (including
$18,858
$342,629
$0.85
$4.01
dividends from subsidiary companies) after
ing for expenses, taxes,
$2.68
deduct¬
depreciation, maintenance, repairs, depletion and
as
115 (b) of the
Revenue Act of
1936 as follows:
class
B
883,193
892,792
100,000
contingencies
Fed. income tax
11,747
def. relating to acq. cos
^0
Sundry deductions
b Earned
Earns,
surp.Dec.31 $1,264,701
sh. on avge.
shs. outst'g...
$1,243,845
$1,196,022
$1,029,857
per
class B
Includes $2,258 taxes
$0.61
$0.63
paid to foreign governments,
$0.19
$0 05
$37,272 reserved
$4,741
Federal normal tax and New York State franchise tax, and
reserved for surtax on undistributed profits,
b Unrealized depreciation
the value of investments based on cost increased $11,712,686 during the
in
received the following notice:
of the opinion that dividends paid during
between taxable and non-taxable distributions
on
stock
for
Taxability of Dividends—
Stockholders on Jan. 29
The officers are
div.
common
30,02»
stock
Reserve for
a
contingencies.
allocated
Cash
Int. od
sh. on 1,963,capital stock
(par $25)
x
def.$615,278
—
Earns, per
1937—3 Mos.—1936
$1,347,986 $1,657,204
1,963,264
981,632
common
1937 should be
under Section
1937, and decreased $16,094,630 in 1936, and
increased $903,028 during the year ended Dec. 31,
year
$13,071,326 in 1935, and
1934. c Includes $1,869
922
Financial
taxes
paid to foreign governments, $15,481 Federal capital stock and
roll taxes, $15,082 provision for Federal normal tax and State franchise
and $4,988 provision for surtax on undistributed profits.
Consolidated Statement of
Chronicle
pay¬
Feb. 5,
Norfolk & Southern
December—
1937
railway
Net from railway
Capital Surplus Dec. 31, 1937
Capital surplus, Jan. 1,1937
$25,389,080
Adjustment to par value of 201 shares class A pref. stock pur¬
Gross from railway
Net from railway
3,545
debentures
applicable thereto)
(less
bond
discount
and
582
Recoveries from miscellaneous reserves,
&c
Gross capital surplus
Net loss
on
Less reserves for fluctuation in value applicable to investments
and U. 8. Treasury bonds sold or disposed of
Adjustment
to
conform
value of investments and
with
U.
Treasury bonds
Adjustment to par value of 16,760 12-40 shares of class B
04,314,730
8.
16,027,416
1937
U.
$8,230,325
$
1937
Liabilities—
8.
Treasury bonds,
z649,513
745,618
242,439
130,311
rec.
366,369
x
Int. & divs.rec..
109,188
y
Invest'ts (bonds,
debs., due 1950.11 452,000
37,654
1, 500,000
Class A pref. stock 3, 017,000
Reserves for taxes.
Res. for conting's.
stocks).31,483,945 48,849,722
Unamort. bd. disc,
& expenses--...
360.961
391,864
26,846
23,004
Mlscell, assets
Class B
com.
(par $5)
Earned
32,996,822 50.382,957
After
x
reserves,
Indicated
y
Total
present
New York
11,500,000
32,996,822
value,
Cash
z
50,382,957
only.—V.
145.
Telephone Co.—Earnings
Period Ended Dec. 31,1937—
3 Months
Operating revenues
Operating expenses
Operating taxes
12 Months
-$53.118,667$206,296,463
36,592.876
7,269,773
-
Net operating income
140,643,740
29,311,615'
Other income (net)
$9,256,018 $36,341,108
602,880
2,426,440
Total income
Interest deductions
$9,858,898 $38,767,547
1,205,410
p.
p.
489.653
285.
declared an extra dividend of $1 per share in
to the regular semi-annual dividend of $1.50 per share on the
stock, par $12.50 both payable Jan. 31 to holders of record Jan. 15.
Similar payments were made on July 29 and on Jan. 15, 1937.
Extra
dividends of 50 cents per share were paid on July 30, and Jan. 27, 1936
and
on
July 29, and Jan. 28, 1935.—V. 145, p. 446.
Northern
Pacific
Ry.—Earnings-
December—
1937
1935
1934
$5,395,723
1,723,270
1,379,559
$4,256,781
1,276,414
1,222,487
$3,806,986
716,565
944,611
64,851,201
12,839.538
10,651,002
Net after rents
1936
$4,273,599
515,596
234,047
Gross from railway
Net from railway
Gross from railway..
Net from railway
—
Net after rents
—V.
61,906,306
13,587.9Jl
10,788,187
53.830,038
9,736,438
7,608,789
51.407,775
9,856,962
7,915,209
146, P. 605.
Northern States Power Co.
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended Jan. 29,1938, totaled 25,704,430 kwh.. an increase of 2%, compared
with the corresponding week last year.—V. 146, p. 762.
Northern States Power Co.
(Wis.)—Denied Financing—-
The Wisconsin P. S. Commission has denied company authority to issue
additional securities to its parent company in settlement of a $17,000,000
and also to make certain rearrangements of its capital struc¬
temporarily blocked further progress on an expected
open account
This action has
ture.
bond refunding program of the subsidiary.
Fred I. Hunt, Chairman of the Commission, explained that upon investi¬
gation the Commission found that the issuance of the securities would be
in violation of the State law. as securities then would be outstanding in
excess of the value of the company's assets.
As an alternative the Com¬
mission suggested that the company write down the open account to
$6,000,000 or $7,000,000 and it could then permit the securities to be
issued.
Chairman Hunt emphasized that the company's present funded
debt is not excessive.—V. 143, p. 281.
Northwest
Statement
4,352,195
$8,6.53,487 $34,415,352
8.426.000
34.584.000
Balance...
146,
4.763,117
1,139,986
325,428
Bancorporation—Annual Report—
of Operating Earnings and Expenses of Northwestern Bancorporation
and Affiliates for Calendar Years
1937
Total net income
Dividends
—V.
898,611
302,538
Northern Insurance Co. of N. Y.—Extra Dividend—
61,429
1,500,000
3,037,100
7 ,376,895
7,460,697
8, 230,325 25,389,680
1, 264,701
1,243,845
surplus-..
3825.
p.
106,417
stock
Capital surplus
Total
83,789
20-yr. blA% conv.
Accts.¬es
4.618.921
841,801
378,782
From Jan. 1—
$
12,295
105,952
Int. &divs. pay...
x
notes &
1936
$
Accounts payable.
146,
addition
171,544
1936
$
and
63,557
4,414,689
com¬
Consolidated Balance Sheet Dec. 31
Assets—
—V.
common
Capital surplus, Dec. 31, 1937
Cash
19,270
The directors on Jan. 31
5,286,696
stock acquired for
treasury.,
mon
$227,487 def$168,647
445.
1934
$322,130
46,158
9,648
33,471
10,508
4,871,214
985,881
Net after rents
17. 8. Treasury /
original cost
on
1935
$302,642
From Jan. 1—
-$25,401.250
sale or disposal of investments and
bonds based
7,443
s
1936
$353,315
91,059
$319,834
10,734
Net after rents
chased for treasury
Discount on
purchased
expense
RR.—-Earnings—
taxes
Gross from
1938
Interest
—
1936
$9,072,593
3,729,615
earned....
Other earnings
$8,565,005
3,606,974
xl935
1934
$9,033,504 $10,697,960
3,467,748
3,580,739
Gross earnings
$12,802,208 $12,171,979 $12,501,253 $14,278,699
1,411,560
1,495,778
2,188,604
2,928.108
4,636,241
4,371,847
4,454,964
4,444,034
Other expenses
2,757,342
2,806,312
2.941.332
3,476,698
Fed. Dep. Ins. assessm't
317,094
302,888
105,085
Taxes paid or accrued._
710,456
720,662
705,422
666,103
Interest paid or accrued.
Salaries
Noblitt-Sparks Industries, Inc.—Annual Report—-
The annual report,
covering operations for the year ended Dec
states:
Net sales set
31, 1937,
high record, totaling $10,195,013.
This represents a
gain of approximately 9% over 1936, the previous
record year.
Earnings,
after all charges, were
$924,049, or $4.8-* per share, based on 190,687
shares,
as against
$1,044,094, or $6.57 per share on 158,874 shares in 1936.
The sale of 31,781 shares of additional
stock enabled the
company to close
the
a new
year with the best cash position in its
1937, being $1,336,494.
history, total
cash
as
of Dec. 31,
The added capital obtained
through this sale of
stock made
unnecessary the bank loans which at one time in 1936 were in
of
excess
$1,000,000.
Income Account Years Ended Dec. 31
1937
Netsales
Cost of goods sold..
Sell. & gen. expenses....
Misc.
$10,195,013
7,837,145
1,118,195
1935
1934
$7,760,536
1 ,022,007
789,635
$5,369,681
4,338,622
604,364
deducts, from in¬
come, net
Fed.
1936
$9 ,353,174
6 ,880,227
79,832
income
93,908
105,843
$1 044,094
1 ,178,842
$557,865
824,782
$302,712
691,019
.
.
$2,474,492
857,522
$2,105,846
1,891,225
$2,763,757
1.768,161
Operating earnings...
$3,308,551
141,292
$3,332,014
148,647
$3,997,071
160,882
$4,531,918
216,067
Operating earnings
$3,167,259
Charge-offs and
write¬
downs on loans, sees.,
&c., less recov's, excl.
amts. chgd. to reserves
1,034,633
Divs. on pref. stock &
int. on capital debs...
328,700
$3,183,367
$3,836,189
$4,315,851
Less minority interests..
x
to
a32,634
.
poration.
Adjusted.
$2,629,008
556,171
$2,222,936
x550,611
$1,382,647
202,502
for prior years
Add'l Fed. inc. tax
paid
for 1933
Additions
$1,803,926
1937
%
716,914
$1,708,892
$2,073,241
$2,381,737
1937
Liabilities—
accrued expenses
cos...29,239,725 28,105,256
97,180
888,882
36,524
Accts. receivable--
97,180
821,139
Cash
36,292
27,838
3,793,774
4,621,312
Res. for retirement
of pref.
stock of
affiliated banks
1,490,000
_
Res. for conting's.
Capital stock, less
treasury stock..
Surplus-
1,303
$2,053,210
190,687
$
48,401
...
7,513,827
7,549,023
18,838,567 15,439,437
zl9,627
Surplus, Dec. 31-....
1936
%
Accts. payable and
3,947
to reserve, &c_
Total
Shares
com.
stock
Earns, per share.
$1,672,326
158,874
$1,178,842
150.000
$3.71
$824,782
150,000
$4.84
$6.57
$2.01
x Dividends
declared and paid in cash
(regular) $262,504, special dividend
paid in cash to holders of 17,144 shares
(elective) $25,716 and special divi¬
dend paid in stock to
holders of 132,856 shares
(elective):
total shares
issued 6,642
valued at market,
Dec.
surtax,
z
accounts
Additions
to
receivable,
a
c^8a^owe(*
therefrorn
21, 1936, $262,390.
y Includes
possible losses in collection of trade
adjustments applicable to prior years defor
reserve
Net
1937
1936
Cash,
$1,336,494
Com.stk. of Amer¬
ican Nat. Bank.
13,500
Receivables
1,025,416
1,640,233
Inventories
$160,727
13,500
1,442,384
1.083.468
51,873
67,144
of closed bank..
2,378
2.725
Fixed assets
Deferred charges..
777,652
309,477
1937
Accounts payableAccruals
•
Miscell.
$140,884
78,060
taxes
258,195
compensation
$417,353
99,847
311,196
13,922
Total
*
Capital stock,..
$5,172,294
$3,851,3081
and
794,374
loss
z3,727,800
Total
$5,172,294 $3,851,308
2,214,616
shares common stock, par $5 in 1937 and
158,874 no par shares in 1936.
y After depreciation. * z Includes
paid-in
surplus balance Jan. 1, 1937,
$542,290, excess of market over par of 32
shares issued to employees as authorized
by the directors Nov. 19, 1936, to
be issued Dec.
24, 1936, but not actually issued until in
1937, $1,108
excess of sale price over
par value of 31,781 shares, less
underwriters' com¬
and
expenses
incidental
to
registration
revenues
Uncollectible oper.
rev._
Net oper. revenues.
and
issuance
of
stock,
$1,131,217, total $1,674,616 less excess of cost over
par value of 16-20purchased for cancellation, $26, total
paid-in surplus, $1,674,590.
To Increase Directorate—
Stockholders at their annual
meeting Feb. 15 will be asked to approve an
increase in board of directors to 11
members from nine.—V. 145, p. 3825.
Corp.—40-Cent Dividend—
The directors have declared
mon
was
a
dividend of 40 cents per share on the com¬
10.
A similar amount
stock, payable Feb. 23 to holders of record Feb.
paid on Feb. 18, 1937 and on April 15,
dividend
10 cents
1936, this last being the first
paid since Feb. 1, 1932 when a regular
quarterly dividend of
per share was distributed.—V. 145, p. 2234.
$775,087
387,632
income
$387,455
$2,713,016 $33,594,356 $32,143,957
1,951,205
22,811,794
22,016,874
$761,811 $10,782,562 $10,127,083
300,706
x4,420,339
3,526,396
$461,105
$6,362,223
$6,600,687
Includes amount of $41,154 for possible additional Federal net income
year 1936. due to adjustment of depreciation expenses for
year
1936.—Y. 146, p. 117.
x
taxes for
Northwestern Public Service Co.—Accum. Divs.—
Directors
at a meeting held Jan. 31 declared dividends of
$1.75 per share
the 7% cum. pref. stock and $1.50
per share on the 6% cum. pref. stock
of the company,
payable on March 1 to holders of record Feb. 19.
Similar
payments were made on Dec. 1, Sept. 1, and on June 1 last.
*
See also V. 143, p. 3157, and V.
143, p. 2855, for detailed dividend
record.—V.
14w
p.
2859.
Ohio Bell Telephone
Period End. Dec. 31—
Co.—Earnings—
Operating revenues
Uncollectible oper. rev__
1937—Month—1936
1937—12 Mos.—1936
$3,565,286
$3,529,777 $42,001,791 $39,364,658
13,682
8,916
81,651
93,782
Operating revenues.
Operating expenses.
$3,551,604
2,361,472
$3,520,861
2,084,853
$41,920,140 $39,270,876
26,426,692
23,457,917
Net oper. revenues.
$1,190,132
412,831
$1,436,008
440,220
$15,493,448 $15,812,959
5,695,692
5.534,051
$777,301
$995,788
$9,797,756 $10,278,908
..
share
Noma Electric
Telephone Co-Earnings—
1937—Month—1936
1937—12 Mas.—1936
$2,802,262
$2,734,770 $33,696,419 $32,266,963
10,944
21.754
102,063
123,006
Operating revenues.__ $2,791,318
Operating expenses
2,016,231
Net oper.
..—30,194,509 29,127,610
on
surplus...
Represented by 190,687
missions
Operating
Total
947.
Northwestern Bell
13,922
953,435
..
732,949
363,682
x
30,194,569 29,127,610
p.
Period End. Dec. 31—
1936
Res. for Workmen's
Profit
144,
Operating taxes
Liabilities—
Cash value insur..
Ctf.of int.in assets
y
-V.
Treasury Department less additional taxes resulting
Balance Sheet Dec. 31
Assets—
,
1,217,199
756,095
1936
%
Assets—
Inv. in capital stks.
of banks & other
Bonds
$993,731
165,001
1,006,852
Condensed Comparative Balance Sheet Dec. 31
affiliated
Total surplus
Divs. paid & declared...
Adj. of res. for deprec.,
969,745
504,730
Net income for year—
Northwest
Bancor¬
51,160
$924,049
1.672,326
Net income
Surplus, bal. Jan. 1
adjust, applic.
$2,969,516
339,036
72,824
311,196
excess
Net
years
95,650
y235,792
&
profits taxes
prior
6,213,285
Gross earnings._ z
on securities sold.
Profit
Operating taxes
Net oper.
-V.
income
146,p. 285.
Ohio Finance Co.—New Director, &c.—
W. C. Horn, President of
of this
company,
Byers Machine Co., has been elected
succeeding F. W. Freeman, deceased.
a
director
Company also announced appointment of O. T. Albright as Assistant
Vice-President, and Neath O. Jones as Assistant Secretary and Assistant
Treasurer.—V. 146,
p.
285.
Volume
Financial
146
Ohio Edison
Co.—Piehmmary Earnings—
Period End. Dec. 31—
1937—Month—1936
Gross revenue
$1,687,743
$1,727,245
Oper.exps. and taxes.—
739,125
792,425
Prov. for retir. reserve-.
200,000
125,000
PENNSYLVANIA RAILROAD
1937—12 Mos.—1936
$19,701,471 $17,785,487
9,460,919
8,588,476
x2,275,000
xl,500,000
Gross income
Int. & other fixed charges
$748,618
257,361
$809,819
261,459
$7,965,552
3,232,377
$491,257
155,577
$548,360
155,577
$4,733,175
1,866,923
$392,783
$2,866,252
4's
$4,185,581
1.866,923
$335,680
SERIAL SECURED
$7,697,011
3,511,429
Net income
Divs. on pref. stock
923
Chronicle
$2,318,658
undis¬
Balance
January 1, 1939-1964
B0 UGH T—S0LD—Q
YARNALL & CO.
A. T. & T.
No provision was made in 1936 or 1937 for Federal surtax on
tributed profits as all taxable income was distributed.
x
UO TED
Teletype—Phila. 22
Philadelphia
1528 Walnut St.
New President—
meeting of directors held Jan. 28 A. C. Blinn was elected President
of the company, succeeding the late T. A. Kenney.
E. A. Oberlin Jr., President of the Firestone Park Trust & Savings Bank
was elected a director.—V. 145, p. 4123.
At
a
Ohio State Life Insurance Co.—Extra Dividend—
The directors have declared an extra dividend of 20 cents per share In
addition to the regular quarterly dividend of 25 cents per share on the
common
Ohio Water Service Co.—To Pay
The directors have declared
a
dividend of 70 cents per share on the
class A
stock, no par value, payable March 31 to holders of record
15.
This compares with $1 paid on Dec. 21 last; 70 cents paid
Sept. 30 last; a dividend of 60 cents was paid on June 30 last, and
previously regular quarterly dividends of 50 cents per share were distributed.
—V. 145, p. 3017.
Ontario Mfg. Co.—Dividend Doubled—
common
The
March
on
Oliver Cromwell Hotel
(14 West 72d St. Corp.)—Dis¬
directors
common
have
stock, no
par
declared
a
dividend
of
cents
50
Outboard Marine & Mfg.
deposited with the trustee, are available for distribution to those holders
who did not assent to the plan of reorganization.
In order to receive payment, such certificates, accompanied by May 15,
1931, and subsequent coupons with executed ownership certificates, should
be presented at the Corporate Trust Department, 70 Broadway, New
York City.—V. 134, p. 2540; V. 145, p. 1749.
tive Vice-President and C. P. Rossberg, Secretary,
duties of Treasurer.—V. 146, p. 762.
Parker Rust-Proof Co.
1935
$293,805
$291,980
107,264
from previous year
1936
104.998
101,194
84.213
$388,385
200,000
$377,264
230,000
$394,999
240,000
$376,193
$188,385
Dividends paid.
147,264
$154,999
$136,193
240.000
Dom. Govt. inc. war tax:
Prov. for tax payable
April
40,000
40,000
10,000
35,000
$107,264
$104,999
$101,193
40.000
Write-off office premises1
Transf. to invest, reserve
30,000
Bal. carried forward—
$108,385
10.000
1936
1937
$71,319
$53,296
has been elected Execu¬
took on the additional
-Earnings—
(& Subs.)-
cl934
1936
1935
facturing operations— $1,779,111
Selling, adver., shi pping,
gen. & admin, exp—
425,653
$1,581,409
$1,430,084
377,041
356,490
232,085
$1,353,457
63,546
$1,204,368
75,018
$1,073,594
71,101
$819,143
51,945
$1,417,004
$1,279,386
$1,144,695
$871,088
3,845
6,568
5,708
34,700
17,125
5,245
a212,000
1,075
11,734
al82,085
13,415
8,859
163,034
117",243
$1,181,179
$1,080,646
$952,819
$691,067
429,498
$.275
429,498
$2.51
143,166
$6.64
118,049
$5.78
Calendar Years—
$272,266
the
Vice-President Promoted—
J. Stern, formerly Vice-President and Treasurer,
Ontario Loan & Debenture Co.—Earnings—
1937
on
March 19.
Co. (& Subs.)—Earnings—
3 Months Ended Dec. 31—
Net loss after ordinary taxes, deprec. & other charges
$281,121
share
months previously.—V. 145, p. 3664.
Central Hanover Bank & Trust Co., as trustee, is notifying holders of
first morgage fee 6% serial gold bond certificates that funds, arising from
the proceeds of sale of the mortgaged premises together with other funds
1934
per
value, payable April 1 to holders of record
This compares with 25 cents paid on Dec. 20 last; 35 cents paid on Oct. 1
last; 50 cents on July 1 last; 40 cents on April 1, 1937, and dividends of
25 cents per share paid on Nov. 30. Oct. 20, Sept. 30, 1936, and each three
tribution—
Calendar Years—
Net earnings for the year
Balance brought forward
Jan. 27.
stock, par $10, both payable Feb. 1 to holedrs of record
—V. 144, p. 3185.
70-Cent Dividend—
1937
Gross profit from manu¬
Operating profit
Other income
Tota< income
$1,051,228
Amortiz. of patents and
See d
patent litigation exp„
Prov. for loss on acct., &c
Loss on bldgs. aband, &c
Exp. on rented propert's
Prov. for contingencies.
19~855
"3",969
Miscellaneous
Prov. for Fed. inc. tax—
Balance Sheet Dec. 31
1937
Assets—
1936
$
Debs., sterling, In¬
hold)
100.000
Debs.,
bonds
33,861
Deps. with and
curities
6,998,594
2,853,536
71,342
2,832,440
59,190
Capital stock
2,000,000
2,000,000
Reserve fund
2,400,000
2,400,000
50,000
Dividend payable.
Profit & loss acct..
108,385
Consolidated Balance Sheet Dec. 31
in
Great
notes
hand
b
511,743
419,607
15,193,440 15,242,892
15,242.892
15,193,440
Total
Inc.—Annual Report—
of the company as of Dec.
31, 1937, based on market
with $3,212 on Dec. 31, 1936.
After deducting the outstanding debentures
the net assets per share of outstanding capital stock were equivalent
as compared with $15.65 on Dec. 31, 1936.
$5.04,
Income Account for Years End.
Dec. 31
1937
$115,849
Income from operations— Dividends
Interest
12,421
850
Miscellaneous
1936
$84,717
1,348
356,025
33,889
_
Net profit from operations before loss
of securities
$86,065
$42,834
50,353
debentures.
loss$14,823
prof 106,111
48,838
52,050
from sales
Net loss from sales of securities
$7,519 prof$91,288
73,586
103,020
$110,539 prof$17,702
Balance Sheet
Dec.
780,862
42,466
1937
1936
$48,244
$79,995
55,593
5,120
1,583,437
1,678
Due for securities sold but not delivered
Accrued interest and dividends receivable
Prepaid expenses
2,686
3,346.236
2,019
$1,725,823
Cash
$3,399,186
$2,389,064 $2,381,590
Total
To Reduce Stock—
amending
meeting on Feb. 15 will consider
Incorporation so as to decrease the
number of the preferred
corporation during 1937, and to decrease the num¬
ber of authorized non-par stock turned in for exchange for $2.50 par stock
during 1937.—V. 145, p. 3018.
shares redeemed by the
Parker-Wolverine Co.—Acquisition
Approved^—New Vice-
President—
approved the plan for acquiring the assets
of the
already 5% owned Modern Stamping & Manufacturing Co.
Plan calls
for the issuance of 15,153 shares of stock to be exchanged on the basis of
one share of Parker-Wol verine Co. stock for four shares of Modern Stamping
& Manufacturing
Co. stock.
Hawkins, Secretary, was elected Vice-President and
S. C. Hale was elected Secretary.
Other officers
elected.—V. 146, p. 763.
M.
Treasurer.
Peerless
Weighing
&
Assistant
were re¬
Vending Machine Corp.—Ex¬
change Time Extended—
of 6% bonds due Aug. 15, 1937, of
deposit representing said
stock (or of voting trust
certificates therefor) of Consolidated Automatic Merchandising Corp.,
a notice advising them that their rights to exchange the above securities
for voting trust certificates representing preference stock and (or) common
stock (as the case may be) of Peerless Weighing & Vending Machine Corp.
pursuant to the modified plan of reorganization dated June 15, 1935,. of
Consolidated Automatic Merchandising Corp, and of General Vending
Corp. was extended from Dec. 31, 1937, to July 1, 1938, and shall expire
at the close of business of the latter date.—V. 145, p. 2401.
The company on
Total
i
After reserve of $11,000 in
W
31
Assets—
Jan. 31 sent holders
General Vending Corp., holders of certificates of
and holders of pref. stock and of common
bonds
Liabilities—
Due for securities bought but not
received
Sundry accts. pay., accr. Fed. & other taxes
Accrued interest on 5% debentures
Reserve for directors' compensation
Reserve for managers'
& exp.
$29,825
dl2,970
9,933
compensation
5% gold debentures, 1947
5% gold debentures, 1948
b Capital stock
-
Paid-in surplus
-
Profit and loss deficit
Net unreal, apprec. of invest, sec. over cost
from valuation at market quotations
412,000
520,000
750,000
2,149,687
2,158,593
$17,750
8,281
11,113
7,918
9,886
456,000
585,000
750,000
2,149,687
929,752
arising
a333,304
Pennsylvania Reading Seashore
December—
Gross froin railway
-
Net from railway
$1,725,823
Total
$3,399,186
a Without deducting possible Federal taxes and directors' and managers'
compensation, payable only if the appreciation is realized,
b Represented
by 147,172 no par shares,
c Includes $1,500 ($2,350 for 1936) for matured
debenture interest
d Includes $9,243 provision for Federal surtax on un¬
r
,
distributed
28,060
1,072,441
824,805
1,073,605
18,706
Stockholders on Jan. 31
Net loss for the year
Distributions paid to shareholders during the year.
c
-
239,814
Stockholders at their annual
$129,121
35,090
51,197
Expenses
on
Surplus
1937 and $9,000 in 1936.
b After allow¬
ance for depreciation of $221,915 in 1937 and $211,943 in 1936.
c Represented by 2,607 no par shares, at stated value of $558 ($5,214 in 1936) and
429,219 (426,891 in 1936) shares, of $2.50 par.
The shareholders at the annual meeting to be held Feb. 15 will vote on
amending the articles of incorporation to decrease the capital stock by the
number of preferred shares redeemed during 1937 and to decrease the auth¬
orized non par stock by the number of shares turned in during 1937 for
exchange to $2.50 par stock.
a
the Articles of
Interest
Common
$2,389,064 $2,381,590
Total
Quotations, before deducting the per $1,000 ofdebentures, amounted to
1,673,094, equivalent to $1,795 outstanding
debentures, as compared
to
7% cum. pref. stk.
stock..
192,658
76,753
20,375
equip.
Patents...
supplies
Overseas Securities Co.,
at par,
19,700
27,270
Prepaid taxes, ins.
—V. 144, p. 947.
The net assets
16,464
conting..
182,085
21,200
Land, buildings,
mach. &
Total
14,150
212,000
852,247
128,530
72,002
1,015,110
Other assets
161,061
& ins.
taxes
Res. for
Inventories
banks of Canada
740.918
504,521
&
accounts...
5,310
chartered
on
Cust.'s
$75,472
$100,415
161,062
Prov. for Fed. tax.
Accr.
plus accrued int.
a
5,680
in
Dividend payable.
$218,025
$258,611
deposit——
on
1936
1937
Liabilities—
Accts. payable-
hand and
U. S. Govt, securs.
28,610
chartered
In
on
1936
1937
Assets—
21,588
22,536
1,966
1,073,745
($1,660 in 1936)
dividends
50,000
107,264
-
Other liabilities—
se¬
Britain
and
570,186
1,987
3,213/
b589,005V
Common dividends
998,583
a Includes
$5,000
surtax on undistributed profits.
b Includes 10% stock dividend amounting to $23,627.
c Not consolidated,
d Provision for depreciation $25,301 and amortization of patents $3,295,
have been provided for in the year 1937.
of other
banks
Cash
standing
Earnings per share
Cash
loan cos. of Can.
Cash
7,007,328
Deposits
stocks &
on
Net profit
Shs. common stock out¬
Preferred
incl.
curr.,
accrued Interest.
for sale
672,435
Mortgages
10 493,922 11,033,008
Agreement for sale
of properties
134,359
Securs., Incl. ac¬
crued interest._ 3 ,311,039
3,532,631
Loans
795,403
702,848
cluding accr.int.
110,000
held
estate
$
Liabilities—
$
Office prem. (free¬
Real
1936
1937
profits.—V. 145, p. 2702.
def206,327
Net after rents
From Jan. 1—
Gross from railway._
—
—V.
146, p. 118.
6,304,813
445,866
Net from railway
Net after rents
1937
$330,787
def74,577
—
df1,733,363
Lines
1936
$410,135
defl3,985
defl46,9i5
Earnings
1935
$372,309
def25,121
defl48,432
1934
8386,823
15,676
defl39,906
5,686,620
5,867,337
226,752
360,484
dfl,232,479 dfl,697,564 ;dfl,817,395
6,488,04 1
949,231
Financial
924
Chronicle
End. Dec. 31—
1937
1936
1935
1934
stock.
$4.31
to proceed with the reorganization under the plan approved a
A brief hearing was held on the steps proposed for effecting the
A further report is to be made to the Court Feb. 9.—V. 145, p. 3355.
year ago.
Peoples Water & Gas Co.—Seeks Reissuance of Bonds—
Securities
the
and
Exchange
Commission
a
declaration (File 43-102) under the Holding Company Act covering the re¬
issue of $400,000 of first mortgage 5% gold bonds, series A, to correct cer¬
tain legal defects in the issuance of the bonds which are to be replaced.
The
declarant is
a subsidiary of Federal Water Service Corp. and Utility
Opera¬
Co., both registered holding companies.
Opportunity for hearing in
15.—V. 145, p. 3664.
this matter will be given Feb.
Petroleum Corp. of America—Annual
The company reports net income for the
year
from
normal
Federal
income
and
excess
on 1,982,100 shares outstanding at Dec.
net income for the preceding year of $1,810,326,
securities
at
current
prices at that date,
$14.56, after deducting all
liabilities and reserves, compared with $23.94 per share at Dec. 31, 1936,
on 2,000,000 shares then
outstanding.
The aggregate value of securities
held in the corporation's portfolio, at current prices on Dec. 31, 1937, was
$28,642,570, showing unrealized depreciation from aggregate carrying
values of $8,007,999.
Income Account for
was
Calendar Year
1937
Cash
1936
$2,324,020
x401,179
$1,905,041
253
2,322
$1,905,294
11,591
$761,011
10,444
$1,108,584
11,400
8,194
52,224
3,149
51,204
9,951
45,246
10,679
44,816
97.034
Phoenix Hosiery
1934
$1,101,914
1933, and 87 cents
on
with 88 Yi cents paid on March 1,
Dec. 1, 1932.—V. 145, P- 3018.
Fire Insurance
Piedmont
Balance
Previous surplus
Int. coll. on amts. due
1936
1935
267,659
$470,146
140,709
15,740
168,031
$368,141
112,455
8,503
138,671
1934
$371,498
90,246
6,352
127,376
$166,476
$145,665
$108,512
$147,524
Cr7,782
30,351
4,553
3,121
172,818
Losses paid
Taxes paid
80,567
34,074
98,266
20,461
Commissions & exp. paid
Receipts
in
excess
of
Loss from inc. in amt. of
outstanding
losses
Loss from increase in
at
un¬
earned prem. reserve.
Loss from income in amt.
of
17,311
Net inc. for period...
Divs. paid in cash
Co.—Earnings—
1937
$709,018
254,421
Calendar Years—
end of year
chise, &c., taxes
Other oper. expenses
Prov. for normal Federal
income tax
Prov. for excess prop, tax
pref. stock, par $100, payable March 1
A similar payment has been made in each of
the 19 preceding quarters, as compared
disbursements
Registrar & transf. fees.
Cap. stk., State fran¬
dividend of 87M cents per share on account
a
cum.
18.
-
Interest
Total
Bank & Trust Co. of
company.—V. 145, p. 3981.
Co.—Accumulated Dividend—
7%
to holders of record Feo.
29,023
1935
$758,689
Director—
President of Federation
The directors have declared
of accumulations on the
6,670
$2,725,199
11,914
dividends
Underwriting compens'n
Maguire,
New York, has been elected a director of this
equivalent to 90.5
cents per share on 2,000,000 shares outstanding on Dec. 31, 1936.
Net asset value per share on the 1,982,100 shares outstanding in the
hands of the public at Dec. 31, 1937, taking the value of the corporation's
D.
Jeremiah
equivalent to $1.28
31.
This compares
share
per
with
department.—V. 146, p. 764.
Pierce Governor Co.—New
and provision
expenses
profits taxes,
.
Phillips Petroleum Co .—Registration Withdrawn—
See list given on first page of this
Report—
1937, exclusive of profits
security transactions, of $2,538,520, after all
for
who, however, will have no
Collom, also formerly with R. H. Rollins & Sons, will be associated with
Mr. Koller as Secretary and Treasurer of the company.
"The operations of the new corporation will be National i n scope,
Mr.
Koller stated, "and its functionjwill be to establish a standard of safety in
distillers paper!as a protection ito purchasing banks and to maintain the
highest credit standing within the distilling industry. The distilling business,
a billion dollar industry, is unique in that more than 60% of its invoices
represent government taxes which must be paid in advance before the
withdrawal of its product from bonded warehouses.
There is a definite
need, in my opinion, of a stabilizing factor similar in character to the
functions performed by leading credit agencies in the automobile and
mercantile fields to guard banks unfamiliar with the market value of
collateral from being imposed upon and bringing discredit to the industry.
manager
with
preferred stock has been subscribed
The management is headed by C. J. Koller as President, who, during his
association with E. H. Rollins & Sons, Inc. over the past eight years, has
pioneered in the development of liquor control board paper of various
States and collateral notes as a medium of short-term investment. Chas. W.
Peoples Light & Power Co.—Reorganization—
tors
portion of the
by a number of large independent distillers,
voice in the management of the corporation.
$647,225
Federal Judge John P. Nields on Jan. 31 authorized the reorganization
has filed
A substantial
for
deple. and Fed. taxes.x$l,531,743 x$l,589,201
$1,160,654
Earns, per share on 150,000 sns. capital stock.
$10.21
$10.59
$7.74
x After deducting surtax and
undistributed profits.
Note—Figures for 1937 are subject to audit.—V. 145, p. 3355.
Company
but unpaid tax
accr.
8,581
3,500
1,500
2,500
loss$7,141
63,387
$31,247
$68,385
34,260
$43,637
18,919
1,264
Dr4,164
1,043
$99,746
6,829
7,918
$63,600
and expense
$2,538,520
2,534,709
$1,810,326
$3,811
5,311,009
1,800,000
$695,371
670,843
$1,041,689
1,067,230
$10,326
5,263,609
$24,528
5,239,082
def$25,541
5,264,623
Invest, income earned.
_
58,945
Apprec. in market value
on
of securities
Loss
481
Dr9,042
sale of real estate
on
Gain
capital stock
sale of securities
on
6,214
37,073
Gain
Total surplus
$5,314,820
$5,311,009
$5,263,609
from
underwrit¬
$5,239,082
ing & investments-_
April 8, 1937,
of $4 per warrant for 109,125 warrants for the
purchase of Richfield Oil
Corp. common stock received as underwriting compensation, less the cor¬
poration's proportionate share of syndicate expenses.
The receipt of the
warrants resulted in an increase of
approximately $75,000 in the provision
Corporation assets tax__
xThis item represents the management's valuation as at
Statement
Decrease
of Surplus
as
of December 31,
loss
year
6,765
Cr6,482
Cr7,170
01,192
$53,969
$92,713
$92,169
$49,460
assets
during
Financial Statement Dec. 31
realization of investments, Dec. 31, 1937—Balance
excess of amounts realized year 1937 from sales
on
6.926
8,405
unadmitted
1937
357,648.
Dec. 31, 1936, $2,852,733;
over
in
10,658
Income in surplus
F Capital surplus—Balance Dec. 31, 1936,
$18,557,648; reserve set up
against other investments, $200,000; capital surplus Dec. 31, 1937, $18,Profit and
$96,889
$47,204
Income tax accrued
for Federal taxes for 1937.
of securities
1938
has an authorized capitalization cf $2,500,030 of
5% cumulative preferred stock and 100,000 shares of $1 par value common
Net profit after deprec.,
plan.
5,
TheTnew corporation
Pennsylvania Salt Mfg. Co.—Earnings—
12 Mas-
Feb.
carrying values (inventory valuations of such
securities at Dec. 31, 1930, and cost of subsequent
purchases), $538,671.
Balance (net addition to surplus) Dec. 31,1937, $3,391,404.
average
Assets—
1937
Real estate
Cash
on
Unearned prems—
173,283
149.283
Losses
164,637
192,761
Reserve
of
hand and
in bank-
—..
Premiums in
in
165,680
122,972
13,463
accrued..
8,891
761
$392,670
46,509
53.964
adjustment..
for
taxes
20,000
Capital
20,000
1,000.000
1,000,000
750,583
696,614
$2,382,581
-----
Net surplus
$2,163,248
$2,163,248
—
435
$2,382,581
1936
$565,488
process
and expenses—
course
of collection
Interest
$1,688,905
1937
Liabilities—
1936
Bonds and stocks.$l,864,756
Other adm. assets.
Balance Sheet Dec. 31
1937
Assets—
1936
$
Cash
$
243,117
Divs.
receivable..
Secure,
Other
owned.
553,749
40,750
65,133
257,043
$
Liabilities—
$
Total...
1936
accrued expenses
130,352
Pittsburgh Coal Co.—Earnings—
38,330
b Capital stock... 10,000,000
10,000,000
...27,063,871 26,721,389
Treasury stock.. £>rl94,653
Surplus
c
x
Period End. Dec. 31—
Net loss
x
Total
a
36,999,571
The
36,759,7191
Total
36,999,671
36,759,719
aggregate value
of the corporation's securities at current prices
was $28,642,571.
b Represented by 2,000,000 shares
Represented by 17,900 shares capital stock,
d The aggregate
value of the corporation's securities at current
prices at Dec. 31, 1936, was
$47,104,401, which is less than the aggregate original cost basis of the
securities for Federal income tax
purpose^.—V. 146, p. 764.
a£ Dec. 31, 1937,
($5 par),
c
Petrolite Corp., Ltd. (Del.) (&
Subs.)—Earnings-
Sales and royalty income
Operating profit
Other income (net)
$694,655
42,562
Profit for the year
Dividends paid.
Earnings per share
New Vice-President—
Booth, resigned.—V. 146, p. 446
1937
Gross from rail way... 1,.
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from
railway
a
Less
cost
on
266,667 (no par) shares
of gales,
December—
Gross from railway
$2.30
.
including $54,366 depreciation and amortization,
b Inlcuding $34,407 depreciation.
Assets—
Liabilities—
$159,884
U. S. Govt, securities (cost)..
Accrued interest
151,358
era
pi...
Accounts
payable
313,748
Accrued
interest.
43,731
taxes
6,219
3,285
484,441
c
170,487
Initial
9,380
$1,746,5661
—
capital stock taxes
Instalment obligations
investments...
Prepaid insurance, taxes, &c..
20,605
2,223
Res. for drums return, by cust.
Reserve for Federal income and
b Land, buildings & equip....
Pat'ts (less amort, of $39,209)
Total
$37,972
Accrued
1,890
444,445
Inventories..
Miscellaneous
overdraft
1,428
a Trade accounts
receivable..
Advs. to officers and employees
Notes receivable from
Bank
79,250
1,066,668
surplus
Earned
8,304
138,200
Capital stock
...
surplus
318,278
Total...
$1,094,780.
without par value.—V.
145,
p.
c
.$1,746,566
$38,980.
b After
Outstanding 266,667 shares
2703.
Philadelphia Acceptance Corp.—Organized to Finance
Requirements of Independent Distillers—
Marking
tion
of
a
step looking towards tne standardization and further stabiliza¬
credit
within
the
distilling industry, announcement was made
Feb. 3 of the organization under Delaware laws
of the above corporation,
for the primary purpose of generally
financing the requirements of leading
independent distillers throughout the country,
the purchase and sale of commercial
paper.
as
well
as
to
1934
$1,437,846
165,986
238,828
$1,075,126
92,285
318,563
23.069,704
3,788,621
4,137,830
22,204,490
4,998,882
4,895,227
16,822,332
3,164,148
3,762,399
15,236,943
2,376,342
3,304,833
engage
in
-Earnings—
1936
1937
1935
1934
456
Net after rents
—V. 146, p. 118.
$74,828
23,957
22,189
$47,023
13,789
7,358
$50,789
def8,894
def5,887
654,942
5,457
21,775
Net from railway
Net after rents
577,692
11,561
17,701
564,389
13,553
642,980
48,978
39,039
94,516
$51,677
def 1,358
Pittsburgh & West Virginia Ry.—$250,CKX) Notes—
The company has asked the Interstate Commerce Commission for
authority to issue $250,000 6% unsecured notes. The application says the
$250,000 would be used to meet current obligations. The company stated
that its net cash balance as of Jan. 25 last was $36,917 and that it now has
on hand unpaid vouchers amounting to $694,806.
Earnings
31,334
After reserve for discounts and
doubtful accounts of
reserves
for depreciation of
a
1935
$2,053,240
299,139
defl5,817
Pittsburgh & Shawmut RR.
From Jan. 1—
Gross from railway
Net from railway
Consolidated Balance Sheet Oct. 31, 1937
Cash.
1936
$1,089,119
def374,973
def213,232
—V. 146, p. 446.
621 334
.
$1,684,956
depletion, amortization of debt discount
Earl C. Robertson has been elected Sales Vice-President of the company,
to succeed Hal E.
$737,217
124,367
.......
$208,258 y$l,050,799
considered unrecoverable.
$612,850
Provision for Federal income taxes
$468,987
depreciation,
Net after rents
Total income
1937—12 Mos —1936
1937—3 Mos.—1936
and expense, Federal income taxes and minority interest,
y After chargeoff of $304,644 balance due on mortgage receivable for property sold now
December—
$1,530,718
836,062
b Selling, administrative and
general expenses
After interest,
Pittsburgh & Lake Erie RR.—Earnings-
Consolidated Income Account for Year Ended Oct.
31, 1937
a
Total
—Y. 144, p. 1296.
Prov. for taxes and
20,225
.a36,650,57ld35,928,702
investments
1937
for December
December—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
and
12
Ended Dec.
months Ended Dec.
1937
1936
1935
$250,157
28,776
43,228
$348,829
$283,015
103,582
4,092,691
927,559
1,110,998
3,856,902
1,164,660
1,265,310
97,907
106,171
31.
109,946
1934
$204,373
46,350
52,974
3,001,241
960,962
1,033,185
2,720,145
717,100
835,969
—V. 146, p. 286.
Postal Telegraph & Cable Corp.—Stock
The
preferred
stockholders'
Group Quits—
committee for the 7% nonaccording to an announce¬
ment Feb. 2 by Joseph P. Ripley, Chairman of the committee.
In a letter
to preferred shareholders, informing them of the decision, the committee
protective
cumulative preferred stock has been disbanded,
said:
"We
have reached
this
decision
because two
other members of the
Volume
committee
Financial
146
resigned
have
and
because of the
by the committee from Postal preferred
Pneumatic Scale Corp.,
Years Ended Nov. 30—
responses
meager
received
shareholders."—V. 146, p. 764.1
Ltd. (& Subs.)—Earnings— <
1937
1936
Receipts from sales, machines on lease
and other
>
„
$2,049,677
$1,281,478
1,606,216
123,103
sources
1,018,945
107,852
Shop cost, oper., admin. & selling expenses
Development
24,237
78,614
Income taxes
925
Chronicle
fully-participating shares of beneficial interest which have full voting power
including the right to elect the trustees annually.
Provision is made for the
prompt repurchase of shares at approximate liquidating value.
The present trustees are George Putnam, one of the original founders
of Incorporated Investors and President from 1925 until 1933; Charles M.
Werly, formerly associated with the same prominent Boston fund as
Assistant-Treasurer in charge of research, and S. H. Cunningham, formerly
Vice-President of the Parker Corp., general distribuotrs for Incorporated
Investors.
Cunningham Co. of Boston has been appointed general distributors
A registration statement covering 250,000 shares
26, 1937.—V. 145, p. 3507.
S. H.
for shares of the fund.
became effective Nov.
Net
gain
Common
$130,444
$241,744
_
10,534
10,096
144,000
Preferred dividends
dividends
1936
1937
Liabilities—
1936
$22,550
$115,000
Notes payable
$152,067
$270,638
683,620
487,540
313,568
Accrued
381,789
Res. for inc. taxes.
Leased & meas'd
Def. notes payable
75,000
service mach'S..
21,264
25,826
139,760
147,760
stock—
1,200,000
73,969
118,886
Surplus-.--------
850,793
1,200,000
762,346
102
1936
1935
1934
$2,928,410
1,135,662
608,531
350,000
52,000
52,730,611
1,115,361
$2,832,981
1,147,267
608,532
Oper. & maint.
$751,622
553,198
$782,217
$593,718
553,198
$673,182
553.198
$198,424
314,242
55,751
50,444
$229,019
236,788
$40,520
311,015
$119,984
275,773
150,000
$512,666
expense.
bonds and debs.
on
$465,807
$351,535
$545,756
$465,807
553,198
$351,535
553,198
$1.07
$395,756
400,000
Depreciation
Contingent reserve
-;
608,532
350,000
54,000
350,000
63,000
2
Notes
c
&
Accounts payable-
accts.
receivable-
Mdse. inventories-
Co.
veyor
invest'ts-
Miscell.
Cash
rec.
98,630
154,184
78,614
23,767
36,800
-
b Pats. & goodwill
Def. & prepd.items
General
Total
a
—
After
com.
c
Co.—New Vice-President—
Clarence J. Huff, formerly General Sales Manager, has been appointed
Vice-President in Charge of Sales to fill a position which has been vacant
since the death in 1931 of Stockton Buzby, former President.—V. 146,
Procter & Gamble
764.
Insurance Co.—Earnings—
Years End. Dec. 31—
1937
1936
1935
1934
Gross premiums
$9,812,778 $8,882,481
$8,595,091 $8,302,378
Returns & reinsurance3,880,650
3,541,699
3,380,565
3,222,822
Providence Washington
$5,932,128
2,422,289
2,597,965
$5,340,782
2,450,164
2,378,071
$5,214,526
2,142,597
2,304,780
247,163
255,972
10,248
1,894
70,244
286,347
57,320
34,260
Crl65,410
91,246
237,220
94,195
70,724
Crl32,730
47,574
$326,351
549,483
Drl8,325
$208,783
575,474
Dr21,500
$450,164
447,780
Dr9,724
Taxes
Unearned premium res..
Federal tax reserve
Other
Loss
reserves
reserve
Underwriting profit-.
.
Inc. from investments..
Fed. tax res. on interest
Operating earnings.
.
73,188
65,260
18,175
0154,445
$443,082
405,488
Drl0,240
$857,509
420,000
$762,758
420,000
$888,221
375,000
$838,330
330,000
$437,509
Dr2,732,941
$342,758
1,389,131
Dr263,250
$513,221
1,868,359
Dr57,786
$508,330
632,057
$1,468,639
$2,323,794
$1,140,387
.
Dividends paid
.
$5,079,557
2,249,173
2,240,327
144,796
s
Increase in surplus. -_dec$2,295,432
$
c772,500
receivable.
418,082
412,849
Store & supplies..
240.996
U.
bonds
S.
Inabilities—
2,154,366
2,061.066
Res.
for
195,540
Accts.
94,079
176,968
7,079,184
58,938
1,226,182
36,500
135,371
Accrued Interest..
215,285
Dividends payable
138,299
89,130
138,299
3,803,695
3,629,272
286,483
465,807
,647,149
,763,980
1,697,791
2,081,100
,280.223
,001,460
,835,810
1,451,674
1,429,440
5,387,560
100,000
1 574,952
400,406
606,279
1,1.27,917
3,347
Res. for taxes, exp.
& other liabilities
3,588
Res. for contingen.
& trust cos.
(stocks)
Preferred stock
Other stocks
Office building..
Cash
803,412
4,273,235
100,000
other bonds
Bills receivable
976,453
Capital
Surplus
250,000
3,000.000
5,284,542
3,obb", 000
7,579,974
Investments
reserves
Surplus
a
28,865,810 30,126,686
Total
b 553,198 shares of no par value,
deducting $2,045,450 bond
accordance with by-law No.
approved at special general meeting of shareholders, Dec. 28, 1937.
Subject to income tax deduction,
19
—V.
146,
764.
p.
Radio
Corp. of America—New Director—
General Charles G.
Dawes, former Vice-President of the
United States,
author of the Dawes Plan, and subsequently Ambassador to the Court o
Saint James; and Gano Dunn, noted scientist, engineer, administrator and
President of
The
Engineering Corp., were elected to the
at the regular meeting of the Board
White
G.
J.
board of directors of this corporation
Jan. 28, it was announced by David Sarnoff,
vacancies due to the recent deaths of Frederick
held
fill
on
Sarnoff
Mr.
further
the President.
that
announced
at
the meeting
of the National
Broadcasting Co. Board, held the same day. Dr. James Rowland Angell,
President of Yale University
and now in charge of educational
former
development for the N. B. C., was elected a director of that
General Dawes and Gano Dunn were also elected as directors
company.
oftheN. B.C.
directors," said Mr. Sarnoff, "brings to
RCA organization and its services, the benefits of a wide and
experience in their raspective fields of government, education,
engineering, business, finance and administration."—V. 146, p.
Total
14,337.741
16,262,901
Light Co.—Preliminary Earnings
1937
1936
Operating revenues
$16,718,034 $15,006,747
x Balance after operation, maintenance and taxes..
7,112,780
6,981,060
y Balance for dividends and surplus
1,771,607
1,662,600
x Includes non-operating income, net.
y After appropriations for retire¬
ment reserve.—V. 146, p. 286.
Other
revs,
Total
$12,930,077
239,430
and income.
revs,
and income$13,169,507
215,704
discount
91,286,713
x2,852,420
83,582,325
2,151,840
133,135
1,022
1,469,192
100,444
1,472,486
21,177
7,994,040
8,372,248
483,422
Operating expenses.
Express taxes.
&
$13,285,0821146,139,666S139,905,885
226,174
2,556,798
2,469,296
$13,511,256$148,696,4641142,375,181
on
133,936
8,022
$55,147,353
x Includes credit of $2,153,570 due to reversing in June,
1937, accruals
set up during the period March to December, 1936, inclusive, at 3
covering Federal Excise Tax under Act of Aug. 29, 1935 (Railroad Retire¬
ment).
y 1936 figures restated for comparative purposes-—including elim¬
ination or Federal Excise Tax (Railroad Retirement) accruals,
z Payments
to rail and other carriers—express privileges.—V. 146, p. 119.
Rail transp.
revenue"
i,171.879
$5,167,355 x52,987,695
Railway & Light Securities
Statement
of Earned Surplus for 1937
Co.—Earnings—
(Accumulated Since Jan. 1, 1932)
$243,599
Earned surplus Jan. 1, 1937
Balance from income statement-
302,902
252
Other credit
12 Wks.End.
Jan. 1, '38
Period Ended—
Subs.)—Earnings—
13Wks.End
Jan. 2, '37
52Wks.End.
53Wks.End.
Jan. 1, '38
Jan. 2, '37
profit---.
--$49,939
y$432,950
y$462,567
y$690,114
x Earnings
per share
$0.06
$0.56
$0.60
$0.89
x On
771,476 no par shares capital stock,
y After deducting undis¬
tributed profits taxes,
z After interest, deprec., taxes, minority interest,
&c—V. 145, p. 3019.
z
Net
Total
-
Preferred dividends
- - -
—
Common dividends.
—
-----
.-..
$546,753
126,816
81,570
—
(George) Putnam Fund of Boston—New Type of Boston
Trust Formed—Fund to Invest in Balanced List of Securities—
Formation is announced of the George
Putnam Fund of Boston, organized
of combining the advantages of the "Boston-type" invest¬
individual trust funds under
the supervision of private trustees in Massachusetts.
In commenting on the purposes of this fund, George Putnam, one of
the trustees, said:
"The George Putnam Fund attempts to go one step further than most
present-day investment trusts and give the investor a completely balanced
investment program
based primarily on liberal Massachusetts private
trustee practice.
We believe this represents a new approach as applied
to group investing and one that fills a very definite need on the part of
many reasonable prudent investors and also many investment dealers
throughout the country.
"The portfolio of the George Putnam Fund, consisting primarily of highgrade bonds and stocks, will reflect at all times the best judgment of the
trustees as to the proper investment balance between cash, bonds and
equities.
On Jan. 24, approximately 24% of the cash and securities owned
by the trust consisted of cash and U. S. Treasury notes, 27% bonds and
preferred stocks and 49% common stocks.
As stated in the prospectus,
the trustees expect to revise and change these proportions from time to
time in the light of their appraisal of the investment outlook.
"The real purpose of the George Putnam Fund is to give the investor a
reasonably aggressive medium for the employment of his capital in the
best securities, bonds as well as stocks, that America offers without at
the same time subjecting him to the violent and seemingly unpredictable
fluctuations inherent in a straight common stock fund."
Although the investment policy of the trustees will break with the
for the purpose
ment trust
the
successful
research,
119.
Railway Express Agency, Inc.—Earnings—
1937—Month—yl936
1937—11 Mos.—yl936
Charges for transp
z
31—
Purity Bakeries Corp. (&
They
and
Strauss, banker,
of War.
Newton D. Baker, former Secretary
funded debt
—V. 145, p. 3828.
Puget Sound Power &
152,226
c Including
temporary investments,
d After
discount, premium and expense written-off in
Other deductions
16,262,901
12 Months Ended Dec.
37,700
depos.
Deprec. and other
28,865.810 30,126.6861
Interest
922,765
14,337.741
other assets
81,540
charges.-
Consumers'
Period End. Nov. 30
Agents' balances &
Total...
7.079,184
Sinking fund
a
86,367
Accounts payable-
Bd. dis., pre. & ex.
Other
3,748,132
Debentures
20.092,137 20,084,882
Properties, &c
Prepaid
13,394,950
8,422,500
unearned
premiums
Anchor Ins. CoBank
873,586
4,529,207
Reserve for losses.
and
Treasury ctfs...
State, municipal &
$
Capital stock..dll.349,500
Bonds
12,801,500
697,500
$
$
Liabilities—
b
199,739
Call loans
1936
1937
1936
143,670
Cash
"The election of these men as
1936
1937
$
1936
$
553,198
$1.22
Balance Sheet Dec. 31
program
Balance Sheet Dec. 31
1937
Assets—
$1.41
$
Total
Expenses
553,198
$1.36
1937
Invest. In sub. Co.
Net premiums
$286,484
Subject to deduction for income tax.
Assets—
Net losses paid
150,000
reserves.
outst. (no par)
$2,711,467 $2,381,854
Less reserve.—V. 145,
Total
b Less amortization,
3665.
P.
226,182
Earns, per sh. on com..
22,159
553,198
disc.,
expense.
Profit & loss surplus
x
Shs.
973,381
.$2,711,467 $2,381,854
depreciation,
year.
trans..
reserves
Transferred to
211,269
x
p.
stock.
Surplus
Surplus from prev.
premium and
13,889
17,070
268,504
937,003
14,574
(miscell.)
revenue
on common
Transf.
& ad vs.
Plant & equip.
Net
Divs.
Total surplus
to
bond
value
suit,
life insurance-—
Accts.
98,114
accounts.
Common
Invest.Redler Con¬
a
1937
$2,983,009
1,252,414
578,973
sources.
90,000
Preferred stock-
Cash
a
Gross inc. fr. all
Int.
Consolidated Balance Sheet Nov. 30
1937
Assets—
Quebec Power Co.—EarningsCalendar Years—
Note—There'll as been absorbed in operating costs and in expenses a total
of $227,666 in 1937 and $200,810 in 1936. for depreciation and development.
and the benefits obtained through
precedent established by the largest "Boston-type" investment trusts, the
form of organization will be similar to that of these trusts.
The entire
capital of the George Putnam Fund will be represented by a single issue of
Earned
$338,367
surplus—Dec. 31,1937—
Statement
(Net Results of
of Special Surplus for 1937
the Fund of Assets Held
Capital Transactions Arising out of
Feb. 10, 1932
Special surplus—Jan. 1,1937
Net profit from sale of securities
$681,921
(based on book amounts at
time of sale)
—. ——
received over book amount, in
claim on Beaumont Traction Co. 5's 1943. -
266,891
Restoration of the excess amount
final settlement of
Adjustment prior year's tax
provisions
Special surplus—Dec. 31, 1937..
—
The Income statement for the calendar years was
'Chronicle,"
page
1937
1936
12,869,470 $3,206,609
566,585
742,353
stocks.-- 4,437,463
4,611,232
Assets—
Common
stocks.-
Accept, notes rec..
Cash
---•
49,071
Accrued Int. receiv
483,146
63,916
1937
Liabilities—
coll.
Conv.
Coupon Int. accrd.
Tax liability
112,500
6%
Special
31,704
(since
$9,662,409 $9,272,529
2,146.447
681,921
338,367
243,599
surplus
Jan.
1932)
765.
2.113,600
2,146,447
984,078
(no
surplus
Earned
p.
31,704
2.113,600
stock
par) 163 140 shs.
146,
42,500
9,852
f$100
cum
par)
Total
2,905
1.371
42,500
4,343
Pref. stock series A
106,500
-
Com.
-V.
1936
trust
4K % bonds due
Oct. 1, 1955—.$4,000,000 $4,000,000
52,7741 Dividends payable
Unamortized bond
discount--.
published in last week's
Accounts payable.
398,794
1,234,526
Accounts receiv...
$984,078
765.
Comparative Balance Sheet Dec. 31
Bonds <fe notes
Preferred
35,000
265
-----
Total..
1,
...$9,662,409 $9,272,529
926
Financial
5,
(with July 1, 1932, coupon attached), or certificates of deposit there¬
for, 10 shares of $1.50 dividend cumulative preferred stock of Roxy Theatre,
Inc., and the sum of $23.79,ln cash.
Such distributions will be made upon presentation of the above securities
to the respective depositaries in accordance with and accompanied by
letters of transmittal.—V. 145, p. 1751.
notes
Reading Co.—Asks ICC Authority to SeU$381,000 Bonds—
The company has requested Interstate Commerce Commission authority
approximately $381,000 of Perkiomen BR. Co. bonds, which it has
to sell
acquired, or will acquire from previous holders who are unwilling to extend
maturity of the bonds to Jan. 1, 1951, pursuant to ICC authorization to the
Perkiomen last
Feb.
Chronicle
summer.
The Reading Co., in order to reimburse Its treasury, asks modification
Roxy Theatre, Inc.—Securities Being Issued—
of the Commission's prior order, so as to permit it to accept offers for sale
of the bonds at par and accrued interest.
The Reading expects to have
$285,400 of Perkiomen first series bonds and about $96,000 or second series
bonds which it will extend and guarantee as to principal and interest under
terms of the original
See
Roxy Theatres Corp. above.
Royal Weaving Co.- —Balance Sheet Dec. 31—
order.—V. 146, p. 764.
Real est. & bldgs.
Cash
Reliance Mfg. Co. of Illinois (&
Years End. Dec. 31—
Net inc.
after int.
1937
com.
stk. out.
$10)
Earnings
1935
lossy$151099
x$966,762
485,210
157,360
155,279
1934
$265,741
$194,229
Notes payable
Rustless Iron & Steel
$4,193,461
2,960.483
$2,646,784
1,909,503
$205,237
83,377
16,401
$1,232,978
344,849
43,145
$737,281
276,683
50,564
$105,460
3,493
$844,984
19,746
$410,035
16,707
$108,952
$864,729
$426,742
3.300
16,545
69
et pi
Miscellaneous income.
1936
$1.74
Int.
22
1st mtge note payable to Fed.
on
Reserve Bank
Interest
bank loan
on
"""341
1,045
16
691
451
26,466
146,500
59,000
$82,212
$713,124
$350,707
Other interest
1937
Gross from railway
1936
1935
1934
151,364
$577,217
172,167
132,196
7,638,029
1,883,634
846,383
6,507,415
1,099,900
375,857
6,128,701
1,116,333
443,987
$843,337
307,418
8,603,221
2,266,411
1,102,567
Net from railway
Net after rents
Amort, of expense in connection
1st mortgage loan
-Earnings
$623,077
168,281
91,051
$772,617
271,412
140,876
Net from railway
Net after rents...
From Jan. 1—
Gross from railway
—V. 146, p. 119.
with
Est. prov. for Fed. inc. taxes
Net profit after est. prov. for Fed.
income taxes
—V. 146, p. 765.
Sales—
Safeway Stores, Inc.Weeks Ended Jan. 22—
4
1938
Sales
Rima Steel
Corp.—Interest—
Stores in operation
Payment of $8.75 per $1,000 bond will be made on surrender of the
Feb. 1, 1938, from the 7% closed first mortgage 30-year sinking
-
.
und gold bonds, due 1955.—V. 145, p. 3209.
al937
b'Consolidated net profit
Average shs. of com. stock outstanding
Rio Grande Oil Co.—Dissolved—
Having completed transfer of its assets to the Richfield Oil Corp., in
accordance with the merger-reorganization plan effected in
March, 1937,
the Rio Grande Oil Co. has been dissolved as a
corporate entity.
Rich¬
field Oil Corp. stock obtained and held
by Rio Grande in
has
been
distributed
to
Consolidated
Cities Service Co.
With the entire ownership of Rio Grande divided on a 50-50 basis between
Consolidated and Cities Service, each company received an
equal partici¬
pation in the distribution of Richfield stock, the amount obtained by each
company being 603,511 shares of common stock and 250,000 warrants.
Prior to dissolution, Rio Grande paid 25,000 shares of Richfield to
George
MacDonald as compensation for his services to it in connection with
the
reorganization-merger of Richfield and Rio Grande.
In making the announcement, company officials
pointed out that the
dissolution of the Rio Grande Oil Co., which has been a mere
holding com¬
pany since the reorganization, has
no bearing upon the operations of Rio
Grande, Inc.,
a wholly-owped subsidiary of Richfield.
The trade name of
Rio Grande will be continued and these products will be
distributed by the
Rio Grande, Inc., which operates as a
marketing company having the finan¬
cial and supervisorial support and
backing of the Richfield Oil
144,
p.
2146.
Calendar Years—
Net earns, after deprec.
b After
1936
1935
1934
x$80,941
112,500
x$79,912
60,000
Balance
def$31,559
516,093
.Drl,359
$19,912
497,022
Sagamore Hotel, Rochester, N. Y.—Foreclosure—
The property was sold Jan. 29 in foreclosure for $50,000. The
purchaser
Continental Bank & Trust Co., New York, trustee under a $2,250,000
bond
issue offered originally
$1^300,000 principal
The
bank
will
the
hotel
$483,176
$516,094
1937
.1936
hand and
$37,976
$24,541
97,738
48,375
161,927
Fixed assets
zl31,987
85,494
5,153
495,923
Total
$854,271
$891,734
Canada
$535,308
88,520
$5,261,458
1,002,888
$6,164,162
1,127,119
$294,053
28,735
$446,788
25,684
$4,258,569
312,302
$5,037,043
297,720
$322,789
$472,472
$4,570,871
$5,334,764
172,148
153,248
2,343,693
2,063,515
$150,641
6,075
$319,224
6,011
$2,227,178
93,921
$3,271,248
72,658
$156,716
273,620
$325,235
276,715
$2,321,100
3,265,263
$3,343,907
3,392,848
$116,904
Inc$48,520
$944,163
$48,942
e
$497,022
y
1937
y
1936
$18,751
x
wages
$27,142
15,000
67,500
Dividends A stock
rec._
Inventory
Prepaid
-
expenses.
124,374
5,338
Prov.
for
income taxes...
18,110
300,000
502,410
300,000
483,176
$854,271
$891,734
Rochester Gas & Electric
Net after oper., taxes &
Net deficit
13,916
Capital stock...
Surplus
x
-V.
Corp.—Earnings—-
1937
—4,462,311
Surpl. after all chgs.incl.
p.
121.
1936
1935
The road, locally referred to as the "Orem" line, which for 12 years has
a receiver, on Jan. 26 was sold at auction at
Provo,
been in the hands of
Utah, to George S. Eccles, representing a group of Ogden financiers, for
$638,100 and the assumption of liabilities of $138,000.—V. 146, p. 287.
Sarnia Bridge Co.,
Years Ended Dec. 31—
Net prof, after all chgs__
1934
$15,620,699 $14,722,949 $14,117,800 $13,624,672
reserves.
146,
Salt Lake & Utah RR.—Line Sold—
Total
Represented by 30,000 cumulative class A shares
(no par) and 20,000
y After reserve for depreciation of
$333,998 in
in 1936.
z Accounts receivable
only.—V. 145, p. 2556.
12 Mos. End. Dec. 31—
Gross sales
-
Federal
1937 and $299,312
,4,372,547
'
x
After deducting
—V.ei45iVp"2755
L661.339
1,372,285
Ltd.—Earnings—
1937
1936
x$19,546
4,270,705
1,333,325
1,428,600
on
1937
ofSept^lT 1937 tUrned oyer *** Roxy Theatre. Inc., the
?^!irities and cash» pursuant to the plan,
1938,
as
will be made
follows:
(1)«RaAufacturers Trust Co., depositary. New
each
on
and after Jan
721
1,990
81,263
Accr. wages & sals.
501
463,274
54,218
73,764
Accr. workm's
462,194
Deficit from oper.
com¬
pensation
1,314
274
4,400
889
Res. for Dominion
& Prov.
taxes..
Reserves
Total
172,106
155,059
Capital stock
31
fund'gold
36,436
1,001
5,373
48,760
1,244
453,765
453.765
$767,657
$667,134
$667,134
$767,657
Total
—V. 144, p. 4359.
York, will distribute, for
$1,000 of first mortgage serial
% coupon gold bonds (with Oct 20
1932, and subsequent coupons, if any, attached), or certificates of
deposit
therefor, an equal principal amount of 20-year first mortgage 4%
bonds of
Roxy Theatre, Inc., and the sum of $6 in cash.
(2) Halsey, Stuart & Co., Inc., depositary, 35 Wall St., New York will
distribute, for each $1,000 of five-year secured 6^% sinking
$18,000
53,697
78.269
Unexpired insur..
Property and plant
new
*
1936
$76,000
169,409
Inventories
$651
new company,
of
1937
Can.Bk. of Com..
Accounts payableSales tax payable.
$1,242
Accounts receiv
24,1938, distribution
Liabilities—
1936
hand and
the physical properties
order of the Court dated Jan.
loss$873
Balance Sheet, Dec. 31
Cash
in banks
Roxy Theatres Corp.—New Securities Ready—
an
1 934
x$2,083
$16,793 for depreciation in 1935; $16,883 in 1936, and
4.329,301
The holders of first mortgage serial
6H% coupon gold'bonds and fiveyear secured 6H% sinking fund gold notes are
notified that pursuant to
order of the U.S. District Court for the
Southern District of New York
the plan of reorganization dated Dec.
17, 1936, and duly confirmed and
approved has been consummated to the extent that
Pursuant to
1935
x$4,630
$17,047 in 1937.
Assets—
as
Ry. Lines—Earnings—
$380,854
86,800
-
527,177
of
bonds.
Accts. & bills
Ry.— To Pay Equip. Issue—
Lonsdale, trustees, announce that the instal¬
principal of equipment trust certificates, series BB, maturing
Feb. 15, 1938, together with interest coupon (No. 24) from all outstanding
series BB certificates maturing that date, will be purchased on and after
Feb. 15 upon tender at the office of C. W. Michel, Eastern Representative,
Room 1949, 120 Broadway, N. Y. City, at their face value.—V. 146,
p. 765.
Accts. pay. & accr.
in bank.
Dom.
which
Kurn and John G.
Dr840
Liabilities—
on
the
of
Balance Sheet Dec. 31
on
over
St. Louis-San Francisco
J. M.
ment
Includes profit on sale of bonds of
$2,861 in 1936, $2,962 in 1935 and
$3,237 in 1934.
Assets—
to
newly formed East Avenue
Corp., which in turn will give all stock in the hotel to the bank
x
Cash
by S. W. Straus & Co., in 1921,
was outstanding.
turn
$15,044
481,979
$502,410
^
was
-
Previous surplus
Tax adjustment
depreciation, 287.
taxes
146. p. interest, income
undistributed profits.-
*$75,044
60,000
$19,234
483,176
class A stock..
$-1.03
798,924
Period End. Dec. 31—
1937—Month—1936
1937—12 Mos.—1936 '
Ry. operating revenues- $1,558,469
$1,861,903 $21,115,983 $19,363,508
Ry. operating expenses1,177,615
1,326,594
15,854,525
13,199,345
$79,234
60,000
Surplus
$4,157,252
Corp.—
Ltd.—Earnings-
1937
and taxes
on
on
St. Louis Southwestern
Riverside Silk Mills,
Divs.
and surtax
1936
$3,078,047
804,358
$2.62
Earnings per share
a Preliminary
figures,
exchange for its
Oil Corp. and
i
V.
1937
$26,731,524 $26,261,194
3,279
3,345
Earnings for Calendar Years (Incl. Sub. Cos.)
coupon due
physical properties
1936
1937
604,131
Selling, general & administrative exp.
Research, development & patent exp.
b After interest, depreciation, depletion, Federal
on undistributed profits.—V. 146,
p. 608.
December—
12 Mos. End. Dec. 31
$809,368
$9,586,922
4,127,264
& Potomac RR.-
2>r57.934
3666.
& Dec. 31, '37
Cost of goods sold..
Republic Steel Corp. (& Subs.)—Earnings—
$1.14
p.
1,289,936
944,867
Z>r57,934
$3,414,222 $6,751,352
Total
3 Mos. End.
Period
al937
300,000
Corp.—Earnings—
Gross sales, less discounts, returns
allowances
registered holding company, has filed with the Securities
(43-103) covering the issuance of
11,690 shares of 5% non-cumulative $100 par value preferred stock.
The
stock would be exchanged for company's 6% notes in the amount of
$1,169,000, held by Niagara Share Corp. of Maryland.
Opportunity for hearing
in this matter will be given Feb. 24.—V. 135, p. 3857.
$9,044,147
5,832,028
-
|
:
Treasury stock.-
acquired.—V. 145,
Cost of 807 shares
x
a
Income taxes and surtax
512.114
2,204,311
Res. for deprec
981,074
...$3,414,222 $6,751,352
Total
Republic Electric Power Corp.—Stock—
Earnings per share
a
Preliminary figures,
—
Res. formach'y---
958,445
r;.
655,819
Surplus
and Exchange Commission a declaration
Calendar Years—
1,093
x
Representative Trust Shares—Dividend—
b Net profit
Shares of common stock
1,750
Res.for unempl.ins
739,257
2,708
bds
Merchandise
A semi-annual dividend distribution of 34.1125 cents per share on
Repre¬
sentative Trust Shares, represented by cash dividends received, has been
authorized for payment on and after Jan. 31, 1938.—V. 144, p. 949.
Corporation,
on
Res. for Fed. taxes
35,949
-
Accrued int.
222.055
214,055
214,055
215,905
per share
Nil
$4.05
$0.73
$0.38
x After provision for surtax on undistributed
earnings,
y After provision
of $100,000 for possible losses on raw materials.—V. 146,
p. 765.
-
81
Conting. discount
value
render
Prepd. & del.items
Accts, receivable-
(par
-
192.600
202,187
Life ins.—cash sur¬
dep.
and Federal taxes
Shs.
1936
406,032
Bonds
Subs.)—Earnings—
1936
$2,500,000 $2,500,000
8,945
Commissions pay2,683
Accr. tax. & wages
15,660
Accounts payable-
2, 845,773
609,036
1937
Liabilities—
Capital stock
$605,872 $1, 132,969
-
Machinery
See list given on first page of this department.
1936
1937
Assets—
Reda Pump Co.—Registers with SEC—
Savage Arms Corp. (& Subs.)- -Earnings—
Years Ended. Dec. 31—
Net profit
Earns, per sh. on 167,715
x
x
After
1937
1936
$456,616
$245,752
depreciation, taxes,
distributed profits.—V.
145,
1935
$101,549
1934
$27,468
&c., and after deducting surtax on
p.
3020.
jg
undis-
ak
Volume
146
Financial
Savannah Electric & Power
Co.—Preliminary Earnings
Ended Dec.31—
Operating
5al,aDce
y Balance
mentreserve
982,965
916,456
353,845
and surplus
328,026
Comparative Income Statement for Calendar Years
Scott Paper
Co.—Changes
in
J£hLc01£pany' Pn^an*
31, announced the advancement of three senior
Raymond G. Mateer, formerly Assistant Treasurer has been made
,Pharge of Purchasing, and William M. Carner has been
appointed Controller.
Also, W. S. Campbell has been elected Secretary of
replace Ralph E. Rhoads, who recently resigned as an
officer and director because of
ill-health.
ne7 ^ni?T officers have been appointed: W. R. Scott 3d, Assistant
Secretary; J. C. R. Whiteley, Assistant Treasurer, and Francis W. Plow¬
man, Assistant Controller.
T°ther officers of the
Wagner,
company
Thomas
are
Vice-President
and
Gross earns.,all sources$14,769,142 $13,954,358
Operating
Personnel—
.
on
888,270
Net from railway
Net after rents..
—V. 146, p. 766
4.018"758
4,127,681
1,500,000
500,000
1,000,000
100,000
1,000,666
1,000.665
Special depreciation
Depreciation reserves...
Exchange reserve
Unamort.
bond
100,000
prem.,
159,157
142,035
$2,926,526
1,851,512
$2,245,857
1,415,862
$2,541,966
1,132,690
$2,267,443
1,089,125
$1,075,014
1,117,277
$829,995
704,718
$1,409,276
1,832,028
$1,178,318
1,134,213
1,199,526
$2,192,291
$1,534,714
$3,241,304
$3,512,057
discount & expense
Contingent
lbb'oob
reserve
William
Treasurer;
F.
Mohan,
Net income
Dividends
-
-Earnings—
Prev.surp. (after adj.).
-
1936
1935
1934
Transfer from gen. res'vei
$3,982,938
1,041,120
288,074
$3,111,671
283,736
172,774
$2,963,610
483,153
244,108
Amort, of bond discount1
42,790,878
8,053,368
4,348,988
...
3,901,339
U. S. funds
Interest
$3,947,368
779,887
976,537
....
From Jan. 1—
Gross from railway
83^,254
3,832,397
Exchange
1937
Net from railway
Net after rents
$13,067,800 $12,504,406
3.082,238
2,748,159
1,580,696
1,539,675
658,862
744,143
62,585
McCabe, President;
B.
tC^moo Vlce-President, and John B. Hay, Assistant Secretary.—V. 145,
Seaboard Air Line Ry.
3.442,247
1,788.625
3.651,793
1,810,998
&c-
expenses,
Power purchased
Taxes and insurance
P* TtlZo#
December—
Gross from railway
$12,589,996 $11,700,065 $10,974,372
1,364,362
1,367,735
1,530,035
Gross oper. revenue
$13,461,418
a Misced.
non-oper. rev.
1,307,724
146^1?VsT^1116' net* y After aPProPriations for retire-
—
cpmPaDy to
balance sheet as of Dec. 31, 1937 shows
current assets of $6,142,738 against current liabilities, including accrued
bond interest and dividends, of $2,134,813.
The company's consolidated
$1,959,520
$2,170,943
,°?e,ratj0n • maintenance and taxes..
dividends
for
1936
-1937
revenues.
*
927
Chronicle
38,346,055
6,525,446
2,920.583
33,930,118
33,861,442
5,046,710
1,631,913
Trans, to insur.
4,536,094
1,501,943
Total
2,267,414
and expense
Spec, transfer to deprec.
700,000
499,526
reserve
reserve-
$1,534,714
$973,889
$2,312,531
2,178.250
2,178,250
2,178,250
2,178.250
$1.34
$1.03
$1.15
$1.04
Shares capital stock out¬
Seaboard Commercial
Corp.—Earnings
Years Ended Dec. 31—
Net profit
1935
$257,200
$210,455
$87,667
reserves, Federal income taxes, &c. and after deducting surtax on
undistributed profit.—V. 145, p. 3829.
x
1936
1937
standing (no par)
Earned per share
Including revenue from investments in subsidiary and other companies
and property rentals,
b Surplus subject to deductions for income tax.
a
Comparative Balance Sheet Dec. 31
Period End. Jan. 29—
Assets—
1938—52 Wits.—1937
1938—4 Wto.—1937
$29,634,776 $30,576,843 $572,874,101 $526,292,136
—V.
146,
p.
x
sets
y
168,559,855 166,740,152
Acceptance Corp.—Earnings—
r
Dep. with
1937
$656,753
183,767
Gross operating profit
$472,986
$644,750
378,900
General operating expenses
246,287
Fixed charges on 5% debentures
16,774
Operating profit before Federal taxes
Provision for Federal taxes
$265,851
y41,601
$209,925
30.817
Net income
Preferred stock dividends—cash
$224,250
21,954
zl80.870
$179,108
17,667
79,180
57,500
Common stock dividends—paid-in cash
Paid in common stock
'
Paid-in preferred stock
Earnings
per
share
2705.
Seeman
r
1937—3 Afos.—1936
yNet profit
Earns, per sh. on 108.000
(no par) shs. com. stk.
x
No
provision
y
has
$59,871
$0.55
been
made
1937—6 Mos.—1936
x$ll 1,073
$145,219
$1.03
for
Federal
x$220,373
$1.34
surtax
on
$2.04
undistributed
After charges and Federal taxes.—V. 145, p. 3210.
a
dividend of $1 per share on the common
no par value, payable Feb. 26 to holders of record Feb. 14.
Similar
payment was made on Oct. 15 last.
A dividend of $1.25 was paid on Feb.
26, 1937; dividends of $1 were paid on Oct. 15 and on April 15, 1936; 50
cents was paid on Oct. 15, 1935, and $1 per share on March 15, 1935.—
V. 145, p. 4128.
Shell
The
f
Transport & Trading Co.. Ltd.—Interim Div.—
The
Chase
Bank of the
City of New York as successor de¬
positary of certain ordinary shares of this company, has received an interim
div. on these shares held by it of Is. 6d. per ordinary share of the par value
of £1 sterling each.
The equivalent thereof distributable to holders of
"American Shares" is $0,745 on each "American Share." This div. will be
distributed by the bank on Feb. 17, 1938 to holders of record Feb. 10
1938.—V. 145, p. 450.
National
Silesian-American
Corp.—Change
in
1,000,505
Exchange equali¬
364,130
1,956,782
1,737,967
3,086,657
zation
reserve
395,620
395,620
1,173,480
2,192,290
1,180,955
Contingent & In¬
fund,
1,534,714
2.910,058
637,061
loans
1,688,828
z
Surplus
and
temp, invests.
Cash
Total
180,732,295 1 79,536.665
180,732,295 179,536,665
Total
x Includes
securities of subsidiary and other companies amounting to
$19,620,129 in 1937 and $19,508,826 in 1936.
y Represented by 2,178,250
shares of no par value,
z Subject to deduction for income tax.—V. 145.
p. 3983.
Siscoe Gold
Mines, Ltd.—January Output—
Company's January production showed a value or $208,229 from 18,337
indicating an average recovery of $11.35 a ton.
This compares with
output of $210,024 from 18,241 tons for an average recovery of $11.51 a
ton in December.
Output for January, 1937, totaled $225,568.—V. 145,
p. 3509.
tons
Southeastern
The directors
on
Greyhound Lines—Initial Pref. Div.—
share
stock, par $20, payable March 1 to
Jan. 31 declared an initial dividend of 30 cents per
the 6% non-cumulative preferred
holders of record Feb. 19.—V. 145, p.
on
Southern Ice
2089.
Co., Inc.—Tenders—•
the sale to the sinking
gold bonds, convertible 6%
1, 1946, in an amount sufficient to exhaust the sum of
Tenders, at a price not to exceed 102 and accrued interest, will
series, due Feb.
$40,471.
be received up to noon on
of the bank,
V. 144, p.
as
successor
Feb. 10, 1938, at the corporate trust department
corporate trustee, 11 Broad Street, New York.
2676.
Southern Pipe
Line Co.—1 b-Cent Dividend—
The directors have declared a
dividend of 15 cents per share on the capital
stock, par $10, payable March 1 to holders of record Feb. 15.
This com¬
pares with 25 cents paid on Sept. 1 last; 20 cents paid on March 1, 1937;
10 cents paid on Sept. 1, 1936; 15 cents paid on March 2, 1936, Sept. 3,
1935 and March 1, 1935, and on Sept. 1, 1934; 10 cents paid on March 1,
1934, Sept. 1, 1933, and March 1, 1933; 15 cents per share paid on Dec. 1
and Sept. 1, 1932; 35 cents on June 1, 1932, and 50 cents per share dis¬
tributed each quarter from March 2, 1931, to and incl. March 1, 1932.—
V. 145, p. 1115.
Telephone Co.—Report—
Southern New England
Collateral—
Guaranty Trust Co. of New York as trustee under the collateral
dated Aug. 1, 1926, has notified the New York Stock
Exchange that it delivered $150,000 principal amount of Bergwerksgesellschaft Georg von Giesche's Erben 8y % sinking fund mortgage gold bonds,
due Nov. 1, 1915, held as collateral under said indenture against cash
representing reimbursement for the sale of these bonds to Bergwerksgesellschaft Georg von Giesche's Erben bond sinking fund, and that as a result
of this transaction it now holds $2,550,000 principal amount of said bonds
as collateral under the indenture.—V. 145, p. 2559.
trust
544,526
1,334,761
14,831,641
fund of Southern Ice & Utilities Co. 1st mtge.
stock,
f
699,861
-
in¬
dlvs.
The Chase National Bank is inviting tenders for
(W. A.) Sheaffer Pen Co.—$1 Dividend—
The directors have declared
375,000
$
72,118,447
87,596,000
1,434,951
Deprec., reserve 15,989,144
bond
surance
receivable.—_
Call
86,728,500
Accrd.
Accounts & bills
Bros., Inc.—Earnings—
Period End. Dec. 31—
profits,
Prepaid charges-
65,900
.
$105
$1.25
Corp., predecessor corporation,
y Includes $1,946 surtax
on
undistributed profits,
z Includes
$70,721
pai<* by issuance of preferred stock, par value $25 ($0.50 per share).—V. 145,
375,000
1,099,252
462,238
plant
and stores
stock
on common
Ik. x Includes Securities Investment
p.
Movable
4,714,023
72,118,447
Bonds
terest &
bec Govt
xl936
$937,955
293,205
4,555,450
Que¬
1936
$
Capital stock.
Accts. payable -
bond
disct. & exp__
Years Ended Dec. 31—
Earned finance, interest and insurance income
Direct income charges
Liabilities—
$
$
Total fixed as¬
Unamort.
287.
Securities
1937
1936
1937
Sears, Roebuck & Co.—Sales—
indenture
1937
1936
1935
1934
Local service revenues..$12,536,409 $11,801,921 $11,236,428 $10,992,366
Toll service revenues
4,724,716
4,334,113
3,826,932
3,694,879
Miscellaneous revenues.
714,212
664,198
624,041
553,779
Calendar Years—
$17,975,338 $16,800,233 $15,687,402 $15,241,025
39,000
26,000
32,043
52,280
Total.-.
Uncollect, oper. revenues
Total oper.
revenues..$17,936,338 $16,774,233 $15,655,359 $15,188,744
3,045,326
2,999,179
3,560,875
3,331,090
Current maintenance
Shawinigan Water & Power Co.—Annual Report—The
income account and balance sheet for the year 1937 will be
found in the advertising pages of today's issue.
The annual report for the year 1937 shows net earnings, after all
expenses
and fixed charges but before depreciation, of $4,585,684, compared with
$3,987,893 for the preceding years.
After depreciation, unamortized bond
premium, discount and expense and dividends, paid during 1937, the year's
surplus amounted to $1,075,013, compared with $829,995 for 1936.
Surplus
subject to deduction for 1937 income taxes which are computed and payable
in 1938, amounted to $2,192,290 at the end of the year againso $1,534,714
Depreciation expense
3,172,283
3,095,024
Traffic expenses
2,731,609
1,405,179
196,568
2,492,609
1,342,245
Commercial expenses—
Operating rents
Gen. & misc. expenses:
Executive department
Accounting & treasury
previous year.
Gross earnings for the year totaled $14,769,142, compared with $13,954,359 for 1936.
Non-recurring income of $126,000 was not included in the
revenue account for the year but credited to continggencies account and used
to write down the book value of
undeveloped power properties.
The company's total power output for the year established a new high
record, amounting to 5,709,759,711 kwh. compared with 5,667,116,962
kwh. generated and purchased in the previous year.
"In spite of some recessions the industrial situation in the Province of
Quebec showed marked improvement during the year and present con¬
ditions are the best that have existed for several years, with resulting in¬
creased employment," Julian C. Smith, President says in his letter to share¬
holders.
"While
a
substantial
United States particulary* in
decrease in
business
has
occurred
in
the
the heavy industries of steel and others related
thereto, the effect so far in the Dominion has been slight and most of our
industries continue to be active, with a fair backlog of orders on hand.
It
seems
tinue to
reasonable to expect, therefore, that the next few years should con¬
improve from an industrial standpoint."
Mr. Smith calls attention to the company's heavy tax
burden which for
1937 required payments equivalent to 9.89% of gross operating revenue, or
an amount equal to 61 cents per share on the outstanding common stock.
Capital expenditures of $2,611,849 were made by the company during the
without recourse to any borrowing.
The greater part of the capital
outlay was for construction of a new 220,000 volt transmission line, a new high-voltage terminal station and for extensions to the company's distribu¬
tion system, particularly in rural territories.
year
3,001,015
2.278,449
1,244,045
213,493
153,148
145,575
483,2o4
455,998
448,274
194,515
201,583
on1
195,057
189,363
235,238
220,659
216,018
115,910
253,517
145,059
239,368
150,251
93,229
64,416
x1,034,014
57,899
994,456
64,729
955,613
„
sickness,
Employees'
accident
160,030
536,112
107,727
license contract
178,336
252,743
departments
Prov. for empl.service
pensions
,
Services
rec.
under
at the close of the
204,516
3,038,371
2,324,367
1.274,909
207,305
death
and
benefits
254,130
general expenses
Expenses charged con¬
struction (GY)
Operating taxes
1,442,901
operating income.
income
$4,042,579
60,218
$3,889,615
26,723
$3,419,233
34,234
$3,318,969
7,'276
$4,102,797
570,000
152,228
$3,916,338
599,223
243,745
$3,453,467
550,000
456,620
$3,326,245
550,000
460,419
$3,380,569
3,100,000
$3,073,370
2,500,000
$2,446,848
2,400,000
$2,315,826
2,400,000
Other
Net
Net
non-o per.
Income
available
for
fixed charges
Bond interest..
Other interest
Bal. avail, for divs...
Divs. on common
stock.
def$84,174
400,000
$6.12
_
$5.79
The premium of $1,000,000 paid on retirement of debentures is a charge
against surplus. This item is deductible in the determination of taxable in¬
come, leaving no balance subject to the surtax on undistributed profits.
Bai.
carr.
to surplus._
Shs. outstand. (par
Earnings per share
x
$100)
$280,569
400,000
$573,370
400,000
$8.45
$7.68
$46,848
400,000
Financial
928
Comparative Balance Sheet Dec. 31
1937
$
trolled
Common stock
40,000,000 40,000,000
136,539
136,539
lstmtge. 5s—... 1,000,000
1,000,000
30-yr. deb. 3 Ms.-16,000,000 16,000,000
44,087
Misc. phys. prop..
704,835
770,011
40,000
703,441
Working funds
Mat'l & supplies..
40,000
892,617
1,923,974
170,632
41,599
Accts. receivable-.
PrepaymentsOtberdef. debits..
Adv.
689,723
709,084
Cash...
*
Prem. on cap. stk-
con¬
cos
1930
$
Liabilities—
Telephone plant..84.271,338 80,253,803
Other Investments
149,007
179,501
Investm'ts In
Sutherland
1937
1930
$
Assets—
Customers'
from
Amer.
Tel. & Tel. Co..
a
1,945,603
155,393
92,339
2,100,000
450,000
2,579,753
Notes sold
adv.
538,551
Accts. payable, &c 1,223,583
Accrued liabilities. 1,052,900
509,189
910,220
1,363,238
38.904
20,357
Deprec. reserve.-.20,190,445 18,658,594
Insurance reserve.
75,582
86,563
3,271,425
Surplus
3,548,670
a
.....89,066,381 84,831,810
To trustee of
Total
-V.
pension trust fund.
..89,060,381
84,831,810
145, p. 2407.
1938
1936
$7,494,749
1937
1935
1934
$6,636,212
$5,903,211
6,562,822
5,883,054
5,366,296
$1,029,040
charges less credits.
32,487
$931,928
35,448
$753,157
28,984
$536,915
26,078
$996,553
xl91,622
$896,479
x!67,363
$724,173
105,803
$510,837
$804,930
516,600
$729,116
516,600
$618,370
287,000
$440,733
200,900
$288,330
$212,516
$331,370
$239,833
Profit from operations
Inc.
income
Net
Federal taxes...
payments......
5,
Paper Co.—Earnings—
Calendar Years—
Net sales-...—
$8,245,045
Cost of sales, selling and
administrative expense
7,216,005
2,407,137
dep.,
billing and
Deferred credits..
Total
Feb.
Chronicle
Net
..-.
—
profit
Dividends paid—..
Balance
—
70,104
S\Sdtogdf$u}0par)°—
287,000
287,000
287,000
287.000
Earnings per share.....
$2.80
$2.54
$2.15
$1.53
x Includes $43,488
($32,320 in 1936) surtax on undistributed profits.
Note—Provision for depreciation for 1936 amounted to $233,397 and
$232,349 in
1935.
„
w
Balance Sheet Dec. 31
Southern
Railway- -Fairfax Harmon, Former President,
Dies—
Fairfax Harrison, former President of this company died Feb. 2 at the
of 69. Mr. Harrison, retired
Oct. 21, last.—V. 146, p. 767.
age
head of the Southern Ry. System on
as
12 Mos. End. Dec. 31-—
1937
Total revenues....
186,511,636
344,133
1,215,030
Cash
81,916
-.-.
$17,965,458
16,662,485
^$18,794,392
17,094,985
$13,946,717 $13,114,590
15,364,985
15,364,985
Surplus.............
$1,302,973
$1,699,407def$1418,268def$2250,395
estimated
as
$228,970 subject to refund in whole
or
in part in the event of
adverse rate decisions.
No provision is included for the Federal surtax on undistributed
V. 146,p. 287.
Sparks-Withington Co. (& Subs.)W6 Mos. End. Dec. 31—
xNet profit
x
1937
1935
1934
$46,219 loss$148,977
$225,491
After charges and taxes but before Federal income taxes
V.
145, p.
2089.
Spokane Portland & Seattle Ry.—-Earnings—
December—
Gross from railway
1937
1935
336,679
220,707
$625,145
191,832
78,702
$372,488
147,317
197,401
8,452,899
2,992,737
1,475.507
7,588,180
2,832,700
1,466,587
5,671,051
2,418,014
1,540,713
(paid ln)-„---
$5,120,781 $4,826,434
Total..
Symington-Gould Corp.—Meeting Again Adjourned—
The adjourned meeting of stockholders called for Feb.
adjourned to Feb. 17. The meeting was called to approve
McConway & Torley Corp.—V. 146, p. 769.
Sylvania Industrial Corp.—-To Pay 25-Cent Dividend—
The
directors have declared
a
of 25 cents per share on the
dividend
(James) Talcott, Inc.-
Earnings—
^
Period End. Dec. 31—
_—
$1,707,774
860,055
$1,354,601
706,431
$1,118,896
193,007
Expenses
$2,078,043
1,346,470
103,094
68,218
100,000
20,000
78,000
50,389
accounts
Prov. for
registration and
refinancing expense..
Net profit from opers.
Other income credits....
$9,330,152
6,905,847
$11,238,393
7,020,079
$42,097,731
30,168,784
$45,879,069
28,494,390
$2,424,305
101,000
$4,218,315
228,949
$11,928,948
448,972
$17,384,679
580,551
Gross income
$2,525,305
Prov. for doubtful receivs
40,642
Prov.
for
reduction
of
Other charges.........
x Prov. for Fed. and for¬
Earnings
804,717
T
per
share
,
-
.
-
•
F<£ comparative
Divs.
$339,880
111,125
$1,096,577
$736,371
$451,005
82,500
68,286
84,798
3,450
86,707
86,074
101,912
20,800
103,012
7,400
251,573
133,682
3,000
43,908
$851,912
$739,419
$526,951
$254,419
class B stock:
on
In cash
...
In class B stock
Divs. on class A stock:
In cash
In class B stock.
on common
'
stock.
div.
$1,817,516
$3,433,911
123,713
225,000
2,529,622
12,648,108
$0.13
1,952,917
3,465
5,690,440
12,645,423
2,811,359
18,871
,865,358 $14,471,394
209,465
494,687
637,500
10,117,949
13,277,671
12,648,108
12,645,423
1.73
$0.26
$1.11
purposes the net income for the 3 and 12 months of 1936,
amounting to $60,981 for
is, after giving effect to amortization of patents
the three months and $256,055 for the
12 months which has been included
cost of goods sold.
Prior to 1937 published statements reflected the
charge-off in full of all patents against surplus.
m
...
x
20,032
Consolidated statement.
Balance Sheet, Dec. 31
£1937
Cash
in
banks
$
f Mfg.,
b
Inactive
c
guar,
138,307
95,130
80,389
Long-term notes.,
d
Security invests,
e
Office furniture
Deferred charges.
.
_
d44,128
105,486
18,215
18,216
58,046
41,728
59,040
49,227
Gas
or\nar.+a
1
p
~x^a
S p
3830
value, both payable March 15
share
the
on
to holders of record
«
the five preceding quarters.—V. 145,
Total
a
...16,362,581
Assigned
after
by
of credit
&
138,306
($50 par)..
stock
($9
95,136
1,500,000
1,500,000
3,234,510
282,620
851,912
3,234,510
282,620
739,419
&c.
Total-
and
trade
16,362,581 15,935,572
acceptances
purchased
e After reserve for depreciation of $28,370 in 1937 and $19,970
1936.
t Payable at various dates, for assigned accounts receivable,
Consolidated statement.—V. 146, p. 610.
reserves,
Tech Hughes
Gold Mines, Ltd.—Delisting Hearing—
Hearing before the Securities and Exchange Commission on application
delist the capital stock from the New York Curb Exchange has been
postponed until March 8.—V. 146, p. 610.
to
Tennessee Alabama & Georgia Ry.
Tennessee Electric Power
Period End. Dec. 31—
standing (no par).... ©2,144,440
b2,023,119
cl,886,594
d1,725,772
Earnings per share
e$4.17
b$3 44
c
c$3_.45
d$3.51
a After provision tor surtax on
undistributed profits.'"b'Prior to stock
Oper.exp. and taxes
Prov. tor retire, reserve.
d Prior to stock divi¬
dend of 9%.
e Prior to stock dividend of
8%.
f After all
general and corporate expenses, depreciation,
amortization,
taxes, &c.—V, 146, p. 769.
1
22,150
Accepts, under let¬
15,935,572
manufacturers,
1934
—V. 146, p. 449.
20,033
15,776
and
....
tor doubtful accounts and discounts,
b Chargeable to manu¬
facturers when due.
c Including collateral merchandise acquired,
d Aftr
$6,650,464
Month of January—
Sales
—
reserve
1935
Sun Ray Drug Co.-
.
par)
$7,100,238
®7ri®r to stock dividend of 7%.
81,094
185,776
Co.-^—Director—
Wiiliam H. Coverdale has asked the Interstate Commerce Commission
for authority to serve as a director of this company.—V. 146, p. 769.
(& Subs.)—Earnings—
Calendar Years—
1937
1936
f Net income...
a$9,544,085 a$7,563,554
Shs, common stk. out-
85-6%-
rent
expenses
Com.
g
cents was paid on Dec. 15 last: extra dividends of
on ®eP^-16 and on June 15 last, and extra dividends of
are were pai<i in each
Sun Oil Co.
Accrued
stk.
in
Standard Oil Co. of Calif .-—Extra Dividend—
;jdiroctors have declared an extra dividend of 10 cents per
?
regular quarterly dividend of 25 cents per share
common
no par
pf. stock...
ters
ended Jan. 29, 1938 totaled 104,-
&
where output was below normal
during the corresponding period
account of flood conditions.—V.
146, p. 768.
stock,
payable
Capital surplus
Operating surplus.
Louisville
3,274,834
74,532
credit
by2 % partic. pref.
increase of 5.7% compared with the corresponding week
Percentage increase shown includes
6,500,000
Res. for partic.div.
on
Co.—Weekly Output—
^Alec?ric Co/ system for the week
Go.
&c.
bals
Dividends
manuf
accts...
-----
6,550,000
3,600,640
114,283
Accrued taxes
Accepts. &
Electric output of the public utility
operating companies in the Standard
last year on
bks.
guarantees
Standard Gas & Electric
IF?
Electric
(sec.)
2,076,891
Advances to mfrs. 1,657,696
982,349
aAccts. & notes recl2,078,610 12,627,896
2,166,791
Directors have declared a dividend of 15 cents
per share on the common
stock payable April 1 to holders of record Feb.
18.
Previously, regular
quarterly dividends of 20 cents per share were distributed.—V. 145, p. 3359.
an
$
Liabilities—
Notes pay. to
&
hand
on
1930
61937
1936
$
Assets—
Dividend Reduced—
537,540 kwh.,
100
on
preferred stock.
283",608
Includes provision for surtax on undistributed
profits.
Note
-Operations in foreign countries of certain subsidiaries included for
years ended Oct. 31 or Nov. 30, 1936 and 1937.
x
$481,952
254,419
partic.
preference stock
Prov. for partic.
147,104
212,435
101,247
488,100
02,396
Min. int. in inc. of sub-.
Common dividends
Shares common stock...
$569,625
526,951
$1,185,985
Total surplus.
Divs. on by2%
Bal. at close of period.
eign income taxes
Net income..
Divs.on $7 cum.pref.stk.
Divs. on $4.50 cum.pref.
$4,447,264 $12,377,920 $17,965,230
103,924
200,105
379,999
147,104
34,339
$446,565
739,419
Net profit.....
Bal. at beg. of period
Divs.
purchase commitments
from cost to market..
175,000
1937—12 Mos.—1936
..$28,812,700 $30,048,012$122,517,121S114,975,651
19,482,549
18,809,618
80,419,389
69,096,583
gen. exps
92,000
tax and surtax
Cost of goods sold......
Gross profit
Sell., admin. &
628,626
against
manufacturers'
inact.
Prov. for Federal normal
Subs.)—Earnings—
1937—3 Mos—1936
1934
1935
1936
xl937
Calendar Years—
Gross income
Prov. for Fed. inc. tax..
Gross sales.
3, has been
acquisition of
capital stock, payable March 15 to holders of record March 1.
A like
amount was paid on Nov. 15 last and previously regular quarterly divi¬
dends of 35 cents per share were distributed.
In addition, an extra divi¬
dend of 50 cents was paid on Dec. 15, 1936.—V. 145, p. 2865.
—V. 146, p. 122.
Standard Brands, Inc. (&
z284,025
1
—$5,120,781 $4,826,434
Prov. for reserve
.
13,906
xAfter deducting reserve for depreciation of $3,139,069 in 1937 and
$2,898,481 in 1936.
y After reserve for doubtful receivables of $10,653
in 1937 and $12,341 in 1936.
y Capital surplus was created during 1937
by transferring the dividend paid in 1935 ($284,025) then charged to
capital surplus, to earned surplus.—V. 145, p. 2707.
1934
$821,804
8,909,860
2,897,880
1,537,357
Gross from railway
Net from railway......
Net after rents
1936
$651,962
202,678
52,042
Net froipt railway
Net after rents........
From Jan. 1—
1.514,054
2,727,685
29,094
38,551
1
Patents—
Earnings—
1936
$96,113
1,365
...—
equipment. 2,775,634
and
profits
as the company does not consider that it had
any undistributed earnings
in 1937 or 1936 in respect of which provision for surtax should be made.—
2,870,000
claims.
est.,
Total
Net telephone-earnings for the year 1937 were at the rate of 5.75%
on the cost of plant.
Total revenues for the year 1937 include an amount
2,870,000
surplus.1,531,809
compen.
Capital surplus
of liquid
plant
process
Real
69,511
175,170
Earned
Depos. in banks in
x
201,386
Common stock
life insurance...
Deferred charges-.
Net income.......
Dividends paid....
924,300
value of
surr.
1936
$183,792
70,667
Res. for workmen's
527,930
92,127
cepts, and accts.
Earnings—
1936
1935
1934
$80,569,328 $74,166,257 $70,613,999
59,623,949
57,020,682
54,448,586
2,150,987
3,198,858
3,050,823
66,422,335
2,123,843
Interest...
trade ac¬
Notes,
Inventories
Southwestern Bell Telephone Co.—
Expenses, incl. taxes...
y
1937
$162,894
Accrued accounts.
Federal taxes..-.-
151,314
U. S. Treas. secur.
JAabilities—
$381,669
152,413
$503,391
Cash
Accounts payable-
1930
1937
Assets—
operating
depletion!
Gross
1938
$428,550
235,932
$426,150
225,950
$5,404,668
2,803,409
$5,004,174
2,703,783
$192,618
pref. stock—128,781
$200,199
129,003
$2,601,259
1,550,866
$2,300,391
1,550,866
$71,197
$1,050,393
$749,525
Grossincome
Int. & other fixed chges.
Net income
Divs.
■Sales—
$504,173
revenue
1937
$477,667
on
Co.—Preliminary Earnings—
1937—Month—1936
1937—12 Mos.—1936
$1,367,715
$1,320,304 $16,164,657 $14,972,954
834,165
789,154
9,499,989
8,708,779
105,000
105,000
1,260,000
1,260,000
Balance
$63,837
x No provision was made in 1936 or 1937 for Federal surtax on undistrib¬
uted profits as all taxable income was distributed.—V. 145, p. 4130.
Volume
Financial
146
Texas Mexican Ry.
December—
Gross from railway
Net from railway
■Earnings—
1934
1935
1937
$92,958
def3,355
def42,443
$113,142
12,791
def1,886
$95,050
15,568
2,172
$102,331
33,526
1,466,765
386,893
Net after rents
1936
1,279,263
307,778
157,461
1,194,499
312,478
184,950
983,400
251,182
144,796
1935
1934
23,032
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
206,327
—V. 146, p. 123.
Texas & Pacific
Ry.—New Directors—
See Missouri Pacific RR., above.—Y. 146, p. 770.
929
Chronicle
teen preserved, looking to the day
business either in foreign fields or the
has done notable work.
when the company could resume
United States where in the past Ulen
_
,
Chairman of the board of Ulen & Co.
approved by the stockholders.
Although
still one of the two largest stockholders of
Ulen & Co., two of the directors of Ulen & Co., who are officers in the Stone &
Webster group, have retired in keeping with the recently determined policy
of Stone & Webster that none of its officers shall serve on tne board of
directors of other companies doing a similar kind of business.
Mr. Manning
who recently resigned as President of Stone & Webster Engineering Corp.
and Vice-President of Stone & Webster, Inc., to devote his time to outside
activities has agreed, if this plani s put into effect, to devote a substantial
portion of his time to the management of Ulen & Co. and to act as its
Arthur has agreed to act as
Mr.
without salary, if this plan is
the Stone & Webster group are
President.
Thomas Ailec
Corp.—Earnings—
Years End. Oct. 31—
The
1936
1937
and
allowances)
Plant operations
Collection & delivery
Administrative & general
Interest
Loss
on
paid
equipment
Miscellaneous income
Depreciation
Miscell. deductions
directors
the
to
have given
careful consideration to Ulen's opportunities
management competent to carry
of assembling a
possibility
proposed expansion program.
The directors feel
with his intimate knowledge of the company's affairs
out the
Dyeing & cleaning earn¬
ings (less returns and
$802,288
398,551
$731,490
381,998
254,813
121,715
8,390
1,448
CV4.100
42,643
1,183
222,647
155,611
8,566
$781,027
$751,050
372,472
212,966
151,584
8,357
614
395,928
218,951
171,049
8,421
that Mr. Manning,
and his experience
and standing in the engineering and construction field is particularly suited
to direct this program.
Mr. Manning will have a substantial stock interest
in the company, since American International Corp., as a special inducement
to him to undertake this active participation in Ulen & Co.'s affairs has
agreed that, if the stockholders approve the plan, it will sell Mr. Manning
15,000 shares of Ulen & Co. common stock from its holdings.
It is believed that Ulen & Co., including its 100% owned subsidiary,
for cash
~
Cr 1,018
Cr984
Crl"l76
42,309
46,960
55,012
find opportunities in three separate fields,
First, in foreign fields its good will and standing con¬
Second, A. L. Hartridge Co., Inc., has a fine record
in New York and vicinity for large building.
During the depression, there
was little
building work, but the Hartridge company continued active
with smail buildings and alterations and extensions to existing structures.
Third, in the past, Ulen has done work in this country and it is now pro¬
posed to re-enter the field of heavy construction with or without engineering
and design, and as a natural complement to such activities, it is proposed
to offer its services in general consulting engineering, reports, appraisals,
A. L. Hartridge Co., Inc., will
all closely related.
be good.
tinues to
$67,159
$40,305
$24,993
$76,601
Net loss for year.
Balance Sheet Oct. 31
on
$19,236
$34,086
70,177
hand
&
6,075
500
Sundry rec., &c—_
994,906
1,037,970
114,216
114,216
30,361
Capital assets..
routes
31,247
erty taxes
250
Deferred charges..
250
150,000
1,300.144
270,871
•1,300,144
Sundry.
b
Capital stock
Operating deficit._
$1,228,897 $1,300,106
150,000
194,270
$1,228,897 $1,300,106
Total
and $554,534 in 1936.
39,999 2-3 shares B
451; Y. 142, p. 800.
a After reserve for depreciation of $583,025 in 1937
b Represented by 60,006 shares class A stock and
stock, all of no par value.—V. 145, p.
Timken Roller Bearing Co.—Smaller Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, no par value, payable March 5 to holders of record Feb. 16.
Pre¬
viously regular quarterly dividends of 75 cents per share were distributed.
In addition, an extra dividend of $1.75 was paid on Dec. 4 last; one of 25
cents was
on
paid.on Sept. 4 last, and an extra of 75 cents per share was paid
Dec. 5, 1936.—V. 145, p. 3212.
Toledo Peoria & Western
RR.—Earnings—
1937
Net after rents
1935
1934
$209,604
100,684
49,897
$158,978
36,713
23,513
$119,799
37,068
34,915
2,393,236
709,996
306,564
.
1936
$155,094
16,922
15,439
December—
Gross from railway
Net from railway
2,424,294
796,348
358,130
1,841,475
1,715,625
457,802
216,961
382,811
159,765
•
—V. 146, p. 123.
2480
Broadway Apartment Building—Distribution—
The holders of the 1st mtge. 6>£ % gold bonds, dated Dec. 20, 1921, are
being notified that available funds derived from refunds made by the City
of New York by reason of reduction of assessed valuations for the year 1932,
1933 and 1934, are now obtainable at the office of the trustees, Continental
Bank & Trust Co. of New York, for distribution at the rate of 20 cents per
$100 principal amount.—V. 140, p. 3912.
Tri-State
Period End.
Operating revenues
.
1937—12 Mos.—1936
$6,222,055
$5,755,223
Net oper. revenues
Operating taxes
$502,829
629
28,969
13,196
$514,023
444,110
$502,200
404,608
$6,193,086
4,782,368
$5,742,027
4,282,833
$97,592
24,725
$1,410,718
534,874
$1,4.59,194
366,471
$34,077
_
1,785
$69,913
35,836
-
Uncollectible oper. rev..
Operating revenues.
Operating expenses
1937—Month—1936
$72,867
$875,844
$1,092,723
$515,808
proposed will be attractive to a high quality, experienced personnel and
that the enterprise motive in the various individuals will stimulate them to
efforts which will reward them well as individuals, but will correspondingly
tend to improve the position of all Ulen & Co.'s stockholders.
The plan
of compensation, it is believed, involves Ulen & Co. in a minimum cash ex¬
pense for management, but creates a maximum opportunity for the manage¬
ment to produce results.
The company's authorized capitalization consists of 150,000 shares of
7H% non-voting cumulative preferred stock ($25 par), of which 111,312
shares are issued and outstanding, 50,000 shares of 5% non-voting cumu¬
„
lative
preferred stock ($25 par), of which
—V.
income..
146, p. 123.
oper.
Ulen &
As a step in securing management
contemplates the setting aside of 12,000
Voted Feb.
17—Plans to
Engage in Domestic Heavy Construction—
Thomas
F.
Devaney,
Vice-President,
in
letter
to
stockholders
dated
Jan. 26 states:
In letters of Feb. 18,
1937 to stockholders and debentureholders,
concern¬
ing the proposed modification of the Polish bonds held by the company
and of the company's debentures, company advised the security holders that
it felt that, if the modifications became effective and the service on the Polish
bonds were resumed and continued, the company would have sufficient
funds to continue as a going concern and that, in addition to carrying out
its existing contracts, it would be in a position to develop new sources of
earnings for the company when opportunity offered.
As the modification of the Polish bonds became effective, service on the
Polish bonds was resumed and has been regularly received by the company,
and the company has continued to pay interest on its debentures.
Company
has continued to carry on work under the Struma contract, the operating
and management contracts at Athens, Greece, and at Maranhao, Brazil.
In the domestic field also the company, through its wholly owned subsidiary,
A. L. Hartridge Co., Inc., has continued its construction activities, though
the scope of these activities has necessarily teen limited during the examina¬
tion which the board was making of the general possibilities of developing
other
opportunities for increasing the company's earnings.
The cash position of the company has shown improvement and has now
reached a point where the directors believe that it is such as to enable the
company to expand its activities advantageously and to justify the directors
in seeking to take advantage of the opportunities which they consider
exist for increasing the company's earning power.
Any increase in the company's activities will, however, require an increase
in its management personnel, which during recent years, due to the com¬
pany's decreased activities, has teen reduced to the minimum.
A manage¬
ment with the experience and qualifications desired by the directors would
normally require a substantial annual cash outlay by the company, which
the directors are naturally reluctant to undertake or recommend if such a
management can be induced to accept other means of compensation.
To
this end the directors have formulated a plan whereby they believe that an
experienced management can be built up under conditions which will provide
at a minimum cash outlay to the company the maximum of incentive to the
management to produce earnings for the company.
Under this plan the
management's compensation instead of being wholly in cash, will be partly
in cash and partly in a share in the company's future in the form of shares
of the company's two classes of preferred stock and of options on shares of
its common stock.
For the past six years Harry A. Arthur, President of American Inter¬
national Corp.. and James H. Manning, who during that time was President
of Stone & Webster Engineering Corp., which corporations are the two
of the company, took an active part in the affairs of
members of its board.
During this period approximately
largest stockholders
the company as
$3,000,000 of bank debt was liquidated and approximately $2,750,000 of
debenture debt retired, interest on debentures was paid in full, various
non-profitable subsidiaries were disposed of, operating and construction
contracts were continued, the A. L. Hartridge Co., Inc., acquired, and in
the opinion of the directors, the company's standing and its good will have
the plan devised by the directors
shares of its authorized but unissued
7preferred stock, 5,000 shares of its authorized but unissued 5% pre¬
ferred stock and 50,000 shares of its authorized but unissued common stock.
The common stock would be made available to the management in the
form of options on terms to be determined by the directors but in any event
of not more than three years duration at an option price of not less than $2.50
per share.
The preferred stock would be issued to the management on terms fixed
by the directors in part payment of their services.
In order that the shares
of the preferred stock issued to the management should be of the same
classes as the presently outstanding shares it is contemplated that they would
be issued as of and with dividends cumulative from July 1, 1936, the date
from which dividends are in arrears on the now outstanding preferred
stock.
In arriving at the amount of preferred stock to be issued to the
management as compensation
under the proposed employment contracts,
contemplated that the preferred stocks of both series should be treated
basis of not less than $5 per share.
In order to give effect to the plan and make it possible to issue the pre¬
ferred stock as contemplated, the directors have decided to recommend
to the stockholders that the preferred stock of each class be changed from
it is
on a
and that the authorized and unissued preferred
cumulative from such date as the board or
however, than July 1, 1936.
Since each or
the classes of preferred stock will be of no par value, the 7M% preferred
stock and the 5% preferred stock will be designated as Series A perferred
stock and Series B preferred stock, respectively.
The preferential dividend,
liquidation rights and other terms of preferred stock will not be altered.
The directors have accordingly called a special meeting of the preferred
and common stockholders for Feb. 17, 1938, for the purpose of approving
this change and the proposed plan.
directors may fix, not earlier,
Consolidated Balance Sheet Dec.
current)
247,945
5,684
Fed. & State taxes
10,364
97,425
1,265
97,425
418,840
440,151
130,966
233,414
205,141
b Res. for exp.
of Poland bonds
in
562,764
Deferred
1,265
2,647
d7,499,559
for clients
cl
—
gold
14,481
15,342
125,642
16,382
1
144,726
&c
Other def.
charges
Goodwill
credits
7)4%
-----
16,365
12,527
3,897,000
exchange
sink. fd.
cum.
pref.
2,782,800
2,782,800
pref. stock— 1,043,550
1,043,550
Common stock--
303,651
303,651
Capital surplus.—
156,450
156,450
Earned surplus..-
77,714
Dr88,307
Dr88,307
9,165,756
9,072,444
stock
9,165,756
130,853
appre.
4,301
1
5%
a
Treasury stock
Total
of
.-
debentures 3,897,000
of for.
Conv. 6%
Unamort. debt dis¬
count & expenses
assets
Unrealized
7,828,968
-
Deposits of service
Real estate office
furm,
net
subsidiary
562,764
Cash held as agent
Securities
interest
Minority
187,000
Inv.of sub. in for'n
2,647
and
contingencies—
Nat. Economic Bk.
affiliate-
45,986
11,495
84,258
Accounts
Advance by clients
— -
$
$
payable-
Interest accrued--
260,064
252,876
-
1936
1937
Liabilities—
$
369.328
20,673
115,785
receivableAccr. int. recelv—
Other accts.
(not
Accts.
31
1936
$
Assets-—
Cash
Co.—•New Policies to Be
41,742 shares are issued and out¬
standing and 500,000 shares of common stock (no par), of which 271,522
shares are issued and outstanding and 109,526 shares are reserved for con¬
version of the company's convertible 6% sinking fund debentures.
1937
Net
realize fully that earnings are built solidly
confidence and competence and, in assembling
organization, would proceed conservatively and with a view to appeal
and service to American industry in these terms.
The directors believe
that there is a market for such services and that the plan of compensation
an
$25 par value to no par value
stock be issuable as of and
Telephone & Telegraph Co.—Earnings—
Dec. 31—
only when built on character,
,
From Jan. 1—
Gross from railway
Net from railway
Net after rents
business studies.
and
The directors of Ulen & Co.
personal prop¬
Note payable-—.
Goodwill and trade
Total
10,573
10,365
commissions
Unempl. Ins. accr.
Accrued real estate
Sacra¬
mento
a
10,506
2,889
Accrued wages and
76,011
Investment in real
in
1936
$20,221
21,797
2,705
Accounts payable-
Accts. receivable..
estate
1937
$14,298
Liabilities—
1936
1937
Assets—
Cash in banks and
9,072,444
Total
31,075
Represented by 271,522 no par shares,
b Excluding possible losses
on
securities and investments,
c Interest and sinking fund instalments
on bonds of National Economic
Bank of Poland represented by blocked
currencies in Poland, at nominal amount,
dBonds at estimated maximum
realizable amount: National Economic Bank of Poiand 3% sinking fund
bonds of 1925-26, extended to 1967 (par $7,719,000), $6,175,200.
Right
to receive securities of Rio Grande Water Power Co. if, as, and when issued,
in connection with reorganization of the finances of Maverick County,
Texas
Water Control and Improvement District No. 1, viz.: $1,312,000
40-year 5% cumulative income debentures, 52,480 shares class A capital
stock (par $10), 5,248 shares class B capital stock (par $1), $1,303,000;
stocks and other securities at book amounts, $21,359; total, $6,175,200.
—V. 145. P. 2866.
a
Union Bag
& Paper Corp. (&
Subs.)—Earnings-
1937
1936
1935
zl934
$15,710,373 $11,770,787 $9,534,626 $9,257,887
x Net profit..
yl ,354,595
387,391
223,459
682,404
Earn.persh.oncap.stk.
$1.30
$1.48
$1.14
$4.67
x After depreciation and Federal taxes,
y After surtax on undistributed
profits, which is estimated at $65,000.
zCompany only.
For the quarter ended Dec. 31,
1937, net profit was $330,471, after
charges and Federal income taxes, but before the surtax, equal to 32 cents
a share.
In the quarter ended Sept. 30, 1937, net profit before the surtax
was $469,194,
or 45 cents a share.—V. 145, p. 3212.
Calendar Years—
Net sales.
Union Premier
4
Weeks Ended Jan.
Sales
—V. 146, p. 289.
Food Stores, Inc.—Sales—
1938
$1,255,740
29—
1937
$846,460
930
Financial
Union Pacific
RR.—Earnings—
Period End. Dec. 31—
Mail
revenues
revenue
All other transport, rev..
Incidental rev
The
revs—$12,094,923 $14,880,908 $162,064,310 $155,213,583
754,522
1,075,374
17,725,360
16,927,970
2.024,644
2,552,978
30.309,226
29,090,749
434,223
324,736
4,666,453
3,835,288
Transportation
4,549,091
4,410,639
54,668,796
49.200,442
Miscellaneous operations
280,871
263.504
3.625,439
3,166,226
General expenses
385,370
507,668
5,840,263
6,507,726
Transport, for invest
CV446
CmO
CY288
oper.
Maint. of way & struct-Maint. of equipment
Traffic
Net
from ry. oper.
$3,666,646
565,017
$5,746,007 $45,229,732 $46,485,468
1,164,006
13,244,160
13,057,039
Railway oper. income. $3,101,629
Equipment rents (net)-736,367
facility rents (net)
49,440
$4,582,000 $31,985,572 $33,428,429
574,144
8,562,894
7,721,865
114,830
536,418
635,937
rev.
Railway tax accruals-..
Joint
-
Net of items
Note—Approximately $286,800 was credited to railway tax accruals in
December, 1937 (amounts aggregating $1,720,200 were credited during the
June to November inclusive), representing one-seventh of the
amount (approximately $1,801,000)
charged to that account from March 1
to Dec. 31, 1936, inclusive, that would have been
payable under the pro¬
visions of the taxing act (companion to the railroad
retirement act of 1935)
which was repealed by the carriers' taxing act of
1937, and one-seventh of
the difference (approximately $206,000) between the amount
charged to
railway tax accruals from Jan. 1 to May 31, 1937, inclusive, under the
repealed act, based on a tax rate of 3K%« and the amount
accruing for
that period under the new act, based on a tax rate of
2% %.
These credits
were more than offset by increases in other
taxes for the year.—V. 145,
p. 4130.
months
United Cigar-Whelan Stores
United States Playing Card Co.—Extra Dividend—
Corp.—Tenders—
The Manufacturers Trust Co., will until Feb. 11
receive bids for the sale
5% sinking fund bonds due Oct. 1, 1952 to exhaust the
sum of $546,884 at prices not
exceeding
102%.
The corporation has notified the New York Stock
Exchange that real
located at the northeast corner of East Main and North
Streets,
Middletown, New York, which was part of the property pledged under the
indenture of mortgage dated April 1, 1937, was sold on Jan.
20, 1938, and
the property released from the lien of the
mortgage, the net proceeds of
the sale of said property having been turned over to the
Manufacturers
Trust Co. as trustee, which proceeds will be used In
retirement of bonds in
accordance with the provisions of the mortgage.—V.
145, p. 3213.
estate
Directors—Meeting Adjourned—
Stockholders at their annual meeting held Feb. 1 elected
Roy K. Ferguson,
President of the St. Regis Paper
Co., to the board of directors.
Other
directors were re-elected.
The special meeting of stockholders called for Feb. 1 to
consider a reducHon of capital from $197,109,220.84 to
$138,965,099.84 was adjourned to
because of the lack of a majority or the total number of
shares,
which is necessary for such action.
St. Regis Paper Co. is the
largest stockholder of the United Corp.,
holding 1,341,666 shares of the common stock.
This stock was received
in 1931 in exchange for shares of
stock of Niagara Hudson Power
C°rp. which had been held by St. Regis from the time of the organization
of Niagara Hudson in 1929.—V.
146, p. 610, 449.
common
United Drill & Tool Corp. —Initial Class A Dividend—
The directors have declared an initial
quarterly dividend of 15 cents per
shareon the class A stock, payable Feb. 1 to holders of
record Jan. 31.—
V. 145, p. 3361.
United Fruit Co.—New
President, &c.—
°n Jan ■ 31 elected Samuel Zemurray President
Directors
m
T.
Jefferson
Collidge
named
was
chairman
of the
of the company.
board.
A.
A.
Pollan,
yice-I resident in charge of production,
dent.
Arthur E. Nicholson
also continues
as
was
was named Executive Vice-Presi¬
named as assistant to the President and
Secretary.
For the last five years Mr.
Zemurray has been managing director of the
company.
He was elected President to fill
of Francis R. Hart.—V.
146, p. 611.
United Gas
the vacancy caused by death
Improvement Co.—Weekly Output—
Week Ended—
Jan.
^tnc output of systems.)
United Shoe
At
declared
29,
$10, both payable April 1 to holders of record March 16.
A
similar extra was paid in each of the twelve preceding quarters and compares
with an extra dividend of 50 cents paid on Jan. 2, 1935, and an extra of
25 cents paid on Oct. 1,1934.—V. 145, p. 3361.
par
United
States
90,531,140
92,431,714
94,499,185
Machinery—New Director—
a recent
special meeting of directors, Henry S. Hubbell, heretofore
Assistant Vice-President, was elected a director and
also Vice-President,
filling one of the vacancies which was existed in the
board.—V. 146,
p.
Calendar Years—
Premiums written
1936
Less reinsurance
$36,645,167 $35,589,280
1,633.917
2,721,566
wrItte?
Deduct increase in
$35,011,250 $32,867,714
premium reserve
The rate of interest to be
645,047
462,294
*32-4§i:ii§
—_$34,366,202 $32,474,659
-----
Tawc'ln^n-'0]1
Taxes incurred. expenses
incurred
19,299,115
18,574.231
12,351,138
incurred—.
11,430,287
1,239,201
Net earned income from
investments and rents
Total net earned income
1,254,150
$1,476,748
1,181,866
$1.215,991
$2,658,614
Increase in surplus from
underwriting operations
$2,783,02
1,567,036
Balance Sheet Dec. 31.
1937
1936
$
$
Assets—
Cash
on
hand & In
banks
x
3
Bonds &
Loans
,900,901
I
secured
3,171,127
by
pledge of coll— 1,193,089
Prem. in course of
collection
1,575,790
5,603,804
5,484,572
313,743
secured claims.-
with
452,514
men's
Work¬
reinsur. treaties.
172,563
120,103
131,558
20,659,170 18,954,964
1,933,039
1,705,949
1,076,022
1,039,287
TJnearn. prem..14,377,490
13,732.443
Voluntary contin¬
gent reserve
1,500,000
2,000,000
6,005,215
Taxes Paid
7.329,395
The company has only the money paid to it in exchange for goods and
services, a good part of which must be paid out at once for goods and
bought from others.
A further sum must be set aside for de¬
services
preciation, and taxes cannot be paid out of that money if the business is to
continue, the publication adds.
"Thus U. S. Steel had to set aside the taxes before it paid either the
workers or the owners," it continues.
"No matter from what source this
seemed to come, however, In the end it mostly came out of
For taxes can be paid only out of production—they
paid out of goods.
Wages are the principal cost of production
and so a levy on production is principally a levy on wages.
"It makes no difference if the taxes are not actually taken out of wages
but instead are added to the prices.
Wages are only purchasing power,
and raising prices without raising values is a method of reducing wages.
Depriving owners of a fair return on their savings is a reduction in their
purchasing power which turns up in decreased demand.
"Of course the expenses of Government must be paid for.
It is for the
people to decide how much Government they want and how much they are
willing to pay for.
That is one thing.
It is something else to imagine that
tax
money
somebody's wages.
have to be
the other fellow will do the paying.
There is no other fellow."
Taking the same nine years, United States Steel paid out $2,502,000,000
wages, and after paying $77,000,000 as bond interest had only $364,000,000 left over for the onwers of the company, or $15,000,000 less than
the taxes paid, according to the publication.
in
Adopts "Share-Work" Plan—
To avoid wholesale lay-offs of salaried employees due to current slack
business, this corporation and all its subsidiaries have adopted a sharethe work plan effective Feb. 1, It was announced on Jan. 28.
In place of the prevailing 5^-day week, the salaried employees, from
those in the executive offices at 71 Broadway down, without exceptions,
will-work a maximum of five days a week under tne plan.
Each will receive
five days pay, in place of salaries now figured on a 5)^-day basis.
The move will affect about 23,000 employees, it is believed.
The cor¬
poration and its subsidiaries now employs about 230,000 persons and the
ratio of salaried workers to wage earners paid on an hourly or tonnage basis
is 1 to 10.
The wage workers, under a spread-the-work movement which
is general in the steel industry, have been working at a curtailed number of
hours a week, which during the week of Jan. 29, when the operating rate
of the industry was 32.7% of capacity, averaged 24 hours a week per wage
Under the plan for the salaried employees, the half-day off is to be given
them wherever possible on Saturday so they will have the benefit of con¬
tinuous leisure during the week-end to offset in some measure the salary
loss involved, it was said.
In some cases, however, it will be necessary
to maintain skeleton staffs on Saturday, it was pointed out.
The plan is to extend to ail the offices of the corporation and its 15ft
subsidiaries, according to the announcement.—Y. 146, p. 772
Ry.—Earnings—
December—
1937
Gross from railway
Net from railway
build tngs
Other real estate
303,531
3,240,783
237,017
228,446
Int. due & accrued
171,732
207,259
Total
x
47,671,041 46,393,5971
Bonds valued
on
amortized basis
1934
1935
Net after rents
From Jan. 1—
Gross from railway
Net from railway
$123,798
27,680
13,895
$129,006
64,615
50,385
$110,258
73,278
45,355
1,088,209
307,660
191,221
1,060,182
354,072
198,865
735,800
189,809
def35,184
—V. 146, p. 124.
Utility Equities Corp.—Annual Report—
Based on the market prices of Dec. 31, 1937, the net asset value of the
corporation was $6,737,536, or the equivalent of $74.86 per share of priority
stock, as compared with net asset value of $11,874,761 at Dec. 31, 1936, or
the equivalent of $129.07 per share of priority stock.
Such equivalent as
at Jan. 15, 1938 was about $83.80 per share of priority stock.
In making
comparison of the net asset value at Dec. 31,1937 with that of Dec. 31, 1936,
recognition should be given to the amount of $105,291 which was the cost
of 2,000 shares of priority stock repurchased for cancellation and retirement
and to dividends paid aggregating $667,000 during 1937.
Income Account
for Years Ended Dec. 31
1937
exps.
1934
$393,273
37,795
$417,980
42,246
$663,576
111,767
$640,378
76,434
$431,068
63,535
$460,226
66,788
$551,809
$563,944
$367,534
$393,438
367,534
x56,649
393,438
x255,607
16,691
Total income
Oper.
1935
1936
$617,628
22,751
$646,885
Interest earned
—
& franch, tax
Excess of income
over
^
Divs. reed, after Dec. 31,
1937
Total to surplus
y70,288
622,096
-
-
563,944
x413,838
are
determined
on
the basis of the
average book values,
y Change in basis of accounting for dividend income:
Prior to Dec. 31, 1937 dividends were taken into income on payment dates.
Thereafter dividends will be taken into income on the dates when the respec¬
tive stocks first sell ex-dividend.
Total
47,671,041
46,393,597
prescribed by the New York In¬
surance Department and all other securities
at market valuations,
v Less
depreciation reserve.—V. 142, p. 1138.
1936
$122,097
29,942
22,049
1,245,853
266,046
140,423
—
Net profit on sale of sec 950,069
x Profits or losses on securities sold
Company's office
y
not stated
by United States Steel—
expenses
1,500,000
2,000.000
101,916
y
was
Asking and answering the question as to the source of the $379,000,000
paid from the start of 1928 to the end of 1936 by the United States
Steel Corp., the U. S. Steel "News" asserts that "taxes can be paid only
out of the sum left over for division between those who own the property
and those who work with it."
Dividend income
Taxes & exps—
Capital.—
Surplus
Compensa¬
the loans
Just what plants the money will be used for was not specified in the
corporation's statement.
Benjamin F. Fairless, President, testifying be¬
a Senate committee on Jan. 23, stated that it was planned to spend
$80,000,000 this year, with
$40,000,000 of this sum to be spent In the
first quarter.
Among important new construction now underway are the
$65,000,000 Irvin Works at Pittsburgh, a $30,000,000 plant at the Ten¬
nessee Coal plant at Birmingham and important improvements and exten¬
sion at Ciairton and the Edgar Thomson works at Pittsburgh.
Mr. Fairless,
incidentally, also testified that the corporation between 1933 and 1937 had
authorized plant expenditures totaling $253,000,000.
During 1937 Steel's outlays for modernization of plant and for payment
of maturing bonds totaled $133,600,000.
Its working capital on Dec. 31,
1937, was $372,334,000. against $391,330,566 a year earlier.
$
Legal reserves—
Claims
tion Reinsurance
Bureau
on
fore
1936
S
Commissions.--
Reinsurance due &
Dep.
1937
I
Liabilities—
f Funds held under
stocks.32,774^659 3L93M90
paid
in the announcement.
Net after rents
expenses
,
Corporation has borrowed from banks in New York, Chicago and Pitts¬
burgh $50,000,000 maturing one, two and three years.
The corporation
has arranged for these loans in anticipation of substantial outlays to be
be required for new construction under way.
772.
Co.—Earnings—
1937
adjustment
$50,000,000 in
Corp.—Borrows
committee:
finance
Utah
United States Fidelity &
Guaranty
tZ°la2
Steel
Loans from Banks—The following statement was
issued Feb. 1 at the close of the regular weekly meeting of the
Short-term
worker.
38 Jan. 22, '38 Jan. 30, '37
an
Losses and
extra dividend of 25 cents per share in
an
addition to the regular quarterly dividend of like amount on the common
in taxes
to it of sufficient
United Corp.—New
Inc.—Listing—
York Stock Exchange has authorized the listing of voting
for 600,000 shares of common stock.—V. 146, p. 771.
The directors have
$2,315,822 x$3.893,025 $22,886,260 $25,070,626
x Includes credits
aggregating $819,882 for charges against Pacific Fruit
Express Co. for services rendered by Union Pacific RR. for the period from
July 1 to Dec. 31, 1936, similar credits for the year 1937 were included in
the accounts monthly.
New
S,
trust certificates
stock
Railway
Feb.
United Merchants & Manufacturers,
1937—Month—1936
1937—12 Mos.—1930
$9,322,325 $11,713,749 $130,685,961 $126,916,645
1,500,007
1,425,063
17,320,898
15,062,417
583,029
570,081
4,996,450
4,796,754
173,575
189,432
2,112,937
2,116,578
387,099
672,796
4,475.730
4.071,839
128,886
309,786
2,472,334
2,249,348
Freight revenues
Passenger revenues
Express
Chronicle
as
Net income from dividends and interest
for the year 1937, on the basis to be followed in 1938,
Note—Investments priced at market quotations
amounted to $594,421.
as at Dec. 31,
1937
than their book value at Dec. 31, 1936 and $2,307,915
less than book value at Dec. 31, 1937, a change of $5,937,215 during the
were
year.
$3,629,300
more
Volume
Financial
146
Surplus Account Year Ended Dec. 31, 1937
Vogt Mfg. Corp. (& Subs.), Rochester, N. Y.- -Earnings
Paid-in
surplus Dec. 31, 1937, after deducting dividends paid
therefrom of $307,052 and including $79,008 net credit re¬
sulting from retirements of priority stock
$2,315,243
Earned surplus since Jan. 1, 1932:
Balance, Jan. 1, 1937
$757,314
Amount from income account, as above
622,096
1*
950,069
Net profit on sale of securities
$2,329,479
Years End, Dec. 31—
Net profit
Does
include
not
surplus, Dec. 31,1937
1,662,479
-
$536,986
$1,134,602
Accounts
Call
a^Investments—
Bonds
241,588
9,120,299
7,509.414
Cash
b
d79,512
15,050
Office equlpm't.
1
Capital stock.
274,516
Accounts payable-
Accts. receivable..
158,941
327,338
39,166
208,557
Accruals
13,941
Total
$8,259,339
$10,576,001
$10,576,001
Total
$8,259,339
$11,336,666 in 1936.
b Represented
by 90,000 shares of $5.50 dividend priority stock and 567,549 shares of
common stock, both of no par value.
Of the unissued authorized common
stock, 270,000 shares are reserved for conversion of the priority stock
and 330,000 shares are reserved for the exercise of warrants at $20 per
share at any time, without limit, except that the time may be limited
upon notice under certain circumstances as provided in the warrants.
Total
authorized common stock, 1,320,000 shares,
c Before provision for ac¬
cumulated undeclared dividends of $414,000 on the priority stock,
d In¬
cludes dividends.—V. 145, p. 3213.
amounted to $7,053,971 in 1937 and
Vick Chemical Co.—Extra Dividend—
The directors on Feb. 1 declared an extra dividend of 10 cents per share in
addition to the regular quarterly dividend of 50 cents per share on the capital
stock, par $5, both payable March 1 to holders of record Feb. 15.
Extra
dividends of 10 cents per share have been paid in each of the seventeen
preceding quarters.
In addition, a special year-end dividend of $1.80 per
share was paid on June 1,1937.—V. 146, p. 772.
1937
1936
$34,825
6,651
1,436
$55,043
7,823
1,877
$26,739
18,017
$45,344
18,111
$8,721
$27,233
$0.11
Fed. inc. taxes —
Depreciation of buildings and equipment
Amortization of patents
Profit before Federal income tax
Pref. div. requirement on shares
outstanding
Earnings applicable to common stock
Per share earnings on common outstanding Dec. 31,
b, before provision for Federal income taxes
—V. 145, p. 2869.
Viking Pump Co.-
Deferred charges..
6,545
1
1
$1,676,331
$1,676,009
Patents
Total.
Preferred dividends.
com.stk.(no par)
Earnings per share
66,418
35,109
29,434
$288,362
42,598
142,725
$223,931
57,299
47,575
$189,451
66,932
23,677
$103,039
$119,057
95,150
$2.58
95,150
$1.75
$98,842
95,070
$1.29
After depreciation of $26,561 in
$26,834 in 1934.
y
150,241
7,395
$94,064
95,150
$2.99
___
Common dividends
bt
f* Balance, surplus
and
1934
$364,011
140,783
4,343
1935
$416,677
73,485
Net inc. after taxes
Shs. of
1,085
1937, $26,837 in 1936, $28,353 in 1935
Warner Bros. Pictures,
Nov. 27
Assets—
93,803
Accts. & notes rec.
335,470
Inventories
3,000
Investments
Land,
$13,390
20,321
559,346
422,715
466,161
buildings &
836,928
820.327
318
equipment
649
Patents
x
Capital stock...
Surplus
$1,560,401 $1,469,955
Total
3,758,994
&
78,468
$13,152
19,609
72,041
2,253,925
511,946
513,344
339,482
Virginia Electric & Power Co.—Preliminary
Earnings—
1937
1936
$16,358,693
3,394,516
3,153,506
Includes non-operating income, net.
x
y
6,851,547
After appropriations for retire¬
ment reserve.
20,817,709
Inventories
of subs..
Fed.
rec.
Virginia Iron, Coal & Coke Co.—Earnings—
1937—3 Mos.—1936
$398,410
397,254
Net operating
Other income
Total
loss..
$388,362
404,293
1937—12 Mos.—1936
$1,422,147
1,463,208
$1,266,295
1,362,817
$15,931
26,265
$41,061
94,452
$96,522
122,506
$27,230
39,349
revenue
Bond interest, &c
$10,334
29,297
$53,391
158,677
$25,984
$12,119
Net loss
1,788,735
134,933
x$105,286
x$108,949
in
Before inventory and other annual adjustments of $17,015 ($20,543
1936) which bring the net loss to $88,271 ($88,404 in 1936).—V. 145,
p.
2869.
x
Virginian Ry.- -EarningsNet from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
—V. 146, p. 450.
463,622
1937
.
.
50,307
Propor. applica.
Goodwill
234,014
' 264,921
761,659
57,044,331
2,466,983
56,774,519
to minor Int..
c
8,244,979
Remit, fr. for-.
eign cos
Capital surplus.
Deficit
178,772,594 173,510,488
Total
178,772,594 173,510,488
371,849
8,328,487
Represented by 103,107 no par shares,
b Par $5. c Remittances from
foreign companies held in abeyance, d After reserves,
e Net current assets
of subsidiaries operating in foreign territories having exchange restrictions.
The earnings statement for the 13 weeks ended Nov. 28 was published in
V. 146, p. 773.
a
Pulp & Paper Co.—Listing—
West Virginia
the listing of $10,000,000
bonds, 4)^% series due 1952.—Y. 146, p. 774.
Western Air
Express Corp.—To Issue Additional Stock—
authorized the issuance of 130,818 additional shares
present holders in ratio of
share, subject to approval
by the California State Corporation Department and the Securities and
Exchange Commission.
The purpose of the new issue is to raise additional
working capital to finance expansion and purchase of new equipment.
Arrangements have been completed for the acquisition of a large interest
in the company by Chas. Boettcher 2d and James Q. Newton of Denver.
Mr. Boettcher is scheduled to become Chairman of the Board of Directors
and William F. Nicholson of Harris, Upham & Co., a director.
Company has an authorized capitalization of 500,000 shares ($1 par)
common
stock, of which 260,000 shares are currently outstanding.—
V. 145, p. 1121.
The company has
of capital stock.
The shares will be offered to
one new share for each two now held at $2 per
Maryland Ry.—Earnings¬
Jan. 1 to Jan. 21—
Pipe
&
$737,893
$357,376
.283,579
(est.)
774.
Gross earnings
—V. 146, p.
Co.—Awarded
Steel
1936
1935
1934
$1,867,944
1,127,698
818,940
$1,633,947
$1,424,915
832,605
694,326
$1,265,512
974,404
939,123
20,181,642
11,121,601
9,436.413
17,640,017
9,774,892
9,068,959
15,783,550
8.605,452
7,240,264
14,443,351
7,741,477
6,772,558
713,016
627,211
1937
1938
1937
1938
Period—
$1,031 ,383
Grand
Coulee
Contract—
of contract for 16,000,000
Grand Coulee Dam to this
3833.
Secretary of Interior Ickes announced award
pounds of steel penstock pipes to be installed in
its bid of $1,456,624.—V. 145, p.
Public Service
Western
12 Months Ended Dec.
Co.—Preliminary Earnings—
1937
y
1936
$2,185,782
$2,154,644
31—
Operating revenues.
x Balance after operation, maintenance and taxes..
Balance for dividends and surplus
x
Includes
non-operating income,
146, p. 290.
net.
y
721,685
759,387
150,213
178,371
After
appropriations
for
retirement reserve.—V.
Western Ry. of
Alabama- -Earnings1937
December—
Gross from railway
from railway
after rents
—
Gross from railway
railway
after rents
Net
—V.
1934
$106,293
$152,182
20,075
13,512
$121,553
6,250
5,529
defl9,213
1,682,448
175,746
77,573
1,595,383
157,701
50,732
1,365,425
def5,907
def48,447
1,298,765
def28,267
def55,651
defl 1,706
1—
From Jan.
Net from
1935
1936
$125,122
def4,163
def7,582
146, p.
124.
Western Union Telegraph Co.—Official Promoted—
B. D. Barnett, General Manager of the Metropolitan Division of the
Vice-President of the com¬
company, was on Feb. 2 appointed Assistant
mercial department in direct charge of the commercial
according to an announcement
President of Western Union.—V. 146, p. 456.
Western Reserve
field administration
by J. C. Willever, Vice-
Investing Corp.—Earnings1934
bonds
1937
$159,797
13,686
1936
$136,673
29,245
1935
$126,298
26,253
debentures--
$173,483
46,833
Profit on sale of secure--
25,511
loss2,230
$165,918
84,695
26,050
143,771
$152,551
97,515
28,543
71,453
100,485
28,174
lossl0,724
Profit (excl. of loss on
Union Tr. Co. stk.)
$98,909
$198,943
$97,947
$7,710
Years Ended Dec. 31—
Dividends
Interest on
Total
Interest on
on
sale of claim
against Union Tr. Co.
Statutory liabil. paid on
Union Trust Co. stock
Provision for Federal in¬
come tax (est.)
Loss
December—
Gross from railway
369,967
1,881,205
993,323
1,178,744
8.301.100
Expenses
«18,963
1,645,423
3,196,365
subs
1,460,782
and
advances
Total
981,822
1,119,362
1,540,000
of the company,
prof .$1,156
26,074
..
>
reserve
Net curr. bids, of
1,349,161
&c
Investment
tax
1,315,000
110.000
Depos. to secure
contr.,
189,425
service, &c...
from
officers
4,566,720
Contlng. reserve
Adv.
pay.
film
429,641
653,850
able, &c
Acct.
Royalties pay..
e210.654
receiv¬
Mtges.
8,548,944
1,728,865
4,074,022
current
assets
curr.
cos.-
Serial bonds.&c.,
1,532,334
2,248,179
ios
8,854,351
1,428.019
123,276
Deferred income
Due af111.
Net
City of New York, as trustee for the
first and refunding mortgage bonds, series A 4%, due Nov. 1, 1955, will
receive at its corporate trust department, 11 Broad Street, up to 12 o'clock
noon on Feb. 28, 1938, written proposals for the sale to it of these bonds
to an amount sufficient as nearly as may be to exhaust the sum of $281,250,
now held in the sinking fund.
No proposal will be accepted at a price
exceeding 106% of the principal amount of the bonds and accrued interest.
Bonds offered must bear all interest coupons maturing on and after May 1,
1938.—V. 146, p. 289.
Period End. Dec. 31—
4,401,086
$
5,670,885
19,006,723
75,809,191
4,276,065
and
pay.
sundary accr'ls
17,509,051
Net
Tenders—
The Chase National Bank of the
Operating revenues
Operating expenses
73,590,213
Rights & scenar¬
$1,560,401 $1,469,955
Operating revenues
$17,777,381
x Balance after operation, maintenance and taxes—
7,188,442
Balance for dividends and surplus
Mtge. &fd. debt
1,911,495
Western
380
Represented by 15,805 no par shares (16,696 in 1936) cumulative pre¬
ferred stock and 95,150 shares no par common stock.—V. 145, p. 3662.
y
19,006,723
Accts
notes
receivable
Net
'37 Nov. 28 '36
$
Notes payable..
136,254,901
3,292,776
136,101,541
&c
27
5,670,885
b Com. stock...
Cash
Accts.
x
12 Months Ended Dec. 31—
Nov.
Liabilities—
Pref. stock...
a
leasehold, eq.,
company on
Total
Inc.—Consol. Balance Sheet—
$
'—Week Ended Jan. 21-
Res. for deprec'n..
135,458
Gov. & mun. bds.
$1,676,331 $1,676,009
Total
1936.
y Repre¬
stock (no par).—V. 145, p. 3832.
'37 Nov. 28 '36
$
Western
$12,599 Accounts payable.
243,151 Acer, salaries, &c.
110,569 Prov. lor taxes
279,658 Other current lia3,000
bilities
$155,424
Cash
15,908
12,897
this date
d R'l est., bldgs.,
1936
1937
Liabilities—
1936
1937
this
of
unknown
After depreciation of $412,095 in 1937 and $389,006 in
sented by 200,000 shares of common
Balance Sheet Dec. 31
Assets—
dis¬
final
item
The New York Stock Exchange has authorized
$323,657
39,293
190,300
State taxes
.
1936
$534,402
178,536
$581,185
178,588
5,455
Gross profits on sales.
Selling & gen. expense.Other expenses, net
Provision for Federal &
position
133,000
Suspense:
428,964
3,801
first mortgage
-Earnings1937
Calendar Years—
y
fund;
10,400
468,927
$0.34
3 Months Ended Dec. 31—
Profit before deprec., amort. &
14,585
13,511
103,000
taxes.
Cotton
processing tax re¬
Rl. est..plant, &c
Deferred charges
Co.—Earnings—
73,106
39,723
8,945
Reserve for
17.261
251,189
priced
Victor Equipment
41,814
8,800
Dec. 31, 1937 are
at market quotations or management's estimated fair values as
of Dec. 31, 1931.
Securities purchased subsequent to that date are carried
at cost.
Total investments priced at market quotations at Dec. 31, 1937
.
Surplus
13,623
15,750
x
Securities owned at Dec. 31,1931 and still on hand at
a
y
and
Value life Insurance
x
5,167,549
c3,077.849
.
1936
Common stock. .$1,000,000 $1,000,000
440,483
511,766
$351,417
295,164
Govt,
Mtge. receivable..
1,500,000
13,083
.
1937
Liabilities—
1936
Real est. not used.
5,067,549
3,977,723
$1.07
capital stock,
y Provision for
profits, and New York State
in
$415,578
S.
1
Surplus
paid
marketable sees.
Cash in closed bks.
d$17,647
pay.
Prov. for taxes.
Accts. rec. & ac¬
crued bond int
loan
to bank
197,889
f Stocks
L
pay__
1936
1937
Liabilities—
1936
1937
Assets—
Cash
$2.36
$1.73
$500,000
1937
Inventory..
Balance Sheet Dec. 31
$107,290
50,000
Consolidated Balance Sheet Dec. 31
U.
Surplus, as per balance sheet, Dec. 31,1937__
$3,977,723
c Represents dividends of $414,000 accumulated and in arrears at Dec. 1,
1936 plus regular semi-annual dividend of $253,000 paid June 1, 1937.
1934
150,000
Federal income tax, surtax on undistributed
franchise tax amounted to $103,000.
Assets—
Total
1935
$236,566
$1.83
250,400
Earns, per share on com.
stock (no par)
x
1936
$366,894
x250,340
1937
y$346,948
Dividends
667,000
Dividends paid on priority stock.
c
931
Chronicle
Net profit
Divs. on prior
x
pref. stock
o
y
$147,094
7,421
65,000
y770
xl0,700
$98,139
162,144
$188,243
162,144
Includes provision for surtax on
of $1,120.
$119,273
27,821
undistributed
Surtax on undistributed profits
only.
$90,526
loss$57,289
Financial
932
3,467,769
Acer. int. & dlvs..
11,494
19,802
d Treaa. stock
13,166
9,733
26,049
817
850
debentures
1936
$31,602
2,404
12,400
600,000
1,379,000
1,260,000
1.341,200
100,000
100.000
Accrued taxes
15-yr.
5A%
gold
debs., due Feb. 1
1944—authoriz'd
Unamort. disct. on
Deferred taxes...„
1937
Acer. int. on debs.
91
a
$13,7.50
Liabilities—
1936
$331,083
$103,000
Secure, (at cost). 2,832,294
deposit-„
on
Prior
pref.
stock
(6% cumul. and
participating).
_
_
b $6 pref. cum. stk
Common stock..
330,000
330,000
Capital surplus...
2,180,637
1,516.285
2,175,172
1,523,730
c
Deficit..........
their consideration.
.$2,970,505 $3,845,644
Total.....
$2,970,505 $3,845,644
Total
by
60,000
no-par
Dec.
31,
of
—
...
Chicago, which is acting
146, p. 774.
as
1937
3985.
1934
1935
1936
..
Electric & Mfg.
Co.-
Resigns, income
Net rental
&c.—
Undustributed
304.774.656
'
unconsol.foreign subs.
Income from sec.owned.
Interest, &c
Realized profit on foreign
as
director of the company.
The company on Jan. 26 announced
Stock Exchange that at
a
promotions of three executives in
7,951,392
321,377
$
76,830
exchange-
O. F. Strornan, Manager of the Depart¬
the Vice-President in Charge of Sales.
C. B
Stainback .formerly Assistant Manager, was made Manager of the
Industrial Sales Department, and Bernard Lester, also a former Assistant
Manager, was made ManaJer of a newly created Resale Department.—
V. 145,p.351o.
'•
4,074,315
6,312,478
301,066
4,948,509
6,310,978
450,647
4,957,503
3,874,677
9,148,114
265,236
.......
the Industrial Sales Department.
•
of
earns,
a
has notified the New York
company
•
268,750,484 270,684,797
509,486
575,790
290,386,«j6
737,204
meeting of the board of directors on Jan. 26, David K. E. Bruce resigned
The
.
Consolidated Income Account for Calendar Years
(Including Domestic and Canadian Subsidiaries)
v
•
Westinghouse
■
the Northern Trust Co.
the committee's depositary, may do so now.
(F. W.) Woolworth Co,—Annual Report—
'!
>ec. stock and 870 shares of common stock, .500 shares
£ref. 31, 1936, unit certificates representing 270 shares ofcommon stock;
$6 pref. stock
■Director
.
_
_
,
,
.,
.
—V.
shares,
d Treasury stock consisted of the following
1937, unit certificates representing 870 shares of $6
and 270 shares of common stock.—V. 145, p.
■
Bondholders who have not yet deposited with
At Dec. 31, 1937, the quoted market value of securities was $987,499
less than cost, while at Dec. 31,1936, the quoted market value was $371,889
more than cost,
b Represented by 20,000 no-par shares,
c Represented
a
items:
S, 1938
City Bank Farmers Trust Co., the indenture trustee, and Franklin G.
Floete, President, Mark W. Woods, Chairman and Vice-President, and
Geo. J. Woods, Vice-President, officers of each of the above named sub¬
sidiaries elected on Jan. 20, 1938.
Similar action for the Woods Brothers
Industrial Corp. and the Red Deer Ranch Co., the common stocks of
which are also pledged, is deferred for the time being.
The operations of the company showed improvement last year over 1936.
Total production for the 11 months ended Nov. 30, 1937, was $1,655,969,
as against $1,441,531 for the same period of 1936.
During 1937 many government contracts were completed which yielded
a
substantially higher profit margin than can be expected from the approxi¬
mately $2,500,000 of unfilled contracts now on the company s books.
The committee has been in negotiation with representatives of the bank
creditors and the company, working out a fair and equitable plan of reor¬
ganization which it hopes shortly to be able to submit to bondholders for
Balance Sheet Dec. 31
1937
Assets—
Cash
Feb.
Chronicle
ment, was appointed Assistant to
Total income
Costs and expenses
Depreciation
Amortization—bldgs. &
impts. on leased prop.
Net after rents
From Jan. 1—
Gross from railway
_
Net from railway
Net after rents.
1,782,247
1,484,703
1,455.382
3,486,520
3,150,292
3,063,126
134,121
4,310,000
85,575
3,475,000
3,900,000
210,000
300,000
33,176,509
23,288,670
32,624,988
23,288,671
31,247,230
23,288,671
32,142,363
23,288,676
9,887,839
96,104,380
9,336,317
86,768,063
7,958,559
78,809,505
8,853,687
72,455,817
-.—.105,992,219
96,104,380
86,768,063
81,309,504
Foreign exch. loss (net).
1934
1936
1935
$866,982
44,14 1
def22,211
$1,480,136
595,091
565,150
$1,257,784
463,615
426,338
$931,106
319,172
347,745
15,970,839
4,798,546
4.222,222
15,574,20">
4,681,851
3,751.632
13,497,450
3,595,762
2,670,574
11,239,794
2,734,834
1937
1 ,958,869
3 ,712,323
144,755
185,730
4 ,130,000
Interest
Wheeling & Lake Erie Ry.-—Earnings
December
Gross from railway
Net from railway
318 ,799,887 304,304,612 281,036.408 281,958,972
275 ,281,700 261,666,736 241.593,608 241,398,103
Federal tax
;
Prov. for Fed. surtax
undistributed
profits.
Net income
Common dividends
1,764,829
Surplus...
—V. 146, p. 774.
....
Previous surplus
White Sewing Machine Corp.— To
Recapitalize—
Total
Directors of this corporation have authorized officers to submit to stock¬
a plan of recapitalization as soon as the audited figures for 1937 are
taxes—prior years
Prop, of German tax
1
The plan will provide, in substance, for an exchange of the present
preference stock and its accumulated dividends on the basis of one share of
new prior preference stock and three shares of new common stock for one
share of present preference stock and accumulated dividends.
The plan will further provide for the reclassification of each share of the
stk.
$810,087
....
Total revenues
1937—12 Mos.—1936
$784,493 $11,417,377 $11,157,705
43,132
399,449'
402,990
73,331
902,402
881,415
$900,956 $12,719,228 $12,442,111
$3.20
78,809,504
$3.30
1936
Assets—
Real estate and buildings owned..
b Buildings
owned
&
improvements
.
.
.
.
24,314,400
21,618,030
43,846,432
34,359,079
—„.......
premises to be amortized
c Furniture and
fixtures..
Goodwill.
d Investments
Cash.
v.
j_
_
$698,682
41,236
70,168
86,768,063
$3.35
a
;
1937—Month—1936
96,104,380
$3.40
1937
prior preference stock and 300,000 shares of the newcommon stock, leaving for the present common stock 80,000 shares of the
new common stock.—V.
145, p. 3214.
All other revenue
205,381
Consolidated Balance Sheet Dec. 31
new
__
2,500,000
on
W.
stock (par $10)
If all the present preference stock is exchanged under the plan, the com¬
pany will have outstanding 100,000 shares of prior preference stock and
380,000 shares of new common stock.
The present preference stock will
Period End. Dec. 31—
F.
Total surplus.
105,786,838
Net earnings on common
new
Freight revenue........
Passenger revenue
of
Woolworth Co. G.m.b.
deemable at the option of the company at $35 a share, and will carry divs.
at $2 per share per annum, non-cumulative to Jan. 31.1941, and cumulative
thereafter.
Wisconsin Central Ry .—Earnings—
div.
H
Present common stock into two-fifths of aa par value of $20 per share, re¬
'he
share of new common stock,
prior preference stock will have
receive all the
—
...
Prov. for add'l Fed. inc.
holders
jr©5tclyv
on
40,521,233
30,855,002
leased
on
1
.^..1;
__
.
.
Inventory (merchandise, &c.)
Stores, supplies, &c
Mortgages receivable.
45,995,371
13,747.221
735,945
44,241,136
937,012
*...i,' 19,082,727
..I...I.I
Accounts receivable-_:
1
49,702,724
______
669,095
45,562,986
1.004,668
2,680,598
1,361,308
804,769
,
Prepaid insurance and sundry items
Foreign funds restricted
2,666,532
839,217
734,543
Maint. of way & struct.
Total
90,326
164,802
28,014
414,808
27,054
129,665
138,170
28,291
412,386
1,501,818
1,981,717
313,388
4,975,573
1,409,347
1,737,393
293,950
4,690,530
50,551
514,646
594,676
Net railway revenues.
Taxes
$85,081
69,907
$141,892
62,823
$3,432,085
661,457
$3,716,214
848,467
Purchase money mortgages.
Accounts payable and accruals..-..
Accrued interest on debentures
Reserve for taxes
Net after taxes..
Hire of equipment..
$15,174
24,505
47,683
$79,069
53,963
43,172
$2,770,627
637,642
514,307
$2,867,747
733,238
524,501
Mortgages payable, current
Reserve for foreign exchange losses
Reserve for employees' benefits
Surplus
def$57,014
Dr73,203
143,202
def$18,066
Dr86,587
132,905
$1,618,678
Dr892,281
1,674,964
$1,610,008
Z>r918,734
1,675,396
$273,419
$237,558
$948,568
$984,122
expense
Maint. of equipment
Traffic expenses
Transportation
expenses
General expenses
...
Rental of terminals.
Net after rents
Other income (net)
Int. on funded debt
Net deficit.
Note—As there is
the surtax
or
on
taxable income to date, no provision is necessary
undistributed profits.—V. 146, p. 125.
no
Wisconsin Investment Co.
Calendar Years—
Interest (net)
Dividends
on stocks
Net profit on sale of inv_
Expenses
Prov. for income taxes..
-Earnings—
1937
1936
1935
$2,325
106,482
99,800
$13,342
127,504
332,642
$16,808
60,490
$7,509
60,121
$208,607
37,499
9,737
$473,488
36,221
60,756
$77,297
22,653
$67,630
28,356
$161,372
Surplus
the
^
Common stock.
$376,511
96,444
162,888
$54,644
39,396
157",562
$117,178
$15,248
$39,275
41,449
def$2,174
consideration has been given in the above statement to the
differ¬
between the quoted values of investments at the
beginning and end of
year.
The above statement for 1937 does not include an
expenditure consisting
$743 cash, 112 shares of common capital stock, incurred in
effecting
collections on stockholders' notes and
accounts.
This expense has been
charged against a reserve created out of capital surplus in prior
years.
—V. 145, p. 3516.
of
Corp.—Present Status—
The bondholders' reorganization committee for
the 10-year 6
% collateral
sinking fund gold bonds (Edwin M. Stark,
Chairman) in a letter
dated Jan. 28, last, states in
part;
Since April 27, 1937, definite
progress has been made towards the re¬
trust
organization of corporation.
This progress included the filing of a volun¬
tary petition, seeking to effect a fair and equitable
reorganization of the
company under Section 77-B of the
Bankruptcy Act, and its approval on
JaSA.29^ !938, by the Federal Court
Total
a
depreciation
Woods
The
meetings held on Jan. 20.
boards of directors of these
subsidiary companies, namely
Construction Co., Woods Brothers
new
Bros.
Co.,
Woods
Brothers
Realty Co. and Woods Brothers Securities Co., elected
by the indenture
trustee, is made up of seven members,
consisting of Edwin M. Stark
Chairman of the bondholders' reorganization
committee; Glen A. Lloyd
counsel for the bondholders' reorganization
committee; Bennett S. Martin'
owner of a substantial block of
bonds; Nelson Stuart, trust officer of the
of $3,583,282
reserve
467,800
300,000
100,000
96,104,380
300,000
100,000
105,786,838
_
After
in
571,900
3,077,191
4,769", 973
223.388,790 202,891,244
1937 and $3,266,733 in
d Includes
majority holdings in stock of F. W. Woolworth & Co., Ltd.,
England, $36,236,303 in 1937 and $33,802,310 in 1936 (market value),
$271,599,540 in 1937 and $352,880,936 in 1936; investment in F. W.
Woolworth & Co. G.m.b.H., Germany, $11,662,250 in 1937 and $10,431,317
in
1936; company's own capital stock, $1,646,827 in 1937 (46,388 shares
with a market value of
$1,693,162) and in 1936, $1,646,780 (46,387 shares
with a market value of
$2,922,381, and sundry securities of $157,344 in
1937 and $114,964 in 1936.—V. 146, p. 291.
Directors have declared a final dividend of 41 3-10 cents per share on
American Depositary Receipts for ordinary registered stock,
to holders of record Jan. 14.—V.
payable Feb. 8
146,
Years Ended Dec. 31—
1937
Net premiums.
$1,482,930
Losses paid.
Taxes paid......
563,798
63,883
576,124
Commissions & exp. paid
Receipts in
excess
p.
774.
from
amount of
decrease
•Earnings—
'
1936
1935
$1,173,493
517,753
493,512
$1,059,207
416,950
60,798
334,446
$1,126,552
543,108
62,541
351,313
$108,165
$247,012
$169,591
54,062
1934
of
disbursements
Gain
$279,124
in
outstanding
losses at end of year..
Loss from increase in un¬
Dr43,914
3,938
557
40,320
earned prem. reserve
Loss from incr. in amt.
of accrued but unpaid
Drl73,538
Dr40,014
Cr45,375
Drll,418
taxes and expenses
Dr8,300
Dr2,400
Cr7,900
Dr5,400
Underwrting profit..
$53,371
176,143
$69,689
179,466
$300,844
177,911
$193,093
170,309
Dr59,350
20,355
13,420
36,767
28,713
5,611
57,928
$190,519
$299,343
$513,080
17,462
32", 316
46,636
$420,883
12,800
36,000
2,813
4,616
Cr 16,824
1,828
Investment inc. earned.
Apprec. in market value
Gain
on
sale of securities
in Lincoln.
The City Bank Farmers Trust Co. of New
York, successor trustee under
the indenture securing the
bonds, at the request of the committee voted all
the stocks of four of the six
subsidiary companies, which were pledged with
itunderthe terms of the indenture, at the annual
1938.
335,650
_
97,500,000
1936.
b After amortization of $3,712,323 in 1937 and $3,486,520 in 1936.
c After
depreciation of $11,498,349 in 1937 and $11,571,673 in 1936.
.
Woods Brothers
97,500,000
10,000,000
1,727,750
2,842,971
137,500
4,658,080
10-yr. 3% sink, fund debentures
World Fire & Marine Insurance Co.-
No
ence
Liabilities—
223,388,790 202,891,244
(F. W.) Woolworth Go., Ltd.—Final Dividend—
$3,810
Preferred dividends
Common dividends
1934
.
Dr447
Gain from underwrit¬
ing and investments
Stockholders* tax accrued
Income tax accrued
Increase
assets
in
unadmitted
during
Connecticut
year
investment
tax accrued..
6,957
7,331
Dividends declared
Increase in surplus.
$163,287
/
$255,085
8,700
160,000
$314,568
$370,255
Volume
Financial
146
933
Chronicle
Bonds and
Cash
stocks.$4,772,654 $4,469,750 Unearned prems..$l,201,831
Losses in process of
$1,028,292
141,834
101,715
hand and
on
590.921
490,971
322,345
345,527
42,672
43,942
4,036
in banks
Premiums In course
7,493
Interest accrued..
Oth. admit, assets
adjustment
Reserve
for
taxes
91,000
1,000,000
3,136,676
L.$5,732,629
$5,357,684
Capital
Net surplus
Total
$5,732,629 $5,357,684
Total
Note—In order to show relative comparisons,
are
and amortized value of bonds.
1937, the assets and surplus would
1623.
based on actual market value of stocks
$243,351.—V. 144,
p.
Woonsocket (R. I.) Worsted
Edwin
Farnell,
A.
Accts. & notes receivable
a
officers
from
Property, plant and equip..
Franchise
other
goodwill and
costs,
intangibles
267,400
Deferred charges...
60,710
Other assets
a
Mills—To Liquidate—
Vice-President, has announced that
the plant will
on
Consolidated Income Account for
Operating
Consolidated (&
Year Ended Oct. 31,
Yazoo &
$4,243,413
3,741,895
expense
$501,518
Cab operating profit
40,488
Other income
$548,006
$>439
37 ,b38
Total income
Interest
undistributed profits taxes
Depreciation of equipment and
87,495
From Jan.
301,000
amortization of intangibles
$200,928
135,604
Consolidated net profit
Dividends declared and paid
The Commercial
Earninqs—
1934
1937
1936
1935
$1,602,502
744,595
525,307
$1,092,705
defl24,308
def303,039
$972,626
16,321,407
16,111,613
5,629,043
12,692,220
2,895,316
11,916,718
3,215,435
2,911,164
560.293
734,093
279,590
143,751
1—
Gross from railway
5,573,730
3.132.602
Net after rents
—V. 146, p.
$3,021,656
unrealized
774
$1,256,152
405,933
223,314
Net after rents
Subs.)—
Total
Mississippi Valley RR.-
December—
125.
Subs.)—Earnings—
Youngstown Sheet & Tube Co. (&
1937
operations—
Federal income and
1,000,000
1
inter-company transactions of $93,221.—V. 146, p.
Net from railway
have declared initial
Yellow & Checker Cab Co.
300,000
depreciation of $677,657 and
After deducting reserves for
Ltd.—Initial Preferred Dividends—
semi-annual dividends of $3.50 per
share on the 7% first preferred stock and on the 7% second preferred stock,
both payable Feb. 15 to holders of record Feb. 12.—V. 145, p. 138.
York Knitting Mills,
Revenue from cab
38,743
1,395,050
Class B common stock
$3,021,656
Total
profits
Gross from railway
Net from railway
directors
165,000
14,983
Class A-2 common stock.....
Deficit
in about two weeks.
The company manufactures worsted
yarn and now employs 50.
At one time it employed more than 250.
The company, according to Mr. Farnell, will liquidate.
close permanently
The
liabilities
Accrued
20,397 Instalments on equip, purch.
contracts (current)
5,404
673,284 Unredeemed cab scrip
Reserves for contingencies
1,818,509 Class A-l common stock
Materials and supplies
Due
$75,506
119,868
payable...
Accounts
statements for both years
If market value of bonds were used for
be increased by
$141,718
34,232
Cash
,
89,000
1.000,000
3,299,963
and expenses
Liabilities—
Assets—
1936
1937
Liabilities—
1936
1937
Consolidated Balance Sheet Oct. 31,
Financial Statement Dec. 31
1937
Assets—
1934
1935
1936
1937
Calendar Years—
Net profit after interest,
deprec.,
deplet..
Fed¬
$12,190,648 $10,564,501
eral taxes, &c
$1,597,521 x$2,665,119
$0.64
Nil
$7.03
$6.79
Earns, per sh. on com..
x Loss.
preliminary consolidated income account for 1937, subject to audit,
Net operating income after maintenance and repairs, and other
Federal income taxes and surtax on un¬
distributed profits,
$21,834,780; interest, $2,694,266; depreciation and
depletion, $6,949,866; net profit, $12,190,648.
Net earnings for the fourth quarter of 1937 were $1,696.022.—V. 145,
The
follows:
miscellaneous charges, including
p.
3675.
Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
On the 3d inst. futures closed 3 to
COMMERCIAL EPITOME
Friday Night, Feb. 4,
Coffee—On the 29th
ult. futures closed 1 to 5
1938
points net
The Rio
contract closed 2 to 3 points lower, with only one sale.
The
usual week-end liquidation accounted for practically all of
the trading and was centered in the September position,
which sold at 6.08 and 6.10c.
Private reports on Saturday
indicated that Brazil's exports for the week, Saturday in¬
cluded, will amount to about 400,000 bags.
It is estimated
that the month's volume of exports will run to approximately
1,400,000 bags, of which 800,000 to 850,000 are earmarked
for the United States.
Havre closed 2 francs higher to 34
franc lower.
On the 31st ult. futures closed unchanged to
lower in the Santos contract,
with sales of 13 lots.
point higher in the Santos contract, with sales totaling 33
lots.
The Rio contract closed unchanged to 2 points higher,
1
with sales totaling 11
lots.
Reports from Front Street in¬
increasing.
Receipts at the Port of Santos last week were 279,000 bags
and stock totaled 2,077,000 bags.
A cable to the Exchange
grades
dicated that offerings of Brazilian
were
reported that the Bank of Brazil is distributing exchange to
cover all importation deposits up to Jan. 22.
Havre closed
On the 1st inst. futures
% franc lower to 34 franc higher.
closed 1
points off in the Santos contract, with sales
to 8
totaling 88 contracts.
The Rio contract closed 7 points up,
confined to the
with sales of 6 contracts, this business being
Trading in coffee futures was limited to the
March contract.
Santos contract in large measure,
volume
to be
cost
as
but showed
an
expanded
believed
rather free selling appeared from sources
putting out hedges against coffee now afloat.
Brazilian
changed, with Santos 4s
Milds were steady, with Manizales
and freight offers were little
at from 6.90 to
7.25c.
Havre futures were M to 134 francs higher. A
cable from Brazil said that all efforts would be made to
at
9%c.
On the 2d inst. futures closed 3 to 4 points
expand exports.
off in the Santos contract,
The Rio contract
closed 1 point down to 3 points up, with
sales of only 4 contracts.
the selling
for
with sales totaling 22 contracts.
Trading
was
light, with most of
believed to be against actuals recently purchased
shipment.
Santos
contracts
opened 4 points lower,
1 lower to 3 points higher, the
while
Rio contracts were
latter
holding at these levels up to the close.
cial Santos spot
time since Jan. 18,
200 reis
per
offers from Brazil were about unchanged
offers, with Santos 4s at from 6.90 to 7.30.
were 34 to 1 franc lower.
open
futures
Santos 4s, both hard and soft, declining
10 kilos, while type Rio 5s were off 100 reis.
Cost and freight
on
Brazilian offi¬
prices late yesterday changed for the first
Havre
tract closed
5 points down in the
The Rio con¬
contracts.
light, and confined almost entirely
with sales of 70 contracts.
Santos contract,
unchanged, with sales totaling only 3
Volume of business was
to the Santos contract.
Late yesterday the Santos
official
reis. At to-day's opening
the official price on Rio No. 7s was up 200 reis. A cable from
Brazil stating that the National Coffee Department would
spot prices declined a further 200
tighten regulations on coffee moving throughout the country,
had little effect.
New regulations will give to the depart¬
ment
authority to apprehend illegally shipped coffee
Clearances
and fine
offers were unchanged.
from Santos for New York yesterday totaled
42,000 bags.
futures closed
freight
Cost and
the infractors.
Havre futures were 134 francs lower. To-day
2 to 5 points lower in the Santos contract,
with sales totaling 76 contracts.
The Rio contract closed 4 to
points off, with sales totaling 6 contracts.
Trading in
coffee increased at the expense of values.
Trade and com¬
5
mission houses were sellers, while part
lieved
to
be short profit-taking.
of the buying was be¬
Santos contracts opened
points lower. In
points lower, with Septem¬
ber at 5.89c., off 7 points, while Rios were 6 points lower,
with December at 3.99c.
An important factor in the decline
was the easier tone in the mild market, where Manizales for
arrival Monday, were reported offered at 934c., off 34c.
For more distant shipment 9%c. w&s believed acceptable.
Cost and freight offers from Brazil ranged from 6.80 to 7.25c.
for Santos 4s.
However, bids of less were believed acceptable
although the quality was not all that could be expected.
2 to 5
points lower, while Rios were 2 to 3
early afternoon Santos stood 6 to 7
Santos coffee
prices closed as follows:
.6.311 September
.6.04 December
March.
May__
-
5.91
5.91
-5.94]
July--.
Rio coffee
prices closed as follows:
March
4.20
4.01
4.01
4.44 September
May
July
Cocoa—On the
29th
-.4.00
December
ult. futures
closed 9 to 3 pojntp
Opening sales went at 5 to 12 points gain over Fri¬
day's finals. At the high the various contracts stood 15 tu
18 points up. Sales totaled 118 lots or 1,581 tons. London
outside prices ruled 8d. to 9d. higher.
Strength of the
March delivery proved a feature during a rather quiet
higher.
trading session.
because
The nearby contract is said to be strong
actual situation, with the belief
of the tightening
find cocoa
short lines. At
the close March stood 4 points over May and ran 9 points
higher for the day. Local closing: March, 5.54; May, 5.50;
July, 5.53; Sept., 5.60; Oct., 5.63; Dec., 5.73. On the 31st
that sellers of
for
March
may
have to scout around to
delivery purposes or will have to cover
934
ult.
Financial
closed
futures
opening
1
point lower to 2 points higher.
6 points
range was
up to
1 point off.
totaled only 118 lots or 1,581 tons.
steady, with outside prices 3d.
futures
on
London ruled generally
lower
quite empty of offerings.
The local ring remained
Nothing official
continued
uncertain nature
The market
points off.
showing
that
dull with
was
shipments of
only about one-sixth
Farmers
another
the
large
as
ring^
meeting
sagging tendency.
a
in January
cocoa
a
were
they had been in January
as
discuss
to
8
to
The only news was
the Gold Coast
on
less
5.50; July, 5.55; Sept.,
Transactions totaled 225 contracts.
hold
or
more
On the 1st inst. futures closed 4
Oct., 5.65.
last year.
heard from
a
be heard around
to
Local closing: March, 5.53; May,
cable
was
Gold Coast, although news of
African
5.61;
unchanged and
to
the Terminal Cocoa Market unchanged to 4J^d.
lower, with only 240 tons trading.
the
The
Transactions
the
scheduled to
were
holding
movement.
Local
Chronicle
lows of the
Feb.
day.
The sharp break in London
responsible for the weakness of the world
At London
prices
unsold
that
market,
there
offered
were
freight still at 16 shillings
market for
on
early in March,
per
as
On
the 2d inst.
Trading
and
quiet
was
without
Sales totaled 210 contracts.
and
duty frees
acceptable to
Scattered
liquidation in
futures to sag
rather thin market caused
a
heavily in today's session.
to
softening of the market.
were
increased by 18,000
were
reduced by 24,000 bags.
was
was
disappointed
Only 100 lots
early afternoon, at which time March
Afloats
cocoa
The decline
ascribed to selling by tired longs who have been
with the
contracts.
done
were
selling at 5.32c.
bags, but warehouse stocks
They
now
total 586,474 bags.
Local
closing: March, 5.26; May, 5.27; July, 5.32; Sept.*
5.39; Oct., 5.41; Dec., 5.50.
On the 3d inst. futures closed
Transactions
totaled
122
unchanged to 2 points
totaled
110 lots.
At
contracts.
showed net gains of 5 to 7 points.
time
one
up.
prices
Sales to early afternoon
Warehouse stocks suffered
a
further de¬
of 4,532 bags.
They now total 581,942 bags. Local
closing: March, 5.27; May, 5.27; July, 5.33; Sept., 5.39;
Dec., 5.52. To-day futures closed 22 to 29 points net higher.
crease
Sales
totaled
brisk
that
329
trading after receipt of
cocoa
futures
recovered
in
Gold Coast cable announcing
farmers after voting to continue
holding their
until
cocoa
Cocoa
contracts.
a
April, had adjourned their conference.
They
will burn the unsold balance of the
crop at that time, the
said.
In spite of probability that the decision will
cable
promote secret selling of
sellers.
Buyers
were
to
the
point higher.
29th
Sales
ult.
futures
closed
unchanged to
only 29 lots, the bulk of which
were
entered
by one broker and represented switches of
September at 5 points, with March selling at 2.25c.
and September at 2.30c.
In the market for raws Refined
were
March for
Syrups, Inc., purchased 1,000 tons of Philippines due midApril at 3.18c. late on Friday, but the sale was not reported
until Saturday morning.
That compares with a price of
3.20c. paid for 2,000 tons of
on
Friday.
within
a
The world
narrow
point higher.
was
Philippines which also
contract continued
sugar
range,
raw sugar
higher to y2 point lower.
and terme prices
On the 31st
to
futures
confined to the March and
transactions
1
point
off.
totaling 151
Trading
lots,
or
ult.
in
1 point
were
futures
domestic
closed
sugar
September positions,
7,750
tons.
The
trade
market and the end of the Puerto Rican
stevedore's strike,
as a result commitments
are
and
extremely limited pending
developments.
Reports of sales
at
3.18c.
were
current
in
the
raw-sugar market, but they could not be confirmed.
Apart from the rumors of business, the market was un¬
changed from the close last
week.
At 3.20c. offerings of
Philippines as late as May arrival
important buying interest was not
about 15,000 tons,
mostly
were in the
market, but
better than 3.15c.,
2
willing to
pay
although for suitable positions refiners
3.18c.
The world sugar market closed
points lower to ^ point higher, with sales
totaling 115 lots.
On the
1st
inst. futures closed
in the domestic contract.
domestic sugar market
and
at
weakness
in
the
unchanged to 2 points down
Sales totaled 123 contracts.
was
quiet in contrast
world
sugar
market,
to the
raws
sales
totaling
Raws
totaling
were
offered
point
101
up
in
contracts.
This market
displayed little life during the session, the trade
apparently waiting for further developments in either the
raw
or
refined sugars.
3.18c., while buyers
strike continued.
and
tees
other
tract closed
Preferential
$4.65, but continued
new contracts
special terms is
a
to quote
futures
up,
were
offered
were
$4.75 in
agree
only price
moot
far from uniform.
iy to Y point
raws
The Puerto Rican
Whether all refiners will
are
London
tracts.
offered at 3.17 and
of the local refiners has met
none
eliminating from
announcements
was
bidding 3.15c.
So far
territory.
matter of
Raw sugar
were
the Southern price of
Eastern
on
the
guaran¬
question.
So far
The world sugar con¬
with sales totaling 324 con¬
yd. lower to yd. higher.
on
the basis of 5s.
cwt., equal to about 1.04Kc. per lb. f.
o.
b. Cuba.
5yd.
per
Domestic
futures opened unchanged to 1 point lower and later
A good deal of the volume was done in
unchanged.
March and
September
contracts which
were at
2.24 and 2.29c.
respectively in early afternoon.
In the raw market it was
reported that Colonial yesterday obtained 4,200 tons of
Puerto
Ricos, March shipment, at 3.17c. National Sugar is
quoting $4.65 for refined in certain southern territory. The
world contract was featured
by switching from March into
more
distant months, and further
liquidation of the spot
position in anticipation of first notice day, Feb. 15. Prices
held Y point lower to 1
point higher, March selling at 1.05c.,
unchanged, while March, 1939, contracts were 1.18Y,
up 1
point. In London futures were yd. either way. Raws there
still offered at
1.043^
Closing quotations were
were
per
pound f.
o.
b. Cuba.
follows:
as
March
2.23
May
July
2.26
December
2.27
January (new)
Lard—On
points
tone
up.
the
29th
Trading
was
reported steady.
trading.
higher.
$8.60.
Total
There
virtually
was
year.
unchanged.
were
on
no
feature to the
unchanged
Saturday
were
to
3d.
steady.
were
reported at prices ranging from $7.60 to
receipts for the Western run on Saturday
amounted to 15,000 head
day last
2.28
2.26
ult. futures closed
unchanged to 3
comparatively light, with the under¬
Hog prices at Chicago
Scattered sales
to
September
Liverpool lard futures
against 12,864 head for the
same
On the 31st ult. futures closed 7 points
higher
The opening range was 2 to 10 points higher,
which gains were
fairly sustained during most of the early
session, prices later showing maximum gains of 13 to 17
points. At these levels considerable profit taking
which reduced the gains
very
played
a
materially.
developed,
Hedge selling also
considerable part in erasing most of the early gains.
were 87,360 pounds, destined for
Week-end exports of lard
London.
Liverpool
Saturday's finals.
lard
Prices
futures
on
were
unchanged from
hogs at Chicago closed 15c. to
25c.
higher The top price was $9, with sales generally at
prices ranging from $7.70 to $9:
Total receipts for the
Western
run
year.
lower.
Trading
the
London
contracts.
said to be available there at 1.03c.
were
day last
prices
169
On the 3d. inst. prices closed
unchanged to 1
the domestic contract, with sales
The
were
a
5s.
activity
where
showed declines of 3 to 5 points at the
close, which
that
5yd., equal to 1.043^c. per pound f. o. b. Cuba,
with freight reduced to 15 shillings
per ton.
Non-preferential
Y2
apparently continues to wait for clarification of the refined
were
unchanged to Yd. lower.
were
move
In London the market
unchanged
was
to
done
prices closing 1 point lower to
Sales totaled 49 lots.
unchanged for
was
was
World sugar contracts
with
sugar
Sugar—On
1
news
accepting 4.65c.
was
futures
stood
creased about 500,000 bags in that
period.
Local closing:
March, 5.49; May, 5.56; July, 5.62; Sept., 5.68; Dec., 5.78.
Cubas
believed
was
showing only mild
In the refined sector the
Sugar Refining Co.
feature.
raws
opened l/2 higher to y2 lower and closed 1 l/2 points down to
by farmers, the market im¬
slightly, to-day being the twenty-fifth consecutive day of
declining stocks. They now total 581,912 bags, having de¬
esti¬
contract.
significant
In the market for
unchanged,
Trading was fairly active, totaling
early afternoon.
Warehouse stocks decreased
cocoa
mediately improved.
210 lots
American
domestic
offered at 3.18c., but 3.17
were
some
any
pound in several Southern States.
Transactions totaled 203
the
sugar were
closed unchanged
futures
previous final quotations in the
20
points off.
In the New York
ton.
offered at 3.20c., with many sellers believed willing
take 3.18c.
to
from
Raws
b. Cuba,
o.
reported sold to Godchaux at 3.18c.
were
interest at 3.15c.
16
pound f.
per
Fully 50,000 tons of Cuban and duty free
mated
reported,
was
already glutted
an
6,000 tons of Philippines due to arrive here
raws
closing: Feb., 5.39; March, 5.46; May, 5.45; July,
5.51; Sept., 5.55; Dec., 5.67. On the 2d inst. futures closed
to
It
largely
contract.
increasingly lower levels.
at
reported at about 1.05c.
were
with
arriving there
1938
was
sugar
1% to 3d. lower.
were
cargoes
5,
were
65,800 head against 48,700 head the
On the 1st inst. futures closed 5
was
session in lard futures.
to 7
comparatively light during
Prices opened
same
points
today's
unchanged to 7 points
Volume
Lard exports from the Port
Liver¬
prices at Chicago
104,000 head, against 48,700 head for the same
last year.
business
Total receipts for the Western
ranging from $7.40 to $8.60.
41,864,000
the former
increase of 20,736,000 pounds.
On
Total lard stocks on Jan. 31 were
the 2d inst. futures closed 2 to 5
without
and
narrow
Liverpool lard prices were unchanged to 6d.
reported from the
Port of New York.
Chicago hog prices were up 10c. The
early top price reported was $8.75, but late in the day the
top price was $8.65. Most of the sales ranged from $7.50 to
$8.60.
Total receipts for the Western run were 63,700 head
No export clearances of lard were
against 59,400 head for the same day last year.
On the 3d inst. futures closed 2 jto 5 points off.
Trading
The opening range
light and without special feature.
was
within
a narrow field throughout the session.
Export shipments of
lard today totaled
11,200 pounds, destined for Malta.
Liverpool lard futures were 6d. to 3d. lower.
Hog prices at
Chicago were 10c. higher.
The top price reported during
the day was $8.70, with most transactions ranging from
unchanged to 5 points lower, with prices moving
was
for the Western run were
fairly
59,800
head, against 68,500 head for the same time last year.
Today
The demand for hogs was reported
$7.50 to $8.60.
Total hog receipts
active.
futures closed
lard
higher.
10 to 7 points net
The strength of
attributed largely to short covering on prospects
was
of
lighter hog receipts.
LARD FUTURES IN CHICAGO
Tues.
Wed.
Thurs.
Fri.
DAILY CLOSING PRICES OF
Mon.
Sat.
March,
Local closing:
14.73;
slightly lower
a
The market
was
steady
in
decline
inventories
rubber market
Local
The
contracts.
to
Oct.,
was
London
con¬
March, 14.57; May, 14.70;
points off.
market
The
Singapore
Yd. lower.
closing:
14.94;
Sept.,
14.80;
futures closed 5 to 3
December.
during
l-16d.
was
tinued closed.
July,
of values.
range
On the 2d inst.
14.99.
Transactions totaled 129
quiet
steady.
but
Opening
unchanged to 4 points lower, the market stood at approxi¬
mately the
level in early afternoon when May was
same
quoted at 14.68c., off 2 points, while July at 14.80c. was un¬
changed.
Sales to that time totaled only 820 tons, reflecting
London closed unchanged to
the lack of interest.
Singapore, which
higher.
also
was
\yas open
unchanged to l-32d. higher.
after
a
l-32d.
2-day holiday,
Local closing: March,
14.52; May, 14.65; July, 14.77; Sept., 14.90.
On the 3d inst. futures closed 15 to
The
market
Liquidation
was
easy
in
10 points net lower.
with other markets.
sympathy
noted which uncovered stop loss orders.
were reported moderate sellers.
Sales
was
Trade interests also
to
early afternoon totaled 1,250 tons.
stood at 14.51c., off 14
At that time May
points, and July at 14.65c., off 12
Shipment offerings of rubber were described
points.
liberal, but above
a
workable basis.
as
London and Singapore
8.00
March
—
— —
May
July
Pork—(Export),
8.07
8.52
8.47
8.42
8.47
8.50
8.57
8.70
8.67
8.62
8.70
8.75
8.87
January
8.75
8.90
8.85
8.97
8.80
8 92
8.75
8.90
8.85
8.97
May, 14.55; July, 14.65; Sept., 14.78; Oct., 14.83.
Today
futures closed 10 to 14 points off.
Sales totaled 207 con¬
200
tracts.
$27.37H
mess,
per
barrel
(per
nominal
Beef: (export) steady. Family (export), $27 per
pounds), nominal. Cut Meats: Pickled Hams:
pounds); family, $21.50 (40-50 pieces to barrel),
per
Far East, shipment
holiday in the
Interest in the market
was small, sales to early afternoon totaling only 520 tons.
It was said that a little factory buying was done, but interest
in that direction is small.
The monthly tire report showed a
special feature, prices moving within a very
range.
higher.
a
quiet.
was
Transactions totaled 83 contracts.
at
Trading was light
points off.
also
May, 14.88; July, 15.00; Sept.,15.10; Oct., 15.14; Dec., 14.22.
On tho 1st inst. futures closed 20 to 15 points net lower.
day-
pounds, against 21,128,000 pounds on Dec. 31,
figure representing an
closed, due to
was
transactions
registering $8.75, with the major portion of
run were
prices in the local market were raised to a
Since the rubber market at Singapore
for standard sheets.
15c. to 25c. lower, the top price
were
prices l-16d. to Y%d. higher.
market closed firm,
Hog
pool lard futures closed unchanged on all deliveries.
London rubber
Outside
spot basis of 14He.
Transactions totaled 1,800 tons.
gressed.
of New
pounds, destined for Antwerp.
York totaled 44,825
sharply and continued to gain as the session pro¬
rallied
lower, but later declined 5 to 10 points and held at about
these levels to the close.
935
Chronicle
Financial
146
barrel.
barrel (200
13Hc«; 6 to 8 lbs., 12Hc.;
Skinned, Loose, c. a. f.—14 to 16 lbs.
Picnic, Loose, c. a. f.—4 to 6 lbs.,
lbs., 11 He.
8 to 10
18 to 20 lbs., 15c.
Bellies: Clear, f. o. b., New
York—6 to 8 lbs., 20Hc.; 8 to 10 lbs., 19Hc.; 10 to 12 lbs.,
17%c.;
Bellies: Clear, Dry Salted,
18c.
Boxed, N. Y.—16 to 18 lbs.,
12He.; 18 to 20 lbs., 12%c.; 20 to 25
Held, '37—19c. to 21 He.
Oils—Linseed Oil crushers apparently are
9.5c. shedule
that
than
China
adhering to the
generally, although it is reported that better
was
Wood:
done
on
Government bid.
a
Tanks, spot and nearby,
Quotations:
15 to 15Hc.;
If
Coconut: Tanks,
to .04; Pacific Coast, .03HCorn: Crude, West,
nearby, .07HOlive: Denatured, Spot, drums,
shipped, 14 to 15c.; Drums, 16 to 16He.
.03H
tanks,
Soy Bean: Crude, Tanks,
.95.
$1.00 to $1.05; New crop,
N. Y., .077. Edible:
Cod: Crude, Norwegian, light filtered,
Turpentine: 33 to 36c. Rosins: $6.05 to $9.35.
West, forward, .06 to .06H; L. C. L.,
degrees, .10H-
76
34He.
Cottonseed Oil, sales,
Crude, S. E., 6He.
including switches, 119 contracts.
Prices closed as follows:
7.60 @
February
n
April
May>.
-
7.65@
n
7.71 @
7.70 @ n
7.75@ 7.76
September
Rubber—On the 29th ult. futures closed 15 to 17 points
net lower which
started 8 to
proved to be the lows of the day.
13 points
market showing
below the previous finals, with the
for the short trading session.
Prices in the outside market were
tion
reduced to 14H for stand¬
Net exports of crude rubber under the
ard sheets.
restric¬
plan in December amounted to 105,927 tons, according
to the
January issue of the monthly bulletin of the Inter¬
national Rubber Regulation Committee, as
81,603 tons in November.
for
Prices
heaviness throughout most of the session.
Transactions totaled 1,850 tons
which
closing:
the
old
export
December
quota
was
compared with
the last month
of 90% applied.
Local
14.57; May, 14.70; July, 14.82; Sept.,
On the 31st ult. futures
20 points net higher.
The opening range was
March,
14.95; Oct., 15.00; Dec., 15.10.
closed 12 to
2 to 12
points below previous finals.
Local closing: March, 14.37;
Trading in rubber futures showed a tendency to
increase, but prices failed to
the market was
improve.
In early afternoon
fairly steady at losses of 4 to 8 points, with
March at 14.35c.,
off 4 points.
Sales to that time totaled
In the outside market offerings of actuals from
were somewhat heavier, it was said.
London closed
1,310 tons.
the east
unchanged to 3-16d. lower as also did Singapore.
Closing
March, 14.26; May, 14.44; July, 14.55; Sept., 14.64;
Dec., 14.79; Jan., 14.84.
prices:
Hides—On the 29th ult. futures
closed 4 points higher
point off. The opening range was 2 to 8 points under
Friday's closing. However, the tone was a shade improved
during the later dealings and closing prices were irregular,
with most of the early losses being replaced by net gains.
Transactions totaled 1,320,000 pounds.
Stocks of certifi¬
cated hides in warehouses licensed by the exchange showed a
decline of 4,068 hides to a total of 776,811 hides.
Local
closing: March, 8.59; June, 8.95; Sept., 9.30; Dec., 9.61.
On the 31st ult. futures closed 38 to 40 points net higher.
to 1
Opening from 1 to 5 points advance, the list advanced
rapidly under active buying and at the close prices were
substantially above the previous day's finals. Transactions
totaled 5,640,000 pounds. The domestic spot hide market
ruled quiet. No fresh sales were heard of during the course
of the day and prices were without appreciable change.
Local closing: March, 8.99; June, 9.34; Sept., 9.68; Dec., 8.99.
On the 1st inst. futures closed 5 to 8 points off. The opening
3 to 8 points higher. The upturn in the securities
help hides during this session, hide values
easing off without \ showing any rallying tendency, and
closing at the lows of the day. Transactions totaled 3,800,000
range was
market failed to
7.68 @
June
7.59@ 7.62 July___
7.60@ n
August
March
Hd. lower.
lbs., 1225 to 30
Butter: Creamery, Firsts to Higher than Extra
and Premium Marks—29to 33%c.
Cheese: State, Held,
lbs., 12%c.
'36—22 to 24c.;
closed unchanged to
Shortly, after, prices
Eounds. Exchange decreased by 3,077 hides to a total of
Stocks of certificated hides in warehouses licensed
the
y
771,632 hides.
Nothing of worthwhile interest developed
in the spot markets. Local closing: March, 8.94; June, 9.26;
Sept., 9.60; Dec., 9.91.
On the 2d inst. futures closed 31 to
points off. Transactions totaled 94 contracts. Liquida¬
tion was considerable during today's session. Sales to early
afternoon totaled 1,800,000 pounds.
Reports of low prices
35
spot hides sold on the Pacific Coast were current in the
trade. Certificated stocks of hides in licensed warehouses
on
were
decreased 1,015 pieces, with the result that they now
total 770,617
Sept.,
hides. Local closing: March, 8.60; June, 8.95;
9.25.
futures closed 30 to 28 points net lower,
delivery only 8 points lower.
Transac¬
tions totaled 163 contracts.
The market was weak during
most of the session, apparently in sympathy with the other
markets.
Prices during the early afternoon were 25 to 26
On the 3d inst.
with the December
points lower, with March selling at 8.35c. and June at 8.70c.
Sales to that time totaled 3,960,000 pounds.
The market
Financial
936
was
in
belief
$1.50,
Sales
March, 8.30; June, 8.65; Sept., 8.97; Dec., 9.28.
Today
futures closed 19 to 12 points off.
Sales totaled 108 con¬
tracts.
Raw hide futures touched new lows for the move¬
t
"Indications of
fully.
more
Freights—Chartering of vessels to carry grain and
moderately active demand for tankers continues to feature
the freight market.
Charters included: Grain: Portland to
Portugal, February, 32s.
Gulf to Liverpool, Birkenhead,
March, 3s, l^d. St. John or Halifax to Glasgow, prompt,
2s. lid.
Gulf to Antwerp or Rotterdam, February, 20—
March 5, 3s, option United Kingdom, 3s. 3d., Germany,
3s. 6d.
Gulf to Liverpool or Birkenhead, 3s, 13^d., option
Belfast, 3s. 3d.
Atlantic range to Portugal, February,
3s. 3d.
Gulf to Liverpool or Birkenhead, March, 3s, l^d.
Gulf to Liverpool or Manchester, March 5-25, 3s, l*£d.
Gulf to Lisbon or Leixoes, February 18—March 5, 3s. 6d.
Gulf to Lisbon or Leixoes, February 20—March 5, 3s. 6d.
Grain Booked: One load, New York to Hamburg, February,
17c.
Trips: Trip across, delivery Providence, redelivery
United Kingdom—Continent, February, $2.25.
Trip up
Cuba to North of Hatteras, prompt, $1.25.
Homeward
voyage, February, no rate given.
Round trip Mediter¬
ranean, delivery north of Hatteras, March 1-15, 7s. 6d.
Fixed for trip across, February, rate unbelievable.
Scrap:
Jacksonville-Portland range, to Gdynia or Stettin, February,
19s.
Range to Rotterdam, March 5-20, 18s.
Ocean
a
Coal—The
complaint is quite general among bituminous
coal operators that the job of selling soft coal has been ren¬
dered extremely complicated by the new
regulatory system
promulgated under the Guffey-Vinson law. It is pointed out
that soft coal salesmen of some companies must be familiar
with a thousand or so different quotations for their own fuel,
as well as a
similarly large number quoted by competitors.
Computation of quotations under the Coal Commission's
formulas is so difficult that some companies doubt that
prices charged in the last few weeks were correct. As a re¬
sult of this great uncertainty and unsettlement, salesmen are
hesitant about giving customers a definite quotation.
The
possibility that current litigation may upset much of the
commission's work aggravates the salesmen's plight con¬
siderably. This together with the relatively mild weather is
not helping the coal business much.
Wool—The
wool
situation
is
not
brightening by any
means, according to latest reports.
Sluggishness prevails
generally, and this includes foreign wools. There is so much
in the political and business situation that makes for extreme
uncertainty that most elements in the wool trade are disin¬
clined to take the initiative, adhering strictly to a waiting
policy.
Slow demand from manufacturers and reports of
easing prices abroad are depressing sentiment. Raw wools
show an easy tendency and the volume of business passing
is insufficient to establish a definitely firm basis.
Bearish
factors seem to predominate at the moment, yet even though
slightly lower prices are accepted on the sales being made,
they are not appraised as indicating that domestic wools are
headed definitely toward a lower selling basis.
Large quan¬
tities of wool are reported held by growing interests who are
determined to wait out the situation, and with the aid of the
Administration ultimately realize prices on their products in
line with the cost of production.
The short position of many
manufacturers in the
raw
material is held to indicate sub¬
stantial
more
buying at firm prices
optimistic.
Silk—On
the
as
range
transactions of 270 bales.
The price of
market remained
unchanged at $1.56.
Yokohama Bourse prices were un¬
changed to 3 yen lower, while outside the price of Grade D
silk was unchanged at 685 yen.
Local closing: Feb., 1.49;
March, 1.4836; Aug., 1.4536; Sept., 1.4536. Today futures
closed 36 to 136c. net higher.
Sales totaled 17 contracts.
Trading in silk futures was almost at a standstill, only 30
bales changing hands to early afternoon.
The price of crack
double extra silk in the New York spot market remained un¬
changed at $1.56. The Yokohama Bourse closed unchanged
to 3 yen lower, while the price of grade D silk outside lost
236 yen to 68236 yen a bale.
Local closing: Feb., 1.50;
March, 1.49; May, 1.4736; Aug., 1.46; Sept., 1.46*6on
COTTON
Friday Night, Feb. 4, 1938
The
grams
Movement
of
the
Crop,
indicated by
as
from the South tonight, is given below.
our
tele¬
For the week
ending this evening the total receipts have reached 104,958
bales, against 120,588 bales last week and 116,840 bales the
previous week, making the total receipts since Aug. 1, 1937,
6,090,071 bales, against 5,317,312 bales for the
same
of
1,
1936-37,
showing
increase
an
since
Aug.
period
1937,
of
772,759 bales.
Sat.
Receipts at—
Galveston
Houston..
Corpus Christi..
Tues.
Mon.
3,309
4,571
6,341
4,962
238
Pensacola, &c—
3,437
408
29
m
47
'
12
12
42
71
257
108
95
592
'
••
—
«.
Savannah
mi mm
25
Charleston
27,214
40,555
1,396
28,838
1,657
47
.
Jacksonville
Total
3,714
10,571
1,025
4,563
160
13,029
178
Fri.
4,484
5,509
100
3,380
Mobile
Thurs.
3,576
4,939
4,429
271
New Orleans
Wed.
5,790
10,003
—
34
-
mm
~
72
181
mm
Mr
~
13
208
Lake Charles
99
99
1,062
325
470
327
209
352
251
481
249
145
2,184
1,687
100
420
12,124
24,956
18,450
13,923
14,754
~
Wilmington.
_
Norfolk
—
—
—
Baltimore
m
—
—
mm
320
Totals this week.
20,751 104,968
The following table shows
total since
the week's total receipts, the
Aug. 1, 1937, and the stocks tonight, compared
with last year:
1936-37
1937-38
Stock
Receipts to
Feb. 4
This
Week
Galveston
Texas
Since Aug
This
Since Aug
1, 1937
Week
1, 1936
27,214 1,678,229
1938
1937
6,824 1,574,383
904.578
682,061
1,619",885
7",273
899,986
389,268
8,944
406
28",838 1,690,853
27~,788
457,569
50,651
25,729
622,347
109,281
City
50
Houston
40,555
1,396
Corpus Christ!
Beaumont
New Orleans
Mobile..
1,657
Wilmington
2,184
Norfolk
1,687
178,442
70,352
3,554
117,692
175,673
77,796
19,024
46,049
420
14,310
Pensacola, &c
47
Jacksonville
12
Savannah
257
592
99
Charleston
Lake Charles
—
1,347
1,184,719
281,529
13,137
1,588,208
200,248
86,827
3,615
110,433
147,637
53,916
19,086
29,515
1,995
24,059
7,530
"""§
309
727
25
594
New York
60,964
14,730
814,760
63,777
12.128
3,126
149,876
71,359
26,424
20,929
31,225
100
Boston
3,675
Baltimore.
Totals
104,958 6,090,071
950
6,045
2,288
153,903
42,161
15,061
21,003
33,896
538
3,156
1,150
54,826 5,317,312 3.078,581 2,226,889
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
was
The Yokohama Bourse closed
unchanged to 4 yen higher,
while the price of Grade D silk in the outside market re¬
mained unchanged at 675 yen. Local
closing: Feb., 1.49*4;
March, 1.48*6; May, 1.47; June, 1.47; July, 1.46*6; Aug.,
1.46*6; Sept., 1.46*6. On the 2d inst. futures closed un¬
changed to *6c. higher. Transactions totaled 91 contracts.
Trading was light, with switching the feature. Commission
houses transferred out of February into
September at a
August at $1.46,
In order that
31st ult. futures closed
The opening
*6c., while September stood at $1.46*6, unchanged.
time totaled 360 bales.
The price of crack
that
crack double extra silk in the NeAv York spot
general sentiment becomes
unchanged to lc.
3^c. to lc. higher. The
volume of trading was relatively small.
Average quotation
of crack double extra declined J^c. to
$1.55*£. The primary
markets ruled slow and steady.
Yokohama reported a
1 to 2 yen decline, while Kobe ran 1
yen lower to 2 yen
higher. Grade D closed at 675 yen in both cities, off 2)4 yen.
Spot sales totaled 300 bales, while futures amounted to 450
bales. Local closing: Feb., 1.483^; March,
1.48*6; May, 1.47;
July, 1.46; Sept., 1.45*6. On the 1st inst. futures closed
unchanged to lc. higher. Transactions totaled 81 contracts.
The market displayed a steady undertone
during most of
the session, this being attributed
largely to rather favorable
monthly silk statistics. Crack double extra silk advanced
*6c. in the New York spot silk market to $1.56 a pound.
higher.
up
to
market with trade interests the buyers.
In early afternoon
the market was *4 to lc. lower, with March at $1,483-6 an(*
Metals—The report
of Copper, Tin, Lead, Zinc, Steel
appearing here, will be found in the
the end of the department headed
Business Activity," where they are covered
1938
double extra silk in the New York spot market stood un¬
changed to $1.56 a pound. Yokohama Bourse closed un¬
changed to 5 yen higher, but Grade D silk outside was 10 yen
higher at 685 yen a bale. Local closing: Feb., 1.50; May,
1.47^; June, 1.47; July, 1.47; Aug., 1.47; Sept., 1.46 *f
On the 3d inst. futures closed *6 to 1*6^. down.
Liquida¬
tion of nearby positions was reported in the raw silk futures
ment in the early trading, but rallied and thereafter were
fairly steady in moderately active trading.
Sales to early
afternoon totaled 2,680,000 pounds. Sales of spot hides on
''the Pacific Coast at 63^e. for winter cows were reported.
Local closing: March, 8.49; June, 8.77; Sept., 9.12.
and Pig Iron, usually
articles appearing at
5,
difference of about 3 points, the trade taking the other end
of the switch.
In the early afternoon February stood at
low ground for the current movement and near
The trading was said to be influenced by
that spot hides would sell lower.
Local closing:
new
the season's lows.
a
Feb.
Chronicle
Receipts at—
Galveston
Houston
New
1937-38
1936-37
27,214
40,555
Mobile
Savannah
28,838
1,657
257
Orleans.
6,824
1935-36
1934-35
7,273
27,788
7.530
12,690
32,088
13,527
1,452
9,419
10,023
26,568
2,045
309
842
963
Brunswick
1934-32
20,321
26,806
25,722
22.312
47,287
34,468
694
891
3,211
4,297
100
"""592
Charleston
Wilmington
1933-34
__
Norfolk
""'727
"""789
"2,067
1,359
"""773
2,184
1,687
594
92
243
282
798
1,347
922
828
372
611
"~1~,974
"2",434
"8", 170
"2,658
"8~, 764
"~7"406
104,958
54,826
70,572
54,614
85,311
121,163
Newport News
All others
Total this wk.
Since Aug. 1— 6,090,071 5,317,312 5.805,345 3,523,693 6,011,550 6,808,302
The exports for the week
ending this evening reach a total
147,554 bales, of which 23,177 were to Great Britain,
17,982 to France, 22,775 to Germany, 13,551 to Italy,
38,152 to Japan, 3,984 to China, and 27,933 to other desti¬
of
nations.
In the corresponding week last year total exports
122,063 bales.
For the season to date aggregate exports
have been 3,940,512 bales, against 3,508,084 bales in the
same period of the previous season.
Below are the exports
were
for the week:
Volume
Financial
146
937
Chronicle
783.30, and represented an average
*.
reu.
Ger¬
Great
Exports from—
Other
Total
10.726
4,138
3,420
6,452
25.382
2,184
12,296
5,421
3,996
7,213
7,099
5,337
1,800
7,627
64,598
38,493
50
1,788
France
Britain
Galveston
Houston
Corpus Christi..
»
Beaumont
-
-
-
-
-
Italy
many
1,738
-
725
«.
-
Mobile
-
—
-
-
725
-
6,078
-
1.652
Lake Charles
-
-
-
-
22,637
1,652
430
430
....
-
2
2
Savannah
Norfolk
_
1.093
4,285
9,296
6,903
1,300
San Francisco...
1,000
1,450
530
17,982
23,177
668
mrnm-m
668
_
Los Angeles
Total
showed
....
6,711
9.848
New Orleans
China
Japan
22,775
13,551
7,265
3,984
38,152
27.933 147,554
Total 1937
23,770
12,953
13,292
15,688
33,412
272
22,676 122,063
Total 1936
32.839
26.494
24,401
19,399
27,564
2,500
31.290 164,487
Exported to—
From
Aug. 1,1937 to
Feb. 4. 1938
Great
Exports from—
Britain
Galveston
241,480 162,709
214,)76 141,440
16,239 185,975
995,887
55,782
25,677
14,846 157.861
810,173
137,779
88.289
56.971
52,882
61
3,625
104,904
333,086 223,420
6,341
23,017
77,623 17,083
Orleans.
Lake Charles.
Mobile
2,586
Charleston
Wilmington
.
53,029
14,039
152,114
1,284
60
1,396
10,858
*250
243
44,606
30,508
648
4,436
83,486
123,470
"ll2
3,961
33,009
1,541
1,000
26,551
1.621
15,818
""16
6,861
8,472
250
3,613
4,090
1,000
3J98
17~020
6,699
5,341
2.157
700
Gulfport
3,772
769
New York
420
132
227
...
561
322
81,008
19,813
1,162
234,908
66.871
17,327
10,863
12,885
Francisco
200
55,636
3,214
66,375
200
10,714
1,977
107,946
10
154
Philadelphia..
._
428
*398
30
Baltimore
Los Angeles
19,801
_
Norfolk
Boston
8.105
910,000
10,103
47,894
86,500
Savannah
355,809
146,078
1~.906
20". 151
80*461
114
33,143
Pensacola, &c
57,032
3,556
300
33,266
1.222
Jacksonville..
Total
73,619
71.516
Beaumont
Other
China
Japan
Italy
many
202,070 113.795
4,119;
Corpus Christ!
San
France
88.175
Houston
New
Ger¬
10
Seattle
665,865 349,604
1255,936 643,839
Total.
Total
1936-37
Total
1935-36
248,872
473,991 219,128 955,825
566,830 239,140 1120.183
796,759 576,667
966,442 551.462
36,741 739,655 3940,512
18.475 467,239
28,080 661.193
been our practice to
NOTE—Exports to Canada—It has never
3508,084
4133.330
Include In the
of cotton shipments to Canada, the reason being that virtually
the Dominion comes overland and It Is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand.
In view,
however, of the numerous Inquiries we are receiving regarding the matter, we
above table reports
all the cotton destined to
will
say
Bombay markets and steadiness in
Prices in the local market started
points higher.
While the volume of business was not
large, prices mounted on a moderate amount of buying and
an absence of liberal offerings made the market sensitive to
the slightest demand.
Offers from the South were light,
indicating that farmers were still holding their cotton for
developments and apparently expecting the market to ad¬
vance
nearer
the Government loan level.
Houses with
foreign connections were on the buying side, while later trade
price fixing was quite conspicuous.
There was also a
moderate amount of commission-house
buying. Under¬
lying conditions remained unchanged and practically every
branch of the cotton trade, including the futures markets,
spot cotton and textiles, assumed a waiting position pending
developments in Washington.
Southern spot markets as
officially reported were 5 to 11 points higher.
Average
price of middling at the 10 designated spot markets was
8.53c.
On the 1st inst. prices closed 1 to 2 points net lower.
The market opened steady and 4 to 6 points advance in
response to higher markets in both Liverpool and Bombay
and on overnight foreign commission-house buying.
Early
firmness in stocks and an advance in the London gold price
to above the American equivalent, appeared to influence a
little more outside buying.
Hedge selling was light and the
market displayed considerable stability.
Some selling of
May was well taken, while liquidation in March was again
in progress, including exchanges to the later months. Volume
of trade-price fixing, however, was less active, and it was
evident that mills were not inclined to follow advances.
High prices of the day were made early and during the after¬
noon the market began to ease under realizing.
There were
no evidences of improvement in general demand either for
spot cotton or for textiles.
Southern spot markets, as offi¬
cially reported, were unchanged to 2 points lower.
The
average price of middling at the 10 designated spot markets
was 8.53c.
On the 2d inst. prices closed 1 to 3 points up.
The opening range was 3 to 5 points higher despite indifferent
cables from both Liverpool and Bombay.
The undertone
stronger Liverpool and
the market for securities.
3 to 6
that for the mon«,h of October the exports to the Dominion the present season
In the corresponding month of the preceding season the
have been 49,053 bales.
exports were 37.574 bales.
For the three months
65.401 bales exported, as against 61,882 bales for
ended Oct. 31, 1937, there were
the three months of 1936.
In addition to above exports, our
telegrams tonight
the following amounts of cotton on
cleared, at the ports named:
give
us
On
Shipboard Not Cleared for—
Ger¬
France
Britain
Leaving
3,500
2,838
1,491
2",264
22,300
14,044
5,901
"263
24,601
22,533
20,884
8,092
24,965
5,553
Houston
Orleans.
wise
_
Stock
Coast¬
Foreign
6,000
7,400
5,604
9,333
Galveston
New
Other
many
Great
845
2,604
2,000
875
8,162
Total
41,200
24,206
27,491
Savannah
Charleston
Mobile
4",410
1,883
Norfolk
Other ports
Total 1938.
.
Total 1937
Total 1936
»
9,449
5,981
13,972
44,128
99,516
38,195
also
shipboard, not
Feb. 4 at—
863,378
875,774
787,269
149,876
71,359
59,367
31,225
143,026
11,037 97,307 2,981,274
7,469 160,284 2,066,605
2,789 81,393 2,382,560
comparatively narrow price changes.
small, but exchanging from March to
later months at 16 to 17 points difference to July, 28 points
to October and 33 points to December, was quite active.
It was estimated by some that exchanges totaled fully 40,000
bales.
Traders generally are on the sidelines, very few
caring to make substantial commitments because of the
great uncertainty over developments at Washington and the
highly critical state of general business.
Attention is being
centered more on new crop possibilities, and in this connec¬
tion a forecast indicating a decrease of 13.6% and 29,712,000
General business
acres
future
delivery during the
the trend of prices
generally lower.
Latest reports are to the effect that the
farm legislation might contain factors stimulating to cotton
values.
Current rumor has it that the Commodity Credit
past
week
Corporation,
1939,
that
selling any
price
the
unless
recover
passed, will be pre¬
of the loan cotton prior to July,
if the new farm bill is
from
vented
relatively light, with
was
reached a point where it would
involved. It is stated
the loans made and expenses
farm
the
should
bill
go
through
Congress in
this
would be necessary to bring the
strong objections are expected to be
form, 12c. or higher prices
cotton
However,
out.
to
raised
the
bill
when
presented
with
this
important
change.
On the 29th ult. prices
The market
3 to 4
there
points.
were a
closed unchanged to 3 points off.
of
not large,
quiet, with prices moving within a range
was
While the volume of business was
number of small orders from numerous sources.
The selling was
again largely in the form of liquidation
with
foreign selling of distant positions.
The trade was the
best buyer, with a scattered demand from New Orleans and
local interests.
Continued absorption of contracts by trade
attracted attention.
are anxiously awaiting
looked upon as an evidence of stability, as buying
uncovered on every point decline.
Textile markets
was
was
quiet during the week.
The volume of hedge
again light and there were no evidences of any
break in the Southern holding movement.
At the same time
the movement of cotton into the loan showed a falling off,
were
very
selling
was
through Thursday totaling
185,602 the previous week and the
peak of the acceptances of 451,000 bales for the week of
Nov. 11.
This brought the total amount of cotton in the
loan to 4,823,548 bales, with an aggregate value of $211,515,-'
the
total
weekly
acceptances
79,507, compared with
official indications from
Washington as to whether the new crop will be under new
legislation or under the present Soil Conservation Act.
Southern spot markets, as officially reported, were unchanged
to 5 points higher.
Average price of middling at the 10
designated spot markets was 8.54c.
On the 3d inst. prices
at
the
closed 1 to 3 points net
higher.
The
throughout the late deal¬
a moderate volume of trading.
Futures were steady
opening, and the market did not respond to lower
displayed a steady tone
from
cables
Alexandria,
Bombay and Liverpool.
Several
and July deliveries were bought
thousand bales of the May
by brokers with Bombay and Liverpool connections.
Local
professionals and New Orleans brokers supplied the bulk
There was a light
contracts.
ot the
demand from the Con¬
houses and the trade, while the selling was
attributed to commission houses, liquidation in the March
tinent,
spot
option, New Orleans
Futures on the Liver¬
unchanged to 1 point higher at the
and the South.
pool Exchange were
ClOSG#
closed 9 to 2 points net higher. The market
in the late afternoon, although prices
had slipped off slightly from earlier levels.
By the start
of the last hour active positions were unchanged to 2 points
better, with March quoted at 8.45, unchanged.
Around noon
the list was 6 to 8 points above the preceding close.
The
Today prices
continued to hold firm
opening range was 3 to 7 points higher, with a moderate
demand present from locals.
Foreign support was again
a
factor, with Bombay, Liverpool and the trade buying.
New Orleans brokers, spot interests and the South were the
of contracts. The spot basis was held steady
and middling quotations have shown
variation over the past week.
Memphis continues to
chief suppliers
in
Southern markets,
some
houses
was
Traders
ings in
for
cotton
in
with
steady,
was
market
Estimated.
Speculation
loan price of 8.38c. a
On the 31st ult. prices closed 9 to 13 points net
For the first time in several sessions the market
considerable firmness,
this being attributed to
pound.
higher.
Exported to—
Week Ended
little
report the best trade demand of any of the delivery
The Liverpool market closed higher today, with
limited.
centers.
trading
*
The official
quotation for middling
upland cotton in the
market each day for the past week has been:
Jan. 29 to Feb. 4—
Sat. Mon. Tues. Wed. Thurs.
Middling upland
- 8.43
8.52
8.51
8.52
8.55
New York
-
Premiums
table below
Fri.
8.60
Grade and Staple—The
and discounts for grade and
and Discounts for
gives the premiums
staple in relation to the base
for deliveries on contract on
grade, Middling
established
Feb. 10, 1938. Premiums and
938
Financial
Chronicle
discounts for grades and staples are the average
quotations
of 10 markets,
15-16
1 In. dfc
Inch
Inch
Longer
%
1
Inch
White—
15-16
Inch
.66
.90
on
1.13
on
Good Mid
St. Good Mid-.
.59
on
.83
on
1.06
on
St. Mid
.08 off
Good Mid
.51
on
.76
on
.99
on
Mid
on
St. Mid
.34
.60
on
.83
Basis
.25
on
.47
on
.61 off
.36 off
Feb. 4—
Stock at Liverpool
1937
799,000
107,000
1,146,000
267,000
323,000
20,000
St. Mid..
.34
on
.60
Even
.25
on
.61 off
.36 off
.14 off
Stock at Rotterdam
.75 off
.57 off
.39 off
906,000
752,000
902,000
198,000
286,000
22,000
263,000
213,000
295,000
169,000
26,000
Stock at Barcelona
Stock at Genoa
♦Mid
on
on
1.54 off 1.44 off 1.37 off
♦St. Low Mid.. 2.31 off 2.26 off 2.18 off
♦Low Mid
2.89 off 2.84 off 2.81 off
Yel. Stained—
on
Good Mid
.17 off
1.38 off 1.28 off 1.21 off
Good Ord. 2.19 off 2.14 off 2.09 off
2.78 off 2.76 off 2.74 off
♦Mid
Good Mid
.36 off
Futures—The
highest, lowest and closing prices
New York for the past week have been as follows:
Saturday
Monday
Jan. 31
Feb. 1
Wednesday
Total visible supply
Thursday
Friday
Feb. 3
Feb. 4
Feb. 2
8.39n
8.40n
8.43n
8.48»
March—
Range..
8.31-
8.35
8.34- 8.43
8.41- 8.47
8.41- 8.46
8.42- 8.46
8.48- 8.53
Closing.
8.33- 8.34
8.42- 8.43
8.41
8.42- 8.43
8.45
8.50- 8.51
—
—
April—
It Range..
Closing.
May—
8.36a
8.46n
8.44n
8.46n
It Range..
8.39- 8.42
8.42- 8.50
8.48- 8.56
8.50-
8.40
8.50
8.48
8.51
Closing
.
Havre stock
Other Continental stock
American afloat for Europe
U. S. port stock
U. S. interior stock
U. S. exports today
8.54n
8.53- 8.63
Liverpool stock
8.52
8.58
Manchester stock
—
Total American
8.53 n
8.52n
8.55 n
8.57n
8.50- 8.57
8.56- 8.64
8.57- 8.61
Closing.
8.40
8.57
8.56- 8.57
8.59
8.49 n
8.61 n
8.60n
8.63n
8.52 n
8.65n
8.64n
Other Continental stock
Indian afloat for Europe
8.60- 8.65
8.62- 8.72
8.62- 8.63
8.69
Egypt, Brazil, &c., afloat
8.65n
8.73 n
Range..
Total East India, &c
8.67n
8.68n
8.77 »
t
Range..
8.55- 8.58
8.60- 8.69
8.68- 8.75
8.88- 8.71
8.71- 8.75
8.72-
i
Closing.
8.56
8.69
8.68
8.71
8.72
8.81- 8.82
8.72n
8.74 n
8.83»
Oct.—
8.83
Nov.—
Range..
Closing.
8.60n
8.71n
8.70n
Dec.—
Range..
8.60- 8.64
8.67- 8.70
8.76- 8.79
8.74- 8.76
8.75- 8.77
8.77-
Closing.
8.64
8.73n
8.72n
8.74
8.77
8.78- 8.81
8.82-
8.76n
8.74n
8.77n
8.80n
8.88n
Closing.
8.798.66n
i
8.79
8.88
Range for future prices at New York for week ending
and since trading began on each option:
Feb. 4, 1938,
Option for—
Feb.
Mar. 1938-
Apr.
Range Since Beginning of Option
7.69
~8~.£i Jan:~29 _8~53 ~Feb~."~4
Nov.
3 1937 13.85
7.39
Dec.
3 1937 13.97 Apr.
1938—
May 1938—
June
Range for Week
1938-
Mar. 31 1937
8.39
Jan.
29
8.63
Feb.
4
7.60
9.63
8.44
Jan.
29
Aug. 27 1937 11.36 July
8.72
Feb.
4
7.65
Oct.
8 1937 11.36
4 1937
1938—
July 1938Aug. 1938—
Oct.
8 1937 12.96
week
1938—
29
8.83"
Feb.
4
7.85
Nov.
8.85 Jan.
Nov. 1938—
At
the
11
Movement to Feb. 4, 1938
Towns
Receipts
Ala., Blrm'am
29
8.86
Feb.
4
8.73
Dec.
29 1937
8.86
Feb.
Jan.
1939—
8.78
Feb.
3
8.88
Feb.
4
8.67
Jan.
28 1938
8.88
Jan.
Movement to Feb. 5,
Delivery—The Commodity
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 compled the
following table.
The
figures are given in bales of 500 lb. gross weight.
Open
Contracts
Feb. 3
New York
May
12,900
July
32,200
7,800
27,400
17,100
New crop (1939):
October
15.300
December
January
5,400
7,800
2,200
24,100
25,100
28,900
505,800
912,400
27,600 1.086,000
12,700
14,000
7,300
8,400
403,500
2,700
2,300
16,800
2,100
86,100
300
1,700
3,800
2,100
—
All Inactive futures—
1937
Season
Stocks
ments
Week
4
Ship¬
Feb.
Week
5
879
9,616
201
8,111
31
8,656
106
44.625
318
52,239
2,272
45
67,961
544
397
45,453
53,853
1,985
163,792
2,851
63,587
121,510
323
166,941
9,313
74,865
1,379
1,429
50,409
1,485
34,099
38
31,672
381
88,463
1,930
40,680
74
58.453
5,307
15,160
61
64,397
316
26,835
37
53,802
611
14,216
811
35,407
807
29,062
18,833
274
10,318
1,502
139,516
3,496
101,106
173,878
7,746
95,507
756
44,926
170,596
671
28,572
58
27,409
407
13,694
2,591
88,058
1,741
125,105
7,509
53,953
43,320
600
14.856
Forest
City
Helena
Hope
Jonesboro—
Little
Rock
Newport
Pine
Bluff.
2,352
44,417
2,940
~
~
986
66,538
3,269
47,656
"180
62,140
1,384
62,776
10,073
11,386
Walnut Rge
213
61.161
Ga., Albany..
Athens
106
16,521
36
630
815
36,879
425
28,815
260
30,372
7,069
151,418
12,253
261,670
9,957
228,745
1,347
41,881
147,826
145,779
1,801
117,409
300
300
165,244
12,925
3,693
23,000
140,426
34,650
2,231
500
600
36,500
219
41,995
657
35,294
133
37,021
1,446
38,097
80
16,352
25
21,749
120
20,798
250
31,907
70,695
76,277
66
99,289
1,715
1,577
152,393
5,594
23,499
68
354
32,969
__
Augusta
Columbus..
'
6,211
Macon
Rome
La., Shrevep't
Miss., Clarksd
Current crop (1938):
36,700
9,800
26,800
Feb.
Week
Receipts
56,060
Atlanta..
20,100
24,500
Season
Stocks
107
Ark.,Blytbev.
Volume of Sales for Future
Exchange Administration of the United
14,200
Ship¬
326
Selma
8,200
of
Montgom 'y
28 1938
31,400
42,000
an
Eufaula
4 1938
March
6.02d.
5.95d.
1938
Jan.
Feb. 3
5.92d.
9.05d.
detail below:
27 1937
8.60
Feb. 2
5.07d.
12.65c.
9.20d.
9.76d.
5.30d.
Interior
1937
1938—
Feb. 1
6.07d.
11.65c.
27 1937
Dec.
Jan. 28 Jan. 29 Jan. 31
7.30d.
13.20c.
ll.Old.
Towns the movement—that
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stock tonight, and the same items for
the
corresponding periods of the previous year—is set out in
ments
Jan.
7,664,325 7,507,956 7,427,975
26,766 bales, a gain of 1,518,506 over 1937,
of
1,674 875 bales over
1936, and a gain
1,754,856 bales over 1935.
Week
8.55
2,280,000 1,687,000 1,941,000
5,384,325 5,820,956 5,846,975
of
Sept. 1938—
Oct.
119,000
181,000
113,000
322,000
539,000
555,000
30,000
49,000
26,000
78,000
125,000
123,000
300,000
655,090
5 1937
Mar. 21
July
45,000
55,000
14,000
increase
Nominal.
n
follows:
Continental imports for past week have been
111,000 bales.
The above figures for 1938 show a decrease from
last
8.86
Jan.(1939)
Range..
7,371,831
Total visible supply
9,182,831
Middling uplands, Liverpool
4.93d.
Middling uplands, New York
8.60c.
Egypt, good Sakel, Liverpool
9.50d.
Broach, fine, Liverpool
4.20d.
Peruvian Tanguis, g'd fair, L'pool
6.18d.
C.P.Oomra No.l staple,s'fine,Liv
4.32d.
8.85
—
1,811,000
Total American
299,000
41,000
45,000
33,000
39,000
162,000
164,000
389,000
937,000
27,000
104,000
134,000
363,000
712,000
Stock in Alexandria, Egypt
Stock in Bombay, India
Sept.—
Range..
are as
470,000
26,000
8.63n
Aug.—
Closing.
353,000
54,000
38,000
Havre stock
8.43n
8.44- 8.48
descriptions
7,371,831 5,384.325 5,820,956 5,486,975
Bremen stock
Range..
7,664,325 7,507,956 7.427,975
other
611,000
329,000
343,000
268,000
128,000
66,000
65,000
49,000
229,000
154,000
208,000
246.000
297,000
253,000
199,090
143,000
71,000
29,000
64,000
94,000
338,000
292,000
261,000
236,000
3,078,581 2,226,889 2,463,953 2,693,013
2,598,040 2,001,896 2,196,265 i;740,457
21,210
32,540
20,738
17,505
East Indian, Brazil, &c.—
—
and
bales.
8.51-8.56
Range..
Closing.
Liverpool stock
8.48n
8.54
June—
Closing.
July—
9,182,831
American—
Bremen stock
8.40n
8,000
636,000
1,834,000 1,459,000 1,411.000 1,538,000
104,000
162,000
181,000
125,000
338,000
292,000
261,000
236,000
Egypt, Brazil,&c.,afl't for Europe 134,000
164,000
113,000
123,000
Stock in Alexandria, Egypt
363,000
389,000
322,000
300,000
Stock in Bombay, India
712,000
937,000
539,000
655,000
Stock in U. S. ports
3,078,581 2,226,889 2,463,953 2,693,013
Stock in U. S. interior towns
2,598,040 2,001,896 2,196,265 1,740,457
U. S. exports today
21,210
32,540
20,738
17,505
at
Feb.(1938)
Range..
8.31n
659,000
L
American cotton afloat for Europe
Manchester stock
Closing.
553,000
Of the above, totals of American
Tuesday
Jan. 29
688,000
83,000
38,000
17,000
Total European stocks...
.18 off
future contract.
on
17,000
74,000
♦76.000
*11,000
5,000
—
.80 off
.59 off
.42 off
1.40 off 1.29 off 1.20 off
♦Mid
•Not deliverable
19,000
15,000
13,000
India cotton afloat for Europe...
.56 off
St. Mid
1936
823,000
79,000
110,000
__
Total Continental stocks
Gray-
Good Ord
1936
642,000
57,000
13,000
8,000
Stock at Venice and Mestre
Stock at Trieste
1.20 off 1.04 off ..91 off
1.68 off 1.56 off 1.48 off
2.40 off 2.30 off 2.24 off
♦St. Mid
Low Mid
•St.
.32 off
.83
on
Mid
on
Total Great Britain
Stock at Bremen-
.48 off
.47
on
St. Low Mid...
i
1938
964,000
182,000
bales,
Manchester
Stock at
Stock at Havre
.99
.51
•
on
St. Mid
2.78 off 2.76 off 2.74 off
.76
on
.34
Good Mid
Extra White—
Good Mid
.51
Tinged—
1.38 off 1.28 off 1.21 off
Good Ord. 2.19 off 2.14 off 2.09 off
•St.
on
.12 on
♦Low Mid
.17 off
Low Mid
•Good Ord
.29
on
.47 off
.28 off
♦St. Low Mid— 1.48 off 1.40 off 1.31 off
2.28 off 2.21 off 2.16 off
on
Mid
.08
Friday
only.
.67 off
on
St. Low Mid—
f
are brought down to Thursday evening.
To make
the total show the complete figures for
tonight (Friday) we
add the item of exports from the United
States, for
dk
Spotted—
Mid. Fair
t
figures
Longer
In
5, 1938
Supply of Cotton tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's
returns, and consequently all foreign
designated by the Secretary of Agriculture,
and staple premiums represent 60% of the
average premiums
over
7/i-inch cotton at the 10 markets on Feb. 3.
%
Feb.
The Visible
»
—<
—
—
388
144,485
1,338
6,402
6,535
10,187
37,196
«» <•»«»..
17,999
4
213
13,259
18,598
18,057
4,172
223,493
37,310
278,344
Jackson
483
63,613
1,484
Natchez
56
17,444
159
949
48,151
2,139
1,967
73,952
2,119
5,695
51
111,586
3,664
5,919
499,264
9,073
3,337
88,734
72,103 1991,427
145
44,931
3,430
81,150
4,000
147,695
5,000
82,149
80,223
684.436
52,717
118,262
40,210
645,292
72
198
4,169
Columbus..
Greenwood.
Vlcksburg..
Yazoo City
Mo., St. Louis
N.C., Gr'boro
65
411
34,656
108,548
1,863
37,754
252,116
13,677
39,022
30,124
11,950
361
58,811
1,400
19,380
4
15,698
234
2,304
22,344
39,779
181
38,474
1,451
8,025
23
52,234
7,785
5,695
2,368
8,020
220,338
4,596
7,801
69
3,309
106
7,817
229
3,914
1,003
172,017
1,920
Oklahoma—
Total futures
128,400
38,900
74,100
85,000
97.700
93,800 2,997,600
Open
Jan. 26 Jan. 27 Jan. 28 Jan. 29 Jan. 31
t
Contracts
Feb. 1
Feb. 1
New Orleans
Texas, Abilene
3,800
3,150
4,500
850
2,200
3,050
1,100
6,750
79,450
1,350
2,750
2,750
4,550
July
New crop (1939):
6,400
6,200
9,700
1,600
5,600
2,600
96,500
167,600
1,300
December
350
1,850
900
1,900
100
—
200
2,450
250
200
1,550
94,700
9,450
January..
12,900
14,250
25,250
4,950
12,650
9,950
447.700
38,218
17,235
13,345
1,581
75
15,964
17
66
2,732
5
5,989
21
2,153
694
107,081
498
840
77,718
416
10,267
187
92,280
264
6,024
28
1,009
301
38,242
26,384
5
68,769
15,657
17
836
1
13,698
16
"32
7,559
62
442
13
8,623
41
466
51
41,479
165
20,886
8
34,558
405
8,391
488
88,008
3,255
18,184
140
77,349
492
2,954
Robstown—
San Antonio
Texarkana
.
Waco
Total,56 towns 123,474 5439,325 154,229 2598.046
410
95,571 5126,429 140,088 2001,896
Includes the combined totals of 15 towns in Oklahoma.
The
Total futures
93,509
132
Brenham
*
All Inactive futures..
2,527
8.745
97
Paris
March.
May..
200,676
139
Austin
Dallas
Current crop (1938):
October
15 towns *.
S. C.. Gr'ville
Tenn., Mem's
above
decreased
totals
show
during the week
that
the
30,755
interior
bales and
stocks
are
have
tonight
Volume
Financial
146
596,144 bales more than at the same period last year. The
receipts of all the towns have been 27,903 bales more than
the
week last year.
same
New York
Feb. 4
1937
1936
...
1930
1929
11.60c.
... __
8.60c.
13.25c.
_20.05c.
1921
—
1920
1919
37.55c.
27.45c.
31.50c.
14.60c.
12.00c.
8.70c.
—11.95c.
1935
1934
1933
1926
5.95c.
6.65c.
1925
.14.00c.
-21.00c.
-24.50c.
1924
,34.85c.
1923
28.10c.
17.00c.
1916
10.65c.
1915
—
1932
1931
$2.50 on 50-bale contracts.
On "day trades," contracts placed and com¬
pleted within one day, charges will be $7.50 on 100-bale contracts and $4.50
—
...
1914—12.75c.
1913
12.95c.
1912
10.00c.
1911
14.65c.
1910
14.90c.
1909
9.90c.
1908
11.85c.
1907
11.00c.
13.85c.
-17.50c.
1927
1922
—
stockholders in the exchange
initiation fees, but will be entitled to all the privileges of membership
except the right to vote, attend meetings or hold office.
They may serve
as members of committees.
The new membership will not have the privilege
personally executing orders on the trading ring, but will receive return
commissions of business secured at the rate or $5 on a 100-bale contract and
16.20c
1928
12.55c.
1938
Associate members will not be required to be
or pay
of
Quotations for 32 Years
quotations for middling upland at New York on
for each of the past 32 years have been as follows:
The
939
Chronicle
1918
1917
on
50-bale contracts
compared with $25 and $15 respectively for non-
as
menibers.
;
The annual dues of the associate member will be $160 a year.
New Orleans Contract Market—The!
for
closing quotations
leading contracts in the New Orleans cotton market for
the past
week have been
as
follows:
Saturday
Monday
Jan. 31
Thursday
Feb. 1
Friday
Feb. 3
Wednesday
Tuesday
Jan. 29
Feb. 4
Feb. 2
Market and Sales at New York
each day during the
indicated in the following statement.
For the convenience of the reader, we also add columns
The total sales of cotton on the spot
week at New York
which show at
closed
on same
are
glance how the market for spot and futures
days.
a
Feb.(1938)
Spot Market
8.55
8.58
8.62
8.64
8.65- 8.66
8.72
8.59
May
8.68- 8.69
8.69
8.70
8.74- 8.75
8.80
8.79
8.78
8.81
8.84
8.91
g g2
8.84
8.87
8.96
—
8885- 890a
8.77
—
June
July
August
September
8.70
8.82
December.
Closed
Total
Contr 'ct
Spot
8.62 5-8.63a
November
Market
Closed
8.54
8.63
April
October
SALES
Futures
8.55
8.54
846&- 847a
March
8.74
Jan.(1939)
877b- 879a
8855- 887a
8845- 886a
Quiet.
Barely stdy
Steady.
Steady
Steady.
Steady.
-
-
—
8855- 887a
Tone—
Steady, 1 pt. dec—
Steady, 9 pts. adv__
Quiet, 1 pt. dec
Wednesday- Steady, 1 pt. adv—
Steady, 3 pts. adv__
Thursday
Steady, 5 pts. adv..
Friday
Saturday
Monday
Tuesday
—
__
Steady
Steady
Barely steady.
Steady
Steady
Very steady
62
62
100
100
Cotton
162
162
36,754
120",900
157,654
Aug. 1—
Overland Movement for the Week and Since
statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
give below
a
The results for the week and since
follows:
reports Friday night.
Aug. 1 in the
last
two years are as
Via St.
Week
Aug. 1
111,833
84,466
2,374
Aug. 1
99,664
585,157
5,100
13,000
220,296
110,667
3,476
6,648
121,646
404,520
30,085
887,164
27,076
867,253
208
1,995
309
24,059
7,858
7,836
14,098
5,610
146,056
13,736
286.118
8,189
165,764
16,040
318,035
21,896
721,400
11,036
549,218
5,695
.
1,375
&c
Island
Via Louisville
Via Rock
Total gross
overland
Shipments—
Overland to N. Y., Boston, &c—
Between interior towns
Inland, &c., from South
145
Total to be deducted
Leaving total net overland *
7,801
1,175
3,670
„
Via Virginia points
Via other routes, &c
*
Week
894
3,628
18,493
Louis
Via Mounds,
Deduct
Since
Since
Shipped—
Canada.
Including movement by rail to
Loans
Steady.
Steady.
Steady.
Steady.
Steady.
of
CCC
Aggregated
$211,215,783
on
Corporation announced on Jan. 28 that "Advices of Cotton
Loans" received by it through Jan. 27, 1938, showed loans
disbursed by the Corporation and held by lending agencies
on 4,823,548 bales of cotton.
The amount of the loans ag¬
gregated $211,215,783.30 and represented an average loan
of 8.38 cents per pound.
Figures showing the number of bales on which loans have
been made by states are given below:
State
1936-37
1937-38
Feb, 4—
Steady.
4,823,548 Bales Through Jan. 27—The Commodity Credit
—
week.
We
Options
_
Since Aug. 1
Total
Spot
foregoing shows the week's net overland movement
has been 21,896 bales, against 11,036 bales for
the week last year, and that for the season to date the
•
1
,
Alabama-—————,
.
——
Bales
725,855
54,893
Arizona
Arkansas-
42,462
——
404,217
Tennessee
266,423
Georgia.———.-
North Carolina
Texas
506,625
Florida
Virginia
-
Mississippi
Bales
75,918
New Mexico
526,470
36,305
989
;
California-----
Louisiana
State
Missouri
-
Two New Members of
96,190
-
Oklahoma
82,085
South Carolina.
213,344
243,091
1,539,648
9,033
.
New York Cotton Exchange—
meeting of the Board of Managers of the New York
Cotton Exchange held Jan. 31, Alan Ryder Breed of Red¬
At
a
mond & Co.,
well & Co.,
New York City, and Willis Paine Beal of IbunneBoston, were elected to membership in the
Exchange.
Both Redmond & Co. and Hunnewell & Co.
are engaged in the brokerage business.
Mr. Beal is also a
member of the New York Cocoa Exchange.
The
this
year
aggregate net overland
of 172,182 bales.
exhibits
increase
an
over a year ago
1937-38
In Sight
1936-37
Since
and Spinners'
Week
Takings
Rain
5,317.312
549,218
3,475,000
211,854
+30,755
9,691,471
1,801,059
195,862
*44.517
9,341,530
817,841
over
takings
consumption to Jan. 1
of
mill
Southern
Amarillo
Austin
--
Brownsville..
.—
1,056,143
-
151,345
11,970,670
11,215,514
-
Paso
Houston
Palestine
*
24,107
Feb. 4-- 24,107
820,144
,
36,840
1,184,702
------------
San
Antonio.
Movement into
sight in previous
Bales
Week—
144,392
-—136,538
1936—Feb. 7—
1935—Feb. 8
1934—Feb. 9
120,149
Since Aug.
1935
1—
Bales
10,744,653
7,155,077
10,053,872
1934
1933
Louisiana—New Orleans
Mississippi—Meridian——....
0.50
0.66
0.30
Birmingham
1
2
1
Vicksburg
Alabama—Mobile
2
1
4
of the week:
Georgia—Savannah
-
-
Galveston
8.31
8.42
8.41
8.42
8.45
New Orleans.
8.55
8.65
8.64
8.64
8.68
Mobile
8.35
8.45
8.43
8.46
8.47
Savannah
8.59
8.67
8.66
8.68
8.70
Norfolk.,
8.70
8.75
8.75
8.75
8.75
MontgomeryAugusta
Memphis
8.65
8.75
8.73
8.82
8.75
8.81
8.40
8.40
8.75
8.86
8.40
8.87
8.35
Houston
8.35
8.40
8.40
8.40
8.45
8.25
8.35
8.10
8.10
8.35
8.09
8.09
8.35
8.10
8.50
8.73
8.35
8.13
8.13
Little Rock.
_
Dallas
8.00
Fort Worth
8.00
8.53
8.75
8.80
8.85
8.75
8.93
8.50
8.45
8.10
8.50
8.45
8.18
-
Carolina—Charleston..
South
North Carolina—Asheville
Charlotte
Raleigh
Wilmington
Tennessee—'Memphis
Chattanooga
Nashville—
The
New
Orleans
Cotton
Exchange
Acts
New Orleans Cotton Exchange on Jan.
to open
to
Admit
As¬
17, it
was
decided
the facilities of the Exchange to associate members,
thus making its services
available to
a
larger- body of
manu¬
facturers, merchants, farmers,
traders, and outside in¬
dividuals connected with the cotton industry.
It is explained
in New Orleans
"Times-Picayune":
39
41
18
41
68
69
66
32
24
24
28
22
0.14
1.26
70
28
49
74
0.80
76
62
53
60
45
48
0.36
70.
52
47
46
50
44
0.02
0.13
74
32
44
28
36
72
24
0.12
66
22
44
0.16
68
24
46
1
0.06
0.08
68
47
53
39
44
44
47
42
46
41
2
1
2
2
2
1
2
1
2
1
0.28
0.44
68
62
0.23
0.26
0.48
62
66
70
26
37
16
26
22
24
1.04
0.53
1.66
63
64
62
55
19
28
20
following statement has also been received by tele¬
Feb. 4, 1938
Feet
8.18
Members—Under action taken by members of the
14
graph, showing the height of rivers at the points
8 a. m. on the dates given:
Above zero of gauge.
Orleans
Memphis
Nashville
New
sociate
30
32
28
22
34
28
10
1
Tampa
Macon
Friday
52
39
50
47
58
10
26
18
40
2
Pensacola— -------------
Augusta
Wed'day Thursday
Mean
36
3
Miami
Atlanta
Tuesday
0.40
0.44
0.18
1
Montgomery
Closing Quotations for Middling Cotton on—
45
50
51
51
46
52
51
1.18
0.68
Florida—Jacksonville
Saturday Monday
55
20
1
2
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Week Ended
Feb. 4
36
70
70
70
74
70
70
74
68
68
64
72
dry
Little Rock:...-
years:
74
0.06
dry
dry
-
Oklahoma—Oklahoma City. -_
Arkansas—Fort Smith
Decrease.
Low
0.01
1
2
1
—
—
Port Arthur
North, spin's* takings to
High
68
68
74
76
76
dry
dry
Del Rio
Thermometer-
0.06
1
1
1
—
Corpus Christi
El
181,099
Total in sight Feb. 4
Inches
0.41
dry
dry
dry
—
Dallas
477,540
by telegraph this
Rainfall
1
Texas—Galveston
Abilene..-
Excess
us
new season.
Days
54,826
11,036
130,000
.
the
Government's program for
Since
6,090,071
721,400
2,880,000
.
Telegraph—Reports to
Aug. 1
Week
Aug. 1
21,896
85,000
104,958
Net overland to Feb. 4_.
Returns by
evening indicate that according to reports from most sec¬
tions of the cotton belt, field work is described as backward,
because of severe weather and the uncertainty over the
Above
Above
Above
Above
Shreveport
Vicksburg
Receipts
from
the
zero of gauge.
zero of gauge.
zero of gauge.
zero of gauge.
7.2
22.4
22.0
29.1
23.6
named at
Feb. 5. 1937
Feet
16.3
47.8
34.2
20.5
48.3
Plantations—The following table
the planta¬
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
indicates the-actual movement each week from
tions.
crop
The
which finally reaches the market through the outpr rts.
940
Financial
Chronicle
Feb.
Manchester
Week
Receipts at Parts
Stocks at Interior Towns
Receipts from Plantations
End.
1937
1936
1935
1937
1936
193,5
1937
1936
1935
Nov.
5. 263.182 259,641
363,686 2226,923 2301,784 2287,554 388,719 295,054 398,140
12. 245.688 264,096 330,485
2342,886 2316,783 406,335 305,198 359,714
19. 195,034 251,440 271,993 2459,694 2373,757 2321,538 267,158 28,2311
276,748
26. 160.560 217,564 222,432 2,501,559 2397,188 2350,425
202,425 240.994 251,3 9
Dec.
3.
169,362 211,898 258,950 2545,908 2366,617 2358,279
10. 165,506 133,018 157,455 2610,850 2327,9.53 2369,180
17. 169,711 143,595 188,143 2640,423 2290,467 2371,801
24. 139,333 119,319 158,812 2663,852 2253,715 1911,138
31. 141,563 117,505
99,705 2658,348 2250,247 2361,505
Jan.
1938
1937
7. 125,265
1936
1938
1937
213,711 181,327 266,804
230,448 194,354 188,356
199,284 106,109 190,764
162,762 82/67 169,268
147,067 112,749 78,953
1936
1938
1936
26,355
74,508
23,351
30.702
66,834
77,204
120,588
96,101
98,804 2619,799 2180,501 2337,209
86,716
92,756 2613,016 2142,612 2311,287 128,497
82,643 103,103 2629,639 2090,671 2285,388 133,463
86.523 2628,795 2046,413 2249,736 119.744
61,831
17,573
50.871
104.958
54,826
10,309
17,101
14.
121,714
21.
116.840
28.
61,240
Feb
4.
70.572 2598,040 2001,896 2196,265
74,203
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1937, are
7,882,628 bales:
in 1936-37 were 6,123,869 bales and in 1935-36 were
6,848,982
bales.
(2) That, although the receipts at the outports the
past week were 104,958 bales, the actual movement from
plantations was
74,203
bales, stock at interior towns
having decreased 30,755 bales during the week.
World's Supply and
Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since
Aug. 1
for the last two
from all
seasons
sources
obtainable; also the takings
sight for the like period:
are
from which statistics
amounts
or
gone
of
out
ings, Common
d.
Mlddl'g
32s Cop
to Finest
32s Cop
Twist
Upl'ds
Twist
to Finest
s.
d.
8
Week
9,209,597
12— 10*@12*
19.. 10K@12
26- 10K@12
Other supply to Feb. 2 * 6-
—
98,000
47,000
50,000
15,000
-
Total supply
Deduct—
9 10*@10
9 10K@10
ft
.151",345
122,000
43,000
50,000
16,000
11,215,514
1,502,000
421,000
1,542,200
314,000
7,664,325
*
Embraces receipts in Europe from Brazil,
Smyrna, West Indies, &c.
a This total embraces since
Aug. 1 the total estimated consumption by
Southern mills, 2,880,000 bales in 1937-38 and
3,475,000 bales in 1936-37—
takings not being available—and the aggregate amounts taken
by Northern
and foreign
spinners, 7,105,461 bales in 1937-38 and 8,754,647 bales in
1936-37, of which 4,135,661 bales and 5,447,447 bales American.
Estimated.
Movement from All Ports—The
9
@12* 10
@12* 10
11
4.63
3
@10
6
6 76
9
@11
0
6.72
Bombay and the shipments from all India
cabled,
ports for the week and for the season from Aug. 1 as
for three years, have been as follows:
1936-37
Since
Week
Bombay
Since
Week
Aug. 1
98,000
For the Week
Great
Aug. 1
83,000 1,086,000
IK
4.65
6.81
9
@11
@10
0
4.70
11K@12H 10
11H@12K 10
9
IK
4K
6.93
IK
4.81
11*@12*
10
6
@10
9
6.88
24- 10K@11*
9 10K@10
9 10K@10
10
6
@10
9
7.01
31
9 10K@10
IK
IK
4.88
6
@10
9
7.10
6
7)1
•
3- 10H@11%
10- 10*@11*
17— 10K@11*
Jan
—
10*@11*
;
4.84
11*@12*
11K@12* 10
4.97
11K@12*
9
4
@
9
5.02
11* @12*
9
4
@
9
6
7.20
4.93
12
@12*
9
6
0
7.16
4.82
12*@13K
9
6
@10
@10
0
7.34
4.93
12* @13*
9
6
@10
0
7.30
19 38
.-
7— 10*@12
14
—
io*@n*
21
—
io*@ii*
28- io*@iik
19 37
9 10K@10
9 10K@10
IK
IK
IK
IK
9 10K@10
9 10K@10
JfCJD.
4.. 10 K@H*
9
9
@10
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 147,554 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Jap'n&
nent
China
Great
Conti¬
1.63
27—Tripp,
Steinnes
7,266
27—Tripp,
3,153—Feb.
nent
China
8,000
28,000
1935-36—
Oth. India—
77,000
85,000
294,000
67,000
14,000
30,000
124,000
32,000
163,000
718,000
11,000
7~666
Total
28—San
3,460
Mateo,
236
Jan.
29—Duquesne,
29—Duquesne,
299; Spaardam, 300
To Havre—Jan.
66,000
77,000
33,000
162,000
174,000
489,000
432,000
911,000
684,000
16,000
31,000
47,000
1936-37..
38,000
5,000
43,000
90,000
161,000
260,000
1935-36..
264,000
421,000
13,000
18,000
31,000
143,000
256,000
399,000
104,000
298,000
423,000
418,000
all—
1937-38-
16,000
39,000
1936-37..
193.5-36..
45.000
33,000
29.000
13,000
77,000 132,000
32,000 110,000
191,000
66,000 108,000
176,000
According to the foregoing, Bombay
294,000
969.000
718,000 1332.000
489,000 1083,000
to show
appears
a
decrease compared with last
year in the week's receipts of
24,000 bales. Exports from all India ports record an increase
of 22,000 bales
during the week, and since Aug. 1 show a
decrease of 636,000 bales.
Alexandria
Receipts and Shipments—We now re¬
ceive weekly a cable of the movements
of cotton at Alexan¬
dria, Egypt.
The following are the receipts and
shipments
the past week and for the
corresponding week of the
previous two years:
for
Alexandria, Egypt,
1937-38
1936-37
Feb. 2
1935-36
28—San
621
Mateo,
3,603_
100—Jan.
-
Since Aug.
250,000
1
3,703
To Japan—Jan.
sterland,
6,073
3.614
Maru.
435
27—Tsuyama Maru, 6,995
Norden, 6,462—Jan.
Jan. 29—Muen¬
5,852;
-
-
29—Italy
Maru,
25,382
—
27—Tsuyama
Maru,
579—Jan.
1,605
29—Italy
2,184
—
To Rotterdam—Jan. 29—Duquesne, 495;
To Copenhagen—Jan. 31—Topeka, 300
To Oslo—Jan. 31—Topeka, 100-.To Gdynia—Jan. 31—Topeka, 2,003;
Spaardam, 229
724
300
100
.
Brasillien, 16
Feb. 3—
Maethias Steinnes, 2,880
To Gothenburg—Jan. 31—Brasillien, 315
To Bremen—Feb. 3—Waban, 3,218To Hamburg—Feb. 3—Waban, 202
4,899
315
3,218
202
To Genoa—Feb. 2—Cardonia, 1,174
To Oporto—Feb. 2—Cardonia,
1,837-
1,174
1,837
-----
To Leixoes—Feb. 2—Cardonia, 220
220
23
—-
—
To San Jose—Jan.
14—Margaret Lykes, 29-To Havana—Jan. 24—Maragret Lykes, 35—Jan. 29—Ruth
Lykes, 12
To Buena Ventura—Jan. 24—Margaret Lykes, 1—Jan. 29—
Ruth Lykes, 45
To Copenhagen—Feb. 2—BrasiUien, 100—Jan.
28—Topeka,
—
-
155,000
6,799,170
This
Week
To
Since
Aug.
This
1
Liverpool
Manchester,
6,000 116,018
To
&c.
9,000 106,487
To Continent and India.
18,000 431,182
To America
2,000
15,920
Total exports.
—--
This
*
statement
35.000 669,607
--
shows
Since
Aug.
This
Week
1
1—Duquesne,
169
29—San
Mateo,
189_.-Feb.
1—Duquesne,
1,802
-
29—San Mateo, 2,152.-.Feb.
1,486
-
1—Duquesne,
——
-
To Dunkirk—Jan. 29—San Mateo, 165—
To Marseilles—Jan. 31—Cardonia, 193
To Bremen—Jan.
165
4
355
537
31—Waban, 3,371__-Feb.
3,806
3—Bockenheim,
7,177
-
To Hamburg—Jan. 31—Waban, 22—Feb.
1
9,000 146,697
6,000 98,237
13,000 422,069
3,000 24,324
55,000 691,228
31,000 691,327
Egyptian bales weigh about 750 lbs.
were
ended
35,000 bales.
Feb. 2
3,638
193
To Oslo—Feb. 3—Vasaholm, 4
To Leixoes—Jan. 31—Cardonia, 355
To Rotterdam—Feb. 1—Duquesne, 537
3—Bockenheim, 14
NEW ORLEANS—To Antwerp—Jan. 31—Nevada, 525_--Feb. 1
—Western Queen, 100; Spoamdam, 150; Bloomersdijk, 50__
To Ghent—Feb. 1—Western Queen, 1,150
36
825
1,150
To Havre—Jan.
31—Nevada, 1,816—Feb. 1—Western Queen,
Jan. 27—Antverpia, 3,081
31—Nevada,
1,700—Feb.
1—Western
Queen, 250
To Bremen—Feb. 1—Koenigsberg, 2,487—Jan.
26—Waban,
1,899
3,001
To Dunkirk—Jan.
To
Hamburg—Feb.
1—Koenigsberg, 455
1,870
1—Western
Queen,
Spoamdam, 568; Bloomersdijk, 521
31—
2,144
259
To Gdynia—Jan. 31—Vasaholm, 1,100
1,100
To Gothenburg—Jan. 31—Vasaholm, 600
CORPUS CHRISTI—To Bremen—Feb. 3—Eisenach, 1,073
To Hambrug—Feb. 3—Eisenach, 665
600
1,073
665
50
Riga—Feb. 3—Eisenach, 50
1,616
......
Total
36
668
2
Gdynia—Jan. 24—Uddeholm, 13024—Uddeholm, 300
BEAUMONT—To Bremen—Jan. 29—Bockenheim, 725
SAN FRANCISCO—To Great Britain—?—4,285
To Germany— ?—1,000
To Holland—?—100
To Japan— ?—530
To India—?—1,350
LOS ANGELES—To Liverpool—Jan. 29—Lochmonar, 1,093
To Japan—Jan. 27—Tokai Maru,
500; President Coolidge,
1,187
Jan. 31—Taiho Maru, 1,602—Feb. 2—California,
To Bremen—Jan.
1,950
4,386
2,325
1,055—Jan.
To Port Colombia—Jan. 27—Gansf Jord, 259
were
7,898
Jan. 26—Waban,
-
To Rotterdam—Feb.
SAVANNAH—To Manila—Jan. 28—Prometheus, 2
Since
Aug.
1,800
2,823
1,277
2,999
2,760
2,661
MOBILE—To
6,000 130,673
10,000 125,167
34,000 408,875
5,000 26,513
that the receipts for the week
250,000 cantars and the foreign
shipments
Week
2,789
5,337
598
875
31—Tripp, 2,760
To Gothenburg—Jan.
Exports (Bales)—
46
535—Feb. 3—Vasaholm,
Cardonia, 702
31—Tripp, 2,661
Antwerp—Jan. 29—San Mateo, 54---Feb.
To Havre—Jan.
47
28—Topeka, 1,272
To Japan—Jan. 31—Muensterland, 5,337
To China—Jan. 31—Muensterland, 1,800
To Genoa—Jan. 27—Ada
0,2,397---Jan.31—Cardonia,426.To Trieste—Jan. 28—Ida, 1,277
115----.
To Ghent
Jan.
3
29
350
-----
LAKE CHARLES—To Liverpool—Jan. 17—Logician, 1,616
To Manchester—Jan.
17—Logician, 36
NORFOLK—To Hamburg—Feb. 4—City of Baltimore, 668
250,000
7,692,006
7,098,251
29—Duquesne,
-
To Dunkirk—Jan, 28—San Mateo, 435--.-
To
Receipts (centars)—
This week
2.106
_
To Manchester—Jan.
1937-38..
Total
3—Maethias
,307
To Antwerp—Jan. 28—San Mateo, 22._.Jan.
To
1936-37—
3—Maethias
63
Bombay—
1937-38-
2,473
3,979
—
5,022—Feb.
To Oporto—Jan. 31—Waban, 173;
To Liverpool—Jan.
Japan &
Britain
Total
Bales
;•
To Venice—Jan. 28—Ida, 2,999
To Gothenburg—Jan. 28—Topeka,
Since Aug. 1
Conti¬
Britain
Week
Aug. 1
934,000 122,000 1.502,000
Exports
from—
Since
6.71
9 10K@10
9 10K@10
JL*CO
To Gdynia—Feb. 2—Brasillien, 584—Jan.
Feb. 3—Vasaholm,933
1935-36
Feb. 3
Receipts—
0
11
11
50—-Feb. 3—Vasaholm, 200
1937-38
@11
4.55
HOUSTON—To Valparaiso—Jan. 14—Margaret Lykes, 23
To Tallin—Jan. 31—Waban, 3-
receipts
e.
6 92
4.64
7,664,325
529,535 12,229.647
291,535
8,922,447
238.000
3,307,200
2.969,800
d.
s.
7K@10 10K
m
To China—Jan.
9,985,461
7,015,661
d.
1,606; Spaardam, 264
4,899",258
11,970,070
934,000
264,000
1,412,200
249,030
9,182,831
417,865
258,865
159,000
8.
10
@12
@12 * 10
IK
7,811,515
9,182,831
Of which American
Of which other
d.
11
4.55
io*@io
8,193,860 19,893,972
Total takings to Feb. 4 a
IK
IK
Steinnes, 2,244—
9,600,696 19.168,292
-
d.
Upl'ds
9 10K@10
Season
4,339",022
Bombay receipts to Feb. 3
Other India shipm'ts to Feb. 3
Alexandria receipts to Feb. 2-
d.
.
Cotton
Mlddl'g
Nov.
1936-37
Season
181",099
Cotton
Shirt¬
8* Lbs. ShlrtIngs, Common
To Ghent—Jan.
Visible supply Jan. 28
Visible supply Feb. 4--
1936
Lbs.
To Manchester—Jan.
Visible supply Aug. 1
American in sight to Feb. 4—
of Indian cotton at
1937
8A
GALVESTON—To Trieste—Feb. 1—-Ida, 2,473To Venice—Feb. 1—Ida, 3,979-.
1937-38
Week
India Cotton
of this and last year for comparison:
To Liverpool—Jan.
Cotton Takings,
Week and Season
b
report received by cable to¬
night from Manchester states that the market in both yarns
in cloths is steady.
Demand for yarn is poor.
We
give prices today below and leave those for previous weeks
and
5- 10*@12
1937
S, 1938
Market—Our
—
-
130
300
725
4,285
1,000
100
530
1,350
1,093
6,903
31—Weser, 1,300
1,300
147,554
Volume
Financial
146
Freights—Current rates for cotton from New
Cotton
Inc., are as
York, as furnished by Lambert & Barrows,
follows, quotations being in cents per pound:
Stand¬
High
d.45c.
.60c.
Piraeus
.85c.
1.00
d.45c.
,60c.
Salonica
.85c.
1.00
d.85c.
1.00
.52c.
.67c.
Trieste
Manchester.52c.
.67c.
Hume
Antwerp
.52c.
.67c.
Barcelona
*
Havre
.52c.
.67c.
Japan
*
Rotterdam ,52c.
•67c.
Shanghai
Liverpool
ard
Density
ard
Density
Stand¬
High
Stand¬
High
ard
Density
Venice
*
.65c.
Copenliag'n.57c.
Naples
d.45c.
Leghorn
d.45c.
.72c.
*
.50c.
Gothenb'g
.72c.
*
d.45c.
.60c.
Bombay
Oslo
.58c.
.73c.
Bremen
.52c.
.67c.
Stockholm
,63c.
.78c.
Hamburg
.52c.
.60c.
.60c.
.67c.
Genoa
*
No quotations.
x
x
.57c.
d Direct steamer.
Only small lots,
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Of which American
Total
Feb. 4
Jan. 14
Jan. 21
Jan. 28
66,000
51.000
50,000
1,106,000 1,141,000 1,126,000
680,000
726,000
722.000
Forwarded
Total stocks
53,000
1.146,000
739,000
37,000
21,000
255,000
148,000
45.000
225,000
127,000
87,000
73,000
255,000
147,000
67,000
imports
43,000
261,000
167,000
Of which American
Amount afloat
Of which American
93,000
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone of the
each
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Quiet.
Spot
Quiet.
Quiet.
Quiet.
Quiet.
Moderate
f
Market,
12:15
]
P. M.
[
demand.
{
Quiet,
4
1 to 1
pts. stdy.,
2
to
pts. 2 to 3
decline.
3 pts. dec.
Steady;
pts.
advance.
Steady;
Quiet but Steady, un¬
Steady,
2 to 4 pts.
pts. 4 to 5 pts. steady, un¬ changed to
advance.
advance.
changed to 1 pt. adv.
Steady,
2
decline to
P. M.
5
advance.
1 pt. adv.
Quiet, 1 pt.
Market,
3 to
decline to
un¬
changed.
opened
Quiet,
Quiet but
Steady,
Quiet, 1 pt.
Futures
Market
4.93d.
4.88d.
4.89d.
4.92d.
4.87d.
4.82d.
Mid.Upl'ds
1 pt. adv.
3
to
advance.
Liverpool for each day are given below:
to
Noon Close
Close Noon Close Noon Close Noon Close Noon Close
Feb. 4
d.
d.
d.
d.
d.
d.
d.
New Contract
d.
d.
d.
d.
of relative
because
wheat export business that
inst. prices closed l^c. to
933^c. to 93%}.
the 3d inst. prices
On
of
a
responsible for the upswing of wheat values was
that another crop failure appeared likely in
States
wheat
territory west
of the hundredth
largely
the
report
United
mm
mm
January (1938)-.
4.68
4.72
4.74
4.75
4.80
4.79
4.77
4.78
4.76
4.78
4.82
4.82
meridian because of
March.————
4.77
4.79
4.80
4.85
4.84
4.82
4.83
4.81
4.84
4.87
4.88
May
the
4.90
4.89
4.87
4.88
4.86
4.89
4.92
4.92
4.97
4.96
4.94
4.95
4.94
4.96
-
-
«
-
July
4.82
4.84
4.84
October
4.89
4.91
4.92
December
4.92
January (1939)..
4.97
-
-
5.00
July
4.97
«...
-
•»-
—
-
4.98
5.02
-
-
«.
..
«.
-
-
—
«,
«.
-
-
5.07
5.03
-
4.98
5.00
5.01
_
4.99
5.03
5.04
5.06
-
-
5.01
5.00
5.02
—
4.99
....
-
-
4.94
4.95
March
May
-
-
-
-
-
-
-
-
«.
5.05
_
««.
«•«.
4.99
5.02
4.99
above
that threatened
weather
5.04
5.04
—
5.07
—
__
6.09
that weakness
wheat
on
top
seems
and
to
are
indications
market
need supplies.
the very
some
bakers are
Encouraging hopes for some gain from
low level of new business
sporadic
Here
starting
selling under cover.
booked for many weeks
worked.
reports of small round lots
understood that most of these are
It is
for shipment within 30
days.
Late
quence.
American
estimates
put
export
purchases of
North
including mod¬
erate amounts to Germany.
The fact that today's destruc¬
tion of a British ship in the Mediterranean was the second
such occurrence within a week attracted special notice, and
soon
led to a rush of buying orders for wheat futures.
Initial setbacks of about Y2c. in wheat prices, associated
with moist weather Southwest, were quickly replaced by
wheat
today
at 400,000 bushels,
took the market 2c. above the
interest in wheat was 90,687,000
upturns that in some cases
Wheat—On the 29th ult.
lower.
2c. a bushel today, but
failed to hold well.
A wet blanket was
on
wheat buying ardor here when the Liverpool
closed without showing price upturns of conse¬
thrown
that
above yesterday's finals.
quotations
general continues light, there
to be a little more flour
there
were
in
It was assumed
acted as a curb
that accompanied warlike European devel¬
opments hoisted wheat at much as
Friday Night, Feb. 4, 1938
demand
States.
gains.
Flurried buying
BREADSTUFFS
In addition to the
better European de¬
of securities at New York
prices closed 1 to l^c.
Today
Flour—While
damage.
there was a
from the United
mand for wheat
...
5.06
October
crop
influences
bullish
5.04
5.10
persistent drought.
Some reports from
alternate thawing and freezing
stressed
Southwest
5.01
4.99
—
5.07
5.06
Advances
closed % to lc. higher.
bushel in wheat values today contrasted strongly
downturns
of stock market quotations.
A factor
DAc.
with
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Jan. 29
scantiness of North American
could be confirmed. On the 1st
l^c. net higher. A sharp up¬
ward movement in the Liverpool market had a highly stimu¬
lating effect on wheat values on IJlc Chicago Board, prices
there scoring maximum gains of almost 2c. a bushel.
Nu¬
merous traders here associated Liverpool wheat price bulges
with a revival of European war talk that followed the tor¬
pedoing of a British ship near Spain. Giving emphasis to
war
talk wras word that refusal of protective insurance
against attacks from the air went into effect today through¬
out the British Empire.
The Liverpool wheat market, due
unchanged to ^c. lower, showed at some stages today l^c.
gain. Adding to bullish developments were persistent reports
of unfavorable crop conditions throughout many important
sections of the United States and of western Canada.
Re¬
ports were current that France might sodn be in the market
for United States red winter wheat, and there were indica¬
tions that 300,000 bushels of domestic hard winter wheat
had been bought for shipment overseas, chiefly to European
continental countries.
On the 2d inst. prices closed un¬
changed to y8c. lower. The market appeared to be domi¬
nated today by the possibilities of rain or snow Southwest
and West. It was not, however, until near the end of trading
that any pronounced drop of prices took place.
This was
when news came of light scattered showers in Kansas and
Nebraska.
Downturns of l^c. in Chicago wheat prices
proved the maximum drop of the day. Last minute rallies
were
experienced, but these were only fractional.
One
stimulus to price recoveries was word of a dust storm at
Amarillo, Texas. Another sustaining factor was news from
Liverpool that light deliveries on March contracts there
were expected.
May wheat contracts led the Chicago down¬
turns, and fell to 93Mc., off l^jc. overnight, but closed
ensued
at
1 pt. dec.
Prices of futures at
941
Chronicle
prices closed
The market slumped as
much
%c. to
as a
net
cent a bushel
of a weather forecast pre¬
dicting rain or snow over much of the grain belt. The sug¬
gestion that drought districts in both the winter and spring
wheat belts might receive some moisture, found the market
susceptible to this bearish forecast. There appears little in
the situation to warrant any aggressive support.
Export
demand for American wheat has been disappointing, and
with increasing uncertainty regarding general business,
reflected in the continued downward trend of
the securities market—it is not surprising that most markets
are
very sensitive to bearish developments.
Aside from
confirmation of Portugal's substantial buying of wheat,
the export market was almost at a standstill.
Portugal's
order was reported to consist of approximately 1,900,000
bushels of United States wheat, including four cargoes of
red winter, one cargo of hard winter and two of Pacific
Coast wheat.
Four cargoes of Argentine and Australian
wheat also were taken.
On the 31st ult. prices closed un¬
changed to %c. higher. The market showed considerable
firmness today as a result of adverse crop conditions re¬
ported in widespread domestic winter wheat areas of the
Southwest and West.
A severe cold wave, together with
inadequate snow protection, was reported. Expected rains
had failed to materialize, and none were forecast, with much
Kansas wheat blown out of the ground, making new wheat
prospects appear the poorest in years at this stage of the
season.
In addition, figures from the United States Bureau
of Agricultural Economics suggested a year-end surplus of
only 120,000,000 to 125,000,000 bushels in this country
July 1 next. These figures contrasted sharply with recent
private estimates that the carryover would total 200,000,000
bushels. A maximum advance of lKc. a bushel was scored
today by the Chicago wheat market, but partial reactions
point.
DAILY CLOSING PRICES
OF WHEAT IN NEW YORK
Sat.
DAILY
Mon.
Tues.
Thurs.
Wed.
Fri.
110% 110% 111% 110% 111% 112%
No. 2 red
CLOSING PRICES
OF WHEAT FUTURES
Sat.
Season's
Mon.
92%
87%
May
July
September
87%
High
and
122%
105%
*91%
May
July
September
as
Open
bushels.
today principally as the result
especially
low
early
DAILY CLOSING
93
88
87%
Tues.
94 %
89%
89%
IN
Wed.
CHICAG&
Thurs.
93 %
89
89 %
Fri.
95 %
90%
90 %
94
89%
89%
I
Season's Low and
July 29. 19371 May
85%
Sept. 28, 19371 July
81%
Jan. 13, 19381 September
86%
When Made
PRICES OF BONDED WHEAT IN
WINNIPEG
When Made
Nov. 8,1937
Nov. 8,1937
Jan.
6,1938
r
""
May
July
October
125% 125% 126% 126
126% 127%
117% 117% 118% 118% 118% 119%
-100% 99% 100% 100
100% 100%
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
closed l/£ to %c. off. The
largely in sympathy with the
weakness in wheat.
Further, there were reports that recent
rains in parts of Argentina had helped corn not beyond re¬
pair.
This very likely played its part as a bearish influence.
The export market was quiet, and it was reported that re¬
sellers of Argentine corn were offering sparingly.
On the
31st ult. prices closed % to
net lower.
This market
was depressed as a result of enlarged domestic corn visible
supply figures, as well as absence of export demand until
late in the day.
On the 1st inst. prices closed }/% to %c.
higher.
Attention of the trade appeared to be focused
Corn—On the 29th ult. prices
heaviness of this market was
largely on strong
action of the wheat market.
Trading in
light, with the undertone of the market
steady.
Corn export sales totaled 100,000 bushels.
On
the 2a inst. prices closed % to lc. down.
Complete lack of
export demand tended to pull corn prices down, and so did
enlarged primary arrivals.
September corn touched a
corn
was
season
very
new
low.
Financial
942
On the 3d inst prices closed % to lc. higher.
.
well
were
sustained,
and
influenced
were
Corn gains
largely
by the
overnight exports estimated at 500,000 bushels.
The vigor
of the wheat market also played its part as a
bullish influence.
Today prices closed *4 to */£c. higher.
Chronicle
First
Feb. 5,
1938
give the receipts at Western lake and river ports
Saturday and since Aug. 1 for each
"we
for the week ended last
of-the last three years:
and strength
This
Flour
most
of
Wheat
Corn
Oats
bbls. 196 lbs
comparatively quiet, though firm during
the session, due apparently to the firmness and
market was
bush 60 lbs
bush 56 lbs
bush 32 lbs
Sat.
Tues.
Man.
74?*
No. 2 yellow—
74
Wed.
74?*
St.
Thurs.
73?*
Fri.
74?*
May
July--September
Mon.
59?*
...»
Tues.
18,000
14,000
169.000
38,000
241,000
40,000
204,000
2,000
99,000
191,000
30,000
902,000
183,000
503,000
276,000
248,000
243,000
23,000
210,000
2,000
136,000
Peoria
41,000
40,000
52,000
94,000
32,000
593*
69
69?*
603*
-------
Fri.
7,000
117,000
783,000
583*
593*
59?*
693*
59 j*
60
3,915,000
2,744,000
3,227,000
1,388,000
1.357,000
1,452,000
16,000
61?*
603*
Season's Low and When Made
When Made
Nov. 30, 1937
55?*
July 29, 1937 May
Nov. 30. 1937
563*
Sept.30. 1937 July
Feb.
2,1938
Jan.
8, 1938 September.--. 59?4
iSeason's High and
May
74
July
66?*
September.--. 623*
„,
371,000
2,517,000
Same wk'37
439,000
Same wk'36
360,000
1,695,000
1,821,000
Since Aug. 1
1937
1936
Oats—On the 29th ult.
prices closed y to ^c. off.
This
market was reported as quiet, though the undertone was
heavy in sympathy with the heaviness of wheat and corn.
On
the 31st ult. prices closed unchanged ^c. off.
The
market was dull, with scarcely anything of interest to report.
On the 1st inst. prices closed unchanged to }4c. up.
The
steadiness in this grain was due largely to the strong upward
movement in the wheat market.
On the 2d inst. prices closed
unchanged to ye. off.
The market was devoid of any
particular feature.
On the 3d inst. prices closed %c. up to unchanged.
There
was
very
closed
little of
interest in
this market.
Today prices
This market was quiet
unchanged to %c. advance.
...
Sioux City
Buffalo
but steady.
OF
OATS
Sat.
May
July--——
September
-
—
-
Season's High and
May33?*
July
32?*
September—- 303*
—
FUTURES
Tues.
Mon.
313*
293*
29
—
-
31
28?*
28?*
Total
Wed.
313*
29
28?*
Thurs.
31
29
28?*
May
-
October
313*
29
28?*
When Made
Oct. 13.1937
Nov. 6.1937
Jan.
5,1938
Wed.
49
463*
41?*
45?*
413*
413*
-
Tues.
48?*
48?*
453*
-
July
Thurs.
49
45?*
41?*
Fri.
'493*
463*
423*
493*
46
413*
Rye—On the 29th ult. prices closed 3^ to %c. net lower.
Considerable selling was influenced by the weakness in
wheat and corn, and the rye market showed little or no
resistance to this pressure, with a consequent easing off of
values.
On the 31st ult. prices closed % to yc. net lower.
With a disappointing absence of export demand for any of the
grains recently, and no particularly aggressive domestic
demand for rye, not a few discouraged holders parted with
their commitments.
The situation appears fraught with
uncertainty, and traders appear extremely cautious.
On
the 1st inst. prices closed 1 to 1 %o. net higher.
This was a
strong response to the upward movement in wheat values.
Some new outside buying was reported, and short covering
played its part in lifting values.
On the 2d inst. prices
closed y to Ho. decline.
There appeared no particular
pressure, the market seemingly being influenced by the
heaviness in wheat and
On
the 3d inst.
rye.
prices closed % to 34c. net higher. The
naturally had a bullish effect
Today prices closed % to %c. higher.
displayed by this market
The strength
in large measure due to the
was
CLOSING
PRICES
OF
RYE
Sat.
May.--.
July—
September
FUTURES
Tues.
Mon.
733*
68?*
—
and
May—84
July
723*
September
693*
When
Aug.
Oct.
Jan.
Wed.
743*
703*
73?*
68 K
CHICAGO
IN
Thurs.
743*
""
693*
Made
I
Season's Low and
10.1937 [May
.—
63?*
21, 1937 J July..
62
15, 1938[September
66
DAILY CLOSING PRICES OF
RYE FUTURES
Sat.
Mon.
83
82
—
—
DAILY CLOSING PRICES
Fri.
75?
71?
75
69?*
When
Nov.
Nov.
Jan.
IN
Made
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
New
-
8,1937
8,1937
833*
823*
Mon.
were as
Tues.
63?*
59M
IN
Wed.
64?*
60?*
643*
59?*
Thurs.
Fri.
83?*
82?*
843*
833*
WINNIPEG
Thurs.
Fri.
64?*
603*
65
60?*
131,000
300,000
58,000
23,000
15,000
24,000
6,000
120,000
205,000
95,000
4,000
797,000
18,000
400,000
14,000
St. John W.
28,000
521,000
356,000
Boston
21,000
New Orl'ns*
Galveston..
-
...
1938
Spring oatw, high protein -6,45@6.75 Rye flour patents
5.05 @ 5.15
Spring patents
5.95<3)6.15 Seminola,bbl.,Nos.l-3- 7.25 @——
—,i
2.60
—
5.65@5.85
4.70 @4.90
24,000
3,000
8,000
83,000
54,000
65.000
T.OOO
273,000
1.524,000
1,469,000
43,000
125,000
230,000
1,119,000
8,606,000
6,619,000
241,000
497,000
1,212,000
Week 1937.
322,000
880,000
994,000
65,000
36,000
1,210,000
3,355,000
3,682,000
255,000
101,000
Since Jan. 1
1937
*
17,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
on
The exports
from the several seaboard ports for the week
Saturday, Jan. 29, 1938, are shown in the annexed
ended
statement:
Wheat
New
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from,—
Bushels
Barrels
Bushels
Bushels
Bushels
York
Philadelphia
521,000
16,000
Norfolk
New
Orleans
Galveston.
St. John West
105,000
36,720
146,000
275,000
143.000
245,000 1,457,000
617,000
307,000
_
Baltimore
3,000
356,000
16,000
Halifax
40,000
"8:606
83~6do
48,000
283,000
3.000
28~,666
31,000
102,720
129,480
1.771,000 2,782,000
1,000
1,328,000
T.OOO
1,000
4,000
284,666
Total week 1938..
200,000
1,000
65,000
Port Arthur, Texas..
Same week
1937....
The destination of these exports
July 1, 1937, is
for the week and since
below:
as
Flour
Wheat
Corn
Exports for Week
and Since
Week
Since
Week
Since
Week
Since
Jan. 29
July 1
Jan. 29
July 1
Jan. 28
July 1
1938
July 1 to—
1937
1938
1937
1938
1937
Barrels
Bushels
Bushels
Bushels
Bushels
Barrels
United
Kingdom.
Continent
57,425
743,000
289,936
1.020,000
9,500
366,500
6,000
27,500
796,000
2,000
3:660
West Indies
1.474.529
5,295
—
So. & Cent. Amer.
3,000
184,231
Brit. No. Am. Col.
Total 1938
102.720
Total 1937
The
129,480
3,114,196
3,296,524
Cornflour
1.90
Barley goods—
Coarse..
—
4.00
Fancy pearl, Nos.2,4&7 5.25@5.60
1,479:666
1,771,000
at
1.328,000
supply of grain, comprising the stocks in
principal points of accumulation at lake and
GRAIN
STOCKS
Wheat
Corn
Bushels
United States—
Bushels
New York..
..
2,199,000
Fort Worth.
Wichita
-
..
-
City
St. Louis
..
2,674,000
14,275,000
3,226,000
482,000
3,361,000
..
21,000
399,000
19,000
25,000
20,000
1,358,000
127,000
206,000
16,000
Chicago
..
Milwaukee
..
74,000
9,000
11,000
7,000
6,000
823,000
3,641,000
109,000
691,000
5.278,000
1.035,000
1,022,000
3,505,000
215,000
487,000
171,000
"10:660
10.000
286,000
26,000
93,000
75,000
13,000
10,000
44,000
2,000
1,298,000
73,000
13,000
"3:660
9,293,000
7,404,000
2,603,000
720,000
1,018,000
261,000
119:666
788"000
1,156:660
173,000
5.881.000
3,760,000
1,090,000
2,000
1,931,000
65,000
Duluth
..
3,380,000
«...
5,532,000
175,000
Buffalo
..
afloat..:
..
2,000
3,000
7,100,000
2,015,000
3,215,000
619,000
497,000
197,000
Total Jan. 29,
1938— 72,325,000 39,174.000 23,998,000
Total Jan. 22,
Total Jan. 30,
1938— 75,051,000 38,531,000 23,913,000
1937.. 47.761,000 14,356,000 29,469,000
357.000
35,000: total,
145,000
bushels,
307,000
44,000
1,667,000
170,000
682.000
90,000
4,436,000 10,129,000
4.442,000 9,968,000
4.409,000 12,850,000
Barley—Duluth, 110,000 bushels; New
against 5,349,000 in 1937.
Wheat—New
Note—Bonded grain not included above:
York,
91,000
66,000
783,000
afloat.
Detroit
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
99,000
39,000
1,000
1,321,000
Peoria
'•
391,000
3,094,000 13,818,000
Indianapolis
45
Bushels
2,717,000
afloat
—
Barley
Bushels
1,000
880,000
--
Omaha
"
Rye
Bushels
•
766,000
Orleans
Galveston
Sioux
Oats
-
29,000
Baltimore
New
«.
989,000
302,000
afloat
——
733*
-
Philadelphia
Rye, No. 2, f.o.b. bond N. Y— 88
Barley, New York—
473* lbs. malting.
63
Chicago, cash
.48-1
No. 2 white
81.533,000 2,782,000 19,071,000
84,570,000
1,000
3,000
visible
Minneapolis
Oats, New York—
43,711,000 2,007,000 10,238,000
35,282,000
775,000 8,658,000
1,031,000
170,000
30,000
5,000
seaboard ports Saturday, Jan. 29, were as follows:
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic
1123*
Manitoba No. 1, f.o.b. N.Y..172?*
120,000
55:606
1
—
St. Joseph
Kansas City
Clears, first spring——.5.45 @5.65 Oats, good.Soft winter straights — __-6.00@5 25
Hard winter straights
6.45@5.65
Corn, New York—
No. 2 yellow, all rail
62,000
6,000
16:660
31,000
Halifax
Hutchinson
follows:
PLOUR
Hard winter patents
Hard winter clears—
Barley
Rye
bush 56 lbs bush 48 lbs
York.
Baltimore..
26. 1938
WINNIPEG
Wed.
833*
823*
OF BARLEY FUTURES
643*
59?*
Closing quotations
Tues.
823*
81?*
Sat.
May
July-
1,671,000
75,650,000 21,042,000 66,266,000
Flour
Boston
May-.
July-..—
1,087,000
51,034,000 11,561,000 61,893,000
93,445,000 15,420,000 59,126,000
Philadelphia
granary
Season's High
1,885,000
bbis 196 lbs
Other countries
strength of wheat and corn.
DAILY
53,000
375,000
240,000
324,000
corn.
strength of wheat and corn
on
T.ooo
36,000
Fri.
313*
29
28?*
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Mon.
T.ooo
receipts of flour and grain at the seaboard ports for
Saturday, Jan. 29, 1938, follow: •<
Receipts at—
CHICAGO
IN
When Made
I
Season's Low and
July 29. 19371 May—
283*
Oct.
2.1937(July
28
Jan. 10. 19381 September
28?*
Sat.
"3:666
13,000
the week ended
Tot. wk. *38
CLOSING PRICES
60,000
287,000
9,887,000 210,979,000 162,833,000
11,128,000 157,126,000 100.113,000
9,770,000 250,121,000 86,558,000
——
Since Jan.
DAILY
1,000
7,000
25,000
114,000
60?*
60?*
266,000
590,000
217,000
680,000
20,000
57:666
Louis-
Wichita
Thurs.
96,000
......
■
733*
59?*
58?*
60?|
Wed.
90,000
129,000
—.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat.
87,000
304,000
41,000
Toledo
Indlanapoll
OP CORN IN NEW YORK
DAILY CLOSING PRICES
744,000
91,000
221,000
20.000
Milwaukee
40,597,000 bushels.
292,000
121,000
419.000
—
whs
corn
Barley
205,000
195,000
—
Open interest in
strength of the wheat markets.
Rye
bush 56 lbs bush 48 lbs
Volume
i,»ou,wu
iuu.
xurn
ixcw
uuancio,
Buffalo,
83,000;
afloat,
Albany,
270,000;
276,000; Erie, 731,000; total, 3.345,000 bushels, against 22,655,000 bushels In
Oa
Wheat
Bushe s
Canadian—
Corn
Bushels
Bushels
1937.
Barley
Bushels
Rye
Bushels
s
Lake, bay, river & seab'd
Ft. William & Pt. Arthur
12,317,000
684,000
30,000
2,011,000
11,033,000
920,000
Other Can. & other elev.
26,738,000
7,757,000
931,000
327,000
1,233,000
6,490,000
1938.. 50,088,000
1938.. 51,107,000
1937.. 40,323,000
9,361,000
9,278,000
4,233,000
1,558,000
1,297,000
1,068,000
9,734,000
9,894,000
A280.000
Total
Jan.
29,
Total Jan.
22,
Total Jan.
30,
Summary—I
9,361,000
4,436,000 10,129,000
1,558,000
9,734,000
1938..122,413.000 39,174,000 33,359,000
1938.-126,158,000 38.531,000 33,191,000
1937- 88,084,000 14.356,000 33,702,000
5,994,000 19,863,000
5.739,000 19,862,000
5,477,000 17,130,000
American
72,325,000 39,174,000 23,998,000
Canadian
50,088,000
Total
Jan.
29,
Total
Jan.
22,
Total Jan.
30.
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
•
ended Jan. 28, 1938, and
since July 1, 1937 and July 1, 1936,
shown in the following:
are
July
Jan. 28,
July
1,
July
Jan. 28,
1,
Australia
1936
1938
1937
1936
Bushels
Bushels
Bushels
Bushels
Bushels
3,600,000 112,749,000 132,752,000
1,320,000 60,690,000 44,968,000
2,190,000 28,364,000 60,086,000
3,172,000 50,785,000 47,030,000
7,536,000
11,296,000
Argentina.
.
India
THE DRY GOODS TRADE
July 1,
1,
1937
Bushels
Black Sea.
New York, Friday
__
13,568,000
408,000
countries
3,000
19,524,000
9,000
3,049,000 14,246,000
1,142,000 176,117,000 246,255,000
4,160,000
Weather
for the
Report
857,000
16,016,000
10,690,000 277.452.000 308,388,000
61,131,000
14,579,000
6,168,000 259,821,000 275,083,000
Week Ended
Feb. 2—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Feb. 2, follows:
At the beginning of the week temperatures had fallen considerably over
east of the Great Plains, particularly in the Northeast
changes ranged from 20 to 40 deg.
Precipitation was
most of the country
where the 24-hour
general over the Northeast, but elsewhere mostly fair weather prevailed.
Cool, fair weather continued through the 27-28th in eastern sections, except
in the lower Lake region, but a reaction to warmer
set in over the northern Great Plains on the 28th, under the influence of
for scattered snows
a
southeastern Wyoming.
"low" central over
trough of low pressure had developed from Colorado to
with considerably warmer weather over central sections, and
precipitation was light and scattered from the northern Lakes westward
to the Pacific coast.
By the 30th a well-developed "low" had appeared
On the 29th a
Illinois,
Lake
over
with widespread precipitation over many central
Lake region, extending westward over the Great Plains.
colder weather overspread the latter area, with subzero
Michigan,
sections and the
At the same time
On the
south¬
temperatures southward to Nebraska and northern Colorado.
31st the cold weather had spread eastward over the Ohio
and
ward over west Gulf districts.
Valiey
Precipitation was general over much of the East, as well as in the Pacific
Northwest.
Warmer weather was noted in some sections of the West.
At the close of the week temperatures had fallen from 20 to 40 deg. over
most of the Atlantic Coast States, with freezing weather extending south¬
ward to the east Gulf coast; at the same time a reaction to warmer had
set in over western
general rains in the
sections, with precipitation over eastern
districts and
Pacific States.
Temperatures were abnormally low in north-central sections.
out the area from the Ohio Valley northwestward the weekly mean
tures
ranged from 9 to 21 deg.
40 deg. cooler
than last week.
Through¬
tempera¬
below the seasonal average and from 18 to
The subnormal temperatures covered practi¬
England
cally all of the country east of the Rocky Mountains, except New
where they were from 3 to 8 deg. above normal.
Temperatures also were
somewhat high in the far West, including most of the Great Basin, where
the plus
departures for the
week ranged from 4 to 7 deg.
for the week were quite low, in marked contrast
preceding weeks, and many northern parts of the country re¬
ported the coldest week of the winter.
The line of freezing temperatures
extended southward to central Florida, the southern portion of Louisiana,
and practically all of Texas, except the central and south coast.
Through¬
out most Southern States the minima for the week ranged from 20 to 28 deg.,
while they were mostly below 10 deg. in the Ohio Valley.
Subzero weather
was reported southward to northern Missouri and Kansas, with the lowest
temperature for the week from a first-order station, 28 deg. below zero at
Devils Lake, N. Dak., on the 30th and 31st.
Subzero weather was also
experienced in the extreme Northeast, but much more severe conditions
were prevalent in the Canadian interior where 50 deg.
below zero was
reported from two stations.
Precipitation was moderate to heavy in the lower Ohio and Mississippi
Valleys, as well as in portions of the Lake region and along the Pacific coast.
In the first-named area weejdy amounts ranged from 1 to over 5 inches,
while in Pacific localities they were mostly from 1 to 2 inches.
Over a large
southwestern portion of the country the weekly amounts were negligible,
while they were generally light in most of the Plains area.
Marked temperature fluctuations and much windy weather were un¬
favorable for outside operations and growth of winter crops.
In some
parts of the Ohio Valley grain fields were icecovered, while the fluctuation
Minimum temperatures
to
several
from
high to low temperatures
ing, with consequent
heaving.
caused much unfavorable freezing and thaw¬
In many southern sections continued wet
delayed farm work and the cold weather was detrimental to growth,
but was without serious harm, except in some localities.
A favorable increase in sub-soil moisture was noted in Illinois, although
the amounts are still deficient in many areas, while ample surface mois¬
soil
ture for
area
present needs is
in the
reported from most of Missouri. The droughty
mentioned in this Bulle¬
southwestern Great Plains, previously
the
tin, continues unrelieved, with no precipitation of consequence during
week.
In this area quite severe duststorms continued, with considerable
soil blowing, damaging to winter wheat.
Dust was reported particularly severe
in west-central and northwestern
3 dates, with unusually heavy damage reported in several
Soil blowing was noted also in extreme eastern Wyoming, with
Oklahoma on
localities.
consequent damage to ranges and winter grains.
Light to moderate snows
were of considerable
benefit in holding the soil in Montana and South
Dakota, although they were badly drifted by high winds in many localities.
In the higher mountain sections of the West snow storage continues
deficient in practically all parts.
In Washington snow depths are prac¬
tically normal and storage is increasing in Oregon, but is still deficient in
many places.
In most of the Great Basin, extending southward into New
Mexico and Arizona, mountain snow depths are very deficient, with con¬
siderable apprehension felt in some localities.
In the Southern States general field work was quite inactive, due prin¬
cipally to wet soil.
crops
However, in Texas progress and condition of most
mostly good, with a definite improvement noted during the
Unseasonable advance of fruit buds was arrested by low tem¬
peratures in some
central and eastern parts, but the
cold weather retarded
growth of truck and some damage is feared in the Carolinas.
In Florida
tender truck was damaged extensively in north-central sections by the
cold weather of the 27-29th, but hardy truck is reported uninjured.
Some
citrus bloom was killed, but no extensive harm is indicated.
Strawberry
fruit and bloom were damaged and the crop was set back several weeks.
Small
A light
some
prevailing during part of the
week and the continued slump in industrial activities, served
to slacken retail business during the period under review.
This trend was most pronounced in the Eastern sections
of the country.
Reports from the South and Southwestern
districts, on the other hand continued to make a satisfactory
showing, and in parts of the Middle West a moderate com¬
parative improvement was registered, chiefly due to the fact
that last year's sales were severely affected by flood condi¬
tions.
In the New York area department store sales for the
week ending Jan. 29, according to the compilation of the
Federal Reserve Bank of New York, decreased 10.2 per cent
compared with the corresponding week of 1937, this being
sharpest decline since the beginning of the year.
For
the four January weeks the bank reported an average de¬
as
the
of 3.1 per cent.
Trading in the wholesale dry goods markets failed to show
crease
expected further improvement, although hopes continued
that, following the month-end inventory period,
retailers will show increasing willingness to enter the market.
A fair number of fill-in orders was received, but their total
the
to be voiced
proved disappointing. While prices on most items remained
steady, some scattered downward adjustments were an¬
nounced.
Wash goods moved in fair volume, and in some
instances
delivery difficulties were reported on certain
popular numbers. Business in silk goods expanded moder¬
ately, with most attention centering on crepe weaves.
Trading in rayon yarns showed a turn for the better as the
confusion resulting from the recent series of price reductions
away.
While reports were current that some pro¬
ducers were planning to step up their output, it was doubted
passed
plants would follow suit, inasmuch as surplus
to have shown a further moderate
increase during the last month.
whether other
stocks
still said
were
Domestic
Cotton
Goods—Trading in the gray cloths
quiet. While mills maintained their
markets continued very
price levels, offerings by second hands were made at
slight concessions.
Although the raw cotton market ruled
fairly steady, and sales of finished goods continued at a
satisfactory pace, converters retained their previous cautious
attitude, influenced in no small degree by the continued
unsettlement in the securities markets and the many uncer¬
tainties surrounding the general business outlook.
It was
deemed significant, however, that numerous requests for
speedier shipments of goods on order reached mills, and, in
view of the continued determination of producers to curtail
recent
it was held possible that another buying spurt
materialize. Business in fine goods turned spotty
although slub yarn broadcloths continued to move in good
volume.
Some interest existed for carded piques, and buyers
of rayon goods, following the recent numerous price adjust¬
ments, appeared more willing to reenter the market. Closing
prices in print cloths were as follows: 39-inch 80's, 6^§c.;
39-inch 72-76's, 6^c.; 39-inch 68-72's, 534 to 5%c.; 3834inch 64-60's, 4% to 4%c.; 3834-inch 60-48's, 3% to 4.
their output,
may soon
Woolen
Goods—Trading in men's
wear
fabrics continued
noted that the improvement
assumed a spottier character.
Interest in sports fabrics and
chalk stripes remained rather lively, and some further orders
on tropical worsteds and gabardines were received, but cloth¬
ing manufacturers in general showed little interest in staple
fairly active although it was
fabrics.
Reports from retail
clothing centers lacked uni¬
formity, with sales in some sections falling off considerably,
whereas other districts maintained their recent improved
volume of sales.
Business in women's goods continued quite
active, and unfilled orders were
another substantial increase.
reported to have shown
were
week.
most
Night, Feb. 4, 1938.
Adverse weather conditions
Other
Total
portion of that State; the crop has improved in eastern Kansas.
Farther north moderate snows were beneficial in supplying moisture,
although many fields were bare in Nebraska where the condition of winter
wheat is fair, but with some deterioration reported during the week.
Wyoming also reported damage to grain from strong winds which eroded
plowed ground, and rather severe duststorms occurred in eastern New
Mexico; elsewhere in the West the week was mostly favorable for small
grains.
Beneficial precipitation occurred in Colorado and Utah; in Mon¬
tana, Idaho, Washington, and Oregon light to moderate snows protected
winter grains, which are mostly in good condition in that area, ana stopped
soil blowing.
Oat sowing has begun in extreme southeastern Kansas and winter wheat,
oats, and barley are mostly good in Texas, with improvement noted during
the week, but oats were slightly damaged in Alabama, South Carolina,
and some other SoutheAstern States by low temperatures.
Since
Since
Week
Since
1938
North Am.
portions of the eastern Ohio Valley and condition ranges from fairly good
to good from Kentucky and Tennessee eastward.
In more central sections growth was stopped by cold; condition ranges
from poor to fair in Illinois, with additional damage uncertain, but little
damage has been reported in the lower Mississippi Valley.
Wheat is
mostly poor to fair in Missouri, where moisture is ample for present needs,
except in the extreme northwest.
Over the Plains States tne crop made
little growth because of cold; condition is fair to good in central and eastern
Oklahoma, but only fair to poor in the western part of that State.
Considerable damage from blowing was reported in west-central and
northwestern Oklahoma.
Several duststorms in western Kansas, and con¬
siderable soil blowing, damaged winter wheat in several southwestern
counties of Kansas and there was less extensive damage in the northwest
Corn
Wheat
Since
Week
Exports
943
Chronicle
Financial
146
Grainb—The week was generally
unfavorable for small grains.
snowcover in New York afforded some slight protection, but in
States alternate freezing and thawing were Injurious with
Eastern
heaving reported.
In practically all northern States of
Belt there was insufficient snow, at least locally, and
Wheat
unfavorably
affected.
Some
slight
growth
was
the Winter
grains were
reported, however, in
Foreign Dry Goods—Trading in
in the household and in the
linens remained dull,
dress goods divisions.
Advices from foreign primary centers stressed the appearance
of a somewhat firmer trend for the raw material.
Business
in burlap continued fairly active during the early part of the
week.
Later, however, the market turned quiet, partly
under the influence of Calcutta advices reporting a very sub¬
stantial increase in stocks during the last month.
Domesti¬
cally lightweights were quoted at 3.75c., heavies at 5'.10c.
both
Financial
944
State and
Chronicle
Feb.
Page
Name
Int. Rale
633
Athens County, Ohio
Atlanta, Texas
305
aFresno County. Calif
787
Leon Co.
631
Illinois & Missouri Bonds
789
Amount
Livingston Parish, La
bNiles, Mich
exc.
50.000
5%
6%
Not
6%
Palisades Ind. 8. D., Minn
Sarasota Co. Spec. Tax S.D.S.Fla.
4H%
Sioux City. Iowa
X
c Waterford
Not exc. 4%
Township, Mich
306
790
ST.
WIRE
Rate of interest
x
LOUIS
c
municipal bonds during the month of January, as is
amply illustrated in the fact that the sales of new offerings
to
no
more
than
$48,787,644.
merely
was
a
Although
ment of the
the
depart¬
new
capital market since August, 1937, the de¬
cline in January emissions followed in the wake of a con¬
siderably active period in the closing month of 1937.
total for that
period
bankers found it
recent
month's
was
easy to
offerings, these
of the type of issue which is
investment
of sound
up
in the main
representing obligations
character, the relatively short maturities contained
in most of the issues added
an
The
currently in great demand by
In addition to
sources.
investment
greatly to their desirability from
These appear to be the most
viewpoint.
important considerations established by potential buyers of
tax-exempt securities.
This condition is in sharp contrast
with that which prevailed in the
opening month of
January,
1937, when the demand in evidence for municipal liens of
every type occasioned the disposal in that period of issues in
the aggregate
principal amount of $207,228,381.
This con¬
stituted a record high for emissions for
any period since
March, 1931, and the total was the largest established in
January of any year.
The
following issues of $1,000,000
during January:
or more came to market
from 1939 to 1958,
incl., were awarded to an account headed by
Brown Harriman & Co.,
Inc., New York, at 100.629, a basis
of about 2.18%.
Re-offered from a
yield of 0.50% to
a
price of
par.
3,000,000 California (State of) 2%% Veteran's Welfare
bonds, due serially
from 1939 to 1954,
incl., purchased by Smith, Barney & Co. of
New York, and associates, at a
price of 104.016, a basis of about
2.20%.
Re-offered to yield from 0.50% to
2.35%,-according
to maturity.
1.70%
public works bonds, due annually
from 1940 to 1948, incl., were sold to a
syndicate managed by
Brown Harriman & Co. of New
York, at 100.059, a basis of
about 1.69%.
Re-offered to yield from 0.70% to 1.85%, ac¬
cording to maturity.
1,982,000 Houston, Texas, various purposes bonds,
bearing interest
at 2H % and 3
% and due annually from 1941 to 1958, incl., went
to
Halsey, Stuart & Co., Inc., New York, and associates, at a
price of 100.058, a net interest cost of about
2.52%.
Reoffered to yield from 1.30
% to 3 %, according to interest rate
and maturity.
1,850,000 Dakota Ooujnty, Neb., 4%
Sioux City bridge revenue bonds,
period at prices ranging
due in 1957 and callable at
any interest
from
1^707A)00
103 to par, purchased
privately by Stranahan, Harris &
Co., Inc., of ToledoRe-offered at 103 and accrued interest.
Onondaga County "TN. Y., 2.10% various
purposes bondsT ma¬
turing annually from 1939 to 1968, incl., awarded to an account
headed by the Harris Trust &
Savings Bank of New York, at
100.027, a basis of about 2.09%.
Re-offered to yield from
.0.50% to 2.30%, accordingJ;o maturity.
1,400,000 Buffalo, N. Y., 3 H% home relief and relief
project bonds,"due
annually from 1939 to 1948, inci., purchased
by a syndicate
managed by Salomon Bros. & Hutzler of New
York, at 100.279,
a basis of about 3.45%.
Re-oifered to yield from 1U% to
Em
L.
^
Bids
rejected
Sale postponed
subsequent page.
success
which featured the
disposal
municipal loans during January.
City of New York.
their
requirements
All of the units which appeared in
during the month
at
extremely
low
were
able to finance
interest
000,000
four-months notes at
on
an
The
cost.
State of New York, for
example, was able to borrow
annual interest
$100,charge
only 0.25%.
Canadian municipal bond
large scale in the
very
which, however,
financing
recent
represented borrowing
Dominion Government.
contracted
was
on
3.35%, according to maturity.
1,350,000 South Carolina (State of)
3% certificates "of Indebtedness due
annually from 1939 to 1952, incl., were sold to Lehman
Bros, of
New York and
associates, at 100.479, a basis of about 2.93%.
Re-offered to yield from
0.85% to 3%, according to maturity.
1,000,000 Norfolk, Va., 3% general improvement
bonds, due serially from
1939 to 1958, incl., awarded to an account
headed by Phelps.
Fenn & Co., Inc., New
York, at 100.11, a basis of about 2.99%.
Re-offered from a yield of 1 % to a dollar
price of 99.75.
1,000,000 West Virginia (State of) road bonds, due
annually from 1938 to
1962, incl., with the 1938 to 1946 maturities bearing
3% interest
and the balance at
2\i %, were sold to the Chase National Bank
and Blyth &
Co., Inc., both of New York, Jointly, at a price of
100.01.
Re-offered to yield from 0.25% to
2.50%, according
to
on
behalf
Issues sold aggregated
of
the
$109,151,-
900, the total including a conversion offering by the Dominion
$50,000,000 which was underwritten in London,
of about
England.
Ontario
The month's sales also included
a
Hydro-Electric Power Commission.
Government
flotation by the
The Canadian
responsible for all of the $50,000,000 of
temporary borrowing negotiated last month.
was
No United States Possession bond
written in the United
Below
we
furnish
a
financing
was
under¬
States during January.
comparison of all the various forms of
municipal obligations sold in January during the last five
years:
'
January
1938
1937
$
$
1936
1935
1934
$
'
$
$
Perm, loans (U. S.).
48,787,644 207,228,381
89,523,614 97.172,419 55,071,204
Temp. loansdJ. S.) 186.428,161 75,207,641 173,965,568
141,812,000 130,353,200
Canad'n l'ns (temp.)
50,000,000 55,000.000
25,000,000
500,000
Canad'n l'ns (prem.):
Placed in Canada.
al09,151,900
Placed in U. S
Bonds U. S. Posses'ns
Total
56.016.500
85,000.000
549,914
48,000,000
40.817,849
34,172*600
433,000
394,367,705 478.452.522 337,039.096 274,090.019 226,242,253
*
Includes temporary securities Issued by New York
City—$42,500,000 in 1938.
$40,600,000 In 1937, $54,838,000 in 1936, $33,000,000 In 1935 and
$56,672,200 In
1934.
a Includes issue of
$50,000,000 underwritten in London, England.
The number of municipalities in the United States
emitting
permanent bonds and the number of separate issues made
during January, 1938,
245 and 290, respectively.
This
January, 1937.
comparative purposes, we add the following table
showing the aggregate of long-term bonds put out in the
United States for January for a series of
years.
It will be
observed that the 1937
January output was the largest on
record:
were
contrasts with 339 and 434 in
For
1938
$48,787,644
1922....
1937
207,228,381
89,523,614
1921
87, 050,550
1906
1920
1905
1936
.$108, 587,199
1907
$10,160,146
8,307,582
8,436,253
23.843,801
97,172,419
1919
1934
55,071,204
1918
83, 529,891
25, 090.625
24, 060,118
1903
1933
15,141,796
1917
40, 973.081
1902
1916
50, 176,099
1901..
10,915,845
9,240,864
1915
34 303,088
1900
1914
1913
84, 603,094
30, 414,439
1898
1928
35.834,606
138,248,064
50,648,907
109,842.814
75,710,723
100,343,627
1927_
1935
1932
1931
1930
1929
1904
1899
1912...
25, 265.749
206,877.975
1911
78, 510.274
1896
1926
70,366,623
1910
1895
1925
135,536.122
99.625,470
96,995,609
1909
16, 319,478
29, 318,403
1894
1908
10, 942,068
1893
_
1924
1923
1897....
20,374,320
6,075,957
8.147,893
10,405,776
6.507.721
10.332,101
7,072,267
5,438,577
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail.
It will be given later.
News Items
interest rate and maturity.
In view of the restricted
character of the
market in
January, it
prospective borrowers
were
unable to
ings in that period.
These issues
aggregate
amount
principal
shown in the
icle"
being given for reference
page
a
number of
dispose of their offer¬
12 in number and the
were
reached
following table, the
municipal bond
but natural that
was
a
month, the greater part of
*
$5,240,000 Pittsburgh, Pa., 2M% refunding bonds of 1938, due
serially
2,000,000 Rochester, N. Y.,
the
distribute the bulk of the
made
on a
the short-term market
Although investment
were
100,000
120.000
Financing of
that nature totaled
$186,428,161, of which $100,000,000 was
accounted for by the State of New York and
$42,500,000 by
of
$85,222,370.
relatively
of short-term
continuance of the
trend which has been the distinctive feature of this
No bids
Offering rescinded
was
less contributed to the
or
Comparative inactivity prevailed in the market for State
amounted
Not sold
25,000
35,000
Continuance of the demand for issues
maturing in a year
JANUARY
and
lessened volume of awards
2,500
4%
optional with the bidder,
a Proposed issue would exceed
New offering of $88,000 to be made,
b Voters refused to sanction
Amount of issue was reduced to $100,000 and new
offering will be held
Feb. 12, as noted
IN
X
No bids
Offering rescinded
legal debt limit.
loan,
MUNICIPAL BOND SALES
No bids
100.000
280,000
Polk Co. Special Tax S. D. 47, Fla.
Broadway
No bids
7.000
exc.
3H%
...
No bids
Offering rescinded
33,000
469
CHICAGO
93,000
4%
787
314 N.
Offering rescinded
4^%
Not
466
STIFEL, NICOLAUS &, CO., Inc.
Report
$33,300
6%
Special Tax S. D., Fla__
Levy Co. Special Tax S. D. 1, Fla.
787
308
DIRECT
1938
City Department
Specialists in
105 W. Adams St.
5,
$878,800.
They
are
number of the "Chron¬
purposes:
Kamab—Legislature to Consider Relief Measures—A spe¬
cial session of the State Legislature is
expected to get under
way on Feb. 7 in order to deal with unemployment relief
It is stated that Governor Walter A. Huxman
will ask that the
provision of the sales tax law, under which
measures.
$4,000,000 of the
revenue must be turned back to the count¬
ies for reduction of the
general property taxes, be amended
to permit diversion of the
money to the social welfare board,
to be made available to the counties for welfare
purposes.
Volume
Financial
146
announcing his intention of convening the Legislature in
special session, the Governor stated:
In
I have arrived at the conclusion that there is a real need for
additional
financial provision for the needy people of Kansas.
It is generally admitted
that under our present law the counties are required to bear too great a
share of this financial burden and that the State has not assumed its
full
share of the burden.
sales tax was passed for the purpose of
providing for social welfare.
We have not discharged our duty in this re¬
spect when we take only approximately 25% of the sales tax for the needy
people.
I fail to see where any worthwhile object is realized by a law which
causes the counties to bankrupt themselves by issuing bonds and excess
levies for the poor fund when there is on hand at least $4,000,000, raised
for this purpose, which can be used to help the counties and relieve them
No matter what some may say, the
of their financial distress.
An unbroken line of
945
Chronicle
In
view
Nunan
of
conditions,
of
(Dem.)
Jr.,
Committee, of which Senator Joseph D.
is Chairman, recommended that slight
1940 and that tapering off begin
the
Queens,
be made in the law until
modification
It also suggested that the troublesome deficiency judgment ques¬
once and for all by outlawing such judgments completely
then.
be settled
tion
of other proposals.
1, 1940, and offered a series
after Jan.
S. C.—Denialjfiof
Upheld—The Fourth United States Circuit Court
of Appeals affirmed on Feb. 2, a District Court decree deny¬
ing three power companies an injunction against the $37,500,000 Santee-Cooper power project, according to an Associated
Press dispatch from Charlotte.
Power
Santee-Cooper
Authority,
Power Writ
firms—the Carolina Power & Light Co. of Raleigh; the South
and the South Carolina Electric &
S. C.—had appealed a decision of District Judge
J. Lyles Glenn.
The project, sponsored by the South Carolina Public Service Authority,
contemplates a vast power development project on the Santee and Cooper
Rivers in lower South Carolina to be financed with Federal funds,
The power
precedent shows that every new tax is just another
mandatory provision compelling the tax spenders to
reduce taxes.
The plan of the Legislature to compel a reduction of taxes
on real property by distributing approximately $4,000,000 of the sales tax
fund to all the funds in all the municipalities will not succeed because, in
tax
unless there is
the
opinion of lawyers, that provision of the sales tax
a
law requiring this
Carolina Power Co. of Chsrleston, S. C.,
Gas
Co.
of Columbia,
is unconstitutional.
This emergency having arisen, it appears to me that the proper thing
to do is to call a special session of the Legislature, amend the law, placing
available to the counties,
raise the percentage of the burden that the State bears and lower the per¬
centage that the counties bear and thus enable the counties to adequately
provide for the needy people and to reduce their poor fund levies.
In this
way we will get more tax relief than if we fritter this money away through
more than thrity-five funds in all of the different municipalities and will
also be using the money for the purposes for which it was raised.
It is my intention to call a special session of the Legislature at the earliest
date possible to give the Legislature an opportunity to consider these mat¬
ters.
A definite time for convening the Legislature has not been deter¬
mined and I am consulting with some members of the Legislature regard¬
ing the date, but it is my present intention to call the session of the Legis¬
lature at least by the seventh of February.
this additional sum in the welfare fund, make it
York, N. Y.—Court Upholds Old City
New
Budget Mayor
to Be
Taken—The Budget that Mayor
Guardia vetoed in December is the city's valid, legal
Vetoed—Appeal
La
Budget for 1938 and the first half of 1939, while the new
Budget, approved by the newly installed Board of Estimate
and the City Council recently, is void, according to a test
case
ruling on Feb. 1 by Supreme Court Justice John E.
McGeehan.
The Budget which was adjudged valid in the
Court's opinion provides about $800,000 more for salaries
than
the
substitute.
Mayor La Guardia said:
upheld it, it would still be the most
Soon after he learned of the decision,
"If all the courts in the whole world
infamous budget ever adopted in the
there will be an immediate appeal."
world
any
time anywhere.
Of course
Court, whose salary in the vetoed budget was $4,000 and in the substitute
budget $3,000, brought the test case in behalf of himself and all others
similarly situated.
The principal contention of Corporation Counsel William C. Chanler,
who represented the city, was that the resolution restoring jobs and salaries
required 12 affirmative votes in the old Board of Estimate to make it
effective and that since it received only 10 of the 16 votes in the Board
it was never legally adopted.
It also was contended that, because of the
Mayor's veto, the budget never received the approval of tne Board of
Washington on Feb. 1 had the following to say regarding
opinion given on that date by the Federal Tax Appeals
on a question involving a phase pf municipal tax ex¬
emption:
an
Board
The United States Board of Tax Appeals
upheld the contention of former General Sessions
Judge Alfred J. Talley that 10 votes in the Board of Estimate were sufficient.
He also ruled
that approval of the Board of Aldermen was not essential,
since the old charter provided that the budget as approved by the Board
of Estimate should become effective if the Aldermen failed to act within
a
to
Federal taxation.
specific pieces of property and were not
City of Tulsa.
States—Effect of Income Taxes on Total Revenues
Trend—State governments received 13%
of their tax revenues from income taxes in 1937 and the
United
Favorable
Shows
Federal
Government
the
to more than half
as
dating.
the State is to contribute its credit and super¬
vision, the city its management and tax exemption, and the Federal Gov¬
ernment loans and grants under existing legislation.
The bill authorizes the State, subject to a popular referendum under
the constitution, to borrow up to $100,000,000, to be used solely for loans
for low-rent slum clearance housing.
These loans will be made to munici¬
pal housing authorities by the State Housing Board.
The bill provides that the State borrowings are to be secured by State
credit.
In turn, the State housing loans are to be secured by mortgage on
each low-rent housing project financed by the State. * Interest and amorti¬
zation must be sufficient to repay the State in full within 50 years and meet
the debt service requirement of the State on the bond issue as and when
Under the proposed Act
required.
State financing under the bill is conditioned upon proper zoning pro¬
tection against deterioration of the area surrounding each project and the
approval of any city planning agency.
Provision also is required for park,
playground, school and transit facilities, and for the setting up of reserves
to protect State liens.
Projects in case of foreclosure may be taken over
and operated by the State.
Mortgage Moratorium Law Recommended—
final report to the Legislature
the Joint Legislative Committtee on
a
submitted
on Jan. 31,
Mortgage Moratorium
Deficiency Judgments advocated
the continuance of
Mortgage Moratorium Law with minor modifications
until 1940 and extension of the "emergency" period under
which the law was enacted until Jan. 1, 1943, according to
the
news
dispatches from Albany.
intensive eight-month survey of the mortgage situa¬
convinced them that "business conditions are much
ago," the Committee declared that to begin tapering
ihe moratorium at this time would cause "widespread ruin to real estate
Explaining that an
tion in the State had
worse
than
owners,
a
year
great damage to investors
$2,100,000,000, it reports, an
less than the $2,400,000,000
the total State
the revenue from gasoline taxes
1937 amounted
and about four-fifths of
income taxes, the Federation
Del., both of which collected
1934-35.
Besides
States impose income taxes on
both individuals and corporations.
They are Vermont, Massachusetts,
Rhode
Island, Maryland, Virginia,
North Carolina, South Carolina,
Georgia, Alabama, Kentucky, Wisconsin, Iowa, Minnesota, Missouri,
Arkansas, North Dakota, South Dakota, Kansas, Oklahoma, Montana,
Colorado, New Mexico, Idaho, Utah, Arizona, Oregon, California, Louisiana
income
for emergency purposes in
the Federal Government, 29
taxes
York
Etud ]Nf
Three States levy
only a corporate income tax:
and Connecticut, while Virginia
Bond
Tennessee, Pennsylvania
and Delaware tax only individuals.
Proposals and Negotiations
ALASKA
KETCHIKAN,
Alaska
—
out an
DEFEATED— On Jan.
BONDS
Ketchikan rejected a proposal
existing cash deficit of $100,000
voters of
18
the
to issue $175,000 bonds to wipe
and to improve streets.
ARKANSAS BONDS
Markets in all State,
and destruction to property values."
County & Town Issues
SCHERCK, RICHTER COMPANY
follows on his proposal:
policy for State improve¬
ments and opposed bond issues for such purposes.
A bond issue whose
sole object is the raising of funds to be loaned by the State is only a loan
of credit facilities and is not the same as a bond issue which must be repaid
from tax revenues.
A pay-as-you-go policy for State improvements has no
application to the authorization of bonds which are only credit loans.
The
bond issue proposed by this bill is entirely self-liquidating and the bill is
drawn with ample safeguards to assure that the issue will be self-liqui¬
and
but
general sales taxes.
Only two local governments ever have levied
finds, New York City and Newcastle County,
related projects.
reported in part
Continuance of
1933,
the
LANDRETH
have consistently favored a pay-as-you-go
In
in
of—Large
for slum clearances and
I
$700,000,000
from
collected in 1930.
Income tax revenue provided 13.2% of
tax revenues in 1930 and 9.5% in 1933. State income taxes in
Housing Program—Under the
Mr. Moffat
the
1930, according
the decrease in
States which had income levies showed a more constant ratio
Federal Government in 1937, the Federation finds.
For the
The 34
than
latter total income tax revenue last year was
Bond Issue Proposed for
provisions of a bill introduced
in the Legislature by Assemblyman Abbot Low Moffat, the
State would be empowered, subject to approval of the issue
at a referundum, to issue a total of $100,000,000 in bonds
for the purpose of loaning funds to local housing authorities
State
despite
42.4%,
percentage of revenue from that source since
to the Federation of Tax Administrators.
McGeehan
York,
could be paid only from
general obligations of the
The Board maintained the sewer tax warrants
taxes on
specified time.
New
denied today Federal income-tax
exemption for income from special municipal tax bills, or warrants, such as
paving taxes collectible only from the owners of property adjacent to the
improvement.
The principle was laid down in a decision in which the Board upheld a
$783 tax deficiency assessment by the Internal Revenue Bureau against
T. I. Stoner of Des Moines, Iowa.
Mr. Stoner had invested in some Tulsa, Okla., sewer tax warrants and
claimed these were the same as municipal securities which are not subject
Aldermen.
Justice
Taxation—An Associated Press dispatch
Income
from
increase
Pending the outcome of the appeal. Controller Joseph D. McGoldrick
said later, he would take no action to make the city payrolls conform to
to the vetoed budget.
Pay checks for January were based on the substitute
budget.
The vetoed budget, approved by all the members of the last Board of
Estimate except Mayor La Guardia, Borough President Raymond V.
Ingersoll of Brooklyn and Borough President Joseph A. Palma of Rich¬
mond, provides salaries for 65 county and city officials whose position the
Mayor sought to abolish, and in addition provides salaries for several
hundred others at higher rates than those recommended by the Mayor.
The substitute budget conformed to the Mayor's wishes in both respects.
Edmond J. Dixon, an Assistant Clerk in the First District Municipal
Subject to
United States Tax Board Holds Warrants
Federal
BUILDING,
ST. LOUIS, MO.
ARKANSAS
ARKANSAS, State
AGE PENSIONS—The
of —GOVERNOR SIGNS BILL DOUBLING OLD
Little Rock "Gazette" of Jan. 29 had the following
'to s<ny *
Gov. Hugh White
age
today signed the $2,000,000
assistance, thus assuring
appropriation bill for old
pensioners of this classification a pay
of neatly 100%, effective July 1.
W. F. Bond, State Director of the
,
increase
_
Old Age Assistance Program, said the
appropriation increase ($1,115,000 more than the current biennium) would
permit a raise of average pension payments from $4.47 a month to $8 and
would provide assistance for about 3,500 more old people.
There now are about 15,000 on the rolls, the State's $8 maximum will
compare with $11.35 for Alabama, $9.11 for Arkansas, $15 for Florida,
$9.93 for Louisiana, $10 for Georgia and $13 02 for Tennessee.
ARKANSAS, State of—BOND
Refunding Board will
TENDERS TO BE RECEIVED—State
receive tenders March 10 on highway
debt obligations
unofficial estimates place maximum cash available at $1,500,000.
Cash available for purchases will be apportioned to the several redemption
accounts in accordance with provisions of Act 11 of 1934.
Highway re¬
and
funding redemption account will receive 63.3%, road district refunding
33.6%, funding notes of contractors 1.3%, and municipal paving
aid
refunding certificates
1.8%.
TO BE DISCUSSED—New dis¬
cussions on refinancing $145,000,000 highway indebtedness authorized by
Acts 103,151 and 278 of 1937 are contemplated by Governor Carl E. Bailey
and State Advisory Finance Board, and report on market conditions will be
made by A. C. Allyn & Co. and Stifel Nicolaus & Co., appointed some time
ago as syndicate managers.
Unofficial reports are that changes will be
made in the original plan, and effort may be made to meet conditions of offer
of U. S. Bureau of Public Roads to pay 50% of cost of highway bridges from
which tolls are lifted.
Offer is applicable on bridges constructed since 1927.
HIGHWAY DEBT REFINANCING
SCHOOL
BOND
"Gazette" of Jan. 28
SALE NOT CONSUMMATED—The
carried the following report:
Little
Rock
& Sons Co., Chicago bond house, notified Commissioner of
Education W. E. Phipps yesterday that because of State Supreme Court
rulings on legality of Act 162 of 1937, it would not go through with its offer
to pin-chase $240,000 worth of 4% State Board of Education bonds issued
under authority of the Act.
"The bonds were issued last November to obtain money for the revolving
loan fund to make loans to school districts to erect and equip buildings and
"Speer
946
Financial
to retire indebtedness at a discount before
maturity .$1 The bonds
are
Chronicle
dated
SANTA
Nov. 1, 1937, and mature
semi-annually beginning Jan. 1, 1938 to 1949.
"Mr. Phipps said that a Little Kock firm which bid on the
issue last
November had offered to purchase the bonds under the same terms
as
they
sold to Speer & Sons'Co.
This offer probably would eliminate the
necessity for readvertising the issue, he said.
been
called
to
meet
at
11
a
.
at an election held on Feb.
PULASKI
COUNTY
SPECIAL
Details
on
these proposals have not as yet been received.
COUNTY
(P. O. Walsenburg), Colo.— WARRANT
CALL—The following county warrants are now payable and will cease to
SCHOOL
Ordinary rev. fund, all warrants registered up to and incl. Aug. 19,1937.
Road and bridge fund, all warrants registered up to and incl. Feb.
2,1937.
Support of poor fund, all warrants registered up to and incl. Dec. 8, 1937,
Welfare administrative fund, all warrants registered.
DISTRICT (P. O. Little
LOVELAND,
estimated that the warrants will be called for retirement
Aug. 3, 1938.
& Co., and Kaiser &
group composed of Blyth & Co., Schwabacker
all or San Francisco, bid a premium of
$886.57, at 0 75% interest.
Colo.—BOND
costs of
A
Co.,
These, bonds
be presented to the First National Bank of Denver.
are to
CONNECTICUT
HARTFORD, Conn .—TAX EXEMPT PROPERTY VALUED AT
ABOUT $135,000,000—The Board of Assessors
reported Feb. 1 that public
COUNTY
(P. O. Fresno), Calif.—COALINGA SCHOOL
BONDS SOLD—'The issue of $350,000 Coalinga Union
High School Dis¬
trict bonds offered on Jan. 28-—V. 146, p
624—was awarded to a group
composed of the Bankamerica Co., Dean Witter & Co. and the Wm.
R.
Staats Co., all of San Francisco, on a bid of
$350,951, equal to 100.169,
for 2^s, a basis of about 2.22%.
Dated Feb. 1, 1938.
Due on Feb. 1
as follows: $37,000,
1940 and 1941; $39,000, 1942 to 1946;
$40,000, 1947,
and private property exempt from taxation in the
city is valued at $134,2,162,99 an amount equal to 35% of the taxable grand list.
The report disclosed an increase of $579,024 in the value
of tax exempt
property here since the preparation of the last report, which was issued on
a quadrennial basis.
If the tax exempt property could be added to the new
grand list total, it
pointed out, the tax rate for the coming fiscal year would be 21.25
of 29.25.
was
and $41,000 in 1948.
mills instead
FOWLER SCHOOL BONDS SOLD—'The $88,000 school
Fowler Schoold District, offered on Jan. 28—V,
building bonds
146, p. 624—were
Brush, Slocumb & Co., both of San
Francisco, at par plus a premium of $28, equal to 100.031.
Of the issue,
$20,000 maturing to 1943 will bear interest at 5%, $64,000
running from
1944 through 1959, 2% and $4,000 coming due in
1960, 3%.
Dated
Jan. 1, 1938.
Due $4,000 yearly on Jan. 1 from 1939 to 1960.
HUNTINGTON
been set
BEACH,
the date of
as
Co.
an
Calif.—BOND
at
which
ANGELES
COUNTY
Treasurer,
until
OFFERING—Fred
I.
Roberts,
Town
Feb. 7 for the purchase of $150,000
coupon high school build¬
First National Bank of New York
City.
The bonds will be certified by the
Thomaston institution, subject to legal
opinion of Day, Berry & Howard of
Hartford.
A certified check for
$1,000, payable to the order of the town,
must accompany each
proposal.
12 has
proposal to issue $86,500
a
Conn.—BOND
announces that the Board of Selectmen will receive sealed bids
noon on
ing bonds.
Dated Feb. 15,1938.
Denom. $1,000.
Due $10,000 annually
commencing two years from date of issue.
Principal and semi-annual in¬
terest payable at the Thomaston National
Bank, Thomaston, or at the
ELECTION—April
a
beach front park site bonds will be submitted to
LOS
THOMASTON,
and
election
City
operation.
tion bonds.
&
AUTHORIZED—'The
ROCKY FORD, Colo.—BONDS NOT PRESENTED—It is now
re¬
ported that 5% water extension bonds, in the amount of $27,000, dated
Jan. 2, 1923, due on Jan. 1, 1938,
being numbers 135 to 148, 164 to 169,
216 and 217, and 232 to 236, have not yet been presented for
payment.
COACHELLA, Calif .—BOND ELECTION—An election is to be held
Feb. 7 to vote on the question of issuing $35,000 sewer
system construc¬
Donnellan
ISSUANCE
Council is said to have passed an ordinance providing for the formation of
Sanitary Sewer District No. 29 and the issuance of bonds sufficient to cover
(State Of)—WARRANT SALE—'The $3,409,890
regis¬
tered warrants offered on Feb. 1—V. 146, p. 787—were
awarded to the
Bankamerica Co., and the American Trust Co., both of San
Francisco, on
a joint bid of par plus a premium of
$1,869.30 for 0.75% warrants. It is
to
10, 1937, without being supplemented by Public
draw interest after Feb. 18:
CALIFORNIA
of
Calif.—SAN JOSE
HUERFANO
CALIFORNIA
awarded
Jose),
DENVER, Colo.—BOND BIDS RECEIVED—It is stated that at the
offering on Feb. 2, of the $4,100,000 Special Improvement District refund¬
ing bonds, noted in our issue of Jan. 29—V. 146, p. 787—two offers were
received and taken under consideration
by the city officials.
One was
submitted by a group headed by the Carleton D. Beh Co. of Des
Moines,
the other by the J. K. Mullen Investment Co. of
Denver, and associates.
Rock), Ark.—BONDS REFUNDED—The State Department of Educa¬
tion is reported to have refunded $10,000 of bonds for the
second time.
FRESNO
San
Works Administration funds.
4% and 4}4% in¬
$25,000.
over
O.
BENT COUNTY SCHOOL DISTRICT NO. 1 (P. O. Las
Animas),
Colo.—BOND ELECTION—It is stated by G. R. McCaulev,
County
Superintendent of Schools, that an election will be held on Feb. 11, to
vote on the issuance of $66,000 in school construction bonds, authorized
MORRILTON SCHOOL DISTRICT NO. 32
(P. O. Morrilton), Ark.
—BONDS REFUNDED—The State Department of Education
is said to
have refunded $135,000 in 5K% bonds at new rates of
terest, effecting a saving of
(P.
5, 1938
COLORADO
m.
today to dispose of the issue but Mr. Phipps said the meeting had been
postponed until 10 a.m., Wednesday because of Inability to obtain a quorum.
"The Supreme Court in a ruling on Dec. 20 held that Section 4 of
Act 162
was Invalid since it was
contrary to Amendment 20 to the State Constitu¬
tion which prohibits the issuance of bonds
pledging the faith and credit of
the State without the consent of a majority of qualified electors.
Y- "In an extension of the opinion Jan. 17, the Court held that the Com¬
missioner of Education had authority to withold 'all or
any part' of the
State apportionment from a school district to prevent it from
defaulting on
loans from the revolving loan fund.
ffc"Under the ruling school districts borrowing from the revolving loan fund
in effect would put up their revenue in the form of the
apportionment due
them to make good on a default of thier loan from the
revolving loan fund.'
-
COUNTY
SCHOOL BONDS DEFEA TED—It is stated by the County Clerk that at
the election held on Feb. 2—V. 146, p. 305—the voters defeated the
pro¬
posal to issue the $1,800,000 in school building construction bonds.
were
"The State Board of Education had
Feb.
CLARA
vote.
(P.
O. Los Angeles), Calif.—KEPPEL
SCHOOL BONDS OFFERED—The County Clerk will
receive bids until
2 p. m. Feb. 15 for the purchase of $3,500 bonds of
Keppel Union High
School District.
MARIN COUNTY (P. O. San
Rafael), Calif.—SA USA LI TO
BOND ELECTION POSTPONED—The election which
held in Sausalito Elementary School District to vote on
school building bond issue on Feb. 14 has been
was
to
FLORIDA
SCHOOL
a proposed
$30,000
postponed until Feb 21.
Clyde C. Pierce Corporation
Barnett National Bank
Building
MARIN COUNTY (P. O. San
Rafael), Calif.—SAN RAFAEL SCHOOL
BOND OFFERING—Sealed bids will be received until
11 a.
m. on
JACKSONVILLE
Feb. 14,
by Geo. S. Jones, County Clerk, for the purchase of an issue of
$125,000
San Itafael High School District bonds.
Interest rate is not to exceed
5%, payable F. & A.
Denom. $1,000.
Dated Feb. 1, 1938.
Due $5,000
from Feb. 1, 1939 to 1963 incl.
Prin, and int. payable in lawful
money at
the County Treasurer's office.
The bonds will be sold for cash
only at not
less than par and accrued interest to date of
delivery.
These bonds were
approved by the voters at an election held on Jan. 11.
The bidder shall
state separately the premium, if
any, offered for the bonds.
A certified
check for 10% of the amount of bonds bid
for, payable to the Chairman of
the Board of Supervisors
is required.
PALO
ALTO, Calif.—BOND ELECTION—We
advised by the City
Clerk that an election is scheduled for Feb. 15 in order
to vote on the is¬
suance of $175,000 in not to exceed
4% hospital construction bonds.
SAN
San
A
FRANCISCO-OAKLAND
BAY
DISTRICT
(P.
O.
Francisco), Calif.—NEW REFUNDING PROPOSAL OFFERED—
new
proposal for effecting permanent financing for San Francisco-Oakland
Bay Bridge has been presented by Bridge Authority
representatives to the
Reconstruction Finance Corporation, which now holds
some $63,000,000
bridge bonds.
The plan, which has been assured of immediate
consider¬
ation by Jesse Jones of the RFC,
contemplates rewriting the coupon rate on
bridge bonds already held and to be held by the Federal
agency so that the
interest rate on $33,000,000 will be
4%, and on $40,000,000 will be 4^%.
RFC will also advance an additional
$10,000,000 needed to complete
bridge rail facilities, and will, if the action is legal, advance funds
needed
to buy out
competing ferry service for $3,750,000, less $300,000 discount
available in the first year of proposed
bridge-ferry contract.
SAN FRANCISCO
(City and County of), Calif.—BOND OFFERING
—As previously reported in these
columns—V. 146, p. 787—J. S.
Dunnigan,
Clerk, Board of Supervisors, will receive bids until 3
p. m. Feb. 7 for the
purchase at not less than par, of $650,000
coupon, fully registerable, air¬
Bidders are to specify rate or rates of
port bonds.
interest, not
to exceed
6%.
Denom. $1,000.
Dated Jan. 1, 1938.
Interest payable Jan. 1 and
July 1.
Due $65,000 yearly from 1940 to 1949.
Principal and interest
payable at the City Treasurer's office or at the
city's fiscal agency in New
York, at holders option.
Cert, check for $10,000,
payable to the Clerk
required.
Approving opinion of Orrick, Dahlquist, Neff &
Herrington of
San Francisco will be
furnished to the purchasers..
Financial Statement
The
as
at
outstanding bonded debt of the City
Jan.
1,
1938:
and County of San Francisco,
(excempt from Charter limit)
(exempt from Charter limit)-.
Spring Valley bonds, 1928 (exempt from Charter
limit)
Water bonds, 1910
(exempt from Charter limit)
Hetch Hetchy bonds, 1925
(exempt from Charter limit)
Hetch Hetchy bonds, 1932
(exempt from Charter limit)
Hetch Hetchy bonds, 1928
(exempt from Charter limit)
Exposition bonds, 1912 (exempt from Charter
limit)
(not exempt)
$9,002,000
2,800,000
33,000,000
27,000 000
7,750,000
6,500,000
24,000.000
400,000
^loiflijOO
TotalThe city has debt created for
of California in the amount of
$160,808,700
Unemployment Relief
$1,665,427.40.
Loan from the State
The assessment roll for the fiscal
year 1937-38 is:
taxable assessment roll
$991 235 246
On a basis of independent
appraisals made under its"
the State
Board of Equalization states that
the average ratio
of assessed to true
value is approximately 50%.
Total
_
direction,
Tax Collections—June
30, 1937
1933
1934
Fiscal Year—
TotallevyUncollected
end
of
—
at
year
Uncollected
1^37
--
--$26,583,269
1936
30,634,662
30,986,643
1,316.609
levy
1935
28,808,182
958,096
612,784
449,704
339,233
254,166
284.165
449,704
June 30
June
National
Bank
Building
T.
TAMPA
S.
Pierce, Resident
Manager
FLORIDA
BROWARD COUNTY (P. O.
Lauderdale), Fla.—STATEMENT ON
MUNICIPAL READJUSTMENTS—The
on
following letter
was
sent
Jan. 27 to municipal bondholders
by Robert M. Hart, 125 South
Chicago, Secretary to the Bondowners' Association:
owners of bonds or certificates of
deposit
Salle St.,
To the
out
La
representing obligations of
City of Fort Lauderdale, Florida
City of Hollywood
Broward County Port Authority
The hearing in the United States
District Court at Miami, Florida for
approval of Plans of Composition
affecting the bonds of the above men¬
tioned cities including their
outstanding Port obligations, which was to
have been held on Jan.
15, was continued to Jan. 24.
At that time the
Court held that the
Municipal Debt Adjustment Act was constitutional and
that the Plans of Composition were
equitable and referred the matter to a
Master for the taking of
testimony to determine whether or not the taxing
bodies are insolvent, and whether or
not 66-2/3% of the
outstsanding in¬
debtedness is committed to the
respective Plans of Composition.
A favorable determination
of these two
questions, which is expected
shortly, will permit us to proceed with the
exchange of bonds and the pay¬
ment of interest
accruing to bondholders.
£y£^GLADES DRAINAGE DISTRICT, Fla.—SEEKS WTO INVALI¬
DATE LAW REDUCING TAX
LEVIES—A bondholder asked the State
Supreme Court on Jan. 25, to hold unconstitutional
a 1937 law
reducing
tax levies of the
Everglades Drainage District by more than two-thirds.
Robert F. Neafie obtained two orders
from the court—one
directing the
district commissioners to withhold the
1938 levy at lower rates and the
other
instructing tax assessors of the 11 counties involved to
impose the
T.
old tax rates
The
or
show
cause
Feb. 8 for not doing so.
proceeding is similar to an action brought in the court
by A. M.
Lawier.
His attack on the 1937 law was
withdrawn as one step in a set¬
tlement by which several other
pieces of litigation also were dropped and
an
$11,000 judgement against the district was satisfied.
FLORIDA, (State of)—BOND TENDERS RECEIVED—It is reported
by W. V. Knott, State Treasurer, that he received
offerings from 25 holders
of matured
Water distribution bonds, 1933
Hetch Hetchy Dam bonds, 1933
Other bonds
FLORIDA
Branch Office:
First
are
BRIDGE
BONDS
have been
30,
or unmatured road and
bridge or highway bonds, time warrants,
of indebtedness, and or
negotiable notes of various counties
Special Road and Bridge Districts.
certificates
and
_
GAINESVILLE SPECIAL
Gainesville), Fla.—BOND
has set Feb.
23
as
TAX SCHOOL DISTRICT NO. 26 (P. O.
ELECTION—The Board of Public Instruction
the date of
a
special election at which
$225,000 school building bonds will be submitted
to
a
a
proposal to issue
vote.
TAMPA, Fla.—BONDS
NOT SOLD—We understand that no bids were
received at the Feb. 1 offering of
$1,951,000 4% coupon or registered
general refunding bonds, described below:
$278,000 Series A bonds. Due May 1 as follows: $10,000 in
1939, $5,000
in 1940 to 1943. $10,000 in 1944 to
1949, $11,0.,0 in 1950, $10,000
in 1951 to 1956, $15,000 in 1957 to
1962, $10,000 in 1963 and
1964, and $7,000 in 1965. The bonds are payable from an un¬
limited tax to be levied on all taxable
property (including home¬
steads) within the corporate limits of the city as they existed
prior to the extension of the limits in 1911.
1,673,000 Series B bonds. Due May 1 as follows: $60,000 in 1939,
$30,000
in
1940 and 1941, $40,000 in 1942, $55,000 in 1943 to
1945,
$50,000 in 1946 to 1948, $58,000 in 1949, $55,000 in 1950,
$66,000 in 1951, $59,000 in 1952, $66,000 in 1953, $64,000 in
1954, $70,000in 1955 and 1956, $80,000 in 1957 and 1958, $85,000
in 1959, $80,000 in 1960, $75,000 in 1961 to
1964, and $65,000
in
1965.
levied
The
upon
bonds are payable from an unlimited tax to be
all taxable property (including homesteads) within
the corporate limits of the city as
they existed after the extension
of the limits in 1911 and before the extension in
Denom. $1,000.
1923.
Dated May
1, 1937.
Volume
947
Chronicle
Financial
146
1941,
$14,000 hospital bonds. Due $1,000 on Dec. 1 in each of the years
1943, 1944, 1945. 1947, 1948, 1949, and yearly from 1951 to 1957.
22,000 Liberty Memorial bonds. Due on Dec. 1 as follows: $4,000, 1943;
$1,000, 1944 and 1945; $2,000, 1946; $1,000, 1947 and 1948;
$2,000, 1949; $1,000, 1950; $2,000, 1951; $1,000, 1952; $2,000,
1953; $1,000, 1954; $2,000, 1955, and $1,000 in 1956.
IDAHO
Council has au-
Idaho—NOTES AUTHORIZED—'The City
BOISE,
City Treasurer Thomas P. Rodgers to sell $160,000 tax antici¬
pation notes, to be dated Feb. 21, 1938, and to mature July 21, 1938.
thorized
SCHOOL
INDEPENDENT
COUNTY
BOUNDARY
DISTRICT
Feb.
Dated
1,
1 and Dec. 1.
submitted the second high
Interest payable June
1938.
CLASS A, NO. 4 (P. O. Bonners Ferry), Idaho—BOND ELECTION—A
special election will be held on Feb. 7 for the purpose of submitting to the
voters a proposal calling for the issuance of $20,000 school building re¬
Shaw, McDermott & Sparks of Des Moines
bid, offering a premium of $305 for 2 Ms.
pair bonds.
Clerk that the $3,500
Idaho—BONDS SOLD—It is stated by the Village
Clerk that $9,700 Local Improvement Sewerage District No. 1 bonds were
purchased recently by Childs & Montandon of Boise, as 3.90s.
Beh Co. of Des
ELDORA, Iowa—BOND SALE
DETAILS—It is stated by the Town
water works bonds purchased by the Carleton D.
Moines, as noted here recently—V. 146, p. 788—were sold
as 3 Ms, at par, and mature on Dec. 1 as follows: $500 in 1940,
1943, and 1945 to 1948.
NEW PLYMOUTH,
1942 and
INDEPENDENT SCHOOL DISTRICT (P. O. Humboldt), Iowa—BOND OFFERING—Lorena R. Nesome, Secretary, Board
of Directors, will receive bids until 7:30 p. m. March 1, for the purchase of
$20,000 refunding bonds.
Due $5,000 yearly on April 1 from 1943 to 1946.
HUMBOLDT
ILLINOIS
CHICAGO, 111.— WARRANT SALE—The Board of Education, ac¬
cording to President J. B. McCahey, confirmed on Jan. 31 the sale of
$28,000,000 educational fund tax anticipation warrants of 1938 to a Chi¬
cago banking group, composed of the Continental Illinois National Bank,
First National Bank, Northern Trust Co., Harris Trust & Savings Bank
and the City National Bank & Trust Co.
The warrants will bear 2M%
interest from date of delivery, as follows: $5,000,000 each on Feb. 15,
March 15. April 15 and May 15, 1938; $3,000,000 June 15 and $5,000,000
on Sept.
15, 1938.
ADDITIONAL SALE—The Board also sold $3,000,000 building tax
anticipation warrants of 1938 to Hickey & Co. of Chicago, at 2M % interest.
(P. O. Chariton), Iowa—BOND OFFERING— On
the County Board of Supervisors will receive bids on
fund indebtedness funding bonds. Sale will not be
made at less than par.
Interest rate will be determined by the bidding.
Dated Jan. 1, 1938.
Interest payable Jan. 1 and July 1. Due on Jan. 1
as follows: $6,000, 1944; $8,000, 1945, and $10,000, 1946 and 1947.
Certi¬
fied check for 2% of amount of bonds bid for required.
The county will
furnish the approving legal opinion of Champan & Cutler, Chicago.
LUCAS
an
MORRIS, 111.—BONDS SOLD—C. W. McNear &
$69,000 3%% funding bonds.
Dated Jan.
$1,000. Due Dec. 1 as
19.53 incl/, $8,000 from
ONAWA, Iowa—BOND OFFERING—It is reported that bids
2 by H. J. Riordan, City Clerk,
subject to
1936.
to be
Sept. 24,
1950 to
be furnished to the
will
COUNTY (P. O. Chester), 111.—BOND SALE—The
H. C. Speer & Sons Co., Chicago, have purchased an issue of $269,000
4% road bonds, the proceeds of which are to be used to build a countywide road system in connection with the State highway system.
The sale was made subject to approval of the voters at the April primary
RANDOLPH
elections.
TOWNSHIP (P. O. Paris). III.—TO OFFER BONDS—
A suit brought in Edgar County Circuit Court by a group of taxpayers
to prevent sale of a $60,000 road bond issue to H. C. Speer & Sons Co.
of Chicago at a higher price than that offered by a Paris organization was
dismissed in Circuit Court on Jan. 25, after counsel for all parties concerned
agreed to an entire new letting of the issue. The bonds will be advertised
for sale, and bids received at a designated date.
The suit was brought by the group of taxpayers of the township against
and
Supervisor,
bond issue to
offered a premium
of Paris offered a premium
Johnson, Highway Commissioner; O. J. Linebarger,
Rooney, Town Clerk, to prevent the sale of the
Leo
the H. C. Speer & Sons Co., contending that the company
of $1,000 for 4% bonds while Claude P. Thomas
of $1,500 for
3M% bonds.
III.—BONDS VOTED—The voters of Wamac
election gave their approval to a proposition calling for the
$16,000 water distribution system bonds.
WAMAC,
at a recent
issuance of
INDIANA
$4,600
and
1948.
.
3,000 3% grading fund bonds. Dated
Nov. 1 from 1939 to 1948.
bids until 2 p. m.
(Central Standard Time) on
of
bonds.
J.)
11
HAMMOND SCHOOL
Board of Education
CITY, Ind.—PROPOSED
will formally consider on
$250,000 5% construction
BOND ISSUE— The
Feb. 7 the proposed issue
of
bonds.
Ind.—BOND SALE—The issue of $21,000 bonds offered
awarded to the First State Bank of Hobart,
3% interest.
Bank paid a price of par for the issue. Denom. $500.
Sept. 1, 1937.
Due $1,000 yearly.
HOBART,
146, p. 788—was
Jan. 29—V.
the only bidder, at
The First State
Dated
LAPORTE,
ceive bids until
Ind.—BOND OFFERING—The Clerk-Treasurer
10 a. m. Feb. 16 for the purchase of an issue of
bonds,
will re¬
$92,500
Davenport), Iowa—WARRANT SALE—The
fund warrants offered on Feb. 3—V. 146, p. 789—were
Corp. and Vieth, Duncan, Worley & Wood,
both of Davenport, as 1 Ms, at par plus a premium of $901, equal to 100.91,
a basis of about 1.56%.
Due Nov. 11 as follows: $4,00O in 1940; $31,000
in 1941, and 1942; $26,000 in 1943; and $7,000 in 1945.
poor
awarded to the White-Phillips
SULLY
SCHOOL
Ind.—WARRANT SALE— On Feb. 1 an issue of $50,000
awarded to the First National Bank of Marion on a
I.50% interest basis, plus a premium of $10.
The Indianapolis Bond &
Share Corp. of Indianapolis bid 1.75% interest, plus $11 premium.
The warrants are dated Feb. 1, 1938 and will mature May 16, 1938.
MARION,
warrants was
Denom.
$1,000.
PERRY
SCHOOL TOWNSHIP
(P. O. Cory), Ind.—BOND
SALE—
school building improvement bonds offered on Jan. 29—
V. 146, p. 467—were awarded to the City Securities Corp. of Indianapolis
at par plus a premium of $734, equal to 104.077, a basis of about 2.70%.
Dated Jan. 1, 1938.
Due $1,000 each six months from July 1, 1939, to
Jan. 1, 1948 incl.
Other bidders were:
The $18,000 3%%
Name—
Indianapolis Bond & Share
McNurlen
Huncilman,
&
Corp. Indianapolis
Indianapolis
Indianapolis___,
Fletcher Trust Co.
—_
Price Bid
$18,568.00
18,515.75
18,277.00
18,045.00
RICHMOND, Ind.—BOND SALE—The $45,000 sewer construction
bonds offered on Jan. 28—V. 146, p. 467—were awarded to Kenneth S.
Johnson of Indianapolis as 2 Ms, at par plus a premium of $80, equal to
100.177, a basis of about 2.22%.
Dated Feb. 1, 1938. Due each six
months as follows: $2,000 from July 1, 1939 to Jan. 1, 1944; and $2,500
D. Russ Wood &
from July 1,
Co., Terre Haute
1944 to Jan. 1, 1949.
OTHER BIDS—The
following bids were also
Name—
Second National Bank,
Richmond
Central Sec. Corp., Ft. Wayne
Harris Trust & Savings, Chicago
First National
Bank, Richmond
Cities Sec. Corp.,
Indianapolis
Indianapolis Bond & Share Corp
Dickinson Trust Co., Richmond
Union Trust Co., Indianapolis
received:
Premium
$183.00
232.00
277.00
45.00
349.00
144.0O
137.00
124.00
Int. Rate
2]
2.
2]
2M y0
2M%
2M%
2M%
2M %
IOWA
i
ARNOLDS PARK CONSOLIDATED SCHOOL DISTRICT (P. O.
Arnolds Park), Iowa—BOND SALE—The $25,000 school building bonds
offered on Jan. 27—V. 146, p. 626— were awarded to the Polk-Peterson
Corp. of Des Moines as 2Ms, at par plus a premium of $355, equal to
In connection with the above sale it is stated by the Secretary of the
Board of Education that the bonds mature on Nov. 1 as follows:
$1,000,
1940 to 1944; $3,000. 1945 to 1950, and $2,000 in 1951, giving a basis of
about 2.58%.
101.42.
COUNCIL BLUFFS, Iowa—BOND ISSUANCE NOT SCHEDULED—
stated by Ivan E. Bradford, City Clerk, that the city is contemplating
of a new city hall, which matter will be submitted to
It is
the
the construction
voters at the
general election to be held on
March 28, and in the event the
of bonds.
ELDORA, Iowa—BOND SALE—The $36,000 bonds described below,
which were offered on Jan. 31—V. 146, p. 626—were awarded to the
Carleton D. Beh Co. of Des Moines as 2Ms, at par plus a premium of $310,
vote is
favorable, construction
equal to 100.861, a
will be done without the issuance
basis of about 2.67%.
(P. O. Sully), Iowa—BOND ELEC¬
be asked to approve [a
school addition construction bonds. gjuyjj&jMf
DISTRICT
district will on Feb. 23
TION—The voters of the
BOND ELECTION—At an
issue
(P. O. Washington), Iowa—
election to be held on
$96,500 high school building
Feb. 28 a proposition to
bonds will be submitted to a vote.
KANSAS
Kan.—BOND
and
ATCHISON SCHOOL DISTRICT (P. O. Atchison),
SALE— The district has sold an issue of $19,000 school improvement
building bonds to the Bauin, Bernheimer Co. of Kansas City.n
ELLIS, Kan.—BOND ELECTION—It
7 in order to vote on the
be held on Feb.
pool construction
is reported that an
election will
swimming
issuance of $10,000 in
bonds.
ELWOOD, Kan —BOND ELECTION—An election has been called for
11 at which the voters will be asked to approve a proposal to issue
Feb.
$26,000 water
works system bonds.j
GARNETT, Kan.—BOND
$10,000 highway right-of-way
at
SALE—The city recently sold an issue of
bonds to the Garnett State Savings Bank
par.
INVESTORS—'The
an issue of $39,-
GREAT BEND,
Kan.—BONDS OFFERED TO
Ranson-Davidson Co. of Wichita is offering to investors
bonds. The offering is made at prices to yield
from 0.80% to 2.40%, according to maturity.
Denom. $1,000 except one
for $450.55.
Dated Jan. 10, 1938. Principal and semi-annual interest
(Feb. 1 and Aug. 1) payable at the State Treasurer's office; Due $4,000
yearly on Feb. 1 from 1939 to 1947; and $3,450.55 Feb. 1, 1948.
450.55 2M% improvement
waterworks refunding
time
Due $100 yearly
1937. Due on May 1
$2,000, 1940 to 1947.
SCOTT COUNTY (P. O.
$99,000
th"city
WARRANTS—On Feb. 1 when*
for sale, bids were received from the Gary
at par and from the Gary Trust & Savings
Bank of Gary at par for $33,000.
Both bids stipulated a 4% interest rate.
The Deputy City Comptroller states that $100,000 will be awarded on
March 15 and the balance at later dates as needed.
Ind,—BIDS FOR
offered $130,000 time warrants
State Bank of Gary for $97,0C0
Due $300 yearly on
Nov. 1, 1937.
19,049.60 street improvement bonds. Dated Oct. 1,
as follows: $1,549.60, 1938; $1,000, 1939; and
Feb. 21 for the purchase
$3,650 not to exceed 4M% interest school building improvement
Dated Jan.
1, 1938.
Denom. $456.25.
Due one bond semi-annually
from July 1, 1939 to Jan. 1 1943 incl.
Principal and interest (J. and
payable at the Citizens Bank, Greenfield.
(The above issue was originally scheduled to be sold on Feb.
GARY,
Nov. 1, 1937.
1,000 improvement fund bonds.
Dated
on Nov.
1 from 1939 to 1948.
WASHINGTON SCHOOL DISTRICT
R. 4, Greenfield).
will receive sealed
issuefof
Town Clerk, will
following bonds:
3% sewer fund bonds. Dated Nov. 1, 1937. Due Nov. 1 as follows:
$400, 1941, 1943 and 1947; and $500 in 1942. 1944, 1945, 1946
Iowa—BOND OFFERING— F. E. Grant,
receive bids until 8 p. m. Feb. 9 for the purchase of the
ROLFE,
proposition to issue $18,000
BRANDYWINE SCHOOL TOWNSHIP (P. O. R.
Ind.—BOND OFFERING—Roy E. Thomas, Trustee,
for the
successful bidder.
PERRY, Iowa—BOND OFFERING—On Feb. 7 at 4Tp.fm.ran
$2,000 judgment funding bonds will be offered for sale.
SHILOH
Omer
will be
revenue bonds.
Said bonds are
a prior issue of $129,000 23 M % bonds which were sold on
The approving opinion of Chapman & Cutler of Chicago
purchase of a $60,000 issue of electric light and power plant
Interest rate is not to exceed 5% , payable semi-annually.
Co. of Chicago pur¬
15, 1938. Denom.
follows: $2,000, 1948: $6,000, 1949; $7,000,
1954 to 1956 incl. and $9,000 in 1957.
issue of $34,000 poor
received until 10 a. m. on March
Dated Feb. 7, 1938.
chased
COUNTY
Feb. 8 at 1:30 p. m.
INMAN,
Kan.—BOND SALE—The $35,000 issue of 2M% semhann.
bonds offered for sale on Jan. 27—-V. 146, p. 626—•
internal improvement
was
awarded jointly to the
Lathrop-IIawk-Herrick Co. of Wichita, and the
Corp. of Topeka, at a discount of $460.95, equal
about 2.75%.
Dated Jan. 1, 1938. Due from 1939
Columbian Securities
98.683, a basis of
1948 incl.
to
to
SALE—
31—
paying a
JEFFERSON COUNTY (P. O. Oskaloosa), Kan.—BOND
of bonds aggregating $8,000, offered for sale on Jan.
146, p. 789—were awarded to L. C. Atkins & Co. of Topeka,
premium of $56.88, equal to 100.711, a abasis of
issues are divided as follows:
The two issues
V.
about 2.33%.
$6,000 2lA% public works relief bonds.
2,000 2M% county road improvement
The
Due from Jan. 15, 1939 to 1948.
bonds.jfilDue from Jan. 15, 1939 to
1942.
LABETTE
COUNTY
(P.
O. Oswego),
Kan.—BOATI) SALE—'The
bonds offered for sale
$1.3,800 issue of 2M% coupon semi-ann. highway
on Jan. 31—V. 146, p. 789—was awarded to the Baum.
of Wichita, paying a premium of $215-28, equal to
2.22%. Dated Feb. 1, 1938. Due serially in 10 years.
Bernheimer Co.
101.56, a basis of about
SEDGWICK COUNTY
(P. O. Topeka),
Treasurer will receive bids until
$80,000 2M% public works relief bonds.
20, 1938.
Interest payable Jan. 20 and
Jan. 20 from 1939 to 1948.
Cert, check for
The County
Kan.—BOND OFFERING—
10 a. m. Feb. 8 for the purchase
Denom. $1,000. Dated Jan.
July 20. Due $8,000 yearly on
2% of amount of bid, required.
WICHITA, Kan—BOND OFFERING—C. C. Ellis, City Clerk, will
receive bids until 7.30 p. m., Feb. 7 for the purchase of $157,000 2M%
coupon internal improvement refunding bonds.
Denom. $1,000. Dated
Feb.
1,
1938.
Interest payable semi-annually.
Due approximately
one-tenth each year for 10 years.
Certified check for 2% of amount of bid,
of
required.
WICHITA SCHOOL
DISTRICT NO. 1 (P. O. Wichita),
Kan.—BOND
31—V. 146, p. 626—
City National Bank &
Wichita, and Small-
SALE—The $650,000 building bonds offered on Jan.
were awarded to Phelps, Fenn & Co., New York;
Trust Co., Kansas City, Mo.; Brown-Crummer Co.,
1944^/°
1939*to 1943; $33,000,
1045; and $36,000 1946 to 1949.
$320,066 2Ms as follows: $36,o6o, 1950 to 1957; and $32,000 in 1958.
bid was submitted by the Harris Trust & Savings Bank, Chicago
Northern Trust Co. of Chicago, and Stern Bros, & Co. of Kansas City,
Mo
jointly.
The group offered a premium of $383.50 for $258,000 2Ms
running from 1939 to 1947; and $392,000 2Ms running from 1948 to 1958.
LIST OF BIDS—We give herewith the official tabulation of the other
bids received, reported in detail with all the terms of the tenders explained,
as forwarded to us by the Secretary-Treasurer of the Board of Education:
Brown Harriman & Co., Inc., F. S. Moseley & Co., The Illinois Co. of
Chicago, First of Michigan Corp., A. H. Gillis & Co.; for $650,000 bonds,
2M% coupon rate $657,539.35 plus accrued interest.
(This bid is made
subject to our obtaining an approving opinion of attorneys selected by us
and agreeable with you (Chapman & Cutler of Chicago), the expense of
which will be borne by us to be rendered within one week after the sale).
$24,000.
The
Second high
948
Financial
Chronicle
Halsey, Stuart & Co., Inc., Bancamerica Blair, Inc., Charles
K. Morris
6c Co., Inc., Baum, Bernheimer
Co.; for $320,000 bonds, 2)4.%
coupon
rate
$320,009.60 plus accrued interest.
These bonds to mature
from
Feb. 1, 1950 to Feb. 1,
1958, incl.; for $330,000 bonds, 2)4%
coupon rate,
$330,009.90 plus accrued interest.
These bonds to mature from
1939 to Feb.
Feb.
1, 1949, incl.
-
Mackubin, Legg & Co., Stone & Webster and Blodgett,
Inc., the Boatmen's National Bank and Chester K.
Morris & Co
Mercantile
Trust
Co., Kidder,
Peabody & Co., the
Northern Trust Co., Baker, Watts &
Co., Stein Brothers
& Boyce and Robinson, Miller &
Co., Inc
entire bid.
stated
a
"(P.
Bidder—
National Shawmut BankFirst National Bank of Attleboro
First National Bank of Boston
Discount
0.36%
0.36%
0.37%
(P. O. North
Easton), Mass.—NOTE SALE—The issue of
$150,000 notes offered Feb. 1—V. 146, p. 790—^as
awarded to the Mer¬
chants National Bank of
Boston, at 0.291 % discount.
Dated Feb. 9, 1938
and due $50,000 Nov.
21,1938;
$25,000, Dec. 15, 1938, and $75,000 Feb.
8,
the New England Trust Co. of
Boston,
1939.
Second high bidder was
which named a rate of
0.33%.
MALDEN,
Mass.—NOTE SALE—The
on
a
.43% discount basis.
Dated Feb. 4,
.44% discount.
MASSACHUSETTS (State of)—NOTE
SALE—The $3,000,000 notes
on Jan. 31—V.
146, p. 790—were awarded to H. C.
Wainwright
& Co. of Boston on a
0.26% int. basis, plus a premium of $12. Dated Feb.
8,
1938 and payable Feb. 2, 1939.
The First National Bank of
Boston sub¬
mitted the next best bid,
offering to take the notes as 0.27s.
Other bidders were:
Name—
Int.
Bankers Trust Co; Day Trust
Co., Boston; Mer¬
chants National Bank of Boston
and Second Na¬
BANK
ORLEANS, LA.
Teletype N. O. 182
tional Bank of Boston
The National City Bank of New
York and National
Shawmut Bank of Boston
Raymond 5409
LOUISIANA
^MEDFORD, Mass.—OTHER BIDS—The $500,000
the Merchants National
Bank, both of
were also bid for as follows:
CITY,
La.—BOND SALE— The $50,000 issue
of \\i%
public wharves improvement bonds
offered for sale on
Jan. 31—V. 146,
p. 468—was awarded to
Anagnosti & Walker of New
Orleans, paying a premium of $20, equal to
100.04, a basis of about 4.24%.
Dated Dec. 15, 1937.
Due_frorn
p.
^4
Uy
Boston
all
bids
6%
145,
Feb. 1, 1939 to 1958.
TROUT-GOOD PINE SCHOOL
DISTRICT NO.
was
sold
to
a
on
Feb.
SALE—The $500,000 tax anticipation
Shawmut Bank of
a premium of $5.
Dated Feb. 3,
awarded to the National
1938.
$5,000.
as
follows: 12 at $25,000; 8 at
$10,000,
PLYMOUTH COUNTY (P. O.
Plymouth), Mass.—NOTE SALE—The
$100,000 tax anticipation notes offered on Feb. 1—V.
146, p. 790—were
awarded to the National Bank of
Wareham and the Rockland Trust Co.
of Rockland on a
0.50% discount basis, each bank taking $50,000 notes.
Due Nov. 10, 1938. The Home
National Bank of Brockton bid
0.52% dis¬
count, the second best offer received.
SALE—An issue of $30,000
3M% city hall
Smith, White & Stanley, Inc. of
Waterville.
MICHIGAN MUNICIPALS
MARYLAND
Cray, McFawn & Petter
DETROIT
Int. Rale
Price
2 <7
101 136
2%
100909
o%
inn«fi00
■
u.ooyy
A.T.T. Tel. Grps. 7
MICHIGAN
Co., Equitable Securities
Corp., j:~N
Hynson & Co., Inc., Lehman
Brothers, Washburn &
Co., Inc., and Watling, Lerchen &
Hayes,
2%
Salomon Brothers &
Hutzler, L. F. Rothschild
&
ALLEGAN, Mich.—BOND OFFERING— Franklin J. Feather,
City
Clerk, will receive sealed bids until 8 p. m. on Feb. 7 for the
purchase of
$10,000 5% sewage disposal system revenue bonds.
Dated
Feb.
100 85
City Clerk's office. Bonds are not
general obligation of the city, being payable solely from revenues
of the
A certified check for 3% of the issue must
accompany
100 8499
100 7199
BELDING, Mich.—TENDERS WANTED— Kathleen Maloney,
Treasurer, will receive sealed tenders until 10 a. m, (Eastern
*uu.»4W
_
Time)
100 65
than
dated
on
par
Feb.
and
100.609
_
City
Standard
14 of offers to sell the municipal
sinking fund, at not more
interest, of up to $5,000 refund interest
accrued
bonds,
Aug. 1, 1935.
CHARLEVOIX, Mich.—BOND
Poe
2%
1938.
sewage system.
each proposal.
Co
and
F. S. Moseley & Co.
2%
Bancamerica-Blair Corp., Hemphill,
Noyes & Co., Manu¬
facturers & Traders Trust
Co., B. J. Van Ingen & Co
Inc., Shields & Co., Morse Brothers &
Co., and Jenkins'
Whedbee
1,
Due as follows: $2,000, 1941 to 1945
incl.; $2,500, 1946 to 1948 incl.;
to 1953 incl. and $3,500 from 1954 to 1958
incl. Principal
and semi-annual interest
payable at the
$3,000 from 1949
a
2%
2%
RAPIDS
Telephone 9-8255
A.T.T. Tel. DET 540-541
were:
Alex. Brown & Sons and the
Chase National Bank""""
Brown Harriman &
Co., First Boston Corp. and
Harris
Trust & Savings Bank
Bankers Trust Co.,
Glore, Forgan & Co., J~. &. W.
Seligman
& Co., Robert Garrett &
Sons, G. M.-P. Murphy & Co
and Strother
Brogden & Co
W. W. Lanahan & Co. and
Barr Brothers &
Co., Inc""
Lazard Freres &
GRAND
Telephone Cherry 6828
Bidders—
Halsey, Stuart & Co
were
Said notes will be authenticated
as to genuineness and
validity by the
First National Bank of
Boston, under advice of Ropes, Gray, Boyden &
Perkins, and all legal papers incident to this issue will
be filed with said
bank, where they may be inspected.
MARYLAND (State
of)—CERTIFICATE SALE— The
tificates of indebtedness
$1,031,000 cer¬
offered Feb.
1—V. 146, p. 307—were
to a syndicate
awarded
composed of Goldman, Sachs &
Co., Eastman, Dillon & Co
BYancis I. duPont & Co.
and Gregory &
Son, all of New York, on a bit!
of 101.30 for
2s, a basis of about
1.89%.
Dated Feb. 15. 1938.
Feb. 15 as follows:
Due
$66,000, 1941; $68,000, 1942;
$70,000, 1943- $72 000
1944; $74,000, 1945; $77,000,
1946; $79,000, 1947 ;
$81,000, 1948; $84 000
1949; $86,000, 1950; $89,000,
1951; $91,000, 1952, and
The bankers report that
$94,000 in 1953.'
all the certificates
were disposed of
hours at
within a few
price to yield from 1.10% to 2%.
Other bidders
&
3
0.55% discount basis, plus
The denoms. of these notes
will be
21
MAINE
BREWER, Me.—BOND
building bonds
.37%
BEDFORD, Mass.—NOTE
on
and 4 at
semi¬
4000—was not
according to report.
Due from
p.
(P. O. Jena), La.
—BOND SALE—The
$25,000 issue of building bonds offered
for sale on
Jan. 29—V.
146, p. 468—was awarded to
Barrow, Leary & Co. of Shreveport, as 4Ms, at par.
Dated Jan. 1, 1938.
Due from Jan. 1, 1939 to
1944.
.362%
NORFOLK COUNTY (P. O.
Dedham), Mass.—NOTE OFFERING—
Ralph D. Pettingeil, County
Treasurer, will receive sealed and telephonic
bids until 11 a. m. Feb.
8 for the purchase at discount of
$400,000 tax
anticipation temporary loan notes.
Notes will be dated Feb.
8, 1938, and payable Nov. 10, 1938, at the
First National Bank of
Boston, in Boston, or at the Central Hanover Bank
& Trust
Co., in New York.
Delivery will be made on or about Feb. 9,
at the First
National Bank of Boston, 17 Court St. Office for
Boston funds.
School Board, will receive bids
until 10 a. m., March 17 for
the purchase of
$10,000 certificates of indebtedness of
Eunice School
District, Sixth Police
Jury Ward.
Denoms. 8 for $1,000 and 2 for
$500.
Dated March 1, 1938.
Interest rate is not to exceed
6%, payable annually.
Prin. and int. payable
at the office of
the Treasurer of the Parish
School Board.
Due $3,000 in
1939 and 1940, and
$3,000 in 1941.
Certified check for
1%, required.
m SUNSET, La—BONDS NOT
SOLD—The $25,000 issue of
20—V.
Discount Bid
.357 %
will be received until
2:30
the purchase at discount of
$100,000 notes, payable
1938, and payable Nov. 8,
(P. O. Opelousas), La—EUNICE
SCHOOL
OFFERED—W. B. Prescott,
Superintendent. Parish
bonds offered on Jan.
received were rejected,
Feb. 7 for
notes offered
LANDRY PARISH
system
on
NEW
by the Public Works
Administration, at par, as noted here in
December,
dated Nov. 1, 1937, are in the
denomination of $100 each, and
mature
from Nov. 1, 1938 to
1967, incl.
are
gas
m.
Nov. 18, 1938.
purchased
as
anticipation
Shawmut Bank and
0.34% discount basis,
NATICK, Mass.—NOTE OFFERING—Bids
BARRE, La.—BOND SALE
DETAILS—ItTis~nowTeported
City Clerk that the $10,000 4% semi-aim. water
works bonds
annual
on a
31.00
revenue
Name—
First National Bank of Boston
Frederick M. Swan & Co., Boston.
E. H. Rollins & Sons, Boston
coupon semi-ann.
sold
Boston,
$17.00
.41%
notes which were awarded on
Jan. 28 to the National
OFFERING—The^Coimnlssion
Dec._15,_1938 to^1957 incl.
.37%
Knowles, Inc.. Boston
1968.
ST.
$21.00
Spencer
will receive bids until 8
p. m., Feb. 24 for the
purchase of an issue
of $25,000 bonds, to bear
interest at no more than
6%.
Denom.»$500.
Dated Feb. 1, 1938.
Due serially on Feb. 1 from
1939 to
CERTIFICATES
Premium
.33%
Trask & Co
The Chase National Bank of the
City of New York
and Whiting, Weeks &
BREAUX BRIDGE,
La.—BONDS NOT SOLD—It is
reported that the
$29,000 not to exceed 6% semi-ann.
public improvement bonds offered on
Jan. 27—V.
146, p.
626-^-were not sold as all bids received were rejected.
►
La .—BOND
PORT
Basis
.28%
Halsey, Stuart & Co., Inc.; Ladenburg, Thalmann
& Co., G. M.-P.
Murphy & Co., and
W
the
revenue
1938 and payable $250,000 on
The National Shawmut Bank
offered
Department
WHITNEY NATIONAL
MORGAN
$500,000
anticipation
notes offered on Feb. 3 were
awarded to the First National Bank of
Maiden
by the City
MISSISSIPPI
MUNICIPALS
DONALDSONVILLeT"
Council
1), Mass.—
BRISTOL COUNTY
O. Taunton), Mass.—NOTE SALE—The
issue of $300,000 tax
anticipation notes offered Feb. 1—V. 146, p. 789—
was awarded to the Second
National Bank of Boston, at
0.284% discount.
Dated Feb. 2, 1938 and
payable Nov. 16, 1938.
Other bids were as
follows:
LOUISIANA &,
Bell
101.679
$3,000 from 1939 to 1952, incl., and $2,000 from
1953 to 1958, incl.
Offerings Wanted:
NEW
24%
Mass.—NOTE
each of the dates Nov.
9, and Dec. 9, 1938.
of Boston bid
Bond
101.80
for which all
were rejected on Jan.
27, as previously reported in these columns,
sold later to Tyler & Co. of
Boston, as 2^s, at a price of 100.25, a
basis of about 2.475%.
Dated Jan. 1, 1938 and due Jan. 1 as follows:
*
"is
local bank.
24%
was
decision.
a
100.0391
bids
EASTON
LOAN—It
2%
BELLINGHAM (P. O.
Woonsocket, R. I., R. F. D. No.
NOTE SALE—The issue of $54,000
coupon school house notes
IRVINGTON, Ky.—BOND LEGALITY
UPHELD—The
Appellate
on Jan. 25 is said
to have upheld the
validity of the $21,000 school
building bonds approved by the voters last
November, affirming a Circuit
OWENSBORO, Ky.—TEMPORARY
100.12
SALE— The $200,000 revenue
antici*
on Feb. 3 were awarded to the
New England Trust Co0.30% discount basis, plus a premium of $1. Dated Feb. 3»
1938, and payable Nov. 10, 1938. The Second National
Bank of Boston,
second high bidder, offered to take the loan on a
0.32% discount basis.
of Boston on
Court
Clerk that the city borrowed
$25,000 from
2%
MASSACHUSETTS
ATTLEBORO,
KENTUCKY
*
100.14
pation notes offered
coupon
rate, $258,307.02 plus accrued interest,
maturing $24,000
each year Feb. 1, 1939 to Feb.
1, 1943 incl., andj$33,000 each
year, Feb. 1,
1944 and Feb. 1,1945, and $36,000 each
year Feb. 1, 1946 and Feb.
1,1947.
(This bid is subject to the approval of the
legality of the issue by Charles
& Trauernicht, attorneys, 8t.
Louis, Mo., whose fee we will
pay.)
Smith, Barney & Co., New York City; The First
Boston Corp., Boston;
Central Republic Co.,
Chicago; Lathrop-Hawk-Herrick Co.,
Wichita; for
$258,000 bonds, 2% coupon rate,
maturing Feb. 1,1939 to Feb. 1,1947
incl.;
for $392,000 bonds,
2l4% coupon rate, maturing Feb. 1, 1948 to
1958, incl.
[This bid is for all but no part and is subject to
satisfactory approving opinion
of our attorneys, Messrs.
Bowersock, Fizzel & Rhodes, or Kansas
City,
Mo., and it is understood that we shall be
given one week to accept or reject
the bonds on the basis of their
findings.
We are to be furnished
printed
bonds and for the above total
$650,000 par value as indicated in the above
schedule, we will pay par and accrued
interest,plus a total premium of $325.
The First National Bank of
Chicago; for $650,000 bonds, 24%
coupon
rate, $655,044.00 plus accrued interest.
(This bid subject to our
being
furnished, prior to delivery of the bonds to
us, with a full certified
transcript
of the proceedings
evidencing the legality of the issue to the satisfaction
of
our
attorneys, said legal examination to be at our
expense.)
Court
-
First National Bank of
Baltimore, First National Bank of
the City of New York,
Mercantile-Commerce Bank &
Trust Co., St. Louis, and R. W.
Pressprich & Co__
Mercantile Commerce Bank & Trust
Co., St. Louis; Blyth & Co., New
York City; Estes & Co.,
Topeka; For $392,000 bonds,
24% coupon rate,
$392,466.48 plus accrued interest, maturing
$36,000 each year, Feb. 1,
1948 to Feb. 1, 1957 incl. and
$32,000 Feb. 1, 1958; for $258,000
bonds,
5,
Co., R. L.
Day & Co. and E. H. Rollins & Sons, Inc
2%
National City Bank, Blyth &
Co., Inc., George B. Gibbons
& Co., Inc., Roosevelt &
Weigold, Inc., and Owen
Daly & Co
1,
Lazard, Freres & Co., The Boatman's National
Bank, Beecroft Cole &
Co., Oallender, Burke & MacDonald; for $650,000
bonds, 2% coupon rate,
$629,287.00 plus accrued interest; for $650,000
bonds, 2%% coupon rate,
$644,781.00 plus accrued interest; for $650,000
bonds, 24% coupon rate,
$657,833.00 plus accrued interest.
(This bid for your bonds is
subject to
the approval of the
legality of the issue by Messrs.
Bowersock, Fizzell &
Rhodes, attorneys of Kansas City, Mo.
We agree to pay the fee of
these
attorneys and agree to obtain the approval or rejection of
the issue by these
attorneys within one week from date).
For $284,000 bonds,
2)4% coupon
rate, maturing 1951 to 1958, incl.
For $266,000 bonds,
2)4% coupon
rate, maturing 1939 to 1950, incl., $650,345
plus accrued interest on the
2%%
Feb.
Union Trust Co. of Maryland,
Smith, Barney & Co., First Int. Rate Price
of Michigan
Corp., Eldredge & Co., Inc., Kelley,
Richardson & Co. and First National Bank of St.
Paul., 2%
100.3328
Chemical Bank & Trust Co., Kean,
Taylor &
ELECTION—An election is scheduled
will pass on a proposition
calling for the
for Feb. 8 at which the voters
issuance of $98,000 power plant extension
bonds.
Volume
Financial
146
FLINT, Mich.—SEEKS TO ISSUE RELIEF BONDS— City offcials plan
ask the State Loan Board for permission to issue $450,000 bonds under
the "calamity clause" of the municipal charter in order to provide funds
for growing relief needs.
More than 300 unemployed persons recently
petitioned the council to arrange for the disbursement of additional relief
to
benefits.
HILLSDALE, Mich.—BOND ELECTION—At a special election April
the voters will be asked to approve an issue of $130,000 municipal
power plant addition and improvement bonds.
The
expansion is expected to cost a total of $200,000.
18
projected
electric
WYOMING TOWNSHIPS FRACTIONAL SCHOOL
6,
Kent County, Mich.—BOND ISSUE BEFORE
the State Supreme Court the refusal
of the State PuDlic Debt Commission to issue a certificate covering a
proposed $150,000 30-year serial bond issue, according to report.
$14,000 in
165,000 2.20% public welfare bonds.
Due Feb. 1 as follows:
1939; $15,000 in 1940 and 1941; $16,000 in 1942 and
in 1944 and 1945; $18,000 in 1946 and 1947. and $19,000
1943; $17,000
in 1948.
Denom. $1,000.
Dated Feb. 1, 1938.
Int. payable Feb. 1 and Aug. 1.
SHELLY, Minn.—BOND SALE DETAILS—It is stated by the Village
Recorder that the $10,000 water works system bonds purchased at par by
the State Bank of Shelly, as noted in these columns recently—V. 146,
p. 791—were sold as 3s, and mature from Dec. 1, 1938 to 1957.
SULLY
No.
RIDGE, Mich.—BOND CALL—Paul W. Eaton, City
Clerk, announces that $3,000 4% series A refunding bonds of 1936, numbers
29, 51 and 72, will be redeemed at par and accrued interest upon presenta¬
tion March 1, 1938, at the Detroit Trust Co., Detroit.
Interest on the
bonds will cease to accrue after the call date.
Oakland County, Mich.—REFUNDING
ISSUES APPROVED—The State Public Debt Commission has approved
the following obligations, which will be exchanged with holders of the
original indebtedness: $316,553.43 refunding bonds, $63,000 tax anticipa¬
a
each proposal.
Oakland County, Mich.—BOND
Clerk, will receive sealed
OF¬
bids
710-12 Pontiac Bank Bldg.,
Pontiac, untii 2 p. m. on Feb. 10 for the purchase of $100,000 not to exceed
4% interest self-liquidating water works bonds.
Denom. $1,000. Dated
Sept. 1, 1937.
Issue was approved by the voters.
Due Sept. 1 as follows:
$2,000 from 1940 to 1942, incl.; $3,000, 1943 and 1944; $4,000, 1945 to
1958, incl.; $5,000 from 1959 to 1964 incl., and $2,000 in 1965.
Interest
payable semi-annually.
A certified check for $2,000, payable to the order
of the Township Clerk, must accompany each proposal.
Both principal
and interest, unless otherwise agreed upon with the purchasers, to be pay¬
able at the Community National Bank, Pontiac.
Purchaser to pay cost of
legal opinion.
(The above offering was postponed from
issue reduced from $120,000 to $100,000.)
WATERFORD TOWNSHIP (P.
Jan. 27 and the amount
O. Pontiac),
of the
Mich.—BOND OFFER-
Richardson, Township Olerk, states that sealed bids will
Feb. 10 for the purchase of $120,000 not to exceed 4%
self-liquidating water works bonds.
The sale, as previously noted
columns, was postponed from Jan. 27.—V. 146, p. 790.
ING— Oarlos G.
be received until
interest
in these
FILLMORE COUNTY
SCHOOL DISTRICT NO. 174 (P. O.
$30,000 refunding bonds offered on
Canton),
Jan. 28—
the First National Bank of St. Paul as
2 M8- at par plus a premium of $210, equal to 100.70, a basis of about 2.32%.
Dated Feb. 1, 1938.
Due as follows: $4,000, 1939 to 1945; and $2,000 in
1946.
Piper, Jaffray & Hopwood of Minneapolis were second high, offering
a
628-—were awarded to
premium of $205 for
2^s.
GLENWOOD, Minn.—BOND ELECTION—1The City Commission has
the date of a special election at which a proposition to issue
submitted to a vote.
INTERNATIONAL FALLS,
Minn.—BONDS DEFEATED—At an
election held on Jan. 25 the voters rejected a proposition calling for the
ssuance
of $70,000
LINCOLN
plant bonds will be
municipal building bonds.
COUNTY
(P.
O.
Ivanhoe), Minn.—BONDS
AUTHOR¬
authorizing
IZED—An ordinance has been adopted by the County Board
the issuance of $25,000 refunding bonds to the State of Minnesota.
MADISON SCHOOL
ITY—It is now
MISSISSIPPI
O. H.
street
AMORY, Miss.—BOND SALEPOSTPONEr—It is stated by
Owens, City Clerk, that the sale of the $24,000 3M%
semi-ann.
improvement bonds originally scheduled for Feb. 1, as noted here
—V. 146, p. 791—was postponed indefinitely.
Dated Jan. 1, 1938.
from Jan. 1, 1939, to 1958.
recently
Due
CANTON, Miss.—BOND SALE— The $56,000 issue of refunding bonds
1—V. 146, p. 628—was purchased by Walton &
of Jackson at par, the bonds divided as follows: $49,000 as 3%s,
maturing: $1,000, 1939 and 1940; $2,000. 1941; $4,000, 1942 and
$8,000, 1944; $6,000, 1945 and 1946; $5,000, 1947, and $6,000 in
1949; the remaining $7,000 as 3Ms, maturing in 1950.
offered for sale on Feb.
Jones
1943;
1948 and
GREENVILLE, Miss.—BONDS SOLD—We are
that $3,000 sidewalks and curb and gutter
Clerk
Commercial National Bank of
DISTRICT (P. O. Madison), Minn.—MATUR¬
of the Board of Education that the
reported by the Clerk
$100,000 building bonds purchased by the State, as 3s at par,
recently—V. 146, p. 628—are due on July 1 as follows: $6,600,
and $6,700, 1948 to 195/, all incl.
their approval to a
as noted
here
1943 to 1947,
VOTED—The voters at a recent election
$12,000 water works bond issue.
PRAIRIE, Minn.—BOND ELECTION—An election is
Feb. 8 at which a proposal to issue $12,000 disposal plant
construction bonds will be submitted to a vote.
PARKERS
scheduled for
ROBBINSDALE, Minn.—BONDS SOLD— It is stated by the Village
the $18,000 funding bonds authorized last November, as
the time, have been purchased by Kalman & Co. of St. Paul.
Recorder that
noted here at
ROCHESTER, Minn .—BOND OFFERING—Amiel L. Glabe, City Clerk,
until 2 p.m., Feb. 7, for the purchase at not less
par
of $10,000 2M% coupon permanent improvement revolving fund bonds.
Denom. $1,000.
Dated Jan. 1, 1938.
Principal and semi-annual interest
than
will receive bids
(Jan. 1 and July 1) payable at the City Treasurer's
yearly on Jan. 1 from 1939 to 1943, incl.
Cert, check
bid, payable to the City Treasurer, required.
ST. LOUIS COUNTY INDEPENDENT SCHOOL
O. Chisholm),
(P.
office. Due $2,000
for 2% of amount of
DISTRICT NO. 40
Minn.—BOND OFFERING—Sealed bids will be re¬
Feb. 16, by W. D. Stonehouse, District Clerk,
$350,000 issue of funding bonds.
Interest rate is not
ceived until 7:30 p. m. on
for the
to
purchase of a
exceed 3%,
payable F. & A.
Denom. $1,000.
Dated Feb. 1, 1938.
$50,000 from Aug. 1, 1940 to 1946 incl.
Bidders are to name a single
rate of interest in multiples of M of 1%.
Prin. and int. payable in lawful
money at the First National Bank, St. Paul.
The District will furnish
the blank bonds and the approving opinion of Junell, Fletcher, Dorsey,
Barker & Colman, of Minneapolis.
A certified check for $5,000, payable
to the District, must accompany the bid.
Due
PAUL, Minn.—BOND SALE—The $824,000 bonds offered on Feb. 2
791—were awarded to three separate syndicates.
A group headed by the Brown Harriman & Co. of New York and including
the Mercantile Commerce Bank & Trust Co. of St. Louis and Kalman &
Co. of St. Louis bid in the $359,000 sewage disposal system and sewage
system bonds at a price of 100.1599 for 2.70s, a basis of about 2.69%. The
bonds are being offered to investors to yield from 1.40% to 2.75%.
The $300,000 airport bonds were taken by the Bankers Trust Co. of New
York, First National Bank of St. Paul, First National Bank of Minneapolis,
and Newton, Abbe & Co. of Boston on a bid of 100.76 for 2.60s, a basis of
about 2.53%.
The bankers offered these bonds for investment at prices to
yield from .60% to 2.60%.
Halsey, Stuart & Co. and the Bancamerica-Blair Corp. of New York,
joined in bidding in the $165,000 public welfare bonds at a price of
for 2.208, a basis of about 2.14%.
These bonds are offered to the public at
prices to yield from .60% to 2.25%.
The bonds as disposed of by the city are described as follows:
$184,000 2.70% sewage disposal system bonds.
Due yearly on Feb. 1 as
follows:
$5,000, 1941 to 1947; $6,000, 1948 to 1954; $7,000, 1955
to 1961; $8,000, 1962 to 1966; and $9,000 in 1967 and 1968.
175,000 2.70% sewage system bonds due on Feb. 1 as follows:
$4,000,
1941 and 1942; $5,000, 1943 to 1948; $6,000, 1949 to 1956; $7,000,
1957 to 1963, and $8,000, 1964 to 1968.
300,000 2.60% airport bonds.
Due on Feb. 1 as follows: $12,000, 1939
to 1941; $13,000, 1942 to 1944; $14,000, 1945 to 1947; $15,000,
1948 to 1950; $16,000, 1951 and 1952; $17,000, 1953 to 1955:
$18,000, 1956 and 1957; and $19,000, in 1958.
ST.
—V.
146, p.
100.378
.
1, 1937. Denom.
the
GRENADA, Miss.—BOND SALE DETAILS—lx\ connection with
intersection and special street improvement bonds aggre¬
sale of the street
gating $52,000, to a syndicate headed by
as 3Ms, noted in these columns recently, it
the bonds were sold at par, and mature as
Lewis & Thomas of Memphis,
is stated by the City Clerk that
follows:
$22,000 special street improvement bonds.
and $3,000 in 1946 and 1947.
Due $2,000 from 1938 to
1945
1938 to 1947 incl.
MISSISSIPPI,
State of—HIGHWAY BOND BILL PASSED BY
HOUSE—We quote in part as follows from the Jackson "News" of Jan. 29:
House approval of the $50,000,000 State highway financing plan, voted
114 to 11 late Friday, giving Mississippi $30,000,000 for new construction,
is expected to speed Senate consideration next week.
f*^[
The Senate has set the measure, upped to $60,000,000 by the Roads
Committee, for special order Tuesday and leaders predict that it will
quickly be reduced to the House approved figure for passage and rushed
30,000 street intersection
to
the Governor.
Necessity for speed
bonds.
Due $3,000 from
has been pointed out
by proponents of the program
which funds
all terms.
syndicate
composed of nearly all leading bond firms in the country, to accept the
entire $50,000,000 issuance was extended until Tuesday, late Friday.
Two amendments adopted ear-mark portions of the $30,000,000 for new
construction, setting aside $14,000,000 for the remainder of the priority
$20,000,000 of the program is for refunding bonds for
available not later than Feb. 14 in order to comply with
offer of the John Nuveen Co., Chicago, bond buying
An
system.
Division of the
district,
"new" work funds will be made on the basis of $8,572,282
$10,135,050 southern district and $11,292,902 for the
northern district.
Most
,
,
,
the measure were representatives of the eight
left out of the original $42,500,000 designated priority
concerned over
counties which were
Included in the eight counties are Marion, Walthall, Leake,
guitman, Amite, Attala, Calhoun and Smith.A.An amendment offeredsets
epresentative Gore and Representative J.
Buliard of Calhoun by
aside remaining funds after the priority system is completed, making avilable $16,000,000 for the forgotten counties for one or more roads "connect¬
program.
ing with trunk
line highways."
1
RCXAB
SUNFLOWER COUNTY SUPERVISORS DISTRICT NO.
O. Indianola), Miss.—BOND OFFERING— John
DISTRICT (P.
Johnson,
Clerk,
W.
of County Supervisors, will receive bids until
2 p. m. Feb. 7 oh an issue of $18,000 refunding bonds of Sunflower County
Supervisors District No. 1 Road District. Due serially over a period not
Board
exceeding 25 years.
Certified check for 5% of amount
of bids required.
MISSOURI
MURDOCK, Minn.—BONDS
gave
informed by tse City
bonds were purchased
Greenville as 4s, paying a
500.
fremium of $60, equal to 102. Coupon bonds, dated Oct.
central
set Feb. 23 as
$200,000 light and power
refunding bonds.
must be
Minn.'—BOND SALE—The
146, p.
issue of $185,000
in that
MINNESOTA
V.
an
recently by the
TOWNSHIP,
DISTRICT (P. O. Waseca), Minn.—BOND
School Board is planning to offer for sale
SCHOOL
WASECA
Grand
Township Clerk,
on Feb. 8 for
principal only,
special assessment district, water system bonds.
Dated Nov. 1, 1937.
Denom. $1,000.
Due $5,000 on May 1 from 1940 to 1949 incl.
Callable
at
price of 105 in inverse numerical order.
Principal and interest (M. &
N.) payable at the Peoples National Bank, Grand Rapids, or at such other
financial institution to be agreed upon at the option of the bidder.
Bids
will be conditioned upon approval of legality of issue by any reputable
firm of legal attorneys designated by the successful bidder, the cost of
which opinion will be paid for by the township.
The township will also pay
for printing of the bonds.
A certified check for 2% of the bonds bid for
WATERFORD
to the State
OFFERING PLANNED—The
Collingwood Road, N. W.,
FERING—Carlos G. Richardson, Township
at the office of James H. Lynch, attorney,
628—and he
of Minnesota.
Rapids), Mich—BOND OFFERING—William H. Muth,
will receive sealed bids until 10 p. m. (eastern standard time)
the purchase of $50,000 4% coupon, registerable as to
must accompany
these columns recently that an
vote on the issuance of $170,000
building remodeling and addition bonds—V. 146, p.
also states that in the event the bonds carry they will be sold
$100,136.54 interest notes.
(P. O.
DISTRICT NO. 9 (P. O. Tower),
DETAILS—William E. Noyes, District Super¬
in 3%
ROYAL OAK TOWNSHIP,
TOWNSHIP
Minn.
special
proposal to issue $18,000 high
SCHOOL
TOWER-SOUDAN
Minn.—BOND ELECTION
intendent, confirms the report given in
election will be held on Feb. 7 in order to
PLEASANT
tion notes and
SCHOOL DISTRICT (P. O. Sully),
23 has been set as the date of a
will pass on a
school addition construction bonds.
election at which the voters
COURT—The district has appealed to
WALKER
INDEPENDENT
—BOND ELECTION—February
AND
PARIS
DISTRICT
949
Chronicle
$22,000 water works
election.
_ »
1
DUNKLIN COUNTY
(P. O. Kennett), Mo .—BOND SALE^The
$50,000 courthouse bonds offered on Jan. 31-—V. 146, p. 470—were
awarded to the Commerce Trust Co. of Kansas City as 3 Ms at par plus a
premium of $150, equal to 100.30. a basis of about 3.46%. Dated July 1,
1937.
Due $10,000 yearly from 1943 to 1947.
KANSAS CITY, Mo.—BONDS SOLD PRIVATELY—It is reported
that $500,000 city hall bonds were purchased privately on Jan. 26 by
Stranahan, Harris & Co., Inc., of Toledo, and the Bancamerica-Blair
Corp., jointly, divided as follows: $25,000 as 2s, maturing $5,000 from
Feb. 1, 1940 to 1944: $25,000 as 2%s, maturing $5,000 from Feb. 1, 1945, to
1949; the remaining $450,000 as 3s, maturing on Feb. 1: $5,000 in 1950;
$15,000, 1951 to 1961, and $20,000, 1962 to 1975. Denom. $1,000. Dated
Feb. 1, 1938.
Principal and interest (F. & A.) payable at tho City Treas¬
urer's office, or at the Chase National Bank, New York City.
Legality
approved by Charles & Trauernicht of St. Louis. These bonds are said to
BUCKL1N,
issue was
bond
Mo.—BONDS VOTED—A proposed
approved by the voters at a recent
^
be direct
obligations of the city as a whole.
OFFERED FOR INVESTMENT—The
BONDS
offered
purchasers for public subscription
3.00%, according to maturity.
by the
1.50% to
KIRKSVILLE,
A
above bonds were reat prices to yield from
Mo.—BOND OFFERING—It is
reported that sealed
of a
received until Feb. 21, by the City Clerk, for the purchase
$60,000 issue of 3% semi-ann. water works bonds. Denom.
bonds were approved by the voters at an election on Sept. 21, 1937.
bids will be
$1,000. These
of fire department
awarded to Smith,
$37, equal to 100.24,
$1,000 from Feb. 1,
LADUE, Mo.—BOND SALE— The $15,000 issue
bonds offered for sale on Jan. 31—V. 146, p. 628—was
Moore & Co. of St. Louis, as 2 Ms, paying a premium of
a basis of about 2.22%.
Dated Feb. 1, 1938. Due
1939 to 1953, incl.
LAWSON, Mo .—BOND
ment
at a
bonds was sold
SALE—An issue of $4,000 5%
recently to the Baum,
street improve¬
Bernheimer Co. of Kansas
City
price of 101.
CONSOLIDATED SCHOOL DISTRICT NO. 3 (P. O.
Mo.—BOND SALE—The $42 000 coupon construction bonds
27—V. 146, p. 628—were awarded jointly to Callender,
Burke & MacDonald and the Baum. Bernheimer Co., both of Kansas City,
as 3s, plus a premium of $454.86, equal to 101.083, a basis of about 2.89%.
PACIFIC
Pacific),
offered on Jan.
Dated Feb. 1,
to
1938.
1919; and $3,000,
Other
Due as follows:
$1,000, 1940 and 1941;
Int. Rate
3M%
Name—
Co., St. Louis.
National Bank, St. Louis
Mississippi Valley Trust, St. Louis.
Bankers Bond & Security Co., St. Louis.
Rudolph Rubert&
Boatman's
$2,000, 1942
1950 to 1957.
bidders were:
_
Price Bid
3%
42,139.50
3%
3 M%
42,751.00
O. Perryville). Mo.—
PERRYVILLE SCHOOL DISTRICT
(P.
BOND SALE—An issue of $72,000 2 % % school
building bonds has been
950
Financial Chronicle
sold by the district to the Mercantile
Trust Co. of St. Louis at
par plus
premium of 150.40,
equal to 1QQ.Q7.
SCOTT
COUNTY
(P.
O.
a
M
Benton),
Mo.—BOND
OFFERING—Emil
Steck, County Treasurer, will receive bids until 9 a.
m., Feb. 10 for the
purchase at not less than par of $50,000
judgment funding bonds.
Bidders
are to
specify rate of interest, in a multiple of
Denom. $1,000.
Dated March 1, 1938.
Prin. and semi-ann. int. (March 1 and
Sept. 1)
payable at the County Treasurer's office.
Due $10,000
yearly on March 1
from 1939 to 1943.
Certified check for
NO.
28
of school
LINDENWOLD, N. J.—PLANS
BOND
MERCER COUNTY (P. O.
Trenton), N. J .—BOND OFFERING—
Edgar G. Weart, County Treasurer, will receive sealed bids until 2 p. m.
(P. O. Joplin),
March 8 for the purchase of
$300,000 improvement bonds.
Dated
March 1, 1938.
Denom. $1,000.
Due as follows: $10,000 from 1939 to
1950 incl. and $15,000 from 1951 to 1962 incl. Bidder to name the rate of
interest. Principal and interest (M. & S.)
payable at theFirst-Mechamcs
Bank, Trenton. A certified check for $6,000 must
accompany each pro¬
posal.
Legal opinion of Hawkins, Delafield & Longfellow of New York
City will be furnished the successful bidder.
on
bonds offered for sale
on Feb. 1—V.
146, p. 470—was purchased by the State Land
Board, as
5s, according to report.
TOOLE COUNTY SCHOOL DISTRICT
NO. 14 (P. O,
Shelby),
Mont.—BONDS SOLD—It is now reported
by the District Clerk that the
$35,000 construction bonds offered for sale
without success on Jan.
14, as
noted here at the time—V.
146, p. 628—have been sold to the State
Land
Board, as 4s at par.
Due in 20 years.
F
METUCHEN, N. J.—BONDS PASSED ON FIRST READING—'The
Borough Council has given first reading to an ordinance authorizing the
issuance of $30,000 emergency relief bonds. The measure will receive final
consideration on Feb. 7.
NEBRASKA
INDIANOLA, Neb.—BONDS AUTHORIZED—It
NORTH BERGEN TOWNSHIP, N. J.—TO ISSUE CALL FOR BOND
TENDERS—Pursuant to a previous resolution, the Township Council on
Feb. 2 authorized the Hudson
County National Bank, fiscal agent in the
is reported that the
bonds was authorized
recently.
PAWNEE COUNTY (P. O. Pawnee
City), Neb.—PRICE PA/JJ—lt
is stated by the
County Clerk that the $95,000 3y2% semi-ann.
refunding
bonds purchased
by Steinauer & Schweser of Lincoln, as noted
here re¬
cently—V. 146, p. 791—were sold for a
premium of $358.00, equal to
100.368, a basis of about 3.41%,
Due from Jan. 1, 1943 to
1952; optional
after five years.
£«.
k-fcu
issuance of $25,000 in
1938
ISSUE—The borough plans
to issue $117,000 not to exceed
4H% interest refunding bonds of 1938,
to be dated Feb. 1, 1938, and mature
Feb. 1 as follows: $4,000 from 1939 to
1965 incl and $3,000 from 1966 to 1968 incl.
Interest payable F. & A.
f LODI, N. J.—TO ISSUE RELIEF BONDS—'The
Borough Council has
passed on first reading an ordinance authorizing the issuance of $50,000
not to exceed 6% interest bonds to finance welfare
needs throughout the
present year.
Ordinance will come up for final reading on Feb. 7.
MONTANA
LIBERTY COUNTY SCHOOL DISTRICT
5,
Longfellow
of New York City must
accompany each proposal.
»
$1,000, payable to the County
Treasurer, required.
The county wJil furnish the
legal opinion of Charles &
Trauernicht of St. Louis and will pay for the
printing of the bonds.
Mont.—BOND SALE—The $5,000 issue
Feb.
National Bank, Hillside, or at the
option of the holder, at the Irving Trust
Co., New York City.
A certified check for 2% must
accompany each
proposal. The approving legal opinion of Hawkins, Delafield &
sewer
refunding plan, to issue a call for tenders of outstanding bonds to be paid out
the surplus of over $257,000 in the
debt service fund.
A resolution
announcing existence of the surplus and authorizing the Township to apply
to the redemption of
refunding bonds was approved recently by the
Municipal Finance Commission.
of
it
OCEAN COUNTY (P. O. Toms
River), N. J.—PROPOSED BOND
ISSUE—The Board of Chosen Freeholders has resolved to issue
$282,000
bonds for the construction of three bridges. Interest rate is not to
exceed 6 %.
NEVADA
ELY, Nev.—BOND OFFERING—D. O. Simon, City Clerk, will
receive
bids until 7:30 p.
m., Feb. 21 for the purchase at not less than
par of $40,000
bonds, divided into four issues, as
,
coupon
PATERSON, N. J.—TAX COLLECTIONS HIGHER—Current taxes
collected during 1937 amounted to
$5,556,775.20, being slightly more than
71.34% of the year's levy, according to the annual report of Walter J.
Hunsiker, City Tax Receiver. For 1936, collections amounted to
67.9%
of the year's levy; in
1935, 66.5%; 1934, 62.9%; and about 62% in 1933
follows;
$22,000 refunding bonds.
Due Dec. 1
as
1940 to 1957.
follows:
$4,000, 1939; and $1,000,
9,000 sewerage bonds.
Due $1,000
yearly on Dec. 1 from 1940 to 1948.
7,000 street improvement bonds.
Due $1,000 yearly on Dec. 1
from 1940
to
and
1946.
expense bonds.
Due $1,000 on Dec. 1 in
1938 and 1939.
Bidders are to
specify rate of interest not to exceed
6%.
Denom. $1,000.
Dated Dec. 1, 1937.
Interest payable June 1 and
Dec. 1.
Certified check
for 5% of amount of
bid, required.
NEW
HAMPSHIRE
CONCORD, N.
H.—NOTE SALE—The $400,000
revenue anticipation
were awarded to
Ballou, Adams & Whittemoreof
Boston on a 0.419% discount
basis.
Dated Feb. 7, 1938, and
payable
$100,000 on each of the dates Dec.
5, Dec. 7, Dec. 12 and Dec. 14, 1938.
The next best bid was
0.45% discount, Jackson & Curtis, the
Merchants
National Bank and the National
Shawmut Bank each offering to take
the
issue at that rate.
notes offered on
Feb. 3
KEENE, N. H.—OTHER BIDS—The $300,000
on
awarded
basis
Jan.
were
28 to Jackson &
as follows:
also bid for
tax
Curtis of Boston
on
anticipation notes
a
.486% discount
Discount Bid
«„
E. H. Itollins &
Sons, Boston
N. H.—NOTE OFFERING—F. D.
McLaughlin, City
until 2 p.m. Feb. 8 for the purchase at discount
$500,000 tax anticipatio.
temporary loan notes.
Notes wiU be dated Feb.
8, 1938, and payable Dec. 7,
1938, at The First
National Bank of
Boston, in Boston, or at the Central Hanover
Bank &
Trust Co., in New York
City and will be ready for delivery on or about
Wednesday, Feb. 9, 1938, in Boston, or on or about
Thursday, Feb. 10,
1938, in New York.
The denominations
of these notes will be as
follows:
at $25,000, eight at
$10,000, and four at $5,000.
Said notes will be
authenticated as to genuineness and
validity by The
Pirst National Bank of
Boston, under advice of Messrs. Ropes,
Gray,
Boyden & Perkins, and all
legal papers incident to this issue will be
filed
with said
bank, where they may be inspected.
■,
$.50,000, 12
Financial Statement, Feb. 1,1938
,1
Valuatio., 1936
Valuation, 1937
.$85,038.060.00
85,165,879.00
_________
Tax tit es
Tax title loans
79,502.72
__
....
'None
Levy
Uncollected
~1936
1937
...
to
1935
$3,285,736.00 $3,580,174.00 $3,061,541.00
date....______
402,301.63
11,218.45
9,792.30
Tax anticipation notes
outstanding against 1937
Tax anticipation notes
outstanding against 1938..:
Shaw, County Treasurer, will receive bids
until noon Feb. 8
for the purchase at
discount of $400,000 tax
anticipation temporary loan
be dated Feb* 8'
1938> and payable $100,000 Dec. 10.
1938, $200,000 Dec. 15, 1938, and
$100,000 Dec. 20, 1938, at the National
Shawmut Bank of
Boston, in Boston, and will be ready for
about Feb. 8 at the
delivery on or
National Shawmut Bank of
Boston, in Boston.
notes will be
Said
certified as to genuineness and
validity by the National
Shawmut Bank of
Boston, under advice of Storey,
Thorndike, Palmer &
Dodge, and all legal papers incident to
this issue will be filed
with said
bank, where they may be
inspected.
1935
1937
Assessed valuation.
$64,617,085.00 $64,743,186.00
Tax levy.
$65,161,493.00
273,834.95
273,834.95
3671472.52
Uncollected as of Jan. 31,'38
None
None
...
■
None
<SQ4 noo no
...
If: ggg^g
NEW
ASSENTh
Ward Kramer announced
JERSEY
J.—COMPLETES DRIVE TO SECURE REPLAN—Special City Attorney
Jan. 28 that assents
TO
REFUNDING
to a
!rom holders
of &6%
of
projected debt refunding
a
total
indebtedness of
This figure does not
include the judgment of
$1,400,000 held
York bondholders'
committee headed by Edwin
H. Barker.
Acceptances covering
$7,781,000 of debt thus are
$9,000,000.
by
a
New
equivalent to 86% of
the
municipality s indebtedness, less the
committee's judgment.
Mr
Sri
t.
Supreme Court iaTfc be would place «the results of the program before
Justice Joseph B. Perskie in
Atlantic City on Jan. 29
Mr. Perskie assumed
jurisdiction in the
refunding litigation last July, when
he conditioned his
approval of the terms of
city's refinancing program on
its acceptance
by holders of 85% of the
amount of the debt.
The city was
originally given until last Dec. 31 to
secure the required
tained a 30-day
assents, but ob¬
extension from Justice
Perskie.
The additional time
was
a
mHUwnfi't
S
j?tatTe ,^u^iciPal
Finance Commission, acting for the
municipality, and the Julius S. Rippel
Bondholders Committee. The
plan
contemplates the exchange of
28-year refunding bonds to bear
an
interest rate of
average
3.82% and the payment in
cash, at the rate of 3%, of all
defaulted bond interest.
»*i. 4 4U I
Si
^IDET()WNSHIp
if118
4
(p
**
o. Hillside), nt5.-bua/u
receive sealed bids until
9 p. m.
^be Purchase of
$10,000 not to exceed
5% interest coupon or
registered emergency relief bonds.
Dated Oct
1
193?
Denom
$1 000
$2,000 in 1938 and 1939
and
from 1940 to
1945 incl. Bidder to name a
singlejrate of interest, expressed in a
of '4 of !%♦
multiple
Principal and interest (A, &
O.) payable at the Hillside
SCHOOL
DISTRICT
(P.
O.
Albuquerque),
Mex.—BOND ELECTION—We are informed
by the Clerk or the
Board of Education that an election will
be held on Feb. 21 to vote on the
proposed issuance of $250,000 in not to exceed
6% semi-ann. school con¬
struction bonds.
Due serially in from 3 to 20
years.
"ALBUQUERQUE,
$l,oS
N.
Mex.—BONDS
NOT
PRESENTED—In
con¬
nection with the call for payment on Jan.
1, of the $280,000 5 % water supply
bonds, noted in these columns, it is now reported that bonds
numbered 28
to 32, 258 and 264 to 268
have not been presented for
payment.
Dated
Dec. 1,1917.
Due on Dec. 1, 1962, optional after
Dec. 1,1937.
Payableat
the First National Bank of
Albuquerque.
EDDY
COUNTY
(P.
O.
Carlsbad), N. M.—BOND ELECTION—A.
special election has been called for Feb.
19 at which a proposition to issue
$190,000 courthouse and jail enlargement bonds will
be submitted to the
voters.
TUCUMCARI, N. Mex.—BOND ELECTION—It Is reported by J. M.
Stone, City Clerk, that at the regular city election on
April 5, the voters
will be called upon to
pass on the issuance of about $40,000 in
hospital bonds.
NEW
AMSTERDAM, N. Y.—BOND
YORK
OFFERING— Frank
Treasurer, will receive bids until 2 p.
less than par of the
following coupon,
unlimited tax,
$170,000
bonds:
emergency~relief~bonds,
m.
Feb.
11
A. Howlan, City
for the purchase at not
fully registeraole, general obligation,
i~i
series
~D.
Duei_on~Feb""i
as
1
follows:-
$3,000, 1939 to 1943; $23,000, 1944 and 1945:
$33 000 1946 and
$38,000, 1947 and 1948.
70,000 general city bonds, to finance publiclworks
projects.
Due $7,000
yearly on Feb. 1 from 1939 to 1948.1
Bidders
are to
specify one rate of int., for all the bonds, in a
multiple of
1-10%, but not to exceed 6%.
Denom. $1,000.
Dated Feb. 1,
Prin. and semi-ann. int.
(F. & A. 1) payable at the First National
Bank of
Amsterdam, with New York exchange.
Certified check for $4,800,
payable to the City, required.
The approving opinion of
Clay, Dillon &
Vand ewater of New York
wil 1 be furnished by the
city.
Y\%
or
1938.
1936
Net bonded debt
MEXICO
ALBUQUERQUE
N.
None
MERRIMACK COUNTY (P. O.
Concord), N. H.—NOTE OFFERING
T.
N.
awarded to H. B. Boland & Co. of New
York, at 100.16, a basis of about
Five other houses competed for the loan.
3.47%.
$700,000
—John L.
PARK»
f
TEANECK TOWNSHIP
(P. O. Teaneck), N.
J.—FINANCIAL
STATEMENT—Richard J. Pearson, Township Treasurer, has issued the
following:
The most recent bond sale by the
township was held Jan. 4
when $113,500 3}4% park and street
impt. assessment obligations were
NEW
MANCHESTER,
TJS^,r^v?viI1 receive bids
of
two at
SOUTH RIVER, N. J .—BOND
OFFERING—On Feb. 15 the borough
will offer at public sale an issue of
$30,000 6% emergency relief bonds.
Denom. $1,000.
Due $4,000 yearly on Feb. 1 from 1939 to 1943.
.54%
.55%
.64%
Merchants National Bank of Botton
Brown Harriman &
Co., Boston
r
1932.
ROXBURY TOWNSHIP SCHOOL DISTRICT
(P. O. Succasunna).
N. J.—BOND
OFFERING—Augustus S. Bryant, District Clerk, will
receive sealed bids until 7:30
p. m. on Feb. 15 for the purchase of $150,000
2%, 3,3H,3M,3H or 4% coupon, registerable as to
principal only, school
bonds.
Dated April 1, 1938.
Denom. $1,000.
Due April 1, as follows:
$4,000 from 1940 to 1947, incl.; $5,000 from 1948 to
1955, incl.; $6,000 from
1956 to 1968, incl. Bidder to name a
single rate of interest.
Principal and
interest (A. & O.) payable in New York funds
at the Dover Trust Co.,
Dover.
A certified check for
2% of the amount of bonds bid for, payable
to the order of the Board of
Education, must accompany each proposal.
2,000
Itag
d*Kj
Financial Statement
The assessed valuation of
the property subject to the
taxing power of the
The total bonded debt of the
City including the
above-mentioned bonds is $2,755,550, of which amount
$7o,000 is water
debt.
The population of the
City (1930 census) was 34,817.
The bonded
debt above stated does not
include the debt of any other subdivision
having
power to levy taxes upon
any or all of the property subject to the
taxing
power of the C;ty.
The fiscal year commences Jan. 1.
The amount of
taxes levied for each of the
fiscal years commencing Jan. 1,
1935; Jan. 1,
1936, and Jan. 1, 1937 was
City is $27,650,263.
respectively
$1,059,631.37* $1,209,219.24, and
$1,178,208.33.
The amount of such taxes uncollected at
the end of each
of said fiscal
years was respectively $89,748.01;
$96,046.62, and $88,534.14.
The amount of such taxes
remaining uncollected as of the date of this notice
is
respectively $ none; $32,922.46, and $84,467.77.
The taxes of the fiscal
year commencing Jan. 1, 1938 have not
yet been levied.
BAT A VI A, N. Y.—BOND
OFFERING—Sealed bids addressed to John
C. Pratt, City
Treasurer, will be received until 3 p. m. (eastern standard
time) on March 1 for purchase of $150,000 Home Relief bonds.
The bonds
will be dated April 1, 1938.
Denom. $1,000.
Due $5,000 annually on
April 1 from 1939 to 1948 incl.
Bidder to name a single rate of interest of
not more than
6% and expressed in a multiple of % or l-10th of 1 %.
Prin.
and int. (A. & O.)
payable in lawful money at the Genesee Trust Co.,
Batavia, with New York exchange, or at the Chase National Bank of
New York, at the
option of the holder.
Coupon bonds, registerable as to
both principal and
interest, and not otherwise.
A certified check for $200,
payable to the order of the City, must
accompany each proposal.
The
bonds are general obligations of the
City, payable from unlimited taxes.
The approving legal
opinion of Clay, Dillon & Vandewater of New York
City will be furnished the successful bidder.
BROOKHAVEN
(P.
O.
Patchogue), N. Y.—BOND SALE— The
$213,762.56 coupon or registered public works bonds offered on
Feb. 2
—Y. 146, p. 793—were awarded to the
Manufacturers & Traders Trust Co.
of Buffalo and
Adams, McEntee & Co. of New York, as 2s, at par
plus a
1.99%. Dated
$21,000, 1940 to
of New York
premium of $57.72, equal to 100.027, a basis of about
Feb. 1, 1938.
Due Feb. 1 as follows: $21,762.56, 1939;
1945; and $22,000, 1946 to 1948.
Campbell, Phelps & Co.
were second high bidders, offering a premium of $299.27 for 2.10%
Manufacturers & Traders Trust Co., Buffalo and Adams,McEntee
the village, must accompany
bonds
& Co.,
of
Int. Rate
Bidder—
PORT
& Co.,
Inc
-
Inc., and Bacon, Stevenson
Weigold,
and Phelps, Fenn &
Lehman Brothers
BUFFALO, N. Y —BOND
Amount Bid
$214,053.28
2.10%
213,948.48
2.20%
214,318.35
2.20%
214,235.00
2.40%
214,489.36
2.40%
214,403.85
& Co
Co
fully register3—V. 146, p. 793—
York and
of New York,
premium of
SALE— The $800,000 coupon,
able, bonds described below, which were offered on Feb.
were awarded to a group headed by Phelps, Fenn & Co. of New
including the Marine Trust Co. of Buffalo; Kean Taylor & Co.
and Safford, Biddulph Co. of New York, as 3.20s, at par plus a
100.329, a basis of about 3.19%:
$500,000 home relief bonds.
Due $50,000 yearly on
$2,632, equal to
Feb. 15 from 1939 to
1948.
contribution, relief project bonds.
Due $30,000 yearly on
1948.
Dated Feb. 15, 1938.
Prin. and semi-ann. int.
(Feb. 15 and Aug. 15) payable at the City Comptroller's office or at the
Central Hanover Bank & Trust Co., New York.
300,000 city
Feb. 15 from 1939 to
$1,000.
Denom.
of New York
Bros,
Lehman
premium of $1,592
submitted the second high
bid, offering a
for 1.25% bonds.
(P. O.
Inc. of
HUNTINGTON UNION FREE SCHOOL DISTRICT NO. 3
N. Y.—CORRECTION—Roosevelt & Weigolf,
not R. D. White & Co., as previously noted in these columns
—V. 146, p
793—was associated with Blyth & Co., Inc. and the Manu¬
facturers & Traders Trust Co., Buffalo, in the purchase on Jan. 28
$412,500 2.90% school building bonds at 100.61, a basis of about
The bonds, due serially from 1941 to 1968, incl., were re-offered by the
banking group at prices to yield from 1.40% to 2.90%, according to
Huntington),
New York,
of
2.86%.
maturity.
NEW
AT JAN 1—A
Jan. 1, 1938 was
N. Y.—$2,278,396 CASH BALANCE
$2,278,396 in the city's general fund as of
YORK.
cash balance of
Joseph D. McGoldrick, who made
public an analysis of the general fund receipts and operation for the years
1934 to 1937.
The current balance wdl be applied to general revenue for
the year 1938, the Comptroller stated, and will be used for the reduction of
indicated
on
Feb. 2
by Comptroller
taxation.
1935 or 1934, it
1933, which was
the current balance he
fund had been
applied to the reductiion of taxation than in the preceding three years.
Last year $125,346,697 of the general fund was applied toward the re¬
duction of taxation as compared with $111,652,908 in 1936.
The cash
balance on Jan. 1 a year ago was $6,204,175.
Total revenue receipts for
1937 were $113,336,357, as compared with $108,908,745 in the previous year,
the analysis showed.
The four largest sources of revenue in this fund in
1937 were water rates, which produced $37,569,503; the excise tax on al¬
coholic beverages, providing $11,784,518; the city's share of the State in¬
come tax, which furnished $10,697,057; and the interest on taxes, water
rents, assessments and bank deposits which brought in $10,372,686.
Although the cash balance for 1937 is less than for 1936,
is nearly four times as large as the balance of Dec. 31,
$693,578, the Comptroller stated.
The amount of
attributed to the fact that a greater sum of the general
A summary
of the 4-year
analysis is as follows:
Total General Fund
!
1934
1935
$109,220,812
$112,615,172
$125,346,697
1936
1937
Fund at Close of Year
1935
$2,278,396
negotiated
institutions.
the following:
Due April 15. 1938.
JANUARY FINANCING—All of the short-term financing
by the city during January was absorbed by local banking
The aggregate principal amount was $42,500,000, consisting of
$15,000,000 0.50%
5.000,000 0.40%
10,000,000 0.28%
5,000,000 0.65%
7,500.000 0.25%
revenue
bills of 1938.
bills of 1938. Due April 28,
bond anticipation notes.
Due April
revenue
tax notes.
Due Jan. 21, 1939.
1938.
21, 1938.
bonds:
Maturity
Amount—
$350,000
Jan. 1,
450,000---Jan. 1,
4,200,000- — -—.Jan. 1,
450,000--Jan. 1.
Maturity
Jan. 1, 1940-1964
$1,500,000
1940-1949
750,000—
1940-1954
1940-1969
1940-1954
4,200,000-
-----
—
Jan. 1, 1940-1969
Jan. 1, 1940-1979
NEW YORK, State of—CHAIN STORE TAX BILL OFFERED IN
ASSEMBLY—A bill taxing chain stores from $10 to $550 was introduced
on Jan. 8 by Assemblyman Benjamin Brenner, Kings Laborite.
The tax would be graduated so that the larger chains would pay the
of tax.
of this bill would be of some assistance to the small merchant
who is being progressively pushed to the wall and ruined."
Assemblyman
Brenner said.
"More than half the States of our Nation have such taxes
and have demonstrated the advantage of the measure.
"The legality of the measure is not in question , as the Supreme Court
has upheld the constitutionality of this tax."
greatest amount
"The passage
NEW
YORK,
State
JOBLESS INSURANCE
of—ASSEMBLY APPROVES EXTENSION OF
LAW—The Legislature began action on Adminis¬
Assembly passed a bill extending the
to all employees. The Lower House
tration's program on Feb. 1 when the
State's unemployment insurance law
the measure, one of the major recommendations in
Governor Lehman's program. There was no debate.
The bill brings under the unemployment insurance law the first $3,000
of every employee's salary.
Previously, only employees earnings up to
$2,500 came under the law.
unanimously passed
PLATTSBURG,
N. Y.— UTILITY BOND ISSUE ATTACKED—
Supreme Court Justice Ellsworth C. Lawrence issued Jan. 31a temporary
injunction restraining the city from issuing $360,000 worth of bonds to
finance construction of a municipal power plant. The injunction, according
Co.,
the
issued on application of New York State Gas & Electric
which argued that the city's bonded debt limit would be exceeded were
bonds issued.
Wallace Pierce, who appeared for the utilities Company,
said the firm was opposing the bond issue as a taxpayer and not as a possible
to report, was
competitor of the
proposed municipal plant.
PLEASANTVILLE,
N.
Y.—BOND OFFERING—William T. Guion,
bids until 10 a. m. on Feb. 9 for the pur¬
5% interest coupon or registered bonds,
improvement bonds, payable from unlimited taxes. Due
$1,000 from 1939 to 1945 incl. and $1,500 from
Feb. 1 as follows:
1946 to 1950 incl.
construction.
4,500 special assessment bonds issued to finance sewer
Although general obligations of the village, the bonds are payable
primarily from assessments on benefited property and if not paid
from that source, all of the village's taxable property is subject to
levy of unlimited taxes in order to meet both principal and interest.
Issue is due $500 on Feb. 1 from 1939 to 1947 incl.
Each issue is
dated Feb. 1, 1938.
Denom. $500. Bidder to name a
single
expressed in a multiple of K or 1-10 of 1%^ Principal and
interest (F. & A.) payable at the First National Bank, Pleasantville, with
New York exchange. A certified check for $1,000, payable to the order of
rate of
interest,
Board,
profit.
SCHOOL DISTRICT NO. 4 (P. O. CalverSOLD—The P. B. Roura Co. of New York City pur¬
of $4,500 school bonds as 3.20s, at par plus a
premium of $4, equal to 100.08, a basis of about 3.22%. Dated Feb. 2,1938.
Denom. $900.
Due $900 on Feb. 2 from 1939 to 1943, Inclusive.
RIVERHEAD COMMON
ton), N. Y —BOND
chased*1on Feb. 2 an issue
Leavitt &
of
Feb. 2,
(P. O. Post Chester), N. Y.-CERTIFICATE SALE—
purchased on Jan. 26 an issue of $150,000 certificates
at 0.85%, at par plus a premium of $15.
Dated
1938 and due Oct. 3, 1938.
Other bids reported were:
RYE
Co. of New York
indebtedness
Int. Rate
Bidder—
Wrenn, Bros. & Co
George B. Gibbons & Co., Inc. (plus $10 premium) —
First National Bank & Trust Co., Port Chester (plus
0.89%
1%
_
$7 prem.)_- 1.10%
NEW BERLIN, SMYRNA.
NORWICH,
HAMILTON AND
SHERBURNE, NORTH
PLYMOUTH, COLUMBUS,
BROOKFIELD CEN¬
DISTRICT NO. 1 (P. O. Sherburne), N. Y.—BOND
OFFERING—Mrs. Bertha H. Benedict, District Clerk, will receive sealed
bids until 2 p. m. on Feb. 15 for the purchase of $33,000 not to exceed 6%
int. coupon or registered equipment bonds of 1938.
Dated Feb. 1, 1938.
Denom. $1,000.
Due April 1 as follows: $8,000, 1939 and 1940; $7,000,
1941; $6,000, 1942; $4,000 in 1943.
Bidder to name a single rate of int.,
expressed in a multiple of Y or l-10th of 1%.
Prin. and int. (A. &
payable at the District Treasurer's office.
A certified check for 2% must
accompany each
proposal.
The approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
TRAL SCHOOL
O.)
bidder.
Y.—REALTY
the
the
WESTCHESTER COUNTY (P. O. White Plains), N.
OPPOSES PARKWAY MERGER—Board of Directors of
County Realty Board recently entered a protest with
Board of Supervisors against a bill now pending in the State Legislature
providing for consolidation of the Marine Parkway Authority
BOARD
Westchester
and the
Parkway Authority and the creation of a single agency to
of the two units.
APPORTIONMENT OF COUNTY TAX LEVY— The Board on Jan. 31
approved the tax roll and apportionment of the county tax levy of $12,181,325.96 among the cities and towns, as follows:
148,204.98
Bedford
$276,779.20 North Castle
*3,738.98
Cortlandt
504,608.65 North Salem
304,076.08
Eastchester
556,672.07 Ossining
Pelham
342,850 40
Henry Hudson
own
and operate the facilities
1,118,826.34
484,392.28
Greenburgh
Harrison
Mamaroneck
Mount Pleasant
Mount Vernon
New Castle
1,061,751.17
New Rochelle
All but six of
20,787.54
Poundridge
91,062.19 Rye
685,561.98 Scarsdale
598,558.29 Homers
1,411,166.25 White Plains
235,268.26 Yonkers
Lewisboro
60,805.70
1,041,184.40
2,028,113.68
80,226.72
Yorktown
the 22 communities have an
932,019.32
424,671.48
-
increase this year.
WOODSTOCK (P. O. Woodstock), N. Y.—BOND OFFERING—
Albert Cashdollar, Town Supervisor, will receive sealed bids until 2 p. m.
on Feb. 24, for the purchase of $32,000 not to exceed 6% interest coupon or
registered town hall bonds.
Dated March 15,
Denom.
Due $2,000 on March 15 from 1938 to 1953, incl.
Bidder to name a
rate of interest, expressed in a multiple of Y or l-10th of 1%.
and interest (M. & S.) payable at the Kingston Trust Co., Kingston,
New York exchange.
The bonds are general obligations of the town, pay¬
able from unlimited taxes.
A certified check for $640, payable to the
of the town, must accompany each proposal.
The approving legal
of Clay, Dillon & Vandewater of New York City will be
successful bidder.
$1,000.
single
Principal
with
1937.
order
opinion
furnished the
Report of Essential Facts
of the Town of Woodstock in the County of
As
of January, 1938
Ulster, N. Yi
1936
1937
Total
$34,924
$31,746
$47,772
Assessed valuation
1,583,750
1,564,197
1,737,996
Tax rate per $1,000
$39.41
$26.47
$32.21
Sinking fund: NoTsinking fund, all payments made from yearly tax levy3
Tax collection:
iOounty of Ulster refunds uncollected taxes to town.
County holds tax sales annually.
County of Ulster one of few counties in
Preceding Fiscal Years—
indebtedness incl. present issue.
without debt.
1935
1937
1936
1935
$64,988.21
$68,178.43 $64,749.34
1910, 1,647; 1920, 1,488; 1930, 1,652.
general property tax
Ad valorem
Population:
Tax payments due Jan. 1 of each year.
Penalties 5% after
annually by County Treasurer.
No principal or interest
due.
Fiscal year Jan. 1 to Dec. 31.
This statement does not include the debt or tax record of the
Feb. 1.
is past
Tax sales
political subdivisions
having power to levy taxes upon
municipality:
School Districts Nos.
Fire Districts.
following
property within
this
1,2,3,4,5,6 and 7.
CAROLINA
NORTH
GOLDSBORO, N. C.—BONDS VOTED—On
boro gave their approval to a proposition calling
water bonds.
Jan. 21 the voters of Goldsfor the issuance of $115,000
bonds
28,
Greensboro at a
price of par for 6s.
The bonds are divided into,two issues as follows:
$7,500 sewer bonds, due $590 yearly on July 1 from 1940 to 1954.
4,500 interest-funding bonds, due $500 yearly on July 1 from 1938 to 1946.
Denom. $500.
Dated July 1, 1937.
Prin. and semi-ann. int. (J. & J. 1)
JONESBORO, N. C.—BOND
SALE—Sewer and interest-funding
in the amount of $12,000, which
last—V. 145, p.-2269—have been
payable in New
terable as
to
were
offered unsucessfully on Sept.
sold to Lewis & Hall of
York.
PINEVILLE, N. C.—BONDS
NOT SOLD—The $8,500 coupon, regisbonds offered on Feb. 1—V. 146,
principal, electric light
Feb. 1, 1938.
Feb. 1 as follows: $500, 1940 to 1952 and $1,000 in 1953
6 794—were not sold, as no bids were received. Dated and 1954.
SANFORD, N. C.—BONDS BEING DEPOSITED—In connection with
the $535,000 refunding bonds authorized by the Board of Aldermen on
Dec. 9, it is stated by Harvey Kennedy, Town Clerk, that bonds are already
being deposited with the Local Government Commission.
He reports that
funds are on hand with the said Commission to care for part due coupons
and accrued int. to June 1, 1937, when bonds are forwaded for exchange.
WASHINGTON COUNTY (P. O. Plymouth), N. C.—BONDS TO BE
EXCHANGED—It is stated by the Clerk of the Board of Commissioners
that a total of $246,447.29 bonds, approved by the Local Government
Commission, will be exchanged for bonds now in default.
The bonds are
divided as follows: $178,000 refunding, and $68,447.29 int.-funding bonds.
ue
Village Clerk, will receive sealed
chase of $19,000 not to exceed
divided as follows:
$14,500 general
N. Y.—
above Authority-
AUTHORITY (P. O. New York),
DISCUSSED—Net income of the
was
New York
special revenue bills. Due April 21, 1938.
In addition to the foregoing, the city sold to its own sinking funds $9,600,000 33^% corporate stock, due Jan. 1, 1978, and the following 3% serial
Amount—
year
Trends as of 3
$6,204,175
$8,722,676
$5,616,776
1937
$111,652,908
$103,232,819
Cash Balance in
1934
$128,163,538
1936
1935
1934
1937
1936
Toward Reduction of Taxation
Total Applied
$101,432,572
Receipts
$118,001,363
NEW YORK
OF
$5,500,000, Frank C. Ferguson, Chairman of the
told the Municipal Bond Club in his address on the subject "The Security
of Port Authority Bonds," delivered at a luncheon meeting held on Feb. 3.
"But, there was no profit," he added, "because there isn't any
What money is left over goes toward reserves for amortization.
The in¬
crease over 1936 was 24%."
last
2.10%
Halsey, Stuart & Co., Inc
:
Van Ingen & Co., Inc., and Minsch, Monell
& Co., Inc
A. C.Allyn& Co., Inc., and R.D.White & Co
Bancamericar-Blair Corp.
and Geo. B. Gibbons
B. J.
bidder.
SECURITY BONDS
offering a new issue of $213,762 2% bonds.
The bonds,
which are issued for public works purposes, are priced to yield from 0.70
to 2.20%.
They are legal investment, in the opinion of the bankers, for
savings banks and trust funds in New York State.
The assessed valuation
of the Town of Brookhaven, as officially reported for 1937, totaled $41,897,413, and total bonded debt, including this issue, amounts to $546,527.66.
each proposal. The approving legal opinion
New York City will be furnished the
Glay,*Dillonl$; Vandewater of
successful
Inc., New York, are
Roosevelt &
951
Financial Chronicle
146
Volume
NORTH
DAKOTA
BARNES COUNTY (P. O. Valley City), N. Dak
SALE—The county has sold an issue of $30,000 4% certificates
ness to the First National Bank and the American National
Valley City
Mm
of indebted¬
Bank, both of
mu~***MM
LEEDS SCHOOL DISTRICT No. 6 (P. O. Minnewaukon), N. Dak.—
CERTIFICATE OFFERING—Ben Baglien, Clerk, Board of Education,
will receive bids until 2 p. m., Feb. 14 for the purchase of $11,000 7% cer¬
tificates of
indebtedness.
Cert, check for 2%,
rrquired.
Lidgerwood).
9,
LIDGERWOOD SPECIAL SCHOOL DISTRICT (P. O.
Dak.—BONDS SOLD—In connection with the $19,CG0 4% semi-ann.
auditorium bonds that were offered for sale without success on Oct.
N.
952
Financial
noted here at the time—V. 145, p. 2585—it is
Clerk that the bonds have been purchased at
as
now
Land
Board.
to
Chronicle
by the District
proving
by the University and
on
July 1 as follows:
par
School
$1,000. 1940
stated
Dated Oct.
1, 1937.
Due
1954 and $2,0./0 in 1955 and 1956.
PERRY
(State
of)—CERTIFICATE
OFFERING—James
Secretary, State Industrial Commission, will receive bids until
Feb. 18, for the purchase at not less than
par of $1,100,000 coupon
certificates of indebtedness.
Bidders are to specify rate of
interest, not to
exceed 4%.
Denoms. 200 at $1,090; and 180 at $5,000.
Dated Feb. 18,
1938.
Interest payable semi-annually.
Due $500,000 Feb. 18,
1939, and
$600,000 April 18, 1939.
Certified check for 2% of amount of
bid, payable
to the State Treasurer, required.
a. m.
PLEASANT VALLEY SCHOOL DISTRICT NO.
15 (P. O.
Center),
Dak.—CERTIFICATES NOT SOLD—The $2,000
certificates of in¬
on Jan. 29—V.
146, p. 631—were not sold,
according
to the District Clerk.
Squire,
Sanders
5,
&
1938
Dempsey
o
damage suit
TOWNSHIP
PORTSMOUTH, Ohio—BOND OFFERING—James D. Williams, City
Auditor, will receive bids until 3 p.m. Feb. 16 for the purchase of an issue
of $113,800 6% delinquent tax bonds.
Denominations to be fixed by the
Director of Finance.
Interest payable semi-annually.
Due April 1 as
follows: $12,800, 1939; $13,000,1940:
$12,000,1941; $13,000,1942; $12,000,
1943; $13,000, 1944; $12,000, 1945; $13,000, 1946; and
$13,000, 1947.
Principal and interest payable at the City Treasurer's office.
Cert, check
for $1,138, payable to the Department of
Finance, required.
N.
debtedness offered
WALHALLA, N. Dak.—BOND PROPOSAL DROPPED— It is
reported
by A. H. Allan, City Auditor, that the $58,000 4M%
municipal light plant
approved by the voters on May 4, 1937, were never issued as the
city and the power company reached a mutual agreement.
bonds
ROSS
OHIO
from
(P. O.
Perry), Ohio—BOND OFFERING—
Henry A. Tuttle, Township Clerk, will receive sealed bids until 2 p. m.
on Feb. 21 for the purchase of $8,000 not to
exceed 5% interest fire equip¬
ment bonds.
Dated March 1, 1938.
Due Sept. 1, 1946.
Rate of interest
to be expressed in a multiple of M of
1%.
Interest payable M. & 8.
The
issue was approved at the general election last
November.
A certified
check for $1,000, payable to the order of tin board of
trustees, must ac¬
company each proposal.
(This offering was originally scheduled for Feb. 15—V. 146,
p. 631—but
has been postponed to Feb. 21).
ing the issuance of $655,000 funding and refunding bonds.
DAKOTA
obtained
against the village.
resolution authoriz¬
NORTH
be
can
NORTH BEND, Ohio—TO VOTE ON DEBT SERVICE
LEVY—A reso¬
lution adopted by the Village of North Bend to have a
special election Feb.
15 on the question of putting debt charges outside the 10-mill
limitation
was approved recently by the Board of Elections.
The special levy calls
for an extra 2 mills each year for 1938,1939 and 1940.
Part of the proceeds
would be used toward retirement of the Samuel Denton
judgment bond,
which matures in 1940.
The bond was floated to cover a
MORTON COUNTY (P. O. Mandan), N.
Dak.—BONDS AUTHOR¬
IZED—The County Commissioners recently adopted a
10
opinion
Cleveland.
MANDAN, N. Dak.—PRICE PAID—It is now reported by the
City
Auditor that the $60,000 4% semi-ann. water filtration
plant revenue bonds
purchased by the Bank of North Dakota of Bismarck, as noted
here in
December, were sold at par.
Due from Oct. 1, 1939 to 1958;
subject to
retirement on any interest payment date.
Mulloy,
Feb.
COUNTY
(P.
O.
Chillicothe),
Ohio—BOND
SALE—The
$67,000 bridge improvement bonds offered Jan. 31—V.
146, p. 473—were
awarded to VanLahr, Doll &
Isphording, Inc. of Cincinnati, as 2 Ms, at
par plus a premium of $348.40, equal to 100.52, a basis of
about 2.45%.
Dated Jan. 3, 1938 and due Oct. 1 as follows:
$3,000 from 1939 to 1951,
incl. and $4,000 from 1952 to 1968, incl.
MUNICIPALS
LIST OF BIDS—
Bidder—
MITCHELL, HERRICK & CO.
700
CANTON
CUYAHOGA BUILDING,
AKRON
CINCINNATI
CLEVELAND
COLUMBUS
SPRINGFIELD
OHIO
ASHLAND CITY SCHOOL DISTRICT
(P. O.
Ashland), Ohio—
BOND OFFERING—J. L. Grindle,
Clerk, Board of Education, will receive
bids until noon Feb. 21 for the
purchase at not less than par of
$85,000
2V\% school building bonds. Denom. $1,000. Dated Dec.
1, 1937. Inter¬
est
payable annually.
Due Sept. 1 as follows: $3,000, 1939 to
1953, and
$4,000, 1954 to 1963.
Principal and interest (M. &
8.) payable at the
Treasurer's office.
A different rate of
interest, expressed in a multiple of
M of 1%, may be named
by the bidder. Certified check for
5% of amount
or bonds bid for,
payable to the Board of Education, required.
(The above sale was originally scheduled to be
held on Feb.
10.)
BUTLERVILLE-HARLAN TOWNSHIP SCHOOL
DISTRICT (P. O.
Lebanon), Ohio—BONDS DEFEATED—The
Jan. 25 turned down
a
voters
of
the
district
on
proposal calling for the issuance of $44,000 school
building bonds.
CINCINNATI, Ohio—NOTE
Sept. 1 from 1939 to 1948.
Village, required.
on
IN TAX RATE— Unless the
presenting arguments before the
Montgomery
County Budget Commission in support of his demand that
the municpal tax
be increased.
In outlining reasons
requiring the higher rate, Mr.
Hagerman said in part:
"In October, 1937, the
city requested the Budget Commission to allow
$741,332 for 1938 to pay bond and interest
charges.
The Budget Com¬
mission certified $585,930 but later
changed this figure to $551,340.
This
represents $109,992 less than our original
request.
"On Jan. 15,1938, the
city notified the County Auditor that due
rate
to
WOOSTER,
a
compromise of
two-tenths of
950.00
407.00
790.60
46.85
783.90
188.94
811.77
566.00
515.97
223.00
72.00
348.40
1,052.00
..&
58.00
■
228.88
470.70
2M%
2M%
2M%
2M%
2M%
181.92
745.00
522.60
808.00
737.00
Guy,
Village
at not less than
Certified
check
Ohio—NOTE SALE—An
for
issue
of
$325, payable
$325,000
Dated
yearly
to
1M%
the
tax
anticipation notes was sold last year to an account
composed of Prudden
& Co., Toledo;
Fox, Einhorn & Co., Inc.; and Nelson,
Browning & Co.,
both of Cincinnati, at
par plus a premium of $525.
Due in 2 years; callable
at any interest date.
YORKVILLE
Ohio—BONDS
on
VILLAGE
SCHOOL
DISTRICT
NOT SOLD—The $75,000
4% school
Jan. 27—V.
146,
against the sale of
p.
the
473—were
bonds
on
authorizing the issue.
(P.
O.
Yorkville),
building bonds offered
sold, as an injunction was granted
the ground of an error in the election
not
a tax
settlement at the end of the year, a
surplus of approximately $89,000 could
be used which was not
anticipated in October.
"The city objects to this drastic cut of
approximately $100,000 additional
in its requests because it
believes it will result in a deficit in the
sinking fund
at the close of 1938 which should
not exist, and
furthermore, it places the
city in a position where it cannot apply its
surpluses which it has built up
from sources other than taxation
as a means of
protecting the operating
account of the city.
"If
$893.33
2M%
2M%
2M%
2M%
2M%
2M%
2M%
2M%
2M%
3%
2M%
2M%
2M%
2M%
2M%
larch 1, 1938.
Sar of $3,250 4M% coupon fire apparatus and Sept. 1. Due $325
Denom. $325.
Interest payable March 1 bonds.
Provident Savings Bank &
Trust Co. of Cincinnati has
purchased an issue of $500,000
0.85% revenue
anticipation notes, dated Feb. 1, 1938 and due in 90
days.
DAYTON, Ohio—SEEKS INCREASE
Premium
3%
3U.%
TRENTON, Ohio—BOND OFFERING—Maurice W.
Clerk, will receive bids until noon Feb. 21 for the
purchase
SALE— The
city
tax rate for 1938 is increased from the
present figure of $15.80, the lowest in
20 years, to $16 per $1,000 of assessed
valuation, the municipal sinking
fund will show a deficit of about
$100,000 by the end of the year even if
100% of the levy is collected.
This statement was made
by Earl E. Hagerman, Director of Finance, in
Int. Rate
Saunders, Stiver & Co., Cleveland
State Teachers Retirement System,
Columbus..
G. Parr Ayers & Co., Columbus
Meyer, Smith & O'Brien, Cincinnati
Seasongood & Mayer, Cincinnati
Hayden, Miller & Co., Cleveland
Assel, Goetz & Moerlein, Inc., Cincinnati
Pohl & Co., Inc.. Cincinnati
Ryan, Sutherland & Co., Toledo
Otis & Co., Cleveland
First Cleveland Corp., Cleveland
Field, Richards & Shepard, Inc., Cleveland
Van Lahr, Doll &
Ishpording, Inc., Cincinnati..
Merrill, Turben & Co., Cleveland
McDonald-Coolklge & Co., Cleveland
Fox, Einhorn & Co., Cincinnati
Middendorf& Co., CincinnatiArthur D. Katz & Co., Cincinnati...
Prudden & Co., Toledo
Stranahan, Harris & Co., Toledo
Braun, Bosworth & Co., Toledo
Banc Ohio Securities Co., Columbus
R. J.
EDWARDS, Inc.
Municipal Bonds Since
mill, which the city requests, is
rate for city
purposes, including its
conservancy district ob¬
still be reduced from $9.83 in 1937 to
$7.73 in 1938 upon each
$1,000 of taxable property."
In reply to Mr.
Hagerman's statement, County Auditor
Joseph A. Lutz
said: "We have allowed all
taxing subdivisions the maximum for their 1938
operations as allowed by law.
We could not, if we so
desired, increase any
tax rate.
We
a
Oklahoma
granted, the
1892
City, Oklahoma
ligation, will
AT&T
Ok
Cy 19
OKLAHOMA
have set the maximum under the
law."
HAMLER SCHOOL
school
building
election
bond
DISTRICT, Ohio—BONDS SOLD—The $85,000
issue
approved
SCHOOL
the
at
sold to the State Teachers'
was
LOCKLAND
November,
1937,
general
Retirement System.
DISTRICT,
par.
$20,000 were sold to the District
Sinking Fund
Due $4,000 each
year from 1948 to 1952 incl.
MADISON
TOWNSHIP
as
2Ms, at
SCHOOL
DISTRICT (P. O. Lore
D. 1),
City,
Ohio—BONDS SOLD—Bliss, Bowman & Co. of
Toledo purchased
the $28,500
auditorium-gymnasium bonds
which
election in March,
1937.
Bankers paid par plus
t0
a
were
approved at the
premium of $71.25 for
100.25, a basis of about 3.97%. Denom. $500. Due
as follows:
IfRR' fP",1 1 and °ctI939: $1,000, April 1 and $500, Oct. 1,
1940;
$500, April and Oct. 1, 1941;
$500, April 1 and $1,000, Oct. 1,
1942; $500,
Apr. land Oct. 1 in 1943 and
1944; $1,000,Apr. land $500, Oct.
1,1945; $500,
April 1 and Oct. 1,
1946; $500, April 1 and $1,000, Oct.
A nri 1 1
onrl
Ant
1
1, 1947; $500,
1010
lAJO.
t-r%
"1 nee
©
rAn
a
..
Y
CM
#
t
vf
t\I\r\
J
A
»IP J.
ffnn' fP1".1,1,1 and °ct1956
1957; $500, April 1 and Oct. 1 in 1958
I960; $500, April 1 and Oct. 1
Oct. 1,
(P- °'
•
u
9
t
a
A_i
ix|IlJLL X
dllu
qpOUU
I
-#
v/tl.
1
*
$50°. April 1; and $1,000, Oct.
1,
$500,
and 1959; $1,000,
April 1 and
in 1961 and 1962.
Da>:ton>>
Ohio—PLANS VOTE ON
RELIEF ISSUE—The
county is expected to ask voters'
approval at the
$350,000 and $500,000 for a Pr°P°®al providing for a bond issue of between
poor relief purposes.
In this
connection, it is
pointed out that virtually all of
the taxing units in
the
make
«^^nnnri^rJcrl^Cnn<XnX>f
provision in the
budgets for
relief needs
during
problem had previously been financed
by the State.
county did not
1938, inasmuch as this
Under new legislation
sSteVer'8Ubdlvlslons must furnish 50 cents for each $1.00 obtained from the
MUSKINGUM WATEREHED
CONSERVANCY DISTRICT
nnZn^Tr^rflf °nlo~£°APPEAL
(P.
enjoining the issuance of $1,500,000
3% bonds
the Court of
Appeals, with a hearing in the matter set for
reo. 23.
Because of the broadness
of the lower court's
ruling, the district
was restrained from
issuing either general obligation or
obligations.
in
The district
is
confident that
court s decision will be
corrected
the special assessment bonds
as
a
purported
the
litigation is
will amount
$25,000.
CARNEGIE, Okla.—BOND OFFERING—O.
L. Weaver,
Town Clerk,
will receive bids until
2:30 p. m., Feb. 8 for the purchase at not less than
par
park bonds.
Interest rate will be determined
by the bidding.
Due $500 yearly beginning five
years after date of issue.
Cert, check for
2% of amount of bid, required.
of $5,000
CARNEGIE SCHOOL DISTRICT (P. O.
Carnegie), Okla.—BOND
OFFERING—C. M. Ilartman, District Clerk, will receive Dids
until 2 p.m.,
Feb. 8 for the purchase at not less than
par of $3,000 school building bonds.
are to specify rate of
interest.
Due $300 yearly
beginning five
Cert, check for 2% of amount of
Bidders
years after date of issue.
bid, required.
GRADY
COUNTY CONSOLIDATED
SCHOOL
DISTRICT
Net
(P. O. Ninnekah), Okla.—BOND SALE—The
$20,000 issue of
school building bonds offered for
sale on Jan. 31—V. 146, p. 794—was
awarded to E. M. Allen, of
Chickasha, as follows: $10,000 as 3Ms maturing
$2,000 from Feb. 1
1943 to 1947; the remaining
$10,000 as 3s maturing
$2,000 from Feb. 1 1948 to 1952 incl.
C 51
HOLLIS, Okla.—BOND ELECTION—The City Council has called a
special election for Feb. 23 at which a proposition to
issue $135,000 light and
power plant bonds will be submitted to the
voters.
MAXWELL UTILITY DISTRICT (P. O.
Maxwell), Okla.—BOND
SALE—The District has sold a block of $45,000 bonds to
Howell, Douglass
& Co. of San Francisco at
a
price of par.
OKLAHOMA CITY SCHOOL DISTRICT (P. O. Oklahoma
City),
Okla.—BONDS DEFEATED—We are informed by J. G.
Stearley, Clerk of
the Board of Education, that at the election held on
Jan. 22—V. 146,
473—the
p.
to issue
voters failed to
$1,750,000 in
give the required 60% majority to the proposal
5% school building bonds.
not to exceed
OREGON
CLACKAMAS
COUNTY
SCHOOL
DISTRICT
Jennings Lodge), Ore.—BOND SALE—The $16,700
NO.
114
(P.
O.
school bonds offered
26—V. 146. p. 631—were awarded to the Baker,
Fordyce Co. of
Portland.
Due on Feb. 1 as follows: $700 in 1942; and $1,000 from
1943 to
1958.
on
Jan.
special assessment
the inferior
The successful bidder paid a price of 100.076 for the
issue, taking part at
3 % interest and part at 3 M % •
stetled and
Helens), Ore.—BOND CALL—It
error in
by the Court of Appeals and
plans to issue
soon as
Okla.—BOND SALE— The $655,000 water works
Feb. 3—V. 146, p. 794—were awarded to
the MercantileCommerce Bank & Trust Co. of St. Louis.
Due $30,000 yearly, beginning
three years from date of
issue, except that the last instalment
on
O.
bond ISSUE SUIT—
LOWER COURT RULING IN
Bryce O. Browning,
Secretary-Treasurer of the Dis¬
trict, states that an appeal from the
injunction granted by Common
Court in a taxpayers suit
Pleas
has been filed
BARTLESVILLE,
bonds offered
to
Ohio—BOND
SALE—Meyer,
Smith & O'Brien of Cincinnati
purchased $35,000 school
building bonds as
2^s, at a price of 100.791, a basis of about
2.59%.
Due $3,500 annually
from 1938 to 1947 incl.
The above bonds are
part of the $55,000 issue
approved by the voters.
The remaining
Long Distance 158
an
ap¬
COLUMBIA
COUNTY
SCHOOL
DISTRICT
is said that
No. 47 (P. O. Saint
Gladys E. Peterson. County
Volume
Financial
146
Treasurer, is calling for payment at her office, on
9 to 21.
Interest ceases on date called.
^
Feb. 8, bonds numbered
Ore.—BONDS VOTED—At the election held on Jan.
Roseburg),
146, p. 631—
28—V.
approved the issuance of the $80,000 in construction and
by a wide margin.
The details of sale will be worked
ment bonds
the
near
Other bids:
Discount
Bidder—
DOUGLAS COUNTY SCHOOL DISTRICT NO. 4 (P. O.
the voters
953
Chronicle
equip¬
out in
R. W. Pressprich & Co. (plus
E. H. Rollins & Sons, Inc
Stephen W. Tourtellot (plus $1 premium)
Rhode Island Hospital National Bank
future.
Ore.—BOND SALE—The $9,000 issue of 3H% semi¬
bonds offered for sale on Feb. 1—V. 146, p. 794—was
awarded to Tripp & McClearey of Portland at a price of 103.38, a basis
of about 3.00%.
Dated Feb. 1, 1938.
Due from Feb. 1, 1943 to 1952;
redeemable on and after Feb. 1, 1946.
HILLSBORO,
annual refunding
KLAMATH FALLS, Ore.—BOND
Judge, will receive bids until 7:30 p.
following 6% bonds:
$63,000 bonds.
Certified check for
7,000 bonds.
Certified check for
32,700 bonds.
Certified check for
2,700 bonds.
Certified check for
Denoms. $1,000, except two for $700.
OFFERING—O. H. Langslet,
m. Feb. 28 for the purchase
Police
of the
CAROLINA
SOUTH
BISHOPVILLE, S. C.—BOND TENDERS INVITED— It is stated by
that the sum of $2,500 is available for the
purchase of bonds of the municipality under the terms of an agreement
made with the holders of more than a majority in amount of the out¬
standing obligations.
Tenders of bonds may be made at his office and must
be postmarked not later than March 15, 1938.
Two or more of the bonds
will be purchased at toe lowest price tendered.
J. T. Munnderlyn, Town Clerk,
SCHOOL DISTRICT No. 4
issue of coupon
146, p. 474—was purchased
OLYMPIA
$5,000, required.
$1,000, required.
$3,000, required.
$250, required.
0.65%
0.66%
0.68%
0.70%
$3 premium)
BOND SALE—The $50,000
on
Jan. 27—V.
Chairman of the Borad of Trustees.
1939 to 1958, without prior option.
Inc., of Greenville, according to the
Dated Jan. 1,1938.
Due from Jan. 1,
Dated March 1, 1938.
(P. O. Columbia), S. C.—
school bonds offeied for sale
by McAlister, Smith & Pate,
of—NOTE OFFERING— Sealed bids will be
received by the State School Book Commission, at the office of the State
Treasurer in Columbia, until noon (Eastern Standard Time), on Feb. 15,
for the purchase of a $68,000 issue of State School Book Commission of
South Carolina notes.
Denom. $1,000, or such other denomination as may
be preferred by the purchaser. Interest rate is-not to exceed 3 Yi %, payable
annually on Feb. 15.
Dated Feb. 15, 1938. Due $34,000 on leb. 15 in
1939 and 1940. Prin. and int. payable at the office of the State Treasurer.
Bidders are invited to name the rate of interest which the notes are to
bear. The notes will be awarded to the bidder offering to take them at the
lowest rate of-interest, at a price not less than par and accrued interest to
date of delivery. The notes will be delivered in Columbia at the office of the
State Treasurer.
As between bidders naming the same rate of interest the
amount of premium will determine the award.
SOUTH CAROLINA, State
OREGON, State of—INCOME TAX UPHELD ON
FEDERAL PRO¬
JECT—A press dispatch from Washington on Jan. 31 reported as follows:
"The Supreme Court today upheld assessment of the Oregon State
income tax on profits of a contractor on the Bonneville Dam project of
Federal Government located on Columbia River in Oregon.
"The contractor,
the tax
on
Guy F. Atkinson Co. of San Francisco,
the ground that it was a non-resident
had protested
who had performed the
work
by the United States and that income from the Federal
Government to a contractor allegedly performing a governmental function
could not be taxed by the State."
on
site owned
a
SOUTH
Eugene),
WILLAMETTE WATER DISTRICT (P. O. Route No. 3
Ore.—BOND OFFERING—Sealed bids will be received until
7:30 p. m. on Feb. 7, by Willis W. Wiper, Secretary of the Board of Com¬
missioners, for the purchase of a $12,000 issue of water supply bonds.
Interest rate is not to exceed 5%, payable J. & J.
Denom. $500.
Dated
Due
1, 1938.
Feb.
to
on
$500, 1940 to 1942; $1,000,
All bonds maturing after July 1, 1945,
July 1 as follows:
1949, and $.3,500 in 1950.
1943
shall
interest payment date.
Prin. and int. payable
at the First National Bank, Eugene.
These bonds were approved by the
voters at the election held on Jan. 8.
A cert, check for 2% is required.
be callable at par on any
City of Philadelphia
5J^% Bonds due July 16, 1971
Price: 134.380 & Interest to Net 3.70%
Moncure Biddle & Co.
and
PENNSYLVANIA
BRATTON TOWNSH1PISCHOOL DISTRICT (P. O. Mattawanna),
Pa.—BOND SALE—The $22,000 coupon, registerable as to principal,
consolidated school building bonds offered Feb. 1—V. 146, p. 632—were
awarded to Singer, Deane & Scribner, of Pittsburgh, as 4s, at par plus a
The sale in¬
100.88, a basis of about 3.92%.
cluded:
15, 1938.
Due $1,000 on Jan. 15
$18,000, naming an interest rate of 4% and premium of $25.02.
bid was made by Leach Bros., Inc., Philadelphia, the tender being
COLLEGE TOWNSHIP
4s.
The final
par and a
SCHOOL DISTRICT (P. O. Bellefonte R.
4%.
Denom. $1,000.
Dated March 1, 1938. Interest payable
and Sept. 1. Due March 1, 1958; optional on any interest payment
and after March 1, 1943.
Cert, check for 2% of amount of bid,
to exceed
date
on
10 years,
payable to the District Treasurer,
required.
SCHOOL DISTRICT (P. O. Elizabeth,
Route 1), Pa.—PRICE PAID—S. K. Cunningham & Co. of Pittsburgh,
successful bidders on Jan. 24 for $5,000 coupon school bonds—V. 146, p.
795—paid a price of par plus a premium of $81, equal to 101.62, for 4s, a
TOWNSHIP
LINCOLN
basis of about
PALMYRA
SALE—The
3.71%.
632—were awarded to the Palmyra Bank & Trust Co. of Palmyra at
premium of $479 equal to 101.368, a basis of about 2.25%.
1, 1938.
Due on Feb. 1 as follows: $3,000, 1939 to 1943; and
$4,000. 1944 to 1948.
Other bidders were:
plus a
Dated Feb.
par
Premium Bid
$360.15
Name—
Chandler & Co., Philadelphia
351.00
288.05
—
....
150.0*
101.95
Lebanon National Bank
C. C. Codings & Co.,
Officially Reported
all taxable property, year
Assessed valuation of moneys
$1,547,061
429,836
1937-
and credits
-
81,976,897
Total
Total
general obligation bonds as
Net debt as
-
of Jan. 1,1938
debt: Flandreau
Overlapping
Philadelphia
Independent School District,
Moody County has no
collections for the past three years:
bonded indebtedness.
Tax
".""."."."II-
$38,585
$45,000.00
1934
$18,500
1935
$20,000
b$20,581
$23,670
c$23.565
-
Collected
debt.
1936
Year—
Levv
$44,500
5,915
of January, 1938---------
retirement—
Sinking fund for
a$18,827
It is the county seat of Moody
the county, seven miles from the
This section is the
best agricultural part of the entire State and tax collections are almost 100%
Property owned by the city, and estimated values are as follows:
population of 2,465.
in the east central part of
has a
Flandreau
County, located
Minnesota line
and 40 miles
northeast of Sioux Falls.
$80,000
30,000
-
Sewer
:::::::::
p.
The Valley Trust Co
Battles <fe Co., Philadelphia
payment of interest.
Assessed valuation of
Waterworks
Pa.—BOND
31—V. 146,
DISTRICT (P.
O. Palmyra),
2XA% coupon bonds offered on Jan.
SCHOOL
$35,000
debt retirement and
'
D. 1), Pa.—BOND OFFERING—Guy W. Stearns, District Secretary, will
receive bids until 1:30 p. m. Feb. 9 on an issue of $32,000 coupon building
bonds.
Bidders are to name a single rate of interest on all the bonds, not
March 1
for the next 11 years,
Financial Statement as
18,000 bonds, series Nol 2. Dated Feb. 1,1938 and due $1,000 on Feb. 1 in
1941, 1943, 1945, 1947, and 1949, and annually from 1951 to
1963, incl.
Other bids were: Chandler & Co. of Philadelphia bid only for the issue of
premium of $28.60 for both series as
based upon the
operating figures of the present
consumption over the next
will bring the revenue to over $50,000 annually. Total present
expense is estimated at $21,263, which leaves ample funds for
Engineers estimate of revenues
present consumption and from the past
utility, are over $40,000.00 per year. Increased
operating
$4,000 bonds, series No. 1.
Dated Jan.
in 1941, 1944, 1946 and 1948.
DAKOTA
SOUTH
FLANDREAU,
S.
Dak.—BOND OFFERING—Carl Hanson. City
Auditor, will receive sealed bids until 1:30 p. m. on Feb. 4 for the purchase
of $134,000 electric light plant revenue bonds. Dated Feb. 1, 1938. Denom.
$1,000.
Due Jan. 1 as follows: $7,000, 1939: $8,000. 1940 to 1948 incl.;
$7,000, 1949; $8,000 from 1950 to 1955 incl.
Optional on any interest
date, on or after Feb. 1, 1943.
Principal and semi-annual interest payable
at the City Treasurer's office.
Although no mention is made in the call for
bids, the bidder is apparently required to name the rate of interest. The city
will furnish and pay for the approving legal opinion of Stipp, Perry & Ban¬
nister & Starzinger of Des Moines. Printed bonds win also be furnished and
paid for by the city. The issue was approved at a special election Jan.
the vote being 497 to 122.
They are payable solely from the net revenues
or income, as defined in Chapter 194 of the 1931 Session Laws of the State
of South Dakota, said income being derived from the operation of the
electric light and power plant, which net income has been appropriated
pledged to the payment of these bonds.
Estimate of Earnings
26,
1520 Locust St., Philadelphia
premium of $195, equal to
Each bid must be accompanied by a certified or cashier's check upon an
incorporated bank or trust company for 1% of the amount of the notes
bid for, payable to the State School Book Commission of South Carolina
as security for the performance of such bid.
Purchasers will be furnished with the legal opinion of the Attorney General
of the State of South Carolina.
Parks
Armory
eoffl
Total
-
-$15,000
50,000
$250,000
(P. O. Kennebec), S. Dak.—BONDS NOT SOLD
$40,000 issue of not to exceed 6% coupon semi-ann. funding and
LYMAN COUNTY
—The
operating expense bonds
according to the County
1939 to 1948, inclusive.
OELRICHS, S.
receive"
offered on Feb. 2—V. 146, p. 795 was not sold,
Auditor. Dated Jan. 1, 1938. Due from Jan. 1,
Dak.—BOND OFFERING— Gene
Coffteld^Town Clerk,
will
bonds.
Due on
PLAINS
TOWNSHIP
(P.
O.
Hudson),
Pa.—BOND
$50,000 4% coupon bonds offered on Jan. 24—V. 146, p.
to Matthew F. Langan of Jermyn.
Dated Oct. 1, 1937.
on Oct. 1 from 1938 to 1947.
PLUM TOWNSHIP
SALE— The
474—were awarded
Due $5,000 yearly
SOUTH DAKOTA,
said that the new ore,
effect last
for 1937
SCHOOL DISTRICT (P. O. R. D. No. 2, New
Kensington), Pa.—BOND SALE—The issue of $37,000 coupon school
bonds offered Jan. 31—V. 146, p. 632—was awarded to Johnson & McLean
of Pittsburgh, as 3s, at par plus a premium of $713, equal to 101.92, a
basis of about 2.80%.
Dated Feb. 1, 1938 and due Feb. 1 as follows:
$3,030 in 1941, and $2,000 from 1942 to 195S incl.
State of—REPORT ON TAX REVENUES— It is
sales, net and gross income taxes which went into
brought'in $1,525,387 during the period.
WATERTOWN, S. Dak.—BONDS SOLD—It is stated by B. H.
City Treasurer, that $50,000 4% semi-ann. street improvement
purchased by a group headed
Watertown, at a price of 104.90.
were
County, Pa.—PLANS BOND
SALE—C. G. Codings & Co. of
building bonds.
The issue will probably mature serially from 1941 to
1962 incl. and sealed bids will be received by M. C. Seyler, Secretary of the
Board of School Directors.
Pending the completion of details, the following
financial data has been compiled:
Financial Statement
$1,879,358
Assessed valuations 1937
Population (1930 census)
...
kind outstanding—1937 tax duplicate
Outstanding against 1937 duplicate—Jan. 20, 1938All prior years taxes have been returned in full to County
preparatory to sale of properties.
No debt of any
TRAFFORD, Pa.—BONDS AUTHORIZED—The Borough
adopted an ordinance authorizing the issuance of $12,000 bonds.
RHODE
5,298
$68,364
16,385.87
Commissioners
ISLAND
SALE—The $100,000 tax anticipation notes
offered on Feb. 1—V. 146, p. 795—were awarded to the First Boston Corp.
of Boston on a .527% discount basis.
The notes are dated Feb. 2, 1938 and
will mature Dec. 2, 1938.
The First National Bank of Boston was second
high, bidding .579% discount.
bonds
county
Pulaski at par.
JOHNSON
CITY, Tenn.—BONDS TO BE REDEEMED—E. J.
Guillen City Recorder and Treasurer, states that the city is exercising its
rieht to call for payment sufficient refunding, Series B, C and D bonds,
dated Sept 1
1932, and Series F, G and H bonds, dated March 1, 1933, to
exhaust as nearly as possible $141,263.78 now available for that Purpose.
Interest on bonds called will cease to accrue on and after March 1, 1938.
W. N. Estes & Co., Third National Bank Building, Nashville, is acting as
COUNTY (P. O. Pulaski), Tenn.—BOND SALE— The
sold a block of $21,000 bonds to the Richland Bank of
has
the city's
fiscal agent.
KNOXVILLE,
Treasurer
Tenn.—BONDS SOLD—We are informed
refunding bonds were purchased by
that $51,000
by the City
the Sinking
canceled under the city's refunding plan.
UNICOI COUNTY (P. O. Erwin), Tenn.—BOND TENDERS RE¬
JECTED— It is stated by E. G. Bobbins, Commissioner of Finance, that
ah tenders received of highway refunding bonds
dated Aug. 1, 1935, due
on Aug. 1,1949, were rejected on account of the State refusing to pay funds
to
and have been
the county.
TEXAS
CRANSTON, R. I.—NOTE
Stone,
National Bank of
GILES
Fund Board
Council has
by the First Citizens
TENNESSEE
SUGARCREEKTOWNSHIP SCHOOL DISTRICT (P. O. Franklin),
Venango
Philadelphia has been engaged to work out the details in connection with
sale scheduled to be held about March 16 of an issue of $131,000 high school
$952,712 in tax collections
beer and cigarette taxes
July 1, netted the State an increase of
It is also reported that the hard liquor,
AUSTIN
$6 000 4%
(P. O. Bellville), Texas—BOND SALE—The
Road District No. 7 bonds offered on Feb. 1—V. 146,
COUNTY
coupon
Vq/v—were awarded to th« First
National Bank of Bellville at par
954
a
Financial
Chronicle
premium of $211, equal to 103.516, a basis of about
3.69%.
Dated Jan. 15
1938J
Due $1,000 every four years, beginning March
15, 1943 and con¬
tinuing to March 15, 1963.1
*4
CLEVELAND, Tex.—BOND
SALE— The
water works revenue and
$50,000
Texas Co., of Austin, at par.
5%
city
sewerage
Feb.
equal to 104.78.
Denom. $500.
Due from 1938
60 days' advance notice.
Interest payable M. & S.
DUNN COUNTY (P. O.
Menominie),
now informed by the
County Clerk that
has sold $90,000 5%
bonds to the Norman
were
sold
JEFFERSON COUNTY (P. O. Beaumont),
Texas—WARRANTS
CALLED—The County Treasurer is reported to have called for
payment
Jan. 27, a total of $150,143 in
general fund and Precinct Road and Bridge
Fund
5,
1938
1948, redeemable
Wis.—BONDS SOLD—We
$50,000 current
expense
on
are
bonds
Nov. 19 to the Northwestern
National Bank & Trust Co. of
2Mb, at par. Coupon bonds, dated Dec.
on
Minneapolis
to
as
$1,000. Due on June 1, 1943; optional
payable J. & D.
1, 1937.
on or after
Denom.
Dec. 1, 1938.
Interest
on
HARTFORD CITY HIGH SCHOOL DISTRICT
(P. O. Hartford),
Wisj—BOND SALE—The $100,000 issue of
3% coupon and semi-annual
school addition and improvement bonds offered
for sale on Feb. 1—V.
146,
p. 476—was awarded to Brown Harriman & Co.,
Inc., paying a premium
of $5,439.90, equal to
105.439, a basis Qf about 2.28%.
Dated March 1,
1938.
Due from March 1, 1939 to 1953 incl.
Other bidders were:
Name—
Premium Bid
The Securities Co. of Milwaukee
$4,423.00
The Milwaukee Co__
3,865.00
First National Bank of Chicago
3,559.00
Harris Trust & Savings Bank of
Chicago
3,347.00
Harley II a den & Co., Madison
2,576.00
Paine Webber & Co., Chicago
891.70
warrants.
MADISON
VILLE, Texas—BONDS VOTED—At the election held on
Jan. 25—V. 146, p. 633—the voters
approved the issuance of the $40,000
In not to exceed 5% gas system installation bonds
by a count of 86 to 22.
Due serially over a period of 20 years.
PECOS COUNTY (P. O. Fort
Stockton), Texas—BOND CALL—
It is stated by Mrs. L. M. Gorom,
County Treasurer, that a total of $35,000
5H % road, series O bonds now outstanding, are being called for
payment
on March 5.
Denom. $1,000.
Numbered 1 to 35.
Dated Aug. 15, 1928.
Due on March 5, 1958, optional at
any time after 10 years from March 5,
1928.
Bonds will be redeemed at the American
National Bank, Austin
Interest shall cease on date called.
ROBSTOWN, Texas—BONDS VOTED—At
an election held on
Jan. 28
bonds, divided as follows:
and $75,000 gas system revenue bonds.
P KENOSHA
COUNTY (P. O. Kenosha), Wis.—BOND SALE—The
purpose bonds offered on Jan. 31—V. 146, p. 634—
awarded to Paine, Webber & Co. and T. E. Joiner &
Co., both of
Chicago, as 3s, at a price of 100.137. a basis of about 2.98%. Due $10,000
yearly on Jan. 20 from 1939 to 1948, incl.
the voters approved the issuance of
$350,000 in
$275,000
T SAN
power system,
$100,000 corporate
were
ANGELO, Texas—BOND SALE—The city has sold $25,000 3
M%
swimming pool bonds to Mahan, Dittmar & Co. of San
Antonio
a premium of $67.50, equal to 100.27.
Due in 15 years.
coupon
at par
light and
plus
RICHLAND
JOINT SCHOOL DISTRICT NO. 2 (P. O. Richland
Center), Wis.—BOND SALE—The $50,000 issue of 3% semi-ann. school
on Feb. 1—V.
146, p. 634—was awarded to the WhitePhillips Corp. of Davenport, paying a premium of $2,758.00,
equal to
105.516, a basis of about 2.00%.
Dated Dec. 1, 1937.
Due $5,000 from
WHARTON COUNTY (P. O.
Wharton), Texas—HOSPITAL BONDS
DECLARED VOID—In a ruling given on Jan.
26, it was held by Judge
M. S. Muncon, of the
Twenty-third District Court, that a statute authoriz¬
ing counties to issue bonds to erect hospitals was
bonds offered for sale
unconstitutional and a
bond issue of $85,000, approved for that
purpose by the voters on May 1,
1937, is therefore void.
June 1, 1939 to 1948 incl.
WYOMING
UTAH
BEAVER
BOND
WGREEN
COUNTY
SALE
NOT
SCHOOL
DISTRICT
SCHEDULED—It
is
(P.
reported
O. Beaver), Utah—
by the Clerk of the
Board of Education that the
$55,000 building bonds voted at
last July, ardto be sold
only if the Public Works
a
grant.
an
election
1938.
Administration approves
;
;
RIVER, Wyo.—BONDS SOLD—We are informed by C. E.
Jensen, Town Clerk, that $8,000 5% coupon semi-ann.
paving and street
improvement bonds were sold on Jan. 10 to the First National
Bank, and
the Green River State
Bank, both of Green River, at par.
Dated Jan. 3,
_
Denom.
$100.
Due
on
Jan.
3, 1943, optional after ohe year from
_
OGDEN SCHOOL EMSTRICT
(P7o7 Ogden),"Ut'Zih—TO'RECEIVE
BIDS ON REFUNDING—Three
companies which have asked permission
of the Board of Education to
bid on
Lincoln county
school district no. 5 (P. o.
Cokeviiie),
Wyo.—BOND SALE—The issue of $45,000 building bonds offered Feb.
1—V. 146
p. 476—was awarded to the Stockgrowers National Bank of
Cheyenne as 2^s, at par plus a premium of $27, equal to
100.06, a basis
of about 2.49%.
Due $5,000 on June 1 from 1939 to 1947 incl.
refunding two issues of school bonds
will submit their bids
FebJlO, Supt. W. Karl Hopkins has announced.
The issues, of $75,000 each, are
scheduled to mature in 1940, Mr.
Hopkins
One bears interest at
4% and the other at
said.
4}4%.
CANADA
1*
BROCKVILLE, Ont.—BOND SALE—An issue of $10,000 improvement
bonds, bearing 3% interest, was sold to local investors.
$20,000
NEWPORT
Due
NEWS,^Va. Water 43/4s
July, 1965
at
CANADA
(Dominion
of)—UNDERWRITERS ABSORB BULK OF
MIAN RECENTLY OFFERED IN LONDON—The Canadian
Press re
3.25% basis
ported from London under date of Jan. 28 the following information:
About one-third of the recent £10,000,000
($50,000,000) Canadian con¬
version loan was not taken up by the
public, it was learned
F. W. CRAIGIE & COMPANY
to the underwriters.
The quotation on the market
today of % to H discount was holding firmly
and the consensus is that the balance of the issue will be
absorbed rapidly.
Market and banking officials who
pointed out that the loan, which was
Richmond, Va.
Phone 3-9137
A. T. T. Tel. Rich. Va.
83
at 3y±% interest,
appeared during a bad week in international markets,
and that the slight discount on the first
day of trading proved better than
might have been expected.
VIRGINIA
ROANOKE, Va.~LOCAL WATER COMPANY NOT
CONDEMNATION PROCEEDINGS—An Associated
TO
OPPOSE
Press report from
to the Richmond
"Dispatch" of Feb. 1 stated as follows:
The Roanoke Water Works
Co., center of what is believed to be the first
a public
utility in Virginia, will make no effort to oppose
passage of amendments to condemnation
statutes desired by Roanoke
City.
This was the answer
yesterday of Frank W. Rogers, attorney, replying
to a question
regarding the company's position on passage of
legislation
requested by the City Council which
in effect would delay
paying for the
water company's
property during pendency of an appeal from an award
of
about $4,500,000.
Roanoke
condemnation of
However, the attorney, asked if the
company would
constitutional right of the Legislature to
make an
a
pending case, replied. "That is a question that
to
get to It.
not
question the
amendmenent applicable
we
will take up when we
T
VIR£IP£!^' State of—NEW OFFICIALS APPOINTED— Governor
James H. Price has named
Colonel LeRoy Hodges, for
many years manag¬
ing director of the Virginia State Chamber of
Commerce, State Comptroller
to succeed E. R.
Combs, of Russell County, who has been in office
since
the beginning of the
Byrd administration.
Edwin B. Jones, of Highland
County, was named State Treasurer in
place of A. B. Gathright, of Henrico.
SALES TAX PROPOSED—A sales
tax bill estimated to
provide $6,000,000
annually for schools and old-age pensions has
been introduced in the Virginia
House of Representative.
Under terms of the
measure, a 2% tax would be levied on all retail
sales
except those of motor fuel, commercial
fertilizer, school books adopted for
use in the
public schools of the State and sales
to the Federal or State
Governments or any of their
subdivisions.
3) ramhdkr, EhrMman & HHttto
ESTABLISHED
NORTHWESTERN
AND
today, leaving
£2,938,200 allotted
1921
MUNICIPAL
CORPORATE SECURITIES
When the loan was first offered on the market the
opinion was expressed
that its issue price of 98 %, was at least half a
point too high.
The nature of
the loan and the long term
(1958 to 1963) are believed to have made it un¬
attractive to banks and financial houses and the adverse
market conditions
of the week dissuaded private investors.
Actually the public accepted only about 49% of the loan, as the Canadian
government; re-invested £2,054,041 from the
sinking funds of the Dominion's
sterling loans.
That portion, therefore, was not underwritten.
Informed quarters assert the underwriters are not
worrying about the
leftover, as today's discount still does not reach their % of 1% commission,
and every indication is that the remainder
of the issue will be sold shortly.
A
over
prominent British financier of Canadian birth said the amount
left^
"does not look so nice, but it is no reflection on British faith in
Canada,*
a close-priced issue
appearing in a ghastly week."
merely
^
CANADA (Dominion of)—TREASURY BILLS SOLD—The Bank oJ
Canada announced Jan. 31 on behalf of Finance
Minister Dunning tha
tenders had been accepted for the
$25,000,000 Dominion of Canada treasury
bills due April 30, 1938.
Average discount price of the accepted bid was
$99.83147 and the average yield 0.7%.
FOREST
purchased
bonds
odd
at a
HILL,
on
Jan.
Ont .—BOND
26
an
price of 100.86.
issue
of
SALE— Harrison
$59,458.36 3H%
Dated Feb. 1
&
Co.
coupon
of
Toronto
trunk
sewer
1938.
Denoms. $1,000, $500 and
Due in instalments of 10 and 20
years.
Interest payable
amounts.
F. & A.
OTHER BIDS—
Bidder—
Rate Bid
Bidder—
Rate Bid
Dyment, Anderson
& Co
100.575 R. A. Daly & Co
Dominion Securities Corp
100.477 J. L. Graham & Co
Fry & Co
100.38
Griffis, Norsworthy & Co
Bell, Gouinlock & Co..-__.-100.35
McTaggart, Hannaford. Birks
Cochran, Murray & Co
& Gordon
100.13
Bartlett, Cayley & Co
99.801
-
99.59
99.35
99.35
97.77
GEORGETOWN, Ont.—BOND SALE—J. L. Graham & Co. of Toronto
recently purchased $14,800 3}^% bonds at a price of 101.487, a basis of
about 2.98%.
Dated Feb. 1, 1938 and due in five annual instalments.
Purpose of issue was to refund Ontario Housing Loan obligations.
MONTREAL, Que.—PROPOSED FINANCING— Authority for the
city to borrow $7,000,000 for public works is sought in a bill which is to be
to the Quebec
Legislature.
The bill is in draft form and is
expected to be amended to provide for additional projects.
submitted
Exchange Building
SEATTLE
Washington
ONTARIO
HYDROELECTRIC
Toronto), Ont.—BOND
WASHINGTON
Wash.—BOND SALE DETAILS—It is now
reported by the
City Treasurer that the $50,000 sewer bonds
purchased by the State
Finance Committee as 4s at
par, as noted here recently—V. 146, p. 634—
in the denomination of
$1,000 each, and mature $1,000 on
July 1, 1938,
and on Jan. and
July 1, 1939, to Jan. 1, 1963. Callable on
any interest
payment date.
Principal and interest payable in lawful
money at the
are
City Treasurer's office.
WISCONSIN
^CLINTON, Wis .—BONDS
that
$22,000
SOLD—We
4%
coupon
bonds have been purchased
by local buyers
COMMISSION
$9,000,000
(P.
O.
provincial-
PORT ALBERNI, B. C.—BOND SALE—An issue of
$12,000 bonds ha
been sold to the
municipal sinking fund.
PRINCE EDWARD ISLAND (Province
of)—BONDS NOT SOLD—It is
that the province recently rejected all bids for an
offering of
In this connection, it is pointed out that some invest¬
ment dealers
experienced difficulty in propounding offers because of the
absence of information covering financial
results in the recent year.
The
latest report is for the calendar
year 1936, it is said.*
reported
ST.
ment
MARYS, Ont.—BOND SALE—The
bonds
offered
Jan.
are
informed by W. E. Dalton,
street improvement
a premium of $1,051.64,
semi-ann.
paying
29—V.
Pepall <fe Hara of Toronto, at
Due serially in 10 years.
a
issue of $10,000 4% improve¬
146, p. 796—was awarded to Pezzack,
price of 104.40, a basis of about 3.13%.
r
VANCOUVER, B. C.—SINKING FUND TO ABSORB BOND ISSUE—
The city has decided to sell and
repurchase local improvement bonds total¬
ling $602,384, previously authorized
by the council but never issued.
*
The bonds had been
hypothecated to the bank for a loan of $202,000 which
now be repaid.
Purchase money will come from
sinking funds and the
redeemed bonds will be
placed in the fund drawing interest at 5%.
Of the total issue $500,000
represents moneys the city would have avail¬
able for
carrying out its share of local improvements and the balance money
to be advanced for the
land owners' share.
Thus, with the $202,000 de¬
ducted, the city will have available for
carrying out necessary local im¬
will
Clerk,
POWER
DETAILS—The
refunding bonds purchased by a syndicate of Canadian
banking houses, as previously reported in these columns—Y. 146,
p. 696,
were sold at a
price of 97.56, a basis of about 3.46%.
$400,000 bonds.
LONGVIEW, Wash.-—BONDS DEFEATED—At an election held
on
Jan. 22, the voters failed to
approve the issuance of $125,000 in
refunding
bonds, due to an insufficient number of ballots
cast, according to report.ay
S IAGIT COUNTY
DRAINAGE DISTRICT NO. 15 (P. O. Mount
Xer.nJ?J??a"i?'—BONDS SOLD—It is reported by the District Clerk
that $50,000
4% warrant funding bonds have been sold
locally. Denom.
$500.
Dated Jan. 1, 1938.
Due in from 2 to 10
years.
Payable at the
County Treasurer's office.
iri
U
!■!
SPOKANE, Wash.—BONDS CALLED—H. F.
Tabb, City Treasurer,
Is said to have called for
payment at his office on Feb.
1, on which date
interest ceased, various
paving, grading, walk and sewer district bonds.
Village
SALE
guaranteed 3 M %
provements
$298,000.
@FedFRASER