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JAN
BUS. AO.V
L'BRARv
COPYRIGHTED IN 1038 BY WILLIAM B. DANA
COMPANY, NEW YORK.
VOL. 146.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1B79, AT THE POST OFFICE AT NEW
YORK, NEW YORK, UNDER THE ACT OF MARCH
NEW YORK, JANUARY 1, 1938
,
William
cor.
0, 1B79,
NO. 37841
Spruce Sts.,N.Y.City
brooklyn trust
B ANK
company
THE CHASE
NATIONAL BANK
Chartered 1866
OF
George V. McLaughlin
New York
President
NEW YORK
Mtmber
BROOKLYN
THE
CITY
The
OF
NEW
YORK
chase is
era-
ditionally a bankers' bank.
For
Federal Depoeit Insurance
many
years
Corporation
served
a
it
has
large number
of banks and bankers
company
and
White, Weld & Co.
Members New York Stock
New York
London
Exchange
as
New York correspondent
reserve
depository,
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state
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AND
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Jan- *> 1938
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case
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a
of
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Name of Issue
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«
Tf)f
oitmn'iria
Vol. 146
JANUARY 1,1938
No. 3784.
CONTENTS
Editorials
PAGJJ
Financial Situation
.
The
.
Party Outlook for 1938..
Political Europe at the Turn of the Year
.
Principles of Utility Valuation
.
2
14
15
17
Comment and Review
Week
on
the
European Stock Exchanges
6
Foreign Political and Economic Situation
7
Foreign Exchange Rates and Comment
...11 & 54
Course of the Bond Market
19
Indications of Business Activity
20
Week
on
the New York Stock
Week
on
the New York Curb
Exchange
5
Exchange
53
News
Current Events and Discussions
Bank and Trust
31
Company Items
51
General Corporation and Investment News
Dry Goods Trade
98
134
...
State and Municipal
Department
135
Stocks and Bonds
Foreign Stock Exchange Quotations
56 & 63
Dividends Declared
56
Auction Sales
New York Stock
96
Exchange—Stock Quotations
64
New York Stock
Exchange—Bond Quotations
64 & 74
New York Curb
Exchange—Stock Quotations
80
New York Curb
Exchange—Bond Quotations....
Other Exchanges—Stock and Bond
84
Quotations
86
Canadian Markets—Stock and Bond Quotations
Over-the-Counter Securities—Stock & Bond Quotations
91
.
94
Reports
Foreign Bank Statements
10
Course of Bank Clearings
54
Federal Reserve Bank Statements
61
General Corporation and Investment News
98
Commodities
The Commercial Markets and the
Crops
....
125
Cotton
128
Breadstuffs
132
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New
York City
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers* Gardens, London, E. C.
Copyright 1938 by William B. Dana Company.
Entered as second-class matter June 23,1879, at the post office at New York, N. Y., under the Act of March 3, 1879.,
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of
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(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
Contract and card rates on request.
NOTE:
On account of the fluctuations in the rates of exchange, remittances
foreign subscriptions and advertisements must be made in New York funds.
per agate line.
for
The Financial Situation
THOSE who had somehow been able to seen the
hope that New Deal managers had build up
handwriting
the wall and were ready to make real
common sense have had a disappoint¬
Others who had been pinning their hope
more
upon
various readjustments reputed to have been
completed since the middle of the year have likewise
had
few
unpleasant facts to face during the past
some
Yet if
days.
the thought that
puts aside as utterly visionary
one
the professional reformers, who have
for the most part
held
Washington for the
sway at
nation for the
clear
to
individual
thing that
of the
any¬
eral
expected in light of
lated
In
that marked progress was
reducing
working stocks, and that
time
fast
was
proaching when
groups
branches
most
of
true
that
first
recession
current
From
business.
apparently,
some
good
in
this,
many,
better,
to
seem
lightly assumed that
inventories in
reached
a
general had
relatively
low
level.
To these easy rea-
soners
the factual
Tuesday must have
come as a severe
shock.
picture for them, figures said to have
light at about the
allegedly that inventories
end of September), but
early fall, at least,
rapidly.
the data
it would
No
or
were
are
they
not only high (at the
summer
of
were
the
and
mounting steadily and even
know just who compiled
selected
or
situation,
Nor is there any reason to
taken
were
fairly
generally.
feel certain that inventor¬
ies, all industries and branches of trade taken into
supplies long
which
they
order to
profitable
den
decline
not, of
orders
A sud¬
sales
does
entitle these
groups
cancel
to
already placed, and
those
in
even
normal
a
way.
in
course,
various
in
so
keep their busi¬
running in
and
con¬
deliv¬
expect
They must do
ery.
industries
where order cancellation is
a
widespread evil, the goods
are
in
usually either made
materials from which
are
to be
hand
or
baade
on
or
At least the
process.
are
they
either
order.
on
The in¬
evitable result is that dur¬
ing the first few months,
after
a
sudden damming of
consumer,
goods through
what is known
as
"inventories" pile up on the shelves of manufacturers
There is
fore, in the fact—if
fact it is, as seems to be the case—
that
inventories grew
nothing surprising, there¬
larger instead of smaller for
several months after the current
business
developed.
prising if they
summer,
quence
are
depressed state of
Indeed, it would not be
larger
now
taking industry
as
than they
a
were
sur¬
at mid¬
whole, and in
conse¬
nothing to add to one's disturbance of mind^
Over-Stocking
combined, but
certainly not be surprising if they
representative
mitments for
in advance of the time at
industry and trade to the
pur¬
time, showing
throughout the
one seems to
how
same
consid¬
a
and distributors.
compiled in Washington for confidential
poses came to
ex¬
consumers
products of indus¬
the flow of
Inventory Statistics
been
that
try, naturally enter com¬
re vela-
on
their books
period to take the
ultimate
ness
tion
re¬
sorts, having
on
will continue for
erable
more
by the President of the General Motors Corpora¬
To darken the
accumu¬
a
tion
be
the
entertaining the
pectation
spired with its dealers to refrain from selling
cars?
Has it,
perhaps, had underground
negotiations with the general public for the
purpose of persuading it not to buy General
Motors products? It is evident that retrench¬
ment on the part of the Corporation followed,
rather than preceded, the falling away of
demand for its products, and, indeed, fol¬
lowed so laggardly that the lack of prompt¬
ness has been expensive.
It would be a good thing if all alleged con¬
spirators, if any means can be found to
identify them, were to make public similar
facts
bearing upon their own situations.
Spellbinders always find facts difficult.
of whom should have
known
have
a
all
and
through
Has it
all
large orders
The inventories,
plants,
may
as
inventory troubles.
of
utors
communities
the President and his followers?
seriously affected by
the
located.
well
Manufacturers and distrib¬
interesting to know how those
prattling about "con¬
spiracies" to "liquidate the New Deal" would
dispose of facts such as these.
Is the General Motors Corporation among
the conspirators?
If so, has it continued to
pile up inventories for the purpose of hurting
some
were
are
the
depressions
cause as
sult of
It would be
purchases, at least
probably
Thus
the
who have of late been
many
moderate scale—as is
on a
time,
a
conducted makes it desirable for
year.
ap¬
would be obliged to
resume
business being
factory inventories of the Corporation at this
time, when sales are drastically lower, are
about $65,000,000 larger than they were at this
] time last year, and that some 20,000 dealers
have on hand at this moment some 60,000 more
new General Motors cars than
they had last
peatedly assured the public
the
of
are one
real trouble, not only to
industry and trade inevitably, for
informal conversation with repre¬
sentatives of the press, he revealed that the
f
ports in the press have re¬
in
de¬
inventories at just the time that the volume
this policy have, however,
point where adjustment must take
place, as it is impossible to carry larger stocks
than the demand makes possible."
been said of
made
plants
reached
late about inventories. Re-
being
in
up
both in the field and at the
cur¬
rent circumstances.
Much has
of
economic situation in
where
not to be
was
least
or at
popu¬
cause
ture, but it must not be forgotten that sharp reces¬
Tuesday the President of the General
Corporation in making formal an¬
nouncement of a reduction in the working
forces employed by the Corporation, said:
"The Corporation has kept its men em¬
ployed up to very recently by reducing the
hours given per man in order to help the gen¬
discourage. Nor have
period revealed
no
but to the whole business struc¬
concerns
Motors
bly in the last analysis lit¬
same
The
given situation.
On
and proba¬
trade reports
who have
over-sized inventories
Facts
dispassionate observer
tle to
strange fasci¬
persons
inventories to be reduced.
surprise to
cause
of experience,
the
any
that
days affords
ten
or
little
the
of events at Washington during the past
course
to have a
Sometimes they do,
pressions.
pile
week
is
the factors that may cause
changed in their opinions by mere facts
the
going forward.
seems
large nunlber of
imply in
notion
sions
experience,
now
understanding of what "large inventories" do
do not
or
lar
past four or five years, are likely to be swayed or
or
yet nearly proportionate to the
are
The word inventories
on
concessions to
ing week.
consideration,
volume of business
It may
last
be true, it probably is true, that inventories
winter
and spring
were
enlarged in
a
greater
degree than hind-sight indicates to have been wise.
The
same
doubtless is
true
of
orders placed.
To
Volume
say
Financial
146
that such action
business is
the part of the
on
be taken
to
faith in the New Deal, as
absurb
course
labor acting as it was
tration
most
of
ficials, who have been much in the lime light during
the past week, have succeeded in establishing repu-
With large sections
of
then doing, with full Adminis-
support, with prices all but certain to rise in
instances, and with buying
the part of the
on
tations
rest of
it
wise
to
themselves
assure
materials and other
ers
who
goods.
adequate
There
supplies of
were many
observ-
seriously doubted the wisdom of such
dure at the time,
correct in their
proee-
and they have in the event proved
judgment, but it would be
to attach too much
very easy
significance to the whole matter,
What is
popularly known as the "inventory situation" of the day is but an incidental product of the
abnormal and feverish condition that public policies
brought into being a year ago, and of the collapse for
which these same public policies are fundamentally
responsible.
The really important matter is found
in these policies and in the prospect of their substantial modification.
m
Public Policies
As to this
course
of af-
fairs at
Washington let it be frankly asserted, first,
that at
no
time
during the past half-year has
thing occurred which
visers
had
in
now seems
up
any
or
their views
their
to be
or
since then
changed
way
either
as
indicated, the President has made
speaking, it is just
shall all know where
we
third, that the hope of
more
has from the first lain in
ably at least
mind.
Minor
as
well,
stand; and
helpful public policies
Congress, which conceiv-
ing from "the folks back home" in
words or, as
we
among
return to Washington after hear-
may
concessions
a
chastened frame
mixed
with
has often been suggested,
a
than prolong
intervals at
no
with the
man, no
for
If
a
matter who
Suicide designed for revenge upon some one
car.
existence
of
a
"small minority" of unbalanced
Those who profess to believe in the
adolescents.
"conspiracy"
a
among
"liquidate" the New Deal
men
.
"big business"
are,
of
course,
„
.
8imPty
*n
seeing things.
what capacity are these speakers address-
ing the public? Are they sending up carefully prepared "trial balloons" to test the direction and veOr have they been
sent forth as what Senator Glass once described as
"strutting trumpeters of the President" to announce
in advance the approach of the real leader who plans
Monday to deliver the real coup de grace?
a
partial
answer
Pos-
at least will be provided when
the President delivers his annual message to Congress
on
sage may
Monday.
On the other hand, the
not afford a satisfactory answer.
already been suggested by
some
mes-
It has
Washington observ-
ers
that the President's "strategy" may be to "give
an
impression of restraint."
But the public
can
hardly be kept in ignorance a great deal longer. The
Administration will very soon be obliged to fish
or
cut bait.
The President may, as has frequently been sug-
gested of late, marshal his forces for a major offensive in behalf of his wages and hours plan and his
no
utterly untenable situation.
patient there can be
even
executive reorganization program, and refuse to give
his sanction to any important alteration in the un-
application of New Deal philosophy could
the
head-on collision with another for the
soothing
at best do
more
a
of getting
less rapid
rate in the
an
He is hardly likely to drive his car furi-
else is confined to
sibly
intentions; second, that if,
politically
the desire to continue to live and live corn-
he is, who happens to be at the wheel of the other
on
business rather than to make friends
mammon,
of
any-
his mind to become aggressive in further attacks
upon
purpose
He shares with tl^*
normal human being.
us
ously into
his most influential ad-
material
a
fortably.
good ground for belief
gave
that either the President
The business man,
locity of the political winds?
question of change in the
as expres-
views, what they have had to say
own
whether he happens to be "big" or "small," is by and
large,
thought
Viewed
hardly be taken seriously.
can
They have
intemperate phrase makers.
sions of their
public beginning to show symptoms of feverishness,
men
as
set nonsense to "swing music."
there is little wonder that many
business
3
particular
managers
any
has been suggested, is of
face.
its
on
showing
as
Chronicle
brief period
we are
to cure
question of dosage
which the lethal substances
are
or
the
intro-
distributed profits tax, but another menace is now
raising its head which may in the end prove to be
the most serious of them all. There are real grounds
for fear that
a
campaign for
an
aggressive
measure
duced into the economic system.
Drastic alteration
of further economic dictatorship is being planned
is
essential, and the
and will presently be dressed up and pressed for-
in
the
way
of
manner
treatment
to obtain drastic alteration is to face the facts
ward as anti-trust legislation.
It is being spoken of
If the rank and file have not
in the public prints as a "trust-busting" campaign,
yet learned that current programs are poisonous,
This it may be, and at this juncture that would be
further
unsettling enough when conducted by the same As-
squarely and frankly.
experience of the sort that
we
have been hav-
ing during the past few months should teach them,
sistant Attorney General who for the past week or
Nothing is to be gained by interfering with this les-
more
son,
and to delay the learning process much longer
is to invite disaster.
some
measure
President
minor
of
would
At any rate, a
common
be much
concessions
sense
real return to
in defiance of the
more
encouraging than
grudgingly granted
by
an
un-
The
outpourings of the Assistant Attorney Gen-
eral and of the
attracted
Secretary of the Interior which have
attention
recently are of substantial in-
terest
only because they raise two important ques-
tions.
The first of these
assumed
now
concerns
the attitude to be
by the President once Congress is back in
defunct National Industrial Recovery Act, va-
rious agricultural measures, the Guffey coal law, the
National Labor Relations Act, the proposed wages
and
convinced President.
has been paying his respects to business men.
But it may well turn out to be more than that,
The President's philosophy as embodied in the
same
hours legislation,
and other
sort, certainly does not reveal him as a con-
more
than do his repeated denunciations of the
"chiseling 10%" who insist upon reducing prices and
bargaining closely with labor.
bear ominous implications.
reason to
aggression
behalf of his program
by the President in
of so-called reform.
Both of-
Recently reiterated
suggestions of a Federal incorporation law somehow
Washington, and the other the response of Congress
renewed
of the
firmed and consistent believer in competition, any
to
any
measures
There is all too much
fear that what the President really desires is not an end of monopoly but dictatorial con-
Financial
4
trol
1
by his Administration of continued monopoly—
in other words, a
aged
of the fact that "trust
real article
busting," whether the
something else that
or
man¬
The danger is the greater by
ideas.
economy
reason
off
further development of his
be palmed
may
such, is always likely to be an effective rally¬
as
Chronicle
months
Jan. 1, 1938
the
of
expansion
showed
a
months
balance
that
in
however,
on
and the monthly figures
the export
month's balance
every
may well
except November, which
was
peak reached in October.
As
suade
Congress to follow him
campaign
000
of the
was
for certain types of politicians. It
than it would be to
other
upon
such
a
gain its support for
some
of
that lie close to his heart.
measures
import balance set
months.
one
Sales
of the
tures amounted to
Currency moved back from cir¬
year
culation into bank
vaults, with the decline in the
period of 1936.
week to Dec. 29
less than
no
f110,900,000. Since this
period also included the final gain in
just before Christmas,
ered
a
sharp
naturally reflected the
increase, and
the drop
must
Member bank
one.
currency
circulation
be
consid¬
balances
reserve
recession by
heavy
a
further upbuilding resulted from
a
a
abroad
materials
war
have
important factors in the year's
banking statistics.
of
balance of exports
a
ex¬
ports, and in this classification metals and manufac¬
POST-CHRISTMAS influences are almost the sole
noteworthy changes in the current
causes
result, the $146,735,-
a
to Nov. 30, in the next
year
of
the export
on
succeeding month
only slightly below the
wiped out and replaced by
been
of the
one
in the period through June
up
$151,671,000 for the
five
Federal Reserve Bank Statement
was
side and in greater amount in each
to be much easier for the President to per¬
cry
side in only
From July to November,
period.
prove
ing
imports far outdis¬
our
tanced the gain in exports
$459,374,000 in 11 months of this
in comparison with $210,785,000 in the
items of which
many
can
be considered
equipment, aircraft exports
aircraft exports were
military
In November alone
$5,218,000 this year as com¬
pared withfonly $1,315,000 in 1936.
which may
as
to $36,412,000 this
rose
from $19,654,000 in 1936.
year
same
In the machinery and vehicles group,
be included in the
Another item
is petroleum
war group
decline in the
Treasury general account balance with
and its
the
banks.
this
year's shipments in comparison with $242,376,-
000
in
the
only
ones
aggregate of $1,160,000,000.
tity.
Reserve
officially that
legal
Accordingly, it is estimated
requirements
statement
of member banks
excess reserves
week
increased
to
an
fl50,000,000
over
in
products, which accounted for $347,540,000 of
1936.
destructive
But
which
were
The Federal Reserve banks refrained from
open mar¬
age
quired their import,
operations in the period, although the statement
of last
Sept. 12 indicated that Treasury securities
purchased
offset to autumn currency increases
as an
probably would be disposed of again, when
declined after Christmas.,
again places the total of hand-to-hand
money
considerably under the level prevalent
Officially reported figures
what
that
obscure, but the credit
$5,(MM),*000 gold
was
on
$12,760,000,090.
drop
in
use
Sept. 12.
on
gold remain
some¬
summary now indicates
dropped from
stock in the week to Dec. 29,
at
currency
The latest currency
our
monetary
leaving the aggregate
The combined condition state¬
ment of the 12 Federal Reserve banks reflected total
reserves
of
$9,460,848,000,
weekly period.
up
$47,180,000 for the
Gold certificate holdings
were
up
before this year's
Imports,
vest last summer,
notes in actual circulation fell
385,000.
Federal
Reserve
$62,998,000 to $4,283,-
Total deposits with the regional institu¬
tions moved
$57,771,000 to $7,534,973,000, with
up
the account variations
consisting of
member
deposits by $127,848,000 to
bank
$6,982,752,000;
count balance
cline
of
reserve
a
increase of
drop of the Treasury general
by $12,989,000 to $139,604,000;
foreign
$172,-634,090, and
bank
a
deposits
by
a
ac¬
de¬
$16,203,000 to
decrease of other deposits by
$40,885,000 to $239,983,000.
proved to
an
80.1% from
The
79.6%.
reserve
ratio im¬
Discounts by the
regional banks fell $3,274,000 to $12,847,000, while
industrial advances declined
$89,000 to $18,291,000.
Holdings of bankers' bills in the
folio increased
United
States
open
market port¬
$2,000 to $2,827,000, but holdings of
Government
securities
were
quite
1936.
The
tween
ex¬
isted at the end of 11 months' trade from that which
was
presented at the end of June.
In the first six
were
previous, until the har¬
October
figures showed
grain imports
seven
a
months
similar
of
the
In
our
com¬
year,
amounted to $81,507,000,
compared with $29,011,000 in the preceding
year.
spite of the Japanese curtailment of purchases,
cotton
bales,
exports in November amounted to 827,944
an excess over a year ago
shipped.
were
The value this
when 717,276 bales
November
in
year were
as
compared with
The
1936.
also in
lower, how¬
year was
amounting to $43,679,256
ever,
excess
November
of the October
exports, which amounted to 823,229 bales, valued at
$44,989,433, but last year's October shipments of
893,151 bales, worth $58,402,477,
were
greater than
November of that year.
Total exports in
000 and
$91,456,000.
than
lower
November amounted to $314,682,-
imports $223,226,000, which left a favorable
balance of
balance of
14% higher.
ports
an
export
a year
were
39% higher and im¬
Last year's November exports
the balance of exports
more
than
both import and export,
30% above the corresponding period
This year exports
and imports
000.
$196,400,000, and
$29,964,000.
Trade in the 11 months,
was
seasonally
As compared with
$226,364,000 and imports
were
were
of $224,391,000 resulted in
$108,488,000.
November exports
ago,
Both items
October, when exports of $332,879,000
and imports
ports
AVAST DIFFERENCE imports relationship be¬
in the and exports
the country's
re¬
amounted to only $1,063,000 in
however,
000
Foreign Trade in November
available, which
exported in amount of
year
In the first
of 1936.
unchanged at $2,564,015,000.
quan¬
domestic short¬
the other hand, which
on
parison.
$46,954,000
trend.
the
November, compared with $11,889,000 in November
shipments this
currency
was a
crop was
were
running far ahead of the
because
the
not
$75,593,000 in 1937 compared with only $27,086,000
last year.
$1,000, but other cash naturally increased sharply
of
were
shipped abroad in greater
Grains, of which there
ket
items
aggregated $3,026,872,-
$2,875,202,000, while in 1936
ex¬
were
$2,226,178,000 and imports $2,177,431,-
This
year's balance of exports of $151,670,000
compares
with $48,747,000 in 1936.
The
$30,000,000 of gold known to have been with¬
drawn
by foreigners in November is fully reflected
,
Volume
Financial
146
in the November
report of the Department of Com¬
which shows the total outwardjnovement of
the metal in the month to have been $30,084,000,
merce,
the largest
and the first of any size at
beginning of 1936.
Imports of the metal,
of the
all since the
year,
$52,194,000, were
the other hand, amounting to
on
reduced from preceding months, and the
greatly
of
$10,633,000
slightly
and
October
double
nearly
were
than twice the November 1936 re¬
more
Silver exports of $527,000 were on the same
ceipts.
small scale
prevailing for
than two
more
"moneyed aristocrats, corporate earls and ducal
overlords."
Such indications that Mr.
as
economic
ican
of
general cooperation produced the deepest
\
securities followed
of
ular, with
issues
such
influences that
same
drastic recession in prices
a
four months of that year.
in the first two sessions of the
week, with
halting
a
modifying the drop to a degree thereafter.
recovery
The
during the final
Sharp declines occurred
liquidation
far
was
pronounced that the
more
matter of course.
a
have
States
United
speculative tinge.
of
sort
any
obligations and the best
Treasury
railroad, utility and industrial bonds were
much
special
secondary
But
changed.
and default
sharp decline that took in all
with a speculative interest.
groups
Foreign dollar securities were idle and in most cases
inclined to seek lower levels.
In the commodity
movements
markets
losses of the next in the
small, with the
mostly
were
Gains of
trends uncertain.
day were offset by
one
prominent grains and other
Base metals held to previous
agricultural products.
Foreign
proportions.
subsequent buying, and for the week as a whole
levels, with buying of small
downward
exchange markets revealed nothing new, as
readjustments
sizable in all groups,
were
were
the
but steel, motor and other
Railroad stocks
manufacturing stocks led the way.
dipped again
Losses
rule.
indications of dwindling traffic,
on
while
utility issues proved a
Some
of the
little more resistant.
prevented
technical nature, so
that losses could be established
for
Ordinarily such
tax
purposes.
balance
out
in
selling would
retention
for
buying
original
of
positions, but with Administration attacks on busi¬
showing the nature of a snowstorm not much
ness
Incentive
by
was seen
many
Nor is the business
ties.
Stock
new
at
York
Stock
1%.
Exchange;
Stock
York
New
the
and
obviously
early sessions of the week, when tax features
prominent,
were
sharply
probably got out of the market altogether.
some
In the
by the tax requirements, many
cut their commitments
turnover
ranged
up
nearly
to
2,500,000 shares, but in later dealings the transac¬
tions dwindled to less than
1,000,000 shares.
Through several of its prominent spokesmen, the
Administration
choose
call
to
virtually declared war on what it
All thought of
"Big Business."
a
were
day, 913,460 shares, and on Fftday, 780,115 shares.
On the New York Curb Exchange the sales on Mon¬
Tuesday, 503,940
Thursday,
195,729 shares, and on Friday, 184,507 shares.
Stock prices in the closing week of 1937 received
a
severe jolt in the way of heavy liquidation
all
along the line.
Early selling was later offset by
some moderate recovery at the close.
The market
on
Monday was handicapped greatly by the radio
day
were
314,180
shares;
on
shares; on Wednesday, 573,036 shares; on
General Robert H.
of Assistant Attorney
address
the
Jackson, delivered last Sunday
Assistant
made
a
group
thus
tion and
trust
spending were threatened, along with anti¬
prosecutions, unless Big Business mends its
This outburst sent many justifiably timid
ways.
ties followed last
was
Monday.
An
delivered Wednesday
the statements
an
vanished when
H. Jackson
Enlarged government taxa¬
investors into hiding and a sharp
blast
-
Robert
bitter and unreasonable assault on business
late last Sunday.
men,
described
General
Attorney
were so
decline
garded
as
an
quite plainly must be re¬
offshoot of
Mr. Roosevelt's having
"planned it this way," that it had little effect on
the stock market.
On
and forensic attack
was
made by
Ickes.
Thursday still another absurd
on
the "lords of
big business"
Secretary of the Interior Harold L.
In this address Mr. Ickes descended to sheer
nonsense
by attempting to pit against the American
people and government some 60 families, described
This, coupled with a further
able and
points.
by Mr. Jackson, but
was
decline in
vulner¬
prices from the start opened lower.
the
day down
one
Better
to
four
initial session
Prospects of the govern¬
The dubiety present at the
and
means
closed
issues
deepened
ment
the
anti-trust campaign
reductions left traders
production, found the market rather
steel
insensate
obviously nothing more than
which
bring about desired price
uneasy.
His ad¬
evening.
the government was in a
position to prosecute a vigorous
to
known
attempt to smear business and blame it for a
business
monition to business that
decline of securi¬
even more
holiday on
Monday the
2,460,470 shares; on Thurs¬
rapprochement between the Federal Government and
vague
on
1,360,120 shares; on Tuesday, 2,381,850
sales
holders
unchanged
remained
Saturday was Christmas Day and a
shares; on Wednesday,
Stimulated out of
high levels and
Call loans on the
levels.
Exchange
flected
only further declines.
stocks
On the New York Curb
low levels.
131 stocks touched new low
New
and
267 stocks
high levels for the year while
new
ing, for the time being, since prominent indices re¬
their usual inertia
Exchange two
Exchange two stocks touched new
investors to hold securi¬
prospect at all encourag¬
supply
of
V
York
New
the
On
touched
of
active and
were
interplay
normal
the
the vari¬
demand.
touched
was
funds
stabilization
so-called
ous
a
unquestionably
liquidation
,,
irreg¬
downward trend pronounced in all
a
that
other
much the
as
In the listed bond market movements were
carrier bonds led a
STOCK trading in the final week of brought about
1937 reflected
community, and liquidation
mism in the investment
not
The New York Stock Market
reasonable course
pessi¬
system rather than adopt* a
rated
years.
willing to endanger the entire Amer¬
Roosevelt is
Silver imports
smallest, in fact, since August 1936.
5
Chronicle
on
Tuesday.
business coming to an early
of combating the
accord on
present slump appear to
trading fraternity quite remote.
In heavy sell¬
from one to five points,
major role in the day's deal¬
ing, leading issues dipped
and tax sales
played a
Much stress was placed on rearmament news
Wednesday, and the market enjoyed some sta¬
ings.
on
bility as a result.
among
an
Encouraged by early strength
the steel shares, the general list rallied to
irregularly
higher
closing.
Stock
Thursday were firm in tone and moved
prices on
forward to
Financial
6
slightly higher ground.
however, showed
ous
day and
cash
time
in
was
Yesterday sales volprices turned lower
General Electric closed
yesterday at 41% against 44 on Friday of last week;
of N. Y. at
Co.
Consolidated Edison
21% against
22%; Columbia Gas & Elec. at 7% against 8%;
Public
v
J. at
Service of N.
J. I. Case
Harvester
Roebuck
Co.
&
& Co. at
32% bid against 32%;
54
at
62
at
against 67%;
against 62%;
Sears,
Montgomery
31% against 34%; Woolworth at
36% against 36, and American Tel. & Tel. at 144%
against 147%.
This compares
2,274,508,000 in the corresponding
Car loadings of
Dec. 25 are reported at 460,367
142,925
cars
Western Union closed yesterday at
2,202,-
was
week
of 1936.
freight for the week ended
revenue
tion of American Eailroads.
Threshing Machine at 83 against 92; In-
ternational
Ward
Electric Institute.
son
200,000 kilowatt hours in the preceding week and
market.
dull
estimated for the week ended
energy was
Dec. 25 at 2,100,000,000 kilowatt hours by the Edi-
approximately 1,000,000 shares,
further curtailed and
very
of electric
Jan. i, ms
included.
were
transactions
a
The volume of transactions,
sharp contraction from the previ-
a
Chronicle
by the Associa-
cars
This is
a
decline of
from the preceding week and of 102,211
cars
from the corresponding week of last
As indicating the
year.
of the commodity
course
mar-
kets, the May option for wheat in Chicago closed
yesterday at 90c.
day
against 92%c. the close
as
of last week.
May
yesterday at 61%e.
yesterday at 30%c.
Chemical &
on
Chicago
Fri-
closed
against 60%c. the close
as
Friday of last week.
24% against 24% on Friday of last week; Allied
at
corn
on
May oats at Chicago closed
Friday of last week.
Dye at 162% against 169; E. I. du Pont
de Nemours
at
112
against 117%; National Cash
against 30%c. the close
as
The spot price for cotton here in New York closed
Register at 15 against 16%; International Nickel
yesterday at 8.38c.
at
Friday of last week.
44% against 46%; National Dairy Products at
14% against 13%; National Biscuit at 17% against
18%; Texas Gulf Sulphur at 27% against 27%;
Can
Continental
Kodak at
8
38
at
against
40%;
Eastman
160% against 166%; Standard Brands at
yesterday
on
Industrial Alcohol at 21
against 21; Canada Dry
13% against 15%; Schenley Distillers at 23%
against 25%, and National Distillers at 20%
at
was
against 8.43c. the close
as
on
The spot price for rubber
14.54c.
as
against 15.12c. the close
Friday of last week.
Domestic
copper
yesterday at 10%c. to 11c., the close
closed
Friday of
on
last week.
against 7%; Westinghouse Elec. & Mfg. at 99%
against 107%; Lorillard at 16% against 16%; U. S.
on
In London the price of bar silver yesterday
19 1/16 pence
per ounce on
per ounce as
against 18 7/16
was
pence
Friday of last week, and spot silver
in New York closed yesterday at 44%c., the close
Friday of last week.
on
against 20%-
In
the
of the
matter
foreign exchanges,
cable
'
The steel stocks
reflect sharp declines this week,
United States Steel closed
59%
on
yesterday at 54 against
Friday of last week
;
Inland Steel at 69%
against 75%; Bethlehem Steel at 58% against 62%,
and
3% against 3%
Motors at 30
Friday of last week; General
against 32; Chrysler at 47% against
rubber group,
on
United States Rubber at 23
Goodrich at
came
In the
Goodyear Tire & Rubber closed yester-
day at 17% against 18%
Friday of last week;
against 25%, and B. F,
13% against 15%.
under the influence of
The railroad shares
a
declining market.
Pennsylvania RR. closed yesterday at 21 against
22% on Friday of last week; Atchison Topeka &
Santa Fe at
35% against 38%; New York Central
at
16% against 18%; Union Pacific at 81% against
87; Southern Pacific at 18% against 21; Southern
Railway at 11% against 13%. and Northern Pacific
at
10% against 11%.
ard Oil of N. J. closed
Paris closed yesterday at 3.39 5/16c.
as
against
Friday of last week,
on
19%.
on
Friday of last
week; American Smelting & Refining at 46 against
49%, and Phelps Dodge at 26% against 26%.
and
industrial reports
further recessions in business this week.
so
at least
some
sharp in
Steel
vestors in the principal European financial
were
pects for the
more
concerned this week with pros-
new year
than with immediate changes
in their holdings. Hardly
any
business
done
was
on
exchanges in London, Paris and Berlin, and trends
everywhere
New
were
irregular.
York early in
The sharp decline at
the week
contributed to
uncertainty of European markets. It is
everywhere that the recession
or
now
the
realized
depression in the
United States will have serious repercussions else-
where, in declining orders for
no
raw
materials, if in
other fashion. There is almost universal anxiety,
accordingly, about conditions in this country.
The
mented by the holiday atmosphere, and the dulness
In the copper group, Anaconda Copper closed
cline is
i—4
centers
yesterday at 45% against 46
yesterday at 29% against 32%
Prominent trade
European Stock Markets
I IKE their American counterparts, traders and in-
reluctance regarding changes in portfolios
Friday of last week; Shell Union Oil at 16%
against 17%, and Atlantic Refining at 20 against
were
on
3.39%c. the close
Among the oil stocks, Stand-
on
fied.
the close of Friday of last week, and cable transfers
Auburn Auto closed yesterday
on
53%, and Hupp Motors at 1% against 1%.
also
London closed yesterday at $4.99%,
on
Youngstown Sheet & Tube at 38 against 42%.
In the motor group,
at
transfers
some
showed
The de-
instances that the hope of
recovery early in this year seems
on
the leading European markets
even
when seasonal factors
era tion.
British investors
are
were
was
was aug-
pronounced,
taken into considcheered
a
little by
the continued good business within the United Kingdom.
In France
a
new
wave
of strikes developed
and threatened the trend toward recovery.
ficial German statistics suggest
of good
the
a
The of-
quiet continuance
business in that country, although only at
expense
of large government deficits.
In fore-
justi-
casts for 1938 the leaders of other countries remain
operations for the week ending today
dubious, with optimistic and pessimistic orognosti-
estimated
by the American
Iron
and
Steel
Institute at
cations about
equally
numerous.,,
19.2% of capacity against 23.5% last
week, 29.6% a month ago, and 77.0% at this time
pended last Monday, in observance of Boxing day.
last year.
When business
The current figure is the lowest since
Sept. 3, 1934, when the rate
was
19.1%.
Production
Trading
on
fluences still
the London Stock Exchange
was
were
resumed
on
was sus-
Tuesday, holiday in-
apparent, for slow and spasmodic
Volume
Financial
146
dealings
Gilt-edged
reported.
were
issues slipped
slightly lower, while industrial stocks
tained.
issues
Commodities
international securities
turned
session
dull
els.
from New York.
joining in
a
trend to lower lev¬
Gilt-edged issues drifted steadily
downward,
and most British industrial stocks followed
a
trading
Anglo-American
favorites
affected
were
sharply by the recession in the New York market.
After
to
early irregularity
registered
were
on
on
Thursday, small gains
the London market, owing in part
optimistic statements by Prime Minister Neville
British
Chamberlain.
issues
funds
other
and
gilt-edged
improved, and buying appeared also in most
stocks.
industrial
Good gains
strong recovery.
issues yesterday
edged
Other sections
issues
International
on
staged
a
registered in gilt-
were
reinvestment
demand.
quiet and unchanged.
were
The Paris Bourse ended the Christmas
Monday by
general advance, which
a
the part
on
that
aided by
of Finance Minister
brought into definite balance. Kentes improved frac¬
also
curities
on
interest in¬
this pronouncement, and
on
creased
French
in
were
equities.
International
se¬
A good tone again prevailed
neglected.
Tuesday, although hardly any business was done.
Rentes resumed their
upswing, despite indications
strike movements
that
once
more
spreading
were
the disaffected workers of France.
among
French
bank, utility and industrial stocks showed only mi¬
nor
changes, but international issues fell sharply.
The Bourse
weak
was
strike of municipal
sentiment
changed
Wednesday, owing to the
on
employees in Paris.
sharply
with rentes and French
this
on
a
at
Belgium, is making
tions
in
the
he
British
is
some
report
Paul
van
interesting recommenda¬
world economic problems
on
suggestion of the
completing at the
Governments.
and French
At least
the recent "leaks" doubtless is to be
trial
balloon
for
one
regarded
of
as a
testing American sentiment.
As
reported from Geneva, last Saturday, by the corre¬
spondent of the New York "Times," this proposal
calls for
to
an
which
international stabilization fund of
the
proportion to their gold
be
This fund would
reserves.
managed with the aim of stabilizing the
cies
gold,
leading nations would contribute in
of countries
ment to abolish
participating in
a
curren¬
general
exchange controls, clearing
agree¬
arrange¬
ments, trade quotas and similar recently developed
capital and goods
move¬
on
Georges Bonnet that the French budget must be
tionally
Premier
former
obstacles to international
recess
was
After
lower
RECENT reports have suggested rather definitely
Zeeland, of
In
ments.
fresh statements
drifted
Stabilization Fund
simi¬
mining stocks alike
weak, and other commodity issues also receded.
were
entirely unchanged.
yesterday, prices
Berlin, and closing levels showed few changes.
which
Gold and base metal
lar trend.
almost
opening
An¬
reported Wednesday, with
was
almost all sections
issues
come
film
marked lower in line
were
with the unfavorable reports
other
main¬
were
irregular, but
7
Chronicle
Washington it was quickly indicated that
this idea is not considered in the least attractive.
It
would not be
surprising if the negative reaction here
occasioned
relegation of the suggestion to
a
an un¬
important place in the scheme being evolved by Dr.
Zeeland.
van
call
for
which
the
Plainly enough, any such plan would
sacrifice by the United
heavy
a
holds
than half the
more
States,
monetary gold of
world, while almost all the remaining contribu¬
by Britain and France. Rather
tion would be made
than venture upon
such schemes for reforming the
financial
trade
and
would
clearly be more desirable for these three coun¬
tries to set
a
practices of other nations, it
good example by stabilizing their own
currencies and balancing
their budgets.
Investment
World
development,
equities marked drastically
Armaments
by Premier Chau-
EXPANSION of the world's military at
progressing of late establish¬
temps for ending the strike occasioned only a half¬
digious rate, but there are indications that an even
hearted
faster increase of armaments
downward.
The
some
other international issues also
reflected the renewed
of France.
Paris
and
The
a
quick termination of the strike in
firm tone in rentes and French
Small
yesterday, and
advances
some
appeared
>
in
rentes
international issues also im¬
Dealings
on
in
week
on
the Berlin Boerse were resumed for
favorable
a
the increase.
atmosphere,
with public
Small gains were recorded
heavy industrial, chemical and other groups on
but fixed-interest issues
Monday,
and
tered
were
ties
on
remained quiet
Further improvement was regis¬
unchanged.
the German
market, Tuesday, but the gains
mostly fractional.
Almost all classes of equi¬
joined in the rise, while fixed-income securities
held
ment
at
former
figures.
With the year-end settle¬
approaching, stocks on the Boerse turned un¬
certain
on
Wednesday, despite a continued small
A
turnover.
few issues held
to former levels,
but
small fractional recessions wrere the rule in most in¬
stances.
The trend
movements
were
again
the rule
in
was
were
the
optimistic
small.
has
ment
economic
and
been
on
Thursday, but
Fractional advances
quiet dealings, with fixed-in¬
pro¬
a
impends. Much of the
activity of countries like Germany, Russia
Italy has been devoted in recent years to the
building of highly efficient fighting organizations,
armed with the most modern
treaties restrained the
up
equipment. The naval
expansion of
sea
armaments
to a year ago, but that branch is being rushed
now
in
almost
The British Govern¬
countries.
all
ment, already embarked on a program of rearma¬
ment that strains the
French equities were dull.
proved.
interest
equities de¬
International securities were quiet and
uncertain.
in
uncertainty about the destiny
impressed the Bourse favorably on Thursday,
veloped.
the
moves
rally. Gold mining stocks were in eager de¬
while
mand,
energetic
lately
Kingdom,
resources
even
of the United
as
contemplating
reported
was
huge additions to the naval program already being
carried out.
French, Italian, German and Russian
building is known to be on the increase, and
naval
Japan is said to be planning or building mighty
floating fortresses.
^
ter this
known last
form of
a
"World
dent
a
vigorous
manner was
communication to the Committee
of
events
said Mr.
made
House
the
have
caused
of
me
on
Ap¬
Representatives.
growing concern,"
Roosevelt, and he proceeded to dilate on
enlargement
where.
That the United States will en-
Tuesday by President Roosevelt, in the
propriations
the
9
competition in
When the
of
armaments
programs
every¬
Congress again meets, the Presi¬
added, he may send supplementary estimates
for naval construction
outlined program.
in addition to the currently
The alarm felt by Mr. Roosevelt
8
is
Financial
general and does not relate to
or
to any
Chronicle
River last
specific nation
any
tal of
specific threat against the United States,
the letter revealed.
in
the
Tsinan fell to the invad¬
the Japanese entered, while mines
as
district
destroyed and utility plants
were
The fall of Tsinan made the
INTERNATIONAL tension over the Japanese shell¬
gunboat Panay, and sink-
Chinese hold
ing of the British gunboat Ladybird, showed signs
and the defenders withdrew after
completely wrecked.
of the United States
of
easing this week, owing to profuse apologies by
the Tokio
from
ties
Foreign Office.
In
response
to demands
end.
Still
insisting that the attacks
States and British vessels
finally
anese
would
be
the desired
gave
taken
fortunate
were
any
repetition of the
In
the
note
to
areas
that steps
against
incidents.
found
accidental, the Jap¬
assurances
ders had been issued to the
un¬
ference
or
other
and
third
Powers.
proved
American interests and
about.
This note
late the
dispatched
Moreover, closer
with the
a
apology and the
measures
repetition of the incident.
sisted that
United
Navv
were
aspect of the matter
court
nese
held
version.
The
net is not
war
within and around the
alists took from the
ten
an
attack
But the Government forces acted
the midst of
necessary
ernmost
possible steps to bridge the international
defenders
however,
they really will be able to control the
younger
cesses,
with
,
On
thorities
aspect
of affairs the
said to feel much
were
concern.
The
city, and
strongholds is reported.
these
which might be used in
a
lic indignation in the United
States,
on
are
their hold
fund
But
Pub¬
of
the other
point.
late this week
to
-V
were
being shown
throughout the country. A movement
riety this week.
movements
preferred
in
was
largely of the guerrilla
a
various
to
destroy
all
threw
important
forces
over
the
of far
greater dimensions began to
as
huge
masses
Spurred by reports that the last-gap defend¬
were
running short of food, water
ammunition, the insurgent command started
experts
trapped in Teruel, along with
were
said to
women and
dren, religious novices and others.
chil¬
Some of these
beleaguered groups surrendered to the loyalist bat¬
large
talions, who treated them with respect and consid¬
buildings, utility plants and other property before
flight. After a long delay, the Japanese command
quickly
strengthening
desperate attempt to retake the town. Italian and
be
va¬
directions, but the Chinese
and
clash
The loyalists thus
and
city.
German officers and technical
The invading forces extended their
to withdraw
the
within Teruel
and
boycott all Japanese wares is spreading swiftly.
Fighting between the Japanese invaders and the
Chinese defenders
a
on
gains
troops gathered for attack and defense of the
ers
Panay
groups.
develop outside the town this week,
hand, is likely to dwindle slowly, for motion pic¬
.the
original number, it has been reduced
consolidating their
tures of the attack
on
The insurgents in
estimated variously at 2,000 to 6,000.
capitulations of small
building another Panay, to
be presented to the United States Government.
agonizing battle for possession of
sharply by incessant artillery fire and by occasional
A popular movement
gained headway for public contributions to
are
Whatever the
Jap¬
of fascist
buildings, completely surrounded by loyalist
troops,
au¬
an
groups
buildings in the center
these
distressed by the recent events
involving the United States.
three
of the
of
more
responsible Japanese Government
were
people
that
in
war
and perhaps for the entire undeclared
China.
Several
loyalists.
rallied
ex¬
group
military officers responsible for recent
seasoned and
anese
whether
first, in
tip of the insurgent salient of the Aragon
nature.
remains,
was
blinding snowstorm, and the south¬
a
front fell to the
question
of the communi¬
some
Barcelona, and it
loyalist lines and communications from
on
the town.
difficulties and to prevent fresh incidents of a like
The
surprise attack
generally believed that the insurgents would launch
accept it and close the incident.
to take all
a
Teruel is of considerable strategic
ago.
cations betwene Madrid and
Reports from Tokio made it evident that the of¬
Japanese Government felt it
days
City of Teruel, which the loy¬
insurgents in
importance, for it dominates
on
that the British Cabi¬
quite content with the note but probably
ficials of the
of their foes and thus
ONE of the civil
battles of the long-drawn
Spanish greatest slowly developed this week
reliable, and that
dispatched to London
was
resources
Spanish Civil War
left unsettled, since the
appears
reported grimly de¬
the unequal struggle in order
for preventing
apology to Britain for the shell¬
Wednesday, and it
the Chinese authori¬
are
by patience and sacrifice what they cannot
The American note in¬
findings differed materially from the Japa¬
ing of the Ladybird
will
was
people
win in combat.
findings of the court of inquiry of the
States
down the
wear
general
be questioned whether such endeavors
termined to carry on
to
a
Nanking Nationalist regime.
ties and the Chinese
achieve
occu¬
In central China
attempt to force
an
by the
would achieve their purpose, as
nationals, would be brought
communica¬
threaten to extend their lines far
now
the Yangtze, in
But it may
China, and im¬
reply expressing reserved satisfaction
a
on
lines of
occur,
ordinary
resume
Guerrilla attacks
are
capitulation
published last Saturday, and
was
cpnquered
spreading and making the Japanese
up
day Secretary of State Cordell Hull
same
from
territory. Where such actions
calmly step in and
the invaders
of communicating the whereabouts of
means
new
shift troops
to
necessary
into
pation difficult and dangerous.
with, the rights and interests of the United
States
is bringing
now
control.
unwarranted inter¬
contact with American authorities in
invading forces
tion
Washington,
invading force in China
infringement of,
Japanese-owned cotton
marked for destruction. Wide
were
the
of
Chinese
the
the Japanese Government announced that rigid or¬
to avoid any
destroying system¬
problems for the Japanese, since it is occasionally
the United
on
especially
extensions
the last week¬
over
of Tsingtao precarious,
thousands of homes.
many
mills
augmented their original apologies and offers
by fresh notes,
the seaport
on
atically not only the productive enterprises, but also
Washington and London the Japanese authori¬
of indemnification
1938
Sunday, but mills in the city were mere
smoking ruins
Sino-Japanese War
1,
Saturday, and besieged Tsinan, the capi¬
Shantung Province.
last
ers
,
Jan.
eration, but others held out in the hope that the
insurgents would retake the towrn.
Yellow
Franco rushed
\
great
masses
Gen. Francisco
of troops to the scene,
Volume
Financial
146
in the endeavor to
ists likewise
justify such hopes, and the loyal¬
augmented their forces, with the aim of
holding Teruel at all costs. By accident rather than
design the opposing armies thus gathered for the
battle.
Dispatches from both sides indicate that
300,000
men
engaged in this titanic struggle,
Fifteen divisions,
are
with the forces
evenly matched.
9
Chronicle
took energetic
cidedly serious problem. The Cabinet
threats to
restoration of
But it also was de¬
proved effective.
grant somewhat larger pay increases
cided to
had
services, and
essential
the armed forces for
use
life
normal
these
restore
to
measures
than
contemplated by Premier Chautemps, so
been
that the settlement
really represented a compromise.
'
or
about
150,000 troops, were massed on either side
of
defense
and
attack
for
weather conditions aided
and other
the
salient.
Improved
the troop concentrations
preparations for the struggle. While lines
being drawn for the battle, the London Non¬
were
intervention
deep-seated
in France.
difficulties. being experienced
Throughout the country a wave of strikes
general
depreciation, higher taxes of every
to the currency
sort,
have risen
GOVERNMENTAL importance to President Eachanges in Ireland that are
of considerable
de Valera and his
mon
associates, but of
no
great
significance otherwise, were effected on Wednesday,
when the
the
into effect.
came
Irish Free
State disap¬
and in its place there arises Eire, in Gaelic,
pears,
or
Irish Constitution
new
this document
Under
This
Ireland, in English.
for the
control
from
removed
King
no
or
State is farther
new
interference by
London,
longer is recognized, while his rep¬
resentative, the Governor General, also disappears
But the State of Eire remains part of
officially.
the British Commonwealth of
Nations, alt hough its
precise status within that Commonwealth appears
to be
bit uncertain for the time
a
of the
being.
Constitution will occasion
newr
The terms
some
modest
governmental changes within the State. President
de Valera will become a leader or "chief," and a new
be elected.
will
President
But most of the impor¬
of rule will be continued
tant elements
as
of recent years,
for
vision
the
new
Constitution makes
which the
Ulster,
But the northern
formal
new
State.
Ulster
brought under the domination of Dublin.
statement
was
issued
in
London,
late
Wednesday, to the effect that the hew Constitution
had been
noted, but that no grounds existed for any
change whatever in the position of northern Ireland.
French Finances
V
to
increases.
The employers are
exaggerated and bur¬
for
wage
Meanwhile, the Parliament struggled with
question of the budget, which Finance
the
series of
600,000,000 francs was passed by the Deputies on
Dec.
17, and
on
to be made in the enactments
in
it appears
the main
The
by the tremendous outlays
difficulties,
renewed
to modify some of the wage increases
and some of the concessions
granted generally to workers in France early this
Even the 40-hour week was subjected to re-
interpretation.
obviously will call forth
may easily
develop
which
political manifes¬
again, in subsequent months, into
tations and internal strife.
Rumanian
Cabinet
PERTURBING implications can be read wherethe
into a
political upset in Rumania,
recent
strongly fascist regime supplanted the Cabinet of
the liberal
elections
leader, George Tatarescu, after national
on
Dec. 20 demonstrated the lack of solid¬
arity among the electorate.
tabulated it
These modifications, although
ob¬
sociates obtained
the minimum
only 38%% of the votes instead of
of 40% required for
This
was
his continuance
the first occasion in Rumanian
history on which the ruling party failed to
gain suf¬
The national peasant party headed
ficient votes.
Dr. Julius Maniu received only 19%%,
older
total
The flagrantly fascist Iron
parties.
Octavian
of
Tatarescu
Goga received 9%.
A coalition being
question in these circumstances, Premier
handed
his
resignation
to King Carol
his
Sunday.
Despite the modest representation of
party in
leaders and alienated some of the
the new Parliament, M.
Goga was
Tuesday by King Carol to form a new
by the Left Front regime from its communist and
chosen
socialist supporters,
regime, and a list of Ministers based on
less than
Paris
labor
and
anticipated, public service employees in
organized
turned
if not from the Radical-Social¬
Because the pay increases were
party members.
a
manner
Water, light
suddenly face to face with a de¬
on
quickly
was
"person¬
approved. The delicate balance
European affairs easily may be disturbed by
test of strength between the
a
transportation services all were affected, and
of
change,
elements and the Government.
Paris found itself
alities"
brief strike on Wednesday, which
finally into
Guard
obtained 16% of the
vote, and the milder Christian Front fascists
out of the
last
ist
while
gained most of the ballots lost by the
party of Corneliu Codreanu
viously in the general interest, aroused the labor
sympathy gained
When the votes were
appeared that M. Tatarescu and his as¬
Chautemps and his associates found
year.
recorded in
history and the tax burden made necessary
Camille
servants,
of the two Houses, but
that M. Bonnet succeeded.
budget, however, is the largest ever
French
for
starting. Small adjustments will have
the year now
by
public
Thursday the Senate accepted the
estimates, which actually show a small surplus
fascist groups
to
Minister
balance after a long
huge deficits. The ordinary budget of 54,-
Georges Bonnet promised to
prominence in the political field. Pre¬
it necessary
higher general costs of doing
taxes
business.
of late the repercussions once again
mier
and
densome
have assumed
France, and
living
through fresh
equally helpless in the face of
demands
in office.
FINANCIAL difficulties of various kinds con¬
plague the Left Front Government in
tinue
For the workers the result has
costs, and the vicious circle is closed
no pro¬
Irish feel differently about that,
and the London Government also holds that
cannot be
sharply.
rapid overtaking of wage gains by
a
protagonists of Eire
inciitde^eventually within the
hope to
A
hereto¬
True to the contentions of Free State leaders
fore.
been
increases, shorter working
wage
factors, costs and prices naturally
hours and other
Irish Constitution
Owing
production in recent weeks.
interfered with
conceivable
Committee remained dormant.
emphasize the
These incidents in Paris served to
ual
for
is
this
the party that gained power in this
pro-German and inclined toward a grad¬
dissolution of the Rumanian ties with France.
Many of the German Nazi proposals were
by the Christian Front fascists,
adopted
who profess ex-
10
Financial
treme
anti-Semitism,
anti-Parliamentarism
and
Chronicle
a
Jan. /, 1938
At Paris the open
was
thorough disbelief in democratic methods.
market rate remains at
3M% and in Switzerland at 1%.
Bank of
Mexico
England Statement
PRESIDENT Lazaro Cardenasinplainly is bent on THE statement for the week ended Dec. 29 shows
achieving
world's record
the rate of real
£3,998,000 in
circu¬
contraction of
a
a
currency
social
change through
his
lation,
the beginning of the seasonal post-holiday
native
Mexico, but in pursuing this aim he is dam¬
return
flow.
widespread
aging foreign interests to
that the land and
is
in
extraordinary
an
quite unnecessary degree.
reforms
and
at least in
nationalization program
statement
being pursued with particular emphasis, where
foreign
companies
Large ranches
priated by the
Mexicans
holdings
Compensation
for
theoretical than practical.
tire railroad system of the country
oil
more
was
foreign petroleum industry
tion" with the
regime, through
royalty
One of the large British companies found
system.
it
Federal
possible to accept this plan
but
basis of "co-opera¬
on a
American
holdings
of
on
unknown
value
could
payments to the Mexican Government.
the
to
a
wage
Dec.
on
increase of about one-third the existing
class of industrial
States
United
workers in
are
All these events
on
political than practical
seemingly have made
Washington, where it
Monday that
assurances are
was
must
"Times"
to
be
given,
modifica¬
a
Such
report to the
assur¬
New
York
said, before the United States will
agree
a
continue the purchase of Mexican silver.
Discount Rates of
rates
at
the
leading centers
are
Rate in
Pre¬
Effect
Date
vious
Dec. 31
Argentina..
Established
Mar.
July
4
July
Belgium
Bulgaria...
2
1
1936
1
2X
Chile
4
Jan.
Holland
24 1935
Colombia..
4
July
18 1933
3
Jan.
1 1936
6
Danzig
4
Jan.
Oct.
2
4
2 1936
Deo.
Aug. 28 1935
Nov. 29 1935
Ireland
3
June 30 1932
Italy
Java
5
Jugoslavia
Estonia....
5
3H
5
Sept. 25 1934
19
1936
Finland
4
Dec.
France
3
Nov. 12 1937
4
Sept. 30 1932
6
Jan.
Greece
.
4X
Japan..
3H
2X
5M
4H
3H
Germany
2
7
June 30 1932
.
.
Rate
3
4H
2 1937
4
.
vious
India
3.29
.
Morocco...
May 18 1936
6 1936
14 1937
5
Feb.
1 1935
rate was not
July
1 1936
on
govern¬
other securi¬
consists
£633,934.
Below
we
discounts
of
se¬
The discount
show the different
for preceding
years:
COMPARATIVE STATEMENT
Dec. 29,
Dec. 30,
Jan. 2,
1937
1936
1936
Jan. 2,
1935
Jan.
3.
1934
May 28 1936
Dec.
5 1936
Dec.
17 1937
Aug. 11 1937
securities
114,598,165 134,480,883 110,364,499
89.336.413
89,881.692
30,072,080 38,624,121
36,608,771
34,757,755 39,558.008
17,467,197
9,205,417
23,655,425
24.195.414 25.560.169
Securities
20,866,663 21,156,924
12,953,346
10.562,341
13,997.839
Res've notes <fc coin.
41,916,000 46,806,049
48,860,000
58,049,989
69,568,745
Coln and bullion... 327,233,343 314,212,259 200,609,014 192,781,114 191.643,676
Propor. of res. to ilab.
24.8%
23.10%
27.48%
35.37%
38.44%
Bank rate
2%
2%
2%
2%
2%
Other securities
Dlsct. <fe advances-
Bank of France Statement
THE weekly statementcirculation of23 showed an
dated Dec. 866,000,000
expansion in note
francs, which brought the total
francs.
Circulation
on
4H
3H
7 1934
6
5
May 15 1933
July 10 1935
4
Spain
Sweden
2X
IX
1 1933
of
Nov. 25 1936
2
.
Dec.
Dec.
5X
years
to^1,268,819,535
aggregated 87,306,ago
81,150,169,525
appeared in credit balances
9,000,000 francs, in French commercial
discounted
other
of
1,079,000,000
slight increase of 85,919 francs
Bank's
and
francs,
was
in
An¬
shown in the
gold holdings, the total of which is
now
58,-
Gold holdings last year amount¬
ed to 60,358,742,140 francs and the previous year
66,296,058,748 francs.
The reserve ratio fell off to
53.41%, as against 59.28% a year ago and 71.50%
the year before.
Bills bought abroad and advances
against securities decreased 44,000,000 francs and
102,000,000 francs, respectively.
Below we furnish
the various items with comparisons for previous years:
BANK OF FRANCE'S
i
.
•/
Friday of last vreek, and ^@11-16%
three-months' bills, as against
11-16% on Friday
call at London
on
for Week
Gold holdings
Credit bals. abroad.
a
Friday
Dec. 23. 1937
Dec. 23, 1936
Dec. 27. 1935
Francs
■
Francs
Francs
Francs
+ 85,919 58,932,639,242 60,358,742,140 66,296,058,748
29,868,598
6.301.807
+9,000,000
9,950.874
French commercial
bill* discounted.,
b Bills bought abr'd
circulation
Credit current accts
as
COMPARATIVE 8TATEMENT
Chanyes
../
Note
on
up
ago
creditor current accounts of 198,000,000 francs.
3
Switzerland
on
year
An increase also
4X
8outh Africa
were
Money
a
and two
239,510 francs
5
7
4 1937
Govt,
3X
4
4X
4
.
505,317,000 467,406,210 411,751,000 394.731,125 182.074,931
11,384,000 12,134,969
9,965,000
9,931,185
17,735.301
deposits
4X
5
4 1934
Circulation
Public
Other deposits
157,207,709 189,771.347 167.832,750 154,165,403 164,238.445
Bankers' accounts- 120,640,908 150,580.188 130,542,800 117,343,357 127.727.487
Other accounts
36,566,801
39,191,159
37,289,950
36,822,046
36.510,958
4
IN bills
LONDON open market^@11-16%, for short
discount rates against
Friday
lastjweek.
changed.
BANK OF ENGLAND'S
c
of
on
6
3.65
Foreign Money Rates
for
latter
items wit hi comparisons
Adv. against securs.
11-16@%%
The
which decreased
curities,
6X
5H
6X
Poland
Rumania
5
Apr.
Portugal...
Norway
2X
4X
3X
3X
Jan.
3
Lithuania..
England
Date
Established
Hungary...
Czechoslo¬
vakia....
Pre¬
Effect
Dec. 31
4
1935
Canada
Country
4K
2X
10 1935
May 15 1935
Aug. 15 1935
Mar. 11 1935
Denmark
Rate in
Rate
3X
3H
Loans
£18,140,000 and
rose
932,539,242 francs.
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Batavla
to bankers' accounts
£1,088,850.
bills
shown in the table which follows:
Austria
Of the latter amount,
addition
advances, which increased £1,719,784, and
abroad
Foreign Central Banks
rates of any
Present
Country
deposits.
an
and
francs.
THERE have been no changes during the week in
the discount
of the foreign central
banks.
was
ties
im¬
an
intimated last
sought for
tion of the "Mexicanization" program.
ances
The
unable to meet these increases,
which appear to have a more
pression
Mexico.
companies affected declare categori¬
cally that they
basis.
the proportion
year
of the decrease in the proportion
£613,000 in public deposits and £22,-
was
In apparent
scales, which already were by far the highest for
any
re¬
objections raised by the American
companies, the Mexican Government decreed
18
last
ago;
cause
ment securities
hardly be brought under similar arrangements of
answer
There
£3,929,000.
reserves was
£69,310 to other accounts.
a
its proved fields,
week
a
The
the rise of
and
day later in 1936.
a
the gain in
so
£22,425,204
taken
early in December toward placing the $150,000,000
dated
494,514 in other
punitive is the attitude toward foreign
were
26.1%
23.10%.
is being "social¬
companies operating in Mexico. Steps
1936
proportion, however, dropped to 24.8%
reserve
from
en¬
ized," and the only definite item in this proposal is
that foreign investors will suffer large losses.
Even
week of
part accounted for by the fact that the
was
£70,232 and
The
such
The
corresponding
outstanding £505,317,000 notes in comparison
£467,406,210 a year ago. Bullion fell off
with
expro¬
of late and handed to native
operation.
more
main
concerned.
are
by foreigners have been
score
for
seizures is
and
owner
the
than in the current year, but the difference is
more
There is ample evidence
resources
In
£6,709,351 of notes returned from circulation, 67%
9,114,636,826 7,590,482,431 9,711,570.830
888,661,793
1,451,615,391
1,317,980,291
—102,000.000 3.692,687.505 3,521,049,685 3,252.735,470
+866.000,000 91,268.819,535 87,306,239,510 81,150,169,526
+ 198,000,000 19,082.468,484 14,514,040,924 11.577.991.141
+ 1,079,000,000
—44,000,000
,
Temp. advs. with¬
out
int. to
State.
Propor'n of gold
—10,000,000 26,908,460,497 15,798.092,309
on
hand to slight Uab.
a
—0.52%
Includes bills purchased in France
resenting drafts
on
Treasury
on
53.41%
59.28%
b Includes bills discounted abroad,
71.50%
c
Rep¬
10-bllllon-Iranc credit opened at Bank.
HtSince the statement of June 29, 1937, gold valuation has been at rate of 43 mg.
gold, 0.9 fine, per franc, previous to that time and subsequent to Sept. 26, 1936.
gold valuation was 49 mg. per franc, prior to Sept. 26, 1936. there were 65.5±mg.
of gold to the franc.
mi
Volume
146
Financial
New York
Money Market
BUSINESS in the New York
at
rates
standstill
a
in the
remained available in great
again
were
paper
dealings
The
IN the last week of the year sterling exchange con¬
display
firm undertone.. Transactions
money market was
1937, and
tinues to
final week of
were
on
Funds
Year
extremely small scale.
Treasury sold last Monday
were
on
an
of 0.101%,
average
York
Stock
conditions
the New
market
l1/4% for maturities to
were
the
days, and 1%% for four to six months' datings.
New York
Money Rates
after
and renewals.
loans
continues
The
market
for
time
no
compared
with
market
for
prime commercial
1%%
paper
new
has been between
The
Paper has been in good
Bankers'
1
X
been
Rates
the
country offerings.
these
be classed
as
is
ness
and includ¬
to
market dealers
$2,827,000.
market acceptances
180 Days—
Bid
Prime eligible bills
90 Days
-
*A%
60 Days
-
Axled
Bid
Xt
X
X
*At
X
DELIVERY
Bid
X
Eligible member banks
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
000
rates
of
following is the schedule of rates now in effect
classes
of
paper
at
the
Reserve banks:
ounces
than
Rale in
Dale
Rale
2 1937
IX
Sept.
1
Sept.
Dallas...........—-—-—
San Francisco
IX
New York
..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
.i.
May
2
Aug. 21 1937
Aug. 21 1937
ounces,
2
..
gold
At the
of
2
2 1937
3 1937
2
Aug. 31 1937
2
3 1937
2
Sept.
In the next
rapid decline
as
the
in circulation
; ?
Dec. 30 that
on
of Sept. 30,1937,
over
same
the total
time it
was
an
increase
reported for
disclosed that
department held 76,-
of fine gold, making
a
combined gold
pounds sterling ($4,084,395,000),
gold price of
On March 30
seven
pounds sterling
per
gold holdings of the Bank of
making combined gold holdings
that date
on
pounds sterling ($3,518,000,000).
4
Although the above figures
2
2
Sept.
a
as
England issue
worth 703,600,000
2
Aug. 24 1937
Sept.
a
2
11 1936
Aug. 27 1937
>
be
England issue department amounted to 73,842,000
IX
4 1937
Industrial activ¬
small proportion.
ounces
ounces
on
ounce.
2
Aug. 27 1937
ix
ix
IX
IX
IX
IX
IX
ix
IX
Boston
Philadelphia
The
Aug. 4
exchange stabilization fund held 39,854,of fine
Bank
based
Previous
Established
on
the Bank's circulation has
£105,000,000*
a
stock of 816,879,000
Dec. 31
reached
was
Treasury announced
13,180,000
843,000
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Effect on
record high
a
expected until early in August.
March 30.
different
the
Federal Reserve Bank
no
compared with £474,-
as
No further important increase
the British
various
England showing
there should
The Bitish
Discount Rates of the Federal Reserve Banks
the
were
required for Christmas spending returns to the
is to be
The
of trade
there
at record high levels,
power were
£509,315,646,
more
weeks
banks.
% % bid
%% bid
......
.....
*
.
,
consequence
a
X*
DAYS
Eligible non-member banks
for
largely
As the year closed,
hoarding for only
few
A sled
Xt
WITHIN THIRTY
'■;
*
Ashed
cash
FOR
.
ity accounts for most of the increase and foreign
Ashed
——30 Days
,
cau¬
the part of industrial leaders in
on
was
In the last three years
follows:
,Bid
inclined to exercise
just after the bank holiday at £403,877,456.
120 Days
Ashed
■,
X
*Ai
X
Bid
Prime eligible bills..
160 Days
some
were
clearly indicated in the pre-Christmas state¬
increased
Bid
A sled
were
previous peak in circulation
DELIVERY
SPOT
on a
115,561 at the corresponding date last year.
Open
are as
There
■
ment of the Bank of
reported by the Federal Reserve Bank of New York.
The rates for open
was
circulation of
quoting the same rates as those
are
Britain
Wages and spending
as
holdings of acceptances
$2,825,000
ended
pronounced activity
signs of reduction in retail trade in the British Isles.
120-day bills, and 1% for 121- to 180-day bills.
from
only
on
of the most routine
opened.
year
prac¬
In London and
transacted
was
was
.
recession here.;
%% for bills running from 1 to 90 days; %% for
increased
a
they could better judge the trend of busi¬
hesitancy
Great
six-months, %% bid and 9-16% asked.
The Federal Reserve Bank's
the
in 1938.
The
bill-buying rate of the New York Reserve Bank
91- to
and
for cable transfers
range
hesitancy in the capital markets, indicating
tion until
running for four months, 9-16% bid and %% asked;
The
bills,
$4.99%
$4.99% and $5.00, compared with
that industrial leaders
issued by the Federal
Reserve Bank of New York for bills up to
sight
between
Great Britain's financial year
which
least of
ing 90 days are %% bid and 7-16% asked; for bills
for five and
„The
Continent business
a
change in the
no
been between
bankers'
definite signs of trade reaction in December, or at
acceptances has
may
There has been
The official quotation as
rates.
with
While there have been
few bills available, most of
of
range
days this week and
character.
Acceptances
quiet this week.
:
subdued note, in contrast to the
4HE market for prime bankers'
1
for
foreign exchange market is at this time
three
quoted at 1% for all jnaturities.
are
toward the end of
tically devoid of features of interest.
has been
supply and the demand has been fairly strong.
against
but the trend of the
15,
week ago.
to
up
trading
as
of between $4.99 11-16 and $4.99 15-16
range
on
moderately active this week.
a
money
days and 1%% for four to six months' maturities.
The
$4.99%
$4.99% last week.
transactions having been reported
Rates continued nominal at
Under normal
this week has
range
and
a
quiet,
this week.
90
The
Jan.
no
activity
during the past few months indicates that
$4.99 9-16
was
Generally
pound will continue firm against the dollar and
August.
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
Stock
the
practically
was
Dec. 31 and
on
should retain this position until
/
ruling quotation all through the week for both
London
exchange should favor New York
London uitil
Exchange held to 1% for all transac¬
tions, while time loans
90
on
Financial
is not resumed until Jan. 3.
computed on' an
Call loans
holidays.
business is done in London
$50,000,000 discount bills due in 91 days, and awards
annual bank discount basis.
in all other financial
as
closed from Dec. 24 to 27, inclusive.
further issue of
a
a
foreign currencies
dealings have been extremely limited, as is usual
during the period between the Christmas and New
profusion, but borrowers
an
the
in
Bankers' bill and commercial
scarce.
11
Course of Sterling Exchange
unchanged in all departments.
were
Chronicle
v.
of the average
this does not
are
probably
on
market price of gold, 140s.
imply
any
the basis
an ounce,
change in the Bank of Eng-
Financial
12
land's valuation of its
gold holdings, which are
own
market gold in London this week was
low for open
139s.
6%d.
The
<
part to the
while attributed in
here, is ascribed principally to overspecula-
How¬
earlier in the year.
tion in commodities there
decreased $1,125,300. * Onf Friday
imports or exports of thejmetal or
no
were
ended last
changes
Tuesday,
calculations:
are our own
prices, which between December, 1936 and April,
1937 rose from 79.3 to 86.8, had fallen by the middle
of industrial shares,
had fallen
Holiday
Holiday
1
1,227,683,329
27
28
1,227,683,711
Net Decrease for the Week Ended Tuesda
The "Financial News" index
of December to 77.2
which opened the
$4,978,466
Canadian exchange was
at 124.6,
year
by the end of June to 111.9, and by the
+$7,590
—4,993,310
Holiday
Holiday
+6,872
+382
1,227,676,457
24
Dec.
Daily Change
$1,232,669,767
Dec. 25
Dec.
FUND
Amount
.1
22
Dec.
commodity
of
index
"Economist"
London
The
,
HELD IN THE TREASURY'S INACTIVE
GOLD
Dec.
The day-to-day
follows.
was as
Dec. 23..
level.
thejweek
daily Treasury statements issued during
,
the lower
by the steadiness in commodity prices at
indicated in the
Gold held in the inactive fund, as
British business interests are now encouraged
ever,
gold held earmarked for
exports of the metal but
there
tendency towrard business" hesitation
Britain,
recession
or
foreign account
change in gold held earmarked for foreign account.
Dec. 29.
on
current
Great
in
The
price of 84s. lid.
still carried at the statutory
Jan. 1, 1938
Chronicle
1935.
between
restored it to only 97.5.
The new capital market activity subsided with the
stock market's reaction.
The year's offerings totaled
discount
steady but relatively easier
Montreal funds ranged be-
than in several weeks.
of
discount of
9-128%.
middle of November to 93.1, the lowest since
The subsequent recovery
approximately £170,000,000, against £217,000,000
last year.
In London it is thought probable that the
country's business will show no further marked ex¬
believed that
Leading industrialists
pansion, but it is at least coming to be
major setback is unlikely.
spokesmen have been at pains to
a
and Government
make
encouraging business forecasts, and there is
marked
a
disposition in Great Britain to
fulfillment of
a
which is based the hope
extending orderly foreign trading and
of
absorbing
slackening which
any
British domestic trade.
ment be
of
Should such
a
trade agree¬
brought about, it is believed that
some
sort
general adherence to the Oslo Pact may be at¬
tempted, thus permitting of
large, if circumscribed,
a
community of nations which do not aspire to ultranationalism.
The Oslo nations include Holland,
Denmark
Belgium,
and
the
other
Scandinavian
countries.
British money rates are
throughout the coming
ment to trade
expected to remain
and thus give
year
Currently call
development.
easy
money
Two- and three21-32%, and four- and six-months'
against bills is in supply at %%.
months' bills
bills
are
are
During the past few weeks the dollar
%%.
equivalent of the London gold price was generally
around $34.90, at which level it was unprofitable to
ship gold from London to the United States.
on
offer in the London open
market this week
limited and taken largely for
On
interests.
no
gold
on
£430,000,
Monday there
offer;
on
£391,000, and
Wednesday
on
was
account of hoarding
.
seems
Tuesday there
on
Gold
£722,000,
have been
to
was
on
offer
Thursday
on
Friday £335,000.
At the Port of New York the
the week ended Dec. 29, as
Reserve Bank of New
York,
GOLD MOVEMENT AT NEW
was as
follows:
Importe
|
Exports
j
Dec. 27
Dec. 28
LONDON
France.
Dec. 27
Tuesday,
Dec. 28
The inactive gold account was reduced $5,000,000 as shown by
of gold was
Wednesday.
figures
are
for
the
On Thursday there
week
were
ended
no
Dec. 31... 139s. 6Kd.
BY THE UNITED STATES
FOR GOLD
(FEDERAL RESERVE BANK)
Monday,
Dec. 27
Dec. 28
$25.00
Thursday,
35.00
Dec. 30
35.00
Friday,
$35.00
Tuesday,
.
Wednesday, Dec. 29
Holiday
Saturday, Dec. 25
Dec. 31
35.00
Referring to day-to-day rates sterling exchange was
not
quoted
on
Saturday last
as
all markets
in observance of the Christmas
sterling
$4.99%.
On
slightly
cable
@ $4.99%
for
was
cable
pound
was
firm and
was
On
transfers.
firm in limited trading.
cable
was
$4.99%
and $4.99 11-16 @
range
sight
$4.99%@$4.99%;
Wednesday
Bankers' sight
transfers
$4.99%@
Thursday sterling continued steady in
On
$5.00.
closed
$4.99%@
transfers
The
active.
bankers'
f°r
$4.99 13-16
was
Tuesday the
more
were
On Monday
Bankers' sight
dull and steady.
was
$4.99 9-16@$4.99 11-16;
and
holiday.
quiet trading.
for bankers'
The
range was
£4.99%@$4.99 13-16
sight and $4.99%@$4.99 15-16 for cable
transfers.
On
standstill.
Sterling
Friday markets were at a practical
was
quoted $4.99 11-16@$4.99%
for bankers'
sight and $4.99%@$4.99 13-16 for cable
transfers.
Closing
quotations
on
Friday
were
$4.99 11-16 for demand and $4.99% for cable trans-
Commercial sight bills finished at $4.99%;
rfersv
60-ddy bills at $4.98%; 90-day bills at $4.98 7-16;
documents for payment
seven-day grain bills at
(60 days) at $4.98%; and
$4.99 3-16.
Cotton and
grain for payment closed at $4.99%.
Continental and Other Foreign
Exchange
THE Frenchand other districts labor disturbances
franc reflected the in France which
Paris
originated in dissatisfaction with the Government's
steady through the cooperation
exchange equalization funds.
the
sold heavily in Paris
counts
The spot rate
modify the 40-hour week.
held reasonably
on
and London,
so
Francs were
that the dis¬
forward francs widened perceptibly.
On
and
at a discount 2% points
under the basic cable rate and on Dec. 29 the discount
on
widened to 3% points.
$269,000 from Australia.
above
Dec. 30...139s. 6Kd.
Friday,
139s. 7d.
of
received at San Francisco, of which $11,438,000 came from Japan
The
^Thursday,
No quotation
was
export of $5,000,000 of gold to
the daily statement of the United States Treasury.
We have been notified that approximately $11,707,000
147.25
147.30
Wednesday, Dec. 29... 139s. 6J^d.
Holiday
Monday,
action to
Decrease: $1,306,000
was an
Dec. 31
OPEN MARKET GOLD PRICE
Saturday, Dec. 25
PRICE PAID
Dec. 30
Friday,
...147.16
147.22
Thursday,
No quotation
Tuesday,
None
Net Change in Gold Earmarked for Foreign Account
Note—During the week there
Wednesday, Dec. 29
Holiday
Monday,
in
YORK, DEC. 23-DEC. 29, INCLUSIVE
$289,000 from Ecuador
and the
MEAN LONDON CHECK RATE ON PARIS
Saturday, Dec. 25..
gold movement for
reported by the Federal
London check
mean
Paris, the open market gold price,
sterling
encourage¬
a
price paid for gold by the United States:
thereby
develop in
may
11-64% and
following tables show the
on
the
see
trade agreement between the Empire
and the United States, upon
The
rate
a
imports
Dec. 24
were
at
30-day francs
a
were
On Dec. 24 90-day francs
discount of 9% points below the basic
Volume
Financial
146
which widened
cable rate,
There is
weeks.
from recent
situation
The Treasury's out-
coming year is far from satisfactory,
the
look for
Dec. 29 to 11% points,
on
essential change in the French financial
no
13
Chronicle
the exception of hotel, gas and electric rates and
abolishing the regulation which was
rentals, thus
imposed at the time of the devaluation of the Swiss
franc last
year,
whereby all price increases .were
The Swiss Gov-
Although the British credit of £40,000,000 was finally
subject to previous authorization.
paid off last week, the Treasury's position in such that
bankers believe that Paris will again be compelled to
ernment now believes that no rise in domestic prices
is likely, owing to the decline in world price levels,
seek aid in London early in
It is
year.
would
political considerations
only
that
thought
the coming
compel the London banks to extend another French
credit and that if one is arranged it can be arranged
only under strict
The
gold guaranties.
depreciation of the French franc was graphi-
cally illustrated in a recent dispatch to the "Wall
Street Journal" from its Paris bureau under the
heading "Sous Cost More to Coin than They Buy in
The dispatch said
France."
discovered
been
"Owing to
part:
devaluations of the French franc, it
the successive
has
in
popularly called
cost more to manufacture than
two sous,
one
their
and
of the 5-centime
10-centime
piece costs 10 centimes, while the
13 centimes to mint.
piece costs
1938 finance bill
The
therefore authorizes the Government
modify the composition of all French coins
other
It is almost impossible to
buy anything in France for less than 5 sous, or
25 centimes and even 5 sous will purchase nothing
than
gold and silver.
except a small box of
The
following
matches."
shows the relation of the
table
leading European currencies to the
United States
d0llar:
oid Dollar
New Dollar
Parity
Parity
to 3.39^
Switzerland
(franc)".
Holland (guilder)
a
New dollar
6.63
3.92
(franc)
parity as
3.39
m58* Afe*
19.30
32.67
23.iih to 23.13}*
40.20
68.06
55.59^ to 55.66
before devaluation of the European currencies
TS tone cut from°goid3and au'owed to -float" on Jane 30.
The London check rate on
X937.
Paris closed on Friday
Friday of last week. In
New York sight bills on the French center finished at
3 39%, against 3.39% on Friday of last week; cable
147.30, against 147.19 on
at
transfers
3.39 5-16,
at
against
3.39%.
Antwerp
for bankers' sight bills and
against 16.97 and
16 97
Final quotations for Berlin marks were 40.27
for bankers' sight bills and 40.27 for cable transfers,
in comparison with 40.30 and 40.30.
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 18.90, against 18.91;
belgas closed at 16.96%
16.96% for cable transfers,
at
exchange
on
on
Czechoslovakia at 3.51, against 3.51%;
0.74%; on Poland at
Bucharest at 0.74%, against
18 97%, against
against 2 21%.
against 0
18.97%; and on Finland at 2.21%,
Greek exchange closed at 0.91%,
913?
against 22.32 and 22.32. Checks on Sweden closed
at 25.76%, and cable transfers at 25.76%, against
25.77 and 25.77; while checks on Norway finished at
25.11% and cable transfers at 25.11%, against 25.12
and 25.12.
•
EXCHANGE on the South American countries is
" extremely quiet owing to the extended holiday
observances in the South American capitals. The
tendency in all the South American countries is to
maintain exchange and import restrictions. In most
of these countries the tendency is to make exchange
control more severe. The reason for this attitude
is that their highly successful export business of the
last few years has resulted in a heavy increase in
imports, especially of luxury articles,
Argentine paper pesos closed on Friday, official
quotations, at 33.33 for bankers' sight bills, against
on
Friday of last week; cable transfers at 33.33,
J
_
#
against 33.33.
was
1
\
^
The unofficial or free market close
29.30@29.40, against 29.35@29.40.
Brazilian
milreis, unofficial or free market rates, were 5.20@
W
Chilean exchange IS nom-
'
,n
5.30, against 5.40@5.50.
.
.
inally 9u°ted at 5.19, against 5.19. Peru is nominal
at 24%, against 24%.
^
*
CXCHANGE on the Far Eastern countries is to a
L-' considerable extent adversely affected by the
conflict between China and Japan, although for the
most part these currencies continue to move in close
sympathy with sterling exchange. Tokio dispatches
on -Dec. 30 stated that Japan had an adverse trade
balance of 620,000,000 yen ($180,358,000) for the
year 1937 through Dec. 25. Exports for the year to
Dec- 25 the Commerce and Industry Ministry estimated at 3,113,000,000 yen ($905,571,700) while
imports were placed at 3,733,000,000 yen ($1,085,929,700).
.
Closing quotations for yen checks yesterday were
29.10, against 29.10 on Friday of last week. Hongkong closed at 31 5-16@31%, against 31.30@ 31%;
,
Manila
EXCHANGE on the countries neutral during the
generally firm in sympathy with sterling
war
finished at 22.31% and cable transfers at 22.31%,
,
Shanghai at 29%@29 27-32, against 29%@29 25-32;
—4—
exchange.
sight bills at 55.60, against 55.55. Swiss francs closed
at 23.12% for checks and at 23.12% for cable transfers, against 23.13 and 23.13. Copenhagen checks
33.33
This Week
a
mi
b France
Bankers' sight on Amsterdam finished on Friday
at 55.66, against 55.60 on Friday of last week; cable
transfers at 55.66, against 55.60%; and commercial
nom-
According to official calculations minting
inal value.
to
the
the smallest coins,
that
5-and 10-centime pieces,
but will continue to exercise supervision..
is
It is believed that the countries party to
agreement—Holland, Belgium and the Scandinavian nations—will take measures to strengthen
at
50 3-16,
against
50 3-16; Singapore at
58%, against 58%; Bombay at 37.75, against 37.75;
and Calcutta at 37.75, against 37.75.
Go,d
^ £uropean Bankg
the Oslo
possibly
through the adherence of other countries, but that
they will continue to hold their currencies in close
their agreement
early in the coming year,
relationship to the pound.
On Dec. 28
dispatches from Berne announced the
suppression of control of prices in
Switzerland with
""THE following table indicates the amounts of gold
1 bullion (converted into pounds sterling at par
of exchange) in the principal European banks as of
respective dates of most recent statements, reported
to us by special cable yesterday (Friday); comparisons
are shown for the corresponding dates in the previous
four years:
Financial
14
Batikt
£
£
£
France
£
£
327,233.343
England
314,212.259
200.609,014
192,781,114
191,043,676
530,368,470
3,000,050
050,992,872
616,784,017
3,955,550
30,097.000
63,103,000
16,800,500
90.451,000
76,695,000
70.170,000
70.711,000
77,947,000
67,518.000
14,426.000
310.171.259
365.810,558
2,513.650
1,906,850
87,323.000
Germany b.
90.202.000
Spain.
Italy
c87.323.000
a25.232.000
42,675.000
Netherlands
113,820,000
55,800,000
Nat. BelgBwltzerland
98,361.000
79,020.000
20,103.000
6,545,000
7,615,000
100,582,000
98,924,000
71,538,000
83,102,000
40,743,000
69,393,000
25,453,000
6,652,000
0,603,000
22,080,000
15.822,000
0,555,000
7,396,000
0,002.000
0,582,000
Sweden
Denmark
Norway
-
_
...
42,575,000
52,710,000
,
a
7,397.000
6,573.000
Total week. 1,083,837,252 1,095,109.607 1,100,435,134 1,248.490.536 1,242,900,193
Prev. week. 1.080.958,982 1,095,417,593 1,100,474.002 1,248,570.813 1,241,854.741
Amount held Dec, 31,
a
Jan.
sive scheme of crop
1933
1934
1935
1930
1937
of—
Chronicle
comprehensive
housing, and
abroad, the amount of which Is now
reported at £1,016.650
c Amount held Aug. 1, 1930, the latest figure available.
The gold of the Bank of PYance was revalued on July 23, 1937, at 43 milligrams
of gold 0.9 fine, equal to one franc; this was the second change in the gold's values
within less than a year, the previous revaluation took place on Sept. 20, 1930,
when the gold was given a value of 49 milligrams to the franc as compared with
65.6 mgs. previously.
On the basis of 65,6 mgs., approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs., about 105 francs equaled £1 sterling, and at
43 mgs., there are about 190 francs to £1.
control, definite commitment to
costly
and
disaffection
a
Party Outlook for 1938
1937 ends with
year
ments and bureaus which would
desperate attempt
frame
to
ers
a
party in Congress,
the part of Republican lead¬
on
under which their party
program
regain its prestige, and the
may
American Labor
hope
party which
of
emergence
some
developments of
1938
may
be
The
expected to
center, in the main, about these three points.
over
the
American
Democratic
Labor
and
without
those
party, it is evident that the
Republican situations cannot
seriously
affecting the position
of
congressional elections will, in turn, have
important bearing
1940.
in
con¬
parties in the coming congressional elections,
.and the
an
Pass¬
for the moment the possible evolution of
ing
tinue
an
of its promoters
eventually attract the farmer vote.
may
party
Federal
give the President
practically complete control of Federal finances.
a
The revolt has been
business
capped by a realization that the
recession,
unemployment
on
with its prospect
large scale, is
a
of renewed
calamity for
a
which President Roosevelt and his radical advisers
are
directly responsible.
To what extent the Democratic revolt in
is
indicative of
a
corresponding revolt
Unless
the national
upon
the
Democrats
in
election
Congress
can
Congress
among nor¬
mally Democratic
voters throughout
cannot, of
be determined with much
course,
which Democratic
marked increase of
a
the Democratic
in
of
program
reorganization of executive depart¬
a
cision, since there has been
The
1938
1930, latest figures available.
Bank of Germany are exclusive of gold held
The
1.
the country
pre¬
general election in
no
opinion could be registered.
If,
however, the resolutions of industrial, business and
financial
in
organizations, the expressions of leaders
those
fields, and the editorial utterances of im¬
portant
newspapers
indications
accurate
are
public opinion, the country is every whit
tented
then the outlook for the
discon¬
as
Congress has shown itself to be.
as
of
If it is,
congressional elections next
November is clouded for Democratic members who
intend
stand
to
for
reelection.
The
clouds
darken if the business recession goes on
spring
and
mounts to
next two
of
summer
1938,
unemployment
approximately the figures of 1932
three years,
or
men
continue, and if
early balancing of the budget has to be
an
deferred.
the
or
if Administration attacks
business and business
upon
hope of
if
will
through the
The
opposition in Congress will certainly
be intensified if President
Roosevelt, bent
hav¬
upon
prevent the present party breach from widening, the
ing his
party majority in Congress will be heavily reduced
the Senate and House and undertakes to force
oppo¬
in
1938 and control
in
1940, while unless the Republicans
better
of
the
ground to stand
leaders
have
thus far
than
upon
party may set
spring and
even
a
divided
any oppo¬
Congress has been
of 1933, when Democratic lead¬
them
among
Senator Glass of
Virginia, found themselves unable to bow to
of the
and
some
startling innovations of President Roosevelt
his
New
Deal.
To
There is thus
holds its
crats will go
party, and
serious
recognized
as
the country,
sound
owe a
lasting debt of grati¬
The present phase of the movement, however,
disadvantages.
Democratic
They have developed
or
tude.
as a
It cannot be
party, labor under
They
have
already
.philosophy, from anything that previously has been
of
,party and the country
Democrats,
far, in their acceptance of the New Deal
opposition
stalwart
the contest in 1940.
upon
wandered
divided
as a
division then would have important
;;which Democratic dissenters voiced at that time the
the
likelihood, if the opposition
into the elections of 1938
a
denied that the
some
clear
a
ground and gains some, that the Demo¬
influence
up.
upon
sition members into line.
a
Its origins trace back to the
summer
conspicuously
ers,
find
that their
to fear
reason
The Democratic disaffection in
long in developing.
can
any
pointed out,
Democracy will have little
sition the
presidency jeopardized
"cracks down"
own program or none,
and
who
principles
or
politics.
leaders, in either Congress
no
to the requirements
measure up
compelling national leadership, and
they have been only too willing to accept, and
to
reach
for,
financial
the
favors
and
even
subsidies
began with the revolt against President Roosevelt's
which
disbursed.
Those,
demand for
accordingly, who hope that, by marshaling
an oppo¬
authority to pack the Supreme Court.
In that demand
a
large number of Democratic
bers of the Senate and House of
not
only
an
attack
stitutional; system
mem¬
Representatives
saw
the foundations of the
upon
con¬
to
the
and
an
open
menace
integrity and independence of the Federal judiciary,
but also a long step toward the establishment of
an
Executive
dictatorship
which,
if
it
not
were
checked, would make of constitutional government
in
this
country
only
empty form;
an
and by
an
the
sition in
be
Administration
Congress, the
checked
methods
and
a
achieved,
objectionable bills
face
upon
hered to
is
difficult
all
can
governmental
problem
to the good
of
if
defeated, but unless sound
principles
and the
the
sound
definitively rejected and raids
the Constitution
Democratic
to
will be
It
are
of the New Deal
excesses
return
party reformation.
has
again asserted and ad
are
march
of
Executive
dictatorship
stopped, the public confidence to which the party
overwhelming majority the Senate, the only branch
Congress in which the question came to a vote,
appeals
threw the proposal out.
questions, that for the Republicans is frankly dis
of
.
The revolt has
grown
dur¬
If
can
the
ing the first two sessions of the present Congress
heartening.
with
have
the
demand
enactment of
ment
of
an
a
of
wages
the
for
the
and hours bill, the establish¬
ever-normal
Administration
granary and
a
comprehen¬
the
be neither
outlook
for
won nor
the
party raises
Not since the Roosevelt regime began
Republican members of Congress played
consistently the part of
honorable
held.
Democratic
exceptions
a
genuine opposition.
now
and
then.
With
Republican
Volume
146
criticisms
have
been
important
every
captious
New
Deal
Bepublican votes.
some
of
Financial
1936
was
vinced and
and
has received
The Republican platform
straddle,
a
incidental,
or
measure
unsatisfactory to
as
loyal Republicans
con-
it
was
to the inde-
pendent Democrats whose support
was
angled for.
The
attempts of Senator Vandenberg of Michigan
and of the late
which the
ing
as
Ogden L. Mills to outline
party might adopt brought
selected group of
a
members the task of
more
of
principles
that
framing
pro-
hundred
a
statement
a
have aroused very little
to
appears
public interest.
barriers
program
from Republican circles, and the
response
posal to devolve upon
or
a
no encourag-
In spite of the tariff and trade
impede international trade in most
parts of the world, the party still stands officially
for
high protection, and it is unquestionably handi-
capped by
widespread belief that former President
a
Governor
Hoover and
President and the
Landon, the
other
defeated
a
one
defeated
a
candidate,
strong influences in matters of party policy.
too,
with the Democrats,
as
reformation is called
live in
and
the
a
for, but
are
15
of the Democrats.
As
publicans only because, under the circumstances,
they had
a
other place to go.
no
and concessions. What is needed is
integrity of the courts,
of
future for
party that will
a
competi-
oppose government
tion and nagging interference with industry and
business, demand
drastic downward revision of
a
the Smoot-Hawley tariff,
ard and the free
a
return to the gold stand-
of gold, insist upon a reduction
use
of Federal expenditures and
pledge itself
to
restrain
organized labor.
a
balanced budget, and
by law
the
There is support
excesses
of
for all these
things, as for others in the
same category, among
both Republicans and Democrats who resent the
fundamental policies of the New Deal and foresee
the evils to
which
they lead.
The
should show whether such support
coming
can
year
be organized
Here,
under able leadership, and made effective in the
congressional elections and in the State elections
as
long
as
leaders who
that fall within the
year.
========
the
American
Labor
;
:
Political Europe at the Turn of the Year
It is doubtful if any formula
future
no
stand unequivocally for the Constitution and the
slight.
immediate
There is
conservative party, however, in such compromises
political past dominate party councils
be accounted
consequence, a good many
a
independent Democrats probably went with the Be-
thoroughgoing party
party machinery, the hope of reformation must
The
Chronicle
that
would
adequately
could be devised
describe
explain
or
the
party is bound up with the political activities of
course
organized labor, and the opinions of radical leaders
Few of the predictions that were ventured when the
about the way
year
formed.
The
in which
radical party should be
a
showing of the party in the recent
of European politics during the past year,
began
have
mayoralty election in New York City, while widely
hazardous.
heralded
been put
evidence of the
as
matched
been
of
matter
with
party's strength, has not
similar gains elsewhere.
by
If
follows the
it
lead
of
Lewis and the Committee for Industrial
John
alienate the American Federation
cannot have the official
unless the Federation
of
Organiza-
Labor, and it
support of the Federation
changes its policy of abstain-
ing from direct party connections.
It cannot win
support in States or regions where the Lewis
mittee is
political
South.
important
of the
radicals
party,
An
nevertheless
combination which it
a
been
policy
of
hinder
the
section
West favors
difficult to achieve but which
greatly
made
to
the
American Labor
too,
national
a
What the
country needs, obviously, is
foundation of such
the
don
a
To
party.
in
publican platform of that
conservative document.
minority
own
in
a
a
strong,
the
aware
votes
does not at all
that the party
year was
The
The Re-
only in part
a
party managers, well
could not win with Republican
alone, angled for anti-New Deal Democrats by
straddling
or
sidestepping
some
of the New Deal
policies, and openly played for the support of the
farmers
on
lines not strikingly different from those
in
the
eco-
tics, has continued to lag.
Tt has been
dinarily active and strenuous
extraor-
an
for diplomacy,
year
but repeated shuffling of the cards has not enabled
the players to
get
on
very
successfully with the
The best characterization, perhaps, would be
game.
that which described
the year as
of political
one
drift, but the direction of the current has often been
out
emerges,
chaotic
the rate of
as
the
of
progress
however,
past,
has been slow,
that the future
and the record that has been made in 1937,
much
as
of
it is,
holds
indications
some
whose development may well be watched,
The most striking fact, on the whole, is the decline
government that sent Stanley Baldwin to the House
many,
out well under examination.
failed
the
party appears to be found in
1936, but the foundation
come
has
tried, and that
of British influence and prestige.
17,000,000 voters who voted for Governor Lan-
points
action
the
by endorsing Democratic candidates,
well-organized conservative
political
see
likely to
party developing into
or
the defensive, that
more upon
of
election, but strong enough to influence
elections
some
help
and
nomic recovery, dominated as it has been by poli-
is
can
party too small to elect candidates of its
collective
baffling
and* influence
seem
we
that
It
The labor
and
situations in which it has been
as
very
by events,
turn, made prediction
political dictatorship has correspondingly advanced,
the
seems
accomplish.
growth
of
borne, out
It is clear that political democracy has
more
Farmer-
a
persistent efforts have
Administration,
On the whole,
party.
com-
spurned, and that means that it cannot
the
in
Labor
L.
in New York it has inclined to do, it will
as
win
a
fact, the pathway of the party is beset
troubles.
tion,
As
been
themselves have, in
events
The change of
of Lords and made Neville Chamberlain Prime Minister has not produced any clarification of British
foreign policy.
The rearmament
program
has been
vigorously pressed, but the results have been less
than
were
expected, and
a
good deal remains to be
done before Great Britain will be ready for war.
The North Sea and the Mediterranean
main
of the British
concern
those quarters cannot be weakened by
onstration in the Pacific.
appears
prove
still the
a
naval dem-
No important progress
to have been made toward
understanding with
are
and defense in
navy,
a
comprehensive
Germany, and efforts to im-
relations with Italy have not brought
aging fruit.
The
war
interest in the civil
encour-
in China has overshadowed
war
in Spain, but interest in
the Spanish struggle was already waning appreciably before the
war
in
China became acute.
The
Financial
16
Great Britain carefully
Brussels Conference found
avoiding
the appearance of leadership, and the
even
hope of Anglo-American cooperation was dimmed
when
States
United
the
Government
raeantime
direct
Britain, France and
still
are
chiefly in awaiting developments,
going
ical influence throughout the Near East where Brit-
a
with rearmament
on
may
the
as
one
happen.
ish influence has long been strong.
Its traditional friend-
Eastern Europe and the union, in
It
been
has
put to great trouble and
the
of
account
understanding with Germany,
an
Spanish
expense
compensating advantage whichever side
and its
some
formal
self-centered
pro-
fruit, threaten to be offset
by the marked Fascist trend in that region.
and
win,
may
approaches to Eastern Europe, while
ductive of
on
without prospect of
war
Logical
always in its political think-
as
There is much
the
of
peace
pressed
For the decline in international
the future.
large
promi-
however, the serious domestic situation is in
nence,
responsible.
measure
The socializing legisla-
tion which the Blum Government
expanded and the
Chautemps Government inherited has been producof
tive
serious
Fascist
strikes
agitation
and
been
has
budget balancing is only
Separate
as
constant
menace,
structure appears
precari-
French foreign policy has always
been from domestic
less
a
disturbances,
matter of bookkeeping,
a
and the entire financial
ous.
labor
matters, it has become less and
with France, and in such
loser.
scale
face
commitments
serious
some
without
It has
The
agency
repercussions.
of collective action has had wide
One
hears
no
more
of
collective
security, and hope of
a
general reduction
tion of armaments is
a
thing of the past.
Great
been
or
limita-
Even in
Britain, where lip service to the League has
more
pronounced than in any other country
except France, the subject has been dropped.
withdrawal of
lowed
The
Italy from the League has been fol-
by suggestive demands for similar action in
The Netherlands and
Belgium, and the Swiss Gov-
ernment has notified the
longer
assume
Covenant
League that it cannot
any
the obligations of force for which the
provides.
With
Japan,
Germany
and
Italy out of the League and bound together in
agreement
Soviet
to
combat
Russia
naturally
open
in
Bolshevism, the motives
its
pro-League
activities
or
Italian
of
Italy will
greatly either Italian
foreign policy.
For all prac-
Italy has been out of the League ever
League decided to experiment with sane-
tions in the
nize the
of the
excuse
At the
center of the
doubt
deep
are
war,
and the refusal to recog-
Ethiopian conquest and the transformation
Kingdom of Italy into
needed
tion.
Ethiopian
ending
a
an
Empire affords all
merely formal
connec-
moment, Italy and Germany hold the
European stage.
that the
as
for
There
are
many
who
understanding between them is
as
surface incidents might suggest, but both
Fascist
although under different forms, and
resources
German
Great Britain
or
make
may
regions
where help
is to
many
seem
largely unde-
for their develop-
expansion
a war
would
also
in which neither
France would find it easy to take
every-
Economically, also, Ger-
advance.
an
a
Any
part, and the large German minorities would
large extent self-contained, and the
a
regions which it is believed to covet
rich in
are
natural resources and highly developed industrially,
An Italian war could be localized, but
which
a war
Germany provoked would disrupt all Europe,
It is not too much to say, accordingly, that the
of Europe depends more
of
upon
but
peace,
of
its
misgivings.
grave
Nazi
the policy of
upon
that of any other Power.
For
possible
Odious
administration
developments
as many
awaken
of the features
unquestionably
Ger-
are,
under Chancellor Hitler's rule, has emanci-
many,
pated itself from all the restrictive provisions of
the Treaty of Versailles, and only the recovery of
its lost colonies remains to complete its reestablishment
as a
It has also freed itself from
great Power.
all connection with the League, and formed
ance
an
alli-
with Italy and Japan in addition to the under-
standing which has been cemented with Italy.
rearmament
program
is
approaching
Its
completion,
and when it is finished Germany will be ready to
The only direction in which
march.
advance it toward the East, and
it
means
the future of
to
a
* large part of Eastern Europe is in its hands.
The Scandinavian countries stand
are
tical purposes,
since the
to
but it would be
mean war,
peace
Yet it is doubtful if the withdrawal of
influence
an
to question.
be found to have affected
very
large-
a
the time being German policy is conspicuously that
catastrophic decline of the League of Na-
as an
if
means
its air force is
that it
moreover,
small.
are
Germany than
would
for
resources
navy nor
confined
veloped, and financial
ment
peace
that
absorb its attention and energy.
tions
be
to
danger of having to
home
fateful for
program,
Italy would be the
a war
sufficient
no
and neither its
war,
at
outbreak
more
Italian
match for those of Great Britain and France.
possible for the government to make interna-
tional
The
inevitably a war with Great Britain and possibly
destined
to be still in
if not in
far beyond its present limits,
very
territorial gains,
appears
on
for thinking that, of the
reason
Europe.
and
adjustment with Italy
essence
two programs, that of Germany is
ing, France remains deeply suspicious of Germany,
an
Germany,
form, of all the dispersed German minorities,
ship for Great Britain has been strained by British
reach
Italy aspires
directed at quite different aims.
the other hand, aims at domination in Central and
France, also, has drifted, and in drifting has lost
prominence and influence.
to
number of smaller countries
a
Their foreign policies, moreover,
exemplify.
to dominate the Mediterranean, and extend its polit-
preparation for whatever
efforts
fundamentally antagonistic to the demo-
are
cratic and representative government that Great
the Chamberlain
as
be said to have
can
to consist
seems
disposition to
no
both
Jan. 1, 1938
foreign policy, it
As far
responsibility.
assume
showed
Chronicle
an
as
comparative prosperity in
and
a
oasis of
continent
torn by fears and alarms, but they, too, are arming,
In
other country preparations
every
steadily
would be
over
along into
as
The Spanish
on.
a
in
a
war,
which
for
many
war
go
thought
few months, drags its slow length
second year with no clear indication
yet of when or how it may end.
remain the tinder-box that
The Balkans
they have always been,
How serious the disaffection in Soviet Russio is
can
only be conjectured under the restrictions of
rig-
orous
censorship, but the drastic
purge
circles which for months has been going
to
a
on
points
widespread and deep-seated oposition to the
Stalin Government that
into
a
in official
open
revolution.
may
at any moment break
.
Volume
There
i
in it would have been when it was new if it had
is, unfortunately, only slight ground for
been constructed at present estimated prices.
expecting that the present struggle between deinocin 1938 than it has been in 1937.
ous
Pres-
ent reproduction-cost value is the value determined
above, less accrued actual depreciation, which shows
and dictatorship in Europe will be less strenu-
racy
17
Chronicle
Financial
146
For purposes
unequally matched,
what the total remaining investment would still be
Dictatorship, forced upon the peoples subject to it
if it had been built, when new, qt present estimated
the
conflict
of
by
sides
are
Present fair value was first set down by the
their
particularly propa-
do little more than hold its ground and
in a long line of consistent opinions but it remains
tradition
and
gandist,
Supreme Court in 1898 in the case of Smyth v.
Ames, and that doctrine has not only been upheld
grounded in experi-
while democracy,
aggressive,
can
and
never
guard against "boring from within."
in
prices.
leaders who have usurped power and
ability to retain it, is arrogant and
strong
shown
once
two
for both systems,
Europe
World
the
before
War
absolute
and
ment
for
as
There is room
there Was room
representative
monarchy.
govern-
conflict,
The
is
general pressure for
intensified,
however, by the
armament.
No blame, certainly, can attach to any
which, believing that its independence or its
nation
the law of the land today in the determination of
the value of public utility property. The case arose
in suits by stockholders against railroad com¬
panies and the Board of Transportation of Nebraska
to enjoin the enforcement of maximum freight rate
Acts of the State of Nebraska.
The Court over-
ruled the argument of counsel for the State that the
itself fdr defense,
State could require the carriers to conduct their
armament, much of it
local freight business at a loss if they earned on
present far beyond any obvious needs of defense,
their interstate business enough to give them just
compensation on all their business, both interstate
and local.
The opinion, delivered by Mr. Justice Harlan,
vital interests are
menaced,
arms
but the cumulative effect of
at
is to
bring nearer the war which most nations dread,
One
may
lightly
not
ful intent must be
sive
assert
that
European
any
today wants war, but protestations of peace-
Power
heavily discounted when
aggres-
propaganda and demand for a place in the sun
supplemented,
are
armament
they are now, by progressive
grand scale.
a
on
as
We
t0 the
^
however>
be the fair value
Principles of Utility Valuation
value,
legislative sanction must
of the property being used by it for the
convenience of the
1
Bv Ernest R
that the basis of all calculations as
reasonableness of rates to be charged by a corpora-
tion maintaining a highway under
,
public.
And in order to ascertain that
the original cost of construction, the amount ex-
pended in permanent improvements, the amount and market
Abrams
value
..
Much confusion
contained this rule:
of
its
bonds
and
stocks,
the
present
as
compared
apparently exists in the minds of
with the original cost of construction, the probable earn-
investing public today as to the official doctrine
inS capacity of the property under particular rates pre-
of the United States Supreme Court in matters con'
,.
„
, ,.
x-tx£
x
eermng the valuation of public utilities for rate-
scribed by statute, and the sum required to meet operating
the
,,
This is not surprising.
making purposes.
the
public
freely used
the term "reproduction
up
xx
,,
Not only
but even financial publications have
press
'
i
•
value" rather
p
xi.
than the correct term "fair value" m the course of
news
items and editorial comments which, with the
recent press
discussion of the prudent investment
and historical cost
certainty
tion
as
concepts, has created much un-
to the exact boundaries of each valua-
at
decisions,
following
Court held in both the Cedar Rapids Water case
decision and established the present rule that depreciation must be allowed as a real production
a
be simply defined
as
to its rate-
cost, and must be deducted to obtain present fair
Prudent investment is the actual sum
undertaking when all expenditures
alike.
value; in Willcox v.-Consolidated Gas, decided the
same day as the Knoxville case, the Court held a
in the enterprise and
with the purposes
of the enterprise
utility was entitled to the benefit of the increase in
competent
the value of its property by appreciation, and to
be the actual cost
establish a value for its franchise; in the Omaha
present owner, or the cost of the facilities
Water case, in 1910, the Court permitted an allow-
made
the
important
utility which is reasonable and fair
in
a
careful, prudent and
And historical cost may
manner.
to
of
Ames, have both clarified and amended
the rule laid down therein. Although the Supreme
v.
cost, it reversed itself in 1909 in the Knoxville Water
present prices.
connection
were
number
Fair value is that estimate
may
invested in the
in
A
Smyth
that depreciation was not an allowable operating
the investors
payers
value of that which is employed for the public convenience,
the
of the value of
to
What
the company is entitled to ask is a fair return upon the
regarded in estimating the value of the property.
replace the exact facilities devoted to public
Reproduction value
use
given SUCh weight as may be just and right in
in 1902, and in the San Diego Land case in 1903,
principle.
cost to
all matters for consideration, and are to be
each case.
\ye q0 not say that there may not be other matters to be
expenses, are
to the person
who first devoted them to public serv-
ance
for going value; in the Minnesota Rate case,
reproduction-cost value other
in 1913, it established the present rule that lands
must be valued at current market values and that
expand the previous definition, since it is
depreciation must be deducted from value new in
not, and cannot conceivably become, the doctrine
ready
determining fair value; in the Indianapolis Water
case, in 1926, the Court held "it is well established
that values of utility properties fluctuate, and that
owners must bear the decline and are entitled to
the increase," which permitted of the capitalization
of increases in property values; and in the United
Railways of Baltimore case, in 1930, the Court made
the important ruling that the legal depreciation
service, which shows what the total investment
base for each property unit is its present fair value
ice.
Usually, the former meaning is intended.
Little need be said of
than to
of the
Supreme Court.
Its importance lies in its
designation by that Court as one of the factors to
be
given consideration in the determination of fair
yalue.
Reproduction value is the value of a utility
estimated
The
the
for
entirely
on
the basis of reproduction cost,
reproduction-cost new of a utility is equal to
now
estimated
reproduction-cost
new,
Financial
18
differentiated from the "value new" rule in
new, as
the Minnesota Rate
and not the customary
cases,
original cost, new.
Accordingly,
Chronicle
continuing clamor for
fair
present
announced in 1898 in
Smyth
rule,
first
Ames, and amended
v.
by subsequent decisions, would
official doctrine of the
value
Ames
appear
to be the
Supreme Court, and would
require that each of the following factors,
among
pushed
The actual original cost of the property, corrected for
The reproduction cost
for depreciation
corrected
and
of the property, based
ments ;
and
on present
intangible
ele¬
'
3. The
value
earnings
of
the
which
property,
is
the
present worth of its probable future annual net earnings,
as
estimated, mainly,
on
"rea¬
sonable worth" of its services, or the fairness of its charges,
to
its customars;
and
5. The market value of the property, in comparison with
the actual
prevailing sales value of similar properties,
or as
represented by the present judgment of the investing public
as
to the present worth of the future net
cated
by the
market
earnings,
law"
foreground
formula—but
that
is, not
the
were
as
indi¬
prices they have established for its
values
and
widely.
period
1909-1915
nearly constant,
so
the
period
construction-cost
that original-cost
1916-1930,
value.
certain
by
well
as
nobody
pronounce¬
the "common
as
know
to
seems
what
its advocate.
even
made
are
of earning profits on the sums in¬
vested, either immediately
service expands.
as
the demand for
reason
it is not surpris¬
or
For that
not immune to loss from
it is not investment
much
but value which both the Con¬
should
support
dominant
and
the
factor
rates
Massachusetts
rate
of
in
to
however,
are
changes in values, and that
stitution and the courts protect
be
from confiscation,
gained
for
determining
determination in
fair
the
both
As
consumers,
deserted
valuation
a
prudent investment the
value
favor of its
bases
rate
early
1914
as
formula
of
conception
own
prudent investment which, stated tersely, is "the
honestly and prudently invested and devoted
money
service
the
to
of
be
must
Wisconsin
the
public"
permitted.
have
toyed
fair
a
California and
with this
device,
and
the
modified form.
a
In the so-called Southwestern Bell
decided
which
upon
Both
District of Columbia has used it in
reproduction-cost values did not differ
During
of
Ordinarily, public utility investments
return
During
criterion
final
Washington,
bonds and stocks.
levels
the
formula which would make
the basis of past performance;
The value of the property, as determined by the
4.
judgment which the Smyth
ing that, despite the fact that such investments
give the actual present investment in the property;
prices
the
to
from
ments
for the purpose
additions, for depreciation, and for intangible elements, to
2.
makes
ms
Recently the prudent investment formula has been
others, must be given "such weight as it just and
right in each case":
1.
rule
l,
valuation formula to
some
substitute for the sound
v.
the
Jan.
Telephone
case,
May 21, 1923, Mr. Justice Brandeis said,
on
owing to the market rise in construction-cost price
in
levels
Holmes concurred:
during the World War and the tardiness of
their decline after hostilities
cost values
nal-cost
cost
were
values.
was
one
ceased, reproduction-
generally much higher than origi¬
And,
of
the
though
even
factors
weight under the Smyth
reproduction
required to be given
Ames rule of fair value,
utility regulatory authorities attempted to shun its
use
in this latter
tions.
But the
period in utility property valua¬
Supreme Court repeatedly overruled
those valuations in
been
v.
which
little
or
no
weight had
certain
mine rates thereon
as
near
bases, and to deter¬
the "confiscation" level
possible without danger of court
as
most
disapproval,
participants in utility regulation have recog¬
nized the
necessity of providing the well-managed
utility with an income sufficient to keep the prop¬
the
in
concur
the utility
judgment of reversal.
from earning a fair return
dently invested in it.
Ames
v.
is
use
is,
in
The
sound.
not
.
.
But
devoted
specific
legally
by
the
enterprise.
of
a
nomically attracted.
that
condition
are,
eco¬
The rates required to insure
naturally, well above the
fiscation level.
con¬
•
.
The convic¬
to the actual
meticulous study
for rate
regulation has been the long-drawn-out liti¬
gation that customarily
occurs
in valuation
cases.
Frequently the technical experts,
representing
opposing sides in rate controversies, have filed valu¬
ations
differing by
so
large
a sum as to
destroy the
confidence of the
'the
reviewing boards, the courts, and
general public in their practical value and in
the fair value method of rate determination*
quently,
although
Justice Harlan
company
in
the
cryptic
Smyth
v.
of
Mr.
Ames that "what the
is entitled to ask is
value of that which it
statement
Conse¬
a
fair return
on
employs for the public
venience" is still the law of the
the
con¬
land, and has been
consistently affirmed since 1898, there has been
a
the
new
congerie of old machinery and equipment, called the plant,
and
The
fanciful
more
estimates concerning
intangible elements of
the
and
of
rate
of capital
amount
return
would
charge
as
offer
The
treacherous,
basis
a
rate
mined
as
not
base
not
of
ments
with
be
be
distorted
time,
subject
made in
after
only
which
is
ascertained
or
by
the
fickle
increases
for
a
stable.
deter¬
not
or
and
varying
courts.
utility,
to
It would
populations.
would,
be fixed, for all
additions
represent
depreciation
It
It
judg¬
included
in
to-
the
operating charges.
That
the
prudent
investment
formula
for rate
new
life by
pronouncements, is not the perfect and fool-proof
device
the learned
and that there
to be
value
are
Justice
would
substantially
have
as many
us
believe,
loose ends
gathered together in the original determina¬
tion of such
the
measures
and
fact,
determination, into which he breathed
his
two
shift¬
proceedings
Such
or money,
shifting
or
commissions,
to
the
now
It would not fluctuate with
respect to any
allowance
as
these
to
are
certain
materials,
times
hard
render
which
opinion.
appraisers,
once
annual
would
price of labor,
when
plant,
decision
matter of
a
change
would
for
and
...
the rate
as
the measure of
give definiteness
factors involved in rate controversies which
and
the value
established business.
an
adoption of the amount prudently invested
base
the
still
the
of the
the market
Perhaps the major criticism of the fair value basis
so
the utility
conflicting estimates of the cost of reproducing
ing
capital could be
but
as
.
.
sound conclusion
utility is not to be reached by
a
un¬
intangible,
or
the opportunity to earn a fair return.
a
on
public
Upon the capital
peculiarly burdensome and largely futule.
additional
the
invested the Federal Constitution guarantees to
widespread that
so
prevents
economically
investor to
tangible
property,
in
and
the
such
level/ that
do
the amount pru¬
on
erty in good repair, and to maintain its credit at
a
I
The so-called rule of Smyth
.
opinion,
my
thing
embarked
capital
value of
regulatory bodies have attempted
under this rule to establish rate
I
separate opinion in which Mr. Justice
a
the ground that the order of the State Commission
tion is
given to reproduction cost.
While
part, in
a
rate base
as
there
are
under the fair
method, will be apparent to all who consider
questions it
proposes.
*
Who
shall
determine
Volume
146
Financial
what
expenditures
shall
they be judged?
prudent, and by what criteria
person
At what point does
are
and
investment become imprudent or
vestment become
est
does it
or
prudent ?
prudent
a
imprudent in¬
an
Does prudent
the exercise
mean
Chronicle
mean
of sound
hon¬
business
who first devoted property to public service,
the
effect
issue of the
easier to check judgment as to
utilities
investment
than
check
this
judgment
investment
securities
face
the
sold
at
market
or
ments and additions created
tributed
in
as
earnings?
of
past,
the
improve¬
of
of
by plowing back undis¬
shall it be brought into the
or
prudent
advocates, in the
investment
conception,
Dr.
Bonbriglit—of Columbia University and
New
the
What
One of the foremost
C.
James
What
Shall depreciation be ignored,
Massachusetts,
base?
rate
Is prudent
values?
discount?
a
value?
to
as
premium?
York
Power
Authority—has recently
ex¬
pressed the belief that the adoption of this valuation
formula
could
be
under
ment
based
and
that
the
courts
now
"to effect prudent invest¬
powers
decisions which
court
property in
on
pur¬
before property values
years
determined,
sufficient
possess
be
by the electric utilities for rate-making
would require
poses
public
service."
The
be
prudent investment formula would appear to
controversial issues
as many
fair value method of valuation.
its
behavior
in
of but
rence
actual
an
the
instance of
practice, consider
few years ago
a
As
as
an
occur¬
in Massachusetts.
A
potential adversities to public
taxing authorities, inherent in
impractical prudent investment device, might
1816
In
of the
one
predecessor gas com¬
panies of Consolidated
Edison
bought
on
parcel of land
a
Manhattan
facility,
for
#25.
some
which
on
erected, to the
a
lars in
holder
York
has
since
a
quarter of
imposing structure.
million dol¬
a
that piece of ground
on
Does it appear
reason¬
able that either the
city
would consent to
reduction of the taxable
of that
been
Yet, during 1937, Consolidated Edi¬
city and State taxes
and the
of New
That is the cost of this
gas
paid approximately
son
Co.
the lower East Side of
who first devoted this land to
person
public service.
a
or
the State of New York
value
parcel of land to its original cost of $25—to
the cost to the person
who first devoted it to public
service?
Such, then,
received
public
fraught with
their
and
be cited.
that rates
hold
used for
and
use
"Chronicle," the reader is referred to
One instance of the
Is it any
a
utility securities has
that discussion for further information.
vestment?
to
holders of
on
already been pursued at length in the April 3, 1937,
judgment in the expenditures constituting the in¬
What of securities sold at
19
the
consideration by
the sophisticated
methods for determining the values
as proper
of the
the principal formulae which have
are
some
property on which public utilities must, under
Constitution, be guaranteed
earn
fair
a
opportunity to
an
return—reproduction-cost
less de¬
new,
present fair value; prudent investment;
preciation
;
historical
cost, and "aboriginal" cost.
Fair value,
committee, appointed by the Governor to investi¬
first
gate the rate structures of the utilities in the Com¬
Ames,
monwealth,
opinions, still appears to be the official doctrine of
criticized
the
construction
of
a
new
announced nearly
upheld
and
40
in
a
line
long
in Smyth
ago
years
v.
of consistent
high-pressure steam electric generating plant by the
the
Boston Edison
Both
prudent investment and "common law77 value
have
recently been advanced by the President, the
Co.—a notable advance in efficient
generation, built
mands
of its
being
a
cost
in which
with the
may
mean
it
case
It
Federal
The
cost.
brief filed
with
Electric
investment7
is
useful
the
in
This
or
for the
as
i
decline
fected
in
week
of
the
second-grade
year
bond
has
the highest grades.
except
did
not
decline
to
witnessed
prices.
All
a
substantial
groups
were
meant
the
reasonable
amount
the
public service.
the November 24 low
statement
is
but
U.
governments have again remained stationary.
proper¬
incorrect:
S.
and
Prudent invest¬
with historical cost of
latter
these
only when the original invest¬
prudently made.
However, if prudent
cost
are
af-'
Rails were particularly
point.
"By 'prudent
synonymous, no
required.
The previous
prudent investment will adequately
cover
y
High-grade railroad bonds have suffered only fractional
Atchison
losses.
since
week
a
gen.
ago;
4s, 1995, at 109 on Thursday, lost %
Union Pacific 4s, 2008, were off % at
107%; Pennsylvania 5s, 1968, declined 1% to 111%. Medium
grade and speculative railroad bonds underwent precipitate
declines early in
the closing
were
off
the week without showing much strength
prices of Thursday.
Erie 5s, 1975, at 42%
3% from last Thursday; Kansas City Southern 5s,
1950, declined 4 points to 61; IUinois Central 4s, 1955, were
off
5% points at 47.
declining
stock
Defaulted railroad bonds, in tenor with
prices,
showed losses.
Utility bonds have ended the year with a downward move¬
subject.
ment.
If, however, historical cost is intended to
the cost to the person
public
"unrecon¬
majority of the
prudent investment device.
last
The
"aborigi¬
Commission, in its
said, in part:
further discussion is herein
to
those
The Course of the Bond Market
in
were
ties—its
a
Supreme Court have given no indication they are
of each unit
utility circles
Power
investment and historical
the
yet,
weak
identical
are
review of
as
prepared to abandon the time-tried fair value rule
Supreme Court in the Pacific
case,
ment is synonymous
ments
but,
rebels" who constitute
may
honestly invested in public utility properties used
values
determination
base
who first devoted it to public
person
service—what is known in
ties."
Commission, and other New Deal
the more equitable formulae for rate
as
its present
not correspond
may or may
the cost of the property,
thereof, to the
and
"experts77
structed
things:
two
Power
Federal
prudent investment in the property; or it
may mean
&
"prudent
low load factor.
the actual cost of the property to
owner,
de¬
properly included in the rate base
a very
Historical
mean
Gas
anticipated
then, at the depth of the depression, that
utility had
nal"
for the
care
customers—as not
investment" to be
because
to
Supreme Court and, as such, the law of the land.
who first devoted the property
"aboriginal" cost of facili¬
service—the
adoption
as
a
effect of casting a
doubt
utility bonds
on
now
grade investments.
mean
rate base
on
would have the
the integrity of many
legal lists
or
rated
as
high-
Since this subject of cost to the
High grades have been soft while lower grades, by
and large, have
lost considerable ground.
Among the latter,
Monongahela West Penn Public Service 6s, 1965, closed on
Thursday
Power
&
at
89%, down 2%
Light
from last Thursday;
Illinois
6s, 1953, during the same period declined
1% to 96%; New England Power Association 5s, 1948, were
off
3% at 79%.
issues
Some
recovery was
which had previously
evidenced, however, by
been quite weak.
American &
Foreign Power 5s, 2030, down 4 at 54, nevertheless recov-
Financial
20
from
ered
Transit
low of 51%
a
4%s,
1906,
medium
in
Weakness
bond
grades
lower
and
movements this
week,
1%
MOODY'S BOND
All
U. 8.
an
Loew's, Inc. 3%s,
mans
have been spotty
recent
6s,
declined up to 1% points.
gains and
MOODY'S
120 Domestic
Corporate by Groups *
BOND
115.14
29- 109.71
94.97
114.93
Baa
U.
Indus.
Averages
71.79
82.66
99.14
106.36
Dec. 30-
107.88
94.81
71.40
82 13
98.97
100.17
29
94.97
72.11
82.79
98.97
100.17
28-
95.29
72.98
83.46
99.60
106.54
27—
y
95.29
114.93
27- 109.81
95.78
115.14
108.08
(REVISED)
A.
R.
P.
120 Domestic
by Ratings
Corporate by Groups *
Aaa
Corp.
—
A
Aa
Baa
R.
R.
P.
U.
Indus.
5.14
4.05
3.65
6.08
5.18
4.06
3.66
6.02
5.13
4.06
3.66
5.94
5.08
4.02
elgns
3.64
4.28
3.21
3.57
4.29
6.05
4.30
3.22
3.57
4.31
4 28
3.22
3.57
4.30
3.21
3.50
4.28
■
Stock
95.78
24- 109.69
115.14
25—
Exchan ge Clos ed
108.08
73.42
95.40
83.73
99.83
106.54
24—
Stock
3.21
4.25
'
mmm
.
4.27
5.90
5.06
5.66
96.23
115.14
108.08
95.46
73.53
83.73
100.00
4.23
3.21
5.89
5 06
4.00
3.64
96 23
114 93
108.08
95.46
73.76
83.87
100.00
106.54
22—
4.23
3.22
3.50
4.27
5.87
6.05
4.00
3.64
114.72
107.88
95.29
73.87
84.01
99.83
100.30
21
4 24
3.23
3.57
4.28
5.86
5 04
4 01
3.65
20- 109.68
95.95
114.51
107.88
95.13
73.87
83.87
99.66
106.36
20—
4.24
3.24
3.57
4.29
5.80
5.05
4.02
3.65
5.09
4.02
3.66
—
—
4.27
3.56
18— 109.69
95.78
114.72
107.69
94.97
73.42
83.33
99.66
100.17
18—
4.25
3.23
3.58
4 30
5.90
17- 109.65
95.46
114.72
107.09
94.81
72.87
82.93
99.66
100.17
.i7—
4.27
3.23
3.58
4.31
5.95
5.12
4.02
3.66
107.09
94.97
73.20
83 06
99.60
106.17
16—
4.26
3.24
3.58
4.30
5.92
5.11
4.02
mmm
mmm
mmm
'''
3.66
,
'
5.68
95.95
23
_
3.64
21- 109.74
100.54
F
4.01
22- 109.83
23- 109.65
-
«-
.
Exchan ge Clos ed
3.56
m
•
,
25-
✓
30
For-
4.25
28- 109.76
107.88
AVERAGES
tic
A
107.88
YIELD
120 Domestic Corporate *
120
Domes¬
95.13
Aa
Aaa
95.29
.
AU
1937
Daily
Corp.*
Averages
prices and bond yield averages
(Based on Individual Closing Prices)
by Ratings
Dec. 30- 109.67
Ger¬
given in the following tables:
are
tic
Bonds
Daily
Japanese bonds
while Polish issues lost all of their
Moody's computed bond
PRICES (REVISED)
120 Domestic Corporate *
120
Domes¬
Govt.
of
exception
early rally yielded under renewed pressure.
after
(Bated on Average Yields)
1037
the
been off 2 at 05.
Declines in the oil group have been
also been the case with copper bonds;
this has
and
with
bonds
foreign
in
trend
levels
1941, 10 points to 75.
small
general
support at somewhat better prices.
and Radio-Keith-Orpheum
96%
to
The
found
bonds have declined sharply,
receding
1946,
off 1% at 91%.
has been toward
Italian issues which
Remington Rand 4%s, 1956, being
ary,
lower
Thursday, and Otis Steel 4%s, 1962, have
Amusement
Miscellaneous bonds have been reaction¬
103%.
week ended
4s, 1947, have fallen 3% to 70 for the
conv.
featured
has
S. Rubber 5s, 1947,
rubber issues has forced U.
on
down % to
higher-grade issues
1952, rose 1% to 102%.
fact, Phelps Dodge conv. 3%s,
Pressure
In the steel group, Interlake
remaining largely unchanged.
Iron
at
1950, closed at 70%, for a gain of %.
Union Gas 5s,
industrial
2%
up
in
Brooklyn-Manhattan
50%, and Brooklyn
Tuesday.
on
were
Jan. 1, 1938
Chronicle
'i"
-
m''
*
5.60
mmm
95.62
114.51
16- 109.41
95.46
114.51
107.49
94.81
73.20
83.00
99.66
106 17
15—
4.27
3.24
3.59
4.31
5 92
6.11
4.02
14- 109.35
95.62
114.51
107.69
94.97
73.31
83.19
99.60
106.17
14—
4.26
3.24
3.58
4.30
5.91
5.10
4.02
3.66
mmm'
4.26
3.24
5.90
5.09
4.01
3.66
mmm
3 66
16- 109.48
3.66
mmm-
13- 109.33
95.62
11451
107.69
94.97
73.42
83.33
99.83
100.17
3.58
4.30
11- 109.38
95.62
114.51
107.49
95.13
73.42
83.19
99.00
106.17
11
4.26
3.24
3.59
4.29
5.90
5.10
4.02
10- 109.38
95.62
114.51
107.49
94.97
73.20
83.00
99.00
100.17
10—
4.26
3.24
3.59
4.30
5.92
5.11
4.02
3.60
9„ 109.40
95.62
114.51
107.49
94.97
73.42
83.33
99.48
105.98
9„
4.20
3.24
3.59
4.30
5.90
5.09
4.03
3.87
m
8- 109.26
95.62
114.61
107.49
94.81
73.42
83.33
99.48
105.98
8—
4 20
3.24
3.59
4 31
5.90
6.09
4.03
3.67
mmm
7- 109.26
95.13
114.30
107 11
94.49
72.76
82.00
99.31
105.79
7—
4.29
3.25
3.61
4.33
5.90
5.14
4.04
3.68
mmm
0- 109.29
.
J
13-
6—
—
'
95 13
114.30
107.11
94.05
72.70
82.93
99.14
105.60
4.29
3.25
3.61
4.32
5.90
5.12
4.05
3.09
4.. 109.31
95.13
114.30
106.92
94.49
72.76
82 40
99.31
105.79
4—
4.29
3.25
3.62
4.33
5.90
5.16
4.04
3.68
3- 109.28
94.81
114.30
106.73
94.33
72.32
82.00
99.30
105.79
3
—
4.31
3.25
3.63
4.34
6.00
5.19
4.04
3.08
2- 109.31
94.33
114.09
100.73
94.01
71.04
80.90
98.97
105.41
1
—
4.34
3.26
3.63
4.30
6.12
6.27
4.06
3.70
1- 109.27
/
94.33
114.09
106.73
94.01
71.04
80.90
98.97
105.41
m
mtm
09.37
79.70
98.62
104.30
Weekly—
Nov.26— 109.14
mmm
5.00
.
mem.'
mmm
mmm
5.65
mmm
4 34
3.20
3.63
4.36
6.12
5.27
4.06
3.70
Weekly—
Nov.20
4.40
3.27
3.60
4 40
6.28
5.37
4.08
3.76
5.78.
mmm
106.17
93.37
19- 109.30
94.65
114.09
100.92
94.33
71.89
81.22
98.97
106.30
19..
4.32
3.26
3.62
4.34
6.04
5.25
4.00
3.65
5.72
12- 108.59
95.62
114.09
107.30
95.13
73.53
83.00
99.14
100.92
12—
4.26
3.26
3.60
4.29
5.89
5.11
4.05
3.62
5.69
5.10
4.05
3.60
5.61
113.89
93.37
108.77
95.78
114.30
107.49
95.40
73.53
83.19
90.14
107.30
5-
4.25
3.25
3.59
4.27
5.89
Oct. 29- 108.60
96 11
114.00
100.73
95.78
74.89
84.01
99.14
107.11
Oct. 29-
4.23
3.26
3.03
4.25
5.77
5.04
4.05
3.01
75.58
85.93
98.28
100.54
22-
4.21
3.29
3.60
4.24
5.71
4.90
4.10
3.04
5 77
5.75
5-
5.06
22- 108.34
96.44
113.48
107.30
95.95
15- 108.44
96.28
113.48
107.11
95.02
75.24
85.93
98.11
107.17
15—
4.22
3.29
3.01
4.26
5.74
4.90
4.11
3.60
108.39
97 78
113.48
108.08
97.11
78.33
88.30
99.14
107.30
8-
4 13
3 29
3.50
4.17
6.48
4.73
4.05
3.60
5.69
8-
4.09
3.29
3.53
4.12
5.40
4 07
4.01
3.58
5.42
4.09
3.30
3.54
4.11
5.41
4.69
4.00
3.58
5.39
—
108.85
17-
4.02
3.29
3.50
4.06
5.23
4.58
3.97
3.52
5.33
108.46
10-
4.02
3.30
3.50
4.05
5.21
4.56
3.95
3.54
5.86
109.24
3-
3.91
3.28
3.48
4.02
5.07
4.48
3.91
3.50
5.28
3.91
3.60
5 28
1.. 108.36
98.45
113.48
108.00
97.95
79.32
89.26
99.83
107.09
1
Sept .24— 108.47
17- 108.36
98.45
113.27
108.40
98.11
79.20
88.95
100.00
107.09
Sept.24
99.00
113.48
109.24
98.97
81.48
90.69
100.63
10- 107.78
99.66
113.27
109.24
99.14
81.74
90.90
100.38
3- 108.04
100.70
113.68
109.64
99.66
83.60
92.12
101.58
—
108.28
100.70
113.89
109.44
99.06
84.01
92.69
101.58
109.24
Aug.27-
3.90
3.27
3.49
4.02
6.04
4.45
20- 108.86
101.06
114.09
109.84
100.00
84.41
92.75
101.94
109.64
20-
3.94
3.20
3.47
4.00
6.01
4.44
3.89
3.48
6.33
94.01
102.30
110.24
13—
3.90
3.22
3.43
3.95
4 98
4.36
3.87
3 45
5 08
3 95
6 00
4 37
3 88
3 45
5.09
3.90
5.02
4.37
3.89
3.47
5.13
Ailg. 27
—
18- 109.12
114.93
110.63
100.88
6— 109.49
101.76
114.72
111.03
100.88
84.55
93.85
102.12
110.24
6-
3.90
3 23
3 41
30- 109.52
23- 109.22
101.68
114.72
110.63
100.70
84.28
93.85
101.94
109.84
3.91
3.23
3.43
101.76
114.09
110.63
100.88
85.10
94.97
101.76
109.24
July 3023-
3.90
3.20
3.43
3.95
4.96
4.30
3.90
3.50
6.13
16- 108 90
101.58
113.89
110.24
100.53
85.24
94.97
101.68
108.85
16-
3.91
3.27
3.45
3.97
4.95
4 30
3.91
3.52
5.20
108.59
101.58
113 89
110 24
100 53
85.24
95.13
101.06
109.24
9—
3.91
3 27
3.45
3.97
4.95
4.29
3.94
3.50
5.15
2- 108.39
July
101.70
84.83
100.38
113.08
109.84
100.00
83.87
94.33
100.18
108.06
2—
3.95
3.28
3.47
4.00
5.05
4.34
3.99
3.53
5.17
100.70
113.48
109.64
99.83
83.87
94.33
99.83
108.66
June 25..
3.96
3.29
3.48
4.01
5.05
4.34
4.01
3.53
5.12
4.29
3 90
3.50
9June 25—
108.36
,
5.13
18- 108.44
101.41
113.89
110 24
100.35
85.10
95.13
100.70
109.24
18—
3.92
3.27
3.45
3.98
4.90
11-
101.76
113.89
110 43
100.70
85.05
95.95
100.88
109.24
11-
3 90
3.27
3.44
3.96
4.92
4.24
3.95
3.50
5.11
109 05
4..
3.45
3.98
4.92
4.27
3.90
3 51
5.19
4.26
3.97
3.52
108.53
108.59
101 58
113 48
110 24
100.35
85.65
95.46
100.70
3.91
3.29
May 28- 108.73
101.41
113 27
110.04
100.35
85.65
95.02
100.63
108.85
May 28-
3.92
3.30
3.46
3.98
4.92
4-
■a mmm
21-
108.22
101.68
113.07
109.84
100.35
80.07
95.40
100.88
108.66
21-
3.91
3.31
3.47
3.98
4.89
4.27
3.95
3.53
5.27
14-
107 97
101.23
112.25
109.44
99.83
80.21
95.13
100.88
108.27
14-
3.93
3.35
3.49
4.01
4.88
4.29
3.95
3.55
5.38
7-
108 03
101.68
112 45
109.05
100.18
87.21
95.78
101.23
108.08
7-
3.91
3.34
3.51
3.99
4.81
4.25
3.93
3 56
5 37
4.86
4.30
3.96
3.62
5 41
Apr, 30- 107 69
100.70
111 43
108.27
99.48
80.50
94.97
100 70
106 92
Apr. 30—
3 96
3.39
3.55
4.03
23- 107.17
100.70
111.23
107.69
99 48
80.92
95.29
100.70
106.54
23-
3.96
3.40
3.58
4.03
4.83
4.28
3.96
3.64
5.31
99.48
87.21
95.02
100.70
106 54
10-
3.96
3.41
3.57
4.03
4.81
4.26
3.90
3 64
5.33
16-
107.79
100.70
111.03
107.88
9- 107.23
99.48
109.64
107.11
98.45
85.05
94.49
99.31
105.41
9-
4.03
3.48
3.01
4.09
4.92
4.33
4.04
3.70
5.33
100.18
110.63
107 49
98.80
80.04
95.13
99.83
106.17
2—
3.99
3.43
3.59
4.07
4.85
4.29
4.01
3.66
5.36
4.76
4.23
3.90
3.60
5 33
2-
107.19
25-
108.40
101.23
111.84
108.27
99.48
87.93
96.11
100.70
107.30
Mar. 25-
3 93
3.37
3.53
19-
Mar
4.03
109.32
101.23
111.84
108.40
99.14
87.93
90.11
100.88
107.30
19-
3.93
3.37
3.54
4 05
4.76
4.23
3.95
3.60
5.26
97.45
101.76
108.27
12..
3.87
3.32
3.50
3.98
4.68
4.15
3.90
3.55
5 30
110.76
102.30
112.80
109.24
100.35
89.40
5- 111.82
103.74
114.09
110.43
101 76
90.75
98 45
103.38
109.44
5-
3.79
3.26
4.55
3.90
4.57
4.09
3.81
3.49
5 24.
103.93
114.72
110.83
102 12
90.59
98.62
103.93
109.84
Feb. 26..
3.78
3.23
3.42
3.88
4.58
4.08
378
4.47
5 13
4.55
4 06
3.77
3.49
5 13
12-
Feb
26-
112.18
19-
112.12
104.11
114 30
110.83
102.48
91.05
98.97
104.11
109 44
19-
3.77
3 25
3 42
3.86
11-
112.20
104.48
114.93
111 03
102.84
91.51
99.60
104.30
110.04
11-
3.75
3.22
3 41
3.84
4.52
4.02
3.76
3.46
5 18
100.00
105.04
110 63
5.
3 72
3.18
3.37
3.81
4.61
4.00
3 72
3.43
5.19
29.
3 70
3.14
3.35
3.80
4.52
4.00
3.72
3.39
5 34.
5-
112.34
105.04
115.78
111 84
103.38
91 66
Jan. 29-
112.21
105.41
116 64
112.25
103.50
91 51
100.00
105.04
111.43
22-
112.39
106 17
117.72
113.27
104 30
92.38
101.23
105.79
112 05
22.
3.66
3.09
3.30
3.78
4.47
3.93
3.68
3.36
5 39
15-
112 53
100 36
118 16
113.48
104.48
92.28
101.23
106.17
112.25
15-
3.65
3.07
3.29
3.75
4.47
3.93
3 60
3.35
5 41
8..
112 71
106 36
117 94
113.89
104.48
91.97
101 23
106.17
112 25
8..
3.65
3 08
3.27
3 75
4.49
3 93
3 66
3.35
5 43
112.45
Low
1937
3 64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
5.06
104.30
High 1937
4.40
3.48
3.67
4.41
6.29
5.38
4.22
3 76
5.78
4.55
3.97
3.69
3.38
5.52
5.26
4.70
4.09
3.69
100.54
Low
1
1937 107.01
Yr
118 16
113.89
104.67
92.43
101.41
93.37
Hlgh 1937 112.78
106.17
109.64
105.98
93.21
69.27
79.57
96.28
Jan.
1
Aon
Dec 30'36 112.61
105.79
117.50
113.48
104.11
91.05
100.53
105.60
111.64
94.33
81.09
88.80
98.45
105.00
Yr
4o
Dec 30'36
3.68
3.10
3.29
3.77
4.17
3.42
3.64
4.34
2 Yrs Ago
2 Yrs Ago
Deo 30'35 107.78
97.11
110.83
106.54
Dec 30'35
6.35
——-
•
These prices are computed from average yields on the basis of one "typical"
level or the average movement of actual price quotations.
They merely serve to
■
^
bond (4% coupon, maturing In 30 years), and do not purport to show either the average
Illustrate In a more comprehensive way the relative levels and the relative movement ot
field averages, the latter being the truer picture of the bond market
THE
STATE
OF
i
TRADE-—COMMERCIAL
.
The persistent
tinues.
The
outlook,
downward trend of business activity con¬
holiday
further
a
EPITOME
Friday Night, Dec. 31, 1937.
.
week
sharp
the
causing
did anything but brighten
contraction
in
business
Age" states in
the
recently
taken
made earlier in
averages
"Journal of Commerce" business
higher and
index for
Dec.
the
65.7
as
week
25, the latest figures being
against 72.4 last week and 92.3 for the corresponding
of
last
declines.
year.
The
which showed
The
ended
steel
one
a
Almost all fields of industry
exception
was
reported
report,
petroleum
the
slight increase in petroleum runs to stills.
price issue, having been
injected officially
into
the present
uncertain situation by the Administration, may
become
paramount
business
of
during
the
importance
early
weeks
in
the
of .the
trend
new
of
year,
steel
"Iron
cognizance of criticism of price increases
the year by stating that finished steel only
6% higher than in 1926, while wage rates are 21%
another heavy drop in the
the week
its current summary.
"The steel industry,
Iron and Steel Institute, has only
American
through
raw
materials cost 17% more than in that year,"
The steel industry winds up 193T
operation of not more than 20%, the lowest
September, 1934.
Fully a dozen steel plants are shut
down completely, and others are operating at the barest
minimum, an outstanding exception being the plants of the
Tennessee Coal, Iron & RR. Co., which have attained a
65% rate by reason of recent rail orders.
A moderate im¬
provement in steel plant operations is expected in the first
week in January, but further gains may be slow and halting
survey
.with
since
points out.
an average
Volume
until
of
some
the
away,
Edison
Financial
146
tlie
Electric
existing
Age"
"Iron
uncertainties
Due
states.
did
Institute
for the
was
its
final
the
output
However, the Institute
estimated at 2,100,000,000 kilowatt hours,
0.9% over the corresponding week a year
was
of
Output for the latest week showed a loss of 102,200,000
kilowatt
hours, compared with the total of 2,202,200,000 in
The Association of American Railroads
previous week.
reports that net railway operating income of class one rail¬
roads in November was 55.2% below that for the same
last
month
to
loadings
The Association attributed the decrease
year.
higher operating expenses and
lower
21
17.3% below those for the[like weeks of 1936,
those for the corresponding week of 1935,
Loadings for the week ended Dec. 11, 1937, showed a loss
of 15.7% when compared with 1936 but a gain of 0.9% when
comparison is made with the same week of 1935.
were
but 0.4% above
The
ended
available,
ago.
the
holiday,
production of electricity in the United States
Dec. 25, based on such information as
week
increase
an
swept
been
the
issue
not
report for the week ended Dec. 25.
revealed that
have
to
Chronicle
Association of
loadings for
There
revenues.
quite a conflict of opinion on the current slump
eventual recovery.
According to Leonard P. Ay res,
REVENUE
FREIGHT LOADED
appears
and
economist
well-known
Vice-President of the
and
the first half of the
Cleveland
AND
the
Capital
turn will
A
Co.
Research
come
of
New
York,
asserts
that
the
sounded
was
by Dr. Charles F. Roos,
director of research for Mercer Allied
Corp., in an address
He said that "conditions
Econometric Society.
the
before
leading to deep depression are getting worse, and yet
the
Administration fritters its thne away chasing such so-called
of the
causes
depression
hdar selling of stocks, monopo¬
as
Oxen
on
Dec.
25 Dec.
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR..
15,642
6,056
7,940
8,801
3,320
2,698
1,909
3,889
1,328
1,848
1,950
10,431
1,407
2,344
2,657
13,119
34,332
3,815
6,271
8,577
29,374
39,841
7,657
9,965
10,598
16,474
52,218
3,351
26,686
4,148
38,948
5,794
6,116
x8,217
8,856
14,964
34,167
Pere Marquette Ry..
sales
retail
thusiastic
was
in
less
made
of
in
severe
or
well-advertised
to
response
abolition
post-Christmas sag
this year owing to
Washington
The customary
an
en¬
the Nation
as
week
whole this
a
were
greater than in the like period of 1936.
ysis of the
of
low
business
United
the
today that
reported
to 8%
5,075
5,869
2,847
25,845
21,290
X6.397
*7,959
4,051
5,130
4,549
7,430
9,342
Wabash Ry
of
it
Excludes
Orleans
RR.
cars
"surprisingly optimistic," the
report qualified its conclusions with an indirect reference
was
to the place of the Federal
RECEIPTS FROM CONNECTIONS
AND
LOADINGS
abnormal
the
second
report
best
and encouraged
will
influences
effects,"
the
persist,
4,975,000
at
of 1929.
year
today that
the last
as
their
with
retarding
compared
with
fixed
the
5,621,715
in
1937
the
peak
There
were
It
no
was
outstanding developments in
considerably
warmer
than
nor¬
practically all sections from the central Mississippi
Valley southward and eastward.
for the
season
in
the
It was particularly warm
southern Mississippi Valley and east¬
Texas, where the departures from normal ranged from
ern
13 degrees above the seasonal aver¬
In most of the Ohio and central Mississippi Valleys
degrees to
age. *
the week
than
as many as
was
mostly from 4 degrees to 7 degrees warmer
usual, and rather
vailed
over
warm
weather for the season
pre¬
the eastern Great Basin and much of the South¬
west.
Minimum temperatures for the week were not abnor¬
mally
low,
with
the
line
of
freezing
weather
extending
southward to central Georgia in the East, but elsewhere only
to
the central
extreme
the
Mississippi Valley, thence south westward
western
Sub-zero
Texas.
weather
occurred
to
over
Mississippi Valley and northern Great "Plains, in
Rocky Mountain sections and locally in the ex¬
treme Northwest.
Lowest temperatures reported was 18 de¬
grees below zero at Greenville, Maine, and Devils Lake and
Bismarck, N. Dak.
In the New York City area the week's
upper
northern
weather
was
ing and
38
Illinois Central System
degrees.
and
generally clear and cold.
cold
here,
The
Saturday
Boston
it
was
with temperatures
forecast
morning.
was
for
Warmer
18 to 34 degrees;
burgh, 32 to 46;
Today it was
snow¬
ranging from 33
moderate
rains
20,976
12,245
28,481
12,060
67,485
tonight.
Overnight
to
61,517
Railroads in reviewing the
The Association of American
week ended Dec. 18
reported
as
follows:
18 totaled 603,292
Loading of revenue freight for the week ended Dec.
This
cars.
was a
decrease of 126 756 cars or 17-4% below
1936 and
week in
decrease of 110,573
a
the corresponding
15.5%
or
cars
below the same
week in 1930.
Loading of revenue freight for the week of Dec.
18.839
cars or
totaled
217,703 cars, a decrease of 5,540
week, and 80,778 cars below the
below the preceding
cars
18 was a decrease of
3% below the preceding week.
Miscellaneous freight loading
corresponding
week in 1936.
totaled 145,648 cars,
below
Loading of merchandise less than carload lot freight
a
decrease of 4,468 cars
the corresponding
and
Grain
grain
12,512
cars
below the corresponding week in 1936.
products loading totaled
above the preceding week,
cars
week in
of 7.072 cars below
amounted to 149,929 cars, a decrease
Coal loading
the proceding week, and
585
below the preceding week, and 18,767 cars
week in 1936.
35,620 cars, an increase of
and 1,813 cars above the corresponding
In the Western Districts alone, grain
1936.
and grain products
decrease of 156 cars
increase of 1,555 cars above the corres¬
loading for the week of Dec. 18, totaled 22,096 cars, a
below the preceding
week, but
an
ponding week in 1936.
Live stock loading amounted to 14,363 cars, a
decrease of 375 cars below
404 cars below the corresponding week in 1936.
Western Districts alone, loading of live ctock for the week of Dec. 18,
the preceding week, and
In the
totaled
196
10.900 cars, a decrease of 283 cars below the
care
Forest
preceding week, and
below the corresponding week in 1936.
below the preceding
1,802 cars
corresponding week
totaled 25.106 cars, a decrease of
products loading
week, and 10.632 cars below the
in 1936.
a decrease of 126 cars below the
corresponding week in 1936.
of 41 cars below the
preceding week, and 4,770 cars below the corresponding week, in 1936.
All districts, reported decreases compared with the corresponding weeks
Ore loading amounted
to 8 492 cars,
preceding week, and 706 cars below the
Coke loading
amounted
to 6,431 cars, a decrease
in 1936 and 1930.
■
,
Loading of revenue freight in
at
Baltimore. 38 to 50; Pitts¬
Portland, Me., 6 to 16; Chicago, 34 to 44;
Cliarlestown, 46 to 62; Milwaukee, 34 to 36: Savannah, 48
to 68; Dallas, 58 to 62; Kansas City, 50 to 58: Springfield,
Mo., 54 to 60; Oklahoma City, 52 to 56;
53,500
Total
■
'1
-
1937 compared with 1936 and 1930 follows:
tonight
Cincinnati, 46 to 50; Cleveland, 32 to 36; Detroit, 32 to 34:
to 50:
Dec. 26, 1936
23,451
31,789
24,824
9,799
St. Louis-San Francteco Ry
out¬
Agricultural Department economists reported
level of farm prices declined 21% during
this week's weather.
in
Association
the
year.
Dec. 18, 1937
18,877
its
of
Manufacturers
Automobile
mal
Chicago Rock Island & Pacific Ry.
or
The automobile industry ended
history today, establishing a
said.
year
to operate
post-depression record of slightly less than 5,000,000 motor
cars and trucks.
Year-end estimates released today by the
put
Weeks Ended—
1937
Dec. 25,
Government in the business pic¬
will be permitted
processes
6
Cars)
(Number of
"The question of the moment is whether the normal
ture.
New
the
reached and
that industrial production could
be expected to improve
henceforth.
Although Chamber officials admitted that the
study
9,118
41,582
Interchanged between S. P. Co.-Paclfic Lines and Texas &
point of the business recession had been
carefully phrased
1,993
2,669
Co.
TOTAL
Commerce
believed
8,185
11,026
1,314
216,371 283,373 270,114 141,818 184,269 197.386
Total
general anal¬
a
the Chamber
situation,
States
from 2%
In
5,201
3,353
4,055
2,358
4,263
Southern Pacific Lines.
clearance events,
Retail sales
7,766
3,690
34,891
5,874
4,660
50,255
39,596
Pittsburgh & Lake Erie RR
x
for
5,837
7,359
19,596
Western Ry
Pennsylvania RR
& Bradstreet trade review.
according to Dun
18,394
13,128
4,255
of
advisers
18,998
26,195
1,676
1,323
3,191
10,928
RR
RR
2,983
3,739
12,442 ,18,222
economy."
16,270
7,611
8,647
12,520
25,623
economic
14,400
13,721
15,860
New York Central Lines
planned
6,294
11,370
5,960
18,728
20,523
N. Y. Chicago & St. Louis Ry
Norfolk &
5,166
24,188
administered prices, and^so forth."
Dr. Roos con¬
cluded that "vHiat this country needs is an entirely new set
lies,
1936
4,600
20,226
13,999
10,837
2,676
International Great Northern RR
Pacific
18 Dec. 26
1937
17,992
15,085
11,612
Gulf Coast Lines
Missouri
25 Dec.
1937
1936
Connections
Ended—
17,816
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Mllw. St. Paul & Pac. Ry
Chicago & North Western Ry
Missouri-Kansas-Texas
Weeks
18 Dec. 26 Dec.
1937
1937
Received from
Lines
Ended—
Weeks
of
time during the first half of the year.
some
doleful note
more
Lionel D. Edie, head
CONNECTIONS
FROM
RECEIVED
Loaded
coming year, but the recovery will
the decline.
slower than
be much
that
(Number of Cars)
Trust Co., the bottom of the current slump will be reached
in
Railroads announced
American
freight for the 52 weeks ended Dec. 25,
1937 totaled 37,992,928 cars an increase of 1,930,253 cars or
5.4% compared with 1936.
The first 18 major railroads to report for the week ended
Dec. 25, 1937, loaded a total of 216,371 cars of revenue
freight on their own lines, compared with 283,373 cars in
the preceding week and 270,114 cars in the seven days
ended Dec. 26, 1936.
A comparative table follows:
revenue
Salt Lake City, 24
Seattle, 42 to 46; Montreal, 6 below to 10 above, and
14 to 20.
Winnipeg,
1937
Five
3.316,886
weeks in January
Four weeks in February
Four weeks in March.
_.
Four weeks in April. -;
Five
weeks in May
Four weeks in June
Five
weeks in July
2,778.255
3,003,498
2,955.241
3,897,704
2,976,522
3,812.088
3,515, 733
3,618, 960
4,593, 449
3,718, 983
4,475. 391
3,752, 048
2,627,637
3,572,849
2,9.54.522
3,062,378
4,097,448
3,014,667
623,337
745,295
787, 072
744, 353
3,115,708
September...
weeks in October
3,182,943
4,017,319
Four weeks in November...
Five
2,543,651
3,351,564
1930
4,246, 552
3,506 899
2,786,742
Four weeks in August......
Four weeks in
1936
2,974,553
2,612,137
2.415,147
3,725, 686
4,751, 349
3,191, 342
Week
Week
Revenue
Freight
Car
Loadings
off
142,925
Cars
in
Week Ended Dec. 25
cars
or
1.4% above the toal loadings for the
sponding week'of 1935.
of
Dec.
11
622,131
739,096
Week
of Dec.
18
603,292
730,048
713, 865
37,532,561
35,500,097
45,341,682
Total
Loadings of revenue freight for the week ending Dec. 25,
1937, totaled 460,367 cars.
This is a drop of 142,925 cars or
23.7% from the preceding week: a decrease of 102,211 cars,
or 18.1 %, from the total for the like week of 1936, and a drop of
6,311
of Dec.
4
corre¬
For the week ended Dec. 18, 1937,
undertake to show also the loadings
roads and systems for the week ended Dec. 18.
During this period only 23 roads out of a total of 138 roads
showed increases when compared with the same week last
In the following we
for separate
year:
Financial
22
REVENUE FREIGHT LOADED AND RECEIVED FROM
Total Revenuet
from Connections
1937
1936
1936
Railroads
514
Bangor A Aroostook
Boston A Maine—...
Chicago Indianapolis A Louisv.
524
553
1,141
1,861
6,988
1,621
1,896
8,392
1,766
1,486
7,240
1,542
221
250
9,678
1,214
11,604
Central Indiana...
1,374
2,594
32
23
53
75
1,204
4,986
9,609
1,429
5,176
927
1,780
4,315
8,254
7,300
9,427
6.341
2,540
7,774
7,555
216
Delaware A Hudson
Delaware Lackawanna A West.
349
198
87
119
2,618
1,682
3,103
13,515
7,520
1,624
1,189
2,065
4,475
17,298
9,954
7,599
2,659
8,415
153
306
17
43
39,841
10,362
46,192
13,803
1,781
11.848
6,791
6,534
Detroit A Mackinac
Detroit Toledo A Ironton.
...
—
Monongahela
---■
Montour
New York Central Lines
N. Y. H. H. A Hartford
Ontario & Western.
Louis
Pittsburgh A Lake Erie
Pere Marquette
378
304
13,138
5,934
11,5.54
180
Lehigh A Hudson River
Lehigh A New England
219
11,660
3,639
Grand Trunk Western.
N. Y. Chicago A St.
3,244
2,240
Toledo Shore Line..
Erie
138
152
1,552
1,457
8,932
2,606
3,758
1,814
34,167
8,283
1,382
3,739
3,282
5,201
4,585
1,211
9,584
7,690
3,105
4,987
2,447
44,850
10,854
1,647
2,711
3,540
1,888
30,289
5,015
9,935
1,972
4,179
7,350
6,975
2,924
5,072
5,783
5,874
Pittsburgh A Shawmut
378
490
301
Pittsburgh Shawrnut A North..
356
417
349
189
918
1,313
1,046
1,193
16
29
...............
492
633
487
879
Wheeling & Lake Erie....—..
6,130
2,919
5,937
4,283
5,188
3,526
9.342
2,860
129,669
163,322
134,984
154,750
187,627
Total.
890
428
427
319
327
323
1,249
1,019
4,089
8,569
18,005
8,683
20,988
7,261
18,713
4,331
13,560
1,267
1,187
4,319
4,640
16,292
379
468
422
762
831
138
186
156
687
947
90,949
107,934
91,599
62,344
71,238
2,299
12,539
980
Seaboard Air Line
Tennessee Central
Southbound
Winston-Salem
—
Northwestern District—
Belt Ry. of
Chicago
Chicago
Chicago
Chicago
Chicago
602
505
15,793
18,728
4,551
2,415
20,429
4,007
12,890
1,937
17,495
4,113
1,671
10,431
3,089
7,940
3,161
767
985
579
144
538
743
493
331
372
3.8B2
7,787
5,767
4,650
8,749
569
13,721
2,458
A North Western—
Great Western
Mllw. St. P. A Pacific
St. P. Minn. A Omaha
Duluth Mlssabe A L R
Duluth South Shore A Atlantic
Elgin Jollet A Eastern
Ft. Dodge Des Moines A South
3,879
9,668
3,349
149
361
—
316
268
182
192
9,755
10,007
8,585
2,224
3,188
469
Great Northern
Green Bay A Western
570
474
472
636
302
Minn. St. Paul A 8. S. M
Northern Pacific............-
432
267
75
77
1,739
5,230
9,015
Minneapolis A St. Louis
1,452
1,076
10,730
4,154
Wabash
985
367
Richmond Fred. A Potomac—
Lake Superior A Ishpemlng
291
Pittsburgh & West Virginia
Rutland
1936
1937
1935
Piedmont Northern
Total
2,034
1,547
1,706
9,905
4,731
Norfolk Southern
Southern System—
18
Central Vermont.
New York
1936
1937
Southern District—(Concl.)
Ann Arbor
Maine Central
from Connections
Freight Loaded
1936
Eastern District—
Lehigh Valley
Total Loads Received
Total Revenue
Total Loade Received
1937
Detroit A
Jan. 1, 1938
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED DEC. 18
Freight Loaded
Railroads
Chronicle
1,661
1,573
4,413
8,743
1,734
2,148
2,854
2.052
2,552
3.784
5,344
10,152
155
138
104
182
246
1,034
1,985
1,781
1,171
1,563
73,254
83,368
69,985
42,405
55,294
20,226
2,901
24,601
3,214
18.412
2,729
5.160
2.161
0,549
2,947
439
308
310
79
108
15,860
17,148
14,214
7,760
2,266
2,327
1,698
950
11,257
2,690
8,190
2,441
9,409
1,345
10,007
2,770
Spokane International
Spokane Portland A Seattle....
Total.......
........
♦
Central Western Diatrlct-
Allegheny District—
Akron Canton A Youngstown
|T* 367
455
815
889
33,760
3,333
24,841
1,857
14,400
796
17,344
2,244
381
424
259
7
11
Bingham A Garfield
1,113
5,545
Bessemer A Lake Erie
609
24,188
1,153
Baltimore A Ohio
1,425
0,338
1,195
5,364
13
17
10,462
12,291
66
Buffalo Creek & Gauley
Atch. Top. A Santa
Fe System
Alton..
103
554
58
Cumberland A Pennsylvanla.
244
370
348
24
32
Chicago Burlington A Quincy.
Chicago A Illinois Midland
Chicago Rock Island A Pacific
Chicago A Eastern Illinois....,
Ligonier Valley
202
225
241
10
43
Colorado A Southern
Cambria A Indiana
Central Rlt. of New Jersey..
Cornwall
375
...
.........
Long Island
502
615
727
2,608
2,973
Penn-Readlng Seashore Lines
907
982
895
642
50,225
11,970
66,140
13,991
10,235
54,092
11,490
8.715
1,060
34,891
15,983
1,200
Pennsyl vanla System
Reading Co
Union (Pittsburgh)
5,135
—
44,056
18,478
3,253
72
90
0
1
3,914
3,225
5,843
6,832
105,590
Western Maryland
148,602
114,348
88,170
3.092
973
938
1,324
3,184
3,885
3,425
2,463
2,993
959
855
745
15
16
1,176
1,838
1,360
1,095
2,090
1,770
1,313
1,964
1,716
1,001
1,568
1,117
1,521
88
98
494
740
859
274
422
33
75
84
0
65
17,953
19,844
15,937
273
339
342
13,085
14,321
11,213
5,049
1,080
7,214
1,321
9,529
Denver A Rio Grande Western
Denver A Salt Lake
Fort Worth A Denver City—
Illinois Terminal
Nevada Northern
Peoria A Pekln Union
Southern Pacific (Pacific)
Total.....
10,408
3,238
1,353
North Western Pacific
92
3,167
West Virginia Northern
12,133
990
109,172
Toledo Peoria A Western
Union Pacific System
0.718
605
663
643
13
10
1,515
1,522
1,402
1,450
2,276
99,104
Utah
111,521
91,479
47,918
60,605
5,288
...
Western Pacific
Pocahontas District—
Chesapeake & Ohio.........
20,523
18,222
Norfolk A Western
25,253
23,384
20,612
7,359
8,839
18,420
3,690
948
918
727
1,628
4,475
4,399
3,913
810
783
44,168
Virginian*—..............
Total
4,790
1,297
Norfolk A Portsmouth Belt Line
53,954
43,672
13,487
15,709
Southwestern District-—
Total.
Fort Smith A Western.
Gulf Coast Lines
Alabama Tennessee & Northern
148
5,029
159
116
447
226
241
187
259
3,320
1,676
3,185
2,237
3,016
1,407
2,344
1,363
1,790
1,034
1,425
152
...
—...
International-Great Northern..
Southern District—
212
270
181
153
645
780
772
1,199
Atlanta Birmingham A Coast..
010
683
589
889
Atlantic Coast Line
9,599
9,290
Central of Georgia.
3,431
4,220
8,230
3,619
435
423
334
1,287
1,355
1,111
4,648
2,618
1,164
1,799
1,434
1,001
5,013
3,264
1,202
2,141
Columbus A Greenville
386
404
429
269
263
MLssourl-Kansas-Texas Lines..
Durham A Southern....
134
130
133
365
402
Missouri Pacific
800
1,116
695
927
211
201
1,742
1,518
2,101
1,477
1,688
1,294
Natchez A Southern
Charleston & Western Carolina
Cllnchfleld
Florida East Coast
994
Kansas Oklahoma A Gulf
City Southern
2,022
174
243
Atl. & W. P.—W. RR. of Ala..
Kansas
1&4
120
187
Alton A Southern..........
Burllngton-Rock Island-
.....
Louisiana A Arkansas
294
2,184
1,469
2,208
1,031
381
Louisiana Arkansas A Texas...
130
231
124
362
Litchfield A Madison.......
318
380
378
858
974
Midland Valley
800
741
610
161
259
Missouri A Arkansas....
149
207
151
247
256
4,255
4,763
16,671
4,812
14,042
2,657
8,577
10,322
14,904
31
14
43
64
40
3.165
36
50
34
93
81
Quanah Acme A Pacific
150
121
110
118
103
824
889
768
1,431
1,598
St. Louis-San Francisco
8,748
2,563
8,252
5,673
7,855
4,805
2,791
2,848
2,209
3,958
2,219
2,910
3,851
19,286
3,358
4,654
21,549
264
242
73
94
43
51
36
32
61,349
54,599
58,934
06,992
Galusvllle Midland
Georgia
283
394
314
590
463
1,501
22,127
1,881
Illinois Central System..
23.841
20,568
24,800
1,091
10,241
4,310
12,270
Louisville A Nashville..
1,540
19,973
19,910
Georgia A Florida
Gulf Mobile A Northern
104
135
176
1,105
5,285
Texas & New Orleans
7.892
Texas A Pacific
5,436
1,749
Terminal RR. Assn. of St. Louis
454
Wichita Falls A Southern
...
159
204
142
302
332
Wetherford M. W. A N. W
2,059
2,962
1,714
1,857
2,554
2,139
2,470
2,440
7,302
4,898
1,897
Nashville Chattanooga A St. L.
2,528
2,403
Maoon Dublin A Savannah
427
St. Louis Southwestern
6.891
2,658
216
•
Mississippi Central
Mobile A Ohio
Note—Previous year's figures
revised.
* Previous figures.
Moody's Commodity Index Declines Moderately
sharp rally as the week closed,
Moody's Index of Staple Commodity Prices declined mod¬
erately this week, closing at 149.3 on Friday as compared
with 151.6 last Friday.
The principal changes were the
declines in wheat and hog prices.
The movement of the Index during the week, with com¬
parisons, is as follows:
is as
Frl„
Sat.,
Mon.,
151.6
Holiday
150.6
148.9
148.3
148.3
24
25
27
Tues.,
28
Wed.,
29
Thurs., Dec. 30
Dec.
Dec.
Dec.
Dec.
Deo.
54,552
Total
Two weeks ago, Dec. 17
148.2
Month ago, Nov. 30
146.1
Year ago, Dec. 31
207.5
Coffee eased further with some observer
looking for still lower prices.
WEEKLY INDEX OF WHOLESALE
COMMODITY PRICES
THE "ANNALIST"
(1926=100)
'
Wednesday
Farm
Food
Wednesday
Tuesday
Dec. 29, 1937
«
Dec. 22, 1937
Dec. 29. 1936
85.1
76.9
101.9
77.3
83.8
*60.7 V
84.4
products
products
Dec. 31
1936—High—Dec.
28
208.7
Low—May 12
...
1937—High—April 5_
Low—Nov.
149.3
162.7
81.5
228.1
24..
144.6
*60.3
*90.7
x90.3
89.1
103.0
103.8
Building materials
08.9
68.9
67.1
Chemicals
88.9
88.9
86.5
Miscellaneous.
Frl.,
...
74.6
75.0
73.3
84.9
85.2
91.2
Textile products
Fuels.
Metals
...
All commodities
"Annalist"
Index of Wholesale
Commodity
Prices During Week Ended Dec. 29 Reached Lowest
Level
Weekly
Since
October,
1936—Average
for December
♦
Preliminary,
Also Down
a
week charac¬
Revised.
Commodity prices during December averaged 85.5% of
1926 level which price was the lowest since October of
the
last year,
The "Annalist" announced Dec. 30 that in
x
96.5
index
as
said the "Annalist" which presented its monthly
follows:
terized
by dull trading in most markets, commodity prices
a new low for the year and to the lowest level since
the latter part of October, 1936.
The "Annalist" Weekly
Index of Wholesale Commodity Prices dipped 0.3 of a point
to stand at 84.9 on Dec. 29.
A year ago the index was 91.2,
said the announcement, which added:
THE
drifted to
Grain prices were irregular with wheat leading a decline in some items and
corn
advancing
briskly.
Meat
quotations
beef and lamb suffering the worst losses.
stability
and dropped sharply,
extended
their
especially butter.
a new
low for the current
only slightly above the year's worst.
some
with
of their
Textile prices moved
lower in line with the contraction in the industry, itself.
markets, rubber dropped to
decline
Dairy products lost
move
In the futures
and to
a
price
Hides fluctuated erratically with
a
"ANNALIST"
MONTHLY INDEX OF WHOLESALE
COMMODITY PRICES
(1926=100)
Dec., 1937
Nov., 1937
Dec., 1936
x88.3
98.0
78.2
82.7
82.6
*60.9
x63.2
80.3
*90.2
84.7
Farm
products
Food products
Textile products
Fuels
Metals
x89.9
89.0
103.9
104.7
94.5
Building materials..
68.9
69.7
67.1
Chemicals
88.9
89.4
65.5
Miscellaneous
74.9
75.2
71.7
All commodities
85.5
X88.0
89.2
*
Preliminary,
x
Revised.
Volume
Financial
146
Wholesale Commodity Prices Advanced Slightly During
Week Ended Dec. 25 According to National Ferti¬
ber sales had been 2.9% higher than in the
The "Review" also said:
lizer Association
the
For
first
On the basis of the figures for the first 24 days
since
time
September the wholesale com¬
modity price index compiled by the National Fertilizer
Association, registered a slight gain, during the week ended
Dec. 25.
Based on the 1926-28 average of 100%, the index
last week stood at 78.1% as against 78.0% in the preceding
week.
A month ago it registered 79.2% and a year ago
83.1%.
The Association's announcement, under date of
Dec. 27, continued:
Last week's reversal in trend in the all-commodity index was
due pri¬
marily to higher prices for cotton, grains, and hogs; the cotton index is at
the highest point recorded
by it since September of this year, while livestock
is back to the level of three weeks ago.
Advances in hide and cottonseed
meal quotations were responsible for the upturn in the miscellaneous com¬
As
modity group index.
a
result of lower prices for butter, eggs, and meat
the food price index showed a slight decline;
10 commodities included in the
The textile group index also fell off slightly
index declined and 6 advanced.
with the drop in wool and cotton yarns more than offsetting
last week,
cotton, silk and
rises in
tire
fabric
The fertilizer material
quotations.
price index was again lower last week when superphosphate
An advance in steel scrap
declined.
prices
decline in tin
and tankage
counter-balanced by a
was
with the result that the metal index remained unchanged.
The fuel, building material, chemical and drug
indexes likewise remained
unchanged.
Twenty-four price series included in the index declined during the week
while 20 advanced; in the preceding
the second
in
advances;
week there were 41 declines and 23
week there were 30 declines and 23
preceding
advances.
it
showed approximately the usual seasonal increase over November and ex¬
cluding December,
1936,
were
the largest for any December since 1931.
Total sales for the year 1937, based on final figures for 11 months and the
estimate for the full month of December, were about 3H% higher than in
1936,
compared with
as
increase of 9.7% between 1936 and 1Q36.
an
As to the sales of
department stores in the Second (New
York) District during November, the Bank, in its "Review,"
has the following to say:
In
November, total sales of the reporting department stores in this district
showed
reduction of approximately 1
a
% and average daily sales
10%
State,
Central
Niagara Falls, and reductions of 2 to 5%
Brooklyn,
and
Hudson
in the
New
Southern
River
York
were
New York
Latest
Group
Preced'g
Week
Per Cent
Ago
18, Nov.
25, Dec.
Reporting stores
this district
were
1936, while the Rochester and Syracuse stores re¬
Total saleB of the leading apparel stores in
8H% lower than in November, 1936, and average daily
sales approximately 12
lower.
Department store stocks of merchandise
about
on
hand at the end of November
6% higher than at the end of November, 1936, the smallest
The rate of collections during
year-to-year increase since October, 1936.
November, 1937
was
was
slightly higher than a year previous in the department
unchanged in the apparel stores..
27, Dec.
Stoclt
Net Sales
Locality
26,
61.6
65.9
69.3
70.2
84.7
47.0
46.2
44.2
69.8
84.0
1937
Month
1936
+6.8
+ 9.2
51.8
62.7
44.4
43.2
+6.6
+ 7.6
50.6
51.4
+ 9.6
39.7
40.0
46.0
45.8
44.0
41.7
35.9
34.8
48.1
48.4
48.1
48.1
Nov.
—0.6
+ 5.7
Buffalo
Rochester
i
+ 4.0
—4.6
New York
Grains
70.4
70.4
67.1
107.7
Livestock
75.3
74.0
77.1
80.3
Northern New Jersey
+ 7.2
—3.8
83.8
83.8
84.0
80.1
Bridgeport
—2.2
+ 8.9
+ 10.7
+5.7
+4.3
Elsewhere
+ 1.1
+ 3.3
+ 3.9
Northern New York State
—6.4
I
—3.0
Southern New York State
+ 1.9
—3.8
+ 3.8
Hudson River Valley District
Capital District
+0.9
+ 4.4
+ 3.3
+ 3.4
Westchester and Stamford
+ 1.2
+ 1.2
Fuels
80.5
__
Textiles
80.4
80.7
62.4
64.6
Syracuse
82.3
62.3
Miscellaneous commodities
8.2
Collected in Nov.
of
+ 5.9
Nov.
105.5
End
to
90.6
68.1
70.0
Cotton
79.6
62.4
68.8
Farm products
77.1
62.4
Cottonseed oil
Oct. 30
on
Hand
1936
76.9
Fats and oils
Accounts
Outstanding
Feb.
Foods
Cent of
Per
Percentage Change from
a Year Ago
Ago
1937
1937
1937
10.8
Stamford,
and
Capital District registered practically no change in the daily rate of
ported moderate advances.
Year
Month
Week
Dec.
Bears to the
Total Index
17.3
State and
recorded by the New York
Westchester
State,
Valley District department stores.
sales from November,
were
com¬
by the reporting stores in Buffalo, Northern New Jersey,
were shown
Bridgeport, Northern New York
and
of
Declines in average daily sales of from 6 to
paratively large retail sales.
(1926-1928=100)
Compiled by the National Fertilizer Association.
23.0
decrease
a
of about 5% from November, 1936, which, however, was a month
stores, but
25.3
of the month, however,
Federal Reserve District
December sales in the Second
that
appears
previous year."
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
Each Group
23
Chronicle
75.9
+4.3
7.1
Metals
99.1
91.9
6.1
Building materials
83.4
83.4
83.2
84.5
1.3
Chemicals and drugs
95.5
95.5
96.4
93.6
.3
Fertilizer materials
72.2
72.9
73.2
69.5
.3
Fertilizers
79.8
79.8
79.9
75.9
JS
Farm machinery
96.5
96.5
96.5
92.7
Niagara Falls
—4.2
+ 5.8
78.1
78.0
79.2
83.1
All department stores.
—0.8
+ 4.4
+6.1
-8.5
+ 0.6
+4.8
100.0
All groups combined
•New 1937 low,
r
98. If
98.1
Central New York State
1
Revised.
Apparel stores
+4.3
1
November sales and stocks in the principal departments are compared
Decrease of
ber,
12% in Sales of Wholesale Firms in Novem¬
Compared
with
with those of
a
year
previous in the following table:
Year, Reported by
New York Federal Reserve Bank—Largest Year-toas
Year
Decrease
Since
Last
March,
Stock
Net Sales
Hand
Nov. 30,
1937
Compared with
Nov. 30, 1936
November, 1937
Compared with
Classification
on
Percentage Change
Percentage Change
1933
According to the Jan. 1 "Monthly Review" of the Federal
Reserve Bank of New York, total sales of the reporting whole¬
sale firms in the Second (New York) District during Novem¬
ber "averaged about 12% lower than in November, 1936,
the largest year-to-year decrease since March, 1933."
The
Toys and sporting goods
Hosiery
+ 13.7
+ 7.5
+ 7.4
Silverware and Jewelry
Toilet articles and drugs
+ 5.9
+ 13.1
+4.7
+ 5.1
Musical Instruments and radio
+4.0
"Review" further states:
Linens and handkerchiefs
+ 2.8
+ 9.8
Woolen goods
+0.7
November, 1936
+ 7.3
+ 1.6
largest reductions from the previous year in over four years, and sales of the
Women's ready-to-wear accessories
Home furnishings
—1.7
+ 10.4
+ 7.0
+ 6.1
cotton goods
Shoes
—1.8
+ 15.6
Men's furnishings
—2.4
+8.4
Luggage and other leather goods
—3.4
—1.5
Books and stationery
—3.5
+ 8.4
Sales of the men's clothing, diamond and jewelry concerns showed the
firms dclined by the largest percentage In over two
years.
As in the previous month, substantial decreases were reported In shoe sales
and
in
yardage sales of
rayon
and
silk goods.
again shown in grocery and hardware sales.
Small reductions
were
Sales of the reporting drug,
November, 1936.
At the end of November, the grocery, rayon and silk goods, drug, hard¬
and diamond firms again reported larger stocks of merchandise on
hand than
a
below the
1936 level.
year
—
Men's and boys' wear
—4.1
+ 10.5
Furniture
—4.6
+ 20.2
Cotton goods
stationery, and paper concerns, on the other hand, were higher than in
ware,
—0.3
—5.7
Women's and Misses' ready-to-wear
—7.1
+ 6.0
Silks and velvets
—9.6
—6.1
+4.1
+ 5.7
Miscellaneous
—3.9
previous, while stocks of the Jewelry concerns remained
Collections
were
lower in
November than
a
year
previous in practically all reporting lines.
November Sales
Commodity
Net
District
Cent of Accounts
Outstanding Oct,
30,
of Month
1936
Men's clothing
the
1937
—30.9
Cotton goods
—13.4
Rayon and silk goods
—28.7*
8hoes
—24.0
Drugs and drug sundries.
+ 13.7*
:
—2.9
+17.7
York reports in its
of New
Bank
reporting chain stores in the Second (New York) District
54.4
last year, but after
approximately 2% higher than
37.8
"
42.7
Stationery
+ 9.4
56.5
51.9
Paper
+ 5.4
55.6
more
one
shopping day this
year
than last,
about 2% lower, which is the least
favorable year-to-year comparison in two years, excluding
the decline of last April, which was associated with variation
average
"
46~.6~
for
allowing
39.3
41.4
"+8~4x
+ 4.2x
Hardware
32.7
60.0
'
91.4
39.6
+ 9.4
84.6
36.1
—0.3
Reserve
Federal
"Monthly Review" of Jan. 1 that "total November sales of
were
Groceries
Federal
The
New York
Stores in
2% Above Year Ago
Collected in November
Stock End
Sales
Pet
Chain
of
Reserve
Percentage Change
November, 1937, Com¬
pared with November, 1936
daily sales
were
The Bank also notes:
50.2
Diamonds
—35 5
+33.2
Jewelry
—21.3
—10.8
Weighted average
—11.9
116.8
Average daily sales of all the reporting lines were lower than a year ago,
112.8
54.7
in the date of Easter.
54.3
by amounts ranging from about 1 % in the case
chains to 13% for the
Between
•
Quantity figures reported by the National Federation of Textiles,
Inc.,
not
included In weighted average for total wholesale trade.
x
Reported by Department of Commerce.
November,
1936 and November,
Decrease
Year Ago Noted in Department
Metropolitan Area of New York from
Below
of
10-cent
and
variety,
reflecting closing!
units.
The percentage
of all chains combined therefore was somewhat
of November.
Percentage
Change
November,
1937
1936
Compared with November,
Lower
Grocery
_
Number
Total
Saks
of Stores
Type of Store
reduction of 1.7%
1/
"For the Christmas
shojiping period, Dec. 1 to 24, inclu¬
sive, total sales of the reporting department stores in the
Metropolitan area of New York were 2% lower than in the
corresponding period of 1936," says the Federal Reserve
Bank of New York in its "Monthly Review" of Jan. 1,
adding that "whereas in the first 13 shopping days of Decem¬
and shoe-chain
larger than for total sales for the month
Dec. 1 to 24—Sales in New York Reserve District in
November Also
a
and candy chains, which exceeded Increases in the
increase in sales per store
Store Sales in
1937
occurred in the total number of chain stores in operation,
of stores by the grocery
number
2%
of the 10-cent and variety
candy chains.
Sales
per Store
—5.2
—1.3
+4.1
Ten-cent and variety
+ 1.2
+ 2.8
+ 1.6
Shoe
+0.4
—1.5
—1.9
Candy
—5.3
—9.1
—4.0
—1.7
+ 1.9
+ 3.7
All types.
Financial
24
Decrease
of
0.4%
States
Dec. 25
Electric
Commod ityj Prices
Wholesale
in
During Week Ended
Chronicle
Jan. 1, 1938
Output Estimated at 2,100,000,000 Kilowatt*
During Week Ended Dec. 25, 1937
Hours
Reported by United
Because of the Christmas
Department of Labor
holiday, it
recorded in the index of wholesale
was
Based
report for the week ended Dec. 25.
possible for
weekly output
was not
the Edison Electric Institute to issue the final
decline of 0.4%
on
such informa¬
commodity prices of the Bureau of Labor Statistics, United
tion
States Department of Labor, during the week
placed at 2,100,000,000 kilowatt-hours, or an
2,274,508,000 kilowatt-hours re¬
ported in the corresponding period of 1936, which contained
the same holiday conditions.
It was not possible for the
Institute to issue the percentages for geographic regions for
according to
sioner Lubin.
1937,
ended Dec. 25,
made Dec. 30 by
announcement
an
level," Mr. Lubin said in issuing the announcement, "is the
lowest
the
It is 8.0%
point reached during the current year.
below the high point
the week under review.
of 1937 and 3.4% below the index for
corresponding week of 1936."
Mr. Lubin continued:
Building Activity in United States During November
Below October and November, 1936, Secretary of
The decline during the week in the general commodity index was due
chiefly to lower prices of foods, housefurnishing goods, and farm products.
Slightly lower
averages
was
increase of 0.9% over the
Commis¬
which is now 81.2% of the 192G
'The index,
Labor Perkins Reports
also registered for the building materials,
were
metals and metal products,
and textile products
November
No change was
groups.
recorded for the fuel and lighting materials group and minor increases were
tions,
shown by the hides and leather products group, the chemicals and drugs
1936,
group
and the group of miscellaneous commodities.,
75.3%
are now
of the 1926 average.
tured articles declined in price during the same period by
products by 0.6%
as
100,
are
The indexes of those respective
.
77.4 and 85.0.
Semi-manufac¬
0.3% and finished
based
groups,
1926
on
From the high points of 1937 prices of
raw
materials, semi-manufactured articles, and finished products have declined
17.2%
14.4% and 5.0%
,
,
respectively.
Non-agricultural commodity
commodities other than farm
ceding week, 1.1%
1937, and at the
same
commodity prices,
prices,
shown
as
products,"
0.4%
are
by
the
for
index
"all
lower than for the pre¬
lower than for the corresponding week of November,
level
as
in the corresponding week of 1936.
Industrial
measured by the index for "all commodities other than
as
group is
0.4%
Secretary of
Labor
during November of
or
Perkins announced on
Frances
"Reports received by the Bureau of Labor Statis¬
that the total value of permits
show
issued during the month
was
15% lower than during the previous month and 7% less
than in the corresponding month of 1936," she said.
"The
decrease in the current month as compared with November
of 1936 was brought about wholly by a decline in the value
of
residential construction.
new
Both
new
non-residential
construction and additions, alterations, and repairs to exist¬
ing structures showed gains."
Miss Perksins added:
Compared with October, the value of
a
decline of 4%.
decrease
corresponding week in 1936.
measured by permit valua¬
as
tics from 1,502 cities with a population of 2,500 or over
farm products and
foods," declined during the week by 0.1% .
The latter
lower than a month ago and 1.5% above the level of the
building activity
lower than during October
was
Dec. 26.
Ifliiaw material prices advanced slightly—0.1%—above the level of the
preceding week and
available, the figure for the week ended Dec. 25,
as was
of
The value of
30%,
and
the
new
residential construction showed
non-residential construction showed
new
of additions,
value
alterations,
a
and repairs
declined 2%.
The
following is from the announcement issued Dec. 30
Wholesale prices of foods fell 1.0%
during the week to 78.9% of the 1926
This is 3.2% below the corresponding week of a month ago,
below the corresponding week of 1936 and is 11.0% below the high
average.
7.9%
of 1937.
The decline
was
due to lower prices reported for butter, cheese in
Chicago and New York, bread at Cincinnati, wheat flour, dried
prunes,
seedless raisins, apples in New York, canned spinach, sweet
potatoes, white
potatoes at Chicago, fresh beef at Chicago, lamb, mutton, cured and fresh
pork, fresh veal,
reported
for
cocoa
yellow
beans, eggs, lard, and oleo oil.
corn
meal,
oranges,
dried
Higher prices were
beans,
white potatoes at
Boston, cured beef,
copra, glucose, pepper, coconut and cottonseed oils.
Because of lower prices reported for carpets the index of
housefurnishing
goods declined 0.8% from the level of the week before.
The present farm products index—72.9—is 0.4%
,
ceding week.
barley,
The
wheat,
These declines
decline
hogs,
more
occasioned
was
sheep,
live
than offset
The
than
by Commissioner Lubin:
poultry,
and
territory
higher prices reported for yellow
rye, calves, cows, steers, cotton, and alfalfa
new
residential construction
the corresponding
of last
month
gain of 19% in the value of
new
27% less in November
was
In contrast, there
year.
non-residential buildings and
was
a
an increase
of 6% in the value of additions, alterations, and repairs.
During the first 11 months of 1937, the aggregate value of all classes of
building construction for which permits
were
issued in the cities having
a
population of 2,500 or over which reported to the Bureau of Labor Statis¬
tics. amounted to $1,500,328,000, an Increase of 10% over the correspond¬
ing period of 1936.
During the first 11 months of 1937, dwelling units
provided in these cities for 162,768 families,
were
gain of 5%
a
over
the
like period of the previous year.
,
The
foregoing is from an announcement issued by the
United States Department of Labor, which also said:
The percentage change from October to November in the number and
below that of the pre¬
by lower prices reported for
peanuts,
value of
in
cost of the various classes of construction is indicated in the
for
1,502 identical cities having a population of 2,500
following table
or over:
wool.
corn, oats,
Change from Oct., 1937 to Nov., 1937
hay.
Class
The building materials group index declined to
92.5, which is 0.3% below
the level of the preceding week.
The decrease was due to lower prices
reported for yellow pine lath and flooring, red cedar shingles, door
knobs,
locks, lead pipe, and wood screws.
A slight increase was reported in the
price of rosin.
of Construction
Number
Estimated Cost
New residential
—16.3
—4.1
New non-residential
—25.5
—30.1
Additions, alterations, repairs
—23.4
—1.7
Lower
prices for several nonferrous metals more than offset higher
prices for scrap steel and caused the metals and metal products
group to
downward 0.2% to a level which is 96.2% of the average of this
Total..
move
group in 1926.
There
—22.7
10,695
were
dwelling
dwellings for which permits
The index of the textile products
group was forced down slightly by lower
prices reported for cotton handkerchiefs, drillings, sateen, bleached
sheeting,
men's woolen
underwear,
organzine, burlap, manila hemp, and raw jute,
as
provided
units
were
corresponding week of 1936.
issued in these cities,
struction. is shown below for the
calfskins,
same
1,502 cities:
Chcnage from Nov., 1936 to Nov., 1937
Number
+ 19.4
+0.7
.
due to higher prices for certain
chemicals, cottonseed
meal, linseed meal, and crude rubber.
—7.2
November, 1936. Housing projects financed from the Federal Govern¬
ment
provided for 846 families.
No contracts
housing projects during November of this year.
1936,
a
were
awarded for public
Compared with November,
decrease of 27% was shown in the number of family dwelling units
provided.
The index of the
Bureau of 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.
following table shows index
+ 6.4
—6.6
Total
In
preceding week by 0.1%
The
—26.5
—9.4
New non-residential
and
The level of prices in the chemicals and
drugs group and in the group of
miscellaneous commodities rose above that of the
were
Estimated Cost
—23.7
New residential
kipskins.
These increases
decrease of 8%
Class of Construction
The index of the hides and leather
products group rose slightly to 98.4
because of higher prices reported for
cowhides,
a
housekeeping
compared with October.
Additions, alterations, repairs
packers
new
The percentage change compared with November, 1936, by class of con¬
despite higher prices reported for print cloth, tire fabric, cotton
yarn/raw
silk, and hosery tram.
Slight increases in the prices of anthracite and bituminous coal were
offset by lower prices of
gasoline to leave the index of the fuel and lighting
materials group unchanged from that of a week
ago.
It is also at the same
level as in the
corresponding week of November, 1937 and is 1.4% above the
—14.9
the
in
The
changes occurring
between the first
corresponding period of 1936,
are
numbers for the main groups of com¬
modities for the past five weeks and for
Dec.
26,
1936,
Dec. 28,
months of 1937
11
and the
indicated below:
Change from First 11 Mos. in 1936
to First 11
1935,
Dec. 29. 1934, and Dec. 30, 1933:
Mos. in 1937
Class of Construction
Estimated Cost
Number
(1926=100)
New residential
Commodity Groups
25
Dec.
18
Dec.
11
Dec.
4
Nov.
27
Dec.
26
Dec.
28
Dec.
29
Dec.
+ 6.8
+ 14.2
Additions, alterations, repairs..
+ 5.8
+ 15.6
+ 7.3
+ 10.1
30
1937
1937
1937
1937
1937
1936
1935
1934
81.5
81.9
82.0
82.0
84.1
80.6
77.1
Total
1933
81.2
All commodities
+ 4.8
New non-residential
Dec.
+ 12.9
70.8
The data collected by the Bureau of Labor Statistics show, in addition
to
Farm products
72.9
73.2
73.4
73.9
Foods
73
88.4
78.4
72.6
56.0
78.9
79.7
80.7
80.7
81,
85.7
85.3
76.3
62.5
Hides and leather products..
Textile products.
Fuel and lighting materials
Metals and metal products..
Building materials
Chemicals and drugs..
..
in the report.
value^of buildings for
which
con¬
by Federal and State governments in the cities included
For November,
1937, the value of these public buildings
98.4
98.2
98.3
99.8 100
101.1
96.4
86.6
69.4
69.5
69.9
69.8
70,
76.1
72.8
69.7
76.0
amounted to $1,963,000; for October,
78.6
78.6
78.6
78.6
78,
77.5
75.6
74.7
74.5
ber, 1936 to $7,469,000.
96.2
96.4
96.2
96.3
96
89.1
85.9
85.5
83.3
92.5
84.9
85.4
89.6
92.8
93.0
93.0
93.
89.7
85.1
79.2
79.1
78.9
79.4
Housefurnishing goods
79,
86.1
80.0
78.3
73.3
91.4
92.1
92.1
92.1
Miscellaneous
92
84.3
82.2
82.5
81.9
74.9
74.8
74.8
75.1
Raw materials
67.5
71.1
65.6
...
private construction, the number and
tracts were awarded
75,
74.5
75.3
75.2
75.3
75.7
75,
85.5
*
*
77.4
77.6
78.1
78.4
78
83.1
*
*
85.0
85.5
85.9
83.9
*
*
*
1937 to $2,982,000; and for Novem¬
for the following important building
In Greenwich, Conn., for a fire house and police station to cost
nearly $300,000; in Boston, Mass., for a dispensary^building to cost nearly
♦
Finished products.
projects:
issued in November
were
*
Semi-manufactured articles._
Permits
All
commodities
other
All
commodities
farm
*
86,
83.1
other
83.4
83.8
83.8
84.0
83.1
81.1
78.0
74.0
83.6
83.7
83.7
83.9
83.9
82.4
78.8
78.1
77.6
than
products and foods..
houses
to
cost
houses
85.9
than
farm products
$500,000; in New York City—in the Borough of the Bronx, for apartment
houses to cost
to
cost
cost
over
$6,600,000; in the Borough of Brooklyn, for apartment
over
$1,100,000; in the Borough of Queens, for apartment
$1,150,000; in Philadelphia,
ings to cost
over
$300,000; in Chicago,
$500,000; in Lafayette, Ind., for
Not computed.
Pa.,
for
a
school building to
nearly $1,400,000; in Pittsburgh, Pa., for store and mercantile build¬
nearly
$500,000;
in
Detroit,
a
fil., for
office buildings to cost
over
dormitory, Purdue University to cost
Mich.,
for
factory
buildings
to
cost
over
Volume
Financial
146
mercantile'buildings to cost nearly $400,000; L n
$300,000;
$250,000, and store and
Houston, Texas, for store and merchantileJouUdings to cost over
and mercantile buildings to cost nearly
and in Los Angeles. Calif., for store
$300,000.
-
OF BUILDING
CONSTRUCTION. TOGETHER
WT?fl
PROVIDED FOR IN NEW DWELLINGS
THE NUMBER OF FAMILIES
NINE REGIONS OF THE UNITED
STATES. AS SHOWN BY PERMITS ISSUED. NOVEMBER. 1937
1.502 IDENTICAL CITIES IN
IN
cocoa,
coffee, beverages, oil seeds, and raw silk were larger In
With the exception of imports
of grain, the quantity of practically
large
were
showed a further redaction.
a year ago,
Percentage
Families
Percentage
Change from
Provided
Estimated
Cities
general imports to $2,875,202,000.
Change from
of
Cost
>
in the first
11 months of 1936 was
Oct.,
Nov.,
for
Nov.,
Oct.,
Nov.,
1937
1937
1936
1937
1937
1930
133
3,056,323
New England...
—7.7
—27.4
605
—3.2
increases in quantity
—11.9
BY MONTHS
—15.7
—26.5
10,095
—21.0
—4.1
$43,713,088
of
approximately 27% and 17%.
were
MERCHANDISE TRADE
1,502
All divisions
months of 1937 and the value
The increase in exports over the value
36%, while that in imports over the
corresponding period of 1936 was 32%; the respective
Nov.,
including
brought the value of exports,
reexports, to $3,026,872,000 for the first 11
No.
Division
all
trade was substantially
larger in November than in the corresponding month of 1936.
As a result
of the large harvests this year, exports of grain and feed continued to move
abroad in considerable quantities, while imports of such products, which
The November changes in trade
New Residential Buildings
Geographic
value than in
October.
leading commodities in both the import and export
.
COST
ESTIMATED
25
Chronicle
Exports,
Including
and Balance of Trade
Imports,
General
Re-exports,
M
11 Months Ended. Nov.
November
Increase(.+)
Decreased—)
Middle Atlantic
365
15,392,241
+ 37.4
+3.0
3.215
+ 34.4
East North Central.
327
—35.4
1,527
—20.7
—28.5
—21.5
—49.4
534
—25.5
—45.6
1930
1937
1936
1937
134
7,806,789
1,940,031
—22.4
West North Central.
South Atlantic
176
4,603,806
658,652
—10.4
—45.6
1.216
—27.5
—51.0
—29.8
—54.4
290
—16.9
—21.5
1,000
1,000
1,000
1,000
—22.4
915
—24.3
—19.5
Dollars
Dollars
Dollars
Dollars
—19.4
Dollars
2,532,430
857,630
0,865,786
226,364
196,400
314,682
3,026,872
2,875,202
+ 800,694
223,220
2,226,178
2,177,431
29.964
91,450
48,747
151,670
East South Central..
62
West South Central.
94
62
Mountain......
149
Pacific
Exports and Imports
—30.6
—27.0
319
—27.5
—16.3
Exports.
—14.0
—33.8
2.068
—7.9
—27.7
Imports.
Excess of exports.
New Non-residential
Total Building Construction
Buildings
Population
Percentage
Change from
Estimated
Oct.,
Nov.,
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollar*
1937
1936
—2.6
—12.6
—33.9
—27.5
—44.8
—6.9
+ 20.5
—36.2
7,957,999
38,657,986
18.201,373
6,814,943
11,204,233
2,046.586
5,140,537
2,305,017
+4.2
+ 15.3
13,441,205
2,808,846
Mid. Atlantic. 15,548,254
East No. Cent.
5,934,587
—10.7
+29.8
—43.2
—29.6
+ 77.5
—25.1
2,658,148
+ 11.2
+ 78.1
New England.
Mountain....
Pacific
—6.8
—15.3
—23.6
April
135,095
172,220
162,752
190,938
179,427
—7.2 58,750,127
131,899
114,203
100,197
—8.3
5,471,736
+ 23.3 17,867,348
170,244
173,230
—23.7 14,726.769
1,766,509
902,388
3,690,869
185,020
104,151
June
114,148
119,790
170.519
July
106,830
144,109
161,672
August
108,599
131,473
171,984
172,120
191.313
198,803
221,290
September...
132.037
October
153,090
100,119
193,069
—30.3
—30.6
4,394,472
4,978,890
2.041,547
November..
138,834
184,256
206,413
194,712
—32.7
—7.0
3,074,227
December
131,614
192,638
170,654
—22.6
—23.7
—8.1
—19.0
1,094,986
5,100,146
11
277.829
290,713
333,138
314,682
mos.
mos
222,665
233,125
256,566
268,946
289,922
205.341
268.185
178,975
220,539
264,949
226,304
229,800
105,459
101,513
12
3,518,504
752,232
Decrease, less than 1-10 of
a
—14.9
108,015
105,217
May
+ 19.4 105,769,879
—30.1
154.876
+ 8.3
+ 5.7
—5.1
—27.8
209,838
223.469
ended Nov.. 1,479,402 1,482,355 1,962,140 2,059,405 2,226,178 3,020,872
2,455,978
..ended Dec.. 1.611,016 1,674,994 2,132.800 2,282,874
1%.
General Imports—
135,706
February
130,999
Several Types of Pulp Used in Paper
Manufacturing
on
April
131,189
126,522
94,860
88,412
May
112,276
106,869
June
110,280
79,421
122.197
135,520
several types of pulp used in paper making have
been lowered for the first quarter of 1938, effective today
Prices
(Jan.
on
1).
The changes were announced on Dec. 27
price levels approximately to those in effect in
and
restores
the
third
quarter of 1937, prior to advances effective Oct. 1.
The price reductions ranged from 12.3% to 14.3% and affect
three types of wood pulp, said the "Wall Street Journal" of
Dec. 28, which continued:
On bleaches sulphite
$60
a
187,482
240,452
152,491
177,350
170,500
192,774
198,701
202,779
277,709
170.633
284,911
285,925
189,357
109,385
191,097
191,077
195,050
193,073
215.701
212,092
190,400
223,226
180,968
91,102
154,918
October
98.411
105,499
146,643
150,867
November
104,468
128,541
154,647
130,109
127,229
119,513
131,658
129,635
150,919
97,087
133,518
132,258
July
August
September
—
December
142,980
11
mos.
mos.
150,754
170,631
109,030
101,647
307,474
286,828
265,223
245,707
233,302
224,391
245,101
2,875,202
ended Nov.. 1,225,087 1,316,041 1,522,797
12
ended Dec.. 1.322,774 1,449,559 1,655,055
Merchandise and Imports for Consumption
Exports of United States
pulp the price cut was the sharpest, the new quo¬
of $70 a ton. On unbleached
sulphite pulp the new price of $50 a ton against $57 in the last quarter of
1937, and on soda pulp, the new price of $58 a ton against $65 a ton
tation being
100,832
132,753
158,105
146,523
96,006
83,748
March
January
Prices Lowered
r
198,504
182,024
195,113
192,795
200.772
185,093
180,390
170,223
163,007
January
$
37,580.337
150,022
153,972
120,589
February
Atlantic
•<
1937
Dollars
Reexports—
Nov.,
March
■
1937
$
East So. Cent.
•;
1,000
Exports, Including
Oct.,
November,
1936
1937
1937
West So. Cent.
/
1930
1935
1934
1933
1932
Month or Period
(Census
of 1930)
Cost
Cost
Nov.,
South
'
Excess of imports.
Change from
Percentage
West No. Cent
+ 697,771
■
{Ind. Alterations A Repairs)
Estimated
All divisions..
1,000
ton against the present price
11
November
Mos.
Ended Nov.
Exports and Imports
currently.
Increase(+)
Decreasei—)
1937
1936
1937
1936
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
the fourth quarter
Exports (U. S. mdse.)--
223,920
311,198
2,192,303
2,980,615
+ 788,312
compensate for the
the increase. With
the approximate restoration of third quarter prices
for the first three
months of next year, an operating balance should be restored for paper
Imports for consumption
200,304
212,377
2,183,747
2,808,802
+ 625,055
fc Only
on
a
1, paper makers did not raise paper prices to
Oct.
1,000
1,000
1,000
small volume of business has been done at the higher prices in
this year, it is pointed out. When prices were advanced
higher cost of the pulp, and therefore, they have borne
makers.
been selling
1934
1935
1930
1937
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
February
99,423
100,293
103,265
169,577
159,017
187,418
176,490
111,846
117,517
157,101
167,902
141,573
159,128
129,315
169,851
157,490
218,184
151,403
132,268
...
128,553
.
?
as
Both exports
a
and imports of the United States declined
exports, including reexports, were
1%
smaller.
Pacific
5% smaller and general imports were
Compared with November,
Coast ports
during November
Compared with the values in October,
result of seasonal influences.
1936 when trade through the
curtailed by the Maritime strike, exports were
was
39% larger in value and imports 14% larger.
October.
129,538
151,035
190,842
188,800
203,536
November
130,402
181,291
192,156
267,258
December
128,975
189,808
108,442
220,931
$314,682,000 compared with
$332,879,000 in October, 1937 and $226,364,000 in November, 1936.
General imports (goods entered for storage in bonded warehouses, plus
goods which entered merchandising channels immediately upon arrival in
the country) amounted to $223,226,000 compared with $224,391,000 in
October, 193t and $196,400,000 in November, 1936Imports for consumption
(goods which entered merchandising or con¬
drawals from warehouse
August
September
134,311
129,804
November,
1937.
For the first
11 months of 1937
$151,670,000.
1936 mercnandise exports exceeded imports by
The change from October in the value
to smaller shipments
168,482
180,377
152,246
175,486
166,070
128,976
125,047
112,611
109,141
153,396
141,247
147,467
112,509
79.934
123,931
135,067
141,018
124,010
173,096
93,375
152,714
117,202
180,381
102,933
147,599
104,662
149,288
149,893
137,975
168,683
189,800
105,295
125,269
149,470
162,828
189,590
194,290
199,770
189,008
194,311
197,458
200,783
218,425
213,419
200,304
127,170
120,193
179,760
293.509
329,807
311,198
-
August.....
September^
....
October.
November
•
95,898
Decern oer
228,734
260,224
295,929
281,287
278,642
278,722
240.230
April
May
June
91,893
88,107
160,756
155,313
mos.
ended Nov.. 1,229,196 1,305,843 1.509,810
12
mos.
ended Dec.. 1,325,093 1,433,013 1,636,003 2,038,905
GOLD
AND
203,312
249,083
234.077
226,505
212,377
1,859,145 2,183,747 2,808,802
11
2,423,977
SILVER BY MONTHS
Exports. Imports
and Net Balance
11
of total exports was in part due
slightly larger in November than in October, the value
fruits, and
cotton exports was
declined as a result
1930
Ended
Nov.
Increase (.+)
1937
1,000
|HAmong other leading commodities, exports of lubricants, copper and
machinery showed some decrease in November but exports of automobiles,
aircraft and iron and steel products increased over those of October,
n The decline in imports during November was primarily the result of
of grain, fruits, nuts, undressed furs, raw wool, petroleum
smaller receipts
Imports of
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Gold—
Exports..
127
30,084
27,434
30,908
+3,534
Imports..
75,962
52,194
1,087,048
1,598,490
+ 511,442
7~5~836
22410
1,059,013
1,567,522
Excess of exports.
Excess of imports.
of the recession in prices.
works of art.
1937
Dollars
$48,747,000.
of agricultural products, notably wheat,
products, precious stones, ferro-alloys, tin and
1936
In the first 11 months of
Mos.
Decreased—)
Exports and Imports
merchandise exports
Although the quantity of unmanufactured
264,614
274,359
$200,304,000 in November,
exceeded merchandise imports by $91,456,000 in
exceeded merchandise imports by
tobacco.
92,718
84,104
130,584
123,176
March
November
exports
190,040
Consumption—
February
1936.
Merchandise
107,278
107,805
169,683
Imports for
January
upon
pared with $226,505,000 in October, 1937 and
252,442
264,628
285,081
256,481
2,022,149 2,192,303 2,980,015
11 mos. ended Nov.. 1,447,177 1,457,413 1,931,694
12 mos. ended Dec.. 1,670,151 1,647,220 2,100,135 2,243,081 2,418,909
arrival in the country plus with¬
for consumption) amounted to $212,377,000 com¬
sumption channels immediately
219,003
229,671
226,666
July.
July
Exports, including reexports, amounted to
169.791
181,386
177,000
175,825
217,925
262,173
223,920
109,478
104,276
106.270
June
Department of Commerce
at Washington on Dec. 28 issued its statement on the foreign
trade of the United States for October and the 11 montns
ended with November, with comparisons by months back to
1932.
The report is as follows:
181,607
160,511
192,406
189,574
197,020
118,559
151,048
May
The Bureau of Statistics of the
195,689
179,381
146,906
April
Country's Foreign Trade in November—Imports
and Exports
173,560
100,312
January
March
above domestic pulps.
1933
1,000
Dollars
Merchandise—
fc No change has been made in either bleached or unbleached sulphate pulp,
nor has there been any reduction in the prices of imported pulps which
have
1932
1,000
Month or Period
Exports—U. 8.
Silter411
Imports.
Excess of exports.
Excess of imports.
527
2,730
4,306
+ 1.577
4,451
Exports.
10,633
180,550
68,726
—111824
4*039
10406
177,820
64,419
"
Financial
24
of
Decrease
0.4%
Wholesale
in
Commod ityj Prices
of Labor
States Department
£ decline of
0.4%
recorded in the index of wholesale
was
United
Department of Labor, during the week ended Dec. 25,
States
made Dec. 30 by Commis¬
'The index, which is now 81.2% of the 1920
announcement
to an
sioner Lubin.
level," Mr. Lubin said in issuing the announcement, "is the
lowest
It is 8.0%
point reached during the current year.
Mr. Lubin continued:
corresponding week of 1936."
The decline during the week in the general commodity index was due
chiefly to lower prices of foods, housefurnishing goods, and farm products.
811ghtly lower
textile products groups.
metals and metal products, and
group
leather products group, the chemicals and drugs
and the group of miscellaneous commodities.
of the 1926 average. Semi-manufac¬
price during the same period by 0.3% and finished
preceding week and are now 75.3%
products by 0.6%
The indexes of those respective groups, based on 1926
From the high points of 1937 prices of raw
.
100, are 77.4 and 85.0.
as
materials, semi-manufactured articles, and finished products have declined
17.2%
14.4% and 5.0%
,
Non-agricultural
,
respectively.
shown
as
products,"
by the index for "all
0.4%
lower than for the pre¬
are
lower than for the corresponding week of November,
ceding week, 1.1%
1937, and at the
prices,
commodity
commodities other than farm
level
same
as
tion
placed at 2,100,000,000 kilowatt-hours, or an
the 2,274,508,000 kilowatt-hours re¬
ported in the corresponding period of 1936, which contained
the same holiday conditions.
It was not possible for the
Institute to issue the percentages for geographic regions for
1937,
group is
in the corresponding week of 1936.
foods," declined during the week by 0.1%
lower than a month ago and 1.5%
0.4%
Industrial
The latter
.
above the level of the
corresponding week in 1936.
The following
the week under review.
Building Activity in United States During November
Below October and November, 1936, Secretary of
Labor Perkins Reports
November building
tions,
7.9%
a
month
below the high
Chicago and New York, bread at Cincinnati, wheat flour, dried
seedless raisins, apples in New
prunes,
York, canned spinach, sweet potatoes, white
potatoes at Chicago, fresh beef at Chicago, lamb, mutton, cured and fresh
pork, fresh veal,
reported
for
cocoa
beans, eggs, lard, and oleo oU.
yellow corn meal,
Boston, cured beef,
copra,
Higher prices were
15% lower than during the previous month and 7% less
corresponding month of 1936," she said. "The
decrease in the current month as compared with November
of 1936 was brought about wholly by a decline in the value
of new residential construction.
Both new non-residential
construction and additions, alterations, and repairs to exist¬
ing structures showed gains." Miss Perksins added:
Compared with October, the value of new residential construction showed
a
The present farm products index—72.9—is 0.4%
barley,
wheat,
rye,
calves,
hogs,
more
The value of new non-residential construction showed a
decline of 4%.
of
decrease
30%,
and
value
the
alterations,
of additions,
and repairs
The
of
new
residential construction was
the corresponding
of 6% in the value
live
poultry,
peanuts,
and
than offset higher prices reported for
less in November
buildings and an increase
of additions, alterations, and repairs.
During the first 11 months of 1937, the aggregate value of all classes of
building construction for which permits were issued in the cities having a
population of 2,500 or over
which reported to the Bureau of Labor Statis¬
of 10% over the correspond¬
tics. amounted to $1,500,328,000, an increase
During the first 11 months of 1937, dwelling units
ing period of 1936.
were
provided in these cities for 162,768 families, a gain of 5% over the
like period of the previous year.
t<
foregoing is from an announcement issued by the
United States Department of Labor, which also said:
from October to November in the number and
cost of the various classes
of construction is indicated in the following table
for
1,502 identical cities having a population of 2,500 or over:
wool.
territory
yellow corn, oats,
Change from Oct., 1937 to Nov., 1937
and alfalfa hay.
cows, steers, cotton,
27%
In contrast, there was a
month of last year.
The percentage change
below that of the pre¬
occasioned by lower prices reported for
was
sheep,
value
The
Because of lower prices reported for carpets the index of housefurnishing
These declines
population of 2,500 or over show
dried beans, white potatoes at
oranges,
glucose, pepper, coconut and cottonseed oils.
The decline
a
permits issued during the month was
than in the
goods declined 0.8% from the level of the week before.
ceding week.
with
that the total value of
ago,
due to lower prices reported for butter, cheese in
was
of
"Reports received by the Bureau of Labor Statis¬
gain of 19% in the value of new non-residential
during the week to 78.9% of the 1926
below the corresponding week of
below the corresponding week of 1936 and is 11.0%
The decline
measured by permit valua¬
as
Labor Frances Perkins announced on
tics from 1,502 cities
than in
Wholesale prices of foods fell 1.0%
of 1937.
activity
lower than during October or during November
Secretary of
1936,
is from the announcement issued Dec. 30
This is 3.2%
was
declined 2%.
by Commissioner Lubin:
average.
was
increase of 0.9% over
commodity prices, as measured by the index for "all commodities other than
farm products and
not possible for
final weekly output
was
ended Dec. 25. Based on such informa¬
available, the figure for the week ended Dec. 25,
as was
Dec. 26.
■"aw material prices advanced slightly—0.1%—above the level of the
tured articles declined in
holiday, it
report for the week
No change was
recorded for the fuel and lighting materials group and minor increases were
shown by the hides and
Because of the Christmas
also registered for the building materials,
were
averages
Estimated at 2,100,000,000 KilowatU
Week Ended Dec. 25, 1937
During
1937 and 3.4% below the index for
below the high point of
the
Output
Hours
the Edison Electric Institute to issue the
commodity prices of the Bureau of Labor Statistics,
according
Electric
Week Ended Dec. 25 Reported by United
During
Jan. 1, 1938
Chronicle
Class of
Construction
The building materials group index declined to 92.5, which is 0.3% below
the level
of the
preceding week.
screws.
A slight increase
was
reported in the
price of rosin.
for
prices
several
nonferrous
metals
more
than
offset
New residential
—16.3
—4.1
New non-residential
—25.5
—30.1
Additions, alterations, repairs
locks, lead pipe, and wood
Lower
—23.4
—1.7
higher
group in 1926.
There
10,695
were
provided
units
dwelling
men's woolen underwear, organzine,
burlap, manila hemp, and raw jute,
as
Slight increases in the prices of anthracite and
bituminous coal
in the corresponding week of November, 1937 and is 1.4%
above the
Chcnage from Nov., 1936 to Nov., 1937
Class of
Construction
Number
The index of the hides and leather products group rose
slightly to 98.4
because of higher prices reported for packers cowhides, calfskins, and
kipsldns.
rose
above that of the preceding week by 0.1%
.
due to higher prices for certain chemicals, cottonseed
were
meal, linseed meal, and crude rubber.
The index of the
Bureau
ment
for
Statistics includes
the average for the year
the
past five weeks
and
1926
as
projects financed from the Federal Govern¬
No contracts were awarded for public
Compared with November,
shown in the number of family dweUing units
provided for 846 families.
1936, a decrease of 27% was
The
changes
occurring
between the first
for Dec.
26,
1936,
Dec. 28,
25
1937
81.2
Class of Construction
Number
Dec.
18
1937
81.5
Dec.
11
1937
81.9
Dec.
4
1937
82.0
Nov.
27
1937
82.0
Dec.
26
1936
84.1
Dec.
28
1935
80.6
Dec.
29
1934
77.1
Dec.
70.8
Hides and leather products..
Textile products
Fuel and lighting materials.
Metals and metal products..
.
Building materials.
value^of buildings for which
con¬
by Federal and State governments in the cities included
For November,
in the report.
+ 10.1
of Labor Statistics show, in addition
construction, the number and
tracts were awarded
+ 15.6
+ 7.3
The data collected by the Bureau
+ 14.2
+ 5.8
Total
+ 4.8
+ 6.8
_
Additions, alterations, repairs..
30
1933
Estimated Cost
+ 12.9
New residential
to private
Farm products
Foods
months of 1937 and the
Change from First 11 Mos. In 1936
to First 11 Mos. In 1937
1935,
New non-resldentlal
Commodltg Groups
11
corresponding period of 1936, are indicated below:
100.
(1926=100)
All commodities.
—7.2
housing projects during November of this year.
Dec. 29. 1934, and Dec. 30, 1933:
Dec.
+ 6.4
—6.6
Total
The following table shows index numbers for the main
groups of com¬
modities
+ 19.4
+0.7
provided.
of Labor
784 price series
weighted according to their relative importance in the country's markets
on
—26.5
—9.4
New non-residential
In November, 1936. Housing
The level of prices in the chemicals and drugs group and in the
group of
miscellaneous commodities
Estimated Cost
—23.7
New residential
Additions, alterations, repairs
corresponding week of 1936.
of 8%
compared with November, 1936, by class of con¬
struction. is shown below for the same 1,502 cities:
were
offset by lower prices of gasoline to leave the index of the fuel and
lighting
materials group unchanged from that of a week ago.
It is also at the same
and is based
housekeeping
new
compared with October.
The percentage change
despite higher prices reported for print cloth, tire fabric, cotton yarn, raw
silk, and hosery tram.
These increases
in the
dwellings for which permits were issued in these cities, a decrease
The index of the textile products group was forced down slightly by lower
prices reported for cotton handkerchiefs, drillings, sateen, bleached sheeting,
as
—14.9
—22.7
Total
prices for scrap steel and caused the metals and metal products group to
move downward 0.2%
to a level which is 96.2%
of the average of this
level
Estimated, Cost
Number
The decrease was due to lower prices
reported for yellow pine lath and flooring, red cedar shingles, door knobs,
amounted to $1,963,000; for
1937, the value of these public buildings
October, 1937 to $2,982,000; and for Novem¬
ber, 1936 to $7,469,000.
Permits
were
issued in November
for the following important building
In Greenwich, Conn., for a fire house and police station to cost
Chemicals and drugs
projects:
Housefurnishing goods
nearly $300,000; in Boston, Mass., for a dispensaryjbuilding to cost nearly
Miscellaneous
$500,000; in New York City—in the Borough of the Bronx, for apartment
Raw materials-
Semi-manufactured articles..
Finished products
All commodities other
houses
than
farm products
All
commodities
farm products
houses to cost
to
cost
houses
to
cost
cost
other
over
$6,600,000; in the Borough of Brooklyn, for apartment
over
$1,100,000; in the Borough of Queens, for apartment
$1,150,000; in Philadelphia,
and foods..
ings to cost over $300,000; in Chicago. 111., for office buildings to cost over
$500,000; in Lafayette,
*
Not computed.
Pa., for a school building to
nearly $1,400,000; in Pittsburgh. Pa., for store and mercantile build¬
than
nearly
$500,000;
in
Ind., for a dormitory, Purdue University to cost
Detroit,
Mich.,
for
factory
buildings
to
cost
over
Volume
Financial
146
marcantile'buildings
$250,000, and store and
to cost nearly $400,000;i n
Houston, Texas, for store and merchantilejDuildings to cost over $300,000;
and in Los Angeles, Calif., for store
$300,000.
-
.
silk
coffee, beverages, oil seeds, and raw
were
larger in value than in
October.
of Imports of grain, the quantity of practically all
With the exception
trade was substantially
corresponding month of 1936. As a result
of the large harvests this year, exports of grain and feed continued to move
abroad in considerable quantities, while imports of such products, which
leading commodities in both the import and export
OF BUILDING
COST
cocoa,
and mercantile buildings to cost nearly
.
CONSTRUCTION. TOGETHER WITH
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW DWELLINGS
IN 1,502 IDENTICAL CITIES IN NINE REGIONS OF THE UNITED
STATES, AS SHOWN BY PERMITS ISSUED, NOVEMBER, 1937
ESTIMATED
25
Chronicle
larger in November than in the
large
were
showed
a year ago,
a
further reduction.
brought the value of exports, including
The November changes in trade
New Residential Buildings
No.
Percentage
Geographic
Division
Cities
Change from
Estimated
Percentage
Families
Provided
of
Cost
first 11 months of 1937 and the value of
The increase in exports over the value
of 1936 was 36%, while that in imports over the
reexports, to $3,026,872,000 for the
Change from
general imports to $2,875,202,000.
the first
in
11
months
corresponding period of 1936 was 32%; the
for
Nov.,
Oct.,
Nov.,
Nov.,
Oct.,
Nov.,
1937
1937
1936
1937
1937
1936
respective increases in quantity
approximately 27% and 17%.
were
MONTHS
MERCHANDISE TRADE BY
1,502
New England
133
365
10,695
-7.7
-27.4
—21.0
605
—3.2
—15.7
+ 37.4
+3.0
—11.9
—35.4
3.215
1,527
+ 34.4
—22.4
—20.7
—28.5
3,056,323
Middle Atlantic
-26.5
1.1
$43,713,688
15,392,241
7.806,789
All divisions.
Exports,
Including
Re-exports,
General
and Balance of Trade
Imports,
M
11 Months Ended. Nov.
November
Exports and Imports
Central.
327
West North Central.
134
1,940,031
—21.5
—49.4
534
—25.5
—45.6
South Atlantic
176
4,603,806
658,652
—16.4
—45.6
1.216
—27.5
—51.0
—29.8
—54.4
296
—16.9
—21.5
2,532,430
857,630
6,865,786
—19.4
—22.4
915
—24.3
—19.5
—30.6
—27.6
319
—27.5
—16.3
Exports
—14.0
—33.8
2,068
—7.9
—27.7
Imports
Increased)
Decreased)
East North
East South Central..
62
West South Central.
94
62
Mountain
149
Pacific
New Non-residential
Total Building
1937
1,000
Dollars
Dollars
Dollars
Dollars
314,682
223,226
2,226,178
+ 800,694
2,177,431
3,026,872
2,875,202
29,964
91,456
48,747
151,670
of 1930)
Oct.,
1937
1936
+ 19.4 105,769,879
—14.9
—10.7
+ 29.8
—6.8
—8.3
—43.2
+ 77.5
7,957.999
38,657,986
—15.3
+ 23.3
East No. Cent.
5,934,587
2,658,148
—29.6
—25.1
—23.7
+ 78.1
+8.3
+ 5.7
3,518,504
752,232
1,766,509
902,388
3,690,869
—2.6
—12.6
18,201,373
6,814,943
11,204,233
—23.6
+ 11.2
—5.1
—27.8
—33.9
—30.6
West No. Cent
5,471.736
17,867,348
14,726,769
4,394,472
4,978,896
2,041,547
Dollars
1,000
Dollars
Dollars
131,899
June
114,148
106,830
144,109
August
108,699
131,473
September...
October
132,037
153,090
160,119
193,069
185,026
164,151
165,459
170,244
173,230
200,772
185,693
180,390
171,984
114,203
119,790
July
108,015
105,217
198,664
182,024
195,113
192,795
160,197
170,519
161,672
101,513
April
153,972
154,876
135,095
172,220
162,752
190,938
179,427
120,589
May
—7.2 58,750,127
—30.1
2,808,846
Mid. Atlantic. 15,548,254
Dollars
1,000
Dollars
150,022
March
divisions.. 37,580,337
New England.
1937
1,000
1,000
January
$
1936
1,000
Dollars
Reexports—
Nov.,
February..
1936
1937
•
1935
1,000
Exports, Including
November,
1937
Nov.,
1934
1933
1932
Month or Period
Cost
Oct.,
$
All
Atlantic
172,126
198,803
221,296
220,539
264,949
East So. Cent.
West So. Cent.
Mountain
Pacific
176,223
163,007
191.313
—27.5
2.046.586
—30.3
November
138,834
184,256
206,413
194,712
—44.8
+ 20.5
—7.0
131,614
192,638
170,654
6.9
—23.7
3,074,227
1,094,986
December
—22.6
+ 4.2
+ 15.3
5,140,537
2,305,017
13,441,205
—32.7
—36.2
—8.1
—19.0
5,100,146
11
mos.
12
South
+697,771
.
Percentage
Estimated
Cost
1937
1,000
Dollars
Population
(Census
Change from
Percentage
Change from
Nov.,
1936
1,000
226,364
196,400
Excess of exports.
Excess of im ports
Construction
1937
1,000
Unci. Alterations & Repairs)
Buildings
Estimated
1936
1,000
mosended
178,975
269,838
226,364
223,469
*
222,665
233,125
256,565
268,946
289,922
265,341
268.185
277,829
296,713
333,136
314,682
229,800
ended Nov.. 1,479,402 1,482,355 1,962,146 2,059,405 2,226,178 3,026,872
Dec.. 1,611,016 1,674,994 2,132.800 2,282,874 2,455,978
Decrease, less than 1-10 of 1%.
a
General Imports—
January
135,520
February
130,999
131,189
94,860
Manufacturing
April
126,522
88,412
May
in paper making have
1938, effective today
(Jan. 1).
The changes were announced on Dec. 27 and
restores price levels approximately to those in effect in the
third quarter of 1937, prior to advances effective Oct. 1.
The price reductions ranged from 12.3% to 14.3% and affect
three types of wood pulp, said the "Wall Street Journal" of
Dec. 28, which continued:
June
on
Several Types of Pulp Used in Paper
several types of pulp used
been lowered for the first quarter of
Prices
on
122,197
79,421
142,980
August
91,102
154,918
October
98,411
105,499
146,643
150,867
November
104,468
97,087
September.
December
11
mos.
ended
198,701
202,779
170,533
191,697
191,077
156,754
176,631
195,056
169,030
193,073
161,647
215,701
212,692
128,541
119,513
131,658
129,635
150,919
133,518
132,258
186,968
ended Nov.. 1,225,687 1,316,041
mos.
12
187,482
192,774
177.356
170,500
166,832
154,647
136.109
127,229
106,869
112,276
110,280
July
152,491
135,706
132,753
158,105
146,523
96,006
83,748
March
Prices Lowered
Dec.. 1,322,774 1,449,559
189.357
169,385
196,400
240,452
277,709
307,474
286,828
284,911
285,925
265,223
245,707
233,362
224,391
223,226
245,161
1,522,797 1,860,517 2,177,431 2,875,202
1,655,055 2,047,485 2,422,592
Imports for Consumption
Exports of United States Merchandise and
sulphite pulp the price cut was the sharpest, the new quo¬
On bleaches
On unbleached
sulphite pulp the new price of $50 a ton against $57 in the last quarter of
1937, and on soda pulp, the new price of $58 a ton against $65 a ton
price of $70 a ton.
tation being $60 a ton against the present
11
November
Mos.
Ended
Nov.
Exports and Imports
1936
currently.
Increased)
Decrease^—)
1937
1936
1937
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
When prices were advanced
Exports (U. S. mdse.)..
223,920
+ 788,312
Imports for consumption
200,304
2,192,303
2,183,747
2,980,615
for the
With
the approximate restoration of third quarter prices for the first three
monthB of next year, an operating balance should be restored for paper
311,198
212,377
2,808,802
+ 625,055
fc, !Only
Oct.
on
1,000
small volume of business has been done at the higher prices in
a
the fourth quarter this year,
it is pointed out.
1, paper makers did not raise paper prices to compensate
1,000
1,000
higher cost of the pulp, and therefore, they have borne the increase.
1932
Merchandise—
fe No change has been made in either bleached or unbleached
sulphate pulp,
1934
1935
1936
1937
1,000
1,000
1,000
1,000
1,000
Dollars
Exports—U. S.
makers.
1933
1,000
Month or Period
Dollars
Dollars
Dollars
Dollars
Dollars
June
nor
has
been
there
have been
109,478
July
selling above domestic pulps.
104,276
106,270
141.573
129,315
169,851
October
129,538
151,035
157,490
190,842
188,860
203,536
November
136,402
181,291
December
128,975
189,808
192,156
168,442
February
...
March
reduction in the prices of imported pulps which
any
169,577
159,617
187,418
176,490
157,161
167,902
159,128
146,906
151,048
...
151.403
January
...
132,268
April
May
Country's Foreign Trade in November—Imports
and Exports
August-.
September
The Bureau of Statistics of the
Department of Commerce
at Washington on Dec. 28 issued its statement on the foreign
trade of the United States for October and the 11 months
ended with November, with comparisons
1932.
The report is as follows:
Both exports and imports
as
a
exports,
1%
with
Compared
smaller.
ports
smaller and general imports were
1936 when trade through the
November,
curtailed by the Maritime strike, exports
was
were
$332,879,000 in October. 1937 and $226,364,000 in November, 1936.
(goods entered for storage in bonded warehouses, plus
amounted to $223,226,000 compared with
sumption
(goods which
immediately
channels
upon
197,020
181,386
167,278
167,865
169,683
177.006
267,258
175,825
217,925
262,173
223,920
220,931
229,671
274,359
226,666
196.040
218,184
Consumption—
128,976
293,509
329,807
311,198
166,070
194,296
199,776
228,734
260,224
295,929
281,287
166,756
189,008
278,642
155,313
186,377
189,590
168,482
January
134,311
92,718
February
129,804
130,584
84,164
125,047
152,246
March
123,176
153,396
141,247
175,486
April
91,893
88,107
May,
112,611
109,141
147,467
135,067
112,509
123,931
141,018
124,010
173,096
194,311
197.458
278,722
79,934
August
93,375
152,714
117,262
180,381
200,783
249,083
102,933
149,893
137,975
168,683
189,806
218,425
213,419
234.077
104,662
147,599
149,288
226,505
105,295
125,269
149,470
162,828
200,304
212,377
95,898
127,170
126,193
179,760
240.230
...
October
November
...
Decern oer
11
entered merchandising or con¬
arrival in
drawals from warehouse for consumption)
159,791
219,063
252,442
264,628
285,081
256,481
264,614
263,312
$224,391,000 in
October, 1937 and $196,400,000 in November, 1936.
Imports for consumption
179,381
192.405
189,574
ended Nov.. 1,447,177 1,457,413 1,931,694 2,022,149 2,192,303 2,980,615
ended Dec.. 1,576,151 1,647,220 2,100.135 2,243,081 2,418,969
September.,...
goods which entered merchandising channels immediately upon arrival in
country)
mos.
111,845
117,517
195,689
160,312
181,667
160,511
July
Exports, including reexports, amounted to $314,682,000 compared with
the
mos.
12
June
39% larger in value and imports 14% larger.
General imports
11
106,293
103,265
173,560
Imports for
Compared with the values in October,
including reexports, were 5%
Pacific Coast
by months back to
of the United States declined during November
result of seasonal influences.
128,553
....
118,559
99.423
ended Nov.. 1,229,196 1,305,843
mos.
12
mos.
ended
the country plus with¬
amounted to $212,377,000
1.509,810 1,859,145 2,183,747 2,808,802
Dec.. 1,325,093 1,433,013 1,636,003 2,038,905 2,423,977
GOLD
com¬
AND SILVER BY MONTHS
Exports. Imports and Net Balance
pared with $226,505,000 in October, 1937 and $200,304,000 in November,
1936.
November,
exports
1937.
exceeded merchandise imports by $91,456,000 in
For the first
exceeded merchandise imports by
$151,670,000.
The change from October in the value of
to smaller shipments of agricultural
Although
the
Exports and Imports
1936
months of 1937 merchandise exports
11
1936 mercnandise exports exceeded imports by
tobacco.
11
November
Merchandise
In the first 11 months of
1937
Mos.
1936
Ended
Nov.
Increased-)
Decreased)
1937
1,000
products, notably wheat, fruits, and
quantity of unmanufactured cotton exports was
1,000
1,000
1,000
1,000
Dollars
$48,747,000.
total exports was in part due
Dollars
Dollars
Dollars
Dollars
Gold—
Exports
127
slightly larger in November than in October, the value declined as a result
Excess of Imports.
27,434
30,968
52,194
1,087,048
1,598.490
75,836
22,110
1,059,613
+3,534
+511,442
1,567.522
Excess of exports.
of the recession in prices.
30,084
75,962
..
Imports.
||iAmong other leading commodities, exports of lubricants,
machinery showed
some decrease in
copper
and
November but exports of automobiles,
aircraft and iron and steel products increased over
those of October.
^ The decline in imports during November was primarily the result of
of grain, fruits, nuts, undressed furs, raw wool, petroleum
smaller receipts
products, precious stones, ferro-alloys, tin and works of art.
Imports of
Silver-
Exports.
411
527
2,730
4,306
+ 1.577
Imports.
4,451
10,633
180,550
68,726
—111824
4,039
10,106
177,820
64,419
Excess
of exports.
Excess of lm ports
.
26
Financial
Chronicle
Jan.
1,
1938
FACTORY, EMPLOYMENT AND PAYROLLS
Gold
(1923-1925 average=100)
Silver
Month or Period
1934
1936
1936
1937
1935
1934
1936
1937
Employment
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
4,716
363
338
11
859
1,248
612
51
Exports—
January...
46
23,637
734
1,661
611
February
March
Payrolls
',;;v
540
44
"39
2,315
665
13
April
May
37
62
51
1,780
49
5
4
June
6,586
166
81
2,404
206
1,789
1,741
Without Sea¬
Seasonal Varia'n
sonal Adjustm't
Nov.
346
3,128
1,693
2,885
1,717
1,547
1.426
1,638
£
Adjusted for
Nov.
Adjustm't
Nov.
Oct.
1936 1937 1937
1936 1937 1937
1937 1937
468
sonal
Nov.
Oct.
Nov. Nov.
Oct.
Without Sear-
1936
341
114
69
7
695
14,556
22,255
2,173
102
■::,f 32'
76
117
232
1,424
1,162
November
310
242
127
30,084
1,698
December
140
170
99
1,014
769
11 mos.end.Nov.
~52#19
1,791
27,434
2,730
62,759
1.960
27,534
15,538
16,551
18,032
12mos.end.Dec.
18,801
Durable Goods
2,965
July...
August
....
September
October
86
169
42
129
244
214
2,009
278
1,472
285
260
527
95.8
85.6 106.8
99.6 98.2 105.8 99.3
98.6 105.4
120.8 128.0 110.4 121.4 128.9 111.4 120.9 134.2 105.6
*
Machinery
380
612
Iron and steel
Transportation equipment-- 118.4 126.3 112.3 121.2 122.7 115.0 118.8 129.9 113.4
127.6 138.0 123.4 132.7 133.9 128.3 124.2 138.3
Automobiles
Lumber and products
30,968
4.306
126.8
64.9
65.2
60.6
62.9
57.3
59.0
57.3
58.7
60.6
105.6 109.4 106.7 108.9 112.7 110.0 100.5 109.9 102.0
54.9
60.8
65.3
69.4 67.8
61.8
66.4
66.2 63.2
61.1
63.7
69.6
71.4 67.3
66.3
68.2
67.2
69.4
Railroad repair shops
Nonferrous metals
Stone, clay and glass
s
Non-durable Goods
Imports—
January...
1,947 149,755
February....... 452,622 122,817
March
237.380
13,543
April.
64,785 148,670
May
35,362 140,065
June
70,291 230,638
July
52,460
16,287
August........
61,781 46,085
September.......
3,585 156,805
October
13,010 315,424
November
121,199 210,810
....
December
45,981
7,002
7,795
28,106
169,957
277,861
16,074
121,336
120,326
154,371
215,825
155,366
262,103
3,593
2,128
19,085
58,483
2,846
16,351
20,842
17,536
8,115
4,490
4,989
23,981
6,674
14,080
4,964
8,427
67,524 105,013
1,823
1,965
4,435
5,431
2,458
21,926
30,820
16,637
171.866 145,623
20,831
45.689
218,929
75,962
14,425
15,011
48,898
8,363
26,931
60,065
4,451
8,711
47,603
2,267
92,249 190,180
176.624
90,709
52,194
57,070
11,002
13,601
10,444
30,230
11 moe.end.Nov. 1094421 1550800 1087048 1598490
94,014 306,928 180.560
12moe.end.Dec. 1186671 1740979 1144117
102,725 354!631 182,816
6.589
2,821
3,165
6,026
4,476
68,726
96.4 104.4
91.9
98.8 104,8
71.3
84.2
87.2
85.5
90.4
86.9
91.9
98.8
71.0
81.0
86.7
103.1 107.4 118.4 101.1 112.1 116.0
68.8
87 0
89.0
54.5
68.3
67.3
113.8 113.8 113.4 114.3 125.0 114.1 115.7 125.0
108.3
-
B.
Wearing apparel
86.1
Leather products
Food products
Tobacco products
94.9
88.8
59.7
.
97.3
59.3
62.4
89.5
80.7
63.0
65.9
62.6
57.2
84.6
54.8
57.9
98.6
105.0 107.0 103.6 106.4 107.9 105.0 101.6 105.1
Paper and printing
Chemicals & petroleum prod. 120.6 123.7 118.1 122.4 126.6 119.7 132.0 137.5 114.7
A. Cbem,
group,
except
petroleum refining.. 119.9 123.4 117.4 122.1 126.7 119.4 129.5 136.1 113.3
123.6 124.4 121.1 123.6 125.7 121.1 140.3 142.3
B. Petroleum refining
5,701
10,633
91.5
Textiles and products.A. Fabrics
91.6
Rubber products
99.4
98.1
92.1
97.7 100.0
94.3
83.3
Note—Indexes of factory employment and payrolls are for payroll period
nearest middle of month.
November, 1937, figures are preliminary.
119.1
101.2
ending
Summary of Business Conditions in United States by
Board
Monthly
Business
Indexes
Federal
of
Board
Reserve
of
Governors
of
Governors
Volume
Federal
of
of
Reserve
Industrial
System—
Production
Con¬
tinued to Decline
System
The Board of Governors of the Federal Reserve
on Dee. 23 its
monthly indexes of industrial
System
produc¬
tion, factory employment, &c., containing additional infor¬
mation not heretofore included in this
monthly compila¬
issued
tion.
of
November
The Board of Governors of the Federal Reserve
System
Dec. 24, its monthly summary of general business
and financial conditions in the United States, based upon
issued,
on
statistics for November and the first three weeks of Decem¬
ber, in which it stated that "in November, volume of indus¬
The indexes follow:
trial
;v'business
production continued to decline sharply, and employ¬
payrolls also decreased. During the first half of
November commodity prices declined further but for the
past month they have been steady," says the Board, which,
in its summary, had the following to say:
indexes
ment and
(1923-1925 average=l00)
Adjusted for
Without
Seasonal Variation
Seasonal Adjustment
Nov.
Industrial production, total
Nov.
Nov.
Oct.
1936
1937
1937
1936
p9 0
....
.......
Construction contracts, value, total..
Residential
All other
Factory employment, total
103
p8 7
101
115
P88
99
115
113
112
122
58
49
36
72
98.4
89.9
100.2
102.9
•mm'",'
Duraole goods
Non-durable goods
Freight-car loadings
Department store sales, value
Department store stocks, value
m
m
115
to
in November, reflecting chiefly a sharp reduction In the manu¬
90%
There was a further curtailment of activity at
facture of durable goods.
39
61
62
decline of one-third from October.
96.9
steel production was
of 38% of capacity, a
steel mills and output for the month was at a rate
100.5
In the first three weeks of December
at about 28%
Output of lumber and
of capacity.
■
97.5
91.0
103.6
103.3
100.1
90.7
tion showed considerably less than the usual seasonal increase.
101.7
88.9
of non-durable goods, which had decreased by a
98.2
92.9
this year, declined
71
76
82
72
84
84
p91
.
;
P89.3
P89.6
mm
"mm
Employment
measured by the Board's seasonally
as
P88.9
«...
mm
■
--
output,
35
p32
p59
p94.7
p92.3
P97.3
96.2
96.7
P97.0
Factory payrolls, total
V
40
65
103
p91
of industrial
adjusted index, declined from 103% of the 1923-1925 average in October
51
p53
p34
p69
114
p91.3
;
......
Volume
115
52
pill
p47
p94.1
Durable goods....:
Non-durable goods
Production and
Nov.
1937
pi 08
Manufactures
Minerals
Oct.
1C37
93
94
105
77
71
pl02
P87
103
P77
85
80
plate glass also declined substantially in November, and automobile produc¬
Preliminary.
Note—Production, carloadings and department store sales Indexes based on
dally averages.
Construction contract Indexes based on three-month moving average of F. W.
Dodge data for 37 Eastern States.
Employment index, without seasonal adjustment, and payrolls Index compiled
by Bureau of Labor Statistics.
activity at sugar refineries.
November.
in
an increase
In
Output of minerals, as well as manufactures,
There
marked decreases in output of bitu¬
were
coal and in iron ore shipments, while crude
minous
petroleum production
continued in large volume.
Total value of construction contracts awarded, as reported by the P. W.
Dodge
Corp., showed little
December.
chiefly
INDUSTRIAL PRODUCTION
by
in output of textiles and shoes, partly offeet in the total
declined
Production
substantial amount earlier
further in November, reflecting a continued reduction
Awards
for
change in
half of
reflecting
November and the first
privately-financed
further reduction
a
projects
building,
in residential
declined,
while
for
contracts
publicly-financed work increased.
(1923-1925 average=100)
Employment and payrolls at factories showed an unusually sharp decline
between the middle of October and the middle of
Without
Adjusted for
Seasonal Variation
Seasonal
decreases
were
Adjustment
Nov.
Oct.
Nov.
Nov.
Oct.
Nov.
1937
1937
1936
1937
1937
1936
also
in
employment
with
was at
the
number
November, and there
in trade
employed
and other non-
The Board's seasonally adjusted index of factory
manufacturing lines.
94% of the 1923-1925 average in November as compared
In the steel,
level of 102 last summer and 96 in November last year.
a
machinery, lumber, and textile industries the number employed decreased
Manufactures
by substantially more
Durable Goods
Iron and steel
than the usual seasonal
amount, and there was
usual at this
decline at automobile factories, although an increase is
68
100
137
63
98
127
some
Pig Iron..
67
95
99
68
95
100
season.
Steel ingots
68
101
141
62
98
130
92
142
105
111
100
127
*
*
34
12
151
179
164
115
141
97
pl5
20
21
Automobiles
Locomotives
34
11
Plate glass..
Tin dedverles
151
179
164
Beehive coke..
2*14
20
20
.
P80
;
91
93
104
128
be $8,500,000,000, as compared with
105
129
over a
89
109
95
89
121
110
125
74
76
100
81
64
96
102
115
110
119
115
120
122
117
126
139
139
169
137
153
Newsprint production
Newsprint consumption
Distribution
Distribution of commodities to
86
86
83
93
96
90
101
73
83
79
69
65
63
67
63
63
66
*
*
150
*
*
160
sales at variety stores
....
I
__I
II
at
department stores, and mail order sales decreased considerably, while
88
116
p79
97
112
*
80
104
*
84
102
*
by approximately the usual seasonal amount.
85
111
♦
88
109
52
79
*
62
75
92
112
*
96
111
188
*
218
189
*
277
241
217
.....
II
Kerosene..
110
92
♦
I"
Tobacco products
155
..I
Cigars
Cigarettes....
Manufactured tobacco
155
150
115
100
*
147
124
*
Fuel oil...
Lubricating oil
134
114
167
158
"90
207
71% of the 1923-1925 average
average
73
75
86
221
209
219
83
82
86
81
85
83
Minerals
Bituminous eoal
p75
83
95
Anthracite
P65
55
69
P175
p85
92
106
70
71
150
Silver.
p
152
p67
pl74
177
91
110
34
156
100
108
112
99
#
90
106
The decline from October to
November reflected principally marked decreases in loadings
miscellaneous
of coal and
freight.
Commodity Prices
The
general level of wholesale
commodity prices, which
had declined
sharply from the latter part of September to the third week of November,
shown
little
Prices of non-ferrous metals,
change since that time.
leather, wool, textile yarns, and finished cotton goods have declined some¬
what further in this
100
91
adjusted index for that month was
compared with 76% in October and an
period, while steel scrap, hides, rubber, cotton, print
93
115
*
Iron ore
176
40
108
Petroleum, crude..
Zlnc_—
as
of 81% in the first half of the year.
153
89
233
73
221
1
Freight-car loadings declined by considerably more than the seasonal
amount In November and the Board's
has
Preliminary information for
showed little change.
P82
the first half of December indicates that department store sales increased
...
Gasoline..
Data not yet available,
There was a slight decline in sales
*
Cattle hide leathers.
Calf and kip leathers.
*
which earlier had been main¬
consumers,
tained, declined slightly in November.
*
Tanning
Goat and kid leathers.
Petroleum refining
The increase
of
$7,918,000,000 in 1936.
due primarily to increased income from marketings
64
....
Leather and produots
Cash income In 1937 is expected to
wheat, tobacco, and fruits and to larger Government payments.
167
3
II
Sugar meltings
anticipated, largely because of price
124
...
...
year ago is
133
_H
Cattle
....
will be lower than had been
97
i
earlier but that cash farm
will be about the same size as forecast
95
86
Sheen...
crops
declines both for crops and livestock.
p83
Slaughtering and meat packing......
Wheat flour
Agriculture
Department of Agriculture estimates recently issued indicate that most
125
105
Calves
foods and tobacco which showed little change.
W/'. /v
121
101
94
the seasonally adjusted indexes for
in
123
91
*
Hogs.....
declines also
were
most other lines, except
income
Nondurable Goods
Textiles
Cotton consumption
Silk deliveries
There
Preliminary.
cloths, and bituminous coal have recently shown
some
advance.
Bank Credit
Excess
reserves
of member banks showed
a
small decline but for the first
three weeks of December remained somewhat
over
$1,000,000,000.
Tbs
Volume
Financial
146
Increase in demand for currency
Chronicle
It
during December has been smaller than
27
previously required as a farming practice that producers have
was
usual, reflecting largely the effects of the recent sharp decline in business
their 1937 sugar beets on land
activity and payrolls.
three years 1934-35-36, or
Total loans and investments of reporting member banks in 101 leading
cities increased somewhat during
a
on
the four weeks ended Dec. 15, reflecting
tions, mostly in New York City.
by banks of the
A factor in this increase
a
one
of the
is
determination
give producers lour
to
Commercia
These
by having grown beets on land on which beets were not grown
(1)
are:
of the
options in
meeting the farming practice requirement of the sugar program.
the purchase
15 issues of Government securities.
Dec.
which had begun to decline in October, showed
oans,
was
effect
The
beets at least
was not in
of the acreage in sugar beets in 1937.
least 20%
growth of $190,000,000 in holdings of United States Government obliga¬
which
that they have an acreage of soil-conserving crops
customarily used in rotation with sugar beets equivalent to at
land
continuously in the last three years; (2) by having an acreage of soil-con¬
further reduction ^
serving crops on land customarily used in rotation with sugar beets, equi¬
Weekly
Lumber
of
Report
Dec.
valent to
Movement,
Week
Ended
of
the 1937
lumber
industry during the week ended Dee. 18,
1937, stood at 41% of the 1929 weekly average of produc¬
tion and 38% of average 1929 shipments, according to the
weekly report of the National Lumber Manufacturers As¬
sociation.
For the second consecutive week since May re¬
ported new orders were above production.
The week's
reported production was 9% less than new business booked
and
11% greater than reported shipments.
Reported
production and shipments were considerably less and new
orders slightly less, than in the preceding week.
Reported
production, shipments and orders were all appreciable below
the corresponding week of 1936.
The Association further
The
of
raw
beets
Reported shipments in 1937
were
1% above those of the previous year and cumulated new orders were 10%
below the 1936 record.
National production reported for the week ended
Dec. 18, 1937, by 6% fewer mills was 9% below the output (revised figure)
of the preceding week; shipments were 13% below shipments of that week;
orders were 3%
below that week's orders.
Production In the week
ended Dec. 18, 1937, was shown by softwood mills reporting for both 1937
and 1936 as 31%
below output in corresponding week of 1936; shipments
37% below last year's shipments of the
same
week;
orders were
new
45% below orders of the 1936 week.
During the week ended Dec. 18, 1937, 530 mills produced 140.855,000
hardwoods
of
softwoods
and
booked orders of 155,138,000 feet.
were
combined;
127,358.000
shipped
feet;
Revised figures for the preceding week
mills, 561; production, 154,229,000 feet shipments. 145,637,000 feet;
orders. 159.471.000 feet.
IJA11 regions but West Coast, Western pine and Northern pine reported
orders below production in the week ended Dec. 18 and all except Western
pine and Northern pine reported shipments below production.
All regions
reported orders below those of corresponding week of 1936; all reported
shipments below last year's week and all softwood regions but Northern
pine reported production below that of similar 1936 week.
SLumber orders reported for the week ended Dec. 18, 1937, by 458 soft¬
wood mills totaled 151,028,000 feet; or
same
sugar
or
sugar-beet and sugar-cane producers
100 pounds
commercially recoverable from their 1937 production of sugar
sugar
farming
provided
cane,
child
practices,
meet specified conditions regarding
they
labor,
and
sugar-beet
The
wages.
producers
cooperated in the 1937 Agricultural Conservation Program will also
who
receive
payment of 12 H
a
100 pounds for the raw sugar com¬
cents per
mercially recoverable from the normal yield of beets or cane on the acreage
in
these
crops
in 1937.
«.
Quotas for 1938 Announced by Secretary of
Agriculture Wallace—Total of 6,861,761 Short Tons
Raw Value—Below Final Quota for 1937 of 7,042,733
Sugar
reported weekly by regional associations representing the operations of
feet
...
Tons
important hardwood and softwood mills.
were
acreage.
receive conditional payments equivalent to 60 cents per
may
Lumber production in the year 1937 was approximately 2% above 1936,
new
sugar-beet
The Sugar Act of 1937 provides that
reported:
as
20% of the acreage in sugar beets; (3) by a combination of (1) and
(2), or (4) by applying specified amounts of superphosphate to one-third
18, 1937
Shipments
mills.
as
reported for the
feet, or 7% below production.
Production
JgReports from 92 hardwood mills give
Shipments
58% below production.
15% above the production of the
as
week
same
131,147,000 feet.
was
business
new
121,829,000
were
as
Production
was
Under the Sugar Act
of 1937 the Secretary of Agriculture is required to
establish in December of each year the quotas for the following calendar
The quotas so determined may be adjusted upward or downward
year.
during the year in
accordance with
changes in
consumption and other
factors.
Under the Sugar Act, the Secretary In estimating the consumption re¬
quirements, is directed to base his estimate upon the actual distribution
of sugar during the 12-month period
ended Oct. 31 and to make an allowance
for "a deficiency or surplus in inventories
of sugar, and changes in consump¬
computed from statistics published
tion, as
Government with respect to inventories
by agencies of the Federal
of sugar, population and demand
conditions."
4,110,000 feet, or
reported for the same week were
529,000 feet, or 43% below production.
!
Secretary of Agriculture Henry A. Wallace on Dec. 20
announced sugar quotas for 1938 totaling 6,861,761 short
tons, raw value.
This total represents the estimated re¬
quirements of sugar for the United States in 1938.
The
total for 1938 of 6,861,761 tons compares with total final
quotas for 1937 of 7,042,733 tons (and an initial quota for
1937 of 6,682,670 tons under the Jones-Costigan Act).
Both
the estimate of consumption and the allocation of the quotas
have been made by Secretary of Agriculture Wallace as pro¬
vided in the Sugar Act of 1937 and are contained in General
Sugar Quota Regulations, Series 5, No. 1.
An announcement
by the Agricultural Adjustment Ad¬
ministration, issued Dec. 20, said:
The following tabulation gives the
well
as
9,708,000 feet.
1938 quotas for the various areas
as
the initial and final quota for 1937:
(Sigures In Short Tons, Raw Value)
Identical Mill Reports
Last week's production of 451 identical softwood mills was
feet, and a year ago it was 188,562,000 feet; shipments
Initial 1937
130,421,000
Under the
(Under
Jones-Costigan
Sugar Act
Act
of 1937)
1,591,390
1,613,576
al,417,009
431,415
270,664
472.337
963,149
976.685
a984,210
819,344
831,608
897,063
1,057,416
9,155
1,035,742
5,462
a998,499
10,023
1.962,771
27,121
1,922,423
26,610
2,148,951
114,641
6,861,761
6,682,670
7,042,733
121,434,000 feet, and 193,373,000; and orders received 150,436,000 feet,
and 275,132,000
feet.
Continental United States Sugar beet area
Continental
Increase
of
3.3% Noted in Sugar Consumption in 14
European Countries During First 10 Months of 1937
Consumption of sugar in the 14 principal European coun¬
the first 10 months of 1937, January through
October, totaled 7,344,075 long tons, raw sugar value, as
compared with 7,107,328 tons consumed during the corre¬
sponding period last year, an increase of 236,747 tons, or
approximately 3.3%, according to Lamborn & Co., New
York, which further said:
tries during
The 14 countries included in the survey are Austria, Belgium, Bulgaria,
Czechoslovakia,
France,
Germany, Holland, Hungary,
Irish
Free State,
Italy, Poland, Rumania, Sweden and the United Kingdom.
Sugar stocks on hand for these countries
on
2,667,300 tons, as against 2,713.400 tons on the
Nov. 1, 1937, amounted to
same
date in 1936,
a
decrease
of 46,100 tons, or approximately 1.7%.
The estimated beet-sugar crop for the coming 1937-38 campaign for the
sugarcane
area,
compared with 5,898,000 tons last
season, an increase
raw
of 495,000
Louisiana
and Florida
Territory of Hawaii
Philippine Islands
Virgin Xalands—^...i.—.^——
Cuba
-
Foreign countries other than Cuba
Total
-
Net quota after
a
determination of deficiency.
Under the Sugar Act, the
to other areas able to
deficit in supplies of any area may be allotted
supply such deficit.
Section of the AAA on Dec. 22 announced the
for foreign countries other than Cuba for the
1938.
The total 1938 quota for those countries
is 27,121 short tons, raw value, as noted above, and this
quota has been prorated in pounds according to the provi¬
sions of the Sugar Act of 1937.
The quotas follow:
The Sugar
initial quotas
calendar year
14 principal European countries, according to advices received from F. O.
Licht, the European sugar authority, Is placed at 6,393,000 long tons,
sugar, as
Country—
Pounds
15,840 Haiti. Republic of
222
Brazil
Modifications
in
Farming
Require¬
ments of Sugar Beet Producers for Payments Under
Sugar Act of 1937
Agricultural Adjustment Administration announced
Dec. 21 modifications of the farming practice requirement
for 1937 to be met by sugar beet producers who apply for
payments under the Sugar Act of 1937.
The making of
payments under the Sugar Act is contingent upon Congress
making funds available for this purpose.
The modifications
provide optional methods by which farmers can comply
with the farming practice requirement which, under the
Sugar Act, is one of the conditions which must be satisfied
in order for a producer to receive a payment.
The Adminis¬
tration's announcement continued:
Canada.—-.---.----------China and Hong Kong
Colombia
-
The most important modification has been the addition of a provision
and qualify the farm for
a sugar
payment.
of the 1937 sugar-beet
Other changes make it
possible to meet the farming practice requirement by a combination of soilving practices and crop rotation.
The new provisions have been made
determination of farming practices which has been formally
effective in
a
approved.
The determination also applies to
sugar-beet producers will be the principal
The changes
were
ones
sugar
cane,
but in effect
affected by the determination.
made following recommendations of sugar-beet
sentatives and surveys by the AAA.
Czechoslovakia
Dominican Republic
Dutch East Indies
Dutch West Indies
France
Germany
Guatemala
Sugar
>
repre¬
1,301
28
613,102
313,084
290
22,382
286,121
7,246,410
229,704
7
190
363,927
Consumption
in
Japan
Mexico
Netherlands..
-----
Nicaragua
Peru
Salvador
United Kingdom
Venezuela
Sub-total
1,001,487
3,730,055
1,903
4,356
6,554,635
236,747
11,106,817
12,077,314
8,919,943
381,058
315,135
53,742,000
Unallotted,eserve
500,000
127
.
Rico
Total
Quotas for
1938
54,242,000
Hawaii and
Announced
Puerto
by AAA
Agricultural Adjustment Administration announced
Agriculture Henry A. Wallace
has established the 1938 sugar quotas for local consumption
in the Territory of Hawaii and in Puerto Rico.
The quota
for local consumption in the Territory of Hawaii is estab¬
lished at 29,285 short tons, raw value, and the quota for
local consumption in Puerto Rico at 73,851 short tons,
raw value, said the AAA, which added:
The
on
that superphosphate may be applied to a proportion
conser
Malaya
Costa Rica
The
acreage
British
Pounds
Honduras--
319,815 Italy
Belgium
Announces
Quotas in
Quotas in
Country—
Argentine
Australia
tons, or 8.4%.
AAA
Final 1937
1938
Quota
respectively
were
Dec. 29 that Secretary of
These quotas were
and
are
established in accordance with the Sugar Act of 1937,
contained in General Sugar Quota Regulations, Series 5, No. 2.
The local consumption quotas,
which were not provided for in the Jones-
Financial
28
Chronicle
barrel, with a 3-cent differential for each degree up to and
including 26; then 2 cents differential for each degree up to
SI.36 for 40 gravity and higher.
Daily average crude oil production in California during
November was 701,988 barrels, contrasted with 694,481
barrels for October, the American Petroleum Institute an¬
nounced.
There were 101 wells completed in November,
with an initial daily production of 58,888 barrels, against 96
wells in October, having an initial flow of 62,767 barrels.
Costigan Act, will simplify determination of any allotments made tn those
areas.
The amounts of sugar for local consumption
two territories' quotas
will be in addition to the
for filling requirements in continental United States.
Its Products—Texas Oil Output Up
Sunday Shutdowns Cease—State May
Reconsider Curb Measures—Oil Companies Refuse
Wage Boosts to Mexican Workers—Russian Exports
Off 24.4% in Nine Months—W. S. Farish Sees Oil
Petroleum
and
Sharply
as
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Demand Maintained
The final full week of the year
1937
marked by
was
a
h
Bradford. Pa
Lima (Ohio Oil Co.)
avy
American
average
barrels,
The
Petroleum
Institute
reporting
that
Rusk, Texas, 40 and over
1.27
Darat Creek
1.09
1.35
Central Field, Mich
1.42
Western Kentucky
1.40
Mid-Cont't, Okla., 40 and above
Rodessa, Ark., 40 and above
Smackover. Ark.. 24 and over
daily
increase of 52,750 barrels over the preceding week.
1.30
Sunburst, Mont
Huntington, Calif., 30 and over
1.25
Kettleman Hills, 39 and over
1.22
1.22
1.42
0.90
Petrol la.
REFINED
production above the
spurt during the week brought
was
PRODUCTS—GASOLINE
BARRELS
Bureau of Mines December calculation of 3,491,300 barrels.
Texas
1.35
1.25
Illinois
production for week ended Dec. 25 came to 3,492,600
an
$1.27
$2.201 Eldorado. Ark.. 40
Corning, Pa
expansion in crude oil production throughout the country,
the
Jan. 1,
OF
1937
WITHIN
EASTERN
7,000,000
EX¬
OPERATIONS
PEAK—REFINERY
PAND—PANHANDLE
chiefly responsible for the increase during the
2.10
Canada
STOCKS
LINE
PIPE
INCREASES
CAPACITY
the Lone Star State's output rising 63,550
week,
The increment there
was
Gasoline stocks in the week ended Dec. 25
rose 1,149,000
74,437,000 barrels, according to the
American Petroleum Institute. This expansion brought the
aggregate to within 7,000,000 barrels of the 1937 peak of
81,651,000 barrels, which was established on March 31.
It was soberly reflected that a continuance of high refinery
generally believed to be the result of
of
the recent termination
barrels.
barrels
Sunday shutdowns in the East
field.
Texas
On top
of the expansion in Texas came reports that the
Railroad Commission is giving serious thought to restoring
the
Sunday shutdown in mid-Jaunary.
successful year
The State is closing
for its petroleum industry, producing
the
Sunday shutdown plan was to be studied.
There
a
included.
United States and British petroleum companies, in a state¬
ment to their
came
of
workers, asserted that they would not pay the
increases ordered
The initial
18.
by the Mexican Government
was
due
on
Dec.
31.
The
on
action
quickly after the halting by the Mexican Government
more
than 100 American-owned oil tank
cars on
their way
.out of Mexico.
The companies'
statement, in part, to the workers follows:
advise you that,
despite their efforts to reach a fair and equitable settlement
of the economic conflict between the oil industry and the
Syndicate of Petroleum Workers of the Mexican Republic,
the Federal Labor Board in its decision of Dec. 18 imposed
conditions of such a nature that it is absolutely impossible
"The directors of your company regret to
to
78.6%, a gain of 0.7% in the week.
Simultaneously with the announcement by the Pan¬
handle Eastern Pipe Line Co. of the completion of its
$12,000,000 construction program undertaken early in the
year, J. D. Creveling, President, stated: "House heating
installations in Detroit have increased so rapidly that gas
deliveries in Detroit for that purpose alone are expected
to run as high as 25,000,000 to 30,000,000 cubic feet a
day
this winter.
And development of the house-heating field
is only in its early stages in Detroit."
The market for light fuel oils in the East is a shade more
active. New York dealers report that oils are moving into
consumption channels at a rate which was expected. Inter¬
mittent reports are heard of higher prices, but as yet these
have not materialized.
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B* Refinery
New York-
Stand.
Oil N.
New York—
The Petroleum Press Service
reported that shipments of oil during the first nine months
of the current year aggregated 1,480,905 metric tons, a
slump of 466,402 tons, or 24.4%, from the corresponding
period a year ago. Soviet oil exports since 1934 have been
.
Meanwhile, another Soviet news item tended to explain in
for the recent strength of Royal Dutch shares
in international markets.
A dispatch out of Amsterdam,
dated Dec. 26, stated that negotiations are under way in
London between Soviet representatives and large oil trusts
regarding a settlement* of indemnification for confiscated
foreign oil concessions.
W. S. Farish, President of the Standard Oil Co. (New
Jersey) stated Dec. 28 that the American oil industry looks
forward confidently to a maintenance or even a small in¬
crease in demand in 1938, in spite of the recent and current
decline in general industrial activity, and in spite of a
probable reduction in exports.
For 1937, he said, the industry made its best record for
net earnings since 1929.
With better earnings came a record
production of crude oil, with increased demand both for
domestic consumption and for export.
A dispatch out of El Dorado, Ark., declares that the State
on
Jan. 1
a
prora¬
tion schedule
carrying daily allowable of 10,329 barrels for
South Muller County field.
Per well allowables range from
25 to 386 barrels.
Fifty wells in the field are now producers
and seven additional completions are expected by the first
year.
World crude oil production in 1937 passed the 2,000,000,000 barrels mark for the first time in history, according to
preliminary estimates of the "Oil and Gas Journal."
The
output came to 2,031,655,000 barrels, an increase of 238,222,000 barrels, or 13%, over the preceding year.
Of the
1937 total the United States production of 1,276,000,000
barrels accounted for 62.8% of the world figure.
January crude oil production allowable for Oklahoma was
fixed at 550,000 barrels daily, the same as December, but
down 16,660 barrels from the estimate of the United States
Bureau of Mines, in an order issued Dec. 29 by the State
Corporation Commission.
The Standard Oil Co. of Louisiana has posted initial prices
on crude oil in Roanoke and North
Crowley fields, effective
Dec. 28.
For crude below 21 gravity it will pay 90 cents a
Shell Eastern
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
INorth
Texas
I New
$.04
$.055* I Los Angeles... .035*-.05
(Bayonne)
Orleans.-$.055*-.055*
I Tulsa
03J*-.04
Fuel Oil, F.O.B. Refinery or Terminal
N, Y. (Bayonne)—
Bunker C
iCallfornla 24 plus D
INew Orleans C
$1.25
$1.00-1.25 PhUa., Bunker C
2.20
I
Diesel 28-30 D
$1.05
1.35
Gas Oil, F.O.B. Refinery or Terminal
some measure
of the
Citie*—
$.05
$.075* Chicago
-.055*
085* New Orleans.. .065*-.07
075* Gulf ports....
.055*
Tulsa
MVa-MH
Gulf
.08J*
.075*
.075*
Richfield 011(Gal.)
Warner-Qulnlan.
cut in half.
Board of Conservation will make effective
.08
__
Tide Water OU Co.
a
Other
Texas.
J__$.07>*
Socony-Vacuum
being diminished.
averaged 3,245,000 barrels
over the previous
estimated
spurt of 25,000 barrels
a
The capacity of refineries operating was
at
are interested in the international
modicum of cheer this week with the
disclosure that Soviet Russia's position in the world export
is
90,000,000-barrel mark.
daily last week,
comply with the award."
trade
bring about a situation where at the end of
heavy consuming season—stocks may
may
the
week.
Those in the oil trade who
situation received
of
Runs of crude oil to refineries
were
jected to further shut-ins unless the remainder of the State is
total
a
March—start of the
exceed
Commissioner Ernest 0. Thompson announced that
strong indications that the East Texas area will not be sub¬
wage
Dec.
operations
a
some
450,000,000 barrels of crude at an average price of $1
barrel.
to
N. Y. (Bayonne)27 plus
| Chicago—
|(
28-30 D
..$.045*1
$.053
[Tulsa
I
$.02j*-.03
Gasoline, Service Station, Tax Included
z
New York
z
Brooklyn
x
Not
jNewark
.19
I Boston.
Ended
The
$.1651 Buffalo
$.175
.181
city sales tax.
Average
Daily
daily
$.19
Including 2%
Crude
Dec.
American
25
Oil
Production
Placed
Petroleum
at
During Week
3,492,600 Barrels
Institute
estimates,
that
the
crude oil production for the week ended
Dec. 25, 1937, was 3,492,600 barrels.
This was a gain of
52,750 barrels over the output of the previous week, and
the current week's figure was above the 3,491,300 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 December.
Daily average pro¬
duction for the four weeks ended Dec. 25, 1937, is estimated
at 3,433,450 barrels.
The daily average output for the
week ended Dec. 26,1936, totaled 3,133,250 barrels. Further
details, as reported by the Institute, follow:
average gross
Imports of petroleum for domestic use and receipts In bond at principa
United
a
States ports
for the week ended Dec. 25 totaled 759,000 barrels,
daily average of 108,429 barrels, compared with a dally average of 1404285
barrels for the week ended Dec. 18 and 145,500 barrels daily for the four
weeks ended Dec. 25.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended Dec. 25 totaled 80,000 barrels, a daily average of 11,429
barrels,
compared with a daily average of 10,714 barrels for the week ended Dec. 18
and
8,286 barrels daily for the four weeks ended Dec. 25.
Reports received from refining companies owning 89.0% of the 4,159,000
barrel estimated daily potential refining capacity of the United
States*
indicate that the Industry as a whole ran to stills, on a Bureau of Mines'
basis, 3.245,000 barrels of crude oil daily during the week, and that alk
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 74,437,000 barrels of finished and
unfinished gasoline and 118,659,000 barrels
of
gas
and fuel oil.
Cracked gasoline production by companies owning 94.8% of the potential
charging capacity of all cracking units indicates that the industry as a whole*
on
a
Bureau of Mines* basis, produced an average of 750,000 barrels daily
during the week.
Volume
Financial
146
PRODUCTION
WEEKLY
ESTIMATED
OIL PRODUCTION
DAILY AVERAGE CRUDE
29
Chronicle
COAL,
OF
BY
STATES
(IN THOUSANDS OF NET TONS)
(Figures in Barrels)
(The current estimates are based on railroad car loadings and river shipments
n. of
and are subject to
Four
m..
Week
revision on receipt of monthly production reports from district
final annual returns from the operators.)
and State sources, or of
Week
Weeks
Change
Dept. of
State
Interior
Allotoable
Ended
Ended
Ended
Calcu¬
Dec. 1
Dec. 25
Previous
Dec. 25
Dec. 26
1937
Week
1937
1936
lations
from
Week Ended—
Dec.
State
Dec. 11.
1937
tDec.)
559,200
177,150
182,200
+ 3,500
72,550
60,450
64,150
32,900
167,050
90,250
Arkansas and Oklahoma
435,700
Coastal Texas
191,400
193,000
445,900
179,850
171,300
Iowa
Southwest Texas.....
93,050 —1,050
489,450 + 70,750
+ 750
249,600
71,900
72,700
33,000
191,200
93,450
588,800
186,000
Kansas
550,300 —19,850
176,700
—5,050
+200
1937
Dec. 12, Dec. 14, Dec. 14,
1935
1929
1936
Avge, 1
1923
595,600
Oklahoma.
550,000
Dec. 4,
176,150
2
North Texas
73,150
—
32,800
192,400
West Central Texas
West Texas
East Central Texas...
East Texas
+ 950
246,500
—3,000
2
2
3
283
251
267
229
436
349
110
85
106
58
146
83
Alaska..
Alabama
Panhandle Texas
.........
8
^
a
249
253
1
1
1,490
1,173
1,448
1,100
1,570
1,535
493
398
464
514
*
1
Illinois
179
208
157
192
Colorado
Georgia and North Carolina
8
8
Western
92
112
157
181
159
670
917
632
988
584
205
259
189
342
204
38
..... —
95
182
327
Kentucky—Eastern
468
75
175
876
Kansas and Missouri
372
85
205
Indiana
121
81,500
+ 7,400
170,850
252,350
North Louisiana
Coastal Louisiana....
+ 1,750
75,300
170,000
80,700
159,650
+ 9,150
245,300
240,350
28
41
40
64
li. 37
Michigan
1,399,800 X1357572 1,395,000 + 63,550 1,337,450 1,211,850
Total Texas.
12
9
22
16
20
Mi 21
Montana
85
79
84
62
80
New Mexico
35
32
42
33
53
Maryland
863
1
628
518
591
513
570
1,950
1,585
244.000
253,975
2,664
1,955
2,837
r 599
2,818
140
121
124
93
128
Ohio
Pennsylvania bituminous
33,900
East wa
45,300
+ 1,550
44,850
28,000
126,200
Arkansas....
136,100
+ 4,850
133,400
112,250
27.400
45,000
18,100
3,700
86,250
Michigan
61,800
51,200
—500
Wyoming
57,100
15,800
49,500
—2,450
13,550
4,450
—1,800
+ 50
Montana
Colorado...,
4,400
New Mexico.
104,100
14,950
4,300
106,950
107,750
107,600
Total east of Calif.. 2,811.900
California.....
52,250
49,900
2,787,700 +58,050 2,725,700 2,544,650
679,400
—5,300
704,900
y674,600
707,750
588,600
;
Tennessee
46
15
16
17
15
Utah
91
72
90
90
128
302
285
289
224
288
42
42
42
35
61
1,675
1,402
2,024
1,552
2,124
57
1,132
715
495
682
553
706
it 692
136
152
118
140
1
1
85
^■1 «6
Virginia
Washington
Virginia—Southern
West
a
Northern b
Wyoming
Other Western States
147
*
2
c
Allowable effective Dec.
Recommendation of Central Committee of California Oil Producers.
fe
173
8,080
10,882
1,216
8,370
1,140
11,805
1,920
9,900
859
11,155
All coal
y
100
H 193
#*
10,014
1,141
Total bituminous coal
8,939
12,098
9,510
13,725
11,706
3,492,600 + 52,750 3,433,450 3,133,250
x
827
Texas
Pennsylvania anthracite d
Total United States. 3,491,300
58
68
69
73
North and South Dakota.......
Total Louisiana....
1,806
10 again revised to 1,357,573, effective Deo. 18.
the N. & W.; C. & O.; Virginian; K. & M.; B. C. <fc G.:
and Clay counties, b Rest of State, Includ¬
Grant, Mineral, and Tucker counties, c Includes
Arizona, California, Idaho, Nevada and Oregon, d Data for Pennsylvania anthracite
from published records of the Bureau of Mines, s Alaska, Georgia, North Carolina,
and South Dakota Included with "Other Western States." * Less than 1,000 tons.
a
Note—The figures indicated above do not Include any estimate of any oil which
and
Includes operations on
the B. & O. in Kanawha, Mason,
on
ing the Panhandle District and
might have been surreptitiously produced.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED DEC. 25, 1937
(Figures In thousands of barrels of 42 gallons each)
Finished and
Unfinished Gasoline
to Stills
Stocks
Poten¬
Aver¬
Rate
P.
Total
C.
Oper¬
At Re¬
age
tial
P.
ated
fineries
Gas
and
C.
Fuel
Terms., Nap'tha
Distil.
&c.
East Coast..
669
669 100.0
516
77.1
Appalachian.
146
129
88.4
103
79.8
5,885
1,039
Ind., Hl.,Ky.
529
489
92.4
438
89.6
6,085
Okla.,
Unfin'd
in
Daily
Reporting
on
10,935
1,690
4,906
1,067
12,150
258
1 137
719
6,794
2,394
506
221
353
262
1,817
642
526
3,668
1,708
11,580
3,427
Canadian producers
452
383
84.7
272
71.0
Inland Texas
355
201
56.6
119
59.2
Texas Gulf..
833
797
95.7
702
88.1
3,866
1,713
8,265
La. Gulf
174
168
96.6
157
93.5
1,241
Mo
-
No. La-Ark.
91
58
63.7
42
72.4
88
41
Rocky Mtn.
California...
89
62
69.7
33
53.2
1,583
81
641
821
746
90.9
528
70.8
10.095
2~530
1,293
74,257
3,702
89.0
2,910
78.6
296
ounces
40,068
3,250
23,568
335
610
6,661 115,869
280
2,790
3,245
3,220
43,318
41,742
24,178
24,462
6,941 118,659
7,084 119,919
30 gold output in
Canada aggregated 3,376,121 ounces
compared with 3,095,435 ounces a year, it was slated
Montreal "Gazette" of Dec. 22, which continued:
during October.
ber
3.1%
advance of
An
was
in the
recorded in the production of gold in Ontario
The month's total was 217,118 ounces, while the
Septem¬
output was 210,680 ounces.
Ontario
the
Lake
Kirkland
Porcupine camp produced 96,355
area
80,618,
and
other
sources
ounces
40,145
in October, the
During
ounces.
September the Porcupine camp accounted for an output of 92,429 ounces,
Kirkland Lake area for 78,491, and other sources for 39,760 ounces.
xEst.tot.U.S
the
Dec. 25 '37
4.159
4,159
Dec. 18 '37
4,159
4,159
The
U.S.B. of M.
z3,002
xDec. 25 '36
Estimated Bureau of Mines' basis,
z
36,319
19,290
6,485'107,806
December, 1936 dally average.
Weekly Coal Production Statistics
Quebec output
increased
5.4%
in October
to 64,268 ounces from
output of 60,995 ounces.
During the first 10
months of 1937 gold production rose
4.2% to 581,156 ounces compared
with the output during the period January to October, 1936.
The average price of gold
on the New York market in October was
$34.99 per ounce in Canadian funds.
In September gold averaged $35
per ounce.;
Based on these average prices the October output in Canada
was
worth $12,555,672 and the September output $12,183,815.
the
x
348,109
produced, while in October, 1936, production
335,683 ounces.
During the 10 months ended
were
amounted to
In
...
issued by the
September
In
Statistics.
of
Bureau
Dominion
507
457
Reported
Est. unrpd..
reported an output of 358,836 ounces
gold in October, according to a statement
of
Oct.
Kan.,
Above
October
During
September—Output Totaled 358,836 Ounces
of
Finished
District
Canada
in
Production
Gold
Stocks of
Crude Runs
Daily Refining
Capacity
preceding
month's
The National Bituminous Coal Commission in its current
weekly report showed that the total production of soft coal
the week ended Dec. 18 is estimated at 8,752,000 net
tons, a decrease of 12.6% from the preceding week.
Pro¬
in
duction
in
the
week
ended
Dec.
19,
1936,
amounted
to
10,622,000 tons.
The United States Bureau of Mines in its report
that
stated
further gain was
made in the output of anthracite
Total production, amounting
to 1,185,000 tons, was 3.9% more than output in the week
immediately preceding, and 14.9% higher than production
in the corresponding week of 1936.
The consolidated report of both the above-mentioned or¬
ganizations follows:
a
for th6 week ended Dec. 18.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE
(IN NET TONS)
Quiet Trade in Non-ferrous Metals as Year Nears End—
Copper Easier Abroad
"Metal and Mineral Markets" in its issue
Bituminous coal:
Dec. 18,
1937
Dec. 11, 1937
Dec. 19,
Copper
Demand for domestic copper was
Total, Including mine fuel
Dally average
Pennsylvania anthracite: b
c8,752,000
10,014,000
1,669,000
10,622,000
cl,459,000
Total, Including mine fuel
Daily average
1,185,000
197,500
1,129,000
1,141,000
190,200
1,087,000
1,035,000
172,500
31,400
30,800
5,233
5,133
Commercial production.I...
Beehive coke:
United States total
Dally
reported:
19301
a
average
1,770,000
986,000
'
63,200
10,533
re¬
agreement was concluded for the purchase of Mexican silver
by the Treasury through the month of January.
The pub¬
lication further
Week Ended—
of Dec. 30
ported that business news was viewed as unfavorable, but,
so far as the domestic trade in non-ferrous metals was con¬
cerned there were no changes of consequence in the last week.
The steel rate dropped to a new low for the year, 19.2% of
capacity.
Spokesmen for the Administration said harsh
things about "big business," which upset the securities mar¬
kets and also brought out fresh unsettlement in the London
metal market.
Copper abroad was fairly steady early in
the week, but declined moderately in the last two days.
An
inactive, but, with no pressure from
10Kc., Valley. Sales for the week amounted to
3,408 tons, against 5,501 tons in the week previous.
Business booked here
so far this month totals 23,406 tons.
Fabricators also experienced a dull
sellers, the price held at
11c.,
December are expected to show another
gain in stocks, though not as large as in November.
Actual domestic con¬
sumption of copper during November amounted to 42,000 tons, trade re¬
period.
The price named by the large mine operators continues at
Valley.
Domestic statistics for
ports indicate.
Calendar Year to Date f—
Bituminous coal:
1937
1930
Italy and Japan in the
a
Total, Including mine fuel
Dally average
434,588,000
1,449,000
421,816,000
1,408,000
524,775,000
h47,679,000
163,600
h52,688,000
180,700
h70,441,000
241,700
1,741,000
Pennsylvania anthracite: b
Total, Including mine fuel..
Dally average
Commercial production.!
g
during the last week, with Russia,
market for fairly large quantities. Foreign sales
by the Cartel in the first 27 days of December totaled close to 65,000 tons.
Despite the severe contraction in business in copper in recent months,
the showing made by the domestic industry for the first 11 months of the
year remains rather impressive.
The 11 months' figures for the domestic
trade—duty-free copper—compare with those of the same period last year,
Foreign buying was good in spots
1929
g
g
in tons, as
follows:
Beehive coke:
United States total
Dally average
a
Includes for purposes of historical
Jan .-Nov.
3,106,500
10,321
1,711,500
5,686
6,318,600
20,992
comparison and statistical convenience the
production of lignite and anthracite and seml-anthraclte outside of Pennsylvania,
b Includes washery and dredge coal and coal shipped by truck from authorized
Subject to revision, t Sum of 51 full weeks ended Dec. 18, 1937, and
corresponding 51 weeks of 1936 and 1929.
g Comparable data not yet available,
h Sum of 50 weeks ended Dec. 11. i Excludes mine fuel,
—******
operations,
1936
production
Refined production
Deliveries—Domestic..—
......
....
1937
661,973
669,807
Blister
920,741
903,713
682,151.
784,435
47,780
58.670
729,931
Export..
843,105
171.291
221,676
c
^
Totals
Stocks, refined.
Nov. 30
-
Financial
30
;\v.:V('v
'
Lead
■;
v''
Demand for lead continued on a hand-to-mouth
1,900 tons In the previous
Involving a total of 1,421 tons, compared with
Producers
week.
basis
suming interests
January requirements
that
estimate
on
a
35,000-ton
The trade feels that curtailment In the auto¬
about 35% covered.
are
mobile industry will
basis during the last week.
eventually lower its lead requirements, but other con¬
believed to have reduced inventories sufficiently to
the near future.
Some in the industry
are
enter the market more actively in
delivery is the lowest since
believe that the volume of orders for future
St.
4.75c., New York, the contract
The quotation remained steady at
1935.
Smelting & Refining Co., and at 4.60c.,
settling basis of the American
Louis.
'
.
Zinc
<;
'
another uneventful week, the price holding on
the basis of 5c.» St. Louis, for Prime Western.
Sales for the last seven days
amounted to about 500 tons.
Unfilled orders of the Prime Western division
Zinc
through
passed
total slightly more than
53,000 tons.
Shipments to consumers during the
reflecting a low rate of actual consump¬
last week amounted to 3,482 tons,
tion.
November amounted to 1,904 tons, against
Imports of slab zinc during
Chronicle
Construction activity is at low ebb at the moment,
sized
projects
with 10,590 tons in the
totaled 37,655 tons, which compares
Correction—London
zinc,
buyers, for
spot,
Dec. 21
was
£15 7-16 per
Dec. 23 issue.
ton, and not £15 15-16 as reported in
A sludge
Grand Coulee
Dam,
work
on the
which bids will be taken early in January, will
on
require about 15,000 tons.
Three mills shared In
of 12H in. line pipe"for
order for 24,000 tons
an
shipment to South America, placed by the Texas Co. A 1,350-mile gasoline
line to extend from Texas to Iowa is being
projected, but may not come into
the market immediately.
A moderate improvement In steel plants operations is expected in the
first week of January, but further gains may be slow and halting until some
of the existing uncertainties have been swept away.
Steel scrap still points upward in some markets,
Cleveland, where advances of 50c.
Chicago and Philadelphia.
notably Pittsburgh and
have occurred, with no changes at
further rise of 17c. in "Iron Age"
a
(Cleveland not being included in this average)
composite price
scrap
a ton
This brings
advancejandi'aggr egatln? 83c.
$13.75, the fourth consecutive weekly
to
over
the November low point of $12.92
"IRON AGE"
THE
COMPOSITE PRICES
Finished Steel
Based
28, 1937, 2.605c. a Lb.
•
on
bars,
steel
One week ago-..--.—2,605c.
wire,
One month ago
One year ago
rolled strips.
2.605c.
2.330c
rails,
beams,
tank
plates
black pipe, sheets and
hot
These products represent
85% of the United States output.
Hioh
Tin
Low
1937
for little interest in tin buying, either here
The holiday period made
number of fair-
tons; another dam on the Mississippi River 5,000 tons; steel
Deo.
last year.
a
Ohio municipalities, 5,000
ton, W. Va., 1,000 tons; steel pipe for northern
period
same
but
pending requiring plates, shapes and pipe.
are
filter incinerator at Detroit will take 2,300 tons of steel; a bridge at Charles¬
Imports for the Jan.-Nov. period of 1937
554 tons in November last year.
Jan. 1, 1938
or
On Dec. 29, however, sellers
abroad, and prices reflected an easier tone.
2.605c.
Mar.
9
2.330c.
1936—
2.330c.
Dec. 28
2.084c.
Mar. 10
Oct.
1
2.124c.
Jan.
1935
—2.130c.
1934.
2.199c.
2
Mar.
8
2.008c.
1.867c.
2
2.015c.
Apr. 24
Oct.
3
Jan.
1933
Apr.
18
The trade believes consumers in some directions are interested in acquiring
1932
1.977c.
Oct.
4
1.926c.
Feb.
2
tin around the 40c. level, but for future delivery.
1931
2.037c.
Jan.
13
1.945c.
Dec.
29
noted more Inquiries for metal,
though sales were confined to near-by tin.
Chinese tin, 99%, was nominally as
The tin-plate industry
of capacity,
is estimated to be operating around 45%
a new
low for this
—
year.
Pig Iron
follows: Dec. 23, 40.675c.; Dec. 24,
40.500c.; Dec. 25, holiday; Dec. 27, 40.500c.; Dec. 28, 39.500c.; Dec. 29,
39.625c.
Dec.
28, 1937, $23.25
a
Gross Ton
One week ago
One month ago
«fe Ml J."
on average of basic iron at Valley
furnace and foundry irons at Chicago,
23.251
19.73 (
One year ago
DAILY PRICES OF METALS ("E*
(Based
$23.25j
Philadelphia,
Buffalo,
$23.25
.
and
'"'iyvLOW
High
1937...
Valley
Southern iron at Cincinnati.
QUOTATIONS)
Zinc
Mar.
9
$20.25
Feb.
16
1936..—
19.73
Nov. 24
18.73
Aug. 11
1935
Lead
Tin
Straits
Electrolytic Cower
18.84
Nov.
17.83
May 14
Jan. 27
1934
17.90
May
5
1
1933
New York
New York
St. Louis
Deo. 23
9.900
9.700
42.175
4.75
4.60
5.00
Deo. 24
9.900
9.675
42.000
4.75
4.60
6.00
Dom.,Refy. Exp., Refy.
Deo. 25
St.
Louis
16.90
Dec.
6
16.90
13.56
1932
14.81
Jan.
5
13.56
Dec.
6
1931
15.90
Jan.
6
14.79
Dec.
15
HOLI DAY
....
Deo. 27
9.900
9.675
42.000
4.75
4.60
5.00
Dec. 28
9.900
9.500
41.000
4.75
4.60
5.00
Dec. 29
9.900
9.376
41.125
4.75
4.60
5.00
Steel Scrap
Dec.
28, 1937, $13.75
One week
Gross Ton:
a
(Based
$13.58}
ago
One month ago
41.660
9.585
9.900
Average
4.75
4.60
5.00
3
Jan.
17.75
on
No.
1
heavy,
melting
quotations at Pittsburgh.
and Chicago.
12.921
One year ago
steel
Philadelphia
(
High
Low
Average prices for calendar week ended Dec. 25 are: Domestic copper, f.o.b.
refinery, 9.900c.; export copper, 9.715c.; Straits tin, 42.2350.; New York lead, 4.750o.
1937
$21.92
Mar. 30
$12.92
1936
17.75
Dec. 21
12.67
June
St. Louis lead, 4.000c.; St. Louis zino, 5.000c.; and silver, 44.750c.
The above quotations are "M. A M. M.'s" appraisal of the major United
1935
13.42
Dec.
10
10.33
Apr. 23
1934
13.00
Mar. 13
9.50
Sent. 25
12.25
Aug.
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.
1933
Copper, Std.
Lead
Tin. Std.
Copper
Jan.
Jan.
8
12
6.75
8.50
6.43
July
5
1931
11.33
Jan.
6
8.50
Dec.
29
3Af
(Bid)
Dec. 23
39X
39"j«
40 X
40'u
44
Dec. 24
3M
Spot
157%
44
Spot
Spot
15%
15%
15%
15%
15%
15%
15%
18Q%
185%
186 X
ZM
15%
15%
15*i.
15*11
14X
14X
14"m
ZM
15*i.
HOLI DAY
Dec. 27
Dec. 28...
39*»
39
43
183
Dec. 29
38 J*
39li»
42
181
182 X
181
15%
Correction—London zinc, spot, buyers, on Dec. 21 was 15Ti».
Prices for lead and zino 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
1936—
1937—
Nov. 23
(2.240 lb.).
Steel Price Issue Raised by Administration Spokesman
The Deo. 30 issue of the "Iron
Age" stated that the steel
price issue, having been officially injected into the present
uncertain situation by an Administration spokesman, maybecome of paramount importance in the trend of steel busi¬
ness during the early
weeks of the new year.
The steel
industry, through the American Iron and Steel Institute,has
only recently taken cognizance of criticism of price increases
made early in the year by stating that finished steel averages
only 6% higher than in 1926 while wage rates are 21%
higher and raw materials costs 17% higher than in that year.
The "Iron Age" further reported:
the United States
between
some
Committee for
March.
an
comes
steel prices
just
a
by the Assistant Attorney General of
few weeks before the opening of negotiations
of the steel companies and the
a
Dec.
74.3%
75.9%
76.0%
79.2%
7
Dec. 14
Mar.
Mar.
Mar.
Mar.
Dec. 21
77.0% Mar.
Dec. 28
77.0% Apr.
1937—
Jan,
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Apr.
4
79.4%
11
78.8%
18
80.0%
25
77.9%
1—79.6%
8
80.0%
15
81.6%
22
82.5%
Apr.
Apr.
May
May
May
May
1937—
1
June 21
85.8%
87.3%
15
88.9%
22
89.0%
29
90.7%
5
89.9%
12
90.3%
19
91.3%
20
92.3%
3
91.0%
10
91.2%
17.'
90.0%
24—91.0%
May 31
77.4%
June
76.2%
7
June 28
July
5
12
July
July
19
July
Sept. 27
76.0%
75.9%
75.0%
67.3%
82.7%
82.5%
84.3%
85.5%
26
Oct.
18
74.4%
66.1%
63.0%
55.8%
Oct.
25
52.1%
1
48.0%
41.0%
36.4%
31.0%
29.6%
27.5%
Oct.
4
Oct.
11
Nov.
Nov.
8
Nov. 15
Aug. 2
Aug.
9
Aug. 16
Aug. 23
83.2%
.83.8%
Dec.
0
Aug. 30
84.1%
Dec.
13
Nov. 22
84.0%
Nov. 29
Dec. 27
"Steel" of Cleveland, in its summary of the iron and steel
markets,
Dec. 27, stated:
on
In the final week of the year,
with production interrupted by holiday
closing and general hesitation, steelmakers look forward for the opening
weeks of 1938 to bring an improvement in
buying in all lines.
Consumers who have been delaying orders as far as
possible, to limit
their inventories, are expected to place business when the turn of the year
has passed and necessity for rigidly holding stocks as low as possible no
bearing
on
both
a
and prices in the
wages
lowering of
steel industry.
in the automobile inudstry
wages
longer operates.
The industry for weeks has had its eyes fixed on the opening of the new
year as a time for some
Already indications have appeared of
expansion.
better feeling and this is likely to continue in increasing measure.
manufacturing costs in
the improvement is expected to
an
effort to revive business.
The steel industry winds up 1937 with
than 20%, the lowest since September,
an average
1934.
operation of not
Fully
a
more
dozen steel plants
shut down completely and others
are operating at the barest minimum,
outstanding exception being the plants of the Tenessee Coal, Iron &
Railroad Co., which have attained
Despite the financial plight of
car loadings,
than in
a
65% rate by
some
reason or recent rail orders.
of the railroads and the decline in
the immediate outlook for railroad buying of steel is better
some
27.4%
23.5%
19.2%
Dec. 20
Sept. 7.-71.6%
Sept. 13
80.4%
Sept. 20
76.1%
Steel Workers Organizing
Meanwhile, the possibility of
an
an¬
1937—
June 14
8
points to the thought that is being given to liquidation of present high
are
27
renewal of the labor contracts that were entered into last
These negotiations, which are to be begun on Feb. 7, may have
important
on
1936, follow:
Dec.
on
Steel Institute
98% of the steel capacity of the industry will be 19.2% of
capacity for the week beginning Dec. 27, compared with
23.5% one week ago, 29.6% one month ago, and 77.0%
one year ago.
This represents a decrease of 4.3 points, or
18.3%, from the estimate for the week ended Dec. 20, 1937.
Weekly indicated rates of steel operations since Nov. 23,
Nov. 30
This formal attack
Iron and
3
nounced that telegraphic reports which it has received indi¬
cated that the operating rate of steel companies having
Zinc
Electro.
Spot
9
1932
The American
Daily London Prices
Nov. 16
other important fields.
The
St.
Louis-San
Francisco
Meanwhile,
a
number
delivery of which
will
of
be
be conservative for the early weeks of 1938.
projects involving large
spread over several
These include steel rails for track maintenance
battleships, tankers and
These requirements
automotive
require
a
production,
a
tonnages
months,
are
mills
while
considerable tonnage for
considerable backlog.
perhaps
equaling that
not
of steel,
developing.
vessels and some large structural
cargo
will give
a
However,
projects.
It is believed
of 1937,
will
large tonnage of steel.
has
Japan has closed for 50,000 tons of pig iron with southern producers,
placed 18,000 tons of rails and fastenings and the Southern Railway 15,000
tons of rails with the Tennessee company; the
Chesapeake & Ohio Is about
including both basic and foundry. This is the first large purchase of pig iron
by Japan in several weeks. Earlier in the year its purchases aggregated
to
buy 27,500 tons of rails and 8,000 tons of fastenings and the Pere Mar¬
quette 6,700 tons of rails.
freight
cars
The Western Maryland is inquiring for 1,100
and the Canadian National for 2,000 box
and five passenger cars, a $9,000,000 program,
part
cars, six locomotives
of which will be placed
in the United States.
several hundred thousand tons.
Japan is in the market for
a
substantial
tonnage of plates also.
Due largely to plant shutdowns for Christmas, as well as to light buying,
the national steel operating rate declined
The
slackening of production
was
four points last week to 23%.
general in practically all centers.
Pitts¬
On the other hand, the automobile industry, which has led the
way out
of previous slumps, is at an unusually low
point in production and in steel
burgh dropped five points to 14%, Eastern Pennsylvania four points to 25.
buying.
points to
Excepting Ford, the industry will be almost completely shut
down during the first 10 or 15 days of January.
of steel buying for automobile
Reflecting the
meagerness
production, the open-hearth furnaces of
Great Lakes Steel Corp. at Ecorse, Mich., are idle this week, an unusual
development, since the depression low for this plant was about 50%.
Youngstown 12 points to 18, Chicago half
19,
Cincinnati
points to 24.
Railroad
seems to
a
point to 23.5, Wheeling five
Buffalo two points to 14, New England two points to 28.
18 points to 36,
St. Louis one point to
15 and Cleveland 12
Detroit at 52% and Birmingham at 45% were unchanged.
buying,
always
an
important
element
in
the steel
market,
be pivoting on the possibility of an increase Ih freight rates early
Volume
In the year.
Financial
146
Western roatL» have outlined their requirements of rails at
Placing of small lots of rails and rolling stock
150,000 to 200,000 tons.
A southern mill has accumulated a
indicate pressing needs of the carriers.
Louis & San Francisco
backlog of rails to keep it busy well into 1938. St.
and fastenings and the Missouri Pacific
RR. has placed 18.000 tons of rails
900 tons of rails.
Chesapeake & Ohio is inquiring for 27.500 tons and Pere
Marquette for 6,900 tons.
Curtailment of assembly schedules,
automobile output last
General Motors produced
week.
due largely to the holidays, reduced
week to 67.230, nearly 15.000 less than the preceding
28.530, compared with 30,825 the week
barrels, according to the Bureau of Mines.
Production and
shipments of Portland cement in November, 1937, showed
decreases, respectively, of 15.8 and 8.4% as compared
with November, 1936.
Portland cement stocks at mills
were 12.5% higher than a year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
November, 1936 and 1937.
before; Chrysler assembled 10,950, against 15,850; Ford 20,615, compared
with 25,115 units; other
producers made 7.135
A
week before.
31
Chronicle
RATIO OF PRODUCTION TO CAPACITY
compared with 10,235 the
I
AV'A+/■
"
Nov.,
Steelmaking scrap continues to indicate better sentiment by a steady
Last week an advance of 50 cents was registered at
though gradual rise.
Chicago, other centers holding firmly. This is an increase of $1.50 at Chicago
during December.
Scrap prices in outlying sections from which steelmakers
supplies show a
regard present prices as attractive.
the fourth consecutive week "Steel's"
and
composite
For
making scrap
$13.58, a rise of 17 cents over the preceding week.
Production
Eastern Pa., N. J., and Md
U. S. Steel is estimated at 20 K% against 26 K% in
week before and 29%
weeks ago.
with
approximately
25%
The following table gives a comparison
2,942
918
643
518
555
1,447
Wis., 111., Ind. and Ky.__
1,040
1,018
889
690
Va., Tenn., Ala., Ga., Fla., &La.
1,002
658
975
867
1,610
1,697
Eastern Mo., Ia., Minn. & S. Dak
981
997
578
556
2,357
W. Mo,, Neb., Kan., Okla. & Ark
737
621
736
562
1,458
Michigan
56
—14
78
42
4
55
—
2
33
3
44^
2
31
3
13
3
64
19K
26K
60K
85
81
30
_
12K
20K
1932
—
1930
30
1929................
62
1928
—
—
—
28
3
2
12
3K
22
—4
70
36
83
1927.....
+
—
+
1
73
2 34
—
+
—
—
—
—
+
480
591
1,256
1,426
281
303
399
629
495
9,248
8,942
8,189
20,117
22,627
Portland
industry
cement
1936
1937
—
February
IK
3K
March
3,475
5,311
April
8.612
10,402
June
11,104
11,377
11,503
August
3K
—
2
+
2
Portland
November,
1937,
produced 9,248,000 barrels, shipped 8,189,000 barrels from
the mills, and had in stock at the end of the month 22,627,000
The Week with the Federal Reserve Banks
and decreases of $110,000,000 in money in circu¬
lation, $13,000,000 in Treasury deposits with Federal Re¬
serve
banks and $57,000,000 in non-menber deposits and
other Federal Reserve accounts, offset in part by a decrease
of $56,000,000 in Reserve bank credit.
Excess reserves of
member banks on Dec. 29 were estimated to be approxi¬
mately $1,160,000,000, an increase of $150,000,000 for the
week.
Inactive gold included in the gold stock and Treasury
cash amounted to $1,228,000,000 on Dec. 29, a decrease of
$5,000,000 for the week.
The statement in full for the week ended Dec. 29 in com¬
currency
parison with the preceding week and with the corresponding
date last year will be found on pages 62 and 63.
^Changes in the amount of Reserve bank credit outstanding
and related items during the week and the year ended
Dec. 29, 1937, were as follows:
(+)
or
Decrease (—)
Since
Dec. 29, 1937
$
:.V•-'KNv,
Dec. 22, 1937
Bills discounted
13,000,000
advances
(not
+ 8,000,000
-3,000,000
3,000.000
2,564,000,000
U. S. Government securities
Dec. 30. 1936
$
Bills bought...
+
1347000", 666
Including
$13,000,000 commltm'ts—Dec. 29)
—7.000,000
18,000,000
4,000,000
-53,000,000
-17,000,000
2,602,000,000
....12,760.000.000
-56,000,000
2,634,000,000
+ 4,000,000
+118,000,000
+1,509,000.000
+104,000,000
Other Reserve bank credit
Total Reserve bank credit
Gold stock
...
Treasury currency
—5,000,000
1936
1937
December.
a
5,837
3,177
8,443
7,186
9,182
10,272
11,634
11,163
11,597
11,894
11,240
11,890
12,645
12,237
18,975
12,624
12,291
18,920
12,347
11,223
12,619
12,773
12,470
11,374
13,089
11,190
10,977
_
3,917
12,599
May.............
6,616
9,248
8,942
8,189
112,396
+ 411,000,000
6,983,000,000 +128,000,000
110,000,000
+21,000,000
Money In circulation
6,571,000,000
-5,000,000 +1,252,000,000
Treasury cash
3,620,000,000
13,000,000
—91,000,000
Treasury deposits with F. R. bank..
140,000,000
Non-member deposits and other Fed¬
57,000.000
+138,000,000
eral Reserve accounts
682,000,000
22,686
24,394
5,163
22,971
25,059
7,879
21,126
20.571
18,738
25,622
25,747
25,493
24,011
23,370
22,940
21,388
18,079
a21,568
20,117
22,627
20,431
19,281
22,441
6,246
112,566
'..f
Revised,
4,689
12,521
11,823
8,971
........
:>•
i:-
Note—The statistics given above are compiled from reports for November received
by the Bureau of Mines from all manufacturing plants.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
CENTRAL
During the week ended Dec. 29 member bank reserve
balances increased $128,000,000.
Additions to member bank
reserves arose from an increase
of $4,000,000 in Treasury
Increase
1937
1936
3,650
Total...........
in
Stocks at End of
Month
Shipments
Month
July
—
:
BY MONTHS
Production
4
—
.
STOCKS OF FINISHED PORTLAND
AND
CEMENT
January
2K
Cement
Industrial
219
932
10,977
SHIPMENTS,
October..
The
213
1,204
444
..ii
....
PRODUCTION,
November
November Production and Shipments of
865
696
302
1,056
6
+
_
67
2K
503
1,651
2,635
1,734
331
September
5
492
578
1,910
2,311
1,274
Colo., Mont., Utah, Wyo. & Ida.
California
—11
5
—
'
444
Texas.
2^2
20H
—13
39
1931..
25
6
—
1934
1933
4H
—
68
49
1,700
3,064
1,698
755
Independents
22K
—
4,245
491
(In Thousands of Barrels)
—
1935
1937
3,847
838
of previous years, together with the
S. Steel
1,660
463
Total..
of the percentage of production
U.
1,733
497
approximate! changes in points, from the week immediately preceding:
Industry
1,540
against
27K% in preceding week and 28% two weeks ago.
1936
1936
1,057
Oregon and Washington.-
1937-...;.—-...-—-
1937
a
542
capacity according to the "Wall Street Journal" of Dec. 30.
This compares with 27% in previous week and 28% two
weeks ago.
The "Journal" further reported:
with the nearest corresponding week
1936
1,210
Ohio, Western Pa., and W. Va._
credited
1937
a
2,054
New York and Maine
are
Stocks at End
Shipments
of Month
1936
ended Dec. 27 (incl.
shade over 22}4% of
Steel ingot production for the week
the Christmas holiday) is placed at a
independents
54.4%
47.6%
District
The rise since the last
$38.90 and the finished steel composite at $61.70. show no change.
Leading
47.1%
The iron and steel composite at
week in November aggregates 83 cents.
two
53.1%
46.7%
(In Thousands of Barrels)
The composite for last week stands at
howed an increase.
Sept., 1937 Aug., 1937
52.0%
AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN NOVEMBER, 1936 AND 1937
of steel-
price
1937 Oct., 1937
43.7%
46.0%
SHIPMENTS,
PRODUCTION,
color to the belief some mills need further supplies
draw
1936 Nov.,
50.9%
41.5%
The 12 months ended
stiffening in prices, indicating supplies are light.
Scattered buying gives
The month
RESERVE CITIES
(In Millions of Dollars)
New York City
Dec.
29
Dec.
Chicago—
22 Dec.
30
Dec. 29 Dec.
22 Dec.
30
1937
1937
1936
1937
1937
1936
$
$
$
$
$
$
Assets—
Loans and investments—total..
7,857
7,869
8,749
1,925
Loans—total
3,513
3,518
<3,656
641
Commercial,
Industrial,
1,936
649
2,118
628
and
agricultural loans:
227
233
1,560
1,561
...
192
194
Loans to brokers and dealers.
719
714
217
-227
Real estate loans
129
128
Loans to banks.
34
36
239
196
3,031
34
31
*
395
400
♦
27
28
*
39
42
75
76
129
13
13
38
1
2
231
194
3,046
*
*
3,579
21
36
926
21
36
929 '
359
946
2,515
69
102
256
595
34
169
59
102
256
695
33
160
58
95
269
669
38
192
468
451
1,063
2,467
66
90
496
5,731
660
364
5,732
665
364
6,448
621
203
1,457
455
1,458
455
65
65
1,583
454
72
403
4
360
1,972
405
3
367
2,380
390
22
353
632
6
530
7
608
6
19
20
33
1,484
—.
Open market paper
*
2,005
On securities....
Otherwise secured & unsec'd
1,484
1,451
248
247
239
*
1,080
*
47
Other loans for purchasing or
carrying securities
*
*
14
6
Other loans:
On securities
Otherwise secured & unsec'd
U.S. Govt, direct obligations...
Obligations fully guaranteed by
United States Government.366
947
2,553
Cash In vault
61
Balances with domestic banks..
73
Other assets—net-—467
Other securities
-
Reserve with Fed. Res.
71
77
'
Liabilities—
Demand
banks--
*
*
1,126
deposits—adjusted
Time deposits
...
United States Govt, deposits...
Inter-bank deposits:
Domestic banks.
Foreign banks
Borrowings
—
Other liabilities...-.----------
Capital account
*
-
.—
Comparable figures not available.
Member bank reserve balances
Complete
Returns of
Reserve
As
Member Banks of the
explained above, the statements of the New York and
Chicago member banks are given out on
Returns of Member
Banks in New York City and
Chicago—Brokers' Loans
p
Board of Governors of 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 latter will not be available until the coming
Monday:
7'
Below is the statement of the
.
;
Federal
System for the Preceding Week
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
compiled.
will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
cities cannot be
In the following
Financial
32
Federal
Reserve System for the week
close of business Dec. 22:
the
\
■
,
condition
The
A
'
Decreases of $28,000,000 1
22.
e
.
;S?'«
?So ™8,'
.
,
InSmtlaT
•
Nearly all the higher officials of the Foreign Office
101
The Fore,
hope that
rI
deposits—adjusted,
demand
™
'ITm
credited to foreign ban
Aan,,naA
.na
all
reporting
Loans
banks.
member
to
$18,000,0001in New York
$65,000,000 in
exj8t|
declined
«i7nnnnnn
in
rifiveianH
the
$17,000,000 in the
without discussion,
Cleveland district.
Demand
nC.
..
...
.
nHnHna.1
'
19Q
£
nnn nnn.
ClevelandJapanese
Government deposits increased $5,000,000 during
Francisco district.
City and $32,000,000 at all reporting
en
nnn
nnn
•„
vrflW
Moreover, it
1„
declined
■ W04n NYork
memljrYork C ty.
banks. Deposits credited
onlv
Question
Dec. 22, a decline of
of the principal assets and liabilities of the
reporting member banks, together with changes for the week
punishment has been dealt out.
tan
no
n
-g
LoaniTand
ir
n
Dec. 22,1937
'
kwt
Dec. 15,1937
Decrease
""n
Dec.
on
(—)
a
governments.
+2,000.000
472,000,000
—4,000,000
26,000,000
385,000,000
649,000,000
-5,000.000
1,166,000.000
71,000.000
-
Loans to banks
—4.000,000
*
+11,000,000
—13,000,000
—7,000,000
*
wm'
% ju
(fi/UU tUUU
'1
829,000.000
otherwise secured and unsee'd
read:
+4,000,000
1,110.000,000
+3.000,000
5,335,000,000
367,000,000
1,825,000,000
—30.000,000
+30,000.000
—70,000.000
44,000,000
561,000,000
4,000,000
the
has
14,423,000,000
6,201,000,000
Government deposits
689,000,000
banks.!
or
Comparable figures not available,
*
bombing,
•
-t
„•* *
i
•
i
i
,,
•
,,
:
A
a
the third item of the request
States
the
made
Government's
Tananese
by the Government
note
of
Dec
94
recifeo
has
un-
of that note,
"against infringement of,
warranted interference with, the rights and .interests of the
or
United States
thus endeavoring to preclude absolutely all possibility of the
of incidents of
The
subject to
Government
of the
The
Repetition
for
tor
ot
Attacks—
Government
of the
announced
the
earnest
on
an
It
steps
as responsive to the request made
OAA
on
which
the
Japanese
or
'
"Chronicle" of Dec. 25, page 4042.
Motion pictures taken
were shown in the United States this
nn«
e
j
Associated Press advices Of Dec. 26 from
Tokvo reported
.
,
T
"
Panay
Dec. 12.
intense relief over the tenor of
the American note, and there
But the
was a
general conviction here that the crisis
Japanese public remained ignorant of the real seriousness
of the apparently terminated crisis and of the
lengths to which the Government at Tokio had gone to satisfy the United
States.
prove
effective
or property
«
t
i
j
were
r
ImPen<Jin.2 £Ja,sh xSon~
in
Civil War
#
attack
was
only 5,000 insurgents garrisoned in Teruel, it is announced
here' includinK Foreign Legionnaires, Navarre brigades, Falangists, Civil
Guar,ds and Moors* Tt is
that not more than 2-000 of these still
are alive and
unwounded.
the amends offered by Japan for the
destruction of the
will
noted in the "Chronicle" of Dec. 25, page 4037. Insurgent
forces denied, however, that the Government troops had
taken possession of all parts of the city, and said on Dec. 29
that 150,000 insurgents were massed in the Teruel sector
against a similar number of loyalists. The insurgents, under
the command of General Miguel Aranda, were seeking to
rescue a besieged garrison of fellow nationalists in Teruel.
Tlie notary situation in Spain was detailed as follows in a
dispatch by William P. Carney to the New York "Times"
from Saragossa on Dec. 29:
made, there
^ree i^6rofficials gave evidencein the Yangtze River
^nIraerchant vessels of
Japanese
taken
Fourteen days agoTwhen the Government's first surprise
Week.
made to Ambassador Joseph C. Grew when
the
Secretary of State Cordell Hull's note accepting, in
has
One of the most important battles of the civil war in Spain
was waged this week around the City of Teruel, which was
recently reported as captured by the Spanish Loyalists, as
last referred to in the
was
Government
forces With American nationals, interests
rorces tquaily Divided
during the bombing
statement
matters, the Government
?tates Navy> a copf of which has bem communlcat6d
as fhe° camojt'hoTO6 of "IT Government of the United States that the
•
property in China."
He pointed out that the
United States Naval Court of Inquiry at
declared that the Japanese attack was deliberate.
It was believed by
diplomatic observers that the
dispatch of the note by Secretary Hull closed the incident.
latter handed to him
same
the report of findings of the court of inquiry
sidered One of Most Important
hope of the
follows*
by the Government
300,000 Spanish Insurgents and Loyalists Mass for
the
Shanghai had
as
Govern-
in China,
or
Foreign Minister Hirota
With regard to these
Japanese authorities
of
the remarks of
regards the Japanese
toward preventing any further attacks upon or unlawful interference by
preventing any further attacks upon or unlawful interference
by Japanese authorities or forces with American nationals,
was
States
conclusion at which the Japanese Government, as a result of its investiga-
Government of the United States that the steps which the
Japanese Government has taken will prove effective toward
bombing of the Panay
United
incident, the Japanese Government indicates in its note of Dec. 24 the
Of the crisis created by the sinking
gunboat Panay by Japanese airplanes.
His announcement followed the delivery of a note from
Secretary of State Cordell Hull, accepting the Japanese note
of apology as satisfactory in general, conditional on the
future observance by Japan of American rights in China. Mr.
Hull referred to the admission by the Japanese of
responsibility for the Panay incident, their expression of regret and
offers of reparation as satisfactory.
He said that Japanese
declarations as to steps taken to prevent a recurrence of such
incidents were "responsive" to the American
requests made
interests
the
With regard to the factg of the origins, causes and circumstances of the
amicable settlement
is
satisfaction
of the United States in this Government's note of Dec. 14.
Panav
ranay
Of the United States
"It
with
ment.g account, as set forth in the Japanese Government's note of Dec.
24,
of action taken by it
Anoloiries
Apologies
Foreign Minister Koki Hirota ot Japan
added:
observed
—22,000.000
(Chicago district.)
Dec. 26 that the United States and Japan had reached
He
States
—10,000,000
of the United States relies
14.
United
admitted responsibility, expressed regret, and offered amends.
tion, has arrived.
Dec.
are
recurrence
similar character."
+21,000,000
<
INo
a
+29,000.000
Dec. 15 figures revised
Janan's
Japan s
the
~m_ted atat®s« tne Japanese Governments note or Dec. 24 recites
Incident Considered Closed—
was over.
hereby
The Japanese Government will make indemnifications
■
Japan Acknowledges Responsibility and Promises
Indemnity—Text of Note from Secretary Hull—
the
14, which
States man-of-war
taken to insure, in words
,
Accents
Accepts
States
states
s
United
Promptness with which the Japanese Government in its note of Dec. 14
♦
The
the
—32,000,000 -1,035.000.000
444,000,000
7,000,000
Borrowings
report
to
certain definite and specific steps which the Japanese Government
—252,000.000 —1,151,000.000
+9,000,000
+158,000,000
+ 5,000,000
13,000.000
5,042,000,000
Foreign banks...
on
Japanese Government's note of Dec.
caused damages
and other third powers" and states that "the Japanese Government
United 8tates
United
United
hi
of the United
UabUUies
♦
in
incident)
In regard to
a
Demand deposits—adjusted..
Time deposits
Domestic
unlawful interference by any Japanese authorl-
or
"
incident.
—130,000,000
—356,000,000
+174,000.000
Balances with domestic banks
an assurance that definite and
for all losses and will deal appropriately with those responsible for
*
2,885,000,000
-
"the Govern-
and ships and casualties among those on board, and desire to present
*
other securities
Cash In vault
made
sincere apologies.
t) »UUU »UUU
Obligations
fully guaranteed by
United States Government-——
Reserve with Fed. Res. banks
stated that
"The Japanese Government regret most profoundly that it (the
present
a—105,000,000 —1,223,000,000
8,067,000,000
TJ. 8. Govt, direct obligations
forces whatsoever
statements
Other loans:
Qn 8GCUrIti6d
was
undertaking to make complete
of the United States, the Japanese Government's note of Dec. 24 reaffirms
-°.
Real estate loans
an
ties or rorow whatsoever.
In regard to the first two items of the request made by the Government
887,000,000
-
formally recorded expression of regret,
..
brokers and dealers in
-
Government's note of Dec. 14 it
insure that hereafter American
nationals, interest and property in China will not be subjected to attack
*
car^y I nJn8ecu°HtiSir-C. -1
upon the
Panay and three American merchant ships.
and comprehensive indemnifications and
*
—30,000.000
securities-..
0
g
by Japanese armed forces
576,000,000
Open market paper
Dec. 25 follows:
on
specific steps have been taken which will
cultural loans:
Otherwise secured and unsee'd 4,041.000,000
Loans to
v
ment of the United States requests and expects of the Japanese Government
iooa
23,1936
Commercial,"industrial,
On securities
s
in this
-188,000.000 -1.461,000.000
—82,000,000
+248,000,000
investments—total___-21,480,000,000
9,418,000,000
andagrl-
Loans—total
;
note of Dec- 24 in regard to the attack by Japanese armed forces
nnrlnrl
99
1
fnllnwQand yeai ended TW 2J, 1 Jo/, IOIIOWS.
Dec.
•
;
Tha Government of the United States refers to its note of Dec. 14, the
Japanese Government's note of Dec. 14, and the Japanese Government's
A summary
or
pay,'
authoritatively suggested that the version of that note
was
The text of the note by Secretary Hull
(+)
the
Japan's notes already had
this point, and it was believed Tokio would
on
would remain confidential between the two
$10,000,000 for the week.
Increase
was
any statement of damages presented by the United
Borrowings of weekly reporting member banks amounted to $7,000,000
on
N«
remaining
given to correspondentg by the Foreign Office here and published at WashIngton ornitted further and still more specific guaranties. It was said these
foreign banks increased $27,000,000I ,n
to
the
have omitted passages referring to such guarantiee and to
press
the assuranC(jg that
the week.
Deposits credited to domestic banks
that
The JaPaae*« Pubbc has not been informed that its government has
offered specific guaranties against recurrence of such an incident as the
attack on the Panay, and has assured the United States that the officers
responsible for the attack have been "dealt with according to law."
Versions of Japan's note of Dec. 24 which have been published in the
WP(lli.
thfl
dep^its—adjusted defined in ne^ly all distHrts, the prin^
decrees $31,000,000 In thei
Mng $94,000,000
district,
San
'f._
belief
states
-ntw
n
e
showed little change
securities
exnressed
amount of indemnity to be paid by Japan.
$105,000,000 at all
and
fully guaranteed by t
^
promised full amends
riistrif>f
friendly spirit
an amicable settlement through the
Japan and the United states."
Japanese
wYmk'cifr member
^ l/rutv
New York City,
for congratulation that the
was a matter
Incident had reached
000.000 in New York City.
Loans to banks declined
banks.
#cc
dealers
in China." would
or property
Nrf
the United States, and said it
nnn
coo'nnnVmn at
and $28,000,000 at
and
brokers
nnn
par-
American note, expressing
Hirota. said the spokesman, thereupon "expressed the profound gratitude
,
.
spokesman said the Ambassador called Hirota's
of the Japanese Government for the attitude shown by the Government of
.
New York City, $13,000,000 in the Chicago district,
Hirota
effective
Drove
,
Commercial, industrial ^^d a£**i
were with
said by Japan to have been taken, to prevent further
measures,
atta<;k8 °P "American nationals, interests
™
creditjxl to
$30,000,
domestic banks, and increases o
in deposits
<32jOOO,OMI in deposits
and
om
tlcular a"enUon "> tha last Paragraph of
and
$105,000,000 in United States Government direct obligations, $252,000,000
in
Jan. 1, ms
When Ambassador Grew presented the note, at noon, and it was noted
that the faces of most of those in the group were wreathed in smiles.'#?od
ini
.
„
member banta In
of weekly reporting
statement
l^dlng dtte shows the
Dec.
ended with the
,
,,
Chronicle
But their commander. Colonel Francisco
Rey,
talked by radio with General Aranda several times today,
insisting they still
nad enough ammunition, water and food to carry on.
The defenders have artillery pieces and good anti-aircraft guns mounted
on the heights of Teruel, which they claim still to control.
Every attempt
by Government forces to reach them thus far, it is stated, has been repeUed
in fierce
fighting from house
to house in the streets
leading to the old town's
central plaza.
The Government's claims in official buUetins that
only a small number of
defenders are now barricaded in a few buildings is ridiculed
by insurgent
Volume
146
staff officers.
Financial
neither the military
They say
barracks
the seminary,
nor
whose capture the loyalists have reported, are in the center of Teruel, where
the insurgent garrison is firmly resisting in more
Chronicle
buildings than just the
7.
forces.
8.
one
occupied by the Civil Governor.
operations now opening in lower Aragon.
9.
Teruel
not of great military importance or
strategic value to General
Franco at the moment, but in view of the fact that three Government
army
90,000
corps, or
the
60,000
being held in
men, are
fighting
now
around and
reserve to drive on to
inside
Teruel
can
Saragossa if
crush
the
small
,
made effective with
Japanese Government Apologizes
"The latter
British
Gunboat
tions
Ladybird
new assurances
.
Nevertheless
.
.
No other
Britain
probably will accept the
from Tokyo in the hope that Japan will be more careful of
course
States
Christmas Day.
tinue
but acceptance is
practicable, it is felt here, in view of the
prompt
of similar
acceptance
Certainly the British Government does
promises
not want to
them unconvincing to the British and at variance with British official
attempt to show that the firing on
honest blunder and not
a
Britishjwarships
ing
re¬
was an
by China to Japan of 400,000 yen, represent¬
down payment on the first indemnity assessed against
a
Japanese Embassy officials said Chi Htsung-mo, chairman of the East
Hopeh autonomous government, handed the money over to Morinda Morishima, counselor of the Japanese Embassy.
It
prevailed at the time
foreign warships and merchant vessels had sought refuge from the scene of
fighting" and that any ship left in the neighborhood must be Chinese.
On
alleged testimony of Japanese military
thick fog and
as
"language
difficulty"
Canadian Gold Export Act Extended for Year
Extension of the Gold Export Act of Canada for a
year
to Dec. 31, 1938, was
reported in Canadian Press advices
from Ottawa, Dec. 24, which said:
ing until Dec. 31,
between
more
lore
satisfactory to the British
the
British
Rear
Admiral
Satisfactory
are the
were
Germany Floats Loan in Amount of 1,000,000,000 Marks
A wireless
assured that
"at the
appropriate^moment"
to its army and
in China with regard to the whereabouts of British citizens and
business interests.
t
Japanese Government'has taken
all these precautions "solely out of the sincere desire to render
effective
more
and valid its guarantee of the rights and interests of Britain and other third
powers."
+
The
German Government announced Dec. 17 another
public "consoli¬
dation loan," amounting to 1,000,000,000 marks, the biggest floated so far.
The last one in September originally was for 700,000,000
on
Tsingtao
China seaport.
Another attack was threatened on Canton,
which on Dec. 30 was bombarded by 30 Japanese
airplanes,
causing 35 deaths.
Yesterday (Dec.
Shanghai said:
31)
Associated
Press
advices
from
Chinese devastation squads marched out of Tsingtao to-day, leaving un¬
defended the once-rich North China seaport marked.for
conquest.by ad¬
vancing Japanese armies.
£
of foreign vigilantes armed with clubs attempted to maintain
order in the city, from which an exodus of Americans and other
foreigners
was under
way.
fcMr*
The departing Chinese units started a dozen new fires.
factory and
Japanese tobacco company building
a
A Japanese silk
were among
the struc¬
tures in flames.
Arrival of Japanese forces
The
ment.
or another there
doubt, will bring the total of "consolidation loans" floated
a
remarkable achieve¬
But, according to all authorities, the "secret debt," consisting of
government bills with which "labor creation" and rearmament
but which
are
financed
not counted as debt until the bills fall due, continues to rise.
are
This "secret debt"
was
estimated in August as about 22,000,000,000 marks,
bringing the total public indebtedness to about 55,000,000,000 marks.
As in the case of previous loans a substantial part of the new loan—
250,000,000 marks, to be exact—was already subscribed before the loan
The rest is being floated by a banking consortium under
announced.
the Reichsbank's leadership.
The
was
average
loan carries the same
interest, 4H%, and is issued at 98H, as
This is still cheaper than carrying bills, whose
rate is reported to run above 5%.
new
the
previous
loan.
started with
average
10-year term.
a
for all such loans is 15
Because of the ban
on
The present
one
has
an
The first
18-year term.
The
years.
all capital issues and lack of all other investment
opportunities in the face of tremendous credit expansion, the money market
is glutted with
funds, and preparations already
the loan quickly.
Subscriptions will be
open
are
being made to absorb
from Jan. 3 to 18.
Powers who had been guaranteed extraterri¬
toriality. Meanwhile, Japanese troops this week continued
to advance, moving on to Tsingtao, the
important North
corps
loan, of whose oversubscription by one means
1935 to 8,000,000,000, marks, which is itself
But to each loan there is being given a later maturity date.
Japanese authorities in China on Dec. 28 made public the
text of new military regulations
virtually instituting martial
law in occupied areas, with drastic
penalties, including
death, for Chinese or for foreigners convicted of violations.
The new regulations apparently raised the
treaty rights of
other foreign
new
be little
since
,
_
marks, but was
850,000,000 marks to meet "the urgent demand for Treasury
to
The
was
Japanese Apply Military Regulations in China Affect¬
ing Extraterritoriality Rights of Foreigners—Jap¬
anese
Airplanes Attack Canton While Troops
Advance
dispatch from Berlin, Germany, Dec. 17, to
the New York "Times" of Dec. 18, said:
can
The note ends with the pledge that the
of
bullion without Dominion Government license.
certificates."
Japanese Government will give complete information
navy units
or
Provisions of the act would have ended Dec. 31, 1937.
Japanese guarantees'against
repetition of the Yangtze trouble.
Moreover, the British
1938, the Gold Export Act which prohibits export
gold either in coin
raised
Much
"Tungchow
reported mutiny of Japanese-trained militia and
of about 200 Japanese.
—One-Fourth of Sum Subscribed in Advance
Reginald Vesey Holt and the commander of the Japanese unit was re¬
sponsible for the story that the Japanese had been ordered to fire on all
foreign ships on the Yangtze.
Guarantees
time for the
men, the note then asserts that
haze and that "visibility was poor," although
clearly that the Japanese "did not
intentionally attack the vessels knowing them to be British."
The note
that
same
arose over
the resulting massacre
All this, according to the note, shows
explains
1,200,000-yen indemnity agreed to, the Japanese
formal apology delivered at the
a
incident" last July.
British witnesses have told the opposite
story.
A
the first part of a
was
said, in
all
a
First
An Order-in-Council was published
today in the Canada Gazette extend"
The note argues that military and naval units
along the Yangtze "had
the
Indemnity to Japan—Represents
Assessment of Current Conflict
China for the current conflict, was reported in Associated
Press advices from Peiping, Dec. 25, which said:
deliberate act.
taken it for granted that under such circumstances
there was
are
con¬
The latest note from Tokyo puts forward a new series of excuses—all of
an
matters affecting the Chinese Government.
These regula¬
applicable only to offenses directly affecting the Japanese forces."
Pays
the
ports—in
of foreign consular authorities.
on
diplomatic quarrel which already has been declared closed in
Washington.
the
are
That incident
Government's
were
The payment
foreign rights in the future.
United
regulations
long as military operations
Japanese army of occupation remained on Chinese soil.
the
or
China
The British Government is far from satisfied with the
Japanese version
incident.
new
The regulations will apply in other districts in China as well as at
Shanghai.
"This actually is not an abrogation of extraterritorial rights," he added.
to Great Britain For
k In a reply to protests by the BritistfGovernment against
a Japanese artillery attack on the British
gunboat Ladybird,
apologies are offered by the Japanese Government and as¬
surances are given that there would be no
repetition of such
"mistakes" as the shelling and bombing of the
Ladybird on
the Yangtze River, Dec. 12.
The assurances were contained
in a long-delayed note from Tokyo
answering the British
protest sent only two days after the attack occurred, said a
wireless message from London on Dec. 30 to the New York
"Times" from Ferdinand Kuhn Jr., which in
part also said:
of the
insisted that the
the cooperation
He said the regulations would remain in force as
continued
on
spokesman
army
different from those put into force in Manchuria in 1931,
which, he said,
were
insurgent garrison before General Aranda's relief force breaks through.
Attack
,
instigating or assisting in such forbidden activities.
or
Harboring persons engaged in such activities.
The Japanese
no
*
.
hamper its activities."
as
Planning
10.
Itself is
bacteria for the purpose of harming the Japanese
or
All other activities "designed to disturb the Japanese
forces, or peace,
well
as
General Francisco Franco has designated General Varela to take charge of
the big-scale insurgent
33
Using poisons
was
expected momentarily.
Sino-Japanese conflict
last referred to in the
United Press advices
Shanghai described the new military regu¬
lations instituted by the Japanese as follows:
was
"Chronicle" of Dec. 25, page 4037.
Bulgaria to Continue Service on 7% Settlement Loan
of 1926 and 7 lA% Stabilization Loan of 1928 Under
1936
Offer
Speyer & Co. and J. Henry Schroder Banking Corp., both
of New York, as American fiscal agents for the Kingdom of
Bulgaria 7% Settlement Loan of 1926and 7 Yi % Stabilization
Loan of 1928, have been advised by the League Loans
Committee, London, that the payments offered up to the
end of October, 1937, by the Bulgarian Credit Bank in final
settlement of partially paid coupons matured after Jan. 1,
1935, off these bonds, will now and until further notice be
continued by the Bulgarian Government under the conditions
as set forth in the communique published
by the League
Loans Committee on Nov. 16, 1936.
Holders of over 95%
of the bonds have already accepted this offer.
Full details
of the offer, which was referred to in our issue of Nov. 21,
1936, page 3235, may be obtained from the fiscal agents.
of Dec. 28 from
A list
of 10
punishment
"offenses"
was disclosed
by the Japanese military authorities, but
communicated to foreign embassies.
Hostile acts against the
2.
In
Espionage directed against the. Japanese.
3. Acts
anese
4.
other
"'endangering
forces.
or
employed
or
by
destroy railroad, telegraphic and
the
Japanese,
dispatch
from
London, Dec. 13, to
the
"Times" of Dec. 14, it was stated:
to'London
a
few weeks ago was
today when a group of bankers announced that they had granted
Belgium a loan of £5,000,000 at 4%, payable in 1960.
The loan
was
made possible by the friendly attitude of the British Gov¬
ernment, which usually has given per miss ion, for foreign lending only when
destroying armaments, ammunition and other property
made, it was said in government quarters, because of Belgium's "Eexcellent
Destruction of electric and
including
&c.
most of the money
of the Japanese forces.
6.
by
bridges,
highways,
Stealing
revealed
to
,
communications"
wireless
One result of King Leopold's state visit
causing bodily harm" to members of the Jap¬
Acts "designed to interfere with
waterways,
5.
or
a
New York
Japanese'armed forces.
Taken
British Investors
was not
It.follows:
1.
-30
Belgium Negotiates £6,000,000 4% Loan
against Japanese army rule which would bring
financial record,
water-systems.
her traditional
is to be spent In England.) j An exception in this
case was
her adherence to the tripartite currency agreement and
friendship^with this country."
Financial
34
Minister of Finance
London to sign the agree¬
of the funds required to
Henri de Man is coming to
will supply most
The proceeds
ment
tomorrow.
repay
the Mendelssohn
gold bonds due on Dec.
17 and 29.
undertaken by Brazil when
the recent reciprocal treaty with that country was entered into and upon the
provisions of which American exporters have depended in making sales to
This is in accord with the
that
to
Press
reported
the loan as
on
,
Certain
and some chagrin has
♦
Exchange
Hull to Secure Assurances Exchange Will Be
Available for Imported United States Merchandise
tary
Brazil on Dec. 24 issued a de¬
exchange operations and giving the
Bank of Brazil jurisdiction over exchange transactions.
The
decree imposes a 3% tax on all exchange transactions, the
receipts to go into an exchange fund.
It is stated that the
size of this fund is to be determined at a later date by the
Brazilian Government.
In advices from Rio de Janeiro
Dec. 24 by the Associated Press it was stated:
President Getulio Vargas of
relating to control of
cree
The decree set
for which foreign exchange will be
four categories,
up
available after the needs of
the government have
Importers and export freight carriers.
Imports of materials needed by public
3. Dividends and "profits in general."
4. Other needs.
Long-Term Bonded Debts
Private
the Cash Office of
Hungary, that pursuant to its
redeem the Jan. 1 coupons on
certain of the Hungarian municipal, eccesiastical and private
long-term bonded debts at the rate of $8.75 per semi-annual
coupon detached from a $1,000 bond or at the semi-annual
rate of $8.75 per $1,000 bond in the case of securities to
Foreign Credits at Budapest,
offer of July 23, 1937, it will
Cash Offices central
paying agents in New York, Schroder Trust Co. The issues
on which payment is to be made are the Hungarian consoli¬
dated municipal loan 20-year 73^% secured sinking fund
gold bonds of 1925, Hungarian consolidated municipal loan
20-year 7% secured sinking fund gold bonds, external loan
of 1926, Hungarian Discount and
Exchange Bank 7%
35-year sinking fund communal gold bonds, dollar issue,
and Hungarian Central Mutual Credit Institute 7 % land
mortgage sinking fund gold bonds, series "A", dollar issue.
The complete text of the announcement of the Credit Office
is given in the advertising columns of this issue of the
"Chronicle." Reference to the offer of July 23, 1937, of the
Cash Office was made in these columns of July 24, page 525.
been met, covering:
utilities.
learned
was
supplementary
a
under consideration would
measure
special permit system in applying
Three categories would be established:
change.
for foreign ex¬
Importers buying from nations without foreign exchange
which Brazil has a favorable balance of trade—such as
1.
with
States,
2. Importers buying from nations
with which Brazil has an unfavorable
restrictions
the United
without foreign exchange restrictions
balance—such as Great Britain.
3. Importers buying from nations with blocked currencies with
Brazil trades under export quota agreements—such as Germany.
Under the scheme,
no
which
would find little or
Importers in the second class
importers in the first category
hindrance in obtaining
would
foreign exchange.
those in the first were satisfied fully.
obtain exchange only after
Feb.
without
Bank of New York, as fiscal agent for
Kingdom of Norway, announces that $843,000 principal
amount
of
the
Kingdom's 20-year 6% external loan
sinking fund gold bonds due Aug. 1, 1944, have been drawn
by lot for redemption on Feb. 1, 1938, at par, through
operation of the sinking fund.
The bonds will become
payable on the redemption date at the head office of the
bank, 55 Wall St., New York.
the
Time
would get exchange only within limits
Associated Press advices from Rio de Janeiro Dec.' 29
bad
the following to say:
All
foreign exchange
dealings in
were
suspended Monday (Dec. 27).
limited to cashing of small
personal
and cashing of travelers' checks up to $500 for an individual.
Beginning Tuesday (Dec. 28) transactions were
checks drawn against
expenses,
foreign currency banks for actual necessary
The Banco do Brazil, under the
chase of export
decree, is given a monopoly of the pur¬
bills.
Banking and business circles are not
control over foreign exchange was the
a
unanimous in believing that drastic
best possible means of staving off
possible financial crisis.
From
a
special cablegram from Rio de Janeiro Dec. 29 to
take the following:
the New York "Times" of Dec. 30 we
Almost a week after the issuance
President Getulio Vargas, the
without sufficient
for
a
according to instructions issued
which holds the
milreis with
3%
by the Banco do Brasil,
monopoly on exchange, importers will continue depositing
holding drafts already matured, and they
banks
exchange tax, although under
Backed
protest.
associations, importers contend that the 3%
must
pay
by commercial
tax should not apply to im¬
before the exchange control decree was issued.
at the arbitrary rate of
the dollar, but any fluctuations before exchange is finally
ports that reached Braxil
Moreover,
17.5 milreis to
On the other hand, Sao Paulo coffee interests are
of exchange might
of the depositor.
30, 1938.
been extended from Dec. 31, 1937, to June
The
unstamped bonds and coupons which were in non-French
beneficial ownership on Sept. 1, 1937, it was explained,
should be presented for stamping, accompanied by properly
executed ownership certificates, either at the office of J. P.
Morgan & Co., New York City, or at the office of Morgan
& Cie, Paris, France.
$43,000
of Sydney, New South Wales, 63^%
Feb. 1, 1955, Drawn for Redemp¬
City
of
Gold Bonds, Due
tion
Feb.
1
City of Sydney, New South Wales,
Australia, the Munici-
Eal Council Feb. Sydney 25-year been drawn by lot forgold
of 1, 1955, have 5^2% sinking fund re¬
onds, due
demption at
$43,000, by
par on
Feb. 1, 1938, in the principal amount of
City Bank Farmers Trust Co., New York,
successor fiscal agent.
The bonds will become payable on
that date at the principal office of the bank, 22 William St.
New York.
$613,000
affect coffee exports adversely and are closely studying
the situation with a view to
possible suggestions for government modifica¬
/
Thb Merchants'
Association of New York
on
Dec. 29 sent
telegram to Secretary of State Cordell Hull, requesting
the State Department to take all possible steps to secure from
the Brazilian Government prompt assurances that the amount
of exchange necessary to pay for merchandise imported from
the United States will be allocated.
The announcement by
the Merchants' Association said:
New York traders dealing with Brazil were
nouncement that the control of exchange
greatly disturbed at the an¬
had been centered in the Banco
do Brazil and that other steps had been taken which
fere with the allocation of exchange in payment
might seriously inter¬
for goods purchased in the
United States.
Advices were received from sources believed to be trustworthy that
the time being no exchange at
all would be allocated, and
grave
for
fears were
expressed lest a situation would develop which might prevent the fair allo¬
cation of such exchange.
The Merchants' Association's telegram to the State
De¬
partment read as follows:
behalf of our many members rading with Brazil,
we
respectfully
that our Government take all possible steps to secure from the Brazil¬
ian Government
prompt assurances that the amount of exchange necessary
for merchandise imported from the United States will be allocated.
of
Republic of
Drawn
for
Cuba 43^% Loan
Redemption
Feb.
Due 1949
1
fiscal agents for the Republic
43^% Loan due 1949, announced Dec. 27 that
$613,000 principal amount of bonds of this issue have been
drawn for redemption on Feb. 1, 1938.
The bonds so drawn
will be paid at par on and after that date at the office of
Speyer & Co., 24 and 26 Pine St., New York City.
After
retirement of these bonds, it was announced, there will
remain outstanding $8,435,000 bonds out of the $16,500,000
Speyer & Co., New York, as
of
a
to pay
for
worried lest the control
tions of the control.
"On
gold loan 7lA% bonds, dated June 1, 1921,
25-year sinking fund 7% gold
1924, were notified yesterday (Dec.
the
deposits of milreis are now accepted
allotted to cover the deposits will be for the account
urge
and of
bonds, dated Dec. 1,
31) that the time limit
presenting their bonds and coupons for stamping has
external
there is no
be predicted safely, however,
probably not
can
will not be available all this week and
fortnight.
Meanwhile,
the
It
Stamping of Bonds and Coupons
of French Republic Gold Loan
1V2% Bonds of 1921 and 7% Gold Bonds of 1924
French Republic 20-year
of the foreign exchange control decree by
exchange to cover import bills; moreover,
that foreign exchange
Government
Holders of the Government of the
foreign exchange market in Brazil continues
telling how long this situation will last.
for
Extended
of
restrictions.
currency
1
The National City
imposed by
the quota basis of trade between Brazil and a particular country and only
if the product imported did not compete with a product from a country
Those in the third class
Gold
Loan
subject importers to a
Norway Draws $843,000 of 6% External
Bonds, Due Aug. 1, 1944, for Redemp¬
of
Kingdom
tion
It
Payment, it is
appropriate coupons are not attached.
announced, will be made through the
1.
2.
made by
been
has
Announcement
which
Control—Bank of
Brazil Given
Monopoly over Transactions—Mer¬
chants' Association of New York Requests Secre¬
Foreign
Decrees
Payment to Be Made on Jan. 1 Coupons on
Hungarian Municipal, Ecclesiastical and
Partial
follows:
been displayed over the failure
of British investors to take up more than 30% of the new Belgium 4% loan
for £5,000,000 sterling, which was offered in London last week.
As the loan is fully underwirtten, there is no question about receiving the
full proceeds, but the country would have been gratified if the British
capital market had followed up Neville Chamberlain's graceful gesture and
subscribed to the loan in full.
However, it is felt that the loan was sprung
on the market too hastily, without the usual window dressing,
but that
Belgium's good fiscal record should bring the loan up to par in a short time.
Much disappointment
Brazil
obligations definitely
country."
advices from Brussels, Belgium, Dec. 19,
the New York "Herald Tribune" of Dec. 20, further
United
J*°- 1- 1938
Chronicle
Cuba
issued.
bonds originally
Drawing for Redemption Feb. 1 of $259,000 of
of Cuba External Debt 5% Gold
Bonds
Due
Feb.
Republic
of
1914,
1, 1949
J. P. Morgan
& Co. are notifying
holders of Republic of
gold bonds of 1914, due Feb. 1,1949,
that $259,000 principal amount of the bonds have been
drawn for redemption on Feb. 1, 1938, by operation of the
sinking fund, at 1023^% of the principal amount and accrued
interest.
The drawn bonds will be payable on and after
Feb. 1, 1938, at the office of J. P. Morgan & Co., New York
City, or at the offices of their agents, Morgan, Grenfell &
Co., Ltd., in London, The Reichsbank in Hamburg or
Berlin or Morgan & Cie. in Paris.
Cuba external debt 5%
Volume
Jan.
1
'
Financial
146
Province of Cordoba (.Argentina)
Bonds of 1925 to Be Paid at Face
Coupons
External
on
7%
Amount
International
fiscal agents for Province of Cordoba, Argentine Re¬
external 173^-year 7% sinking fund bonds of 1925,
Corp.,
public
due Jan. 1, 1938 on these
announced Dec. 30 that coupons
and after that date, in current funds
at the dollar face amount, upon presentation at the NewYork office of Kidder, Peabody & Co.
bonds will be
paid
York
New
Remits
Coupons
The
data
Stock
the
on
ticker volume (exclusive of rights
y--:'.1""' N.
Y-'
the New York
and the New York Curb Exchange by their respective
reports are classified as follows:
published
Exchange
These
members.
based upon reports filed with
are
Stock
Curb
Exchange
Number of reports
Exchange
1,077
866
209
105
received
Reports showing transactions:
-
-
Other than as specialists:
1938,
4% Dollar Arrears Certificates
on
Initiated on floor.
Hallgarten & Co. and Kidder, Peabody & Co., both of
York, fiscal agents for external dollar bonds of the
Republic of Colombia, announce they have received funds
to pay the annual interest due Jan. 1, 1938, on the Republic
of Colombia 4% Dollar Arrears Certificates.
classification.
entries in more than one
of specialists
comparable with data similarly
since specialists on the New York
functions of the New York Stock Exchange odd-lot
*Note—On the New York Curb Exchange
stocks
registered"
which
in
classifications may total more than
single report may carry
the various
received because, at times, a
the number of reports
"in
100
616
473
Reports showing no transactions
The number of reports in
61
283
302
%
Initiated off floor
New
New York
New York
As specialists*.
Funds for Payment of Jan. 1,
6,547,420
Stock Exchange,
York
New
shares exceeded by 4.4% the
' V-'V"'
!
warrants).
and
4
8.1% larger than the volume reported on the ticker. On the
Curb Exchange, total round-lot volume in the same week,
was
on
♦
Colombia
December
ended
week
shares,
1.078,420
Kidder, Peabody & Co. and First of Boston
35
Chronicle
the round-lot transactions
not strictly
are
designated for the New York Stock Exchange,
Curb
Securities of Temporary
SEC Extends Period in Which
The
Nations Are Exempt from
Governments of Foreign
number
The Securities and Exchange
27
of
extension
further
a
Commission announced on
the period within which
the
may
Dec.
carry
reports
y
i
presently governed by an interim government which is
holding office temporarily and which is to continue to hold
such office only until the assumption thereof by a regular
ACCOUNT
FOR
Week Ended Dec. 4,
1937
Total for
Total volume of roun 1-lot sales effected on
Round-lot
government which has been elected."
Under the extension,
which is an amendment to Rule AN21, the securities will
1.
6,547,420
the Exchange....
except transactions of
members
of
transactions
which registered:
specialists and odd-lot dealers In stocks in
Initiated on the floor—Bought
575,790
485,320
Sold
and including the 680th day following the
of office by such elected regular government.
Previously the exemption was for 590 days.
exempt to
255,358
266,610
Initiated off the floor—Bought.
2.
8old............
..
Total
Exchange
and
Commission
1,417.680
transactions
In stocks In which registered—Bought..
of odd-lot dealers
1,447,760
Transactions for account of odd-lot dealers
Value
Bought..—...————————.—————
Shares
Ord.
Total
ACCOUNT
FOR
Value
20
21...
Dec. 23
8,845
8,302
7,867
Dec.
24
6,043
Dec.
7,899,859
25.......
Dec, 22..
217,746
200,426
156,058
203,184
6,778,393
6,972
196,359
185,807
4,046
121,062
5,857,424
4,907,854
3,553,932
154,856
Closed
1,032.783 $33,113,340
STOCKS
1937
Total for
,
Week
Total volume of round-lot sales
Round-lot transactions
1.
861,268 $27,306,792
30,424
ALL
(SHARES)
OF MEMBERSa
Week Ended Dec. 4,
i
1,081,435
IN
6,209,189
6,590
5,555
Exchange
39,559
*
7,261
7,294,710
6,991,453
6,206,393
4,720,925
227,629
230,924
8,502
Dec.
882,400
■
1,963,835
—
EXCHANGE—TRANSACTIONS
CURB
!
Dec.
....
-
YORK
3.63
transactions of specialists):
Sold.
No.
474,850
.......
....
In odd lots (including odd-lot
NEW
365,280
109,570
-———~ -———
Trade Date
Shares
in stocks in which
registered:
1. In round lots-HBought——
v:yy;^yy: ■Sold..
PURCHASES
22.92
3,000,758
Total
EXCHANGE—WEEK ENDED DEC. 25, 1937*
(Customers' Orders to Sell)
1,552,998
Sold
2.
10.83
transactions of members, except
Total..
SALES
721,850
Total
Total round-lot
AND SPECIALISTS
STOCKS. RIGHTS AND WARRANTS ON THE NEW YORK STOCK
(Customers' Orders to Buy)
which
In
—
695,830
figures for the week ended Dec. 25 follow:
No. Ord
stocks
registered—Bought
Sold
ODD-LOT TRANSACTIONS OF ODD-LOT DEALERS
IN
in
specialists
of
transactions
Round-lot
made
3.99
521,968
—
During
public
on Dec. 30 a
summary for the week ended Dec. 25, 1937,
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 Dec. 18 were given in the
"Chronicle" of Dec. 25, page 4039.
The data published arc based upon reports filed daily
with the Commission by odd-lot dealers and specialists. The
Securities
The
8.10
1,061,110
Total....————————,
assumption
Odd-Lot Trading on New York Stock Exchange
Week Ended Dec. 25
Per
Cent, b
Week
is
be
more
report
EXCHANGE—TRANSACTIONS IN ALL STOCKS
OF MEMBERSa (SHARES)
STOCK
securities of "any foreign State that
Act of 1934 is granted
:/'
:.
the various classifications may total
received because, at times, a single
than one classification.
more
Securities Exchange
exemption from registration under the
in
reports
of
entries in
YORK
NEW
of
number
than
Registration
the
perform
Exchange
dealer, as well as those of the specialist.
effected on the Exchange—..
Per
Cent, b
1,078,420
exoept transactions of
of members,
specialists In stocks In which registered:
Initiated on the floor—Bought—.
—
35,850
24,825
-
Sold
60,675
Dec. 25—Exchange closed.
Total
Member
Trading
Curb
New York Stock and New York
During Week Ended Dec. 4
on
Exchanges
Initiated off the
2.
2.81
41,300
33,120
floor—Bought.
Sold
Total
3.45
74,420
...
According to data issued by the Securities and Exchange
Commission yesterday
New
the
all
stocks
Dec.
for
their
York
Curb
(Dec. 31) trading by all members of
except odd-lot dealers, in
account
own
the
week
ended.
lower
than
of
on
the preceding
the
ended Nov. 27 trading for the
members of 3,137,024 shares was
22.22% of total trading of 7,057,910 shares. On the Curb
Exchange member trading during the week ended Dec. 4
amounted to 428,945 shares, or 19.89% of total transactions
of 1,078,420 shares; this compares with
memlier trading
during the previous week ended Nov. 27 of 515.330 shares,
or 21.47% of the total volume of 1,200,065 shares.
The data issued by the SEC are in the series of current
figures being published weekly in accordance with its pro¬
gram embodied in its report to Congress in June, 1936, on
the "Feasibility and Advisability of the Complete Segrega¬
During the preceding week
Broker and
of the Functions of
for the week ended Nov. 27
were
Dealer."
The figures
given in these columns of
The Commission, in making available
the data for the week ended Dec. 4, said:
Dec.
The
25, page
round
the
4039.
for total
figures given
Exchange and
lot
sales
volume
the New
of
stock
reported
by
which
154,965
138,885
*
--
———
293,850
Total
Total round-lot transactions
13.63
York
the
for tbe New York Stock
Exchange represent the volume of all
round-lot volume
Curb
effected
for accounts of all members:
Bought
232,115
--
Sold
196,830
......
on
ticker.
19.89
428,945
Total
Odd-lot transactions of
those exchangee as
The
total
Sold.—
67,003
61,032
-
Total
a
The
128,035
-
-
term
"member"
Includes all
including special partners.
partners,
b Percentage
Exchange members,
■
.
of members' transactions to
their firms and
their
V
total Excluinge transactions.
In cal¬
percentages the total of members' traasaetfoas is compared with
exchange volume for. the reason that the total of members' trans¬
actions includes both purchases and sales, while the total exchange v.nlumt includes
culating
these
twice the total
1
only sales.
Rule Under Utility
Act Relating tofOfficials Approved
Federal Court Amended by|SEC-—Commission
Also
Acts
to
Simplify Hearingjfcof Applications
by
and
'
Declarations
Announcement
and
Exchange
17C-3
under
was
Under Act
made
on
Dec.
27
by
the
Securities
Commission of the amendment cf its
the
Public
Utility
Holding
1935
relating to officers and directors approved by a
eral
court.
Prior
to
the present
Rule
Company Act
amendment,
of
Fed¬
Rule 17C-3
from
permitted a person with a financial connection to serve as
officer or
director of a registered holding company or
for the
subsidiary thereof, or as trustee of a voting trust which is a
distinguished
round-lot volume
specialists in stocks in which registered:
Bought...———i—i—————
Exchange of 6,547,420 shares.
the
account of Stock Exchange
tion
In
week.
Exchange for
Stock
transactions on
total
stocks
during the week ended Dec. 4
the account of all
members, except odd-lot dealers, during the week ended
Dec. 4 totaled 3,000,758 shares, which amount was 22.92%
Trading
in
—
Sold
>
was
specialists
of
to total
the account of members
for
during
transactions
registered—Bought
Exchange,
transactions on the Exchange,
the previous week ended Nov. 27.
On the New
Exchange, however, the percentage of trading
4, in relation
above
was
Stock
York
Round-lot
36
Financial
holding
company, provided that such person was appointed
designated to that office by a United States court in a
or
bankruptcy proceeding. "Under the new rule," the Commis¬
said, "subject to certain limitations, once a person is
sion
appointed
so
designated, he
or
pointment also
officer
serve as
by virtue of
may
this
ap¬
director of any subsidiary
or
of said company or voting trust."
The Commission also announced that it has amended
tain
of
rules
its
in
order
hearing applications
Company Act.
Rule
to
7A-1,
include
describes the
requirement
shall
contain
an
shall
become
that
of
form
declarations, has been
order
every
for
hearing
on
effective.
Rule
for
which
3,
to
the declarant to
formerly provided
show
general
why such declaration
cause
requirements
exemptions under Sections 2 and 3 of the Act, is
it
applies
to
declaration
Rule
the
3
also
therein,
provides that
application
any
the
of
is
offer
made,
declaration
or
application
the
hearing
proof
as
in
Rule
declarant,
or
by the Commission
VIII
the
on
make
Rules
of
Practice
uncontested
York
under the
arising
cases
Stock
of
the
Holding
Make
of
Board
of
any
that
state
may
the
on
declaration
be
will
introduction
or
that
of
objec¬
no
person.
Commission
is
amended
so
Examiner's Report
to
Exchange Amends Rules
Acts
Those
or
amended
Company Act.
Securities—Business
Margin
that
support of the allegations
Trial
a
Issued"
to
The
provided, however,
inapplicable the requirement of
so
hearing
any
or
other interested
or
applications
Commission
of the Act.
declarant offers it in evidence at
ot]
by the applicant
made
New
order
an
requirement
for
amended
now
without the necessity of any further appearance
is
to
for
to any
evidence at such
in
evidence
tion
pursuant
such
If
received
application
any
filed
applicant
matter.
as
order
Regulations
Governors
of
tion blanks also
Committee
Stock
Exchange
Business
on
"When
Committee
Conform
Federal
27
Dec.
on
Conduct
of
its
amended
New York Stock
Exchange Requests Members to Report
Total Employees—Asks Data as of Jan. 1, 1938 and
Jan. 1, 1937
In order to determine the total number of persons directly
associated with the activities of the New York Stock Ex¬
change, the Committee on Public Relations on Dec. 29 re¬
quested members and member firms to provide it with
information
as to the number of
partners and the number of
registered and other employees as of Jan. 1, 1938, divided
according to location in New York City, elsewhere in the
United States and in foreign countries.
The Committee
also asked that the members
give an estimate of the total
number of persons employed on Jan. 1, 1937.
In sending the query to the members, Robert L. Fisher,
Secretary of the Exchange,, said that "ho use will be made
of the individual reports of member firms, which will be held
in confidence.
The Committee believes," Mr. Fisher con¬
tinued, "that the aggregate figures obtained will be of value
New Schedule of Commissions
Approved by New York
Exchange—Higher Rates Adopted Despite
Opposition of Members—Minimum Service Charges
Also Fixed—Changes Effective Jan. 3
Stock
Reserve
the
New
York
regulations
con¬
them conform with the amended Regulation T of the Board
of Governors of the Federal Reserve
System, which becomes
Effective today, it was explained
Fisher, Secretary of the Stock Ex¬
change, the initial margin that must be obtained in
tion
with
transactions
securities
be
will
in
either
required
as
issued
by
connec¬
"when
or
Regulation
issued"
T,
the
and
minimum amount of margin to be maintained in connection
with positions in such securities will be as
prescribed
Rules
the
amended
in
to
of
Committee
Business
on
Conduct.
Regulation T of the Reserve Board
issue
our
The
the
of
referred
was
Dec.
on
27
by
the
Stock Exchange on
the changes in its rules:
Committee
the Members
Section
In
III
the
on
Business
on
1, 1938, the Committee
New
entitled
York
" 'When
Stock
Business
on
Issued'
Exchange,"
Guide, page G-9G), to read
of Circular
has
Conduct
Securities
Rights
or
C-5845
amended
Not
Dealt
(Directory and
follows:
as
The
minimum
position
putation
Each
and
the
only in
that
on
In
case
for
the
be
not
In
the
"when
margin
if
as
on
such
position
any
security
in
"when
a
"issued,"
were
issued"
and
net
a
issued"
of contracts
of
account
companies,
marked
case
to
for "when
members,
no
the
of contracts
issued"
member
securities
firms,
margin need be
made
banks,
required
and
a
on
trust
"cash"
such
contracts
market.
for
margin
customer
security
in
any
entitled
Stock
in
Jan.
1,
" 'When
the security upon
customer's
the
account
committee
Securities
provisions
of
or
at
has
Rights
Circular C-5845
issued"
which
Dealt
In
and
remain
security for
the
the time
rescinded
ROBERT L.
1938
Brokers
Face
Who
Failed
Suspension, Dr.
Warns
oppose
commission
have not yet
"when
of
such
Section
on
the
Guide,
a
issued"
(i),
York
G-96).
it
by
a
two-thirds
Amend Chapter XV of the Rules adopted by the Governing Committee
as
"Sec.
9
(a)
Each member of the Exchange
or
firm registered thereon
carrying accounts for customers shall, at the end of each calendar month,
make
service
a
charge to each customer whose 'combined account*
as
of said month, a debit balance of $1,000 or less, or no debit or credit
or
a
credit balance of $2,500 or less, unless during such
to
Register Before
Duval, Chief of CEA,
or
defined
curities
or
on a
calendar
commodities
on
month
principal basis, one or more transactions in
which
the
total commissions
were
would have been $3 if all transaction^ had been done on a
or
balance,
firm has completed for such customer on a brokerage basis,
with such customer
In
merchants
and
floor
the
brokers
who
at
se¬
least $3
brokerage basis.
computing such total commissions,if no minimum commission is pre¬
scribed
with respect to a transaction,
charged by the member
or
the rate shall be that
customarily
firm.
For the purposes of this rule the 'combined account' of
customer
a
shall be computed by combining all accounts carried in his name in which
there
(c)
are any
When
•
*
^Chief of the Commodity Exchange
on
Dec. 30.
merchant
Under the provisions
as
futures
floor broker after Dec. 31
registration constitutes a misdemeanor
or
as
than 1
year.
than the
to and
Commodity
com¬
without
renewing
punishable
by a maximum fine of $10,000 and imprisonment for not
more
pass
pursuant to the Constitution, by adding thereto a new Sec. 9, to read
III
New
page
FISHER, Secretary.
Commodity Exchange Act, engaging
mission
and
matter
permitting members holding membership
exchange to charge commission rates prescribed
by that exchange on transactions made thereon, met with
the same opposition of the membership of the Stock Ex¬
change.
A total of 547 members voted for the change while
378 voiced their disapproval.
Both of the amendments,
however, received more than the required two-thirds vote
of the 48 members of the Governing Committee on Dec. 29
for approval over the opposition of the membership.
The vote of the membership on the change permitting
service charges on inactive accounts was 590 for and 341
against, with the Governing Committee accepting the Tel¬
lers report.
The Governing Committee, at its meeting
Dec. 29, also adopted an amendment to the rules to establish,
effective Jan. 3, a variable schedule of minimum service
This amendment, follows:
charges.
or
unchanged.
applied for registration under
Administration, warned
of the
the
another
said member
Exchange Act for the calendar year 1938 are confronted
suspension of their business after Dec. 31 or
prosecution should they continue their
activities without register-
^r*
reconsider
sale.
with
•
more than 350, but less than a majority,
constitutional change, the Governing Committee
a
security positions.
a service
charge is required by subsection (a) hereof, it shall be
made upon the 'combined account' of the customer and shall be at not less
Futures
'
total membership of 1,375, voted
The rules of the Exchange
provide that if
(b)
Commission
a
in subsection (b) hereof, has, at the close of business on the last business day
"when
a
of Circular C-5845 (Directory
^
other
which
1938,
market.
the sale of
upon
the
Issued'
Exchange,"
The
in
case
is
accrues
Effective
required
exchange members, of
follows:
be marked to the
must
is
523
"when
margin need be required but
contracts
No
amendments will become effective Jan. 3.
which would increase non-member commissions by an esti¬
mated 11% and member rates by 5%, it was announced that
companies
issued" securities made on a "cash"
for the account of
persons other than members, member
firms, banks,
companies and insurance companies, no
basis
trust
such
same
security may be established for the com¬
of margin provided such positions are
kept marked to the market.
position in a "when issued" security shall be
margined separately
unrealized profit on any such
position shall be considered of value
providing the amount of margin required pursuant to these rules
particular position.
insurance
need
the
each
the
basis
and
in
of
amount
be
The
changes were put to a vote of the membership of the
Exchange two weeks ago by the Governing Committee, as
noted in our issue of Dec. 18, page 3897.
With respect to
proposal providing a new schedule of commission rates,
on
27, 1937.
(h) "When Issued" Securities
security shall
29.
The
The amendment
Conduct
of the Exchange:
(h),
Dec.
majority.
STOCK EXCHANGE
Dec.
Effective Jan.
Exchange providing a new schedule of commission rates
stocks, permitting members who also hold membership
on another
exchange to charge whatever rates of commission
may be prescribed by the other market, and authorizing the
inducting of service charges on inactive accounts, were ap¬
proved by the Governiug Committee of the Exchange on
on
must
NEW YORK
To
The three changes in the constitution of the New York
Stock
for the change and 413 against.
Business Conduct of the
on
by
The
Dec.
11, page 3740.
circular was issued
following
Committee
CEA in
offices of the
City, Chicago, New Orleans, Minneapolis, Kansas
City, Seattle, and Sacramento.
with
cerning the margining of "when issued" securities to make
effective today (Jan. 1).
on Dec. 27 by Robert L.
available at field
are
New York
System
The
1938
to it in connection with its work."
on
Conduct
1,
for anyone failing to file application/'
emphasized, "as application blanks and com¬
plete instructions were sent to every registered futures com¬
mission merchant and floor broker in November." Applica¬
amended
declaration
a
Jan.
no excuse
Doctor Duvel
^
It said:
which
the
"There is
cer¬
to
simplify the procedure for
declarations under the Holding
and
Chronicle
following rates: 25c. for each item in such 'combined account'
including 40 items, and 10c. for each item in
that the
minimum
charge shall not
computing the charge, each
stock and each
shall be deemed
a
single item.
in
be less than $2.
up
of 40, provided
For the
purpose
of
100 shares or fraction thereof of any issue of
$10,000 of principal
shall be included
excess
or
fraction thereof of
any issue
of bonds
Rights to subscribe, warrants and script
computing the number of items in an account when
evidenced by physically separate instruments: there shall be treated as one
item the aggregate of all such instruments which evidence the
right
of the
holder to purchase or otherwise acquire the same security or property
upon
the
terms
same
and
conditions.
Both
included in computing the number
(d)
If
a
long and short positions shall be
of items of such
'combined
account'.
customer pays or has agreed to pay to the member or firm a
fee for services rendered during such month for investment counsel, sta-
Volume
tistical service
shall
Financial
146
other services, the amount of such
or
be deductible from the service charge
amount of such fee exceeds the service
herein
fee for such month
established,
charge herein established,
charge shall be required.
opposite.
no account in
month
a
-which there
v'M,:;
security position."
A
unprecedentedly
foreign
The Governing
Committee of the New York Stock Ex¬
change ai its meeting Dec. 29 approved amendments to the
Constitution of the Exchange to permit special partners to
serve as Governing Members.
The Constitution previously
limited Governing Members to general partners of registered
firms.
The amendments are being submitted to the members
of the Exchange for balloting.
correcting
Commodity Exchange Adopts Plan to Reduce Member¬
ships—Seats to Be Purchased with Fee to Be
Imposed on Brokers on all Contracts
the
Commodity Exchange,
Inc., on Dec. 22 adopted a resolution requiring the payment
of fees on all Exchange contracts, bought or sold, on and
after Jan. 3, 1938, the resulting funds to be devoted to the
purchase of memberships on the Exchange.
A committee,
•consisting of Martin H. Wehncke, Chairman, Charles
Slaughter and Jerome Lewine, has been appointed "to deter¬
mine from time to time when memberships shall be purchased,
and to make payment therefor as in its judgment is fitting
and proper."
On Dec. 23 Mr. Slaughter purchased 10
memberships, at prices ranging from $740 to $1,0QQ per
membership, in conformity with the retirement plan, which
was originally contemplated at the time of the
organization
of the Exchange.
The number of seats that will eventually
be purchased by the Exchange was not announced.
Regarding the fees on contracts, the resolution adopted
Dec.
read
22
in
__
Clearly, the existing impasse is a reflection of
present in our domestic situation.
Nor does
determine
losophy
what
which
(a) A fee of 10 cents
member for his
or
procedure
and
each contract carried by a clearing
per contract on
subsequent purchase
on a
sale thereof.
per contract on each contract carried
member for the account of another member; and
purchase
sequent
sale thereof;
or
oach case, shall be
on
on
When
in
a
like amount
clearing
a
on
subse¬
a
return commission is paid to another
a
charged
doing has temporarily arrested
Bond
of
the
of
results
easily
that
appear
these
Market
as
are
we
now
we
find
now
and
Temporizing
will
the
with
the
for
of it,
is
Mr.
or
prices, appears to hinge
the major question of
on
and fiscal policies,"
40%
The
reduction
price
policies,
half
than
that
portion
are
likely
accepted
issues
of
the
of
bonds,
expected
market;
amount
assuming
be
to
be
and
well
easily
may
an
policies,
with
in
recovery
Mr.
made in
the
on
as
a
in
to
volume
the
hand,
other
return
a
in
increase
decline
existing
to
partly
of idle funds against
press
however,
an
moderate
increasing
are
adherence
maintained,
classifications,
Assuming,
fiscal
probable,
These comments
secondary
weak.
continue
to
bond
aggregate
top-grade
higher grade issues and
1937
the
value and partly reflecting the
economic
would
in
reasonably be
result of scarcity
this
more
of
new
level
price
of
preceding years."
Assuming that
equipment
Hough's review of the
he also states that "analysis
generally prevalent in the bond market
so
indicates that its
causes
to be found
are
not
price performance of bonds during 1937
much in tlie
so
in the present
lethargy in the market and the factors contributing to that
In part, Mr. Hough, in
The decline in
bonds,
about
was
bond prices,
from
12%.
If
pronounced)
are
106.01
eliminated
greater
decline
in
his review, said:
the
the
1936
to
93.55
declines
the
index,
103.73,
stock
of
which
(in
rails
to
end
the
from
109.63
as
but
expected.
are
rules
♦
form
,.
of govern¬
objectives.
and
surprising
"no
.
in 1937
financing
stock
was
done
the five
single small issue in
a
increases asked
probable
would
either
in
granted,
are
and
bond
it
field
for
1938
in
new
refunding,
and
The
that while waiting
Suggestive further of the plight
of
a
railroad
the
not
1936, and of that done almost
source
As
equipments
and modified
new
different
is
that
appear
1938
the
or
aside
however,
little
increased
some
rcfundings may
additional
financing,
be
can
from
expected
lowing.
.
.
fol¬
immediately
years
.
Utility Situation
total
and
1937,
less than
A
statement
bond
of
and
the
which
high
in
general and
is
to
was
years
indication
an
low
the
made that
five
past
industry in
of this
only about one-third the
Of the 1937 aggregate, almost 80%
1937
the
of the
amounting
period
purposes
deficit
a
in
bonds performed will
the
of
accepted index for
an
been
recently
during the
utilities,
in
ing
in
Despite its problems, the industry's
points, using
lias
created
the
of
financing
decline from
six
to
of business
55% of that of 1935.
refunding.
during
bond
utility
particular,
1936
problems
of calculation.
$2,500,000,000 has
of
construction
requirements
immediate need
for financ¬
the industry.
Freed from its restraining factors, a large amount
financing might reasonably be anticipated both in new capital
refunding.
...
bond
the
volume
municipal
in
market
part
years
1937
smaller than
was
nent
financing continued to
whole
the
of
in
as
in
the
years
occupy
prominent place in
a
immediately
preceding.
1936, though refundings occupied
than
in
the
two preceding
years.
a
Total
less promi¬
For
the past
from about
$700,000,000 to $850,000,000 annually.
If from this is deducted retire¬
ments through single or serial maturities, the net increase in
municipal
dc-bt wili.be found to be considerably less than is commonly supposed.
capital financing in this field has aggregated
new
Coffee
resulting
less than 6%.
or
market,
recently,
have
been
Markets During 1937 Reviewed by
Mackey of New York Coffee & Sugar
Sugar
Exchange—Trading in New "World" Sugar Con¬
Exceeded
4,000,000 Tons—Coffee Trading
Highest Since 1931
tract
Trading
in the
new
on
the New York Coffee & Sugar Exchange, Inc.,
"world" sugar contract during 1937, the first year
exceeded 4,000,000 tons "amply justi¬
fying the belief of its sponsors that a definite need existed for
a market place for
'world' sugars," Chandler A. Mackey,
President of the Coffee & Sugar Exchange, said on Dec. 30
in reviewing the coffee and sugar markets for the year.
The volume of trading in the "domestic" sugar contract,
Mr. Mackey said, will probably exceed 3,000,000 tons, a
gain of about 10% over 1936, while coffee trading promises
to approach closely the 10,000,000 bag mark, a volume not
of its existence, has
in
In his review, Mr. Mackey also said
part:-"
Trading in the new "world" sugar contract, which provides for delivery in
Cuba of sugar
destined for other than the United States and closely follows
f.o.b. contract in ordinary commercial
the regulation
use, got
off to
an
by sugar interests of both producing and
consuming countries.
An International Sugar conference was held in
London in April, which resulted in an International agreement signed by
auspicious start under wide use
drop
or
is
the
the
United
States
and the
United
Kingdom.
14 nations and declared in effect for
The pact
ajfive.year period
as
was
ratified by
of Sept. 1, 1937.
most
However, the price recession which spared none of the essential commodities
even
also exerted an effect on world sugar
Contrasted with
with
&
President
delegates from 21 important producing and consuming countries, including
using an' accepted index of 40 representative
toward
second-gradp
moderate—from
far
;v
From his comments we also quote:
the rate
offerings
reached jsince 1931.
the lesser grades.
in which
market,
of the pessimism
lethargy."
■■■'■:-
adhere to the capitalistic system
inactive.
of
during the year and only
be
v
alleviate,
may
which surround busi¬
uncertainty
we
a
it
purely refunding.
carriers," he says,
the
gov¬
Hough, in presenting his conclusions, continues:
level
may
on
with
and
one
was
of
v
question
the
and
'
v.,' V.
finds that "railroad bond financing
Hough
less
embark
we
markets remain
capital
was
according to T. E.
Hough, Vice-President of Halsey, Stuart & Co., Inc., of
Chicago, who adds that with a continuation of those [poli¬
cies] recently adhered to, no applicable increase in bond
financing in the coming year appears probable—in fact,
Mr.
with
Either
procedure
momentous
a
the
it
investing public.
business
and
decision
•'
confusion
is
center in
the financial markets which
and
.
It
two.
protection and incentives to the individual which are an insep¬
arable part
ment
as
thus
prevail.
shall
the
of
existing dead
the
the root of
is at
.
the
not
are
would
It
laws
incempatability
the
compromising
dispel
not
and
ness
it.
economic
established
or
business machine
our
laws
enactments.
point where decision must be made whether
a
demonstrate
dilemma which
dependent upon
they
at
theories
developments
which
laws,
legislative
strictly
are
Fiscal
and
ernmental political
further
the workings of the
the people, is now confronted with
economic
violations of
own
political
new
which
are
''The immediate trend of tlie bond market, both in volume
result.
phi¬
economic
contrary to accepted
gone
and competitive capitalism under which this government
its
modified
four
Dependent on Governmental
Policies, According to T. E.
Hough of Halsey, Stuart & Co., Inc.—Factors
Contributing to Present Lethargy Discussed
Political
seek far to
political philosophy, while having had control in recent years
new
Domestic
own account,
(e) A fee of 2 cents on each floor brokerage paid, to be deducted by the
Trend
has
factor hitherto
new
have to
current political
Municipal Financing
clearing member's
•clearing member from the amount of the floor brokerage.
the
ways
obviously the
clearances:
as
10 cents.
2. When for the account of another member, 15 cents, of which twothirds thereof shall be charged to the other member.
more
many
.
On transactions known
a
business
of
always heretofore operated.
This
been
such business, one-half of the amount of such fee shall be
to the other member
1. When for
sub¬
a
one-half thereof,
amounts
non-member; and
a
quent purchase or sale thereof.
(d)
clearing
a
like amount
a
each contract carried by
per contract on
member for the account of
member
of which
by
charged to the other member.
A fee of 20 cents
(c)
is
and, seemingly, majority support from
was
(b) A fee of 20 cents
and
by
It
one
so
private
has
Reflecting the
account; and a like amount
own
some
is.
so
in
system of
executed.
were
problems
factor
that
before the 15th day of the month immediately following the month in
which the transactions
the capital markets
_____
Fees shall be paid to the Exchange by the members clearing the contracts
on or
related
not
from
part:
assist
to
huge
a
rates are
earlier his¬
situation in
a
in
doing
clearly this
of
Such
and
so
interest
outlets largely closed, and domestic competi¬
relatively inactive.
to produce revival in
by
hand and
one
on
Recent
Governors
the
on
Coupled with this,
inactivity and unemployment.
Amendment Adopted by New York Stock Exchange to
Permit
Special Partners to Serve as Governing
Members—Submitted to Members of Exchange
of
low,
investment fields
the other.
tory could have been counted
.
Board
need for financing exists
vast
on
♦
The
37
surplus of idle funds
tive
end of
a customer at the
if, at any time in such month the customer had
a
service
no
:
(e) No service charge need be made to
was
if the
or
Chronicle
before attaining any stability.
in
The trade looks to the new year with hope for a greater volume, once the
general business activity, the decline in bond prices is in itself not adequate
transitory period in connection with the International Agreement is at an
to
account
for
the
hesitancy
Particularly is this true if
present
price
level
all-time
high in
activity present
of
bond
bonds
considered
that
whereas
at
in
with those of
even
in
evident
widely
fact is
with
prices,
comparisons
so
the
or
the
a
year
investment
circles.
that comparison
end
the case
drop
prices and from the high of the year,
about 1 He., prices fell to nearly lc. per pound
of
1936
is
of stocks and
ago,
of the
with
the
business
despite their
more
levels considerably under former highs.
On purely economic grounds, using past experience and traditions as a
guide, the present situation should offer some reassurance rather than the
distressing showings, are with
end.
The year
program.
marked the apparent end of
.
.
future coffee policy would be based on
that burning
during November
a
new
old coffee control
"open competition" and indicated
of coffee would gradually halt and
part of her lost export market.
down to
Brazil's'30-year
Brazil on Nov. 3 out of a clear sky announced that the
an attempt
be made to regain
Losses of over 3c. per pound were recorded
with Santos " D"* contracts..for future delivery selling
record low of just above 5 He. per pound.
Although this
Financial
38
development must have brought serious losses to those holding "unhedged"
stocks and
serious matter to those nations dependent on coffee ex¬
a
was
ports for a large part of their
National wealth, Brazilian interests and most
traders throughout the world were reported to have hailed the Act as the
"savior" of
market with
a
Hopes continue high for a "real" free
unsettled industry.
an
consequent return to actualities with the law of supply and
Domestic sugar futures started to decline before the first week of the new
year
was
ended when it was indicated that an excise tax of H to lc.
Prices, which
the
on
be imposed without injury to the
would be sought to
the highest in over eight years, broke immediately
were at
and, beyond a recovery of 10 to 15 points
news
trend
in
all other commodities.
tax of He per
A
new
sugar
year
Act embodying
pound was signed by the President on
sharp rise accompanied its inception, the gains
ended,
excise
an
Septal and, although
were
and larger consumption quota was announced.
new
the
as
unable to withstand the pressure of "ample" supplies and the declining
were
a
per
consumer.
.
soon
.
lost when
a
Prices during
.
1937 ranged from 3.09 to 2.21c. with the highs made as the year began and
final prices within striking distance of the lows.
Jan. 1, 1938
subjected to additional legislative drawbacks, the
Treasury's finances are placed on a sounder basis, the taxes
on undistributed profits and capital gains are revised, and
the international political situation does not become a more
serious deterrent, states the Guaranty Trust Co. of New
if it is not
York in
demand again reigning.
pound
Chronicle
and the outlook for the
review of the current year
a
beginning of 1938, in the current issue of "The Guaranty
Survey," its monthly review of business and financial
conditions, published Dec. 27.
"Industrial progress during the next several years, how¬
ever," says the "Survey," "will undoubtedly be conditioned
on the extent to which the majority of our people realize
that the fundamental factor determining real wages is the
productivity of labor and that the only manner in which
the standard of living can be raised is by increasing output
per capita."
According to the "Survey," "several problems
still remain that must
will
solved before business may
be
It adds:
regard the longer-term future with assurance."
C. A. Scholtz, President of New York Cocoa Exchange,
Predicts 1938 will Bring Better Prices and Greater
In his annual statement issued Dec. 30, Carlos A. Scholtz,
President of the New York Cocoa Exchange, Inc., predicted
that "1938 will see better prices and greater activity for all
arid chocolate
Mr. Scholtz
termed 1937 as "one of the most eventful years in the history
of the cocoa industry."
His statement follows:
As
one
close,
to
Prices
are at
a
we are
faced with
a set
wasteful, and poorly planned disbursements of the past.
Along the
line some definite plan for balancing the budget is
such
of
conditions.
very interesting
refuse to sell because of the low prices and consuming interests
Looking back,
In respect
the
that man-made doctrines
than the operation
find
we
cocoa
and by the general upward surge of the commodity price level.
was
year.
hastened by the collapse of the general commodity price
level and prolonged by the uncertain business outlook for the future and
that
1937-38 production would be adequate for world needs.
The situation has its aspects of drama when we note that the Gold Coast
farmers
are
refusing to sell the world's most important
harvested and ready for market, because of the low prices.
decay and mold to
crop,
They
vinced they will force prices higher by holding back the crop.
that passes will cause more
now
that
Consuming interests prefer to buy on
own
Every day
a
Thus, inventories
permitted to decline to abnormally low levels.
opinion is that the whole situation has been over-done and 1938
for
Securities
business sentiment and the
Even
under
it
difficult
always
is
under
unprecedented
exercising
Definite
Trend
in
General
the
limited
control
predict future
to
conditions,
present
over
private
strong
understanding
with
economic
the
enterprise,
of
required
trends.
Government
is particularly
Upward Trend Looked for Early in New Year
Coast
Pacific
reached
lias
business
Association, who pointed to
Compared with Down¬
Markets
According to
Oliver J. Troster
New York
City bank and insurance stock markets in 1937
downward trend in se¬
curities, Col. Oliver J. Troster, of Hoit, Rose & Troster,
states in his annual review.
Declines of about 32% in
leading bank stocks and 24% in insurance stocks were in¬
curred.
"These declines appear relatively small compared
with general markets," Col. Troster comments, adding that
bank and insurance stocks had not appreciated as vigorously
in the strong spring upturn.
Further comments follow:
immune from the general
the
bottom
the
of
base
expectations that business, industry and
will
tend
toward
definite
a
upswing early
in the
Year.
recession,
anywhere else in the world," he declared, "that
than
here
living
are
Giannini believes, has been greatly
conditions are so much better
Mr.
"Relatively,
over-stressed.
we
long list of favorable factors
a
to
which
comparative
in
who
We have
affluence.
for confidence in the immediate future."
is bound to get into high gear very
ward
a
of trade in the last few years
present lull, in the opinion of A. P. Giannini, Chairman of
the Board of Bank of America National Trust & Savings
reason
Declines in New York City Bank and Insurance Stocks
as
These laws had such
course
by Chairman Giannini of Bank of America National
The
Extended reference to the report will be made in
Relatively Small in 1937
which
Trust & Savings Association
Report
and
subsequent issue of the "Chronicle."
not
.
.
hazardous.
New
Exchange Commission on Dec. 30
issued its third annual report covering the fiscal year ended
were
.
heavy Government expenditures,
where
circumstances
prognostication
finance
♦
—
on
guidance,
But
on
SEC Issues Third Annual
June 30.
bring greater good to the people of the nation
they cannot be excluded from any speculation regarding future pros¬
pects.
hand-to-mouth policy because
chocolate industry.
a
Underlying
are con¬
better prices and greater activity for all branches of the cocoa and
The
can
of natural economic laws.
constant harassment to business.
as a
laying on farms with
crops
lower when the Gold Coast crop moves to market,
in most cases have been
see
business men, and
spirit of cooperation.
a
the factors governing the cyclical movement of business is alone
of the general business uncertainty and the possibility that prices may go
My
necessity for some approach to
an urgent
increased the tax burden and called for
adequate storage facilities.
will
systematic
The effects of certain legislation in force this year, especially that
at the 13 cent level in January, marking
by about 50,000 tons and the market started to decline early in the
even
needed,
When a
expenditures.
Business Retarded by Heavy Taxes
acted
no
reducing
foregoing and other problems is the danger in the political philosophy
influence
cocoa
labor, there is
to
labor to consider their differences in
are
became evident that the Gold Coast crop had been under estimated
indications
and
be adopted for reducing the huge public debt.
program
the peak of the 1936-1937 bull market, which had been induced by fears of
The decline
base
tax
industrial problems that will enable the Government,
short crops
soon
the
the year's low levels; producers of the world's most important
letting inventories run to dangerously low points.
It
same
broadening
as
balance is achieved and conditions warrant, it is essential that a
industry."
of the most eventful years in the history of the cocoa industry
comes
crop
cocoa
plan of relief expenditures at times of economic stress, as contrasted with
the spasmodic,
Activity for Cocoa and Chocolate Industry
branches of the
Perhaps foremost among these is the need for the adoption of a long-range
duced
manufactured
of
stocks
"so-called
the
that
added
every
"Industry
soon," said Mr. Giannini,
business
articles
recession
to
has
the point
re¬
where
consumption is now ahead of production.
Many stores are
completely out of certain lines.
In the face of this, retail
buying has spurred up and factories will soon get orders
for new stocks."
This condition is general throughout the
Nation,
Coast area has other conditions
West
but the
stimulate,
to
steady and permanent business growth, accord¬
a
"The Nation's population is migrating
ing to Mr. Giannini.
pointed out.
"The whole Far Western
region—California, Nevada, Oregon, Washington, Idaho and
westward,"
he
Utah—is experiencing rapid
Business simply, must
growth.
expand along with the population."
Measured by the "Hoit, Rose & Troster Weighted Average" of 17 leading
issues, New York City bank stocks had four major price movements.
From
Ruling
over
18 points, or 29%.
decline of 20 points,
or
However, this high
followed by
a
was resumed.
to 41.57 on Dec. 14—a
a narrow range,
From 64.41
on
on
a
of 20 issues opened Jan. 2 at 56-64 and
mild upturn to the year's high of 57.91 on ,Jan. 9.
Despite the fact
that the general market made its highs in March, insurance stocks
began
their Spring decline in January and by May 14 had sagged 8 points, or
13H%.
Beginning Sept. 1, the decline
year's low of 40.89
was
was
resumed, and by Oct. 19, when the
reached, the autum decline totaled 23%.
The list
Board
The
Sept. 1, the list dropped
36% decline and the lowest level since June 1, 1935.
The insurance stock average
issued
on
National
banks
in
trusts
participations in
the amount
so
feature
of
the
year's
trading,"
Col.
Troster
notes,
declines, which creates
of rapid recovery if sustained buying interest
System
amend¬
an
a
permitted by State law,
of various individual
common trust fund, provided
funds
invested from any one trust does not
exceed
$25,000, or 10% of the value of the assets of such common
trust fund, whichever amount is less.
"Regulation F," the
explained, "has heretofore permitted National banks
Board
only if such funds
encouraging
invest
may
24% for the year.
"was the absence of large supplies of stock on the
Reserve
(Dec. 31),
lective investment of trust funds is
to make
the interesting possibility
Federal
effective yesterday
Regulation F to provide that in States where col¬
to
ment
of the
Governors
of
Dec. 20,
firmed somewhat since then and closed the year about 43, a net decline of
"An
National Banks
$25,000 of Each Account in Common
Fund Where State Laws Allow
but beginning
The year closed with the average holding at about 42, representing a
32%
net decline for the year.
had
Invest Up to
to
gradual
26%, extending to the June 29 level of 59 94.
Subsequently, the list steadied within
Sept. 1, the decline
was
Trust Funds Amended by Board of Governors
on
of Federal Reserve System—Permits
Jan. 2 opening of 62.38 to the year's high of 80.67 on Feb. 15, the list rose
to
to
collective investment of funds
of individual trusts
too small to be invested separately
were
advantage, and the amendment now issued permits this
be
under
continued
returns."
Business Capable of Working Out Solution of Problems
if not Subjected to Additional Legislative Draw¬
Section
minimum
a
of
regulatory
require¬
ments
backs, Says Guaranty Trust
Viewing
Outlook—Revision
Co.
of
of New York in
Taxes
Also
provided the amount so invested from any one trust
account does not exceed $1,200."
The
to
warrant
the
In
belief
the
it
capable of working out the solution of its problems eventually
tered
by
ii
Revenue
Act
safeguards,
when
that
business
is
reason
amended
also
of Regulation F,
Subsections
(b)
(c)
and
of
in certain minor respects, with
respect to the trust department committees already provided
for in the regulation.
The Board said:
proper
is
6
an
Essential
There
Board
of
of
granted certain
any
bank
in
1936
Congress recognized the desirability, under
permitting
tax
banks
exemptions
conformity
with
to
operate
to common
rules
and
common
trust
trust
funds
regulations
funds
adminis¬
prescribed
Volume
for National
legislation
in
and
In
Financial
146
banks
and
the
authorizing
similar
States
upholding
Some States have enacted
by the Board of Governors.
specifically
other
operation of
provisions of law relative to
construing
trust
common
funds
been considered.
has
legislation
the exercise
the courts have recognized that the
regulation of the administration of trusts is a matter peculiarly within
the province of the States.
In issuing the present amendment the Board
of
trust
has
banks,
by National
powers
funds of various trusts in com¬
permitted tfye collective investment of
National
when the laws of the State in which the particular
located authorize or permit such
investments by State
that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
at
$6,561,321,333, as against $6,555,101,269 on Oct. 31, 1937
$6,465,632,968 on Nov. 30, 1936, and comparing with
$5,698,214,612 on Oct. 31, 1920.
Just before the outbreak
6f the World War, that is, on June 30, 1914, the total was
and
The following is the full statement:
only $3,459,434,174.
22 23 2 o O
funds only
trust
mon
39
Chronicle
bank
is
banks, trust companies, or other corporations whihc compete with
National
banks.
£? £ g O % O
PlsrSaf
U
amendment
an
recommended
was
by
a
special
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such
of
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of
drafted
after
Bankers
American
the
mittee
Association,
the
amendment
after
and
submission
was
oo
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of the
draft
tentative
interested
and
of
a
O
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to
H
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Board's
The
committee
regulation to and receiving criticisms and
all Federal Reserve banks and other
proposed
that
from
comments
the
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with
consultation
preventing
have
regulations
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with
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strictly fiduciar}' purposes and to providing safeguards to
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Received to Offering of $50,000,000 of
Treasury Bills,
Dated Dec. 29,
1937—
$50,077,000 Accepted at Average Rate of 0.101%
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$140,292,000
©
91-Day
that
Announcement
bids
of
$140,292,000 had been
re¬
to the offering of $50,000,000, or thereabouts, of
91-day Treasury bills, dated Dec. 29, 1937, and maturing
March 30, 1938, was made on Dec. 27 by Henry Morgenthau
Jr., Secretary of the Treasury.
The tenders were received
up to 2 p. m., Eastern Standard Time, Dec. 27, at the Federal
ceived
and
banks
Reserve
the branches
thereof.
Of the amount
Secretary Morgenthau said, $50,077,000 were
Previous reference to the offering of bills was
made in our issue of Dec. 25, page 4041.
The following is from Secretary Morgenthau's announce¬
received,
accepted.
ment of Dec. 27:
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of the amount bid for at the low price was accepted)
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Offering of $50,000,000,
Treasury
Bills—to
Thereabouts, of 91-Day
Dated Jan. 5,
1938
or
CO
be
thereabouts,
of 91-day Treasury bills, to be received at the Federal Re¬
serve banks, or the branches thereof, up to 2 p. m., Eastern
Standard Time, Jan. 3, were invited on Dec. 30 by Henry
Morgenthau Jr., Secretary of the Treasury.
The tenders
will not be received at the Treasury Department, Washing¬
a
new
offering of $50,000,000,
or
ton.
sold on a discount basis to the
highest bidders.
They will be dated Jan. 5, 1938, and will
mature on April 6,1938; on the maturity date the face amount
of the bills will be payable without interest.
An issue of
$50,049,000 of bills will mature on Jan. 5.
In his announce¬
ment of Dec. 30 bearing on the new offering of bills, Secretary
Morgenthau stated:
$1,000,
$10,000,
$100,000,
$500,000,
to
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less than $1,000 will be considered.
Each tender
The price offered must be expressed on the
multiples of $1,000.
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and trust companies and from
from incorporated banks
responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
of the face amount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment
bank
or
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Tenders will be accepted without cash deposit
10%
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tions must not be used.
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basis of 100, with not more than three decimal places, e. g.,
ment securities.
p!
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m
CO
must be in
I
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00
an amount
I
and $1,000,000
(maturity*value).
Ik No tender for
I
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of
O)
i
to
H
OO
They (the bills) will be issued in bearer form only, and in amounts or
denominations
i
I
H
O
p
The Treasury bills will be
«
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CO
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f
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rfv
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Tenders to
1
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CO
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New
I
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to
Equivalent rate approximately 0.101%
I
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n
A
:
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(80%
it*
£3
M
Equivalent rate approximately 0.107%
Average price—99.975
o
£
I
1
—99-973
p
!
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Equivalent rate approximately 0.063%
Low
N
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—99.984
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Range of accepted bids:
to
CO*.
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go
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to
o
$140,292,000
CO
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Total applied for
CO
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to
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incorporated
trust company.
a
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I
Jan. 3,
to
CO
s
©
to
f
©
1938, all tenders received at the Federal Reserve banks or branches thereof
H
v|
I
I
I
I
I
J
Immediately after the closing hour for receipt of tenders on
up to the
closing hour will be opened and public announcement of the ac¬
ceptable prices will follow
as soon
as
©
©
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CO
p p p
*o "o "© *© *o
§
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§00000
possible thereafter, probably on the
•
following morning.
all tenders or parts of tenders, and to allot less than the
a
Does not Include gold other
The Secretary of the Treasury expressly reserves the
right to reject
Revised figures.
any or
Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treausry bills allotted must be made at the
amount
Federal
applied for, and his action in any such respect shall be final.
Reserve banks
in
cash
or
other immediately available funds on
The Treasury bills will be exempt, as to
gain from the sale
or
other disposition
all taxation, except estate and
principal and interest, and any
thereof will also be exempt, from
inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
No loess from the sale or other disposition of the
shall be allowed
as
a
deduction, or otherwise recognized,
of any tax now or hereafter imposed
Treasury bills
for the purposes
by the United States or any of its pos¬
sessions.
certificates and Treasury notes of 1890 Is included
gold, standard silver dollars, and silver bullion, respectively.
under
c
This total Includes credits
with the Treasurer of the United States payable in
certificates In (1) the Gold Certificate Fund, Board of
in the amount of $6,306,943,198: and (2) the
Federal Reserve notes In the amount of $9,938,343.
: >
gold
d Includes
the
e
Department Circular No. 418,
as
amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
Governors, Federal
redemption fund for
$1,242,545,985 Inactive
of increment resulting from reduction in weight of
$1,800,000,000 Exchange Stabilization Fund;
gold, and $140,990,610 balance
gold
dollar.
Includes $59,300,000 lawful money
deposited as a reserve for Postal Savings
deposits,
f The amount of
gold and silver certificates and Treasury notes of 1890
should be
before combining with total money held in the Treasury
of money in the United States.
Includes money held by the Cuban agency of the Federal Reserve Bank of
deducted from this amount
to arrive at
g
Treasury
than that held by the Treasury,
Included In the total, since the gold or silver held aa
Reserve System,
Jan. 5, 1938.
gift tax.)
b These amounts are not
security against gold and silver
the total amount
Atlanta.
h The
money
in circulation includes any
paper currency
tinental limits of the United States.
N0te—There Is maintained In the Treasury—(1)
held outside the con¬
as a reserve for
United States
notes of 1890—$156,039,431 in gold bullion; (11) as security for
1890—an equal dollar amount in standard sliver dollars (these
notes are being canceled and retired on receipt); (ill) as security for outstanding
3llver certificates—silver In bullion and standard silver dollars of a monetary value
equal to the face amount of such silver certificates; and (lv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve
notes are secured by the deposit with Federal Reserve agents of a like amount of
notes and Treasury
Treasury notes of
Stock of Money in
the Country
Treasury Department at Washington has issued the
customary monthly statement shewing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
The
Federal
are
Reserve banks and agents.
The figures this time
in circulation
for Nov. 30, 1937, and show that the money
gold certificates or of gold certificates and such discounted or purchased paper as Is
eligible under the terms of the Federal Reserve Act. or, until June 30, 1939, of
direct obligations of the United States If so authorized by a majority vote of th
40
Financial
Board of Governors of the Federal Reserve System.
maintain a reserve in gold certificates of at least
Federal Reserve banks must
40%, Including the redemption fund
deposited with the Treasurer of the United Btates, against Federal
which must be
Reserve notes
In
actual
circulation.
"Gold
certificates"
herein
used
includes
credits with the Treasurer of the United States payable in gold certificates.
Reserve bank notes and National bank notes are In process of retirement.
Federal
as
Chronicle
down into that chapel and preach a Christmas sermon.
go
speak of peace and good-will toward
world is
our
"
'And
States
Continues
Purchases
Silver
of
from
And I
Canada, China and Mexico
Announcement that the Treasury Department had agreed
continue its purchases of silver from Canada, China and
Mexico, was made on Dec. 30 by Secretary Morgenthau.
The buying of Mexican silver is to continue on the
present
basis during January, and it is stated that the same
arrange¬
made
ment is
Canada.
to
as
As to
this Associated
Press
advices from Washington Dec. 30 said:
buy up to fixed amounts of newly mined silver
from those countries at prices to be determined next month.
In the last
the price has been 45
which the
Treasury
From
its
for
pays
cents an ounce,
new
compared with 77.57
Questioned
Washington bureau Dec. 30 the
reported the following:
the
to
as
silver
ounce
silver mined in the United States.
situation.
York
•
Mexico
the
on
Secretary Morgenthau told his
continued
on
basis.
The
the
not been
Canada and
Mexico,
the
that this
and
policy has
United
"percentage of production" basis,
more
silver than the latter.
tries.
Mr.
Morgenthau
and the former country produces much
Under these arrangements with the two
continued
kind—they
any
are
there
are
"no
stabilization
coun¬
under¬
straight purchase agreements."
with
this
thought, other
Treasury
sources
asserted
country.
Department does not concern itself
"Mexicanization" of industry now taking place in that
Effects
Mexico, it
was
of this
said, is
process
a matter
4
'Under the silver
in gold or silver
In
the
oil
his
land
and
interest
in
conference
this
on a
was
morning
Secretary
Morgenthau
concerning a statement by Senator Thomas (Dem., Okla.)
that the Treasury is
considering further desterilization of gold as an ordinery credit move to improve business or for use as direct Federal re¬
lief
payments.
had
received
The
Oklahoma
"positive
Senator
information"
was
along
quoted
this
line
as
saying
that
he
Government
from
monetary experts.
"All I
Bible to
You read
a page.
I will
me.
in a
open it
the text which I
me
he told
as
and he happened on the 26th chapter
me
*'
'Read
what
it
of St. Matthew
I felt sorry for him, for this was no part of the story
verse.
says,'
an
account of the great
commanded the
betrayal.
And
dominie.
I
read:
'Then
Judas, which betrayed Him, answered and said, "Master, is it I?"
"My friend frowned, but then he looked at
remember.
It is not
'He
My hand is not
as
steady
as
me
in triumph.
an
eighth of
I read,
inch away.
an
'Now I
You should have
it used to be.
Read the 27th
verse.
Read what it says.'
'And He took the cup, and gave thanks, and gave it to
them, saying, "Drink ye all of it." '
'Mark that!' cried the old
betrayer,
"Drink
means
good-will to every last
Pilate,
peace to
"I
man
the thieves
on
can
the
cross
to Judas, the
Good-will toward
Peace
earth
on
men
means peace
to
and peace to poor Iscariot.'
glad, for he had found Christmas, and
was
even
preach my Christmas sermon
all of it."
ye
of God.
son
'Not
exultantly.
the wine of life denied, I
was
and my text will be,
now,
I
saw
by his face that
he heard the voice of the Herald Angels."
more
After reading his message, said the "Herald Tribune," the
returned to the White House, where, following
President
traditional Roosevelt family custom, he read
"Christmas Carol" to members of the family.
a
Mrs.
Franklin
D.
Dickens's
President's wife, was
House,
having flown to Seattle a day or two before to spend Christ¬
mas
with
her daughter, Mrs. John Beet tiger, who had
been ill.
Mrs Roosevelt returned to Washington during the
absent from
Roosevelt,
the
the Christmas festivities at the White
,
Holiday Greetings by President Roosevelt to Army and
Navy Forces-—Messages to Civilian Conservation
Corps.
In addition to
Asked to state
specifically whether there will be any further desteriliza¬
tion in January, the
Secretary observed: "Well, that's another
Let's
year.
holiday greetings from President Roose elt,
to soldiers and sailors wherever
stationed, also received
mes¬
from Secretaries Woodring and Swanson, Assistant
Secretary Edison, General Malin Craig, Chief of Staff of the
army, and Admiral William D. Leahy,. Chief of Naval
Operations; the greetings were conveyed either by radio,
telegraph or letter—The President's Message to the soldiers
sages
and sailors said:
can
say is that whatever the Senator's source of information is it
is not from this
office," Mr. Morgenthau said. "I have had no contact with
him nor has
anybody authorized to speak for me had any contact with
him."
<
all
fingers down
of the birth of Christ but instead
said, "we deal
straight monetary basis."
asked
was
'I will close my eyes and you hold out the
and the 25th
concerning only the State Department.
'understanding' with Mexico," it
of
course
American
on
foreign exchange only,
or
me
todaythat,
despite reports to the contrary, the
with the so-called
He smiled and said, 'Will you assist
experiment?
current week.
Mexicanizntion of Industry
In line
but
me,
troubled by doubts to reach for
blindly select.'
once
States purchases
considerably more silver from
Mexico than from Canada, but added that such
purchases are made on a
standings of
You may laugh at
worrying about how Christmas came to Judas Iscariot.'
at random and run my
Secretary explained, will be
prices it pays to these countries,
revealed
"
silver
no
changed.
He
am
the Book, and he did so now.
little
"under¬
puted each day at
revealed
I
now
are
hoping and praying that in the great love of God the final seal
"It is the habit of my friend when he is
'And
month-to-month
fixed-amount basis, with payment of the daily
price com¬
noon in New York.
He said the Treasury has never
a
right
You
but you want to note very Rjany exceptions.
"
prevailing
(3) Contrary to recent reports the Department is
purchasing
from Peru.
The agreement with Cuba, however, is still in effect.
from
keep insisting that before
be the bashing of heads.
of Interdiction must not be put on even one.
morning that:
old
standings" with both countries, Mr. Morgenthau said, are identical.
(2) The agreement with China, whereby the United States
exchanges
domestic gold for Chinese silver, was
recently extended for a six months'
period ending July 1, 1938.
Purchases
still
am
enmity.
and others
friend,
taken the lower part of my finger and not the top.
(1) The Department has agreed to continue silver purchases from Canada
and
and hate and
war
young
me as a
And I know that
said unto him, "Thou hast sad." '
New
"Journal of Commerce"
press conference this
an
of
my
be brotherhood there must
good-will to men,
"I did
The Secretary said the Mexican and Canadian agreements
merely provide
that the United States will
year,
for
all
one
you,
can
And I must
I know you think of
men.
be of any use to my community.
too cloistered to
man
there
United
Jan. 1,
I wish to extend to each of you my
best wishes for
a
happy holiday
season.
The preservation of the peace and security of America is a cause to which
devoting
you are
earned
the
By your steadfast devotion to duty
lives.
your
deep appreciation and sincere gratitude of all of
you
our
have
people.
I hope that your Christmas will be filled with good cheer and that the New
Year will bring to each of you an abundance of happiness.
be patient."
A
President Roosevelt in Christmas
Greetings to Nation
Uses
Parable of
Newspaper Columnist in Con¬
veying Message of "Good Will Toward Men"
In his Christmas
message broadcast
on
Dec. 24 with the
lighting of the
Community Christmas tree in Lafayette
Square in Washington, opposite the White House, President
Roosevelt read in its
entirety a story by Heywood Broun,
Newspaper Columnist, in which it told of a preacher, an
ola man, who in
seeking a text for a Christmas sermon of
At
the
in
to
and good will selected at random
betrayal of Christ by Judas.
By way of
an
account of
In the light of the
parable's application to world conditions, the President's
unprecedented use of a
newspaper columnist's writing as the whole text
of his own
message was conceived by Stephen
Early, White House Secretary,
to be subject to
"broad interpretation." With the Far
Eastern crisis punctu¬
ating his long series of efforts to
avert international chaos and induce ag¬
gressor nations to return to
democratic and peaceful principles, the Presi¬
dent, by making the Broun
story his own, pointed out that Christ did not
deny the "wine of life" even to
Judas, the betrayer, that "good will toward
men means
good will to every last
son
of God."
time,
same
greetings
Conservation
in the
United
extended to the members of
have been
Corps,
about
300,000
of whom
them, from Secretary Woodring,
was
are
enrolled
The
States and territorial possessions.
message
transmitted by Major Gen. E. T.
General.
The Governors of Guam and Samoa also
were
remembered by Secretary
Swanson.
While the text of the other messages generally concerned the holiday
General Craig and Admiral Leahy both laid emphasis on the morale
season.
and
efficiency of the service members.
"This has been due to the loyalty and devotion of every member of the
the
explanation of the
President's action an account from
Washington to the New
York "Herald Tribune" on
Dec. 24 said:
the
Civilian
camps
Conley, the Adjutant
^
peace
dispatch Dec. 22 from Washington to the New "Times"
stated:
service," General Craig said.
Admiral Leahy told the officers and men of the navy that "your efforts
during the past
have added much to the efficiency of the National
year
defense at sea."
The
by
sent
message
OCC enrol lees.
General Conley for
Mr.
Woodring praised the
It said:
"I hope that each of you will have a happy holiday season
the
new
year
will bring you continued health and happiness.
filled with Joy and that
You have the satisfac¬
tion of knowing that in the past year you have contributed much to the permanent
welfare of your country.
structive
work
in
the
I trust that in the future you will continue the fine
splendid spirit that
same
has thus far characterized
x
efforts "
con¬
your
•
The President's
greetings to members of the CCC through¬
York, New Jersey, and Delaware, contained in a
communication forwarded through the army's Second Corps
out New
,,
•^:TJ?rcJ^n's
story, as read by the President, appeared in
Washington Daily News."
The President's speech
the
follows:
a
Last night before I went to
sleep I chanced to read in an evening paper
story by a columnist which appealed to me so
much as a Christmas sermon
that
this
afternoon,
on
the
occasion
of
lighting the National Christmas
Tree in Lafayette
Square in front of the White House I
to you from it.
Here is his
am
going to read
parable:
We
were
Christmas
And that
sitting in
Eve
was
my
a
high
room
of his faith.
"The joys and
sorrows
dominie seemed
was a man
curiously troubled.
extremely sensitive to the festivities
of Jesus were not to him events of
but more current and
living happenings
At Christmas he seems
papers.
than the
a
n
was
an
splendid contribution
conservation
Nativity had failed
that something
headlines in
was
wrong.
to rouse him to
one
you
as
follows:
that I extend Christmas and
You and all the men who have served
have cause to be proud of the
have made to the advancement of the National
program.
could read the record of your accomplishments without a quicken¬
ing of the
sense
of pride in all the fine things you have done.
I hope that
this, the fifth Christmas of the CCC,will be a happy one for all who have
had
a
share in its program
of conservation and aid to youth."
remote past
the
news¬
old man. and I have known him
for many years,
the first time the
feeling of deep satisfaction
a
the CCC camps in this and in past years
President
actually to hear the voice of the Herald
My friend is
this
with
New Year greetings to the corps.
an
'Tomorrow,* he said, 'I must
Naval
Indicates
That
He
May Seek
Appropriations to Enlarge Ship
Building Program
but
ecstacy.
Roosevelt
Additional
Angles.
He admitted
headquarters at Governors Island, read
It is
No
above the chapel, and although it was
good friend the
strange, for he
Area
Pointing out that "many nations
but
are
enlarging
their
are
armament
not only continuing
programs,"
President
Volume
Roosevelt
tive
Financial
146
in
letter
a
Taylor
under
(Dem.)
Committee
date of
Colorado,
of
Dec. 28 to Representa¬
Chairman
of the
House
Appropriations, indicated that "it is possible
supplementary estimates for commencing
construction on a number of ships," additional to the pro¬
I
that
send
"appropriations to commence during the
1939, two battleships, two light cruisers, eight
and six submarines."
Members of the House
calling
fiscal
year
destroyers
for
Appropriations Committee were reported
Dec. 28 working
on
supply bill said to call for two
a
on
new superdreadnaughts
outlay of $576,000,000, indicated willingness to
ignore budget balancing plans if necessary to speed Amer¬
ica's naval building program.
United Press advices from
Washington on that date, making this known, added, in
total
a
part:
bill
navy
smaller
is
craft
understood
North
would
ships
16-inch
addition
in
and
Washington
the
to
Carolina
two
type
$60,000,000
coGt
Edison,
Assistant
its
battleships which
under
now
each,
be of the
will
The
construction.
weigh
35,000
and
tons
two
mount
Roosevelt
Representative
with
nothing
to
of
the
view
to
financing
the
He
conferred
a
afloat.
revealed
the
yesterday
Secretary
budget
dreadnaughts—second
Navy,
that
two
super¬
Sacramento on
unconstitutional California's unfair com¬
petition Act of 1935, affirmed a decision of the Los Angeles
County Superior Court in refusing to issue an injunction in a
suit brought by Everett L. Balzer against Donald L. Caler,
an independent
grocer, who was selling "loss leaders" in his
two stores.
Regardingjthe decision ofJDec. 18 the Los Angeles"Times"
Bureau
figure
Budget
Clarence
Cannon,
Democrat
Roosevelt
President
Mr.
Roosevelt's
session
.
This
for
if
but
regular
mittee.
.
next
.
of
destroying
total
decided
this
of the
The
work
will
week
with
influence
great
carry
opening of
the
cost,
The trial
vessels
naval
The
costing
smaller
20
total
a
craft
The
in
on
however,
by
written
Associate
My
Mr.
bill,
according
to
the House when the
Naval
The
for a
the
"The act
1935 instead of encouraging competition and
it existed in
as
destroying monopolies,
the statute declared it was intended to do, has
as
"It is apparent
to us that the act tends to encourage monopolies
that
Navy
and
national
to
any
The
the
has,
of
new
"large and
opulent" industries
be
one
that
is
In
the^very class of competition which
the statute purports to favor," the opinion
said.
but
rny
world
their
Budget to
called
and
ago
Chief
in
duty
growing
the
of
do
I
concern
armaments.
recognize
Will
Naval
Facts,
armament
nations
facts,
are
only
have
I
used
decrease
a
be
therefore,
possible
construction
that
on
a
good
enough
to
and the United States
inform
the
must
I
send
may
number
of
supplementary
ships additional
met
commencing
yours,
FRANKLIN
T.
for
estimates
has
on
to the above program?
Very sincerely
Hon Edward
Subcommittee
that after the next session of the Congress
D.
ROOSEVELT.
Taylor,
of the Appropriations Committee, House of Representatives.
Chairman
Los
the Caler
Roosevelt
Big Business
Says
Administration
Aimed Only At
Are
Attacks
Certain
on
"Male¬
factors of Great Wealth"
tioned
no names,
cited the
quotation as a New Year's parable and
men¬
despite persistent questioning in a press conference.
against
the independent
which a
operator for
of the Superior Court at Los Angeles
in
February, 1936, holding the Act (the so-called "Little NRA"
Law) was referred to in these columns March 7, 1936,
1569.
page
Inquiry into Increase in Price of Newsprint Under Way
by Department of Justice
It
made
was
Cummings
by United
known
Dec.
on
20
that
the
States Attorney General
increase in the price of
newsprint is "already under intensive investigation." These
were conveyed by the Attorney General to Senator
advices
(Dem.) of Idaho, who is said to have urged upon the
Pope
"the advisability of investigating,
Department of Justice
with
view to
a
appropriate action, the enterprise or enter¬
prises responsible for the continual increases in the price
of newsprint."
In United Press accounts from Washington,
Dec. 20, Senator Pope was quoted as saying:
From time to time publishers of newspapers in the State of Idaho, both
great and small, have urged such action upon me, stating that the price
charged for newsprint is higher than can reasonably be justified or accounted
unless
for
Dec.
is
it
to monopolistic
subject
Associated
Press,
Washington,
from
that Attorney General Cummings and
Attorney General Jackson, who is chief of the
Assistant
Division, were considering transferring the gov¬
From the same advices we quote:
eral Trade Commission.
new
a
the Fed¬
inquiry into the newsprint industry to
ernment's
Under
practice.
advices
in
reported
29,
price schedule Canadian mills
will
charge
$50
a
ton
for
in 1937. Domestic manufacturers,
charged $42.50 in 1937, will ask $48 until July L and $50 from
newsprint during 1938 as against $42.50
who also
then
until
The
Jan.
Justice
1,
1939.
Department began
its investigation last July when John A.
President of the American Press Association, asked the government
Perry,
whether
Mr. Roosevelt was asked whether he agreed with the speeches of Robert
H. Jackson, Assistant
ruled
court
decision.
Anti-Trust
Using the words of Theodore Roosevelt to explain the
Administration's attacks on big business, President Roose¬
velt yesterday (Dec. 31) said that the attacks are aimed only
at certain"malefactors of great wealth" and not at all men
of great wealth.
United Press advices from which we quote
in part added:
The President
Angeles
decision
The
President
the ruling.
Wholesale Tobacco Dealers' Bureau of
selling "loss leaders," the Appellate Court reversed the decision in line with
States.
not
are
programs.
refer
not
them.
you,
Appropriations
is
nevertheless,
defense
against the United
many
and
Army
the
safeguard
to
under
case
Under
growing concern.
conceivable effort to stop this trend and to work toward
every
for
battleships,
two
submarines.
my
whole
a
as
the
you
the act,
another
Southern California against the National Candy & Tobacco Co., in
The
1939
year
to any specific threat
or
enlarging
are
time
some
caused
speaking of
with
Pullen concurred in
different
1937.
following:
fiscal
specific
follows:
28,
Director of the
Commander
is
Justices Plummer and
Chairman and members
the
the
and six
have
very
a
the
in
the
destroyers
events
President
specific nation
fact
prepared
during
House, Dec.
that
purchase commodities on the open
may
market at wholesale much less than independent operators.
convenes.
conversation
my
would tell
you
were
therefore,
interests.
continuing
it
eight
world
time
Constitution
the
session
new
submitted by the
commence
light cruisers,
Since
of
to
and
Held Discriminatory
Associate Justice Thompson pointed out the act is discriminatory in
"It is unfair discrimination against
will
plan,
present
White
Subcommittee
estimates
Subcommittee
appropriations
two
Confirming
be glad if
Appropriations
preliminary
Naval
the
Chairman:
day, I would
the
Thompson,
just the opposite effect."
included
including
President's letter to Representative Taylor
dear
other
Justice
whether the amended act will stand a future court test, by
saying:
Washington.
The
of
of
Ruling Casts Doubt
decision,
on
$130,000,000
carry
contemplated
$35,565,000,
of
Carolina and
North
appropriation
acted
first
and
evidence
Caler,was selling certain goods as "loss leaders" as a means of
In
the
competitors
said the
however,
destroy competition," he added.
alone.
35,000-ton battleships
of
"injuring
was
court,
1937
cast doubt
the com¬
the navy has under construction or has contracted
present
76
of
than
less
Legislature since! hasl.deleted the phrase "for the purpose
injuring competitors and destroying competition."
The
necessary.
was
special budget message at
year's naval appropriations, it is understood, will
The
for
competition."
showed Mr.
light cruisers, six submarines, eight destroyers and four small auxiliary
At
merchandise
Today's
member
Missouri,
>
.
construction
craft.
Section 3 of the Act, Mr. Caler, by
Balzer contended that under
with
Bureau already has supplied secret estimates to the Appropriations
Committee,
Mr.
selling
prospective naval appropriations.
on
Appropriations Committee, said he would be willing to exceed the Budget
two
District Court of Appeals at
Third
Dec. 18, in holding
advertising his store and attracting business.
studying
is
President
the
Sacramento
at
The
be
to
guns.
Charles
navy
whether he favors the bill in principle.
California's Unfair Competition Act. of 1935 Held Un¬
constitutional by Third District Court of Appeals
approximately $50,000,000 higher
than appropriations for the current fiscal year.
It reportedly px-ovides for
new
He said, however, that it is too early to
engaged in interstate commerce.
announce
said:
The
20
41
on
may
gram
and
Chronicle
price
increases announced for
1938 did not violate the anti-trust
laws.
Attorney General in charge of anti-monopoly activi¬
ties, and Secretary of the Interior Harold L. Ickes, assailing big business.
He declared the questions reminded him of the episode Theodore Roose¬
Secretary
velt created by a speech many years ago.
He added that certain elements charged Theodore Roosevelt with calling
This, he indicated,
the
deliberate twisting of an interpretation and not
facts.
The
President obs rved
that
Theodore
Roosevelt knew English and that he knows English.
Assertion
that
Theodore
Roosevelt
termed
all
people
of great
wealth
malefactors of great wealth was not borne out by the intent or the general
context of his
That
if
"Big
address, the President said.
Business"—
Enterprise
Private
In line with the declarations this week
"malefactors."
was a
conformance with
in
Against
"Would Do
Business in Way People Do Not Fear" There Would
Be Fewer Regulatory Laws
"malefactors of great wealth."
all persons of great wealth
Declares
Ickes
Asserts
The President recalled that the former Roosevelt called certain individuals
lies"
"Big
and
Jackson
(to which
we
by
L. Ickes, in a speech broad¬
retary of the Interior Harold
cast
irom
Washington
against "Monopo¬
Assistant Attorney General
refer elsewhere in this issue) Sec¬
Business"
on
Dec. 30, took to task "Big Busi¬
ness" which he asserted "must be controlled
if our democ¬
In his remarks he made the statement
need be no difficulty between government and
that he, too, feels a certain element is
racy
is to survive."
attempting to show that the present administration is launching an attack
that
there
His comment
on
all
men
was
taken to
of wealth.
on
as a
New Year's parable, he said they followed a
Christmas Eve.
At that time, standing in the rain
column written
with
Mr. Roosevelt waved aside questions
a message
that had
to be one
In
designed to make his remarks more
specific, but said that the Theodore Roosevelt parallel
was a
pretty good
illustration.
President revealed that
he had discussed, at his
Cabinet meeting
yesterday, the Borah-O'Mahoney bill for Federal licensing of corporations
the
limits to
in Lafayette Square, he read from
by Heywood Broun, New York writer,
for its theme "Forgiveness for All."
The
feel themselves burdened
will put democratictheir ambitions for private power and lie willing
of us instead of against us." In part he continued:
Big Business
,
Describing his remarks
previous parable
mean
is
other
that
if those who
restrictions
words,
business,
what
like
of
now
government
democratic
government,
government
be
requires of business today
democratic.
To
speak
bluntly and
understanding between
business and government is for Big Business to call off its lobbyists, call
off its newspapers and commentators, call off its lawyers—smart enough
realistically,
to
the
first
requirement
for
a
better
keep government in trouble but not wise enough to get business out of
Financial
42
trouble—and
appeal to
to
ball
play
with
rules
under
people
American
the
fundamental instinct.
our
that
problems
private
of
kept commentators and every other method of noise-making to blame on this
or
that law the results of a fundamental unwillingness of certain out¬
If
business
lose,
the
end
once
fascism it will
America starts out as big business
new
Fascist regimes.
all
do
as
too.
loses
people
if the
And
fury.
this way not only does democ¬
For if the new America is a democratic
mulcted will return to the attack with redoubled
business temporarily succeeds in
big
racy
America
Elsewhere
in
his
Secretary Ickes made the fol¬
speech
lowing comment:
^
:
politically blind as not to see that so long as
it fights and emasculates the present laws relating to labor, refusing to
adjust itself to the great tide of public opinion which those laws repre¬
sent, the result will be only more stringent laws?
Big Business might wisely put its own house in order by correcting the
high-handed practices or by purging itself of its Fords, its Girdlers and
its Rands before it presumes to tell the people what they should or should
Is
private enterprise
troubles
about
do
not
so
labor
by
caused
laws.
.
.
.
all the laws regulating the capital
markets, of all the laws relating to great public utility companies, of
all the laws regulating banking, of all the laws relating to discrimination
between
big purchasers and little purchasers, of all the laws trying to
surpluses
free
that
so
for
capital
left free in the hands of the stockholders
enterprises may be
new
corporation
of
distribution
the
force
of
today
complains
Business
Big
of old
the treasuries of those old enter¬
used only for self-expansion.
of these laws is an expression of the most
basic political instincts of the American people.
They spell fear of con¬
centrated economic power in the hands of a few and a determination, to
break up, through government and law, the instruments by which
this
be locked up in
enterprises rather than
they
where
prises,
Fundamentally,
concentration
be
can
one
every
effected.
is
...
the game.
rules of
In the
About
one-half
one-half
turn
are
ferred
to
close
political
The
this
World
this
of
guve
in
their
Two
1929
made
the
mistakes
the
purchasing
then
and
power
abandoned.
and
inroads
I
and
fascism
with
corporate
I
am
understand
the
the
can
be
of
the
United
They
get rid of inventories, and going on short time
with
nothing to
or
under
that
the
price levels.
below cost to
until they can see their way
(Republican) of Idaho, according to United
Washington, declared himself "in hearty
accord with the views of monopoly expressed by Mr. Jack¬
son."
He was also quoted as saying: "I can see no recovery
for a vast portion of our people so long as private interests
fix prices and thereby continue to deplete purchasing power."
In United Press accounts from Washington Dec. 26, Mr.
Senator Borah
Press accounts from
Jackson
quoted
was
saying:
as
business insists on pricing itself out of the market and unem¬
"If big
rather than
ployment grows, the demand will become irresistible for more,
"Increased government expendi¬
increased taxation, and big business, which already controls
less, government expenditures," he said.
tures will mean
of the country, will have to bear the major
half of the corporate wealth
part of the burden."
From the United Press we also quote:
Sys¬
Mr. Jackson's remarks, transmitted over the Mutual Broadcasting
President Roosevelt had served
notice on Congressional leaders that, while he is willing to agree to tax re¬
visions and other steps to inspire confidence of business in the New Deal,
followed closely upon reports that
tem,
determined to push ahead his social objectives, including a
he is
wages-
hours bill.
Mr. Jackson was reported in the "Herald Tribune"
In part
advices from Washington Dec. 26 as saying:
world something of the process
going on in the big business
"There is
The old dealers in industry, with their
political world in 1932.
and
blindly stubborn domination of labor and resistance to government,
disregard of consumer welfare, and ruthlessness toward small business, are
which
sees
New leadership arises in business
dealers.
going the way of the political old
that it can only prosper with the people, not without the people.
"It is this hope
of a broader vision of responsibility on the part of newer
better relations between business and labor,
business leaders that promises
better relations between
business and government, better relations between
between big business and small,
and consumer, better relations
Big business simply cannot afford a war on so many
Stockholders of big business cannot afford leaders who cannot
struggling business.
fronts.
except big business."
of step
out
We can't be convinced that everybody is
anybody.
keep the peace with
"difficult," but "uncomfortable"
He described the current period as not
major depression today.
"We are not running into a
The Government
if necessary, if private enterprise cannot
only knows it must step in,
not
each
from
them
of
the
*'Monopolies"
Braying that "willingness of business to cooperate with government" and
"rise of the great trusts
the
government take steps to promote business con¬
planks" of "big
"time-honored
the
were
is
enterprise
increasing
will succeed in
power
be
not
won
if the American
between
between
the
of
their
the
New
New
business" since the
in the latter part of the last century," he blamed
"cooperation" accorded by preceding administrations "for an increased
monopolistic
control of our
industry
and economic life,"
which
he said, "knows the effects of a cooperation
Deal
Deal
and
and
the
of the businessmen
leave him alone."
After
assessment of the kind of "cooperation" practiced
outlining his
the
between
Government and "big business" during the Harding,
idge and Hoover administrations and in the
in the name of
Cool-
World War period of the Wilson
"what big business has previously done
'cooperation' is too well remembered for us to commit our¬
the dark."
.
.
.
"cooperation" by "big business" to the
be examined carefully to see whether they "are the old-fash¬
urged that recent offers of
He
Government
monopolistic
ioned
offers of copoeration
on
monopoly's own terms, or
cooperation in the national interest which
Administration is always ready to accord."
whether they mean the genuine
this
domination.
different
effort—assistance to him in making the monopolies
of cooperative
kind
The
Government is to let monopolies alone.
which means simply that the
selves to it again in
people
made
"inevitable" the 1929 collapse.
administration, Mr. Jackson said,
can
terror
organized in the emergency days of 1933."
time, as it was not
governmental cooperation that the small business man wants is a
.
individual
have brought the rest
the
and de¬
This means more unemployment, but if enterprise cannot oper¬
"The country as a whole,"
upon
unwilling to choose
am
free
enterprise
struggle is
who
Senator
.
.
profitably, why should it operate at a loss?"
ate
"desire of business that
the stock
ran
do business
believe
I
businessman but
60 families
States
fight
lower
"many instances of industries selling
fidence"
...
the
government-forced
of
anticipation
in
he added,
They
the government of these United States.
present
enlightened
the
"I know,"
since
.
.
to
I
won.
because
individual
privilege.
convinced that
that
average
Bourbons of
of
.
learn
unwilling to believe that private economic
am
nothing
have successfully fought to preserve our democ¬
free
of
system
our
of
contemplated
Blames
private
make up for the government
so that the consumer refused
earn.
democracy and
In the past we
again securing mastery
And
fight
communism
incompatible
.
off longer buying which is being
families
60
conditions.
They did little
to
sky
to
the
began to make demands and threats.
the
that
sure
modern
before 1929.
labor
unwilling
families,
the 60
am
between
racy
of
Raleigh as terming
speech."
"publicity
lower prices will simply put
for
...
forgotten
nor
under
60 families
the
gave
gave
master-minding
were
nothing
business
what they graciously let him
Second;
I
over
short,
that
prices to the
ran
their hands, since
the economic and
in
confidence;
they had made
democratic terms of 1937,
equally
families
learned
reports from
news
a
adjust to conditions, but the Government is organized to do so at any
it get started down.
and helped
up
withdrawals
But
dominion
despotism—in
management of
same
re¬
...
60
have
to
book
recent
address
days," asserting:
families this
60
the
First,
the
about
spend
his
in
had held
families
complete
benevolent
proved
enterprise,
increase
corporations, which in
they ask for today, and what happened?
things.
market
War,
country.
the
people
what
200
Families."
60
America's 60
ago
the
of
life
trust
then
"America's
as
years
of
Lundberg
what Ferdinand
by
and
country is in corporate form,
the domination
under
is
of this
wealth
the
of
it
controlled
Eight
the
of
quoted in
was
radio
Bailey declared there is "consumer resistance" to current prices
mands
business
early portion of his address Mr. Ickes said in part:
over
to
in America would
big private enterprise
Bailey
that bit the
do business in a way that
the American people do not fear,
there would be fewer laws regulating
business in this country and fewer complaints of business against govern¬
ment or of government against business.
But with the present attitude of
Big Business toward the effort of the American people to protect them¬
selves against bigger business, the only hope for a cessation of new rules
for the game is for Big Business to adapt itself to and accept the present
If
Jan. 1, 1938
Jackson's
clearly.
private enterprise to play the democratic game.
leaders of
moded
Senator
Mr.
-
enterprise in a democracy today cannot be
settled by the scheming of lawyers overtrading their deals for the sake
of immediate fees,
nor
by drives through certain kept newspapers and
The
Chronicle
"monopoly" in connection with recent devel¬
Questioning the course of
opments, he said:
"Monopolies" Charged with Responsibility for Business
Recession by Assistant Attorney General Jackson —
Senator Hatch Calls for Congressional Inquiry
Allegations
which he
cause
against
"Big Business"
charged "has thrown
of
our
made by.
discontent
and
us
and
"monopolies,"
off balance" and "is the
unsettled
confidence,"
United States Assistant Attorney General Robert
H. Jackson in
an
address broadcast from Washington Dec.
26.
Following the delivery of the speech, Senator Carl
A. Hatch (Democrat) of New Mexico, a member of the
special committee investigating unemployment and relief,
addressed a letter to Senator James F. Byrnes (Democrat),
of South Carolina/Chairman of the committee, bringing
to his attention Mr. Jackson's address and asking for a Con¬
gressional investigation of the "monopoly" charges.
This action of Mr. Hatch was indicated in a Washington
dispatch Dec. 27 to the New York "Herald Tribune,"
Senator
Hatch
begin hearings
mittee's
added:
on
said
offered
men
the
that
the
would
be
unemployment
Jan.
4.
and relief group
should
He emphasized that the com¬
"entirely independent
of whatever
the
a
laws.
ney
mean
time, the attack which Robert H. Jackson, Assistant Attor¬
General in charge of anti-trust operations in the Department of Jus¬
tice .Sjdelivered^esterday on
of Representative
Josiah W. Bailey,
"monopolists" and "monopolies" drew the fire
Hamilton Fish, Republican, New York, and
Democrat, of North Carolina.
took big business at its word.
governmental net contribution to purchasing power
month—oh the assurance and expecta¬
would make up for the reduction.
chance to do what it said it
and some of our great
itself,
industrialists conscientiously tried to carry out
plain
the
of American business.
by trying to skim all the cream of the recovery for
monopoly,
belied
Business was
would do, and most small business
promises which had been made in the name
of its
meaning
Monopoly prices and
and way above the price level
When those big businesses demand
promise.
monopoly profits jumped beyond all reason
that small business could get.
'confidence'
that
.
.
.
confidence
"The
that he can secure
his
customers
life sentence to pay such prices.
merchant and
He wants to be confident
his goods or his raw materials at reasonable prices and
will have the jobs and wages to pay him fair prices.
properly
sought
by
the independent
different thing.
small manufacturer is a wholly
that
get such prices, their demand is
they can continue to
that small business and buyers accept a
the expense of national recovery.
It is the
control their prices who, by
profiteering, have simply priced themselves out of the market, and priced
He has done no profiteering at
themselves into a slump.
"A
balanced
Senator
budget
-
a
balance
things as
in other
balance between prices and
tion and spending, a
tween
.
alone is
•
not
enough to prevent recessions.
We
depression came.
We have to keep
well as the budget.
We have to keep a
balanced budget when the last
had
our
Administration will have in mind" regarding efforts to change the anti-trust
In the
Government
happened?
monopolists and those so near monopoly as to
"monopolies"
investigation
industry would more than take up the slack.
reduced about $275,000,000 a
"But
which in part
what
"Now
In the last fiscal year the
was
tion that business activity
were
the last few years that if the Federal
expenditures, business confidence would re¬
"Big business said repeatedly over
Government would reduce its
vive and as a result private
what
big
purchasing power, a balance between produc¬
balance between living costs
business
Monopoly and big business has thrown us
this is the
case
ef
our
and wages, a balance be¬
demands and what small business can stand.
discontent and
off balance in these things and
unsettled confidence.
.
.
Volume
"I know how the impression has
of the last
have been due to
year
in his
been given that the steep price rises
year-end statement issued
Dec. 29.
on
said:
increases forced upon industry
wage
43
Chronicle
Financial
146
Mr. Roper
"
; :v
t
by the
From what I think I know-—that
growth of labor unions.
new
There
impression is not accurate, or at the most only half accurate."
several elements of strength in
are
These should be given consideration in
past recessions.
the present situation.
It has not been
Assistant
Attorney General Jackson Declares "Strike
Capital" Seeks to Destroy New Deal—In Speech
at
Philadelphia He Says Political "Coercion" by
Big Business Threatens "Private Socialism"
in the past.
of
Certain
big
of
into
business
men are fostering an
seeks to end the New Deal
through a general strike of capital against the Government,
Assistant Attorney General Robert H. Jackson charged on
Dec. 29 in an address at Philadelphia before the members
of the American Political Science Association.
This speech
closely followed an address by Mr. Jackson alleging that
"monopolies" were responsible for the current business
recession.
The earlier speech is reported elsewhere in this
groups
of
newspaper statement
leaders
of "a certain
'was due entirely to the admitted intention of President Roosevelt to punish
the large moneyed interests which had transgressed the laws.' "
Mr. Roose¬
velt said this might possibly have been a
added that,
feature in
a
cause and
disagreeable but unavoidable
of policy which, as long as I am President, will not be
course
a
contributory
"it must be accepted as
true,
were
changed."
This,
Mr.
Jackson
administration
commented,
make to
can
a
Warns
"is the
only
'strike of capital.'
answer
self-respecting
"
of "Private Socialism**
his renewed declaration of war on "aristocratic
In
a
anarchy" he chided
"big business" as having "let loose its bulldogs to bark at the public that
speeches attacking monopoly
my
the real
cause
are
'destructive and deceitful' and that
of the high prices and the consequent recession is labor cost."
He accused "concentrated wealth and its spokesmen," which had charac¬
terized the New Deal
as a
destroyer of the individual cometitive system of
and commerce, if not stopped, is the forerunner of political socialism," he
warned.
apparently took cognizance of the contentions
including
critics,
Lewis
W.
of
monopolies,
had in
a
some
very
He intimated, in these words, that
'The only just criticism
that
real
of
some
a
be made of the economic operations of
breakfast for the canary and let the cat
it; it did not sufficiently guard recovery from the raids of the monopolist.
One group
business
In
in the United States that has no
cause
for complaint, is the big
group."
business recession
to
of big business"
groups
with
having seized the
"liquidate the New Deal," Mr. Jackson quoted
"strike of capital against political action,
a
among
all
research and constructive application
Evidences that these basic factors
of industry.
statement
Secretary
Roper noted that
same
time the
which it fears and dislikes."
"the low
huge backlog of unsatisfied needs is a potential
it becomes transformed into active demand.
of construction contracts awarded during the
was
The total dollar volume
first 11 months of the year
about 10% above that in the corresponding period last year, although
awards in
September, October and November
months of last year.
one-half that
The
average
were
below those of the same
for the first 11 months remained about
1928-29.
in
Modification
Undivided
of
Profits
Tax
Urged by Sec¬
He Does
retary of Agriculture Wallace—Declares
Not Favor Repeal of Law
Secretary of Agriculture, urged on
profits tax be modified for
companies desiring to make outlays for expan¬
sion.
The Secretary, however, said that he is against com¬
plete repeal of the tax.
Secretary Wallace made his com¬
Henry A. Wallace,
Dec. 17 that the undistributed
the benefit of
ments in
address in
a testimonial dinner
Banking of Pennsyl¬
vania, who was recently elected City Treasurer of Phila¬
delphia. Among those attending the dinner were Senator
Joseph F. Guffey, of Pennsylvania, Representative Henry B.
Steagall, Chairman of the House Banking and Currency
Committee, Leo T. Crowley, Chairman of the Federal
Deposit Insurance Corp., Gov. George H. Earle, of Penn¬
sylvania, and Mayor S. Davies Wilson, of Philadelphia.
The. Secretary's remarks were summarized as follows in
Philadelphia advices, Dec. 17, to the New York "Times" of
an
Philadelphia at
in honor of Luther Harr, Secretary of
18:
"A complete repeal
taxes where
of the undivided profits tax, with personal income
they are," Mr. Wallace declared, "would make a farce of our
based on the principle that those best
able to pay should assume a greater proportion
"I believe that
certain
where corporations or
risk in
at
money
expansion,
new
of the burden.
individuals actually invest their
employing both labor and materials,
be granted,
exemptions should
retained moneys not thus used
but only
on
condition that
the
should be even more heavily taxed.
expand production, through the use of government spending, carries
with it
a
responsibility for contracting spending once private debt forma¬
tion has begun to take its place.
for delicately
It also carries with it the responsibility
adjusting the amount of debt created both in periods of
expansion of spending and periods of contraction of spending in such a way
but will see that the business
continues to work as the Federal priming is gradually withdrawn.
pump
an
opinion voiced by Sir Arthur Salter in "The Yale Review" that industrialists
engaged in something like
confidence
and
Government and business.
that it will not only prime the economic pump,
charging "certain
were
his
"To
can
the New Deal is that it set out
eat
understanding
Broader and more cooperative
At the
criticism might be justified:
the
'
while warring on some
fostered many others.
sense
on
bright spot in the outlook, for this need will greatly stimulate all business
as
Douglas, former director of the
budget, who spoke yesterday before the Association, that the Roosevelt
Administration,
I m*
ifbased
whole theory of progressive taxation
Jackson
Deal
1938 and
constructive
level of construction activity has remained an unfavorable
element in our domestic recovery," and he added:
"This private solcialism, this private regimentation of industry, finance
Mr.
fundamental to
the immediate future, on a scale commensurate with our national
in our society and between
Dec.
fostering themselves "a very real threat" against that system.
New
be
will have greater consideration are encouraging.
main of great wealth" to the effect that "the so-called financial weakness
if it
expansion will be witnessed in
other lines of industry as well as employment.
recognized to
of this research on the part
business" were "repeating with the same dismal
threatening tactics they tried on Theodore Roose¬
velt during the 'rich man's panic' that then precipitated
rebellion against his reforms."
He declared that "private
regimentation of industry, finance and commerce" is "a
dangerous menace to political and economic freedom" and
threatens political socialism in the United States.
Washington commentators generally considered that this
address by the Assistant Attorney General, coupled with his
speech of Dec. 26, implies that the Administration intends to
institute a "trust-busting" campaign.
The Philadelphia
speech of Mr. Jackson was reported in part as follows, in a
dispatch to the New York "Times" by Lawrence E. Davis:
a
great
generally
1. Cooperation
2.
for
If legislative plans for a national housing program come
factors
groups
"big
Roosevelt quoted from
Safety has been
/
of deferred requirements
volume
enormous
opportunities, are:
results the
The first
the
is
practical operation,
In
Dec. 29 that many present
on
factor
progress in
issue of the "Chronicle."
Mr. Jackson said
party to speculative excesses as on numerous occasions
a
this will influence favorably
Two
appraisalfof
an
Gredit is available at very low interest rates.
durable goods.
"aristocratic anarchy" which
,
One factor is the soundness of our banking structure.
provided for the vast majority of bank deposits.
Another
\ ■'
•<
present in
our economy not
"There is
the past
some
evidence that in our attempt to withdraw priming in
12 months we acted somewhat too impetuously, attempting com¬
pletely to balance the budget more rapidly than the business system could
stand and so contributed to the current recession."
Alleges "Lack of Vision"
v
"My own disposition would be to dismiss Sir Arthur's statement
as
a
have I
Secondly, I have
this analysis repudiated.
seen
seen
whack the consciousness out of
Mr.
Jackson
admitted
that
a
Government
the
enough
men
of
lacks vision."
"intelligent capitalism" would be "begging
govern¬
ment" to continue efforts to modify the present stream of income.
"The
fundamental
trouble with
the inability of private
enterprise to
adjust itself to modern conditions is that the dream of ability rising to the
top simply isn't true," he continued.
The real operators
inept decisions of policy made by their corporate masters.
of our utility companies. for example, have had to struggle
along doing the best they can to meet the unnecessary and outrageous bur¬
dens placed upon them
by superimposed holding-company finance."
Discussing profits made by some of the leading corporations since the
advent of the New Deal, he said business
the
American
"never will be able to convince
people that it has been imposed upon, destroyed or even
threatened."
"It
has
effect
for
for
Fuel
Trans¬
on
Jan. 3 minimum prices, at the mines,
into
for bituminous
coal
produced in areas west of the Mississippi, thus com¬
pleting the determination of minimum prices for all coal
producing districts coming under the Bituminous Coal Act
of 1937.
Minimum prices for areas east of the Mississippi
and in the State of Iowa, Arkansas and a portion of Oklahoma
already in effect, and were referred to in our issue of
Dec. 25, page 4049. The minimum prices for the areas west
of the Mississippi were determined by the Commission on
Dec. 15 and apply to the all of Kansas, Texas Missouri,
Colorado, New Mexico, California, Wyoming, Utah, Mon¬
and the Territory of Alaska
Arizona and Idaho. A Wash¬
16, to the New York "Journal of
tana, Washington, Oregon,
and portions of Oklahoma,
ington
the
account
Dec.
prices:
Commission announced prices for districts
The
22 and 23, all to become
Secretary of Commerce Roper in Year-End Statement
Finds Several Elements of Strength in Our Economy
1
Present in Past
Recessions—Points
to Sound¬
of Banking Structure
The view that
"despite the current recession the composite
eceonomic picture for the year on the whole will show better
results than in 1936 and the achievement of further economic
was
expressed by Secretary of Commerce Roper
to
12.01
.
progress"
Determined
Prices
ported by Truck
added.
ness
Also
Coal
Become Effective
Commerce" of Dec. 17, had the following to say regarding
merely been saved from ruin and restored to arrogance," he
Not
Bituminous
Mississippi—To
are
"The real brains of private enterprise are in subordinate positions, forced
to make the best of
of
The National Bituminous Coal Commission will put
lacked
"top caliber" to handle its responsibilities, but added that, "while Govern¬
argued that an
Minimum
West
3—Rates
Jan.
cudgel to
government."
ment lacks executive talent, big business
He
Areas
in Washington
plenty of evidence that big business has seized this recession as
Fixes
NBCC
picturesque figure of speech except for two facts," the Assistant Attorney
.*;■ General went on.
"First, nowhere in the press that speaks for big business
.
effective at 12:01
a. m.
15. 16, 17, 18, 19. 20,
Jan. 3.
Prices for districts
13, inclusive, were announced on Nov. 30 and became effective at
a. m.
.
District
this morning.
Prices for District 14 were announced on Dec. 9,
effective at 12.01 a. m., Dec. 27.
21,
comprising of North and
There
South
are no
code members in
Dakota, where
a
form of
lignite is mined which has not been determined as coming within the
law's
interpretation of bituminous coal.
Fixes Truck Prices
The Commission also announced late today temporary initial minimum
prices for all coals transported
by truck from mines in districts 1, 2, 3, 4,
Financial
44
schedules for districts
These are the districts in
This action will be
noted.
15 to 23 except District 21 for the reasons
the
truck-mine
greatest
production occurs.
followed shortly by similar steps in all
remaining districts.
|i In compliance with the specific intent of the Bituminous Coal Act of
1937, the effect of today's action is to bring minimum prices into line with
the average cost
facture about 90,000 automobiles.
determinations do not
While the law
to determine maximum prices, this can be
He said
of the output of the Truck company.
of 200,000 cars is normal.
Men will
the order of
senority, but
dependents.
with
It is important to remember that all of the
of production.
1, 1938
January General Motors in the United States would manu¬
This figure is exclusive
6, 10, 11 and 12 and included truck-mine prices In the
which
Jan.
Chronicle
a
production
be laid off, he said, in
effort will be made to favor men
an
prices are f. o. b. mine and that the Commission's
necessarily fix the actual selling price
gives the Commission the power
of bituminous coals.
invoked only when It is necessary to protect
production, a
wide
the.Mississippi River and in Iowa.
covered by the districts west
areas
competition that
presented there by natural gas and fuel oils.
is
Commission exercised all precautions to
In the West and took into
In its order determining
lyn "Daily Eagle" returned to their jobs on Dec. 27 under
an agreement signed on Dec. 23 by the Newspaper Guild of
with
avoid undue increases in coal prices
tract,
the presence
specifically for all who may be dis¬
the law and through
presided
Elmer
regulations of the Commission.
Reduce Working Force—
30,000 to Be Laid Off at Its Plants Owing to Busi¬
Motors
Corp.
to
Slated
Knudsen
Recession—President
ness
Inquiring Into
Relief—President Green of
and
Unemployment
F. of L. Also to Be Heard
A.
F.
The contract
the
under
but
the
be
a
dispatch from Washington Dec. 29 to the New
of the Committee, telegraphed to Mr. Knudsen
today, asking him if he could appear Thursday (Jan. 6).
who
been
had
asked
Mr. Knudsen,
by letter to appear that day, replied that he had
General
Motors layoffs, however.
Senator Byrnes said
he felt it desirable that Mr. Knudsen be called as one of the first witnesses
and
so
It Mr. Knudsen is
one
of 10 prominent persons who have been summoned
The Committee has virtually unlimited authority to study the
that
for
except
pay
later
for
placed
The
coming under its provisions shall
after
and
consultation
those dismissed
are
to
with the Guild,
receive severance
for six months'
pay
more.
or
for
be dismissed for economy.
Newcomers to the Guild who
economy are to receive the severance pay scale and are
preferred list for reemployment.
a
on
extends
contract
the
week
five-day
to
all
persons
covered
by the
circulation and classified depart¬
provisions of. the agreement were equal time off for over¬
those
including
Other
ments.
cause
a
may
dismissed
be
to
of service
years
considered
be
Guild
are
preferred list for reemployment.
service to 15 % weeks'
In this connection economy is not
lay-off of strikers, but those who join the
ranging from one week's
for
10
a
on
person
no
cause
do take place,
discharges
pay
employed
in
vacations of from one to two weeks with
publisher shall pay all necessary expenses and furnish
by the employees.
In addition, there are to be
cuts during the life of the contract.
time, the granting of sick leave,
and that the
pay,
informed him by a telegram this afternoon.
to appear.
if
after reinstate¬
the editorial workers laid off is to
Each of
and be placed
pay
provides
discharged
and
workers.
immediately
lay off,
right to
grants no wage increases.
contract
contract,
until Jan. 28.
weeks'
20
The
has the
editorial
The contract
previous engagements and asked the Committee postpone his appearance
Because of the
All strikers are to be
30,
agreement's provisions until June
publisher
40
ment,
to
York "Times" said:
Senator Byrnes, Chairman
only the strikers and any other "'Eagle" employees
covers
Guild in the future, although the latter group does not come
reemployed at similar jobs and at salaries not less than before the strike,
list of those slated to appear
before it in which Mr. Knudsen's name was included.
Re¬
a
on
who join the
Special Senate Committee named to investigate unemploy¬
garding this
principal demand of
of Dec. 24:
receive
announced
the Guild, for a closed
The following,
the pact, is from the New York "Herald Tribune"
The
bearing
Following the announcement on Dec. 28 by William S.
Knudsen, President of the General Motors Corp. that 30,000
workers at the plants would be laid off about Jan. 1, press
advices from Washington on Dec. 29 reported that the
ment and relief
the mediation proceedings at the request of
Andrews, New York State Industrial Commis¬
shop, was not granted under the agreement.
to
Appear Before Special Committee
S. Meyer, the Board member who
of Arthur
over
sioner.
Genera!
remain in effect for one year, was signed in the
State Mediation Board in New York City in
to
offices of the
and announcing minimum prices in the districts
schedules to obtain relief under
the
The
New; York and the paper's management.
Settlement of the
strike, which began on Sept. 13, was brought about through
the intervention of the State Mediation Board.
The con¬
consideration the competive fuels in that area.
involved, the Commission provided
satisfied
Primary among these were the
of the Mississippi and the close
i-
Striking editorial and commercial employees of the Brook¬
of millions of tons of coal annually.
^determining minimum prices for the western producing districts, the
Commission encountered conditions which were not present in the districts
east of
Included—40 Lose
Shop Not
Agreement—Closed
Jobs
below cost of
practice that has demoralized the industry, caused wage
the dumping of vast quantities of coals at prices far
slashes and resulted in the waste
Editorial
and
Purpose of the minimum prices generally is
prices.
unreasonably high
to stop
Brooklyn "Daily Eagle" Ended—Commercial
Workers Return Under One-Year
Strike at
the public interests against
all
equipment required
no
pay
problem of unemployment under a resolution adopted by the Senate during
the special session.
Other
includeTPhiliplMurray,
Jersey Ruling—Decision Affects Newark Plant
responsible for organizing employees of General Motors, automobile manu¬
facturers; William Green, President of the American Federation of Labor,
and
General Robert H. Wood, President of Sears, Roebuck & Co.
The Committee, which includes Senators Clark,
Hatch, Frazier, Davis,
dislocation in employment.
A
second
of hearings
series
will be held during
February, when it is
expected that the Relief Appropriation Bill for the next fiscal year will have
made known
was
the Committee
Jan. 6, as
on
on
that
Dec. 30 that Mr. Knudsen advised
day that he will testify before it
Witnesses to be heard Jan. 3 will include John D.
Biggers,
Director of Unemployment Registration, Isador Lubin of
the Bureau of Labor Statistics, Department of Labor; Frank
Persons, Chief of the United States Employment Service, and
Leon Henderson, economist for the Works Progress Ad¬
Those scheduled to be heard Jan. 4
are
A.J.
The
General
Motors
business makes
a
Corp. regrets to
announce
that
the recession
in
readjustment of the working force necessary.
The corporation has kept its men employed up to very recently
ducing the hours given
per
man
in order to
re¬
The inventories,
both in the field and at the plants, accumulated through this policy have,
however, reached
possible to
carry
Therefore,
a
point where adjustment must take place, as it is im¬
larger stocks than the demand makes possible.
on or
that the people who will continue at work, even on reduced hours, will have
number of
men
in all
This will necessarily affect a considerable
locations, but there will still remain
payroll in the United States
over
205,000
men,
on
as
General Motors
132,
California Superior Court and a
Court of Errors and Appeals.
In summarizing
the ruling,
O. I. O. field representative,
to
discharge
any
Trenton dispatch of Dec. 28
the company charged that it had Indicated
In its complaint to the court
to accept such
a
ruling in November in the
decision of the New Jersey
Tribune" said:
to the New York "Herald
its willingness
an
agreement, but that Walter C. Barry,
objected to a clause authorizing the company
workers suffering from diabetes or venereal diseases.
phase of the case was ignored in the Vice-Chancellor's opinion.
Vice-Chancellor
Berry said
was
no
longer
strikers
had
a
in
his opinion
of the situation
consider the merits
an
He
Federal Court decisions, two by
precedents two
as
This
>
that it was unnecessary to
it originally existed because there
strike at the plant, due to the fact that the places of the
been filled and business was being conducted under normal
conditions.
"Picketing is
a
concomitant of a strike," he said.
exists, picketing is unlawful.
The
Vice-Chancellor said
that the strike had terminated
had been verified by
"Where no strike
When a strike ends, the controversy ends, and
for picketing."
by the
that representation
company orally
by reason of the employment of other workers
affidavit and that, therefore, the controversy could be
disposed of with little difficulty.
About
a
month ago, pickets at
from uttering
about Jan. 1 the working force will be reduced in order
reasonable income for their needs.
Industrial Union
Local
there is no longer any necessity or excuse
by
help the general economic
situation in the communities where plants are located.
Workers
Product
State courts in Massachusetts, a
a
Altmeyer, Chairman of the Social Security Board; Paul
Raushenbush, Director of the Wisconsin Unemployment
Compensation Division; Marriner S. Eccles, Chairman of the
Board of Governors of the Federal Reserve System, and
Secretary Perkins.
In his announcement issued at Detroit
on Dec. 28 announcing the
proposed reduction in the working
force of his corporation Mr. Knudsen said:
the
affiliate of the Committee for Industrial Organization.
cited
on
requested.
ministration.
places of the strikers have been
employer's business is operating in a normal
manner and to a normal extent," according to a ruling Dec.
28 by Vice Chancellor Maja Leon Berry of Trenton, N. J.,
who issued an injunction restraining all picketing at the plant
of the Mode Novelty Co. of Newark by members of the
United
been laid before Congress by the President.
It
A strike "is ended when the
filled and
Murray and Lodge, plans in its first hearings a study of the causes for
Company Resumes Normal Op¬
Replaces Strikes, According to New
and
erations
Vice-Chairman of the Committee for Industrial Organization, and directly
When
Ended
Strike
witnesses^summoned by the Committee
the Mode Novelty plant were restrained
threats or committing violence against
remained at work, but picketing was not
Products
Workers'
Local
Industrial
14 employees who
enjoined.
Striking employees of the Mode Novelty Co. are
Union
members of the United
No. 1932, an affiliate of the
C.I. O.
and the monthly payroll
»
will exceed $24,000,000.
The corporation regrets the circumstances which make this necessary and
sincerely hopes the condition will be temporary and that spring will
return of normal
At
see
employment.
conference on the same day Mr. Knudsen said
that about 20,000 workers will be laid off in Michigan of
a
whom
press
about
6,000° will
be
in
Flint.
Inventories,
Mr.
Knudsen said, now total about $65,000,000 over last year.
He said there is no thought of wage reductions. Mr. Knudsen
told reporters that General Motors dealers have on hand
about 60,000 more cars than at the same time last year, but
he pointed out that these cars are spread among about 20,000
dealers,
so
that this
means
little.
In Newark Picketing Case
Closed Shop
the
He estimated that in
Vice-Chancellor Berry Holds
"Still Illegal"
A ruling on Dec. 22 by Vice-Chancellor Berry of New
Jersey to the effect that the "public policy" of New Jersey
has not changed regarding monopolies by labor unions and
it still is illegal to conduct a strike "which has for its primary
object the enforcement of the closed shop upon an employer
and
the
monopoly of the employment in a
given locality was reported," The
Newark "News" of that date, which stated that the ViceChancellor in his ruling confirmed his ban imposed last
month against
picketing at Canter's Sample Furniture
creation of
particular
trade
in
a
a
Mri*.
4
Volume
146
House, Inc.,
Financial
113
Springfield Avenue,
Furniture Employees, Local 109.
Newark,
by Retai
In part the "News" said:
P Mr. Berry pointed
out counsel had argued that a ruling Sept. 14 by
Bigelow had modified previous chancery rulings on- the
right to strike for a closed shop and that pickets in the Canter case had
Vice Chancellor
relied upon
Bigelow's decision
authority for their right to picket.
Berry declared Bigelow's decision did not modify previous rulings.
as
Says Rulings Differ
Mr.
Buffers and Electro
Polishers,
Platers'
Union,
clearly distinguishable from Mr. Berry's earlier decision in
tional Ticket
Co. to restrain
was
by Interna¬
defining limitations placed
devaluation of the dollar
the commodity dollar
Thomas and in
The
upon
employers by the National Labor
Relations Act and declaring it "effects no change in the principle of public
also
economists
versity of Pennsylvania,
Trust
goes no further.
The right to strike is not interfered with, impeded or
Nor is the right of the employer to select and discharge his
employees at will limited."
Regarding earlier decisions affecting strikes Mr. Berry wrote:
duce conditions of pure
Co., told
a
Dec.
29 that
the
York "Herald
guess
International
Union No.
.'v..
doleful note
away
More than 60 economists
Months
the Thomas Greenback
Law
of
recession
current
the
on
will
Lionel D. Edie.
same program,
are
Allied Corp.,
here.
1933, and commended
was
his
by Dr. Charles F. Roos, director of
in
address before the Econometric
an
He said that
"conditions leading to deep
getting worse, and yet the Administration fritters its time
chasing such so-called
of the depression as bear selling of stocks,
causes
monopolies, administered prices and
Roos
He said it
sometime during the first half of the year.
sounded
concluded
"what
that
forth."
so
this
Washington
country needs is an entirely new
abolition of planned economy."
or an
In his address this evening, Mr. Ayres said he thought the stock market
would be lower in 1938 than its average this year, and he saw declines as
well in the
Federal Reserve
indexes
of industrial production,
output, railroad freight traffic and wholesale prices.
On
automobile
all-inclusive
an
index, he said, the average for the comming year will be about on
who met in Atlantic
City on
Dec. 28 joined in a statement urging the Administration "to
end the subsidy to the producers of silver made possible by
the Treasury purchases of domestically produced silver at a
price well over 170% of the world price."
The resolution
said that the price of silver should be permitted to find its
market level without interference.
It also urged the repeal
of
Mercer
come
was
set of economic advisers in
Silver-Buying
Policy—Also Ask Repeal of "Greenback Law"—
Speakers at Atlantic City Meeting See Ending of
Six
for
depression
Government
Within
the
Tribune" reported the address as follows:
that the turn would
A more
Dr.
Recession
of
head of the Capital Research Co. of New York, also ventured the prediction
384."
Business
bottom
Discussing "Business Prospects"
Society, also in session
of
possible to intro¬
nor
be reached during the first half of 1938.
An
Atlantic City dispatch by Sanderson Vanderbilt to the New
research
Urge End
Sprague, in his presi¬
Ayres, Vice-President of the Cleveland Trust
meeting of the American Statistical Association
suggested that the public policy of this State has changed
and that the principle of monopoly is not applicable to the situation here
presented.
This is not so.
The reasons underlying the application of
this principle to a labor contract or union have just been reiterated by the
"It has been
Economists
W.
competition in the heavy industries of the country.
public policy.
♦
James
business rather than labor and the Government take
that
dential address, declared that it was neither desirable
that "the situation is going to turn around in 1938."
"The court has expressly held that closed shop contracts and a strike to
obtain or enforce them are usually declared illegal because they create
or tend to create a monopoly in the labor market and are thus
opposed to
:,-X
Schumpeter of Harvard,
Joseph A.
Co.
In urging
diminished.
vs.
bill
probably
"The Act indubitably requires that a bona fide attempt be made by the
designated parties to reach an agreement by collective bargaining.
It
Cameron
the Patman
Angell of Columbia, Professor Bogen and Leonard P. Ayres of the Cleveland
on
Of the National Labor Act Vice Chancellor Berry wrote:
State.
'
to
Leonard P.
"It is significant that our Legislature has not seen fit to enact a statute,
to the National Labor Relations Act, applicable to Intrastate com¬
merce."
resort of this
set forth in the bill of Senator Elmer
as
bill.
declared themselves opposed
providing for the purchase of the Federal Reserve banks by the Government.
policy relating to monopolies," Mr. Berry stated:
similar
court of last
opposed by the economists, who also assailed
was
proposal
the Patman
the initiative in the task of advancing recovery. Dr.
plant at 50 Grafton Avenue, Newark.
After
for the unlimited
Among the singers of the economists' statement were Professor Sprague,
Kemmerer of Princeton, Ernest Minor Patterson of the Uni¬
Local 44,
suit
a
of the President to change the weight of the silver dollar, to provide'
coinage of silver and to institute bimetalism.
Further
power
A. F. of L. unions from picketing its
seven
45,
Edwin W.
■-
,
Berry pointed out that Bigelow's ruling in the suit of Four Plating Co.
Metal
vs.
Mr.
Chronicle
that of
Unemployment is due for
1934, 1935.
a
a
level with
sharp increase, he feared.
Mr. Ayres said he hoped there would be "a treaty of peace"
the Government and utilities,
"if
could
we
because he
utilities."
"I
doubtful that,
am
between
"a general recovery" in view
on
the part of the
v':;\
Sees I tilities
the
saw
the old-time volumes of construction
secure
volume
of business
Key
as
if business recovery gets going pretty well,
even
construction
and
capital investment will be
new
higher than it was in 1937," Mr. Ayres said.
"The key to the recovery
President Roosevelt for his opposition to "greenbackism" as
problem is in the electrical utilities.
expressed to Congress in his message of May 22, 1935.
This statement was adopted in a meeting held in connection
with a meeting of the American Economic Association.
An
address made at the meeting by W. Randolph Burgess,
of construction on the part of the electrical utilities, that would restore a
Vice-President of the Federal Reserve Bank of New York,
is
reported
elsewhere
in
this
issue
of
the
"Chronicle."
O. M. W. Sprague, President of the Association, said in an
on
Dec. 28 that to change or repeal the undistri¬
buted profits and capital gains taxes would not alone end the
If we could
secure
the old-time volumes
large volume of traffic to the railroads.
"If the railroads had the traffic, they would enter upon a huge program
of rehabilitation.
Prosperity in the utilities and the rails would insure
prosperity in the basic iron and steel industries.
If the utilities, railroads,
iron and steel were prosperous, the automobile industry would be prosperous
and, if all four of them
would be
were
basis for
prosperous, the
general recovery
a
here."
■■■;'■/■■
address
business
current
recession.
speech, and other pro¬
ceedings on Dec. 28, were reported as follows in an Atlantic
City dispatch of that date from Joseph Shaplen to the New
York "Times":
Professor
with
Sprague.
former
and the American
a
adviser
the
to
Treasury
Department
and
Statistical Association, meeting in conjunc¬
of learned societies forming the Allied
group
Social Science
Associations.
Holding mistaken policies of business, labor and government responsible
for the economic recession and the country's failure to match other nations
of recovery attained.
the extent
in
Failure
Professor Sprague stressed the deter¬
of these industries.
A
general
reduction
coupled with
have
a
a
in
beneficial effect
equipment and serve
to
expand
demand
on
in
these
he
industries,
declared,
would
construction and expansion of utility and railroad
as a
powerful stimulus to Nation-wide construction
of housing.
«
that
cannot take
place
"further
expansion
in
the
goods
industries
solid foundation unless it is supported by increased
upon a
by those controlling the heavy industries to create
demand.
Speaking
a
balance between price
discussed problems of a managed currency and the difficulties of
the monetary and credit
guiding
policies of the Nation since abandonment of the
gold standard.
other
of investment banking as affected
factors
were
discussed
by
Professor Jules
I.
Bogen of New York
Davis, director of the Food
Research
with
the
meeting
of the
11
organizations
composing
Allied Social Science Associations, more than 60 economists met
Law
and signed
and
a
as a
the
separate
statement urging the repeal of the Thomas Greenback
endorsing President Roosevelt's opposition to greenbackism
expressed in his message to Congress
on
as
May 22, 1935.
The statement urged also that "advantage be taken of the termination
on
Dec. 31, 1937 of the London silver agreement and the executive proclama¬
tion of April 24, 1935. to end the subsidy to the producers of silver made
possible by the Treasury purchases of domestically produced silver at
well
over
170%
price
should.be permitted to find its market level without
the statement
declared.
Economists' Recommendations
The economists urged repeal
passage
a
of the world price."
"The price of silver
interference."
purchasing
of
the
carriers
therein.
A
reinstatement
charges would merely ameliorate and not
cure
of
the
1936
emergency
the present situation.
And,
the increases specifically authorized in the recent decision will produce, as
nearly
as
can
be estimated, only half
much as last year's emergency
as
Effective remedy requires increases which, for the country as a
charges.
above
average
and
courageous
15%.
The
problem
is
expeditious action and there should be
one
no
that
requires
undue fear that
increases in conformity with the needs of the situation would either
handicap
the railroads in obtaining their share of competitive traffic or bear unduly
on
the value of the traffic transported.
~
-
,
of the Silver Purchase Act of 1934 and
of the Towns end resolution that provides for the repeal of the
Industry and agriculture are both absorbing in what they buy the higher
costs in
should
every
be
line and there is no
singled
out
as
enforced sale below cost.
by the railroads
a
reason
why rail freight transportation
subsidy to agriculture and industry through
The higher direct and indirect costs being incurred
are not a matter
of their
own
making but reflect govern¬
These policies should be consistently applied, permitting
the carriers to pass these costs along inasmuch as, due to
past regulatory
policies, there is no capacity within the industry to absorb them.
Institute of Stanford
agriculture.
group
revive the
Most
Revenue,
♦
University, attacked the "ever normal granary" plan of Henry A. Wallace,
Secretary of Agriculture, as likely to lead to distatorial regimentation of
Coincident
Traffic
whole in the respective rate territories to proper levels in line with the
mental policies.
by the Securities Act and
University and Editor of the "Journace of Commerce."
Joseph 8.
of
-
President of the American Statistical Association, W. Ran¬
as
dolph Burgess, Vice-President of the Federal Reserve Bank of New York,
Problems
to
whole, should
consumer
employment in the heavy industries," Dr. Sprague urged concerted effort
and
Volume
The problem now seems clearly to be one of lifting the rate structure as
a
needs
prices
corresponding curtailment of wages,
Declaring
than
power of the railroads
industry and agriculture, Joseph
B. Warner said on Dec. 29, in making public an analysis of
the place of railroads in the present economic situation.
Mr.
Warner pointed out the wide divergence in the trend of
revenue
ton miles of service and that of freight revenues
received therefor, and concluded that the railroad problem
appears to be less one of volume of traffic than of revenue
derived from such traffic.
He added, in part:
mining role of the capital goods industries in economic rehabilitation and
declared that the policies pursued for the last four years had obstructed the
recovery
Rather
Important Factor in Raising Railroad
According to Analysis by J. R. Warner
will react into all lines of
Bank of England, spoke at a joint session of the American Economic
the
Association
tion
Structure
Rate
His
Outlook
for Substantial Improvement in Business as
Distinguished from "Emergency Measures" Better
Than at Any Time Since 1932, in the View of James
H. McGraw Jr. of McGraw-Hill Publishing Co.,
Inc.—Current Set-Back Regarded Intermediate in
Character
"The year 1938 should not be a year
know the meaning of that word.
The
of depression as we
present period of
recession, permitting certain necessary corrections in com¬
modity prices and inventories which grew too rapidly in
1937, may last through the first quarter, but no longer."
This is the conslusion of James H. McGraw Jr., President of
McGraw-Hill Publishing Co., based on a study of the busi¬
ness outlook in the various industries served
by McGrawHill publications.
The study has convinced Mr. McGraw
that there are great opportunities for these industries in
Financial
46
to exploitfnew developments, to
markets, to catch up on long-delayed improve¬
ments in plants and products.
"Obstacles to these improve¬
ments created by laws," he says, "may very likely be re¬
moved or minimized by a Congress which seems to under¬
stand better the needs and problems of industry.
The out¬
look for sound and substantial improvement as distinguished
from 'emergency measures' seems to be better than at any
time since 1932."
In further viewing the outlook at the end
of the year, Mr. McGraw said:
1938—to eliminate waste,
develop
new
I strongly feel that the current set-back in business
In the final analysis,
The greater buying wave of last winter has
is intermediate in character. *
been succeeded by a strong retrenchment
bottom levels.
by the end of January, 1938,
businesses—manufacturers,
This
and
wholesalers
that all kinds of
be
retailers—will
will turn the trend of business upward.
ments
already
By that time in¬
means
forced
to
Even hand-to-mouth buying for current require¬
forward buying.
resume
The present depression should
Is in
A majority of industries
a
be handled in an open and
frank£manner.
a
P Republican Representative, Charles A. Halleck of Indiana, also charged
alibis for Administration failures. He said
that if business had been able to create a
depression it would have done so in
1936 before the Presidential election.
Describing Mr. Jackson
the "White House Charlie McCarthyMr.
as
Halleck said that the New Deal had helped create
brought
on a
unemployment and had
depression by "discouraging the-onest employment of capital
through the removal of the incentive for profit."
In
But
in these
even
real probability that the correction will have been ac¬
complished before spring of 1938.
Associated
x>art
Dec. 30,
Press
accounts
from
Washington,
stated:
sorry," said Senator Van Nuys, Democrat of Indiana, "to
"I am very
see
additional barriers raised between the Government and private industry.
I had hoped we were
approaching
a more
sympathetic understanding upon
If the big business mentioned in Secretary Icke's speech
the part of both.
violating the law, the Congress has provided ample machinery for in¬
is
vestigation and punishment."
Senator
the period of retrenchment and correction
large measure excessive advances in labor costs.
a
create an
that the Jackson speeches were
Democrat, of Oklahoma, said he doubted that "any
Thomas,
good purpose will be served by this speech."
might logically be expected to last longer, because the thing being corrected
industries there is
obviousfeffort to
Washington dispatch, Dec. 30, to the New|York
"Times" we take the following:
From
shipping more than they are producing.
are
In the heavy capital goods lines
1 think that it is an
1938
alibi and to throw the blame on the business world, where it does riot belong.
will have been
the retail field generally there is a good prospect that it
ventories should be exhausted—or nearly so.
the body of our citizens.
This
of 1937, and in
retrenchment wave began in a spotty fashion about May
pretty fully completed
Jan. 1,
in which everybody now
wave
get inventories down to rock
to be trying to
seems
Chronicle
"I deplore all these attacks because trying to make a
division of classes is
"I think efforts should be directed more to a solution.
bad," he added.
Instead of preying upon the
passions and prejudices of people we should
give them something constructive to think about."
Most industrialists who endeavor to be foresighted and to take advantage
of concessions in cost will
be inclined to wait until autumn, and will
costs for the
Reference to the
probably be releasing plans for capital additions
and betterments by spring, whereas industrialists who are more timid will
undoubtedly have to
pay
appears
speech of Secretary Ickes against business
under another head in this issue.
higher
privilege of such waiting.
on Verge of Era of Greater
Quantity Production
Henry Ford Views Nation
of
Warner
President
National
Association
Manu¬
of
facturers
Expresses Hope That Views of Assistant
Attorney General Jackson on Industry Do Not
Represent Views of Government
In
indicating it
Attorney General
as his hope that the views of Assistant
Robert H. Jackson and the latter's "ex¬
pressed antipathy to business"
duction.
help solve the Nation's economic problems," William B.
Almost
declared
27
Dec.
"American
that
Mr. Warner's statement
ago
in
reply to the allegations by
the Assistant Attorney General against "big business" and
"monopolies," to which we refer in another item in this
In part, Mr.
issue.
Above
all
else,
non-partisan
hour.
consideration
They
this
face
the
national
our
needs
more
future
business
is
only
the
ready
need
of
the
times
all
at
and
will
Business
Industry seeks recognition
small
prospers,
of the
simple fact
that government
and
manufacturers
alike
in
their
can
of
Legislation
durable
which
goods
and
into
reduces
to
incentive
construction
private
to
may
to
legitimate
factories
We
is
the
field
aid
were
income out
Taxes
which
necessary
which
of
make
discriminate
penalize
spent
which
which
are
no
production
greater benefits
unduly
against
burdened
unbalanced
for
burdensome
for
be summarized
funds,
to
as
especially
flow
and
with
with
no
use
of
in
the
capital
of
all
of
and
industry beyond
national
more
people must
in
losses
and
come.
amount
when
wealth
and
taxing
character;
profits
and
widely fluctuating earnings; which
debts;
which
restrict
the
amounts
budget caused
by
excessive
government
spending.
Legislation
which
stimulates
labor
controversies
or
the
threat
of
such
controversies; which does not protect employees against any or all coercion;
which is unfair to employers and under which
only they can be held guilty
of
"unfair practices."
able to make them at low prices, and people were able to buy them,
Senator
McNary Says Business
Needs
"Breathing
Spell"—Speeches of Assistant Attorney General
Criticized—Representative
Declares Against Attacks
on
Halleck
Means
of
on
Rather Than
"Foremost
the problems which confront us as we
is that of providing the conditions under
which the nation can develop an opportunity to accomplish
the desired transition from governmental sustainment to
among
enter the new year
industrial support of
increased employment and production,"
Charles R. Gay, President of the New York Stock
Exchange, in his end-of-the-year observations, made avail¬
says
able Dec. 31.
"Achievement of such conditions," says Air. Gay, "de¬
pends on finding some way in which new private capital
may be induced to flow into productive enterprise and upon
encouragement of the great construction industries."
"Un¬
doubtedly," he states, "these problems require dispassionate
reappraisal of the policies affecting the capital and security
markets, the electric utility and railroad industries, and the
labor and material costs of construction."
He adds:
The solution
of the
most
of the problems
business by Assistant Attorney General Jackson
natural
problems
are
kept
up,
fear will be increased, want of confidence will
expand and the
country will be plunged into the depths of
a
depression.
Mr. McNary who expressed the view that the Jackson
speeches are planned to "prepare the way" for President
Roosevelt's message to Congress next week said:
I hardly think that is the way to handle
what I believe is
a
grave
The approach to solution of this problem
ought to be
and frank way, with encouragement to all citizens.
It
problem.
open
goodwill and cooperation rather than
a
domestic
in an
is time for
group of political speeches
aimed at
receiving realistic and vigorous attention.
Gay said in part:
the new takes place in a different
At that time people
of the fourth full
shifting from the anxieties
of an approaching pros¬
were
generally viewing with satisfaction the completion
year
of business
of
passing
a
recovery,
depression
and attention was
to
problems
the
...
substitute private
recovery force.
year opened, production and profits had increased to the point
where long deferred programs of maintenance, replacement and new
expansion were beginning to be undertaken.
Commodity and security
price trends were favorable to such developments, and new capital flota¬
tions and building construction, although small, were nevertheless going
forward at rates markedly better than those of the preceding year.
Many
of the fundamental conditions necessary for a renewal of activity in the
The year
As
rightly is fearful of future Administration legislation and is
judging expected legislation by New Deal acts now in force.
If these speeches and this
attempt to shift blame from itself to business
are now
atmosphere from that which prevailed 12 months ago.
capital
but not all of it" added:
of 1936, with a corresponding diminution
productive capacity.
Probably the
expand
The transition from the old year to
McNary while stating that "business is entitled
Business
to
At the outset of his comments Mr.
perity.
some
incentive
is made more difficult by reason of the
hopeful aspect of the situation as we enter the new year is that these
"an obvious effort to create an
alibi," and to throw " the
blame for the recession "on the business world."
Senator
as
censure
There is
Employment Through
Its Sustainment Through
Government, One of Problems Facing Nation in
New
Year, Says Charles R. Gay of New York
Stock
Exchange—Holds Reappraisal of Policies
Affecting Capital and Security Markets Necessary
Business
to
better it will be.
Increased
Providing
Industry
Also
Making the statement that business needs "a breathing
spell" from governmental control Senator McNary, Re¬
publican leader of the Senate referred on Dec. 30 to the
attack
cycle, and no way of improving upon it
waiting for some one else to start—this thing will get started, as it
decline in production to the levels
Jackson
years
always has, by individual initative.
by
improvement.
Federal
Well, that is
the right track a few
When we made plenty of things that people use to live.
There is no way of changing that
follows:
production
expand
regulation
both
previous
companies
plant expansion
Continued
the
allowance
companies
for
involving Federal
public safeguards.
hamper
be
know how the rest of the winter will be.
is to it—and the sooner we get back to that the
and
large
amployment
Increased
essential
uncertainty
of
Policies
can
and this made work for more men.
prosper
as
time
employment.
Continued
(of business)
naturally cautious at this time of the year
What they will see will not be as bad as it sounded.
and left it.
private
increase
invest
industries.
enterprise
that
this
at
efforts
removing certain "road closed" signs, which
investment
are
One thing we must learn is that we were on
enterprise.
America
for the temporary stoppage
people
move
jobs, if it is permitted
more
hazards
natural
calm
that
the
is
confidence.
goods, and therefore
with
believe
problems
offered repeatedly and stand
bettering economic conditions.
country
forward, producing
to
of
advices from Detroit he is
—working and using and making things better and easier to get is all there
the Nation
have
cooperate toward
What
Warner said:
the manufacturers of
Press
They have heard so many threats they are waiting to see.
alright.
was
The
because they want to
industry is
opposed to monopolies in production, distribution or labor."
on
reason
every
discounted.
Warner, President of the National Association of Manufac¬
turers,
Associated
In
further quoted as follows:
do not represent the view
of the government toward "the desire of the manufacturers
to
In a statement on business conditions yesterday (Dec. 31)
Henry Ford stated that "there is nothing to prevent our
going ahead," expressing at the same time his opinion that
the nation is on the verge of an era of greater quantity pro¬
1937 provided the first major opportunity to
expenditures
Government expenditures
for
as
a
the
capital
and
of our economy were present.
Such
of substantial reemployment, of increased
diminished governmental expenditures.
The balancing
heavy
goods
division
activity held forth the promise
tax
of
revenue
the
and
Federal
budget
without
deflationary
consequences
was
thus in
prospect.
The
transition
from
foiled to materialize
as
"pump-priming"
a
to
sustaining force.
private
capital expenditures
Since it is impossible simul¬
taneously to contract Federal expenditures, increase taxes
and yet avoid
Volume 14€
Financial
Chronicle
47
deflation in the absence of private capital expenditures, the general level
of prices and of production reoeded sharply.
Among the elements which
protecting the country's gold
increased
in
difficulties of effecting the transition
the
one
of
may,
course,
list the capital gains tax, the undistributed earnings tax, and restrictions
the
upon
of large stockholders.
security transactions
diminish
the
characterized
Increasing
of private
attractiveness
investment.
confidence-destroying
by
construction
and
costs
The
industrial
anxieties
These
tended
year
also
was
difficulties,
relating
to
sharply
Administration
to
;
♦
VA.W;'-
to Cease
Capital
Gains Tax and Amendment of Wagner Labor Act
Among Suggestions
Making the statement that "the year 1937 is closing in an
atmosphere of doubt and concern," Francis E. Frothingham,
President of the Investment Bankers Association of America,
states that "is it not the
problem as we enter the new year—
since it is in the futurev.that we must live—to search out
the causes for the situation in which we find ourselves, so
that we can apply reasonable and sound correctives ?
By
we, I mean the Government, industry, capital, labor, the
farmer—all parts
of an inseparable, indivisible whole."
While observing that "our problems are also world-wide
problems," Mr. Frothingham says, "does not this merely
point the more insistently to the need for earnest thought
on local impendiments in the
way of a revival of business ?
Is not our immediate danger the fact that a conflict of social
theories is too violently throwing the going mechanism of
business out of gear without sufficient thought of the calamity
of its failure?"
"It suggests," he says, "that the first
job of the ship's crew just now is the repair work necessary
to get the engine running again so that we may reach the
shore."
Alluding to the fact that "the new capital market
is not only 'inactive' but almost stagnant," Mr. Frothingham,
who is a member of Coffin & Burr, Inc., of Boston, goes
to say:
It would
be for just
to
seem
one
doubt of the
reason—a
With profits shrinking
atmosphere of uncertainties, the investor concludes it is
to wait more favorable times.
In
profits
the
words
other
are
down?
To
prudent
victim of circumstances beyond his
a
economic
the
put
machinery is
of
out
The
gear.
How could business possibly want to
question
is
give
to
the
doesn't.
It
answer.
It is scarcely a question of whether or not the fears and uncertainties are
justified.
The fact is they exist.
Private industry is
many
variance
which
conform.
private industry
must
with government com¬
points
with
fair trade practices
the
If industry
makes
a
to
profit,
a
surplus earnings tax, on top of the burden of many others, prevents its
build the business
to
use
Labor
cost.
is
live in
watertight
a
tax has
of its
compartment
A capital gains
operated against the free market for securities, essential to the free
flow of capital:
A centralized bureaucracy has, by administrative rulings,
varying and multiplying, increased and created uncertainties at
step.
every
These citations are made only to indicate why business is hesitant.
With
the closing months of 1937 the growing concern about the ability of business
the burdens, or to measure the uncertainties with which
carry
it
is
What to do ?
Let
the
exists
competition
cease
surely
a
with
its citizens; at
will to do will give the answer.
point
every
Repeal the
surplus earnings and capital gains taxes; as sources of Government revenue
they will be
bank
to
of
than offset by the
more
new
the
If
that
collectively
in
the
to
severities."
financial
limited
has
of
The
taxable wealth resulting.
Amend
rulings so that repressions do not exist on
ment
Reduce Govern¬
hand.
every
Insist on full disclosure in and out of government.
expenditures.
Pursue and punish all fraudulent practices by the application of common law.
Surely if these things
done, Government would be expressing an
were
rency."
We
when
It
profitable activity of 120,000,000 people that alone can
bills of government, reduce the debt, balance the budget.
pay the
not
the
is
Why
of
that "war
out
It
The
do
we
always
monetary
this
danger
York—Before
Statistical
American
Exists
Says
Curious
Paradox
Gold and Monetary Policy
"In the
exists at
Dec.
between gold and
relation
the moment
28
by
than
credit
now
continuing
and
Burgess,
Vice-President
of
the
and
when
price.
national
practice
country.
influenced
of
At
buying
and
the
the
by gold than
In
gold
6ame
outward
was
selling
dollar.
the
of
funds
of
movement
fixed
value
operating
other
the
The
prices
that
respect
standard
time
our
has
have
more
domestic
sold
gold at
a
fixed
maintained the inter¬
we
have followed the
nearly
than
monetary
almost
policy
is
any
less
and less influenced
Quite aside from changes
monetary laws our gold holdings have been so huge that domestic
monetary policy is largely independent of gold.
by gold than
ever
few
changes
the
first
was
also
position and
a
material
in
our
own
history.
institutions
automatic currency
large
measure
a
develop,
have gone from
a
largely
system based on gold to what is in
managed
remarks Mr. Burgess said:
we
currency."
Further
on
in
a
his
of
financial
a
life
direc¬
informed
an
public
two professions.
our
"The
We
Statistical
(of
for
for
further
a
in
the
We
gold
have
the
from
growth
of
It
come
long
a
ourselves
Where
the
do
how
guide
old
gold
"war
international
In
roads
lead
as
their
find
of monetary
ourselves
in
and what
blind
a
It
the
sign¬
where
meaning,
it
was
the
where
is
follow ?
may
reserves.
but
world,
new
The
the business
was
the gold
arbitrary,
and
others
this
the old days.
in
protect
strange
former
and
do
in
invented by Mr. Keynes,
supply.
to
one,
about
way
our
are
money
present
hanker
Nation's political-
direction
simple enough
was
the
lost
have
central
the
find
sometimes
was
the
and
may
such
the
on
there
depression,//another
radio
the
What
the
is
equivalent of gold?
semi-automatic gold standard to
more
subject to management, has
from
a
system,
the
opportunities
currency
increased
this
in
be
could
policy
portents
The change
sented
where
convincing.
which
beam
bank,
to
and
The
operations.
and
country's
the
in
distance
we
theory,
in
operated directly
central
definite
System
the
of
the
than
rather
started.
we
the different
least
at
was,
gold supply
of
a
function.
The
change in
a
further
us
posts in these strange new languages,
mean?
extra
objectives
this
of
function.
supply, and
point where
ask
well
may
needs
larger
both
of
reversal
a
be
The
'little
with
framework
much
a
expansion
for
the
itself
should
business."
and
business
emergency
or
rates
a
said
was
did the Act
nor
commerce
indeed
Little
discount
ago
years
was
time.
bill,
that
Nevertheless
adequate
was
the
say
supplying
seasonal
credit.
the
at
23
It
main
in the
or
taken
was
huge inflow of gold, again providing both the incentive and
country.
new
for
for
by accident,
or
of
to
except
philosophy have moved
far
country
discussions
responsible
management.
and
If the
meeting.
responsibilities
mechanism
money
were
could
conceivably
be
left
without
the
believe
I
the
of
operated by rule6 and traditions alone,
far more flexible
a
greatly
professions
more
repre¬
automatic,
or
responsibility for its
much
solely
concern
to
a
technically trained specialists.
But when the bank of issue is
facing such new problems in such a new situation, its success will depend
in
of
considerable
some
applying
these
to
measure
pi'ohlems
the
on
the
capacity
techniques
of
two professions
our
economic
of
and
for
statistical
analysis, not alone for the benefit of the officers of the central hank,
the
guidance of political and public opinion.
depended
public welfare
guide
directly
more
action,
monetary
to
and
the
on
Never
was
a
time
when
wise economic counsel
on
of
support
informed
an
but
as
a
public
opinion.
tempted to suggest that in
am
problem
this
well,
as
some
themselves,
on
economic thought,
is therefore
It
for
of
periods
in
is
wider
and
we
System, and of other central
equivalent
should
of
gold.
and
more
banks
but also
more
aid the central
have
general
more
the
to
management.
search
bank in its
...
be that the business process requires at relatively frequent inter¬
the
readjustment,
long
is a
run
number of interesting
policy
two professions
our
the
which has favored
fair that
only
statistical
the
It may
degree
for
due not solely to the force of circumstances,
are
trend of
and
more
if
these
serious
shortened
are
deductions suggest themselves.
perhaps
safely be judged for
decade.
a
It
be
may
If
avoided,
that
is
the
so,
a
One is that monetary
long-term problem and that the results of
a
or
readjustment.
any
policy
not
may
longer before
even
we
judge, for example, the usefulness of stabilization funds as monetary
mechanisms.
It may be two or three decades before we know the results
may
of
the
devaluation
operating
with
of
the
flexible
American
currencies.
dollar,
the whole
rather with
least this
At
and
a
short
will.
to
The
run
the
proper
that credit
short-term
on
is
the first
billion
inventory
problem
to
get out of
problem in
dollars
encouragement
to
of
to
appears
money
sowing
we
or
fluctuation,
of
are
with
but
depression.
order
excess
reflation?
Apply the question today if
be the avoidance of infla¬
to
Is
How
deal
it
with
Is
reserves.
so
lying inflationary tendencies are unduly encouraged ?
cheap
generally
that
has two aspects, a long term
of the hardest problemts of all is to determine
The long-range
one
is
of psychology
wave
control
weights to attach to each aspect.
risks
have
now
results
conclusion
investment cycle.
clear:
term; and one
the relative
you
is
the
and
Another
dealing in the business cycle not simply with a
a
short-term
commercial banking and current
tion.
According to Mr. Burgess, "in a relatively snort time, as
human
in
established.
was
accommodating
impetus
for
increase
economic
that of most other countries,
before
in
least
Statistical Association
longest step
System
the
of
then
War
result
Federal Reserve Bank of New York, who went on to say:
For four years the United States has bought gold at one fixed price,
of
path of
the
way
the title
leap,
one
The
policy,
control of
gave
in
mechanism
a
with
the
in
view
money
vals
monetary policy there
mechanism
pressure
delivered in Atlantic City at the
generally recognized
was
control
a
all
Deal.
Reserve
objectives for
suggests
Between
curious paradox," it was stated on
a
Randolph
W.
Asso¬
lies
the
our¬
collectively
the
is always in this
pressure
opinion must be
an
were
This
expansion.
responsibilities of the Federal Reserve
New
force
a
was
without
rationalize
to
easy
Political
from
this
New
Federal
phrase
I
ciation
been the
has
ourselves
"subject
this
remarks, under
done
the
"with
fixed
brought
of
.'V.' ^
I have
which
from
standard
gold
might
we
will
is
salvation
not
step
define
give them that opportunity?
Large Measure of Monetary Management Accepted by
This Country by Force of Circumstance, According
to W. Randolph Burgess of Federal Reserve Bank
War,"
the
the return
and
/^
points
be
should
we
plan
Equivalent
which
and
indefinite
of
the
longer
the
are.
general
We
its freedom
preserve
fulfillment
and
central
Mr. Burgess continued, in part:
have
part
a
as
for
more
the
.
inspiring and more productive
be
of
and the American Economic Associa¬
tion.
In stating that "in a relatively short time
.
.
we
have gone to what is in a large measure a managed cur¬
of business activity, than even the things themselves, important as they
intention to cooperate that would
manage¬
which he is President)
group
administrative
on
monetary
the functions
the
joint meeting of the American
and
up
by
we
Burgess's
of
measure
our
of
system.
James
Equivalent of Gold,"
operation
Ease
beyond
are
opinion, and the source of such
Mr.
yet
the stream of economic
of
that they will
so
severities."
to
only
large
a
interpreting
persuasive apostles.
many
tion.
The experi¬
such system lias
no
community."
If there were no war
find other means by which we might "subject
field
Can
of
whole
a
reserve?
gold
resistance,
of
"Moral
William
would be to
problem
the Wagner Labor Relations Act so that labor is made a responsible agency
industry is given its equal protections.
constant battle.
a
limited, but
abandonment
the
on
discipline
can
selves
tasks
the
automatic
title,
the duty
of protection
measure
responsibility for developing information
of which wise decisions may be made.
basis
these
essay
my
have
responsibility
more
his
In
stolen
accepted
has
we
recommend
to
some
with
presumed to be operating
some
the philosophy of monetary management
as broad as the general welfare,
once
people of the country,
action.
first
to
Are the following suggestions not justified by the events ?
Government
this
simply
was
win that battle.
to
the
on
the
statistical
confronted, has reached the precipitation point.
where
also
This
Government spending continues to unbalance the budget.
to
so
decisions become
power
students
understanding
have
to conserve its resources, save at a punitive
or
attempting to
with unfortunate results to both itself and industry.
own,
and
political interference becomes
its
this country
As
vast
confronted at
petition, often under rules at
charged
was
reserve,
managed currency systems is
ment.
disappearing are traceable to the cumulative burdens
and fears imposed by government.
slow
more
This atmosphere is not promoted or induced
He is
by the investment banker.
reasons
of
issue
field, it could claim
But
pressure.
from
demonstrated
about
Why is it?
certainty and continuance of profits to business.
control.
political'
ence
of
and limited
adopted, and policy
freedom
opinion
Frothingham of I. B. A. Urges Government
Competition with Industry—Repeal of
an
is
bank
the
as
By the force of circumstances and the force
With 1937 Closing in Atmosphere of Doubt, President
in
long
technical
a
from
■' '-V-v.-
policies.
on
As
the
seeds
of
disequilibrium?
much is
the
that
much
it
second?
enough
that
the
to
safe
We
give
under¬
Is such long-continued
The
Reserve
System
Financial
48
■would,
I
rather
am
than
One
be glad
sure,
five
have
to
10 years
or
suggestions
our
hence.
this point;
on
now
the
position
the
of
certain
the
of
scrutinized
is
borrower
phases
relationship
tration
of
the
the
the
of
limitations
with
the
utmost
effective supply of
and adequate system of providing for those who by reason of age, or for
other reasons, must
Non-monetary influences
Between
prevent¬
are
not
really
difference between
have gradually
These
two
the
depression
complexities
faces
country
gold
the
when
guide to policy.
flow
far
of
than
find
whole
flow
of
be
cannot
further
this
task
it
They show, it
figures
other
the
scope
old
to
seems
available
now
run
determine
fluctuations
follow
to
correct, if
way
any
be the
will
must
seems
advance
the
of
to me also to define the
which
bank
statistical
its
as
a
oi the problem.
policy
in
made
is
Reserve
in
System
the
light
gold,
the
of
especially the fluctuation of
that central banks for some time to
analysis
in
is
of
and
large
of
will be better
men
these
all
degree
fessions here represented.
the judgment of
on
But the judgment of these
men.
the
monthly survey of the condition of business in the
current issue of the magazine "Banking," by W. R. Kuhns,
the
problems.
dependent
on
'
the
'
In
pro¬
editor.
"Banking"
official
publication of the
Asserting that "business faces the new year largely on its
own," the survey says "it must depend on its own resources,
its credit facilities, its initiative and
enterprise. Four years
ago commerce and industry were looking to the Government
for assistance.
Now they ask to be left alone and relieved of
hampering restrictions, harmful taxation, and legislative
policies which jeopardize reasonable profits." In part the
survey continued:
It is
encouraging part of the outlook that tension between the Govern¬
an
ment and business has been
that there
lead.
can
There
functioning
be
no
be
can
materially relaxed and it is increasingly evident
general economic recovery until business itself takes the
no
solution of
unemployment until business in its normal
can provide jobs.
fc The list of problems facing leaders
formidable.
with
current
at the beginning of the new year is
After four years of recovery effort, the country is still burdened
huge national deficit.
a
Federal credit must still
be drawn upon for
expenditures.
is still threatening.
The financial
troubles of the railroads continue although with some prospect of relief in
the matter of rates.
Effects of Social, Security Program
on Capital Invest¬
Industry Discussed by Harold V. Roelse
Meeting of American Statistical Association
at
the
fc Legislation unfavorable to business
1
♦
in
ments
is
American Bankers Association.
cannot hope
we
equivalent
by statistics alone but must rely
prudent and informed
as
any
We cannot direct policy wisely until we understand
of economic fluctuations in which that
economic
investment, then
come
in
or
...
index
central
the
here
the stream
now
single
a
if
non-monetary influences
bank
Materially
in the
we
short-term
the automatic procedures of
series
Now, if the foregoing analysis is in
to
and
and
is not something by itself but is simply one phase of a
economic forces, constantly changing in form and in
part.
a
single
any
seem
consequences.
better
policy plays
central
statistical equivalent.
a
of
They
Monetary policy
complex
human
seeks
inadequacy
from
departs
it
standard and
the
me,
monetary and
the
which
long-term
Business
Relaxation of the tension between government and business
a slowing
up of the downward trend of business are seen
1
balance between
the
of
policy and the relationship between
illustrate
'20 and '21 and that from which
in
been emerging.
problems
and
and
It is perhaps influences of these sorts which mark the
easy.
Government
Relaxed
the large volume of funds which are available from flowing into any
but restricted channels.
Thus, while quoted money rates are low, money
ing
is
be supported by the working population.
Business Faces New Year Largely on Its Own According
to
A. B.
A. Journal—"Banking" Views Tension
It is an illus¬
bank to influence
the central
of
power
money.
retirement provisions, could be used to improve the productive
age
equipment of the country, and thus to promote further progress in raising
and
care,
1, 1938
standards of living generally, along with the establishment of a more orderly
is not easy to obtain for any but prime borrowers.
money
even
visualizing
Jan.
by social security taxes, especially the taxes levied in connection with the
old
4
between
monetary and non-monetary influences is to be found in the distinction
between cheap money and easy money.
Usually the two go together, but
at
the present
time their paths have separated.
The rates for short
money and for prime bonds have been the lowest in
the history of the
country, and yet because of a feeling of uncertainty as to the future,
of
way
Chronicle
Stating that "one aspect of the social security program
which should be considered is its possible effects on capital
investments in industry."
Harold V. Roelse Assistant VicePresident of the Federal Reserve Bank of New York, ad¬
dressing the joint meeting of the American Statistical As¬
sociation and the American Association for Labor Legislation
at Atlantic City, on Dec. 30 added that "the question in¬
volved is whether the social security program, as it now stands
will help or hinder the capital investments in industry which
will be needed if full advantage is to be taken of new inven¬
tions and improvements in technical methods of production,
so as to increase the country's
output of goods and services
and thus to make lighter the burden of providing for those
who become unemployed during business recessions and for
those who reach retirement age."
In part he continued:
First of all, it is necessary to differentiate between the unemployment
Farm aid legislation is again to the fore with its result¬
ing promise of huge outlays by the Government.
unequal.
Treasury
the
Taxation is heavy and
...
^ The flow of private capital
into industry must be stimulated
so
that the
withdraw from its hazardous pump-priming policy.
That is
problem briefly. As long as the threat of one-sided Government comcan
peition remains, there is going to be difficulty in persuading private capital
to take risks.'
♦
A.
B.
A.
Adopts Code
of
Investment
Principles and
Standards for Commercial Banks
Completion and adoption of
a
Statement of Principles and
Standards of Investments for Commercial Banks
as a means
of
improving bank operations was announced on Dec. 30
by the American Bankers Association through its Bank
Management Commission, of which Herman H. Griswold,
President of the First National Bank & Trust Co. of Elmira,
Y., is Chairman.
It is indicated that the statement
aims to aid banks in the management of their investments
by
N.
supplying them with the basic principles of investment man¬
agement and by pointing out the safeguards applicable alike
to normal and abnormal times.
will not contribute
It sets forth "those which,"
generally accepted by conservative bankers as
representing the best traditions and practices."
"This," said Mr. Griswold in his announcement, "is
another step of the Association in the broadening of its ser¬
vices to banks and to the public through improved bank
operation, and logically follows the promulgation a year ago
of a Statement of Principles of Commercial Banking, which
summarized the fundamental relationships and responsibili¬
ties of commercial banks and the public."
Emphasizing the marked shrinkage of bank loans and the
corresponding increase in security investments, the State¬
ment of Investment Principles and Standards says;
directly to capital investment in industry, the question arises, will the
program have any effect on the accumulation of other funds for investment
investment securities may continue to constitute an important if not pre¬
insurance
The
old
and
age
Social
Security
program.
accumulation" of
an
re¬
during priods of prosperity for disbursement In the form of benefit
serves
the unemployed
payments to
The accumulation of
by far the
reserve
of
during the succeeding periods of business
■i'-V;--/'/'V'/"' /•'
depression.
is
retirement parts of the
unemployment insurance plan contemplates
reserves
-
for old age retirement benefits, however,
important aspect of the problem.
more
$47,000,000,000 is, of course,
a
The much discussed
theoretical figure which may or
be attained, and in any case will not be approached for many years.
But the prospect is that the Old Age Reserve Account will
grow steadily
for over 40 years, whatever its actual amount
may be, whereas the Un¬
may not
employment Trust Fund is expected to rise and fall with the level of busi¬
ness
activity, never reaching
any
Account is expected to attain.
such amount
as
the
Old
Age Reserve
Since the Old Age Retirement Fund is to
be invested exclusively in Government securities and
in
industry, or will it release other investment funds for such purposes?
-s.When the Federal budget is balanced, the employment of Social Security
it says, "are
"The
dominant part of banking assets.
ply of funds available for investment in corporation securities.
Partly because of the difficulties experienced by banks with corporation
securities during the depression,
titude
far
on
shown
and partly as the result of
the part of bank supervisors, commercial
much
inclination
to
increase
their
a
stricter at¬
banks have not thus
investment
in
corporation
securities.
as
a
therefore, it
seems
likely that the supply of capital available
result of the accumulation of Social Security reserves, if
the financial arrangements under the Social
Security Act
are
continued in
their present form.
If this conclusion is correct, there would appear to be
danger that the social security program, if not modified, may tend to
curtail current
consumer and business
spending, and fail to encourage the
fullest possible development of new inventions and
improved methods of
production, which, with
a more
ample capital supply, would promote pro¬
gress toward greater and more economical
One
production of goods and services.
possible alternative would be to permit the operation of private
pension funds which
ment
of the
curities.
one
come up
reserves
to specified standards, and to permit invest¬
in corporation securities
as
well
as
Government
se¬
The chief obstacle is the difficulty of
transferring reserves from
to another when
ndividuals change their
concern
employement.
A
of surmounting this difficulty might be to permit the organi¬
zation of pension plans for whole industries rather than for individual busi¬
possible
way
along the lines of the railroad retirement plan, but with at
least optional provision for private administration of the
reserves, under
ness
No banking problem requires
but
more care¬
Stressing the fact that in the end, sound investment rests
good management, it continues:
on
Many of the recent laws and regulations of supervisory authorities have
been designed to improve the quality of bank investments.
However, good
management is the primary factor in assuring sound investment.
side factors such
sible
for investment in industry will be increased
only to a limited extent, even
some
be abnormal,
as
No out¬
regulations, advisory services or security ratings
can
substitute for constant vigilance by management, which is primarily respon¬
On the whole,
indirectly,
piay
ful and intelligent attention than that of portfolio investment."
funds in Government securities will result in the retirement of Government
securities held by banks and other investors, and thus will increase the
sup¬
high proportion of investments
present
concerns,
Government supervision, and for their investment in
corporation securities
as well as in Government securities.
Whatever the solution may be, the main thing I wish to suggest is that
it would be desirable to study possible ways by which the savings
represented
for_bank operation and policy.
The statement declares that "the
adoption of
definite
a
investment policy is the first requisite of sound investment
management," and defines "investment policy" as "a pro¬
gram for the use of those funds of a bank which are not loaned
to its customers."
The major part
of the statement is de¬
policy.
They include the
"General Character of a Bank's Business"; "Capital Funds";
"General Economic and Monetary Factors"; "Reserves";
"Investment Account"; "Investment Supervision."
Under
voted
to
factors in investment
"General Factors" the statement says:
"Income consistent with safety of principal, not profits, is the object of
bank
investment.
profits
or
long term.
for
an
Purchase
of securities
in
the expectation
active trading in the bond account is
of trading
rarely profitable
ment officers should be
Formulate
position.
an
J
Invest¬
alert, however, to improve quality and maturities."
Summarizing its recommendations, the statement
1.
over the
In .many cases it has led to the purchase of bonds unsuitable
investment account and has often resulted in serious loss.
says:
investment policy based on a thorough analysis of its
Volume
Financial
146
Fix responsibility for execution of such
2.
Chronicle
policy^on'an'officerjqualified
by experience in securities who should supplement his
by competent outside advice. -
From the "Times"
of information
sources
•
Aside
Baker
short maturities of high quality, readily convertible into cash.
.Provide for
account of securities of
for
Ik 5. Amortize all investments and use profits to set
1928
ample
up
reserves
had
and
of
Newton
D.
his
Baker,
Secretary of War in
Cabinet—Tributes to World
War Secretary by President Roosevelt and Others
Official
in
He
United
of
in
For
1935.
attorney who,
profession
he
the leading
was
Nations
League of
the
and
and
in private practice, made some of the largest fees of
was
director
a
such
of
firms
the
as
Radio
conservative
wing of
the
Corp.
of
Co. and the Baltimore & Ohio RR.,
spoke publicly for revision of the capitalist system, though
the
Life
the
he
years
many
adherence to
States
substitute legal procedure
that body by President Coolidge in
appointed to
was
reappointed
was
America, the Goodyear Tire & Rubber
Wilson's
.
during the Wbrld War, Newton Diehl
Court.
An
President
service
prominent place in the modern American story.
a
hostilities.
World
;
historical
leaving the War Office he shared in the organized attempt of the
proponent
depreciation.
Death
also quote:
we
Permanent Court of Arbitration at The Hague to
high quality and broad marketability with longer
maturities, spaced to provide regular collection of principal.
against
his
from
After
additional required income through an investment
any
Dec. 26
of
Advocate for World Peace
;
3. .Provide for liquidity through a secondary reserve account invested in
Ib, 4.
49
Demicratic
and urged
party
he adopted
the
turn to
a
right after the first term of President Roosevelt.
The death in
Cleveland
Dec. 25 of Newton
on
D. Baker,
Although
Mr.
Secretary of War in the World War Cabinet of President
Woodrow
memory
Newton
he
D.
Baker,
will
time
of
the
largest
long be remembered
as
army
"one
the
of
truly great
by the Nation and the world."
1932
labor
in
Adding that "he rendered
a
civic leader and
great
he
unsparingly of his time and his
gave
did
His
citizens
services
the
World
War
he
devoted
his
will
he
and
in
later
long
rendered
remember with
less
no
his
in
of
cause
.
which
Christmas
on
Joseph C. Hostetler,
half
a
before
hour
died
he
Dealer"
also
•of
Baker,
said:
the
as
fighting
days
the
the
of
Tennessee
hearings
participate,
according to
proceedings
closely
firm
as
served
Mr.
Jan.
TVA
of
the
chief
in
to
Mr.
Baker
Recovering
half-day
home
Raymond
his
last
office
morning of Dec.
made
the
him
his
at
each
which
made
Baker
was
For
19
him
day
until
Dec.
after
mind
clear
a
loved
the
his
of
law
until
the cases
a
of
Bakev had
Mr.
6aid.
spent
early
suffered
relapse
a
Hostetler
a
on
and
facility of expression
a
of the country and
a
for
he
regarded
City
Socilitor
Mayor
as
Johnson
War
by
directed
the
world
of
Cleveland
of
United
has
a
most potent force for
the
as
Mr.
States
and
seen;
as
of
the
other cities;
largest armed
participation
its
private
a
Mr.
in
he
citizen
the
spirit
again
the
raised
ever
conflict
greatest
his
life
to
in
army,
to
born
in
death
the
Martinsburg, W. Va.,
his
recalled
United
the
of
World
War.
Mr.
foreign
this
in
hated.
a
in
less
than
Italy,
In
•under
in
Baker
lands
office
on
two
2,783,000
Baker
a
where
and
4,000,000
Of
years.
and
men
men
Russia
par¬
placed in
training under his
and
than half were
elsewhere, the
that the world has ever known.
conscripted for military service
were
single major
military
were
these, more
Asiatic
head
of this country's
caste
disorder in drafting them; and
and goose-stepping is cordially
spent billions of dollars in the country's most expensive
conjunction
spent
with
transport,
it,
with
the
only
United
able to
was
Navy
States
send
more
than
and
the
10,000
organized
men
daily
Allied
to
the
;
■front.
he
was
that he
.he
was
"I'm
most
civilian
frequently
was
administrators
having
to
do with the
World War,
who intimated
professional soldiers,
incompetent and, at heart, a pacifist.
He never denied that
attacked
by
the
pacific-minded.
so
same
who
men
signed
N.
petition
a
for
urge
drew
Hoover.
to
measures
force
him general
upon
He asked
the Presi¬
Congress American participation
upon
the
of
evacuation
denunciation
in
Japanese
Received Medal
him, though he sought to
the
a
Medal
for
he
a
work
his
year
Work
pinning
in
Baker
Mr.
upon
War.
during the World
The
earlier, but it had been impossible to
frame of mind to accept the honor.
the
the
in
for War
government succeeded
medal
of
name
actually
the
bestowed
was
entire
In
Mr.
him,
upon
force.
war
his brief
Baker
speech of
said:
recognition, not only of
as
efforts, but
my
became,
Harvard
of
in
1929,
member of the
a
University's
Institute
he became Chairman of the National
year
National Advisory Com¬
Comparative
of
Law.
In
that
Crime Commission.
Funeral services for Mr. Baker were held in the Trinity
Cathedral, Cleveland, on Dec. 28, and burial took place in
Lake View Cemetery in that city.
Associated Press advices
from
Cleveland
of
attended
the
of
said:
Baker's
Mr.
the services,
American
associates
in
his
long
including General J.
Expeditionary Forces and
America;
David Sarnoff, President
Secretary of State
G.
now
public
Chairman
of the
and
Harbord,
legal
Chief of
career
Staff
of
of the Radio Corp.
Radio Corp.,
and Bainbridge
President Wilson.
under
Washington
Associated
Press
accounts
the
day
same
stated:
The
At
tribute today to Newton
Army paid
War,
flying
by
continental
the
same
D.
Baker,
the colors at
half-staff at
States
United
wartime
Secretary
outlying possessions.
the
time
orders recounting Mr.
much
of
a
pacifist that
.-said.
"He
I'm
enjoyed
and
in
War Department
all
military
both
posts,
in
published black-bordered general
Baker's services to the Nation, and officially
the
country
The
the admiration
order said.
general
one
order
General
announc¬
was
Malin
"In
of
and
affection
signed
by Harry
Chief
Craig,
of
the
his passing the Army has lost
its most distinguished
of
H.
entire
a
Army,"
the
loyal friend and
citizens."
Woodring,
Secretary
War,
of
and
Staff.
Burial
in Crypt in Washington, D. C., of Frank B.
Kellogg, Former Secretary of State and Ambassador
to
T
V
willing to fight for it," he once
Great Britain
Frank
B.KeUoggT former Secretaryof State andlVmbassa"-
dor to Great Britain, was buried on Dec. 27 in a crypt in
the Washington, D. C. Cathedral.
Mr. Kellogg, who was
co-author of the
Kellogg-Briand world
peace
pact, died
on
Dec. 21 at St. Paul, Minn., reference to which was made in
these columns Dec. 25, page 4052.
The services in the
cathedral in Washington were
the government, among them
attended by high officials of
members of the President's
Cabinet, the Supreme Court and the Diplomatic Corps. The
following regarding those in attendance at the services is
from a Washington dispatch Dec. 27 to the New York
"Herald Tribune":
Mrs .|
Kellogg and ^members of the family attended the services and
witnessed the,burial in,the crypt
the resting places
This group .was
of St. Joseph of Arimathea, not far from
of President Wilson and Admiral George Dewey.
.
.
.
accompanied by Mr. Kellogg's law partners, Guy Ohase
and George Morgan, of St. Paul.
of State, led a group
Mr.
.
Like
John
aud
the
comparatively minor after-scandals,
what virtually amounted to a system of forced accounting.
the spring of 1918, when the Allied lines in France were sagging
the blows of a desperately driving German army, Mr. Baker, acting
marine
He
seek
to
Ohio, though
Roosevelt
D.
honors at home piled up on
1929,
Baker
Mr.
Dec. 3,
administrative
as
during all
than
More
European
without
country
Mr.
emergency
under
of
tenure
States
equipped and underwent varying degrees of
France,
Under
failed
Central Committee in
of President
to
economic
deeply grateful and accept It
am
mittee
take place.
greatest feat of military transportation
in
he
when
the
account, Dec. 25, to the New York "Times"
an
forces
administration
sent
"I
Secretary of
as
force
dedicated
of
the following:
land
ticipation
the
never
was
From
Baker's
the
of
might
Baker
take
we
This
on,
when
it
acceptance
v
Johnson
battles of Tom
the progressive
from
apart
mobilization
the
of the masses by the privileged
kept alive
Cleveland
set
the
ever
conflict
1871.
was
active
was
vYYYYvYYYV Y Y-JYv
into
Finally,
of
preservation of Wilsonian idealism and the furtherance of world peace that
such
in
had been voted to him
accepted
in contact, Newton D.
came
fought
he
he
Cleveland
which
era
he
he
ing "with deep regret" his death.
home rule and against the exploitation
few;
1934
to
code expert under NRA.
1936
Franklin
prominent
intervention
movement
a
members
1928
get him
which
kindliness
of his generation.
men
which
1931
a
in
County
of
group
Distinguished Service
Colby,
he continuously held public office with the exception of a
Nations,
a
the
in
March,
medal
of two months, and for 10 years he championed the cause of
League
the
of
and
politics
party
bolt the ticket of
territory.
Scores
world peace.
As
From
Johnson and Woodrow Wilson,
by all with whom he
great
Amendment.
Prohibition
strike arbitrator
a
them.
In
a
birthday,
his
on
of
cold.
17, Mr.
with
office
autstanding orators
of the
one
years
short period
the
of
the
of
watched
Jackson
T.
He had been confined to his bed since then.
18.
possessor
one
did
he had
during adjournment
bed yesterday
Spiritual heir to the idealism of Tom L.
himself
but
Tenn.,
the first
not actively
attended
He
Since then
whi,le
slight illness
a
his
at
Hostetler.
Cleveland
appeared
from
Authority.
com¬
counsel.
confined
was
as
.
lawyers
corporation
Southern utility
for 18
Chattanooga,
at
Smith for
member of the
a
of its two members
thank you."
Fight
outstanding
counsel
as
Valley
Mr.
his
at
Jackson, back
3,
the
in
one
country, had been engaged
panies
four
recognized
him
one
of those of many others of the War Department of that day no longer here, that
our work here behind the lines was well done.
On their behalf and on my own, I
Counsel
Mr.
aid
From
by
Mr. Baker opened his law firm after the war.
"Plain
sought
avoid
The
Christmas Day.
of the„two Clevelanders with whom
In part, the
one
of the
appointed
and he was
publications.
Cleveland "Plain Dealer" of Dec. 26 stated that Mr. Baker
visited
Hoover
.
League
Chinese
Secretary Baker, who died of a cerebral hemor¬
rhage at 2:10 p. m. on Dec. 25, at his home at Shaker
Heights, outside of Cleveland, had been in ill health for
several months, and although he had been confined to bed
shortly after his 66th birthday, on Dec. 3, he was able to
was
principal supporters of Alfred E.
membership in the League and later, when the Japanese invaded
later to be set up as the puppet State of Manchukuo, Mr.
to
Former
on
War,
of
considerable boom for the Presidency, and it
a
active
openly
.
with
peace.
join in the festivities at his home
repeal
Chairman
as
not
dent
during
degree the exceptional ability with
the
years to
the
appreciation
grateful
high and responsible position
Secretary
active part in public and
an
Manchuria,
'
fellow
the
enjoyed
organized
Baker
invaluable
the
President
Enforcement Commission,
from
Garner.
He
talents.
rare
of
one
Later,
affairs,
reelection
American
was
was
he
withdrew
felt
said:
He
continued to take
the Roosevelt Administratton.
in
post
epochal service to his country and to the world," Secretary
Hull
he
advocated
In
and generation,"
day
loss which will be "deeply
a
being
after
office
important
no
years
reported that, had he chosen, he might have occupied an important Cabinet
Secretary Baker to be
his
of
men
that his death is
1928
Presidency.
who
made ready for action,
ever
held
many
National Law
faithful and efficient public servant.
a
Secretary of State Hull declared
and said
In
the
directed the raising and equip¬
Secretary of War,
as
he
for
political affairs.
tributes to his
many
from President Roosevelt, in which he said :
the shortest
in
ment
and
Wilson, brought among the
one
Baker
Kellogg.
William R. Oastle, former Under Secretary
of former State Department associates and friends of
The Roosevelt Cabinet
Secretary of State; Homer
S.
was
represented by Cordell Hull,
Cummings, Attorney General;
Daniel C.
Roper, Secretary of Commerce, and Harry H. Woodring, Secretary of War.
Chief Justice Charles Evans Hughes, who preceded Mr. Kellogg as Secre¬
tary of State, and Associate Justice Pierce Butler, who also
was &
attorney before he withdrew from private life, represented the
Court.
St. Paul
Supreme
Financial
50
Sir
Ronald
Ambassador, led the members of the
Lindsay, the British
Hiroei Saito, the Japanese Ambassador,
and other foreign representatives, many of whom had known Mr. Kellogg
personally as well as officially.
1
Jan. I. 193S
Chronicle
Announcement
20 Studies
and
Operations
Extending its educational services through the medium of
field, the American Bankers Asso¬
ciation is now developing more than 20 studies in various
phases of banking problems and operations, it was an¬
nounced on Dec. 16 by Gurden Edwards, Director of the
Association's Research Council.
These studies are being
by the several divisions,
made
committees, and commissions
of the Association, and will be
of the
published under the imprint
They include a wide variety of
Research Council.
subjects dealing not only with practical bank operation but
of banking with the general public.
The studies which will be prosecuted during the coming year
also with the relations
either in process now or under consideration, Mr. Ed¬
wards states.
A number of them are in an advanced stage
are
City, President of the Ameri¬
Bankers Association, announced on Dec. 27 through the
Republican National Committee that he had declined to
serve
on
the party's program committee because of the
"non-partisan character" of his duties as head of the Asso¬
ciation.
Associated Press advices from Salt Lake City
quoted Mr. Adams to the following effect:
would not be right for him to
made in
was
patriotic the
might and doubtless will be."
Reference to the naming of
committee
complicate these duties by
committee of a political party, however
work of that committee
our
Investment
the various committees for
ment of Chairmen of
Chairmen
are:
Membership—Harry F. Heffelfinger, of S. K. Phillips &
Roger Auboin Named Director-General of Bank for
International Settlements—Succeeds Late Pierrefc
'
Quesnay
It
was
stated in
wireless message from Paris, Dec. 13
14 that announcemen
a
the New York "Times" of Dec.
to
made
was
in
Switzerland,
Basle,
Pierre
Mr. Adams to the program
Dec. 25 issue, page 4054.
Quesnay, who
Mr.
Auboin,
was
a
resignation on Dec. 22.
Exception to Mayor LaGuardia's utterances has also been
taken by Evans Clark, Executive Director of the Twentieth
Century Fund, who resigned on Dec. 20 as Economic Ad¬
visor to the New York City Housing Authority.
—
Elected
Chairman of Federal Trade
Calendar Year 1938
on Dec. 31 that Commissioner
Commission to Serve During
made
elected Chairman of the Federal
and will take
Garland S. Ferguson was
Trade Commission for the calendar year 1938,
over the Chairmanship on Jan. 1.
Under the
Commission's
plan of procedure, the Chairmanship rotates annually and a
new Chairman is chosen for each calendar year.
Mr. Fergu¬
son succeeds Commissioner William A. Ayres who has been
serving during 1937.
The Trade Commission's announce¬
ment also said: ;When he
assumes
will establish
a new
.
the chairmanship on Jan.
record for
a
1, Commissioner Ferguson
member of the Federal Trade Commission.
It will be his third term of service
as
Chairman.
Other Commissioners have
held the Chairmanship twice, but prior to Mr. Ferguson no
has
ever
held the office three times.
He is
now in his
Ilth year as a member
longer than any
of the Commission,
having been appointed in 1927 by President Coolidge and
1934 by President Roosevelt.
Commissioner
Commissioner Ferguson also has the
distinction of having been a member of the Commission
other man.
held
has
who
reappointed in
His legal residence is Greensboro, N. C
Appointed President of Federal Land Bank
A. Nelson, Resigned
Frank W. Peck, Director of the Agricultural Extension
of St. Paul—Succeeds Roy
Division of the
University of Minnesota, and a Director of
Minneapolis Federal Reserve Bank, has resigned the
former office to become President of the Federal Land Bank
Mr. Peck, who succeeds Roy
A. Nelson, who
held the office for the past four years, will assume his new
duties on Feb. 1.
The "Commercial West" of Dec. 25, from
1921, and
a
Director since July,
staff member since 1912, except for two years with the
U. S.
Department of Agriculture (1919-21) and three years as Commissioner
the Bank of Cooperatives
(1933-1936).
His
successor
past 19 years.
of
is Paul E. Miller,
head of the West Central School of Agriculture at Morris, Minn.,
advisory positions in
technical counselor
been engaged recently in presiding over the
of
Commerce
of State of
for the
New York to Hold
George Oliver May, senior partner of Price, Waterhouse
& Co., will be the guest of honor and speaker at the first
meeting of the new year of the Chamber of Commerce of the
State of New York which will be held at 12 o'clock noon on
6 at 65
Liberty St., New York City.
Mr. May will
Objectives and Tax Policies."
Presi¬
dent Winthrop W. Aldrieh will preside at the meeting at
which a number of important reports will be acted upon.
Jan.
"Economic
discuss
Under FCA Loaned Less in 193 7
Disbursed as Against $677,000,000
Institutions Operating
—$653,000,000
in 1936
condition
The
business,
farmers'
the
of
as
reflected by
Credit Administration, continued
during 1937, F. F. Hill, Deputy Governor
financing of the Farm
"even keel"
on an
the
of
Administration,
said Dec. 30, in summing
up
the
work.
Total loans through institutions operating
under the FCA, he reported, aggregated $653,000,000 in
1937 compared to $677,000,000 in 1937.
"Most of the new
money borrowed by farmers during the past year was used,
as in 1936, for crop and livestock production and for other
short-term
purposes," Mr. Hill stated.
"Borrowing on
farm mortgages continued to decline, indicating that farm¬
ers in most areas are in better financial position and that
year's
creditors
not
are
pressing for collection of farm debts."
summarized as follows by the FCA:
His further remarks sere
Farmers paid off more principal on
.
Federal Land bank loans than at
ended the year with a slightly larger
percentage of loans in good standing, Mr. Hill said.
Total principal In¬
stalments and payments in full on Federal Land bank loans amounted to
$67,000,000 in 12 months ending Dec. 1, 1937, compared with $49,000,000
any
in
time in several years, and also
preceding 12 months.
the
At the beginning of December just past,
86-9% of Land bank loans were in good standing, compared with 86.6%
one
year
earlier.
New farm mortgage loans by the
Federal Land banks and the Land Bank
but this was largely offeet by
Commissioner declined, as in 1935 and 1936;
increased mortgage lending by other
classes
aggregated $577,000,000 during the first nine months of 1937,
compared with
cluding the
creditors, notably commercial banks
Total farm mortgage loans by all
$605,000,000 in the corresponding period of 1936.
Ex¬
Land banks and Land Bank Commissioner, other types of
$496,000,000 on farm mortgages from Jan. 1 to
creditors loaned farmers
Sept. 30 this year, which was an increase
loaned in the comparable
of nearly 10% over the amount
months of 1936.
to lend farmers more
of the FCA. Farm¬
cooperative associations for
crop and livestock production in 1937, compared with $228,000,000 in
1936.
Deputy Governor Hill said commercial banks also apparently made
The
production
money
ers
than
any
associations
credit
continued
other institutions under supervision
borrowed some $286,000,000 from the 550
ioans to farmers since their volume of non-real estate
more
short-term
loans
which this information is obtained, continued:
Mr. Peck has been Agricultural Extension Division
important
National Production.
on
and life insurance companies.
,
F. W. Peck
of St. Paul.
several
New Year Jan. 6—George O. May
Be Guest of Honor and Speaker
of creditors
the
The
drowned last September.
First Meeting of
to
director of the National Public
Housing Conference and Chairman of the National Advisory
Committee on Housing, resigned on Dec. 23 in opposition to
recent declarations made by Mayor LaGuardia of New York
against the National Housing Authority and the New York
City Housing Authority. Mr. Swope's resignation followed
publication of an article in the Conference's official organ —
the "Public Housing Progress"—supporting the Mayor in his
policies toward housing. He said that the article was in¬
serted in the publication without his knowledge.
Another
director who has resigned from the Conference because of the
article is Eustace Seligman.
Mr. Seligman tendered his
was
13 that Roge
Dec.
French financial and economic affairs, and was for a time
Housing Authority
Ferguson
on
Auboin, Secretary General of the Inter ministerial Committe©
of National Economy, had been appointed Director-Genera
of the Bank for International Settlements to succeed the late
Chamber
Announcement
Co.
Publicity—J. Gentry Daggy, of J. Gentry Daggy & Co.
French Committee
S.
&
to
study ways and means of creating closer cooperation with
the Pennsylvania Securities Commission.
Other committee
Support of Housing Policies of Mayor LaGuardia—
Evans
Clark Resigns
as
Advisor to New York
G.
the coming
Mr. Blizzard named Floyd Justice, of Butcher
Sherrerd, stock brokers, as Chairman of the committee
year.
of the Bank of Rumania, has
Bayard Swope,
Year
Herbert H. Blizzard, President of the Investment Traders
Association of Philadelphia, recently announced the appoint¬
advices continued:
Swope and
Herbert
Philadelphia
of
Associationy
Traders
Appoint Committee Chairman for Coming
Eustace Seligman Resign from Na¬
tional Public Housing Conference —Oppose Body's
B.
H.
The chairmanship rotates
year.
Jan. 8, 1934.
on
Repub¬
Duties as
of
Because
Orval W. Adams of Salt Lake
a
past
Arbitration—Chauncey P. Colwell, of Cassatt & Co.
Program Committee
President of Association
He said it
the
among
,
lican
membership "in
for
the members of the Commission. Mr. Splawn
nominated to be Commissioner by President Roosevelt
was
Orval W. Adams of A. B. A. Declines to Serve on
can
elected Chairman of the Commission for 1938.
Carroll Miller, who has een
Arrangements—Walter Fixter, of Buckley Bros.
♦
:
..
.
was
Chairman
of development. ■
.
Dec. 28 by the Interstate
Commissioner Walter M. W.
on
He will succeed Commissioner
yearly
research in the banking
made
was
Commerce Commission that
Splawn
More Than
in Various Phases of Banking Problems
Bankers Association Conducting
American
Interstate
Splawn Elected Chairman of
Commerce Commission
Walter M. W.
diplomatic corps, who included
outstanding increased during
1937 for the first time since the be¬
ginning of the depression.
Farmers'
cooperative marketing and purchasing
services of the 13 banks
ing $99,000,000 compared with
Preliminary figures
FOA'S supervision
associations used the
few cooperatives more extensively in 1937, borrow¬
on
$81,000,000 in 1936.
1937 loans by the various institutions under the
compared with 1936 loans are as follows:
Volume
Financial
146
51
Chronicle
1936
1937
Farm mortgage credit:
Total
$109,000,000
77,000,000
$62,000,000
Federal Land banks..:.
40,000,000
Land Bank Commissioner
Production credit associations
33,000,000
18,000,000
104,000,000
(Loans to and discounts tor private financing insti-
Reserved for
Conversion
Registrants
Type of Security
35,000,000
106,000,000
Gross
Oct.,
Amount
Nov.,
1937
Nov.,
1937
Gross
Amount
.
Loans to cooperatives:
1936
99,000,000
6,000,000
5,000,000
81,000,000
20,000,000
4,000,000
$653,000,000
S677.000.000
——
Agricultural Marketing Act Revolving Fund.
Federal Intermediate Credit banks..—....—....
Vv".:
?—
-
of
Registration
57.5
7.7
12.1
17.3
20.5
12.1
7,530,804
7,150,300
21.3
9.6
2.9
62.2
64.0
Ctfs. of partic., beneficial
interest, warrants, &c.
Secured bonds
392:600
14
1,000,000
1,000,000
2.8
$35,454,926
$31,860,755
100.0
Debentures
Short-term notes
Issues
New
52
Act
Securities
Under
$20,387,932
6.144,190
....
Preferred stock
$18,124,315
5,194,140
392:660
Common stock
Banks for cooperatives
$38,159,000
Totaling
Fully
Became
Total
Effective
During November
;;;
November and October this year
and November
a year ago
securities which have been registered but are intended
the account of the regis¬
for purposes other than cash sale for
trants, approximately as follows:
8.9
100.0
100.0
Reorganization and Exchange Securities
five issues of securities were registered
In addition to the new securities,
of $38,159,000 of new securities in 52 issues
was registered under the Securities Act of 1933 in 37 state¬
ments becoming fully effective during November, according
to an analysis of the statements issued by the Securities and
Exchange Commission on Dec. 29.
This compares with
$127,621,000 of securities which became effective during
October and $266,026,000 during November, 1936.
The
Commission explained that included in the amounts for
An aggregate
are
Less Securities
for Sale for Cash
for Account of
-Vh''Kv''
tions.)
•
of Total
posed to Be Offered
Reserved for
Conversion
228,000,000
17,000,000
286,000,000
Emergency crop loans
Per Cent
Deductions) Pro¬
Securities
Short-term credit:
Regional agricultural credit corporations
Federal Intermediate Credit banks
(After Other
Total, Less
in connection with the issuance
of voting trust certificates and under terms
of exchange agreements.
■'S'.p-'S
:
Types of Securities Included in 3 Registration Statements for
Reorganization and
Approximate Market Value a
No.
Type of Security
of
Issues
Nov., 1936
Oct., 1937
Nov., 1937
1
$3,813
*3
23,770,835
$118:333
T
196:842
469:285
662.500
5
$23,971,490
$587,618
$9,315,111
Common stock
Preferred stock
Certificate of
participation, benefi¬
cial interest, &c.»
'
Secured bonds
$3,738:966
Debentures
Short-term notes
Nov., 1937
Oct., 1937
Nov., 1936
4,9i3",ni
Certificates of deposit
Voting trust certificates...;........
Reserved
.
of Issues
conversion
for
vertible
with
con-
$756,000 $17,351,000
52,704,000
features
7,000
Reserved for the exercise of options
132,000
1,221,000
1,751,000
1,499,000
1,328,000
10.997,000
1,638,000
250,000
To be issued against claims, other assets,
120,000
$3,223,000 $36,800,000
$6,298,000
The Commission further announced
Approximately
as
follows
on
of securities were left
available for issuance for cash or other considerations—a smaller amount
other month since January, 1935.
•
Slightly more than half of the month's registrations (after deduction
securities reserved for conversion) was
issues of investment
of
accounted for by the $18,177,000 of
and trading companies, whose securities are usually
Other financial
disposed of only during an extended period of offering.
companies (commercial credit and mortgage companies and industrial and
personal loan companies) registered $5,752,000
$6,123,000
manufacturing companies
(16.2%) of securities and
of securities.
(17.3%)
(other than those registered for reserve against
Common stock issues
conversion) amounted to 57.5% of total registrations, and preferred stock
Certificates of participation, beneficial interest and
17.3%.
totaled 21.3%,
rants
interest-bearing securities
while
amounted
war¬
but
to
3-9%of the month's total.
Approximately
16-5%, of all the securities registered
during the month were intended for purposes other than immediate cash
Of this total, about $2,704,000,
reserved for conversion of other securities: $1,499,000
offering for the account of the registrants.
as
stated above, were
were
registered "for the account of others"; $457,000 were reserved for the
of options and
exercise
other subsequent issuance; and
$1,638,000
were
registered for exchange for other securities.
remained $31,861,000 of regis¬
After deducting the above amounts, there
be offered for sale for the account of the regis¬
tered securities proposed to
Of
trants.
$24,293,000
securities,
these
established enterprises,
represented
issues
of
already
while $7,568,000 were to be the initial offerings
In connection with the sale of the securi¬
of newly-organized companies.
of 9-9% would be incurred—
ties, the registrants estimated that expenses
8.7% for commissions and discounts to underwriters and agents (the higher
of stock issues this month), and
1.2% for other expenses in connection with flotation and issuance.
After
payment of these expenses, the registrants estimated that they would
percentage reflecting the preponderance
retain,
As
net proceeds, $28,703,000.
as
in
November,
58.4%
and trading company regis¬
of the net proceeds
($16,781,000)
tended to be used for the purchase
trants also
of securities for investment.
proposed to apply 37-9%
was
in¬
The regis¬
($10,879,000) for "new money pur¬
(additional working capital and expenditures for plant and equip¬
poses"
ment), 2-0% ($568,000) for repayment of indebtedness, and 1.7% ($47.5,000)
for various other purposes.
Approximately
and
was to
ers
4.4%
was
to
The registration
ments.
$31,861,000
of securities proposed for
of the registrants was to be offered through
16-6% was to be offered by the registrants them¬
various selling agents,
be offered by underwriters under firm commit¬
statements indicated that 90-1% of the securities
be offered to the public, 8.4% to
and 1.5% to special persons.
the registrants' own security hold¬
Less than one-twentieth of the securities
proposed to be offered to the general public were
underwritten.
Preferred and common stock issues
for purposes other
There
(on the basis of securities registered
than reserve against conversion) accounted
of the month's total, and certificates
21.3%.
were
$1,035,863,000, or 4.4% during
30, 1937, according to the annual survey
by the American Bankers Association
prepared by W. Espey Albig, Secretary of the Association's
Savings Division.
On June 30 total savings deposits, as
represented by savings accounts and time certificates of
deposits in the continental United States totaled $24,499,448,000.
This is $3,373,914,000 above the low of $21,125,534,000 in 1933.
The announcement by the Association also
had the following to say:
State, one East
Central
West Central States, show an increase in savings
deposit
All States, with the exception of one New England
State and four
This is
a
for 74.8%
of participation, warrants, &c., for
only two issues of
,
continuation of the trend begun three years ago,
states, with the rate
interest-bearing securities, which
aggregated 3-9% of the month's total.
the survey
of increase about the same as during the previous year.
increased 1 ,829,466 from 42,396,712 to 44,226,178, a gain of 4.55%.
In some States
the gain was unusually large.
In only five States was there a decrease.
In spite of a steady increase since the severe drop during the crisis years
the number of depositors is still 4,000,000 below the figure of 10 years ago
During the same period the number of savings depositors
below the all-time high of 1928.
and 8,962,170
developed more generally during the year is
That savings
the fact that only seven States
one
showed
a
indicated by
loss per inhabitant against 14 a
probably decreased use of
of life in the period in question which was
This is ascribed by Mr. Albig to a
year ago.
savings to support current needs
of business expansion.
He suggests that the increase
in savings might have been greater than
but for the low interest prevailing throughout the country.
the figures show
Savings per inhatitant averaged
increase of $7.
$191 against $184 June 30, 1936, an
gain over the
The survey remarks that this is "a handsome
inhabitant though still short by $46 of the all-time
high of $237 per inhabitant
reached in the lush year of 1928."
deposited in banks by the Postal Savings System
decline, the survey shows.
Although the volume of postal
Postal savings deposits
continued to
$68,294,000 less was redeposited in banks.
inability of banks to pay the 2 K% required
savings grew during the year,
This is accounted for by the
by the Postal Savings System.
indicates a diminishing use of the certificate
form of account in favor
of deposit
of the savings pass book typo of account.
Fifteen
represented by time cer¬
the figure was 12.5%, five year ago
15.4% of total savings deposits were
years ago
tificates of deposit, it says; 10 years ago
(1932) 10.8% and now 6.7%.
Whereas savings deposits
deposits increased 8.06%.
increased 4.4% during the year, total individual
These include savings deposits, time certificates
and checking accounts, both private and
of deposit
deposits of public funds and
Registration Statements that Became
Effective During November, 1937
Types of New Securities Included in 37
Fully
Savings deposits in banks and trust companies throughout
the United States increased
the year ended June
of savings deposits
The survey also
of the
79-0%
cash offering for the account
selves
Ended June
of American Bankers Association
1933 figure of $168 per
.
result of the high ratio of investment
a
trations
Banks
in
United States Increased
volume for the year.
$6,298,000, or
market was
and Trust Companies in
$1,035,863,000 During Year
30, 1937, According to Savings Division
Deposits
Savings
Dec. 29:
of common stock issues registered, during
registered for reserve against conversion of securities
having convertible features, so that only $35,455,000
issues to
Represents actual market value or one-third of face value where
not available.
$2,704,000
November, 1937, were
than for any
Refers to securities to be Issued in exchange for existing securities,
100,000
&c_.
Total..
*
a
5,380,000
637,000
450,000
...
Reserved for other subsequent issuance
Registered for the "account of others"
To be issued in exchange for other securities..
Total......
Total indivial deposits
June
30,
"In
the
1937, from $46,314,641,000 to
some
survey
states.
has been remarkable,"
"Michigan had a gain of 19.80%, Florida 19-75%,
16-94%, New York 12.23%, Texas ll.Ql%."
four States was there a decrease in
The survey
ended
$50,049,685,000.
States the increase in individual deposits
Delaware 17.28%, Louisiana
In only
commercial, but exclude
deposits of banks.
increased $3,735,044,000 during the year
individual deposits.
also indicates that the volume
of savings deposits is not
demand deposits.
Ten years ago, it says, 53% of total
individual deposits of all banks were savings deposits.
At the end of June,
keeping pace with
Total Securities Registered
No.
of
Issues
1936, savings deposits
Units of
No.
Type of Security
Stock, &c„
Face
Ami.
Bonds,
of
<fbc.
Gross
only 49%.
ITEMS
.....
379,500
23,091,532
6,144,190
10
1,301,012
7,530,804
1
of participation,
est, warrants, &c
Secured
4,498,398
10
Preferred stock
400,000
Short-term
notes
Total.
constituted 51% of the total and on June 30,
:'■■■ '
1937,
-
1,000,000
1,000,000
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
392:600
1
beneficial inter¬
bonds
Debentures
>'
(in Dollars)
30
Certificates
,
Amount
52
38,158,526
meeting of the Board of Directors of The Chase
National Bank, New York, held Dec. 29, Cole J. Younger
was elected a Vice-President of the bank.
At
At
a
a
meeting of the Board of Directors of Manufacturers
New York on Dec. 27, Wilfred Wottrich, formerly
Trust Co.,
Financial
52
Assistant
Trust
Officer,
elected
was
Chronicle
The creditors'
Trust Officer, and
a
Percy M. Hall, in charge of the Industrial Credit Depart¬
ment, was elected an Assistant Vice-President
Jan.
notes'would bear
1938
interest but would be entitled to their
no
of net realizations from the liquidation after all
prd rata share of 50%
The remaining 50% would eventually
creditors' claims had been met in full.
Trust Co.
the bank and thus to the stockholders of the old Union
go to
1,
^
depositors and stockholders of the
Union Trust Co. of Cleveland, Ohio, which has been in
Consent
of
85,000
liquidation since 1933, has been recommended by S. H.
Squire, Ohio Superintendent of Banks, to a plan to reorganize
its affairs into a new bank to be named the Union Bank of
Commerce.
According to the Cleveland "Plain Dealer" of Dee. 24, a
subsidiary of the proposed new bank—Union Properties r
Inc.—would hold the assets of the Union Trust Co., which
would be the security for the
creditors' notes issued against
unpaid deposit balances and other claims. The paper added
in part:
V
Sterling National Bank & Trust Co., New York, on Dec.
31 announced that the Board of Directors had voted the
following
promotions: S. L. Thenen, formerly Assistant
Vice-President, has been appointed Vice-President in charge
of Foreign Department and William R. Yorkston,' formerly
Assistant Trust Officer, has been named Trust Officer.
Thomas
Anstey, Assistant Secretary of the Guaranty
W.
Trust Company of
denly
December 27,
on
lie
was
at the Jamaica
Hospital, Jamaica,
have au¬
have been paid.
option to
by the noteholders' committee and that the committee
escrow
thority to elect Union Properties directors until the notes
provided that the new bank be given an
The plan originally
disclosed
This was modified in the plan
buy the Union TrustjBuilding.
banking space
building, for a period of five years, with an option to extend it for
another five.
The sponsors_of the plan believe the bank's occupancy of
the structure will contribute substantially to the support of the indicated
yesterday, which stipulates that the new institution lease its
in the
values of the building.
a member of the bank's
for more than 25 years, died sud¬
43 years old and lived in Bellerose, L. I.
previously
Properties, Inc., be held in
disclosed the provision that the stock in Union
New York and
stock transfer department
L. I.
''. "<•
yesterday (Dec. 23) added to the plan as
The plan announced
$
0
Bank Co. of Columbus, Ohio,
exchanging its old stock, one share of old for two of new,
of the recommendation of the directors to
That the Market Exchange
is
in furtherance
0
capital from $100,000 to $200,000,
recently announced by officials of the company.
In
noting this, the "Ohio State Journal" of Dec. 30, went
increase the institution's
Port
The
National
Washington
Bank &
Trust
Co.,
Porf
Washington, N. Y., on Dec. 18 was authorized by the Comp¬
Currency to maintain a branch in Manhasset,
troller of the
Nassau
County, N. Y.
accumulated $200,000 to capital and issued two shares
"Money and Commerce" of Dec. 24 it is learned
Arnett, heretofore Vice-President and Cashier
Second National
President
elected
James
It.
the
The
also elected
President, the
President,
new
and
director of the bank.
a
said
paper
Mr. Arnett,
ad¬
Mr.
Regarding
:
widely known in
is
banking in
western
Bankers
Association, and
leading member of the county organization.
a
dividend of 3%
capital stock of $100,000, which was paid Nov. 1.
on
The same rate was paid on May 1.
$100,000, which was paid Nov. 1.
anu
respectively.
Cashier,
semi-annual
The
Previously directors had declared the regular
old share held.
had
of new stock for each
late
the
succeed
He is Vice-Chairman of Group Eight, Pennsylvania
Pennsylvania.
with
to
At the same meeting Edward Ilamer
Moyer, formerly Assistant Cashiers, were
was
new
Uniontown, Pa., has been
institution
Vice-President
to
Hamer
Bank of
the
Cray.
Clarence T.
vanced
of
$100,000 from its surplus account in which
bank transferred
The
♦
that Robert J.
of the
to say:
on
.
■■y
From
was
Identified
Springfield, 111., banks—the First National Bank of
Two
Springfield and the First State Trust & Savings Bank of
Springfield, capitalized at $500,900 and $200,000, respec¬
tively—were consolidated at the close of business Dec. 22
under the title of the First National Bank of Springfield.
The new organization is capitalized at $500,000, with sur¬
plus of $250,000.
♦
banking
Cashier in
in
the
Uniontown
community
since
1924, later becoming Vice-President and
1906,
he
elected
was
member of the board.
a
21 is authority for the
$445,000 would be paid to
35,000 depositors of five closed Cook County, 111., banks
as a result of "dividends" announced on Dec. 20 by Edward
of Dec.
"Tribune"
Chicago
The
approximately
statement
that
bank's
J. Barrett,
was
receiver for four defunct North
State Auditor of Illinois, and Melvin B. Ericson.
Shore National banks, two
Directors of the Mellon National Bank of Pittsburgh,
last
added
week
$2,500,000
increasing that
account,
capital is $7,500,000.
similar
addition
the Union
to
A
item
year
to
ago
surplus.
Co.
Trust
to
the
institution's
$22,500,000.
The
at this time there
The
Pa.,
surplus
a
is
owned
by
are
State
Wrightson as a Vice-President
of the Provident Savings Bank of Baltimore, Md., was
announced on Dec. 28 by Charles C. Duke, President of the
institution, following a meeting of the board of directors.
The Baltimore "Sun" of Dec. 29, from which this is
had the following to say regarding Mr. Wrightson's
learned,
banking
career:
joining the savings bank Mr. Wrightson is resigning
as
Assistant
way up
from minor posts.
Prior to that he
the former Merchants National Bank of Baltimore,
previously
over
his
was
new
was connected with
and for several years
employed by the Koppers Co. of Pittsburgh.
He will take
duties with the Provident Savings Bank on Jan. 1.
Slightly
100%
3.
The
proposal has already been un¬
animously endorsed by a group of 88 business, industrial and
civic leaders of Cleveland, to whom the plan was
explained
by A. C. Ernst, President of the Cleveland Chamber of
Commerce. Tentative approval of the new bank for member¬
ship in the Federal Reserve System has also been received
from the Board of Governors of the System.
Mr. Squire
estimates that under the reorganization plan, and with the
continuance of average business conditions, the face amount
of all deposits should be paid in full.
This could not be done
if continued liquidation is insisted
upon, he estimates.
An
announcement in the matter continued in
The
plan
provides
part:
for immediate full payment
claimb of $50 or less, a 35%
cash dividend
on
of deposits
and
other
larger claims, and five-year
creditors' notes, extendable three years, to cover the remaining 20
%.
dividends totaling 45% have already been paid.
Cash
value 3% cumulative preferred stock.
would show assets of
The balance sheet of the
legal
Niles
said,
Ericson
Assets
are
net
"acceptable" values
as
Ericson
which
said
the
closed
receivership has
Checks
date.
unusual record
an
of
a
profit of
from
Income
interest, rents,
$102,000, and total expenses have been $57,000 to
available
be
will
depression.
the
during
items has been
and other
this
morning
5108
at
Oakton
Wilmette
be
cannot
bank's
Further
depositors.
forecast
returns of 72% of money due
expected, but the time and amount
Ericson said.
Checks for the current
payment lifts total
payments
at
are
Mr.
present,
15% will be available for 10 days at the old bank building in
Ericson announced
Mr.
assessment
total
the
little
of stock.
the
Largest of
depositors
than
more
further collections should lift
in collections is the recent
that
and
Included
$130,000.
than $60,000 by members of a syndicate which owned a
more
large amount
a
than
more
Wilmette.
been callected on the $150,000
that $120,315 has
stockholders,
against
to
payment of
to
Street,
Center.
Costs
of
$20,000,
bank
State
of the Citizens'
or
liquidation of the hank so far amount
about 3% of collections.
was one of $105,902
to the 15,000
payouts
Bank.
State
closed, although
including debts
produced 2% and
collection of stock liability netted the other 3% of the payment.
The Kimball Trust & Savings Bank payment of $63,677 goes to 12,000
depositors.
The total returned to • depositors now stands at
10% of
claims.
Ordinary liquidation netted 2.4% and stock liability collections
2.5% to produce the current "dividend."
Prior claims paid amount
This
the
is
$1,264,521
of
paid
before
to
depositors
since
the bank
preferred and secured claims,
on
Ordinary
closing.
liquidation
$539,911.
payment to the 3,000 Marshall Square bank's depositors amounts to
The
The entire 5%
$23,638.
current
at
return
has been
bank
the
first
pavment
lifts
was
total
obtained through ordinary liquidation.
return
The
Prior claim payments stand
30%.
to
$199,524.
0
From
the
Detroit
"Free
tentatively set up
ap¬
have not been
be expected later, representing
balance of each claim since the
$57,000, indicating the bank was in much better condition than the average
bank
notes, and $210,000 of Federal
by the Superintendent and the Federal Reserve Bank, subject to final
depositors
depositors a
is giving
may
unpaid
the
on
now
that all assets
however,
further return
a
rates
which
Center,
closed.
Mr.
to
bank
at
of
$46,108,828, including $36,993,395 of cash, $6,617,026
of loans, mortgages and stock assessment
Reserve stock.
new
Mr.
return.
bank
The Union Bank of Commerce would start business with
approximately
$38,000,000 of deposit liabilities and capital of $8,000,000, consisting of
40,000 shares of $100 par value common stock and 10,000 shares of $100 par
Bank
liquidated, and that
The
been set for Feb.
is involved in a 15% payment to the 800
more money
National
the
of
Niles
Application has been made to the Common Pleas Court of
Cuyahoga County for approval of the plan and a hearing has
supplied details in each case as follows:
The paper
Cashier of the Baltimore branch of the Federal Reserve Bank of Richmond.
working his
pay¬
and the First National Bank of Wilmette and the
National Bank of Niles Center, both making 15% returns.
ments,
interest
He has served in various positions with the Reserve Bank since April, 1919,
5%
Square State Bank, all making
Marshall
the
and
The election of Frank W.
In
making refunds.
The banks involved are the
Bank, the Kimball Trust & Savings Bank,
of which
Citizens'
institution
of Pittsburgh.
that
a
new
Press"
of
Dec.
15 it
is
disbursement, amounting to $3,117,000,
learned
to 4,500
praisal by them in connection with the consummation of the plan. Liabilities
balancing these assets would consist of $38,108,828 in deposit credit to the
depositors of the closed Guardian National Bank of Com¬
Superintendent of Banks to
Schmiedo, President and Treasurer of the Depositors Corp.
cover
the dividend distribution provided in the
plan, and $8,000,000 capital, including $1,000,000 for the preferred stock,
$4,000,000 for common stock, $2,000,000 for surplus and $1,000,000 un¬
divided profits....
Stockholders of the Union Trust Co. who have discharged their double
Liability obligations would be entitled under the plan to 1-20 share of
common
stock
for
each
old
share,
but the
new
stock
would
be
new
held
trusteeship for the benefit of the creditors' notes until they have been met.
of
merce
This
Detroit,
Mich.,
announced
has been
by W. Zur-
dividend, the fourth paid by the Depositors Corp. since
it replaced the receivership late in
1934, will he available in
checks Jan. 15 to record holders of
participating certificates
Jan.
The
in
of
5.
The
corporation
deposits
which
continued:
paper
issued
were
certificates aggregating $24,938,489 for
unpaid when
it
took
over.
These
the 32%
included claims
Volume
146
Financial
Chronicle
53
of
$1,000 and less acquired by the corporation of larger depositors in the
plan which paid in full the smaller claims.
The
dividend
new
will
bring
$15,586,244
to
the
total
positors through the corporation in payments July 1,
May 20, 1937, and the new disbursement.
The
remainder,
deposit
$9,352,244,
liability,
claims in
full
with
and
but
represents
remaining
12%
1986, Jan.
of
sufficient
assets
realized
the
15,
bank's
eventually
reimburse stockholders who have paid
by
de¬
1937,
original
to
retire
THE
Bailantyne,
President of the Manufacturers Na¬
tional Bank of Detroit, Mich., and dean of Detroit
bankers,
died at his home in Palmer Woods, Mich., on Dec. 27.
The
deceased banker, who was 69 years of ago, was born in
Paisley, Scotland, but went to Detroit in 1891, where he
G. Dun & Co. Credit Office, and
managed the R.
associated with
joined
and
the
the Wilber Mercantile
later
made
was
Subsequently
National
Detroit
old
Agency.
Bank
Vice-President
a
Credit
as
of
also
was
In 1909 he
of the
that
institution.
he organized the Merchants' National
Bank, of which he was President for many years and later
Chairman
of
the
Board.
merged
with
the
Dime
and
became
Eventually this institution was
Savings Bank of Detroit to form
the Bank of Michigan, with Mr. Bailantyne continuing as
its head.
It was in these early years that Mr. Bailantyne
formed a strong friendship for John and Horace Dodge,
then engaged in building the Dodge Bros, motor car plant,
he
After
the
their
death
of
adviser
these
in
financial
many
automobile
pioneers,
problems.
Mr.
Bailan¬
tyne helped negotiate the sale of the Dodge Bros, plant to
Dillon, Read & Co. of New York for $146,000,000.
Shortly
after
the
Bankers
Bank
Co.
of
in
Michigan became
mergers
Bailantyne retired, but
the
in
a
unit of fhe Detroit
early
1930,
of
part
Mr.
the death of Julius H. Haass,
prevailed upon to return to the group, but
upon
in
1931, he
as
Chairman of the Board, a position which he relinquished
was
in 1932.
Some months later the "bank holiday"
and subsequently, when Detroit's demand for bank¬
ing facilities led to the establishment of the Manufacturers
again
came,
National
Bank
again
was
of
Detroit,
recalled
office he held at
the
from
time
1933,
July,
in
retirement
to
Mr.
be
Bailantyne
President,
the
of his death.
Concerning the affairs of the defunct National Exchange
Bank of Waukesha, Wis., advices from that place on Dec. 28
to the Milwaukee "Sentinel" of Dec. 29 had the following
to say
in part:
Liquidating trustees of the National Exchange Bank, which closed in
September,
1932,
announced
certificates would
be
of unpaid deposits.
(Dec.
today
eligible to receive
a
28)
on
of
on
trustee
the 30%
the dollar after the bank closed.
The dividend payment will give depositors
cent of which was
one
holders
This payment will be the first and only made since
depositors were given 70 cents
all but
that
dividend of 5.4%
slightly
more
than 71 cents,
paid by the Waukesha National Bank when it
purchased the assets of the closed company.
The promotion of James J. Robb from an Assistant
President
to
a.
Vice-President
Bank at its Columbia
tional
20 by
of
the
office,
South
Vice-
Carolina
was announced
on
Na¬
Dec.
B. M. Edwards, Executive Vice-President of the insti¬
tution, it is learned from the Columbia "State" of Dec. 21.
The
following changes in the personnel of the American
Trust Co. of New Orleans, La., effective today,
Jan. 1, were announced on Dec. 27 by John Legier, Presi¬
dent of the institution, it is learned from the New Orleans
William N. Louque and
"Times-Picayune" of Dec. 28:
Frank P. Ganucheau, Auditor and Cashier, respectively,
Bank
&
named
John
Assistant
as
Vice-Presidents
Central
Roberts,
Teller and
Harold
head
of
Mischler
the
and
Discount
Department, respectively,, become Assistant Cashiers, and
Stonewall Abrams is appointed Central Teller to succeed
Mr. Mischler.
National
The
Dec.
Bank of
Commerce
of Seattle,
Wash,
on
24
purchased the Valley State Bank of Wenatchee,
Wash., with deposits of $1,500,000, according to Seattle
advices on that date, appearing in the Los Angeles "Times."
The acquisition, the dispatch said, makes a total of 11
State branches operated by the National Bank of Commerce.
The
eighty-second
annual statement of the
Bank of To¬
ronto, Toronto, Ont., Canada, covering the fiscal year ended
Nov. 30, 1937, shows net profits, after deductions for staff
pension fund, taxes, bad
expenses)
write-off
of
of
$200,000 and
balance
to
paying regular dividend
(at the
per annum)
amounting to $600,000, a balance
$356,372. which, when added to $1,285,375, the
10%
remained bf
the
and doubtful debts and all other
(as compared with $1,141,810 last
After providing, out of this sum, for bank premises
year).
rate
$1,156,372
of
credit
of
profit and loss brought forward from
previous twelve months, made a balance of $1,641,747 to
year's profit and loss ac¬
the New York
public utilities, that moved against the trend, but
as a whole, moved downward until Thursday
market,
Specialties
provement.
the
the list showed substantial im¬
attracted
week, but reports that Texas
ures
had
a
depressing effect
on
attention
some
may restore
that group.
late
oil curb
in
meas¬
The New York
Curb
Exchange, the New York Stock Exchange and com¬
modity markets were closed on Saturday in observance of
Christmas Day.
Manager
(1914)
on
Exchange during the fore part of the present week.
There were a few issues, particularly in the
preferred group
when prices in all parts of
John
EXCHANGE
Curb
the
assessments.
CURB
Declining prices featured the trading
Curb
stocks
resumed
all
Monday
on
The market
.
sagged
along
following
the
line
the
Christmas
trading
as
was
holidays.
unusually active, and while there was little
or
no
pressure apparent, there were numerous recessions
ranging from 1 to 2 or more points. Scattered through the
list were a number of popular trading issues that moved
against the trend. These included among others Florida
Power & Light $7 pref., 3% points to 41; Babcock &
Wilcox,
1% points to 81, and Heyden Chemical, 3% points to 37.
Prominent on the down side were Aluminum Co. of America,
4% points to 78; Carrier Corp., 2% points to 29%; Gulf
Oil, 1 point to 37; Jones & Laughlin Steel, 3% points to 33,
and Long Island Lighting pref. B, 4 points to 29.
Lower prices were again in evidence on
Tuesday as the
market swung sharply downward under increased selling
pressure.
The volume of transfers rose to approximately
504,000 shares, the largest turnover since last October.
Public utilities and some of the specialties were
fairly steady
though small losses were scattered through both groups.
Among the weak spots were Aluminium Ltd., which dipped
5 points to 67; Brill pref., 4% points to 18%; Electric Bond
6 Share pref. (6), 4 points to 55; Fisk Rubber
pref. (6),
4% points to 54; Pepperell Manufacturing Co., 3 points to
73; St. Regis Paper pref., 7 points to 57, and SherwinWilliams, 2% points to 84%.
Sharp recessions continued to dominate the early trading
on Wednesday.
Toward the end of the session the declines
were less pronounced but a fairly large number of the market
leaders registered losses as the session closed. The preferred
stocks in the public utility group were active at slightly
higher prices but the oil shares, specialties and mining and
metal issues were generally lower.
The transfers continued
to work higher, the volume of sales
mounting to 572,536
shares, against 503,540 on Tuesday. Outstanding among the
declines were Alabama Great Southern, 5 points to 49;
Consolidated Mining & Smelting, 4 points to 54; National
Power & Light pref., 4 points to 56%, and Pepperell Manu¬
facturing Co., 4 points to 69.
Stocks were active and moderately higher on Thursday,
and while the turnover dropped to 195,430 shares against
572,536 on Wednesday, there were 202 stocks that closed on
thp side of the advance with 58 on the downside.
Public
utilities were in demand though the changes were largely
fractional. Mining and metal issues were also active at higher
prices and there was considerable interest manifested in the
was
.
industrial
specialties.
Cities Service pref. was one of the
broke 4% points to 39%.
Noteworthy
among the gains were Long Island Lighting pref., 6 points to
38; Newmont Mining, 2% points to 55; National Power &
Light pref., 4% points to 61; Brown Co., pref .,2 points to 22;
weak
spots and
and Electric Shares pref., 4 points to 74.
Irregular price movements were apparent during the early
dealings on Friday, and while there was a tendency toward
higher levels, the advances were generally small and without
special significance.
As the day progressed the market
quieted down. As compared with Friday of last week prices
were lower, Aluminum Co. of America closing last night at
76 against 82% on Friday a week ago; American Gas &
Electric at 26% against 27%; Carrier Corp., at 28% against
32; Creole Petroleum at 23 against 24%; Electric Bond &
Share at 8% against 10; Humble Oil (New) at 75% against
68; Niagara Hudson-Power at 7% against 8%; Sherwin
Williams Co., at 84 against 87%, and Standard Oil of
Kentucky at 17 against 18.
•
TRANSACTIONS
AILY
THE
AT
YORK
NEW
CURB
EXCHANGE
Bonds (Par Value)
Stocks
(Number
Week Ended
Dec. 31.
of
Shares)
1937
Domestic
Foreign
Government
Corporate
Total
HOLI DAY
HOLI DAY
Saturday
314,180
.
—
Thursday
....
$1,384,000
$52,000
$19,000
$1,455,000
503,940
Monday
Tuesday
Wednesday
Friday
Foreion
1,531,000
1,661,000
887,000
518,000
84,000
24,000
94,000
12,000
26,000
20,000
1,639.000
1,767.000
947,000
573,036
195,729
184,507
34,000
7.000
545,000
be carried forward to the current
count.
Total
572,874,
assets
the
up
resources
from
amount
to
of the institution are shown at
$135,907,303
$93,780,075,
or
$140,-
of which liquid
75.76% of all liabilities to
last
year,
A total of $27,035,529 of the quick assets repre¬
cash, bank balances and notes and cheques of other
public.
sents
at $114,382,821 up from
$110,045,103 last year. The bank's capital and rest fund, at
$6,000,000 and $9,000,000, respectively, remain the same as
banks.
Total
deposits
last year.
are
shown
Sales at
New
Week Ended Dec. 31
Calendar Year
York Curb
Exchange
Stocks—No. of shares.
1937
1936
1937
1936
1,771,392
2,362,933
104,178,804
134,843,049
$5,981,000
$419,861,000
12,658,000
9,842,000
$790,556,000
19.202,000
101,000
$10,096,000
572,000
372,000
$6,353,000
$11,040,000
$442,361,000
$823,050,000
Bonds
Domestic...
Foreign government—
Foreign corporate
Total
271,000
13,292,000
Financial
54
Chronicle
Jan.
1938
1,
SILVER
With sellers."hesitating
We
purchase from Brokers and Investment
drafts, with securities attached, drawn
their foreign
on
respective deliveries being maintained the
There
TRUST COMPANY
a
was
recurrence
for cash and 18 3-16d.
Association
Corporation
5-16d.
today
change.
taken by America and there
of an official characterthe announcement, expected towards the end of
ixing, but offerings in the afternoons were
The market is awaiting
regarding the United States Treasury's intentions as to the price
the year,
RATES
be paid for domestic
to
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 requirements
A moderate reduction of the
newly-mined silver.
would not be unexpected and should
market, whose chief concern at the moment is the maintenanc
present price of 77.57 cents per ounce
not affect the
of the present
buying price of 45 cents per ounce for
The following were the United
record for the week just passed:
BY
FEDERAL
RF SERVE
Czechoslovakia
EXCHANGE
RATES
BANKS TO TREASURY
DEC.
CERTIFIED
UNDER TARIFF ACT OF
Noon Buying Rate
Other countries
664
France
for Cable Transfers in Neto York
Egypt
Bengal
Germany
Sweden
Other countries
Dec.
Dec. 27
25
Dec.
Dec. 31
Dec. 30
Dec. 29
28
£2,045,575
Europe—
$
$
$
.188850*
.188829*
$
$
$
Austria, schilling.
.188866*
.188883*
.
:
.169645
.169630
.169584
.012725*
:
.188850*
.169652
1' "
Blegium, belga
.012725*
.012750*
.012725*
.012725*
.03,5098
Coin not of legal tender in the
x
.035087
.035094
.035112
.035110
.169571
j
.223069
.223045
.223103
.223087
4.996208
4.997125
4.997916
.022080
.022080
.033945
.033958
.033937
.033913
.033920
.402889
.402869
.402828
.402673
.402646
Greece, drachma
.009137*
.009160*
.009164*
.009166*
.009164*
Holland, guilder
Hungary, pengo.
Italy, lira
.198375*
.198125*
.198375*
.198375*
.198375*
.052605
.052605
.052609
.052609
.052607
.555925
.5.56096
.556221
.556355
.556378
.251104
.251072
relchamark
.022080
.251078
.251058
.251108
Poland, zloty
.189483
.189533
.189433
.189433
.189450
Portugal, escudo
Rumania, leu
.045262
.045237
.045233
.045250
.045262
.007429*
.007407*
.007421*
.007350*
8pain, peseta
LONDON
Dec.
18 ll-16d.
18 ll-16d.
18%d.
18 15-I6d.
18 15-I6d.
9
.061571*
.061375*
.061571*
.061250*
.257571
.257539
.257579
.257581
.231233
.231158
.231157
.231182
13
18 3-16d.
Dec.
14
18 5-16d.
Dec.
18 5-16d.
Dec.
11
18 13-16d.
11
18%d.
18 ll-16d.
15....-18 ll-16d.
Average
l8.760d.
Dec.
I8.448d.
.023260*
.023180*
.023170*
Asia—
ENGLISH
as
DAY
.294479
.294479
.294583
.294687
.294479
.294583
.294687
.294687
.294479
.294479
.294583
.294687
.294687
.294479
.294583
.294687
.294687
.311984
.311984
.311906
.312062
,377118
.377203
.377273
.377235
Japan, yen
.290793
.290764
.290575
.290610
.290641
.586000
.586125
.586125
.586125
.586125
New Zealand
pound
Africa—
I
I
2%%
British 3%%—
W. L
British 4%—
1960-90
Newfoundland,
.333141*
.999166
.277500
.277500
.996230
.996015
States
.333129*, .333125* .333175*
.052283
.054242 i .053300
.051720*, .051720* .051680*
peso
Brazil mllrela (free)
..
18 3-16d.
139s.6%d. 139s.6d.
139s.7d.
£74%
£74%
£74%
Holiday
£101%
£101%
£101%
£101%
Holiday
£112%
£112%
£112%
£112%
139s.6d.
£74%
in the United
on
Bar N. Y. (for¬
Holiday
.051680*
.040000*,
.040000*
.040000*,
.040000*1
.549500*
.549500*
.549500*1 .549500*
Uruguay,
.800000*
.800000*
.800000*!
.800000*
44%
44%
50.00
50.00
50.00
44%
50.00
77.57
77.57
77.57
77.57
Holiday
77.57
COURSE
BANK
OF
CLEARINGS
.040000*
.549500*.
44%
50.00
S. Treasury
U.
.051680*
export..
Colombia, peso
44%
Holiday
eign)
U.S.Treasury.
(newly mined)
America—
Argentina,
Holiday
Holiday
Holiday
.052277*
.998810
.999166
.277500
.995722
dollar
Dec.31
19 l-16d.
.333145*
.052214 i
.998521
.999166
.277500
..
.998593
.999166
oeso
Soutf
.996327
.998942
.999166
.277500
.996367
.998209
peso
Mexico,
Dec. 30
18 9-16d.
price of silver per ounce (in cents)
the same days has been:
The
1
America—
Canada, dollar
Cuba,
I
i
■
4.949285*4.951953*4.952031*4.951953*4.951875*
South Africa, pound-.
Fri.,
Thiers.,
Dec. 29
18 7-16d.
Holiday
Consols,
3.980625*3.980885*3,982031*3.981510*3.980989*
4.008392*4.011614*4.010669*4.009955*4.011510*
Tues.,
Dec. 28
Holiday
Holiday
Holiday
Silver, per oz..
Gold, p. fine oz
.377131
Australasia—
Mon.,
Dec. 27
Holiday
.294479
.311906
Australia, pound
Wed.,
Sat.,
Dec. 25
Tientsin (yuan) dol'r
Hongkong, dollar..
India, rupee
Singapore (S. S ) dol'r
MARKET—PER CABLE
FINANCIAL
.294687
.294479
Hankow(yuan) dol'r
Shanghai (yuan) dol
cents
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The
HOLI¬
China—
cents
New York recorded during the period
$4.99%.
The highest rate of exchange on
.023170*
Yugoslavia, dinar.
cents
cents
cents
cents
from Dec. 9 to Dec. 15 was $5.00)4 and the lowest
.231180
.023190*
franc
45
45
45
45
45
45
8_
Dec.
.257564
Switzerland,
NEW YORK
Dec.
9
Dec. 10
Dec. 11
Dec.
Dec.
.062142*
Sweden, krona
IN
(Per Ounce .999 Fine)
Bar Silver per Oz. Std.
Cash
'
2 Mos.
.007425*
Norway, krone
Including £910,000
ofjegal tender in the United Kingdom.
IN
Dec.
£1,326,384
z
United Kingdom,
Quotations during the week:
4.997041
.022075
4.997416
.022085
in coin not
.223068
England, pound sterl'g
Finland, markka
|
France, franc
Denmark, krone
North
x8,850
22.000
2,191
5,240
1,450
4,716
-
Straits settlements
Unit
Germany,
x28,527
Aden & dependencies
United Slates Money
Valve in
Country and Monetary
Belgium
the 13th inst.:
Exports
United States of Americac £1,253,410
x£l ,963,460
31,197
14,057
12,797
23,400
Hongkong
Australia
1930
1937, INCLUSIVE
1937, TO DEC. 31,
25.
external silver.
Kingdom imports and exports of silver-
registered from mid-day on the 6th inst. to mid-day on
Imports
FOREIGN
134
indications that some of the support given was
were
a
by the 13th inst.
for two months' delivery
The decline seen earlier in the week was due largely to poor support at
Member Federal Deposit Insurance
give below
re-sales by
on
had fallen back to 18 %d-
quoted for cash and two months' delivery respectively; prices
were
Member New York Clearing House
EXCHANGE
and 18 ll-16d. for the
following day.
however, and
yesterday when 18 ll-16d. and 18
showed no
Member Federal Reserve System
FOREIGN
of nervousness,
There was an upward reaction
NEW YORK
BROAD STREET,
the week which opened
and %d. for two months-
speculators and some fresh bear selling prices,
PRINCIPAL OFFICE AND FOREIGN DEPARTMENT!
55
covering purchases being made by bears,
quotations of 18 15-16d.
delivery, the resultant
correspondents and clients.
MANUFACTURERS
some
the 9th inst. with a rise of 5-16d. for spot
on
Firms
and
prices made a further recovery at the beginning of
Chile, peso—official..
"
*
peso..
.800000*
clearings this week will again show a decrease com¬
pared with a year ago. Preliminary figures compiled by us,
Bank
based' upon
Nominal rates: firm rates not available.
telegraphic advices from the chief cities of the
week ended today (Saturday,
Jan. 1) bank clearings from all cities of the United States
from which it is possible to obtain weekly returns will be
19.9% below those for the corresponding week last year.
Our preliminary total stands at $5,410,919,220, against
$6,756,438,385 for the same week in 1936.
At this center
there is a gain for the week ended Friday of 4.4%.
Our
comparative summary for the week follows:
country, indicate that for the
THE
ENGLISH
GOLD
SILVER
AND
MARKETS
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 15, 1937:
The
Bank
406,625
on
of
Dec.
England gold reserve against notes amounted
8th
showing no change
as
to
£326,-
compared with the previous
Wednesday.
In the open
market about £2,100,000 of bar gold was available at the
daily fixing during the week.
varied only between
139.lid. and 139.9 %d., but gold continued to be in
Per
Clearings—Returns by Telegraph
There was little movement in prices, which
Week Ending Jan.
1938
1
1937
Cent
Continent
and
the
premium
over
dollar exchange
parity was maintained at about 9d.
GOLD
$3,074, 348,446
295, 964,889
$2,943,923,686
254.823,970
+ 16.1
Philadelphia..
320, 000,000
277,000,000
+ 15.5
Boston
good demand for the
204, 440,399
183,051,000
+ 11.7
85, 490,749
87, 200,000
71,353,686
+ 19.8
68,800,000
+ 26.7
New
York
Chicago
Kansas
Quotations during the week:
St.
Per Fine
Equivalent Value
of £ Sterling
Ounce
_
City..
Louis
+4.4
136, 371,000
110,984,000
+ 22.9
Pittsburgh
140, 204,688
108,782,500
+28.9
101, 193.453
San
Francisco
Dec.
Dec.
Dec.
139s. lOd.
12s. 1.81d.
Detroit
103,768,732
—2.5
10.,
139s. lOd.
12s. 1.81d.
Cleveland
95, 576,113
76,440,125
+25.0
11
139s. 10d.
Baltimore
59, 788,850
64,354,964
—7.1
Dec.
13
139s. lid.
Dec.
Dec.
14
139s. 10d.
12s. 1.81d.
12s. 1.72d.
12s. 1.81d.
$4,263,282,663
+ 7.9
15
139s. 9%d.
139s. 10.08d.
12s. 1.85d.
12s. 1.80d.
$4,600,578,587
810,340,633
803,423,360
+0.9
$5,410,919,220
$5,066,706,023
+6.8
9
Average
The
following
were
the United Kingdom imports and exports of gold,
registered from mid-day on the 6th inst. to mid-day on the 13th inst.:
Imports
British South Africa
Tanganyika Territory
Exports
£2,137,702
10,252
Kenya
2,479
British India
283,601
New Zealand
24,413
177,000
50,375
18,000
Canada
Venezuela
'
Morocco
Switzerland
China
Hongkong
Netherlands
Belgium
France
Switzerland
Other countries
£2,727,642
£725,241
The SS. Ranchi which sailed from Bombay on Dec. 11th carries gold to
the value of about £266,000.
The Transvaal gold output for November,
ine ounces as
944,783 fine
compared with 983,577 fine
ounces
for November, 1936.
1937 amounted to 978,271
ounces
Other cities, five days...
Total all cities, five days.
Holiday
All cities, one day
$5,410,919,220
Total all cities for week
£19,000
7,000
180,736
145,150
201,364
168,975
3,016
18,387
5,433
Other countries
Eleven cities, five days.
for October, 1937 and
1,689,732,362
$6,756,438,385
-19.9
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 cases has to be estimated.
In the elaborate detailed statement, however, which we
able to give final and complete
previous—the week ended Dec. 25.
present further below, we are
results
for
the
week
For that week there was
of
a
decrease of 18.1%, the aggregate
clearings for the whole country having amounted to
$5,308,446,750, against $6,477,666,093 in the same week in
Volume
1936.
Financial
146
Chronicle
55
Outside of this city there was a decrease of
13.4%,
clearings at this center having recorded a loss of
21.1%.
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) there is a decrease of 20.9%, in the Boston Reserve
District of 24.8%, and in the Philadelphia Reserve District
of 11.4%.
In the Cleveland Reserve District the totals are
smaller by 22.6%, but in the Richmond Reserve District
the totals are larger by 21.2% and in the Atlanta Reserve
District by 2.8%.
The Chicago Reserve District records a
falling off of 19.1%, the St. Louis Reserve District of 14.9%,
and the Minneapolis Reserve District of 9.7%.
In the
Dallas Reserve District the totals show a gain of 3.4%,
but in the Kansas City Reserve District the totals register
a loss of 10.7% and in the San Francisco Reserve District
of 8.2%.
;
In the following we furnish a summary by Federal Reserve
Week Ended Dec. 25
the bank
,
.
Clearings at—
Inc. or
1937
1936
Dec.
1935
$
$
%
$
Seventh Feder al Reserve D istrict
Mich—Ann Arbor
—
1934
1
Chi cago—
552,842
316,739
+ 75.5
82,055,031
109,305,366
—24.9
Grand Rapids.
2,849,578
3,419,078
—17.6
384,746
100,990,706
2,194,239
Lansing
1,443,264
1,325,861
1,267,007
+8.9
1,239,475
—14.9
857,816
566,867
—20.6
12,249,000
Detroit
...
Ind.—Ft.
Wayne
1,078,375
Indianapolis...
13,905,000
South Bend
17,523,000
1,368,735
5,375,224
19.127,820
2,039,081
Terre Haute...
4,542,832
16,971,293
891,957
Wis.—Milwaukee
307,962
72,994,144
1,588,146
719,873
2,387,225
4,238,640
+49.0
—15.5
—11.3
9,783,000
921.604
4,248,932
11,052,988
./ 535,423
5,299,518
1,017,679
—12.4
13,733,184
799,260
7,967,736
—12.3
7,163,561
3,001,788
531,968
—7.9
339,608
—36.2
2,718,323
247,843
1,937,946
447,516
264,212,446
323,513,618
—18.3
242,491,969
Rockford
1,288,592
995,428
4,126,117
1,585,906
—10.8
Peoria
888,068
3,178,853
—18.7
662,346
2,554,759
755,570
239,961,548
509,052
Springfield
1,042,800
1,283,556
—18.8
908,246
725,817
407,031,559
503,052,626
—19.1
396,576,908
353,994,508
69,300,000
59,500,000
26,293,732
16,625,770
22,744,100
13,429,360
Iowa—Ced .Raps.
Des Moines
Sioux
6,985,302
2,763,637
City
HI.—Bloomington
Chicago
.
Decatur
.
—23.0
1,875,568
518,604
districts:
SUMMARY
OF
Total (18 cities)
CLEARINGS
BANK
Inc.or
Week Ended Dec.
1937
25, 1937
1935
Dec.
1936
1934
Eighth Federa 1 Reserve Dis trlct—St. Lo uis—
Mo.—St. Louis..
76,900,000
87,700.000 —12.3
Ky.—Louisvllle..
Federal
Reserve
1st
New
13
278,017,270
—24.8
223,811,596
200,640,907
3,198,840,579
4,044,676,052
—20.9
3,116,615,346
383,406,054
—11.4
312,138,414
—22.3
21,056,580
—12.5
275,931,611
190,804,729
37,543,292
29,189,848
18,434,394
Tenn.—Memphis
2,656,376,040
339,786,038
209,147,730
"
Philadelphia 10
3d
York
*
%
12 cities
Boston
2d
Dists.
44
111.— Jacksonville
Quincy
X
467,000
560,000
124,991,242
146,859,872
362,000
112,581,502
—14.9
2 98,000
95,971,460
—16.6
...
4th
Cleveland.-
5
4
258,406,753
333,764,045
—22.6
226,841,929
5th
Richmond
6
44
119.466,365
98,597,348
89,764,628
Atlanta
10
44
1^6,042,380
142,113,728
+21.2
+2.8
101,261,354
6th
124,245,736
100,817,125
7th
Chicago
18
44
407,031,559
503,052,626
—19 1
396,576,908
353,994,508
Ninth Federal
8th
St.
Louis..
4
44
124,991,242
146,859,872
—14.9
112,581,502
95,971,460
Minn.—Duluth..
9th
MlnneaDolls
7
44
88,787.357
98,278,199
—9.7
76,546,174
69,990,940
Minneapolis...
4,695,348
56,123,618
10th KansasCIty 10
44
120,688,230
135,176,520
—10.7
117,293,898
94,170,185
St.
Paul......
22,270,011
11th Dallas
6
44
64,075.403
61,940,664
+3.4
51,255,206
40,302,236
Fran..11
44
231,183,114
251,783,51c
—8.2
197,226,861
163,853,540
N. Dak.—Fargo.
S. D.—Aberdeen.
Mont.— Billings.
X
X
X
X
12th San
.
_112 cities
Total
Outside N
Y
5,308,446,750
6.477,666,093
-18.1
5,056,394,924
4,332,617,809
City
2,211,237,549
2,554,497,933
-13.4
2,063,430,795
449,472,862
-19.2
285.821.480
Reserve Dis trict
Minn eapolis
4,659,545
+0.8
3,418,642
2,337,914
64,311,453
—12.7
48,259,190
23,578,804
1,734,809
—5.6
19,838,221
46,815,313
17,564,531
1,705.743
—1.7
1,448,236
1,274,303
569,768
660,299
—13.7
+ 13.4
2,794,229
554,331
2,778,958
481,863
483,566
381,181
628,640
+0.5
2,616,456
2,333,484
88,787,357
Helena..
Total (7 cities).
Canada..^
32 cities
98,278,199
—9.7
76,646,174
69,990,940
284,214
245,335,563.
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Tenth Federal
Reserve Dis trict— Kans
Week
Ended
Dec.
25
Lincoln.
Omaha
*7/
U4>
Inc.
1937
$
First Federal
1936
*
$
as
City
87,346
103,628
—15.7
73,285
72,117
109,398
Neb.—Fremont..
Hastings
v»CU/
—
——
1,764,959,145
362,950,129
Total (4 cities).
112,267
2,607,2.33
28,146,155
—2.6
75,147
—13.4
2,114,380
—10.0
28,066,335
57,109
1,537,573
20,732,476
2,258,229
25,344,184
2,592,201
....
3,394,080
—23.6
2,964,443
3,613,458
—18.0
2,541,139
2,298,850
2,106,986
Mo.—Kan. City.
St. Joseph
83,625,190
92,539,489
—9.6
78,464,815
63,647,092
2,748,550
3,519,578
—21.9
476,274
627,479
—24.1
2,689,410
521,573
2,526,890
Colo.—Colo.Spgs.
or
482,415
513,153
—6.0
502,365
377.576
813,516
120,688,230
135,176,520
—10.7
117,293,898
94,170,185
Kan.—Topeka..
1935
Dec.
$
%
1934
$
Reserve Dlst rict—Boston
Wichita
377,795
727,760
—48.1
1,818,495
1,848,141
—1.6
520,909
1,315,331
176,630,138
581,352
240,517,195
—26.6
192,817,281
622,732
—6.6
514,127
173,029,155
490,130
357,081
457,674
388,295
—8.0
346,629
333,278
759,348
—39.7
578,308
448,187
2,779,603
2,990,207
—7.0
1,906,923
—8.3
2,462,826
1,292,342
2,837,307
1,271,597
11,498,422
3,898,864
12,426,100
—11.9
Dallas..
2,543,178
Fort Worth
—16.9
11,316.094
2,574,579
9,742,200
9,796,381
R. I.—Providence
1,749,573
10,132,955
3,543,505
10,323,900
N. H.—Manch'er
395,659
433,283
—8.7
330,970
268,276
2,245,449
Maine—Bangor..
Portland:
Mass.—Boston
Fall
.
.
River
Lowell
New Bedford-_
Springfield
Worcester
Conn.—Hartford.
417,792
Pueblo
1,318,226
Total (10 cities)
Eleventh Fede ral
Texas—Austin...
Reserve
District—Da lias—
;
1.249,577
—15.0
1,086,934
831,832
47,509,822
7,719,502
1,062,634
+ 1.3
30,538,551
—24.8
Feder al Reserve D istrict—New
40,302,236
2,135,000
Wichita Falls..
950,127
808,227
+ 17.6
3,571,037
2,518,736
+41.8
39,232,726
5,828,391
2,374,000
746,544
1,986,611
Total (6 cities)-
278,017,270
64,075,403
61,940,864
+ 3.4
51,255,206
7,887.400
Galveston.....
N. Y.—Albany..
209,147,730
5,890,624
6.562,896
223,811,596
4,014,563
—10.2
xHM
1,532,015
7,547,848
671.494
1,121,193
972,495
+ 15.3
847,009
26,900,000
30,800,000
—12.7
27,000,000
384,495
587,580
—34.6
549,229
22,500,000
364,044
Jamestown
740,349
751,726
3,097,209,201 3,923,168,160
6,390,314
7,573,040
—1.5
482,114
405,736
Buffalo
York
Rochester...
Syracuse
Westchester Co
Conn.—Stamford
N.
3,069,000
200,640,907
Eimira
Binghamton
New
4,330,838
York-
Total (12 cities)
Second
—9.1
+4.1
+8.4
La.—Shrevepor t.
New Haven
48,144,636
8,032,970
2,314,000
J.—Montclair
3,168,955
4,147,028
4,934,067
345,973
3,947,647
2,477,927
5,023,551
399,320
22,452,119
40,058,911
Twelfth Feder al Reserve D istrict— San
Spokane......
—21.1 2,992.964,129 2,567,658,664
Yakima
32,147,000
—7.9
10,178,000
775,394
29,349,683
—5.5
5,709,975
5,863.498
Ore.—Portland..
—19.7
3,426,282
2,888,057
Utah—S. L. City
17,315,973
+ 67.4
—1.8
2,702,982
1,839,520
Calif.—Long Bch
2,830,288
2,192,047
—13.4
200,000
228,568
3,558,490
3,437,280
—3.4
23,013,470
23,317,082
14,463,467
3,154,209
—12.2
18,319,144
27,777,198
8,309,000
675,740
—1.4
—15.6
......
1
—29.9
764,598
25,778,523
16,673,666
3,048,806
Francisco
_
3,318,434
—8.1
2,581,933
136,972,000
Pasadena
San
Franc 18CO—
29,607,851
7,134,000
Wash.—Seattle..
147,924.000
—7.4
112,598,466
1,902,576
8,761,000
372,634
10,944,695
2,411,227
1,925,973
95,498,241
Northern N. J.
17,249,395
30,358,985
—23.2
17,868,530
18,167,562
San Jose
58,020,245
26,049,002
Santa Barbara.
1.430,659
2,343.026
1,527,073
+27.0
—24.2
—6.3
924,548
Stockton.
Newark
2,717,262
2,343,271
+ 16.0
1,522,642
1,395,561
803,197
1,053,876
231,183,114
251,783,515
—8.2
197,226,861
163,853,540
5.308,446,750 6,477,666,093
—18.1
2,976,162
—20.9 3,116,615,346 2,656,376,040
Total (13 cities)
3,198,840,579 4,044,775,372
Third Federal
Reserve Dist rict—Philad elphia
Total (11 cities)
330,769
223,861
*450,000
+3.9
+ 43.8
230,194
240,319
X
253,879
1,339,034
371,000,000
—12.4
1,215,578
2,131,764
1,229,015
—1.1
2,727,671
827,631
1,554,951
—21.8
346,803
Chester
Lancaster
Philadelphia
Reading
Scranton
Wilkes-Barre..
York
414,073
467,550
365,077
Bethlehem
873,588
1,950.351
+ 16.3
312,138,414
275,931,611
3,759,800
—11.4
Feder al Reserve D istrict—Clev eland
—8.1
64,854,516
57,678,316
11,885,000
1,955,132
—13.0
9,741.200
1,156,741
8,176,300
970,077
Pa.—Pittsburgh
.
.
Fifth Federal
W. Va.—Hunt'on
—10.0
*
X
112.710,597
165,572.625
—32.0
103,788,904
83,299,116
333,764,045
—22.6
226,841,929
190,804,729
200,971
128,485
Reserve Dist rict—Richm ond—
337,195
—9.6
+ 17.1
2,564.000
2,189,000
38,386,328
29,546,756
+29.9
2,645,000
30,876,997
28,077,506
1,002,128
+37.2
876,158
780,059
Md.—Baltimore.
1,375,389
57,043,814
49,018,150
+ 16.4
51,374,180
C.—Wash'ton
19,791,896
16,504,119
+ 19.9
15,288,048
45,702,701
13,086,977
Va.—Norfolk
Richmond
S. C.—Charleston
D.
Total
(6cities).
Sixth Federal
Tenn.—Knox vilie
Nashville
_
Ga.—Altanta
Augusta
Macon
119,466,365
98,597,348
Reserve Dist rict—Atlant
+ 21.2
3,183,038
+25.6
+ 16.0
2,623,282
1,985,908
12,426,283
10,121,716
45,200,000
+ 11.9
45,700,000
,36,700,000
1,251,060
—1.9
992.679
—7.3
1,164,406
867,151
14,347,000
1,009,910
716,062
12,272,000
15,341,019
1,203,697
13,353,576
977,677
21,517,000
+0.3
21,588,518
—23.1
MoDile
_
Vicksburg
La.—NewOrleans
Total (10 cities)
1,110,837
1937
+ 23.8
X
X
X
X
157,730
170,158
—7.3
102,771
128,668
34,715,923
34,284,365
+ 1.3
30,470,127
146,042,380
142,113,728
+ 2.8
Dec.
1935
1934
%
128,464,498
109,276,799
163,731,071
126,638,551
—21.5
100,859,857
80,066,312
85,970.697
—13.7
32,097,799
20,079,144
58,437,168
—45.1
40,026,367
31,353,570
23,559,137
—14.8
12,274,347
Ottawa
19,019,615
20,748,618
—8.3
16,154,856
11,961,271
4,069,901
Quebec
5,801,137
+ 2.7
Halifax
3,084,636
5,904,049
7,629,497
1,846,124
1,923,620
3,322,024
5,651,066
2,588,095
5,646,286
7,274,706
+ 19.2
3,867.950
1,982,547
3,903,227
1,809,165
+ 4.6
3,684,417
3,135,764
-8.9
4,408,114
2,112,714
—12.6
1,370,940
2,039,632
3,288,165
—5.7
1,460,169
1,947,174
4,093,697
1,383,793
1,027,439
Edmonton
4,481,576
4,912,181
—8.8
5,497,814
401,042
—31.9
Winnipeg
Vancouver.
___
Hamilton
Calgary
...
St. John
Victoria
.....
3,745,643
....
Regina
318,567
+ 1.0
76,963,731
2,102,145
2,681,078
2,934,605
3,903.003
2,355,142
247,712
602,735
1,667,153
—18.8
223,487
562,573
1,097,249
1,016,689
733,609
—9.7
452,288
382,904
1,213,964
+ 11.3
948,848
907,686
+ 2.3
549,391
707,042
768,769
720,619
+ 6.7
612,081
399,296
Hat...
225,050
248,708
—9.5
2£8,857
200,277
Brandon
616,461
Lethbridge..
Saskatoon
1,353,273
Moose Jaw......
662,624
1,350,699
928.429
Brant ford
...
Fort William...
695,231
+ 2.3
—1.2
586,120
468,579
703,449
619,566
694,575
638,107
+ 8.8
516,477
501,680
1,215,134
1,343,028
—9.5
1,021,327
1,100.615
Windsor
3,993,333
+ 12.6
1,783,403
209,563
Sherbrooke
Prince Albert
353,137
3,547,831
405,693
—13.0
2,340,109
221,336
Moncton
968,772
894,282
+ 8.3
651,293
.....
610,696
+0.1
385.669
483,530
858,796
958,097
—10.4
526,148
530,481
639,383
598,343
1,160,834
+ 6.9
477,578
395,954
1,028,829
—11.4
641,916
789,048
362.950,129
449,472,862
-19.2
285,821,480
245,335,563
.......
Sarnla
Sudbury
100,817,125
*
763,230
611,510
Kingston
Chatham
Total (32 cities)
124,245,736
686,627
Peterborough
—20.6
Kitchener.......
23,551,608
X
1936
Canada—
Medicine
12,816,073
16,604,237
1,375,338
Miss.—Jackson.
89,764.528
3,998.429
21,581,000
23
New Westminster
101,261.354
14,861,900
50,600.000
1,227,465
920,358
Ala.—Brim'ham
.
1,988,000
a—
Fla.—Jacks'nvllle
Dec.
Inc. or
X
258,406,753
304,938
Ended
London
40,680.920
X
Week
Montreal
47,300,568
X
—13.4 2,063,430.795 1.764,959,145
Clearings at-
X
10,340,600
1,760,509
Youngstown...
m
5,056,394,924 4,332,617,809
1
Toronto
X
85,747,700
Mansfield
Outside New York 2,211,237,549 2,554,497,933
-
X
—21.6
Columbus
Total (5 cities)
929,195
61,054,522
93,296,766
Cleveland
.....
2,030,423
711,154
383,556,054
47,847.347
cities)
(112
3,066,000
5,878,000
Cincinnati
total
888,775
899,545
339,786,038
X
883,707
267,000,000
1,271,290
3,586,000
Total (10 cities)
x
2,285,961
.
+ 5.6
+ 56.3
Ohio—Canton...
1,320,019
301,000,000
974,317
Grand
198,496
+ 25.4
N. J,—Trenton..
Fourth
_
—16.2
1,557,327
325,000,000
Pa.—Altoona
Estimated.
x
No figures available.
Financial
56
EXCHANGE
LONDON STOCK
THE
Per
Quotations of representative stocks as received by cable
each day of the past week:
Mon„
Dec. 25
Dec. 27
British Arner Tobacco.
Cable & W ord.
44/9
45/3
107/6
108/9
£66
Courtaulds 8 & Co——
De Beers
Distillers Co
Electric A Musical Ind.
Ford Ltd
15/9
21/9
22/-
6/6
2/3
25/146/3
£29 M
68/3
£8M
£18M
6/9
2/6
Gaumont Pictures ord.
A
Hudson Bay Mln & 8m
HOLI¬
HOLI¬
Imp Tob of G B & I__
London Midland Ry—
DAY
DAY
25/9
146/10M
£30
Metal Box
69/3
Rand Mines
£«M
£19M
Rio Tlnto---——
Roan Antelope
Rolls Royce.
90/-
Shell Transport
£4 %
—
38/9
25/3
26/4M
United Molasses
""rjekere
24
£29 M
68/9
£8M
18/3
90 /7M
£40 H
£4l'i«
£4M
50/37/9
24 /7M
26/1M
/3
25 /6
Bearer
£7 M
Areas
£7 %
£7M
£7M
Jan.
tl2j|c
EXCHANGE
STOCK
Closing prices of representative stocks
day of the past week:
received by cable
as
Dec.
Dec.
Dec.
28
27
25
29
Per Cent
A (quar.)
Carborundum Co.
(irregular)
Case Loekwood & Brainard (guar.)
Central Hudson Gas & Electric Corn, com--- —
Central Kansas Power Co., 7% pref. (quar.) —
6% preferred (quarterly)
—
Chain Store Products Corp., pref. (qu.)
_---City Water Co. of Chattanooga, 6% pref. (qu.).
Coast Breweries. Ltd. (quar.)
----Comm rcial Inv stment Corp., pref. (quar.)
Commonwealth Gas & Elec. Cos., 6% pref
;-Corn Products Refining Co
Berliner Kraft
Dec
„
31
30
of Par
(6%)
liDec. 31
$1M
$1.H
37Hc
$1H
Dec.
29jDec. 24
Feb.
Jan.
14
Jan.
Dec.
20
Dec.
Nov. 29
Jan.
Jan.
3
Jan.
Jan.
3
Dec.
Dec.
1
Feb.
Jan.
Dec.
24
Doc. 24
Feb.
Jan.
Jan.
Jan.
Dec.
Dec. 31
Dec.
Dec.
24
75c
Jan.
Dec.
Jan.
Jan.
31
4
%x%\
pref. (s.-a.) — ---
Jan.
*>&
Jan.
Jan.
$1
5c
Jan.
Jan.
Dec.
Dec.
15c
Dec.
Dec.
75c
Jan.
17c
Dec.
Dec.
75c
Feb.
Dec.
1 Jan. 20
30 Dec. 15
135
135
164
Hawaiian Sugar
Hercules Powder Co., pref.
118
119
119
124
124
124
124
Deutsche Erdoel (6%)--142
Deutsche Relchsbahn (German Rys pf 7%)-HOLI-131
143
142
143
144
131
131
131
132
Dresdner Bank 4%)
113
113
159
158
Honolulu Plantation Co.
144
145
150
149
150
150
79
80
79
78
114
114
81
81
81
208
209
209
208
208
232
233
231
232
232
178
178
178
178
178
204
205
204
204
205
Lane Bryant, Inc.,
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CAPITAL STOCK INCREASED
•
«
3
Amount of Increase
Dec. 17—The First National Bank of Roswell, Roswell, N. M.
_
(From $100,000 to $150,000)
$50,000
voluntary liquidation
Dec.
Amarillo,
Texas.
—
Corp., common (quar.) — — .
Mills Co. 6% pref. (quar.) —Utilities
show
follow with
a
in
Monarch Life Assurance Co. (Winnipeg).
Monroe Auto Equipment Co. (increased)
25,000
125,000
When
Holders
Payable of Record
7.6c
Jan.
American Can Co. (quar.)
$1
$19*
Feb.
15 Jan.
25
Jan.
15 Jan.
14
30c
Feb.
1 Jan.
37 He
50c
Feb.
$1M
Jan.
6% preferred (quarterly).
10 Dec. 31
28 Dec. 21
Dec.
28 Doc. 21
$2
Dec. 28 Dec.
3 Doc.
60c
Jan.
$1H
37Hc
$1H
Jan.
62 He
75c
21
23
30
15
Jan.
15 Dec.
1 Jan.
2 Dec.
Jan.
15 Dec.
31
Jan.
20 Jan.
10
Feb.
Feb.
60c
Jan.
3 Dec. 24
3 Dec. 27
15
1 Jan. 15
15 Dec. 31
1
Dec. 20
Dec. 30 Dec. 20
3 Dec. 20
3 Dec. 20
75c
Jan.
75c
Jan.
25c
22
3 Dec.
21
15
Jan.
UK
Jan.
—
—
---
.— —
—
■)-A.& B(qu.)
Service Co., 7% pref.
Packer Advertising (quar.)
Penn Traffic Co
(semi-ann.)
Extra
—
—
—
—
—
-
Philadelphia Electric Co., $5 pref. (quar.)
Phillips-Jones Corp
preferred
—Pittsburgh Cincinnati Cnicago & St. Louis
Pond Creek Pocahontas Co.. div. action deferred
Port Huron Sulphite & Paper, 4% pref
Portland Gas Light. $6 pref. (reduced) __ — - —
Providence Paper Co., 7% pref. (quar.)
Providence & Worcester RR. (no action).
—
Feb.
1 Dec.
15c
Jan.
15 Dec.
30
31
SIM
t$lH
$1
$2
Jan.
1 Dec.
20
Dec.
18 Dec.
'
$2
20c
SIM
SIM
Feb.
31 Dec.
Dec. 31 Dec.
Dec.
30
31 Dec. 20
Dec. 31 Dec. 20
Feb.
2 Dec. 24
$1H
Jan.
1 Dec.
23
Jan.
$,
Jan.
3 Jan.
3 Dec.
3
22
7 He
7 He
Jan.
25 Jan.
Jan.
Feb.
25 Jan.
1 Jan.
10
$1M
SIM
$2H
Feb.
1 Jan.
20
Jan.
20 Jan.
10
$1
75c
75c
Dec. 30 Dec.
15 Jan.
10
14
3 Dec.
3
15
13
Feb.
10 Jan.
Jan.
15 Jan.
Jan.
3 Dec.
3 Dec.
35c
Jan.
15 Jan.
Feb.
1 Jan.
2
17
17
10
15
Dec. 30 Dec.
28
15 Jan.
5
37 He
75c
Jan.
SIM
Jan.
$2
SIM
—
10
Jan.
Jan.
Jan.
— —
Royal Typewriter Co., Inc., common
Preferred (quar.)
San Antonio Public Service Co., 8% pref
30
Dec.
5Qc
$6M pref. (quar.)
17
1
$1
Extra—
San Diego Consol. Gas &
Preferred (quarterly).
$1M
50c
-
-
Rochester Capital Corp
Roos Bros., Inc. (Dela.)
12
3 Dec. 24
3 Dec. 24
1 Jan.
$1H
Reading Co
Regent Co., voting trust certificates
Rhode Island Electric Protective Co. (qu.)
Extra
3
15 Dec. 31
Dec. 28 Dec.
$1 M
15 Jan.
5
Dec. 27 Dec. 21
Dec. 27 Dec. 21
Electric Co.—
Securities Corp. General. $7 pref.
Jan.
Preferred (quarterly)
Arlington Mills
Dec.
35c
—
$1M
Atlantic Co. (Atlanta, Ga.), 6% pref. (quar.)..
Automatic Instrument, 6% conv. pref. (s.-a.)
Belt RR. & Stock Yards (quar )
12
Jan.
Murphy (G. C.) Co., 5% pref. (quar.)-------Nashua Gummed & Coated Paper, 7% pref
Nevada-Calif. Electric Corp., 7% pref.
New Brunswick Telephone Co. (quar.)
—
New Haven Clock Co. (omitted).
New York Trap Rock Corp., preferred
North American Car Corp., 1st pref
Northern Oklahoma Gas, 6% pref—
----- —
Northwestern Title Insurance Co. (Wash.)
5% preferred (quar.)
Albemarle Paper Mfg., 7% pref. (quar.)
Aloe (A. S.) 7% preferred (initial)
i
15*
$1H
$1H
Feb.
7% preferred (quar.)
(quar.)
Jan.
$1H
Ohio Telephone
are:
Per
American Furnace Co., 7% pref.
10 Dec. 31
10 Dec. 31
Montana Power Co., $6 pref. (quar
Extra
second table in which
Share
American Light & Traction (quar.)..
22 Jan.
Jan.
$1M
1S1.20 Jan.
Ohio Loan & Discount (final)
our
Name of Company
Jan.
Jan.
14
31
Bridge Co.—
7% preferred (quar.)
Panhandle Eastern Pipe Line, $6 pref.
Paterson & Hudson River RR. Co
-
—■—
—
—
Missouri River-Sioux City
announced, but which
The dividends announced this week
$1
50c
25c
1 Jan.
15 Dec.
21
"General Corporation and Investment
News Department" in the week when declared.
name
1 Jan.
Feb.
Jan.
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
Feb.
Jan.
grouped in two separate tables.
In the
together all the dividends announced the
dividends previously
25c
$2.65
are
the
Feb.
Jan.
Associates—
5% participating preferred (quar.)—
—
May Department Stores (quar.)
—
This div. is in lieu ot the div. usually pay¬
able Mar. 1, 1938.
Mission Oil Co
DIVIDENDS
we
Jan.
18
3
15 Jan.
3 Dec. 20
1 Jan. 20
$1H
1M%
—
.
wre
Jan.
22
ISSUED
Dec. 21—Amarillo National Bank .Amarillo, Texas (sold to RFC)
Then
31
Dec.
$125,000
Dec. 20—The First National Bank of Brooksville,
Brooksville,
Ky. (sold locally)
current week.
18
1 Dec.
Dec. 20
200,000
bring
.1 Dec.
1 Dec.
Jan.
Jan.
Consolidated today under the provisions of the Act of Nov. 7,
1918, as amended, under the charter and title of "The First
National Bank of Springfield," Charter No. 205, with common
capital stock of $500,000 and surplus of $250,000.
The con¬
solidation becomes effective close of business today.
we
'Jan.
Jan.
Dec.
From
field, 111
first
$2H
$1H
Jan.
Dec. 22—The First National Bank of Springfield, Springfield, 111.. $500,000
Dividends
20
$1M
Dec. 22—First State Trust & Savings Bank of Springfield, Spring¬
r
1 Dec.
Dec. 28 Dec. 21
28 Dec. 21
87 He
87 He
15c
(increased)
$6 preferred (extra)
M-A-C Plan, Inc. (Prov., R. I.) pref—
Masback Hardware Co., Inc., 6% pref
Massachusetts
Jan.
J Dec.
$1M
CONSOLIDATION
STOCK
40c
37 He
$2
w<w
$250,000 to $125,000
PREFERRED
20c
15
1 Jan.
Feb.
Jan. 10 Dec. 31
Dec. 27 Dec. 18
Co. 7% pref. (quar.) —
Amount of Decrease
Bank,
A
— — -
—
Common
15c
Michigan Seamless Tube Co
-- —
Middle States Telep. Co. (111.) 7% pref.——-
Preferred stock decreased ~
National
25
25
15
1 Jan.
Merchants Refrigerating
Messrs. L.M.
.
21—Amarillo
15 Jan.
15 Jan.
$25,000
'
.
Feb.
Feb.
Amount
Walker, A. F. Heiple and Bruce F. Miller, all of Frtedens, Pa.
Absorbed by the People National Bank of Somerset, Pa.,
Charter No. 13900.
?•*> <>»
•/.
V7
4
25
50c
7% pref. (quar.)
Marathon Paper
«.
*
_
Lehigh & Wilkes-Barre Corp. (quar.)
----Lincoln Telep. & Teleg. Co. (Del.) A (quar.) —
Class B (quar.)--6% preferred (quar.)
—
—
Ludlow Typograph Co. $6 pref. (quar.)_
—
McCall
BRANCH AUTHORIZED
Dec. 18—The Port Washington National Bank & Trust Co., Port Wasl£
ington, New York. Location of branch, 278 Plandome Road in the Village
of Manhasset, Nassau County, N. Y.
Certificate No. 1400A.
_
pref.A
Lee Rubber & Tire Corp
The
^
5
15 Feb.
15 Jan.
$2
Langendorf United Bakeries, Inc., class
BANKS
Dec. 18—The First National Bank of Friedens.Pa
Effective Dec. 11,1937.
Liquidating committee:
—-
Independent Realty & Investment (St. Louis) —
International Cellucotton Products (quar.)Jamestown Telep. Corp. 5% pref. A (s.-a.)——
6% first preferred (quar.)
Joliet Heating Corp. 6% pref. (quar.)
Julian & Kokenge Co.. common
Kekaha Sugar Co., Ltd
- - ----Kokomo Water Works Co. 6% pref. (quar.)— —
81
Relchfibank (8%)
Rheinlsche Braunkohlen (8%)
Saizdeturth (6%)
(monthly)--
(resumed).
Humboldt Malt & Brewing Co. 8%
114
COMMON
15 Jan.
Feb.
Dec.
Feb.
Preferred (quarterly)
79
115
NATIONAL
Jan.
(quar.)
Howe Scale Co
149
1
27 Dec. 23
27 Dec. 23 f
3 Dec. 27
SIM
113
156
144
114
(8%)
Jan.
Conv. preferred (quarterly),
Additional dividend
litional
158
..
Siemens & Halske
Dec.
40c
Holly Sugar Corp
145
Mannesmann Roehren (4M%)
Nordeutscher Lloyd
...
$1M
$1M
Hershey Chocolate Corp
155
-
Hamburg Elektrlzltaetswerke (8%)
Hapag
113
(quar.).
145
DAY 113
(7%)
15
$1
$2
135
119
Farbenlndustrle I. G.
30
Dec. 21
Feb.
135
Harnischfeger Corp. 5% pref. (quar.)
5% second preferred (quar.)
Hartford Steam Boiler Inspection & Insurance--
164
Gesfuere! (6%)
5
24
5c
118
119
4
8
Jan.
60c
119
-
7
$1
118
118
.
20
15c
■
Greenfield Gas Light Co
118
164
i5%)
24
20
20
50c
preferred (semi-ann.)
—
(quarterly)
Insurance (quar.)
—
First Management Foundation
Fishman (M. H .) Co. (extra)
Frick Co. 6% preferred (quar.)
Gachin Gold Ltd
pref. (quar.)----Gardner-Denver Co. (111.) no action on com.
Preferred (quarterly)
118
Deutsche Bank (5%)
Jan.
30c
2nd
164
Dessauer Gas
Dec. 29 Dec.
Dec.
Dec.
Feb.
43Mc
Diamond State Telep. (quar.)
Duff-Norton Mfg
Early & Daniel Co.
118
(5%)
20
Feb.
50c
Detroit River Tunnel (semi-ann.)
164
—,
23
20c
$1H
$4
—
pref. (s.-a.)
Cypress-Abbey Co.Davenport Water, 6% pref. (quar.)_
Or o well Publishing,
118
119
124
Licbt (8%)
u,
Commerz-und Prlvat-Bank A. G.
31 Dec, 15
Dec. 27 Dec.
3 Dec.
Jan.
3c
Cranston Loan Co. (initial)
117
„
3 Dec. 22
Jan.
$3H
(quarterly)...
134
Allgemelne Elektrlzltaets-Gesellschaft
Berliner Handels-Gesellschaft
Dec.
Dec.
15'--
Jan.
,
each
3 Dec. 23
15 Dec. 31
Dec. 30 Dec. 28
Jan. 15 Dec. 31
Jan.
1:37 He
$1H
82H
Fireman's Fund
BERLIN
Dec. 31'Dec. 31
3 Dec. 15
l'Jan. 10
Jan.
(quarterly)
Holders
Jan.
Feb.
40c
Exolon Co.
THE
When
Payable of Record
87 He
(quar.)
Ely & Walker Dry Goods. 1st
Wltwatersrand
Vest
$2
Canadian Fire Insurance Co. (s.-a.)--,.-
Preferred
£19
£40 H
37/9
Ltd
148/1M
50/38/24/9
26/3
49/-
Unilever
2/1M
25 /6
89 /4M
£4»»
50/-
6/6
£8M
£39 H
£40 H
Royal Dutch Co
Triplex Safety Glass
£11M
106/3
16/21/9
£19M
18/6
— -
Canadian Silk Products Co., class
46/6
25/9
147/6
£29 H
69/3
17/89 /4M
18/6
Cop M.
74 /4M
£11M
105/9
16/21/9
6/6
2/3
£11M
105/3
16/3
£24 H
75/47/-
46/3
(quar.)
Bobbs-Merrill Co., 4M% pref.(quar.)
Boston Edison Co. (quarterly)---
Canadian General Investment Ltd., reg
4/9
/9
Bell Telep. of Penna
Share
of Company
Butler Mfg. Co., 6% pref.
£24
74 /4M
75/7 M
47/1M
£12M
106/6
Con* Goldfields of 8 A.
4
4/9
£24
£24 H
Name
Brandtjen & Kluge. 7% pref. (quar.)
Bridgeport Hydraulic Co. (quar.)
45 /6
108/9
£66
£65 M
4/9
Canadian Marconi
Central MIn & lnvest-
Dec. 31
Dec. 30
Dec. 29
Dec. 28
45/108/1M
£66 H
Boots Pure Drugs
Fri..
Thurs.,
Wed.,
Tues.,
Sat.,
Jan. 1, 1938
Chronicle
$6 preferred (quarterly)
Securities Investment Co.
—
(St. Louis)
5% convertible preferred (quar.)
(extra)
Common
(quar.)—
—
Simon (H.) & Sons Ltd., com. (interim)
7% cumulative preferred
Spicer Mfg. Corp., $3 preferred
Stetson (J. B) Co. (semi-ann.)
Stony Brook RR. Co. (s.-a.)_-_
Strathmore Paper Co., 6% pref
6% preferred (resumed)
Jan.
Dec. 31
Feb.
Jan.
20
Feb.
Jan.
50c
Dec.
Dec.
20
24
SIM
(quar.) —
1M%
-SIM
$1H
Jan.
Dec. 24
Dec.
Dbc. 24
50c
Jan.
Jan.
$3H
Jan.
—Jan.
$1H
75c
$1
$3
tllM
SIM
15'Jan.
Jan. 15 Dec.
Jan.
5 Dec.
Dec. 27 Dec.
Dec. 27 Dec.
Jan.
5
5
6
30
31
24
24
Volume
146
Financial
Per
Name of Company
Superior Water Lt. & Power Co.. 7% pref. (qu.)_
Symington-Gould Corp., with warrants
Ex-warrants
Telautobraoh Corp. (quar.)
Texas
When
Share
25c
25c
15c
Jan.
Feb.
50c
Jan.
50c
Corp"
Jan.
Jan.
Dec.
3 Dec.
15
18 Dec. 31
18 Dec. 31
1 Jan.
15
90c
;
Feb.
2 Dec. 10*
24 Dec. 10*
15 Jan. 31
SIX
SIX
Extra
Dec.
29 Dec.
Jan.
15 Dec. 31
1 Jan. 15
58 1 -3c
58 l-3c
7% preferred (monthly)
7% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly).
6% preferred (monthly)
6% preferred (monthly)
United Stockyards Co. (Omaha) (quar.)
Warwick Co., voting trust certificates
Washington Gas Light (quar.)
Cum. conv. preferred (quar.)
Waterbury Farrel Foundry & Machine Co.
Western Tablet & Stationery Corp., com...
Wilson & Co., preferred (quar.)
Feb.
Mar.
58 l-3c
1
Feb.
27
15
Apr.
1 Mar. 15
53c
Feb.
1
Jan.
15
53c
Mar.
1
Feb.
15
53c
Apr.
1
Mar. 15
50c
50c
Feb.
1
Jan.
15
Mar.
1
Feb.
15
50c
.
Apr.
Dec.
Mar. 15
31 Dec. 21
81
3«»c
Jan.
15 Jan.
81 X
50c
50c
81 X
$1
1
Feb.
1
18
Jan.
15
Feb.
10 Jan.
31
Dec.
29 Dec.
23
Feb.
15 Feb.
4
Jan.
15
Feb.
1
Below we give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Per
Name of Company
When
Share
Abbott Laboratories, preferred (quarterly)
Acadia Sugar Refining Co, 6% pref. (quar.)
Acme Glove Works, Ltd. (quar.)
Holders
Payablt of Record
Jan.
464c
7 Xc
12 Xc
SIX
15 Jan.
3
18
Dec.
18
Jan.
3
Dec.
11
Jan.
3
Dec.
11
Jan.
1
Dec.
15
Jan.
3
Dec.
11
Jan.
Jan.
XIX%
Agricultural Insurance Co. (N. Y.) (quar.)
Air Associates, Inc.. $7 pref. (quar.)
Air Reduction Co. (quar.)
Extra
......
3
15c
Agnew-Surpass Shoe Stores, pref. (quar.)
Jan.
25c
Extra...
Affiliated Fund. Inc
3
40c
...
Jan.
Dec.
Dec.
25c
Aetna Insurance Co. (quarterly)
Aetna Life Insurance (quar.)
3
81
Extra
Jan.
75c
64% preferred (quar.)
Aetna Casualty & Surety Co. (quar.)
3
Dec.
15
75c
Jan.
3 Dec.
20
SIX
Jan.
3 Dec.
22
25c
25c
...
Alabama Fuel & Iron Co. (quar.)
Alabama Great Southern RR. Co. preferred
Alabama Power Co.. $7 pref.
(quar.)
$6 preferred (quarterly)
Alaska Juneau Gold Mining (quar.)
Extra
18
3 Doc. 11
15 Dec. 31
Jan.
Jan.
15 Dec.
31
Jan.
15
Dec.
31
30c
3%
$1*4
Jan.
Feb.
3 Dec. 20
15 Jan.
4
Jan.
3
Dec.
13
81 X
Jan.
3
Dec.
13
15c
Feb.
1 J an.
5
15c
—
Feb.
1
5
3 Dec.
Jan.
Albany & Susquehanna RR. (s.-a.)
(Sspecial)
84 H
81 X
Jan.
Albemarle Paper Mfg. Co., 7% pref. (quar.)
Alberta Wood Preserving Co. 7% pref. (quar.)..
SIX
SIX
Jan.
Jan.
15
Dec. 20
Dec. 24
3 Dec. 23
Allegheny & Western Ry. Co
Allied Stores Corp., 5% pref. (quar.)
Aluminum Co. of Amer. (Pa.), 6% pref. (qu.)_.
Aluminum Industries (quar.)
Amalgamated Leather Cos., 6% pref. (quar.)
Amalgamated Sugar Co., pref. (quar.)
American Bakeries Corp. 7% pref (semi-annual)
83
Jan.
1
$1 4
81 H
21
Dec.
8
15 Dec. 31
Jan.
1
Dec.
17
Feb.
1 Jan.
17
Jan.
3
Dec.
lh
Jan.
3
Dec.
9
75c
Jan.
3
Dec.
9
8Xc
Jan.
IX %
SIX
68Xc
Jan.
Jan.
Dec. 23
3 Dec. 20*
3 Dec. 19
Jan.
1 Dec.
18
1
50c
3 Dec.
20
Jan.
3 Dec.
20
SIX
six
Jan.
15 Dec.
15
Jan.
3 Dec.
17
82
American Express Co. (quar.)
Extra
American Fork & Hoe preferred (quar.)
American Gas & Electric Co. pref. (quar.)
Jan.
SI X
American District Telegraph of .New Jersey—
Preferred (quarterly)
Jan.
3 Dec.
SIX
Jan.
15 Jan.
17
5
six
six
six
Feb.
1 Jan.
8
Jan.
Jan.
3 Dec. 20
20c
Jan.
3 Dec.
50c
Jan.
1
Dec.
20
43 Xc
......
Jan.
1
Dec.
20
SIX
t37 Xc
SXc
Jan.
3
Dec.
18
...
...
American Hair & Felt, 6% 1st pref. (quar.)
2nd $5 preferred (quarterly)
American Home Products Corp., monthly
American Investment Co. of 111., 8% pref. (qu.)
(quarterly)
American Optical Co 7% pref. (quarterly)
American Products Co. $14 partic. pref
5% prior preferred (quar.)
American Rolling Mill, preferred
American Ship Building Co
American Snuff Co. (quar.)
Extra
Feb.
1
Jan.
Jan.
2 Dec.
Jan.
Jan.
Dec.
2 Dec.
2
15
9
9
9
-
Jan.
3
Jan.
3
Dec.
6
Jan.
Jan.
3
Dec.
10
3
Dec.
9
Jan.
Dec.
15 Dec.
6
15
87 Xc
Jan.
3
i2Xc
1X%
SiX
Jan,
Jan.
Nov. 30
3 Dec. 10
Jan.
3
Jan.
4
81
Dec.
20
1
Dec.
17
81
82 4
Jan.
4
July
81H
814
Jan.
5 June 25
3 Dec. 17
Jan.
3
Dec.
7
82
Jan.
3 Dec.
22
814
814
81X
814
SIX
.
July
Dec. 21
5 June 25
82 4
-
-
Extra
20
50c
—
Backstay Welt Co. (quarterly)
Baldwin Rubber Co. (quarterly)
Bangor & Aroostook RR. Co., common
24
1
SIX
SIX
SIX
S2X
—
Avery (B. F.) & Sons, pref. (quar.)
Avon Geneseo & Mt. Morris RR. (s.-a.)
Axelson Mfg. Co. (quar.)
24
Dec.
15 Dec.
SIX
Preferred (semi-ann.)
Preferred (semi-ann.)
Anchor Cap Corp. $64 preferred (quar.)
Appalachian Electric Power $7 preferred
Appleton-Century Co. (special)
Preferred (quarterly)
Arkansas Power & Light Co., $7 pref
$6 pref. (quar.)
Armour & Co. (Del.), preferred (quar.)
Armour & Co. (111.) $6 preferred (quar.)
7% preferred (quar.)
Arundel Corp (quar.)
Asbestos Mfg Co.
SI .40 pref. (quar.)
Assoc. Breweries of Canada, preferred (quar.)
Atchison Topeka & Santa Fe, pref, (s.-a.)
Atlanta, Birm. & Coast Co., 5% pref. (s.-a.)-_Atlantic City Sewerage Co. (quar.)-..
Atlanta Gas Light Co., 6% cumul. pref
Atlantic Refining Co., pref. (quar.)
Atlas Acceptance Corp., A& B
5% preferred
Attleboro Gas Light Corp. (quar.)
Automatic Voting Machine (quar.)...
Automob le Finance (Greenwood) (quar.)
6% preferred (quar.)
Automobile Insurance Co. (quar.)
Extra
1 Dec.
Jan.
Jan.
75c
25c
American Thermos Bottle $7 pref. (quar.)
American Thread Co.. Dref (semi-ann.)
American Tobacco Co., pref. (quar.)
American Water Works & Electric Co., 1st pref.
Autoline Oil Co., 8% preferred (quar.)
Jan.
50c
American Superpower Corp., 1st pref
American Surety Co
American Telephone & Telegraph (quar.)
Amoskeag Co., common (s.-a.)
Common (semi-ann.)
3 Dec. 20
14*
SiX
(quar.)
Preferred (quarterly)
American Sugar Refining (quar.)
Preierred (quar.)
Dec.
1
Jan.
83 4
25c
6% preferred (quar.)..
Bankers Trust Co
20
2
Jan.
Dec.
75c
American Cities Power & Light, pf. (quar.)
Option payment of l-16th sh. of cl. B or cash.
American Crystal Sugar
r
Cumulative Dreferred
1
124c
American Beverage, pref. (quar.).
American Can Co., pref. (quar.)
American Cast Iron Pipe 6% pref. (quar.)
preferred
8
Jan.
10c
American Bank Note Co
Preferred (quar.)
7%
Jan.
Jan.
3 Dec.
22
Dec.
21
Per
Name of Company
Share
Bangor Hydro-Electric, 7% pref. (quar.)
6% preferred (quarterly)
SiX
Dec.
18
wk
684c
Jan.
Dec.
24
40c
Dec.
Dec.
15
Dec.
25c
Jan.
Jan.
Jan.
Jan.
31
14
$3;C
37«ii
(quar.)
50c
Barker Bros. Corp 54 % preferred
Blessing Co. (quar.)_
Preferred (quarterly)
SIX
six
Bayuk Cigars, Inc., 1st preferred
Beatrice Creamery Co. (quar.)
Extra
Jan.
Dec.
Jan.
Dec.
14
14
Jan.
Dec.
15
Jan.
Dec.
Jan.
Dec.
10
Jan.
Dec.
15
SIX
10
10
10
Jan.
3 Dec.
21
Feb.
1
tSl 4
Jan.
1
824
82 4
Feb.
1
Dec. 15
Dec. 31
Jan.
1
25c
Jan.
3 Jan.
814
Jan.
1
81
Feb.
1
5c
Jan.
82
Jan.
S3
Jan.
Dec.
Dec.
13
3
15
Jan.
5
3 Dec. 20
3 Dec. 20
3 Dec. 15
$6 preferred..
3'Dec. 13
3|Dec. 20
Birmingham Fire Insurance (Alabama)
Blauner's, common
Preferred (quarterly)
Boston Elevated Ry. Co.
(quar.)
Boston Insurance Co.
(special)
Quarterly
Boston Herald Traveler
Corp. (quar )
40c
25c
75c
"ft
84
50c
Bourbon Stock Yards Co
Bower Roller Bearing Co., common
Brazilian Traction Light & Power
81
50c
Jan.
Feb.
1
Jan.
3 Dec.
14
Jan.
3 Dec.
14
Jan.
3'Dec. 18
Jan.
2 Dec. 27
Mar. 25 Mar. 10
Jan.
25 Dec.
22
Jan.
3 Dec.
15
Jan.
3 Dec.
15
20c
Jan.
3 Dec.
t25c
Jan.
Jan.
3 Dec.
17
lOd.
17 Dec.
21
:50c
British American Oil Co.
(quar.)
British-American Tobacco Co., ord. (interim)
British Columbia Power Corp., class A stock
Broad Street Investing, com
f50c
SIX
50c
Co., ordinary-
Preferred (quar.)
Brillo Mfg. Co. class A (quar.)
Common (quar.)
Jan.
Dec.
31
Jan.
5 Dec.
21
21c
Brooklyn-Manna ttan Transit—
Preferred (quar.)
Preferred (quar.)
Brooklyn Trust Co. (semi-ann.)
Brooklyn Union Gas
Jan.
Apr.
Apr
Dec.
Jan.
Dec.
Class A &
B (extra)
Bulova Watch Co. (quarterly)----
Burro, Inc.. $3 preferred (quar.)
Burkhart (F.) Mfg. (irregular)
Feb.
14
Dec.
27
Six
Jan.
3 Dec.
87 Xc
Jan.
Jan.
3 Dec.
24
3 Dec.
20
Jan.
3 Dec.
Jan.
Feb.
1 Dec.
10
81X
1 Jan.
15
40c
Jan,
3 Dec.
15
50c
Jan.
3 Dec.
Jan.
3 Dec.
17
81
75c
L.) Co., 7% cum. preferred (quar.)..
34% cumulative preferred (quar.)
Brunswick-Balke-Collender Co. pref. (quar.)
Bucyrus-Erie Co. preferred-Bucyrus-Monighan, class A (quar.)
Buffalo Niagara & Eastern Power, 1st pref
Prior preferred (quar.)
Building Products class A & B (quar.)
Feb.
Jan.
Jan.
3 Dec.
Jan.
3 Dec.
20
Ji
20
Jan
liDec.
8i 4
Six
45c
50c
12.20 preferred (quar.)
55c
Burlington Steel Co
15c
Burry Biscuit Co.. pref. (quar.)
75c
Burt (F. N.)
30c
Preferred (quar.)
81X
Calamba Sugar Estate (extra)..
60c
Preferred (quarterly)
35c
(Uuarterly)
40c
California-Oregon Power Co.. 7% pref. (qu.)
Six
6% preferred (quarterly)
Six
6% preferred series of 1927 (quar.)
SIX
California Packing (quarterly)
37 Xc
Preferred (quarterly)
62 He
Calif. Water & Telephone Co. 6% pref. (quar.).
37 Xc
Camden & Burlington Co. Ry. (s.-a.)
75c
Canada Bread Co., preferred B
tl2Hc
Preferred B (quarterly)
1st preferred (quarterly)
1
Canada Cement Co., Ltd., 6>3% preferred
-
Additional
Canada
Foundry & Forging, class A (resumed).
Canada Northern Power Corp., Ltd
7% cumulative preferred (quar.).
Canada Packers, Ltd. (quar.)
Canada Permanent Mtge. (Toronto, Ont.) (qu.)
Canada Southern Ry. (s-a)
;
Canadian Breweries, Ltd., preferred
Canadian Bronze Co., Ltd., common
Common (interim)
Preferred (quarterly)
Canadian Canners, Ltd., conv. pref. (quar.)
First preferred (quar.)
Canadian Car & Foundry, 7% pref. (quar.)
Canadian Cottons, Ltd. (quar.)
Preferred (quarterly)
Canadian Fairbanks Morse, pref. (quar.)
Canadian Foreign Investment (quar.)
Preferred (quarterly)
am
15
Jan.
Dec.
Dec.
20
Jan.
Jan.
10
10
15
Jan.
3Doc.
16
Jan.
.Tan.
2lDec.
15
__
Jan.
15 Dec. 31
15;Dec. 31
15 Dec. 31
Feb.
15 Jan.
31
Feb.
15 Jan.
31
20
15
Jan.
Jan.
1 Dec.
Jan.
3 Dec.
Jan.
Jan.
3 Dec.
Dec.
22
Jan.
Dec.
22
22
Mar.
Feb.
28
Mar.
Feb.
28
Jan.
Dec.
22
Jan.
Dec.
31
Jan.
Jan.
Dec.
Dec.
31
Jan.
—
Dec.
15
Dec.
28
31
Feb.
Jan.
_
15
Feb.
Jan.
20
Feb.
Jan.
20
Jan.
Dec.
15
Jan.
Dec.
Jan.
—
15 Dec.
Jan.
Feb.
Dec.
Dec.
15
27
17
Jan.
20
Jan.
Dec. 17
Dec. 31
Dec.
1
1
Dec.
Dec. 15
Dec. 20
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Canadian General Electric (quar.)
Canadian Oil Co
Ltd. 8% prer. (quar.)
Canadian Tube & Steel Products, pref
Jan.
.,
Jan.
Dec.
Jan
Canadian Westinghouse Co. (quar.)
Canadian Wirebound Box, class A (quar.)
Dec.
Dec.
Cannon Mills Co.
Jan.
Cannon Shoe Co.
Jan.
5
20
15
18
Dec.
Dec.
Dec.
22
Jan.
Jan.
Dec.
Jan.
Dec.
20
24
Jan.
Jan.
(quarterly)
Dec.
Jan.
Extra
54% preferred (quarterly)
Capital Administration, prtf. (quar.)
Capital City Products
—
—
22
22
Jan.
Jan.
18
18
10
10
10
Jan.
Dec.
11
--
Jan.
Dec.
11
—-
Jan.
Dec.
11
Jan.
1 Dec.
-
Jan.
(quarterly)
Common (quarterly)
Carolina Power & Light, $7 pref. (quar.)
86 preferred (quar.)
Case (J. I.), 7% preferred (quar.)-Celanese Corp. of Amer., com.
Dec.
Jan.
Jan.
---
Jan.
div. deferred.
Jan.
3 Dec.
15
17
Central Illinois Light Co., 44% oref
Jan.
2 Dec.
20
Central Maine Power,
Jan.
1 Dec.
10
6% preferred
Jan.
1 Dec.
10
86 preferred
Jan.
Jan.
Dec.
3 Dec.
Prior preferred (quar.) —
Central Hanover Bank & Trust Co.
(quar.)
7% preferred
Central Patricia Gold Mines
Central Power Co., 7% cum.
Jan.
pref. (qu.)
Jan.
Jan.
3
Dec.
11
30c
Jan.
3
Dec.
11
Chesapeake Corp
Chesapeake & Ohio Ry. (quar.)
20c
Jan.
3 Dec.
24
Jan.
(quarterly)
Jan.
Jan.
Jan.
Preferred
374c
Jan.
1
81-45
Jan.
21
15c
Jan.
25c
Jan.
30c
Jan.
15 Jan.
15 Jan.
15 Dec.
28
(quar.)...
Chicago Daily News $7 pref. (quar.)
Chicago Junction Ry. & Union Stockyards
6% preferred (quar.)
Chicago Pneumatic Tool, $24 Pref. (quar.)
$3 preferred (quarterly)
124c
Jan.
20 Jan.
15
Chilton Co. common
15
Dec.
3 Dec.
Jan.
3 Dec.
_
Jan.
Chemical Bank & Trust
Jan.
20
20
Dec.
6% cum. preferred (quar.)
Champion Paper <Sr Fibre 6% preferred--
50c
17
Dec.
21
Nov. 30
Nov. 30
17
Jan.
21
1
24
Jan.
Dec.
1
1
81
six
Dec.
Jan.
1
24
50c
Bruce (E
Stamped
15
Dec. 31
Jan.
40c
Brown Fence & Wire Co., pref. \ (semi-annual).
Brown Forman Distillery Co., $6 pref
_
6
10
3
Jan.
20 Jan.
3 Dec.
3 Dec.
62c
_
15 Dec.
15|Feb.
3
14%
-
Jan.
Jan.
8
23
13
Jan.
Jan.
Jan.
8
23
2iDec.
3 Dec.
tSIX
t$i4
Jan,
Dec. 26
Dec. 24
2 Dec.
Jaa.
Jan.
75c
25c
20
15 Dec.
Jan.
25c
124c
15
3
23
20
Jan.
Jan.
Jan.
Carolina, Clinchfield & Ohio (quarterly)
Dec.
Dec.
Jan.
25c
30c
62 Xc
Telephone of Canada (quar.)
Bell Telep. of Penna..
64% pref. (quar.)
Bickfords, Inc. (quar.)
$2 4 preferred (quar )
Birmingham Electric Co. $7 preferred
15
Dec.
Jan.
10
t82
SIX
.
Bell
15
Dec.
15
$1
25c
Beldtng-Heminway Co
Dec.
2
18
81
3
2
Dec.
24
50c
Belding-Oorticelli, Ltd. (quar.)
Preferred (quar.)
3 Dec.
2
Dec.
10
10
14
50c
Jan.
Jan,
Dec.
Dec.
Dec.
Dec.
$14
Preferred (quarterly)
Beech Creek RR. Co
Beech Nut Packing Co. common
(quar.)
Extra
Jan.
Jan.
Holders
50c
(N. Y.)
Extra
Bastian
When
Payable of Record
Jan.
Jan.
Jan.
Jan,
Jan.
Jan.
s
-
Bank of the Manhattan Co.
(quar.)
Bank of New York & Trust
(quarterly)
Bank of Yorktown
Carnation Co., common
Preferred (quarterly)-'
Jan.
81 4
25c
35c
57
Holders
Payable of Record
SiX
Thatcher Mfg. Co., codv. preferred
Thompson Electric Works
Tuckett Tobacco. Ltd., pref. (quar.)
United Light & Rys.. 7% pref. (mo.)
Chronicle
Cincinnati Gas &
Jan.
Jan.
Jan.
1
10
15
15 Dec. 31
15 Dec. 31
1 Dec. 15
Dec. 20
Dec.
8
Dec.
8
Dec.
a
Dec. 20
Dec. 15
Dec.
1 Dec
13
Jan.
1 Dec.
13
Jan.
-
Electric, pref. (quar.)
Jan,
15 Jan.
3 Dec.
Cincinnati Postal Terminal & Realty Co.,
64% preferred (quarterly)
15
Jan.
SIX
Jan.
15 Jan
5
15
Financial
58
Cincinnati & Suburban Telephone (quar.)— —
Citizens Wholesale Supply, 7% pref
6 % preferred (quarterly)
City Baking Co. 7% pref. (quar.)
City Investing Co
Preferred (quarterly)
Citizens Water (Wash., Pa.), 7% pref. (qu.) —
Electric Products (quar.) — ----(s.-a.)
Ry
5% preferred (quar.)
—
—
Cleveland Cliffs Iron Co., preferred----—Preferred (quarterly)
Cleveland Electric Illuminating $44 pref
Jan.
Dec.
Jan.
Jan.
Dec. 30
Dec. 30
$14
Feb.
Jan.
$1
Jan.
$14
$14
Jan.
Dec. 27
Dec. 27
25c
Jan.
$1.12
87 He
75c
24
Jan.
31 Jan.
21
$1)4
til 4
$14
31 Jan.
21
20
Jan.
Dec. 21
Jan.
Dec.
Jan.
Jan.
28
—
3
Jan.
Dec.
21
Colgate-Palmolive-Peet pref. (quar.)
6% preferred
Colonial Ice Co., $7 preferred (quar.)
Preferred series B (quarterly)—
--— -Columbus & Southern Ohio Elec. 6% pf. (qu.)64% preferred (quar.)
- - - - Commercial Alcohols, Ltd.. 8% pref. (quar.) — Commercial Discount (Los Angeles), 8% pref—
7% preferred (quarterly)
—
Commercial Investment Trust, common (quar.)
$44 conv. preference (quarterly)—1
--$
Commonwealth & Southern Corp. $6 preferred-Commonwealth Utilities Corp., 7% pfd. A (qu.)
6% preferred B (quar.)
64% preferred C (quar.)
- Commonwealth Water & Light, $7 pref. (quar.)_
$6 preferred (quarterly)
Connecticut Fire Insurance (Hartford)
Connecticut Gas & Coke Securities ($3 pref.) —
Jan.
Dec.
6
Jan.
Dec.
Connecticut General Life Insurance—■
Jan.
Dec.
15
18
Jan.
Dec.
15
3
Jan.
Dec.
Jan.
Dec.
10*
10*
First National Bank (Toms River, N.
15
First National Bank of N. Y.
Dec. 15
Feb. 15
Dec.
1 Jan.
1 Feb.
14 Jan.
5
Mar.
1 Feb.
Feb.
1 Jan.
15
15
Feb.
7% preferred (quarterly)
Prior preferred (quarterly)
1 Jan.
3
3 Dec.
15
Jan.
■
<m
15
3 Jan.
3 Dec.
29
Jan.
Jan.
Jan.
Jan.
Jan.
15
23
1
22
10 Dec. 31
10 Dec. 31
Jan.
3 Dec. 31
3 Dec. 15
25 Jan. 22
3 Dec. 18
Jan.
20 Jan.
5
3 Dec
22
3 Dec.
3 Dec.
15
87 He
Jan.
Jan.
Jan.
4
w
$14-
Jan.
Jan.
Jan.
3 Nov. 26
10 Dec. 31
10 Dec. 31
3 Dec. 23
12 He
25c
W im mm m
Jan.
$14
$1)4
Jan.
3 Dec. 23
Jan.
2 Dec.
15
$1H
Feb.
1
13
30c
Feb.
$14
$2 H
Jan.
15
3 Dec. 23
Jan.
Dec. 20
25c
Jan.
Dec.
20
25c
(common)
Freeport Sulphur Co.. pref. (quar.) —
Fox (Peter) Brewing Co.
15
3 Dec.
Feb.
Jan.
15
Feb.
Jan.
15
preferred (quar.)
Extra
Gannett Co., Inc., $6conv. pref..
General American Investors, pref. (quar.)
7% preferred (quar.)
General Cigar Co., Inc.,
Jan.
Dec.
20
$1H
$1H
$14
$14
Jan.
Dec.
Jan.
Dec. 20
Mar.
Feb.
Jan.
17
QuHirtcrly
Dec.
15
Dec.
20
General Railway Signal
Preferred (quarterly)
Jan.
Dec.
20
General Shoe Corp
Dec.
17
Dec.
10*
Jan.
Dec.
13
Jan.
Dec.
31
Jan.
(s.-a.)
Allied Corp., $6 pref. (qu.)
Jan.
Dec.
15
Jan.
Dec.
15
Feb.
Jan.
22
Feb.
Jan.
22
Glens Falls Insurance Co.
Jan.
Dec.
10
Glidden
15
Crown Zellerbach Corp
Crum & Forster pref. (quar.)
Curtis Publishing 7% preferred
20
Dec. 10*
Dec. 13
Jan.
Mar.
Mar. 21
Jan.
Nov. 30
$2
$1
25c
Jan.
Jan.
50c
Jan.
Dec. 23
37 He
$1 H
Jan.
Jan.
Dec. 20
Dec. 15
Jan.
Dec.
20c
$14
2H%
4
15
Jan.
Dec.
Jan.
Nov. 15
20
trust sh. ctfs.
Jan.
3
$1
Mar.
1 Feb.
21
$2
Jan.
15 Dec.
25c
Jan.
20 Jan.
5 Dec
27
5
12c
_
Derby Oil & Refining Co.. $4 pref
■
$2
Jan.
75c
Jan.
'o.,
•MS
Diamond Shoe Corp.
50c
Jan.
20
3 Dec. 20
Feb
Mar.
1
Jan.
3 Dec.
3 Dec.
$14
Jan.
30c
Jan.
$14
$1H
$14
Jan.
Jan.
2()
3 Dec.
i 5
20
20
3 Dec. 20
15 Dec.
20
1 Dec. 10
23
Co
Preferred
(quarterly)
Telegraph (quarterly)
Goodyear Tire & Rubber (Canada; (quar.)
(quarterly)
-
Great Western Life Assurance
Jan.
15 Jan.
Jan.
Jan.
3
13 Jan.
20 Dec. 31
3 Dec. 15
t$14
t$14
Jan.
3 Dec.
t$14
t$lU
$14
Jan.
Draper Corp
Special
Driver-Harris Co. prof, (quar.)
Duke Power Co. pref. (quar.)
Duplan Silk (semi-annual)
Preferred (quar.)..
Du Pont de Nemours (E I.) & Co. debenture..
__
$4)4 preferred....
_
pref. (qu.)_.
______
Feb.
Jan.
15
14
15
15 Dec. 31
lJan.
3 Dec.
Jan.
1 Dec.
75c Jan.
4;Dec.
4
4 Dec..
4
21
$2
Jan.
$1 4
$1 u
Jan.
2 Dec.
21
Jan.
3 Dec.
15
50c
Feb.
15 Feb.
1
$2
Jan.
3 Dec.
15
$14
Jan.
/5 Jan.
10
S1H
Jan.
SI H
25 Jan.
10
Jan
15 Dec.
31
10c
Jan.
21 Jan.
15
25c
____
Eastern Gas & "Fuel Assoc.. 4)4% pref. (quar.)__
^6% preferred
Eastern Steamship Lines preferred (quar.)
Eastern Steel Products, Ltd
(quar.)
Eastman Kodak Co.. common
1_I
Preferred (quarterly)
I-IIIIIII
Ecuadorian Corp., Ltd., common (quar.)
Preferred
(semi-ann.)
Edmonton City Dairy 6)4% pref. (quar.)""
Electric Bond & Share Co., $6 preferred
$5 preferred
Elmira & Williamsport RR. 7% preferred-Ill
El Paso Electric Co
$6 pref (quar.)
Emerson Drug Co. 8% pref. (quar.)
Jan.
3 Dec.
24
$1H
$14
$1H
Jan.
2 Dec.
15
Jan.
1 Dec.
75c
Jan.
l'Dec.
8
15
15
50c
Jan,
3 Dec.
17
$1
Feb.
1 Jan.
15
Jan
1 Dec.
Jan.
3 Dec.
15
4
$14
$2
$1 H
Jan.
18 Jan.
Jan.
3 Dec.
4
3c
Jan.
1 Dec.
1
3H%
$14
$1H
Jan.
1 Dec.
1
Jan.
3 Dec.
15
Feb.
1 Jan.
6
SI H
SI.60
$1 H
Feb.
l'Jan.
6
Jan.
3 Dec.
20
50c
Jan.
Jan.
15 Dec
31
Harbison-Walker Refractories Co., pref.
(quar.)
Harding Carpets
Harris-Seybold Potter Co., $5 pref. (quar.)
Hartford Fire Insurance (quar.)
Hatfield-Campbell Creek Coal Co,, 5% pref—.Haverty Furniture Co.'s, Inc., conv. pref—
Hazel-Atlas Glass Co. (quar.)
Hecker Products Corp. (quar.)..
Hedley Mascot Gold Mines, Ltd. (quar.)
Helme (Geo. W.) common—_
'
—
Preferred
(quar.)
preferred (quar.)
5% preferred (quarterly)
Hilton Davis Chem cal Co. common
Holeproof Hosiery Co. 2% % pref, (quar.)_-
Hickock Oil prior
Holland Furnace Co—
Preferred
15
Jan.
Dec.
I Jan.
Jan.
15
1
Jan.
Dec.
20
$14
$14
Feb.
Jan.
3
Jan.
Jan.
10
Jan.
Dec.
15
Jan.
Dec.
17
Jan.
Dec.
17
Jan.
Jan.
Dec.
20
Jan.
Dec.
18
Jan.
Dec.
18
Jan.
Dec.
10
62 4c
Jan.
Dec.
10
$14
t63c
*62 4c
Jan.
Dec.
Jan.
Dec.
31
15
Jan.
Dec.
_
3 Dec.
liJan.
Jan.
Feb.
1 Dec.
15
23
12
16
35c
Jan.
25c
Jan.
l'Dec.
16
25c
Jan.
15 Dec.
31
30c
Jan.
1 Dx. 31
Jan.
3 Dec.
Jan.
Jan.
Jan.
3 Dec.
Jan.
20
3 Dec.
3 Dec.
15
15
15
3 Dec. 20
3iDec. 20
liDec. 22
Jan.
134c
Jan.
$100
Jan.
$14
$24
Jan.
15 Dec. 31
Jan.
15iDec. 31
3 Dec.
10
3! Dec.
3
Jan.
3 Dec.
31
Jan.
3 Dec.
20
Jan.
l'Dec.
15
Jan.
40c
preferred (quar.)
Hamilton Cotton Co.. $2 conv. pref..
Extra
17
(Jan.
50c
Jan.
3 Dec.
Dec.
15
17
$14
Jan.
3%
Hamilton Paper 6% preferred (quar.)
Hanover Fire Insurance (quar.)
|$14
15
Dec.
Dec.
$10
Gulf Power Co., $6
30
Dec.
$14
t50c
$14
Guaranty Trust Co. of N. Y. (quar.)
Guenther Publishing Co—
10
3 Dec. 30
3 Dec. 15
$14
$24
3
Jan.
1
314c
$14
—
—
24
10
3 Dec.
Jan.
$14
$14
15c
Greyhound Corp., preferred (quarterly) —
Group No. 1 Oil Corp..
Guarantee Co. of North America (quar.)
3 Dec
Jan.
15
$5
Greening (B.) Wire Co., Ltd. (initial)
Greenwich Gas Co. $1)4 pref. (quar.)
Greenwich Water & Gas System, 6% pref
3 Dec
Jan.
Jan.
60c
Jan.
Jan.
Feb
$1 4
75c
$14
Co. (quar.)
Jan.
..
(quarterly)
(quarterly)
----
Great Western Sugar (quar.)
Preferred (quarterly)
Jan.
Jan.
31
$1,
Inc., pref. (quar.)
(W. T.) Co
10c
„
Dec.
$14
5% oreferred
Gray Telep. Pay Station (quar.)
Great Western Electro Chemical 6% pref. (qu.)
62 He
35c
A------.---
Dominion Tar & Chemical, pref. (quar.)
Dominion Textile Co., Ltd. (quar.)
Preferred (quar.)
Dow Drug Co., preferred (quarterly)
—
Gorton-Pew FisberiesOo. (quar.)
$1
I38c
Dominion Glass Co.
cash
Gold & Stock
Gotham Silk Hosiery Co.,
Jan.
$1
Opt. payment l-40th of a sh. of com. or
37 He
3
10
Dec.
Jan.
60c
25c
__
10
Jan.
$14
3 Dec.
4 Dec.
Jan.
Dec.
Jan.
Jan.
50c
Goldblatt Bros., Inc. (quar.)..
Extra
17
17
17
56iic
preferred (quar.)
class A
Godchaux Sugars, Inc.,
Preferred (quarterly)
Grant
Dec.
Jan.
50c
4 4% convertible preferred
Globe Knit Works 7% pref. (s.-a.)
Preferred
Dec.
40c
(quar.)
—-
Globe-Wernicke
Dec.
20c
Corp. $3 conv. pref. (quar.)
pref. (quar.)__
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quarterly)...
Georgia RR. &. Banking Co. (quar.)
Gibson Art Co. (quar.)
Gillette Safety Razor Co. $5 conv. pref. (quar.)
Gimbel Bros., 6% pref. (quar.)
15
10
Jan.
Jan.
25c
General Time Instruments
Dec. 31
Dec
Jan.
$14
General Telep.
General Telep.
Dec.
10
Feb.
20c
Jan.
Jan.
10
Jan.
$14
Co., common
Jan.
Jan.
24
Dec.
Feb.
67c
General Printing Ink.
Preferred
3 Dec.
Jan.
Jan.
25c
(quarterly).
preferred (quarterly)
Jan.
May 20
June
$14
preferred (quar.)
General Paint Corp., com. and class A
General Motors Corp.
Preferred
15
18
$14
—
*
1 Jan.
$1 4
75c
Fireproofing Co pref. (quarterly)
Jan.
*
_
7% preferred (ouar.)
Dec. 31
Jan.
_
—
...
Fyr Fyter Co., class A (quar.)
Dec.
25c
prtJ. (semi-ann.)..
(quar.)
6)4% preferred (quar.)
Second preferred (semi-annual)
Diamond Stat® Telep., 6)4% pref. (quar.)
Di Giorgio Fruit Corp., $0 partic. preferred—
Discount Corp. of New York (quar.)
Divco Twin Truck (quar.)
Dixie Vortex Co., common (quar.)
Class A (quarterly)
Fuller Brush Co., 7%
...
Fulton Trust Co. (N. Y.) (quar.)
Jan.
Dec.
Preferred (quar.)
^referred
conv.
Jan,
Dec. 31
—
e,
General Mills. Inc.. pref. (quar.)
Jan.
Darby Petroleum Corp. (s.-a.)
Darling Stores Corp. $2 pref. (quar.)
Davega Stores Corp
Davidson-Boutell Co. 6% preferred (quar.)
Dejay Stores. Inc. (quar.)
De Long Hook & Eye (quar.)
Deposited Bank Shares N. Y. series A
Part
General
Jan.
'
15
50c
25c
Preferred
'
15
$14
.
■
3 Dec.
Jan.
Imperial Mills 5% preferred (quar.) —
cum.
1 Jan.
Jan.
18
15
25c
Florsheirn Shoe, class A
Ol^SSS
3 Dec.
Cream of Wheat Corp., stock transfer ctfs
Crown Cork International Corp., class A (quar.)
Duro-Test Cop
Eagle Lock Co. (quar.)
Eagle Picher Lead Co preferred (quarterly)
East Pennsylvania RR. 6% gtd. (s.-a.)._
2 Dec.
Feb.
Jan.
$25
J.) (qr)—
(quar.)
7% 1st preferred
(M. If.), 7% pref. (quar.)
5% preferred (quarterly)
Jan.
—
Duquesne Light Co., 1st 5%
Jan.
18
$2H
(quar.)
Jan.
5% preferred (quar.)—
—
Consof. Gas of Baltimore (quar.)
—
Preferred (quartrrly) —
Consolidated Laundries Corp., pref. (quar.)
Consolidated Oil Corp. (quar.)
Consolidated Retail Stores, Inc., 8% pref--- —
Consolidated Traction Co. of N. J. (s.-a.) — —
Consumers Gas of Toronto (quar.)
Consumers Power Co., $5 pref. (quar.)
$4)4 preferred (quar.)
Continental Bank & Trust Co. (quar.)
Continental Can Corp.. Inc., $4 4 pref.
Continental Gas & Electric, prior pref. (quar.)..
Continental Insurance Co. (s.-a.)
Special year-end dividend
Continental Telep. Co. 7% partic. pref. (quar.)6)4% preferred (quar.)
Continental Steel Corp. (quar.)
Preferred (quar.)
Coon (W. B.) Co. (quar.)
7% preferred (quar.)
Cooper-Bessemer Corp.. $3 pref. (stk. div.)
Div. of l-20th of a share of common stock.
Preferred
3 Dec.
10
Froedtert Grain & Malting Co., Inc.—
Consolidated Edison Co. (N. Y.)t pref. (quar.).
Consolidated Elec. Light <fc Power Co. (Bait.)--
Extra
Jan.
184c
Fishman
Jan.
Dodge Mfg. Corp. (irregular)
Dome Mines, Ltd
Dominion Coal Co.. Ltd.. pref. (quar.)
Dominion Fire Ins. Co. (Ont.) (s.-a.).
Jan.
1 Dec.
3 Dec.
1 Dec.
$6
First National Stores
Dec. 20
3
Mar.
15
Jan.
3 Dec. 2?
Jan.
15 Dec. 31
(quar.)__
(quar.)
Heating Co., Inc. (quar.)
Co
Jan.
Jan
62 He
10
Dec.
Jan.
Consolidated Cigar Corp. (resumed)
Dobeckmun
18
Jan.
1 Dec.
1 Dec.
10
10
10
50c
Dec.
Mar.
6% preferred (semi-annual)
<
10
Jan.
Jan.
20c
Firestone Tire & Rubber Co
Jan.
Consolidated Bakeries of Canada
Diamond Match
10
3 Dec.
Jan.
50c
Jan.
Connecticut River Power Co. 6% pref.
Detroit Edison Co. (final)
Detroit Gasket & Mfg. Co. (quar.)
Detroit Hillsdale & Southwestern RR. (s,-a.)
Devoe & Raynolds, A & B (quar.)
-
3 Dec.
Jan
Jan.
80c
Avenue Coach
Jan.
Feb.
Series B
Fibreboard Products, Inc.,
Jpn.
——-
Jan.
50c
Filene's (Wm.) & Sons, pref. (quar.)
Finance Co. of Pennsylvania (quar.)
20
Jan.
3 Dec.
3 Dec.
M
—
Fifth
Jan.
24
87 He
(quar.)
Feltman & Curme Shoe Stores pref. (quar.)
1
15
24
35c
3
15
Jan.
1 Dec.
1 Dec.
3 Dec.
3 Dec.
50c
Jan.
Connecticut Light & Power (quar.) — Connecticut & Passumpsic River RR. Co.—
or
Faultless Rubber Co. (quar.)
Federal Insurance (J. C.. N. J.)
Jan.
Dec.
Feb.
Jan.
30c
Jan.
Jan.
18
23
87 He
37Hc
Family Loan Society, Inc. (quar.)
$34 partic. preferred (quar.).
S3 H partic. preferred (extra)
Esquire-Coronet, Inc. (quar.)
Jan.
Dec. 20
24
Dec.
Jan.
$14
Jan.
Dec. 20
Jan.
2
25c
—
Jan.
Jan.
3 Dec.
3 Dec.
t$3
— -----
6% pref. (quar.)..
Fidelity & Deposit Co. (Md.) (extra)
Fidelity & Guaranty Fire Corp
Fidelity Phenix Fire Insurance (s.-a.)
Special year-end (dividend)
Fifth Ave. Bank of N. Y. (quar.).
Dec. 31
Colon Development,
Ian.
75c
$6 preferred (quarterly)
Dec.
Jan.
$1)4
t$2 4
$14
t$^4
$1%
—
Jan.
Dec. 20
Dec. 17
Jan.
Jan.
25c
564c
— —
preferred
Jan.
7% pref. (quar.)
Cluett Peabody & Co., pref. (quar.)
Payable in cash
(quarterly)
$5
Clinton Water Works Co.,
Cosmos
Preferred
Engineers Public Service $5
$1H
Claude RAon
Clearfield & Mahoning Ry.
Consolidated Car
25c
Empire Trust Co. (quar.)
Emporium Capwell Corp. (quar.)
4 4 % cum preferred A (qu.)—
Endicott-Johnson Corp
$5 preferred (quarterly)
$54 preferred
$5 4 preferred (quarterly)—
$6 preferred
Cleveland Cincinnati Chic. & St. L.
Clinton Trust Co. (quar.)
17
of Record
Name of Company
Payable of Record
of Company
1938
Holders
I Holders
When
Name
Jan. 1,
Chronicle
(quarterly)
Holmes (D. H.), Ltd. (quar.)__
Home Tel. & Tel. Co. (Ft. Wayne, Ind.)—
Preferred
(semi-annual)
Horn & Hardart Baking of N. J. (quar.)----- —
Houdaille-Hershey class A
—
Household Finance Corp.. com. (quar.)
5% preferred (quarterly)
Huron & Erie Mtge. Co. (Ont.) (quar.)
Hussman-Ligonier (quar.)
,—
Hyde Park Breweries Assoc.. Inc—
Hygrade Sylvania Corp.
Idaho Maryland Mines (extra)-Illinois Central RR. Co. leased line
Tmnerial Life Assurance of Canada (quar.)
Indiana General Services Co. 6% pref. (quar.)..
Indiana Michigan Electric 7% pref. (quar.).___
6% preferred (quar.)
Indianapolis Power & Light preferred (quar.)—
Indianapolis Water Co. 5% cum. pref
-Industrial Rayon Corp
55
Ingersoll-Rand Co. pref. (s.-a.)
Jan.
Jan.
6
10c
Jan.
Dec.
18
$14
Jan.
Dec.
20
Dec.
15
50c
Jan
15c
Jan.
3 Dec. 23
374c
Jan.
ljDec. 23
Jan.
3'Dec.
11*
15c
Feb.
l!Jan.
10
3c
Jan.
l'Dec.
1
$14
$2
Jan.
$14
$14
314c
Jan.
3!Dec. 10
3; Dec. 10
3|Dec. 10
__
25c
Jan.
3; Dec. 24
l|Dec.
1
t50c
Jan.
10 Dec. 31
50c
Jan.
3,Dec.
$14
$14
Jan.
3 Dec.
Jan.
3 Dec.
$14
$14
Jan.
31 Dec. 24
Jan.
Jan.
Jan.
.
17
17
18
3!
$14
Jan.
62 4c
$1
Jan.
Jan.
llDec. 21
3 Dec. 20
15 Dec. 31*
$14
Jan.
15 Dec. 31*
$1
Jan.
3 Dec.
15
25c
Feb.
1 Jan.
20
$1
Jan.
15 Jan.
75c
Jan.
5c
Jan.
$2
3 Dec.
25 Jan.
4
10
15
Jan.
3 Dec.
11
$34
Jan.
3 Dec.
31
$14
$14
$14
$14
$1 4
Jan.
3 Dec.
7
7
Jan.
3 Dec.
Jan.
3 Dec.
Jan.
1 Dec.
4
Jan.
1 Dec.
11
25c
Jan.
3 Dec.
S3
Jan.
7
20
6
3 Dec.
Volume
146
Financial
Per
Share
Name of Company
preferred
International Ocean Telegraph (quar.)
International Power Co. 7% preferred
International Pulp Co. 7% pref. (quar.)
--
International Shoe Co. (quar.)
Inter type Corp., 1st pref. (quar.)
preferred (semi-annual)
Investors Corp. of R.
1., 2nd cumul. pref
$6 preferred (quarterly)
Investment Foundation, Ltd., preferred
—
Preferred (quarterly)
Iowa Public Service Co. $7 1st pref. (quar.).—
$6H 1st preferred (quar.)
$6 1st preferred (quar.)
Irving Trust Co. (quar.)
Island Creek Coal Co., preferred (quarterly)
Jamaica Public Service Ltd. (quar.)__.
Preferred A & B (quar.)
Johns-Manville Corp. pref. (quar.)
Johnson Publishing Co., 8% preferred
Joliet & Chicago KR. Co
Joplin Water Works, 6% pref. (quar.).
Kahn (E.) & Sons (quar.)
_
-
Per
Dec.
Jan.
Dec. 31
Jan.
$2
5%
62 He
J$ih
$1H
Jan.
Dec. 21
Dec. 21
Dec. 21
Mar. 15
Jan.
Dec. 20
Jan.
3
Dec.
3
$1H
$13*
50c
Jan.
Dec.
Jan.
$2
$3
t$lH
$1H
Jan.
Jan.
Dec. 16
Dec. 15
Dec. 15
Dec. 15
Dec. 20
Jan-
Dec.
t50c
Jan.
50c
Jan.
Jan.
Dec.
Dec.
Jan.
Apr.
Jan.
Feb.
Jan.
Jan.
31
13
Share
Name of Company
Monarch
Kansas City Power & Light pref. B (quar.)
7% pref. (quar.)
6% preferred (quar.)
Kansas Gas & Electric, $6 pref. (quar.)
7% preferred (quarterly)
Kansas Power Co., $6 cum. pref (quar.)
$7 cumul. preferred (quarterly)
Katz Drug Co., pref. (quar.)
Kaufmann Dept. Stores. Inc. .quarterly)
Kellogg Switchboard Supply (quar.)
Preferred (quar.)
Kentucky Utilities. 6% pref. (quar.)
Kerlyn Oil Co. class A (quar.)
Keystone Public Service Co. $2.80 pref.
Kimberly-Clark Corp. (quar.)
Preferred (quar.)
Kings County Lighting Co., 7% ser. B. pf. (qu.)
6% series C preferred (quar.)
5% series D preferred (quar.)__
King-Seeley Corp. 5H % conv. pref. (quar.)—
Klein (D. Emil) pref. (quar.)
Koppers Co. 6% preferred (quar.)
Kresge Dept. Stores, Inc., 1st 4% pref
Kroger Grocery & Baking Co., 6% pref. (quar.)_
7% preferred (quar.)
Kuppenheimer (B.) & Co., Inc. (s.-a.)
Jan.
Jan.
Dec.
Dec.
$15*
Jan.
17
Dec.
21
Mountain States Telep. & Teleg. (quar.)
Murphy (G. C.) Co., 5% preferred—
Mutual System, Inc. (quar.)
preferred (quarterly)
—
Nashville & Decatur RR. 7H% gtd.(s.-a.)
National Battery Co., preferred (quar.)
—
Jan.
Dec. 20
Dec. 20
National Cash Register (quar.)National City Lines, $3 pref. (quar.)
$134
$13*
$134
$134
$13*
Jan.
Dec.
14
Jan.
Dec.
15
Jan.
Dec.
Dec.
Dec.
National Dairy Products Corp pref A & B (qu.)
National Distillers Products (quar.)
National Fire Insurance (quar.)
-
13
10
11
$134
Jan.
83*c
Jan.
_
Lang (John A.) & Sons, Ltd. (quar.)-—--.
Lawyers Trust Co
Lehigh Portland Cement Co. pref. (quar.).
Lehman Corp. (quarterly)
Lewis (Edgar P.) & Sons, Inc., common...
8H% cumul. conv. preferred (quar.)
Liggett & Myers Tobacco pref. (quar.)
Link Belt Co., pref. (quar.)
(Quarterly)
Preferred (quar.)
Lionel Corp. (interim)
Liquid Carbonic (quarterly)
Lock Joint Pipe Co.. 8% preferred (quar.)
$134
$13*
$13*
$13*
2734c
6234c
Jan.
England Power Assoc., 6% preferred
$2 preferred
—
New Hampshire Fire Insurance Co. (quar.)
M
M
_
(quar.)
Loomis-Sayles Second Fund, Inc
Ix>ng Island Lighting Co., 7% ser. A pref. (qu.)_
6% series B preferred (quarterly)
Loose-Wiles Biscuit Co pref. (quarterly)
Lord & Taylor (quar.)
Louisville Gas Sc Elec. Co. (Ky.), 7% pref. (qu.)
6% preferred (quar.)
5% preferred (quar.)
Lunkenheimer Co,, preferred (quar.).
Lykens Valley RR. & Coal Co. (s.-a.)
Lynchburg & Abingdon Telegraph Co. (seml-an.)
MacAndrews & Forbes Co., common-
Jan.
Dec.
15
New
Jan.
Dec.
15
New
New York Hanseatlc Corp. (extra)
New York & Harlem RR. Co
15
20
Jan.
2 Dec.
11
Jan.
Jan.
10 Dec. 31
3 Dec. 20
Feb.
1 Jan.
Jan.
20
Jan.
17 34c
35c
Jan.
3 Dec. 24
3
3 Dec.
3 Dec. 17
2 Dec. 15
Jan.
3 Dec. 24
$1
Jan.
25c
Jan.
3 Dec. 14
Dec. 24
12Hc
213*c
$13*
$134
Jan.
Jan.
Jan.
Dec. 20
Jan.
Dec.
10
Jan.
Dec.
15
Mar.
Feb. 15
Mar. 15
Dec. 20
Dec. 18
50c
$1
50c
Jan.
$134
t30c
Apr.
40c
Jan.
Jan.
10
$2
Jan.
Dec.
Jan.
Dec. 20
$1.63
Feb.
Jan.
25c
Jan.
Ian.
87 He
75c
Jan.
Dec.
15
Jan.
Dec.
15
Dec.
17
Dec.
17
31
19
Dec. 27
21
New York Lackawanna & Western
New York Mutual Teleg. Co. (s.-a.)-
Bee. 31
15
Dec.
Dec. 24
Jan.
Jan.
Dec. 24
Dec. 21
Dec. 15
Dec. 15
ec.
Jan.
Jan.
Jan.
Dec.
$3
Jan.
Jan.
Dec. 21
Dec. 20
Jan.
(quar.)
Newport Electric Corp., 6% pref. (quar.)
Niagara Alkali Corp., 7% pref. (quar.)
Niagara Wire Weaving (quar.)
Norfolk & Western Ry., pref. (quar.)
North American Co. pref. (quar.)
15
Jan.
Dec." 15"
Jan.
Jan.
Dec.
15
Dec.
Jan.
10
Dec. 31
Jan.
Dec.
Jan.
Dec.
5%
$154
$15*
Jan.
Dec.
Jan
Dec.
Dec.
50c
Jan.
Dec.
15
15
18*
15
15
15
$1
75c
Light Corp., 7% pref
Feb.
Jan.
31
Jan.
Dec.
15
Mar.
Feb.
15
iig
preferred--
—
$154
North American Edison Co., preferred
North American Rayon Corp—
Jan.
3754c
Dec.
Dec.
§2
Dec.
23
20
31
Dec. 31
Dec. 31
Dec. 31
75c
6% prior preferred (quarterly)
North & Judd Mfg. Co. (quar.)
Northern Central Ry. Co
Northern States Power (Del.), 7%
1
$15*
75c
New York Trust Co.
pref. (quar.).
6% preferred (quar.)
—
Northern States Power (Minn.), $5 pref. (quar.)
Northwestern Telegraph
Jan.
Jan.
Jan.
$2H
$2H
Preferred
$6
Jan.
Feb.
$4
Jersey & Hudson River RR. & Ferry (s.-a.)
Jersey Water Co., 7% pref. (quar.)
New York Power &
Feb.
Jan.
$15*
$1H
Dec.
Dec.
(semi-annual)
Norwich & Worcester RR. Co., 8% pref
Nova Scotia Light & Power Co. (quar.)
Dec.
|j£
It®
Oahu
16
15
15
5
Jan.
3 Dec. 15
3 Dec. 15
3 Dec. 15
3 Dec. 15
3 Dec. 15
3'Dec. 15
3 Dec. 24
Jan.
Dec.
50c
Jan.
Dec. 31*
Dec. 31*
15
Jan.
Sugar Co. (monthly)
Ogilvie Flour Mills Co., Ltd. (bonus)
Ohio Edison Co., $5 preferred (quar.)
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preierred (quar.)
$7.20 preferred (quar.)
—
Ohio Leather Co., 7% preferred (quar.)
8% preferred (quar.)
Ohio Public Service Co., 7% pref. (monthly) —
6% preferred (monthly)
5% preferred (monthly)
Ohio Service Holding Corp., $5 non-cum. pref—
Old Dominion Fire Insurance Co., Inc
—--
lsDec.
50c
-
Extra
3 Dec.
22
Dec. 31*
Dec. 29
O d Joe Distilling Co. 8% pref. (quar.)
Omnibus Corp. pref. (quar.)
1 Dec.
16
15
Dec.
Dec.
Ottawa Car Mfg. Co. (resumed)
Otter Tail Power Co. (Minn.), $5H
3 Dec.
1 Dec.
15
1 Dec.
15
15 Jan.
3
$13* 'Jan.
$2H Jan.
13*% Jan.
1H% Jan.
13*% Jan.
Dec. 31
Jan.
Dec. 31
Dec. 31
Dec.
2
40c
Jan.
Dec.
15
15
$3
Jan.
Jan.
Maritime Telep. & Teleg. Co. (quar.)
7% preferred (quar.)
Marsh (M.) & Sons. Inc. (quar.)__
3
$134
Preferred (quarterly)
Manufacturers Life Insurance Co
17Hc
Jan.
$1H
Jan.
Jan.
Dec. 31
$1H
(quar.).
Jan.
17 He
40c
75c
17c
Mart el Mills Corp. (quar\)
Massachusetts Investors Trust (quar.)
McColl Frontenac Oil preferred
Feb.
Jan.
20
Jan.
4
McCord Radiator &
Mfg. class A (stock div.)
H of 1 sh. of funding stock for each cl. A held.
cCroi
"■
McCrory Stores Corp." pref. (quar.)
Mc Graw Hill Publishing
McKee (A. G.) & Co., class B (quar.)
Class B (extra)
Mc Quay-Norris Mfg. (interim)
Mahon (R. C.) Co., preferred A (quar.)---
Convertible preferred (quarterly)
Manoning Coal RR., preferred(semi-ann.)
Manischewitz (B.) Co. pref. (quar.)
Manufacturers Trust Co., (quar.)
Preferred (quarterly)
M>pes Consol. Mfg. Co. (quar.)
Margay Oil Corp
Marine Midland CorpMarion Water Co., 7% pref. (quar.)
Massachusetts Lighting Cos., $8pref. (quar.)
$6 preferred (quarterly)
Medusa Portland Cement Co. ,cl. A 6% pref—
Memphis Natural Gas, pref. (quar.)
Merck Sc Co., Inc., preferred
Mesta Machine Co., common
Michigan Baking, Inc.
$7 preferred (quar.)
Non-cum. prior pref
Middlesex Water Co., 7% prei. (s.-a.)
Midland Grocery Co 6% pref. (s.-a.)
Midland Steel Products 8% pref. (quar.)
$2 non-cumulative
Midwest Piping Sc Supply Co., Inc., commonMill Creek Sc Mine Hill Navigation RR. Co
Minnesota Power & Light, 7% pref
7% preferred (quarterly
6% preferred
6% preferred (quarterly)
$6 preferred
$6 preferred (quarterly)
Mississippi Power Co., $7 pref. (quar.)
$6 preferred (quarterly)
Mississippi River Power Co., 6% prefMississippi Valley Public Service Co.—
6% preferred B (quarterly)
Mitchell (J. S.) & Co., 7% pref. (quar.)
Mobile Sc Birmingham RR., 4% pref. (s.-a.)-
Jan.
Dec.
Jan.
15
15
Dec.
Jan.
18
18
Dec. 31
Dec.
1
__
__
3 Dec. 24
3 (Dec. 15
3 Dec. 15
3 Dec. 15
—
1 Dec.
Pref
$6 preferredPacific American Fisheries, Inc
S8
50c
55c
Jan.
Jan.
Dec. 20
Dec. 20
Dec. 15
Jan. 20
Dec. 23
Jan.
Dec.
Jan.
Dec.
Jan.
Jan.
1 Dec.
Jan.
Jan.
31
31
21
20
15
31
$13*
$13*
Jan.
Dec.
Jan.
Dec.
50c
50c
Jan.
Dec.
Dec.
Dec. 15
Dec. 20
Dec. 17
Dec. 20
Dec. 31
Dec. 31
Dec. 22
Dec. 20
Dec. 18
Jan.
50c
Jan.
25c
10c
Jan.
$13*
$2
$1H
$1H
$13*
$134
Jan.
Jan.
$1
10c
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Dec. 22
Dec. 15
Jan.
Dec.
5Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Feb.
25c
t3&
$2
50c
15c
Feb.
$13*
Jan.
Jan.
t59c
Jan.
$134
t50c
Jan.
Jan.
$1H
Jan.
t50c
P
$1H
16
Dec. 24
Dec. 24
Dec. 24
Dec. 27
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
15
8
2
10
10
10
10
10
10
20
Dec. 20
Dec. 15
Pacific Lighting Corp., pref. (quar.)
Pacific Public Service, 1st preferred
Extra
Jan.
$2
Jan.
2 Dec. 20
3 Dec. 18
1
3 Dec.
Dec.
——
Jan.
Jan.
(quar.)
7% preferred (quar.)
Penn-Federal Corp., 4H% Pref. (s.-a.)
Penna. Power & Light, $5 pref. (quar.)
$6 preferred (quarterly)
$7 preferred (quarterly)
—
Penn. Water Sc Power Co., common (quar.)
$5 preferred (quarterly)
-—
Pennsylvania Edison Co., $5 pref
$2.80 preferred —
----- —
Pennsylvania Gas & Electric, $7 pref. (quar.) —
7% preferred (quar.)
Pennsylvania Glass Sand Corp.—
$7 cum. conv. pref. (quar.)-.-.----—-----Pennsylvania Power Co., $6.60 pref. (monthly)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
$6 preferred (quar.)
Pfaualer Co. (quar.)_.
Philadelphia Co., $6 preference (quar.)
$5 cumul. preference (quarterly)
—
-
-
------------------
Phoenix Securities. $3 pref.
3 Dec. 23
Jan.
Feb.
1 Dec. 15
5
15 Feb.
1 Dec. 20
3 Dec. 16
Jan.
$15*
Jan.
$1
Jan.
$1H
$15*
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Mar.
Mar.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
(quar.)
Phoenix Insurance
Jan.
40c
$15*
$154
Jan.
$
(quarterly)
Piedmont & Northern Ry. (quar.)
Pioneer Gold Mines of B. C., Ltd--.—
10
$15*
Jan.
Philadelphia Electric Power, 8% pref. (qu.)
Philadelphia & Trenton RR. (quar.)
Phillips Packing Co., pref. (quar.)
Phoenix Finance Corp., 8% pref. (quar.)
10
Feb.
($2H par)
(quar.)
3
Feb.
Common (no par) (quar.)
—Payable at such time as said stock is turned
in for exchange into $2 H par com. stock
Pathe Film Corp., $7 pref, (quar.)
Peninsular Telephone Co. (quar.)
Common
20
Dec. 22
-----—-----
Parker Rust-Proof Co. common
15
31
12
Dec. 12
—
Page-Hersey Tubes (quarterly)
Extra
Jan.
$1H
$13*
Dec.
Dec.
(quar.)
Pan America Airways--
Paraffine Cos., Inc., pref.
Parke Davis Sc Co
16
15 Dec. 31
Dec. 27
—
Pacific Southern Investment, pref
Pacific Tel. & Tel. Co. pref.
15
3 Dec. 15
15 Dec. 31
1 Dec. 15
Pacific & Atlantic Telep. (s.-a.)
Pacific Gas Sc Electric (quar.)
Pacific Indemnity Co. (quar.)
Extra
15c
25c
75c
50c
McKeesport Tin Plate Corp., com
McLellan Stores, 6% pref. (quar.)
Dec.
14
14
24
Jan.
$154
40c
New
15
Dec.
Jan.
$2H
t$l 54
t50c
Newark Consol. Gas Co. (s.-a.)
Dec.
Dec.
Jan.
Feb.
10c
Dec.
2 Jan.
Feb.
Jan.
10c
Jan.
Feb.
Jan.
50c
50c
Jan.
75c
Jan.
50c
50c
National Sugar Refining Co. of N. J
Navarro Oil (quar.)
Extra
Jan.
Jan.
$15*
Jan.
50c
(quar.)_
70c
30c
Locke Steel Chain Co
Lone Star Gas, 6H% pref.
National Lead Co. pref. BNational Power & Light Co., $6% pref.
National Standard Co. (quar.)
National Steel Car Corp
25c
37 He
Lackawanna RR. Co. of N. J
Lambert Co
—
National Fuel Gas Co. (quar.)
National Grocers Co., 7% preferred
11
Dec. 27
Dec. 10
Jan.
21
25c
Jan.
Jan.
Dec.
Dec. 20
Dec. 31
Dec. 15
Dec. 15
Dec. 13
Dec. 30
Jan. 20
Nov. 29
Jan. 15
Dec. 23
Dee. 31
Dec. 15
Jan.
25c
25c
Jan.
Dec. 31
Jan,
t50c
t43c
$15*
Dec. 20
Jan,
Nov. 30
Jan,
t$l 5*
$154
National Bond & Share
National Breweries, Ltd. (quar.)
Preferred (quarterly)
National Candy 1st & 2d pref. (quar.)
Jan.
Jan.
15
Nov. 30
5c J an.
Jan.
lc
50c Jan.
55c
25c
Jan.
Jan.
24
31
Dec. 24
935*c
Jan.
Jan.
10
10
Jan.
Dec.
15c
10
Dec.
30c
$2
Jan.
40c
Dec.
Jan.
2
15
$13*
Jan.
3
Dec.
15
4
40C
3
Jan.
Dec.
31
Dec. 31
Dec.
Dec.
15
Jan.
Jan.
Jan.
Dec.
$134
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
t68c
$2H
$15*
7%
tin
138c
t$25*
Morris & Essex RR. Co
Morrison Cafes Consol. 7% pref. (quar.)
Morris town Securities Corp., common
Extra
Jan.
May 10
Dec.
14
15
10
17
June
Jan.
29
13
Dec. 20
Dec. 20
Jan.
Jan.
Dec.
Dec.
Jan.
$15*
$25*
Jan.
Dec.
Jan.
3
14
Dec.
Dec.
Jan.
Jan.
3
Dec.
Jan.
75c
Jan.
Jan.
Jan.
$1 H
Jan.
Dec.
10
Jan.
$15*
Preferred (quarterly)
15c
Jan.
3 Dec.
Jan.
Moore (Wm
K.) Dry Goods (quar.)
Morris (Philip) & Co., Ltd., Inc
$134
43 He
$13*
$13*
t$2
$13*
$134
Dec.
Jan.
$1 3*
87 He
50c
40c
Extra
20
31
31
20
20
20
$13*
$134
$134
When
Holders
Payable of Record
t$13*
Knitting Co., Ltd., 7% preferred
Monongahela Valley Water Co.—
7% preferred (quarterly)
Monroe Chemical Co. pref. (quar.)
Montgomery Ward & Co., Inc
Class A (quarterly)
Monsanto Chemical Co. $4H class A pref. (s.-a.)
Montreal Light, Heat & Power Consol. (quar.)-Montreal Telegraph
Montreal Tramways (quar.)
Moore Corp., Ltd. (quarterly)
$13*
1st preferred (quar.)
Kansas Electric Power,
Jan.
$3
$4
Common (extra)
International Business Machines (stock div.)—
International Harvester Co. (quar.)
59
Holders
$1
Intercolonial Coal (semi annual)
Preferred (semi-annual)
2d
When
Payable of Record
50c
Insurance Co. of N. Amer. (semi-ann.)-_
Extra
■
International Nickel of Canada,
I
Chronicle
Jan.
Jan.
Jan.
Jan.
3 Dec.
3 Dec.
3 Dec.
3 Dec.
3
3
3
3
15
15
15
15
Dec. 10
Dec. 10
Dec* 20
Dec. 20
1 Deo. 15
3 Dec. 20
1 Jan. 20
1 Feb. 21
1 Feb. 21
3 Dec. 20
1
3 Dec.
3
25
1
10
Dec.
1
Dec. 31
Dec. 10
Jan.
3
1 Dec. 15
10 Dec. 31
1 Dec. 15
1 Dec. 15
3 Dec. 22
20 Dec. 21
3 Dec.
1
60
Financial
Chronicle
When I Holders
Payable of Record
Name of Company
Pittsburgh Ft. Wayne & Chicago Ry. Co
3 Dec.
10
Per
It •
3
20 Dec. 31
3 Dec. 20
15 Doc. 31
15 Jan.
Plymouth Cordage Co. (quar.)
Pocahontas Fuel Co. 6% pref. (s.-a.)
Power Corp. of Canada, Ltd., 6% cum. pf.(qu.)
6% non-cum. preferred (quarterly)
Preferred Accident Insurance (N. Y.) (special)
Premier Gold Mining (quar.)
25c
Jan.
Jan.
3 Dec.
3 Dec.
10c
Jan.
3
Telautograph Corp. (quar.)
15c
Feb.
1 Jan.
15
Public Service Co. of Colorado, 7% pref. (mo.)
Dec.
Dec.
(monthly)
(monthly)...
blic Service ui N. J., 6% pref.
Public oervice of n oo~/o pioi (monthly)
15
15
15
Jan.
6
\% preferred
5
>% preferred
3
Dec.
.
Public Service Co. of Oklahoma
7% prior lien stock (quar.)
$1M
6% prior lien stock (quar.)
sim
Prudential investors $6 pref. (quar.)
Pure Oil Co.,, 5% preferred (quar.)
5M% preferred (quarterly)
1M%
6% preferred (quarterly)
».
m%
Quaker Oats Co. pref. (quar.)
sim
Quebec Power Co. (quar.)
*25c
Queens Borough Gas & Electric Co.—
75c
6% cum. preferred (quarterly) J
Jan.
Railroad Employees' Corp.. preferred (quar.)
20c
Jan.
Railway Eequipment & Realty Co.—
Jan.
6% preferred (quar.)
$1M
Feb.
Railway & Light Securities, preferred (quar.)_.
SIM
Rath Packing, pref. (quar.)
331-3c Jan,
Rayonier, Inc
Jan.
50c
$2 preferred (initial quar.)
50c
Jan.
Reading Co.. 2nd preferred (quar.)__.».
50c
Jan.
Reliance Mfg. Co., pref. (quar.)
Jan.
SIM
Remington Rand, Inc
25c
Jan.
Preferred (with warrants)
Jan.
Rensselaer & Saratoga RR. (s.-a.)
4
Jan.
Reynolds Metals Co., 5M% cum. pref. (quar.)
Jan.
SIM
Dec.
20
Dec. 20
Dec. 31
!U%
Dec.
Jan.
25
Dec.
15
Dec. 31*
Dec. 31
Dec. 27
Dec. 20
Dec. 15
Dec.
15
Dec.
23
Dec.
23
13
Dec.
Dec.
13
Dec.
Dec.
21*
4
Jan.
Dec.
Jan.
3 Dec.
4
SIM
Roberts Public Market, Inc. (quar.)
Rochester Button Co
Jan.
1 Dec.
15
SIM
Jan.
15
21
$1M preferred (quar.)
Quarterly
10
Mar.
l|Feb.
19
3 D6c.
10
Apr.
Mar. 10
10
(interim)
—
July
Jan.
Dec.
10
Jan.
3 Dec.
21
Jan.
Jan.
19 Dec.
18
26 Jan.
22
30c
(interim)
25c
June
_
1 Dec. 21
Jan.
12Mc
Jan.
31Dec. 22
1 Dec. 27
Jan.
3 Dec.
Jan.
common
Jan.
25c
l.Dec.
Bridge Co., 6% 1st pref. (s-a)
3% 2d preferred (semi-ann.)
Safeway Stores. Inc., 5% preferred (quar.)
6% preferred (quarterly)
7 % preferred (quarterly)
San-Nap-Pak Mfg. Co., 70c. pref. (quar.)
Saratoga & Schenectady RR. (s.-a.)
Schenley Distillers Corp. pref. (quar.)
Jan.
1 Dec.
15
Jan.
l'Dec.
10
Jan.
1 Dec.
10
Jan.
SIM*
SIM
SIM
15
15
1 Dec.
10
Jan.
1713c
Jan.
SIM
Jan.
2 Dec. 20
15 Dec. 31
1 Dec. 16
_
-
Union Public Service Co. (Minn.) 7% pf. A & B_
$6 preferred C & D (quar.)
United Biscuit Co. of America, pref. (quar.)
United Bond & Share Ltd., common
Common......
25c
Jan.
SIM
S2M
Jan.
65c
Jan.
20 Dec. 28
3 Dec. 22
Security Storage (quarterly)
Selected Industries, $5M pref. (quar.)
SIM
SIM
Jan.
10 Jan.
Jan.
liDec.
17
Servel, Inc. preferred (quarterly)
Shamrock Oil & Gas 6% pref. (quar.)
SIM
Jan.
3'Dec.
20
SIM
Jan.
3 Dec.
20
30c
20c
Jan.
5c
Feb.
10c
Jan.
Jan.
3 Dec.
3 Dec.
15
15
ttSIM
Jan.
3 Dec.
15
25c
Jan.
3 Dec.
6% conv. preferred (semi-ann.)
Shawinigan Water & Power (quar.)
Extra
Shawmut Association
Shell Union Oil Corp. 5M % cum. conv. pf. (qu.)
Sherwin-Williams of Canada, pref.
Silver King Coalition Mines Co
Slattery (E.T.), 7% preferred (quar.)
S. M. A. Corp. (quar.)
Smith (Howard) Paper Mills, pref. (qu.)
South Carolina Power Co., $6 pref. (quar.)
South Pittsburgh Water Co., 7% pref. (quar.)_>
6% preferred (quarterly)
5% preferred (semi-ann.)
South Porto Rico Sugar Co., com.
(quar.)
Preferred (quar.)
Southern Calif. Edison., original pref. C (quar.)
Original preferred (quar.)
Southern Calil'. Gas, pref.
(quar.)
Preferred A (quar.)
Southern Canada Power Co. common
(quar.)
Southern Canada Power Ltd.,
6% pref
Southern New England Telephone
(quar.)
__
Southern Pine Chemical Co. 6% pref
Southwestern Bell Telephone preferred (quar.)_
Southwestern Gas & Electric, 7 % pref. (qu.)
Spartan Mills (semi-ann.)
Springfield Gas & Electric Co. $7 pref. (quar.)__
Springfield Fire & Marine Insurance
Special
Staley (A. E.) Mfg. Co. 7% pref. (s.-a.)
Standard Brands, Inc., common
(quar.)
S4M cum. pref. (quar.)
Standard Fue» 6 M % pref. (quar.)
Standard Oil of Ohio preferred
(quar.)
Standard Steel Construction Co.. $3 ci. A
Standard Wholesale Phosphate & Acid Works._
Stanley Works (New Britain) preferred (quar.).
State Street Investment
Corp. (quar.)
Stedman Bros., Ltd
6% conv. preferred (s.-a.)
SIM
J an.
Feb.
3 Dec.
3 Dec.
15
7
6
3 Dec. 20
15 Jan. 25
15 Jan. 25
15
_
75c
Jan.
Jan.
1 Dec.
24
3 Dec.
6
15 Dec. 31
3 Dec. 15
15 Jan.
3
15 Jan.
3
SIM
SIM
SIM
SIM
SIM
Jan.
Jan.
Feb.
50c
Jan.
Dec.
9
2%
34 Mc
37 Mc
37Mc
Jan.
Dec.
9
37l£
11M
SIM
SIM
SIM
$4
SIM
$1.12
25c
3M%
20c
Jan.
Jan.
Feb
10
Jan.
Dec.
20
Jan.
Dec.
Jan.
Dec.
20
31
Jan.
Dec. 31
Feb.
Jan.
31
Jan.
Dec.
20
Jan.
Jan.
Dec. 31
Dec. 20
Dec. 20
Jan.
Dec.
15
Jan.
Jan.
Dec.
24
Jan.
Dec.
15
Jan.
Jan.
Dec.
22
Dec.
Dec.
22
Jan.
Jan.
Dec.
3
Mar.
Mar.
1
Jan.
Dec.
Jan.
Dec.
Jan.
Dec.
20
tSIM
15
31
15
Jan.
Dec. 30
Feb.
Jan,
Jan.
15c
Jan.
29
Dec. 31
Dec. 20
(s.-a.)
Stokely Bros. & Co. 7% conv. preferred (quar.).
7% non-con v. preferred (quar.)
Strawbridge & Clothier, 7% preferred
Sudbury Basin Mines
Sun Life Assurance of Canada
Superheater Co. all outstanding stock (quar.)_
SupersQk Hosiery Mills 5% pref. (s.-a.)
Supertest Petroleum, Ltd. (s.-a.)
_
"
I.IIIIIII
Dec. 20
Feb.
Jan.
7
Feb.
Jan.
7
Feb.
Jan.
7
SIM
$1
43 Mc
Jan.
Dec.
17
Jan.
Dec.
Dec.
30
43 Mc
Jan.
16
t75c
Jan.
Dec.
Dec.
10c
Jan.
25c
Jan.
Jan.
Jan.
S2M
Stein & Co. preferred A
(quar.)
Stetson (John B.) preferred
Jan.
t$3M
Quarterly.
Preferred (quar.)
SIM
JS2
t43Mc
t43Mc
Steel Co. of Canada
(equalizing dividend)
Jan.
Dec.
Jan.
50c
Jan.
25c
Jan.
Jan.
75c
12c
Symington-Gould Corp
Taoony-Palmyra Bridge, preferred (quarterly) II
Talcott (James) Inc., common
;
5M% participating preferred (quar.)
Tamblyn (G.) Ltd. (quar.)
5% preferred (quarterly)
Jan.
50c
211
Jan.
30c
25c
Jan.
SIM
Jan.
Feb.
15c
Jan.
68 Mc
Jan.
20c
62 Mc
Jan.
Jan.
Dec.
Dec.
16
15
14
16
5
17
17
Dec.
Dec. 17
Dec. 17
Dec. 31
3 Dec. 10
llDec.
1
18 Dec. 31
IDec. 17
1 Dec. 15
1 Dec. 15
3 Dec. 15
3 Dec. 15
Dec.
15
Jan.
2 Dec.
10
Common (quar.)
United Fruit Co. (quar.)
Jan.
3 Dec.
Jan.
3 Dec.
10
Jan.
2 Dec.
16
Jan.
2 Dec.
16
Jan.
3 Dec.
15
Jan.
3 Dec.
Jan.
3 Dec.
15
Jan.
3 Dec.
15
20
Jan.
3 Dec.
Jan.
15 Jan.
5
3
Dec.
15
Jan.
3 Dec.
1 Dec.
15
21
Jan.
3 Dec.
Jan.
3 Dec.
15
Jan.
2 Dec
20
SIM
Jan.
3 Dec.
15
20'
Jan.
Dec.
3
SIM
SIM
SIM
SIM
SIM
Jan.
3 Dec.
15
Jan.
3 Dec.
1
1
Jan.
1
Dec.
20
Jan.
1
Dec.
20
1
Feb.
Jan.
18
20c
Jan.
15 Dec.
31
Apr.
July
15 Mar. 21
Jan.
Jan.
3
Dec.
10
Jan.
3 Dec.
10
15 June 30'
3 Dec.
8
75c
Jan.
15 Dec.
20-
S2M
S2M
Jan.
3 Dec.
20
Jan.
3 Dec.
2<j
50c
75c
Jan.
3 Dec.
Jan.
3 Dec.
27
27
50c
Jan.
3 Dec.
27
15%
Jan.
6 Dec.
3
S2M Jan.
10
Dec.
20
50c
2^
Jan.
Jan.
15 Dec.
Jan.
5 Dec.
United Stockyards
(quar.)
Preferred (quarterly)
12Mc
17Mc
Jan.
15 Jan.
Jan.
15 Jan.
United States Gauge Co. (s.-a.)
S2M
SIM
SIM
68 Mc
tSIM
Jan.
7% preferred (s.-a.)
United States Gypsum Co. preferred (quar.)
United States Hoffman Machinery preferred—
United States Leather Co.. 7% preferred
United States Playing Card (quarterly)
Extra
United States Smelt., Ref. & Min. Co. common.
(quar.)
United States Sugar Corp pref. (quar.)
Preferred (quar.)
Preferred (quar.)...
A
United States Trust Co. (quar.)
5 Dec.
3 Dec.
Jan
3 Dec.
14
14
3
3
20
20
Jan.
3 Dec.
8
Feb.
11 Jan.
21
Jan.
3 Dec.
10
1
Dec.
16
1
25c
Jan.
25c
Jan.
Dec.
16
SI
Jan.
15 Dec.
10
87Mc
SIM
SIM
SIM
Jan.
15 Dec. 28
15 Dec. 15
Jan.
Apr.
July
15 Mar. 15>
15c
Jan.
3 Dec. 21
75c
Feb.
1
12
—-.—-
Universal Leaf Tobacco Co., Inc
Preferred (quar.)
Jan.
15 June
Jan.
1512
SIM
new
Vermont & Boston Telegraph Co
Virginia Public Service. 7% pref. (quar.)
Feb.
3 Dec. 28
1 Jan. 27
SI
25c
Upper Michigan Power & Light Co., pref
Van Camp Miik Co., pref. (quar.)
Jan.
3 Dec.
Jan,
July
1
1 June
15^
Jan.
1
Dec.
10
1 Jan.
20 Jan.
15
Jan.
Apr.
July
20 Apr.
20 July
11
11
Oct.
20 Oct.
3 Dec.
10
$2
Virginian Ry.. pref. (quarterly)
Vulcan Detinning pref. (quar.)
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Wagner Baking Corp. 7% preferred (quar.)
Waltham Watch Co.
prior preferred (quar.)..
Prior preferred (quar.)
Prior preferred (quar.)
Prior preferred (quar.)
Warren Foundry & Pipe (quar.)
(quacA
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
Feb.
Jan.
Dec.
27
17
10^
15
Jan.
4 Dec. 24
Apr.
July
2 Mar. 26
Oct.
3 Sept. 24
1 Jan. 15
50c
2 June 25
Feb.
25c
Jan.
3 Dec.
17
15
Jan.
SIM
SIM
SIM
SIM
SIM
6% preferred
7% preferred
West Penn Power Co., 6% preferred
1
3 Dec.
3-38 Dec.
16
15
15
Feb.
15 Jan.
21
Feb.
15 Jan.
21
Feb.
—
5% preferred (semi-annual)
Western United Gas & Elec., 6M% pref. (quar.)
6% preferred (quar.)
Westinghouse Air Brakes (quar.)
Quarterly
Quarterly
Quarterly
Westminster Paper Co. (semi-ann.)
Westmoreland, Inc
5
1 Jan.
Jan.
3 Dec.
5
15
75c
(quar.)
Western N. Y. & Penna. RR. (s.-a.)
1 Jan.
Feb.
30c
7% preferred
West Point Mfg. (quar.)
Western Grocers, Ltd. (quar.)
Jan.
SIM
SIM
SIM
SIM
SIM
Jan.
Jan.
Jan.
Jan.
Jan.
15 Dec. 20
15 Dec. 20
3 Dec. 31
3 Dec. 31
3 Dec. 15
3 Dec. 15
31 Dec. 31
25c
Jan.
25c
Apr. 30 Mar. 31
July 30 June 30
Oct. 31 Sept. 30
1
May
25c
25c
25c
25c
Weston Electrical Instrument class A (quar.)
Weston (Geo.) Ltd
—
West Texas Utilities, preferred
50c
20c
Jan.
Jan.
3 Dec.
Jan.
3 Dec.
—
tsi
SIM
Jan.
Jan.
3
3
3
SIM
preferred (quar.)
—
Jan.
SIM
SIM
Whitman (Wm.) & Co., Inc.. 7% pref. (qu.)
Wichita Union Stockyards, 6% pref. (s.-a.)
Jan.
2
Jan.
3
S3
75c
Jan.
Jan.
Jan.
Will & Baumer Candle,
pref. (quar.)
Willys-Overland Motors, pref. (quar.)
Wiser Oil Co. (quarterly)
Wright-Hargreaves Mines, Ltd. (monthly)
$2
Jan.
25c
Jan.
10c
Extra
J an.
15c
Jan.
5c
Jan.
10c
(special)
Wrigley (Wm.) Jr. Co. (monthly)
Monthly...
Monthly
Monthly
Wuriitzer (Rudolph)
preferred (quar.)
Yale & Towne Mfg. Co
Young (J. S.) Co. (quar.)
Preferred (quar.)
Youngstown Sheet & Tube Co. 5M % Pref. A—
...
Jan.
25c
Jan.
25c
25c
Feb.
15
3 Dec. 20
Jan.
10c
Preferred (quarterly)
West Virginia Pulp & Paper Co
Whitaker Paper Co
Preferred (quar.)
Wieboldt Stores. Inc., 6%
Prior preferred (quar.)
2 Dec.
50c
Preferred
Jan.
12Mc
Extra
3 Dec.
2 Dec.
15
Jan.
50c
West Jersey & Seashore RR. Co. (s.-a )
West Penn Electric Co.,
Jan.
SIM
Wayne Knitting Mills pref. (s.-a.)
Wayne Pump Co
Wesson Oil & Snowdrift Co., Inc
*
17
31 Jan.
Jan.
62 Mc
Interim
8
1 Jan.
Jan.
37 Mc
Waukesha Motor Co.
15
Feb.
United Shoe Machinery (quar.)
Preferred (quar.)
Ventures, Ltd.,
10
Jan.
25c
S3 participating preferred (quar.)
$3 participating preferred (partic. div.)
United Molasses Co., Amer. dep. rec. ord. reg._
Less tax and deposit expenses.
United New Jersey RIt. & Canal (quar.)
United Securities, Ltd. (quar.)
Preferred
15
75c
*
30c
31 Mc
75c
3
SIM
....
SIM
SIM
SIM
15
Jan.
Common
United Corp. S3 cum. preferred (quar.)«
United Dyewood Corp., pref. (quar.)
,
20c
3 Dec.
20c
-
_
Scovill Mfg. Co
Scranton Electric $6 pref. (quar.)
Sears, Roebuck & Co. (extra)
Securities Holding Corp. 6% pref
Jan.
80c
7% pref. (quar.)
—
Joseph Ry., Lt., Heat & Pow. Co., 5% pref_.
—
United Milk Products
25c
Root Petroleum, $1.20 pref. (quar.)
Rubinstein Glelena) class A (quar.)
Swift & Co
Union Electric Co. of Mo.,
Union Pacific RR
15
$2M
6%
6%
—
Common
Rome & Clinton RR
Extra
Twin State Gas & Electric, prior lien (quar.)
Union Carbide & Carbon Corp
3 Dec.
Jan.
Dec.
50c
Twin Disc Clutch Co
Jan.
l!Dec. 20
3
20c
50c
20 Jan.
15
Jan.
1M
$3
Co
7% preferred (quar.)
Tunnel RR. St. Louis (s.-a.)
United Industrial Loan Bank (Brooklyn)
Extra
25c
Preferred B (semi-ann.)
Supervised Shares, Inc. (quarterly)
Sussex RR. (s.-a.)
Coal
20
25c
Quarterly
Russeks Fifth Avenue, Inc..
Truax-Traer
TubizeChatillon,
3 Dec.
Jan.
15
Dec.
15c
Jan.
Jan.
Dec.
3
Tidewater Associated Oil Co. preferred (quar.)..
SIM
15c
Tip-Top Tailors, Ltd. (quarterly)
7% preferred (quarterly)
SIM
Toledo Edison Co., 7% pref. (monthly)
58 l-3c
50c
6% preferred (monthly)
41 2-3 c
5% preferred (monthly)
i.«
Toledo Light & Power Co., pref. (quar.)
SIM
30c
Torrington Co
TowleMfg. Co
SIM
Trade Bank (N. Y.) (quar.)
15c
Traders Financial Corp. 6% preferred A (qu.)_
SIM
7% preferred B (quar.)
SIM
Tri-Continental Corp.. 6% pref. (quar.)
SIM
Jan.
37 Mc
Amer. dep. rec. for ord. reg.
Texon Oil & Land Co., common..
15
3
50c
Corp
3 Dec.
Jan.
60c
—
Roeser & Pendleton, Inc. (quar.)
reg.
Texas
Jan.
Jan.
50c
75c
10c
10
SI.80
SIM
20c
28
SIM
1 Dec.
IDec.
__
28
SIM
SIM
5% first prererred (quar.)
6% preferred (quar.)
7% preferred (quar.).
7.2% preferred (quar.)...
6% preferred (monthly)
7.2% preferred (monthly)
15
60c
Rich man Bros. Co. (quarterly)
Richmond Water Works Corp., 6% pref. (quar.)
Riverside 8ilk Mills, class A (quar.)
—
St. Louis
1
60c
Rice-Stix Dry Goods, 1st pref. (quar.)
2nd preferred (quarterly)
St.
10
Feb.
—
Class B
Rolls-Royce, Ltd., ord.
10
Dec.
—
Reynolds (R. J.) Tobacco Co
10
Dec.
Dec.
Tennessee Electric Power Co.—
24
15 Dec. 31
15 Dec. 24
Dec. 21
Holders
Payable of Record
60c
Extra
15,Dec. 17
Premier Shares, inc
Procter & Gamble, 8% pref. (quar.)
Public National Bank & Trust *quar.)
When
1938
Tech-Huvhes Gold Mines (quarterly)
Taylor Markets (quarterly)
15 Dec. 31
10 Dec.
__
Share
Name of Company
4iDec.
Pittsburgh Screw & Bolt Corp. pref. (quar.)
Jan. 1,
2
16
Dec. 15
Dec. 15
Dec. 21
Dec. 18
Dec. 18
Dec. 18
15 Jan.
10
1 Dec. 24
1 Dec. 24
1 Dec. 20
1 Dec. 15
3 Dec. 12
3 Nov. 24
3 Nov. 24
15 Dec.
1
3 Dec. 20
1 Jan. 20
Mar.
1 Feb.
26c
Apr.
SIM
Jan.
1 Mar. 19
1 Dec, 21
15c
Jan.
3 Dec.
SIM Jan.
SIM Jan.
J an.
SIM
19
6
1 Dec. 24
1 Dec. 24
1 Dec.
9
Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in the
deduction of
a
tax of
5% of
case
of non-residents of Canada^
be amount of such dividend will be made.
Volume
146
Chronicle
Financial
Weekly Return of the New York City
Clearing House
New
weekly statement issued by the New York
Clearing House is given in full below:
OF
MEMBERS
ASSOCIATION
FOR
THE
OF
Clearing House
YORK
ENDED
*
♦
NEW
THE
WEEK
Surplus and
DEC.
24,
Net Demand
Undivided
Capital
Members
CLEARING
FRIDAY.
following shows the condition of the Federal Reserve
Bank of New York at the close of business Dec. 29, 1937,
in comparison with the previous week and the corresponding
HOUSE
date last year:
1937
Deposits,
Average
13,252,400
-139 ,108.000
25.804,400
385 ,477,000
77.500.000
58,932.400 al,441 ,218,000
422 ,134.000
54,330,900
171,597,000
180.657,900 61,261 ,976.000
450 ,876,000
44,247,000
Gold certificates
40,129,000
National City Bank
57,452,000
Guaranty Trust Co
90,000.000
Manufacturers Trust Co
42.661.000
Cent Hanover Bk&Tr Co
21,000.000
68,756.100
11,972,000
Other cash
12.442,000
685 ,642.000
17,632.600
240 ,544.000
25,107,000
10,000,000
105,095,400
428 ,246.000
4.911.000
Irving Trust Co
Continental Bk & Tr Co
50.000,000
61,140,100
4,095,300
469 ,796.000
6,010.000
38 ,525.000
3,767.000
126,158,500 cl,840 ,813,000
48 ,176.000
3,529,900
d730 ,572,000
76,151,400
13 ,258,000
1,301,800
52,028,000
2,903,000
100,270.000
Fifth Avenue Bank.—
500.000
Secured
25,000.000
10,000,000
5.000 000
9,061.900
90 ,422.000
10.296.000
12.500.000
28,125,700
288 ,951.000
37,371,000
2,822,000
51,624,000
7.000,000
7,976.700
8,665,900
9,131,839,000
Totals
523,431,000
*
As per official reports:
companies, Sept. 30. 1937.
Includes deposits
National
Sept. 30,
in foreign branches
as
follows:
United
BUSINESS
NOT
IN
CLEARING
AND
HOUSE
ENDED
STATE
Including
Investments
Bank Notes
$
%
Grace National
19,898,700
19,222,000
Trade Bank of N Y_.
4,503,215
Brooklyn—
Lafayette National..
People's National...
6,392,200
4.900,000
Sterling National
TRUST
N.
THE
CLOSING
739,704,000
645,243,000
750,319,000
655,383,000
71,000
4,144,000
166,892.000
9,969.000
11,169,000
Uncollected items
Bank premises
All other assets..^.........^.
10,833,000
FIGURES
Y. and
Deposits—Member bank
Banks and
Gross
Trust Cos.
Deposits
$
Foreign bank
869,000
7,472,000
4,331,000
26,386,300
28,359,000
235,002
3,047,505
220,106
6,956,682
373,900
1,481,400
7,745,500
130,000
720,000
399,700
325,000
COMPANIES—AVERAGE
Total deposits
171.116.000
5,480,000
3,100,000
.....
Total liabilities..:
Dep. Other
Banks and
Trust Cos.
Deposits
$
$
I
2,672,000
Ratio
of
total
4,590,371,000 4.554,984,000 4,375,014,000
to
reserve
deposit
and
'
F. R. note liabilities combined
Federation
Fiduciary
Lawyers
United
States
Brooklyn—
Brooklyn
Kings County..
*
$
*8,286,500
12,413,300
239,532
*1,330,950
3,932,500
1,192,286
1,757,696
2,384,917
15,621
*7,409,600
441.100
423,400
28,157,100 *10,935.300
67,544,571
28,409,790
Fulton
1,045,700
77,367,000
30,834,094
Commitments
12.200,379
39,420,000
9,380,544
make
to
industrial
71,000 113,061,000
13,798,933
4,598,000
85.8%
ad-
vances
22,989.400
38,175,100
81.238.481
606,000
purchased
for foreign correspondents
67,062,300
10,292,070
84.4%
623,000
bills
84.7%
4,555,000
Contingent liability 'on
15,277,555
4,322,000
2,360.586
7,744,000
8,849,000
14,426,000
Gross
Elsewhere
51,474,000
7,744,000
9,117.000
50,590,000
50,825,000
7.744,000
9,117,000
.
191,223,000
51,056,000
51,474,000
—
154,006.000
51,059,000
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies..
All other liabilities
N.
Y. and
3.343,155,000 3,312,859,000 3,135,828,000
Deferred availability items
FIGURES
Res. Dep.,
52,811,400
9.092,006
10.971,405
19,375,700
10,866,000
31,255,000
9,969,000
S
2,951,900
Loans,
Empire
84,000
7,734,000
194.671,000
953,606.000
915,529,000
966,056,000
3,041,232,000 2,986,485,000 2,902,122,000
42,021,000
19,997.000
104,251,000
62,453.000
34,284,000
68,213.000
197.449,000
95,171,000
238,164,000
reserve acc't..
U. S. Treasurer—General account
7,303,500
$
130,269,000
Liabilities—
Dep. Other
,
$
Investments
Manhattan—
1,100,000
4,590,371,000 4,554,984,000 4,375,014,000
OF
Elsewhere
Cash
158,939,000
69,000
4,546.000
177,089.000
Total assets
WITH
Rts. Dep
139,000
Disc, and
356,035,000
189,679,000
749,141,000
—
Other deposits
Manhattan—
216,814,000
333,211,000
739,704,000
F. R. notes In actual circulation
Other Cash,
Disc, and
6,026,000
604,000
THURSDAY, DEC. 23, 1937
BANKS—AVERAGE
Loans,
1,004,000
4,583,000
216,814,000
333,211,000
189,679,000
Total bills and securities
FOR THE WEEK
NATIONAL
3,014,000
States Government securities:
Due from foreign banks
Federal Reserve notes of other banks..
publishes regularly each week
trust companies which
are
not members of the New York
Clearing House.
The
following are the figures for the week ended Dec. 23:
INSTITUTIONS
5,028,000
$283,671,000; 6 $92,019,000;
a
number of banks and
a
2,410,000
1,006,000
4,577,000
Total U S. Government securities..
1937; trust
4,633,000
395,000
3,854,000
Treasury bills
The New York "Times"
of
3,596,000
258,000
Bonds
C$122,474,000; d $42,284,000.
returns
64,583,000
69,028,000
obligations
Treasury notes
680,646,000
1937; State, Sept. 30,
Govt,
S.
Bills bought In open market
Industrial advances
2,484,000
81 ,371,000
894,916,300
46.569,000
74 .734,000
7,000,000
U.
Total bills discounted
Marine Midland Tr Co..
Public Nat Bk & Tr Co.
by
direct or fully guaranteed
Other bills discounted
Title Guar A Trust Co..
Comm'l Nat Bk & Tr Co
80,254,000
3,638,388.000 3,612,756,000 3,475,021,000
Bills discounted:
Bankers Trust Co
New York Trust Co
3,556,816.000 3,542.410.000 3,409,003,000
1.435,000
1,318.000
1,318,000
f
Total reserves.
51,872.000
15.000.000
First National Bank
Chase National Bank
30, 1936
hand and due from
on
United States Treasury_x
Redemption fund—F. R. notes.—.
89,290,000
Corn Exch Bank Tr Co-
4.000.000
Dec.
Assets—
?
6,000.000
20.000,000
20.000.000
29, 1937 Dec, 22, 1937
Average
Bank of Manhattan Co.
I Chem Bank &
Trust Co.
•
-
Dec.
Bank ofNYA Trust Co
i
York
The
City
Time
.■* Deposits,
Profits
of the Federal Reserve Bank of
Condition
The
STATEMENT
61
t "Other cash" does not Include Federal Reserve
8,632,000
notes or a bank's own Federal
Reserve bant, notes.
x
These are certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
over
100 cents
Includes amount with Federal Reserve
as
follows'
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.
Empire, $6,Q34,600; Fidu¬
ciary, $946,841; Fulton. $7,056,000; Lawyers, $10,087,508.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System
upon the figures for the latest week appears in our department of "Current Events and Discussions'\
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the
described in
an
statement of May
19, 1937, various changes
were
announcement of the Federal Reserve Bank of New York of
The changes in the report form
made in the breakdown of loans
April 20, 1937,
as
as
reported in this statement, which
were
follows:
confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and
agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to
brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include
cial paper
bought in
"acceptances of
open market"
Subsequent to the above
would
A
are
under the revised caption "open market paper,"
bank purchased or discounted" with "acceptances and
instead of in "all other loans," as formerly.
own
announcement it was made known that the new items
each
be segregated as
more
detailed explanation of the revisions
"on securities"
and
"otherwise secured and unsecured."?
was
ASSETS
Total
Boston
$
New York
%
'
.
published in the May 29, 1937, issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS IN
Federal Reserve Districts—
commer¬
"commercial, industrial, and agricultural loans" and "other loans"
Phila.
101 LEADING CITIES
Cleveland Richmond
BY DISTRICTS, ON DEC. 22,1937 (In Millions of
Chicago
St. Louis
$
Atlanta
$
Minneap. Kan. City
Dallas
Dollars)
San Fran.
$
$
1,208
8,744
1,116
1,834
645
564
2,988
658
389
676
514
2,144
649
3,967
460
714
255
298
985
323
181
280
254
1,052
576
37
247
45
43
15
12
51
48
10
17
11
40
4,041
262
1,686
171
248
99
151
546
149
80
159
151
339
472
Loans—total
21.480
9,418
Loans and Investments—total
80
206
20
19
15
4
49
9
7
22
3
38
$
$
$
$
$
$
$
Commercial, Indus, and agrlcul. loans:
On securities
Otherwise secured and unsecured..
Open market paper
Loans to brokers and dealers
Other loans for purchasing or carrying
31
727
19
23
4
6
49
6
1
4
3
15
35
304
36
40
19
15
91
13
9
13
15
59
1.166
84
236
59
175
30
27
87
47
6
21
21
373
71
6
37
2
3
2
2
5
9
1
1
3
727
Real estate loans
Loans to banks
887
649
securities
62
263
51
120
30
26
46
12
15
11
78
Other loans:
On securities
Otherwise secured and unsecuredUnited States Government obligations
13
829
52
261
57
43
41
55
61
31
55
28
38
107
8,067
1,110
406
3,261
303
797
280
157
1,420
195
153
238
182
675
by U. 8. Govt.
23
408
90
63
47
33
189
46
14
45
28
Reserve with Federal Reserve Bank..
2,885
5,335
Obligations fully
guar,
Other securities
Cash In vault
Balances with domestic banks
Other assets—net
124
130
1,108
263
260
63
76
394
94
41
113
50
293
311
2.635
229
328
131
1,04
802
141
72
160
111
311
367
41
89
21
44
21
12
74
12
6
13
12
1,825
1,288
109
151
128
171
107
97
306
92
77
216
164
81
559
87
.106
37
37
88
23
17
22
28
14,423
976
6,286
772
1,060
406
323
2,178
404
257
485
393
883
5,201
269
1,074
271
729
192
185
871
183
121
145
127
1,034
689
40
375
25
20
14
18
88
10
2
14
22
61
5,042
192
2,035
258
304
209
189
719
232
115
348
198
243
22
207
*
203
LIABILITIES
Demand deposits—adjusted
Time deposits.....
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
444
3
1
1
1
1
14
7
1
4
Other liabilities.
859
26
381
25
20
26
7
24
7
8
3
6
Capital account
"""326
3.630
238
1,617
227
349
93
89
370
90
57
92
82
326
8
406
1
8
2
***
Jan. 1,
Chronicle
Financial
62
Weekly Return of the Board of Governors
1938
of the Federal Reserve System
Board of Governors of the Federal Reserve System on Thursday afternoon, Dec. 30,
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results,
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of " Current Events and Discussions."
following was issued by the
The
Dec.
(000) omitted
Thru ciphers
Dec. 8,
Dec. 1,
Nov. 24.
1937
1937
1937
1937
Nov.
1937
S
$
3
DEC. 29, 1937
10,
30,
Dec.
3,
Not.
1936
1937
$
$
$
$
9.124.896
9,381
308,145
8,851,878
325.221
9.124.891
9.381
306,008
9,451,525
9,458,406
9,440,280
9,442,422
9,112,291
12,072
4.961
11,597
4.266
14,414
4,282
14,711
16,950
4,521
6,265
7,369
856
17,390
17,033
15,863
18,696
20,976
24,319
5,377
2,825
2.825
2,831
18,450
2,828
18,464
2,828
18,432
18,589
19,256
2,832
19,332
2.832
19,352
24,768
738.073
1,168,463
738.073
738,073
490,643
1,158.463
1,158,463
648,179
640.054
629,654
1,340,963
598,621
9,120,390
9,121,905
9,122,402
9,123,898
9.912
9,121,907
8.920
9,121,907
9,913
330,544
9,688
9,940
9,287
283,366
313,180
311.282
9,787
322,264
319.183
9,460,848
9.413,668
9.444,007
9.442.877
9,453,956
9,340
3,507
11,699
12,004
12,210
4,422
3,768
5.180
12,847
16,121
15,772
2,827
18,291
—
--
Not.
1937
1937
$
1
17j
9,120,391
8. Treas.x
fund (Federal Reserve notes)
Total reserves
Dec. 16,
$
ASSETS
Redemption
Dec. 22,
29,
1937
and due from U.
Gold ctfs. on hand
RESERVE BANKS AT THE CLOSE OF BUSINESS
RESOURCES AND LIABILITIES OF THE FEDERAL
COMBINED
2,825
18,380
12,741
247,672
Bills discounted:
Secured
by
U.
direct or fully
8. Government
guaranteed—
obligations.
Other bills discounted
Total bills discounted
Bills bought in open
market
Industrial advances
-
3,089
751,539
Treasury bills
738.073
738,073
738.073
1,134,997
1,168,463
657,479
657,479
657.479
1,168,463
657,479
1,168,463
657.479
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,554,715
2,536.590
2,526,190
2,564,015
—
securities
Total U. 8. Government
771.539
1,154,997
657,479
Treasury notes
751,539
1,154,997
securities—Bonds.-
United States Government
2,430,227
2,601,295
2,595,498
2,579,730
2,572,693
2,463,461
...
■
......
■
■
■
Foreign loans on gold
2,602,680
2.602,340
25.892
23.785
25.427
27.262
29,225
589.718
736.957
638.847
581.920
760,266
45,344
45,365
45.365
45.364
48,082
""181
23.358
26,314
681,498
774,034
569,040
45,251
45,284
45.269
36,066
46,223
43,860
42,470
41,720
40,730
36,956
178
25,784
670,245
45,268
44,161
41,253
12,841.932
12,757,802
12,902,656
12,771,542
12,710.564
12,454,798
4,279,489
4,264,829
4,249,618
4,277,419
4,284,159
4,278,786
6,948,927
113,302
6,922.400
6,879.403
6,571,721
12,853,021
12,800,524
12,923,974
12,732,584
4,283,385
Total assets
4,346,383
4.293.307
4,294,885
LIABILITIES
Federal Reserve notes In actual
circulation
253,936
94,016
214,742
237,178
209,879
227,788
179,918
7,542,456
7,547,039
7,560,970
7,501,261
7,481,493
7,076,484
669,928
132.518
145,854
27,615
35.734
8,338
595,428
132.505
742,234
132,605
642,771
595,440
132.541
132,682
145,854
145.854
27.615
145.854
27.615
145,501
27,615
145,854
27,615
35,709
35,709
8,151
35,742
7,579
34,251
8,823
35,742
8,339
12,902,656
12,771.542
12,710,564
219.700
7,523,763
188,837
216.438
225,938
280,868
202,583
7,477,202
7,534,968
Deferred availability Items
681,839
625,146
744,682
560,213
Capital paid in.
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
132,737
132.619
132,550
132,534
145,854
27,615
35,673
145,854
145,854
145,854
27,615
27,615
27,615
35,673
35,697
35,733
10,945
10,032
9,301
11,987
liabilities
272.742
176.637
272,492
186,855
7,534,973
Total deposits
139,237
266.227
241.843
172,634
—
»
135,165
270,068
6.906.472
6.884,407
231,540
239,983
Foreign banks
Other deposits..
178
6,888.943
110,826
6,836,282
6,854,904
152,593
6,982,752
139,604
Deposits—Member banks' reserve account
United States Treasurer—General account..
.
*
12,853,021
Reserve note liabilities
12,800,524
12,923,974
12.732,584
12,841,932
12,757.802
80.0%
80.0%
80.3%
79.8%
79.9%
80.1%
79.6%
80.1%
80.1%
Total liabilities
Ratio of total reserves to deposits
2,486
2,586
purchased
for
1,696
1,680
1,785
1,683
1.888
2,169
J3,249
13,431
14,403
12,955
13,137
13,522
12,841
13,316
12,780
1-15 days bills discounted
10,697
13,061
13,326
15,349
14,889
13,903
16-30 days bills discounted
395
914
826
381
582
972
434
625
414
426
428
275
759
748
758
760
478
604
383
679
12,847
16,121
16,772
17,390
17,033
1,269
1,545
Commitments to make Industrial advances—
Maturity Distribution of Bills and
Short-term Securities—
31-60 days bills discounted
61-90 days bills discounted.
230,829
739,938
130,833
27,088
21.917
12,454,798
2,219
and Federal
combined
Contingent liability on bills
foreign correspondents.
—
Over 90 days bills discounted
Total bills discounted...
1-15 days bills bought in open
16-30
""220
181
21,629
685,237
45,235
37,802
items
premises
other
173
181
25,740
banks
All other assets
All
173
175
"""179
—
Federal Reserve notes of other
Bank
2,601,044
~
Due from foreign banks
Uncollected
2,601,341
2,597,980
Total bills and securities
Gold held abroad
market
days bills bought in open market
days bills bought in open market
days bills bought In open market
90 days bills bought in open market
"""438
16,903
18.533
21,956
247
180
704
650
628
403
426
429
237
277
347
448
808
933
966
836
15,863
18,696
20,976
24,319
767
586
1.451
232
544
485
J .269
174
1,990
297
539
485
544
1,451
1,919
1,966
80.2%
20,959
4,737
171
161
302
6
5,377
194
63
250
400
"""268
173
353
25
1,989
791
196
1,107
615
297
1,288
2,825
2,825
2,828
2,828
2,832
2,832
2,825
2,831
3,089
2,827
1,091
1,226
1,032
1,167
1,334
1,037
1,014
1,305
922
1-15 days industrial advances
337
563
596
288
260
302
271
323
16-30 days Industrial advances
842
784
758
799
916
577
684
866
31-60 days Industrial advances
244
751
468
515
802
689
438
471
624
827
392
791
15,675
15,576
16,256
16,259
15,749
16,187
22,003
15,640
15,878
18,432
18,450
18,464
18,589
19,332
19,352
18,380
19,256
24,768
18,291
49,011
33,103
41,783
57,681
147,816
2,283,632
28,285
31,255
31,370
38,083
54,053
147,937
32,103
51,768
145,392
28,285
57,016
29,539
31,255
23,499
59,486
54,426
2,295,657
2,294,197
141.932
2,277.987
139,147
2,266,763
63,548
2,285,514
2,564,015
2,564,015
2,554,715
2,536,590
2,526,190
2,430,227
31-60
61-90
Over
Total bills bought in open market..
61-90 days Industrial advances
Over 90 days industrial advances
Total
Industrial
advances
15,626
24,385
33,296
68,350
265,086
2,172,899
...
61-90 days U. 8. Government securities
Over 90 days U. 8. Government securities
Total U. 8. Government securities
26,333
27.720
66,471
240,424
63,926
180,299
2,203,067
2,246,394
46,083
26,333
141,932
70,582
2,279,085
2,564,015
1-15 days U.S. Government securities
16-30 days U. 8. Government securities
31-60 days U. 8. Government securities
921
2,564,015
2,564,015
2,564,015
24,385
2,582
669
669
3,240
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—
In actual circulation..
4,709,922
4,669,198
4,665,962
4,615,443
375,891
371,077
4,623,603
344,114
4,608,797
343,968
365,825
4,609.218
331.799
4,604,267
320,108
363,539
4,637,989
359,203
4,293,307
4,294,885
4,279,489
4,264,829
4,249,618
4,284,159
4,278,786
4,346,383
4,277.419
4,283,385
Held by Federal Reserve Bank
4,683,094
399,709
Issued to Federal Reserve Bank by F. R. Agent
4,730,632
15,118
4,705,632
4,690,632
4,645,632
4,644,632
4,654,132
14,801
16,677
20,000
20,000
15,293
20.000
18,195
20,000
4,645,132
23,938
20,000
20,000
16,450
20,000
4,643,132
20,443
20,000
4,616,838
4,735,132
11,950
4,740,433
4,727,309
4,682,082
4.679,925
4,692,327
4,683,575
4,689,070
4,716,474
4,765,750
Collateral Held bp Agent as Security for
Notes Issued to Bank—
Gold ctfs;
hand and due from U. 8. Treas..
on
By eligible paper
United States Government securities
25,000
Total collateral
•
"Other
x
These
4,772,082
cash"
are
does
not
include
Federal
Reserve
-
notes,
f
Revised
figure.
certificates given by the United States Treasury for the gold
cents on Jan. 31, 1934,
taken over from the Reserve
these certificates being worth less to the extent of the difference, the difference
provisions of the Gold Reserve Act of 1934,
4,636
95,000
banks when the dollar was
itself having been
devalued from 100 cents to 69.06
appropriated as profit by the Treasury under
Volume
Financial
146
Chronicle
63
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
RESOURCES
%
$
New York
$
$
:
%
Minneap. Kan. City
St. Louis
$
$
$
San Fran.
Dallas
$
5
$
$
due
and
hand
on
Chicago
$
:
i
certificates
Atlanta
1937
1.
.
Gold
Cleveland Richmond
Phila.
BANKS AT CLOSE OF BUSINESS DEC. 29,
from United States Treasury
9,120,391
676,706
850
1,318
586
722
32,285
80,254
23,320
25,151
542,433 3,638,388
514,385
702,579
679,691
1.568
319,976
9,460,848
184,191
267,800
761
806
453
554
245
15,207
40,601
13,905
8,811
23,872
12.868
1,197
32.671
246.868 1,799,438
299,011
194,681
292,226
197,304
713,559
285
853
21,599
y
185,417
284,300
230,093 1,758,076
297,524
9,913
...
Total reserves....
490,479
330,544
Redemption fund—Fed. Res. notes..
Other cash *
509,298 3,556,816
•
Bills discounted:
Secured by U. S. Govt, obligations,
9,340
Bills bought in open market
Industrial advances...
3,596
1,886
678
385
521
258
673
231
263
719
82
846
3,854
2,559
909
648
1,240
232
205
t
352
57
1
"""179
900
41
10
735
150
150
12,847
Total bills discounted....
696
3,507
direct and (or) fully guaranteed-.
Other bills discounted-—-—
179
1,252
98
295
734
,
54
80
200
80
2,827
18,291
2,872
4,577
3,645
762
1,773
128
705
237
638
464
966
1,524
751,539
—
U. S. Government securities—Bonds.
54.751
216,814
73,157
39,394
82,655
32,969
24,332
36,717
29,231
56,426
65,059
99.986
293
1,006
269
110
99
78
353
1,154,997
84,144
333,211
63,561
97,685
112,432
60,540
32,899
50,559
127,026
50,670
—
657.479
47,899
189,679
55,607
64,002
34,462
28,780
72,310
28.844
37,392
21,285
32,120
44,926
25,574
Total U. S. Govt, securities.....
2,564,015
186,794
739,704
216,853
249,591
134,396
112,238
281,991
112,483
83,009
125,263
99,731
221,962
2,597,980
190.717
749,141
223,350
251,531
136,927
113,705
283,281
113,533
83,880
127.059
100,875
223,981
Treasury notes.
Treasury bills.——
——
Total bills and securities
179
13
69
18
16
8
6
21
3
2
5
5
13
25,740
411
4,546
3,107
4,219
1,768
1,820
177,089
52,416
23,490
90,043
29,433
4,826
6,215
2,700
2,195
4,601
2,344
3,159
26,307
1,357
2,951
35,899
9,969
18,022
1,522
1,135
32,281
785
71,414
3.001
1,401
69,939
2,316
685,237
45,235
1,281
58,904
37,802
2,129
11,169
4,607
4.022
2,294
1,390
3,332
1,347
1,310
1.600
1,336
3,266
807,371 1,035,703
516.637
390,761 2,184,935
447,439
301,237
457,465
327,969
983,015
Due from foreign banks
Fed. Res. notes of other banks
Uncollected
Bank
56,917
items
premises.
All other resources
Total resources
12,853,021
810,118 4,590,371
3,346
LIABILITIES
F. R. notes in actual circulation.....
4,283,385
285,832
953,606
320,375
436,919
211,833
162,016
994,662
182,765
137,965
168,424
87,039
341,949
6,982,752
406,079 3,041,232
373,430
465,906
219,012
178,060 1,006.555
204.582
124,778
187,987
540,197
4,156
234,934
6,685
5,000
3,351
5,000
13,914
3,966
2,958
342
2,745
15,134
Deposits:
Member bank
reserve account
U. 8. Treasurer—General account-
139,604
5,712
42,021
2,390
12,601
8,729
6,234
26,744
Foreign
bank
172,634
12,587
62,453
16,898
15,863
7,415
6,035
20,002
deposits
239,983
4,070
197,449
2,259
2,956
3,000
2,497
1,361
7,067
5,173
5,212
428,448 3,343,155
394,977
497,326
238,156
192,826 1,054,662
222,034
135,858
246,961
199,083
581,487
90,449
12,920
32,007
17,928
31,926
4,655
2,893
3,116
3,613
545
1,003
1,142
1,174
2,013
941
30,623
3,891
3,851
1,262
1,847
34,907
3,868
21,504
1,416
7,666
1,656
391
461
374
373
847
390,761 2,184,935
447,439
301,237
457,465
327,969
983,015
50
38
'.^-^49
49
119
176
51
111
269
3,007
Other
Total deposits
7,534,973
Deferred availability Items..
Capital paid iu
Surplus (Section 7)
681,839
71,454
171,116
57,839
69,024
51,564
23,002
132,737
9,386
51,059
12,258
13,036
4,896
4,400
145,854
9,826
51,474
14,323
4,869
5,616
Surplus (Section 13-B)
27,615
2,874
7,744
754
35,673
1,570
9,117
1,007
3,121
3,422
Reserve for contingencies
All other liabilities
1,497
1,715
10,945
728
3,100
13,362
4,325
2,999
1,236
947
400
432
807,371 1,035,703
516,637
Total liabilities
12,853,021
Contingent liability on bills purchased
for foreign correspondents
Commitments to make indus. ad vs..
*
"Other cash"
does
not
810,118 4,590,371
'
1,696
12,780
Include Federal
123
623
165
154
72
59
1,706
4,555
173
753
1,634
345
10,046
9.645
2,121
2,013
Reserve notes,
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bank of—
195
4,084
12,242
RESERVE
Total
Boston
New York
Phila.
$
$
$
$
STATEMENT
NOTE
Atlanta
Dallas
St. Louis Minneap. Kan. City
Chicago
s
Cleveland Richmond
s
San Fran.
■
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank....
for notes
.....
143,595
5,630
179,153
97,489
392,255
14,709
10,,729
10,450
50,306
994,662
182,765
137,965
168,424
87,039
341,949
166,000 1,055,000
232
1,046
200,632
140,500
182,000
1,233
99,500
404,000
98
295
183,233
99,698
404,295
341,969
21,594
467,997
227,487
31,078
15,654
4,283.385
285,832
953,606
320,375
436.919
211.833
162,016
4,735,132
11,950
25,000
341,000 1,100,000
784
3,812
347,000
471,500
228,000
2,161
804
648
341,784 1,103,812
banks:
to
hand
on
and
due
from United States Treasury....
paper
_
_
..
U. S. Government securities
Total collateral
United
197,474
328,956 1,091,838
138,232
43,124
by Agent as security
issued
Gold certificates
Eligible
Government
States
York Stock
Securities
Exchange—See following
United States
quoted
5,000
on
349,161
the
472,304
228,648
Transactions
New
the
at
5 1938
12 1938...
Jan.
19 1938
Jan.
26 1938
Feb.
—
....
2 1938.—
Feb.
9 1938
Feb.
16 1938
Feb. 23 1938
Mar.
2 1938
Mar.
9 1938
—
New
York
Stock
Exchange,
Daily, Weekly and Yearly—See page 79.
page.
Averages—See
page
79.
Treasury Bills—Friday, Dec. 31
PARIS BOURSE
THE
Jan.
145,602
201,367
187,046 1,055,232
for discount at purchase.
are
Bid
Jan.
102
735
20,000
Stock and Bond
Rates
$
%
$
184,486 1,030,395
35,733
22,470
4,683,094
399,709
4,772,082
In actual circulation..
Collateral held
%
s
Bid
Asked
0.5%
0.5%
0.5%
0.5%
0.8%
0.8%
0.8%
0.8%
April 20 1938
April 27 1938
May
4 1938
May 11 1938
May 18 1938
May 25 1938
0.11%
June 15 1938
June 22 1938
0.14%
June 29 1938
0.14%
July
61938
13 1938
July
20 1938
each
0.11%
0.11%
0.13%
0.13%
0.13%
0.13%
0.14%
0.14%
0.14%
0.11%
0.12%
0.12%
0.12%
0.11%
0.11%
Quotations of representative stocks as received by cable
Asked
0.15%
0.15%
0.15%
June
1 1938
June
81938
day of the past week:
Dec.
25 Dec. 27 Dec. 28 Dec. 29 Dec. 30 Dec. 31
—
Banque de Paris et Des Pays Has
Banque de l'Unlon Parislenne..
Canadian
Francs
Francs
Francs
6,200
6,200
6,200
1,091
411
-
Francs
6,200
Francs
Bank of France
1,090
413
1.079
410
1,084
408
Francs
6,200
235
224
226
223
25,300
25.100
25,000
25,400
590
595
590
587
1,170
Cle Dlstr d'Electriclte
231
25,300
Pacific
Canal de Suez cap
Mar. 23 1938
Mar. 30 1938
6 1938
April 13 1938—
April
July
1,190
1,190
1,180
1,220
38
38
36
36
38
Citroen B
455
455
455
451
Comptoir Natlonale d'Escompte
-
674
170
674
180
672
170
~
217
450
219
446
670
170
217
Credit Commercial de France..
Mar. 16 1718&19 1938
1,390
1,190
277
480
1,380
1,200
277
476
Cie Generale d'Electrlclte
Cle
Generale
Transatlantlque..
Coty S A.
Courrieres
Credit
—
Lyonnalse
-
Eaux Lyonnalse cap
—
Energie Electrlque du Nord
Energle Electrique du Littoral__
608
603
1.060
770
777
369
24
1.888
69.60
67.40
67.30
75.10
73.80
94.30
Saint Gobain C & C
1,936,
1,935
1,898
1.040
1,035
1,010
1,025
58
100
64
64
100
100
100
1,194
1,200
1,181
1,220
Ry
Orleans Ry 6%
a
Pathe
Capital.
Pechlney
Rentes. Perpetual 3%
Rentes4%, 1917
Rentes 4%, 1918.....
point.
Int.
Int.
Maturity
Dec.
15 1938...
Dec.
15 1941...
Sept. 151939...
Dec.
15 1939...
June 151941...
Mar. 15 1939...
Mar. 15 1941...
June 15 1940...
Dec
15 1940...
Rale
1X%
IX %
IX %
1X%
1H%
1X%
1X%
IX%
IX%
Bid
Asked
Rale
Maturity
101.3
101.5
100.11
100.13
Mar. 15 1942...
101.12
101.14
Dec.
Mar. 15 1940
15 1942
...
...
101.12
101.14
Sept. 15 1942...
100.28
100.28
June 15 1939
101.12
101.14
Sept. 15 1938-..
1 1938...
101.13
101.15
Feb.
101.19
101.21
June 15 1938...
101.16
101.18
Mar. 15 1938--.
1H%
IX%
IX%
2%
2H%
2X%
2X%
2X%
3%
Rentes
Bid
Asked
101.26
101.25
101.19
Rentes
101.21
102.29
102.15
101.27
100.4
4H%. 1932, A
4^%, 1932 B
1920
101.29
Soclete
— -
Francaise Ford
Societe Generale Fonclere.
!
*
101.19
101.21
"J
101.9
101.11
I
Society
Lyonnalse...
Soclete
'
Marseillaise...
-
474
473
473
5,940
60
472
Tublze Artificial Silk preferred..
141
140
136
137
Union d'Electrlclte..
367
371
368
87
86
85
85
1,040
....
....
372
....
69.60
67.40
67.20
75.10
73.80
94.50
5,980
61
....
371
Wagon-Lits.......
/
—
Royal Dutch
102.31
102.13
......
Rentes 5%,
101.28
101.23
....
1,900
Schneider & Cie
HOLIDAY
Llquide
Lyon(PLM).
32ds of
1,360
1,180
611
1,040
770
775
368
24
1,857
69.50
67.25
67.25
74.90
73.60
94.20
5,890
Nord
more
1,380
1.220
275
474
1,060
775
775
368
24
1,915
69.80
67.70
67.75
75.40
74.10
94.80
5,930
Dec. 31
or
170
216
440
612
-
L'Alr
one
1,370
1,180
270
473
•
1.060
771
775
366
24
1,910
69.40
67.50
67.40
75.30
74.10
94.50
6,090
Kuhlmann
Quotations for United States Treasury Notes—Friday,
Figures after decimal point represent
435
....
....
....
Jan.
1, 1938
Exchange
Stock and Bond Sales—New York Stock
daily, weekly and yearly
Occupying Altogether Sixteen Pages—Page One
sales are
sales in computing the range
NOTICE—Cash and deferred delivery
account is taken of such
disregarded in the day's range, unless they are the only transactions of the
for the year.
York Stock Exchange
United States Government Securities on the New
Below
we
furnish
week.
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a point.
Daily Record of U. S. Bond Prices
Daily Record of TJ. S. Bond Prices Dec. 25 Dec. 27
30 Dec. 31
Dec. 25 Dec. 27 Dec. 28 Dec. 29 Dec.
116.28
Low.
116.28
116.28
Total sales in $1,000 units...
10
2
2Ms, 1948-51
107.10
107.8
107.5
107.4
107.8
107.8
107.5
107.4
107.8
107.5
107.4
Total sales in $1,000 units...
12
2 Ms, 1951-54
101.8
101.8
101.3
101.1
101.4
101.6
101.3
100.28
100.31
101.2
101.6
101.3
101.2
101.1
101.4
112.10
112.7
112.8
112.6
112.4
112
112.8
112.0
112.4
112
112.4
112
2 Ms, 1956-59
101.5
101.2
101
100:28
100.30
Low.
101.3
101
100.29
100.27
100.28
101.5
101
100.29
100.27
100.30
•
.
37
99.23
99.17
99.18
99.19
99.30
99.23
99.23
99.20
99.22
66
34
205
62
41
■c:'- (High
(Low.
(Close
102.21
102.19
102.16
102.16
102.18
102.19
102.15
102.16
102.13
102.16
102.21
102.19
102.16
102.16
102.18
110
1,077
1
7
103.30
103.23
HOLI¬
103.23
103.23
DAY
103.30
103.23
Total sales in $1,000 units...
110.18
High
107.21
Low.
107.21
107.10
Close
107.21
107.16
Total tales in $1,000 units...
1
2 Ms, 1949-53..
107.16
7
104,2
2Ms, 1945..
Total sales in $1,000 units
,
Federal Farm Mortgage
104.
(High
104.7
104.6
Low.
104.4
104.3
103.29
103.30
103
[Close
104.6
104.3
104.2
103.31
(High
(Low.
[Close
104
104
3Ms. 1944-64
Total sales in $1,000 units...
29
13
[High
105.13
105.14
105.10
105.9
105.10
Low.
105.13
105.10
105.9
105.8
105.10
Close
105.13
105.10
105.9
105.9
105.10
Total sales in $1,000 units...
25
60
(High
15
3
106.9
Low.
HOLI¬
106.6
106.4
106.4
106.7
106.4
106.4
Federal Farm Mortgage
107.1
107.4
107.2
106.1
105.30
103.24
4
102.21
102.20
102.13
Low.
102.21
102.20
102.13
102.21
102.20
102.13
3
12
High
103.22
103.23
Low.
103.17
103.22
Close
105.28
105.31
106.1
105.30
103.21
103.22
29
3
15
6
1
High
101.25
101.24
101.23
101.19
101.27
Low.
101.22
101.23
101.19
101.19
101.18
101.25
101.23
101.21
101.19
101.27
23
3
18
8
105.30
2
Low.
105.29
Total sales in $1,000 units
3
11
Home Owners' Loan
105.22
105.29
3s, series A, 1944-52
105.25
(Close
105.22
Total sales in $1,000 units..
2Ms, series B, 1939-49..
7
25
High
107.6
107.6
107.4
Low.
107.6
107.6
107.4
107.6
107.6
107.4
Home Owners' Loan
107
Close
107
107.3
8
Total sales in $1,000 units...
(High
107.8
107.6
107
106.30
107.5
107
106.30
107.1
107.8
107.6
107
106.30
107.2
3
14
102.6
102.5
102
101.29
101.30
102.2
102.2
101.20
101.26
101.28
102.5
(Close
103.26
103.20
103.19
103.26
103.21
103.19
103.26
101.8
4
101.6
101.8
101.9
Low.
Odd lot sales,
107.2
107.5
(High
(Low.
2
103.19
103.23
101.6
101.8
101.5
101.6
101.6
Close
*3
33
101.10
101.10
101.8
101.7
101.6
101.9
Total sales in $1,000 units
-(Low.
(Close
Total sales in $1,000 units...
High
2Ms. 1942-44
*
102.2
101.31
101.27
101.29
46
19
103.31
1
Treas.
3
Treas.
2
Treas.
103.28
12
10
t Deferred aelivery sale.
Note—The
bonds.
31
above
includes only sales
registered bonds were:
table
Transactions in
4^8, 1947-52.. 116.18 to 116.18
3%s, 1940-43..106.1 to
106.1
3Ms, 1940-49.. 105.25 to 105.25
2
Treas.
7
Treas.
of
coupon
3Ms. 1949-52.. 105.14 to 105.14
7Jis, 1955-60..101.24 to 101.25
12
104.4
Total sales in $1,000 units...
33
High
103.31
2 Ms, 1945-47..
103.24
Close
105.30
105.31
(High
2 Ms, 1955-60..
103.30
103.30
High
Home Owners' Loan
105.30
Close
3Ms. 1944-46..
103.30
104
2
107
106.1
105.29
103.24
Close
107
106
Total sales in $1,000 units...
*2
104
Total sales in $1,000 units...
107.1
107.1
107.1
Low.
■
104
Total sales in $1,000 units
[High
3 Ms, 1941....
103.19
14
4
Total sales in $1,000 units..
3Ms, 1949-52
103.19
103.21
Low.
Federal Farm Mortgage
2 Ms, 1942-47
107
107.1
107.2
Close
107.1
107.1
107.3
107.4
Low.
3Ms. 1946-49....
103.20
4
Total sales in $1,000 units...
Total sales in $1,000 units...
3Ms. 1941-43..
103.23
103.23
2
Close
3s, 1942-47
4
103.19
103.20
High
106.3
High
103.21
....
1
103.23
103.20
Total sales in $1,000 units..
106.3
DAY
103.20
(High
(Low.
[Close
3s, 1944-49
106.3
Close
<
Federal Farm Mortgage
6
29
106.4
2
Total sales in $1,000 units...
28
3 Ms, 1940-43
99.22
99.25
1
106.7
99.20
Total sales in $1,000 units...
110.18
110.17
■
99.23
5
110.17
Close
3s, 1946-48
4
99.30
110.18
Low.
3s, 1951-55
8
(High
(Low.
(Close
110.17
3Ms, 1943-47...
43
99.30
%
High
3Ms, 1946-60
15
Total sales in $1,000 units...
12
15
15
(Close
112
Close
16
67
26
(High
112.4
112.8
Low.
Total sales in $1,000 units...
102.3
30
157
15
11
Total sales in $1,000 units
10
15
102.3
102.1
Low.
107.3
12
101.28
102.2
Close
107.2
107.10
High
102.3
101.28
102.1
High
107.3
Low.
4s, 1944-54
102.1
102.1
102.9
Total sales in $1,000 units
Close
(High
3 Ms, 1943-45.
102.2
102.5
Low
116.21
1947-52
102.9
Close
116.21
Close
4 Ms,
28 Dec. 29 Dec. 30 Dec. 31
Dec.
102.5
High
Treasury
116.21
High
Treasury
Mortgage
the transactions in Treasury, Home Owners' Loan and Federal Farm
daily record of
a
No
day.
53
Low.
103.28
103.29
103.26
103.31
103.29
103.30
103.25
Total sales in $1,000 units...
11
13
67
United States Treasury Bills—See
10
previous
page.
103.25
.Close
United
States
Treasury
Notes,
&c.—See
previous
page.
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
for
Saturday
Monday
Tuesday
Wednesday
Dec. 25
Dec. 27
Dec. 28
Dec. 29
$ per share
$ per share
$ per share
$ per share
3658
*2914
46
3658
43i2
46%
884
1878
20i2
19
20%
134
134
50
Stock
5314
78
♦62
Exchange
Closed—
Christmas
lli8
1%
151s
*15is
15
Day
9
15l2
17
77«
165
85s
36%
*25
45
115s
13s
16%
16l2
1518
1534
17l2
77S
188a
2012
17g
50*8
167%
884
1134
78
1034
15
13
15
"l%
14l2
13
45
12
2
8
734
49
47
45
12i2
2
20
rl9i2
5934
61
55
19i2
58i4
58
58
54
57
lli2
1214
50%
1012
IH4
50i2
*49
160
1012
6l2
12
2
162
8
1H4
7
49l2
475s
12
2i8
14
S
Mar
6
42
Mar
70
25
4334 Dec 29
85
Aug 13
69
778 Nov 23
17% Oct 19
22% Mar 11
28*8 Feb 3
Apr
Apr
16i2 Oct 19
li2 Oct 15
36
74% Feb
15% Nov
35% Feb
37% Oct
21% Jan
86% Nov
44% Nov 24
i2 Oct 19
7
7
1,500
161
163
4,300
9
*8
9
1,500
7,200
25,250
*77g
11%
0%
*49
47%
12%
2
1134
7
49%
4884
12%
2%
11%
0%
*49
12
7
1
Oct 19
Oct 19
5934 Feb 11
Oct 20
59
100
10
Oct 19
10% Oct 19
68M Feb 17
62is Feb 18
Oct 19
45% Mar 15
war
Industries Inc....
1
Aided Chemical A Dye.No par
Allied Kid Co
5
145
600
24,500
12%
2%
12%
2%
1,500
Alpha Portland Cem
5,500
Amalgam Leather Cos Inc
*16
23
*19
56
57
56
21
57'4
5734
6734
58
58
lis4
11
50
11%
50%
11
52
*49
11%
50%
t In receivership,
a Def'd
900
4,500
1,500
9,100
preferred
6%
couv
Amerada
Am Agric Chem
American Bank
210
delivery,
6%
n
Oct 19
Dec 29
Oct 19
8% Oct 19
1% Oct 19
1
19
50
{Del)..No
Nov 23
6% Oct 18
49
34
Oct 20
51i2Nov23
53% Oct 19
..No pa
par
r
..10
10
Oct 19
50
Note
Preferred
New stock,
10
No par
No par
preferred..
5
7M Dec 28
100
Corp
Oct
0t2 Oct 19
Allied Mills Co Inc....No par
Allied Stores Corp.....No par
47%
19
July
11
493s
58
Mar
13
5%
11
46%
56
2
91
Oct 19
13
Mfg
7
Jan 25
.No par
5%
80% Jan
50
Dec 30
Cash sale,
177, June
22% Jan
*1% Jan
58
Apr
100% Jan 22
war 10c
$2.50 prior conv pref.No par
A ids-Chalmers
9
Jan 26
154* Feb 25
166
Aug 10
583 Feb 18
Allen
162% 164
Jan
Mar 11
20*966
5M%Pret A with $40
5m%Prei A without
4<a
9%
97
146
Allegheny Steel Co
55
Bid and asked prices, no sales on this
day,
Mar
69
Albany & Susq RR
100
Allegheny Corp
No par
5M %Pref A with $30 war 100
5,000
67«
share
65
8
2,800
r678
per
8
10
400
Highest
Nov 26
Alaska Juneau Gold M1e_.
700
$ per share $
share
Nov
11*500
5,700
per
37
..No par
Air Way El Appliance..No par
Ara A Vickeburg RR Co-.100
14
14%.
$
share
36
Air Reduction Inc
15%
1634
14
per
No pa:
..No par
Address MuitigrCorp
..10
Advance Rumely
..Ne par
*13%
1534
16%
54
10i2
$
A da ins-Millie
6,700
3,300
1930
..No par
*12
16
rl9
*49
1,300
1,800
1,200
Year
Lowest
Highest
No pa
.....
Express
14
rl4
1134
71fi
4934
Adams
14
*12
14
165
"i% "T%
Acmr 8te«i Co
1,800
72
11%
Abbott Laboratories..
Abraham a Straus
*12%
15
158
1
""900
Par
15
15l8
612
714
49%
Shares
1,000
Range for Previous
100-Shars Lots
Lowest
1234
*1334
7
1%
1%
n%
On Basis of
Week
37%
43%
45%.
87«
19%
20%
I
Range for Year 1937
YORK STOCK
EXCHANGE
1234
*12
1578
678
11%
31
$ per share
*
NEW
the
15
147S
*4514
l078
Dec.
37%
*36%
43% *__
4334
*43%
87«
8%
18
19%
19%
19%
1%
1%
52%
4884
1
78
72
14
50
50%
III4
78
.
*
16%
20
»
rl%
350%
1414
153s
50
2
13l2
1212
rl9%
7g
72
1034
18
19l2
134
51
%
*
4334
8%
14
50
123g
2%
11%
13
47
12
85S
18
7S
72
*36%
*
Friday
30
$ per share
45
~"i% "T% ""i%
7.
65s
365g
43i2
8I4
1734
193g
15s
49l2
878
*62
Dec.
4334
8%
714
1034
684
11
36i2
*25
46
1838
1958
*134
4878
1
72
37
43%
Thursday
x
Ex-div.
y
Feb 11
Jan
178 Aug
Nov
6% Apr
103
Nov
17% Sep»
195
Mar
2%
12%
Apr
Jan
12%
12%
Jan
61% Nov
601, Nov
Jan
27
Apr
267, July
64% Nov
40% Ool
5% Nov
00
Nov
237S Apr 12
2581* Mar 6
17% Aug 14
33% Jan 16
217, Mar 6
85
Mar
9
83% Jan 22
39*4 Jan 28
87* Mar IS
157
Jan
23
Aug
0*4
Jan
09
Jan
35*,
Jan
19s4 May
4
Oct
245
Aug
*34*
Nov
20% Nov
90
Nov
81
Deo
34% Nov
5%
Dec
52% Mar 15
1147, Mar 11
31% Nor
75
Jan
101% Jan 22
49
July
38
Dec
65%
Ap'
65
Jan
73
Nov
41%
Jan 16
75% Feb
Ex-rlghts.
4
39% Dee
125% Mar
89
Nov
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 2
146
HIGH
SALE
PRICES—PER
SHARE,
NOT
CENT
PER
Sales
STOCKS
NEW YORK
for
Monday
Saturday
Dec.
Dec. 25
Tuesday
27
Dec. 28
44
$ per share
45
120
120
72%
♦161
41%
118
69%
73%
160
16634
24%
22%
45
43%
26%
45%
15%
16%
*93% 105
14
*93%
44
118
95
23
6%
11%
4
92
93
*
6%
11
14%
5%
10%
12%
534
11
80%
80
80
3%
6%
13
4
6
5,900
1034
14
87
10,800
''
;
6
1534
10%
1534
11
3%
358
19
63
14%
4%
33%
35
21%
34%
2034
*20%
15%
10%
3%
21%
3334
1%
1534
6%
4
23
35
134
*16%
19%
62%
1334
4%
30
*101
134
18
119
26%
11
3%
7,500
1,100
9,800
""600
50
134
20
19%
60%
6Q34
61
13%
12
12%
28%
*101
26%
5%
4
190
10
46%
126
8
1134
12%
165
*157
16
165
16%
63%
15%
37%
29%
12%
161
161
17%
17%
35%
*80
4%
27%
16
15%
15%
9%
8%
3%
25%
434
88
*80
4
88
18%
*17
144
61
139
6%
31
32
28
28
28%
29%
28%
29%
50
4634
15%
4634
44
44
15%
16
*28
5%
4%
17
16
16%
*10178 10334 *102
10334
13
13%
13% *11
3
*2%
2%
2%
24
24
22
2334
*119
34%
98%
5%
61%
97%
37%
6%
6%
534
3%
3
5%
*80
3%
*
85
""684
*94%
5%
59%
53s
60
5%
67
97%
♦
♦
_
"30"
"0,366
4
4%
29%
28%
43%
42
43
800
16
16
16
3,300
*11
4
*2%
23
15
3%
23
100
*119
-
5
1,400
2,200
23%
96
5%
5%
58%
*57%
97
538
0%
59
*.._.
97
102"
*95
*94% 102
*57
"lOO
534
32,100
60
*
500
97
12" loo
r6%
6%
32%
r6%
33%
5%
6%
3%
3%
3%
3%
3%
1,300
4,100
*
....
32
34
32%
85
6%
85
6%
*
"6%
634
6%
85
■
'mm
6%
*58
67%
*58
67
*58
67
*58
67
*58
80%
*70
80%
*70
80%
*70
80%
*70
80%
*32
35
33%
33
33
*33
40
*73%
76
73%
70%
*73%
79
33%
80%
*73%
m
m
70
70
*70
36
38
34
66%
6934
67
35%
6734
6734
24
21
2478
25%
2134
5
5
5
10
10
9
34
*41
42
5%
3%
2%
18%
3%
■:
41
42%
44%
112
*40
41
112
5
5
5%
3%
2%
18%
378
3%
2%
17
3%
75
*70
3734
6734
x68
22%
5%
10
18%
18%
10434 10434
734
7%
40% 41
38% 40%
41%
*100
*73
9%
10
19
19%
1834
19%
*10434 10734 *10434 10734
8
778
8%
7%
*100
33%
5
5%
*100
434
3%
3%
2%
2%
18
15
3%
8
7%
9%
11%
11%
1334
3%
7%
110
5
3%
2%
16%
3%
37
-
22% 23
5%
*5%
11%
*9%
1834
19%
10434 10434
7%
7%
r40
39%
101
434
3%
2%
*16%
3%
10%
1234
7%
9%
11%
10
12
12
40
40
101
*9%
20
19%
10434 10434
7%
*40%
;
40%
434
r4%
3%
r2%
*16%
3%
3%
2%
23
334
4%
3%
2%
23
334
7%
7%
9%
7%
10%
734
7%
934
*1134
10
12%
12%
*30
35
*87
90
*87
90
*87
*2912
*94
7%
*83%
97
*94%
734
7%
85%
11
11%
16%
2934
57%
14%
16%
2934
58
61
53
14%
14%
8834
22%
25%
»
9134
23%
13%
13%
10%
12%
18
55
26
97
7%
*83%
12%
1634
33%
*94
7%
8534
31
"36%
8
734
97
14%
8%
14
14%
8%
8%
*15%
*
55
"29"
23%
10%
31%
25%
11
r7%
*83
14%
8%
97
*96
Oct
65«4 Mar 13
31%
Oct
62% Mar
37
Jan
4«4 Mar 16
125
3
2% Sept
16% Sept
9% Apr
6
66
Apr
Apr
8
Jan 20
Mar 10
Feb 1
21
May
10
27
Apr
Apr
118
Dec
Feb
29%
13%
6834
129%
Mar
23%
26
Dec 29
3
Oct 19
16% Jan 13
7%
87% Jan 18
72% Jan 12
29% Feb 3
43
Feb
36%
Feb
No par
31% Dec
100
9% Oct 19
140
Oct 23
170
9
Jan 21
Feb
18% Apr
167
Jan
25
15% Oct 19
100
63% Dec 29
American Safety Rasor_.18.50
15% Dec 29
38
Feb
3
31
Deo
American Seating Co..no par
7% Oct 19
29
Feb 20
18
Apr
68
Mar 19
25%
66%
Jan
conv
pref
Ship Building Co.No
Smelting A Refg.We
American
24% Dec
par
41
100
122
26
46
Oct 19
100
Preferred
par
125
Nov 16
Snuff
6% preferred
45% Mar 11
101% Aug 18
7
Nov 23
J 06% Mar 11
Amer Bteel Foundries.-We par
American Stores
No par
24
14
Oct 19
140
Oct 19
57
Dec 28
American Tobacco
....26
Common class B
25
6% preferred
100
Am Type Founders Inc
10
Am Water WkB A Elec.Wo par
$6 1st preferred
No par
American
100
Amer Zinc Lead A Smelt
1
15 prior conv pref
25
Anaconda Copper Mining..50
Anaconda W A Cable.-We par
Andes
4% Oct 19
Oct 19
82
Oct 20
3% Oct 19
25% Dec 15
3% Oct 19
z27% Oct 19
24% Nov
8
39
Oct 20
par
10
Oct 19
preferred .Wo par
96
Oct 26
7
Oct 19
Anchor Cap Corp
conv
Dec 28
8
Woolen.....No par
Preferred
16.60
7% Dec 29
5834 Dec 28
128%May 13
No
Copper
Mining
20
A P W Paper Co
No par
Archer Daniels
Mldl'd.We par
100
2% Dec 29
22
Dec 28
Jan
5
73% Jan 21
26% Jan 20
66% Jan 11
20% Apr
24% Dec
48% Apr
148
104% Oct 11
Am Sumatra Tobacco.-We par
Amer Telep A Teleg Co... 100
23% July
136% Jan
57% Mar
133% Jan
68% Jan 29
22% Oct 19
American Sugar Refining.. 100
Preferred
100
Jan 28
154
2
Dec
Feb
143% Jan 13
25% Jan 25
129
187
149%
Apr
87
Mar
"
Jan
99
8
Jan 28
99% Feb
4
150% Jan 26
20% Feb 3
29% Jan 13
107
Feb
1
14%
Jan 18
79
Jan 12
20
Feb 23
Jan
20% Mar
88% Mar
136
Jan
87n June
19%
Apr
92%
Jan
7% Sept
62% Sept
3% July
79% Feb 23
24
May
69% Mar 10
28
Jan
97
35
Feb 23
24% Aug
111
2
J an
15%
Jan
Feb 13
97
May
37% Jan 12
10% Feb 10
9
June
ArmourACo(Del)pf 7% gtdlOO
Armour A Cool
16
Illinois
pref
10%
16%
r29%
17%
29%
1034
17%
11%
17
29
29
54%
14%
57%
1434
58
5934
57
14%
14%
88%
88%
*90%
95
*14%
92%
23
23
*22
13%
1334
*1334
10%
1034
17%
22%
TT334
10%
*15%
23
13%
55
*40
50
*15%
*40
30
2234
3134
23%
31%
22%
17%
11
1034
1734
33
2334
11
July
Apr
8
118
May
111
6
105%
46
Feb 18
3
37
121% Feb
Oct 19
4
126
17% Jan 21
Preferred
100
Associated Dry
..1
Goods
80
6
Nov 27
Dec 29
100
2 484 Mar
$5 pref without warrants 100
Atch Topeka A Santa Fe-.lOO
6%
7%
1,100
13,700
300
9,200
600
1,900
30
2,400
6% preferred
7134 Dec 22
70
9
7% Dec 29
39%
Nov 26
94
Mar 11
48
Dec 30
133
Jan 13
4% Oct 19
3% Dec 29
2
Sept 25
Avla'u
Automobile._Wo par
Corp of Del (The)
Vot
tr
Conv 6% preferred
Barber Co Ino
Deo
45
Dec 22
734 Dec 29
Nov 24
10
Oct 19
9% Oct 19
108
Oct 20
13% Oct 19
92
Nov 10
29% Dec 29
9034 Oct 19
73s Oct 19
20
...No
Apr
Oct 19
Oct 19
20
60
Betding-Hemlnway
21
39
Oct 19
11% Jan 29
9% Jan 30
23% Aug 18
40% Mar 17
47% Mar 17
10% Oct 19
No par
100
25
No par
Beech-Nut Packing Co
6% June
20% June
9% Jan 12
89
—...5
Bayuk Cigars inc
1st preferred
par
82% Dec 10
Belgian Nat Rys part pref
Bendlx Aviation
8% Oct 19
6
Beneficial Indus Loan..Wfl par
15
Oct 19
Best A Co
29
Dec 29
41
Oct 19
14
Oct 19
No par
(Dei).No pa*
93
1,100
23%
14%
1,300
1,500
Black A Decker Mfg Co No par
11
7,500
Blaw-Knox Co
85% Nov 24
22% Dec 30
13% Nov 24
9
—No par
Bloomlngdale Brothers. Wo
par
Blumenthal A Co pref
Oct 19
153s Dec 13
100
50
Boeing Airplane Co
5
16
Oct 19
Bohn Aluminum A Brass
6
21
Oct 19
n
New stock,
r
Cash
-hi*,
26% June
30
Ne par
BarnsdaJJ Oil Co
2
9% Feb
Oct 19
5
10
Barker Brothers—
36% Feb
1
8% Oct 19
100
100
...60
100
Bangor A Aroostook
June
10
13
ctfs
14
3% Sept 10
3
Sept 11
1
4% preferred
Jan
9
52% Mar 26
2%
3
Baltimore A Ohio
Jan
*112
18% Jan
Dec 29
15
Works..No par
$5 preferred w w
a Def. delivery,
26% June
Sept
109
38
Beatrice Creamery
63,4.50
2.900
Jan 18
Mar 11
101
Beech Creek RR
800
Oct 19
44
37
116% Feb 6
18% Mar 8
62% Mar 10
21% Apr
11
Apr
13% Apr
..100
No par
"2"806
2,000
1,400
Jan
Mar 13
No par
""16
20"900
Feb
6% conv preferred
Atlas Tack Corp
5H% preferred.........60
"2",500
Jan
90%
June 29
94%May
Atlas Powder
No par
2,100
Oct 19
1013s Sept 29
No par
2,100
Oct 19
18
100
$5 prior A
20*200
09
7
88
104
29
JAubum
"9^806
9
Feb 18
66% Mar 17
Austin Nichols
100
Feb
106
Oct 19
140
7,000
Dec
Oct 19
......26
Jan
Jan
67% Feb 18
5
5% prererred
Jan
95
95
18
4% conv pre! series A... 100
Atlas Corp
1
6% prelerred
60
Feb
7%
8%
98
9
Ati G A W I 88 Lines. .We par
Atlantic Refining
Aug
47%
12% Apr
Jan 28
Mar
Atlantic Coast Line RR...100
1,400
17,200
43,800
Dec 16
32% Nov 23
66% Dec 27
100
6,100
12,100
Dec
July 23
Jan
4% June
66% Jan
104
Jan
2% Oct 19
6% pref with warrants.. 100
1734
t in receivership
Feb
30
Ae par
Artloom Corp
6% preferred...,
20
7% preferred
100
Blgelow-Sanf Carp Inc.W# par
24
90
13% Feb 27
99% Mar
20
50
23
Oct 19
Dec 29
70% Mar 13
16% Feb 27
15
32%
4%
57
Mar
478 Oct 19
Bethlehem Steel
"30 f2
Oct 18
6
Arnold Constable Corp
58% 130,600
*15%
*
4
Dec 23
85%
30
'
7%
*83
93
6
We par
7% prelerred
100
Armstrong Cork Co...We par
conv
11634May
33
97
7-7%
7%
85%
1634
Bid and asked prices; no sales on this day
*95
29
91
23%
1334
1134
17%
Jan
4%
Assoc Investment Co.-We par
30
7%
11%
1634
*
14%
*83%
30
14%
91%
23%
1334
1134
*15%
13%
*2634 28
28
*2634 28
*2634
14
13
13%
12%
13%
1334
13%
13%
13%
10
10
10%
9%
rlO
10
*10
9%
11%
112
*110% 112
*110% 112
*109% 112
*109% 112
15
15
15
15
14%
14%
1434
15
14%
95
*93
*93
95
*93
94%
95
*93
95
42
42
31% *30
42
*29
29% 29% *29
86
13
5
Feb
11% Mar 13
"lOO
90
*94
Apr
21
101
41% V
40%
110
*100
35
10
Apr
25
125
734
*30
*110%
14%
12
68% Jan 22
9
6,800
1,300
*5%
30
13%
38% Jan 22
Nov 20
22%
534
1034
21%
30
*27%
Jan
58
60
90
30
Oct
29%
Nov 20
Preferred
1,000
33
10
Jan
68% Jan 18
83
20,500
*87
834
Deo
Deo
Apr
100
70
*30
*28
175
6%
27% Feb 16
17% Mar 11
68% Feb 4
Oct 19
Dec
Apr
Apr
Jan 22
100
73
90
1534
834
4
Mar
13'4
2d preferred
37
*65
32
13%
8%
9%
Oct 20
3
89
3%
Oct 19
24'4 Nov 22
60%
100
Nov
100
American Rolling Mill
«
70
68
*30
16%
2
14
Oct 19
Deo
Nov
27
Jan 18
Oct 19
Oct 19
Oct 19
10% Oct 19
174
87% May
13% Jan 28
534 Dec 29
14% Oct 19
Dec
137% July
7% July
99% Mar
7»4 Oct 19
share
20% July
16% Jan
2%
20%
32%
1%
53
111
3
33% Jan 21
80
Apr
30'4 Mar 31
12% Oct 19
1st preferred
'•»
m
3534
m.
38"
*85
16
23% Mar
67
No par
new
Assented
13
Jan 25
30% Apr
100
conv preferred
Baldwin Loco
10%
Aug 12
29
Oct 19
mm.
7,900
80%
70
112
Oct 19
67
*70
33%
73%
Oct 19
31
*119
3
3
100
7% preferred
r23%
Oct 19
90
26
40
101% 101%
86
20% Dec 30
5% Oct 19
8% Oct 19
11% Oct 19
No par
200
5% :•> 9,100
11% 23,500
4
<6 preferred
..No par
Am Rad A Stanu San'y.No par
9,600
534
34%
6%
85
""6%
678
2%
-
9434
~30%
2,700
Feb
104% Feb 4
3334 Aug 25
150
Apr 25
70%
141
'
*119
9434
♦
100
500
14,100
16
23
Preferred
140
30%
14
noi)-cum
AmericanLooomotlve..A# par
100
4,500
27%
18,000
4%
300
29%
29% 111,400
*11
.100
No par
Amer
63%
4
2634
*101% 10334
No par
pref
Amer
88
*80
32
6%
680
43
12
2%
22%
26%
4%
*29
101% 102
*11
5%
11
4
29%
534
26%
4%
American Ice
1
Amer Internat Corp
26,200
139
26%
5%
334
32%
26
American Home Products
10
61
6134
*138
5%
11%
9334
11
31
26
61
62
139
60
Amer Power A Light
*6 preferred
14434
71
Oct 19
36
225
6% preferred
American News Co
19
143% 14434
60
5934
*80
4
3%
*17
May
Oct 19
2d nreferred A...No par
26,100
25,600
4,600
2,900
162
175
16 preferred
..No par
Amer Hawaiian 8a Co
10
American Hiae A Leather... 1
""670
700
9
14% Dec 29
Sv
6%
2,400
Jan
100
Amer Metal Co Ltd...Wo par
10%
28%
2534
29 V
61%
1534
*10
174
17
5,000
29,500
4,800
2,800
151% Oct 22
15% Oct 19
Oct 19
5,100
17%
6434
1534
Dec
Nov 29
Oct 19
3%
12%
110
5
Amer Mach A Fdy Co.-No par
Amer Mach A Metals
No par
6,900
43,900
9
17% Dec 29
534 Oct 19
700
3,900
Jan
2
4,700
27%
534
36%
2984
121
par
66%
12%
165
17%
6434
10
9%
Day
*94%
*157
65%
Christmas
*119
29%
12%
1734
6434
7,700
Dec 29
...A0 par
17 preferred
200
5,600
6%
19%
Apr
May
80«4 Feb 18
2% Oct 19
119
27
12%
65
26%
6%
*4634
*101
31
17
40
Ne par
Power
share S per
per
124
Amer A For
n
I
Feb 18
No
31%
31
3234
119
2,500
2,400
28
28
28%
2834
46
46
44%
46%
4634
4634
124% 124% *124% 129
*124% 128
48
48
50
50
*48% 49%
126
126
*124
128
128
133% *124
133%
30%
32%
31
31
32
32
29%
31%
8
7%
8
8
8%
7%
8%
8%
24
24
25
24%
24%
24%
2434
2434
106
106
*108
110
*106% 110
*106% 110
88
4
4
3034
25
24%
*106% 109
*17
18
16%
18%
1634
1634
145% 147% 144% 145% 142% 144
57
58
59%
60%
5834
59%
60%
61%
5834
60%
59%
61%
139
138% 138
*137% 138% *138
6
5
534
5%
534
5%
11%
12%
10S4
11%
10%
11%
..
18%
*62%
12%
*334
13
r36%
26%
45% 46%
*124% 129%
49
49%
49%
49
8%
*80
Closed—
20%
66%
3738
93g
126
32%
6
29
26
♦12478 130
49%
134
*15%
6
5%
18%
66%
'
1%
17
5%
16
27
33
2634
17%
64%
16 34
10
33%
5,500
1C
6% 1st preferred
..lOO
American Encaustic Tiling.. 1
500
33%
rl%
*15%
5%
1934
22%
33%
134
5%
12%
27
22
2634
1134
*161
23
5%
37%
29%
37%
19
*21
2634
30
68
2,200
Colortype Co
share
160
Dec
Amer European Sees
Amer Express Co
1,500
2,100
10%
3%
5%
35%
13
15" 800
10%
3%
*101
-.100
Wc par
Am Coal Co of N J(Alleg Co)25
80
26
41%
6% preferred
American Chicle
80
27
34
Am chain A Cable Inc.W# par
Am Comm'l Aioohol Corp..20
American Crystal Sugar
10
10%
3%
334
30
100
American
*101
109
par
3,700
1,500
13
No
4,600
15
«*62
4
3%
28%
29
American Car A Fdy
Preferred
7,800
15
3%
100
per
1
69
Prelerred
Lowest
Highest
%
share
Oct 19
28
...25
American Can
6
200
per
109
11
5,000
S
100
pre!
conv
1334
119
12%
165
6
534
18%
31
Exchange
1%
*15
5h%
10%
1334
15
14%
rl0%
3%
21%
33%
1%
1634
33
6%
39%
3134
18%
6678
15%
11
13
6%
*157
15%
21
16%
40
Stock
14%
10%
3%
60
26%
6
15%
Am Brake Shoe A Fdy_W# par
200
3%
3%
378
3%
334
6%
*6%
8
*6
8
8
*5%
*176% 300
*176% 300
*176% 300
*176% 300
*176% 300
3%
334
378
334
3%
3%
3%
3%
3%
3%
19%
1934
21
19%
17% 18% *17% 19
*17%
19
9
10
8%
834
9
9
8%
8%
8%
8
6
Par
330
94
"~6*
6
10%
13%
*80%
3%
100-8/iare Lots
Lowest
'25
94
♦
20%
On Basil of
Week
Shares
95
20%
80
4
Dec. 31
120
*92
23
5%
10%
1234
634
14%
8178
81%
22
43%
13%
*93%
120
Range fas Previous
Year 1936
Range for Year 1937
STOCK
EXCHANGE
$ per share
$ per share
43
43%
42%
42%
115% 120
71
70% 7234
69%
70%
166% *160
166% *164% 167
2334
24% 25
23%
2334
45
45
*43
48
44%
15%
15%
1578
14%
15%
100
*93
150
*95
150
*153%
95
*20
42%
69
2434
44
15%
99%
25
14
40%
the
Friday
Dec. 30
*115% 123%
72%
161
95
95
Thursday
Dec. 29
$ per share
$ per share
$ per share
Wednesday
65
z
3
Dec
Ex-dlv.
y
Feb 11
110% Feb
43% Mar
8
9
32
Jan 21
42
3
Apr
2% July
2% July
15% Apr
24% Nov
Jan 21
35% Feb 1
20% Jan 17
115
28%
106%
43%
114%
16*4
88%
Aug 16
29%
32%
94%
49%
48%
Jan
Jan
16% June
110
May
9
18
Jan
8
100
Aug
35
Feb
July 14
86
Feb
Feb
8
13
Dec
July
4
83
June
Jan 18
129% Feb 16
69% Feb 10
38
14%
Feb 19
Feb
Mar
30% Feb 11
23% Jan 5
62% Jan 8
105% Mar 11
20
13%
Jan 21
Mar 10
Jan
7
Jan 16
21%
Jan
20
Jan
48
Jan
Apr
10% Apr
107% July
45%
23
Jan
28%
Dec
14% July
18% May
77% July
3
10%
Apr
Feb 13
40%
Deo
Mar
Ex-rlghts.
T Called for redemption.
New York Stock Record—Continued—Page 3
66
Low
AND H1QH SALE PRICES—PER
Saturday
Monday
Tuesday
Dec. 25
Dec. 27
Dec.
$ per thare
% per share
89
89
11%
16%
25
$ per share
80*2
*3934
40%
12
1634
25*4
»39«4
Dec.
11
16
I
$ per share
$ per share
87
87
87%
4012
11*4
*39*2
11*2
16
*85%
JBotany Cons Mills class A.50
7%
19%
*22%
8%
10,700
1934
25
19,300
*28*2
1%
30
1%
1,700
2,800
r7
7
2,100
9
15,300
Co. 17
Bridgeport Brass Co ...No par
Brlggs Manufacturing. No par
Briggs A Stratton
Nc par
Brlstol-M y ers Co..
-.6
Brooklyn A Queens Tr.No par
$6 preferred. * ......No par
Bklyn-Manh Transit..-No par
16 prerfered series A. No par
Brooklyn Union Gas..-No par
28%
28
28t2
*28%
30
28
22%
18%
15g
6'8
8
24%
187a
35
35
6i8
734
8%
734
4%
1%
1*2
134
134
6%
5%
7
7
7
7
22*4
15%
16%
35
34
34
*34
734
76
7*4
7*2
29
2434
4
15
6%
16%
17%
2%
2%
2
7%
*12%
7%
7%
7%
14%
18
18%
3
3*8
16%
1*2
7
13
9%
16%
20
19
52
49%
12%
7
1734
30
3
8
734
15%
18%
19
193s
49%
134
*47%
52
*47%
1%
1%
6%
7
1®4
7
6%
7%
17%
6,200
11,200
2
2%
634
3
15%
19%
52
1%
11%
10
10%
1034
10%
14
13*2
143g
1384
14%
*
7%
7%
"7%
734
"7%
7%
"7%
28%
*5*8
*3634
28%
28%
*5%
*37%
28%
53g
283g
4%
28%
28*2
rbh
5%
45
87
~15~
♦
83
*
*
*
82%
82%
"
15
14%
89
83
99
99*2
99
50%
14%
3%
85%
98
98%
4934
43
100
14
92
*50
13%
23
61
59
61
13%
28
28
10
10
Christmas
6%
*53s
Day
3
3*4
....
10
36%
7%
28
*
*26 %
3%
83
4,800
3,100
98*2
280
47
47
4734
9934
9934
6,700
1,100
13,700
14%
90
"20%
56
56
56
*56
63
280
28
28
28
28
700
3
3%
634
53g
53g
*4
53g
*4
*95
10434
*95
10434
36%
6%
23%
37
3734
36*4
7%
6%
2834
104%
31*2
90
27
23%
104
6%
2434
*
104
28
28
7
7
7
7
43*2
34%
93%
41%
4234
3234
33%
90
90
33%
*90
2%
284
1
1
4
4%
3%
334
10%
1
1
3%
2*2
10%
10
*28*2
%
2
1%
138
1*8
3%
10*2
1
1
4
1
%
1%
1%
10
93s
12*2
3%
*35%
47%
11*2
12%
50
5284
1134
60%
61
60%
75
234
3
I984
*56
20
2%
1784
*107% 108
2134 23
*
_
82
37
3834
33%
14
14%
14
*110% 120
109
*57*2
9
*94
22
58
9*2
98
*94%
21
23%
*12%
16%
39
7%
*
75
234
1734
*12%
153g
334
4,200
10%
634
%
1%
1
9*2
5,700
1%
9%
%
1
1
2%
1%
2
2
2
2%
*9%
12%
3%
*35%
200
29
*25%
%
%
17
17%
17
17
16%
17
67%
12%
27%
8*4
67%
1234
27%
65
67%
11*2
2534
12
2,800
9%
300
50
50
58*2
57
58
75
*56
19*2
*
*106
20%
82
335g
13%
20
*..,
36%
14%
3
3
17%
106
106
20%
20
8%
3
74
8%
64%
32%
38
34
*83
93
*83
*81
7%
2
42
90
3738
93
634
7
134
39*4
2
»»Bld and asked prlces;no sales
2034
5%
40
*95
19%
*
98
8
64%
3034
65
18
*
7%
1634
73
33%
98%
9%
73
32%
*81%
37%
*95
39
15%
6
6%
9
10
7%
*7%
I684
16%
17%
16%
65
66
-
2,900
460
_3"6O6
1,900
80
3,300
41%May 20
90
Dec 21
No par
Celotex Co
36
36
*82%
634
134
39%
93
on this
day,
1%
3934
I
984
Feb
186
June
Jan
143
July
Jan
x91
Nov
2184 May
June
9
106
Dec
8
19
Apr
7
54
May
Oct 21
82% Jan
Oct 19
39%
Oct 19
12% Jan 28
prof.. 100
Central 111 Lt
5484
Jan
48% Mar
115
2
96
June 29
32%
110
39%
86
Jan
Dec
Deo
Sept
107% Jan 26
100
Certain-Teed Products
6%
100
preferred
prior
Jan 12
Jan
37%
Dec
6% Nov
9*s
Dec
25%
Apr
57
Feb
Apr
12
Nov
95
Sept 23i
97% May
4784 j an
108
Oct
86% Mar 10
74
Nov
23% Feb 10
8% June
14% Mar
82
19
Oct 19
240
Nov 24
Oct 19
31
Dec 15
100
4% preferred
5
No par
5% preferred.
100
JChlcago A North West n. 100
tChlc Mil St P A Pac.
Apr
6
69
Jan
687a Mar
4
51
Jan
1% May
Jan
1%
Apr
Oct 15
3
2*2 Dec 28
Dec 28
10
% Dec 28
1% Oct 19
100
Nov
7784 Nov
Mar 11
2%
Oct 19
tChlc Ind A Loulsv 4% pf.100
Dec
69%
8
Oct 19
1
Dec
Jan
13% Mar 17
2
Dec
22%
90*2 Mar
100
72%
111
3884
484 Mar 16
1...100
Chicago Mall Order Co
Feb 13
19% Mar
Aug
84 Oct 19
JChlcago Great Western.. 100
6% preferred
Feb
48
89
67% Sept
Mar
101
-.6
Checker Cab..
Feb 10
6%
4
5
103% Dec
35
63%June 10
111
No par
Common
3
Jan 14
115
2
25% Nov 23
ChampPap A Fib Co 6% pf 100
4
Mar
18% Mar
6
12%May 19
Jan 20
32
4
Jan
6
May
25% May
3% Mar 18
1*2
Apr
7% Mar 17
2%
6% Mar
2%
4
Chicago Pneumat Tool. No par
% Dec 29
2% Dec 23
634 Oct 19
33
Feb
preferred...No par
2834 Dec 14
45
3%
Jan
8% Dec
2% Feb
14% Dec
12
Jan
33% Nov
2%
Feb
Apr
Apr
6%
Feb
4%
Feb
684 May
12%
Oct
12*2
Apr
24%
Dec
Feb
Aug 28
100
Preferrod
13 conv
19% Feb 17
9
tChlc Rock Isi A Pacific... 100
84 Dec 28
3% Mar 17
1%
Apr
3
ICO
100
1% Oct 19
10% Feb 19
884 Mar 8
3%
3%
Apr
Apr
8
Jan
8
July
6% Oct 19
19»4
Jan
32%
Oct
17% Sept
7
Jan
30%
1434
Deo
25
Jan
51
Deo
85*2
15%
Jan
23
72%
Jan
8934 Nov
7% preferred
6% preferrea
Chrysler
Oct 19
1
12
Oct 19
par
3
Oct 19
27% Jan 14
22% Jan 29
15% Mar 3
-.25
5
No par
100
100
..5
No pa;
36
Oct 19
80
No
Co
Corp
City Ice A Fuel
6^% preferred.
City Investing Co
City Stores
Clark
46% Dec 29
Mar 11
135% Feb 11
21% Feb 18
11
Oct 19
57
Dec 31
92
Feb 18
58
Dec 21
Oct 19
74
July 15
17% Dec 29
48
2
179
Oct 18
179
Clev El Ilium »4.60 pt.No par
102«4 June 21
113
Co (The). 1
19% Dec 29
Clev Graph Bronze
45
Jan
Mar
Jan
13834 Nov
50
Nov
Nov
1
484
Jan
13% Nov
Aug 10
Oct 18
2384
Jan
46% Mar
156%
7
107%
10% Mar
Equipment
C C C A St Louis Ry Co... 100
Jan
48% Aug 16
33
Jan
Jan
July
200
Oct
III84
Dec
47%
Oct
Deo
82
Feb
90
48
Mar
51
Oct
29% July 15
48
Apr
77%
Dec
100
24% Nov 26
13% Dec 29
110% Dec 28
132%June
3
124
Jan
129
July
Coca Cola Co (The)..-No par
9334 Oct 19
170% Apr
2
84
Jan
134
Nov
No par
56*2 Jan 29
June
9
55%
Jan
58
Nov
Colgate-Palmolive-Peet No par
8% Oct 19
8,400
5,900
96
96
20*2
96*2
20*2
20*2
*
20
2,500
16,200
100
4,900
738
15%
9%
3,900
6*2
10
10
590
10
500
9*2
10
17%
*7%
*17
100
No par
12
12%
4,400
1,400
*27*2
29*2
500
734
8%
61,100
8%
500
73
'
64*2
100
31%
64%
73
64%
73
31%
9,500
*81
-
36%
8
90
Dec 24
41
69
2584 Mar 19
95
Dec21
104% Jah
18
Dec 29
6284 FebN
11284 Mar
106*2
Feb
6684 Nov
11% Oct 19
51% Feb
28% Sept
5% Dec 29
8
Dec 29
27% Mar
19
Dec
19%
Jan
37% Mar
Jan
36
4%
A
Southern
100
1st preferred
30
Apr
Jan
100
7% Dec 29
29
Jan
Columbia Broad 8yslncclA2.60
1634 Dec 29
16% Dec 28
32
Aug
4% 2d preferred
2.50
Class B
v
t c...No par
12.76 conv preferred
\'o par
Columbia Gas A Elec.-No paT
6% preferred series A
6% preferred
Commercial
100
...100
-.10
Credit
100
4*4 % conv preferred
90
45
65
Nov 23
12584 Apr
10
Oct 19
39% Jan
46% Jan
20% Jan
2534 Dec 28
x4% Oct 19
x68% Oct 19
108
Jan
64% Dec 28
101
Jan
30% Dec 29
80
Dec 14
34
Dec 28
114
120
37
"9" 300
Comm'l invest Trust--No par
93
100
14.25 conv pt ser '35.No par
86
Dec 21
Solvents.-Ao par
69% Jan
80%
Jan
Mar
Jan
May
136% Aug
x45%
51%
Jan
39%
Dec
14
Jan
90*2
Jan
23% July
IO834 Oct
8O84
Jan
103
44
Jan
100% July
Jan
Aug
84% Sept
128
Nov
Jan
14% June
24%
Feb
Apr
Apr
5%
Feb
32,700
Commercial
5
Oct 19
21%
1%
Commonwltb A Sou
No par
1
Oct 19
39%
r38%
38%
68,300
2,500
*6 preferreo merles
No var
34
Oct 19
4% Jan
75% Jan
nix-rlghta
94"
31
Jan
7%
y
Feb
Jan
1%
Ex-dlv.
Dec
55
7%
x
Oct
48
36%
97
1%
rCashsale
30"
Jan
.7%
nNewstock.
A6.
Jan
Jan
134
39%
Def. delivery.
"8%
31% Aug
7
a
Dec
Aug
39% Apr
100
100
Colorado
r87%
t In receivership,
21%
Colo Fuel A iron Corp.No par
36%
87%
*85
June
13
9884 Nov 24
26
Jan 18
Colonial Beacon
39
14%
6*2
6% preferred
Collins A Alkman
Oct
6% conv preferred
100
Oil...No par
98
*i2i"8
15%
Preferred
Class A
Columbia Plct
34%
684 May
92%
116
Jan 14
13%
90
Feb
24
52
Columbian Carbon v t c No par
*81
100
-.1
100
6% preferred..
Central Foundry Co
1,200
7
19% Dec 29
Central Agulrre Assoc ..No par
3,900
90
Oct
Deo
105% Aug 11
Dec 29
12
*81
Nov
50*2 Feb 26
3734
31%
103*4
Feb
2
Dec 15
17%
64%
31%
35%June
Nov 22
65*2
r7234
Jan
13
r65%
31
Jan xlOO
40
*16*2
72%
64%
Jan
87
91
97
16%
7%
53
4584
8
Jan 18
100
67
8
18%
Feb
13% Nov 19
2% Oct 19
Feb
6884 Nov
102
No par
5% preferred
CeJanese Corp of
16%
7%
72%
64%
30%
Apr
1284 May
47% Mar 31
13%
28
37
106
Amer.No par
7% prior pre!
100
Caterpillar Tractor
67
27
16
8
Oct
9*2 Apr 20
19184 Aug 3
12
27
60
Jan
Nov 12
37% Dec 16
12984 Jao 22
1034
1134
*25%
Jan
10%
82
37%
17
54
Apr
Special guar 4%....
50
Climax Molybdenum ..No par
Cluett Peabody A Co..-No par
14
39
Jan 9
18% Mar 11
52% Jan 2
61%
16% Nov
Clev A Pitta RR Co 7% gtd.60
39
98
*12%
1434
6
Jan
82
*
82
37%
*13%
11%
17%
107*2
20*4
»
47% 129,800
234
18*2
17% Mar
Dec 16
Chile Copper
75
234
17%
Dec
Aug
Jan 14
61
Nov 23
Chllds Co
58%
2S4
3O84
97
1,800
60
75
40%
Apr
80
4,800
*35%
46%
11%
*56
Jan
10%
100
4
1134
18%
4% Dec 29
6
30
100
General Corp—
13
4
6
Nov
38% Mar 19
Preferred
3%
12%
Dec
67g Oct 19
28
Nov 24
Dec
3
20% Jan 12
Case 'J I) Co
Carriers A
Chicago Yebow Cab...No par
Chlckasba Cotton Oil
10
49*8
834
27
2,700
2%
11%
107
5
1
2%
9%
*12%
2%
10
48
734
834
*8%
3,100
2
48%
11%
15
173g
2,300
6,900
11%
*1034
%
30
5
26*2
*12%
10%
40
334
1,800
9%
16
103g
6%
1%
2,400
r26%
39
17
90
1,600
1
29
107
22
*7%
65
700
10,100
2%
98
10
*73
10
400
28,100
3,000
17%
36%
14%
98
8
16%
780
1
50
44
48»4
37% Feb 13
3% Oct 19
18*2 Oct 19
%
3%
*2%
Apr
30% Apr
Jan
3484 Dec 29
*56
11%
60*4
—
Preferred
1
5
22
6% Mar
%
1
59
50*4
1
Cerro de Pasco Copper.No par
2734
r34
*2%
13g
50
Deo
Oct
8,900
1%
12%
3%
Deo
88*2
3384
11,166
3%
12%
3%
*35%
46%
11%
29*«
Jan 11
1
*9%
Apr
64% June
9
Jan 11
JanlS
27
h
4
16%
91
24«4
3%
9%
3384 Mar
Oct 19
4184
1
12%
Oct 19
Oct 19
3%
934
10
6
24
Oct 19
1
1%
Jan
3% Oct 19
2%
2
2%
4
124
124
*111
124
*111
110% 110% ♦111
112
114
107% 110
108% 109% 110*2 110%
59
59
*57%
58*2
*57%
*57%
*57*2
58*2
9
9
8%
9%
9
8%
9%
8%
11034
98
.
34
138
9%
33% Nov
9*4 Feb 25
8
1*8
1
90
*2%
rl0%
1%
I684 Nov
Dec
Century Ribbon Mills..No par
3
2
107% 107%
1984
2134
*
5
Dec
Central Vloleta Sugar Co... J9
83g
*25*4
26
2
3%
Apr
13%
Central RR of New Jersey .100
I3(j
%
234
10
834
*25
29%
5038
11%
*49
%
3
4%
*36
10%
%
1%
1*8
234
2%
1%
*9%
12%
3%
*2%
103S
1
%
%
3184 Nov
14%
29%
1
100
103%
%
234
1
Dec
2
tChlc A East 111 Ry Co... 100
1
Mar
33%
3
100
Carpenter Steel Co
200
%
2%
9
J&n
18% Mar
90
25,300
1
Jan
8%
45% Feb
634
*89
2%
36% Mar
85
90%
1%
234
3%
2%
No par
3334
1
1
Oct 19
Capital Admin class A
1
$3 preferred A
10
Carolina Clinch A Ohio Ry. 100
33%
2%
10
100
26
Pacific Ry
33*2
1
2 34
5
Chesapeake Corp
No par
Chesapeake A Ohio Ry
25
Preferred series A
100
1%
234
10%
Canada Dry Ginger Ale
7,800
3
Oct
Feb
6% Feb 25
8
1
39
52% Sept 29
42*2
*1%
234
34%
Oct 19
*6%
90*8
Apr
4978 Dec 28
-.1
4134
33*2
*89
Deo
26
9
1184 Jan 29
35% Feb
2
634
1
Mar
Deo
48% Feb
4234
1
14
18% July 14
18% Dec 29
42
r634
Apr
8ept
15% May
115% Sept
59%
37*2
"27%
8%
115
35%
1,700
10434
25
Jan
85
Jan
2,500
6
♦
31
107% Sent
9% Jan
.
Apr
6%
*95
27*2
103%
*28"
42%
3534
90
27*2
104%
*
7%
34
25
"27"
3434
6%
12,700
Dec
11%
10%
6%
10434
35
7*2
2,100
10
3634
6%
*95
37*4
44%
1*2
3%
*102%
9%
*9%
6
6%
*4
6%
584
*7
*3
14%
#
21%
5%
43
*_
14
2184
Jan
20«4
2
Stamped
'
82%
98*2
634
10434
*94
80
20*4
3
3
2%
10134 10134 *102%
9%
93g
9%
534
6%
6%
3%
*101*2
9%
*26%
»*
8%
2
34% Mar
5% preferred
Cannon Mills
Jan
Dec
Jan 18
65% Mar
45%
No par
Packing
Oct
22%
5% Oct 19
16% Oct 19
2% Oct 19
10
22,900
«• w
7
12% Oct 19
Canada Sou Ry Co
98%
90
Oct 19
Canadian
27%
*26
3*4
*101%
1334
134
Oct 19
800
4
Feb 15
Dec 28
14%
86
13
9*2 Oct 19
14%
3%
100
♦
92
55
28
100
21
19%
28
Closed—
4434
100
13
"26"
98%
44%
Jan
Oct
65%
8% May
Jan 11
4
-
57
14%
10
m
44% May
45
Sept
7
98
Campbell W A C Fdy. .No par
434
106
117% Mar 12
Calumet A Hecla Cons Cop..6
900
Feb
Oct 19
6,300
12,800
1,400
Jan
9784
Oct 19
6*2 Dec 31
51% Mar
58% Sept
40*4
Dec 27
5'4 Dec 14
15
Oct 19
50*2 July
12% Mar
2
Jan
6% Oct 19
2*4
Jan
Feb
64% Mar
69
Apr
Jan 12
24% Jan 11
24% Feb 3
15,800
85
*1111
14%
102*2
Callahan Zinc-Lead
45
*__.
80
14%
334
84%
53
Dec 28
13,600
7*2
434
*3634
45
No par
100
No par
Byrorj Jackson Co
C alifornia
28*4
r28
Dec
"l8%
38% Jan 14
50
1,900
2,600
48
"7%
7*2
28*2
5%
85
14%
334
338
82%
87%
100
*
*
81
"i4%
100%
24%
*3634
81%
61
Exchange
45
*3634
*
45
14%
92
23%
5
*
100
51
10034
*88
Stock
15
3%
3%
334
8734
100
45
♦
48
Byers Co (A M)
Partic preferred
10%
13%
Jan
4%
33
Dec 28
134
13%
42
5
Zinc
1534
10%
13%
#
6,600
100
41
Jan 13
7
7
10
15
48
30
6% conv preferred
1834
7
7%
1
JBush Term Bldg gu pf ctts 100
10
8
52
Jan 23
8
21
2% Oct 19
Butler Br08
Butte Copper A
420
47
Oct 19
Dec 29
24% Dec 29
10% Oct 19
Burroughs Add Mach-.A'o par
7,800
30*2
30*4
rl5%
18%
*47%
1%
Dec 28
1
5%
No par
Burllogton Mills Corp
2%
8
34
28
No par
.......No par
-100
330
Dec
Oct 19
N« par
2,400
Apr
47
6
Debentures--
5,000
July
43%
53% Feb 13
Jan
{Bush Terminal
7
pl2%
59% Feb 11
Jan 14
1,300
14
6%
17%
2%
23% Feb 23
Oct 19
50
3,200
1734
*12%
6%
Oct 19
62*4
Watch...
11% Jan
6*2 Nov
Aug 14
Dec 29
7
76
Bulova
34
18
35
Bullard Co
Apr
Nov
32% Aug
1% July
4*2 Jan 11
Dec 29
Dec 28
Budd Wheel
share
47
Apr
6
22
100
3,000
1734
*2 Oct 19
I57g
100
No par
8,000
per
100%
*25% "Jan
1584 Mar 23
Dec 29
7% preferred
June
50% Aug 25
7% preterred
Mfg
11,700
6*2
28
Oct 19
15%
Burtd 'E G)
3*2
12%
«
400
Dec 2 8
Dec 29
3
5
16%
11*2
42%
19,700
16
2234
Co
25%
14
*40
1701
4%
Aug 16
Jan 18
34
Bucyrus Erie
Highest
share S
39
...No par
8,100
17
2%
7%
11%
Bearing
Brown Bhoe Co
7
8%
*30*4
rl5%
15%
6%
7%
2%
7%
11%
67s
17%
2%
Roller
BruD»-Balke-Collender.No par
41
3%
24%
*1534
7%
17%
17
16%
19%
1%
1%
7%
30
8%
30
15
2%
17%
2%
7%
3
7*2
30
173«
7
7
3%
5
100
Maine RR
2,700
84
4%
16*2
Bower
15
Corp
Bore-Warner
7%
41
41%
Borden Co (The)
Boston <fe
83
*8*4
7%
26
16%
6*2
18
2%
25%
16
11%
7%
6%
18
30*8
1934
*47%
.?
13
7%
33g
2534
634
7%
200
*74%
2
17%
2%
7,200
4%
16
7
18
35
84
4%
41%
3%
40
3
3%
18
*34
24%
14%
6%
16%
3%
*74%
4%
3884
28
18
76
76
4%
400
4,000
18*4
8
1.400
2e%
r26%
35
7%
40*2
1634
17
7
17
334
26
8
76
39
723
7%1
4%
4%
23%
8*4
7%
7*4
8%
7%
7%
8%
8*8
15%
*34
3%
28%
838
9*4
7%
21*2
18%
43
30
8*4
7%
7
40%
7
1934
21
76*4
76
%
8%
8
18%
1*2
1*2
6
25
800
24
29
Dec 28
1,000
*22
1%
11
34
19
77g
1
Bond Stores Inc
93
per
80% June
46*2 Apr 13
1734
22
8%
Oct 19
*16
15,700
15,400
3*2
Jan 22
7634 Oct 19
1634
18
20's
25l4
8
34
16%
8
17%
23
3%
share
per
39
34
1634
2234
S
par
1634
16%
22
19*4
25%
28%
5,000
per
%
No par
B
rl3
'17
8*2
1934
2414
«4
13
Class
S
Lowest
Highest
share
No
Bon Aral class A
13
16%
24
334
%
23%
334
3*4
15%
120
40
*34
16l2
7%
1814
24*4
3
220
1278
1
17
2234
Shares
40
3978
1938
Ranoe for Previous
Year 1936
1937
100-Share Lots
Lowest
Par
87
87
1,
EXCHANGE
40
40
12
16%
2334
16%
25
3%
1
23*2
3*4
3%
On Basis of
8TOCK
YORK
Week
$ per share
88
17
3%
Friday
the
I
Dec. 30
29
NEW
for
Dec. 31
Thursday
Wednesday
28
Range for Year
STOCKS
Sales
SHARE. NOT PER CENT
Jan.
2%
59%
9184 Nov
136
82
1 Palled for redemption
Nov
Feb
Volume
LOW
AND
New York Stock Record—Continued—Page 4
146
SALE PRICES—PER
HIGH
SHARE,
NOT
PER
Dec.
Dec.\25
Dec. 27
$ per share
$ per share
6
*5%
15%
1534
8%
*
7%
*
67
*69%
1*8
512
22%
5%
23%
97%
4-%
9%
1
1*8
97%
4%
8%
5*2
2134
:■!
96%
4
8*2
*9834 105*4
*98%
3*4
3%
3%
%
%
4
*80
79%
81
13%
12
13%
1%
10%
1234
12%
1%
1%
37%
107
7%
27%
1%
29
14
13%
13%
49
49%
59%
61%
62%
*165% 167% *165%
4*4
3%
3%
26
28
23%
49*4
93
93
92
22
22%
21
7*4
6%
7%
34
36
33*4
*34%
*31%
9*2
37
*32
32*2
10%
*30%
58
58
9
6
3%
14
13%
5
12%
4%
40%
3%
14%
5%
40*2
4%
40*4
3%
15
16%
60
*54%
*24
-
24
*54%
*22*2
22%
--
25%
7
7
6%
13%
13*2
13%
*101% 102*2
22% 24
22%
13
15%
21
22%
13
102
16
7
22%
10%
14*4
7*4
2
8%
*13
19
34
31%
19
*31*2
18%
54%
17%
55%
56*2
*6%
36%
6
6%
40
35%
1
Oct 19
4*4 Oct 19
12 partlc pref
No par
Consol Edison of N Y..No par
$5
21% Deo 29
92
No par
preferred
3% Oct 19
7
Oct 19
Consol Laundries Corp
5
Consol Oil Corp
No par
1034 Oct 19
10%
1%
12,000
58
-
300
13,100
34*4
90
%
%
%
5%
3%
6
75
450
Coty Inc
5,800
Crane
13
14
14
100
Cream of Wheat ctfs.—No par
4,300
Crosley Radio Corp
Crown Cork A Seal
Pref ex-warrants
1,100
13,300
-
-
6%
390
9,000
89
5
80
Cuban-American
Preferred
1%
93%
*4%
♦
"29%
33
20%
31%
5%
6%
12%
13%
5
5
95
93
12
Dec 29
4
Oct 18
Packing
Cudaliy
8,700
2«4 Oct 19
Curtis Pub Co (The).—No par
7
*48%
50
*48%
30
2
-
2 ■.<
*94
7*2
*4%
*
»
2
900
1,000
10
32,000
700
3,300
1,800
900
*
32*2
r20%
31%
20%
31%
20*4
31*8
5%
6%
6*8
*28"
700
3,100
13
32
34
*31*8
17%
rl7%
18*4
34
18%
254
"
54
38
6
6
*6
36%
87%
38%
38
39%
91
91
*90%
21
*18
.
22
6%
800
39%
36,700
*6*4
9*2
8*4
*2
*%
♦%
2%
!
2%
9
*4
10
115
*112
115
9*4
**4
*%
1
2*4
2%
3
*9%
*112
12
*10
115
*112
108% 112
108% 111% 111%
113% 117
131
131%
131% 7131
131% 131% *131
110
110
110*4
109% 109% *109% 110
114
114
114
114
114
114
*111%
5
4%
5%
5%
5%
5%
5%
*159
17%
16
3%
16%
8*2
3%
!
3
155
155
*153
160
153
16% V
13%
11
12
42
36
37%
38
35%
25%
%
24%
3%
38%
38
25
24%
*2
46%
50*4
102
4
5%
46
2
16%
33%
7%
3%
♦%
*2
2
17
16%
*33%
102% *102%
3%
5%
33%
15%
3
15%
8%
3%
11%
15%
8*4
3%
16*8
8%
45%
3%
1«4 Oct 19
3%
11%
38
38*2
11%
38*2
Aug
4
July
41
Oct
"35"
Mar
~377g
Nov
1688 Mar
4358 Jan
353g
91i2
68%
498g
19%
Sept
Nov
Nov
Nov
46% July
44
Dec
714 May
28
Apr
95i2 Apr
H4 Sept
9
6i8
03%
Sept
Jan
35i2 May
1678 June
99i2 Mar
114
4
Jan
9% Mar
10i2
Jan
Sept
36ig May
21% Dec
90
Jan
70*2
Jan
Apr
m Nov
7%
107"
Dec
27
Jan
32% Nov
33*g Nov
5484 Oot
23*s Fea
107g Feb 18
Oct 15
30
May 13
13
June
42
Jan
30*8
37%
Oot
40*g
Oct
43
Occ 15
Oct 19
10
76% Feb 19
36J2 Feb 2
40ia Feb 4
23
Apr 10
117g
21%
63
29
Mar 17
18*4 Apr
96
Mar
9
93
Dec
95*2
26
Feb
9
19
Oct
25
27
Oct 19
4114 Jan 25
40
Aug
16i2 Oct 19
5714 Dec 28
41
i2 "Jan
123gMar
7*2
50%
5
Dec
_
26i2 Oct 19
79i2Nov26
8
7714 Jan 25
143S4 July 13
3i2 Feb 19
10
Oct 19
Dec 24
21
8% Dec 28
1
...No par
34%
Feb
Oot
Jan
Deo
Jan
Aug
Jan
Deo
Nov
4684 Feb 17
Oct 19
35
% Oct 26
f
153
Oct 15
..No par
Deo
9%; Feb
an
CastingCo No par
Duplan Silk
108*4
May
Apr
Class A-.
Dunhill International..
Jan
Apr
Deo
69
4
Doehler Die
preferred
Deo
44%
24%
60% Oct 20
Dominion Stores Ltd ..No par
Deo
14% Mar
129
4
534 Dec 29
No par
Deo
20
Jan
128
15
6%
Oct
Deo
33s
7
No par
Dome Mines Ltd
"6684
May 19
30
with warrants.. 100
Deo
125
22
116% Jan
29i2 Dec 29
18% Oct 19
No par
Deo
73g Mar
50% Deo
12 ig
Taynolds A..No par
Co..
170
Oct 19
i2 Oct 19
1% Oct 19
65
Jan 16
39t4 Jan
138 Jan
Apr
61*2 June
12% Deo
Jan
82*4
"29" "jan
7
6*2
5
Jan 16
% May
1*8 Jan
4?g July
17i2 Jan 19
13% Aug
8U
407» Deo
Jan
"51*
Oot
Deo
36*4 Dee
184
3
Jan
Jan
884
Oct
18*4
Jan
106
Nov 20
122
Jan 19
114
Feb
120
Du P de Nemours(E I)A Co 20
98
Nov24
Apr
130
Oct 20
180ig Jan 18
135); Feb 19
133
6% non-voting deb..... 100
54.50 pref
.....No par
Duquesne Light 5% 1st pf-100
Eastern Rolling Mills
6
129
Feb
18484 Nov
136*2 Dee
107i2 Oct 21
112
109ia Oct 27
2% Oct 19
115i2 Jan 22
3,200
Eastman Kodak (N J).No par
144
Nov 24
198
100
150
Apr 2
15i4 Dec 29
284 Dec 29
147« Dec 29
334 Oct 19
3% Oct 19
6% Oct 19
164
18400
1,600
800
170
5,300
16
48
158
5
88% Dec
100
7,200
3
46
69% Oct
82ig June
Jan
pre/
Apr
Dec
Apr
5%
Deo
Apr
635g Aug
19*2
Dlxle-Vortex
Mar
5514
147» Apr
Match
4
44%
26
8684
JDuluth 8 H A Atlantic... 100
15%
15*4
3
Feb
5
Jan
400
3%
16*4
5
2,700
140
156
15%
3
46
3,300
5
5
5*4
159% 160*2
12
5
110
35i2 Apr
2ig Apr
28ia June
24% Mar 17
8%
112%
131% 131%
*110
113%
*111% 114
114
24% Mar
5838 Mar 17
Diamond
Jan
17% June
1
3184 Mar
No par
115
111
160
16
7*4
38*2
26%
%
2%
2%
17
17%
♦33%
35%
101% 101*2
*112
131
160
3%
15
*%
115
114
5
Dresser(Slt)Mfg conv ANo par
Class B
;
No par
1,600
NOV
87U
6
Jan
Nov
Dow Chemical Co
300
158
42
3%
13
161
161
161
2%
*10
Feb
27
No par
700
158
15%
2%
14%
7%
3%
10%
35%
16%
3%
15%
7%
1
13
24
109
1,800
9%
*2
*%
2%
Oct 19
Douglas Aircraft
i
161
159
163% 166%
*8*4
**4
9*4
*2
*2
2
10
*112
%
*2
2%
10
9
8*4
*2
%
10
21%
Nov
109
29
'
*18
4
67U Jan
6334 Dec
Oct 19
Devoe A
20% Mar
353g Nov
Jan
Oct 19
Det A Mackinac Ry Co... 100
Jan
158
9*4 Deo
377s Deo
Jan
Oct 19
JDenv A Rio Gr West 6%pfl00
100
Feb
Oot
July
9% Nov
1714 Dec
106*8 June
12»4 Nov
109
158
5
Detroit Edison..—
Feb
20is
48%
10Sg
8
320
93
*18
90
'
2,500
22,900
18%
54%
55*4
6%
„
Jan 16
15»4 May
7i8
Oct 29
18ig
June
13
100
.
Feb 27
2
-100
Distil Corp-Seagr's Ltd No par
16*4
13%
62
27
Jan
Dlesel-Wemmer-Gllbert.... 10
8.70P
75
Nov 20
lli2
101
Delaware Lack A Western..50
4,900
*67
1
12% Oct 19
20
6%
*15
Mar
96i2 Oct 21
19ia Nov 23
203s Nov 20
No par
5% participating pref
25
Diamond T Motor Car Co—2
16%
43
20% Feb 11
109% Jan 6
8% Mar 4
2334 Mar 6
Jan 14
6
5
Conv 5% pref..
-.--25
Dayton Pow A Lt 4H % Pf-100
Preferred
4
18*4 Nov 23
Davega Stores Corp.
Deere A Co new
173s Jan
143s Jan 12
127
Jan 11
86
24
$8 preferred
No par
Cutler-Hammer Inc newNo par
500
75
55%
54% Dec 20
31*8
*65
17%
8% Oct 19
.100
5% uon-cum preferred.. 100
21
*15
*31%
mm"
32
16
13%
mm
Oct 19
1
Delaware A Hudson
»
2
1
-
A
Cushman's Sons 7% pref.
15,100
7%
18%
*478
Curtlss- W right
Class
39l2 Dec 29
No par
11,100
1%
1%
7%
18%
*28"
13
2,800
*93% 100
100
Preferred
18,000
*22%
*22%
22%
22%
22% 22%
7
r6%
6*2
*6%
14
13%
*13*4
*13*4
*101% 102% *101% 102%
23
21%
20% 21%
23*4
23*4
22% 22*2
11%
11%
11%
11%
14
15
14*4
14%
6%
6%
6%
6%
93*2
18%
32%
20%
31%
6%
16
60
3%
15%
60
-
23
4
15
4
3%
15%
15%
54%
Oct 19
Dec 22
4,900
6,000
48,500
54%
22
.
Jan 11
3
5
40
31
95
*18
39
13%
67%
67%
.6%
37%
22
*%
MarlO
3
70
14%
7-4%
5
r39
40%
3%
*15
67%
16%
31%
18%
57*4
95
*%
2%
135
-100
40
14*4
Oct 19
Nov 26
Sugar.—.10
100
Cuba RR 6% pref
440
Jan 16
i2 Dec 30
No par
(The)
37
IO884 Apr 15
8184 Mar 3
21
Cuba Co
171% Jau 14
10% Mar 16
66% Feb 3
115
Aug 13
47% Jan 28
25% Apr 13
100
Preferred
m
2,300
Feb 13
71% Jan 15
28% Jan 15
10078 Feb 3
66% Jan 8
$5 conv pref
...No par
Crucible Steel of America.. 100
;
»
No par
Crown Zellerbacb Corp
77
57is Dec 28
$2.25conv pref w w..No par
300
Jan 15
Feb 17
Jan 9
Dec 2
Jan 23
Jan 23
3% Feb 11
49
July 19
35% Mar 8
5^4
109»4
69%
108%
25s4
42%
30% Dec 29
8% Oct 19
No par
10,400
373s Apr 13
3784 Jan 14
6% Dec 29
28*4 Nov 23
34
Dec 21
No par
9,500
Oct 19
3
22% Nov 20
8858 Dec 6
21
Nov 23
100
6% conv pref
500
11,000
25
No par
25
Co——
Oct 19
9l2 Oct 19
4634 Nov 27
50% Oct 20
153
Apr 14
Continental Steel Corp.No par
Corn Excb Bank Trust Co.-20
6,600
-
% Oct 19
24
6
Corn Products Refining
Preferred
Oct 19
23
1
Continental Oil of Del
6,100
4%
3%
80
Motors...
•
Oct 18
37i2 Dec 28
1067s Dec 17
5% Oct 19
Continental Insurance...$2.50
Continental
Oct 19
65
100
7,500
%
6*4
75
1
.20
5,200
29,200
2,200
90
6*4
3%
3%
75
8% preferred
Continental Can Inc
3,800
35
*83%
%
36
*83%
90
*61
62*2
7i2 Oct 19
No par
$4.50 pref....
No par
Continental Diamond Fibre. .5
500
66
34
61%
33%
6*4
7%
*16
9
12U June
1%
73
37b Apr
Apr
13% Apr 6
5234 Apr 6
92i2 Aug 16
10%
*69
Jan
Oct 19
1%
73
13% Feb 26
102
Oct 19
11*4
*69
Jan 12
3
11
70
108
Nov
16
100
—
18% Jan 9
497g Jan 23
Nov
95
Jan
4i8 Sept
1514 Apr
27.14 Apr
5i2 Sept
3s May
11%
1%
Class B_
Jan 20
1984 Dee
85
72i4
10*8 Jan 4
1*8 Feb 27
7934 Dec 28
6,300
534
44i2 Jan
2584 Mar
33l2 Jan
6684 June
1778 Apr 5
10578 Jan 23
Container Corp of America. 20
Continental Bale class A No par
1%
July 7
187S Jan 15
Mar 2
96
Mar 11
87
2% Oct 19
% Oct 16
^ConsolidatedTextile..No par
Consol Coal Co (Del) v t C--25
v t o
Jan 14
Dec 23
100
$5 preferred
No par
Consol RR of Cuba 6% pf.100
5% preferred
Nov 26
Consumers P Co$4 .fiOpfNo par
6%
7
6
12%
1
1,000
22%
31*4
*15
Consol Film Industries
14,000
<54%
*22*2
20%
*60
Oct 21
12%
6%
13*4
13%
102
*101% 102%
21
22%
22%
23
23
22%
10
12%
11*4
14
14%
14%
31
67*2
16%
4,100
200
84
June
63
12*4
4%
23*2
6%
13*2
20*2
14*2
13%
*15
*81%
*
6,900
18
84
*
•
3,300
4
3%
*15
-
-
8
Oct 18
12%
39%
3%
14%
60
6%
*66
53,600
■
-
26
4% Oct 19
'
18%
.
4
1,500
9
Oct 19
8
65
1238
12
5
31%
6%
4*2
16%
5%
3%
13%
20%
20%
*31
r4%
8%
*98% 105%
*3*2
3%
%
*8
Jan
*81%
*70
2
"32%
34
*33
9
700
*15
%
95
*4%
*
4%
8%
*98% 105*8
*3*2
3%
%
%
96%
7
Highest
share S per share
July
15i2 Dec
Aug
12%
32
40%
3%
15%
2
95
*4%
4*4
a;96%
per
15
83*2
*83%
%
6%
3%
93
2
95
6%
97*4
16
58
75
*70
97*4
21%
:
90
3%
3%
70
70
22%
5*2
22*8
....
34%
%
5%
5%
5,900
4,400
53,700
38
38
38*2
38%
38*2
107
*104
107
107*2 *106*2 107% *104
7*2
7*4
7%
7*4
7%
7%
7-7*4
28
28
26%
27% x28
26% 28
1
1
1*4
1*4
1*4
1%
1*4
29
28%
30%
29%
30*4
2984
28%
14
13
13
12%
13%
13*2
12%
49
49
49
49*4
49*2
49% 49%
59
6134
69% 59%
59*2
58%
58%
*165%
*165%
*165%
4
4
3%
3%
3%
3%
3%
26
23
24
24
23%
24%
24*4
92
92
91%
91%
*91% 93
9134
22
21% 22
*21%
22*2
7-21% 21%
7
r7
7
7%
6%
7%
7%
34
34
35
33*4
32%
33*4
34%
37
37
*32% 35%
*32% 37
32
*29
31%
30*2 31
32% ;;
1
9
9%'
9*8
8%
9%
9%
9*4
32
%
5%
158
►
22
10%
1%
69%
37%
58
*83
90
%
1%
"""280
72
share
16
-100
100
7%
per
307b Aug
preferred
OH % Prior pref w w
'
^
3
19ig Feb 11
45i2 Mar 11
1914 Jan 23
11%
73*2
38*4
57%
37%
34%
*82
2,600
67
*69%
1%
4
42,100
10
per
7i2 Dec 31
6% Dec 20
Congoieum-Nalrn Jnc—No par
Congress Cigar.
No par
Conn Ry A Ltg
% pref. 100
Consol Aircraft Corp
—1
Consolidated Cigar... .No par
200
Lowest
Highest
share
4% Oct 19
20
Dec 23
%
Conde Nasi Pub Inc.-.No par
7%
*
70
1%
5*4
5*2
21%
96%
J*
334
8
1,100
5,100
7%
7%
*5%
17*4
8*2
18%
Par
5*2
22
1*8
%
3%
16
Lowest
•
20%
7%
8%
18*4
5%
20*4
8*2
8
~70"
3%
4
5*4
21%
67
70
3%
•%
17
*70
18
.
*
4%
4*4
8%
8%
*98% 105%
9
105%
4
73%
40%
*107
107%
7*8
7%
28*2 29
1*4
1*8
30*2
3134
l>ay
96%
84
12%
12*4
1*2
*71%
38%
Chris tnae
1*8
5%
21%
17
4*8
83
Closed—
~70"
96%
4%!
21%
*7%
*5%
67
19
4*8
Exchange
634
5%
22%
%
*16 .h
Stock
1GJ*
1*8
5*4
8%
8%
17%
7%
*
70
Week
Shares
5%
*6%
7%
67
70
*69%
8%
!6%
Dec. 31
$ per share
21
Range for Previous
Year 1936
100-Sftare Lou
EXCHANGE
Dec. 30
T2
7%
On Basis of
YORK STOCK
NEW
the
Friday
$ per share
share
5
7%
9%
6%
18%
8%
er
20
20*2
20
Thursday
Dec. 29
$
6
6
6%
6%
28
$ per share
21
20*2
*7*2
Wednesday
Tuesday
.
Range for Year 1937
STOCKS
Sales
CENT
for
Monday
Saturday
67
8*4
3%
19,200
27,200
11
11%
6,700
51,000
36
37%
3,300
33
35
36%
35*4
35*4
25
25%
24%
25*4
25*4
%
%
%
%
r%
*2
*2
2%
2%
2%
17%
17%
18*4 *17%
18*4
34% *33% 40% *33% 40%
104
*102% 104
*102% 104
4%
4%
4%
5%
4%
2,100
3,600
1,300
200
4,000
100
160
14,900
100
preferred
6% cum preferred
Eaton Manufacturing Co
4
No par
Electric Auto-Lite (The)
6
Electric Boat
3
Eltlugoo
Schild
—
Elec A M us inc Am shares—
No par
38 preferred
No par
Elec Storage Battery.-No par
tElk Horn Coal Corp—No par
6% preferred.
-.60
El Paso Natural Gas
3
Endicott-Johnson Corp
50
5% preferred
...100
Engineers Public Service
1
Electric Power A Light-No par
17
Nov 18
Mar
5
Aug 16
Nov
4
37ig Feb 11
16
Mar 17
45i2 Feb 11
16
Feb 23
7U Feb
6
26% Jan 14
rlll% June
5*2 July
185
Aug
162
July
166
Mar
28% Jan
5% Apr
3084 Apr
10
Apr
6
Dec
63$
Jan
92% Jan
7
24
Oct 19
87
8
3284
29*2
22
Oct 19
44i2 Jan 16
2
Jan 19
i2
Jan
ll2 Oct 19
14i2 Oct 19
29
Jan 18
33
Nov 24
60
Feb 11
K0
Nov 30
3
Oct 19
8
Jan 18
1151* Jan 19
178. Jan 16
Deo
12% Deo
Apr
Oct 19
12 Oct 19
116
156
27
$7 preferred
Deo
Jan
Jan
3938 Dec
Jan
1*2 Jan
2234 Nov
53*2 July
110
Aug
40*2 Nov
157g Nov
47*2 Nov
17% Feb
784
Feb
257g Deo
94*4 Deo
87% Deo
55*4 Jan
1% Feb
6%
Deo
29% Dec
69
Feb
116
July
7*2
Jan
16'g
78U Jan 30
45%
Jan
81
Deo
1
50
*51%
2
57%
2%
6%
7
9*2
45%
'
47
*51
1%
10*4
8%
7%
3%
6%
3%
7%
7*8
8
9*4
28%
29%
*95
27%
*9%
*75
1*4
1%
7*2
27
26%
9%
9*4
79%
72%
9%
7
•
1%
2
2
6%
9%
6%
3*4
7%
1%
1*2
6
6%
10
10*4
8%
9%
75
62
105
3
60
26
27%
*50
1%
15*4
*53
2%
3%
1%
16
*
*50"
*94
2%
3
1*2
14%
1%
1%
7-27%
27
27%
28
10
10%
05
105
2%
3
1*2
15*4
7%
♦
-
-
*94
7-2%
3
1%
15%
6,800
7%
5,800
1,300
Evans Products Co
1%
1%
27
27
*95
520
320
3,300
'
-
-
«
«,
28%
*8%
72%
72%
10
65
65
65
105
*94
1,900
1,200
50
105
3
1%
2%
*2%
71%
rl5
% In receivership,
■
2%
3*4
1%
200
8%
Jan
8434 Oct
89% June
86i2 Feb 10
55
Jan
97
984 Jan 15
235s Mar 17
358s Mar 17
11
5
Oct 19
Oct 19
28U Mar 17
14is Jan 21
6i2 Dec 29
1U Oct 14
3414 Mar 3
634 Jan 21
23*g July
1
—25
preferred.....
48,
Nov 23
3'
5
5
Nov
1% Dec 28
4U Oct 19
8I4 Oct 19
Exchange Buffet Corp. No par
Fairbanks Co
Oct 21
45
51
100
100
1st preferred
2d preferred—
Eureka Vacuum Cleaner
28*4
16
4%
4%
1,100
4,100
9
41
No par
7
10
2%
$6 conv preferred
35H preferred w w_.No par
36 preferred
No par
Equitable Office Bidg.-No par
Erie Railroad
100
3%
28
74
*50"
7,000
10
9%
3%
7*4
*1*4
1%
9
-
8,000
6%
6
7
9
*95
74
7
3%
1%
27*2
2%
*1%
9
9
Bid and asked prices: no sales ou this day.
7
3%
r7%
*1*4
*95
*94
16
700
60
26%
27%
60
3%
*1%
15%
600
49%
*46
1*2
8*2
1%
105
2%
50
*44
57*4
6%
1*4
8*4
60
2%
3%
1%
*41
49%
3
3%
7%
1*4
*95
2%
45
*44
1%
5%
8%
6*2
*95
27%
45
48
*51
6%
3%
7%
1%
1%
47
48
2
6
7%
1%
1%
*43
45%
48*2
57*4
53s Jan 28
28
Jan 28
25g June
8*2 Apr
3484 Jan
122*2 Jan
31% Feb
I884 Apr
3
Oct 19
7>g Oct 18
23i2 Oct 19
100
Fairbanks Morse A Co .No par
6% preferred
100
Fajardo Bug Co of Pr Rloo.20
Federal Light A Traction.. 15
36 preferred
100
Federal Mln A Smelt Co—100
150
Mar 31
26
—100
Federal Motor Truck..No par
Preferred
3,800
1,400
dellrery,
»
New stock,
f Oash wale,
29
Jan
167s Aug
407g Jan
8*4 Mar
434 Mar
43g
70
4
84
Nov 29
Oct 19
150
Mar 11
Apr
Oct 19
Jau
37
129
2% Oct 19
1% Oct 19
1434 Deo 29
Ex-dlv,
y
Jan 11
Jan
2
115s Feb 19
111* Feb 25
6
Jan 14
43*4 Mar
Ex-rlgfats.
4
Oct
Jan
103
293s Jan 18
June
107i Dee
18*4 Sept
34*2 Oot
1184
2
t
Apr
Apr
12
90
Federated Dept Stores. No par
a Pet,
16
Oct 18
60
Federal. Water Serv A ..No par
2,900
717g Jan 15
210i4 Jan 14
6*4 Apr
7% Oct 19
7284 Dec 28
Federal Screw Works..No par
1.800
15
Feb 19
Jan
Aug
697t Mar
7H
Jan
2*1
Apr
Jan
20*g
Jan
3
25
Deo
71%
210*4
61*2
27%
101%
Deo
Dee
Deo
Deo
Deo
92
Mar
123*2 Nov
12% Mar
6
Deo
6
Oct
46*4 Nov
1 Called for redemption.
New York Stock Record—Continued—Page 5
68
LOW
AND HIGH
SALE
PRICES—PER
SHARE,
NOT PER CENT
Sales
STOCKS
NEW
for
'""t
Saturday
Monday
Tuesday
Wednesday
Dec.\25
Dec.
Dec. 28
Dec. 29
27
$ per share
$ per share
68
2734
•20
68%
28*4
*20
39
197*
20
19i8
93
*901/
28%
16%
2912
*25
28i2
1634
*17l2
2%
30%
88I2
1618
*58
22%
:
lVz
27«4
6714
293g
20
20
195s
1818
91l4
2612
1418
19
9H4
28i2
15%
2812
1812
2
Shares
*_
—
1812
r9034
2714
26i2
68
*65i2
275s
27l2
26i2
19
9034
27
*
6834
27%
26%
19
9034
28
28
15
155s
27
r26
26
3,500
12,700
1,400
21
*17
21
18l2
2
2i4
2i4
29
2912
28
2812
29
29
*29
29i2
8834
8834
1534
*89
95
*89
95
15
8834
10i8
8884
17%
66
*56
*51
60
:
334
4
*40
46
2058
23%
14%
*55
70
334
3'2
2034
2212
110
*21
25
2134
2134
10'2
10%
1012
10i2
1%
1%
334
134
1«4
1
3%
3
*106
3
14
11%
13%
14%
90
*88%
110
*106
2112
110
*213g
884
*56
76
3
*2134
25
9%'
914
1%
*21%
134
3%
3%
3%
15
1 Foliansbee Brothers..No par
1,800
Food
7,600
"I'M
20
4,600
25
70
3%
1,300
12
13
713
13
14
14
8,800
1,100
13
15
*137g
10
13%
15
330
90
90
90
90
90
*85
90
30
5
5
5
5
5
6
434
5%
5%
5%
6
53g
*534
6
preferred... No par
Francisco Sugar Co
18
Fuller (G A) prior pref-No par
26 2d preferred
Oct 19
Oct 19
par'
1
7,100
13 preferred
10
GamewellCo (The)
No par
Gannet Co conv »0 pf..No par
Gar Wood Industries Inc..-.3
*07
75
23
23
*106
120
*62
22%
106
73
*63
23
22
106
*106
72
*63
72234
2234
120
42%
30%
1%
*3334
4334
31%
40
4134
40%
31
2834
30
1%
1
50
50%
50
1
1%
30
31
32%
114% 114% *113% 115
30
30
31% 31%
4%
4%
4%
458
9
9
9%
834
1%
21
*85%
1%
102
101
1%
22%
1%
18%
*85%
1%
15%
99
1%
28%
114
43g
8%
101
101
1%
2O84
1%
18%
*85%
99
16
16
15
24%
2338
H%
27%
23
24%
24%
25
21
21
12
11
23%
11%
18
*
18
105
18
*
"16"
10%
9%
"*9%
Closed—
58
58
*57
51%
734
61%
21
49%
2
6%
278
*8512
13
4934
76
7714
7434
378
5734
3i2
5734
*55
1%
378
1%
13i2
1414
2458
1984
1134
1834
46
»■
I6I4
l5g
4
57
6%
7%
*47
61
50
3
15%
834
9%
21%
2
1434
4858
175s
3%
*118
119
*118
119
19%
*48
178
234
8534
1234
2%
3
90
14%
485g
175g
75U
46
16%
7212
358
3%
58i2
15g
334
5734
1%
112
11%
1%
3%
*101
1%
1%
19
19%
92
*85%
1%
15%
*15%
25%
22%
25
11%
11
22%
18
19%
*
10%
~Io%
9%
9%
*55%
57
634
6%
53
*46
1%
1%
*85%
1%
15%
19
"10%
*54
9
6%
634
2
3
*2%
£83%
2
2
33
14%
"13%
4634
1634
17
17%
74
73%
58
*55
1%
3%
1%
1%
3%
1%
12%
11%
1334
14%
13
13%
13
24
24
24
24%
20
1934
1934
20
20
24%
*1934
77334
3%
3%
58
*55
1%
1%
11%
13%
24%
1%
3%
*1%
12%
13I4
24%
20
19%
334
12
12
2478
2H8
23
12%
20%
12%
2134
12%
2134
23
26
26
25
25%
25
26
25%
25%
*110
125
*40
1612
9%
*5
*40"
64i2
17i2
934
8%
*1%
*20
16%
878
*8
83g
1%
1U
22
16%
534
1934
92
22
125
*40 ~
64i2
1712
9U
16
834
8%
7%
1%
1%
21
*18
16% Mar
7%
*1
1%
*18
8
25
*23%
34
*31
5l2
19
*90
578
1914
5%
1734
97
*95
92
92
22
21
128
*121
6
6
5
60U
60i2
*57i2
178
*93%
57g
2
95
6%
93
7%
1%
*1%
25
*31
*95
6
8
24
34
21
*88
9%
*18
15
97
2
16%
9%
15
4%
*121
*93i2
1634
14
20
22 34
*40"
64%
9%
86
5
512
4%
534
4%
5%
5%
55%
1%
2
*90
6
5%
93
*86
4%
*15
16
25
25
25
400
34
*31
34
534
534
92
99
"40
21
128
5%
5
55i4
*54
2
2
*88
92%
6
5%
93
*86
40%
3978
40i2
39%
39%
*41
50%
*86
90
86
86
86
86
84%
I6I4
16%
16%
16%
85%
*16%
85%
20
25
95
16%
18%
95
19%
*101
20%
.
19
*
8i2
19i8
5334
5234
23
23
22%
7%
4978
53%
22%
8%
4978
79
79
*79
8%
50%
80%
7%
78%
834
1714
38
38
34
36
*35
6
5
6%
1%
4i2
6I4
7
7
1%
5l2
6%
41%
1%
4i2
6%
6
39%
1%
4%
6
1%
8%
1634
Bid and asked prices; no sales on this
day
720
*
52%
721
8
4,100
5%
20
1,600
55
150
2
5,300
92%
100
6
7,800
93
200
6%
1%
5234
21
*21
50%
85%
16%
18%
700
700
4,800
t
S3
Granite City Steel
Green Bay A West RR Co. 100
Green (H L) Co Inc
1
Greyhound Corp (The).No
6)4 %
8%
Hackensack
10
Northern.. 100
100
Water
25
7% preferred class A.....25
Ball Printing
10
Hamilton Watch Co
6%
No par
preferred
100
Hanna (M A) Co $5 pt.No par
Harbison-Walk Refrac. No par
6)4% preferred
Hayes Body Corp
w
68%
1%
Oct 19
2
Oct 19
46
16%
cum
Hershey
$4
Holland
b%
Jan
Jan
18%
Jan
634
Jan
106
77
Nov
123% Nov
69%
1534
Jan
110
3% Apr
32% Apr
67
106
Jan
2
Apr
26% May
33% Apr
32% Apr
17
July
30% July
13% June
70
Aug
6>4
Deo
Deo
0%
June
Feb
Deo
118% Mar
4% Dec
48%
Dec
71
Dec
89
Dec
31%
Deo
44% Nov
19%
90
Oct
Jan
37%
Dec
Jan 18
62% Sept
Feb 17
3%
Mar 11
Jan
6% Nov
116
Feb
Jan
Sept
66%
Jan
60
Deo
7%
10%
Feb
Feb
118
35%
Oct
Deo
86% Nov
31%
Apr
Deo
105%
Deo
14%
Deo
6
77
Jan
9
2
June
Jan 12
Nov
8% Apr
21% July
xlOO
1% July
3% Apr
1
10
48% Feb
8
24% Aug
28% Jan
Apr
96% July
4% Feb
11% Mar
6% Jan
*25% Nov
44
Deo
62% Nov
28% Mar 8
60%May 20
Jan
22%
Oct
Jan
40%
Oct
2
31
Jan
145% Mar
50%8ept 14
15% Oct 19
16
32%
42% Jan
8
2
130
Jan
42% Deo
149% Aug
04% Mar 10
60% Mar
65
39% Mar 10
7% Oct 19
22
Apr
39% Nov
14«4
Deo
17% Nov
16% Feb
8
Oct
Oct 19
11% Mar 18
4% Jan 11
Oct 15
69
Jan
9
Oct 19
17% Mar
6
9%
Jan
19»4 Mar
Oct 19
59% Mar
6
30%
Jan
02%
23% Dec 28
26% Apr 17
34% Feb
8
30
Jan
34%
36
7
33
June
7% Dec 29
%
12
3%
12
4%
Oct 19
92
20% Feb 10
81
Oct 26
Nov 23
5% Dec 29
6
July
Jan
31
Nov 20
55% Dec 30
1% Oct 19
Jan
1% July
24
Feb 10
14
Jan
108
17% Dec 29
95
Feb 18
£104
Dec
100
June
105
Jan 22
30%
434
00
37
15%
32
Dee
Dec
Oct
Deo
Aug
Dec
Nov
125% Nov
105% Mar
Jan
55
Deo
Feb 20
120
Jan
135%
Dec
12
Jan
107
Jan II
Feb 26
104
Nov
116
Jan
8
Jan 14
4%
Apr
9
Mar
117% Aug 13
99%
Dec
133
Mar
68% Mar
140
17%
1
15%
6
Jan 26
12% Aug
18% Nov
21%
Jan
86
Dec 28
126
Feb
9
117
May
141
Jan
Nov 24
166
Jan
6
160% July
105
Deo
Oct 19
Nov 24
May 22
39% Dec 29
No par
83
..No par
preferred ..No
par
5
No
par
111
37
v
t 0-.25
Illi nols Central
5
100
5% preferred
100
Motor Car
No par
Hupp Motor Car Corp
I
108
June
9
Jan
3334
Oct
19%
Jan
42%
Dec
Oct 19
114% Mar
109
*39%
Oct
19
43%
30%
Jan
Jan
Dec
5
115
Oct
407
Dec
544
Feb
397i June
27% Feb 11
22% July
73
Jan 11
64*4 June
94
44%
Feb
Mar 20
33
Mar
Oct 19
78% Dec 29
4% Oct 19
17% Jan 22
6%
Jan
13%
Dec
37
90% Mar 10
4834
Jan
65
Dec
Oct
19
£78% Nov
1% Oct 19
3% Oct 19
6%
Jan 21
3% June
5%
Jan
15%
Jan 21
17%
Feb
4
23% Feb 17
8% Apr
13% May
Oct 19
1% Dec 30
*18%
Oct 19
67% Mar 11
30
June
Leased lines 4%..
100
RR Sec ctfB series A... 1000
34
Dec 28
72
58
Jan
5
Dec 29
25% Mar 11
Ex dlv
Oct
y
19
22% Nov
4% Aug 17
8
r
Dec
Feb
16
Cash sale
4934
124
108
5334 Dec 2 7
41
Jan
100
r
Jan
Feb
52% Feb
6% preferred series A... 100
New qtocfc
80
119
June
30% Mar
Oct 19
Manhattan
Sept
Oct
Apr
120% Jan
6
Houston Oil of Texas
68% Sept
102
41
13*5"
Oct 19
44
Howe Sound Co
Apr
Aug
Nov 19
No par
100
Jan 19
25%
126
7% Dec 29
15% Oct 19
15%
93
stk.No par
5% preferred
2
67% Jan 21
Nov 26
Dec 29
par
39% Feb 11
64
Dec
6
135% Feb
16% Dec 29
21
....
com
11
50
125
No par
Furance
Class B
n
Jan
Aug
Jan 28
'47% Jan 6
22% Dec 10
Oct 19
100
preferred
Household Fin
610
53%
118
Oct
123
92
6% Jan 22
Oct 19
5
Dauche Paper Co. 10
A
Oct
Feb
129
preferred
conv
Hudson
10
71
70%
100
Chocolate
conv
Hlnde A
Jan
July
4%
Deo
..25
Preferred
6%
14
68
Jan
15
Oct 19
Hecker Prod Corp v t 0.No par
Helme (G W)
Nov
27% Feb
Dec 23
2
Dec
44
4% Feb
3
18
r25
65
13%
96
Oct 19
Dec
162
Oct
13% Jan 18
Oct 19
129
Jan
34% Apr
33% Feb
% Jan
84
47% Mar 11
1% Oct 19
10
140
74
141
Oct 19
3
59% June
50% Mar 11
Oct 19
10
128% Nov
87% Mar 11
Oct 19
1%
Jan
Deo
27% Nov
8% Feb 19
72% Dec 29
3% Dec 29
65
70%
49
Jan
6% Feb 25
116
Dec 28
121
100
w
Hazel-Atlas Glass Co
10,000
15,800
1,200
delivery
61%
1
Hat Corp of America cl A
HudsoD
Def
19% Dec 29
43
100
6% preferred
17,400
6
a
par
..100
6% preferred.
300
5
9
No par
preferred
Gulf Mobile A
100
In receivership
preferred
Guantanamo Sugar
5%
75
90% Mar
20% Dec 29
23% Oct 19
100
1
9
£83% Dec 30
12% Dec 29
Jan
Oct
Aug 30
29% Mar
Oct 25
Dec
Nov
155
4
6% Dec 29
49% Oct 19
Gt Nor Iron Ore Prop. No par
Great Northern pref.
100
Great Western Sugar..No par
5,100
2,200
38
105% Jan
19% Dec 27
134
38
Nov 29
2o
12,100
38
95
5% pref...
8
9%
43% Feb 11
Dec
12 50
17%
Dec 10
Dec 29
Houdallle-Hershey cl A.No
934
16
13
1,000
17%
Jan 25
22
8,500
6%
1%
9%
17%
33%
10
25
18,300
Jan
No par
..100
6%
4234
88
(W T)
7% preferred...
6%
*5%
No par
Homes take Mining
42
-
pref series
conv
1
53"
6%
4234
1%
Motors
Holly Sugar Corp
38
•
Graham-Paige
500
1%
100
3,700
20
200
6%
par
No par
No par
Hollander A Sons (A)
85
6%
1%
preferred
conv
Preferred
20
9%
5%
15
3,400
8%
49%
*1%
*4%
No par
Gotham Silk Hose
1,600
734
1%
434
No par
Goodyear Tire A Rubb. No
*101
52%
F)
preferred
Motors.... .No pa'
717%
9
1634
38
6%
Powder new..No par
*47%
*78%
434
6%
1
Hercules
7%
1%
pref erred..—60
Hercules
83%
6%
No par
conv
Goodrich Co (B
90
49%
41
1%
4%
4J4%
No par
3,500
7%
40%
No par
3,600
*77
6%
Brothers
26 preferred.....
Glldden Co (The)
20
*47%
48%
78%
Glmbel
............
100
~*8%
20
*101
52%
487«
19
100
8%
21
1%
10%
17%
39
1%
5%
....
52%
1%
10%
1834
44
614
19
*
8
21
6%
4134
1%
*4%
6%
1%
10%
1834
6%
19
100
"7%
*101
53
8%
*49%
*
19% •1934
*101
-
18
19%
100
~~8~
9%
19%
*41
900
13% Oct 19
9% Oct 19
88% Feb 23
^#tl-
92
21
*121
21%
128
5,500
0
7
20% Feb
40
6%
4
24
900
*17%
19%
9
800
Jan 20
Oct 19
30
*13312 148
*13312 148
135
*133% 148
136
*133% 148
14
14
1334
i2h
13
12%
1234
1234
13%
13%
50%
54l2
50i2 5134
52
51%
52%
52%
53%
52%
125
129
125U *125
*125
129
*125
129
*125
129
40
700
&>4
48% Jan
70% Feb
Oct 19
4,400
1%
19%
58
*81
4%
8
25
8
Oct 19
Preferred
3,900
117% Jan 22
8
Grant
16,900
4
8
1,900
64%
16%
9%
Jan 13
56
1
26,400
2,100
6%
06% Feb
General Tire A Rubber Co.. 5
6
27
Oct
Jan 19
110
Nov 16
17
Jan
Mar 20
Gillette Safety Rator.. No par
25 conv pref erred ...No par
Grand Union Co tr ctfp
12%
21%
16% Feb
19
Oct 19
Granby Consol MSA P
1,800
4,900
1
70% Feb 11
Oct 19
2,100
1,100
3,800
20
85
1
1%
13%
24%
Feb
9
1
18
100
Jan 18
2
14
Gen Theat Equip Corp .No par
Gen Time Instru Corp.No par
9
60% Jan
Oct 19
76
20
Dec
122% Feb
1
20,200
4,100
12%
124
Dec 16
104% Apr
60%
64% Jan 29
66% Jan 18
1% Dec 27
10»4 Apr
Jan
Oct 25
10
Jan
42% Apr
Deo
21% Oct 19
3% Oct 19
8% Oct 19
*99
17% Nov
14% Nov
11%
Jan 13
3%
28% Dec 29
111
Nov
105% Aug
Dec
8% May
97
30
Nov
28
44% Feb
1
26 preferred
No par
General Refractories...No par
Gen Steel Cast 26 pref.No par
1%
384
97
21%
Gen Realty A Utilities
220
*95
93%
5%
88
58
*18
*92
Railway Signal—-No par
0% preferred
100
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
18%
*121
..No par
Gen
Gobel (Adolf)
97
21%
..No par
Gen Public Service
May
16%
Oct
04% Jan 21
Oct 19
117
30
17%
7334
3%
152
Oct 19
5,300
19,800
1,340
34,400
1,700
2,600
a4
11% May
100
Jan
4
65
Nov 10
1
7% Aug
5%
Mar
14% Oct 19
48
Nc par
Feb
Jan
7
4
100
Common
Dec
Feb 11
14
33
General Printing Ink
26 preferred
78
63%
Jan
141
32% Mar
Oct 19
No par
No par
3%
Oct
Feb
Apr
4
2% Oct 19
No par
25 preferred..
200
14
Feb
6%
Oct 19
3,600
4634
163
Dec 16
3
*17%
92
6,700
Oct 13
34
2%
*95
128
15,100
400
18%
57%
1S4
2
94l2
618
6
6%
97
93%
6OI4
4%
8,500
12,900
9
5
86% Feb 17
19% Jan 14
Oct 19
117
1
105% Jan
28% Nov 23
125
16
1334
*2378
23i8
92
*
*40
64%
16%
9%
15l2
23i8
*31
6%
12%
20%
*25%
125
5
128
*121
*123
1514
32
*95
*
12%
5
24
32
1778
5i2
16i8
24
125
800
6,600
1,090
3,200
1,300
5
Jan 16
19% Feb
52% Jan 23
Gen Outdoor Adv A...No par
36%
47%
126% Mar 31
Motors Corp...... 10
Feb
Nov zl36
31% Apr
Oct 25
preferred
23% July
108
8
Dec 29
pref series A.No par
97%
7% Mar 3
15% July 19
5
x99
General Mills
127
July
4
100
Gen'l Gas A Elec A
03
Jan
66
92
2%
*
4634
7334
3%
lb",600
200
20%
51%
14
75
93g
20%
74634
14
46%
167g
10%
60
50
*48
3
84
23%
*
73
22
6% pref
50
52%
3,700
4,900
Nov
No par
105
10%
9%
48
2
20
*
20%
8534
134
11%
22
60
48
1%
19%
92%
15%
26%
23%
11%
25
20
20%
160
91
No par
General
Mar 25
106% Jan 28
Foods
6%
9
.100
preferred..
conv
Dee
Oct 19
Electric
20
103
19
92%
1%
16%
25%
22%
1134
1934
1458
2534
*
10,200
Deo
46%
No par
cum preferred.
7%
50
*101
20
50
3i2
H2
12i2
13
103
105
1%
13%
1212
1%
30
297g
30% 7 29%
202,000
600
11234 H4%
11234 11234
32
*27
30
600
*29%
4%
4%
4%
4%
3,900
9%
9%
9%
9%
3,000
9
No par
48%
4
General
50
29%
4%
105
"*9%
10%
*48
2
92
*
69
*48%
19%
22%
49%
3
*85%
9%
'
11%
17%
18
105
Exchange
9
"l,200
1%
1%
16
■
53
1%
41% 104,700
7,400
30%
par
June
24% Apr
96% July
11% Mar
z39%June21
General
10
*51
30
No
Class A
7%
50
*3334
30
101
120
4134
Cable
General Cigar Inc
51
1
114
29%
*106
120
23
General
75
23
51
1
50
50
*3334
51
50%
50%
119
11834 11834 *118
*63
5,800
1,900
40;%
29%
1%
*3334
50%
31
*100
407g
29%
*3334
18% 118%
Stock
*106
41%
30
100
40%
7%
75
22%
*90
32
3
Nov 23
"Xodo
42
3
9
88
18 1st preferred.....No par
General Bronte
6
100
41
Deo
Deo
48% Jan
Dec 28
7,600
6%
7%
*90
40%
Deo
66*4
34%
11% Dec 28
10% Oct 19
7
7%
7%
7%
7%
*115
121% *115
121% *115
121% *115
121% *115
121%
334
3%
3%
3%
3%
3%
3%
3%
33g
334
10
1034
934
10%
11%
10%
10%
1034
10%
10%
21
20
21
21
21% 22
19% 21
*20% 22
39%
6%
42%
25% Mar
3% Aug
32% Jan 13
1% Oct 18
3
Jan
117
5% Oct 19
7
Christmas
83
20% Oct 19
6% Oct 19
No par
Dec
Dec
18% Jan 12
Dec 10
102
Sulphur Co
..10
6% conv preferred.. ....100
45
40%
36%
Dec
Jan 14
136
2*4 Oct 19
40
Free port
Gabriel Co (The) cl A..No
Galr Co Inc (Robert)
Dec 23
66
No par
F'k'n Simon A Co Inc 7% pf 100
31% Nov 22
100
*90
42%
Sept
64% Feb
98
No par
100
40
30% Sept
Oct 19
10 preferred
No par
Gen Am Transportation.....5
General Baking
6
41
68% Nov
Jan
1
Oct 20
11% Oct 19
Gen Amer Investors
*90
44%
Apr
9
6
6
9
1
27
3,100
100
10634 Nov
80
10
4,500
43%
Jan
Feb
100
1% Oct 19
41%
*90
20%
x24%
100%
.100
Machinery Corp
4>$% conv pref
370
1%
334
lh
4934 Nov
68% Feb
39% Mar
978 Feb
58
Apr
Foster-Wheeler.
conv
116% Nov
Apr
62% Mar
Dec 10
2,100
Dec
38
46% Feb
Dec 22
Florshelm Shoe class A.No par
105
107% Feb
26% Dec 29
11% Oct 19
22
share
9
41% Mar 11
8
No par
9%
'
Stores. .No par
Highest
share % per
per
39% Feb 19
Dec 29
Nov
S
share
45% Jan 18
10% Oct 19
90
per
108% Mar
22% Oct 19
No par
46
914
1%
First National
$7
314
*40
Rubber.—10
6% preferred series A... 100
76
3%
46
20
Firestone Tire A
310
1584
2112
2212
21% 21%
I *106
110
*106
llO
25
4
15%
z65
S
share
Oct 19
Fltntkote Co (The)
12
5%
6%
312
*40
1534
Year 1936
Lowest
Highest
Florence Stove Co
14%
5
53g
35s
40
40
40
1534
2l4
1938
Range for Previous
100 Share Lots
300
15%
214
per
Filene's (Wm) Sons Co.No par
10
400
2612
2
Fed Dept Stores 4 H% pf—100
Fidel Pben Ftre Ins N Y..2.50
5,900
1834
9034
1434
Par
1,600
15
*17
On Basis of
Lowest
3,000
90
*106
3%
13%
14%
*88%
5%
6%
06
r27%
Range for Year 1937
STOCK
Week
$ per share
YORK
1,
EXCHANGE
i>:
26
26
172l*
Dec. 31
30
I per share
share
68i2
2734
93
the
2%
3034
*3^4
*40
27i2
145s
19
67
Dec.
26
6734
27i4
*90 U
28
t per
f per share
Friday
Thursday
Jan.
38
Ex-rlgbts
Mar 17
Jan 20
11
Apr
May
*29% *Oct
64% Sept
73% Oct
20
T Called for redemption.
Oct
Volume
SALE PRICES—PER
HIGH
AND
LOW
New York Stock Record—Continued—Page 6
146
Monday
|
NEW
Thursday
Dec. 28
$ per share
$ per share
$ per share
I
Dec. 25
Dec. 27
$ per share
$ per share
*63s
7
534
6%
17
85
15%
16%
15
83
83
132
*132
138
6
6
16i2
8414
132
9%
3%
3%
3%
2%
67%
10%
*3%
1H8
4
3%
23
23
21%
*91
95
94%
312
9
3%
8%
334
934
2%
2%
23s
21
23%
137%
136
9%
18%
133
61%
64%
6634
*142% 144% *142%
5%
0i4
6%
3
3%
3%
7%
7%
8%'
*6%
7
16%
16%
8.600
69
10%
3%
700
*76
80
76
76
138
*135
138
30
70
10
4
5,300
69%
10%
*3%
*3%
r21%
71
10%
4
69%
9%
*3%
20,000
400
5,300
2,600
3
3%
3%
4
22%
22%
21% 21%
21%
22%
*
*
100
92
92
100
94%
3%
3%
3%
3%'
3%
*3%
3%
9
9%
8%
9
8%
8% |
8%
2%
2%
2%
2%
2%
2%
2%
19%
19%
1834
19%
20%
19%
19%
132
132
140
*133% 140
135%
, *132
62
63%
61%
64 I
63
63%
65%
*142% 143
147
*142% 144% *142% 144
6
5%
6%
6%
6%
5%
5%
4
4
3%
4
3%
3%
3%
r7%
7%
7%
7%
7%
7%
7%
3
3
800
5%
60
1,800
20,900
8,100
2,500
900
11,800
44%
42%
46
*126
132
6%
8
7%
44%
42%
44%
132
*126
132
44%
45%
43%
lb"700
6%
7%
7%
7%
29%
7%
6%
31%
31%
31%
30%
34
3%
30%
32
3
3
3
39
39
35
35
37
20%
33%
20%
33%
17%
18
70
70
72
Nov 24
Oct 16
No pc
6%
IK
preferred
Steel
58% Nov 23
6% Oct 19
No part
20'
Inspiration Cons Copper
InsuranshareB Ctfs Inc
Interchemical Corp
6%
Interlake
Internat
21%
300
31%
31%
1,100
6
6%
7%
7%
9%
70%
20
20
20
20
32
32
32
32
32
17
17
17
*16
17
*16
17
*65
70
*65
70
*65
70
6%
10
9%
9
9
23
117
117
50%
9%
121
Stock
15%
*118%
8%
7%
*17%
20%
16%
16%
87
*7434
7
7%
4%
89%
1%
9%
*
"33%
38
7%
19%
2%
7%
*17%
1*4
9%
15%
15%
15%
r68
*118%
"8%
7%
"7%
21
18
16%
15%
18%
15%
13
13
87
*74%
7
7%
4%
4
*
7%
■
7
19%
1%
17%
1%
35%
7%
17%
1%
20
20
20
12
12%
11
12
13
13
37
13
13
1,900
13
*74%
7%
35%
7%
*1%
15%
5
5
5
24
14
14%
12%
13
87
5,100
10
80
35%
34-%
35%
7%
2%
67,900
r2
2%
Internat Rys of Cent Am.. 100
20
15%
10,600
5%
15%
600
*5
25
23
14%
14%
13%
24%
23
25
26
26
25
25
10%
1034
534
12%
10%
*5%
10%
534
1034
11%
11
11%
5%
*5
6
*97
6
*5%
12%
15%
9934
5
11%
15
5
6
a4
84
334
334
2534
25
15%
5%
%
3
23
9%
934
9%
24%
24%
36%
23%
33%
35
7%
25
734
25
10%
15
%
3%
15%
484
2%
24%
9%
23%
2234
35
33%
884
23
7%
7%
2534
25
3%
24
9%
23%
35%
7%
85%
82
82
83
84%
86
87
86
87
167
165
165
18
*16
167
*160
18
*16
3134
27
29%
38
38
37
37%
1784
4534
18
17%
18
48%
4334
4534
*104% 10434 *104% 104%
1%
34
3%
17%
*103%
16
*135
16
52%
16
*29%
*123%
1934
27
934
24%
1%
35%
1%
1%
36%
17%
43%
104
1%
Apr
36
Nov
110
Feb 19
50
June
93
Nov
100
65
Oct 19
No par
4
Oct 19
15% Feb 19
No par
6% Oct 23
Interstate Dept Stores.No par
8% Dec 29
8% Nov 10
36% Jan 18
107% Apr 6
7%
preferred
Inter Telep & Teleg
Foreign share ctfs
$6
*1%
preferred
Jewel Tea Inc
*5%
6%
5%
6%
7
7
7
7
13
*11
13
*3%
*6%
Preferred
Kansas
4%
City
Southern
*84%
88%
1
3%
24%
7%
25
88
88%
*2434
87%
88%
167
16
16
1%
*1%
*3%
*6%
10%
10
1
4%
*734
9
*1%
2%
*23%
27%
7%
*1%
24
8%
1%
*24
23%
36
*75
2%
24
22
157
12
7%
1%
22%
36
*78
634
22%
*154
434
7%
33
2%
22
3
32
18%
3
22%
3
35%
7%
20
2%
341*
5
7%
18%
2%
31%
8%
7%
18%
5
22%
90
12%
8%
78
*154
8%
19%
3
157
34%
4%
35%
21
22
*80%
11%
8
75
%
%
34
%
*3
4%
85
12%
8%
75
*154
3334
4%
20%
25
734
20
$8
10
%
*%
*3%
7%
7%
25%
1%
*23%
734
900
1,000
90
3,400
600
400
V
20
9,400
50
2,200
2,000
7,800
......
10
8,700
13,900
800
2,000
Dec 28
71
11
Dec 29
35% July
15% Dec 29
2
Kresge (S S) Co
Kresge Dept 8tores
Kress (8 H) A Co
5%
preferred
No par
—5
Lane Bryant
20
0% conv preferred
-1
5
22% Dec 29
6
4,800
1,000
3,400
12,300
34
370
10%
lh
60
734
8
8
290
734
21%
3
7%
19%
60
2%
27
100
15.700
7%
2034
3
39,300
3
22
22%
2284
2234
2,500
*154
r34%
434
*20
157
*154
34%
434
*34%
25
*20
434
36
2,200
2,800
434
25
600
85
85
*78%
85
11%
12
rl2%
7%
12%
8
8
8
*73
79%
*72%
79%
*78%
13
Oct 19
23
No par
Oct 19
3358 Dec 28
Oct 19
—.5
23
Oct 19
Tobacco..25
82
Dec 28
Life Savers Corp...
25
B
100
_
83% Oct 19
151
May 20
15% Oct 19
18% Oct 19
Lily Tulip Cup Corp—No par
Lima Locomotive Wks. No par
No par
33
Nov 24
Liquid Carbonlo Corp.No par
14
Oct 19
Link Belt Co
No par
43% Dec 29
No parr
99% Nov 24
Inc
$6.60 preferred
Loose Wiles
01
"32%
Nov
Nov
18% Nov
15% Mar
29
Aug
113% Feb
2
6
4
114
Jan 28
175
Jan 13
Louisville A Nashville..—100
1
10
Steel—
MacAndrews A Forbes
preferred
No par
...
13%
3,300
4,400
100
Mar
9784 Mar
Copper
25%
63
Aug 14
30
July
26% July 26
87% Aug 11
43
Apr
Jan 23
110
3% Feb
*04%
110
Feb
107
21%
May
Apr
Deo
May
20
Mar 17
4184 Mar 11
36
Feb 11
19
132% Feb
17% Dec 29
62% Mar
68% Mar
Dec 29
25
100
8%
Oct 19
18% Oct 19
1% Oct 19
9
8
8
57%
Jan
22% July
33
Oct
127%
Jan
27%
Jan
40%
15% Jan 20
8%
Mar 10
34%
Apr
Jan
Jan
7% Jan 12
1%
Jan
7%
Jan
63
1
Oct 15
7
0
Oct 10
30
Jan 11
31%
115
Nov
Jan
Jan
110% Jan
170% Deo
23% Feb
03% Nov
55
Deo
"07%
Dee
108% T_ly
Feb
Deo
8% Mar
45
Jan
113
Sept
20%
151
Jan
Jan
30%
102%
Oot
Oct
35
Feb
42
Jan
134% Nov
49% Oct
05% Nov
15% Deo
67
Nov
9
Dec
Mar 30
100
100
13
3%
20
99
Nov
80% Nov
01%
140
24
19
05
Jan
Jan
Oct
28S4 Jan 13
28% Feb
Nov
12384 Nov
2184 Nov
Apr
2
May 12
Jan
Oct 29
48% Nov
13% Oct
26% Oct
123% Nov
No par
Gard—No par
10
Sugar
Apr
23%May 5
83% Feb 16
14% Oct 19
125
Macy (RH)Co Inc
Madison Square
Oct
8
147% Jan 20
15% Dec 29
No par
Mack Trucks Inc
Jan
May
3%
x3884
Oct 30
Oot
25
IO84 Jan 20
43% Jan 8
17% Dec 29
19
97
2% Oct 19
101
Feb
Apr
May
35%
25
100
10
100
Oct
4
7
75% Mar 11
Biscuit—
22
38% May
19
Feb
18% Nov
18*4 Deo
45% Nov
2084
180
Jan
160
Nov
July
May
47%
51
Apr
Apr
Jan
12
Oct 19
preferred
Magma
Jan 16
79
July
89
June 22
Louisville Gas A El A..No par
6%
21% Feb 11
68% Jan 9
9%
1
preferred
Ludlum
18% Jan 18
43%June 10
2
32
Lorlilard (P) Co
7%
1
No par
Long Bell Lumber A...No par
5%
Feb
No par
Inc
Lone Star Cement Corp
Pref ctfs of deposit
6
100
100
10
Maracaibo Oil
6%
0%
prior preferred
6% 2d preferred
Marlin-Rockwell Corp
preferred..
oonv
67%
23%
Nov
Jan
17% May
2% Jan
8% Apr
1% Jan
6% July
I884 Jan
2% July
2484 Deo
684 Mar
41
50% Nov
25% Nov
% Dec 28
Oct 19
20
Jan 21
6% Dec 29
1% Oct 19
39
Jan 20
24
Dec 28
7% Dec 29
10
Oct 19
par
1
1% Oct 19
Oct 18
par
par
22
Dec 29
.....100
142
May 17
6% Mar 27
51% Mar 4
30% Mar lo
May
11%
Jan
6%
Apr
29% Apr 30
13% Jan 10
74
Feb
Jan
8
1284 Aug
3% Mar
23
Nov
45
Nov
7%
Deo
"l2"
Mar
"42%
Nov
5
41%
Feb
165
Jan 25
27% Apr
153%
Jan
103
Deo
70
Nov
33% Dec 29
4% Oct 19
66% Mar 11
43% May
par
15% Jan 11
13%
par
20% Dec 29
44
Jan 13
43%
par
par
35
3
45
Jan 13
44
Nov
Jan 22
103
Jan
110%
Oot
2
29
Feb
37
Deo
75
June
Nov 21
11% Dec 28
7% Oct 19
No par
1
McCrory Stores Corp.—
0%
~18~
6% Feb 17
14% Feb 13
3% Mar 29
3
Department Stores—10
McCall Corp j
Dec
June
29% Jan 30
20
No
$3 preferred w w
No
$3 preferred ex-warr.No
$0 1st cum pref
No
Dec
12%
Oct 19
1%
par
Maytag Co
32
16% Jan 20
6% Oct 19
.1
...No
Martin (Glenn L) Co
Martin-Parry Corp
No
Masonlte Corp
No
Mathieson Alkali Wks.No
7
Jan 14
39
Oct 19
100
100
100
Street Ry—
preferred-
21% Apr 0
16% Jan 11
Oct 19
5
100
Marshall Field A Co
May
7
35% Deo
9% Oct 19
Exploration.. 1
Midland Corp
Market
Dec
4%
—25'
Manhattan Shirt
Marine
5% Dec 28
-No par
Modified 5% guar
7%
157
*78%
8%
8
Libby McNeill A Llbby No par
Loft
51% Feb
203
June
15% July
7% Jan
12
3% Jan 18
4%
6
Loew's
1
58 Dec 29
2% Dec 29
Lehman Corp (The)
Preferred
0
8%
Lehn A Fink Prod Corp
Series
17% Mar
27% Mar 11
No par
50
Lehigh Valley Coal
Liggett A Myers
Mar
24
15%
94%
t Manhattan Ry 7% guar.
22%
79%
Oct 19
1
Mandel Bros
5,400
2,900
734
9%
24% Mar 17
70
32
2%
20% Apr
Oct 19
4% conv preferred
Lehigh Valley RR-—
190
32
*72%
10% Dec 29
5
Dec 30
No par
Lambert Co (The)
.500
5
*1%
Feb 30
Apr
0
29% Jan
634
6%
*23%
30
20
No par
-10
$5 prior preferred
6%
5
1%
Jan
Certificates of deposit.—100
2%
5
28
Deo
7%
41% Jan 14
87%
84
40%
Jan
3% May
100
13
6
Oot
18%
Jan
6,700
5,800
4,400
1,800
*9%
1%
24%
Jan
1%
1%
17«4 June
28
44%
105% 105%
6%
Oct
8
4084 Apr 14
9% Mar 30
20% Mar
05% July
26,200
1%
Jan
63% Nov
33%
900
6%
Jan
19% June
2,300
5%
28%
Jan
24%
107
32
17%
45%
13
Feb
20% Apr
37%
*3%
r634
Dec
Feb
Nov
28%
24% Jan 14
27% Jan 14
17%
7
17%
87
33%
Oct 19
17%
6%
Deo
Oct 19
39
*1%
19%
23% Feb 11
30% Nov
110
Dec 29
100
2%
Jan
8
4,000
1%
80
Jan 14
110
Jan
Deo
Apr
20
Apr
48% Aug
60%
121
6
16%
1%
Jan
Deo
No par
preferred
Jan
23%
28% Nov
1
13
19%
Kennecott Copper
8
Nov
17
19% Jan 14
No par
Deo
39% July
116
14
32%
34%
4%
20%
Oct 19
Deo
133
Kroger Grocery A Bak.No par
32
157
7
126
Laclede Gas Lt Co St Louis 100
32
2%
Nov 20
Deo
Feb
75% May
35
27% Jan 18
Sept
93% Nov
152
44% Jan 16
Mar
120
May
4% Apr
29%
6%
10
*34
80
Jan
Oot
2284 Apr
31% Nov
3684 Aug
28%
37%
12%
10%
Nov 20
6
Apr
Feb
15% Jan 16
170
*15
29%
10%
*4
13
Oct 19
12
1%
6%
Mar 17
Dec 31
29
10%
1%
29
Oct 19
14
*160
10%
1%
6
Oct 19
5
14% Oct 19
15
Jan
109% Feb 4
09% Mar 10
Lerner Stores Corp
6
1%
Mar 17
Llbbey Owens Ford Gl.No par
5%
6%
121
Oct 19
1,000
5
1%
15% Dec 28
115% Apr 8
Dec 31
6,600
3,700
5%
6
64% Nov 241
4
9
5%
1%
121*4
80
34%
5%
6%
2
1
24%
5%
6
Jan
Feb 15
97
45
45
45%
104% *104% 105%
7
126
100
(G R) Co
113
136
Kendall Co $6 pt pf A-No par
Kinney
'
88
100
Stores.$12.60
Kayser (J) A Co
6
Kelth-Albee-Orpbeum pf_.100
Kelsey Hayes Wheel oonv el.Al
B
Jan
58%
46
107
Jan
15
24% Aug
Oot
Feb
37% Nov
Apr
82
8
preferred
Class
10%
5
Kaufmann Dept
9
7%
4
19%
11% Sept
Jan
100
50
9
Aug
87% Jan
155
Lehigh Portland Cement—25
3%
127
53%
47% Jan 23
11,200
5,400
4,100
7,700
3,100
5%
24%
26% Jan 30
30
Apr 15
65% Nov 22
Mar 18
1001 120
34%
7%
17%
6%
Dec 28
No par
*23%
*36%
12
11
49
No par
Preferred—
*12
Nov 29
35
1734
1%
Dec 28
9
20% Oct 19
Sept 23
..1 *116
Lee Rubber A Tire
32
33
32
33%
32%
33%
34%
3% -1
3%
3%
3%
3%
3%
3%
3%
19
17%
*1734
17%
17%
17%
1734
17%
17%
103% 103%
104
*103% 104
103% 103% *103% 104
16
16%
15%
163s
16%
16%
15%
16%
15%
131
131
135
*131
135
135%
135%
135% *135
16
17
16
*15%
15%
15%
15%
16%
15%
51
51
50
51
49
50%
54%
51%
49%
16
15
15
15%
1534
15%
15%
16%
1534
*29
33
30%
*29%
*29% 33
32% *2934 33
*121% 125
*121% 125
123% 123% *123% 125
125
18
20
17%
18%
rl7%
18%
19%
17%
18%
26
26
26
25
26
27%
26%
25%
27%
♦
10
10%
10%
*10%
*10%
9%
934
9%
934
24
24
24
22% 23% *23%
24%
23% 24%
134
70
par
-1
30
Apr
Oct 19
10
32
*1%
No
23
Dec 29
6,500
334
1%
Corp
Johns-Manvllle
f Manatl
*1%
100
Preferred
Intertype
Island Creek Coal
24
8%
3634
1%
Oct
15
34%
*160
16%
29%
28
47
Mar 11
2,800
3
11% Oot
10% Oot
01% Nov
52
2,600
24%
Jan
Oct 19
24
r25
25
88
30
2%
Jan
Oct 19
10%
*34
Jan
3
16
11
h
384
19%
Feb 16
10
Deo
Deo
4
200
5%
14%
8%
19% Oct 19
97
5%
Jan
Jan
30
16%
11
1%
100
97
10%
2%
66% Nov
Nov
130
No par
17
%
24
87%
*16
5%
34
83
*160
16%
Feb
43% May
No par
99%
10%
*97
5%
34
2434
7%
11%
100
*97
100
*97
5
125%
22
210
24
11%
liar 10
Jan 5
No par
No par
1,000
25
Dec
200
14%
14%
10%
*5%
12%
15%
Feb
18%
11,100
23
13%
8
Dec
Shoe
International
0
17% Dec 29
1% Oct 19
480
Jan
13%
International Sliver
International Salt
Dec
Klmberly Clark—....No par
13
14%
13%
Oct 19
4% Sept 25
34
100
preferred
Keystone Steel A W Co No par
48
4%
7
8», Jan 30
67% Feb 16
2884 Jan 25
49% Jan 4
5%
700
*11%
9
Ian
08% Sept 22
1,800
*20%
Deo
15% Apr
4% Sept 10
8% Sept 13
4,700
12%
15%
10%
18%
29% Dec 29
7%
20%
48
Apr
.100
2
7%
20%
284
No par
No par
5% conv pref
6% Oct 19
23
Day
"5~9o6
7%
4%
5
*24
22
7%
4%
80
20
20
15%
12
7%
4%
89%
5
15
*74%
87
Apr
16% Jan 29
19% Sept 22
18
Apr 0
9% Apr 6
Kan City P A L pf ser B No par
400
Deo
160
73%
Kalamazoo Stove & Furn...l0
400
105%
Jan
13584
1,300
17
Deo
Jan
Nov 23
18
21
194
Apr
56%
6% Dec 29
*16
"Y% "3",000
2% July
2284 July
160
148%
127%May 27
850
r7
Sept
6% Deo
18% Deo
6% Mar
7% Deo
5
.15
70
*118%
"7%
4884 Nov
112
2% Jan
9% July
Jan 18
100
70
17%
Oct 19
1% Oct 19
Oct 19
1
Jones & Laugh Steel pref.. 100'
*15%
16%
23
200
124
*17
5
14%
9,900
15%
15%
12
300
78%
15%
*20%
12%
15%
23
10
50%
76%
19
89%
"33%
35%
800
19
rl3
87
1,100
24
117
*49
124
70
*15%
*118%
7%
80
75
10%
*115
117
123
123
*9
*21%
123
15
Christmas
*70%
75
23
50%
20
1534
5%
24%
,
[Closed—
9%
81%
13%
16%
5%
24%
15%
12
9
79%
48
♦20
..Exchange
9%
5,700
6,400
*48%
70
89
.
50,800
7%
50
67
7%
4%
4
v,
6%
7
80
13
13
13
36%
7%
19%
70%
71%'
70
15%
4
9%
*70%
7*9%
5%
123
82%
121
15%
*118%
8%
*19%
*16%
*
9
170
6%
7%
77
49
78
73%
*7434
7%
7%
*48
49
50%
71%
13
5%
7
8%
70%
9%
7%
9%
5%
21% 21% *21%
20% 22%
*115
*114% 117
*114% 117
8134 84
*120% 121
"
5%
634
71
70
71
9%
23
68%
6%
700
9% Apr 14
63% Apr 14
Aug
Preferred
*20%
21%
Oct 19
120
16,100
16%
68%
534
Oct 19
162
100
Oct
28% Mar 11
Feb
24% Deo
7% Jan
18% Jan
Jan
5
Oct 19
53% Nov 22
138
Nov 30
No par
6%
10%
Apr
Internat
31%
32
Jan 18
6
13% Jan 20
4
Voting trust certifs..No par
*20%
33% Feb 23
Jan
Inter Pap & Pow Co
Class B
100
Nov
189
Int Nickel of Canada_.No par
630
Deo
122
127% Nov 22
27,100
3%
140
37
18%
100
65,100
39%
147
Aug
88% July
2
Agricultural..No par
7%
*37
May
125
0
107
6
3
100
Feb
143
131% Mar
64% Apr 20
Internat Mining Corp
38
5
July 30
144
Int Business Machines.No par
Harvester
4%
6
No par
Prior preferred
share
15% Nov
41% Nov
share $ per
2% Oct 19
No par
Iron
Jan
per
111% July 16
11% Mar 16
Dec 29
92
100
Rubber
22% Jan 20
47% Apr 20
Highest
25% May
$
share
per
Dec
May
1% Oct 19
20
Oct 19
No par
preferred
Interoont'l
Oct 19
3%
1
J Interboro Rap Transit-—100
3,600
3
3%
Dec 29
132
Ingersoll Rand
Inland
$
15
No par
3
38
3%
37
Year 1930
Lowest
Highest
share
per
5,100
44%
Range for Previous
100-S/tors Lots
5% Oct 19
10
Industrial Rayon
Class C
32%
3%
$
Int Hydro-Elec Sys cl A...25
Int Mercantile Marlne.No par
132
*126
132
*126
Indian Refining...
Preferred
*
*126
Par
Shares
$ per share
Basis of
Lowest
Week
31
17%
5%
16
On
STOCK
YORK
EXCHANGE
*135
138
67%
7534
3
75%
*132
71
10%
73
Dec.
Dec. 30
r
15%
78
the
Friday
Wednesday
Dec. 29
Tuesday
i
Range for Year 1937
STOCKS
Sales
NOT PER CENT
SHARE,
for
Saturday
69
X06
pref erred...-.100
Oct 19
111
30
Jan
24% Feb 11
106% Mar 2
Apr
Deo
2% May
June
21%
Feb
55
Feb
50% Apr
23% Nov
101%
De
.
1
•
Bid and asked prices; no sales on this day.
I In receivership,
a Pet
delivery
n
New stock,
r Cash sale,
x
Ex-dlv.
tEx-rlghts
< »3I<for redemption.
New York Stock
70
HIGH
AND
LOW
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page 7
Sales
CENTj
STOCKS
NEW
for.
Saturday
Monday
Tuesday
Dec.
Dec. 27
Dec. 28
25
$ per share
*12
12i2
$ per share
934
39%
1914
6i2
2934
9
1034
41
4
17
*15
3912
7%
1834
20
9314
*93
9%
39
193S
18%
6%
29%
6%
6%
6%
6%
*
11%
29%
6%
28%
30
7% Dec 15
19%
5,600
6%
14,600
10%
11
10%
10%
66%
5,200
50
50
r49%
49%
600
41
334
40%
40%
r40%
40%
800
334
3%
17%
16%
36%
73s
18
19
90%
1634
1634
40%
3%
16%
*13%
15
36
38
8%
18%
8%
7
19%
2014
93%
19
20
7%
17%
18%
92
92
88
*93
100
*93
17%
5%
50
54
%
1%
9%
2%
2%
1%
2%
12%
83%
85
111
*110
*93
100
11,100
Minn Mollne Pow Impl No par
50%
700
50
200
240
15%
15
16
16
15%
2%
15%
13%
84%
13%
9%
15%
17%
4%
4%
434
%
%
46,100
15
15%
6,800
Mother Lode Coalition.No par
Motor Products Corp..No par
10%
16%
10
10
4,700
Motor
Wheel
16%
1634
3,000
Mueller
Brass
Mulllns
Mfg
4%
434
4%
4
53
54
12
*11
50%
50%
*9834 105
434
5
50
50
*51
53
7*50
50
*9834
*35
40
*34
10
9
9%
13
11
12%
1234
12
105
4%
*9834 105
4%
4%
40
r42
*
Closed-
84
*
79
41
41
*41% 42
15
15%
1634
15%
13%
13%
13%
1384
*107% 111
*107% 111
106
Christmas
Day
*
*
106
6
6
*4%
20%
5%
2034
5%
*4%
19%
19
1734
*17%
634
2634
*155
7%
27%
156%
*125
145
*106
1834
7%
*%
20
68%
69
%
*73
3%
*
5
20%
1734
6%
*
136
90
20%
6%
20%
*
136
17%
"3", 700
7%
7%
7%
12,200
34
*%
s4
i
*%
%
18%
I884
19%
58%
18%
58%
18%
12,000
22
22
21%
2134
2,700
68
*63%
72
*63%
70
90
*70
90
*70
90
*70
90
*73
3
23%
62
34%
36
36%
3%
106
*100
11
11
*11
13
13%
35%
3634
17%
16%
20
18%
2034
38%
40
21
21
59
17%
3%
3%
9
8%
81
*8%
22%
*61%
22%
*22%
24
22%
*61
68%
*61
32%
*32
123
6
2%
1%
7%
43%
32%
32%
2,400
17
I8S4
17
1734
163g
17
95,700
123
38
*53
2%
478
1%
6%
42
95
*87
108
*111
%
57
2%
5%
1%
123
%
*52%
2%
1%
7
7
43
43
94
108
*97
1
1
192% 192%
*105% 106%
1984
21%
*50%
5034
8%
9%
184
105
19%
50%
%
186
18534
105% *104%
20%
19%
50%
77S
19%
1834
19
2,600
7-34%
33
34%
3,700
7-19%
34%
19%
19%
19%
1,800
3%
3%
*3%
4
560
8
8
8%
530
8
112% 112% *112% 115
*111
%
r%
*52%
2%
4%
1%
7%
123
*111
2%
2%
54%
2%
5
55
*38
5
4%
1%
1
1
*1
55
50%
8%
99
*97%
99
*98
98%
*98%
9834
*93%
10%
96
*93%
96
*93%
96
*93%
96
11
10
10%
*30
31
30
30
934
*93
6%
24
16%
13%
12
28
243S
1278
26
10
10%
96
6%
25
*126% 128
934
10
50%
51%
14
14
*42
48
*114
61
9%
*93
9478
6%
22%
23%
126% 126%
8%
9!
578
60
*13
*40
10%
50
*16
45
11%
24%
8%
93
1%
126
5%
23%
126
8%
16%
12%
9%
25
9%
9%
9%
12s4
32,200
8%
9%
15,200
*40
45
4
4
5
5
12
13
*13
14
10
10
5%
day,
5%
*40
45
*114
4
60%
9%
60%
10
6
7*60
60
7,000
10
*9%
4%
*12%
*5%
t In receivership
112
9
3,700
4%
a
220
14%
6%
150
Def
580
delivery
21
10734
Oct 19
35
Mar 17
25% June
17% Dec 13'
38
Mar
28
4% Oct 19
18
7%
pnferred
A
...100
153
preferred
B
...100
Oct 19
127
Oct 19
July
9
Nat Mall & St Cast's Co No par
National Power & Lt...No par
16% Dec 29
%Sept
Oct 19
5
100
9
% Sept 11
56
Oct 19
Steel Corp
..25
National Supply (The)PcnnalO
$2 pref
±
40
June
24% Nov
107g Jan 28
33% Mar
1
3
Oct
37% Apr
263g June
36% Nov
18% Apr 22
44
Mar 11
171
Jan 22
155
Oct
171
Dec
150
Jan 29
13734
Jan
147
Nov
54
Dec
617g Jan 22
14»4
Jan 14
2% Jan 18
9% May
61%
14%
Deo
Feb
Jan
3
Feb
Jan 18
1
%
%
Jan
1%
Feb
57%
Apr
78
7% July
10% June
32«4 Apr
60
41
64% Nov
17% Dec 29
99% Aug 14
26% Nov 12
20% Dec 29
30
100
Dec
Oct 29
63% Dec 20
80% Oct 30
100
75
Dec 14
75
National Tea Co
No par
3
Dec 28
Natomas Co
No par
6% Oct 19
1
22% Dec 29
12% Jan 15
13% Feb 25
57% Feb 13
_
Dec 14
100
8
109
Jan 11
110
Nov
37
Mar 17
10%
Feb
43
Apr
Jan 18
9
Apr
40
Deo
98% Feb 10
32%
Jan
83
Dec
55% Mar 1/
27«4
Jan
49%
Oct
Oct 19
72
Mar 17
53%
Jan 22
17«4
36%
Jan
100
Jan
95
Oct
Sept
15
Nov
10% Oct 19
4184
No par
29
New
No
15% Oct 191
Central
par
N Y Chic & St Louis Co.—100
6%
preferred
series
A
14
100
NYC Omnibus Corp..No par
New York Dock
No par
6% preferred
15
Nov 26
Oct 19
31% Mar 19
2% Oct 20
12% Jan 22
25% Jan 22
6
Oct 19
50
110
Oct 19
135
Jan 20
119
Jan
150
Oct
50
{NY Investors lnc
113
Mar 12
125
Jan
138
Sept
7
1
Jan
Feb 10
90
Jan
3
Apr
Apr
Conv preferred
2
8
9
25
11
11
22
3
5
% Oct 19
434 Mar
3
1
Oct 19
Oct 15
Oct 19
No par
63%June 14
No par
73
{ Norfolk Southern
100
Norfolk & Western
Adjust 4%
984 Mar
26% Feb
6% Feb
19% Feb
76% Jan
10234May
112%May
3
100
N Y Steam $6 pref
$7 pref series A
Oct 15
30
Shlpbldg Corp part stk..l
7% preferred.
100
102
60
North Amer Aviation...
Preferred
Jan 14
210
Jan
8
105
May
Oct 19
9% Oct 19
Dec 28
34% Jan 14
57% Feb 3
17% Jan 21
Aug
Jan
Oct 19
40
22% Apr
19
Aug
12% Aug
24% Jan
Oct 19
6% Oct 19
125
100
—...
No par
48
Outboard Marine A Mfg
5
Outlet Co. ...........No par
Preferred
100
114
2d
w
pref
New stock
No par
r
Cash sale,
x
114
Feb 13
19% Mar 1
45% Jan 21
140
17
July
107
Jan
8
Jan
24% Apr
Nov 20
99% Sept
6% Dec
18% Deo
7% Feb
15% Mar
99
Sept
104
Nov
109% Aug
2% Jan
310%
Oct
115
Oct
35% July
59
June
14%
Dec
106% July
103
Nov
3 684
57
Feb
Mar
4% Mar
32
Nov
18
Deo
59%
Deo
25% Mar
115% Feb
19% Nov
3934 Nov
24% Mar
8
12% July
2084 Mar
8
79
83% Dec
28
Mar
123
Jan
Dec
136
June
Jan 26
Jan 12
June
9
47
Jan
70
Nov
114
July
114
July
13
July
103% Aug 11
Dec 31
Oct 19
23
15% Feb
1
3%
Oct 19
40
3
Oct 19
27% Feb
8% July
4% Jan
y
Feb
3
75
Ex-dlv
2%
Feb
115
4
No par
Apr 20
28% Feb 16
4
51%
z9%
2%
7%
10
1st preferred
5
73
Dec 21
May
Jan 18
29% Nov
97
Dec 31
1234 Dec 29
44
Owens-Illinois Glass Co..12.60
Pacific Amer Fisheries lnc
5
Pacific Coast
Nov 10
6% Oct 19
1 st pref. .No par
conv
Nov 19
5% Oct 19
20% Oct 19
No par
Jan1
97% Apr
23% July
2
Nov 23
90
36% Mar 11
98
50
9
8% preferred A
...100
Oppenhelm Coll A Co.-No par
8
Jan 28
23% Apr
5234 Feb
6% Jan
53% Jan 22
6% Mar 3
1% Oct 19
24
$6.60
Mar
93% Apr
1% Aug
Jan
60
Otis Steel
83
114
...No par
Oliver Farm Equip
No par
Omnibus Corp(The)vto No par
Elevator
July
9% Apr
May
272
30
Ohio Oil Co
6% preferred
4
57
Oct 19
15
Otis
7%
Apr 8
14% Oct 19
48%June 18
No par
preferred
June
180
100
pref
North American Co
97
Jan
4% Oct 19
100
{NY Ontario 4 Western.. 100
6%
3% July
10% May
No par
N Y & Harlem...—.
N Y
Nov
Nov 24
9
1
N Y Air Brake
York
Apr
104% Apr
30% Nov 24
100
Newport Industries
12% Nov
13% Jan
Sept 21
36", 300
50
Deo
Deo
Oct
104% Jan
4,400
Deo
Dec
105
22%
127
Jan
164%
3784
Apr
Oct 27
10
3834
Dec
Jan
30%
10
24% Mar
Oct 14
600
153
107
91
5,900
47% Oct
19% Dec
15% Mar
26% Feb 8
112% Mar 11
112
May 20
3
12,300
20% May
12% Apr
9% Apr
2884 Oct
32% Nov
28% July
11234 Mar
93
23,900
62% Nov
107%
1
50
2234 Mar
Jan
Dec
Oct 19
10
5h% Prior pref
6% prior pref.'
Apr
1
National
Dec
14
43
par
Lead
6% 2d preferred
3684 Dec
79% Aug
108
Apr
Apr
17
No par
Stamplng.No
Gypsum Co
101% Nov
21
No Amer Edison $6 pf.No par
500
*114
Nat Distillers Frod
Nat Enam &
Nov
100
4
10
,ian
3
300
13
13
700
12%
60%
op this
100
13%
4
6%
500
33,900
*13
13
6
30
"moo
1334
1478
7
270
600
14
*6%
800
8,600
Feb
67% Aug 17
387s Feb 25
54% Dec 31
48
45
preferred
Jan 13
103% Feb
{ N Y N H & Hartford... 100
48
59
No par
2
Jan 18
3384
N Y Lack & West Ry Co.. 100
5%
22%
9%
Depart Stores.;
9
33% Mar
10
48
10%
*4%
Bid and asked prices: do sales
98
7-5%
*
106% Dec 20
104% Oct 19
5% Oct 19
Mar
167
3,700
*45
*114
Oct 19
100
100
1
18% Jan 21
2
48
60
10
9%
*80
2234
127
12
A...
Norwalk Tire A Rubb_.No par
12
9
Oct 19
10
24%
127
Oct 19
13
2,100
12%
64%
1034
4%
62%
10%
*16%
6%
39
2
10%
1%
98
Aug 20
par
No par
Corp No
29
10%
26%
*5%
22%
90
w w
Northern Central Ry Co.—60
Northern Pacific..
100
Northwestern Telegraph...60
22
12%
*
100
A
24
137
96
*25
134
16%
Dec 29
Mar
z24% Jan 28
47% Mar 11
Nov 24
9,000
98%
*93%
1034
Dec 28
May 18
13
71
% Oct 18
5
Feb
71
102% July
No par
2%
98%
29
17
145
10% pref
"
3 ,600
25%
12%
2534
9%
93
5%
22%
*40
*114
*25
134
22
*44
1334
10%
29
134
16
22
10
*25
2
30
%
54%
734
8%
7%
8
50
4834
50% *46
94
90
*87%
94
90
108
*98
*97% 108
108
%
*%
1
%
%
18534 *186% 195
191% 191%
105
*104
108% *104
108%
20
19%
20
19%
19%
50%
*49%
50
50%
50
834
8%
9%
8%
9
*97%
134
123
%
47
*87
*97
1%
7-19%
Nov
5934
108% Jan 26
2034 Feb 11
99% Nov
35%
68
Dec
Jan
5% pref series A
{ New Orl Tex & Mex
34
Jan
41%
May
87
35%
3534
70
64>4 Mar 10
60
Mar
44% May
Dec 29
40
Deo
33%
103
21
Dec 28
10,600
Oct
Feb
May
Mar 13
32
14
Feb
Feb
784
19% Aug
79
Dec
4
Jan
90
62
101%
Jan
Jan
Sept
15% Aug 16
99% Mar 19
36% Feb 11
4H % conv serial pref...100
Newberry Co (J J)
No par
12%
3%
8%
Feb 17
100
12%
3%
734
112% 112% *112%
*97
*11
34%
20%
3%
8%
114%
MarlO
46
900
13
18
69
71
1284
16%
6% Oct 19
10
National
Jan 23
Feb
Sept 24
Nelsner Bros lnc
11
35%
Oct 19
100
Nat
3%
37
*100
14
No par
7% cum pref
6%
Mar 17
600
1234
19%
*87
100
*11
1,000
11
21
3%
%
900
"If, 200
11%
34%
32
18%
*111
57
100
334
127«
17%
1934
36%
8
*112% 118
32%
334
100
20%
9
5,700
22%
68%
32%
""loo
14
12%
34%
Oct 20
Oct 19
Nat Rys of Mex 1st 4% pf.100
9
33
3%
60
3%
32
10134
5934
3%
*8%
100
5
8
6%
100
136
7-17%
21
72
23%
*16%
12%
25%
200
Oct 19
Dec 24
10
pref class
*%
s4
■' ■<"
3
5
Pref class B
22,100
8
Apr
.1
7%
12,900
6,600
Nov 23
44
No par
Corp
7%
100
Dec 29
978 Dec 13
par
Nat Dairy Products...No par
6%
*—
4% Oct 19
50
par
Nat Bond & Invest Co.No par
Nat
2
109
Feb
27
St Louis.. 100
Nashv Chatt &
40
18%
18
7%
*%
*%
Myers F & E Bros
40
4,700
I684 June
Mar 17
107% Aug 27
Feb
5%
6%
29%
9%
33%
'6i.
102
ser
5
234
1% July
2% Aug
234 Jan
Feb 13
23,300
7%
*%
17
2% Jan 23
5% Mar 4
6% Jan 8
Dec
Mar 15
Nat Cash Register
[22%
6%
94
61
Nat Bond & Share
20%
*15
6%
Jan
20
11,700
111
20
22
67%
15% Dec 28
"""266
108% 108% *105% 108
5%
5%
5%
5%
*4%
4%
*4%
5
*15%
3
2% Nov
43% Oct
42
20%
*65%
*100
*
13%
*106
Oct 19
Dec 10
100
5% pref
21%
62
*1
13%
108
12% Mar
60% Jan
84 Jan
28% Apr
14%
15
Aug
Dec
Jan
66% Jan 18
3% Feb 26
38% Jan 15
15%
*40%
30
21
Murray Corp of America... 10
78
15%
12% Dec 28
50
Nash-Kelvlnator
100
1,900
18
70
*1%
6%
43%
13
108
42
5% Oct 19
1% Dec 28
1% Oct 19
C)...No par
21,700
14%
Dec 28
% Dec 16
% Dec 28
% Oct 19
(G
Nat Aviation Corp
National Biscuit
20%
7
Co
1,400
6<
136
Murphy
No
9%
*41
108
B...1
class
9%
210
58
38
23%
5%
40,200
60%
19%
34
*62
%
*52%
2%
10
59
734
*23%
*111
200
18%
834
3%
884
17,300
17%
7%
*%
*%
16%
Co
preferred...No
National Acme
18
6%
4%
25% 26%
2584
26%
26%
26%
26%
26%
156% 156% *155% 158% *155% 158% *155% 158%
338
9
36%
18
conv
Munslngwear lnc
2,900
*
50
6%
16% Mar 11
1
1434
9%
78
Nov
120
6
*11%
9%
9%
1734
Sept
112
Dec
6% preferred.
4,600
50
9%
109
Apr
Jan
36% Dec 28
% Dec 29
12% Oct 19
8% Oct 19
Co
17%
17%
17%
157% 157% *155% 160
13%
13%
7-13%
13%
15%
13%
107%
108%
5%
4%
20%
5%
4%
19%
200
67%
22
7%
34
%
63%
21%
23%
61%
20%
6%
6
91
1434
9%
41
1234
107%
108% *106
434
*39
10
*
41
4%
934
79
2:14%
$7
260
*9834 105
42
9%
*12
10%
10%
9%
10%
978
8%
10
8%
8%
9%
17
17%
17
183s
17%
17%
*15738 160
*157-% 160
*157% 160
14
14%
13
14%
14%
14%
Exchange
5,300
51
m
50%
Mat
Oct 19
%
15%
*10%
22^
88
Nov 23
60
48% Sept
131% Mar
119
105
..No par
30% Nov
Jan
Feb
z65
z71
Morrel (J) & Co
Morris A Essex
Apr
Msrl7
10
%
11
9%
20
80
50
21%
110
MarlO
$4.50 preferred
No par
Mont Ward
Co Inc..No par
40*
11
5%
Mohawk Carpet Mills
Monsanto Chemical Co
55", 700
50
5
Jan
124
100
31%
1134
10%
13
preferred
24%
57
42
conv
36%
1134
10
5%
3034
57
48% Mar
Deo
120
100
*21%
36%
12
*40
{Missouri Pacific
32%
60
353s Mar 10
5%
111
*57
Nov
1634
14%
21%
15%
934
Oct
65
Jan
Apr
36%
1534
45
Jan
584
*17%
72% Mar
106
100
21%
15%
10%
15%
Jan
40%
Jan 16
41
Mar 17
3,100
31%
31%
5
26% Feb 23
Oct 26
100
*35%
31%
21%
36%
%
Dec
Mar 17
4,700
13
83%
*110
9
934
34%
6%
12%
4078
84
13%
12
Nov
8
34
5,500
83%
Oct
6% May
55%
Oct 19
2%
13%
111
Jan 13
Dec 28
2%
83
91
1284
x95
2
2%
*110
122
Jan
Dec
15
2,100
84
Jan
Jan
11% Apr
No par
1%
Jan
Nov 24
100
Preferred series A
11,500
Dec
Dec
3784
z95
No par
*1%
8
24%
49%
14% Nov
49% Nov
21% Nov
108% Deo
2884 Dec
Mission Corp
1%
111
Apr
Mo-Kan-Texas RR
7%
82
16%
10%
7% preferred
4% leased line ctfs
8%
4,300
15%
2%
8%
2%
13
2%
par
Oct
4,800
2%
8%
*1%
13g
preferred.No
conv
June
98% Oct 19
4% Oct 19
Minn St Paul & S S Marie. 100
600
2%
2%
8%
*110
%
34
♦11
51%
*9834 102
$6.50
16
38%
8
16% Feb
4734 Mar
91
6%
12
Feb 16
86
53
Mllw El Ry & Lt 6% pf-100
Minn-Honeywell Regu.iVo par
4% conv pref ser B
100
share $ per share
93% Aug 13
122
30
Highest
per
3434 Apr 19
Oct 19
2^866
19
14
24
17
Jan
101
Nov 24
61
50%
Oct 19
19
15
105
503«
14
$
Sept 21
112% Jan 14
87
61
5%
21
28% Jan
42% Jan
42% Mar
16% Mar
47% Jan
100
*102
3j
111
10
3
Dec
share
per
No par
1st pref
cum
64
1%
1%
434
r51%
8%
105
*%
21%
36%
%
14%
5
Midland Steel Prod
230
*84
30%
17%
Mid Continent Petrol
3,100
*1%
21%
11
5,900
1
3134
%
1534
10%
15%
18%
1
2%
5
.
90
1
37
%
14
33% Nov 23
4% Oct 19
5
Copper
21
5%
Oct 19
16% Dec 28
Mercb & Mln Trans Co.No par
1
1%
50
90
100
3
1
pref
*20
18
37% Dec 14
Miami
*%
2%
734
1%
2%
1234
1st
Dec 30
Mesta Machine Co
30
%
1%
234
8%
(The)
conv
Dec 29
66% Dec 22
50
1,700
1
36%
17%
Men gel Co.
No par
10
.
9,700
1
21%
%
Melville Sboe
$
Oct 19
78% Dec
No par
No par
64
51
38
16%
10%
17%
*93
100
$5.50 pref ser B w w'bNo par
5%
6
1
preferred
*102
61%
34%
21%
30%
18%
20%
94%
No par
Stores
conv
18% Dec 29
5% Oct 19
28% Dec 29
7%
7%
*%
1%
2%
1334
84
*110
38
18%
20%
preferred
conv
Mead Corp
480
138
8
1%
*13%
*37
5%
%
7,900
16%
734
*90
*
4
17%
16%
7%
5
16 pref serlee A
1
%
15%
234
37
102
*48
4
16%
37
*13%
6
%
1%
100
60
102
50
15
5
13
McLellan
6%
68
1%
Stock
5,300
"
11
.1
new
McKesson & Robblns
2,000
6
50
40%
4
17
share
Dec 28
30% Oct 19
80
66;
per
Mclntyre Porcupine Mines—5
McKeesport Tin Plate
10
*
►
$
McGraw-Hill Pub Co..No par
*
1034
Par
.
McGraw EJec Co
6%
*50
80
,
1,700
30
30
6%
6%
*50
Year 1936
Lowest
Highest
3,400
6%
1938
Range for Pretious
IQO-Share Lou
15,900
11
1
4%
29
634
On Basts of
8%
40%
12
.884
a
6%
28%
12
40%
19%
Range for Year 1937
STOCK
Lowest
Shares
68-
%
32%
21%
$ per share
11%
8%
40%
19%
YORK
1,
EXCHANGE
Week
50
I
*37
rl9%
31
10%
6%
13
Dec.
*
6
2%
8%
11%
90
10
30
$ per share
8%
39%
the
Friday
49% *—
41
40%
4
3%
18
16%
15
15i2
40
36%
100
*1*%
I5>4
Dec.
19%
6%
6%
'
90
60
62% 64%
63%
*101% 102
*101% 102
*50%
29
11%
9
39%
8%
40%
1834
68
r49%
11
39%
30%
Thursday
$ per share
12
11
87%
*
Dec.
$ per share
11%
40%
20
7
634
*
Wednesday
j
Jan.
Jan
Mar
Ex-rights.
7
2
Jan
22
Deo
15
Deo
32% Dec
29% Dec
5 Called for redemption
Volume
LOW
New York Stock Record—Continued—Page 8
146
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Sales
CENT
STOCKS
NEW
Saturday
Monday
Dec. 25
Dec.
$ per share
27
Dec.
$ per share
12
27%
11%
2634
35%
373s
13
Dec.
28
13%
12%
10%
26%
11%
27%
35
36%
13
12%
110
111
*111
115
110
*138
140
137% 138
12%
117g
4
4%
12%
43s
12%
4%
7%
*1%
38%
38%
♦91%
9%
*7%
1%
734
2
978
82
84
84
1038
10%
*22
978
*22
2478
2%
30%
17%
2%
2%
31
31%
18
18
1%
1%
5%
1%
534
10%
103a
.:
6
10
4
4
3734
*91% 100%
9%
87S
95%
84
10%
23%
23s
31
1778
1%
1%
1%
434
9%
10%
4%
4%
J
41
40
64%
60%
2%
3%
63%
2%
17
4%
40%
40%
63
17
2%
334
183s
2%
3%
*16
15
♦14%
21%
♦2934
14
I
14
21%
30
3178
*112
32%
*4%
3378
13%
13%
♦12
36
1334
1034
*63%
2
3178
30%
4%
4%
05
%
78%
%
*184
3%
%
%
82
7,000
6
6
400
68
*51
68
*51
68
*51
68
39
38
*28%
21
20%
38
38
634
638
30
r4%
50
6
6%
20%
*36
5%
6%
25
30
*4
172
*172
34
34
32
24%
25
>21
30
30
♦25
%
*%
95
1%
8
8
1%
*60
12
1234
1
*%
1%
9%
9
7%
8%
8
23%
108
*123% 125
1
....
32%
11
34%
11%
*lll13u 112
*94
3%
3
8%
734
784
22%
45%
8%
24
7
135
♦112%
30
94
7%
6%
8%
8
24
46
118
6%
16
63
5%
75
135
137
....
29%
30
*55
47
*90
94
7
6%
16
15%
5%
6%
75
*55
44
5%
75
45%
45%
4
20
378
rl9%
*20
25
20
20
*21
211;
*20
*23
26%
26
26
*23
27
*26
18%
18%
30
*25
30
30
30
*23
24
24
24
23%
3%
23%
39
39
1
1
18%
19%
3%
4%
4%
*38
44%
*38
*1
1%
1
9%
8
*10
7%
8%
*7%
8
*9%
10%
3%
44%
1
13%
►
12
7%
....
74
11%
62
*
2%
2%
3%
*60
4,000
11,600
2,600
1,200
8%
24%
9
4,000
46%
118%
5,100
136
7% preferred
Phillips Petroleum
♦
"2
29%
1078
0% preferred
*92
7
16
57S
*55
7% pref class B.-_
5% pref class A
Pitts Term Coal Corp
....26
Conv pref unstamped
100
Pittsburgh & West Va
100
Plttston Co (The)
No par
Plymouth OH Co
6
11
100
7%
11,100
16
500
6% 122,700
75
6,300
25,100
1,500
4%
4478
400
1%
300
9
6% preferred
Purity Bakeries
100
8
2,100
100
Radio Corp of Amer
No par
J5 preferred B
No par
$3.50 conv 1st pref..No par
tRadlo-Kelth-Orpb
No par
Raybe«tos Manhattan.No par
Rayonler Inc
1
21.100
2%
16% 104,700
400
65%
400
60%
13
5,100
4% 1st preferred
4% 2d preferred
11%
12%
12%
12%
26
26
26
*25%
31
76%
78
*78
90
*78
90
190
69%
*50
69%
*9
2
69%
*50
14
14%
15
15%
90%
87
87
85
85
5%
42%
6%
5%
42%
41%
9%
*18%
Q
31%
1
*50
14%
33%
22
5
9%
8%
18%
21%
2%
28%
19
*2
22%
2%
29
31%
d
1%
1
•
2%
2
*50
5%
1%
1
2%
2
Bid and asked prtceo. no -alee on this day
r6%
44%
*58
60
5%
5%
*9
9
18%
21%
2%
30%
1%
2%
*18%
*20
*2
30%
*1%
2%
60
*
15%
"3",800
♦
t In receivership
"
Feb
1031a
Feb
50% Nov
113
July
10
.1
6
1
B.10
10
Dental
Corp
No par
Mfg
No par
Antelope
Ruber old Co
Copper
(The)
Mines
No par
Rutland RR 7% pref....-100
10
t St Louis-San Francisco.. 100
6% preferred
...100
n
Lead..
Nrw sUrck
8
Mar
49
8
Jan 11
8
35%
Jan
60%
39
Jan
50
Dee
37
Jan
47
Nov
7% Dec 28
30
Mar
5
734 Dec 31
934 Oct 19
22% Feb
8
10
8%
r Cash s.Ue.
x
Oct 19
61% Nov
69
8
Dec 30
134 Oct 19
12% Oct 19
4% Mar
6
Aug
10%
100
4%
31
Oot
Jan
Deo
Deo
Deo
24% Nov
35% Mar 31
29% Mar
9
94% Jan 30
Feb 18
110
9% Feb 18
17% Aug
81
Dec
99% Sept
4% July
107g
Apr
Dec 28
47% Mar 11
124
Apr 23
77
Dec 29
110% Mar 10
78% May
Oct 19
49% Apr 14
10
Dec29
98
24% June
7634 Dec 28
139
26
100
6k% preferred
...100
Reynolds Metals Co...No par
5H% conv pref
---100
Roan
5,700
Dec
17g Apr
12% May
10
Class A
400
delivery,
Jan
Oct
Common
4,000
Jan
Jan
7% preferred..
800
Oot
14% Jan
108% June
80
July
107g Nov
38% Nov
5
97g
3%
9
OH
19%
Apr
287g
65%
Reyno ds Spring
July
144% July
July
164
Dec 11
43% Jan
00
St Joseph
83% Jan
08% Apr
Jan 20
Reynolds (R J) Tob class
100
Aug
May
91% May
9% May
10% Oot
9% May
13% Jan 16
200
5,500
Jan 15
47
65
Ritter
80
10% Apr 19
37% Aug 25
18% Dec 29
Dec 23
5.
10,400
5
Oct 19
23
100
A.100
Richfield
Nov
Dec 28
19% Dec 19
6% conv preferred
16,800
115
16
103
83
8,200
278
2%
8
23% Feb 25
18% Jan 21
12% Mar 6
307>
Oct 19
4,300
Def
Dee
122%
Dec 29
6% conv prior pref ser
Revere Copper A Brass
18%
0
50
Deo
Apr
Sept 11
7
29%
1%
2%
44
..No par
20
2
Feb
Deo
Mar
Deo
Deo
Deo
Deo
Deo
Deo
Deo
39
1
Car.....
18%
*2
96% Dec
Republic Steel Corp
20
29%
1%
Apr
3%
27%
20%
29%
11%
3'4
13%
28%
28%
73%
115%
39
6
Remington-Rand
5%
1
Oct 19
30
Reliable Stores Corp...No par
9
r9
9%
19%
2178
278
30%
1%
2%
17% Oot
1734 Oot
57% Oct
40% May
41%
29% Dec 13
Reliance Mfg Co..
60
"5%
5%
Jan
1% Jan
6% May
100
44
6%
43
4%
Co. ....No par
100
95
*84
7
43%
15%
434
Feb 15
Deo28
Preferred
Rels (Robt) A
1st preferred
400
77%
-
5»4 Oct 19
13% Dec
107
26
Real Silk Hosiery
Motor
Oct 18
60
50
.-50
preferred
Reading...
Reo
85
25
%2
R«msseia-r A Bar RR Co—100
69%
52% Jan 21
112% Feb 8
26
10
14
65% Jan 15
4
118% Jan
Dec 28
70
*50
Feb 11
20
*62
12,830
13%
26
19%
22%
Nc par
Quaker State OH Ref Corp..10
69
14%
Feb 10
86
24% Feb 3
112% Feb 27
69
69%
31
8% Oct 19
Preferred with warrants..25
62
Jan
1% Apr
Jan
107tzJune 28
.100
68
Jan
21
12
Jan
Jan
15% Jan
31% Feb
Oct 20
91
9% Apr
112% .Nov
4
22
22
20
11
Feb
Deo
30% Dee
Oot
58%
117g
4%
June
20
100
100
H8% conv preferred
72
*59
Oct 19
2%
Aug 30
Nc par
Pure Oil (The)
*61
*64
43%
114% Mar 25
303s Oct 19
22%
33%
11%
3%
1% May
14
Jan
May
72% Feb v4
11
13%
60
Oct 19
29% Apr 22
113% Jan 25
72
65
20
6
Jan 12
3
June 17
No par
*60
2%
19
19
19
19
19
47% Mar
25% Oct 19;
Pullman Inc..
62
60
10
No par
6% pf (set ol Feb. 1 '29). 100
J..No par
$5 preferred
No par
Pub Serv Corp of N
10
12%
*9
Oct
Oct
Oct
Oct
Oct
Procter A Gamble
20
94
76%
*18%
20%
Oct 19
8% Feb 1
141
July 14
697» Deo
247g Mar
133% Apr
117% Mar
20% Nov
10
16
Oct 19
1%
»4
2%
6%
6%
rlO
2%
%
7
1
Deo
114
4%
4478
1%
17
Jan 12
No par
6
50
110
Jan
*3%
12%
Jan 12
28
Dec 30
5% conv 1st pref
5% conv 2d pref
100
7%
4
Dec 28
13s Oct 19
*97% Apr 29
8% Oct 19
9
Pressed Steel Car Co Inc
600
*6
84 Nov 24
8
Pocahon..No par
J Postal Tel A Cable 7% Pf-100
Jan
2
Jan
19
*1%
Dec
49
Dec 11
45
Deo
112
31
*35
30
Oct 19
...No par
Mar 10
122
Dec 17
Dec 28
Deo
29
7%
Apr
Oct
137$
23% Dec
110
29
65
59
187
176
Deo
J5.No par
16,800
42,100
1,900
18%
62
"5~
Feb
Dec 29
13
Pub Ser El A Gas pf
30
100
65
*
77
130
28
62
5%
35% Apr
Apr
Apr
Apr
400
65
59
76% Jan 22
14% Aug 16
100% Aug 14
140
24
16%
43%
7% June
128
22%
9
6%
27% Deo
49% Dec
2
18% Jan
30
1
100
6% preferred
Pittsburgh United
37% Jan
02% Aug
18% Deo
Feb 17
56
23
5 H 1st scr conv prior pref 100!
Deo
113%
46
4
19%
*26
172
Deo
Feb
18%
140% Jan 20
162% Jan 25
378
19%
8
90
2
Dec 29
Deo
84
128% Jan 21
45%
r8
43
Dec 29
Mar
11%
Oct 25
4
15%
*81%
Oct 19
4
4834 Dec
Jan
Nov
52%
Sept 29
r29
v
25
...100
8
16
88
132
*2378
*3%
2
Dec 14
4% Oct 19
38% Jan
5% July
70
July
103% Oct 19
*18%
16%
20% Oct 19
36
May
117
27
5%
Oct 19
68
100
12
*56
4
74% Jan 13
20% Apr 6
33% Jan 18
Mar
7% Apr
Mar
.100
.....100
...
*llllsi»112
19%
17%
7
pref...100
6
64
July 26
9% Jan 20
87% Jan
1% July
60
Oot
12
167i Mar
3% Jan
101% July
8% preferred
27
6%
42%
Oct 19
1
Jan 16
20
102%
6% preferred
7% preferred
1334
*85
27
3% Feb
95% Aug 31
Jan
Jan
100
31%
14%
100
25
jan
14
500
46
*7
2%
Nov 22
1% Dec 31
100
54% Aug
8%
Oct 19
60
Pirelli Co of Italy "Am shares'
Jan
81%
3%
6
Pittsburgh Coal of Pa
19% Mar
56% Dee
45%
2
30% Oct 19
Plllsbury Flour Mills
10% June
25% Jan
54% Jan 14
8
5% Oct 19
18% Deo
69% Mar 10
Jan 12
No par
Preferred...
12% June
7% Feb
% Oct 15
65
par
100
Phoenix Hosiery
200
136
13
*50
No
21%Mar 11
13% Feb 19
Dec 111 109% Jan
134 Dec 31
Oct 19
No par
Phillips Jones Corp
500
32
*8%
12%
Oct 19
2%
Phillip Morris & Co Ltd...10
70
*27%
*
Phlla & Read C & I
Poor & Co class B
46
6
9
12%
3
50
Porto Rlc-Am Tob cl A.No par
*112%
8
11
9% Oct 19
par
2,900
118
30%
11%
15%
80
Nov
4,700
65%
r60%
12%
80
Deo
31
2%
8%
46%
61%
61%
90
Jan
9%
8%
24%
9
24%
69
*66
JaD
Jan
16
12%
3%
Nov
64%
50
500
3%
122
7
8
Jan 11
50
Class B
Oot
Jan
Oct 15
62
500
58
7% Feb
46% Aug
Jan
5,500
%
Oot
59fa Nov
116% June
91
100
.
Deo
87
"""660
*8%
9%
*2%
45
25
%
17%
24
1%
Dec 29
74
27% July
11
12%
24
*35
30
7% preferred
Creek
Feb
6%
30% Dec 29
$0 preferred
No
t Phil a Rapid Tran Co
Pond
73
par
%
16%
Apr
Apr
100
100
12%
2%
18%
17%
20
95
*60
1
22%
28%
18%
Apr
74
*8
12%
62
74
2
*6
7%
8%
10
6534
12%
*62
500
3,300
*29
18%
*25
1834
1%
1278
75
3%
Jan
25%
32
7%
16
19%
4
5
100
100
6%
*15%
578
4%
4
7
94
46
Apr
Mar
48% Mar
8
137
20%
38
17
Oct 19
8
118
3%
20%
6
Oct 15
9
Jan
4%
8%
44
412
65% Feb
Oct 19
3
Mar
*55
6%
Feb
Mar
Mar
*92
16
30
43
1%
June
28% Apr
110
Mar
20
18
178
17
Jan
Jan
9
63
190
*%
4%
28%
116% Jan 27
Oct 19
*1111316112
94
Dec 29
8
3%
29%
10%
50% Mar
4% Oct 19
*112%
♦11238
31%
29% Feb
Oct 19
Plttsb Screw & Bolt...No par
*6%
*1%
2178
Jan
10% Mar
12% Feb
Pittsburgh Steel Co....No par
1%
10
17% Nov
3% Deo
76% Feb
18% Nov 22
34% Nov 26
30
Jan
Oct 19
22
No
...
Pierce Oil 8% codv
Deo
47% Mar
32% Nov
112% Nov
Corp
25
Philadelphia Co 6% pref...60
110
Jan
100
Fhelps-Dodge
450
1%
Deo
3% June
6% Jan
1,200
38
Jan
6% June
10% May
Deo
22%
37%
5%
Mar
7,600
49
4%
Apr
174
Feb
Aug
6%
30
,
Deo
60
10%
*33
23
Deo
25
09
27
$5 conv pref
No par
Pitts Ft W & Chi pref
100
*30
40% May
97%
109%
8
23
2
1
10
17
110% Sept 27
Pitts Coke & Iron CorpNo par
*21
2«4 July
...100
170
36%
26%
June
8% Aug
17% Jan
Jan
4% Apr
74% Apr
9
13% Dec 29
No par
300
100
59
20%
Jan
64
20
50
Petroleum Corp of Am
6
Pfelffer Brewing Co...No par
700
7% Feb 18
Apr
July
7% Aug
Deo
103 ®4 Mar
Nov 23
15
v t cNo par
5%
*172
1
21
4%
3434
Milk..
7% Jan 14
10% Jan 6
23% Mar 11
634
*%
*135
par
49%
33
135
10
5% Prior preferred
5% preferred
Pet
8% Feb 25
44% Feb 3
29% Aug 25
10%
s--
9%
118
2% Oct 19
5
6%
9%
2%
21
46
1,300
*4%
*47
9
8%
*8%
Corp
Deo
July
23% Deo
13% Oot
57% Nov 23
1% Oct 19
2% Oct 19
37
par
No
Oct 19
34% Jan
9%
9
32
32
100
6%
*26
3434
5%
49%
17%
24%
46%
11
10%
11%
10%
Ul"u lll"i *111131. 112
16
*51
*117
%
3%
900
46
""6%
r31%
32%
30%
32%
94%
94%
*95%
96%
94%
r94%
9578
108
*104
108
*104% 108
106% 106% *103
124
124
123% 123%
*123% 130
♦123% 125
31%
98
16
34
934
9%
2%
21
*20%
95
139
*112%
2
2%
17
V:
2,500
6%
*
95
*%
934
3%
1%
*60
34
17%
10
6%
6%
Cement
1% Octltf
4
Oct 19
8
pref ser A...No par
Peoples Drug Stores
70
12
*%
10
1
*%
*8
1%
12%
10
9%
2%
*%
3%
1%
12%
11
35
30
*34%
*22
30
95
16%
*28%
"-mm.
6%
r934
11%
1
46
46
45%
45%
118
116% 116% *117
108
*60
12%
1734
2%
34%
26%
18
134
17
25
*137
*%
*8
95
6%
10
35
1734
11
25
*47
9%
35
38
4
6%
-
800
21
6%
*25%
49
24%
7%
10%
2
*20%
4
38
2
6%
26*800
38%
1%
38
20%
38
.
6
r6
6%
172
6%
10%
10
30
49
4%
50
*173%
32%
96%
10,200
%
%
£82
2%
conv
.
No par
No
Coke Corp
Pennsylvania RR
380
8
7
96%
4
82%
10%
35%
317g
"""Bio
.I84
134
*3%
%
500
*6
"678
8%
25,000
36
80
2734
434
25
26%
8
2%
*28%
52
12%
*%
1734
*10%
10%
2%
*%
3%
f :/8-
3,700
26
36
484
7,000
80%
234
♦60
11%
4*4
1034
2
Coal &
Penn G1 Sand
60
*6
234
34
34
*31
*1334
6
80%
234
2
11%
3%
17
(J C)
300
*64
1%
4
Penlck A Ford
Penney
par
250
65
*3
Oct 19
34
*64
"*134
12
3734
15%
65
*
Parker Rust Proof Co. ..2,50
Pere Marquette
39
1%
Oct 19
Peoria & Eastern
*36
4
Oct 19
600
38
65
1
28
600
26
4%
__1
No par
67
103
2634 Jan 28
No par
200
4%
23%
*36
CM
Parke Davis & Co
Apr
0% Jan
12% Aug
1% Jan
18% Jan
MarlO
2834 Jan 28
200% Jan 28
18% Oct 19
1
90
11%
109% Mar 18
23
30
19
19
Oct 19
8
10
32
*3%
10%
38
Park Utah
100
Inc
4%
11%
32
5%
11%
10%
434
253s
1
6% 1st preferred
6% 2d preferred
Park-TUford
32% Nov
Sept
8% Oct
80% Oct
£95
.100
6% conv preferred
100
People's GL4C (Chic)..100
1078
234
2734
6%
20%
*8
20
14%
*13%
10%
1034
5
434
2584 26%
10%
Day
600
29,200
500
31
3834
32%
24%
900
11,200
3,800
2,200
No par
4% conv preferred
Paramount Pictures Inc
10,600
700
preferred
Parafflne Co Inc
-
*51
6%
35%
800
30
33
38
*30
Oct 19
*109% 114
32
38%
'
29
72,500
14
31
%
2934
*4
100
4% Jan 25
121
J lay 13
■
21%
1334
36%
32%
Oct 19
Penn-Dlxle
30
3878
52
1
1,000
30%
3634
JF Stock
17% Jan 20
par
6
3978
234
Exchange
Oct 19
t Pan handle Prod A Ref No
3,500
13
78
68
""6%
Oct 19
7
100
1134 Dec 29
10
4
31
*3%
rll%
No par
Pan-Amer Petrol & Transp._5
4
200
conv
share
152
19
30%
'
%
6%
♦
Christmas
4%
12
153
Jan
2934 Apr 6
12% Feb 18
8%
47%
Jan
140
Pac Western Oil Corp
Packard Motor Car
110
Dec
14% May
2
Penn
30
178
83
2934
6%
♦20%
Closed—
31
3134
9
Jan
1,800
*26
44% Jan
149
2%
30
53% Jan 14
per
39% Nov
41
July
58% July
Apr 28
3,700
1,000
5,200
*109% 114
Jan
133
4%
*27
30
112
Deo
...100
6% preferred
43%
6334
14
30
3034
44%
118
4%
*41%
62%
2078
32% Jan 14
Jan 12
Highest
share I
per
4
4%
14%
21%
I
Jan
Pathe Film Corp
*1234
21%
share
38
Oct 19
10% Oct 19
Patlno Mines A EnterprlVo par
Peerless Corp
3
14%
21%
per
152
3,700
3%
*16%
J
Nov 22
8,400
18
sham
110
6,1001 Parmelee Transporta'n.No
18
3%
Year 1930
100
'1%
♦2
per
134% Oct 19
No par
5%
934
/
.
10% Dec 29
No par
1%
17%
2%
4,300
81,500
Ltg Corp
5
-'
:
Lowest
Highest
22
25
Pacific Telep & Teleg
50
J
(Cal).lO
Electric
934
1%
5%
1334
*3%
3%
250
Pacific Finance Corp
10%
37
*61
65
*134
3%
234
Pacific Mills
35
1034
478 '.,V. 4%
26%
24%
30
38%
38%
Pacific
11%
11
*51
1,800
2,300
110
13
*12
1334
%
80%
6%
Pacific Gas «fe
13%
1378
110
500
6,500
*30
37%
*31
38%
13
115
Par
36%
36
36%
rl3
Lowest
11%
35
♦34
47g
25%
*36
Range for Previous
On Basis of 100-Shai e Lois
EXCHANGE
27%
*11%
26'8
11%
42%
63%
2%
334
4%
4034
62%
27
113
31%
4%
5
Shares
2634
1%
5%
10%
438
42%
63%
2%
334
5%
112
3034
*112
114
6034
2%
3%
15%
13%
20%
3%
2078
f
22
*11%
£2634
Range for Year 1937
YORK STOCK
Week
$ per share
$ per share
*108
110
6
10%
40%
Dec. 31
30
134% *133% 140
*133% 140
12
1134
12%
12%
12%
rl2%
4 ■■
4
4
4%
4%
4%
7%
7%
8%
*7%
9%
*7%
1%
*1%
*1%
1%
*1%
1%
36
40
40
36%
38%
38%
35
35
37
34%
34%
*34%
96
95
*91%
*91%
*91% 100%
834
9%
9%
9%
9%
9%
81
88
83%
8434 8434 *84
10
10
9%
10%
10%
10%
24
24
24
*22
24
23%
2%
2%
2%
238
2%
2%
307a
31%
31%
31%
32%
7-31%
17%
16%
1634
1634
1634 716*4
36
37
38%
11
the
134
9%
1%
35
41%
Dec.
26%
36%
1234
Friday
Thursday
29
$ per share
$ per share
12
27
36%
Wednesday
Tuesday
71
Apr 14
Apr 17
May
Apr
90
Apr
25
Nov
90% Nov
114
Apr
8% Mar
297g Deo
128
Dee
104% Oot
39% Deo
79% Dee
138
Oot
Nov 19
95% Jan 26
92
Dec
98
Nov
1234 Oct 19
30% Jan 14
22% May
34
Fob
60
8
105
Apr
5% Dec 28
40% Dec 7
34% Jan 22
25
July
68
Jan
8
50
Apr
65
07
Jan 26
80
4%
Nov 12
Oct 19
Oct 19
834 Dec 29
18% Dec 29
17% Oct 19
1
Oct 19
26% Nov 24
112
Jan
31% Feb
4
19ia
Feb
35
Mar
19% Dec 21
38
June
4
9% Feb 19
65
Mar 11
Oct 19
4% Mar 17
1%
Oct 15
11% Feb 25
y
60% Nov
65% Feb
0% Oct 29
1
Ex-dlv
687a Sept
117
Jan
36% Nov
Ex-rights
5% June
22
1%
2%
July
10%
Fob
50%
Deo
Jan
3% Mar
Jan
6%
f Called for redemption
Deo
New York Stock Record—Continued—Page 9
72
LOW
Saturday
Dec.
Tuesday
Monday
Dec, 25
$
$ per share
per
28
Dec.
74
*434
74
25
*9
25
*9
Dec. 31
$ per share
Shares
*5
5% preferred..i.......100
10
20
18
19
18
184
194
204
204
204
714
72
72
72
714
724
72
73
72
72
88
88
22
224
72
71
73
38
36
84
54
374
"4
2*4
21
4
X5678
12*4
7
'
17
4
4
5
234
4
24
194
204
4
*34
4
34
4
59
54
134
74
175s
124
34
534
124
564
134
74
74
16
164
154
61
*574
605s
44
60
*45
4784
*2578
27
*444
25h
254
60s8
44
4
26,300
14
134
134
8
734
734
15,400
7,100
1,800
44
*66
60
44
474
244
164
44
*444
244
48
100
2434
120
164
164
4,100
974
9634
164
44
*444
244
164
974
244
17*8
174
164
164
*974
984
73s
984
64
984
164
*974
984
7
64
64
634
7
74
1978
204
185S
194
18%
194
19
194
3
3
*24
3
17
294
7234
*97
90
207t
124
214
7
1,100
274
4,200
8834
200
72
72
*69
100
*97
154
164
*104
164
174
104
104
144
1034
11
11
1034
114
114
1034
15
154
144
154
114
111
111
123s
114
174
27
3
3
3
*24
40
38
38
*374
24
54
24
24
24
7
*658
74
75
*
*
75
*20*
184
184
"*24
34
6
38
*55
24
75
204
164
15
154
154
164
134
*404
134
104
114
10
10
41
41
39
39
85a
9
84
524
84
53
534
184
184
734
74
*1064
24
24
*39
53
534
18
84
84
514
174
20
534
183s
204
rl94
164
24
64
*39
Closed—
4
94
9
174
19
214
22
*1
284
2884
334
334
22
184
2434
21
224
2834
274
28
274
344
35
33&s
344
334
3334
374
454
34
34
444
44
45
*444
204
21
20
20
194
20
56
56
544
554
64
84
44
7
94
94
*
74
11»4
478
7
1234
x74
9
5
43.4
5
47
48
*464
50
46
123
*120
74
H984 120
*120
2,300
44
17,400
84
8«4
16,600
17
1734
23
21
22
*1
14
1,800
5,500
100
14
284
29
34,500
334
334
16,800
10
53l2 Dec 29
5i 2 Oct 19
75
Jan 29
65
21
Feb 11
164 Apr
17i2
94
104
934
44
44
434
44
74
11,400
74
94
1,600
10
22,700
30,600
434
*47
50
47
47
1,700
rl23
123
*i20
123
80
Superior Oil
*9
124
*9
124
*84
124
*84
164
16
164
16
164
164
1638
104
1634
234
234
224
84
164
2234
23
234
23
358
334
264
274
8
778
19.
358
26
84
84
18
214' 214
*55
43g
*57
3
*
44
35
*44
14
"14
*44
134
234
434
44
134
24
*104
1234
258
*104
15
14
*
4
12
24
144
24
*104
144
72
73
*73
4034
1078
55s
74
34
42
39
404
11
104
104
54
64
34
7
64
34
34
83
83
Co No par
No par
2334 Oct 19
Oil... 10
63s Oct 19
84
4
24
90
25
....
204
19
20
264
25
26
34
3
34
34
43
40
7
394
74
*364
8
414
74
39
14
14
14
514
94
474
494
14
4734
94
734
7
14
464
84
714
194
*254
88
*814
100
54
1,600
84
204
2634
J-74
1934
71.1
300
194
10,600
26
264
44
394
270
*334
*35
474
474
104
474
94
7234
474
94
724
10
2.800
734
1834
754
724
184
734
734
19
184
184
I884
184
19
1834
19
10,100
85
86
84
854
81
84
82
82
814
82
3,200
824
224
264
814
824
804
804
80
804
80
80
22
224
22
22
2434
254
224
254
224
24
♦82
224
244
•
Bid »nd asked prices,
234
no
sales on this day
264
t In receivership
900
224
n
900
264
r224
2434
60,100
Def
delivery.
2878 Feb 11
lOU
40*4
Jan 25
Jan 25
16
Nov
110
Feb
8*4 June
85
Oct
84 May
124 Mar
*
34
84
24%
478
26
1484
Jan
Jan
91*"
Feb
Jan
135a Nov
3234 July
84 Mar
3984 Feb
21»4 Deo
Jan
2778
Jan
Jan
Apr
225s Jan 11
*l478 "Jan
*274
Apr
273g Jan 22
103g May
$6 preferred
82
No par
Truax Traer Coal
4U
No par
Truscon Steel
Oct 19
12
Dec 29
100
39
1
Preferred
Oct 19
Dec 29
7
Oct 19
Twin Coach Co
Aug
113s Mar
109i8
1812 Oct 19
Nov 23
284
215g Feb
Dec 15
25
800
13i8 Feb
x40
Sept
Oct 19
Transue A Williams St'l No par
Trl-Contlnental Corp..No par
20th Cen Fox Film Corp No par
$1.50 preferred
No par
14
1
4
3
2
8i2 Jan 13
15U Mar 5
1384 Mar
9318 Jan
Jan
5i8 Oct 19
3i8 Dec 29
10
Twin City Rap Trans..No par
14
94 June
28
4
72
No par
1,900
*14
6
A West'n Air Inc. 5
pref
2,000
5,800
Deo
17
conv
7
74
878
4434 Nov
154 Feb
143s Mar
49
July
4878 Nov
634 Oct
2878 Feb 11
79
Feb 4
$4 60
10
10
74
Jan
Jan
Oct 19
Transcont
1,600
Jan 28
71*
10
13,500
17,600
Jan 22
2
54
8
Oct 19
Deo
Nov
33
Deo
Transamerlca Corp
17,100
34
34
6
Mar 30
Jan
Tlmken Roller Bearing.No par
6,500
114
54
95s Mar 15
3
Jan
13
554
Apr
153s
Deo
93s
684 May
6&8
287a
153s Mar
165s
Jan
Deo
Dec 29
Tlmken Detroit Axle
54
744
10
3578
203g
151*
8
3
Jan 12
65i8 Apr 22
44
Oct
884 Oct 19
36
Oct 19
700
9,100
394
*7
Nov
123s Nov
Dec
131* NOV
2638 Nov
4
98i2 Aug 13
Tide Water Assoc Oil
90
9,950
25,800
94
pref
10
74
I84
74
Oct 19
36
Sept 25
U* Oct 19
4
Dec 29
2i8
1
U8 Oct 19
6i8 Oct 19
13i8 Oct 19
534
34
3934
55
100
Thornpson-Starrett Co. No par
$3 60 com pref
No par
7
194
264
34
3i2 Oct 20
Nov 23
No par
Preferred
5,600
54
15
Apr
144
384
Jan
6712 Feb
83s
Apr
281* Apr
Mar
137s
34
I684
684 Mar
20U
59
10
*74
Oct
4258
3778
Jan
Jan 13
Thompson Prods Inc..No par
200
Jan
Jan
04
1,900
8,200
Jan
173s
65s
Oct 19
65
124
24
13
2384
23
3378
..No par
The Fair
dlv conv
201* Jan
Feb 19
25
7
204
264
44
-
Jan
95s July
64i4 Mar
100
64
*6
-
Jan
3
48
Thompson (J R).
54
7
«
27
2
11
25
20
8
31
20
21
I8i2 Dec 29
Thermold Co
$3
3
65s Oct 19
lS^s Nov 19
1
Third Avenue Ry
34
54
Co
1,400
384
104
534
»
Dec
Feb
784 Mar
No par
Texas A Pacific Ry
Thatcher Mfg
1,000
114
88
m>
Oct 19
2
394
*81
10
60
9i8
100
Land Trust
Texas Pacific
2
44
I034
54
83
Sulphur
Texas Pacific Coal A
44
*124
24
*104
394
♦
1,000
8,400
34
*
preferred
&&>%
Telautograph Corp
$3.60 conv pref
4
104
5
600
57
34
14
144
1,300
194
57
34
3938
7
9
Texas Gulf
104
74
40
Texas Gulf Produc'g
9,100
13,400
12,100
38
74
94
10,600
93.1
"*54
534
334
274
104
"*54
*734
204
264
*334
514 Oct 19
3484 Oct 19
104
54
534
...25
10
94
54
83
Texas Corp (The)
44
63
13
Oct 19
Tennessee Corp
60
124
Dec 28
4
4,800
*55
124
41
42,800
184
4
6I4 Dec 29
Talcott Inc (James)........6
64
60
'
Without warrants
3938
17
4
10
75
9
"*14
4i8 Oct 19
164
*184
25
1334
104
24
*
10
24
75
14
494
34
114
144
10
738
14
44
1234
84
*34
*57
34
14
14
44
78
*
4
63
25
114
734
♦55
24
78
34
60
34
105s
54
174
184
rl74
184
22U Oct 19
434 Oct 19
1
74
Nov
2858 Mar
3378 Mar
34
2634
74
734
734
125
15i4 Oct 19
39
2734
74
74
84
*57
13
13
34
274
74
1734
*55
44
25
334
274
Jan
4714 Mar
Symington-Gould Corp ww__l
64
118
Jan
3978 Jan
Swift International Ltd
50
4
125
1712 Dec 28
7«4 Oct 19
5,300
800
Mar
60
(The)
Swift A Co
1,700
91
Oct 19
8
60
6
....6
64
404
34
734
34
#
394
174
184
70
3
"l4
1434
8
58
*57
34
6
394
Sweets Co of Amer
♦
Dec
25
Superior Steel
Sutherland Paper Co
44
1578
70
61 «4
6,400
638
Deo
Jan
Jan 11
20i2 July 12
2,400
49
301*
Jan 29
Oct 19
4,200
4l2
781* Nov
241* Apr
Feb 17
Oct 19
U2 Oct 19
84
*394
jan
Deo
Oct
7712
9
64
638
64
434
JaD
Deo
703s
40*4
Jan
20
18
1
100
10
64
49
*44
64
7
74
204
*55
70
34
184
20
58
384
34
264
264
7*8
758
19
6
*64
*394
144
31
Mar
335s
10
84
834
64
43
Superheater Co (The)..No par
1,600
....
44i2 Dec 16
118
Aug
6
100
2,900
24
64
1
No par
2,100
14,700
10
44
No par
Studebaker Corp (The)
11,900
13
2-634
Stone A Webster
1458
24
6-r'8 Dec 29
ei2 Oct 19
3
Oct 19
.1
Sun Oil
274
19
x84
6
Stokely Bros A Co Inc
14
19
7
Sterling Products Inc
Ste wart - W arner
6% preferred
Sunshine Mining Co
13
94
10
Standard Oil of Kansas
*264
24
24
24
49
Jan
Feb
Deo
Jan 20
2,400
834
134
394
j an
54
84
♦7
184
57S
32>4
54
184
38
9
24«4 May
134
64
Feb
664
174
41
50
25
16%
64
394
384
47Bb
48i*
5
13
64
*394
44
54
Feb
Aug
9
174
64
2
35
8
18
4*4
Deo
Jan 11
Feb 19
Dec
174
41
724
4
50
Mar
13
45S
Deo
Mar
19
6&8
Dec
62
Apr
26*4 Apr
76
1434
41
Feb
2778
48
28
64
97g
Jan
Nov 24
144
434
13*4 Mar
Apr
94
24«4
19i2 Dec 29
834
464
Nov
64
42
28
45
184 Nov
241* Aug
94 July
Starrett Co (The) L S__No par
24
434
7
4384 Nov
Apr
Standard OU of New Jersey.25
14
634
*394
jan
Apr
143s
200
81?
*64
834
64
728g
21*4
500
274
74
Oct 19
5384 Mar
30,900
24
124
9
14
12 Dec 28
27i8 Dec 28
2612 Oct 19
305gMay 14
Jan 12
37
Jan
23
124
64
65
Jan
354
264
84
Oct 19
8
133s
44
454
14
224
325s Mar
10
Stand Investing Corp__No
pcr\
Standard Oil of Calif..No par
Standard Oil of Indiana
25
Oct 19
Oct
Oct
Jan
45
284
24
134
934
5
No par
prior pref
No pai
prior pref....No par
984 Mar
924
3684
*20
13
74
212 Oct 19
No par
10712 Dec 23
123g Jan 22
148s Mar 8
Oct
27
Jan
*31
274
24
234
Oct 19
28*4 Feb 11
95i2 Apr 28
4838 Mar 8
I6I4 Jan 20
Oct
1178 Nov
82
Apr
214
544
144
74
$7 cum
Jan 18
684
678
34
304
94
cum
Aug 14
50
212
$4 preferred
$6
35
8
Tn)y
73»8 June
2934 May
1578 Apr
454
14
24
144
tStand Gas A El Co
Jan 12
Dec 29
Nov
59
6314 June
Dec 29
Nov 23
Jan
12*4
Feb
Mar
391.
Feb
775s Mar 17
9i2 Jan 28
2
712 Oct 19
101
Oct 20
$4 50 pref
No par
Stand Coram Tobacco.
1
25
/,
160
644 Dec
Jan
16
Jart
351* Aug
6*4 July
36
49
Apr
160
July
74
378 July
26
26ij Dec
2
1
Deo
171* Nov
Jan
10
No par
Standard Brands
304
114
Jan
Feb 26
No par
Conv $4.60 pref
Square D Co class B
Mar
Apr
Feb
8ig Deo 29
Sept
12i2 May
19
39
2
Spiegel Inc
21
110
1178 Mar 16
2384
Nov
34
7
94
Oct 19
85
6
j
31
10
*72* "Jan
Jan 20
4388 Mar
1914 Dec 27
1
June
45
294
24
1384
♦184
*84
55,700
3
401*4
/•'
55s Dec 29
73^ Sept 20
Splcer Mfg Co
No par
13 conv preferred A..No par
132
~23i2
601* Mar
U2 Oct 19
473g Deo
Apr
Jan
Dec
Sept
34
4538
123
20,900
preferred
100
Sparks Wlthlngton
No par
Spear A Co
1
$5.60 preferred
No par
Spencer Kellogg A Sons No par
Jan
19i2
Jan 12
Jan 2
6583 lVx
li2 Oct 19
35U Oct 19
Jan
Oct
684
64
32i2 Jan 13
65i8
Jan
975s
63* Feb 26
155
Deo
127i2 Nov
1412
4878
1984
23U Aug 14
115 June 9
4212
Deo
Nov
28U
8
Oct 19?
Oct 19
9
1st
Sperry Corp (The) vto
29»4
Dec
*20
42
7
40
8
19
*534
938
534
74
64
84
*35
.
1,000
4
44
94
*1
28
12
4
1,100
40,100
114
39
8
184
224
14
284
4
174
234
890
44
*4
700
9
4,400
84
24
7,300
24
75
184
34
*20
Day
30
544
44
94
20
34
38
40'8
64
45
Jan
z3i* June
Jan 11
Feb 16
Feb 15
1734 Oct 19
100
6% preferred..
54i2
17
26
100
Southern Railway.
Oct 25
Spalding (A G) A Bros. No par
534
184
74
*1064
24
*24
84
-
130
..100
500
184
44
»
U2 Oct 19
2012 Oct 19
So Porto Rico Sugar...No par
Oct 18
544
24
-
Mar 18
Dec 29
84
44
«
110
15
838
104
278
Christmas
74
*1064
FoJvay Am Corp6H% pref 100
South Am Gold A Platinum.1
27
84
84
"*3*4
74
Oct 19
100
39
41
94
758
Dec 28
9«4 Oct 19
13
Mobile A Ohio Stk tr ctfs 100
*194
164
7-114
194
174
174
74
74
*1064
24
24
*1004
10
Corp...No par
Socony Vacuum Oil Co Inc. 16
100
♦
11
104
438
Exchange
Mar
*258
*374
24
*638
34
*374
24
64
38
120
3138 Nov
884 July
4U Apr 21
26
Oct 8
Oct 19
Southern Calif Edison
Doj
Dee
102
Mar 16
58
June 17
Southern Pacific Co
104i2
IU4
Jan
13
44,500
23,100
8,200
Deo
July
Apr
Apr
96
5,800
1
3278
484
*24
184
*
75
*20*
11
184
113s
19*4 Nov
Jan
89
8
$6 preferred
....No par
Smith (A O) Corp
10
Smith A Cor Typewr..No par
26
8% preferred
Jan
<31$
30»4
1484
212 Nov 4
1534 Dec 29
2612 Dec 29
Slmonds Saw A Steel ..No par
Snider Packing
Jan
IDs
Mar 10
200
2134
184
1558
1053s Feb 2
1778 Mar 11
10
Dec
778 Nov
20>4
1
Nov 26
44
IOU2 Nov
Jan
Jan 21
512 Oct 19
17i2 Oct 19
No par
6% preferred
Apr
Feb
6958
605s Apr 22
102U Feb 4
60
2134
2
312 July
Feb
91
100
Skelly Oil Co
Dee
Dee
Jan
3012 Aug
34*4 Feb 19
Silver King Coalition Mlnes.6
Simmons Co
Feb
2i8
87g
78
14
1478 Nov 22
Slmms Petroleum
414
44
Feb
5578 Nov
101*4 Mar
2012
65
Dec
Nov
114i2 Mar
1778 Nov
Vt June
2
44
par
preferred
Dec
3«4 Oct 19
par
114
„
Dee
15s May
24is Dec 30
par
197
12,900
2,200
194
114
194
par
93
Oct
99
377g July
Mar 10
120
Nov 24
1,400
5,900
46,000
24
22
III4 Mar
No par
Shell Union Oil
6 H% conv
Dec 15
5418 Apr
Nov 23
1304
130
60
8*2 Jan
Oct 19
67
224
184
114
1534
22
174
22
184
27
No
Sharpe A Dohme
No
<3.60 conv pref ser A.No
Sheaf fer (W A) Pen Co. No
4
U2 Oct 19
312 Oct 19
16
No par
No par
pref
conv
Feb
42i2 Mar 10
Jan
June
Oct
495g Nov
Aug
11
17*8 Feb 10
Oct 19
2i8
88
114
24
r224
24
24
114
194
*284
*110
224
224
1304 1304
1834
31
18
31
174
104
194
110
110
$5
34
15
Jan
180
11
154
(F G)
45U
1,500
11
114
154
Sbattuck
233s Feb
...100
100
1058
704
100
1234 Dec 27
6I2 Oct 19
3412 Nov 26
«4 Oct 19
100
Sharon Steel Corp
985g Aug
314 Feb
l*
Sloes Sheff Steel A Iron... 100
75
*97
15
"194
Stock
18
27
8884
70
184
134
194
238
*1584
*97
24
24
24
24
24
24
24
224 224
234
234
244
*1304 142
*1304 142
*1304 140
21
21
214
215s
214
224
*
18
904
274
*87
16
*110
♦1114 114
3
600
104
1458
114
154
♦384
9,900
34
10
11
*28
194
154
164
194
19
274
♦154
164
904
10,000
*234
49*4 Nov 23
61*4 Mar
98U Mar
Oct 19
312 Oct 19
71
No par
No par
Air Line
4-2% preferred
900
74
71
*97
114
>
274
*87
9634
7
3
3
5,500
44
100
694
754
18
154
3
154
264
17
274
904
*874
100
11
'.v.'.
16
27-4
17
27*4
♦88
400
60
444
3
154
*56
594
4
24
Dec 29
Dec 29
22
Seagrave Corp
No par
Sears, Roebuck A Co.-No par
Servel Inc
1
55
154
8% preferred...
Scott Paper Co
Mar
2
17
15
9
10
14
2
2
5
1
18
Oct 19
11
100
1
100
300
54
154
108
110i« Sept
J Seaboard
564
154
6
3
Dec
z9 3
Seaboard Oil Co of Del. No par
134
74
1534
Jan
Feb
27^2 Mar
6,700
554
8
4
Dec
113
8,200
2,000
*4
2041
34
444
244
44
474
410
38
24
204
*34
4
24
20
134
74
54
38
*34
2-4
204
34
5534
20
54
38
4
24
204
34
4
24
4
24
214
734
4
4
54
374
38
37
234
4
4
54
4
4*4
54
37
234
75
*72
96
113
1,700
244
72
6
9
54
134
224
754
84
54
150
320
July
Dec 20
5M% preferred
JSchulte Retail Stores
100
174
27
86
1,600
6,400
93
100
174
Jan 13
103
9,600
*88
100
154
224
37
Dec 22
1
93
100
15
Jan
778
70
74
*88
164
share
per
Jan
18
No par
Safeway Stores
Highest
share \
46
4,300
88
100
15
per
18
184
2334
88
100
134
88
I
share
2034 Mar 5
37i2 Mar 11
per
Nov 10
Dec 28
6% preferred..........100
6% preferred.....
..100
7% preferred
—100
Savage Arms Corp
No par
Scbenley Distillers Corp
5
1004
88
100
74*4
7.300
290
$
share
3»2 Oct 29
t St Louis Southwestern.. 100
|
25
*9
194
*1004 10034
1534
154
2478
244
$ per
°4
*5
64
25
*9
Par
Lowest
Highest
Lowest
Week
% per share
25
1938
EXCHANGE
the
Dec. 30
29
$ per share
♦5
74
% per share
share
♦434
♦9
Dec.
27
On Basis of
STOCK
/,
Range for Precious
Year 1936
1937
100-Share Lou
Range for Year
STOCKS
NEW YORK
for
Friday
Thursday
Wednesday
Sales
CENT
SALE PRICES—PER SHARE, NOT PER
AND HIGH
Jan.
8
Jan 21
Mar
3
8
4078 Mar 13
265s Mar
50
Mar 13
94
Jan 22
Jan 20
25
o78
111
Union Oil California.......25
Union Pacific
80
14884 Mar 16
Feb
Jan
110
Oct
478 Jan
74 Apr
224 June
31*8
Apr
8*4 May
654
Jan
Jan
18*8 Sept 17
Feb 20
28*4 Feb
4
715g
Jan
20*4 Aug
1084
Jan
100
78
Nov 23
Oct 19
No par
4% preferred..
Union Tank Car
22
Nov 24
314 Feb
4
225s
Jan
Jan
Oct 19
354 Mar
5
205*
A pr
Aircraft Corp..
\ee *»«ck
Deo
12
744 June
100*8
878 Dec 29
6U4N0V23
171* Oct 19
»
93
224
8
46J4 Nov 24
100
r
Gash sale,
1034
5
r
Ex-dlV.
y
Dec
741* Nov
Jan
27* June
Under Elliott Fisher Co No par
Union Bag A Pap new.No par
United
74
Jan 25
U8 Oct 19
Union Carbide A Carb.No par
Apr
93s Nov
28
Deo
385* Nov
4784 Nov
Mar 29
171 j
No par
Ulen A Co
124
56
2
9984 Jan 13
Bx-rlgfate
904
171* Deo
109
Deo
8*8 Jan
102*8 Deo
1054 Nov
284 Feb
149*4 Aug
100
June
315a
Feb
32*8
Feb
T Called for redemption.
Volume
New York Stock
146
AND HIGH
LOW
SALE PRICES—PER
SHARE,
NOT PER
Record—Concluded—Page 10
CENT
Sales
STOCKS
NEW
for
Saturday
Monday
Tuesday
Wednesday
Dee.
Dec.
Dec. 28
Dec. 29
♦ per share
$ per share
25
27
$ per share
% per share
7
6%
7%
7
16%
17
7%
*7
8
17%
17%
*113
*113
6%
*7%
16%
7%
Thursday
Dec.
67a
6%
8
3834
37%
39
3934
18
18
*16%
18%
3%
17%
1734
17%
30%
29
3%
2934
r29%
6%
73s
6
6%
6
7%
*7%
*74%
3%
3%
31
29%
6%
6%
8
*71
7%
*71
82
3
7
75
82
3%
80
434
5%
31
5%
31%
29%
30%
28
2834
56
56%
54%
56
55%
56
10
10
10
10%
10%
*105% 106
*105% 106
4
4
4%
378
5%
6
578
67S
6%
90
75
*70%
♦70*2 90
5%
434
5%
5%
29%
r56
10%
10%
*105% 106
*70%
*1
1
1
6
♦34
6
1%
Shares
8%
200
2,500
United Biscuit
38%
2,300
United Carbon
rl7%
3%
r2934
17%
600
3%
54,800
2934
4,300
6%
6%
11,800
27,500
7%
7%
82
7%
21
18%
6
5%
778
6%
8
*70
27%
4%
23%
834
.
8
65
70
25%
24lo
2134
27%
4%
23%
4434
57%
48%
60%
*.50
60%
52
55%
4
51
61%
66
59%
*53
United
6%
6
90
*34
*34
4
25
4%
4,300
*65
4%
Oct 19
Oct 20
4,000
Partlc A
conv
U
22%
43%
45%
47%
46
23%
46%
57%
60
60
60
59
59
4,700
58
58
*58%
65
*58%
63
100
*146
4%
2
2%
Jan
Apr
Oct 19
7238 Mar 31
16%
Jan
47
Jan
43% Dec 29
118
Feb 18
105
Mar 11
1261* Mar 11
46%
Jan 22
115%
Jan
114
Oct 22
136
Mar
9
131
Apr
100
147
Apr 29
169
Jan
5
160
Oct
2?8 Oct 19
9U Feb
9
1
8% Feb
5
5
Apr
100
148
4%
1^4
148
148
*148
*148
4%
4%
4%
4%
4%
X4%
1%
1%
134
1%
178
17g
*
United Stockyards Corp
1
United Stores class A..No par
4,100
4%
2
♦
Preferred—
70
"
10,800
10
*10
11
*10
11
1,700
Universal-Cyclops Steel Corp 1
49
r49%
49%
*46%
52
400
Universal Leaf Tob—__No par
140
32
34%
"""226
1
15,000
1
48
49
*138
140
*138
140
32
32
30
1
1%
34
34
32
2%
*33
6%
34
37g
*12i4
17%
1334
0
20
1434
14%
17%
17%
105
*97
40
40
40
25
2%
*1%
13
13
*112% 118
*40%
13
3%
2234
*11%
52
52
*119
7
7%
18%
72%
7%
*18%
187«
834
834
2%
2%
2%
2%
934
2%
*32
37%
6%
534
33
34
4%
3%
*10%
13%
17%
17
39%
37
37%
6%
334
*12
17%
17
14
13
14
25%
2%
1%
24%
2%
1%
24%
1234
23%
2%
*1%
27
2%
1%
90
93
93
88
88
26
*73
2%
22%
24%
1
July 15
2314 Oct 19
56
73i8 Nov 20
84% Feb
*10
6234
1434
934
10%
*55%
1434
8%
10
*119
111
113
*111% 113
15
15
15
4
4
7%
*6%
7%
200
1%
2%
1%
*1%
1,200
2%
2%
24%
1%
2%
24%
11,800
Western
24
24%
16,300
99
100%
32,400
21%
*
*131
20%
135
*13
3434
*32%
12%
12%
21%
r22
22
*
105
*85"
90
21%
12
21%
105
*80
6234
55
55
*57
1434
14%
1434
*14
9%
8%
10
8%
934
2
134
134
11%
2%
11%'
90
21
105
6234
*57
59
1434
*14
8%
15%
8%
9%
9%
1%
500
12%
12%
12%
1,600
2
2
2
2%
2%
2%
4%
47g
4%
4%
434
5%
5434
10%
34%
4%
5%
36%
•63b
*45
34%
*37
16%
14%
2%
r2%
5
4934
*50
55
13
12
12
34
347g
347g
35%
35
36%
16
16%
15%
60
*45
60
*45
60
34%
*45
59
*45
34%
34
34
*34
38
34
34
3934
3934
*39
45
*36
43
83
78%
74
7734
7734
82
60%
60%
6034
26
60%
2134
60%
25
23
22%
6034
2234
87S
70
14%
3834
*70
12%
234
*
9%
70
8%
69
14*4
13%
42%
3434
76%
13%
278
*70
12%
2%
87g
8%
8%
23%
69
*70
80
69%
69%
13
13
13
13%
3,700
38%
76%
36
3734
76%
3734
39%
37
38
*727g
1234
76%
*73%
76%
13%
13,400
2%
13%
234
13%
2%
27g
8,000
13
2%
*70
117g
2%
1234
234
5
In receivership,
39
6
27% Feb 23
70
Dec 17
3478 Jan 7
115
Apr 13
90
Dec 10
126
19
Oct 19
100
75
Nov 23
prior pref—No par
55
Dec 29
978
Feb
33*4
3134 Nov
35%
34
Jan
99
July
conv
20|
Motor Co
6
pari
Mach—No par1
6
Mar 11
126% Aug 14
21% July
84
July
Jan
32
July
33-% Feb 16
18%
187a Jan 25
120
Oct
3978
109%
Nov
Oct
Deo
Feb
1384 July
Oct 19
134 Oct 19
6
2
1
10
91
a:
Feb
Oct 19
11
No par
Gas
65
Aug
8i2 Oct 19
15s Oct 19
1.
Dec 27
6*4 Mar 22
46% Jan
6%
4
Jan 25
5% Sept
Sept
12
3%
16
2*4
Apr
Apr
Jan
7
7
No par
4% Dec 29
45S Oct 19
100
4934 Dec 30
91*4 Mar
10
10i2 Dec 28
1334 Dec 13
34
Dec 29
65*8 Jan 20
44%
Apr
12
Oct 19
47
Jan 22
112% Mar 25
23%
54% Oct 20
56
Apr
Apr
40
Oct 19
100
47
Jan
34
Dec 29
3934 Dec 2 9
preferred.
454% series
10
pref 4H% convserleslO
12% Feb 27
2
Mar 10
40*4 Dec
Nov
June
1
54
6% June
70
6
38
128
Mar
6
62%
5812 Oct 19
76
Jan
7
63
Aug
2184 Dec 29
7% Oct 19
62% Jan 27
33%
Apr
37*8 Feb 16
8*4
Jan
Jan 23
83%
Jan
100
68
Oct 19
Dec 29
1212 Dec 29
Youngstown 8 A T
par
34% Nov 24
100
70
5H%
No
preferred
Zenith Radio Corp....No par
Zonlte Products Corp..
a Def. delivery,
Oct
Jan
39
23%May 15
30
conv
Preferred
rnrn'mm'
96% Nov
9084 Aug 31
14i2 Oct 19
2H8 Dec 29
Young Spring A Wire..No par
41,200
mm
May
Wright Aeronautical—No par
570
12%
13
Feb
22%June
35% Oct
19*4 June
Wrlgley (Win) Jr (Del) .No par
25
Yellow Truck A Coach cl B..1
2,200
8%
68
7%
3J%Nov 19
1034 Oct 19
Yale A Towne Mfg Co
8,800
8%
6934
14%
Rid and asked prices: no sales on this day
8%
78%
*60%
22%
170
Oct 18
Prior pref
500
74
60%
4
5% Aug
72% May
Jan
Prior
750
62
83
Feb
23% Sept
Apr
178 Nov
160
113 f
Co
10
WortblngtonPAM(Del)No par
Preferred A 7%
100
Preferred B 0%
100
100
26
15
Jan
5784 Mar
87>8 Nov 23
60
60
Wool worth (F W)
""500
43
60
6
434 Mar 17
.No par
$6
60
*45
23% Mar
Jan
Woodward Iron Co
100
26
77%
15
*4.inn
Oct 15
94%
Wilson A Co Inc.
2,300
15%
12%
123%
6% conv pref
21,500
inn
Apr
Jan 22
Willys-Overland Motors
1,800
15%
8%
3038 Jan 22
Wilcox Oil A
600
12
16%
II684
29% July 12
11*4 Mar 6
1034 Oct 19
$4 conv preferred
20,300
5
4934
11
*fl.i
*36
5%
5%
527g
100
Jan
x5078 Dec
153% Oct
White Sewing
7,900
10%
434
111*4
34*4
White ltk Mln 8pr ctf..No
11,200
50
5%
8
6
1673S Jan 22
White
1,200
2%
2%
4%
11%
35%
*63
34%
r2%
2%
4%
5434
inn
42
2%
Jan
115% Jan
9
11'4 Mar 17
WhlteDent'lMfgCo(The S3)
1,500
*1%
5%
116%
83% Jan 22
$5
100
17g
12
9
U2 Oct 19
Preferred
400
10%
5
35%
16%
8,300
*134
Jan
123% Mar
preferred
100
Wheeling Steel Corp—No par
rnmymrnmm
8%
*9%
10
Feb
1734 Oct 19
5% conv preferred
18,900
834
87
22% Dec 29
5 54%
20
*80
21%
Aug 26
Wheeling A L Erie Ry. Co.100
-
22
2
5%
-
103
1
Westvaco Chlor Prod.-No par
1,000
-
Jan
Oct 23
100
1st preferred
2,000
90
96
Union Telegraph.100
Class A
23%
105
*85"
91*4
Feb 11
preferred
Westlnghouse El A Mfg
1,000
105
11%
12
*22%
♦
Aug 26
109
Weston Elec Instrum't.No par
34%
11%
Feb
108
Oct 20
100
6%
100
14%
2d preferred
4%
Aug
Oct 25
14l2 Dec 29
2% Oct 19
5i2 Oct 19
100
100
Maryland
1
78
Western Pacific
2,600
133
13%
13%
2%
2%
55%
133
rl3%
*3234
1134
105
*85"
25
Western
33% June
4
110i2 Apr
Westlngh'se Air Brake.No par
24
24%
*23%
997S 102
3,500
4
Mar 17
2% Jan
11714 Oct 19
Western Auto Supply Co...10
4,600
15%
6% June
76
100
preferred
*6%
13%
*2%
5%
6%
40
1
6
984 Feb
84
pref. 100
634
1%
*178
12
West Penn Power 7%
40
,
334
1%
55%
760
97%
Oct 19
88
100
100,
preferred.
preferred
334
1%
2%
7%
6%
151,
*80
12%
2%
190
610
120
11%
9%
5O84 Aug 10
103
120
3434
1434
38% Feb 19
100
89
*32%
*55%
lli8 Oct 19
20
J4 conv preferred
No par
West Penn El class A..No par
86
13%
2134
5
Co..
Wesson Oil A Snowdrift No par
86
13
105
No par
1
Motor
3,600
86
*131
20%
1%
91
14
*80
74
98
135
23%
30
957s
14
90
Apr
MarlO
1
2%
23%
24%
9734101
21%
19%
Oct 19
Wells Fargo A Co
23
105
21
16
770
97
♦85"
46
Jan
Jan
Apr
2i8 Oct 19
22%
12
4%
1578
No par
*1%
Deo
Apr
12% Jan 25
Webster Elsenlohr
*73
Deo
Jan
Apr
35U Jan 16
Nov 24
1,100
*26%
Warren Fdy A Pipe
5
2% Oct 19
Waukesha
1%
39%
Apr
9
No par
Wayne Pump Co
135
*
t Warren Bros
8
44
3,100
27
Jan
Jan
18
3,200
1%
5%
26%
69% Jan 23
Dec 16
2,600
88%
25%
3434
484 Oct 19
33
par
16%
26%
Apr
Apr
Jan
13%
957g
24
101%
26% Dec 22
6
No
pref
$3 convertible pref ..No par
2%
Jan
30
Apr
25
2%
Jan
9%
2%
4738
9%
13%
2%
1%
27%
Aug
1778
107s
16%
135
12%
100
conv
Oct 19
1
10*4 Feb 26
99% Mar 2
25
*2%
2%
5
4% June
503s Feb
17
106
22
$3.85
2
No par
1978 Jan
Oct 19
13%
24%
135
*3234
1134
21%
513s July 15
Oct 20
77a
par
16%
101
14%
3434
Oct 19
17
18*4 Mar 11
13%
2%
8
32
No
634
1%
2%
8%
1%
2%
Feb
No par
14%
3%
4
49
Mar 17
r24%
*110% 113
15%
Oct 19
16
13
*88
15
Aug
24
93
113
1%
7,700
88%
16
*6%
4
Aug
98
7134 Dec 28
3U Oct 19
No par
Warner Bros Pictures
14
92%
113
1%
2%
24%
26%
350
3%
70
120
2
9212 Aug 18
100
Preferred
52,500
*9
Jan
Mar 12
12212 Jan 11
Dec 28
..No par
Class B
200
6
74
113
6%
4
14
38
38
May
xll4%
Co..
Preferred
534
Apr
14
4
19!% F*b 11
Ward Baking class A
4,300
*73
118% 118%
334
4
17
*36
6%
4
6
Walk(H)Good A W Ltd No par
900
1,100
3
7
Jan
658 Dec 15
Walworth Co
16,700
Jan
Aug
Mar
Mar
II784 Feb
18
4%
28*4
109
1284 Jan
No par
4 H % pref with warrants
Apr
37
10'aMar 16
Walgreen
Jan
Feb
40
135
Waldorf System
800
*35%
377g
38
100
Apr
xll0%
9
187% Mar 16
2,500
10
50
100
16%
Oct 20
Dec
Oct 16
6%
5%
187g
2%
Dec 20
6
Feb 15
2% Oct 19
2i8 Oct 19
18%
76
9%
*2%
3
74'% Apr
115
2
2,400
*18%
June 29
May 12
12*4 Apr 6
100
100
67g
934
23g Oct 19
18i2 Oct 19
5
100
3%
1878
47
Mar
preferred A
preferred B
80
40%
115
tWabash Railway
2,900
7%
40%
*11
334
14
Detlnnlng
Preferred-
4,900
74
88
86
87%
119% 119% *118
4
6
*35%
Vulcan
3%
88%
7334
113
377g
57g
34
3%
12
90
37
5%
33
33%
40%
Oct 19
8
2%
67g
40%
28*4
113
r634
7%
39% Mar 11
44*8 Jan 20
100
preferred
5%
"""260
57
18%
30
Oct 19
Virginia Ry Co 6% pref...100
125
*72
581* Jan 20
Oct 19
105
Virginia Iron Coal A Coke. 100
50
June
Oct 19
3534 Nov 24
...100
50
Jan
July
97
No par
Chem
1
914
6
preferred
6%
3%
2% Jan 20
14i4
Va EI A Pow $6 pref ...No par
*27g
18%
*18%
40
Va-Carollna
Jan
478 Jan 13
16
100
70
3%
*2
72
7%
8,700
4,300
18
*49%
*119
7%
9
105
53%
125
67g
90
2134
3%
7%
41%
187g
234
3%
Apr
Mar
Oct 19
3a
5
Vick Chemical Co
57%
84 Oct 19
1
No par
100
22%
*11%
3%
9
Sales.
%900
108
3%
41%
*18%
50
7% 1st preferred..
*114% 118
3%
93
*80
4%
18
2%
10%
153
Jan 18
Preferred
"
40%
3%
2%
187»
90
3%
3%
*27g
6%
Jan 19
108
tUtilltles Pow A Light A
30
105
40%
3%
634
105
41
2%
3%
93
"90~
*97
2
72
164
Oct 20
Van Raalte Co Inc
3%
rl8%
Nov 29
29
934 Dec 2 8
Vanadium Corp of Am.No par
27a
18%
135
2,300
2
72
100
preferred
7,600
3%
19%
Jan 21
14%
3%
7134
7%
May 17
18
2
90
*
Jan
67*4 May
21
1734
105
841* jan 11
86
Vadsco
1,600
20
Oct 25
Nov 26
14%
3%
7%
18%
46
par
20
3
7134
No
15%
17%
*11434 us
125
pref. A
Oct 19
47
8%
%
22
*3%
13
*112% 118
conv
32
108
51
26
22
%
23%
*119
*73
14%
*3234
12%
150
Universal Pictures 1st pref.100
140
1
34
106% 106%
55
28
25%
40%
125
•74
6%
1%
2%
23%
*97
50
27
4
105
*119
*73
15%
*20
3%
3%
3%
3%
22
23
22
2034
106% 107
*106% 108
4
*3%
4%
*3%
19%
72%
734
43%
10
32
1
%
34
W
34
17
7%
7%
*41%
*18%
%
14%
2%
3ii
3%
19%
1
7g
%
20
59%
7%
*26
15%
14%
3%
*138
29
29
$6
100
49%
*138% 140
30%
*97
105
125
1
49%
19
*19%
14%
17%
1578
20
♦112% 118
934
51
40
3978
3%
3%
23%
24%
106% 107
*3%
4%
72
72% July
68% Jan
4812Nov 23
100U Oct 19
100
49%
3
753s Jan 18
Jan
..No par
32
■
20
Mar 30
5212 Nov 23
58
Dec 28
*138
•
3U
112
60
10%
2
Aug
7%
49% *-.--
Christmas
10
71
19% Jan 12
934
*46%
*54
Aug
31% Aug
4% Oct
Oct 18
*35
*119
22*8 Mar 17
49
21%
11
*13
9
15% Mar 13
9
49
Closed—
6% Oct 19
Mar 22
72% Mar
50
Stock
433a Feb
Oct 19
70
Oct 19
10%
Exchange
Feb 10
231* Mar 22
334 Oct 19
60
8 Tobacco..
Jan
24% June
80% May
160
May
878 Jan
Dec 14
50
*97
172
3
100
U 8 Steel Corp
Preferred
19%
113% July
•
148
4%
%
*19%
15%
*18%
4
Feb
24
Preferred
U
137
65
U 8 Smelting Ref A Mln
54
537g
51%
54% 169,900
5534
5234
105% 106%
4,800
105% 106%
105% 105%
*115
*115
128
200
120
118% 119
Doc
Nov
Apr
20i2 Jan 19
3478 Jan 13
Nov 23
1618
No par
No par
8% 1st preferred
10,900
87
Jan
10
June
0*4 Nov
Jan
2
.20
8 Rubber
8%
•
Apr
91
100
37,700
2334
13
3
534 Dec 29
2978 Dec 27
class A.No par
U S Pipe A Foundry
U 8 Realty A Impt
23
9
3*8 Jan 28
2484 Mar
1541a Nov
5
105
32% June
66% Jan
14% Nov
Jan
1001* Feb
Oct 19
43s Oct 20
5% Oct 19
60
Jan
109
1137a Jan 14
Nov 23
53
100
Prior preferred
200
Jan 14
Feb
8
34
20
Corp
2
55s Dec 29
.100
preferred
17
Mar
16% Feb
70
No par
9,000
12,600
2234
45%
3t2 Oct 19
U S Industrial Alcohol.No par
U S Leather
No par
1,900
4%
-
8684 Mar 19
5 54% conv pref
14,100
25%
Oct 19
9
S Freight
7%
75
25%
52
101
U 8 Hoffman Maoh
8%
734
8%
2534
4%
63
U S Gypsum.
5%
5%
75
U
9%
Jan
4878 Aug
16% Feb
29% Aug
July
Oct 19
No par
100
117
Jan
4
24
preferred—
3,200
100
15
93
No par
4,500
21
19%
5%
8%
*53
4%
21%
10784 108% 106
107%
*119% 120
*119% 120
148
8
20
Conv
440
26*4 Apr 19
6
10
U S Dlstrlb Corp
100
8
106% Feb 26
9% Mar 11
25s Oct 19
No par
$6 first preferred
..
1%
Mar
Dec 22
74
5
...No par
preferred
United Paperboard
USA Foreign Secur
4,200
|
90
*70%
1%
$5
300
3,600
Mar 17
No par
Fruit
United Gas Improvt
27,700
|
16
Feb
6% Oct 19
10
100
3,100
10%
35% Nov
8% Jan 14
57
106
96*4 Nov
22% Jan
5% Apr
40% Apr
10*4 Apr
4078 Jan 14
Oct 19
37% Nov
33% Nov
Oct
Jan
Oct 19
5
25% Sept
68
25% Oct 19
2
Jan
111
35
6
13
16% Apr
24% Mar
3
17% Dec 29
No par
Highest
share % per share
6
117*4 Feb
3634 Dec 17
57
10%
Jan 11
91
56
6%
70
Oct 15
1,300
6
25%
110
&h Oct 19
No par
30
4%
19%
5%
30%
2978
4%
19%
5%
734
75
61
56
5
28*4
434
25%
4834
*59%
1834
5%
243s Jan 12
31U Feb 10
Oct 19
29%
5
20
Oct 19
United Dyewood Corp
Preferred
6,600
5%
5%
5%
5%
5%
5%
6%
7
7%
7%
7%
7%
7%
7%
7%
7%
7%
65
70
7034
70
63%
66%
70
66%
68%
68%
*166
170
*166
170
*165% 170
*165% 170
*165% 170
7
6
6
684
634
6%
534
6%
6%
6%
30
*28
*27
30
30
2978 2978 *27
*27% 30
20
7
United Electric Coal Cos
United Eng A Fdy
*104
$ per
$3 preferred
United Drug Inc
330
4
share
per
15
5
5%
10%
?
$ vex share
No par
No par
Boscb
5%
5%
Year 1936
Lowest
Highest
United Carr Fast Corp No par
United Corp
...No par
900
82
*74%
Range for Previous
Lou
100
United Amer
Preferred
106
*70%
Dn Air Lines Transport
7%
r4
1%
Par
16%
106
4%
4%
6%
Lowest
r38%
3%
297g
6%
On Basis of IQW Share
Week
*113
3934
17%
Range for Year 1937
STOCK
YORK
7%
*113
38
31
EXCHANGE
*7%
16%
7
17%
40
the
$ per share
7%
r7
*16%
17
39%
3%
30%
6%
*7%
30
Dec.
$ per share
*113
----
Friday
73
n
Mew stock,
r
Cash sale.
Oct 25
1178 Dec 29
2%
1
1
Oct 19
Ex-dlv
y
142
46% Feb 15
1017* Mar
115
6
Jan 27
43*4 Aug 31
9%
Jan 16
Ex rights
Jan
42% July
41*4 Jan
105
Jan
11% Jan
6*4 July
5 Called for redemption.
Jan.
74
NEW
YORK
STOCK
1,
1938
EXCHANGE
Record,Bond
Friday, Weekly and Yearly
unless they are
the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote In the week In which
«•*
Friday
Week's
Last
Range or
Sale
Friday
BONDS
Y. STOCK EXCHANGE
Week Ended Dec. 31
Bid
Price
db
Low
4%s—Oct.
3 %»—-Oct.
4s
Dec.
3%s...Mar.
3%s
June
3s
..Sept.
3s.....June
3%s_..June
3%s
Mar.
3%s—.June
3 He... Dec.
3%s.
3%s... Apr.
2%s...Mar,
for Year
1937
Asked
High
No.
Low
1944-1954
1946-1956
1943-1947
O
116.21
116.28
12
113 16121.14
A
O
107.3
107.2
107.10
32
104 2
D
112.4
112
112.10
55
109 12115.20
110.17
110.17
6
107 12114.9
8
91
104 28110.18
106.28
101
123
102 .10107.30
M
mrnm'rn
S
D
J
mm
107.16
107.21
103.29
mmmm
104
M S
104.7
109.26
J
D
105.10 105.8
105.14
J
15
15
15
15
D
106.3
106.3
106.7
13
104 20107.27
107
107
107.4
18
18
J
105.30 105.27
D
J
D
F
A
A
O
M
S
M
mmmmmm
S
mmm
mmm
107.2
♦Costa Rica (Rep of)
External 5s of 1914
104
109.25
104.30
107.8
58
102.6
163
103.25
104.4
101
—
-
-
-
~
100 .18106.16
102.3
101.28
102.9
218
99 ,2
104.16
J
101.4
100.28
101.8
133
98 .4
103.17
D
M S
100.30 100 27
99.22
D
J
D
101.5
107
99.17
99.30
408
102.18 102.13
J
102.21
119
98
101.22
10
101.8
105.23
102.21
17
99.6
104.10
M
S
101.7
106.10
1 1944-1952 M N
103.26 103.19
103.26
54
99.24105.3
F
A
101.27 101.18
101.27
56
98.28103.2
J
J
101.9
101.10
56
98.16102.31
101.5
Agriculture iMtge Bank (Colombia)
♦Gtd sink fund 6s
—.1947 F
18%
99%
5%
..1963 MN
J
J
f 7s series B
1945
5%
1945
1945
6
♦External
s
f 7s series C
♦External
s
f 7s series D
♦External
s
f 7s 1st series.... 1957
♦External
sec s f
♦External
sec s
5%
5
7s 2d series. 1957
5li
5
5
f 7s 3d series.1957
Antwerp (City) external 5s.... 1958
Argentine (National Government)—
8 t external 4%s—
1971 MN
S f extl cony loan 4s Feb
A
1972
S f extl conv loan 4s Apr
O
.1972
J
Australia 30-year 5s
1955
100
25%
18%
100%
10
6
22
5%
6%
6%
11
5%
14
6
20
6%
5%
5%
17
5%
20%
13
5
17%
8
5
16%
16%
17%
1
1
5
7
97
96
87
87
104 %
50
88% 103%
60
95%
94%
104% 110%
104% 110
34
104%
104%
100%
103%
43
100 %
103
100
106 li
106%
107
13
104 li
104%
114%
*99%
104%
114%
100%
20
External 30-year s f 7s
1955
Bergen (Norway) extl s f 5s...1960
♦Berlin (Germany) s f 6lis....1950
♦External sinking fund 6s...1958
♦Brasll (U S of) external 8s
1941
♦External« f 6 lis of 1926
1957
♦External s f 6 lis of 1927—1957
D
D
D
21
O
18
A
O
1957 M 8
Sinking fund gold 5s
20-year s f 6s
19|i
D
.....1952
Brisbane (City) s f 5s
O
A
103
20%
M S
A
18
~99%
A
99%
102%
♦Budapest (City of) 6s
..1962
ITBuenos Aires (City) 6 lis B-2.1955
D
*22
J
*99
♦Buenos Aires (Prov) extl 6s... 1961
♦6s stamped..
1961
8
*80
S
S
1977
A
1976
Extl re-adl 4|is-4|is
O
—1976
Extl sf 4%s-4lis
1975 MN
J
8% external s f 8 bonds..... 1984
Bulgaria (Kingdom of)—
...1967
J
7
18
31
8
2
"32
1960 A
O
7-year
F
A
1961 J
2 lis
80-year 3s
♦Carlsbad (City) s f 8s
♦Cent Agric Bank (Ger) 7s
♦Farm Loan s f 6s..July 15
♦Farm Loan b f 6s
Oct 15
♦Farm Loan 6s ser A Apr 15
♦Chile (Rep)—Extl s f 7s
1944 J
1967 J
1954 J
33
80
80
99% 103%
98
104%
18% 25%
105% 111
101% 110%
109% 118%
99
103%
18
25%
♦Guar
s
1942 A
O
"163"
J
105%
101%
Sinking fund 8s
B
ser
1955 F
.Apr 15 1962 A
External gold 5%s
External g 4 %s
♦Guar
s
f 6s
—
1960 A
of
1942 MN
♦6s extl
s
f g——
99
17%
36%
90
374
101% 105
47%
73%
105
1
103
105%
103
103
1
103
105%
104%
105%
101%
100%
101
99%
18
2
104% 107%
100% 103%
1
97% 101%
1
80
80
45
80
63%
82%
59%
82
O
55
55
5
55
82
Customs Admins 5%s 2d ser. 1961 M S
5%s 1st series
1969 A O
*50
59
mmmm
55
*50
58%
mmmm
59
81%
81%
1969 A O
♦Dresden (City) external 7s... 1945 M N
*50
59
mmmm
61
81
5%s of 1926
1940
1940 A
5 %s 2nd series-
19
*
J
«m
♦99%
—
"108"
100
108
108
8
21
J
1945 M S
♦Frankfort (City of) s f 6%S—1953
French Republic 7%s stamped. 1941 J
7%s unstamped
21
3
'105%
.1949
7s unstamped
German Govt International—
mmmm
98
26
66%
100%
105% 109
17%
25%
107
32
102
98
23
108
112
16
92% 119%
105% 130
101
D
101
105%
94
1941
External 7s stamped
40
34%
M N
yd
......
1949
♦5%s of 1930 stamped
1985 J D
♦5%s unstamped
1965
♦5%s stamp(Canad'an Holder)'65
♦German Rep extl 7s stamped. 1949 AO
♦7s unstamped
1949
25
25%
23%
"30%
3
25%
23%
22%
*20
30%
31%
25%
100
136
26%
21
18%
21%
51
26%
mmmmm
25%
29
♦(Cons Agric Loan) 6%s
1958 J D
♦Greek Government s f ser 7s..1964 M N
♦7s part paid
28%
•29%
7
23
2
♦68 part paid
23%
29%
29%
♦Hamburg (State) 6s.
1946 A
♦Heidelberg (German) extl 7%s '50 J
Helsingfors (City) ext 6%s
1960 A
Hungarian Cons Municipal Loan—
♦7%s secured sfg
1945 J
O
1946 J
"I
25
10
25
87
O
♦7s secured sfg
mmmm
26
92
2
87
26
A
A
1952
mm
'
1988
Haiti (Republic) s f 6s ser A
mm
25%
—.1968 F
♦Sink fund secured 6s
29
m
*29
1964
18
47
Irish Free State extl
20%
99%
99%
103%
24
18
47%
"26%
22
*19
O
*
J
19
105"
*18%
mmmm
mmmm
105
19
J
mmmm
*18
mmmm
1
124%
124
31%
28%
25%
36
30%
*18
19%
19%
2
9
23
97% 103%
97% 103%
99% 105%
21%
100.1
33%
100
106
2
102%
97% 106%
79
93%
78%
63%
92
s
f 5a
F
Italian Cred Consortium 7sser B,'47 M
Italian Public Utility extl 7s... 1952 J
♦Leipzig (Germany)
Lower Austria
♦Medellln
F
1947.-
f7s
s
_
70%
70%
72%
18
64
11
65%
1954 J
11
"80% "73
2
2
67
88
3
48%
65%
108%
112%
100%
100%
99%
95%
56%
36
17
94
23
57
82%
81
67% 100%
67%
67
62%
43%
2
29%
43%
20%
1
19%
26
100%
95
6
6%
6%
21
29
21
46
8%
6%
J
D
2%
2%
3
11
2%
12
J
J
2%
2%
3%
3%
4
J
J
mmmmm
mmmm
A
O
"64%
63%
64%
52
s
10
9%
10%
11
....
small.
o«un»/i.,ii
% Small.
98
99%
94
91
95%
M
1
45
60
J
2
32%
26%
64%
40
26%
40%
28%
76
A
101
5
100
105%
A
101%
101%
7
100
105
106%
2
7
104%
105%
101%
99%
95%
108%
107
M
S
22
12
25
A
O
104%
102%
16%
16%
70
12
16
11%
16%
16%
14%
14%
14%
14%
17
12
24%
24%
24%
24%
21%
21%
21%
n"%
11
11%
23
53
9%
9%
22
*20
40
S
12%
12%
12%
12%
13
13%
8%
33%
26%
F
12%
12%
A
......
J
D
mmmm
F
A
M
J
♦Extl
s
158
ser
O
D
IM N
11
104%
102%
j/104%
102%
101%
*102%
52
33
102%
104%
■
--
62
....
mmmm
20
9%
33
109
106%
104%
102%
102% 104%
17
25%
52%
85
57%
14
101%
101%
13
105
105
2
40
40
2
40
85
36
38
3
36
76
55
"101%
105
M N
A.
100%
105%
106%
59
S
A
9%
*19
M N
21%
18%
D
20
34
F
25
14
82
68%
14
14%
9%
56
25%
11
9
10
12
10%
69
9%
13%
13
57
41
12
9%
2%
1%
8%
2%
57
16%
16%
14
9
2
M N
16%
16
11
4
58
107
25
11%
5%
15
105%
14
3
mmmm
20
"iooii
14
mmmm
10%
A
16%
.
8
11%
59%
10
59%
A
16%
16%
16%
3%
3
58
S
D
O
16
*2%
3%
3%
Mlnas Geraes (State)—
F
16%
"3%
*2
......
3
4
60
32
17
2%
5
*
.
IVI
32%
27%
5%
89%
3%
*2%
D
I
♦Assenting 6s large
♦Assenting 5s small
nt '13
115%
93%
78
Q
♦ ITrcw Aa
65%
67%
J
J
Q
34
33%
104% 110%
109% 114%
97
101%
96% 103%
47%
65
M N
F
16%
30%
30%
27%
62%
18
79
104%
D
(Colombia) 6%s
mmmm
63%
42%
20%
"64%
48%
16%
30%
18
17%
72
12
27%
28%
25
20%
107
62%
"67%
56
30
28
101%
78
D
86%
22
100
15%
111
79
80
A
(Province) 7%s.l950 J
J
mmmm
*114
S
J
58
57%
A
Japanese Govt 30-yr s f 6 %8—.1954 F A
Extl sinking fund 5 %s
1965 M N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
84%
85%
21
112
17
104
34
42
32%
35%
17%
i
18
18
J
1960 MN
D
1951 J
Italy (Kingdom of) extl 7s
2
33%
*26
...1962 M N
Jan 1961 J
12
72%
mmmm
58
21%
A
O
mmmm
101%
100% 105%
101
104%
97% 102
mmmm
20%
33
36
D
1951 J
mm
+ mm
mmmm
65
♦Hungary (Kingdom of) 7%s—1944
34
16
.1960 M
rnmm
m
47%
32
16%
O
mm
rnmmmm
63%
69%
53
16%
A
7
18
-mmm
*50
A
"~36
47%
79%
97% 103%
103
107
73
38
38
♦Pernambuco (State of) 7s
•Peru (Rep of) external 7s
♦Nat Loan extl
♦Nat Loan extl
s
f fia 1st ser..
s
f 6s 2d ser..
s
f 7s.....
♦External sink fund g 8s.....
82
*50
ser
18
10
O
1961
79.
12
O
1st
♦Stabilization loan
see page
80
86
|*Stamped extd to Sept 1 1935.. M S
Dominican Rep Cust Ad 6%8—1942 M 8
♦Poland (Rep of) gold 6s
For footnotes
51
Deutsche Bk Am part ctf 6s...1932
20%
84
16
J
Oct 1961 A
1928
77
105
.
A
69
70
100%
99%
94%
56%
O
1938 A O
♦Cologne (City) Germany 5 lis. 1950 M
Colombia (Republic of)
♦6s
100%
93
1
3
97%
71%
O
47
79
107%
~95~
1961
♦Chilean Cons Munlo 7«
♦Chinese (Hukuang Ry) 5s
1942 J
Denmark 20-year extl 6s
21
80%
108%
112%
100%
1963 M N
...1957 J D
f 6s..
101 %
18
*95
72
O
24%
32%
J
♦Ry ref extl s f 6s
Jan 1961 J
♦Extl sinking fund 6s..Sept 1961 M
♦External sinking fund 6s
1962 M
♦External sinking fund 6s
30%
30%
96
J
1960 M S
J
1980 J
♦External sinking fund 6s... 1960 A
♦Extl sinking fund 6s...Feb 1961 F
♦Chile Mtge Bank 6 lis
♦Sink fund 6 lis of 1926
31
21
101%
J
20%
80%
69%
69%
69%
72%
100%
1952 M N
Aug 15 1945
18%
18%
54
*103
A
D
♦Assenting 4s of 1910
6s
17%
2
r88
*103%
♦Public wks 5%s
June 30 1945 J
Czechoslovakia (Rep of) 8s
1951 A
25
53
69%
69%
69%
1968 MN
Canada (Dom of) 30-yr 4s
18
3
100
17%
......
1949 F
Sinking fund 6%s—-Jan 15 1953 J
18%
79
A
1961
♦Stabilization loan 7 lis
2
82
82
M N
11
18%
18%
D
10-year 2 lis...
25-year 3lis
High
52%
r88
......
J
♦Hungarian Land M Inst 7%s.l961 IVI N
♦Sinking fund 7%s ser B
1961 IVI N
21
1950
♦6lis stamped
s f 4|is-4|is......
Refunding s f 4%s-4 lis
20%
20%
20%
20%
..1958 F
Extl
102
89
1956 M N
♦Bavaria (Free State) 6%s..—1945
A
Belgium 25-yr extl 8%s
1949 M S
External s f 6s
J
......1955
20%
20
96%
86%
86%
104%
104%
External g 4%a of 1928
f 7s
1937
Low
German Prov & Communal Bks
104 li
J
30
101
5
1957 M S
1957
30
18%
97
100%
External 5s of 1927
17s—
"ioo"
A
1944 M S
1949 F A
A
Finland (Republic) ext 6s
*13
A
.......1948 A O
♦Antloqula (Dept) coll 7s A... 1945
A
♦El Salvador 8s ctfs of dep....1948 J
Estonia (Republic of) 7s
1967 J
& Municipals—
Akerehus (Dept) Ext 5s.
1951
7s
ser
2d series sink fund 5%s.
Home Owners' Loan Corp—
s
for Year
103.18
96 6
101. 27102.21
1C4
M
1 1939-1949
1942-1944
D
External loaD 4%s.
99
106.30
101.29 101.26
*,
103.24
♦Secured
Range
•iV
GQ^
18%
18%
18
1953 M N
Cuba (Republic) 5s of 1904
102.13
♦7s (Central Ry)
2
High
17%
18%
98%
97%
A
Cordoba (Prov) Argentina 7s.. 1942 J
102 24108.18
M S
1 1942-1947
F
1957 F
1957 F
104 .24108.24
100.11105.17
Austrian (Govt) s
Price
♦Cordoba (City) 7s
♦7s stamped..
102 .20108.24
3
s
31
1947
1962 J
32
22
♦External
Friday
Asked
Bid
<k
3 fe
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
25-year gold 4%s
20
103.20
♦Gtd sink fund 6s
Range or
Sale
♦Colombia Mtge Bank 6%s—.1947 A O
♦Sinking fund 7s of 1926
1946 MN
105.29
106.1
103.23
Feretgn Govt.
Week's
Last
O
Low
107.6
103.19
2lis series B..Aug.
2lis series G
Dec.
107.3
103.23
May
Ended
105.22
S
3b series A
*»
• v>
EXCHANGE
104 .24108.24
S
M
May 16 1944-1949 M N
J
3a-......—.Jan. 15 1942-1947 J
Mar.
STOCK
High
A
3b
2 lis
Y.
Week
J
1951-1955
1946-1948
Treasury
1940-1943
Treasury
1941-1943
Treasury
1 946-1949
Treasury
16 1949-1952
Treasury
Aug. 16 1941
Treasury
15 1944-1946
Treasury
15 1955-1960
Treasury 2%s.—Sept. 15 1945-1947
Treasury 2 %s...Sept. 15 1948-1951
Treasury 2%s...June 15 1951-1954
Treasury 2 lis...Sept. 15 1956-1959
Treasury 2lis...Dec. 15 1949-1953
Treasury 2 >i8.Dec. 15 1945
Federal Farm Mortgage Corp¬
ses
Mar. 15 1944-1964
Treasury
Treasury
BONDS
N.
Foreign Govt. & Mun. (Cont.)
15 1947-1952
15 1943-1945
15
15
15
15
Friday
oo
Range
,
U. S. Government
Treasury
Treasury
Treasury
Treasury
Treasury
they
No account Is taken of such sales In computing the range for the year.
occur.
N.
Cash and deferred delivery sales are disregarded In the week's range,
defaulted bonds.
NOTICE—Prices are "and Interest"—except lor Income and
fM
8%
S
M
S
iJ
o
A
O
A
O
A
O
)J
J
12
""9%
9%
64%
79%
61
9
12%
9%
8
20
120
8%
11
9%
9%
30%
28
10
84
61%
78%
67%
21
47
26
26
87%
82
23
60
82
61
63
24
45%
64
9%
9%
Volume
146
New York Bond Record—Continued—Page 2
BONDS
N.
Lost
Y. STOCK EXCHANGE
Week Ended Dec. 31
Foreign Govt. &Munlc. (Concl.)
♦Porto Alegre (City of) 8s
1961 J
♦Ext! loan 7Xs..
1966 J
D
J
f 7i—1941 A
1947 F
s
25-year external 6s
1960 M
♦Rhine-Maln-Danube 7s A
♦Rio de Janeiro (City of)
♦Extl sec 6 Xs
10
10X
9X
9X
♦95 H
1962 MN
Prague (Greater City) 7Xs
A
O
"20X
20 H
20 H
A
No.
Hia
Low
14
9
92
"16
17 H
23
16 X
Belvldere Delaware
31
♦Berlin City Elec Co deb 6 Xs—1951
♦Deb sinking fund 6Xs
1959
100
25 X
25 X
8
104X 113X
107 X
26 X
1
106
20
*"l3
10X
53
m
113
11
9X
10 H
m
11 H
10
1946 A
J
f g
s
1968
O
1966 M N
♦7s municipal loan
1967
Rome (City) extl 0Xs
1952
1959
1953
(Kingdom of) 7s
♦Baarbruecken
(City) 6s
12
D
♦7s extl loan of 1926-
♦Roumanla
12
secured
extl
J
D
A
O
F
"9%
9X
9X
68 X
A
J
9H
J
9%
69X
37
*20 X
1952 IVI N
f
s
1957 MN
♦6 >4s extl secured s f
J
10
9X
9%
J
§♦88 extl loan of 1921
.1936
♦8s external
J
1950 J
.1956 M S
♦6s extl Dollar loan
1968 J
J
Secured
1940 A
J
O
f 7s
s
4Xs
3X8 series E
11X
40
36
9X
9X
9X
33
43
29
167
60
51
37
25 X
20X
30
32 X
32X
83X
43
27
12
8
11
34
9X
12
13 X
44
29
12X
10
35X
34X
13X
12H
12 H
16X
13X
HX
11X
12X
11X
48 H
11
12
47
48 H
8
11
43X
35 X
16
10
34 X
100
O
{♦Boston A N Y Air Line 1st 4s 1955 F
t (♦Botany Cons Mills 6 Xs..—1934 A
♦Certificates of deposit
O
1st
6s
1950
25
25
31
33
25|
33
{(♦Burl C R A Nor 1st A coll 5s 1934
31X
56 X
33
24
33
60
40 X
60
♦Certificates of deposit..
{Bush Terminal 1st 4s
*27 X
*95
31X
28
39 X
103X
104X
♦Bllealan Landowners Asan 6s..1947
D
56 H
A
Syria (Province of) 7s
1946
F
A
Sydney (City) s f 5Xs-—
1955
F
A
7%
0
J
A
44K
J
J
55
55
50
50
58 X
51
30
1952 M S
1961 A O
Trondhjem (City) 1st 6 Ha
1957 M N
♦Uruguay (Republic) extl 8s_-.1946 F A
58
68
60 X
71
M N
50
*101H
53 X
49 H
Taiwan Elec Pow s f 5
1971 J
Ha
Tokyo City 6s loan of 1912
External
f 6 Ha guar
s
♦External
s f
♦External
s
1960
6s
1964 M N
f 6s
1979 M. N
O
3H-4r4H% extl read]
Venetian Prov Mtge Bank 7s..1952 A
Vienna (City of) 6s._..
1952|M
F A
D
♦Warsaw (City) external 7s
1958
Yokohama (City) extl 6«
1961 J
99 H 103
72
46X
29
50
48X
23
51
*65
80 X
47
70X
70 X
13
47
"2
78
83 X
88
100H!
80
52 X
99X
99X
59
58
62
21
39 X
62
60X
60X
63X
35
51X
86 X
90
44 X
41X
9X
16
40
91X
85X
7
8
67
18
4
103X
51X
44 X
56
520
8X
5X
34X
41X
41X
39 X 101X
97X 105 X
44X 104
6
55
75 X
4
107
107X
22
103X
103X
5
73
68
17
92X
93 X
92
105X
105X
1
iiox
A
iiox
83
74" acx
100
41X
39X
O
122 x
100X 132 X
65
100
87
109
103 X 107
100
102
108 X 112X
104 X 105X
*106 X
"42"
39X
93
9
9
9
7
83
83
90X
37
38 X
1955
9
83
1952
Consol 5s
41
37
83
53
73 X
{Bush Term Bldgs 5s gu
1960
*53
Ca 1 Pack conv deb 5s
1940
*104
1942
Canada Sou
cons gu
61
8X
104X
9X
105X
105X
1
113X
U6X
H8X
"'9%
5s A—....1962
1957 J
Canadian Nat gold 4X8..
July 1969 J
Oct 1969 A
Guaranteed gold 5s
Guaranteed gold 5s
COMPANIES
Canadian Pac Ry
Coll trust 4 Xs
4% deb stk perpet
1946
1944
49
53 X
49
109 X
90
90
90
H3X
15
116X
118X
42
32
81
102 X 105 X
6
42
7X
104
119X
J
92
89 X 105X
J
115X
113X
113X
124X
86
86
M S
15
92
80
121
121
118X
nex
110
128 X
99 X
Dec 1 1954 J
D
97
J
99 X 105X
7
M
101
23
109 X 115X
98 X 110 X
97
D
12
113
100
100X
101X
112X
Tl3~"
J
120
"15
|
*45
J
4s
5
4
116X
114X
113X
124X
86 X
101X
J
1938 J
g 6s ser A.Dec 15 1952 J
guar
109 X 116
113
118X
114X
114 X
112 X
110X
110X
119
*118
'iiTx
17
4
101X
107 X
97 X
19
55
101X
'~7
90X 105X
50
83 X
101X 105X
106
*90
H8X
-
..I960 J
....1949 J
{♦Car Cent 1st
1947
113 X
J
O
1970 F A
J D
June 15 1955
Guaranteed gold 4Xe
—1956 F A
M S
Guaranteed gold 4Xs—Sept 1951
J
Canadian Northern deb 0Xs—1946 J
Caro Clinch A Ohio 1st 5«
{(♦Abltlbl Pow A Paper 1st 68.1953
1948
J
Guaranteed gold 6s
Guar gold 4Xs
Coll trust gold 6s
Collateral trust 4Xs
INDUSTRIAL
AND
41
29
8X
5s equip trust ctfs
RAILROAD
67
X 1O0X
89X 09X
73X
50
"6
53 X
50 X
48 H
50~
78 X
49X
103
49 X
N
49
4
112
47 X
50 X
99
60
"75""
A
♦Camaguey Sugar 7s ctfs
90X
98X
101X 106
12
116
40
102X
*
M N
F
92 X
7X
40
50X
J
Bruns A West 1st gu g 4a
Buffalo Gen Elec 4 Xs ser B
1981 F A
Buff Nlag Elec 3Xs series C..1967 J D
Buff Roch A Pitts consol 4 Xs. -1957 M N
98
19 X
F
7X
8X
5X
93 X
45 X
1958 J
40
103X
F
22
♦Silesia (Prov of) extl 7s
41X
"
25
62
107
44X
MN
1950
1938 J
1962 M N
..1962 M N
*88 secured extl.
♦7s series B sec extl
J
A
X
100 X
41
1957 M N
*19
20X
20
*108
73
*19
27
04.
92 X
1945 M N
D
1946
1946 J
Serbs Croats A Slovenes (Kingdom)
♦Sinking fund g 6 Ha
28""
18 X
18
44 X
1947 MN
1950 J D
1st lien A ref 6s series A
Debenture gold 5s
1st lien A ref 5s series B
Brown Shoe s f deb 3Xs
8
22X
43
M N
1941 J
stamped
20"
"26X
22 X
100
100X
92 X
1961 A
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
High
...-
*16
1st g
Brooklyn City RR 1st 5s
1941
Bklyn Edison cons mtge 3X8—1960
Bklyn Manhat Transit 4XB.—1966
Bklyn Qu Co A Sub con gtd 5s.1491
Taw
22 X
1944 J D
1967 M S
1955 MN
4X8 series J J
1937
No.
22 X
D..1960
1966
ser
D
♦Saxon State Mtge Inst 7s
•
Cons mtge
M
Big Sandy 1st 4s
San Paulo (State of)—
♦7s extl Water loan.u...
cons
Boston A Maine 1st 5s A C
Sao Paulo (City of, Brazil)—
♦8s
Beth Steel
for Year
Asked
High
26 X
♦Debenture 6s...
....1955
♦Berlin Elec El A Undergr 6Xs 1956
33
11
13X
10X
10X
11X
70X
A
*103
3 Xs—1943
32 X
34 X
Rio Grande do Sul (State of)—
♦6s extl
cons
Range
or
Friday
Bid
Low
33 X
H
Range
Sale
Price
1st M 5s series II
8s__..1940
1953
♦8s extl loan of 1921
Last
STOCK EXCHANGE
Ended Dec. 31
High
10
17
Y.
Week
108
*24
'
BONDS
N.
1937
107%
S
O
F
for Year
0)1
107 H
107%
A
A
Range
or
Asked
10X
9X
98 H
20 X
20 X
Week's
Friday
Friday
Bid
Low
♦Prussia (Free State) extl 6XS-1951 M S
♦External s f 6s
1952 A O
Queensland (State) extl
Range
Sole
Price
75
Week's
Friday
Adams Express coll tr g 4s
Coll trust 4s of 1907
99
10-year deb 4#s stamped.. 1946
..1952
*
Adriatic Elec Co extl 7s
*103X
1943
1st cons 4s series B
conv
Amer
110
51
76
57
74
54
67
72 X
93
65X
107
37
37
96 H 107
29X
*
1
37
236
33 X
91
108X
24 X
72 X
80
102 X
"~2
107X 112X
91
101X
82 X 100 X
11
93
93 X
M
S
56
96
104X
2
103
51H
D
1949 M N
J
5Xb—1949 J
82X
1C3X
*98
S
IVI
103X
.
332
MN
A
deb 4 Hs 1950
♦Anglo-Chilean Nitrate—
A
55
104X
59
12
H2X
113
75
100
icox
101X
50
137
101 x
99
87X
O
O
101X
ioix
100 X
18°5*
105
94 %
93
104X
103X
105X
95X
104X
4
14
84
28X
30
50
30 X
39
9
S
98X
99X
15
87
86
86 H
85 X
87 X
86 X
50
{Ann Arbor 1st g 4s
Ark & Mem Bridge A Term 68.1964 M
Armour & Co (Del)
112X
4s series B.1955 F
A
1957 J
J
1st M s f 4s ser C (Del)
55
General 4s
1996 A O
1995
1995
1965
Conv gold 4s of 1909
Conv 4s of 1905
M N
J
Atl Knox A Nor 1st g 5s
B
10-year coll tr 6s
Atl A Dan 1st g 4s
Second mortgage 4s
1964
May 11946
Oct 1952
1948
1948
Atl Gulf & W I SS coll tr 5s
111X
H2X
J
D
104X
93 X
76
75X
86 X
75X
95 X
76 X
J
30 H
30
26
26
87 X
75X
32 X
26
♦Ref A gen 5Xa series B
65
71
81X
36 X
23 X
1959
Central Foundry mtge 6s
Gen mortgage 6s...
1941
1941
E 1st A ref 3 X«-1966
A
10X
O
5
4X
11X
*5
+
M
S
7
5
7X
12
40
24
31
13
10
34
90
244
63
S
63
60X 125X
111X 114
100
113
96X 102X
96X 102X
95
200
91
110X
99 X 107
23
42 X
30X
74
93
105
75 X 100X
80
99 X
97
43
"43"
Central of N J gen g 5s
—1987
31X
30
1987
27X
27X
35X
28 X
100
112
77 X
135
42
167
81
78 X
81X
127
43 X
43
49
174
68X
58X
69 X
36
62
84
52 H
53
13
6s extended to May 1
100
112
1st A ref 4Xs series B
1977
1st A ref 5s series A
1971
103
107
114
60 X
54
Chicago A Erie 1st gold 6s
1982
{♦Chicago Great West let 4s—.1959
{♦Chic Ind A Louisv ref 0s
1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C—
1947
♦1st A gen 6s series A
1900
♦1st A gen 6s series B—May 1900
Chic Ind A Sou 60-yr 4s
1956
Chic L S A East 1st 4X«
1969
102
104
73 X 108 X
37 X 94X
78X 116 X
43
103X
67 X 105
51
107X
50
99 X
93 X
1 1989
1 1989
♦Gen 4X8 series F—.May I 1989
{♦Chic Mllw St P A Pac 6s A-. .1975
♦Conv adj 6s
...Jan 1 2000
{♦Chic A No West gen g 3Xs.. .1987
♦
General
4s
40 X
128
36 X
34X
362
30X
37
40 X
169
37
1
111
116
(♦Secured 0X8
108X
103
110 X
♦1st ref g 5s
108
108
*93~"
105 X 116X
60
78 X
100
118
118X
127X
127X
69X
126X
104 X 108
100
105 X 109
121
110 X 128 X
95
113X
M
S
F
A
105
F
A
109X
O
109
25X
106X
110X
108X
104X
109X
95X
93 X 102 X
92 X 102 X
107 X 111
105 X 111X
iiTx
108
120X
109X 115
108
26 X
22
108X
110X
23
4
108 X
22
58X
110
104
107 X 113 X
57
107
117X
19
101X
104X
116X
25
90*
4
88
16X
15X
109X
118
10
34
9
*108
15X
15X
MN
"iex
15
17*
232
HX
35
14X
14
J
J
11X
J
J
*10X
J
J
11
20
107
11X
119
101 x
46 X
45X
124
"43
5X
6
50
J
J
5X
6*
17
J
J
J
D
92 X
15
51X
11X
44X
13
•
M N
*85
92
108
109X
105X
iiox
90
43
10X
89 X
5X
5X
93
82 X
93 X
101
103 X
115X 121X
120
131
*110X
26 X
26 X
107 X
nox 112 X
...
J
J
F
A
MN
73
25
66
15
29
54
24X
25X
25X
69X
10X
5X
10
28
528
3X
825
3
14
17X
18X
18X
89
14
23
16X
16
"lOX
3
11X
"ie"
18X
27X
28X
3
9X
16X
...
-May 1
♦1st A ref 4Xs stpd.May 1 2037 J D
♦1st A ref 4 Xs ser C.May 1 2037 J D
1949 MN
♦Conv 4Xs series A
28
24X
28
11X
3X
15X
1987 MN
1987 MN
1936 M N
.....
2037 J D
25
24 X
25X
25X
28
J
♦Stpd 4s non-p Fed lnc tax
♦Gen 4Xs stpd Fed lnc tax.. 1987 MN
1987 M N
♦Gen 5s stpd Fed lnc tax
1987 MN
♦4Xs stamped...
36 X
1
105X
120
*107X
110X
May 1 1989 J
J
♦Gen g 3Xs series B..May 1 1989
♦Gen 4Xs series C
May
♦Gen 4X8 series E... May
30 X
1948
96 X
70
*109 X
106 X
♦Gen 4s series A
38X
1951
Battle Creek A Stur 1st gu 3s..1989
Beech Creek ext 1st g 3 Ha
1951
55
Chic Mllw A St. Paul—
31 %
4s stamped
125 X
63X
94X
*106X
*106X
J
M S
116
58 X
83 X
"§7"
♦104X
95 X
69X
122X
106
J
♦Certificates of deposit
06 X 104 X
88
95X
93
105X
121
O
{(♦Chicago A East 111 1st 6s.-.1934
M N
{♦C A E 111 Ry (new Co) gen 5s. 1951
93 X 112X
97 X 108 X
72
*116"
68 X
A
1958
4s
S
112
...1949 J
General
108
*
A
Illinois Division 4s
68
IVI N
—1949
J
Chic Burl A Q—111 Dlv 3X8—1949
S
112
109
90
104 X
100X 108 X
38
75 X
28
88 X
25X 78 X
104
M N
Chic A Alton RR ref g 3s
A
112
102
99X
98X
"71X
*
Certaln-teed Prod 5Xs A
101
104 X 111
A
M N
1941
M
S
1948
M S
Champion Pap A Fibre deb 4X8 '50
M N
Ches A Ohio 1st con g 5s
1939
M S
General gold 4Xs
1992
MN
Ref A lmpt mtge 3 Xs ser D..1996
F A
Ref A lmpt M 3Xs ser E
1996
J
J
Craig Valley 1st 5s
May 1940
J
J
Potts Creek Branch 1st 4s... 1946
J
J
R A A Dlv 1st con g 4s
1989
J
J
2d consol gold 4s.
1989
M S
Warm Spring V 1st g 5s
1941
Central Steel 1st g s f 8s
F
J
1942
104 x 109 X
103X 110
57 X
4
(♦Cent RR A Bkg of Ga coll 5s 1937
106X 116
16X 85 X
99 X 107 X
76 X
~59X
106
97
O
26
37 X
77 X
38 X
106
A
23X
18
112
*107
General 4s
23X
12
1951
Cent 111 Elec A Gas 1st 6a
A
59 X
102
4X
97 X
28
♦103X
M S
M
Through Short L 1st gu 4s... 1954
F
Guaranteed g 6s
1960
27
92
9X
93
23
12
..1966
1961
Cent Hud G A
M
1960
*25
♦Mid Ga A Atl Dlv pur m 58.1947
♦Mobile Dlv 1st g 5s
1946
1996
1st A ref 5s series C—•
40
A
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur money g 4s..1951
♦Mac A Nor Dlv 1st g 5s
1940
1960
Bell Telep of Pa 5s series B
18
Cent Pacific 1st ref gu gold 4s_.1949 F
21
102
J
Bangor A Aroostook 1st 5s....1943
Con ref 4«
1951
70 X
26
109 X
16 H
*85
1941
J
60
75X
19
86 X 106X
57 H
1959
Ref A gen 5s series D___—.2000 M
59 X
72
D
99
'
110X 113X
118X 118X
97
111X
99 X 116
85 X 105 X
73 X
99X
86X 106 X
74
99 X
97
104X
MN
J
*56
D
J
100
110
116
95 X
M N
Tol A Cln Dlv 1st ref 4s A...1959 J
2
104 X
J
For footnotes see page 79.
103
97
Southwest Dlv 1st 3Xs-5s.-1950 J
4Xs
1
31
*113 H
stmpd.1940 M N
Bait & Ohio 1st g 4s
July 1948 A O
Refund & gen 5s series A
1995 J D
1st gold 5s
July 1948 A O
Ref A gen 6s series C
1995 J D
P L E A W Va Sys ref 4s
1941 MN
Ref A gen M 5s series F
101
106
i\i~H
Baldwin Loco Works 5s
Conv
105 X
103
{♦ Auburn Auto conv deb 4X8-1939
Austin & N W 1st gu g 5s
24
....
105
*
Atl Coast Line 1st cons 4s July 1952 M S
LAN coll gold 4s
103X
107
105X
1962
1946
1944
1944
General unified 4 Ha A.
2
101
106
Rocky Mtn Dlv 1st 4s.
Trans-Con Short L 1st 4s—1958
Atl & Charl A L 1st 4 H a A
142
103 X
*
D
1960
1948
1965
Cal-Arlz 1st & ref 4Xs A
109X
102X
102X
1955
Conv gold 4s of 1910
Conv deb 4)4s
1st 30-year 5s series
108 X
109
Nov
111X
1O0X
J
87
Atchison Top & Santa Fe—
Adjustment gold 4s
Stamped 4s
107
83
83
F
Cent Illinois Light 3Xs
51X
1
....1967 Jan
1955 Q J
S f Income deb..
4
108
1947
{♦Central of Ga 1st g 5«_.Nov 1945
♦Consol gold 5a
.1945 MN
93X 102X
56 X
96
96
93
J
3X8 debentures
1961
3Xs debentures
1966 J D
J
♦Am Type Founders conv deb.1950 J
Amer Wat Wks & Elec 6s ser A. 1975 MN
Anaconda Cop Mln s f
83
1948
Celotex Corp deb 4 Xs w w
♦Cent Branch U P 1st g 4s
105 X
96
Telep & Teleg—
20-year sinking fund 5Xs-—1943
J
^Convertible debenture 4)48-1939
D
{♦Cent New Eng 1st gu 4s
82 H
102 H
103 X
J
68 X 101X
59
96 X
82
107 H
91
Amer I G Chem conv 5Xs
Am Internat Corp codv
101
60
60 H
♦5s stamped
1950
Allegh A West 1st gu 4s
1998
Allegh Val gen guar g 4a....—1942
Allied Stores Corp deb 4 Ha
1950
4)48 debentures
1951
AUis-Chalmers Mfg conv 4s...1952
Alplne-Montan Steel 7s..._—1955
Am & Foreign Pow deb 5s
2030
American Ice s f deb 5s
1953
103 X
~68X
1950
5s
115
*57
71
Alleghany Corp coll trust 5s.—1944
Coll A conv 5s
1949
♦Coll A
109
♦
1946
Hs
93X 105 X
99 X
76
109
54
Albany Perfor Wrap Pap 6s...1948
6s with warr assented
...1948
Alb A Susq 1st guar 3
99
82
109"
109
1943
Ala Gt Sou 1st cons A 5s
1st A cons
Carriers A Gen Corp deb 5s w w 1950 MN
Cart A Adlr 1st gu gold 4s..—1198 F A
16X
i8x
9X
8X
8X
5
17
8
16
49 X
52 X
52X
54X
16
56
18
"n
18X
16X
68
2
16X
21
51
11
31
iox
iox
64
18X
9X
8X
8X
6
105
690
57X
69X
71X
30 X
12X
5
52
61
38
30X
30 X
24X
New York Bond Record—Continued—Page 3
76
Jan. 1, 1938
Friday
Bennett 'Bros. & Johnson
STOCK EXCHANGE
Week Ended Dec. 31
Y.
ser
E
Price
109 M
110(4
74
♦104M
105M
109M
*45
Last
BONDS
N.
Y.
Range
Sale
STOCK EXCHANGE
Ended Dec. 31
Bid
65
45
48
1995 J
D
*45
55
37
55
1961 M N
1951 J
*108M
A
J
J
A
O
18M
166
16M
J
D
------
*
-----
■
D
------
"68"
Dec 1 1960 M S
54 M
54(4
Chic T H & S'eaatern 1st 68—1960 J
-.—1944 A
-1963 J
—1963 J
——1961 M
Chic A West Indiana con 4a—1962 J
let A ref M 4Kb aer D
1962 M
Chllda Co deb 5a
1943 A
{♦Choc Okla A Gulf cons 68—1962 IVI N
Cincinnati Gas A Elec 314s
1966 F A
1st mtge 314a
1967 J D
Cln Leb A Nor 1st con gu 4a—1942 M N
Cln Un Term 1st gu 6a ser C—1967 IVI N
1st mtge guar 314a aeries D..1971 M N
J
Clearfield A Mah 1st gu 4s
1943 J
D
1st mtge 3 (4 B series E
314b guaranteed
Cleve Cln Chic A St L gen 4s. -
106
109
----
86
----
90
94 M
98 M
10
68
99 M
42
48 M
91
104 X
99
15
-
-
-
15
46
35
25
—
73
--
-
75
102(4
*
*101M
1
-
-
-
-
----
100
-
-
-
105(4
13
110(4
111
25
*110
.1942
Series A 4Mb guar
.1942
Series C 3 Hs guar
.1948
-----
----
*109 K
1st
a
f 6s series B guar
s
f 4Mb series C.
•
-
-
-
-----
-
-
-
-
-
-
-
—
101
110M
82
107(4
67
98M
102(4 106 M
89 M 104
84M 104(4
1953
1953
O
Erie RR 1st cons g 4s prior
1st consol gen lien g
8ertes
4s
B
1927
1930
-
Debenture 6s
Apr 16 1952 A
Debenture 6s,
Jan
15 1961 J
4a. .1948 A
Genessee River 1st s f 6s
1965 F
O
A
2Mb debentures.1942 J D
Commercial Invest Tr deb 3 Ms 1951 J
J
Conn A Passum Riv 1st 4s
1943
93 K
-
„
—
-
—
—
-
-
-
-
-
-
-
--
-
99 M
*100
106M
.
-
W -
Francisco Sugar coll trust
-----
107 K
-
-
-
—
—
-
3
106(4
104(4
23
103(4
103(4
102(4
20
J
*18
1951
deb 3 Ms.——1951
D
deb 4s—1964
J
31
16
D
107 (4
97 K
..........
107 M
106(4
95 K
"70
95
97(4
17(4
16 M
7
*60
90
77 M
105M
92 M 105
89
105(4
114(4
108(4
100(4
98(4 101
99M 105M
106
105(4 112M
104(4 107(4
100(4 108 M
102 M 106(4
99(4 107 M
18(4
26
105M 108 M
92 M 107(4
15
41M
M
45
6
105
97
95 M
82
45
45
60
58
7M
162
43
*1(4
*100 M
45
47 M
O
r60
80 M
-1949
D
A
1947
♦Gen Elec (Germany) 7s Jan 15 1945
♦Blnking fund deb 6 Ms
1940
♦20-year s f deb 6s
.1948
Gen Motors Accept Corp deb 3s *46
16-year 3Ms deb
1961
Gen Pub Serv deb 5 Ms-1939
Gen Steel Cast 6 Ms with warr.1949
{♦Ga A Ala Ry 1st cons5s Oct 1 45
J
f 5 Ms A
*117(4
100
97
97 M
J
38(4
D
38 M
39
IVI N
F
A
A
102
101M
102
J
J
95 M
45(4
J
D
D
4Mb
1956
Goodyear Tire A Rub 1st 5s_—1957 M N
M S
Gotham 811k Hosiery deb 6s w w '46
1st mtge
Gouv A Oswegatchie 1st 5s
1942
Grand R A I ext 1st gu g 4MB.. 1941
Grays Point Term lstgu 6s—1947
Gt Cons El Pow (Japan) 7s
1944
1st A gen s f 6 Ma
1950
Great Northern 4 Ms series
J
A
J
J
94M
40
94 M
60
104
95
80
13
104M
*106(4
95
"95""
5
72
72
73
3
69 (4
64
70
9
110M
104 M
97 M
98
88
102 M
94 M
94 M
75 M
77 M
M
9
79
82
14
176
113
"3
Gulf States Steel s f 4Ms.-
1961
Gulf States Util 4s series C
1966
o
*100 M
1946
*102(4
*107(4
27
40
Hackensack Water 1st 4s
1952
J
15
40M
♦Harpen Mining 6s
55
16
49
71M
Hocking Val 1st cons g 4Mb
Hoe (R) A Co 1st mtge—
J
118M
86 M
29
s
1960
f 5s
Consumers Power 3(4s-May 1 1965 IVI N
1st mtge 3 Ms—
May 1 1965 M N
1st mtge 3Ms
1970 MN
M N
1st mtge 3Mb
—.1966
Container Corp 1st 6s
1946 J D
16-year deb 6s
..—1943 J D
H Copenhagen Telep 6s_Feb 16 1954 F A
Crane Co s f deb 3 Ms
1951 F A
Crown Cork A Seal
s f 4s
Crown Willamette Paper 6s.
Cuba Nor Ry 1st 6Ms
------
103 M
101K
------
106(4
103 M
101(4
98 M
104
87 M
99
Hudson Co Gas 1st g 5s—
1949
99 M
D
30
20
30 M
96
120
M N
Hudson A Manhat 1st 5s ser A. 1857 F
A
O
120
2
51M
19
53
90
18
"53"
A
♦Adjustment income 6s Feb 1957
99 K
28M
M N
5s ser A—.1962 J
19
118
4
103(4 107
Illinois Bell Telep 3 Ms ser B.„
108 M
108 M
4
101M 106
Illinois Central 1st gold 4s.
*98
*93
99
*93
99
35
44
------
*37
A
O
Dayton Pow A Lt 1st A ret 3 Ms 1960
1943 M N
1971 J
1969 J
*38(4
107M
51
J
J
J
1st mortgage 4 Ms
1969 J
Den Gas A El 1st A ref s f 58—1951 M N
Stamped as to Penna tax
1951 M N
4s...1936
J
J
(♦Consol gold 4Mb
1936
{♦Den A R G West gen 5s. Aug 1966
♦Assented; sub] to plan)
♦Ref A impt 6s ser B
Apr 1978
{♦Dea M A Ft Dodge 4s ctfs—1935
{♦Des Plains Val 1st gu 4 Ms—1947
J
A
47
O
J
J
IVI
S
42
107 M
------
12
—
107 M
-
10
107
54(4
107
103(4
107(4
107(4
10(4
12
BK
5(4
5
8M
—
7(4
*3(4
*15
30
28
2
35
64M
62 M
47
104
107(4
1
12(4
213
10(4
-
-
15
11
95 M
107M
105(4
107
108M
108M
36(4
38
46
-
23
4
22(4
141
9
5
102
6(4
6M
40
-
2
13(4
4M
-
55
101(4 108
101(4
104M
106M
106(4
106(4
107(4
65
42 M
35
....
44(4
103(4
*106
6M
A
42
106M
------
J
F
107(4
36
37(4
7M
2(4
32(4
12
-
-
-
42
44 M
62
30 M
89
107
89
101M
100
78
106
107M
103 M 103 M
105 M 111
95
95
69
98 M
95 M
108
116M
100M 119M
97
115(4
88 K 109(4
87
108 M
98 M 141M
89
111M
96
50
65
15
106 M
106M
103 M
90""
93(4
99M
22
108
28
114M 126 M
61
97 M
42
88 M
96 H 103(4
28
67 M
116M 124
48
85M
14
36M
10
103
1st gold 3 Ms
Extended 1st gold 3Ms-1st gold 3s sterling
D
19 M
21M
103 M
97 M
103
106
------
97
8 f
2
11
104
J
79.
10
105M
103 M
102(4
Hudson Coal 1st
63
42
103 M
D
see page
99
107(4
108M
103 M
7
62 M
106
J
D
For footnotes
1
99(4
98M
96(4
101M
79(4
99(4
19
83M
42
o
M N
1951 J
1942 J
J
cons g
104
103 M 110M
41M
105 M
118(4
1950 MN
J
{(♦Den A R Q 1st
4
1
J
Del Power A Light 1st 4 Ms.
1st A ref 4Mb
35
98 M
2
1952
Del A Hudson 1st A ref 4a
12
104(4
102(4
87 M
7Ms series A extended to 1946—
g
2
1001J8t 100»»2
6s series B extended to 1946
Cuba RR 1st 6s
106 M
92
97 M 105 M
102 M 105 M
*18
52
1949
1999
1944
{(♦Housatonic Ry cons g 5s—1937
Houston Oil sink fund 5 Ms A—1940
J
J
♦Consolidation Coal
98M 105M
75
103
10-year deb 4 Ms
41M
80
101K
o
84
8
41M
44
30
44
29 M
98 M 105
106
91
"84 M
17
-
30
91M
*60(4
J
o
17
4
99
102 M
96M 106 M
7M
82
1952
Stamped
87 M
100M
121M 122 M
75M
~82M
*60 M
J
30
55
*105M
82 M
O
14
98
96
9
6
42
90
105 M
79
9M
6M
61
110(4
104 K
98 M
90 K
*50
M N
Gulf A 8 I 1st ref A ter 5s Feb 1952
2
2
103(4
O
102 M
95 M
55
25
*
J
A
46
5
J
1940
1950
1950
102 M
16
1
Gen mtge 4s series H
1946
J
Gen mtge 3Ms series I
1967
Feb
♦Green Bay A West deb ctfs A.
♦
Feb
Debentures ctfs B
Gulf Mob A Nor 1st 5 Ms B
3
39
22
J
Greenbrier Ry 1st gu 4s
8
11
20 M
103 M
78
78
J
1973
General 4 Ms series D
1976
General 4 Ms series E
—-1977
General mtge 4s series G
1946
18
93 M
103 %
J
A—1961
1952
38 K
90 M
91M
94(4
D
F
J
27
25
J
J
101M
97 M
38 K
19(4
D
J
118
19M
*15
—
20
90
23
J
"
—
20H
5(4
45
51
O
-
87
5M
1M
5
102 M 107M
107
110M
109
-.1956
-
M
81M
1M
104
*104*4
—1956
17
96
9
2M
..-.-..—--1956
-
103M
98 M 104 M
86
105
IK
♦Debenture 4s
'
80 M
98 M 102 M
98
100(4
17(4
♦Debenture 4s
15
89
118M
114M
100M
103 M
1(4
J
♦Debenture 4s.—
89
119
95 M
80
86
*57 M
O
38M
104
93M
99
A-1938
{(♦Ga Caro A Nor lBt ext 6s..1934
99 M 108
59
96
40
39(4
104M
100
97
*95 M
100
6(4
106M
92 «
94«
47 M
94 M
52
47 M
60 M
102
5(4
1st mtge 5s series C
Consol Gas (N Y) deb 4Mb
97
♦Good Hope Steel A Ir sec 7s—1945
Goodrich (B F) conv deb 6s
1945
101
-
-
101H
*94
80
107
6s—1956
General 5 Ms series B
-
60 M
101(4
106 M
100(4
M N
Galv Hous A Hend 1st 5 Ms
s
300
*108M
General 5s Beries C
25
3
{(♦Proof of claim filed by owner M N
♦Certificates of deposit
J
Fort St U D Co 1st g 4 Ms—-1941
J
Framerican Ind Dev 20-yr 7 Ms 1942
94
— —
104
{(♦Proof of claim filed by owner . M N
(Amended) 1st cons 2-4s
1982
102
138
104
S
111
1952
Fonda Johns A Glov 4Mb
110M 115
—
J
♦Certificates of deposit
19
102(4
3
100
109
2
106 H
1946
f 7s
38
101
*107
103 M
-
""98
100
101(4
*
3(4s A
1961
Consol Edison (N Y) deb 3MB.1946
3 Ms debentures
1956
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s
1956
-
30-year deb 6s series B.
95(4
*107"
-
30
—
106 M
102M 116M
112M
-
J
IVI
139 M
103 M 107
58
39(4
O
1942
1942
1964
f 5s stamped
5
219
46 M
46
1956
1st Uen 6s stamped
50 M
60 M
J
113
10
1938
Fairbanks Morse deb 4s
s
45
50 M
Federal Light A Traction 1st 5s 1942
5s International series
1942
a
15
58 M
52 M
~ib~~
1964
1st lien
"86 M
*
.
97 M
108(4 113M
100M 106 M
106 M 112
102 M 106
51
O
111
95
104
54 M
85
55M
M N
—
ill M
106(4
--
f
-
109
-
""
94(4
1951
1951
-
105M
39
92(4
106
-
-
111M
34
96 M
111M
-
95K
99 K
--
90
—
-
*1C9
106 K
111M
107M
95 M
----
95
91M
109
105
41
46
*94
113~~
46
—
-
96 M
98
*
1947
N Y A Erie RR ext 1st 4s
Gen Cable 1st
105(4 111(4
110M 110M
-
J
Gen Amer Investors deb 5s A.. 1952
103
-
29
61
40
92
-
8
63
60
95
O
J
Columbus Ry Pow A Lt 4s
1965 M N
Commercial Credit deb 3MS-.-1961 A O
guar 4 Ms
-
*59
*
J
1955 J
1957 J
Erie A Jersey 1st s f 6s
Gas A El of Berg Co cons g 6s.
104
104M 108
105
-
-
-
92
*109M
45(4
-
106(4
101(4
90
—
—
-
-
104
100
-
Columbia G A E deb 6s.—May 1952 M N
non-conv
*103 M
Series C 3 Ms
{♦Fla Cent A Penln 5s
1943 J
{♦Florida East Coast 1st 4 Ms—1959 J D
♦1st A ref 5s series A
1974 M S
106(4 109(4
107
—
~
-
5
104
--
101M
Colo A South 4M8 aeries A— .1980
Conn Ry A L 1st A ref 4 Ms
-
-
105M
---
.1970
Columbus A Tol 1st ext 4s
106
*105M
.1945
Coal River Ry 1st gu 4s
Colo Fuel A Iron Co gen s f 6a. .1943
Columola A H V 1st ext g
108
106
.1977
♦6s income mtge
108
*105
.1973
1st
conv
J
3
Flat deb
104«
104 M 107
109(4
*105(4
.1960
Series D 3 Ms guar
.1977
Gen 4Mb aeries A
Gen A ref mtge 4 Ms series B .1981
Cleve Short Line 1st gu 4 J4s— .1961
Cleve Union Term gu 6 Ms— .1972
{♦Consol Ry
1940
1996
1996
102
94
15
*1C4M
Consol Oil
*103(4
102
40 M
55
97 M
100
-
105"
B .1942
111(4
101M 108M
95
108M
91(4 105M
104
-----
♦
---
103
115H 118
-
74
102(4
85(4
86(4
*
107(4
104M 104M
90
-
-----
104
104 M 108M
--
100M
-----
-
--
107(4
107(4
88 K
-
3
,
-----
*
102(4
2
50
107
*101H
107 M
107M
107
107(4
.1939
13
60
103M
-----
74 H
Cleve A Pgh gen gu 4 Ms aer
Series B 314 a guar
17
15
-
_
93
102 K
107
103M
5
37
55%
..———
29
109
104(4
91K
-----
.1940
Spr A Ool Dlv 1st g 4a
.1940
W WValDiv 1st g 4sCleve-Cllffa Iron 1st mtge 4(4 s .1960
Cleve Elec Ilium 1st M 3Ms... 1966
s
J
3d mtge 4 Ms
104M 113
--
-
-
100
99
-----
3
109(4
1C8
-----
E— .1977
Cln Wabash A M Dlv 1st 4s .1991
.1990
St L Dlv. 1st coll tr g 4a
Conn Riv Pow
O
72M
110
131
40
D
42 M
106
*109M
.1993
.1993
General 6a series B
Stamped
O
1965
1940
Ernesto Breda 7s
1st mtge 4a aeries
Ref A lmpt 414s Berlea
Cairo Dlv 1st gold 4s-
1965
stamped
Erie A Pitts g gu 3 Ms ser B
20M
102
95 M 116H
103M 107 M
1
A
113M
Chicago Union Station—
Guaranteed 4a
"99(4
43
90
80(4
69(4
56 M
*131M
98 M
El Paso A 8 W 1st 5s
107(4 118M
100M 102 M
105
109
o
----
20
109
M N
16
*86""
98 M
1953
25M
22M
4
9
24
108M
IVI N
1967
1975
6(4
25
96 M
106M
1952
1941
1951
Ref A lmpt 5s of
Ref A lmpt os of
6M
84
116
»-*-*•
96 M
J
A
102(4
*103 M
Gen conv 4s series D
50
7(4
9
94(4
F
21M
110
*107M
Conv 4s Berlee A
42 M
4(4
D
O
26M
22M
4
J
3Ms
June 16 1961
Memphis Dlv 1st g 4a
1961
107 M
16(4
7M
6M
12
6(4
♦
21M
108M
78
114
8M
------
J
83 M
7(4
D
J
J
43 M
9
1961 J
J
16
6(4
7H
WIN
102 H
41(4
7
18®°
Gold
------
High
8
♦Certificates of deposit—
6s
41(4
16
(♦Secured 4Mb aeries A.-..-1962 MS
gu
Low
7
7
♦Conv g 4Mb
Cb St L & New Orleans 6a
Inc
High
15 M
—.1934
102 M
Elgin Joilet A East 1st g 5s
El Paso Nat Gas 4 Ms ser A
Electric Auto Lite conv 4s
1937
41H
♦Certificates of deposit
D
1st cons g 6s. .1*95 J
Ed El 111 (N Y)
Range
for Year
?
6s
F
♦Certificates of deposit
(♦Refunding gold 4a
c
Asked
Low
tl+Chlcago Railways 1st 6b stpd
Feb 1 1937 26% par paid
;{♦Chic R I A P Ry gen 4a
1988
5
or
d
60
53
"65
East Ry Minn Nor Dlv 1st 4S-1948
East T Va A Ga Dlv 1st 5s
1956 M N
J
Ed EI 111 Bklyn 1st cons 48—1939 J
Friday
Price
Week
60
*45
*45
{(•Dul Sou Shore A Atl g 6s_.. 1937
1965
Duquesne Light 1st M 3 Ms
Week's
Friday
High
111 M 116M
106M 110M
105 M 111 M
101
109 M
D
Dow Chemical deb 3s
Randolph 7711
Low
1995 J
Detroit Term A Tunnel 4 Ms.
"Pi. T. 1-761 -<• Hell System Teletype •>- Cgo. 543
6
70
A
Connections
<DIgby 4-5200
1937
No
72
112(4
108 M
♦2d 4e assented
Chicago, III.
Range
for Year
113 (4
109
A
O
Gen A ref M 4s ser F
.1966 A O
Gen A ref mtge 3 Ms ser G._, 1966 M S
♦Detroit A Mac 1st lien g 4a... 1995 J D
1995 J D
♦1st 4s assented
135 So. La Salle St.
High
F
♦Second gold 4s
Trivate Wire
Friday
bid
d
Asked
.1952 A
Detroit Edison Co 4 Ms ser D.. .1961
%AlLROAD "BONDS
Tork, "2^. T.
Range or
Sale
Lore
Gen A ref 6s
One Wall Street
*1
Week's
Last
BONDS
N
57 H
1970
.—1951
1951
1951
1951
Collateral trust gold 4s
1952
Refunding 4s
1955 MN
J
Purchased lines 3 Ms
1962 J
Collateral trust gold 4s—
1953 M N
Refunding 5s
1955 M N
40-year 4(4s
Aug 1 1968 F A
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s
1951
Louisv Div A Term g 3 Ms—1953
Omaha Div 1st gold 3s
1951
St Louis Div A Term g 3s—.1951
Gold 3 Ms
1951
Springfield Dlv 1st g 3 Ms—1951
Western Lines 1st g 4s..
1951
101(4
52
47
D
"43"
52
56
63
"41"
32
48
"23
57
1
38 M
103 K
82
*65
80
80
75
107 M
92 M
93
60M
95
44 M
62(4
57
"35"
"57"
111
107(4
96
*93
54
47
110
97
93
138
96
49
90M
41
90
56
104 %
32
80
103
109
93
98
80
70
102 M
89 M
~80~"
92(4
90
80
*90
88
98 M
100M 100(4
83(4 101M
Volume
New York Bond Record—Continued—Page 4
146
Week't
Friday
Last
Y.
Range or
Sale
BONDS
8TOCK EXCHANGE
Week Ended Dec. 31
N.
Friday
Bid
Price
Joint let ref 5s series A
O—
1968
1963
1940
C
let A ref 4%s series
Illinois Steel deb 4 He
D
43
J
D
39
A
O
J
Ind 111 A
Iowa 1st g 4a
4e._1940
1950
40 H
A
J
J
12 %
8
*100%
104% 104%
96% 107
1932
1932
§♦ 10-year 6s..
§♦ 10-year conv 7% notes
♦Certificates of deposit
A
1952
{♦Int-Grt Nor 1st 6s ser A
46%
47%
95%
14%
16%
26
66
53
28
13%
49%
53%
20
50
91
69%
O
A
73%
20
67
100%
100%
iex
O
100 H
J
17%
J
1956
16%
16%
Ref
s
1955
f 6a series A
M
17%
16%
16%
ref 4s. 1951
F
A
J
J
F
Market St Ry 7a ser A.—April 1940 Q
J
Mead Corp 1st 6s with warr.-1945 IVI N
84
1968 M S
1950 A O
}t*Met West Side El (Chic) 4s. 1938 F A
♦Mex Internat 1st 4s asstd
1977 M S
108"
J
13
68
94
97
56
102%
101%
80%
"5
94
95
102
61
54
38%
75
89%
267
74
60%
*88%
59%
88%
64
99
40
94%
80%
22
2%
2%
2%
79%
79%
3
96%
D
97%
40
9%
79% 102%
91% 106
48.1936
A
O
24%
24%
68%
22
26
14
22
64
gold 3s..-.—1950
Ref A impt 5s
Apr 1950
Kansas City Term 1st 4s
1960
Kansas Gas A Electric 4%s—1980
A
O
68%
70
20
68%
95
J
J
58%
64%
89
68% 100
J
J
108
108%
11
J
D
105%
105%
0
97
♦Certificates of deposit
1st 6s—1943
$645) —1943
$925)..1943
(par $925)-.1943
♦Karstadt (Rudolph)
60
108 H
1946
Kentucky Central gold 4s—-.1987
Kentucky A Ind Term 4%s—-1961
Stamped
1961
1st 6s
"60
"27%
106
109%
102% 106
40
44
11%
25
21
31
*37
M N
*23
*27
25
35
47%
14%
M
S
82%
J
J
108%
J
J
14%
82% 100
85
*
116%
89% 101%
98%
J
J
J
A
O
*151%
F
A
80
80
J
J
100
99
.J
J
101
J
M N
J
107%
2d
1961
C
1st mtge 6s
1971
{{♦MllwANo 1st ext 4%s(1880)1934
1st ext 4 %s
1939
Con ext 4 %s.
1939
{♦Mil Spar A N W 1st gu 4s—1947
{♦Mllw A State Line 1st 3%8—1941
{♦Minn A St Louis 5s ctfs
1934
♦1st A ref gold 4s
1949
♦Ref A ext 50-yr 5s ser A
1962
M St P A SS M
con
g
108%
99% 114
104
119%
98% 102
101
99% 104%
98%
99
96%
85%
98 %
88
85% 102%
111%
cons
28 %
28%
29%
23%
A
O
84%
84%
91
84% 101
57
62
53%
70%
56%
61
54
70%
♦1st A ref 5a series F
53%
43
68%
62
49
70
*91
85%
95
*95
1941
50%
102%
99%
95
99%
102
102%
1997
27
106%
98
109 %
Ltd—
29 %
J
Lehigh A New Eng RR 4s
A
M
A
A.—1965
1945
Lehigh Val Coal 1st A ref a f 58.1944
J
1st A ref s f 5s
1st A ref s f 5s
28"
88
90
110%
85% 108
26
90%
24
*18
98
99%
105
97
100%
100%
105%
102
90
105
*60
95
77
85
*40%
75
90
99%
60
J
D
60
60
14%
16%
14%
91%
46%
55
67
67
6%
8%
23
IVI S
J
J
M N
7
5%
7
16
*15
5
2%
2%
6%
2%
3%
21%
2%
2%
10
9
37%
28
8
32
11
10
2%
21%
35%
J
♦Conv
gold
8%
3
35
78
29
30
6
26%
77
26
28%
3
20
75
15
68
100%
4
62
107
57
103%
,3
62
15
6%
6%
66
41%
30
28%
95%
96
F
A
"38%
22
21%
36
3
32
68
68%
38
68
44%
46%
49
43
61%
96%
88%
37%
38%
18%
19%
39%
63
37
76
6
18
IVI
41
38
79%
22%
48
18%
80
21%
72
19
48%
2
18
IVI
8
21%
45%
7%
410
5%
24
21%
20%
306
18%
49
6
22
17%
18%
47
19
S
6%
18%
81
"5% "289
4%
48%
45%
18%
21%
105
18%
17%
48%
46%
22
138
88
IVI N
5%
A
O
21%
19
1981 F
♦1st A ref g 5s series H
♦Certificates of deposit
67%
49%
47
18%
92% 100
*17
A
21%
18%
21%
1949
1980
♦Certificates of deposit
{♦Mobile A Ohio gerrgold 4s—1938
♦Montgomery Dlv 1st g 58—1947
3/
13
34%
68%
46%
of deposit
104%
105%
94%
100%
3*
10
17%
94
69
8
100
95
1978 M N
6 %s
12%
12
66%
♦Certificates of deposit
♦1st A ref 6s series G
58
"~2
12%
J
J D
J
J
J
J
J
J
A O
1975
1977
1
66
10
10%
18
3
,0
89%
7
Mo Pac 3d 7s ext
62
89
104
*103
J
106%
1938
16%
5%
2l""
102
11%
60
1954
gold notes
Leh Val Harbor Term gu 6s
104%
5%
1%
J
J
J
9
<3
"69"
1954
1964
1974
1st A ref s f 58
27
62%
69
6
2
15%
94
94
6
8
J
N
8
F
65%
S
F
/IX
O
Lehigh A N Y 1st gu g 4s
31
68%
65%
J
29
an
1975
♦1st mtge Income reg
100
102
♦Certificates of deposit
♦1st A ref 5s series I
Lehigh C A Nav s f 4 Ha A
1954
Cons sink fund 4 Ha ser C—1954 J
102% 109%
3
1938 J
♦General 4s
53%
4
*20
D
J
M
J
M
IVI
Q
5%s
S
*49%
107%
6
108%
101%
5%
—
1949
1st ref 5%8 series B
1978
1st Chicago Term s f 4s
1941
{♦Mo-Ill RR 1st 5s series A
1959
Mo Kan A Tex 1st gold 4s
1990
M-K-T RR pr lien 5s ser A—1962
40-year 4s series B
1962
Prior lien 4 %s series D. —1978
♦CumadJustSsser A
Jan 1967
{♦Mo Pac 1st A ref 5s ser A
1965
25-year
M
"56 %
93
High
a97
1946 J
5s
100%
101
103
*1%
*2%
M S
N
J
O
IVI
J
A
J
J
D
J
4s Int gu.1938 J
1938 J
5s gu as to Int
101
3% to—1947
gold 5s
Secured 6%
Mllw El Ry A Lt 1st 5s B
♦Certificates
Lake Sh A Mich So g 3 Ha
Lautaro Nitrate Co
{♦Mid of N J 1st ext 5s
1951
1952
1979
1940
3%s
1st gold 3 %s
Ref A Impt 4 %s series
1st cons
Lake Erie A Western RR—
6s 1937 extended at
Jack Lans A Sag
1st A ref 6s series A
78
104%
A
100
79
108
1977 M S
♦Miag Mill Mach 1st s f 7a
1956 J D
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
J
1st
108%
*98"
J
F
68
7
101
♦48 (Sept 1914 coupon)
100
146% 161
*
D
6
84
096%
Metrop Ed 1st 4%s ser D
Metrop Wat Sew & D 5%s
109% 109%
J
J
97%
107"
100%
O
1947 A
f 6s
Low
108
108%
1961 J
unguaranteed
1961
Kings County El L A P 6s
1937
Kings County Elev 1st g 4s—1949
Kings Co Lighting 1st 6s
1954
1st A ref 6 %s
1954
Kinney (G R) 6%s ext to
1941
Koppers Co 4s ser A..
—.1951
Kresge Foundation coll tr 4s—1945
3%s collateral trust notes—1947
{*Kreuger A Toll secured 5s
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 5s. 1939
Coll A ref 5%s series C
1953
Coll A ref 5 Ha series D
1960
Coll tr 6s series A
1942
Coll tr 6s series B
1942
4 Ha
108
M N
stmp (par
♦Ctfs w w stmp (par
92%
*91
71%
81
Marlon Steam Shovel
89%
72
No.
68
90
s
1937
High
Low
84
8
Kan City Sou 1st
Plain
for Year
Price
Dec. 31
46
S
Keith (B F) Corp
Endeti
44%
O
♦Ctfs with warr
Week
31
A
w w
Range
Friday
Bid
dk
Asked
68
M
♦Ctfs
Range or
Sale
86
86
"94"
A
M
1st 4s—1959
{f*K C Ft S A M Ry ref g
Week's
Last
EXCHANGE
71%
68
70
J
J
Steel 4%sA—1961
Kanawha A Mich 1st gu g
8TOCK
40%
40%
128
4s..1990
Jones A Laugblln
Y.
48
*80
8
M N
1955
James Frank A Clear
4%
Friday
BONDS
N.
84
1939
Debenture 6s
42%
44%
1st 6s B...1972
1st lien A ref 6%s
1947
Int Telep A Teleg deb g 4%S— 1952
{♦Iowa Central Ry 1st A
A. T. A T. Tele. N. Y. 1-1598
67%
Int Rys Cent Amer
Conv deb 4%s—
17
15
19
NEW YORK
St.
Telephone WHltehaU 4-2900
91%
102
18%
1956
Internat Hydro El deb 6s
1944
Int Merc Marine s f 6s
1941
Internat Paper 6s ser A A B—1947
Wall
63
104%
98% 102
2
5%
C
108
6
4%
♦1st g 6s series
101
54
19
17
A_-July 1952
♦1st 68 series B
Members New York Stock Exchange
97
22
49 %
M N
1942
239
104 H
M S
1947
Interlake Iron conv deb 4s
50%
49
49 %
J
29
50
J
D. H. SlLBERBERG & Co.
98% 105%
105"
47%
1961
♦Adjustment 6s ser
43
12%
17
46%
105
{Interboro Rap Tran 1st 5s—1966
♦Certificates of deposit
D
BANKS AND DEALERS
FOR
91%
87%
36%
106% 108
"97%
A
Corp 5s stamped
BROKERS IN BONDS
High
40%
42%
107%
O
F
Int Agrlc
1937
Low
44%
36%
107
J
{♦Ind A Louisville let gu 4e—1956
M
Ind Union Ry 3 He series B—1986
Inland 8teel 3%s series
for Year
High
J
Ind Bloom A West let ext
Range
I
li
Asked
<t
Low
111 Cent and Chic St L A N
77
4%
atA%—July 1938 MN
1977
♦Secured 5% notes
1938
Mohawk A Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
1 st mtge 4 %s
1960
6s debentures..
1965
♦Ref A Impt 4%s
M
F
M
2
21%
75
74
19%
17
14%
8%
39%
13
15
9%
39%
*75
S
S
IVI N
76
*106%
O
64%
102%
104
20
89%
92
7
89
90
98%
106
107%
91%
O
A
97
78
90
A
18%
19%
13%
S
A
M S
M
19
111%
100
108%
89% 110%
«
1940
2003
4 Ha
Leb Val N Y 1st gu g
Lehigh Val (Pa) cons g 4s
General cons 4 Ha
2003
General cons 5s
2003
Leh Val Term Ry 1st gu g 5s—1941
Lex A East 1st 50-yr 5s gu
1965
J
J
72
Gen A ref
38%
361
27%
32%
76%
38
rvi n
24%
110
W 84%
38
O
A
O
Liggett A Myers Tobacco 7s.-.1944 A
O
1951 F
24%
} 27%
A
88
Gen A ref s f
Gen A ref 8 f
Gen A ref
116
129%
40
126
136
123%
104%
106%
104%
Liquid Carbonic 4s conv debs..1947 J D
*107%
110%
Little Miami gen 4s series A.-.1962 M N
F A "~97%
95%
97%
Loews Inc a f deb 3%s
1946
D
*61
i
64%
Lombard Elec 7s ser A
-1952 J
^ 100
Long Dock Co 3%s ext to
1950 A O loo" 100
1
117
6s
Long Island gen gold 4s
Unified gold 4s
—
Guar ref gold 4s
4s stamped
1933
1949
1949
1949
1944
6s
1951
Louisiana A Ark 1st 5s ser A—1969
Louisville Gas A Elec 3 Ha
1966
Louis A Jeff Bdge Co gu 4s
1945
Lorillard (P) Co deb 7s
J
131
123%
1st A ref 4 Ha series
1st A ref 3%s series
84%
84%
84%
108
M
S
87
86
87
86
IV!
8
85
85
87
106%
104%
A
O
F
A
S
*106%
109%
vw~ * 4
• 105
104 H 104
102
100
J
D
—1942
A
O
{♦Manhat Ry (N Y) cons
4s. 1990
♦Certificates of deposit
A
%84% f 84%
1111%
k 98
* <1
» '«
99% f 99%
*98
J 40
84% 100%
109% 115
93
3
97
99%
106
95% 105%
*
'I 91 %
56% "S
90
55
I
25
90
23
5
40
'
'
„
-t
% 70
*
113%
40
47%
113%
5
4
46
IVI
N
1957
1957
1957
♦4% July 1914 coup off
♦Assent warr A rets No 4 on *57
F
70
A
IVI N
J
104
105
38
97
70
22%
111
98%
63%
101
95%
107
100
106%
4
J
J
105
120
98%
97%
95
J
J
99%
84
102
112% 119
106
IVI N
24
J
1%
1%
2%
1%
1%
2%
6%
4
"l%
"6%
1914 coupon on—.1977
A
O
*2%
April 1914 coupon off
1977
♦Assent warr A rets No 5 on *77
A
O
*2%
J
J
A
O
A
O
J
D
♦4s April
♦Assent warr A rets
♦4s April
♦4s April
No 4 on. 1926
1951
off—1951
1914 coupon on
1914 coupon
♦Assent warr A rets
1%
1%
2%
2%
4%s—
Nat RR of Mex prior lien
105%
86%
Nat Steel 1st coll 8 f
2%
2
*1%
*1%
1%
No 4 on '51
4s.——1965
1954
{♦Naugatuck RR 1st g 4s
"1%
J
New Orl Great Nor 5s A
27
—
J
D
25
J
J
1122%
IVI N
F
7%
T
33%
92%
92%
4
82%
90
69%
12
78%
41
102% 107%
65
93%
116% 122%
62
82
25
74%
125
118% 127%
120%
116% 125%
106%
107
95
"107"
58
—1983
4 %8 A 1952
6s ser A—1952
1st A ref 5s series B
1955
New Orleans Term 1st gu 4a—1953
25%
39
122%
120%
A
58
100
101
104% 108%
58
98
85%
48
48
45
95%
95%
96%
95%
95
96%
75%
78
90% 103%
89% 103
100%
75
N O A N E 1st ref A Imp
#
ll"
80
J
New Orl Pub Serv 1st
99
107%
D
J
67%
53
90
107
*25%
107
IVI N
5s—1948
{♦New England RR guar 5s.-.1945
♦Consol guar 4s
—1945
New England Tel A Tel 6s A.-1952
1st g 4 %s series B
1961
N J Junction RR guar 1st 4s—1986
N J Pow A Light 1st 4 %s—1960
Newark Consol Gas cons
90%
70
66%
70
25
25
59
100
23
22%
40
97%
2
12
*72
M N
47%
113%
80%
70
22%
25%
*85
M N
86%
47
J
193
*12%
D
59
85%
80
71%
67%
D
m
39%
27
22%
Manila Elec RR A Lt 8 f 5s—1953 M 8
Manila RR (South Lines) 48—1939 IVI N
55
60
79%
96%
115
40
M
38
1st ext 4s
1959 Wl N
J
{•Man G B A N W 1st 3H8—1941 J
*10
46
99
*
"~56%
O
J
85%
110%
*
'
98
105% 111%
86
*111
D
J
79
*
98%
79.
85
80%
*112
IVI N
For footnotes see page
108%
103%
89%
*107%
■M
2013
111
79
S
109%
98
92%
89
(99 %
♦Second 4s.-
103
% 93
M N
70
99%
98% 104%
74
J
♦4s
1 102
92 %
McCror* Stores Corp s f deb 58.1951 M N
f {♦Manatl Sugar 1st s f 7 Ha.
♦Certificates of deposit
106
—
75%
71
87
74
—
J
1978
stpd
1951
extend to
1946
Nat Dairy Prod deb 3%s w W..1951
Nat Distillers Prod deb 4%s—.1945
National Rys of Mexico—
♦4%s July 1914 coup on
103
112%
82%'
Nassau Elec gu g 4s
124%
100%
67%
5
Nat Acme 4 %s
Nash Chatt A St L 4s ser A
99%
IVI
1960
B
116%
70 %
Atl Knox A Cln Dlv 4s
1955 M N
Lower Austria Hydro El 6 Ha—1944 F A
A
1955
Mutual Fuel Gas 1st gu g 5s—-1947
Mut Un Tel gtd 6s ext at 5%-1941
Constr M 4 %s series
I 120
f 72
120
72
103
Maine Central RR 4s ser A—1945 J
Constr M 5s series A
102% | 103
J
S
1980
4 Ha
1945 M
South Ry Joint Monon 4s.—1952 J
2000
...1955
♦4%s Jan 1914 coup on
M
Mob A Montg 1st g
Morris A Essex 1st gu 3 %s
24
—
79
1955
f 5s series
135
127% t127%
St Louis Dlv 2d gold 3s
Gen mtge 4H8 ser
85
D
s
125
J
McKesson A Robblns deb 6 H8.1950
103%
S
1946
Paducah A Mem Dlv 4s
108
101%
60
79%
99% 106%
100%
1940
E
95%
M
2003
2003
2003
1st A ref 4s series D
108
"60
*100%
2003
C—
126%
100% 106%
D
Louisville A Nashville RR—
Unified gold 4s
1st A ref 5s series B
24
f 5s series A
86
'"7
117%
129%
s
99%
77%
99%
Montreal Tram 1st A ref
109
117%
131
"lliVi
3%s.l966
5s——1941
1955
5s series B
1955
4%s series C—1955
Montana Power 1st A ref
323
*75
32
T 29%
32
29%
A
10
57
57
57
rvi n
M N
New York Bond
78
Friday
Last
BONDS
N.
Y. STOCK EXCHANGE
Week Ended Dec. 31
it
•"it.
Range
Asked
§£
High
A
No.
O
1956 F
A
28
4
28
61M
36 m
32
18
30
1
32
69 M
64 M
36 m
32 m
33
32
60
9
30
65
39
30
62 M
32
57
A
F
O
A
35
38
32%
32 %
4)481945
J
1998
10-year 3%s sec s f
1946
Ref A Impt 4 %s series A
2013
Ref A linpt 5s series C
-2013
Conv secured 3%s
....1952
N Y Cent A Hud River M 3)48.1997
Debenture 4s
1942
Ref A impt 4)4s ser A
2013
Lake Shore coll gold 3%b
1998
Mich Cent coll gold 3%s
1998
A
*110%
79%
82 m
90%
91m
64
70
1956
1954
D
♦Certificates of deposit
Newport A C Edge gen gu
N Y Cent RR 4a series A
O
o
64
2
M
110
62
67
123
H3M
77 M 106M
86
104M
59 M
96M
Ref 4)4s series
1974
-.1978
...Oct 1 1938
A
C
3-year 6e
3Ms
*104
1952
*102%
28-year 4s
1963
100
98%
100
80
91
68
103
Penn-Dlxle Cement 1st 6s A...1941
80
109M
Penn Glaas Sand
89M
105
Pa Ohio A Det 1st A ref 4 Ms A. 1977
95
95
108%
B
64 m
66 m
91
59 M
96 M
Pennsylvania P A L 1st 4 Ms.—1981
83 m
1
80
98 M
Pennsylvania RR
78 M
81
3
74
72
77
42
69
M
61M
60 M
64 %
125
63
O
80
78
82
91
97 M
34
92 m
107%
16
87
6
106
"12
48m
14
*109%
48
44
m
106
95 M
71 M 100 M
"49 %
107%
45
2
103
102
103
34
103
102%
103
20
105 M
109M
108M 109M
47
72 M
72
37M
40 M
60
97
105 M
97% 105 %
123
123
116M 125 M
114m
114m
109 M 117M
4s
cons g
General 6s series B
cons
Refunding gold 5s
1947
Peoria A Eastern 1st
Peoria A Pekln Un 1st 5 Ms
Pere Marquette 1st ser A 5s
M N
83
.2000 M N
N Y Lack A West 4s ser A... .1973 IVI N
fltprlwsi
t-4
—
—
-
.•,
N Y A Long Branch gen
*-—
.
1
J
4s.... .1941
*17m
♦Conv
46M
17%
44 M
21%
18
47 M
47
16%
20m
15m
20m
17m
23
56
15M
45
21%
1956
58
20
♦Debenture 4s
32%
34 m
22
32
71
1957 IVI N
J
O
D
9
1974
General g 4 Ms series C
General 4mb series D
1992
M
1955 J
♦General 4s
Phlla Co sec 5s series A
8
9m
6%
37 M
65
Series B 4 Ms guar
Series C 4 Ms guar
75%
4
75
99 M
Series D 4s guar
M N
3 )4s..l965
{N Y Rya prior lien 6s stamp..1958
J
107m
1951
1st mtge 5s
1956
{♦{N Y 8usq A West 1st ref 58.1937
{♦2d gold 4)48
1937
♦General gold 5s
...1940
♦Terminal 1st gold 5s
1943
N Y Telep 1st A gen s f 4%S—1939
ref mtge 3Ms ser B
1967
N Y Trap Rock 1st 6s
1946
6s stamped
1946
15*N Y Westch A Boat 1st 4 )4sl946
Niagara Falls Power 3)4s
1966
Nlag Lock A O Pow 1st 5s A...1955
Niagara Share (Mo) deb 5)48.-1950
let mtge 5s
Nord Ry ext sink fund 6 Mb
50
...
107%
28
90 m
95
M N
8
95
2
4
106 m
19
105m
IVI N
91 m
106%
106
106%
105m
5
102 M
98 M
98
J
15
18
23
F
A
10
10
1
10
F
A
8
3
7
18
91
10
43
106%
104m
106%
46
107
54
106
105
12
101
105
J
J
D
J
J
4
M S
106
107
108m
s
<
•
79
*65~~
A
107 M
92 M
69%
106M
109 M
9%
J
O
IVI N
10M
108 %
107 %
43 m
IVI N
M N
46 M
42%
101 M
95
101% 109M
90
105 M
94 M 108M
J
t
77
68%
69
4%
94 M
98
143
4
22 %
5
100
109 M
12
29
10
10%
15
Series H cons guar 4s
cons
Series J
cons guar
4 Ms
4%s
Gen mtge 5s series A
52
52
Norf A W Ry 1st cons g 4s
1996 O
A
119%
119%
North Amer Co deb 5s
1961 F
A
102
1
45 M
120
22
102
19
97
8
102m
Deb 6 Mb series B
Aug 15 1963 F
A
103
102%
103%
Deb 5s series C
Nov 15 1969 N IVI
eer
A
North Cent gen A ref 6s
1974 M
1974 M
Gen A ref 4 Mb series A
♦JNorthern Ohio Ry 1st
♦Oct. 1 1934
'
98%
*119m
*115m
8
8
5s—
Aaub coupons.1945
as to
5
16
106M
98M
105M
101M 106 M
95 M
120
119
119
107
125M
120
guar
70
J
92
91%
93 m
62%
153
F
62 m
60
J
74%
87%
73
76 m
40
70
,106
86
146
83
112
2047
2047
J
17
76
110
J
78m
89%
79 m
80 m
10
109M
Nor Ry of Calif guar g 5s
1938 A
O
102%
102%
5
102% 104 M
Northwestern Teleg 4 )4s ext
1944 J
J
Ref A Impt 6s Berles B
Ref A Impt 6s series C
Ref A Impt 5s series D
J
76 m
58
107
107M
♦Og A L Cham 1st gu g 48... .1948 J
♦Stamped.....
J
J
11
11
12
7
J
10%
10m
11
20
Ohlo Edison 1st mtge 4s
..1965 M N
1st mtge 4s
1st mtge 3Ma
..1972 J
Ohio Indiana A West 6s..Apr 1 1938 Q
lOhlp Public Service 7b ser B -.1947 F
OklAoma
*1c8%
Gas A Elec 3 Ma.
J
*26
101 %
15
96%
13
96 m
9M
96
A
..1966 J
D
14
106M
100M 101%
91% 100
109 M 112M
95
102
*109»32
D
101
101M
99%
101M
100m
111%
98 M
Pitts Y A Ash 1st 4s
ser
A
conv
J
1948 J
f deb 5s
s
Oslo Gas A El Wks extl 5s
—1963 IVI
Otis Steel 1st mtge A 4Mb.. -1962 J
Pacific Coast Co 1st g 5s
Pacific Gas A El 4s series G
8
J
*100
101
65
68
65%
1946
109m
105%
101M
2d ext gold 6s
1938
Pacific Tel A Tel 3Ms ser B_—1966
Ref mtge 3M8 ser C
1966
Paducah A 111 1st s f g 4 Ms
1955
104m
3b loan ctfs
For footnotes
see
page
1955 F
79.
100%
*82
*
99 m
60
60
92%
82
103
111
102%
95
102%
99
52
105%
98% 104%
*28
108M 108 M
97
101%
59
110
O
«■
•*»
~
-
-
**
-
114%
109
3
120
111
109
*■
»
*
: '
114%
113
125%
111
123%
-
-
6
107%
112% 113
64%
96%
*50%
,
*
78
70
50
52
*109%
-
-
-
60
-
14
60
90
50
97%
108
110%
119%
124%
.
110%
——
*48%
50%
J
*103%
4
10%
13
103%
76
"52* ~ "~85
47
4
13
489
42
9%
75%
108%
88%
45%
11
100
106
5
104%
70
100
76
5%
16
6%
84%
84%
m
J
4l"
104
104%
-
2
5%
85%
28%
90
84
101
75""
126%
D
"75**
*80% ""*8
74 m
74
75%
22
74
93%
92%
44
84%
104%
108%
Gen A ref 4mb series B.....1997 J
J
93%
93%
3
84%
108
Remington Rand deb 4mb w w.1956 IVI
1941
s
92%
91
91
*
IVI N
Revere Cop A Br 1st mtge 4Ms. 1956 J
♦Rhelnelbe Union s f 7s
1946 J
-
-
8
88
115%
112
112
110
212
95
73%
106
37
99%
130%
75
J
Richfield
-
105
106
J
80
84
75
100
100
4
97% 106
4
22
2
18
26%
19
30
19%
19%
30%
30%
30%
99%
26%
21%
*28
♦Rhlne-Westphalla El Pr 78—1950 M N
26%
21%
32
__
29%
19
29
29%
11
29%
29%
87%
89
1952 M N
29%
1953 F
A
1955 A
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
-
115%
78
73%
78
J
♦Rhine-Ruhr Water Service 68.1953 J
74
92%
110
112%
_
O
S
2
19%
100
32
OllCorp—
1952
M
31
84
*104
.92
Rlchm Term Ry 1st gen 5s
1952
J
♦Rlma Steel 1st s f 7s
1955
A
50
50
1
48
60
{♦Rio Grande June 1st gu 6S..1939
D
45
45
1
45
91%
40%
44
8
40%
84
O
19
20%
37
18%
-.1977 M
S
*115
1962 IVI
S
♦Rio Grande West 1st gold 4s.
♦1st con A coll trust 4s A
Roch G A E 4 Ms series D
Gen mtge 5s series E
J
.1939
1949 A
42
s
f 6s
9%
♦Stamped
RR
1st
con
12
4 Ms.—1941
101%
-
1
108%
23
9%
23
*
16
»
-
«•
-
9
10%
13
22
104%
52%
116% 117
107%
8
20%
13
9%
12
109%
28%
25%
32%
10%
34%
9%
11%
17
1947
101%
101%
10
99% 103%
Saguenay Power Ltd 1st M 4%s '66
99%
100
16
97
1
107
112%
96
103%
92
102
10%
s
f deb 4s
St Joe A Grand Island 1st 4s—-1947
St Lawr A Adlr 1st g 5a
2d gold 6s
108
108
*
1966
94
*
1996
97%
....
9%
15
104%
St Louis Iron Mt A Southern—
♦{Rlv A G Dlv 1st g 4s
IVI N
63%
63
43
65
*60
1933
♦Certificates of deposit
80
55
59
89%
88%
14%
48
101%
84
10
106
113%
110% 113%
112%
108%
*10%
94 M
60 M
107% 111%
113%
109
"77*"
75%
J
{♦3 L Peor A N W 1st gu 58—1948 J
St L Rocky Mt A P 5s stpd...1955 J
J
Hen 4s A..1950 J
J
{♦St L-San Fran
pr
♦Prior lien 5s series B
12
15%
77
12
14
11
12%
-
-
«
-
185
62
70
85
10%
10
37%
33%
12%
14
46
11%
36%
12%
10%
12%
57
10%
11%
10
12%
295
9%
10%
9
11
126
8%
33%
33%
30%
1950
♦Certificates of deposit
♦Ctfs of deposit stamped
14%
*65
13%
12%
♦Certificates of deposit
♦Con M 4 Ms series A
A
2
108%
1949
82
100
1
110%
101
♦Rut-Canadian 1st gu g 4s
99% 107%
104 m
109
108%
14
*19
58
17
30
85% 102
75
100m
1
75
26%
109%
32
108%
9%
43
88
106
104%
1948
105%
101M
104m
7
109
113
{{♦R I Ark A Louis 1st 4%S-1934
109 m
85
103%
103m
*103
Panhandle Eastern Pipe L 4s..1952
Paramount Broadway Corp—
b f g
108%
104m
8
3%
112%
♦Ruhr Chemical
103 M 107%
99 M 103%
65
50%
32
124%
124
104
54
58
1964
1st A ref mtge 3%s ser H...1961
1st A ref mtge 3 Ms ser I
1966
Pac RR of Mo lBt ext g 4s
1938
1st M
*52
13
210
J
♦Stamped
Safeway Stores
43
152
4%
1997 J
Gen A ref 4 Ms series A
123
1
106M
16%
10%
O
121%
117m
106%
D
117
117%
104 m
106%
104
J
—
115
*115m
117m
105%
117
87
102
*108
D
{♦Radlo-Kelth-Orph pt pd ctfs
J
for deb 6s A com stk (65% pd)
{♦Debenture gold 6s
1941 J
Reading Co Jersey Cent coll 4s. 1951 A
cons g
J
107
62
112%
104m
{♦Providence Sec guar deb 4s..1957 M N
{♦Providence Term 1st 4s
1956 IVI S
Ore Short Line 1st
J
J
O
1st 6s 1935 extended to 1950
Porto Rlcan Am Ton
♦Rutland
J
119
112%
O
-1960 M S
Port Gen Elec 1st 4 Ms
114
J
129
64
94
1c6%
A
106
1961
115
113%
116
-
5
D
*109m
—1946 J
107
109
-
-
»
D
con
5s_ -.1946 J
-
-
*116%
D
1977 J
Oregon RR A Nav
_
J
1974 J
115
Guar stpd cons 5s
Ore-Wash RR A Nav 4s.
M N
1962 F
115
D
120
1st 4 Ms series D
107 M
.1946 J
A
1st gen 6s series C
110
g 4s.
F
1st gen 5s series B
*111m
111 %
*111
1948 J
1st mtge 4mb series C
Ontario Power N F 1st g 5s. ..1943 F A
Ontario Transmission 1st 5s. -.1945 IVI N
.
110%
33 M
J
..1946 J
-
4s debentures
102 m
101
*96 m
11
109M 109M
108%
102
102%
..1967 M S
A
1959 A
1960 A
1st mtge 4 Ms series B
4s a f conv debentures
Ohio Connecting Ry 1st 4s—, ..1943 M S
69
68
103%
97% 119%
*111%
F
Gen mtge 4 Ms series B
1961 F A
Purch money 1st M conv 5 Ms *64 M N
Gen mtge 4 Ms series C
1956 IVI N
2047
2047
Ref A Impt 4 Mb series A
101
19
26
111
77
*110
D
M N
87
81M
90 M 112M
60
82%
106
108
Republic Steel Corp 4 Ms ser A.1950 M S
72 M
*70
J
83
sale of April 1 '33 to
April 1 1937 Incl coupons..l945
North Pacific prior lien 4s...-..1997 Q
Gen lien ry A Id g 3s Jan
2047 Q
26%
76%
A
Pitta Va A Char lBt 4s guar
1943 M N
Pitts A W Va 1st 4 Ms ser A—1958 J
D
Rensselaer A Saratoga 6s gu...
72 M
70
*70
♦Oct 1937 and sub coupons..1945
♦Btpd
100
125
1
82 M
122
112
101
1957 M
No Am Edison deb 5s
M N
F
1975 A
-.1977 J
Gen mtge 5s series B
Gen 4Ms series C
Purity Bakeries
IVI N
gold
gold
Series I
O
J
95M 109 %
9
32 M
31
8M
99
113
80
75
M N
J
30
10%
Series F 4s guar
Series G 4s guar
A
1942
1942
1945
1949
1953
1957
1960
1963
1964
1970
{♦Postal Teleg A Cable coll 5s. 1953
98
8
100%
108%
110%
*110%
*110%
O
Potomac Elec Pow 1st M 3%s.l966
Pressed Steel Car deb 5s
1951
75
A
108%
*
5%
103
10
O
104
106
10
{{♦Norfolk South 1st A ref 5s..1961 F
♦Certificates of deposit
6s—1941
4%
108M
10
95 %
97%
g
16m
J
CO
105
mt
-
83
91%
105%
15%
3%
J
i08m
O
({♦Norfolk A South 1st
*109
6s..1942
95
95
A
1950
7M
5
98
65
106%
1951 IVI N
1947 IVI N
122
*65*"
65
J
N Y A Rlchm Gas 1st 6s A
N Y 8team 6s series A
9m
-
111%
121%
*
20
6%
107
111%
108% 117%
5
114
94
116%
4
117
106%
1940 A
Pit is C C C A St L 4mb A
37
*97%
14
95%
82% 111%
1
7
117
Pirelli Co (Italy) conv 7s_.
1952 IVI N
Pitts Coke A Iron conv 4 Ms A. 1952 IVI s
114
7M
76%
101%
*109%
A
1949
9%
5m
O
N Y Queens El Lt A Pow
78 m
103
1967
♦Conv deb 6s
22 m
7m
O
A
75%
D
95%
49
109%
60%
115%
105% 123
86% 107
177
80%
75%
80%
100%
18
87%
116%
6%
*105
115% 126
101
101%
*103
F
{♦Philippine Ry 1st s f 4s
1937
PUlsbury Flour Mills 20-yr 68—1943
20 m
M
D
A
60
1977
1981
75m
"21
IVI N
{♦N Y Providence A Boston 48.1942
N Y A Putnam 1st con gu 4s...1993
109%
1943 M N
General 6s series B
Series E 3 Ms guar
{♦N Y Ont A West ref g 4a
116%
60
34 m
16m
1940 A
1927... 1967
♦Harlem R A Pt Ches 1st 4s. 1954
18
11
16%
100
{♦Phlla A Reading C A I ref 6s. 1973
10
19
13
102
84
86m
Ai
1980 IVI
3 Ms deb—1952 J
47
18
6
101%
100%
89% 103 m
57
101m
Phlla Electric 1st A ref 3 Me—1967
18
♦Collateral trust 6s
♦1st A ref 4 Mb ser of
19M
24
91
1956 J
98
18
1948
debenture 6b
106 M
98
17m
1956 M N
♦Conv debenture 3 Ms
105
101 % 108 M
100
106
112%
88%
——1956 J
conv
12
111%
1974 F
Phlla Bait A Wash 1st g 4s
dge
116%
120%
104
let g 4 %s series C
Phelps D
105 M
82
94M 109%
99 M 102
80
93%
100
104%
.100%
*99
1
♦Non-conv debenture 3)48.. .1954
♦Non-conv debenture 4s—.. .1955
♦Non-conv debenture 4s
.
*
{♦NYANE (Post Term) 4s.. .1939
{♦N YNHAHn-c deb 4s_... .1947
♦Non-conv debenture 3%s.. .1947
101%
99 M 107
.
.1973 M N
N Y L E A W Coal & RR 5 %s .1942 IVI N
N Y L E A W Dock A Impt 5s .1943 J
97 M
*102
*
116%
109%
46
90 m
M
April 1990
109
7
94%
111%
4s... 1940 A
cons
4s
8
115
115
106
101
111
96% 106%
112%
108
119%
.
105%
107
109%
-
75
102
94
1943 A
6s
-
--
««
102
100%
28
120%
1970 A
1981 A
1984 J
1952 A
Peop Gas L A C 1st
-
-
80
102
-
-
«
110
95% 106%
82
-
•
101
-
33
87%
114
1968 J
Debenture g 4 Ms
General 4 Ms Berles D
Gen mtge 4Ms series E
Conv deb 3%s
--
104
114
94
1960 F
1965 J
General 4 Ms series A
-
*113
4s sterl stpd dollar May 1 1948
Gen mtge 3%s ser C
1970 A
Consol sinking fund 4 Ms
100%
100%
1943
1948
Consol gold 4s
♦Income
1949
*100
—1981
83 m
79 m
F
A
4 Ms series
107
103% 107 m
80
103%
77 m
96
'
*103
1st M 4mb—1960
96%
103
101% 106%
104
103
49
A
5
103
1944
127
"64 m
80
102%
*
__
Guar 3 Ms trust ctfs D
Guar 4s ser E trust ctfs
High
116% 122%
79%
102
102
2
118%
118%
*
♦Paulista Ry 1st ref s f 7s
1942
Penn Co gu 3Ms coll tr ser B_. 1941
Guar 3 Ms trust ctfs C
1942
1st 4s series B
4 lrfa
37%
77
1965
1966
3)4s
90
12
95 m
95
44
6s.. .1946
N Y A Greenwood L gu g
22
39
83m
N Y Gas EI Lt H A Pow g 5s.. 1948
N Y A Harlem gold
92%
37%
71m
Certificates of deposit
4s
90%
93 m
F
71
37 %
80
A
88% 105%
53
91 %
71 m
7
45
Low
1944
94 m
J
No.
89%
72%
71
5s... 1949
cons
1937
High
.1968
Paris-Orleans RR ext 6 Ms
Par melee Trans deb 6s
Pat A Passaic G A E
Jot Year
Asked
A
88%
88m
1955
1947
conv debentures
83 m
J
1946
A—.1953
1st guar 6s series B...
1953
NY Dock lBt gold 4s
1951
Serial 5% notes
1938
Purchase money gold
Paramount Pictures deb 6a
Range
c2
Friday
Bid
Low
O
A
4s collateral trust
N Y Edison 3%s ser D
Price
J
N Y Connect let gu 4)4s
1st lien A ref 3%s ser E
N Y A Erie—See Erie RR
Dec. 31
1938
••
Range or
Sale
EXCHANGE
Ended
M N
N Y Chic A St Louis—
Ref 5)4s series
STOCK
High
35
*35*'
35 m
30 m
♦1st 4%s series
Low
Y.
Week
28
O
A
♦Certificates of deposit........
♦let 5 Ms series A
1937
1,
1
'
Last
BONDS
N.
for Year
Friday
Bid
32
A
{{♦N O Tex A Mex n-c Inc 5fl—1935
♦let 5s series B
1954
Jan.
Week's
Friday
Range or
Sale
Price
Low
♦let 5a series C
Record—Continued—Page 5
Week's
1978
Volume
New York Bond
146
Friday
N.
Y.
STOCK
Week
EXCHANGE
Ended
Dec.
Range or
Sale
31
Price
A
Low
s f
J
J
81
74
66
29
74J*
223*
653*
153*
54
109 3*
96
"25"
8
45
8%
37
73*
27
101
118?*
113
81
109 H
110
108?* 1123*
1053* no?*
113H
110
*
28
193*
*20
O
25%
N
*14
16
15H
25%
25
110
10
363*
37
27
2?*
48
5
133*
203*
F
A
4
O
7
4%
7H
6
6
1
5?*
20
8
9%
228
63*
23 %
8%
101
63*
22%
♦Certificates of deposit
{♦Alt A Blrm 1st gu 4a
1933 M S
{♦Seaboard All Fla 6s A ctfs—1935 F A
8%
7%
22
22
7
4
5
110
1935 F
A
Shell Union Oil deb 3Hs
1951 M
S
Shinyetsu El Pow 1st 6 %a
1952 J
D
♦
1935 J
J
*98%
S
60%
f 7s
♦Debentures f 6He.....—1951 M
♦Silesia Elec Corp 6 He
Slleslan-Am Corp coll tr 7s
Simmons Co deb 4a
1946 F
5%
3%
07%
08%
120
65
30
143*
93
143*
543*
102
89?*
100
503*
80
76%
82
Socony-Vacuum OH 3 He
383*
1950 A
97
95%
73
183*
*75 H
J
33*
3%
100
60%
A
1941 F
1951
17
68
118
101%
102
1961 M
*107H
108
105
107 %
107%
1947 J
Southern Kraft Corp 4J*0——-1946 J
Southern Natural Gas—
100
09%
*91
1st mtge pipe line 4 He
-1951 A
So Pac coll 4s (Cent Pac coll)-.1949 J
1st 4 He (Oregon Lines) A—1977 IVI
130
983* 102
98
100
AO
893* 1003*
40
943* 1013*
65
99 3*
122
of
103*
10
J
D
1033*
A
O
67?*
67
A
O
M
S
.1945 F
F
A
est g
128
*
.1952 A
.1977 J
18
173*
183*
1938 J
77
80
1023*
106
110?*
1083* 112?*
1043* 108?*
110
1273*
96?* 1023*
117
1233*
106?* 1113*
1053*
1213*
1023*
108""
34
933*
176
883* 1063*
97?*
25
943* 108?*
1073*
19?*
IS?*
45
103*
40?*
75
163*
39?*
102
14
109?*
106
1003*
1113*
98
60?*
25-year gold 5s.
.1951 J
30-year 5s
.1960
355
61?*
126
583* 109 3*
21
58?*
60
♦Westphalia Un El Power 6s.. .1953
"753*
.2361
62
583*
D
59?*
"60 ""
1043*
58?* 1113*
59?* 1073*
21
.1950 IVI N
4 Hs
76
30
100
1213*
*1103*
1073*
903*
913*
963*
963*
1073*
993*
1003*
70
105
.1966 J
90
70
97
101?*
.1961 J
Western Union coll trust 5s
47
1093*
74?*
*107?*
*109?*
E_ .1963 IVI
—
2
62
*1213*
40
66
75
*50
-1907 J
ser
14
76
*
1939 J
1st mtge 33*0 series I
100
41
41
44
93*
17
1033*
67?*
733*
A
.1945
10
76
""743*
39?*
10 3*
133*
103
41
433*
103*
10?*
10
93*
44
93*
12?*
12
123*
deposit-
Gen mtge 33*0
West Penn Power 1st 5s
1st mtge 4s ser H
68?* 1003*
93*
10 H
11
66
603*
6
75
19
25 34
703* 100?*
42
75?*
73%
50%
62%
83?*
87
144
58
Wheeling Steel 4?*s series A.. .1966
62
98
97?*
86
59
1073*
1133*
83?* 1033*
-1981 M N
So Pac RR lBt ref guar 4s
1st 4s stamped
White Sew Mach deb 6s
923*
923*
92
58
62
179
57
923*
61%
97?*
83
{♦Wlckwire Spencer St't 1st 7s .1935
82%
843*
12?*
12?*
133*
12 3*
47
12?*
13
123*
47
Devel 4 gen 6Hs
1955 J
—1955 J
92
91%
82 %
47 H
473*
03
60
65
Mem Dlv 1st g 5s.
St Louis Dlv 1st g 4s
1996 J
East Tenn
lien g 5s
1938 M
S
Mobile 4 Ohio coll tr 4s
1938 M
60%
S
reor
*
1951 J
♦{Spokane lnternat 1st g 5s... 1955 J
Staley (A E) Mfg 1st M 4s
1946 F
2
103
68 3*
J
D
-1943 J
93
106
Tenn Cop 4 Chem deb 6s B
1944 IVI
1944 IV!
39
200
101
853* 1083*
90
66
D
100
105
108?*
11
14 3*
1
101
1013*
17
99?*
*100 3*
100?*
135
58 %
"62""
"62""
106 %
105%
*119%
83
108?*
*
102
7
77%
102
96?*
1093*
113*
106 3*
33
102
103
583* 159
1023* 107?*
115
122
126
115%
1977
"873
87%
1980
Tex Pac Mo Pac Ter 6Hs A.-.1964 M
S
Third Ave Ry 1st ref 4s.
J
"85" "21
"80~
104"
106 3*
117
106
109?*
1183*
108?*
1053* 1113*
115
83
84
108 3*
105?*
100
105?*
105
110
115?*
1103* 128?*
87 3*
83
1960 J
Jan 1960 A
87
88J*
88}*
82
O
87
28%
5%
5s
1937 J
J
75
—1952 J
J
00%
Tol W V 4 Ohio 4s
ser
1942 M
C
Toronto Ham 4 Buff 1st g 4s. .1946 J
Trenton G 4 EI 1st g 5s
1949 IVI
D
603*
D
O
30'
6?*
75
100?*
113
277
i
5
32
——1952 F
7s...
UJlgawa Elec Power
s f 78
.1945 IVI
Union Electric (Mo) 3?*s
.1962 J
{{♦Union Elev Ry (Chic) 5a—. .1945
Union Oil of Calif 6s series A... .1942
3 Ha debentures
107
283*
53*
{♦Wis Cent 50-yr 1st
703*
1970 A
Un Clgar-Wbelen Sts 5s
deb|6Hb
Vanadium Corp of Am
cons g
{♦Vera Cruz 4 P 1st
coupon
gu 4
1013*
90
70 J*
70 3*
1
106 3*
24
off
69
102 3*
80
1043*
763* 100?*
1063* 115
353*
103*
133*
83*
11
7
63*
25?*
73*
7
73*
7
24
98
96
963*
32?*
0?*
*53*
48
7
105
96
current week and not included in the yearly
-i
-V-v
Nosales.
v
■
..'-r"'.
Deferred delivery sale: only
sale; OTily transaction during
{ Negotiability Impaired by maturity
t Accrued
Cash sale; only transaction during current week,
transaction during current week,
n Under-the-rule
r
current
week,
x
Ex-Interest.
a
Interest payable at exchange rate of 54.8484.
If Bonds called for redemption or nearlug maturity.
receivership, or reorganized
securities assumed by such companies
{ Companies reported as being in bankruptcy,
Section 77 of the Bankruptcy Act, or
*
under
Friday's bid and asked price. No sales transacted during current week,
♦
Bonds selling flat.
Deferred delivery sales transacted
z
*
,
,
^
during the current week and not
,
.
.
Included
In the yearly range:
Nosales
■■
Transactions
the
at
New
York
Stock
„■
V
'
Exchange,
Daily, Weekly and Yearly
Stocks,
1937
Saturday
Monday
Tuesday
Wednesday
Railroad A
Stale,
United
Total
Number of
Shares
Week Ended
Dec. 31
Miscell.
Municipal A
For'n Bonds
States
Bond
Bonds
Sales
Bonds
HOLI DAY
HOLI DAY
—.
$996,000
$8,077,000
$537,000
1,357,000
$6,544,000
9.356,000
10,925,000
1,360,120
2.381,850
1,787,000
665,000
276,000
12,500,000
671,000
780,115
5,122,000
3,281,000
689,000
135,000
12,973,000
6,069,000
4,105,000
7,896,015
Thursday
Friday
$35,228,000
$5,096,000
$3,400,000
$43,724,000
——
—
2,460,470
— —
913,460
9
106?*
40
101
1,383.000
Calendar Year
31
New York Stock
1143*
1163*
Week Ended Dec.
Sales at
107?*
8
52
110
53
5
923*
106?*
94J*
106?*
703*
70
69 3*
s
78
73
8
95
78
9
15
7
25
61
8,133,133
409.464,570
496,046.869
$4,320,000
$318,887,000
53,721,000
$348,644,000
346,778.000
2,097,109,000
2,899,372.000
$68,223,000' $2,792,531,000
$3,576,874,000
Bonds
903* 1013*
State and foreign
$3,400,000
5.096,000
913* 1013*
Railroad and Industrial
35,228,000
Government
—
.
———
10,182,000
358,615,000
1053* 109
503*
703*
Total
—
$43,724,000
....
723* 103?*
1143*
108
*1093*
26
1093*
1113* 1163*
7,896,015
Stocks—No. of shares.
103
115
"26" "2
108 3*
109
102?*
1043*
23
106
1703*
100
Stock and Bond Averages
36?*
7
113
1073*
28
28
4
22
333*
28
28
2
233*
323*
28
.1944
92
1093*
15?*
123*
i""3
Cash sales transacted during the
e
23
83*
1163* 1213*
8}*
117?*
108
103%
62
101?* 104
97?*
117
114?*
"0'2%
105
"83*
1961 IVI N
range:
Total
114?*
923*
O
13?*
96
63*
993*
763*
*108?*
"153*
100
107 3*
283*
873*
11
193*
323*
44
88 3*
64
84?* 1053*
84
100?*
84?*
87?*
.1947
86%
87%
50%
503*
503*
15
41
69
.1959
50%
503*
503*
52
41
81
81
84
11
81
Below
are
the
daily closing averages of representative
on the New York Stock Exchange
stocks and bonds listed
compiled by Dow, Jones & Co.:
as
*
673*
.1944
AO
1955 F
A
1957 M N
Ha
123
90
O
conv 5s.1941
4s series A
104
1133*.
114%
ser A... .1947
f 4s series B
119
1
S
.1951
{♦Utll Power 4 Light 5 Ha
{♦Debenture 5s
116
107
S
{ {♦United Rys St L 1st g 4s
J
.1934 J
U S Pipe 4 Fdy conv deb 3 Ha. .1946 IVI N
U S Rubber 1st 4 ref 5a ser A.. .1947 J
J
♦Un Steel Works Corp 6Hs A.. .1951
Utah Lt 4 Trac 1st 4,ref 5s
Utah Power 4 Light 1st 5s
103
1053* 1053*
10234 1073*
1
1944 IVI
f 6 Ha series C
96
88
1083*
2
1952 A
.1953 IVI
United Drug Co (Del) 5s
97
102
83
95
8 J*
35-year 3 Ha debenture
1971 M N
United Biscuit of Am deb 6s... 1950 A O
U N J RR 4 Can gen 4s
51
105 %
Union Pac RR 1st 4 id gr 4s... 1947
1st Hen 4 ref 4s
June 2008 M
1st lien 4 ref 5s
June 2008 M
101?*
98
-1960
4s... ,1949
1st mtge sf 4s serC
73*
101?*
"993*
{♦Wor A Conn East 1st 4 3*8-- Il943
Youngstown Sheet A Tube—
96?* 1013*
963*
106?*
117""
gen
63*
D
♦Certlflcates of deposit..
{♦Sup A Dul dlv A term 1st 4s "'36 M N
♦Certificates of deposit..
463*
1013*
75
96%
J
"7"
D
Winston-Salem S B 1st 4s
73?*
95
.1952
34-year 3 Ha deb
137
*117%
A
s
62
*103%
S
6s.. .1942
.1938
gu
Wilson & Co 1st M 4s series A. .1955
Conv deb 3?*s
.1947
80
1083*
1073* 1103*
104
*104
J
Trl-Cont Corp 5s conv deb A..1953 J
Tyrol Hydro-Elec Pow 7H0-—1955 IVI N
sec 8 f
59%
*101%
*81%
S
I)
.1940 M N
Wllmar A Sioux Falls 5s
Tokyo Elec Light Co Ltd
1st 6s dollar series..
-.1953 J
Tol 4 Ohio Cent ref 4 Imp 3Ha 1960 J
Tol St Louis 4 West 1st 4s_.
1950 A
106
108
*98%
29%
*110?*
106?*
87%
Tide Water Asso OH 3 %a
g
93 3* 105
85%
1979
♦AdJ lnc 5s
{♦Third Ave RR 1st
"18
105
104%
*
2000
Gen 4 ref 5s series C
Gen 4 ref 5s series D
97
*107
.1949
75
40
95
100
108
D— -1966
67
105
♦Ctf dep Chase Nat Bank
J
J
♦Ctfs for col A ref conv 7s A Il935 MN
983* 1063*
100?* 1063*
U5%
105%
1943
Texas 4 Pac 1st gold 5a
Gen 4 ref 5s series B
80
*1063*
*114
-
gold 5s
97
O
Texarkana & Ft S gu 6Hs A...1950
Texas Corp deb 3 Ha
1951
con
ser
*67
RR 1st consol 4s
103
108%
101%
14%
100 H
1123*
853*
1053*
55 3* 1103*
101?* 1053*
79
43 3*
53
s
Term Assn of StL 1st g 4Kb.—1939 A
1st cons gold 5s
1944
Gen refund sfg4s
1953
.2361
Wheeling A L E Ry 4s
1093*
66
21
S
Tennessee Corp deb 6s ser C
Tenn Elec Pow 1st 6s ser A
"l5
82 3*
J
♦Studebaker Corp conv deb 68.1945 J
J
Swift 4 Co 1st M 3 J* 8
1950 M N
Tenn Coal Iron 4 RR gen 5s
J
1951 J
85 J*
52 3*
643*
66%
78%
D
1947 J
Registered
82?* 1023*
99
*
A
Standard Oil N J deb 3s
Staten Island Ry 1st 4Hs
70
81
"W
S-we8tern Bell Tel 3 He ser B...1964 J
D
S'western Gas 4 Elec 4s ser D..1960 M N
-.1961
83
1003* 1003*
.1956 A
—.
103
54
{♦Wlikes-Barre A East
Southern Ry 1st cons g 5s..—.1994 J
Devel 4 gen 4b series A
1956 A
Devel 4 gen 6s
—1956 A
{♦July
11980
10H
deposit..
West Shore 1st 4s guar
O
s
11%
9%
Westchester Ltg 5s stpd gtd_. .1950 J
106?*
92 %
133*
93*
133*
"l2"
40
97?*
66%
1950 A
Cons
12?*
"123*
93*
Wash Term 1st gu
33*s
1st 40-year guar 4s
Funding A real
40
74%
61H
61H
San Fran Term 1st 4s
Vandal la
s
AO
81
713*
99?*
443*
413*
86
1063*
6VA
-1976 FA
Z1978
60
66 H
J
♦Sink fund
*25~"
*
s
97
52
""
*
45
94
-.j.
97?*
703*
75%
1946 J
s
*
J
{♦Warren Bros Co deb 6s
.1941 IVI 8
Warren'RR 1st ref gu g 3 3*8- .2000 F A
Washlngton Cent 1st gold 4s.. .1948 Q-M
1083*
45
45
95
10-year secured 3 ?* s
♦Sec
J
97 %
1968 M
-
Gold 4 He
Guar
39
:
-.1969 Ml N
Gold 4 %a
Gold 4H0
Tex 4 N O
70
34
101?*
101
1073*
64?* 1033*
30
983*
105
64?*
Walker (Hiram) G&W deb
43*s .1945
Walworth Co 1st M 4s
1955
6s debentures
-1955
Warner Bros Plct deb 6s
.1939
101?* 107 3*
1965 F
Southern Colo Power 6s A
1043*
34
West N Y A Pa gen gold 4s... .1943 A
{♦Western Pac 1st 5s ser A... .1946 IVI
♦5s assented..
1946 IVI
102?*
100?* 1073*
118%
67
110
58
69
94
973*
106 H
118%
45
105
.1941
♦Ref A gen 5s series D
♦Certificates
12
103
s
A
Western Maryland 1st 4s_
1st A ret 5 3*s series A
1962 A
1st mtge 4 ref 4a
of
High
8
41%
1043* 109%
36
70
F
♦Certificates of deposit..
♦Certificates
Low
103
IVI^N
823*
763* 1023*
106
South A North Ala RR gu 5s—1963 A
39
1939
♦Ref A gen 4 3*s series C
253*
9%
109?*
453*
1939
Wash Water Power sf5s
98 X
—-1952 A
Skelly Oil deb 4s
South Bell Tel 4 Tel 3^8
Southern Calif Gas 4 He
1966 IVI
No.
*593*
*
J
O
1958 A
1937
Asked
High
45
♦Certificates of deposit.-
353*
16 %
S
2003 J
♦Ref A gen 5s series B
121
13
&
8%
1093*
1955 M N
1949 IVI
♦OmahaDlv lstg33*s
433*
~25
for Year
Bid
D
♦Toledo & Chic Dlv g 4s
.1941 IVI
{♦Wabash Ry ref A gen 5 3*0 A .1975 IVI
44
15
8%
s
.1942 J
♦1st lien g term 4s
1954 J
♦Det A Chic Ext 1st 5s
.1941 J
♦Des Moines Dlv 1st g 4s.— .1939
43
273*
Range
Friday
Price
ft.
1st cons 5s
41?*
28
*115
O
O
Range or
Sale
31
Virginian Ry 3 ?*s series A
{{♦Wabash RR 1st gold 5s.
115
16
O
1945 M S
{Siemens 4 Halske
Dec.
Virginia El A Pow 4s ser A
Va Iron Coal A Coke 1st g 5s..
Va <fc Southwest 1st gu 4s
793* 103?*
109 H
♦Certificates of deposit
♦Series B certificates
Last
EXCHANGE
Ended
Low
124
--1959 A
6s series A
STOCK
♦Vertlentes Sugar 7s ctfs
106?*
*112?*
Week's
Hioh
100
101
J
Oct 1949
{♦Refunding 4s
cone
17%
7
Low
110
J
J
—
♦1st A
12
81
109 H
M N
A
♦Stamped......—.-.——
Scioto V A N E 1st gu 4a
1989 M
§ {♦Seaboard Air Line 1st g 48.-1950 A
{♦Gold 4s stamped
1950 A
♦Adjustment 5s
Y.
Week
118J*
118H
1946 A
6?*s series B
N.
♦2d gold 5s
1946 J
♦Stamped... —„——
♦Guar
25
8 H
for Year
101
Santa Fe Pres A Pben let 6b. .1942 M S
{♦Schulco Co guar 6Hs
80%
*0%
1940
—1972
E 4b—1965
12
*100
S A A Ar Pass 1st gu g 4s
1943 J
San Antonio Pub Serv 1st 68.-1962 J
San Diego Conaol G &
No.
68 H
15 H
17%
{♦St Paul A K C Sfa L gu 4^8.1941
St Paul Minn A Man—
St Paul Un Dep 5s guar
High
22%
{♦St Paul E Gr Trk let 4H8--1947
{Pacific ext gu 4s (large)
79
BONDS
1937
29
25
♦Gen A ref g 5s series A
1990
St Paul A Duluth 1st con g 4s--1968
s!S
Asked
66
J
{♦1st terminal A unifying 68.1952
6
Friday
Range
Friday
Bid
{St L SW 1st 48 bond ctfs.-—1989 M N
♦2d g 4s lnc bond ctfs...Nov 1989 J
Record—Concluded—Page
Week's
Last
BONDS
1934 J
J
J
J
:
'■
*109 3*
Stocks
110
10
13*
4
20
Total
10
First
Second
10
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
53*
4
20
Rail¬
trials
1133*
10
30
Indus¬
Date
1073* 111
1?*
Bonds
10
111
*110
13*
!
61.01
103.30
Total
93.00
Dec. 31.
120.85
29.46
20.35
40.30
104.43
103.25
Dec. 30.
121.56
29.38
20.35
40.43
104.34
103.29
60.86
103.16
92.91
Dec. 29.
120.15
29.15
19.88
39.92
104.15
103.31
60.16
103.04
92.67
Dec. 28.
118.93
28.91
19.97
39.62
104.15
103.30
61.10
103.19
92.94
Dec. 27.
123.45
30.49
20.56
41.21
104.31
103.34
61.99
103.51
93.92
Dec. 25.
HOLI DAY
New York Curb
80
Exchange—Weekly and Yearly Record
Jan. 1, 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
NOTICE—Cash and
regular weekly range are shown in a footnote in the
week In which they occur.
No account Is taken of such sales In computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
week beginning on Saturday last (Dec. 25, 1937) and ending the present Friday (Dec. 31, 1937).
It is compiled entirely
from the daily reports of tne Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any
dealings occurred during the week covered:
Bales
Friday
Par
Week's Range
for
SaU
of Prices
Low
High
Week
Pried
20
Aero Supply Mfg class A. *
Class B
*
Acme w ire v t c com
24
e*
1
*
Air Devices Corp com
common...*
Investors
*
Conv preferred
Warrants..
1,800
6%
%
3,200
2,300
5*
%
Oct
14
7
Southern..60
Week
Par
Oct
56*
24*
6*
Sept
Mar
May
Jan
Blue
Ridge Corp
38
Dec
22
Feb
7% 1st preferred
Oct
4
May
500
200
7
1,200
Dec
6*
34*
1*
Dec
Sept
*
Jan
Jan
Jan
Breeze Corp
.1
Brewster Aeronautical...1
S3 conv pref
Allied Products com
"* ""*
10
25
Class A
Aluminium Co common..*
6%
12*
75
250
12*
81*
1,700
15*
~67~
Aluminium Ltd common.*
8*
Dec
Feb
Mar
Mar
Jan
Feb
'is"
Oct
14*
Dec
14
T050
55*
97
Nov
140
Mar
Dec
131
May
~T* "9*
"2,000
7*
Oct
32*
Jan
400
*
Dec
3*
Jan
*
Amer Box Board Co com.l
Oct
Nov
1
110
48
Dec
75
7*
48
1,600
5
Oct
24*
3
1,700
Dec
11
50
7
Mar
Apr
American Capital—
Class
common—10c
10c
A
3
2%,
Common class B
$3 preferred
*
15.50 prior pref
*
Amer Centrifugal Corp... 1
Am Cities Power & Lt—
Class A
:—25
*
'23"
23
61
1*
100
50
4,100
1*
25
1,000
1,300
3,900
26
22*
2*
22%
Amer Foreign Pow warr_.
1*
Amer Fork A Hoe com—*
*
Amer Gas A Elec com
21*
1*
11
26%
24
*
109
109
10c
1
1
4
4
Preferred...
American General Corp
Dec
42
01
Dec
89*
Mar
Oct
5*
July
1*
Dec
1*
Feb
Feb
24*
23*
22*
Oct
Nov
41*
Jan
47
Jan
3
23
9,900
3,000
Deo
1*
10*
Nov
8*
85
Amer dep rets reg
British Celanese Ltd—
20*
CJasa B
5 Brown Co 6 % pref
100
Class A pref
86 preferred
Brow n Rubber Co
Bruce (E L) Co
Bunker Hill A 8ulllvan 2.50
Jan
Burco Inc common
99
Oct
4
Nov
Jan
Mar
12
22 *
19*
300
1*
100
650
22*
5*
1,525
2*
5
83 convertible pref
1,700
350
36*
Feb
Oct
42
Feb
8
Oct
32
Jan
Amer Invest (111) com
20
20
100
*20
May
37
Mar
16
16*
400
14
Oct
38
Feb
10
Oct
Jan
Jan
3*
Mar
1,700
20
75
Amer Maracalbo Co
1
..*
Amer Meter Co..
*
*
7,400
2,500
Oct
15
Oct
26*
28*
54*
79*
13
19
Oct
82
19
23*
19*
Dec
*
22
Sept
Amer Pneumatic Service.*
Amer Potash A Chemical.*
American
27
27
10
2
Superpower Corp com*
Republics
7*
Amer Seal-Kap com
6*
*
Am
1st preferred
*
Preferred
*
American Thread pref
Anchor Post Fence
28
7*
5*
*
200
8,600
0*
6*
1*
1,000
3
75
200
12*
16
2,600
Angostura Wupperman._l
Apex Elec Mfg Co com...*
Appalachian El Pow pref.*
3*
8*
101
*
Carib Syndicate
Nov
10
Dec
Carman A Co class A
10*
Jan
3
Jan
Carnation Co
99
Jan
59*
*
Jau
Oct
Feb
1,300
Oct
42*
120
100*
Oct
110*
Jan
10,500
7,200
23,600
1,200
*
Dec
3
Feb
Arkansas Nat Gas com...*
3*
3*
6*
3*
3*
5*
3*
3*
2*
Oct
2
Oct
4*
Feb
14%
3
.10
Arkansas P & L %7 pref...*
Art Metal Works com
.5
Oct
66*
Oct
96
Jan
87 di
4*
Oct
Feb
1st preferred
3*
3,600
1*
Oct
15*
8*
~
1
3*
Jan
Jan
Industries
Amer deposit rets
Assoc Gas & Elec—
£1
Common
l
15 preferred
11
l
Class A
*
11
200
*
1*
1
7
8*
9*
Nov
*
ht
M
Oct
3
Jan
1
Oct
5*
Jan
5*
132
Oct
OCt
39*
Jan
Dec
1*
Sept
600
1*
9,200
2,800
6,900
Assoc Laundries of Amer.*
*
Atlanta Birmingham A
Coast RR Co pref...100
Oct
36
Dec
20
Oct
150
90
Oct
12*
1*
14*
1*
3*
27*
"*
*
9
Dec
90
4,000
3
Oct
13*
Feb
380
20
Oct
57*
Mar
1
8,600
1,400
I
Automatic Products..
7i»
6
1*
7*
Automatic Voting Mach.
Avery (BF)
5
10,200
1,600
1,100
«
Oct
Dec
5i«
Dec
1*
Dec
6*
Oct
4
29*
3*
Sept
Jan
Mar
Mar
1*
7*
6*
7*
7*
600
Oct
11*
16*
13*
80*
15*
82
490
13*
Dec
43
725
60
Oct
156
Jan
1*
6
9
Feb
81*
3*
7% preferred..
30
Baldwin Rubber Co com.l
Bardstown Distill Inc
Barium Stainless Steel
1
Barlow A Seellg Mfg A...5
"~6*
"2*
.....
Bath Iron Works Corp..
51.50
3*
14
6*
1*
2*
7*
4*
4*
Baumann (L) A Co com.
7% 1st pref
Beaunlt Mills Inc
3*
14*
7
1*
2*
7*
6*
4*
9,400
200
Dec
Oct
5
"§*
com
15
Aug
Oct
5
Mar
8
Feb
100
7*
Dec
21
Feb
3,000
3*
Oct
4*
Dec
800
3
103
Jan
Dec
zl8
May
*
Oct
1,500
7*
Dec
1,200
1*
2
Oct
5*
Nov
113*
June
*
10
700
1
10
4
'
10
3,600
200
*
9
Dec
Oct
Oct
2*
15*
37*
Jan
Feb
Mar
Feb
8
1,400
com
6*
12
Bliss (E W) new com
6*
Bliss A Laughlln com
6*
16
85.
7*
18*
3,500
175
4*
15
Oct
14*
July
Sept
Oct
15
Oct
24*
Oct
41
Jan
20*
Nov
5*
32*
Feb
Feb
Feb
Aug
Mar
Oct
20
175
14*
Oct
4
400
3*
Oct
1*
10*
1*
1,700
2*
*
Oct
Oct
31*
8*
7*
3*
6
Oct
23* May
"3* ".3*
"""160
11
3*
1*
8
10*
1
1
600
19
900
19*
Wk
86*
30
1
20
80
80
31*
6*
"n*
26*
.6*
10*
2*
2*
2*
28*
9,300
1,900
Jan
Oct
26*
8*
July
July
19
Oct
Feb
75
Sept
102*
97*
67*
Aug
14*
38*
Feb
Feb
42*
10*
July
23*
6
Oct
Oct
10
Oct
June
2
Oct
69
Dec
Oct
100
3
22
Dec
Dec
500
*11* zl2
aril *
86
6*
6*
79
1*
170
90
6*
900
Jan
Jan
June
15
Mar
57
Mar
105*
Mar
82*
6*
Dec
19
96
Feb
Nov
90
Dec
22*
91*
Apr
Dec
50
74
Nov
1,800
79*
124
Jan
Oct
74
90
Jan
3*
Oct
*
25
4*
22
35
Oct
78
69
4*
22
22
Jan
Oct
300
69
Jan
3*
28
69
Jan
2*
7,000
1,300
12
Feb
Oct
2,100
85*
Mar
*
1,900
15
1
Jan
Oct
Feb
Jan
1*
*
2
10,000
*
Oct
4*
*
7
1,600
2*
Oct
27*
15
600
7
Oct
52
Jan
2*
Oct
33*
Jan
26*
*
5*
3*
150
3
Oct
600
2*
Oct
6
800
6*
Centrifugal Pipe.
Jan
Jan
Jan
7
Mar
Chamberlin Metal Weather
Strip Co
Charls Corp
-
-
-
6*
-
....
-
15*
99
5
Dec
19
May
100
6*
Dec
16
75
16*
27*
Sept
100
15*
95*
Dec
100
5
5
10
Cherry-Burrell com
6
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
39*
500
32
Oct
9*
1,200
1,000
7
Oct
»i«
*
Preferred
27*
1*
33*
1*
35
44*
3*
38
38
*
Preferred BB
*
City Auto Stamping
*
City A Suburban Homes 10
Clark Controller Co
1
Claude Neon Lights Inc._l
3*
3*
9
it
2
*11
Sept
2*
Feb
Dec
Oct
92*
5*
Apr
1*
15
Oct
60
1*
13
Oct
40
150
24
Nov
33
35
75
28
6,800
4
3
Sept
17
17
1*
1
1*
200
17
Oct
Feb
Dec
40
Apr
Oct
16
""I*
"2,200
Oct
2
3
Oct
9
2*
Feb
Mar
Jan
Jan
Aug
Apr
Mar
*
Oct
8*
0*
Dec
22
4,800
3
Dec
9*
8*
4*
24*
74*
Feb
5*
3,500
104*
10*
Jan
2
Sept
3
2*
2*
Oct
2*
Oct
4*
50*
53
200
41
Oct
57*
4*
Colt's Patent Fire Arms. 25
Columbia Gas A Elec—
Conv 5% preferred..100
Columbia Oil A Gas
1
Feb
15*
4*
Dec
2,100
£1
.
76
30*
550
4*
Cockshutt Plow Co com
Cohn A Rosenberger Inc.*
warr
Feb
3*
10*
48*
31*
"T
79*
Oct
3
Cllnchfleld Coal Cor p.. 100
Club Alum Utensil Co
*
Jan
Jan
4*
4*
Jan
58
*
30*
*
Jan
Jan
5*
9,100
Clayton A Lambert Mfg.
Cleveland Elec Ilium
Cleveland Tractor com
Oct
150
4*
Apr
76* May
18* July
27*
40
4
Feb
750
33
4*
123
48,700
33,100
1,500
39
33
Cities Serv P A L 87 pref. *
86 preferred
*
Columbia Pictures
Oct
8*
7i«
39
59
226
57
Sept
3*
4
17,900
3*
2*
29
com
Commonwealth Edison..25
7*
Mar
Oct
4*
3*
6% conv pref.
Colorado Fuel A Iron
Oct
*
Jan
4*
50
Mar
Feb
Mar
1*
9*
125*
5*
19
Jan
38*
*
5*
8
9*
Colon Development ord...
Sept
Jan
Aug
Oct
12*
Sept
Dec
Feb
Mar
Oct
Conv preferred
..100
Conv pref opt ser '29.100
170
Dec
5,900
Aug
4* May
18* July
8* Mar
3
30*
com
27*
10
5*
*
see page
July
1*466
16
12.50 conv pref
...»
Birds boro Steel Foundry A
For footnotes
Apr
158*
Purchase warrants.
Blauner's
11* June
11* Aug
6
3
1*
13*
Berkey A Gay Furniture. 1
Machine Co
Dec
Oct
....*
*
17
Oct
22*
1*
Canada..... 100
Bell Tel of Pa 6* % Pf-100
Benson A Hedges com
*
common
Sept
1 *
IK
200
200
Bell Tel of
Bickfords Inc
10*
10
Mar
20
18
100
Oct
Nov
Dec
Jan
Sept
*
1,400
100
Chllds Co preferred
Cities Service common
80
10
pref.
20
Beech Aircraft Corp
1
Bell Aircraft Corp com..
Conv pref:
2
SB
1*
2
Apr
Apr
12*
Oct
Feb
300
100
Jan
5
1,300
conv
Bellanca Aircraft
warr
Aug
5,700
100
com..
Cent PAL 7% pref
100
Cent A South West Utll 50c
Cent States Elec com
1
Preferred B
Purch warrants for com.
70
300
2*
4
Axton-FIsher
TobaccoClass A common..... 10
Babcock A Wilcox Co
*
Baldwin Locomotive—
Cent Hud G A E com
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Chic Rivet A Mach
Chief Consol Mining..
Mar
zl5*
28*
12*
2,700
Aug
Mar
June
51*
25*
100*
31*
*
7% preferred
3*
30
9
*
preferred
Feb
11
3
v
0% pref without
* May
85
3
Feb
Feb
9*
500
2*
7% 1st partlc pref
100
Celluloid Corp common. 15
Jan
80
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..50
Austin Silver Mines
Mar
»i»
1
Atlas Corp warrants
Atlas Plywood Corp
13*
*
1*
7*
Option warrants
V t c common
Castle (A M) com
...10
Catalln Corp of Amer
1
Celanese Corp of America
V.ioo
6*
Feb
2*
39
Oct
32
*
common
6
*
Oct
""266
*
com
J
Carolina P A L 87 pref...*
86 preferred..
*
Carrier Corp
*
Carter (J W) Co common. 1
Casco Products
*
12*
13*
10*
Feb
4
300
Carnegie Metals
Oct
2*
8*
Dec
200
100* 101
*
Oct
Jan
19
9
..25c
Class B
Dec
*
75
Nov
Sept
21*
1
Apr
Jan
9*
»i«
Elec
Capital City Products
Oct
103
*
Associated
Jan
Dec
700
6u
Ashland Oil A Ref Co
2*
1
4
(Arcturus Radio Tube...l
Preferred
Jan
59
1
Oct
*
6*
3*
"T* "T* """066
*
B
non-voting
Canadian Marconi
Mar
63
Oct
33,400
75
13*
2*
Feb
Cables A Wireless Ltd—
Oct
25
9*
6
Common class A
Oct
32
37
Canadian Indus Alcohol A*
12*
Jan
Oct
21*
Canadian Car A Fdy pfd 25
23
12*
33
Oct
Calamba Sugar Estate..20
Canada Cement Co com..*
Apr
25
Mar
Dec
36
Amer dep rets pref shs £1
25
Mar
25*
60
Burry Biscuit Corp._12*c
Cable Elec Prod vtc
*
0% preferred
Mar
Mar
Dec
Burma Corp Am dep rets..
27
300
Amer Mfg Co common 100
Preferred
100
Feb
12*
31
25
*
11
Amer Lt & Trac com
77
Jan
Feb
Feb
Mar
20*
2
*
25*
*
Amer Laundry Mach___20
Apr
Oct
Warrants..
10
Oct
Aug
Oct
20
*
24*
22*
Dec
May
5*
21*
108*
3*
7*
10*
8* May
6
50
Amer Hard Rubber com.50
12 preferred
12.60 preferred
Oct
Oct
Oct
33
1*
1
com
Feb
825
4*
26*
*
Jan
3,900
110
700
*
Aug
24
700
1,600
Oct
Mar
Mar
25*
26*
Brown Fence A Wire com.l
Oct
48*
112*
1*
2*
16*
*7*
1*
22*
*
Buckeye Pipe Line
Oct
*
28
Buff Niag A East Pr pref25
85 1st preferred..
*
Dec
Dec
3*
18*
Am dep rets ord reg.-lOs
British Col Power class A.*
Jan
11
85
£1
Aug
21*
100
Oct
200
Am dep rets ord bearer£l
8
1,000
Oct
Jan
Jan
30*
14*
16
37
4*
Oct
1,900
7
Jan
Mar
Jan
19*
37
Oct
2
.
Oct
1
3
900
9*
8
Dec
1,200
Jan
British Amer Tobacco—
Dec
9,300
1*
11*
27*
300
4*
91
1*
2
17*
*
7*
2*
32*
"""600
3
25
2%
A. 10
10
Mar
2*
*
20*
Dec
12*
6*
*
.
Feb
Oct
British Amer Oil coupon
Registered
Jan
19
Oct
*
•
Class A
60*
Oct
*
Brown Forman Distillery. 1
1
Class B
23
61
Class A with warrants 25
Amer Cyanamld class
Class B n-v.
100
*
85
7 % preferred
100
Brlllo Mfg Co common...*
11
Oct
3*
5*
3*
Brill Corp class B
Class A
26*
177*
119*
17*
12*
72*
6*
.....
9
Bright Star Elec cl B
Jan
Jan
Jan
Dee
8*
100
July
4*
48*
43*
9
2*
*
♦
Preferred
16*
Jan
"72*
American Beverage com.. 1
Machine
24
300
15*
Bridgeport
Dec
105
100
American Airlines Inc... 10
100
Mar
Jan
200
105
105
Aluminum Industries com*
American Book Co
2*
4*
12%
70
Aluminum Goods Mfg...*
0% preferred
Jan
5*
Dec
Sept
Oct
5
100
preference
*
10*
5*
Dec
1
Nov
Oct
4
1,000
*
1*
Jan
77
High
Oct
"3* "3 H ""166
12*
June
87
Oct
Low
1*
34*
11
100
80
Oct
50*
2*
400
50
100
Dec
65
10
"466
50
9*
2d preferred
49
50
51
2%
3
7% 1st preferred
50
65
2%
1,900
9*
Brazilian Tr Lt A Pow...*
49*
51
2*
600
37
5*
Bowman-Blltmore com...*
02
com*
1,900
2*
25
{Botany Consol Mills Co.*
Bourjols Inc
Jan
1*
Shares
100
49
Alliance Invest common..*
High
5
514
Borne Scrymser Co
10 preferred.
—A lies A Fisher Inc com...
Allied Internat Invest
Low
1%
36*
S3 opt conv pref
*
Blumenthal (S) & Co
*
Bohack (H C) Co com...*
Ala Power 17 pref
Alabama Ot
Price
1
com
Feb
»ie
1%
for
of Prices
5*
*
1*
H
Week's Range
Bale
.in
14%
1%
'ilH
........ ---
Range for Year 1937
Last
High
Dec
24
16
"Ik "3 h
Alosworth Mfg common. .5
Air
75
1
Agfa Ansco Corp com
Low
Shares
25
Sales
Friday
STOCKS
Continued)
Range for Year 1937
Last
STOCKS
25
26*
Oct
Mar
Feb
Feb
Feb
Apr
Jan
June
39
Jan
33
Aug
6,100
20*
Oct
12,400
100
*
Sept
»-
Commonwealth A Southern
Warrants
Common w Dlstribut
*
ui«
l
Community P A L 86 pref *
Community Pub Service 25
Community Water Serv_.i
20
18*
*
11x«
22*
18
20*
*
*
i«
150
'js
Jan
2*
Jan
*
64
Oct
1,300
500
Oct
Oct
34
Oct
2*
Jan
Jan
Mar
Volume
New York Curb Exchange—Continued—Page 2
146
Friday
STOCKS
Week's Range
Last
(Continued)
Sale
Par
Price
oj Prices
High
Low
Range for Year 1937
for
Week
Low
Shares
Cities Service Co.
High
Compo Shoe Mach—
v
Common
t c ext to 1946
13
12X
600
13
Oct
17X
38
Oct
BOUGHT—SOLD—QUOTED
S3 preferred
Consul Biscuit Co
5
38
•
Consol Copper Mines
1
2X
354
Oct
11
Oct
11**
89*4
3X
300
4
4*4
28,200
Consol GELP Bait com *
62
63 X
1,200
60
Oct
100
114
30
110
Oct
Consol Gas Utilities.
3X
"1%
114
1
Consol Min & Smelt Ltd .5
Dec
IX
Oct
3,500
2X
Oct
6954
»,«
Oct
3,500
58
54
3
250
3X
1,400
100
Consol Royalty Oil-----10
Consol Steel Corp com—*
"lX "ix """200
"3H
Cont G A E 7% prior pf 100
Continental Oil of Mex—1
Cont Roll A Steel Fdy—*
3X
76
"~5~X
Continental Secur Corp.-5
Cook Paint A Varnlsn
*
3%
76
"l"x "o" "4",300
4
4
8X
9
200
7X
Oct
Oct
8X
115
9", 100
4*4
iox
3X
17X
102X
2X
20X
15
IX
60
10 H
Oct
Oct
34
20X
Oct
38 X
Oct
20
—5
23
Crocker Wheeler Elec
*
6
Croft Brewing Co
Crowley, Milner A Co
1
♦
Vs
3X
3X
100
Crown Cent Petrol (Md)«5
Crown Cork Internal A.-"'
"fx
4*4
4*4
1,600
994
IX
9%
9x
IX
100
Crown
Drug Co com..26c
Preferred
;
26
21*4
6
24*4
6X
12,200
2,100
X
2,600
X
1
3
3*
4X
8*4
1
5,800
com....
Dec
Dec
Oct
3X
3H
Cuneo Press Inc
X
Oct
Nov
Dec
Derby Oil A Ref Corp com*
3*4
*
*T
13X
1H
1
13X
IX
2
~~2~x
16
2
15*4
33
Dec
Dec
Nov
87
May
Oct
100
52 X
Nov
300
7*4
Dec
Nov
IX
Oct
500
2
Oct
1,900
2,100
2
Dec
15
Oct
89
July
Aug
195* May
20
Feb
3X May
11
Feb
10X
Jan
64
Feb
16*4
14*4
IX
100
Oct
Dec
16
Dec
49X
Dec
14
Oct
Dec
"i~X ""lX T.SOO
65
65
"ox
X
6X
Duval Texas Sulphur....*
8
7X
IX
62
25
Oct
Oct
35**
28*4
17**
100
July
Aug
Mar
Apr
Sept
60,
8X
8X
*
2X
2X
9
49 X
~27~~
Malleable Iron. 25
25X
2%
51*4
28 X
IX
96
42**
111
65*
79
$3 preferred
800
25X
Mar
Mar
Jan
Feb
Dec
71
Jan
Dec
26**
6X
82**
82**
13X
Feb
Oct
Dec
16
Dec
2,200
3
Oct
Jan
Jan
Jan
Nov
23
Jan
ux
500
10
Oct
24
Mar
ix
ix
800
Oct
8X
8X
9X
79,200
X
5X
47 X
4X
28**
*
50
60
53
*
"ll"
55 X
69 X
3,400
1
3*4
2X
2X
3X
3X
32X
3,900
3,100
l
Elec P A L 2d pref A
Jan
IX
12X
*
Option warrants
4*4
28X
4X
700
9/0
1,900
5
12 X
Oct
Jan
80
Jan
Feb
Oct
87**
Jan
2X
Oct
11**
Jan
IX
Oct
95*
Jan
50
22
Nov
Oct
2X
80
Jan
Oct
14
Jan
1
$6 conv. pref w w_.
*
Elec Shovel Coal 14 pref..*
10
~77~~
Oct
IX
20
Oct
Oct
Oct
60
Jan
50
25X
Oct
72**
Feb
Oct
74
Feb
~40"
"250
20 X
24
41
69
75*
985*
22**
175*
5**
40**
22 X
IX
450
2X
2,200
77
400
Electrol Inc vtc
1
IX
Oct
"ix
IX
22 X
15
800
IX
23
225
Empire Dlst El 6% pf.100
Empire Gas A Fuel Co—
60
Get
5
Electrographic Corp com.l
100
100
100
39
Oct
Jan
Jan
Feb
Feb
Mar
Mar
36
8
X
Esquire-Coronet
..1
Eureka Pipe Line com...50
600
8X
"1.
77
Mar
Oct
81
Feb
Nov
7
16,800
10
9
Oct
26
22
36*4
8% preferred..
Empire Power part stock.*
Emsco Derrick A Equip..6
Equity Corp com..
10c
600
Oct
X
8
Oct
31**
195*
25*
Feb
Mar
Jan
Oct
24X
Feb
38**
10
32
July
Aug
""166
11**
Nov
Oct
47**
Feb
*18
*
X
100
3
~9X
hi
2,000
h*
Oct
X
7X
«16
7,600
X
Aug
7X
100
5
Oct
9X
10 X
5,000
7
Oct
3X
900
IX
Oct
Falrchild Aviation
1
Falstaff Brewing
1
Fanny Farmer Candy.
Metallurgical..
Feddere Mfg Co
1
ox
19X
5
4X
7X
Ferro Enamel Corp
1
3
Fansteel
7X
21
500
7
•'
21
5
Hartford Elec
Light—.25
1
Hartford Rayon vtc
5,700
5
Oct
15
Jan
500
24
Oct
51
Feb
12**
1,600
3954
Feb
2X
19
16
9,000
ai#
2X
19
**
X
45*4
120
31**
5X
3
37X
X
35**
3,400
X
1,000
11,700
250
48
120**
31**
100
100
35*
*4
38**
11
11*4
""53"
ix
1
4
Heller Co
1
1*4
*4
Preferred
X
50
45**,
Dec
Oct
Jan
Jan
128
Feb
47
Apr
Oct
27
16*4
Oct
X
33
Dec
Oct
6
l
Mar
Jan
1*4
63*4
Nov
90
Nov
95
7
300
Jan
Oct
1169*
67
i~66o
Jan
Jan
117*4
Dec
2*4
II
Oct
Dec
Sept
M
24
T
"""50
154
2,700
IX
•200
X
1.50C
1,500
**
Oct
4
3**
Dec
15
7
Oct
1
1*4
4X
16*4
30
30
63
Deo
Dec
Oct
8
Oct
Dec
52
55*
Oct
45*
6 J*
Oct
Dec
25*4
9*4
4**
20
Oct
Oct
15*4
6*4
....
7*4
7
600
2,100
5
100
.
9*4
30
8,600
OX
Dec
11
10*4
28*4
1654
47*4
6
65*
35
37
200
31
37**
38
IOC
36
Jan
45
10
8C0
8
Dec
35
12X
900
9
Oct
10
Oct
55*
15?*
Oct
15*4
33*4
11*4
22*4
Holllnger Consol G M_.
Holophane Co com
»
Holt (Henry) A Co cl A.
Hormel (Geo A) Co com
Horn (A C) Co com
.1
8
12X
4
Smelt—*
Humble Oil A Ref
G5X
Hummel-Ross Fibre Corp 6
Hussman-Llgonler Co.
22
5
98
Nov
Dec
2*4
375
18 *4
Oct
96
Dec
20
10** 110**
235*
67 H
45*
5X
215*
63**
13
_
800
100
4
23**
96
6% preferred.... -.100
Hubbell (Harvey) Inc.—5
Hud Bay Mln A
12X
7X
23**
*
9
4154
112
16*4
333
10**
Dec
10,700
4,100
15*4
54*4
4*4
Oct
42
Nov
87
2,900
100
13
Oct
Oct
12*4
Dec
13
23
JHylers of Delaware Inc—
1
5*
**
75*
75*
300
X
500
7% pref stamped....100
7% pref unstamped.. 100
Hydro Electric Securities.
Hygrade Food Prod
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co...*
3X
15*
34**
3
13**
5
9**
Illinois Zinc
1
35
35*
15**
5**
10**
1,900
1,000
1,700
700
2
Feb
27*4
Feb
26
Apr
13
Feb
8
Oct
3*4
9*4
Oct
554
Jan
53*4 Mar
11*4 May
3354 May
13*4 May
Deo
34
Oct
Dec
Oct
July
Sept
62*4
Feb
8?*
Dec
954
24*4
Mar
Mar
17
17**
2.50C
175*
135*
175*
135*
100
14*4
14*4
Oct
Oct
24
Feb
700
1254
Oct
15
Mar
35*4
1,100
5*<
10*4
10*4
Oct
Oct
Oct
Oct
44*4
7*4
175*
175*
50
84
Oct
1
400
1
Dec
IX
100
1*4
Dec
*4
6*4
Oct
Oct
Ireland..£1
Oct
Nov
IX
34**
2*4
50
Imperial Tobacco of Can. 5
Imperial Tobacco of Great
10
6% pf.100
7% preferred..
.100
Indpls P A L 6** % preflOO
Oct
5*
500
200
Imperial Chem Indust—
Am dep rets ord reg_.£l
Britain and
Oct
Nov
4
34 X
"5**
Imperial Oil (Can) coup..*
Registered
*
Dec
6
8
.50
Preferrred
Ctfs of deposit
Oct
3X
Dec
200
11,200
25
ww
15X
41
4**
Heyden Chemical
10
Hires (C E) Co cl A
*
Hoe (R) A Co class A... 10
Hewitt Rubber com
1,300
2,300
50
54
Oct
5
Oct
4
Indiana Service
57 X
...100
33*4
4*4
18*4
2254
Aug
Dec
_54~~
3*4
15*4
5*4
Indiana Pipe Line
100
Dec
X
8
2
com
Oct
6,300
155*
3
Class A
Dec
*16
Apr
*
Helena Rubensteln
7X
OX
38
Feb
18*4
17*4
Hazel tine
600
54X
Feb
Dec
8
1
8X
X
107
X
27*4
7H
500
.....
""fx "fx
....
*
Dec
5X
Oct
Sept
** June
27** Dec
2**
Dec
20**
Dec
1,100
6
~
Hat Corp of Am el B com. 1
4X
52 X
9X
78**
.—
Hartman Tobacco Co
16X
1
Feb
5X
Hamilton Bridge Co com.*
100
1
28
85
..1
Gulf Oil Corp
600
10
45*4
12*4
Dec
28**
**
100
25
*
Grocery Sts Prod com..25c
4X
22
20
Feb
Oct
7*4
5
Illuminating Shares el A.*
European Electric Corp—
Option warrants..
Jan
Nov
16
11
7% 1st preferred
Common..
39
.100
Apr
Apr
27
5X
Gt Northern Paper
Greenfield Tap A Die
Horn A Hardart
Shareholding—
Common
1154
3654
95*4
5
•
Non-vot com stock
Haloid Co
IX
16
2
Oct
55
*
Feb
7
125
Elsler Electric Corp
1
Elec Bond A Share com. .5
Dec
Sept
Gorham Mfg Co—
Corp:
Hearn Dept Store com..5
6% preferred.
60
Hecla Mining Co
26c
Dec
200
3X
J*
65
Oct
38**
*
Feb
Jan
Jan
May
17X
4X
1254
ux
"fx
Jan
Feb
Nov
"ex
50
Jan
49 X
17X
16 preferred..
Goodman Mfg Co
Gorham Inc class A
80
325
16
Class A
50
75
*
Jan
Oct
16
*
Fire Association (Phlla)
$7 preferred.
10**
4,300
Feb
6
Goldfleld Consol Mines..!
Oct
Oct
$6 preferred series B
Fldello Brewery
*
Oct
7
IX
Oct
"~7~X "7X
Godchaux Sugars class A.*
Class B
*
7
Dec
4
3X
$7 preferred series A...*
Flsk Rubber Corp..
Glen Alden Coal
2
25
7
"lX
Oct
545*
Harvard Brewing Co
10
107
I
Jan
Jan
Mar
Feb
""566
"0
*
25
Gulf States Utll *5.60 pref *
*6 preferred
*
Gypsum Lime A Alabas..*
Hall Lamp Co..
--*
Apr
East Gas A Fuel Assoc—
7% preferred
Preferred
2,600
X
,,
Oct
Dec
8**
4
*
Gladdlng-McBean A Co..*
IX
7J*
105*
27**
100
600
1,700
Oct
37**
32**
74 X
Gilchrist Company
8,800
X
6X
8
Feb
'it
96*4
100*4
354
2254
51*4
Great Atl A Pac Tea—
104
Durham Hosiery cl B com *
Duro-Tfst Corp com..
1
Ex-CeU-O Corp
100
6% preferred A
Jan
15*4
$5 preferred..
4,300
295
5**
22**
53
16 preferred
Elec Power Assoc com
600
1*4
12
Dec
15*4
Edison Bros Stores
11
1,600
49X
Evans Wallower Lead
1*4
"iix
.130
5
Oct
70
100
Oct
Nov
'12
85
"46"
4*4
10
100
Nov
Feb
Aug
Mar
Rubber—
Guardian Investors
•
1*4
45
38~
40
Gray Telep Pay Station. 10
53
6*4% preferred
7% preferred...
A
2554
75
Jan
Draper Corp
6% preferred
Tire
Oct
Dec
50
*
pref
Feb
X
700
Apr
16
Easy Washing Mach B
*
Economy Grocery Stores.*
3,400
*32
10.
16
Eastern States Corp
716
Dec
Dec
654
10**
750
1154
1054
7554
23
19
11*4
X
Oct
Oct
Jan
Oct
100
19
Apr
16
4*4 % prior preferred. 100
6% preferred
100
.
1J*
200
Nov
Elgin Nat Watch Co
19
65 J*
8
May
Common
Dec
10
800
1*4
*32
Gen Rayon Co A stock...*
General Telephone com.20
General
8
"""166
72
154
Warrants
conv
Mar
*
16 preferred
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref
*
S3
98
8
15
Electric
~8~
72
1?*
Jan
Jan
Vtc agreement extend.*
83
Eastern
*
14*4
75
Grand Rapids Varnish—*
A Chem com.*
10
Deo
July
Grand National Films Inc 1
6*4 % preferred
100
Douglas (W L) Shoe Co—
7% preferred
100
7% preferred....
100
Dubllier Condenser Corp.l
OX
19
Sept
10
50
Deo
21*4
10** Sept
700
15
Oct
3X
Oct
30
July
550
12
Jan
5*4
Jan
11*4 June
14*4 Feb
Dec
Nov
2X
10
Oct
8
Sept
25X
10X
Feb
Feb
14
16
75
Mar
8**
295*
31*4
700
9
16*4
Dominion Steel A Coal B 25
Eagle Plcher Lead
85*
65
200
.....
5% preferred...—-.100
General Alloys Co.
Gen Electric Co Ltd—
500
7
14*4
954
2854
10X
__£1
Duke Power Co
Apr
July
Jan
1,700
10
...
i*u
Jan
Apr
16
8X
13X
IX
2X
10
Driver Harris Co—
400
3*4
I
Feb
Nov
5
*
*
*
*
Oct
Divco-Twln Truck com_.l
ar
Dec
8
com
2X
2%
17X
Oct
16
ox
S3 preferred
Georgia Power $6 pref
$5 preferred...
Gilbert (A C) com...
6
100
14
300
14*4
Gen Water G A E
16
•2,000
5,700
16**
3*4
1
Feb
'i",500
12
15**
1
Feb
185*
15**
28**
Ti»
5
15
preferred
Feb
100
"3%
Conv
X
Oct
18
2,600
2*4
5
1
Aug
Oct
High
Oct
Froedtert Grain A Malt—
Feb
61
7X
Diamond Shoe Corp com. *
Distilled Liquors Corp...6
Domln 1
Fox (Peter) Brewing
Franklin Rayon Corp
50**
108**
16**
Nov
.....
60
Detroit Gasket A Mfg
.1
Jan
50
17 X
....
Jan
June
15
""200
35
Sept
13
5
ox
600
8X
"~7~X ~~8~X
Defiance Spark Plug com *
Dejay Stores
1
Dennlson Mfg 7% pref. 100
com
25*
Low
21**
55*
16**
Amer dep rets... 100 frcs
Gen Fireprooflng com
*
General Investment com.l
Feb
9
7X
Davenport Hosiery Mills. *
Dayton Rubber Mfg com. *
Distillers Co Ltd
8X
375
41
Ford Motor of France—
Mar
Feb
16
Range for Year 1937
for
Week
Shares
16
*
Sept
hi
7,900
IX
12
Feb
May
Sept
10
he
Darby Petroleum com...6
Preferred
155*
Class B
Amer dep rets ord reg.£l
25
100
100
Curtis Mfg Co..
6
Cusl Mexican Mining._50c
De Vilbiss Co com
Ford Motor of Can el A__»
Jan
Sept
29
6*4% preferred
Aug
Jan
X
4
500
Jan
Feb
5
2X
10
Dobeckmun Co
Oct
Jan
Dec
1654
com vtc
*
5X
July
14**
1
55*
GamewellCo $6 conv pf..*
Gatlneau Power Co com
*
28
Detroit Steel Products
reg..£l
Am dep rets ord
July
Oct
Detroit Paper Prod
Jan
36X
Fruehauf Trailer Co
Nov
of Prices
High
Low
36 J*
Mar
Oct
63
12X
Price
•
7*4
945*
ox
2
100
Dec
com..
Jan
Mar
Florida P A L $7 pref
Ford Motor Co Ltd—
Jan
Nov
Det Mich Stove Co
Feb
May
X
1
6% pref ww..
20
Detroit Gray Iron Fdy.-.l
Sale
55*
400
4,600
1,500
Week's Range
Last
Par
Oct
10X
10X
Preferred
Jan
Jan
70X
ix
N. Y. 1-1943
Sales
Jan
Apr
52*4
18X
£1
Class A
(Continued)
35
Cramp (Wm) A Sons com.l
Crystal Oil Ref
6% preferred
STOCKS
Jan
Mar
Oct
Oct
Cuban Tobacco
Teletype:
Friday
Common
70X
ix
10X
INC,
Street, New York City
2-5383
Jan
Feb
IX
Creole Petroleum
HA
Mar
Mar
135
Nov
IX
Wall
60
Mar
100
21X
oiX
2X
2
70 x
1
6% eonv preferred
Courtaulds Ltd
jan
Oct
20
WILLIAM P. LEHRERCO.,
Mar
Dec
4X
1,500
"ix "ix
Dec
Jan
3X
17X
3,000
'"fx "fx
"lH
*
$6 preferred A
Cosden Petroleum com
6
Oct
4
52
OX
Dec
4
100
14 preferred
Cooper Bessemer com
*
$3 prior preference
*
Copper Range Co
*
Copperweld Steel com..10
Cord Corp
6
Corroon A Reynolds—
Common—.
1
Oct
Nov
50
"ie
X
48X
3X
83X
X
.....
Consol Retail Stores—..1
8% preferred
Preferred
and
Jan
Oct
8X
Conn Gas A Coke Secur—
6% pref class A_
81
Sales
15
Jan
Mar
Indian Ter Ilium Oil—
Oct
Oct
12
87
1**
1**
Non-voting class A..,
Class B...
*
*12
89**
""*20
36
Jan
39*4
Jan
105
Jan
4*4
4*4
Jan
Jan
2*4
22*4
75*4
July
Industrial Finance—
V t c common
rX
1
rX
300
51X
56**
1,250
25
7% preferred....... 100
Insurance Co. of No Am. 10
For footnotes see page 85.
54
46
Oct
Feb
Feb
Sales
Friday
STOCKS
Last
West's Range
for
(Continued!
Sale
of Prices
Low
High
I
Price
International Cigar Macb
18%
Internat Holding A Inv..»
IV
IV
19
IV
Low
Shares
500
Oct
18
IV
1,000
Dec
15
9K
Oct
K
50
Pref $3.50 series
Oct
Dec
Oct
Nov
14%
165*
2,000
IV
27%
2%
28V
8,700
IV
6,400
23V
31V
2V
A stock purch warr—
Internat ! Pappr A Pow war
25*
International Petroleum..*
28 V
*
Registered
International Products—*
25*
2H
5
1
Internat Radio Corp
5
Razor B.*
International Utility—
Class A
*
Class B
1
Internat Safety
7V
uie
.
8%
13.50 prior pref
Warrants seriesof 1940-.
International
4
7,200
3V
100
Oct
Dec
7
400
7V
V
Oct
Oct
K
Dec
8
Oct
Dec
V
700
V
Oct
3V
3,700
3K
3V
900
2V
3V
Interstate Hosiery Mills..*
26
26
285*
4%
45*
1
t C..10
—1
V.
12 K
14
85*
8V
25
44
2M
9
Mtge Bk of Col Am
Jan
Mountain City Cop com 5c
Mountain Producers
10
Jan
Sept
39V
Mar
38
Mar
8K Apr
153* May
IV
Feb
Feb
National Fuel Gas
Oct
275*
185*
Feb
Nat Service
600
Oct
bV
2
5,500
*32
4V
Sept
4%
Warrants
Jacobs (F L) Co
1
4V
Jeannette Glass Co...—*
IK
1,100
IV
1
2K
Oct
K
185*
Feb
Feb
Feb
Oct
14
Jan
Jersey Central Pow A Lt—
Jonas A Naumburg.._2.50
2
IK
27K
Oct
Nov
9V
1205*
Jan
Dec
1145*
Kennedy's Inc
33
30
30
1,900
6
1,300
105
--.5
Ken-Rad Tube A Lamp A *
K
30
1
25*
1
3
Kirkl'd Lake G M Co Ltd.l
IV*.
Klein (D Emll) Co com..*
Langdendorl Un Bak A
2V
Oct
COO
'*,6
Feb
200
IK
15
65*
7
14V
Dec
21
100
"53"
2
v
Llpton (Thos J)clA
6% preferred
3%
100
185*
IK
5
8
1
*
0%
TVs
*
100
6% pref class B
110
Oct
Oct
9,900
25*
3,200
45 V
K
800
V
Oct
105*
45*
2,400
10 K
Oct
20
3V
12%
3V
"16
2K
Oct
6,400
V
Sept
lbV
200
13 V
19 K
Oct
V
16V
95*
18V
9V
"lK "lK
7K
8V
7
8,900
7,600
100
12 V
9V-
8
10 K
7V
Feb
Feb
July
Oct
5
Oct
4
Oct
Oct
Oct
7
185*
105*
145*
Nov
Mar
Jan
Feb
Jan
Hosiery
Jan
900
IK
6K
Oct
65*
Jan
Dec-
155*
25*
Jan
Noma Electric
Dec
Jan
555*
65*
105*
Aug
33%
950
38 K
IV
3V
3,200
17 K
100
700
26
Oct
V
2V
42 K
10 K
17
Oct
Oct
Oct
Oct
Nov
6V
6V
100
Jan
Feb
Jan
82
Jan
155*
Apr
255* May
19 K
19K
100
1,700
4%
b
10
17
Jan
4
Dec
335*
225*
35*
165*
255*
IV
400
IV
Dec
6V
300
UK
550
4V
13 K
Dec
14
Xb2
*
*
Mead Johnson A Co
2 V
9V
*
Mar
Mar
com
Merchants & Mfg cl A
8V
93 K
3V
*
1
16V
2V
1,900
2,900
10
525
97
3K
800
150
17
3K
500
'~2V "~2V
1,300
3K
Participating preferred.*
Merrltt Chapman A Scott *
Warrants
Mesabl Iron Co
45
1
V
8
Jan
125
July
7
Jan
73
16
Dec
JK
Oct
IK
V
Oct
Class A
v
Midland Oil
8
600
2)4
Oct
7
Feb
1.200
V
Oct
2
Feb
300
300
Oct
V
3
12 K
12V
200
66 V
70
IK
75
400
7V
2,000
1
IK
1,100
2 bK
100
Missouri Pub Serv com..
Jan
Mar
Feb
Jan
Jan
Oct
10
Jan
58
Oct
10
98
Nov
1,500
55*
200
300
600
4V
13
7K
5
13
1,000
5,000
Montgomery Ward A
•
Montreal Lt Ht A Pow
Nov
Oct
Oct
35*
Oct
1355*
37
65*
Feb
Jan
Mar
Apr
22
Oct
8
Dec
16
Jan
34
Mar
Feb
155*
1155*
1055*
Mar
Dec
125*
55*
Mar
Feb
Dec
65
Jan
165*
Feb
965*
865*
Nov
65*
900
2 K
Oct
"175*
"340
145*
85*
27,000
Dec
Mar
Jan
4
Oct
Oct
100
Feb
94
Feb
Dec
795*
Aug
98
375
80
Feb
69)*
*16
1,500
V
Dec
200
V
Oct
bK
55*
7,200
45*
~31V "33"
2",550
30
200
8
45*
115
V
25*
Feb
Feb
Feb
Feb
16
Sept
98
Apr
Oct
62
Aug
Dec
915*
Oct
"32"
15
Aug
Feb
Feb
1,300
IV
Sept
25*
Oct
3%
115*
15*
15*
3,800
15*
37
Oct
75*
Oct
77
175*
185*
Dec
50
475*
Oct
No Am Utility Securities.*
Nor Cent Texas OH
5
V
Oct
35*
V
63 K
515* Aug
505*
Apr
515* June
45*
Jan
05*
Jan
Sept
Jan
Dec
72
Nov
Jan
96>*
Feb
1035*
125* May
Common
1
"iv
IV
$6 preferred
__*
North Amer Rayon cl A..*
Class B
6%
Nor European Oil com
7% preferred
com
205*
1,100
185*
205*
500
635*
66
100
76
20
•65*
10
9
1,300
105*
Dec
37
185*
21
900
185*
Dec
355*
Ohio Brass Co cl B com..*
30
33
275
28 K
Ohio Edison $6 pref
Ohio OH 6% pref
90
90 5*
125
89
1085* 1085*
"115*
*
6% 1st preferred
Ollstocka Ltd
103
110
100
1025*
96
96
30
6%
conv
pref
com
$1.30 1st preferred
Pacific Tin spec stock
*
5
Feb
25
Dec
43
Jan
Oct
Oct
Oct
106
Feb
25*
25*
1,700
15*
Oct
6
Jan
35*
900
5
500
25*
45*
29
400
265*
255*
Oct
75
985*
Nov
Nov
45*
98
Jan
5
"600
'245* "255*
800
"2"706
IK
Oct
Dec
bK
2K
Oct
Oct
165*
115*
25
4
Oct
$2.80 preferred
$5 preferred
155*
175*
55*
45*
55*
145*
155*
55*
55*
145*
20
"26"
17
105*
Feb
105*
325*
295*
1075*
Aug
Feb
Oct
Oct
89
Feb
Jan
Jan
Jan
Mar
Apr
85*
245*
545*
1065*
Oct
Dec
Jan
Aug
Oct
265*
Sept
Oct
35*
Oct
95*
65*
Feb
50
145*
Dec
30
14)*
Oct
305*
Dec
53
Oct
43
1,100
4
245*
28
28
300
50
20
35*
19
Dec
Oct
109J* May
100
*
25
125*
305*
Jan
Jan
July
Feb
Feb
Feb
Mar
1
1
*
Pa Pr «fe Lt $7 pref
*
Sept
Feb
$6 preferred
Penn Salt Mfg Co..
*
80
84
70
50
140
140
25
Oct
Oct
Nov
5
Nov
17
Jan
120 V
25*
25*
25*
17,900
"~875* ~90" ""l75
Pennsylvania Sugar Co. .20
25*
45*
Nov
157
Feb
Penn Traffic Co
37
Jan
Pa Water A Power Co
Dec
44
Jan
Pepperell Mfg Co
•
27
Oct
455*
100
180
Aug
184
Aug
Anr
Perfect Circle Co
*
*
Oct
110
Apr
425*
Mar
Nov
72
Mar
35*
25*
95*
Nov
85*
55*
175*
Mar
Sept
Feb
Jan
Oct
113
795*
Oct
112
Jan
Oct
179
June
115
2
72
Oct
80
24J*
2.50
100
28
495*
*
1
40
Apr
Oct
Dec
500
2l" ""190
35*
245*
»
12
"200
xl5
10
Jan
25*
24,200
Pennroad Corp vtc
Pa Gas A Elec class A
Sept
"21K
245*
1015*
Nov
Feb
July
21
165*
Feb
Apr
May
20
138V 138V
"26"
25*
145*
Oct
Feb
Penn Edison Co—
Oct
Jan
Feb
50
*
Peninsular Telp com
Preferred
Jan
112
65*
1035* 1045*
Parkersburg Rig A Reel__l
Pender (D) Grocery A
Class B
1115*
195*
Patchogufr-Ply mouthMllls *
Aug
Nov
June
Sept
7
Paramount Motors Corp.l
Parker Pen Co
10
Mar
Jan
Dec
85
25*
*
13
Mar
300
*
45*
145*
67
110
96
95*
*
Dec
Jan
Oct
2,000
10
*
Page-Hersey Tubes Ltd..*
Pan-Amer Airways
6
Pantepec OH of Venez____l
Jan
205*
75*
100
1
Feb
Feb
205*
10
50
Oldetyrne Distillers
Jan
Jan
Nov
90
6
com. 15
$3 preferred
65*
Jan
1115*
1045*
145*
145*
325*
100
com
Oklahoma Nat Gas
100
110
100
Ohio Power 6% pref...100
Ohio P S 7% 1st pref... 100
100
"166
41
Oct
115*
Mar
Jan
Oct
Oct
7
5*
Mar
Oct
55*
400
24
Nov
200
7,400
Oct
V
90
1
65*
11
Dec
5*
105*
Oct
8K
6,600
75
66
..10
cl A..100
5*
5*
100
Northern Pipe Line
37
175*
1
Nor Ind Pub Ser 6% pf. 100
900
37
*
com
prior preferred
1,000
*
For footnotes see page 85.
5
Mar
Mar
2,800
27V
IV
"Tk "'bK
138V
Mar
Oct
Dec
15*
35*
2
IV
1
Montana Dakota Utll... 10
Mar
88
Nov
85*
110
Penn Mex Fuel Co
IV
35
1405*
305*
945*
15*
Oct
3V
7
Monogram Pictures com.l
Oct
150
Jan
Jan
Jan
Jan
Apr
35*
105*
Voehrlnger
1
Monarch Machine Tool..*
Nov
Nov
Feb
93
1
60
IV
2bK
Molybdenum Corp
Oct
195*
25*
23?*
895*
65*
Feb
Mar
Apr
8
53
8
7% pf 100
65*
76
55*% 1st preferred
25
Pacific Ltg $6 pref
*
Pacific P A L 7% pref.. 100
Pacific PubUc Service
*
Oct
3
2.50
Oct
1125*
595*
805*
195*
63
795*
Jan
2V
6V
Class A 7% pref
75*
"15"
285*
100
1
Moody Investors pref
Moore Corp Ltd com
175*
Pacific G A E 6% 1st pf.25
Oct
6V
Monroe Loan Soc A
Dec
35*
55*
Jan
5
6K
Midwest OH Co
Jud,
Common
Oct
6
8
106
45*
Mid-West Abrasive....50c
Mock,
3
300
995*
Nov
35*
1154
185*
15*
conv
Minnesota P A L
100
Nov
900
25
24
25*
45*
Oct
V
.10
25
_*
Dec
2%
Midwest Piping & Sup.. *
Mining Corp of Can
Minnesota Mining & Mfg.*
Oct
15*
Pacific Can Co
Nov
*
12V
June
30
20
Oliver United Filters B
Overseas Securities
V
3V
pref..**
Midland Steel Products—
$2 non-cum dlv shs
*
Mid vale Co
*
102
1,100
Jan
2V
3V
t c
605*
Oct
20
555*
Feb
1,300
5*
v t o
5*
100
200
15*
605*
37
Oct
Jan
Feb
Feb
Middle States Petrol—
Class B
5*
33
Oct
'
1,200
Oct
Nov
Jan
Jan
21,500
.10
Preferred
Mar
K
"ok
Oct
53
315*
115*
25*
805*
25*
55*
V
*
Sugar Co
Mar
V
4V
7V
V
Steel Tube..2 50
7
Apr
3K
V
1
Oct
K
105*
1,200
Oct
V
*
Oct
Oct
1
Bumper Corp__l
IK
Jan
Jan
95*
Jan
125* May
35* Sept
35*
Feb
285*
Apr
25*
Jan
8
SNor Texas Elec 6% pf_100
Northwest Engineering..*
Novadel-Agene Corp
*
555* May
145*
Feb
445* Feb
535*
Nineteen Hundred Corp B1
5
Nlplsslng Mines
Nor Sts Pow
Oct
Oct
2 K
26 V
78
Metropolitan Edison pre!.*
Gas A Oil
Oct
Oct
*
Aug
Nov
90
10,000
.*
Mexico-Ohio OH
2.
71
27
45
Metal Textile Corp com..*
Partlc preferred
Nov
24
65*% A preferred...100
7K
1,200
1,850
100
Niles-Bement Pond
Mar
58
Memphis Nat Gas com
5
Memphis P A L $7 pref..*
Mercantile Stores
Oct
Jan
Inc
*
Michigan
Michigan
Michigan
Michigan
Dec
6V
IV
Dredging
Oct
700
4,800
Mar
Mar
Nor Amer Lt A Pow—
14,200
6V
McCord Rad A Mfg B
McWilliams
Class A pref
80
1
$4 preferred w w
5
Dec
common. _*
Mills
28
15*
28 K
17 K
1
Dec
Sept
15*
V
135*
5*
625
1
*
145*
105*
60
15*
Class A opt warr
Class B opt warr
Niagara Share—
Class B common
31V
2%
8K
3
_.*
Master Electric Co
5% 1st pref
100
5% 2d pref cl A.....100
5% 2d preferred
100
5% 2d pref cl B
100
Mar
65*
Marconi Intl Marine—
Massey Harris
Niagara Hudson Power—
Common
10
93
*
Marion Steam Shovel
Mass Utll Assoc v t c
V
75*
575*
Jan
Shipbuilding Corp—
Founders shares
1
New York Transit Co
5
N Y Water Serv 6% pf.100
Oct
IK
*
Margay OH Corp
Oct
75*
•
N Y A Honduras Rosarlo 10
V
Communication ordregJEl
Oct
95*
555*
15*
55*
Dec
IV
*
Sept
525*
95*
25
com
1
7K
Majestic Radio A Tel..__l
Mangel Stores
1
5*
25
Jan
Feb
City Omnibus—
28 K
37V
100
8
13
215*
*
595*
98
Apr
6,800
454
10
Aug
Apr
5*
13
N. Y. Merchandise
135*
25*
Feb
19
Oct
53
Warrants
N Y
915*
125*
Dec
*
N Y Pr A Lt 7% pref.. 100
$6 preferred
*
Jan
Oct
35*
35*
5*
Feb
Nov
Jan
Feb
55
45*
65*
45*
Feb
39
3054
Y
47
550
785*
Newmont Mining Corp. 10
New Process common
*
N
Dec
200
5*
32
New Mex & Ariz Land___l
32
85*
Mapes Consol Mfg Co
Feb
Mar
Aug
3,900
5
New Haven Clock Co
New Jersey Zinc
N Y Auction Co
July
Oct
12
35*
100
210
~~2~K
$5 conv preferred
Manischewltz (B) Co
Jan
Jam
July
135*
195*
135*
45*
2,100
Oct
18
175*
175*
Feb
145* May
35*
Jan
105* May
45
600
50
Feb
Jan
Nov
Oct
Oct
62
June
Oct
25*
19
95*
Feb
Oct
05*
900
Nestle-Le Mur Co cl A_._*
Nev-Callf Elec com
100
6,500
*
5
Jan
Jan
Feb
July
85*
35
2K
*
Nelson (Herman) Corp ..5
Neptune Meter class A
*
7% preferred
New Bradford OH
Dec
300
1085* 1085*
6% preferred
100
New England Tel A Tel 100
Feb
V
145*
145*
*
Feb
Apr
Oct
1,000
30
13
*
New Engl Pow Assoc
Jan
Dec
75*
5*
75*
15*
5*
1
Feb
34
1,200
12,400
bK
Jan
Mar
Oct
IK
8,600
Feb
Dec
Nov
"loo
_
common
Dec
Jan
Aug
38
IV
Louisiana Land A Explor. 1
Lucky Tiger Comb G M 10
Lynch Corp
Oct
Mar
32
IK
38
100
Loudon Packing
Oct
Dec
Sept
Dec
21
Lone Star Gas
preferred
IK
105*
6
53 5*
2
15
Lockheed Aircraft'
Long Island Ltg—
Common
Oct
Oct
45
515*
»<«
*
Corp
6V
135*
175*
1115*
125*
215*
785*
595*
95*
1,200
26
Locke Steel Chain
Oct
K
1
.
6
100
75*
45
12
*
Line Material Co.._...__*
Lion Oil Refining
*
Dec
10
65*
45
25
Develop
Dec
87 K
300
12
12
7v
Le Tourneau (R G) Inc_.l
com
7,300
3
*
Lehigh Coal & Nav
Lit Brothers
2%
1K
30
100
*
Oil
Oct
30
~~2V "~2V
1
Preferred
Leonard
IK
300
7
Lakey Foundry & Mach__l
Lane Bryant 7% pref.. 100
Lefcourt Realty com
Dec
6", 100
K
65*
10
1
Kreuger Brewing Co
12
Nov
700
30
15
Klelnertd B)Rubber Co. 10
Knott Corp common
1
Koppers Co 6% pref.-.100
Lackawanna RR (N J). 100
Lake Shores Mines Ltd
1
Dec
285*
3V
885*
655*
85*
85*
15*
95*
100
Kress (S H) & Co
bK
9V
K
27K
Kingsbury Breweries
1
Kings Co Ltg 7% pref B100
6% preferred D.
Kingston Products
Klrby Petroleum
bK
95*
K
Dec
5
13 54
23
bK
145*
*
Nehl Corp common
1st preferred
100
100
30
Nebraska Pow 7% pref. 100
Nov
Jones A Laughlin Steel. 100
35*
12.50
Nat'l Tunnel A Mines
Nat Union Radio Corp
Navarro OH Co
Nebel (Oscar) Co com
Nov
81
Kansas G A E 7% pref-100
National Transit.
Dec
V
Jan
63 K
72
10
1,000
565*
35*
5*
Jan
10
Oct
60
common
National Steel Car Ltd...*
National Sugar Refining. .*
National Tea 55* % pref. 10
Jan
74
83
25*
175*
4
96»*
74
83
2V
65*
xl3V
25
89
100
100
100
5V% preferred
6% preferred
7% preferred
10
Conv part preferred
Jan
Nov
155V
285*
"400
105*
18V
9%
3
Dec
8 JOO
40
National OH Products
4
National P A L $6 pref...*
National Refining Co
Nat Rubber Mach
Dec
Dec
5*
2,200
10
July
Jan
r 95*
40
7
Mar
7V
75*
200
1,000
200
10
Dec
'5t«
V
9
7
National Container (Del).l
Nov
Oct
40
2K
V
45*
"v "~v
V
*
000
1,100
8
Nat Mfg A Stores com
V
5
55*
r9K
Mar
V
May
1235*
1
Aug
42V
245*
1
20 Lire
*
Amer dep <cts
Italian Superpower A
Jan
"6
13
45*
Oct
Dec
5
Oct
4
38
Oct
Feb
Dec
5
National Candy Co com. .*
National City Lines com.l
$3 conv pref
50
sept
550
"5"
com.
National Baking Co com
Nat Bellas Hess com
V
11V
8V
High
8
Oct
45*
K
Feb
Feb
Sept
Isotta Franschlnl Co—
Low
15*
1,000
4", 600
TV
IK
14
55*
Mountain'States Power..*
Mountain Sts Tel A Tel 100
Nat Auto Fibre
Range for Year 1937
for
Week
Shares
35*
21K
3K
155*
Jan
IV
IK
V
7V
Oct
of Prices
High
Murray Ohio Mfg Co
*
Muskegon Piston R!ng_25*
Nachman-Sprlngfllled
190
100
West's Range
Low
shs
700
5
Price
Moore (Tom) Distillery __1
Feb
Feb
V
26
Interstate Power $7 pref.*
Irving Air Chute
1,950
3
Interstate Home Equip..1
Iron Fireman Mfg v
200
V
Vitamin—1
Investors Royalty
1,200
btt
28
-*
*
11.75 Preferred
3
5%
*i«
Sale
Par
High
Sales
Friday
Last
(Continued)
Internat Iiydro-Elec—
May
STOCKS
Range for Year 1937
Weet
Par
7%
Jan. 1, 1938
New York Curb Exchange—Continued—Page 3
82
72
72
100
62
68
73
125
585*
25
Nov
Sept
245*
45*
Jan
Nov
Mar
Oct
95
Feb
Nov
151
Apr
Oct
37
Feb
Volume
New York Curb
146
STOCKS
Last
C Continued)
Sale
Par
Price
Pharis Tire A Rubber
1
34
Philadelphia Co
*
7
com
Phlla Elec Co <5 pref
Week's Range
of Prices
High
Low
3
74
64
Range for Year 1937
for
1,200
l'tfOO
QUAW &, FOLEY
High
Low
3
Dec
63*
Dec
111
Phlla El Power 8% preL25
„*
83
Week
Shares
.*j
Phillips Packing Co
Exchange—Continued—Page 4
Sales
Friday
June
84
20
July
1164
Mar
34
2
Oct
154
Feb
24
Mar
173*
40
Exchange
Mar
1,600
63*
Oct
Dec
Oct
114
500
24
3
Oct
1,300
6,000
34
Curb
York
New
Feb
30
34
Members
Jan
1
Dec
New York
Broad Street
30
Phoenix Securities—
Common
1
Conv pref series A
Pierce Governor com
Pines
10
•
Wlnterfront
"llh
1
*
Pitta Bessemer & L ERR 60
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Metallurgical 10
Plate Glass..25
Pleasant Valley Wine Co.l
Plough I no
♦
Polaris Mining Co
25c
Potrero Sugar com
5
Powdrell A Alexander
Power
113*
1
1
200
3
4,200
54
53*
2,300
~2~, 000
54
440
523*
3%
7H
400
64
89 4
2,600
14
900
14
74
24
34
1,600
1,000
24
8
4
44
2,200
4,700
*183*
'"300
14
14
Prosperity Co class B
Providence Gaj
*
16 preferred
6%
X
Dec
54
54
12
360
Pub Serv of Nor 111 com..*
§Pub Utll Secur *7 pt pf.
Puget Sound P & L—
15
Nov
414
294
Nov
28
16 preferred
X
*
26 X
12
*
12
Pyrene Manufacturing.. 10
Quaker Oata oom
...»
_
6% preferred
Oct
Dec
Southland Royalty Co
15
Oct
14
Oct
Oct
4
5
Dec
Sept
Am dep rets ord
104
Oct
41
Mar
Oct
98
Jan
Oct
Oct
44
Jan
904
003*
144
1244
Jan
Jan
Feb
150
Jan
104
Oct
64
Oct
20
153*
153*
93*
9
25
750
91
Nov
1253*
Apr
Nov
Jan
9
*ia
Nov
254
Jan
Dec
154
Railway A Utll Invest A.. 1
Feb
Oct
4
26
825
110
93
Jan
Nov
200
95
684
1204
1204
73*
94
»
Nov
143*
1403* 1413*
..»
com
Oct
Sept
283*
Jan
Dec
14
Jan
Rainbow Luminous Prod
Class A
Class B
*
Raymond Concrete
3*
conv
11
Reeves (Daniel)
250
!!*
preferred
Raytheon Mfg com...60c
Red Bank Oil Co
*
Reed Roller Bit Co.
*
com..!"
34
233*
•
Rey barn Co Inc
1,700
33*
4
Oct
900
84
Dec
1,400
3*
"l4
13*
900
1
Typewriter
13
400
14
1
63*
13*
23*
23*
53*
74
4
Nov
1044
July
Feb
112
July
Oct
12
Nov
June
54
Oct
800
1
Oct
1,300
2
1,200
Oct
35
3
18
Jan
1
Jan
354
5
34
344
Dec
24
Oct
2,0u0
1
Dec
8
125
73
Nov
141
3*
1,000
23*
33*
58
100
23*
300
13*
12
243*
23*
400
13*
113*
223*
14
*
37
"l
Segal Lock A H'ware
64
July
09
44
Feb
Jan
109
Oct
644 May
784
74
1
Jan
Dec
Dec
1
Nov
54
100
29
Nov
604
Jan
Jan
44
94
Feb
Mar
14
24
154
5,500
1,100
154
50
4
2
Oct
Oct
30
Jan
154
Dec
3*
Dec
44
Jan
284
1014
Mar
Mar
Industries" inc— "
Selected
Common
Convertible
i
Stock!!!!!5
<5.50 prior stock
1
3*
7
52
25
Allotment certificates...
53
1
83*
650
7
Dec
533*
450
52
Dec
53
Denn
14
Corp!!~l
13*
74
Shawlnlgan Wat A Pow__*
cum pref ser
com..25
"84"
AAA* 100
Sherwln Williams of Can
Dec
4
33*
13*
63*
203*
823*
108
43*
13*
73*
203*
843*
108
1,900
Jan
Oct
Dec
6
Mining..5
Sherwin-Williams
53
200
Serrlck Corp clB
1
Seton Leather com.!!!!!*
Shattuck
50
104
June
34
Dec
3,200
4
Oct
76,00
3 4
Oct
200
1,150
1,000
18
Oct
724
Nov
1064
Oct
17
*
Nov
24
14
Feb
Jan
0
Dec
124
04
284
334
1544
114
284
Mar
Jan
Feb
Feb
Mar
Feb
Apr
Sllex Co
!~
Simmons-Broad man Pub
Conv pref
Simmons Hard're A
Simplicity Pattern
4
Sept
54
Dec
25
com
53*
com.
SlDger Mfg Co
53*
100
13*
13*
1,700
5
53*
500
21
•
Paint" *
l
13*
14
Nov
Dec
44
Nov
2214
100
Nov
1
104
Jan
Aug
1
27
Apr
184 Sept
634
Jan
94
'194
184
94
Dec
144
Oct
Products Co
1
54
1
4
204
8
Oct
133*
2,510
16
Oct
45
Oct
1054
14
600
54
54
4
4
3,300
1,500
73*
9
1
24
24
700
24
24
74
Jan
Oct
Jan
Oct
74
694
Dec
25
5
®i«
44
Oct
64
100
Apr
Jan
Apr
2
July
54
Sept
Smith (H) Paper Mill
16
Oct
294
Mar
Feb
"11
Sept
24
Dec
8
Mar
Dec
25
Oct
10
93
Feb
93
13
Nov
107
Feb
4
214
107
3
Oct
134
30
Oct
40
20
8
Oct
44
Oct
3
Oct
Oct
154
134
74
64
274
64
334
Oct
28
*
43*
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Ino
44
54
14
24
84
14
104
64
*
*
6
44
24
64
,
Sunray Drug Co
Sunray Oil
64 % conv pref
Superior Ptld Cement
34
34
Stetson (J B) Co com
Stlnnes (Hugo) Corp
Stroock (S) A Co
Sullivan Machinery
114
74
500
1,200
2,500
2,500
1,000
300
500
1,400
2
Oct
64
1
Dec
Sept
104
64
13
24
31
50
3,700
1,200
3
35
Dec
2
Oct
194
44
31
Dec
50
10
Oct
44
B.
<3.30 class A partlclpat *
Swan Finch Oil Corp... 15
Apr
64
Taggart Corp com
Tampa Electric Co com..*
44
34
274
200
25
109
109
100
64
224
46
44
274
6,500
4
14
1,100
2,600
13,100
1,700
200
Oct
17
98
Jan
119
34
264
Deo
Nov
4
Swiss Am Elec pref
Nov
4
4
Oct
64
Rights...
class
Jan
12
60
preferred
Teck-Hughes
Mines
1
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref...100
164
54
15
174
54
54
14
4
Oct
Oct
Nov
300
2
Oct
1,350
44
10
84
9
Dec
600
64
41
"1.
Oct
July
66
164
Oct
34
64
774
112
74
SH
3
Nov
65
Apr
2
Oct
44
Oct
184
104
66
Tobacco
Securities Trust
Am dep rets ord reg—£1
Am dep rets def reg—£1
Todd Shipyards Corp
*
Toledo Edison 0% pref. 100
7% preferred A
100
45
Trans Lux Plct Screen—
Common
...1
150
45
45
4
4
3,800
4
Dec
24
23*
5
64
1,900
14
Oct
5,700
44
Nov
3,700
4
64
Oct
Nov
5,100
64
Oct
14
74
254
24
7
14
14
24
B
"ie
7
64
24
64
14
2
4
124
10
*
10
104
94
A part pref
94
24
United Chemicals com—•
cum
500
14
Dec
14
700
14
Oct
114
134
94
64
l
600
4
114
Dec
44
Oct
183*
104
4
July
Apr
Nov
124
200
400
10
4,700
11
4
Am
1
34
96 4
1
74
3
4
214
...
44
99 4
14
2
45
74
24
34
4
4
204
243*
18
18
53,300
600
2,700
40
15,400
500
7,400
Oct
124
85
Oct
Dec
X
*
Feb
Feb
Feb
Feb
Jan
Jan
304
134
524
14
Decl
Oct
zll
Oct
Jan
2
Mar
3
X
78
*»n
74
14
24
144
Oct
Nov
Dec
Oct
134
124
34
94
114
Oct
114
Oct
754
17
Nov
45
55
25
May
Jan
xll
pref non-voting.*
preferred
700
2,800
Option warrants
<3
4
21,300
Oct
Oct
slH
100
34
*
United Milk Products...*
Jan
94 May
314
Feb
86
4
Un Clgar-Whelen Sts..l0c
•
Feb
Apr
Oct
United
United G A E 7% pref. 100
United Lt A Pow com A.*
3
Dec
r45
r45
*
Corp warrants
United Elastic Corp
United Gas Corp com
54
134
14
64
Union Stockyards
100
United Aircraft Transport
53
Jan
Feb
500
1,000
1,000
com..*
Warrants..
2
Apr
25
25
>i«
Oct
25
7
Union Premier Foods Sts.l
Mar
Decj
24
Investment
Feb
115
he
80c dlv preferred
•
Ulen A Co 74% pref—25
Union Gas of Canada
105
Oct
95
Tung-Sol Lamp Works.-.1
Union
Feb
July
100
Trunz Pork Stores
5% preferred
Unexcelled Mfg Co
3
74
Me
.
Jan
Oct
Oct
Oct
90
Trans western OH Co
10
Trl-Contlnental warrants.
*
Tublze Chatlllon Corp...l
Class A..
1
144
14
324
Me
Tonopah Belmont Devel.l
Tonopah Mining of Nev.l
United
1001
Oct
Jan
Oct
2,600
100
preferred
Jan
Oct
4
800
20
64% preferred
Sterchl Bros Stores
Apr
Mar
164
6
com
Aug
1
9!6OO
Wholesale Phosp
Works
214
400
"14 "~IH
1
_
2d
650
2,500
9
20
"14
Starrett (The) Corp v t 0^
Steel Co of Canada ord__*
Stein (A) A Co common..*
■1st
94
174
100
9
Silver Lead
Steel Spring..
Tube cl B
<6 1st preferred
Jan
Jan
Jan
Oct
17.
17
*
Common class B
98
Standard
Standard
Standard
Standard
Standard
Feb
July
1
Mar
Apr
Oct
*
Feb
370
14
123*
44
16
100
Preferred
74
134
Sioux City G AE 7% pf 100
Skinner Organ com
*
•
5% preferred...
Standard Pow A Lt
Common class B
35
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
Standard Oil (Ky)
10
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
1st <7
Shreveport El Dorado Pipe
Line stamped
Sept
Union Oil of Calif deb rts__
Selfrldge Prov Stores—
Amer dep rec
£1
Sentry Safety Control!!!. 1
Seversky Aircraft
6,800
4
Oct
400
100
500
24
1
Selberllag Rubber com...*
Selby Shoe Co
•
Dec
174
""800
Jan
Dec
May
14
4
9
preferred__20
Standard Invest
<54 pref*
44
500
37
Mar
17
10
conv
"24
14
13*
•
•
<1.60
24
1
Warrant®
Securities Corp general
Seem a a Bros Inc
1
Standard Dredging Corp—
44
Apr
Dec
Jan
Oct
4
4
Aug
44
113*
Dec
42
234
Ttshman Realty A Const.*
Tobacco and Allied Stocks*
Tobacco Prod Exports
*
Mar
7
Nov
Oct
74
1174
Apr
56
14
9
Oct
Feb
Oct
800
74
May
164
preferred
Aug
35
300
9
55
50
Dec
Mar
4
1
20
300
64
Aug
74
54
114
164
4
5
Dec
74
7
Oct
15
3*
15
2
Dec
164
164
246
Texon Oil A Land Co
Apr
Oct
14
Thew Shovel Co com
Tilo Roofing Ino
Jan
Apr
Sept
14
Standard Brewing Co
*
Standard Cap A Seal com.l
Conv
"600
*
Apr
114
364
163
Oct
14
100
Mar
4
224
109
.*
Jan
600
•
4
400
5
July
Apr
Jan
154
Oct
4
14
384
Dec
600
44
Taylor Distilling Co
1
Technicolor Inc common
Jan
1
64
374
*
4
Dec
Oct
14
400
Feb
Mar
20
374
A—1
Nov
57
14
64
Tastyeast Ino
600
♦
com
64
Apr
50
*
Scran tea Elec <6 pref
So ran to a Lace Co com
21,200
4
44
274
24
Dec
84
Mar
July
61
700
3,100
85
78
57
~~~6
1104
143*
174
4
13*
3
Manufacturing"^
Scrantoa Spring Brook"
Water Service pref
Oct
Oct
554
39
33*
343*
3*
!l00
Schlff Co common
Nov
3",700
1
"78"
Samson United Corp com. 1
Sanford Mills com..
•
Savoy OH Co
Sept
""250
St. Lawrence Corp Ltd
*
<2 coav aref A
1.50
5
Aug
Feb
Jan
Oct
423*
St. Anthony Gold Mines. 1
7% are/erred
Aug
Dec
64
*
St Regis Paper com..
Dec
274
153*
44
134
»»«
"63* "73*
40
7X
Ryaa Oensol Petrol
•
Ryersea A Haynes com__l
Safety Car Heat A Lt
•
..
15
94
600
»
24
1
Jan
Feb
Mar
Feb
Oct
32
Rustless Irea A Steel
<2.60 coav pref
Feb
Apr
Mar
Sept
26
13
•
Russeks Fifth Ave
Mar
Feb
Sept
Mar
4
110
148
reg..£l
Spencer Shoe Corp
Stahl-Meyer Ino com
A Acid
954
Rotallte OH Co Ltd
6%
Oct
4
20
pref
Scullln Steel Co
Oct
1,500
3*
Dec
4
800
13*
24
4,900
5*
1
Root Petroleum Co
Rossla International
84
14
324
53*
24
134
1,100
5
Roosevelt Field Ino
464
Dec
7i«
Rochester G A E 6 % pf D100
Rochester Tel 64% pf.100
*
Rolls Royce Ltd—
Amer dep rets ord reg.£l
Rome Cable Corp com
34
10
23*
si«
Roeser A Pendleton Ino
Oct
24
21
*i«
Voting trust ctfs.
Scovlli
Feb
Mar
Dec
Oct
300
900
53*
1
Rio Grande Valley Gas Co-
Royal
4
49
634
74
214
Nov
83*
23*
1'ie
Rice Stix Dry Goods"!."
Richmond Radiator
Dec
1
600
33*
24
33*
1
Reynolds Investing
9
23*
223*
.
coav
Jan
2
Nov
11
30
9
Relter-Foster Oil
*
Reliance Elec A Engin'g"
11.20
4
500
143*
Dec
PLle^
Common
13
*i«
700
83
Am dep rets ord bearer £1
22
-
Oct
July
Jan
Aug
Jan
84
1
65
5
South Penn Oil
25
So West Pa Pipe Line..50
Spanish A Gen Corp—
Dec
5
100
600
29
63*
100
Quebec Power Co
Ry. A Light Secur
X
25
Southern Colo Pow cl A.25
7% preferred
..100
South New Engl Tel... 100
Southern Pipe Line
10
Southern Union Gas
*
Oct
110
*
preferred
Jan
Mar
Sept
254
115
100
July
334
74
...60
Preferred...!" 100
Dec
234
74
»
260
24
Mar
24
103*
54
100
Oct
253*
123*
3
Oct
Oct
200
June
24
24
14
44
24
98
*
54
1
13*
7
264
100
Common
High
Oct
24
100
K7% preferred
Low
14
264
98
1,400
13*
53*
14
1
I
1,400
3,200
1,000
1,400
64% pref series C
400
54
24
5% original preferred.25
6% preferred B
25
74
54
2
Oct
Public Service of Indiana.—
17 prior pref
16 preferred
Range for Year 1937
for
Shares
Oct
Oct
pf 100
preferred
of Prices
High
Low
Week
34
3,600
*
Pub Ser of Col 7% 1st
Week's Range
4
300
»
...
Prudential Investors
7
16
1
*
Price
...1
S088 Mfg com
South Coast Corp com
Southern Calif Edison—
Nov
11
"18"
Solar Mfg Co
Sonotone Corp
Nov
77
854
4
*
Sale
Par
Oct
3 3*
1
Last
(.Continued)
Nov
Sales
Friday
Jan
Nov
60 X
14
"~7X
Feb
Oct
"~7X
74
"85 H
Telephone HAnover 2-9030
Feb
Nov
57
Pressed Metals of Arner..*
Producers Corp
44
39
Corp of Can com..*
Pratt A Lambert Co
Oct
6
57 X
5
Premier Gold Mining
24
334
34
64
STOCKS
.....
1
Forgings
A Lake Erie.60
19
10
24
Pioneer Gold Mines Ltd-.l
Pltney-Bowes Postage
Meter
24
174
May
75
Molasses Co—
54
dep rets ord reg
United Profit Sharing
Preferred
*
10
4
1
20C
84
Oct
253
Apr
Aug
4
Oct
2
July
8
Dec
12
Mar
244
United N J RR A Canal 100
Jan
Week's Range
for
Sale
of Prices
Week
Par
Price
United Shipyard* cl A...1
1H
75
875
38%
4%
38%
5%
700
%
1
4%
5%
%
*
1st pref with warr
Card
U S Radiator com
Wall
800
%
Aug
18%
Feb
3
Oct
Mar
Nov
93%
Jan
Oct
Oct
4%
34%
Mar
Feb
2%
Oct
10
Mar
1%
Oct
14
Mar
47
550
100
3%
2
1,000
1,400
"ie
100
H
Oct
xlH
Dec
1%
Oct
0
Jan
(«ct
18
July
300
1%
VA
1%
7,700
2
2
2%
%
19
0,500
"VA ~~2H
1
Insurance
15
VA
21%
Universal Consol Oil....10
Universal Corp vtc
47%
Dec
'if June
2
Paper
Apr
Jan
Jan
Jan
54
1
Verde Exten...5(Jc
United
4%
90%
Oct
4
*
*
United
Oct
49
*
U 8 Stores Corp com
May
8
U S Rubber Reclaiming..
17 conv 1st pref
37%
4%
7%
4i#
1
United Storesvtc
%
63
Dec
VA
21%
2%
VA
51
*
10
U S Playing
Price
Oct
1%
6,000
U S and Int'l Securities.
U S Lines pref
50
T,700
8
Oct
1%
Nov
Feb
z2%
Sept
Dec
80%
4%
Apr
Utility Equities Corp
*
VA
5,000
36%
750
1%
2%
100
1,300
40%
Dec
%
%
1,200
%
Dec
1%
1%
2,900
1%
Oct
ht
6,000
l'A
"2 A
Priority stock..
*
Utility A Ind Corp com...5
Conv preferred..
7
2
JUtll Pow A Lt common..!
Class
A
1
B
1%
17
1%
17
34
VA
Dec
2
Dec
%
1
700
preferred..
100
Valspar Corp vtc com._l
Vot tr conv pref
6
24
24
Van Norman Mach Tool.6
12%
13%
1,300
3%
3%
1%
Venezuela Mex Oil Co
2%
.10
Petroleum...1
Venezuelan
Va Pub Serv 7%
1A
pref.. 100
Vogt Manufacturing
Waco Aircraft Co
*
Wagner Baking vtc
*
7%
Wahl
1
;
75
*
6%
2A
1,400
Bond
0%
1%
3%
28%
Feb
Jan
Mar
Jan
Feb
Oct
Dec
73
Feb
Dec
33
Apr
300
75%
100
6%
2%
400
900
3
10%
Dec
%
9%
Feb
Oct
3%
Jan
72%
Oct
6%
Nov
100
Jan
18%
Feb
7
7
100
Walker Mining Co
1
VA
1A
Dec
98
Aug
Oct
0
Oct
4%
11%
2%
%
Oct
%
Nov
6
Bros-Brower..l
6
6
5%
2%
3%
1
5%
5%
1.25
2 A
2%
2%
1
Western Tab A Stat
1,800
2
Oct
Mar
2.100
2%
Oct
7%
13%
102%
21%
Feb
Mar
Jan
Mar
*
19%
19%
50
8%
8%
100
1
2%
6%
z32
Feb
July
9
June
02
Apr
1,300
Oct
1%
Oct
95%
5%
Mar
Mar
"5"
3%
JWll-low Cafeterias Inc..l
0%
300
6%
Deo
14
5
5%
300
4
Oct
3%
600
2
Oct
9%
12%
July
3%
16
%
1,300
'n
Nov
%
700
9%
700
%
8%
10
1%
9%
Jan
%
8%
♦
Nov
%
preferred
2%
Mar
Aug
8%
74%
2%
Ht..*
Conv
117
Nov
19
60
West Texas Utll $0 pref..*
West Va Coal A Coke
*
Williams (R C) A Co
Oct
70
*
Dec
June
Feb
Cont'l Gas A El 5s... 1958
Crucible Steel 5s
1940
Cuban Telephone 7%s 1941
102""
Jan
May
Det City Gas 6s ser A. 1947
5s 1st series B
1950
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1956
6%s series A
Erie Lighting 5e
Federal Water Serv
1907
Banks 6s-5s stpd...l961
Firestone Cot Mills 5s. 1948
Firestone Tire A Rub 5s '42
First Bohemian Glass 7s *57
Florida Power A Lt 5s. 1954
Wood ley
Dec
5
Oct
100
1
6%
5c
17%
17%
Petroleum
600
Amer
dep rets
0% preferred
£1
Wright Hargreaves Ltd..*
Youngstown Steel Door..*
Yukon Gold Co
7%
21%
9,400
5%
14%
Oct
5,400
Nov
30%
1%
3,400
1 %
Oct
4%
6
7%
19%
1%
5
7%
18%
1%
Oct
Apr
Dairy 0s
1942
t98% 102
1940
100
1951
93
1st A ref 4%s
1967
Aluminium Ltd debt 5sl948
Amer G A El debt 5s..2028
107%
77
Amer
102
99% 100% $23,000
97
Jan
Jan
Apr
60
Oct
93%
Mar
Oct
Oct
98%
104%
July
101
JuljF
60%
5,000
99%
6,000
92
10,000
2,000
Nov
52
Oct
98%
Oct
100
"10",000
9,000
Jan
97
Oct
97%
Oct
80
4%
2,000
4
Oct
13%
4%
4,000
3%
Dec
1%
o.OOO
1
Dec
12%
4%
4%
95%
%
64
16I""
%
Dec
42,000
100%
Mar
86,000
57%
Oct
24,000
1%
69% 176,000
64
Dec
109
"72"
102% May
115
Feb
Dec
Dec
104%
103%
Oct
84
71%
73%
57,000
65
Oct
93%
Jan
54
Oct
73%
Feb
*55
103%
103
65%
65
103%
07
11,000
103
Dec
Dec
108%
93%
Mar
62
*102%
104% 105%
105%
Jan
104%
Dec
105
"85%
105
*94
105% Mar
105% June
87
9,000
102%
Oct
103%
93
Aug
Sept
6o"000
72
Oct
100%
Jan
101%
104%
102%
101%
101%
104%
99%
Jan
90
84%
83%
103% 104
9,000
82
Oct
25,000
99
Sept
101% 101%
9,000
96
Oct
101% 101%
2,000
90
Sept
General Bronze 6s
74
75
4,000
74
Dec
"87%
85
88
3,000
82
Dec
71%
70
72
10,000
58%
Oct
70%
Jan
"75%
72%
Oct
74%
76%
76
lo'ooo
87
86
88
55,000
74
Oct
60
58
60
5,000
58
Oct
1953
21%
*31%
Mar
ifs'oob
60
Oct
54%
58
18,000
54%
Dec
90
90
6,000
67
57
"67%
1,000
88
106%
Nov
Jan
Dec
Jan
107%
Dec
67
Dec
94%
Oct
62
28
Oct
Dec
75%
109%
81
Dec
3,000
97
Dec
95
Jan
Oct
Oct
107% June
108% June
Jan
106%
♦Hungarian Ital Bk 7%s'63
Hygrade Food 6s A... 1949
68
Jan
106%
Nov
Dec
108%
Mar
111 Northern Utll 5s... 1957
111 Pow A Lt 1st 6s ser A '53
Dec
63
Dec
11,000
106
Jan
108
Aug
Oct
106%
Feb
107% 107%
96%
96
90
1st A ref 5s
109
Mar
Jan
23,000
98
Oct
Jan
6s series A
Jan
6%s series B
1953
*88
5s series C
1951
71
37
87,000
28
Oct
67%
62
1938
59
*27
"28"
31%
1968
29%
Conv deb 5%s
1977
Assoc TAT deb 5%s A'55
"70%
25%
29%
28%
134
62%
7,000
29
Jan
55
Oct
Oct
Oct
Oct
Indiana
7,000
83%
Oct
106%
Jan
79
Oct
104%
Jan
5%s—May 1957
79%
81
12,000
74
Oct
99%
Jan
83
85
3,000
82
Oct
105
Jan
85%
Oct
106%
Jan
70
Oct
Electric
Corp—
1947
61
Jan
Jan
63,000
22
Oct
65%
32%
Oct
69
Jan
69
Oct
91%
Feb
♦Indianapolis Gas 5s A
Dec
105%
Jan
Ind'polls P L 5a
"7,666
94
2,000
92%
85
Indiana A Mich Elec 5s '55
65%
50,000
72
Jan
Works-
Feb
37,000
47,666
37
Feb
92%
.
32%
30%
84%
Apr
87%
.
28
70%
37,000
Oct
Feb
June
84%
C.
Indiana Gen Serv 5a..1948
Indiana Hydro Elec 5s 1958
May
98%
25
Nov
90
B_ 1954
ser
ser
Jan
83%
62%
95%
Aug
Sept
1956
5%s
23%
20%
22%
92%
4%s.l955
5s
80%
107
"b'obo
1,000
81
4,000
107
1,000
100%
78
Aug
Oct
105%
Mar
109%
*111%
Feb
99
Jan
Dec
108%
101
Jan
June
107%
111%
79%
Dec
"1*9",000
45
56
Indiana Service 5s.... 1950
ser
73
108% 108%
1957
1st lien A ref 5s
93%
56
4,000
48
Oct
78
43
34
12,000
43
Dec
82%
Jan
Mar
106%
Apr
53%
1963
1952
46%
A. 1957
106%
"56%
105% 106%
29,000
103%
Oct
Jan
Jan
International Power Sec—
Convertible 6s
1950
Bell Telep of Canada—
65
64%
69%
81,000
59
Nov
26,000
110
Mar
74
1st M 5s series B...1957
120%
1998
112%
118%
120%
129%
80
"56%
56
113
Carolina Pr A Lt 5s... 1956
Cedar Rapids M A P 5s '63
1955
56
55
56
29.000
52
7s series E
...1957
61
60%
61
4,000
53
7s series F
1952
58
58
1,000
53 %
6%s series C
6,000
113
Mar
124
Jan
120%
o.OOO
114%
Mar
125
Jan
17,000
Oct
145
Jan
International Salt 5s..1951
Interstate Power 5s... 1957
Debenture 6s
1952
Oct
99
Jan
82
15,000
57%
25,000
84%
1C,000
4,000
10,000
2,000
128
73%
56
102
Oct
91
Sept
88%
101%
104%
114%
105%
Feb
113%
83%
101
111%
Dec
Dec
Mar
Central 111 Public Service—
Jan
Jan
Aug
ser F.1967
91%
100% 100%
90% 92%
1,000
56,000
99%
86%
Dec
Jan
Jan
58
series
D
5s series B.
Italian Superpower 08.1963
Jacksonville Gas 5s...1942
95
Oct
7,000
87%
Oct
104%
104%
103%
104%
93
Fraschlnl
Jan
7,000
Jan
88
Oct
69%
"12",000
63
Oct
94
Feb
Jan
7s
1942
5s series B
47,000
65,000
73
Oct
99
Jan
31
Oct
72%
Jan
Kansas Elec Pow
39%
59,000
31
Oct
72%
Jan
43
46
52,000
Kansas Gas A Elec 08.2022
Kansas Power 5s
1947
1901
107
107
3,000
91
2,000
91%
Oct
75%
Jan
Apr
107
Sept
Mar
107
June
Dec
100
Jan
Chicago A Illinois Midland
1950
91%
Chic Jet Ry A Union 8tock
1940
For footnotes see page 85.
4%8 series C
Kentucky
10,000
105%
Nov
110
Jan
6,000
18,000
96%
6.000
58%
Oct
Oct
June
92
96%
92
July
104%
76%
69%
90
Jan
Jan
_
Jan
88%
104%
104%
Feb
Dec
Jan
Feb
Apr
106%
99
Oct
54
Oct
105%
79%
71
Oct
80
Feb
Feb
57%
59
14,000
11,000
78
78
80
5.000
43%
40
43%
24,000
32%
Oct
71
37
37%
8,000
35
Oct
56%
Jan
104% 105
15.00U
103
Mar
Apr
103% 103%
*98
99
36,000
105%
105%
3%s. 1960
101
98%
Nov
93% June
*113% 117
110%
99
Jan
Feb
Jan
Dec
Nov
121%
Jan
101
100
8,000
98
Nov
104%
Jan
73
75
18,000
12,000
65
Oct
99%
107%
103%
99%
Jan
Utilities Co—
1st mtge 5s ser H
1961
75%
6%s series D
5%s series F
1948
95
5s series I
106% 106%
71%
66%
95%
*95
103%
87%
38%
35%
68
*106%
102% 103%
1961
86%
35
33
62
107% 107%
63%
104%
39%
103%
104%
Oct
1947
38%
11,000
Oct
18
Stamped
Jersey Central Pow A Lt—
87
105% 105%
32
48,000
Hydro Elec 78.1952
Jan
99
90%
45%
May
105
25
1961
Oct
97
88%
Cent States PA L 5%s *53
Chic Dist Elec Gen 4%s'70
109
Mar
4,000
44% 154.000
Iowa Pow A Lt 4%s..l958
Iowa Pub Serv 5s
1957
Isotta
1981
5%s ex-warrant8...1954
Feb
21%
68%
Jan
1968
65%
Feb
81
40%
"96%
105
4%s series H
*91
Jan
83%
25
1950
Oct
5sserle8 G
Cent Ohio Lt A Pr 5s.. 1950
Cent Power 5s ser D..1957
77
Oct
44
107%
4% s series F
1958
Iowa-Neb LAP 5s... 1957
Isarco
1956
Oct
Nov
Interstate Public Service—
118%
103%
83%
103
t
129%
106% 106%
95%
95%
115
*114
Broad River Pow 5S..1954
Canada Northern Pr 5s '53
♦Canadian Pac Ry 6s. 1942
115%
W'-tJ,
Jan
Nov
■
1st M 5s series A... 1955
60%
17,000
1st A ref
33
Cent Pow A Lt 1st 5s. 1950
Cent States Elec 5s... 1948
13,000
64
May
Associated Gas A El Co—
Birmingham Elec 4%s 1968
Birmingham Gas 5s... 1959
63
June
Sf deb
Mar
Oct
Feb
Sept
62
110%
35%
Jan
Jan
63
62
1949
107
103%
105%
20%
*97% 100
25
*17
Oct
11,000
6,000
Jan
Jan
27%
104%
105%
103%
33%
88%
86%
Oct
14,000
Associated Elec 4%s._1953
1960
6s series B
37%
*32
warrants. 1943
104
Oct
Conv deb 4%s C...1948
Conv deb 4.4s
1949
Conv deb 5s
1950
6%s with
102
107%
111% 111%
99% 100
Jan
Feb
105
4,000
14,000
105%
107
Jan
Jan
31%
89%
89%
84
73,000
81
Jan
Jan
100
"2",600
Jan
Mar
88
43
2,000
Jan
105%
103
A St Ry 5%s
1938
Heller (W E) 4s w w.,1946
Houston Gulf Gas 6s.. 1943
54,000
3,000
Jan
97
*72
81
Apr
83
Jan
Jan
77
1940
103
Oct
103%
Jan
102%
37%
71
2,000
Jan
4,000
100
85
101%
107
26,000
106% 106%
106% 107%
76%
78%
105% 105%
Jan
39,000
Jan
81%
Jan
Jan
100
Apr
Jan
Mar
12"666
Nov
Jan
Jan
Jan
Mar
12,000
23
Oct
Apr
May
87%
102
78
78%
Jan
Mar
84
101
102
23,000
Jan
Jan
90%
1,000
87
Jan
Jan
105%
109%
107%
106%
5,000
86%
89
5s
Feb
109%
125%
98%
79
Jan
74,000
Yards
164,000
104%
July
118
32,000
Apr
105
34%
Jan
93%
Ry 4%s A
Jan
79
105%
99%
91
08 series B...
Jan
130
34%
105
92
4%s
101
Aug
*105%
108%
99%
1st A ref
Oct
Dec
86
123%
5s series A
....1977
Hall Print 6s stpd.__.1947
Oct
119%
102%
104%
6s series E
56
104% June
Jan
90%
♦Hamburg Elec 7s...1935
♦Hamburg El Underground
Oct
in%
5s series C
Oct
Apr
Oct
2024
Bethlehem Steel 6s
Dec
Dec
99%
37%
*100
87
Ark-Loulslana Gas 4s 1951
Arkansas Pr A Lt 5s. .1956
Lt
Dec
15,000
52
86
105
Locom
112%
29,000
101%
67
3,000
105%
Appalachian Power 5s. 1941
Gas
101
Apr
July
107%
3,000
*108%
103% 104%
Sept
108%
2.000
80
77%
101% 102
Dec
113%
112%
Oct
16,000
62%
113%
Mar
103% 104%
61
Jan
Jan
Apr
100%
19,000
107
110%
110%
107%
107%
102
95%
67
6,000
Appalachian El Pr 58.1950
Baldwin
1,000
128
*50
104%
Jan
85.000
60
57
86
107% 107%
94
81
Atlanta
112% 112%
107% 108%
105
105%
103% 103%
Grocery Store Prod 6s. 1945
Guantanamo A West 6s '58
93
"SI"
Debenture 5s
3,000
J an
93
Radiator 4%s._1947
Amer Seating 0s stp.,1946
5%b
6,000
112%
Sept
Mar
79
"86%
Am Pow A Lt deb 0s..2010
Conv deb
112%
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd..l950
Apr
92
.1950
1908
Debenture 0s
3,000
112
83%
♦Gesfurel 6«
Power Co—
1st A ref 5s...
Dec
101%
101%
Glen Aid en Coal 4s... 1965
Gobel (Adolf) 4%s._.1941
BONDS
Alabama
1st A ref 5s
70
Guardian Investors 5s. 1948
Hackensack Water 5s. 1938
Abbott's
1st A ret 5si..i
1st A ref 5s
46% June
2,000
Deb gold 6s. June 15 1941
Deb 0s series B
1941
Jan
23%
6%
8%
15%
Jan
70
5s ex-warr stamped. 1944
Gatineau Power 1st 5s 1956
Jan
Wool worth (F W) Ltd—
Apr
80
Gary Electric A Gas—
Georgia Power ref 5S..1907
Georgia Pow A Lt 5s. .1978
Oct
4%
104%
79%
Oct
Oct
Mtge
Feb
2
1,600
Oct
92
30%
107% 107%
67%
65%
69%
*103% 104
5%s '54
Residential
Feb
1,200
4%
0%
Jan
30
107%
1953
8%
18%
12%
2%
Jan
103
1
Aug 1 1952
Gen Wat Wks A EI 58.1943
2%
4%
Jan
83
Oct
4%
4%
♦Certificates of deposit
♦Deb 7s
Jan
2
103%
101%
Detroit Internat Bridge—
♦6%s
.Aug 1 1952
95
com
82
Oct
8,000
55%
100%
Oct
Tube
Oct
42
54% 120,000
40,000
55
54
01
Wolverine
101
45
88
51%
51%
100
100
Wise Pr A Lt 7% pref. 100
Wolverine Portl Cement. 10
May
24,000
1944
Jan
10%
94
Delaware El Pow 5%s 1959
Denver Gas A Elec 5s. 1949
Cuban Tobacco 5s
10
24
92%
100
Jan
Dec
Jan
90
6,000
64%
58% 388,000
99
6
1
Feb
105%
*120% 125
61%
stamped
Winnipeg Electric cl B.__*
*
101%
Dec
107
103%
1954
General Pub Serv 5s..1953
Gen Pub Utll 6%s A. 1956
♦General Rayon 6s A. 1948
Wilson-Jones Co..
Wlllson Products
Dec
55%
*127
1943
Finland
West N J A Seashore RR 50
Weyenberg Shoe Mfg
Gen mtge 4%s
Consol Gas Utll Co—
Empire Oil A Ref 5%s.l942
Ercole MareiU Elec Mfg—
Apr
Dec
95%
1952
13%
8
108%
1939
Apr
Oct
Westmoreland Coal Co...*
Williams Oll-O-Mat
6b
1950
Western
7%
(Balt: 3%s ser N...1971
Consol Gas (Bait City)—
Empire Diet EI 5s
5
"'200
1981
EI Paso Elec 5s A
Jan
86
87
90
112% 112%
Conn Light A Pow 7s A '51
Consol Gas El Lt A Power-
ser A
Jan
Dec
112
112%
1965
Feb
1,100
101
0% pf.100
Grocery Co...20
Maryland Ry—
1st preferred.... 100
1st M if series F
3%s series H
Aug
6
Oct
West Cartridge
52%
4%s series C...1956
1st 4% s series D
1957
6s
High
84
39%
Edison—
Edison El III (Bost) 3%s *65
Elec Power A Light 5s. 2030
Elmlra Wat Lt A RR 5s '56
Jan
4%
200
Western
Jan
9%
10%
Oct
53
1st M 5s series B...1954
Jan
Aug
500
5
10
23
1%
100
Wayne Knit Mills..
Oct
Dec
1
600
11
83
11
%
Wentworth Mfg
Western Air Express
Jan
2
%
Wellington Oil Co
Jan
2
12%
*
Welsbaum
89%
24
11
11
class A...*
Class B...
Oct
Jan
1,800
100
preferred
11%
Jan
6
50
2%
(The) Co common.*
Waltt A
Oct
Sept
4,800
7%
101
59%
Oct
Low
15,000
"li'ooo
46
70
1943
5%s
1949
•Commerz A Privat 5%s'37
Commonwealth
39%
Range for Year 1937
for
Week
Shares
Pipe
5%s. 1952
Community Pr A Lt 6s *57
Community P S 5s...1960
Jan
Feb
1%
Gas
Jan
19
35%
34
Service
Line 0s
103%
Oct
1A
Cities
Cities Serv PAL
High
62
56 H
94
Range
of Prices
89%
I960
1950
Com'wealth Subsld 5%s '48
Oct
34
5s
Apr
8%
22%
Oct
*
8ervlce
Conv deb 5s
Cities Service Gas 5%s '42
Week's
Low
*85
1955
1st M 5s series A...1953
9%
3%
Radio Products
Cities
46
1st
12%
Utah-Idaho Sugar
6
Utah Pow A Lt $7 pref...*
6s series B
Jan
*
Universal Products
J^Chlc Rys 6s ctfs
1927
Cincinnati St Ry 6%s A '52
Jan
Feb
1%
18%
1%
4%
Universal Pictures com... 1
Universal
Sale
High
Low
2,000
2,700
"l'lA
com—1
U 8 Foil Co class B
2
VA
Last
(Continued)
Shares
67 A
25
Preferred
High
1A
70%
Shoe Mach com.25
United Specialties
Low
2
1
Class B
United
PONDS
Range for Year 1937
Last
Sales
Friday
Sales
Friday
STOCKS
(Concluded)
Utah
Jan. 1, 1938
New York Curb Exchange—Continued—Page 5
84
.1969
"75%
93
95
*87
1955
73
76
26", 000
93
Oct
85
90
Oct
65%
Oct
Jan
Jan
Jan
Volume
New York Curb Exchange—Concluded—Page 6
146
Sales
Friday
BONDS
Last
(Continusdi
Weel's Ranoe
Sale
Price
Lake Sup Dist Pow
of Prices
High
Low
3%s '66
Lehigh Pow Secur 6a..2026
933*
101%
1013*
{2334
953*
1033*
♦Leonard Tletz
7%s._1940
Lexington Utilities 5s. 1952
Libby McN A Llbby 5a *42
Long Island Ltg. 6s...1945
Louisiana Pow &Lt6s 1957
♦Manitoba Power
98
97
97
933*
1013*
29
953*
1035*
1033* 1043*
5%s1951
{
I-
2,000
17,000
Low
93
Mar
101%
Price
Jan
Southeast P A L 6s...2025
4~66O
27,000
6,000
9,000
993*
Oct
111
Jan
Mar
26
July
93
1015*
97
1023*
87
Oct
105
Jan
106
Feb
Dec
107
S'western Lt A Pow 5s 1957
So'west Pow A Lt 6s..2022
Oct
106%
May
May
July
105
Jan
79
Mllw Gas Light
Minn
P &
L
4%s_. 1967
1978
4%s
1955
1st & ref 5s
104
Montana
14,000
81
Oct
104
Jan
85
30,000
77
Dec
118
Apr
Jan
76
Dec
101
Aug
Nov
104
Jan
104
1043*
76
623*
63
875*
89
90 %
903*
903*
98%
983*
693*
703*
84
86
"86
99
1095* 1093*
69%
68
70
2,000
1005*
Nov
4,000
20,000
75
62 3*
Dec
16,000
8,000
875*
Dec
86
Dec
Oct
1073*
993*
973*
1063*
102%
Jan
Mar
Feb
Jan
_1944
g
91
4,000
95
Oct
106
Jan
Tennessee Elec Pow 5s 1956
6,000
68
Oct
Nov
107
Feb
99%
1003*
1095*
Jan
78
Tenn Puollc Service 5s 1970
Ternl Hydro-El
6%s..l953
Texas Elec Service 5s. 1960
Texas Power A Lt 5s.. 1956
5,000
7,000
73
Nebraska Power 4%s 1981
6s series A
2022
653*
Dec
75
Dec
Nov
110
Nevada-Calif Elec 5s. 1956
71
New Amsterdam Gas 5s '48
<1948
5s
Conv deb 5s
1950
'
445*
91
23*
Dec
<>ct
20,000
71
Oct
74
52,000
19,000
67
Oct
May
110
923*
93
69
723*
1163* 1165*
6,000
1,000
5,000
32,000
69
113
473*
55
57
19,000
45
55
57
64,000
44
79
833*
21,000
79
35,000
805*
905*
693*
5,000
85
Oct
20,000
60
Oct
1023* 1023*
♦Income 6s series A. 1949
3,000
99
Nov
67
5%s 1950
N Y State E & G
4%S 1980
1033* 104
1075*
93
N Y A Westch'r Ltg 4s 2004
Debenture 5s
15,000
1075* 1083*
83,000
92
93
1033* 104
1125* 1125*
1954
Nippon El Pow 6%s..l953
62
63
28,000
15,000
5,000
Northern
68
Indiana P
series
75
1075*
5s series D
763*
40
405*
1075* 1075*
2,000,
18 000
2,000;
7,000
1969
98
4%s series E
1970
N'weslern Elec 6sstmpd'45
96
975*
923*
97
99
93
6,000
13,000
92
104%
Jan
Deb
Nov
5,000
72
Dec
100
Jan
102
Oct
108
63
36
1133*
84
1113*
63,000
51
993*
{100% 101%
Jan
Oct
119
Jan
Oct
102%
Jan
Oct
Mar
933*
103
85%
5,000
843*
96
5,000
89
88%
90
{106% 107
10,000
8
100
102
Nov
106
Feb
92
Dec
113
Feb
Oct
104%
Jan
Jan
109
Apr
102% 104
25,000
97
{94
85%
"moo
107% 108%
27,000
84%
102
52
Oct
3,000
74
Dec
9,000
43*8
82%
82
Dec
87
5,000
85
Oct
104%
85
4,000
81
Oct
102%
Jan
78
78
1,000
75
Oct
101
Jan
♦5s income deb
1954
Wash Gas Light 5s... 1958
Wash Ry A Elec 4s
1951
Wash Water Power 5s 1960
West Penn Elec 5s...2030
West Texas Utll 5s A
1043*
106?*
1053*
1023*
1957
13%
14%
104% 105%
106% 106%
105% 105%
102% 102%
104% 104%
84%
86%
35
38%
104% 104%
Wise Pow A Lt 4s
104?*
104% 105%
91
92%
1966
.1937
105
74
AND MUNICIPALITIES
♦20-year 7s
Apr
103
18%
♦7s stamped
♦6 series A
Danish
6
Oct
Nov
105%
114%
Jan
75
Oct
99%
Jan
35
Dec
Feb
105%
79%
105%
108
lb",660
104?*
Dec
107%
Nov
89%
Nov
102%
107%
Jan
100%
Jan
13,000
103% June
111
Jan
2,000
18%
6.000
17
5s
1953
.1947
♦Secured 6s
6%
20,000
19%
Mar
99
Apr
20%
20?*
21%
21%
1,000
53
20%
{21
♦Hanover (City) 7s.-.1939
♦Hanover (Prov) 6%s. 1949
{20%
6%s.'58
97
Apr
50
Apr
14,000
18,000
14
8
9%
49,000
5 3*
Oct
Jan
Mendoza 4s stamped.. 1951
{65%
69
110% 111%
22,000
1083*
Mar
Oct
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
{20
23
{20
22
14%
17
993*
Mar
Oct
77
Feb
108
Jan
15,000
96
Oct
107
Jan
183*
Apr
25
85
Aug
56
Dec
Jan
105%
Jan
108
July
104
Apr
Jan
57
Dec
109
81
96
Oct
104
Mar
25
147
Jan
....1931
Mtge Bk of Denmark 5s '72
♦Parana (State)
July
Oct
1927
6s stamped
Feb
18
♦Issue of Oct
♦Mtge Bk of Chile 6s. 1931
♦Rio de Janeiro
7s
1958
6%s..l959
1283*
1073*
Oct
Mar
9
%
%
%
%
♦Santiago 7s
1949
1961
July
{57
10%
Jan
Mar
13
Oct
65
Dec
20%
99%
10%
9%
%
%
%
%
20%
II
ib'.ooo
113*
953*
9%
4,000
3.000
%
%
29,000
Dec
Dec
Oct
5*
Oct
%
11,000
16,000
Dec
02%
65
26:600
12
rll% rll%
4,000
Jan
10%
9%
Nov
1,000
F.1981
1960
102% 103
404% 104%
"3",660
7,000
102
Mar
105%
May
100% 100%
63%
66%
61% 63%
58% 60%
3,000
94
Oct
1053*
983*
Jan
Ex-dvldend.
y Ex-interest.
{ Friday's bid and asked price.
No sales were transacted
♦
Bonds be'ng traded flat.
{ Reported In receivership.
Jan
Nov
T Called for redemption.
103%
100
Oct
101
Mar
100 3*
Oct
Apr
*
D. 1950
60
the
104
range,
Nov
603*
Oct
28,000
57
Oct
96
Jan
34,000
543*
Oct
92%
Jan
1,000
Mar
28%
Aug
Apr
25%
Aug
Jan
109?*
183*
Dec
48,000
1952
{26
{♦St L Gas & Coke 6s. 1947
San Antonio P S 5s B.1958
28
82%
223*
{213*
85
6%s. 1953
♦Ruhr Housing 6%s._1958
Safe Harbor Water 4%s '79
263*
18
85
85
13,000
109
113*
1033*
10
103
113*
1033*
1043*
10,000
7
15,000
1003*
San Joaquin L <fe P 6s B '52
{1203*
125
Sauda Falls 5s
112""
{110
{1003* 101
{223* 23?*
101
1013*
107%
1955
Wks 6s_.1937
♦Schulte Real Est 6s.. 1951
Scripp (E W) Co 5%s.l943
101
Scullin Steel 3s
1951
42
Servel
1948
Oct
107
Jan
3%s
1945
3%s. May 1 1960
31*8 B.July 1 '60
1960
week and not Included In weekly or
during the current
Esquire-Coronet, Dec. 30 at 8%.
Florida P. & L. $7 conv. pref., Dec. 30 at 35%.
Hewitt Rubber Corp., Dec. 30 at 6%.
Mar
30 at 9%.
stock, Dec. 30 at 21.
Hub bell lHarvet), Inc., Dec.
107
Jan
Pacific Tin, special
Jan
Plough, inc., Dec, 30 at 6%.
Rustless Iron A Steel Corp. conv. pref., Dec. 30 at 32.
Feb
112
Nov
35
Sept
Shawlnlgan Water <fc Power Co., Dec. 30 at 19%.
47
Mar
U. S. Internat. Secur. com., Dec. 30 at
10,000
94%
Nov
19,000
42
Dec
105%
Apr
101%
101%
1013*
Oct
Oct
Mar
103%
45
Jan
62
58%
Dec
763*
70
Oct
101
5,000
Jan
15,000
30,000
12,000
13,000
103
99%
99%
104
Mar
Mar
Apr
Mar
107%
108
108
110%
Aug
Jan
Jan
Jan
11-16.
Weyenberg Shoe Mfg. Co., Dec. 30 at 5%.
Yukon Gold Co., Dec. 30 at 1%.
Dec
107% May
105
Feb
104%
Feb
105% July
72
Mar
"5",000
1063* 1063*
1043* 1045*
1045* 1045*
108
1083*
Cash saies transacted
during current week.
yearly range:
Breeze Corp., Dec. 30 at 5%.
Clark Controller Co., Dec. 30 at 15.
132
{733*
1045*
1045*
Deferred delivery salts not Included In year's range.
» Under
in year's range,
r Cash sales not Included In year's
Apr
Sou Calif Edison Ltd—
Debenture
a
Included
Nov
{583*
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
not
Dec
1033* 1033*
4%s series B
1968
4%s series D...1970
sales
x
Mar
22
1035* 1035*
{1033* 1043*
Shawlnlgan WAP 4%s '67
e
rule
22%
{1073*
45
Dec
No par value,
104% June
Queens Boro Gas & Elec—
1st A ref mtge 4s
Dec
July
Apr
Dec
9
15,000
Nov
Oct
50,000
"3",000
1st A ref 5s series C.1950
5s
Oct
7
103% 103%
{103% 105
Puget Sound P & L 5%s *49
5%s series A
Sept
21%
22:666
Apr
Aug
105
99%
9%
03*8
1919
♦6>*s certificates... 1919
♦5% 8
1921
♦5%s certificates... 1921
Mar
1123*
105%
{5
♦Russian Govt
6,000
.
7%
14
Jan
17
175*
21%
22
Dec
17
17
7
Dec
Apr
3.000
53
14
73
Nov
20
{10
52
Dec
Dec
0
27%
...1958
105
Dec
35
♦Medellin 7s series E.1951
9,000
Jan
Sept
80
♦Lima (City) Peru
♦Maranhao 7s
2,000
Jan
Apr
Dec
18
80
Jan
113
Dec
11,000
Dec
303*
73
{25
♦German Con Munlc 7s '47
Oct
May
Oct
Feb
{100% 102%
101% 101%
1955
Jan
80
8,000
110% 110%
{105% 107
1966
♦Ruhr Gas Corp
Jan
102%
105%
20,000
{25%
Danzig Port A Waterways
External 6%s1952
Pub Serv of Oklahoma—
ser
Feb
93
18%
21
...1952
53*s
♦7s
1978
4s series A
Jan
Deo
101
18%
17
♦Santa Fe 7s stamped. 1945
...1966
ser
June
32% June
108
107%
100%
4,000
11,000
1980
5s series C
Jan
31,000
75
21
Jan
106
6,000
Jan
Buenos Aires (Province)—
Pub Serv of Nor Illinois—
1st A ret 5s..—....1956
Nov
105%
1,000
7,000
1951
Mar
Public Service of N J—
6% perpetual certificates
Oct
104%
2,000
8,000
105
73
1947
106
1,000
2,000
102
—
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
103
Jan
10",000
Jan
FOREIGN GOVERNMENT
Apr
130% 130%
Electric 6s. 1954
11
9,000
23,000
{107%
100
58
Jan
Jan
84
109
56
89%
103
Waldorf-Astoria Hotel—
Oct
109
25
115
Jan
Jan
Jan
85
85
Oct
100
90%
Jan
82
1944
53*s A..1946
1st ret 5s series B...1950
6s
1946
Dec
107
76%
Mar
100
Aug
89%
94%
67
♦Prov Banks 6s B..1951
1003* May
107%
Dec
1,000
28
74
76
74
Mar
65
105
74
July
19%
"moo
27
13,000
16,000
Va Pub Serv
Jan
Feb
Oct
105%
104
Jan
June
Mar
3«,000
1053*
Jan
20%
77%
6s series A
1973
Utah Pow A Lt 6s A..2022
117%
79%
Jan
49%
75%
Nov
105
107
107%
{107% 110
{56
59
{99% 100%
{21
30
1961
80
106%
Oct
623*
3,000
{20%
Potrero Bug 7s stmpd. 1947
Power Corp (Can)4%sB '59
Ref M
106
13.000
'
Ref M
Oct
87?*
109
57%
58%
105% 105%
Portland Gas A Coke 5s '40
1st
92%
86
1981
Potomac Edison 5s E.1956
Inc
26,000
76 J*
Jan
94%
♦Pomeranian Elec6s_. 1953
1st
97%
Nov
Jan
85
74
Pub
96%
85
105%
1971
Phila Rapid Transit 6s 1962
♦Saxon
Feb
86
1053*
95
Piedm't Hydro El 0%s '60
Pittsburgh Coal 6s... 1949
4%s
Jan
80
{72
Oct
3,000
111
1st & ref
85%
Oct
{76
Dec
25,000
5%s..l972
4%s series D
4%s series E
1st A ref 4%s
4%s series 1
98%
Oct
1952
375*
95
109
♦Prussian
Nov
65
53
♦7%s stamped
1947
♦Cauca Valley 7s
1948
Cent Bk of German State A
Oct
85%
4%s series B
1968
Peoples Gas L A Coke—
4%s series F
70
7.000
10,000
Jan
Aug
30
95
Pittsburgh Steel 6s... 1948
12,000
57%
61%
Jan
117
Nov
6,000
83
107% 107%
Phil a Elec Pow
102%
78%
62%
78
Dec
1952
Jan
106% Aug
100% Sept
97
Jan
8,000
49%
Jan
July
56
5,000
{York Rys Co 5s
Jan
6,000
Mar
Mar
66
Jan
83
{♦Peoples Lt & Pr 5s..1979
973*
Yadkin River Power 5s '41
Dec
86
37
102
102%
72%
Jan
Oct
Oct
Dec
1083*
{102% 104%
B___
4,000
98%
Jan
Jan
81
1063*
100%
115% 116
13,000
18,000
105
97
105
89 3*
Oct
Penn Water & Pow 5s. 1940
series
Apr
May
59
78
"563*
Wlsc-Mlnn Lt <fe Pow 5s '44
Nov
1954
4s
37
44%
71%
Jan
1950
D.
44%
983*
105%
104%
105%
1015*
{112% 115
5%s series B..1959
5s series
Oct
1959
♦Baden 7s
Penn Pub Serv 6s C..1947
16
5% s
Oct
Penn Ohio Edison—
6s series A
20,000
Oct
95
1979
Penn Electric 4s F
Mar
22%
105
Wheeling Elec Co 5s.. 1941
92
743*
5s
96
Oct
West Newspaper Un 6s *44
West United O A E 5%s *55
5,000
1043*
1st
Oct
53
Jan
79
72
32
35
47
Nov
103
{103
58%
52% 157,000
/4.000
107
4,000
Pacific Coast Power 5s '40
Park Lexington 3s
1964
Penn Cent L A P 4%s.l97v
Jan
48%
20,000
1085*
14,000
18,000
Okla Power & Water 6s '48
63
102
68%
Oct
975*
893*
1045* 1063*
86
Dec
24
Jan
Pacific Gas & Elec Co—
116
67
66%
95
106%
Feb
1941
8,000
39%
40%
104% 105%
West Penn Traction 5b '60
108
A. 1948
09
72?*
Jan
Jan
Jan
ser
Mar
67
105
1945
1003*
693*
1045*
1st 6s series B
96
.1974
Oct
6,000
Pacific Ltg & Pow 5s.. 1942
Pacific Pow & Ltg 5s..1955
Palmer Com 6s
1938
Oct
24
f 6s
s
Oct
1065*
Pacific Invest 5s
39%
Mar
Dec
106
873*
86,000
111
75
Ohio Power 1st 5s B..1952
963*
Mar
53
2,000
54
111%
975*
Mar
96
59
35
Dec
Oct
88
Mar
95%
81,000
Oct
35
Feb
Nov
1013*
1045*
95
Oct
40
114
Jan
1043*
12,000
1946
Oct
42
59
86%
1043*
88
4%s ser D.1956
4%s...l951
42
114
Jan
Feb
1133*
103
1st A ret
Mar
{24
Dec
81
5a conv debs
Mar
95
55
1083*
103
Okla Nat Gas
95
Oct
94%
Jan
1945
Ogden Gas 5s
Oct
42
Oct
1093*
1,000
2,000
1033* 1033*
N'western Pub Serv 5s 1957
Jan
40
19,000
18,000
Oct
6s series A
95%
S—
.1966
C
75
106
31
Un Lt A Rys (Del)
5%s '52
United Lt & Rys (Me)—
No Amer Lt & Pow—
6%s series A
1956
Nor Cont'l Utll 5% s.. 1948
No Indiana G & E 6s. 1952
Jan
Oct
65
Nov
Get
Dec
Apr
Apr
101
1045*
90
100
1103*
Jan
104%
8.000
1043*
1962
5%s '52
Jan
104
3,000
2,000
New York Penn A Ohio—
Ext 4%s stamped.. 1950
N Y P A L Corp 1st 4%s '67
103%
Dec
42,000
Dec
905*
.1942
Nov
75%
99%
63
_
Dec
853*
Oct
90
6%s
Oct
803*
87
Jan
54
{42
United Lt& Pow 6s... 1975
Oct
663*
Nov
87
r37
Oct
56
Jan
105%
62
♦1st
Apr
41,000
109%
r37
Oct
8.000
58
Oct
Jan
Nov
51
♦United Industrial 6%s.'4J
Dec
55
102%
Conv 6s 4th stamp. 1950
United Elec N J 4s... 1949
United El Serv 7s
1956
1063* June
Oct
10634
88
77
50
Ulen Co—
44
445*
Dec
New Orleans Pub Serv5s stamped
49
2022
83
95
•563*
New Eng Pow Assn 5s. 1948
Debenture 5%s
1954
"683*
Tide Water Power 5s.. 1979
Tletx (L) see Leonard
Toledo Edison 5s
Twin City Rap Tr
1145* 1145*
92%
2,000
33*
95
823*
44?*
Nelsner Bros Realty 6s '48
N E Gas & El Assn 5s. 1947
91
{3
2030
Deb 5s series B
91
{92
Nat Pow <fe Lt 6s A—.2026
i*Nat Pub Serv 5s ctfs 1978
1970
14,000
Jan
"b23*
1946
!8t 4% 8
m
6s series A
♦Munson SS 6%s ctfs. 1937
Nassau A Suffolk Ltg 5s '45
N Y Central Elec
2d stamped 4s
Super Power of 111 4%s '68
90%
95%
79
77%
101% 102%
503*
53%
52%
50%
50%
53%
51
51%
94
48,000
5,000
2,000
2,000
15,000
9,000
6,000
15.000
21%
Stlnnes (Hugo) Corp—
2d stamped 4s
1940
95 3*
56%
Low
Shares
49%
52
♦Starrett Corp Inc 5s. 1950
1,000
4,000
Power—
Dakota
1936
83
75
Miss River Pow 1st 5s. 1951
Missouri Pub Serv 5s.1960
6s
♦Certificates of deposit
Debenture 6s
1951
Debenture 6s. Dec 1 1966
Standard Inveetg 53* s 1939
{Standard Pow A Lt 6sl957
79
77
95
Mississippi Pow 5s—1955
Miss Power & Lt 5s—1957
♦Convertible
Aug
77
975*
Memphis Comml Appeal
Deb 4 Ha
1952
Memphis P A L 58 A.. 1948
Mengel Co conv 4% s. 1947
Metropolitan Ed 4s E. 1971
Middle States Pet 6%s '45
Midland Valley RR 5s. 1943
273*
813*
Marlon Res Pow 434 a. 1952
McCord Rad A Mfg 6s *43
503*
Range for Year 1937
for
eel
High
90%
94
So'west Pub Serv 6s..1945
{♦Stand Gas A Elec 6s 1935
♦Certificates of deposit
Range
of Prices
56%
8'western Assoc Tel 5s 1961
Nov
Week's
Low
94%
95%
105% 105%
Sou Counties Gas 4%s 1968
Sou Indiana Ry 4a
1951
223* May
"975*
Sale
High
183*
"
75
*975*
Last
(Concluded)
!
Mansfield Mln A Smelt—
♦7s without warr'ts.1941
BONDS
Range for Year 1937
for
Weel
Shares
85
Sales
Friday
|
V Under-the-rule sales transacted during the current week and not
weekly or yearly range:
*
lnoluded in
No 8&188
z
Deferred'
delivery rales transacted during the current week and not included
In weekly or yearly raDge:
No salee.
Abbreviations Used Above—'"cod," certificates of deposit:
'cons," consolidated',
"cum," cumulative: 'conv," convertible; "m," mortgage; "n-v," non-voting stock;
t c," voting trueti ertifloztee "w 1," when issued; "w w," wifh warrants
"v
without warrants.
Financial
86
Chronicle
Jan.
1,
1938
Other Stock Exchanges
Sales
Friday
New York Real Estate Securities
Last
Exchange
Stocks (Concluded)
Closing bid and asked quotations, Friday, Dec. 31
Par
Price
Bid
Unlisted Bonds
Ask
1941
33#
Park
1945
90
Bryant Park Bldg 6#sl945
11 West 42d St 6#8..1945
Internat Commerce Bldg—
28
1943
6
Bid
Ask
Dodge Corp—
Income bonds v t c
B'way 38th St Bldg—
7s..
21
1938
65 West 39th Street Bldg—
Certificates of deposit...
10 East 40th 8t Bldg 5sl953
Class A...v...
20#
77
250 W 39th St Bldgs 6s '37
6#s
Gillette Safety Razor
12
Baltimore Stock
Year 1937
Low
High
12
1,028
15
16
586
15
Oct
26#
Mar
27
28#
176
27
Dec
47
Mar
14#
20#
6
7#
45
8#
9
•
9#
798
1#
——*
35c
Pref erred-...i
Helvetia Oil Cote
...
Isle Royal Copper Co...25
Maine Central-
Exchange
45c
120
20
1
100
Mergenthaler
50
1#
35c
35c
•
30c
20
Class B
22
Common
on
Range for
Shares
3
2#
2#
Dec
6
Oct
8#
Oct
25
1#
Dec
Jan
Jan
Feb
1#
7
Jan
Oct
2
Jan
Dec
25c
20
50
35c
1
2#
Jan
6#
Jan
8#
5#
8#
251
5#
Dec
1#
Linotype. _»
Jan
Oct
Nov
183
150
1#
320
22#
Dec
4#
3.460
24# May
Dec
22#
2
24#
61
'23"
Mass Utilities Asso v t c._*
Orders Executed
High
Hathaway Bakeries—
Apt Hotel 6s#
—
38
6
Low
15#
27#
Employers Group
General Capital Corp...
Gilchrist Co
616 Madison Ave
Alden (The) 6s
Place
for
of Prices
Week
3
East Steamship Lines com*
Unlisted Bonds
Week's Range
Sale
3#
Jan
66
Feb
Narragansett Racing Asa'n
Inc
SteinBros.&Boyce
6
S.
Established 1853
Calvert St.
39
BALTIMORE, MD.
1
Nat Ser Co
New Erig Gas & El Assn pf*
New England Tel A Tel 100
Broadway
NEW YORK
NYNH&HRR
North
Louisville, Ky.
Hagerstown, Md.
Par
Stocks—
for
Low
High
14#
Range for Year 1937
25
Shawmut Assn T C
Atlantic Cst Line (Conn) 50
28#
Bait Transit Co corn v 10.*
H
1st pref v t c
Low
High
Consol Gas E L & Pow—*
5% preferred..
100
1.747
14
28#
150
22
Nov
54
Vs
512
H
Nov
3
Jan
425
1#
13#
Dec
9
65
114#
50
430
Mar
22#
Dec
54
98
Nov
142
1#
Feb
Mar
9#
Oct
Mar
Mar
36c
Dec
2#
1,160
3#
Dec
29#
264
2#
Dec
23
25c
Nov
1#
(new)
Dec
38
Jan
89#
Jan
10#
Oct
44#
19#
Oct
50
Mar
11#
25#
Mar
245
2
Dec
10
20
Nov
25
Dec
16#
Oct
316
24#
Dec
33#
Jan
41# May
18#
Nov
10
64#
37#
Sept
2,905
51c
Oct
7
Dec
27
20
280
73#
536
38#
38#
1
90c
Waldorf System Inc
*
7
Warren Bros Co
*
Warren (8 D) Co...
*
22
1948
61
Jan
Feb
9#
6#
20
"71"
12#
1.855
69
5
Jan
280
10
7#
24#
25#
♦
Union Twist Drill Co
Jan
105
1,304
20
9#
10#
Jan
June
61
1
Oct
33
Mar
98
Jan
46#
Jan
2# June
19#
Feb
12#
Jan
7#
755
4
405
22
15
22
Dec
46
Feb
$1,000
61
Dec
89
Feb
Jan
1#
13#
»
Black <fe Decker com
Mar
200
4#
3#
14
21#
2#
20
*
Preferred..
2
14
62 #
65
114
114#
*
-
Apr
#
x6
2,706
42c
30c
2
*
Stone A Webster
United Shoe Mach Corp.25
Shares
15#
15#
*
Oct
11#
Dec
1
488
2#
Utah Metal A Tunnel
Arundel Corp
10c
270
22#
12#
20#
14
21#
50
Torrington Co
Week
Price
1#
30c
25
Reece Buttonhole Mach.10
Sales
of Prices
3#
2#
Pacific Mills Co
Exchange
Weel's Range
36c
Oct
2#
100
10c
100
1#
Ctfs of deposit
Old Dominion Co
both inclusive, compiled from official sales lists
Sale
1#
100
Quincy Mining Co
Last
22#
98
100
2.50
Butte..
Pennsylvania RR
Fr iday
1#
100
Old Colony RR
Chicago Board of Trade
New York Curb Exchange (Associate)
Baltimore Stock
3#
10c
York, Pa.
Members New York, Baltimore and Chicago Stock Exchanges
Dec. 25 to Dec. 31,
3#
1
t c._
com
National Tunnel A Mines.*
Eastern Roll Mill com._100
4#
406
318
Oct
62
Oct
102
no#
Oct
100
4#
4#
Dec
23#
Apr
Mar
115
Jan
6#
Oct
2#
Bonds—
Eastern Mass St. Ry—
Series A 4#s
Oct
30#
3#
Aug
Eastern Sugar Assoc—
1
Preferred
6#
7%
5
Oct
1
Common
Fidelity A Deposit
15 #
90#
9%
14#
16
425
10
Oct
48
94#
10
15#
148
89
Oct
136
20
Finance Co of Am A com 5
Houston OH pref
Mfrs Finance
100
9#
15#
lst preferred
..25
-.25
....
2d preferred
Mar Tex Oil.
6#
#
1
2#
87
645
'
#
6#
#
#
comn"^nvt.
753
55
Merch A Miners Transp..*
2#
15#
Monon W
24#
SON
9#
53
11
PennP87%pf-25
Aug
Dec
1#
12#
2#
Jan
Jan
4#
4#
Jan
#
6#
Dec
#
Dec
24#
Common class A
23#
2
Oct
1,830
2
Oct
700
14
Dec
53
22
Oct
Listed and
Members
New York Stock Exchange
Apr
Jan
10 So. La Salle St.,
Mt Vern-Woodb Mills-
Preferred
100
New Amsterdam Casualty6
No American Oil com
1
10 #
IN
153
IN
IN
50#
2,005
1,700
8#
Dec
Oct
82
Feb
2
1#
Dec
*
70
67N
70
45
65#
Dec
70
70
70
90
70
Dec
103#
Mar
13N
13N
60
13#
Nov
18#
Seaboard Comm'l Pref..25
34
34
35
34
Dec
45
Feb
Apr
U S Fidelity & Guar
13#
15
2,802
11
Oct
29#
Jan
Seaboard Comm'l
com
com
A 10
CHICAGO
Mar
18#
Phillips Packing Co pf--100
Penna Wat A Pow
Chicago Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
Jan
27#
Unlisted
Paaf H.Davis & 0a
Jan
41
SECURITIES
CHICAGO
Mar
Oct
14
13#
71
3
Jan
Apr
Dec
1.163
945
2#
2#
14#
9#
Sept
95
Chicago Stock Exchange
Feb
Dec.
25
to
Dec. 31, both
inclusive, compiled from official sales lists
Sales
Friday
Bonds—
Last
Stocks—
Par
Week's Range
for
Sale
2
of Prices
Low
High
Week
Price
Range for Year 1937
Low
Shares
High
Baltimore City—
City 4s Annex Inapt. 1954
117
119
4s sewerage lmpt-..1961
119
$7,700
117
Dec
117
Dec
Abbott Laboratories—
Common
9
9
80
8#
Dec
55#
17#
4#
300
4#
Nov
12#
Jan
Advance Alum Castings..6
3#
4#
3#
Mar
6#
5#
3#
6#
1,300
Aetna Ball Bearing com_.l
Feb
119
Jan
Dec
112#
Dec
24#
23,000
22#
Oct
41#
Jan
Adams Mfg (J D) com ...»
Adams Royalty Co com..*
25 #
25
26
16,600
25
Oct
48
Jhi-
97
97#
3,000
97
Dee
Sent
Finance Co of Amer 4% '42
100#
Altofer Bros
Established
and Tyson
New
Isston Tel. LAP 7010
Auto Washer conv
to
Dec.
for
Sale
100
of Prices
Low
High
Boston Elevated
100
Range for Year 1937
100
Shares
Low
142# 147#
94
88#
2,734
Oct
187#
Jan
Dec
147
123#
1,119
115
Dec
160
Jan
49#
19#
585
47
Dec
445
18#
47
18#
18#
Common
100
Prior pref
100
3#
10#
10
3
Mar
Feb
Nov
17
Jan
550
1#
2#
Oct
9
Mar
400
3
3#
Dec
9
Mar
7#
Dec
20#
23#
Feb
22
Aug
12
1,650
1,050
8#
Oct
Feb
4#
Oct
30#
14#
450
5#
16#
Dec
14#
Feb
Oct
43#
Mar
22#
Dec
Aug
Aviation com
5
1
8
1
11
6#
6
7#
5#
7
6
16#
16#
18#
2,250
23
22#
25
5,700
1,650
9
Oct
Feb
Feb
Warner Corp—
(New)
5
com
Brown Fence A Wire com 1
5
*
"26""
*
Bruce Co (E L) com
7#
Ring com
9
Oct
2,350
6
Oct
50#
15#
28#
30#
9
Dec
15
Oct
4
Dec
13
July
5#
Oct
Mar
Oct
18#
36#
Oct
5#
4
1
10
7#
Oct
20
100
6#
5
50
5#
20
20
9
10
com
405
139#
88#
Oct
30
5% conv preferred
7
4#
700
6#
7#
3,050
17#
18
17
850
250
69#
30#
Mar
Castle (A M) common.. 10
17
#
17#
Jan
Central Cold Stor com..20
13#
14
Consol Constr Co
3
Dec
14#
56#
Mar
Dec
2#
3
130
Dec
18#
Mar
"3#
2#
3#
3#
440
3#
Dec
20
Mar
3#
3#
5#
3#
4
138
4
Dec
Mar
conv
H
pfd*
Common
3#
3H
70
3#
Dec
23
Mar
Preferred
4#
5#
250
4#
Dec
29
Mar
Prior lien pref
3#
Feb
Feb
Mar
17
#
Mar
Jan
250
17
Dec
43
July
30
12
Oct
19
Feb
Mar
Convertible
#
1
Common
46
46
#
850
#
Dec
5
950
4
Dec
49
4 i/
preferred-.*
Cent 111 Pub Serv pre!...*
Central S W—
410
46
Dec
3#
19
Feb
Jan
*81#
Feb
76
10
10
24#
2
2,750
30
30
32
380
30
Oct
95#
95#
3#
96
250
78
Oct
110#
Mar
Oct
20#
Jan
12
12
12
50
16#
15#
1#
30#
17
32#
Chic Flexible Shaft com..6
70
38
40
Jan
Cblc & N West Ry com. 100
1
1,150
26,650
2,250
1,750
4,000
Jan
Chicago Rys. pf ctfs 2..100
2
...
30
10
Dec-
18
Jan
*
Central States Pr & Lt pfd*
25
63
Dec
151
Copper Range
25
4#
East Boston Co
10
•
Feb
2
100
1#
Dec
7#
Feb
6#
7#
362
Oct
20#
Jan
4#
35c
5#
1,065
3#
4#
Oct,
17#
Jan
(New) common
*
Cherry-Burrell Corp com. 5
Chicago Corp common—*
Oct
1#
Feb
35c
100
25c
East Gas & Fuel Assn—
Common
2#
prefZIIIIIoo
100
26#
2#
50#
25#
51#
122
28
154
10
2#
Dec
10#
49
Dec
81
25#
Dec
48#
Aug
2
Preferred
100
100
Adjustment
90c
see page
90.
100
80c
Dec
27
247
25#
Dec
7
25
7
Oct
2
100
90c
23
7
"23
100
3#
2#
104
2
Dec
3#
51
15#
7
Mar
Jan
Mar
Jan
61
98#
Chicago Yellow Cab Co..*
Cities Service Co com
1#
9
Chicago Towel Co com..
Convertible pref
*
2
#
#
Participating ctfs 3..100
4
Chic Rivet A Macn cap
Preferred B
1#
120
1#
3#
Oct
6#
75
Jan
Jan
Chain Belt Co—
1#
7#
4#
57#
700
Dec
10
25
For footnotes
Oct
Dec
#
33
Jan
9#
175
Calumet & Hecla
pref
July
700
844
Boston Per Prop Trust
*
Boston & Providence... 100
Brown-Durrell Co com. 100
1st
12#
600
12
Class C 1st pref std._100
Class D 1st pref std.100
4#% prior
150
Dec
Central Illinois Sec—
Class A 1st pref
100
Class A 1st pref stpd.100
Class B 1st pref std._100
6% preferred..,
1,900
Feb
s#
Jan
120
Boston & Maine—
East Mass St Ry—
Common
1#
2#
5,400
1,600
13#
1,250
Burd Piston
High
120""
48
.
1#
33#
3#
1#
6
43
Oct
8
Bunte Bros
144#
*
...
Boston-Herald-Traveller
5#
Feb
Oct
4#
10
Class A
Week
100
30
Apr
26#
11
Butler Brothers
Boston & Albany._
Boston Edison Co
10
17#
Oct
9#
10#
6#
Borg
Sales
Week's Range
Price
1#
10
Bliss A Laughlln Inc cap.5
Exchange
Last
Par
30
Dec
1
10
Bendlx
Lewlston
Friday
Stocks—
9
12
Belden Mfg Co com
31, both inclusive, compiled from official sales lists
Amer Tel & Tel
50
Bastlan-Blesslng Co com.*
Berghoff Brewing Co
Blnks Mfg Co capital
Dec. 25
14# May
200
3#
pref. „*
Barlow A Seelig Mfg A com 6
N. Y. Tel. CAnal 6-1541
Portland
Boston Stock
12#
Oct
DEPARTMENT
Wire System
30 State St., Boston
Bangor
Oct
5#
9
5#
5#
Feb
3
13
33
*
Automatic Products com.5
New York Curb Exchange (Aseo.)
Private
—
550
36
13
#
Associates Invest Co com.*
Athey Truss Wheel cap.
York Stock Exchange
UNLISTED TRADING
"5#
Aro Equipment Corp com 1
Asbestos Mfg Co com;
1
1887
650
30
13
*
pref
Armour & Co common...6
Afembers
Boston Stock Exchange
conv
-.25
37
9
Allied Laboratories com..*
Allied Prod Corp—
Class A
Townsend, Anthony
Feb
36#
115
112#
23
112# 112#
Nov
36#
.*
(new)
7,500
3,300
23 #
City 4s 2d sch dlst..l948
Bait Transit Co 4s (flat) '75
A 6s flat
1976
117
10
1#
#
#
9
61#
98#
12
Nov
15# Dec
Oct
15
Nov
26#
Sept
6#
Mar
1#
30#
Dec
48
Feb
35
Oct
77
Mar
1
Dec
570
#
#
10
6#
Mar
Oct
#
Jan
Jan
#
37#
Feb
250
8
Oct
.50
60
Jan
Nov
77
May
20
95#
Oct
108
Feb
9#
10
500
6#
Oct
1#
2
4,250
IN
Oct
98#
27#
5#
Jan
Jan
Volume
Financial
146
Last
Week's Range
of Prices
Low
High
Week
Price
Club Aluminum Uten Co.*
Commonwealt
inge
for Year 1937
Low
Shares
Stocks (Concluded)
High
Oct
2*
Mar
20*
Oct
Aug
15*
Dec
33*
48*
Oct
11
Oct
14*
1
IX
IX
100
25*
15*
9,100
900
3X
26*
17*
3*
1,450
2
6*
2 *
6*
2*
80
5
50
2*
Dec
26 *
Compressed Ind Gases cap*
Consolidated Biscuit com. 1
Consumers Ct vtc pref.50
Com part shs v t c A..50
Com part sbs v t c B...*
Cord Corp cap stock..
5
6
*
4
6
9*
23*
22*
16
Sept
Oct
Oct
11*
Jan
5
Dec
17*
Jan
15
Dodge Mfg Corp
*
Elec Household Utll cap. 5
1
200
Oct
25
12
Dec
26*
Aug
Wahl Co (The) com
Dec
41*
AUg
Walgreen Co
*
3
3,150
18*
2*
Dec
Oct
12*
40*
Jan
3*
Dec
3*
2
Dec
5*
23*
150
3*
2*
21
50
2
1,400
10*
3*
9*
1,450
45
45
3*
Oct
4*
Apr
*
Dec
1*
*
IX
*
1*
1,400
1*
Oot
■6*
16
Nov
24*
18*
1*
is*
19
1,100
18
Oct
49*
Feb
10
10
10
200
10
Dec
26*
Dec
76
76
10
76
Dec
93
3
4
600
4*
5
,3,300
♦
200
9*
$3 cumul conv pref.-.20
Gen Finance Corp com... l
1*
Feb
Mar
Dec
May
50
4
1,150
3*
Dec
23*
July
Dec
45
70
July
Oct
Oct
2
Jan
Feb
Viking Pump Co—
250
....*
common
.7
19
3%
2*
July
3,250
1,200
5
pref
15
Gardner Denver Co—
New
*
13
23
*
Fuller Mfg Co com
Convertible
com
19
2*
15
Fair (The) com...
Utah Radio Products
Utll A Ind Corp com
2
15
13
....
28*
1*
16
Trane Co (The) com
12
*
com
Eddy Paper Corp (The)--*
Oct
1*
Oct
3
Mar
Mar
1*
12
2
Nov
Dec
400
50
16*
22*
15*
4*
8*
160
550
1. 11*
4*
350
Mar
Mar
Mar
23*
450
16*
4
Dec
5*
15*
28*
Nov
Dec
4,000
1,000
25
2*
Dec
5*
Jan
4*
Swift A Co
Thompson (J R) com...25
18
4
9
150
450
1,400
Jan
5*
13*
Aug
Feb
Mar
Feb
Apr
Apr
3
20* May
4*
3*
Oct
Dec
2*
18
Oct
107
12*
Dec
Oct
Oct
9*
6
9
Nov
33*
28*
15*
*
5*
2*
000
10
5*
1*
56
550
High
850
4*
4
400
Decker A Coton
Cumulative cl A pref..35
com
10
com...
89
10
12
10
Standard Gas & El
Year 1937
Low
2*
2*
*
Convertible preferred. 20
Range for
for
Week
Shares
96*
96*
7% pf 100
3,800
40
High
Stockllne Furniture com 10
Sunstrand Mach Tool com5
Swift International
15
Dexter Co (The) com
Dixie Vortex Co com...
7X
Low
Price
Jan
14
13
"7 X
Dayton Rubber Mfg com. *
of Prices
Feb
July
5*
110*
26*
28*
32*
60
Week's Range
1*
60*
15*
1
X
1*
1*
Co pref. 100
Cunningham Drg Stores 2*
g
Elgin Nat Watch
South w Gas & El
Par
Standard Dredge com
..25
Cudahy Pack
Last
Sale
iison—
New
Sales
Friday
for
Sale
Par
87
Sales
Friday
Stocks (Continued)
Chronicle
Common..
common
Wieboldt Stores
Inc com..*
Cumulative prior pref..*
Williams Oil-O-Matlc com *
10
16
200
1*
Oct
*
Jan
>,
June
2*
Oct
12*
4
Dec
12
Mar
2*
Dec
15*
2*
Feb
Nov
43*
Aug
Wisconsin Bank sbs com.*
Woodall Indust com
2
3*
2*
3*
Yates-Amer Mach cap...5
Radio Corp com..*
IX
11*
1*
300
1*
Dec
13*
13*
3,300
11*
Dec
Zenith
Feb
5
2,050
Feb
6* May
Gen Household Utll—
Common
2*
Godchaux Sugar—
Class B
Oct
10*
Jan
11
Dec
38
Feb
Goldblatt Bros Ine com..*
650
19*
Oct
42*
Mar
Gossard Co (H W) com..*
Great Lakes D & D com..*
12*
150
5*
Oct
9
Oct
12*
29*
July
Jan
Dec
20*
1*
17,800
2*
11
*
11
19*
7X
11*
21*
7*
12*
2,300
50
Members Cincinnati Stock Exchange
Hall Printing Co com... 10
5*
Hamilton Mfg cl A pref. 10
Harnlschfeger Corp com. 10
4
6
6*
500
4
Dec
14
Apr
5*
6
480
5*
Dec
20
Mar
6*
5*
6*
3,150
4
*
4*
4*
650
21
21
50
20
Dec
43 *
41*
43*
100
40
Nov
16
16
50
16
Oct
23
8
400
Dec.
27*
Feb
Dec
13
Active
Dec
Helleman Brew Co G cap. 1
Heln-Wern Mot Pts com.3
5*
600
5
Oct
3*
Oct
11*
13*
Trading Markets in
Cincinnati and Ohio Listed and Unlisted Securities
Feb
BALLINGER & CO.
UNION
Jan
TRUST
CINCINNATI
BLDG.
Phone Cnerry 6711—Bell Sys. Tel. Cln. 363
Mar
Heller (WE)—
With rights
;
Hlbb Spencer Bart com..25
Hormel & Co com A
*
Houdaille-Hereliey cl B
*
Hubbell Harvey Inc com.5
Hupp Motor
7*
10
v
300
1*
Dec
5
6
400
108
80
4*
92
Oct
107
IX
27
t c._*
Indiana Steel Prod com.
5*
1*
22*
Jefferson Elect Co com...*
5*
3*
12*
15*
19*
Joslyn Mfg A Suppl
..5
38*
1
3*
6*
9*
3*
1
.
.
Interstate Power $6 pref.. *
Iron Fireman Mfg v tc__.*
Jarvis (W B) Co cap
1
com
Katz Drug Co com
"l3*
16*
Kellogg Switch A Sup com*
Ken-Rad T & Lamp com A*
Kerlyn Oil Co cl A com..6
Kingsbury Breweries cap.l
3*
Common
25
*
Cumulative pref
Le Rol Co com
3*
10
Lion Oil Ref Co
3
250
4*
3*
12*
Nov
30
1,150
13*
350
150
19*
38*
3,600
18
20*
40*
4*
*
com..
10*
3*
*
3*
v
Mar
27
Feb
American Products.
Oct
29*
Feb
Baldwin preferred
Oct
51
Feb
Champ Paper A Fibre.
Champ Paper pref.
Churngold
Aug
750
9*
Dec
350
3*
Oct
16*
12*
28*
7*
3*
Mar
Feb
Mar
Jan
3*
Aug
Oct
Jan
Dec
50
Feb
Laundry Mach. ..20
2
McQuay-Norris Mfg com.*
29
_
Oct
13*
Feb
Dec
Mar
July
550
7*
Dec
850
5*
Oct
34*
19*
15*
2*
Oct
12 *
M arsball Field com
*
7*
3*
Mer & Mfrs Sec cl A com.l
Prior preferred
Mlckelberry
s
_.
Dec
4*
Mar
33*
July
150
15
Nov
500
2
Oct
26
Oct
56
Aug
20
29
Dec
57*
Mar
Oct
4*
Jan
6*
Jan
*
4
5,600
1,500
23
21
*
8*
*
550
60
7*
Dec
3*
Nov
21
Dec
30*
7
31 *
Mar
1
2*
3
5
4*
1*
5*
IX
*
*
4*
1
Stock purchase warrants
Midland United Co—
Common
5
Cohen
Conv preferred A
Midland Utll—
High
310
1
Dec
Dec
Dec
93
July
Dec
63
June
Dec
111
104
11
Dec
16
Dec
28
Jan
Dec
9
Mar
50
7
94
75
6*
3*
8*
105
11
Nov
13*
108
Jan
Jan
10*
100
Jan
Jan
Feb
27*
20
105
Sept
115
80
11
Dec
25
Jan
101
24
Oct
36
Feb
11*
24
Nov
6*
3*
8*
100
8*
105
11*
Oct
4*
650
8*
Jan
Jan
Dec
4
105
Apr
75
11
.
Oct
5*
Feb
156
11
7
*
.....
24
6
6
Guar...
Miami
91*
91*
Dec
14
15
95
14
Dec
4
4
75
4
Apr
25
97
Randall A_._........
1
17
17
2
*
::io
*
US Printing....
50
*
.100
22*
21*
1*
5*
2*
*
22*
21*
1
■85
1*
1*
Jan
Feb
12
Apr
1
Oct
35
10
Oct
9
30
5
Dec
Oct
Jan
101*
24
Jan
Aor
8*
106
Dec
1*
10
10
*
-
99
99
*
8*
45*
*
16
49*
Dec
...*
PAG
Jan
Oct
91*
10
5
Oct
Dec
8
4
8*
45*
National Pump pref
6
32*
27
14
99
*
Manischewltz...
102
8
91*
"50
2.50
Magnavox
20
6
32*
32*
8
8
%
Leonard
Wurlltzer..-
1*
1*
78*
26*
36*
2*
704
4
100
1st preferred
Kroger...
Jan
1*
4*
61
11
*
common
12*
500
Dec
80
78
32*
Kahn
Waco
4*
16
7*
98*
4*
75
Gibson Art
Jan
Oct
Oct
34
104
24
Formica Insulation...
1*
Oct
*
104
104
100
4*
75*
...
7*
*
400
26*
*
(Dan)
Crosley Radio
Rapid
5,250
16
*
Cincinnati Telephone. ..50
Preferred
*
26*
85
80
Cincinnati Street Ry.. -.50
U S Playing Card....
15*
1*
80
7
Jan
Jan
Oct
Oct
*
96
Jan
1*
3*
1,750
23,500
Low
136
16*
1*
80
7
B_.
Common
16
16
98
Feb
Food Prod
Middle West Corp cap
.160
Jan
2
400
29
Range for Yearl 1937
for
Week
Shares
Mar
18*
*
High
*
Little
Manhatt-Dear'nCorp com*
Low
Cin Gas A Elec pref.. .100
10
Eagle-Richer Lead
Early A Daniel pref... .100
3
20
2*
38*
2
33
Price
26*
Dow Drug
2,300
200
of Prices
1
IlOO
Jan
2,350
7%
7*
Par
Dec
20
3*
Stocks—
Week's Range
Sale
Amer
55
*
Last
Jan
Oct
1*
Sales
Friday
10* May
Dec
25
Exchange
31, both inclusive, compiled from official sales list
21
Dec
100
Dec.
25 to
Dec
6
1,550
Dec.
Aug
Jan
Aug
3*
200
3*
18*
5
com
4*
19*
111*
49
Cincinnati Stock
Jan
750
7
2
London Packing com..... *
Lynch Corp
200
3*
13*
Feb
52* May
Hatfield part pref.... .100
*
10
com
Nov
20
7*
7*
Libby McN A Libby.._10
Lincoln Printing Co—
Common
127
5*
21
25
20
*
Oct
250
*
La Salle Ext Untv com...6
Lawbeck 6% cum. pref 100
Leatb A Co—
Lindsay Light
7*
10
10
Illinois Brick Co cap
111 North Util pref
Indep Pneum Tool
700
.100
(new)__l
com
10*
1*
26
Mar
Feb
4*
20
May
10*
65*
July
23*
11*
Jan
60
44
40
604
16*
1*
110
22
Oct
38
Feb
155
45*
17*
2*
22*
21*
19*
Oct
34*
6*
Feb
Jan
Nov
Nov
1
Jan
Jan
1*
2
260
5*
5*
2*
100
5
Dec
21
100
2*
Dec
9
Dec
5* May
26
|May
2*
9
9
75
11
Oct
Feb
Feb
6% prior lien
6% preferred A
100
*
50
Dec
8*
Jan
7% prior lien
7% pref A
100
1
1%
520
1
Dec
9*
Mar
100
1
1
20
1
Nov
Miller A Hart
IX
100
conv
*
pref..*
Modlne Mfg Co com
Monroe Chemical Co
•
20
3*
630
1
Oct
21*
2*
21X
*
700
20
Dec
5
8*
46*
Ohio Listed and Unlisted Securities
Feb
Jan
Jan
*
4
4
4
200
4
Oct
10
4
138
140
30
120
Nov
J56
Feb
150
7
Dec
22
Members Cleveland Stock Exchange
Jan
Monta Ward A Co cl a...*
Jan
com
Nachman Springfilled com*
Natl Pressure Cooker Co.2
Natl Rep Inv Tr conv pf__
National Standard
com..
7*
8
6*
6*
150
5*
Dec
17
Apr
3
3
610
2
Oct
12*
Jan
21*
550
18
Oct
36*
3*
Feb
*'
3,450
58
Feb
20
10
National Union Radio coml
*
17
Noblitt-Sparks Ind com..5
Nort Amer Car com
20
Northern Paper Mills com *
Northwest Bancorp com..*
Northwest Eng Co com... *
Northwest Util 7% pref 100
Prior lien preferred.. 100
Nunn-Bush Shoe
com
6*
*
Raytheon Mfg—
Common v t c
X
i'X
450
10*
Oct
37
Mar
Dec
10
12
Oct
54
Jan
50
12
Dec
18
Aug
10
9
Dec
22
July
200
14
Dec
29*
Jan
*
Oct
2*
Jan
4*
*
Dec
9
14*
1
12*
28
900
700
11
10
25
100
4*
*
1*
4*
1*
250
1*
1*
100
1
1,550
Oct
Oct
Oct
Oct
1*
1* June
77*
78
100
66
Oct
78
78
50
74
June
95
91*
139
95
143
380
86
Nov
110
121
Apr
ft*
7*
3*
Jan
1
9
10*
250
1,150
160
to
Dec.
Last
Sale
Jan
Mar
Par
Stocks-
60
60
80
*
26 X
26*
Feb
4*
Jan
Airway Elec Appl pref. 100
Akron Brass Mfg
Amer Coach A Body.
5
—
11
11
125*
Jan
1
17
17
150
Jan
Cleve, Cliffs Iron pref....*
58
63
29*
Feb
Feb
Cliffs Corp vtc...—
58*
29*
15*
14
30
15*
Commercial Bookbinding.*
30
30
34
—100
9
21
Dec
40*
861
58
Dec
101*
416
Dec
63*
14
Oct
50
Mar
30
Jan
56
Aug
15c
13c
15c
Elec Controller A Mfg—*
67
65
67
45
Jan
Federal Knitting Mills...*
17
17
17
5
11
Dec
150
50
Nov
1,700
4
Dec
23*
Nov
Apr
Great Lakes Towing—100
40
40
Feb
34
34*
Aug
Halle Bros pref
..100
Hanna M A $5 cum pref..*
34
98
92
92
92
6*
43*
43
24,404
42
14*
Mar
Harbauer Co.
--*
*
16
17
250
16
Dec
40
Apr
24
24
10
24
Dec
35
Mar
15
15
20
15
Dec
26
Mar
Jaeger Machine
...*
Kelley Isl Lime A Tra.._*
Lamson A Sessions——*
850
12
Oct
Mar
Leland Electric—
170
2
Oct
27*
7
Jan
McKee A G B
*
*
6
6*
43*
10c
60
17*
Dec
Nov
...
15c
100
30
Oct
54
Feb
33
Dec
50
Apr
10
92
Dec
104
Jan
18
May
Mar
60
6
Dec
449
40
Nov
Dec
Dec
30
4*
4
4*
184
4
Dec
14
9
9
9
100
9
Nov
27
40
27
Oct
15
15
16
136
15
14
12*
14
280
12*
28*
28*
Dec
Aug
49*
73*
37*
28*
Jan
"280
40
28*
Feb
Feb
Mar
29*
83*
350
Dec
25
*
Dec
500
,
Jan
Feb
July
2,521
Jan
*
>'■
Dec
Dec
July
*
Dec
11
2*
60
Dec
33*
14*
20*
17
36*
7*
5*
10
9
High
Oct
40
17
Apex Elec Mfg—
Low
5
165
11*
Clark Controller—
30
90.
100
9
City Ice A Fuel
*
*
9
Jan
Interlake Steamship
For footnotes see page
9
Jan
Oct
12
15
2*
200
Oct
*
56*
2
210
5*
10
6
27
13*
5*
10
43
6
99
Sivger steel Castings com.*
So Bend Lathe Wks cap..5
Sou Colo Pow A com
25
Common..
5*
10
6
99*
SIgnode St Strap Co—
Preferred
6
Range for Year 1937
for
Week
Shares
3*
11
5
Week's Range
of Prices
High
Low
Oct
Oct
54*
4
1
Price
1*
*
1,700
*
Sales
Feb
5*
official sales lists
31, both inclusive, compiled from
Friday
Dow Chemical
1
1
Schwltzer-Cummlns cap__l
Sears Roebuck A Co com.*
Serrlck Corp cl B com
25
Cleveland Ry
2*
50c
St Louis Natl Stkyds cap. *
Sangamo Electric Co
Cleveland Stock Exchange
Dec.
Mar
Hos Mills—
Common
A. T. & T. CLEV. 565 & 566
Telephone: CHerry 5050
Jan
330
78
100
Union Trust Bulldins, Cleveland
Feb
Sept
12
78
6% preferred v t c
.5
Reliance Mfg Co com... 10
Rollins
16*
10*
28
lines Wlnterfront com___i
Potter Co (The) com
1
com
18
Oct
33
*
11*
Perfect Circle (The) Co
*
Pictorial Paper Pkg com.5
Quaker Oats Co
Preferred...
9*
Dec
5*
33
9
60
Oct
11
12
33"
14
Common
2
50
3,200
54
Ontario Mfg Co com ..._*
*
1,250
7
2*
GILUStrJWQOPcfe
Feb
10
Parker Pen Co (The) comlO
Peabody Coal Co B com..6
Penn Elec Switch conv A 10
Public Service of Nor III—
Common
*
Dec
10
..2*
Process Corp com
Nov
12
6*
11
11
%
17
11
2*
11
11
300
58*
Mar
Feb
Jan
Jan
Mar
Financial
88
Range for
Last
Week's Range
for
Sale
Par
of Prices
Price
37
4
150
2
2X
\m
4%
io
243
31
643
4
m
30
2 **
*
...100
--.1
-.1
... 1
8% cum pref
Corp
8 M A
35
1.1
18
*
Seiberllng Rubber
1,190
11
Eng.....5
Rlchman Bros
366
7
m
25
National Tile
*
Packer Corporation ....-*
Patterson Sargent .......*
Peerless Corp
.......3
Refining..:
Reliance Elec &
40
1m
"•
16**
m
Brick.....*
Shares
High
Low
Miller Wholesale Drug... *
National
Year 1937
Week
Medusa Portland Cement *
Metro Paving
4,50
510
Low
High
Dec
2A
6 **
3X
60
Nov
Dec
16
11**
Jari
12**
Feb
Oct
10**
Mar
Oct
Oct
20**
3
Oct
7**
8**
Dec
18
57**
11**
Dec
9*|
Upson-Walton
Dec
64**
Aug
10
Sept
2**
4
Oct
19
10**
13**
4
55
5%
VA
5H
1,754
VA
100
55*
Dec
15 A
Jan
-.2
2 **
2A
m
2A
Dec
Dec
Vlchek Tool
320
2
Oct
5A
J an
July
*
Warren Refln...
32
18
18
Weinberger Drug inc.
17 A
Feb
Last
Sale
6 **
.
.
Apr
Mar
14
Feb
26
Stocks
(Concluded)
Par
Barnharfc-Morrow Cons._l
Warrants
Bolsa Chica Oil A
com..
10
Chrysler
Consolidated Oil Corp
Consolidated Steel Corp...
Member*
Detroit Stock
....5
Corp.
Claude Neon Elec Products
Watling, Lerchen 6l Hayes
Preferred
New York Curb Associate
Creameries of Amer v t c.l
District Bond Co
Chicago Stock Exchange
Exchange
Buhl Building
25
Emsco Derrick & Equip..5
Exeter Oil Co A com
1
DETROIT
Farmers & Merch Nat. 100
Telephone: Randolph 5530
SANTA ANA
Sales
Price
Wetn.
Range
Low
High
45
45
45
Dec. 25 to Dec. 31,
Exchange
Sales
Friday
Last
Week's Range
Sale
Par
Stocks—
300
62 Ac
25c
Dec
1?*
2
1,500
1.10
*
Burroughs Add Mach....*
Burry Biscuit com.... 12**
Chrysler Corp com
5
16?*
200
16
Dec
31 J*
Feb
17
18
76
17
Dec
43
Feb
48**
7**
8A
3**
7**
4?*
48**
6**
50
400
135
4A
4X
8X
70c
8?*
3**
7**
4?*
8X
70c
400
Oct
12**
Jan
500
7?*
Oct
Mar
4
300
2?*
Oct
8
500
17?*
17?*
24**
45*
400
4**
8**
51
100
70c
100
Consolidated Paper com .10
Det & Cleve Nav com. ..10
16 A
17A
1,054
16
2
Oct
50A
1,800
2,454
47
Dec
14
510
14
Dec
93 A
14**
1A
96
Detroit Edison
276
90
1H
2A
1A
2A
1,860
1
2A
2H
15**
3**
9A
2,905
100
com
Det Gray Iron com
Det-Mlch Stove
5
com
"lA
1
...
Det Paper Prod com
Det Steel Corp com
Eureka Vacuum
1A
2A
.1
15
5
5
com
3 J*
9A
Ex-CeU-O Aircraft com...3
Federal Mogul com.
Fed Motor Truck com
Frankenmuth Brew
.*
2
Gemmer Mfg B
200
IX
3A
Mar
Jan
May
Feb
2**
Dec
10
Jan
Oct
28
Feb
Oct
2
15
11
300
3X
Dec
125
7A
Oct
27**
14
Jan
Mar
8A
758
8
Dec
23
Jan
2A
575
Dec
Oct
Oceanic OH Co
1
1.15
1.15
1.15
800
70c
Jan
2
Mar
Pacific Clay Products
Pacific Finance com
*
5X
5X
5X
300
5**
Dec
18
Feb
12**
17?*
35**
103 A 103?*
4**
4**
12**
12**
1,850
10
Pacific Indemnity Co.-.10
Pacific Lighting com
*
*
Pacific Public Serv com..*
4**
6%
preferred
Pacific Western Oil
..10
12**
Ryan Aeronautical Co—1
1.25
1.10
2**
5**
Feb
Safeway Stores Inc
385
3?*
2A
530
2**
4
2**
11**
Nov
Dec
Feb
July
Feb
Mar
Repuollc Petroleum com.l
5**%
1
12c
Richfield Oil
com
Warrants
Public
Mkts
_*
Jan
Sampson Corp B com
*
Security Co units of ben lnt
240
10
Oct
22
Feb
8A
435
3
Dec
27**
Feb
6A
2,245
4
Oct
23
Feb
Signal Oil & Gas Co A
*
Sontag Drug Stores. .....*
Hurd Lock & Mfg com...1
A
.10
2A
15**
2,250
2,275
1,405
So Calif Edison Ltd—.25
2 A
X
2**
15**
ht
Kingston Products com—1
1
#U
*11
900
18**
1**
A
6**
**
2A
VA
4Vs
9**
1
Murray Corp com
10
Muskegon P Ring com.2.50
4A
9A
4A
...
Packard Motor Car
Parke-Davis
com..
com...
Parker Wolverine
4
*
com
Parker Rust-Pr
*
305*
17**
9A
2.50
*
com
Penln Metal Prod com_..l
2A
2
Pfeoffer Brewing com.... *
Prudential Investing com. 1
Rickel (H W) com
.2
4?*
VA
3**
3?*
3A
River Raisin Paper com.. *
Standard Tube B
Timken-Det Axle
com.... 1
com...
"~2A
10
T1 vol! Brewing com
1
10
10
1
Tom Moore Dist
2
com
Union Investment
United Shirt Dlst
com
.
"VA
I
_
*
com
50
19
1**
1,412
7i«
500
A
*
com
...
*
A
Oct
13**
Apr
95c
23**
18** Dec
It* June
**
Oct
X
Oct
6** Dec
t* Dec
2** June
1 **
Dec
31
18
11
2A
5
1,965
28
Oct
20**
21**
12**
44**
325
14
Oct
28
VA
3**
3%
2X
500
Oct
Dec
1,140
9J*
Dec
1,225
3
Dec
Oct
650
575
885
4,407
Dec
Oct
21*
31*
2
Oct
Dec
1,110
3A
1A
5**
3A
45*
10
Dec
2,552
2
Oct
2**
18
Jan
Transamerica Corp
*
Union Oil of California..25
18**
Jail
VandeKamp's(HD) Bak.*
55*
Wellington Oil Co..
5
Feb
1
]
hi
ht
100
19**
5 J*
4**
4**
320
Dec
24 J*
28**
19**
28?*
300
100
1,400
2,300
Jan
15c
48
Dec
14**
32**
29**
28**
19
Oct
25?*
23?*
27**
17**
27**
Dec
Nov
Oct
Aug
Mar
Dec
7A
31
Jan
Jan
Jan
Mar
Aug
Nov
'62?*
Dec
Mar
49**
Feb
25*
900
Oct
5
Feb
335*
300
29 J*
Oct
55
Mar
11
500
10
Dec
Mar
11
3,400
19
2
Oct
2,100
9J*
17**
25**
16**
Oct
28**
55*
200
5?*
Dec
5
300
5
Oct
9
Aug
Feb
Aug
13**
Apr
Blk Mammoth Cons MInlOc
20c
20c
20c
4,000
12c
Oct
39c
Jan
Cardinal
16c
16c
16c
500
16c
Dec
87**c
Feb
100
1?*
Apr
Dec
5
Gold Mining—1
Aug
Cons Chollar G & S Min..l
3**
Aug
Imperial Development.25c
Zenda Gold Mining
1
lc
lc
3**
l**c
10,000
5c
5c
5c
1,000
13
Feb
6A
5%
6A
10**
28**
Feb
Jan
Jan
Feb
10
Feb
3X
Feb
8**
7%
V4
7?*
Mar
Feb
Jan
Feb
Jan
29 J*
Feb
Oct
5A
Oct
4 J*
Jan
Dec
5?*
Feb
Oct
8 J*
Mar
Unlisted—
Amer Rad & Std Sanitary *
Cities Service Co.
*
12
1?*
Commonw & Southern._.*
1?*
Cord
IX
5
1
....
Goodrich (B F)
Co.—*
3**
8X
14
12
1?*
15*
IX
35*
8X
14
12
100
2
700
1?*
400
IX
200
4
200
85*
200
14
100
12
1A
l A
1A
2X
8A
Dec
27?*
Dec
39
Dec
14
15?*
Feb
5X
5**
55*
*
44**
44 X
44 X
100
44 H
Dec
44**
Dec
6**
6X
6X
100
6A
Dec
15?*
Mar
Montg Ward & Co Inc...*
31**
30**
31**
200
30**
Dec
68**
Mar
165*
18
200
16
Oct
54**
Mar
1,100
Oct
17**
12**
12?*
Feb
International Tel & Tel.-*
Loew's
Inc
N Y Central RR Co
*
North Amer Aviation
165*
3**
1
9
8
9
4
4
4**
200
4
Dec
Radio Corp of America..*
6
6
6
100
5
Nov
4
Dec
Radlo-Kelth-Orpheum
*
*
4
25
7?*
39**
(Del).*
3?*
*
24**
6?*
Standard Brands Inc
Texas Corp (The)
United Corp (The)
Wm.Cavalter & Co.
Feb
Mar
McKesson & Robbins Inc_5
5**
Packard Motor Car Co...*
Feb
Jan
100
Feb
"n Feb
18
Oct
9c
15c
Oct
lc
4J*c Nov
Jan
9A
July
.2
1,600
1,200
2c
19
Feb
56
Feb
Electric Bond & Share...5
Oct
400
Dec
Feb
Jan
Oct
500
8
Dec
Mining—
Feb
Oct
95c
23
July
Jan
Feb
Feb
H
2'A
20
3,000
21
Dec
5
Mar
8
2
7c
6c
7**
10**
18**
55*
11
1%
4**
4%
11
700
Mar
247
325
10
*
13
300
Oct
3**
95c
25**
95c
23
Taylor Milling Corp
Dec
1.215
25 J*
Jan
2?*
30 J*
10
Nov
Oct
Feb
Dec
100
20
Sunray Oil Corp
1
Superior Oil Co (The)—25
VA
A
3 J*
Jan
3**
1H
Dec
28?*
5
4
Jan
1.05
Standard Oil Co of Calif..*
440
200
9?*
900
Feb
550
Dec
Oct
3?*
1.25
28**
185*
Corp
Curtlss-Wright Corp
6,167
Oct
Dec
Feb
2?*
IA
2%
Oct
4
9**
Oct
3?*
So Calif Gas 6% pref A..25
24?*
Feb
July
4A
1.25
Southern Pacific Co... 100
18
6% preferred B
5**% preferred C
50
87**c Mar
.10?* May
200
19
7**
Oct
200
6c
19
30
9,400
Jan
Jan
29**
1?*
4
200
Mil
com....
Jan
3?*
Apr
Oct
5,257
25*
com
Dec
8X
28 J*
55*
15*
22
Dec
5,135
2**
Wolverine Tube
Jan
Mar
107
4**
26**
**
10
4%
400
750
1J1«
Wolverine Brew
Nov
15c
26**
24?*
28 J*
18**
27**
2?*
30**
15**
900
2**
com
Nov
45
20?*
Feb
**
2X
VA
5
11
3**
VA
5A
3A
4%
100
1
Warner Aircraft
50
20
62**
12c
22
Feb
8**
225
Wayne Screw Prod com..4
.
Jan
Feb
2?*
26**
VA
Oct
7
B
Walker & Co B
1,400
25
25
Oct
100
Unlv Cooler A
32
35
Dec
12c
20
20
Sierra Trading Corp...25c
8
**
30
30
..50
6X
115*
3?*
preferred
7
June
4
Rice Ranch Oil Co
6A
Mid-West Abrasive com50c
4
30
Feb
4
Mlcromatic Hone
100
35**
98?*
4?*
12**
100
Feb
Oct
15
100
4?*
**
Mich Sugar com
100
Feb
Dec
11
17 H
35 X
Oct
Dec
1,300
~6**
11
11
17?*
35**
103?*
Oct
A
Mich St Tube Pr com..2.50
Apr
29c
15*
35*
X
McClanahan PiIcom.____l
McClanahan Refining coml
80c
24c
3?*
2**
IA
VA
Dec
27c
5**
1?*
2,401
2,248
1
24c
Mar
1
*
1A
...
45c
14c
inc.2
IX
com
2**
97**c
Dec
13,000
2,100
12c
Roberts
1A
Masco Screw Prod
Oct
12c
5
Nordon Corp Ltd
Occidental Petroleum
Feb
2H
Mahon Co (R C) A pref..*
50c
Feb
Graham-Paige com.
1
Grand Valley Brew com..l
Klnsel Drug com..
60c
100
8
250
4,866
3
Kresge (SS) com
100
70
14
*
5c
1.50
Jan
4A
32
Hudson Motor Car com..*
2c
Dec
Oct
7**
3,565
2A
Houdallle-Hershey B
Mar
Jan
4?*
23c June
1.50
Oct
Feb
Feb
1.45
57**c 57J*c
12
790
5**
Hoover Ball & Bear com. 10
6?*
10
57 Ac
13c
28?*
8A
*
Jan
Oct
2,600
3,000
11?*
2?*
21**
19**
29**
IX
7A
1
lc
Oct
Feb
IX
2A
1
Oct
500
14
com
Oct
70c
1.35
3**
28?*
General Finance
90c
65c
145**
"29 H
Hall Lamp com
Oct
1.25
5c
Jan
50C
70c
Dec
72**c
300
1.25
Jan
Dec
Feb
1
Mar
10c
Feb
Menasco Mfg Co
1
Mid-Western Oil Co—10c
22
Nov
60c
Mascot Oil Co
132**
Mar
2J*
16**
Jan
1.50
Dec
1,50
Dec
Oct
Feb
Mills Alloy Inc A
*
Mt Diablo Oil Mln & Dev 1
27?*
Oct
A
55c
l
Oct
15**
Jan
Mar
10c
56?*
Mar
Jan
11**
5A
1X
4A
Oct
Oct
4A
*
10
com
4**
Dec
GoeDel Brewing com..... 1
General Motors
2X
4X
**
5A
3
2X
2A
A
1
Fruehauf
Gar Wood Ind com
550
400
1,600
6,533
1,200
1,300
7X
Mar
Jan
75c
15*
4,900
35
30**
18
27
70c
15*
Nov
Oct
Feb
600
25
70c
1?*
800
5X
19
Feb
18**
46
25 X
Investment.10
70
Dec
Oct
Hancock Oil Co A com...*
Los Angeles
Jan
Dec
8
Dec
Holly Development Co... 1
Hupp Motor
Mar
Mar
30
Dec
18c
Feb
19**
1?*
460
7
13c
July
Oct
Nov
4 A
165*
11c
Oct
50c
16 A
165*
13c
Feb
700
700
16A
—
Feb
6
200
9A
8
8
*
com..
800
7X
5
Feb
7
Dec
7
300
15c
2t*
47
"l~A
7
4**
A
8
9
3
"48"
9
7X
4
30**
15c
Dec
"VIA
9
8
9**
2X
4 A
Dec
275
6X
Brlggs Mfg com
ht
1H
30
8
Mar
Oct
390
100
30
Oct
7
4
4A
10
400
400
Feb
500
48**
6?*
Dec
7X
9**
Lincoln Petroleum Co.-lOc
X
7H
Vs
1
Jan
16
17
Lockheed Aircraft Corp._l
Los Ang Industries Inc...2
A
19**
A
OA
Jan
Feb
1,800
40c
*
Metals Corp
Kinner Air & Motor Ltd..l
Low
Apr
Oct
1.00
1?*
90
3**
2**
7?*
Oct
95c
High
Week
Shares
19
hi
1
com
of Prices
High
Low
4,070
2,575
2,543
1
Auto City Brew com
Allen Elect
Baldwin Rubber
Price
Range for Year 1937
for
High
Oct
35
25c
Goodyear Tire & Rubber. *
both inclusive, compiled from official sales lists
Year 1937
Low
95c
Gladding McBean & Co..*
Globe Grain & Milling..25
Detroit Stock
Shares
1,000
General Paint Corp com..*
General
Range for
for
Week
of Prices
16
100
Central Investment
Exchange
ANGELES
25c
Berkey & Gay Furniture. 1
Byron Jackson Co
New York Stock
EXCHANGE
Teletype: LA 477
Frldrtv
Jan
4
Van Dorn Iron Works
STOCK
FRANCISCO
SAN
Apr
16
100
ANGELES
Telephone: VAndike 2201
Feb
Mar
6 **
...
LOS
SPRING STREET-LOS
Mar
30
Mar
34
35
17
11
MEMBERS
650 SOUTH
Sept
Apr
iolA
17**
116
175
2%
16
Revel Miller & Co.
Mar
15
Oct
2
STOCKS
BANK
ANGELES
LOS
Feb
.....*
Troxel Mfg
1938
Sales
Friday
Stocks (Concluded)
Jan. 1,
Chronicle
US Rubber Co
Warner Bros Pictures Inc.5
4
7?*
39 X
3X
24 J*
5?*
4
100
7?*
39**
200
35*
300
24 X
6
100
Jan
Feb
10
Apr
Jan
Dec
3
16
Dec
7?*
39?*
64?*
85*
July
30
Nov
Oct
100
24**
Dec
400
5X
Oct
Jan
Feb
17?*
MEMBERS
New York Stock Exchange
Chicago Board of Trade
Los Angeles Stock Exchange
523 W. 6th St.
Philadelphia Stock Exchange
San Francisco Stock Exchange
Los Angeles
Dec. 25
to
Dec. 31,
both inclusive, compiled from official sales lists
Teletype L.A. 290
Sales
Friday
Last
Los
Dec. 25
to
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
Angeles Stock Exchange
Dec. 31, both
inclusive, compiled from official sales lists
Friday
Sales
Last
Week's
Sale
of Prices
Low
High
Range
American Tel & Tel.—.100
I
Barber Co
Range for Year 1937
for
American Stores
144%
...10
Bell Tel Co of Pa pref-.100
lie"
8J*
75*
142** 1475*
15**
135*
115?* 117**
Raage for Year 1937
Week
Par
Assoc Gas & Elec A.
Price
517
142**
Dec
381
10
Oct
326
112
May
-1
1
—1
For footnotes
3X
-30
26?*
see page
90.
1
3
26 X
1
3%
28
100
3,700
75
*
4**
4
45*
307
Budd Wheel Co
Week
Shares
*
3**
3
3?*
540
*
Budd (E G) Mfg
Low
1
2 **
24
High
Dec
Co
com.
5X
9**
Jan
Jan
Electric Stor Battery-.100
Oct
Nov
41?*
Mar
Horn & Hard (Phila) com.*
General Motors
;
10
"25**
4**
24**
29?*
100
5
265*
30**
102
High
Nov
Curtis Pub Co
Stocks—
Low
7
1,565
70
649
585
30
2X
25*
3**
21**
29?*
100
Oct
265*
187**
43
127**
145*
Feb
Jan
Mar
Mar
Jan
Oct
13
Feb
Oct
25
Feb
Feb
Dec
Dec
445*
70**
139
Jan
Oct
Feb
Volume
Financial
146
Chronicle
89
Sales
Friday
Last
Establlftbed 1874
Stocks
& Townsend
DeHaven
20
22%
58
58
International Shoe com..*
30 Broad Street
Knapp Monarch
100
85
24%
19%
39% May
Oct
Oct
48
Mar
Dec
76
June
Oct
58
11%
40%
Mar
Apr
July
484
27
155
24
Oct
13
14"
490
12
Nov
23
10
140
8
Nov
31%
33
1,160
20%
49%
Feb
Jan
11
11
15
21
Aug
10%
13%
28%
11
55
22
Mar
15
547
12
Oct
29
125
28%
Dec
15
27%
14%
15
100
15
Dec
188
7%
10%
Oct
13
Aug
Dec
26%
13%
Mar
9
"31%
*
com
1937
High
7%
27%
6%
1
Hussman-Ligonier com...*
Huttig S & D com.
5
NEW YORK
Year
Low
Shares
26
22%
Griesedleck-W Brew com.*
Philadelphia Stock Exchange
Range for
for
Week
High
26
*
100
Falstaff Brewing com
York Stock Exchange
1513 Walnut Street
Low
Price
Dr. Pepper common
Elder Mfg A
PHILADELPHIA
Par
of Prices
Coca-Cola Bottling com._l
Members
New
(Concluded)
Week's Range
Sale
4%
31%
Nov
10
Dec
10
Dec
Laclede-Christy Clay Prod
Common
Sales
Friday
Week's Range
Sale
Stocks .(Co
Price
Par
xluded)
Week
23%
Horn & Hard (N Y) com..*
3%
4%
%
1%
6%
Lehigh Coal & Navigation *
5%
50
Lehigh Valley
Mitten Bank Sec Corp..25
-.25
Preferred
Nat'l 1
ower
7%
2%
2i %
*
& Light
vtc.....l
Pennsylvania RR.
50
Pennroad Corp
20%
139%
2%
114%
-.50
Penna Salt Mfg
Penn Traffic
2
2%
com
Phila Elec ofPa $5 pref.
*
..
30
Phlla Elec Pow pref.... .25
Phila Rapid Transit
7% preferred
Philadelphia Traction
Salt Dome Oil Corp
50
1
Scott Paper
Tonopah Mining
*
1
...
50
Union Traction
3%
*
United Corp com
.*
Preferred
United Gas Impt com
Westmoreland Inc
.*
Westmoreland Coal
478
110
High
Dec
Dec
Oct
Oct
460
1
Oct
446
5
Oct
3,798
2
Dec
2,460
19%
Oct
44
130
Oct
150
2
Oct
109%
Oct
41
490
535
540
682
2,574
70
100
1,162
1,945
187
Dec
30
1%
Oct
2
.
Dec
4%
5%
22%
%
1%
1%
Oct
41%
Feb
13%
Jan
24% Mar
4%
Apr
5% Feb
14%
Jan
5%
Apr
50% Mar
178% June
117% Feb
117% Feb
35% Apr
7%
Feb
13%
Jan
16% Feb
30
Oct
Oct
.*
Elec & Peoples tr ctfs 4s *45
20
com
14
McQuay-Norrls com
*
Meyer Blanke com._....*
Midw Piping & Sply com. *
Mo Portl Cement com..25
Candy com
*
Nich Beazley Airpl com..5
Rice-Stix Dry Goods com. *
St L Bk Bldg Equip com..*
97c
Mar
22%
Mar
5
250
50c
Sept
5
Dec
2%
Dec
13%
8%
180
50
2
6c
6c
718
6c
Dec
*
85c
85c
62
75c
Nov
5
Preferred A
Scruggs V-B Inc com
Mar
70c
5%
2%
5
Oct
Mar
58
665
5%
2%
6
6
360
6
Dec
4%
19%
62
62
St Louis Pub Serv com...*
Mar
Mar
Feb
Jan
Mar
Apr
62
47
Dec
83
June
52
52
32
52
Dec
68
June
...100
22
20
22
34
20
Dec
35
Securities Inv com.__....*
40
40
40
270
40
Dec
60
July
120% 121
6
5%
159
June
128
Mar
1st preferred ...
2d
100
preferred
...100
Preferred
Souwestern Bell Tel preflOO
Sterling Alum
120%
..1
com
Wagner Electric
15
com
"23%
22
Scullin Steel warrants
39%
Dec
1M
Mar
Oct
Oct
7%
8%
40%
17%
Feb
t United Rys 4s
Jan
700
24
675
1
2,080
90C
t 4s C-Ds
Oct
152
11
97c
Nat'l
Sept
25
9%
8
10%
5%
32%
.
117%
Oct
5
19
Oct
11%
49%
1%
Apr
Mar
Feb
Dec
90c
Dec
$1,000
70
Nov
91
Jan
5,000
12,000
23%
Dec
22
Nov
36%
34%
Jan
Jan
Jan
Bonds—
St Louis Car 6s extd
75%
26%
75%
26%
26
1934
27
Jan
11,465
8%
277
100%
135
Oct
Jan
144
8%
8%
Oct
Feb
6% $15,000
10%
105%
*
*
Preferred
22%
3%
4%
%
808
1%
7%
2%
22%
140%
2%
115%
30%
Year 1937
Low
20
1
1%
2
3%
3%
5%
6
10%
12%
36%
38
%
%
1%
2%
2%
3%
29%
30%
9%
10%
105% 105%
9%
10
8%
9
50
50
...
Range for
Shares
23%
3%
5%
*
Laclede Steel
for
of Prices
Low
High
Last
5%
Oct
Oct
Oct
Jan
114%
Jan
16%
Mar
8c Co.
Dean Witter
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
Members: NewYork Stock Exchange, SanFranciscoStock Exchange, Chicago BoardofTrade
NewYork Curb Exchange (AssoJ, San Francisco
H. S. EDWARDS & CO.
UomhaM1
I Pittsburgh Stock Exchange
New
I
BANK
UNION
Tel.
San Francisco
Tacoma
Stockton ";freino
Sacramento
Curb Exchange^ Honolulu Stock Exchange
NewYork
Portland
Beverly Hills
Honolulu
A. T. & T. Tel. Pitb-391
San
BROADWAY, NEW YORK
Dec. 25 to Dec.
Francisco Stock
Exchange
31, both inclusive, compiled from official sales lists
Sales
Friday
Range for Year 1937
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Low
Shares
Pittsburgh Stock Exchange
both inclusive, compiled from official sales lists
Sales
Friday
Week's Range
Last
Sale
Par
Stocks-
of Prices
High
Low
Price
11
11
11
Anglo Calif Nat Bk S F..20
14
13%
2%
5%
14%
Assoc Insur Fund Inc... 10
Range for Year 1937
for
Week
Atlas Imp Diesel Eng...
High
15%
Allegheny Steel common.*
Arkansas Nat Gas com...*
3%
30%
10%
8%
'.*
Blaw-Knox Co..
*
Byers (AM) common....*
Carnegie
Metals.
1
1
Clark (D M) Candy Co ..*
3%
7%
Columbia Gas & Electric. *
Copperweld Steel.
_
20
10
Crandall McKenzie & Hend *
7
12
Duquesne Brewing Co...5
12
Follansbee Bros pref...100
Fort Pitt Brewing
1
8
80c
Lone Star Gas Co
100%
7%
*
Mesta Machine Co
..5
Mountain Fuel Supply..10
Nat Flreproofing Corp...5
Pittsburgh Forgings
1
Pittsburgh Plate Glass. .25
""6%
1%
Pittsburgh Screw & Bolt.. *
Plymouth Oil Co..
5
Renner
95c
Co
1
Shamrock Oil & Gas
1
6% preferred
110
660
1,110
110
5,460
Byron Jackson Co
*
20
2%
7
10
8
Oct
14%
3%
30%
9%
5%
Dec
Dec
Oct
Oct
90c
Oct
Mar
July
4
California Ink Co com...*
California Packing com..*
Feb
Preferred...
50
,
%
10%
35%
19
50
20
70
Oct
10%
Dec
35%
200
3a
Dec
20
50
47%
99%
46%
7%
Feb
232
27
27
178
27
Dec
56
Mar
28%
28%
306
27%
Dec
46
Apr
85c
300
60c
Oct
Jan
Crocker First Nat Bk_.100
Dec
327
Nov
18%
Oct
235
175
4,835
131
7,150
1,330
250
3%
1%
5%
80
955
150
100
30
8%
1%
58%
111%
14%
72%
Mar
Feb
Jan
Mar
._.*
Preferred
Di Giorgio Fruit com
10
$3 preferred
Jan
10
Mar
Eldorado Oil Works
27
Feb
100
*
Doerncecher Mfg Co
Oct
Oct
Nov
Oct
Oct
Dec
Dec
2%
7
Dec
8
Dec
12%
174%
19%
29%
2%
7%
15%
Feb
4%%
pref w W..50
cum
Emsco Derrick & Eq Co..b
Ewa Plantation Co.....20
Mar
Fireman's Fund Insur...25
Jan
Food Mach Corp com.. .10
Feb
Foster & Kleiser com..
9
.2%
131
89
Nov
156
2
M
5%
Dec
10
28
30
1,061
2
549
2
1%
18%
28%
7%
25
Hancock Oil Co
25
3%
10%
24%
*
22%
22
*
16%
1%
50c
Rights
ST. LOUIS MARKETS
10
com
1,670
1,260
350
7%
3%
10%
Hunt Bros
2,400
69
25
..
4%
16%
11%
27%
8%
44
7%
Gladding McBean& Co..*
975
7
30c
16
.1
21
31%
7%
25
7%
3%
11%
26%
23%
86c
17
Business Established
Enquiries Inoited
Mid-Western and Southern
10%
34
35
15
15
9%
%
10%
13%
7%
7%
8%
%
10%
15%
9%
%
10%
13%
7%
7%
5%
8%
Lockheed Aircraft
1874
on
Securities
1
2%
*
,..
Magna vox Co Ltd
Magnln (I) & Co com
all
Marchant Cal Mach com.5
New York Stock Efchange
Market St Ry pr pref.. 100
Meier & Frank Co
10
St. Louis Stock Exchange
Natl Automotive Fibres..*
MEMBERS
New York Curb (Associate)
Chicago Board of Trade
Chicago Stock Exchange
315 North Fourth St., St.
Louis, Mo.
St. Louis Stock Exchange
30,990
569
Range for Year 1937
for
Pacific Can Co
...*
High
Low
Pacific G & E
25
com
25
..—25
Pacific Lighting com
105
105
50
105
Dec
114
Apr
*
21
21
21
10
20
Dec
25
Aug
♦
34
34
35
205
34
Dec
49%
Feb
39
39
23
39
Dec
49
Sept
Dec
9
Feb
150
3%
6%
*
..*
pref
Pac Pub Ser (non)vot)com*
(Non-voting)
pref
*
Pacific Tel & Tel com..100
6% pref
5%
10%
5%
10%
4%
5
5
6% 1st pref
5%% pref
Week
Shares
..*
Pacific Amer Fisheries...5
100
26%
29
25%
36%
102%
4%
16%
109%
138
5
26%
28%
25%
9%
16
6
10%
5%
5%
27%
7
Mar
Dec
40
Mar
Dec
70%
18%
41%
31%
73%
Mar
Oct
Feb
Jan
Feb
Apr
Oct
9
19%
22
22
Feb
Oct
27%
36%
Dec
Sept
1.40
Nov
Dec
30c
Dec
Oct
16
%
2
31
Jan
Oct
4%
Feb
Oct
8
Feb
Oct
16%
Dec
42
Feb
Oct
45%
16%
Feb
1,880
3,961
530
4,071
10
975
5
%
10%
11%
7%
7%
2,900
5
1,780
6%
10
9%
Jan
Dec
10
110
16
Jan
Mar
14
2,603
9%
Mar
34
11
16
Mar
100
26
*
2%
Jan
Mar
764
37
9%
25
Oct
24%
47%
19%
60%
96%
57%
2,805
37
11
Pacific Clay
Sales
3%
1,770
37
B.
inclusive, compiled from official sales lists
of Prices
High
243
100
26
Oct
Dec
Dec
Dec
5
6% pref
Dec
7
4
Occidental Insur Co....10
Sept
1,880
8%
No American Oil Cons.. 10
9
27
Oct
Dec
525
Apr
Dec
24
4,026
Apr
Mar
Dec
66%
1%
18%
28%
25
108%
17%
Feb
Mar
44
27
12%
Aug
Mar
59
Oct
317
5
Oliver United Filters A_._*
Week's Range
5
Oct
Oct
8%
*
O'Connor Moffatt A A
Low
7%
7%
5
10%
Oct
Dec
7
No American Inv com..100
Natomas Co
Telephone Central 3350
Friday
12%
8%
57%
2%
22%
3%
16%
9%
26%
6%
Oct
580
800
34
.....10
60
1,680
3
Leslie Salt Co
LeTourneai (R G) Inc...
495
310
550
Langendorf Utd Bak A...*
I. M. SIMON & CO.
3
220
1%
2%
10%
-10
Preferred
879
66%
18%
Jan
23%
1,060
44
30
Preferred...
6,587
44
„
Galland Merc Laundry. ..*
Feb
5
9%
64%
3%
68%
29%
4.
11
General Motors com....10
General Paint Corp com.
310
27%
8%
23
Oct
Feb
57
50
210
3%
22%
3%
16%
10%
26%
8%
Mar
12
61%
1%
56%
163%
7
310
63%
3%
16%
—.
Emporium Capwell Corp.*
Apr
Mar
310
9
Crown Zeller Corp com..
Nov
95c
2,091
7
Nov
4%
12%
200
2%
Oct
5%
35
165
95c
Oct
100
5
Honolulu Oil Corp
125
27%
2%
90.
Dec
Feb
27
Chrysler Corp
Hawaiian Pineapple
For footnotes see page
Dec
99%
104%
Consol Chem Indust A...*
Aug
100
Preferred...
Golden State Co Ltd..
3%
Nov
July
Jan
Caterpillar Tractor com.
Hale Bros Stores Inc
..
Nov
40
41
Feb
8%
20%
34%
Unlisted—
.10
Dec
18%
49%
Oct
Oct
100
20
418
Jan
Feb
5
18
Brown Shoe com.
1,680
Mar
Mar
200
787
100
Aug
%
241
%
Clorox Chemical Co....10
26%
101%
Sale
53
Nov
20
500
11
Mar
Claude Neon Elec Prods..*
Oct
Last
Mar
.
y
10%
35%
18%
49%
43%
99%
46%
Feb
10
34%
32%
23%
1%
46%
53%
48%
Dec
Jan
60c
Price
18%
Oct
Oct
4%
13
Feb
530
Par
731
Feb
14
65c
Stocks-
1,105
25
24%
65c
Dec. 25 to Dec. 31, both
Oct
Oct
Victor Brewing Co....
*
4
Dec
Oct
Pennroad Corp vt c
1,890
7
23%
West'house Elec & Mfg.50
Mar
791
5
16%
19%
20
20
Feb
7%
11
200
484
23
Mln...l
6%
31%
Oct
558
7
Oct
Nov
32
Westinghouse Air Brake..*
.20
7% preferred..
California-Engels
Calif Cotton Mills com. 100
Feb
Dec
2
2,923
12%
8%
100
28%
1
Feb
Mar
15%
97%
46%
6%
1,565
20
Standard Steel Spring.
*
United Engine & Foundry 5
—
Mar
12%
70%
29%
21%
Oct
3%
4%
19%
43
5
High
Oct
375
3
18%
15%
16%
19%
9%
13%
43%
99%
46%
7%
300
21
21%
100% 101%
7
7%
40%
36%
6%
4%
2
1%
6%
6%
85% 89%
7
6%
16%
16%
Harb-Walker Refrac.....*
Koppers Gas & Coke pf. 100
100
15%
5%
36%
12%
8%
1%
3%
8%
2%
6%
5
Bishop Oil Co
Low
Shares
200
Alaska Juneau Gd Min__10
Calamba Sugar com
Armstrong Cork Co.
long Beach
PITTSBURGH, PA.
BLDG..
Specialists in Pittsburgh Listed aod Unlisted Stocks and Bends
Dec. 25 to Dec. 31,
Los Angeles
Ppsadena
York Curb Exchange (Associate)
Oourt-6800
130
Oakland
Seattle
530
50
236
2,125
430
2,145
400
4
Oct
Dec
Dec
Oct
Dec
Dec
Dec
Oct
Dec
37
Dec
9%
20%
9%
Nov
12
4%
10
Oct
5
23%
28
10
13%
33
102%
16%
32
Oct
17%
28
Oct
Nov
Dec
5
Dec
Feb
Jan
Mar
Feb
Jan
38%
13% May
Oct
4%
Jan
Oct
Feb
Mar
Mar
Mar
Jan
Apr
Mar
12% May
22%
18%
5%
Jan
Feb
Dec
5,437
23
Oct
38
Jan
29
1,640
1,509
35
Dec
32%
29%
53%
Jan
448
27%
25%
Oct
26
80
98
Oct
1,200
1,450
2
Oct
35
37%
102% 103%
4%
4%
16%
16%
108
110%
138
138%
11%
Oct
Oct
240
108
Dec
20
133
Nov
107
7%
24
Jan
Jan
Jan
Jan
Jan
152%
Jan
150
Jan
Financial
90
Range for
Last
Week's Range
for
Sale
of Prices
Low
High
26
Dec
32
30
32
160
12%
5%
11%
12%
680
5%
...1
1%
15 %
1%
15%
1%
16
85
85
85
'
Preferred. ———100
— .
Union Oil Co of Calif..-.25
Universal Consol Oil.... 10
com...l
00c
Apr
12.06
4.22
16%
18%
Series K-l
14.58
15.56
2:9.47
10.37
Series S-2
13.25
14.52
Series S-4
4.44
4.92
10
85
Dec
110
Jan
3.20
18%
Dec
Jan
Sept
14.82
Dec
109
%
14
14
74
75
10%
18%
21%
6%
6%
8%
11%
7,527
19
23
Dec
2
2,719
Oct
15%
18%
15%
27%
17%
%
%
27%
1,130
4,410
100
605
700
243
5,116
Nov
Dec
Dec
Nov
Nov
Oct
Dec
Dec
122
7% Apr
12%
Apr
33%
Feb
48% Mar
69% July
30% Aug
65% Mar
2% Aug
1
11
350
184
%
13%
Dec
Nov
21%
100
74
Dec
98
Oct
5
4%
5%
16%
*
Maryland Fund Inc.--10c
-Oct
17
Sept
28%
28%
23%
40c
13%
Canadian Inv Fund Ltd..
3.45
3.85
Century Shares Trust—
19.80
21.35
3.04
3.25
N Y Bank Trust Shares.. 1
Dec
75
Jan
C
520
265
Dec
350
Feb
7.01
7.89
7.72
8.35
Machinery
7.02
7.00
Metals
8.18
8.85
Oils
8.44
9.13
,7.17
7.76
7.55
8.17
....
—
-
-
-
25
916
16
Nov
40%
Jan
Dec
64
21
21
21
110
21
Dec
59
Jan
.-
—
York
Stock
3:1.97
.1
X2.38
1
*2.33
—1
*2.13
Series 1955
Series 1956
Series 1958..
2.31
Pacific Southern Inv pref. *
Class A
*
1
•
3.35
5.05
Dividend Shares..
1.15
....
1.25
16.79
11.15
96c
5% deb series A
Representative TrustShslO
Republic Invest Fund. 25c
19.03 Royalties Management.. 1
Selected Amer Shares. 2%
2.45
2.69
3.28
36c
45e
60c
8.65
Sovereign Investors
9.43
3.78
64c
Spencer Trask Fund..
8.37
1.01
9.40
8.00
31c
Selected Income Shares
2.98
Co.
Exchange
10.15
27
17.65
1%
47c
27.68
24
8%
30c
18.03
25.76
Inc Shares..10c
28
7%
%
Plymouth Fund Inc... 10c
Quarterly
meat Fubd series A1
26
*
Class B
5.60
Fiscal Fund Inc—
Members New
53%
No Amer Tr Shares 1963.*
2.51
•.
July
EquJt Inv Corp (Mass)..5
Equity Corp S3 conv pref 1
Fidelity Fund Inc
Schwabacher &
...
No Amer Bond Trust ctfs.
....
Jan
-60
Steel
28
1.50
D
28
8.41
8.27
-
■
3.5
100
-
7.20
-
4.25
70
28
~
Electrical equipment—
Insurance stock
109
July
28
*
7.77
6.47
-
114
....
Deposited Bank Shs sec A1
Deposited Insur Shs A...1
19
28
•
Agriculture
Railroad equipment
9%
18%
Yellow Checker Cab A. .50
.
N Y Stocks Inc—
7.64
25
Oct
270
1.28
12_.47
11.60
Building supplies
22
8% preferred
Oct
35
1.15
4.74
Bank stock
—
2.44
Dec
35
Series II.
3.18
2.44
9
Jan
July
Agricultural...20
Wells Fargo Bk & Un TrlOO
Western Pipe <fc Steel. —10
16%
3.08
Voting shares
National Investors Corp. 1
New England Fund
1
2.00
Accumulative series...!
846
269% 270
16%
17
10-85
2.00
2.07
411
>
19.77
9.92
7
6%
Feb
Oct
9
35
18.63
23.02
12%
Dec
9
Waialua
6.11
1
10
Mutual Invest Fund
2%
Nation Wide Securities 25c
25c
21.52
6%
4%
3%
5
—
5.57
Mass Investors Trust
15.85
Bullock Fund Ltd
Aug
1,799
3%
Major Shares Corp
6
June
Oct
200
4%
2%
r
Feb
Feb
9%
17%
535
Am Insurance Stock Corp
49%
Feb
21% June
300
6%
7%
3%
9%
Jan
16.08
Series K-2
Mar
10
14.72
9
33
271
9.85
23.97
73c
Oct
42%
Ask
9.28
21.94
69c
15
100
Bid
1
Keystone Cust Fd Inc B-2
Series B-3
8
435
19% June
10% Aug
3% May
Investors Fund C...
63c
Nov
859
6%
(i%
v%
Feb
50
Par
Ask
*3.83
1
17%
20%
17%
28%
19%
%
%
29%
18%
%
22
Union Sugar Co com
25
United Air Lines Trans...5
*11.34
200
19%
18%
—*
$4% pref....
Transmerica Corp.......2
Bid
Jan
Dec
Dec
Oct
17%
18%
15%
28%
18%
%
%
27%
I'M
%
%
Jan
4
180
13 %
Super Mold Corp of Calif 10
Thomas-Allec Corp A..,.*
Tide Water Assd Oil com 10
Oct
Dec
30
18%
89%
27%
31%
13%
5,975
4
3
29
.
1938
31, both inclusive, compiled from official sales lists
Oct
75
com..6
pref 25
Southern Pacific Co
100
So Pac Golden Gate A.... *
So Calif Gas Co 6%
1,
Investing Companies
Dec. 25 to Dec.
9%
14
Signal Oil & Gas Co A—
Soundview Pulp Co
—
2%
1,515
18%
18%
110% 110%
%
%
17%
18%
17%
28%
18%
%
%
Shell Union Oil corn.
Standard Oil of Calif..
5
4
25
—
70
4
8%
18%
110%
%
Safeway Stores
_—
S J L & P 7 % pr pref—100
Schlesinger (B F) com—_ *
Victor Equipment
Preferred
'
507
26%
*
Iloos Bros com...
.
Dec
Dec
Dec
26
Warrants
Preferred
4%
40%
20%
26%
m
24
High
716
1,997
5
52
24
49%
b%% pre!-....---.—60
1
_
Low
Shares
4%
49%
20%
5
Ry Equip & Rlty com....*
6%
,..-100
Rayonler I no com
Cum pref__
Republic Petroleum com.l
Rheem Mfg Co com.
Richfield Oil corn
Year 1937
Week
Price
Par
Jan.
Sales
Friday
Stocks (Couluded)
Chronicle
*
70c"
14.18
14.93
Santa
wire
to
Barbara
own
—
Del
Monte
—
Hollywood
—
Los Angeles
—
Standard
50c
54c
3.65
3.90
State Street Invest Corp.*
78
81
Fundamental Invest Inc. 2
Francisco
8.10
Foundation 'Irust Shs A.J
7-4150
San
offices In
2.50
7.47
15.08
16.04
Super Corp of Am Tr Shs A
2.fl
4.35
B.
Broadway, New York
Cortlandt
Private
Standard Am Trust Shares
Foreign Bd Associates Inc.
Fundamental Tr Shares A2
111
Beverly
—
6.58
B
3.97
Inc.50c
AA
-
Hills
1.98
3.03
BB
1.98
Capital Corp...*
27.63
29.71
C
5.27
General Investors Trust.*
4.42
4.81
D
5.27
General
San
Francisco Curb
Dec. 25 to Dec. 31,
1.04
68c
Automobile shares
Building shares
Last
Sales
Week's Range
Sale
Par
Stocksa
25
100
laskar-Treadwell
American Tel & Tel
1%
143
144%
1
American Toll Bridge
.6
5
Argonaut Mining
Bancamerica-Blalr
..1
Bolsa-Cbica Oil A—...10
Bunker Hill & Sullivan..10
12%
2%
7%
3%
7%
4
1.65
1.65
12
13%
2%
7%
4%
Mar
1.55
600
40c
Jan
1.90
2
1%
2,586
1,075
1%
Oct
5%
Jan
70c
Jan
3%
300
5.25
Oct
17%
8%
500
50c
1.00
275
6%
Jan
6%
Dec
28%
10%
54
71c
1,010
1,100
735
40c
14c
50
Oct
10
79
Oct
July
Oahu Sugar Co.........20
2 Occidental Petroleum... 1
Olaa Sugar Co...
Pac Coast Aggregates-
_
pref erred........25
S P Gold Gt Ferr6 % pf 100
Standard Brands Inc.....
30c
1.25
Mar
Oct
7%
Dec
72 c
Jan
50c
Mar
Jan
29c
5,000
3
6
24c
200
7c
7%
30%
8%
33
June
6
20
6
31%
5%c
Oct
2
10
Dec
63c
4
Feb
Nov
9% Apr
68% Mar
17%c Mar
31%
4%c
Dec
1,200
5c
Dec
53c
Feb
425
4%
3%
Oct
17%
Jan
44
Jan
225
110
30c
Oct
Dec
1,800
25c
Oct
82c
Feb
6%
110
6%
Dec
17%
3,123
90c
Oct
4.15
Jan
45%
4%
5%
6%
235
26
112
44
282
Dec
4%
5%
6%
397
125
26
60
Feb
Dec
12%
12%
20%
Feb
Oct
Nov
Dec
1.50
135
1.25
Oct
9%
220
9%
Nov
21%
955
19%
25%
Oct
21
26%
26%
80
15
10
7
50
9.50
27
Oct
32%
29%
Oct
44
Jan
Mar
Jan
Feb
Mar
Jan
Jan
Jan
Dec
16%
Jan
40c
40c
46c
2,150
36c
Dec
2.70
Mar
632
4%
Dec
14%
Aug
90c
91c
200
75c
Oct
3.75
1.35
1.15
1.40
1,050
95c
Oct
2.90
Feb
52%
5%
56%
125
Nov
126%
Mar
6%
510
4%
4%
100
...5
51
4%
Oct
18
Feb
Feb
*
No par value,
e Cash sale,
a A. M. Castle & Co. split Its common stock on
two-for-one basis on March 9, 1937.
5 Ex-stock dividend,
d Stock split up on a
two-for-one basis,
g Stock dividend of 100% paid Sept. 1,1936.
r Cash sale—Not
included In range for year,
x
Ex-dividend,
t Company in bankruptcy, receivership
15.91
17.11
1.10
1.22
®1.15
1.27
%
1%
Bancamerlca-Blalr Corp.l
Bank
Croup shares
Insurance Group Shares
Insuranshares Corp (Del) J
Invest Co. of Amer com. 10
No
value
par
e
32
t
4%
40
35
*
2
class B
Pomeroy
Ex-dlvldend
5
10
11%
12%
10c
1H
2%
First Boston Corp
Schoelkopf,
36
Ex-coupon,
1%
3%
Central Nat Corp cl A... *
Institutional Securities Ltd
CURRENT
—J.
Button &
Inc com
v
Ex-Stock dividend
NOTICES
S. Bache & Co. announce the admission of Clifford W. Michel to
general partnership in the firm.
Mr. Michel, after attending Dartmouth
and Amos Tuck School of Business Administration, came to Wall Street
and until recently was with the banking house of Edward B. Smith & Co.
and
—Abraham & Co., members of tne New York Stock Exchange, announce
the admission of Arthur F. Schlff to general partnersnip.
Mr. Schiff, an
arbitrageur, began his Wall Street career with Bernhard, Scbolle & Co.,
leaving that firm to become a partner in Arthur Rosenthal & Co.
Upon
the death of Mr. Rosenthal, Mr. Schiff formed A. F. Schiff & Co. and, on
the dissolution of this firm, several years ago, became associated with
Abraham & Co.
—Gifford Miller of New York City has become associated with
Brown & Sons of Baltimore as manager of their stock department.
Alex.
Mr.
Miller for nearly fifteen years has been with the New York Stock Exchange
firm of Clark. Dodge & Co. in a position of responsibility in that firm's stock
y
Ex-rights.
2
Listed,
tin default.
or reorganization.
CURRENT
NOTICES
—W. Thomas Hoyt, Albert H. O'Neil and Louis P. Singer, all of whom
have been associated with the firm of Hoit, Rose & Troster for many years,
will be admitted to partnership in the firm.
—Bernard B. Badgley, who has retired as a general partner of Clark
Williams & Co., announces that he will be associated with that firm in
their offices at 160 Broadway, New York
.
—H. Hentz & Co., members of New York Stock Exchange, announce the
reopening of their Hollywood, Fla., office under the joint management of
John H. Kaplan and Emile Z. Weinberg.
Mr. Miller was graduated from Harvard University in 1923.
department.
—Alfred
L.
McDougal
Jr.,
and Joseph P.
Condon announce the for¬
Condon. Inc., to deai in State and municipal bonds.
Their offices will be located at 208 S.La Salle Street, Chicago.
Mr. Mc¬
mation of McDougal &
Dougal was formerly connected with the Central Republic
Condon with the Chicago office of C. F. Childs & Co.
Co., and Mr.
—Reimer, Terry & Co., members of the New York Stock Exchange, with
offices at 111 Broadway, New York, has been formed to specialize in
stock options on listed securities.
The partners in the new firm will be
Otto B. Reimer, Alfred E. Terry and Twining Tousley.
The appointment of Mr. Miller is a further step in the program of Alex.
Brown & Sons, which has maintained a close working relationship with
Clark, Dodge & Co. for some time, to expand its stock department to sup¬
plement the firm's established bond business.
|Pf—The'Governing Committee of the Chicago Stock Exchange approved
the membership applications of Thomas C. Parsons of New York, partner
of Graham & Co., and of W. Edwin Williams of New York, partner of
Chas. D. Barney & Co.
—Hayden, Stone & Co., 25 Broad St., New York City, have prepared a
which the
current yield and
tabulation of convertible preferred stocks giving the rates at
preferred is convertible into common, the call price,
earnings.
,
—The
New York
announces
69c
13.67
12.40
Jan
1.30
7%
Texas Consol OU
Investors..*
1
In restart Banking Corps
3%
1
♦
F
Mar
5c
235
Studebaker
U S Petroleum
29c
1
ser
Wellington Fund
& Co.
Oct
1.45
7%
1.25
Incorporated
%
Mr. Michel, who is a member of the Sands Point Club, the Meadow Club,
the Shinnecock Hills Gold Club, is married to the former Barbara
Richards, granddaughter of Jules S. Bache, senior partner of J. S. Bache
7%
.
Huron Holding Corp
Un N Y Tr Shs
98c
%
1.89
2%
Jan
15
21%
26%
89c
Guardian Inv Trust com.*
Un N Y Bank Trust C-3_*
1.26
92c
84c
Voting shares
Mar
4.80
9%
...25
Tobacco shares
1.10
81c
Mar
Oct
1.35
Preferred
73c
7%
Oct
26
Schumacher Wall Board..
RR equipment shares...
Steel shares
1.79
B
1.85
10c
4%
5%
6%
Santa Cruz Ptld Cement. 50
1.10
17%
75c
44
—
1.00
shares
Apr
50
25c
Radio Corp cf American-
12%
Mining shares
Petroleum
Dec
6%
Pacific Ptld Cement pf 100
Packard Motors
12%
1.20
Dec
1.20
20
10
95c
U 8 El Lt & Pr Shares A..
1.10
35c
5c
33
87c
5%
100
Nor American Aviation.. 1
Trusteed Industry Shares.
3.60
He
5c
06c
87c
Mar
1%
31%
59c
79c
shares
1.60
26c
•
Trusteed Amer Bank Shs B
Oct
3
Preferred
5.63
70c
50c
lie
Montgomery Ward & Co..
Mountain City Copper..5c
2 Nevada Porphine
...5
£6.03
63c
Apr
1%
29c
2f2.ll
1
340
35c
2.50
-
1
Series R
3,145
3,000
2,615
4,065
1,645
6
7c
-
1.21
77c
Jan
8%
7%
Apr
Oct
33c
•>
Series D
Trustee Stand Oil Shs A.l
1.26
70c
Mar
2.20
1
X2.15
Mar
Dec
2%
5%
Monolith Ptld Cement
Warner Brothers
Mar
8%
35c
M J & M & M Consol —.1
com.
3.00
165
5c
2 Stearman-Hammond
Mar
307
34c
Menasco Mfg Co
So Calif Edison.:
6
1
Food shares
Mar
2%
Riverside Cement A_
Jan
Jan
1.90
1
2
21
Oct
25%
5%
10
Oct
Oct
Jan
Jan
1
Preferred
Kinner Airplane &
Kleiber Motors.
1.50
7%
3%
Feb
Dec
Mot.l
Italo Petroleum..—
2
Mar
Oct
Dec
40c
8%
70c
5%
Feb
13%
150
4.00
8%
6%
52%
General Metals
Holly Development.... 1
Honokaa Sugar Co.--._20
Idaho-Maryland Min
1
2 International Cinema.-.1
97c
1,330
1
2
Oct
200
8
8%
3%
Grt West Elec Chem com..
Jan
Aug
Feb
1
6
186%
1.80
6,120
15
3.60
Electric Bond & Share
Nov
820
1%
Consolidated Oil
3.10
27%
11%
18%
13%
7%
100
1.65
1.55
Curtiss-Wright Corp.,—1
Dumbarton Bridge
10
Jan
Nov
55c
1.11
Series C
Merchandise
High
Oct
45c
289
1.65
Columbia River Packer.
U S Steel
1,000
1,002
1.45
.........
2
60c
1.65
Lights.....1
6%
141
14
'—1
Preferred.....
Claude Neon
2
117
6
.1
Central Eureka
Cities Service
2
100
15
zCalArt Tile A
2
1%
146%
00c
Anglo National Corp
Atlas Corp com
Low
Shares
1.15
-
shares
Trustee Stand Invest 8hs—
1.14
75c
Investing shares...
Week
of Prices
High
Low
Price
Chemical
Range for Year 1937
for
9.59
8.83
3
Supervised Shares
Group SecuritiesAgricultural shares
Exchange
both inclusive, compiled from official sales lists
Friday
2.70
B
4.88
—
Utilities
Stock
^
^
Exchange*firm'of Bendix,"Luitweiler
&
Co.,
the retirement of Henry D. Talbot and the admission of Charles
K. Marsico, member New
York Stock Exchange,
as a general partner.
—Greene & Co., members of the New York Security Dealers' Association,
that Cornelius B. Sheridan, who has been associated with them
announce
since their inception, has
been admitted to general partnership.
<
—Kidder
Peabody&Co. 17 Wall St., New York City, have prepared an
analysis of Engineers Public Service Co. common stock which is being
distributed to holders of Stone & Webster, Inc., capital stock.
—Dyer, Hudson & Co., members of the New York .Stock Exchange*
that on Feb. 1 their Syracuse office will be moved from the
University Building to the State Tower Building.
■
announce
members
Telephone
SPECIALIZING
aldred
new
2-0980
hanover
IN
york
Bell
CANADIAN
52
AND
WILLIAM
MONTREAL
NEW
penvate
wires
dealers
Teletype
UTILITY
building
Volume
security
System
association
ny
1-395
Cable
INDUSTRIAL
Address
STOCKS
STREET
AND
royal
YORK
Hartwal
BONDS
bank
building
TORONTO
connect
offices
146
Canadian Markets
LISTED
Provincial and
AND
UNLISTED
Municipal Issues
Montreal Stock Exchange
Closing bid and asked quotations, Friday, Dec. 31
Province of Alberta—
bid
A st
Province of Ontario—
5s
Jan
434s
Oct
5s
July 12 1949
9934 10054
434*
Oct
9434
434s.
Jan
1948
1
1 1956
Prov of British Columbia—
1 1953
Friday
Bid
/5134
5s...
Oct
/50
51
68...
Sept 15 1943
11634
59...
May
1 1959
11854 11934
4s...
June
1
1962
10754 108
15 1965
11334 115
96
11054 11134
Aug
5s
June 15 1954
88
434s-
Mar
2 1950
109
10954
5s
Dec
88
4s.
Feb
1
1958
107
108
May
1 1961
2 1959
90
Province of Quebec—
Prov of New Brunswick—
434»
434»
_.
434s.
Apr
15 1960
105
15 1961
102 54
103
109 54 11034
106 34
Apr
Prov
Province of Nova Scotia—
Saskatchewan—
5s--
434s
Sept 15 1952
6s
Mar
1
of
1960
10654 10754
11534 11634
June 15 1943
Oct
1
1951
71
74
71
534s.
434s.
(Concluded)
International
Par
Power
74
72 34
74
»
Preferred
43i
Bid
Pacific
Bid
454s
Sept 15 1942 /10654 10734
99 34 10034
Dec 15 1944
5s
Dec
1 1954
434s
434s
July
1 1960
5s
July
1 1944
Sept
1 1946
10134 102 34
10034 101
97
9734
11234 11354
asit
Canadian National Ry—
434s
4%s
434s
4Hs
Sept
11334 11334
June 15 1955
1 1956
11634 11654
11334 11434
July
1 1957
11334 11354
5s
July
1 1969
5s
Oct
1 1969
5s_.
Feb
1 1970
11634 11634
11834 11834
11834 118J4
.Feb
ma
Ant
Canadian Northern Ry—
1 1951
634s
July
1 1946
1 1962
Jan
76
76
30
76
Nov
16
16
45
10
Oct
*
9
10
575
Sulphite
10
Lang & Sons Ltd (John A)*
Massey-Harris
*
McColl-Frontenac
Oil
1234
6
National Breweries
*
Preferred
38
"33"
Stocks—
Par
15
Mar
110
Apr
28
30
2,181
30
88
3634
3834
701
*
10
Associated Breweries
*
12
Bathurst Power & Paper A*
Bawlf (N) Grain....
934
*
Preferred
British Col Power
*
1,368
33
Oct
4254
Feb
41
15
36
Oct
4334
Feb
1,295
17
Oct
5734
Jan
50
29
Oct
54
Feb
2,197
37
Oct
83
Feb
Oct
300
5534
*
220
*
28
.....100
155
Ontario Steel Products...*
20
220
934
Preferred
85
82
Nov
99
Jan
101
102
25
103
May
103
May
57
57
30
57
Dec
14
6,067
1134
Dec
4834
45
49
120
45
Dec
79
1634
16
1634
211
15
Oct
934
250
1354
100
Quebec Power
Regent Knitting....
1334
1134
Oct
1334
45
Price Bros & Co Ltd
Preferred...
6334
3334
.*
9
*
"95
Preferred
110
12
Oct
734
Feb
Apr
Mar
Jan
25J4
11
June
3954
Apr
98
Aug
Shawlnlgan W <fe Pow
20
20
2034
755
1734
Oct
3334
Feb
13
1334
80
Apr
954
80
9534
9634
434
*
»
"954
95
95
354
434
4,295
1334
65
♦
954
1334
68
85
486
95
Oct
Dec
334
13
10334
Apr
15
Apr
Dec
30
734
Nov
16
1134
Sept
1834
Feb
Oct
9634
1134
Mar
53
Jan
285
3
Oct
100
50
50
10
47
Sept
60
Mar
*
20
20
90
19
Nov
35
June
200
2
Oct
1034
Jan
Oct
43
Jan
60
June
434
*
Wabasso Cotton
254
Winnipeg Electric A
12
100
12
454
254
12
10
.........50
59
58
59
100
160
158
160
Jan
Commerce
100
16934
168
16934
Jan
Montreal
100
201
Apr
Nova Scotia
100
298
Canada
25
11
Jan
16
9
Dec
2334
1234
Mar
5.75
14
Oct
55
38
150
Jan
102
150
Nov
211
201
51
193
Nov
214
Feb
299
9
290
Nov
340
Mar
165
Dec
226
16134
Aug
Apr
Dec
Jan
12
12
355
9
10
4,130
1.05
15
16434 166
175
Sept
1.00
354
47
954
42 34
30
10
17
Sept
38
157
May
170
100
40
875
Oct
73
2254
97
10
86
Oct
1854
50
1634
Oct
254
25
954
45
105
105
3
35
1134
Nov
Nov
9
3334
101
July
Oct
Dec
Oct
111
2934
654
1834
6134
no
3311
18134 185
100
Canadian
Jan
'
"298"
Jan
Fe
Jan
1134
1854
254
35
—......
Feb
3034
3934
Nov
734
2
Royal..
Mar
Oct
2
205
1054
Mar
Nov
1054
50
354
12
353
35
100
483
1434
Apr
Oct
50
934
*
Jan
1834
85
Ottawa L H & P pref... 100
Penmans
*
Dec
High
97
...60
Canadian Bronze
July
12
29
4
1854
Oct
Mar
Nov
35
Oct
30
100
Canada North Pow Corp. *
Canada Steamship (new).*
10
934
2834
158
820
934
105
354
Apr
1,390
10
335
10
Nov
27)4
150
14
1034
554
47
170
3
40
JaD
35 34
*
334
2854
155
Ottawa L H & Power...100
United Steel Corp
Vlau Biscuit pref
Low
534
*
Jan
12
834
"""554
»
Feb
35
60
2,293
Building Products A
Preferred
Shares
1254
Bruck Silk Mills
100
Banks—
1234
3434
Canada Cement
May
Range for Year 1937
1234
Corp A. *
B
Feb
80
14
10
15
165
31
40
10
1.00
-.100
Bell Telephone
lOu
Brazllllan Tr Lt & Power. »
Jan
..60
29
50
29
34
31
A preferred
1034
Alberta Pac Gr a pref
Amal Elec Corp pref
3634
29 34
Canadienne
Agnew-Surpass Shoe
Oct
78
53
Preferred
2554
10
31
Ogllvle Flour Mills
834
98
St Lawrence Paper pref 100
Week
Price
Apr
Dec
11
103
29
•
Preferred
for
of Prices
Low
High
Mar
10734
Sales
Sale
Mar
1634
Saguenay Power pref... 100
31, both inclusive, compiled from official sales lists
Week's Range
22
Oct
9
12354 12434
Exchange
Last
Aug
Dec
434
*
Simon (H) & Sons.
*
Southern Canada Power..*
Friday
27
1234
41
25
Sherwln Williams of Can 25
Montreal Stock
Dec.
to
Oct
90
88
Mortgage_25
Montreal Tramways...100
Jan
Jan
632
30
Mont Loan &
98
4334
634
11
~29"
Jan
1234
1234
100
11
*
Montreal Cottons pref. 100
Mtl L II & P Consol
*
Steel Co. of Canada
Dec. 25
High
Dec
334
♦
St. Lawrence Corp
Grand Trunk Pacific Ry—
4s
Jan
1 1962
3s
115
434
Year 1937
Low
100
Power Corp. of Canada..*
Dominion Government Guaranteed Bonds
nia
4
Range for
Shares
Lake of the Woods
(New)
8654
6s
Ast
Canadian Pacific Ry—
86
High
Noranda Mines
Aft
Ry—
Low
Niagara Wire Weaving
Railway Bonds
4s perpetual debentures.
Week
Price
National Steel Car Corp..*
Canadian
for
of Prices
Lake
4>4s
86
Stocks
Week's Range
Sale
117
Province of Manitoba—
1 1941
Sales
Last
A St
53
1 1942
91
/
Jan
Government
Public Utility and
Municipal
Industrial Bonds
Jan
Mar
HANSON BROS., Inc.
Apr
Feb
Established
Jan
56
Jan
James
St.
255
Apr
Apr
1883
St.,
Sparks St., Ottawa
Montreal
330 Bay Street, Toronto
Mar
Canadian Car & Foundry. *
Preferred
25
10
1,160
534
Oct
2134
19
18
20
615
12 34
Oct
32
Feb
Canadian Celanese
16
16
16
386
1554
Oct
31
Mar
100
100
100
75
100
Dec
126
Mar
*
19
20
40
19
Oct
22
Mar
19
19
30
17
Oct
33
leb
Friday
105
105
2
105
Aug
105
Aug
Last
Week's Range
for
Jan
Sale
of Prices
Low
Hioh
Shares
*
Preferred 7%
Rights
Cndn f oreign Invest
*
Preferred
954
19
100
Canadian Indust Alcohol.*
Class B
4
Canadian Locomotive
25
734
*
Con Mln& Smelt new...25
8
5534
555
354
Oct
354
120
3
Oct
854
'. *
454
354
♦
Canadian Pacific Ry
Cockshutt Plow
834
854
10
5
Oct
734
754
2,719
7
Oct
8
5334
854
58
245
1,236
754
45
Oct
Oct
834
734
2334
1734
2234
10054
Feb
Jan
Montreal Curb Market
Dec.
25 to
DlstllJ Corp Seagrams
*
1334
Dom Tar & Chemical
1454
*
(New) pref
Abltlbl Pow & Paper
Mar
Pref ctfs of dep
734
Wares
1,710
2,995
•334
534
4
Oct
534
5)4
32
434
Dec
100
10
100
Nov
Mar
Brit Amer Oil Co Ltd
2034
2134
1,184
1634
Oct
2634
Mar
10
10 34
300
10
Dec
22
Mar
34
34
20
32
Oct
39
14
7
1554
15,045
754
485
10
534
Oct
net
515
534
1234
1454
360
118
2854
1834
Mar
Apr
91
Aug
Dec
8554
July
Oct
20
Apr
7 34
1454
Nov
24
13 54
185
9
Oct
31
Apr
8
854
298
454
Oct
14
Aug
72
*
1254
12
"834
76 54
385
Oct
7554
Aug
854
1,160
Dec
18
Mar
56
734
55
734
53
Sept
7
754
175
7
Dec
7
345
554
Oct
55
58
5
8
215
13
590
1034
Oct
1154
13 34
665
1154
Dec
5
Oct
95
98
98
Oct
*
1734
17
1754
3,267
1434
Oct
Imperial Tobacco of Can.5
1334
1334
13 34
2,077
1234
100
£1
15
7
~27~~
7
400
27
27
350
7
1534
1834
1834
1534
3434
106
Jan
Jan
British
Co
1.35
^
1524
16
165
70
70
10
Prftfcrrcd
«.
1.00
4
4
634
534
634
20
23
Jan
12
Oct
2334
Aug
93
Jan
97
Apr
1.00
Dec
7.75
40
4
Dec
2734
410
2
Oct
16
Jan
30
10
Oct
65
Jan
25c
100
20c
1.25
1.35
1,025
1.25
434
434
5
6
5
Paper
Ltd.*
534
Apr
4.00
25c
Commercial Alcohols Ltd. *
Jan
Apr
100
Sept
Oct
234
Oct
1,433
5
Dec
10
4
50
534
80c
4.00
5
Jan
Jan
Jan
Jan
Aug
24 34
Apr
Mar
Apr
David & Frere Ltee A
4
4
534
Feb
Jan
Dominion Stores Ltd
*
634
1234
Apr
Donnacona Paper A
»
534
634
534
Nov
Apr
July
785
6
Oct
1934
Apr
375
5
Oct
19
Apr
5
5
Oct
33
13
5
534
Ea Kootenay P7% cmpf 100
Falrchlld Aircraft Ltd
5
9
9
434
434
534
735
3
Oct
5
4
5
740
4
Dec
1034
July
16
1,435
14 34
Oct
2934
Feb
20
95c
Oct
2.50
Feb
Jan
Fleet Aircraft Ltd...
Jan
Ford
22 34
22 34
25
2234
Dec
4234
4554
5,729
3634
Nov
7334
2754
2854
1,286
23*4
Oct
3954
Mar
*
Motor Co of Can A. *
1534
Foreign Power Sec Corp..*
50c
Mar
2834
*
*
B
734
Mar
'H "
1.00
4
9
Nov
Claude Neon General Adv*
Feb
Dec
1.00
1.20
1834
Preferred
»
*
70
20
100
7% cum pref
Consolidated
•
_
-
CndnIntInvTr5% cm pf 100
Cndn Pow & Paper Inv— *
Cndn P & P Inv 5% cm pf *
Can Vlckcrs Ltd........*
Feb
Tnfernat-Pct Co
-
«««•.
Mar
3834
*
1.35
Oct
Oct
2034
Columbia Packers*
Canada Malting
2454
1534
2434
2234
*
Canadian Breweries Ltd.. *
Mar
Intl Nukel of Canada
.
Apr
4
5
1254
Ltd.
1234
934
334
Beauharnols Pow Corp—*
•
Intl Bronze
Dec
Bathurst Pr & Pap class B ♦
Brewers & Distill of Van..5
7
•
Apr
Mar
»
Industrial Acceptance
122 34
Mar
5
__
Oct
Mar
Howard Smith Paper
Preferred.
Apr
Apr
5834
2334
Holllnger Gold Mines
Preferred
40
7934
29
654
654
Imperial OH Ltd
1,126
Apr
80
Oct
6
Gypsum Lime A Alabas..*
:
56 34
Dec
Nov
Oct
69
Goodyear T pref Inc 1927 50
Gurd, (Chanes)
...»
Hamilton Bridge
53
14
1734
Oct
175
..
10
3,310
15
69
100
General Steel
16
1534
1034
69
Foundation Co. of Can...*
Preferred
14
1534
1512
24
*
♦
High
Dec
435
Nov
1
1.40
380
1,550
83
.
10,410
19
10
Electrolux Corp
1.85
14J4
84
*
Gatlneau
"5§"
Corp Ltd
1.40
3054
84
Dry den Paper
1534
*
6% cum pref
Mar
1.60
Co.. *
100
100
1234
100
Dominion T extlle
Low
Jan
Mar
100
..100
Dominion Steel <fc Coal B 25
Range for Year 1937
Week
19
25
Dominion Glass
Price
Sales
2854
*
Dominion Coal pref
both inclusive, compiled from official sales lists
Par
Stocks—
Asbestos
Dominion Bridge
Dec. 31,
•
No par value
50c
Jan
J an
Financial
92
Jan.
Chronicle
1,
1938
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Eraser Cos Ltd.......
—
Week
12%
*
12%
*
Freiman (A J) 6% ernpf 100
Gen Htl Wares 7 % cum pf 100
Voting trust ctfs
Wmm
mmmmmm
mm
*
m
mm
m
'
mm
mm
"23 '
Loblaw Groceterias A —._*
B
«»
Mackenzie Air Service—*
m
m
m
m
m
m
m
m
m
-
•
m
Massey-Harr 5% cum pflOO mmm'm
McColl-FOil 6% cum pflOO
Melchers Distilleries Ltd.*
-100
I deferred
Mitchell (Robt) Co Ltd..*
—
'mm
m
m
m
»■
m
1st pref. 100
Price Bros 4% conv debs —
Quebec Tel & Pow A
*
Sou Can Pow 6% curn pf 100
United Distillers of Can
*
Walkerville Brewery Ltd.*
Walker-Good & Worts (H) *
..
2.825
10
m
m
m
m
"95C
m
mm
mm
m
m
m
'
Dec
50
Apr
49
Jan
80c
75
Oct
7
Oct
70c
Oct
3,175
22
25
210
22
Dec
23
23
10
24
May
55c
21%
50
55c
200
130
150
12%
94%
5
80
97c
5,000
4%
104% 105
25
95c
4%
29
-
'
1.50
Brewers & Distillers
B A
British Dominion Oil
Oct
37%
73%
Jan
Mar
Dec
100%
Mar
June
9 00
Feb
9%
Feb
Building products
5
30
Jan
Nov
110
Mar
Dec
107
Feb
Oct
7%
80
94%
1.65
1.70
Jan
Oct
72c
Feb
8.60
9c
5
Sept
Apr
1.15
Jan
Oct
3%
Oct
51%
July
62c
51c
_ .
*
1
*
•
m'm
-
m
47c
mm
mmm
m
m
m
mmm
10
13c 13 %c
2,655
6c
37c
Big Missouri Mines Corp.l
Bouseadlliac Gold Mines. 1
■
.
Brazil Gold & Diamond..1
5c
BrownleeMines (1936).-.1
16 %C 20 %C
42,840
44
5
44
2.80
3.30
26%
Jan
30%
Oct
9%
Apr
16%
Oct
26%
Mar
lie
Oct
1.10
Jan
23c
Nov
23,910
110
Dec
60
65c June
75
12.50
Feb
6%c
Mar
Nov
74%
Mar
39
10c
12
Sept
Dec
1.15
Oct
23c
19
Feb
54c
54c
68c
21,230
30c
Oct
1.75
Mar
3%
3%
3%
250
3%
Dec
10%
103%
59%
Jan
Mar
88
50
25
88
Dec
45
20
42
Nov
265
10%
9%
*
Canada Cement.
90
45
90
-.100
B._
7%
Oct
23
100
97
96
97
35
85
Oct
110%
19
19
19%
50
18
Dec
28%
*
72
Oct
1.90
Feb
Canada Packers
1,500
Feb
8c
Feb
Canada Permanent
16c
Dec
65c
Feb
Can Steamship
19c
Sept
65c
Feb
Canada Wire A.
25c
500
23c
1,800
pref
30
65
Oct
98
Feb
146
137
Nov
160
July
9
9
150
8
July
18%
Apr
60
150
50
May
79
19
23
45
19
Jan
34
Aug
Aug
168
1,562
3,700
32c
Nov
72c
Feo
7c
Nov
1.14
Feb
Can Bank of Com'ce... 100
9,568
3c
Oct
15c
Jan
Canadian
5c
5%c
7,400
28
1,265
5%c
Nov
2%
20
Oct
30
Feb
1.00
1.00
100
2.28
169
64
149
Nov
210
8%c
9%c
13,000
6%c
Nov
18c
Aug
Cartier-Malartic G M Ltd 1
7%c
8c
2,600
7c
Dec
47 %C
Jan
Central Cadillac G M Ltd 1
Central Patricia Gold
1
34c
35c
15,800
22c
Sept
65c
Mar
2.40
2.43
600
2.00
Oct
5.15
Feb
1
Capitol-Rouyn Gold
mm
"33c
90c June
..25
Preferred
4
2.03
Jan
C P R
3.60
Apr
Canadian
12.75
Feb
Cariboo Gold....
1
L65
L65
Feb
Castle
1
55c
55c
60c
7,600
2.27
2.45
8%c
40c
1.45
Oct
300
4.70
Oct
33c
Nov
1.58
Malartic
Wineries
Trethewey
4,575
85c June
2.30
Feb
7%
7%
3,781
3
Oct
17%
Mar
45
1%
Oct
100
1.30
Oct
1.75
46c
Oct
1.66
Jan
6,965
1.85
Oct
5.25
Feb
9%c
9,500
7%c
Oct
43c
Jan
40c
1,960
35c
Dec
1.44
Oct
1.47
Jan
15c
Oct
95c
Feb
7%
Oct
22%
Mar
225
15%
Oct
41%
Feb
Central Patricia
1
1,300
17c
Dec
57c
Feb
Central Porcupine
1
9c
Klrkland Gold Rand
1
13c
13c
100
18c
Nov
45c
Apr
Chemical Research.
1
Chromium
*
"43c
43c
45c
Jan
Commonw'lth Petroleum.*
35c
35c
43c
Mining.
12c
12%c
2,500
10c
Oct
30c
Jan
Cockshutt Plow
2%c
2%c
1,500
l%c
Oct
7%c
Jan
Coniaurum
4.20
4.70
100
3.95
Oct
8.50
Jan
Cons
40%
40%
270
30%
Oct
Jan
mm
mm
m
31c
500
25c
Jan
2%c
3c
3,000
l%c
Dec
8c
Jan
Consumers
15c
6,000
5c
Nov
45c
Mar
Oct
1.19
Gas
20o
Oct
1.10
Mar
8,600
7%o
Nov
42c
Feb
2.25
2,500
1.70
Oct
3.80
Feb
Distillers Seagrams.
Preferred..;
1.95
2,700
1.25
Oct
6.50
Feb
Dome Mines
*
"54%
1.12
2,700
60c
Oct
2.51
Jan
Dominion
I
3%c
3%e
30
12c
Oct
*
25
14%
39c
8%c
9%c
2.25
2.18
1.85
1.80
1.05
1.00
15c
Parkhill Gd M Ltd uew..l
8%c
Pato Gold-
1
Pend-Oreille
-.1
Perron Gold Mines Ltd._l
Darkwater
100
Mines.
Davies Petroleum
...
Explorers
17c May
Dom Foundry & Steel
15c
Quebec Gold
1
1
15c
50c
50c
700
30c
Oct
85c
Feb
Dom Steel Coal B
Read Autbler Mine
1
4.30
4.00
4.30
7,135
2.25
Oct
6.85
Feb
Dominion Stores
1
13%
Feb
Dominion Tar
2%c
2c
Oct
16c
Feb
Dorval Slscoe
1
20c
Dec
1.13
Feb
East Crest Oil
97c
Oct
4.00
Feb
Eastern Steel pref..... 100
2.25
Nov
6.65
Jan
East Malartic
Eldorado Mines
1
22c
20c
23c
1
1.25
1.25
1.35
Slscoe Gold Mines Ltd...l
3.35
3.25
3.40
1,325
82c
85c
2,000
74c
Oct
2.50
Jan
43c
39c
43c
32,950
28c
Nov
2.90
Mar
1
*
Sullivan Cons Mines Ltd. 1
1.00
95c
1.00
4,450
80c
Oct
2.25
Jan
Teck-Hughes Gold
1
5.50
5.30
5.50
400
4.50
Oct
5.10
Feb
_.l
32c
34c
9,435
16c
Oct
2.15
Jan
Federal-Kirkland
32c
34c
18,800
19c
Oct
73 %c
Apr
Ford
7.25
7.50
700
5.80
Oct
8.10
Jan
Foundation
*
Thompson Cad
Wood Cad.
1
Wright-Hargreaves
*
7.50
Falconbridge..
"2.81
1.85
50
1.85
Dec
15c
*
13 %c
5,100
7c
Oct
3,650
1.25
Oct
Gatlneau Power
Preferred..
48
m
m
m
m
1,000
2,485
1.00
Oct
1.55
Sept
9%c
Oct
16c
Sept
Gold Belt
Gold Eagle...
24c
Oct
59%
Mar
Grandoro
of Prices
High
Mines
Preferred
Range for Year 1937
for
Week
1.80
Low
1.25
High
Dec
15%
14%
Dec
80
9c
Nov
20c
Mar
2c
Sept
10%C
Jan
22%c Sept
57c
Apr
Apr
Jan
500
J*
Oct
6%
Jan
115
Sept
Jan
33c
38c
8,540
18c
Oct
43 %
95c
Feb
100
Aldermac Copper
Alexandria Gold..
46c
52c
11,750
30c
Oct
1.89
Feb
1
2c
2c
2c
6,000
1 %
Nov
4%
Jan
Amm Gold Mines
1
16c
15%c
18c
lie
Oct
31c
Nov
1.50
1.50
1.85
46,900
28,300
1.00
Nov
2.00
Dec
3.55
3.55
3.55
900
3.40
Nov
8.75
Feb
14c
14c
17c
36,205
2,000
12,500
12c
Dec
1.42
Feb
5c
Sept
15c
Feb
3c
Oct
25c
Feb
5%c
3%C
3%c
58
58
5%c
23c
200
67c
295
295
2
6,650
6
15,100
56
Oct
14 %C
190
Nov
53c
Sept
Nov
Jan
60
49c
Feb
241
1.85
2
286
Nov
340
21
234
85
Apr
Jan
Apr
240
245
Nov
273
Mar
Barker's Bread......
*
5
5
5
Dec
15
June
Base Metals Mln
*
25c
28c
14,400
12c
Nov
65c
Feb
Bathurst Power A
*
m
9%
460
8%
Dec
24%
Apr
1.24
1.30
11,535
96c
Oct
1.75
Feb
104
5
104
5%
5
1,585
100
4%
Aug
Oct
112
9
Apr
%
Jan
2.05
3.65
40
Feb
Feb
Nov
Jan
Apr
July
12.90 May
2,255
4.75
16%
Oct
6%c Sept
25%
15
Oct
29%
Jan
12c
16%
14,800
4,361
Oct
54c
Aug
Jan
20c
4,000
16c
Dec
1.25
Feb
46c
44c
52c
13,885
32c
Nov
1.58
Feb
20c
II,100
18c
Dec
20c
Dec
9%
534
7%
Oct
1
19c
...*
8%
100
74%
*
8%
....1
11c
18c
8%
72
510
77
58
Oct
8%
28c'
1,000
25c 26 %c
.1
9,300
74%
54%
9c
9,550
6c
*
12c
22
Oct
7%c
July
22c
72%
Oct
Oct
97%
52%
3,000
4c
Nov
63c
Feb
6c
1,500
5,500
4%C
Oct
Nov
57c
Feb
18c
Jan
Oct
26%
53%
Aug
12
Dec
5%c
5%c
6c
10%
27
11%
775
4%c
7
272
23%
Oct
Dec
11%
200
11%
70C
75c
6%
7%
4,075
505
5%
Hard Rock
1
Hargal Oils..
Harker
l
High wood Sarcee
*
Hlnde & Dauch
34
34
5
19c
1.25
Jan
Apr
30
Oct
3%
50
3%
Oct
1.12
14,040
70c
30c
750
llcll%C
6,950
22c
12,110
19c
16
16
90
12
13
2,983
Apr
18%
42%
30c
*
Jan
Oct
1.04
11c
57
55c June
3%
1.09
*
Apr
Apr
Aug
57
9
11%
Jan
39c May
68
36
1
Gold
Jan
Jan
55
6%c
25
(B) Greening Wire Co....*
Mar
30c
1.02
49
75
8c
6c
-
Oct
54%
....1
1
40c
15
14
Aug
75% Dec
18%
Apr
65c May
74
9c
*
Feb
8
Gypsum Lime & Alabas.
Hamilton Cottons pref. .30
Harding Carpets
*
Gunnar
Shares
110
Apr
19c
50
Graham Bousquet
Granada Mines
Exchange
45c
19c
Goodfish Mining
30c
5%
21
28c
m
2%
12%
104
Oct
50c
m
2%
_*
Oct
18
Jan
1,285
5.50
5.05
20
10 %C
1.50
28
8,700
30c
.100
50
Oct
3,385
10%
Beatty lstpref..
2.35
30
60c
19c
*
Beauharnols
2.10
18,400
21,725
Oct
46c
Alberta Pac Grain pref.100
A P Cons Oils
1
1.29
1.06
1.00
100
18c
3c
Beattle Gold
10
104
46c
3c
240'
Nov
1
1
100
10c
*
Alton Mines Ltd
Bank of Toronto
6,400
Goldale Mines
Week's Range
64c
13c
12c
God's Lake Mine
Low
200
1.22
Feb
3,617
3,170
1,500
2,600
""67c
Nov
Dec
16%
100
16c
25c
9%c
Bankfleld Cons.
Mar
14,790
4.10
9c
Bank of Montreal
12%
7%
Oct
1.25
Bank of Nova Scotia... 100
Mar
Nov
Nov
Dec
Sales
20%c
28%
7%
5%
6%
80c
14%
23c
Oct
400
20c
1.80
1
10
385
2,100
15%
Bagamac Mines
6,255
6%
7,650
*
58
15%
20c
__*
50
14
1.50
100
Bank of Canada
Aug
Dec
6% preferred
5%c
43%
July
July
Acme Gas & Oil
Anglo-Can Hold Dev
*
Anglo-Huronian
*
Argosy Gold Mines....__1
Ashley Gold
1
Astoria-Rouyn
„__1
Oct
51
*
Great Lakes Paper
*
24
11c
both inclusive, compiled from official sales lists
__1
85
3%c
Friday
Alberta Pacific Grain
Jan
25%
60
Toronto Stock
AjaxOil&Gas
15c
Oct
7,100
Preferred
"~3c
Dec
22,800
Goodyear Tire
Aoltlbi
Feb
3%c
13c
12c
Sale
94%
66
36
5,000
8%
2.00
Last
Dec
65
7,365
4c
4%c
12c
Price
Mar
11c
1.00
Par
28%
4%c
12c
Stocks—
Oct
1
2.02
Dec. 31,
10%
General Steel Wares
*
to
Aug
Glenora
._*
Jan
40
Gillies Lake Gold
20c
Feb
Oct
Feb
mmmmm-
Feb
20
Feb
1.29
43%
2.95
8%c
Feb
"1T0
44
Nov
3,300
25,100
3,850
70c
*
*
105%
6.40
*
Royalite Oil Co
Aug
3.60
Home Oil Co..
Okalta Oils Ltd
100
Oct
Foundation Petroleum
Pacalta Oils.
57
Mar
27%
Jan
65c
.
68
53%
Mar
211
Nov
38c
62c
65c
_*
14%
100%
Oct
19
26c
3.30
62c
*
Canadian Oil Cos
Dec
25c June
13
Oct
192
2,250
2.81
*
Dalhousle Oil Co
Calgary & Edmonton
1.85
Feb
*
Pete
Fontana Gold
1.85
Development
Jan
Feb
2.70
20
15%
16
A....
55c
30
"
20%
Francoeur
Anaconda Oil Co
T.oi
11 %c
__
48c
104
5 .05
Fanny Farmer.
34c
"l2c
2.27
English Electric A...
2.14
23
18%c 19 %c
7%
*
2%c
Oct
Jan
25
*
2.00
20c
Jan
6
25
Sept
13c
68
100
20c
Shawkey.
*
*
7,000
Sherrltt-Gordon
Sladen Mai
49c
45c
1,000
7,100
2,925
Stadacona-Rouy n
*
38c
2%c
12c
1
1.00 May
Nov
15
Mar
10
20%
105
105
4,433
4
59
59
200
20%
Jan
37c
*
45
53
197
4.05
5.60
3.80
—
55%
6,300
2,179
13%
5.05
3.60
Ritchie Gd Mines Ltd.
5
100
33c
32c
Oct
2.45
5.15
3.70
Red Crest
32c
8%
1.72
2.15 June
6,950
5,450
6,950
—1
535
15%
Jan
Pamour Porcupine M Ltd *
Pandora Cad
__1
Placer Development
.1
*
Preferred.
•
1.52
15
100
Cosmos
I,530
5,100
38
15
*
*
Cons Chlbougamau
Cons Smelters._
42
8
*
Mines.
Bakeries
15c
m
1
O'Brien Gold..
Jan
59
27 %C
31c
McWatersGoldMines.Ltd*
Moffatt-Hall Mines
1
Montague Gold.
Nov
8
*
17c
Sept
Jan
10
1.00
22%
3c
23
8%
95c
17c
46%
Nov
Jan
8%
22%
100
7%
8%
1.00
1
535
Oct
*
J-M Consol Gold
52 %c 52 %c
4c
4c
3%
-25
Canadian
2.38
mm
4%
Oct
6,250
m
Aug
60c
3,400
mmm
209
925
47c
—5
Dec
Canadian Locomotive. .100
2.25
Mclntyre-Porcupine
Jan
188
524
Canadian Ind Alcohol A..*
5.25
m
32
Jan
43c
mm
Oct
Feb
1.05
Jan
13
28
188
188
1.00
410
20
Mar
2.07
mm
Feb
15c
5.25
mmmmmrn
12%
21%
2.70
46c
m
Jan
Oct
50%
5.25
1
20%
Oct
Oct
1.00
1
Oct
6%
5%
Nov
2.25
...
17
50
520
Sept
1
—
55
9%
5c
Falconbridge Nick M Ltd. *
*
Lee Gold—
17%
8%
20c
Eldorado Gold M Ltd
Macassa Mines
Mar
36%
1
1
10%
730
East Malartic Mines.
Lamaque Contact G M —*
Lebel Oro Mines Ltd
1
Oct
7,000
1
Lake Shore Mines..
3
3,200
*
Duparquet Mining Co
Hudson Bay Mln & Smelt *
150
5
17%
8%
8%
18%
Cndn General Electric. .50
Aug
33c
32c
1
Dome Mines Ltd—.
Francoeur Gold M Ltd
_8%
*
Jan
23%
55
57%
6%c« 6%c
Consol Chibougamau
......
20
.*
preferred
Can Car & Foundry
3%
325
Oct
16%
5
5
Apr
Nov
12
1,065
1.40
15
*
1st preferred
2d
1.35
*
*
Canadian Canners
Feb
"9%c
Can Malartic Gd M Ltd..*
Breweries
Preferred
Jan
13c
25%
Dredging—5
23
10c
39c
Jan
73
146
60
*
6%C
Apr
72
50
B
10c
Feb
Aug
144
100
4%c
37c
Feb
Aug
6.55
*
—
7c
2%c
Oct
Apr
2c June
8.25
1
Oils
30c
28
Gold
25
Dec
10
18,829
3c
'
1
Beaufor Gold
Dec.
Jan
Mar
22%
2,200
36,000
2.75
2,900
48c
2 %C
25c
21c
Amity Gold Mines—
Base Metals Mining.....*
^nglo-Can
Jan
Feb
Can Northern Power...__*
Mines—
Bulolo
29c
9.00
2,270
70
70
*
Preferred
Aldermac Copper Corp.
Jan
Oct
8c
4%
12%
Calmont
40
6.40 May
320
12
Jan
32
15c
3,054
5%
21%
4c
Canada Bread A
65c
*
20%
15c
5
8
22%
12%
22%
12%
12%
Canada Bread
1.00
950
"l9c
Feb
Oct
2,900
—-*
July
104%
8.60
30
'
"l3c
Hill
5
200
11c
8.30
Burlington Steel
Calgary & Edmonton....*
108
390
10
33
33
"52c
Dec
90c
210
Dec
29c
100
Preferred.
Dec
1.60
42
35c
1,850
Brown Oil
4
1.50
40%
22,900
38c
*20%
95c
Apr
Feb
37c
38c
Oil
Bunker
176
35c
Buffalo-Canadian
1.50
Apr
38c
Buffalo-Ankerite
Oct
88
High
Low
154
37c
"12%
Jan
32%
90
Brautford
193
1
...1
-50
1
Brazilian..
Apr
12
12
Aug
July
Range for Year 1937
for
Shares
163% 166
Cordage pref. 25
87
25%
1.80
90
94%
Mines
22%
Dec
87
2
Bralorne
Dec
43%
31
3%
Feb
Mar
Dec
42%
2
Feb
110
55c
12
13
6%
Price
Week
*
21%
Bloodgood Klrkland
Big Missouri
Blue Ribbon pref—
Bobjo Mines...
21%
12
6%
of Prices
Low
High
Bell Tel Co of Canada. 100
Nov
11%
32
Apr
eoc
m
'
mmm
High
Pai
50
25
7%
75c
Stocks (Continued)
Dec
11%
90
78
7%
90
m
m
Page Hershey Tubes Ltd.*
Power 6% cum
13
2
m
mmm
12%
37
Low
87
'
MacLaren Pow & Paper ..*
132
11%
21%
*
.
11%
Shares
37
78
*
Intematl Utilities Corp B. 1
Intl Utilities Corp A
Lake St John P& P.
mm
Sales
Week's
Sale
for
of Prices
Low
High
Price
Par
(Concluded)
Stocks
Week's Range
Range
Last
Range for Year 1937
Last
Sale
Exchange
Friday
Sales
Friday
7
Apr
Jan
Oct
3.44
Jan
17c June
38c
Feb
8c
Oct
33c
Feb
10c
Oct
90c
Mar
14
Oct
9%
Oct
22%
15%
Jan
Jan
80
Oct
405
Jan
Holllnger Cons
5
13
Home Oil Co
♦
1.29
Homestead Oil
1
Howey Gold
1
Hunts A
*
10
10
30
10
Dec
19
Mar
Huron & Erie
100
66
68
12
66
Dec
95
June
Imperial Bank..
Imperial Oil
100
210
210
70
195
Nov
24u
May
28c
"28c
66
International Nickel
*
International Pete—
*
87c
Oct
72c
5,340
45
"44"
42%
18,420
36%
Nov
28%
27%
46%
28%
3,048
23%
Oct
7%
15
Dec
24%
15%
73%
39%
21%
14%
Oct
12
Oct
7
Jan
Jan
Mar
Mar
Feb
Mar
Mar
85c
1
17c
Cons
1
65c
85c
900
65o
Oct
3.25
Feb
38c
Mines
38c
1,000
34c
Oct
1.62
Mar
17c
18c
4,800
14c
Dec
53c
Mar
60c
Oct
2.15
Feb
60c
Kelvlnator
Preferred
1
18c
*
M Consolidated
13%
.100
Kerr Addison
par
Oct
21c
13%
IntIUtilities B.....
No
2c
9,400
17%
Jack Waite
*
6,200
28c
13%
Intl Utilities A
J
31c
28c
17
"17%
5
Jellicoe
1.52
7%
*
Imperial Tobacco
Jacola
21,925
1.25
value.
1
106
1.85
106
1.62
75c 112,990
1,000
17c
Dec
14
75
106
85
11%
104%
Oct
Nov
36.500
1.40
Oct
18c
1.92
59c
Feb
39
Feb
108
Mar
3.30
Apr
Volume
Financial
146
Chronicle
93
Canadian Markets—Listed and Unlisted
Toronto
Stock
Sales
Last
Kirk
Hud
Par
Week's Range
of Prices
Low
High
Week
Price
Range for
Year 1937
Sale
Low
Shares
Stocks (Concluded)
High
Par
Westons
1.02
1.02
1.15
2,150
75c
Oct
2.65
Feb
...1
1.28
1.24
1.34
Keh
1.70
Apr
30c
25c
Oct
1.10
Feb
West Turner Petroleum50c
Lake Shore
1
52%
52%
20,335
9,300
7,766
9<)c
1
Oct
59%
Jan
Whitewater
ljike Sulphite
*
*
9%
4c
Aug
White Eagle
3,000
3c
9
55%
Jan
Klrkland
Lake
Gold
Lacuna
-
Lama<iue Contact
Landed Banking
9
1
40c
Lava
1
1.00
1
13c
Cap liold
Oro
1
45%
9
Dec
27
28c
Nov
Jan
Mar
75
40c
42c
11,000
33c
Oct
i 33
jan
90c
1.02
11,650
68c
June
1.30
July
12%c 13%c
2%C
2%c
13,800
10c
Oct
30c
2c
Dec
7%c
v\
100
91c
1.05
81,650
35c
Oct
5.10
4.95
5.25
3,456
4 00
Oct
8 40
Jan
25
Feb
23%
*
B
30
10%
80
Low
Shares
84
9%
Jan
Dec
17c
1
6c
6c
500
106%
Mar
Dec
17c
Dec
28c
Mar
5c
♦
l%c
35c
1%C
2%
34c 39 %c
1,000
2%
1%C
2%
1
.*
Wood Cadillac
18%
13%c
13%c
'»
lnnipeg Electric A
High
Nov
75
20
3,560
13%c
Wright Hargreaves
7.50
Ymlr Yankee Girl
7.30
7.45
23c
25c
Oct
5c
Dec
Dec
2
5
Jan
10
Jan
20c
Oct
77c
Feb
6.80
Oct
810
Jan
18c
7,500
11,225
Oct
52C
\ eh
4,300
*
Toronto Stock
Aug
23%
10%
84
Range for Year 1937
for
Wee
High
Jan
"~98c
*
A
Low
Price
*
Preferred...
Range
of Prices
Jan
I,000
*
Long Lac
Lobiaw
30
---1
Gold
Leltch
Little
60c
60c
La pa Cadhlac
Lebel
51%
3%C
100
Lee Gold
30c 30 %c
Sales
Week's
Last
_.l
Bay
Exchange
Fridau
for
Sale
Stocks (.Continued)
Toronto Stock
Exchange
Friday
23
23%
280
22
<>ct
Oct
1.35
Jan
Dec. 25
to
Dec. 31,
Exchange—Curb Section
both inclusive, compiled from official sales lists
20%
21%
660
19%
1
~5.00
4.50
5.00
oct
8 60
Jan
Last
Week's Range
for
1
1.40
1.25
1.40
8()c
Oct
4.85
jan
Sale
1
35c
32c
36c
32c
Dec
I
20
Mar
of Prices
Low
High
Week
Madsen Red Lake
12.895
17,115
24,400
3.70
MacLeod Cockflhutt
27 %c
33c
10,700
10c
0<t
44c
June
2%c
2%c
11,300
2c
June
16c
Feb
Beath A
*
2
2%
520
1
11
Jan
6%
7
15,500
4
30
3
12%
Jan
Brett Trethewey
Canada Bud
1
4
*
8%
9
1,045
36c
Mar
Canada
Macaasa
Mines
..*
McDougall-Segur
Manitoba
Fact..
A
*
*
Maple Leaf Milling
2%c
2%
Maple Leaf Milling pref..*
Maralgo
1
6%
41%
McColl Frontenac
9c
*
McVlttle-Grabarn
1
McWattera
*
16
105
120
3,210
1.00
Oct
3%
Jan
14%
Mar
Coast Copper
Cobalt Contact.
5
295
295
100
1.95
Oct
10.00
Feb
1%
2,000
lc
Oct
3%C
3,655
1,900
5
Dec
19% May
35c
Oct
3.60
24
Oct
68%
37
83%
Dec
40%
1.03
5,537
23,850
Mar
101
Oct
30
85c
42%
Jan
t lct
2 03
Jan
Oct
57c
Feb
800
12c
4,600
24c
Oct
18
Jan
20c
3,100
13c
Nov
63c
Mar
Meriand
*
8%c
8%c
700
6c
Sept
39C
Feb
1.55
1.85
5,350
5.00
Feb
Corp
Mlnto
*
Monarch
Dec
Oct
17%c
Nov
95c
June
I 98
Apr
45%
Aug
Montreal LH&P
Klrkland
Muirheads..
2,050
21,710
180
14 %c
16c
16,100
14%c
Dec
88c
Feb
National Steel Car
*
30c
50
25c
Oct
1.50
Jan
Oil Selections
1
2%c
2%c
2%c
1,000
2 He
July
10c
I e»t
Pend Oreille
36%
*
National Grocers
*
~~7H
7%
8
Naybob Gold
1
21 %c
21c
25c
Newbec Mines
*
3c
3%c
Oct
42%
Feb
6
Oct
II
Apr
Robb Montbray...
20c
Oct
J 05
Feb
Robt Simpson
2%c
Dec
12C
Feb
"26c
24c
27c
1.85
1.75
1.90
1,100
*
52%
!
55%
4,095
*
81c
89c
Norgold Mines...
1
3c
3%c
Nordon Oil
1
15c
14c
15c
"5" 15
5.00
5.60
3,540
4,000
4,655
10,300
18,945
1.95
1.85
2.40
North Canada..
•
......1
52
.
57c 63 %c
Okaita Oils..
50,840
31,200
21,900
Olga OH A Gas
•
5c
4%c
5%c
Omega Gold....
1
37c
35c
39c
Ontario Steel...
*
9%
9%
9%
100
70c
60c
81c
12c
12c
13c
13,850
24,800
Oro Plata..
Oils
•
Page Hersey
•
Parnour
Porcupine......*
Pa rite pec Oil
..1
Payore Gold.
1
Park hill
5
1
Partanen-Malartlc
92
90
"3*70
41,912
5%
220
13c 15%c
1
Pauiore Gold
Shawlnlgan \V <fc P
Feb
Temlskamlng Mines
2.23
July
16% C
14C
Dec
49c
Apr
57c
Dec
95c
2.60
Oct
13.25
Oct
4.10
lc
Oct
12o
Jan
30c
oct
1.28
Jan
Dec
18
60c
Dec
2.20
80
Nov
1 .90
June
9
Oct
81
2%
1
lc
lc
5.00
5.00
5.20
Pioneer Gold
1
3.00
2.90
3.05
Powell
J
1.80
1.71
1.94
8,887
4,350
34,000
13%
Rouyn
Power Corp
*
Prairie Royalties
Preston
*
Red Lake G Shore
*
Reno Gold
1
Roche Long Lac
1
Royal Bank..
19c
10 %c
St Lawrence
Mar
Jan
Jan
41c
8c
Oct
46c
Oct
1.38
2 50
lc
Dec
3%c
Oct
9.20
2.35
Oct
6.85
SUverwoodi pref
June
2.20
Oct
33%
12
Jan
Alberta
1.00
50c
Oct
1.47
Jan
Beauharnote Pr Corp 5s *73
50c
60c
1,100
27c
Oct
85c
Jan
Bell Tell Co of Can 5s. 1955
9c
500
8C
Sept
48c
Jan
Simpsons B
Burns A Co 5s
Oct
Feb
20c
Sept
1.95
Feb
Canada Bread 6s
12c
Nov
1.78
Feb
Canada North Pow 5s. 1963
60c
57c
Nov
1.35
Jan
Canadian
Pap 6a '49
7c
5
164%
6.85
Feb
Canadian Lt A Pow 5f> 1949
102
Canadian Vlckers Co 6s '47
Cedar Rapids M A P 6s
98
Dec
103
June
93%
94%
113% 114%
42%
/41%
12c June
14,600
32c
Oct
14%
Oct
2.40
Jan
1.10
Feb
60c
Apr
90c
3,200
16.896
90c
Oct
3.95
200
1.00
Dec
2.00
Oct
3%
5%
200
3
Dec
4%
Sept
6
5
Dec
78
Apr
Dec
82c
89c
11,650
11,000
5,000
74c
51
1
I960
Power 69... 1966
98%
103% 104%
Jan
Gt Lakes Pap Co 1st 5a '65
91 %
Feb
Int Pr A Pap or NfJd 5a '68
Lake St John Pr A Pap Co
101%
Jan
91%
1961
94%
66
•
26c
Dec
2.85
Utility Bonds
MacLaren-Que Pr 5%a '01
Manitoba Power
377
52%
Oct
9%c
Oct
15%0
1.75
Oct
6.90
13c
13c
600
98c
98c
3.10
Tamblyns
14%
14
14%
3c
3%c
1,550
3,985
1,015
5,466
5~50
5.30
5.55
1.22
1.22
1.30
1
'*
No par value
f Flat price
11%
12
12,996
2,700
50
Feb
9c
Oct
40% e
80c
Oct
3.25
Jan
Oct
4.80
Feb
10%
Dec
16%
38—5%s to 49
Massey-Harris Co 6s_.1947
50
Jan
3c
Oct
4 25
Oct
6.00
Jan
100
Oct
2.35
Jan
10
Feb
28% c
16
Feb
Aug
2.20
2.25
16
17
25
10
Nov
40
Apr
Toronto General Trusts 100
85
85
15
77
Nov
110
Feb
120
120
22
110
Sept
126
Mar
45c
46c
400
1.79
Oct
4 65
Jan
3,500
34 %c
Nov
2.00
Tread well-Y ukon
1
25c
25c
700
20c
Nov
2.60
Feb
Uchl Gold
1
93%c
12%
1.00
8,300
1,126
19,400
1,035
60c June
1.10
McColl Frontenac Oil 6s *49
Montreal Island Pr
13
22c
22c
27c
4%
4%
4%
6.00
Feb
11%
Oct
12c
Oct
70c
Feb
2%
Oct
11%
9.10
May
Jan
5.80
6.00
3.30
Oct
1
1.11
1.11
1.36
1,100
90c
Sept
WaJte Amulet
•
1.59
1.47
1.65
1.00
Oct
4.65
Feb
Walkers
*
40%
14,859
2,276
Oct
62%
Jury
16%
Oct
20
16%C
Dec
22c
Oct
36%c
Dec
125
Preferred
Gold
Westflank Oil
Western
*
1
16%c
*
Grocers pref.. 100
34
40
96%
95%
103% 103%
31
32
103% 104%
1939
1966
1973
Montreal Tramway 5s 1941
Ottawa Valley Pow 6%s'70
Power Corp of Can 4%s '59
par
value) 3s
50
50%
100% 101%
94
95
100
100%
105%
100%
100%
99%
1967
103
5%s '47
Saguenay Power 4%s A '68
102
4%s ser B
1966
Shawinlgan W A P 4%s '67
Smith H Pa Mills 4%s '51
United Grain Grow'Ss. 1948
101%
..Dec
1
Provincial Pap Ltd
100
-
-
-
100%
102%
103% 103%
103
74
65
»
-
•
»
-
-
mm*
73%
n
Nominal
CURRENT
—Bernard E. Smith, member of the
NOTICES
^STew York Stock Exchange, has been
admitted to partnership in Thomson & McKinnon,
40
43
18%
18%
18%c I7%c
2,831
65
15,600
34
41
21,200
112
112
25
and Alfred S. Rogers
has retired as a general partner.
—Lebenthal & Co., odd-lot municipal
bond specialists, announce that
after an
Howard W. Schwarz has returned to their firm in a sales capacity
absence of a few years.
Stock Exchange,
—Newburger, Loeb & Co., members of the New York
announce
the admission of Robert Lester Newburger to general
partnership
in their firm.
—Kenneth H. Dugan Is now
Detroit.
associated with R. C. O'Donnell & Co. of
His offices will be in the Genesee Bank
Thomas
&
Co.
Building, Flint, Mich.
that William
E. Powell and C.
Mar
19
Vulcan Oils
Wendigo
5%s '67
3%a
3%s
Aug
*
74
2%B to
Jan
2
*
Ventures.0.
104
72
Feb
3.00
United Steel
Ask
103
Oct
575
3~05
13
5%s. 1951
Apr
96
4,500
69
"l3c
*
IIAnover 2-6363
NY 1-208
67%
3.00
2.75
_.*
Corporation
•
90
1951
13c 15%c
64%
Sylvanlte Gold
Union Gas
Jan
6%s '52
Winnipeg Elec 6s. Oct 2 '64
6s
Dec
United Oils
Mar
62%
United Securs Ltd
5%s
NOV
46c
48
Eraser Co 6s.. .Jan
Gatlneau
Jan
23c
Expioration.. 1
95%
Feb
28
Towagmac
58o
Oct
Montreal and Toronto
5s
Aug
27,000
50
95
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
...
19c
32,800
Toronto Mortgage.
74%
2.50
26c
2.25
73%
77
2.49
44c
12
1958
4s
Oct
23c
*
51%
f50%
stock
Dec
40c
Toronto Elevators
5%s 1961
1961
Dom Gas A Eloc 6%S. 1945
Donnaconna Paper Co—
ex
Dec
25c
Toburn Gold
Feb
6%s
102%
5c
42c
Tip Top Tailors
Nov
Conaol Pap Corp
53
IOC
*
*
110
6.65
*
Texas Canadian
17
Nov
itadacoDa
Tashota
95c
Jan
1.00
83c
Teck Hughes
Oct
30
Montreal LH&P (150
95
Mar
2.40
Sullivan Cons
102% 103%
Mar
6,934
"l3c
Mar
Minn A Ont Paper 6s. 1945
107
60
3.40
*
93%
-
48% C
3.30
_»
-
.
94%
227
1.35
6c
Feb
9%
Maple Leaf Milling—
68
Oct
88c
10c 10 %c
34
Bid
-
Oct
Spy Hill Royal
Sudbury Basin
Sudbury Contact
Inter
1941
-
Dec
80
Jan
8%
SECURITIES
24
1.20
5c
16o
1,427
Dec
6c
Oct
15
83
Jan
Feb
Oct
2%
113%
94
3%
*
17%
10
54%
59
2.25
20c
J
Straw Lake Gold...
1958
1,325
82
20
«
67%
2,300
1.19
83
19%
2%
Ask
113
27,400
5,600
8,400
5%
100
New York
65
21c
15c
12%c
122
2% June
3%
Municipal
/53%
45c
3.35
Steel of Canada..
Pac Grain 68.1946
4.35
45
100
Sladen Malartlc..
Slave I.ake
Abltlbi P & Pap ctfs 6s '53
19c
3,750
II,400
Slscoe Gold
Southend Petroleum
•
4.00
23c
*
Preferred
•
Calgary Power Co 5s..1960
98
oct
Oct
Dec
19%
2%
Bid
Feb
July
47%
2c
l%c
107
Closing bid and asked quotations, Friday, Dec. 31
28 C
182
10
Industrial and Public
4.50
10c 10 %c
2,500
110
Jan
Oct
3
Feb
500
1%
1%
Jan
Feb
4%
-......
160
2%
2%
Hell System Tele.
Feb
75c
1.37
"l'io
Feb
Royal Securities Corporation
30 Broad Street
Feb
20c
..50c
6.65
Private wire connection between New York,
Jan
10
4
1.26
Silverwoods
Oct
2,00
Jan
Oct
1.00
Sheep Creek
Sherritt Gordon
Government
Oct
4
Jan
1.26
1.81
Jan
33c
21c
_*
12c
1,500
4,850
Apr
50 %c
12%C
Shawkey Gold
Oct
4
m
Feb
"l~34
Corp
4.00
40
13 %c
San Antonio
i
15c
98
98
Saguenay Power pref... 100
67%
10
1.50
44%
St ADthony
Oct
4,700
45
182
100
Royallte Oil.
18%
3%o
110
57c
4.35
Red Crest Gold
260
1.86
40c
Read Autbier
Jan
33%
19
4,820
17,400
*
Jan
37%
39
13,300
1.05
1
Feb
69o
Oct
19
1.90
1.10
60c
E Dome...
4%c
Nov
39
14%
1.85
Nov
1
30c 39 %c
1.90
1C
10c
1,000
100
pref
9c
"31c
25c
Premier
Quebec Mining.....
Quemont Mines....
0
118
July
1,000
J
43%
35
Oct
Pickle Crow
Apr
Feb
Dec
5c
Pet Cob Mines
jan
Mar
55c
26%
CANADIAN
Mar
13c
7 %c
1.12
Fuel
Jan
Oct
3,600
3,710
71,050
15,200
99c
United
Feb
4,302
15%c 16%c
50c 58 %c
108
Oct
Jan
65c
10c
58c
Oct
Dec
Feb
7%c
1.05
7
14%0
Jan
8%c
1
83
Oct
Feb
70
25
1%
3%
*
Oct
41%
18%
83
4
*
Standard Paving.;
Nov
1
.
Perron Gold
Jan
Feb
7c
8%c
1
Pay master Cons
1.49
Nov
Oct
15%
3%
3.60
65c
Apr
500
1
Dec
2%c
Feb
18%
33
33%
100
Sept
36%
3.35
Oct
15
1
pref
55
11,100
5
13%c
15
3.85
3.55
Ritchie Gold
24c
1
Apr
Oct
5
29%
Rogers Majestic
6
Jan
Feb
29
1
35
...1
Feb
15
25
Normetal
Pacalta
500
Feb
30c
155
17
Malrobic
335
21,200
2,000
91,450
Nlplsslug
Gold
72
1
National Brew
O Brien
71
*
36%
16c
_*
Murphy Mines
July
100
30c
.1
Mines
7
"7l"
*
56C
Preferred
21c
25
710
Inter Metals A
2.25
2.07
32
23
22
Mandy
Oct
2.25
315
22
Klrkland Townslte
32%
20c
1
2,200
8
7
Oct
3c
32c
Feb
95
95
6%
17
1.25
800
*
Noranda
♦
30
*
Hudson Bay M & S
6
73
92
Foothills
1,000
Corp
Golden Rose
5
65
5%
65
Dominion Bridge
Hamilton Bridge
3c
1.15
100
•
28%
*
42c
33% c May
25
34%
1%
_*
3c
Moore
New
Consolidated Paper
Dalhousle Oil
42c
1.78
26c
Oils
34%
.1
*
...
Moneta Porcupine
Morris
1
Marconi
..1
Gold......
21
15
1
32c
Model Oils
Dec
*
18c
Mining
Oct
15
*
31c
Oil
30%
Malting
Canada Vinegars
87%
14%c 14%e
Feb
Apr
10%
38%
Canadian
*
"31c
21c
Oct
Mar
32
Mercury Oil
Gold
Jan
Oct
3o
7
Mar
June
95c
10.00
16%
8%
1.03
High
Dec
1.50
74
376
40%
Low
150
Oct
11
1
1.5 0
1.50
Range for Year 1937
Shaies
Oct
443
5
Mines
McKenzle Red Lake
Price
Oct
9,350
2,189
83%
38%
Par
8c
7
44
"84"
Stocks—
4%
6
41
-.100
Preferred-
9%C
Oct
Nov
11
100
Preferred..:
Mclntyre
~9Xc
*
Mines
Harris
Massey
%
Sales
Friday
31
25c
112
2.25 June
Jan
Dec
Aug
June
—Gorgas,
announce
Raymond Hix have been admitted to general psatnership.
—Hollis Hunnewell a partner in
Rhoades & Co., 49 Federal St., Boston,
has been elected a member of the Boston Stock
Exchange.
—D. Francis Sullivan, formerly a partner in Sullivan
& Gjobye, is now
handling municipal bonds for John Witkowski & Co.
—John
I.
Griebel
has
been
admitted
to
Stuart, members New York Curb Exchange.
general
partnership in Lohr
Financial
94
Quotations
Ask
96?*
97?*
a'i s
Jan
1 1977
a3?*s
a3?*s
a3?*s
<z3?*s
a3?*i
a3*4»
July
May
Nov
Mar
Jan
July
1 1975
100
1 1954
103?* 104?*
1 1954.......
103?* 104?*
102?* 103 ?*/
1
I960
101 ?*
101?* 102?*
15 1976
105
103
1 1975
1957
New York Bank Stocks
City Bonds
106?* 108
106?* 108?*
106?* 108?*
a4n
May
1
a4s
Nov
1 1958
a4s
1 1959
ilis
May
May
1 1977
a4»
Oct
1 1980
107
1 1960
109?* no?*
1 1962..
109?*
1 1964
a4?*s
a4?*s
a4?*a
a4?*s
a4*4*
a4?*8
«4?*s
a4l4a
«4?*s
a4?*s
a4?*s
a4>*s
a4?*8
a4?*s
Apr
1 1966
Apr
15 1972
109?* 111?*
110
1 1974
June
111?*
U0 H 111?*
110?* 112
15 1976
Feb
Jnu
Par
Ask
hid
Bid
110?* 112?*
111
112?*
1 1977
15 1978
112
1 1981
113?*
Mar
May
Nov
1 1957
113
Mar
1 1963..
106?* 107?*
108?*
Ill
100
115
National Bronx Bank...50
40
45
22
Klngsboro
48
55
Merchants
Bensonhurst National—50
95
125
Chase
30?*
12?*
City (National)
32?*
National Safety Bank.
12?*
12
26?*
13.55
...
28?*
Penn Exchange
10
10
12
130
136
Peoples National
50
54
65
—100
775
825
Public National.
25
29
30?*
Sterling Nat Bank A Tr 25
25
27
—12?*
18
22
Fifth Avenue
1780
First National of N Y—100 1740
Trade Bank.
45
35
100
Flatbush National
113?* 115?*
1 1965
June
1 1967
July
Dec 15 1971
1 1979
Dec
114?* 115?*
115
'16?*
New York Trust
116?* 118
Companies
106
350
359
10
47
49
7
....... 100
6
8
74
79
....20
86
Chemical Bank A Trust. 10
44
Clinton Trust-.....
50
53
58
Colonial Trust.....
25
13
16
New York
10?*
Itallana.100
Bronx County
Brooklyn
52.65 less
Canal
1
World
5s Jan A Mar 1964 to
'71
52.90
130
130
4?*s 1965
127
Can A High Imp
War Bonus—
4>*8 April 1940 to 1949.
Highway
A Highway—
Highway Imp 4>*s Sept '63
Canal Imp4>*8 Jan 1964..
Ask
Bid
52.75 less 1
3s 1981
Central Hanover
Ask
m
m
m
-
-
~
...
Canal Imp 4s JAJ '60 to
'67
Barge C T 4s Jan '42 A '46
Barge C T 4?*s Jan 1 1945.
122
110?*
113?*
20
Corn Excb Bk A Tr
Empire ......
'
.....
.
10
Lawyers
25
28
31
Manufacturers
20
33?*
35?*
20
47?*
49?*
25
93
96
12?*
Title Guarantee A Tr...20
6
50
Underwriters
100
80
21
m
122
22
United States
100 1415
Preferred...
m
mm
Chicago & San Francisco Banks
Authority Bonds
Bank
Holland Tunnel
Port ol New York-
Gen A ret 4a Mar 1 1975.
107?* 108?*
103?* 104?*
Gen A ret 3d aer
Gen A ref 4th aer 3a 1976
3?*s
1977
George Washington Bridge
4.?*a aer B 1940-53.M N
Gen A ret
101
97
97?*
98?*
100?* 103?*
206
Par
Inland Terminal
4?*s
ser
D
MAS 60.75 to 1.25%
MAS
106?* 108
1938-1941
1942-1960
110?* 112
Aetna LJfe
American
Bid
Ask
6»
Feb
1955
1952
6?*s Aug
1941
101?*
Honolulu 5s
102
1959
1952
Apr
103?*
U S Panama 3s June 1 1961
102
103?*
100?* 102
105?*
53.50
5s
107?*
July
115
3 00
—
d3.70
Home Fire Security
10
1?*
Homestead Fire
10
13?*
24?*
Importers A Exporters—5
7?*
61
Ins Co of North Amer—10
19
Knickerbocker
25
53
.5
9?*
5
3
Maryland Casualty
1
Mass Bonding A Ins..12?*
36?*
39?*
Merch Fire Assur com
37
41
3
5
4
33
19?*
21
Merch A Mfrs Fire New'k5
8?*
4
6
14
16
48?*
50?*
36?*
38?*
10
24
25?*
National Casualty
117
5
-2?*
10
.10
69
540
6?*
20
108
2
National Union Fire
72
530
2
National Liberty
6
25
100
Camden Fire
4
Lincoln Fire
10
11
25
108
10?*
26?*
Automobile.
Boston
8?*
55
21
10
Bankers A Shippers...
2H
15
9?*
"Merchants (Providence)-.5
107?* 109
Ask
8?*
National Fire
3.50
Bid
89
17?*
Re-Insurance. 10
Baltimore Amer
1958
1948
Par
Ask
40?*
American Surety
Ask
Govt of Puerto Rico—
4?*s July
47
58
25
..10
American of Newark.. -2?*
100
5s
45
23?*
—
American Reserve
4?*b Oct
4?*s July
NTASA..12?*
FRANCISCO
SAN
Bk of Amer
211
85
Agricultural
United States Insular Bonds
4s 1946
510
38?*
10
Aetna
American Equitable.. ...5
..10
American Homo
Bid
'
Bid
Aetna Cas A Surety...
American Alliance
Philippine Government
480
Insurance Companies
102
90
100
MAS 50.50 to 1.50%
111
MAS
112?*
1942-1960
Gen A ret 2d ser
290
100
E
ser
1938-1941
3?*s *65
3?*s *76
4?*s
270
Northern Trust Co
195
105
Illinois Natl
Trust...33 1-3
A
First National
Ait
Ask
Harris Trust A Savings. 100
100
Continental
Bid
Bid
Par
Ask
Bid
Par
Ask
7
90
1465
mm
»
A Trust
Bid
...
'
American National Bank
Port of New York
Ask
225
236
100 231
11?*
10?*
Irving
.—..... 10
1650
Kings County
100 1600
Guaranty
49
Continental Bank A Tr. 10
■
Improvement—
4s Mar A Sept 1958 to '67
*> m w
52.10
205
89
42
Banca Coram
New York State Bonds
-100
Fulton......
100
Bid
Par
•
Ask
Bid
Par
Bankers
3a 1974
14
National.. 100
Commercial
Bk of New York A Tr._100
Bid
Ask
65
National... 100
Bank!
100
20?*
Bank of
Bid
Par
Ask
bid
Yorktown..66 2-3
Bank of Manhattan Co. 10
113?* 114?*
112?* 114
114?*
1 1957
109?* 111
a4?*s Sept.
a4?*s Mar
a4?*s Mar
...
1, 1938
Qver-the-Counter Securities—Friday Dec. 31
on
New York
Jan.
Chronicle
9
New Amsterdam Cas
7?*
112
10?*
5
17?*
19?*
10
17?*
18?*
New Hampshire Fire
10
40
25?*
41?*
17?*
18?*
20
36
38?*
22?*
24?*
New Jersey
New York Fire
Continental Casualty. ...5
110?*
108?* Ill
Conversion 3s 1947
10
Connecticut Gen Life. ..10
U S conversion 3s 1946
110
114
Carolina
City of New York
108?* 110?*
Hawaii 4?*a Oct 1956..
22
24
Northern
-2?*
3?*
Employers Re-Insurance 10
39?*
Eagle Fire
3s 1955 opt 1945
JAJ
3s 1956 opt 1946
3s 1956 opt
JAJ
MAN
1946
3?*s 1955 opt 1945..MAN
101?* 101?*
1015* 101?*
1015* 101?*
103?* 103?*
Ant
Northwestern
Phoenix
92
90
Preferred Accident
55?*
53
MAN
Fireman's Fd of San Fran25
*68
4?*s 1958 Opt 1938..MAN
102?* 103?*
Firemen's of Newark..
5
7?*
Franklin Fire
5
23?*
4s
1958 opt
1938
Fire Assn of Phlla
Reinsurance Corp (N
Republic (Texas)
Glens Falls Fire
5
Globe A Republic
5
Atlantic 3s
100
100
99
Burlington 5s
/50
56
California 5s
100
102
Chicago
5s
ro%
Dallas 5s
Bid
Ask
99
100
6?*
102
Louisville 5s
100
Maryland-Virginia 5s
Mississippi-Tennessee 5s.
mm
_
New York 5s
97?*
99?* 100?*
Ohio-Pennsylvania 5s
97?*
/50
96?*
97?*
Oregon-Washington 5s
89?*
91
Pacific Coast of Portland 5s
102
m
North Carolina 5s
First Carollnas 5s
100
m
Pac Coast of Los Ang 5s
99
37?*
12?*
28?*
73
76?*
20?*
22?*
1
8?*
9?*
21?*
23
10
Halifax
—
27
First Trust of Chicago 4 ?*s
Fletcher 3?*s...
99
Phoenix 5s
106?* 108 J*
Potomac 6s__
100
101
8t Louis 5b..
/24
27
100
102
70
73
/13
15
Associated Mtge Cos Inc—
111 of Montlcello
4?*s
--
Iowa of Sioux City 4?*s__.
Kentucky 5s
Southern Minnesota 5s
m
101
Tennessee 5s
-
93
---
100
Southwest 5s..
82
100
.
_.
San Antonio 5s
102
96
100
La Fayette 5s
99?* 101
Lincoln 5s
63
Union of
29?*
Surety Guaranteed Mortgage Bonds and Debentures
100
102
27?*
__
Pennsylvania 6s
78
48?*
42?*
Co-2
Westchester Fire
99
100
14?*
46?*
40?*
2.50
25?*
13
4
10
U S Fidelity A Guar
60
07?*
100
414
99?* 101
First Texas of Houston 5s.
Illinois Midwest 5e
404
U S Fire
Pac Coast of San Fran 5s
Greensboro 3s
100
U S Guarantee....
Pac Coast of Salt Lake 5s.
Greenbrier 5e
6
460
Travelers
50
96
65
5
410
59?*
99?*
60
102?* 105?*
100
25?*
94
100?* 102?*
10?*
28"
Sun Life Assurance
57?*
97?*
Fremont 5s
26
7
5?*
188
20
10
10
Springfield Fire A Mar..25
Stuyvesant
5
54
Flret of Montgomery 5s...
First of New Orleans 5s
101
8?*
Seaboard Surety
24
5
179
Security New Haven
10
Home
20?*
4?*
v—5
10
Hanover
Hartford Steamboller.
7
22?*
5
Seaboard Fire A Marine..5
11?*
5
—
—
Hartford Fire
99
St Paul Fire A Marine.-.25
10
Great American
Great Amer Indemnity
M
Denver 6s
First of Fort Wayne 4?*S—
Ask
102
Rhode Island
Rossia
19?*
35?*
—
Bid
Atlanta 3s
6
18?*
5
31?*
21
24
Globe A Rutgers Fire. -15
15
2d preferred
27?*
20?*
Y).2
10
10
19
Gibraltar Fire A Marine. 10
15
25?*
71
8?*
25?*
18?*
10
Georgia Home
74?*
13
5
29?*
General Reinsurance Corp5
Bank Bonds
91
72?*
...10
Revere (Paul) Fire
Joint Stock Land
122
87
25
Pacific Fire
14?*
75?*
24?*
117
Providence-Washington .10
-10
JAJ
National.25
41?*
5?*
33
4?*
110?* 110?*
101
101?*
4a 1946 Opt 1944
72?*
23?*
2.50
31
5
Federal
Bid
13
2
12.50
North River
..10
Excess
Ask
10
New Brunswick
Fidelity A Dep of Md. -20
Federal Land Bank Bonds
Bid
4?*
24?*
9?*
97
99
Virginia-Carolina 3s
Virginian 3s
Bid
Ask
Nat Union Mtge
1953
Arundel Bond Corp 2-5s *53
76
Arundel Deb Corp 3-6s *53
54
1953
44
Cont'l Inv Bd Corp 2-5s '53
77
44
Debenture
3-6s
1954
-
—
1954
Series B 2-5s
53?*
72
---
Bond
Potomac
Contl Inv DebCorp 3-6s'53
—
98?*
101
m
Issues) 2-5s
46
-
Corp
-
-
...
(all
1953
1953
3-6s_
Potomac
Empire Properties Corp—
32
Interstate Deb Corp 2-5s'55
1953
84
...
Joint Stock Land Bank Stocks
ture
Corp 3-6s
1953
Realty
Atlantic
1953
Potomac
Bondholders
(Central
Deb
part ctfs
Bid
100
50
60
New York
100
9
Funding
Atlantic
100
38
42
North Carolina
100
43
Dallas.
100
72
75
Pennsylvania
100
24
Denver-
100
10
15
Potomac
100
65
100
40
50
San Antonio
100
33
100
2
Fremont
100
Lincoln.
100
/26
72
43?*
29
Realty
Corp 3-68
Bond
A
71
43?*
Mortgage
37
First Carollnas
46?*
46?*
75
Des Moines
series)
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-68.1953
Par
Atlanta.
43?*
Potomac Maryland Deben¬
1953
Inc 2-5s
40?*
—
Mortgage Bond Co of Md
Nat
43?*
43?*
Franklin Deb Co
3-6s
47?*
1945
2-3s
72
Potomac Cons Deb Corp—
Potomac Deb Corp 3-6s '53
71
Ask
Corp—
Series A 3-6s
82
All series 2-5s
*.
tietrolt 4?*s
Bid
Allied Mtge Cos Inc—
Ask
Par
5
?*
1
Virginia
2
Virginia-Carolina..
Bid
5
1
100
Art
12
-
-
--
-
46?*
1953
44
Unified Deben Corp 5s 1955
32
deb 3-6s
-
Telephone and Telegraph Stocks
05
1M
Par
3
Bid
Par
Ask
(N J) com. *
85
89
100
111
Bell Telep of Canada... 100
New York Mutual Tel. 100
Preferred
Bid
Alt
Pac A Atl Telegraph
118
Peninsular Telep com
41
53?*
58?*
Franklin Telegraph
Ask
167
116
Cuban Telep 7% pref..100
Emp A Bay State Tel.. 100
Bid
162
Bell Telep of Pa pref—100
Federal Intermediate Credit Bank Debentures
32
37?*
86
89
Gen Telep Allied
$6 preferred
F I C
F 1 C
F I
F I
l?Sh—Jan
l?*s...Feb
1?*8
Mar
C 1 ?*8
Apr
C l?*a
May
F I C
15 1938 b .30%
15 1938 6.35%
F I C
15 1938 6.40%
15 1938 6.45%
F I C
l?*s—June
l?*s—July
1?*8—Aug
C l?*s—Sept
F I C
F I
15 1938 6.50%
15 1938 6.50%
15 1938 6.55%
20
Ask
25
100
...
Preferred A
Rochester
25
•
14
18
22
25
100
106?* 110
100
110
25
17
Telephone—
$6.50 1st pref
•
••
Corp—
*
So A Atl Telegraph
21
146
Sou New Engl Telep- —100
144
Int Ocean Telegraph... 100
76
82
S'western Bell Tel pref. 100
119?* 121?*
Mtn States Tel A Tel.. 100
118
123
Wisconsin Telep 7% pi. 100
116
15 1938 6.60%
16 1938 6 .45%
Bid
114
Am Dlst Teleg
For footnotes see page 97.
U8?*
Volume
Financial
146
Chronicle
95
Quotations on Over-the-Counter Securities—Friday Dec. 31—Continued
RAILROAD BONDS.
Guaranteed Railroad Stocks
BOUGHT
Excbunp
Dealers In
120 Broadway
Monthly
Bulletin
Membert Neto York Security Dealers Association
41 Broad St., N.
2-6600
STOCKS
.
QUOTED
.
e. sloane a co.
john
Tel. REctor
GUARANTEED
NEW YORK
SOLD
Earnings and Special Studies
on Request
Soscpb Walkers Sons
M.tmb*n l^rw Y*rk Slotk
.
Y.
-
HAnover 2-2455
-
Bell Syst. Teletype NY 1-024
Since1855,
Railroad Bonds
Guaranteed Railroad Stocks
1945
47
49
1945
47
49
1963
80
Baltimore A Ohio 4Mb
1939
54
56
Birmingham Terminal 1st 4s
Boston A Albany 1st 4Mb
1957
95
90 M
.April 1, 1943
95
96
Akron Canton A Youngstown 5 Ma
0s
Asked
Bid
..100
0.00
64
69
Albany A Susquehanna (Delaware A Hudson)
100
10.60
120
130
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
100
6.00
59
64
Alabama A Vlcksburg (Illinois
Boston A Albany (New York
A Providence
Boston
Central)
2.00
29
8.75
90
95
100
8.60
70
70
,
,.100
2.85
40
43
Carolina Cllnchfleld A Ohio (L A N-A C L) 4%.. -.100
KM)
Common 6% stamped
4.00
78
81
5 00
78
81
Cleve Clnn Chicago A St Louis
6.00
80
88
Cleveland
pref (N Y Central) ..100
—50
(Pennsylvania)..
3.50
77
80
...60
2.00
47
60
<N Mi
2.00
39
42
Canada Southern (New York
A
Pittsburgh
stock
Betterment
Delaware
Central)
(Pennsylvania)
I
Fort Wayne A Jackson pref
I
i
•
i
;
10f
58
63
10 00
172
178
4.00
44
48
100
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (D L A W)
5.50
»-* Oo
100
(N Y Central)
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
50.00
900
1000
35
37
..100
5.00
53
67
50
4.00
92
95
4.00
41
46
4.50
43
48
3.875
Northern Central (Pennsylvania).
Northern RR of N J (Erie)
Oswego A Syracuse (Del Lack A Western)
-
60
...60
1.50
...50
3.00
Pittsburgh Fort Wayne A Chicago (Pennsylvania) ..100
7 00
Pittsburgh Bessemer A Lake Erie (U S Steel)
Preferred
74
78
168
100
7.00
172
..100
0.82
65
l(M)
0.00
138
Preferred
Hudson)
St Louis Bridge 1st pref (Terminal RR)
Second preferred
Rensselaer A Saratoga (Delaware A
38M
37
185
4
178
70
72
68
3.00
6.00
137
(Pennsylvania).. ..100
ino
Utlca Chenango A Susquehanna (DLAW)
-.100
Valley (Delaware Lackawanna A Western)
Vlcksburg Shreveport A Pacific (Illinois Central). ..100
10.00
232
238
6.00
57
03
5.00
70
85
5.00
54
RR)
United New Jersey RR A Canal
57
5.00
67
03
—60
3.50
30
84
50
3.00
58
Western)...
West Jersey A Seashore (Pennsylvania)
1960
42
46
1942
45
62
1944
50
58
1940-46
60
55
1901
89
93
Prior lien 4s
Prior lien 4Mb
Convertible 6s
...
Buffalo Creek 1st ref 6s
Chateaugay Ore A Iron 1st ref 6s
Choctaw A Memphis 1st 6s
Cincinnati Indianapolis A Western 1st 6s.
.1942
68
72
.1949
/30
42
.1965
60
05
Cleveland Terminal A Valley lBt 4s
.1995
03
06
.1945
37
41
Georgia Southern A Florida 1st 6s
Goshen A Deckertown 1st 5Hs
.
.1978
80
Hoboken Ferry 1st 6s
.1940
00
00~~
Kangas Oklahoma A Gulf 1st 5s
.1978
86
89
Little Rock A Hot Springs Western 1st 4s.
.1939
/8
10
Long Island ref mtge 4s
.1949
85
87
Macon Terminal 1st 5a
.1905
93
90
Maryland A Pennsylvania 1st 4s
.1951
.1965
45
85
90
85
2
Meridian Terminal 1st 4s
—
.1949
25
.1960
80
New York A Hoboken Ferry general 5s...
.1940
50
60
1st mtge 3M«-
.1906
89
92
.1951
59
.1946
82
00 M
84
.1957
70
St Clair Madison A St Louis 1st 4s
.1951
80
Shreveport Bridge A Terminal 1st 5s
Somerset Ry 1st ref 4s
Southern Illinois A Missouri Bridge 1st 4s.
Toledo Terminal RR 4Mb
Toronto Hamilton A Buffalo 4Mb
.1955
.1955
80
45
53
.1951
.1957
78
85
106
110
.1900
84
89
Washington County R? 1st 3 Ms
.1954
48
63
Piedmont A Northern Ry
Portland RR 1st 3 Ms
-
Consolidated 6s
Rock Island Frisco Terminal
4Mb
Public
Par
EQUIPMENT TRUST CERTIFICATES
Philadelphia, Pa.
58
102
106
7M
7
8
Mountain States Pr com..*
110
115
74M
25
Miss Riv Pow 0%
Missouri Kan Pipe Line.
3M
6M
100
preferred.
7%
62
64"
21M
22
Nassau A Suf Ltg 7%
Equipment Bonds
Bid
30
Ask
1.25
64.25
3.50
68...-..
1930-1944—
43
91
92 M
pref.*
2.76
Consumers Power 35
2.75
Continental Gas A El—
63.60
2.75
New York Central 4Mb...
63.00
2.25
63.50
2.75
63.25
Cent RR New Jersey 4Ms.
63.50
2.00
4MB
62.75
61.75
1.00
Northern Pacific 4Mb
Dec 1 1937-50
5.25
Pere
6.25
90
64.50
4.00
64.50
4.00
4.00
62.50
Marquette 4Mb.—.
St Louis-San Fran 4s
1.75
61.80
1.25
1.25
61.75
1.00
NoTiMs--
2.75
62.50
Internat Great
63.50
1.75
64.25
3.00
6 a..
Maine
2.25
1.10
94
98
preferred.....—100
36 H
39M
52
7M%
50
preferred
Kan Gas A El 7%
2.00
2.50
2.00
2.40
pf.-lOO
pref. 100
Kings Co Ltg 7% pref..100
Long Island Ltg 6% pf.100
7% preferred..*
100
Memphis Pr A Lt 37 pref.*
Mississippi Power 36 pref.*
$7 preferred
-»
1.00
20 M
21M
59 M
60 M
33 H
48
34 M
90
92
97
99
Light—
preferred
*
50
New York Power A
36 cum
7% cum preferred... 100
Northern States Power—
100
---♦
(Del) 7% pref.
(Minn) 5% pref
Ohio Edison 36
69 M
72
90 M
91M
90 ^
pref
92 M
101
103
109 M
1UM
preferred
100
pref...100
Pacific Pr A Lt 7% pf-100
Penn Pow A Lt 37 pref...*
Queens Borough G A E—
0% preferred..
100
94 M
96 M
Okla G A E 7%
98 M
101 Yt
50M
87M
89 X
33M
35 M
37
preferred
86
Republic Natural Gas
1
3H
88
53
4H
Rochester Gas A Elec—
preferred C
0%
100
94
90
Sioux City G A E
82
84
106
108
29
33
37 pf.100
84
87
Calif Edison—
0% pref series B
25
South Jersey Gas A El. 100
Tenn Eleo Pow 0%
preferred..
7%
pf.100
100
pf-100
Toledo Edison 7% pf A.100
United Gas A El (Conn)—
Texas Pow A Lt 7%
31M
33
37 M
39M
53
55
47 M
53 M
51
Utah Pow A Lt
56 M
Virginian
preferred
7%
100
37 pref..*
.100
Ry.
25 M
178
44
51
26 M
40
53
98 H
100 %
97 M
99M
74
23 M
146
77
35 M
162
Wabash Ry 4Mb.
61.75
68—
1.10
100
95
Pacific 5s
Par
Bid
Par
Ask
Bid
Ask
100
95
Western Maryland 4Mb...
5Mb
1.00
95
-
Chain Store Stocks
1.00
61.70
5s
1.00
61.70
Virginia Ry 4Mb
100
62.50
2.00
64.75
3.75
64.75
*
9
7% preferred
100
/G Foods Ine common..*
77
B
Kress (8
11M
H) 6% pref
12M
85
Berland Shoe Stores
100
95
7
Blckfords lnc
*
1 M
9M
2
10M
Miller
(I) Sons common..*
6M% preferred
100
Murphy (G C) 35 pref.100
4
9
21
27
98
102
3.75
*
32.50 conv pref
*
common...*
preferred
.100
Bohack (H C)
7%
Kobacker Stores
7%
19
109 H
1.60
Flshman (M H)
/
10
107tf
120
54
7%
100
Co Inc..*
Diamond Shoe pref
For footnotes see page 97.
1H
Co—
37 prior lien pref
•
New Orl Pub Serv 37 pf..*
Southern
Jamaica Water Supply—
Jer Cent P A L 7%
61.50
5 Mb
3.00
3M
24 M
5
2.40
2.40
108M 110 M
22 M
3.75
61.50
104
Gas...*
Interstate Power 37 pref..*
Iowa Southern Utilities—
3.00
62.25
5s
2.50
preferred
63.00
63.20
1.10
2.50
preferred
64.50
4Mb
2.50
63.25
7%
Interstate Natural
97
5s
2.00
63.75
*
.100
100
63.20
Union Pacific 4Mb..
63.15
63.25
Central 5s
5 Ms
178
62.75
Texas Pacific 4s
Western
Minn St P A S S M 4s
2.50
14 M
Idaho Power—
63.60
5s
61.75
Loulsv A Nash 4Mb
100
24 M
120
62.50
Southern Ry 4Mb.
62.75
Island 4Mb
6s
21M
64.00
5 Ms
Southern Pacific 4Mb
5s
Illinois Central 4Mb
63.20
95
St Louis Southwestern 5s..
19H
21M
*
11M
M % PI-*
New Eng Pub Serv
7%
20 M
37 cum preferred.
25 M
Ohio Power 0% pref...100
Ohio Pub Serv 0% pf..l00
34
178
Gas A Eleo of Bergen..100
2.00
3.00
62.60
61.80
6s
1.75
63.75
Hocking Valley 6s.
2.00
62.50
Great Northern 4Mb
29 M
19
$0
63.00
Reading Co 4Mb
5s
-
100
Gas
Hudson County Gas...
62.00
66.25
5s
,
Hudson
37 pref--*
36 cum preferred
1.25
62.75
5.00
87
62.00
1.00
5.00
64.50
4KB
Federal Water Serv Corp—
1.20
2.00
4Mb
6s
Essex
3.50
62.90
66.00
,
66.25
08
3.75
61.75
61.60
4s series E due
Jan A July 1937-49
2 Mb series G non-call
Chicago RI A Pacific—
Erie RR 5 Mb
2.00
64.60
5s
66.00
6^8
Derby Gas A El
64.60
58
2.00
6s
Denver A R G West 4Mb-6s
pref. 100
Dallas Pr A Lt 7%
2.50
62.50
5s.
N Y N H A Hartf 4 Mb
Pennsylvania RR 4 Ms
Trustees' ctfs 3 Ms
100
preferred
1.25
63.25
79 H
77 M
115
112
30.50 cum preferred...*
Chesapeake A Ohio—
6s
7%
62.00
5s
2.50
2.50
Long
40
63.75
5 Ms
2.40
Chic Milw A St Paul 4Ms.
7
5
Consol Traction (N J). 100
63.90
63.20
6B
80 M
Consol Elec A Gas 30 pref. *
New Orl Tex A Mex 4 Ms..
63.25
Chicago A Nor West 4Ms.
78
2.75
2.75
Canadian Pacific 4Mb
6s
77M
67 M
3.00
3.00
N Y Chic A St L 4Mb
Canadian National 4Mb—
65
63.75
63.60
—— ——
3 Ms Dec 1
75
64.00
64.00
6s
Boston A Maine 4Mb
...
Missouri Pacific 4Mb
5s
100
...100
Lt 7% pref-.lOO
preferred
preferred
Cent Pr A
62.00
Baltimore A Ohio 4Mb
81 M
Central Maine Power—
7%
Ask
5M
24
0% pref. 100
New Eng G A E 5
79
100
Newark Consol Gas
N E Pow Assn
84
*
preferred
pf 100
pref. 100
Nebraska Pow 7%
Carolina Pr A Lt 37 pref..*
0%
4%
121
Buffalo NiagaraAEaetern—
31.00 preferred
Atk
pref. 100
.6
Monongahela West
Penn
Pub Serv 7% pref
25
72 H
preferred
Bid
Mississippi P A L 36 pref.*
61M
*
♦
37 preferred...
*
Atlantic City El 6% pref.*
Bangor Hydro-El 7 % pf 100
Birmingham Elec 37 pref. *
Stroud & Company Inc.
Atlantic Coast Line 4Ms..
88
56
Gas A Electric
30.50 preferred
Par
Ask
pref *
Associated
Original
Private Wlrea t* New York
Bid
63
Arkansas Pr A Lt 7%
Bid
91
Utility Stocks
Alabama Power 37 pref..*
Quotatione-Appraieale Upon Request
Railroad
50
Minneapolis St Paul A Sault Bte Marie 2d 4s.
Montgomery A Erie 1st 6s..
61
Preferred
Warren RR of N J (Del Lack A
85
■
KM)
Tunnel RR St Louis (Terminal
__
Boston A Maine 3s...
32
,100
—50
Central)
(New Haven)
;
Augusta Union Station 1st 4a
Dividend
Par in Dollars
Asked
Bid
(Guarantor in Parenthesis)
preferred
30
2
16
32
3M
7
Reeves (Daniel)
pref... 100
100
m
•*
*
18
95 M 100
9
*
8
15
100
74
81
United Clgar-Whelan Stores
35
preferred
*
15M
17 M
Financial
96
Chronicle
Jan. 1, 1938
Quotations on Over-the-Counter Securities—Friday Dec. 31—Continued
Public
Water Bonds
Utility Bonds
Ask
Bid
Bid
Ask
60
61M
Federated Utll 5 Ms—1957
60
02
Amer Wat Wk A El 6s '76
82
84
Green Mountain Pr 5s .1948
102
103
Associated Electric 6s. 1961
40
42
Houston Lt A Pow 3 Ms *66
103M 104 M
Amer Utility
Serv 6s.l964t
1978
25 M
28M
Income deb
4Ms...1978
29M
1967
95 M
.
Conv deb 6 Ms
48 M
61M
50 M
53 M
Kan City Pub Serv 4s-l957
Kan Pow A Lt 1st 4Mb *65
108
68 M
Keystone Telep 5 Ms- -1955
92
54
Conv deb 4Ms
1973
Conv deb 6s,.—..1973
89
91
Metro p
89
91
Missouri Pr A Lt 3Ms. 1966
Mtn States Pow 1st 6s. 1938
25
27M
21
29
Sink fund lnc
23
29
26
31
Edison 4s ser G '65
Narragansett Elec 3 Ms '66
Newport N A Ham 5s. 1944
N Y State Elec A Gas Corp
4s
-1965
Sink fund lno 6Ms..1983
30
37
Sink fund lnc 4~5s._1986
21
29
North Boston Ltg Prop's—
Secured notes 3 Ms—1947
108 M
105
106
99 M 100 M
09
74
23
29
103
103 M
101
97
101
105"
Chester Wat Serv 4 Ms '
Citizens Wat Co (Wash)
6s
1951
102 M 104M
Ore-Wash Wat Serv 5s 1957
North'n States Pr 3 Ms '67
99 M
26
series A
1951
1st coll trust 4Mb—1966
105""
103
37
Ohio Pub Service 4s..1962
99
99M
Old Dominion par 5s..1951
50
63
102
Parr Shoals Power 5s..l952
Blacketone V G A E 4s 1965
109
1st 5s series C
1957
Clinton W Wkg Co 5s. 1939
98
101
1948
99
102
5s
1948
103
106
Phlla Suburb Wat 4s..1965
106
108
Prior Hen
104 M
99 M
93
—
Pinellas Water Co 5 Ms. '59
Pennsylvania Elec 5s.l962
Penn Telep Corp 1st 4s '65
89
Cent Ark Pub Serv 6s. 1948
78
82
Peoples LAP 6 Ms—1941
Public Serv of Colo 6s. 1961
101
1946
55
59
Flalnfleld Union Wat 5s '61
104 M
1948
57
62
Richmond W W Co 5s. 1957
104 M
83
Central G & E 6 Ms—.1946
1st lien coll trust 6s. 1946
Cent Maine Pr 4s ser G *60
63 M
65M
Pub Utll Cons
104
'62
Consol E k O 6b A
1962
36
1962
6s series B
5s series A
1942
99 M
1942
5s series D...
I960
100M
101M
58
60
96
97
34 M
36
Greenwich Water A Gas—
6s series A....
1952
59
61
Utlca Gas A El Co
2M
35M
1952
93
96
98
99
Dallas Pow A Lt 3 Ms. 1967
105
106
84
Wisconsin Pub Service—
1st mtge 4s..
AMOTT,
105M 106 M
Issues
BAKER
BArcla
irclay 7
150 Broadway,
2360
Bid
Broadmoor
1941
m
(The) 1st 6s '41
m
/21M
B'way Barclay 1st 2s..1956
B'way A 41st Street—
1st leasehold 6Ms—1944
Broadway Motors Bldg—
4-6s
35
38
& CO.
Illinois Water Serv 5s A '52
1948
53
55
Chanln Bldg lno 4s... 1945
Chsebrough Bldg 1st 6s '48
50
53
47
51
...Apr 281940
/29M
/26M
East Ambassador Hotels—
1st k ret 5 Ms
1947
/4M
Eqult Off Bldg deb 5s. 1952
52
Deb 5s 1952 legended
60 Bway Bldg 1st 3s lno *46
64
mmm
39
23
22
28
29
mmm
19th A Walnut Sts
1st 6s
5M
28
62d A Madison Off Bldg—
6s
Nov 1947
Film Center Bldg 1st 6s '43
1958
85
39 M
1st 3Ms-6Ma stpd..l948
Fox Theatre A Off
Bldg—
35
/46
49
/32
35
/47
.
50
/36
87
Oliver Cromwell
1st 6s
39
/19
21
99 M 102
100
99
102
M
1956
2d
33
—.1951
mtge 6s
mmm
165 Bway Bldg 1st 5 Ms '51
5s series C
87 M
6s series A
104
Shares
AUCTION SALES
103
(Concluded)
$ per Share
Stocks—
-.$5 lot
--$25 lot
-
48 Home Finance Trust, par $100
-
12M United States Electric Power Corp.,
common, par
$1
50c. lot
$150 lot
—2,000
40
common
— --
Per Cent
1944—
$20 lot
Corp., sub. warrant, par $3; 1,000 Maurice Deutsch
Bldg. Corp., 1st mtge. 6M», July 1..1939.
July 1932 and sub. coupon on
and 2,000 Boston Revere Beach A Lynn RR. 4Mb, 1947
_.$8 lot
P
Inc., 6s,
-
American A Dominion
By Crockett & Co., Boston:
70
43
40
/44M
'
47
41
/4M
5s Income
1943
60
mmm.
1st fee A l'hold 0M8.194O
5M
64
Hotel
40
43
34
35M
3-5Ms deb lnc (w s)_1950
60 Park Pi (Newark) 6s *37
616 Madison Av 1st 6Ms'38
1950
58
60
Apr 15 1937
/40
Lincoln Building—
income 5Ms w-s... 1963
Loew's Theatre Rlty Corp
/45M
47
68 M
60
82
84
London Terrace Apts 6s '40
Ludwlg Bauman—
1st 6s (Bklyn)
1942
1st 6 Ms (L I)
1936
/36
40
1950
55
64
mmm
1948
83
85
88
12
3
-..$55 lot
—
—
5M
-
-
common
-.$7
$100
$1
$1
lot
lot
lot
lot
4
.$15 lot
—
—
par
-
-
——
—■
...
—
-
60 Angus Co., $4 cum. pref. series A
18
500 Cripple Creek Mining A Milling
33
mm'-
/22
25
37
Oct 23 1940
40
62
mmm
—
1M
-
$36
-..$10
58 Costilla Valley Farms Co., par $100.
.$3
3,000 Gold Hill Operating Co., par 10c
$75
$4,166.66 New National Oil Co., 7s, Jan. 1, 1933; 2,500 New National Oil Co.,
pref. vot. trust ctfs., par $10; 250 New National Oil Co., common, vot. trust
ctfs., par $10, and $1,250 South Carolina Gas A Electric certificates of
—
Co., Ltd., par $1._....
— — — _
-
$31 lot
Indebtedness
U. S. Electric Power
$2.50 lot
40 U. S. Leather Co., common; 4 Atlantic Gas A Electric Corp., common: 16
Atlantic Gas A Electric Corp., class A; 13 6-20 Federal National Bank,
Boston, Mass., par $20; 136M U. S. Electric Power Corp., common, par $1,
and 49 U. S. Electric Power Co(p., common, with warrants, par $1
$180 lot
$10,000 Brooklyn Fox Corp., income 3s, 1957, carrying 100 shares common
voting trust certificates
$1,150 lot
Corp.,
1958
37 M
39M
70
76
1st 5 Ms
1939
2 Park Ave Bldg 1st 4s 1941
50
Walbrldge Bldg (Buffalo)—
1st 6 Ms
Oct 19 1938
common,
with warrants, par$l
—
—
m
Wall A Beaver St Corp—
1st 4 Ms w-s........1951
_
By Barnes & Lofland, Philadelphia:
19
21
Shares
$ per Share
Stocks
$5 lot
50 Elizabetbton Trust Co., Tennessee
1st fee A leasehold 4s '48
67 M
•
--
882 4-10 The Warrior Copper Co., common
$3 lot
—
661 The Warrior Copper Co.,
AUCTION
following securities
were
preferred
50 Lumber A Millwork Co. of Philadelphia, common, no par..—
SALES
sold at auction
on
Wednesday
$3 lot
12
$5 lot
.......$11 lot
38 Summerill Tubing Co.* common
5
55 Summerill Tubing Co., preferred
32
50 Peoples Light A Power Corp.. class A, common, no par
.$2 lot
5 Emergency Aid Realty Corp., preferred with 2M shares common
___$1 lot
125 Delaware County National Bank
5
250 Colonial Knitting Mills, second preferred, par
120 Arcade Real Estate Co., preferred, par $50
$50—...
.
—
of the current week:
By R. L. Day & Co., Boston:
Stocks
60 Fall River Bleachery, preferred
4,900 Galr Realty Corp
20 MInter Co., par $100..
lot
lot
lot
lot
180 American-Canadian Utilities Corp., common, and 5
Weatlnghouse Bldg—
1947
u—.
-
1,000 Guardian Coal & Oil Co., as Is, par $2.50.
Textile Bldg—
1st 3 5s (w s)..
92
Metropolitan Corp (Can)—
$50
24
23
ZieM
Trinity Bldgs Corp—
Metropolitan Chain Prop—
par
200 Continental Shares, lnc
mmm
1947
$10
-
1,000 Cripple Creek Mining A Milling Co., Ltd., par $1
3M-5s with stock...1950
Syracuse Hotel (Syracuse)
1st 6 Ms
par
$100
10c
10 Thayer Foss Co., 7% preferred, par $100
01 Broadway Bldg—
1st 4-6a extended to 1948
Lewis Morris Apt Bldg—
Co.,
6,000 Gold Hill Operating Co.,
Sherneth Corp—
72
Lefoourt Manhattan Bldg
par
-
25 Brockton Gas Light Co
57
Lexington 1st 6s '43
5 Farr Alpaca
25 Samoset Cotton Mills,
/51
42
40 M
Co.,
55 Warwick Mills, common
5 Ms stamped
1961
Realty Assoc Sec Corp—
36 M
55
$ per Share
Stock
100 First National Bank, Mansfield, Mass,
Prudence Co—
38 M
38
Shares
10 The Granite Railway
37
Shares
M
101
103
100
M
104M
Bonds—
mmm
35
The
95
101
.....1960
1949
5s series B..
104 M
1950
50.000 Jungle Garden,
(The)—
Nov 15 1939
70
-
92
97
250 Jungle Garden, Inc., common
1
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
6s
87
101
(Phila)
July 7 1939
Savoy Plaza Corp—
3s with stock
6s
90
1950
1st mtge 5s
1st mtge.5 Ms
Co., pref., par $100, and 5 Mystic Valley Mtge. Co.,
£
$1M lot
1 Pennsylvania RR. Co., par $50: $10,000 Gulf Fla. A Ala. Ry., 1st mtge. 5s,
July 1, 1961, certificate of deposit; $10,000 Detroit Jackson A Chicago Ry.,
5s, Feb. 1, 1937, certificate of deposit; 700 Pan American Timber, 1st mtge.
6s, Feb. 1, 1931; 80 Pan American Timber Corp., certificate of deposit;
$1,250 Gulf Florida A Alabama Ry. Co., 5s, 1961, participating receipt; 20
Gulf Florida A Alabama Ry., common, par $100, and 20 Gulf Florida A
Alabama Ry., common trust certificates, par $100
_.$43 lot
Roxy Theatre—
6Ms....Sept .1 1941
Fuller Bldg deb 6s
1944
1st 2M-4S (w-s)
1949
Graybar Bldg 5s
1946
1st 6s
1950
...1951
5s series B
104
common
55
60
let
let 6Ms
90
103 M
1957
14 Package Machinery Co
Co—
103 E 67th St 1st 6s... 1941
/45M
/40M
40"Wall St Corp 6s....1958
42 Bway 1st 8s
...1939
1400 Broadway Bldg—
.
102
97 M 100M
1 Park Avenue—
1949
Hotel St George 4s
104
5 Mystic Valley Mtge.
Corp—
with stock......1950
5Ms series G-2
6 Ms series F-l—
5Ms series Q
m mm
600 Fifth Avenue—
8Mb stamped
/20M
/21
4s
101
99
39 Clarendon Gardens, Inc.,
4 Beacon Building Trust-
59
Athletic Club—
N Y Majestic
32
Dorset (The) 1st 6S...1941
M
Ask
57
N Y Title A Mtge
5 Ms series BK
Court A Remaen St Off Bid
1st 6s
Certificates
1946
Y
103"
93
102 M
For footnotes see page 97.
1st mtge 2s stpd A reg '55
1st A gen 0s
1946
N
1949
100 M 102 M
1966
Indianapolis W W Secure—
N.Y.
S f deb 5s
30 M
6s series A
101
1st mtge 3 Ms
5 Ms
Bid
23
102 M
104M 106
.
Metropol Playhouses lno—
'
1960
89
104
Monongahela Valley Water
Ask
mm
1960
101
103
1962
> '
1st 6s
58 series A
Terre Haute Water 5s B '56
1954
Lexington Wat Co 5 Ms '40
Long Island Wat 5 Ms. 1955
Middlesex Wat Co 5 Ms '57
Real Estate Bonds and Title Co. Mortgage
Alden
102 M
Spring! City Wat 4s A '56
Kokomo W W Co 5s.. 1958
INCORPORATED
1955
Indianapolis Water—
1961
Markets
-
70
1st mtge 5s....
101
Monmouth Consol W 5s '56
Reports
65
109
5s
6s
Estate
100
5s series B
Jo pi In W W Co 5s
Real
79
97
1954
6s.
102 M
102 M 103 M
79
76
1977
Huntington Water—
5s series B
102
76
1967
1st A ref 5s A
105
5 Me series B
Wisconsin G A E 3 Ms. 1966
Wis Mich Pow 3 Ms—1961
99 M 102 M
Shenango Vai 4s ser B 1961
South Bay Cons Wat 5s '50
South Pittsburgh Water—
96
120 M
103 M 104M
82
104"
Hackensack Wat Co 5s. *77
Western Mass Co 3 Ms 1946
Western Pub Serv 5 Ms *60
37M
37 M
Cumberi'd Co PAL 3 Ms '66
5s,.1957
Water Service 5s. 1961
93
5s series B
105
1958
Scranton-Sprlng Brook
4Mb
6s series B
5Ms...1948
104M
nx
Colorado Power 6s...1953
104 M
Scranton Gas A Water Co
Tel Bond A Share 5s.. 1968
General mtge 4M*—1962
Central Public Utility—
St Joseph Wat 4s ser A„*66
E St L A Interurb Water—
Sioux City CAE 4s..1960
Sou Cities Utll 5b A...1958
03 M
Central New York Power-
Income 5 Ms with stk
1958
96M
97 M; 100 M
mm
71
69
102 M
101
93 M
1958
1st mtge 5s
100M
88
97
99
4Mb
99 M
104
Pittsburgh Sub Wat 5s '58
Ms series B„
Community Water Service
Connellsvllle Water 5a 1939
105 M
75 M
/73M
104 M 105 M
.
95 M
90M
6s series A....
99M
Consol Water of Utlca—
87 M
100
1950
..1948
96
1st consol 4s
...
100 M
5
103
81
87
Peoria Water Works Co—
1st A ref 5s
101
1954
M 100
Bellows Falls Hy El 5a 1968
B
76
86
1st consol 5s
1941
6s series
97
Penna State Water—
102
City of New Castle Water
31
30
77 M
92
88 M
6M-6Ms—1986
Atlantic City Eleo 3 M« '64
Calif-Oregon Pow 4s..1966
72 M
105
City Water (Chattanooga)
S f
98 M
78
88
Ohio Water Service 5s. 1958
6fl
103 M 104 M
72
73
84
Ohio Cities Water 5 Ms '53
Ohio Valley Water 5s. 1954
104
87
102
67
100M
96
1986
Sink fund lnc 5-6s..1986
lno
99
1951
Newport Water Co 5s 1953
HM 0 0
26
25
5 Ms
Cons ret deb 4Mb—1958
Sink fund lnc 4s
1983
8 f lnc 4M8-5M8
New Rochelle Water—
5 Ms
1951
New York Wat Serv 5s *51
Assoc Gas A Elec Co—
1983
New Jersey Water 5s 1950
Calif Water Service 4s 1961
8s without warrants. 1940
Sink fund lnc 5s
103~"
97M
61
1973
8-year 8s with warr.1940
4H*--1983
104
102 M
100M 101
57
1973
Conv deb 4s
Idaho Power 3 Ms
Iowa Sou Utll 5Ms.—1950
Ask
103
101
30M
24M
99
5s series B
25«
26M
29M
Income deb 4s
Morgantown Water 5s 1965
M uncle Water Works 5s '65
95
104 M
101
Assoc Gas A Elec
Corp—
income deb 3 Ms
1978
Income deb 3M»--.1978
Bid
Ask
Bid
$ pgj
shar*
lot
lot
$9
—...
——————$250^000
400 Phila.
Co. for Guaranteeing Mortgages.-.
Bonds—
—$2 lot
Per Cent
fcpar $100
$10 lot
1,360 Compagnle Francaise de placement B
68 Compagnle Francaise de placement Founders Shares
$25 lot
$500 City of Philadelphia 4s.
Due July 1, 1942, registered
99 A int.
$1,000 Hotel Sylvanla 1st mtge. 6s, due April 1, 1932, registered, stamped._7M flat
$5,464 University Club of Philadelphia, certificate of interest
$3 lot
$2,000 Art Club of Philadelphia debenture 6s, dated 1924, registered
__$47 lot
$1,000 Bellevue-Stratford 1st 5Ms, 1935, registered
9M flat
$25 lot
$1,000 Llpplncott Bldg. N. W. Cor. 24th A Locust 6s, 1932
30 Mlnter
Co.,
$5 i0t
_.
par $100..
———————.$6 lot
20 Owens Lake Soda Syndicate, Inc., conv. pref.; 10 The Lennox
Associates,
.—3 flat
Volume 146
Financial
Quotations
Chronicle
Over-the-Counter Securities—Friday Dec. 31-Concluded
on
Tennessee Products Common
H.
S.
97
EDWARDS
Foreign Stocks* Bonds and Coupons
Inactive Exchanges
& CO
I Pittsburgh Stock Exchange
j New York Curb Exchange (Associate)
Memosrs
120
WALTER
Broadway, New York
Tel. REctor 2-7890
Teletype N. Y. 1-869
51 William
Union Bank Building, Pittsburgh
E.
BRAUNL
St., N. Y.
Tel. HAnover 2-5422
Foreign Unlisted Dollar Bonds
WICKWIRE SPENCER STEEL
Bid
f20
22
1946
1 17
1 17 X
22
fl7X
fl3
f20X
20X
8a
Bank of Colombia 7
%. 1947
7s
1948
Barranqullla 8s'35-40-46-48
62 Wall
Street,
Bavaria 6)48 to
1945
Bavarian Palatinate Cons
Cities 7s to
1945
New York City
Bogota (Colombia) 6)4 s *47
A. T. & T. Teletype N. Y.
8s
1-1542
1945
Bolivia (Republic) 8s. 1947
7s
6s
Par
Bid
*
*
American Book
...100
American Cynamld—
5% conv pre!
Ask
3X
Petroleum
Petroleum Heat A Power.*
Publication Corp com...
Remington
Singer Mfg Ltd
Scovlll
19
American Mfg 5s pref.. 100
Andlan National Corp
*
45
Art Metal Construction .10
1654
Bankers Indus Service A.*
Belmont
Radio
7X
5X
51X
10
37 preferred
100
Dennison Mfg class A
10
Devoe A Raynolds B com *
Dictaphone Corp
Preferred...
Dixon
*
100
*
Corp
7X
16 X
12
I%
Cauca Valley 7)4 s
87 H
IX
%
25»4
2854
109
'•
mmm
IX
2)4
31
Warren
35
39
7%
43
„
.
48
West Dairies Inc
18
52 X
3
4)4
13
Foundation Co For she...*
American shares
__*|
33
17
IX
254
2X
3)4
com v t c
*
12
24
15 X
16 X
Worcester Salt
5
6X
5X
43
28
30
Great Northern Paper
25
30 X
32 X
Harrlsburg Steel Corp
5
KUdun Mining Corp..
1
King Seeley Corp com
1
Lawyers Mortgage Co..20
7X
X
654
X
Lawrence Portl Cement 100
Lord & Taylor com
100
1st 6% preferred
100
2d 8% preferred
Macfadden
15
17
175
200
vestment
100
11)4
64)4
12 X
68 X
83
93
Pub common. *
754"
5X
»
42
45
27 X
29)4
113)4
Mock Judson A Voehringer
7% preferred
100
...
75
Muskegon Piston Rlng.2 X
Casket........*
9X
National
44
Preferred
*
Nat Paper A Type com
*
5% preferred
.100
New Britain Machine
*
New Haven Clock—
108 X
•
mm
Cudahy Pack
conv
85"
1948
75
N Y
Preferred 6X%
100
Northwestern Yeast... 100
65
72 X
46
49
Norwich
5
33
35
_*
12
17
Pharmacal
Ohio Leather common
Ohio Match Co
»
654
754
Nat
69
mm m
20
83
88
107
108
7g
Bear
1962
23
/35
86 X
90
'
l)4s
Sept
1
1939
—
101.1
101.4
100 8
100.16
Federal Home Loan Banks
1)48
IXb
2s
April 1938
.July 1938
Dec 1940
A
1955
Home Owners' Loan Corp
28
Aug 15 1938
IXb
101.10 101.13
Trlborough
June 1 1939
AAO
1968
1933
118X
19X
A2
/40
/30
14
mmm
Royal Dutch 4s
104
1945
Saarbruecken M Bk 6s '47
mmm
7%
4s scrip
8s
■
1948
88 ctfs of deposit-1948
-
'
mm
121
''/'mmm
130X
31)4
8%
1947
Eastern Sugar Assoc
Preferred
.....1
654
15)4
17
754
68
19 8
Santander (Colom) 7s. 1948
"
'
mmm
'
mmm
158
'mmm
■
mmm
'■■mmm
State
■
mmm
121
23
22
22 X
1370
156
156
X
385
58
Mtge Bk Jugoslavia
5s...
mmm
6X
9X
120 X
121
1951
Saxon State Mtge 6s.. 1947
Slem A Halske deb 6s. 2930
mmm
mmm
18
6XB
-
11
66 X
15 X
Sao Paulo (Brazil) 6s.. 1943
Saxon Pub Works 7s. .1945
100
r.1956
27
16 X
German Dawes coupons:
Dec 1934 stamped
1956
Oct 1932 to April 1935
Oct 1935 to April 1937
6)4
Stettin Pub Util 7s...1946
18 X
Apr 15 *35 to Apr 15 '37.
German Young coupons:
Stinnes 7s unstamped. 1936
Certificates 4s. -.1936
9
117
18
Dec 1 '34 stamped
111
1154
113X
58
161
''mmm'
142
120X
161
-
mm
22X
mmm
14
Graz (Austria) 8s
1954
Great Britain A Ireland—
4s
1960-1990
1948
7s unstamped
107
.1946
Certificates
4s... 1946
149
159
147
1955
165
1947
16
Toho
'mmm
Electric 7s
Tollma 7s
46
142
,
7% gold ruble
1943
Unterelbe Electric 6s.. 1953
120
22
1953
85
"mmm
.'
mmm
mmm
70
6X
Union of Soviet Boo Repub
111 J4 112)4
..1957
93
Vesten Elec Ry 7s
Wurtemberg 7s to
1947
1945
*86.81
/20H
/21
/20
91.42
22
23
22
/ Flat price.
CURRENT
NOTICES
—The
National
62.40
3.70
Society for
the
of Blindness,
Prevention
Inc.,
announced that it is offering copies of its book
on
New
"Eye
Hazards in Industrial Occupations" by Louis Reenlck and Lewis H. Carris,
the special
price of 50 cents each
as
long
as
the supply lasts.
1924, and it
is stated that
was
This
published
although some of the photographs show
safety devices whcih have since been improved upon, the contents remain
Bid
Ask
X
J*
30X
West Indies Sugar Corp.. 1
32 X
3
valuable guide to safe practices in industry.
pages,
d Coupon,
w-s
e
Ex-rlghts.
With stock.
z Ex-stock
*
Ex-
dividends,
t Now listed on New York Stock Exchange.
t Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure gold.
The volume contains 247
and includes 59 illustrations dealing with the safeguarding of eiesyght
in factories, mines, shops and offices.
volume should
be addressed
of Blindness, 50 W.
mmm
180
125
York City, has
Par
•
.
28
164 X
Scrip
July to Dec 1937
German scrip
70
105H 106)4
Haytlan Corp Amer
*
Savannah Bug Ref com_..l
No par value,
a Interchangeable,
b Basis price,
f Flat price,
n Nominal quotation,
w t When issued,
dlvldend.
v Now selling on New York Curb Exchange,
mmm'
'
101.4
4s seria. revenue 1942-68
Ask
12
22
19
Santa Fe 7s stamped. 1942
2d series 5s
in
10
9X
1957
R C Church Welfare 7s '46
22
Coupons—
a
Bid
mm
18
Santa Catharina (Brazil)
133 X
101.4
101.1
Sugar Stocks
10
1
mmm
120 X
120
130
/20
/22
book, which sold formerly at the actual cost price of $1.50,
Par
■
119
1941
28"
at
Cuban Atlantic Sugar
mmm
mmm
■
150
6)4s '46
mmm
mm
■mmm
■
119
7b ctfs of deposit-1957
m.mm
m
9X
18
120
126
126
..1946
Rom Cath Church
38
(Ger¬
Rio de Janeiro 6%
mmm
27
25
104 X
Bridge—
4s 8 f revenue 1977
120
135
'■mmm
Ask
101.1
Reynolds Investing 5e.l948
100.10 100.13
1966
132
6s
prill
120
120
126
Henry Hudson Parkway—
4s
98
1952
6s
}
'
120 X
Prov Bk Westphalia 6s *33
Prov Bk Westphalia 6s *36
5s
1941
Rhine Westph Elec 7% '36
22
22
199 X
123
135
Haiti 6s
Bid
mmm'
63
61
1945
many) 7s
mm
199 X
199 X
Jan to June 1935
38
100)4 102 X
Income 5s..1962
Ask
Mountain-Hudson
River Bridge 7s
1953
Federal Farm Mtge Corp—
to
Porto Alegre 7s
Protestant Church
mmm
■
mmm
/18
/98K loo"
1947
Poland 3s
6)4
22
mmm
/18
Panama City 6)4s
Panama 5% scrip
18
18
June 1 '35 to June 1 '37..
f20X
Wither bee Sherman 6s 1944
Woodward Iron—
194
194
Oberpfals Eleo 7s
1946
Oldenburg-Free State
Hanover Harz Water Wks
91)4
6)48-1948-1949
Jan to June 1937
Miscellaneous Bonds
90 X
6)48.1946-1947
4s
18
120X
120 X
120 X
120 X
120 X
mmm
Panama
Hungary 7)4s
1962
National Hungarian A Ind
Mtge 7s
1948
mmm
15 X
121
140
Jan to June 1936
63"'
23
Nat Central Savings Bk of
15X
15)4
138
136 X
Guatemala 8s
Bid
Bank
6)4s '38
(A A B)
122
113
113
July to Deo 1935
82
115 X
Shipbuilding 5s.. 1946
conv
7
July to Dec 1936
1946
1st 5s
24
125
...
12
5
July to Dec 1934
170
Scovlll Mfg 5Xb
1945
Standard Textile Products.
1st 6s assented
1942
2d
7
1945
16 X
13
Jan to June 1934...
(Glenn L)—
"
18)4
13 X
27
20 X
72 X
......1939
1946
Int ctfs of dep Jan 1 '38
German defaulted coupons:
July to Dec 1933.......
91X
/12
Funding 3s
90
90)4
/70)4
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co—
Nat Radiator 5s
6
88
1955
1937
121
Munich 7s to
m
A Land-
1948
German Conversion Office
95
4s. 1950
1st 3Xb
Deep Rock Oil 7s
Martin
1937
German Building
bank 6)4s
83
' '
4
6s
94
Conv 6s
23
Gelsenklrchen Mln 6s. 1934
109
81
23
Municipal Gas A Elec Corp
Recklinghausen 7s. .1947
mm
Salvador
1940
84 H
90
Conv deb 6s
idx
47
Income
German Atl Cable 7s.. 1945
106
121
160
120
120
Nassau Land bank
101
126
American Tobacco 4s. 1951
Am Wire Fabrics 7s._1942
Munic Bk Hessen 7s to '45
"
59
121
1967
mmm
22
121
7)4
1945
1966
Frankfurt 7s to
Bonds—
Cont'l Roll A Steel Fdylst conv s f 6s
1940
115
Merck & Co Inc common. 1
6% preferred
100
7% preferred
100
Young (J S) Co com...100
7% preferred
100
121X
120 X
1948
16
1967
1966
mmm
mmm
Mannheim A Palat 7s. 1941
Merldlonale Elec 7s
1957
'"'mmm
16 X
110 X
French Nat Mall 88 6s '52
56
*
Machinery
122 X
126
118
126
/18
7)4s
7)4s Income
7s
52"
1953
7s
10
Bethlehem Steel 3)48.1952
Chicago Stock Yds 5s. 1961
no
100
Preferred
X
754
IX
York ice
6)4s '60
\mmm
m
m
European Mortgage A In
7X
954
354
1945
Electric Pr (Germ)
15
22
m
66
1949
■
23
••
45
6)4s
WJR The GoodwW Sta__6
Water 7s
128
53X
142
121
157
Leipzig O'land Pr 6)4s '46
Leipzig Trade Fair 78.1953
Luneberg Power Light A
162
115
115
115
East Prussian Pow 6s. 1953
18
87
6%
21
140
Dulsburg 7% to
IX
16)4
23"
118
53 X
158
Koholyt 6)4 s
120
37X
152
1946
Dortmund Mun Util 6s '48
Dueeseldorf 7s to
1945
17 X
52
52
North German Lloyd 6s '47
_
mmm
'-'.■mmm
121X
1943
Land M Bk Warsaw 8s '41
166
Cundinamarca 6)4 s... 1959
97 X
1
37 1st preferred
100
Wickwlre Spencer Steel..*
Wilcox A Gibbs com
50
Woodward Iron com
39 X
15X
94 X
1
preferred
cum
14
White Rock Mln Spring—
44
1
11
7
22)4
38)4
118
.
1948
Nov 1932 to May 1935
Nov 1935 to May 1937
354
1968
5g
105
.100
42
Graton A Knight com
*
Preferred
..100
Great Lakes SS Co com..*
41)4
West Va Pulp A Pap com.*
Preferred
100
'
'
116)4
preferred
354
1953
Costa Rica funding 5s. '61
Costa Rica Pao Ry 7)4 s '49
mmm
/26
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
Coupons—
0
354
Cordoba 7s stamped. .1937
3%
(Northam)—
33 conv preferred
*
Welch Grape Juice com..5
Ilseder Steel 6s
10
18
13X
13 X
3X
15
120 X
City Savings Bank
Budapest 7s
Colombia 4s
X
2%
...100
...
mmm
■mmm
18)4
19
Chilean Nitrate 5s
.
■
Discount A Ex¬
change Bank 7s....1936
J16X
Ask
180
195
120
118
118
Real Imp 7s '46
Cent Mut 7s '37
Ital Bk 7>4s *32
(CAD)
7s assented
IX
7%
6X
1946
(Brazil) 8s_....1947
Madgeburg 6s
1934
Chile Govt 68 assented
2X
36)4
80
17
22
Housing A
Hungarian
Hungarian
Hungarian
Central German Power
X
35
*
pf.10
United Piece Dye Works.*
Preferred.
15
Corp
1i
_.*
common
1953
Caldas (Colombia) 7)4 s '46
Call (Colombia) 7s... 1947
Callao (Peru) 7)4s
1944
oeara
5
49
Garlock Packing com
*
Gen Fire Extinguisher...*
7
27 X
Taylor Wharton Iron A
Steel
4)4
*
Shops
5
United ArtistsTheat com.*
United Merch A Mfg com *
30
Humor
6 X
15 X
12
Douglas Shoe preferred. 100
Draper Corp
*
Good
26
Tublze Chatlllon cum
3
44
Preferred
Skenandoa Rayon Corp..*
Standard Screw
20
20 X
Buenos Aires scrip.....
156
Burmelster A Wain 6s. 1940 111 1
5X
Hansa SS 6s stamped. 1939
6s unstamped
1939
Corp—
6)48-
24)4
Stromberg-Carl8on Tel Mfg
Sylvan la Indus Corp
1962
Brown Coal Ind
229
4X
7)4
10
(Jos) Crucible...100
Federal Bake
23
Trlco Products
80
3)4
4
224
Tennessee Products
5
7)4s
39
Manufacturing..25
8
55
3)4
3
1940
6s
1940
British Hungarian Bank
X
4X
36
*
/xrms com
Singer Manufacturing.. 100
52 X
6
Burdlnes Inc common....1
Columbia Baking com
*
31 cum preferred
♦
Crowell Publishing com..*
18
354
...100
100
47)4
m mmm
*
Beneficial Indus Loan pf_»
Bowman-BUtmore Hotels
Chic Burl A Qulncy
Chilton Co common
80
X
'
Corp
1st preferred
17 X
14)1
72
97
X
2o"
American
Ask
94
*
49
82
pref
..100
Hardware
25
Amer Maize Products....•
cum
7% pref
Conversion..
19X
—
American Hard Rubber—
8%
Pat he Film
27
10 x
.10
Bid
Par
4)4
23
1969
Brandenburg Elec 6s.. 1953
Brazil funding 6s.. 1931-51
Brazil funding scrip..
Bremen (Germany) 78.1935
Industrial Stocks and Bonds
American Arch
1958
7s
Alabama Mills Inc
Bid
1946
Antioqula
New Common
HAnover 2-3080
Ask
Anhalt 7s to
—Charles H.
P.
to
the
Orders
National
or
inquiries concerning this
Society for the Prevention
50th St., New York City.
Yailalee and William Fletcher Farreil have retired
as
general partners in the firm of Jackson Bros. Boesel & Co., members of
the New York Stock Exchange.
—Butcher & Sherrerd, Philadelphia, announce that Lloyd H. Elliott has
become associated with
them.
General Corporation
RAILROAD—PUBLIC
Jan. 1, 1938
Chronicle
Financial
98
and Investment News
UTILITY—INDUSTRIAL—MISCELLANEOUS
Alton
RR.—Earnings—
1937
1936
$1,336,8341 $1434,830
277,264
481,543
8,844
231,076
Net from railway...
Net after rents
28,521
1934'
$?*8,590
1158,814
def68,900
14,807,860
3,351,158
12,082,239
1,909,137
12,105,304
2.613,493
718,742
Gross from railway
1935
$1,198,729
|253,539
15,509,176
3,634,890
November—
RIGHTS—SCRIP
V
492,377
From Jan. 1—
Gross from railway
Net from railway
Specialists since 1917
Net after rents
—V.
def609,436
211,535
145, p. 3645.
Alabama Great Southern RR.—Earnings —
]yjc ppNKELL & To.
New York Curb Exchange
Telephone REctor 2-3815-30
Now York
Bell
OF
STATEMENTS UNDER
REGISTRATION
SECURITIES
The following
additional registration statements
(Nos.3559
3566, inclusive and 3516, a refiling) have been filed with
the Securities and Exchange Commission under the Securities
Act of 1933.
The total involved is approximately $26,-
026,2.50.
American
Trustee
Share Corp.
City,
1,800,000 Diversified
will be used for
Mahlon E. Traylor is President of
(2-3559, Form C-l) of Jersey
J., has filed a registration statement covering
Trust Shares, Series D, to be offered at market.
Proceeds
Sponsored by depositor
the corporation.
Filed Dec. 23, 1937.
investment.
Petroleum Corp. (2-3560, Form A-l) of New York, N. Y.,
registration statement covering $1,000,000 5% 10-year con¬
and 450.000 shares common stock.
Of the common
shares registered, 200,000 are reserved for conversion of the debentures and
200,000 are reserved for exercise of warrants.
The debentures are to be
offered at 89V*.
Ray T. Haas is principal underwriter.
Proceeds are to
be used for drilling wells, equipment, payment property debt and for
working capital.
C. Milton Smith is President of the corporation.
Filed
Dec. 23, 1937.
Seneca
filed
has
a
vertible debentures
Spokane Oklahoma Gas & Oil Co. (2-3561, Form A-l) of Spokane,
Wash., has filed a registration statement covering 50,000 shares of common
stock, $1 par, to be offered at $2.50 per share.
Proceeds will be used for
drilling wells, equipment and for working capital.
W. T. Lee and others
will be underwriters.
J. D. Casey is President of the company.
Filed
Dec. 23, 1937.
Chester Pure Silk Hosiery Co. (2-3563.
Form A-l) of St. Louis, Mo.,
registration statement covering 26,250 shares of common stock,
$1 par, to be offered at $5 per share through underwriters. Of the shares
being registered 1,250 shares will be offered by.issuer; 12,500 shares will be
has filed a
by
offered
writers
as
one
stockholder, and 12,500 shares will be offered by under¬
Issuers part of proceeds will be used for working
stockholders.
Falvey, Waddell & Co., Inc.. and Polk-Peterson Corp., will be
underwriters.
Allen L. Snyder is President of the company.
Filed Dec.
28, 1937.
capital.
Consumers Power Co. (2-3564, Form A-2) of Jackson, Mich., has filed
registration statement covering $9,000,000 of 1st mtge. bonds, series of
1937, due Nov. 1, 1967.
The interest rate to be furnished by amendment
to the registration statement.
Filed Dec. 29, 1937.
(For further details see subsequent page.)
a
Willys-Overland Motors, Inc. (2-3565, Form A-l) of Toledo, Ohio,
filed a registration statement covering 125,000 shares of common
$1 par.
The shares are to be sola by Empire Securities, Inc.,
present stockholders, through underwriters at market.
No proceeds will
accrue to the company.
Name of underwriters to be named by amendment
has
stock,
D. R. Wilson is President of the company.
Filed Dec. 29, 1937.
(2-3566, Form A-2) of York, Pa., has filed
a registration statement covering $1,500,000 1st mtge. sinking fund conv.
bonds due 1947, add $1,500.000 sinking fund conv. notes due 1947.
Coupon
rate on both the/ bonds and notes will be filed by amendment.
Company
also registered 66,714 shares of 5% cum. conv. 1st pref. stock, $100 par,
and 80,057 shares of common stock, no par.
The pref. and common stock
is to be issued in exchange for 53,371 shares of 7% cum. pref. stock, $100
par.
The statement covered an undetermined number of common shares
to be reserved for conversion of the bonds, notes, and 5% 1st pref. stock.
Purpose of the financing and name of the underwriter will be disclosed by
amendment.
W.
S.
Shipley is President of the
corporation.
Filed
York Ice Machinery Corp.
Dec. 29, 1937.
Brough Lake Molybdenum, Ltd. (2-3516, Form AO-1, a refiling) has
a registration statement covering 800,000 shares of capital stock, $1
be offered at 40 cents per share.
Proceeds will be used for equipment,
development, plant, machinery and for working capital.
Weeks, Brawn
& Co. will be underwriter.
Arthur R. Schaberg is President of the company.
filed
The last
in
previous list of registration statements was
given
issue of Dee. 25, page 4106.
our
♦
Akron
Canton
&
Youngstown
Ry.—Plan
Delayed
by ICC—
The
Interstate
Commerce
Commission
1937.
of bonds
proposed to be issued in exchange for outstanding bonds from April 1 to
1,
1,130,696
—
the Northern
Ohio Ry.
This interest was due Oct. 1, 1934.
The bankruptcy court
already has authorized payment of the interest out of funds administered
on
the first mortgage bonds of
by the trustees.
On the A. C. & Y. general and refunding A's there will be paid $22,500
of interest on the Series B bonds, $77,000, and on the Northern Ohio lsts,
Gold
United
The bondholders'
journed until Jan. 11.—V. 145, p. 3964.
Recomr
7 on approving:
Treadwell Yukon Corp., Ltd.,
stockholders of Treadwell Yukon Co.,
18, 1937, concerning a plan of reorganization,
because of company's position as one
of the principal stockholders of that company.
The plan has since become
effective through the approval of Treadwell Yukon Co., Ltd., stockholders
on Dec. 10. 1937, and as a result your company will receive in exchange
for its present holdings of 149,950 shares Treadwell Yukon Co., Ltd., stock
17,200 shares of Treadwell Yukon Corp., Ltd., a new company, which will
succeed to the business and assets of the former company.
As a part of this plan of reorganization, Treadwell Yukon Co., Ltd.,
recently assigned its claim against your company for loans and accrued
interest to Alaska Treadwell Gold Mining Co., which company is now the
sole creditor with claims which will total approximately $382,000 by the
end of this year.
Alaska Treadwell Gold Mining Co. has recently made
demand on your company for payment of this indebtedness, and has offered
to accept in full settlement 17,200 shares of Treadwell Yukon Corp., Ltd.,
stock to be held by your company.
To meet this indebtedness, your com¬
pany will have as its only certain asset these 17,200 shares.
In addition,
there is on deposit to the account of this corporation representing unclaimed
circular letter was sent to the
A
Ltd., under date of Nov.
a sum
approximately $3,300, which it is
of money amounting to
hoped to distribute as a final liquidating dividend.
It is the judgment of your directors that the interests of the company and
its stockholders will be best served by an amicable settlement with Alaska
Treadwell Gold Mining Co., rather than allow the matter to go to a suit
will be
against which we have no defense.
By doing so, your company
freed of all liabilities and thus be prepared to liquidate and dissolve,
would not be possible as
long as a legal action was
Alleghany Corp.—Bancamerica
which
pending.
Buys Option —
An agreement between Bancamerica-Blair Corp. and Mrs. Robert R.
Young was reported Dec. 23 whereby the banking house can buy as many
as 100,000 shares of Alleghany Corp. common and some preferred.
Mrs.
Young is the wife of the Chairman of the Alleghany Corp.
The agreement, it is understood, was reached last summer when Frank F.
Kolbe sold the Alleghany holdings acquired with Mr. Young and Allan P.
Kir by from the Ball Foundation.
^
.
Last August Mr. Kolbe is believed to have sold 253,813 shares of Alleghany
common, 473 shares preferred ex-warrants, 4,229 shares of preferred A
with $30 warrants and other obligations representing about 13 Ye % of the
syndicate's participation.
The banking house, according to the report, has as yet not sought
representation on the board of Alleghany.
It was held likely the company
would later seek the position held by Mr. Kolbe.—V. 145, p. 3964.
Allied Products Corp. (111.)—New Name—
plan of reorganization of Allied Products Corp. (111.),
Dec. 31, 1937, said corporation conveyed all of its assets to a Michigan
corporation bearing the name R & H Corp., which name is to belchanged
to Allied Products Corp. by amendment to its articles of incorporation on
Pursuant to the
on
1937.
Dec. 31
In
accordance with the plan
Allied Products Corp.
shares, par
$25, of Allied Products
of reorganization the common
$10, and the class A convertible common shares, par
Corp. (111.) will be exchanged on a share-for-share
(Mich,), and certificates
basis for like issues of
representing shares of the
Michigan corporation will be available for delivery on and after Jan. 3,
1938, at the office of the Harris Trust & Savings Bank, Chicago, 111., upon
surrender of certificates representing shares of the Illinois corporation.
Listing of Stock of Michigan Corporation—
The
shares
New York
and class
A
Curb Exchange will suspend
convertible common shares
dealings in the common
of Allied Products Corp.
(111.) at the opening of business on Jan. 3, 1938, at which time the common
shares and class A convertible common shares of Allied Products Corp
(Mich.) will be admitted to dealings in
New Certificates
substitution therefor.
Ready—
received notice that the common and
class A convertible common shares of Allied Products Corp. of 111. will be
exchanged share for share for like issues of Allied Products Corp. of Mich.,
in accordance with the plan of reorganization, and that certificates repre¬
senting shares of the Michigan corporation will be available for delivery on
and after Jan. 3, 1938.
Accordingly, the Committee on Formal Listing of
Stocks announced that dealings in the common and class A common shares
of the Illinois corporation will be available for delivery on and after Jan. 3,
1938, at which time the like issues of the Michigan corporation will be ad¬
mitted to dealings in substitution for the former.—V 145, p. 3809.
The New York Curb Exchange has
(A. S.) Aloe Co.—Initial
Preferred Dividend—
initial dividend of 7 3-5 cents per share
7% preferred stock payable Jan. 3 to holders of record Dec. 27.
145, p. 3644.
The directors have declared an
the
on
—V.
new
American
Asphalt Roof Corp.—Extra & Special Divs.—
The directors have declared an extra
dividend of $2 per share in addition
dividend of $1.50 per share on the 6% preferred
both payable Dec. 28 to holders of record Dec. 21.
The directors also declared a special dividend of $13 per share in addition
to a dividend of $2 per share on the common stock, both payable Dec. 28
to holders of record Dec. 21.
The $13 special dividend will be paid in one-
to
the regular quarterly
stock,
year
par
$100,
3% notes.—V. 142, p. 4011.
American Car &
The company
Foundry Co.—Official Resigns —
announced the resignation effective Jan. 1,1938, of Charles
Vice-President, located at St. Louis, Missouri.—V. 145,
B. Collins, Assistant
p.
Alaska Pacific Salmon Co.—Stock Dividend—
3992.
Co. —Dissolution
and at that time a copy was sent you
3965.
American Hair & Felt
The company paid a dividend of 50 cents per share in 5% preferred stock
on the common stock on Dec. 27 to holders of record Dec. 20.—V. 144,
p.
Mining
of the foregoing, says:
Ltd.—Meeting Adjourned —
meeting scheduled to be held on Dec. 21 has been ad¬
566,029
Recommendation to the stockholders that this corporation be dis¬
solved as soon thereafter as practicable.
President P. R. Bradley in a letter to stockholders urging the approval
$62,500.—V. 145, p. 4106.
Alberta Pacific Grain Co.,
795,670
353,233
(2)'
1938.
its series A and B bonds and
868,028
3644.
mately $382,000 in return for 17,200 shares
Amendments to the plan of reorganization approved by the Commission
will permit the payment by the Akron company of $162,000 of interest
on
25,766
4,507,254
871,443
stock»
town
Oct.
39,956
4,829,397
Acceptance of the offer of Alaska Treadwell Gold Mining Co. to
in full its claim against this company, amounting to approxi¬
(1)
an order postponing
the Akron Canton & Youngs¬
Ry. and Northern Ohio Ry. from April 1, 1937 to Oct. 1,
The Commission also authorized postponement of the date
111,256
5,986,025
1,571.237
The stockholders will vote Jan.
has issued
the effective date of the reorganization plan for
69,359
surrender
par, to
Filed Dec. 28,1937.
1934
$407,375
56,079
—
dividends
Vanette Hosiery Mills (2-3562, Form A-l) of Dallas, Texas, has filed a
registration statement covering an aggregate of 40,000 shares common
stock, .$2.50 par value.
The company will offer 10,000 shares first to stock¬
holders under options at $7.50 each, while the underwriter will offer re¬
maining 30,000 shares first to common stockholders and then to public.
Offering price to public will be supplied by amendment, as will the name
of the underwriter.
Proceeds will be used to retire 7 % cumulative preferred
stock, for machinery, equipment and working capital.
Filed Dec. 27, 1937.
p.
Alaska
mended
ACT
to
N.
145.
^
1—
Gross from railway.
Net from railway
Net after rents
Teletype NY 1-1640
1935
$469,406
100,988
6.852,832
1,852,281
Net after rents
It* From Jan.
—V.
FILING
$569,998
86,706
Gross from railway
Net from railway
Members
New York Stock Exchange
120 Broadway,
1936
$587,729
191,951
1937
November—
Co.—New President, &c.—
S. McKay, Chairman of the board and Treasurer, has been elected
additional post of President, succeeding Theodore Wilde.
C. H. Rayner,
N.
to
Volume
■:Mx;mFinapcfal
146
Manager of the subsidiary, Dominion Hair & Felt Co., Ltd., has been
elected Vice-President of the parent company in charge of all production.
L. C. Scott, Vice-President, continues control over purchases and tanner
relationships, J. C. Younglove has been appointed General Sales Manager
in charge of all sales.
The changes will be effective Jan. 1.—V. 145, p. 3645.
American-Hawaiian Steamship Co. (&
Operating earnings
Operating expenses
1,423,735
Net profit from oper_
Other income
$185,461 def$171,032
13,074
14,122
$1,009,486
80,845
$1,315,104
64,098
$198,535 def$156,910
72,703
65,145
$1,090,332
720,701
$125,832 def$222,055
.Dr86,074
$369,630
Pr80,310
Balance, income
Non-recurring items
$289,319
$760,520
,41,350
158,582
41,350
$39,757 def$263,405
x$130,737
$719,170
time strike
-
Net profit before Fed.
income taxes
x
Does not include profit
gf approximately $860,000 representing excess
of appraised value of assets received from Oceanic & Oriental Navigation
Co. over cost to American-Hawaiian Steamship Co. of its stock interest
in that company.—V. 145, p.'3645.
American Power &
Light Co. (& Subs.)—Earnings—
1937—3 Mos.—1936
Period End. Nov. 30—
1937—12 Mos —1936
on Jan. 26 by Adrian H. Muller & Sons, at 18 Vesey St., of 10,000
capital stock of the company, which secure an issue of $50,000
5-year 6% notes of Amtraco Corp.
It is expected that Amtraco will be
liquidated after the sale, leaving a single company instead of two companies,
—V. 123, p. 2264.
shares (no par)
American Trustee Shares Corp.—Registers with SEC—
this department.—V. 139, p. 2195.
American Water Works & Electric
Operating revenues
$24,761,918 $23,349,765 $97,926,656 $90,048,643
46,321,322
12,008,862
51,873,323
Oper. exps., incl. taxes__ 13,296,023
Prop, retire*t & deplet'n
reserve appropriations
6,968,489
8,797,282
1,998,477
2,464,329
■
Net oper. revenues
1
$9,001,566
66,018
Gross income
$9,342,426 $37,256,051 $36,763,832
66,130
210,537
198,331
$9,067,584
Other income (net)
$9,408,556 $37,466,588 $36,962,163
Int. to public and other
deductions.
3,996,898
Cr92,264
Int. charged to construe.
Balance
3,986,848
050,196
15,938,410
056,039
15,990,040
0312,563
Por'nappl. to min, int..
$5,162,950
1,792,898
17,509
$5,471,904 $21,789,111 $21,079,792
1,792,715
7,171,482
7,170,777
22,018
78,528
81,596
Net equity of A. P. &
L. Co. in inc. of subs
$3,352,543
$3,657,171 $14,539,101 $13,827,419
Pref. divs. to public..
Utility Holding Company Act was approved in general Dec.
30 by the Securities and Exchange Commission.
The Commission's decision is regarded as a milestone in
the short history of the SEC because of its demonstration
that the Commission was kindly disposed toward even the
largest holding companies if they showed a cooperative
attitude.
Co. in income of subs.
Other income
$3,657,171 $14,539,101 $13,827,419
8,501
50,190
22,792
$3,368,949
93,245
727,385
^
$3,665,672 $14,589,291
110,817
402,077
728,244
2,910,567
$2,548,319
Expenses, incl. taxes
Int. & other deductions.
$2,826,611
$13,850,211
446,302
2,908,179
Bal. carried to consol.
earned surplus.....
a
Full
$11,276,647 $10,495,730
dividend requirements applicable to respective periods,
whether
unearned.
or
Note—All
transactions have been eliminated from the
above statement.
Interest and preferred dividend deductions of sub¬
sidiaries represent full requirements for the respective periods (whether paid
or4not paid) on securities held by the public.
The "portion applicable to
minority interests" is the calculated portion of the balance of income
applicable to minority holdings by the public of common stock of subsidiaries.
The "net equity of American Power & Light Co. in income of subsidiaries"
includes interest and preferred dividends paid or earned on securities held,
plus the proportion of earnings which accrued to common stocks held by
American Power & Light Co., less losses where income accounts of individual
subsidiaries have resulted in deficits for the respective periods.
)
No provision has been made thus far in 1937 by American Power & Light
Co. and subsidiaries for Federal surtax on undistributed profits.
The
income tax returns for 1936, with three exceptions, among the subsidiaries
totaling $4,930.25, show no surtax on undistributed profits for that year.
—V. 145, p. 3645.
1
intercompany
American Products Co.
(& Subs.)—Earnings—
opportunity to effectuate the elimination of American Communities Co. as
an intermediate company, and the recapitalization or reorganization of its
System and an increase of applicant's equity therein.
(4) The Commission finds that the applicant's retention of its interest
in its electric railway, bus transportation and bridge businesses is appro¬
priate in the public interest and is not presently
Gross sales, less returns and allowances
Cost of goods sold.
...
expenses
Profit from operations
$52,112
j...
36,420
.....J...
income......
$88,532
10,078
93,144
2,202
37,45)
5,603
Interest.
Provision for doubtful accounts, less recoveries.
Miscellaneous charges
.....
Provision for Federal income taxes—prior year.
Net loss
$59,946
...
Prior
to
railway service.
The Commission finds tnat the applicant's interests in its agricul¬
properties in California and in the Woodbridge Building Corp. are
economically necessary or appropriate to its
tural
reasonably incidental or
not
utility operations. (Applicant, however, will be given a reasonable period
of time to dispose of these interests).
(6) The Commission finds that the distribution of voting power in the
applicant and its subsidiaries, especially in the event of non-payment of
preferred stock dividends, is not fair and equitable.
(The applicant will be
given a reasonable
respect).
#
jurisdiction to approve or disapprove the
the securities and assets of the constituent companies in
carried on the books of such companies, either pursuant to
the Commission's accounting rules or otherwise.
(9) The Commission at this time does not pass upon any method of
The Commission reserves
(8)
amount at which
the system are
financing
on
and time deposits
x._
$162,617
99,037
application is as follows.
Commission find that the plan of reorganization herein¬
and desirable for the purpose of effectuating the
provisions of Section 11 (b) of the Act and is fair and equitable to the
persons affected by such plan and that, upon the carrying out of the plan
of reorganization hereinabove set forth, the operations of the holding comThat the
above set forth is necessary
lbs
accrued
interest
subsidiary
Deposits in closed banks
Property, plant & equipment.
Deferred charges..
3,165
ma-
Paid-in
Disct.
70
x344,918
20,732
investors
"(b)
that the
on
•
20,000
550
120,000
y462,382
prior pref. capital
stk. acquired for retirem't
Total
5,378
321,755
$1,107,686
exchange for old preference stock, and 570 shares purchased and held for
cancellation: participating preferred stock—authorized, 38,415 shares (no
par value)
$1.50 minimum annual dividend cumulative; issued, 33,897
shares, less 3C0 shares reserved for exchange for old preference stock, and
305 shares purchased and held for cancellation: new participating preference
stock—authorized 38,415 shares (no par value) $2 minimum annual divi¬
dend cumulative, redeemable at $40 per share; issued and outstanding,
10 shares: old cumulative preference stock—300 shares (no par value) not
exchanged, and common stock—authorized and issued. 80.000 shares (no
par value) including 682 shares reserved for exchange for old common stock
—V. 145, p. 4107.
Resigns—
&
Refining
Co.—Vice-President
Jan.
with it
1.
as
grant such other or further relief as may be
th|g program Gf corporate
following five steps be taken:
effect
simplification, applicant
West
2-25 shares now owned by the applicant.
Electric Co. will redeem, at their respective call prices,
funds to be advnaced by American Water Works, all of
its securities outstanding in the hands of persons other than the applicant,
after which the West Penn Electric Co. will.be dissolved and its assets will
pass to American Water Works as the then owner of all of its outstanding
except 98
The West Penn
bv means of
Se^3)'tMonongahpla
West
Penn
Public Service Co. will purchase from
Monongahela Securities Co. all the outstanding securities and open account
indebtedness of Monterey Utilities Corp.
(4) South Penn Power Co. will purchase all the property and franchises
of its wholly-owned subsidiaries, Ayr Township Electric Co., Licking Creek
Township Electric Co. and Todd Township Electric Co
(5) Monongahela West Penn Public Senvce Co
will purchase from the
West Penn Electric Co. (prior to its dissolution) all the outstanding securi¬
ties and open account indebtedness of West Virginia Public Service Co.
The net result of the consummation of these various transactions would
be to leave American Water Works & Electric Co., Inc., with only three
West Penn Power Co., Monongahela West
and the Potomac Edison Co., which would be
subsidiary companies,
direct
Public Service Co.,
Penn
public utility (operating) and holding com panies as those tern s are defined
in the Act
Each of these com panies would, in turn control certain publicutility companies.
The operations of West Penn Power Co. and its sub¬
will be confined principally to Pennsylvania and to a limited
in West Virginia and Maryland.
The operations of Monongahela
West Penn Public Service Co. and its subsidiaries will be carried on pri¬
sidiaries
extent
marily in West Virginia and to a very slight extent in Ohio, Pennsylvania
and Virginia.
The operations of the Potoj ac Edison Co. and its subsidiaries
will be carried on primarily in the State of Maryland and to some extent
In
Virginia and Pennsylvania.
to carry out the proposed simplification
order
program,
applicant
to raise approximately $51,000,000, of which approximately
$44 000,000 would be used to call the publicly-held securities of the West
Penn Electric Co., and approximately $7,000,000 would be used for the
proposes
.
sales, has resigned, effective
1900 and will continue
Kenneth Brownell, who has been
Hamilton Brush, Vice-President in charge of
on
order approving the proposed plan of
Section 11 (e>> of the Act; and
Commission enter-its
that the
The
in West
Smelting
of
of
in all other respects
appropriate in the public interest or for the protection
and not detrimental to the proper functioning
consun ers
reorganization as provided in
"(c) that the Commission
and
x After
reserve
for depreciation of $320,492.
y Represented
by prior
preferred stock—authorized 38,415 shares of $7 par value each, 5% annual
dividend cumulative: issued, 33,095 shares less 300 shares reserved for
American
or
and that such system and its operation will
conform to the provisions of Section 11 (b) of the Act,
pany
(2)
'84,261
Earned surplus.
$1,107,6861
Total
gold bonds
Capital stock
Capital surplus:
85,203
lives of officers
cally necessary or
15,306
1st mtge. 6% gold bonds
3,459
Officers' notes & aects. receiv'le
and to such
such svstem
27,621
turing Oct. 1, 1937
Cash surrender value of insur¬
ance on
$50,434
Fidelity deposits
re¬
ceivable, &c
the applicant, including those of the applicant and each of
companies, will be limited to a single integrated public utility
other businesses as are reasonably incidental or economi¬
svstem of
nanv
nronoses
30,1937
1st mtge. 6%
293,240
Inventories, at cost
Postage,
holding company,
Penn Electric Co. will purchase from West Penn Power
Co
583 999 23-25 shares of the common stock of Monongahela Wast Penn
Public'Service Co constituting all of the outstanding stock of such com¬
Dividends payable..
95,245
Accounts receivable
registered
a
54-1) pursuant to Section 11 (e) of the
Act of 1935 wherein it submitted a plan of
m
Accounts payable
Accrued accounts
hand, demand deposits
Marketable securities, at cost.
1
filed an application (File
Public Utility Holding Company
reorganization for the purpose of
enabling that company and its subsidiary companies to comply with the
provisions of subsection (b) of Section 11.
Company,
No
appropriate.to
Liabilities—
Assets—
of Section 11 (b) (2).
the requirements
11.282
_
Consolidated Balance Sheet Sept.
period of time to effect appropriate changes in that
The Commission finds that, upon the consummation of the simplifi¬
cation plan under consideration, the corporate structure of the applicant's
System
except as relates to distribution of voting power, will, subject to
the approval of a plan to simplify and reorganize the American Com¬
munities Co. system and to increase applicant's equity therein, conform to
t7)
12,485
preferred dividends.
Participating preferred dividends
Cash
Commission the appli¬
expand its transportation interests, except to the extent
to furnish adequate service in the territory now being served or
substitute bus transportation necessitated by the abandonment of electric
svstem
Loss from flood
not
shall
"(a)
.$2,072,022
862,687
1,157,223
Other income credits....,
Gross
detrimental to the proper
system, providedthat
functioning of applicant's integrated puDlic-utiltty
without first obtaining the express approval of this
The praver of the
Earnings for the Year Ended Sept. 30, 1937
Selling and general
Commission,
the
(1) Tne Commission finds that the public-utility subsidiaries of the
applicant constitute a single integrated public-utility system.
(2) The Commission finds that the retention by applicant of the water
properties (other than those controlled through American Communities
Co.) and the coal and appliance businesses of the applicant is reasonably
incidental and economically appropriate to the operation of the applicant's
integrated public-utility system.
(3) The Commission reserves its decision with respect to applicant's
retention of its interest in American Communities Co. system to afford an
(5)
Total
,
by
necessary
$3,352,543
16,406
I
earned
,
opinion, unanimously voted
contained the following findings:
cant
American Pr.&Lt. Co.—
Net equity of A. P. & L.
Co., Inc.—Simpli¬
fication Plan Approved by SEC—The voluntary plan of the
company for corporate simplification of its system to comply
with the so-called "death-sentence" provision of the Public
The
Subsidiaries—
a
American Trading Co., Inc.—10,000 Shares to Be Sold—
The New York Trust Co. announced Dec. 27 the proposed sale at public
See list given on first page of
$39,757 def$222,055
Balance, profit
Exps. incident to mari¬
1937—11 Mos. -1936
$
$
103.070,163 102,528,509
1937—4 Weeks—1936
$
$
8.845.856
8.728,841
auction
$735,926
Cr24,593
depreciation__
99
ttC'B
i'M.
—V. 145, p. 3338.
$1,379,202
643,276
_
Total profit
Prov. for
$293,400 $14,572,355 $13,245,137
464,433
13,562,868
11,930,033
$1,609,197
Period End. Nov. 27—
Sales
Sub.)—Earns.
11937—11 Mas.—1936
1937—Month—1936
Period End. Nov. 30—
J
American Stores Co.—Sales -
He has been with the company since
sales consultant and director.
of the sales department for five years, will be its chief executive
officer after Jan. 1.—V. 145, p. 3489.
manager
purpose
of enabling the West Penn Electric Co. to purchase
(prior to its
dissolution) the stock of Monongahela West Penn Public Service Co. from
West Penn Power Co.
Additionally, American Water Works proposes to
raise
approximately $9,000,000 of new money, a part of which would be
Financial
100
used to purchase additional common stock to be issued by the Potomac
Edison Co. and Monongahela West Penn Public Service Co., its sub¬
sidiaries, which companies in turn propose to use the proceeds for capital
additions and improvements.
Thus the total amount of money to be
raised will aggregate
$60,000,000.
■■
Applicant, both in its application and in the evidence submitted at the
hearing, stated that it proposed to raise such $60,000,000 of money by the
Bale of $40,000,000 of collateral trust bonds (probably convertible into com¬
mon stock) and the balance of $20,000,000 by the sale of its common stock.
The figures suomitted were admittedly hypothetical and pro forma in
character.
Since a declaration covering the proposed financing is not now
before us, the Commission should not be considered as placing its stamp of
approval at this time upon such financing.
The proposed plan of financing
or any other plan which may be submitted will be considered on its merits
in accordance with the standards contained in Section 7 of the Act when an
appropriate declaration is filed.
,
,
,
Chronicle
Atlanta & West Point RR.
kwh., a decrease of 23.8% under the output of 50,201,000 kwh. for the
corresponding week of 1936 which, however, did not include Christmas.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
1937
1 936
1 935
1934
1933
Dec.
4... 42,206,000 *44,832,000 *42,434,000 *33,317,000 *30,030,000
Dec. 11--- 43,911,000
47,537,000
44,253,000 35,363,000 32,793,000
Dec. 18--- 42,701,000
49.479,000
44,254.000
36,799,000
33,240.000
Dec. 25
x38,240,000
50.201,000
45.349,000
38.198,000
33,687,000
*
Includes Thanksgiving Day.
x Includes Christmas.—V. 145, p. 4107.
Anaconda Copper
E.
Harriman
Roland
was
elected
a
Anglo American Corp. of South Africa, Ltd.—Initial
Net after rents
the 6%
initial semi-annual dividend
of 3%
on
Atlantic Beach Bridge
Ann Arbor RR.
—
1937
Operating
Operating
expenses
Net oper. revenues—.
$272,400
58,037
30,426
3,610,077
686,117
361,445
3.630,624
836,828
463,568
3,052,006
684,172
345,428
350,000
Operating income
—
The directors have declared
stock, payable Jan.
a special dividend of $2 per share on the
3 to holders of record Dec. 22.
An initial
dividend of $1 was paid on July 1, last.—V. 145, p. 100.
share
was
paid
Balfour
The
directors
$4,863,033
$3,906,873
paid
Christmas dividend of $1
a
on
share
per
the
on
Dec. 23 to holders of record Dec. 20.
quarterly dividend of $1.25 per, share was paid on Nov. 30, last. An
extra dividend of $1 was paid on Nov. 30, 1936 and on Nov. 30. 1935.—
V. 144, p. 98.
'
RFC to Meet
&
Ohio
Payrolls
RR.—Seeks
$8,233,000
Loan
seek
a
loan of $8,233,000 from the Reconstruction Finance
Of the total
and
payrolls,
to be sought $6,000,000 will be set aside for maintenance
of which $4,000,600 will be used to meet payrolls for the
and about $2,000,000 will be used to purchase
latter half of this month
Securities of the railroad maturing on Feb.
with the
1 and March 1 will be met
remaining $2,233,000.
The road's petition revealed that it already owes the RFC $79,842,823.
The new loan will be sought in three instalments—$3,000,000 on Dec. 31,
Jan. 31, and $750,000
on
on
Feb. 28.
The carrier stated it was unable to obtain the funds from private sources.
RFC advance will put the company in a position to maintain the
The
the present standard of efficiency and to avoid a reduction
forces that might otherwise be required, the application
property at
maintenance
in
held by the
now
total par value of
Abandonment
The
government agency for existing loans has
or a ratio of collateral to loans of 137.76%.
$162,215,000,
Approved—
V
Commerce Commission
Interstate
•
16 issued
Dec.
on
a
have
Earnings for November and
no par
(111.)—Changes Proposed in Financing Plan
Modification of company's plan to simplify its capital structure will be
asked at the annual meeting of stockholders scheduled for Jan. 28.
The original plan, which had been approved by stockholders at a special
Period End. Nov. 30—
Net
piecemeal basis as opportunities presented themselves.
also asks for a one-year extension to Jan. 1, 1940,
of the period in which stockhloders waive preemptive rights to bonds or
debentures.—V. 145, p. 4107.
from ry. oper.
$2,074,985
850,690
131,389
194,579
Net ry. oper.
-Y.
145,
to Date
1937—11 Mos.—1936
$2,968,701
$24,206,649 $27,571,953
Corp. (& Subs.)—Earnings-
Consolidated Earnings for
Raw sugar produced,
Molasses produced
$4,282,382 $38,766,078 $41,483,303
882,342
10,124.070
9.281,481
267,056
2,533,083
2,838,152
164,283
1,902.276
1 791,717
$898,327
income.
3976.
p.
Barahona Sugar
8referredofstock of Armour & Co. of Del. through the issuance of $75,00,000
mortgage bonds.
of its refinancing on a
The modified plan
rev.
Railway tax accruals—
Equipment rents (net)..
Joint fac. rents (net)...
last June and had been held up because of unsettled market
conditions, called for the retirement of certain bank loans and the 7%
Under the proposals to be voted on next month, the original financing
plan would be modified so that the company could undertake the furtherance
Year
1937—Month—1936
Railway oper. revenues.$ll,748,715 $15,115,108 $157712,021 $154305,864
Railway oper. expenses9,673,730
10,832,726 118,945,943 112,822,561
meeting
the Year Ended Sept. 30, 1937
$1,129,297
at net prices f .o.b. in Santo Domingo
149,874
57,737
Profit on stores and other miscellaneous income
Total income
$1,336,907
1,100,866
Expenses of producing, manufacturing, &c
Associated Gas & Electric Co.—Weekly
For the week ended
electric
week
output
or
Interest
Output —
Dec. 2o, Associated Gas & Electric System reports
i
89,056,745 units (kwh.).
This is an increase of
4.0% higher than that reported for the comparable
of
250,100
$14,227
Net operating loss
Consolidated Balance Sheet Sept. 30, 1937
Gross output, including sales to other utilities, amounted to 95,544,084
units for the week.—V. 145, p. 4108, 3966.
Associated General Utilities CoStatement of Income
[Annual basis—this
—
on
1937.]
supplies
and
$183,114
expenses
39,072
9,892
-
Balance
275,767
Balance
-V. 145, p. 270.
101,699
$8,076,582
Total.—
1934 and 1936
divs. not decl'd on pref. stk_
Common
Ilncludes Gulf Colorado
& Santa Fe
Period End. Nov. 30—
$
Other debits
or
credits.
Dr31,294
_
Net ry. oper. income..
x
Includes
$1,152,855
reserve for depreciation of $3,681,615.
shares.—V. 129, p. 3171.
par
Baton
$2,697 339 $16,958,747 $16,047,903
Atlanta Birmingham & Coast RR.-
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 145, p. 3646.
/
y
Represented by 40,000
Rouge Electric Co.—Earnings —
12 Months Ended Nov. 30—
x
Balance after operation,
Balance for dividends and surplus
x Includes
non-operating income, net.
reserve.—V. 145, p. 3810.
maintenance & taxes.
y
_
1937
$1,924,966
59T264
1936
$1,709,850
543,013
255,203
230,982
appropriations for re¬
After
tirement
Beatrice
Creamery Co. (& Subs.)—Earnings—
Period End. Nov. 30—
Net sales.
x
Net income
Shares
—
comm on
Earnings
per
stock
share
1937—3 Mos—1936
1937
$268,589
3,515
$292,637
def33,498
defl6,286
3,391,408
363.059
def55,071
3,112,386
389,723
44,394
1936
29,454
-Earnings1935
on
After interest, depreciation,
undistributed profits.
Net sales
for
$64,295,175 against
were
$1,625,089 equal
preferred dividend requirements, to $2.92 a common share, comparing
$1,427,293 or $2.03 a common share in 12 months ended Nov. 30,
1936.—V. 145, p. 3647.
was
after
with
1937
November—
$232,567
def6,946
def35,683
Gross from railway
Net from railway
2,762,907
2,585,145
def28,172
def289,973
Gross from railway
Net from railway
Net
after rents
From
def82,758
1937
$59,027,330 in corresponding 12 months of 1936.
Net income for 12 months ended Nov. 30, 1937,
$258,936
17,966
def5,603
196,669
normal Federal income taxes and surtax
12 months ended Nov. 30,
Beaumont Sour Lake & Western
1934
1937—9 Mos.—1936
$15,932,693 $49,715,424 $45,087,404
360,599
1,320.904
1,279,432
378,040
377,725
378,040
377,725
$0.42
$0.57
$2.53
$2.32
$17,464,461
279,615
x
1937
and
1936, respectively, $337,235 and $291,437
accruals of railroad retirement and
unemployment insurance taxes.
y Includes for 1937 and 1936, respectively, $3,680,554 and $2,694,503
accruals of railroad retirement and
unemployment insurance taxes, with a
credit in 1937 of $2,234,363 reversing
charges in 1936 account of railroad
retirement taxes.—V. 145. p. 4108.
Nov ember—
346,994
$8,076,582
Operating revenues
1937—11 Mos —1936
$
14.566,368 157,750,363 142,079,698
10,615,971 128,305,544 113,765.713
x1,322,531 yll,779,331 yl2,736,100
Cr69,474
Dr706,739
Cr470,018
for
Gross from railway
382,398
y4,000,000
Ry. and Panhandle & Santa Fe Ry,
1937—Month—1936
Railway oper. revenues. 14,008,011
Railway oper. expenses. 11,584,004
Railway tax accruals
xl ,239,856
stock
Total..
y
—
1930,
applicable to
Earnings during years
After
x
Atchison Topeka & Santa Fe Ry. System—Earnings
15,461
1,102
4,000,000
Oper. deficit, less cap. surplus
no
$36,648
900,985
Deferred charges
59,639
37,863
-
$24,616
.....
accrued
Preferred stock ($100 par)
mer¬
chandise in stores
Annual
paid on common stock:
Interest on income bonds and debentures due 1956
Interest on income debentures due 1961
Taxes
Property, plant & equlpment.x6,245,056
$134,150
interest requirements on outstanding securities, incl.
additional interest which is payable before dividends can be
Wages accrued
4,808
Sugar on hand
Materials,
General accounts payable
5,924
Investment in cane
investments.
Provision for taxes.
$542,343
receivable
Accounts
statement reflects annual interest income on securi¬
the company outstanding, at Oct.
31,
Liabilities—
ssds
Cash in banks
ties owned, and annual interest requirements on bonds and debentures of
General
169
—
Depreciation
a year ago.
Income, interest
certificate
permitting abandonment by the company of part of a branch line of rail¬
road, approximately 1.49 miles, all in Carroll County, Ohio.
of 75 cents
3,393,518 units,
from
—
The company applied Dec. 27 to the Interstate Commerce Commission
Oct. 1, last.—V. 145, p. 1733.
on
Armour & Co.
net
common
The regu¬
lar
Collateral
declared a dividend of 50 cents pen share on the
value, payable Jan. 15 to holders of record Dec. 31.
were paid in each of the three preceding quarters;
50 cents on Jan. 16, 1937; Oct. 15 and July 15, 1936, and $1 paid on April 15
and Jan. 15, 1936, this latter being the first payment made since July 16,
1934, when 50 cents per share was distributed/—V. 145, p. 101.
stock,
Dividends
$503,645
Building, Inc.—Christmas Dividend—
The company
a
Arlington Mills—50-Cent Dividend—
common
$4,705,011
798,138
3646.
p.
voting trust certificates
The directors at their recent meeting took no action on the payment of
dividend on the common stock at this time.
A dividend of 25 c nts
per
$6,076,774
1,213,741
stated.
Apponaug Co. —-Dividend Passed —
a
$535,899
32/254
$304,043
Net ry. oper. income.
145,
$8,780,011
4,075,000
$404,029
99,986
Equip. & jt. facil. rents-
$4,483,000
CD.) Appleton-Century Co., Inc.—Special Dividend
common
$810,899 $10,601,774
275,000
4,525,000
$754,029
Taxes
—V.
1937—11 Mos.—1936
$3,603,124 $44,078,568 $39,338,003
2,792,225
33,476,794
30,557,992
1937—Month—1936
$3,780,584
3,026,555
revenues
obligations.
1934
$364,067
74,113
37,357
4108.
p.
have
materials.
rents
145,
1935
1936
$349,531
83,810
50,717
3,646,354
645,630
284,273
railway
—V.
6H% gold bonds due Feb. 1, 1942
According to the petition, the loan, to mature Sept. 1, 1942,
will be used for maintenance work, to meet payrolls, and to meet maturing
Earnings$305,612
46,008
17,057
From Jan. 1—
Gross from railway
after
defl26,951
Atlantic Coast Line RR.—Earnings —
Period End. Nov. 30—
for authority to
November—
Gross from railway
Net
1,293,056
77,167
,
Corporation.
Net from railway
Net after rents
Net from
1934
$121,568
15,823
def7,696
Corp.—Bonds Called—
A total of $3u,000 first mortgage
cumulative preferred stock payable Jan. 29 to holders of record
Dec. 31.—V. 145, P. 3966.
1,445,929
171,475
def47,292
.
been called for redemption on Feb. 1 at 103 and accrued interest.
Payment
will be made at the Marine Midland Trust Co. of N. Y.—V. 145, p. 101.
Baltimore
an
1,636,956
240,877
def!3,501
•
33,450
—V. 145, p. 3646.
Preferred Dividend•—
The directors have declared
2,494
1935
$144,674
26,342
1,719
1,663,332
201,441
def37,635
From Jan. 1—
Gross from railway-.-..
Net from railway
director of this company to fill the
caused by the death of Grayson M.-P. Murphy.
Clyde E. Weed has been appointed general manager of mines for Ana¬
conda Copper and subsidiary companies.—V. 145, p. 3646.
1936
$163,804
1937
Net after rents
Mining Co.—New Director, dec.—
vacancy
—Earnings—
$139,622
4,551
defl9,028
November—
Gross from railway
Net from rail way
Weekly Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Dec. 25, 1937 totaled 38,240,000
Jan. 1, 1938
Jan.
—
Earnings-
1935
3647.
1934
$183,333
49,089
Def4,927
$157,785
44,419
$119,070
17,058
6,703
Def20i376
2,652,839
1,006,725
1,998,045
522,671
1,588,665
397,152
1,525,485
345,243
Defl23,884
1—.
Net after rents
—V. 145, p.
!_
Ry.
1936
$199,613
26,972
Def31,314
PP?"
333,224
Def41,581
Def41,581
Volume
Financial
146
Earnings, for
the
Year Ended Aug. 31,
1937
Net profit after deducting all manufacturing and other charges
expenses
...
$533,737
__
Management salaries paid to directors and officers of the com¬
pany and legal fees
54.802
Depreciation on fixed assets
74,701
Provision for taxes.--—73,104
Profit
101
Hincks at New Haven, Conn., on Dec. 23, dismissing petition of the Bankers
Trust Co. of N. Y. for an order halting further rental
payments by the
New York New Haven & Hartford RR. (see below) to the Boston &
Provi¬
dence under the lease.—V. 145, p. 2538.
Beatty Bros., Ltd.—Earnings —
and
Chronicle
$331,130
4,058
—
Adjustment of life insurance
Profit on disposal of machinery
Profit on disposal of office furniture-
728
80
Boston & Maine
RR.—Earnings —
Period End. Nov. 30—
Operating
Operating
1937—Month—1936
expenses
_____
Net oper. revenue....
$658,407
284,420
186,042
8,571
Taxes.
Equipment
rents
(Dr.)
(Dr.)__
_
Joint facil. rents
1937—11 Afo.s.—1936
$3,966,455 $42,948,686 $42,045,464
2,797,958
31,765,757
33,012,128
$3,386,056
2,727,649
re venues.
_
$1,168,497 $11,182,929
274,723
3,299,061
190,891
2,043,817
$9,033,336
3,059,860
2,008,917
8,568
122,824
93 569
129,947
$694,315
78,698
$5,717,226
1,092,024
$3,870,990
1,027,051
$309,321
$773,013
$6,809,250
$4,898,041
623,295
635,506
6,901,785
6,976,400
$92,535
$2,078,359
*
Net profit for the year.
$335,995
1,814,093
Surplus, Sept. 1, 1936--Total
60,000
47,572
A ssets—
1937
-V. 145, p. 4111.
advs.
A
accts.
to
Prepaid insurance
insurance
1
Deferred charges
77,771
.
1st pref. shares—series A...
Earned
18,616
1,031,452
surplus
2,042,516
.
Total
..,...$9,416,9491
—
After
x
for
reserve
bad
and
...$9,416,949
Total
doubtful
of $921,588.
accounts
y Repre¬
B shares, both of no par
sented by 39,uO0 class A shares and 100,UuO class
value.142, p. 295.
(Botany Worsted Mills, which see)
1936, of Botany Consolidated Mills, Inc., the delivery of new securities of
Botany Worsted Mills (an unlisted corporation) pursuant to said plan,
and the decision of the Committee
Stock List of the New York Stock
on
Exchange to reject the application of Botany Worsted Mills for the listing
of its
♦
company
being exchanged for the securities of the Consolidated in accordance
with the reorganization plan.
In view of the consummation of the plan of reorganization, dated April
24,
679,600
.yl,475,000
new
are now
1,000,000
.
.
—
The securities of the
339,081
.
8,912
2d pref. shares.,
Common
shares.-.----.
Securities to Be Delisted—
-
357,655
.
Reserve for depreciation
62,802
1,867,741
Goodwill, patents & patterns,
30,361
loan
Sales tax payable
Reserve for taxes
353,818
-
Botany Consolidated Mills, Inc.- -Exchange of Securities
.$2,374,600
Accounts and bills payable-
9,011
u
assets
balances—net
Sterling
-
Investments, at cost.
Joan—secured-
Bank
receivable, trade & in¬
Fergus Housing Co., Ltd...x4,390,334
2,709,932
Fixed
■'
$313,974prof$137,507
Bank
$4,694
-
Inventories
Life
(rentals,
Liabilities—
hand..
stalment
deducts.,
$2,042,516
Balance Sheet Aug. 31.
Accts.
Total
interest, &c.)
Surplus, Aug. 31, 1937--
on
$179,374
$2,150,088
Dividends paid on first preferred stock—
Dividends paid on second preferred stock.
Cash
Net ry. oper. incomeOther income.
secu/ities at this time, the Committee
new
on Stock List is requesting
authority from the Governing Committee of the Exchange to suspend
dealings on Jan. 13. 1938, the following securities of Botany Con¬
solidated Mills, Inc.: Class A stock ($50 par); 10-year secured 6H %
sinking
fund gold bonds, due April 1, 1934, and certificates of deposit for
10-year
secured 6Yi% sinking fund gold bonds.
Notice has been received by the Committee on Stock List that the
transfer books for the class A stock ($50 par) will be closed at the close of
from
.
Bessemer & Lake Erie RR
November—
1937
Gross from railway
Net from railway
Net
17,272,971
9,359,926
Net after rents.
7.939,032
$950,115
429,838
411,172
$561,449
30,574
18,266
14,460,008
7,464,316
6,452,948
246,347
___
1934
$1,327,689
727,015
612,556
169,440
after rents
1935
1936
$748,384
From Jan. 1—
Gross from railway
Net from railway
—V. 145, p.
—Earnings—
9,318,943
3,329,767
2,980,173
7,979,057
1,687,012
1,477,480
3647.
Bethlehem Steel Corp.—Listina
Subs.)—Earnings—
Earnings for Years Ended Sept. 30 {.Incl. Subsidiaries)
1937
1935
1934
$4,892,493
2,505,819
$3,622,501
2,062,167
$2,731,339
1,509,512
$2,934,758
1,287,547
318,102
$2,386,674
981,980
288,455
$1,560,334
714,922
231,907
$1,221,826
533,591
155,615
$1,329,109
$1,116,238
$613,504
$532,619
58,961
x2l7,978
99,521
118,478
51,859
75,561
172,829
34,257
$1,052,169
y20.000
548,186
$898,240
360,000
$486,083
60,000
$325,533
$483,983
365,457
$538,240
298.354
$426,083
298,354
$325,533
298,354
$2.82
Cost of goods sold..
1936
$6,153,606
3,218,848
Net sales
$2.74
$1.36
$0.82
Gross profit
Selling and service costs.
Admin. & gen. expense.
Operating profit
Other
deduc.
other
less
income
Federal inc. taxes (est.).
Net profit..
dividends
Preferred
Common dividends.-
—
.
Surplus...
Shs. com. stock (no par)
Earnings per share
y
Final dividend
Note—Depreciation charges in the amount of $137,850
are included
in
the above statement.
Consolidated Balance Sheet Sept. 30
Assets—
1937
1936
$337,659
Notes, bills and
Liabilities—
$390,935
1937
1936
8% cum. preferred
stock
ac¬
counts receiv'le.
811,109
674,214
2,635
648
Accounts payable.
Mdse. Inventories. 2,340,546
Cash surr. value of
1,717,557
Accrued accounts.
life Insurance
Inv.
in
53,171
188,544
219,163
not
used
180,000
..
the securities of the company to which such holders of the securities of the
are entitled under the plan and to effect the delivery of such securities
debtor
to such holders, as follows:
Holders of 10-year 6H% sinking fund gold bonds (and certificates of
deposit therefor) are entitled to receive 2 lA shares of preferred stock of the
company and 1XA shares of class A stock of the company with respect to
each $100 of such bonds, with April 1, 1932 and subsequent coupons at¬
tached
to each
Holders of
1,761,925
52,428
48,326
1936.
y
by
365,457
609,767
Gross
from oper.
expenses
Net earnings
x
Before
$5,751,314 $5,023,513
(298,354
in
Light & Power Co., Ltd.—Earnings
...
$1,659,834
--
paid
an extra
145, p. 3812.
dividend of $1.25
per
-
"
share in addition to a
Dec. 28
American
Tobacco
£
£
£
Liabilities—
821,434
Preference stock--
4.500,000
4,500,000
Plant, mach., Ac-
520,914
486,785
6% pref. stock
6,000.000
6.000,000
Ordinary stock. .23,687,761
23,681,761
200,000
200,000
Deposits A current
31,271,504 31,000,782
accts. 5,768,118
4,299,081
3,468,664
3,811,959
accts. of sub.cos.
b
Goodwill, trade¬
marks,
Ac
Investments
L'ns A
curr.
-
bal., less res'ves
cred.,
—Ry.—Earnings
1,719,864
7.106.243
fund
Res. for bldgs., Ac.
Prem.
on
ord. shs.
Redemp. of coup's
Special
1936
$2,169,133
5,746
a
Subway, tunnel & rapid transit line rentals
on
bonds and notes
Miscellaneous items
Excess of cost of service
over
receipts.
$2,129,773
1,598,634
126,100
103,259
235,567
329,373
6,812
$2,174,880
1,528,386
136,439
1 >3,259
234,780
326,188
$269,974
6,678
$160,852
-V. 145, p. 3339.
Boston & Providence RR.—Dividend
Deferred—
The directors at their meeting held Dec. 28 voted to defer action on the
payment of the quar. div.of $2.12^ usually due on the common shares on
Jan. 1.
Company stated that this action was taken in order to afford
sufficient time to study the court record and decision of Federal Judge
113,601
725,000
623,308
reserve
Total
750,000
626,308
70,029
68,328
1,952,281
3,656,020
1.952,281
3,367,673
50,379,500 49.102,853
and buildings at cost, less provision for amortizationtof
b Ordinary stock represents shares of £1 each.
%
income statement for the year ended Sept. 30 was publishedlin
Real
estate
leaseholds,
The
V.
Total receipts
Total operating expenses
Federal, State & municipal tax accruals
Rent for leased roads
50,379,500 49,102,853
Total
1937
$2,126,207
3,566
3,307,371
incl.
taxes
Profit and loss...-
of November—
4,763,530
3,485,248
262,966
Other
5,388,887
Empl's' benevolent
1,323,063
6,656,629
Cash
1268.
Total receipts from direct operation of the road.
Interest on deposits, income from securities, &c...
£
827,313
Debtors and debit
paid an extra dividend of 25 cents per share on the com¬
stock, par $25, on Dec. 24 to holders of record Dec. 23.
The regular
quarterly dividend of 50 cents per share was paid on Nov. 15, last.
An
extra dividend of $1.25 per share was paid on Dec. 24, 1936.—V.
144, p.
Sheet
1936
1937
1936
1937
Assets—
Inventories
Bloch Brothers Tobacco Co.—Extra Dividend—
Ltd.—Balance
Real est. A bldg.
a
The company
Co.,
Sept. 30 —
mon
Interest
$1,585,960 $19,568,351 $16,080,156
Brink's, Inc.—Extra Dividend —
1937 and $1,573,864 in
1936) no par shares.—
2469.
Boston Elevated
of such
1937—Month—1936
1937—11 Mos.—1936
$3,085,881
$2,837,013 $35,478,921 $29,282,268
1,426,047
1,251,053
15,910,570
13,202,112
depreciation and amortization.—V.
British
Total
Blackstone Valley Gas & Electric Co.—Tenders—
R. I'., of the Industrial Trust Co.
Month
are
,f
x
"
The "Slater Branch" in Pawtucket,
p.
therefor)
regular quarterly dividend of like amount on the common stock on
to holders of record Dec. 21. —V. 145, p. 2065.
will until noon, Jan. 18, receive tenders for the sale to It of sufficient first
& general mtge. bonds due Jan. 1, 1939 to exhaust the suiii of
$41,490.—
144,
earns,
Operating
V. 145, p. 1411;
V.
of deposit
share of class A stock with respect to each 20 shares
Brazilian Traction,
35,702
Represented
of certificates
stuck (and certificates of deposit therefor) are entitled
common
one
stock.
Period End. Nov. 30—
51,970
2,079,726
def41,490
1
40,969
(and
has presented an application to the New York Stock Ex¬
change for the listing of its preferred stock and class A stock.
At a hearing
before the Committee on Stock List at the New York Stock Exchange on
Dec. 20, 1937, it was indicated to representatives of the company that
capitalization of the company had various unusual features resulting from
the nlan which did not comply with the Committee's usual requirements
for listing.
The Committee has rejected the company's annlication for
listing at the present time without prejudice, and has indicated that it will
be glad to have the company renew its application at a later date when the
capital structure may be simplified and the earning power of the company
under its new capitalization is more clearly indicated.—V. 145, p. 4111.
25,000
2,701,229
Earned surplus...
$5,751,314 $5,023,513
stock
126,180
25,000
57,940
reserves
1,732,012
charges.
A
The company
242,031
After reserve for depreciation of $1,682,895 in
X
class
thereon.
20,112
1
Total
of
to receive 2 shares of class A stock of the company with respect
5 shares of class A stock, with all accrued and unpaid dividends
The company
mach. & equip._
Deferred
.
Holders
entitled
Land, buildings,
Goodwill
that
custodian for, the holders of securities of the debtor and certificates of
deposit therefor has been authorized to receive from the trustees of the debtor
1,491,770
230,885
taxes
for conting..
Other
Capital surplus
in operations.
180,000
Sundry accounts30,324
x
income
Res.
subsidiaries, Ac
Real est.
Common stock .$1,827,285
246,781
Estimated Federal
57,602
Australian
notified
$1,000,000
Venders'debit bal.
y
are
Court, Botany Worsted Mills (N. J.) by unanimous action of its stock¬
the plan and became the new company, and on June 3,
1937, filed with the Secretary of State of the State of New Jersey an amend¬
ment to its certificate of incorporation, containing provisions which had
been approved by the Court as the capitalization for the new company
under such plan.
Pursuant to the order of the Court, Chase National Bank, New York,
has been appointed exchange agent under the plan and on behalf of, and as
to receive
of 50 cents per share.
Cash
Security holders of Botany Consolidated Mills; Inc.,
the plan of reorganization dated April 24, 1936, was confirmed by order of
the U. S. District Court for the District of New Jersey dated Nov. 30, 1936.
In order to comply with the provisions of the plan and the orders of the
common
Includes $20,630 for surtax on undistributed profits,
x
Botany Worsted Mills, Passaic, N. J.—Consummation
of Plan of Reorganization—
holders approved
—
The New York Stock Exchange has authorized the listing of $48,000,000
15-year sinking fund convertible 3Yi% debentures dated Oct. 1, 1937, and
due Oct. 1, 1952.—V. 145, p. 3811.
Black & Decker Mfg. Co. (&
business Jan. 15, 1938.—V. 145, p. 3812.
145,
p.
4111.
Oil
Brookline
Co.
(Calif.)—Stock
Offered—Palmer,
Millar & Co., Los Angeles, are offering (to persons resident
of the State of California only) 50,000 shares of capital
stock at $1 per
share.
Company was incorporated
of engaging generally in the oil
tion of crude oil.
In California, July 19, 1937, for the purpose
business and more particularly in the produc¬
Company completed its first well early in November, 1937.
Company
acquired a leasehold on two drill sites in Tract 1527, Wilming¬
has recently
ton, located on Avalon
Blvd. between L and M Sts., Los Angeles County,
Calif.
Directors
are
Gus Pongratz,
Crosson Miller (Pres.), C. D. Cather
K. J. Pingree, H.Rassau (Sec. & Treas.).
James
(V.-Pres.),
Financial
102
Capitalization—Authorized 1,000,000 shares of capital stock (par $1);
be outstanding upon completion of present financing 103,185 shares;
outstanding upon completion of initial offering 96,815.
Certain
warrants are authorized to be issued to Palmer, Miller & Co., and J. C.
Miller or either or both of
1937—5 Mos.—1936
$6,201,020 $6,064,208
867,838
Operating expenses
843,077
4,367.423
4,195,736
$399,572
$411,159
$1,833,597
$1,868,472
PX!dendsV&c.^J--?.f.'
193,401
206,148
970,003
1,044,738
Bal.for class A stock_
$206,171
$205,011
$863,594
$823,734
Net earnings
The California Railroad Commission has authorized the company to
issue and sell $300,000 first mortgage 4% bonds due May 1, 1961.
The
proceeds will be used to reimburse the treasury for sums expended on addi¬
tions and betterments to existing facilities and not covered by outstanding
bonds.
It
Callahan Zinc-Lead
proposed rate increase
independent operating
Mr. Paige stressed the fact that the company was an
unit, unaffiliated with any other public utility.
must
secure some
now
present taxes are so
form of relief."
declared, the company's
increased $1,769,624 or
the past three years, the
years, Mr. Paige's statement
Federal income taxes, have
Most of the increase has occurred within
In the last five
taxes,
exclusive of
98%.
added.
statement
higher labor costs and govern¬
price-fixing as additional expense factors.
The company made a
voluntary reduction of rate in December, 1935.
This according to Mr.
Paige, is only partly offset by the increase now proposed.—V. 145, p. 3003.
The statement also named indirect taxes,
mental
Brough Lake Molybdenum, Ltd.—Registers
See list given on first page of
Bruck Silk Mills,
145,
p.
with SEC—
3647.
this department.—V. 145, p.
Ltd.—New Director—
R. B. Perrault has been elected to the board of directors,
Ivey.—V.
replacing R. G.
3812.
Burger Iron Co.—EarningsYears Ended Oct. 31—
Net sales
Net profit after deducting
Dividend paid
$116,415
88,498
$27,917
77,811
$72,227
5,584
$105,728
depreciation expense
$77,811
5,536
$13.55
Surplus
surplus
5,504
$21.15
Shares capital stock
Earnings per share
Depreciation
expense
amounted to $17,617.
Sheet
Balance
1937
a
31
Oct.
1937
80,401
51,894
(current). 83,436
(banks).. 120,000
Acc'ts payable
124,847
Notes payaDle
hand & in bks.
In proc. contr.
$
Liabilities—
$
Notes & accts. receiv..127,963
on
1936
$
1936
"
...
Cash
$960,500
x74,995
2,768
Previous surplus.
x
1936
1937
Not reported
__
Total
57,813
99,395
266
Ld, bldgs., mach. & eq.377,653 358,154
(finished) 117,568
24,036
21~ 183
Unpaid payroll & sals...
39
Mat'ls inventory stock..186,159
Ohio sales tax-stamps-..
378
Accrued
b
Ins. ben. held in escrow.
1,531
Mtge. on Dayton plant.
17,700
Notes for stock & accts.
rec.
c
Stock in other
interest-—-—-
7,802
6,510
24,282
4,500
$2 per share in respect ot each share of capital stock held.
The right of
subscription will expire Jan. 20, 1938.
Subscription payments and trans¬
made at office of Title Guarantee & Trust Co.,
176 Broadway, New York, transfer agent.
All remittances for subscrip¬
at
tion payments received will be held by the
in escrow upon the following conditions:
quent to the expiration
a
A£ter
by
company's supplying funds of approximately
e
reserve
On making further arrangements to the estimated extent of approxi¬
mately $1,000,000, for financing the equipment of the Alaska property, the
company, under the terms of the option contracy, can exercise its option
to acquire an additional 24,000 shares of capital stock of Livengood Placers,
Inc., thus raising its total holdings to 75% of the outstanding stock of
made,
p.
the
company
Cambria & Indiana
1934
1935
$127,102
17,184
def7,131
$110,604
17,675
340
1,111
defl9,527
def36,717
$59,514
def19,994
def34,553
1,265,704
178,335
def93,337
817,291
def71,540
def252,281
789,289
def134,532
def314,088
def 111,137
Gross from railway
Net from railway
Net after rents
.
1—
Gross from railway
Net from rail way
Net after rents
729,930
def260,196
—V. 145, p. 3647.
53,586
79,535
$107,056
Def26,276
27,739
1,191,449
457,636
1,165,380
274,559
734,933
after
841,667
rents
p.3647.
Totax profits
yl936
yl935
1934
a$3,967,257 z$2,940,180 x$2,193,151 x.$2,094,114
yl937
929,435
41,250
1,038,913
1,002,194
39,125
1,250,000
1,027,829
1,000,000
1.000,000
639,382
interest
Mortgage interest
Depreciation written off
property account
.
Prem.
paid on bonds pur¬
chased for redemp'n..
20.759
69,437
8,505
67*230
65.162
659
1,463
112,155
54,666
336,000
40,000
11,600
.146,000
19,470
"9*. 870
"9*690
25,000
11,755
$1,461,054
903,911
$663,242
$37,693
$55,165
remuneration
Executive
Legal expense
Legal & other bond con¬
version expenses.____
Directors' fees
$213,492
140,281
Cost of sales
Net income
Preferred dividends
Gross profit
$73,211
24,270
Administrative and selling expense.
x
Including interest, and interest on the company's holdings in its own
y Consolidated income account,
z Includes $82,953 income from
bonds,
investments and $26,320 profit on
Profit
$48,940
1,159
Interest and discounts received
$50,100
2,741
"""""" "11,!
"
II.11"111""
allowed
Allowance for bad debts
Income and franchise taxes
1,000
8,489
Net profit
Dividends paid
$37,870
44,000
on
12,800 class
B~shares
Balance Sheet, Sept. 30,
Assets—
$14,785
& notes receiv
Inventory
Land,
ouildings,
1937
Consolidated Balance Sheet
xl9,151
69,665
Deferred expense
yl31,864
Income
$10,745
and
franchise
1,516
to
8,489
z203,153
14,595
1935..
x
$236.9811
y
After allowance for
shares and
of $109,171.
z Represented by
16,000 class A
12,800 class B shares both of no par value.—V. 145, p. 1092.
on
6,403,905
s
6,403,905
bonds..15,750,000 16,500,000
Canada
745,000
820,000
payable.
203,601
335,121
51.563
53,438
Accounts
4,784
-
Preferred divs
1.616
251,086
2b",566
Mtge. int. accrued
Prov. for Domin.
6,675
13,686
5,000
5,000
1,047,841
998,216
Pref.stk.red.acct.
55,900
55,900
1,835,691
Compen. Com..
bonds
929,161
81,803
Reserves
1,558,400
1,533,600
Earned surplus...
2,288,948
1,715,027
Provincial
and
472,293
other taxes
and
other securities.
Cash
79,601
1,540,000
1,652,155
22,957
Bondrefdg. exps._
247,255
60,035
$236,981
Total...
After allowance for doubtful accounts of $3,607.
depreciation
1936
Bond int. accrued.
empl'ees
purpose
of
purchase of co.'s
Investments
Total
1st mtge.
Cement Bldg..
Def. chgs. to oper.
Earned surplus, since Sept. 30
Common stock.
Mtge.
for
Govt,
taxes
Capital stock
b
&c.41,064,769 42,092,384
Inventories...... 1,599,961
1.562,039
Accts. receivable660,317
375,552
equipment,
Loans
$
Preference stock..20,086,900 20,086,900
Deps. under Work.
and accrued
liabilities
Includes $42,521
1937
Liabilities—
$
Land, buildings,
shares
accrued
machinery
and equipment
Accounts payable
a
Nov. 30
1936
$
Assets—
a
Deposits on tenders
Liabilities—
Cash
Accounts
$0.77
(no par)..
sale of investments,
income from investments.
1937
Total income
share
(& Subs.)—Earnings—
Canada Cement Co., Ltd,
Years End. Nov. 30—
Reserves
Earnings for Fiscal Year Ended Sept. 30, 1937
per
955,950
16,199
599,387
1—
Provincial inc. taxes._
Corp.—Earnings—
Net sales
Earnings
$88,515
Def68,320
Def 8.590
1,021,244
185,651
723,338
railway..
after rents.
Jan.
1934
1935
1936
$117,343
46,938
$109,048
42,004
Provis'n for Dominion &
California Art Tile
Discounts
financing are
1,875 shares.—V. 145,
RR.—Earnings-
1937
November—
Bond
Earnings
1936
1937
acquire an additional
may
4112.
Net
Burlington & Rock Island RR.
From Jan.
If arrangements for still further
Livengood Placers, Inc.
...897,475 720,629
Total
b After reserve for depreciation of $326,022
c After reserve of $20*.000.
d After reserve
of $1,000.—V. 144, p. 445.
November—
$250,000 to enable Liven¬
in cash $103,891.
Net fron railway...___
$7,000.
After
.x,.
the Alaska property, or on
to acquire legal title to the
mining claims themselves.
As part of this initial transaction the company
will have to repay to Goldfield Consolidated Mines Co. either in stock or
Gross from railway
446
reserve
Placers,
.
good Placers, Inc. to take up the options on
such of them as seen most desirable, and thus
1937 and $309,800 in 1936.
$14,495.
capital stock of Livengood
purchaser will be made without interest and within
30 days after Jan. 20, 1938, upon return to the Trust company of the
interim receipt to be issued by it for said remittance.
If on or before Jan. 20, 1938 the Title Guarantee & Trust Co: shall
be notified that the company has received payment in cash for the purchase
of such number of shares through the exercise of the option of Goldiield
Consolidated Mines Co. as, together with the number of shares for which the
Trust
company shall have received payment in full on or before Jan. 20,
1938, will aggregate not less than 125,000 shares and if on or before Jan. 20,
1938 the Trust company shall be notified that the directors have determined
to take the steps necessary to acquire 51,000 shares of the capital stock et
Livengood Placers, Inc., then the warrant shall, if and only if full payment
for the shares purchased has been made, be
binding from its inception,
the interim receipt shall become effective according to its terms and the
company will issue in exchange for and upon surrender of the interim receipt,
as soon as may conveniently be, definitive stock certificates for the shares
of stock to which the purchaser shall then be entitled.
Purpose of Issue—The purpose of this issue is to raise additional capital
for the purpose of acquiring an interest in property situated in Livengood,
Alaska, and equipping the same in part, and for general corporate purposes.
The company has an option contract with Goldfield Consolidated Mines
Co. of acquiring up to 76,875 shares of the 100,000 shares of capital stock
of Livengood Placers, Inc. (Nev.).
Livengood Placers, Inc. holds options
on approximately 157 mining claims situated on Livengood Creek.
These
mining claims are gold-bearing properties.
.
.
Under the terms of the option contract with Goldfield Consolidated
Mines Co., the first option on stock of Livengood Placers, Inc. covers
51,000 shares, viz., control of Livengood Placers, Inc., and is exercisable
From
e608
897,475 720,629'
of a certain
Such return to the
—V. 145,
of
of the warrant), pursuant to the terms
privilege of obtaining 51,000 shares of the
630
posits and notes
#
option be less in the aggregate than 125,000 shares.
Said remittance will be returned to the purchaser of said shares in the
event that the directors and (or) the proper officers of the company deter¬
mine not to exercise a certain option pursuant to which they have the
Net
d7,764
Empl. welfare fund—de¬
Total
Title Guarantee & Trust Co.
returned to the purchaser of shares in the event
that the total amount of the stock purchased and paid for by stockholders
by three o'clock p. m. Eastern Standard Time on Jan. 20, 1938, together
with the total amount of stock purchased and paid for by Goldfield Con¬
solidated Mines Co. on or before Jan. 25, 1938 (to wit: five days subse¬
Said remittance will be
Gross fro.i-railway.
re¬
Cust. notes receivaole..
of 498,413
right to sub¬
capital stock
fers of warrants are to be
Net from
243
been authorized.
Stockholders of record Dec. 31, 1937, will be offered the
scribe to one-third of a share of the authorized but unissued
446
Surplus
3,400
stricted bldg. & l'n dep.
Deposits with customers
Co.—Rights to Subscribe—
adopted by the directors the issuance
additional shares of capital stock has
550,478 553,600
77,811
105,728
Capital stock
3,709
cos
Dep. in closed bk. &
37,833
Acer, taxes (Fed. <fc local)
Empl's welfare fund
from stockholders
and employees
Prepaid insur. & taxes..
but the name of the
yet known.—V. 145,
Inc-
these increases on
overwhelming that the company
he said, "has tried to avoid passing
"This company,"
to its customers but the
that the bonds will be sold privately,
be placed is not
3968.
p.
Pursuant to resolution
Dec. 30 filed with the New York P. S. Commission
an amended rate schedule under which its 700,000 customers in Brooklyn
and Queens would pay $1 for the first 400 cubic feet of gas instead of the
present volume of 600 cubic feet.
The new tariff affects only the volume of gas supplied for the initial
dollar
After the first 400 cubic feet the consumer would continue to pay
95 cents a 1,000 cubic feet up to 3,009 cubic feet, after which the rate per
thousand would progressively diminish.
The burden of the new rate would fall heaviest, it is believed, upon the
large group of consumers using from 2,000 to 3,000 cubic feet of gas per
month.
In effect they would
pay an additional 19 cents for 200 cubic
feet of gas now included in the 600 cubic feet supplied for the first dollar.
The amended rate would also affect a small group of consumers who use
between 400 and 600 cubic feet monthly.
Clifford E. Paige, President of the company, in a statement explaining
why the higher schedule was filed, declared that the increase was due to
the heavy load of real estate and unemployment relief taxes now borne by
explaining and defending the
is likely
institution with whom the issue will
Higher Rates—
Brooklyn Union Gas Co.—Asks for
The company on
of $300,000
Co.—Issuance
Service
Water
Bonds—
—V. 145, p. 3647.
the company.
In his statement
several
the common shares in
on
California
Ltd.—Earnings—
1937—Month—1936
$1,267,410
$1,254,236
Gross earnings
Dividend—
share on its common stock
is the first payment made
years.—V. 145, p. 3968.
paid a dividend of 50 cents per
Dec. 23 to holders of record Dec. 22.
This
on
them.
British Columbia Power Corp.,
Period End. Nov. 30—
Co.—Resumes Common
Butler Mfg.
The company
to
warrants
Jan. 1,
Chronicle
47,867,596 47,771.6461
Total
a
After
deducting depreciation,
par).—V. 145
p.
47,867,596 47,771.646
Total
b Represented by 600,000 shares (no
4112.
/■
'
Volume
Financial
146
Chronicle
103
Consolidated Balance Sheet, Oct. 31
Cambridge Investment Corp.—Extra Dividend —
The company paid an extra dividend of 65 cents per share on the class A
and class B shares on Dec. 23 to,holders of record Dec. 20.
A regular
semi-annual dividend of 25 cents was paid on Oct. 1, last.—V. 134, p. 4497.
Canadian Investment Fund, Ltd.—New Director—
The
announced the election of Sir Edward Beatty, G.B.E.,
vacancy created by the passing of the
late Sir Robert Laird Borden.—V. 144, p. 925.
company
to the board of
directors, filling the
Canadian National
Ry.'—Earnings-
1936
$
892,469
1,367,374
1,183,577
Ltd...
Am.GypsumCo.
So. Coast Corp.
6,459
590,106
Decrease
$96,986
482,915
1
17,165
Property,
plant
& equipment... 4,484,700
Pats. & pat. rights
1
Deferred charges..
551,900
—V. 145. p. 3969.
trav.
November—
1937
Gross from railway
36.289
Prov. for Fed. inc.
taxes
1,037,803
def243,246
def675,113
967,347
def236,852
def762,293
& State taxes
1
Divs. decl.
on
p.
3648.
pref.
stock
37,838
145,363
2,528,500
..
Common stock..
268,685
Paid-in surplus
Earned surplus...
434,813
1,389,621
2,907,250
268,685
433,013
590.652
....10,063,823
7,601,163
z
10,063,823
Total
7,601,163
x After reserve for doubtful
accounts and freight allowances of $228,983
in 1937 and $209,164 in 1936. y After reserve for depreciation of $4,130,459
1937 and $4,236,529 in 1936.
in
V.
145,
p.
z
Represented by 268,685
no par
shares.—
4112.
-
Carreras, Ltd.—Final Dividend—
[All-inclusive system]
Period End. Nov. 30—
72,573
4,000,000
5% cum. pref. stk.
(par $100)
2,907,250
Total
Canadian National Ry.— Earnings
29,419
67,592
Prov .for oth. Fed.
4,094,528
$67,362
def29,563
def78,215
1,250,498
defl48,422
def604,245
226,769
47,854
taxes
1
1934
1935
$83,743
def37,720
def75,627
1,344,389
def61,060
def531,998
From Jan. 1—
Gross from railway
Net from railway
Net after rents
145,
1936
$116,576
5,905
def35,604
283,565
45,000
comm's,
wages,
royalties, &c
Accrued Interest..
18,917
Earnings—
$107,580
defl2,478
def47,794
Net from railway.
Net after rents
—V.
England-
387,369
exps.,
Funded debt
Canadian National Lines in New
594,724
Acer. gen. property
y
Earnings of System for Week Ended Dec. 21
1937
1936
$3,657,690
$3,754,676
Acer.
$
$
Accounts payable.
'
Investment in—
Celotex,
1936
1937
Liabilities—
$
1,048,726
x Notes &acct8.rec
1,509,754
Inventories
1,368,376
Miscell. assets...
10,179
Prepaid Insurance-
,
Gross earnings
1937
Assets—
Cash
1937—Month—1936
The directors
1937—11 Mos.—1936
have declared a final dividend of 74 2-5 cents per share
the American depository receipts for ordinary registered class A stock
a final dividend of
cents per share on the American depository
on
and
Operating revenues
Operating expenses
Net
16,773,527
14,854,300
.
16,151,674
13,768,403
1,919,227
-
2,383,271
revenue..
New Controller, &c.
182,177,183 169,386,264
166,298,518 157,159,013
receipts for ordinary registered class B stock, both payable Dec.
holders of record Dec. 9.—V. 144, p. 274.
12,227,251
15,878,665
Central Aguirre
—
Cooper as Controller was announced on Dec.
27 by D. C. Grant, Financial Vice-President.
Mr. Cooper succeeds
J. B. McLaren, who is retiring after 45 years of service with the company.
Anthony C. Egan, Auditor of Disbursements, and William
Smith
Harrison, Auditor of Revenues, were appointed Assistant Controllers.—
V. 145, p. 3969.
Canadian Pacific Lines in Maine
November—
1937
Gross from railway
1936
-Earnings
1937
Sugar, molasses and
1934
1935
$143,888
25,836
3,056
$121,525
11,254
defl 1,571
$131,398
22,453
4,618
2,114,844
308,258
9,988
1,921,594
134,305
defl66,436
1,673,260
72,119
defl95,318
1,903,374
238,097
def44,966
Gross from railway
Net from railway
p.
$87,187
defl0,449
def29,769
1,041,326
defl31,876
def409,338
Gross from railway—
Net from railway
Net after rents
145,
1936
$70,157
def22,561
def44,988
Net after rents
From Jan. 1—
—V.
Vermont—Earnings-
935,144
def274,305
def543.526
$
Gross earnings
12,992,167
9,528,333
Working expenses..
Net
3,463,833
earnings
Week Ended Dec. 21—
$
110
$66,252
defl8,489
def22,478
def38,499
877,119
853,095
def202,398
def437,206
$99,213
def219,188
def456,363
3,538,651
1937
$2,636,655
246,454
342,399
Cr216,7l6
Cr55,036
0150,706
94,500
$2,947,043
1,857,100
y292,498
$2,545,474
1,492,451
$1,598,097
1,119,885
$2,198,508
1,299,178
$797,445
12,537,613
180,279
$1,053,023
11,484,591
162,842
$478,212
11,023,628
147,968
$899,330
10,125,766
133,039
England Alcohol Co..
.
...
-.
......
Balance, surplus
Previous surplus.
Appropriated surplus
Cent. Aguirre Sugar Co.
min. stockholders int.
in combined
Add. to
res.
surplus..
50,079
......
for conting.
Dr300,000
Total surplus
1937—11 Mos.—1936
$
$
20,816,881
19,769,303
1936
Decrease
$2,943,000
$123,000
46,679
44,969
Drl7,250
Adjustment
12,116,559 132,823,322 126,309,559
8,577,907 112,006,441 106,540,256
$2,820,000
Traffic earnings
—V. 145, p. 4112.
$2,041,609
256,735
241,813
Do Vs. received from New
Other distributions
Canadian Pacific Ry.— Earnings1937—Month—1936
340,148
1934
1935
3648.
Period End. Nov. 30—
$2,877,680
303,275
•
xApplic.port.of net profit
Dividends
1937
$7,367,967
4,731,312
Cr51,300
Reserve for income tax..
Net income..:
Canadian Pacific Lines in
$6,090,391
4,048,78 1
Cr151,496
Net earnings
Depreciation, &c
—V. 145, p. 3648.
November—
$6,955,719
4,078,039
$3,452,909
284,059
424,602
expenses
of Central Machete Co
Net after rents
1934
$6,837,739
530,229
$8,210,594
4,757,684
Total income........
From Jan. 1—
Gross from railway
Net from railway
1935
$5,595,042
495,349
$7,597,088
Miscellaneous receipts..
613,506
.
Agricul. & mfg.
1936
$6,127,646
828,073
cane
sales
-
$132,546
defl7,422
def38,686
Net after rents
Associates—Earnings —
Consolidated Income Account Years Ended July 31
The appointment of T. H.
Net from rail way
29 to
Drl,468
$13,215,340 $12,750,535 $11,679,237 $11,201,635
Cent. Aguirre Sugar Co.
min. stockholders int.
51,497
49,520
46,170
44,512
P. <& L. surp. July
31 .$13,163,839 $12,701,014 $11,633,067 $11,157,123
Shs.cap.stk. out.(no par)
742,913 '
742,827
742,796
742,774
Earns.persh. on cap. stk.
$3.96
$3.42
$2.15
$2.96
x Includes
dividends received,
y Includes $5,698 for
Central Aguirre
Sugar Co. minority interest, $9.25 per share, $3,000 for Luce & Co., S. en C.
general partners and $283,800 for Luce & Co., S. en C.—to the trustee
for the shareholders here represented, amounting
after expenses, to approxi¬
mately 38 cents per share.
—to
,
Carborundum
Co.—Pays $1.25 Dividend-—
Consolidated Balance Sheet
The
company paid a dividend of $1.25 per share on its common stock
Dec. 27 to holders of record Dec. 23.—V. 145, p. 2838.
on
Celotex Corp.—To Vote on
1937
amending
increase the authorized common and
preferred stock; providing for deletion from the charter of all provisions or
reference respecting first mortgage bonds and income debentures (which
are no longer outstanding) in the election of directors; amending the by¬
laws with respect to changing the number of directors or the provisions with
respect to their removal; also to act upon a proposed agreement between the
corporation and Phoenix Securities Corp., providing for the acquisition by
this corporation of certain shares of preference
and common stock of
Certain-teed Products Corp. in consideration of common stock and pay¬
ments in cash by this corporation.
Annual Re-port,
Years Ended Oct. 31 (Including Wholly-Ovmed Subsidiary,
Tezcel Ltd.)
1937
a
Accts. receivable.-
Mat'l & supplies—
1936
bl935
$10,574,242
8,906,528
$7,589,955
6,342,902
$5,660,749
4,844,677
bl934
$3,914,390
3,539,022
$1,667,715
260,266
$1,247,053
67,067
$816,072
37,059
$375,368
46,832
$1,927,981
374,464
Net sales
Cost of sales & expenses.
$1,314,120
381,763
$853,131
377,931
8,506,717
8,637,636
1,989,554
2,164,767
397,284
Depreciation
Interest charges,
funded debt
&c., on
2,247,600
Reserve
Co.
(represent'g
ownership)
Other deductions
Prov. for Fed. inc. taxes
c
162,230
4,694
164,223
89,920
165,333
56,491
Crl58
Crl4,704
Cum. pref.
dividend
Earns, per sh. on 268,685
shs. com. stk. (no par)
$1,266,753
145,363
322,422
$736,015
145,363
$4.17
$2.19
d$221,215 loss$192,689
333,000
333,000
Constr. and Impts.
completed)
87,564
for
262.207
387,048
632,643
500,000
con¬
Minority interest.
h64,437
235,940
43,093
rents
508,639
415,024
Surplus
13,163,839 12,701,014
f Treasury stock. Dr164,133 Drl64,133
36,439
Deferred charges...
210,729
22,195
(not
Claims for taxes..
....18,658,033 17,759,047'
Total
a
Total...
18,658,033
17,769,047
Real estate, roadway and track, mill, buildings, rolling stock, portable
plows, livestock, carts, implements, &c., after reserve for
depreciation of $3,747,125 in 1937 and $3,565,063 in 1936.
b Represented
by 753,412 shs. of no par value (incl. scrip.)
c Includes $600,000 ($700,,000
in 1936) certificates of deposit,
d Includes notes,
e Represented by 616
shs. (par $20) in hands of the public,
f Represented by 10,500 shs. of
co.'s stock at cost.
* Deposit representing distribution out of Luce & Co.
8. en C. profits and payable Dec. 20, 1937 through its trustee to the share¬
holders here represented,
h Minority interest—Central Aguire Sugar Co.
$12,320 capital stock (616 shares at $20 par value) , $619 appropriated
surplus and $51,497 unappropriated surplus.—V. 145, p. 4112.
track,
steam
Central of Georgia Ry.— Earnings1937
$1,195,119
November—
Gross from railway
64,377
Net from railway
def20,099
Net after rents
1936
$1,399,651
266,994
148,338
$1,232,892
234,605
132,099
1935
1934
$1,141,050
193,084
87,552
13,308,420
2,087,908
955,286
12,2-73,804
1,861,486
647,898
From Jan. 1—
15,382,318
2,088,925
862,082
Gross from railway
Net
after rents
—V. 145, p.
14,491,759
2,383,630
1,045,721
4112.
Central Illinois Light
Period End. Nov. 30—
Oper. exps. and taxesPro v. for retire't reserve
x
y
Int. & other fixed chges
Net
Divs.
income
on
Nil
b Receivers and
c
Under corporate
x
—.
preferred stock.
Balance
Nil
After
£283,800
Ma¬
Accrued taxes and
Gross income
deducting freight allowances and discounts,
corporation accounts consolidated of old Celotex Co.
account, d Amortization of debt discount and expense.
a
Central
chete Co
tingencies
617,104
12,320
140,710
Co.—Earnings —
1937—Month—1936
1937—12 Mos.—1936
$773,559
422,187
82,600
$738,911
398,375
80,000
$8,774,607
4,834,576
972,600
$8,216,732
4,380,800
920,000
$268,771
80,355
$260,536
76,004
$2,967,431
935,174
$2,915,931
892,707
$188,416
41,800
$184,531
41,800
$2,032,256
501.607
$2,023,224
604,677
$146,616
$142,731
$1,530,648
$1,418,547
29,419
Adjust, of taxes prior
years, &c
Common dividends
139,536
Aguirre
tion, &o
1,258,162
580,099
3,767,064
Dep. rep. distribu¬
Investments
Cent. Machete Co.
Gross revenue
184,640
d38,424
63,700
d239,142
433,849
Due
capital stock...
New Emg. Alcohol
3,767,064
Sugar Co. stock.
993,553
1,998,247
$422,200
407,769
Gross earnings
Central
1936
$
stock.
Accounts payable.
471,172
1,152,111
2,085,217
Net from railway
Net oper. profit
Other earnings
e
Sugar & molasses.
Growing crops
45%
President, says in part:
In Feb., 1937, the corporation called and retired its then $821,500 out¬
standing 6Yi% mortgage bonds and $1,706,700 6% debentures, and issued
and sold $4,000,000
10-year 4J^% debentures carrying attached stock
purchase warrants entitling the holder to buy one share of common stock at
$50 a share for each $100 principal amount of debentures.
Substantial additions and improvements were made in the manufacturing
facilities in the plants at Marrero, Marietta and Metuchen; and the cor¬
poration acquired through purchase a majority stock interest in The Amer¬
ican Gypsum Co. with gypsum mine and plants at Port Clinton, Ohio.
So as to more advantageously serve the corporation's business throughout
the British Empire by providing for manufacture within the Empire, a
new company (Celotex Ltd.) was organized under the laws of England in
April of 1937, with headquarters in London.
The new financing required
was secured through the sale to a British banking group of £250,000
sterling
(approximately $1,250,000) first preference shares, the deferred (common)
shares all being held by corporation.
Plant construction at Stonebridge
Park adjacent to London was immediately arranged; the erection program
has proceeded according to schedule and it is expected that the plant will
be in operation by March of 1938.
'
sees..
1937
Liabilities——
b Common
1,342,905
Cash
Marketable
Year Ended Oct. 31, 1937—
B. G. Dahlberg,
Income Account,
c
$
Real est., Dldgs.,
rolling stock, &c.
The stockholders at their annual meeting Jan. 18 will consider
the certificate of incorporation so as to
1936
$
Assets—
a
Stock Increase, &c.—
July 31
Includes provision for Federal surtax on undistributed profits for 1936.
No provision has been made for such tax in 1937.
y Includes, effective
as of July 1, 1936, amortization of preferred stock premium, commission
and expense.—V. 145, p 3648.
Central Pacific
Chicago & Eastern Illinois RR .—New Plan Presented
Would Eliminate Common Holders—
H. Brinkley, Interstate Commerce Commission finance examiner,
Ry.—Abandonment —
Commerce Commission on
Interstate
The
to ICC—Examiner
15 issued a certificate
Dec.
permitting abandonment by the company of a portion of the so-called Mina
branch, extending from Tonopah .function, Mineral County, Nov., to
Benton, Mono County, Calif., approximately 50 miles.—V. 144, p. 274.
Central RR. of New Jersey—Earnings
NovemberGross from railway.
Net from railway..
Net after rents..
,
.
....
From Jan. 1—
$2,249,760
713.587
175,395
$2,314,297
533,081
def93,234
28.889.045
7,380,922
1,385,840
7,368.030
2,077,461
and
See also Celotex Corp. in last
until Jan. 21.
and V. 145, p. 3648.
Chamnlain Transoortation Co.—Trustee A vnointei —
Plattsburg, N. Y., has been appointed temporary
trustee by the U. S. District Court.
Company asked for permission to
reorganize under the Federal Bankruptcy Act and Judge Harland B. Howe
named Mr. Doherty temporary trustee pending further action of the Court.
Horace W. Corbin, President of the company, said in the reorganization
petition that the company was unable to meet obligations because of in¬
ability to market a $250,000 issue of first mortgage bonds.
Edward D. Doherty of
Charleston & Western
1935
1936
1934
$206,510
57,061
34,796
Net after rents.
From Jan. 1—
Gross from railway.
Net from railway.
Net after rents
..
$199,221
68,432
42,129
$158,278
37,393
22,525
$151,350
2,328,498
747,385
462,544
from railway
Gross
Carolina Ry. —Earnings —
1937
Net from railway
2,044,628
655,649
411,359
1,790,889
471,133
294,474
1,765,200
544,094
350,512
42,533
30,972
145, p. 3649.
—V.
Lime
Chemical
Co.,
Bellefonte, Pa .—Company
Inc.,
Fights Reorganization—
the company to have the firm reorganized
Act met with opposition from the
initial hearing on the creditors' petition was held
at Scranton, Pa., before Federal Judge Albert L. Watson, Dec. 22.
Counsel for the company told the Court that the firm has assets in excess of
Its indebtedness, calling attention to an accounting made on Oct. 31 when
assets
aggregated approximately $1,876,000, as compared with an In¬
debtedness of $980,000.—V. 136, p. 3726.
Efforts of three creditors of
Section 77-B of the Bankruptcy
under
earning
1936
1935
$2,747,611
1,750,206
$2,437,114
1,679,465
1,928,699
discount, &c
Federal surtax
158,000
•
263,534
66,299
undis¬
on
investment
-
V,
the debtor's
••
_
<t;
Chesapeake & Ohio Ry. and affiliated interests, now in control of the
O. & E. I., would suffer a serious reduction in their stock ownership under
the examiner's recommendations.
With the elimination of the present
common stock and the additional allotment of common stock to the general
mortgage bondholders, C. & O. would own
19/100 shares of preferred
and 70.9-<4 shares of common and have only 12.4% of voting control.
By reason of the elimination of present common stockholders, as proposed
by the examiner, holders of the present C. & E. I. general mortgage bonds
would receive for unpaid interest on their debt four shares of newr common
stock f-^r each $1,000 bond, instead of 1 % shares as proposed in the debtor's
amended
plan.
Principal of the $30,709,°36 general mortgage bonds
would be paid off 50% in new income bonds and 50% in new preferred
stock.
This treatment of the principal is the same as provided by the
debtor's plan.,
The
•'
v.
.
other debt, under the examiner's proposal, is the
by the C. & E. I.
All equipment trust certificates, of
which $1,586,000 are now outstanding, would be assumed by the new
companv.
The $142,000 of Evansville Belt Ry. bonds also would be
assumed, but holders might, at their option within 60 days after con¬
summation of the plan, surrender any bonds and receive cash.
The $2,736,000 of 1st consol. 6% bonds would be paid in cash with
interest at 4% and canceled.
The present preferred stockholders, having an equity in the property
of $10,000,000 according to the examiner's findings, would receive one
share of new common stock for each share of old preferred.
This would
require 22^,461 shares of new common, or about two-thirds of the total
same
treatment
as
common
stock of the
Indebtedness
would
of
suggested
to
be satisfied
new
the
company.
Reconstruction
Finance
Corporation of $5,760,867
by the issue of
new prior lien bonds in equal amount.
Additional bonds of this series wuld be issued to the RFC for an additional
advance of about $5,000,000 in connection with the reorganization.
While the right of the preferred stockholders to receive cumulative
dividends and the amount of these unpaid dividends may not be considered
comparing
the claims of the preferred stockholders with
those of the
Annual fixed charges under the examiner's proposal are about $505,000,
the
same
provided
as
the
in
C.
&
E.
I.'s
amended
The carrier
plan.
has estimated that annual income available for fixed charges will never fall
below $690,000, or 1.04 times the fixed charges.
Total
not
capitalization,
exceed
$65,000,000,
the examiner's recommendations,
would
compared with $69,067,100 proposed by the
under
as
O. & E. I,
45,244
tributed profits
Earnings for November and Year to Date
$985,447
xl23,497
296,450
$698,241
141,882
167,135
$398,223
$565,500
$389,224
$205,928
zl48,115
zl35,918
From Jan. 1—•
Gross from railway
444,345
$2.41
zl31,627
$5.81
$4.09
$1.86
Net from railway
Net after rents
$1,143,774
Net income..
Preferred dividends
y71,628
Common dividends
673,923
Balance
Shares
190,377
108,788
119,284
110,297
209,882
—
Prov. for led. inc. tax..
recorded
a
**<':
1934
$3,191,430
1937
justifies
earnings along with the other facts, indicated a lower value of
•
in
Consolidated Income Account Years Ended Oct. 31
Selling & admin, exps...
Int. and amort, of bond
the
of
excess
record relating to the company s
valuation of its physical property in
therein.
In fact, a consideration of
there is nothing of
"which
power
bondholders, Mr. Brinkley said, yet the rights to such dividends must be
considered in preference to the right of common stockholders to participate
in the securities of the new company.
Cherry-Burrell Corp.—Earnings—
& other inc. $3,641,871
2,132,674
......
plan, which had
examiner without
material change.
The changes in capitalization, resulting from proposed
elimination of the existing common stock, would accrue to the benefit of
the general mortgage bondholders and present preferred stockholders.
-
debtor company when an
Gross profit
total valuation.
the basis of investment or
on
^
17 has been adjourned
November—
stock, and held that the existing stock
rights preceding the common
Other provisions of the debtor company's amended
been agreed to by all creditor groups, were adopted by the
The examiner said
Dec.
plan put forward by
"agreed
under which
new
is valueless either
26,595.905
8,000,162
2,873,984
26,979.503
I.
share of
one
Certain-teed Products Corp. — Meeting Adjourned—
The special stockholders meeting originally scheduled to be held on
week's "Chronicle"
the Commission eliminate present common
the present stockholders would have received
stock for each three shares of old, the examiner asserted
that the carrier's assets fail by approximately $lu,000,000 to cover claims
the C. & E.
1934
_
29,978,096
Net from railway
8,153,963
Net after rents...,—..
2,206,128
—V. 145, p. 3648.
■■:
'-V
Gross from railway
Dec. 27 recommended that
on
stockholders in that road's reorganization.
—
1935
$2,723,642
780,509
106.029
$2,469,965
473,788
def82.881
....
....
Milo
Disregarding the stock provisions of an
1936
1937
Jan. 1, 1938
Chronicle
Financial
104
—
$427,816
182,640
39,248
stock
common
outstanding (par $5)..
Earnings per share
x $105,197 declared
on 7% preferred stock and $18,300 on new 5% pre¬
y 5% preferred stock,
z Shares of no par value, the stock
having been split during 1937 on three-for-one basis.
November—
Gross from railway
1937
1935
$1,479,608
494,582
245,162
$1,194,040
287,771
88,575
$1,034,896
182,980
def549
15,043,488
3,519,959
1,246,992
from railway
Net after rents
1936
$1,379,646
343,116
162,845
Net
14,454,341
3.690,916
1,254,552
12,118,357
11,652,118
2,426,891
380,729
2,408,546
439,792
-
1934
—Y. 145, p. 3649.
ferred stock,
Assets—
$758,598 $1,285,420
Cash
Notes & accts. rec.
1,569.542
1,559
Inventories
2,819,395
Accounts payable.
Accrued
payroll,
bonuses,
2,077,362
Cash
2,333
Res.
paying agent(per
Net
for
43,950
fund
10,435
8,610
126,245
current
taxes,
423,179
68,249
139,447
54,593
Adv. to employees
10,121
9,433
expense
320,198
270,000
—V.
Dlvs. payable
(per
Co.,
18,299
1,419,800
3,702,875
1,464,000
3,702,875
Capital surplus
470,266
470,266
Earned surplus
1,712,956
1,314,732
a
cum.
pref. stk.
Common
stock.
Inc.,
95,997
2
—
2,185,224
Total
45,884
49,543
$8,323,885 $7,946,1061
Represented by 444,345 shares,
par, in 1936.—V. 145, p. 2540.
1935
1934
From Jan. 1—
Gross from railway
Net from railway
$250,720
58,954
53,022
$244,129
70,465
70,253
3,388,182
1,308,095
1,062,378
2,976,277
851,842
763,127
2,707,506
765,728
723,403
145, p. 3649.
Total
par
1936
1935
1934
$786,632
65,256
def73,576
$943,944
277,600
71,729
$769,152
183,159
73,170
$578,008
56,471
def38,101
9,287,711
1,319.539
9,418,649
1,951,933
7,449,542
1,349,487
def83,380
364,881
58,741
6,808,635
1,097,681
def368,926
$8,323,885 $7,946,106
Directors of the company on Dec. 29 elected George D. Brooke, a rail¬
man with 35 years' experience and for the past six years a Vice-Presi¬
O., as President, to succeed the late W. J. Harahan.
Acquisition of Erie and Nickel Plate Made Final—
Announcing that the company had accepted the conditions imposed by
Commission and tentatively approving the road's proposal to effect
direct control of Nickel Plate and Erie, the Interstate Commerce Com¬
the
final order
Chicago Milwaukee St. Paul & Pacific RR.—Earnings
1937
approving the acquisition to take effect
in 30 days.
In tentatively approving the acquisitions the Commission had imposed
a condition that C. & O. agree to accept the Commission's
finding relative
acquisition of certain short line railroad properties.—V. 145,
p.
4113.
Net after rents
From Jan. 1—
p.
1934
$8,262,605
2,286,069
$6,950,205
1,310,934
1,404,962
398,482
99,624,400
21,274,979
7,979,254
84,658,624
14,209,571
3,781,137
81,150,869
17,040,825
601,283
Netafterrents
145,
1935
$9,184,043
2,387,716
1,176,072
\
Gross from railway
Net from railway..
—V.
1936
$8,697,064
1,692,824
November—
Gross from railway
Net from railway
dent of the O. &
a
—V. 145, p. 3813.
$5, in 1937 and 148,115 shares,
road
has entered
—
1937
From Jan. 1—
Chesapeake & Ohio Ry.—New President —
to the
1936
$367,430
159,995
121,364
3,576,045
1,141,778
774,045
Net after rents.
Net after rents
a
mission
1Q37
Net after rents..
2,066,468
at
license rights
Direct
14.294,887
3,822.818
1,170,839
Gross from railway
Net from railway
1,202
—less amortlz..
no
14,190,877
3,338,970
829,215
$301,843
88,464
56,236
railway
Gross from railway
Net from railway
and
cost, less res
Pat.
Gross from
November—
60,957
Investments
equipment
17,029,231
4,934,230
1,832,861
Chicago Indianapolis & Louisville Ry.—Earnings
and advance
plant
$1,241,812
362,789
155,111
145, p. 3649.
Net from rail way
—V.
Ltd., cap. stock
Prop.,
1934
$1,325,730
469,398
255,175
Chicago & Illinois Midland Ry.—Earninqs —
632,633
632,633
1935
$1,700,392
619,911
256,723
718,289
Net after rents.
capital stock
Cherry-Burrell,
Misc.
after rents
1936
$1,502,495
453,770
128,741
17,221,562
4,050,052
...
November—
110,873
24,853
Cntr'l Fibre Produts
Net
180,044
Federal,
contra)
Unearned Income..
5%
development
Other def. changes
after rents.
From Jan. 1—
Gross from railway
Net from railway
Income taxes
Notes receivable—
Def.
local
1937
Gross from railway
Net from railway
Canadian & State
112,303
contra)
redemption
$364,819
State
and
Stock
not
$299,956
royalties, &c
with
depos.
1936
com¬
missions,
1,401,853
Accrued Interest..
—less reserve...
1937
Liabilities—
1936
Chicago Great Western RR.—Earnings—
November—
Consolidated Balance Sheet Oct. 31
1937
99,395,594
19,198,520
8,407,498
6,232,339
3649.
Chicago & North Western Ry.—Maximum Net Set at
50% of Average—Improvement Plan Supported —
Maximum net earnings of the road in a "normal prospective year" may
not be
to
expected to exceed 50% of average earnings in the four years 1926
1929, according to report of Coverdale & Colpitis, consulting engineers.
representing net available for interest of $12,760,-
This maximum forecast
Chester Pure Silk Hosiery Co.— Registers
See list given on first page of this department.—V.
144,
with SEC
p.
3326.
Chicago Burlington & Quincy RR. —Earnings—
November—
Gross from railway.
Net from railway
Net
after rents
1937
1936
1935
1934
$8,582,488
2,740,706
1,392,722
$8,677,912
2,837,946
1,585,538
$7,669,272
1,934,873
969,792
$6,588,386
1,944,931
1,174,004
75,646,702
16,387,670
73,957970
20,660,650
11,600,466
From Jan. 1—
Gross from railway
Net from railway
Net from rents..
—V. 145, p. 4113.
92,239,139
23,316,880
11,833,431
89,161,423
24,093,381
11,870,352
6,952,214
0G0, is contingent upon the consummation of a $48,000,000 rehabilitation
and improvement program designed to reduce operating costs and on the
assumption that recent added cost burdens will be offset by rate increases.
The forecast is based on a study made by the engineering firm at the
request of the mutual savings banks committee for submission to the
Interstate Commerce Commission in connection with the reorganization.
In another report, prepared by V. Y. Boatner, former aide to the Federal
Coordinator of Transportation, for the insurances-company group com¬
mittee, the expenditure of $48,200,000 for rehabilitation and improvement
of the property and equipment is recommended.
The report offers sharp
criticism of the existing management and states that many improvements
could be made in operations to effect economies and improve net earnings.
The
savings banks committee and the insurance committee jointly
have submitted a suggested new plan of reorganization for the C. & N. W.
Volume
Without
146
the
Financial
rehabilitation
and
improvement
program,
Coverdale
&
Colpitts estimates that net available for interest in the "normal prospective
year" will be $8,987,000, which, compared with the average earnings between
1926 and 1929, would represent an impairment of net earning power of
about 65%.
Average earnings during the four years 1926-29 were $25,-
646,697.
The principal conclusions of the firm are:
(1) Gross revenues of the C. & N. W. should approximate $127,967,000
in the normal prospective year, plus any increase resulting from
higher
freight or passenger rates.
(2) Such estimated gross revenues are 29% below the average of the
four-year period 1926-29.
(3) Net earnings available for interest on funded debt should approxi¬
mate $8,975,000 in the normal prospective year, or about 65% below the
1926 to 1929.
average from
(4) Although some Impairment in earnings may be restored in the
future, "we are of opinion that such restoration is too indefinite and un¬
certain to warrant its inclusion in our forecast."
The forecast assumes that recent wage increases and higher costs of
materials and supplies will be offset by rate increases. '
Y (6) Savings resulting from consummation of the proposed rehabilitation
and improvement program
and changes in operating methods would
increase net earnings in the prospective normal year by about $3,900,000,
making the total net income available for interest on funded debt $12,875,000,
or approximately 50% of 1926 to 1929 average earnings.
Estimated net earnings for a prospective normal year, It is explained,
does not necessarily represent maximum earnings in any year.
► "A review of these general assumptions will serve to show that the fore¬
cast is not for the maximum year in the futre," said the report.
"For example, it is assumed that exports of grain will be of little impor¬
tance; that some form of crop limitation will be enforced and that there
Chronicle
Hope & Greensburg RR., Evansville Indianapolis & Terre
Evansville Mt. Carmel & Northern Ry., Muncie Belt Ry.,
Greensburg & Rushville RR.—V. 144, p. 2823.
Clinchfield
will be
further loss of competitive traffic to motor trucks.
some
If these
assumptions are incorrect, it is obvious that North Western's traffic might
be considerably greater than we have forecast."
On the other hand, the report goes ahead to explain that some of the
too optimistic.
For
recovery for the United States
assumptions
industrial
be
may
it
example,
whole
a
as
is
assumed
will
have
that
1937
Pointing
out that there have been increases in prices of fuel, other
and supplies in addition to a large increase in wage
payments,
y
Earnings
After
x
shares of
per
27—
5,667,387
2,481,122
2,366,611
4,804.569
1,941,563
1,778,422
4,793,473
2,021,874
1,887,676
(& Subs.)—Earnings
1937—3 Mos.—1936
$799,305
$2.52
1**
expenditure recommended by the Boatner report,
Colonial Finance
^
Net income
--------
$1,396,124
iq5 219
Common dividends..
2
Earned surplus Oct. 31, 1937
Earnings per share on 206,772 shs. com. stock (par $1)
.$1,034,712
$1.91
Assets—
Liabilities—
Repossessed autos.
$1,516,778
13,390,989
at cost...
10,429
Real estate loans
97,888
Miscell. Invests, less reserve.
Stk. subscriptions—642 com.
shares held
&
as
Notes payable
Accounts payable
145,
bills
1935
$6,619,575
$5,566,027
841,587
166,402
1.442,735
743,644
70,988,258
10,903,140
2,935,191
70,408,039
13,016,570
4,784,766
Chicago Rock Island & Gulf Ry.—Earnings —
Gross from railway
145,
1935
1934
$394,211
90,283
18,046
$350,137
109,533
52,339
$290,722
58,105
def6,245
4,377,483
1,321,941
412,291
Net after rents
—V.
1936
$388,988
101,883
43,068
From Jan. 1—
Gross from railway
Net from railway
42,017
3,997,676
1,094,508
271,264
3,576,849
971,943
84,147
797,373
def22,533
3,351,025
Total
[Excluding Chicago Rock Island & Gulf]
November—
1937
$6,160,271
897,604
237,954
1935
x
Issued
408
shares
rr..
$4,703,721
458,848
def4,706
67,171,014
8,007,616
3,631,315
defl36,481
57,839,062
5,967,134
def810,585
58,618,633
8,939,010
1,828,096
[Including Chicago Rock Island & Gulf Ry.]
1937—Month—1936
1937—11 Mos.—1936
$6,549,258
$6,477,951 $75,398,239 $71,168,690
expenses
5,549,771
5,249,187
63,135,575
62,066,566
Period End. Nov. 30—
Total oper. revenue
Net rev. from oper...
accruals.
Tax
Equip. & jt. facil. rents.
Net oper. income
x
Includes
$999,487
402,566
315,899
$1,228,764 $12,262,664
405,407
x4,175,607
302,394
4,043,451
$9,102,124
5,219,411
3,747,881
$281,022
$520,963 x$4,043,606
$134,832
$1,220,400 due to cancellation of 1936 excise tax
3813.
credit of
accruals.—V.
145,
p.
Chicago St. Paul Minneapolis & Omaha Ry.—Earnings
November—
Gross from railway
1937
$1,582,812
296,441
72,462
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Colorado & Southern Ry.-
145,
p.
1936
1935
$1,372,403
261,077
108,216
1934
$1,127,777
29,686
16,628,649
1,974,887
defl95,549
16,818,227
2,882,341
466,562
14,092,728
1,975,940
143,112
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1936
1935
1934
$711,890
220,108
133,115
$713,557
305,843
234,730
$534,181
129,251
72,688
7,196,308
1,721,248
736,682
Net after rents
6,725,050
5,671,802
1,055,119
247,693
5,165,023
949,071
145,591
3649.
1,483,347
507,657
—V. 145, p. 3649.
Columbus & Greenville
after
Ry.—Earnings —
1937
rents
...
1936
1935
$120,321
18,570
5,600
$133,105
38,653
27,323
$103,812
30,292
24,245
$93,435
16,172
10,590
1,203,329
149,063
—
1,114,167
179,119
107,744
890,266
73,245
801,420
31,767
47,605
7,483
*
Net
after rents
145,
p.
10,690
3650.
Commonwealth
Dividend
Gas
&
Electric
Cos.—SEC 'Permits
Payment Out of Capital—
The company, a subsidiary of the New England Power Association, has
been permitted by the Securities and Exchange Commission to
pay a divi¬
dend of $47,255, or $2.50 a share, on 18,902 shares of preferred stock out
of capital or unearned surplus, to avoid payment of the tax that otherwise
imposed by the undistributed profits levy.
The dividend will be
paid Dec. 28 to holders of record Nov. 29.
The Commission said the company had a net income of $61,337 for the
nine months ended on Sept. 30. but nevertheless, as of that date, its earned
surplus account showed a deficit of $8,799.
This was wiped out and a
capital surplus created by a reduction in the aggregate expressed value of
the company's preferred and common stock in the amount of $70,136.
"Applicant has represented to this Commission, the SEC said, "that
it desires to make such dividend payment in order to be relieved from the
burden of taxes which would otherwise be imposed.
It also appears that
the applicant proposes to dissolve in the near future, and in fact a plan of
liquidation has already been presented to this Commission."
See also
V. 145, p. 4113.
would be
Community Power & Light Co. (& Subs.)—Earnings—
Oper.
revs.
sub.
1937—Month—1936
$396,985
cos
143,595
dividends and
Gross income sub. cos..
Balance
available
for
$341,093
1937—12 Mos.—1936
$4,275,783
1,440,244
$4,033,010
1,281,913
450,217
122,585
surplus of
298,552
community Power & Light Co
Chilean Nitrate & Iodine Sales Corp.—Int.
Payment —
Notice was being given on Dec. 23 to holders of 5%
sterling income deb.
that interest at the rate of 2H % for the half-year ended Dec.
31. 1937, will
be paid in full on the debentures on or after Dec.
1934
From Jan. 1—
Gross from railway
Net from railway
defl07,433
13.640,574
2,298.224
672,739
-Earnings —
1937
$640,066
144,566
27,409
Period End. Nov. 30—
after rents
Net
—V.
;
$1,481,449
199,871
defl4,905
$15,300,123
205,440 shares; 924 shares held for exchange of old common;
held for exchange of 816 old preferred shares,
(8,228 shares
and dealers under stock purchase plan).—V. 145,
Gross from railway
Net from railway
—V.
Earnings of System
Total oper.
JDr 15,567
Total
p. 2541.
1934
$5,413,626
448,760
def59,443
71,020,756
Net from railway
Net after rents.
895,995
2,675,100
x206,772
1,034,712
1,158,771
19,950
reserved for employees
Net
1936
$6,083,741
1,138,482
502,918
10,940,722
From Jan. 1—
Gross from railway
Common stock ($1 par)
Earned surplus..
$15,300,123
Gross from railway
Net from railway
Chicago Rock Island & Pacific Ry.—Earnings —
Gross from railway
charges
Pref. 5cum. ($100 par)..
Capital surplus
November—
Net from railway
Net after rents
income—unrealized fi¬
Paid-in surplus
3649.
p.
Def'd
nance
150,380
November—
1937
5,373
119,096
Reserves
office
1934
$7,556,266
1,864,949
1,125,724
November—
•
stock purchase plan
treasury
1936
$7,093,549
915,206
166,663
Net from railway
Net after rents
142,548
Payments by employees under
bldg., furn.,
equlpm't & automobiles, &c
Prepaid Interest & expenses..
4113.
p.
60,721
204,217
due
Cost of 1,376 com. shares in
1937
84,264,538
13,492,052
4,419,199
$8,792,435
...
Accrued taxes & interest
Dealers partic., res. &
62,856
Earnings for November And Year to Date
83,102,467
7,903,408
121,544
256T94
Consolidated Balance Sheet, Oct. 31, 1937
such
—V.
$501,658
894,466
Total..
Preferred dividends
23,543
Net after rents.
$614,988
92,485
20,845
Earned surplus: Balance at Dec. 31, 1936-
Sundry notes & accts., claims,
deposits, &c., less reserve..
From Jan. 1—
Gross from railway
Net from railway
par
Co.—Earnings —
Land
Gross from railway
no
Earnings for 10 Months Ended Oct. 31, 1937
5,241
expenditures and from improvements in operating methods would
$4,717,000.
The Coverdale & Colpitts report states that after checking Mr. Boatner's
study, "we are of the opinion that the savings could be realized if the
improvement program were carried through and more economical operating
methods and policies introduced.'
$6.44
On 562,800
Profit...
Estimated normal Federal income tax
Estimated surtax on undistributed profits
collateral-_.
approximate
$3,940,598
$4.81
y
stock.—V. 145, p. 3005.
common
all but $15,000,000 would be spent for new equipment and other expendi¬
tures relating to the acquisition of such equipment.
It is estimated by
Mr. Boatner that annual savings in operating expenses resulting from
Net from railway
Net after rents.
$2,884,263
depreciation, Federal income taxes, &c.
Cash
November—
1937—9 Mos.—1936
$1,522,375
$1.32
share
Notes and loans receivable...
freight-rate increases being uncertain, we have
the genreal assumption that such increases, when made, would
be sufficient to offset higher operating costs.
It should be emphasized
that our figures do not include any estimate for such anticipated increases
on
$48,200,000
$414,974
160,280
151,792
Collins & Aikman Corp.
Period End. Nov.
Net profit
the report states:
"The extent of future
Of the
1934
$497,965
239,293
231,150
—Y. 145, p. 3649.
proceeded
|l"l
1935
$600,816
302,439
278,770
6,363,050
2,995,896
2,944,042
Gross from railway
Net from railway
Net after rents
1936
$541,931
239,781
245,146
Net after rents
From Jan. 1—
x
Haute Ry.,
and Vernon
-Earnings-
reached
by 1940 a point about 5% higher than the 1929 level, as measured by the
Federal Reserve Board index.
materials
RR.
November—
Gross from railway
Net from railway
(5)
*
105
dusky & Cleveland RR., Cincinnati Lafayette & Chicago RR., Columbus
Note—No provision has been made for the Federal surtax on undis¬
tributed net income for the year 1937 which may be payable udder the
Revenue Act of 1936, since any liability for such tax cannot be determined
until the end of the year.—V. 145, p. 3650.
31, 1937.
Such interest will be paid in sterling at the office of J.
Henry Schroder
London, or in dollars at the office of J. Henry Schroder Banking
Consolidated Cigar Corp.—Resumes Common Dividend—
& Co.,
Corp., New York City, at the buying rate for sight exchange on London
current on the date of presentation of the
upons.
Payment also will be
made in Holland, Switzerland, Germany and France in. their
respective
currencies.—V. 144, p.
Cincinnati New Orleans & Texas Pac.
1937
Gross from railway
Net from railway
Net after rents
1936
Gross from railway
Net from railway..
after rents„
on
a
have
declared
a dividend of 75 cents per share on the
14 to holders of record Jan. 5.
This will
April 1, 1932, when
distributed.—V. 145, p. 3192.
stock, payable Jan.
similar amount was
$1,240,633
347,041
332,883
$1,431,313
574,171
417,835
15,775,500
6,078,872
15,247,650
12,401,339
6,044,870
4,477,670
4,428,454
4,499,859
Cincinnati
Chicago
&
1934
$1,223,106
$920,087
212,531
162,388
491,315
371,205
3,334,810
St.
11,334,859
4,057,610
2,916,834
Louis
RR.—
Merger—
A special meeting of the stockholders will be held Jan. 25 for the
purpose
of considering, and acting upon the adoption of, a
joint agreement for the
merger into the company of Cincinnati Northern RR.; Cincinnati San¬
Consolidated Textile Corp.—Hearing Postponed—
Ry.—Earnings—
1935
From Jan. 1—
Cleveland
directors
be the first dividend paid on the common shares since
4339.
November—
To Vote
The
common
A hearing on
objections to the proposed plan of reorganization scheduled
for Dec. 22 before Federal Bankruptcy Referee Peter B. Olney Jr., has been
adjourned until Jan. 7, 1938.—V. 145, p. 3970.
Consumers Power Co.—To Issue
$9,000,000 Bonds—
Company on Dec. 29 filed with the Securities and Exchange Commission
registration statement (No. 2-3564, Form A-2) under the Securities Act
of 1933 covering $9,000,000 of first mortgage bonds, series of 1937, due
Nov. 1, 1967.
The interest rate to be furnished by amendment to the
registration statement.
According to the registration statement the net proceeds from the sale of
the bonds are to be used to pay for, or to reimburse the company's treasury
for, property additions made and to be made subsequent to Jan. 1, 1937.
The company States that it petitioned the Michigan Public Utilities Com¬
mission to authorize the issuance and sale of $12,000,000 bonds on the basis
a
of net
the
capital additions of approximately $16,000,000 to be made during
1937 and immediately thereafter.
The Michigan P. U. Comm.
year
Financial
106
Chronicle
authorized the issuance and sale of S12.000.000 bonds but provided that the
bonds to be issued and sold should in no event exceed $9,000,000 until
analysis and an order by the Commission.
The names of the underwriters and the amounts to
further
each
are as
,
„.f.
be underwritten by
follows:
From Jan.
$2,125,0<)0.
Smith, Barney & Co., New
Denver & Salt Lake
York City, $750,000.
—V.
Philadelphia, $750,000.
Consolidated Income Account for
'
1937
& Mackinac Ry.-
Net after rents
othSKa89io67
$1,192,448
$568,862
$293,575
$79,372
504,047
See
posed of
Development expenses. _
Federal tax of subs
b Prior years' taxes
83,474
101,665
75 ,654
Property taxes
Interest, &c., charges—
138 ,812
455,985
52,923
a
39,820
2,646
Crll3,997
99,267
121,578
216,478
58,778
749,091
551,296
551,172
514,632
294,614
540 ,690
307 ,177
-—
dis¬
$641,999
prof$71.335
1937
144,697
102,999
$1,977,620
$910,961
Consolidated Balance Sheet Oct. 31
From Jan.
p.
—
6,975,554
3,481,529
2,419,426
7,361,389
4,004,543
2,921,905
Accts.
b
&
c
1937
railway
$312,673
Net from railway—168,931
Net after rents
85,877
Res. for contfng..
Accounts payable.
568,124
642,102
Loan payment due
notes
258,722
919,997
June 21,
260,381
1,061,901
63,585
recelvaole
50,000
1937
Accrued taxes, &c.
..
Deferred charges..
66,053
70,401
100,142
974,950
924,950
164,050
120,356
263,875
373,984
Capital surplus.
,085,762
Deficit-....-—..
Inventories
570,664
3,073.012
641,999
1st mtge. loan
Real
and
personal
prop, taxes pay.
Notes payable
d
$7,090,936 $7,022,229
Total
—
Total
4114.
appointed co-registrar
the capital stock (62,118 shares) of this company.—V. 145, p. 2068.
Delaware & Hudson
RR.—Earnings—
Net from railway
Net after rents
1936
1935
$2,272,755
565,487
417,896
$1,828,169
128,018
$1,834,834
99,183
54,945
23,316,265
4,195,231
2,748,914
Net after rents
42,037
23,026,701
4,137,155
2,685,347
20,957,945
2,179,691
1,283,879
21,361,641
1,910,824
1,285,833
—V. 145, p. 3651.
For
the information of stockholders who
Delaware Lackawanna & Western R R. —Earn ings—
1937
Net from railway—...
Net after rents
From Jan. 1—
Gross from railway
1936
1935
$4,258,299
1,159,967
824,490
$3,682,399
771,738
430,363
$3,462,199
672,187
272,673
712,692
264,905
46,253,184
10,283,221
5,432,795
Net from railway
Net after rents.
45,266,216
9,385,415
5.550,792
40,814,585.
6,818,212
2,994,952
41,028.205
8,433,798
4,261,415
—Y. 145, p. 3651.
constitutes a taxable dividend that the value of the stock
Denver & Rio Grande Western RR.—Issue
Interstate
cost
Commerce Commission
on
Dec.
22
Approved —
authorized the
Dow Chemical
of improvements to
the railroad's properties,
or
to
reimburse
treasury for expenditures already made for improvements.
The report of the Commission says in part:
The trustees propose to sell the certificates for cash at not less
than
?ar and accrued interest, atof the present market for certificates annum,
an interest rate not exceeding 4% per of this
'hey
state that
in view
character, it will be impossible for them to secure any firm commitments
for the purchase of the certificates unless and until we authorize the
issue
thereof, and the date of purchase has been definitely fixed.
The trustees
Co.—Subscription Agent—
Duluth Missabe &
November—
also propose that the certificates be sold as and when funds are
required
meet the proposed expenditures,
or to reimburse their treasury for
payments made on account thereof, and they are of the opinion that they
should be vested with discretion respecting the dates of the
certificates in
order that, so far as reasonablyfpracticable, interest will not begin to
accrue
thereon until the proceeds of the certificates are required.
The cash requirements for the proposed improvements are
estimated at
$1,892,442. apportioned as follows:
$1,245,527 for rail and other track
$59,865 for roadway machinery and tools, $263,989 for shop
material,
machinery and tools, $9,383 for work equipment, $1,036 for miscellaneous
equipment, and $312,642 for improvements to existing equipment.
While it is impossible for the trustees to make an
accurate forecast of
their operating revenues and expenses and net
railway operating revenues
for 1938, they are of the opinion that the
operating revenues to and in¬
cluding July 1, 1938, after meeting other operating expenses,
charges, and
obligations, will not be sufficient to meet and pay the necessary
expenditures
incurred or to be incurred by them in the proposed
improvements, including
operating expense charges. They state that the only means whereby they
can secure funds for the
purpose of meeting, or reimbursing their treasury
for, these expenditures will be through the issue and sale of the proposed
certificates.
Earnings for November and Year
1937
to Date
1936
1935
1934
!,288,427
417,105
$2,379,288
108,804
368,505
$2,093,313
755,241
569,595
$1,689,812
312,206
64,988
Gross from railway
Net from railway
24.869,107
Net after rents
19,148,093
4,245,468
2,029,516
17,641,395
4,123,988
def225,514
23,363,766
4,278,902
1.437,158
Net after rents
From Jan. 1—
—V.
145, p. 3815.
Shares subscribed for will
Iron Range Ry.
—Earnings —
1937
1936
1935
1934
$236,967
def388,174
def570,952
$1,414,720
608,999
327,062
$162,627
def321,734
def367,278
$106,931
def341,332
def365,855
26,566,887
16,913,707
13,482,729
Gross from railway
Net from railway
18,926,938
1.,213,072
9,320,617
11,527,470
5,423,259
4,423.566
9,402,221
3.129,702
2,375,076
From Jan. 1—
Gross from railway
Net from railway
Net after rents..
3652.
Duluth South Shore & Atlantic Ry.
1937
November—
Gross from
2,415,593
612,452
2,041,587
1936
$224,685
2,690,389
686,876
470,5-3
Net after rents
-Earnings—
1935
$175,676
4,532
defl3,029
railway
Net from rail way
2,713,515
862,788
623,630
63.105
35,793
1934
$179,005
23,596
9,649
$143,311
5.291
def5,328
2,210,162
2,053,401
402,72^
188,048
From Jan. 1—
Gross from railway
Net from railway-.
534,509
386,942
—V. 145, P. 3652.
Duluth
Winnipeg & Pacific Ry.—Earnings—
November—
1937
Gross from railway
Net from railway—
From Jan.
$114,266
1,290,598
226,437
defl4,582
1935
1934
9,631
$104,227
21,570
6,696
$85,000
11,496
9,375
1,242,082
232,506
defl4,308
966,090
13,473
defl36,613
823,261
def.50,637
def53,988
30,348
1—
Gross from railway
Net from railway
—V. 145, p.
1936
$9^,752
def4,508
def24,144
Net after rents
3652.
Duplan Silk Corp. (& Subs.)—Earnings—
6 Mos. End. Nov. 30—
1937
1936
'
1935
x
Net profit
Shs.
common
1934
$215,934
$323,119
$264,376
$331,920
270,000
270,000
270,000
270,000
$0.54
$0.94
$0.73
$0.97
stock out¬
standing (no par)
Earnings per share
After charges and Federal taxes, but before deduction for surtax on
undivided profitsCurrent assets as of Nov. 30, 1937, amounted to $3,107,547 and current
liabilitias were $735,975, comparing with current assets of $3,736,201 and
x
current liabilities of
to
November-
1, 1937
Guaranty Trust Co. of New York has been appointed agent to acecpt
subscriptions in New York to additional shares of 5% cumulative preferred
stock and also to transfer, split and group subscription warrants.
Sub¬
scription price to the new shares is $103 per share and the subscription
com¬
its
Gross from railway
Net from railway
of June
The
pany's trustees to issue $1,800,000 of trustee's certificates, series E, bearing
interest not to exceed 4%. Proceeds of the issue will be used to
pay a part
of the
as
indicating that such value
should be used by stockholders of the company in reporting the dividend
in their income tax returns.—V. 145, p. 3652.
Net after rents.
The
dividends, this
the date of distribution, was $25 per share and
1934
$3,960,045
November—
received such
company stated that the Commissioner of Internal Revenue has advised
it that the distribution of such capital stock of Pan-American Match Corp.
Net after rents----
Gross from railway
Ruling—
1934
$1,952,064
236,703
165,830
From Jan. 1—
Gross from railway
Net from railway
2,670,017
1,385,325
663,442
1, 1937, the company distributed to its preferred and common
certain shares of the capital stock of Pan-American Match
Corp. of the par value of $25 per share in payment of dividends declared
at a meeting of the board of directors held April 22, 1937,
payable solely in
such stock to stockholders of record at the close of business on
May 15,1937.
—V. 145, p.
1937
November—
3,168,761
1,720,100
900,278
1,942,646
992,193
On June
N et af ter rents
Co., Ltd.—Co-Registrar—
The Central Hanover Bank & Trust Co. has been
Gross from railway.
3,518,153
e
viously declared to be paid on Jan. 1, 1938, were paid on Dec. 24, 1937,
Instead.—V. 145, p. 3814.
of
1934
$230,008
117,567
52,999
issued Jan. 18,
Erivilege will expire1938.—V. 145,Jan. 3971.
at 2:30 p. m. p. 12, 1938.
Continental Steel Corp.—Dividend Date Changed —
Pass Coal
1935
$321,377
194,522
106,980
stockholders
The company announced that the quarterly dividends of $1.75 per share
on the preferred stock and 25 cents per share on the common stock pre¬
Nest
Earnings —
1936
$371,423
233,013
133.414
$7,090,936 $7,022,229
$3,731,552 in 1937 ($3,434,473 in 1936) for depreciation
$113,565 allowance for revaluation,
b After deducting reserve for
bad and doubtful balances of $22,894 in 1937 and $18,000 in 1936.
c Par
$1.
d After applying profit and ioss deficit at Oct. 31, 1935.—V. 145, p.
and
Crows
1,767,142
/
Diamond Match Co.—Tax
After deducting
a
3,504.582
1,923,284
996,306
.—
—V. 145, p. 3652.
$2,436,752
16,907
16,908
5,297,700
2,559,140
1—
railway
Net from railwayNet after rents-.---—
Common stock..$2 ,443,552
$349,180
123,513
73,232
394,712
282,377
3652.
Detroit & Toledo Shore Line RR.
From Jan.
1934
154,798
November—
Gross from
1935
$650,215
6,921,397
3,267,630
2,097,850
Net after rents
145,
—Earnings —
1936
1—
Gross from railway
Net from railway
1936
1937
Liabilities—
1936
1937
Assets—
Property acct—.$5,329,658 $5,482,899
168,256
Other assets
147,978
124,643
Cash
229,091
594,930
118,493
125,261
108,619
70,168
$620,620
312,643
222,417
$553,218
238,768
Net after rents
—V.
a Losses on property disposed of during the year have been charged to
profit and loss deficit account in connection with the charges made for
plant revaluation,
b Reduction of prior years' taxes and penalties effected
primarily through settlements and changes in assessments.
a
610,959
Detroit Toledo & Ironton RR.
Gross from railway
Gross from
Net loss
733,803
178,820
118,254
5,557
Net from railway
other miscell. expenses
1934
$59,357
19,958
17,558
1—
November—
Depreciation _
on
properties
1935
$70,208
24,384
19,331
—V. 145, p. 4115.
$28,792
50,580
Loss
1936
$92,176
44,905
35,713
$74,974
14,592
Not avail.
267,096
26,479
Selling, administrative &
-Earnings
104,474
$4,631,858
Total income
915.455
1937
November—
Net after rents—
506,007
62.855
-I"
1,438,442
615,757
703,027
132,418
2,553,328
751,649
1934
1935
$5,848,610
-
Gro^fmofit"
1,974,699
856,214
1,133,739
99,740
844,696
198,848
$8,214,438
1 103 381
Net sales
1934
$158,453
73,476
100,843
Gross from railway.
Net from railway
Years Ended Oct. 31
1936
1935
$268,936
131,668
142,253
2,491,385
625,004
751,368
Gross from railway
Net from railway
From Jan.
Earnings
Continental Motors Corp. (8c Subs.)
1936
$287,357
131,106
145, p. 3651.
Detroit
the under¬
writing discounts and commissions and the redemption provisions are to
be furnished by amendment to the registration statement.—V. 145, p. 4114.
Ry.— -Earnings-
1—;
Net after rents
Securities Corporation, Pittsburgh, $750,000.
Coffin & Burr, Inc., Boston, $500,000.
■
•
The price at which the bonds are to be offered to the public,
1938
$276,424
98,946
Gross from railway
Net from railway
Mellon
1,
1937
November—
Gross from railway
Net from railway—
Net after rents
Morgan Stanley & Co., Inc., New York City $2,125,000.
Bonbright & Company, Inc., New York ^ity,
The First Boston Corporation, New York City, $1,000,000.
Brown Harriman & Co., Inc.. New York City, $1,000,000.
E. W. Clark & Co.,
Jan.
$1,095,559.—V. 145,
p.
2224.
Duquesne Light Co.—Earnings—
12 Months En ied Oct. 31—
Gross
Net
1937
1936
$30,91*.454 $27,154,410
revenues..
operating
and
revenues
other
income
after
retirement reserve and taxes
13,943,695
13,654 391
10,378,134
10,125l046
properties, interest, amortization, appropriation
for special reserve and other income deductions.—V. 145, p. 3344.
x
Net
x
income
—
After rents for leased
Early & Daniel Co.—To Pay 75-Cent Dividend—
The directors have declared
a
dividend of 75 cents per share
on
the com¬
stock, payable Jan. 10 to holders of record Dec. 31.
This compares
paid on Sept.
30, last; an optional dividend of $2 paid on
May 25, last; $1 paid on Jan. 11, 1937 and on Sept. 30, 1936, and 25 cents
per share distributed on June 30 and on March 31,1936.—See also V
144
mon
with 50 cents
*
p.3172.
Eastern Mfg. Co.—Petitions to
Reorganize —
Company on Dec. 28 filed a petition in the Federal District Court of
Maine, Northern Division, for reorganization under Section 77-B of the
Bankruptcy Act.
Federal Judge John A. Peters approved the petition
and continued the company in temporary possession of the
property
He
directed that all claims and interests of creditors and stockholders
be filed
on
or before March 1, 1938.
The company announced through
Edward M. Graham, President, that
and impor¬
stock, and that it
complete reorganization plan within 30 days
it had discussed plans of reorganization with its bank creditors
tant holders of its bonds, preferred stock and common
expected to file with the court a
Meanwhile, operations will be continued under supervision of the court
According to the petition, the company's property and assets
comprising
paper and pulp mills, timberlands, &c., have an aggregate value more than
Volume
Financial
146
Chronicle
sufficient to pay its obligations, and its operations for the 12 months period
ended Nov. 30, 1937 have resulted in a substantial profit.
Nevertheless,
it was stated, the financial condition is such that the company is unable to
meet its debts as
they have matured or will mature or to obtain the credit
essential to proper operation of the business.
Reorganization under Sec¬
tion 77-B is asked to reestablish the credit position, permit continuation of
the business and preserve the interests of creditors and security holders.
Liabilities
the
of
company
stated
are
include
to
trade
and
accounts
acceptances payable in the amount of $372,158, bank loans of $1,152,000
owing by
Elizabethtown Consolidated Gas
was
paid
addition,
12 Months Ended Nov. 30—
1937
Total income.-—---—------—$11,164,696
Federal income taxes (estimated)
558,597
Debt discount and expense
Minority interest
—
Net income
$2,977,584
1,108,705
$0,245
$4.91
Deficit
Per share of common stock—deficit
Earned
of
share
treasury stock)
per
Note—There is
V. 145, p. 4115.
no
6%
stock
cum.
provision
for
(excl.
surtax
undistributed
profits.—
12 Months Ended Nov. 30—
1936
$8,481,657
to
Eastern Utilities Associates
-
Combined Income Statement of Subsidiary Companies
(Inter-company items eliminated)
Period End. Nov. 30—
Operating
Operation
.
Balance
Balance---..
Dividends
jttxctccisc
-
-- -
m
%
Amount
1.0
1.8
*2.8
1,100,000
932,000
*2,239,000
Corp.—Pays 75-Cent Dividend—
have declared a dividend of 75 cents per share on the
stock, payable Dec. 28 to holders of record Dec. 24.
This com¬
pares with $1 paid on Sept. 30, last; 50 cents paid on July 8, last; 25 cents
paid on April 26, last; and-a dividend of 75 cents per share distributed on
Dec. 21, 1936.—V. 145. p. 1417.
Balance..
1937
1936
1935
$1,836,020
718,415
531,503
$1,328,869
**59,288
351,601
$758,891
109,168
21,906
20,432.527
6,389,915
3,878,804
17,122,598
12,832,891
3,658,072
2.577,346
9,465,156
1,790,650
511,058
1934
From Jan. 1—
145, p. 3652.
El Paso Natural Gas Co.
Period End. Nov. 30—■
Gross oper. revenues—
Operation
Maintenance
a
—
Taxes
Prov. for retirements—
'Net
oper.
income
$3,117,816
914,393
63,993
171,682
358,370
$172,932
907
924
$2,240,639
11,380
$1,609,375
27,471
$226,990
33,674
2,792
Total gross income—
Interest
Amortiz. of debt exp
inc.
1937—12 Mos.—1936
$4,577,808
1,292,496
113,663
b407.281
523,728
$226,082
$173,856
40,690
3,788
$2,252,019
383,566
34,992
$1,636,846
598,109
57,669
$981,067
Other income
Net
(Del.) (& Subs.)—Earnings'
1937—Month—1936
$333,613
$429,073
116,102
108,022
11,724
1,443
b26,732
12,432
48,431
38,781
before
non¬
recurring income
Non-recurring income &
Net
$190,522
Balance
for
Cr2,252
$125,527
8,631
$1,812,516
103,579
$983,319
85,880
$170,237
$116,895
$1,708,937
$897,438
common
dividends & surplus
a
on
Dr20,945
8,631
i
Prof, stock div. require'ts
$1,833,461
Dr3,850
$178,869
income.
$129,377
Drl 1,653
Includes Federal income tax.
b Does not include provision for surtax
undistributed profits.
Comparative Consolidated Balance Sheet Nov .30
1937
1936
$
$
Assets—
Fixed assets, prop.,
&c
18,862,101
16,029,455
184,300
79,049
172,000
Sinking fund cash.
7%
S
b Prem. on com.stk 3 ,305,304
721,526
7,333,000
1st M. 4Mb, ser. A
1st M. 48, series B
7 ,035,000
10,204
Notes receivabh
.
Accts. receivable.
Notes pay. to bks.
135,000
50,000
3,059(000
344,107
18,841
Cash
2,000
9,995
80,013
Special deposits
15,121
361,402
c
Accts. payable..
273,868
Prepaid expense..
Misc. def'd charges
conv. debs..
Com. dlvs. decl'd.
25,894
411,605
Adv. by consumers
511,355
181,690
111,900
25,895
148,395
340,336
,893,920
1,473,859
8,317
8,069
39.431
3,028
85,309
53,686
Accrued taxes
336,979
Pref. divs. declared
Res. for retire'ts.
Contributions
by
consumers
Res.
for conting-.
Res.
for
unearned
profits
Earned surplus..
Total
17,661,6111
20,371,065
125 shares of
Total..
29,896
,909,829
1,592,111
20,371,065
17,661,611
33,728
stock, $3 par, shown in assets under
caption "reacquired securities."
b Represents excess upon reclassification
of no par value common stock into $3 par value common stock as of Sept. 4,
1936, plus excess of amounts received over par value of shares issued since
that date,
c Accounts payable for November, 1937, include
approximately
$122,000 incurred in connection with new construction and the purchase
a
of
p.
producing
3652.
a
gas
well,
....------
—
-
$3,457,828
14,809
$3,991,942
;
$3,443,018
_
$4,315.
for
No provision has been made by the other subsidiary companies
on undistributed profits, since
any liability for such tax
Federal surtax
cannot be determined until the end of the year,
b Applicable to
Public Service Co., before allowing for unearned cumulative
dividends of certain subsidiary companies.
Note—Certain subsidiary companies on Jan. 1. 1937,
Engineers
preferred
adopted the Federal
Power Commission system of accounts, hence previous year's
figures are
not exactly comparative.
On March 31, 1937, the physical property and
certain other assets of Ponce Electric Co. were sold.
The income statement
includes results of operation of that company for periods prior to that date.
—V.
145,
p.
4116.
Erie RR.— Reconstruction Finance Loan—
The Interstate Commerce Commission
on
Dec.
the basis of present and prospective earnings,
meet its fixed charges without a reduction
28 found the company
reasonably to be expected
thereof
through judicial
reorganization and approved conditionally a loan of not to exceed $6,006,000
to the company, by the Reconstruction Fjnance Corporation.
The report of the Commission says in part:
Company 011 Dec. 11, 1937, filed an application with the RFC for an
additional loan of $6,006,000.
By our previous reports and certificates we approved loans to the appli¬
cant totaling $16,582,000.
Advances were made on the foregoing loans in
the same amount, of which $582,000 has been repaid, leaving
$16,000,000
outstanding.
The loans are evidenced by the promissory notes of the
applicant for $631,000 due on Oct. 1 of each of the years 1938, 1939, 1940
and 1941, and $13,476,000 on June 1, 1942.
In 1934, 1935 and 1936 certain maintenance of way and structures and
equipment expenditures were approved by us as desirable for the improve¬
ment of the applicant's transportation facilities.
For these purposes the
applicant obtained advances from the Federal Emergency Administrator
of Public Works, for which 4% notes were issued in the total amount of
$4,752,000.
Subsequently the notes were acquired by the Finance Corpora¬
tion and $569,000 thereof matured and was paid on Feb. 1, 1937.
The
remaining notes, amounting to $4,183,000, mature as follows: $569,000
on Feb. 1, of each of the years 1938 to 1943, incl., $568,000 on Feb. 1,1944,
$110,000 on Feb. 1, 1945 and $91,000 on Feb. 1, 1946. .
The applicant sold to the Federal Emergency Administrator of Publifc
Works $13,273,000 of 4% equipment trust certificates for financing the
acquisition of equipment.
Of this amount $1,440,000 has been repaid,
leaving outstanding certificates of $11,833,000, which are owned by the
Finance Corporation and mature as follows: $503,000 on March 1 and Sept. 1
of each year from March 1, 1938, to and including Sept. 1, 1943, $502,000
on March 1 and Sept. 1 of each year from March 1, 1944, to and
including
March 1, 1949, $69,000 on Sept. 1, 1949, March 1, 1950, and Sept. 1, 1950,
and $68,000 on March 1, 1951.
The applicant has received $4,030,000 of loans from the Railroad Credit
Corporation, which have been reduced by cash payments and other credits
$709,875, the amount remaining unpaid as of Dec. 10, 1937.
Indebtedness
to banks amounts to $2,575,000, represented by short-term notes due June 1,
1938.
The applicant's only important mortgage debts maturing prior
to 1953 are $4,616,000 New York & Erie RR. third mortgage 4H % bonds
due March 1, 1938, and $2,148,000 of the same company's second mortgage
5% bonds, due Sept. 1, 1939.
Its income account showed after fixed charges, a net income of $4,171,149
in 1930; deficit of $901,093 in 1931; deficit of $3,142,997 in 1932; net income
of $531,529 in 1933; deficit of $601,034 in 1934; deficit of $852,400 in 1935:
and net income of $2,195,014 in 1936.
Dividend income received included
debentures of the Pittston Co.
as follows:
$1,000,000 in each of the years
1930 and 1931, and $1,500,000 in each of the years 1932 and 1933.
The applicant requests an additional loan of $6,006,000 for a term of
three years from the date of the loan to pay the following obligations, or
to reimburse it for payment thereof:
Payable as soon as practicable:
,
Toward payments of vouchers.
8,580
66,921
Reacquired securs.
4M%
,200,000
579,954
465,873
146,299
445,299
9,135
,
Mat'ls & supplies.
Unamot. debt exp.
Includes
$
1,479,700
1,112,967
cum. pf.
stk.
1936
1 ,479,700
Com. stk. ($3 par) al ,764,396
plant, pipe lines,
Instalm't notes rec
1937
Liabilities—
d
*
$4,015,888
23,946
-------
$7,365,466
2,664,789
1,242,848
Cum. pref. divs. of certain sub. cos., not earned.
$265,340
$502,880
a Includes Federal income taxes of
$1,008,670, of which the Federal sur¬
tax on undistributed profits
for four subsidiary companies amounts to
to
'
$1,148,717
133,685
def5,727
5,290,554
3,613,674
-
Amount applicable to minority interests
on
Elgin Joli£t & Eastern Ry, ,—Earnings—
$8,148,840
2,513,393
1,619,558
-
preferred stocks, declared
b Balance
directors
-
on
$13,738,978 $12,697,602
5,590,138
5,332,136
Cum. pref. divs. earned but not declared
Inc.—Weekly Input —
common
—V.
$1,730,694 $21,630,040 $20,827,418
669,821
7,891,061
8,129,816
Balance.-.--..-.... $1,158,904
$1,060,873
Appropriations for retirement reserve
1
Net after rents
$1,816,410
657,505
1,872,783
1937
1936
American Power &Lt. Co.-.108,434,000 107,334,000
Elec. Power & Lt. Corp
52,477,000
51,545,000
Nat. Power & Light Co
77,705,000
79,944,000
*
Decrease.—V. 145, p. 4115.
Gross from railway
$1,671,029 $21,866,473 $19,662,362
59,664
Dr236,432
1,165,056
1,740,671
Operating Subs, of—
Net from rail way
$1,870,082
Dr53,672
_
-
Int. & amortization, &c.
For the week ended Dec. 23, 1937, the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1936, was as follows:
Net after rents—-
1937—18 Mos.—1936
$4,150,037 $52,262,283 $47,728,348
1,755,247
20,679,401
19,727,848
267,532
3,594,186
2,861,922
456,227
a6,122,222
5,476,214
1,700,521
1,686,850
309,824
earnings.
»
No provision has been made by the subsidiary companies for the Federal
surtax on undistributed net income for the year 1937 which may be payable
under the Revenue Act of 1936, since any liability for such tax cannot be
determined until the end of the year.—V. 145, p. 3815.
November—
325,834
529,363
—...
1,566,883
309,824
with the month of October, 1937, Eastern Utilities
Federal surtax on estimated undistributed net
Gross from railway
Net from railway
1937—Month—1936
$4,425,801
revenues
Non-oper. income—net.
Associates is accruing for
Electric Products
—
Engineers Public Service Co. (& Subs.)—Earnings —
Net oper. revenues...
1937
$8,583,779
Other income of Eastern Utilities Associates.
Balance for Eastern Utilities Associates dividends
and surplus
The
3816.
Associates—Earnings—
Operating revenues—subsidiary companies
Net
earnings of sub. companies applicable
Ebasco Services,
p.
1937
1936
$3,115,647
$2,921,410
1,205,433
1,096,342
393,391
324,319
appropriations for re¬
The board of directors at a special meeting held Dec.
17, declared a
dividend of $2.25 per share upon the class A pref. stock and class B
pref.
stock, payable Dec. 22, to holders of record Dec. 20, such dividend of $2.25
per share being for the 18 months period beginning Feb. 1, 1936.
At the same meeting a dividend of $1 per share of common stock was
also
declared, payable to all holders of record at the close of business Dec. 20.
—V. 143, p. 3998.
Taxes
Notes—Beginning
145,
Empire Telephone Co.—Dividends
Maintenance
Eastern Utilities
Co.—Earnings —
revenues.
tirement reserve.—V.
of
on
share distributed previously.. In
Dec. 2, 1935.—Y. 143, p.1718.
Balance after operation, maintenance & taxes..
y Balance for dividends and surplus
x Includes
non-operating income, net.
y After
$490,320
$0,247
$4.99
dividends
per
12 Months Ended Nov. 30—
2,145,967
101,645
$489,500
on
$2,866,317
1,109,025
2,253,228
105,151
Div. requirements on 4^% prior pref. stock
Div. require'ts on 6% cum. pref. stock, exc*. stock
owned by Eastern Gas & Fuel Associates
State taxes
1936
$10,734,203
485,877
4,045,976
3,644,185
2,998,282
3,185,338
582,630
504,574
1,627
47,912
Interest
$2
extra dividend of $2 was paid on
an
El Paso Electric
x
Associates—Earnings—
Depreciation and depletion
on
dividend of $2.50 paid on Dec.
regular quarterly dividends of
Operating
—
Dec. 1, last; quarterly dividends of $2.50 were paid on Oct. 1,
April 1, last.
Dividend of $2 paid on Dec. 26, 1936; extra
1, 1936; $2.50 paid on Oct. 1, 1936, and
on
July 1 and
subsidiary and guaranteed by the company, and outstanding
bonds in the net principal amount of $1,775,185 plus interest due and unpaid
thereon in the amount of $554,494.—V. 145, p. 3815.
_
Co.—Pays $2 Div.—
The company paid a dividend of $2 per share on its capital stock,
per
on Dec. 24 to holders of record Dec. 20.
An extra dividend of $2.50
$100,
a
Eastern Gas & Fuel
107
Equipment trust principal, due Dec. 15,1937
Payable on or before Dec. 30, 1937:
To apply on interest due Jan. 1, 1938
Payable on or before Jan. 13, 1938:
Principal of equipment trust due Jan. 15, 1938.
Payable on or before Jan. 29, 1938:
Taxes due in January, 1938..
Principal of equipment trust due Feb. 1, 1938
Registered serial notes due Feb. 1, 1938
Payable on or before Feb. 26, 1938:
Principal of equipment trust due March 1, 1938
Payable on or before March 30, 1938
Principal of equipment trust due April 1, 1938
Sinking funds due April 1, 1938
$1,500,000
223,000
1,500,000
247,000
750,000
279,000
569,000
754,000
30,000
154,000
common
d Represented
Total
$6,006,000
The taxes, due in January, 1938, comprise State and county taxes in
New York and Ohio, $641,000; railroad retirement taxes,
$272,000, and so¬
cial security taxes, $91,000, a total of $1,004,000, of which
$750,000 is
to be paid from the loan authorized herein.
by shares of $100 par.—V. 145,
Total operating revenues estimated by the applicant for 1937 amount
to
a
decrease of about 1 % under 1936.
Depreciation of $3,805,400 is included
Financial
108
operating expenses estimated by the applicant for 1937.
A deficit
estimated by it for the year.
The favorable results in the
by the results for November and December,
according to the applicant's estimate.
The applicant has filed a forecast of cash receipts and disbursements by
months from Dec., 1937 to Dec. 1938, inclusive.
According to this esti¬
mate the cash balance will be $3,072,000 on Jan. 1, 1938, $1,434,000 on
Feb: 1, 1938, $3,068,000 on April 1, 1938, $3,096,000 on Aug. 1, 1938, and
$5,894,000 on Dec. 31, 1938.
The estimate takes into account the pro¬
ceeds from the loans of $6,006,000 applied for, fixed charges and capital
in the
in net income is
10 months would be eliminated
$14,431,000, and payments to the Finance Corpora¬
payments aggregating
$2,2o6,000, including equipment trust certificates.
It assumes that
$5,400,000 in revenue will be realized from increases in freight
rates which may be approved by the Commission in proceedings now before
it in Ex Parte 123.
It does not take into account the bank loans due in
1938 and the RCC loans.
The Chesapeake & Ohio Ry. on Feb. 4, 1937, applied to us for authority
under Section 5 (4) of the Interstate Commerce Act, as amended, to acquire
control of the applicant through acquisition of capital stock.
The trans¬
action was to be effected through the taking over by the Chesapeake &
Ohio Ry. of 151,405 shares of the applicant's first preferred, 60,195 shares
of its second preferred, and 769,800 shares of the applicant's common stock,
from the Virginia Transportation Corp.. a wholly owned subsidiary of the
Chesapeake & Ohio, and of 215,000 shares of the applicant's common stock
from the Allegheny Corporation.
The resulting holdings would amount
to 55.68% of the applicant's securities having full voting power.
Ry our
order we approved the application and authorized the proposed acquisition
Jan. 1, 1938
Chronicle
Fisk Rubber Corp.—New Director —
Frederick M. Peyser, a partner in the firm of Hallgarten & Co. of New
York, has been elected a director of this company, to fill the vacancy re¬
sulting from the death of Andrew J. Miller.—V. 145, p. 1257.
Net from
of the Chesapeake & Ohio in the applicant, dis¬
by the foregoing, it is our view that the Chesapeake & Ohio should
be required to guarantee payment of the principal and interest of the loan
herein under consideration, or deposit as security therefor such other
collateral as may be satisfactory to the Finance Corporation.
We
conclude:
Commissioner Mahaffie, dissenting, says:
the majority prove to be right, I am unable to concur In the
required by the statute that the applicant "on the basis of
While I hope
certificate
present and
prospective earnings, may reasonably be expected to meet its
without a reduction thereof through judicial reorganization."
fixed charges
Commission Approves
Financing—
The ICC has authorized the company to issue
$5,000,000 ref. & improv.
mtge. 6% bonds to reimburse its treasury for capital expenditures previously
made.
In addition, the road was authorized to issue $653,750 general lien
4% gold bonds to be pledged with the trustee under the ref. & improv't
mtge. in compliance with conditions relative to retirement of certain sub.
bonds.
The refunding and improvement bonds will be available as coll.
for the new $6,006,000 RFC loan.
Earnings for November and
Year to Date
[Including Chicago & Erie RR.]
.
Net from railway
1934
Net after rents
1937
$5,994,911
1,065,976
241,508
1936
$7,458,038
2,514,268
1,554,535
1935
$6,455,925
1,986,449
1,225,594
$5,572,447
1,359,170
78.219,429
22,144,526
13,568,794
November—
Gross from railway
77,310,562
23,598,953
15,067,669
68,890,652
18,620,137
11,858.039
69,474,735
19,359,096
11,909,735
641,200
594,192
def262,468
159,933
Gloversville RR.—Trustee—
Fonda Johnstown &
Commission has ratified the appointment of
His maximum salary was fixed at
year.—V. 145, p. 3973.
V
Commerce
Interstate
The
Montgomery as co-trustee.
T.
$5,000
a
.
Fort Worth Belt Ry.— New
Robert Ellison
Director —
Tex. has asked the Interstate
director of this company.
Harding, of Fort Worth,
Commerce Commission for authority to serve as a
—Y. 143, p.
2837.
Fort Worth & Denver
174,537
211,610
5,494,746
1,772,217
5,237,036
1.887.421
1,216,370
4,951,922
1,345,958
1,038,693
1934
$430,039
115,465
1935
$577,490
262,441
349,738
6,785,018
2,546,232
1,747,729
railway.
Net from
City Ry.—Earnings —
846,234
1937
$650,290
244,664
November—
Gross from railway
Net after rents
1936
$637,994
277,348
60,610
From Jan. 1—
Net from railway
That the applicant may reasonably be expected on the basis of present
prsopecti ve earnings to meet its fixed charges without a reduction thereof
through judicial reorganization.
2. That we should approve a loan to the applicant by the Finance Corpo¬
ration of not to exceed $6,006,000 for a period ending not later than Dec. 31,
1940, for the purposes stated in the application and in this report.
3. That the applicant should deliver to the Finance Corporation as col¬
lateral security for the loan $489,000 first consolidated mortgage generallien 4% bonds of 1996; $190,000 general-mortgage convertible 4% series B
bonds of 1953; $2,073,000 general mortgage convertible series D bonds of
1953; $8,400,000 refunding and improvement mortgage 6% bonds of 1962;
and its equity in $2,100,000 of its refunding and improvemnt 6% bonds
of 1962 deposited as collateral for its loan from the RCC.
4. That the applicant should agree that the collateral herein required
to be deposited by it with the Finance Corporation, and the collateral
heretofore deposited by it as security for loans made directly to the applicant
by the Finance Corporation, now outstanding in the amount of $16,000,000
shall apply equally and ratably to all such loans, subject only to the lien
of the applicant's 4% registered serial collateral notes, outstanding in the
amount of $4,183,000, upon any of such collateral.
5. That the loan of $6,006,000 herein approved should be further secured
by the unrestricted endorsement and guaranty of the Chesapeake & Ohio
Ry. of the payment of both principal and interest of the note or notes
to be given by the applicant to the Finance Corporation evidencing the loan,
or by the deposit of such collateral as may be satisfactory to the Finance
Corporation in substitution of such guaranty.
1.
6,932,777
1,347,627
645,701
Gross from railway
and
37,856
6,956,178
909,142
£5,523
145, p. 3653.
Mai
In view of the Interest
Conclusions
14,689
7,677,221
1,792,324
Net after rents.
of control.
closed
$582,277
8,454,522
1,974,663
Gross from railway
Net from railway
—V.
$623,285
$688,623
145,992
76,995
railway
after rents
Net
1934
1935
1936
1937
$750,662
148,545
46,939
tion of
increases of
Ry.—Earnings —
Florida East Coast
November—
Gross from railway
Net
after rents
—V.
145,
—
3654.
p.
Corp.—Bonds Called—
Fulton Industrial Securities
All of the outstanding profit-sharing gold bonds series B 7s, dated Feb. 1,
1928, due Feb. 1, 1948; series C 7s, dated Aug. 1, 1928, due Aug. 1, 1948,
and series D 6s, dated Feb. 1, 1931, due Feb. 1, 1951 have been called for
redemption on Feb. 1, 1938 at 105% of principal and accrued interest.
Payment will be made at the Citizens & Southern National Bank of Atlanta,
Ga., or at the Marine Midland Trust Co. of New York.—V, 145, p. 3654.
General Alloys Co .—Earnings—
Earnings for 9 Months Ended Sept. 30, 1937
Net
$650,154
sales
Net profit after int. &
—V. 145, p. 4117.
General
tribution
Federal & State taxes
Corp.
Indemnity
74,533
...
America—Further
of
Dis¬
—
See Equitable Casualty
& Surety Co.—V. 144, p. 2300.
General Electric Co.—New
Official —
John F. Cunningham, supervisor of production for the company since
September, 1931, has been appointed Assistant to the Vice-President in
charge of manufacturing, succeeding Myron F. Simmons, who is retiring,
it was announced on Dec. 31 by W. R. Burrows, Vice-President in charge of
manufacturing.
The appointment is effective Jan. 1, 1938.—V. 145,
p. 4117.
General Finance
Corp.—Application Approved—
Chicago Stock Exchange has approved the application of the
corporation to list 11,525 additional shares of common stock, $1 par.
These securities will be admitted to trading upon registration under
the Securities Exchange Act of 1934, becoming effective and upon notice
of issuance.—V. 145, p. 3497.
The
Motors
General
30,000 Men■—To Go
Corp.—Cuts Production
Three-Day Week—
and Lays Off
on
William S. Knudsen, President, announced Dec. 28 that 30,000 em¬
ployees would be laid off and that the company would curtail production
to a three-day week schedule, effective Monday, Jan. 3.
He said the
slump in business had made readjustment of the working force necessary.
Employees, who numbered 265,000 in October and 235,000 this month,
will be reduced to 205,000.
The 1937 peak was 272,000.
For further
details see under "Current Events and Discussions" on a preceding page.
—V. 145, p. 3973.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
145,
p.
General Outdoor Advertising Co.,
At
3972.
Equitable Casualty & Surety Co.—Final Dividend —
Superintendent of Insurance Louis H. Pink is paying dividends of ap¬
proximately $332,987 to creditors of the Equitable Casualty & Surety Co.
and of the General Indemnity Corp. of America.
Creditors of the Equitable
Casualty & Surety Co. will receive $263,479 and those of the General
Indemnity Corp. of America $69,508.
This marks the third and final dividend to the creditors of the Equitable
Policyholders are being paid at the rate of 6%
Casualty & Surety Co.
of their allowable claims making a total of $943,102. or 22% which they will
have received.
Non-policy holders being paid at the rate of 6K% making
a total of $18,307, or 1834% of their allowable claims.
These sums do not
include payments made to preferred claimants.
The dividend to 5,100 creditors of the General Indemnity Corp. of
America is the fifth which they will have received.
Policygolders are to
receive a 5% dividend which will bring their total receipts to $659,166, or
66% of their total allowances against claims.
Policyholder trust funds
provided 39H% of these payments.
Non-policy holders will be paid a
dividend of 8.264% bringing their total receipts to $83,057, or approxi¬
mately 44% of their total allowable claims.—V. 141, p. 4014.
special meeting of the stockholders held on Dec. 28, the company's
a
Certificate of Incorporation was amended by
of class "A" stock, and 4,085 shares of class
General Public Utilities, Inc.
Period End. Nov. 30—
1937—Month—1936
Operating revenues
Operation
$74,633
41,521
$72,791
34,945
Maintenance
4,233
a!2,689
9.353
11,963
$16,189
Drb
Taxes
Net oper. revenues...
Non-oper. income (net).
$874,662
473,615
68,961
a 152,620
$873,010
460,545
75,428
154,651
$16,528
7
$179,464
105
$182,386
239
$16,184
5,000
$16,535
5,000
$179,570
60,000
$182,626
60,000
$11,184
1,328
$11,535
1,137
$119,570
12,323
$122,626
11,864
$9,855
$10,397
$107,246
105,889
Total
$110,761
105,889
& taxes
_
Gross income
Charges of subsidiaries..
Charges of G. P. U., Inc.:
on
funded debt..
Federal income tax
Balance
Retirement res. accruals
Fed undist.
Net
Gross income
interest
charges
...
Net income
Dividends declared.
Bal.
income for the year
$1,821,090
44,863
$146,680
$1,993,403
$1,865,953
8,826
6,713
102,907
65,903
$139,966
36,693
38,971
$1,890,496
451,954
$1,800,050
425,457
71,353
2,150
71,352
4,483
856,238
19,563
865,509
7,816
12,350
$25,159
$550,390
$501,266
3,242
3,242
38,910
38,910
$33,086
$21,917
$511,480
$462,356
General Public
avail,
for
com.
stock and surplus..
a
$1,957,780
35,623
$36,329
income
on
$145,285
1,394
profits tax
Util., Inc., $5 pf. stock
No
provision has been made for the Federal surtax on undistributed net
1937, since any liability fofsuch tax cannot be deter¬
mined until the end of the year.—V. 145, p. 3496.
a
Divs.
428,547
510,323
(other
than Federal income)
Int.
468,382
530,299
.
..
Exps.
239,958
37,896
45,436
1937—12 Mos.—1936
Fed.
Depreciation
a
1,987,598
$146,525
(other than
income)
237,050
$155,352
Taxes
$4,987,518
2,190,988
27,971
$154,924
427
Maintenance
$5,384,502
167,556
40,892
44,296
Operating expenses
1937—12 Mos.—1936
(& Subs.)—Earnings —
14,855
revenues
1937—Month—1936
$440,616
$424,145
185,647
Period End. Nov. 30—
Gross oper.
Non-oper. income
Co.—Earnings—
reducing the authorized shares
"A" stock owned by the com¬
and held in its Treasury were retired.
The original issue of class "A"
stock amounted to 125,000 shares, and by retirements from time to time
the oustanding stock of this class has been reduced to 100,000 shares.
At the same meeting the stated capital value of the shares of common
stock was reduced from $10 to $7.50 per share.
By the foregoing action the company's capital surplus was increased by
$1,691,824, and the total capital surplus is now $3,220,262.—V. 145,'
P. 3817.
•.
pany
Net oper. income
Fall River Gas Works
Inc.—Capital Stock
Reduced—
General Public
Utilities, Inc., excluding operating divisions.
Note—No provision has been made in the above statement for Federal
undistributed profits taxes other than reflecting the accrual for the calendar
1936 in the figures for the 12 months ended Nov. 30, 1937.—V. 145,
3655.
year
(M. H.) Fishman Co.—Pays Extra Dividend—
p.
The company paid an extra dividend of 15 cents per share on its common
stock on Dec. 30 to holders of record Dec. 30.
A regular quarterly dividend
of 15 cents per share was distributed on Dec. 1, last.—V. 145, p. 3817.
Firestone Tire & Rubber Co.
(& Subs.)—Earnings—
*
Years End. Oct. 31—
Net profit
Shs.com.stk.
x
(par $10)Earnings per share
x
1937
$9,269,176
1,941,303
$3.33
1936
1935
1934
Net
after rents
From Jan.
—
1937
$284,089
1,839
1936
$345,883
94,343
Def400
73,059
3,420,103
514,127
3,404,922
654,229
526,951
633,127
1935
1934
$257,919
17,729
25,096
$264,908
61,269
69,736
2,953/03
474,295
514,185
2,924,419
492,345
508,310
.
1—
$9,142,654
1,932,497
$5,649,146
1,866,007
$4,154,656
1,897,597
$3.28
$1.53
$0.71
Net
2844.
—V. 145, p. 3655.
After depreciation, interest, Federal income taxes, &c.—V. 145, p.
RR.—Earnings
Georgia
November—
Gross from railway
Net from railway
Gross from railway
Net from railway
after rents.
Volume
146
Financial
Chronicle
Georgia & Florida RR.—Earnings—
—
Week Ended Dec. 21
Period—
1
—V.
p.
Dec.
to
1936
1937
$19,550
revenues
145,
Jan.
1937
Operating
$21,600
$1,268,531
21
1936
'
$1,156,792
4117.
1937
,
Gross from railway
Net from railway
$169,795
13,035
def6,305
Net after rents
$137,506
def 1,940
def3,064
27,413
15,133
Deprec. of
1,757,212
182,556
36,539
289,766
64,894
■
1,699,748
126,278
52,695
(v:.,
..
General
Co.—Pays $1.25 Dividend—
payments were made as follows: $1.25 on Dec. 6, last; $1 on Sept. 30, last;
15 cents paid on June 30 and on March 31, last; $1.40 on Dec.
18, 1936;
$1 on Nov. 20, 1936; 50 cents on Oct. 20, 1936; 15 cents paid on July 31
and on April 30, 1936; four dividends of 15 cents per share each
paid during
1935; 15 cents paid on Nov. 30. 1934; 25 cents on Jan. 31, 1934 and 20 cents
per share paid on Jan. 31, 1933.—V. 145, p. 2226.
Globe Steel Tubes Co.—Dividend Resumed—
stock
common
Years Ended—
—
„:
28, *37 Oct. 29, '36
$9,937,062
10,761,737
9,029,049
...
Gross profit on sales
$685,709
and general
and
$908,013
905,323
Selling, delivery
Loss
Sundry deductions from income.
Loss on non-operationg property
Interest on mortgages and funded debt
"
Amortization of bond discount and expense
Depreciation
Net loss for year
$393,481
include
$48,750
of
x$87,854
Comparative Balance Sheet
Oct. 28. '37
Cash
Oct. 29, *36
$323,108
receivaole
373,469
376,493
x416,957
549,715
14,378
Inventories
12,812
dep.
guarantees...
Cash
deposit with
Oct. 28, '37
Oct. 29, '36
Accounts payable.
$145,649
ing fund
4,558
85,673
conv.
debs.,
A, due May
1,1941
$198,566
$266,553
$102,149
180,000
17,404
15,030
9,395
2,437
180,000
17,404
11,652
180,000
17,404
16,324
180,000
17,404
14,883
1.116,000
Gulf Mobile & Northern
November—
Gross from railway
2,737
3,000
...
loss$10,490.
C129.300
From Jan.
30,000
16,600
30,000
3,500
430,989
1,879,219
2,294,676
1935
Gulf Power
$446,308
128,926
50,724
6,965,555
2,331,535
1,126,286
6,683,460
2,592,912
1,316,342
5,656,837
1,909,540
1,019,653
4,800,940
1,334,094
455,750
Co.—Earnings —
Period End.
Nov. 30—
Gross revenue.._
Oper.
6ross
1937—Month—1936
$136,464
$129,651
94,581
86,220
11,942
8,000
$1,651,829
1,064,062
155,557
$1,467,885
19,872
$35,430
17,689
$432,210
225,179
$421,160
206,942
$17,741
5,584
$207,031
67,014
$214,217
67,014
$4,483
income
$12,156
$140,017
$147,203
$29,940
Net income
on
Merkel, Inc..
Surplus
72,000
Gobel Co. of la.
pref. stock
Balance
(at cost)
60,445
Fixed assets
2,507,269
Deferred charges..
68,505
$3,833,431
72,000
1937
$103,942
1,773
def28,623
1,446,564
242,993
def46,235
From Jan. 1—
Gross from railway
20,000
Net from railway......
Net after rents
2,252,056
59,971
$4,208,485
Ship Island RR.1—Earnings
November—
Gross from railway
Net from railway
Net after rents
bl90,409
y
November—
...$3,833,431 $4,208,485
RR.—Earnings —
1935
def23,844
$95,759
5,124
defl7,759
def23,772
1,328,455
165,139
def107,929 '
1,173,203
169,801
84,967
1,052,135
125,128
defl53,202
—496
Gulf States Utilities
1935
1937
235 487
def lis ,366
$2,094,696
637,724
264,519
$1,880,140
514,299
3 38,938
$1,102,957
def58,487
defl84,172
21,541,731
5,030,559
2,334,336
19,003,480
3,757,584
2,173,246
15,847,828
2,133,269
Net from railway
..
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$5,854,432
2,922,994
2,797,426
1,194,883
891,151
After appropriations for retire¬
Electric
Power
Co., Ltd.—Bonds
—
Dillon, Read & Co., fiscal agents, have announced that $450,000 of
1st mtge. 7% bonds, series A, due in 1944, have been drawn for
redemption
Feb. 1 through operation of the sinking fund.
Payment will be made at
100 and accrued interest at the offices of Dillon, Read &
Co., in New York,
and of J. Henry Schroder & Co., in London.—V.
145, p. 114.
Engineering Works—Extra Dividend—
The directors have declared
an
extra dividend of
$1.40 per share
Great Northern Ry.—New Vice-President
on
the
Newman
Minneapolis has been appointed Traffic ViceHe succeeds Harry H. Brown, who is
retiring after having been
Earnings for November and Year
November—
railway
Net after rents
From Jan. 1—
Gross from railway
Date
1935
1934
$6,679,470
2,422.548
1,810,705
$5 ,828,318
1 ,902,403
83,210,001
30,860,881
22,298,056
75,830,152
65 ,660,466
29,660,707
21,961,341
20, ,633,123
12,,897,342
1 ,233,678
-
railway
Greater New York Suffolk Title & Guarantee Co.—
Certificate Holders—
See New York Title & Mortgage Co. below.—V.
Green Bay & Western
November—
141, p. 4016.
RR.—Earnings-
1937
Gross from railway
Net from
1936
1935
$137,710
25,972
8,176
$123,276
def2,127
def13.832
$104,634
11,796
7,233
1.572,186
425,180
254,413
1,471,022
338,844
146,631
1,303.107
259,339
123,231
1,022,465
71,792
def510
Net after rents—
From Jan. 1—
Net from
railway,
railway.
Net after rents
—V.
145,
p.
1934
$136,629
34,847
24,117
railway.
Gross from
Light Co.—Earnings—
1937—Month—1936
$47,224
$47,716
30.638
29,812
2,292
2,498
a7,194
6,302
Operating revenues
Operation.
j.
3656.
1937—12 Mos.—1936
Taxes
$7,100
$562,715
362,791
28,401
a86,248
$568,982
356,749
23,286
84,693
$9,103
$85,273
$104,253
26
Maintenance
51
82
Non-oper. inc. (net)
Balance
Retire, res. accruals
$7,100
2,916
$9,129
2,916
$85,325
35,000
$104,335
35,000
Gross income
Interest charges
$4,183
246
$6,213
$50,325
2,153
$69,335
2,917
Net income
Dividends declared
$3,937
$5,993
$48,172
54,054
$66,418
58,968
219
No provision has been made for the Federal surtax on undistributed
net income for the year 1937, since any liability for such tax cannot be
determined until the end of the year.—V. 145, p. 3498.
Hershey Chocolate Corp.—SI Extra Dividend—
an extra dividend of $1 per share in addition
dividend of like amount on the convertible preference
stock, both payable Feb. 15 to holders of record Jan. 25.
Extra dividends
of $1 per share have been paid on this stock each February since and in¬
cluding Feb. 1, 1930.—V. 145, p. 3009.
to the regular quarterly
& H.
Seeking
Mfg. Co.—Bankruptcy—
reorganization
under
Section
77-B
of
the
Bankruptcy
company has filed a petition in U. S. District Court, Providence,
in accordance with the unanimous vote of directors on Dec. 23.
The
Jan.
3656.
Distribution to
Haverhill Gas
Period End. Nov. 30—
H.
1936
$7,447,340
2,686,718
1,850,462
89,621,243
32,574,396
23,412,020
Net after rents
p.
to
1937
$6,602,805
2,235,300
1,431,684
Gross from railway
y
The directors have declared
—
of
with the Great Northern since 1893.
145,
Balance for dividends and surplus
x Includes
non-operating income, net.
reserve.—V. 145, p. 3819.
a
common stock, par $10, payable Dec. 23 to holders of
record Dec. 17.
A
regular quarterly dividend of 15 cents per share was paid on Nov. 1. last.
—V. 145, p. 1586.
Net from
Balance after operation, maintenance & taxes..
Net oper. revenues—
Consolidated
on
—V.
x
314.464
p. 3656.
Great Lakes
1936
$6,402,907
revenues
1934
$1,827,481
—
1936
22,523,109
5,047,633
2,316,256
Gross from railway
974
Co.—Earnings—
12 Months Ended Nov. 30—
Operating
1934
$83,704
ment
1937
Net after rents
—
1936
y
Grand Trunk Western
Net from
93,500
$105,823
—V. 145, p. 3657.
Total
xAfter deducting $49,488 ($38,827 in 1936) reserve for bad
debts, y After
deducting reserves for depreciation,
a Represented
by 72,000 shares,
b Represented by 14,494 shares,
c These bonds were paid at maturity
Nov. 1, 1937.—V. 144, p. 4008.
President.
953,224
x Includes provision for Federal surtax on
undistributed profits for 1936.
No provision has been made for such tax in 1937.—V. 145.
p. 3656.
Gulf &
430,989
co.
R.
1937—12 Mos.—1936
$10,068
5,584
.
exps. and taxes.
Prov. for retir. reserve-.
Com. stock (par
30,000
Frank
1934
$597,897
225,526
132,706
—V. 145, p. 3656.
Divs.
Capital stock and
1936
$641,726
260,799
125,083
1—
Gross from railway
172,807
Kern, Inc
(Leh-
Investments:
Called
353
y$52,674 loss$110,491
RR.—Earnings—
1937
Net from railway......
Net after rents..
pay.
$1)
C08t
Great
......
...
surplus:
one year..
145,
9,823
$571,269
85,915
defll,646
Net from railway......
Net after rents
1,125,000
mann)._
204
Sundry invests, at
—V.
11,598
150
Int. & other fixed charges
ser.
1st mtge. bonds of
Acct.rec .-due after
Total
4,632
38,441
555
x Incl.
$236,330 income from Boqueron terminal,
y Before deducting
$7,213 reserved for income and profits tax.
z Incl. $220,930 ($227,152 in
1936) income from Boqueron terminal.—V. 142, p. 2161.
41,831
4H%
Reserve for contg.
and others.
Non-affiliated
$37,655
5,908
38,342
15,239
9,658
$50,193
$109,681
Mtge.
Claims against ins.
a
$197,406
4,261
38,167
16,458
4,787
$274,459
Net income
x
Liabilities—
Geo.
trustee for sink¬
cos.
$134,894
38,976
14,469
6,321
income-...
—
Accrued liabilities.
$631,827
Accts. and notes
as
98,650
107,761
4.677
Int. on funded debt
Amort. ofbds.dis.& exp.
U. S. & Cuban taxes...
interest
paid on $2,250,000 of 6H%
collateral gold notes which accrued during the fiscal
year and is charged to
surplus.
Cash & secur.
106,137
166,420
sales, &c
Net oper.
Deduct—
815,651
$219,614 prof$92,361
CY12.675
GY9.167
8,596
9,696
13,127
62,546
51,051
5,782
5,374
96.491
123,262
Other income.
x
2,734
119,919
157,039
administrative
expenses
Assets—
50,297
25,010
55,187
58,298
147,344
100,466
58,060
224,569
6,327
Miscellaneous
-_-$ll ,447,445
Cost of sales
not
65,287
25,081
•
'Oct.
Net sales.
Does
$580,756
80,652
25,930
119,429
58,966
239,747
$210,016
exp...
Bad debts (net)
Res. for inc. & prop, tax
Other deductions.
(Adolf) Gobel, Inc.—Earnings—
$949,753
Rents from property...
Hire of equip, (net)
,
The company paid a dividend of 50 cents per share on its
on Dec. 27 to holders of record Dec. 23.—V.
145, p. 280.
on
$939,309
746
expense
Net rev., from ry. oper.
Miscellaneous Revenue
Profits
x258,990
$315,726
118,855
146,175
188.365
118,784
159,324
Deprec. of equipment...
Transportation expense.
Miscellaneous expense._
Boqueron Term.
The company paid a dividend of $1.25 per share on the common
stock,
par value, on Dec. 20 to holders of record Dec. 1.
Previous dividend
x
structures
$502,398
81,146
26,063
95,533
57,365
235.067
Ry. Oper. Expenses—
Maint. of way & struc—
$506,415
183,968
z248,926
$984,044
Total ry. oper. rev_„
1934
$169,403
2,082,152
3655.
p.
Gilmore Oil
no
$198,043
33,782
17,344
2,204,516
397,466
173,068
Net after rents
145,
1935
1934
$533,142
206,203
z244,700
Maint. of equipment...
From Jan. 1—
Gross from railway
Net from railway
—V.
1936
RR.—Earnings—
Income Account—Years Ended June 30
1937
1936
1935
Ry.Oper. Revenue—
Freight
Passenger
Mail, express, &c
Georgia Southern & Florida Ry.—EarningsNovember—
109
Guantanamo & Western
concern,
10.
engaged
Current assets
while current liabilities
Act,
I.,
R.
in
weaving and dying, must file (schedules by
according to the petition, approximate $353,701
about $197,000.
are
Holly Sugar Corp.—Declares $2 Dividend
on
Common Stock
Directors on Dec. 27 declared a dividend of $2 per share on the common
stock, payable Feb. 1, 1938 to holders of record Jan. 15, 1938.
A dividend
of the same amount was paid on Feb. 1, 1937.
The following statement was issued after the directors' meeting:
"The fiscal year of the corporation for which it makes its income tax
reports to the Federal Government ends March 31 in each year.
The
entire amount which would normally be paid on the common stock
during
the calendar year 1938 is consolidated into one dividend in order to make
such dividend
a
distribution during the fiscal year ending March 31, 1938."
Prior to the directors meeting held Dec. 27 the corporation sent a notice
to stockholders
explaining that, pending notice of an appeal from a recent
court decision, permitting payment of common dividends of $10 per share
in any calendar year, it is restrained until Jan. 15, 1938 from
paying a
dividend of 25 cents per share on the common stock declared in
June, 1937.
In case an appeal is taken, it is enjoined from
paying that dividend and
any further dividends in excess of $2 per share in any calendar year upon
the common stock until the appeal is finally decided.—V..
145, p. 3346.
Financial
110
declared an extra dividend of 50 cents per share on
stock, payable Jan. 3 to holders of record Dec. 23.
A regular
quarterly dividend of $3 per share was paid on Oct. 1, last.—V. 145, p. 3347.
Y. City—Foreclosure Sale—
Hotel Drake, N.
corner of 56th
Drake, 20-story hotel structure at the northwest
St. and Park Ave., N. Y. City, was sold at auction Dec.
The
28 in the Vesey
Street salesrooms.
The Chase National Bank, trustee for the mortgage
bondholders, as plaintiff, bought in the building for $1,700,000.
Foreclosure proceedings had been brought by the bank against
the
Draco Realty Corp. to satisfy a judgment of $4,148,415.
The property,
also known as 434-442 Park Avenue, has frontage of 185 feet on East 56th
Park Ave.
According to Weil, Gotshal & Manges, attorneys for the bondholders'
committee, the sale gives the bondholders complete control of the hotel.
They point out that under a plan of reorganization approved last month
by Supreme Court Justice Salvatore A. Cotillo, a new corporation will
be formed, the bondholders retaining all the equity, receiving in exchange
for their old securities new bonds on a dollar-for-dollar basis, with interest
to be paid out of income at the rate of 5%, cumulative to the extent of 3 %.
St. and 67.1 feet on
provides for the purchase by the bondholders of all the
from the Draco Kealty Corp. for $270,000,
payable over a period of three years out of the income of the establishment.
$75,000 will be the down payment, with $65,000 each year thereafter.—
V. 145, p. 1742.
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
Houston Electric
Co .—Earnings—
Operating revenues
Operation
Maintenance
Retirement accruals
Taxes
300,775
a322,731
295,952
242,111
$408,910
129,624
94,941
5,443,999
2,005,374
1,374,246
4,824,081
1,565,575
1,088,035
4,489,280
1,343,250
878,302
1937
disc.
of debt
expense
Sheet Nov. 30
Balance
1937
1937
$
Liabilities—
20 ,386,649 20,188,448
2,550,764
1 918,829
capital
1 011,156
sees..
Notes receivable.
261
613
307,957
253,004
112,504
-
Acc'ts receivable..
87,315
21,872
Materials & suppl's
I nvestm 'ts—Gen'l.
Accrued
17,479
Accrued interest--
$348,139
count & expense
1, 191,350
1,305.695
194,432
21,334
223,951
7,203
Undlstrib. debits..
241,686
277,638
7,750
5,865
676
613
,
Hudson Motor Car Co.—Expands Sales Organization —
William R. Tracy, Vice-President in charge of sales announced that
Baker has been
appointed manager of the National Used Car
Department, and C. W. Treadwell, manager of the Business
In addition to these appointments, six regional sales
ment.
Car Depart¬
development
appointees were announced.
These are as follows:
North East, J. K.
Shaw; South East, D. R. Slaughter; Central, O. W. Teeple; Mid West,
Curt Collins; South West, G. A. McManus; Pacific, F. D. Cox.
These
sales development representatives will travel from their respective regional
offices under the direction of the sales manager.—V. 145, p. 3499.
Hygrade Food Products Corp .-—Earnings—
53 Wks.End.
—Years Ended
Year Ended
Oct. 31. *37 Oct. 31, '36 Nov. 2, '35 Oct. 27, '34
from oper._ $4,576,286
$4,496,267 $6,901,195 $5,140,043
Sell., adm. & gen. exps_3,961,242
3,747,874
4,639,566
4,849,656
Period—
Gross profit
$615,044
income....
40,098
Other income.
$748,393
95,2^ 5
$2,261,629
$290,386
35,689
7,499
$2,297,318
178.818
$843,638
163,585
Other taxes
238,435
133,017
199,297
530,155
102,955
Repairs & maintenance-
206,953
152,056
195,349
bonded debt....
162.467
52,037
15,931
160,646
5,727
26,312
193,197
28,110
21,763
$655,142
Total income
Provision for deprec
Processing taxes on hogs
on
Other interest, net
Otherdeduc.fr. income.
Non-oper. strike exps...
on
sundry accts.
rec. & oth. misc. chgsProv. for inc. & excess
$297,885
213,930
Traffic—The Subway Division
$219,036
276,610
$2.62
282,415
Nil
276,610
$0.60
276,610
Nil
$5 outstanding
Earnings per share
Provision for Federal income taxes
only.—V. 144, p. 1111.
Telephone Co.—Co. Awarded
a
to increased unemployment.
during November carried 16,943,006 passengers,
approximately 2.83%, as compared with No¬
vember, 1936.
All lines on the division showed less traffic than in the
corresponding month of last year.
Allowing for the irregularities of the
calendar the decline during the month was actually at a rate of approxi¬
mately 5.25% below the traffic in 1936.
decrease
of 493,316,
or
number of passengers carried on the entire system in November
82.889,872, a loss of 3,079,038, or approximately 3.58%, as compared
1936.
Subway Division Operations
The
was
with November,
Period End. Nov. 30—
Gross oper. revenue
IVZ7—Month—1936
1937—5 Mos.—1936
$3,575,687 $3,738,623 $16,827,837 $17,333,303
2,193,770
2,061,166 11,135,342 10,367,158
$1,508,000 —
$1,677,456
$5,692,495
185.483
160,267
902,486
$1,196,434
deductions.
218,707
$1,517,188
218,707
$4,790,009
1,093,538
$6,212,678
1,093,538
$977,726
$1,298,481
$3,696,471
$5,119,140
046,384
030,731
051,130
Drl33,068
$1,024,110
$1,329,213
$3,747,602
$4,986,071
Gross inc. from oper..
$1,024,110
$1,329,213
848,699
871,509
$3,747,602
4,246,542
$4,986,071
4.353,887
885
$457,703 def$498,939
4,005
4,660
$632,184
7,809
$176,296
$462,363 def$494,934
$639,994
Current rent
Balance
of enterprise
Fixed charges..
Net inc. from oper___
Balance
$175,410
Manhattan Division Operations
Rental
Net oper. revenue
of
jointly
$4,537,312
4,599,194
$4,668,297
4,226,018
$98,162
def$61,881
$442,279
5,071
3,960
3,554
6,385
4,940
3,797
3,436
6,397
25,135
19,400
17,759
32,557
24,763
19,348
17,418
32,715
$18,972
operation.—V. 145, p. 3820.
$18,572
$94,852
$94,246
$79,589 def$156,734
$348,033
oper.
lines:
Illinois Central RR.—Earnings
Queensboro Line
Lexington Ave. Line..
of System1934
1935
1936
1937
White Plains Rd. Line
■
$9,417,821 $10,728,796
2,810,570
3,489,098
1,826,364
2,500,505
$8,503,824
1,916,796
$7,494,991
1,768,237
1,107,020
952,038
104,458,426 104,224,764
25,955,818
26,028,795
15,705,605
14,554,292
88,918,363
18,822,193
83,289,499
21,104,968
11,779,900
:
Gross from railway
1937—5 Mos.—1936
1937—Month—1936
$940,158
$904,177
841,996
905,229
def $1,051
Period End. Nov. 30—
Operating expenses
Net from railway
753,466
Used for purch. of assets
Gross oper. revenue
period of eleven years.
Net after rents
$6,966,145
$1,381,917
Net operating revenue
Overruling the claims of the State, the city, the County Treasurer and
attorneys for some individual subscribers,
a statutory Federal court
declared that the company was entitled to the residue from the refunding
November—
during the month of November carried
due probably in large part
The Manhattan Division
a
Non-oper. income—
The company was awarded on Dec. 23 $1,503,000 remaining from the
refunding of $18,897,980 ordered by the United States Supreme Court for
the benefit of subscribers who paid overcharges on certain coin-box services
for
Earnings —
Bal.—City & company
Payable to city under
Contract No. 3
197,410
4.344
4,835
35,155
300,000
x35,000
25,176.830 24,741,227
Total
in his monthly report, states:
Income from oper
$199,497prof$167,298prof$726,492
Net oper. loss
—
Shares capital stock par
1,278
65,946,866 passengers, a decrease of 2,585,722, or approximately 3.77%,
as compared with November, 1936.
All lines on the division reported less
traffic than during the corresponding month of last year.
As there was
one more working day in the month this year the traffic was off at a higher
rate than indicated by the above figures.
The decline was actually at
the rate of 5.75%.
This decline occurred mainly in the residential sections of the city,
61,248
-
profits taxes
Illinois Bell
2,092,321
Interborough Rapid Transit Co.—November
Thomas E. Murray Jr., receiver,
Taxes...
Loss
x
1,653,019
175
2,367,203
145. p. 3820.
Operating expenses.—.
Int.
24,736
1,761,143
25,176,830 24,741,227
Total
-V.
$15,903
$16,085
506,273
217,118
liabiL-
accr.
Reserves
Corporate surplus.
$189,578
$111,118
a No
provision has been made for the Federal surtax on undistributed
net income for the year 1937, since any liability for such tax cannot be
determined until the end of the year.—V. 145, p. 3657.
Net oper.
taxes
Misc. unadj. cred.
Other
$413,094
17,158
687
38,281
450,622
215,722
30,288
38,281
posits
12,755
$34,425
-
A.
Main extension de¬
22,322
8,641
-
Special deposits.._
$
1,054,900
1,054,900
5,250,000
Common stock
5,250,000
Funded Indebted-13,827,000 13,827,000
87,943
Consumers' depos.
95,009
39,850
Other curr. liabils.
34,990
Preferred stock—
1,113
Prepayments.
1936
$
1936
$
Assets—
$522,598
$574,859
,*
dividends
Balance available for
Fixed
124,134
&
Net income
William
$1,326,122
718,576
84,947
497,936
—
15,839
2,347
Other interest, &c
824,304
503,607
charges
deductions
Other
Unarnort. debt dis¬
Amort,
$2,654,034
805,101
579,445
H. 196,930
Net income
Interest
$34,884
Net oper. revenues
Interest on bonds
1936
$2,581,476
12 Months Ended Nov. 30—
Gross revenues
Oper., maint. and retirement or depreciation—
All Federal and local taxes—-------
Marketable
1937—12 Mas.—1936
$2,809,809 $2,398,274
1,382,981
1,182,103
390,226
329,966
1934
189,092
138,029
145, p. 3499.
Cash
1937—Month—1936
$245,801
$208,765
124,748
103,643
29,098
27,742
27,369
20,995
a29,698
21,958
Period End. Nov. 30—
1935
$482,289
Indianapolis Water Co.—Earnings-
furnishings
and
1936
$509,225
202,113
138,569
5,705,637
2,052,777
1,323,703
Gross from railway
The plan aiso
furniture
1937
$477,671
133,338
50,920
November—
The directors have
the common
1, 1938
Co.—Earnings-
Illinois Terminal
Co.—Extra Dividend—
Holyoke Water Power
Jan.
Chronicle
Other rent items
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Earnings of Company Only
Gross from railway
Net from railway
Net after rents
Net after rents
.
,
1936
$8,909,389
2,599,585
1,832,690
1935
$7,181,407
1,428,074
834,806
1934
$6,322,674
1,361,724
774,074
89,393,171
20,788,021
12,690,567
89,715,653
21,144,347
12,066,838
77,318,848
15,302,569
9,635,382
72,345,407
18,169,123
11,077,914
Commerce
has authorized
Commission
the company
(a) to extend from Dec. 1, 1935 to -rvpril 2, 1952, the date of maturity of
exceeding $3,100,000 of 1st mtge. gold bonds of Cherokee & Dakota RR.
and (b) to extend from June 1, 1927 to April 2, 1952 the date of maturity
of not exceeding $1,000,000 1st mtge. gold bonds of Rantout RR..
Both issues are owned by the Illinois Central, which has pledged them as
not
partial collateral security for $15,000,000
1952.—V. 145, p. 3657.
of its 4% gold bonds, due April 1,
Indiana Associated Telephone
Period End. Nov. 30—
Operating re venues.-..Uncollectible oper. rev._
Net oper. revenues...
Rent
for
lease
1937—11 Mos.—1936
$1,193,252
$1,102,240
625
prop
income.
—V. 145, p. 3499.
Sinking Fund Ordered Paid —
O. Knox has ordered that interest and sinking fund
paid on the 1st refunding 5% bonds due 1966.
Federal Judge John
due Jan. 1, 1938, be
Judge Knox has approved the petition of the receiver for permission to
utilize for corporate purposes $709,676 accrued to the company from New
York City in connection with a condemnation proceeding.
The money is
now in the hands of Guaranty Trust Co., trustee for the first and refuhding
mortgage bonds.
Principal and Interest Payment on Notes—
The New York Stock Exchange has
received notice that payment of $43
$1,000 note will be made on Jan. 3, 1938, on the 10-year secured conv.
7% gold notes, due 1932. The Committee on Securities rules that the notes
be quoted ex $43 per $1,000 note on Jan. 3, 1938; that the notes shall
continue to be dealt in "flat" and to be a delivery in settlement of trans¬
actions made on and after that date the notes and Sept. 1, 1932, coupon
must be stamped as to 11 payments aggregating $473.90.
Such coupons
must be securely attached and bear the same serial number as the notes.
Further notice having been received that the above payment on that part
of the notes represented by certificates of deposit will be mailed on Jan. 3,
1938, to holders of record at the close of business on Dec. 29, 1937, the
Committee on Securities rules that Skid certificates of deposit be quoted ex
$43 per $1,000 certificate on Jan. 3, 1938; that certificates of deposit
delivered in settlement of contracts made Dec. 28, 29, 30 and 31,1937, must
be accompanied by due-bills for the above payment; and that all due-bills
must be redeemed on Jan. 4.—V. 145, p. 4119.
706
$111,852
59,112
$104,119
50,299
$1,192,627
643.837
$1,101,534
577,275
$52,740
$53,820
$548,790
$524,259
51
10,600
591
167,712
789
127,550
$37,461
$43,169
$380,487
$395,920
of oper.
Operating taxes
Net operating
Corp.—Earnings—
1937—Month—1936
$111,852
$104,119
50
15,229
Operating revenues
Operating expenses
Interest and
def$20,024
per
of Bonds—
Interstate
The
*
-
Gross from railway..—
Net from railway
Extension
,
1937
$7,861,020
2,143,590
1,338,706
November—
From Jan. 1—
10,555,789
Bal. of net oper. rev.,
International
Business
Machines
Corp.—Sells
$5,-
000,000 Debentures Privately—Owing to rapid expansion of
its
sold to a large institutional
$5,000,000 10-year 31/2% sinking fund debentures,
Thomas J. Watson, President, announced Dec. 29.
business, corporation has
investor
The cash provided by the sale of these debentures will be added to the
corporation's working capital for the construction of rental machines and
for other corporate
purposes.—V. 145, p. 3499.
Volume
146
'J
Financial
ft
■
$945,071
124,652
15,778
$961,866
182,313
56,140
11,085,759
1,773,303
140,227
10,610,697
1,871,268
552,136
11,666,403
3,098,882
1,400,742
—Y. 145, p. 3658.
International
Metal
Ltd.—Accum. Div.—
Industries,
a dividend of $1.50 per share on account of
convertible cumulative preferred stock and on
the 6% convertible cumulative preferred stock, series A both payable
Feb. 1 to holders of record Jan. 15.—V. 145, p. 2077.
The directors have declared
accumulations
the
on
6%
Ltd. (& Subs.)
International Paints (Canada),
Years End. Sept. 30—
Net profit from oper
Transfer
Transfer
14,055
11,212
7,180
to gen. reserve.
to
1935
$105,994
34,192
20,619
Provision for deprec
Prov. for income tax
1934
$79,992
38,884
7,514
4,111
$62,704
34,791
5,090
2,791
1936
1937
$146,733
34,611
for
reserve
27,791
8,566
$52,500
55,515
$42,000
48,255
$29,484
20,079
$20,031
13,222
$108,015
$90,255
$49,563
$33,252
10,088
3,087
amortiz. of bonds
Net
profit
Previous surplus.
Cap. surplus segregated.
Adjusted prior years
Organiz. exp. written off
Preferred
.
—
—
—
—
—
359
—
500
dividends
1,307
3,239
31,500
41,991
-
—
—'
—
^
Court
later defeated the Government in
Assets—
1937
Land, bldgs., mach
Goodwill,
trade¬
marks,
$356,527
$571,962
Later
he
issued
ment."
statement
a
190,001
12,419
276,551
190,001
277,317
277,026
214,986
&c
b Stock of other co.
Inventories
Accts. receivable.
_
12,419
Surrender value of
$840,000
•
The company he wishes to reorganize is the J. Edward Jones Petroleum
Corp., of which he is President.
"It is only a personal company of mine operating in Louisiana," Mr.
Jones explained, "and none of the clients of my organization is affected in
the least by it."
'
The petition lists the corporation's liabilities at $241,267 and its assets,
composed mostly of oil and gas leases in Louisiana, at $612,500.
Last April, according to Mr. Jones, the corporation entered into a con¬
tract with J. Dudley Clark of Boston, who agreed, it is asserted, to furnish
bonds for the development of the Madie Z. Sharp Oil and Gas lease of 110
acres in Caddo Parish, La., valued at $250,000.
Creditors claiming less than 10 % of the total obligations of the corporation
it is explained, "are harassing the debtor by law suits, attachments, levies
and other processes."
The corporation's assets, the petition explains, are "without exception
all proven oil and gas leases which are of great inherent value."
With
their continued development, Mr. Jones believes, they are "capable of
producing sums of money from month to month sufficient to amortize all
obligations."
Kansas City
Power & Light Co.—Earnings —
Period End. Nov. 30—
Gross earnings
Oper.
1937—Month—1936
1937—12 Mos.—1936
$1,520,478
$1,486,482 $17,616,826 $16,785,894
incl. mainte¬
gen. & prop.tax
exps.,
nance,
Reserve for depre¬
ciation
~
184,399
•
~
Prov. for Dominion
3,490
100,386
61,316
Provincial
8.000
11,344
Mtge. payable
10,400
16,916
8,566
36,356
Capital surplus...
10,088
10,088
Earned surplus
65,165
55,515
$1,224,932 $1,342,835
deducting
reserve
$1,224,932 $1,342,835
for $25,000.
-V.
145,
p.
3820.
$1,137,951
27,992
_
____
Net profit before Federal income taxes.
Net
on
undistributed realized taxable profit
$959,344
151,355
Dividends paid
Balance, surplus
Earnings per share on 462,500 shs. capital stock (par $1).
Cash
hand and in banks._
on
Merchandise
x3,082,820
inventories....
receivable
4,331
Fixed assets at cost
(less
Cash
on
13,405
deprec., SI1,985).
deposit in closed bank
$50,000
Note payable to officer
Accounts
payable
commissions
,
343,345
___.
6,117
for
income
83,396
113,398
Federal
tax
on
1935
$199,205
110,582
73,172
$144,319
44,227
17,127
2,222,635
1,186,548
765,683
after rents
Net from railway.
Net after rents..
2,265,219
1,193,857
735,147
1,823,070
807,492
1,728,609
793,187
457,333
145,
p.
304,328
462,500
Net
profit for
Oct. 31,1937
year
Balance, Nov. 1, 1936-Adjustment of purchases of 1st pref. stock to par
Balance, Oct. 31,
1937
mated cost
doubtful
accounts
Iowa Electric Light & Power
The directors
have declared
dividends
807,990
reserve
for esti¬
Co.—Accumulated Divs.—
account
of accumulations of
87 Yi
cents per share on the 7% cum. pref. stock, series A; 81M cents per
share on the 6XA% cum. pref. stock, series B, and 75 cents per share on the
pref. stock, series C, all of $10i par value, and all payable Dec. 28
to holders of record Dec. 17.
Similar distributions were made in each of
6%
73,655
....
.$1,482,407
Consolidated Balance Sheet Oct. 31
x
1937
Liabilities—
1936
1937
chln'y & equip..$1,627,815
G'dwill, Walkover
500,000
trade-mark, &c.
$1,644,110
1936
$5,000,000 $5,000,000
1,476,168
1st pref. stock
Land, bldgs.,ma-
Com.stk.&sur. 1,482,407
Cap. & sur. owned
65,910
by mgrs., &c...
Loans payable
a540,928
y
64,786
506,742
500,000
603,484
i"7:6Ia
150,000
Z26.892
Acc'ts receivable..
,061,960
1,014,458
pref. divs
377,863
549,215
1,941,950
Res. for contg
121,576
116,281
Cash
Inventory
.......
,344,918
129,714
Prepd. ins. & exps.
Sundry investm'ts
.
120,040
37,189
51,862
20,035
131,338
Accts. pay., accrls,
res.
for
&
taxes
1st.
pref. treasury
stock
___Z>r.l,343,300Drl264,100
20,892
...$6,245,384 $6,073,689
$6,245,384 $6,073,689
Total
x After
depreciation of $2,065,611 in 1937 and $2,056,769 in 1936.
Represented by 40,496 shares of no par value (stated value of $5 per
shares),
z Includes
drafts receivable,
a Includes notes payable.—V.
145, P. 2850.
y
Kelvinator of
$3,650,198
of $339,732
on
$40,051
1,476,168
39,843
.$1,556,062
-
This company is
Canada, Ltd.— Calls Preferred Stock—
preferred on Feb. 15,
outstanding, with par value of $100, redeem¬
dividend of $1.75 which will have accrued on
redeeming its entire issue of 7%
1938.
There are 4,960 shares
able at 105 plus the quarterly
that date.
for
.
value
Total
Dividends paid- -First preferred stock.
1,235,243
ended
Total
and
of collection of $342,536.—V. 145, p. 3199.
reserve
—
Period Nov. 1, 1936 to Oct. 31, 1937
250,000
Sin-plus at date of organiza¬
tion, as adjusted
After
478,892
3658.
Consolidated Earnings for the
Total
...
x
•
Net earnings
unrealized
taxable profit
$3,650,1981
1934
1936
125,323
80,791
normal
Capital stock (par $1)
Paid-in surplus (excess of pro¬
ceeds from sale of capital
stock over par value thereof)
Total....
Ry.—Earnings-
From Jan. 1—
Life insurance
and
bonuses.-.—..
Reserve
$8.47
the surtax,
$212,138
U. 8. Treas. bds..
Accrued taxes.....
re¬
serve for
$7.99
Notes receivable..
$2.07
Accrued
283,529
Miscellaneous loans and accts.
$807,990
...
1937
Liabilities—
$259,997
Accounts receivable
$0.79
1937
Assets—
Net profit for the year
Balance 8'heel, Oct. 31,
$0.70
$199,574
98,856
57,339
Gross from railway
$1,165,944
178,450
28,149
;_____
Normal inconretax
Surtax
$4,689,306
(Geo. E.) Keith Co. (& Subs.) —Earnings
$4,827,795
2,409,618
1,280,225
__
___________
Operating profit
$4,444,012
Kansas Oklahoma & Gulf
Earnings for the Year Ended Oct. 31, 1937
Other income (net)
120,524
$437,346
November—
Inc.—Earnings—
Gross sales, less returns
Cost of goods sold and selling commissions
Expenses
30,706
788,633
undistributed profits.—V. 145, p. 3975.
Gross from railway
Net from railway
—V.
Interstate Home Equipment Co.,
~~6~, 633
_
Note—No deduction is made in the foregoing statements for
19,400
bonds
b After
184,639
1,773
72.000
Earns, per sh. com. stock
after income tax.
10,460
30,612
32,041
taxes
Total
8,080,024
$8,705,869
1,575,226
108,146
2,212,667
limited
if any, imposed on
Res. for amort, of
Total
of
Net income
1,052
1,723
4,020
_
8,612,843
$9,003,983
1,391,021
102,133
2,247,477
term investments
50,440
General reserve
Deferred charges.
Amortization
Fed. & State inc. taxes.
Accrued liabilities.
life Ins. policies.
Cash
731,665
$754,817
117,702
8,496
146,000
62,280
747,209
$773,269
113,456
8,540
187,821
$389,677
Net earnings
Interest charges
$840,000
136,267
5% pref. stock
1st mtge. 7% ster¬
ling bonds
Accounts payable.
a petition
under Section
filed
saying that his financial difficulties were
"agencies of the Govern¬
,
Depreciation
1936
1937
Liabilities—
1936
mail fraud prosecution,
the result of various attacks made against him by
Amort.of discts.& prems.
Consolidated Balance Sheet Dec. 30
a
Dec. 30 asking permission to reorganize one of his companies
77B of the Bankruptcy Act.
m
$20,079
$48,255
$55,515
$65,165
111
t it
(J. Edward) Jones Petroleum Corp.—Seeks to Reorganize
1936
$1,048,393
169,087
13,366
12,075,462
1,968,478
307,448
Net from railway
Net after rents
!
J. Edward Jones, dealer in oil royalties, who won a victory in the Supreme
over the Securities and Exchange Commission in 1936 and a year
1934
1935
1937
$1,012,746
91,271
def71,128
From Jan. 1—
Gross from railway
Chronicle
-Earning s-
International Great Northern RR.
November—
Gross from railway
Net from railway
Net after rents
k
cum.
the ten preceding quarters, on March 20, 1935; and on Dec. 20 and June 15,
1934, prior to which no dividends had been paid since June 30, 1932, when
regular quarterly distributions of $1.75 per share on the 7% pref., $1.62H
per share on the 6M % pref. and $1.50 per share on the 6% pref. stock were
made.—V. 145, p. 2078.
,
,
•
..
,,
would require $520,800, have been provided by
Nash-Kelvinator Corp., the parent company.
Interest on a loan of this amount would be $26,040.
As dividend require¬
ments on the preferred are $34,720 a year, the company will save $8,680
annually, equivalent to 8.6 cents per share of common stock.—V. 145,
Redemption funds, which
a
p.
deferred loan at 5% from
2079.
Ken-Rad Tube & Lamp Co.—Dividends—
company paid a dividend of 37 H cents per share on its class A
stock, no par value, on Dec. 15 to holders of record Dec. 8.
Similar
amounts were paid on Dec. 10, Nov. 10 and on June 10, last.
V. 145,
The
common
p.
2697.
Keokuk Electric Co .—SEC Approves Acquisitions—
of the properties and assets of Fort Madison
City Light Co. under a plan of reorganization in¬
volving the dissolution and elimination of three corporate entities has been
approved by the .Securities and Exchange Commission.
The companies are
subsidiaries of Central Mississippi Valley Electric Properties, which is a
subsidiary of Union Electric Co. of Missouri.
They are all members of
Acquisition by the company
Electric Co. and Dallas
Isle
Royale Copper Co. (N. J.)-
■Succeeded
by Michigan
Corporation—
Isle
Royale Copper Co. (New Jersey) has been dissolved, and a new
corporation with the same name has been incorporated in Michigan.
All assets and liabilities of the New Jersey corporation have been assumed
by the Michigan corporation.
►
The $15 par value common stock of the new corporation will be issued in
exchange for $25 par value common stock of the old corporation on a sharefor-share basis.
The stock of the new corporation is assessable to the extent
of $5 per share.
In view of the dissolution of the New Jersey corporation, tradingfin that
corporation's $25 par value common stock on the Boston Stock Exchange
was discontinued at the close of business Dec. 29, 1937.
A listing application to place th'e stock of the new corporation on the list
in substitution for the shares of the old corporation is being prepared for
submission to the Exchange.—V. 144, p. 2484.
*
Jamaica Public Service Ltd.
Period End. Nov. 30—
Gross earnings
Oper. expenses & taxes..
Net op;.r. revenues
Inc. from other sources..
Balance
Interest & amortization-
1937—12 Mos.—1936
$895,349
523,648
$875,187
531,070
$30,703
$371,700
$344,117
138
1,736
237
$29,505
8,770
$30,842
8,566
$373,437
$344,355
103,884
$20,734
$22,275
$268,539
$29,505
104,898
North American
,
The plan
Madison Electric Co.
Accordingly, three corporate entities will be dissolved
change its name to Union Electric Co.
direct subsidiary of Union company.
the date as of which the proposed reorganization
is expected to be consummated, the net book values of the properties of
Fort Madison company and Dallas company, which .are to be acquired by
Keokuk company, less liabilities to be assumed, after adjusting the plant
and property accounts to reflect original costs by a write-down of approxi¬
mately $40,000 and after a write-off of organization expenses, were approxi¬
mately $478,485 and $70,830, respectively.
Accordingly, on the basis of
$45 per share, Keokuk company is to issue a total of 12,207 shares of its
no par common stock (10,633 shares to Fort Madison company and 1,574*
shares to Dallas company) in exchange for the properties and assets of such
to Union company.
and
Keokuk company, which is to
of Iowa, will become a
As of Nov. 30, 1937,
(& Subs.)—Earnings—
1937—Month—1936
$74,115
$71,9x3
43.411
42,437
Co. system.
provides for the transfer of all the properties and assets of Fort
and of Dallas City Light Co. to Keokuk Electric Co.,
in exchange for such amount of no par common stock to be issued by Keokuk
company at $45 per share as may equal the net book value, less liabilities to
be assumed and after adjustments to eliminate certain intangibles, of the
properties to be acquired.
Upon completion of such exchange, Fort Madi¬
son co
and Dallas co. are to distribute the stock of Keokuk Company
received by each to Central Mississippi company as a liquidating dividend.
That company thereupon, in liquidation, is to distribute its assets, which
will then consist of ail the outstanding common stock of Keokuk company,
the
companies.
Balance
$240,471
*
—V.
145, p. 3658.
The assets of
acquired
together with the liabilities to be assumed in connec-
Fort Madison company and Dallas company to be
by Keokuk company,
Financial
112
Chronicle
tlon with such
acquisition, are to be carried on the books of Keokuk com
after certain adjustments above referred to, at the same amounts
pany,
now
shown
on
the books of such companies,
Jan.
1,
1938
recession.
Sales for the first two months of the new fiscal year, with
December partly estimated, he said, show practically the same volume as
ness
the corresponding months last
-
year.—V. 145, p. 2229.
The capitalization of Keokuk company now consists of
17,9% of preferred stock and 32,1 % of
in
common
50% of bonds,
Upon the issuance
stock.
Lehigh & Hudson River Ry.—Earnings
November—
Gross from railway
question, such capitalization wni consist of 35.9% of bonds, 12,8% of
preferred stock and 51.3% of common stock.
The issue price of the common stock to be issued by Keokuk company is
the same as the stated value of all its now outstanding common stock, ad
of which is owned by Central Mississippi Co., which company, upon disso¬
lution of Fort Madison company and Dallas company, will aiso
acquire the
common stock presently to be issued.
Tne plan provides that all of such
stock will lie owned by Union company.
The acquisition by Keokuk company of the assets and properties of Dallas
company has been approved by tne Illinois Commerce Commission by its
order dated Dec. 22. 1937.
The proposed acquisitions by Central Mississippi company and Union
company, respectively, of the common stock of Keokuk company are not
now before us for approval, such acquisitions
being exempt by virtue of
Rule 9C3-5.
These acquisitions, however, involving the dissolution and
liquidation of an intermediate holding company, will further simplify the
corporate structure of the holding company system and facilitate tne proper
functioning of such system.
Net from
Net
Gross from railway
Net from railway
Lehigh Valley
With
current
450,000
$3.00
22o,UoO
1
—
1935
1936
$1,343,476
$563,792
225,000
$2.51
$5.97
Corp.
—
To Enlarge Plants—
backlog
in
the
units
designed to increase the present factory floor space by 25,000 square
feet.
Upon completion of these improvements, totai floor space of the
factory wiJl be 240,000 square feet.
Robert E.
proposal the property, now operated by Marshall Keig as
will be transferred to a new corporation, which will lease
15-year period to the reorganized club.
The plan proposes formation of a new company with one class of common
stock, 90% of which will be given to holders of first mortgage bonds, of which
there is $2,806,200.
The remaining 10% will be distributed to holders of
the second mortgage bonds totaling $1,996,400.—V. 120,
p. 2084.
Gross, President, in commenting on the expansion program,
the volume of unfilled orders on the com¬
pany's books made it necessary to add to plant facilities immediately in
order to speed up production.
These additional facilities plus new produc¬
tion methods now being effected by plant engineers in the manufacture or
the company's three models should result in capacity monthly deliveries
during 1938.
According to Mr. Gross, upon completion of these improve¬
ments, capacity production will be 12 transports per month.
Lockheed officials announced that since receiving confirmation of a large
number of orders last month, the employment figure has jumped to 1844.
At the present time the factory is adding men daily and this will continue
until an additional 500 men have been added.—V. 145, p. 3659.
Lock Joint
■Earnings—
Pipe Co .—Extra Dividend—
The
1937
1936
1935
1934
$100,981
4,808
defl5,326
$209,204
106,636
75,042
$139,865
61,675
39,702
2,885,769
1,755,837
1,291,085
2,179,294
1,189,214
876,432
company paid an extra dividend of $2 per share on its common
Dec. 27.
A regular monthly dividend of 75 cents per share which
had been previously declared was paid on Dec. 31.—V, 144, p. 3180.
stock
$42,391
def21,257
3,230,667
1,994,295
1,476,689
1,393,461
533,904
314,587
on
Loew's, Inc.—Earnings—
def35.797
Consolidated Income Account (or Years Ended Auq. 31
Gross from railway
Net from railway
Net after rents
—V. 145, p. 3659.
[Incl. All Whody Owned Subs, and Partly Owned Af il. Cos.]
1937
1936
1935
1934
Theatre receipts, rentals
& sales of films, &c__$118,464,900 $105390,622
Rents of stores & offices
2,630,456
2,597,841
Lakey Foundry & Machine Co.— ■Earnings—
Years End. Oct. 31—
1937
Manufacturing profit...
Depreciation
Interest paid or accrued
Other deductions (net)._
Prov. for Fed. inc. tax..
Net profit
Dividends paid.
x461
z31,494
$125,052
65,751
____
Bad debts charged off.
y
1935
$206,652
69,590
70,854
32,046
14,962
1,200
18.705
.
Miscellaneous income...
1934
loss$77,585
44,348
73,668
loss$24,437
49,528
73,693
1936
y$371,431
122,845
72,874
Sell. & admin, expenses.
5,726
$18,000 loss$217,691 loss$153,384
Producers' share
Includes cancelation of interest
$31,494.—V.
Lane Co.—Initial Dividend
The company paid
an
p.
Interest
on
Int.
2397.
on
New Stock
of $1.50
bonds
Int.
—
per
share
to holders of record Dec. 20.—V.
on
the
on
516". 352
531,614
929,993
983,871
1,123,920
1,156,107
758,287
270,879
784,099
225,929
76,586
822,854
844,025
500,000
3,880,555
1,656,860
3,821,984
825,234
3,874,962
696,458
682,264
600,851
114,954
201,466
95,267
76,576
218,809
300,182
$14,426,062 $11,076,823
41,088,279
44,354,379
$7,579,743
37,667,063
$7,479,897
33.700,322
46,740
472.773
debentures..
&
mtges.
-
2 to Oct. 29,
-
Profit from operations before
depreciation and interest..
Provision for depreciation
bonds
&
mtges.
Amort. of dt. disc. & exp.
Loss on investn ent
Prov.
for contingencies.
Deprec. of bldgs. & equip
1937
$17,700,000
354,185
294,117
-
on
of affiliated corp
new
141, p. 3863.
(A. C.) Lawrence Leather Co. (& Subs.)—Earnings —
Consolidated Income Statement for the Period, Jan.
-------
498,015
311,187
505,089
of subsidiaries
initial dividend
Dec. 23
145,
5,269,557
profits (net)
profits $9,700, total $31,500 less excess provision
for prior year $6 balance (as
above)
5,105,501
5,117,255
5,776,831
Part of others in theatre
z
surtax on undistributed
$96,797,297 $93,778,125
2,421,345
2,070,431
1,392,601
1,029,117
of film
rentals..
real and
on
792,079
644,735
Total income
.$122,399,912 $109425,277 $100611,243 $96,877,672
Operation of theatres &
office buildings
38,745,506
36,665.669
38,892,073
40,885,982
11,368,276
Oper. of film distribution 13,508,352
11,723,707
12,965,101
Amortization of films
2.5,786,663
32,929,818
29,048,476
37,659,362
Cost of film advertising
accessories sold
787,017
805,881
857,715
916,706
"
"22,090
733,250
571,306
Other income
fersonaland other income $547. for prior years $5,399, discount earned
property taxes assessed
4,826
Includes normal income tax $21,800,
Net sales
1937
$1,348,843
stated that the targe increase in
the
on
36,550,712
8,056,474
4,596,726
8,023,590
of unfilled orders standing at $6,125,000, the
company's history, officials of the corporation on
Dec. 21 announced plans for immediate construction of additional plant
Plan—
trustee,
stock,
..
44,432,260
12,231,657
share
per
highest figure
2851.
a
common
_.
844,583
44,857,668
10,676,991
5,313,299
..
614,682
401,607
.
A reorganization plan was submitted Dec. 23 to Federal
Judge Charles E.
Woodward at Chicago.
The property has been under court supervision
since 1931.
x
36,903,886
7,642,133
4,232,136
271,421
__
Lockheed Aircraft
Service Commission which
Lake Shore Athletic Club, Chicago— Reorg.
__
1934
$3,331,141
676,249
349,403
$3,101,493
1,256,909
Net income....
Earnings
as of Feb. 1, 1935 a
6% rate reduction.
The company also announced an agreement with the City of St. Louis
pay to the city a 5% gross receipts tax which it had protested
in the Federal Court.
This tax will amount to approximately $350,000
Net after rents
From Jan. 1—
1935
792,232
_
x After
depreciation and normal Federal income taxes, but before any
provision for Federal surtax on undistributed profits.
November net profit was $56,442 against $49,453 in November, 1936.
—V. 145, p. 3822.
\
V",.'
r" V- ::
Refund $92f»,000—
Ishpeming RR.
—
1936
$4,278,764
Shares capital stock
by which it will
Gross from railway
Net from railway
3,193,376
751,415
678,274
(R. G.) Le Tourneau, Inc. (& Subs.)—Earnings
made effective
Lake Superior &
3,153,226
773,958
769,507
$3,722,788
11 Months Ended Nov. 30—
x
ruling of Missouri Supreme Court, this company
November—
722,592
18,020
20,211
—V. 145, p. 3976.
announced that it will proceed to refund $926,000 to gas consumers.
These
funds have been impounded during the course of litigation in which the
Under
954,521
R R.—Earnings
..
Net after rents.
basis, expired Doc. 27.
Balance of the stock shortly will be offered
publicly by H. Yaughan Clarke & Co. of Philadelphia.
Proceeds from the
sale of the shares will provide the company with additional working capital.
The prior preferred is convertible into M share of participating preferred
and Yt share of common for each one share of prior preferred.—V. 145.
p. 4119.
it for
3,636,979
30,616
.
1937
Gross from railway
pro rata
court
$247,365
November—
pany Dec. 30 states.
Rights to subscribe, which were granted to holders
of the company's outstanding 60,000 shares of participating preferred, on a
p.
1934
$244,727
28,874
3,402,846
811,654
707,535
_
1936
Stockholders have subscribed for 27,500 shares, or over 50%, of the new
issue of 50.000 shares of prior preferred stock, announcement by the com¬
annually.—V. 145,
1935
$343,947
93,129
71,816
Net after rents.
From Jan. 1—
From Jan. 1—
Gross from railway.
Net from railway
State Public
1936
$293,413
53,977
44,434
—V. 145, p. 3659.
1937
order of the
1,328,542
382,506
131,836
447,364
1937
Kinsey Distilling Co., Linfield, Pa.—Stockholders Take
Over 50% of New Shares—
an
184,440
.
Net from railway...
Net from rents.
utility protested
1,369,787
164,594
Lehigh & New England RR.—Earnings—
$140,789
x Balance
after operation, maint. & taxes
67,344
63,443
y Balance for dividends and surplus
22,239
16,492
x Includes non-operating
income, net.
y After appropriations for retire¬
ment reserve.—V. 145. p. 3820.
a
1,431.209
442,700
November—
Gross from railway
Net from railway
$150,607
revenues.,
Laclede Gas Light Co .—To
$115,634
36,451
12,701
—V. 145, p. 3659.
Key West Electric Co. —Earnings12 Months Ended Nov. 30—
In accordance with
$114,555
31,779
11,342
1,532,880
476,594
199,218
railway
Net after rents
Net after rents
Operating
$133,232
44,994
18,537
after rents
From Jan. 1—
Gross from railway
Net from
1934
1935
1936
1937
$138,287
35,761
10,570
railway
Federal incoo
Surtax
on
e
4,026,919
2,019,132
4,851
taxes...
undist. profits
Minority interest, share
affiliated
corporations
Divs.
Profit
on subsidiary stock
(Metro-Goldwyn, &c.,
preferred)
$60,068
32,978
Other income.
Total income
1st mtge. bonds of England, Walton &
Co., Inc
Other interest
Normal Federal income taxes
Surtax on undistributed profits
$93,046
25,921
28,060
Net profit
Previous surplus
Divs.
from prior years'
profits of affil. cos
Corp. formerly partly
4130
I_._I_.I__
9',560
Profit for period
$25,375
Consolidated Balance Sheet, Oct. 29, 1937
Assets—
Total surplus.
Liabilities—
Cash...
$389,220
Marketable
securs.
at
cost
(market value $35,600)...
Accts. & notes receivable
Inventories!
37,330
*2,241,972
6,327,285
Investments & other assets..
230,827
Property, plant & equipment y4,061,664
Prepaid exps. & def'd chgs...
69,424
Notes payable, banks
Accounts payable
Preferred
Accrued liabilities
505,954
291,062
Funded debt
523,000
Reserves
385,510
-
Deferred credit
23,645
Capital stock (par $10)
Capital surplus—donated
10,000,000
1,275,000
Deficit
.$58,780,441
dividends
Gommon divs. (cash)
Undistrib. income partly
$600,000
-
693,410
owned
'
888,693
13,445,129
owned corporations
Adjust, of val. of prod.
in susp. & continuities
Adjust, of investment in
corps, of formerly partly
92,346
$52,165,102 $45,293,547 $42,346,403
888,571
3,753,144
888,531
3,316,737
890,481
1,096,944
493,286
2,396,172
279,549
owned
2,691,915
246,449
Profit & loss
Total
x
After
-
reserve
$13,357,7221
y
Lee Rubber & Tire
The directors
Total.
...$13,357,722
for doubtful accounts and notes of
$31,886 and reserve for
cash discounts of $21,768.
After
reserves for
depreciation of $4,606,662.
Long Island RR.—Earnings-
Corp.—25-Cent Dividend—
Dec.
30 declared a dividend of 25 cents per share on the
capital stock, par $5, payable Feb. 1 to holders of record Jan. 15.
This
compares with 60 cents paid on Oct. 26, last; 75 cents paid on Aug. 2, last;
25 cents paid on Feb. 1, 1937; Aug. 1. and on Feb.
1, 1936. and Aug. 1 and
Feb. 1, 1935, and with 20 cents per share
paid on Aug. 1 and Feb. 1,1934.
on
This latter payment was the first made since
dividend of 50 cents per share was paid.
Sept. 1,1923, when
a
quarterly
In accouncing the current dividend, John J. Watson,
President, stated
that the company's business had held
up well regardless of the general busi¬
surplus..$44,354,274 $44,354,379 $41,088,279 $37,667,063
Shs.com.stk.out.(nopar)
1,599,053
1,512,985
1,490,095
1,464,205
Earns.per sh.on com.stk.
$8.46
$6.79
$4.53
$4.50
—V. 145. p. 3659.
November—
Gross from railway
Net from railway
Net after rents
1937
1936
1935
$1,770,472
202,133
defl57,006
$2,062,544
325,721
def52,128
$1,803,889
278,919
def61,835
22,787,994
4,475,454
def265,785
23,467,542
5,603,666
21,826,557
4,956,708
468,649
\
1934
$1,796,506
427,240
88,626
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 145, p. 3659.
855,540
22,274,805
6,308,244
1,915,616
Volume
Financial
146
Louisiana
Chronicle
^Arkansas Ry. —Earnings —
November—
1937
Gross from railway
Net from railway
1936
Lufkin Rule Co. — To Reduce
$429,874
41,089
def3,129
$439,694
163,192
116,977
5,487,665
1,803,381
1,132,649
5,072,906
1,650,627
1,002,265
4,382,246
1,535,126
1,039,011
Commission
$368,393
116,796
73,434
Net after rents
4,084,418
1,402,182
934,128
Louisiana Arkansas & Texas Ry.
1937
$103,783
Net from rents
def8,220
From Jan.
16,555
Gross from rail way
145,
1,219,681
279,352
51,525
$72,848
9,789
def5,826
1.153,425
171,657
def59,663
887,148
199,610
42,494
889,334
194,770
7,930
Louisiana Steam Generating
Bal.
maint. & taxes
non-operating income, net.—Y.
Includes
x
Louisville Gas & Electric Co.
1937
revs,
(before
253,760
$5,313,827
378,575
$5,454,617
1,200,000
37,000
$5,692,402
1,025,000
37,000
$4,217,617
1,026,607
159,612
167,000
22,909
Net oper. revenue and other income (before
approp for retirement reserve)
Appropriation for retirement reserve
:
Amortization of contractual capital expenditures._
,
Gross
Income
Interest charges (net)
Amortization of debt discount and expense
Amortization of flood and rehabilitation expanse.
Other income deductions
Dividends
1936
$5,200,856
on
Electric Co.
.
$4,630,402
1,323,990
125,764
preferred stock of Louisville Gas &
(Ky.)
Net income....
(Dr.)..
$301,932
66,763
Dr39,105
27,716
$3,163,979
759,078
Dr207,426
300,344
$2,519,308
722,813
Dr302,073
322,062
Net ry. oper. income_
Other income
$99,130
37,648
$168,348
32,351
$1,897,131
409,203
$1,172,360
428,753
$136,778
$200,699
$2,306,334
$1,601,113
171,793
168,915
1,898,756
1,865,419
def$35,015
$31,784
Joint facil. rents
$1,813,280
Gross income
Deductions
Net
Manhattan Sbirt
Years End. Nov. 30-—
Earnings
profits was incurred by the other companies
No provision for surtax on undistributed
profits during 1937 is included in the above statement as it is estimated
that no such surtax will be incurred by the company or its subsidiary com¬
panies for the year 1937.
(3) The above figures reflect the loss in revenue
$201,340
218,800
$0.92
1937
$1,323,091
1937
revenues.
maintenance and taxes
Net oper. rev. (before approp. for retir. reserve)
income
$5,195,017
253,760
Other
$5,381,725
344,573
-
Special charges (net)
$4,230,778
Interest charges
(net).
Amortization of debt discount and expense
Amortization of flood and rehabilitation expense._
1,028,065
159,612
167,000
22,249
Other income deductions
$2,853,850
-
$4,683,298
1,430,196
125,764
y$856,507
1,509,641
$1,731,447
Earnings per share on 199,567 com. shs. (par $25)
Consolidated Balance Sheet Oct.
1937
a
for
1936.
No
provision for
Feb.,
1937.
by the other companies
on undistributed
as it is estimated
848.977
&
exps.
Invest.
60,883
41,939
53,176
158,601
Bal. of prem.
with
mat.
Timber,
242,444
102,597
Prov. for est. Fed.
& State inc. tax.
Patent
—
on
royalty
debt
long
-
2,050,000
423,644
Indebtedness
113,860
64,644
2,087,884
4,966,238
8,478
2,350.000
term
6% pref.stock
1,198,701
Com.stK. (par $25) 5,000,000
Paid-in surplus
564,810
1,731,447
600,000
5,000,000
564,810
1,509,641
4.428,186
518,631
and rights
4,500
oblig.
pur.
Funded
ins.
Plant & equip—.
of
basis to 5-1-48--
dep.
&c__
timberl'd
instal.
land contracts..
Other
unexpired
Insurance,
c
290,373
pay.
180,181
Co., Ltd...
cos.,
378,839
182,790
Advs. to Gen. Tim¬
ber
540,046
& other
receivables...-.
$
583,974
Current
337,950
Value of life Ins...
1936
Accounts payable-
2,198,705
on
logging oper
b
838,820
2,456,775
receivable-
$
Liabilities—
Accr'd liabilities.-
278,415
notes
Inventories
Advs.
surtax
1937 is included in the above statement
&
1937
S
356,742
Accts.
31
1936
$
Assets—
Cash
been reduced as a result of deductions to be made in income tax returns for
and
$2.24
for depreciation of plant and equipment, $480,969; provision for depletion
of timber, $268,882, and amortization of patents and patent rights, $13,055.
z Paid in 6% cumulative preferred stock, 5,987 shares.
30, 1936, that company also made provision for State
income taxes in the amount of $90,060 which was reversed during Dec.
1936.
Also provision made for the 10 months ended Oct. 31, 1937 has
resulting from the flood in Louisville during Jan.
$1,509,641
$4.11
_
$3,115,724
1 to Nov.
herein
36,000
z598,701
11,613
1936 which resulted in no taxable income for that year.
During the period
1 to Aug. 31, 1936.
Louisville Gas & Electric Co. (Ky.) made
provision for Federal income taxes in the amount of $271,400 which was
reversed over the period from Sept. 1 to Dec. 31, 1936.
During the period
No surtax on undistributed profits was incurred
$1,545,641
36.000
dividends.
dividends.
Preferred
Includes $29,800 for surtax on undistributed profits,
y The following
amounts have been deducted in arriving at the above net profit: Provision
from Jan.
consolidated
$482,113
1,063,528
x
and State income tax returns for the year 1936 the unamortized discount
and expense and redemption premium and expense on bonds redeemed in
profits during
—
$2,366,148
$5,726,298
1,006,000
37,000
Notes—(1) The above income account for the 12 months ended Oct. 31,
1936 has been adjusted to reflect additional taxes applicable to the 10 months
ended Oct. 31, 1936, charged to surplus in 1937, the effect of which reduced
net income for that period by $61,921.
Also, the portion of such charges
applicable to the last two months of 1936 have been reflected in the 12
months ended Oct. 31, 1937, which reduced net income for that
period by
$12,384.
(2) No provision was made by Louisville Gas & Electric Co.
(Ky.) for Federal or State income taxes or for surtax on undistributed profits
for the year 1936 as that company claimed as a deduction in Its Federal
losses
(est.)
pr
Common
income
138,063
3,898
x230,675
-
Previous
$5,448,778
1,181,000
37,000
reserve
Amortization of contractual capital expenditures.
Sec y
Other interest
Net oper. rev. and other income (beofre approriation for retirement reserve)
-
—
Net
from Jan.
$1,333,646
65,486
467,355
155,730
9,346
99,020
54,595
.
Other charges
Depreciation and amortization of patents—
Interest on bonds, bond discount, &c-_-
1936
$10,329,760 $10,770,407
5,134,742
5,388,682
-
Net income
$1,228,269
105,377
$1,398,332
169,189
Total income
Prov. for Federal & Wisconsin State inc. taxes
Gross
1936
$2,300,150
1,071,881
Net
(Ky.) (& Subs.)—Earns.
Years Ended Oct. 31—
Federal
$2,673,335
1,350,244
Other
Louisville Gas & Electric Co.
Appropriation for retirement
$77,384
224,523
$0.34
Mills Co. (& Subs.) —Earnings —
Shipping, selling, admin. & general expenses.-
In accordance with
1934
1935
$438,398
218,800
$2.00
Federal income and excess profits taxes,
profits.—V. 145, p. 612.
Marathon Paper
permission granted by the Public Service Commission of Kentucky, expense
in connection with flood damage is being amortized over five years begin¬
expenses,
1936
$288,777
218,804
$1.32
Years Ended Oct. 31
ning with 1937.—Y. 145, p. 3822.
Operating
Operating
.
depreciation.
surtax on undistributed
1936.
Feb., 1937.
$25stk)share
per
After
x
Feb., 1937.
Co.—Earnings—
1937
Net profit
Shs. com. (par
x
undistributed
due to the flood at Louisville in Jan. and
$407,578 def$264,306
New Director—
Dec., 1936.
Also provision made for the 10 months ended Oct. 31, 1937
has been reduced as a result of deductions to be made in income tax returns
for
income
Carl R. Gray, Vice-Chairman of the Board of the Union Pacific Railroad
Co., applied on Dec. 23 to the Interstate Commerce Commission for
authority to serve as a director of the Maine Central Railroad Co.
Mr. Gray, who retired as President of the Union Pacific on Oct. 1, was
elected a Maine Central director Nov. 23.—V. 145, p. 3976.
the period from Jan. 1 to Nov. 30, 1936, that company also made provision
for State income taxes in the amount of $90,060 which was reversed during
herein
(rentals, in¬
&c.)
terest,
redeemed in 1936 which resulted in no taxable income for that year.
Dur¬
ing the period from Jan. 1, to Aug. 31, 1936, Louisville Gas & Electric Co.
(Ky.) made provision for Federal income taxes in the amount of $271,400
which was reversed over the period from Sept. 1 to Dec. 31, 1936.
During
consolidated
1937—11 Mos.—1936
$998,287 $11,514,570 $11,039,810
696,355
8,350,591
8,520,502
$189,746
66,741
Cr4,690
28,565
V
-
Equipment rents
The above income account for the 12 months ended Oct. 31,
1936 has been adjusted to reflect additional taxes applicable to the 10
months ended Oct. 31, 1936, charged to surplus in 1937, the effect of which
reduced net
income for that period by $61,921.
Also, the portion of
such charges applicable to the last two months of 1936 have been reflected
in the 12 months ended Oct. 31, 1937, which reduced net income for that
period by $12,384.
(2) No provision was made by Louisville Gas &
Electric Co. (Ky.) for Federal or State income taxes or for surtax on undis¬
tributed profits for the year 1936 as that company claimed as a deduction
in its Federal and State income tax returns for the year 1936 the unamortized
discount and expense and redemption premium and expense on bonds
on
1937—Month—1936
$877,878
688,132
Net operating revs
Taxes
Notes—(1)
No surtax
petition for reorganization
a
Maine Central RR.— Earnings—
1,354,920
for losses resulting from the flood in Louisiville during Jan. and
(a subsidiary) has filed
Period End. Nov. 30—
•
$1,486,568
-
Ltd.—Subsidiary Files Petition for 77-B
Operating revenues
Operating expenses
12", 447
1,354,920
$1.44
Initial hearing on the petition has been set for Jan. 13 at Fort Wayne,
Ind., when the court may make permanent the order to proceed with
reorganization, and in general to make such further orders to amplify,
extend, limit or otherwise modify the order.
The petition was filed with
the concurrence of a creditors' advisory committee.
The advice and assist¬
ance of the committee, it was
stated, wil be available in working out a
reorganization plan.
In his statement, Mr. O'Connor said:
"The company's condition is due primarily to increased labor costs and
secondarily to increases in prices for raw n aterials.
Our inventories are
in excess of normal because of the
abrupt decline in radio manufacturing
activities."—V. 144, p. 4183.
for retirement
approp.
reserve)
$1.28
stock--
under Section 77-B of the Bankruptcy Act with the U.S. District Court of
Northern Indiana, according to a statement
by Richard A. O'Connor,
President.
$2,434,907
682,580
$10,465,044 $10,899,051
5,264,187
5,585,223
Other income
on common
Magnavox Co.,
Reorganization—
(Del.) (& Subs.)—Earns.
.
share
per
—V. 145, p. 3823.
1936
$2,680,479
712,338
145, p. 3660.
Years Ended Oct. 31—
Operating revenues
Operating expenses, maintenance and taxes
Net oper.
Earnings
1936
$1,263,150
profit after charges, Federal income
The Magnavox Co.
1937
—;
revenues
after operation,
1937
$1,119,955
net
taxes, &c
Corp.—Earnings —
12 Months Ended Nov. 30—
Co.—Earnings—
12 Months Ended Oct. 31—
Estimated
3660.
p.
Operating
x
McLellan Stores
1934
$83,047
16,715
3,607
1—
Net from railway
Net after rents
—V.
1935
$96,264
defl8,570
def40,831
The company is selling 16,000 snares, while
offering 63,300 shares.—V. 145, p. 1745.,
McKesson & Robbins, Inc.—Sales —
■Earnings-
1936
Gross from railway
Net from railway
are
Period End. Nov. 30—
1937—Month—1936
1937—11 Mos.—1936
Net sales
$15,534,689 $13,847,384 $157071,525 $136960,969
—V. 145, p. 3823.
—V. 145, p. 3660.
November—
being offered for
the account of the company.
stockholders
From Jan. 1—
Gross from railway
Net from railway
Offering—
The company has filed an amendment with the Securities and Exchange
reducing the number of common shares to be offered to 79,300
from 80,000.
There is no change in the number of shares
1934
1935
$545,522
177,516
98,371
Net after rents
113
481,657
Earned surplus—
2,366,761
patent
that no such surtax will be incurred by the company or its subsidiary com¬
(3) The above figures reflect the loss in revenue
Patents,
due to the flood at Louisville in Jan. and Feb., 1937.
Advs. tor waste sul¬
rights, &c
panies for the year 1937.
In accordance with
permission granted by the Public Service Commission of Kentucky, expense
in connection with flood damage is being amortized over five years begin¬
ning with 1937.—V. 145, p. 3822.
Louisville & Nashville
November—
phite
liquor
de¬
68,582
velopment
Total
RR.—Earnings—
a
23,055
30,851
12,178,359
Bond dlsct. & exp.
10,965,945
Total
12,178,359 10,965,945
After reserve for doubtful accounts, allowances, discount and freight
1937
1936
1935
1934
$7,272,401
1,614,651
1,017,751
$8,401,544
2,710,916
1,937,512
$6,931,216
1,579,923
1,286,185
$5,986,255
1,512,612
1,290.005
and
Gross from railway
Net from railway..
83,319,018
20,902,022
Net after rents
14,911,311
82,221,604
22,903,629
17,530,432
68,880,503
15,990.1.54
12,319,925
64,235,204
15,242,017
11,762.955
Gross sales for the nine months ended Sept. 30, 1937 were $462,193,
compared with $42,814 for the corresponding period of 1936, an increase of
more than 10 times, according to a letter to stockholders from Henry B.
Thomas, Jr., President.
Gross from railway
....
Net from railway..
Net after rents
....
From Jan. 1—
—V. 145, p.
3660.
of $48,262 in
1937 and $48,820 in 1936.
b After
reserve
of $9,727 in 1937
$10,000 in 1936.
c After reserve for depreciation of $6,371,129 in
1937 and $5,966,668 in 1936.—V. 145, p. 2853.
•
Mar-Tex Oil Co.—Gross Sales
—
i'"
114
Thomas
Mr.
Financial
«,f
i
said that the company had
Jan. 1, 1938
Chronicle
paid total dividends for the
$265,968
298.266
Receivables
Co.—Advances Common Div.—
dividend of 75 cents per share on the
common stock, payable Jan. 20 to holders of record Jan. 10.
Company
states that this dividend is in lieu of the dividend usually payable March 1,
The
have declared
directors
Angeles, Calif.—
Mercantile Arcade Realty Corp., Los
5M% sinking fund gold bonds, certificates
of deposit therefor and general mortgage 6lA% bonds of the corporation
are notified that first mortgage bonds of Broadway-Spring Arcade Building
Corp., voting trust certificates for class A stock and certificates of common
stock are now available for distribution in exchange for first mortgage
bonds, certificates of deposit therefor and general mortgage bonds of
Mercantile Arcade Realty Corp., in accordance with the plan of reorganiza¬
tion as approved by the U. 8. District Court, Southern District of California,
Central Division.—V. 128, p. 3866.
RR.—Earnings
1934
$135,257
64,640
$120,944
61.513
$118,380
52,612
33,098
41,834
44,922
34,232
1,412,706
642,743
451,496
1.401,780
658,424
1,212,620
537,867
463.705
374.210
1,207,835
506,179
348,741
From Jan. 1—
Gross from railway
145,
3661.
p.
Minneapolis & St. Louis RR.—Earnings—1937
1936
1935
$705,280
128,578
$669,670
129,697
24,994
40,878
3,635
7,938,747
Gross from railway
Net from
8,251,999
1,711,608
682,873
6,967,665
743,860
61,760
6,976,843
678,186
63,098
1,368,160
436,009
railway
Net after rents...
—V. 145, p. 3661.
Minneapolis St. Paul & Sault Ste. Marie Ry.
Earnings for November and
—Earnings
*
1935
$2,042,793
425,774
16,375
210,747
210,747
acquis.
Total
$2,901,981 $3,552,705
1937 and $5,797
y After reserve for depreciation of $1,548.08-* in 1937 and $1,487,1936.
x Represented by 43,234 no par shares,
a Represented by
$2,901,981 $3,552,705
After reserve for «.oubtful
629 in
Netafterrents*
defl44,170
170,030
25,851,891
5,501,808
24,605,193
5,481,604
22,011,156
4,105,976
20,758,291
3,993,369
2,510,061
2,050,594
1,514,746
1937
$77,447
9,015
def2,704
866.570
138,771
36,596
Net from railway
Net after rents
1936
$78,603
Net after rents.
Maint.
of
way
&
1937—11 Mos.—1936
96,541
$1,131,469
Total revenues.
Gross revenue
x
Oper. exps. & taxes—
Prov. for retire, reserve.
$1,180,487 $13,942,749 $13,064,038
2,052,809
2,492,763
387,645
5,536,284
687,253
32,544
553,749
50,534
2,159,355
2,625,544
381,902
5,986,223
634,919
$121,592
$194,368
$2,154,804
$1,907,281
103,045
Maint. of equipment..Traffic expenses.
Transportation
154,895
233,161
34,763
507,058
56,240
95,469
779,148
.1,047,370
164,841
208,206
expenses
General expenses..
Net railway revenues.
Taxes
839,844
216,709
136,391
664,050
86,577
24,519
589,120
52,280
def8,606
def347
on
$18,547
$98,899
$1,375,655
$1,131,217
748,805
$960,723
453,246
$40,086
21,088
$45,805
21,088
$382,411
253,062
$507,476
253,062
$18,998
pref. stock...
$83,028
37,223
Balance
$24,716
$129,349
$254,414
37,247
32,133
330,306
262,787
14,588
15,985
210,979
174,603
undistributed
No provision
Ry.—Earnings
Missouri & Arkansas
—
1935
1937
$96,639
20,257
8,454
Net after rents
Gross from railway
Net from railway
Netafterrents
$8o,704
defl,122
defl6,646
950,079
179,193
809,467
129,744
42,607
Net from railway
1936
$100,730
21,753
5,807
1,057,665
185,942
November—
Gross from railway
45,887
1934___
52,049
_
$69,573
7,668
180,235
63,525
3661.
145, p.
$859,911
Hire of equipment...—
Rental of terminals
1937—12 Mos.—1936
$3,442,698
$3,082,330
2,191,480
2,004,706
120,000
116,900
x No
provision was made in 1936 for Federal surtax on
profits as all taxable income for that year was distributed.
has been made for such tax in 1937.—V. 145, p. 3661.
—V.
Net after taxes......
—
$91,740
51,653
Gross income
Int. & other fixed chgs..
struc.
expense
def5,751
1937—Month—1936
$296,057
$270,240
189,316
178,212
15,000
9,000
Net income
$1,019,415 $11,862,957 $11,094,397
49,017
837,341
788,543
112,055
1,242,450
1,181,097
All other revenue......
$49,352
10,613
18,609
145, p. 3661.
—V.
Divs.
1937—Month—1936
$982,346
52,580
1934
1935
$64,601
def9,116
defl3,521
From Jan. 1—
Gross from rail way
[Excluding Wisconsin Central Ry.]
revenue
^
Department, the
Mississippi Central RR.—EarningsNovember—
Gross from railway
1,325,040
Earnings of Company Only
Passenger
^
by the Treasury
has made no provision for: (1) A proposed assessment of Federal
income and excess profits taxes for the year ended Oct. 31, 1935, arising
principally as the result of the disallowance of Federal processing taxes
claimed on its tax return but not paid; and (2) the tax, if any, on
unjust
enrichment."
The company has filed tax returns on "unjust enrichment
for the fiscal years 1935 and 1936, showing no tax payable, and has filed
claims for refund of a portion of the processing taxes paid in prior years.—
Y. 144, p. 781.
company
From Jan. 1—
Period End. Nov. ZD—
Total
receivables, &c., of $3,750 in
89,468 no par shares.,
Note—Pending final determination
Period End. Nov. 30—
$1,754,783
295,124
242,502
Freight revenue
409,524
20,902
in
June 2,1928
1934
Gross from railway
Net from ,(ailway...
<
692,485
will at cash cost
at date of
.
1936
$2,152,926
436,054
104,396
after rents
447,340
806,560
Deficit
1,381,106
Mississippi Power Co.—Earnings
1937
$1,922,534
172,561
Net
1,366,702
447,340
806,560
Year to Date
[including Wisconsin Central Ry.]
Gross from railway.
Net from railway
1,366,702
Common stock..
Capital surplus...
a
1,439,488
Net from railway
November—
debt
Cum. conv. pref.
stock
amort.
Trade-marks, trade
names and good¬
$598,137
54,219
124,616
after rents..
From Jan. 1—
Net
z
1934
$791,543
208,314
November—
Gross from railway
Net from railway
Funded
in 1936.
$124,878
54,118
Net from railway
Net after rents..
10,825
515,236
process of
x
1935
11,605
227,964
..—
discount
74,070
4,567
940,600
Due to officer
ch'y <fceq,, auto¬
mobiles & trucks
Debt
70,981
865,100
essing tax)
997,441
Land, bldgs.,ma-
—
1936
1937
November—
Gross from railway
Net from railway .......
Net after rents.
—V.
Investments
29,213
taxes(excl. proc¬
26,250
486,199
I.)
Prepaid insurance,
taxes, &c
y
275,000
$37,782
payable.
Accounts
Accr. wages, Int. &
Inventories
Under Reorganization Plan —
The holders of first mortgage
Midland Valley
(R.
$18,178
Bank loans
stk. of Mil¬
ler & Hart, Inc.
a
1938.—V. 144, p. 3508.
New Securities Ready
com.
drafts out¬
standing
Bal. due on sale of
May Department Stores
1936
1937
Liabilities—
Purch.
$59,799
275,766
Cash
x
1936
1937
Assets—
shortly,
calendar year 1937 of 21 cents per snare.
Application will be made
he said, to list the common (voting) stock on the New York Curb Exchange.
—V. 145, p. 3976.
31
Balance Sheet Oct.
RR.—Earnings—
Missouri Illinois
Net inc. after rents—
Other income—Net
Int.
funded debt
on
$50,780
Dr24,904
465,512
def$33,288
Dr38,215
476,803
$834,369
Dr426,240
5,306,269
$422,519
Dr358,182
5,117,121
$4,898,140
$439,636
$548,307
Net deficit
on
$5,052,784
is necessary for
Note—As there is no taxable income to date, no provision
after rents
Telephone Co. of 111.—Accumulated Div.
The
company paid a dividend of $2.62 per, share on account of accumula¬
tions, on the 7% cum. pref. stock, par $100, payable Dec. 1.
This com¬
pares with $4.38 paid on Oct. 1, last; $1.75 paid on July 1, April 1 and
Jan. 1, 1937, and on Oct, 1, July 1 and April 1, 1936, this latter being
the first dividend paid by the company since July 1, 1933, when a regular
quarterly payment of $1.75 per share was made.
The current payment clears up all accruals on this issue.—V. 145, p. 1908.
as
The Securities and Exchange Commission announced Dec. 30 that the
registered holding company, has filed a declaration (File No. 4397) under the Holding Company Act, in connection with the issuance of
certificates of beneficial interest in promissory notes amounting to $911,865,
to be issued as a common stock dividend.
I
According to the declaration, the company has acquired $964,700 of
4% unsecured promissory notes
due July 1, 1943, from Southwestern
Development Co., a registered holding company and a subsidiary of the
declarant, and $911,865 of these promissory notes will be assigned to the
Commerce Trust Co. of Kansas City. Mo., as trustee.
The certificates of
beneficial interest will be issued by the trustee to stockholders of the
Mission Oil Co. as a dividend at thn rate of $2.65 a share.
Opportunity for
hearing in this matter will be given Jan. 17.—V. 143, p. 4007.
Hart, Inc.—Earnings —
1936
x$10,103,413
See
x
.....-$10,103,413
9,896,821
Selling and administrative expenses..
283,188
Interest on debentures.
55,697
Other interest
7,807
Net sales
Cost of sales.
1935
$7,822,035
$7,862,878
225,266
191,370
$7,630,665
7,503,553
265,475
59,110
936
Amortization of debt discount
3.090
3.191
2% normal tax at source (net)
388
564
Loss....
$143,576
8,446
income
Fixed charges
Inc. after fixed
Total loss..
Inc.
$7,637,611
7,442,792
271,040
62,940
4,375
3,496
60
$202,164
3.684
$147,094
7,621
$135,130
$198,480
$139,473
Hart,
chgs._def$312,393
debs. pur. for sinking fund
Netloss.
10 287
10 725
y27 340
CV28.185
Cr20,632
I_.
$188,135
$150,199
x
x
L?ss freight returns, &c.
y Includes professional fees for industrial
and "unjust enrichment" tax matters of $10,800, and allocated
portion of charges of Roberts & Oakes of Iowa, Inc., of $16,540.
x Com¬
survey
pany
charged the computed loss
($148,675)
on
the sale during the year
1937 of 7,500 shs. of common stock of Miller & Hart, Inc. (Rhode Island)
direct to
rned surplus (deficit).
—
1937—11 Mos—1936
$2,731,766 $29,729,070 $28,617,382
1,741,482 22,303,195 20,991,030
$704,550 $3,073,028 $3,993,025
349,106
3,867,144
3,880,880
$355,443 def$794,115
Missouri Pacific RR.—Earnings
$112,144
—
1934
1935
$6,559,579
1,275,536
665,698
1936
$8,004,049
2,061,331
1,160,607
608,983
163,116
82,312,070
20,117,354
68,130,117
67,915,019
Net from railway.
85,528,456
20,008,708
Net after rents
10,815,969
9,898,765
12,490,780
4,685,936
14,392,064
6,078,653
1937
November—
$7,509,046
1,553,808
Gross from railwray
Net from railway.
Net after rents
Gross from
railway
—V. 145, p.
Mobile & Ohio
RR.—Earnings
Netafterrents
From Jan.
1936
$1,037,838
311,963
196,399
1935
$787,741
68,085
24,100
1934
$689,165
63,088
def29,479
11,178,765
2,292,875
934,406
9,835,161
2,214,183
8,113,601
1,040,440
7,895,354
1,125,937
1,097,775
58,447
32,695
1934
$316,406
183,154
83,426
3,544,303
2,106 619
1,010,321
1—
Gross from railway
Net from rail way......
Netfromrents
145,
—
1937
$932,431
101,751
def25.061
Net from railway
—V.
^
$5,575,472
73o,302
3977.
3661.
p.
Monongahela Ry.—Earnings —
68,535
145,
P.
4,263,311
2,610,287
1.314,199
3,495,773
2,093,653
1,013,436
1936
$423,876
266,687
1—
Net from railway.
—V.
146,898
4,174,623
2,418,568
1,118,250
$340,751
181,398
Netafterrents
From Jan.
1935
$317,315
187,360
86,455
1937
November—
Gross from railway
Netafterrents..
$134,285
(R. I.) applicable to stk. owned
Miscellaneous deductions
on
51,106
3661.
Gross from rail way
Discount
49,080
$43,680
3 56,074
Inc. avail, for fixed chgs.
Net from railway
Portion of net loss of Miller &
79,586
$2,550,425
2,040,130
Operatingreveiiues
Operating expenses
Gross from railwTay
1937
Years Ended Oct. 31—
Freight returns, hauling, &c
Other
?§£•§§§
190,756
1937—Month—1936
November—
Sales..
974,137
198,909
$80,202
Dividend—
company, a
Miller &
3,416
1,054,402
261,395
Missouri-Kansas-Texas Lines—Earnings
Period End. Nov. 30—
—V. 145, p.
Mission Oil Co.—Notes
11,746
—V. 145, p. 3661.
undistributed profits.—V. 145, p. 3661.
Middle States
Net from railway
$95,541
24,221
27,280
204,810
Netafterrents
Net
1935
$124,734
44,539
1,389,424
442,733
Net from railway
Gross from railway
the surtax
1936
1937
$105,789
32,112
8,948
November—
Gross from railway
3661.
Monsanto
Chemical Co.—Subsidiary Liquidated—
The company has notified the New York Stock Exchange that on Dec. 20,
1937, Merrimac Chemical Co., a wholly-owned subsidiary, was liquidated
and all of its business, properties and operations were transferred to Mon¬
santo Chemical Co.
During the current month the company is also liquidat¬
Ltd., a wholly-owned British subsidiary.
and the Nolichucky Power Co., two-wholly-owned
of ail of their properties for a total purchase
price of $36,000 to be paid in notes.—V. 145, p. 3503.
ing
the
Monsanto
Holdings,
The Hiwassee Power Co.
subsidiaries, will sell and dispose
/
Volume
146
Financial
Chronicle
Montgomery Ward & Co., Inc.(& Subs.)—Earnings—
Period End. Oct. 31—
1937—3 Mos.—1936
Net profit
$6,238,230
$5,875,586
Shares common stock.5,217.147
4,565,004
x
Earnings
per
After
x
share
$1.13
depreciation,
provision for Federal
1937—9 Mos.—1936
$2.73
$2.61
Federal
and State income taxes,
profits, &c.—V. 145, p. 3824.
(John) Morrell & Co.—Consolidated Balance Sheet
Oct. 30 '37
Assets—
Cash
Insurance
458,507
4.125,259
9,117
Inventories
141,643
3,016,886
347,128
Sundry deposit and
loans accounts._
720,907
Res. for inc. taxes.
46,493
175,752
141,902
714,539
171,063
Reserves
x
Capital stock
Initial surplus
27,784,020 27,476,059
Represented by 385,698
1,858,018
no par
of Nov. 2,
Total
5,455,137 y4,730,499
p.
4121.
shares,
y Includes $3,224,993 accrual
1935, transferred to surplus,
z Bank
V.
■/
Lode
Coalition
Mines
•Favors
Co.
Delisting of
iStock—
Rent for lease of plants
Earl, President, in notice to stockholders says:
Due to the approaching exhaustion of the mine of this
company and the
consequent termination of operations, the New York Stock Exchange has
made an application to the Securities and
Exchange Commission to strike
the capital stock from listing and registration on that
Exchange on Feb. 1,
1938, or at such later date as may be fixed by the SEC.
A hearing will be held Jan. 18 at which an
opportunity will be given to
all interested persons to express their views with
respect to the striking of
the stock from listing and registration.
In view of all the circumstances, this
company knows of no ground for
opposing the application of the New York Stock Exchange.—V. 145, p.
3824.
Operating income
Other income
Other income deduct'ns.
Gross income
Int. to public & other de¬
ductions
Int. charged to constr..
in the
U.
S.
District
Court for the
District of Delaware at
assets and set Jan. 28 for
On Nov.
to
carry
hearing
on
1, 1937, stockholders of the company were asked for
authority
out certain
proposals believed necessary in order to permit the
to refund its first mortgage bonds.
Sufficient proxies were re¬
or would have been available to approve each of the measures
company
ceived,
presented.
Simultaneously with the request to stockholders, applications were
filed with the regulatory commissions of the States of
Oregon and Washing¬
ton, as well as with the Federal Power Commission, asking for permission
to issue certain new securities.
Following a formal joint hearing before the
Oregon and Washington Commissions, the applications which included the
provision that prior preference stock be authorized to be offered to Standard
Gas & Electric Co. in full satisfaction of Mountain States
Power Co.'s
indebtedness to it represented by open account was amended
by with¬
drawing that proposal and leaving the status of the open account un¬
changed.
Orders approving the issuance and sale of new bonds and
notes,
subject to certain conditions, were later received from the Oregon and
Washington Commissions.
A formal
hearing
on
the company's amended application to the Federal
approval of the
possibility that refunding
plished prior to the maturity date.
Years Ended Oct. 31—
Operating
Operating
.
-
be
$3,601,812
2,362,275
$1,329,549
241,394
$1,239,537
2,791
2,889
merchandising, jobbing & contract work.
244.694
Dr38,307
a
373,172
19,463
..
$1,487,121
300,000
$1,187,121
12,000
477,521
45,917
403,245
5,047
$243,390
2,000
.
477,521
Amortization of debt discount and expense
Other interest (net)
45,917
______________
Other income deductions
Net income
Note—In the above statement of income
accounts, net income for the
year ended Oct. 31, 1936 and for the last two months of 1936
(included in
the above income account for the
year ended Oct. 31,
1937) has been reduced
by $36,286 and $5,638, respectively, to reflect adjustments of amortization
of debt discount and expense
charged to surplus in 1937 and sundry other
items charged or credited to surplus after the close of the
respective periods
affected, which have been applied retroactively in the accounts.
The revenues and expenses for the 10 months
ended Oct. 31, 1937 (in¬
cluded above in the year ended Oct.
31, 1937) are in accordance with the
classifications of accounts prescribed by the Federal Power
Commission and
Utilities
Commissioner
of
Jan. 1, 1937, which differ in
viously followed by the company.—V. 145,
Nashville
p.
Oregon,
p.
National
1936
1935
$1,087,426
27.786
def59,838
$1,249,123
217,136
163,128
$1,067,946
152,776
108,618
but will remain
National
13,288,937
1,791,120
913,822
12,857,801
1,826,377
1,219,700
11,289,512
1,103,471
484,462
11,767,763
1,611,653
932,905
90,704
42.840
Fireproofing Corp.—New Officers—
a
director of this company.—V. 145, p. 2084.
deral surtax
$8,635,363
59,947
$2,808,609
48,461
341,753
$2,372,157 $10,450,635
63,129
181,087
340,623
1,358,186
$8,695,310
220,427
1,356,427
$2,418,395
$1,968,405
$8,911,362
$7,118,456
19,251
98,600
90,802
98,600
con-
undis¬
tributed profits..
m.
•»
_
'
1,411
m,
—
tmm
-
Full
dividend requirements applicable to
respective periods whether
uneraned.
Note—All intercompany transactions have been eliminated from the above
c
or
statement.
Interest and pref. div. deductions of subsidiaries
represent
full requirements for the respective periods (whether
paid or not paid) on
securities held by the public.
The ' 'portion applicable to minority interests''
is the calculated
portion of the balance of income applicable to minority
holdings by the public of common stocks of subsidiaries. Minority interests
have not been charged with deficits where income accounts of subsidiaries
have so resulted.
The "net equity of National Power & Light Co. in in¬
come of subsidiaries" includes interest and
pref. dividends paid or earned
on securities held, plus the
proportion of earnings which accrued to common
stocks held by National Power & Light Co., less losses where income
accounts of individual subsidiaries have resulted in deficits for the
respec¬
tive periods.
The above
;
;
%
statement includes full revenues of a subsidiary without
privision for possible revenue losses, not exceeding $120,000 for each 12month period, from natural gas rate reduction now involved in
litigation.
Figures for 1936 as previously published have in certain cases been
re-arranged in the above statement.—V. 145, p. 3504.
National
Pumps Corp.—Stock Dividend—
The directors have declared
a
stock dividend of l-20tb of a share of $10 par
5H% convertible preferred stock for each share of common stock held
payable Dec. 2 yto holders of record Dec. 20.—V. 145, p. 124.
National
Refining Co.—Suit Taken to Higher Court —
Counsel for preferred stockholders attempting to enjoin the consummation
of company's reorganization plan, and who, it is said, represent $260,000
of the stock, have filed notice of appeal to the Ohio Supreme Court.
In June, stockholders won an injunction suit in Common Pleas Court
against the plan, but the decision was reversed by the Court of Appeals.
—V. 145, p. 3662.
Interstate
Commerce Commission
on
Dec.
20 issued
certificate
a
permitting abandonment, as to interstate and foreign commerce, by the
company of its entire line of railroad, extending from Battle Mountain in a
southerly direction to Austin, approximately 92.3 miles, all in Lander
County, Nevada.
Company was incorp. in Nevada in 1888. Its corporato life will expire on
Feb. 1, 1938.
It states that the Act under which it was incorporated does
not provide for continuance of existence, and that there is no incentive for
the renewal of its charter for rail operations.
This railroad is of narrow-gauge construction.
It was completed by the
Nevada Central Ry. in 1880 to serve silver mines at Austin.
The line was
acquired by the company in 1888. The silver mines ceased operation about
1894, and since then have not been in production.
The line connects at
Battle Mountain with the Southern Pacific and Western Pacific.
The estimated net
salvage value of the line and other physical property
is $25,000. The applicant publicly offered through the press to sell the line
at its scrap value to any purchaser who would insure its continued operation,
but no offer was received.—V. 145, p. 2554.
Nevada Northern
Gross from railway._
Net from railway
Net after rents
Ry.—Earnings —
1937
November—
___
______
Gross from railway
Net from railway
Net after rents
undistributed
$47,380
$37,890
$1.23
$0.97
& Federal income
charges, but before pro v. for Federal surtax on
earnings
Earnings per share on combined class A and B com¬
shares
3662.
—V.
$66,108
34,632
28,641
1936
1935
$ 52,311
21,872
15,274
1934
$53,536
$30,572
3,162
28,947
23,781
639,374
__—
____
316,808
240.340
504,824
'211,584
152,823
def670
376,098
330.282
72,267
37,084
109,038
80,290
145, p. 3662.
New Haven Clock Co .—Common Dividend Omitted—
Directors at their meeting held on Dec. 29 omitted the dividend ordnarily
payable at this time on the common stock.
A regular quarterly dividend of 37 H cents per share was paid on Oct. 4
last.
Following the meeting directors stated that a decline in the company's
normal October business, combined with increased costs, made it advisable
for the board to withhold action on the quarterly common dividend due
„
,
"This unusual
drop in sales," directors stated,
has occurred generally
industry, making action to preserve working capital imperative
under existing conditions."—V. 145, p. 2085.
in
our
New
1936
p.
on
Jersey & New York RR.—Earnings-
November—•
Funding Corp.—Earnings—
1937
145,
$2,366,692 $10,325,849
5,465
124,786
,
11 Months Ended Nov. 30—
income after oper. exps.
mon
$8,635,363
Jan. 1 next.
George E. Moore as Treas¬
Secretary and Frank M. Thompson as Assistant
Mr. Moore succeeds J. U. Anderson, who resigned
as
Net
—V.
$2,366,692 $10,325,849
$1,013,747
1934
The directors of the corporation have eiected
Mabel Monhelm
Secretary & Treasurer.
11,014
.
From Jan. 1—
3662.
urer,
2,609
5,662
tributed profits..
b Includes prov. for Fed.
4121.
1—
Gross from railway
145,
of
1937
Net from railway
Net after rents
—V.
State
Chattanooga & St. Louis Ry.—Earnings—
Net after rents
From Jan.
the
effective
certain respects from the classification
pre¬
November—
Gross from railway
Net from railway.
$3,885,068 $16,394,111 $14,709,637
1,515,767
6,062,600
6,063,260
Includes prov. for Fed.
deral surtax on undis¬
The
$1,535,427
300,000
$1,235,427
retirement reserve.
Gross income
Public
12,382,248
017,492
Nevada Central RR.—Abandonment—
........
Rent for lease of electric
property
Interest on funded debt
by the
12,093,603
022,408
36,037
b Expenses, incl. taxes
Int. and other deductions
(before approp. for
$317,353
Appropriation for
3,097,224
02,919
$2,772,572
subsidiaries
Other income
1936
$3,993,671
2,664,121
...
Net oper. rev. & other inc.
retirement reserve)
accom¬
.
1937
re venues.......
expenses, maintenance and taxes
Net oper. rev. (before approp. for retire,
res.)...
Rents from lease of properties
—
Miscellaneous non-operating revenues
Inc. from
could
new
$6,979,373 $28,465,306 $27,074,393
3,023,374
07,206
& Lt. Co. in income of
Power Commission was held in
Washington on Dec. 1 and 2. On Dec. 19,
the company was advised that the Federal Power Commission
had denied
its application.
Failure to obtain that
Commission's
bonds and notes removed the
54,955
$2,772,572
subsidiaries
earned
the appointment of trustees.
142,007
$7,304,800
Nat. Power & Lt. Co.—
Net equity of Nat. Power
sol. earned surplus.
a voluntary petition for
reorganization under Section 77-B of the Federal
Bankruptcy Act.
The petition recited the inability of the company,
although otherwise solvent, to meet the maturity of its 1st mtge. gold
bonds, series A 5% and series B 6%, totaling $8,182,250, due Jan. 1,
1938.
Judge John D. Nields continued the company in possession of its
122,303
$6,951,174 $28,389,201 !$26,968,477
94,190
390,271
346,188
65,991
270,083
284,355
Net equity of National
Lt. Co. in income of
Balance carried to
Wilmington,
35,389
$7,278,666
81,089
Balance
$4,288,632
c Pref. divs. to
public
1,515,415
Portion applic. to mino¬
rity interests
645
Mountain States Power Co.—Files Under 77-B —
Dec. 31 instituted proceedings for reorganization by filing
$6,986,563 $28,511,504 $27,110,484
30,119
>
on
$7,308,785
(net)
Charles
Company
1937—12 Mos.—1936
revenues
.
;:/
Mother
Subs.)—Earnings —
1937—3 Mos.—1936
$21,530,015 $20,307,600 $83,875,698 $77,608,156
a Oper.
exps., incl. taxes 12,253,490
11,633,384
47,818,664
44,324,665
Prop, retir. res. approp.
1,967,740
1,687,653
7,545,530
6,173,007
..27,784,020 27,476,059
The income statement for the year ended Oct. 30 was published in
145,
Operating
15,062,787 15,062,787
Profit & loss surp.
x
Period End. Nov. 30—
Subsidiaries—»
690,901
Deferred charges192,553
of processing taxes as
loans only.
National Power & Light Co. (&
484,674
373,421
215,924
11,851,131
Total.
1937—12 Mos.—1936
$1,202,897
$1,032,746
258,175
238,963
176,641
163,838
25,530
,
327,517
Insurance reserves
156,646
10,935.985
Capital assets
z4,500,000
9,108,707 Accruals.—..—.-
8,324.242
advances
27,314
Note—No provision has been made for the Federal surtax on undis¬
tributed net income for the year 1937 which
iftay be payable under the
Revenue Act of 1936, since any liability for such tax
cannot be determined
until the end of the
639,994
Divs. payable
410,071
3,906,275
25.272
-
depr.
year.—145, p. 3662.
694,812
payaole
Subs.)—Earnings—
1937—Month—1936
$123,347
$99,743
Net income
Bank loans & notes
life
Accts. receivable..
Invest .&
Accounts payable.
567,272
surr. val.
—
Gross income after
Oct. 30 '37 Oct. 31 '36
$
Liabilities—
2,210,923
sec
Claims
'36
$
.'
2,665,413
„
Marketable
Cash
Oct. 31
$
National Gas & Electric Corp (&
Period End. Nov. 30—
Operating revenues
^
$15,287,874 $12,977,442
5.217.147
4,565,147
$1.21
amortization,
surtax on undistributed
115
Gross from railway
Net from railway
Net after rents
From Jan.
1936
1935
1934
$63,471
$63,634
def8,552
def28,102
$58,746
defl5,050
def31,815
defl6,648
678,772
def88,915
def318,214
717,385
def64,441
def291,784
702,227
defl79,883
def.385,976
761,741
def171,823
def394,S63
def36,725
1—
Gross from
railway
Net from railway
Net after rents
—V. 145, p.
1937
$57,368
defl2,201
def32,532
3504..
Ian.
Financial Chronicle
116
Warehouse Co., Ltd.—
New Orleans Cold Storage &
Expenses of the committee are to be paid through an assessment against
stockholders, with a maximum of 20 cents a share.—V. 145, p. 3978.
Dividend Increased—
The directors have^declared a dividend of $4 per share on the common
stock, par $100, payable Dec. 20 to holders of record Dec. 11.
This com¬
pares with $1.50 paid on Sept. 20 and on June 21, last, and dividends of
$1 per share paid each three months previously.
In addition, an extra
dividend of $2 was paid on Dec. 21, 1936.—V. 144, p. 4353.
1,
Ry.— Earnings-
New York Ontario & Western
1937
1936
1935
$482,956
877
November—
Gross from railway
Net from railway
$621,382
126,137
$657,450
161,347
105,925
1934
$626,832
109,408
16,811
7,750,162
1,846,678
1,062,332
8,680,596
2,065,734
1,038,498
def48,864
24,230
6,017,199
659,263
8,042,699
1,927,999
defl57,938
986,637
Net after rents
From Jan. 1-—
New Orleans & Northeastern RR.
$254,643
190,438
*212,361
1934
*191,555
38,623
54,959
£5,944
14,208
51n'Sl
3,044,702
1,158,504
534,831
2,527,253
860,957
2,154,856
568,539
2,027,305
477,836
362,566
173,608
51,710
Net after rents
Qro^tromrailway
Net from railway
Net from rents
Net from rail way
Net after rents
Net from railway
Net after rents
From Jan. 1—
Gross from railway
1934
$122,715
8,492
7,681
1,853,908
418,913
1,604,623
343,245
293,605
396,786
1,518,675
314,959
476,137
Net after rents
—Earnings
1937
November—
Gross from rail way
Net from rail way
Netafterrents
.
1935
$2,915,612
959,737
620,611
37,751,252
13,509,800
31,244,503
10,099,313
8,161,921
38,823,502
12,610,171
7,479,137
6,082,402
$2,515,926
677,603
270,974
30,533,088
9,734,172
5.064,960
1937
$166,164
111,723
50,132
_.
Gross from railway.....
Net from railway
Netafterrents
1937—12 Mos.—1936
..
$1,163,756
270,858
$1,182,968
302,302
123,125
148,873
,
...
3504.
New York Steam
1936
'
$252,359
199,064
142,117
$231,795
188,267
118,573
$238,280
189,698
119,860
2,323,187
1,734,241
1,076,758
2,574,232
1,992,577
1,289,014
2,488,217
1,913,514
1,154,800
2,470,820
1,934,513
1,129,189
1935
Corp.—Offer Extended
The P. S. Comm. of N. Y. has extended to Feb.
1934
3663.
15,1938, the period within
issue 92,134 shares
which the Consolidated Edison Co. of New York may
of its $5 cumulative preferred stock in certificates of whole shares m scrip
certificates for fractional shares, in exchange for the preferred stock of the
New York
Steam Corp.
The company petitioned for an order extending
theperiod until March 1,1938.
The original order, made last July, provided that the period was limited
to not later than Sept. 1, 1937.
The latest petition of the company for an
extension showed that 93% of the outstanding preferred stock of the Steam
Corp. had been presented for exchange.—V. 145, p. 3663
.
New York
1935
,
$243,771
$267,563
71,735
$270,461
92,352
28,849
49,409
26,695
def38,904
2,969,507
978,842
2,977,978
921,602
397.378
3,240,168
869,082
309,230
3,304,920
Netafterrents
Gross from railway
Net from railway.-.
p.
^
.
1936
1937
$258,726
85,791
railway
Net from rail way
145,
,
Susquehanna & Western RR.—Earnings —
November—
Gross from
—V.
Connecting RR.—Earnings —
Net from railwayNetafterrents
From Jan. 1—
Operating revenues
Gross inc. after deprec..
1934
3978.
November—
Gross from railway
p.
$3,502,829
1,185,977
749,688
368,275
Net after rents
From Jan. 1—
Earnings—
1937—Month—1936
$95,133
$100,474
17,401
27,998
338,086
Netafterrents
KR.—Earnings-
1936
Gross from railway—„* $3,016,276
Net from railway..—717,207
145,
—
3978.
New York Chicago & St. Louis
—V.
29,501
338,918.218 326,456,683 281,803,447 270,452,592
79,194,237
82,425,042
67,720,127
65,724,798
37,005,245
43,498.688
33,500,592
27,584,970
Net from railway
p.
New York & Richmond Gas Co.Period End. Nov. 30—
—V. 145, p.
1937
1936
1935
1934
$28,678,023 $31,883,252 $27,077,900 $22,650,097
5,323,580
8,684,569
6,810,937
4,379,482
1,826,677
5,027,105
4,393,696
1.706.079
Gross from railway
New York
—V. 145, p. 3663.
—
1935
$169,030
35,260
33,514
1936
$164,870
21,737
New York Central RR.
145,
Earnings
3662.
November—
—V.
—
2,369,846
809,439
842,237
-
--
From Jan. 1—
Gross from railway
—V. 145, p.
Ry.
1937
$169,144
28,530
31,351
November—
Net from rail way
p.
Net after rents
Net income
Gross from railway
Net after rents.
Gross from railway
Net from railway
9,551
3662.
New Orleans Texas & Mexico
145,
1935
1936
1937
Net from railway
—V.
—
$271,836
82,179
November—
Gross from railway
—V. 145, p.
—Earnings
2§0,214
301.006
3825.
New York Title &
Mortgage Co.—Distributions—
Cash distributions to holders of two large certificated first mortgage issues
announced by the respective trustees who are serving by appointment
are
of Supreme Court Justice Alfred Frankenthaler.
P. Walker Morrison, State Senator Lazarus Joseph
and Leon Leighton,
B-K, a $13,000,000 issue of New York Title & Mortgage
Co., announce a distribution of 2% or $260,000. which will bring the total
paid to certificate holders of this issue during 1937 to $520,000.
Mr. Morrison, James M. MacLean and Marcel Levy, trustees of Series
QNS-GNY of Greater New York Suffolk Title & Guarantee Co., a $2,000,000 issue, also announce a distribution of 2%, making a total payment for
1937 of 4% of principal.
The trustees of this issue further announce an
income distribution of W%. the first income these certificate holders have
received in four years.—V. 145, p. 3979.
trustees of Series
New
York
Westchester
Orders Abandoning of
Line
&
on
Boston
Dec. 31
RR.—Judge Knox
—
Holding that the road is "definitely insolvent," Federal Judge John 0.
signed an order directing complete abandonment of the
Knox on Dec. 22
New York Dock
Co.—Modifies Financial Plan—
In February, 1937, company adopted a plan of recapitalization respect¬
ing its note issue of $5,500,000, due April 1, 1938.
The plan provided,
among other things, for the cancellation of the $1,114,000 of these notes
then held by the company and extension of the remaining indebtedness'of
$4,386,000 through voluntary action by the present noteholders,
A new
issue of 5% notes in that amount was provided for, the new notes to have
the benefit of a $250,000'annual sinking fund?and to be convertible, at the
noteholders' option, into"|34 shares of the company's stock, 20 of the $5
non-cumulative
preferred and 14 of the common for each $1,000 note.
Subsequently the company's stockholdersjapproved the plan and authorized
the necessary changes.
A substantial number of noteholders assented to the plan but various
modifications were sought by others.
After consideration of the views
which had been expressed and of some improvement in the company's busi¬
the directors considered it wise to modify and improve the plan from
the standpoint of noteholders, notice of which was given Dec. 30.
The
changes made have resulted in the withdrawal of all group opposition known
ness,
to the company.
The principal change in the plan is a provision whereby noteholders may,
at their
option, receive 10% of the principal amount of their holdings in
cash and 90% in the new convertible 5% notes due April 1, 1947, in lieu
of the full principal amount of their present holdings of notes.
The com¬
pany
believes that
no
substantially better plan for the noteholders is possible
and that the modified plan should
of accomplishment by the company
be successfully consummated.
The alternative to voluntary completion of the modified plan is reorgani¬
zation under the provisions of Section 77-B of the Bankruptcy Act and
provision is made in the modified plan for the filing of consent to and ap¬
proval of the plan on behalf of depositors for the purpose of giving effect
to the plan in such proceedings if necessary.
No action is required on the part of present holders of certificates of
deposit to indicate their concurrence in the modified plan.
They are,
however, being notified by mail of the changes made.
The time within which the remaining notes may be deposited under the
plan has been extended to Feb. 15,1938.—V. 145, p. 3825.
New York New Haven & Hartford
Period End. Nov. SO—
Totaloper. revenues
a
Netry.oper. income..
c Net deficit after
chgs.
a
The leases
RR.—Earnings—
1937—Month—1936
1937—11 Mos.—1936
$6,197,232
$7,028,786 $74,992,929 $71,446,895
1,272,728
4,379,774
6,839,531
b992,855 bsur352,691
b6.545.000
b4,091,865
.
36,127
.
of the
following companies were rejected on dates stated
below, but net railway income includes the results of operations of these
properties: Old Colony RR., June 2,1936; Hartford & Connecticut Western
HR., July 31, 1936; Providence, Warren & Bristol RR., Feb. 11, 1937.
b Effective as of those dates no
charges for the stated leased rentals are
included covering the Old Colony RR., Hartford & Connecticut Western
RR., and Providence, Warren & Bristol RR. leases,
c Before
guarantees on separately operated properties.—V. 145, p. 3978.
Bankers Trust Co. Loses Plea for Ban on Deal with Boston
& Providence—
Judge Carroll C. Hincks in Federal Court at New Haven, Conn, denied
Dec. 23 the petition of the Bankers Trust Co. to restrain trrustees of the
road from making any further rental payments undo: the lease of the Boston
&#Providence RR. which totals $511,500 a year.
The court order was issued without prejudice to the right to protest
future rental periods.
Judge Hincks instructed the New Haven trustees
in the meantime to have prepared accounts to show separately the revenues
received from the operation of the B. & P. line from the date of the start
of reorganization proceedings to Dec. 31, 1937.
The trustees are then to
make a recommendation to the court as to whether or not, in their business
judgment, the rental payments should be continued.
The Bankers Trust Co., as trustee, under the New Haven's 1st and ref.
mtge., contended that the operation of the B>, & P. Line and of the Old
Colony RR., which holds the lease, was resulthig in losses and that further
rental payments would be a dissipation of the assets to the detriment of the
bondholders.
Default of the rental payment due on Jan. 1 would result in cancellation
of the lease, thus throwing back into litigation a suit over title to approxi¬
mately $5,000,000 of terminal property in Providence.
ICC Authorizes Committee to Act for Preferred Holders—
Thellnterstate Commerce Commission has authorized five men to serve
as*a protective committee for holders of preferred stock of the company.
Committee members
are Harry W. Harrison, of Philadelphia; Roy Brown,
Louis; David W. McKnight, of White Plains; Joseph B. Russell,
Westwood, Mass. and Wallace J. Falvey, of New York.
of St.
of
road at midnight, Dec. 31.
The Court held that the aggregate amounts
on
due for principal and interest
outstanding first mortgage bonds and taxes is greater than any possible
value of its assets, and ruled that there is "no equity for general creditors
and stockholders."
New York New Haven & Hartford RR. owns sub¬
general
stantially all the Westchester's capital stock and is the principal
creditor
After "several hearings at which representatives
*
of Westchester County
municipalities tried to convince the Court that continuance of the road s
operations is vital to thousands of commuters, the Court stated that the
company did not earn enough to pay operating expenses and taxes from
1934 to 1937, inclusive.
„
.
_
x
The order directs the receivers to discontinue all operations of the West¬
on Dec. 31, except for the delivery of freight shipments originating
on other railroad systems on or prior to that date, but received by West¬
chester after Dec. 31.
It also directs the receivers to take the necessary
steps for the preservation of the road's properties until further Court orders.
"Assets now in the possession of the receivers," Judge Knox declared,
"will be depleted to the detriment of creditors of the receivers and holders
of first mortgage bonds by continuing operations after Dec. 31."
Guaranty Trust Co., as trustee under the first mortgage indenture,
the committee for the protection of first mortgage bondholders, represent¬
ing $2,310,000 in outstanding bonds, and individual owners of bonds in the
principal amount of $2,050,000 have consented to the discontinuance,
Judge Knox said.
Trustees of the New Haven, as owners of nearly all of the capital stock,
and as substantially the sole general creditor, have also acquiesced.—
V. 145, p. 4122.
chester
,
Norfolk & Portsmouth
.
Belt Line RR.—Notes—
The company has applied to the Interstate Commerce Commission for
authority to issue $450,000 of 2 H % promissory notes, proceeds from which
would be used to pay off and redeem the road's entire issue of first mortgage
5% bonds, totaling $400,000 and maturing Feb. 1, 1938. Balance of pro¬
ceeds would be used to pay off the balance of $50,000 owing to the National
Bank of Commerce of Norfolk.—V. 141, p. 1777.
Norfolk & Southern
RR.—Hearing
on
Compromise Plan
Guaranty Trust Co. of New York in a letter to the holders of 1st
mtge. 5% 50-year gold bonds due July 1, 1954, states:
On Sept. 17, 1937 a meeting of the holders of the above bonds was held
at our office.
At this meeting the plan of reorganization of the road, as
The
gen.
presented by the protective committees for certain of the other bonds, was
discussed, and the bondholders present, representing about 42% of the
bonds outstandlngjin the hands of the public, indicated that they approved
the terms of this reorganization plan except that they felt they should
receive 50% of new first mortgage 4H % bonds and 50% of new convertible
income bonds instead of 40% and 60%, respectively, as suggested in the
plan.
We,
as trustee of the issue, were requested to use our best efforts to
obtain this adjustment in the plan.
Since that time we and our counsel
have had conferences with representatives of the protective committees
for the other securities.
Our efforts, however, to obtain better treatment
for your bonds were not successful.
At the invitation of Judge Luther B. Way, who
is the Judge having charge
of the receivership proceedings, we met on Dec. 14 in Norfolk with him and
representatives of the other creditors, as well as with the receivers and
various counsel.
The only point of disagreement with regard to the new
plan developed at this meeting was that involving the percentage of first
mortgage bonds that are to be given to the holders of your issue.
This question was very fully discussed and argued.
It was brought out
that if an agreement could be reached, the reorganization could in all
probability be carried out promptly, which should prove to be of advantage
to all the security holders.
It was also stated that the Reconstruction
Finance Corporation has agreed under certain conditons to purchase
securities totaling approximately $900,000 to permit the acquisition of
Should the reorganization be
equipment and certain improvements.
delayed or the plan materially modified it might complicate the handling
of the securities which the RFC proposes to acquire.
After very patiently viewing all sides of the question. Judge Way stated
that while he did not want to be understood as expressing any judicial
opinion as to the merits of the controversy or the right of any of the parties,
he did feel, speaking merely from past experience, that it would be ex¬
pedient and advisable to reach a compromise, and from what was said
before him at the conference he was of the opinion that to do so would be
for the best interests of all parties concerned.
He further stated that
under these conditions, it occurred to him that both parties might very well
consider splitting the difference and allocating to the 1st gen. mtge. bo
s
45 instead of 40% of the new 1st mtge. bonds of
and 55 instead of 60% of the conv. income bonds.
theTeorganized company,
Volume
Chronicle
committees of the other bond issues
this suggestion and were willing to
Judge Way that we
expense on both
redeemed in 1937 consisting of unamortized discount and
expense on such bonds at date of redemption and premium and expenses
The representatives of the protective
stated
that
they were agreeable to
the difference in the value of the securities
as
redemption together with duplicate interest charges, which will result
145, p. 3979.
on
amend the plan tn accordance with it. We explained to
were in no position to accept this compromise on behalf
but
in no taxable income.—V.
of our bondholders,
that you would receive
Northern Pacific
the amount you would lose in the event of further
seemed to have exhausted every reasonable effort to obtain
is probably less than
delays, and
as we
present plan.
The meeting was also
attended by holders of approximately one-fourth of
Earnings for November and
1937
3,903
238,981
314,920
480,005
$2,796,419
1,907,785
$2,691,977 $30,803,038 $29,430,941
1,849,763
20,795,563
20,065,669
Northern Alabama Ry.
Nova
Net from railway
Net after rents.
1934
1935
$44,270
8,891
649,896
277,250
99,042
$49,206
13,058
def2,665
def4,201
Gross from railway—:
Net from railway
738,367
322,372
110,649
506,912
169,200
6,616
497,745
165,506
17,141
the
Co.—Earnings
1937
-
1936
$8,127,490
5,020,705
80,639
155,816
77,488
Mis<
"
■
Liscellaneous revenues and other income. ■
203,529
Total gross earnings-.
expenses
Ma
Provision for retirements
Taxes
*
Net income available for dividends
Preferred dividends
Note—The figures for the
$4,811,213
2,466,146
363,000
Nu Enamel
paid
$1 400
taxes
(Del.)
16,805,710
Oklahoma
Net
■
.
■
Net oper. rev. & other
inc. (before approp.
for retirement res.-$12,333,772
■
M
393,937
143,344
311,274
97,744
81,144
104,322
41,987
def9,548
„
145,
3664.
p.
1937
Years Ended Oct. 31—
$11,853,951 $15,175,641 $14,659,646
2,900,000
2,900,000
2,403,333
Gross income
Interest charges (net)
Amortiz. of debt disc't &
$9,930,439
3,398,993
$9,450,617 $12,275,641 $11,759,646
4,935,933
4,383,761
5,923,980
Depreciation on fixed
Interest and exchange
795
$70,376
21,278
assets
subs. co. held by pubMin. int. in net inc. of
620,248
61,847
470,563
44,292
564,410
51,339
54,271
52,928
67,309
$6,179,974
$5,150,889
a
Notes— (1) For comparative purposes th e above figures have been re vised to
reflect
certain
classification, due to the uniform system of
1, 1937.
(2) The above statement
gives effect in the 12 months ended Oct. 31, 1936, to the adjustment of
debt discount and expense and to the adjustment of refunds of electric and
steam revenues in North Dakota, which adjustments were made in 1936.
The Northern States Power Co. (Minn.) is making no provision for
federal or State income taxes for the year 1937 as it is contemplated it will
accounts
changes
in
which became effective Jan.
20,460
receiv—
Accts.
Duefr
$9,868
18,086
$29,034
banks
69,027
$3,946,899
affil.cos.—
15,725
Inventories
15,433
17,237
31,740
19,881
current--——-
14,395
5,348
45,481
life insurance—
6,617
10,500
6,000
16,476
17,762
285,500
ref'le
return
of
42,058
c
value of
surr.
5,535
10,939
A
containers
19.722
6.992
prepd. exps., &c
Cash
deps.
upon
$11,523
taxes,
Prov. taxes, est.
Custs'
supplies,
Advert'g
sals.,
Ac
Divs. payable
Res. for Dom,
17,993
Due fr. affll. cos—
Acer.
1936
$3,452
Accts. pay., trade-
hand A in
on
1937
Liabilities—
1936
1937
Asset 8—
$4,936,058
Net income
$10,098
Balance Sheet Oct. 31
Cash
sub. companies
1,544
6,043
$36,994
21,000
Preferred dividends.
962,500
962,500
704
766
1,410
9,929
Provision for income taxes
Net income
525,241
53,375
expense
$37,994
$38,789
20,400
Provision for doubtful accounts receivable
Other income deductions
Divs. on pref. stock of
^
742
Total profit
2,403,333
1936
_
$69,634
Operating profit
Interest, discount, &c
M
res_.
Approp. for retire.
492,008
209,685
$27,362
5,424
def4,330
Orange Crush, Ltd,—Earnings —
$12,263,836 $11,792,505 $15,095,856 $14,587,395
69,936
61,446
79,785
72,251
reserve)
$36,798
14,457
4,054
477,178
186,389
after rents—
$39,468
5,582
def7,157
Net after rents
19,990,825
1934
1935
1936
1937
$36,186
23,265
13,174
From Jan. 1—
retire.
Other income
City-Ada-Atoka Ry .—Earnings —
Gross from railway
Net from railway
(before
for
approp.
Ja.. 3.—V. 145, p. 3825.
November—
—V.
Net oper. rev.
on
Gross from railway
Net from railway--
(& Subs.) —Earns.
election of William C. Connelly,
Mr. Connelly^ succeeds Edwin*Mansfield, who becomes
Chairman of the Board
1,262,'760
20,682,256
extra
Ohio Seamless Tube Co.—New President—
The company on Dec. 21 announced the
as *ts President.
2&5
&
17,264,689
Pays Special Dividend—
on
declared likewise bears the above dates.
An extra dividend of 80 cents was paid on Dec. 10, 1936 and an
of 20 cents per share was paid on Dec. 31, 1935.—V. 143, p. 4011.
1937—10 Mos.—19361937—12 Mos.—1936
$29,528,526 $28,598,215 $35,778,113 $34,578,220
—
passed the dividend ordinarily due
A dividend of 15 cents per share was
stock.
aid a special dividend of 80 cents per share on the common
Dec. 10 to holders of record Dec. 4.
The regular monthly div. of 15 cts. per share which had been previously
11 months ending Nov. 30, 1936, have been
Northern States Power Co.
common
Oct. 1, last.—V. 145, p. 1430.
on
stock,
1936, applicable to that year.—V. 145, p. 4123.
Period End. Oct. 31—
Reorganize
Ltd .—To
Corp.—Dividend Omitted —
Oahu Ry. & Land Co.-
restated in the above statement to reflect adjustments made in December,
Operating revenues
Oper. exps., maint.
Co.,
The compa
$4,060,082
2,481,027
178,800
$1,982,067
1,262,679
-
Provision for Federal income taxes
Coal
The directors at their recent meeting
at this time on the
$15,638,656 $13,384,650
5,942,124
7,244,295
787,010
1,283,333
1,283,333
1,312,101
1,452,272
Gross operating income
Deductions for bond and other interest
&
liquidators.—V. 129,
$9,995,266
5,362,373
11 Months Ended Nov. 30—
Op era ting
Steel
appointment of a liquidator to proceed under the Winding-Up Act, and
H. McDougall ana the Eastern Trust Co. were appointed as joint
p. 2370.
D.
Operating revenue—electric
Operating revenue—gas
Operating revenue—water
Scotia
Interest on the first mortgage bonds has been in default since Jan. 1,
1933, while that on the 6% perpetuals has been in default since July 1, 1932.
Early in January of 1933, Hon. Gordon W. Scott, C. A., and the Eastern
Trust Co. were appointed receiver-managers, following default on the de¬
benture interest.
Permission was given by the court in March, 1933, for
—Y. 145, p. 3663.
Northern Indiana Public Service
3,225,690
all the common stock.
owns
;
Net after rents
386.281
Plans for the reorganization of the company in receivership, are reported
to be under discussion.
It is reported that the plans are being studied by
the members of the first mortgage bondholders' protective committee and
other interested parties.
The reorganization as now planned would be
carried out with the cooperation of Dominion Steel & Coal Corp., which
,
$68,133
30,992
15,444
9,384
_
3825.
1936
$58,816
25,559
$9,365,272
$842,214 $10,007,475
280,278
x4,032,707
$888,634
Structure—
Earnings—
1937
November—
Gross from railway
-
$502,353
$561,936
$5,974,768
$6,139,582
x Includes $41,154 for
possible additional Fed. net inc. taxes for year 1936
due to adjustment of depreciation expenses for year 1936.—V. 145, p. 3663.
$1.50 per share on account of accumu¬
preferred stock, par $100, on Dec. 18
p.
_
Net oper. income
Corp.—Accumulated Dividend—
below.—V. 145,
-
Net oper. revenues
17.—V. 145, p. 4123.
See Prairie Cities Oil Co.,
1937—Month—1936
revenues
Operating taxes..
Oil, Ltd.—Acquisition—
From Jan. 1—
1937—11 Mos.—1936
$2,704,411 $30,894,157 $29,532,193
91,119
101,252
12,434
Operating revenues
Operating expenses
4,440,987
1,093,828
359,512
to holders of record Dec.
47,600,789
9,140,397
6,970,598
$2,804,410
7,991
Operating
409
4,316,279
865,140
The company paid a dividend of
on the 6% cumulative first
49,573,257
8,460,024
6,386,302
Uncollectible oper. rev—
$352,567
48,801
$346,665
31,902
20,297
lations
56,510,583
11,864,631
9,408,628
10,416,955
Period End. Nov. 30—
4,061,374
750,742
North American Car
60,577,602
12,323,942
—
.
4,551,380
975,147
Net from railway.
Net after rents.———
—V. 145, p. 3979.
$4,285,032
765,601
647,740
Northwestern Bell Telephone Co.- -Earnings—
1934
1935
defl0,620
__
From Jan. 1—
Gross from railway
$4,957,372
1,385,809
1,249,733
1936
—V. 145, p. 3825.
to Date
$363,795
67,335
$371,170
46,301
Net from railway
Net after rents.
Year
1936
1934
$5,459,256
1,556,758
1,619,174
1937
From Jan. 1—
Gross from railway
Net from railway
Net after rents
bonds outstanding in the hands of the public, who expressed them¬
as satisfied with the outcome of these negotiations.
On Jan. 4 in the Federal Post Office Building in Norfolk, Va., there is
to be a formal hearing in open court on the amended plan, at which all
creditors and stockholders of the company may be heard.
your
1935
$5,097,677
1,058,544
750,894
Gross from railway
Net from railway
Net after rents
selves
November—
Gross from railway
Ry.—Earnings —
November—
the full 50%, we did not feel we should in your interests carry the matter
to the extent of Court action in order to prevent the consummation of the
North Star
117
Financial
146
Capital stock
285,500
—
30.002 il
Surplus
114,007
...
claim
as a
of sub., allied &
deduction in its Federal and State income tax returns for the year
1937, debt discount and
expense on
bonds redeemed in 1937 consisting of
redemption, and
with duplicate interest
unamortized discount and expense on such bonds at date of
premium and expense on redemption together
charges, which will result in no taxable income.
other
Northern States Power Co.
4123.
(Minn.) (& Subs.)—Earns.
Year Ended Oct. 31—
1937
maintenance and taxes
1936
Net oper. rev. & other inc.
(before approp. for
retirement reserve
$13,559,430 $12,982,377
2,445,478
2,441,555
;
Appropriation for retirement
reserve
Gross income
$11,113,951 $10,540,822
3,528,414
5,067,313
589,002
532,993
53,000
41,292
-
Interest charges (net)
Amortiz. of debt discount and expense
Other income deductions
x
Net income
Notes—(1)
$6,943,534
For
comparative
purposes
the
above
figures
$4,899,223
have
been
revised to reflect certain changes in classification, due to the uniform system
of accounts which became effective Jan. 1,1937. (2) The above statement
Sves discount and expense and ended Oct. 31, 1936, refunds of electric and
to the adjustment of
sbt effect in the 12 months to the adjustment of
steam revenues in North
Dakota, which adjustments
were
made in 1936.
(3) The company is making no provision for Federal or State income taxes
for the year 1937 as it is contemplated it will claim as a deduction in its
Federal and State income tax returns for the year 1937, debt discount and
149,284
2
2
$341,409
-
Fixed assets
Ac
Total
$363,404
$341,409
1936. b Represented by
30,000 preference shares and 45,500 common shares, both no par value,
c After reserve for depreciation of $161,091 in 1937 and $142,630In 1936.—
a
After
reserves
of $3,689 in 1937, and $2,478 in
V.144, p.2494.
Orange & Rockland Electric
ment
Net oper. rev. (before approp. for retire, res.)— $12,505,131 $11,911,184
Other income
1,054,299
1,071,192
39,148
133,172
cust
Total
$30,941,522 $29,969,942
18,436,391
18,058,758
revenues
expenses,
p.
4,294
43,232
$362,404
A with
Licenses,
8.7% compared with the corresponding week last year.—V. 145,
5,226
Containers on hand
Electric output of the Northern States Power Co. system for the week
ended Dec. 25, 1937, totaled 26,466,868 kilowatt hours, an increase of
Operating
Operating
cos
Invest, in real est,
c
Weekly Output —
stk.
Invest, in cap.
Co.—Improper Manage¬
Charged—
The New York P.
S. Commission has taken steps against the company
and its operators for alleged improper
Counsel for the Commission has
ceedings for alleged violations
A
/*"(
-
-
J—
iU 1 aL
n
Cases in which action
to act
management.
been directed to initiate legal pro¬
of law'where the Commission is authorized
n
V»
<\i
11 <4 R bft' Vvtfrtil rvb 4-V htr* + Vl ol
A 4"
OTT
CrAnbrfll
shouldlbe]brought'by thelAttorney^General
official forfhisTconsideration.
4
Roscoe W. Smith,* President of the company, against whom the Com¬
mission has taken action as an individual and as chief officer of the com¬
pany, has stated that contrary to the report's allegations'that funds provided
for serving the public had been diverted illegally to other uses/the utility
had managed its assets along lines approvedjinf 19221by thelStatelbodykand
that resources had thus been conserved prudently.
m *•»*»*->«« *
Mr. Smith said that the utility long ago had been granted permission to
buy and sell at par the company's securities, which are not listed ;on any
exchange, in order to make a market available to security holders, with the
consent of the Commission, although the current report called such acts
illegal.—V. 145, p. 3826.
have been referred to that
Pacific
Greyhound Lines, Inc.—To Pay 75-Cent Div.—
have declared a dividend of 75 cents per share on the
stock payable Dec. 27 to holders of record Dec. 17. A dividend of
50 cents was paid on June 29, and on April 29, last.—V. 141, p. 444.
The
directors
common
Financial
118
Pan American Southern
Chronicle
Corp.—Exchange Offer—
fan. 1, 1938
Official Promoted —
The offer of Standard Oil Co. (Ind.) made as of Sept.
of its shares of common capital stock for every
1,1937, to exchange
four shares of out¬
standing common capital stock of the Pan American, will expire at the
close of business on March 31, 1938.—V. 143, p. 3852.
one
Charles E. Ebert, Financial Vice-President of the company was made
Executive Vice-President also at a meeting of the board of directors held
Dec. 21.—V. 145, p. 4125.
Philadelphia Suburban Water Co.—Earnings—
Panhandle
Eastern
Co.—Completes $12,000,000 Construction Program—Gas-IIandling Capacity of
System Increased 40%—
J. D.
Line
Pipe
Creveling, President, stated Dec. 30 that the $12,000,000 construc¬
tion program undertaken by this company early in 1937 has now been com¬
pleted and has resulted in a 40% increase in the company's gas-handling
capacity.
More than 350 miles of new pipeline were laid and new com¬
pressors totaling 29,400 h.p. were added to the company's system.
The
program was the only major construction program in the natural gas in¬
dustry in 1937 and provided more than 2)4 million man-hours of work in
the past year, according to the company's estimate.
"Primary reason for the expansion of the company's facilities in 1937,"
Mr. Creveling stated, "was that the Detroit City Gas Co., whose natural
gas is supplied by Panhandle Eastern for retail delivery in Detroit, advised
us that the peak load in Detroit in 1938—the second year of natural gas
operation in that city—was expected to be as great as the peak originally
contemplated for the fifth year of operation.
House-heating installations
in Detroit have increased so rapidly that gas deliveries in Detroit for that
purpose alone are expected to run as high as 25 to 30 million cubic feet a
day this winter.
And development of the house-heating field is only in
its early stages in Detroit."
Mr. Creveling said that additions made to Panhandle Eastern facilities
12 Months Ended Nov. 30—
Gross
a number of smaller communities.
In
the pipe line and compressor system, he said,
on
the company drilled 33 new wells in 1937 and negotiated long-term purchase
contracts
covering 70.000
ing its gas reserves.
acres
of gas-producing land, thus greatly increas¬
—
1937
Regular Dividends
Preferred Stocks—
on
Penn Investment Co.—$1 Dividend—
$621,889
--
$668,812
276,806
deb its
Main exten. depos.
491,321
508,028
Dividends declared
48,000
255.388
248,000
182,354
14,445
2,354,221
197,150
22,163
2,129,857
2,539,165
2,228,482
Accrued
taxes
Accrued interest..
accr.
liabs..
Surplus
Total
24,400
S
3,200.000
3,200,000
2,500,000
Cap. stock, com.. 2,500,000
Funded indebted. 16,907,500 16,907,500
Consumers' depos.
150,235
50,809
Other curr. liabs..
32,926
47,451
286,781
4,697
.
1936
$
Liabilities—
Cap. stk. pref
28,590,656 28,460,045
Undistrlb.
Reserves
28,590,656 28,460,045
Phillips-Jones Corp.—$1.75 Preferred Dividend—
A dividend of $1.75 per share has been declared on the 7% cum. pref.
stock, par $100, payable Feb. 1 to holders of record Jan. 20.
A like amount
paid
on this issue in each of the 17 preceding quarters, while on March 14
payment of $3.50 per share was made.
the pref. stock, following the current payment will
amount to $3.50 per share.—V. 145, p. 2401.
1933,
a
Accumulations on
Pierce-Arrow Motor Corp.—Court Allows Note
November—
Gross from railway.
1937
...
Net from railway
Net after rents
...
...
From Jan. 1—
Gross from railway..
Net from railway
Net after rents
$376,851
def36,203
defl70,860
1936
'
1935
$407,848
def8,094
defl46,418
$360,305
defl5,618
defl48,585
1934
$366,733
def30,711
defl59,448
5,974,026
6,077,906
5,314,311
5,362,197
520,443
963,216
251,873
263,369
def1,534,845 def1,085,564 def1.549,132 def1,772,355
—
.
The
4125.,
p.
Pittsburgh & Lake Erie RR.—EarningsNovember—
Penn Traffic Co.—Extra Dividend—
The directors have declared an extra dividend of
7)4 cents per share
in addition to a regular semi-annual dividend of like amount on the common
stock, par $2.50, boih payable Jan. 25 to holders of record Jan. 10.
distributions were made on Jan. 25, 1937.—V. 144, p. 786.
Similar
...
20,151,250
4,699,743
4,911,044
$898,472
120.761
$6,957,621
1,550,016
$7,928,307
1,896,519
$309,094
Railway tax accruals
$443,396
134,301
$777,710
84,104
61,304
$5,407,604
506,817
524,695
$6,031,787
596,377
542,683
69,231
9,931
Joint facil. rents—(Net)
$632,301
24,052
$4,376,092
400,080
$4,892,726
392,742
$316,269
4,294
$656,353
6,540
$4,776,173
62.018
$5,285,468
63,565
7,014
271,870
5,710
271,589
67,377
2,984,876
63.941
$372,512
$1,661,900
$2,150,100
2,500
2,500
5,826
5,597
f $30,590
$370,012
$1,656,074
$2,144,503
Rent for leased roads &
equipment
on
debt
....
Net income
Inc. applied to sinking &
other
Inc.
to
reserve
bal.
funds
1935
1934
$103,846
22,509
13,764
$65,242
2,597
def620
$91,168
15,189
5,438
936,949
102.052
def30,062
976,020
147,121
49,981
833,552
64,175
def9,322
840,812
23,589
def62,135
1937
rents
—Y. 145, p
3981.
—V. 145, p. 3665.
corporation has been extended from Dec. 31, 1937 to Dec.
31, 1939; that
5,894 shares remain under said option, and that 3,000 shares remain under
p. 3664.
Retirement and depletion
*
reserve.
Profit
xTAfter
rents
of
1934
1935
502,864
def12,396
def4,488
517,366
def236
31,681
$56,887
5,281
6,543
$39,577
def6,460
3,537
From Jan. 1—
Gross from railway
Net from railway
Net after rents........
V
592,191
57,872
100,403
—V. 145, p. 3665.
Pittsburgh United Corp.—Dissolution Asked—
■
Gordon Thompson, of New York, owner of 20 shares of pref. stock has
petitioned Common Pleas Court at Pittsburgh for dissolution of the cor¬
poration, and for appointment of a liquidating receiver to collect assets and
He states he did not assent to a
'
liquidating agreement of March 1, 1932,
that provided for redemption of preferred stock last March 1, and which
was the subject of lengthy litigation in the local Court.
He claims the dis¬
sension and litigation between common stockholders and preferred stock¬
holders who signed the agreement is such as to threaten injury to him and
holders
of
preferred stock in obtaining ultimate payment of the
liqu d assets.
chiefly 96,973 shares of United States Steel Corp. common
amount due them from the
[Not including Beaver Valley Traction Co. (in
receivership) and its sub.]
1937
1936
$64,895
6,727
6,689
603,285
6,815
21,319
Net after rents
other
Philadelphia Co. (& Subs.)—Earnings—
Balance and all taxes
1937
$60,700
1,739
defl0,223
make distributiin to stockholders.
corporation has notified the New York Stock Exchange that the
option expiring Dec. 31, 1937 for the purchase of common stock of the
the^ption expiring Jan. 1, 1939.—V. 145,
"
November—
Gross from railway
Net from railway
»- This
12 Months Ended Oct. 31—
Gross revenues.
1936
Pittsburgh & Shawmut RR.—Earnings —
U Phelps Dodge Corp.—Option Extended—
r
.
From Jan. 1—
transferable
profit & loss
14,161,817
2,284,057
2.986,270
$92,266
14,512
2,296
Gross from railway
Net from railway
3,007,861
$33,090
Total income
Misc. deducts from inc.
$229,932
86,337
15.384,486
2,998,162
3,523,571
Pittsburgh Shawmut & Northern RR.—EarningsGross from railway
Net from railway
Net after rents
Net rail. oper. income
Other income
104,080
200,438
—V. 145, p. 3981.
Net after
Operating income
Equipment rents—Net.
$1,154,792
253,410
231,330
r
From Jan. 1—
November—
Net oper. revenue
1934
$1,466,844
1936
$2,150,601
510,496
516,185
21,980,585
4,163,594
4,351,062
Net after rents...
Gross from railway
1937—Month—1936
1937—11 Mos.—1936
$2,557,555
$2,891,654 $29,832,889 $29,266,252
2,114,159
1,993,182
22,875,268
21,337,945
1935
1937
$1,507,096
56,223
161,269
Gross from railway
Net from railway
Net from railway
Net after rents
Marquette Ry.—Earnings-
Period End. Nov. 30—
Total operating revenues
Total oper. expenses
Interest
Issue—
has been authorized by Federal Judge John Knight
$22,000 in notes, the funds to be used to tide over the
company until Jan. 17, when creditors and stockholders are scheduled to
meet and discuss the reorganization plan.
Permission to reorganize was granted in United States District Court
Dec. 21 on petition of the company.
Arthur Chanter, President, said
the petition was filed to preserve the status quo of the company until plans
announced last September can be successfully consummated—V.
145,
corporation
at Buffalo to issue
—V. 145, p. 3664.
Pere
335,700
-V. 145, P. 3828.
was
Pennsylvania Reading Seashore Lines—Earnings—
30,576
1937
S
Other
count & exps...
on
Directors have declared a dividend of $1 per share on the $4 cumulative
preferred stock, payable Jan. 3 to holders of record Dec. 27.
Dividends of
$2 were paid in July and April this year and $5 in December, 1936.—V. 144,
3347.
229,902
1936
$
Assets—
Fixed capital
Total
Directors have declared the regular quarterly dividend of $1.50 per share
the company's $6 class A preferred stock and $6 class B preferred stock,
payable Jan. 1,1938 to holders of record Dec. 23, 1937.—V. 145. p. 4124.
108,197
232,626
Balance Sheet Nov. 30
Unamort. debt dis¬
service in Fort
676,l7l
-
Balance available for dividends
Wayne, Ind., Kokomo, Ind., and
gas
$1,713,659
1936
24,725
103,890
Retirement expenses (or depreciated)
addition to construction
1,937 had made possible the inauguration of natural
$1,659,581
.
$2,523,402
654,673
155,068
676,450
Net earnings
Interest charges
Amortization and other deductions
Federal income tax
25 ,823,089 25, 384,245
Cash
2 ,047,937
2, 339,123
Notes receivable..
1,032
Accounts recelv'le.
80.867
78.687
Naterlals & suppls.
86.781
79,555
Other curr. assets.
233,903
228,928
Investm'ts, gen'l..
5,116
5,116
Prepayments
7,339
7,715
Special deposits...
40,219
8,358
in
1937
$2,478,746
675,088
144,077
revenues
Expenses—Operation (incl. maintenance)
Taxes (not incl. Federal income tax)
1936
.$55,812,116 $51,030,952
24'l97'909 24,107,351
7,501,026
7,107,490
8,108,202
8,402,452
leased
properties, interest, amortization, guaranteed
on Consolidated Gas
Co. of Pittsburgh preferred stock, appro¬
priated for special reserve, but before dividends of other subsidiaries.—
—V. 145, p. 4125.
The assets
are
Judge Marshall a few months ago upheld the stock redemption agree¬
which a committee of United common stockholders opposed, and
appeal will be argued in Philadelphia around middle of January.
Judge Egan ordered Mr. Thompson's petition filed and that notice be
given other parties interested.
Pittsburgh United may file an answer
within 30 days.—V. 145, p. 3018.
ment,
an
dividends
Philadelphia Electric Power Co.—Bonds Called
—
A total of $184,000 first
mortgage gold bonds 5)4% series, due 1972 had
been called for redemption on Fen. 1 at 106 and
accrued interest. Payment
the Fidelity-Philadelphia Trust
will be made at
Co., Philadelphia, Pa.—
V. 145, p. 289.
Pittsburgh & West Virginia Ry.
November—
1937
Gross from railway
Net from railway
Net after rents
Earnings
1936
—
1935
1934
$329,957
83,665
98,658
$256,115
79,503
89,545
$204,086
36,060
53,684
3,842,534
898,783
1,067,770
L_
$250,442
8,124
48,455
3,509,073
1,066,753
1,159,139
2,718,226
857,38 0
923,239
2,515,772
From Jan. 1—
Gross from railway
Net from railway
Net after rents
670,750
782,995
Philadelphia Rapid Transit Co.- -Equipment Purchase
Postponed—
—V.
f
The Guaranty Trust Co. of New York has been appointed co-transfer
agent in New York, effective Jan. 1, 1938, for the $5 par value common
The trustees at the request of Federal
Judge George A. Welsh in whose
reorganization of the company is pending under 77-B have announced
court
^a9tion *n connection with the award of contracts for purchase of
$2,000,000 m new equipment has been indefinitely
postponed.
Judge Welsh suggested the postponement for two reasons, because
underliers by statements to the
public have indicated that title to such
new equipment would be vested in
them," and because the new equipment
was to be used
oyer streets for which the company's franchises have very
nearly terminated, and the city has not yet
indicated, according to Judge
Welsh, whether the franchises will be renewed.
►
Underliers9
r
Appeal Formally Allowed—
Judges Buffington and Davis of the U. S. Circuit Court of
Appeals at
Philadelphia on Dec. 24 formally allowed the Pennsylvania Rapid Transit
underliers to take an appeal from the
$1,000,000 allowance granted to
them by Federal Judge George A. Welsh, on Dec.
10, last, on their request
for a $3,000,000 payment.
Hearing on the appeal will be given early in
January, at which time the Circuit Court will also hear the appeal of the
Public Utility Commission on the same phase of the case. The Commission
contends that
no
award at all should
have been made by Judge
Welsh.
145,
p.
3981.
Plymouth Oil Co.—Co-Transfer Agent
capital stock.—V. 145,
Portland Gas
p.
—
4125.
Light Co.—Smaller Preferred Dividend—
The directors have declared
a dividend of 75 cents per share on the $6
preferred stock, no par value, payable Jan. 15 to holders of
Previously regular quarterly dividends of $1.50 per share
distributed.—V. 142, p. 1828.
cumulative
record Jan. 3.
were
Prairie Cities Oil
Co., Ltd.—Company Sold
—
Shareholders of this company at a recent special general meeting approved
the sale of the company to North Star Oil, Ltd.
Under the pin-chase terms, the shareholders will receive $300,000 in
cash in return for the transfer of the assets of the company.
North Star
Oil will assume the debts of the company, including the $415,000
mortgage
bonds of the Petroleum Realty Corp., a wholly-owned subsidiary.
The cash payment will be distributed among the holders of the 60,000
"A" class stock, while the class "B" holders will recieve no
equity.—V.
145, p. 3507.
Volume
Postal
146
Financial
Telegraph Land Lines System—Earnings —
Period End. Nov. 30—
Teleg. & cable
1937—Month—1936
oper. revs.
$1,782,152
1937—11 Mos.—1936
$1,919,173 $21,360,029 $21,371,918
Total tel. & cable oper.
1,871,831
1,818,695
20,918,374
$100,478
$441,656
52,000
866,251
$1,800,756
47,500
564,041
expenses.
Net tel. & cable oper.
Uncollectible
oper. revs.
Taxes assign, to opers
2,500
51,581
x$46,397
Nonoperating income..
$177,168
3.106
2,895
$476,595 x$l,189,215
38,163
30,139
Deducts, from gross inc.
$174,061
250,797
x$49,293
241,011
$438,432 x$l,219,354
2,711,649
2,611,522
Net deficit.
x
...
Indicates profit.—V.
$424,858
$191,719
145, p. 3981.
Procter & Gamble Co.—Cuts
$3,150,081
$1,392,168
119
of RCA's present
holding in Radio-Keith-Orpheum
cash.
The agreement aso provides that
Radio-Keith-Orpheum Corp.—Hearing Postponed —
United States Attorney Lamar Hardy has withdrawn
from the reor¬
ganization proceedings of the corporation.
The withdrawal was based on
the announced intention of Edward
Hickey, Washington, stockholder, to
abandon
his
contention
that
Section 77-B
constitutional.
of the Bankruptcy Act
is un¬
Judge Bondy has adjourned hearing on the plan until Jan. 24 at the re¬
quest of George L. Shein, representing;the
independent stockholders pro¬
tective committee, and Ernst
Stirn, of Milwaukee, both of whom have filed
objections.—V. 145, p. 4127.
Railway Express Agency, Inc.—Earnings—
Period End. Oct. 31—
Charges for
trans
Other revenues & income
Soap Prices —
As a result of lower raw material prices, this company has reduced the
price of several major brands of soap 5% to 7K%. The new prices, effective
Dec. 29, include the entire Ivory family, Kirks castile and Selox.
Camay,
Corp. for $500,000 in
upon the further exercise of the
option to the extent of an additional $500,000, the option on the remainder
wiU be extended to Dec.
31, 1938.—V. 145, p. 3209.
19,571,162
def$89,680
4,000
83.488
Chronicle
1937—Month—y1936
1937—10 Mos— yl936
$14,505,209 $14,958,621 $133209.590 $126620,803
245,518
249,230
2,317,368
2,243,122
Total revenues & inc.
.$14,750,727
vegetable shortening, Crisco.
Int. & dis on fund, debt
Other deductions
8,745,623
499,325
133,936
8,054
$15,207,751 $135526,958 $128863,925
8,103,307
8. ,914,466
75,588,286
200.729
x2.368,998
1,936,136
133,135
1,335,256
1,339,351
1,156
92,422
20,154
Clearing up high cost inventories was the preliminary step In effecting
reductions.
Lower prices on manufactured items are considered
advantageous in the soap industry, resulting in increased volume and
reduced competition from substitutes.—V. 145, p. 2703.
Rail trans, revenue.
$5,363,789
$6,769,424 x$48815,816 $49,979,998
set
Oxydol and Chipso will remain unchanged for the time being as well the
Operating
z
these
Public Service
Corp. of Texas —Acquisition
—
The Securities and Exchange Commission has issued an order
approving
the acquisition of the assets of its subsidiary, Mobeetie Gas Co.,
subject to
a mortgage lien, and
approving the extension of a $52,945 note of Mobeetie
Gas Co., which is now secured by mortgage on its assets, for a period of 10
expenses
Express taxes
Includes credit of $2,153,569 due to
reversing in June, 1937, accruals
during the period March to December. 1936, inclusive, at 3H%.
covering Federal Excise Tax under Act of Aug. 29, 1935 (Railraod
Retire¬
ment).
y 1936 figures restated for
comparative purposes—including elimi¬
nation of Federal Excise Tax
(Railroad
x
up
to rail and other
Retirement) accruals,
carriers—express privileges.—V. 145, p 3665.
z
Payment
Public Service Corp. of Texas is a registered holding company and a gas
Rapid Transit in New York City—Passengers Carried
by All Transit Lines Up in Fiscal Year—
utility company and is a subsidiary company of Keystone Pipe & Supply
Co.
Public Service Corp. of Texas has pending with the Commission,
awaiting the completion of the acquisition here in issue, an application pur¬
suant to Section 5 (d) of the Act for an order
declaring it to have ceased
Traffic on transit lines in New York
City showed a further gain during the
fiscal year ended June 30, 1937,
according to a summary of reports com¬
piled by .the Transit Commission.
Total traffic handled by all lines
during the 12-month
years, by the issuance of a new note.
to
be
holding company.
a
Keystone Pipe & Supply Co.-also has
file
on
with the Commission an application for
exemption as a holding company
from the provisions of the Act,
Public Service Corp. of Texas owns all the common stock of Mobeetie
Gas Co. and the Keystone Pipe &
Supply Co. owns the only other out¬
standing
security
Mobeetie Gas Co., namely, the note which that
extend.
Keystone Pipe & Supply Co. also owns ap¬
of
company plans to
proximately 90% of the common stock and approximately 36% of the
preferred stock of Public Service Corp. of Texas, there being held by the
public 2,180 shares of common stock and 1,917 shares of preferred stock of
Public
Service Corp. of Texas.
The proposed acquisition by Public Service
Corp. of Texas of the utility
of the Mobeetie Gas Co. will merely change the interest of Public
assets
Service Corp. of Texas in Mobeetie Gas Co. from the
ownership of all the
equity securities in that company to the ownership of any outstanding
equity in the assets of that company. As consideration for the utility assets
to be acquired subject to a mortgage to be held
by Keystone Pipe & Supply
Co., Public Service Corp. of Texas will turn over to the Mobeetie Gas Co.
all that company"s outstanding stock, but will not assume
any of the
obligations or liabilities of Mobeetie Gas Co.
As part of this transaction
and to extend the equity which Public Service
Corp. of Texas will acquire
in these assets, Mobeetie Gas Co. will issue a new note to the
Keystone
Pipe & Supply Co. to refinance and extend the past due obligations of that
company to the Keystone Pipe & Supply Co. The Keystone Pipe & Supply
Co. has consented to this extension of the past due obligation.—V. 145,
p.
3208.
Puget Sound Power & Light Co.—Earnings —
12 Months Ended Nov. 30—
Operating
'
revenues
"
j yGG
$16,713,558 $14,850,454
7,210,585
6,947,828
1,870,765
1,638,856
Balance after oper., maintenance and taxes
y Balance for dividends and surplus
x Includes
non-operating income, net.
y After
tirement reserve.—V. 145, p. 3828.
x
appropriations
for
Consolidated Statement for
portation
were more
heavily used during the year.
The average daily
on all lines
during 1937 (based on 340 days) was approximately
9,179,000 passengers, an increase of 244,000 over 1936.
Rapid transit lines, including the municipally-operated Independent
Subway system, carried 1,890,513,314 passengers during the year, an
increased 13,923,180, of 0.74%.
Hudson & Manhattan RR. showed a gain of 1,700,000, to
78,700,000
passengers carried for the year, largest volume of traffic since 1932.
Street car lines reported total traffic amounting to
564,161,919 passengers,
a decline of
63,691,586, or 10.14%, from preceding year. Decrease was due
to the motorization in the previous fiscal
year of the trolley lines of the New
York Railways Corp., including the routes
formerly operated by the
Eighth and Ninth Avenues Ry.
Bus lines carried 587,600,000 passengers
during the year, an increase of
131,000,000 passengers or 28.7%.
Of this increase, 113,218,788 was in
Manhattan, the balance in the other four boroughs.
Although the aggregate traffic on all rapid transit lines as a group showed
a
slight increase, the two principal privately operated subway systems
suffered from a diversion of passengers to the Independent Subway.
The
New York Rapid Transit Corp. (B.-M. T. subsidiary) carried
590,488,471
passengers during the year, a decline of 18,415,659, or 3.02%.
The subway division of the Interborough Rapid Transit
system carried
799,647,996 passengers, or 14,569,045 less than in the preceding 12-month
period.
The I. R. T. elevated division carried 211,325,828, a decline of
6,077,487, or 2.80%.
The City Independent System reported a total traffic for the year of
289,051,019 passengers, an increase of 52,985,371 passengers, or 22.45%.—
traffic
,
V^143, p. 122.
(Joseph) Reid Gas Engine Co., Oil City, Pa.—Trustee—■
The company, manufacturer of oil
the 8 Months Ended Aug. 31, 1937
"""
$2,167TlT3
expenses,
3,121,000,000 passengers, an increase of 2.7% over the 82,900,000
passengers in preceding fiscal year.
With the exception of street surface
railway lines all forms of trans¬
re¬
Puget Sound Pulp & Timber Co. (& Sub.)—Earnings
Net sales and railway revenues.
Cost of goods sold, railway
operating
general, and administrative expenses
period amounted
to
and
John Reid has been appointed temporary trustee.
The company said
its current liabilities exceeded $850,000, all of which were past due.
selling,
Reading Co.—Earnings
1,822,316
November—
Net profit from operations
Other income
Gross from railway.
Net from railway
$360,299
5,119
59,700
—
_____
Gross from railway
Net from railway
income
Common dividends
$295,481
124,860
._
Note—No
provision made for Federal surtax upon
Income for the eight months ended Aug. 31, 1937.
undistributed*" net
From Jan. 1—
—V.
Assets—
•
Aug. 31 *37 Dec. 31 '36
Property, plant &
equipment
Organ,
$2,688,689 $2,598,049
At
exps., pat'ts
rights. &c
Invest, at cost
Cash
on
33,596
1,185
1,185
hand and
demand deposits
Notes receivable.,
100 550
b Accts. recelvaole
219 547
170*356
Inventories
249 ,289
183,726
Other assets
48.485
12. 811
__
Total
Prop'ty
170,793 df4,077,326
purchase
contracts
sec'd.
119,250
182,779
141,680
Accounts payable.
Accrued accounts.
Dividends payable
101 ,452
Deferred charges
Aug. 31'37 Dec. 31 '36
Capital stock...d$2,497,920 C$6722,920
Capital surplus...
425,995
311,916
Earned surplus
9,250
172,799
53,467
83
837
17,000
12,203
purchase
contr. instalm'ts
17,142
181 ,976
Prop'ty
153,534
$3,555,500 $3,206,066!
$3,555,500 $3,206,066
issuable
in exchange for prior issues
outstanding),
d Represented by
135,000 shares of preferred stock (par value $20 per share),
125,000 shares
6% conv. pref. stock (being the intial series of above pref. stock), none
outstanding: 500,000 shares common stock (without nominal or par
value)249,792 shares outstanding; 187,500 shares are reserved to meet maximum
conversion rights of the holders of the 6% convertible
pref. stock; and
$45,500 shares are to be subject to the rights of the holders of stock
purchase
warrants when issued.—V. 145,
p. 3828.
of
Quebec Power Co.—Stockholders Approve Capital Changes
Stockholders at a special general meeting held Dec. 28
adopted a by-law
providing for elimination of an item of $2,045,560 of bond discount, premium
and expense and for a corresponding reduction of the stated
value of the
company's common stock from $13,394,950 to $11,349,500.
Approxi¬
mately 68% of the company's outstanding stock was represented at the
meeting and the vote in favor of the proposal was unanimous.
The changes approved today will eliminate in a
single operation nthe
discount, premium and expenses in connection with several issues of
bonds,
which normally would be written off by annual
appropriations over a
period of years.—V. 145, p. 4127-^
Corp. of America—Extends R. K. 0. Option—
David Sarnoff, President stated Dec. 30 that the option now held
by the
Corp. to purchase the present holdings of RCA in Radio-Keith-
Atlas
Orpheum Corp. for a total of $6,000,000 has been extended to June 30,
1938, in view of the fact that the RKO plan of reorganization is still pending
before the court.
In consideration of the extension of the option the Atlas
Corp. and associates will purchase thereunder during Jan., 1938 one-twelfth
$4,172,671
1,195,157
970,543
46,772,830
13,921,165
11,133,346
48,707,454
14,932,236
11,773,322
4127.
recent
—
meeting of directors the office of Chairman of the
Board
created.
Research
&
Management
Council,
Inc.—Formed
to
Managp Two Investment Trusts—
r
CouncilTlnc., whichhas been
organized to supervise and manage American Business Shares and Affiliated
Fund, two investment funds having combined assets of approximately
$10,000,000, was announced Dec. 31 by Andrew J. Lord, President of
Lord. Abbett & Co., Inc. sponsors of the funds.
William H. Griffiths, who has had many years experience in the invest¬
ment fund field, has resigned his position as Vice-President of Lord, Abbett
& Co., Inc. to assume the executive direction of the new company as
president.
Dr. Arthur M. Wolkiser, well known independent consulting economist
and a member of the Banking Department of Columbia University, will
head the economic staff of the new organization.
He will devote his entire
time to this work, having served all other engagements excepting that he
will continue his lectures at Columbia University.
In announcing the formation of the Council, Mr. Lord stated that, as
sponsors, his company has realized for some time the need for a separate
organization to independently and actively supervise and manage these
funds on a full time basis.
"After seven months in the process of forma¬
tion," he sated, "we believe that an organization has been effected and a
staff developed which will make a lasting contribution to the development
of the investment company in this country, a field in whichjwe foresee a
great growth over the next few years."
The formation of Research & Management
...
Total
a After reserve for
depreciation and depletion of $1,111,856 in 1937 and
$1,016,827 in 1936.
b After reserves for bad debts, claims and allowances
$13,430 in 1937 and $13,488 in 1936.
c Represented
by 124,896 shares
(of which 38 shares are evidenced by scrip certificates and 984 shares are
Radio
a
1934
$4,126,600
1,335,214
1,179,936
Roland Campbell was elected to the new office.—V. 145, p. 3356.
.
UaMlities
p.
Reo Motor Car Co.—New Chairman
was
Consolidated Balance Sheet
145,
1935
$5,066,557
1,644,061
1,210,692
ff
A
54,508,120
53,677,914
16,290,560
17,072,045
12,886,767
12,774,872
Net after rents
Net
H36
$4,468,081
922,282
829,662
_
Net after rents
Gross income.
Income deductions
Provision for income taxes.________
—
1937
$344,797
15,502
......
and gas engines and refinery apparatus,
has petitioned the Federal Court at Pittsburgh for permission to
reorganize
under Section 77-B of the National Bankruptcy Act.
,
.
______
,
^
_____
Richmond Fredericksburg & Potomac RR.— Earnings
1937
$611,721
November—
Gross from railway
114,164
47,535
Net from railway
1936
$655,063
195,821
1935
$494,913
66,507
105,088
14,467
GrossTrcmi*railway
7,830,604
6,794,692
Net from railway
Net after rents
1,994,999
961,691
1,576,216
695,019
5,884,338
931,619
Net after rents
New
284,806
1934
$453,708
43,949
def2,074
5,551,482
944,166
311,791
Director—
Ernest E. Norris,
President of Southern Railway, has applied to Inter¬
for permission to serve as a director of this
state Commerce Commission
railroad.—V. 145, p. 3666.
Rochester
Capital Corp.—To Pay 35-Cent Dividend—
The directors have declared a dividend of 35 cents per share on the
capital stock, no par value, payable Jan. 15 to holders of record Jan. 10.
This compares with 10 cents paid on June 24, last; 35 cents paid on Jan. 11,
1937 and with dividends of 20 cents per share previously distributed each
year.—V. 144, p. 1298.
Financial
120
Chronicle
of $5,625,000
marketing
Rochester Button Co.— Earnings—
Earnings for Year Ended Oct. 31. 1937
$1,515,315
fc- net.
982,752
307,091
Cost of goods sold
Administrative, and selling expense
Jan. 1, 1938
1st
bonds,
mtge.
4lA%
series
due 1947, and $800,000 serial notes due 1939 to 1943.
The
bonds were priced at 99h£%.
The notes were priced to
yield from 3 % to 4 H %
Both issues were underwritten by a
headed by the First Boston Corp. and including
Halsey, Stuart & Co., Inc.; Harris, Hall & Co. (Inc.);
Coffin & Burr, Inc.; F. S. Moseley & Co.; E. H. Rollins
& Sons, Inc., and Arthur Perry & Co., Inc.
Coincident with the public financing, the company is
selling $1,575,000 serial income notes due 1939 to 1948 and
$300,000 preferred stock to an affiliated company.
•
group
$225,472
Operating profit
4,931
Rent received, interestlearned, &c__„_.
Total
$230,403
-
Interest
on
14,847
10,870
2,911
34,000
1,000
CV4.551
bonds.
of bonds
Premium on redemption
Other interest
Normal income and excess-profits taxes.
Surtax on undistributed profits
Excess
provision—prior years
....
$171,325
Net profit
Preferred dividends
10,152
153,670
and administrative and selling expenses include
depreciation totaling $49,177.
Common dividends
-
Note—Cost of goods'sold
Balance Sheet, Oct.
Accounts payable
$32,253
ceivable—less
reserve
&c
stock taxes,
of
Prov.
150,594
$35,727
Federal
35,000
221,800
Common stock ($1 par)
20,016
131.025
Capital surplus
x645,747
Prepaid expenses
4,908
estimated
Cumulative pref. ($20 par)..
5,668
-
Property, plant and equip..
for
taxes on income...
646,093
Inventories
Miscellaneous assets
$46,161
Accrued local and Fed. capital
note and accounts re¬
Trade
31, 1937
Liabilities—
Assets—
Cash
670,156
391,321
Earned surplus
$1,500,371
Total
x
After
reserve
for depreciation of
$1,500,371
Total
$210,958.—V. 145, p. 4127.
Rose's 6, 10 & 25 Cent Stores, Inc.—Extra Dividend—
dividend of 20 cents per share on
common stoclc, par $1, on Dec. 22 to holders of record Dec. 18.
An
extra dividend of 50 cents was paid on Dec. 1, last, and the regular quarterly
dividend of 15 cents per share was distributed on Nov. 1, last.—V. 145,
The company paid an additional extra
the
p.
3357.
Rustless
Avoid
Iron
&
Steel
Corp .—Stock
Dividend Paid to
Profits Tax—Urges Repeal of Latter —
A dividend
on
the
common
stock is being paid to common stockholders
of record Dec. 17, 1937, in shares of $2.50 cumulative convertible preferred
stock, second series (no par) at the rate of 1-75 share of such preferred stock
for each share of common stock.
Scrip certificates for fractions of shares
when combined with other scrip certificates aggregating one or more full
shares, may be exchanged for a stock certificate on or before Dec. 31, 1938.
The provisions of the second series preferred stock, in which the dividend
is being paid, are substantially identical with those of the 25,000 shares
of first series preferred stock, which are listed on the New York Curb Ex¬
change.
Counsel for the corporation advise that the dividend received by each
common stockholder will be taxable to him under the Federal income tax
laws at the value of such dividend as determined by the fair market value
of the second series preferred stock on the date received by the stockholder.
C. E. Tuttle, Chairman, says in part:
"The corporation is not paying a dividend in cash, since, to do so, would
necessitate the borrowing of funds for the purpose.
However, if it were not
presently distributing part of its 1937 profits by means of this dividend
on the common stock, the corporation would have to pay a tax ort its un¬
distributed profits of approximately $141,000.
This amount (which will
now be substantially reduced), together with normal and excess profits
taxes, would have resulted in the payment of approximately 32 H% of the
corporation's net income in Federal taxes, exclusive of social security and
other excise taxes and taxes indirectly paid and absorbed through the
increased cost of practically everything the corporation buys.
"It is our definite opinion that, regardless of the desirability of its objec¬
tives, the tax on undistributed profits is a serious handicap to the develop¬
ment of the corporation.
There must be many other corporations in the
same
situation.
The corporation recently addressed a letter to
which affords the following:
certain members of Con¬
gress,
Corporation is a member of the relatively new stainless steel industry.
Although founded in 1926, the first several years were spent in experimental
work, so that the greater part of the business-building and development
work occurred during the period of the deepest depression.
In spite of
generally adverse conditions, business showed a continuous healthy growth.
Consequently, by 1934 we were badly handicapped for lack of working
capital, and we obtained a $275,000 loan from the Federal Reserve Bank
of Riclnnond.
As business continued to
expand during 1935 and 1936, earnings were
reinvested in working capital and in modernizing plant and equipment.
It became apparent in 1936 that we were not going to occupy a competitive
position In which we could reap the benefits of this expanding business
except through a major plant expansion program.
Accordingly, an issue
of preferred stock was authorized in amount in keeping with out historical
earnings and invested capital, and this issue was sold the early part of
this year.
From Jan.
1, 1935 to Dec. 31, 1937 (December estimated), income will
have been approximately as follows:
From the sale of preferred and common stock, $1,558,350: from net
earnings before provision for 1937 undistributed profits tax, $1,206,800;
total, $2,765,150.
During the same period, the following approximate expenditures will
have been made:
For capital improvements to plant and equipment, $1,697,500; for the
retirement of bank indebtedness, $275,000; for increase in inventories and
accounts receivable, $953,500; for dividends on preferred stock, $44,400;
total, $2,970,400.
The net earnings estimated above include approximately $711,000 for
1937.
If we do not within the current year distribute substantialy this
amount
to
stockholders, we shall be penalized by an undistributed
profits tax liability of approximately $141,000, in addition to normal and
excess profits taxes of $136,000.
We have an uncompleted further con¬
struction program projected which amounts to about $250,000, but this
our
% of 1 % of such aggregate principal amount in the period commencing with
May 1, 1938, to and incl. Nov. 1, 1942, and 2% of such aggregate prindpa
period commencing with May 1, 1943, to and incl. May 1,
1947.
The deposit of 4H% series bonds shall be deemed the equivalent
amount in the
of payment of cash equal to the amount required to redeem the bonds so
delivered at such sinking fund redemption price.
Sinking fund cash shall
be applied by the corporate trustee to the purchase of 4M% series bonds at
prices not exceeding such sinking fund redemption price or, under conditions
specified in the mortgage, to the redemption of 4H% series bonds at such
sinking fund redemption price; provided, however, that 4H% series bonds
may not be redeemed at the sinking fund redemption price except out of
such sinking fund payments theretofore required to be made.
The sinking
fund is calculated to retire, prior to maturity, not less than $1,364,000.
or over 24% of the 4H % series bonds initially to be issued.
The mortgage will provide that, so long as any 4M% series bonds shall
remain outstanding, no bonds shall be issued or any deposited cash with¬
drawn on the basis of the retirement of any 4 M % series bonds purchased or
redeemed or retired through the operation of the sinking fund.
Serial Notes—Dated Jan. 1, 1938, and will mature in the principal amount
Jan. 1 from 1939 to 1943, incl., and will bear interest at
for the 1939 and 1940 maturities, 3y2% for the 1941
1943 maturity.
Principal and
interest (J. & J.) payable at office or agency of company in New York.
Coupon registerable as to principal only in denom. of $1,000.
Redeemable
prior to maturity, upon at least 30 days' notice, at option of company, as
follows: with respect to each of the series due 1939 to 1943, incl., as a
whole, at any time, at 102% of the principal amount thereof; together
of $160,000 on each
annual rates of 3%
maturity, 4% for the 1942 maturity, and 4j^% for the
Central Hanover Bank & Trust Co., New York, trustee.
The uncertainties and problems due to the unjust provision of the un¬
distributed profits tax are very discouraging and a definite handicap to
Application of Proceeds—Net proceeds (estimated to be approximately $6,exclusive of accrued interest but after deduction of $103,875
estimated expenses) to be received by the company from the sale of the
$5,625,000 first mortgage bonds, and $800,000 serial notes, together with
proceeds from the sale of $1,575,000 serial income notes due 1939 to 1948,
incl., and $300,000 of preferred stock (both to be sold, at par, to Cities
Service Power & Light Co., a parent, prior to or concurrently with the
delivery of the bonds and notes) are to be applied as follows:
'TTpayment of bank loan, proceeds of which
ment of 1st mtge.
statute
made
imposes
a
penalty
on
all the principles of good judgment that have
this country and its industries examples for the rest of the world.
It should not be amended—it should be
repealed.
Listing Application Approved—
The New York Curb Exchange has approved the application of corpora¬
tion to list
28,780 additional shares of
notice of issuance.—V. 145, p. 4127.
Rutland
RR.
November—
Gross from railway
Net from railway.,.
Net after rents
From Jan.
stock, $1
par, upon
ref. mtge. sinking fund 5s,
1936
1935
1934
$255,273
def7,448
def29,152
$292,406
35,626
21,782
$261,223
6,162
defl0,998
$240,276
def7,633
def21,160
3,247,403
245,407
3,157,616
258,663
111,594
2,964,969
2,999,184
160,550
def22,509
717
80,985
defl25,631
4
1,563,253
50,000
284,496
420,351
$7,958,725
Total
the
Capitalization—Upon
and sale
issuance
of bonds and
notes
and
preferred stock, and upon the application of the net proceeds, the capitaliza¬
debt will be as follows:
Authorized
Outstanding
$5,625,000
First mortgage bonds, 4J^% series due 1947.
tion and funded
Serial notes due $160,000 on each Jan.
1 from
-
$800,000
800,000
1,575,000
1939 to 1943-..
25,000 shs.
1,575,000
yl8,600 shs.
35,000 shs.
35,000 shs.
-
each Jan. 1
1947, incl., and $1,485,000 on Jan.
Serial income notes due $10,000 on
1939 to
1, 1948
Preferred stock
5% cumulative ($100 par)
par)
—
Common stock ($100
x
Authorized amount is unlimited
further
issuance
and
to
(except as may be limited by law) but
to the approval of the P. S. Commission of
restrictions of the mortgage,
y Does not include 1,700
is subject
shares held in the treasury /
Summary of Earnings
Fiscal Years Ended Sept. 30
1935
1936
1937
Operating revenues
$2,445,381
Oper. deductions.
1,157,082
Maintenance & repairs._
147,481
Taxes (other than Fed178,010
eral income).
$2,564,242
1,243,846
$2,639,247
1,245,232
$2,659,333
160,291
207,020
227,340
184,016
182,165
198,639
$962,808
6,171
$976,089
1,981
$1,004,830
5,049
$1,004,844
3,904
$968,979
245,500
$978,070
$1,009,879
246,000
$1,008,748
274,713
1934
Net oper. revenues—
Other incopie
Approp. for replacem'ts.
Interest deductions (incl.
amortiz. of debt dis¬
count and expense)
1,228,510
Joseph Ry., Light, Heat & Power Co.—$6,425,000
Bonds and Notes Offered—The firstjpublic offering of securi¬
ties of the company since 1916 was made Dec. 29 with the
246,000
392,795
395,058
397,264
404,789
$330,684
—
Balance
$337,012
$366,615
$329,246
7,850
15/700
36,055
56,664
$322,834
$321,312
$330,560
$272,582
Amortiz. of loss on aban¬
doned ry. proper ties, x
Balance to
surplus be¬
fore Fed. inc. taxes,
x
$1,702,000 1st &
owned by an affiliate, at cost to it * \
(exclusive of accrued interest)
— ...— .
To payment of bank loans from Tootle-Lacy National Bank
($20,000), First National Bank ($15,000) and Empire Trust
Co. ($15.000), all in St. Joseph, Mo
To payment or reimbursement for payment of equipment notes
outstanding at Sept. 30, 1937
To reduction
of company's
indebtedness to Cities Service
Power & Light Co
—
145, p. 3982.
St.
$5,000,000
* 640,625
interest)
purchase and cancellation of remaining
To
Gross income
Earnings'—
1937
used for pay¬
1938, of $625,000 1st &
1, 1946 (excl. of accrued
official
1—
Gross from railway
Net from railway
Net after rents
—Y.
common
were
5s which matured Nov. 1, 1937.
To redemption, at 102H% on July 1,
ref. mtge. sinking fund 5s, due July
progress.
The press reports indicate that a modification of the undistributed profits
is being considered for the
purpose of affording relief, principally to
those corporations having a net income of less than $50,000 per year.
This
tax
the redemption date.^8
in each case with accrued interest to
083,725,
Missouri
WOr£u' of course> cannot be authorized under present conditions.
our
Brief Description of Bonds—Dated Dec. 1, 1937; due Dec. 1, 1947.
Guaranty Trust Co., New York, and Bartlett Boder, St. Joseph, Mo.,
Principal, and interest (J. & D.) payable at office or agency of
the company in New York.
Coupon bonds in denom. of $1,000, registerable as to principal, and registered bonds in denoms. of $1,000 and
such multiples of $1,000 as may hereafter be authorized.
Redeemable,
at any time prior to maturity, upon at least 30 days' published notice, in
whole, or in part by lot. at option of company, at following percentages of
the principal amount thereof: 103% on or before Nov. 30, 1938; 102 H%
from Dec. 1, 1938, to Nov. 30, 1939, incl.; 102% from Dec. 1. 1939, to Nov.
30, 1940, incl.; 101 H% from Dec. 1, 1940, to Nov. 30. 1941, incl.; 101^%
from Dec. 1, 1941, to Nov. 30, 1942, incl.; 101% from Dec. 1, 1942, to Nov.
30, 1943, incl.; 100M% from Dec. 1, 1943. to Nov. 30, 1944, incl.; 100H%
from Dec. 1, 1944, to Nov. 30, 1945, incl.; and 100% on or after Dec. 1,
1945, and prior to maturity; together in each case with accrued interest to
redemption date; provided, however, that, for the purposes of the sinking
fund, the 4\i% series bonds will be redeemable at the principal amount
thereof plus accrued interest to redemption date, without premium at
any time.
Sinking Fund Provisions—Mortgage will provide that company will, so
long as any of the 4 H% series bonds are outstanding, deposit with the
corporate trustee on or before the sinking fund payment dates (May 1 and
Nov. 1) in each year commencing with May 1, 1938, to and incl. May 1,
1947, as and for a sinking fund for the benefit of the 4^ % series bonds, sums
sufficient to redeem on the Aug. 1 or Feb. 1 next following, at the sinking
fund redemption price (principal plus accrued interest to redemption date),
a percentage of the aggregate principal amount of 4 H % series bonds which
shall have been issued prior to such sinking fund payment date, as follows:
trustees.
The P.
final
Missouri has authorized the company, upon
urban street railway properties remaining in
S. Commission of
abandonment
of
the
Sept. 30, 1937, to amortize the loss
the company estimates will involveian
$69,000 per annum for 10 years.
"property, plant and equipment" at
incurred thereon at a rate which
additional charge of approximately
Volume
Financial
146
of amortization of debt dis¬
% series
$523,125.
The annual
of debt discount and
the $800,000 of serial notes initially to be outstanding will
St. Louis Southwestern Ry. Lines- —Earnings—
The annual interest requirements (exclusive
count and
expense) on the $5,625,000 of first mortgage bonds,
due 1947, initially to be outstanding will amount to
interest requirements (exclusive of amortization
expense)
on
amount to
1937—11 Mos.—1936
1937—Month—1936
Railway oper. revenues. $1,675,400
$1,744,719 $19,557,513 $17,501,604
14,676,910
11,872,750
Railway oper. expenses.
1,279,902
1,219,634
Period End. Nov. 30—
$28,800.
The maximum annual interest
payable on $1,575,000 serial income notes
to be outstanding will amount to $70,425.
While any of the
bonds of the 4
% series due 1947 remain outstanding, interest on the
serial income notes is payable only out of income, to the extent available.
initially
History and Business—Company was incorporated in Missouri on Nov. 8,
Its corporate existence is unlimited as to time.
Company is an
operating public utility engaged primarily in the production, transmission,
distribution and sale of electric energy.
It is also engaged in the production,
distribution and sale of steam for heating and for industrial purposes and
1895.
transportation facilities.
For the 12 months
ended Sept. 30, 1937, approximately 75.5% of gross operating revenues was
derived from electric operations, approximately 7.4% from steam operations
and approximately 17.1% from transportation operations."
Company's
operations are wholly within the State of Missouri and largely in the City
of St. Joseph and immediate vicinity.
It has no subsidiaries.
Principal Underwriters—The names of the principal underwriters of the
first mortgage bonds, 4H% series due 1947, and the serial notes due 1939
to 1943, inclusive, and the respective principal amounts thereof which they
have severally agreed to purcnase, are as follows:
Principal Amount Underwritten
$395,498
108,024
$525,085
102,020
$4,880,603
916,088
'$5,628,853
income
oper. income-
$287,473
26,899
$423,064
25,391
$3,964,515
283,566
$4,590,255
272,036
Total ry. oper. income
Deduc. from ry. operat¬
$314,372
$448,455
$4,248,082
$4,862,291
190,102
152,054
2,171,544
1,910,267
$124,270
5,274
$296,400
5,381
$2,076,537
87,846
$2,952,024
$129,544
276,698
$301,782
278,710
$2,164,383
2,991,643
$3,018,671
3,116,133
$147,154
inc.$23,072
$827,259
$97,462
Net
Notes
Notes
Notes
Notes
Bonds
1939
1940
1941
1942
1943
$
$
$
$
$
$
2,000,000 60,000 60,000 60,000 60,000 60,000
Halsey, Stuart & Co., Inc.1,375,000 40,000 40,000 40,000 40,000 40,000
450,000 12,000 12,000 12,000 12,000 12,000
Harris, Hall & Co. (Inc.).'.
Coffin & Burr, Inc
450,000 12,000 12,000 12,000 12,000 12,000
F. S. Moseley & Co
450,000 12,000 12,000 12,000 12,000 12,000
E. H. Rollins & Sons, Inc..
450,000 12,000 12,000 12,000 12,000 12,000
Arthur Perry & Co., Inc.__
450,000 12,000 12,000 12,000 12,000 12,000
Stock Ownership—As of Nov. 30, 1937, Cities Service Power & Light Co.
owned of record and beneficially 2,359 shares (15.12%) of preferred stock
and 34,989 shares (99.97%) of common stock, together constituting 73.81%
First Boston Corp
.
.
Railway
Other ry.
Power & Light Co.
Balance Sheet at Sept. 30, 1937
V Liabilities—
Assets—
Property, plant & equipm't $14,947,793
MIscell. invests., at cost or
nominal value
24,203
a
187
Sink, fund In hands of trustee
Cash
80,077
Receivables less reserve
465,790
Unbilled revenue
56,565
Current accts. with affll.
191
Inventories
187,966
Prepaid insurance, taxes, <fccBalances In closed banks
6,905
113
Funded debt
401,316
Due to parent company
Notes payable—banks
50,000
Notes payable—others
Net ry. oper. income.
Non-oper. income.
Deduc. from gross inc..
Net deficit
-V. 145, p.
39.981
—not consolidated
Accrued Int.
on
133,255
2.168
funded debt-
Accrued interest—other
Committees for holders of securities of the company are to meet in New
on Jan.
10 to discuss a reorganization for the company, which has
been in recei vership since 1930.
The meeting was set in response to urging
York
by Judge Way of the Federal Court in Norfolk, Va., that an attempt be
made to prepare a plan of reorganization.
The meeting, it is said, probably
held in the offices of Miller, Owen, Otis & Bailly, counsel for the
receivers, at 15 Broad St.
In the letter calling the meeting the receivers provided data for possible
use in evolving a new capitalization for the Seaboard, without, however,
recommending any definite plan.
The furnishing of these data was in
accordance with the court's directions and is described only as a proposed
will be
basis for discussion of
478.227
88,725
amortized)
From Jan.
19,824
1,828,459
164,232
Reserve for Injuries, &c
7,214
Contributions for extensions-
56,667
Miscellaneous reserve
88,831
Serrick
$16,504,797
a Including Intangibles, at book value,
b Payable in instalments
June 1, 1939 to June 1, 1946—unsecured.—V. 145, p. 4127.
-Earnings-
Corp.1—Earnings —
Earnings for 3 Ilonths Ended Sept. 30,
Sales--
$500,536
148,509
100,431
$315,329
20,971
def9,580
$334,469
63,621
26,061
4,955,420
1,128,391
604,090
4,100,342
847,699
421,027
4,18,7596
1,204,895
669,174
Total oper. revenues
Total oper. expenses
$3,795,914
3,539,127
1,813
11,529
Net ry. oper. inc.Other income
36,549
Administrative and
on
operations
Deductions from income
4,985
Bal. avail, for Int., &c.
$8,357
$5,130,054
58,572
$5,071,482
$622,934
$4,759,509
66,997
24,626
292
x$l,656
154,971
Net income
Surplus at beginning of the period.
$156,627
9,731
Gross surplus
Class A stock.
Dividends:
^
41,608
Class B stock
After provision
same
-
71,546
Prepaid expenses
Claim
compared with $880,247 for
$63,970
x350,662
588,232
Cash
surr.
stock
of $25,136.
Liabilities—
Receivables.--
Cash
$105,289
$0.04
for depreciation in the amount
Balance Shut Sept. 30, 1937
Assets—
$4,692,512
Includes credit of $720,100, account adjustment of 1936 accruals under
the Amended Pension Act and debit of $1,189,567 for accruals under the
Pension Act and Social Security Acts, for the period Jan. 1 to Nov. 30,
x
as
4,208
-
$26,575
x
$4,422,066 $47,628,643 $45,770,656
3,534,120
39,676,784
37,601,874
616,266 * x4,995,964
4,561,687
11,735
134,090
197,822
$13,343
$22,367
—
Income credits
1937—11 Mas.—1936
$628,001
5,067
1937,
29,649
general expenses
Inventories
Total income
710,918
Selling expense
System—Earnings—
1937—Month—1936
Period End. Nov. 30—
$799,483
-
Surplus at end of period
Earnings per share on 41,774 shares class A
-—V. 1*5, p. 3666.
St. Louis-San Francisco Ry.
1937
------
-
----------
Provision for Federal normal income tax.
$613,451
192,241
1,941,859
Corp.—Registers with SEC—
1934
1935
2,628,394
2,632,509
Gross income
1936
Net after rents
30,897,832
4,563,557
1,387,805
from
1937
7,196,097
30,818,447
4,252,358
1,329,169
Income charges
St. Louis Brownsville & Mexico Ry.-
|W From Jan. 1—
Gross from railway
Net from railway
39,221
34,363,117
5,484,326
Cost of sales
Profit
127,589
510,620
38,843,510
7,273,481
3,372,451
145, p. 3668.
835,261
Earned surplus
railway
1934
$2,758,295
335,579
113,221
1—
13,488
and tokens
after rents
1935
$2,852,806
231,949
See list given on first page of this department.
41,590
Reserve for replacements
Gross from railway
1936
$3,453,655
732,523
Seneca Petroleum
66,654
extension,
&c. deposits
Total
the letter
capitalization described in
$3,500,029
475,633
Net after rents
—V.
$16,504,797
new
1937
11,693
line
a
Earnings for November and Year to Date
64,452
Notes payable—not current-
of
November—
Gross from railway
Net from railway
Unred. transportation tickets
Net
plan.
3M% mortgage bonds, $35,000,000 of new 4% income bonds and $40,000,000 of new 5% preferred stock.
In the outlined recapitalization, fixed charges would be about $2,000,000
annually, based on estimated average annual earnings of about $3,200,000
from 1932 to 1935.
This would compare with fixed charges of $9,300,000
accrued in 1936, with only $3,232,000 available for their payment.
The
estimated earnings are based on a normal maintenance ratio of 33 1-3%
of earnings
Sundry accrued expenses
Pref. dividends payable.
18.195
November—
a
outline
a
Net after rents
than
Federal Income taxes)
Consumers',
and
misceli. unadjustd deolts.
Total..
the
provision for the issuance of 1,000,000 shares of new common stock
to replace the 2,600,321 shares of no-par common stock outstanding.
Other provisions of the outline call for a maximum of $50,000,000 of new
is
Prov. for Fed. income taxes..
abandonment of St.
propertIe8(being amort)
expense
(being
Valuation
Net from
Air Line Ry.— Holders of Securities Asked to
Reorganization at Meeting Jan. 10—
89,384
(other
66,646
3668.
Gross from railway
Net from railway
taxes
1,038,598
Seaboard
Discuss
35,297
24,022
Current accts. with affil. cos.
-
Gross income
218,842
Wages & salaries payable
121,776
expense
charges
14,000
bPurchase price of property..
Accrued
Unamortized bond discount Ac,
deferred
3,500,000
7,327,000
Common stock
28,086
Other notes & accts. recelv'Ie
Other
$1,560,000
5% preferred stock
Accounts payable
cos.
not consolidated
on
oper.
Included in
(voting) stock, and also
approximately 59% of the outstanding preferred stock of Cities Service
Cities Service Co. owns 99.998% of the common
ry.
from ry. oper.
ing income.-.
of the voting power.
Losses
rev.
Railway tax accruals
in the operation of passenger
Notes
121
Chronicle
681
value of life insur.-
against closed
Notes
$150,000
1,500
payaole—bank loan..
payable—officers----.
15,475
Notes pay a Die—other
Federal Income tax payable..
7,021
pay.—trade creditors.
362,266
Accts.
134,637
Accrued expenses
Danks—
61
less reserve for loss
Real estate, plant &
Notes
y697,459
1
equipm't-
Z18.667
Notes pay.—non-current
RGSGTVCB
~ m m 10 m m
m m rn ~
49,720
— — m — m
Class A com. stock
208,870
Class B com.
Goodwill—nominal value
139,226
(par $5)._
stock (par $1)..
--
105,289
Paid in Ac donated surplus—.
579,944
Earned surplus
period in 1936.
-
Earnings of Company Only
1937
1936
1935
1934
$3,618,518
"
237,974
21,651
$4,231,442
"
897,473
$3,503,592
480.751
$3,033,310
677,882
225,303
def81,129
45,599,459
7,690,186
5,181,246
43,770,590
8,306,612
5,258,592
37,102,546
4,428,126
1,723.779
37,107,822
November—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway.....
Net from railway
Net after rents
$1,772,613
Total—
149,325
x
After
reserve
for
$1,772,613
Total
doubtful accounts of $15,210.
y
After reserve for
depreciation $581,199.
z Includes notes payable in the amount of $11,666.
Collaterlized by chattle mortgage on the John Lees Division's machinery
and equipment and by insurance policies thereon.—V, 145, p. 3829.
6,129,202
Shaler Co .—Larger
2,984,104
Class B Dividend—
The company paid a dividend of 45 cents per share on the class B stock
Dec. 24 to holders of record Dec. 21.
Dividends of 15 cents were paid
—V. 145, p. 3982.
on
St. Louis San Francisco & Texas
1937'
November—
Gross from railway
1935
Net after rents
$98,522
defl4,110
def43,639
$63,315
def30,434
def59.535
1,445,894
198,924
defl99,751
Gross from railway
Net from railway
$117,327
2,372
def37,704
1,235,626
1,008,310
def 117,329
def429,874
876,428
def 151,682
def473,018
def 1,708
def421,321
145, p. 3666.
San Antonio Uvalde & Gulf
November—
Gross from railway.
Net from railway..
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 145, P.
1937
....
$87,997
Defl5,866
Def45,203
RR.—Earnings —
1936
1935
1934
$87,021
2,910
$108,325
15,877
Defl2,535
Sierra Pacific Power
Co.—Earnings—
1937—Month—1936
Period End. Nov. 30—
$161,442
Operating revenues
Gross inc. after deprec.-
39,942
$145,703
52,214
1937—12 Mos.—1936
$1,844,879
678,914
1,175,799
322,530
10,653
Def21,914
of the
year.—V. 145, p. 4128.
Signal Mountain Portland Cement Co.—Accum.
14,345
Def7,881
The company paid a dividend of $3 per share on account
on the 8% cumulative preferred stock, par $100, on
976,058
306,810
41,213
800,152
Def46,103
Def314,227
dividend of $4 was paid on Sept. 15,
dividend of $3.50 per share on the 3,247
cumulative preferred stock, par $100, and an
the 30,050 shares of outstanding
value, both dividends being payable Jan. 20 to
The directors have declared a
outstanding shares of 7%
interim dividend of 50 cents per share on
1936
common
985,108
$1,941,361
910,121
356,906
329 251
$2,158,196
Operating revenues
Balance after oper., maintenance and taxes
y
last.—V. 145, p. 2863.
Div.-—
of accumula¬
Dec. 22. A
AU
(H.) Simon & Sons, Ltd.—Dividends—
3668.
Balance for dividends and surplus
x Includes
non-operating income,
tirement reserve.—V. 145, p. 3829.
692,873
-
tions
1,126,845
51,751
Def282,677
$i»J16,373
549,218
566,920
Notes—Includes parent company for period prior to^July 31, 1937.
No provision has been made for the Federal surtax on undistributed net
income for the year 1937 which may be payable under the Revenue Act
of 1936, since any liability for such tax cannot be determined until the end
Net income
$70,496
Savannah Electric & Power Co.—Earnings—
12 Months Ended Nov. 30—
1
1937
x
preceding quarters, and an initial divi¬
Dec. 24, 1936.—V. 145 p. 621.
„
Oct. 1 last and in each of the two
dend of 75 cents was paid on
1934
$129,258
6,039
def31,962
Net from railway
Net after rents
From Jan. 1—
—V.
on
Ry.—Earnings
1936
net.
y
After
appropriations
for
re-
stock,
no
par
holders of record Jan. 5.
a dividend of $7 per share on the preferred stock and
stock on Jan. 15, 1937.
Company informs us that future payments of preferred and common
dividends will be considered quarterly from Dec. 1, 1937.—V. 145, p. 779.
The company
a
paid
dividend of 25 cents per share on the common
122
Financial
61 Broadway Building
(Broadway Exchange Corp.)
Chronicle
Jan. 1,
Southern
—
Ry.—Asks Authority to Issue No-Par Common
Stock—
Earnings—
Net income for the six months ended Sept. 30, 1937, before interest and
amortization, of $189,480 is reported, which was at the annual rate of
4.47% on 4he outstanding $8,470,500 of first mortgage bonds, according
to an operating study released by Amott. Baker & Co., Inc.
This com¬
pared with net income of $375,149 before interest and amortization for the
full year 1936, or at the rate of 4.43% on an annual basis.
Under a reorganization plan dated Oct. 1, 1936 and consummated on
May 25, 1937, modified securities were exchanged for the old securities of
Broadway Exchange Corp., modified first mortgage 3H%-5%
bonds
taking the place of the original first mortgage 5H% bonds and modified
general mortgage 3% income bonds being substituted for the old general
mortgage 7s.
Bondholders received 40% of the equity ownership, while
the Beckscher interests retained 30% and may receive an additional 30%
The
applied to the Interstate Commerce Commission for
authority to issue 1,298,200 shares of common stock (no par), to be excnanged share for share for the presently issued and outstanding common
stock, consisting of a like number of shares of $100 par each.
In order to finance its future requirements, the carrier said it hopes that
when market conditions improve to sell common stock or convertible
bonds looking to ultimate reduction in fixed interest-bearing debt.
It is
believed, the application stated, that common stock without par value
is a more flexible medium for such financing than stock having a fixed
par value, and that the conversion of the present common stock into a
like number of shares without par value will facilitate such future financing.
The stockholders already have approved the change in the common
stock to no par value.
company
under certain conditions.
On Nov. 15, 1937, a distribution of $18.25 per $1,000 bond was made
representing interest at 3%% for the six month period ended Sept. 30,
1937.—V. 143, p. 4015.
Solar Aircraft Co.— Earnings
1937
37 Weeks
May 1, '37 Aug. 13.'36 to
to Nov. 13,*37 Apr. 30,'37
$218,153
$197,836
157,729
138,329
8,330
7,901
28,517
30,596
Period—
Sales, less discounts allowed
Manufacturing costs
Selling expense
expense
$23,577
1,722
$7,427,315
2,273,541
1,550,348
$6,509,165
1,464,534
848,133
railway..... 91,332.621
24,901,049
14,191,699
87,527,003
75,600,922
19,562,097
12,498,759
71,749,625
17,588,795
10,634,756
From Jan. 1—
Gross from
Net from railway
Net after rents
$22,072
6,966
1,999
$20,724
$13,107
$2,366,041
Southwestern
expense
Provision for Federal income taxes
Earned income to surplus
Comparative Balance Sheet
Assets—
Cash
Nov
13/37 Apr. 30/37
hand and
on
Associated
in bank
$6,597
$6,869
39,337
Due
from
and
17,676
officers
employees..
804
Inventories
99,680
2,381
Deferred charges..
assets
46,656
2,133
(at
2,271
Laboratory
3,869
8,768
payable
8,253
4,023
6,650
596
5,598
3,557
14,201
Prem.on cap. stock
15,780
Capital surplus—
8,816
29,484
15,100
8,485
1,480
76,086
Earned
surplus—
railway
for
Total
$215,545
$306,849
Net after rents—
—V.
145,
1937—12 Mos.—1936
$3,269,054
1,916,251
358,000
$2,818,990
1,696,232
218,000
pref. stock
$70,036
53,586
$994,803
663,169.
$904,758
645,730
$10,947
income
$16,449
14,286
$331,634
$259,027
171,438
14,286
def$3,339
No provision
was
made in
171,438
$2,163
1936 for
$160,196
Federal surtax
on
$87,589
undistributed
been
Erofits asmade for such tax infor that year was distributed. No provision
all taxable income 1937.—V. 145, p. 3668.
as
Southern Bell Telephone &
Period End. Nov. 30—
Operating
revenues
oper. rev..
Net oper. revenues...
Operating taxes
Net oper. income....
Telegraph Co .—Earnings
1937—Month—1936
1937—11 Mos.—1936
$5,262,858
$4,931,968 $57,265,489 $52,295,552
20,849
10,494
220,053
158,762
Operating revenues.. $5,242,009
Operating expenses
3,557,967
—V.
$1,733,395 $19,100,898 $17,831,199
639,305
7,234,769
6,658,506
$1,014,058
$1,094,090 $11,866,129 $11,172,693
Net after rents....
on
Dec. 30 declared
an extra dividend of 25 cents
per share
quarterly dividend of 37 ^ cents per share on
the common stock, both payable Feb. 15 to holders of record
Jan. 20.
A
special dividend of 12^ cents was paid on Feb. 15, 1937.
to the regular
The directors at the same time declared
share on the original preferred
stock,
an
extra dividend of 25 cents per
payable April 15 to holders of record
An extra dividend of 12
H cents per share was paid on this issue
April 15, 1937.—V. 145, p. 3211.
March 20.
Southern
Dairies, Inc.—Smaller Preferred Dividend—
The company paid a dividend of
70 cents per
j.v?jprt£eri!^.
dividend of $1,15
A stock
was
paid
share
revenue
its $4 non-cumula14.
A
Gross income
Int. & other fixed charges
income.
Divs. on pref. stock
Amort, of pref. stk. exp.
BaIance
1937—Month—1936
$342,622
$316,251
Co.—Earnings —
1937—12 Mos.—1936
205,105
35,851
153,498
30,000
$3,877,887
2,289,698
408,003
$3,581,534
1,973,526
305,133
$101,665
29,844
$132,753
29,381
$1,180,185
352,727
$1,302,874
318,597
$71,821
34,358
10,848
$103,371
62,635
$827,457
439,413
119,332
$984,277
549,804
$40,735
$268,711
$434,472
1937.—V. 145, p. 3669.
Southern Pacific SS.
November—
Gross from railway
Net from
railway.
Net
rents..
From Jan. 1—•
Gross from railway
Net from
12,249
railway.
Net after rents
—V. 145, p. 3669
Lines—Earnings —
1937
$629 961
1936
1936
1935
1934
$600,404
137,373
34,643
$731,273
281,274
154,390
$667,898
261,142
133,402
$381,650
122,673
45,607
railway
8,257,898
2,695,202
1,485.31.5
7,631,095
2,656,058
1,254,800
6,963,035
2,640,868
1,387,885
5,298,563
2,270,697
1,343,312
—V.
145,
3669.
p.
(E. R.) Squibb & Sons—Stock Dividend —
The directors have declared
first
a
stock dividend of 1-100th of
preferred stock
for
each
share
of
a
share of $6
stock
common
held,
payable Dec. 27 to holders of record Dec. 22.
A cash dividend of 50 cents
was paid on Dec. 24, 1936, and on Dec. 1,1936.—V.
145, p. 1115.
Standard Clay
Payments
Products, Ltd.—To Waive Sinking Fund
—
The National Trust Co., Ltd., has announced that a meeting of the
holders of the 30-year 6% 1st mtge. and refunding sinking fund gold bonds
will be held Jan. 25, for the purpose of considering an
extraordinary re¬
solution for the purpose of releasing the company from sinking fund
pay¬
ments.
Bondholders in 1934 sanctioned the release from making the
during
payments
1934,
1935
and
1936, and the present proposal
would
the company from making the annual sinking fund payments to
the trustee in 1937 and in all subsequent years until maturity of the bonds
release
Dec. 2, 1942.—V. 145, p. 2560.
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
& Electric Co. system for the week ended Dec. 25,
1937, totaled
105,176,258 kilowatt hours, an increase of 0.4% compared with the cor¬
Gas
responding week last year.—V. 145,
November—
Net from
p.
4128.
Rapid Transit Ry.—Earnings—
1937
1936
1935
1934
Net after rents..
$126,014
def3,837
def53,478
$126,249
defl2,480
def50,226
$121,950
def4,801
def36,933
$118,713
defl0,365
def53,700
1,424,886
defl3,169
def342,110
railway
1,464,600
defl3,815
def410,792
1,373,592
def58,789
def466.637
1,538,603
208,296
defl76.738
From Jan. 1—
Gross from rail way
Net from railway
Net after rents
—V.
145,
p.
3670.
Steel Co. of Canada,
Ltd.—Equalizing Dividend —
The directors have declared an equalizing dividend of $2 per share in
addition to the regular quarterly dividend of 43 % cents per share on the
common stock, both payable Feb. 1 to holders of record Jan. 7.
An extra
dividend of $2 was paid on Feb. 1, 1937, and an equalization dividend of
I1.42H
Per share was paid on Feb.
1, 1936.—V. 145.
p.
1915.
The interest due
x
No provision was made in
1936 for Federal surtax on undistributed
profits as all taxable income for that
year was distributed.
No provision
has been made for such tax in
after
470,853
Studebaker Corp.—Interest—
$26,615
Oper. exps, & taxes...
Prov. for retire, res've..
x
Net
on
on Dec. 20 to nolders of record Dec.
Dec. 19. 1936.—V. 144, p. 291.
on
Southern Indiana Gas & Electric
Period End. Nov. 30—
Gross
def48,678
1934
From Jan. 1—
Gross from railway.....
Staten Island
Southern California Edison Co., Ltd.—Extra Dividends
on
547,167
53,127
13,557
1937
Gross from railway.....
Net from railway
Gross from railway
The directors
718,724
181,502
99,537
787,032
202,727
112,178
Standard Gas & Electric
$4,921,474 $57,045,436 $52,136,790
3,188,079
37,944,538
34,305,591
$1,684,042
669,984
145, p. 3509.
in addition
$35,103
def6,472
defl0,524
1935
first page of this department.
Net after rents
$67,732
56,785
Int. & other fixed charges
1
Uncollectible
$52,889
4,354
defl,082
3510.
p.
cumulative
x
$65,252
17,765
13,901
From Jan. 1—
Gross from railway.....
Net from railway
Net from
Co.—Earnings—
1937—Month—1936
$275,258
$238,432
172,525
150,396
35,000
18,000
exps. & taxes...
on
1936
$61,428
Spokane Portland & Seattle Ry.—Earnings-
depreciation of $16,059 in Nov. 13, 1937 and $12,342
145, p. 3983.
Gross income
Net
$254,369
13,839
4,290
See list given on
1937.—V.
Prov. for retire, res've..
Divs.
>
November—
$215,5451
revenue
Oper.
$358,007
8,056
1
Period End. Nov. 30—
Gross
$31,257
1937
Gross from
129,240
South Carolina Power
x
$313,830
59,461
Net from railway
Net after rents
129,640
$306,849
reserve
November—
318
un¬
Total..
After
$445,877
87,870
3669.
311
Com.stock ($1 par)
classified
x
6,889
Spokane Oklahoma Gas & Oil Co.—Registers with SEC —
Goodwill
in April 30,
P.
639
39,721
applied for (less
amortization)
assets
145,
351
payable
Taxes payable
Operating reserves
Patents granted &
Other
$38,146
$38,635
Net operating income.
Contracts
1,569
devel.
$884,653
570,823
Spokane International Ry.—Earnings —
50,778
7,922
4,669
17,126
exp.
$1,074,534
628 657
$48,880
10,245
Operating taxes
—V.
76,086
Organization
$93,381
55,235
13,456
by accts. receiv.)
Net Worth—
cost)
Invest, and loans.
±00
$106,404
57,524
Operating revenues
Operating expenses
Accrued liabilities-
952
1937 -11 Mos.—1936
$1,075 984
$885,753
1,450
1,100
150
rev..
$27,193
26,501
Trade accept, pay.
615
—Employees
Fixed
Apr. 30/37
$67,116
7,477
Salaries and wages
Subs, to cap. stock
x
Nov. 13/37
Notes pay. (secured
—Customers
Uncollectible oper.
Telephone Co.—Earnings—
.937—Month—1936
$106,554
$93,481
revenues
Net oper. revenues...
TAabilUiea—
Accounts payable-
Accounts receivable
Operating
Jan. 1 to Dec. 21—
1936
1937
1936
$2,760,438 $128491,679 $123745,403
1937
(est.)
4128.
Period End. Nov. 30—
Non-operating
25,990,303
17,558,479
—Third Week of Dec.Period—
Gross earnings
$21,011
1,061
$25,299
1,894
2,681
Gross corporate income
1934
$8,569,565
2,766,547
1,931,397
—V. 145. p.
Operating profit
Non-operating income
1935
1936
$7,482,967
1,342,684
351,651
Net after rents
—
28 Weeks
Administrative
Earnings for November and Year to Date
November—
Gross from railway
Net from railway
1935
1934
Def30,564
Def46,098
$580,568
35,498
35,507
Defl2,585
$338,018
Def72,174
Def72,836
7,061,905
164,241
Def80,091
5,505,187
24,095
Defl6,550
,4,367,659
Def463,509
Def500,114
4,095,698
Def734,566
Def736,079
$414,127
Def428
Jan. 1, 1938 (1^%), on the 10-year convertible
6%
debentures, due 1945, will be paid on that date.—V. 145, p. 3511.
Submarine
Signal Co.—Dividend Increased—
The directors have declared
a dividend of $1.50 per share on the common
$25, payable Dec. 24 to holders of record Dec. 20.
This com¬
pares with 50 cents paid on March 18 last; a dividend of 50 cents and a spe¬
cial dividend of $2.50 paid on Dec. 14, 1936. and 50 cents per share dis¬
tributed on May 12,1936, ana on Nov. 12,1935.—V. 143, p. 4169.
stock,
par
Symington-Gould Corp.—Salary Adjustment Plan Voted
A majority of the stockholders at a recent
meeting approved the salary
adjustment plan proposed by the directors.
No vote was taken on the
plan for a merger of the company and the McConway & Torley
Corp.,
because of inability to get proxies from two-thirds of the
The meeting was adjourned to Jan. 20.—V. 145,
p. 3511.
Tastyeast, Inc.—Delisting Granted
stockholders.
—
The Securities and Exchange Commission has issued an order
granting
the application of the Board of Trade of the
City of Chicago to strike from
listing and registration the class A stock of the company.
In its applica¬
tion the exchange stated that
delisting is
is insufficient
sought on the ground that there
trading interest in this stock.—Y. 145, p. 958.
Tennessee Alabama & Georgia Ry.
The
(Del.)—Acquisition
Interstate Commerce Commission on Dec. 18 approved the ac¬
quisition by the company (a Delaware corporation) of the railroad, property,
and assets of the Tennessee Alabama &
Georgia Ry. (a Georgia corporation).
The railroad in question was formerly owned and
operated by the Ten¬
nessee Alabama & Georgia RR.
After a period of receivership, the railroad
Volume
146
Financial
properties of the latter were purchased at foreclosure sale by C. E. James,
on April
8, 1922.
The properties were then conveyed to the Tennessee
Alabama & Georgia Ry., which was incorporated in
Georgia on April 24,
1922, at the instance of James and his associates.
The applicant was incorporated in Delaware on Aug. 31,
1937, for the
purpose of acquiring and operating the railroad properties of the old com¬
pany.
We have authorized the applicant to issue (a) not exceeding $590,525
of capital stock, consisting of 118,105 shares (par
$5), (b) rights to sub¬
scribe for 15,405 shares of such stock, and (c) not exceeding $1,027,000 of
first (collateral) lien 20-year 4% sinking fund bonds.
Of the stock, 102,700
shares, together with the rights to subscribe for the 15.405 additional
shares, and the $1,027,000 of bonds are to be delivered to a sindicate in
exchange for all the outstanding common stock of the old company, con¬
sisting of 2,000 shares (par $100) and certain other assets.
The 15.a05
additional shares, represented by the rights are to be sold at not less than
$5 a share and the proceeds thereof used to pay the applicant's organization
expenses, certain taxes, and other items.
See also V. 145, p. 3212.
Tampa Electric Co.—Earnings—
Period End. Nov. 30—
Operating
Operation
1937—Month—1936
$380,955
$351,225
150,457
127,521
21,592
17,715
a46,719
45,358
revenues
Maintenance
Taxes
—
Net oper. revenues...
$162,186
Dr378
Non-oper. income (net).
Balance
$161,808
35,833
Retirement accruals—_
Gross income.
1937—12 Mos.—1936
$4,188,773
1,641,064
245,593
491,417
$4,523,859
1,820,437
251,892
a558,707
$160,628
Drl,602
$1,810,698
CY14.334
$159,026
35,833
,
$1,892,821
Dr2,004
$1,890,817
430,000
$1,825,032
430,000
$123,192
1,003
$1,460,817
12,997
$122,188
$1,447,820
70,000
1,269,645
$1,382,355
Preferred divs. declared
Common divs. declared.
......
__
70,000
1,269,422
No provision has been made for the Federal surtax on
undistributed net
income for the year 1937 since any liability for such tax
cannot be deter¬
mined until the end of the year.—V. 145, p. 3670.
a
Tennessee Central
Ry.—Earnings-
November-—
1937
Gross from
railway
railway
Net from
From Jan.
W.
$219,619
55,716
30,731
$200,232
48,496
31,033
$178,494
42,259
25,117
2,296,458
656,948
422,591
2,059,988
587,202
388,019
1,933,965
510,866
312,895
3671.
p.
continued.—V. 145, p. 3831.
United Gas Improvement Co.—Veto
United Molasses
as
Chairman and
a
former
Assistant
Treasurer,
November—
-
1937
From Jan. 1—
Gross from railway.
U. S. Rubber
Reclaiming Co., Inc.—Accumulated Div.—
The directors have declared a dividend of
50 cents per share on account
accumulations on the 8% prior preference
stock, par $25, payable
Dec. 23 to holders of record Dec. 16.
A dividend of 75 cents was paid on
Sept. 15 last, one of 50 cents on May 15 last, and dividends
share
per
during
amount to $11 per
United
1936.
Accumulations after
share.—V. 145, p. 961.
Stockyards
145,
p.
elected
was
1936
1935
$99,789
16,199
3,337
$95,974
20,021
10,803
$97,193
33,264
23,148
1,166,121
294,987
159,347
1,099,449
296,910
182,778
881.069
217,656
121,764
rents.
1935
1934
$4,082,282
1,382,553
1,040,072
$3,353,333
$2,767,691
991,206
726,924
296,119
43,051,199
10,014,158
4,449,181
railway.
1936
$3,878,572
865,508
403,910
From Jan. 1—
Gross from railway
37,560,468
31,463,868
5,856,640
2,414,138
29,208,223
4,49f,920
defl70,418
8,753,854
4,514,272
145, p. 4130.
Cash in banks &
on
hand
x$560,769
Marketable securities
751,808
yl67,553
336,860
Investments, &c
2,614,676
-
Property, plant & equipment.zl5,026,321
Deferred charges and prepaid
676,843
-
654,188
System—Earnings
Net oper. revenue....
$266,842
127,028
$304,292
113,884
$1,256,730
644,389
$1,464,686
557,145
Operating income
Non-oper. income
$139,813
25,902
$190,409
31,813
$612,340
129,140
$907,541
185,455
$165,715
216,050
$222,223
226,529
$741,480
1.094,034
$1,092,997
1,143,274
Gross income
Total deductions
Net loss.
$50,334
$4,306
$352,554
$50,277
—
1, 1938, on the Third Avenue RR. first mortgage
5% 50-year gold bonds, due 1937, (principal waived to 1943) will be
paid
on that date
upon presentation of bonds for stamping.—V.
145, p. 3671.
Thomson Electric Welding Co.—To
Pay $1.50 Dividend
The directors have declared a dividend of $1.50
per share on the common
stock, payable Dec. 29 to holders of record Dec. 27.
This compares with
$3 paid on Dec. 1, last; 50 cents paid on
Sept. 1, last, and quarterly divi¬
dends of 25 cents per share
previously distributed.—V. 145, p. 3671.
Time, Inc.—Defers Further Dividend Action—
Directors at their meeting held Dec. 20 announced their
decision not to
make any further dividend distribution this
year.
The announcement
said this decision was reached "after
reviewing the record of dividend pay¬
ments
by the company in recent years and considering the fact that the
company has already paid dividends of $6 so far this year."
In 1936 a
total of $10.75 was distributed while in 1935 the
company paid out $4.50
per share.
For detailed record of dividend payments see V. 145,
p. 1917.
Toledo Peoria & Western
November—
after rents
Net
after rents
1935
com.
$122,998
13,092
31,590
$180,045
62,926
37,196
2,238,142
693,074
291.125
2,214,690
695,664
308,233
1,682,497
421,089
193,388
1,595,826
345.743
70,243
def5,538
124,850
Telephone & Telegraph Co.—Earnings—
Period End. Nov. 30—
1937—11
Uncollectible oper. rev..
1937—Month—1936
$523,701
$496,071
Cr86
1,022
Operating revenues.__
Operating expenses
$523,787
403,878
$5,679,063
4,338,258
Operating
Total
374,000
18,588
surplus, representing
of cash received
for
stock issued over par
$20,134,829
Total
1,756,594
Dr96,750
$20,134,829
x Less
freight collections for railroads of $150,312.
y After reserve for
doubtful accounts and notes of $4,341.
z After reserve for depreciation of
$5,631,770 and excess of underlying book value at time of
acquisition
in subsidiary companies over cost thereof (net) $172,046. a Rep¬
by 440,000 no par shares.
The earnings statement for the year ended Oct.
31, 1937, was published
inV. 145, p. 4131.
resented
—
Company operated at a profit in the fourth quarter ended Nov. 1 accord¬
ing to preliminary figures, J. Chreever Cowdin, Chairman of the Board,
has announced.
The final figures will be available by the end of
January.
This is the first time that the company has been "in the black" since the
quarter ended Nov. 2, 1935.
Restoration of profitable operations is the
result of a comprehensive program of
reorganizing the company's set-up,
policies and personnel inaugurated by the new interests who assumed con¬
trol of the company in April, 1936, according to Mr. Cowdin.
Bookings
for the current quarter are running
50% ahead of last year.—V. 145, p.
Water
Supply Co.—Transfer Approved
—
The New York P. S. Commission on Dec. 29 approved the transfer of
works, franchise and equipment of the Urban Water Supply Co. of
Long
Island City to the City of New York in exchange for cancellation of the com¬
pany's obligation of $353,817 for taxes, assessments, interest and penalties
up to Nov. 1, 1935.
The company has been supplying water to a small number of consumers
in the Second Ward in Queens.
Its acquisition by the city will involve
dissolution of the corporation which will have remaining assets
amounting
to about $350.
There will be practically nothing left for its stockholders,
the Commission announced.
The company was incorporated in 1907.
In 1910 it took over the assets
of the old Woodside Water Co., which later became the
Deep Well Water
Co.
the
In 1913 and 1914 the Catskill water distributed by the
city came into
Competition with the city water system soon brought the com¬
into financial difficulties, with deficits mounting each year until
area.
pany
dissolution
was
made advisable.
revenues——
company's inventory and valuation showed a total original cost
Deductions of 60% for depreciation of plant and equipment
depreciation on street mains, brought the valuation down to the
$307,353 figure at which the transfer to the city is to be made.
To offset taxes and assessments due since Nov. 1, 1935, which have
not yet been computed, the company has claims against the
city for awards
for property taken for street purposes.
(New York "Times.")—V. 100,
of $640,315.
and 25% for
$495,049
363,751
1759.
p.
Utah
Mos.—1936
$5,706,247
$5,252,394
27,184
12,567
$5,239,827
3,878,225
Light & Traction Co.—Earnings-r-
Period End. Nov. 30—
Operating revenues
Oper. exps., incl. taxes._
Gross income..
-
Interest on mtge. bonds
Other int. & deductions.
_
x
1937— Month—1936
$94,404
96,296
1937—11 Mos.—1936
deficit-..
$94,452
94,672
$1,162,573
1,082,384
$1,128,855
1,020,201
x$ 1,892
Net oper. revenues
Rent from lease of plant
1934
$209,624
145, p. 3671.
Tri-State
27,875
4,039,024
a4,652,500
value thereof..
Pref. stock held by sub; 9,000
shares, at cost
Balance
1936
$228,035
88,033
39,397
1—
Gross from railway
Net from railway
—V.
Reserves for contingencies
Equity of min. lnts. in subs--
excess
RR.—Earnings—
1937
Gross from railway
Net from railway
From Jan.
14,599
556,117
8,571,408
Long-term indebtedness
The
The interest due Jan.
Net
103,872
holders of subsidiary
Accrued expenses
Paid-in
Urban
(Railway and Bus Operations)
1937—Month—1936
1937—5 Mos—1936
$1,133,925
$1,120,629
$5,688,283
$5,594,502
867,083
816,336
4,431,554
4,129,815
Taxes
Interest
$117,004
Divs. pay. to minority stock¬
Common stock ($1 par)
Earned surplus
—
Period End. Nov. 30—
Total oper. revenue
Notes pay. to banks & others
Accounts payable
3672.
Third Avenue Ry.
Total oper. expenses
Sheet
Universal Pictures Co., Inc.—Fourth Quarter
Report
RR.—Earnings—
1937
Net from railway.
Net after rents
—V.
Balance
will
Liabilities—
Accts. & notes receivable
1934
Texas & New Orleans
after
payment
<
November—
Gross from railway
Net from
current
Corp.—Consolidated
Assets—
Treasurer.—V.
3671.
Net
totaling $2.25
the
of equity
Net from railway
Net after rents
—V.
ordinary registered stock payable
of
director of this company.
1,373,807
390,248
248,770
Net after rents
88,279,528
Preferred stock
$118,119
28,755
14,398
railway
Net from railway.
Dec. 26, '36
94,839,964
final dividend of 17 4-5 cents
per share on
a
Texas Mexican Ry.—
Earnings—
Gross from
Dec. 18, '37
90,120,098
receipts for
&
Doyle Smith,
145, p. 3360.
Dec. 25, '37
Co., Ltd.—Final Dividend—
The directors have declared
the American Depository
Producing Co.—Chairman Retires —
Hunter has retired
Gas Lease
Weekly Output Shows Decrease —
Week Ended—
Electric output of system (kwh.)___.
—V. 145, p. 4130.
a member of the law firm of Vinson, Elkins,
Francis and President of the City National Bank of
Houston,
has been elected a director.
Henry M. Brown resigned as Treasurer and
Weems
on
Philadelphia City Council on Dec. 29 overrode the veto of
Mayor
Davis Wilson, thereby renewing the lease of the
City Gas Works to the
Philadelphia Gas Works Co., a subsidiary of the United Gas
Improvement
Co.
The Councilmen upset the
Mayor's veto by a vote of 16 to 6.
Mayor Wilson, who demands a 50-cent rate and who had threatened to
seize the $70,000,000
gas plant and operate it with "emergency
engineers,"
vetoed the lease in an
11-page message, in which he repeated charges that
U. G. I. contracts to buy
gas had cost the consumers millions of dollars.
expenses
Judge J. A. Elkins of Houston,
Upset
The
S
Inventories
Net after rents
Texas Gulf
Chemicals, Inc.—Delisting Granted —
The Securities and Exchange Commission lias issued an order
granting
the application of the
Chicago Stock Exchange to strike from listing ana
registration the no par value $3 cumulative participating
preferred stock
of the company.
In its application the exchange stated that delisting was
sought because the Chicago transfer office of the
company is being dis¬
1934
2,329,417
604,550
304,962
railway
Net from railway
N.
1935
1—
Gross from
—V.-45,
United
Dec. 26.- -V.
on
Oct. 31, 1937-
1936
$194,663
43,197
13,786
...
Net after rents
Corp.—Obituary —
George S. Wheat, Vice-President of this company died
145, p. 3513.
$1,395,032
12,677
$124,867
Net income....
123
United Aircraft
Jan. 6 to holders of record Dec. 3.—V.
144, p. 3355.
$125,975
1,107
Interest....
Chronicle
x$222
54,120
52,908
$80,189
546,967
$108,654
519,825
$52,228
51,601
$52,688
51,858
954
1,158
$627,156
622,043
9,053
$628,479
621,988
10,432
$327
$328
$3,940
$3,941
Indicates loss.
Notes—No provision
cumulative interest on
has been made in the above statement for unpaid
the 6% income demand note, payable if earned,
amounting to $1,476,000 for the period from Jan. 1, 1934, to Dec. 31, 1936.
No provision was made for Federal surtax on undistributed profits for
1936,
inasmuch as the company reported no undistributed adjusted net income
for that year.
No such provision has been made to date for 1937.—
V. 145, p. 3832.
Utilities Power &
Light Corp.—Time Extended—
Judge William H. Holly on Dec. 27 extended until Jan. 20 the time for
filing additional reorganization plans for the corporation.
The Atlas Corp.,
holder of a major interest in the corporation, has filed the only plan to date.
Filing of objections was set for Feb. 3 and arguments for Feb. 14.
Management Contract Submitted to Court—
A contract has
been proposed
and submitted to Federal Judge William
H.
Net oper. revenues-..
$119,909
$1,340,805
43,422
$131,298
28,695
499,038
341,746
$76,487
$102,603
$841,767
$1,019,856
Operating taxes
Net operating income.
—V. 145, P- 3671.
$1,361,602
Holly between Willougnby G. Walling, court trustee of United, and
Daniel C. Green, former President of Middle West Corp., which will
place
the management of Utilities under the control of Central Service
Corp.,
headed by Mr. Green in an advisory capacity.
Should the
will handle
proposal be approved by the Court, Central Service Corp.
accounting and engineering problems of the subsidiaries of the
Financial
124
parent company and will supervise
operations under the direction of Mr.
^understood that the proposal has the approvalof various attorneys
of interested parties in the case which should lessen tne tension somewhat
It
caused in
prolonged litigation.—V. 145, p.
3672.
Period, End. Nov.
30—
Cost of sales
Oper. exps., incl. taxes,
Prop, retir. res. approp-
747 9qq
62,275
765,632
747,299
$438,214
$388,130
477
692
$4,612,400
3,681
$388,822
195,879
25,000
17,212
$4,616,081
2,350.293
300,000
200,274
$4,143,033
2,350,342
300,000
$438,691
195,622
25,000
-
mtge. bonds
deben. bonds—
Other int. and deduct'ns
on
Int.
on
Int.
15,490
205,404
Cr5,254
charged to construe.
Net income
Dividends applic. to
x
whether
$150,731
$202,579
$1,765,514
4,697
196,373
$1,321,701
295.655
365,884
$911,633
295,655
292,707
$729,954
295,655
292,707
$54,265
$660,162
$323,271
$141,592
579,200
585,414
585,414
$0.72
.....
Net profit
$1.75
$1.05
Common dividends
Surplus
Shares com. stk. (no par)
Earnings per share
$1,292,541
1,704,761
1,704,761
def$412,220
$60,753
9
$
9,967.582
Plant, equip., AclO.625,484
Invest. & advances
183,743
x
150,442
Invest, in cos.own
z
in
a
298,207
300,241
389,501
liquidation.,
—
1934
1937
1936
1935
$113,700
35,625
22,228
$119,034
42,159
$87,285
38,951
24,899
$156,209
73,475
54,645
1,121,756
964,411
279,980
177,326
931,176
289,457
148,480
625,542
116,531
def80,539
November—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway—«
236,104
118,374
Net from railway
after rents
17,510
348,391
321,483
902,206
1,060,642
45,892,108 49,093,3701
After
depreciation,
Westchester Lighting
1937
Balance for dividends and surplus
x Includes
non-operating income,
tirement reserve.—V. 145, p. 3832.
y
net.
y
Gross from railway
Net from railway
after rents
Net
Gross from railway
Net from railway
after rents..
Net
—V.
145,
p.
1936^
_
1937
$1,767,837
1,000,828
869,938
1936
$1,600,999
919,601
886,770
1935
$1,252,225
6/7,220
577,223
1934
$1,288,918
736,214
652,170
18,313,698
9,993,903
8.617,473
16,006.070
8,800,488
14,358,635
7,772,847
8,129,836
6,545,938
13,177,839
7,028,461
6,145,347
disbursements for the first quarter of 1938.
connection with objections filed by mortgage
trustees against a court order entered April 19, 1937, directing the receivers
to make no further payments of interest on any of the outstanding mortgage
bonds of the Wabash Ry. unless specific authority be given by subsequent
orders.
Since that date certain partial payments have been authorized
representing 80% of the face value of the coupons.
Judge Davis states that each of the objections filed, raises the question
as to whether the court acted within its proper discretion in filing these
instructions.
It therefore seems appropriate, he said, that receivers should
file a report showing the resources of the railroad.
A hearing is scheduled for Jan 6.
Earnings for November and Year to Date
From Jan.
—V.
145,
p.
1937
$3,611,069
774,241
1936
1935
$3,991,671
1,238,107
$3,525,776
978,768
248,122
710,223
563,345
42,550,047
9,462,830
41,914,653
10,515,651
37,744,754
9,127,743
3,839,394
5,069,131
4,372,821
$3,011,887
768,150
398,974
$549,056
110,000
$5,616,560
1,230,000
$5,239,198
1,090,000
Operating income
Equipment rents
Joint facility rents (net).
$355,064
Crl7,580
Drl3,605
$439,056
041,041
Prl3.591
$4,386,560
0239,307
Dri44,012
$4,149,198
Cr274,584
Dr148.780
Net ry. oper. income-
$359,039
8,637
$466,506
3,648
$4,481,855
92,611
$4,275,002
67,167
$367,676
265,645
$470,154
260,895
$4,574,466
2,885,212
$4,342,169
2,895,261
$102,031
$209,259
$1,689,254
$1,446,908
Gross income
Fixed
Asks Bids
Warren Bros. Co.—To
Accept Polish Bonds —
Welch Grape Juice
Western Pacific
1935
$1,363,272
$1,333,688
67,687
defl06,656
326,222
145,911
$1,291,043
349,729
184,667
$994,407
Net from railway
Net after rents
15,331,843
1,054,259
def595,686
13,507,210
1,590,379
def200,220
11,857,787
2,093,094
603,594
11,345,123
2,333,474
1.188,552
$385,761
Gross from railway
Net from railway
Net after rents
$235,456
335,550
987,867
79,218
93
Inventory
Other assets
Sinking fund
Land, buildings, machinery
Deferred charges
Total
x
Accounts
After allowance for
Co.—Earnings—
1937
59,260
18,288
Reserves
Preferred 7% cum. stock.....
Common stock ($2.50 par)
Surplus, Aug. 31, 1937.—
A
-
749,800
314,890
1,381,725
57,338
57,285
56.854
$2,996,5681
Balance after oper.,
$2,145,354
716,817
Balance for dividends and surplus
x Includes
non-operating income,
145, p. 3833.
net.
y
759,782
142,472
maintenance and taxes
180,626
After appropriations for re¬
tirement reserve.—V.
Western Ry.
of Alabama
1936
1935
1934
$148,521
28,358
11,210
$125,912
17,137
13,218
$113,391
1,557,326
-
Net from railway
Net
-Earnings ■
1937
$136,226
9,056
def2,954
1,443,201
137,626
37,220
1.243,872
defl2,157
def53,976
NovemberGross from railway
after rents
5,021
2,602
From Jan. 1—
Net
179,909
85,155
—V.
after rents
145,
p.
1,192,472
defl6,561
def36,438
3674.
Western Union
Telegraph Co.—Denial Filed by Company
Trade Restraint Charge—
Newcomb
company,
and
Carlton,
Secretary,
by the Federal Government.
Chairman,
and
Lewis McKisick,
a complete denial in Federal Court
in restraint of trade, as recently charged
The company asked that the Government's
filed
other
being
-
$2,996,568
depreciation of $645,699.—V. 145, p. 3362.
directed against
Postal Telegraph
& Cable Corp.
The
Postal system nas received additional time in which to file an answer to
the charges.
Western Union admits that it holds a number of exclusive contracts
with
railroad
hinder
or
companies
restrain
trade.
for transmission facilities, but denies that they
So far as these contracts are concerned, the
of Postal from certain
they merely result in the exclusion
railway terminals.
answer
says,
The company
Total
1936
$2,175,603
12 Months Ended Nov. 30—
the
$472,605
payable
Accrued accounts
xl ,186,908
plants
145, p. 3674.
Western Public Service
suit be dismissed for lack of merit.
The Government has asked that an injunction be granted in two actions,
Liabilities—
hand and on deposit..
Accounts reo., less allowances.
120,953
9,186
From Jan. 1—
Dec. 28 of any unlawful combination
Balance Sheet, Aug. 31, 1937
J* Assets—
1934
1936
Vice-President
all esti¬
mated taxes
Springdale, Ark
—
1937
The
Earnings for the Year Ended Aug. 31, 1937
Operating profit after depreciation and provision for
equipment
RR.—Earnings
November—
Gross from railway
to United States
Co.—Earnings-—
-
bids on Jan. 11 for $2,400,000 of equipment
1 and fall due in from 1 to 10 years.
Feb.
—V. 145, p. 4132.
Net from railway
took no action on the payment of a
dividend on the no-par common stock ordinarily due at this time.
A regu¬
lar quarterly dividend of 50 cents per share was paid on Sept. 30 last.—V.
145, p* 2561.
Miscellaneous
$2,400,000 Equipment Issues
The company has asked for
certificates to be dated
Gross from railway
Weed en & Co.—Dividend Passed—
Directors at their recent meeting
Farms at
$302,467
trust
y
McLellan has granted the petition of company
securities in part liquidation of accounts with
Trwale Drogi, S. A.
The Court in granting the petition authorized com¬
pany to purchase from the Polish corporation notes of the Republic of
Poland and also notes of the City of Warsaw, purchase price thereof to be
credited by the debtor against its open account with the Trwale Drogi, S. A.
The notes of Poland amount to $115,961 and the notes of the City of Warsaw
to approximately $332,128.—V. 145, p. 2710.
on
on
1930
$327,655 $17,240,174 $15,837,901
1937
1936
1937
Operating revenues
Federal Judge Hugh D.
leave to accept Polish
-Jan. 1 to Dec. 21-
—-Week Ended Dec. 21
—V.
for
Cash
income
Period—
Gross earnings (est.)
x
F*
charges
Net
35,135,475
8,952,059
3,923,796
4131.
1937—11 Mos.—1936
$1,389,604 $16,317,640 $14,808,008
840,548
10,701,080
9,568,810
$430,064
75,000
Net oper. revenue
1934
1—
Gross from railway
1937—Month—1936
$1,301,287
871,223
Taxes
1937, also an estimate
of the road as of Dec. 31.
of the anticipated necessary
The data are required in
Net from railway
Net after rents
Maryland Ry.—Earnings —
Period End. Nov. 30—
Other income
in detail the cash resources
Gross from railway
3025.
Western
Operating revenues
Ry.—Court Requests Data by Jan. 6—
Davis at at. Louis has instructed receivers of
file on or before Jan. 6, 1938, a report showing
Net from railway..
Net from rents
p.
record Dec. 10.
Total oper. expenses—
Federal Judge Charles B.
the company to prepare and
November—
30 last, on
After appropriations for re¬
3672.
Wabash
dividend of 75 cents per share on account
pref. stock, no par value, payable Dec. 20
A like payment was made Nov. 20 and June
Dec. 30, Oct. 30 and June 1, 1936, and on Dec. 20, 1935.—V. 145,
directors have declared a
to holders of
Virginian Ry.—Earnings—
November—
Inc.—Accumulated Dividend—
Western Dairies,
"The
Co.—New Officials —
& Power Co., below.—V. 145, p. 3833.
See Yonkers Electric Light
of accumulations on the $3 cum.
$j7,695,095 $16,226,360
7,183,053
6,809,527
3,403,087
3,131,186
-—
45,892,108 49,093,370
Total
y Represented by 300,000 no par shares of $4
and 600,000 no par shares of common stock,
z 6,800
(4,645 in 1936) shares at cost,
a 20,800 (14,586 in 1936) shares at cost.—
—V. 145, p. 4132.
Co.—Earnings—
30—
7,820,402
237,751
life insurance
Corp.—Pays $11 Dividend—
maintenance and taxes
6,237.466
Cash surrender val.
x
dividend of $11 per share on the common stock voting
Dec. 23 to holders of record Dec. 21.
A dividend of
$9 was paid on July 30 last and an initial dividend of $18 per share was paid
on Dec. 18. 1936.—V. 143, p. 3861.
-
3,2bb"000
7,623,885
1,038,071
Adv. for purch. of
raw material
The company paid a
12 Months Ended. Nov.
42,600
3,200,000
Capital surplus... 6,237,466
Purchase note pay.
Paid in surplus
glnners,
trust certificates on
Balance after oper.,
1,001,900
cumulative preferred
first page of this department.
Virginia Electric & Power
748,843
761,900
477,217
327,247
expenses.
to
Total
Mills—Registers with SEC—
Victoria Bondholders
140,000
583,915
.....
Ac
145, p. 3672.
Vanette Hosiery
949,448
for.'oil mill exp
reserve
Revenue surplus..
1,585,677
Loans
Res.
148,806
22.549,036 27,460,718
3,668,025 3,244,988
4,189,782
3,894,585
Mlscell. Invest
Prepaid
365,884
1.724.586
Insur. and conting.
held for employ.
Inventories
295,655
293,200
362,000
Com. dlvs. payable
Cos. own com .stk.
Accts. & bills rec..
1936
Federal tax reserve 1,656,835
Pref. dlvs. payable
Deposits in banks
cost..
Ry.—Earnings-
Operating revenues.
585,414
$0.74
$
Liabilities—
$
Capital Btock...20,571,786 20,671,786
3.031.848
Accts. accrued, Ac 2,593,088
4,095,000
Bank loans
1,600,000
269,212
Loans & advances.
U. 8. Govt. sec. at
See list given on
40,117
y
226,435
396,091
preferred stock.
Cash
Utah
x
1937
1936
1937
Assets—
—-
3985.
Net
$1,623,109
12,855
288,553
$887,676
17,188
140,534
293,200
362,000
Total income
Federal taxes
Dividends
—V.
$901,050
3,146
188,439
$1,112,703
50,597
....
Interest
pref. stocks for the period,
paid or unpaid-.-.----
accumulated and unpaid to Nov. 30, 1937, amounted to
$6,250,790 after giving effect to dividends of $1.16 2-3 a share on $7 pref.
stock and $1 a share on $6 pref. stock, declared for payment on Dec. 21,
1937.
Dividends on these stocks are cumulative.
_
Note—No provision was made for Federal surtax on undistributed profits
for 1936
inasmuch as the companies reported no undistributed adjusted
net income for that year.
During 1937 provision for Federal surtax on
undistributed profits has been made in the amount of $4,000.-—V. 145,
p.
171,403
$847,559
Consolidated Balance Sheet Nov. 30
Balance.--------------------------------x
186,494
$1,066,828
45,875
Preferred dividends
Gross income
Int.
196,926
$1,572,999
50,110
$709,465
Other income
$4,137,341
5,692
Other income Cnet)
209,309
$850,453
Operating profit
$1,058,020 $13,164,334 $11,690,926
$1.152 567
650.411
63,942
1937
1936
1935
1934
$17,677,208 $15,395,802 $18,522,866 $14,169,194
16,617.446
13,625.877 17,269,544 13,150.232
Net sales
Depreciation..........
Co. (& Subs.)— Earnings1937—Month—1936
1937—12 Mos.—1936
Co., Inc.—Earnings—
Wesson Oil & Snowdrift
3 Mos. End. Nov. 30—
Utah Power & Light
O^iSg revenuesZZ
Jan. 1, 1938
Chronicle
takes the position that the exclusive occupancy contracts,
relating to railroad terminals, hotels and other places, is not the result of
any combinaion to divert commence from its normal channels, but of the
gradual and natural growth of the telegraph business along historical lines.
Since 1883, when the Postal was organized, the answer says. Postal
has continually competed with Western Union on such contracts, at one
Volume
time
RR. for
a
Financial
146
succeeding in displacing Western Union on the Pennsylvania
even
number of years.
k "Defendants believe that the public has not been inconvenienced by
reason of the inability of any other telegraph company to duplicate the
defendant company's facilities in any of the places, other than railroad
terminals, which are referred to in the Government's petition," the answer
Chronicle
125
Wisconsin Central
Period End. Nov. 30—
Ry.—Earnings—
1937—Month—1936
$698,782
25,684
66,598
All other revenue
1937—11 Mos.—1936
$865,607 $10,718,694 $10,373,211
26,188
358,212
395,858
80,642
832,233
808,083
$791,065
102,146
160,623
26.889
401,081
49,357
Freight revenue—
Passenger revenue
$972,438 $11,909,140 $11,541,154
107,348
1,411,491
1,279,681
151,910
1,816,915
1,599,222
23,425
285,373
265,659
401,366
4,660,764
4,278.143
46,702
487,591
544,124
states.
In the
of railroad terminals, the answer contends, public
case
telephones
by both companies and persons wishing to send messages
particular line can do so by using such telephones.—V. 145, p. 4132.
maintained
are
over a
Wheeling & Lake Erie Ry.—Earnings
1936
1935
$1,384,968
466,645
$1,144,442
342,975
1934
$822,577
194,831
161,812
415,729
277,321
From Jan.
15,103,857
4,754,405
14,094,064
4,086,760
12,239,666
3,132,147
10,308,688
2,415,662
4.244,433
3,186,482
2,244,236
1,417.084
1—
Gross from railway
Net from railway
Net after rents..
—Y.
145, p. 3674.
Willys-Overland Motors, Inc. (& Subs.)—Earnings—
x
.
Net
railway
$50,968
70,381
$241,685
71,553
$3,347,003
591,550
$3,574,321
785,644
def$19,413
$170,132
71,236
45,279
$2,755,453
613,137
466,624
$2,788,677
679,274
481,329
138,736
$53,615
Dr86,143
128,613
$1,675,692
Dr819,078
1,531,762
$1,628,074
Dr832,147
1,542,490
$324,384
$161,140
$675,149
$746,563
revenues.
Taxes
Net after taxes
Hire of equipment——
Rental of terminals
44,763
46,704
Net inc. after rents—_def$110,881
Other income (net)
Dr74,766
Int.
on
funded debt
Consolidated Profit and Loss Statement
—$30,268,220
27,645,166
2,003,197
Sales, net
Cost of sales
Administrative, selling, service and parts expenses
Net operating
expenses
General expenses
130,119
rents.!
Net after
revenues
Transportation
—
1937
$1,095,301
202,875
November—
Gross from railway
Net from railway
Total
Maint.of way &str. exp.
Maintenance of equip..
Traffic expenses
$619,857
profit
Other income
106,110
-----—
-
Net deficit
Note—As there is no taxable income to date, no provision is necessary
for the surtax on undistributed profits.—V. 145, p. 3675.
Wisconsin-Michigan Power Co.—To Buy Northern Paper
The Federal Power Commission announced Dec. 16 its authorization of
the
Total income
Interest
$725,967
6,849
40,089
119,000
14,000
73,000
—
paid
•
Miscellaneous other deductions
Normal income tax
—
—
Excess profits tax.
Surtax on
undistributed profits
Net profit
$473,029
186,707
$0.14
——
-
Preferred dividends
Earnings per share on 2,046,229 shs. common stock (par $1)...
beginning Oct. 8, 1936, when Willys-Overland Motors,
ended Sept. 30, 1937, except that its deprecia¬
been included from Sept. 1, 1936.
The operations of
the subsidiaries acquired under the plan of reorganization have been included
from Sept. 1, 1936, when they were taken over, to May 31, 1937, the date
of their liquidation, and the operations of the new subsidiary organized as
of June 1, 1937, have been included from that date to Sept. 30, 1937.
Note—Depreciation and amortization in the amount of $1,023,022 have
been charged to cost of sales and expenses.
x
For the period
Inc. took over operations, and
tion and taxes have
Consolidated Balance Sheet,
on
Yazoo & Mississippi Valley
November—
Net after rents
....
1936
1935
1934
$1,819,407
889,513
657,015
$1,322,417
488,722
279,214
$1,172,317
406,513
167,696
14,509,111
4,884,448
2,385,857
11,599,515
3,019.624
863,332
10,944,092
2,935,845
590,342
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
145,
p.
RR.—Earnings—
1937
$1,556,801
666,980
477,658
15,065,255
5,167,797
2,909,288
Gross from railway—...
Net from railway.
3675.
Liabilities—
Assets—
Cash
Sept. 30, 1937
purchase of the Northern Paper Mills' hydroelectric generating and
system located in northern Wisconsin by tne WisconsinMichigan Power Co. and determined the transaction to be a merger or
consolidation within the meaning of Section 203 (A) of the Federal Power Act
The power company will purchase the physical property and
appurtenant
water rights comprising the electric system of Northern
Paper Mills for a
cash consideration of $2,350,000, it was stated, which is to be raised
by tha
purchaser partly through a bond issue of $2,000,000 and partly through
bank loans. The security issue has already been approved by the
regulatory
bodies of the States of Wisconsin and Michigan.—Y. 145, p. 3985.
transmission
deposits
demand
and
hand
....
$1,668,219
-
—
Drafts and accounts receivable
591,296
3,804,973
45,776
—trade (less res. of $5,562)
Inventories
Accounts payible—trade
$1,738,602
Accrued payroll, taxes except
—
Miscell. accounts receivable.
Property, plant & equlpmentxlO.755,680
Federal income, &c
Provision for Federal Income,
excess
434,832
profits and undistri¬
buted profits taxes
206,000
LiaDility for workmen's com¬
pensation claims
66,665
183,760
181.437
5,725 Miscell. accounts payable, Ac
Pref6% conv. cum. (par $10) 3,207,780
Common stock (par $1)
y2.046.229
Capital surplus
8,887,553
Deferred charges
Sundry receivables-.---—
Earned surplus.-.-
$17,055,4191
Total
286,322
Total.
$17,055,419
x After reserves for
depreciation of $402,815.
y Of the unissued com¬
mon stock,
there are reserved 653,771 shares for conversion of preferred
stock, &c., and 150,000 shares for sale to officers and employees at not less
than $3 per share against which options at $3 per share have been given
for 75,000 shares exercisable on or before Dec. 31, 1940 and for 35,000
shares exercisable on or before Dec. 31, 1941.
Registers with SEC—
See list given on
first page of this department.—V. 145,
p.
2411.
Yonkers Electric
Light & Power Co.—New Officials—
Floyd L. Carlisle and Oscar H. Fogg were on Dec. 28 elected as Chairman
Vice-Chairman, respectively, or this company and the Westchester
Lighting Co.
Mr. Carlisle and Mr. Fogg hold similar positions in the
Consolidated Edison Co. of New York, Inc., of which the other companies
are subsidiaries.—V. 143, p. 449.
and
York Ice Machinery
Corp.—Registers with SEC—
See list given on first page of this
York Rys.—Given
department.—V. 145,
p.
3833.
Control of Its Affairs—
The company has been given permanent control of its affairs by Federal
Judge Albert C. Marls at Philadelphia pending the outcome of a plan it
has sibmitted for reorganization under Section 77-B of the Federal Bank¬
ruptcy Act.
Judge Maris also directed that dividends on the common stocks of sub¬
sidiaries owned by York Rys. be paid to it in the future instead of to the
Tradesmens National Bank & Trust Co., which holds the stock as collateral
security under the first mortgage 30-year 5% gold bonds.
Distribution of
the dividends will be directed by the Court later.
Counsel for the company also Informed Judge Maris that a substantial
payment will be made shortly to the Commonwealth of Pennsylvania on
$165,605 due in corporate loans and capital stock tax due from 1936.
—V. 145, p. 3675.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS-RUBBER—HIDES—METALS—DRY GOODS—WOOL-ETC.
COMMERCIAL EPITOME
120,000 bags of Brazilian coffee, is expected to bring a
Friday Night, Dec. 31, 1937
Coffee—On
the 27th inst. futures closed
6
points to 1
point net higher, with sales of 34 lots.
The Rio contract
closed 6 to 2 points net higher, with sales of 5 lots.
Some
short covering in the March position reflecting the
technically
short position in consuming countries, steadied the list in
coffee futures in today's session. The short covering's move¬
ment was influenced largely by the better dollar rate, which
was quoted at 17.30 milreis to the dollar, an
improvement of
80 reis.
A better feeling was also influenced by the an¬
nouncement that Brazil had imposed a 3 % tax on all exchange
purchases, income from which will be used to stabilize the
milreis.
down
On
in
the
the
28th
Santos
inst.
futures
The Rio contract closed 16 to
12 lots.
closed 21 to 32 points
with sales totaling 79 lots.
19 points net lower on sales of
contract,
The break in stocks and the prospect
of an increase
regarded as
values today.
The dollar
rate was quoted at 17.27 milreis, an improvement of 30
milreis.
This rate henceforth represents the Bank of Brazil
buying price for sight dollars with 30-day delivery.
Havre
closed unchanged to Yi franc higher.
On the 29th inst.
futures closed 6 to 10 points up in the Santos contract, with
sales of 60 lots.
Moderate trading in coffee futures was
confined to the Santos contract, which opened 2 to 6 points
higher and increased these gains as the session progressed,
closing at the highs of the day.
Havre futures were 1)4
francs lower to Y franc higher, while Brazilian spot prices
and the milreis dollar rate was unchanged.
Brazilian futures
markets remained closed.
Cost and freight offers from
Brazil were about the same, with Santos 4s at from 6.90 to
7.20c.
Milds held steady, with Manizales at 934c. Roaster
were doing nothing.
The arrival today of the SS. Western
in
visible
supplies
soon
in this country
were
factors in the decline in coffee
World
and
the
SS.
West
Calumb
with
a
total
of
about
tion in the spot level,
on future shipments.
reduc
which has held far above quotations
On the 30th inst. futures closed 4 to 1
points lower in the
with sales totaling 21 contracts.
There
was only one sale, and that was in the Rio December con¬
tract, which latter closed at 2 points under the previous
finals.
Santos contracts opened 1 higher to 1 point lower,
and later stood unchanged to 6 points higher, with May at
6.20c.
Havre futures were 2 to 3)4 francs lower.
In Brazil
the milreis was unchanged at 17.27 to the dollar.
The spot
Santos
contract,
Rio No.
price declined 100 reis, while the Santos No. 4
"soft" coffee advanced 100 reis late yesterday.
Cost and freight offers from Brazil were unchanged to 5
price
7
on
points lower/with Santos 4s. at from 6.85 to 7.20c. Milds
steady, with a good trade in spot Manizales reported
to have taken place at 9 Ye.
Roasters in general, although
working on minimum stocks, are not expected to do any large
scale buying until after the turn of the year.
Today futures
closed 2 to 4 points up in the Santos contract, with sales
totaling 13 contracts. The Rio contract closed 4 points net
higher, with sales of only 5 contracts.
The coffee market
closed the old year with a firm tone.
were
Rio coffee
prices closed as follows:
May
July
Santos coffee
March
May.
July.
4.08
—441 September
4.20 December..
4.08
March.
4.08
prices closed as follows:
:
—6.34
.6.14
September
December
-—
--6.06
6.06
.6.07
Cocoa—On the 27th inst. futures
closed 1 point lower to 2
points higher.
Transactions totaled 272 lots or 3,645 tons.
The opening range was 2 points lower to 1 point higher.
London remainecT closed to celebrate Christmas.
A cable
from London verified the price of better than 16c. per pound
Financial
126
reputedly promised by a new British firm to African farmers
for the cocoa crop currently held back.
This news ap¬
peared to have little stimulating effect on the market.
Considerable of the day's business on the local exchange con¬
sisted of switches out of the nearby into the later deliveries.
Local closing: Dec. 5.65; Jan. 5.13; March 5.27; May 5.33;
July 5.41; Sept. 5.50; Oct. 5.53; Dec. 5.13.
On the 28th
inst. futures closed 3 to 2 points net higher.
The opening
range was 1 to 3 points higher than the previous finals.
Transactions totaled 183 lots, or 2,452 tons.
This market
was considered exceptionally steady in view of the bearishness and general declines in most other
commodity markets.
Most of the local trade continues centered in March.
facturer and
trade support of the
delivery
was
Manu¬
noted,
ap-
oard.
Earently London futures
representing covering9d future actual needs onsales
of Is
the
cwt., with
rose
to
per
amounting to 620 tons.
Outside prices there continue un¬
quoted.
Local closing: Dec. 5.68; Jan. 5.17; March 5.29;
May 5.35; July 5.43; Sept. 5.52; Oct. 5.56.
On the 29th
inst. futures closed 13 to 16 points net higher.
The market
derived its strength chiefly from news that the holding
movement in West Africa continues.
Prices in the early
afternoon were 2 to 4 points higher with March at 5.31c.
on sales of 150 lots.
European buying in the market was
reported.
Transactions totaled 311 contracts.
Warehouse
stocks increased 1,800 bags, bringing the total to 1,104,000
bags.
There still are no afloats from West Africa, while
Brazil is reported to be a reluctant seller.
Local closing:
Jan. 5.33; March 5.42; May 5.49; July 5.56;
Sept. 5.65.
On the 30th inst. futures closed 17 to 11
Transactions totaled 364 contracts.
points net higher.
The market
was
strong
during most of the session.
Good demand for March was
reported coming from Hershey interests and also General
Foods brokers, while the trade was accumulating
May and
June positions.
New outside support appeared for forward
positions, while profit taking and hedge selling furnished
the contracts.
Wall Street appeared to be taking a fresh
interest in the market.
Sales to early afternoon totaled 227
lots.
Warehouse stocks were reduced by 1,600 bags to a
total of 1,102,500 bags.
Local closing: Jan., 5.50; March,
5.57; May, 5.60; July, 5.68; Sept., 5.77; Oct., 5.81; Dec.,
5.94.
Today futures closed unchanged to 4 points up.
However, the January delivery closed 14 points net higher.
Cocoa futures continued to
display a firm undertone. Trading
for the short session was
exceptionally active, with a total
of 310 lots.
The holding movement in West Africa con¬
tinues to provide the
mainspring for the market's strength.
Local closing: Jan., 5.64;
March, 5.57; May, 5.60; July,
5.70; Sept., 5.81.
Sugar—On the 27th inst. futures closed unchanged to 1
The market was quiet, moving within a very
narrow
range.
Raws were dull, refiners having their re¬
quirements for the balance of the year, and refined was
practically at a standstill.
Refiners were not interested in
raw offerings at
better than 3.20c. today (Monday), and
point lower.
sellers
asking 3.25c.
One operator was reported to be
showing interest at 3.22c. for Jan. shipment Philippines,
but few were ready to believe that the
operator would pay
that price.
The world sugar contract closed y2 point higher
to
% point lower.
With London closed, business in the
world sugar market was
light, sales totaling 30 lots.
At one
time during the session
prices rose 1% points over the previous
were
close, but subsequently fell off.
On the 28th inst. futures
closed unchanged to 1
point lower in the domestic market,
with sales totaling only 21
lots, or 1,0.50 tons.
An advance
of 10 points in beet refined
sugar was without market in¬
fluence.
With a bearish
feeling prevailing in most markets,
especially the stock market, and with general uncertainty in
connection with sugar
developments-—the apathy of sugar
traders can be easily understood.
With offerings of raws
from Puerto Rico
increasing, the
raw
market
was
a
shade
easier
today.
While it is now reported definitely that bids
by an operator were in the market at 3.22c. in the previous
session, the best interest today was 3.20c., and at that level
the interest
was
said to be limited.
offered, it
Although not definitely
was reported as
possible to buy sugar at 3.22c.
The world sugar contract closed
% to 1% points lower, with
sales totaling only 32 lots.
Raws afloat in the London
market were offered
today at 6s. l%d., equal to 1.61 He.
f. o. b. Cuba with
freight at 17s. 6d.
London futures were
unchanged to Id. higher.
On the 29th inst. futures closed
1 to 2
points net lower in the domestic contract, with sales
lots.
Trading was moderatly active, with March
selling at 2.26c., off 2 points and within a point of the
seasonal low level.
Selling was of a mixed character, re¬
flecting the easier tone in the raw market where the Na¬
of
278
tional and the Savannah took a
cargo each of J an.-shipment
Cuban sugar at 2.30c., wihle the
Pennsylvania Refining paid
pound for 2,000 tons of Philippines due to arrive at
the end of Jan., and Godchaux
paid 2.28, the equivalent of
3.20c.
a
3.18c. for Bucas due Feb.
were
In the world sugar
market prices
unchanged to % point lower, with March
was
unchanged to 14d. higher..
London
at
1.16%c.
On the 30th inst. futures closed
unchanged to 1 point
lower in the domestic
contract, with sales totaling 18 con¬
tracts.
A holiday
atmosphere prevailed in the sugar markets
to-day, with trading
light and without special feature.
Philippines, at least
of Cubas and possibly a lot or two of Puerto Ricos,
In the market for
one
cargo
very
raws
several lots of
Chronicle
Jan.
1,
1938
offer at the last sale price,
3.20c. Refiners bid from
reported hone.
World sugar
contracts advanced 1 to 1% points on light buying, Septem¬
ber selling at 1.23c., up 1 point.
The closing range was
% to 3% points net higher. London futures were unchanged
to 1 %d. higher.
Raws there, after being offered at 6s. 1 %d.
were on
3.15 to 3.18c.
Nothing
without variation for
was
more
than two weeks, have been raised
to 6s.
2%d., equal to about 1.18c. per pound f. o. b. Cuba,
with freight at 17s. 6d. per ton.
To-day futures closed un¬
changed to 1 point down in the domestic contract.
Con¬
tinuation of the advance in the world sugar contract was the
feature of the trading in sugar futures on the last day of the
old year.
Foreign demand advanced the market 1 to 1%
points, with March closing at 1.18c. In the domestic market
there was not much change.
The raw sugar market was
quiet.
The only transaction reported was the purchase of
5,000 bags of Puerto Ricos yesterday by Arbuckle for
January shipment at 3.30c.
Closing quotations were as follows:
January.
2.221 July
March
2.26 j September
2.271 December
May
— -
—
2.28
2.29
Lard—On 27th inst. futures closed 10 to 15 pts. net lower.
The
opening
light.
was 2 to 5 points lower, with trading
Clearances of lard from the port of New York
to-day (Monday) were 18,200 pounds, destined for Helsingfors.
Hog prices at Chicago were mostly 25c. lower, the
top price registering $8.50, while the bulk of sales ranged
from $7.40 to $8.50.
Total receipts for the Western run
were 91,300 head, against 81,500 head for the same
day last
year.
The Liverpool market was closed to-day (Monday)
in continued observance of the holidays.
On the 28th inst.
futures closed 10 to 15 points net lower.
The nearby Decem¬
ber option was the weakest at the start and the price on this
delivery on the opening was 10 points lower, while the de¬
ferred months were down 2 to 5 points.
Liverpool lard prices
closed Is loweron the spot delivery and ls.5d.to2s.3d.lower
on the deferred months.
Export shipments of lard fromthe
Port of New York were fairly heavy to-day,
totaling 453,370
pounds, destined for Liverpool, Hamburg and Antwerp.
Hog prices at Chicago averaged about 10c. higher at the close,
the top price registering $8.60 while the bulk of sales
ranged
from $7.60 to $8.60.
Total receipts at the principal western
hog markets were 57,800 head, against 90,300 for the same
day last year.
On the 29th inst. futures closed 8 points
down to unchanged.
Prices at the start were only 2 points
range
rather
lower.
Total clearances of lard from the Port of New York
to-day
were
75,600 pounds, destined for Southampton and
Malta.
Western hogs marketings were
moderately heavy
and totaled 66,200 head, against 72,500 head for the same
day last
year.
Prices of hogs at Chicago averaged about
10 to 20c. lower.
In some cases prices were off 25c.
The
late top price reported was $8.40. Scattered sales
were
reported throughout the day ranging from $7.40 to $8.30.
Liverpool lard futures were unchanged to 3d higher.
On the 30th inst. futures closed
unchanged to 2 points
higher.
Trading was light and fluctuations extremely nar¬
row.
Liverpool lard futures were unchanged to 9d. higher.
There
were
export clearances of lard reported from the
Chicago hog prices averaged about 10c.
lower, but some weights closed 15 to 25c. lower, due to the
heavy marketings at the principal Western markets, which
totaled 78,300 head against 48,200 head for the same
day
no
port of New York.
last year.
The last top price was $8.40, with
sales ranging from $7.70 to $8.30.
the bulk of
To-day futures closed
10 to 7 points net higher.
The strength in this market was
attributed largely to the speculative short
interest, these
traders not caring to be committed over the
holidays.
DAILY CLOSING PRICES OP LARD FUTURES
Sat.
Mon.
Tues.
December
H
8.05
7.95
January
O
L
8.25
8.50
8.10
March.
8.72
8.57
May
8.40
IN
Wed.
7.90
8.02
8.32
8.55
CHICAGO
Thurs.
7.90
8.00
8.35
8.60
Fri.
8.07
8.00
8.37
8.67
Pork—(Export); mess, $27.75 per barrel (per 200 pounds);
family, $28.75 (40-50 pieces to barrel), nominal, per barrel.
Beef: (Export) steady.
Family (export), $27 to $28 per
barrel 200 pounds), nominal.
Cut meats: Steady.
Pickled
hams: Picnic, loose, c.a.f.—4 to 6
lbs., 13c.; 6 to 8 lbs.,
11 %c.; 8 to 10 lbs., 11
%c.
Skinned, loose, c.a.f.—14 to
16 lbs., 17c.; 18 to 20 lbs.,
15%c. Bellies: Clear, f.o.b. New
York—6 to 8 lbs., 19c.; 8 to 10 lbs.,
18%c.; 10 to 12 lbs.,
17%c.
Bellies: Clear, dry salted, boxed, N. Y.—16 to 18
lbs., 13%c.; 18 to 20 lbs., 13%c.; 20 to 25 lbs., 13%c.; 25
to 30 lbs., 13 %c.
Butter: Creamery, firsts to higher than
extra and premium.
Marks: 30c. to 35c.
Cheese: State,
held, '36—22c. to 24c.
Eggs: Mixed colors: Checks to
Special packs—19 %c. to 28 %e.
Oils —Linseed oil in tank cars is
tank wagons, 9.6c.
Wood: Tanks,
Crude,
to 9.8c. per
nearby—15%
tanks -.04%;
west
Pacific
quoted 9.6c. per lb.
In
pound. Quotations: China
16c. nominal.
Coconut:
Coast—.04.
Corn: Crude,
to
tanks,
nearbys—.06%.
Olive: Denatured,
Spot,
drums—$1.10 to $1.15; New crop— 85e.
Soy Bean: Crude,
tanks, west, forward—.0534 to .05%; L.C.L., N.
Y.—.07%.
degrees—.10%. Lard: Prime—11%; Extra win¬
strained—10% Cod: Crude, Norwegian, light filtered —
Turpentine: 31 to 35. Rosins: $5.50 to $8.65.
Edible: 76
ter
35.
Cottonseed Oil, sales,
including switches, 44 contracts.
Crude, S. E., 5%c.
Prices closed as follows:
Volume
146
Financial
January
February
7.30® 7.081May
7.05®
n
June
7.11@ 7.12|july_
7.11®
n
|August
March
April
7.14@
7.15®
7.17®
7.17®
n
n
Rubber—On the 27th inst. futures closed 13 to 18
points
net lower.
Transactions totaled only 730 tons.
The open¬
ing range was 3 points lower to 5 points higher.
Outside
prices were quoted on a spot basis of 15c. for standard sheets.
There was no shipment business, since Singapore was closed.
Local closing: Dec., 14.96; Jan.,
14.96; March,
15.17;
May, 15.26; July, 15.36; Sept., 15.46.
On the 28th inst.
futures closed 18 to 23 points net lower.
Following the lead
of the stock market, rubber futures sold off to-day, the
declines
drastic
as in some
other commodity
The pessimistic news in con¬
nection with the automobile industry was the most depressing
factor in a market that has been in need of good news for
weeks.
Outside prices were quoted on a spot basis of 14%}.
for standard sheets.
The London and Singapore markets
closed dull, prices unchanged to 3-16d lower.
Local closing:
Dec., 14.78; Jan., 14.78; March, 14.94; May, 15.04; July,
15.14; Sept., 15.24.
On the 29th inst. futures closed 34 to
36 points net lower.
The opening range was 19 to 38 points
down, with little or no rallies from these levels.
Lower
London cables and free offerings of actuals by primary mar-,
kets caused rubber futures to ease off to new low ground
were
markets,
not
as
especially
hides.
Prices declined 34 to 9-32d in London.
Singapore also was lower.
Factory buying was said to be at
a standstill,
possibly owing to the slump in the motor in¬
dustry.
Local closing: Jan., 14.44; March, 14.60; May,
14.69; July, 14.78; Sept., 14.88; Oct. 14.93.
On the 30th inst. futures closed 9 to 17 points net higher.
The market rallied sharply on a hint from abroad that
rubber allotments may be reduced further to
improve the
price.
The market opened 1 to 17 points higher and ad¬
vanced further in spite of issuance of 46
January notices,
this being first notice day.
Trade interests bought January.
Sales to early afternoon totaled 1,580 lots.
At that time
the market was 10 to 22 points higher, with March at 14.70c.
and May at 14.82c., up 13 points.
C. i. f. offerings were less
liberal and London was l-16d. to %1. higher.
Local closing:
Jan., 14.53; March, 14.73; May, 14.86; July, 14.95; Sept.,
15.05; Today futures closed 5 to 11 points net lower, with
the exception of the January delivery, which closed 1 point
up.
The opening range was 18 to 24 points off from the
previous close, due to weak foreign cables.
However, the
demand improved on the decline with the result that the
market closed with much of the early losses considerably
for the movement.
reduced.
Transactions
totaled
3,930
tons.
The
London
market closed 1-16 to %I. lower, but Singapore closed 1-32
to l-16d. higher.
In New York the price of spot ribbed
smoked sheets advanced a fraction to 14.56c.
Local closing:
Jan., 14.54; March, 14.68; May, 14.75; July, 14.85; Sept.,
14.95; Oct., 15.00.
Chronicle
points net lower.
the 27th inst. futures closed 37 to 40 points
The opening range was 4 points advance to 7
net lower.
The market broke sharply after the opening
heavy throughout the session, this weakness
being influenced by the downward trend in the securities
and other markets.
Trnasactions totaled 4,360,000 pounds.
points decline.
and continued
The stocks of ceritficated hides in warehouses licensed by the
exchange remained unchanged at 786,025 hides.
No new
developments were reported in the domestic market for
hides.
The Argentine market for frigorifico hides was also
quiet.
Local closing:
March (1938) 10.81, June 11.18,
Sept. 11.53, Dec. 11.83. On the 28th inst. futures closed
67 to 71 points net lower.
This market today suffered one
of the most drastic declines in some little time.
The sharp
break in securities values was responsible in large measure
for the heavy break in the hide market.
Opening from
21 to 28 points below the previous day's last prices, the list
was
heavy during the greater part of the day.
Heavy
liquidation by nervous longs precipitated the sharp break,
the downward movement being accelerated by the execution ♦
of large stop loss orders. The belief prevails among some in
the trade that the hide market will closely parallel the trend
of the securities market.
No buying of consequence was
reported in the domestic spot hide market. Transactions in
futures totaled 13,880,000 pounds, this being near record
proportions.
Local closing:
March, 10.14; June, 10.51;
Sept., 10.82; Dec., 11.12.
On the 29th inst. futures closed
20 to 23 points net higher.
The opening range was 11 to
17 points down from the previous close. In the later trading
there was a sharp rally in which all the early losses were
erased and substantial net gains scored at the close.
Trans¬
totaled 387 contracts.
The volume was unusually
sales to early afternoon totaling 9,160,000 pounds.
A feature of the trading was a switch of 40 lots out of March
into the Sept. position.
Local closing:
March, 10.37;
June, 10.71; Sept., 11.05.
actions
large,
On the 30th inst. futures closed 12 to 18 points net lower.
The
closing level of prices represented a
points from the highs of the day.
In the
market was active and strong, influenced
market.
Later in the day heavy selling
drop of 40 to 28
early trading the
by a better stock
developed under
which pressure prices broke badly, but closed 6 to 7 points
above the lows of the day.
Transactions to early afternoon
totaled 3,280,000 pounds.
Local closing: March, 10.19;
June, 10.59; Sept., 10.87.
Today futures closed 23 to 29
Heavy liquidation in
raw
hide futures
uncovered stop loss orders, causing the market to break as
as 64
points.
Transactions totaled 4,440,000
much
pounds.
March closed at 9.96c.
It was reported that light native
cow hides on resales
brought 10c. Another
report said that
the
leading Czechoslovakian shoe manufacturer had bought
5,000 reject Argentine steers at 12%}. today, following pur¬
chase of 2,500 at the same
price yesterday.
Local closing:
March, 9.96; June, 10.30; Dec., 10.92.
Ocean
Freights—Demand
during the holiday
for
tonnage was generally
with a spurt of activity
now and then.
Charters included: Grain booked: Five loads,
New York to Rotterdam,
February, 16c.
Three loads St.
Johns to Antwerp or Rotterdam,
February, 16c.
Twentyfive loads (part cargo), Gulf, to
Denmark; January, 26c.
rather slow
season,
Gulf to
Antwerp or Rotterdam; January-February, 3s. 6d.;
Hamburg 4s.
Gulf to Antwerp or Rotterdam;
February, 3s. 6d.; option United Kingdom 3s. 9d.
Grain:
Gulf to Antwerp or Rotterdam,
January 25-February 15,
3s. 6d., option picked United
Kingdom ports, 3s. 9d.
San
option
Lorenzo to full range United
Kingdom, May 15-June 27,
25s. 3d., with options.
San Lorenzo, all up river to picked
United
ports,
Kingdom, January 15-25, 25s., with Con¬
reductions, option Santa Fe-Diamante loading,
Trips: Trip across, delivery Baltimore,
redelivery United Kingdom— Continent, January, $1.57%
Sugar: Philippines to United States, January-February,
tinental
Is. 3d. per ton extra.
$9.50.
Coal—It is reported that industrial demand for coal has
been
greatly curtailed as a result of the introduction of the
Guffey-Vinson Act minimum prices, and the period for re¬
sumption of such buying is being made more uncertain daily
by the turn of affairs in industry. It is pointed out that with
steel operations down to a national basis of around
19% of
capacity this week, the lowest since 1932—slack and other
industrial
coal becomes increasingly difficult to move at
Pittsburgh, Cleveland, Chicago and other points. It is re¬
ported that demands at Pittsburgh are extremely light and
mines in the Pittsburgh coal district last week
operated at
less than 50%.
It was said the holiday was not a factor as
do not work
mines
Anthracite
on
Saturdays under the 35 hour week.
shipments into this territory for the full year are
expected to reveal a loss as compared with 1936.
shipments are slightly ahead of last year.
Bituminous
Metals—The
and
report of Copper, Tin, Lead, Zinc, Steel
Pig Iron, usually appearing here, will be found in the
appearing at the end of the department headed
articles
"Indications of Business
more
Activity," where they
are
covered
fully.
Wool—A much
cheerful
feeling is reported in wool
visible signs of a general
firming up in the raw material, that worsted wools in the
grease are being picked up in restricted volume by some of
the mills at higher prices than earlier in the month.
Good
French combing fine territory in original bags is
quoted
70 to 72c., while short to average French combing, also
orig¬
inal bags, sells occasionally at 67 to 70c.
Topmakers, how¬
ever, are still talking of lower prices and yet the tide seems
moving against them.
Fleece wools are receiving inquiries.
Country-packed lots of Ohio wools containing three-eighths
and quarter-blood grades, have been sold at 30 to 32c. in
the grease, delivered East.
Graded quarter-blood
Ohio
fleeces
houses
more
It is stated that there
circles.
Hides—On
127
have been sold
at 30
are
to
32c.
in
the grease.
Some
reported turning down bids within this range.
Fine delaines are being offered at 31 to 32c. in the grease
and combing half-blood Ohio at 32 to 33c. in the grease.
The trend in Texas wools is being viewed critically by all
parties.
Some fall Texas wool has sold in Boston at 58 to
are
60c. and in the scoured condition at 63 to 65c.
It is stated
that the Lone Star State appeares to have had a change of
heart and is refusing to sell its raw materials except at better
The expectation is that mill holdings at the end of
substantially short while dealers' holdings
show a good advance.
prices.
the year will be
may
Silk—On the 27th inst. futures closed
%*. to 1%}. net
The opening range was unchanged to %}. higher.
Transactions totaled 5,200 bales. The average quotation of
lower.
an advance of
lc. to $1.59%
markets were reported slightly better, with
Yokohoma showing a range of 5 to 13 yen higher and Kobe
2 to 8 yen better.
Grade D ran at 685 in both centers, 23^
yen higher at Yokohoma and 5 yen better at Kobe.
Actual
crack
double extra showed
The Japanese
sales
totaled 300 bales,
bales.
Local
while futures transactions totaled
closing:
Jan., 1.47% March, 1.46%
1.46; June, 1.46; July, 1.46; Dec., 1.50%
On the
28th inst. futures closed %}. to 1%. net lower. The opening
range was %}. higher to %}. lower.
The stock market's
2,075
May,
weakness
was
The December
also felt
as
an
influence in the silk market.
delivery expired at noon today, and all the
transferable notices (64) were taken in that month. Switch¬
ing from nearby deliveries to distant positions, new hedge
selling plus liquidation swelled the volume of transactions
to 1,510 bales.
The average price for crack double extra
was %?. easier at $1.59.
Yokohama reported a decline of
2 to 7 yen, while Kobe showed a drop of 1 to 7 yen. Grade D
Financial Chronicle
128
was
2He. weaker at Yokohama at the price of 682H yen.
D was unchanged at 6.85 yen. Actual sales
At Kobe Grade
Local
Aug., 1.44HlHc. higher.
In the early afternoon prices stood H to lc. lower, with
March at S1.45H and May at SI.44H on sales of 390 bales.
The prices of crack double extra silk declined lc. a pound
these centers totaled 3,375 bales.
at
closing: Jan., 1.47; March, 1.46; May, 1.45H;
On the 29th inst. futures closed He. lower to
prices were 10 to 15 yen
lower, while the price of Grade D silk outside was 2H yen
lower at 680 yen a bale.
Local closing: Jan., 1.47; March,
1.47; May, 1.46; July, 1.45; Aug., 1.46.
On the 30th inst. futures closed 1 point up to H point
down.
The market opened unchanged to lHc. decline.
The session was devoid of any special feature, the trading
being light and of a mixed character.
The price of crack
double extra silk in the New York spot market was Ho.
lower at $1.57H«
The Yokohama Bourse was closed and
will remain shut until Jan. 5 on account of the New Year
holidays. The price of grade D silk in the outside market
there was unchanged at 680 yen a bale.
Local closing:
Jan., 1.48; March, 1.46H; May, 1.46; June, 1.46; July,
1.45H; Aug., 1.45HToday futures closed unchanged to
lc. down.
Trading was quiet and prices were steady. The
opening range was H to 1He. lower, with the exception of
May, which opened Ho. higher.
On sales of 360 bales the
market closed very little changed from the previous finals.
The price of crack double extra silk in the New York spot
market declined
Ho. to $1.57.
The Yokohama Bourse
remained closed, but in the outside market grade D silk
declined 5 yen to 675 yen a bale.
Local closing: Jan., 1.47;
March, 1.46H; May, 1.46; June, 1.45H; Aug., 1.44HOn the Yokohama Bourse
to $1.58.
Exported to—
Week Ended
Dec. 31, 1937
3,435
For the week
from the South tonight, is given below.
ending this evening the total receipts have reached 141,563
bales, against 139,333 bales last week and 169,711 bales the
previous week, making the total receipts since Aug. 1, 1937,
5,493,921 bales, against 4,956,916 bales for the same period
of 1936, showing an increase since Aug. 1, 1937, of 537,005
bales.
600
"7I4
mmmm
1~587
41,615
1936
1936
12,075
16,520
16,761
4,499
53,426
27,053
Total..
26,365
10,711
14,181
3,867
5,821
45,026
21,129
Receipts at—
Galveston
6,846
Houston
Corpus Christi.
—
Tues.
35,113
2,680
3,587
17,019
944
2,006
3,856
857
225
—
-
.
93
.
47,574
37,956
5,924
6,698
.
.
.
318
.
47,994
2,337
18,417
5,482
9,190
7.926
49
789
574
689
236
U7
203
193
25
373
Britain
from—
France
37,614
13,477 147,635
73,742
52,438
24,217
25,677
10,163 138.450
3,556 56,796
85,705
58",639
12~509
L200 118,052
599
1,284
18,582
40,902
29,334
7,100
11,446
133,206
54,208
Corpus Christi.
263,002 170"994
5,688
14,749!
69,670 15,656
Orleans..
Lake Charles.-
Mobile
325
813
1,288
181
243
42,292
648
4,096
78.710
3,147
115,312
5,261
1,000
20,927
11,583
6,471
1,682
2,100
28,756
83,409
Charleston
"IOO
1,000
45,874
Savannah
Wilmington—
"l"943
3~772
13"251
4,348
4,128
2,175
300
Norfolk
769
Gulf port
York
Savannah
Charleston
Lake Charles
Wilmington
.
.
.
.
—
.
....
....
.
1
114
1
1,867
950
9
132
250
"70
Baltimore
70
""118
"515
""322
200
51,470
8,914
17,092
1,162
28~559
1046,634 556,967
582,296286.831
132,030
28,596595,337 3228.691
405,790160,507
474,621 203,530
798,230
955,919
13.447371.4492880.981
18.614 552,984 3484,585
..
1,727
Total
1936-37.
636.739494,819
Total
1935-36.
818,489460,428
209
6
152
138
416
100
100
38,393
40,172
11,640
12,999
Baltimore
44,238
60,030
Canada—It has never been our practice to 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 wc are receiving regarding the matter, we will
NOTE—Exports to
above table reports
all the cotton destined to
that for the month of October the exports to the Dominion the present season
bales.
In the corresponding month of the preceding season the
say
have been 49,053
ended Oct. 31, 1937, there were
the three months of 1936.
telegrams tonight also
In addition to above exports, our
give
the following amounts of cotton on shipboard, not
us
cleared, at the ports named:
On
Shipboard Not Cleared for—
Leaving
Dee. 31 at—
Ger¬
Other
Foreign
Stock
Coast¬
many
Great
Britain France
24,534 141,563
New Orleans..
4,600
11,485
21,481
2,100
3,431
16,463
1,298
Galveston
Houston
13,825
147,528
wise
Total
921
.....
Totals this week.
2,882
40,131
"300
2,775
7,7411
5,276
Francisco.
1,983
_
Norfolk
1,541
420
168
Boston
181
Mobile.
1,014
10,810
28.092
"112
31,027
&c_
Pensacola,
2,000
30,000
14,644
4,273
7,700
1,035
3,934
""89
775
860,507
834,580
844,886
154,337
71,686
66,598
31,523
151,670
46,400
31,370
46,151
Savannah
following table shows the week's total receipts, the
total since Aug. 1, 1937, and the stocks tonight, compared
Charleston
with last year:
Other ports
The
This
Week
1. 1937
47,574 1,499,058
Galveston
This
Week
1.1936
30,836 1,504,306
37",956 1,423",382
19",724
588
921
386.079
8,643
1,527,858
164,081
63,594
3,489
115,429
167,842
74,197
10,117
38,977
"ioo
11,175
318
Corpus Christ!
Beaumont
47",994
New Orleans
Mobile
2,337
-
Pensacola, &c
Jacksonville.
"911
Savannah
1,288
Charleston
181
Lake Charles.
1,983
.....
Norfolk
New York
227
1,135,078
279,581
11,871
1,408,333
179,308
82,722
3,600
100,348
142,535
63,697
16,910
23,145
1,665
1937
906,907
865",950
15,482
55~252
5,933
l",70i
558
171
850
<»
Total 1935.
65,566
16,127
891,037
69,333
13,801
3,466
154,337
71,686
35,222
13,061
31,523
-
-
.
22,083
22,661
36,854
38,864
50,602
23,455
2",735
1,348
Norfolk
Total 1936..
Since Aug
P> m —
50,265
91,700
87,550
12,669
15,121
20,549
2,775 126,656 3,015,787
22,890 202,974 2,503,037
2,543 170,951 2,556,794
1936
Speculation in cotton for future delivery
877,274
50
Texas City
Houston
Wilmington
Since Aug
Mobile
Total 1937.
Stock
1936
1937
Receipts to
Dee. 31
6,407
710,101
60
67,
887
Jacksonville
350,730
300
2,700
3,407!
Beaumont
828.893
668,533
91,316
180,797
120,665
87.994 70,061
Houston
Total
Other
China
Japan
Italy
many
208,938 149,116
174,054 127,242
911
150
6,979
New Orleans
17,705 118.729
30,505 143,715
Ger¬
Great
Galveston
Total
Fri.
Thurs.
Wed.
Man.
....
Exported to—
From
Aug. I, 1937, to
Dec. 31, 1937
New
1,043
4,100
14,837 106.307
6,655
exports were 37,574 bales.
For the three months
65,401 bales exported, as against 61.882 bales for
Sat.
"600
14
1,913
Angeles
Total
3,687
1,000
1.895
"329
Norfolk
Total
19,167
5,817
2,092
■
Wilmington
New
1,299
1,895
3,687
Charleston
Exports
839
640
14
Savannah
Los
23,430
3,917
2.272
l'ooo
3,125
MoDile
Pensacola, <fcc—
\
42,237
8,184
2" 207
13~,424
Total
grams
4,046
806
Corpus Christi..
New Orleans
Total
2,315
4,697
7,765
L597
Houston
10,163
Other
China
Japan
Italy
many
7,834
17,228
Galveston
San
Friday Night, Dec. 31, 1937
Crop, as indicated by our tele¬
France
Britain
Los Angeles...
The Movement of the
Ger¬
Great
from—
Exports
Philadelphia
COTTON
bales in the same period
the exports for the week:
3,228,691 bales, against 2,880,981
of the previous season.
Below are
markets totaled 650 bales, while futures
for both Japanese
transactions
/an- i, 193s
580,265
60,403
2,578
151,397
60.465
26,379
21,213
32,421
100
502
3,402
925
2,724
1,025
up
surprisingly well in view of the weakness displayed in
most other
markets, especially the securities market.
confusion
much
so
and
tirades of government
ers
moderately
However, the market held
slowing up business somewhat.
26,545
742,363
113,823
6,584
was
the holiday spirit having its effect on traders and
active,
are
uncertainty
With
continued
the
and
officials against business, cotton trad¬
expected to be extremely cautious in making com¬
mitments,
is indicated for some time
and limited trading
•
Boston
■RaJtimore
141,563 5,493,921 117,505 4,956,916 3,142,443 2,706,011
Totals
In order that
we
comparison may be made with other years*
give below the totals at leading ports for six seasons:
1937
Receipts at—
1936
1934
1935
1933
1932
to
come.
On the 27th inst.
points in the absence of
of trade.
26,087
39,146
25,437
5,209
911
637
18,918
14,254
20,585
2,025
1,341
"T.228
"""558
"""501
"2",342
1,566
l",897
market.
1,983
921
Mobile
850
1,110
950
209
227
40
387
287
2,075
1,051
mas
Savannah
Brunswick
_
_
Norfolk
Newport News
46,041
72,744
50,289
6,516
1,081
435
"
Charleston
Wilmington
35,602
31,629
20,244
3,527
and
months.
Notices
were
All others—„
"""599
"2,424
"l~538
~1,569
7,507
12",320
Total this wk_
141,563
117,505
99,705
62,371
101,016
There
were
well
as
a
45
January
fair amount
switching to later
terests, however, and failed to exert much influence
The Liverpool
holidays, and in
market
was
consequence
the usual arbritrage operations.
the domestic market showed
but slowed up very
Since Aug. 1_. 5*493,921 4,956,916 5,352,477 3,250,192 5.487,981 5,945,216
for the week ending this evening reach a total
106,307 bales, of which 41,615 were to Great Britain,
12,075 to France, 16,520 to Germany, 16,761 to Italy, 4,499
to Japan, nil to China and 14,837 to other destinations.
In
the corresponding week last year total exports were 118,729
bales.
For the season to date aggregate exports have been
moderate amount
stopped by leading spot in¬
soon
on
the
is still
are
still closed for the Christ¬
there
absence of
was an
Demand for spot cotton in
194,020
The exports
up.
4 to 7
prevailed, due largely
early in the day, which caused
of liquidation in that position, as
up
"
~
of
on a
to the weakness in the stock market.
30,836
19,724
55,252
5,933
1.701
47,574
37,956
47,994
2,337
Houston
New Orleans.
pressure
In the afternoon heaviness
notices issued
Galveston
prices closed 2 points off to 1 point
During the first half of the session values worked
some
improvement last week,
perceptibly around the holidays.
Cotton
reported going into the Government loan, and holders
not inclined to sell
freely in the
spot markets as officially
points lower.
the 28th inst.
open
reported,
Average price of
market.
were
middling
was
prices closed 1 to 6 points net lower.
feeling prevailed generally, due in
no
small
Southern
unchanged to 5
8.35c.
On
A bearish
measure
to the
Financial
Volume 146
Range for future prices at
depression in the stock market and commodity markets
After showing losses of 6 to 10 points, prices
generally.
rallied
partly at the close, and final quotations were con¬
siderably
a
up
The opening range
moderate trade. There was
foreign buying and increased trade price
from the lows of the day.
points higher with
1 to 3
was
fair amount of
a
Hedge selling was
light, indicating that cotton was still going into the Govern¬
ment loan.
During the early afternoon values eased 8 to
11 points as a result of active commission house liquidation
fixing, especially in the March position.
as
well
as
New Orleans and local selling.
Rallies
were
feeble
prices recovered 4 to 6 points.
Southern spot markets were unchanged to 5 points lower.
Average price of middling at the 10 designated spot markets
was 8.32c.
On the 29th inst. prices closed 7 to 11 points
net lower.
The news and developments generally were de¬
until close to the end, when
Weakness abroad, increased foreign
pressing.
lquidation
hedge selling from the South sent cotton prices off
considerably.
The market opened barely steady at 9 to 14
points lower in response to declines abroad.
Liverpool,
Bombay and Continental markets were lower.
There was
active selling here early by houses with Bombay connections
and more or less selling by Liverpool and the Continent.
Early declines in the stock market and nervousness over
business conditions brought further liquidation.
After a
time the selling movement appeared to ease up a bit, but in
the final minutes of trading increased hedge selling and more
or less liquidation and foreign selling developed, prices ex¬
periencing a quick downward reaction and closed slightly
above the lows of the day.
Southern spot markets reported
were 5 to 13 points lower.
Average price of middling cotton
at the 10 designated spot markets was 8.23c.
On the 30th inst. prices closed 6 to 10 points net higher.
and
more
The
market
showed
firm
a
undertone during most
of the
though trading was quiet.
Prices started un¬
changed to 3 points up.
Orders were generally small, with
no real feature during the early trading.
Further commis¬
sion house liquidation in the March contract was in evi¬
session,
and
dence,
there was a small quantity of hedge selling.
buying was done by Japanese brokers and trade
Brokers with Bombay connections were very in¬
Most of the
•
interests.
active in the local market this morning.
The Bombay mar¬
slightly easier at the close.
Reports from the war
fronts in the Far East showed the destruction of important
ket
was
Japanese-owned
mills
cotton
in
Esingtao,
which
dealt
a
heavy blow to Japanese industrialists.
The Liverpool mar¬
ket showed a steadier tone in quiet dealings.
Today prices closed 1 point down to 3 points net higher.
dulness prevailed in this market
throughout the greater part of the day, with prices show¬
ing a barely steady tone.
The market opened quiet and
A
pre-holiday
typical
to 2 points higher.
January contract was in evi¬
irregular, with futures 5 points lower
Further
the
liquidation in
definite trend at the opening
because of the absence of substantial trading.
A somewhat
more
lacked
Prices
dence.
Prices at Worth Street were quiet
and steady.
There has been no further accumulation of
goods at mill centers because of mill curtailment. The New
York spot cotton market closed steady and 3 points higher
at 8.38c.
Spots were quiet, with prices steady on the Liv¬
the
turn
of
the year.
Option for—
Jan.
1938..
Feb.
1938..
Mar. 1938..
Apr.
quotation for middling upland cotton in the
day for the past week has been:
New York market each
Sat.
Middling upland
...
Futures—The
Mon.
Hoi.
Dec. 25 to Dec. 31—
8.42
Tuet.
8.40
Wed. Thurs.
8.29
8.35
Frl.
8.38
lowest and closing prices
week have been as follows:
highest,
New York for the past
8.10 Deo. 29
8.25 Dec. 27
8.18 Dec.
29
8.37 Dec. 27
7.39 Dec.
8.24 Dec. 29
8.44 Dec. 27
7.60
8 1937 12.96
8.30 Dec. 29
8.50 Deo. 27
8.33
Dec. 29
8.57 Dec. 27
8.37
Dec.
8.60
at
Monday
Tuesday
Wednesday
Thursday
Friday
Dec. 25
Dec. 27
Dec. 28
Dec. 29
Dec. 30
Dec. 31
Range-_
8.20- 8.25
8.15- 8.23
8.10- 8.11
CIo8Ing_
8.21
8.20n
8.12n
8.20
Oct.
1938..
Dec.
1938..
29
D'ec.
8.25»
8.15n
8.22a
—
—
8.23a
11,900
March
15,100
14,500
Holi¬
24,100
day
May
July
All inactive futures..
New crop (1939):
October
10,300
11,900
12,200
15,000
.
....
Total futures..
Jm
.
.
6,500
3,500
1,700
December
300
4,700
45,000
28,200
29,200
Dec. 30
1,300
1,100
29,200
24,200
32,100
17,800
21,400
770,800
21,600
985,300
.
....
13,900
2,600
...
20,500
3,700
56,200 123,400 111,000
70,800
18,500 1,050,100
....
......
6,600
342,900
2,400
20,700
68,000 3,191,200
New Orleans
Current crop (1938):..
400
March
1,050
2,100
4,150
May
July
All Inactive futures..
3,500
6,800
11,350
Holi¬
1,550
day
6,500
....
....
New crop (1939):
October..
150
550
150
January
.
.
.
100
:
4,450
4,100
9,300
2,750
100,450
1,350
9,550
5,200
.....
....
102,150
164,800
....
......
December
10,650
8,000
Total futures
3,550
3,650
1,450
60
1,650
550
750
250
89,800
4,950
25,400
27,700
12,450
464,900
Cotton Exchange Dec. 23 for the several
futures were:
March. 4,660 bales; May, 2,350; July, 5,000; October, 1,750; total
all futures. 13,750.
Open contracts on Dec. 23:
January, 3,650 bales; March,
101,550; May, 98,900; July, 163,400; October, 88,950; December, 4,200; total,
460,650.
fvV..;.;/-'
V,,
Note—Transactions
on
the New Orleans
Supply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
afloat are this week's returns, and consequently all foreign
The Visible
cable and
as
brought down to Thursday evening.
To make
complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
figures
are
the total show the
bales-
1937
924,000
1936
811,000
1935
616,000
—--
Dec. 31—
;
Stock at Liverpool
Stock at Manchester.
177,000
98,000
107,000
79,000
1,101,000
240,000
292,000
15,000
909,000
190,000
252,000
19,000
54,000
17,000
9,000
25,000
13,000
9,000
723,000
243,000
187,000
17,000
59,000
74,000
11,000
4,000
925.000
330,000
175,000
30,000
80,000
65,000
627,000
508,000
595,000
701,000
Total Great Britain
Stock at Bremen
Stock at Havre
....
Stock at Rotterdam
-
-
Stock at Barcelona—_.
—
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
—
———
Total Continental stocks-.
1934
846,000
14,000
7,000
stocks
-.1,728,000 1,417,000 1,318,000 1,626.000
83,000
104,000
47,000
India cotton afloat!for Europe-66,000
214,000
395,000
312,000
American cotton afloat for Europe
413,000
120,000
114,000
152,000
Egypt, Brazil,&c., afl't for Europe 124,000
385,000
325,000
334,000
Stock in Alexandria, Egypt
342,000
662,000
452,000
571,000
Stock in Bombay, India
—
566,000
Stock in U. S. ports
3,142,443 2,706,011 2,727,745 2,942,602
Stock in U. S. interior towns..--2,658,348 2,250,247 2,361,505 1,883,029
45,986
27,360
44,531
TJ. S. exports today————26,358
supply-—-——-9,066,149 8,002,244 7,767,610 7,850,162
of American and other descriptions are
Li^rpoo^stock
..bales.
538,000
286,000
126.000
————
207,000
55,000
138,000
215,000
30,000
312,000
8.25- 8.35
8.18- 8.25
8.18- 8.26
Europe.----
8.30
8.19- 8.20
8.25- 8.26
8.28
—
—
——--
follows:
235,000
48,000
269,000
146,000
12,000
214,000
2,942,602
1,883,025
44,531
8.29a
Brazil, &c.—
8.32n
8.21n
8.37- 8.44
8.30- 8.40
8.24- 8.33
8.24- 8.35
8.31- ,8.37
Havre stock
8.37
8.35- 8.36
8.25- 8.26
8.34- 8.36
8.34- 8.36
Other Continental
8.34n
—
7.441,149 6,038,244 6,362,610 5,902,162
Total American.
,
Liverpool stock-386,000
Manchester stock-———
51,000
Bremen* stock
33,000
..
Closing-
68,000
180,000
173,000
113,000
395,000
3,142,443 2,706.011 2.727,745
2,658,348 2,250,247 2,361,505
26,358
46,986
26,360
port stock
East Indian,
Range--
317,000
as
8.24- 8.28
8.32
_
266,000
64,000
413,000
.....
U. S. interior stock
8.31»
May—
-
stock———
HOLI¬
Indian afloat for Europe——
DAY.
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
8.39n
8.36n
8.29 n
8.37a
8.42- 8.50
8.35- 8.45
8.30- 8.39
8.32- 8.41
-
8.40- 8.41
8.40- 8.41
8.42
26,000
31,000
66,000
124,000
342,000
566.000
525,000
43,000
63,000
37,000
35,000
104,000
120,000
385,000
662,000
—«
299,000
39,000
64,000
14,000
51,000
47,000
114,000
325,000
452,000
—-
611,000
31,000
62,000
29,000
75,000
83,000
152,009
334,000
571,000
8.38- 8.42
8.42
8.33- 8.34
_
_
8.38a
Stock in Bombay, India
July—
Total East
India, &c
Total American
*
—1,625,000 1,964,000 1,405,000 1,948,000
7,441,149 6,038,244 6,362,610 5,902,162
Range..
-
8.45n
8.42»
8.34n
8.42a
Total visible
8.44a
•
♦
j
—i
supply
f U,«^xnAl
J-
Middling uplands,
Middling uplands.
Sept.—
Range
.
8.48n
8.44»
8.35 n
8.44a
Liverpool.
9,066,149 8.002,244 7,767,610 7,850.162
A
04/1
*7 1flH
A AAA
*7 OOA
7.10d.
7i3d.
6.44d.
4.84d.
New York
Egypt, good Sakel, Liverpool—_
8.46a
Oct.—
Range-
8.51- 8.57
8.41- 8.52
8.33- 8.42
8.37- 8.46
8.44- 8.48
Closing-
8.51
8.45
8.36
8.46
8.47-
8.48
Nov.—
8.38c.
9.43d.
13.00c.
11.45d.
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple,s'fine,Liv
4.02d.
6.09d.
4.17d.
ClosingRange.
-
8.52 a
8.48n
8.38a
8.48a
8.55- 8.60
8.45- 8.55
8.37- 8.47
8.42- 8.50
8.49- 8.52
8.54n
8.51»
8.41- 8.42
8.50
8.15
8.49a
Closing
.
~
Nominal.
—
12.10c.
9.95d.
5.84d.
12.85c.
8.98d.
6.03d.
8.55d,
5.89d.
5.93d.
week have been 182,000 bales.
The above figures for 1937 show a decrease from last
week of 34,685 bales, a gain of 1,063,905 over 1936, an
increase
of
1,298,539 bales) over 1935, and a gain of
1,215,987 bales from 1934.
Continental imports for past
.
Dec.—
n
29 Dec. 30
New York
January
Other Continental stock..-——.
8.32- 8.37
e._
Closing-
Range.
8.60 Dec. 29 1937
Current crop (1938):..
April—
Closing
8.57 Dec. 27 1937
Open
TJ. S. exports today
Closing
4 1937
7.86 Nov.
Contracts
U^S
8.26n
Closing.
Aug.—
27 1937
8.37 Dec. 29 1937
27
Dec. 24 Dec. 25 Dec. 27 Dec. 28 Dec.
8.19- 8.21
March—
Closing
27 1937
Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
American afloat for
Closing
Mar. 21 1937
Volume of Sales for Future
Havre stock
Range..
Range.
Oct.
Aug. 27 1937 11 36 July
7.65 Oot.
8 1937 11.36 July
Nov. 1938..
8.15- 8.21
Feb.—
Range.-
5 1937
Sept. 1938..
Manchester stock
8.11- 8.20
June—
9 1937 13.94 Apr.
3 1937 13.85 Mar. 31 1937
9.63
July 1938..
Aug. 1938..
Bremen stock
Jan.(1938)
Closing
Oct.
Nov.
1938..
May 1938..
June 1938..
Total visible
Saturday
Range
5 1937
3 1937 13.97 Apr.
7.50
7 69
Of the above, totals
Ran
each option:
Range Since Beginning of Option
Range for Week
Total European
erpool market.
The official
New York for week ending
Dec. 31, 1937, and since trading began on
any
hopeful attitude is expected in the textile market after
129
Chronicle
Financial
130
At
the
Interior
movement—that
the
Towns
is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks
tonight, and the
same
Chronicle
aggregate net overland exhibits
of
detail below:
:
Week
Dec.
•
31
Week
Season
.
ments
Ship-
Week
Season
Stock
ments
Stocks
j Ship-
Receipts
Dec.
Week
over
of
5,504
408
5
53,186
136
Selrna...
1,960
61,469'
8,3891
10,380
228.
13
Ark.,BIytbevIlle
45.215
53,434
9,452
43,218
67,627
142,844
768
929
Montgomery.
541
329;
519 65,189
5,221116,380
38
1.046
Forest City—
1,021
43,761
1,313
33,600
'Helena..,—.
1,153
79,922
2,009
39,521
612
233
63,698
27,658
237;
571
31,073
26,621
195,
382
132,385
721 104,674
1,495
729
39,758
157,661
58,209
Hope
Jonesboro
-
_
Little Rock-
Newport
Pine Bluff-
3,981
515
Walnut Ridge
18
Atlanta
8,469
5,442
1,624
—
25
Athens—
75:
1,775;
500
39,760
35
16,087
635
La.. Shreveport
Miss.Clarksdale
18.900
592
Macon
Rome..
140,810
1,570
199,117
3,666
100
674
237
3,250
14,803
1,685
1.100
36,705
954
22,459
125
77,867
67
6,004
84,172
3,000
100
35,637
1,000
7,801 130,098
1,040 34,326
1,500:
I
36,551
3,545
Columbus
Greenwood
42
59' 18,681
150 35,646
2,202151,979
1,448146,047
1,000 34,650
138,246
Ga,, Albany
26,886
90,654
1,391; 35,828
3,650
16,095
38,673
121,461
Augusta
Columbus
612
528|
2,561
52,224
200
39,072
52,8591
165,501
31,445
56,999
53,272
18,765!
169,488
27,210
116,841:
42,903
13,003!
25,370
200,600
728
10,517
62,308
361
2,668
Jackson
296
259,011
61,239
Natchez
409
17,137
139
1,523
45,055
864
1,120
66,140
1,155
3,835
86,850
3,755
39,809
2,515
7,770
650
968
2,933
3,288
67
Vicksburg
Yazoo City
_
_
Mo., St. Louis.
248
N.C.,Gr'nsboro
500
193.5—Jan.
4
2,850
18,903
19,589
28,472
towns
10,390
_
455,821
750
2,867:130,846
300
51
36,400
41,368
50
6,000
51,655
957,167
Since Aug
>
Bales
1-
1935
9,765,337
6,484,413
9,298,661
1934
1933
Quotations for Middling Cotton
Below
the
are
at Other Markets
closing quotations for middling
Southern and other
—
cotton
at
principal cotton markets for each day
of the week:
Closing Quotations for Middling Cotton
Week Ended
Dee. 31
33,144
5,000
88,169
24,945
37,563
2,122
2,297
3,986
15,022
18.197
7,620
1,402
59
128,065
-
1934—Jan. 5
43,069
2,000
167,239
201,921
154,009
214,968
26,816
649
4,334
10,173,064
709,662
32,202
95
1,000
2,140i
Bales
2,1471207,467
421
19,797 214,858
1,774! 79,695
55,725693,719
37,587
74,596
786
31
Movement into sight in previous years:
1,420 119,858
582
16,430
2,749
Oklahoma—
15
10,806,781
3
57,806
15,657
116
875,378
244,503
Decrease.
Week—
1936—Jan.
63
12,437
24.966
*
:.
Dec. 31
spinn's'takings to Dec
17,162
11,243
6,020
-
Total in sight
13,250
27,001
268
51,028
177,427
32
-
408,315
265,160
-
North
68,282
93,178
1,085
152,278
11,225
35,394
20,093
98,897
144,429
38,439
240,335
8,231,494
1,066,192
takings
consumption to Dec. 1
31
-
Eufaula
249,259
*4,756
117,505
mill
Came into sight during week
Ala.,B!rming'm
11,754
120,000
4,956,916
499,578
2,775,000
8,550,665
1,847,801
259,656
excess
Southern
Aug. 1
5,493,921
541,744
2,515,000
-141,563
Net overland to Dec. 31
13,093
Southern consumption to Dec. 31-105,000
Total marketed
Since
Week
Aug. 1
Receipts at ports to Dec. 31
Excess
-1936
Since
Week
Takings
Interior stocks in
Receipts
1938
over a year ago
1937-
In Sight and Spinners'
Movement to Dec. 31. 1936
Movement to Dec. 31, 1937
Towns
increase
an
1,
42,166 bales.
items for the
corresponding period of the previous year—is set out in
Jan.
3,081 102,033
3,560 83,215
47,866 681,301
5,102
S. C.,Greenville
2,756
70,635
Tenn..Memphis
60,936
,664,786
143
43,456
139
8,562
122
37,585
163
16,650
60|
1,782
266
l",i05
99
2,293
406
Galveston
8.29
New OrleansMobile
8.53
Savannah
HOLI¬
8.20
8.23
8.44
8.50
8.50
8.20
8.44
8.29
8.30
8.51
8.50
8.53
8.50
8.40
8.30
8.35
8.38
8.55
8.20
8.10
8.65
8.15
8.20
8.25
8.20
8.25
8.28
8.15
8.57
Memphis
8.25
Houston
Friday
8.14
8.45
8.05
7.69
7.69
8.10
7.80
8.15
7.83
7.80
7.83
8.60
8.42
DAY.
Montgomery.
Augusta
on-
Wed'day Thursday
8.27
8.49
8.30
8.55
8.55
8.32
8.57
Norfolk
8.27
8.15
7.82
7.82
9,420
Tuesday
8.44
8.68
10,865
977
Saturday Monday
Texas, Abilene.
Austin
50,7601 ,855,071
79
13,203
85
3,010
92
2,843
84,605
1,771
19,410
1.101
15,806
5,955
73,948
583
90,237
1,478
26,483
597
68,003
Brenham
Dallas
Paris
Robstown
13,696!
127
62
"303
8,483!
635
805
21,723
20,554
137
34,344
699
10,521
1,500
77,668
3,000
4,288
7,494
380
40,740
500
—
Waco.
249
85,095
500
Little
Bock—
Dallas.
Fort Worth._
leading contracts in the New Orleans
the past week have
above
increased
totals
show
that
have
stocks
bales and are tonight
408,101 bales more than at the same period last year. The
receipts of all the towns have been 16,750 bales more than
the
during
the week
5,504
week last year.
same
cotton market for
follows:
as
Monday
Tuesday
Wednesday
Thursday
Friday
Dec. 25
interior
the
been
closing quotations
Saturday
Includes the combined totals of 15 towns In Oklahoma.
The
7.80
New Orleans Contract Market—The
for
Total, 56 towns 121,683 4,815,486 1 27,262 2658348 104,933 4,655,640 109,689 22,50247
♦
7.80
495
550
928
15,657
San Antonio.
Texarkana
1,114
Dec. 27
Dec. 28
Dec. 29
Dec. 30
Dec. 31
Jan. (1938)
February
829&- 831a
8265- 829a
8215- 823a
8295- 831a
8.30
bid
.
March
8.43
—
8.39
—
—
8.34
8.40
8.41
April
8.49
—
8.43
8.54
May,:
June
—
8.47- 8.48
8.41- 8.42
8.47
8.49- 8.50
8.45- 8.46
8.50- 8.51
8.52- 8.53
8.49
8555- 858a
8.59
8.58
8.64
HOLI¬
July
DAY.
—
Aug
New York
September
Quotations for 32 Years
October
The
quotations for middling upland at New York on
Dec. 31 for each of the past 32 years have been as follows:
1937
1936
1935
1934
1933
—
—
—
—
—
8.38c.
1929
-13.00c.
1928
-12.10c.
1927
1926
-
-12.85c.
1925
-10.30c.
1932
...„—
6.10c.
1924
1931
—
6.50c.
1923
1930
—
-10.00c.
1922
..
-
—
—
-
—
-
—
—
17.25c.
-,20.55c.
1921
—
1920
-.20.10c.
1919
12.95c.
1918
—
--20.70c.
1917
—24.85c.
.36.70c.
1915
—26.60c.
1914
1916
-
..19.45c.
—
—
1912
..39.25c.
..32.60c.
—
—
1913
..14.75c.
—
1910
1911
1909
-31.7.5c.
—
—
—
—
—
..
17.25c.
1908
12.40c.
1907
,12.60c.
..
13.20c.
—
week at New York
the
For
convenience
which show at
closed
are
on
a
same
on
the spot
the
reader,
—
—
...
9.20c.
11.70c.
add columns
also
days.
—
Total
Steady.
Steady.
Barely stdy
Barely stdy
Closed
Contr'ct
Spot
New
Member
of
New
York
Cotton
Total
"50
"~50
25
25
100
business,
Cotton
Loans
$180,756,097
on
Dec.
23
175
175
no", 4oo
a
a
general commission
of
CCC
Through Dec. 23 Aggregated
4,112,807 Bales—Announcement
on
by
the
Commodity
Credit
made
was
Corporation
that
by it through Dec. 23,
amount of the loans
aggregated $180,756,097.19 and repre¬
loan of 8.37 cents per pound.
Figures showing the number of bales on which loans have
been made by States are given below:
an
average
State—
Bales
665,393
21,648
474,707
11,302
Arizona
33.216
Exchange—At
elected to membership in the Exchange.
was
Alabama
Since Aug. 1
Steady.
Exchange held Dec. 28, Geo. Willing Pepper of Charles D.
100
week-
Steady.
meeting of the Board of Managers of the New York Cotton
sented
Steady
Steady
Steady
Steady
Steady
Steady.
by
HOLI DAY.
Steady, 1 pt. dec
Steady, 2 pts. dec—
Quiet, 11 pts. dec
Steady, 6 pts.adv—
Steady, 3 pts.adv—
—
Quiet.
1937, showed loans disbursed by the Corporation and held
lending agencies on 4,112,807 bales of cotton.
The
SALES
Market
Closed
...
Steady.
"Advices of Cotton Loans" received
Futures
...
8515- 853a
Barney & Co., Philadelphia, who do
each day during the
we
Quiet.
Options
...16.10c.
....
glance how the market for spot and futures
Spot Market
Saturday...
Monday
Tuesday
Wednesday.
Thursday
Friday
Spot
indicated in the following statement.
of
8555- 857a
Tone—
...15.00c.
Market and Sales at New York
The total sales of cotton
8.53
8645- 866a
9.25c.
-
—
19(06- ...10.65c.
7.80c.
8.61
..
November
December.
143,616
Arkansas
California
Florida
Overland Movement for the Week and Since
Aug. 1—
We give below a statement showing the overland movement
952
Georgia
370,557
200,222
426,745
;
Louisiana
Mississippi
State—
Bales
Missouri
New Mexico
North
Carolina.
Oklahoma--.
South Carolina
Tennessee
Texas
Virginia.
72,981
22,884
61,635
71,137
191,204
207,978
-.1,306,805
6,657
for the week and since
Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1937
Dec. 31—
Week
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via
3,755
4,775
Aug. 1
100
177,903
97,267
3,274
3,295
4,198
4,829
15,000
95,697
361,520
16,274
667,740
34,773
741,962
100
11,175
4,413
110,408
1,665
21,011
15,482
6,362
220,540
3,181
125,996
23,019
242,384
.13,093
13,093
541,744
11,754
499,578
161
Virginia points
Total gross overland
'
Deduct Shipments
ments—
Overland to N. Y., Boston, &c
174
.
Total to be deducted
.
Leaving total net overland *
*
Aug. 1
Since
Week
86,954
72,520
1,974
2,543
83,086
420,663
90
.
Via other routes, &c
™
-1936-
Since
Shipped—
2,907
7,620
7,224
6,301
343
Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this
year
has
the
week
last
been
year,
13,093 bales, against 11,754 bales for
and that for the season to date the
Three
New
change—At
a
Members
of
New
York
Wool
Top
Ex¬
meeting of the Board of Governors of the
New York Wool
were
elected to
Top Exchange held Dec. 29, the following
membership: Joseph R. Wilkins of Merrion
Wilkins of Ogden, Utah, sheep and wool commission
merchants; Morris F. Steinberger, Secretary of Steinberger
Bros., Inc., of New York City, who do a yarn business; and
Sol. M. Flock of Flock Manufacturing Co., of
Philadelphia,
converters of worsted yarns.
Mr. Wilkins is a member of
the Chicago, Denver, and Ogden Livestock Exchanges.
&
Death
of
W.
S.
Dowdell,
Former
President of
New
York Cotton
Exchange—WTilliam Shapard Dowdell, former
President of the New York Cotton Exchange, died yesterday
(Dec. 31) at his home in Pelham Manor, N. Y.
Mr.
Dowdell, who was 53 years old, was associated with Weil
Bros., cotton merchants, of New York and Montgomery,
Ala., for 32 years.
He had directed the New York office
of the firm for the past 18 years.
Mr. Dowdell became a
member of
the
New
York Cotton
Exchange in 1922, and
Volume
146
Financial
,
member of its Board of Governors for 10 years.
He
served as Vice-President in 1930 and 1931, and as President
in 1932 and 1933.
Recently he served as a member of its
was
a
Legislative Committee and
Chairman of its Committee
as
Business Conduct.
on
Returns
by Telegraph—Reports to us by telegraph this
evening denote that rains in the greater part of the cotton
belt are doing further injury to the small remnants of the
crop still in the fields, but are beneficial to the soil.
Plowing
will be
general after the first of the
more
*
Inches
0.02
High
68
Low
58
66
3
2
1.82
74
-
Christi.....
40
60
;
70
60
80
Palestine
54
1.34
70
46
50
60
38
50
62
0.12
*
74
58
66
San Antonio
0.11
70
54
62
3
_
_
0.10
'2.07
70
56
74
60
63
67
0.04
56
64
44
50
44
54
62
44
4
-
Oklahoma—Oklahoma City—
Arkansas—Fort Smith,
3
2
Little Rock
0.09
0.46
1
Louisiana—New
4
3
1.50
70
56
46
53
65
58
0.86
62
50
56
3
0.98
68
56
62
Orleans,.___
dry
Shreveport,
Mississippi—Meridian
Vicksburg
Alabama-—Mobile
Birmingham.
Montgomery
Florida—Jacksonville
3
1
71
76
Pensacola
.
Atlanta
2
-
-
Augusta
70
North
Carolina—Charlotte
Asheville
1
1
1937.....
1936--...
90,000
640,000
nent
9,OOo!
Japan &
China
Total
15,000
22,000
86,000
153,000
15,000
49,000
64,000
18.000,
98,000
3,000
12,000
15,000
17,000
104,000
428,000
302,000
47,000
116,000
114,000
158,000
79,000j
142,000
1935-36—
248,000
544,000
423,000
I
1937.-...
1.000
12,000
12,000
15,000
13,000
27,000
1,000
13,000
14,000
1935-36..
163,000
272,000
-
221,000
*
Total all—
1937--...
1936
"4;; ' 1
15,000
2,000
12,000
18,000
30,000
49,000
1,000
16,000
12,000
1935-36-.
56,OOo! 202.0001
35,000
91,000
29,000
256,000.
153,000
428,000
411,000
132,000,
96,000
246,0001
302,000
644,000
816,000
According to the foregoing, Bombay appears to show a
decrease compared with last
year in the week's receipts of
83,000 bales.
Exports from all India ports record a decrease
of 56,000 bales
decrease of 405,000 bales.
66
34
40
50
42
54
28
40
68
66
52
0.04
Contl-
Britain
Total
Other Indla1936
Aug. 1
6,000
67
60
54
30
45
0.12
62
34
48
0.08
0.87
1.24
66
36
51
62
41
62
36
0.50
58
36
weekly
dria, Egypt.
47
a
a
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
49
2
Alexandria
ceive
during the week, and since Aug. 1 show
50
for
the
and for the corresponding week of the
past week
previous two
years:
Alexandria, Egypt,
1937
1936
1935
240,000
6,289,299
260,000
5,971,947
Dec. 29
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Dec. 31, 1937
Above
zero
Memphis
zero
of gauge.
of gauge.
Nashville.
Above
Above
zero
of gauge.
Shreveport..
Vicksburg
Above
Above
zero
Receipts
from
3.1
18.9
13.8
18.3
16.5
of gauge.
zero of gauge.
2.6
20.7
7.0
6.0
do not include overland receipts nor
consumption; they.are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
figures
Southern
Stocks at Interior Towns
Recelredfrom Plantations
Ended\
1937
I
1936
I
1935
1937
1936
1935
270,000
Since Aug. 1
5,919,426
1937
I
1936
|
This
1935
To America
Since
This
Week
To Liverpool
To Manchester, &c
To Continent and India.
the
Receipts at Ports
This week
Exports (Bales)—
9.2
1
Plantations—The following table
indicates the actual movement each week from the
planta¬
The
Receipts (cantars)
Dec. 31, 1936
Feet
Feet
New Orleans
Week
1,000
Week
778,000
Great
China
Bombay—
The
tions.
nent
Since
Aug. 1
441,000 132,000
Contl- Jap'ndk
58
49
2
Nashville
|
56
1
—
Tennessee—Memphis
Chattanooga,
Great
Brltaln
43
1
3
Raleigh
Wilmington
Week
Exports
From—
3b
78
1.16
1935-36
Since Aug. 1
73
dry
dry
__
Aug. 1
49,000
62
0.12
0.16
1
-
Carolina—Charleston
55
60
61
73
61
50
48
70
52
74
dry
dry
dry
-
Tampa
Georgia—Savannah
61
46
64
70
0.15
2
50
,
0.81
0.02
dry
Miami
Macon
74
dry
-
1936,
cabled,
Since
For the Week
58
70
4
Port Arthur,
Bombay
67
1.55
0.12
1
4
-
1936
Since
50
64
5
El Paso,._
Houston
South
68
4
—
Del Rio
1937
Week
63
58
3
2
1.31
0.21
0.50
70
Abilene
Corpus
Dallas
ports for the week and for the season from
Aug. 1 as
for three years, have been as follows:
Mean
34
Austin
Brownsville
in
India Cotton Movement from All Ports—The
receipts
of Indian cotton at
Bombay and the shipments from all India
Thermometer
dry
bales
Dec. 30
Rainfall
Amarillo
foreign spinners, 5,536,854 bales in 1937 and 6,854,278
of which 3,268,054 bales and
4,451,078 bales American.
6 Estimated.
Receipts—
Days
2
131
Southern mills, 2,515,000 bales in 1937 and
2,775,000 bales in 1936- takings
not being available—and the
aggregate amount taken by Northern and
year.
Rain
Texas-—Galveston
Chronicle
Aug.> 1
Week
87,627
Since
Aug.
This
Since
Week
1
7,000 103,415
10,000 96,095
Aug.
1
80,462
341,660
12,100
22,000 290,456
4,000
15,963
6,000 122,161
75,557
6",660 348,592
1,000
19,510
17,000 521,849
43,000 505,929
13,000 565,820
17",000
.
.....
Total exports
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week
ended Dec. 29
270,000 cantars and the foreign shipments were 17,000 bales.
'
Manchester
were
Market—Our
report received by cable to¬
night from Manchester states that the market in both yarns
and in cloths is steady.
Merchants are buying very spar¬
ingly.
We give prices today below and leave those for
previous weeks of this and last year for comparison:
Oct.
1..
479,801 319,754 326.2521,490,564 1,832,0261,784,489 724,8261473,918 500,419
441,721 330,033 387,0601.715,693 1.980.3361,990,723 666,850:478,343 593,294
379,066 370,723 372,9451,904,035 2,098,733:2,132.345
596.889j489.120 514,566
22.. 323,319 378,683 405,164 2,051,912:2.179.563 2,220,751 471.196
483,163 493.570
29.. 313.437! 385,111 372,149 2.129.804 2.266.371 2,253.100:
391,329 471,919 404,498
1937
8-
1936
15..
5..
263.182!259.64l|363,686 2,226.923 2.301,784 2,287.554! 388,719 295,054
245,688264.096 330,485
2,342,886 2.316,783 406,3351305.198
195,034251,440 271,993 2,459.6942.373.757 2,321,538 267.158282,311
26.. 160.560:217.563222,432 2.501.559;2,397,188 2.350,425 202,425240,994
19.
Dec.
398.140
359,714
276,748
251,319
17..
24..
31..
169.362211,898258,9502,545,908:2,366.61712.358.2791213,711
165,506l133.018!l77.4552,610.8502,327.953 2.369.180230,448
189,7lljl43,595jl88,143;2,640,4232,290,46712,371,80lll99,284
181,327 266,804
94,354 188,356
106,109 190,764
139,333|119.319 158,812 2,663,85212 253,715:1,911,138 162,762 82,567 169,268
141,5631117,505. 99,705 2,658,348 2,250,247i2,361,505 147,067 112,749 78,953
The above statement shows:
(1) That the total receipts
plantations since Aug. 1, 1937, are 7,340,005 bales;
in 1936 were 6,015,579 bales and in 1935 were
6,562,464
bales.
(2) That, although the receipts at the outports the
past week were 141,563 bales, the actual movement from
plantations was 147,067 bales, stock at interior towns
having increased 5,504 bales during the week.
from the
World's
Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's
supply of cotton for the week and since Aug. 1
for the last two
seasons
from all
sources
Upl'ds
s.
d.
s.
Cotton
d.
84 Lbs. Shirt¬
obtainable; also the
sight for the like period:
takings
or
from which statistics
amounts
Mlddl'g
Upl'ds
d.
d.
to Finest
d.
s.
s.
d.
1
—
8-
114 @124
9
114@124
9
104@10
9
4.89
14
@10
104@ 11 4
10
10
0
@10
3
0
7.02
4.75
11
@10
3
9 10 4 @ 10
14
4.82
11
6.99
9
104@10
4.89
3
6
6.96
104@10
4.83
104 @12
104 @12
10
9
14
14
44 @ 10
@10
74
72
10
9
0
14
14
4.55
11
10
74@ 10 104
4.63
11
@124
11 4 @124
114@124
29.. 114 @12 4
—
@124
@124
out
gone
of
10
@11
6.86
6.81
Nov.
5..
12..
10*4 @12
9 104@10
10K@12*4
9 104@10
9 104@10
19.. 10*4 @12
26- 10*4@12
9 104@10
@12
10
9
@11
0
Takings,
1937
1936
Week and Season
Week
6.71
4 55
11
@124
10
3
@10
6
6 76
4.64
11
@124
10
9
@11
0
6.72
Dec.
9
3—
10— io4@n 4
17- 104@114
24- 104@114
31
104 @114
—
104@l0
14
4.65
114 @12 4
10
9
@11
0
•
6.81
9
104@10
14
4.70
114@124
10
9
@10
44
6.93
9 104@10
9 104@10
14
4.81
114@124
10
6
9
6.88
14
14
4 88
10
6
9
7.01
4.84
114@124
114@ 124
@10
@10
10
6
@10
9
7.10
9 10 4 @10
Shipping News—As shown on a previous page, the
exports of cotton from the United States the
past week have
reached 106,307 bales.
The shipments in aetail, as made
up from mail and telegraphic reports, are as follows:
Hales
GALVESTON—To Dunkirk—Dec. 24—Leto, 721—Dec. 29—
Winnipeg, 605---—
To Havre—Dec, 28—West Cobalt, 2,586—Dec.
24—Leto,
3,007
Dec. 29—Winnipeg, 915
To Genoa—Dec. 28—West Tacook, 2,272;
Monstella, 306—
To Venice—Dec. 28—West Tacook, 1,555..—
To Treiste—Dec. 28—West Tacook, 564-To Liverpool—Dec. 24—Sapinero, 8175—Dec.
30—Patrickian,
-
Season
Week
...
3,549.
Season
9,100,734
4,339",022
4,899",258
244,503 10,173,064
132,000
788,000
27,000
272,000
48,000
1,260,200
16,000
239,000
9,489,894 17,118,003
8,480,955 17,631,522
265", 160
Bombay receipts to Dec. 30—
49,000
13,000
54,000
8,000
Other India ship'ts to Dec. 30
Alexandria receipts to Dec. 29
Other supply to Dec. 29 *b—
Cobalt,
513
Cabalt,
1,802
9,496
To Bremen—Dec.
24—Ditmar Koel, 9,496
.a
Hamburg—Dec. 24—Ditmar Koel, 667.
667
Manchester—Dec. 30—Patrickian, 5,504
5,504
NEW ORLEANS—To Valparaiso—Dec. 25—Ulua, 65
65
To Buena Ventura—Dec. 25—Ulua, 200
200
To Havana—Dec. 25—Ulua, 250
.....—250
To Liverpool—Dec. 22—Director, 12,896..
12,896
To London—Dec. 22—Chester Valley, 528—
528
To Bremen—Dec. 22—Chester
Valley, 1,597
1,597
To Venice—Dec. 22—Alberta, 1,051
1,051
To Trieste—Dec. 22—Alberta, 1,156
1,156
Tp Gdynia—Dec. 22—Gorm, 50
50
To Varburg—Dec. 22—Gorm, 100
100
To Susac—Dec. 22—Alberta, 634
634
To Japan—Dec. 29—Kurishima
Maru, 640
j,
640
To
To
—....
...
Total supply.
Deduct—
...
Visible supply Dec. 31
Total takings to Dec. 31.a—
Of which American
Of which other__
*
a
9,066,149
9,066,149
8,002,244
8,002,244
423,745
288,745
135,000
8,051,854
5,783,054
2,268,800
478,711
247,711
231,000
9,629,278
7,226,078
2,403,200
Embraces receipts in Europe from BrazU, Smyrna, West
Indies, &c.
This total embraces since Aug. 1 the total estimated
consumption by
1,326
6,508
2,578
1,555
564
11,724
Antwerp—Dec. 24—Leto, 265—-Dec. 28—West
Dec. 29—Winnipeg, 168
To Ghent—Dec. 24—Leto, 1,165—Dec. 28—West
175
Dec. 29—Winnipeg, 462—
80
8,013,452
10,806,781
441,000
163,000
1,177,200
191,000
American in sight to Dec. 31.
—
-
To
Visible supply Dec. 24
Visible supply Aug.
1
6 92
1.4
14
......
Cotton
e.
Oct.
-
are
Cotton
ings, Common
325 Cap
Twist
15..
-
3..
10..
d.
Mlddl'g
to Finest
325 Cap
Twist
Nov.
12..
84 Lbs. Shirt¬
ings, Commo.
...
....
Financial
132
Bales
1,333
HOUSTON-—To Copenhagen—Dec. 27—Agra, 033-----------To Trieste—Dec. 28—Alberta, 1,300---Dec. 23—West Tacook,
411
1,711
-------—
_
To
Venice-Dec. 28—Alberta, 1,206—Dec. 23—West Tacook,
To
Gdynia-Dec.~27—Agra" 948". __Dec. 30—Sahale, 524
27—Agra, 1,950--27—Steel Ranger, 75—
Gothenburg—Dec.
To
To Bombay—Dec.
To Genoa—Dec.
2 723
23—West Tacook,
——
75
395—Dec. 22—Monrosa,
3,118
-------------------
---
----------
2.936
1,472
1,950
691
27—Boschdijk, 691
27—Boschdijk, 655--Dec. 30—Effingham, 896
Rotterdam—Dec. 27—Boschdijk, 77-Dec. 30—Effingham,
To Antwerp—Dec.
1,551
To Ghent-—Dec.
To
884
To
■
27—Boschdijk, 51
To Enschede—Dec.
To Havre—Dec.
To
To
To
100
51
-------------
3,435
4,046
30—Effingham, 3,435
Bremen—Dec. 30—Sahale, 4,046-.--CORPUS CHRISTI—To Ghent—Dec. 24—Effingham,
To
To
961
-
Riga—Dec"."27—Boschdijk, 100---
Antwerp—Dec. 24—Effingham, 200-Rotterdam'—Dec. 24—Effingham, 127
Japan—Dec. 25—Priesland, 2,272
Havre—Dec. 24—Effingham. 806-.---
---
512
512
200
-
127
--
2,272
—
806
— ------
WILMINGTON—To Gdynia—Dec. 29—Topeka,
PEN8ACOLA, &c.—To Liverpool—Dec. 29—City
1,000
1,000-—of Alma, 12
12
2
Manchester—Dec. 29—City of Alma, 2
SAVANNAH—To Liverpool—Dec. 22—Tulsa, 1,068
CHARLESTON—To Liverpool—Dec. 23—Tulsa, 849
To Manchester—Dec. 23—Tulsa, 2,838----To
MOBILE—To Manchester—Dec. 24—Hope Crown,
To Liverpool—Dec. 24—Antious. 1,244
To Trieste—Dec. 18—Alberta, 50; Clara, 411
To Venice—Dec. 18—Alberta, 81; Clara, 1,100
1,068
849
2,838
1,881
1,244
1,881
-
461
1,181
Naples—Dec. 18—Clara, 450---—-—
Susac—Dec. 18—Alberta, 600
LOS ANGELES—To Liverpool—Dec. 24—Pacific Exporter,
To Japan—Dec. 22—President Garfield. 500; Auabasln
450
600
To
To
1,913
1,913.
Maru,
1,587
1 087
Total
263
614
100
106,307
—
York, as
follows, quotations
being in cents per pound:
Stand-
High
Sland-
High
Stand¬
High
after today,except by actual
Much selling to evenxup accounts for
settled for, but with no way open
delivery of grain.
of,prospective immediate
traders anxious to avoid acceptance
heavy tenders of wheat was a consequence.
The foreign
markets were anything but a help to the markets here,
Liverpool failing to respond to the upward movement iD
American markets yesterday, and^Winnipeg quotations fell
back after an early bulge.
Liverpool reported pressure of
Australian wheat offerings.
On the 29th inst. prices closed
]/2 to l^c. net lower.
News and developments generally
were of a bearish character.
However, except for a pro¬
wrheat trade most of the
Export business remained
About 100,000 bushels of Manitobas were sold and
brief selling flurry,
nounced but
time
of
was
limited.
a
holiday character.
of
no hard winters.
Considering the proximity
the
New Year's holidays, this is not to be wondered at.
Domes¬
practically
reported seeing small prospects of any, sub¬
volume until about March 1.
May
wheat led downturns and fell to 89^, with rallies only
tic flour millers
flour
stantial
fractional.
On
trade
\
•
30th
the
inst.
The trend was very
closed
prices
unchanged
to
%c. off.
uncertain in the wheat market today,
Prices moved within
A steady tone prevailed in wheat
during late dealings after reports of fair export business
in United States wheat.
Approximately 350,000 bushels of
domestic hard winter wheat was estimated to have been
and the trading was relatively light.
a
Freights—Current rates for cotton from New
furnished by Lambert & Barrows, Inc., are as
Cotton
bought for export, but these reports could not be confirmed.
On the 28th inst. prices closed ^ to 4c. net lower.
The
chief factor operating in this rather^drastic decline today was
the month-end selling on a large scale.
The weakness of the
securities market also played its part as an adverse influence.
A total of almost 5,000,000 bushels of uncompleted Chicago
December wheat contracts remained this morning to be
600
66
To India—Dem 22—President "Garfield," 600l
NORFOLK—To Liverpool—Dec. 31—Liberty, 66
To Manchester—Dec. 31—Liberty, 263
To Hamburg—Dec. 31—Idarwald, 514; City of Baltimore. 100To Bremen—Dec. 31—Idarwald, 100—------------------
Jan. 1.
Chronicle
of lc. a bushel.
range
taken
today
European continental
shipment to
for
coun¬
with 250,000 bushels of Canadian wheat bought for
Great Britain.
Dispatches stated that mild weather had
tries,
.52c.
ee.
Trieste
d.45o
,60c.
Piraeus
.85c.
ard
1.00
Manchester .52c.
.67c.
Flume
d.4oc
.60c
Salonica
,85c
1.00
done much to
.52c.
.67c.
Barcelona
1.00
try's largest producer of bread grain, was now in decided
need of additional rain.
Incidentally, notice was also taken
Antwerp
,67c.
Japan
,52c.
.67c.
Shanghai
,60c.
Bombay x
,58c.
.73c.
Bremen
.50c.
,52c.
,63c.
.78c.
Hamburg
,52c.
Oslo
Stockholm
*
No auotatlons.
Copenhag'n.57c.
.72c.
*
Naples
d.45c.
.60c.
Leghorn
d.45c.
,57c.
,60c.
,65c.
Gothenb'g
67c.
.
d.85c.
Forwarded
Total stocks...
Of which American
Total
—
imports
-
Of which American
....
Amount afloat
202,000
Of which American—
Liverpool market for spots and futures
The tone of the
each
day of the past week and the daily closing
spot cotton have been as
prices of
follows:
Tuesday
Monday
Saturday
Spot
Dec. 30
Dec. 24
54,000
46,000
42,000
982,000 1,054,000 1,101,000
559,000
635,000
663,000
80,000
120,000
91,000
51,000
98,000
52,000
259,000
247,000
213,000
190,000
150,000
141,000
58,000
959,000
638,000
68,000
36,000
287,000
-—
Wednesday
Thursday
Friday
More
Quiet.
Quiet.
houses with export
the last
at
12:15
Quiet.
{
the
1
P. M.
HOLI¬
Market
opened
delivery before the day
decline.
decline.
Quiet.
Quiet,
advance.
decline.
Steady,
Market,
Q't;
1
pt.
to
1
pts. 6 to 8 pts. 2 to 4 pts. adv.
advance.
decline.
decline.
pt. decline
4 to
4
P. M.
Prices of futures at
York
Fri.
Thurs.
Wed.
Tuea.
to
Close Noon Close Noon Close Noon Close Noon Close Noon C1O80
d.
New Contract
d.
mm
4.67
4.69
mm
mm
mm
4.61
mm
mm
4.65
-
—
mm
mm
mm
4.68
4.63
4.62
4.64
4.65
4.70
4.66
4.74
4.73
4.68
4.66
4.68
4.69
4.74
4.70
HOLI¬
4.80
4.73
4.74
4.72
4.73
4.74
4.79
DAY.
4.84
4.83
4.78
4.76
4.77
4.78
4.82
4.78
4.90
4.89
4.84
4.82
4.83
4.84
4.89
4.84
mm
4.87
mm
mm
4.89
mm
mm
4.92
mm
mm
4.94
March
May
Holi¬
July
day.
October
December.
>•«»
mm
mm
May
4.95
mm
4.98
mm
„
March
mm
mm
January (1939)
4.85
4.92
mm
4.99
mm
4.87
4.89
mm
mm
mm
mm
4.90
mm
mm
4.92
mm
mm
4.92
mm
mm
4.94
m
m
4.93
5.00
July
4.87
mm
mm
4.95
4.96
BREADSTUFFS
Friday Night, Dec. 31, 1937
Flour—The
a
matter
of
flour market
fact,
March
between
1.
during
Even
the
been
extremely
dull.
As
seeing
substantial flour trade volume until
domestic
small prospects of any
about
has
odd
past
millers reported
flour
car
week,
sales
were
few
and
far
traders generally giving
This, coupled with the
themselves up to the holiday spirit.
usual reluctance to take on flour
during checking of inven¬
tories, made for extreme dulness.
the 27th inst. prices closed H to Kc. net
Wheat seemed to be entirely overshadowed by the
corn market, which latter was unusually strong and active.
The wheat market responded to the strength in corn, wheat
values at various stages showing gains of 13^c.
Late in the
day, however, much of the wheat advance was lost owing
to sympathy with downturns of securities.
There were re¬
ports that 500,000 bushels of Canadian wheat had been
Wheat—On
higher.
ended had to bid December
were
deemed
of
vital
significance,
and
about increased selling of wheat, with
setbacks of prices.
Open interest in wheat was
93,540,000 bushels.
DAILY CLOSING PRICES
OF WHEAT IN
Sat.
No. 2
DAILY
CLOSING
PRICES
OF
Mon.
HOL
red
108
WHEAT
Sat.
H
December
Season's
High and
131#
122#
105#
May
July--
-BAILY
CLOSING PRICES OF
December
May
July,
-
Tues.
107#
NEW YORK
Wed.
106#
FUTURES
Mon.
96
Tues.
Thurs. Fri.
105# 105#
IN CHICAGO
Wed.
Thurs.
Fri/
92
90#
90# 90#
85# 84#
84#
When Made
Season's Low and When Made
July I 6/1937 December
84#
Nov. 8,1937
July 29. 1937 May
85#
Nov. 8, 1937
Sept.28, 1937 July
81#
Nov. 8.1937
O
L
May
July
4.75
January (1938)--
stocks
d.
d.
d.
d.
d.
d.
d.
d.
d.
December (1937)
after the turn of
brought
December
Dec. 31
was
6
Liverpool for each day are given below:
Mon.
Sat.
Dec. 25
majority of grain traders
quotations up almost 5c. a bushel.
Dealings in Chicago
December wheat, however, ceased several days ago, and the
antics of December quotations at Liverpool had only an
academic interest here.
On the other hand, declines of
Steady;
Steady,
Barely stdy
3 to 5 pts. 3 to 6 pts. 1 to 2 pts. 4 to 6 pts.
\
The
wheat.
Wheat
year.
Quiet,
{
Recoveries in New York stocks aided
in
traders here ignored wild advances of
December wheat at Liverpool, where previous speculative
sellers short of wheat to fulfill obligations for immediate
the
DAY.
Futures, f
Buying for
unchanged to %c. off.
connections helped to rally wheat prices
and overcame most of the early losses
inclined to await new developments
were
material
4.84d.
4.80d.
4.77d.
4.83d.
HOLI¬
DAY.
Mld.Upl'ds
rallies
late
speedily
demand.
today,
approximating lc.
New
(
Market,
prices closed
Today
Dec. 17
shipments this week totaled
less than a third of those of a year ago.
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports,/stocks, &c., at that port:
Dec. 10
dissipate moisture and that Kansas, the coun¬
of word that Argentine wheat
.72c.
.670
d Direct steamer.
Only small lota,
x
Venice
*
*
*
.52c.
Genoa
•
*
d.45c.
Havre
Rotterdam
Density
ard
Density
ard
Density
Liverpool
92#
86#
91#
85#
BONDED'WHEAT IN WINNIPEG
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
H
H
129# 130# 131# 132
O
O
118# 117# 118# 118#
L
L
111# 110#. 110# 110#
closed 1 to 23^e. net higher.
decidedly in the spotlight today.
Chicago corn
values soared 23^c. maximum to the highest point reached
in several months.
These advances, however, were far sur¬
Corn—On the 27th inst. prices
Corn
was
passed by quotations at Buenos Aires, where January and
February corn went to nearly 20c. over the December de¬
livery here.
Estimates current indicated that considerably
more than 1,000,000 bushels of corn from Atlantic and Gulf
ports of the United States were bought today for shipment
to Antwerp and Rotterdam.
This renewed export demand
for United States corn was believed to have been influenced
largely by the official announcement that less than 18,000,000
bushels of Argentine corn remained available to European
buyers.
Besides, the Argentine new crop corn prospect
was reported today as decidedly unfavorable.
On the 28th
inst. prices closed M to lj^c. net lower.
The reluctance of
traders to follow up the substantial gains scored in the Buenos
Aires market yesterday, prices there scoring a maximum ad¬
vance of 5c. a bushel—had a dampening effect on the domes¬
tic wheat and corn markets.
Ordinarily this bullish de¬
velopment together with the recent heavy American corn
exports—would have served as a substantial basis for a
sustained upward movement of values.
However, outside
influences in the form of a weakening securities market and
a general lowering of commodity markets appeared to have a
decidedly restraining effect on traders inclined to the buying
Volume
side of
were
Financial
146
Corn export sales from the United States todayinst. prices closed unchanged to 3^c.
corn.
On the 29th
nil.
higher.
This market was considerably depressed in the
early trading, prices dropping at one time almost a cent.
There was a sharp rally in the later session, influenced
largely by fresh jumps or Argentine corn values.
The corn
market at Buenos Aires bounded up l%c., and notwith¬
standing that but little export business to-day in United
States was confirmed.
Unfavorable crop conditions for corn
Chronicle
133
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.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Receipts at-
Flour
Wheat
reported as persistent, and renewal of good
purchasing of corn from the United States was
generally considered probable.
Arrivals of corn in Chicago
today were only 137 cars, and there was buying attributed
to elevator and shipping interests, as well as to previous
Chicago
Minneapolis..
St. Louis
89,000
speculative sellers.
Peoria
37.000
in
Argentina
were
sized Euopean
closed *4 to %c. net higher.
On the 30th inst. prices
in
steadiness
attributed
was
corn
purchases
export
States
of United
mated at 400,000 to
large
in
The
to
measure
which were esti¬
corn,
On the whole, however,
500,000 bushels.
Today prices
closed Vsc. net higher for the entire list.
The holiday feel¬
ing prevailed and trading was relatively light, with the
undertone firm.
Export demand for corn continues. Open
trading was largely of a holiday character.
in corn totaled 49,257,000 bushels.
interest
DAILY CLOSING PRICES
OF CORN IN
Sat.
No. 2 yellow
Mon.
Wed.
77%
H
December
July
—
-
Season's
High and
Dec. (new)
86 J*
May
74
July
665*
59%
615*
61
615*_ 605*
615*
Made
Nov. 30, 1937
Nov. 30, 1937
Nov. 30. 1937
On the 29th inst.
•
There
He. off.
On
little
30th
the
nothing to report on this market outside of a steady
or
undertone
prices
prices closed unchanged
little of interest in this market.
prices closed unchanged.
There was
was very
inst.
and
volume
limited
very
closed unchanged
%c.
to
up.
of trading.
Today
Very little happened
in this market.
DAILY CLOSING
PRICES
OF
Sat
December
FUTURES IN CHICAGO
Mon.
Tues.
Wed. Thurs. Fri.
H
O
L
December
May
July.
'^DAILY
325*
30%
315*
305*
295*
Season's
When Madem
July
6, 1937 December
July 29. 1937 May
Oct.
~
2, 1937 July
High and
4156
335*
325*
!5*
December
H
Low
and
Made *
Oct. 13,1937
Oct. 13. 1937
Nov. 6. 1937
28
O
L
485*
47
44
485*
465*
505*
475*
495*
475*
5*^445*^.44 5* _44%
Rye—-On the 27th inst. prices closed H to ^e. net higher.
There was no special news on this grain, trading being light
and prices holding steady.
On the 28th inst. prices closed
H to 13^c. net higher.
The independent strength displayed
in the rye market was attributed largely to a rather sub¬
stantial export demand for rye.
On the 29th inst. prices
closed He. off.
Trading in this grain was relatively light,
this dulness being attributed largely to the holiday spirit.
The action of the stock market and commodity markets
generally is prompting traders to act cautiously.
On the 30th inst. prices closed V2 to %e. net higher.
The
action of rye appeared to parallel the action of corn.
The
the
on
closed
out
part
attributed largely to evening up
was
of the shorts over the holiday.
Vsc. net higher.
Today prices
Trading was very light and with¬
feature.
DAILY
CLOSING
PRICES
OF
RYE
H
May
July
O
L
Season's
High
Tues.
695*
705*
675*
96 jH
84
70
if
*
CLOSING
OF
RYE
May
July
O
L
O
L
715*
675*
715*
675*
3,000
137.000
92,000
Total week '37
Same week *36
5,000
89.000
1,297,000
1,058,000
271,000
2,474,000
2,283,000
1,841,000
294,000
262.000
Same week '35
264,000
Since Aug. l—
1937
33,000
133,000
485,000
6,594.000
3,108.000
3,946,000
8.103,000197,837,000119,076,000
9,033,000147,365,000! 84,473,000
8,131,000237,806,000 68.094,000
1,363,000
754,000
1,055,000
260,000
345,000
977,000
68,194,00019,354,000 56,184,000
44,931,00010,148,000 57,351,000
86,241,00013,456,000 51,183,000
Total receipts of flour
and grain at the seaboard ports for
Saturday, Dec. 24, 1937, follow:
Receipts at—
Flour
Wheat
Corn
bbls 196 lbs
bush 60 lbs
bush 56 lbs
137,000
Philadelphia..
16,000
Orleans*
446,000
12,000
290,000
18,000
Total week '37
136,000
44,000
100,000
1
2,000
23,000|
80,000
877,000
87",666
14,000
24,000
Halifax
Barley
12,000
167,000
1,132,000
2~9"666
St. John, West
Boston
Rye
8,000
264,000
56,000
158,000
16,000
New
269,000
82,000
33.000
Baltimore
Oats
bush 32 lbs bush 56 lbs bush 48 lbs
1,000
"T.000
183.666
71,000
286,000
4,000
3,000
269,000
2,574,000
1,383,000
34,594,000
144,000
6,442,000
6,653,00011,926,000
1,326,000
761,000
Since Jan. 1 '36 14,999,000 139,961.000
12,573,000
54,000
7,863,000
24,000
4.558,000
Since Jan. 1*37 14,001,000 102,096.000
Week 1936
...
217,000
3,914,000
*
on
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
The exports from
the several seaboard ports for the week
Saturday, Dec. 24, 1937, are shown in the annexed
ended
statement:
o
...
O
L
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
New York
250,000
168,000
32,475
Philadelphia
271,000
265,000
1,000
12,000
136~6ob
29"666
New
Orleans...
were as
877,000
West.
T.OOO
183,000
Total week 1937..
Same week
1936
2,952,000
90,000
19,000
98,475
669,000
104,038
1,114,000
210,000
289,000
The destination of these exports
July 1, 1937, is
for the week and since
below:
as
Wheat
Flour
Corn
Exports for Weet
Since
Week
and Since
Week
Since
Week
Since
July 1
Dec. 24
July 1
Dec. 24
1937
1937
1937
1937
1937
Barrels
United
July 1
1937
July 1 to—
Barrels
Bushels
Bushels
Bushels
Bushels
Dec.
24
35,045
Kingdom.
Continent
13,930
So. & Cent. Amer.
8,500
37,500
West Indies
Brit. No. Am. Col.
2,000
1.250.899
250,921
38,161,000
29,227.000
1,529,000
1,423,000
314,000
623,000
2,000
170,000
1.469.666
1,500
152,561
98,475
2,593,381
2,952,000
Total 1936
104,038
2,795,787
1.114,000
The
1,261,000
2,876,000
23,000
Total 1937
Other countries...
196,000
373,000
974,000
69,864,000
78,264,000
669,000
4,307,000
1,000
visible
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Dec. 24, were as follows:
GRAIN
Bushels
2,000
United States—
STOCKS
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
3,000
888.000
296,000
102,000
1,032.000
476",000
26,666
31,000
Nov.
Baltimore
1,551,000
236,000
328,000
27,000
1,529,000
62,000
82,000
1,000
4,000
1,000
New Orleans
Galveston
3,236,000
125,000
Fort Worth
5,770,000
1,182,000
3,783,000
213.000
113",000
V.ooo
8. 1937
WINNIPEG
Wed.
Thurs. Fri.
765*
775*
765*
755*
775*
765*
76
77%
775*
765*
78
775*
O
L
59
675*
595*
575*
605*
575*
62]
591
follows:
Boston.:
346,000
York
New
29,000
afloat
Wichita
Hutchinson
....
Rye flour patents
Seminola. bbl., Nos.1-3.
Oats, good
Cornflour
518,000
1,110,000
4,439,000
Indianapolis
1,543,000
2,459,000
989,000
2.10
Fancy pearl, Nos.2,4&7 5.25@5.60
GRAIN
Oats, New York—
No. 2 white
445*
Rye, No. 2. f.o.b. bond N. Y__ 845*
Barley, New York—
475* lbs. malting
Chicago, cash
4(
82,000
76,000
20,000
11,000
9,000
26,000
204,000
109,000
6,000
10,000
82,000
6,877,000
3,159,000
910,000
1,952,000
65,000
1,165,000
489,000
112,000
823.666
Minneapolis-
9.406,000
2,241,000 13,743,000
5,333.000
Duluth.............—.
2,905,000
210,000
8,624,000
5.527,000
2,927,000
1,303,000
1.007,000
~3~, 000
afloat
173,000
3,114.000
2,000
4,000
2,004,000
1,084,000
704,000
197,000
2,000
409,000
133,000
1937...90,625,000 32,822,000 24,655,000
Total Dec. 18, 1937...92,223,000 30,327,000 24,402,000
Total Dec. 26, 1936—58,446,000 12,093,000 35,379,000
4,768,000
4,978,000
4,966.000
—
afloat
515,000
1,286,000
Detroit
-
5.55@5.80
184.000
32.666
325,000
10,077,000
afloat
Buffalo
4 00
92,000
885,000
1,273.000
439,000
17,000
Milwaukee
Barley goods—
4,831,000
St. Louis
Sioux City
••
4.70@ 4.85
7.10@
2.45
742,000
2,747,000
4,630,000
City..
Omaha
11,000
6,000
3,982,000
18,284,000
St. Joseph
Kansas
Chicago
4.60 @4.80
765*
87,000
3,000
24,000
Philadelphia
Made
Coarse
Wheat, New York—
No. 2 red, c.i.f., domestic
1055*
Manitoba No. 1, f.o.b. N.Y..160
106,000
1,554,666
Galveston
St. John,
Halifax
206,000
Nov. 30, 1937
Nov. 8, 1937
When
OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
H
H
60
605*
615*
62]
Spring oats, high protein .6.35@6.60
Spring patents
5.8o@6.00
Clears, first spring
5.50@5.80
Soft winter straights
4.75 @5 00
Hard winter straights
5 40 @5.70
"Y666
59,000
2,000
2,000
71,000
Buffalo
"
Corn, New York—
No. 2 yellow, all rail.
123,000
145.000
Sioux Falls...
Fri.
FLOUR
Bard winter patents
Hard winter clears
65,000
24,000
57,000
St. Joseph
Wichita
Peoria
Closing quotations
16,000
509,000
823,000
1,000
44,000
Tues.
H
December
Thurs.
FUTURES IN
H
May
July
40,000
68,000
62
Mon.
Sat.
CLOSING PRICES
2,000
564,000
635*
21, 19371 July
PRICES
72,000!
80,000!
29,000
2,012,000
Wheat
675*
Aug. 10. 1937 May
Oct.
CHICAGO
71
665*
|
Season's Low and
6, 19371 December
635*
May
December
DAILY
IN
Wed.
705*
715*
and f When Made
December
DAILY
FUTURES
Mon.
Sat.
December
May
July
344,000
156,000
58,000
811.000
7.000
Exports from—
305*
295*
305*
When
275*
285*
H
O
L
market's firmness
52,000
-
305*
29
CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
May
July
rye
326,000
41,000
OATS
May
July
Season's
59,000
13,000
188,000
Kansas City..
Omaha
Galveston
prices closed 3^8 to Hc- highm.
nothing particularly striking in this market, its
steadiness being due largely to the outstanding strength of
wheat and corn especially the latter.
On the 28th inst.
prices closed y% to l/±e. net lower.
Trading was light and
to
561,000
14,000,
Indianapolis..
New York
was
without feature.
218,000
9,000
102" 000
Toledo
61 %
^
Oats-—On the 27th inst.
There
19,000
88,000
152,000
Fri.
61
When
Season's Low and
When Made
515*
July
8. 1937 Dec. (new)
555*
July 29. 1937 May
565*
Sept. 30. 1937 July
379,000
220,000
8,000
the week ended
615*
615*
130,000
577,000
40.000
13,000
Milwaukee...
76%
Thurs.
61 %
615*
O
L
May
Barley
Fri.
77%
CHICAGO
DAILY CLOSING PRICES OF CORN FUTURES IN
Sat. Mon.
Tues.
Wed.
Rye
bush 32 lbs bush 56 lbs bush 48 lbs
811,000
178,000
1935
Thurs.
77%
bush 56 lbs
94,000
599.000
Duluth
1936
NEW YORK
Tues.
77*A
HOL.
153.000
Oats
Corn
bbls 196 lbs bush 60 lbs
—
Total Dec, 24,
Note—Bonded grain not included above:
1,432,000
200.000
1,096,000
179,000
10,223,000
10,108,000
16,313,000
Barley—Duluth, 110,000 bushels; New
York, 55,000; total, 165,000 bushels, against 5,914.000 In 1936.
Wheat—New York,
2,984,000 bushels, New York afloat, 116,000; Philadelphia, 2,000; Buffalo. 379,00
Albany, 276,000; Erie.
1,077,000; total, 4,834 000 bushels, against 27,458,000
bushels in 1936.
Financial
134
Wheat
Corn
Oats
Bushels
Canadian—
Rye
Bushels
Bushels
Bushels
851.000
Lake, bay, river & seab'd-14,756,000
Ft. William & Pt. Arthur-10.525,000
Other Can. <fe other
elev.-28,747,000
------
1937—54,028,000
Total Dee. 18, 1937--.54,833,000
Total Dec. 26, 1936—.46,563,000
Total Dec. 24,
.—
1,106,000
7,585,000
9,542,000
9,665.000
4,422,000
Barley
Bushels
51,000
2.514,000
931,000
323,000
1,031,000
6,952,000
Chronicle
Jan.
1,
1938
turning brown.
Wheat plants are small
and stands poor in many places in Missouri, while in Oklahoma condition
of the crop is fair, but moisture is needed.
Fair progress was made in
with
local
reports of the crop
Texas and condition is mostly good.
In Kansas topsoil moisture is sufficient
for present needs in the eastern
parts, but is generally inadequate for future re¬
quirements. soil moisture is deficient elsewhere, with a consequent danger
of wind erosion over wide areas.
Fairly good snowcover for winter grains
third and south central
1,305,000 10,497.000
1,308,000 10,578,000
1,692,000
3,823,000
reported from northern Minnesota to Montana, except for some locally
areas.
Wheat is mostly good in the Pacific Northwest, except where
Winter grains are in fair to good condition in the South and
East, with the weather favorable for recovery from the effects of the pre¬
was
bare
flooded.
Summary—
American--
90,625,000 32,822,000 24,655.000
Canadian
54,028,000
4.768,000 10,223,000
9,542,000
1,305,000 10,497,000
1937-144,653,000 32,822.000 34,197,000
Total Dec. 18, 1937-147.056,000 30,327,000 34,067,000
Totai Dec. 26, 1936-105,092,000 12,093,000 40.385,000
6,073,000 20,720.000
6,286,000 20,686,000
-
Total Dec. 24,
vious cold.
shipment of wheat and corn, as furnished by
Produce Exchange, for the week
ended Dec. 24, and since July 1, 1937, and July 1, 1936, are
New
The world's
Broomhall to the New York
shown in the following:
Since
Exports
Dec.
July 1,
1936
Since
Week
1937
24,
1937
Since
July 1,
Week
fairly good showing,
While
Corn
Dec. 24,
1937
July
1,
1937
Since
July 1,
1936
the
Bushels
Bushels
4,783,000
728,000
Black Sea—
Argentina-
208,000
—
Oth. countr's
Total..—-
31,174.000
360,000
19,860,000
37,586,000
10.944,000
11.400,000
12,952,000
1,906,000
2,204,000
—
Australia
India
Bushels
94,685,000118,611,000
55,498,000 40,224,000
Bushels
;
1,301,000
43,000
Bushels
4,145,000
2,843,000
Bushels
1,000
11,576,000
10,189,000229,973,000 244,054.000
influence in the affected areas, other
and
the
Northwest,
stantial gains over the
3,506,000' 57,711,000
for the
Report for the Week Ended
Dec. 29—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Dec. 29, follows:
of the week an extensive low-pressure
area prevailed, with scattered precipitation over the Lake region and rela¬
tively warm weather in most of the East.
A small disturbance was centered
over the west Gulf area, with general rains in much of Texas and the lower
Mississippi Valley, while over the northern Great Plains scattered precipi¬
tation also occurred.
On the 23d widespread precipitation was reported
in most southern sections, extending northeastward over the eastern Ohio
Valley.
At the same time, extensive precipitation occurred in much of
the Northwest.
Colder weather overspread the Lake region following the
movement of the Ontario "low" eastward.
On the 24th low pressure prevailed off the southeastern coast, over the
western Lake region, and the eastern Great Basin.
In the Southeast pre¬
cipitation was general, and also from the upper Mississippi Valley southwestward to Utah.
Colder weather had overspread the northern Great
Plains, with subzero temperatures southward to southern Wyoming.
On
the 25th precipitation was rather general over the Northeast, under the
influence of the southeastern "low" that had moved northeastward along
the coast, while low pressure also prevailed from the northern Great Plains
westward to the Pacific Coast, with rather extensive precipitation.
Colder
weather was general in the Mississippi Valley, but it had become much
warmer over the northern Rocky Mountains.
On the 26th high pressure had overspread most of the country from the
Great Plains eastward, with somewhat cooler weather, while scattered
precipitation occurred in parts of the Northeast and Lake region and
locally in the Southwest and Northwest.
At the close of the week rather
high pressure was general over eastern sections, although a trough of rela¬
tively low pressure caused rather widespread precipitation in the Ohio
Valley and in many eastern districts.
At the same time it had become
much colder over the northern Great Plains and upper Mississippi Valley.
Precipitation was very heavy on the last 2 days of the week in the ex¬
treme Northwest, with Portland, Oreg., reporting 4.46 inches for the 24
hours ending at 7:30 a. m., Dec. 27, and Seattle, Wash., 3.06 inches for a
like period ending 7:30 a. m., Dec. 28.
The week was considerably warmer than normal in practically all sections
from the central Mississippi Valley southward and eastward.
It was
particularly warm for the season in the southern Mississippi Valley and
eastern Texas where the departures from normal ranged from 6 to as many
as 13 deg. above the seasonal average.
In most of the Ohio and central
Mississippi Valleys the week was mostly from 4 to 7 deg. warmer than usual,
and rather warm weather for the season prevailed over the eastern Great
Basin and much of the Southwest.
Cool weather was general in northern
sections from the upper Mississippi Valley westward over Montana where
the mean temperatures for the week were 5 to 12 deg. below normal.
It
was also somewhat cool in central California, the Pacific Northwest, and
locally in the extreme Northeast.
Minimum temperatures for the week were not abnormally low, with the
line of freezing weather extending southward to central Georgia in the
East, but elsewhere only to the central Mississippi- Valley, thence southwestward to extreme western Texas.
The minima ranged from 38 to 50 deg.
along the Gulf coast, and generally from 40 to 60 deg. in Florida, while
on the Pacific coast temperatures were generally somewhat above freezing.
Subzero weather occurred over the upper Mississippi Valley and northern
Plains, in
northern Rocky Mountain sections, and locally in the
The lowest temperature for the week reported from
Greenville, Maine, and Devils
extreme Northeast.
first-order station was 18 deg. below zero at
Lake and Bismarck, N. Dak.
a
week
*
moderate to heavy in Southern States from eastern
Throughout this area the precipitation for the
ranged mostly from 1 to over 2 inches, except along the immediate
Precipitation
Texas to the
was
Carolinas.
Gulf coast and in Florida.
In most of the northern Ohio Valley and the
Northeast precipitation was light, except locally, while a large area from
the central Great Plains southwestward reported practically no precipitation
for the week.
and Great
were
Weekly amounts were also light in most Rocky Mountain
Basin sections, but along the Pacific Coast moderate amounts
general, except in the more northern sections where the weekly totals
neavy, with Seattle, Wash., reporting 4.9 inches for the week and
Portland, Oreg .,5.8 inches.
Generally mild weather in most sections of the country was favorable
for winter crops, especially in more southern sections where the higher
temperatures and rather general rains were very favorable for recovery of
crops that were affected by previous cold weather.
Despite the favorable
temperatures, however, the holiday season, with frequent, light precipi¬
tation, caused considerable delay to outside operations in central sections.
Although the additional moisture during the week was not of great con¬
sequence, it was of sufficient frequency to maintain the soil in a moist con¬
dition, delaying late plowing.
In the central Great Plains topsoil moisture is at present sufficient in
eastern Kansas and it is also believed adequate for immediate needs in
Missouri.
However, in much of these States the subsoil is quite dry,
especially in Kansas where soil drifting is believed imminent.
Cold weather
in the northern Great Plains and adjacent sections required increased yard
feeding of livestock, although the range is not generally covered by snow
and some ranging was possible.
In most of the Rocky Mountain and Great
Basin sections the mild weather favored livestock, with additional snow in
some localities of considerable benefit to the range, although more moisture
is needed in some localities.
were
Snowfall thus far in the higher mountain sections of the West has been
generally deficient with supplies for spring runoff considerably below nor¬
mal, especially in western Nevada where only about 50% of the usual
amount has been received.
Water prospects, however, are the best in
more
than 10 years in Wyoming, especially in the Platte Basin where
the soil moisture is favorable for a heavy runoff.
In the higher elevations
of the Northwest storage is still largely below normal, but depths increased
during the past week.
Small Grains—Winter wheat is in fair to good condition in the central
and eastern Ohio Valley and rather poor to good in the western part; scat¬
tered damage was indicated from the icecover in central
and western parts,
able to register sub¬
In
according to figures supplied by the
period from Dec. 1 to 24
department store sales
ran
2% behind the com¬
parable 1936 period, with New York and Brooklyn esta¬
Jersey reported
decrease of 1.4% while stores in New
show
an
Total sales in the New
decline of 5.1%.
a
York district for the year 1937 are
increase of
3,5%
over
estimated by the bank to
1936.
Trading in the wholesale dry goods markets turned
In western Ontario at the beginning
Great
sections, notably in the
were
Federal Reserve Bank of New York,
7,512,000 233,150.000 224,367,000
and
corresponding period of last year.
the metropolitan area,
12,240,000
the part of the public.
increasing unemployment continued to exert a depressing
blishments showing a
Weather
response on
slackening in industrial activities,
2,662,000168,451,000200.550,000
34,213,000
6.880,000
•
post-Christmas clearance sales
with
satisfactory
a
further
Southwest
North Amer.
York, Friday Night, Dec. 31, 1937.
during the last week of the year made a
Retail business
meeting with
Wheat
DRY GOODS TRADE
THE
6,061,000 20,362,000
ally dull
as
with the
season¬
preoccupation with inventory matters interfered
Prices, however, ruled
regular flow of business.
firm, and predictions were made freely that shortly following
the
of
turn
the
year
expected, inasmuch
in
replenishment
influx of buying orders
an
retail inventories
as
number
a
of lines.
percales at the reduced prices resulted in
of
quotations by
tinued
spotty;
some
sellers.
are
buying
Active
a
may
under the influence of the
of
moderate mark-up
Business in silk goods
divisions remained neglected,
some
be
known to require
con¬
partly
spreading anti-Japanese boycott
movement, but other lines such as high-style dress goods and
tie silks continued in fair demand.
gave
indications of
the general
Trading in
early pickup
an
issuance of
as weavers,
rayon yarns
reassured by
60-day price guarantee, showed
a
increasing willingness to enter into forward commitments.
Actual sales of yarns,
however, remained disappointing, and
surplus stock in producers' hands, notwithstanding the wide¬
spread curtailment
measures, were
reported to show
a
further
gray
cloths
slight increase.
Domestic
Cotton
Goods—Trading in the
markets, following its recent spurt, turned quiet although
the
price
structure
influences
and
as
well
as
Holiday and year-end
security markets
steady.
held
the unsettlement in the
mild reaction
in
cotton values, supplied the
Sentiment, however, remained
fairly confident predicated on the sustained wide-spread
curtailment movement and the general belief that stocks in
distributors' hands are running low and the need for constant
replenishment still exists, despite the heavy buying in recent
weeks.
Business in fine goods was fairly active.
While
inventory work interfered somewhat with actual transactions,
it was felt that right after the close of the year an active
demand for all types of fine cottons will set in.
Sustained
interest prevailed for piques and voiles.
Closing prices in
print cloths were as follows:
39-inch 80's, 6%c.; 39-inch
72-76's, 5% to 5%c.; 39-inch 68-72's, 5^ to 5^c.; 3834inch 64-60's, 4^c.: 38^-inch 60-48's, 3% to 3^c.
chief
the
retarding
raw
factors.
Goods—Trading in men's wear fabrics remained
although sentiment appeared improved as hopes
expressed that early in the new year clothing manu¬
Woolen
inactive
were
facturers
will
reenter
Available stocks of
the
market
on
a
moderate
scale.
said to be poorly assorted, and
in a number of instances replenishment purchases for Spring
will become necessary.
Prices showed a steadier undertone,
partly owing to the firmer trend of the raw wool market.
Reports from retail clothing centers continued to give a
fairly satisfactory account as further price reductions and
clearance sales served to quicken the flow of goods in dis¬
tributive
goods
channels./
are
Business
in
women's
wear
materials
proceeded in fairly active fashion, and reports were heard
that a number of plants will reopen shortly after the turn of
the year.
Active interest continued to be shown in tweeds
and shetlands, and white coatings also moved in fair volume.
Foreign Dry Goods—Trading in linens was seasonally
quiet, with sales confined to occasional fill-in lots of house¬
hold goods.
Reports from foreign primary centers showed
little change in the small volume of business but indicated a
slightly firmer price trend.
Business in burlap remained
negligible, with prices ruling lower in sympathy with the
easier trend displayed by the Calcutta market.
Domestically
lightweights were quoted at 3.65c., heavies at 5.00c.
Volume
146
Financial
Chronicle
135
Mason—Now an unorganized township.
Kingman—Now an organized plantation.
Mount Chase—Now
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS &, CO.,
105 W. Adams St.
DIRECT
CHICAGO
WIRE
Inc.
314 N.
Broadway
st. louis
News Items
Georgia—Governor
E.
D.
Rivers
Signs
Tax
Revision
Bill—Governor
Dec. 25 affixed his signature to the
on
new
intangible tax Act, terming the measure "a Christmas card
from the General Assembly to those former
Georgians who
left the State because of its tax
set-up." The law classifies
intangible properties for taxation and provides for a single
levy, the proceeds of which are to be divided among the
State, the counties and the cities.
The initiation of this
legislation was approved by the voters at the general election
held on June 8, 1937. It was estimated
by Governor Rivers
that the income from this
new
levy would reach $3,000,000.
The levy will be applicable on bank
deposits, stocks, bonds, notes secured
by real estate mortgages and notes and other obligations insured by the
Federal Housing Administration.
Stocks of Georgia corporations will be exempt where the
corporation has
paid ad valorem taxes.
Heretofore, intangibles have been taxed at the
regular five-mill rate, the same rate as for visible property.
The new
classifications and tax rates:
For each $1,000 of cash or money on deposit in
.
In connection with the above
we give herewith the text of
by H. Lane Young, Vice-President
and Executive Manager, of the Citizens & Southern National
Bank, of Atlanta:
a
letter sent out
on
Dec. 27
The General Assembly of the State of
Georgia has passed a new Act con¬
cerning the taxation of intangibles, including money on deposit with banks.
We are enclosing for your information a copy of the Act.
As you know, there have been State,
County and Municipal ad valorem
taxes levied in Georgia each year heretofore on all classes of
property alike.
The lien for these taxes affixes
taxes and
on
Jan. 31
which have de-organized or surrendered their
charters.
You will observe,
however, that some towns which have de-organized have now
reorganized
into what we term a
'plantation' form of government.
I doubt very much
if other States have the
plantation system, and you may observe that in
Maine about 75% of our total area is
unorganized; meaning, of course,
that there is no town system of
government.
This area comprises in excess
of 10 million acres.
However, the area above mentioned is under State
supervision and is assessed direct from this bureau and is
subject to the
county government in which it is located, and also to the State
government.
"Then we have the plantation form of
government.
Plantations are
usually of the same size in area as the towns.
on Jan. 1 each
year for the State and County
each year for the taxes due the
City of Atlanta. In
other words, State and County taxes for the year 1938 will affix on Jan.
1,
1938, and the City of Atlanta taxes will affix on Jan. 31, 1938.
The
new Act entirely abolishes
separate taxation by the State, County
City, and provides one tax in lieu of all other taxes on money on deposit.
on money on deposit, under this new
Act, is limited to an aggregate
of 10 cents for one thousand dollars on deposit
and, as you will notice
from the copy of the Act, applies only to money which has a taxable
situs
in Georgia as defined in the Act.
Money which has no taxable situs in
Georgia is, of course, subject to no tax within the State.
For exmaple,
if you have $100,000.00 on deposit with us which has no
taxable situs in
Georgia, there will be no tax.
If it has a taxable situs the total tax will be
$10.v0.
The Act covers all taxes subsequent to taxes for the
year 1937.
The
tax, therefore, on money having a taxable situs in Georgia on
deposit on
Jan. 1, 1938, is limited to 10 cents per thousand dollars and this tax is
in
and
"Then
such money on deposit.
on
Maine—Aims
of Emergency Municipal Finance Board
Summarized—Following the publication in these columns
recently of a report dealing with the assumption by the
State Emergency Municipal Finance Board of control of
the fiscal affairs of
and surrender
from
a
number of communities in the
State,
by others of their charters, we have received
Holley a letter summarizing the
organization, together with a list
Chairman Frank H.
aims and purposes of the
of the units now under its
jurisdiction.
The Board, created
by Chapter 284 of the Public Laws of 1933, Special Session,
as amended
by Chapter 233, Laws of 1937, is made up of
three
State
officials, viz., Frank H. Holley, State Tax
Elbert D. Hayford, State Auditor, and Belmont
Assessor;
A. Smith, State Treasurer.
pose
It
was
established for the pur¬
of enabling the cities, towns and jdantations in financial
difficulties
to
be
re-established
on
a
sound
financial
basis
through assistance from the State, where necessary, and to
assure
the payment by such units of their
proportionate
share
of
State
taxes.
Under the provisions of the statute, the Board is authorized and
em"
powered ultimately to assume control of the fiscal affairs of any
community
in event it fails to meet certain municipal obligations.
These include de¬
linquency for one year and six months, in whole or in part, on taxes due the
State; default on either principal or interest on outstanding
indebtedness;
failure to pay salaries of school and other municipal
employees, or necessity
of obtaining State funds to meet relief costs.
In determining whether sucn
control is justified in the "interest of the State and public
necessity,"
the Board is charged with the responsibility of
conducting, at the expense
of the unit in question, an exhaustive analysis of its
affairs, financial and
otherwise.
Accompanying Mr. Holley's letter, from which we quote further
below,
a record of the towns now under control of the Finance
Board, together
a list of the towns and plantations which have
surrendered tneir char¬
ters in the past three years.
The tabulation does not include the City of
Eastport for the reason that it was not under jurisdiction at the time the
summary was prepared.
In assuming control of that unit, the Board did
so at the request of local officials.
is
with
The three towns under control of the
ported by Mr. Holley,
Emergency Finance Board,
as re¬
are Van Buren, Connor and St. Francis.
The following towns and plantations have surrendered their charters
in
the past three years:
we
ernment.
more remote in location.
have the town form of government and the
city form of gov
Under our statutory provisions,
however, the word 'town'
applies to all those which are organized.
"Although no provision is made for it in the law, we have asked for
communities desiring State control to invite the Board to
participate with
them in the operation of their government.
It seems best for all
concerned,
when possible, to follow this invitation
system, although in some cases it
may become necessary to enter some places even
against the wishes of a
part of the electorate.
In each instance to date a
vacancy has been de¬
clared in every office in the
town, except hi some instances school boards,
or some similar official.
Whereupon the Board has appointed a commis¬
sioner to supervise the work; the commissioner
assuming various offices
and receiving only one salary.
For instance, in one community the com¬
missioner serves as tax
collector, treasurer, road commissioner, town clerk
and various other offices.
This
substantially reduces the overhead cost of
been thus far to ask citizens,
many
government.
Our next procedure has
times those who have never
sought
public office, and those whom we believe
highly efficient in business affairs, to assume, on a one dollar a
year basis
and by our appointment, the
positions in the town government to
which
we removed from office
by our edict
declaring all offices vacant.
"Thus far in these communities it has been the
policy of the Board to
pay as we go and we have not up to the present time made
any loans.
Whether or not we will be able to continue this
policy is entirely prob¬
lematical and rests primarily upon our
ability to collect taxes
of
and, inci¬
dentally,
upon the ability of citizens to carry the tax load.
"There has been up to date no attempt to make settlement of
outstanding
accounts existing when the State assumed control of
local government.
This matter has not yet been
thoroughly threshed out with the Board, the
Attorney General and the creditors.
"The writer assumes that there can be no standard
every community.
Hence it would
policy applicable to
a problem
appear that each town will be
by itself."
New York City—1938
Budget Dies as Mayor Refuses to
Approve— The proposed budget for 1938 was automatically
killed
on
Dec. 24 when Mayor LaGuardia refused to
sign it
technical
grounds for the second time, in this instance
place before
him a
budget which it
had previously approved over his veto.
on
because the
Board of Aldermen had failed to
resolution transmitting to him the
The Mayor said that none of the city's institutions
The tax
lieu of all other taxes
Usually, however, less thickly
populated and
the citizens had elected those whom
banks, except funds in
10 cents:
7
For each $1,000 of the fair market value of
stocks, bonds or notes secured
by real estate mortgages, $3.
For each $1,000 of FHA-insured shares in Federal-or
State-chartered
building and loan associations, $1.50, and $3 on any amount in excess of
$5,000.
trust or escrow,
i
organized plantation.
Concord—Now an organized plantation.
Albany—To become an unorganized township Jan. 1, 1938.
Argyle—To become an unorganized township Jan. 1, 1938.
Freeman—To become an unorganized
township Jan. 1, 1938.
Edmunds—To become an unorganized township Jan.
1, 1938.
Carroll—Now an organized plantation.
Somerville Plantation—Intends to become an
organized plantation after
Feb. 1, 1938.
Mayfield Plantation—Now an unorganized
township.
Lang Plantation—Now an unorganized township.
Quotations from Mr. Holley's letter follow:
"Your communication to the
Emergency Municipal Finance Board is
before me, and there has been
prepared in this Department a list of the
towns which have come under State control and
also a list of the towns
an
nor
any of its
em-
Eloyees needtake
worry about the money to Jan. 15, by which time provisions,
Current the Mayor
said, will
of everything up to keep going.
e
care
hopes the city will have
a new budget made up under the
guidance of the
In the Mayor's view there is now no
budget
for next year.
It is expected that the Mayor will ask the new Board of
Estimate, which
is in almost complete sympathy with
him, to enact
officials elected last month.
virtually the executive
budget, which he submitted to the Board of Estimate last fall, with $287,000
jobs chopped from it—held by Democratic and Republican
leaders—but including $12,000,000 of income from rate increases
which
the Board of Aldermen had reduced.
It is expected that the slim Demo¬
cratic majority of the new City Council will not undertake to
override a
new budget.
worth of political
New
York State—Governor
Signs New York City Code—
Governor Lehman completed the work of the recent
special
session of the
Legislature on Dec. 30 by signing the 3,350New York City administrative code, for the enactment
of which the special session was called
by the Governor
at the request of Mayor La Guardia.
page
The Governor's action
new
came
within 48 hours from the
year, when the code will go into effect
charter.
beginning of the
concurrently with the new city
In his memorandum on the bilx the Governor
quoted from letters from
the Mayor urging him to sign it, and from the Board of
Statutory Con¬
solidation, which drafted the code, pledging complete cooperation w.th the
Legislature in correcting any defects in the measure.
The letter reads in part as follows:
"The new charter and code together provides a complete and detailed
set-up for launching the city Government under the plan
set forth in the new charter.
The existence of both will supply a complete
Governmental
legal architecture for carrying on the necessary functions of Government as
efficiently and with as little friction as possible, after the first of the year.
Whatever minor defects may develop in this body of law can and should
be corrected during the 1938 session of the
Legislature.
To this end we
pledge ourselves to join with the Legislature in making and supporting any
corrective changes Which may be found necessary."
State 2% Sales Tax Recommended
for_ Relief—The joint
legislative committee on State fiscal policies recommended
on
Dec. 30; in the final section of its report to Governor
Lehman and the Legislature, that a 2% sales tax be levied
to raise $135,000,000 to $141),000,000 a
year for State and
unemployment relief, according to newspaper advices
Albany on that date.
The report was drafted by
Assemblyman Abbot Low
Moffat, Republican of New York, Chairman of the com¬
mittee, recommending a sales tax on all commodities and
services, with food exempted.
"Those who favor the sales
tax," the reported stated, "point Out that in New York
City, which comprises 55% of the State's population, a 2%
sales tax is already in effect.
It would only be necessary
to extend the city tax to all services and make it
State-wide,
thus equalizing the burden New York
City bears and re-
local
from
Financial
136
moving
a
business competition adverse to the city."
Adop¬
a sales tax would not increase those paid at
tion of such
present by New York City
single person from $1,000 to $500, and for each dependent from $400 to
$200 would increase the State's revenue by $70,000,000 to $75,000,000.
The balance needed to make up a total revenue of $135,000,000 could be
raised, the report said, by luxury taxes on tobacco products, admissions,
soft drinks, cosmetics, patent medicines, chewing gum and a utilities sales
tax.
said that less than 12% of the
property is not capable of producing adequate revenue or if an un¬
usually large proportion of the estate is invested in a mortgage upon one
there must be more than ordinary sufficiency in value of the
If
a
property,
mortgaged premises.
residents, it is understood.
Adoption of such a sates tax would not increase those paid at present
by New York City residents.
Referring to the contention of opponents of a sales tax that competition
by neighboring 8tates which do not have a sales tax constitutes a threat to
business, the report declared that the experience of New York City and
States which have a sales tax shows this "threat is very slight."
As an alternative to a sales tax the report recommended a reduction in
Income tax exemptions.
The report estimated that reducing the present
Income tax exemption for the head of a family from $2,500 to $1,000, for a
The report
adult population now paid an
and the proposed lower exemption would increase the number
to between one-third and one-half, thus broadening the tax base and pro¬
moting direct tax-consciousness.
income tax,
The investment of a substantial part or all of a trust estate in one invest¬
ment does not, of itself, constitute sufficient ground for a surcharge.
The
general test is whether the trustee exercised skill, prudence and caution in
selecting the investment.
If revenues from the mortgaged premises are uncertain, and the neighbor¬
hood is not improving, there is extra need for caution.
Eligibility as Legal Investments
Bonds of Special State Authorities—The
following article on the narrowness of eligibility accorded to
bonds of the various special State agencies in the lists of
legal investments for savings banks and trust funds, was
written by George Wanders and appeared in the New York
State—Legislative
Committee
Recommends
Adoption of Cash Basis Policy—The taxpayers of New York
State are faced with a combined local, State and Federal
$11,875,000,000, equivalent to a mortgage of nearly
family in the State including those on relief,
the Joint Legislative Committee on State Fiscal Policies
declared in the second section of its report, made public on
debt of
$3,000
on every
Dec. 27.
"Herald Tribune" of Dec. 27r
One aspect of finance that is arousing attention among specialists in
tax-exempt securities concerns the wider eligibility as savings bank invest¬
ments of securities issued by special State agencies, such as the Port of
Bridge Authority, the Delaware
Clarification of this matter
bonds on an even basis with other
rating.
State rules and regulations everywhere govern the investment of sav¬
ings bank funds.
The so-called legal lists are revised annually in most
instances, and semi-annually or even quarterly in some States,
But the
existing legislation covers the admission of bonds to legal lists, and the
State legislatures have not yet caught up with the modern trend toward the
financing of public improvements through State agencies.
The committee is
headed by Assemblyman
lftt/llT6
Abbot Low Moffat, Chairman
now in the
1938 Legis'•
■*
t
York State furnishes approximately 23 % of Federal revenues,
the committee said, the taxpayers of the State will ultimately have to pay
Since New
tate's net funded the
of $525,000,000 Federal debt, in addition to the
§8,377,000,000 of debt $36,424,000,000 and the $2,973,000,000 net funded
localities in the State. Although the Federal collections from this
some corporation taxes paid by companies of nation-wide
with their main office in New York, the report said, "the fact remains
that the taxpayers of New York State pay the great bulk of this revenue."
debt of the
State include
scope
When the country starts to pay
off the large Federal debt incurred during
the committee warned, the people will have to meet heavier
To avoid a readjustment of Federal, State and loc^l finances
time, the committee declared "it would be very wise" for the State to
the depression,
Federal taxes.
at one
York
anticipate Federal action by adopting a pay-as-you-go
construction instead of further borrowing.
The committee warned of ultimate repudiation or
plan for all public
inflation if public
borrowing continues. It expressed the belief that the people of the State
"must face facts realistically" and that they "have the courage and the
willingness to do so."
"At some time, now or in the future," it said, "the policy of continuous
borrowing must be halted and the State and its communities headed in the
other direction."
Members of the committee said they "feel strongly" that the Legislature
should not avail itself of the $40,000,000 bond issue authorized by the
people in November "unless absolutely necessary." The report pointed out
that, unless revenues drop sharply, the State's normal capital needs can be
met out of current revenues without increasing taxes and with an actual
saving to the taxpayers.
If no more bonds are issued by the State, annual debt service require¬
ments will drop from a peak of $55,000,000 next year to $24,000,000 in
1949—a reduction of $31,000,000, the committee said.
It emphasized that
debt service appropriations, which exceed $52,000,000 this year, offer the
only field for substantial budget reduction without abandoning existing
,
„
governmental functions.
Legislation requiring local governments of the State gradually to transfer
to a pay-as-you-go policy for ordinary capital projects was also proposed
by the committee,
It attacked the curtailing of necessary capital con¬
struction, especially replacements, as "one of the most fallacious of econo¬
mies."
It declared its belief "that the State for many years to come will
have to make heavy capital outlays for expanding facilities and for replace¬
ment or remodeling of its existing facilities."
suggesting the abandonment of the $40,000,000 bona issue, the com¬
intend to imply any criticism of Governor Lehman
for having recommended the bond issue early this year. His recommendation
was based on budget figures and estimates
"then before him," the com¬
mittee said, but the fact that during the last fiscal year the State actually
collected $18,000,000 more than was estimated "has materially changed the
situation since the recommendation was made."
If the bond issue is used, the committee warned, it may be necessary
to increase taxation or issue more bonds to provide new capital when the
$40,000,000 is exhausted.
Since the State can adopt a pay-as-you-go
policy "with a minimum of hardship at the present time," the committee
urged that the State avoid imposing the added cost of interest charges
that would bring the total cost of the bond issue to $50,000,000 or $55,000,-
Authority,
Anomalous Situation
of New York Authority, for instance, are
specifically legal for investment of savings bank funds in New York and
New Jersey, for these two States joined to form the body and the covering
legislation made the bonds legal.
But Port Authority bonds are not legal
for banks in Massachusetts or other States than the two directly concerned.
Delaware River Joint Commission bonds are "legal investments" in New
Jersey and Pennsylvania, for those States formed the commission to develop
the lower Delaware, but here again other States have not enacted legislation
making them legal.
This situation is general.
Tax-exempt bond specialists point out that an anomalous situation thus
is produced.
Bonds issued throughout the United States by utility, rail¬
road and industrial corporations usually are acceptable for admission to
legal lists of the several States, provided that debt service requirements
are covered by earnings in stated ratios.
But for the tax-exempt issues of
special authorities, no such widespread covering regulations have yet been
issued by
the Port
evolved.
Relative Nevmess Drawback
This is due in large part to the relative newness of revenue bonds issued
by agencies of the States.
The various State enactments for investment
of savings bank funds were drawn up before the use of special agencies
became general.
Amendments to the laws clearly are advisable, so that
the obligations can gain the wider market they deserve.
The benefits
would be general, for lower interest costs probably would follow for the
agencies, and the savings bank would have a larger investment field opened
to them at a time when "legal" bonds are scarce.
New rulings would be necessary, of course, for the State agency bonds
rest on the projects built by the loans and not upon the general faith and
credit of the States concerned.
They are payable almost universally
only from the revenues of the various
Conclusions of
Committee—We summarize as follows the
various tax matters:
That the State should endeavor to
increase its miscellaneous receipts by
making, wherever possible, special services which it performs for limited
groups of its people at least partially self-supporting instead of making all
the people of the State pay for such services.
That the State, in considering tax problems, should at all times view the
tax structure, including local taxation, as an integrated whole and not con¬
sider any specific tax base or the tax erected thereon as an independent,
unrelated entity.
That the existence of a series of temporary or emergency taxes, annually
injects into our economic life an uncertainty which may have
serious repercussions and that the present temporary taxes should either be
allowed to lapse or be incorporated in the normal tax structure of the State.
That the present system of sharing with the localities the revenues of
certain sensitive taxes should be changed for the greater security of the
localities and the administrative benefits that would accrue to the State.
That, in order to secure for the taxpayers the economies and other benefits
renewed,
of
a fiscal year commencing April 1, tax payment dates should be adjusted.
That the State should prepare to set up a system of tax reserves to protect
its people in
times of economic depression.
That, for the convenience of the taxpayer, no
in the course of the
written statement required
administration of the tax laws should, except in a Judicial
affirmation before a notary
proceeding, be required to be verified by oath or
public if it contains or is verified by a written
under the penalties of perjury.
declaration that it is made
attention should be paid to the problem of tax evasion, not
only because the revenue recovered will many times exceed the additional
appropriations required, but because of the social injustice of permitting
honest taxpayers to suffer at the hands of the dishonest.
That greater
Pennsylvania—Investment Basis Set for Trustees—Judge
Dec. 22 specified what
Charles Sinkler in Orphans' Court on
investment by trustees of estates.
The
Philadelphia "Inquirer" of Dec. 23 reported the tests are
constitutes proper
to be as
The
follows:
in value of mortgaged premises.
The investment of
limited by statute to two-thiras of the fair value of the mort¬
sufficiency
trust funds is
gaged premises.
of the projects financed
Also important is the circumstance
reliability of revenues.
agencies are non-profit organizations, and that their bonds always
are tax exempt within the issuing States, and also exempt from Federal
taxes.
These and other items suggest that the regulations governing
that the
admission to legal
issues.
Bond
lists should be more liberal than is the case on corporate
_
Proposals and Negotiations
ALABAMA
ANNISTON,
Ala.—BOND
OFFERING—The
offering of $50,000
improvement bonds originally set for Dec. 23 has been postponed to Jan. 13.
The bonds will be offered at public auction at 7:30 p. m. on that date by
W. S. Coleman, Mayor.
Bidders are to name rate of interest, not to
exceed 5%.
Denom. $1,000.
Dated Jan. 1, 1938.
Principal and semi¬
annual interest (Jan. 1 and July 1) payable at the Chase National Bank of
New York.
Due $5,000 yearly on Jan. 1 from 1939 to 1948.
Certified
check for $1,000, payable to the City Treasurer, required.
The bonds
will be sold subject to the approval of Storey, Thorndike, Palmer & Dodge
of Boston.
000, instead of $40,000,000.
conclusions of the above committee on
Accordingly, the States
corporate issues.
Chief among those factors is the public nature
and proved
In
urged that the State be "very hesitant" about creating
public authorities in the future.
It declared they have developed into
corporte devices for avoiding constitutional debt limitation.
The State,
it said, has come to the rescue of several of the 33 existing authorities "with
some form of hidden subsidy."
The committee recommended repeal of the statutes creating authorities
which have not yet incurred obligations.
This would affect the RocklandWestchester Hudson River Crossing Authority, the Albany Light. Heat and
Power Authority and others.
projects.
should provide standards for admission to legal lists along the lines now
applicable to corporate bonds.
The standards, however, should be evolved
with the various factors in mind that set State agency bonds apart from
mittee declared it did not
The committee
Triborough
the
River Commission and others of a like nature.
is needed, in order to place such revenue
securities of a similarly high investment
Bonds
of the Asseipbly Ways and Means Committee.
Its report is
bands of Gov. Herbert H. Lehman and will be submitted to the
States—Wider
United
Recommended for
New
York
New
Jan. 1, 1938
Chronicle
CONECUH COUNTY (P. O. Evergreen)
Ala.—BOND SALE DETAILS
—It is now reported that the $35,000 4% refunding bonds purchased by
Marx & Co. of Birmingham, at a price of 100.288, as noted here recently—
145, p. 4147—are dated Jan. 1, 1938, and mature
V.
1948 to 1957, giving a basis of about
$3,50u from Jan. 1,
3.975%.
HUNTSVILLE, Ala.—BOND OFFERING—Sealed
bids will be received
by N. M. Payne, City Clerk-Treasurer, for the purchase of a
$75,000 issue of school improvement bonds. Interest rate is not to exceed
5%, payable J. & D. Denom. $1,000. Dat d Dec. 1, 1937. Dae on Dec. 1
as follows:
$3,000, 1940 to 1959, and $5,000, 1960 to 1962, callable on or
after Dec. 1, 1942. These bonds were approved by the voters on Nov. 16, as
noted in these columns at the time—Y. 145. p. 3529.
until Dec. 30,
JEFFERSON
(P.
COUNTY
O.
Birmingham), Ala .—ADDITIONAL
by the County Clerk that the
INFORMATION—We are now informed
$467,500 issue of road construction warrants sold on Dec. 22 as 3%s, at
a price of 99.64, a basis of about 3.80%, as noted in these columns—V. 145,
p. 4147—was purchased jointly by Watkins, Morrow & Co., and King,
Mohr & Co., both of Birmingham.
Due from Jan. 1, 1941 to 1952.
The second bid was an offer of 99.63, submitted by a group composed of
Co.; Ward, Sterne & Co., the
Equitable Securities Corp.
Marx <fe
Robinson-Humphrey Co., and the
ARIZONA
CALL—J. Edwin Miller, Town Treasurer, states
that a total of $125,000 5^% semi-annual artificial light bonds, numbered
from 1 to 250, are being called for payment on Jan. 15, on which date interest
will cease, and will be paid upon presentation to any place of payment
specified in said bonds.
Dated July 15, 1917.
Due on July 15, 1957,
redeemable on any interest paying date after July 15, 1937.
BOND SALE DETAILS—In connection with the sale of the $125,000
issue of 4and 4K% electric light refunding bonds to a syndicate
headed by Seasongood & Mayer, of Cincinnati, noted in these columns
recently—V. 145, p. 4147—it is reported that the bonds are dated Jan. 15,
1938. Prin. and semi-ann. int. payable in New York City. The legality will
be approved by Chapman & Cutler of Chicago.
MESA,
SALT
POWER
Ariz.—BOND
RIVER PROJECT
AGRICULTURAL IMPROVEMENT AND
O. Phoenix), Ariz .—BOND OFFERING—It
will be received by A. W. McGrath, Secretary,
Directors, at his office in the Water Users Building,
DISTRICT
(P.
is announced that sealed bids
Board
of
District
Phoenix, until 11 a. m. on Jan. 3, for the purchase of $3,197,000 district
bonds.
Coupon bonds in the denomination of $1,000 each, registerable
as
to principal only.
Dated Oct. 1, 1937.
Due on Jan. 1 as follows:
$100,000, 1948 to 1954; $200,000, 1955 to 1957; $250,000, 1958 to 1960
$247,000, 1961, and $300,000, 1962 to 1964.
The district reserves the right
to redeem the bonds on Jan.
1, 1948, or on any interest payment date
days' notice at par and accrued interest plus a premium
H of 1% of the principal for each year or fraction of year of the term
has not expired at the date of redemption, provided the
thereafter upon 45
of
thereof which
Volume
Financial
146
premium shall not exceed 3% of the principal.
Principal and interest
(J. & J.) payable at the Harris Trust & Savings Bank, Chicago.
Bonds are payable from taxes levied upon all taxable real property within
the district without limitation of rate or amount and payment of the bonds,
Chronicle
.
both principal and interest, is further secured by Salt River Valley Water
Users Association, whose executed guaranty of payment will be indorsed
each bond.
The district will furnish printed bond6 and the approving
opinion of Chapman & Cutler of Chicago.
Proposals must be accompanied
a certified or cashier's check for $60,000, drawn upon a bank or trust
upon
with
for that amount, payable to the order of the district.
Bonds will be awarded to the highest responsible bidder offering to pur¬
chase same for not less than 95% of the par value thereof, plus accrued
interest and bearing the lowest rate of interest not to exceed 5%.
These bonds are issued in pursuance of a contract between the Associa¬
tion and the District, a copy of which is enclosed with the notice of sale.
company
of this proposed issue, and in addition to the information
the Association was incorporated in 1903, under
Arizona laws, to cooperate with the Secretary of the Interior in carrying
out the purposes and provisions of the Federal Reclamation Act in the con¬
struction and operation of the Salt River Project.
Although incorporated
for a public purpose, it was necessary to take a private charter, inasmuch as
the Territory of Arizona had, at that time, no laws providing for public
irrigation districts.
In 1921 the State Legislature passed an Act authorizing
the organization of irrigation, drainage, electric and agricultural improve¬
ment districts, giving them the status, privileges, power and immunities
of municipal corporations.
The Association as a private corporation pays on its outstanding obliga¬
tions a higher rate of interest than is required of public bodies performing
the same service, whose securities are tax-exempt.
It was impossible for
the Association to convert itself into a public district, because of certain
provisions in its contracts with the United States for the construction and
operation of the works of the Salt River Project.
The officers of the Asso¬
ciation therefore conceived the ideal of organizing an agricultural improve¬
ment district,
providing by contract between the Association and the
District that the District should assume the outstanding obligations of the
Association, and that the Association should continue to operate the project
under its contracts with the United States as agent of the District.
In order to save taxes on trucks, supplies and other personal property of
a transient nature purchased by the Association but used for the benefit
of the United States property entrusted to it, the Association agreed to
turn over the nominal title to these properties to
the District.
There
were other agreements between the parties embodied in the contract, as
will appear by examination of the copy supplied you.
The organization of the District, the contract of the Association and
the validity of the District bonds have all been tested before the Supreme
Court of Arizona and received the approval of that body.
The contract
has been approved by the Secretary of the Interior of the United States
and is now in force.
Chapman & Cutler of Chicago have given a favor¬
able opinion as to the validity of the bonds and their exemption from
Federal income taxes under present laws.
The present proposed issue of
$3,197,000 of District bonds is part of a first issue of $13,000,000 of District
bonds voted and authorized by the District pursuant to the provisions of
137
LASSEN COUNTY (P. O. Westwoodj, Calif.—WESTWOOD SCHOOL
BOND SALE—The $135,000 issue of Westwood Unified School District
building bonds ofTered for sale on Dec. 27—V. 145, p. 3998—was awarded
jointly to R. H. Moulton & Co. of Los Angeles and Thrall, West Sc Co. of
Minneapolis, as 4s, paying a premium of $3,400, equal to 102.61, a basis
of about 3.44%.
Dated Jan. 1, 1938.
Due $15,000 from Jan. 1, 1938 to
1947, inclusive. ■
ST LOS
ANGELES COUNTY (P. O. Los
Angeles), Calif.—BOND ELEC¬
TION IN CASTAIC SCHOOL DISTRICT—An election will be held Jan. 4
In Castaic Union School District for the purpose of voting on » proposal to
issue $25,000
school building
bonds J
^2£rA£££LE^.£OUNTY <P* °- Lo« Angeles), Calif.—TEMPLE
SCHOOL BONDS OFFERED—On Jan. 11 at 2 p. m. the Board of Super¬
visors will offer for sale an issue of $100,000 bonds of
Temple School District.
In explanation
COLORADO
contained in the enclosure,
_DELTA, Colo.—BOND DISPOSAL REPORT—We are informed by the
City Clerk that all arrangements have been made for the disposition of
$60,000 light and power plant extension bonds authorized recently,
as noted here—V.
145, p. 3998—and none of these bonds will be offered at
public sale.
the
ENGLEWOOD,
of various
Colo.—BOND CALL—It Is reported that certain bonds
being called for payment as of
paving districts of the city are
Jan. 1 at the office of the City Treasurer.
WtLA JUNTA, Colo.—BOND ELECTION REQUIRED—The ^District
Judge is reported to have ruled in a recent decision that a proposed $700,000
municipal light plant bond issue must be submitted for approva. to the
voters.
CONNECTICUT
P NORWAL K,
Conn.—BOND SALE—The
$325,000 coupon or regis¬
school bonds offered on Dec. 29—V. 145, p 4148
Phelps, Fenn & Co. of New York on a bid of 100.77 for
2Ms, a basis of about 2.17%. Dated Jan. 1, 1938. Due Jan. 1 as follows:
$16,000, 1939 to 1953, and $17,000, 1954 to 1958.
The bankers are reoffering the bonds for investment at prices to yield from 0.50% to 2.25%,
according to maturity.
Next best bid was made by Halsey, Stuart & Co., Inc., New York, and
the R. F. Griggs Co. of Waterbury, the tender being 100.621 for 2Ms.
tered Concord-Knudsen
—were
awarded to
^FLORIDA
BONDS
Clyde C. Pierce Corporation
its contract with the Association.
Barnett National Bank
(These bonds were originally offered for sale without success on Sept. 7
and on Dec. 14, as noted in these columns at the time.)
JACKSONVILLE -H
•
-
Building
-
-
FLORIDA
Branch Office: TAMPA
First National
ARKANSAS
of—REPORT ON REVENUE LOSS THROUGH
HOMESTEAD EXEMPTION—On the basis of 1936 tax valuations and
payments, the $1,000 homestead exemption effective in Arkansas on tax
payable in 1938 would have reduced revenue by $588,473, according to
a survey report by the Arkansas Department of Education and the Works
Progress
Administration.
A
constitutional amendment
authorized a
$1,000 homestead exemption and empowered the Legislature to increase
the figure to $2,500 when revenue losses can be covered by other taxation.
The survey indicated, however, that increase of the exemption to $2,500
would make a comparatively small difference in the amount of tax reduc¬
tion.
On a basis of $2,500 the tax loss in 1936 would have been $668,087.
The 1937 Legislature apportioned 8% of sales tax income to general revenue
to offset tax losses by reason of homestead exemption and the sales tax rate
ARKANSAS,
was
Bank
State
increased to reimburse local school districts.
HELENA SCHOOL DISTRICT (P. O. Helena) Ark .—BOND SALE—
The $10 000 issue of 6% semi-ann. building Improvement bonds offered for
on Dec. 24—V. 145, p. 3847—was awarded to M. W. Elkins & Co. of
Building
T.
S. Pierce, Resident Manager
FLORIDA
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 16
(P. O. Pensacola), Fla.—BONDS SOLD TO PWA—The $420,000 issue of
4% semi-annual school construction bonds offered for sale on Dec. 27—
V. 145, p. 3848—was purchased by the Public Works Administration at par.
No other bid was received, according to the Superintendent of the Board of
Public Instruction.
Dated July 1,1937.
Due from June 30, 1939 to 1967,
inclusive.
LEON COUNTY SPECIAL TAX'SCHOOL" DISTRICT NO. 5 (P. O.
Tallahassee), Fla.—BOND OFFERING—F. A. Rhodes, Secretary, County
Board of Public Instruction, will receive bids until noon Jan. 19 on an issue
of $18,000 4% school bonds.
Denom. $100.
Dated Dec. 1, 1937.
In¬
terest payable June 1 and Dec. 1.
Due Dec. 1 as follows: $600, 1939 to
1948, and $800. 1949 to 1963.
sale
Little Rock,
at a price of 106.10,
according to the Chairman of the Board
GEORGIA
of Education.
COUNTY DRAINAGE
IMPROVEMENT DISTRICT
Harrisburg), Ark.—APPEAL MAY BE TAKEN TO TEST
POINSETT
NO. 7 (P. O.
MUNICIPAL BANKRUPTCY ACT—Involving specifically the $5,590,000
appeal may be had to the Court
bonded indebtedness of the above District,
T. C. Trimble at
constitutionality of an amendment to the Federal
Bankrputcy Act passed last August by action of Congress.
The amendment, which relates to bankruptcy action of this type, may
also reach the Court of Appeals and the United States Supreme Court in
a case from California, in which the District Court also affirmed its con¬
Appeals from a decision returned recently by Judge
of
Little Rock, to uphold the
stitutionality.
COLUMBUS, Ga.—BOND OFFERING— On Jan. 10 at 11 a. m. the
city will offer for sale an issue of $30,000 3% street Improvement bonds.
Interest payable semi-annually.
Due in from one to three years.
^
i
-
„
....
MOULTON,
Ga.—BOND
W.
Gentry,
Mayor, will
IDAHO
.
States Supreme Court invalidated a section of
Bankruptcy Act relating to levee and drainage improvement
districts, Poinsett County Drainage District No. 7 was engaged in efforts
to refinance its $5,590,000 debt at 25.879 cents on the dollar with proceeds
of a Reconstruction Finance Corporation loan of $1,674,750.
When the
amendment was passed last August, the petition was refiled in substantially
the same form.
The plan makes no provision for payment of defaulted in¬
terest.
Outstanding bond issues were said to carry an average 5% coupon.
As the litigation involves constitutionality of an Act of Congress, an inter¬
vention was filed by the Department of Justice, which was represented at
the hearing by Vincent M. Miles, special assistant to Attorney General
Homer Cummings.
Interventions were also filed by minority groups of
OFFERING—L.
Dec. 30 on an issue of $17,000 4% water works
improvement bonds.
Denom. $500.
Dated April 1, 1937.
Interest
payable April 1 and Oct. 1.
Due April 1 as follows: $500, 1940 to 1949,
and $1,000, 1950 to 1961.
receive bids until 2 p. m.
At the time the United
the original
bondholders.
_
,
...
District, which is the largest of the type in Arkansas, comprises
estimated 200,000 acres.
In 1933, it secured a Reconstruction Finance
Corporation loan of $235,000 to build a flood way two miles away.
This
project was approved by 90% of the bondholders.
Attorneys or the District said the proposed refinancing plan is approved
by 98% of bondholders.
Principal creditor of the District is W. B. Chap¬
man, Memphis, oWner of timber lands in eastern Arkansas.
The
an
CALIFORNIA
IDAHO FALLS. Idaho—BOND SALE— The'$29,500 coupon refunding
bonds offered on Dec. 23—V. 145, p. 3848—were awarded to the First
Security Trust Co. of Salt Lake City as 2s, at par plus a premium of $11.70,
equal to 100.039, a basis of about 1.99%.
Dated Jan. 1, 1938. Due on
'942.
Jan. 1 as follows: $9,000 in 1940: $10,000 in 1941. and_.$10,600
Other bidders were*.
Ure, Pett & Morris, Salt Lake City
Continental Nat. Bank & Tr. Co., Salt Lake City
proved the issuance of $280,000 in bonds to take up a similar amount of
20-year bonds of the district now held by the RFC.
The count was 48
"for" to none "against."
The bonds will bear 4% interest and will become
payable on the amortization plan over a period of 40 years.
ILLINOIS
vote.
'KENILWORTH7~IH.—BONDS FEFEATED—C.
CALIFORNIA, Stste of—MUNICIPAL STATISTICS COMPILED—
Francisco, are distributing a cir¬
California cities. The cities are
listed alphabetically and opposite each the following information is given:
Population, assessed valuation, direct debt, total debt, total debt tax sup¬
ported, debt to assessed valuation, per capita debt, retail sales per capita,
percentage of population filing income tax returns for 1934 and 1935, per¬
centage purchasing new cars and percentage of tax delinquency as of June
30, 1933. 1935 and 1937.
FRESNO COUNTY (P. O. Fresno) Calif .—FOWLER SCHOOL BOND
OFFERING—Sealed bids will be received until 2 p. m. on Jan. 4, by E.
Dusenberry, County Clerk, for the purchase of a $93,000 issue of Fowler
School District building bonds. Interest rate is not to exceed 5%, payable
J & J.
Denom. $1,000.
Dated Jan. 1, 1938. Due on Jan. 1 as follows:
Prin. and int. payable in lawful
A reasonable time, not to exceed
10 days, will be allowed the buyer to determine the legality of the pro¬
ceedings had in connection with the issuance of the bonds, and the bonds
must be taken up and paid for within five days after notice has been given
for $1,000, payable to
M. Osborn,
Manager, reports that an issue of $340,000 storm sewer revenue
was defeated at an election on Dec. 28.
SERENA COMMUNITY SCHOOL DISTRICT,
The H. C. Speer & Sons Co. of Chicago recently
$20,000 school construction
a
Village
bonds
III.—BONDS SOLD—
purchased an issue of
bonds.
VOTED—On Dec7l8The voters approved
proposition to issue $20,000 water works bonds.
Heller, Bruce & Co., Mills Tower, San
cular showing comparative statistics of
the
LOW-LIFT
SOUTH ELGIN, III.—BONDS
ready for delivery. A certified check
Board of Supervisors, must accompany the bid.
29,556.00
IRRIGATION DISTRICT (P. O. Murtagh),
Idaho—BONDS VOTED—At the election' held on Dec. 14, the voters ap¬
MILNER
warrants.
that they are
$29,544.77
29,538.35
FCLAY CITY, III.—BOND ELECTION—At an election set for Jan. 27ra
proposition to issue $25,000 water system bonds will be submitted to a
CALIFORNIA (State of)—WARRANT SALE—On Dec. 27 an issue of
$2,193,740.04 registered warrants was awarded to the American Trust
Co. and the Bankamerica Co., both of San Francisco, on a .75% interest
basis, plus a premium of $923.78.
The warrants, issued to replenish the
revolving fund from which general fund State expenses are paid, are dated
Dec. 29,1937. An estimate of the State's revenue indicates that the warrants
will be called for retirement on or about June 1, 1938.
Kaiser & Co. of
San Francisco, second high bidders, offered a premium of $342.80 on .75%
$4,000. 1939 to 1960, and $5,000 in 1961.
money at the County Treasurer's office.
Rate
Price Bid
Name—
American National Bank, Idaho Falls
INDIANA
**
CHRISNEY, Ind.—BOND OFFERING—TheTTown Clerk will receive
bids until 7 p. m. Jan. 10 on an issue of $2,500 bonds.
V
DECATUR SCHOOL CITY, Ind.—BOND SALE— The Issue of $90,000
school building bonds offered Dec. 29—V. 145, p. 3849—was awarded to
the Central Securities'Corp. of Fort Wayne, as 2 Ms, at par plus a premium
$80, equal to 100.08, a basis of about 2.74%.
Dated Jan. 1, 1938 and
each six months as follows:\ $1,500 July 1, 1939 and Jan. 1, 1940;
$2,500 July 1/1940; $2,000 Jan. 1 and July 1 from 1941 to 1956, Ind.;
$2,500 Jan. 1 and July 1 In 1957 and 1958, and.$2,500.Jan. 1, 1959.
of
due
EVANSVILLE SCHOOL CITY (P. O. Evan8ville),' Ind.—BOND OF¬
FERING—The Board of School Trustees on Jan 12 at 11 a. m. will offer
for sale an issue of $250,000 bonds.
HAMMOND, Ind.—BOND SALE—Thb*r$124,000 3%
coupon
judgment
funding bonds offered on Dec. 27—V. 145, p. 3999—were awarded to the
Calumet National Bank of Hammond at par, plus»a premium of $2,676.50.
138
Financial
Chronicle
Jan. 1, 1938
equal to 102.15, a basis of about 2.725%.
Dated Dec. 26, 1937, and due
Dec. 15 as follows: $18,000 from 1945 to 1950. inci., and $16,000 in 1951.
Other
LOUISIANA
bids:
Bidder—
Mercantile
ABBEVILLE,
Premium
Bank,
Hammond.
■*'
$1,490.40
John Nuveen & Co., Chicago....
Blair, Bonner & Co., Chicago
Fletcher Trust Co., Indianapolis
343.50
131.00
H. C. Speer & Sons Co., Chicago
69.00
369.39
La .—BOND OFFERING—Sealed bids will
ACADIA
PARISH
FIFTH
WARD
SCHOOL TOWNSHIP (P. O. Alexandria;, Ind.—PUR¬
PRICE—The Commercial Bank &
Trust Co.
of Alexandria,
purchased on Dec. 13 an issue of $60,000 school building bonds, as
previously reported in these columns—V. 145, p. 4000—paid a price of par
plus a premium of $36 for 2Ms, equal to 100 06, a basis of about 2.74%.
Dated Nov. 15, 1937, and due as follows: $2,000, July 1, 1939: $2,000,
Jan. 1 and July 1 from 1940 to 1949, incl.; $3,000 Jan. 1 and
July 1 from
1950 to 1952, inclusive.
Brazil), Ind.—BOND OFFER¬
an
LOUISIANA, State of—GOVERNOR REPORTS ON GAINS IN NEW
INDUSTRIES—The following is the text of a statement just released
by
Governor Richard
The
$340,000 3% coupon senior high school building bonds wid mature
follows: $25,000, »ept. 1, 1946: $25,000, March 1 and
,:ept. 1 from 1947
1952 incl. and $15,000, March 1, 196o.
at the First National
Principal and interest payable
Bank, Richmond.
SPENCER SCHOOL TOWNSHIP (P. O.
St. Joe),
Ind.—BOND
OFFERING—The Township Trustee will receive bids until 10 a. m. Jan. 15
on an
issue of
$6,000 bonds.
UNION SCHOOL
■.''Louisiana.
2.99%.
July 1, 1938 to Jan. 1, 1952, and $l,8o
VINCENNES,
Ind.—BOND
to
an
City Clerk-Treasurer
issue of $17,500 bonds.
De¬
recently—V. 145,
$1,000, 1939 and
about 2.82%.
4149—are dated Jan. 1, 1938, and mature
1940, and $2,000 in 1941 and 1942, giving
p.
as
a
follows:
basis of
FAIRFIELD, Iowa—BOND SALE—The city recently sold an issue of
$5,300.73 warrant funding bonds to the Carleton D. Beh Co. of Des Moines.
FERNALD CONSOLIDATED SCHOOL DISTRICT
(P. O. Fernald)
Iowa—BOND OFFERING— It is stated by I. J.
McNatton, District
Secretary, that he will receive bids until 1:30 p. m. on Jan. 22, for the
a $22,000 issue of building bonds.
Denom. $1,000. Dated
Feb. 1, 1938.
Due as follows:
$1,000, 1940: $2,000, 1941: $1,000, 1942;
$2,000, 1943: $1,000, 1944; $2,000, 1945; $1,000, 1946; $2,000,
1947, &c..
up to 1954.
These bonds were approved by the voters on Nov. 15, as noted
purchase of
in these columns at the time.
GLADBROOK, Iowa—BOND OFFERING—Harry Lundt, Town Clerk,
will receive bids until 8 p.m. Jan. 3 for the purchase of
$6,000 improvement
fund bonds and $3,500 grading fund bonds.
IRA INDEPENDENT SCHOOL DISTRICT
(P. O. Ira), Iowa—BOND
SALE—The $2,500 school bonds offered for sale on Dec. 6—Y.
145, p.
3532—was purchased by the Carleton D. Beh Co. of Des Moines
as 4s,
paying a premium of $16.00, equal to 100.64, a basis of about
3.87%.
Due $250 from 1938 to 1947, inclusive.
PULASKI INDEPENDENT SCHOOL DISTRICT
Iowa—BOND OFFERING—Gene F. Racey,
(P. O. Pulaski),
Secretary, Board of Directors,
issue of $19,999 building bonds.
will receive bids until 2 p. m. Jan. 7 on an
The district will furnish the bonds and the
legal opinion.
SHELBY COUNTY
(P. O.
Harlan), Iowa—CERTIFICATE SALE—
The $30,000 secondary road certificates offered on
Dec. 27—V. 145, p.
4149—were awarded to the Carleton D. Beh Co. of Des Moines as
2Ms. at
par plus a premium of $5, equal to 100.016.
Due on Dec. 31,
1939.
Jackley & Co. of Des Moines bid par for 2Ms
'
-M
KANSAS
ELLIN WOOD,
Kan.—
BONDS
AUTHORIZED—The city authorities
passed an ordinance authorizing the issuance of
$31,500 street im¬
provement bonds.
have
LEAVENWORTH,
Kan.—BONDS
Commissioners of the city has approved
ance of $38,000
refunding bonds.
LOGAN
the
voters
SCHOOL
of
the
AUTHORIZED—The
an
Board
of
ordinance authorizing the issu¬
DISTRICT, Kan.—BONDS VOTED— On Dec.
district
gave
their
approval
to
a
$45,000 school building bonds.
SOLOMON, Kan.—BONDS AUTHORIZED—An
proposition
ordinance
passed authorizing the issuance of $68,000
refunding bonds.
SCHOOL
VOTED—At
an
DISTRICT
election held
(P.
O.
Turner),
21
to
issue
has
been
as
soon
as
the bonds
can
be sold
KENTUCKY State of—22 COUNTIES
REPORTED IN FINANCIAL
DIFFICULTIES—An Associated Press
dispatch from Frankfort on Dec
21 had the following report to make:
Twenty-two Kentucky counties probably will never be able to
discharge
fully their debt obligations, Dr. J. W. Martin, Commissioner of
Revenues
said today.
Dr. Martin did not name the 22 counties.
This
group and
another 22 will find their present levies for debt
service insufficient, he said
Default will be avoided in many cas&s if assessed
valuations are increased
diversions are made from general or road funds to the
sinking fund or re^
The
total
debt
loss to the creditors, Dr
Martin
burden of the
120 counties of
Kentucky is $27 241 980
A breakdown shows road and
bridge bonds' amount
$23,858,118; other bonds, $3,397,100.
The total for bonds
outstanding
June 30, 1937, was $27,255,218, less
sinking fund balances of $2,579 661
The net bonded total remainder is $24,675,557.
To this must be added the
floating debt of $2,566,423 to make the total debt
$27,241 980
This total debt will equal the entire income of all
counties for nearly
three years.
It represents an obligation of $10.42 per
capita or of $1 56
per $100 taxable property.
the statement said.
to
Thirteen
counties
have
no
bonded
indebtedness.
Two of these have
large floating debts and two others, which have no floating
debts, have
sinking fund balances sufficient to retire all outstanding bonds.
1936475
In Louisiana
we are not
States.
YYv Y
The paper industry is spending in excess of
$12,000,000 in the State,
with the largest mill being built by the International
Paper Corp. at Springhill for the production of kraft paper.
More than $3,000,000 will be spent by about 20 firms
engaged in the
distribution, processing and packaging of food products.
Lumber manufacture, an industry of growing importance all
through
the south, is expanding rapidly in Louisiana with some
$1,500,000 of new
construction
under
way.
Chemical plants, cotton gins, and a dozen companies
representing mis¬
cellaneous activities are going up in various parts of the State.
Louisiana is not enticing industry, capital and business from established
industrial centers.
The State is not asking industry to pack up and abandon
any of its familiar haunts.
ment
run a
We simply offer freedom from political harass¬
and burdensome taxes for those that may find themselves
trying to
business without such necessary inducements.
With that in mind both Louisiana, its citizens and its industries are
going ahead at full speed with the hope of a steadily increasing prosperity.
LOUISIANA, State of—BOND OFFERING DETAILS—The following
information is furnished in connection with the
offering scheduled for Feb. 9
of the $4,000,000 not to exceed
4% semi-annual coupon or registered high¬
way, series T, bonds, described in our issue of Dec. 25—V. 145, p. 4149:
The tax now levied under the Constitution and statutes of the State on
gasoline, benzine, naphtha and other motor fuel, in the amount of 4 cents
per gallon, shall continue so long as any of these bonds are
outstanding and
shall primarily be dedicated to the retirement of said bonds and interest
thereon, subject always to the prior charge on said tax of the bonds issued
under the provisions of Act 219 of the
Regular Session of the Legislature
of 1928; Act 3 of the Extra Session of the
Legislature of 1930; Act 2 of the
Regular Session of the Legislature of 1934, and of $5,500,000 series Q bonds
heretofore issued under Act 66 of the Regular Session of the
Legislature of
1936; but if by reason of any emergency or exigency, the funds specifically
pledged for the retirement of said bonds should prove insufficient, then the
State Treasurer is directed and authorized by Act 66 of the
Regular Session
Legislature of 1936 to use such other revenues of the State
of the
Highway
Commission
as may be
necessary to pay said bonds and interest thereon.
In addition to the
above, the full faith and credit of the State are irrevocably
pledged for the
turity.
amount of the
principal and interest
on
said bonds at
ma¬
POINTE COUPEE PARISH SCHOOL DISTRICT NO. 4
(P. O. New
Roads), La.—BONDS VOTED—At an election held on Dec. 21 the voters
are
said to have approved the issuance of $100,000 in school bonds.
Y
MAINE
The $100,000 tax anticipation temporary loan notes offered on Dec.
28—
V. 145, p. 4150—were awarded to Jackson & Curtis of Boston on a
.48%
discount basis.
The notes are dated Jan. 3, 1938 and will mature
$50,000
Oct. 15 and Dec. 31, 1938.
E. H. Rollins & Sons of Boston bid
.52%
were:
Discount Rate
Merchants National Bank of Boston.
SOLD TO PWA—It is reported by the
City Clerk that $1,700 4% semi-ann. city hall and
jail bonds have been
purchased at par by the PWA.
said.
problem.
worrying about where jobs are coming
from, we're helping industry make more jobs.
The 86 contracts signed with industry in 1937 represent
widely diversified
fields of activity.
Foremost in the group is petroleum with more than
$14,000,000 in pile lines and refineries being constructed.
In only a few
year's time Louisiana has jumped into the top flight among oil
producing
Other bidders
Name—
v^,^kJ*®NSVILLEf Ky.—BONDS
some cases,
busy now,
planning
concerns
discount.
KENTUCKY
funding is resorted to, with, in
industry and established
ANDROSCOGGIN COUNTY (P. O. Auburn), Me.—NOTE SALE—
Kan.—BONDS
Dec. 20 the voters approved the
issuance of
$60,000 in school building and improvement bonds
by a count of 150 to 19
on
It is said that work is to be started
and the detailed plans drawn.
were
(2) a
"golden rule" policy of the State Government that encourages industry
by freeing it of political interference and mauling.
It is our belief that any State by following this
policy could stimulate
business to such an extent that unemployment would sease to be a
major
IOWA
CEDAR FALLS, Iowa—MATURITY—It is stated
by the City Clerk
that the $6,000 improvement bonds purchased by the Union Bank &
Trust
Co. of Cedar Falls, as 3s, at a price of 100.50, as noted in these columns
new
attracted
by Louisiana's industrialization program,
and by a realization that the Stati has the natural resources to
back it up.
The program is based on two points:
(1) a 10-year property tax exemp¬
tion amendment to the State constitution that ease* the strain of taxation
on new industries and for old industries
attempting to expand, and
OFFERING—'The
will receive bids until 11a.m. Jan. 15 for
nomination $500.
v
expand.
New industries
July 1, 1952.
•
v
reviewing applications for
100.038, a basis of
Due $1,150 each six months from
Dated Sept. 1, 1937.
Leche:
It is not simply a dream, it is a workable
system for which Louisiana
has set up a special board of commerce and industry.
There are 13 members
of the board and were kept busy tnroughout last
year, and are
TOWNSHIP(P.O.Fort Branch), I nd.—BOND SALE
—The $34,000 school building bonds offered on Dec. 30—V.
145, p. 3849
—were
awarded to the Farmers & Merchants National Bank of
Fort
Branch as 3s, at par plus a premium of $13, equal to
about
W.
Louisiana, long dependent upon its agricultural output, is now
rapidly
expanding its place in the industrial sun with a sound policy of good-will
toward business and capital.
In the past year alone, private enterprise has invested
$47,000,000 in
86 new plants and factories in the State, giving construction
employment to
10,000 building workers.
It is estimated that upwards of 15,000 persons
will eventually be employed in operation of these new industrial
units.
Louisiana's program is a soundly conceived plan based on a
practical
application of the "golden rule."
We like to look upon it with the attitude
that if Louisiana takes care of industry, then
industry will take care of
1946.
to
follows:
BREAUX
BRIDGE, La .—BOND OFFERING—It is reported that
sealed bids will be received by Mayor W. R. Angelle, until Jan.
20, for the
purchase of a $29,000 issue of public improvement bonds.
CITY
(P.
O.
Richmond),
Ind.—BOND
OFFERING—Alice K. Griffin, Auditor, Board of School Trustees, will re¬
ceive bids until 2 p. m. Jan. 20 for the purchase at not less than
par of
$340,000 3% coupon senior high school building bonds.
Denom. $1,000.
Dated Jan. 1, 1938.
Principal and semi-annual interest (March 1 and
Sept. 1) payable in Richmond.
Due semi-annually beginning Sept. 1,
as
as
$15,000 5% public improvement bonds.
Due $500 on Oct. 1, 1938, and
on April and Oct. 1 from
April 1, 1939 to April 1, 1953.
10,000 5% water revenue bonds.
Due $1,000 from Oct. 1, 1938 to 1947,
incl.
These bonds are to be payable principal and interest
by
pledge of the income and revenues of the municipally-owned water
works system of the village.
Denom. $500.
Dated Oct. 1, 1937.
Interest payable A. & O.
Issue of $10,000 bonds.
SCHOOL
2
November—V. 145, p. 3379—it is stated by the Village
Treasurer that the bonds mature
RICHMOND
NO.
BENTON, La.—BOND SALE DETAILS—In connection with the sale
of.the $25,000 bonds to a syndicate headed by the Bank of Benton, as noted
in these columns in
NAPANEE, In A.—BOND SALE—The issue of $9,241.46 coupon judg¬
ment funding bonds offered Dec. 23 was awarded to Kenneth S. Johnson
of Indianapolis as 2^s, at par plus a premium of $27, equal to
100.29, a
basis of about 2.69%.
Dated Oct. 15, 1937.
Due $500 each six months
from Jan. 1, 1939 to July 1, 1947, incl., and $241.46 Jan. 1, 1948.
on
$65,000
DISTRICT
O. Crowley), La.—BOND OFFERING—As previously reported in
columns, Elias La Blanc, Secretary, Police Jury, announces that the
Board of Commissioners of Fifth Ward Drainage District No. 2 will re¬
ceive bids in Mermentau until 10 a. m. Dec. 31 on an issue of
$15,000 5%
coupon bonds.
Denom. $250.
Dated Dec. 1, 1937.
Interest payable
annually on Dec. 1.
Due serially on Dec. 1 from 1938 to 1953.
Certified
check for 2M % of amount of bid required.
MONROE
14
DRAINAGE
(P.
CHASE
POSEY SCHOOL TOWNSHIP (P. O.
received
these
which
ING—The Township Trustee will receive bids until 2 p.m. Jan.
be
until Jan. 11, by Mayor Fred T. Schlessinger, for the purchase of a
issue of Sewerage District No. 1 bonds, according to report.
.53%
.54%
.54%
Whiting, Weeks & Knowles, Boston..
Frederick M. Swan & Co., Boston
Brown, Harriman & Co., Boston
Mansfield & Co., Hartford
.548%
.55%
.574%
Second National Bank of Boston..
AUBURN, Me.—NOTE OFFERING—F.
W. Ford, Jr., City
Manager,
will receive sealed and telegraphic bids until 10:30 a. m. Jan.
3 for the pur¬
chase at discount of $375,000 tax anticipation
temporary loan notes, dated
Jan. 6, 1938, and payable Nov. 3, 1938, at the Merchants'
National Bank
of Boston, in Boston.
Bidders are to state denominations desired.
These
notes will be certified as to their
genuineness
Bank of Boston and their legality approved
by the Merchants National
by Ropes, Gray, Boyden &
Boston, whose opinion will be furnished the purchaser.
De¬
livery will be made in Boston for Boston funds.
Legal papers incident to
Perkins
of
the issue will be filed with the Merchants'National Bank of
Boston, where
they may be inspected.
Financial Statement
1937—Assessed valuation
Bonded debt (gross)
,
Sinking fund.
Tax rate (per $1,000)
$17,827,940.00
—
Tax Levy
$666,305.28
652,366.26
654,897.94
683,006.80
_
Population, 18,571.
I
643,800.00
4,800.00
$39.00
Uncollected Dec. 20, 1937
$41.23
7,615.31
8,335.91
65,972.12
Volume
146
Financial
AUGUSTA, Me.—NOTE
SALE—The issue of $300,000 revneue antici¬
pation notes offered Dec. 31 was awarded to the Second National Bank of
Boston, at 0.449% discount.
Dated Jan. 3, 1938.
Payable $150,000,
S?pt- 9, 1938; $50,000, Oct. 9, 1938; $50,060,
Dec. 22,1938.
Other bids
were as
Nov. 9,
1938; $50,000,
follows:
Bidder—
Discount
Shawmut National Bank
Merchants National Bank
First National Bank of Boston
0.47%
0.48%
E. H. Rollins & Sons, Inc
Wrenn Bros. & Co
0.53%
0.54%
0.54%
0.52%
Frederick M. Swan & Co
EASTPORT, Me.—UNDER CONTROL OF STATE BODV—We learn
that the State Emergency Municipal Finance Board, Augusta, has assumed
control of the fiscal affairs of the above city.
This action, as previously
reported in these columns—V.
145,
p.
4150—was requested by the City
Council.
(A report on the status of the Finance Board and a list of the other com¬
munities similarly under its supervision appears on a preceding page of
this section, captioned "Maine.")
PORTLAND, Me.—NOTE SALE—The $1,000,000
porary loan notes offered
Frederick M.
Swan
&
tax anticipation tem¬
Dec. 29—V. 145, p. 4150—were awarded to
of Boston on a 0.434% discount basis.
Dated
on
Co.
Jan. 3,
1938, and payable Oct. 10, 1938
0.45% discount plus a premium of $7.
Leavitt & Co. of New York bid
OTHER BIDS—
Bidder—
Discount
First National Bank of Portland
E. H. Rollins & Sons, Inc
Merchants National Bank of Boston
Jackson & Curtis
0.459%
0.465%
0.46%
0.47%
0.479%
0.48%
0.549%
,
Wrenn Bros. & Co
First Boston Corp
Second National Bank of Boston
MARYLAND
CUMBERLAND,
Md.—BOND
OFFERING—H arry
W.
Matheney,
Finance and Revenue, will receive bids until 10 a. m.
Jan. 13 for the purchase of $50,000 3% emergency bonds.
Denom. $1,000.
Dated Jan. 1, 1938.
Interest payable Jan. 1 and July J.
Due $5,000
yearly on Jan. 1 from 1943 to 1952.
Cert, check for 2)4% of amount of
issue, required.
Commissioner of
MASSACHUSETTS
"•"ARLINGTON,
Boston
notes at
Mass.—NOTE SALE—The Second National Bank of
awarded
was
Dec. 27
on
an issue of $300,000 revenue anticipation
Due Nov. 4, 1938.
Other bids were as follows:
0.18% discount.
Bidder—
Discount
New England Trust
Chace, Whiteside &
First National Bank
Frederick M. Swan
United States Trust
Bancamerica-Blair
Co
0.187%
Co
0.20%
0.29%
0.31%
0.32%
0.399%
of Boston
&
Co
Co
Corp
NORFOLK COUNTY (P. O. Dedham), Mass.—NOTE SALE—The
$50,000 tuberculosis hospital maintenance notes offered on Dec. 28—V. 145,
4150—were awarded to the New England Trust Co. of Boston on a
0.17% discount basis plus a premium of $7.
Notes are dated Dec. 28,
1937, and payable Nov. 15, 1938.
The Merchants National Bank of Bos¬
ton bid 0.18% discount.
p.
Other
bids:
Bidder—
Second
Discount
National Bank of Boston.......
Norfolk
0.18%
0.19%
0.195%
0.20%
County Trust Co. of Dedham.
Trust Co. of Quincy
Granite
First National Bank of Boston..
P*
WALTHAM, Mass.—NOTE SALE—The $300,000
temporary loan notes offered on Dec. 28—V. 145,
to the First
National Bank of Boston
p.
revenue
anticipation
4150—were awarded
0.43% discount basis.
Dated
Dec. 28,1937, and payable $50,000 May 18 and June 15.1938, and $100,000
Sept. 14 and Oct. 19, 1938.
E. H. Rollins & Sons of Boston bid 0.45%
on
a
discount for the notes.
Other
bids:
H.
Discount
Rollins &
Jackson
&
Sons, Inc
Curtis
0.45%
0.47%
0.545%
__
Bancamerica-Blair
Corp
WATERTOWN, Mass.—NOTE OFFERING—Bids will be received until
3:30 p. m. on Jan. 5 for the purchase at discount of $300,000 notes, maturing
Nov. 25,
1938.
WORCESTER,
Mass.—BOND SALE—The $58,000
1^%
fully regis¬
tered municipal relief loan bonds offered on Dec. 29 were awarded to New¬
ton, Abbe & Co. of Boston on a bid of 101.0194, a basis of about 1.54%.
Dated Oct. 1, 1937.
Due $6,000 yearly on Oct. 1 from 1938 to 1945, and
$5,000 Oct. 1 in 1946 and 1947.
offering 100.799,
Other
was second
The Merchants National Bank of Boston,
high bidder.
„
\
bids:
Bidder
Rate Bid
Goldman, Sachs & Co
Whiting, Weeks & Knowles
Bancamerica-Blair Corp
R. L. Day & Co
100.713
100.522
_
..
100.309
100.239
139
forecast of an 85% collection,
about up to the 1925 record."
the
Treasurer added that "we're running
IRONWOOD, Mich.—BOND SALE—Barcus, Kindred & Co. of Chicago
have
been awarded $382,000 3)4% bonds, shown below, at par plus a
$3,820, equal to 101, a basis of about 3.35%.
$213,000 series A refunding general obligation water bonds.
Due Aug. 1
as follows:
$10,000, 1938 and 1939; $12,000, 1940; $15,000, 1941
to 1947 incl.; $16,000 in 1948, and $20,000 from 1949 to 1951 incl.
169,000 series B general obligation refunding bonds.
Due Aug. 1 as
follows: $8.000,1938 and 1939; $10,000,1940 to 1942 incl.: $12,000
from 1943 to 1946 incl. and $15,000 from 1947 to 1951 incl.
premium of
Each issue is dated Aug. 1, 1937.
These bonds were offered for sale on
City Clerk Leo Adriansen previously had informed us that the
bids submitted at that time had been taken under advisement until
Dec. 27.
The two offers were as follows: A. S. Huyck & Co. and Channer
Securities Co., Chicago, jointly, specified par and interest and a premium
Dec. 20.
two
of $11,460 as a charge for services in disposing of the bonds; Ballman &
Main, and A. C. Allyn & Co., Inc., Chicago, jointly, made an offer figuring
a net interest cost to the
city of 4.10%.
MONROETOWN TOWNSHIP SCHOOL DISTRICT NO. 4 (P. O.
Monroe), Mich.—BOND SALE—The issue of $7,000 building bonds of¬
fered Dec. 29—Y. 145, p. 4150—was awarded to Siler, Carpenter & Roose
of Toledo, as 4s, at a price of par plus a premium of $52.50, equal to 100.75.
Denom. $1,000.
NEWAYGO, Mich,—BOND OFFERING—George Kritzer, Village Clerk,
Jan. 3 on an issue of $12,000 4% community
Denom. $1,000.
Dated Jan. 1, 1938.
Interest payable
will receive bids until 5 p. m.
building bonds.
Jan. 1 and July 1.
Due Jan. 1 as follows:
1947 and 1948.
Certified check for $100,
NILES,
Mich.—BOND
$1,000, 1939 to 1946; and $2,000,
payable to the Village, required.
OFFERING— Walter Enger, City Clerk, will
Jan. 4 for the purchase of $230,000 3%%
receive sealed bids until 8 p. m. on
bonds, the proceeds of which, supplemented by a
Public Works Administration grant of $166,910, will be used in the con¬
struction of a sewage disposal plant and system of intercepting sewers.
Dated Oct. 1, 1937. Due Oct. 1 as follows: $6,000, 1940 and 1941; $7,000,
1942 to 1945 incl ; $8,000,1946 and 1947; $9,000,1948 to 1950 incl.; $10,000.
from 1951 to 1954 incl.; $11,000 in 1955, and $12,000 from 1956 to 1963
incl. Principal and interest (A. & O.) payable at the City Treasurer's office,
or at
the First National Bank, Niles.
Bonds are payable solely from
self-liquidating
revenue
of the sewage system and are not a general obligation
A certified check for $5,000 must accompany each bid.
City
of the city.
will furnish
printed bonds and approving opinion of Chapman & Cutler of Chicago.
Bids must be unconditional and purchaser must take delivery of bonds on or
before Jan. 5, 1938.
(This issue was previously offered on Nov. 18, at which time the sale was
postponed owing to uncertainty as to the amount needed for the project.)
revenues
TOWNSHIPS FRACTIONAL SCHOOL
(Clawson Schools), Oakland County, Mich.—
PLAN
SUBMITTED
TO BONDHOLDERS—
E. Reid Ashton, and Matthew Carey, joint refunding agents, 2149 Union
Guardian Bldg., Detroit, are issuing for approval of creditors a revised
plan of refunding covering the indebtedness of the above-mentioned district.
The resolution providing for the refinancing was approved by the Board of
Education on Dec. 20, 1937, and has been submitted to the Michigan
Public Debt Commission. The refunding agents state that consideration of
the plan by the Debt Commission and early consummation of the program
will be expedited by prompt expression from creditors as to their reaction
to the terms offered.
Under the proposal now being distributed, the date of
the proposed refunding obligations has been advanced to Oct. 1, 1937, and
provision has been made to pay in cash the interest accrued from Jan. 1
1937 to Oct. 1, 1937.
All of the district's outstanding debt, including
defaulted items, will be refunded, the plan pertaining to $218,000 of funded
debt and interest matured prior to Jan. 1, 1937.
The new refunding bonds
to be exchanged for existing funded debt will be known as "1937 refunding
bonds," general obligations, dated Oct. 1, 1937, due Oct. 1, 1967 and
callable at any interest period on 30 days' published notice.
Interest will
be paid semi-annually on April 1 and Oct. 1 at the following rates: 3 years,
2%; 2 years, 2)4%; 3 years, 3%; 2 years, 3)4%; 3 years, 4%, and at 434%
for the remaining 17 years of the full term of the obligations.
Interest
earned and due to Jan. 1, 1937 will be cared for by certificates of indebted¬
ness, to be dated Oct. 1, 1937, due Oct. 1, 1947, non-interest bearing to
maturity and 3% thereafter.
In this connection, the refunding agents
ROYAL OAK AND TROY
DISTRICT
REVISED
NO.
11
REFUNDING
Jioint out taxes all tax anticipation for retirement of retired, so that all dethat are now available notes have been the certificates of in¬
inquent
debtedness.
Bidder—
E.
Chronicle
approved
Both the refunding bonds and certificates of interest will be
as to
legality by Claude H. Stevens of Berry & Stevens, Detroit.
SANDUSKY, Mich.—BOND SALE POSTPONED—The sale scheduled
for Dec. 72 of $25,000 not to exceed 6% interest general obligation bonds—
V. 145, p. 4002—was postponed, according to S. E. Bissonette, City Clerk.
Issue is dated Oct. 1, 1937 and due $1,000 annually on Oct. 1 from 1939 to
1963 incl. The city proposed to restrict the amount awarded to $19,000.
YPSILANTI, Mich.—LIST OF BIDS—The following is a complete list
$120,000 general obligation
disposal plant bonds. As previously noted in these columns—V. 145,
p. 4151—the successful bidder was Wright, Martin & Co. of Detroit:
Shannon Kenower & Co., Detroit, will pay par and accrued interest, plus
premium of $117 for bonds maturing and bearing interest as follows (Bidder
to pay expense of legal opinion and furnish blank bonds): $50,000, 1938 to
1947, incl., at 334%; $30,000, 1948 to 1953, incl., at 3%, and $40,000,
of the bids submitted at the Dec. 20 offering of
sewage
1954 to 1961, incl., at 3H%.
Paine, Webber & Co., Detroit, will pay par and accrued interest, plus
premium of $156.70 for bonds maturing and bearing intorest as follows
(Bidder to pay expense of legal opinion and furnish blank bonds): $120,000,
1938 to 1961, incl., at 3H%.
.
.
.
.
.
Martin Smith & Co., Inc., Detroit, will pay par and accrued interest,
plus premium of $172 for bonds maturing and bearing interest as follows:
$20,000,1938 to 1941. Incl., at 2%: $40,000, 1942 to 1949, incl., at 3%, and
$60,000, 1950 to 1961, incl., at 3H%.
■
Stranahan, Harris & Co., Toledo, will pay par and accrued interest,
plus premium of $15 for bonds maturing and bearing interest as follows
(Bidder to pay expense of legal opinion and furnish blank bonds): $25,000,
1938 to 1942, incl., at 2%, and $95,000, 1943 to 1961, incl., at 3%.
Stranahan, Harris & Co., Detroit, will pay par and accrued interest,
plus premium of $15 for bonds maturing and bearing interest as follows
(Bidder to pay expense of legal opinion and furnish blank bonds): $20,000,
1938 to 1941, incl., at 334%; $45,000, 1942 to 1950, incl., at 2)4%, and
$55,000. 1951 to 1961, incl., at 3%.
John Nuveen & Co., Chicago, will pay par and accrued interest, for bonds
maturing and bearing interest as follows (Bidder to pay expense of legal
opinion and furnish blank bonds): $20,000, 334% interest on maturities
1938 to 1941, incl.; $40,000, 234% interest on maturities 1942 to 1949, incl.,
$60,000, 2%% interest on maturities 1950 to 1961, incl.
Braun, Bosworth & Co., Toledo, will pay par and accrued interest plus
premium of $2,018 for bonds maturing and bearing interest as follows
(Bidder to pay expense of legal opinion and furnish blank bonds) $20,000,
1938 to 1941, incl., at 2M%; $40,000, 1942 to 1949, incl., at 2H%. and
$30,000,1950 to 1955, incl., at 3% and $30,000,1956 to 1961,incl., at 334 %.
♦Wright, Martin & Co., Detroit, will pay par and accrued interest, plus
premium of $329.50 for bonds maturing and bearing interest as follows
(Bidder to pay expense of legal opinion and furnish blank bonds): $20,000,
1938 to 1941, incl., at 1 H%> and $100,000, 1942 to 1961, incl., at 2)4%.
Ryan, Sutherland & Co., Toledo, will pay par and accrued interest, plus
premium of $111 for bonds maturing and
bearing interest as follows
(Bidder to pay expense of legal opinion and furnish blank bonds): $120'000'
1938 to 1961
incl.
at 3%.
.
,
J
j
We
Buy for Our Own
Account
MICHIGAN MUNICIPALS
Cray, McFawn 8l Company
DETROIT
_
A. T. T. Tel. DET 347
Telephone CHerry M18
MICHIGAN
COVINGTON TOWNSHIP SCHOOL DISTRICT (P. O. Covington),
Mich.—BONDS SOLD—An issue of $15,000 school building bonds has been
sold.
Due $3,000 on Feb. 1 from 1938 to 1942, inclusive.
GARDEN
CITY
SCHOOL
DISTRICT, Mich .—REFUNDING DE¬
has been approved by the State
TAILS—A refunding plan for the district
Public Debt Commission.
The plan provides for the exchange of $91,000
series A refunding bonds for a like amount of outstanding funded debt.
They will be dated July 1, 1937 and mature July 1, 1967.
Interest will be
paid as follows: 1)4% annually to and including July 1, 1941; 2% thereafter
July 1, 1945; 3% up to July 1, 1949; 4% to July 1, 1953 incl., and at
4J4% from then on to final maturity.
Interest payable J. & J. Denom.
$i,000.
Notes in the amount of $24,991.31 will be taken up through the
issuance of a like amount of refunding bonds, designated series B.
They
will be dated July 1, 1937 and mature July 1, 1952, and bear interest at the
scale to be paid on the series A obligations.
One bond for $491.31, others
$500 each.
Accrued and defaulted interest as at July 1, 1937, amounting
to $23,823.59, will be cared for by payment in cash or $2,668.95 at time of
exchange of bonds, and certificates of indebtedness issued for the balance of
$21,154.64.
These will be non-interest bearing until maturity, July 1, 1947,
and bear interest thereafter at 4%,
to
DETROIT, Mich.—CURRENT TAX COLLECTIONS HIGHER—City
Treasurer Albert E. Coho, in predicting on Dec. 28 that 85% of the 1937
tax levy would be collected at the end of the year, stated that collection of
general city taxes were running 3% ahead of the 1936 results.
The 1937
taxes collected to Dec. 28 aggregated $37,518,000, he said, as against re¬
ceipts of only $32,867,000 to the same date in 1936. In connection with his
Jf
J
4
First of Michigan Corp.
Detroit will pay par and accrued interest plus
premium of $334.80 for bonds maturing and bearing interest as follows
(Bidder to pay expense of legal opinion and furnish blank bonds): $75,000,
1938 to 1952 incl., at 3 34%, and $45,000, 1953 to 1961, incl., at 3%.
Channer Securities Co., Chicago., will pay the sum of $118,034 and
accrued interest which is less than par value.
(Bidder to pay expense of
legal opinion and furnish blank bonds.) $70,000, 1938 to 1951, incl., at
3%, and $50,000. 1952 to 1961, incl., 334%,
*
Successful bidder.
MINNESOTA
BENTON
COUNTY
(P.
O.
Foley),
Minn.—TO
BORROW FROM
by the County
STATE—The $50,000 poor relief bonds recently authorized
Board will be issued to the State of Minnesota at 3 %. Bonds
in denomination of $5,000 each.
will be coupon,
Due $5,000 yearly beginning in 1943.
Financial
140
BIWAB1K,
Chronicle
Jan. 1, 1938
Emil
Mlckelson,
purchase of an
Minn.—CERTIFICATE
Town Clerk, will receive bids until 10 a. m. Dec. 31 for the
Issue of $11,000 certificates of indebtedness.
Clerk, wlh receive bids unth 8 p. m. Jan. 3 on an issue of
Offerings Wanted:
LOUISIANA &. MISSISSIPPI
Village
CERTIFICATE OFFERING—Henry Robinson,
ADDITIONAL
$9,000 certificates
MUNICIPALS
of indebtedness.
FARIBAULT COUNTY (P. O. Blue Earth), Minn.—CERTIFICATE
SALE—The $25,000 issue or 3% semi-annual drainage funding certificates
of indebtedness offered for sale on Dec. 27—V. 145, p. 4151—was awarded
Bond
NEW
Bell
Department
NATIONAL
WHITNEY
jointly to the First and Farmers National Bank of Blue Earth, and the
First National Bank of Mankato, paying a premium of $166.25, equal to
100.665, a basis of about 2.76%.
Dated Dec. 30, 1937.
Due on Dec. 30
as follows: $10,000 in 1939 and 1940, and $5,000 in 1941.
BANK
ORLEANS, LA.
Raymond 540*
Teletype N. O. 182
HUTCHINSON INDEPENDENT SCHOOL DISTRICT NO. 2 (P. O.
Hutchinson) Minn.—BONDS VOTED—At the election held on Dec. 21—
145, p. 3852—the voters approved the issuance of the $50,000 in 3%
157, according to the District
V.
school building bonds by a count of 430 to
Clerk.
Due in from five to 20 years.
BONDS SOLD—He states that these bonds have been sold to the State
Board of Investment.
McDAVITT,
Minn.—BOND OFFERING—John
Henrickson,
Town
Clerk, will receive bids until 2 p. m. Jan. 14 for the purchase of $1,500 6%
Certified check for 10%, required.
bonds.
MANKATO, Minn.—BOND OFFERING—F. W. Bates, City Clerk,
wil1
11 for the purchase of an issue of $75,000 coupon
water treatment plant bonds.
Interest rate is not to exceed 2 H %. Denom.
$1,000.* Dated Nov. 1, 1937.
Interest payable May 1 and Nov. 1.
Due
$5,000 yearly, except that the last installment is to be $25,000.
receive bids until Jan.
f
MARSHALL,
MISSISSIPPI
O. Meridian), Mint.—BOND OFFER-
Clerk
Supervisors, for the purchase of the following issues of bonds,
aggregating $95,000: $56,000 county-wide; $10,000 District No. 1; $15,009
District No. 2; $5,000 District No. 3; $7,000 District No. 4; $2,000 Lauder¬
dale Consolidated School District bonds.
of the Board of
Miss.—BOND OFFERING—R. C. West, City Clerk, will
Jan. 4 on an issue of $30,000 railroad refunding
Feb. 1, 1938.
Interest payable semi-annually.
Due on
Feb. 1, as follows: $1,000. 1942 to 1951, and $2,000, 1952 to 1961.
Certi¬
fied check for $400 required.
The purchaser is to pay all expenses for
printing, lithographing, validating, and legal fees.
WINONA,
receive bids until 8 p. m.
bonds.
Dated
Minn.—BONDS SOLD—It is stated by the City Clerk
that the $20,000 3% semi-annual swimming pool bonds approved by the
voters on Dec. 21—V. 145, p. 3852—have been purchased by the 8tate of
Minnesota.
BONDS
MISSOURI
jlJSLj
MINNEAPOLIS, Minn.—BOND SALE—The $360,000 issue of
sewage
Markets in all State, County
disposal system bonds offered for sale
on Dec. 31—V. 145, p. 4002—was
syndicate composed of the Bankers Trust Co., Brown HarriInc., and Phelp's Fenn & Co., all of New York; the North¬
western National Bank & Trust Co. of Minneapolis, and MannheimerCaldwell, Inc., of St. Paul, as 2.80s, paying a premium of $930, equal to
100.258, a basis of about 2.77%.
Dated Jan. 1, 1938.
Due from Jan. 1,
1941 to 1968 inclusive.
awarded to
COUNTY (P.
LAUDERDALE
ING— Sealed bids will be received until Jan. 6 by Howard Cameron,
& Town Issues
a
& Co.,
man
SCHERCK, RICHTER COMPANY
■1LANDRETH BUILDING, ST. LOUIS, MO.
lAlFB
Bonded Indebtedness
as
of Dec. 1, 1937
(Does not include bonds offered for sale but not issued)
MISSOURI
Funded debt after payment of bonds due Dec. 1,
School
1937:
$17,556,923.72
10,295,000.00
2,902,000.00
bonds
Public relief bonds
Water works bonds
Local improvement
Assessed locally
Assessed at
Other
ASH GROVE CONSOLIDATED SCHOOL DISTRICT NO. 7 (P.»0.
$25,000 school building bonds have been purchased by the Commerce
Trust Co. of Kansas City.
4,703,318.67
1,778,392.44
large
general obligation bonds
This sale is said to cancel a loan of like
29,490.576.28 $66,726,211.11
ments
Less amt. for water bonds
193645
of Kansas City, Mo.
$3,269,364.53
331,895.83
-,937,468.70
Net city debt burden
Additional deductions per Minnesota laws:
5,839,468.70
$60,886,742.41
Assessed portion of local improv. bonds--
$4,703,318.67
Misc. outstanding bonds_$10,256,000.00
Less sinking fund reserve284,374.33 !"" 9.971,625.67
POTOSI, Mo.—BOND SALE DETAILS—It is now reported that the
$12,000 bonds purchased recently by the Mississippi Valley Trust Co. of
St. Louis at par, as noted in these columns—V. 145, p. 4003—bear interest
at 5%, payable semi-annually.
Dated Dec. 1, 1937.
TWO MILE CREEK SANITARY DISTRICT,
bonds
tion
scheduled
for
Dec.
$46,211,798.07
-
Overlapping debt—Hennepin County only:
Debt outs'ing Dec. 1,1937 (lesssink, fund) $1,701,155.43
Resultant addition to city debt burden (approx. 92%)
Additional funds required to complete the Minneapolis-St.
Paul Sewage Project by April 1,1938](approximately)
$1,565,063.00
1,200,000.00
_ _ -
Cash balance Dec. 1, 1937:
Surplus city cash in Minneapolis banks
Collateral coverage at that date was
$5,709,338.46
8,753,800.00
Floating debt:—The floating debt of the city other than that included
above consists of current bills and payrolls.
The city of Minneapolis was incorporated
MONTANA
BILLINGS,
Bank
Year 1936
Year 1937
Collections from levies for cur. year to Oct. l.$10,809,907.38 $10,162,393.19
Collectins from levies for prior yrs to Nov. 1
2.277,181.64
1,645,980.35
Mont.—BOND
Treasurer is reported
improvement
City
CALL—The
calling for payment at his office on Jan. 1 various special
district, sidewalk and curb district, and light district bonds.
to be
face
value.
4151—was postponed in¬
p.
BOZEMAN, Mont.-WARRANTS AND BONDS CALLED-It is reported
by Walter Davis, Director of Finance, that various special walk and curb
warrants, Special Improvement District bonds, are being called for pay¬
ment on Jan. 1.
Principal and interest payable in Bozeman.
Various special walk and curb warrants called on Nov. 1, and various
special improvement district bonds called on March 1, July 1, Nov. 1,
and Dec. 1, have not been presented as yet for payment.
sale
Tax collections:—The general tax on property in the city for city purposes
payable in 1937, is $17,124,341.93 as compared with a corresponding tax
payable in 1936 of $19,093,324.38,
Comparative tax collections by the
County Treasurer for city purposes from Jan. 1 of such years was as follows:
145,
grant.
Feb. 6, 1867.
The city has
or delayed payment of principal or interest on its bonds.
No litigation has been threatened or is now pending affecting in any manner
the issue of these obligations.
The bonds held in the sinking fund are
2)4, 2 9-10, 3)4, 3%, 4, 4)4. 4)4. 5, 5)4 and 6% and are carried at their
defaulted
28—V.
approval of a Works Progress Administration
definitely, awaiting receipt of
Net lndebtedness'per Minnesota law..
St. Louis County, Mo.
—BOND SALE POSTPONED—The sale of $73,000 coupon sewer construc¬
14,674,944.34
Permissible legal Indebtedness:—10% of valuation for debt
determination
$57,255,862.10
never
noted in these columns
145, p. 2110—were purchased by Bennett, Piersol & Co.
at that time—V.
$2,902,000.00
fund
(invest¬
at par)
-
SCHOOL DISTRICT (P. O. Keytesville) Mo.—
now reported by the
District Secretary that the
is
$12,500 auditorium bonds sold last September, aa
Water works bonds
Sinking
PURCHASER—It
debt:
amount which was authorized
by the Public Works Administration in August.
KEYTESVILLE
Deductions to determine net city debt burden:
Self-supporting
SOLD—It is reported by the District Secretary
Ash Grove), Mo.—BONDS
that
bonds:
GALLATIN COUNTY SCHOOL DISTRICT NO. 44 (P. O.
Belgrade),
$11,075 issue of refunding bonds offered for
4003—was awarded to the Belgrade State
3 34s at par, according to report.
Mont.—BOND SALE—The
Dec.
on
as
27—V.
MISSOULA,
145,
p.
Mont.—BONDS
AND
WARRANTS
CALLED—It is
and
reported that various bonds of certain special improvement districts
warrants of the lighting fund, sprinkling
fund, and flushing fund,
called for payment as of Dec. 31.
ston)
,
are
SCHOOL DISTRICT NO. 1 (P. O. Living¬
PARK COUNTY HIGH
Mont.—BOND OFFERING—The Secretary of the Board of Trustees,
Feb. 11 on an issue of $123,750 school build¬
will receive bids until 10 a. m.,
,
#
$13,087,089.02 $11,808,373.54
,
Per cent of current levy
68.54%
68.96%
Accurate information as to tax collections subsequent to the above dates
is not yet available.
I hereby certify that the above statement is true and correct to the best
of my^knowledgejand belief.
■
ta
O. J. TURNER,
,
Dec. 1, 1937.
City Comptroller.
fJPNDS OFFERED FOR INVESTMENT—Th e successful bidders
?
to
«
™
re-
Jt 0 above bonds for public subscription at prices to yield from 1.60%
2.80%, accordingjtolmaturity.
SCHOOL DISTRICT NO. 31 (P. O. Norcross) Minn.—
SOLD—It is reported bytthe District Clerk that the $20,000
construction bonds approved by the voters last
July, as noted in these
columns at that time, were sold to the State of
Minnesota, as 3s at par,
and mature in 20 years.
BONDS
PAUSADESCHOOL DISTRICT NO.
BOND
OFFERING—-Christian
Christiansen,
3 p. m. Jan. 7
bondi^061^
2
(P. O. Palisade),
Clerk
Board
of
Minn.—
Education,
on an issue of $2,500 school building
ing
bonds.
Amortization bonds will be the first choice and serial bonds will be the
second choice of the School
Board.
If amortization bonds are sold,
during a period of 20
they will be in the
become payable on
Dec. 15, 1938 and a like amount on the same day each year thereafter,
except that the last instalment will be in the amount of $5,950.
The bonds, whether amortization or serial bonds, will bear date of
Dec. 15, 1937, and*will bear interest at a rat
not exceeding 4%, payable
semi-anually on Dec. 15 and June 15, and will be rede emable in full on any
interest payment date from and after five years from the date of issue.
and int. to be payable semi-annually in instalments
years from the date of issue.
If serial bonds are issued
amount of $1,000, $200, and $150; the sum of $6,200 will
The
bonds will
Minn.—BOND OFFERING—Sealed bids will be re¬
ceived until 2 P.m. on Jan. 3 by Amiel L.
Glabe, City Clerk, for the pur¬
chase of a $10,000 issue of
3)4% coupon permanent improvement revolving
fund bonds.
Denom. $1,000.
Dated Jan. 1, 1938.
Due $2,000 from
Jan. 1, 1939 to 1943, incl.
No bid for less than par will be considered.
Bids may be for part of the bonds.
Principal and interest (J. & D.) payaple at the City Treasurer's office. A certified check for 2% of the bonds
bid for, payable to the City
Treasurer, must be enclosed.
SHELLY COMMON SCHOOL DISTRICT
Minn.—BOND OFFERING—Taylor
wiU receive bids until 8 p. m.
school building bonds.
It is
NO.
81
O. Shelly),
Efteland, Clerk, Board of Education,
Jan. 8 for the purchase of $15,000 3%%
(P.
pur¬
MISSISSIPPI
AMORY, Miss.—BONDS AUTHORIZED—The Board of Aldermen
has passed an ordinance authorizing the issuance of $24,000 street improve¬
ment bonds.
„
_
Financial Statement
Floating debt, none.
Overlapping Debt
Bonds Out
Sinking Fund
$12,000.00
$5,148.50
Common school districts
18,568.20
1,982.29
City of Livingston
13,000.00
5,000.00
Taxable valuation of county
Assessed valuation of Park County High
16,585.91
8,000.00
-—-—- -—
21,257,076
6,687,693.22
School District No. 1
Taxable valuation of High School District
Percent of county taxable value in No. 1 High
——
School District-
Tax Collections (Last Four
—
13,908,856
5,424,859
81 %
Years)
Tax
Year—
Net Debt
$6,851.48
$21,257,076
Assessed valuation of whole county
Real value of county
;
1933.
CCJUr£rY (P'O. Buffalo) Minn.— WARRANTS SOLD—
statedtby the County Auditor that $30,000 warrants have been
chased recently by the Minnetonka State Bank of Excelsior, at
3%.
,
,
_
County
ROCHESTER,
accrued in¬
which they will
be sold for not less than their par value with
terest and all bidders must state the lowest rate of interest a
purchase the bonds at par.
All bids other than by or on behalf of the State Board of Land Commis¬
sioners must be accompanied by a certified check in the sum of $2,000,
payable to the order of the Secretary.
Bonded indebtedness of the District, none.
PJ^C£U1£TY (P- °- Pine City;, Minn.—BONDS SOLD—It is re¬
ported by the County Auditor that $50,000 old age assistance fund bonds
have been purchased by the State.
the
entire issue may be put into one single bond or divided into several bonds as
the Board of Trustees may determine upon at the time of sale, both prin.
Conlections
Levy
$474,119
462,221
427,472
416,916
During Year Redemptions
$379,142
$78,512
389,787
52,490
379.493
24,590
375,334
8,145
Total Colls.
June 1
$457,655
442,277
404,084
383,480
NEBRASKA
ADAMS, Neb.—BONDS SOLD—It Is stated by the Village Clerk that
sewer bonds authorized by the Board of Trustees in July, as noted
in these columns at that time, were purchased by Steinauer & Schweser
$16,000
Volume
Financial
146
141
Chronicle
of Lincoln as
Those municipalities
of about
levies until State taxes have been paid up, Mr. Tipping said.
3Hs. paying a premium of $23.59, equal to 100.147, a basis
3.49%
Due $1,000 from 1942 to 1957, inclusive
POINT, N. J.—BOND OFFERING—Louisa M. Wooison,
Borough Clerk, will receive bids until 8 p. m. Jan. 14 for the purchase at
not less than par of $42,000 coupon, registerable, general refunding bonds.
Bidders are to specify rate of interest, in a multiple of M %. but not to ex¬
ceed 5%.
No more bonds will be awarded than will produce a sum equal
to the amount of the issue plus an additional $1,000.
Denom. $1,000.
Dated Nov. 1, 1937.
Principal and semi-annual interest (May 1 and
Nov. 1) payable at the Mercnants National Bank of Cape May.
Due
$2,000 yearly on Nov. 1 from 1939 to 1959.
Certified check for 2% of
amount of offering, payable to the Boroufh, required.
The bonds will
be valid and legally binding obligations of the Borough of Cape May Point,
and the Borough will have power and be obligated to levy ad valorem taxes
upon ail the taxable property within the Borough for the payment of the
NEBRASKA, State of—CAMPAIGN LAUNCHED TO ENCOURAGE
INDUSTRY—Using as its underlying theme the well-supported
NEW
claim that Nebraska is the "White Spot" of the Nation in
the tax picture,
Nebraska citizens are launching a nation-wide campaign for new industry,
claiming that Nebraska offers entire freedom from all oppressive taxation.
Nebraska's tax program and its fiscal policy, which it is claimed are in
the interest of "the farmer, the working man and the business man," have
been major planks in the platforms of
The result of this tax program and
both political parties for years.
fiscal policy is that Nebraska is the
only one of the 48 States which has no State income tax, no State sales tax,
no State bonded debt and no luxury taxes.
"With none of these taxes, Nebraska is truly the 'White Spot' of the.
picture," says the Associated Industries of Nebraska,
campaign.
of the campaign will consist of a series of at least
26 page advertisements in "Time" magazine.
The first advertisment,
occupying two full pages, will appear in the Dec. 27th issue of "Time,"
with others to follow at bi-weekly intervals.
Nebraska's firm stand against any new forms of taxation, and its comNation in the
tax
bonds and interest thereon without limitation as to rate or amount.
which is sponsoring the
The primary portion
Elete been taken the the "pay-as-you-go" policy in to coincide with the
endorsement of theme of the campaign. Timed State government,
as
ave
decentralization of industry now taking place, the Nebraska campaign will
be leveled at tax-ridden industries seeking new locations for their plants.
All Nebraska will take a part in the campaign, it was indicated.
Every
daily newspaper in the State will publish the "Time" advertisements in
full page size free of charge.
Many weekly newspapers have also volunteered
to publish the advertisements without cost.
In addition to the State-wide newspaper cooperation, the General Out¬
Advertising Co. has arranged to place large billboards on leading
highways entering Nebraska advising tourists that they are now entering
the State that believes in a "pay-as-you-go" policy.
A comprehensive booklet describing Nebraska's tax policies, resources,
raw materials, labor conditions, transportation facilities and other indus¬
trial advantages will be used to follow up on inquiries resulting from the
national advertising.
"The economy of State government and low property taxes in Nebraska
will be emphasized as an advantage of which Nebraska people are justly
proud," said O.K. Zumwinkel, of Lincoln, managing director of the Asso¬
ciated Industries of Nebraska.
"The first objective of the campaign is to
improve conditions in the rural sections of the State by bringing in indus¬
tries to process farm products close to the source of supply.
It will insure
a better balance between agriculture and industrial activity in Nebraska."
The advertising firm of Bozell & Jacobs, Inc. of Omaha, has been retained
to prepare and place the advertising.
Business men throughout the State
have subscribed liberally to the campaign fund, it was said.
door
ESSEX COUNTY
(P. O. Newark), N. J.—HIGHER TAX RATE
1938 is "bound to rise" over this
year's rate, Chairman Burnett of the Board of Freeholders' Finance Com¬
mittee said Dec. 26 at the Board's first public budget hearing.
The 1937
rate was 52 cents per $100.
Efforts will be made to keep 1938 budgets over which the Board has
control within the level of 1937 expenditures, Mr. Burnett said, but even
if this is done, he added, an increase in the rate is inevitable.
He attributed
the increase to a drop of ratables in Newark.
The decrease in Newark
ratables, he said, will be only partly offset by increases in some suburban
municipalities.
Mr. Burnett said most departments appeared to have kept within their
budgets this year, adding:
"There is no justification for any increases in
budgets except for things that are absolutely essential."
FORECAST—The county's tax rate for
MENDHAM, N. J .—BOND SALE—The issue of $33,000 coupon or
registered general refunding bonds offered on Dec. 27—V. 145, p. 4003—
was awarded to Minsch, M.onell & Co., Inc., New York, as 3Ms, at a price
of 101.16, a basis of about 3.12%.
Dated Dec. 31, 1937 and due Dec. 31
as follows:
$1,000 from 1938 to 1942 incl. and $2,000 from 1943 to 1956
incl. The following is a list of unsuccessful bids:
100.60
100.10
Par
Milliken & Pell
3%%
101.07
H. B. Boland & Co
3%%
4%
100.27
100.08
J. B. Hanauer & Co
PLEASANTVILLE,
Council has adopted
refunding bonds.
public improve¬
bonds offered on Dec. 29—V. 145, p. 4152—were awarded to the
First Boston Corp. of Boston on a bid of 100.239 for l%s, a basis of about
ment
1.70%.
to
Dated Jan.
1,
1938.
Due $10,000 yearly on Jan.
Jackson & Curtis of Boston bid 100.199 for \%%
1946.
Other bidders
N.
an
J.—BONDS
AUTHORIZED—The
Int. Rate
H. B. Boland & Co
2.60%
Blyth & Co
Sachs & Co
National Shawmut Bank_
-
Burr & Co
Halsey, Stuart & Co
Paine, Webber & Co
E. H. Rollins & Sons.
Kidder, Peabody & Co.
F. S. Moseley & Co
—
Bancamerica-Blair Corp.
Estabrook & Co——v
(P.
O.
Manchester),
J. S. Rippel & Co
J. B. Carroll & Co
100.577
100.6885
100.172
100.566
100.077
100.7199
100.2781
2%
COUNTY
C. C. Collings & Co
100.129
100.074
100.089
100
13* %
\%%
1K%
1%%
2%
2%
2%
2%
2%
2%
2%
100.107
N.
Kean, Taylor & Co
H.L. Allen & Co
New Jersey
revised
Laws
now
on
index
50.00
93.17
50.83
2%%
15.10
2.90%
6.00
3150.01
-
RARITAN, N. J .—BOND SALE—The issue of $145,000 coupon or
registered refunding bonds offered on Dec. 28—V. 145, p. 4152-—was
awarded to a group composed of C. A. Preim & Co., Newark, B. J. Van
Ingen & Co., Inc., New York, and C. P. Dunning & Co., Newark, as 4s,
at a price of 100.39, a basis of about 3.96%.
Dated Dec. 1, 1937 and due
Dec. 1 as follows: $3,000,1938 to 1942 incl.; $5,000,1943; $10,000 from 1944
to 1955 incl. and $5,000 in 1956.
Only one other bid was made, this being
an offer of 100.56 for 4^s submitted by H. L. Allen & Co. of New York.
Rochelle Park), N. J.—BONDS
$23,500 road improvement bonds has been sold to the
SADDLE RIVER TOWNSHIP (P. O.
SOLD—An issue of
Rochelle Park Bank.
WEST
A
35.91
'
H.—NOTE
OFFERING—Bids will be received until 4 p. m. on Jan. 4 for the purchase
at discount of $300,000 notes, maturing Dec. 7,
1938.
Premium
$56.65
2.60%
2.70%
2^%
2H%
Milliken & Pell
F. M. Swan & Co
Common
ordinance authorizing the issuance of $162,000
Minsch, Monell & Co., Inc
Price Bid
Int. Rate
HILLSBOROUGH
J.—BOND SALE—An issue of $17,000
Bidder—
1 from 1940
bonds.
were:
Name—
Goldman
N.
RAH WAY,
N. J.—BOND SALE— The issue of $30,000 coupon or
registered sewer bonds offered on Dec. 29—V. 145, p. 4152—was awarded
to MacBride, Miller & Co.. Inc., of Newark, as 2Ms, at par plus a premium
of $50, equal to 100.16, a basis of about 2.20%. Dated Jan. 1, 1938 and due
$5,000 on Jan. 1 from 1939 to 1944 incl. Other bids were as follows;
HAMPSHIRE
coupon
ARLINGTON,
lew York.
Seneral refunding $2,000 in 1964, $10,000 inSchlater, Noyes & Gardner of
Due bonds has been sold to
1965 and $5,000 in 1966.
and mature on Jan. 1 as follows:
$500, 1939 to 1942;
$1,000, 1943 to 1947; $2,000, 1948 to 1951, and $3,000 in 1952 and 1953;
optional on Jan. 1, 1939, or any interest payment date thereafter.
CONCORD, N. H.—BOND SALE—The $70,000
Rate Bid
3H%
3K%
3^%
par,
NEW
Int. Rate
Bidder—
Colyer, Robinson & Co., Inc
Morris County .Savings Bank, Morristown
State Teachers'Pension Fund, Trenton
WATERLOO, Neb.—BOND SALE DETAILS—It is now reported that
the $21,000 3K % semi-ann. refunding bonds purchased by the State Board
of Educational Lands and Funds, as noted here recently—V. 145, p. 4152—
sold at
The
opinion of Messrs. Hawkins, Delafield and Longfellow, of New York City,
effect, will be furnished to the successful bidder.
to this
NORTH
were
that have defaulted in county taxes cannot pay those
CAPE MAY
NEW
IN BACK RAIL
21 an¬
owed the town, leaving an
unpaid balance of $150,000 to the town for 1937 and this, with unpaid
balances of other years, amounting to $647,000. makes a total of $790,000
YORK,
J .—COLLECTS $233,000
N.
TAXES—Director of Revenue and Finance Andrew Best on Dec.
to
Municipal Finance
available
nounced the receipt of $233,000 in railroad taxes
railroad taxes owed the town.
Colycr, Robinson $ Company
INCORPORATED
1180 Raymond
Blvd., Newark
York Wire:
New
REctor 2-2055
He recently paid the last quarter of
of State school tax for the current year.
$57,000 of county tax and $109,000
There is drawn ready for payment
31, thus meeting
check for $150,000 to redeem a short term note due Dec.
all due obligations up to the first of the new fiscal year.
a
MArket 3-1718
A. T. & T. Teletype
NWRK 24
NEW
MEXICO
FORT SUMNER, N. M.—BONDS SOLD TO PWA—It is
NEW
ASBURY
JERSEY
PARK, N. J.—TIME TO COMPLETE REFUNDING EX¬
TENDED—At
and the Julius
the request of the State Municipal Finance Commission
S. Rippel Bondholders' Committee, Supreme Court Justice
1941 to 1957, and $2,000, 1958 to 1964.
at the
approving the plan last July, Justice Perskie did so with the undertanding
that the city obtain assents to its provisions from 85% of creditors by the
close of 1937.
In supporting the request for an extension, the City Solicitor
is stated to have informed the court that the goal set has been virtually
reached in that holders of more than $6,500,000 of debt have agreed to
accept the plan.
ATLANTIC CITY, N. J.—ONLY $51,000 SCRIP HELD PUBLICLY—
$9,000,000 ORIGINALLY ISSUED—Only $51,000 of municipal scrip still
is in circulation out of more than $9,000,000 issued since Feb. 14, 1933,
when the city began using this emergency currency.
Miss Bessie M. Townsend, City Comptroller, supplied the figures Dec. 22.
Another $71,700 of scrip but of a non-negotiable variety is posted with
Atlantic County for school taxes, but is being redeemed slowly.
Scrip has not been used in municipal payrolls for several months now.
BERGEN COUNTY (P. O. Hackensack), N.
J.—MUNICIPALITIES
Princ. and Int. (M. & N.) payable
Village Treasurer's office.
Joseph B. Perskie, at Atlantic City on Dec. 30, granted the city a 30-day
extension in connection with its program for obtaining assents of 85% of
bondholders to a plan covering refunding of the municipal debt amounting
to about $11,000,000.
The petition to the court was necessary as, in
stated by the
Attorney for the Village that $31,000 4% sanitary sewer system, general
obligation bonds have been purchased at par by the Public Works Adminis¬
tration.
Denom. $1,000.
Dated Nov. I, 1937.
Due as follows:
$1,000,
YORK
NEW
AVOCA, WHEELER, COHOCTON, HOWARD, FREMONT. BATH
PRATTSBURG CENTRAL SCHOOL DISTRICT NO. 1 (P. O.
AND
Avoca), N. Y.—BOND SALE—The issue of $220,000 coupon or registered
Dec. 28—V. 145, p. 4004—was awarded
composed of the Manufacturers & Traders Trust Co., Buffalo;
E. H. Rollins & Sons, Inc. and A. C. Allyn & Co., Inc., both of New York,
as 3s, at a price of 100.63, a basis of about 2.955%.
Dated Dec. 15, 1937
and due Dec. 15 as follows:
$6,000, 1941 to 1945 incl.; $7,000, 1946 to
1950 incl.; $8,000, 1951 to 1957 incl.; and $9,000 from 1958 to 1968 incl.
school building bonds offered on
to a group
banking group comprising Manu¬
Trust Co., Buffalo; E. H. Rollins & Sons, Inc. and
Co., Inc. is offering a new issue of $220,000 3% school bonds
priced to yield from 1.50 to 3% for maturities ranging from 1940 to 1961;
at 99)4 f°r maturities from 1962 to 1964 and at 99 for maturities ranging
from 1965 to 1967.
They are legal investment, in the opinion of the
bankers, for savings banks and trust funds in New York State.
BONDS
facturers
PUBLICLY OFFERED—A
& Traders
A. C. Allyn &
BIDS
FOR
BONDS—The
above
bonds
IN DEFAULT ON TAXES—County Treasurer Robert S. Tipping reported
to the Bergen County Board of Freeholders on Dec. 22 that six of Bergen
County's 70 municipalities still owe a total of $90,798.91 in county and
Dtate taxes, some of which was due Aug. 15.
The largest single amount, $31,201.84 in State taxes due Dec. 15, is
owed by Lodi Borough.
Other municipalities in default are Haworth,
Englewood Cliffs, South Hackensack, Norwood and Oradell.
Each is being
assessed 6% interest from the due date.
Englewood Cliffs owes a total of $25,987.92, $16,000.11 of which is for
State taxes, and the remaining $9,987.81 foi fourth quarter county taxes
Manufacturers
were
bid for
as
follows at the
offering by the district on Dec. 28:
due Nov. 15.
Haworth owes a total of $15,615.94, $6,788.49 of which is for State taxes,
$4,42.3.74 for fourth quarter taxes, and $4,423.71 for third quarter taxes,
the latter due Aug. 15.
Oradell's delinquency totals $7,486.64, $2,313.89 of which is in State
taxes, and the remaining $5,172.75 in fourth quarter county taxes.
South Hackensack owes $2,900.14, $1,764.37 of which is for State taxes,
and $1,135.77 for fourth quarter county taxes.
Norwood is in default for a total of $7,606.43, $5,606.43 of which is for
State taxes, and the remaining $2,000 for fourth quarter county taxes.
Lodi Borough has defaulted In only the State tax of $31,201.84.
According to Mr. Tipping, the total amount of county taxes, outstanding
Is $27,143.78 and State taxes are delinquent in the amount of $63,655.13.
Int. Rate
Bidder—
&
Traders
Trust
Co.;
E.
H.
Price Bid
_
_
Rollins & Sons, and A. C. Allyn & Co
J. & W. Seligman & Co
3%
3%
$221,405.80
220,902.00
Banamerica-Blair
3%
B.J. Van Ingen & Co., Inc
R. D. White & Co
3%
220,684.20
220,675.40
3.10%
220,937.20
Estabrook & Co..
3.20%
221,826.00
BEACON, N. Y —BOND OFFERING—H. F. Straney, Commissioner of
Finance, will receive bids until noon Jan. 11 for the purchase at not less
than par of $260,000 coupon, fully registerable, general obligation, unlimited
tax school bonds.
Bidders are to specify rate of interest, in a multiple of
}i% or 1-10%, but not to exceed 6%.
Denom. $1,000.
Dated Jan. 1,
1938.
Principal and semi-annual interest (March 1 and Sept. 1) payable
at the Fishkill National Bank of Beacon, with New York exchange.
Due
March 1 as follows: $10,000, 1940 to 1944, and $15,000, 1945 to 1958.
Certified check for $5,000, payable to the city, required. Approving opinion
of Clay, Dillon & Vandewater of New York will be furnished by the city.
DUTCHESS COUNTY (P.
O.
Poughkeepsie),
N. Y.—BOND SALE
—The $350,000 coupon or registered series of 1938 highway bonds offered
on Dec. 29—V. 145 p. 4153—were awarded to the Manufacturers & Traders
Financial
142
Trust Co. of Buffalo, Geo. B. Gibbous & Co. of New York and Adams,
McKntee & Co. of New York, jointly, as l^s, at par plus a premium of
$465.50, equal to 100.133, a basis of about 1.73%.
Due $35,000 yearly on March I from 1939 to 1948.
Other
bidders
Dated Jan. 1, 1938.
were:
Bidder—
Int. Kate
Halsey, Stuart & Co., Inc
Barr Bros. & Co., Inc
Harris Trust & Savings; Goldman, Sachs & Co
R. D. White & Co., and The Marine Trust Co. of
Buffalo
Shields
&
&
Co.,
and
Lowber Stokes & Co
696.50
94.50
1.90%
1.90%
1.90%
980.00
1.90%
1.90%
1.90%
2.00%
2.00%
-
Washburn
Co.;
$731.50
584.50
910.00
843.50
Edward
...
Lazard Freres & Co., and First of Michigan Corp.
Phelps, Venn & Co., and Francis 1. Du Pont & Co_
Lehman Brothers and Kean, Taylor & Co
BJyth & Co., Inc. and F. S. Moseley & Co
__
210.00
175.00
1,711.50
1,540.00
Elba), N. Y.—BON^S
approved a proposal calling
$210,000 school building bonds.
ELBA CENTRAL SCHOOL DISTRICT (P. O.
VOTED—The voters of the district on Dec. 22
for the issuance of
FREDONIA, N. Y.—BOND SALE—The $3,500 bonds offered Dec. 27—
V. 145, p. 4153—were awarded to the National Bank of Fredonia, as 3s, at
The total consists of:
$1,500 sanitary sewer extension special assessment bonds.
2,000 sanitary sewer extension special assessment bonds.
All of the bonds are dated Jan. 1, 1937 and due $350 on Jan. 1 from 1939 to
par.
1948 incl.
HUNTINGTON
UNION
FREE
SCHOOL DISTRICT
NO.
4
(P. O.
Jan. 1, 1938
a
price of 100.11, a basis of about 1.86%.
Dated Jan. 1, 1938 and due
Jan. 1 as follows:
$10,000. 1939 to 1941 incl.; $15,000 in 1942. and $9,000
in 1943.
PLATTSBURGH, N. Y.—BOND ELECTION—At an election called
for Jan. 4 a proposition to issue $16,000 water system improvement bonds
will be submitted to the voters for approval.
SCHENECTADY
COUNTY
(P. O. Schenectady),
N. Y.—BOND
$150,000 coupon or registered, unlimited tax, general obli¬
relief public works bonds offered Dec. 29—V. 145, p.
4153—were awarded to Barr Bros. & Co., Inc. and H. C. Wainwright <fe
Co., both of New York, jointly, as 1.80s, at a price of 100.099, a basis of
about 1.78%. Dated Dec. 1,1937 and due $15,000 each Dec. 1 from 1938 to
1947 incl. The successful bid was conditioned upon approving legal opinion
of Clay, Dillon & Vandewater of New York City.
The following is a list
SALE—The
gation
Salomon Bros. & Hutzler
Bankers Trust Co
Premium
1.80%
1.80%
1.80%
--—
Chronicle
emergency
of the other bids:
_
„
Int. Rate
Bidder—
Bankers Trust Co
Rate Bid
1.90%
1.90%
1.90%
2%
2%
2.10%
Halsey, Stuart & Co., Inc
Salomon Bros. & Hutzler
Shields & Co. and Washburn & Co., jointly
Harris Trust & Savings Bank
Manufacturers & Traders Trust Co
'
100.241
100.117
100.079
100.127
100.079
100.379
BONDS PUBLICLY OFFERED'—Barr Bros. & Co., Inc. and II. CWain wright & Co., jointly, are offering for general investment a new issue o*
$150,000 1.80% highway bonds at prices to yield from 0.50% to 1.85%»
according to maturities, which are from 1938 to 1947 incl.
The bonds are
vegal investment for savings banks and trust funds in New York State.
SCIO CENTRAL SCHOOL DISTRICT (P. O. Scio), N. Y.—BONDS
VOTED—The voters of the district at a recent election approved a proposal
calling for the issuance of $126,400 school building bonds.
Northport), N. Y.—BOND SALE—The issue of $391,000 coupon or
registered school building bonds offered on Dec. 30—V. 145, p. 4004—was
awarded to Phelps, Fenn & Co. of New York, as 2%s, at a price of
100.11,
a basis of about 2.74%.
Dated Jan. 1, 1938 and due Jan. 1 as follows:
$16,000, 1939 to 1946 incl.; $20,000, 1947 to 1950 incl.; $21,000, 1951 to
equal to
1953 incl.; and $24,000 from
Due Jan. 1 as follows:
1954 to 1958 incl.
Halsey, Stuart & Co., Inc., New York, second high bidder, offered 100.649
for 2,90s and the third highest bid of 100.639 for 3s was made on behalf of
A. C. Allyn & Co., Inc., B. J. Van Ingen & Co., Inc., It. D. White & Co.
SIDNEY,
Y.—BOND
N.
SALE—The
$14,000
registered
or
coupon
improvement bonds offered on Dec. 27—V. 145, p. 4153—were awarded
to the Marine Trust Co. of Buffalo on a bid of par plus a premium of $30.80,
100.22, for 2>4s, a basis of about 2.46%. Dated Jan. 1, 1938.
$2,000, 1940 to 1944, and $1,000, 1945 to 1948.
►
and Shields & Co.
INDIAN
LAKE, N. Y.—SEWER DISTRICT BOND OFFERING—
Percy Cross, Town Clerk, will receive bids until 10 a. m. Jan. 4 for the
purchase at not less than par of $25,000 coupon, fully registerable, sanitary
sewer
rate
bonds of Indian Lake Sewer District No.
1.
Bidders
are
to
specify
of interest,
in a muliple of H% or 1-10%, but not to exceed 5%.
$500.
Dated Jan. 1, 1938.
Principil and semi-annual interest
(March 1 and Sept. 1) payable at the Hamilton County National Bank.
Wells, with New York exchange. Due on March 1 as follows: $1,000, 1939
to 1954; and $1,500, 1955 to i960.
The bonds are general obligations of
the town, payable primarily from taxes levied agaiast property in the Sewer
District, but if not paid from such a levy, all taxable property In the town
is subject to unlimited taxes to pay principal and interest.
Cert, check for
$500, payable to the town, required.
Approving opinion of Clay, Dillon
& Vandewater of New York will be furnished by the Town.
Denora.
Financial Statement
The assessed valuation of the property subject to the taxing
power of the
is $1,784,292.
The total bonded debt of the town including the
above mentioned bonds is $82,000.00 of which amount
$57,000.00 is water
debt.
The population of the town (1930 census) was 1,120.
The bonded
town
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 town.
The fiscal year commences Jan. 1st.
The amount
of taxes levied for each of the fiscal years commencing Jan. 1,
1934, Jan. 1,
1935, and Jan. 1, 1936,
respectively $67,670.82, $67,119.52 and $83,829.76.
The amount of such taxes uncollected at the end of each of said
fiscal years was respectively $1,810.55, $2,021.75 and
$1,563.74.
The
was
amount of such taxes remaining uncollected as of the date of this notice is
respectively $ none, $ none and $ none.
The taxes of the fiscal year com¬
mencing Jan. 1, 1937 amount to $88,674.02 of which $ none has been col¬
lected.
(Not due until Dec. 10, 1937 and payable without penalty for 30
days).
SOMERS
(P. O. Somers), N. Y.—BOND SALE—The issue of $18,500
registered public works bonds offered Dec. 30—V. 145, p. 4154—
coupon or
awarded to Sherwood & Co. of New York, as 3s, at 100.27, a basis of
about 2.95%.
Dated Jan. 1, 1938 and due Jan. 1 as follows: $1,500, 1939;
was
$2,003 from
1940 to
100.29 for 3.20s
was
1947
made
incl.; and $1,000 in
1948.
Second
high
bid of
by R. D. White & Co, of New York.
SOUTHAMPTON UNION FREE SCHOOL DISTRICT NO. 2 (P. O.
Westhampton Beach), N. Y.—BOND OFFERING—Joseph T. Stevens,
Clerk Board of Education, will receive bids until 12:30 p.
the purchase of $280,000 coupon school building bonds.
m,
Jan. 10 for
Bidders are to
Denom. $1,000.
Dated Jan. 15, 1938.
Principal
and semi-annual interest (Jan. 15 and July 15) payable at the Seaside
Bank, Westhampton Beach, with New York exchange.
Due serially to
1968.
Certified check for $5,000 required.
Legality approved by Clay,
Dillon & Vandewater of New York.
name rate
of interest.
TARRYTOWN, N. Y.—BOND SALE—The issue of $80,000 coupon or
registered street improvement bonds offered Dec. 27—V. 145, p. 4006—
was awarded to the First of Michigan
Corp. and Brown & Groll, both of
New York, jointly, as 2.40s, at a price of 100.22, a basis of about 2.36%.
Dated Jan. 1, 1938, and due $8,000 on Jan. 1 from 1939 to 1948, inclusive.
Other bidders
were:
Name—
Int. Rate
R. B. White & Co
2.50%
2.60%
3.20%
2.90%
2.70%
2.75%
3.00%
3.00%
A. C. Allyn & Co
Roosevelt & Weigold
Bacon, Stevenson & Co
J. & W. Seligman & Co
Goldman, Sachs & Co
Tarry town National
Phelps, Fenn &Co
Bank
Price Bid
$80,176.10
80,112.00
80,144.00
80,152.00
80,112.00
80,160.00
80,000.00
80,336.00
UNION FREE SCHOOL DISTRICT NO. 2 (P. O. Endwell), N. Y.—
BOND OFFERING—William Paynter, District Cierk, will receive bids until
10 a. m. Jan. 12 for the purchase at not less than par of $186,000 coupon,
that the Board of Education will receive sealed bids at the
Baby¬
lon National Bank & Trust Co., Babylon, until 11 a. m. on Jan. 12 for the
purchase of $58,000 not to exceed 6% interest general obligation unlimited
tax school bonds.
Dated Jan. 15, 1938.
Denom. $1,000.
Due Jan. 15
as follows: $6,000 from 1939 to
1947, incl., and $4,000 in 1948.
Bidder to
fuily registerable, general obligation unlimited tax school building bonds.
Bidders are to name rate of interest, in a multiple of M % or 1-10%, but not
to exceed 4%.
Denom. $1,000.
Dated Dec. 1, 1937.
Prin. and semi¬
annual interest (June 1 and Dec. 1) payable at
tjie Endicott Trust Co.,
Endicott, with New York exchange, or at the Guaranty Trust Co., New
York.
Due on June 1 as follows: $8,000. 1940 to 1946, and $10,000, 1947
to 1959.
Certified check for $3,750, payable to Kenneth S. Kemp, Dis¬
trict Treasurer, required.
Approving opinion of Clay, Dillon & Vande¬
water of New York will be furnished by the district.
single rate of interest, expressed in a multiple of M or l-10th of 1 %.
Principal and interest (J. & J. 15) payable at the Babylon National Bank
Trust Co., Babylon, with New York exchange.
A certified check for
$1,200, payable to the order of Evelyn .Schneider, District Treasurer must
tered tax equalization bonds offered Dec. 27—V.
to the Marine Trust Co. of Buffalo as 23^s, at
ISLIP UNION FREE SCHOOL DISTRICT NO. 9 (P. O. West
N.
Y.—BOND OFFERING—Florence S. Countrymen,
District
Islip),
Clerk,
announces
name a
&
accompany each
The approving xegal opinion
proposal.
of Clay.
& Vandewater of N. Y. City will be furnished the successful bidder.
NEW
YORK, N. Y.—MAYOR SELECTS FIVE
Diiion
CITY PLANNERS—
Mayor La Guardia announced the appointment on Dec. 30 of five members
of the new City Planning Commission,
which, under the new charter, effec¬
tive on Jan. 1, is one of the most
important bodies in the new municipal
Former City Chamberlain A. A. Berle Jr., was named as
organization.
chairman of the commission at $15,000 a
year.
The new board will consist of Mr.
Berle, Cleveland Rodgers, Editor of
the "Brooklyn Daily Eagle"; Lawrence
Orton, General Director of the
Regional Plan Association, Edwin Ashley Salmon, an architect, and Arthur
B. Sheridan, chief engineer of the
borough of the Bronx.
Each receives
$8,500 a year, and in Mr. Sheridan's case the appointment means a
salary
drop of $500, since he now receives $9,000 a year. Although the commission
is
established
in
the
charter
as
a
six-man
position was left
vacant in the 1938 budget.
Vernon S. Moon, chief engineer of the Board of
Estimate, serves with the commission in an ex officio capacity.
agency,
one
WATERFORD, N. Y.—BOND SALE—The $15,000
his 1937-39 executive
budget to the Legislature on Jan. 10. Without indicat¬
budget, Mr. Lehman said that requests for appropria¬
$547,000,000.
He stated that he would have to do some
drastic pruning on this figure.
The budget for the current fiscal
year amounted to $401,000,000 at the
close of the 1937 legislative session.
When submitted to the Legislature
the Governor's
appropriation figures totaled $365,000,000, compared with
requests which amounted to about
$450,000,000.
.
NEWARK,, State of—REVISION
URGED OF BUDGETARY MECH¬
ANISM—A United Press dispatch from
of Dec. 27, reported as follows:
Albany, appearing in newspapers
Thorough revision of the State budgetary mechanism, to
produce effi(dency and economy, was recommended to Governor Herbert Lehman
and
the Legislature last
night by the joint legislative committee on
the State's
fiscal policies.
* The legislators also designed the plans to "balance the
legislative
executive responsibility for the State's
financial affairs."
•r
Five,Republican members
Low
of the
Moffat, signed the report.
Five
m a
memorandum, said the plan "should be considered."
committee urged that:"Changes
..
should be made
so
tive functions in which the
that the respec¬
Executive and Legislature have sole responsibil¬
ity, and those functions in which official
cooperation is deemed advisable,
may be clearly demarked."
Advancement of the beginning of the State's
fiscal year to April 1 instead
of July 1, was urged.
The report also suggested limitations for
appropriations for
temporary
State service.
WESTCHESTER COUNTY (P. O. White Plains), N. Y.—ADOPTS
TAX RATE—The Board of Supervisors on Dec. 27 approved the 1938
budget calling for a tax levy of $7,880,000 and a county tax rate of $4.73
per $1,000 of assessed valuation.
The budget as passed was substantially
the same as recommended by the Budget Appropriations Committee, which
was
discussed in these columns recently—V. 145, p. 4154.
The gross
budget of approximately $11,750,382 includes items of $5,380,100 and
$3,830,339, respectively, for debt service and relief requirements.
^
YORKTOWN HEIGHTS FIRE DISTRICT (P.O. Yorktown Heights
N. Y.—BOND SALE—The issue of $5,000 general obligation fire apparatus
on Dec. 29—V.
145, p. 4154—was awarded to the Marine
Trust Co. of Buffalo, as 3.10s, at a price of 100.12, a basis of about 3.06%.
bonds offered
Dated Jan. 1, 1938 and due $1,000 on Jan. 1 from 1939 to 1943 incl.
NORTH
YORK
MILLS,
N.
Y.—BOND SALE— The
fully registerable,
!
$8,500
Secretary of the Local Government Commission, at his office in Raleigh,
Inter¬
Dated
Dec. 1, 1937.
Due $15,000 from Dec. 1, 1939 to 1958, incl.
Interest rate
or rates to be named in multiples of
of 1%.
No bid may name more
than two rates and each bid must specify the amount of bonds of each rate.
The lowest interest cost to the county will determine the award of the bonds.
Bids must be on a form to be furnished by the Secretary.
Bonds may be
registered as to principal only.
Prin. and int. payable in legal tender in
New York City.
Delivery will be made on or about Jan. 28, at place of
purchaser's choice.
The approving opinion of Masslich & Mitchell of
New York, will be furnished the purchaser.
A $6,000 certified check, pay¬
able to the State Treasurer, must accompany the bid.
for the purchase of a $300,000 issue of coupon school building bonds.
est rate is not to exceed 6%, payable J. & D.
Denom. $1,000.
Financial Statement
N.
Y.—BOND SALE—The
issue
of
$54,000 coupon or
registered street improvement bonds offered on Dec. 31—V.
145, p. 4153—
was awarded to J. & W.
Seligman & Co. of New York City, as 1.90s., at
of Dec. 20, 1937
Total
Sinking fund—Investments—Bonds owned by County
Sinking Fund—Cash:
Cash now in sinking fund for payment of principal on term
bonds
Cash
$1,539,350.00
$53,000.00
17,855.11
now
in
on
sinking fund for payment of principal and
serial bonds
Total
50,021.39
sinking fund cash and investments
on
POTSDAM,
as
Bonds outstanding
$1,075,000.00
State Building and literary loans (schools)
164,350.00
Bonds now offered ($225,000 of the proceeds thereof to be
used in retiring a like amount of bond anticipation notes)__
300,000.00
coupon,
general obligation, unlimited tax,
public works bonds
Dec. 28—V. 145, p. 4153—were awarded to Sherwood
& Co. of
New York as 2.70s, at par plus a
premium of $12.75, equal to 100.15, a
?L^bout, 2-66%. Dated Jan. 1, 1938. Due $1,000 yearly on Jan. 1
from 1939 to 1945, and $1,500 Jan.
1,1946. The Manufacturers & Traders
Trust Co. of Buffalo offered a price of 100.039 for
2.70s.
offered
CAROLINA
CABARRUS COUNTY (P. O. Concord), N. C.—BOND OFFERING—
Sealed bids will be received until 11 a. m. on Jan. 11, by W. E. Easterling,
interest
NEW
regis¬
a
Buffalo institution.
and
headed by Chairman Abbot
Democratic members declined to
group,
or
basis of about
2.425%. Dated Dec. 15, 1937, and due Dec. 15 as follows: $2,000 from
1938 to 1944, incl., and $1,000 in 1945.
Sherwood & Co. of New York,
which submitted an identical offer, withdrew their tender in favor of the
NEW YORK, State of—NEW BUDGET TO BE
SUBMITTED ON
*L4IV. 10—-Governor Lehman announced on Dec.
30 that he would submit
ing the size of the
tions amounted to
coupon
145. p. 4006—were sold
100.30,
$120,876.50
Tax Data
1935
Assessed valuation
Tax rate
1936
*
1937
$38,856,483.00 $39,265,762.00 $45,141,360.00
.61
.61
.64
251,831.28
241,392.22
Uncollected taxes 1934 and prior years
254,685.63
241,381.34
305,372.75
184,635.57
Tax levy
Amount collected
33,067.15
Population, 1930 Census, 44,331; estimated present population, 50,000.
1199337--4308-
Volume
'
146
Financial
Serial Bond Maturities to June 30, 1947
$47,500
1938-39-.-— 50,000
1940-41
1941-42
47,000
1942-43---—
1943-44.
$47,000
47,000
52,000
55,000
Chronicle
143
$12,000,000 worth
1944-45
-$54,000
1945-46
1946-47
-
The school building bonds now offered were authorized at
voted for the bonds and 604 voted against.
an
53,000
51,000
election
at which 3,398
CHAPEL HILL, N. C.—BOND OFFERING— Sealed bids will be received
11 a. m. on Jan. 11, by W. E. Easterling, Secretary of the Local
Government Commission, at his office in Raleigh, for the purchase of a
of canceled North Carolina bonds and coupons were
shoveled into the furnace of the State heating plant here a few days
ago.
Th^ same day State Treasurer Charles M. Johnson signed a checK for
$6,719,905 which on Jan. 1 will be paid in interest and principal on North
Carolina bonds.
His books show that some $15,000,00u in the sinking fund
has been used to buy up and redeem North Carolina
bonds, while $68,436,000 in interest and principal was paid between July 1, 1932 and
July 1,1937.
This makes a total of more than $90,u00,000 of State debt retired
during
the past five years.
until
The $12,813,355 worth of canceled bonds and coupons which were burned
and the $6,719,905 which will be paid Jan. 1 to holders of North Carolina
$16,000 issue of
bonds, makes a total of $19,533,260 which the State of North Carolina has
paid out within the past 18 months to reduce its indebtedness, both interest
and principal.
During this same period the State has not sold any new
bonds, has not had to borrow a single dollar or pay out a single penny in
coupon street improvement bonds.
Demon. $1,000. Dated
1, 1937.
Due on Oct. 1 as follows: $1,000, 1939 to 1942, and $2,000,
1943 to 1948, all incl.
Bonds are registerable as to principal alone.
Prin.
and int. (A. & O.) payable in lawful money in New York
City.
Delivery
Oct.
about Jan. 28, at the place of purchaser s choice.
Bidders are requested to name the interest rate or rates, not exceeding
annum in multiples of M of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
on or
6% per
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the Town, such cost to be determined
by deducting the total amount
of the premium bid from the
aggregate amount of interest upon all of the
bonds until their
respective- maturities.
No bid of less than par and
accrued interest
will
be
entertained.
The right to reject all bids is
reserved.
The approving opinion of Caldwell and Raymond, New York
City, and J. L. Morehead, Durham, N. C.. will be furnished the purchaser.)
interest will be entertained.
(The right to reject all bids is reserved.
The
approving opinion of Caldwell and Raymond, New York City, and J. L.
Morehead, Durham, N. C., will be furnished the purchaser.)
Bids must be accompanied by a certified check upon an incorporated
bank or trust company, payable
unconditionally to the order of the State
19367-45028.
Treasurer of North Carolina for $320.
Financial Statement Dec. 1, 1937
Population—1930 Census, 2,699; estimated population, including sub¬
urbs and adjacent mill villages, 5,000.
Outstanding bonds (issued for the following purposes):
Public improvement
Street improvement
....
Sewer..
..........
"
$115,000
60,000
62,000
34,000
16,000
....
...
—
Incinerator, sewer and street
Street improvement bonds herewith offered-—..
Total
debt
$287,000
Uncollected special assessments
Taxes—
119938--4872065.
54,637
1934
Rate per $100
Total
1935
1936
1937
$1.66
levy
Collected to Dec. 1,1937
Assessed valuation, 1937--
$1.60
$1.65
$1.65
48,555.00
45,332.00
46,800.00
42,417.00
47,850.00
39,376.00
53,625.00
21,469.00
$3,343,660
5,500,000
Actual value, estimated.
The town collected from property owners fees for
connecting with and
use of sanitary sewer.
These fees for 1936 amounted to $8,900 and were
sufficient to pay interest and amortization of sewer bonds.
Therefore,
under the law, sewer bonds are deductible in
ascertaining the net debt.
In the past five years the town of
Chapel Hill has met promptly all interest
and payment of principal and has retired
$98,000 of its obligations.
Maturity of Bonds Outstanding
(Including Bonds Now Offered as of Dec. 15, 1937)
$3,000
1948^9
$17,000
1959-60
20.000
194546——.
1947-48——
12,000
12,000
12,000
12,000
1960-61
1961-62.
1962-63
1963-64
1953-54
12,000
12,000
1964-65
1955-56
1956-57
1957-58
1958-59
7,000
1965-66
1966-67
7,000
1967-68-.
3,000
3,000
1968-69
The Chapel Hill Graded
—-
1,000
1,000
1,000
1,000
1,000
1,000
School District, which embraces a part of the
Town of Chapel Hill and a large amount of
territory outside the town, has
a bonded
indebtedness of $71,000 net.
There is no political subdivision
whose coundaries are
the
or
$15,005,829 in the sinking fund, most of which is invested in North Carolina
bonds which we purchased before maturity.
This makes a total of $90,161,734 in
North
State bonds and interest retired during the past 5}4
Carolina is really going to town when it comes to paying
years.
off its
debts."
The counties, cities and towns in North Carolina have also been
making
good progress in reducing their indebtedness, having made a net reduction
of approximately
$35,50o,000 in their bonded debt between July 1.1932 and
July 1, 1937, State Treasurer Johnson pointed out.
The subdivisions paid
out approximately $82,490,000 in interest
during this same period and saved
at least $35,000,000 in interest
charges as a result of refunding operations
carried out with the assistance of the Local Government Commission, of
which Mr. Johnson is director.
As a result, the State and its subdivisions
have paid off approximately $10,000,000 a year during the past five
years,
of their bonded debt, in addition to all new
borrowings and in addition to
all interest paid.
North Carolina is the only State in the Nation which has a section in its
constitution making it mandatory for it and all its subdivisions to reduce
their bonded indebtedness steadily every year before they can contract
any
additional debt or sell any new bonds, except by a vote of the people.
Thus,
if the State wants to issue $2,000,000 worth of new bonds for some
purpose,
it must have paiu off $3,000,000 of old bonds during the
preceding two years,
or it cannot issue them without a
special (lection.
Likewise, if a
county,
city
or tow i wants to issue
$600,000 worth of bonds for streets, sewer lines
buildings, it cannot issue these bonds unless it reduced its outstand¬
ing indebtedness by at least $90u,000 the preceding year, unless the ques¬
tion of issuing the new bonds is approved in a special election
by a vote of
or new
the people.
"By compelling the State and its subdivisions to hold all new borrowings
by which their bonded debt is
to not more than two-thirds of the amount
reduced each preceding year, the belief is that this amendment will even¬
tually compel the State and all its governmental units to get completely
out of debt," Mr. Johnson said.
"This in turn will make it possible to cur¬
tail taxes, since less ana less revenue will be needea each year to meet debt
service charges.
As a result, North Carolina now faces the prospect of
diminishing taxes while
creasing taxes."
most
other
States are facing the prospect
of in¬
■
NORTH
•
1954-55
15,000
16,000
16,000
1932, and July 1,1937.
Within the past few days we have paid off an addi¬
tional $3,875,000 worth of bonds and $2,844,9j5 in
interest, while we have
DAKOTA
CASH
$3,000
3,000
3,000
1,000
1949-50
1950-51
1951-52
1952-53
15.000
15,000
15,000
15,000
16,000
16,000
interest on short-term notes.
"North Carolina has lived strictly within its budget for the past four
years and has not had to borrow a cent for current operating expenses since
January, 1933." State Treasurer Johnson said.
"In addition, the State
has paid off $32,138,000 in bonds and $36,308,000 in interest between
July 1,
SCHOOL DISTRICT NO.
CERTIFICATE OFFERING—Mrs. H.
tion, will receive bids until Jan. 7
on an
19
(P.
O.
N. Dak.—
Board of Educa-
Amidon),
J. Burke, Clerk,
issue of $800 certificates of indebted¬
ness.
GRENORA, N. Dak.—PRICE PAID—It is stated by the City Auditor
that
the $20,000 water works bonds purchased by the State Board of
School Lands, as noted here recently—V. 145, p. 4154—were sold as 4s at
par.
Due from Dec. 1, 1940 to 1957, inclusive.
ROSS SCHOOL DISTRICT NO. 119, Mountrail County, N. Dak.—
CERTIFICATE OFFERING— D. McKinnon, District Clerk, will receive
bids until 2 p. m. Jan. 4 at the County Auditor's office in Stanley on an
issue of $1,500 certificates of indebtedness.
practically coterminous with the corporate limits of
town.
The Town of Chapel Hill has
interest of any of its bonds.
never
defaulted in the payment of principal
DURHAM, N. C.—FINANCIAL STATEMENT—In connection with
the offering scheduled for Jan. 11, of the four issues of
coupon or registered
bonds aggregating $180,000, described in our issue of
Dec. 25, we give
herewith the official financial information:
Financial Statement, Dec. 13, 1937
Population—1910
1920
1930
census
18,241
census
census
21,719
52,037
71,640
Present estimated population..
Outstanding bonds—Water bonds.
Sewer bonds—..
Street improvement bonds...
Other bonds
.$3,605,000.00
1,886,173.85
2,594,608.74
728,000.00
Bonds
now
bonds offered
$8,813,782.59
180,000.00
„
offered
Total
$8,993,782.59
Less water debt.--.
-—$3,605,000.00
Sinking funds excl. of funds for water debt
582,273.26
Uncollected special assessments.
678,034.11
_
-
1,
retired from funds
year
funds
Jan.
mentioned
above will
be
used for
the retirement
of the
bonds
on
1, 1938.
1934-35
1935-36
1936-37
1937-38
$
$
* ■"
$
Assessed val'n..70,281,414.00 70,718,558.00 72,937,844.00
79,883,705.00
Tax rate p. $100.
1.75
1.70
1.70
1.64
Amt. levied
1,238,249.94
1,211,173.98
1,248,993.53
1,321,411.96
Amt. uncoll't'd.
31.934.81
66,123.20
103,170.43
474,494.34
Bond Maturities Including Bonds Now Offered
1952-53-
.$351,043.48
438,521.74
442,304.35
597,304.35
656,304.35
467,304.32
339,000.00
331,000.00
316,000.00
—
—
—
—
288,000.00
241,000.00
247,000.00
221,000.00
232,000.00
239,000.00
231,000.00
233,000.00
218,000.00
227,000.00
226,000.00
*
227.000.00
1958-59.
1959-60
1960-61
-
1961-62...
1962-63.
1963-64
224,000.00
1964-65
1965-66
1966-67-—---
—
——.
1967-68
1968-69
1975-76
1976-771977-78
1978-79
1979-80..
226,000.00
162,000.00
150,000.00
103,000.00
42,000.00
1969-70
1970-71
1971-72
1972-73-.1973-74
1974-75
$232,000.00
236,000.00
226,000.00
226,000.00
225,000.00
...._
—
—
—
-
40,000.00
40,000.00
1,5,000.00
15,000.00
16,000.00
11,000.00
12,000.00
9,000.00
6,000.00
6,000.00
3,000.00
NORTH CAROLINA, State of—REPORT ON RECENT BOND RETIRE¬
MENTS—The following is the text of a news release from the Department
of Conservation and Development, in Raleigh. made available as of Dec. 27:
North Carolina is burning its bonds not its bridges, behind it.
More than
ASHTABULA, Ohio—BONDS SOLD—The sinking fund trustees pur¬
an issue of $27,000 4^%
special assessment street improvement
of $200, equal to 100.74, a basis of about 4.33 %.
chased
bonds at par plus a premium
Due in 1942.
Ohio—BONDS
SOLD—The
$35,000
swimming
bond issue approved at an election last July was sold as 5s to the
Industrial Commission.
Dated June 15, 1937.
Denom. $1,000.
pool
State
Due
Sept. 15 as follows: $3,000, 1938; $4,000, 1939; $3,000, 1940; $4,000, 1941:
$3,000, 1942; $4,000. 1943; $3,000, 1944; $4,000, 1945; $3,000 in 1946 and
$4,000 in 1947.
CINCINNATI, Ohio—BOND SALE—The $1,410,000 bonds described
below, which
were
offered
on
Dec. 28—V. 145, p. 3856—were awarded to
a
o.
V
1937-38 (balance)
sidewalk
Savings Bank.
to 1942, inclusive.
of Boston and L. F. Rothschild & Co. of New York, as 2s, at par plus a
S-oup headed by Blyth & Co. of New York and including Paine, Webber &
Tax Data Us of Dec. 13, 1937
'
coupon
Dec. 30—V. 145, p. 4006—was awarded to the First Alger
Dated Nov. 1, 1937, and due $1,000 on Nov. 1 from 1938
CAMBRIDGE,
l4'865'307-37
*$4,128,475.22
1938, $350,043.48 bonded indebtedness of the city will be
now on hand
leaving a balance to be retired in the fiscal
1937-38 of only $1,000.00.
$210,913.04 of the $582,273.26 sinking
On Jan.
on
.
Net indebtedness....
*
OHIO
ALGER, Ohio—BOND SALE—The issue of $5,000 4%
........
premium of $2,213.70, equal to 100.157, a basis of about 1.98%:
$600,000 street improvement bonds. Due $60,000 each Sept. 1 from 1939
to 1948, incl.
225,000 playground improvement bonds. Due $15,000 each Sept. 1 from
1939 to 1953, inci.
245,000 garage improvement bonds. Due Sept. 1 as follows: $10,000 from
1939 to 1958, incl., and $9,000 from 1959 to 1963, incl.
100,000 parks, boulevards and playgrounds improvement bonds.
Due
Sept. 1 as follows:
$7,000 from 1939 to 1948, incl., and $6,000
from 1949 to 1953, inci.
140,000 incinerators improvement bonds. Due Sept. 1 as follows: $6,000
from 1939 to 1953, incl., and $5,000 from 1954 to 1963, incl.
100,000 sewer improvement bonds. Due $4,000 on Sept. 1 from 1939 to
1963, inclusive.
Ail of the bonds will be dated Feb. 1, 1938. i^rincipal and interest (M. &
S.) payable at the Irving Trust Co., N. Y. City. At the request of the
bonds may be exchanged for bonds registered as to principal
owner, coupon
ifltGTGSt#
The bankers are reoffering
the bonds to investors at prices to yield from
.75% to 2.20%.
CIRCLEVILLE,
Ohio—BOND SALE—The issue of $5,000 street
improvement bonds offered on Dec. 28—V. 145, p. 3856—was awarded to
George T. Lennon & Co. of Columbus, as 2%s, at par plus a premium of
$16.80, equal to 100.336, a basis of about 2.65%. Dated Aug. 18, 1937 and
due $1,000 on Oct. 1 from 1939 to 1943 incl.
GARFIELD
SOLD—No bids
bonds offered
HEIGHTS
were
on
(P.
O.
Cleveland),
Ohio—BONDS
NOT
submitted for the $15,225 4% coupon delinquent tax
Dated Dec. 1, 1937 and due
Dec. 27—V. 145, p. 4006.
Dec. 1 as follows:
$1,725, 1939; $2,000, 1940; $1,500, 1941; $2,000, 1942;
$1,500. 1943: $2,000 in 1944. and $1,500 from 1945 to 1947 incl.
HILLIARDS,
sewer
Ohio—BOND
SALE—The
system bonds offered on Dec. 24—V.
$12,500 water works and
145, p. 3856—were awarded
..
V"""
i
Financial
144
Fox, Einhorn & Co., Inc. of Cincinnati, as 3s, at par plus a premium of
$85, equal to 100.68.
The award comprised:
$6,500 water works bonds.
Due $250 on May 1 and Noy. I, 1939, and
$500 on May 1 and Nov. 1 from 1940 to 1945, incl.
6,000 sewer system bonds. Denom. $500.
All of the bonds are dated Dec. 1, 1937.
to
Ohio—BONDS SOLD—An issue of $5,000 storm sewer bonds,
PI QUA,
due $1,000
each April 1 from 1939 to 1943 incl.,
has.been sold to the City
)
Investment Board.
ROCKY RIVER, Ohio—BOND SALE—The $41,600 sewage disposal
plant bonds offered on Dec. 27—V. 145, p. 3856—were awarded to Fox,
Einhorn & Co., Inc. of Cincinnati, as 4s, at par plus a premium of $457.60,
equal to 101.10, a basis of about 3.89%.
Dated Dec. 1, 1937. Interest
payable Jan. 1 and July 1. Due each six months as follows: $600, July 1,
1939; $1,000, Jan. 1, 1940; $500, July 1, 1940; $1,000, Jan. 1, 1941 to
Jan. 1, 1942; $500, July 1, 1942; $1,000, Jan. 1, 1943; $500, July 1, 1943;
$1,000, Jan. 1, 1944 to Jan. 1, 1945; $500. July 1. 1945; $1,000, Jan. 1,
1946; $500, July 1, 1946; $1,000, Jan. 1, 1947 to Jan. 1, 1948; $500, July 1,
1948; $1,000, Jan. 1,1949; $500, July 1,1949; $1,000, Jan. 1,1950 to Jan. 1,
1951; $500, July 1, 1951; $1,000, Jan. 1, 1952; $500, July 1, 1952; $1,000,
Jan. 1, 1953 to Jan. 1, 1954; $500, July 1. 1954; $1,000, Jan. 1, 1955; $500,
July 1, 1955; $1,000, Jan. 1, 1956 to Jan. 1, 1957; $500, July 1, 1957;
$1,000, Jan. 1, 1958; $500, July 1, 1958; $1,000, Jan. 1, 1959 to Jan. 1,
I960; $500, July 1. 1960; $1,000, Jan. 1, 1961; $500, July 1, 1961; $1,000,
Jan. 1, 1962 to Jan. 1, 1963; $500. July 1, 1963; and $1,000, Jan. 1, 1964.
Seasongood & Mayer of Cincinnati bid a premium of $133.85 for the
Jan. 1, 1938
Chronicle
SALEM, Ore.—BOND OFFERING— Sealed bids will be received until
7:30 p. m. on Jan. 17 by A. Warren Jones, City Recorder, for the purchase
of a $48,107.30 issue of improvement bonds.
Bidders to name the rate of
interest.
Denom. $500, one for $107.30.
Dated Feb. 1, 1938.
Due on
Feb. 1, 1948; optional on any interest paying date after three years.
No
bid for less than par and accrued interest will be considered.
Prin. and
int. payable at tne City Treasurer's office.
The approving opinion of
Teal, Winfree, McCuUoch, Shuler & Kelley of Portland will be furnished.
A certified check for 2% of the par value of the bonds, payable to the
city, must accompany the bid.
YAMHILL COUNTY UNION HIGH SCHOOL DISTRICT NO. 6
(P. O. New berg), Ore.—BOND ELECTION—It is reported that an elec¬
the proposed issuance of $160,000 in
tion will be held on Jan. 3 to vote on
construction bonds.
WE DEAL
and
PENNSYLVANIA MUNICIPAL
BONDS.
YARNALL & CO.
issue.
A.
^
BERNARD. Ohio—BONDS SOLD—Van Lahr, Doll & Isphording
ST.
IN
CITY OF PHILADELPHIA
1628
purchased during July an issue of $120,000 street improve¬
ment bonds as 2%b.
Dated July 15,1937.
Denom. $1,000.
Due $12,000
on Sept.
15 from 1938 to 1947, incl.
Principal and interest (M. & S.)
payable in St. Bernard.
Legality approved by Peck, Shaffer & Williams
of Cincinnati
T.
& T. Teletype—Phila.
22
Philadelphia
Walnut Street
of Cincinnati.
City of Philadelphia
STRUTHERS, Ohio—BOND SALE—The $7,285.25 special assessment
bonds offered on Dec. 27—V. 145, p. 3856—were awarded to
McDonald-Coolidge & Co. of Cleveland as 3 Ms at par plus a premium of
$24, equal to 100.329. a basis of about 3.15%.
Dated Jan. 1, 1938. Due
Oct. 1 as follows: $2,000,1939,1940 and 1941 and $1,285.25 in 1942.
4% Bonds due January 1, 1978/48
Price: 104.188 & Interest to Net 3 50%
street repair
Moncure Biddle & Co.
1520 Locust St., Philadelphia
R. J. EDWARDS,
Inc.
PENNSYLVANIA
Municipal Bonds Since 1892
Oklahoma
AT&T
Ok Oy
COUNTY (P. O. Pittsburgh;, Pa.—TEMPORARY
LOAN—Robert G. Woodside, County Controller, reports that a loan of
$5,500,000 was obtained from the First National Bank of Pittsburgh on
Dec. 30 at 0.95% interest.
Due Aug. 15. 1938: redeemable at any time.®*
W ALLEGHENY
City, Oklahoma
Long Distance 158
19
(P. O. Bellevue), Pa .—BOND SALE—The
coupon bonds offered
Dec. 27—V. 145, p. 4007—was
Peoples-Pittsburgh Trust Co. of Pittsburgh, as 2Ms, at
par plus a premium of $63.60, equal to 100.636, a basis of about 3.12%.
Due $1,000 annually from 1939 to 1948 incl.
of
$10,000
awarded
OKLAHOMA
BARTLESVILLE, Okla.—BOND ELECTION—It is Reported that
election will be held
on
an
Jan. 18 to vote on the issuance of $634,000 in water
plant purchase bonds
COMANCHE,
STROUDSBURG, Pa .—BOND SALE—The $81,000 coupon
registered bonds offered on Dec. 28—V. 145, p. 4007—were awarded
Pittsburgh Trust Co. of Pittsburgh, as 2s, at par plus a premium of
$430.11, equal to 100.531, a basis of about 1.90%. Dated Dec. 15, 1937.
Due $8,000 yearly from 1938 to 1946, and $9,000 in 1947.
Other bidders
EAST
or
Okla.—BONDS AUTHORIZED—'The Town
Board of
included:
5189,0001957.
in refunding bonds. Denom. $1,000. Dated Sept. 1,1937. Due on
ug. 1,
COMANCHE
COUNTY (P. O. Lawton), Okla.—BOND SALE—The
$110,000 issue of court house and jail bonds offered for sale on Dec. 28—
145,
p.
the
to
to the
Trustees is reported to have passed an ordinance calling for the Issuance of
V.
HEIGHTS
AVON
BEN
issue
Int. Rate
4154—was awarded to C. Edgar Honnold, of Oklahoma City,
ELL WOOD
CITY,
Pa.—BOND
Premium Bid
2M%
2M%
Name—
Singer, Deane & Scribner, Pittsburgh
Halsey, Stuart & Co., Philadelphia
$518.40
306.99
SALE—The $25,000
3M% coupon
145, p. 3857—
paying a premium of $10.00, equal to 100.009, on the bonds divided as
follows: $42,000 as 3Ms, maturing $6,000 from 1941 to 1947; $36,000 as 3s,
street improvement and sewer bonds offered on Dec. 27—V.
were awarded to S.
K. Cunningham & Co. of Pittsburgh
maturing $6,000 from 1948 to 1953, and $32,000 as 2Ms .maturing $6,000
premium of $882.50, equal to 103.53, a basis of about 3.09%.
Dated
Dec. 1, 1937.
Due iJec. 1 as follows: $2,000 from 1941 to 1952, and $1,000
in 1953.
Glover & MacGregor of Pittsburgh were second high bidders,
offering a premium of $840.50 for the issue.
from 1954 to
There were
1957, and $8,000 in 1958.
a
number of other bids received for the bonds,'according to the
County Clerk.
W
HOLDENVILLE,
Other bids—
Okla.—BOND OFFERING—C. L. Broaddus,
City
Jan. 4 on an issue of $70,000 water¬
rate of interest.
Due $3,000
yearly, beginning three years from date of bonds, except that the last
Instalment will amount to $4,000.
Certified check for 2% of amount of
bid, required.
Clerk, will receive bids until 8
works extension bonds.
p. m.
Bidders
are to name
JOHNSTON COUNTY (P. O. Tishomingo) Okla .—BOND ELECTION
stated by Howell Cobb, Deputy County Clerk, that an election
at par plus a
Premium
Bidder—
$821.00
Singer, Deane & Scribner
701.75
336.00
32.50
Butcher & Sherrerd
Johnson & McLean, Inc
Leach Bros., Inc
Pa .—BOND SALE— The issue of $60,000 coupon bonds
145, p. 4007—was awarded to Singer, Deane &
as 2Ms at par plus a premium of $783.63, equal
101.306, a basis of about 2.37%.
Dated Jan. 1, 1938, and due $5,000
Jan. 1 from 1944 to 1955 incl.
Other bids were as follows:
CRAFTON,
—It is
offered
will be held on Jan. 11, to vote on the Issuance of $45,000 in not to exceed
Scribner of Pittsburgh
5% semi-ann. court house construction bonds.
to
on
MARLOW, Okla.—BOND SALE—The $55,000 issue of electric light
system bonds offered for sale on Dec. 28—V. 145, p. 4154—was awarded
to Calvert & Canfield of Oklahoma City, according to the City Clerk.
Due $3,000 from 1941 to 1957. and $4,000 in 1958.
OKLAHOMA
CITY
SCHOOL
DISTRICT (P. O. Oklahoma City),
PROPOSED—Despite the recent defeat of
issues of more than $6,000,000 offered in support of a variety of projects,
principally water system improvements and additions, the Oklahoma
City Board of Education will ask Mayor Frank Martin to call a special
election on an issue of $2,000,000 for construction and repair of school
buildings.
Members of the Board favor an election about Jan. 15.
The
city's school population has increased from 23,231 in 1928 to 35,583 in
1937, a gain of 53%, and enrollment has sb^wn proportionate gains to
create a need for additional facilities.
Okla.—BOND
ELECTION
OKLAHOMA,
State
of—GASOLINE
TAX
REVENUES
SHOW
DECREASE—Gasoline tax* exemptions on fuel used in agriculture have
increased to $1,100,000 in Oklahoma from $800,000 in the first 10 months of
1936, and the extra expense makes doubtful the scheduled January pay¬
ment of $500,000 on the $6,000,000 deficit of the State Highway Commis¬
sion.
Governor E. W. Marland has ordered the State Tax Commission to
Investigate agricultural refunds.
W. J. Browne, Accountant of the Highway Commission, estimates that
to Jan. 1 will be $500,000 under estimates of 1937 income.
The
Commission's deficit was incurred in the period when the 40% of the State's
share of funds was diverted to retire general revenue deficit of $13,000,000.
revenue
TULSA COUNTY SCHOOL DISTRICT NO. 47 (P. O. Tulsa), Okla.
—BOND SALE—The
$8,000 issue of building bonds offered for sale on
Dec. 28—V. 145, p. 4155—was purchased by R. J. Edwards, Inc., of
Oklahoma City, according to report. Dated Jan. 1, 1938.
Due $500 from
Jan. 1, 1941 to 1956 incl
OREGON
DONALD, Ore.—BOND SALE—The $1,500 5% semi-ann. water bonds
offered for sale on Dec. 21—V. 145, p. 4007—were purchased by the Hop
Growers Fire Relief Association, at a price of 102.00, a basis of about 4.60%.
Due
$500
from
Jan.
1
1943 to
1945, incl.
No other bid was received,
according to the Town Recorder.
W
KLAMATH
FALLS, Ore.—BOND SALE NOT SCHEDULED—We are
Clerk that no date of sale has been set as yet for the
informed by the City
$127,400 of various
purpose
bonds.
NYSSA, Ore.—BONDS NOT SOLD—It is stated by the City Recorder
that the two issues of 5% semi-ann. bonds aggregating $8,500, offered for
sale without success on Sept. 7, as noted in these columns at that time—
V. 145, p. 3234—have not been sold as yet.
The issues are divided as
follows:
$7,500
Dec.
28—V.
Bidder—
Johnson
&
McLean—
Norman Ward & Co
Glover & MacGregor
Crafton National Bank
'
Leach Bros
Int. Rale
2M%
2M%
2M %
3M%
3M%
Premium
$1,056.00
966.00
267.25
Par
210.00
Pa .—BOND OFFERING—J.
E. Wolfe, Borough
Secretary, will receive sealed bids until 8 p. m. on Feb. 7 for the purchase of
$10,000 3% coupon, registerable as to principal only at holder's option,
underpass bonds.
Dated Dec. 1, 1937.
Denom. $1,000. Due $1,000 on
Dec. 1 from 1938 to 1947 incl. Principal and interest (J. & D.) payable at
the Borough Treasurer's office.
Issue was approved by the Department of
Internal Affairs of Pennsylvania on Dec. 15.
Borough will not pay for
legal opinion. A certified check for $500, payable to the order of the Borough
Treasurer, must accompany each proposal.
KITTANNING,
LOWER MAKEFIELD TOWNSHIP SCHOOL DISTRICT (P. O.
Yardley), Pa.—BOND OFFERING—Joseph S. Briggs, District Secretary,
3 on an issue of $5,000 3% bonds. Denom.
$1,000. Interest payable April 1 and Oct. 1. Due $1,000 yearly from 1956
to I960; redeemable after Oct. 1, 1942.
Certified check for 2%, required.
will receive bids until 8 p .m. Jan.
MEADVILLE, Pa.—BOND OFFERING— G. Stanley Maxwell, City
Clerk, will receive bids until 5 p. m. Jan. 11 for the purchase of $20,000
registerable as to principal, bonds.
Interest rate is not to exceed
4%. Denom. $500. Dated Jan. 1, 1938. Due in 1958; redeemable on and
after Jan. 1, 1943. Certified check for $500, required.
The bidder Ls required to name a single rate of interest, expressed In a
multiple of M of 1 %. Coupon bonds, registerable as to principal only. They
will be issued subject to approval of the Pennsylvania Department of
coupon
Internal Affairs.
PHILADELPHIA, Pa.—GAS PLANT LEASED TO UTILITY COM¬
of 16 to 6 overrode Mayor
lease of the municipal gas
plant to the Philadelphia Gas Works Co., a subsidiary of the United Gas
Improvement Co.
Renewal of the current lease, which expires Dec. 31,
was made at terms providing for a two-months' rate of 85 cents per 1,000
cubic feet, after which period a new rate will be fixed by a commission.
Present rate is 90 cents.
Mayor Wilson sought a limit of 50 cents.
Coun¬
cil's action did not entirely clarify the situation, as the new terms have not
PANY—The City Council on Dec. 29 by a vote
S. Davis Wilson'8 veto of the proposed ten-year
Jet been approved by his announced intention of seizing and State and the
layor has reiterated the Public Utility Commission of the operating the
plant on Jan.
1, according to Philadelphia press advices.
It is believed
will become a subject of litigation in the courts.
that the,entire matter
PHILADELPHIA SCHOOL DISTRICT, Pa .—HIGH COURT REJECTS
TAX RATE PLEA—Despite argument of Board of Education
will be "impaired" if itsTrevenues are limited,
Pennsylvania Supreme Court refused to entertain petition, seeking increases
of School Board tax rate of 9Mtmills.
That rate was fixed by Supreme
HIGHER
that the city school system
city^haU bonds. Due from Oct. 1, 1942 to 1956; optional on Oct. 1,
1,000 park bonds.
Due $500
on
Oct. 1,1948 and 1949.
PHILOMATH, Ore.—BOND OFFERING—Sealed bids will be received
until noon on Dec. 31, by R. Fisher, City Recorder, for thepurchase of a
$5,000 issue of 4% semi-annual fire equipment bonds.y Denom. $500.
Due $500 from Jan. 1, 1941 to 1950; optional^after Jan. 1, 1944.
Court, Nov. 16, when Board appealed from Common Pleas Court decision
reducing the rate.
In denying the petition Supreme Court declared "in
modifying injunction appealed from, this Court went as far as the law
permits; we do not have power to grant supplemental relief prayed for, and
therefore dismiss
petitions."
Volume
Financial
146
ODESSA
ISLAND
RHODE
CRANSTON, R. I.—NOTE SALE—The $100,000 tax anticipation notes
offered
on
a
of Boston
dated Jan. 3, 1938 and will be
Dec. 30 were awarded to Whiting, Weeks & Knowles
on
.55% discount basis.
The notes are
SCHOOL
INDEPENDENT
DISTRICT
(P. O. Odessa),
informed by Murray H. Fly, Super¬
Texas—BONDS NOT SOLD—We are
intendent of Schools, that an issue of $222,000 3% semi-ann.
bonds was approved by the voters on Dec. 18, by a vote of
states that
they
school building
126 to 81.
He
unsuccessfully offered for sale on Dec. 27 and they
the State Board for purchase on Jan. 3.
Dated March 1,
were
will be offered to
payable Dec. 2, 1938.
OTHER
145
Chronicle
1938.
BIDS—
Discount
Bidder—
Wrenn Bros. & Co.
UTAH
0.58'
(plus $10 premium)
McDowell, Dimond & Co
0.60%
0.639%
-
First National Bank of Boston
E. H. Rollins & Sons, Inc
0.66f
0.781
0.79%
Stephen W. Tourtellot
Bancamerica-B lair Corp
SALT LAKE CITY, Utah—NOTES SOLD—It is
000 tax anticipation notes were purchased recently
Trust Co. of Salt Lake City, and associates.
VERMONT
CAROLINA
SOUTH
reported that $1,250,by the First Security
ST. ALBANS SCHOOL DISTRICT (P. O.
St. Albans), Vt.—BOND
$5,500 3% refunding bonds offered Dec. 28 was
awarded to the Montpelier National Bank of Montpelier, and the Peoples,
Trust Co. of St. Albans jointly.
Dared Dec. 1, 1937, and due Dec. 1
as follows:
$800 from 1938 to 1943, inclusive, and $700 in 1944.
SALE—The
CHARLESTON COUNTY (P. O. Charleston), S. C
OFFERING—It is stated by W. J. Leonard, County Treasurer, that he will receive
sealed bids at the office of Nathans & Sinkler, 15 Broad St., Charleston,
issue
of
until noon
on Jan. 4, for the purchase of an issue of $100,000 3% county
Denom. $1,000.
Dated Dec. 1, 1937.
Due on Dec. 1 as follows:
$10,000,1940 to 1946; $5,000, 1947 to 1949, and $15,000 in 1950.
Principal
and interest (J. & D.) payable at the Chemical Bank & Trust Co., New
York City, or at the County Treasurer's office.
No bid for less than par
will be considered.
Thejapproving opinion of Nathans & Sinkler of Charles¬
ton will be furnished the purchaser.
A certified check for $1,000, payable
to the County Treasurer, must accompany the bid.
bonds.
VIRGINIA
(P. O. Walterboro), S. C.—BOND SALE—
bonds offered for sale on Dec. 20—V. 145,
jointly by James Conner & Co. of Charleston, and
Corp. of Nashville, as 3Ms, paying a premium of
$1,630.80, equal to 101.359, a basis of about 3.37%.
Dated Dec. 1, 1937.
Due $12,000 from Dec. 1,1945 to 1954 incl.
p. 4009—was purchased
the Equitable Securities
S.
a. m. on
C.—BOND
OFFERING—Sealed
bids
will
NORFOLK, Va .—FINANCIAL STATEMENT—The following officia
scheduled for Jan. 4,
improvement bonds, noted
be
Information Is furnished in connection with the offering
Dec. 31 by Hugh Hamilton, Town Clerk-Treasurer
of the $1,000,000 coupon or registered general
in our issue of Dec. 18—V. 145, p*. 4010:
for the purchase of a $28,000 issue of 4% coupon semi-ann. water works
bonds.
Due $1,000 from Jan. 1, 1941 to 1968: callable at 101
after the first five years.
A certified check for 5% of the bid is required.
revenue
SOUTH
with Public Works Administration
Va.—BOND
cost to the city.
.
received until ll
have approved
OFFERING DETAIL—In connection with
the offering of $1,000,000 coupon or registered general improvement bonds
taking place on Jan. 4—-V. 145, p. 4010—City Manager Thos. P. Thompson
informs us that bids are acceptable on a discount basis, at par, or at a
premium, the award to be made to the bid showing the lowest net interest
NORFOLK,
The $120,000 issue of highway
■TSUMMERVILLE,
said to
are
struction bonds, to be used in connection
and State aid.
COUNTY
COLLETON
an election held on Dec. 21 the
the issuance of $55,000 in sewer con¬
MARION, Va.—BONDS VOTED—At
voters
Assessed valuation taxable real estate (1937)—-—
Assessed valuation other taxable property (1937)
Assessed valuation all taxable property (1937)
DAKOTA
$132,353,520.00
18,654,140.00
$150,907,660.00
Debt
BRITTON INDEPENDENT SCHOOL DISTRICT NO. 1
(P. O.
Britton), S. Dak.—WARRANTS CALLED—It is reported that Henry A.
Winje, Treasurer of the Board of Education, is calling for payment all
registered warrants numbered up to and including No. 1407.
Bonded debt, including present bond issue
Public improvement bonds authorized, not
Tax
S.
Dak .—CONFIRMATION OF ELECTION—TheTfit#
confirms the report given in these columns recently—V. 145,
4155—that an election will be held on|Jan. 11 to vote on the issuance
of $30,000 in bonds, divided as follows: $10,000 municipal airport purchase,
and $20,000 park improvement bonds.
PIERRE,
issued
—
anticipation notes.
Gross
$40,275,600.00
161,072.73
None
$40,436,672.73
debt
Auditor
Exemptions
p.
Sinking fund, (as of Nov. 30,1937)
18, 1938, to vote upon the propositionTof issuing $158,000 bonds
to finance the purchase of the Union Public Service Co. plant and make
additions to the plant.
Net debt subject to
Pierre),
Dak.— WARRANTS
S.
CALLED—Howard
Bonding limit 18%
on
is
^Drmntallor, Ehrlichman & UHuto
stated
ESTABLISHED
NORTHWESTERN
AND
account of
will
pay
LONGVIEW,
ELECTION—In
Wash .—BOND
PIERCE
accrued interest to Jan. 1, 1938,
receipt of funds from the State.
sold
Bonds tendered must be described accurately as to series designation and
bond numbers.
All tenders must be submitted on forms prescribed by the
to
COUNTY
SCHOOL
DISTRICT NO. 4 (P. O. Tacoma),
now informed by the County Treas¬
urer
Wash.—INTEREST RATE—We
are
now
informed
(P.
O.
Monteaano), Wash.—BOND
port bonds, dated
few minor adverse factors
are
a Seattle caption:
City of Seattle City Council has voted to have an ordinance drawn sub¬
mitting to voters at the March 8, 1938, municipal election the question of
adding a five-mill tax levy for 1938 in addition to the 15-mill levy already
imposed.
Pending decision by voters on the additional tax levy, councilmen will hold in abeyance a proposed occupational tax, proposed chain
store tax and other suggested municipal charges, such as direct billing for
,
On the basis of the
Tenn.—BOND ELECTION PROPOSAL DEFEATED—
The City Council is said to have rejected a bill calling for an election to
TEXAS
by H. W. Carroll, City Comptroller, that
cate headed by Drumheller,
additional light and power
1, on which date interest will cease.
In-
LITTLEFIELD,
Texas—COURT RULES AGAINST PRIORITY IN
was held by the United States District Court for
BOND PAYMENTS—It
City of Littlefield, that there isjnojpriority among the various issues of bonds
outstanding against Texas 'cities of less than 5,000 population but that all
municipal bonds Jin that State stand on a parity with each other.
The
Fifth United*States Circuit Court of Appeals, sitting at New Orleans,
recently affirmedjthis ruling.
Wash.—BOND OPTION NOT EXERCISED—It Is stated
the option granted to the syndi¬
Ehrlichman & White of Seattle on the $750,000
bonds, given at the time of the original sale
October, has not been taken up to date.
He says that the City Km-
SEATTLE,
Texas—BOND CALL—It is stated by D. W. Ramsey, City
Treasurer, that all school refunding, series of 1927 bonds, are being called
for payment at par and accrued interest at the Citizens National Bank,
ENNIS,
the Northern Districfof Texas in the case of the Bankers Life Co. vs. the
$243,734,324 the five-
on the measure will not be taken until councilman approve the tax levy
proposal as drawn, but unanimous action of the council in passing the
proposal for drawing the bill indicates final passing of the tax matter over
to voters next March.
the issuance of $100,000 in ariport bonds.
reported by the County Auditor that the $17,000 county road,
Series J bonds purchased by Fenner & Beane of New York, as 3 Ms at par,
as noted here—V.
145, p. 4156—are dated Aug. 9, 1937, and mature on
Feb. 9 as follows: $5,000, 1938, and $7,000, 1939, and $5,000 in 1940.
1937 property valuation of
mill levy would produce about $1,218,671 in revenue, an amount estimated
to be sufficient to cover the city's new revenue needs for 1938.
Final action
NASHVILLE,
now
.
garbage or water service.
in evidence.
LIBERTY COUNTY (P. O. Liberty), Texas—BOND SALE DETAILS
the Chemical
SEATTLE, Wash .—VOTERS TO PASS ON ADDITIONAL TAX LEVY
—The "Wall Street Journal" of Dec. 27, carried the following report under
for printing and legal opinion.
Feb.
HARBOR
1921, are being called for payment as of Jan. 1 at
Bank & Trust Co., N. Y. City.
MEMPHIS, Tenn —REVISED FINANCIAL STUDY PREPARED—A
on
GRAYS
CALL—It is reported that numbers 512 to 525 of 6%
supplement to their previous findings on the financial affairs of the above
city, prepared some time ago, has just been made available by Lazard
Freres & Co., Inc., 15 Nassau St., New York City, in which it is found
that the city's finances still entitle it to a fairly high credit rating, although
Ennis,
OF
Due in from two
July 1,
$35,000, sold on Dec. 21 as 3s, at par, less $690 for expenses, as noted
in these columns—V. 145. p. 4155—were purchased by the Municipal Bond
& Investment Co. of Memphis.
Under the terms of the bid the purchaser
—It is
purchased by the State Finance
columns—V. 145, p. 4156—were
3Ms, at par, not as 2Ms, as previously reported.
13 years after date of issuance.
as
PORT
Dyers¬
by B. F. Graves, City Recorder, that the two issues of bonds aggregating
on
are
that the $6,000 coupon school bonds
Commission on Dec. 18, as noted in these
burg, Tenn,
Tenn .—BOND SALE DETAILS—We
with the
connection
report that the City Council had agreed to issue $125,000 in 4% refunding
bonds, given in these columns recently—V. 145, p. 4010—It is stated
that the election for this purpose will be held on Jan. 22.
Denom. $500.
Due In 30 years.
and tenders must be submitted upon this basis.
All tenders must be firm
for a period of two days from Feb. 1.
Immediate confirmation will be made
of accepted tenders, and payment therefor will be made after requisition and
above chairman and may be obtained by request, at his office in
Washington
SEATTLE
WASHINGTON
funds
On bonds accepted, the county
1921
MUNICIPAL
CORPORATE SECURITIES
Exchange Building
reserved.
vote
73.330
f
,
issue.
represent the balance due Dyer County by the State of
highway reimbursements, and the payment thereof
extinguishes the liability of the State to the county on account
of these series of bonds.
Funds applicable to each series will be applied
to the purchase of bonds tendered at the lowest price.
The right to accept
any part of bonds so tendered and to reject any or all tenders is specifically
a
f
„
foregoing statement includes all municipal, county and
school district debt payable out of taxes levied in the City of Norfolk.
The public schools in the city are financed by the city, there being no
separate school district; and the city is not liable for the payment of any
county or school district debt except assumed by the city in connection
with the recent annexation of territory by the city.
The city has never
defaulted in the payment of any of its obligations.
to the county
is to pay
1910 Census
1920 Census
115,777
129,710
The county will have available for the purchase of bonds of the above
designated series a total of $819,22u.l4, which will be distributed and
applied as follows:
To the purchase of series D bonds
$203,128.03
To the purchase of series E bonds
263,878.23
To the purchase of series F bonds
56,483.21
To the purchase of series G bonds
29o.730.67
JACKSON,
$3,414,792.66
...
Note—The
TENNESSEE
on
$23,823,633.60
20,408,840.94
foregoing assessed valuation
debt limit
1930 Census
(P. O.
Dyersburg), Tenn.—BOND TENDERS
by L. C. Fumbanks, Chairman of the County
Court, that on Feb. 1, at 2 p. m., he will receive sealed tenders of highway
refunding bonds, of the series designated "D", "E", "F" and "G".
These
to
-—$132,353,520.00
Population
COUNTY
Tennessee
city subject
the
Margin
{■RAPID CITY, S. Dak.—BOND SALE DETAILS—It ^stated by the
City Auditor that the $30,000 airport bonds reported to have been pur¬
chased recently by Piper, Jaffray & Hopwood, of Minneapolis, as noted
in our issue of Dec. 18—V. 145, p. 4009—were the bonds that were sold
on June 7, as carried in detail in these columns at that
time, and did not
DYER
Valuation
in
estate
Less net debt subject to
Tuition fund, up to and including No. 8597.
INVITED—It
of real
Henricksen,
LAMRO INDEPENDENT SCHOOL DISTRICT NO. 20 (P. O. Win¬
ner), S. Dak.—MATURITY—It is stated by the District Clerk that the
$34,000 refunding bonds sold to the County Permanent School Fund, as
58 at par, as noted here recently—V. 145, p. 4155—are due as follows:
$1,000, 1938 to 1941, and $2,000, 1942 to 1961-
a new
$20,408,840.94
debt limit
taxation, real estate
Treasurer of the Board^of Education, is said to be calling for payment the
following warrants:
General fund, up to and including No. 7780.
constitute
valuation
20,027,831.79
9,127,831.79
-
Assessed
Assessed
FORT PIERRE INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O*.
Fort
6,000,000.00
Water bonds
for Jan.
„
$4,900,000.00
Municipal Port Terminal bonds
FLANDREAU, S. Dak.—BOND ELECTION—An election is scheduled
used.
Eloyees' Retirement System has offered to take the bonds if the option
i
not
BANKS REFUSE TO CASH PAY
WARRANTS— An
Associated Press
dispatch from Seattle on Dec. 28 reported as follows:
The
Seattle
Clearing
House
Association announced today member
banks would cash no more city general fund payroll warrants, because the
warrants "do not constitute a satisfactory investment."
The Association declared the 1938 budget indicates an impending gen¬
eral fund deficit of $4,700,000.
Approximately 3,000 city employees are
affected by the announcement.
^
City Council voted to ask the State Finance
buying Seattle warrants, but State Treasurer Phil
doubtful the State could come to the city's aid.
Committee to continue
E. Gallagher said it was
.
Financial
146
TACOMA, Wash.—BONDS CALLED—C. V. Fawcett, City Treasurer,
the following bonds:
9 to
17 of Local Improvement District No. 2011.
On Dec. 19—Nos.
6 to 14 of Local Improvement District No. 1416.
Nos. 193 to 212 of Local Improvement District No. 4183.
\ ;
Nos.
56 to 01 of Local Improvement District No. 4336.
Nos.
9 and 10 of Local Improvement District No. 4341.
Nos.
5 to
15 of Local Improvement District No. 5153.
Nos.
11 and 12 of Local Improvement District No. 5154.
On Dec. 20—Nos. 130 to 168 of Local Improvement District No. 4333.
Is said to have called for payment
city affairs will continue to be con¬
scrupulously and economically.
load, with the further assurance that
ducted
On Dec. 10—Nos,
'
Madison.
reported that $22,000 light
Wis.—BONDS SOLD—It is
MUSCODA,
plant revenue bonds have been
purchased by Harley, Haydon & Co. of
■„
,
>
RACINE COUNTY (P. O. Racine),
bids will be received until 10 a. m. on
\
■,
Wis.—BOND OFFERING—,Sealed
Hardie, County
Jan. 6, by Lennie
Clerk, and oral bids will be received after that hour, for the purchase of a
$275,000 issue of relief bonds, series of 1938.
Denom. $1.000 and $500.
Dated Jan. 1, 1938.
Due $27,500 annually from July 1, 1939 to 1948, incl.
Said bonds will be sold to the highest responsible bidder at not less than
the maximum rate of interest
July 1, 1938, and
Jmy m each year.
Both principal and interest are payable at the office of the County Treasurer
in the City of Racine, Wis.
The basis of the determination of the best bid
will be the lowest interest rate bid and interest cost to Racine County.
Interest rates bid must be in multiples of % of 1 % and all bids must desig¬
par
and accrued interest to date of delivery,
to be borne by the bonds to be 4% per annum, payable
semi-annually thereafter on the first days of January and
$19,000
STATE OF WEST VIRGINIA Ref. 4s
Due June
Jan. 1, 1938
Chronicle
1, 1947-60 @ 2.40-2.60% basis
for all maturities.
faith deposit is required.
Said bonds are to be issued subject to
Cutler, Attorneys, of Chicago, Illinois,
which will be furnished together with the executed bonds without charge to
the successful bidder.
The right is reserved to reject any or all bids.
nate one rate of interest
F. W. CRAIGIE & COMPANY
No good
the favorable opinion of Chapman &
Richmond, Va.
A. T. T. Tel. Rich. Va. 83
Phone 3-9137
Financial Statement
WEST
for
Total bonds now
Kingwood), W. Va.
Racine
5,308.53
County has never failed to pay bonds
Tax Collection Record
Amount of levy
1921.
Amt. collected to penalty
VIRGINIA,
State
of—INTERIM RECEIPTS EXCHANGE¬
Year of Levy-—
Dec.
corporate trust department of the National City Bank of New York, for
permanent bonds with May 1, 1938, and subsequent coupons attached.
1, 1937 amount collected
penalty date to this date
1938 to 1951.
(P. O. White Fish Bay), Wis.—
BOND SALE DETAILS—It is reported by the District Clerk that the
$20,000 building bonds purchased by A. S. Huyck & Co. of Chicago, as
noted here recently—V. 145, p. 4010—were sold as 23^8, for a premium of
$36.00, equal to 100.18.
The bonds mature $2,000 from 1938 to 1947,
giving a basis of about 2.46%.
Wis—1937
SUMMARY
OF
FINANCIAL
CON¬
DITION—The following is the text of the 1937 edition of the annual sum¬
prepared by William H. Wendt, City Comptroller:
Milwaukee in the year 1937 continued on the way toward its goal—a
debtless city,
The bonded debt was substantially reduced during the year
and the maturities during the coming year will continue the reduction to a
figure 50% lower than it was at its peak in the year 1931, the lowest point
it has reached in the past 15 years.
No general obligation bonds have been
issued during the past five years and the budget makes no provision for
bond issues for the coming year. The citizens of Milwaukee are thoroughly
convinced that the policy of paying for improvements on a cash basis
instead of creating a debt involving heavy interest burdens is the soundest
policy.
The Public Debt Amortization Fund created in 1932 has since grown to a
figure approximating $7,600,000, whereas the bonded debt in 1945 will
amount to $6,300,000.
Hence there will be no debt burden in this city's
tax levies after 1945 and, if the fund continues to grow during the next
seven years at the rate it has been growing since established, it should
succeed in wiping out the debt by 1943 or possibly 1942. Thereafter no tax
levy for bonded debt purposes will be required.
mary
The reduction in the bonded debt has reduced the amount of taxes levied
annually during recent years to meet the payments of the interest and
principal thereon.
The city has wisely planned the financing of its per¬
manent improvements to come within this reduction and thus provide the
means of establishing a cash basis for such work in future years.
Thus,
bonded debt requirements for 1938 are eight cents per tax dollar less than the
peak period of 1932. Substituting the savings thus effected for a cash basis
program eliminates the interest burden imposed under the old plan.
Each
year hereafter this fund may continue to increase to a point where ap¬
proximately $4,000,000 of permanent improvements are financed on a cash
basis annually, equal to the largest levy in past years for payment of the
principal on the bonded debt.
This point should be reached the year in
which the amortization fund eliminates the bonded debt, and the need of
future tax levies for payment of same.
Thereafter it will mean a saving to
city txapayers of approximately $2,000,000 annually, which was the
amount levied for interest on the bonded debt at the peak period.
One of the outstanding accomplishments for the past year was the
passage of the Employees Retirement and Benefit Act by the State Legis¬
lature and the financial ability of the city to make it effective for the
coming year without directly effecting the current year's tax rate.
The
provisions of this Act should enable many of the aged and physically
disabled city employees who have rendered years of efficient service to
retire, thus relieving the city of the responsibility of keeping them on the
payroll because of inadequate provision for their future.
It is estimated
that the economy effected by the substitution of younger and more efficient
help in some positions and the elimination of other vacated positions will
offset the cost to the taxpayer of providing the fund.
The pension plan
makes ample provision to take care of itself for future years by requiring
new employees entering the city service to enroll under the plan and thus
provide funds for their ultimate retirement.
Approximately 5,000 city
employees, not including teachers, policemen or firemen who have their own
annuity funds, come under this Act, which has been planned with an eye to
economy in administration.
The city's cash condition has improved slightly during the year.
Tax
delinquency though not as serious as formerly has continued.
The policy
of issuing tax redemption notes (city scrip) as part payment of employees
salaries remained in force and it is planned to continue the same for the
coming year. The city orders issued in payment of merchandise and service
work have been accepted the same as city scrip in payment of anything due
the city, otherwise payment of same has been deferred until Feb. 1 of the
coming year. Business houses doing business with the city have found their
own ways of offsetting this delay.
Unexpended balances of bond issues sold during the years the city was
issuing bonds involving principally the financing of street widening im¬
provements, still approximate $2,000,000.
Since the year when the city's
assessment law was declared illegal, street opening, widening and extending
To remedy this situation a new law
projects have been at a standstill.
known as the Kline law was passed by the State Legislature in the year
1931.
Accordingly, this office has insisted that before any expenditures
are made for projects of this nature a thorough test of the law be made for
the protection of the city.
If the taxpayer had paid under protest such
benefit assessments levied under the old law, he would legally have been
entitled to a refund.
For this reason we have consistently stood for a test
case under the Kline law.
Thus, without the expenditure of any money
except for the preliminary work incidental to arriving at fair estimates of
cost and assessments, the Common Council this year paved the way for a
test of the law and recently a decision was given by the Circuit Court
approving the city's action in connection with the proposed Kilbourn
Ave. widening.
We are now assured that an appeal will be carried to the
Supreme Court of the State of Wisconsin so that it is probable that before
another six months the way will be definitely settled for all time for future
improvements of this kind. In the event that the Supreme Court sustains
the decision of the Circuit Court, the program of street opening, widening
and extending projects will thereafter be a question of funds available
rather than legality of the Act.
During the period of the depression, taxpayers as well as officials came to
realize more keenly the necessity of careful planning and economy in
handling the affairs of the city. There is no doubt that with the continuance
of the policies set in recent years, taxpayers may look forward to a lightened
..1936
$1,010,419.59
335,921.72
'
v
450,263.63
429,026.18
454,849.01
Wis.—BONDS AUTHORIZED—On
Dec. 21 the
Common Council approved a resolution providing for the issuance
of
$278,850 high school building bonds.
'Av',:';
CANADA
FOX POINT SCHOOL DISTRICT
MILWAUKEE,
_
1934
193o
$660,024.50 $1,059,488.40
268,511.35
318,132.83
WAUWATOSA,
WISCONSIN
Wis.—BOND SALE DETAILS—It is now reported
by the Village Clerk that the $23,000 5% semi-ann. sewer bonds sold
recently, as noted in these columns—V. 145, p. 4010—were purchased jointly
by Harley, Haydon & Co. of Madison, and T. E. Joiner & Co. of Chicago,
paying a premium of $975,000, equal to 104.23, a basis of about 4.27%.
COON VALLEY,
Due from
and interest when due.
.
date._
from
ABLE—It is announced that the interim receipts for the 2and 3H%
coupon State road bonds, series of 1937, maturing serially on May 1 from
1938 to 1962 incl., numbered 31701 to 33200, are exchangeable now at the
2,0yi,UUU.UU
Sinking fund
CALL—It is reported that 5% permanent road improvement
bonds numbered from 151 to 160 of an issue dated Jan. 1, 1910, are being
called for payment at the Chase National Bank, New York City, on Jan. 1,
on which date interest will cease.
Due on Jan. 1, 1946; optional on Jan. 1,
—BOND
WEST
A
Basis of assessment,
VIRGINIA
PORTLAND MAGISTERIAL DISTRICT (P. O.
■
.$166,303,071.00
1937
85.73% of true value.
outstanding
Assessed valuation
AMHERST TOWNSHIP, Que.—BOND
INTEREST PAYMENT—The
Quebec Municipal Commission has advised holders of township bonds that
has authorized the deposit, in La Banque Provinciale du Canada, at
St. Andre-Avellin, of sufficient funds to cover payment of the following
it
coupons:
May 1, 1937, and Nov. 1, 1937, under By-Law No.
37; May 1,
1937, and Nov. 1, 1937, under By-Law No. 38; and March 1, 1937, and
Sept. 1, 1937, under By-Law No. 43.
Non-registered holders are urged to
communicate with Secretary-Treasurer J. H. Charbonneau, St. Remi of
Amherst, in order to become registered in the books of the corporation.
"BOURGET TOWNSHIP, Que.—INTEREST
COUPONS PAYABLE—
bonds have been advised by the Quebec Municipal
available at the Banque Canadienne Nationale, at Jonquiere, to pay bond interest as follows:
Coupons
of Sept. 1, 1937, under By-Law No. 17; interest from March 1,1937,
under By-Law No. 17; and interest from June 1, 1937, to Dec. 1, 1937,
under By-Law No. 15.
Holders of township
Commission that sufficient funds are now
BRANTFORD, Ont.—BOND SALE—An issue of $80,000 3J^% bonds
been sold to R. A.
Daly & Co. of Toronto.
Due in equal annual
has
instalments.
(Dominion of)—TREASURY BILLS SOLD—'The Bank of
Dec. 30 on behalf of the Department of Finance the
bills, maturing in three months, at average
discount price of 99.81485, to yield about 0.744%. Last previous financing
of that character, two weeks ago, was effected on a yield basis of 0.761%.
Current sale was to refinance a maturity of like amount, thus leaving un¬
changed at $150,000,000 the amount of bills currently outstanding.
CANADA
Canada announced
sale of $25,000,000 Treasury
EDMONTON, Alta.—NEW CITY AND SCHOOL DISTRICT BONDS
BE EXCHANGED FEB. 1—According to an official
announcement,
TO
plans for refunding debts of the City of Edmonton, The Edmonton
District No. 7 of the Province of Alberta, and the Edmonton
School
Roman
School District No. 7 of Alberta have been given the
necessary authorizations and new debentures of the respective corporations
will be exchanged for existing obligations on and after Feb. 1, 1938, at the
offices in the City of Edmonton of the Treasurers of the debtors concerned.
Interest on the old bonds will cease to accrue after Jan. 31, 1938.
Bonds
forwarded for exchange must be accompanied by all coupons maturing on
and after Feb.
1,
1938, and, if registered, by transfers with signature
guaranteed by a chartered bank or a trust company.
Catholic
Separate
GRENVILLE,
Que.—BOND SALE—An
issue of $52,600 4%
bonds
Montreal.
They mature serially
is being made at a price of par.
has been sold to Credit Anglo-Francais of
from 1938 to 1952 incl., and reoffering
LIVERPOOL, N. S —BOND SALE—An issue of $65,000 improvement
bonds, bearing interest at 3% and 4%, has been sold to Cornell,
livray, Ltd. of Halifax, at a price of 98.09. Due serially from 1938
MacGilto 1967,
incl.
MONTREAL, Que.—REPORT REFLECTS MARKED IMPROVEMENT
in the position of the
IN FISCAL CONDITION— Marked improvement
city in the first ha»f of its fiscal year is shown in the report for the six months
ended Oct. 31, issued recently by the Director of Finance, Lactance Ro-
berge.
Ordinary revenue exceeded ordinary expenditures for the period
by fully $334,519 as compared with a revenue surplus in the preceding six
months of only $12,755.
A substantial strengthening is also revealed in the
city's current position, quick assets being sharply higher, quick liabilities
sharply lower.
Ordinary revenue for the six months was $18,042,067,
ordinary expenditure $17,707,547, resulting in the surplus given above.
Highlights of the statement showing the net debt decrease, which is
$371,839 for the six months, are:
Bank loans
reduced by
$7,335,000.
Funded debt reduced by $3,851,261.
$8,411,053.
Prepaid expenses and accrued revenue higher by $5,929,116.
Cash in hand reduced by $2,286,090.
Net current assets higher by $11,388,620 at $41,795,121.
Net current liabilities reduced by $5,142,659 to $21,273,969.
Net working capital position of the city strengthened by $16,531,279.
Accounts receivable higher by
Borrowing
power
of the city to Oct. 31 was exceeded by $3,784,158.43,
was said.
Such power, according to Montreal press advices, has been
exceeded for years.
Last year the excess was $2,527,521.
Reason given
for exceeding the borrowing power is that property assessments shrunk
it
by more than $10,000,000 this year.
Taxable property is valued at $891,420,129.
Last year it was $902,154,725.
Reserves for losses drop by about $1,000,000, now totaling $5,328,544.11,
while last year the figure was $6,246,366.15.
Uncollected general assessments as of Oct. 31 totaled $9,223,283.46.
Uncollected water and business taxes, $3,170,904.15.
Sales tax collection is $1,898,984.50, which is for the period 50.64%
of the total budgetary estimate for the full year.
Income tax came to $730,500.74, or 52.18%.
ST. AMBROISE
The Quebec
PARISH, Que.—BOND INTEREST AVAILABLE—
Municipal Commission, under date of Dec. 23, has informed
creditors of the above unit that sufficient funds are available at the Banque
Canadienne Nationale, Kenogami, to pay interest coupons of Dec. 1. 1937.
Non-registered holders of past due bonds are requested to communicate
with Sec.-Treas. Arthur E. Asselin, in St. Ambroise, in order to become
registered in the books of the corporation.
ST.
JOSEPH-D'ALMA
SCHOOL
DISTRICT,
Que.—INTEREST
PAYMENT—The Quebec Municipal Commission has informed holders of
bonds of the district that sufficient funds are on hand at the Bank of
Montreal, St. Joseph-d' Alma, to cover payment of coupons of Dec. 1, 1937.
Non-registered holders are asked to communicate with Sec.-Treas. J. L.
Romeo Jobin in order to become registered in the books of the corporation.
WHITBY, Ont.—BOND SALE—Bartlett, Cayley & Co. of Toronto
purchased privately an issue of $18,000 3% bonds at a price of 100.14.
Due serially on Dec. 31 to and including 1942.
Purpose of the loan was
to refund debt incurred in connection with a housing loan.
@FedFRASER