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US. AD*
IfgRAffv
1 6
TWO
SECTIONS—SECTION
ONE
T¥
ammtttialf
MM, U. 8.
COPYRIGHTED IN 1939 9Y WILLIAM
B.
DANA
COMPANY, NEW YORK.
VOL. 148. lssuedT8kKe?eYnearaCopv"
BROOKLYN
ENTERED AS SECONO-Cl ASS MATTER JUNE 23,
1879, ATTHE POST OFFICE
AT NEW YORK.
<«itnairi tJ
NEW YORK, JANUARY 14, 1939
viiiiamcof
NEW YORK.
uaiia OO
NO. 3838.
THE CHASE
BANK
NATIONAL BANK
Chartered 1866
OF
OF
TH E ACT OF MARCH 3, 1879.
SpruceSti.„N Y.City
TRUST
COMPANY
UN DER
gPuOtisnsri
THE
CITY
OF
•
NEW
YORK
George V. McLaughlin
The
President
NEW YORK
BROOKLYN
For
Member Federal Deposit Insurance
Corporation
chase is
tra-:
ditionally a bankers' bank.
many
served
YORK
"
it
years
has
large number
a
of banks and bankers
a9
New York
correspondent
and
depository.
reserve
Member Federal Deposit Insurance
FUNDAMENTAL
Corporation
INVESTOHS
The
INC.
FIRST
Prospectus available from
local
Harriman Ripley & Co.
BOSTON
CORPORATION
Incorporated
BOSTON
NEW YORK
dealers
SAN FRANCISCO
CHICAGO
Underwriters of capital issues
and other principal cities
and
dealers
ment
European Correspondents
and other
The First British American
in
U.
S.
Govern¬
Bonds, Municipal Bonds
investment securities.
Corporation, Ltd.
3
Lombard Street
63 Wall
london
Boston
Hallgarten & Go.
Argentine Representative
Established 1850
Av. R. Saenz Pena
Street, New York
Philadelphia
567, Buenos Aires
Formerly Brown Harriman
NEW
.Chicago
Representatives in other leading Cities
'
&
Co., Inc.
YORK
Chicago
London
City of
The
Philadelphia
Ne w York Fr u st
BEAR, STEARNS
&
CO.
Pennsylvania
Company
ONE WALL STREET
Commonwealth of
Bonds
NEW YORK
Capital Funds
.
.
$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
IOO
40TH
HOMER & CO., Inc.
40
BROADWAY
ST. &
FIFTH
Exchange Place, New York
MADISON AVE.
AVE.
57TH
&
Service
ST.
to
Banks arid
Dealers since
NEW YORK
1888
HORNBLOWER
European Representative's Office:
8
CarlM.Loeb,Rhoades&Co.
&
40
LONDON, E. C. 4
61
BROADWAY
NEW YORK
London
Paris
.
"
'
,
ft
"
(
.
.
j
WEEKS
Established 1888
KING WILLIAM STREET
'r
•
Wall Street
NEW YORK
Members New
*
Cleveland,
York, Boston, Chicago,
Philadelphia and
Detroit Stock Exchanges
Amsterdam
Member of the Federal Deposit Insurance
Corporation
NO. 13738
CHARTER
DISTRICT NO.
RESERVE
1939
Leading Out-of-Town
Brokers
Investment Bankers &
7
OF
OF CONDITION
REPORT
Jan. 14,
Chronicle
Financial
II
DETROIT
MANUFACTURERS NATIONAL
THE
BANK OF DETROIT
AT THE
INVESTMENT HOLDINGS
ANALYZED
Michigan
State of
the
in
DECEMBER 31, 1938
CLOSE OF BUSINESS ON
call made by Comptroller of the
under Section 5211, U. S. Revised Statutes
Published in response to
Currency,
-
Loans
Obligatfons
Other bonds, notes,
Corporate
political subdivisions
of States and
and debentures
stocks, including
Bank premises
owned $319,387.02, furniture
TOTAL ASSETS
.
.
•
.
.
•
*
HARTFORD
$140,441,615.31
•
LIABILITIES
Specialists in Connecticut
individuals, partnerships, and corpo-
deposits of
Demand
$73,956,796.48
23,322,020.96
Time'depos'its
of individuals, partnerships, and corporations
Deposits of United States Government .
.
».
...
Deposits of States and political subdivisions
....
Deposits of Banks .
.
*
« ,
•
•
• ■
•
•
Other deposits (certified and Cashier s checks, etc.)
TOTAL DEPOSITS
.
.
.
.
.
•
$126,103,116.00
♦Other liabilities
LIABILITIES
TOTAL
total par
Capital stock, common,
.
Reserves
.
.
.
•.
.
•
•
„
.
.
•
•
•
•
.
.
.
HARTFORD
ROW
6 CENTRAL
6,905,904.35
Tel. 5-0151. A. T. T.
Teletype—Hartford 664
.
\
$3,000,000.00
3,000,000.00
1,040,000.00
.
»
•
•
•
,.
.
.
392,594.96
.
TOTAL
CAPITAL ACCOUNT
TOTAL
LIABILITIES AND CAPITAL
...
Members New York Stock Exchange
$133(009,020.35
s
.
.
.
.
...
PUTNAM & CO.
1,092,513.95
ACCOUNT
■
.
.
.
.
.
.
.
Undivided profits
Securities
35,528.89
8,146,527.41
19,549,728.31
*
*,
.......
CAPITAL
Surplus
"
*
MICH.
319,388.02
7,018,175.16
and fixtures $1.00
*
Stock Exchange
41,428,381.56
.
.
.
'
*
•
•
*
-
.
.
.
.,
.
3,219,159.65
6,182,319.68
279,500.00
..
including reserve balance,
'
Members of Detroit
PENOBSCOT BUILDING, DETROIT,
42,138,522.13
..
stock of Federal Reserve Bank
Cash, balances with other banks,
and cash items in process of collection
♦Other assets
$39,856,169.11
overdrafts) .
direct and guar-
and discounts (including $13,288.68
States Government obligations,
United
& Co.
Charles A. Parcells
ASSETS
BIRMINGHAM
$7,432,594.96
ACCOUNT
.
.
$140,441,615.31
.
MEMORANDA
Pledged assets (and
Secured liabilities .
securities loaned)
•
.
•
NONE
...
...
•
•
•
MARX & CO
NONE
' »
•
•
•
include contra items
unused loan commitments of $6,712,260.21.
and "Other liabilities
♦"Other assets
consisting of
of Michigan, County of Wayne, ss:
I R. C. Wandel, Cashier of the above-named bank, do
statement is true to the best of my knowledge and belief.
BIRMINGHAM, ALABAMA
State
Co.
Sherwin A. Hill
Bodman, Longiey,
Directors
Bogle, Middleton A
Edsel B. Ford
President, Ford Motor Co.
.Member Federal Deposit
MILWAUKEE
Murray W. Sales
Farley
National Bank
AND
CORPORATION BONDS
Charles A. Kanter
Vice President, Manufacturers National Bank
Henry H. Sanger
MUNICIPAL
SOUTHERN
Henry H. Sanger
DIRECTORS
Hill, Hamblen, Essery & Lewis
Senior
Clifford B. Longley
President, Manufacturers
Wandel, Cashier
Edsel B. Ford
M. W. Sales
SEAL
George R. Fink
President, Nat. Steel Corp.
Alex. Dow
President, Detroit Edison
C.
R.
Correct-Attest.
subscribed before me this
of January, 1939
Geprge D. Maxwell,
Sworn to and
6th day
Notary Public
solemnly swear that the above
President, Murray W. Sates A Co.
Wesson Seyburn
• Manufacturer
WISCONSIN
Insurance Corporation
CORPORATION SECURITIES
Teletype—Milwaukee 92
Dividends
Notices
EDGAR, RICKER & CO.
207
Chesapeake and Ohio
Railway Company
The
tlSI
Chesapeake and Ohio
First Consolidated Mort¬
Five Per Cent Fifty-Year Gold Bonds
holders
the
of
gage
due
given that up6n presenta¬
tion and surrender for retirement, on or
after January 10, 1939, of The Chesapeake
and Ohio Railway Company First Consoli¬
dated Mortgage Five Per Cent Fifty-Year
Gold Bonds due May 1, 1939, accompanied
(unless the owner be a domestic corpora¬
tion)
by
Federal
income
tax ownership
certificates
with
respect to the May
1,
1933 installment, of interest,
and accomT
if registered, by proper instruments
of assignment and transfer and power of
attorney,
at the Corporate Trust Depart¬
ment of Guaranty Trust Company of New
York.
140
Broadway,
New
York
City,
Guaranty Trust Company of New York will
panied.
principal amount of such Bonds
with
the
semi-annual
interest
1, 1939.
the
together
thereon
ST
CHESAPEAKE
The 41st consecutive
terly dividend
on
STOCK
quar¬
the Cumu-
Preference
Domestic Finance
St/k
*
Stock of
Corpora¬
lative
tion and
uent
January 10,
H.
F.
SO^OUVC ST,
predecessor constit¬
has been
company
declared at the rate of 50c
a
Members St. Louis Stock Exchange
share
payable February 1,
1939, to stockholders of
record January 23, 1939.
L. E. MICKLE,
Vice-Praa. and Treasurer
AND OHIO
LOHMEYER,
Foreign
Treasurer.
25
OFFICES
IN
7
STATES
1939.
Boston. Mass., Jan. 11,1939
At
a
NATIONAL BANK OF NEW ZEALAND, Ltd.
Established 1872
regular meeting of
Chief Office in New Zealand:
the Board of Directors
Dividends
P. R. M.
ofThe First Boston
Head
Corporation held
HOMESTAKE MINING COMPANY
January
Dividend No. 813
The Board of Directors has declared dividend
No. 813 of thirty-seve^ and
one-half cents ($.37 H)
share of $12.50 par value Capital Stock,
payable January 25, 1939 to stockholders of
record 3:00 o'clock P.M. January 20, 1939.
Checks will be mailed by Irving Trust Com¬
pany, Dividend Disbursing Agent.
per
,
_
Co.
^
SAINT LOUIS
RAILWAY COMPANY
By
LOUIS
CORPORATION
CUMULATIVE PREFERENCE
due May
THE
Wis.
DIVIDEND
FINANCE
May 1, 1939:
Notice is hereby
pay
Michigan St.,
The.
Railway ,Company
"
East
Milwaukee,
CONSECUTIVE
1
DOMESTIC
NOTICE OF PAYMENT
To
Aim
_
January 3, 1939.
R. A. CLARK, Secretary
on
dividend of
$1.00 per share was declared on the
capital stock of the Corporation
payable January 23, 1939 to stock¬
11, 1939,
holders of record
business
on
as
a
of the close of
January 13, 1939.
A. A.
~
Ger.ade, Treasurer.
Office: 8
Wellington
Hanna, General Manager
Moorgate,
London,
Subscribed Capital
Paid-up Capital
E.
Reserve Fund
Bank
conducts
2,
Eng.
£2,000,000
£1,000,000
Currency Reserve
The
C.
-.-.„_£6,000,000
every
£500.000
description
of
banking
business connected with Hew Zealand.
Correspondents throughout the World
London Manager, A. O. Norwood
Volume
148
Financial
Chronicle
in
FINCH, WILSON MO.
Members New
Stocks
York Stock
and
Exchange
Bonds
NATIONAL
Commission Orders Carefully
Executed for Institutions
OF
and Individuals
120
Broadway, New York
BANK
DETROIT
STATEMENT OF
CONDITION, DECEMBER 31, 1938
RESOURCES
Cash
Foreign
Hand and Due from Other
on
Banks
United
Government
direct and/or fully
guaranteed........
Other Securities
Incorporated by Royal Charter 1727
.
.
.
OFFICE—Edinburgh
.
William Whyte
.'
.
.
.
.
...
.
9,576,582.04
.........
7,615.18
.
Prepaid Expense
Bishopsgate, London, England
Capital (fully paid)
Customers'
£3,780,192
____________
__
__
___
.
.
.
...
.
.
.
.
.
.
775,168.49
.
.
.
.
.
.
Accrued Income Receivable
CHIEF FOREIGN DEPARTMENT
Deposits
.
(24 Branch Bank
Buildings)
.
Reserve fund.
750,000.00
61,792,433.92
Real Estate
•
Total number of offices, 254
3
8,935,298.48
.
Overdrafts
.
204,981,891.44
.
Loans and Discounts
Banking
General Manager
,
,
.
Real Estate Mortgages
.
.
Stock in Federal Reserve Bank
Over
HEAD
Obli¬
gations,
Royal Bank of Scotland
200 Years of Commercial
$135,480,314.32
.........
States
.
981.370.00
241.939.01
Liability Account of Ac¬
ceptances and Letters of Credit.
£4,038,616
TOTAL RESOURCES
1,692,643.94
$425,215,256.82
...
£69,674,161
LIABILITIES
Associated Bank,
Deposits:
Williams Deacon's Bank, Ltd.
Commercial, Bank and Savings
.
U. S. Government
$348,863,068.79
16,939,281.10
Treasurer—State of Michigan
2,866,556.16
Other Public Deposits
Australia and New Zealand
.
.
22,904,965.46
......
.
$391,573,871.51
Capital Account:
Preferred Stock
NEW SOUTH
(ESTABLISHED
Paid-Up Capital.
WALES
Reserve
7,500,000.00
8,000,000.00
Undivided Profits
6,150,000
Liability of Proprietors-.
9,500,000.00
.
.
.
.
5,227,615.04
,
30,227,615.04
Reserve for Common Stock Dividend
£8,780,000
Reserve Fund
(750,000 Shares)
Surplus
1817)
l
_
(380,000 Shares)
Common Stock
BANK OF
No. 9,
8,780,000
Reserves
payable February 1, 1939
.
.
.
.
.
.
.
.
.
1,340,490.60
.
5,635.73
£23,710,000
Income Collected but not Earped
Aggregate Assets 30th Sept., 1938.£127,064,001
SIR
ALFRED DAVIDSON,
General Manager
Head Office:
The Bank of New
largest
bank
branches
in
in
.a11
Our
K.B.E.,
Liability Account of Acceptances
and Letters of Credit
TOTAL LIABILITIES
South Wales is the oldest and
With
over
900
.
.
$425,215,256.82
.
United States Government securities carried at
Australasia.
States
in
of Australia, in New
Zealand,
Fiji,
Papua and
New Guinea,
and
London, it offers the most complete and efficient
banking service to investors, traders and travellers
$32,400,000.00
foregoing statement are pledged to secure public and
deposits and for other purposes required by law.
the
.
trust
Member Federal Deposit Insurance Corporation
interested in these countries.
,
1,692,643.94
.
.
.
George Street, SYDNEY
LONDON
375,000.00
\
.
OFFICES:
29 Threadneedle
47
Street, E.C.
Berkeley Square, W. 1
Agency Arrangements with Banks throughout
"the U. S. A.
Foreign
Foreign
NATIONAL BANK
of EGYPT
Head Office
.......
NATIONAL BANK OF INDIA, LIMITED Hong
Cairo
Bankers to the Government in
and
FULLY PAID CAPITAL
.
£3,000,000
RESERVE
.
£3,000,000
FUND.
.
.
Head
Office:
Kenya Colony
Kong & Shanghai
BANKING
CORPORATION
Uganda
26, Bishopsgate, London,
E. C.
Branches
in India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Incorporated in the Colony of Hongkong.
The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
Authorized Capital (Hongkong
LONDON AGENCY
6 and 7.
King William Street, E. C. 4
Branches in all the
Subscribed Capital
Paid-Up Capital
Reserve Fund
£4,000,000
___
£2,000,000
£2,200,000
principal Towns in
The Bank conducts every description of banking
and exchange business
EGYPT and the SUDAN
Trusteeships and Executorships also
undertaken
Curreacy)H$50,000,000
Paid-up Capital (Hongkong Currency)...h$20,000,000
Reserve Fund in Sterling
£6,500,000
Reserve
Fund
in
Stiver
(Hongkong Cur-
recny)____
Reserve
Liability
kong Currency)
A. G.
72 WALL
of
Proprietors
-H$10,000,000
(Hong- -
....H820,000,000
KELLOGG, Agent
STREET, NEW YORK
14, 1939
Company
The Adams Express
To the Holders
Jan.
Chronicle
Financial
IV
of
Collateral Trust Four Per Cent.
Gold Bonds of 1907,
Collateral Trust Fifty-Year
Gold Bonds, due
Distribution
due June 1,1947
Four Per Cent.
March 1,1948
offers made by it in 1936 and 1937, issued
exchange for an equal principal amount
Bonds of 1907, due June 1, 1947, and
Collateral Trust Fifty-Year Four Per Cent. Gold Bonds, due March 1, 1948. At the request of
holders of a substantial amount of Bonds, the Company has decided to reopen its former offer
of exchange.
" '
The Company accordingly offers to deliver to the holders of its Collateral Trust Four
Per Cent. Distribution Gold Bonds of 1907, due June 1, 1947, and its Collateral Trust
Fifty-Year Four Per Cent. Gold Bonds, due March 1, 1948, outstanding in the hands of
the public, in exchange therefor, an equal principal amount of its Ten-Year 4%%
The Adams
Express Company, under two separate
$5,218,500 of its Ten-Year 4\i% Debentures, due 1946, in
of its Collateral Trust Four Per Cent. Distribution Gold
Debentures.
Holders of said
4% Bonds, due 1947 and 1948,
desiring to make the exchange
should fill out and
transmittal form a!nd mail or deliver it, with the Bonds to be exchanged, to Manu¬
facturers Trust Company, as Agent for The Adams Express Company, at the office of the Manu¬
facturers Trust Company, No. 55 Broad Street, New York, N. Y. Bonds should be transmitted in
sufficient time to be received by said Agent prior to 3 P. M. on February 10, 1939, when this offer
will expire unless further extended by the Company.
,
sign a printed
Adjustments of interest in respect of Bonds surrendered
each case as of the date of surrender.
in exchange for Debentures
will be made in
,
Company's letters to holders of the
Bonds containing additional information with respect to this offer may be obtained on
request from Manufacturers Trust Company.
The Debentures now outstanding are listed on the New York Stock Exchange and application
ha3 been granted to list on that Exchange all Debentures issued under this offer of exchange.
Transmittal forms for the
Bonds and copies of the
By Order of the Board
of Managers
THE ADAMS EXPRESS
January 11, 1939.
.
'
Directory of Stock
and Bond Houses
By STEELE MITCHELL, President.
1
WAN TED
Jan.
.
listings
arranged
5 1929
Oct.
containing
Page Book
11,000
4 1929
Cities
■treet
with
States
by
details
full
as:
Address,
Officers or Partners.
Jan.
!
Department Heads.
July
18 1931
I
Branches
street
Jan.
9 1932
resident
July
30 1932
Jan.
7 1933
Jan.
6 1934
Jan.
4 1936
vith
of
names
managers.
Character
of
business
and
olass
of
securities handled.
Stook
Exchange
memberships
Private
Wire
BANK &
Booal and Bong
Distance Telephone
Numbers.
HERBERT D. SEIBERT & CO.
Incorporated
Publishers
25
SPRUCE STREET
NEW YORK
CITY
Telephone—BEekman 3-1767
QUOTATION
January—1914
Connections.
our
CURRENT
.—Vernon
Consultant,
advertising
December—1915
January—1916
February—1916
January—1918
January—1919
January—1926
January—1931
January—1933
Will pay
25 cents per copy
WM. B. DANA CO.
25 Spruce
Street
'
NEW YORK
Grant,
202 K.
NOTICES
Jr.,
Investment
P. Building, Des
Moines, Iowa, announce that they have
written and are publishing a complete
report upon the Des
Des Moines, Iowa.
with
upon
held.
Correspondents.
through
columns.
3 1931
j
and
cost
19 1930
Jan..
maintained
to
moderate
26 1929
10 1931
address
these readers at a
19 1929
Oct.
and
message
12 1929
Oct.
July
alphabetically
your
26 1929
May
Oct.
1132
5 1929
Jan.
North America"
Carry
7 1928
Jan.
P»bliihsd ••nhntuiljr
A
Cotton Facts
CHRONICLES
"Security Dealers of
over
COMPANY
the
factors
Moines Ry, Co. of
The report deals
which have an effect
the value of the $4,821,000
mortgage income
company
first
5s of 1955 which the
has outstanding and which are
held.
The report was pre¬
rather widely
pared by the firm in collaboration with
Co., Certified Pub¬
lic Accountants, of Des Moines, and is
being offered to bondholders and others
who are interested at $2.50 a copy. The
James C. Addison &
report, which covers some
60 pages, is
unusual in that it demonstrates
with
its
illustrations and
statistical
studies important indenture provisions
as well as the effect of the franchise un¬
der which the company operates and the
ability of the management to control
profit margins, together "with the effect
of new equipment upon gross revenues.
quite
Volume
148
Financial
Chronicle
v
New York Hanseatic
Corporation
120
CONDENSED
Broadway
STATEMENT
Banks
in
and
Hand
on
.
.
OF
CONDITION AS
v."\
.
Cash
.
.
New York
•
'
ASSETS
.
.
.
OF
DECEMBER
;
31,
1938
v
.....
...
.
.
.
.
$
1,116,652.50
Bankers'Acceptances:
On Hand
U.S.
Pledged
and
Government
Collateral
as
Securities,
Direct
.$
*
Guaranteed
and
1,459,525.11
(Below
Market):
On Hand
Pledged
and
Collateral
as
Under Contract (contra)
.
.
.
.
.
:
.
.
.
.
.
.
.
.
.
.
and
Bonds (Below
Securities Sold
yet
Delivered
not
Bankers' Acceptances
Loans
Advances
and
sold
.
.
V
.
Accrued Interest Receivable
.
.
.
Market)
.
..
.
.
.
.
,
.
.
.
.
.
...
.
.
.
.
.
.
Deferred Items
.
.
...
.
.
.
.
.
...
.
.
.
.
.
.
.
.
".
.'
.
.
.
.
.
.
513,723.46
.
.
Endorsement (contra)
under
.
.
.
5,102,043.27
.
Federal National Mortgage Association Notes
(Below Market):
Pledged as Collateral
.'.
Marketable Stocks
15,246,960.44
.
.
.
...
.
.
.
.'
...
.
.
.
...
.
.
.
.
.
...
.
120,547.17
.
/
.
;v
Customers
.
.
.
.
.
Loans Payable:
Secured
Secured
.
•
4
.
.
.
Contract (contra)
under
Securities Purchased
not
Bankers'Acceptances
sold
under
.
.
.
.
.
.
Reserve
for
Contingencies
Capital Stock
4
Surplus
.
.
.
...
'
.
.
.
.
.
.
and
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Reserves
.
.
.
$
.•
60,539.58
.
.
.
.
.
.
.
.
.
;.
.
.
.
.
.
.y
.
.
.
.
.
.
.
.
.
.
.
.
.
.
"
.
.
16,390,000.00
5,102,043.27
.
.
75,255.59
....
.
•
.
.
.*
.
.
etc.
.
.
.
.
..
.
.
.
.
.
.
...
....
<"
1,375,000.00
15,015,000.00
,
.
.
.
.
.
.
.
Taxes,
.
.
.
.
.
for
•
.$
.
.
Federal National
and
Endorsement (contra)
Dividend Payable January 3, 1939
Unearned Discount, Interest
.
.
.
Received
yet
:
v
.
Mortgage Association Notes
Securities
$24,982,470^77
m
.
U. S. Government Securities
by
.
409.33
.
Bankers'Acceptances
by
.
'
55,674.49
r
LIABILITIES
to
"
.
.
Due
9,945.90
85,399.65
.
.
.
1,271,589.39
T
,
.
.
.
.
".
.
22,322,252.28
.
.'
.
.
.
.
9,945.90
.
.
,
80,000.00
.
.
..
118,499.14
360,218.74
.
.$ 2,000,000.00
.
.
'
.
785,988.55
2,785,968.55
"
"
■
.
.
New York Hanseatic Corporation:
We
on
.
as
our
have
examined
examination, in
at that date.
$24,982,470.77
,
'
'
.
•
the
our
accounts of New York Hanseatic Corporation as of December
3li 1938.
Based
opinion, the foregoing statement sets forth the financial condition of the corporation
■
.
s
••
CURRENT
—Jackson
Bros.,
L.
B.
S.
commodity department.
—The Senior
Certified Public Accountants.
•
NOTICES
Boesel & Co. an¬
Herault, formerly
Department of Agriculture,
Commodity Exchange Administration',
Washington, D. C., has become asso¬
ciated with them as manager of their
that
nounce
with U.
f. v. lakrkntz & Co.
v,
January 9, 1939.
CURRENT
NOTICES
CURRENT
NOTICES
-—The
—F. S. Moseley & Co., members of
appointment of Elmer
E.
Myers of Sutro Bros. & Co. as Chairman the New York Stock Exchange, an¬
publicity committee of The Secur¬ nounce that Melville P. Merritt has be¬
ity Traders' Association of New York come a general partner of the firm with
was
announced, coincident with the headquarters in the Boston office.
Mr.
inauguration of plans by the New York Merritt will be in general eharge of the
Association to act as hosts to members of firm's Stock Exchange business.
Mr.
the National Security Traders' Associa¬ Merritt has been active in the Boston
tion at their 1939 convention, to be held financial district for several
years.
In
of the
Margin Clerks' Section
of Stock Exchange in New
York at the Waldorf-Astoria 1928 he became associated with the Bos¬
Firms has published a booklet contain¬ Hotel on
Aug. 22-25, inclusive.
Other ton office of Tucker, Anthony & Co.
ing an address by Frederick S. Todman members
appointed to serve on the From 1934 until Jan. 1, 1939, when he
Certified Public Accountant, on the sub¬ committee for
the current year are Frank retired, he was a general
partner of
ject of segregated funds, with respect to Dunne of Dunne & Co., Edgar K.
Shep- H. C. Wainwright & Co.
F. S. Moseley
commodity accounts.
pard of Laird, Bissell & Meeds, and Louis & Co, maintain offices in Boston, New
of
the
National
—John B. Ballantine, an Assistant Walker
Quotation York, Chicago, Buffalo, Indianapolis,
of
the
Association
Vice-President of James
Talcott, Inc.,
Bureau.
St. Louis and Kansas
textile and general factors,
tor of James Talcott, Ltd.,
and a direc¬
London, has
sailed for England, where he will remain
With the New York World's Fair pro¬
viding an added incentive to the many
thousands of security dealers and their
for at least two months in the interest
families
of the Talcott
—James
organization.
S.
Marsh, member of the
New York Stock Exchange, will join
Hilbert, Condon & Bassett as a general
partner as of Jan. 26, 1939.
Edward B.
Condon, who has sold his seat, will re¬
main a general partner.
—Walter H. Steel, who was in
charge
of the
municipal department of the
Chicago office of Lazard Freres & Co.,
has
been transferred
to
the New York
throughout the country to at¬
tend this convention, preparations are
already under way by the local associa¬
tion for the entertainment of what prom¬
ises to
be the largest attendance on
record.
An elaborate program of sports
and other activities is being worked out
as an added attraction for the members
in attendance..
—The
12th
annual
City.
chart
of
sugar
prices, prepared by H. H. Pike & Son,
120 Wall St., ,N. Y.
City, was dis¬
tributed to the trade this week.
Besides
showing fluctuations in the prices for
raw sugar at New
York, U. S. refined at
New York and for raw sugar at
London,
the chart gives the news developments
which
price
influenced
changes.
the
The
more
chart
important
shows
raw
—-Jackson
.
office.
an
sugar price
for 1938 of
Bros., Boesel & Co. an¬ 2.94c., U. S. duty paid, as. compared
nounce that C. C.
Bailey, formerly with with the 3.447c. average for the pre¬
"The Financial World," has become as¬ vious
year.
The average net cash price
sociated with them as manager of their for refined sugar in 1938 was
4.489c.,
average
investment service division.
w
-
as
compared with 4.74le. in 1937.
Jan.
Chronicle
Financial
VI
14,
1939
The
EXPANDIT
Binder
CORPORATION
DISCOUNT
'
OF NEW YORK
Serviceable Binder
for
CONDITION
STATEMENT OF
Magazines
your
Periodi
and
:
1938
December 31,
and
Practical
A
"Expandit" Binder is so constructed
will always open flat, whether it be
its capacity of six-inch expansion,
whether it contains only one issue.
The
that it
ASSETS
.
.
.
.
.
.
Securities
Bought under Resale Agreements .
United
Government
States
Receivable Accrued
Interest
2,870,505.07
$
Discounted
Acceptances
filled
.
.
.
adjustable to the size of the
issues it contains,
thereby
and adding greatly
Its back is
number
of
eliminating all waste space
91,282,486.27
.
125,227.29
*
•
•
.
.
.
»
*
89,045.70
Sundry Debits
.
. \
Cash and Due from Banks.
or
to
its appearance.
This is
feature.
The magazines are
to
$97,977,685.21
held in place
punching
holes, pulling
mutilating the copies in any way.
without
or
3,610,420.88
exclusive
an
by means of a wire holder, and can be inserted
in less time than it takes to tell about it,
strings,
^
intervening issues may be in¬
serted without the necessity of disturbing
other issues.
You handle only the particular
Successive or
to insert or remove,
their proper position.
thin, the
"Expandit" Binder is adjustable to its
thickness.
It embodies every feature that
has proved of practical value and it avoids
that you desire
others remain in
copy
the
Whether
LIABILITIES
Capital
*
Surplus.,,.
.
.
.
.
.
.
.
.
.
.
.
Undivided Profits
.
.
.
$5,000,000.00
5,000,000.00
2,673,241.91 $12,673,241.91
be thick or
issue
an
objectionable.
ail that are
13x8 H inches
In sizes up to
Price $2.00
•
Dividend
Reserve for
.
.
/
.
.
125,000.00
.
.
Customers
.
.
.
.
Government
States
United
Repurchase Agreements
Unearned Discount
Sundry Credits
,
'
•
,
57,998,085.15
Securities—
.
.
.
.
.'
:'
„
.
.
.
.
1,017.35
.
.
.
.
63,644.82
the
S.
Board,
Chase National Bank of
City of New York
Chairman of the
Dudley H. Mills
Board
fully compiled earnings
'
statements,
monthly
published
and
revised
President
J. P. Morgan
Colt
Sloan
Monthly
indispensable record of care¬
An
John McHugh
W. aldrich
Chairman of the
The
The
'
DIRECTORS
wlnthrop
New York City*
Spruce St.,
$97,977,685.21
...
>
25
26,677,000.00
.
*
.
Binder
The "EXPANDIT"
.
...
.
larger sizes
application
on
Banks and
Payable and Due to
Loans
f.
Prices for
439,695.98
Reserves for Premium, Discount, Taxes, Etc.
each
Plus postage
President, Bankers
Co.
J. P. Morgan &
Trust
*
PART I
William C. Potter
Company
Board,
Trust Company of
Chairman of the
Artemus L.
Gates
President, The
Guaranty
New York
Gordon
Bank & Trust Company
Rentschler
S.
President,
S. Gray, Jr.
President, Central Hanover
William
The National
every
City Bank of
New York
Repp
Vice President
Percy H.
■
Johnston
Chairman of
the
*
Board,
Chemical Bank & Trust
■
President,
Corn Exchange
Bank Trust
Company
.
Bf Sherer *
Dunham
the
Gives
Herbert N.
Company "
RAILROADS
STEAM
New York
Trust Company
monthly
returns
of
I road obliged to
file with the Interstate Com¬
merce
Commission, with com¬
parisons for two previous years.
Alto gives supplementary state¬
ments for the current month and
year
Class
showiug income,
to date,
charges, dividends, &c.,
and selected balance sheet items.
fixed
OFFICERS
Thomas
John McHuch
Chairman of the
Board
Dudley H. Mills
Repp
Vice President
Edward
E. Anderson
Vice President
Charles W. Belmer
Vice President
M.
„
PART II
Robert M. Coon
Treasurer
President
Herbert N.
G. Schaedle
Vice President
Greacen Briggs
Vice President
Francis
D. Bartow,
Jr.
PUBLIC UTILITIES
INDUSTRIAL
Secretary
MISCELLANEOUS
William G. Nagle
Assistant Treasurer
John L. M^cFarlane
Assistant Treasurer
Walden
H. Leverich
Assistant Treasurer
OFFICES: FIFTY-EIGHT
PINE STREET
Gives latest
available monthly,
quarterly or semi-annual earn¬
ings statements,
sons
for
one
or
with compari¬
more
previous
Is a cumulative record,
figures for the latest available
period being repeated until the
years.
next
reports
are
available.
SUBSCRIPTION PRICE :
$8.50 PER YEAR
Foreign Postage Extra
Single Copies $1.00
WILLIAM B. DANA COMPANY
S5
Spruce Street
NEW YORK CITY
TV
Jitimnriai f
Vol. 148
runtrle
JANUARY
14, 1939
No. 3838.
CONTENTS
Editorials
The Financial Situation,
The
page
.:.
___
157
Budget Message
Congress
170
the Executive?,
or
.
172
Comment and Review
Bank
Clearings in 1938 and the Course of Trade and
Speculation
,
_
_
_
_.
_______
_
Gross and Net Earnings of United States Railroads in
November
1
_
,
*
_.
_
_
_
.
_
_
Annual
Report of the Secretary of the Treasury,
New Capital Issues in Great Britain
185
188
191
Week
on the
European Stock Exchanges
Foreign Political and Economic Situation,
162
162
Foreign Exchange Rates and Comment.
,.,,167 & 227
Course of the Bond Market
191
Indications of Business Activity,
192
Week
on
the New York Stock
Week
on
the New York Curb
Exchange,
160
Exchange
225
News
Current Events and Discussions...
204
Bank and Trust
221
General
Company Items
Corporation and Investment News
270
Dry Goods Trade........^
State and
.303
Municipal Department
304
Stocks and Bonds
Foreign Stock Exchange Quotations,,,,,,,
,227 & 237
Bonds Called and Sinking Fund Notices
231
Dividends Declared.,,
.....
Auction Bales
New York Stock
231
...
,
New York Stock
231
Exchange—Stock Quotations.....
238
New York Curb
Exchange—Bond Quotations,
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations,,.. * ^
Other Exchanges—Stock and Bond Quotations,,
Canadian Markets—Stock and Bond Quotations,
238 & 248
254
....
258
260
264
Over-the-Counter Securities—Stock & Bond Quotations, 267
Reports
Foreign Bank Statements.
165
Course of Bank
225
Clearings,,,,-,,,,,.,^.
Federal Reserve Bank Statements
____204 & 235
General Corporation and Investment
News.,'
270
Commodities
The Commercial Markets and the
Crops
293
Cotton
296
Breadstuffs
301
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 1939 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, $18.00 per year, $10.00 for 6 months; in Dominion of Canada, $19.50
per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental
Europe
(except Spain), Asia, Australia and Africa, $23.00 per year, $12.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
NOTE: On account of the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
*
Jan. 14, 1939
Chronicle
Financial
VIII
REPUBLIC OF CHILE
Notice to Holders
'
■'1
■
•
of the
Bank of Chile, and Water Company
Republic of Chile, Mortgage
.
of Dollar Bonds and Notes
of Valparaiso
.
.
of Law No. 5580
Decree No. 37 of January 4, 1936
October 24, 1938) and
will be entitled to a
surrender for cancellation
given that on and after February 1, 1939, in accordance with the provisions
31, 1935 as regulated by Decree No. 1730 of May 17, 1938 and
of the Republic of Chile (which decrees are now consolidated into Decree No. 3837 of
decrees issued pursuant thereto, holders of assented bonds of any of the loans listed below
payment at the rate of $20.92% per $1,000 bond against presentation and
of the two stamped coupons specified below opposite the names of the respective loans:
Notice is hereby
of January
COUPON DATES OR
LOAN
OF
REPUBLIC
Twenty-Year 7% External Loan
dated November 1, 1922
CHILE
1, 1934 and May
Oct.
1, 1934 and
April
1,1935
Aug.
1, 1934 and
Feb.
1,1935
Jan.
1, 1935 and July
1,1935
External Loan Sinking Fund 6%
September 1, 1928
Sept.
1, 1934 and Mar.
1,1935
External Loan Sinking Fund 6%
1929
Sept.
1, 1934 and Mar.
1,1935
Nov.
1, 1934 and May
1,1935
Feb.
9, 1935 and Aug.
9.1935
REPUBLIC OF CHILE 6%
dated October 1, 1926
External Sinking Fund Bonds,
REPUBLIC OF CHILE 6%
External Sinking Fund Bonds,
dated February 1,
1927
Railway Refunding Sinking Fund
dated January 1, 1928
REPUBLIC OF CHILE
6% External Bonds,
REPUBLIC OF CHILE
REPUBLIC OF CHILE
Bonds, dated March 1,
OF CHILE External
REPUBLIC
Bonds, dated May 1,
WATER
Loan Sinking Fund t%
1930
COMPANY OF
VALPARAISO 6% Bonds,
dated December 8, 1915
Guaranteed Loan of 1915,
MORTGAGE
Fund 6%%
1,1935
Nov.
Sinking Fund Bonds,
Bonds, dated
NUMBERS
BANK OF CHILE Guaranteed
Bonds, dated June 30, 1925
Sinking
CHILE Guaranteed Sinking'Fund
dated June 30, 1926
MORTGAGE BANK OF CHILE Guaranteed Sinking Fund
6% Bonds of 1928, dated April 30, 1928
MORTGAGE BANK OF CHILE Guaranteed Sinking Fund
6% Bonds of 1929, dated May 1, 1929
MORTGAGE BANK OF CHILE Guaranteed FiveYear 6%
Agricultural Notes of 1926, dated December 31,1926
MORTGAGE BANK OF
63/4% Bonds of 1926,
Dec. 31,
1934 and June 30,1935
Dec. 31,
1934 and June 30,1935
Oct.
31,1934 and April 30,1935
■
Nov.
•
;
"
I;
1,1935
1, 1934 and May
Supplementary Coupons
No. 6 and No. 7
and prior payments
been
said Law and Decrees
previously announced in published notice dated October 24, 1938, the above payment
Law and Decrees will be made only in respect of bonds and coupons which have
stamped with appropriate legends to indicate that they have assented to the provisions of
(hereinafter referred to as the "Plan")*
,
. ■ ■'
In the case of bonds which have been so stamped after October 24, 1938, the presently announced payment
at the rate of $20.92% per $1,000 bond will be made against presentation and surrender for cancellation
As
under the aforesaid
a
of the
stamped coupons indicated
two
In the
case
above and the bonds need not be presented.
above listed issues, said payment will be made against
attached for stamping to evidence their assent to the Plan.
of other bonds of the
unpaid coupons
bonds with all
Holders of unassented
/
presentation of the
unpaid coupons for stamping on or before
in addition to the present payment, the annual payments heretofore
1937 and $7.86 in' 1938, per $1,000 bond against surrender of the
bonds presenting the same with all
January 12, 1940 will be entitled to receive,
announced, namely, $4.75 in 1936, $6.05 in
appropriate coupons.
Further notice is
hereby given that, pursuant to the
Plan, in order to obtain the above payment
of
$18.66 per
bonds with
appurtenant coupons attached for stamping within twelve months from the date of this notice, that is
or before January 12, 1940.
The sums reserved for payment of interest on those bonds
whose holders shall not have assented to the Plan within said twelve month period will be applied
$1,000 bond and the annual payments heretofore announced aggregating
$1,000 bond, holders of unassented bonds must assent to the Plan by presenting their
$20.92%
to
say
per
on
increase
to
funds
the
allocated to the redemption or
The holder of bonds
only have the right to receive
Institute for the Amortiza¬
amortization of bonds.
assenting to the Plan after the lapse of said twelve month period shall
those annual interest payments which may be declared by the Autonomous
tion of the Public
and shall be
Debt with respect to the year in
which assent is given and all subsequent payments,
required to deliver, in order to receive payment,
the coupons corresponding to the
annual
called
which he receives, and also, and without additional compensation, the earlier coupons
for payment from the entering into effefct of Law No. 5580. Consequently only those bondholders who.
have assented prior to January 12, 1940 shall have the right to receive the interest payments declared
in the present year and in 1936, 1937 and 1938.
payments
On October 24, 1938
the Executive Power of the
in order to receive the presently
Presentation of stamped coupons
17, 1938 and
the earlier decrees.
Republic, pursuant to Decree No. 1730 of May
January 4, 1936, adopted Decree No. 3837 consolidating and supplementing
A translation of Decree No. 3837 is included in the form letters of transmittal.
Decree No. 37 of
announced payment at the rate of $20.92%
should be made at the office
TRUST COMPANY, 46
transmittal which will be
furnished upon request for the purpose. When requesting letters of transmittal, kindly indicate whether the
letter of transmittal is to be used in connection with the presentation for payment of coupons which have already
been stamped pursuant to the published notice of October 24, 1938, or in connection with the presentation of
$1,000 bond, and presentation of bonds with appurtenant coupons for stamping,
of the correspondent in New York City of the undersigned,
SCHRODER
WILLIAM STREET, NEW YORK, N. Y., together with appropriate letters of
per
bonds and coupons
which have not been so stamped.
Stamped assented Bonds of the
the New York Stock Exchange.
.
been admitted to trading on
Caja Autonoma de Amortizacion de la Deuda Publica
..
Santiago, Chile, January 12,1939.,
Republic and of the Mortgage Bank have also
(Autonomous Institute for
■
■'.
,
'
Alfonso Fernandez,
the Amortization of the Public Debt)
Manager
Valentin Magallanes,
President
The Financial Situation
IF has becomeremained about politics in the admin¬
DOUBT aroused anywhere that the public
provided by the Federal Government in the hands
istration of relief, the
politics." It is true also that if Congress undertakes
to apportion relief funds
by legislative enactment
during the past week
of
ments
both
Congress
two and the acts and state¬
or
Observers of experience
from
the
the
to
desire
mere
good
a
first
vant
and
faithful
have
to
or
elbow
of
confidence.
course,
of
use
wind.
of
various
The
Mr.
was
an
-
tion
convincing
the
on
concerted
being made
to
greater
limits
control
of
and
his
the
"
them
much
the
the
over
Well
as
tics
of
to
as
of
out
relief
funds
I work for him.
grant the President less
than
the
he
wishes
Works
to
over
end
current
year
of
the
Ad¬
until the
fiscal
needs
by belief that the
present financial
unrelated to
by
any
It
not
and
least
at
with
one
solid
a
select
way
been
is
least
thus
one
of its
such
as
added
it is well that such is the
new
Hopkins,
a
that
more
the
President
and
But
only
very
be¬
Congress, and
understanding
face
to
suppose,
face
would still face
organization
set
It is possible
Federal
sorrow
be obtained
lamented Civil
expedients
now
being
far
playing politics with relief funds is
as
cerned,
but
ground
in
that
to
forward,
brought
of
course
reminding
place
the
President
Congress
and
the /administration
of
is
con¬
strong
on
the
dis¬
concerns
phase of the prob¬
important
but only
sure,
Naturally the
Am¬
erican
people
fundtf
appropriated by
that
insist
Congress for the needy be
distributed
nearly
as
reference
out
as
is,
with¬
possible
practically
litical
the
to
po¬
of
the
preferences
.recipients
in
or
country
relief
funds
real
relief
should the
up
in
its
duction,
even
perfectly
should still be
It,
problem.
Works
we
Progress Ad¬
and
some
The
place.
Works Administration,
Progress Administration,
nothing will be gained by
Neither
were
we
dismantled
sacrifices to relief blunders.
and
their influence
things political, but
other
quandam
Emergency Relief Administration, and the
of the Works
as
the
be
now
from
as
this
all
one
one.
no
us
ministration
having at present.
the
dis¬
the
in
hardly need be added that this problem
surcease
may
Mr.
a
playing
role
term
we
does
as
phase to be
not
with
that
by
not
lem of relief, ap
will
will
treatment than it is
some
con¬
Only One Phase
these trying
of his official
lieutenant
made, the whole subject
must receive much broader and
shall
tribution ot the funds.
grasp
If, however, sub¬
case.
the alleg¬
or
we
or
realized
a
dollars
be dispensed
"petty,"
tressing
of
find politics,
to
whether
phases
is to be
the
pro¬
if this ideal
ginning of this first session of
progress
as
long
needy,
tinue
a
of
Government
edly needy,
it
as
certain
are
-so
billions
to the
by
being proposed.
we;
vides
the
to
counsel, and that there is
under the sun to oblige him to do so.
brought sharply into focus at the
stantial
now
each year to
have in
member
misery
Federal
tressing relief problem in
at
outra¬
contemptible
methods
that
is
'
,
such
to
reduce
man.
unfortunate
is
listen
dis¬
a
to
the
such
What
of practical eco¬
frankly
and vigorously to his commanding officer.
The testimony of Mr. Hopkins has made it
clearer than ever, if that is possible, that he
other consideration.
perennial
now
President to
is not such
as
has
is
can
human
those
nomics and with the courage to speak
plight of
the elections
autumn
The
is
family
that Administration is not
last
the
times
is probably inspired
much
as
with
one's
there
that
there
or
of
and
some
Cabinet
any
such
self-confessed
special
pleader for Presidential causes or one so
ardently an advocate of hopelessly unsound
public policies.
What the President needs, as perhaps he
needs
nothing else, and what the Nation
carry
Progress
ministration
fact
mean
that
tendency to play politics
behalf of his can¬
didacy for the Secretaryship of Commerce.
But no one in his right mind will suppose
that anything he said in any way established
his fitness for the post to which the President
has appointed him.
Nor can the business
community find much encouragement in the
the past, and the
proposal
We do not
extent
geous
result of his testimony in
disgust of the country
own
I believe in him.
kins is entitled to whatever is due him
directly
to
their
limit
to
the
good not only for the
reputation and standing
self-respecting people, and Mr. Hop¬
but for
among
with the
transgressions of
to
appointed
obliged
not
are
assert
do
political
by the
great
of his critics in the Senate.
soul
reflects what appears to be
the
been
a
Honest confession is
legislate poli¬
relief
have
on
Relief Administrator."
as
some
apportionment and dis¬
bursement
in
nothing that Congress
With his frankness in avowing his "liberal"
leanings in general, and with his candid, if
belated, admission that there was a great deal
of politics in the distribution of relief funds
last year together with his apology for not
doing something more vigorous about it,
Mr.
Hopkins is "reputed to have disarmed
now
President
aides
restraint
great
budgets.
to
reply to questions bearing more particu¬
larly upon addresses made by him during
the campaign last autumn, Mr. Hopkins at
another point said:
"I do not want to imply I withdraw the
contents of those speeches, but if I had the
road to go over again I would not have made
of
upon
Avenue
political subdivision
provide in
In
point.
set
Pennsylvanua
or
they
is devoted to his cause."
quite
effort
of
exercise
If the Senate should confirm me, it will con¬
firm some one whom they know in advance
connec¬
of themselves
are
The
this
argument
I
question.
activities
members
Congress in
to
t
"It
another straw in
the
expected
system the local
doubtless transfer their
State
an address made
by him
advocating the President's plan for
reconstituting the Supreme Court, Harry L.
Hopkins told the Senate Committee examin¬
ing him on Wednesday that:
Hopkins's post-dated apol¬
are
no
1937
in
funds
virgin conception.
ogies
need, be
end
one
other, and
With reference to
he
President.
of
the
Fitness Not Established
the Presi¬
relief
from
pressures
to
his
at
dent's denunciation of po¬
litical
Hopkins
task beset with
a
a
asking for funds for which
Neither,
was
political organizations will
aware
a
ardent advocate
an
will not "take relief out of
Under such
ser¬
of his policies in whom
has
Mr.
groups
difficulties.
many
good deal more than a
part of the President to reward
the
on
of
elevation
signified
political
it will find itself confronted with
of
completely.
have been quite well
the
that
Cabinet
members
resolved it
have
now
and
officials
public
must
of local
developments in Washington
will
the
predecessors
were
Nothing
a
similar
substantial,
in
the
gained,
process now.
problem be solved by
however
abolished
was
mere
re¬
amount
of
a
Financial
158
Congressional appropriations labeled for relief.
A
tendency has been in evidence in Washington for
some time to abandon the term relief, and to give
of such expenditures some other name.
would be gained by deducting a billion dollars
the purposes
Little
appropriations if this amount is prompt¬
from relief
ly added to some
other project equally unproduc¬
tive.
that the relief
simple truth of the matter is
The
successfully attacked as an iso¬
It must be considered, if headway
problem cannot be
lated
question.
of the whole New
made, as part and parcel
is to be
To undertake to deal with it without
Deal program.
giving simultaneous and adequate attention to the
causes of the conditions which give rise to the neces- /
sity,
of these causes is, of course,
the nature of the system
is administered in
often finds it
as
he
widespread relief, is
the alleged necessity, of
or
invite failure. 'One
to
can
of relief itself. When relief
such
way
a
inadvisable to accept such employment
find,
or
individual
that the incentive of the
work is reduced, or his
to find
that the individual
willingness to meet
private employ¬
requirements as
such
reasonable
ment
imposes is destroyed, a class of permanently
unemployed is created, and in the end large num¬
bers are unfitted for really productive work in in¬
dustry and trade.
quire
now
this
Congress has good reason to in¬
carefully into what the system of relief
very
is doing to individuals in
in force has done and
country normally
employed by business enter¬
the facts, to act
having ascertained
and
prise,
developments will occur
notion that
afield if it.is
however, go much farther
It must,
ever
to escape
»•
,
4_
this eternal relief dilemma. The first
disentangling relief from the New
task
is that of
Deal
theory of spending with which it has been art¬
fully intertwined.
reduce relief
If the theory that the way to
expenditures is to increase them, thus
raising the national income sufficiently to render
them needless is
accepted
as
laid down by the Presi¬
taining outlays of every sort at present elevated lev¬
els, and do what little can be done to prevent the
funds
provided
treasure.
from
the current
into party
being converted
Certainly for Congress
to
subscribe to
philosophy of squandering our waj to
prosperity in. general and to insist upon reduction
in
relief
it
to
expenditures in particular would be
place itself in
that the President held
tioii.
so
long
the bonus ques- '
on
Before Congress can come to
relief problem
concerning the
for
the same untenable position
it must reach its
validity
grips with the
conclusions
own
theory
of the
of endless
'Congress are under any
of
the
world,
rect
a
nation, not
can
particularly difficult to
this, the richest in the
indefinitely continue to increase its di¬
national debt
year,
even
by three
or
four billion dollars
and add proportionately to its contingent
liabilities, without inviting disaster.
ready reached the point of
We have al¬
real danger.
very
The
gigantic market rigging mechanism of the Federal
Government
of
at
the
moment
still
appears
capable
maintaining the market status of the obligations
of the Federal
much
longer it
any one
Government, but
can
no one
succeed in doing
knows how
so.
Nor can
tell precisely when one of those unexpected
the President's
increased by
the
of
sentation
been
politically astute pre¬
ceaseless spending doctrine now
adopted by bis Administration,
and his challenge to
differ with him. Enough would be re¬
quired in any event. Governor Smith's epigram to
the elect that "nobody wants to shoot Santa Claus"
Congress to
applies to many expenditures other than those made
in the name of relief. The profligacy of the past half
has created vested interests
dozen years
in largesse,
quite adept, in caring for their
Washington. As if this were not
and these groups are
in
affairs
own
created
enough, the President tells Congress that he
prosperity in 1936 by spending,, inadvertently ended
it in 1937 by curtailing the deficit, and has now
adding
again induced recovery by spending,
that curtailment of
expenditures at this time would,
experience lias shjown, bring, prosperity once
to an end, and if Congress wishes to take re¬
as
more
sponsibility for another such recession in business
as that in 1937, it is at liberty to proceed—without
his
blessing.
Solid courage on Capitol Hill is re¬
ought to act in the face of
it probably knows it
this political challenge.
worst of it is that
granting the President's
quired for Congress to act as
assumptions there
That is to say
is substance in his argument.
that if we must assume that all the
existing restrictions upon business are to continue,
and that business is to be baited in the future as in
the
past, it is unlikely that industry and trade
will
proceed very vigorously under its own steam, and
in consequence the expenditures of the Government
though they be exceedingly wasteful
even
wise would be
set
missed.
the
and un¬
Of course, vigorous steps to
fiscal house in order could hardly
our
hearten business.
fail to
If the measures went far enough,
encouragement provided might result in suffi¬
improvement to eliminate any reaction
sudden
contraction of government spending,
but
Spending Idea
This it should not find it
No
of
political courage to do what is indicated.
degree of courage required has probably
The
from
do.
great delusion in this
question is rather the summoning
The
matter.
cient natural
spending for prosperity. •!.
The
with the endless
devices continualy being evolved
by ignorant and usually unbalanced minds. Its
absurdity is too obvious to require exposition. If
it were basically true then there would be 110 reason
whatever why we could not lift ourselves by our
own
boot straps steadily toward and ultimately
into an economic heaven where life would be infi¬
nitely abundant in perpetuity. For our part, we
do not believe that the vast majority of the members
perpetual motion
The
dent, the natural and logical course is that of main¬
nation can
a
which set what appear to
The
spend its way out of such
markets upon their ear.
predicament as this is on a par
a
once
promptly and with vigor.
and strong
be stable
1939
14,
Jan.
Chronicle
the remainder of
with
force, risk of its
and really
adequate budget reform would be
cult without
the New
the New Deal still in
failure to do so would be present,
lopping off
Deal program.
understood why
a very
diffi¬
substantial part of
It can therefore be easily
Congress should be hesitant about
spending when it is not
other counts, and if it
is not ready to defy him oil spending, it has less
ground to stand on in opposing him vigorously on
defying the President oil
ready to defy him on several
relief.
most
it
is
In
other words, all these questions are
very
without
al¬
result thai
inextricably interwoven with the
difficult to deal successfully with one
considering the others.
»
,
^
Volume
What
of
148
Congress must do if it is
relief
our
whole New
„
rent
Financial
difficulties
is
to
get at the roots
work
to
counsel
a
plainly stated.
159
Federal Reserve Bank Statement
the
011
Deal'program. This doubtless is in
circumstances
BANKING statisticsin idleare revealing the antici¬
pated sharp rise now funds, attendant
cur¬
upon
of
nonetheless the plain truth and
be
to
go
Chronicle
perfection, but is
as
the
such may as well
heavy return flow of
that
always takes place after the Christmas holidays.
Our legislators could well begin
All money in circulation is
by accepting the President's challenge to "reduce
000 in the week to Jan. 11.
the present
by
third," not of
one
since
functions
the
as
we
interest
the
activities
cannot
of
Government
flat pro rata
course on a
President
penditures
on
or
correctly
says,
"certain
possibly reduce, such
public debt."
as
ex¬
banks.
The President is like¬
wise correct in
work
of
make
the old
no
Chief
or
normal
or
in
great saving in the Federal budget."
tells
goes
even
Congress
to do:
further
precisely
;
and
some
in
what
it
factors
occasioned
The
if
these
no
restraining action
for
reason
ought
assuming,
Excellent!'
to
reduce
and
Corps activities, relief for the
lie
rather
was
touch any of them.
alone
has the power
cannot
could
is
business
Why should not the
He says that "the Congress
City
good beginning.
business
community
ing would
be
more
country.
which
,
and if it
were
encouragement, and 110th*
the part
on
coupled with
and
a
purposes very
quickly eliminate
problem, which after all is
New Deal itself.
Let
our
now,
have ben at the beginning, but
may
a
the
modify reasonably,
abolish, the laws placing
strait-jackets, to
ters that
safely
upon
will
remain
Such
taken
be
a
things,
else may
many
short period of time.
or any
of them, and
our
exceedingly vexatious
110
the real
'
bank
an
cannot
appraised in light of it.
banks
thus
banks,
advanced
Federal
Reserve
$66,088,000 to $4,374,-
$10,288,561,000, with the account
an
increase of member bank
by $136,896,000 to $8,956,139,000;
to
$872,943,000;
The
a
decline of
foreign
deposits by $37,028,000 to $282,-
reserve
ratio advanced to 83.8% from
Discounts by the regional banks increased
Industrial advances
$447,000 to $4,754,000.
make such advances receded $219,000 to
were
$13,339,000.
Open market holdings of bankers bills
unchanged at $549,000.
matter what
Nor
were
the
were
open
quite
market
holdings of United States Treasury securities changed
in
action
by Congress at this time in the matter
sharply in¬
$45,000 higher at $15,550,000, but commitments to
Fail to do
any
to $11,867,-
up
currency
$12,294,178,000.
increase of other
83.7%.
other mat¬
stand
deposits by $13,149,000 to $176,767,000, and
712,000.
relief problem
story of relief, and
to
these
of
consisting of
$18,176,000
be done about it at the present time.
is
now
The Treasury deposited $30,-
drop of the Treasury general account balance by
a
going out of the relief business alto¬
very
reserves
balances
reserve
securities markets in
nothing of
,
Total deposits with the 12 banks increased
variations
urgently need attention, and it could count
gether in
these
say
our
if it
security collat¬
certificates, with the regional institu¬
$142,599,000 to
repealed outright—abolish the whole plan of util¬
baiting, and
total
962,000.
fiscal
cannot
$359,000,000
are
on
year.
The return flow of
$8.1,822,000
product of the
our
hover
to
In the week
only $22,000,000 above the
are
notes in actual circulation fell
so-called
traditional American ideas and ideals—if it
ity
continue
$13,000,000 in the week to $704,000,000, at
figure they
$14,577,000,000.
and
whatever it
Congress thus bring
exists in
creased "other cash" of the 12 Federal Reserve
situation into the limits of
reason, amend the Na¬
tional Labor Relations Act to make it conform with
be
banks
Brokers loans
year ago.
720,000.
corresponding
of
a
001,000 gold
say punitive compulsions now
imposed by Federal legislation, would for all prac¬
relief
member
tions, which report their holdings
of Con¬
rationalization
normally
Business loans of the New York
$12,000,000 in the week to Jan. 11, and
at
restrictions, not to
tical
that
as now
Monetary gold stocks of the. country advanced
.
of relaxation
program
expansion
deeply deflated level of last
Nothing would give the
sincerity and determination
gress,
for
11, such loans advanced $4,000,000 to $1,381,-
eral fell
vigorously
Action of this sort, if it gave
convincing evidence
of
reporting
under
helpful, to the people of this
V" '."VvV ^
more
borrowing
000,000, but at the latter figure they
really to be desired, but it could and should
a
the
unpre¬
that excessive
appears
to Jan.
as
is
for which Government is
Congress in the nature of the
drastically and
upon
effect
around the low pint for recent
years.
perhaps not be expected in existing circum¬
make
ultimate
measures
the money markets.
avoid
stances to proceed as
as
exerted
would take place in a situation such
responsibility for not doing any
Obviously it is a large order, and Congress
of it.
The
economy.
longer exercise
no
once
to do all this," and he might
well have added that
case
little
responsible have crippled enterprise and halted the
simply daring Congress to
challenge be accepted?
they
dictable, but for the present it
the President did ndt in¬
Very well?
excessively low interest rates
taxation and other
tend this list of indicated curtailments to be
acted
upon.
is
measures
clearer that vast
aggregates of loanable funds
ever
national defense."
Of course,
There
that official
develop to halt the steady increase of unused
although a resurvey of the position
assuredly is timely.
The'simple fact is becoming
national
•
taken.
is
It is quite
will be eclipsed,
soon
credit resources,
public works, grants for social and health security,
or
14, 1938.
moreover,
the immediate influence
unemployed,
of
by $140,000,000
will
of certain large items, such as aids
Civilian Conservation
increase
an
$3,440,000,000, which is only slightly under the
agriculture and soil conservation, veterans' pensions, flood control, highways, waterways and other
■
gold receipts and
in the statement week
evident that all previous records
to
•
contributing to the
are
all-time record attained Dec.
:■
"Therefore, the Congress would have
drastically
to
curtailed
department and commissions will
Executive
words
in the
These
excess reserves
asserting that "a few million dollars
there
here
Also
fresh disbursements from the
general account of the
United States
Treasury with the 12 Federal Reserve
the
saved
reported down $123,000,-
advance of idle funds further
basis,
from circulation
currency
total, despite the continued weekly sales of discount
bills
must
by the Treasury at
yield.
*
It
was
par or even
a
"negative"
announced at the close of 1938 that
the Federal Reserve banks
might,
on
occasion,
neg-
Financial
160
discount bills when market
conditions made this advisable.
In the statement
week to Jan. 11, total holdings of Treasury issues
again were reported at $2,564,015,000, but holdings
of discount bills fell $22,630,000, while holdings of
Treasury notes increased by a like sum.
Bond hold¬
ings were unchanged.
replace maturing
lect to
Failures in
Business
December
BUSINESS failures preceding month and also from
the in December were sharply re¬
duced from
corresponding month of 1937. It was the first
September, 1937, to compare favorably
the
month since
with the
showed
ever,
Liabilities involved, how¬
distinctly opposite comparison,
previous year.
amounting
a
nearly
to
three times the
November
over December,
largest of any
month since December, 1934.
The McKesson &
Bobbins and Reo Motor Car failures last month were
chiefly responsible, for the large increase.
Failures
last month aggregated 875 and involved $36,528,000
liabilities in comparison with
984 in November
involving $12,302,000, and 1,009 in December, 1937,
with $27,818,000.
The casualties for the entire year,
totaling 12,836 with $246,505,000 liabilities, were
the largest number of any year since 1933 and in¬
volved the greatest amount of liabilities of any year
since 1935.
Iii 1937 there were 9,490 failures with
figure and showing a 31% increase
1937.
The liability total was the
$183,253,000 liabilities.
*,
The reduction in failures in December
•
pronounced in the manufacturing
trade group also showed a
especially
ago was
from a year
manufacturing stocks
stocks in the
share
with 55 for
sion, for these are now
advance from
noted
reductions
were
such as United States
in some in¬
stances
The specu¬
lative railroad, section drifted downward, along
with equities.*
Local traction, holding company
issues, convertible bonds and similar special groups
were inclined to lose ground.
Foreign dollar bonds
gained support at times, but failed to hold their
best levels.
In the commodity markets the prin¬
1937.
in the
ment
to
a
December, 1937.
Bank
cuinstances
to
a
small
offerings
On
the
accentuated by the
surprising degree.
unsettled price levels
Steel, motor and airplane
was
an
New York Stock Exchange re¬
Call loans on the
unchanged at 1%.
the New York
Tuesday,
713,050 shares; on Wednesday, 915,690
1,363,130 shares, and on Fri¬
On the New York Curb Ex¬
Saturday were 119,405 shares;
Monday, 180,310 shares; on Tuesday. 121,525
day, 844,980 shares.
change the sales last
on
last were 632,910
they were 1,099,630 shares; on
shares; on Thursday,
-
Stock Exchange the sales at
half-day session on Saturday
shares; on Monday
Most traders and investors
In these cir-
valuation) from the
Equalization
impressive notice of defense, which
speculators to cover.
mained
The drop in prices was
international spheres.
improved tone,
England to the Exchange
drove
preferred to remain on the sidelines, while awating
clarification of the many uncertain elements in the
national and
of
Fund
period quite severe in leading
thinness of the market.
an
£350,000,000 gold- (current
of
although others were affected only
quite persistent, but plainly was
exchanges" developed
largely as a consequence of the official action in
Great Britain for stabilizing sterling.
The transfer
Stock Market
relatively small extent.
a
was
Foreign
the New
industrial stocks,
leading grains.
disclosed
Districts.
DECLININGYork stock market, withthis week in
tendencies prevailed the accumu¬
lated recessions of the
toward lower levels, especially
Some of the base metals also
ragged tone. The effect of such unsettledepressing on some groups of stocks.
cipal movements were
The sharpest
shown in the Districts in the East.
The New York
best-rated investment issues on the
speculative bonds on the other.
and
bonds, were in demand and
attained best levels on record.
compared with 53
compared with $8,344,000 in
last year.
tendencies were
Treasury
Again reflecting the McKesson disaster, failures in
the New York District involved $25,330,000 last
month
bond market diverse
grade securities,
Highest
the year before; only 37 commer¬
failed for $1,628,000 in comparison
•
among
hand
one
of anxious discus¬
few signs of any general•
the levels established late
In the listed
construction division had 48
Reserve
finally, remains a matter
ness,
a
Richmond
and
confer¬
held in Paris and
Rome by British authorities.
The stock market was
motivated largely by domestic considerations, and
chief among these remains the attitude of the Ad¬
ministration and of the newly-assembled Congress.
There were fresh indications that the two branches
will pull in opposite directions on important na¬
tional problems, and varying views can be taken of
such trends.
An armaments message to Congress,
submitted on Thursday, proved somewhat unset¬
tling, since expenditures proposed for this purpose
were under the expectations aroused by the martial
tone of previous Administration comments.
Less¬
ened Federal spending for relief purposes was fore¬
seen as a consequence of the reassertion by Congress
of its independence.
This trend was seen as salu¬
tary in the long run, but possibly may be an uncer¬
tain factor for a time.
The general course of busi¬
liabilities a year
$1,611,000 in December,
although keen
paid the series of
appeasement problems
on
ences
geographical basis, failures were larger in
December than December, 1937, in only the Atlanta
On
regarding the inter¬
less pronounced,
attention naturally was
involving $852,000
cial service firms
active periods.-
in our markets
national scene was
there were 527 retail failures with $4,142,000
liabilities compared with 546 with $5,439,000 in
$797,000 liabilities
in the more
Nervousness
ago;
with
divisions were marked
Turnover on the New York Stock
from somewhat under the 1,000,000level in the mid-week sessions to the 1,500,000-
share level
in December, 1937; in the wholesale
group, failures including McKesson & Robbins num¬
bered 88 and involved liabilities of $23,676,000 as
failures
utility and other
only a little lower.
ing $17,862,000
December, 1937; the
to
Exchange varied
smaller
compared with 107 with $2,054,000
showed net losses of three
against the closings of
the previous Friday.
Railroad stdcks were down
modestly, for the impression prevailed that a real
effort to deal with the transportation problem now
impends in Congress.
Better grade investment
reductions were
shown in the other business-groups.
There were
175 manufacturing insolvencies involving $6,285,000
liabilities last month, in comparison with 248 involv¬
while
decrease
14, 1939
points last night, as
seven
industry; the wholesale
sizeable
Jan.
Chronicle
Volume
148
Financial
Chronicle
shares; on Wednesday, 165,880 shares; on Thursday,
221,410 shares, and on Friday, 138,665 shares.
Trading
opened in
show
the Stock Exchange
on
quiet
a
and
manner
of steadiness.
on
accompanied by
was
house Elec. & Mfg. at 109% against 117%; Lorillard
at
Saturday last
Buying orders proved
161
21% against 21%; Canada Dry at 18% against
18%; Schenley Distillers at 15% against 16%, and
National Distillers at 26% ex-div. against 27%.
a
scarce,
The steel stocks closed decidedly lower this week,
however, and the market tended gradually lower
United States Steel closed yesterday at 63 against
as
result of this
a
In the
stagnation of purchasing
closing hour opposition toward
tion of the market to stir itself and lift
07%
power.
inclina-
any
prices
Friday of last week; Inland Steel at 84%
on
against 91%; Bethlehem Steel at 72 against 77%,
and Youngstown Sheet & Tube at 48% against 53%.
was
increased, thus depressing prices further and equi-
In the motor group, Auburn Auto closed yesterday
ties
at
the
on
points.
have
than
usual
more
prices and traders
some
mind, price recessions again
rule
against
49%;
Chrysler
at
74%
Goodyear Tire & Rubber closed
group,
yesterday at 33% against 36%
With this
the
were
Friday of last week; General
on
45%
In the rubber
definite action with
respect to these policies has been taken.
at
against 81%, and Hupp Motors at 1% against 2.
loath to make any ex-
are
3% against 4
Motors
significance in the trend of
tensive commitments until
in
or
Government pronouncements at this time
more
stock
day lost from fractions to two
week; B. F. Goodrich
' United
on
at
on
Friday of last
21% against 23%, and
States Rubber at 44% against 50%.
The
Monday, and major issues relinquished from frac-
railroad shares followed the generally lower trend
tions
of the market.
to
levels.
two
dull affair.
the
points and
from their previous
more
Tuesday's market proved to be
total
A
perceptible decline
volume
of
extremely
an
reflected in
was
sales, and equities, after mild
progress, encouraged by aircraft
issues, sold off in
•
Central at 19% against 20%; Union Pacific at 94%
against 96%; Southern Pacific at 18% against 20
mid-afternoon to leave the general list at the close
Southern
ern
on
Uncertainty rode in the saddle
Wednesday, and losses
the
opening. / With
the
quite general
were
passing
of
time
at
selling
pressure became more accentuated and stock levels
were
scaled
shares
down
managed
by two
to
better
with rail, metal and
groups,
points.
or more
fare
than
Utility
most
other
aviation stocks
par-
Friday of last week; Atchison
on
Topeka & Santa Fe at 37% against 39%; New York
irregularly higher.
,
Pennsylvania RR. closed yesterday
at 21 against 23
;
Railway at 19% against 21%, and North-
Pacific at 12% against 13%.
Among the oil
stocks, Standard Oil of N. J. closed yesterday at
mi against 51%
Union Oil at
Friday of last week;
on
Shell
13% against 14%, and Atlantic Refin-
ing at 23 against 23.
In the
copper group,
Anaconda
Copper closed yesterday at 31 against 34%
on
Fri-
day of last week; American Smelting & Refining
ticularly hard pressed.
The market edged higher
at 46% against 51%, and Phelps Dodge at 40%
Thursday morning, and sale$ volume approached
against 43%.
1,400,000 shares as against 900,000 the day before.' "
Trade and industrial reports of the week show
on
Firmness
one
was
reason
Congress
liking
another
early in the day, but for
the
President's message to
"National Defense" proved not to the
on
of
feature
a
or
the
trading, fraternity,
liquidation followed in its wake
height in the final hour.
last few minutes
two
points
the
market
were
and
and
large-scale
reached
futile, and losses of about
sustained at the close.
were
rather
was
unsettled,
equities by
larly higher trend.
noon
This
reflected
position
Yesterday
with
prices of many industrial stocks lower.
ment set in and
its
Rallying attempts in the
was
course
general list
was
of
on
N.
Elec.
at
at
at
week, 57.6%
last year.
at
a
month
ended Jan. 7
was
reported by Edison Electric Insti-
555,000 kilowatt hours in the preceding week and
an
irregu-
not main-
yesterday at 39% against
30% against 31%; Columbia Gas &
week of 1938.
6% against 7%; Public Service of N. J.
Car loadings of
the week to Jan. 7
but
a
drop of 21,719
first week of last
Montgomery Ward & Co.
& Tel. at 150
at 46% against 49%;
49% against 49%, and American Tel.
against 151%.
on
Friday of last
week; Allied Chemical & Dye at 184 against 186
bid; E. I. du Pont de Nemours at 148% against 153;
National Cash Register at
24%
tional Dairy Products at
against 25%; Na-
12% against 12%; Na-
tional
Biscuit
at
24%
against 25%;
Texas Gulf
■
,
As indicating the course of the
commodity
mar-
kets, the May option for wheat in Chicago closed
yesterday at 68%c.
against 69%c. the close
as
May
yesterday at 29%c.
corn
on
at Chicago closed
against 53%c. the close
as
Friday of last week.
on
May oats at Chicago closed
against 30c.
as
the
close
on
Friday of last week.
Western Union closed
yesterday at 22% against 23%
was
fropi the figure for the
cars
year.
yesterday at 52%c.
at 54
This
increase of 30,954 cars over the preceding week,
88 against
93%; International Harvester
freight for
of American Railroads at 530,849 cars.
an
Friday of last week.
against 58; Sears, Roebuck & Co. at 71 against 73%;
revenue
reported by the Association
are
31% against 33%; J. I. Case Threshing Machine
Wool worth at
and 27.8% at this time
ago,
Electric power production for the week
tute at 2,169,470,000 kilowatt hours against 2,120,-
Friday of last week; Consolidate Edison Co.
Y.
estimated by American Iron and Steel
2,139,582,000 kilowatt hours in the corresponding
trading and at the close the
closed
was
Institute at 51.7% of capacity" against 50.7% last
opening
lower both for the day and week,
General Electric
42%
of
weeks of 1938. " Steel production for the week end-
ing today
Improve-
tained, for in the afternoon session price declines
marked the
business at levels approximately even with the final
The spot price for cotton here in New York closed
yesterday at 8.83c.
as
Friday of last week.
yesterday
on
was
15.80c.
against 8.85c. the close
The
as
Friday of last week.
yesterday at ll%c., the
spot
on
price for rubber
against
16.17c.
the
close
Domestic copper closed
close
on
Friday of last
week.
Sulphur at 31% against 32%; Continental Can at
In London the price of bar silver yesterday was
against 42%; Eastman Kodak at 180 against
20% pence per ounce as against 20% pence per
184%; Standard Brands at 6% against 7; Westing- " ounce the close on Friday of last
week, and spot
41
arrival of the British visitors
Gold mining stocks
and some of the international issues moved upward,
in contrast to the general tendency.
In quiet trad¬
ing on Tuesday rentes developed a better tone and
some firm spots appeared in the domestic equities
section.
Suez Canal shares improved sharply, while
other
international
securities were motionless.
After a firm opening on the Bourse, Wednesday,
prices tended to recede, and variations for the ses¬
sion were unimportant.
There were more small
losses than gains at the end, both in rentes and
French equities.
International issues also were
irregular.
Better demand for all the important
groups was noted Thursday.
Rentes were good and
bank
stocks stood out among French equities.
Spanish issues were favorites in the international
last week.
Stock Markets
European
BUSINESS was on in smallleading this week on
scale European fi¬
exchanges a the
stock
centers, but
nancial
regarding inter¬
pronounced and a
nervousness
developments was less
national
prevailed in most sessions.
solidarity early in the
week were followed by apparently fruitless talks
in Rome between British and Italian leaders. Some
disappointment was registered in the markets over
the lack of results, but a good tendency quickly was
re-established. The London market was heartened
quiet tone of firmness
of Anglo-French
Assurances
yesterday at Paris,
Hardly
tion, was effected from the
Bank of England to the
variations
week.
European
Dealings"
resumed
on
was
sup--
Gold
sobered
on
drifted
downward.
Tuesday by the depar¬
Chamberlain and Lord Hali¬
fax for conversations in Paris and Rome, but small
advances
again
British
most
registered in British funds and
were
industrial issues.
Mining and
com¬
modity shares were better, and a little demand was
noted
,for Anglo-American stocks.
The session
sterling defense arrangements.
were
mining issues
marked
the
by
Rome
without
Small and irregular
reported in industrial stocks, but
were
were
in good demand.
dull.
Thursday's
results.
was
Small
declines
ap¬
stocks and industrial issues.
Firm sections included the
gold mining stocks and
Anglo-American trading favorites.
British funds
fractionally lower yesterday, but industrial
shares and international issues
The
trading
discussions, which closed late that day
announced
peared in gilt-edged
were
International
little apprehension as to results of
a
Paris
Bourse
tainty when trading
points were added to those of
Another
sessions.
were
steady.
developed a degree of uncer¬
was
upswing was
yesterday in an active session.
the previous
noted at Berlin
The advances again
ranged from one to three points.
The Americas
resumed for the week, last
OF
SECRETARY
U
•
CORDELL
it clear that
effect
HULL
last" Monday on his return
eighth International Conference
from the
lean States at Lima,
full
STATE
arrived in New York
of Amer-"
Peru, and he promptly made
effort would be spared to place
no
in
principles of inter-American soli¬
those
darity which comprised the only
on
moved forward under the continued influence of the
securities
to three
tions of the
Wednesday was quiet, but gilt-edged stocks again
movements
Fresh gains of one
activity more pronounced.
mining issues were dull,
securities
ture of Prime Minister
the Boerse,
equities was resumed Thursday, on
while industrial
advances.
The market
ill
with
Gilt-edged securities
stocks showed
sterling exchange.
international
and
.
little
impressive
leading issues, while
specialties showed larger advances.
Fixedincome issues failed to attract buyers.
The advance
some
the London Stock Exchange were
Monday in a hopeful atmosphere, owing
spurted upward,
smaller
points were recorded in
two
•
.
Further advances were
ranging to three points.
reported Wednesday, as free funds once again could
be utilized in the ordinary market.
Gains of one to
on
to,the week-end indications of mo^t
port for
disclose
countries
change from previous weeks.
t
the rule in
with all interests inclined to
foremost
the
Reich loan
Price
await further
developments. The tone of the German market was
favorable, largely because-the last Reich loan of
1,500,000,000 marks of 1938, announced in Novem¬
ber, finally was subscribed and the books closed, as
of last Monday.
Trade and industrial reports from
range,
Tuesday, when it appeared that the
finally was out of the way. Gains were
nearly all sections, with some advances
ity increased on
the Paris .Bourse were in a narrow
on
dull. Activ¬
Fixed-interest securities were
declines.
Fund for this purpose, at
on Jan. 6, and sterling ruled
foreign exchange markets this
firm in
reported as unchanged, while variations in the
consisted principally of small fractional
was
other half
Exchange Equalization
the close of business
business was done on the Berlin
of the week. Half the market
any
Boerse at the start
gold at the
current valua¬
valuation, or £350,000,000 at the
with rentes leading the move¬
ment.
Transfer of £200,000,000
sterling.
old
in a dull session
Declines were the rule
division.
especially by the large gold fund put at the disposal
of the exchange control authorities for the defense
of
drifted lower
and investors
enlarging commitments.
before
of
2,63%c. the close on Friday
2.63%c. as against
1939
preferred to await the
yesterday at
and
small offerings,
on
of last week,
against #4.67% the close on Friday
cable transfers on Paris closed
as
Rentes and French equities
for most traders
Monday.
yesterday at ±2%c., the
close on Friday of last week.
In the matter of the foreign exchanges, cable
transfers on Lohdon closed yesterday at #4.67 1/16
York closed
silver in New
Jan. 14.
Chronicle
Financial
162
meeting.
In
a
noteworthy declara¬
long prepared statement
fullsome praise to the conference and
Mr. Hull gave
various ways the previ¬
the meeting as a mile¬
stone in the diplomatic and trade relations of all
the 21 American republics.
The return of the Secre¬
its
results, and confirmed in
ous
reports that he regarded
also the occasion for some search¬
newspaper reporters regarding
recent reports that the United States delegation at
Lima was subjected to a "dictatorial regime of cen¬
tary was, however,
ing
questions
by
sorship, intimidation and
this nature
chief
were
South
and
answer
tion,
the
on
spying."
Dispatches of
especially by John W. White,
American
Y'ork "Times."
tartly
sent
correspondent of the New
Mr. Hull turned on his
preferred
questions.
interviewers
them rather than
Other members of the delega¬
to scold
the other hand, denied stoutly that
they
Volume
Financial
148
had noted any
spying
interferences of the sort
or
reported, and they insisted that the Peruvians
"perfect and courteous hosts."
In his prepared
that
Chronicle
garians, with the German Government reputedly
attempting to conciliate the border fracas.
were
depicted in
was
•
statement, Secretary Hull insisted
a
at Lima."
now
An
example
was
some
reports
as
set for the world in the
international line-up, while other
new
close understanding with France.
seeking
was
All of Europe
is armed to the teeth, and every country con-
tinues to increase its armaments.
international relations by friendly dis-
Poland
veering toward Ger-
dispatches asserted that Warsaw again
relationships of the American republics took place
of
in the
many
"significant and enduring developments in the
conduct
163
It would be idle
cussions, rather than by force and violence, lie de-
to minimize the danger of untoward events and of
dared.
general clash in Europe, although
that
The
the
policy,
soundest
without
"It
asserted.
tliis
Americans reaffirmed
liberal
their
policy for all is
excessive
restrictions,
policy
the only
was
and force-using alliances."
all
on
these
Hull
an
one
proper
one
to
The Declaration of
Ambassadors
our
opments of the week
was,
of course, the visit to
Home undertaken by Prime Minister Chamberlain
an(t his Foreign Secretary. This journey in the in-
only implementing actions of the
have.
said to have been conveyed in
Senate and House Military
to London, and Paris.
Ly far the most important of the European devel-
Principles of American
statements may
war
for the dire warnings of
Affairs Committees, Tuesday, by
a
of com pet-
sides will make clear whatever value
general
impending
necessary
terests of
appeasement
arranged long before
was
Italian Deputies voiced their challenging
"The Amer-
lean
French Tunisia, Corsica, Nice and Savoy.
and defend the peace
Chamberlain continued
torial
integrity,
their principles
own
demands
of this hemisphere, their terriof
international
merits.
cies."
live
'
Hull to have been
lawlessness and
the world
anarchy existing in
protected only by acceptance of
order based
ultimately
on
many
Mr.
economic welfare and
peace,
rights.
Hull
said
"I
in
return
the
conclusion, "with the conviction
and
that
time
as
goes on the, far-reaching effects
principles there enunciated will become more
of the
apparent and significant.
Those principles offer
a
charter for international
conduct, based upon equality, justice and freedom—the indispensable found ation
of
peaceful and friendly relations among the
"
nations of the world."
were held in Paris on Tues-
In effect, M. Daladier
said to have been
was
dis¬
Long conversations followed
on
late that
merely admitted that "no new commitment, arrange-,
uient or agreement has been asked or entered into
h7 either government."
Each country
said to
was
have stated its views and to have obtained
an
under-
standing.of the other's viewpoint. What is vaguely
called the "Mediterranean problem" thus seems to
have been advanced not
a
conceded by the foreign
that
Mr.
whit, and it
press
Chamberlain
was
generally
correspondents in
also
failed
to
make
toward the solution of the Spanish war
question, in so far as the presence of Italian "volun-
■
Troubled
Mr.
calm
day aild 011 Thursday, but at the conclusion of the
formal conversations a brief British statement
Borne
/
but
with
Mussolini aiuLForeign Minister Galeazzo Ciano,
conference,"
that its results will be of real and
permanent value
course
in the face of almost certain discouragenew situation made virtually imperapreliminary discussion with French authori-
Wednesday.
recognition of
a
from
entirely,
pute over territorial matters..» After this talk Mr.
Chamberlain and Lord Halifax traveled stoically
011 to Kome> where they were greeted by Premier
tinue to strengthen their cooperation in
support of
an
'inter-American and world program that will
human
his
would not attempt to "mediate" in the curious
system of law and
international justice and
The hope was "fully realized" at Lima,
added, that the American republics would con-
bring
on
informed that Great Britain would exert no pressure
for French concessions to the Italian dictator, and
parts of
good faith.
he
a
day.
•
rights of all peoples
a
picture
The
ties, and conversations
by Mr.
realization that the international
a
be cured and the
can
said
was
the
Those
courage,
institutions and national poli-
Especi.ally prominent at Lima
changed
for
cry
republics have made it clear to the world,"
said Mr; Hull, "that
they stand united to maintain
relations, their
a
interpreta-
some
secret session to the
in for effusive praise, despite the
came
obvious fact that
future
Mr.
recognized, too," he added, "that
was
Lima and the Declaration of
Solidarity
tion doubtless is
liberal trade
a
peaceful trading world, rather than
nig
judgment
progress
Europe
1ITTLE apparent adjustment ofmade in Europe this • ting.uished Spain affects the civil war.the The Mis-'
progress was the
teers" in British visitors paid calls
.
interVatican
week toward
-i
numerous
national*; difficulties
Prime
Minister
Rome
with
the
that
Neville
trouble
the
at
continent.,
Chamberlain journeyed
British
Foreign
Secretary,
to
Lord
yesterday, and
are
to depart today for the return
journey.
Disorders recently reported in
Central Europe
Halifax, stopping first at Paris for preliminary ex-.C are of minor significance, when contrasted with the
changes with Premier Edouard Daladier.
At the
vast changes effected there during 1938 without
conclusion of two
Mussolini,
British
it
lengthy talks with Premier Benito
was
evident
representatives
on
found
Thursday that the
"quite
a
good-sized
gap" still existing between the views of London
of Rome.
The effect
of
Italian relations remains
that
those two countries
make their
dueed
own
this
situation
on
and
Franco-
uncertain, beyond the fact
seemingly will be left to
adjustments of the problems
pro-
by the Italian demands for Frenclp territorial
and other concessions.
clashes
were
In Central
Europe military
reported between the Czechs and Hun-
actual international warfare, but the dangers that
attend such incidents nevertheless are grave and disconcerting. From Prague and Budapest alike, late
last week, dispatches indicated that
struggle had occurred, and it
was
a
serious border
admitted
on
both
sides that Czech violations of the newly-drawn frontier, which still remains to be defined in a few areas,
occasioned the clash. A small area near
was chiefly affected.
Fresh skirmishes
ported early this week, and matters
a
Munkacs
were
reached
re-
such
serious stage that meetings of the frontier delimi-
able to the Burgos
suspended. German au¬
thorities apparently took a hand in the matter on
Monday, through requests for information, but
some
minor incidents again were reported last
Wednesday.
The position of Poland in the new
European alignment remains a matter of uncer¬
tainty, judging by the varying reports from dif¬
ferent capitals.
This suggests that the Poles still
are maintaining their program of an "even balance"
between
opposing Continental groups.
German
authorities were reported over the last week-end to
commission
tation
were
has assumed a
while
the
struggle
ish
population of Germany.
line that led
is to reach the
In
reached.
•
forces
has not been
thoritative
the
by
was
Jewish
in
be little more than a
ported within easy firing distance
with
by
evidence, moreover,
regime to continue the fight was
This would finance the
aided
would
dents
as
be
soon
earn
emigration of German Jews
a
Sino-Japanese War
A third.section of the
possible.
eign trade through additional exports
over
possible by quota and clearing
the
on
the
MILITARY" activities of the undeclared SinoJapanese war remained uninspiring this
existing
arrange¬
ments, such exports to be used for payment of
ice
proposed loan.
his arrival in
goods in many countries.
Soon after
Schacht, and it is expected
that the talks will continue for
some
a
few other countries
sors
•
Eastern Asia often
alists
pushed
were
widely separated
with
areas,
in both
cases were
gains.
The military movements
that exhaustion
this
able to claim extensive territorial
well
may
both, when the actions end.
frantic vigor
and the commands
were on
such
a
scale
threaten either side,
All the
The
,
resources
or
avail¬
international
effort to dominate all of
aspect of the Japanese
have rivaled in importance the
local effects of Japanese
last
AL drives by the Spanish insurgents and loy-
week in
toward the Japanese aggres¬
conflict.
costly
military ambitions, since
1931, and latest indications suggest
time.
Spanish War
1\
this
in
remain
D
fresh indications of the
the United States and
mounting antagonism felt in
serv¬
Berlin, Mr. Rublee started extensive
conversations with Dr.
week, but there were some
Obviously, this part of
project aims at termination of the virtual boy-
cott of German
of age, and by other drastic
expected to send for their depen¬
as
18 and 45
defense decrees.
call to the colors of all men between
years
living, and the group thus
plan is said to consist of expansion of German for¬
levels made
a
of the main rail¬
line connecting the northern insurgent area
Seville.
The determination of the Barcelona
way
the
Cata¬
insurgent divi¬
By Thursday, however, the loyalists were re¬
Reich, presumably to be raised by "world Jewry."
able to work and
This drive
frontier, which started on
through forced withdrawals of
sions.
stated that
possessions
with the aim of
by General Franco.
the Portuguese
5, seemed for a time to
lonia
huge international loan to
a
against the insurgent
offensive
diversion, intended to relieve the pressure on
On the basis of "au¬
information," however, it
secured
Germany,
Jan.
put in writing and actually consists
project envisages
own
the Estremadura front,
of Spain held
areas
toward
indicated that the Schacht plan
only of general ideas, as yet.
on
cutting the links between the-northern and southern
financier planned to link
dispatch of Tuesday, to the New York
was
bitterly, and
of
their-
tinued
export expansion to the refugee problem.
"Times," it
section of Cata¬
Loyalist
and its environs.
their encampments suggest that the
Barcelona defenses now has been
Far to the south the loyalist troops con¬
line
main
visit to London, and it soon became known
Berlin
a
Barcelona
reports from
Montagu Norman of the Bank of England, dur¬
German
Mediterranean at or near Tarragona
contested each foot of ground
forces
recently submitted some ideas of his own to Gover¬
a
Mediterranean.
split another important
from
lonia
In accordance with pre¬
ing
thus
and
arranged plans, George Rublee, as Chairman
that the shrewd German
Catalonia from post after post,
By Thursday the
capture of the towns of
Mont blanch and Falset, which placed them within
22 miles of Tarragona.
The obvious insurgent aim
however, that some highly practical eco¬
considerations of general importance must
nor
slowly drove the loyalist
along
toward key defenses of the City of
23, General Franco
Tarragona, on the
hospitable shores the
of the
committee, arrived in Berlin last Tuesday, to confer
with Dr. Hjalmar Schacht, and other German au¬
thorities oil the emigration problem.
Dr. Schacht
Span¬
which began
insurgents claimed the
endeavoring to find
It appears,
by the committee.
the major factor in the
In this movement,
this, week.
war
defenders of
PURELY humanistic considerations prompted the
formation of the Intergovernmental Committee
be faced
insurgent General,
The.offensive started by the
Francisco Franco, was
a
nomic
withdrawal of "volun¬
Spain.
teers" from
Dec.
great bulk of the Jewish
reported to have obtained any
promise at Rome for
Italian
be reinforced.
for transferring to
aspect. The interna¬
apparently did not change
continued, for Prime Minister
most sanguine
aspect of the war
Chamberlain is not
Refugee Plans
some means
civil war is at hand,
tional
that the Franco-Polish alli¬
Refugees, which currently is
stale¬
It is easily
hand, that the really decisive
through
collapse of one side or the other. Desperation, born
of this prospect, seemed to animate the grim fight¬
ers, for all accounts agree that the struggle again
moment of the long
Warsaw regime into the Ger¬
man sphere.
But Warsaw dispatches said that Pol¬
ish relations with Germany and Kussia were equally
on
result
possible, on the other
Beck, had drawn the
is likely to
regimes quite obvi¬
result for months to come.
will
mate
quite convinced that the talks between Chancellor
Adolf Hitler and Poland's Foreign Minister, Josef
ance
and Barcelona
ously were thrown into the fray, and if the
now is indecisive it is clear that a military
be
good, and it was added
Jan. 14, 1939
Chronicle
Financial
164
prominent.
that they will
It was disclosed in Washington
Monday that moral pressure has been
exercised
effectively
by the State Department to prevent the
aircraft and aerial
In that month Secretary
shipment to Japan of American
bombs, since last July.
of
State
National
Cordell Hull,
Munitions
acting
American manufacturers
of the attitude taken
as
Chairman of the
Control Board, reminded
all
of aeronautical equipment
by the United States Govern-
Volume
ment with
respect to the bombing of civilian popula¬
Since
tions.
Financial
148
the sale of
Washington is "strongly opposed" to
airplanes and equipment to nations en¬
165
Chronicle
sented
on
Wednesday were to the effect that produc¬
tion in the
present crop year will be 5,114,000,000
bushels, with consumption estimated at 75.3% of
gaged in such practices, licenses for export would be
that
figure.
granted only "with great regret," the Board made
tion
was
Although Japan was not named in the cir¬
clear.
cular letter of the
tion
Board, it was noted with satisfac¬
in
Washington that applications for export
licenses
covering airplanes and aerial bombs dimin¬
and
ished
November,
so
Anglo-American
efforts
Bussian authorities
toward
attitude
already
It appears, moreover, that
matter of record.
a
make
to
credit available to the Chinese authorities
are
last
far as that country is concerned.
mutual
The
maintaining their truculent
are
Japan
the question of fishing
on
rights in Soviet waters, despite the vital importance
this food
of
for
a
With negotiations
supply for Tokio.
Soviet-Japanese fisheries agreement still
new
exists in
and
interests,
Tokio
tance to accede to the
be based
largely
deal of
good
a
on
which
advisable.
since
Japanese demands is said to
The
August, 1933,
continuance of the undeclared
the
that
and that
power as
almost
important
of
drafting
all
year.
--
Discount R$tes of
'HERE have been
Foreign Central Banks
changes during the week in
no
the discount rates of any of the foreign central
banks.Present rates at the
Rate in
leading centers
Pre-
■Effect
Date
Jan. 13
Country
Established
Argentina..
SH
Mar.
4
July
Oct.
shown
are
and
2
Dec.
4
Aug. 29 1935
Nov. 29 1935
2M
4*4
3*4
Aug. 15 1935
Mar. 11 1935
7
Italy
Japan
4H
May 18 1930
Apr.
0 1930
3.05
Dec.
16 1930
4
Java
July
18 1933
Jan.
1
2 1937
H
1 1936
27 1938
...
3.29
2 1930
5
...
1930
Danzig....
4
Jan.
Denmark
4
Nov. 19 1930
3
June 30 1932
.
Eire
3
Jan.
Lithuania..
5
Morocco...
5
Czechoslo¬
.
Rate
3
Colombia..
vakia
vious
3
3
industries
Holland
Date
Established
India
2H
laborers into service under a National Mobilization
1 1930
Pre¬
Effect
Jan. lp
Country
Rate
Hungary...
6
preliminary
Rate in
vious
3
Canada
into
.
4
...
Bulgaria
Hiranuma
Japanese
products
failures.
2
a mere
agricultural
invariably have ended in costly and dismal
Belgium...
Premier, is considered
decrees
to
fruitless
was
coming sessions, since efforts for the control and
price-fixing
Kiiehiro
Baron
be added
may
prospects are none too good for the forth¬
Chiler
fascist-inclined
It
previous general conference
Tokio, which brought the
change in
for the occasional gather¬
save
in the table which follows:
is well along in its second
now
Cabinet
meeting will be .the first held
ings of the admisory committee,
Batavia
war,
The
The
Thursday that another general conference would
concern
"military reasons."
indefinite
hardly to be taken lightly.
on
Japan and China, alike, are making vast prepara¬
tions for
is
advisory group was sufficiently impressed to decide
Russian reluc¬
to the outcome.
as
situation
the
disposition of fishing rights without regard to
Japanese
with
However subject to
interpretation these figures may be, it is plain that
uncompleted, Moscow is reported to be moving for
the
busheis,
5,125,000,000
consumption placed at 73%.
be
altogether
disappeared
finally
For the 1939-40 crop year the produc¬
estimated at
July
1 1938
May 28 1935
4*4
Jan.
5 1938
4
Dec;
17 1937
...
14 1937
4
5*4
5
Poland
6H
3X
4H
3H
3M
2H
Portugal...
4
3H
Aug. 11 1937
May
51938
4*4
Rumania..
South Africa
3
May 15 1933
4*4
3H
Norway
...
5
4*4
gained acceptance in the* Diet only on
2
June 30 1932
Estonia....
4M
Oct.
1 1936
5
Spain
5
July
15 1935
5
Finland
which
Act
4
Dec.
4 1934
434
Sweden
2H
Dec.
1 1933
3
2
Jan.
3 1939
2H
Switzerland
1H
Nov. 25 1930
Yugoslavia.
5
Feb.
England
promises that it would not be applied in the current
France
conflict.
Greece
vaders
Chinese
Nationalist
"Times"
York
Wang Ching-wei
party because
was
quoted
military authorities
one
he advocated
as
saying that munitions
hand for at least two years
to
the invaders., It appears,
more
are
of resistance
the
moreover, on
au¬
thority of Nelson T. Johnson, United States Am¬
to
5
Jan.
4 1937
China, that
British Burma.
Mr.
situation, traveled the
bills
on
new
were
bills,
open
a
Paris the
the Par Eastern
on
highway without diffi¬
the sale of
the
in the
fiduciary note issue in
decreased
by
a
amounted
£327,100,609
and
Advisory Board decided
Thurs¬
on
The advisory committee assembled in
Tuesday, to consider the problem
pre¬
by vast existing surplus stocks of this staple,
the
supplies.
prospect of heavy additions to the
excess
Statistics of probable production and
sumption in the next few years,
secretariat,
are
rather
the conclusions may
as
presented by the
frightening, although
be questioned.
con¬
some
Estimates
of
pre¬
As
was
result,
a
offset by
the "loss
£127,065,869,
only
a
week
ago
reserve
now
comparison
with
£327,063,811
last
in
and
in
holdings
Gold
The total reduction in circulation since the
year.
peak
holiday
now
.
£17,607,000.
to
aggregate
London conference which the Inter¬
that
consequence
hearing, at
international
£200,034,740; this
contraction of £12,428,000 in circulation,
the
DIFFICULTIES faced by the wheat growers of
another
net amount of £170,-
a
announced oil Jan. 6.
as
£170,000,000 increase in the fiduciary issue and
with
have
£200,000,000 of the Bank's gold to
Exchange Equalization Fund, and the increase
International Wheat Conference
sented
At
Bank of England Statement
also
on
week.
'HE statement for the week ended Jan. 11 reflects
the
placed by the Chinese Government.
London
of laist
was
market rate remains at 3% and in
open
bullion
national Wheat
Friday
on
Switzerland at 1%.
supply route
large orders for American motor vehicles
to
on
Friday
on
call at London
on
to recent
are
9-16%
against
as
Money
000,000, all
world
as
Friday of last week, and 9-16% for three-months
culty last month, and the incident lends added point
day to call.
0*4
IN LONDON open market discount rates 9-16%
Friday,
9-16%,
against for short
Johnson, who is due in
Washington* next week to report
a
•
extraordinary feat of
an
pressed Chinese, in order to
the
1 1935
Foreign Money Rates
road-building has been accomplished by the hardfrom
2
7
a
of the leading Chinese
at
bassador
Sept. 22 1932
6
read out
A special correspondent of the New
compromise.
4
..
....
X
again to have been reestablished,
appears
the
....
Germany
solidarity in resistance to the in¬
since former Premier
of
...
amounts
reduction
of
of
to
£504,726,803
£29,083,803,
£27,183,093
reached
from
Dec.
28,
compared with
as
the
holiday
a
peak
at this time a year ago
The
current
statement
shows
a
decrease of
£1,-
290,000 in public deposits and £18,404,844 in other
deposits.
Of the latter amount; £17,816,268 was
£588,576 from other
from the bankers' accounts and
Financial
166
The
accounts.
proportion dropped sharply
reserve
29.5% from 35.6% a week ago, and compares
to
37.4%
with
Government securities rose
a year ago.
£24,790,000 and other securities
in discounts
crease
securities.
Below
parisons for
several
'
years:
..
Other deposits
Other accounts
—
44.442,37f
Other securities
Dlst.
&
Coin and bullion
83 ,890,001
83 ,356,413
33 ,326,515
32 ,556,245
18 ,939,009
12 ,520,596
20 ,029,255
9 ,052,730
15,795, 057
20,507 616
20 ,805,919
12 ,526,990
9 ,886,279
64.931 258
58 ,986,304
63 ,115,208
74 ,836,823
Proportion of reserve
to liabilities..-
29.5%
37.40%
37.40%
39.07%
47.06%
<yrrr
—
Bank rate
2%
2%
2%
2%
.......
and other coin
Below we furnish the different
comparisons for previous years:
Assets—
127,065.869 327,063 811 314 ,033,335 200 ,837,292 192 ,944,041
— .
51,420,000 marks.
£
51,422.000
coin
of
COMPARATIVE STATEMENT
for Week
22.320.676
22,121.700
advances.
Securities
Reserve notes &
increase of
Jan. 7, 1939
Jan. 7, 1938
Jan. 7,1937
Reichsmarks
Reichsmarks
Reichsmarks
Reichsmarks
1935
83 ,1.56,199
90,168, 166
36,302, 673
96,171,164
securities
Reserves in foreign currency showed
200,000 marks and silver
an
Changes
123,368, 143 106 ,720,106 110 ,105,314 108 ,738,416
118,138,91
37 ,538,811
36 ,116,175
38 ,265,553
36,779, 584
36,652,91r
Bankers' accounts.
Govt,
0.99%, compared with 1.49% a year ago and 1.56%
16
Jan.
15
£
£
to note circulation is now at
REICHSBANK'S
1936
1937
£
Public deposits—
Jan.
Jan. 13
12
1938
1939
The proportion of gold
marks.
currency
two years ago.
items with
-
175,643.000 482,132, 553 455 ,047,031 397 ,722,084 378 ,107,218
14 ,163,044
13 ,816,260
12 ,384,131
13,189, 689
19,213,000
151,791,827 160,147, 732 144 ,985,659 147 ,644,125 144 ,854,591
—
mained at 70,773,000
and foreign
14,
The Bank's total gold holdings re¬
845,000 marks.
COMPARATIVE STATEMENT
Jan.
1939
-
£59,487 in
shown the figures with com¬
are
Jan. II
Circulation
represents a de¬
and advances, and
OF ENGLAND'S
BANK
fell off £26,843,622.
26,784,135
latter amount
Of the
Jan.
Chronicle
-
,
Gold and bullion
,
66,758,000
26,564,000
5.753,000
5,728,000
5.7.54,000
+200,000
-1,017,800.000 %226,235.000 5,327,132.000 4,814,178,000
168,900,000
202,699,000
167,873.000
+ 51,4/0,000
Of which depos. abr'd
foreign curr.
Bills of exch. and checks
Silver and other coin...
20.333,000
10,572,000
No change
Reserve in
-
35.834,000
—800.000
44.0 45,000
47,787,000
—2.700.nor
Advances
8r1.902,000
393,386.000
524,044,000
131,163,000 1,373 487,000
800,700,000
670,379,000
—
■
Investments
—
Other assets
Liabilities—
•
,
;
—517,500.0C0 7.705,172,000 5,117,610,000 4.637,743,000
Notes in circulation,.
949,532,000
—5,845.000
Other liabilities
723,143,000
731,606,000
410,402.000
00 00<
—577
oblig
Other dally matur.
330,600,000
326,710,000
1.49%
1,56%
for'n
Propor. of gold &
New York
Bank of France Statement
0 (>ntf7
+0.07%
note clrcul'n.
curr. to
70,661,000
70.773.000
No change
.'
Money Market
THE statement for the week ended Jan. 5 of 586,- NO CHANGE of any kind can be reported in
showed
York
market for the second
another expansion in note circulation
the New
brought the total outstanding
000,000 francs, which
francs. Notes in circulation a
aggregated 93,473,790,015 francs and the
to 111,520,712,890
up
ago
year
French
before 88,417,422,085 francs.
commer¬
cial bills discounted and creditor current accounts
year
registered
off
abroad fell
holdings
with
of
namely
decreases,
large
1,760,000,000
1,575,000,000 francs, while credit balances
francs and
The Bank's gold
3,000,000 francs.
State remained
unchanged at 20,627,440,996 francs.
hand to sight liabilities
slightly to 62.07%; last year it was 51.20% and
proportion of gold
the
previous
items with
year
on
57.49%. Following
are
the various
FRANCE'S
Jan. 5,
Francs
Gold holdings..'
v,
Jan.
1939
6, 1938
Jan. 8, 1937
Francs
Francs
—3,000,000
14,450,131
19,770,833
14,162,313
—1,760,000.000
8,033,088,981
*871,371,037
8,619,254,785
bills discounted.,
874,599,276
1,442,552,779
3,908,989,616
Adv. against secure.
+74,000,000
Note circulation
3,685,626,376
+ 586,000,000 111520712.890
93,473,790,015 88,417,422,085
Credit current accts —1,575,000,000 29,081,542,197 21,622,107,147 16,569,186,717
Temp, advsi with¬
out int. to State..
No change 20,627.440,996
Propor'n of gold on
hand to sight llab.
31,908,805,755 19,048,092,309
62.07%
+ 044%
Figures as of Dec.
51.20%
bills and
over
rates.
Call loans
held
commercial paper were
only in small volume, and at unchanged
the New York Stock Exchange
on
1% for all transactions, while time loans
to
again
l1/4% for maturities to 90 days, and
were
li/2% for four to six months' datings.
Money Fates
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
Stock
the
ruling quotation all through the week for both new
and renewals.
b Includes bills dlscouqted abroad,
c
In
13, 1938, the
the Bank's books representing temporary advances to the State
wiped out and the unsatisfied balance of such loans
entry of non-Interest bearing loans to the State.
transferred to
was
were
The
The
quiet.
market
only
occasional renewals at rates
Rates continued nominal at
for
time -money
transactions
134%
up
to 90 days and
The market
ll/2% for four to six months maturities.
commercial
prime
has been moderately
demand has been good bud
paper
The
this week.
active
been limited by
transactions have
reported
previously reported.
the short supply
a new
of paper.
,
Revaluation of the Bank's gold (at 27.5 mg. gold, .9 fine, per franc), under the
13, 1938,
continues
for
Includes bills purchased In France,
on
57.49%
15, 1938.
the process of revaluing the Bank's gold under the decree of Nov.
decree of Nov.
Bankers'
tions.
turned
3,650,286,826
'
were
again a reflection of special State tax situa¬
loans
brought abr'd
three entries
This, of course,
paid for the issue as a whole.
7,121,056,051
French commercial
a
and partly
over par
the result being that $276 more than par
at par,
was
Francs
+ 27.692 87,264,846,443 58,932,730,028 60,358,742,140
Credit bals. abroad,
*
a
New York
Changes
c
The issue, due in 91 days, was
premium
partly at
COMPARATIVE STATEMENT
for Week
^
b Bills
better, last Monday.
comparisons for back years:
BANK OF
a
$100,000,000 discount bills at par or
awarded
was
the item of temporary advances to
The Treasury sold still an¬
recent years.
other issue of
was
74,000,000 francs appeared in advances against
rose
in
rent
higher, and de¬
failed to increase, so that
merely were continued at the low levels cur¬
rates
An increase
•
securities while
The
mand for accommodation
total 87,264,846,443 francs, compared
now
58,932,730,028 francs a year ago.
money
Idle funds mounted
week of 1939.
effected In the Statement of Nov. 17, 1938; prior to
that date and from June 20, 1937, valuation had been at the rate, 43
mg! gold 9
fine, per franc: previous to that time and subsequent to Sept. 26,' 1936 the value
was 49 mg. per franc; and before Sept. 26, 1936, there were 65.5
mg.'of gold to
was
Rates
are
for all
unchanged at
maturities.
Bankers' Acceptances
the franc.
THE market forlittle activity this week. Prime
prime bankers' acceptances has
Bank of Germany Statement
shown
THE statement for the first quarter 517,500,000
of January
revealed
a
loss in note circulation of
marks, which reduced the total outstanding to 7,705,172,000
totaled
marks.
Notes
5,117,610,000
4,637,743,000 marks.
bills of
in
circulation
marks
and
A decrease
the
was
a
year
year
ago
before
also shown in
exchange and checks of 1,017,800,000 marks,
advances
2,700,000
marks,
in
of
800,000
marks,
in
577,500,000
in
other
marks,
marks,
other
daily
and
in
assets
maturing
in
other
investments
of
of
131,163,000
obligations
liabilities
of
of
5,-
bills
There
as
very
and
scarce
are
has been
no
have
been
light.
Dealers' rates
reported by the Federal Reserve Bank of New
York for bills up to
bid
transactions
change in rates.
and
months
7-16%
and including 90 days
asked; for
are
bills running for four
9-16% bid and 3d>% asked; for five and six
Y%%
months,
bid
and
9-16%
asked.
The
bill-
buying rate of the Newr York Reserve Bank is 3^2%
for
bills
Reserve
running from
Bank's
$549,000.
1 to 90 days.
The Federal
holdings of acceptances remain at
Volume
148
Financial
Chronicle
Discount Rates of the Federal Reserve Banks
by the British Treasury that in the six months
last
THERE have been
rediscount
no changes this week banks.
in the
Federal Reserve
The
following is the schedule
the
various
classes
of
of rates
now
different
000,000.
RATES OF FEDERAL RESERVE
Some
Date
Jan. 13
Boston
Established
<
Rate
IX
New York
Sept.
4. 1937
2
May 11. 1935
2
Aug. 27. 1937
2
AUK- 21. 1937
2
IX
AUK. 21. 1937
Sept. 2. 1937
AUK. 24. 1937
Sept. 3. 1937
2
Aue. 31.1937
2
Sept.
2
Minneapolis
IX
Kansas City
Dallas
IX
IX
San Francisco
•
■
IX
the
before
Bank
of
the
sale
England
of
the
had been reduced
than
more
2
IX
St. Louis.
Sept.
IX
Atlanta
not
by
that
by
another £60,-
lower
AUK. 27. 1937
IX
Chicago
exchange
estimated
was
IX
1
_
ended
£75,000,000, while less optimistic
observers placed the fund's total reserves
at a much
IX
Richmond
the
2
2, 1937
IX
Philadelphia
Cleveland
to
Previous
It
of the stabilization fund
reserves
Effect on
estimated
£200,000,000 gold
BANKS
Rate In
Federal Reserve Bank
£146,000,000.
of
beginning of January lost at least
Reserve banks:
DISCOUNT
declined
reserves
in reliable
quarters that since then the fund had
the
in effect
the
at
paper
September, the gold
fund had
rates of the
for
167
•
sole aim of
gold
gold to the fund had
of
course
making the. currency impregnable.
the
"The
of the Bank of
Fngland are lowered
corresponding degree and the position of the
bank thereby
weakened, so that should the control
2
2
3, 1937
figure.
The shift of the
to
reserves
a
fund
Course of Sterling
eventually find it necessary to have recourse
again to the Bank for gold, the position of the
pound
Exchange
STERLING exchange is ruling to radical in
weeks, owing especially higher than
several
taken
ures
to
meas¬
Jan. 5 and 6
on
by the London authorities
strengthen the pound.
However, despite official
intervention, the
pressure on
the unit continues
The
week
between
this
range
$4.68J4
bankers'
sight
severe.
$4,66 3-16
and
bills, compared with
a
of between $4.62 3-16 and $4.67 7-16 last week.
range
The
f°r
has
for
range
cable
transfers
has
been
between
$4.66 5-16 and $4.68%, compared with a
range of
between $4.62 7-16 and $4.67% a week
ago.
It
was
Jan.
5
briefly alluded to here last week that
the
bullion
British
firms
to
against the pound.
requested to
in
halting
speculation
The financial organizations
were
making loans against gold where
cease
purely speculative operations
involved and to
were
stop direct speculation in gold or foreign currency.
It
noted that
was
had sold
Jan.
on
6 the Bank of
England
£200,000,000 of gold to the British exchange
equalization
fund.
These
followed
measures
In
the
reimposed restrictions
last
It
was
arrest
the
movement
of
the Christmas
currency
Bank of
ment
measures
some
Europe attending
national
to
that
However, it
measures
the
Exchequer's
floating
balances
aims
Their
unexpected and took markets
every¬
where by
surprise, but it is only reasonable to be¬
that
was
the
present measures are part of a con¬
plan to stabilize the pound, which will be
disclosed
within
'
the
■
'
same
understood
is
and
authorities
funds in
in
since
lowest
kept
their
practicable
to
they
strengthen the pound,
also
appealed
the
to
charge of the exchange equalization
France, the United States and Holland, and
doubtless to those of Belgium and Switzerland, to
co¬
operate with London in arresting speculative drives
against the pound.
sured,
some
although the
doubt
ures.
to the
Cooperation
The
banks
was,
of course,
as¬
careful
that
on
meas¬
Jan. 10 the
fighting speculation against
astounding step
of
time the British
was
the sale by the Bank
gold to the exchange
well known that for
a
long
exchange equalization fund has been
heavily,
August.
was
It
was
£200,000,000
losing gold
particularly since
shown in
on
scares, has pre¬
vented stabilization of the
pound and a return to
the automatic
gold standard fpr the past six
When gold payments
years.
it
or
at most
a
tion of international
followed
ain's
were
thought they would be
was
months
by
or seven
suspended in 1931,
resumed in
perhaps six
However, the demoraliza¬
year.
trade, the
rearmament
unfavorable
Despite official
made
in
trade
erection of high
tariffs,
requirements, Great Brit¬
balance, and the rush of
tinent,
a
the
end
of
recent statement issued
assurances
of its success, whether
Washington, in London,
the
agreement
England
here, In London, and
inclined to believe that the
pound
defer stabilization.
seem
agreed to cooperate with the Bank
equalization fund. It
observers
are
feasibility of the British
sterling.
of
Some
foreign funds into gold and dollars have
operated to
Netherlands in
The most
or
„
Holland authorities expressed
However, it would
Holland
of
as
weeks
may be revalued and
permanently stabilized.
These,
observers hold that
only the constant political unrest
in Europe, with its
recurring war
the
at
measures
that
'
v.:.
the Continent
time that the British authorities under-'
took these internal
it
few
next
.
months.
prompt to comply with
minimum.
At the
under
they had been
have
were
here
impossible
been
not
decided upon before Mr.
Norman's departure.
publication
diminish the gold flow from London to New York.
city banks
seems
had
time and that
some
,
The London
In confirma¬
Fngland, was in
meeting of the Bank for Inter¬
the
consideration for
suddenly.
pointed out that Montagu
of the Bank of
a
Settlements.
believe
quarters that the Govern¬
taken
were
Norman, Governor
*
the New York market and thus to
de¬
England notes outside
\
reported in
tion of this
report it was
further
to
meet
securities.
British. short-
devised
term funds into
in
fiduciary issue are backed pound for pound in
gold.. The fiduciary issue is backed
by Government
lieve
were
loss
the
sidered
lending
its
canceled.
was
especially
foreign
offset
December to
mand
The
on
to
gold holdings the
Treasury found it necessary to make a minute
increasing the fiduciary issue from £200,000,000
(the
legal limit) to £400,000,000.
At the same time the
increase of
£30,000,000 in the fiduciary issue made
on British foreign lending made
by the Department of the Exchequer on Dec. 20.
restrictions
seriously threatened.
order
British
on
Treasury asked all banks and
cooperate
would be
operation
of
the
or
has failed to effect any
change stabilization.
the
on
tripartite
During the
Con¬
currency
measure
existence
of
of
ex¬
the
tripartite currency agreement sterling has too often
fluctuated
a
full
sometimes varied
tion
as
noted
World War
a
cent
in
a
by several
here
some
day's trading and has
months
fluctuation of
In this
cents.
as
ago,
little
as
connec¬
before
%
the
cent was
Financial
168
considered flash news
steadiness, though continuing at a
The
naturally deranged
throughout the world.
sterling
movements of
extreme
of
discount in terms
_
13-16%.
to
the gold in
the British equalization fund is carried at 140s.
The
current market price of gold is around 150s.
The
open market price touched the historic high of 150s.
5d. on Jan. 4 and this week ranged between 148s.
England's gold holdings continue
The Bank of
tables show the mean
.' The following
around 85s an ounce, while
be carried at
.
funds ranged this week
of 29-32% and a discount of
discount
a
1939
14,
Montreal
dollar.
the
between
all other units.
Jan.
Chronicle
rate
London check
market gold price,
price paid for gold by the United States:
Paris, the London open
on
and the
LONDON CHECK RATE
MEAN
Saturday, Jan.
Monday,
Jan.
9
Tuesday,
177.35
..177.22
..177.03
7
Jan. 10..
7J^d. and 149s.
ON PARIS
Thursday,
Jan. 12
_177.11
—177.17
Friday,
Jan. 13
177.34
Wednesday, Jan. 11_
MARKET GOLD PRICE
Wednesday, Jan. ll._148s. lOd.
148s. 9J^d.
Thursday,
Jan. 12__148s. " 9J^d.
148s. 7J^d.
Friday,
Jan. 13..148s. lid.
_149s.
LONDON OPEN
of the exchange equalization Saturday, Jan. 7
9
either in sterling-' Monday, Jan. 10
Tuesday, Jan.
or gold, or both.
New legislation will doubtless be
PRICE PAID FOR GOLD BY THE UNITED STATES
(FEDERAL RESERVE BANK)
introduced in Parliament at the earliest possible date
Saturday, Jan.
7
$35.00 I Wednesday, Jan. 11.4
$35.00
to replace or enlarge the scope of the Currency and
Monday, Jan. 9u
35.00
Thursday, Jan. 12_.
35.00
Tuesday, Jan. 10
35.00
Friday,
Jan. 13..
35.00
Bank Notes Act of 1928.
It is impossible at this
Referring to day-to-day rates sterling exchange
time for unofficial observers to predict the probable
on Saturday last was steady, temporarily firmer and
trend of such banking legislation, but it is evident
that some radical and positive steps must be taken
up from previous close.. Bankers' sight was $4.67^
to strengthen and more permanently stabilize the
@$4.6834; cable transfers $4.67J4@$4.68;Hs*
On
Monday, sterling was slightly easier in dull trading.
pound.
The range was $4.66 13-16@$4.6734 for bankers'
Even under the most favorable turn of political
events in Europe, which is not to be hoped for at
sight and $4.66 15-16@$4.67J4 for cable transfers.
On Tuesday sterling was steady in a dull market.
this time, nothing can arrest the flow of gold and
foreign funds to this side.
Only permanent peace Bankers' sight was $4.66J4@$4.6734; cable transfers
and absolute stabilization of currencies on a free gold
$4.66J4@>$4.67%. On Wednesday the pound was
redemption basis can arrest this trend.
Since the easier, despite official intervention. The range was
$4.66 3-16@$4.6734 f°r bankers'sight and $4.66 5-16
end of September the total gold holdings of the
United States have increased by $577,000,000 to • @$4.67 7-16 for cable transfers.
On Thursday the
By law the resources
fund
limited to £375,000,000,
are
'
,
.
gold holdings of the Bank of England now
the lowest since July, 1933.
Total
Jan.
holdings which compare
£327,063,811
with
4,
with £327,100,609 on
year
a
liffe committee,
just prior to the suspension
statement
for
steady
was
range
•
and $4.66 15-16@$4.67J4 f°r cable
sight
On
transfers.
with the
ago,
recommended by the Cunand with £136,880,252 in the Bank's
$4.66 13-16@S4.67J4
bankers'
£150,000,000
minimum of
de¬
The
mand.
stand at £127,065,869,
Bullion
continued dull, with slight commercial
market
$14,577,000,000 on Jan. 11.
The
trading.
limited
in
held relatively
Friday sterling was
was
range
15-16@
$4.6734 f°r cable transfers.
Closing quotations on
Friday were $4.67 for demand and $4.67 1-16 for
$4.6613-16@$4.67 for bankers' sight and $4.66
.
of gold on
transfers.
.Commercial sight bills finished at
Sept. 21, 1931.
•
cable
of the current situation,
money in Lombard Street is again plentiful and bill
rates are easy.
Two- and three-months bills- are
9-16%, four-months bills 19-32%, and six months
bills ii%.
Call money against bills is in supply at
34%.v.;; Gold on offer in the London market is oficially
$4.66J4> 60-day bills at $4.66, 90-day bills at $4.65
Despite the difficulties
taken for unknown destinations. On
Saturday last there was on offer £414,000, on Mon¬
reported
as
day £478,000, on Tuesday £489,000, on
£485,000,
At the Port of New
GOLD
.
*;'
I
"
Decrease:
received at San Francisco from
above
The
figures
movement
metal,
or
erally at
until
Foreign Account
$1,050,000
for the
There
or
account.
of
gold
It
was
Canadian
was
week ended
reported
a
have
subsided to
■■
•
forward sterling
has
•
/
a
par
decided
•-'*
been ruling at
and
for three months, whereas from last May
90-day sterling was continu¬
were
no
exports of
on
earmarked for foreign
Friday that $487,000
Paris
allied
has
it
is
pound has become less acute.
believed that the franc will not be
definitely with either the pound or the dollar.
In the
-
With
under
the problem of relating the franc to the
dollar rather than to the
In
a
gen¬
few weeks ago
38 francs,
on
received at San Francisco from China.
exchange seems inclined to greater
\
to
ously quoted at a premium over the spot rate.
change in gold held earmarked for
change in gold held
cur¬
still being re¬
are
sterling at more than 177 francs and dollars
foreign account.
On Friday $4,528,000 of gold was
received from Canada. There were no exports of the
metal
French funds
discount of 5 to 7 centimes for one month
China.
received from England.
the
INCLUSIVE
seems
Paris
In
On Thursday $2,742,000 of gold was
Wednesday.
'
extent.
that approximately $551,000 of gold was
are
though
not as high as during the two
are
preceding weeks.
None
•'
Net Change in Gold Earmarked for
Note—We have been notified
quotations
Exports
1
•
patriated from London and other centers, though the
MOVEMENT AT NEW YORK, JAN. 5-JAN. 11,
■
Cotton and grain
The franc is strongly in favor of Paris,
York the gold movement for
Imports
$4.66, and
payment closed at $4.66%-
rent
reported by the Federal
Bank of New York, was a s follows:
$3,416,000 from England
at
THE French franc continues to began the October.
marked
trend of improvement which show in
the week ended Jan. 11, as
Reserve
(60 days)
Continental and Other Foreign Exchange
4
£608,000.
payment
7-day grain bills at $4,66 7-16.
for
£473,000 and on Friday
Thursday
on
Wednesday
for
documents
past few weeks the French stabilization
fund
bought foreign currencies almost continuously,
which shows
regularly.
that capital repatriation is
Last week it was
circles in Paris that the reflux
at least
12,000,000,000 francs.
proceeding
estimated~in financial
of funds had reached
Volume
The
148
Financial
decrease in the Bank of France
recent
Chronicle
16.89%.
greatly assisted the Paris market and the general
improvement might be expected to continue were it
not for the still uncertain
international
ation
European
.
come
have
to be¬
and at
general before any substantial repatriation of
French funds could become
really effective.
been estimated that more than
5.26%.
It has
of
0.74;
lodged abroad.
The
confidence
in the franc is
the renewal of
sterdam)
clause
a
instead
railroad
of
credit granted
of universal lack
credit
contains
gold clause.
a
A
(Am¬
months' basis.
The
000,000 guilders.
amount
were
cable
on Bucharest at 0.73%, against
Poland at 18.93%, against 18.93%; and on
on
2.06%, against 2.06%.
EXCHANGE
shows
dollar
a
Greek exchange
on
?
the
the basis
on
-The
move
Scandinavian units
move
in
independently of sterling and show
individual firmness.
involved is about 25,-
The dollar clause is
weeks.
sympathy with sterling, with which they are
allied.
The Holland
guilder and the Swiss franc
continued to
three
a
no
close
to the French
credit
new
on features of importance during the
the countries neutral from those
war
of recent
railways in November, 1937, and maturing Jan. 15,
a
marks
closed at 0.85%, against
0.85%.
portion of the
by Mendelssohn & 'Co.
1939, will be converted into
Berlin
in the fact that in
seen
portion of the Mendelssohn
French
for
sight bills and 40.13 for
5.26% for cable transfers, against 5.26% and
Exchange on Czechoslovakia closed at
Finland at
underlying feeling indicative
quotations
3.43, against 3.42%;
60,000,000,000 francs
is still
bankers'
for
transfers, in comparison with 40.08% and 40.08%.
Italian lire closed at
5.26% for bankers' sight bills
political situ¬
would
appeasement
Final
40.11
ra^e
has
169
of SI
United
mated
being equal to 1.8282 guilders, or 54.40 cents
per guilder.
The original credit contained a
gold
clause on the basis of a
gold price of 2,040 guilders
per kilogram.
at
States
than.
more
shipments
December
from
of gold to
exports
Netherlands
74,000,000
due to pressure
are not
result from the
The
on
esti¬
are
guilders.
These
the guilder, but
desire of the Holland authorities
to
build up a
The
large earmarked gold reserve in New York.
gold stock of the Bank of The Netherlands is
French wholesale and retail
prices have risen to the
still
carried at
highest levels
includes the earmarked
Indices
754
for
published
year-end
show
the
on
basis
of
July,
1914
of
the
franc.
The
advance
in
mated at
depre¬
during the
Bankers'
year and retail prices 11% in terms of
francs, but in terms of gold wholesale prices
dropped 6 points and retail prices 9 points.
It is
at
paper
that
French
during the present
Belgian
prices
will
continue
year.
to
currency continues
.
rise '
cable
relatively steady, with
by events influencing the pound.
tion of
Amsterdam finished
on
esti¬
sight bills at 54.29,
against
22.60% for checks and
transfers,
20.85,
against
Sweden
The gold stock
against
of the
20.86%
closed
on
Friday
Friday of last week;
54.34%, against 54.42; and com¬
on
22.59
and
54.37.
at
at
and
24.04%
Copen¬
transfers at
20.86%.
and
Swiss
22.60% for
22.59:
hagen checks finished at 20.85 and cable
The banking posi¬
Belgium is entirely favorable.
mercial
francs closed at
indications of firmness and seemed unaffected
some
sight
54.34%, against 54.41
cable transfers at
\
:
is
430,000,000 guilders.
1,415,000,000 guilders, against
1,551,000,000
guilders in 1937, while exports were 1,039,000 guilders
compared with 1,148,000,000 guilders in 1937.
was
believed
This figure
gold abroad, which
to
prices
in
persistent throughout the year owing to
the devaluation in
May.
Wholesale prices rose 10%
francs
1,461,200,000 guilders.
Dutch foreign trade
figures show that for the year 1938 imports amounted
100.
as
The rise in the
price levels reflects the several
ciations
that
record, at 666 for wholesale and
on
retail,
the
at
Checks
on
transfers
cable
at
National Bank of Belgium on Jan. 5 stood at
3,428,200,000 belgas and the bank's ratio of
24.04%, against 24.06% and 24.06%; while checks
on
Norway finished at 23.47% and cable transfers
to notes was
at.
gold
77.58%, while its
sight liabilities
gold to total
are
23.47%, against 23.48% and 23.48%.
4
69.42%.
was
German marks
ratio of
"
•
unaffected
of the
EXCHANGE deviations South American countries
on the
shows
the trends
of
during the past few months.
by the movements
neighboring units owing to the rigid control
exchange, but it becomes increasingly evident
that the economic situation of
growing
tion is
more serious.
a source
of
The
-
following table shows the relation
New Dollar,
Parity
(franc),., 3.92
Belgium (belga)..,
Italy (lira)...
5.26
8.91
Switzerland (franc)
19.36
32.67
Holland
40.20
68.06
(guilder)
parity
b Franc cut from
gold and allowed to "float"
On
bankers'
2.64K
54.26XA to 54.43
The London check rate
177.40, against 177.20
New York
at
sight bills
on
anticipating
a
more
*
part
held
All these
favorable export
continue
to
-
be
directed
toward
June 30,
at 5.90
1937.
Friday at 31.13 for
market
free
close was
22.85@22.95,
Brazilian milreis are quoted
(official), against 5.90.
Chilean exchange is
quoted
or
at
5.19
(official),
against
5.19.
Peru
is
nominally quoted at 20%, against 20%.
—4
EXCHANGE on developments. These
the Far Eastern countries
finished
sents
on
belgas finished at 16.91% for bankers' sight bills and
at 16.91% for cable
transfers, against 16.89% and
on
against 22.90@23.20.
de facto basis of 179
center
closed
paper pesos
sight bills, against 31.14
unofficial
•
Friday of last week;
2.63%, against 2.63%.
Antwerp
a
are
on Friday of last
week; cable transfers at 31.13, against 31.14.
The
Paris closed on
Friday
Friday of last week. In
the French
units
exchange control policy during the
will
on
on
2.63%, against 2.63%
cable transfers at
on
year
Argentine
Week
16.88^ to 16.91^
5.26M to 5.26^
22.58)^ to 22.61^
on
most
restricting imports, particularly of luxury products,
so as to improve their
export balance.
as
May 5, 1938, the franc was devalued
francs to the pound, or 2.70 cents a franc.
at
are
Their
present
before devaluation of the
European currencies
between Sept. 30 and Oct.
3, 1936.
c
American
the
Range
2.63ys to
16.95
New dollar
countries
leading
This
a
8.63
13.90
a
of the
South
current
For
extremely firm by the exchange controls.
to the United States dollar:
Parity
France
the
,
Old Dollar
e
Germany is steadily
The unfavorable export situa¬
anxiety to the financial authorities
European currencies
b
quotations of
season.
of the Reich."
from
no
are
several
years,
exports
,
no
new
situation
of
pre¬
currencies
they have been for the past
owing to the severe curtailment of
inherently weak,
raw
as
materials and to the
demoralized
resulting from the Japanese aggression in
Financial
170
will show
fundamental factors, the
Far Eastern currencies reflect the changes in sterling,
to which they are all allied either legally as in the
case of the Indian rupee, or through exchange con¬
trols, as in the case of the Japanese yen.
Closing quotations for yen checks yesterday were
27.24, against 27.24 on Friday of last week.
Hong¬
kong closed at
29 3-16(^29 5-16, against 29J4j
Shanghai at 16 7-16@16%, against 161^@16^;
Manila at 49.85, against 49.85; Singapore at 54.40,
against 54.40; Bombay at 34.91, against 34.90; and
Aside from these
China.
against 34.90.
Calcutta at 34.91,
'HE following
T
Banks
of gold
table indicates the amounts
banks as of
statements, reported
to us by special cable yesterday (Friday); comparisons
exchange) in the principal European
of
respective dates of most recent
shown for the
are
approximately $3,300,090,000.
deficit of
the third largest deficit
and will be far and
away the largest deficit predicted by the President
18 months in advance.
Nor is this all; the 1939-40
depression started,
the
1939
corresponding dates in the previous
£
£
£
£
£
314,033,335
365,810,558
1,928,350
87,323,000
,42,575,000
200,837,292
530,142,648
656,129,174
England-
127,065.869
327,063,811
France
295,812,169
310,172,263
3.007.350
2,516,400
87,323,000
25,232,000
113,820,000
Germany b.
Spain
c63,667.000
Italy
Netherlands
a25,232,000
Nat. Belg'm
97,941,000
—
121,770,000
115,584,000
Switzerland
Denmark..
Norway...
2,814,850
59,963,000
2,897,600
90,702,000
62,400,000
70,170,000
72,856,000
98,184,000
46,825,000
106,515,000
26,145,000
25,524,000
22,654,000
6,544,000
7,515,000
6,551,000
6,603,000
6,555,000
6,602,000
8,487,000
83,351,000
.
69,392,000
15,872,000
7,395,000
6,582,000
1,101,012,790 1,247.339,815
897,956,388 1,089,192,474 1,100,177,243
1,101,058,980 1,245,878,043
1,098,642,128 1,087,598,797 1,100.360,845
Total week.
Prev. weeka
192,944,041
90,203,000
42,575,000
53,620,000
100,701,000
82,160,000
32,856.000
6.534,000
Sweden
1935
1936
1937
1938
,
1936, latest figures available,
exclusive of gold held abroad, the
Amount held Dec. 31,
Bank of Germany are
b Gold holdings of the
amount of which is now
As of April 30, 1938, latest figure available.
Also first
report subsequent to Aug. 1, 1936.
The value of gold held by the Bank of France is presently calculated, In accordance
with the decree of Nov. 13,1938, at the rate of 27.5 mg. gold, .9 fine, equals one franc;
previously and subsequent to July 23, 1937, gold in the Bank was valued at 43 mg.
gold, .9 fine, per franc; before then and after Sept. 26, 1936, there were 49 mg. to
the franc; prior to Sept. 26, 1936, 65.5 mg. gold, .9 fine, equaled one franc.
Taking
the pound sterling at the rate at which the Bank of England values Its gold holdings
(7.9881 gr. gold 11-12ths fine equals £1 sterling), the sterling equivalent of 296
francs gold In the Bank of France Is now Just about £1; when there were 43 mg. gold
to the franc, the rate was about 190 francs to the £1; when 49 mg., about 165 francs
per £1; when 65.5 mg., about 125 franes equaled £1.
reported at £529,300.
c
prediction of $3,300,000,000
plete.
It does not allow for farm "parity pay¬
which this year total $212,000,000, and which
ments"
since the appro¬
Joans is cut almost to nothing. It
likely be larger next year,
may very
priation for crop
President's annual
The
Message
message
presented to Congress on Jan. 5,
adroit
in
the Farm Security
currently spend¬
ing about $175,000,000 a year and which has become
regular, not an emergency, feature of the budget.
To judge by all precedent since the President came
into office, the final deficit will be between $1,000,009,000 and $2,000,000 above this first preliminary
It does not allow for
a
challenge of
The deficit
for example, has swollen by
Congress takes up the
estimate unless
for
the current year,
the budget,
reached a new high
have
to
attention it deserved,
stratosphere of specious logic
estimate of about
ending last
June, which came out as approximately $1,400,000,000, started with a prediction of a net surplus of
$31,000,000. But the outstanding departure in the
present budget statement is that it does not even
$3,000,000,000 over the original
$900,000,000; the deficit for the year
start with a
To
and curious
of the most
policy
history—a clear-cut and almost
candid
in American
turning
,
It should go down as one
reasoning.
significant state papers on fiscal
away
from any intention to balance the
Heretofore every
budget message from
Roosevelt has contained
the need for
lip-service in
budget balance.
President
some
form to
There has, it is true,
steady progress away from the attitude ex¬
a
pressed in the vitriolic attacks on the Hoover defi¬
cits, but regularly each year the hope has been
out
that within
a
year or
held
two some semblance of
The pattern of
consisted roughly of a prediction
budget balance would be achieved.
statement
each
of
a
thumping deficit for the current year, a nearly
balanced
budget
for
the year to end
18 months
"definitely" balanced budget by the
following year.
These concessions to financial
later,
and
a
orthodoxy have, it is true, been more and more
half¬
hearted, particularly since the President adopted
the
practice of
future
items
left
sending incomplete budgets with
to
be
filled
in
later.
But such
appeared, until this
month.
now
have
the
startling prediction that the
budget deficit for the year to end 18 months away
still dimly under the im¬
budgets should be. balanced (the
platform of 1932 called for .a budget
that
pression
Democratic.
started his mes¬
"annually balanced"), the President
with
sage
of
of the most extraordinary flights
one
document. In effect
its attention away from
fancy ever contained in such a
public to turn
deficit and to consider that if
come
almost
raised
be
could
current level, the budget
the
above
50%
the national in¬
$90,000,0Q0,000, which is
to
problem would solve itself.
This
the
Administration
,
Washington news reports two
by budget deficits.
three
or
,
.The implication is that
will achieve a budget balance
logic is circular.
ago
years
told how the President had a
and rising national income,
deficit could be pushed up
chart of rising deficits
and indicated that if the
ous
support it.
It is the obvi¬
presidential implication that continued
spending will, by stimulating the national
cure itself.
It sounds like John Law.
Looking
deficits
at
President's
own
and yet, according to the
national income has
statement,
dropped from a high of
current
level of around
$81,000,000,000 in 1929 to a
deficits
Any good
$G0,000,000,000.
logic-spinner could argue plausibly
continued
deficitincome,
record, we have been running
the
for nine years,
from this that
steadily
produce
lower,
not
higher, national income, and that on this basis the
worse the deficit the lower the national income and
the lower the national income
Our national
five years,
been
the worse the deficit.
debt has been more than doubled
in
while Great Britain's national debt has
by only about 5%; meantime, our
increased
national
income has fallen
Great"
Britain's
Great
verbal concessions have at least
We
unprecedented lack of concern over
budget balance to a public
the income would rise to
budget.
been
hope for a surplus.
this
sell
The President does not even take
hope.
the trouble to
wholly failed to give it the
for it reached a new
where to cut.
President to decide
the
Street seems
Wall
statement.
on
increased defense pro¬
allow for all the
not
does
he asked the
The Budget
is also incom¬
deficit
the
Banks of—
1939
Administration, for which we are
(converted into pounds sterling at par
bullion
a
14,
This, if realized, will be
since
gram.
Gold Bullion in European
Jan.
Chronicle
Britain
has
has
risen
just
33% below 1929, while
above
recently
1929.
fallen
In
off
fact,
the
budget-balancing wagon and her national income
and rate of business activity are apparently just
Volume
148
Financial
Chronicle
beginning to turn downward after having mounted
steadily during
period of fiscal orthodoxy.
a
Recent years have seen
manency in the deficit
but
a
been
curious
not only a growing per-
policy of the Administration
In
the
1920's official
policy
a
are
superficial plausibility.
Treas-
carried in three categories:
now
"general," "recovery and relief," and "investments,"
the last
being invisible in the regular budget
one
statements.
The chain of arguments has
indeed.
This device has
ury expenses
growing volatility in the arguments which
support that policy.
171
"the adoption of
mean
ing)
The President implied that, this would
form of budget
a
(conform-
nearly to the practice followed in
more
favored budget balancing at any
cost, and we had
mercial business."
According to this plan
the
put out for "loans,
or
greatest period of prosperity in American his-
tory during
retirement
period of the heaviest Federal debt-
a
in
American
retieal innovation
penditures
history.
The first
theo-
the
was
splitting of Treasury ex"ordinary" and "extraordinary,"
into
later
dignified
terms
There
should
as
followed
the
This
"pump-priming"
and
it
dignified
by
early to be associated with the
Dr. J. M.
Keynes of London.
theory
as the Treasury has been doing
No business corporation ignores
the sinking fund provisions on its debt as the Treas-
a
country, for his
has
ury
come
to do habitually.
corporation
uess
,And lastly,
change
can
the
The
an
when
$2,000,000,000 of stabilization fund
offset to recurrent deficits
in his last week's budget
"lay-
a
man's balance" in 1937
through the peculiar workings of the Social Security Act, the business sold
off, the "compensated economy" theory was thrown
uot run its business like
in
do
the
wastebasket
version of the
which
and
a
and
new
"pump-priming" theory
contemplated Government
times but made
deficits
in
The disintegration of logic
budget went along roughly hand in hand.
There followed
about the
could
size
"stand."
House,
had
a
rash of
a
of
national
eleemosynary,
debt
Napoleonic
British
said
Marriner
on
a
national debt of
$00,000,000,000,
and
tune
of
a
business, partly because
partly because it cannot
be
considered
their
annual
capital
profit
investloss
or
Let it be taken
be
The
so.
business
part
corporations.
Their
therefore almost certain to be heavy.
some
$3,000,000,000
on
The
about 1,000,000
According to the December issue of the, Fed,-
voluntary deed,
some
as
of Oct. 31,1938,
115,000 properties.
modity Credit Corporation
was
The Corn-
founded
as
a
part
business, part farm-aid device—or it might be better
to call it
a pseudo-business, actually political device
for helping farmers.
The very nature of the "non-
$100,-
000,000,000.
Meantime stranger and
stranger things have been
happening to the Federal budget. Last fall certain
Treasury subsidiaries were split off from the regular
budget, notably the Commodity Credit Corporation
the
the HOLC had taken over, through foreclosure and
the
$40,000,-'
some
to
money,
so,
eral "Home Loan Bank Review,"
how the
Some Washington "economists"
could "stand"
000,000some
homes.
without apparent detriment to the
wars
are
HOLC loaned
Eccles
multiplied just before and after
economy.
we
Nation
visiting the White
from
the President did
Home Owners' Loan Corporation and the Federal
Farm Mortgage Corporation were founded as part
losses
slipped into his hand quoting Macauley
British
only
debt which
Henry Ford,
statement
affiliates
and
Washington statements
the
as
message
blanketed into the budget.
sur-
pluses in good times.
and the
the
The President proposes that the outlays for
so.
ments,
hard
allowance for Government
no
it is not expected to do
adopted/ Treasury
was
busi-
of
But most important of all, the Government does
reckless
more
no
value
Nation's gold, appropriate the mark-up and call it
"compensated economy" theory naturally implied the duty of budget-balancing in good times, but
Treasury inadvertently achieved
No
loans
on
ordinary income
as
lias been slower here than in Great Britain.
the
corporation,
for several years.
adopted here and rejected there—and
was
recovery
own
acts
ally and automatically get back into the black.
of
Dr. Keynes proved
prophet without honor in his
business
a
business corporation considers repayments
econ-
name
They
No business corporation pretends that if it spends
enough money for a long enough time it will eventu-
Curious in this connection is the fact that
came
-
jokers in this plan.
many
professes* to act like
nor
fashionable
"the compensated
as
too
are
in the fact that the Government neither
sum up
times, surpluses in good
popularized in colloquial language
was
industrial corporation capitalizes its profit-
There
the
tehory that the Government
Washington economists
omy."
under
the wealth of the Nation" should be capitalized just
seeking investments.
deficits in hard
run
times.
this Administration
for self-liquidating projects,
for other extraordinary outlays which increase
or
as an
"general" and "recovery and relief."
by
com-
money
recourse" loans evidences this."
It is
now
approximately 11,000,000 bales of cotton
carrying
on
loans, together with large quantities of wheat
-
such
and
corn.
,
and
the
United
States
CCC borrows from the
ers,
and
its
Housing Authority.
The
public, "loans" to the farm-
operations
included
not
are
budget.
in
the
Is the Administration willing from year to year
to include in its budget statements the losses sustained by these corporations?
Is it willing to have
'•
This questionable
by the late Ogden
practice
Mills.
was
their books audited
first perpetrated
market, whichever is lower, and to show the audited
In 1932 he
carried
the
on a
result to the public?
candid basis
of,
say,
cost
Would it be either politically
Treasury's subscription to Reconstruction Finance
or
Corporation stock
the fact that it is the predominant interest in
as
an
expense, but
scription to RFC bonds, and
the
Street
promptly objected.
numerous
critics
recently begun
appreciate the possibilities of this device.
President
getary
affiliate
would
privileges
extend
now
to
corporations.
a
•
whole
in
It is small wonder
that the present Administration has
to
not its sub-
the
same
string
t
The
extra-bud-
of Treasury
commercially possible for it to do
many
The
or
so,
in view of
so
of the fields it occupies?
conclusion
is almost
Administration is using
the dog.
The
example of
a
any
unavoidable
that the
logical stick to beat
President cited Boulder Dam
self-liquidating project.
be implied that the
same
as an
He left it to
reasoning holds good for
the $590,000,000 Tennessee Valley Program and the
$300,000,000 Grand Coulee program.
autocrat, or king, punishing these agents
own persons for acts nominally authorized
Actually he
only Government dam which
is financially
took the
uncontested financial success—and
an
one
which
successive steps of this
noble evolution are most plainly recorded upon the
pages of relatively modern history, Parliament first
achieved control of an executive department which
had claimed wide legislative powders and complete
independence as its prerogatives, and then transformed itself from an organ of the nobility and
gentry into a body truly representative of the constituent democracy. This English evolution-was incomplete at the time of our Declaration of Independeuce and had made no material progress between
that date and the meeting of the Constitutional ConIn England, where the
TVA
service
Coulee will introduce
Grand
business.
cold
2,800,000 kilowatts of power into an area which
firm power avail-
already, with about 1,000,000 of
taken yet by the
able, has a surplus over anything
highest
The President's power of rationalization
country.
"We have not
finally to the statement:
on
runs
capita power-consuming area in the
per
been
throwing the taxpayers' money out of the win-
dow
or
of it
the
into
it.
with
values
as
We have been
-sea.
I
...
do
not
buying real
regard
penny
a
vention in Philadelphia in 1787.
wasted."
advocated for firms like McKesson & Bobbins would
our
of the House of Commons was not attained until
early in the reign of Queen Victoria,
Whether, if British development had reached this
admirable fruition before 1787, the Constitution of
the United States would have set up the doctrine of
equivalence of the legislative and executive powers
and attempted, their lodgment in wholly independent
departments would be an interesting although idle
speculation. But the Founders, meeting at Philadelphia, were profoundly discontented with the
operations of the only English Government they
knew, that of George III, and believed themselves
has been
under the necessity of doing what Mr. Gladstone
In his supplemen-
tary message asking for $875,000,000 for five months
of Works
Progress Administration the President, in
explaining why eight months' funds will have been
used up
in
from
outlays have consistently increased
July to November in election years, even when
business
was
election
improving, and have just
off during the
entiy fallen
"an
human
consist-
as
period in
same
when business
even
years,
It remains for
been
months, did not mention the fact
seven
WPA
that the
was
non-
declining,
Congress to decide whether this has
investment
the
in
resources" of
which
conservation
not
a
penny
wasted.
of
Congress
or
■
'
else
devised
of government,which humanity has yet
but,
despite
resort to different
sons
ment
for
contemporary
examples
systems, there are convincing
believing that it is the only form of
that
will
permanently be tolerated
reasonably civilized
and
the
modern
world
under two distinct
of
rea-
govern-
by
men
intellectually capable of
choosing between freedom and subjugation.
In
such
"
exist
governments
forms, of which the parliamen-
tary form has been most widely adopted and is his-
torically the older.
the
dominance
Its essential characteristic is
of the
whether limited
by
a
legislative
branch
written constitution
which
as
it is
jn this country, or
restricted, , as in Great Britain,
by nothing
more
effective than generally accepted
traditions, creates
an
executive that is at all times
responsible to itself and removable
at its
will.
In
this
form, representative democracy arose out of
autocracy by an evolutionary process of gradual and
progressive adaptation
to an environment principally conditioned by determined and general resistance
to the
pretentions of the few to dominance
over
the many.
Men in large numbers had found them-
selves,
come
had
to
of their
own
intelligences, but little aided by
experience or history, a form of government com
the Executive?
Bepresentative democracy constitutes not only the
best system
.
said they did do, namely, striking off by the exer-
.
—:—-—
Indeed, full recog-
nition that a Cabinet must always go out of office
in England whenever it ceases to have the confidence
Application of the auditing principles now being
hardly support this statement.
in their
by their
sovereigns.
incidentally
started under his predecessor.
was
bookkeeping is a hopeless confusion of social
and
Jan.. 14,1939
Financial Chronicle
172
recognize the intrinsic worth
and
dignity of individual capacity and effort; therefore, they demanded liberty to move about, to labor
patible with liberty and order. In the result, they
recognized three elements of government, the exeeu^ve> the legislative, and the judicial; and by vest-,
each in I an independent department they
attempted to create a system of checks and balances,
in wllich none of the three could successfully en-1
croach -upon any other and dominance by any would
be impossible. The executive- department, in the
person of the President, must go back to the people
at the end of every four years and obtain a renewal
of authority or be superseded, but its continuing
authority, vastly strengthened by the power to veto
legislation, is otherwise uncontrolled and the President, except in his probable aspirations to control
legislation, may be serenely indifferent to even an
extremc and most formally expressed absence of confidence -on the part of the Congress. One conseThence
of this unique American polity is that the
government of this country,'while each of its separate departments is lawfully constituted and in
itself fully capable of conforming to the letter and
spirit of the Constitution may, as a whole, be so in
conflict within itself that it becomes impotent to
either forward or backward or at all except by
to° frequently weak and temporizing expedi-
move
some
contract, to create and control property* immunity from arbitrary requirements and restraints*
ent of compromise. It was so, to go no further
illto the Past> when there was a Dem°cratic House
°f Representatives under President Butherford B.
Hayes, and again under President Chester A. Ar-
freedom from unjust and excessive exactions in the
f*mr
guise of taxation
during the presidencies of the Democrats^ Grover
Cleveland and Woodrow Wilson.
1
An inescapable condition resulting from the
absence here of any practical device for imposing
to
or
otherwise.
Asserting primary
rights of liberty and property, they established the
responsibility,
through
the
legislature
or
parlia-
ment, to the people of the ministerial agents of the
>
also when there were Bepublican majorities
Volume
148
Financial
the will of the
Congress
the
upon
versa, is that the United States
between
form of
government
a
President
dictates
rendered
laws
President,
in which
tive interference with their reelections
raise
in
which
keeps
within
the
attempts
ment.
a
stantial
Congress
,
the stock
in the annals of busi-
ment
How lasting and sub-
<
Nevertheless, it
market, usually
to
been induced
too
results achieved.
Two
The stock market
the upturn which
a
the year,
be felt
cannot
tion of
"pump-priming"?
What will be the effect of
bringing about
How long
can
a
as
April, 1938, forecast
come
in business later in
for in that month the market staged
rally
on
the last day of'March.
showed
from
year,
Federal
Board,
Reserve
the
it continue
evidences
of
low
an
point
The industrial
ranging in the first
In mid-June there
six
were
increasing industrial activity, and in
July the Reserve Board index
to 83 from 77 in.
rose
credit, which would drag down everything else in
June; the index continued this upward tendency in
its wake?
decisive
r
•
The net debt of the United States
by about $2,035,000,000
>
4
the adjusted index of the
months between 76 and 80.
cessa-
depression
^
/
tendency to level off from the
a
beginning of the
collapse of Government
a
to
indexes
the
at
early
reached
this account
on
as
was
impressive
questions present themselves
regard:
without
Michigan.
by Government spending for
in this
rejected; the proposed
of "anti-New Deal" Representatives and Sen-
but not in importance, the electorate in November
in business has in large
satisfaction
great
Speculation
was
displaced 90 Democrats in Congress and 11 who held
State governorships, including Governor Murphy of
public works and relief; and'it is
that
191)
sensitive barometer of
upward trend.
Unhappily the expansion
and
reorganization
purge
<m w
virtually its 1938 peak,
a
year at
holiday shutdowns, rather than to
reversal of the
measure
to
almost
the closing
and
as
ators by the "head of the Democratic party" was
a complete
failure, and last chronologically
be recorded that
can
month saw a slackening of
activity in certain lines, this was attributmainly to a seasonal desire to reduce inven-
tories
abdicated it
details and incidentals upon the Executive,
(Continued
industrial
able
not
minor and subsidiary discretion
Clearings in 1938 and the Course of Trade
future, closed the
Although
a
the potentially vast
possesses
recovery it may prove to be cannot yet
be foreseen.
tiie
and
confer
Moreover, the Congress is composed of the chosen
period of recovery.
a
although when that discretion is
may
never
representatives of the voters to become, during their
Bank
as
and it may
of its essentially legislative discretion
any
aggrandizement at the
or
The year 1938 will
appear
ness
to
coordinate department of the govern-
a
The
constitutional' powers
usurpation
no
of
expense
his
measures
expend moneys must originate.
President under the veto
power,
delegate
Chief Magistrate is
popularly supposed to lack character and force because
he
and to
ment, subject to the limited participation of the
by acute hunger for patronage, and the alternative
condition
revenues
It has all the legislative authority of the Govern-'
execu-
stultified
or
of the purse, which is primarily vested in
power
legislators
functionally impotent by fears of
173
the House of Representatives, where all
wavers
dominant
a
subservient
to
vice
or
perpetually
Chronicle
1938,
which
of
(matured interest bearing
obligations outstanding Dec.
during
increased
was
31, 1938
with
compares
even
through the
war scare
a
period
peak of 104 in
December,
estimated)
increases
fashion,
August and September, touching
Factory employment and payrolls responded to iV>
of
the recovery movement in
August; the Bureau of
$1,731,932,039 in 1937 and $4,013,229,500 in 1936.
Labor Statistics adjusted index of factory employ-
The
ment
comparison of the net figures is not distorted
by the sterilization of gold in 1937 and its desterilization in 1938.
there
was
From Dec.
31, 1932 to Dec. 31, 1938
total increase of about
a
the
to 84.9 in that month from 82.9 in July;
rose
same
index of payrolls, which is not, however,
adjusted for seasonal variation,
$16,480,000,000
to 77 in August
rose
from 71 in July; in November the employment index
4
which
the
raised the net debt from
earlier
$20,413,996,000, at
was
date, to approximately $36,895,000,000
at the end of 1938.
lief from the
That there is
prospect of re-
no
upward surge of the national debt is
at 90.1, apd payrolls at 84.1.
Rail
-
car
'
loadings did not feel the
recovery,
-
as w-
might have been expected, until the fall. In September and October they developed better than sea-
'
evident from the
budget deficits for the fiscal
years
ending June 30, 1939 and June 30, 1940, estimated
by President Roosevelt in his budget message, delivered
to
Congress Jan. 5, 1939.
he estimated at
no
less than
The 1939 deficit,
$3,972,000,000 and the
sonal expansion, and in the latter part of November they commenced
to compare favorably with
1937.
*
For one reason
not
show
the
or aft other,
;
«
-
commodity prices did
rising, tendency
which
generally
•
1940
deficit, at $3,326,000,000. The deficit
cast
for
than
1939
was
Roosevelt,
assisted
more
estimated
a year
However,
of
is
than
for
been
the
same
period, by Mr.
business
revival
in
1938
was
also
by the changes in political tendencies both
desired,
substantial
to
they
have
as
A tax bill
disapproval
of
taxes
capital gains;
on
the
While these
measure as
nevertheless
important bearing
legislation.
the
large
were
attends a period of business regeneration.
was
corporation
to stock heavily in
on
raw
the part of manufacturers
materials, in view of the
losses they had sustained in the crash of prices in
1937, might be cited as some of the depressing
A circumstance which also entered into
might have
factors.
sufficiently
the picture with respect to prices of certain cornmodifies, such as copper and rubber, was the attiUide of cartels of world producers; these showed an
inclination in 1938 to permit an expansion of output
as demand increased, rather than a forcing up of
the prices by restricting the output.
The decline
on
future
passed which, with the
Administration,
Large
world crops of grain, large stocks of cotton, and j
loss of our export market for that commodity, and a ;
natural disinclination
earlier.
perhaps not in
punitive
fore-
$3,000,000,000 greater
Congress and the public at large.
were
now
modified
surpluses
Rooseveltian plan for
and
the
on
Govern-
Financial Chronicle
174
fan. 14, ms
period of 1934. The third quarter made the same
showing in relation to 1937 as did the nine months.
With respect to the year as a whole, 1938 did not
In the opening months of the year, when no one
compare favorably witli the preceding year, as the
could say how serious a depression was then holdrecovery movement did not reach substantial proing the country in its grip, President Roosevelt
portions until the latter part of the year.
The showed some disposition to consult practical busiRoard of Governors of the Eederal Reserve System's
ness men as to the causes and possible ways out of
index of industrial production for the year is estithe situation. Prom this some faint hope was born
mated to have attained only 8(i, as compared with
that practical means might be employed to encour110 in 1937 and 105 in 1936.
age a business revival. But at about the same time
Although employment had staged a substantial j/he gave voice to the highly impractical belief that
rise when in November the Bureau of Labor Stat iswages could and should be maintained at the existtics index reached 90.1, it was still well below the
ing levels while prices should be reduced. The stock
level of November, 1937, of 100.6; payrolls at 84.1
market lost no time in indicating what effect such a
in November compared with 92.9 in November, 1937.
general course might have by declining the following
Bank clearings outside of New York City were
day 3.20 points in the averages computed by the
12.5% less than in 1937, aggregating only $128,-' New York "Times."
.
part of 1938 was
sterling exchange in the latter
in
also
a
weakening influence.
_
$146,344,564,369 in 1937
098,427,812, compared with
$134,797,031,556 in 1936. Clearings in New York
and
A comparatively mild inflationary gesture was
made in February with the announcement of a modi-
gold sterilization program, which
to the beginning of the year,
According to the change, only that part of the
newly-mined and imported gold in excess of $100,000,000 per quarter year was to be sterilized, Immediately about $30,000,000 of gold already acquired
by the sterilization fund since the first of the year
was desterilized. The fact that, at the time this
change was made, gold imports appeared to be
tapering off encouraged the feeling that a very substantial increase in the crlsUtbase would not result
City alone, which aggregate more than the com- • fication in the
of the country, were 11.6%
was made retroactive
bined total for the rest
1937.
less than in
on
the Stock
activity
influential factor,
But in New York City
Exchange is a very
and, considering that trading was
■
27% less in 1938
1937, the showing of the New York City clearings is much better than appears at first glance.
National income in 1938 was estimated by Presichan
dent
Roosevelt, in his budget message to Congress
Jan.
on
5,. 1939, to have
amounted to about $60,-
000,000,000 compared witli estimates .of the Department of Commerce for other years of $69,380,000,000
from this cause.
\ However, after the decline in March of over 22%
in the value of stocks on the New York Stock Exchange; the Administration decided to remove the
lid from the barrel and throw caution to the winds.1
On the 14th of April President Roosevelt sent a
the Department of Agriculture, amounting there$4,500,000,000 "pump-priming" bill to Congress; on
fore to roughly $7,600,000,000 in 1938 compared with
the President's recommendation gold sterilization
$8,600,000,000 in 1937, $7;865,000,000 in 1936, $7,000,was completely abandoned and all the gold in the
000,000 in 1935 and only $4,328,000,000 in 1932. •.
sterilization fund, as well as other gold lying idle
It
be said that the fact that business did not
in the Treasury, in a gross amount of about $1,400,reach lower levels during the first part of the year
000,000, was deposited in the .Reserve banks to the
largely due to the sustaining influence of*our
credit of the Treasury ; and the reserve requirements
export trade, which exceeded that of 19.37 in each
<>f the member banks were reduced about 13%%. It
of the first four months. The fact that exports in
was announced that maturing Treasury bills would
later months did not reach the high levels of those
l»e paid off with funds credited to the Treasury at
months in 1937 is
serious reflection on the state
the Reserve banks 011 account of the gold deposited,
of
foreign markets for that period, but it did
Consequently excess reserves, were not. expanded
have the effect of precluding this year's 11 months'
instantly 011 this account, but went through a
total from reaching as high a level as that of 1937!
gradual process of enlargement which was not altoIn the first 11 months of 1938 exports aggregated
get her completed at the close of the year.
$2,825,454,000, and in 1937, $3,025,764,000. Imports,
The pump-priming bill which came to be known
the other hand, were sharply reduced in 19.38,
as the recovery-relief measure, passed the House
showing a rising tendency only in the latter months
June 14 and the Senate June 16, and received the
of the year.
The reasons, of course, were chiefly
President's signature June 21. It appropriated ,
$53,000,000,000 in
1935, $48,400,000,000 in 1934; the depression low
was $39,600,000,000 in 1932, and compares with $81,000,000,000 in 1929. Cash farm income was $1,(100,000,000 less than in 1937, according to estimates of
in
1937, $60,000,000,000 in 1936,
can
was
110
our
on
the smaller demand for raw
condition of
need
of
1937.
amounted
to
in
Imports
$1,789,045,000
835,000 in 1937.
the
in
first
11
months
1938, and $2,874,-
Lower prices prevailing during
1938 also account for a
considerable proportion of
the decline in the value of
as
materials in view of the
domestic industry, and the lack of
foreign grains which existed-in the first
for
half
our
both exports and imports
compared with 1937.
Corporation profits, based on reports of 254 industrial and mercantile
eral
companies compiled by the Fed-
Reserve Bank of New
months of 1938
were
York, in the first nine
68% smaller than in the corre-
sponding period of 1937 and 12% less than the same
$3,753,000,000 for relief and" recovery.
The Congress showed itself to be an even more
independent body in 1938 than it had when in 1937
it refused to pass the Supreme Court packing bill,
First, on April 8 the House recommitted the Government reorganization bill, strongly advocated by the
Administration. The House took this action after
the bill had been passed by the Senate, in spite of
declarations of Administration leaders that defeat
of the bill would signify a lack of confidence in
President Roosevelt. The chief objection to the bill
was that if enacted it would have removed many of
the restrictions placed by a democratic government
on the powers of the executive" department: As
Volume
148
Financial
Chronicle
passed by the Senate the bill
provided, in part, that
the President be authorized
to
over-the-counter security dealers. The
Congress also
authorized investigations of monopolies and of the
reduce, coordinate
and
reorganize the various executive agencies
except
independent establishments
munications
such
Commission; it sought to substitute
single administrator
for the
Commission, and would
Tennessee Valley Authority.
the Federal Com-
as
aggregated about
ever
a
bi-partisan Civil Service
Budget in the executive department;
Auditor General.
Commenting
on
bill, the Chamber of Commerce
York said:
is
the defeat of this
Senators
of the State of New
"The defeat of the
reorganization
the
there is sufficient
an
ment
on
Senate
The revised law
without
House
record
a
May 11, by
May 27.
Under
than
year)
a
undistributed
in
tax of
a
modified
law
about
of
on
$25,000
subject to
are
The
Rules
this action
It
was
June
a
shock when
severe
Committee
was
It
death
a
lease
new
was
voted
to
April 29 the
on
pigeon-hole the
thought at the time that
blow, but the bill managed
life in the latter
on
passed by both houses
on
part of May.
June 14 and signed
25, but did not become effective by its terms
The passage of this Act
not encourage
business, for it re-introduced
of
absent
regulation
National
Industrial
omitted the
measure
bill
than
as
and
for
the
40 hours
for certain
Other
a
bloc
included the
of
received
the
nomination.
The
stinging defeat to Mr. Roosevelt, and it
more
important
one
that
polls in November the Administration de¬
fives, with
a
record high vote for
Had the Republicans
it
would
achieved
have
a
been
a
mid-term election,
won every
contest, however,
impossible for them
majority in either House.
to
have
But their vic-
tories had the effect of demonstrating that the New
Deal
was
far from
of the people.
regarded
having the unqualified approval
The party also acquired what might
working minority in the House of
as a
Representatives, consisting of 170
compared with
Rat
accrue
an
the' most
of the 435 seats
insignificant 88 seats before.
heartening
result
which
should
from the failure of the purge and the Admin-
istratioii reversals in the election
is
an
even
more
independently-minded legislative body in 1939 than
in 1938, and certainly than in the four years of
Roosevelt's first term in office,
The most significant decision rendered
United States Supreme Court during 1938
by the
the,
which held constitutional the registration clause
in the Public Utility Holding Company Act of 1935.
was
one
ruling
was
handed down
on
a
March 28, with only
dissenting view.
The
of, the larger utility systems had already fill-:
Electric Bond & Share Co., which
in the Government's test
pro-
of
the Act
case,
was
The
defendant
had tried to have the
constitutionality of the entire Act tested, but the
Government was successful in opposing the pro-
The Act provides
Seventy-fifth Congress
Consequently, the decision leaves
a
great
deal still in doubt respecting this legislation,
Agricultural Adjustment Act of 1938,
amendment to the reorganization
His
every
Supreme Court.
Surpassing their most optimistic
expectations, the Republicans gained eight seats in
the Senate and 82 seats in the House of Representa-
posal.
the
both.
or
which provided for registration with the SEC.
exemptions.
enactments
a
1938,
the
the Govern-,
however, for nearly
filled the requirement of that section
42 hours for the second,
the third year.
opposed
in
or
Deal,
against
and of which it had taken flagrant advantage in
its efforts to impose its will upon the Congress and
many
increase, in
working week is
voted
decision did not create much astonishment; in view
,'of' similar rulings handed down by the lower courts
to
With respect to hours,
hours per
bill
Justice McReynolds holding
less
managed to keep
The rate is to
first year,
in
a
be effective for the first year
however.
maximum of 44
was
opposition of
This group
at 25c. rather than 40c.
years,
,
This
NIRA.
originally contemplated, due
tlie minimum wage to
vided
outlawing of the
finally passed
insistence and threatened
subsequent
phase
a
Recovery Act, but its advent
of Southern Senators.
a
the
ballyhoo which attended the
The wage-hour
the
since
certainly did
anti-New
were
had
no
longer had the large measure of
public approval of which previously it had boasted
be
^
until Oct. 24.
harsh
Act
new
prestige of the Administration temporarily
wage-hour bill.
to take
maximum
a
provides for the end of the undistributed
received another
House
in-
undistributed profits, compared with
profits tax at the close of 1939.
The
of
more
Corporations with
top rate of 27% under the old law,
further
88%
no
personal
to come with the fall elections.
At the
completely exempt from the
are
profits tax.
excess
2yo%
the
signature at midnight,
(those with net incomes of
$25,000
come
passed by the
vote of 242 to 89, and became
a
law without the President's
corporations
was
vote, May 9, and by the
for
covered that it
capital gains, despite Administration appeals for
their retention.
they
foreshadowed another and
was
undistributed profits and the harsh tax
on
lie
result was
or political pressure."
Equally reassuring to business was the action of
Congress in modifying the invidious and miscon-
ceived tax
occasion
no
claimed,
reorganization
man
emergency,
regardless of party policies
•
he
because
efforts bore little fruit,
independence in the Congress to
right thing in
"offered
Supreme Court packing bill in 1937,
democracy and is reassuring evidence that
be relied upon to do the
who,
apparently
bill
American
the action
theless attempted to bring about the defeat in the
primaries of those Democratic Representatives and
an
tribute to the power of
public opinion in
a
that
re-
President Roosevelt declared
measure
recrimination and there should be
none," lie never-
system
a
amount
appropriated in time of peace,
organization
Accounting Office and the post of Comptroller General, transferring their functions to the Director of
the
Appropriations voted
$12,000,000,000, the largest
Although following defeat of the Government
have abolished the General
of post-audit would have been
established under
175
A decision rendered by the Supreme Court
provisions of the
on
April 25 concerning commission rates prescribed by
Bankruptcy Act, amendment to the National Hons-
Secretary of Agriculture Wallace for the Kansas
ing Act providing,
among
City Stockyards, under the Packers and Stockyards
maximum
amount
of
amount
as
to
much
as
other things, that
mortgages
insured
$3,000,000,009, and
the
could
an
Act, at first attracted little notice.
Act
short time it
providing for registration with the Securities and
Exchange Commission for
a
national association of
"
was
regarded
as
But within
a
of major importance
when it became evident that it might have important
bearing,on rulings of other Government boards, par-
Labor Relations Board. , In
that the rates
fixed by Secretary Wallace were invalid because
parties were not fairly advised of charges and were
not heard before a final order was issued.
The
ticularly the National
stockyard case the court held
the
"The maintenance of proper
court held:
the
on
standards
agencies in the perquasi-judicial functions is of the
part of administrative
formance of their
highest importance and in no way cripples or einbarrasses the exercise of their appropriate authority."
•
"The vast
.
.
.
istrative
expansion of this field of admin-
regulation in response to the pressure of
social needs is
adherence
to
lature shall
made possible under our system by
the
basic
principles that the Legis-
appropriately determine the standards
of administrative
action and that in administrative
proceedings of a quasi-judicial character the liberty
.
property of the citizen shall be
and
the
rudimentary requirements of
protected by
fair play."
Before
this decision were realized
the arbitrary rulings of the NLRB, and
long the implications of
affecting
as
on
April 28 counsel for the Ford Motor Co.,
appeal-
of the Labor Relaother things, that the
ing to the courts from an order
tions
Board, charged, among
hearing.
of this
argument in light of the Supreme Court ruling in
the Kansas City Stockyards case, asked the court
to permit it to withdraw its order against Ford so
that the proceedings leading up to it could be ampli-
company
The
had not had a full, fair and open
Board, on May 2, recognizing the force
Jan.
Chronicle
Financial
176
14,
1939
England and France putting on a brave face in
opposition and Russia lurking in the background,
~ During the last two weeks of September the threat
of war was ever present, and foreign advices as to
the state of affairs were of paramount interest in
Wall Street. There was the Berchtesgaden meeting
of Prime Minister Chamberlain of Great Britain and
Chancellor Hitler which seemed to forestall the war
threat at the sacrifice of Czechoslovakia in satisfaction of the German demands; but a few days later,
at Godesberg, it was discovered that the concessions
already granted were not sufficient, and Germany
refused to compromise. The opposing forces publicly declared that nothing remained to be done to
settle the issue except by armed force. At just
about the crucial moment a conference was arranged
at Munich attended by Herr Hitler, Mr. Chamberlain and the French and Italian Premiers, M. Daladier and Signor Mussolini, and all resistance to the
German demands seemed virtually to evaporate,
Although many objected to the terms of the settlement, relief was evident everywhere that war had
been averted, at least tmporarily, and the markets
^demonstrated the public response by rising sharply,
The German influence in the markets was felt
again later in the year when a Polish Jew murdered
an Assistant Secretary of the German Embassy in
Paris. The effect of this was such widespread and
extreme persecution of Jews
within the Reich that-
considerable public opinion in the United States
lied. But the Ford Co. preferred to argue the order
and Great Britain and elsewhere was aroused
its merits, and opposed the Board's action to
against the German leaders, and confidence waned
withdraw it.
The right of the Board to withdraw
in the promises of no open hostilities' implied at
the order
was,
however, upheld by the United
Munich.
:
States Supreme Court in a decision handed down
As the year closed Italy was seeking to emulate
Jan.- 3, 1939:
'
the German success at Munich by threatening force
Around the same time that it sought to withdraw
in order to obtain certain French territories. The
the Ford order-, the Board rescinded a number of
threat, while given some serious attention, was not,
other orders for the same reason.
From these devela disturbing influence, because Signor Mussolini
opments it is not difficult to arrive at a conclusion
has not the Hitler showmanship or capacity for
to the Board's opinion of the fairness of its own *• instilling the world with the certain fear that he
■decisions.
will carry out a bluff—if bluff indeed it.be.
The year saw the resignation of two Cabinet
At the year's end Herr Hitler appeared to be in a
members : Secretary of Commerce Roper and Attorrelatively tractable mood, but there were few who
ney General Cummings.
Their successors have been
did not see a situation looming over Memel, over
named as Harry L. Hopkins, former Works Progress
colonies or some other territorial objective.
Administrator, to the Commerce post, and Frank
The year had more than its share of unexpected
Murphy, former Governor of Michigan, to the Attorshocks. Aside from the disquieting news from
ney Generalship.
Mr. Roosevelt can hardly be comabroad there were the domestic situations involving
mended for either of these nominees, and business
the failure of the Stock Exchange firm of Richard
can take little satisfaction or encouragement from
Whitney & Co., the receivership uncovering mismantheir appointments.
Mr. Hopkins can offer no
agement of the crude drug department of the large
visible qualifications for a post which should propwholesale drug hofise, McKesson & Robbins, Inc.,
erly be in the hands of an outstanding business man,
and the expulsion by the New York Stock Exchange
and
Mr.
Murphy's record during the sit-down
of J. A. Sisto, a member of the Exchange and senior
strikes in Michigan certainly does not suggest qualipartner of J. A. Sisto & Co. The Whitney incident
fications for the job of enforcing the Nation's laws. Occurred on March 8, and delivered a severe jar to
The Senate must yet pass on these appointments.
* the stock market at a time when it was least able
Adolph Hitler, Chancellor of Germany, was a
to sustain one. It was one of the factors which
/ dominant figure in the world's markets in 1938.
assisted in bringing about the sharp falling off in
His demand that Austria be ceded to the Reich in
values in that month which carried the market to
the spring of the year and certain parts of Czechothe 1937-38 depression low point. Mr. Whitney,
Slovakia in the summer and fall met opposition from
who from 1930 to 1935 had been President of the
the other great European Powers, but opposition
New York Stock Exchange, was generally regarded
.
on
as
•
ultimately crumbled before his bold
threat
to
The Austrian Anschluss was
accomplished with such
only briefly.
The
another story, however,
with
dispatch as to effect the markets
Czech
defiance and
achieve his ends at any cost—even war.
situation
was
as
the best known member of
the Exchange. The
carried, therefore, added
to the severity of the shock dealt to the Wall Street
community when on March 8 his firm was suspended
from the Stock and Curb Exchanges for inability
prestige which his name
Volume
148
to meet its
obligations, with tlie implication of
of funds entrusted to the firm.
use
ney was
he
Financial
was
indicted, pleaded guilty, and insisted that
filing
action in
of
Hartford, Conn.,
fantastic.
That
Krueger
&
this
Toll
Dec. 5,
on
variety
of
case
became
soon
relatively
evident,
induced
well
during
even
Commission announced
name
three
of
was
his
Philip Musica.
the
facts, but it
somewhere
the
It developed
brothers, also under assumed
ter's suicide made
firm's
in
the
ous
tion, effective
involved.
untangling of
neighborhood of $18,000,000 ofnon-existent and
were
to
a
The Sisto situation
last
to
came
The
con-
change
year, when the New York
Exchange announced the expulsion of J. A.
proceeding
inconsistent
with
just
and
is
sions
from
acts
Exchange for
such
erable
part
of
1937
measured
York
of
amount
and
by the
Stock
these
as
will
be
day.
many a
The stock market
felt
its losses
the
first. quarter
the
in
of
1938.
averages
of 50 stocks
on
measured from the low
at Dec.
point in the decline, 69.70
on
March 31, 1938, there was a gain at the
year-end of
38.81
points,
or more
than 55%.
The level of prices
at the close of the
year was
only slightly under the
1938
on
peak of 110.74 reached
Volume of stock
point since 1924, and did not
as
1,000,000 shares
trading
was
only
a
per
little
while the smallest for
was
less than
volume
a
day.
even
a
was
average as much
full
than 3,000,000 shares,,
five-hour
trading day
tenth of that amount.
The
year's
aggregated only 297,466,722 shares compared
with
409.464,570 shares in 1937, 496,046,869 shares
in 1936, and 381,635,752 shares in 1935.
The minuteness of the 1938 figures is accentuated when
placed
against the 1929 volume of 1,124,991,490 shares. In
*
asked;
'
on
a
the New York Curb Exchange in 1938
similarly
small
scale,
totaling
49,640,238 shares, the smallest since 1925.
104,178,804
shares
were
traded
in;
in
only
In 1937,
1936,
against 46 in 1937;
Telegraph,
83
150
compared
Harvester,
compared'
with
47%;
93% bid, 100
compared with
112; Gen-
60%
compared
with
62;
Norfolk
&
Western, 189 compared with 191%; Sears, Roebuck,
73% compared with 54
sey,
Standard Oil of New Jer-
;
53% compared with 45%
;
United States Steel,
69% compared with 54, and Westingliouse Electric,
119% compared with 99%.
of
prices,
averages,
measured by Moody's compilation
as
attained their highest levels of the year
the last day of December.
on
levels, in virtually
The year's lowest
classification,
every
were
reached
April 1, their especial weakness at that time
on
resulting from the Austro-German situation.
ness
Weak-
also developed in the market during the Czecho-
slovakian crisis in September, but prices stayed well
above the earlier lows.
•.
,
Besides being a temporary cause of weakness in
the bond market, the 1938
a
of strength.
source
European
on
as
50 compared with" 30; International
country found its
corresponding months of 1937.
&
Du Pont, 154%
eral Motors,
com-
earlier; American Smelt-
a year
Chrysler,
only three months, June, July and August, did the
Trading
.
Telephone
volume exceed the
was
idea of the degree of recovery can
•
144%;
Bond
at the lowest
The largest single day's
more
some
Nov. 10.
trading in 1938
acceptable to the SEC,
very
Detroit Edison, 112 compared with
the New
If
was
officers of the Ex-
the 1938 and 1937 closing prices
are
:
with
As
31, 1938.
Ex-
number, of New York Stock Exchange stocks,
a
American
latter
22.51 points, rising from 86.00
at the close of 1937 to 108.51
new
ing & Refining, 51% in 1938
consid-
suffered
Stock
McChesney Martin Jr.
obviously
pared with 102%
*
a
York
Allied Chemical & Dye closed in 1938 at 193
the
on
;
during 1938 regained
rose
William
from which
repereus-
Exchange, compiled by the New York
"Times," stocks
were
Following
of
or
equitable"
that
suppose
New
salaried President of the Exchange, to
be obtained
only reasonable to
the
without friction.
principles of trade."
It
of
He and the other
change
The Board of Governors of the
Exchange had adjudged him guilty "of conduct
during the
pressure
which fact permitted the two bodies to work together
Sisto, partner in the fairly small underwriting firm
of J. A. Sisto & Co.
a
office
elected.
the
trading day of the
Stock
some
revised in 1938, providing, among other
was
things, for
were
on next to
selling regula-
Under this order short
This action may have had the effect of
Constitution
which
light
short
new
year.
Yari-
investigations into the company's affairs
a
of Feb. 8.
as
relieving the market of
in progress at the close of the
year.
.
crisis
sales could only be made at a price one-eighth point
higher than the last previous sale price of the stock
names,
fairly clearly established that
was
assets
difficult the
more
that
Mr. Cos-
siderable extent probably never had existed.
,
European
Czechoslovakia in
On Jan. 24, 1938, the Securities and Exchange
ex-convict whose
an
executives of McKesson & Bobbins.
were
•
the
on
August and September.
real
1
requirements
The commodity price
by German designs
ment, F. Donald Coster, was
^
into
army
creasing prospects of better business sustained it
the
Briefly, the facts appeared to be that the company's
President and manager of its crude
drug depart-
•*
German
rise and signs of business revival in June helped
the market further during that month, and the in¬
absolutely
were
the
gave stocks a boost in April.
receivership
another
was
of
The Administration's inflation-
"pump-priming" proposals, gold desterilization
ary
was even more
equity
march
and decrease in member bank reserve
The revelations following
stockholders'
a
the
Austria in March.
solely responsible for the situation.
shocking and incredible.
the
177
disaster and
mis-
Richard Whit-
The McKesson & Bobbins affair
^
Chronicle
had
an
gold
which
had
indirectly
large amount of the
a
sought
safety
in
this
into the banking system and
way
easing effect
inflationary
war scares were
For
on
measures
of
the,
money
the
market.
The
Administration
in
April also bolstered the bond market.
The April 1 low of the 120 domestic corporation
134,-
843,049 shares, and in 1935, 75,783,794 shares; the
bonds in Moody's compilation averaged 88.80
Curb figure for 1929 was
pared with the Dec. 31 high of 101.76. The railroad
477,278,229 shares.
The low level of industrial
activity
was
the prin-
cipal depressant with which the market had to
tend
in
the
condition,
first part
therefore,
of 1938.
to
And it
withstand
the
was
con-
in
no
Whitney
group on
April 1
was
corn-
down to 71.15 from 101.41 in
January, 1937. but at the close of 1938 had recovered
to
88.36.
United
States Government bonds
were
exceptionally strong in the latter half of J.938* reach-
178
Financial Chronicle
•
*■
1
*
1
1
1
1
The year's
ing the year's high of 112.81 011 Dec. 31.
reached 011 April 1.
low of 109.58 was
Volume of bond
dealing
on
the New York Stock
than stock tradsmallest since the war
year, 1917.
The total for the year was $1,859,805,000 compared with $2,792,531,000 in
1937,
$3,570,374,000 in 1930, and $3,339,458,000 in 1935.
The sharpest decline in volume of trading was in
Exchange
at even a lower ebb
was
ing, the aggregate being the
united States Government
issues, which dropped to
compared with $348,044,000 in
$318,887,000 in 1930.
The decline in the
only $127,300,000
1937 and
Exchange
volume of Governments traded in on the
largely attributable to the diversion of such
was
where
transactions to the over-the-counter market
those
desiring to operate quietly are assured of more
privacy in that the volume of over-the-counter transactions is not reported.
For example, in the week
April 20 the Federal Reserve banks sold $107,-
ended
while,
757,000 of their Government bonds,
Stock
the entire month of April.
.
Bond trading on the New York
•
the
on
Exchange, only $18,832,000 were dealt in in
Curb Exchange
$366,984,000,- the smallest since 1928, and
totaled
compares
with $442,361,000 in 1937 and $823,050,000
Corporate financing in 1938
was
in even smaller
in 1937 and far below 1936, aggregat-
volume than
ing only $2,075,797,701
compared with $2,435,-
as
738,747 in 1937 and $4,631,945,681
decrease from
;
a
1937
was
The
1936.
in
entirely in* the "new capi-
classification, refunding issues in 1938 totaling
little
for
more
than
Flotations
than in the preceding year.
capital
new
more
purposes
in 1938 amounted to 110
$854,418,212 in comparison with $1,227,-
029,801 in 1937 and $1,214,950,299 in 1936.
lack
The
of
for
demand
money
the part of
on
corporate borrowers in 1938 is further exemplified
by the $758,000,000 reduction
member bank loans for
agricultural
in the
during the
Reserve
System had $3,843,000,000"
outstanding Dec. 28, 1938,
with $4,601,000,000 as of Dec.
recovery
15
as
compared
29, 1937.
•
already noted, commodity prices did not
ticipate,
to
substantial
any
movement.
in
year
commercial, industrial and
The reporting member banks
purposes.
Federal
such loans
As
degree,
in
par-
1938
the
Measured by Moody's index of
actively traded commodities, prices opened the
year
at 148.3, just
a
few points above the 1937 low
of 144.6 and far below the 1937
the close of 1938 the index
fluctuation
than
wider
was
reached
152.9
at
is
The
suggested
At
year's
by
the
The high for the year
Jan.
on
peak of 228.1.
at 143.9.
was
opening and closing levels.
was
10,
remained
and
within easy reach of this point until the middle, of
March, when
down
to
ward
decline set in which carried prices
a
130.1, the year's low,
movement
in
the
which level
they
were
011
latter
August brought the index
more
up
of
partment
An
to 148.3
011
up-
and
July 27,
unable, however, to hold.
Labor,
embracing
groups,
while not fluctuating
showed
substantially the
as
same
all
widely
The
commodity
as
Moody's,
trend for the
standing at 81
at the beginning
closing the
v
June 1.
part of July
comprehensive index of the United States De-
year,
at 76.9.
The
'
1
.
■
Jan. 14, 1939
year. Large stocks of old grains, taken
with substantial domestic and world crops
together
in 1938,
placed wheat, corn and oats in especially poor
statistical positions. The war scares in March,
August and September proved to be temporarily sustaining influences on prices; corn was aided by the
Government loan program announced in November,
and the wheat market took encouragement from export subsidy plans announced in August and the re¬
duced acreage prospect for 1939 revealed in December,
The May wheat contract reached its peak for the
year in January at 99%c. a bushel, and thereafter
dropped rather steadily to its lowest quotation,
07%, on the last day of its existence, May 31. July
wheat rose sharply in the first half of June 011 the
strength of adverse crop prospects, but a decline
which started thereafter resulted in a net doss for
the month. The September option reached its lowest point, 59%, 011 Sept. 7, but 011 the prospect of
war in Europe rose to 68% on Sept. 14. The Decemher option reached its highest level, 69%, in September, and its lowest, 61, in November, closing the year
at 64%@64%. The closing quotation of the year
for the May, 1939, contract was 69069%, in cornparison with the opening price of the May, 1938,
contract of 89%@90.
in 1936.
tal"
1
year
of January and
grain market during the greater part of 1938
pursued
a
declining
trend,
wheat
suffering the
greatest loss of the three principal grains for the
May corn opened the year at 62@61%, and on
Dec. 31 the May, 1939, contract closed at 52%@53.
The opening quotation for May oats was 30-%,
and the closing figure for May, 1939, oats was 30.
In August oats were quoted as low as 22.
y
The first official estimate of the 1938 winter
wheat crop, based 011 conditions prevailing April 1,
placed the crop at 725,707,060 bushels, 8,000,000
bushels higher than the average of private esti- mates issued a few days earlier, and nearly 100,000,000 bushels more than appeared to be in prospect four months before. The Government report
as of Tune 1 forecast the winter crop at 760,623,000
bushels, and ventured an estimate of from 200,000,000 to 285,000,000 bushels for the spring wheat
crop. On the basis of these figures it appeared that
the 1938 harvest of all wheat would be 25,000,000
bushels higher than the record production of 1915.
.The July 1 forecast reduced the combined crop to
967,412,000 bushels, which was further lowered
somewhat by later estimates; the report issiyecl,
Dec. 19 showed that total production for the year
amounted to 930,801,000 bushels. The 1938 harvest
was the third largest in history, and compared with
875,676,000 bushels in 1937 and a 10-year, (1927-36)
average of 752,891,000 bushels,
• . •
The 1938 corn harvest yielded 2,542,238,000 bushels; the monthly forecasts preceding the final report
ranged from 2,454,526,000 bushels, as of Sept. 1, to
2,566,221,000 bushels Aug. 1.
Output in 1937
amounted to 2,651,284,000 bushels, and the 10-year
(1927-36) average, 2,306,157,000 bushels.
The oat crop in 1938 of 1,053,839,000 bushels compared with 1,161,612,000 bushels in 1937, and 1,042,461,000 bushels average for the 10 years, 1927-36.
Cotton prices were at depressed levels throughout
1938. The huge stocks of the staple, smaller domestic consumption, and in the latter part of the year
sharply reduced exports were factors which weighed
heavily on the market. The war news in March and
September was an added depressant. About the
only stimuli felt during the year were the passage
of the Agricultural Adjustment Act of 1938, in
Volume
148
Financial
February, and the heavy
movement of cotton into
Government loan stocks in the autumn.
Early in the
gave
the
year
smaller
under
10,000,000 bales, but
to be
on
the
as
yield
great, and in fact turned
record
with the
planted
acreage
season
progressed
per acre was
out to be the
produced.
was
going
greatest
exception of 1937, when
traordinarily high yield
an
The
crop
8, indicated
of 12,008,000 bales, which compares with the
record harvest of
18,910,000 bales in 1937, 12,399,000
1936,10,638,000 bales in 1935, and a 10-year
bales in
(1927-36) average of 13,201,000 bales.
Middling upland spot cotton
the
year
Feb. 23 at 9.37c.
pn
'
reached its high for
a
pound, and, after
subsequently declining to its lowest
year,
7.71c.
level
of
the
May 31, just failed reattaining its
February high on Nov. 11, when it rose to 9.36c.
As the figures
show, quotations moved within a
narrow
range
throughout the
and
on
whole
The price
pound.
Dec.
was
year, and the
only one-half
Jan. 3
on
was
months
valued at
8.38c.
change
cent
a
a
a
pound,
31, 8.88c.
Exports of unmanufactured
11
of
1938
totaled
$209,636,831,
cotton
only
for the first
1,171,153
bales,
compared with 5,213,506
bales worth
$328,735,869 in the same period of 1937.
But these
as
figures do not reflect how heavily exports
declined in the latter
part of the year which is when
the bulk of
shipments are made.
Exports in the
period Aug. 1, to Dec. 30, 1938, amounted to
only
1,872,051 bales, compared with 3,228,691 bales in
that period of
1937, and 2,880,981 bales in 1936.
Domestic consumption
months
well
The
as
at
was
with the
a
of cotton in the first six
greatly reduced rate
as
compared
high level of the first part of 1937, as
prevailing in the same period of 1936.
very
that
improvement in the industry which started in
the second half of the
year
raised consumption to a
peak in November (December figures not yet avail¬
able), and in the closing quarter each month's
figures
(December estimated) exceeded the
correspondingmonth of 1937,
remaining below the 1936 figures,
however.
Domestic consumption for the
year 1938
(December
estimated)
aggregated
5,910.000
bales,
compared with the record high of 7,118,721 bales in
1937 and the previous
record, 7,103,765 bales in 1936.
Non-ferrous metals moved within a
fairly narrow
in 1938, lake copper in New York recording a
low of 9.125c. a pound in
May, and a high of 11.375c.
range
a
pound in October, which price continued in effect
until
the .close of the
year.
The closing price
was
only slightly higher, however, than the opening quo¬
of 11.125c. in
January.
Tin in New York
tation
opened the year at 11.125c.
quotation in December
a
was
pound, and the final
16.50c.
Lead
in
York, which started in January at 1.75c.,
a
New
was
slightly higher at the year-end at 1.85c.
Spelter at the end of 1938
was
down
to
pound compared with 5.35c. at the start of
The
steel
only
pound.
1.89c.
the
industry showed definite signs
provement in 1938
a
year.
of
im¬
following the Independence Day
holiday Aveek, and before the end of July operations
were
being carried
on
capacities,
which
1938 up to
that time.
tions
at
Avere
from the
was
at the rate of 37% of plant
the
highest
rate
reached
When the year opened
only 25.6% of capacity,
up.
in
opera¬
hoAvever.
abnormally low level of 19.2% reached in
closing Aveek of 1937.
conducted
at
day decline in the
reduced
an
From
July 11 operation^
almost
latter part
of December which
operations to 38.8% in the final Aveek
of
the year.
Expansion
the
upon
Steel
and
in
steel
operations
unexpected
Co.,
action
folloAved closely
Carnegie-Illinois
of
United States Steel Corp. subsidiary
single producer in the
industry, in
a
largest
announcing in the latter part of June
tion
in
prices
and
revision
of
a
the
sharp reduc¬
long-standing
basing point system. The industry Avas also affected
by price wars carried on in the latter
part of the
summer
and
early fall, at first secretly but later in
the open.
Fortunately, these Avere settled in October.
Production of steel
ingots in 1938 aggregated
only
on
for the
year as a
179
steadily increasingrate, reaching the year's peak of
62.6% in the week
beginning Nov. 11. There Avas a seasonal and holi¬
ex¬
final
estimate of the
season, issued on Dec.
a
the
were
rise to the belief that the 1938
crop would be
it became evident that the
Chronicle
27,839,261
gross
tons
compared
with
49,502,907
46,807,780
gross
tons
1935.
a
open-hearth
in
1936,
Production in the last
and
bessemer,
tons
gross
and
in
1937,
33,417,085 in
quarter-year shoAved
favorable comparison with
1937,
however,
amount¬
ing to 9,833,323 tons, compared with
7,020,310 tons
in the
corresponding period of the previous year.
Pig iron production was only about half as
great
in
as
1937, totaling 18,782,236
gross tons
pared with 36,611,317 gross tons in
as
com¬
1937, and 30,-
618,797 tons
in
1936.
Shipments of finished steel
products by subsidiaries of the United
States Steel
Corp. Were similarly reduced, totaling
only 6,625,368
1938, compared .'with 12,748,354 tons in 1937,
and
10,784,273 tons in 1936.
tons in
The railroads of the
the
first
half
country suffered severely in
1938, their smaller revenues and
of
more,
particularly their high operating costs
ting the combined net earnings of all4roads to
smallest
figure since 1920, the
returned
to
private operation.
cut¬
the
year the roads
Avere
They received
some
relief in March when tlie
Interstate Commerce Com¬
mission granted them
an
increase of
about 5% in
freight rates, but they had asked
for, and sorely
needed, a 15% raise.
Their plight was
generally
recognized by the legislators in
Washington, who
failed, however, to take
any of the
needed to aid the carriers.
In
in
the
second
part of the year the improvement
business and the
the roads to make
their
net
legislative action
a
higher freight charges enabled
better
showing, and in October
earnings managed
to exceed the. corre¬
sponding month of 1937, although gross
earnings
still, below the 1937
were
gross
figures. In November, both
and net earnings were
higher than in 1937.
Freight
car
loadings in the
first
half-year
Avere
25% below 1937, but the improvement in
the latter
.part of 1938, taken together with the
decline in that
period of 1937, enabled the figures for the
year to
make a more favorable
showing. Loadings in 1938
totaled
30,468,544 cars,
figure of 37,670,464
and
each
or
19% less than
higher than in the
loadings
same
since
of the year,
was
1937
were
weeks of 1937.
Construction contracts aAvarded
greater volume than
year
the
In the week ended Nov.
19,
succeeding week of 1938,
cars.
in
in 1937 and the
1938
Avere
in
largest of any
1930.
Through the first seven months
however, the value of contracts aAvarded
beloAv the
corresponding months of 1937 with
May. In August there avus a strik¬
the exception of
ing increase in
publicly financed construction Avhich
Financial
180
continued in succeeding
building in the latter
decreases in
The increase in
months.
part of 1938 contrasted with
private construction in
both public and
corresponding period of 1937. It was the com¬
bination of these two circumstances which allowed
building
financed
vately
In October, pri¬
better showing.
im¬
showed noticeable
According to the F.
tion contracts
W. Dodge Corp., construc¬
awarded in 1938, in the 37 States east
the'Rocky Mountains had a value of
|3,196,928,090
$2,913,060,000 in 1937, §2,675,296,000
in 1936, $1,844,514,900 in 1935 and $1,543,108,400 in
1934.
In a year-end release, the Dodge Corp. made
the
following comment:
"The gains of 1938
compared with
occurred in the later
months of the year and con¬
through
interruption
without
tinued
December.
the remaining
Public Works Administra¬
tion program, almost the entire Federal program of
public subsidized housing, the moderate upward
trend in utility construction, and strong indications
of large volumes of private residential building still
Carrying over into the new year are
projects of the current
1937, a drop of 23%;
to
45,054,000 net tons in 1938
000 net tons in
selected
Housing Administra¬
tion, and in large dollar totals of contemplated resi¬
dential buildings reported by F. W. Dodge Corp.
monthly figures for the
favorable
have
indications
been
general
throughout the country."
Production in the automobile industry was on a
greatly reduced scale in 1938. According to figures
of the Automobile Manufacturers Association, out¬
of passenger cars and trucks in the United
totaled in the year only 2,659,881
put
States and Canada
units in 1938
compared with 5,016,437 units in
4,616,274 units in 1936, and
last
the
was
sponding month of 1937, the percentage of decline
became increasingly smaller until in December a
small
gain was shown. The
from the year
smallest of the
1937,»
1,431,494 in 1932; the
post-1929 ..depression.
units
530,000
with the record high of 947,502 units
production alone in 1938 totaled only
compared
in 1937 and
818,377 units in 1936,
closing months of the year, however,
The
ber
showed
improvement over earlier months, and Decem¬
vast
production of 411,206 cars and trucks was
of the year
best
and
the
18.45% higher than Decem-
ber, 1937.
■;
Output of
smaller than
decrease was 8.9% and in
for December were
only 2.3%; the figures
November
December 1937. Comparing the
including New York City,
shows a sharp reduction in the percentage of decline
from 1937 as early as June; June was 8.2% less
than June 1937, while May was 15.8% smaller. But
this was due to the fact that activity on the New
York Stock Exchange was 28% above the preceding
0.5% greater than in
clearings for the country,
in June and 25% below
year
•T
' ''''
Clearings,
MONTHLY
1937 in May.
CLEARINGS
Total All
„
Month
1938
Jan
Feb...
Mar
__
$
<
-
Clearings Outside New
%
-
%
%
York
1937
1938
1937
$
..
—12.2
—18.8 10,874,874,717 12,388,120,613
24,287,036,964 29,911,437,829
—24.5
9,105,237,020 10,736,876,028 —15.2
19,668,017,707 26,056,830.610
—18.4
—21.7 10,804,819,072 13,234,908,581
25,246,493,756 32,223,936,055
—15.3
—21.5 30,784.930.809 36,359,905,222
69,201,548,427 88,192,204,494
—19.1
—16.7 10.301,185.935 12,733,155,854
April.. 24,001,408,874 28,806,739,444
—16.7
—15.8 10,014,696,237 12,025,069,993
May.. 22,397,847,304 26,592,492,289
12,406,319,897 —14.7
—8.2 10,584,652,619
June.. 26,336,054,460 28,682,536,223
2d qu.
6 mos.
—13
72,735,310,638 84,081,767.956
141936859,065 172273
5
30,900.534,791 37,164,545,744 —16.9
73,524,450,966
972,450 —17^6 61,685,465.600
—16.1
—16.9
10,529,997.891 12,677,430,429
23.998,735,045 28,777,683,184
July
—12.0
—11.1 10,238,892,787 11.631,057,054
Aug... 21,993,946,73.3 24,751,647,781
12,041,123.135 —12.8
26.749,876,903 —10.0 10,504,028,455
24,075,168,781
Sept
—16.6
..
_
3d
_
qu.
9 mos.
Oct
..
Dec—
4th
12
"
12% decrease in August
drop of 16.9%
before compared with a
July; in October the
in
Nd v
Truck
country outside New York
While the figures for every month preceding
December were smaller than those for the corre¬
1st qu.
a
best
is
1938
appraisal by the Federal
These
clearings reflected the busi¬
hold in the latter half of
demonstrated by a perusal of the
revival which took
ness
weekly volumes of mortgages
tinued large
for
1937.
closely the bank
How
been shown in con¬
These indications have
to come.
1939
City.
provement.
of
14,
anthracite output amounted
compared with 51,856,-
in
the
1938 to make the
Jan.
Chronicle
qu
mos
—14.0
—12.7 31,272,919,133 36,349.610,618
70.067,850.567 80,279,207,868
—16.1 92,958,384,733
212004 709,632 252553 180,318
109874 061,584 —15.4
11,532,047.752 12,657,579,891
11,064,709,016 11,328,368,062
+6.5 12,543,286,311 12,484,554,832
—8.9
35,140.043,079 36,470,502,785
—3.6
26,619,575.405 27,522,569.569
24,136,129,979 24,375:292,811
30,493,910,092 28,633,299,192
—3.3
81,249,615,476 80,531,161,572
+0.9
">W>KA 39 s
—1.0
-<2.3
+0.5
—12.5
128098 427,812 146,344 564 369
i()8 33308* 3*1 8^0 —12.0
1933, total bank clearings in the
the previous year.
The figures for the entire country were the smallest since
1934, and those for the country outside New York City
the smallest since 1935.
Following are the annual figures
\
For the first year since
United States
were
for New York
crude oil in 1938 was only a little
the record volume turned out in 1937,
smaller in 1938 than in
and the country for the past
YEARLY
TOTALS OF BANK
34 years:
CLEARINGS
. ..
Inc.
Inc.
Inc.
industry were
sharply reduced and may show a drop of 40% or
50% from 1937; 1937 earnings were the best
the
but
profits
since 1929.
.
of the petroleum
1
oil
production
in
1938 is estimated at
compared with 1,279,160,000
Exports in 1938 of petroleum and
1937
-
-
1934
1933
1,213,000,000 barrels
1932....
...
1931....
mm —
barrels in 1937.
1930
mm —
1929
mm —
1928
mm —
in 1937, aggre¬
gating in value $355,400,000 in 1938 and $347,600,000
its
products were even greater than
1927
-
—
1926
—
m —
—
1925
1924
in 1938 was 5%
1937, such improvement occurred in the
Although electricity production
less than in
---
1923
in 1937.
—
— —
1922
mm
1921
-mm
1920
—
—
—
—
1919
1918
latter
part of the year, that
ended Dec. 24 was the
output in the week
largest weekly figure on rec¬
1917
1916
1915
1914
ord.
113,850,kwh. compared with 119,810,348,000 kwh.
The
000,000
year's net input aggregated about
in 1937 and
109,685,358,000 kwh. in 1936.
exceptionally poor year
in 1938 and production was sharply reduced from
1937.
Bituminous output totaled only about 342,The coal
industry had an
407,000 net tons compared with
442,455,000 net tons
or
Total
New York
Clearings
Dec.
Dec.
Dec.
$
1938.
1935
Crude
Outside
or
or
Clearings
1936....
■
Clearings
New York
Year
1913
1912
1911
—
m
-mm
1909
—
mm
1908
-mm
1907
—
1906
m —
1905
% ■
%
—12.5 293, 254,325,108 —12.0
128,098,427,812
165,155,897,296
+ 1.4
+8.6 333, 084,341,890
—3.5 146,344,564,369
186,739,777,521
+16.7 328, ,345,828,983 + 10.5
193,548,797,427 + 6.6 134,797,031,556
+ 15.7 297, 039,343,808 + 13.7
+ 12.4 115,488,335,445
181,551,008,363
+ 8.3
99,810,074,309 + 19.0 261, 316,869,532
+2.6
161,506,795,223
—6.0
—13.0 241, ,315,410,718
157,413,993,750 —1.7 83,901,416,968
—37.3
96,443,778,646 —34.0 256, 582,242,429
—39.2
160,138,463,783
—25.0 409 ,496.283,920 —24.5
263,270,393,958 —24.2 146,225,889,962 —21.8 542, 159,489,904 —25.4
27.3 195,049,961,784
347,109,528,120
+3.1 726, 787,846,647 + 14.7
249,545,564,486
477,242,282,161 + 21.F
+3.7 633 ,872.155,470 +14.2
391,727,476,264 + 22.0 242,144,679,206
+6.0
+ 0.2 555, 109,742,076
321.234,213,661 + 10.6 233,875,528,415
+2.4
+ 2.1 523, 773.772,455
+ 2 A 233,418,828,972
290,354,943,483
+ 12.3
228,596.560,498 + 11.0 512, 215,805,135
283,619,244,637 + 13.5
+3.1 455, 759.342,491 + 10.2
249,868,181,339 + 16.F 205,891,161.152
+ 5.6
+ 14.8 413, 452,431,399
213,996,182,727 —l.F 199,456,248,672
173,606,925,839 + 7.7 391 ,.507.311,955 + 10.1
217,900,386,116 + 12.1
—21.9 355 588,192.536 —20.5
—20.0 161,256,972.86?
194,331,219,663
+7.6
449, 727,981,440
+3.1 206,592,968,076 + 12.3
243,135,013,364
181,982,219,SO4 + 18.3 417 ,784,854.691 + 25.7
235,802,634,887 +32.0
+ 8.3
+ 18.7 3.32, 354.026,463
+ 0.6 153,820,777,681
178,533,248,782
+ 26.7 ?06 ,944.726.317 + 17.2
177,404,965,589 + 11.6 129,539,760,728
+ 32.<* 261 ,855.773,663 + 39.4
+ 44. J 102,275,125.07?
159,580,645,590
+ 7.0 187 ,817.564,.545 + 20.9
77.253,171.911
110,564,392,634 +33.2
—8.6
72,226.538,218 —3.9 155 ,245.118.234
83,018,580,016 —12.?
—2.4
+ 2.7 169 ,815,700.600
75,181,418,616
—6.1
94,634,281,984
+ 8.6
+ 7.9 173 ,952,914.911
73,208,947,649
100,743,967,262 +9.1
—
1910
—fie
,
92,372,812,735
97,274,500,093
103,588,738,321
79.275,880,256
87,182.168,381
105,676,828,656
93,822,060,202
—5.0
—6.1
+30.7
—9.1
+ 1.6
67,856,960,931
+ 7.?
66,820,729.906
62,249.40?.OOP + 17.2
53,1.32,968,880 —8.4
160 ,229.773,666
—2.4
164 ,095,229.999
—1.0
+ 4.8
145 ,025.733.493
—9.3
+ 10.1
159 ,905.717,633
+ 11.0
4-13.9 14? ,8?7.J48.44|
4-27.7
—12
57,84?.565,11?
55,229.888.677
+36.7
50.005 ?88.2?9
—17.5
165 ,838.141.330 + 25.2
132 ,408.849,136
—8.8
1920 clearings outside of New York do not include Ft.
Joseph, Toledo, and about a dozen minor places which in 1919 and previous years
contributed regular returns, but now refuse to furnish reports of clearings.
The
Note—Beginning with
omitted places
added, roughly,
$2,000,000,000 to the total in 1919.
Volume
148
Financial
Clearings in New
1937 in
total
in
Chronicle
of the year,
CLEARINGS AT
December,
1937
Dec.
1936
S
$
%
$
16,206,525,269
12,851,957,185
17,031,307,450
1st quar
38*416,617,618
51,832,299,272
|-s25.9
49,840,886,175
46,089,789,904
80,251,393,465
July...
16,100,252,755
13,120,590,727
14,708,753,768
38,794,931,434
—11.7
15,087,527,653
13,071,420,963
17,950,623,781
Nov
Dec.,..
'
46,109,572,397
19,201
18,373
13,970
4,498
3,941
5,246
3,451
6,469
5,475
2,897
3,795
4,685
19,701
4,588
2,911
2,466
2,640
2,044|
2,893
2,124
3,619
1,815
2,864
2,531
2,089
3,274
2,780
Kansas City
4,406
5,258
4,769
Cleveland
4,352
1,905
3,256
5,128
1,973
3,686
1,786
5,868
1,095
4,265
1,706
Minneapolis
not
_
.
.
1,636
__
4,420
992
_
a
OP
1,487
1,189
915
911
3,575
1,941
3,236
1,134
6,167
774
1,157
695
a
562
a
a
a
9,559
4,820
3,203
6,302
6,638
2,315
1,850
a
a
571
539
460
411
379
428
574
1,611
684
1,647
997
1,102
1,693
1,503
1,474
1,171
1,375
1,887
1,342
1,206
1,294
1,725
1,930
1,016
2,183
2,594
1,258
1,348
1,290
1,034
760
768
888
956
862
724
597
490
630
1,486
850
1,481
1,264
1,050
862
960
1,295
1,863
1,697
1,694
1,558
1,288
1,369
1,749
1,036
828
2,287
760
600
551
660
954
1,563
1,998
589
768
715
918
1,709
1,727
1,460
1,184
985
550
605
501
1,141
558
445
857
421|
424
708
756
648
549
460
490
_
_
1,982
956
Total
all.
1,092
293,254333,084328,346297,039261,316241,315256,582'409,496 542
Outside NY 128,098
146,345 134,797 115,488
Will
1
1,200
265,108 301,816 300,078 274,112 241,532
224,805237,273 381,450 505,634
28,146 31,268| 28,268 23,065
19,827, 16,547 19,36ll 28,118 36,609
Other
193,548,817,427 181,551,008,363
8,440
1,362
2,438
829
a
6,146
9,240
4,016
2,518
S. Lake City
no
longer report clearings.
99,810
83,901
'
15n
96,443146,225 195,05q
-
The segregation of the bank
clearings by Federal Reserve
districts shows that the
sharpest decline from 1937, 19.5%,
occurred inthe Cleveland
District, and the smallest, 5%,
in the Dallas District.
None were able to show
country's principal cities did clearings
in 1938 exceed the 1937
level, aDd only in Cleveland, New
Orleans, Louisville, St. Paul, Indianapolis, and Richmond
did they manage to
surpass
1936.
The following table
shows the figures for various large cities for nine
years;
SUMMARY
1,027
3,186
3,344
1,251
2,704
934
26,360
6,656
7,142
3,852
2,838
4,400
5,123
2,010
3,172
5,054
Hartford
.
Richmond..
45,153,958,738
—11.6
1,631
5,351
2,979
3,070
4,160
1,666
2,112
1,043
1,986
_
Total
52,212,492,382
4,465
4,348
3,417
1,434
3,045
1,395
4,523
3,337
a
5251
Memphis
136,397,049,625
+4.7
7,230
3,349
2,881
1,539
Indianapolis
Denver
15,553,447,333
14,053,481,209
15,547,030,196
+0.2
6,664
28,707
23,070
1,468
t
St.Paul.___
of the
one
__
Cincinnati.
a
In
_
Omaha
44,666,500,799
+ 11.2
Year. 165,155,897,296 186,739,777,521
4,211
5,561
Seattle
16,034,469,952
15,695,940,902
20,482,081,528
44,060,658,787
10,937
9,405
12,424
10,554
14,515
Buffalo
'
4th quar
9,612
9,843
16,909
Angeles
Providence.
16,271,458,422
14,750,476,223
13,644,566,154
43,513,670,875
+ 1.5
16,148,744,360
11,194
10,646
Los
91,730,548,826
—16.6 141,336,325,045
14,864,989,678
13,046,924,749
13,195
11,863
Milwaukee
45,640,758,922
15,448,306,487
12,778,687,848
15,286,676,540
—7.7
15,728
18,745
Detroit
15.002,041,283
97,822,654,170
—10.4
43,929.597,250
15,465,200,180
15,173,517,459
47,981,767,995
—16.3
9mos. 119,046,324,899 142,679,118,734
Oct
—10.8
—18.7
13,571,140,334
3d quar.
—3.2
17,013
11,914
19,724
Louisville
16,203,421,050
14,452,913,346
17,325,433,599
—15.0
98,749,521,484
11,755,053,946
Sept...
—14.8
46,917,222,212
13,468,737,154
Aug
—23.5
14,5611
17,969
New Orl'ns-
16,786,835,825
14,582,395,126
18,471,635,224
41,834,775,847
157,414160,138263,270 347,190
10,507
Baltimore
—23.9
6mos.
5
7,053
$
—31.1
2d quar.
1930
$
Pittsburgh
17,523,317,216
15,319,954,582
18,989,027,474
June
1931
$
4,815
7,387
7,914
3,643
3,230
1935
14,441,674,684
16,073,583,590
14,567,422,296
16,276,216,326
1932
$
San Fran...
:
10,562,780,687
13,700,222,939
12,383,151,067
15,751,401,841
1933
$
St. Louis
Feb
May
1934
$
Chicago-
Mar
April...
1935
$
Philadelphia
1938
13,412,162,247
1936
$
Boston
•
Inc. or
Jan
1937
$
New York..
165,156186,740 193,549 181,551 161,507
MONTHLY CLEARINGS AT NEW YORK
Month
1938
omitted)
the following table reveals:
as
CITIES
(000,000s
The greatest percentage de¬
recorded in March and the best
gain
was
LEADING
but the year's
11.6% below 1937.
from 1937
181
City compared favorably with
the last three months
was
crease
York
a gain
by
comparison with 1937.
The table below shows
figures by
Reserve districts for each
year since 1931:
BANK
CLEARINGS
\
Inc. or
Year 1938
'
Federal Reserve Districts
1st
Boston
2d
14 cities
New York
5
••
3d
Philadelphia... 17
"
4th
Cleveland.....19
"
5th
Richmond
10
"
6th
<
Atlanta
16
"
7th
Chicago
31
"
8th
St. Louis
7
"
9th
Minneapolis
16
"
10th Kansas City...18
"
11th Dallas
11
"
12th San Franclsco._20
"
Year 1937
Dec.
Year 1936
$
%
t
S
12,384,470,798 13,970,672,590
170,701,956,646 193,342,655,354
19,008,711,000 20,869,872,171
14,207,580,568 17,640,302,782
6,948.209,571
7,622,630,175
7,975,420,923
8,500,283,844
22,899,469,312 27,258,503,244
6,879,522,576
7,728,793,846
5,175,835,474
5,742,461,878
8,675,688,693
9,987,800,720
5,771,302,039 '6,073,786,064
12,626,157,508
14,346,579,222
—11.4
—11.7
—8.9
—19.5
—8.8
—6.2
—16.0
—11.0
—9.9
—13.1
—5.0
—12.0
Year 1935
Year 1934
Year 1933
Year 1932
*
$
$
$
Year 1931
*
13,817,133,037 12,369,774,982 11,349,934,224
10,827,634,845 12,228.772,708 20,712,338,670
199,681.390,197 187,056,729,985 166.294,861,072
161,832,904,230 165,145.310.068 270,170.414,617
19,810,968,155 17,631,127,894
15.163,257,683 13,041,677,348 14,801.916.127
21,079,719,290
15,498,116,955 12,119,967,349
10,311.541,484
8,735,434,280 10,237,489,676
15,763,167,856
6,905.373,211
5,815,926.338
5,193,382,429
4,124,091.288
6,507.126,307
7,332,845,298
7,452,002,879
5,335,677,790
6,475,162,878
4.204,971,152
4,568.550,464
6,350,511,970
25,110,563,783 20,891,647,701
17,404,549,334 13,661,877,933 17,255,769,616
30,448,706,642
7,239,321,043
6.189,041,291
5,422,573,564
4,457,710,424
4,635.322,762
6,606,165,423
5,286,467,352
4,767,297,866
4.160,160,815
3.650.851,008
3,693,211,987
4,912.275,129
9,212,121,290
8.148,325,808
6,931,394,176
5,459,341,208
6,184,439,289
8.764,834,077
5,218,927,273
4,235,969,205
3,727,272,991
3,101,842,486
3,150.573,108
4,305,930,032
13,113,443,808 11,477,857,599
9,925,187,182
8.254,163.616
9,226.812.317
13,241,600,916
Total
.194 cities
Outside N. Y. City
Canada
..32 cities
Small
was
293,2,54,325,108 333,084,341,890
128,098,427,812 146,344,564,369
a
17,265.574,284
trading volume
charcteristic
of
on
the
18,854,552,327
—12.0
—12.5
—8.4
328,345.828,983 297,039,343,808 261.316,869,532
241,315,410,718 256,582,242,429 409.496,283,920
134,797,031,556 115,488,335.445 99,810,074,309 83.901,416.968
96,443,778,646 146,225,889.962
19,203,324,678
the New York Stock Exchange
entire year, as shown by the
monthly figures below.
Only three months topped the
corresponding' months of 1937 and only two bettered the
1936 figures.
SALES
OF STOCKS
ON
THE NEW YORK STOCK
EXCHANGE
16,927,457,721
Volume of
15,963,488,513
trading
14
The
tabulation
following
1938
1937
1936
1935
No. Shares
No. Shares
No. Shares
16,843.377.545
years
shows
plainly
what
to
NUMBER
OF SHARES
SOLD AT THE NEW
YORK
STOCK EXCHANGE
CALENDAR YEARS
Col.
Month of
...
24,151,931
58,671,416
67,201,745
19,409,132
February-
14,526,094
60,884,392
14,404,525
54,565,349
56,829,952
March
22,995,770
50,248,010
50,346,280
51,016,548
15,850,057
29,900,904
January
Stocks,
Cat.
Stocks,
Cad.
Stocks,
Cal.
Year
Shares
Year
Shares
Year
Shares
Year
1938
..
61,673,795 159,265,706 179,102,685
49,663,714 141,296,205
1936
17,119,104
14,004.244
34,606,839
May
June.
24,368,040
16,449,193
39,609,538
20,613,670
21,428,647
18,549,189
22,408,575
29,845,282
25,335,680
16,800,155
..
1930
56,491,388
69,605,221
81,651,855
75,184,668
71,9^1,117
1921
1920
226,64Q,400
1905
316,787,725
1904
1918
144,118,469
1903
1917
185,628,948
233,311,993
1902
173,145,203
47,900,568
83,470,693
131,128,425
1900
576,818,337
1916
810,038,161
1915
..
1124991490
1914„
..
..
1928
Month of July
38,773,575
August
20,728,160
September.
23,826,970
20,722,285
17,212,553
33;854,188
Total third quarter
83,328,705
71,789,026
34,793,159
26,563,970
42,925,480
21,113,076
16.690,972
30,872,559
34,726,590
92,229,688 107,079,790
50,439,91$
Total nine months 200,493,888 300,659,953 352,984,228 231,928,172
263,717,240
Month of October
41,558,470
27.922,295
27,492,069
.
Total fourth quar.
43,995,282
46,658,488
.50,467,182
48,600,177
57,459,775
1913
1912
454,404,803
1910
281,931,597
1909
1924
..
...
1911
127,208,258
164,051,061
214,632,194
1901
1899
Shares
80,977,839
85,875,092
69,031,689
71,282,885
72,014,000
65,179,106
84,914,616
100,802,050
92,538,947
176,421,135
112,699,957
1884
77,324,172
54,6.54,096
1882
1881
116,307,271
114,511,248
1895
66,583,232
1880
97,919,099
1894
49.075.032
1898
1897
1896
1883
96.154,971
97,049,909
The New York Curb
Exchange figures of trading volume
bonds, shown below, were equally reduced, or
sharply reduced than those on the major exchange:
more
NUMBER
OF
23,588,612
60,119,394
15,659,921
1906
Stocks,
in stocks and
20,870,861
45,589,317
96,972,834 108,804,617 143,062,741 149,707,580
November.
December
51,127,611
29,254,626
28,422,380
919,661,825
1927.. 576,563,218
1926.. 450,845,256
12,635,870
29,427,720
197,206,346 1893
196,438,824 1892
284,298,010 1891
263,081,156 1890
187,312,065 1889
161,102,101 1888
188,503,403 1887
265,944,659 1886
138,380,184 1885
1907
1919
1925
117,165,183 228,870,927 260,754,540 124,848,382 213,277,322
.
1908
496,046,869
425,228,894
..
1929
Total second quar.
236,115,320
258,652,519
172,712,716
381,635,752
323,836,634
654,816,452
..
1931
22,336,422
1922
..
1932
30,439,671
1923
409,464,570
...
1934
1933
Month of April
297,466,722
..
1937
1935
Total first quarter.
Total six months.
SHARES
CURB
AND
VALUE
EXCHANGE
BY
OF
BONDS
SOLD
AT
NEW
Stocks,
Bonds,
Stocks,
Shares
$
Shares
1938
49,640,238
1937
104,178,804
134,843,049
the New York Stock
reduced scale than in stocks.
1935
75,783,794
1934
60,027,441
366,984,000
442,361,000
823,050,000
1172,064,000
1013,909,000
1933
about 33% smaller than 1937, and
'what was more significant, the smallest volume since the
World War.
The figures for three years follow:
1932
100,920,771
56,975,777
952,630,100
1923
1931
110,349,385
979,895,000
1922
1930
222,286,725
863,568,000
1921
297,466,722 409,464,570 496.046,869 381,635,752 323,836,634
1936
Volume
Exchange
^The
SALES
of
trading in
was on an even more
year's total
OF
bonds
STOCKS
on
was
AND
BONDS
Description
Stock—Number of shares
ON
NEW
YORK
1938
STOCK
1937
EXCHANGE
1936
Trading
outside
The
297.466,722
409,464,570
496,046,869
that
on
New
947,385,000
Bonds,.
?
Total par value df bonds
31,859,865,000 $2,792,531,000 $3,576,874,000
Exchange
we
477,278,229
221,171,781
125,116,566
1926
115,531,800
1928
.....
1925
show
volume
833,0.56,000
575,472,000
525,810,000
38,406,350
_
..
_.
.500,533,000
72,243,900
50,968,680
200,315,000
90,793,000
21,741,230
15,522,415
1924
was
also
in
25,510,000
55,212,000
sharply reduced volume.
of
bond
trading
was
not quite so minute
the
yearly
exchanges, in
554,874,500
the exchanges in cities in the United States
York
Railroad and miscellaneous bonds
31,483,922,000 $2,097,109,000 $2,899,372,000
State, foreign, &c., bonds
346,778,000
248,577,000
358,615,000
United States Government bonds—
348,644,000
127,366,000
318,887,000
1929
1927
only possible exception, and that of
the
YORK
CALENDAR YEARS
Tot. second sixmos 180,301,539 180.593,643 235,292,329 256,787,370 110,599,312
Total full year
insig¬
nificant levels trading was reduced:
1934
No. Shares
12.909,613.409
the New York Stock Exchange was
and more than 25% below 1937.
on
the smallest in
BY
No. Shares
14.720,600,993
some
figures
cases as
on
the
on
as
the
far back
no
import,
Chicago
in 1937.
various
as
1920:
was
Stock
Following
out-of-town
11199933265280
7
OF SHARES
NUMBER
AND VALUE OF BONDS
NEW YORK.
OF STOCKS
11992346657
4
%
over
10,947,000
1119993322870654
2
1937
45,000
1937.-
6,606,434
602,950
--
1923
1922
1921
—
194,000
1936
429,000
1935
847.000
1934
8,048,051
1,433,000
1933
1,243,800
15.642,000
34.404.200
69,747,500
82,216,000
38,941,689
10.712.850
10,253,664
14.102,892
10.849,173
13,337,361
9,145,205
5,165,972
10,597,000
1932
12.480,600
27,462,000
4,975,500
7,534,600
14,827,950
1931
1930
13,672,390
10,299.500
12,419.793
15,251,177
1929...
24,652,116
with
1,454,450
18,289,000
-
total
483,3.50
6,747,981
6,736,490
19,458,000
12,483,000
10,178,000
1934
11199923876580276
221,600
14.239,000
1988
220,300
5,378,492
1938
1928
1927.
7,941.300
1926.
8,748,300
1925
22,604,900
1924
19,954.850
1923
10.028,200
1922.
1,594,700
594,502
1938--'—
Second
Third
Reported
8,726,199
7.742.313
First
Quarter
Quarter
Quarter
4,920,406,684 17,265,574,284
3,849,813,785 4,268 ,964,958 4,226 ,388,857
1938...
7,153,447
1936...
28,488,950
1933...
16,323,920
1932...
1935..-
1930
—-
1929.-
1.961,150
1937..
4,948.902
1928.
2,877,550
2,312.100
J,929,550
1936.
7,094,262
5.777,0dl
1927
3.492,972
1925.
635,743
350,285
504.880
2,137,600
2,033,700
1933
3,034,300
1931
712,780
6,436,900
7.947,300
9,004,106
1930...
656,102
445.979
1,300,707
1.019,056
919.365
—
1935
1934.
1932.
.....
1929
1928.
12,032,800
1927
590,730
7,882,500
1926
951.426
9,623,000
1925
304,399
734,500
4,089,671
2,775,956
3,843,225
5,065,720
11,434.665
10,227.019
2,786,915
1,852,451
3.264,164
1924
1923
1922
1921
—
—
.
—
-
—
—
1916-..
1,654.000
1.533,100
1936
149,630
161,000
127,359
64,578
1934
2.609.852
3.000
161,000
1933
194,600
1932.—
380,354
590.212
1931
—.
648,800
1,730,224
1930
1,304,229
1,077.984
500,601
1,838,556
2,365,928
3,840,360
2,325,000
2,355,200
1929
1926
3,228,819
3.068,749
5,450.543
9,171,442
15,406,993
49,403.086
27.082.349
44,067,288
151.000
—-
145,399
165,041
1925
36,230,111
1930...
382,839
691,667
1935
;.
1928
1927
36,400
8,156,706
real than in Toronto, as
on
—
both exchanges
2,800,600
788,418
529,069
1935--—
2,075
321.032
1934
488,281
407,463
519,460
779,056
2,007,110
2,117,549
1.263.708
1.035,383
1,869,390
736,976
1933
-
1934-
1935
—
STOCK
1931
—
1925
1924
1926*
9.702.078
9,464.660
6,848,625
5,948.638
2,863,850
1.599,410
1925*
1924*
833,957
...
1921
1923*
1922*
1921*
*
507.5(H)
854,500
1,530,000
2,381,000
2.457.600
3,384.500
2,857.000
6,791.000
15,071.500
28,101.000
38.426,000
38,130,000
67,013,600
70.342.050
14,000
1937.
2,541.098
25,000
1936
2,942,637
2,329,690
1,585,540
6,000
73.850
2.456,631
30,444,191
1922
2,409,566
1,651,958
1,625,014
3,542,446
6,300,096
2,013,255
1,347,563
1,562,769
1,778,138
1,372,711
2,506,032
2,230.146
119,000
43,000
10.689,837
27,234,794
35,620,785
17,649,062
7.959,556
10,174,589
6,297,878
3,434,690
2,319,270
1,527,925
1,190,981
1,618,725
1,560,188
3,948,602
11,089,222
5,882,125
6,057,074
8,287,827
9.401,361
9,087,564
14,310,920
44,418,116
42,996,225
1937-...--
1936
1935
1934
1933.......
898,100
6,592,342
1932
1931....
1930
1929
1928
1927
—
1926
....
1925
1924
1923.
1922
•For fiscal years
BANK
ending Sept. 30.
1935
1934
1933
1932
1931
1930
1929
1928...
1927
1926
1925
1924.—
1923
...
t Not Including
50,000
Dec.
Bonds,
$
100.000
187,000
214,000
168.000
396,500
475.000
801,350
1,145,150
6,751,570
4,316,626
2,686,603
22.153,753
2,091,002
38,003,500
1922
2,910,878
48,519,402
1921
2,068,613
4,177,962
3,865,683
67,776,342
27,340,080
71,681,901
1937
1926
5,119,645
7,137,873
1923
l
31,520,701
2,897,388
5,264,818
1933*
8,598,192
6,611,580
1920
1919
1932
1931
1930
-------
11,047,472
11,0234)25
1929
....
23,203,463
13,212,555
♦Figures
for these years
Exchange.
NUMBER
SHARES
OF
—
—
...
—
—
—
.include sales on Montreal Curb
Montreal Stock
17,807,921
17,715,503
Market as well as
-
SOLD
AT TORONTO STOCK
EXCHANGE BY
CALENDAR YEARS
Stocks
Stocks
1
.
-■
Shares
Shares
1928.
1,663,042
J,470,167
1,999.218
-
1926.
1936.-1935--.
19251
173,215,625
........
„
5.916,923
1927.
212,144,302
1938
8,442,184
1924-
907,871
12,709,268.
1923.
1922.
1,025,923
,214,543
1932.--
3,238,478
2,973,358
1921.
548,017
1931-
1920.
670,064
1934
1933.--
_
1930
1929.--
We
194
10,471,819 1
......
now
cities
piesent our elaborate
in the United
tabulation of clearings for
States and 32 cities in
Canada.
American cities and six of the Canadian
showed better results for 1938 than 1937.
As will be ob¬
served, the cities in the United States are arranged according
to Federal Reserve districts.
v
Only
17 of the
r
THE LAST EIGHT CALENDAR
RESERVE DISTRICTS
Year 1S37
MONTREAL
9,992,627
180,272
381,745
-------
Inc. or
Year 193 3
Clearings at—
12,656,718,000
10,.506,599.000
18,990,039
1928
1924
.
1934*
284,000
125.000
446.433 sales of "rlghta."
CLEARINGS IN DETAIL FOR
13,718,573,000
20,139,200
16,077,600
218,280
1925
1937--
1,373,537
1938
883,700
3,564,395
4,862,114
6,363,832
4,495,681
3,081,205
7.614,622
16,702,925,000
VALUE OF BONDS SOLD AT
EXCHANGE BY CALENDAR YEARS
608,545
-
1935*
Pittsburgh
PhUadelph (a—
1938-----
16,263,805,000
17,444,720,000
20,232,406,000
*
clearly shows:
32.231.905
60,782,146
85,285,826
23,040,423
28.862.906
1936*
865,119
11.332,159
843.644
1922
593.600
31.630.016
1927*
846,055
1923
54,000
1928*
1930
17,332,342,000
Shares
121.000
1929
...
1931
16,977,924,000
Stocks,
1937*
6,529,965
8,129,654
7,058,715
9.875.057
15,262,932
19,188,822
1932.
16,731,243,000
encountered severe
particularly in Mont¬
the following summaries of volume
11,351,500
10,707.000
18,392.900
33,243.300
8,943,720
7,723,780
4,635,352
1936
17.646,961,000
779,500
6,921,668
1937
612.399
20,566,490,856
SHARES AND
OF
NUMBER
Franc 18CO
1938-.-.-.-.
408,371
.
24,556,298,549
148.000
623,500
4938*
San
Cleveland-
1938---
25,085,039,125
of trading, more
reductions in volume
1,200
16,843,377,545
20,094,909,690
likewise
exchanges
Candian
The
5,500
13,724,472
12,662,164
467,186
424,455
1937.-------
14,720,600,993
12,909,613,409
237,000 5,275,350,000
3,329,475,000 3,970, 863,000 4,127.
600,000 4,300,425,000
2,818,417,000 3,387, 131,000 3,212,
735,000 3,611,971,000
4,657,205,000 3,363, 807,000 2,923,
2,618, 482,000 2,489, 518,000 3,236,383,000
2,162,216.000
1917-..
1937...—
19,203,324,678
15,963,488,513
4,638,357,000
...
—
1918-..
6,833,944
1938
—.
1920
1919
Angele
Los
St. Louis—
1938----
1926
18,854,552,327
16,927,457,721
,
1934.
858,504
-
4,913,879,155
4,613,925,162 4,864 ,945,572 4,461 ,802,438
5,335,033,648
4,403,127,022 4,737 ,138,335 4,728 ,025,671
,554,082 4,089 ,727,904 4,793,414,128
3,577,761,607 4,466
4,448
47,146
3,473,080,453 4,067 ,401,029 3,974 ,559,885
,878,432 3,853,285,195
2,805,889,881 3,672 ,547,485 4,388
3,367,617,474
3,103,494,918 3,189 ,615,159 3,248 ,885,858
,438,089 4,2.56,846,075
4,148,010,920 4,632 ,082,461 3,806
5,164,057,073
4,952,120,236 5,207 ,727,374 4,791 ,115,007
6,857,231,902
6,016,432,641 6,041 ,113,661 6,170 ,260,921
6,224 ,576,655 5,619 ,332,605 7,171,369,336
5,540,519,953
,796,279 6,594,208,610
4,324,149,204 4,910 336,763 4,737
059,000 5,111,536,000
3,929,891,000 4,388 475,000 4,217
277,000 5,263,984,000
3,708,304,000 3,854, 678,000 3,904
5,120,395,000
3,834,897,000 3,950 010,000 4,072 622,000
184,000 3,864 938,000 5,702,913,000
3,606,308,000 4,158,
793,000 4,685,582,000
3,840,001.000 4,031, 429,000 3,706,
965,000 4,886,142,000
4,127,525,000 4,447, 088,000 3,983,
4,924, 428,000 4,819, 806,000 5,849,805,000
1937...
8,141.090
15.613,169
20,294.840
899,543
1935—'
Year
Quarter
4,057,484
—
Total
Fourth
Clearings
6,599.376
11,147,245
Detroit—
1938
CANADA
1.870.000
1931...
Baltimore
period of years follow:
THE DOMINION OF
CLE4RINGS IN
3.370.800
5,495.041
3,974.005
1921
4,170,450
quarterly figures for a long
989,350
18,240,330
8.807.874
9,562,931
9,912.352
5.300,862
4.783.324
...
of
final quarter year an increase was shown
the corresponding period of the preceding year.
The
for the year was 8.4% smaller than 1937, compared
a
12% reduction in the United States figures.
The
I
Boston—
Chicago—
1938 bank clearings for
smaller than in the same quarters
1937, but in the
Bonds.
Shares.
Shares.
quarters of
three
first
Canadian cities were
Stocks,
Bonds.
the
In
SOLD AT
EXCHANGES OUTSIDE OF
Blocks,
Jan. 14, 1939
Chronicle
Financial
182
Year 1936
Year 1935
YEARS ACCORDING TO FEDERAL.
.
Year 1933
Year 1934
Year 1932
Year 1931
%
Federal Reserve Dls trict—Boston28,180,262
99,338,807
Portland...
First
34 ,201.299
—17.6
109 ,334,858
—9.1
11,913 ,702,225
35 ,742,739
20 ,140,258
20 ,362,209
—11.8
34,740,742
37 .171,351
—6.5
—7.2
Maine—Bangor
10,506,874,734
Massachusetts—Boston
32,692,505
Fall River.;
18,759,963
Holyoke
•
'20,235,404
Lowell
New
Bedford
Worcester
New
...
Haven
Water bury
Rhode
N.
Island—Providence—
H.—Manchester...
Total (14 cities)
Second
New
Federal Reserve
York—Albany
Binghamton
Buffalo
Elmira...
Jamestown
New York
Rochester
Syracuse
Utica.
Westchester County
Connecticut—Stamford
New
Jersey—Montclalr
Newark
Northern New Jersey
Oranges
Total (15 cities)—
—0.6
158,706,117
Springfield
Connecticut—Hartford
—8.5
—6.9
170 ,930,531
95,440,960
549,828,478
206,984,130
110 ,507,162
—13.6
604 ,794,404
—9.1
223 ,383,309
—7.3
79,404,900
90 ,274,000
-12.0
524,711,600
570 ,601,300
—8.0
28,572,196
29 ,526,955
-3.2
12,384,470,798
13,970.672,590
—11.4
District—New York—
508,200,434
507,071,433
+ 0.2
60,425,983
64,520,385
—6.3
1,538,902,355
1,886,835,575
—18.4
26,772,520
35,538,465
33,807,398
—20.8
39,868,449'
—10.9
165,155,897,296 186,739,777,521
426,604,215
385,256,538
250,245,451
212,256,454
40,027,248
185,897,364
.
44,069,794
—11.6
—9.7
—15.2
—9.2
191,610,128
—3.0
206,466,479
229,478,310
—10.0
—5.5
20,784,878
905,326,372
21,989,501
1,057,365,635
1,375,253,549
44,950.711
1,801,449,760
47,961,799
—23.7
170.701.956,646
193,342.655^354
11.7
—14.4
—6.3
,358,823
,233,922
11,862 ,695,393
33 ,788,745
19 ,002,584
.18 ,532,496
36 ,876,820
161 ,541,023
94 ,883,369
591 ,262,442
204 ,753,776
79 ,031,000
539 ,411,600
30 ,761,044
33
111
13,817,133,037
33, ,694,079
26 ,453,749
85 ,549,737
9,843 ,325.469
31 ,216,876
18, 240,019
\
31, 042,930
994,065
QA
10,645| ,822,754
16, ,693,967
33, ,761,752
144, 648,095
71, 284,759
657, 685,210
173, 213,155
66, 381,000
460, 180,200
26, 132,997
12,369.774,982
,818,144
21,735,216
72 724,139
112,486,341
10.553,707.435
21
9,405 ,283,453
29 ,390.017
17 ,564.572
13 ,430,010
30.871,677
157.470,412
35,521,668
18.373.439,756
48,965,338
20,442,820
15,898,748
26,973,066
24,476,328
27 ,661,969
31,131,456
134, 540,696
63, 150,219
132 658,694
444, 687,983
165, 219,211
420 508,392
46,114,827
225,083,803
145,679,693
589,290,196
347,367,091
92,233,400
573,896,200
30.476.880
20,712,338,670
17 698.215
14, 463,881
30 379,607
.
23, 874.381
21, 615,018
160,313,913
103,799,943
423,792,173
241,624,711
56,581,600
428,493,500
23,243.184
11,349,934,224
10.827.634,845
12,228.772,708
62 ,095,190
173 211,347
57, 986,000
51, 056,000
411, 388,200
378 617.900
325,652,925
269,461,242
419.502.248
445,177,938
473,466,159
56.384,503
42,310,615
39,279,034
44,354,109
52,448,301
1,929,918,055
1,294,195,734
1,206,417,400
1,342,319,027
1,473,020,558
1,692 ,936,197
50,753,092
35,458,350
28.551,043
25,031,132
30,320,938
34 ,500,601
45,134,008
29,194,920
19,494.833
23,320,397
27,587,285
31 ,587,550
157.413,993.750 160,138,463,783 263.270,393.958
181,551,008,363 161.506,795.223
494.981,674
193,548 ,797,427
360,161,965
303.418,067
311,115,953
344,539,535
394 ,483.742
248,170.737
191,618,716
161.292.632
168.854,931
190.041,844
212 ,275,449
a
a
a
a
38 ,662,229
a
e84,229,066
el04.945,459
el53,437,091
169 ,992,869
131,936.253
127,310,307
138,203,051
152,490,015
193 ,376,084
36.619,217
27,849,237
20,302,153
18.605,926
20,138,878
20 ,698,762
1,541,778,681
1,100,022,410
785.376,530
860.957,497
915,488,913
1,012 ,825,606
1,918,084,694
1.463,517,273
1,269.343,976
1,368,819,562
1,783,679,320
1,780 ,762,955
81,910,533
61,119,570
38.622,257
41.306,326
42,499,876
46, ,639,457
444
645,929
59 ,205,340
170?732,540
199,681,390.197 187,056.729.985
166.294.861.072 161.832.904.230 165.145,310.068
270.170.414.617
Volume
148
BANK
Financial
CLEARINGS IN
DETAIL FOR
Chronicle
183
THE LAST EIGHT CALENDAR
YEARS ACCORDING
TO
FEDERAL
•
;
■
■
RESERVE DISTRICTS—{Continued)
.
Inc.
Year 1038
Clearings at—
1937
or
Dec.
Year 1936
Year 1935
Year 1934
Year 1933
Year 1932
Year 1931
20,297,762
25,223,004
19,884,920
119,873,195
59,477.435
17,165,764
22.992,290
13,970.000,000
109,410,166
122,899,479
89,952,506
58,915.606
36.463.654
42,135,288
45,621,398
170,873,868
119.589,616
28.219,603
33,320,866
19,701,000,000
151,266,900
214,088,598
148,081,121
87.995,778
%
Third Federal Reserve Di strict—Philad elphia—
Pennsylvania—Altoona
Bethlehem,..,.
Chester
20,879,866
23,980,950
...
Harris burg
Lancaster
...
....
Phil adel phi a
....
Reading.
Scranton
Wllkes-Barre
—20.9
23.763.964
—14.5
17,650.791
120,061,078
73,194,243
24,955,696
—6.0
24,430,800
16.627,048
105.298.948
115,385,277
67,546,457
22,561,363
21,154,143
Lebanon
Norrtetown
26,399,698
28,041,620
16,599,908
.....
.
17,969,000,000
73,448,222
115,071,217
48,396,148
.....
York
72,815,536
14,857,392
Potts vllle
Du Bote
6,636,500
......
Hazleton
30.470,255
185,652,466
Delaware—Wilmington
New Jersey—Camden......
a
Total (17 cities)
....
Fourth Federal Reserve
.
—9.8
—13.4
—19.5
—18.0
14,034.378
13,676.691
80,627.567
43,647.131
15,793,326
22,955,183
14,515,000.000
53,281.657
109,079.334
60,586,436
54,383.654
13,412,343
79,752,062
38,519,222
15.412.472
20,529,927
12,424,137.000
54.918.745
95,195.428
74,302,077
51,038.394
17,332,177
6,198,074
34,497,276
a
—11.8
—3.9
171,538,644
a
—10.9
a
a
a
a
a
•
a
a
a
a
a
a
a
a
a
a
a
a
a
v
a
a
—9.9
219.439,000
206,265,400
177?562,000
160*425.300
165*824,000
84,837,000
216,225.600
19,008,711,000
20,869,872.171
—8.9
19.810,068,155
1-7,631,127,894
15,163.257,683
13.041.677.348
14,801.916,127
21.079,719,290
20*416,000
142,973,000
43,371,165
1,814.782,185
2,530,896,775
346.380,650
17.542.891
3,745,165
44,241.486
2,088,859,937
3,344,466,086
886.397,500
22,717,180
6,169,892
40.929,770
2,837.677,247
5,123,450,082
602,282,400
36,640,370
13,906,076
73.516.115
District—Clev eland—
a
Canton
Hamilton....
2,779,940,734
4,352,355,325
532,487,800
26,691,733
12,408,680
......
Lorain
......
Mansfield.
75,185,028
—24.3
104,127,192
—13.9
2,880,749,980
4,265,016,595
610,964,300
26,440,216
—15.1
—17.3
644,186,500
—5.3
28,073,487
19,589,112
101,770,891
153,227,452
77,527,067
292,146,128
11,621.783
—19.4
6,348,650
—30.0
9,013,511
—12.1
—36.7
7,387,019,411
89,422,718
—24.7
—18.6
80,8(10,961
79,250,006
137,843,231
9,566,363
80,003,930
108,836.769
—27.2
17,640,302,782
-19.5
110,939,424
62,744,906
220,773,718
9,364,067
4,442,918
7,921,261
5.560,826,478
75,683,683
112,142,759
...
Newark
Toledo
County
....
Greensburg
Pittsburgh
Erie.
i...
Warren
8,326,021
Kentucky—Lexington.,
West VIrglnia—Wheeling
.
....
Total (19 cities)..
84,348,282
2,466,319,282
3.417,055,094
626,282,600
22,995,266
10,391,357
63,838,909
112,909,268
13,370.667
—26.1
14.207,580,568
Youngstown
Oil City
126,093.320
3,229,667,260
5,128,345,199
a
79,667; 144
139,392,654
66,003,167
252,965,251
9,759,217
5,747,133
7,786,417
6,663,998,001
78,278,307
116,934,868
8,603,387
70,053,399
98,259,160
...
Franklin
a
a
95,396,066
Cincinnati
Cleveland
Columbus
Pa.—Beaver
—8.9
—4.0
a
.
66,605,641
21,461.140
27,810,394
18,745,000.000
66,850,995
128,129,487
57,734,005
78,250.662
—9.6
—15.8
16,664,704
226,801,000
Ohio—Akron
>
19.724,000,000
76,507.766
127,521,224
55,866,619
90,460.534
18,124,203
7,452,158
34,538,941
193»184,244
—7.7
19,484,745
14.710,771
92,462,196
53,097,047
18,674,008
24,748,832
16,909,000,000
61.553,786
114,341,292
49,877,120
66,912,697
204,255,300
Trenton...
„
25,112,356
—3.9
—27.6
—19.1
—24.4
—15.4
—13.0
+ 1.0
59,099.320
2,123,727.180
2,978,666,477
446,690,900
19.879,787
7,138,947
55.220.865
a
a
a
a
a
a
a
7,462,826
4,812,491
12,007,318
5,245.717.899
8,118,247
4,376,961
10.932,245
4,464,937.655
10*225,223
7,976.341
3.661.657
7,406,777
a
a
a
16,603,484
7,229,166
38,941,357
6,655.620,424
4,938.349
13.947,659
4,159.834,262
3,794,704.050
a
a
a
a
a
a
•
a
a
a
a
62,760,856
83,065,901
55,501,091
77,252,809
43,810,966
76.914,172
53,641,288
85.046,530
142,325.210
15.498.116,955
12.119,967,349
10.311,541,484
8,735.434.280
10.237.489.676
15.753.157.856
8,081,893
121,797,000
1,697,211,599
7,026,874
110,665,000
1.558.199.157
7,720.027
109,925,000
1,288.377.373
30,830.709
178.403,799
1,748.565,339
50,503,403
76,797.514
.43.098,346
82,116.807
38,358,700
b6,205,325
—8.9
59,768,967
93,460,031
57,624,677
190,441,284
19,532,286
136.068,783
1,369,431,275
85,824,898
41,086,457
43,622,843
—10.1
3,349,477,081
2.910,636.583
15,841,503
62,092,335
Fifth Federal Reserve Dls trltt—Richmo nd—
West
Virginia—Huntngton.
16,966,889
123,541,000
1,981,779.739
Virginia—Norfolk
Richmond
North Carolina—Raleigh
South Carolina—Charleston.
Columbia
—12.8
—14.4
14,735,052
131,899,000
—6.2
1,862,526,216
9.
a
a
a
58,332,405
—17.1
85.668,908
52,337,872
177,896,594
3,274,044.507
19,240,414
70,398,304
100,847,185
60,723,976
195,375,855
3,642,964,691
20,805,476
1,146,655,717
1,255*990,906
—8.7
1,127.930,222
935*056,843
738,690.669
618,459,713
956,807,113
1,233*276,777
6,948,209.571
7,622,630.175
-8.8
6,905.373,211
5,816,926,338
5,193,382,429
4.124.091.288
5,507.126.307
7,332,845.298
203,163.433
933,702,393
2,879,900,000
—0,3
174,993,018
—3.2
—19.7
148,907,909
468,491,661
1,503,200,000
46,189,885
21,023.031
25,784,256
383,829,913
42,459.629
505,819,861
45,077,022
25,491,026
35,940,000
127,219,199
»460,439,179
1.414,100.000
43,898,263
22,603,056
24,902,278
431,454,576
144,145.834
628.043,516
1,835,666,525
68,233,406
35,921,063
38,868,396
689,169.980
74,091,638
668,758,940
67,631,437
36,472,025
1.905,391,549
1,972,629,039
—3.4
49,388,000
75,426,977
16,359,272
7,997,368
1,706,496.246
146,683,478
696,558,308
2,204,500,000
55,199,615
31,282,701
42,029,408
625,438,971
51,064,057
815,852,246
•63,579,802
42,798,657
45,316,000
60.643,289
13,773,311
7,599,830
1,434,458,317
117,916,060
574,513,170
1,957,400,000
46,493,153
83,971,824
17,417,323
8,922,461
66,170.323
47,696,276
52,518,895
920,545,262
65,182,890
1,055,022,308
89,733,507
45,334,689
59,080,000
83,111,013
17.560,767
8,953,149
809,122,151
2,601,000,000
62,232,159
38,782,679
48,363,664
754,015.099
61,854,935
927.378,113
73,453,658
13,768,947
5,759,553
1.251,418,602
8.500,283,844
—6.2
7,452,002,879
6,335,677,790
5,475,162.878
97,414,434
,_...
Greenville.
North Carolina—Durham...
M aryland—Baltimore
Frederick
19,463,533
144,259,000
2,111,801,349
...
Hagerstown
Dtet. of Col.—Washington..
Total (10 cities)
—3.4
—13.8
—7.5
a
a
a
84,584,416
101,035.483
a
a
a
17,610.681
2,640.026.816
13,658,760
2.044,121,827
10,923.323
2,892,638.534
12,114,118
3.851,615.868
18,963.999
a
Sixth Federal Reserve Dls trict—Atlanta
'
Tennessee—Knoxville
202,630,642
904,268,055
2,671,100,000
53,152,336
Nashville
Georgia—Atlanta.
Augusta
Columbus
41,019.624
Macon
45,686,062
860,396,845
57,971,013
950,342,642
79,331,423
43,042,124
Florida—Jacksonville.
Tampa
Alabama—Birmingham
Mobile...
Montgomery
Mississippi—Hattleeburg
50,777,000
Jackson
.
Meridian
Vicksburg
Louisiana—New "Orleans
Total (16 cities)
....
Seventh Federal Reserve
Michigan—Adrian
Arbor
Ann
Flint.
Rapids....
Jackson
",m
Lansing.
Muskegon
Bay City
-
Indiana—Fort
Wayne..
Gary....
Indianapolis. 1
South
Bend
:
...
Terre Haute...
Wisconsin—Madison
Milwaukee
Oshkosh
Sheboygan
...
a
19,678,335
4,420,416,647
51,083,274
131,463,742
20,811,799
71,105,294
25,886,802
31,515,382
51,508.633
137,194,345
887,660,402
65,365,872
228,948,836
63,472,555
992,453,538
16,489,037
32,638.322
Water town
5,287,725
Manitowoc
Iowa—Cedar
Des
>14,308,122
.......
Rapids
Davenport
58.119.036
1,095,427,491
25,1372,949
37,173,779
6,021,948
16,230,693
58.461,120
a
......
Moines
439,424,350
a
455,110,296
—6.5
—11.0
—9.9
—11.6
—5.1
45.139,540
v
—14.1
+ 1.0
—0.8
—0.3
25.477,145
36,375,198
'
530,229.581
50,158,742
737,163,730
63,274,779
34,950,218
41,264,000
63.475,171
455,305,130
44,098,780
24,543,761
35,139,000
49,260,840
14.065.389
6,851,462
5,777,793
934,281.827
1,862,194,381
54,814.000
72,851,103
18,532,290
7,230,656
2,010,081,171
4.204,971.152
4,568.550.464
6,350.511,970
cl,279.129
5,434,981
80,822,779
3,236,378,646
61,650,930
142,258,285
25,038,273
61,996.273
8,180,171
41,690.133
6.167,174,197
108,036,196
226,698.530
89.554.042
145,420.362
12,697,330
*
"
—5.1
18,791.653
—34.7
5,350.618.257
57,307,814
149,606,126
22,611,590
78,792,248
30,157,931
30,306,872
—20.9
—20.5
—18.0
—15.4
4—25.7
—12.6
55,515,438
—12.9
—25.3
147,972,857
—7.2
862,322,000
66.182.040
250,390,993
—17.1
—13.6
—1L8
48,220,037
1,026,855,064
22,975,541
35,744,519
5,826,381
15,782,332
—0.6
26,215,143
4,523,166,839
47,149,901
108,254,084
19,111,730
•
60,635.640
a
—35.0
—12.2
—12.2
41,287,155
113,007,665
723,918,000
48,356,968
212,171,732
39,882,444
829,442,858
,19,679.447
a
a
a
o2,267.77o
24.876.368
88,726,545
597,359,558
40.094,659
189,337,859
26.282.737
695,437,071
16.271.010
490,245.000
28,182,478
154.284.709
16.989.539
561,860,976
10,243.866
a
.
75,838,664
a
a
.
174,387,000
852.191.683
88,575,408
217,980.321
119,292,200
1,156.635,380
31,488.526
59,069,090
.
159.418,789
50,010,133
773,658,234
20.914,981
a
a
a
*107,313
a
105?873,979
62,982,771
77.977,081
629.724,858
a
a
a
.
26.314,577
d9?480,227
*830,631
310.490.729
238*540.178
35,846,030
229,848,922
257,947,159
129,679,143
99,751.460
a
a
119.261.277
434,723,450
38
174,556,808
7,792,016
—3.4
44,404,377
83,584,106
14,733.239
49,814.697
24,070.384
1,940,556,328
35,568.536
59,634.435
29,940.971
25.415,366
a
54,376.632
+ 8.6
—9.4
2,888,423
22,689,776
1,574,899,424
147,i
'
-119,839,034
543,981,296
335.156.684
,
a
City
165,854,468
9,911,743
Amee............
164?903,506
+ 0.6
9,247,282
+7.2
33,654,677
—39.1
22,616,003
17,013,474,941
49,986,550
217,650,361
73,211.927
71,817,324
7,489,703
—3.5
Waterloo
a
Illinois—Aurora
Blooming ton
....
Chicago
Decatur
Peoria
20,494,259
21,814,646
14,561,389,212
52,893,205
173,506.451
Rockford
Springfield
—13.0
a
20?739,219
5.868,433,936
64,545,320
165.393,450
25,380,654
84,055,161
34,847,527
36,069,468
59,120,228
183,601,777
956,086,589
78,871,025
265,073,402
58,435,038
Iowa City..
Sioux
—14.0
District—Chic ago—
.......
.......
Detroit.
Grand
7,975,420,923
—7.3
58,646,846
65,806,845
6,320,089
...
Sterling
Total (31 cities)
22,899,469,312
Eighth Federal Reserve D tstrict—St. Lo
Indiana—Evansville
New Albany
Missouri—St. Louis
Cape Girardeau
Independence..
Kentucky—Louis vllle
Owens boro..
27,258,503,244
+ 5.8
-20.3
-22.6
15,727,768,033
43,189,615
224,850,073
.
56,479,149
63,156,087
6,620,842
|
—8.4
—15.6
-16.0
25,110,563,783
15*591,957
17,068.214
13,194,988,368
32.452,925
147,301,420
42,856,307
51,127,370
a
20,891,647,701
10,816,689
23,237,192
11,193,884,480
28,333,766
125.551.930
81,594.644
45354.928
22,346,355
105.109.257
27.411.143
42,617,374
4,497,830,366
«l», 37,840,603
-12.6
5,609,525
6.210,417
1,786,445,321
—9.7
1,631,057.919
1,043,292,740
3,609,981
31,766,000
—8.3
1,636,000,240
—9.2
a
a
a
956,497,151
3,669,271
28,627,000
Qulncy
6,879,552,576
15,873,582
49,497,639
10,936,884.811
27,132,821
116.547.216
34,675,720
81.364,465
37.653.768
41.727,767
74.452,752
19.201.221,287
45.262,268
158.019.046
94.715.140
111.633,366
a
17,255.769,616
2.897,125.979
4,957,063
3,069,950.302
1,189,400,966
915.949.001
911,287,760
759.789,887
2,300,303
19.341,000
600.086.326
1,701,144
13.807,996
5.422.673.584
4.457.710.424
a
30.448.706.642
a
3,940,653,793
3,451,741,408
a
1.395.116.493
a
7.728,793,846
f 1.036,239,585
3,396,902
+ 1.6
"
—9.9
—11.0
27,337.000
7,239,321,043
828.308,249
2,646,756
22.316.000
6.189.041.291
a
a
29?040,978
a
Illinois—Jacksonville
202.166,116
a
13,661.877.933
17,404,549,334
5,618,668
—8.4
Tennessee—Memphis
a
a
a
4,815,001,861
42,467,526
.
8*048.138
18,442.635
9.611.744,417
a
a
4,210,544,648
38,574,741
.........
a
a
Uis—
a
a
Paducah....
Total (7cities)..
-14.4
20,804,501
22,266.884
a
'
65,711.500
650,523.885
5.174.676
a
11,776.615
4,587.620,932
-
...a
1.134.898.884
^63,876,121
-660,399.481
-v.
7.003,089
27,717,577
40.480.301
4.635.322,762
6.500.155.423
Financial
184
BANK CLEARINGS
Jan. 14, 1939
Chronicle
'
RESERVE
w
DISTRICTS—(Concluded)
.
Inc. or
Year
Clearings at—
Dec.
Year 1937
1938
S
D1
Federal Reserve
Ninth
Minnesota—Duluth
strict—Mlnne
160,128,897
3,266,314,637
16,081,483
1,257,866,021
18,867,577
Minneapolis.
Rochester—
Paul
St.
Winona
——
6,013,738
110,029,903
12,090,000
Falls
North Dakota—Fargo
Fergus
36,129,756
78,225,458
7,468,026
7.392,910
4-1.0
36,630,721
—1.9
^1,602,370
—3.1
139,845,538
2,925,014
—8.3
—4.4
5,175,835,474
—-
5,742,461,878
—
Missouri—Joplin
———
City
8t. Joseph
7,986,310
7.124,156
94,300,761
16,382,735
147,152,318
6,974,124
4-3.1
9,274,696
116,235,352
180,126,205
4-19.8
9.235,578
—0.8
—7.9
111,380,296
164,494,117
24,038,673
—16.2
4.768,638.222
20,873,521
4,348,112,547
—10.3
152.587,831
—13.3
442 495,358
160,608,436
6,457,219
512,145,985
162,350,688
—13.6
6,852,188
435.631.190
342^644,169
33, 244,923
34,845,146
—4.6
33.601.462
1,486, 319,196
29, 469,778
1,665,857,014
—10.8
1,480,896,087
33,537,057
—12.1
16,234,337
4-2.?
35.727,764
14.213.463
4,405 ,692,956
144 004,108
Eleventh Federal Reserve
596,833
26,376,321
5,258,142,334
68.975,947
a
r
112^525,134
144,325,076
.
Texarkana
Wichita Falls...
Louisiana—Shreveport
29,863,143
1,264,029,832
30.482,372
...
+ 6.8
62,830,872
—11.6
45,982,307
2,401,917,089
65,584,047
41,325,384
1,969,290,258
169,198,993
290,521,612
109,293,000
1,420,404,459
6.184,439.289
8.754,834.077
35,460,095
241,650,309
100,828,000
1,051,135,777
11,889,995
41,840,979
39.415,845
1.381,360,860
122,988,469
278,396,143
119,756,000
1,008,516,606
12,726,905
74.429.043
75,506,339
1.803,330,859
207,711,013
380,876,507
132,167,000
1,385,063,619
23,383,175
19,475.929
16,371,328
+ 2.7
17,516,202
187,557,389
—-19.7
40,372,635
113,607,489
31.907,778
104,773.164
25,922,548
96,808.976
27,723,000
117.848,311
52,992,000
170,470.477
—8.1
15,548.582
40,310,614
162.007.926
3,727,272,991
4,305,930,032
4,235.969,205
3.150,573,108
-5.0
5,218,927,273
3,101,842,486
6,073,786,064
—27.0
30,505,738
—14.0
1,727,459,279
484,631,000
24,251,057
1,459,645,969
20,551,984
1,184,192,448
375,656,934
—8.2
40,922,000
189,305,472
13,101,000
1,651,542,959
41,045,064
856,541,593
190,352,270
99,898,625
85,845,412
218,923,045
47,142,343
209,351,235
40,503,037
...
—......
....
Arizona—Phoenix
California—Bakersfleld
45,619,759
1,472,080,460
33,690,926
708,225,672
150,778,848
101,138,468
80,379,357
Berkeley
213,192,545
Beach...
Modesto........
Pasadena
Riverside
1,808,758,478
—24.3
—6.7
49,189,433
62.414.637
10,488,000
—10.9
1,471,756,115
—17.9
40,385,430
755,931,770
165,762,278
—15.8
56,988,773
68,315,456
12,216,967
Portland
203,789,582
328,269,894
130,036,000
—3.
481,017,848
64,494,112
—5.6
«
—17.3
—20.8
+ 1.2
72,663,623
—6.4
—2.6
225,071.485
205,623,861
—13.2
38.648.581
i
—8.6
250.449
81
42.570.638
—11.2
•
a
a
a
Sacramento
San Diego
6.468.834,882
5,475,265,205
4,684,614,157
5,053^860,846
115,331,953
59,914,224
95.221,099
52.096.573
75,193,514
45,948,070
174,486.406
30,786,473
146,110,341
35,809,430
7,052,520,016
7,913,846,274
—10.9
154,757,584
—9.9
7.230,151,707
137,438,473
79,435,269
—4.7
74,188.822
110,832,824
120?287,890
—7.9
81,993,166
65,025,016
52,278,639
83,484,854
56,237,798
46.204.011
60,161,524
8,254,163,516
9,225,812,317
11.477.857.599
9.925.187,182
a
a
Santa Monica
...
12,626,157,508
Total (20 cities)..
14,346,579,222
Grand total (194 cities)... 293,254,325,108 333,084,341,890
128,098,427.812 146.344,564,369
Outside New York
CANADIAN BANK
-12.0
107,312,509
13,113,443,808
12.5 134.797
031 556 115,488,335,445
CLEARINGS FOR THE
Year 1937
99,810,074,309
LAST EIGHT
Dtc.
V *-T
1936
Y'ar
6,397,987,564
3.465.263.740
5,720,065,0811
5,643,522,459
5,835.980,087
5.874,146,518
*—8.4
5.386.188;857
4,582,416,573:
4,653.226,857
5,382.362,366
1,800.572,038
—11.3
2.925,627.890
953.566.363
—8.5
1,132.979.501
2,622,557,766i
781.264.5351
1.076.864.472
2,676,160,032
—11.0
250,085,177
2.030,163,981
975,233,058
1.091,883,247
264,680,505
128,130.092
134,094,626
—4.4
254,838,784
285,024,414
—10.6
300,161.170
306,818,675
99,326,689
—2.2
91.306.823
85.997,667
89,982,678
—4.4
133.836,073
146,861,077
—8.9
Edmonton
201,034,053
Regina.
207,704,394
206,183,407
186,954,510
Brandon
17.582,200
16,950,884
+3.7
16,404,775
Leth bridge
26,331,676
25,229,839
+4.4
Saskatoon
65,263,737
70,019,705
—6.8
Moose Jaw
29,487,745
31,006,707
—4.9
24,005,888
77,033,722
31,587.919
Brantford
46.424.869
50,506,997
—8.1
45 356,164
37,527,993
32,268,265
40,556,659
—7.5
35,055,324
—8.0
12,080,166
12,092,715
33,244,953
—0.1
37,944,011
32.166,198
12.367,705
...
.....
Halifax
Hampton
Calgary
John
Victoria
....
William
Westminster
Medicine Hat
867.619,815
998.823,350
*
:s
>
M-t'.
219,698,923
...
Kitchener
73.931.173
70.573.098
79.007,806
69.3'>0.609
128.018.177
189,164,864
+ 11.1
218,683,821
116,906,848
173,437,238
170,858,647
14,533,360
127.363.404
134.707.964
—2.5
87,484.888
145,222,921
197,022,172
—8.1
84.066.825
199,411,079
191,995.407
181.277,354
15.020.604
23.963.851
74.956,724
15.458.987
20.785.706
65.343.280
27.283.900
41.207,595
30,651.099
27,463,691
24.740.854
38.456.442
32.061.443
25,028.252
10,988.541
30.920.440
28,628.148
50.268,747
104.459,995
14,357,763
34.991,249
12,995.361
—0.3
—10.3
18,048,670
41,517,849
29,466,619
31,711,834
25,205,942
50.746,390
—12.8
54.834.962
142.249.058
17.814.601
—7.2
37.250,498
—1.1
—5.9
28,025,965
25,865,396
+ 8.9
23.754,493
+0.2
46.338.501
38,895,230
26,825,520
22.129,849
20,886,630
34.881,455
16.927.457,721
15,963.488.513
15,742,684
29,132.380
29.852,329
...
27,452.517
Sarnia
Sudbury
Total (32 cities)
No figures available,
...
...
50,871,255
17,265,574,284
18,854,552.327
b Two months* figures,
c
210,822,180
1P1
10« v59.482
56,542,065
38.511.645
774.625
240 531.044
175,111,440
256,392,620
35,528,450
Kingston
4
235.709
191
256.085.201
161,779,776
Moncton
667,955,703
196.686 200
4.072.710,626
3,970,526,109
1.970.176.565
636.113.008
227.999.783
4.916.5ol.044
2,807,734,669
200,669,727
110,685,559
36,194,610
Prince Aloert
Year 1932
Y'a; 1933
207,012.322
112,710.682
197.844.648
292.584.649
84.059.113
56,352.021
145,037,711
Sherbrooke
Windsor
96,443,778,646
222,901.251
119.545.816
236.482.873
306.317,532
90.730,398
—5.5
31,325,062
28.659.155
50,410.984
115,902.542
18.437,203
35,753.000
26,779.593
22,192.630
23.057.600
31,008,592
Peterborough
83.901.416.968
Year 1934
1935
Montreal.
.....
"
67,407,994
15,124,000
1,384,174,312
48,712,606
715.077.670
156,930,482
48,426,908
200.954.406
272.436,183
30,577,718,
240,082,609
41,590.830
389.910,876
7,142,159,353
132,151,816
86,054,117
82,058.604
81,320,606
13.341.600,916
—6.7
+ 1.9
-8.4
32,347,673
29,959,126
19,203,324 678
Eight months' figures,
d Three months* figures,
e
146,225,889,962
CALENDAR YEARS
Toronto
Winnipeg
466,630,000
42.897,787
256,582,242,429 409,496,283,920
261,316,869,532 241,315,410,718
-12.0 358.345.828.983 297,039.343.808
Inc. oi
Year 1938
Clearings ai—
*
33,466,194
1,563.461.845
a -
a
75,734,3 1 7
Barbara
a
27,272,960
45,369,745
7,012,000
1,077,794,625
26,602,877
549,374,665
105,253,879
45,617,585
212,965,852
137.205.788
24,924,181
128,540,941
31,966,365
237,276,460
a
139,505,101
.....
Jose
108,065,512
.
20,692,540
1,141,237,255
285,351.000
22,906,861
42,037,689
6,812,676
895,782,665
24,428.708
489.682.538
99,607,969
35,791,607
162,840.991
166,230,105
20,572,371
160.692,209
37,658,984
323.537,317
a
.
28.911.392
1,401,169,882
18,315.353
984,977,931
267,299,000
16,999,958
30,284,099
5,071,000
847,349,215
23,353,769
460,012,259
77.699,146
33,651,727
149,560.432
138,258,182
19,130.473
128,143,615
30,878,662
165,144,325
436,963,000
35.724,785
56,332,426
8,999,466
1,278,957,000
36,385,824
648,247,800
131,488,045
57,459,968
190,145,384
a
a
a
5,459.341,208
—2.0
—6.1
—12.
"
47,998,791
Oregon—Eugene
•
304,545,105
51,016,097
1,295,070,787
62,042,178
—15.6
2.699,944,350
240,023,454
412,283.932
"
Chatham
4.399,861,852
203,405.836
49,089.516
364,270,037
Yakima—
Fort
134,079,333
258,977,982
25,247.753
25,610,960
Spokane
Idaho—Boise.
New
34,377,505
960.057,247
36,266.412
a
a
a
229?531,857
205,959,201
25.341.584
861,523,862
26,218,469
263.846,799,
25,400,515
1.050,048,675
26.846,586
8,148,325,808
...
London
88,550,152
201,101,302
16,061,956
3,185,864,846
133,442,013
a
9,212,121,290
Francisco—
District—San
Twelfth Federal Reserve
26,188,975
19,122,710
Washington—Belling ham ...
1,986,377,848
1,709,245,848
Seattle
St.
77,068.598
107,650,616
15.146.583
2,864,297,991
128,383.305
6,771,302,039
Arthur..
Quebec.
a
a
104,021,086
123,508,559
16,485,011
3,618,798,986
148,803,397
146,200,000
—
Houston
Ottawa
119.217.029
2,165,962,723
Worth
Vancouver......
1,724.857,290
a
134,271,000
360,082,683
Stockton
1,102,436,600
87,338,172
2,123,692,315
21,641,625
50,430,267
14,065,097
172,330,942
231,666,044
Pa«o
Santa
63,581,182
12,977,782
43,171,694
34,541,051
1,743,402,700
142,061,819
258,998.181
107,458,000
1.246,139,725
14,818.879
2,535,006,618
Dallas
San
b950,000
a
-13.1
"
73,591,466
56,006,072
78,623,165
Beaumont
San Francisco
14?455,233
a
6,931,394.176
9,987,800,720
49,492,283
Total (11 cities)...
—12.9
District—Dall
Texas—Austin
Long
3,034,341
83,310,389
996,877,087
153,774,148
6,069,089
8,675,688,693
cities)
Utah—Ogden
Salt Lake City
4,415,714
3,504,695
99,004,093
1,374,821,061
71,889,000
1,646,788,876
Wyoming—Casper..
Port
5,105,867
5.423,947
120,181,318
1,503,195,104
City—
—3.1
5
—
........
Galveston.,..
3,613,762.008
—8.8
...
Pueblo
Fort
4,767,297,866
4.117.752,515
4,840.069.129
5,236,467,352
3,641.159.987
-9.9
—10.2
—
Oklahoma—Tulsa
Colorado—Colorado Springs.
Total (18
133,650,063
3,258,237
199,899,968
371,720
14,096,306
40.694,983
77,531.404
26.844,486
40,200.012
129,487,579
3,119,445
1,610,593,487
23
8,930.597
29,701,849
40,379,680
6,680,285
23,375,717
39,216,329
16.863,142
25,693,563
89,079,362
2,164.140
5,780.845
6,574,057
146,074,547
156 ,889.024
a
98,629,575
18,653,217
92,093,077
1,895.406
—4.8
115 ,336,689
a
"
86,620,147
a
19,812,205
28,911,576
118,424,513
2,177,732
—13.4
—
16,116,042
27,497,608
37.779,284
138,492,287
2,839,708
87,003,766
7,205,488
33,833,785
39,249,071
4-0.5
7,173,196
138,799,707
JL
1,016.105.672
a
6,706,510
23,936,910
46,599,479
5,520,136
Parsoas...—
3,172.021,285
11,796,474
768,083,755
64.355,618
29,719,141
16, 601.267
Manhattan...
205,222,340
124,249,575
2,437,597,703
8,749,470
759.852,909
130,713,267
c79,015.141
94,138,505
e9,865,000
8,013,276
11 ,107,991
Kansas—Kansas City—
Year 1931
2,518,077,098
a
,781,097
124 ,618,947
—
122.706,582
2.704,320.377
9,693.563
1,034,463,068
a
6 ,827,961
4
Year 1932
Year 1933
Year 1934
a
1,468 ,348,841
193 ,788,636
7 ,190,369
Lincoln
Omaha—
El
Kansa
istrict
Hastings
Denvet
—2.8
40,327,461
128,205,656
2,797,591
cities)
Carthage
18,535.239
6,378,613
108,322,047
4-2.4
—4.9
35.942,778
Tenth Federal Reserve D
Nebraska—Fremont
.
1,171.034.947
10,067,000
Falls
Kansas
1,289,777,170
9,109,789
32,110,879
Helena
Wichita
—6.7
4-0.9
Lewis town
Topeka
12,630,486
4-0.2
ntana—Billings.
Total (16
136,061,636
3,044,735,370
15,707,777
—13.5
Falls—
Great
3,336,540,866
4-2.9
10,803,287
Huron....
M
155,717,562
—11.7
12,071,000
Dakota—Aberdeen—
Sioux
3,686,111,280
15,630,019
1,348,159,284
18,423,391
6,324,037
113,245,138
—15.6
35,789,837
77,833,905
.
Minot-,
Year 1935
%
polls—
189,674,147
9,347,492
Grand Forks
South
a
Year 1936
'
YEARS ACCORDING TO
THE LAST EIGHT CALENDAR
IN DETAIL FOR
»
74.i76.201
17.31't
i
115.174,903
190.818,350
258.189.363
85,895,057
194.556.920
177.159.334
17,380.404
17,284,264
40
73,352,974
59.500 607
25.548.000
28,606.507
39,549,377
28,973,994
23,365,496
Year 1931
6,134.895,419
6.773,473.678
2.253.265.542
815,227.626
323,349.843
285.395.664
150.986,611
247.414,617
319.979,949
115.510.903
95,261,089
145,511,214
231,243,017
193,486,878
21.015.875
20.813,263
89.784,763
38.151.255
26.470.127
27,468,131
22.190.244
20,037,081
24,215,294
48,891.243
34.737.532
31,111,821
12,319,717
38.026.819
37,092.629
53.174,366
149.917,403
19,749,372
38,911,582
35.591.744
27.278.586
25.489.520
36,319,005
14.720.600.993
12.909,613.409
16.843.377.545
36.878.757
26.551.154
21.278.141
9.819.336
27.848.985
27.452,933
9.589.500
30,217,665
28.246.454
43.767.026
117,006,345
14,343,182
35,940,771
43,365,052
106.323.870
12,108.242
31.567.841
25.953.783
21.461.348
18.781.335
Notl ncluded In total, x Partly
estimatedt
Volume
148
Financial
Chronicle
185
Gross and Net
Earnings of United States Railroads for the Month of November
On
a
comparative
railroad
operations
beginning
suits,
as
reflect
to
we
basis,
the
in
financial
United
statistics- of.
States
improvement.
now
of these studies by the special committee named
by
him last
Operating
re-
present them, are for November of
now
1938, and when the
and net earnings
gross
be
at
seen
this
only
swift decline of
of
,
1937,
that
once
is
the situation is
are com-
of
the
found
the
unprecedentedly
railroad
managers
of the
country.
It
may
that the rail
transportation business suffered to
occasioned
ness
by the recession
suddenly descended late
tional
strain
their
for
few
a
easily.
appeared the only
reduction
result
was
renewal
a
and
various sorts, intended to
and disclose remedies.
President
his address
the
on
increased,
reorganization
fixed debt.
State
of the
financial statistics
of railroad
of
course
earnings
has
been
of
rail
remain
troubles
nevertheless
thorny, while hardly
clearing
that
a start
the financial
up
better
showings
comparative basis.
a
The
and
numerous
has been made toward
of
the
against
$1,543,989,
curtailed
were
ings thus
amounted
a
to
even
or
0.48%.
in
on
accordance
expenses
with
parlous situation, and net
the
an
with such
increase
a
with
of
$19,458,537,
pre-depression
year as
or
of
no
emphasis.
28.23%." In
hand
and
years,
regulatory
and
1936, these earnings
1234,166
$319,094,405
operating expenses
Ratio of expenses to earnings.
230,720,274
72.30%
are
exceed-
+$1,543,989
—17,914,548
$88,374,131
Indicative of the trend of
are
Dec.
two
23
recent
reports
President
of
thought
an
Roosevelt
+$19,458,537
on
official
was
previous ideas,
once
again set forth
The second of the reports
the
to
calls
handed
the
that
the
holders
No effort
was
that should
measures
"basically, the financial condition of the
roads
be
can
improved, apart from
subsidy, only by
increase in
an
in expenses, or both."
crease
We
turn
to
now
a
in
consideration
of, the
de-
a
on
general
part in the
a
In
order
to
of trade
measure
activity in relation to its bearing
have
or
"
simplified form the
a
rail-
Government
a
revenues
business factors which play so large
the
revenues '
during the month under review,
we
brought together in the table following the figures
indicative of activity in the
livestock
for
receipts
month
the
1932, and
readily
was
0.48%
7.20%
,T
on
more
and
important indus-
freight,
revenue
of
November,
output of all
freight
in November,
outports
•
t
ago.
Un
v
loadings
tne
compared with
as
^+1™
other
i
were
much
+
„
J
hand,
+U
the
n
smaller
than
1937; cotton receipts at the Southern
and receipts of livestock at the
cattle markets
1937,
the industries covered
,
year
as
with the exception of the coal
,
a
car
1938,
On examination it will be
greatly increased scale
a
revenue
On
1929.
that,
seen
November
28.23%
first
for
security
be taken, but the Commission did observe
soundly
1936,
these matters
nature.
Congress
new
emphatically
managements,
made to specify the remedial
78.29%
$68,915,594
recom-
employees of all types of carriers, shippers and
t
Net earnings.
with
compared with the corresponding month in
*235,098 Inc (+—9327%.39%
$317,550,416
248,634.822
the
special
reorganiza-
The rail problem, according to
body,
of
industry, the
..
line
other patrons, and the Government.
loadings
even
We present the monthly comparison
Gross earnings
in
submitted
was
by the ICC.
cooperation
and
tabular form:
MtlSe'of
financial
a
tries, together with those pertaining to grain, cotton
ingly modest and the need for improvement requires
in
Jan. 3
proposed
Also.im-
These proposals and
much
are
of the railroads
earn-
$88,374,131, from $68,915,594 in November
comparison
deal with
to
determination of railroad conditions.
Operating
problem
by the
indicate
in-
an
Govern-
The
'
indicated.
is
1937,
increased in November of last year '
were
Finance
suggestion for formation of
a
Court,
at
now
a
gross earn-
it
.$319,094,405,
in. November,
sharply,
obvious needs of
possible
November, 1938,
railroads
$317,550,416
of
crease
1937,
10
approval
Board,
earnestly and vigorously.
sound and
general business, but
are
Reconstruction
but it is instructive to find them
the
wreckage of the last
now
In
should be
increased lending
are
competition.
subject to
mendations
in
It is chiefly through economies, moreover,
years.
to
and
modestly upward of
late, in line with the trend
that
measures
the
tions of the railroads.
Jan. 4*
on
of railroad legislation.
program
by
barge-line
was
Federal
operations for
November, 1938, disclose the need for
constructive
a
consolidations should be handled
by the carriers
portant
One
legislation
picture,
Nation,
from
Transportation
urged by the
was
railroad
railroads
themselves,
Roosevelt repeated this
suggestion.
The
ings
of
and
*
probe the railroad troubles
the
Immediate
land grant provisions and withdraal of the
ment
hastening of studies of
Congress
and
rate clause, termination of the reduced rates of the
lines, which
late in the last session to enact
that, might; improve
Mr.
on
of the Inter-
extended
depression that
financial
payments
the
to
an
out/while others moved for
way
of interest
be
recom-
Corporation, repeal of The, "long and short haul"
A few
immensely
railroads
more
policy providing
powers
Commission
taken, the committee suggested,
But most of the rail carriers
difficulties
paramount need of
Transportation Board be organized to effect
such control.
long have been in strong positions, bore the addifound
labor,
general busi-
on
or
in 1937.
Commerce
new
no
fairly be said, indeed,
inordinate degree from the inroads
railroad
The committee
none.
mended, accordingly, that the
state
better prepared to meet the
emergency than was the
rest
a
definite national
a
and special favors for
general business in the final quarter
which
and
management
for impartial regulation of all forms of
transportation
impressive gains took place,
because
railroad
of
This document set forth that
pared with those of the preceding November it will
But
October, consisting of three representatives
each
are
were
leading-
much less, and receipts of the
Financial
186
products, with the exception of
wheat,
Increase
Increase
•',
$3,178,504
Southern Pacific (2 rds)__ 1,199,029
Southern Ry
1,195,968
Atch Top & Santa Fe
1,098,713
Pennsylvania
1929
1932
1936
1937
1938
November
Automobile* (unit*):
cars,
372,358
trucks, &c.).a..
217,573
59,557
394,987
360,055
Constr. contr.
$301,679
awarded b
&
Baltimore
$105,302
$208,204
$198,465
Western
Ohio
Norfolk &
Pacific
Union
Building ($000):
$391,013
N Y N H & Hartford
35,480,000 36,428,000 41,879,000 30,632,000 46,514,000
Biturnlnous-C-i.
3,737,000 4,439,000 4,334,000 4,271,000 5,820,000
Pa. anthracite.d.......
10,178
11,636
4,566
4,479
4,503
3,569
2,408
3,485
6,168
flour and graiD
receipts: h
xl,625
*1,529
*1,718
*1,502
*1,818
*17,850
barrels)...
bushels)..
(000 bushels)..:
*14,849
*10,776
*16,692
*11,395
*18,499
*17,401
Flour (000
Wheat (000
*39,505
*16,826
bushels)...
*3,524
*7,121
*2,990
*2,797
*6,381
bushels)..
*5,662
*9,507
*6,012
*3,150
*3,027
bushels)—.
*1.188
*1,411
*2,085
*403
*1,498
(gro**ton*):
production, k-. '2,269,983
3,572,220
Steel ingot production.!.
2,006,724
2,947,365
631,280
2.154,365
4,323,025
1,032,221
3,181,411
3,521,111
*935,077
Z960.004
z871,292
Z787.830
Z785.338
z529,618 zl,382,103
Z734.940
461,785
St Louis-San Fran (2 rds)
398,279
385,598
Pacific.—
Western
Z754.692
z912,074
z591,323 zl,072.634
N Y Chicago
Illinois Central
Oats (000
Barley (000
Rye (000
*32,465
'
Iron & Steel
Pig iron
board feet)
Lumber (000
Production, m.
—
Shipments .m—
Orders received .m
issued by:
*
States Bureau of the Census,
b F. W. Dodge Corp. (figures for 37
of Rocky Mountains),
cNational Bituminous Coal Commission,
United
a
east
States
1 Com¬
yard companies
American Iron
and
Steel Institute,
m National Lumber Manufacturers* Association
(number
of reporting mills varies in different yeare).
* Four weeks,
z Five weeks.
d United States Bureau
of Mines,
e
Association of American Railroads,
piled from private telegraphic reports,
g Reported by major sotck
In each city,
h New York Produce Exchange,
k "Iron Age." 1
In all the
railroads
roads
as
foregoing we have been dealing with the
a whole.
Turning now to the separate
systems, we find the exhibits in con¬
with the results shown in the general totals .
and
sonance
Nineteen
roads, it will be seen, are able to report
earnings in amount in excess
$100,000, while the roads showing decreases in
the gross above that amount number only
16.
In the case of the net earnings the showing is still
more favorable, 41 roads reporting gains above the
amount specified,
and but two roads reporting
losses.
Both the large trunk lines—the Pennsylvania
and the New York Central—show very substantial
an
increase in
gains in net earnings, the former (which heads the
list of increases in net) reporting an increase of
$3,178,504, after a small iiicrease, $155,502, in the
case of the gross, and the latter an increase of $1,030,529 after reporting a loss in gross earnings of
$1,122,022.
(These figures cover the operations Of
the. New York Central and its leased lines; when,
however, the Pittsburgh & Lake Erie is included,
the result is a decrease of $1,(313,939 in the case of
Pittsburgh & Lake Erie.-.
Decrease
Boston & Maine
Northern..
and a gain of $1,299,265 in the case of the
Other roads which make a favorable showing
are the
Atchison Topeka & Santa Fe, with an in¬
crease in net
of $1,098,713, after a* loss in gross
earnings of $238,293; the Southern
increase
in
gross
or
groups,
with
Southern, and the Western—together
the
all
various
amount in excess of
Pacific System>
$100,000, whether increases or
of november
Increase
Pacific
Norfolk & Western
Southern Ry
Union
Northern—
Ohio.
N Y N H & Hartford
N Y Chicago & St Louis.
Erie
Chesapeake & Ohio
Erie (2 roads)
Elgin Joliet & Eastern—
Southern Pacific (2 roads)
Chic Milw St P & Pac...
Pennsylvania
Minn St P & S 8 Marie..
Pittsburgh & Lake Erie..
Cin N O & Texas Pacific.
1
ing
361,623
327,937
321,736
a$l,122,022
459,467
332,197
289,362
281,599
263,799
238,293
177,316
Reading
Atch Top & Santa Fe
Colo Southern (2 roads)..
173,261
316,534 Texas & Pacific
254.491 Chicago Burl & Quincy._
208,697 Kansas City Southern
204,827
157,568
155,502
Yazoo &
130,561
Seaboard Air Line
142,119
139,429
131,539
Chic St P Minn & Omaha
Internat Great Northern.
.
121,720
Mississippi Valley
108,969
100,689
108,083
small losses;
the
together with their regions
all the different districts
report
groups
group
* Our summary by
As previously explained, we
the roads to conform with the classification
substantial
increases.
is as below.
The boundaries of the different groups
of the ICG.
$5,676,221
indicated in the footnote to the table.
and regions are
SUMMARY BY GROUPS
,
.
1
-Gross Earnings
District and Region
Month of
1938
%
Eastern District-
(—)
Inc. (+) or Dec.
1937
$
November
%
$
region (10 roads).... 12,554,594
Great Lakes region (24 roads)
59,291,853
Central Eastern region. (18 roads).. 62,133,446
12,113,602
+440,992
1 3.63
59.764,832
»—472,979
0.79
61,552,519
+580,927
0.94
.133:979,893
133,430,953
+ 548,940
0.41
New England
Total (52 roads)......
A
Southern
Disljict—
Southern region (28 roads)
Pocahontas region (4 roads).....
Total (32 roads).;
40,759,306
.
.
.....
19,437,949
—73,723
0.18
+ 1,051,936
5.41
+ 978,213
1.62
+ 877,991
2.53
40,833,029
20,489,885
61,249,191
60,270,978
35,573,307
63,553,493
,
34.695,316
62,709,093
26,444,076
Western District—
(15 roads)
Northwestern region
—
Central Western region (16 roads)
(21 roads) —
Southwestern region
.
.
.
24,738,521
+ 844,400
—
1.02
1,705,555
6.44
Total (52 roads).....
.123,865,321
123,848,485
+ 16,836
0.01
Total all districts (136
roads)... .319,094,405
317,550,416
+ 1,543,989
0.48
—Net Earnings
District and Region—
1937
1938
Mileage
1937
Month of Nov.
,
——
Inc.{+)
$
$
1938
Eastern District—
$
or
Dec.{—)
%
+724,635 33.49
+3,460,937 31.37
+5,394,258 42.79
26,360
24,753
2,888,153
14,492,366
17,998,166
2,163,518
11,031,429
12,603,908
58,089
35,378,685
25.798,855 +9,579,830 37.13
38,556
6,049
38,722
6,044
10,634,503
9,532,453
8,414,068
7,853,892
+2,220,435 26.39
+1,678,561 21.37
44,605
44,766
20,166,956
16,267,960
+ 3,898,996 23.96
45,851
56,551
29,358
45,986
56,853
29,404
8,619,689
6,835,677
14,612,463
+1,784,012 26.09
18,680,006
5,528,795
5,400,639
.131,760
132,243
32,828,490
26,848,779
Total all districts. .234,166
235,098
88,374,131
68,915,594 +19458,537 28.23
region..
6,782
6,976
Great Lakes regipn...
26,312
24,707
57,801
Total..—..
-
Southern District—
Southern region
Pocahontas region
Total
Western District—
Northwestern region..
Central Western reg'n
Southwestern region..
Total
+4,067,543 27.83
+128,156
2.37
+5,979,711 22.27
conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
NOTE—Our grouping of the roads
groups
and regions:
EASTERN DISTRICT
New
England Region—Comprises the New England States.
Great Lakes
Region—Comprises the section on the Canadian boundary between
a
the westerly shore of Lake Michigan to Chicago, and north of
Pittsburgh to New York.
line from Chicago via
Central Eastern Region—Comprises the
east of a line
section south of the Great Lakes Region
from Chicago through Peoria to St. Louis and the Mississippi River
Ohio River, and north of the Ohio River to Parkereburg, W. Va..
line thence to the southwestern corner of Maryland and by the Potomac
to the mouth of the
and a
River to Its mouth.
SOUTHERN DISTRICT
Region—Comprises the section east of the Mississippi River and south
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Southern
Pocahontas
Region—Comprises the section north of the southern boundary
of
Virginia, east of Kentucky and the Ohio River north to Parkereburg, W. Va.,
and south of a line from Parkereburg to the southwestern corner of Maryland and
thence by the Potomac
River to Its mouth.
WESTERN
Northwestern
103,379
DISTRICT
Region—Comprises the section adjoining Canada lying west of the
of a line from Chicago to Omaha and thence to Portland,
Great Lakes Region, north
Total (16 roads)
$4,081,781
These
Pittsburgh & Lake Erie, the result is a
earnings, with the
Great Lakes, the
Southwestern—which show
while in the case of the net earnings,
and
Southern,
New England and
Decrease
'*■
$999,460 New York Central.
752,267 Missouri Pacific
462,556 Atlantic Coast Line
428,194 Lehigh Valley—
382,806 Missouri-Kansas-Texas
figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
Includ¬
a
dis-
comprising these
exception that three regions—the
decreases, and in both gross and net:
4 *'3
pIWoipAl ohanges~in"gross earnings "for the'mont'B
Total (19 roads).
regions
tricts, report small gain in gross
$1,199,029; the Southern
Bessemer & Lake
arranged in
are
geographical divisions, according to their
that all the three great districts—the
Eastern, the
of $204,827 and a gain
Ry., showing
a
gain in gross of $462,556 and a gain in net of
$1,195,968, and the Norfolk & Western, with an
increase in gross of $752,267 and a, gain in net of
$1,016,513.
In the following table we indicate all
changes for the separate roads and systems in
Baltimore &
roads
prise to find that jwhen the
Central Eastern region
Great
said above, it is no_sur-
In view of what has been
net.)
net of
$347,607
York Central and the
Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
Includ¬
ing Pittsburgh & Lake Erie, the result is an increase of $1,299,265.
the gross
in
$188,044
159,563
—
a These figures cover the operations of the New
leased lines^—Cleveland Cincinnati Chicago & St. Louis,
New England
an
112,869
..$18,697,227
Total (41 roads)
gross
of
with
122,879
122,250
—
Island
Long
338,724 Atlantic Coast Line
268,736
Total (2 roads)....
243,079
Louisville & Nashville
location,
Note—Figures In above table
_
373,832
Elgin Joliet & Eastern363,983
Great
Cin N O & Texas Pacific.
380,609
375,930
& St Louis..
Chic Milw St P & Pac—
Denver & R G Western..
_
Nash Chatt & St Louis—
Z618.771 zl,157,509
TA ,079,627
Corn
174,319
163,079
158,506
154,648
142,556
141,895
Minn St P & S S Marie...
434,344 Wheeling & Lake Erie
8,034
2,657
Omaha (cars)...
Del Lack & Western
Chicago Burl & Quincy
Pacific
Grand Trunk Western—
Northern
Chicago & North Western
12,776
3,.504
(care)...
Kansas City
roads).
Chic R I & Pac (2
437,283
*3,817,920
(cars).. *2,529,604 *2,615,380 *3.014,667 x2,189,930
Cotton receipts, South¬
1,665,269 1,389,118
1.044,883
907,613
451,741
ern ports (bales).!...
Livestock receipts: g
19,105
Western
Reading
696,046
Freight traffic:
Car loadings, all
7,504
221,755
213,554
213,515
204,086
179,339
Dul Missabe & Iron Range
Erie (2 roads)
Bessemer & Lake Erie
Delaware & Hudson
Chicago (cars)
$240,926
Pere Marquette
Chesapeake & Ohio
ton*):
Coal (net
al,030,529
1,016,513
834,484
710,732
708,351
New York Central
Production (passenger)
MON*H
OF NOVEMBER
also much smaller.
were
net EARNINGS FOR THE
IN
PRINCIPAL CHANGE8
various farm
1939
14,
Jan.
Chronicle
decrease of $1,013,939.
and by the
Columbia River to the Pacific.
Central Western
Region—Comprises the section south of the Northwestern Region
west of a line from
Chicago to Peoria and thence to St. Louis, and north of a line
frotn St. Louis to Kansas
to the
Pacific.
City and thence to El Paso and by the Mexican boundary
Volume
148
Financial
The grain traffic
collectively),
as
Western roads
over
was
still
with the
1936.
on
a
greatly increased scale
movement
All
the
in the
as
the
movement of which
was
compared
to
the
single exception of wheat, the
was
the previous
year.
considerably larger than in
Altogether, the receipts at the
primary markets of the five cereals, wheat,
corn, oats,
barley and
in the four weeks ended
rye,
of the
preceding
and in the
In
the
same
the
previous
land of the
Gross
in
Flour
Nov 26
FLOUR AND
give the details of the
GRAIN
1937
...
RECEIPTS
Wheal
Corn
Oats
Barley
{bush.)
{bbls.)
...
usual form:
our
Rye
{bush.)
{bush.)
{bush.)
{bush.)
Chicago—
1938
only 34,437,000,
838,000
857,000
991,000
2,258,000
13,134,000
13,666,000
903,000
41,000
916,000
452,000
Minneapolis—
1938
3,354,000
3,078,000
1937
4,124,000
4,390,000
761,000
1,572,000
2,090,000
3,492,000
410,000
456,000
Duluth—
1938
1937
...
5,530,000
3,096,000
...
.
1938
...
1937
...
419,000
782,000
1,775,000
2,275,000
416,000
225,000
69,000
60,000
99,000
84,000
749,000
1,114,000
127,000
933,000
276,000
5,000
16,000
429,000
234,000
151,000
24,000
49,000
1,458,000
2,287,000
31,000
64,000
'
1938...
254,000
299,000
...
Detroit—
1938
...
1937
...
v
......
l»
M
Indianapolis & Omaha—
1938
...
805,000
1937
...
670,000
5,106,000
6,924,000
520,000
1,231,000
1,804,000
170,000
189,000
49,000
3,054,000
351,000
162,000
28,000
327,000
55,000
:
,
606,000
39,000
St. Louis—
1938
1937
...
476,000
...
423,000
...
1937
...
145,000
139,000
116,000
103,000
4,966,000
3,145,000
...
2,109,000
3,492,000
102,000
208,000
194,000
202,000
...
1937
...
237,000
144,000
Wichita—
1938
^
...
1937
85,000
103,000
2,253,000
2,454,000
146,000
354,000
«•
«t
•»> *
A
...
.
"551,000
...
938,000
......
724,000
1937
40,000
17,000
...
------
54,000
54,000
100,000
'
-•
54,000
1937
411,000
8,000
41,000
782.000
27,000
22,000
17,850,000
14,849,000
1,529,000
32,465,000
39,505,000
WESTERN FLOUR AND
II Mos.End. Flour
Nov. 26
Wheat
{bbls.)
1938 .;.
{bush.)
9,957,000
1937
9,618,000
...
3,524,000
7,112,000
GRAIN
Corrt
{bush.)
Chicago—
31,000
20,000
{bush.)
29,022,000 129,077,000
59,^39,000
1,188,000
1,411,000
RECEIPTS
Oats
22,408,000
23,085,000
37,558,000
5,662,000
9,507,000
Barley
{bush.)
Rye
{bush.)
9,383,000
2,781,000
9,889,000
5,274,000
Minneapolis—
1938
,
1937
3,000
...
...
■
56,313,000
49,418,000
.
'
<t
ft
27,826,000
16,207,000 31,960,000
21,205,000 26,561,000
8,094,000
8,538,000
7,295,000
,
Duluth—
1938
1937
49,701,000
27.982,000
....
...
.
25,292,000
2,862,000
15,902,000
14,014,000
6,958.000
8,287,000
10,727,000
6,420,000
Milwaukee—
1938
...
1937
...
'
830,000
5,911,000
12,521,000
695,000
6,613,000
3,327,000
986,000 23,099,000
1,584,000 14,628,000
517,000
1,174,000
Toledo—
1938
1937
.r„_
10,059,000
5,306,000
.....
...
9,915,000
1,912,000
.
6,415,000
4,737,000
123,000
130,000
244,000
312,000
Detroit—
1938
...
1937
...
67,000
2,000
54,000
80,000
63,000
1937
27.421,000
27,294,000
...
...
35,162,000
23,704,000
11,683,000
13,000
492,000
15,371,000
3,000
685,000
St. Louis—
1938
1937
...
5,465,000
...
5,304,000
21,906,000
23,449,000
27,194,000
16,403,000
4,492,000
1,643,000
298,000
6,216,000
2,251,000
396,000
Peoria—
1938
...
1937
...
Kansas
1938
1937
1,940,000
1,905,000
2,862,000
1,939,000
24,458,000
16,659,000
3,225,000
3,379,000
2,819,000
2,962,000
829,000
1,689,000
City—
...
704,000
94,226,000
10,822,000
2,692,000
...
619,000
93,066,000
9,495,000
3,187,000
1938
6,165,000
2,814,000
2,037,000
1937
8.259.000
1,527,000
1,685,000
...
...
19,701,000
25,105,000
over¬
cotton.
only 140,669 bales
Back
down to 67,874
were
the details
give
we
SOUTHERN PORTS
IN
1938,
NOVEMBER,
1937 AND
Month of November
1938
Galveston
1937
1938
1936
Since Jan. 1
1936
358,312
5,995
—
266,322
119,670
Houston, &c
140,672
148,334
New Orleans..
^25,111
Pensacola, &c
209,397
1,741
■tm
«.
-
~
J.
-
'
Savannah
1199207386457
AT
1936, AND SINCE JAN, 1,
Ports
3,742
1,155
2,496
Wilmington
7,896
17,094
1938
1937
1936
382,167 1,180,030 1,499,793 1,628,095
278,956 1,195,122 1,394,818 1,374,540
299,191 1,153,652 1,925,565 1,698,850
29,427
103,195
304,689
223,254
2,238
5,862
33,689
83,436
4,182
45,721
159,359
136,352
20,872
48,215
189,278
154,198
1,937
11,517
4,869
5,096
28,542
18,220
7,025
29,144
366,169
51,538
40,342
10,852
455,434
309,722
2,308
1,796
4,265
3,684
42,647
321
961
18,880
72,309
18,879
329
Norfolk
572
232
1,819
6,005
2,734
20,769
Beaumont
Jacksonville
—
Total..
451.741
Finally,
add
we
:
19,866
53,081
•
15,767
3,941
907,613 1,044,883 4,218,998 6,129,576 5,741,444
a
comparisons of the
summary
the
of
November
and net earnings of the
gross
for each
year
back to and
including 1909:
Cross
Earnings
of
Year
Year
November
Given
Preceding
1909
Mileage
112,000
69,000
54,000
...
2,000
Per
272,882,181
530,106,708
—32,646,340
+ 66,310,622
+ 23,652,274
+ 33,304,905
+ 82,163,408
439,029,989
—2,593,438
438,038,048 + 154,239,572
590,468,164 —126,027,666
466,130,328
+ 57,618,156
522,458,208
+ 7,648.500
504,589,062
530,724,567
531,742,071
504.781.775
531,199,465
561,153,956
306,633,317
330,258,745
360,062,052
438,602,283
436,436,551
592,277,620
Year
Year
Cent.
Given
Preced'g
+ 16.50
226,204
222,966
+0.41
237,596
234,209
231,563
—0.73
+ 13.07
.
240,235,841
—3.28
—11.
240,422,695
306,606,471
326,757,147
356,438,875
233,340
237,376
243,745
246,497
233,305
241.452
242,849
+ 27.58
+ 7.71
246,910
245,858
248,863
248,058
+ 10.19
242,407
241,621
+ 23.06
232,259
*—0.59
232,274
233,032
+ 35.21
232.911
235,213
233,839
—21.34
236,043
234,972
+ 12.36
234,748
+ 1.46
253,589
253.793
—26,135,505
—4.92
236,309
236,122
+ 5.34
236,726
235,917
236,369
317,550,416
257,376,376
256,637,723
300,927,116
357,792,100
+26,960,296
+ 28,736,430
—58,159,905
+ 26,968,447
—32,806,074
—100,671,064
—93,375,649
—51,606,559
+ 7,278,342
—747,213
+ 44,278/559
+ 57,039,877
—40,241.684
319.094.405
317,550.416
+ 1,543.989
464,440,498
523,748,483
1925..
559,935,895
502,994,051
1927----..
530,909,223
498,316,925
398,211,453
304,896,868
1932......
253,223,409
1933.--.-.
260,503,983
1934......
256,629,163
300,916,282
357,966,993
503.940.776
531,122.999
498,882,517
398,272,517
304,829,968
253,225,641
+ 5.41
235,679
—10.36
237,335
238,711
238.142
+ 5.36
241,138
239,982
—6.18
.241,695
241,326
—20.18
242,616
242,734
242,636
241,971
242,708
242,027
244.143
—0.29
238,826
240,836
+ 17.25
237,306
236,428
238,668
+ 18.95
—11.25
235,104
235,624
+0.48
234.166
234,098
—23.44
—16.93
+2.87
242,625
237,485
Net Earnings
Month
of
Year
Year
November
Given
Preceding
Decrease {—)
$92,016,358
$73,266,874
93,778,921
+ $18,749,484
1909
1935...—
104,000
159,000
Inc. ( + ) or
Dec. {—)
$242,115,779 $207,816,169 + $34,299,610
246,650,774
245,651.263
+999,511
241,343,763
243,111,388
—1,767,625
276,430,016
244,461,845
+31,968,171
269,220,882
278,364,475
—9,143,593
1910..
83,290,035
79,050,299
93,017,842
82,069,166
Increase
(+)
Per
or
—10,488,886
—3,018,867
Cent
+25.59
—11.18
'
—3.68
80,316,771
+ 12,701,071
+ 15.81
—15,069,*894
—9,578,383
—16.15
97,366,264
93,282,860
77,567,898
67,999,131
118,050,446
117,012,625
95,809,962
74,979,347
48,244,641
78,431,312
113,662,987
124,931,318
78,212,966
67,989,515
118,002,025
118,373,536
96,272,216
75,882,188
48,130,467
85,778,171
,
+ 50,002,894
—12.35
+ 73.53
+ 323,090
+0.27
—20,830,409
—19,927,774
—26,848,880
+ 37,533,530
—17.79
—20.80
—35.81
+ 77.80
+ 18,934,852
+ 24.14
97,816,937
+ 15,846,050
117,623,537
125,084,714
131,381,847
+ 7,307,781
+ 16.19
+ 6.21
+ 6,350,391
+ 5.08
+ 16,775,769
+ 12.77
148,132,228
+ 10,065,218
+ 6.79
—32,544,547
+ 29,896,691
—20.53
—30,028,982
—19.10
99,528,934
158,501,561
127,243,825
157,192,289
127,125,694
—27,596,760
—21.70
66,850,734
63,966,101
99,557,310
66,854,615
—32,706,576
—32.85
66,866,614
-
63,962,092
65,899,592
60,061,636
—10.22
131,435,105
148,157,616
158,197.446
125,957,014
157,140,516
127,163,307
1934...j
Wichita—
1937
COTTON
AND
1931..'.
St. Joseph—
1938
OF
1937
1918....
Indianapolis & Omaha—
1938
RECEIPTS
1926
1,625,000
...
...
were
of
years:
1921......
Total All—
1938
regards shipments
subjoined table
1922.
...
below that
port movement of cotton for the past three
1916......
187,000
91,000
423.000
■
Sioux"City—
1938
of the
1913..."...
•
•
h.
...
Southern roads the
fell far
November, 1929,
In the
1912......
St. Joseph—
1938
bales and in
1911
Kansas City—
1938
97,000
1937
50,000
86,587,000 84,024,000 20,914,000
89,871,000 67,914,000 23,554,000
Month
Peoria—
1938
244,000
shipments totaled only 82,172
railroads of the country
m
317,000
669,000
'
against 223,897 the previous
as
cotton
Lake Charles
1,237,000
2,723,000
Toledo—
1937
the
Corpus Chrlstl
Milwaukee—
970,000
Rye
and 221,579 bales in November, 1936.
1932
Charleston...
...
as
{bush.)
staple and the port movement of
Mobile
979,000
1,776,000
both
year
"
over
movement
.shipments overland
year,
in
11199932268750837405.
465
we
Western grain movement in
WESTERN
were
1929, 46,806,000 bushels.
traffic
November, 1938,
corresponding period of 1936.
receipts
•
November, 1938,
bales.
subjoined table
4 Wits. End.
'
As to the cotton
Barley
{bush.)
436,000
1,012,000
1,960,000
303,809,000
312,497,000 145,743,000
but comparing with but 38,-
month of
{bush.)
1938 —18,899,000
324,903,000
1937 .-.18,141,000
year,
Back in 1932 the
grain
{bush.)
1,832,000
.....
Total All—
in the
689,000 bushels
Oats
1,616,0003,226,000
—
Nov.
26, 1938, totaled only 60,689,000 bushels, as
against 72,393,000 bushels in the same four weeks
Corn
{bush.)
1938
corresponding month of
different cereals contributed
shrinkage, with
Western
already indicated,
November, 1937, although
Wheat
City—
1937
very much smaller than in
it
(taking them,
187
11 Mos.End. Flour
Nov. 26
{bbls.)
Sioux
have
we
Chronicle
82,690,190
—2,888,514
+2,904,522
—6,732,119
+ 22,685,802
+27,536,752
68,915,594
110,214,702
—41,299,108
—37.47
88.374,131
68.915.594
+ 19.458.537
+ 28.23
59,167,473
—
—
+ 23.49
82,747,438
110,226,942
•—4.32
+ 4.54
+ 37.77
+ 33.30
Financial
188
•
«
'
•]
'
,'i
'
>
.
'
•
'
* *ai
s, *
j
1939
14.
Jan.
Chronicle
'
<
k|
,
" '
•
.
Treasury—Receipts in Fiscal Year 1938
1937—Expenditures in 1938 Total $7,691,000,000
Below Preceding Year—Proportion of Total Revenue from Income
of Secretary of the
Annual Report
000,000, Gain
of $947,900,000 over
$855,000,000
or
Reported Steadily Rising
Taxes
Increase
in his annual
Treasury Morgenthau,
of the
Secretary
the
in
accounts
result of the
The report
Federal deficit
deficit of $3,148,000,600
greatly since
increased
commodity taxes in the aggregate,
for 1937 and 1938:
RECEIPTS BY MAJOR
1937 AND 1938, a
(In Million of Dollars)
1938
or
(—)
Item al revenue:
Current
1;145.6
1,189.0
251.3
996.0
258.3
251.6
—6.7
25.1
36.6
11.5
2,173.7
2,622.8
449.1
894.3
corporation b—
r---
Back taxes.
193.0
—-----
-
-
Excess-profits tax
(collection basis)
Adjustment to dally Treasury statement (unreTotal Income taxes
re vised)
—16.2
11.8
28.0
2,157.5
2,634.6
477.1
—.— -
of $947,900,000 in receipts during
occurred in customs receipts as a result
during the last six months of the
decrease
largest
compared with
1938
Sources—As is regularly the case,
in the collections from excise taxes
taxes on distilled spirits and wines
(cash basis).-.
of ordinary receipts came
arranged in order of mag¬
nitude:
Current individual income; current corporation income; social
security; tobacco; estate; distilled spirits and wines; fermented malt lqiuors;
gasoline; carriers and their employees; capital stock; and automobiles,
trucks, tires, tubes, and parts or accessories.
Among primary sources
of revenue, the individual and corporation income taxes, both on current
and back account, and the estate and capital stock taxes yielded approxi¬
the following 11 tax sources,
mately $3,107,700,000, or almost
one-half the total receipts.
of receipts derived from income and related
individuals and corporations has increased greatly since 1934,
Capital stock
137.5
139.3
1.8
"281.6
— ------
Estate
382.2
100.6
23.9
34.7
10.8
312.2
294.5
—17.7
281.6
273.2
—8.4
551.9
567.8
15.9
69.9
Gift
46.2
—23.7
196.5
203.6
,7.1
125.2
89.6
—35.6
36.0
38.5
-
-
(Incl. special taxes) b
Fermented malt liquors (incl. special taxes> b_.
Distilled spirits and wines
Tobacco b.,
-
Stamp..,
Manufacturers' excise taxes:
"
Gasoline....
Automobiles, trucks, tires, tubes, and parts
or
accessories-.----.
...
Electrical nergy
2.5
31.5
All other.
—
31.6
.1
C60.7
53.5
—7.2
449.9
Lubricating oils
416.8
—33.1
24.6
24.0
—.6
—
commodity levies in the aggregate, including
The latter were, of course, increased by
in 1934 and i935 but have declined
in
relative importance even since 1936.
.These shifts resulted partly
from changes in the general business situation, which affect income tax
receipts more sharply than receipts from relatively stable consumption
sources; and partly from
revenue law changes involving, among other
things, heavier direct taxation on individual incomes and estates.
Individual and corporate income taxes, which constituted from onehalf to three-fifths of tocal receipts in 1932 and prior years, constituted
the
.
v'
radio facilities,
i
I
collected
during
Admissions
Suvar Act of 1937.—.
1.3
20.8
13.3
upon
1.7
3.2
o
3.2
30.6
-±
clV.O
—
its
not in
receipts,
Miscellaneous
the decade or
the main of tax .origin, which
comparatively small in
30.6
13.2
0.2
table, showing the expenditures by
from the report:
The folio wing
miscellaneous
Internal revenue
EXPENDITURES BY
classifications of
taxes
2,188.7
Adjustment to dally Treasury statement
2,272.2
MAjbR FUNCTIONS, FISCAL YEARS 1937 AND 1938
Treasury statements as reclassified on July
the Bureau of the Budget. In millions of dollars.]
7.3
14.8
■
(un
revised)—.
1, 1938, and of
83.5
—7.5
(collection basis)
major
functions for 1937 and 1938, is taken
fOn basis of daily
Total
had large
when the Government was realizing
more
investments and loans, have been
war
the past few years.
......
—
Social security taxes, which were first
10% of total
1937, constituted almost
1.1
11.6
Coconut, &c., oils processed b
Bituminous Coal Act of 1937.1
All other miscellaneous
12.5
19.7
year
The estate tax, which constituted 6% of total receipts
1938, contributed a larger absolute amount than in any prior year.
—
-
1938.
the fiscal
receipts in 1938.
significance in
11.2
Transportation of oil by pipe line.
decreased.
of totai receipts in
41%
*'
Telegraph, telephone, cable, and
&C-.
has
customs,
collections from the processing taxes
in
Total manufacturers' excise taxes—
taxes on
while the
from
derived
proportion
Miscellaneous Internal revenue taxes:
1938
the bulk of ordinary receipts in
few sources; 86%
derived from relatively
The proportion
Total Income taxes
of a
fiscal
the previous
the corresponding period during
Other sizable decreases occurred
automobiles, &c., stamp taxes, and
was
Current Individual
and will not necessarily
by an increase of
from customs and
Income taxes
nearest tenth of a million
substantial contraction of imports
on
De¬
crease
947.9
1938.
The
year
1937
"
also quote:
share of the increase
accounted for
year.
Increase
Sovrce
6.241.7
taxes,
the year
$444,300,000 in current corporation
and individual income taxes.
Receipts from these sources rose not only
because of the high levels of incomes in 1936 and 1937 but also because
of the effect of the legislative changes incorporated in the Revenue Acts
of 1936 and 1937.
The provisions of the Revenue Act of 1936 included
the undistributed profits tax, the subjection of dividends to normal taxes,
and an increase in surtax rates on individual incomes; and the Revenue
Act of 1937 contained provisions which concerned mainly the prevention
of tax avoidance.
The increase of $476,900,000 in taxes which first became
effective during the fiscal year 1937, viz. social security taxes and taxes
upon carriers and their employees, imposed by the Carriers Taxing Act
of 1937, accounted for more than half of the total increase in receipts.
Other significant changes in receipts were the increases of $100,600,000
in the collections from estate txases and $15,900,000 from tobacco taxes.
The $30,600,000 collections from taxes imposed by the Sugar Act of 1937
and the $3,200,000 collections from taxes imposed by the Bituminous
Coal Act of 1937 constituted new sources of revenue during the fiscal
A large
was
year
SOURCES FOR THE FISCAL YEARS
of income
From the report we
1934," while the proportion
including
customs, has decreased.
In the 1938 fiscal year 41% of
Federal revenues came from income taxes, as against 35%
in 1936, 29% in 1935, 26% in 1934, and 36% in 1933.
The report presents as follows a comparison of receipts
"has
derived from
—2.1
5,293.8
and special accounts
general
receipts,
detail
Note—Figures are rounded to
individuals and corporations
taxes on
208.2
add to totals.
proportion of receipts from
showed that the
and related
14.4
210.3
receipts (cash basis).
other miscellaneous."
preceding fiscal year.
income
107.0
miscellaneous internal revenue taxes, and other
internal revenue taxes is on the basis of Internal revenue collections with totals ad¬
justed to basis of daily Treasury statement (unrevised). Customs and miscellaneous
receipts are shown on the basis of the daily Treasury statement (unrevised). General
and special accounts are combined. For description of accounts and bases, see page
351 of recport of the Secretary of the Treasury.
b Collections for credit to trust funds are not Included.
For details of the col¬
lections see note on page 426 of report of the Secretary of the Treasury.
c Receipts from Jewelry tax,
repealed effective June 23, 1936, included in "al-
debt requirements are de¬
comparing with a net
35.6
92.6
(cash basis)
the year amounted to $1,384,-
ducted, the net deficit for
in the
Total
The
a
under general and special
year
If public
$1,449,600,000.
200,000,
Total miscellaneous
—13.3
48.9
—
receipts...
All other miscellaneous
$7,691,000,000, a decrease of $855,000,000
from the preceding fiscal year, indicating a
of
Seigniorage.
incorporated in the revenue laws of
Total expenditures of the Federal Govern¬
1938. fiscal
were
(Concluded):
receipts
Miscellaneous
changes
1936 and 1937.
ment
(—)
made public on Jan. 6,
high levels of incomes and as a
because of the
legislative
De¬
or
crease
revealed that
Treasury receipts in the fiscal year 1938 amounted to
$6,241,700,000, an increase of $947,900,000 over the pre¬
ceding 12 months.
Much of this increase, according to
the report, was accounted for by a rise of $444,300,000 in
current
corporation and individual income taxes, both
report to Congress
1938
1937
Source
"
'
A
Increase
1938
1937
Class
or
De¬
crease
Total
miscellaneous
internal
(cash basis)
revenue
2,181.2
-
2,279.5
98.3
Ordinary:
Legislative, judicial, and civil
Other internal revenue taxes:
0.3
Unjust enrichment...
149.2
327.7
Veterans' pensions and
6.2
0.1
...
271.8
748.9
477.1
—13.4
basis)
11.3
24.7
basis)
258.4
760.2
501.8
(collection basis)
Adjustment to daily Treasury
1,009.5
4,634.3
5,643.8
—37.2
Total Internal revenue taxes
30.5
67.7
4,597.1
5,674.3
1,077.2
359.2
—127.2
statement (un-
revised)
basis).
486.4
Customs
internal
revenue
taxes
and
5,083.5
6,033.5
950.0
Proceeds of Government owned
,
Foreign obligations
All ottmr
—3.2
44
—165
448
678
230
145
139
47
73
26
1
98
97
4,646
—17
351
237
—114
42
42
52
65
13
148
98
—50
45
of
61
16
Public works:
Tennessee Valley
-
Authority
Reclamation
...
improvement--
.
.
1
77
76
Public buildings
Total
0.6
65.0
60
100
362
--
Total
securities:
0.6
926
6
..
retirefund funds
war
claims, Commodity
Corporation losses, &c.)
Other
68.2
—556
4,663
(settlement
Grants to public
Miscellaneous receipts:
85
572
56
Flood control
customs
(cash basis)..
712
980
527
- -.
Rivers and harbors,
Total
..
...
-
Public highways
Total Internal revenue taxes (cash
-
-
Government employees'
Other
Total other internal revenue taxes (cash
'
Social security
-
debt.
Railraod retirement
statement (un-
23
689
866
_
Agricultural adjustment program
(collectior
revised)
f
Interest on the public
Refunds of receipts
Adjustment to dally Treasury
■
.
benefits
895
1,128
establishments
National defense
593.2
6.1
Social Security
149.5
265.5
Carriers and their employees.
Total other internal revenue taxes
(—)
taxes
---
bodies, including administration.
273
115
—83
190
,
no
-
—5
..
1,102
880
—222
Volume
148
Financial
Chronicle
189
ISSUES AND MATURITIES AND REDEMPTIONS OF INTEREST-BEARING
DEBT, FISCAL "VEAR
Increase
Class
1937
1938
De¬
or
1938
fOn basis of daily Treasury statements
funrevised)]
(—)
crease
Unemployment relief:
Maturities and
Direct relief
184
Civilian Conservation Corps
—60
1,996
—531
.
Total....
Loans and subsc. iptions to
stock, &c. (net)
Debt retirement
150
104
Pre-war and postal savings bonds
included
veterans'
net
a
pensions
decrease
and
of
benefits,
65
—39
7,691
—855
$556,000,000
in
due
was
the
expenditures
principally to
the
of
naval
vessels,
visions of the naval
tures
for
refunds
aircraft,
treaties of
of
receipts
and
1922 and
was
expenditures
subsidiary
Treasury notes..
Certilicates of indebtedness.
accounted
for
works
to
the
Total special Issues
con¬
meet
pro¬
for
largely
by
the
Gra"d fetal
enacted in 1937
an approved unemployment compensation law.
The increase in social security expenditures of $230,000,000 included
the railroad retirement account,
which
were
Ex¬
begun
"Other'* ordinary expenditures increased $97,000,000
the previous
over
This increase was due mainly to the appropriation of $94,000,000
Commodity Credit Corporation in the Deficiency Act of June 25,
to the
1938, to restore capital which had become impaired as a result of its opera¬
tions, as provided by the Act approved March 8, 1938.
The decrease of
for
$222,000,000 in public works expenditures
by decreased
rivers
and
expenditures
harbors,
unemployment
decrease in
and
for
for
public
grants
relief declined
by
expenditures of the
highways,
public
to
$531,000,000,
Works
for
bodies.
was
accounted
improvement
Expenditures
mainly
as
result
a
Progress Administration
of
for
of
a
of $424,-
000,000.
increased
The, report said that public debt retirements in the fiscal
1938 amounted to $65,000,000.
From the report
tures for interest
amounted
the net
with
for
to
the
deficit
1938, in general and
year
$1,449,600,000.
If public
debt
retirements
are
deducted,
This compares
$947,084,058,
the
and
2.589%
computed
Actual expendi¬
.
during 1938 amounted to $926,280,714.
The offering
(1)
of
Cumulative Sinking Fund
•
■
•
Credits accruing to the cumulative
sinking fund
1938 amounted to $577,609,381, which with the
during the fiscal
year made
Only $65,232,400 of this amount
$1,196,526,190
applied to
was
the redemption of the public debt—$83,000 for the
retirement of
bonds at
turing
Treasury
$65,149,400 for the redemption of Treasury notes ma¬
and
par
during
the
and
year
presented
for
cash
To
redemption.
offerings without
any net
pended balance of $1,131,293,790
change in the public debt.
was
The
to
$3,148,600,000 for the previous year.
carried forward to the fiscal year 1939.
General
Fund
includes
all
moneys
of the
Government
deposited
with and held by the Treasurer of the United States
including the moneys
covered into the Treasury which can be withdrawn
only in
appropriation
an
statement
debt outstanding at the close of the fiscal year
$37,164,700,000.
1938
increase of $740,100,000 since June 30,
an
This is the smallest increase in the gross debt since the fiscal year
1937.
1931, and is accounted for
follows:
as
-
.
,
Congress.
by
Every
receipt
of
the
pursuance
Treasury,
of
the
Treasury.
•
The total amount
the
of
assets
Less:
SI,524,713.050.28
"
,
•
'p'
Public debt retirements incl. in expenditures
$65,464,950.00
Excess of receipts over expenditures in trust and
other special accounts, excluding retirements
of national bank notes
The assets in
United
General Fund consist of gold,
the
States
other
and
silver, currency, coin,
Government officers,
in Federal Reserve
banks, special depositaries account of sales of Government securities,
National and other bank depositaries, foreign depositaries, and the
treasury
of the
Philippine Islands.
liabilities
checks,
of the
General
Fund consist of outstanding
Treasurer's
deposits of certain Government officers composed of balances to
the credit
784,586,467,12
the
and
in
unclassified collection items, &c., and deposits to the credit of the Treasurer
The
381,565,532.81
--.-.337,555,984.31
Reduction in General Fund balance
of
from
over
the total amount of the liabilities represents the balance
General Fund available to meet Government
expenditures.
of the
Excess of expenditures,.
unex¬
General Fund
above
amounted
have
exhausted all available credits would have
required a corresponding increase
whatever source, and every expenditure, of whatever
nature, affect either
the assets or liabilities, or both, of the General Fund shown in the
daily
The Public Debt
The gross public
year
balance of
unexpended
$6l8,9i6,809 brought forward from the previous
available for the year.
we
special accounts,
for the year amounted to $1,384,200,000.
net deficit of
a
fiscal
to
Treasury bonds and four series of Treasury notes, (2)
weekly offerings and redemptions of Treasury bills, and (3) the sale of
Uniteci States savings bonds.
The
deficit
$924,275,241
The open market operations during the
year included:
of three series
also quote:,
The
from
average rate of interest increased from 2.582 to
in cash
year
370.835.25
The
year,
an
July, 1937, and made monthly thereafter.
year.
^90.100.297,53
computed annual interest charge, on the basis (unrevised) of the
interest-bearing debt outstanding at the beginning and at the end of the
penditures for railroad retirement, which increased $139,000,000, consisted
in
m
Proceeds of sales plus earned accruals.
a
return,
increase of $122,000,000 in transfers to the
old-age reserve account.
to
.
The increase in expendi¬
1930.
authorized by the Act approved Aug. 24, 1937, of $41,000,000 of taxes
collected under Title IX of the Social Security Act to the 13 States which
mainly of transfers
$1,040,830,000.00
Special issues:
Expenditures for National
including
struction
$132,865,000.00
907,965,000.00
for
com¬
pletion in 1937 of the transfers to the adjusted service certificate fund for
the veterans' adjusted compensation
payment.
defense increased by $85,000,000,
$2,158,485,000.00
Total public issues-
$7,803,549,835.25
$702,615,000.00
1,455,870,000.00
Treasury bills
$150,597,535.25
2,746,073,300.00
4,906,879,000.00
$7,f 61,711,297.53
Total bonds...
Treasury notes
322,400.00
66,629,995.25
82,264,200.00
$2,428,007,297.53
1,275,755,000.00
3,757,949,000.00
Adjusted service bonds of 1945...
—46
104
which
$1,020,940.00
$1,910,602,550.00
a504.653.947.53
12,750,800.00
United States savings bonds
The decrease of $17,000,000 in the ordinary
expenditures of the Govern¬
ment
RedemvHons
Public issues:
Treasury bonds
8,546
Total expenditures
Issues
—441
326
Interest-bearing Debt
—30
1,516
386
.
154
1,957
2,527
Work relief
of the
Post
Office Department, the
Board of Trustees,
Postal
Savings System, and postmasters, clerks of courts, disbursing officers, &c.,
uncollected items, exchanges, &c.
and
,
Increase in gross public debt...
Although the
of interest-bearing
to
1.
.....
public debt increased during the
gross
public
issues
decreased
$740,126,583.16
..The balance in the General Fund is classified according to increment
on
year,
$341,800,000.
the amount
Special
issues
Government agencies and trust funds increased $1,117,700,000 during
the year.
gold, seigniorage, and working balance.
ANALYSIS
OF
to
as
public and special issues:
The first table presents a com¬
beginning and at the end of
is accounted for
CHANGE
JUNE
Balance, June 30, 1937
IN
as
follows:
THE'GENERAL
FUND
30, ,1037, AND JUNE 30,
$2,553,473,897.31
—
„
Ordinary receipts:
General and special funds.-.;.Trust funds, increment on
redemptions of the interest-bearing debt.
6,241,661,226.99
1,727,031,693.30
740,126,583.16
...
gold, &c
Net increase in groSs public debt.
COMPARISON
OF
PUBLIC
DEBT
1938,
OUTSTANDING
JUNE
1937
30,
AND
BY CLASSES
Total fUDds available
Deduct:
..—$11,202,293,400.76
,
Expenditures chargeable against ordinary receipts:
Gen. & special acc'ts— $7,766,374,277.27
Less
public debt re-
[On basis of ,daily Treasury statements (unrevised)]
tirements...-
1
June
30, 1937
June
30, 1938
Trust
Decease (—)
on
$
$
$
National
and
savings
postal
bonds—
Treasury bonds
U. S. savings bonds
service
'•
51,478,739.50
"
197,780,860.00
196,759,920.00
19,935,749,800.00 21,846,029,950.00
a799,648,901.77 al,237,672,854.05
Total expenditures
—1,020,940.00
and National
1,910,280,150.00
438,023,952 28
(excluding retirements of public debt
bank notes)
Balance, June 30, 1938
......
_ — — —
388,574,650.00
318,701,2.50.00
—69,873,400.00
A comparative
the General
Total bonds
21,321,754,211.77 23,599,163,974.05
2,277,409,762.28
Treasury notes....— 10,617,241,250.00 9,146,922,950.00 —1,470,318,300.(5)
Treasury bills
.
2,303,094,000.00 1,154,164,000.00 —1,148,930,000.00
9,046,375,4 8 7.76
$2.^15,917,913.00
—
bonds
of 1945
analysis of the assets and liabilities and the balance of
Fund is shown below for the beginning and close of the fiscal
—
year.
CURRENT
CASH
JUNE 30,
Total public issues
.
34,242,089,461.77 33,900,250,924.05
—341,838,537.72
ASSETS
AND
LIABILITIES
OF
THE
Increase
June
life Insurance
Treasury notes
Ctfs. of indebtedness.
TREASURY,
1937 AND 1938, AND CHANGES DURING THE YPjAR
[On basis of daily Treasury statements (unrevised)]
Special issues:
Adjusted serv. bonds,
Govt,
-
1,345,466,160.49
Pre-war
Adj.
,
bank
retirements.-.-'
Bonds:
i.
•.
,
funds, increment
&c——...$1,396,944,899.99
note
Public issues:
.
gold,
Less
•
.
'
*
65,464,950.00
,
r1
—$7,700,909,327.27
-
Increase or
Interest-bearing:
BALANCE
1938
Add:
the year, and the second shows, in summary form, the issues and maturities
or
•
.
,
[On basis of daily Treasu ry„,H ta tjynen ts (unrevised)]
constitute the outstanding debt are shown in the two tables which follow,
parison of the amounts' outstanding at the
THE
BETWEEN
The net changes during the year in the various classes of securities which
classified
■
The net change in the balance'of the General Fund from the
beginning
to the close of the fiscal year
500,157,956.40
707,967,000.00
349,895,000.00
30, 1937
June
30,1938
or
Decrease (—)
.500,157,956.40
1,277,717,000.00
897,800,000.00
569,750,000.00
547,905.000 00
Gold—
$
Gold
Assets:
$
12,318,172,420.10 12,962,923,999.12
$
644,751,579.02
Liabilities:
Total special issues
1,558,019,956.40
2,675,674,956-40
1,117,655,000.00
debt. 35,800,109,418.17 36,575,925,880.45
775,816,462.28
.
Gold certifs. outstanding
(outside of Treasury).
Total int-bearing
debt
Matured
interest
has ceased
Debt bearing no interest..
118,529,815.26
505,974,498.86
141,362,460.26
447,451,974.74
22,832,645.00
—58,522,524.12
Fed.
of
2,903,632,809.00
2,894,024,749.00
—9,608,060.00
6,020,442,436.78
7,820,450,860.38
1,800,008,423.60
10,470,461.75
156,039,430.93
9,387,519.82
159,039,430.93
—1,082,941.93
1,800,000,000.00
certificates
Gold
Board
which
on
1,800,000,000.00
fund.
Governors,
Reserve System.
Redemption
fund,
Fed.
Reserve notes
Total gross debt..
36,424,613,732.29 37,164,740,315.45
Balance in General Fund..
2,553,473,897.31
740,126,583.16
2,215,917,913.00
—337,555,984.31
33,871.139.934.98 34,948.822.402.45,
1.077.682,567.47
Gold
reserve
Exchange
a
stabilization
fund
Gross
debt
less
balance
in General Fund
a
Proceeds
of sales
plus earned
accruals less redemptions.
10,890,585,138.46 12,679,902,560.13
Total
Gold fn
^u"d--
1
,*97.507, *>81
1,789,317,421.67
*>«3.0?1,<'3K.90 —1,144.5«5.842.65
Financial
190
Jan. 14, 1939
Chronicle
March 2, 1938, there was appro¬
resolution approved
Under the joint
which was to be added to, and proportionally increase
limitations prescribed under, the appropriation
Emergency Relief Appropriation Act of 1937 for relief and
priated $250,000,000
Increase or
June 30, '.1937
June 30,1938
Decrease (—)
$
$
$
Silver—
made in
835,195,892.46
505,602,800.00
1,037,163,305.33
503,647,170.00
201,967,412.87
—1,955,630.00
1,340,798.692.46
1,540,810,475.33
200,011,782.87
1,305,281,987.00
1,508,062,253.00
202,780,266.00
1,172,022.00
1,169,422.00
—2,600.00
Silver dollars
Total-.-
Reiief and
(outside of Treasury).
notes of 1890
outstanding
(outside
lution
These
Treasury
Total
work relief on useful
An appropriation of $1,425.000.000
appropriations for relief and for
balances of allocations to the WPA
the Emergency Relief Appropriation Act of 1937 and the joint reso¬
of March 2, 1938, which remained unobligated on June 30. 1938.
funds were available for the following types of projects in the amounts
^
Highways, roads, and streets..------buildings,
parks and other recreational
Public
1,306,454,009.00
1,.509,231,675.00
202,777,666.00
34,344,683.46
.
31,578,800.33
—2,765,883.13
General Fund—
Silver In
Act of 1938 (Title I of the Work
Act of 1938, approved June 21,
indicated:
Treasury)
of
provided direct
1938)
under
outstanding
ctfs.
Relief Appropriation
Works Appropriation
Public
public projects for the fiscal year 1939.
was made to the WPA, together with
Liabilities:
Silver
the
work relief.
The Emergency
Assets;
Silver
specified amounts of the
the
utilities, rural electric
transportation facilities,
Educational, professional,
----
facilities, public
transmission and distribution systems,
flood control, conservation, &c
clerical, recreational, and miscellaneous
$484,500,000
655,500,000
_
285,000,000
non-construction projects
General Fund—
Total_
Assets:
In Ti
offices:
ury
1,427,587,281.64
34,344,683.46
above).
Silver (as above)
Other coin, currency,
Gola
as
•
.
401,320,149.97
512,772,809.31
111,452,659.34
843,380,462.81
1,588,811,741.36
2,832,940.23
171,366.50
In depositary banks, Re¬
serve banks, and treas¬
ury of Philippine Isl'ds
Unclassified, collections,
2,419,017,730.22
203,099,817.22
Liabilities
—290,276,421.39
47,279,562.92
2,215,917,913.00
2,709,294,151.61
155,820,254.30
Administration lor the National
2,553,473,897.31
administrative expenses
Total
—1,086,787,223.10
sulting from reduction In
446,038,793.66
1,627,978,924.73
2,553.473.897.31
2.215.917,913.00
;—
Working balance
Fund
i
935,163.98
90,351,012.40
657,945,062.41
—337,555.984.31
$346,681,016 of United States notes outstanding
Revenue
in 1937 and
$1,172,022 of Treasury notes of 1890 outstanding In 1937 and $1,169,422
1938.
Treasury notes of 1890 are also secured by silver dollars
discontinued April 14, 1938.
between the cost value and the monetary
certificates Issued on
1934 and under the
proclamation dated Aug. 9, 1934.
b Inactive gold account
This Item represents the difference
bullion revalued and held to secure the sliver
account of silver acquired under the Sliver Purchase Act of
value of silver
Emergency Legislation
.
1938, further appropriations and allocations of
made for the purpose of continuing the Federal program to
During the fiscal year
funds
were
furnish relief and to aid recovery.
The
of 1937 and 1938; the
except brandy, to
distilled spirits,
In the Treasury,
President's
legislation enacted during
Revenue Acts
outstanding In
c
States
United
♦'
'■
Department
"
Housing Authority was created in the
stock of
approved Sept. 1, 1937, with a capital
of the Interior by an Act
of the Treasury.
The Act and
subsequent amendments provided for the issue of $800,000,000 of
obligations of the Authority guaranteed by the United States and per¬
mitted the Authority to make loans to public housing agencies to assist
Legislation
the fiscal year 1938 included the
imposition of a floor stock tax on
compensate for the increased tax on
such distilled spirits under Section 710 of the Revenue Act of 1938; the
Sugar Act of 1937; the Railroad Unemployment Insurance Act; an amend¬
ment to the stamp provisions of the Bottling in Bond Act; the Marihuana
Tax Act of 1937; the exemption of persons traveling between Puerto Rico
and the continental United States from payment of a stamp tax on steam¬
ship tickets; an amendment to Section 3336 of the Revised Statutes, as
amended, pertaining to brewers' bonds; the removal of certain restrictions
relative to the production of wines, brandy, and fruit spirits; an amend¬
ment to the Bankruptcy Act of 1898 providing for the exemption of the
issuance and transfer of certain securities from stamp tax and also for the
non-recognition of income arising from the cancellation of indebtedness;
and an amendment to the National Firearms Act.
•
Revenue
,
1938 and
Administration Appropriation
prior to June 30, 1940.
—
Reserve against
a
,
-.$287,905,000
-
Act of 1938 (Title II
of the Act approved June 21, 1938) continued the Federal Emergency
Administration of Public Works until June 30, 1941, and provided an
appropriation of $965,000,000 to be made available to such Administration
for projects, the completion of which can be substantially accomplished
General
the
in
Balance
141,900,194.61
140,965,030.63
'355,687,781.26
970,033,862.32
weight of the gold dollar.
Seigniorage c
3,500,000
28,405,000
----
-
The Public Works
increment re¬
of
Balance
b
1,086,787,223.10
Reconstruction Administration..
Compensation Commission.-
Puerto Rico
Employees'
Other agencies for
Fund
$75,000,000
17,^000,000
6,000,000
Youth Administration.
Secretary of Agriculture.
Department of Interior,
United States
Tnactlve gold
appropriations, together with
unexpended balances:
—337,555,984.31
General
the
in
Balance
provided the following direct
Title I also
certain
Works Progress
Total
specified for any of the
The amount
745,431,278.55
2,661,573.73
and bullion
.$1,425,000,005
......
foregoing classes may be increased
by not to exceed 15% by transfer of amounts from other classes.
The
Works Progress Administrator was authorized to use in the discretion of
the President an amount not in excess of $25,000,000 for the purpose of
providing direct relief for needy persons.
V
283,021,438.99 —1,144,565,842.65
—2,765,883.13
31,578,800.33
$1,000,000 to be paid in by the Secretary
its
annual, contributions
by
agencies
such
annually,
prior to July 1, 1938, with limitations as to
'
'
succeeding years.
exceeding
not
alternative to such contributions to make capital grants
or as an
exceeding $10,000,000
not
1
by the Act approved
The Disaster Loan Corporation Act was amended
March
3,
1938, to permit
floods
or
other
well
projects, to
$28,000,000
development of low-rent housing and slum-clearance
the
in
aid
The
Federal
the Corporation tb make loans on account of
occurring in the years
catastrophes
Crop
1936 and 1938, as
1937.
those occurring in
as
-
Corporation, with
Insurance
an
.
authorized capital
be subscribed by the United States, was created
stock of $100,000,000 to
1938.
capital stock authorized
None of the
was
Cor¬
poration was authorized to make loans to public bodies to aid in financing
projects authorized by law, the loans to be made through the purchase of
securities
1939,
The
Act
The authority so granted terminates on June 30,
otherwise.
or
income taxes
of Feb.
24,
1938, directed
cancel notes of the RFC
funds of the
ditions
in
(grants
under
the
Secretary of the Treasury to
principal amount equal to the outstanding
a
Corporation then
thereafter disbursed under certain con¬
or
relief Acts and
for
other
purposes
for
which
no
provision had been made for repayment to the Corporation), together with
certain expenses incurred by the
of $549 millions represents
spread character of the decline reflects mainly the reduced incomes and
the lower levels of business activity during the periods in respect of which
the taxes are
Income
levied.
Taxes—The combined yield of the
income taxes,
including the excess-profits taix
a
further
Act
of obligations the
one
time.
provided for
Corporation
millions.
tax
receipts will be divided nearly
During
the
year
the
authorized to have outstanding at any
Secretary
of
the
equally between the corporate and the
individual sources.
decline
based upon
incomes received during the calendar years 1936 and 1937, the fiscal year
1939 receipts will be based upon incomes received during the calendar
years 1937 and 1938, and will show a reduction primarily because taxable
incomes in the calendar year 1938 are estimated at a lower level than
The decrease in income tax
receipts is principally a reflection of a
While the fiscal year 1938 receipts were
taxable incomes in the
calendar year 1936.
Fiscal Year 1940
.
the amount
corresponding reduction in
was
individual and corporation
and back taxes, is estimated
compared with the fiscal year 1938 figure of $2,635
It is anticipated that this reduction of $549 millions in income
$2,086 millions, as
Corporation and certain interest payments.
The
.
of $6,242 millions in the
in taxable incomes.
earlier date if the President so determines.
or on an
.
major source of revenue
^
By the Act approved April 13, 1938, the Reconstruction Finance
.
fiscal year 1938. Practically every
contributes to this decrease. The decrease in
76% of the total decrease while
miscellaneous internal revenue shows a decrease of $106 millions, or 15%
of the total decrease.
Smaller decreases appear in the payroll taxes,
customs receipts, and miscellaneous revenues and receipts.
The wide¬
from receipts
at
during the fiscal year 1938.
estimated at
are
"
•
and special accounts in the fiscal year 1939
$5,520 millions, a decrease of $722 millions, or 11.6%,
to general
Total receipts
'
Feb. 16,
to be made available
by Title V of the Agricultural Adjustment? Act of 1938, approved
Fiscal Year 1939
"
.
Treasury,
under
the
Total
are
special accounts for the fiscal year 1940
$5,669 millions, assuming that the temporary taxes
receipts to general and
estimated
at
July 31, 1939, are extended in their present form.
an increase of $149 millions, or 2.7%, over esti¬
1939. The increase is ascribed to an
authority of this Act, canceled approximately $2,691,000,000 of the obliga¬
expiring June 30 and
tions purchased from the RFC,
This amount represents
On June 30,
1938, the amount of capital stock and obligations that the
mated receipts
for the fiscal year
time was
$3,358,-
expected rise in receipts from
700,000, exclusive of certain indefinite authorizations for which
there is
taxes.
RFC
authorized to
was
statutory limitation.
no
have outstanding at any
As of that date, the RFC had notes outstanding
$1,162,565,000,
aggregating
Treasury.
one
of
$863,692,000
which
held
were
by
the
This figure does not include the original $500,000,000 of the
Corporation's capital stock purchased by the Treasury.
Under
an
to maintain
at
Act of Congress approved March 8,
1938, provision was made
unimpaired the capita* of the Commodity Credit Corporation
$100,000,000, by providing that the Secretary of the Treasury shall
make appraisals of the assets and liabilities of the Corporation as of
in
each^year, the value of the assets to be determined in
on
the
basis
of market
prices
at
the time
so
of appraisal.
far
March 31
as
possible
The Act also
authorized annual appropriations for contributions to the Corporation to
restore any
capital impairment.
net worth of the
is to
In the event
Corporation to be in
be deposited in the
Treasury
excess
as a
The capital impairement
fiscal year
on
debt.
of the CCC, as determined
of March 31,1938, was $94,285,404.73.
lent amount
June
was
by
an
An appropriation in
appraisal
a i
equiva¬
contained in the Second Deficiency Appropriation
1938, approved June 25, 1938, and
30,
appraisal establishes the
miscellaneous receipt and used to
retire an equivalent amount of the public
as
an
of $100,000,000, such excess
1938.
The Act of March 8,
Act,
was
paid to the Corporation
1938,
also provided that the
Corporation could issue and have outstanding $500,000,000 of its obliga¬
tions guaranteed
by the United States.
>
all major sources of revenue except income
If the temporary taxes are
not extended, estimated receipts for
$490 millions, to $5,179 millions.
in the fiscal year 1940 are
estimated at $1,903 millions as compared with an estimate of $2,086
millions for the fiscal year 1939.
The fiscal year 1940 income tax receipts
represent a portion of the tax liabilities of each of the two relatively low
income years, calendar years 1938 and 1939.
Although higher incomes
are expected in the calendar year
1939 than in the calendar year 1938,
it is anticipated that they will not reach the calendar year 1937 level.
The result is that income tax receipts in the last half of the fiscal year
1940, based upon calendar year 1939 incomes, will be somewhat higher
than those of the corresponding period of the previous fiscal year, but
that receipts in the first half of the fiscal year 1940, based upon calendar
year 1938 incomes, will be much lower than those of the first half of the
preceding fiscal year.
A similar situation accounts for the expected decline
in the excess-profits tax in the fiscal year 1940.
Unlike other items in the
income tax group, back tax collections are expected to increase.
Miscellaneous Internal Revenue—Capital stock tax receipts in the fiscal
year 1940 will depend on the valuation declared as of June 30, 1938, as
adjusted on June 30, 1939.
The net effect of the various adjustments
in the original declared valuation due to the calendar year 1938 business
activity is expected to decrease the fiscal year 1940 receipts to $123 millions
from the $127 millions estimated for the fiscal year 1939.
the fiscal year
Income
1940 are reduced by
Taxes—Receipts from income taxes
Volume
Financial
148
Congress
11992205
[Compiled by the Midland Bank, Limited]
.
terms
of
Through these, their
sentatives, the people of the
encies
many
repre¬
separate constitu¬
confer, deliberate, and eventually legislate
their combined
dictates;
an
will, enlightened in these
The President is not
a
Month of
1924
1927
.......
1928
24,697,000
NEW CAPITAL
entrusted
him for
to
the
£253,749,000
236,160,000
88,666,000
113,038,000
132,869,000
150,190,000
182,824,000
217,221,000
15,862,000
2,692,000
4,312,000
6,353,000
13,042,000
11,218,000
20,211,000
17,825,000
9.596,000
§1935
1936
£1937
•1938—
170,906,000
118,098,000
January
1936
1937
£16,522,347
...
£33,963,149
19,687,120
£27.614.265
£7,464.872
1938
February
12,620.080
10.671,858
19,248.438
March......
12,386,235
6,961,500
11,257,125
4,108,238
10,456,037
19,505,122
11,947,382
6,391,772
5,038,715
27,397,880
8,509,247
April
11,410.592
The
period of his tenure.
May
19,727,811
June..
20,610,166
18,410.698
24,514.648
representatives of the people, in the Senate and
ers
July
53,909,166
24,402,925
6,682,428
7,719,440
4,706,804
6,194,413
20,305,459
7,141.184
16,188,116
August
1,963.697
House
of
lative
the
November
12,543.554
11,217,941
20,211,176
17,824,624
9,595,909
182,824,210
217,221,225
170,906,191
118,097,565
October
Year
of wise policies, formulate laws,
scope
GEOGRAPHICAL
DISTRIBUTION
repeal those that ought to be altered
OF
13,855,183
1,648*604
2,627 853
12.400.174
NEW
KINGDOM
UNITED
and amend and
2,184.057
December
Representatives, should determine legis¬
policies, provide for economical administra¬
within
-
9,546,101
26,943,859
20.939,125
September
tion, devise and impose taxes, make appropriations
or
£5,283,000
1935
He ought not domi¬
step at all beyond the large executive pow¬
nor
Year to
Dec. 31
ISSUES IN THE UNITED KINGDOM BY MONTHS
dates of the Constitution and the laws constitution¬
nate
Month of
December
[Complied by the Midland Bank Limited]
agent especially chosen to execute the man¬
ally adopted by the Congress.
£237,541,000
384,211,000
215,795,000
235,669,000
203,760,000
223,546,000
219,897,000
253,266.000
314,714,000
362,519,000
24,402,000
20,163.000
26.362,000
1926".
representative
Dec. 31
£46,779,000
8.463,000
19,353,000
7,537,000
1,695,000
26,067,000
1923
processes,
Year to
December
1922
as
they determine that further legislation
or
is unneeded.
but
of discretionary
office, the depositaries
in law-making.
powers
173)
page
191
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
the Executive?
or
(Concluded from
>
1199323420
Chronicle
12,802,202
CAPITAL
ISSUES IN
MONTHS
BY
THE
.
[Compiled by the Midland Bank Limltedl
abrogated.
United
If
Congress does less than all this, if it yields at
any
point to
son,
it has abdicated its functions
persuasion other than that of
any
in the fundamental law.
as
they
Any Senator
Congress who consents to
any
are
Kingdom
rea¬
1936—January
approval of his constituents.
8.795.000
232,000
17,196,000
27,000
and
15.344.000
2.939.000
128,000
20,712,000
4,346,000
3,537,000
1,770.000
153,000
78,000
8,018,000
22,730,000
451,000
1,528,000
3,763,000
18.271,000
30,000
2.069.000
568.00C
20.939.000
16,997,000
155,000
1,672,000
1,487,000
20,211,000
"*
There will pres¬
f
November
f
December..
.
190,808,000
herein
powers
constitutional
discussed.
1937—January
equilibrium of
The outcome
must
profound absorption.
20*66o
11,947.000
8,313,000
1,000,666
2,097.000
396,000
830.000
67*8*666
24 515.000
July
14,558.000
6.503,000
141,000
4,481,000
586.000
L.125,000
20,305,000
7,141,000
7,135.000
f
which
*2*666
1,964,000
13,855,000
11.372,000
1.015.000
13.000
12.400.000
10,667,000
2,273,000
1,885,000
17,825,000
138,768,000
1,634,000 23,304,000
capital,
new
Government
for
purely financial
purposes;
i
_
96,000
680,000
32,000
~
7,200,000 170,906,000
►
6,520,000
1938—January...
February
.
April
4.728,000
16,591.000
10,213,000
8,14<\000
11,202,000
1.763,000
5.039,000
27.398,000
311.000
May
360.000
5^ July—
August
594,000
8
28,6O0
3,931,000
27,000
421.000
3*7*666
1,611,000
September.
•
2.402,000
87,000
June
issued securities which add nothing to the capital resources
7.465,000
19,248.000
6.392.000
945,000
3,000,000
13,847,000
6.305,000
.
.
March
shares
issued to vendors; allotments arising from the capitalization
of reserve funds and undivided profits; sales of already
1,867;000
13.141,000
September-
Year
subject to revision; exclude all borrowings by the
are
British
compiled by the Mid¬
53.000
December..
'
.
Capitahlssues in Great Britain
These"compilations of issues of
11,411,000
November.
"
October,
land Bank, Ltd.
27,614,000
10,672.000
11.257.000
17,000
22.611,000
August
The following statistics have been
407.000
May
April
H
,
New
34,000
June
be
;
31.000
8,043,000
9,756,000
_
March
.
watched with
.
3,060,000 217,221,000
2,405.000
2,681,000
1,467,000
4,792.000
...
February
Ihi
9,546,000
26,944,000
1,090,000 22,264,000
24,802,000
t Year—
the
6,961.000
September.
right to
sufficiently decisive struggles tq regain
reestablish
19,505,000
18,411.000
24,403,000
6,194,000
10,456,000
July
August..'..
PR
never
19,687,000
268,000
1,856,000
2,014,000
June
ently begin, in the Seventy-sixth Congress, another
of the
33,963,000
221,000
84,000
73.000
964.000
April
May.
Total
751,000
194,000
6,877,000
October
the
Foreign
Countries
£
.
18,502,000
_
_
Brit.
Countries
March
such abdication has
violated his oath of office and forfeited his
£
33,619,000
—
February
fixed
Other
Ceylon«
£
member of
or
India and
October—
1.781,000
331,000
10.928,000
100,000
1.152.000
December..
9,322,000
274,900
92,746,000
-
516,000
-""November.
458,000 20,826,000
509,000
15.188,000
2.184,000
1,648,000
2,628.000
"
of the
company
for conversion
whose securities .have been offered; issues
redemption of securities previously held
in the United Kingdom; short-dated bills sola in anticipation
of long-term borrowirjgs; and loans of municipal and county
authorities which are not speficially limited,
in all cases
the figures are based upon the prices of issue.
NEW
CAPITAL ISSUES IN THE UNITED KINGDOM
BY
Year...
The Course of the Bond Market
Bond prices, on
Year 1937
Governments—
£
United Kingdom
India and Ceylon..
£
£
of a
*89*6*355 "
Foreign countries
4...
Total.
-
3*.02l", 555
7*.899*792
8,811,555
7,899,792
48,118,991
34,740,219
27,563,402
'
Other British countries
3,8*13*,000
2*.191*851
high
—
-
Foreign countries
48,118,991
38,553,219
29,755,253
Railways—
31,198,500
Other British countries
"318*830
"305,350
31,380,250
9,245,080
1995,
%
gained
Banking and Insurance
Breweries and distilleries
3,890,380
4,766,976
5,070,910
4,074,384
Electric light and power..
6.902,899
12,585,717
2,822,170
525,000
5,677,154
15,031,750
8,060,453
21,880,237
Iron, coal, steel and engineering *__
Mines
...
Total
*
,
Including motors and aviation.
lost
Chesapeake
Medium-grade and speculative
Louisville &
ground.
Nashville
Hudson
4s,
1943,
railroad
170,906,191
118.097,565
1,075,675
declined
%
have
dropped
4% points to 59%.
to
De¬
bonds, along with the stock market, have
price weakness.
High-grade utility bonds have continued to receive good
support and, as in past weeks, numerous issues have
217.221.225
6,346,265
681,390
99%; Delaware &
have
lished
19,119*061
213,469
im¬
% at 120, while Atchison gen. 4s,
5,627,317
165,000
35,750,281
-
while
United States
improved.
5,768,865
44,879,381
—
108%.
new
all-time
peak
11,019,665
2,002,924
Property
Mlscell. commercial & Industrial..
13,270.237
18,919,704
10,966,701
868,913
5,924,439
4,916,671
5,389,266
473,247
526,000
137,735
Oil
Shipping and canals and docks
Tea, coffee and rubber.
...
Telegraphs and telephones
22.354,675
11,394,451
1,785,758
6,518,692
474,380
1,454,450
1,945,494
at
1940,
4s,
displayed
Investment and finance
were up
have
bonds
305,350
Gas and water
last Friday's close,
also recorded new highs this week, being
4%s, 1992,
faulted
Total
from
slightly
High-grade railroad bonds have scored gains.
unified
181,750
only
were
8,926,250
India and Opylon
Foreign countries
These new highs were made on
perceptibly above the average for December.
railroad
TCingrlnm
unchanged
virtually
grades
& Ohio
Total..
ad¬
the result
but at the close of the week the Baa groups
Governments
Municipalities and Public Boards
United Kingdom
India and Ceylon
1938-39 highs, this has not been
new
Wednesday,
were
5,790,000
896,355
to
large upward move.
—
Otber British countries
the average, have marked time this week.
of the higher rating groups made fractional
Year 1938
vances-
_
9,596,000
4,067,000 118,098,00(
GROUPS
WThile all
Year 1936
Road transport
12.802.000
or
[Compiled by the Midland Bank, Limited]
Unit.prt
622,000
Telephone
&
prices.
Telegraph 3%s,
This
week
estab¬
American
1961, Atlantic City Electric
3%, 1964, Cincinnati Gas & Electric 3%s, 1967, Consolidated
Northern
States
Power Co.
of Baltimore 3%s, 1971,
Power 3%s,
Gas, Electric Light &
and
1967, reached top levels.
Lower-grade utilities have been quiet and reasonably steady
until
recently, when
panying
a
there was some Unsettlement, accom¬
weak stock market.
and the Manati Sugar 4s,
at 81,
bonds
Steel
All
5.
U.
■
All
P.
RR.
Baa
Corporate by Groups
tic
Corp.
120 Domestic
by Ratings
Domes¬
Averages
Indus.
U.
(REVISED) f
120 Domestic Corporate
120
1939
Corporate by Groups *
A
Aa
Aaa
AVERAGES
(Based on Individual Closing Prices)
Dally
Corp. *
YIELD
MOODY'S BOND
tic
Bonds
Dally
Averages
confined to backing and
within a limited area.
The City of
Prague 7%s, losing 5 points on small turnover, have been
the weakest spot in the list, while smaller declines have
been registered by Japanese and Italian Government issues.
Moody's computed bond prices and bond yield averages
are given in the following tables:
i
.
'
120 Domedlc
*
by Ratings
Domes¬
Govt.
Me¬
,
,
120 Domestic Corporate
120
'
113%.
transactions
filling
V
(Based on Average Yields)
although, the Phelps
declines,
been off fractionally.
bond market has remained an uninteresting
foreign
PRICES (REVISED) f
MOODY'S BOND
v
1939
The
in the high-grade classification, up frac¬
J. obligations,
market
3%s, 1952, were off % point at
affair, with trading being mainly
Oil of
unchanged, with the Socony-Vacuum and Standard
stock
to
conv.
dium-grade meat packing issues have
Oil company obligations have been generally
points to 92%.
N.
Dodge
classification,
declined 1%
1901,
Republic 4%s,
The
strength.
showed
of the stock.
resistance
1957, off 4 points at 27%.
3%s, 1961, in the better medium-grade
Inland
wise
generally off fractionally, but the
been
have
despite less favorable action marketSeveral other convertibles showed good
issue, up % at 104%,
6s, 1945, down 2% points
the Studebaker conv.
be included
Oil 3%s, 1951, a convertible
tionally and the Consolidated
to higher
this week, and medium-grade issues have held well, but in
the speculative classification a number of fairly sizable
price declines have been registered in line with generally
lower stock prices:
Among the latter classification would
industrial bonds have been firm
High-grade
Jan. 14. 1939
Chronicle
Financial
192
Aaa
RR.
Baa
A
Aa
'
P.
3.97
5.11
4.68
Indus.
U.
3.30
3.57
13--
112.93
102.66
119.47
113.07
100.53
83.03
89.10
10L88
113.27
3.85
3.01
100.53
83.06
89.10
107.88
113.07
12-.--.,-
3.86
3.01
3.97
3.57
112.15
4.68
3.31
102.48
*19.47
5.11
112.90
3.34
12-.
Jan.
3.31
11
3.85
3.00
3.33
3.96
5.10
4.67
3.57
3.31
3.85
3.01
3.33
3.96
5.10
4.67
3.57
3.31
3.86
3.01
3.35
3.96
5.12
4.68
3.58
3.32
5.10
4.69
3.58
3.32
*
13
Jan.
11-
112.88
102.66
119.69
112.06
100.70
83.19
89.25.
107.88
113.07
10
112.92
102.66
119.47
11 'M
'00.70
83.19
89.25
107.88
113.07
112.93
102.48
119.47
112.25
*00.70
82.93
89.10
107.69
112.80
112.92
102.48
119.47
'12.25
;oo.c3
83.19
88.95
107.09
112.80
7
3.86
3.01
3.35
3.97
83.00
88.80
107.69
112.86
6
3.86
3.02
3.35
3.97
5.11
4.70
3.32
119.25
100.53
3.58
112.25
5---.—
3.86
3.03
3.35
3.96
5.11
4.69
3.58
3.33
4
3.88
3.04
337
3.97
5.12
4,70
3.60
3.34
3-—
3 89
3.05
3.37
3.99
5.16
4.73
3.60
3.34
3.99
5.16
4.73
3.60
3.34
9.
7.
.
102.48
112.95
6.
10
9-
112.79
102.48
119.03
112.25
100,70
83.06
88.95
107.69
102.12
118.81
111.81
100.53
82.93
88.80
107.30
-
112.66
112.83
V-
112.45
2.
Stock
100.18
111.87
118.00
101.94
—
■
-.--
*
4.
112.78
--
■
5-.
3.
...
82.40
88.36
107.30
112.45
83.19
89.25
107.88
113.27
•
—
-
2
Exchar "e CIof ed
High
-.
St-ck
...
High 1931
112.95
102.66
119.09
*13 07
Low
112.78
101.94
118.60
111.84
100.18
82.40
88.36
*07.30
112.45
Low
112.81
101.70
118.60
111.43
100.18
82.27
88.36
107.11
112.05
High 1938-,---.
96.11
104.30
Low
193f
High 193>
Low
1
62.70
89.10
102.66
112.45
88.80
109.58
1938
71.15
,
3.05
3.37
3.85
3.00
3.31
3.96
5.10
4.67
3.57
3.30
4.70
3.34
3.8-5
4.68
6.98
6.11
4.23
3.76
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
4.11
3.14
3.47
4.13
5.71
4.87
3,97
3.65
1939.
3.08
3.28
3.75
4.48
3.93
3 67
'
1938
-
.
1- Year Ago—
Yr. Agr
98.11
116.64
109.84
J 06.36
117.94
113.68
75.58
92.12
97.78
104.48
110.07
Jan. 13'38
86.36
100.53
109.24
Jan.
101.23
105.98
112.25
Jan.
2
>
2 Yrs.Ag'
Jan. 13*3.7 112.40
*
Exchan ge Cloe ed
3.89
1939-.--
100.70
from average yields on the basis of one "typical"
of actual price quotations.
They merely serve to
These prices are ccmouted
level or the average movement
yield averages, the latter b?lng the truer plctute of the bond market.
t The latest complete list of bonds used in computing these indexes was
13,
1938...
Years
13.
3.50
Ago—
1937.
.
,
3.35
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 of
. ■
published in the issue of July 23, 1938, page 488.
Indications of Business Activity
EPITOME
TRADE—COMMERCIAL
OF
STATE
THE
.
there
signs of diminishing enthusiasm over the prospects
the first quarter of the year, this being reflected in
are,,
for
110
activity shows gains for the week,
business
While
small
in the continued downward
measure
trend of the
Developments at Washington have been
securities market.
playing a considerable part as a bearish influence.
feeling prevails that there will be considerable paring
of
Federal
would
reflect
to
than had beep anticipated.
situation is again becoming a cause
Latest reports indicate a deadlock in the
of
dollars
fewer
The
down
and the President's arms program
this, the program calling for fat"
spending,
seem
expenditure
The European political
for grave concern.
stiffer
and
tors
Chamberlain
being regarded a sign of a
British attitude in future dealings with the dicta¬
Premier
and
Prime Minister
between British
consultations
Mussolini,
perhaps
this
The
phase of European tension.
new
a
situation both domestic and foreign contains so much uncer¬
that
tainty
not
manufacturers who
few
a
buy from
the
heavy industries have been delaying with their
orders.
However, a distinct feeling of optimism continues
to prevail in many quarters, and high hopes are held for
the second quarter.
Buyers are pursuing a hand-to-mouth
policy in steel markets, and no strong upward trend has
so-called
as
yet developed
covered
"Iron
to
Age"
provement
mainly in
recent
and
with
industry, although output
the
new
volume
of
has
re-
December,
early
its mid-week analysis.
"Such im¬
in the next few weeks will be
in
come
may
orders from the automobile industry, speci¬
structural
awards,
steel
possibly
and
reinforcing bars against
railroad buying,
additional
some
increasing volume for tin-plate," the review says.
are being placed by the automobile industry,
an
Small
reports
as
for
fications
in
approximately the
orders
larger
February.
volume expected
Car
sales
late
volume
for
this
month
midwinter
or
early in
is
cited
as
encouraging.
Manufacturers of bearings are working at a
high rate, pointing to acceleration in automobile assemblies.
"A good
share of the incoming tonnage at the mills
con¬
sists of specifications for structural steel and reinforcing
bars," the review continues. It is reported that the Detroit
steel
eral
operating rate, consistently higher over the last
around
52%
of
capacity.
Pennsylvania
nounced this week that orders had been
cars
of
and
12 coaches to
electricity
United
by
the
cost
light
about
and
States for the week ended
kilowatt
hours,
kilowatt
hours
the
sev¬
months, is currently above 90, while the national rate
holds
Edison
an
in
Institute
an¬
placed for 15 dining
$2,100,000.
power
Jan. 7
increase of 1.4%
produced
Electric
RR.
over
Production
industry of the
was
2,109,470,000
the 2,139.582,000
the corresponding 1938
reports.
In
week,
the week ended
Dec. 31 output was 2,120,555,000 kilowatt hours, an increase
6.1%
of
the 1,998,135,000 kilowatt
over
hours produced in
Railroads
of revenue freight for the week
ended last Saturday totaled 530,849 cars.
This constituted
a rise of 30,954 cars, or, 6.2%, compared with the preceding
week, but a decrease of 21,719 cars, or 3.9%, with the com¬
parable week a year ago.
The comparison with the week
of last year was distorted,since the 1939 week contained
a
holiday, while the 1938 week did not.
The loadings
were 169,197 cars lower than the comparable week's loadings
in 1930, or 24.2%.
Automobile output rose sharply from
the holiday low levels to a total of 86,925 automobiles and
trucks, according to Wards Automotive Reports, Inc.
Pro¬
duction in the United States and Canada was 10,240 cars
greater than q. week ago, and 21,190 units above the corre¬
sponding week of last year.
It was predicted that current
production levels will hold at least for the next two weeks,
and possibly longer.
The Federal Reserve Board drew an
encouraging picture of economic conditions in the January
The Association of American
the like 1937 week.
Friday Niylit, Jan. 13, 1939.
reported
that
"Bulletin"
loadings
Industrial
today.
production
continues' to ex¬
workers are returning to private employment,
and payrolls are rising, the Board reported.
The Board
did not predict what the immediate future holds economi¬
cally, but there was ample evidence in its report that 1939
was off to a good start, and that conditions were improved
The unseasonably mild weather of the
" over the 1938 level.
second week in January dulled shoppers' interest in winter
merchandise and slowed down retail trade, said Dun &
Bradstreet, Inc., today.
Interest boomed, though, iii wholes
sale markets, with record-breaking registrations at trade
* shows, increased emphasis on retailers' merchandising poli¬
cies on higher priced goods, and frequent requests for earlier
pand, more
according to the
business, it was
observed, seemed in a sidewise movement.
Manufacturers
were reported as cautious in planning operations.
Changes
were not all upward in the important industrial barometers.
shipment than had been contracted for,
agency's weekly review.
General
credit
Retail
3%
to
volume
the country
for
as
a
whole was estimated
5% lower than in the corresponding 1938 period.
warmth and widespread precipitation
Abnormal
the weather of the week.
weeks of record, with temperatures much
ary
featured
It was one of the warmest Janu¬
above normal
the entire country.
For example,
in the central and upper Mississippi Valley the weekly aver¬
age corresponds to normal temperatures for the latter part
practically
throughout
of
March
and
the
first of April.
In
the far
along the Pacific Coast substantially
and
Southwest
seasonal warmth
in all other sections temperatures were
Along the Atlantic Coast freezing weather
experienced south of New York nor in the interior
prevailed,
but
markedly high.
was
not
south of northern
In
southern
Indiana and extreme southeastern Iowa.
Florida the lowest temperature for the entire
Volume
week
was
minima
70,
while
generally
50
around
were
reported
Financial
148
only in the interior
of
Gulf
the
in
sections
the
Sub-zero weather
higher.
or
the
Northeast,
Chronicle
"ANNALIST"
193
WEEKLY
INDEX
WHOLESALE
Jan.
where
Food products-.
during the latter
part of 1938, received widespread and beneficial rains dur¬
ing the week.
In the New York City area the weather has
been generally clear and cold for the week.
Today it
snowing
and
ranging
26 to 31
degrees.
cold
here,
The
with
temperatures
forecast
was
72.8
*59.5
..
59.4
60.3 •
84.1
91.3
Metals
Springfield, Mo., 28 to 40; Oklahoma' City, 38
46; Salt' Lake City, 20 to 38; Seattle, 44 to 48; Montreal,
6 to 16, and
Winnipeg, 8 to 16.
"
75.6
97.5
97.4
103.8
Building materials
69.3
69.4
72.4
Chemicals
86.8
86.8
88.9
71.1
a71.4
73.9
79.3
80.1
84.7
..
All commodities
♦Preliminary,
Revenue
28 to 30; Detroit, 26 to
32; Charleston, 48 to 58; Milwaukee,
30 to 34; Safannah, 54 to
70; Dallas, 42 to 46; Kansas City,
36 to 48;
to
5, 1938
83.8
70.2
-
.
from
24; Chicago, 32 to 38; Cincinnati, 30 to 36; Cleveland,
Jan.
79.7
84.1
Textile products
moderately heavy
snow
tonight and Saturday morning, possibly changing to
rain tonight.
Overnight at Boston it was 20 to 34 degrees;
Baltimoore, 30 to 46; Pittsburgh, 24 to 36; Portland, Me.,
16 to
31, 1938
77.4
Fuels
for
was
Dec.
7,1939
Farm products
dry -weather prevailed
PRICES
in
the extreme upper Lake region and at a few elevated
points
in the more Western States.
A large Southwestern area,
extremely
COMMODITY
(1926=100)
was
locally
OF
Revised.
a
Freight Car Loadings Total 530,849
Week Ended Jan.
Loading of
Cars in
7
freight for the week ended Jan. 7
revenue
totaled 530,849 cars, the Association of American Railroads
announced on Jan. 12.
This was a decrease of 21,719 cars
.
3.9% below the corresponding week in 1938 and a decrcse
24.2% below the same week in 1937, both
of which weeks did not contain a holiday.
Loading of
revenue freight for the week of Jan. 7 was an increase of
30,954 cars or 6.2% above the preceding week.
The As¬
sociation further reported:
or
Fairchild
Publications
December
Retail
Remained
Price
of 169,197 cars or
Index
Unchanged
During
from
Previous
Month's Quotations
Retail prices remained unchanged from last month's
quotations, according to the Fairchild Publications Retail
Price Index.
Quotations on Jan. 2, at 88.9 (Jan. 3, 1931==
100) compare with 93.2, the figure for the corresponding
period a year ago.
Current figures continue only 1.1%
above the July 1, 1936 low, and 8.6% below the
high re¬
corded on Sept. 1, 1937.
In comparison with a year ago at
this time prices are 4.6% lower, said the announcement
issued Jan. 12 by Fairchild Publications, New
York, which
went
major
month's
subdivisions
of
the
index
eased
fractionally
from
last
The others remained unchanged.
As compared with a
all subdivisions declined, with the home furnishings group show¬
ing the greatest decline, and infants'
wear
The majority of the items reported in the index showed ho
change from
the
previous month's
quotations.
Several items,
'
an
cars, an
increase of 1,055
cars
below the corresponding week in 1938.
week, but
increase of 8,758 cars above the corresponding
an
week in 1938.
cars
grain products loading totaled 29,324
above the
preceding week, but
cars, an
In the Western Districts alone, grain and grain
corresponding week in 1938.
products loading for the week of Jan. 7, totaled 17,644 cars,
above the preceding week, but
cars
corresponding week in
Live stock
a
cars,
an
cars
of women's
under the
1937 high, with sheets
is of interest to note,
well
housedresses
a
year
retail
ago,
aprons,
well
as
as
It
price
trend
is
the
current
period
of
stability, according to A. W. Zelomek, Economist, under whose supervision
the Index is compiled.
There is no indication, however, that prices will
average
on
materially higher, although
in the year.
FAIRCHILD
a
slight improvement is probable later'
"
,
ceding week, but
Forest
decrease of 1,171 cars below the corresponding -week
a
products loading totaled 21,733 cars,
preceding week, but
ing week in 1938.
•
and
an
increase of 2,528 cars above the corresponding
1938.
preceding week, and an increase of 465 cars above the corresponding week
in
1938.
'
.
All districts, reported decreases
Jan.
Oct.
2,
Nan. I,
1,
1938
1938
Dec.
1938
1,
Jan.
1938
in
1938
2,
Ail
1939
'
69.4
Piece goods
93.2
89.0
65.1
Women's apparel
Infants' wear
84.5
88.7
88.7
93.5
89.4
89.4
76.4
97.2
96.5
70.2
Home furnishings
84.5
91.1
71.8
;
87.1
70.7
Men's apparel
88.9
89.0
96.?
91.1
compared with the corresponding week
the Allegheny and Pocahontas which reported
except
districts
reported
decreases
compared with
the
increases.
corresponding
week
'"
in 1937.
Composite index
cars
\
Coke loading amounted to 7,291 cars, an increase of 657 cars above, the
Copyright 1939, Fairchild News Service
1933
increase of 3,788
an
decrease of 2,525 cars below the correspond¬
a
.
Ore loading amounted to 8.982 cars, an increase of 1,987 cars above the
preceding week,
week in
„
PUBLICATIONS RETAIL PRICE INDEX—(JAN. 3, 1931=100)
May 1,
cars
below the correspond¬
in 1938.
above the
.
indicated after
increase of 2,445
In the Western Districts alone loading of live stock for the
week of Jan. 7, totaled 9,699 cars, an increase of 2,267 cars above the pre¬
too, that floor coverings prices showed the first gain
.
firmer
and
luggage, recorded slight gains.
close second in both classifications.
a
in months.
A
as
increase of
v
.
1,816
Prices
an
decrease of 7,636 cars below the
1938.
loading amounted to 12,819
the largest decline under
increase of 3,427
decrease of 10,348 cars below the
a
ing week in 1938-w
easing.
cars,
Coal loading amounted to 119,626 cars, a decrease of 12,138 cars below
the preceding
above the preceding week, but a decrease of
Furs continue to" show
cor¬
•
showed
men's shirts and floor coverings, as
above the
,
including woolens,
sheets, blankets, furs, women's underwear, men's hats and infants' shoes,
fractional
increase of 23,565
cars
increase of 7,223 cars above the preceding week, but a decrease of 19,836
an
2,801
the smallest.
totaled 208,772
preceding week, and
Loading of merchandise less than carload lot freight totaled 122,302
Grain and
level.
year ago,
above the
responding week in 1938.
to say:
on
Three
Miscellaneous freight loading
cars
88.9
84.4
84.3
88.7
88.7
89.2
96.4
96.4
96.3
9Q.9
90.4
1939
1938
530,849
552,568
1937
89.0
90.4
"
-
Week of Jan. 7..
Piece goods:
—
700,046
The first 18
Silks
57.4
Woolens..
64.0
65.0
»
63.6
64.0
63.6
69.2
Cotton wash goods...-Domestics:
major railroads to report for the week ended
Jan. 7, 1939 loaded a total of 248,67.1 cars of revenue freight
on, their own lines, compared with 234,597 "cars in the pre¬
ceding week and 257,923 cars in the seven days ended
Jan. 8, 1938.
A comparative table follows:
86.4
85.3
85.0
85.0
84.7
68.6
109.8
104.1
104.5
104.5
104.5
•
Sheets
65.0
102.0
93.5
Blankets & comfortables
72.9
109.0
105.0
93.8
92.1
91.9
104.0
Women's apparel:
103.9
103,6
,
Hosiery^
59.2
76.3
74.0
74.0
74.0
75.5
107.9
104.4
104.1
104.1
104.6
Corsets and brassieres.
83.6
93.0
92.5
92.5
92.5
92.5
108.8
: 93.0
93.5
92.5
LOADED AND RECEIVED FROM CONNECTIONS
REVENUE FREIGHT
74.0
Aprons and house dresses
91.4
Furs
-
-j
/
66.8
Underwear...
69.2
86.9
Shoes-.!..--.
76.5
87.8
Hosiery
64.9
Underwear
69.6
85.6
85.4
85.1
86.7
86.7
86.7
89.5
87.8
87.8
87.7
87.7
92.7
91.1
91.1
91.1
Loaded.
85.0
86.7
(Number of Cars)
.
91.1
.
Own
on
•
Received from, Connections
Weeks Ended—
Lines
Weeks Ended-—
Men's apparel:
Jan. 7
74.3
87.6
85.7
86.0
86.0
86.1
Hats and caps
69.7
84.6
82.1
82.3
'82.3
82.0
Clothing, incl. overalls._
70.1
95.5
90.2
90.0
90.0
90.0
Shoes
76.3
96.8
95.0
95.0
95.0
95.0
74.0
100.7
100.4
100.4
100.4
100.4
Chicago Milw. St. Paul & Pac.Ry.
Infants'
Dec.
31
Jan. 8
1938
1938
17,617
4,890
4,220
4,154
11,754
22,102
22.487
13,148
10,522
18,274
17,686
17,462
6,860
5,613
5,937
12,598
16,223
12,467
16,516
6,882
6,018
6,539
15,148
18,382
7,20!
5,953
7,400
11,472
10,301
14,349
9,257
7.528
8,884
3,176
2,445
3,624
1,275
1,007
1,928
RR
74.3
95.0
94.2
94.2
94.2
94.2
96.0
94.9
-94.5
94.5
94.2
Chicago & North Western Ry..-.
Gulf Coast Lines.
Furniture
69.4
International Great Northern RR
Floor coverings
Musical instruments
79.9
50.6
61.1
Luggage
60 1
80.6
Elec. household appliances
China
72.5
81
•
101.8
95.0
05.0
94.5
94.2
121.8
110.0
110.0
110.0
110.8
57.4
57.3
Missouri
74.0
74.1
.......
5
1,566
57.4
57.4
75.3
74.8
83.1
82.9
82.4
95.6
94.0
94.0
81.0
>
|
80-8
94.0
94.0
RR
Missouri-Kansas-Texas
Pacific
,
RR
Commodity Prices Dropped 0.8 of Point
During Week Ended Jan. 7 According to "Annalist"
Index
Total
The "Annalist" announced
Jan. 9 that
sharp declines
in the prices for several minor commodities caused the
"Annalist" index to lose 0.8 of a point during the week
ended Jan. 7.
For Saturday, Jan. 7, the index was 79.3,
the lowest in three weeks, and copipared with 80.1 in the
preceding week and 84.7 a year ago, said the announcement,
on
Slack demand and accumulating supplies brought about a severe decline
prices with first
grades
dropping to
25% under the previous week.
shipments exceeded demand.
19% cents, the lowest since
Citrus fruits
were
11,278
3,883
7,843
29,044
3.552
-
6,611
7.483
35,433
11,719
29,129
29,495
28,041
9,444
7,574
16,676
-
—
17,196
14,428
4,294
3,298
7,561
3,513
44,010
45,787
31,516
28,506
27,869
4,94f
3.75?
3.941
4,161
—
3.77'
4,140
3,969
3.400
3,095
3,992
3,491
2,959
21.12?
...
20,376
23,906
6,833
5,931
7,561
4.385
4,10'
5.197
7,826
6,608
6,950
----
-------
-
248.671
-
LOADINGS
234..to"
'<V7 Q9g
166.v>0r
139,4'^
147.982
AND
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
Weeks Ended—
Jan. 7.
1939
Dec. 31. 1938
Jan. 8,
1938
The major commodities were relatively firm in the
were
face of lower security
fractionally, but cotton and corn were easy.
rubber lost ground for the third consecutive week.
.
19,974
18,714
19,934
26,732
24,972
29.258
St. Louis-San Francisco
10,528
10,074
10,309
57.234
53.760
50
Total
501
also heavy
For the most part livestock prices
steady, although certain pork products were weak.
rose
2,677
Chicago Rock Island & Pacific Ry.
Illinois Central System
which added:
Wheat
2,825
1,907
46,866
Ry
TOTAL
1,390
2,581
3,948
—
Southern Pacific Lines
Wabash
1,976
4,326
11,306
Pittsburgh & Lake Erie RR
Wholesale
1,962
3,236
29,687
-
Norfolk & Western Ry
Pennsylvania RRPere Marquette Ry--
1,225
3,407
New York Central Lines1-.
New York Chicago A St. Louis Ry
;
"
prices.
1939
Chesapeake & Ohio Ry
Baltimore & Ohio
■"
80.9
last April and
Jan. 7
1938
Chicago Burlington & Quincy RR
.
17,733
Underwear
as
Jan. 8
15,028
20,235
Atchison Topeka A Santa Fe Ry.
Shoes
egg
31
1938
■-
wear:
Socks..
in
Dec.
1939
Shirts and neckwear
Crude
In the
following
we
undertake to show also the loadings
for separate roads and systems for the week ended Dec. 31,
1938.
During this period 77 roads showed increases when
compared with the
same
week last
year.
Financial
194
RECEIVED FROM
REVENUE FREIGHT LOADED AND
Total Revenue
Eastern District—
-
Bangor <fc Aroostook.-——Maine
—
-------
Loulsv.
Chicago Indianapolis &
405
862
679
Mobile & Ohio
1,841
7,585
1,412
119
151
Nashville Chattanooga &
5,941
1,274
6,642
1,334
6,700
1,389
St. L.
Detroit & Toledo Shore
Line...
Erie.--
-------
—
Grand Trunk Western—
22
49
28
1,127
4,487
7,937
1,217
5,637
5,251
1,262
178
286
74
58
1,904
2,356
1,115
2,743
9,049
5,393
1,610
2,050
8,708
5,170
1,148
781
596
5,631
1,758
5,638
1,980
181
123
14
13
■■
178
...
295
125
9,216
3,514
9,110
2,227
"
10,412
4,275
118
109
114
1,488
7,390
2,386
3,732
1,376
1,250
6,797
2,429
950
29,129
7,367
1,439
3,552
3,471
3,774
24,844
6,846
1,038
3,130
2,457
3,445
--------
.—
Lines
Hartford..j...
Western.
N. Y. Chicago & St. Louis
Pittsburgh & Lake Erie,-----.
New York Central
N. Y. N. H. &
New York Ontario &
Pere Marquette
—
577
729
3,080
3,340
10,686
2,788
2,712
8,704
369
253
234
6,419
13,363
6,514
16,964
283
254
368
572
99
104
150
465
387
70,297
85,996
48,411
41,617
10,301
10,832
1,991
14,250
3,613
12,332
2,027
15,262
3,069
7,528
2,299
5,953
2,141
7,240
2,118
5.549
2,398
987
4,884
8,037
Lehigh & Hudson River
Monongahela
423
6,360
14,939
Southern System—
Lehigh & New England
Lehigh Valley
Maine Central---
642
399
297
Seaboard. Air Line.—------
5,081
4,258
2,216
Detroit & Mackinac
Detroit Toledo & Ironton
693
77,242
Richmond Fred. & Potomac.
17
1,020
3,521
8,014
187
<fc West.
Delaware Lackawanna
1,447
1,922
839
Piedmont Northern
22
Delaware & Hudson
1,454
2,441
645
Southern
954
Central Indiana
Central Vermont
'
7,452
2,860
4,193
2,010
991
1,928
36,065
24,255
8,465
1,303
6,542
2,615
3,257
29,495
8,322
1,238
7,574
3,420
3,752
9,114
1,438
3,994
6,987
5,469
Tennessee Central
—
——
Southbound—.
Winston-Salem
Total-....
------
Northwestern District—
Chicago & North Western—
Chicago Great Western
Chicago Milw. St. P. & PacificChicago St. P. Minn. & Omaha.
1,850
15,148
3,124
Elgin Joliet & Eastern
Green Bay &
302
345
242
239
3,645
7,081
5,265
3,313
263
233
216
127
94
7,230
7,238
7,157
1,840
1,796
459
432
469
468
388
& South-
Ft. Dodge Des Moines
Great Northern
------- -r
Western
Lake Superior &
147
249
300
44
53
1,334
4,028
6,455
1,307
3,852
6,901
1,425
1,310
1,461
1,593
2,^02
2,166
341
152
355
260
374
157
146
Northern Pacific
3,601
6,714
400
1,085
1,122
876
Spokane
392
502
748
669
1,031
809
408
International—
Spokane Portland <& Seattle...
51
725
74
Virginia..-.
4.109
3,906
1,638
4,452
3,510
6,608
2,315
6,484
57,314
Rutland
11
19
85
213
149
1,297
1,009
897
56,105
63,302
32,430
29,434
15,028
2,031
16,018
2,162
16,417
2,575
4,220
1,459
3,783
1,482
404
481
392
75
90
12,460
6,018
5,451
526
739
6,602
2,044
5,295
t
.
Wabash.-—-
——
2,698
Wheeling & Lake Erie.—
Alleghany District—
Akron Canton & Youngstown.
Baltimore &
Ohio.
Buffalo Creek & Gauley
Cambria & Indiana
-
-
—
—
-
Central RR. of New Jersey.
321
231
464
669
390
17,109
28,096
2,862
10,522
9,356
913
624
308
419
4
6
1,467
4,538
881
1,367
5,675
18
10
8.674
7,561
42
37
517
4,871
Cumberland & Pennsylvania-
-
Valley
Long, Island
Pennsylvania System
Reading Co—..Union (Pittsburgh)
-
Northern*.
310
25
23
779
25
11
Fort Worth & Denver
1,838
1,178
28,506
681
34
965
0
56,466
11,661
15,104
9,992
772
846
39,936
10,047
4,342
1,833
1,028
24,242
12,043
468
386
816
44,010
9,868
6,673
0
78
2,264
2,984
4,320
3,007
82,255
127,083
69,549
59,035
Illinois
Terminals
Missouri-Illinois
Nevada
Peoria & Pekin Union.
Southern Pacific
971
581
615
1,669
1,044
1,208
991
322
39,151
Total.
30,701
5,613
3,298
4,869
2,618
771
710
9,682
43,056
18,512
3,403
8,197
,
1,529
79
322
499
232
18
20
26
0
0
16,121
14,486
15,549
3,425
3,561
261
227
242
826
939
12,119
11,009
11,520
5,991
5,682
-
Toledo Peoria & Western
—
'
536
757
■716
7
7
1,329
1,380
1,151
1,326
1,369
.78,864
85,519
37,481
36,161
—
-——
—
Southwestern District—
BUrlington-Rock Island
Gulf Coast Lines.
—
Southern Districts-
.119
133
Atl. & W. P.—W. RR. of Ala-.
480
165
611
900
.
122
Kansas
Central of Georgia
Western Carolina
415
661
751
711
6,981
2,595
7,811
3,576
3,469
2,048
3,191
1,843
294
373
862
888
296
v
Louisiana & Arkansas..
Greenville..-.
172
1,781
1,225
Valley-—
1,186
1,497
1,240
481
194
220
310
185
Missouri-Kansas-Texas' Lines—
276
174
Missouri Pacific—
Quanah Acme & Pacific
St. Louts-San Francisco
Durham & Southern.-
113
101
Florida East Coast*
789
801
971
714
727
Galnsville Midland
17
27
39
44
50
1,013
St.
120
318
289
317
647
590
290
506
105
—
84
109
753
— -.—--
Mlasourl& Arkansas—-----
810
94
863
75
Litchfield & Madison.
Midland
892
1,517
315
770
Clinchfield
199
,1,632
1,274
Texas—
Louisiana Arkansas &
168
1,265
1,776
198
City Southern
'
422
159
1,007
1,390
1,039
1,532
1,055
Kansas Oklahoma & Gulf—-
6,678
2,574
Coast..
Line
1,203
3,314
2,027
1,522
1,142
_
420
177
151
132
2,750
1,298
103
-
.-
834
140
525
•"
146
183
2,445
1,222
—
Fort Smith & Western...
"International-Great Northern.
Alabama Tennessee & Northern
240
.
82,143
Utah—.....
Total—
82
23
349
.--
^
..
(Pacific)-----
Western Pacific
21,141
205
260
1,056
Union Pacific System—
14,732
12,499
3,470
6
958
1,387
-
-
—
North Western Pacific.
1,945
8
686
-
-
Northern
867
1,919
1,468
City..—
—
2,595
839
"
Virginian
Columbus &
916
Denver & Salt Lake
199
17,685
17,199
4,267
Norfolk & Western....
Charleston &
3,229
961
146
Pocahontas District—
Chesapeake & Ohio.--
Coast
2,717
Denver & Rio.Grande Western-
137
2,502
Atlauta Birmingham &
643
2,247
9,860
2,577
1,036
3,304
Southern—
&
202
93,107
Maryland
Total.
654
Chicago & Eastern Illinois
84
48
....
2,199
Chicago & Illinois Midland
Colorado
11,617
1,357
9,182
2,341
12,467
1,823
8,952
Chicago Rock Island & Pacific.
365
399
—-
Penn-Reading Seashore Lines.
Western
Bingham & Garfield.
Chicago Burlington & Quincy—
473
—
West Virginia
Alton
117
Cornwall
Ligonler
Fe System.
Atch. Top. & Santa
307
Bessemer & Lake Erie
Central Western District—
102,110
20,235
1,131
—
Total....
1,581
114,343
133,363
97,198
111,921
Total
Atlantic
,
1,227
Ishpeming
Minneapolis & St. Louis.-i.--Mlnn. St. Paul & S. S. M
Pittsburgh Shawmut & North..
436
131
113
818
242
5,402
Atlantic-
Duluth South Shore &
643
501
MIssabe & I. R
Duluth
Pittsburgh <fe Shawmut.
Pittsburgh & West
1,275
1,544
1,597
1,845
468
438
1,626
5,682
1,242
1,437
2,086
642
437
1,205
Norfolk
1937
1938
1936
1937
1938
Southern District— (Concl.)
Ann Arbor
Montour
from, Connections
Freight Loaded
Railroads
1937
1938
1936
1937
Total Loads Received
Total Revenue
from, Connections
1938
Boston &
ENDED DECEMBER 31
CONNECTIONS (NUMBER OF CAR8)-WEEK
Total Loads Received
Freight Loaded
Railroad*
1939
Jan. 14,
Chronicle
.113
93
108
114
1,907
6,611
3,584
12,542
3,193
10,673
3,236
11,300
——-
127
193
1,896
i
6,493
50
126
93
89
91
5,923
1,728
5,324
6,930
1,945
6,506
4,428
3,233
1,745
2,209
2,668
2,514
3,185
5,691
1,941
5,953
3,620
179
243
232
37
104
29
19
35
43
25
39,017
39,486
46,204
26,167
26,942
—
Louis Southwestern
542
569
744
1,210
204
226
342
328
385
Texas & New Orleans—
1,164
17,572
18,177
949
796
781
Texas & Pacific
16,011
14,531
1,347
18,600
19,436
7,767
3,740
6,640
3,163
Macon Dublin & Savannah
151
125
174
511
239
Misstsslnol Central.
107
164
196
266
281
1,949
2,913
2,936
Georgia
....
Georgia & Florida
Gulf Mobile & Northern-----Illinois Central System
Louisville &
Nashville...
—
Note—Previous
—...
...
*
year's figures revised.
Previous
Wichita Falls & Southern.....
Wetherford M. W. & N. W—
•
Total
figures.
Loading of Revenue Freight Totaled 30,468,544 Cars
States
sale
Week Ended Jan. 7
Loading of
revenue
freight
on
the railroads of the United
States in 1938 totaled 30,468,544 cars,
according to complete
reports for the year, the, Association of American
announced
This
and
Jan. 6.
on
was a
decrease of 7,201,920 cars or
decrease of
a
15,409,430
cars
or
Total loadings by commodities in 1938
follow:
Railroads
19.1 % below 1937
33.6% below 1930.
compared with 1937
Percent
Decrease
1,967,798
Livestock
1,788,966
*10.0
703,003
Grain and grain products
721,601
2.6
5,544,928
274,705
6,976,938
20.5
507,817
45.9
Forest products
Ore
1,417,815
1,828,032
22.4
845,924
2,207,632
61.7
Merchandise, L.C.L
7,685,891
8,465,868
9.2
12,028,480
15,173,610
20.7
30,468,544
37,670,464
19.1
Coal
Coke
Miscellaneous
Total
Commissioner added:
and
products
raw
Jan.
Jan.
Jan.
Jan.
Jan.
6.7
9
10
11..
12
13
The principal individual changes were
hogs and rubber.
.
.144.0
144.4
143.6
143.5
142.8
142.3
142.5
was as
follows:
Two weeks ago, Dec.
Month ago, Dec. 13
Year ago, Jan.
13
1938 High—Jan. 10
Low—June 1
1939 High—Jan.
7
LfOW-r-Jan. 12
drugs
0.1%
groups
metals and metal products
.
The textile
,
dropped 0.1%
remained unchanged at last
advanced 0.1%
lower than they were a month ago.
a
month ago and
is down 2.6%
ago.
They
decreases of
from a year ago.
non-agricultural commodities advanced 0.3%
are
0.1%
below a
measured by the Index for
lower than a month ago and
Industrial commodities prices, as
0.1%
-
143.8
139.3
.152.4
....152.9
130.1
..144.4
142.3
4.2%
products and foods," rose 0.1%
and 3.5% from last month and last year
,
and show
respectively.
The announcement, issued Jan. 12 by the Department of
Labor, quoting Commissioner Lubin as above, also stated:
Average wholesale market prices for farm products
30—.
during
"all commodities other than farm
the index for
"all commodities other than farm
Moody's Commodity Index declined from 144.0 a week ago
The movement of the index
and
materials and finished products groups
week, according to
year
Moody's Commodity Index Declines
Friday.
declined 1%
and housefurnishing goods
»
.
Both
Compared with a
year ago, the raw materials index is 5.6% lower and the finished products
index is down 4.5%
The index for semi-manufactured commodities prices
remained unchanged at 75% of the 1926 average.
It is 0.1% lower than it
The
groups are
products."
Jan.
Jan.
,
chemicals
the week*
products, 0.3%
miscellaneous commodities,
materials, and
lighting
products prices
0.2%
and
The price level for
the lower prices for
classifications advanced during
week's level.
the
to 142.5 this
group
.
Increase.
Fri.,
Sat.,
Mon.,
Tues.,
Wed,
Thurs.,
Fri.,
and
fuel
Farm
.
decreased
10 major
building materials, 0.9%,; hides and leather
were
foods,
0.1%
was
*
prices advanced
commodity index of 813 price series to 77% of the, 1926
average," Mr. Lubin said. /'The index is 0.1% below the
level of a month ago and 4.7% below a year ago."
The
'
1937
Bureau of Labor
0.1% during the first week of 1939, Commissioner Lubin
announced on Jan. 12.
"The advance brought the all-
These
1938
*
The United States Department of Labor,
Statistics' index of wholesale commodity
Five of the
*
Whole
During
Department of Labor Index of
Commodity Prices Advanced 0.1%
United
in 1938
the week primarily as a
fruits and vegetables.
citrus fruits, sweet potatoes,
3.2%
and wool.
during
and
The subgroup of grains advanced
due to advancing prices for barley,
prices were also
declined 1%
result of sharp decreases in prices of livestock
Quotations were lower for cows, steers, hogs, eggs,
reported for calves,
Chicago, and white potatoes.
oats, rye, and wheat.
Higher
live poultry, cotton, fresh milk at
The current farm products index, 67.6, i->
Volume
Financial
148
below the corresponding week of December and is 7%
0.3%
ended Jan.
wood
Ponderosa pine,
gum,
cypress,
of
Wholesale prices for leather
.
0.1%
milk
dried
for cereal products, and
Higher prices were reported for flour, oatmeal, corn meal,
for meats.
fresh
during the week as a result of
of foods increased 0.1%
for fruits and vegetables, 0.7%
3.7%
an announcement
the
Federal
subgroup declined 1.1%
month ago and
The
index
fuel
the
and
lighting
the
commodities
miscellaneous
and paper and pulp rose 0.2%
4.7%
89
Without seasonal adjustment
for California gasoline.
Average
cattle feed prices advanced
Crude rubber declined 2.3%.'
index dropped 0.2% because of
.
Dec., 1938
Nov., 1938
Oct., 1938
1
'»S9
■
Dec.,
155
84
1937
89
92
99
156
0.1%
advanced
materials group
group,
SALES
(1923-1925 Average=100)
Adjusted for seasonal variation
steady.
In
OF DEPARTMENT STORE
INDEX
eggs,
prices for Pennsylvania gasoline were lower and bituminous coal and coke
were
the
lower than it was a
5.5% lower than it was a year ago.
for
because of higher prices for anthracite and
The index is shown below for
last three months and for December, 1937:
Quotations were lower for
.
This week's food index, 72.6, is 1.5%
raw sugar.
"department
that
sharp seasonal rise in December,
adjusted index remained at the level of 89
reached in November."
(Chicago), dried apples, fresh apples (New York), bananas,
white potatoes, mutton, bacon, fresh pork, veal, and lard.
butter, lemons, oranges, sweet potatoes, lamb, cured pork, coffee,
and
System states
store sales showed the usual
beans,
The dairy products
issued Jan. 9 the Board of Governors
Reserve
and the Board's
averaged slightly lower.
Wholesale prices
advances of
index to rise 0.3%
Iri
No
Higher prices for hides, skins, and children's shoes caused the hides and
leather products group
and luggage
1937
flooring and timbers, together with higher prices for china-
reported in prices for brick, tile, and structural steel.
were
Sales'of[ Department Stores in December Equal
to/Year Ago According to Board of Governors of
Federal Reserve System—Year's Sales 8% Below
■
oil, turpentine, and prepared roofing, accounted for the rise.
changes
Total
registered for building materials.
was
,
Advancing prices for lumber, principally
and yellow pine
below the week
"
8, 1938.
The largest group increase, 0.9%
195
Chronicle
The metals and metal products group
announced lower prices
were
1937 and for the entire year 1938
the
same
they
in
as
were
December,
8% less than in
1937, according to the Board, which presented the following
compilation:
BY
REPORT
for tin cans and a minor decrease in the agricultural
implement subgroup.
Total sales in December
FEDERAL
RESERVE
DISTRICTS
The non-ferrous metals and plumbing and heating
The
housefurnishing
lower prices for furniture.
felt base floor covering, were
group
index declined 0.1%
remained unchanged at 65.3%
The cotton goods, silk and rayon, and woolen and
1926 average.
Wholesale prices for clothing
subgroups advanced slightly.
worsted goods
and "other textile
affect the chemicals
It remained at 76.3% of the 1926
Prices for drugs and pharmaceuticals and mixed fertilizers were
drugs group index as a whole.
average.
a
firm.
••• ,v
•;
The following table shows index numbers
modities for the past five weeks and for
Number
of
of
Stores
December*
Boston.
Year
Cities
Included
Reporting
50
30
—2
—7
55
28
—2
—12
27
—14
21
11
—3
50
25
+4
...
New York.
,
Philadelphia..,..
...
Cleveland
+
—
i
12
—2
26
19
12
89
29
—5
+6
Atlanta.,
Chicago
34
17
19
—
_
St. Louis
+ 4.
Minneapolis
+2
for the main groups of com¬
—2
36
Kansas City
■
—6
20
Dallas.......
—3
19
8
San Francisco.
—7
92
35
-8
519
246
13
Jan. 8, 1938, Jan. 9, 1937, Jan. 11,
Total...
',
1936, and Jan. 12,1935.
(1926=100)
*
December figures preliminaiy
in most cities the month had the same number
of business days this yeai and last year, but
•
Year Ago
Federal Reserve Districts
Richmond
products" such as rope were lower.
Advancing prices for arsenate and tankage did not
and
as a
higher.
The index for the textile products group
of the
from
result of
Prices for furnishings, principally linoleum and
goods
Num ber
Percentage Change
subgroups remained unchanged at last week's level.
Jan.
Jan.
Jan.
11.
Jan.
this
year stores were open
five Saturdays
12,
Dec.
Dec.
Dec.
Dec.
31,
24,
17,
10,
1939
1938
1938
1938
1938
1938
1937
1936
All commodities
77.0
76.6
76.7
77.1
80.8
85.2
80.5
78.6
Farm
67.6
68.3
67.2
67.4
67.8
72.7
90.9
78.3
77.2
76.8
compared with three a year ago.
1935
76.9
,
Jan.
7,
Commodity Groups
products;..
8,
•
9,
72.6
72.5
72.2
72.6
86.7
84.6
79.7
Hides and leather products..
93.9
93.6
93.8
93.8
93.4
97.9 102.0
97.7
86.9
Textile products
6^.3
65.2
65.2
65.4
69.2
76.8
72.4
70.0
Foods
...
65.3
73.7
materials..
73.8
73.7
73.8
74.1
74.4
78.8
77.5
75.4
74.2
Metals and metal products..
94.6
94.8
94.8
94.8
94.8
96.1
90.1
86.0
85.6
Building materials
90.0
89.2
89.3
89.2
89.1
92.3
90.8
85.2
84.8
Chemicals and drugs.......
76.3
76.3
76.4
76.3
76.3
79.2
86.8
80.2
87.5
87.6
87.6
87.6
87.6
90.8
85.3
82.4
82.2
Miscellaneous
73.1
73.0
72.9
72.9
72.8
74.6
74.9
67.8
71.0
71.1
71.0
70.3
70.4
71.2
75.3
87.4
77.6
X
X
Electric
Output for Week Ended Jan.
Above a Year Ago
7,
The Edison Electric Institute in its current
1.4%
1939,
weekly report
estimated that
production of electricity by the electric light
and power industry of the United States for the week ended
Jan. 7, 1939, was 2,169,470,000 kwh.
The current week's
79.6
Housefurnishing goods
as
Fuel and lighting
Raw materials.
Semi-manufactured articles..
75.0
75.0
75.1
74.9
75.1
77.0
84.9
75.0
Finished products—
80.5
80.4
80.2
80.4
80.6
84.3
84.6
82.9
79.1
78.9
78.7
78.8
79.2
82.6
84.0
80.9
78.9
80.6
80.5
80.5
80.6
80.7
83.5
83.0
78.8
output is 1.4% above the output
production totaled 2,139,582,000 kwh.
The
output for the week ended Dec. 31, 1938, was estimated to
be 2,120,555,000 kwh., an increase of 6.1% over the like
78.1
other
commodities
All
farm products
other
commodities
A11
x
X
._
'
'
ago.
Week Ended
Week Ended
Week Ended
Jan. 7, 1939
Dec. 31,1938
Dec. 24, 1938
Dec. 17, 1938
NOT
NOT
NOT
5.2
West Central..
Commodity Prices Declined Slightly During
7 According to National Fertil¬
AVAIL¬
AVAIL¬
AVAIL¬
0.9
Southern States
ABLE
ABLE
ABLE
2.7
11.8
New England
6.0
Middle Atlantic
Central Industrial
Reversing the upward trend of the two previous weeks,
the wholesale commodity price, index of the National Fer¬
tilizer Association in the week ended Jan. 7 receded to 73.3%
Based on the 1926-28
index registered 72.8%
The announcement by the Asso¬
73.4% in the preceding week.
average of 100%, a month ago the
from
year ago
Week Ended
Regions
izer Association
a
year
PERCENTAGE INCREASE FROM PREVIOUS YEAR
«
.
Week Ended Jan.
and
a
Major Geographic
Not computed.
t".
Wholesale
week
than
and foods
farm products
■
than
'8.8
RECENT
FOR
WEEKS
(THOUSANDS
77.9%,.
continued:
in
a
moderate
changes in cotton and grains were
stock caused a
bering declines.
insignificant, but lower prices for live¬
Changes in prices of in¬
downturn in the group average.
dustrial commodities during
the week were small, with upturns outnum¬
Fractional increases were registered by the group indexes
representing the prices of textiles, building materials, fertilizer
and miscellaneous commodities.
A drop in the price of tin took
average
down slightly.
5.9
OF KILOWATT-HOURS)
Percent
Changs
largely responsible for the decline in the
index.
Declines in butter, egg, and meat prices resulted
drop in the food price average.
In the farm product group
prices for foodstuffs were
all-commodity
13.3
6.1
1.4
Total United States.
DATA
•
6.7
Rocky Mountain..—
Pacific Coast
ciation, dated Jan. 9,
Lower
of the corresponding week
of 1938, when
materials,
Week Ended
*
index fell off last week 27 price series in¬
cluded'in the index advanced while only 16 delined, indicating that several
of the more important commodities were among those which declined in
1938
1937
1936
1932
1929
from
1937
Nov.
5—,
Nov. 12.
Nov. 19.
Nov. 26
Dec.
3.
-
10
—
Dec.
17
....
Dec.
the metal
.
1938
24
Dec.
Dec. 31
2,207,444
2,209,324
2,270,296
2,183,807
2,285,523
2,318,550
2,332,978
2,362,947
2,120,555
2,202,451
2,176,557
2,224,213
2,065,378
2,152,643
2,196,105
2,202,200
2,085,186
1,998,135
+ 0.2
+ 1.5
+2.1
+ 5.7
+6.2
2,175,810
2,169,480
2,169,715
2,196,175
2,133,511
1,525,410
1,520,730
1,531,584
1,475,268
1,510,337
+ 5.6
2,242,916
1,518,922
+ 5.9
.
+13.3
2,278,303
2,274,508
+6.1
2,080,954
1,563,384
1,554,473
1,414,710
1,815,749
1,798,164
1,793,684
1,818,169
1,718,002
1,806,225
1,840,863
1,860,021
1,637,683
Although the all-commodity
price.
In the preceding week there were
the second
Compiled by the National
Latest
Per Cent
Preced'g
Month
Year
Ago
1938
1938
1938
72.7
71.6
76.6
54.2
55.3
FOR
62.2
OF KILOWATT-HOURS)
1937
1938
1936
1932
1929
from
1937
70.1
69.8
71.2
69.0
65.8
64.7
69.4
47.8
47.8
46.8
47.7
55.7
55.5
53.0
73.3
February
-
-
January
72.2
72.9
72.9
75.5
Fuels
75.5
75.5
84.6
April
77.8
80.8
May
...
March
June
71.9
Miscellaneous commodities—
78.6
78.4
8.2
Textiles
59.1
58.8
59 A
62.1
Metals
90.5
90.6
90.6
98.2
Building materials
84.3
84.0
84.0
83.3
August
6.1
Chemicals and drugs
92.7
92.7
93.2
95.3
September
1.3
72.4
-
July
7.1
October—
.3
Fertilizer materials
71.8
71.5
71.0
Fertilizers
78.0
78.0
77.6
79.8
November
.3
Farm machinery
95.3
95.3
97.1
96.5
December
.3
73.3
73.4
72.8
77.9
Total
100.0
■
Change
1938
Month of
65.5
Farm products.
Livestock
10.8
(THOUSANDS
„
Grains
17.3
„
Percent
Cotton
Cottonseed oil
23.0
RECENT MONTHS
Jan. 8
54.1
Fats and oils
2,098,968
+ 1.4
Ago
Dec. 10
71.3
Foods
Week
Dec. 31
1939
Total Index
28.-1—
2,169.470
DATA
Week
Group
Bears to the
21.......-
2,139,582
2,115,134
2,108,968
Jan,
((1926-1928=100) /
Jan. 7
Each Group
from
Jan.
COMMODITY PRICE INDEX
Fertilizer Association.
1938
1938
29 advances and 13 declines; in
and 22 declines.
preceding week there were 2i advances
WEEKLY WHOLESALE
25.3
1939
1939
All groups
..
combined.
9,300,383
8,405,129
9,137,970
8,617,372
8,800,414
8,934,086
9,785,174
—5.0
7,585,334
—5.8
8,634,336
8,029,046
7,041,926
8,922,551
9,930,252
9,589,639
6,502,756
6,850,855
—8.0
•8,361,233
6,787,923
7,380,263
7,285,359
7,486,635
7,220,279
7,484,727
9,699,161
9,791,569
9,262,484 10,074,083
9,894,489 10,366,839
9.593,670 9,962,122
9,975,343 10,111,605
..
9,534,868
9,719,582
117487 446
—10.1
8,371,498
6,320,651
—9.3
8,536,837
6,240,381
—8.8
8,706,984
—8.1
9,239,027
6,168,781
6,175,627
—4.6
9,359,167
9,256,053
9,662,847
9,293,742
9,968,343
—3.7
—1.3
6,339,283
6,277,419
6,596,023
6,488,507
6,625,298
7,773,878
7,523,395
8,133,485
7,681,822
7,871,121
107409113 77,574,474 90,277,153
Financial
196
Contracts]AwardedJin]December Highest
Since 1928—Public Construction 72% of Total
New construction started during tne month of December
reached a 10-year peak for the closing month of the year.
Not since 1928 has any December total of construction con¬
tracts awarded equaled that for December, 1988, according
to F. W. Dodge Corp.
The contract record for December
amounted to $389,439,000, a gain of 86% over December,
gains, according to
These recorded
concerns
Vice-President in
W. Dodge Corp., in¬
ahead immediately at
Second (New York) District
presenting its monthly indexes of business activity, in
its "Monthly Review" of Jan. 1, the Federal Reserve Bank
In
34567—CRPAhtcivlamdgoenp
and
materials
it appears that the change in the
and trade during December was
declining tendency, was
to
*
10%.
of the
Debits
to
covery
which was in progress
this
for
larger than usual.
further substantial gain in business vol¬
October, in the durable goods industries.
daily rate of steel output increased 18% over October and reached
the highest point since September, 1937.
Production of other metals,
including pig iron, copper, lead and zinc, also advanced considerably, and
bituminous coal mining gained over the level of October.
Production of
The
1939 automobile models reached the relatively high level of
and total assemblies were the largest
weeks included only
approximately
in any month
mills, also increased
their operations, while shoe production declined less than in most other
years.
Generation of electric power rose more than usual.
85,000 units weekly,
since August,
Aggregated debits for the 141 cities for which a separate
maintained since January, 1919, amounted
total has been
Textile mills, particularly woolen
1937.
The volume of retail trade,
to $9,773,000,000, compared with $7,316,000,000 the pro¬
ceeding week and $9,262,000,000 the week ended Jan. 5
of last'year,
v
These figures are as reported on Jan. 9, 1939 by the Board
of Governors of the Federal Reserve System.
SUMMARY BY FEDERAL RESERVE DISTRICTS
the whole, also expanded
on
in November.
than usual and grocery chain store
house sales showed some seasonal de¬
cline, and sales of chain stores other than grocery failed to advance as much
as in most recent years.
Railway freight traffic declined less than in most
Department store sales advanced more
sales
.
higher, while mail order
were
other years.
•
(Adjusted for seasonal variations,
for estimated long term trend, and wheie necesary
for price
No.
-
especially pronounced, as in
umes,
business days.
changes)
Week Ended—
of
Centers
Federal Reserve District
1938 .
During November there was a
Last Year
reported by banks in
Each of the three
week of last year.
was
throughout the second half of
production reaches its highest
December, gained sharply over November and early
district were that the advance in department store
level of the year in
saJes
seasonally adjusted index
and miscellaneous freight continued the re¬
like electric power
trade, which
Retail
leading cities for the week ended Jan. 4, aggregated $10,509,000,000, or 33% above the total reported for the pre¬
ceding week and 5%' above the total for the corresponding
five
loadings of merchandise
car
indications
individual accounts, as
with the result that the
than in most other years,
of
construction contract total of $3 ,196,928,000,
1930. The gain over the year 1937 amounted
5% Higher than
Electric power production, which reaches its
December, rose more than usual in the first three weeks
month, and in the same period railway freight traffic declined less
seasonal peak in
•
Bank Debits
and inventory
the November rate.
ceeded
total, $279,403,000
1938 closed with a
latter part of December by
taking, and it is estimated that a
somewhat greater than seasonal decline occurred for the month as a whole.
In the first three weeks of the month daily average bituminous coal output
was also smaller than in November,
but textile mill operations appear to
have been maintained better than usual, and automobile assemblies ex¬
employment.
annual figure since
reduced sharply in the
for holidays
shutdowns
ceding December.
The year
smaller than in preceding
the end of November had developed a
production, which toward
Steel
general level of production
The Bank added:
months."
represented public con¬
struction with a 142% increzse over December, 1937, while $110,036,000
represented privately-owned projects with a 17% increase over the pre¬
the largest
in determining the course of business volume
After making allowance for these influences,
in December.
get Public Works
December contract
Of the
"seasonal influences played their
of New York states that
Administration contracts awarded before
the year's end; many projects that were reported as having been awarded
included only fractional beginnings with the principal portions of the
projects to be put under contract later. In such cases, according to Mr.
Holden, contracts were held out of the record until the field staff of the
Dodge organization reports the actual letting of contracts for the greater
portion or all of the complete project; the aim is to maintain as far as possible
the normal lag between the Dodge contract record and the purchases of
In the rush to
volume of 706 retail estab¬
compared with $20,563,852 reported by these
in November a year ago.
usual large part
Thomas S. Holden,
Statistical & Research Division of F.
clude only verified projects which were ready to go
the time of entry into the record.
Charge of the
...
November the sales
In Massachusetts during
lishments was $20,407,056, as
November, 1938.
of 29% over
and Industries.
Department of Labor
1939
according to the Massachusetts
1 8% lower
paid in wages was
amount
Construction
1937, and an increase
Jan. 14,
Chronicle
Jan. 4,
Incl.
1939
1938
Not.,
Jan. 5, 1938
1—Boston.
17
$547,353,000
$428,680,000
2—New York.
4,970,577,000
3,659,469,000
4,475,996,000
18
26
534,322,000
605,897,000
330,039,000
295,001,000
401,724,000
515,653,000
262,561,000
237,201,000
41
1,514,169,000
1,062,279,000
1,392,111,000
320,496,000
Cement
29
274
10,509,295,000
7,923,034,000
1938
Crude petroleum
167,621,000
315,133,000
266,826,000
700,943,000
206,618,000
126,874,000
249,938,000
193,596,000
578,441,000
276,044,000
167,018,000
Oct.,
1938
Not.,
1938
$542,311,000
15
Sept.,
1937
Dec. 28,
___
25
I.
Louis.;
8—St
261,414,000
16
_
9—Minneapolis
17
10—Kansas City
28
"
11—Dallas.
18
____
12—San Francisco
Total
Industrial Production—
528,756,000
Steel.
.
_
273,348,000
Cotton consumption..
756,219,000
Wool consumption
___J
- —
Reserve
the Federal
63
67
90
91
96
89
118 P
lOlp
104 p
90
101
79 p
91
90
,90
84
92
•
—
90
86
95
121
111
108
103
(Boston)
a
District
activity in New Eng¬
four-week period ending Dec. 10
corresponding four-week period a year ago
New England department stores were about
compared with 11,948,000 in Octo¬
Total shoe production
during the first 11 months of the current year is estimated to have been
132,845,000 pairs, or an amount 2.8% lower than the production during
the corresponding period last year.
Production of shoes in New England
for the first 11 months of 1938 amounted to 37.1% of the production for
.
bales,
consumed by mills in New England during
an
increase of nearly 16% over the October
and larger than in November last year by more than 43%.
11 months of 1938, however, cotton consumption was
27.6% under the consumption of the
corresponding period last year.
and miscellaneous
80r
75
77
79
70
75
•76
88
78
78
75
85
___v—
_I —
76
69
74-
,
79
80
75
104
107
92
95
91r
90
88
81 r
"43
69
76p
72
61
62
65
44
38
40
81r
98
lllp
'
93
Other chain store sales
•
Mail order house sales.._:—
New passenger car
87
81
83
86r
District-.
Chain grocery sales...______________
registrations
93
-
90
Velocity of Deposits x
Velocity pf demand
■
The total number of wage-earners
employed in representative manufac¬
than In
Massachusetts during November was 0.2% higher
October and the amount of aggregate weekly payrolls was 1.9%
lower.
During the
turing establishments in
13-year period 1925-1937, inclusive, employment
York
— _
York City
(1919-25 average=100%)
level x (1913 average—100%)
average==100%)._
Cost of living x (1913
Composite indev of wsves
*
Not adjusted
v
z(1926 avera**e= 100%)
for price changes,
v
36
156
General price
Preliminary,
154
155
154p
152
148
148
147p
111
109
109
109p
r Revised,
.
x Not adjusted
for
trend.
Third
(Philadelphia) District
Bank of Philadelphia, in its "Business
reported that "industrial production
in the Philadelphia Third Federal Reserve District during
November showed marked improvement which continued
into December."
The Bank further reported:
The Federal Reserve
The
of
2,
Jan.
adjusted index of productive
November, reaching
activity rose about 4% from October to
the highest level of the year.
Production of manu¬
and crude oil showed unusual gains, while the output of
declined less than was to be expected.
Production of bituminous
factured goods
coal and electric power
indicate that
Compared with
a
smaller as against a
in
June.
contrast
1937.
Early reports
sustained in December, despite the usual
increased somewhat more than usual.
production was well
slackening in buying as
and
the average have decreased between October
and, November by 2.5% and 3.8%, respectively.
In November, as com¬
pared with that montfi last year, the number of wage-earners employed in
manufacturing establishments in Massachusetts was 3.3% less and the
deposits, outside New
City (1919-25 average=100%)
Velocity of demand deposits, New
anthracite
higher than in November last year.
79
Department store sales, 2nd
Dur¬
ing November the daily average consumption of raw wool in this district
exceeded that of October by about 21%, and was approximately 154%
payrolls in Massachusetts on
42
83
;
Review"
.
The amount of raw cotton
November was 77,685
44
65
Department store sales, United States-
November last year.
.
42
54
said:
mated to have been 8,758,000 pairs, as
country.
75 p
Distribution to Consumer—
moderately higher level than that
3% larger than in November last year./
"■
Production of boots and shote in this district during November is esti¬
and 5,915,000 pairs in
*
Hop
73
79r
Exports
Imports.
oply 1.2% less than in the
of
;
Primary Distribution—
Carloadings in New England during the
sales
71
27
Car loadings, other.
in October, after allowances had been made,
seasonal changes," states the Federal Reserve
of Boston in its "Monthly Review" of Jan. 1.
In
November
83
82
engineering contracts r
Residential building contracts.?.
for customary
part the "Review" also
95
80
Construction—
,• :
maintained at
During the first
9Op
54
Employment—
which prevailed
consumption
89 p
H6p
— ______
Employment, manufacturing, United States._1
Employee hours, manufacturing, United States._
Districts
Irancisco:
entire
89
84
82
"
f
of Business Conditions in
"During November general business
the
85
1
— ______
Machine tool orders *_____
First
ber
84
45
________
i
ftCar loadings, merchandise
in
74
82
______
Meat packing..
City, Dallas and
and
76
92 p
,
___
Tobacco products.r
Chicago, St. Louis, Minneapolis, Kansas
were
42
— ___
_____
Non-residential building &
Bank
40
79
Electric power
various Federal Reserve dis¬
indicated in extracts which we give below from the
was
81
- - - ...
—_ - -
"Monthly Reviews" of the Federal Reserve banks of Boston,
New York, Philadelphia, Cleveland, Richmond, Atlanta,
land
71
82
49
90
,>
Bituminous coal
The trend of business in the
San
63
94
L - _ - C- ;> _ _ __ —j -
65
79
81
_ -
___.—
Motor trucks
10,024,775,000
85
52
_'_
...
_
92
106
Passenger cars
_.
.■
;
_
_
Copper _'
333,810,000
307,230,000
•
62
_
651,436,000
Shoes
_______
Summary
tricts is
_
.
inventory listing approached.
year ago,
total industrial prxluction was only 5%
difference of 15% in October and 30% at the low
The recovery since
to a drastic
point
the middle of the year has been in sharp
decline that was in progress in the same period
'
of
Volume
Financial
148
in
business in the Sixth district
12 branches of trade and industry continued at about the same level in
November
as
year ago.
in the previous month but were again substantially
below
the
business in the United
a
impetus
Christmas
of
Sales also increased from October to November,
wholesale increased in most
.
November;
to
#
after the middle of November in accordance with the general
tendency to
The report also
preceding four-week period, particularly at plants
fourth
Similarly, the volume
business.
.
The
production and sales
output in the first six months,
lines
most
will be
and
regarded generaUy
been
12 months.
liquidated,
by steel and
lines at
The year
1938
in
more
There was a-
for the month.
average
rowed to only
The
industries,
first
the
less than at that time in 1937.
was
half
of
December,
seasonal
.
fairly high level, although in
a
some
two weeks ended Dec.
by wholesale trade
groups
nar¬
was
was
month previous, but only moderately under a
a
contra-seasonal gains was
or
recorded
in the comparison with the preceding month, and
November.
'
•
more
Eighth (St. Louis) District
In the
17, department stores in leading cities experienced
gain of 2.4% over the comparable period of 1937.
recession in the 1928-37
Business in the retail shoe and furniture trades
several lines reported sales gains over last
circles
Retail sales increased
appear.
November and continued to rise in December.
a
The margin of decline from last year
Less than usual declines
year ago.
.
demand for goods both from producers
year-end influences began to
than seasonally in
.
October in Seventh District
over
5%, and preliminary data for December indicate that the
eliminated entirely.
In
a
employment
decrease for that month from the 1937 period will be even smaller, if not
result, the number employed in November, in
and distributors remained at
above the
were
noticeably greater than
:
5% increase in November
department store trade, the gain comparing with
rapidly
lighter in November than
most
was
The durable goods industries, due to expansion in the metals
year ago.
accompanied by only moderate
was
November and
Production of paper and pulp mills in¬
and vehicles groups, were responsible for the continued
gain in
the
by those employed.
a
gain
Orders booked and shipments by furniture
in the period and activity
gains in employment, but greater increases in the number of hours worked
As
much
a
malleable casting
during November.
Payrolls, however, have expanded
the last half of 1938
1937 volume.
creased slightly
of adjustment
one
particularly
higher level, in relation to the year's peak, than production.
a
booked
There was
year ago.
Although building construction declined
1928-37 average for the month.
whereas at the close of 1937 employment was still being maintained in some
rise in activity in
business
new
manufacturers fell off less than is usual in
Employment also has shown improvement recently, but not commensurate
production gains.
demand
For the first time in 1938 output of
a
the November,
finished and semi-manufactured goods fields.
with the
1937 rate.
erated considerably in the period.
for the low level of
up
business year—chiefly
have
and
from October, in accordance with seasonal trend, it was more than double
that for the entire year sizable declines in
as a poor
Inventories
recovery.
so
year.
expand
foundries of the district, and orders for malleable castings were much greater
than last November; output of both steel and malleable castings was accel¬
higher than at the close of 1937.
from the previous
apparent
were
were
insufficient to make
were
to
factors in maintaining steel mill
during the month in
The Bank further reported:
however,
of the principal
one
was
has continued
operations through mid-December at the highest level of the year and
were unusually great in 1938, but the year
closed with business generally in a much better position than
In several lines
despite the decline in prices from
year ago,
of automobiles
automobiles in November exceeded that of
land) District
Recent gains,
source
a
buyiDg of lower-priced merchandise this
above the corresponding
Cleveland, in its "Monthly
Business Review" dated Dec. 31, reports that "fluctuations
in various fields of trade and industry in the Fourth (Cleve¬
mid-year."
production
from this
Fourth (Cleveland) District
at
in part:
say
It appears that December retail trade will be
equal to that of
that time and the
.
The Federal Reserve Bank of
and several phases re¬
period, especially
had the following to
consecutive month.
close if not
being sustained by working off backlogs in anticipation of spring
are
Re¬
in the Seventh District.
data covering November activity
Employment and payrolls in the district expanded in November for the
hand appears to have declined, indicating that opera¬
on
of the
Report"
corded gains over the corresponding 1937
in the volume of new business." t
Both inquiries and sales
producing textile products and building materials.
tions
District
Conditions
"Business
in general seasonal in nature,
were
Manufacturing
smaller than in the
26
cessions where noted in
.
The demand for goods manufactured in this district slackened somewhat
reduce stocks for the year-end inventory period.
Dec.
the
acterizes business conditions
October
lines from
and the index reached the highest level of the year.
of unfilled orders
compared to
Chicago Federal Reserve Bank, it is stated that "continued
improvement as compared with the trend a year ago char¬
first
but the gains fell somewhat short of seasonal expectations
were
favorable showing
a
generally.
Seventh (Chicago)
In
the dollar volume of retail
buying,
trade sales in the middle of December exceeded that of last year for the
time in many months.
Sales at
has made
States
-
...
Under
197
Chronicle
The number of workers employed and the amount of wage disbursements
In
a
Dee.
its
31
Conditions",
"Business
of
survey
the
Federal Reserve Bank of St. Louis stated that "the marked
The seasonal adjusted
index of department store sales in this district rose 14 points from the low
upward trends in Eighth District
in May to
which have been under way since last summer, Were extended
further during November and the first half of December."
November.
...
Changes in industrial activity in this
in
area
many
reflection of developments in the automobile field.
from
lines
were
largely
a
With operations rising
The
lower-than-average levels in the first part of 1938 to the highest point
of the year
been
quite
average
marked.
Steel mill
activity,
in most local centers early in the
September
Pittsburgh.
in
except
which
was
year, was
Rubber
factories
equipment
and machinery,
and pottery plants also
showed
makers
marked
of
Taken
re¬
as
all
both retail
The Dec. 31
"Monthly Review" of the Federal Reserve
reported that "retail trade in the Fifth
Federal Reserve district in November, as measured by
department store sales, was 6% below the volume of trade
in October, a seasonal decrease of approximately normal
proportions." The following is also from the "Review":
.
.
.
Textile mills in the Fifth district operated
more
extensively
in November than in either October of this year or November of last year,
cotton
consumption gaining 10% over the October figure and 18%
of November, 1937.
Automobile sales
in November, and exceeded November,
of new models in
of
improved
a
.
The introduction
general increase in purchasing power
conditions in
tobacco in
less
the highest figure for this year
1937, sales by 4%
other
Tobacco markets in
automobile sales.
much
that
October and November played a prominent part in the
sharp rise in sales of cars, but
result
rose to
over
after the peak of the
lines
November than in
marketing
season
of
North
business
also
as a
stimulated
had passed.
a
normal
development
Coal mined last month
exceeded October production by 1%, but lacked 3% of equaling production
in November last year.
tends
some
to
Employment in the Fifth district, which normally
decline moderately at
extent since
and retail
this season, appears
to have increased
distribution.
was
In agriculture crops were all made and harvested
'
'
.v
•
'
further
an
Review" of the Federal Reserve Bank of Atlanta.
orders
increase in output
in textile operations and
trade,
In part,
production of pig iron in Alabama.
Employment and payrolls in October, the latest period for which figures
hand, there
was a
On the other
decline in the value of construction contracts awarded in
November, and the rate of electric power production, after reaching
a new
high level in September, declined one-half of 1% in October.
In
comparing the Sixth district with national
trade in the district was
United States it
were
70% larger
iron output
of 13 2%,
district
as
was
as
previously booked.
since
run
Dec.
averages,
compared with
up
an
24.9%
.
.
preceding.
other ferrous metal
...
of current
reduction in inventories.
from
returns
production, with consequent further noticeable
Reflecting expansion in manufacturing activities,
public utilities companies in
fair increase in loads taken by
with
pared
the
month
same
the principal centers showed a
industrial customers in November
last
Output
year.
of
below
that
of
the
period
same
petroleum continued the steady gains of
a
year
recent
as com¬
coal
bituminous
district mines increased moderately from October to November,
tinued
slightly
up
ago.
at
but con¬
of
October output
months, and total production
for the year to Nov. 1 was 90% greater than for the like interval in 1937.
Taken
ment
as a
whole, tlie employment situation underwent noticeable better¬
during
November,
lines and clerical
with
improvement
marked
most
in
industrial
help employed in connection with the Christmas holiday
trade.
'
"
.
"
,
.
.
Gauged by sales of department stores in the principal cities, the volume
of retail
trade in
greater than in
tive total
was
November
was
slightly
more
than in October and 4.2%
November, 1937; for the eleven months this
year,
cumula¬
6.0% smaller than for the comparable period in 1937.
volume
November retail
of
business
the
in
,
Ninth
(Minneapolis)
'Federal Reserve District, after remaining practically un¬
changed in the preceding three months, rose rather sharply
in November as a result of increases in many different lines
of business," said the Minneapolis Federal Reserve Bank
in its "Monthly Review" of Dec. 28, from which we also
quote:
All of
Iron
our
seasonally adjusted indexes
of
higher than in the preceding
shipments in November decreased seasonally but were a little
larger than in November last
were
were
...
ore
year.
Total shipments for the 1938 season
19 million tons, the smallest season total since 1900 with the exception
1932, which
output
in turn
the smallest
was
in November was
larger than in
mining operations in Montana,
but was
since
1885.
October
as a
Copper and silver
result of increased
smaller than in November last
...
Department store sales in November were
as
in the preceding year for the first time since last
large
as
August.
in the same month
City department
Construction contracts in this district
store sales were
increase of 53% for the country.
department store total was slightly smaller, but no large decline was reported
as
against
an
Pig
increase for the country
and the gain in cotton consumption was abouvthe same in this
in the United States as a whole.
If these series are indicative.
.
In the lumber industry orders and shipments continue to
1.
well ahead
year.
4.2% higher than in November, 1937, while in the
smaller by 3.3%.
in Alabama was
of mills, foundries and
November, but activities at cotton mills have been stepped
month.
available, extended the increase begun in midsummer.
in
trade
retail
Production in the textile industry showed little change from October to
,
Better than seasonal movements were recorded in both retail and whole¬
sale
of
of those in Nov., 1937.
working plants reflected the placement of new business and completing of
The
the "Review" also said:
are
volume
excess
'
apparent further improvement in business
activity in the Sixth (Atlanta) District in November. Al¬
though the gains over previous months do not include all
lines of activity, they appear to outweigh the unfavorable
comparisons," it was indicated in the Dec. 31 "Monthly
was
in
Ninth (Minneapolis) District
'
Sixth (Atlanta) District
"There
handicap,
above that of the preceding month, and
were
tained the high levels reached in the similar period immediateiy
A
before the middle of November.
#
this
fraction of 1%
a
wholesale volumes
ana
to
October, especially in cotton textiles, construction \york,
favorable showing
more
Manufacturing activities during November and early December main¬
Carolina and Virginia sold
October,
time in 1937,
the downgrade.
attributable in large measure to the unusually
was
Notwithstanding
November
Bank of Richmond
year. •
on
descriptions of seasonal merchandise through both retail and wholesale
channels.
Fifth (Richmond) District
ber, 1937, part of which may be attributed to somewhat lower prices this
relatively
a
same
markedly
was
mild weather, which had the effect of greatly curtailing the movement of
showed considerable
Unusually mild weather retarded retail sales of wearing apparel in both
Sales in November, 1938, averaged 2% less than sales in Novem¬
This
and sales volumes for the first
exceeded those at the
or
whole, productionmade
a
than distribution.
electrical
months.
have equaled
when, it will be recalled, general business
improvement, but less than in other lines.
*
notable instances production
time this year
the national
above that figure since
clothing plants were active; glass factories,
covery;
below
"Review," in part, continued.
In several
in November and December, the improvement in the period has
and industry,
commerce
by
any
district.
Business
and
slightly larger than in November last year and the country
were
...
failures decreased
smaller
than
in
in
both number
November
last
and
year.
amount
in
Non-farm
November
real
estate
*
oreclosures
in
dropped sharply in November to
Association from re¬
associations covering the operations of important
softwood and hardwood mills.
The year-end always marks
the lowest point of the year in the lumber movement due
to seasonal shut-downs, and the week ended Dec. 31, 1938
shows new business, shipments and production all appreci¬
ably less than in the preceding week.
New orders were,
however, 12% above those booked in the corresponding
week of 1937, every reporting region but two showing gain
Tenth (Kansas City)
gional
District
"Monthly Review" of the Federal
Reserve Bank of Kansas City we take the following regarding
the
From
31
Dec.
agricultural and business conditions
Wholesale sales are running
closing
residential contracts are 57%,
above last year. Lumber sales are
contracts are 30%,
construction
Total
80%
nearly
building permits
and
in the Tenth District:
above a year ago and retail sales are
that has existed all year.
the gap
27% higher.
Slaughter of hogs and sheep
of cattle and calves is much lower.
improving.
while that
Ore shipments
Is higher than a year ago,
is 19% below last year.
Production of crude petroleum
are
The condition of winter wheat
month, but recent moisture has improved
15% under4ast year.
Farm income is
deteriorated markedly in the last
The rise in the price of wheat and corn
somewhat the outlook.
has leveled
Livestock prices remain firm.
off.
Eleventh (Dallas) District
activity in the 11th (Dallas) district
Trade and industrial
improved somewhat in November, said the Federal Reserve
Bank of Dallas, in its "Monthly Business Review" of Jan. 1,
which went
on to say:
year ago was
contracts
narrowed from 9.5% in October to 3.2% in November.
merchandise at retail during November resulted
The better demand for
Increased
In
buying
at
fill-in orders lo replenish
declines
usually
wholesale, as many retailers placed substantial
depleted stocks. Although wholesale distribution
at this season, total
they were only about 2%
and
smaller than in the corresponding month last
This decline from a year ago is the
year.
and compares with an average
year
sales of 77 reporting firms in eight
from October to November this year
lines of trade showed little change
smallest recorded thus far this
Reported production was 38% above the
last year.
over
'
corresponding week of 1937; shipments were 24% above.
For softwoods, production, shipments and new orders were
respectively 40% greater, 23% greater and 10% greater,
than in last year's week.
New business (hardwoods and
softwoods) was 26% above output and shipments were 35%
above output in the week ended Dec. 31.
Total production
reported for the week, by 8% fewer mills was 32% below
the output (revised figure) of the preceding week; shipments
were
12% below that week's shipments; new orders were
14% below the orders of the previous week. The Association
further reported:
31J 1938, 489 mills produced 123,119,000
combined; shipped 166,102.000 feet;
Revised figures for the preceding week
533, production 180,251,000 feet, shipments 189,276,000 feet;
During the week ended Dec.
hardwoods
and
softwoods
of
feet
awarded increased further during
the month and exceeded the total for November last year by 40%.
Petro¬
leum production rose moderately in November, but continued lower than a
year ago. On the other hand, the agricultural situation is becoming progres¬
sively more unfavorable as a result of the widespread deficiency in moisture.
Retail distribution through department stores in the principal cities of the
11th district reflected some improvement in November following
two
months in which consumer buying had
been retarded by unseasonable
weather. Daily average sales, which ordinarily decrease slightly from October
to November, showed a gain of 4% this year and the decline in sales from a
value of construction
The
National Lumber Manufacturers
the
the smallest monthly total
September, 1935.
records, which begin with
our
Jan. 14, 1939
Chronicle
Financial
198
booked orders of 155,652,000
were
mills,
feet.
orders, 180,217,000 feet.
West
Coast,
Southern
week
All regions but Southern Pine and Western Pine
corresponding week of 1937.
reported orders above those of
1937 week.
Lumber orders
reported for the week ended Dec. 31, 1938, by 404 soft¬
148,249,000 feet
wood mills totaled
Production was 115,951,000 feet.
mills give new business as 7,403,000 feet, or
3% above production.
Shipments as reported for the same week were
7,930,000 feet, or 11% above production.
Production was 7,168,000 feet.
above production.
feet, or 36%
Reports from 99 hardwood
Mill Reports
Identical
of 1938.
of
12th
Last week's
which has lagged somewhat in the recovery
Retail trade,
district business during recent
Francisco)
(Sail
months, advanced considerably in October and November,
it was noted by the San Francisco Federal Reserve Bank in i]fcs
"Business Conditions" of Dec. 28. The movement of freight
by rail, particularly of merchandise, likewise increased
sharply in November on a seasonally adjusted basis, after
having shown only a slight expansion during the summer
and early fall, says the Bank, which also has the following
to say:
during' the month
maintained
at about the relatively high levels prevailing since June and preliminary
data for December indicate a smaller decline than is usual in the early
winter.
Although production in the important lumber Industry declined
slightly, industrial activity in the district generally advanced further in
November.
Factory employment and payrolls also increased, after allow¬
ance
building initiated
residential
New
for seasonal influences-
show the influence of low
was
On the other hand, farm income
continued to
Despite the moderate expansion in most other
lines of activity in the dis¬
of department stores showed no tendency
to increase until October.
Value of both furniture and apparel store
the summer and early fall, but expansion
of considerably *
proportions has taken place in October and November.
Registrations of new passenger automobiles, which had increased more
than seasonally in the preceding two months, advanced further in November
levels approximately as high
Sales of
year
new
as
in the corresponding month last year.
commercial cars, however, were 27% lower in
earlier.
was
production last week and a year ago
3,507,000 feet.
November than
Weeks Ended Dec. 31, 1938
give herewith data on identical mills for four weeks
1938 as reported by the National Lumber
Manufacturers Association on Jan. 10.
We
ended Dec. 31,
.
,
month this year both
seasonal performance,
.
Age."'
from the standpoint of volume and
according to the current review by
/'■
month
approximately
112.0 of the 1929-1931 average taken as 100, as compared
with 109.5 in November, and 111.5 in December, 1937.
Practically all companies comprising the index group en¬
joyed substantial sales improvement in December, the figures
in some cases being the best in the company's history.
The index figures of all five component groups advanced
over November.
A year ago, two indices advanced while
sales
for
last
The December sales index for the
was
Variety
'655,212
464,901
25.855
Softwoods
32,739
-
27,168
681,067
497.640
Group—142
Group—126
122
132 in November
Group—99.5
139 in December 1937.
and
124 in
in
November
December
1937.
121.2 in November and 117 in December 1937.
Apparel Group—127 vs.
Grocery
and
125
vs.
vs.
vs.
725.271
__..
Production during the four weeks ended
these mills, was
Report of
99 in November
and 99.5 in December 1937.
Lumber Movement—Holiday Week
Ended Dec. 31, 1938
The lumber industry
during the holiday week ended Dec.
31, 1938, stood at 37% of the 1929 weekly average of pro¬
duction and 51% of average 1929 shipments.
Production
was about 80% of the
corresponding week of 1929; ship¬
ments, about 98% of that week's shipments; new orders
about 91% of that week's orders, according to reports to
583,871
754.142
18.709
27,304
15,930
528.324
■
781,446
599.801
Dec. 31, 1938, as reported by
above that of corresponding weeks of 1937.
37%
Softwood
production in 1938 was 41% above that of the same weeks of 1937 and 1%
above the records of comparable mills during the same period of 1936.
Hardwood output was
21% below production of the 1937 period.
Dec. 31, 1938, were 37% above
1937, softwoods showing a gain of 37%
Shipments during the four weeks ended
those of corresponding weeks of
of 45%
*
.
weeks of 1937.
above those of similar period of
of 1936.
,
the four weeks ended Dec. 31, 1938, were
30%
Softwood orders in 1938 were
1937 and 26% below the same weeks
71% as compared with cor¬
Hardwood orders showed a gain of
responding weeks of 1937.
On
31,
Dec.
1938,
gross
stocks as reported by 412 softwood mills were
3,750,639,000 feet, the equivalent of 109
days' average production (three-
1935-36-37), as compared with 4.018,601,000 feet on Jan. 1,
days' average production.'
31, 1938, unfilled orders as reported by 407 softwood mills were
year average,
1938. the equivalent of 117
On Dec.
626,159,000 feet, the equivalent of
with 499,300,000
18 days' average production, compared
days' average
feet on Jan. 1, 1938, the equivalent of 15
"
'
production.
/.
Canadian
Industrial
Activity
Declined
Slightly
December, According to A. E. Arscott of
in
Canadian
"Canadian industrial activity declined slightly in Decem¬
ber
as a
result of stock-taking
and other seasonal influences,"
said A. E. Arscott, General Manager
of the Canadian Bank
Toronto, in his monthly review of business
conditions, issued Jan. 9.
"The decline," Mr. Arscott said,
of Commerce,
"was less than a year
11 major categories
encountered."
mid-
occurred, as Is always the case, during
The most marked declines were in the pulp and paper,
fortnight.
electrical equipment,
recession
ex¬
less degree was registered in all but one of the
in our industrial survey for the four weeks ended
December, while a further downturn
the next
course, heavy
He added:
previous, when of
ternal depressants were
Contraction in a greater or
Weekly
509,615
Bank of Commerce
group was
against 115.4 in November, and 121 in December last year.
Other index figures compared as follows:
Shoe
1937
1938
1937
698,103
Hardwoods
three declined between the same two months.
Drug
1938
1937
1938
29%
December trade of the chain stores was the best of any
of
Orders Received
Shipments
Production
,
(In 1,000 Feet)
above those of corresponding
index
Lumber Trade
of 507 mills reported as follows to the National
four weeks ended Dec. 31, 1938:
An average
Barometer for the
and hardwoods, gain
December Chain Store Sales at Year's High
The
During Four
Shipments of Lumber
and
Production
Orders received during
"Chain Store
5,819,000 feet and 5,486,000 feet;
4,149,000 feet and orders 6,239,000 feet and
shipments 6,402,000 feet and
trade has followed a somewhat
Little net change was evident in sales of
greater than seasonal
a
82,362,000 feet; shipments were respectively
157,370,000 feet, and 127,493,000; and orders received 147,291,000 feet,
and 133,339,000 feet.
In the case of hardwoods, 82 identical mills reported
feet, and a year ago it
Total lumber.
similar pattern in recent months.
to
115,241,000
production of 397 identical softwood mills was
prices for many products.
trict since the early summer, sales
these stores during
above the production of the
the same week were 158,172,000
28%
or
Shipments as reported for
mills.
decline of 9 % during the first 11 months
Twelfth (San Francisco) District
production
Hemlock and Northern Hardwood reported
Northern
above the
All regions
reported shipments above last year, and all except Red¬
except Redwood
same
orders above production in the
regions except Redwood reported
The same
i938.
3i,
Dec.
ended
shipments above output.
wood,
Redwood, Northern Pine and
Pine, California
Western
Hardwood regions reported new
mineral and chemical groups which, with a moderate
wood products and iron and steel trades,
in the food, clothing,
outweighed exceptionally strong
advances in the automotive and
allied
industries.
Apart from these industrial
movement
which
commenced
changes, it may be noted that the recovery
last
summer
spread
recently
to
various
Volume
148
heavy industries.
of October
as
Financial
Production of steel in November
result
a
by
of motor
a
by 18%
that
over
as
of all
classes increased
was
Production
markedly above the subnormal
much higher than is usually reported in November
An increase of
5% in motor vehicle shipments was indi¬
cated for the month of December as
compared with Novem¬
ber in the preliminary estimate of the
Manufacturers Association.
411,200 units.
On
the
dustry's operations in December
corresponding
ments
month of last
Federal
industry's December volume
basis
of
this
estimate
the
18% higher than the
year 1938 ship¬
decrease of 47% under
November, 1938
December.
—
1937
—411,200
..390,350
347,349
East
Texas
Its
Year, 1938
Year, 1937
2,652,531
5,016,437
Products—California
invalid,
California crude
Price* of Typical Grade per Barrels at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
area
seen
assured,
seems to
be well
an
Sunburst, Mont
1.22
1j02
1.25
Huntington, Calif., 30 and over...
Kettleman Hills, 39 and over
Petrolla. Canada
2.15
REFINED
AFFECTS
FUJJL OIL
Whether or not cold weather willjbring
another climb is something that time will
about
decide.
Oil
is bolstered
will be lost.
The
havejto
men were
worried, however, that unless demand
by colder weather quickly most of the price gain
>o
statistical
branch
of
the
heating oil section of the
refined products industry made more cheerful
reading than
did market reports.
Stocks were off approximately 1,500,000
barrels during the first week in
January, dipping to 144,823,000 barrels, which is nearly 10,000,000 barrels under the
record high established late in 1938. Prices for the most
part
held steady in fuel and gas oil markets
although some shading
of the higher quotations was
reported evident..
Stocks of finished and unfinished gasoline showed a
largerthan-seasonal rise during the Jan. 7 week due to a rather
sharp expansion in refinery activities, according to the
American Petroleum Institute report.
A gain of 1,123,000
barrels during the first week of the new
year lifted the total
to 72,818,000 barrels.
Production of gasoline for the week
was up 75,000 barrels to
9,349,000 barrels.
Holdings of motor fuel at refineries gained 709,000 barrels
to 41,649,000 barrels while stocks at bulk terminals
gained
238,000 barrels. Unfinished gasoline holdings were up 176,000 barrels to 6,138,000 barrels.
Refinery operations gained
1.4 points, climbing to 78.2% of
capacity.
Daily average
runs of crude oil
to stills gained 55,000 barrels to reach
unsteady price structure.
"The field has been divided into five
areas, one of which
would be shut down on each of the five
days from Monday
an
through Friday of the week, while all wells are to produce
on
Saturday and Sunday," E. E. Pyles, Chairman of the
committee, pointed out. "The emergency committee has
developed this plan to answer some of the arguments of
that further curtailment of their wells
by pinching-in production will cause loss of production
through water encroachment. If all wells in a given area are
off production for a certain
day, it is certain that there will
effect from water."
Steady progress in oil curtailment was reported by Mr.
Pyles, who pointed out that production for the State is off
date
WEATHER
during the week.
run far above the capacity of the
market to absorb it and this condition has been reflected in
more
PRODUCTS—WARM
1.24
1.26
The unseasonably warm weather which has hit
many
sections of the Nation since the turn of the
year was quick
to affect the fuel oil market.
The upward swing, which had
started with the cold weather and
gained momentum from
the favorable statistical
developments, was definitely checked
months, production has
no
.75
MARKETS—GAS AND FUEL OIL INVENTORIES AGAIN DE¬
CLINE—MOTOR FUEL HOLDINGS CLIMB SHARPLY
made in California to
bring production down to the point
where it will be in line with current market demand.
For
be
1.09
7.82
1.20
its
major operators in the Signal Hill field,
area
1.02
Michigan crude
Rodessa, Ark., 40 and above
Smackover. Ark., 24 and over
attempted stimulus to the current efforts being
operators in the
$1.05
over
Darst Creek
Mld-Cont't., Okla., 40 and above.-
starting Monday and
ending Friday. All wells will operate Saturday and Sunday.
The plan was developed
by the emergency executive com¬
mittee formed by independent oil
operators in the Signal Hill
as
shown)
1.25
Western Kentucky
the plan calls for the division of the
producing wells in the
area into five different sections.
Each of these sections are
to close down for one day in
rotation,
field
.97
Illinois
way to success at the end of the week.
Backed by the
are net
Eldorado, Ark., 40
Rusk, Texas, 40 and
1.25
.
Corning, Pa
pro¬
on
$1.80
Lime (Ohio Oil Co.)
ducers operating in the Signal Hill area was started
during
the week and with the cooperation of the
independent
operators in the
affected by the Federal
were
crude oil price changes.
were no
Producers
to
Curtail
Production—New
Legislation
Sought in Congress—Daily Average Crude Output
Up—Crude Reserves in Nation Rise—Effort to
Move "Illegal" Oil Fails
"one-day shutdown plan" for
Saturday and Sundays at its
on
violation
ruling.
Move
A
in
of the week-end shutdown
the Texas Railroad Commission.
Some 5,000
barrels of crude, produced in violation of the Commission's
regulations, after the company had sought to have the shut¬
down order declared
There
and
wells
ruling, of
Court's
Petroleum
Randolph Bryant, sitting in Beaumont,
produced by the company
For the
placed at 2,652,531, a
the year 1937.
The association's report .is summarized below:
December, 1938
Judge
denied the action sought
by the United East & West Oil Co.
to force the Federal Tender Board to issue tenders
on oil
in¬
were
year.
were
Texas
reported following its annual survey of new field discoveries.
There were a total of 199 new
pool discoveries located in 18
States during the year
just closed, the trade publication
report disclosed.
These pools, it was contended, represent
total reserves of
1,589,760,353 barrels for the year.
Total
crude oil reserves were
placed at 14,531,520,297 barrels.
industry's operations,
according to the figures contained in the January, 1939, issue
of "Automobile Facts," a
publication of the Automobile
The association estimated the
199
by the U. S. Bureau of Mines.
Crude oil reserves in the United States at the
beginning
of 1939 had climbed to a record
high, the "Oil & Gas Journal"
18% Increase Noted in Motor Vehicle Shipments
at
set
production was
up 12,600 barrels to 1,292,900 barrels and California
output
gained 9,800 barrels to 624,700 barrels.
Oklahoma was off
19,200 barrels to 402,700 while Kansas was down 11,950
barrels to 137,150 barrels.
Louisiana was up 7,700 barrels
to a daily average of
261,950 barrels.
New construction contracts awarded in November
slight margin those in the like month of 1937.
vehicles
output of October and
Chronicle
mainly of larger orders from the construction and
automobile industries.
exceeded
rose
•
than 40,000 barrels
daily as compared with the same
a
month earlier.
The emergency committee is con¬
tinuing its meetings with the various field committees to
impress upon them the absolute necessity of curtailment if
the oil industry on the West Coast is not to suffer a
complete
collapse as far as the price structure is concerned.
The first week of the new
Congress brought with it many
bills affecting the petroleum
industry. Chief in interest to
the domestic oil industry was that
sponsored by Senator
Connolly of Texas to have the "hot oil" bill, which he fa¬
thered, either made permanent, or, lacking that, extended
,
for another two years.
Incidentally,
a recent court
3,170,000 barrels.
Stand. Oil N. J..$.07)4
by the Congress for
Hot Oil Bill.
The
place a tax of three
crude oil, and all its derivatives, ex¬
cepting lubricating oils, to be taxed four cents a gallon.
upon
products would be taxed one cent a
pound, and asphalt, natural or otherwise, would be taxed
$2
a
wax
ton.
Daily average production of crude oil in the United States
during the initial week of the new year was up 10,550 barrels,
totaling 3,170,000 barrels, according to the mid-week report
of the American Petroleum Institute.
This compared with
January estimated market demand of 3,270,000 barrels daily
Gulf
.08 54
.08 )4
SheU
Chicago
Eastern....'.07)4
.07)4
,
$.05
New
Orleans.
Gulf
-.05)4
,06)4-.07
.05)4
ports...
Tulsa
04H-.04J4
Warner-Quinlan.. \07)4
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
(Bayonne).
j North Texas
|
—$.04?4
Los Angeles._
Fuel Oil, F.O.B.
N.
Y.
(Bayonne)—
Bunker C
Diesel
—
.
I California
24
or
|New 0rleana-$.05)4-.05)4
I Tulsa
.03J4-.04
—
Terminal
plus D
-—$0.95
| New Orleans C
$1.00-1.251
1.751
..
$.04
.03)4-.05
Refinery
I
N. Y.
"
(Bayonne)—
27 plus—
iChleago—
I
$.0454
$.053
0.95
-
I Tulsa
28-30 D—
$0.90
Phila., Bunker C
Gas Oil, F.O.B. Refinery or Terminal
oil men, is a proposal to end the
Connolly
coal industry is behind a bill which would
Paraffin and other
.07)4
Tide Water Oil Co
two years,
Sponsored by independent oil men were two bills intended
break-up the setup of the major oil companies.
First of
these was a proposed law which would
prohibit pipe line
carriers from
transporting oil produced by themselves or
by any producer in which the pipe line company might have
an interest, direct or indirect.
The second would "divorce"
marketing from the production and refining branches of the
industry.
Also on the calendar, backed by the independent
gallon
$.07)4
Socony-Vacuum..
decision
to
cents per
Texas...
Richfield OiKCal.)
affecting the "penalty" provisions of the original hot oil bill,
which has already been extended
once, held that there was
reasonable doubt as to whether Congress intended that the
"penalty" regulations < remain
in
effect.
This means,
probably, the entire "hot oil" bill,, provision-by-provision,
will have to be either renewed
or made permanent.
»
U. S. Gasoline (Above 65 Octane), Tank Car
Lots, F.O.B. Refinery
New York—
New York—
Other Cities—
'
$.02)4-.03
|
Gasoline, Service Station, Tax Included
New York
$.1951 Newark
Brooklyn..
.1951
$.1591 Buffalo
Boston
$.17
.1851 Philadelphia—.....
.17
*Not including 2% city sales tax.
♦
Daily
Average
Crude
Oil
Production
During
Week
Ended Jan. 7, 1939, Placed at 3,214,900 Barrels
The
daily
Jan.
American
Petroleum
average gross
Institute
estimates
that
the
crude oil production for the week ended
3,214,900 barrels.
This was a gain of
7, 1939, was
10,550 barrels from the output of the previous week, and the
current week's figure was below the 3,270,600 barrels cal¬
culated by the United States Department of the Interior
to be the total of the restrictions imposed
by the various oilproducing States during January.
Daily average produc¬
tion for the four weeks ended Jan. 7, 1939, is estimated at
3,287,750 barrels.
The daily average output for the week
ended Jan. 8, 1938, totaled 3,437,100 barrels.
Further
details, as reported by the Institute, follow:
Imports of petroleum
ports for
States
United
84,714 barrels, compared with a
ended Dec. 31 and 163,964
daily average of
a
barrels for the week
wflflifs elided J&n#
7
Jan.
daily average of 207,286
barrels daily for the four
1939
Motor fuel dally
State
Allowable
Ended
from
Ended
Jan. 7
Previous
Jan. 7,
Week
1939
1938
402,700 —19,200
422.700
153,900
149,200
61.500
78,800
—50
30,450
209,000
197,700
+ 1.50
95,400
85,950
73,600
371,950
■
Southwest Texas
+ 100
390,350
492,150
230,750
East Texas
+ 1.45C
239,000
238,250
216,700
193,450
211,.500
Coastal Texas
71,750
+ 5.000
09,450
78,400
190,200
...
Louisiana—.
+2,700
190.000
d®Uy.'
..
.
.
.V
.
■
.
251,340
261,950
+ 7,700
259,450
b52,000
50.550
+ 850
42,550
Illinois
86,100
.50,200
132.250
J.138.400
137,000
97,150
•+7",600
94,250
47,400
45,900
—300
47,000
51.400
06.800
48,700
45,450
13,750
12,750
14.2Q0
3.900
4,050
+ 2,100
+1,400
+ 100
50,000
11,900
3,900
4,450
98,400
—150
98,400
107,100
2,590,200
+ 750
e95,28S
95,800
1,682,200
588,400
California..
642,150
709.500
10.5*0 1.987,7*0
3 43'. *00
+ 9,800
024,700
C0O5.OOO
1938 (Prelim.)—
do not Include any estimate of any oil which
surreptitiously produced.
.
Mines' calculations of the requirements of domestic crude
oil based upon certain premises outlined in its detailed forecast for the month of
January.
As requirements may be supplied either from stocks or from new produc¬
tion, contemplated withdrawals from crude oil Inventories must be deducted from
the Bureau's estimated requirements to determine the amount of new crude to be
produced.
.
«
b Base allowable effective Jan. 1.
With the exception of Sunday, Jan. 29, shut¬
downs are ordered for all Saturdays and Sundays during January.
Calculated net
basic 7-day allowable for week ended Saturday morning, Jan. 7, approximately
Note—The figures Indicated above
might have been
These are Bureau of
a
1,240,000 barrels dally. .
c Recommendation of Central Committee
shown in last week's
e
This is the December
allowable.
CRUDE RUNS TO STILLS
GASOLINE
4
of California Oil Producers;' d Figure
Printed bulletin remains unchanged
January allowable is not yet available.
advance news revised.
AND STOCKS OF FINISHED AND UNFINISHED
FUEL OJL WEEK ENDED JAN. 7, 1939
of 42 vallons each)
..
•
■
AND GAS AND
(Figures in thousands of barrels
Anthracite b
to Stills
Capacity
Slocks
of December
(Net Tons)
78,700
November, 1938
26
36,110,000
(Revised) —
1,393,000
26
-
-»
«
«
«,
-
-
172,000
45,054,000
3.027
(
865,500
1,468,000
24.0
Bituminous coal a
December,
24
70,200
26
2,7()0
37,122,000
26
1.428,000
4,759,000
26
183,000
51,856,000
135,200
26
5,200
3,164,700
1937 (Revised)—
Bituminous coal
'
Beehive coke
a
155,300
3,728,000
Anthracite b__
Includes for purposes
of historical comparison and
statistical convenience the
Pennsylvania,
production of lignite and of anthracite and semi-anthracite outside of
b Total production, including colliery fuel, washery and dredge coal,
shipped by truck from authorized operations.
Note—All current estimates will later be adjusted
the complete canvass of
and coal
to agree with the results
of
production made at the end of the calendar years.
December Anthracite Shipments
Net Tons
Reach 3,848,666
Shipments of anthracite for the month of December, 1938,
reported to the Anthracite Institute, amounted to 3,848,666 net tons.
This is an increase, as compared with ship¬
as
during the preceding month
and when compared with
decrease of 311,072 net tons.
ments
net tons,
of November, of 681,318
December, 1937, shows a
'
by originating carriers
Shipments
Finished and
Unflnl hed Gasoline
(Net Tons)
Days
4,471.000
.....
Beehive coke
Stocks of
Crude Runs
Dally Refining
'
26
'
+
Year to End
Work¬
ing Day
:
36,230,000
Bituminous coal a—
Anthractie b
d32i4900
3,270 600
Total United States.
per
'■
•
...
Beehive coke
5,645,600 2,727,600
.
Calendar
Average
of
(Net Tons)
December,
92,900
Calif,
made by the United
Working
Month
247,250
49,000
of Coal for Month
Number
Total
for
241,900
Total east of
3+'0 000
.
168,850
Arkansas..
New Mexico
3,255.000
9-7 0^1
3
.
1.324,900 1,375,300
1,332,900 bl735500 1,292,900 + 12,000
North Louisiana-.....
Colroado
80.700.000
3.105, (XX)
States Bureau of Mines
32,700
+ 1,300
95,150
West Texas......
04,600
+2,000
203,800
East Central Texas...
+ 7,6.50
79,850
29,9.50
.:
76,600.000
90.600,000
before...
and the National Bituminous Coal
Commission, bituminous coal output during the month of
December, 1938, amounted to 36,230,000 net tons, compared
with 37,122,000 net tons in the corresponding month last
year and 36,110,000 tons in November, 1938.
Anthracite
production during December, 1938,
totaled 4,471,000
net tons, as against 4,759,000 tons a year ago and 3,728,000
tons in November, 1938.
The consolidated statement of the
two aforementioned organizations follows:
102,050
West Central Texas.
Montana
87.600,000
end of period..
Preliminary Estimates of Production
of December 1938
538,850
nJ7,150 —11,950
69,950
Wyoming
1,586.000
—11,000.000
Week
Weeks
Change
428,000
i-
(not lncl. III.).
1.496,000
+ 12,000,000
.......
According to preliminary estimates
499,700
153,900
Michigan
44.3%
cent)..:...
Yield from crude (per
Daily production of motor fuel (barrels)
Motor fuel stocks, change in period.
Jan. 8,
1939
Panhandle Texas—i.
Eastern
1,707,000
1,363,000
Ended
Jan. 1
Total Louisiana....
120,000
"
{Jan.)
Coastal
1,587,000
107,000
Four
ments
Texas..—..
(barrels)
demand, domestic
Daily run to stills...
Domestic CP'rtP r»o<drpd
lated
Total
2d Quarter
1,256,000
Export
Motor fuel stocks,
Require¬
North Texas.
following as a proper program
months:
■
1 st Quarter
Motor fuel stocks, year
Week
-
during the next six
for the oil industry
»
B. of M.
Calcu¬
Oklahoma
preferable.
calculations he submits the
Based on these
CRUDE OIL PRODUCTION
(Figures In Barrels)
1937 was not liquidated
minimum of 8,000.000 barrels of motor
from storage in 1939 and that larger withdrawals
gasoline overproduced in
Pogue says that a
Mr.
would be
Jan. 7.
Reports received from refining companies owning 85.6% of the 4,211,000
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, 3,170.000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 72,818,000 barrels of finished and
unfinished gasoline; 28,122,000 barrels of gas and distillate fuel oil, and
115,211,000 barrels of heavy fuel oils.
Total gasoline production by companies owning 84.6% of the total daily
refinery capacity of the country amounted to 9,349,000 barrels.
DAILY AVERAGE
1938,
fuel should be withdrawn
four weeks ended
11,107 barrels for the
end of 1938.
they stand at the
Pointing out that the
in
Coast ports for the week
with a daily average of
California oil at Atlantic and Gulf
totaled 69,000 barrels compared
Receipts of
ended
76,000.000 barrels on June
to
which
7*
three months will hold gasoline stocks
30 next or approximately the same level at
barrels for the ensuing
of 3,255.000
for domestic use and receipts in bond at principal
the week ended Jan. 7, totaled 593.000 barrels,
1939
Jan. 14,
Chronicle
Financial
200
-
(in net tons) are as
follows:
of
,
Total
Rate
P.
C.
P.
Aver¬
tial
in
C.
Dally
Reporting
Poten¬
Oper¬
ated
age
Gas
Unfin'd
Finished
District
At Re-
flnerlet
Terms.,
&c.
Fuel
Distil.,
Nov.,
Dec.,
and
Vav'tha
Oil
\
'■
■
'
■
Dec.,*
Nov.,
1938
1937
1937
660,969
1938
■
798,222
770,693
'
,
Reading Co
767,306
Lehigh Valley RR
Central RR. of New Jersey...
839,631
648,332
849,195
712,351
244,972
209,050
348,096
304,881
Del., Lack. & Western RR
Delaware & Hudson RR.
509,718
484,259
567,462
526,057
360,938
276,854
369,794
300,676
405,088
319,776
519,852
427,808
319,421
259,467
333,777
321,953
199,861
201,731
150,994
153,392
127,545
157,647
219.948
202,358
3 A fl
4.15« "P
3.694,322
'
East Coast.
6U
100.0
49 4
80.3
4,641
11,804
1.270
12,532
128
85.9
94
73.4
1.076
1,74/
266
782
86.0
6,286
h4,790
546
7,243
65.8
2,560
317
4.389
574
.514
89.5
442
41!
Ind., 111., Ky.
Okla.,
61 f
14!)
.
Appalachian.
34i
81,e
225
Kan.,
31(
Inland Texas
Texas Gulf..
La. Gulf
15!
50.3
87
54.7
3,604
1,371
73
281
1,952
943
Mo
838
88.9
777
92.7
8,000
253
1,40!
10,883
14!'
141
97.3
120
82.8
1,324
61!
51
55.0
•
.1.
54.2
38
59/
1,23?
87
683
90.0
'500
67.1
10,218
2,295
1,408
3,601
85.e
2,819
78.2
38,OOr
24,311
6,028
Lehigh & New England RR
139,983
3.64C
720
no
3.350
....
351
60C
unrptd.
xEst.tot.U.S.
Dec. 31 '38
4,211
4,211
3,170
4.211
41,64!
25,031
6,138
143,333
3,115
4,2il
40,940
24.793
5,962
144.823
x
v3 * K8
*38
Estimated Bureau of Mines' basis,
y
At
R«£
A(\C
-7
Oio
'19.005
Januaiy, 1938 daily average.-
Industry in 1939 Depend on
until 1937 Excesses Are
Fully Compensated for Says J. E. Pogue of Chase
Earnings
of
Petroleum
Restrained
Operations
National Bank
"Prospects for earnings in the
petroleum industry in 1939
will depend upon the maintenance of restrained operations
until the excesses of 1937, only partly liquidated in 1938,
fully compensated for," says Jpseph E. Pogue, VicePresident of the Chase National Bank, New York, in a fore¬
cast of the coming year prepared for "World Petroleum."
"Much better results will be attained," he continues, "if
are
during the first half of the year than if
deferred until later on."
The publication's announcement
this is accomplished
added:
Pogue
3,327,000 barrels daily
for the first quarter of the year and 3,470,000 barrels daily for the second
quarter.
Runs to stills of 3,105,000 barrels daily for the first quarter and
Estimating an increase of
computes
.
4.2% in motor fuel demand in 1939, Mr.
the consumption of domestic crude as
3
fi AQfKM
3
Weekly Coal Production Statistics
The National
Bituminous Coal Commission, in its current
weekly report, stated that production of soft coal in the
week ended Dec. 31, curtailed by the Christmas holiday
on
U.S. B.ofM.
vTan. 7
..
Total._
*
Jan". 7 '39.
Western Ry
98,395
•
Reported
New York Ontario &
861
5
173
76.4
6'
741
100
Mtn.
California..
Est.
25
42
118
828
No. La.-Ark.
Rocky
2,263
388
Monday, amounted to 7,872,000 net tons, a
decrease of
from the preceding week.
.
The total production of soft coal in the year 1938 is esti¬
mated at 342,407,000 net tons.
This figure represents the
sum of the published weekly estimates reduced to an actual
calendar year basis.
Compared with an estimated pro¬
duction of 442,455,000 tons in 1937, the year 1938 shows a
decrease of 100,048,000 tons, or 22.6%.
The total production of Pennsylvania anthracite in the
528,000 tons, or 6.3%,
is not yet available.
The sum of the
however, indicates a decrease of 13.2%
Production in the calendar year 1937 amounted
calendar year 1938
51 weeks published,
from 1937.
to
51,856,000 net tons.
Production of crude
petroleum in 1938, was 5.2% lower
in 1938 than in 1937.
of the Bureau of Mines revealed that
production of anthracite in Pennsylvania for the
is estimated at 994,000 tons, or 198,800
tons per day for the five working days of the week.
Com¬
pared witb the 6-day week of Dec. 24, there was an increase
of more than 16% in the daily rate of production.
Cumula¬
tions for the calendar year 1938 amounted to slightly more
The weekly report
the total
week ended Dec. 31
Volume
148
Financial
than
45,000,000 tons, a decline of about
51,856,000 tons produced during 1937.
ESTIMATED
UNITED
STATES
PRODUCTION
OF
Chronicle
13% from the
201
SLAB
ZINC
STATISTICS
(ALL GRADES)- -1929-1938
(Tons of 2,000 Pounds)
SOFT
COAL
WITH
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
(In Thousands of Net Tons)
Produced
Week Ended
Dec.
31 Dec.
1938
Bituminous Coal
24
1938
7,872
1,574
-
Coal equivalent of weekly output.
1,400
5,128
1938
1937
Year 1930...
Year 1931...
1929
6,115 342,407 442,455 534,989
1,199
1,119
1,446
1,740
5,284
Period
Period
631,601
Year 1929...
1
1938
8,400
End of
Period
a—
Total, including mine fuel
k.
Dally average
f Crude Petroleum b c—
Stock at
During
602,601
436,275
314,514
5,505 276,222 291,358 229,296
Retorts
(a)
Shipped Operating
End of
for
Period
Export
75,430
Total Calendar Year
Jan.
c
Shipped
During
504,463
300,738
6,352
143.618
41
124,856
170
105.560
239
352,663
119.830
148
465,746
83.758
59
561,969
44.955
0
213,531
324,705
366,933
Year 1934...
Year 1935...
Year 1936...
January
February...
40,047
37,794
53,202
51,227
33,775
40,285
46.953
24.616
March
59,635
18.183
April
52,009
56,229
13,963
42,786
43,635
43,660
assuming
per barrel of oil and
ESTIMATED
PRODUCTION
13,100 B.t.u. per pound of coal,
OF
PENNSYLVANIA
Revised.
ANTHRACITE
AND
May
i,
.
'
•
'
•.
.
'
'•
:
1
Week Ended
Calendar Year
55,012
55,201
13.774
50,219
14.081
49,181
48,309
49,701
13.561
50,643
11.227
47,737
40,345
25.817
Dec. 24
1938
1938
1938
1937
c
including
liery fuel a
52,645
November..
1929
Penna. Anthracite—
Total,
50,027
49,393
32,676
42.534
51,474
28,675
65.333
994,000 1,024,000 988,000 45,054,000 51,856,000 73,828,000
170,700 197,600
148,400
170,900
243,300
973,000 941,000 42,845,000 49,184,000 68,527,000
Total for yr.
589,619
a
averaee
17,600
16,500
24,200
865,500
3,164,700
January
48,687
24.931
88.532
20,
February
41,146
21,540
108.138
0,
118 009
0,
6,472,000
3,520
2,750
4,033
2.783
10.176
20,800
....
Includes washery and dredge coal, and coal shipped by truck from
authorized
b Excludes colliery fuel,
c Subject to revision.
operations,
ESTIMATED
WEEKLY
AND
MONTHLY
avge.
PRODUCTION
OF
BY
(The
current
ments and are
trict
..
.
weekly estimates are based on railroad carloadings and river ship¬
subject to revision ori receipt of monthly tonnage reports from dis¬
and State
sources
of final
or
annual
returns from
the operators.)
Week Ended
92,319
175,086
49,350
61,151
*46,158
49,300
*46,192
,48.339
45,383
I
March
43,399
33,528
April
COAL,
106.187
51,715
1938
38,035
20,806
135.238
37,510
24,628
148.120
42,423
*38,030
39,267
*34,583
36,466
0,
0,
STATES
(In Thousands of Net Tons)
67.143
59.209
82,596
50,578
*48,110
47,437
Monthly
Beehive Coke—
United States total.,_.
81,448
569,241
49,135
76,544
77,969
89,846
41,177
43,429
43,205
46,171
48,520
50,324
*47,552
49,511
*46,311
48,812
*45,704
col¬
Daily average... A_. 198,800
Commercial produc'nb 944,000
Daily
13,517
1
Jan.
1938
September..
December...
31
51,186
78,626
40,613
39,948
44,186
46,199
50,163
51,809
October
Dec.
8,478
15,978
30.786
40,588
43,724
50,526
July
A ugust
COKE
18.585
26,651
18,273
1937
June
BEEHIVE
Period
68,491
47,769
23,099
18,560
23,653
28,887
32,341
37,915
42,965
6,000,000 B.t.u.
Orders
End of
Period
21,023
27,190
32,944
38,329
Includes for purposes of historical comparison and statistical convenience the
production of lignite and semi-anthracite and anthracite outside of
Pennsylvania,
b Total barrels
produced during the week converted to equivalent coal
a
Unfilled
Retorts
During
57,999
31,240
19,875
196
129.842
218,517
344,001
431,499
523,166
Year 1932...
Year 1933...
Average
May.....
June
30,799
29,248
0
149.671
44,623
*41,659
45.400
41,644
38,891
♦38,180
38,923
*33,130
34,691
*29,710
31,625
29,023
*34,977
35,321
27.069
*31,769
33,818
*27,549
26,437
*23,451
25,596
*22,073
29,767
*26,433
31,655
*28,099
*22,490
29,805
*26,471
30,940
♦27,648
32,427
23,444
31,91*
*30.317
28,071
*23,728
,41,785
25,805
[39,350
July
30,362
33,825
146.208
0
August
32,296
36,507
141.997
0,
September....
Monthly Production
32,328
43,582
130 743
0,
October.....
36,740
43.355
124.128
0
November...
28,411
40.343
*28,312
43.693
120.778
36,243
40.280
December
32,131
44,825
35,621
*31,709
38,999
126,604
39,063
38,778
40,829
*34,159
*33,874
456,470
38,039
395,199
State
Dec.
24 Dec.
1938P
Alaska.—
17 Dec.
1938p
25
Nov.,
Oct.,
Nov.,
1938
1938
1937
1937r
3
2
2
12
14
8
269
269
186
1,063
1,013
1,040
74
68
89
341
296
345
159
154
173
738
541
726
1
1
1
3
3
2
1,116
1,073
985
4,248
3,770
4,863
406
—
384
332
1,435
1,242
1,596
r
Alabama.....--.-Arkansas and Oklahoma.-
Colorado
—,
Georgia and North Carolina..—
Illinois
Indiana
Iowa
94
87
84
386
328
388
164
148
168
580
533
671
670
663
459
3,104
3,384
3,188
204
185
143
756
712
774
31
31
20
123
116
140
;
Kansas and Missouri
Kentucky—Eastern—
Western
—
Maryland
Michigan
-
7
10
12
54
50
74
76
60
356
322
29
31
North and South Dakota
28
153
130
132
71
64
55
358
334
425
443
305
1,905
1,924
2,098
1,847
1,801
1,250
8,136
7,896
7,893
122
114
58
424
460
Ohio
Pennsylvania bituminous
...
-
.
—
Tennessee
.
Texas
18
269"
—
Virginia
500
Washing tori
18
15
72
77
74
100
97
80
410
355
349
283
Utah...1
290
181
1,210
1,287
1,125
38
"West Virginia—Southern.a.
_
—
Northern.b-—Wyoming.
Other Western States.c. _.2'.u
38
37
188
165
1,462
1,377
1,148
7,080
7,403
6,916.
591
571
259
2,344
2,192
2,169
141
178
...
....
118
628
565
572
2
1
3
3
3
8,120
6,249
36,110
35,115
943
941
3,737
4,165
4,439
9,424
Total bituminous coal
Pennsylvania anthracite.d....
123
1,024
*.
as
8,400
------
Total, all coal.....
9.063
7.190
39.847
39,280
40,867
•
36,428
Includes operations on the N. & W.; C. & O.;
Virginian; K. & M.; B. C. & G.:
and on the B. & O. in Kanawha, Mason and
Clay Counties,
b Rest of
a
State, in¬
cluding the Panhandle District" and Grant. Mineral and Tucker
Counties,
c In¬
cludes Arizona, California, Idaho, Nevada and
Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
p Preliminary,
r Re¬
vised.
*
•
Higher Coal Rates Ordered for Pennsylvania
The Interstate Commerce Commission on Jan.
5 ordered
to
institute
generally higher rates on anthracite
Pennsylvania by February 10.
The Commis¬
an outgrowth of a
long fight caused by refusal
of the Pennsylvania Public
Utility Commission to permit
within
sion's order is
the carriers to make intra-state increases
anthracite cor¬
responding in general with rate increases allowed to interstate
on
traffic
by ICC last spring.
Pennsylvania Commission's decision had been ap¬
pealed to ICC which, acting under Section 13 of the Inter¬
state Commerce Act, overruled the State
Commission. The
state body still may
go to court over the matter.
The
The increases ordered into effect
range from 3 cents to
11 cents per ton on anthracite as follows.
Three cents per ton in rates of 84 cents or
less; 5 cents in
1 cent in rates
on
breakers.
$1.12; 11 cents in rates over $1.12, and
unprepared anthracite shipped from mines
against
commerce
and
preferential
treatment
of
intra¬
state
shippers and had deprived them of substantial revenues
to which they were entitled.
Section 13 of the Act gives the ICC
jurisdiction to adjust
state rates where it is found that
ences are
caused
by interstate
_
December
,
The
Production
American
Export shipments
are
included
Zinc
discriminations
mestic news, taken as
rate revisions.
and
whole,
was
Shipments
on
Jan.
increased 32,631 tons during December.
copper
cation further reported:
of
Slab
Zinc
released
the
.
The'publi¬
*.
Copper
Demand for
copper
tons. '
business
11 Mc.,
in the
domestic market
Continued
here.
unsettlement
Producers
Connecticut Valley.
maintained
was
of
quiet last week, sales
prices
in
volving Commodity Exchange warrants, sales
prices ranging from 10.375c. to 10.625c.,
were
noted
London
on
quotations
In the outside market/on
at
the basis of
transactions
during "the
Domestic bookings of copper for .December
have been revised
a slight increase over the
figure announced last week.
The London market developed
unexpected weakness.
resulted from liquidation
The
Copper
Nov.
U. 8. mine.
...
Totals
Production, refined:
to
15,345
106,559
194,387
>
67,947
Revised,
A
are
13,260
8,82:
109,49(
157,170
'
269,488 289,755
155,049 167,413
Foreign
-...424,537 4 57,168
b Duty-free copper.
moderate tonnage of lead was sold
involving 3,702 tons, against 5,716
were
Dec.
38.85J
177,984
Totals.-...
Totals
Nov.
113,427
.
Stocks at end, refined:
United States
189,801
in short
51,297
Foreign
121,854
177,810
December,
U.S. domestic
U. S.'exports-b
16,033
.
111,064
Totals
The decline abroad
Deliveries to customers,
refined:
11,112
duty-fre«j66,746
Foreign
a
60,683
a!98,8|50
Foreign scrap
8.
Dec.
12,728
.112,569
.13,318
.
Foreign mine.---..
U.
.
60,235
.
U. 8. scrap, &c
in¬
week
by speculators.
Institute's figures for November and
tons, follow:
Production, crude:
dis¬
Valley basis.
tons,
,
during the last week, the total
tons in the previous week.
Producers
January requirements
February needs about 30% covered.
satisfied with the current volume of
business.
estimated to be 90% covered, with
A feature in
the
week's
business
was
the large number
of
orders for January delivery.
Quotations continued
at
4.85c., New York, which
was
single carload
also the contract
settling basis of the American Smelting & Refining
Co.,
and at
St. Louis.
4.70c.,
Zinc
There was
6
fairly encouraging.
The"
operating rate of the steel industry was increased and
both
the tin-plate and galvanizing divisions
reported an upward
trend in activity.
The zinc and copper statistics for Decem¬
ber revealed larger stocks on hand.
World stocks of refined
some
buying of zinc
the basis of 4.50c., St.
Louis.
Slightly
a market factor
by the steadiness in
that the market here
appeared to be
in little danger pricewise.
Sales by the Prime Western
division for the
last week totaled 3,024 tons, against 5,309 tons
in the
preceding
on
lower prices in London were offset
Institute
Do¬
copper.
a
prefer¬
♦
following tabulation of slab zinc statistics:
or
Owing
Markets," in its issue of Jan.
12,
reported that traders in non-ferrous metals were disturbed
by the developments in the foreign situation, and
purchases
during the last week were in modest volume. The weakness in
London prices was
particularly depressing in
Lead
The higher rates will be of considerable
benefit to the
carriers serving Pennsylvania.
It had been contended by
the roads that action of the State Commission in
refusing
the increases resulted in unreasonable
discriminations
interstate
a
"Metal and Mineral
rates of 85 cents to
to
34.605
24-hour basis.
on
Non-Ferrous Metals—Trade in Metals
Restricted
to Continued Unsettlement
Abroad
totaling 3,105
railroads
32,933
In total shipments.
turbed
coal
aver.
Equivalent retorts computed
40,736
349
...i.
New Mexico
Monthly
°{
40,435
60
—
—.--
Montana
Total for year.
30,654
as
sterling exchange, with the result
period.
Shipments of the
common
seven-day
grades for the week amounted
ot
5,141
,
Financial
202
that consumption is
tons, indicating
Decem¬
again pointing upwardThe
stocks of 5,826 tons.
The Department of 8tate, in a memorandum dated Dec. 20, concludes
that the fears expressed by the American zinc industry because of the
reduction in the duty are not well founded.
The memorandum strength¬
ened the impression in zinc circles that the problems of the domestic industry
were not given careful study in
Washington. In a formal reply to the
Department of State, the Zinc Institute points out that the reasons ad¬
vanced in the memorandum, which, presumably, were intended as further
explanation, intensify the sincere belief of the Industry that some of the
most vital
considerations have been wrongly evaluated, if not entirely
grades, showed an increase in
ber statistics, covering all
.
overlooked"
for fair tonnages on Jan.
and with
mained steady,
week, quotations
last
here
Chinese
71,314 tons.
Output for the month totaled 2,210,728 tons,
compared with 2,269,983 tons in November.
For the 12
months, production amounted to 18,782,236 tons, contrasted
with 36,611,317 tons for 1937.
The "Iron Age" further
stated:
There
Jan. 6,
Jan. 10, 45,150c.; Jan. 11,
7, 45.150c.; Jan. 9, 45.075c.;
45.150c.; Jan.
were
117 furnaces in blast on
day, compared with
Jan. 1, operating at the rate of 71,315
121 furnaces on Dec. 1,
producing at the rate of
Nine furnaces were blown out or banked during the
were put in operation.
The United States Steel Corp.
;
45.100c.
month
and
five
took two off blast, independent
out of
banked five and put
blew one in and took two units
producers blew out or
operation, and merchant producers
four in
production.
Among the furnaces blown in were
estimated to be running around 40% of capacity.
tin, 99% , was nominally as follows: Jan. 5, 44.900c.;
ations are
Drops 5.7%
Age" in its issue of Jan. 12 reported production
of coke pig iron in December on a daily basis dropped 5.7%
from that in November, or from 75,666 gross tons a day to
75,795 tons daily.
active during the last week, as consumers en¬
6 and 10. Prices abroad re¬
a slightly higher sterling exchange during the
have been moderately higher.
Tin-plate oper¬
g Buying of tin was more
tered the market
Daily Pig Iron Output
December
The "iron
tons a
rin
Jan. 14, 1939
Chronicle
Bethlehem Steel Co.; Anna, Struthers
Hamilton No. 2, Hamilton
the following: One Bethlehem unit,
Iron & Steel Co.; one Otis SteelCo.;
Coke & Iron Co.; and the new
Madeline furnace
of the Inland Steel Co.
11.025
10.150
46.500
4.85
4.50
5.
4.70
Jan.
6-....
10.125
46.750
4.85
4.70
4.50
Jan.
11.025
Carrie, Carnegie-Illinois
Tube Co.; Neville Island, Pittsburgh
Coke & Iron Co.; one Sparrows Point, Bethlehem Steel Co.; two Hazelton,
Republic Steel Corp.; one Shenango, Shenango Furance Co.; one Riverside,
Wheeling Steel Corp.; and one River, Republic Steel Corp.
The number of available furnaces making pig iron has been increased
from 238 to 239 by the completion of the fifth Madeline furnace of the Inland
11.025
10.150
46.750
4.85
4.50
Steel Co.
7
4.70
Jan.
10.150
46.675
4.85
4.70
4.50
4.50
Furnaces blown
METALS ("E. & M. J." QUOTATIONS)
DAILY PRICES OF
Strdits
Electrolytic Copper
Zinc
Lead
Tin
New York
Dom.,Refy. Exp., Refy.
St.
New York
Louis
St. Louts
Jan.
9
11.025
Jan.
10
11.025
9.975
46.750
4.85
4.70
11'.
11.025
9.950
46.700
4.85
4.70
4.50
Jan.
11.025
10.083
40.688
4.85
4.70
4.50
Average
for calendar week ended Jan. 7 are: Domestic copper f.o.b.
refinery, 11.025c.; export copper, 10.125c.; Straits tin, 46.590c.; New York lead,
4.850c.; St. Louis lead, 4.700c.; St. Louis zinc, 4.500c., and silver, 42.750c.
prices
Average
quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are in cents per pound.
The above
based on sales for both prompt and future
delivery only.
quoted on a delivered basis; that Is,
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic seaboard. De¬
livered prices in New England average 0.225c. per pound above the refinery bsais.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business in copper sellers usually name a c.i.f. prices—Hamburg,
Havre and Liverpool.
The c.i.f. basis commands a premium of 0.325c. per pound
Copper, lead and zinc quotations are
deliveries; tin quotations are for prompt
In
AVERAGE PRODUCTION OF
DAILY
STATES BY
above f.o.b. refinery
quotation.
.
COKE PIG IRON IN THE UNITED
1. .1933—GROSS TONS
MONTHS SINCE JAN.
47,050
05,351
103,597
19,798
39,201
45,131
57.448
62,880
107,115
March
17,484
52.243
57,098
65,816
111,596
April
20,787
57,561
65.900
80,125
85,432
113,055
28,621
55.449
55,713
42.166
64,338
51,570
86,208
103,584
18,348
January.....
February
May
w..
June
1938
1937
1936
1935
1934
1933
114.104
40,100
46.367
46,854
45,871
40.485
35,400
24,536
54.134
54,138
74,331
108,876
43,497
57,821
59,142
39,510
49.041
83.680
112,860
34,012
29,935
56,816
87,475
60,742
59,216
91.010
110,317
113,679
43,754
First six months.
domestic copper prices are
the trade,
banked included: One
out or
Corp.; one Lorain, National
Steel
30,679
63,820
96,512
93,311
38,707
48,193
56,015
66,203
November
36,174
31,898
68,864
98,246
60.891
75.666
December
38,131
33.149
67,950
100,485
48,075
71,314
07,550
63,658
100,305
51,458
July
August...
September...
October
12
—
43,592
26,199
mos. average..
Daily London Prices
»
OF COKE
PRODUCTION
Zinc
Lead
Tin Standard
Copper
Copper Std.
PIG IRON AND OF
(GROSS TONS)
FERROMANGANESE
Electro.
Spot
{Bid)
3M
Spot
3M
Spot
14H
15%
13%
Jan.
5..
44»»»
45lu
217%
218%
Jan.
6..^....
443/8
44%
50
217
14%
15
13%
49 X
217%
217%
218%
14X
13X
14»i.
14i»j«
13'it
13"i«
January
Jan.
9
44%
44 X
Jan.
10
43
43X
48%
216%
217%
14%
14%
13%,
13"u
11
43"u
43lsu
48 X
217
218
14%
14"i,
13lli,
13%
March
V.¬
April
the official buyers' prices for the first session of the
prices for copper and tin are the official closing buyers'
Prices for lead and zinc are
London Metal Exchange;
All are in pounds sterling per
prices.
May
June
of U. S.
duty-free and foreign copper:
SUMMARY
OF
COPPER
'
——i——
October
November
"..
December
Year
.
STATISTICS REPORTED
THE
26.765
BY
MEMBERS OF
x
110,281
170,857
3.498,858
20,818
3,605,818
3.410,371
2,892,629
2,006,724
6,088
1,490,3^4
3,621
13,150
19,197
23,913
29,596
26,100
26.348
36,011,317
173,791
These totals do not Include charcoal pig iron,
United States Steel Corp,
b
Customers
Production
Refined Stock Increases (+)
or Decreases (—)
Stocks
End of
Domes.
Refined
Export
Period
Blister
Refined
U. S. Duty
Copper—
1933-.
600,340
June 30,
180,920
164,915 213,789
28,031 523,436 + 16,005
—76,905
1934
360,534
336,710 373,843
-168,999
Year
1935
606,085
496,658 528,194
125,866 354,436 +23,824
+ 9,427
91,485 231,415
Year
1936
731,629
1937
982,046
748,660 764,560
964,176 803,095
54,447 161,068 —17,031
+ 17,869
—70,347
Year
62.7,98 259,351
Year
1938
643,346
637,485 481,229
125,852 289,755
6
mos.
Year
1933—
Jan., 1938
Feb., 1938
Mar., 1938
Apr;, 1938
58,760
70,487
50,704
59,393
56.199
61,117
50,941
55,749
31,684
May. 1938-.-.,
49,125
47,300
June, 1938
38.200
32,465
July, 1938
31,155
Aug., 1938
44,558
Sept., 1938
49,316
45,808
Oct., 1938
Nov., 1938
69,630
56,824
+ 5,861
5,824 299,133 —11,727
4,893 326,244 —8,689
24,881
27,389
33,434
Dec.,
-123,021
+ 98,283
+ 30,404
+39,782
TONNAGE
OF
mos.
Year
1933
Year
1935...
Year
1936
Year
1937
Year
1938
Shipments Higher
STEEL PRODUCTS BY
OF
5,110 369,809
+ 1,825
+ 14,146
32,862
10,440 358,971
+ 5,735
—10,838
35,596
41,249
—4,441
—19,001
January
38,053
48,071
13,348 339,970
14,761 315,191
14,282 293,080
+ 6,505
—24,779
February
—4,808
+ 16,541
+ 12,878
...
Year 1935
Year 1930
Year 1937
331,777
...
534.055
721.414
518,322
385,500
582,137
670,315
1.149,918
1,133,724
1,414,399
672,199
1,343,644
1,304,039
1,268,550
1,186,752
1,107,858
1,047,962
792,310
587,241
489,070
+3,508
—22,111
March...
588,209
668.056
12,778 267,299 + 12,806
April
643,009
591,728
979,907
May
745,064
598.915
984,097
June
......
985,337
578,108
886,065
...
3e9,938
647,794
950,851
August
53,637
69,827
378,023
624,497
September
370,306
614,933
961,803
680,741
1,007,417
66,745
51,297
13,260 269,488
+ 6,217
71,795
67,947
38,853
8,827 289,755
+3,848
+ 20,267
166,377
356,024 175,604 + 18,528
827,063 232,695 + 57,093
983,255 253,913 + 19,008
365,251
884,154
......
1,023,481 1,004,473
966,153
911,887
1,349,138 1,301,873
1,295,326 1,299,544
973,545 192,255 + 54,266
1,282,284 211,844 +47,265
1,343,975 167,413 —4,218
923,703
October
343,962
+ 57,091
November
366,119
681,820
882.643
+ 21,218
December..
418,630
661,515
1,067,365
-(23,750)
—(40,859)
7,347,549
10,784,273
+ 9,227
Year 1938
Year 1934
Month
783,552
—25,781
+2,189
383,779
941,247
MONTHS FOR
YEARS INDICATED
28,044
1933..
1934...
SHIPMENTS
+ 27,111
—4,918
Foreign Copper
6
324.901
Included in pig iron figures.
January, 1934:
July
June 30,
25,473
22,674
Shipments of finished steel products by subsidiary com¬
panies of the United States Steel Corp. for the month of
December amounted to 694,204 tons.
The Decemberfshipments compare with 679,653 tons in the preceding month, an
increase of 14,551 tons and with 489,070 tons in December,
1937, an increase of 205,134 tons.
For the year 1938 ship¬
ments were 6,625,368 tons, compared with 12,748,354 tons
in the year 1937, a decrease of 6,122,986 tons, or 48.0%In the table below we list the figures by months^since
11,142 342,785
11,187 355,663
72,963
1938.
y
630
COPPER INSTITUTE
Deliveries to
Free
34,632
34,415
19.706.593
(In Tons of 2,000 Pounds)
aCrude
24,228
27,757
18,782,236
September
released the following:
the production, deliveries and stocks
statistics pertaining to
20,205
21,194
18,007
13,341
14,546
7,873,020
—
August
Copper Institute, on Jan. 11,
The
3,459,473
3,391.665
3,537,231
3,107,506
1,201,785
1,493,995
1,680,435
2,052,284
2,269,983
2,210.728
Half year
Month of December, 1938
23,060
3,211,500
2,999,218
long ton (2,240 pounds).
July
Copper Statistics for
1937
22,388
1,429,085
1,298,208
1.452,487
1,376,141
1,255.024
1,062,021
February
Jan.
1938
1937
1938
50
X
Ferromanganese y
Pig Iron x
3M
Spot
3M
474,723
501,972
465,081
478,057
441,670
558,034
577.066
663,287
679,653
694,204
—61,658
+ 19,589
Yearly adjustment
—(19,907)
-(77.113)
—44,431
5.905,966
Total for year
1938
108,621
103,815
108,823 206,836
+4,806
102,092
101,957
105,903 202,890
+ 135
6,625,368
—5,008
Feb., 1938
12,748,354
—3,946
Jan.,
Mar., 1938
105,643
108,704
114,127 197,467
—3,061
—5,423
Apr., 1938
104,413
106,839
—11,551
107,199
102,044
118,390 185,916
103,413 184,547
—2,426
May, 1938
+ 5,155
—1,369
June, 1938
106,177
110,067
102,090 192,524
—3,890
+ 7,977
1938
96,635
103,887
113,185 183,226
Aug., 1938
103,735
110,855
114,748 179,333
—7,252
—7,120
—9,298
—3,893
July,
Sept.,1938...
96,841
108,057
110,401
117,363 157.412
—6,952
Nov., 1938...
115,491
125,887
123,016 164,374 —11,216
+ 5,090
—14,959
Oct., 1938...
111,064
113,427 155,049 + 14,823
—2,363
Dec., 1938...
122.592
121,854
109,490 167.413
+ 738
+ 12.364
a
Mine
or
smelter
production
Russia, Japan, Australia, &c ).
and custom
intake including scrap
(excluding
b At refineries, on consignment and in exchange
warehouses, but not including consumers' stocks at their plants or warehouses.
December Steel Output
Production
of 3,143,169
10% Below November
gross
tons of open-hearth
and
during December brought total output
total of 27,839,261 gross tons, according to a
Bessemer steel ingots
for 1938 to
a
report released Jan. 7 by
stitute.
The total for 1938
was
tons were produced,
tion since 1934.
gross
the American Iron and Steel In¬
-•
44% below 1937, when 49,502,907
and
was
the lowest annual produc¬
Volume
Financial
148
Production in December
about
10% below the Novem¬
ber output of 3,572,220 gross tons, but was
113% higher than
in December, 1937, when production
dropped to 1,473,021
gross tons, the lowest total in the past four years.
9
During 1938 the steel industry operated at an average of
39.79% of capacity as against 72.38% in 1937.
The
highest rate recorded last year came in November when
operations averaged 62.05% for the month, while the lowest
was
in June when the rate averaged 28.46%.
In 1937,
operations reached their peak in April with an average of
90.25% of capacity.
V
The low point in 1937 was December when operations
averaged 25.37% while in the final month of 1938 the rate
was
53% of capacity.
Ingot production averaged 533,933 gross tons per week for
the year 1938, as against the 1937 average of 949,423 gross
tons per week.
The December, 1938, average of 711,124
gross tons per week compares with 832,685 gross tons in
November and with 333,263 gross tons in December, 1937.
MONTHLY
PRODUCTION OF
was
OPEN-HEARTH
AND
BESSEMER
INGOTS—JANUARY, 1937, TO DECEMBER,
(Calculations based
STEEL
1938
ing the
reports of
of the
it is certain that tin plate
Number of
Calculated
Period-
Weekly
Weeks in
Month
Gross
Per Cent
Production
Tons
of Capacity
tin plate production has risen to about 41
%, 10
Railroad buying is
of
more
a
during most of last
was
sylvania
has
May
weight, high tensile steel, and 5 of stainless steel.
Activity in pipe lines, long dormant except for small tonnages, is marked
by the placing of 15,000 tons of seamless pipe for a subsidiary
this week
of the Ohio Oil Co. .three mills sharing the business.
Steel ingot production for this week is estimated at
52H%, up half a
point
over
last week.
with gains in the
There have been declines at Pittsburgh and Chicago,
Wheeling-Weirton, Cleveland-Lorain, Youngstown and
Buffalo districts.
\
*
■_
to official
figures of the American Iron and Steel Institute, was 27,839,261
tons, the December total having been 3,143,169 tons.
gross
39.79% of capacity, the fourth quarter
greater influence than those of the mills, are fairly firm.
a
The exceptions are Reinforcing bars, galvanized flat sheets and roofing, wire
and
merchant pipe, but in some of these the situation
production.
are
,,
still waiting to take their
391,143
4.43
425,932
454,268
4.00
buying^o bring
4.43
31.58
423,709
;; 12.86
33.44
448,757
4 29
30.39
407.857
28.46
381.883
4.43
Jan.
One week ago..
One month ago..
10,819,144
418.212
33.42
4.42
42.85
4.43
.....
2,657.748
46.28
448,429
574,941
620,969
...
7,186,794
40.79
547,357
13.13
18,005,938
34.41
461,691
39.00
Third quarter
Nine months
October.
Based
on steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
These products represent
85% ot the United States output.
...2.286c.
2.286c.
2.512o.
rolled strips.
v
52.45
703,823
2.211c.
Oct.
8
Mar.
9
2.249c.
Mar.
2
Dec. 28
2.016c.
2.056o.
Mar. 10
Jan.
8
...2.249C,
1936
2.062c.
1934...
1933.....
2.118c.
Apr. 24
1.945c.
1.953c.
Oct
3
l.?92o.
Jan.
May
2
2
1932
1.915c
Sept.
6
1.8700.1
Mar
15
29
4.42
53.00
55.77
748,350
2.192c.
Jan.
7
1.962o.
Oct.
Jan.
4
2.212o.
Nov.
27,839,261
39.79
533,933
52.14
Jan. 10,
Based
on average of basic iron at Valley
furnace and foundry irons at Chicago,
1939, $20.61 a Gross Ton
One week ago...
One month ago
120.61
20.61
....
One year ago
Philadelphia,
February-
84.27
March
5,218,326
89.94
1,065,110
1,103,675
1,177,952
4.00
'
1936
1935-..
-4.43
-
14,351,461
85.20
,
12.86
1,115,977
90.25
5,070,867
April..
May
......
5,151,909
4,184,723
•
4.29
84.55
14,407,499
First six months
-
16
18.73
Aug. 11
13.01
One week ago
One month ago.........
One year a*o
1927..
May 14
1
16.90
Jan.
Deo.
5
13.56
Jan.
Jan;
5
13.56
Dec.
6
Jan.
7
15.90
Dec.
16
19.71
4.29
17.83
May
18.21
-
NOV.
14.81
Jan.
4
17.54
Nov
1
6
28,758,960
84.88
1,111,672
Steel
25.87
78.48
4.43
September
4,289,507
76.30
1,030,838
1.101,089
1,002,221
4.42
August..
4,550,304
4.877.826
13.723,637
79.58
1.045,212
13.13
83,83
,
Based on No.
1
heavy melting steel
10, 1939, $14.92 a Gross Ton
quotations at Pittsburgh, Philadelphia
.$14.92
and Chicago.
14.92
—
...
14.00
*
4.28
*
42,482,597-
83.09
3,392,924
58.31
39.00
765,897
4.43
—
2,154,365
38*23
December.
1.473,021
25.37
602,183
333,263
7,020,310
40.68
534,270
72.38
'949,423
Fourth quarter
Total
...
49,502,907
.
10.33
Apr. 23
Mar. 13
9.60
Sept. 25
Mar. 30
June
9
6.75
Jan.
8.50
Jan.
12
6.43
July
5
15.00
15.25
Feb.
Jan.
18
17
11.25
Dec.
9
13.08
Nov. 22
12.25
...
1932
1930...
November-
Dec. 10
13.00
-
1934..
1,089,297
June
9
Nov. 16
Dec. 21
Nov. 22
1936
1933
Nine months..
October...
Low
$11.00
12.92
12.67
13.42
J.
.....$15.00
21.92
17.75
1938—
1937—
1936Third quarter.
3
Scrap
High
July
27
4.43
Jan.
Second quarter
Feb.
Nov. 24
18.84
1932
1,107,417
74.48
6
20.25
16.90
1,182,020
1,162,959
975,460
-88.79
,
July
9
June 21
17.90
-
—
...
1930
June..
$19.61
Mar.
19.73
-
1934
1933
First quarter.
-
and
Low
High
-
4.43
'
Valley
23.26
$23.25
1937
81.32
Buffalo,
Southern iron at Cincinnati.
23.25
1938
1937—
4,718,436
4,414,099
1
Pig Iron
13.14
January..
1
2.402c.
4.29
3,143,169
...
Oct.
1927......:
4.43
62.05
832,685
711,124
Fourth quarter
Total
May 17
1930.
9,833,323
December
2.512c.
2.6120.
1936..1
4.28
3,572,220
...
Low
•
1938
1937
3,117,934
November
composite price
COMPOSITE PRICES
10, 1939, 2.2860. a Lb.
One year ago
25.87
1.982,058
2,546,988
AGE"
scrap
Finished Steel
4.29
.
"IRON
High
September..
from the trend of steel
The "Iron Age"
any rise in prices.
THE
13.01
August
cue
remains at $14.92 for the fifth week.
412,778
...
is somewhat
The undertone is firm, but there has not been enough mill
31.74
31.17
July..
The yearly
55.77%, the
Prices of steel products, excepting a few items on which jobbers' selling
policies exert
33.85
30.76
First six months
average
best month November at 62.05% and the poorest month June at 28.46%.
Fourth quarter production was at an annual rate of 39,333,292 tons.
29.15
5,370,248
Second quarter
.
.
The 1938 total of open-hearth and Bessemer ingot production, according
1.638.277
;
The Penn¬
ordered 15 dining cars, 5 to be built of aluminum, 5 of light
1.925,166
1.806,805
June........
The New Haven
year.
and the Southern Pacific is inquiring for an unstated
tonnage.
5,448,896
First quarter
or more above the
9,000 tons of rails, divided equally between two leading makers,
1,732,764
April
points
long way from being brisk, but it is becoming much
factor than it
a
has ordered
1,703,726
2,012,406
.
March...
can makers because of
December average.
Scrapjmarkets
February.
While
will exceed the relatively
better than it has been.
1938—
January..
year
hesitancy among
the large carryover stocks of canned goods which must be
liquidated if a
normal volume of canning is to take place next summer.
Meanwhile
nails
(Gross Tons)
Chicago late this month.
production this
poor total of 1938, there is some
-
Calculated Monthly
Production
203
convention to be held in
canners
average was
companies which In 1937 made 98.26%
open-hearth and 100% of the Bessemer Ingot production)
on
Chronicle
.'
1927...
....
Aug.
8
3
4.29
"
4.42
American
The
and
Iron
Steel
Institute
on
Jan.
9an¬
nounced that telegraphic reports which it had received
cated that the operating rate of steel companies having
13.14
52.14
Note—The percentages of capacity operated are calculated on weekly capacities
Of 1,341,850 gross tons based on annual capacities as of Dec. 31. 1937, as follows:
Open-hearth and Bessemer Ingots. 69,964^356 gross tons.
indi¬
98%
of the steel capacity of the industry will be 51.7 % of capacity
for the week beginning Jan. 9; compared with 50.7% one
week ago, 57.6% one month ago, and 27.8% one year ago.
This represents an increase of 1 point, or 2%, from the
for the
week>• ended Jan.
2,
1939.
Weekly
indicated rates of steel operations since Dec. 6, 1937, follow;
estimate
Steel Orders Have
Improved Slightly; No Strong
Upward Trend
Age" stated that no strong
upward trend in steel business has developed in the new year,
but following the year-end lull orders have improved to ap¬
proximately the volume of early December.
Buyers are
pursuing a cautious policy of hand-to-mouth buying.
The
publication further reported:
Such improvement as may come in the next few weeks will be mainly in
new
steel
and
from
orders
the
automobile
industry,
specifications
reinforcing bars against recent awards, possibly
for
some
structural
additional
railroad buying and an increasing volume of orders for tin plate.
The automobile
winter
is
shadows
at a
encouraging.
early February.
ex¬
The car sales volume for mid¬
Manufacturers of bearings, whose activity fore¬
that of automobile
assemblies
by about six weeks, are working
incoming tonnage at the mills consists of specifications
deadline
work in
will get
on
the
With the passing of the Dec. 31
work
There were
of
Administration
Works
the benefit of recent awards for
The week's
Awards
reinforcing bars.
placing of Public
building construction is in at least
a temporary
some
projects,
new
lull, but the mills
15,000
tons
came
into the market.
also awards of jobs requiring a total of 6,900 tons of plates.
reinforcing bars were upward of
10,000
tons
and
new
work
26.6%
Jan. 10
27.8%
Jan. 17
29.8%
Jan. 24—32.7%
Jan. 31
30.5%
Feb.
Feb.
Mar.
July
11
July
18
25
on
whose forthcoming orders for tin
plate will be of
material aid in raising the level of steel production, are marking time pend¬
Oct,
Oct.
32.3%
.36.4%
37.0%
39.8%
39.4%
July
Aug.
1
Aug.
8
Nov. 14
62.6%
Nov. 21
61.9%
Nov. 28—60.7%
Aug. 15—40.4%
Aug. 22
42.8%
Dec.
Aug. 29
Dec. 12—57.6%
Sept.
Dec. 19
61.7%
Dec. 26
38.8%
44.0%
0—39.9%
Sept. 12
45.3%
8ept. 19
47.3%
Sept. 26
46.7%
Oct.
3
47.9%
"Steel" of Cleveland, in its summary of
markets,
10-—51.4%
17
49.4%
24—53.7%
Oct. 31—50.8%
Nov. 7
61.0%
28.7%
5—22.4%
5
59.9%
1939—
Jan.
Jan.
2-.--.50.7%
9
51.7%
the iron and steel
Jan. 9, stated:
demand
and
production have snapped
levels prevailing over the
holidays.
pre-Christmas rate at 51.5%
,
back from the depressed
This restores operations to about the
with further gains in sight.
Recovery in specifications so far has been principally
seasonal, since a
major share of the gain is compensation for the curtailment of shipments
ment of stocks,
buyers' inventories at the year-end.
With the replenish¬
subsequent changes in steel output will be guided by the
trend of consumption.
Producers have fairly large tonnages scheduled for January shipments.
Backlogs have been swelled
by the recent placing of additional orders for
automotive steel, involving bars, tubing and
totaled 11,000 tons.
Gan manufacturers,
19.2% Apr.
3
and the reduction of
time to come.
lettings of fabricated structural steel were 19,600 tons, while
amounting to more than
.35.7%
1938—
Feb.
tOlfU-
Oct.
June 27.
3l7% July
4
.32.6%
Apr. 11
32.7%
Apr. 18
32.4%
Apr. 25—32.0%
May
2
30.7%
May
9
30.4%
May 16
30.7%
7
29.0%
30.7% May 23
14
31.0% May 31
26.1%
6
21
26.2%
30.4% June
28——29.3% June 13—27.1%
7
28.0%
-29.9% June 20
Dec. 27
Jan.
Steel
high rate.
A good share of
for structural steel and
new
or
6—..27.5% Mar. 14-—.32.1%
Dec. 13—...27.4% Mar. 21
Dec. 20
23.5% Mar. 28
Feb.
industry is placing smaJ orders, with larger volume
pected in late January
Dec.
1938—
1938—
1937—
The Jan. 12 issue of the "Iron
business
creased
in
structural shapes
markedly by closing
and
on
flat-rolled material.
Unfilled
concretq reinforcing bars has been in¬
public
works
projects and past several
Financial
204
the bulk of major construction
general contractors' bids are in on
Steelmakers are eyeing
Chicago
regard to
congressional activities, not only with
4
&
Western
is steady at a
Automobile production
variations
Only slight
week.
preceding
shown
were
assembled the
44%
output
from November, first decrease since June;.
Total
tons, against 2,286,661 tons in November and
2,212,718
was
1,503,474 tons in December, 1937.
weeks
.
1938 pig iron production of 18,889,663
1937 and was the smallest
Number of active blast furnaces Dec. 31 was 115,
Despite the second half recovery,
tons
yearly figure since 1934.
decrease of six for the
a
plate
+ 10)4
27
+
72
+
1
86
+
2
51
+
3
43
'+
2
58
+
4
46
+
4
39
+
3
51
+
5
32 K
+
1
2
1934
1933
16 J4
24^
+
1)4
+
2X
-
1932
-
+ 12
X
to
40
+
65
+
5)4
1929
82 H
last week's 11.5-point rise
national rate to almost double the
Current Events
..
1928
7«
+
'
+
1
17
+
I
2
25
+
3)4
,+
l
37
+
5
67
4*
5
+
6
+
3
+
:
'
-■
64
+
3
69
8*
X
3
cgu
New York City——
11 member bank reserve
Additions to member bank
decreases of $123,000,000 in money in
During the week ended Jan.
reserves
arose
from
banks and in¬
creases
of $12,000,000 in gold stock and $5,000,OCX)
n
Treasury currency, offset in part by an increase of $23,000,000 in non-member deposits and other Federal Reserve
Treasury deposits with Federal Reserve
in
and
accounts
credit.
Excess
of $12,000,000 in Reserve bank
decrease
a
reserves
of member banks on Jan.
$3,440,000,000, an increase
estimated to be approximately
;
and
bills.
The statement in full for the
Treasury
week-ended Jan. 11 will be
236 and 237.
Changes in the amount of Reserve bank credit
pages
and related items
were
outstanding
follows:
as
Increase (+) or Decrease (—) '
"
.
Since"
Jan.
,
—6,000,000
U. S. Government securities.
$
2,564,000,000
.-
—2,000,000
16,000,000
7,000,000
2,592,000,000
—12,000,000
—7,000,000
+12,000.000 +1,822,000,000
-..14,577,000,000
Gold stock
+1,000,000
+12,000,000
Other Reserve bank credit
Total Reserve bank credit
Treasury currency................
2,805,000,000
+5,000,000
+165,000,000
Member bank reserve balances
8.956,000,000
+137,000,000
+1,763,000.000
Money In circulation...
+321,000.000
Treasury
6,716.000.000 —123.000,000
cash......
2,712.000,000 —13,000,000
deposits with F. R. bank._
873,000,000
—18,000,000
—916,000,000
+ 758,000,000
Treasury
Non-member deposits and
other Fed¬
Banks in New York City and
Chicago—Brokers' Loans
Returns of Member
Below is the statement of the
Board of Governors of the
for the New York City member
banks and also for the Chicago member banks for the current
Reserve System
week, issued in advance of full statements of the member
banks, which will not abailable until the coming Monday.
ASSETS AND LIABILITIES OF
IN
WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE CITIES
(In Millions of Dollars)
Commercial
industrial
agricultural loans
1938
7,669
3,008
S
7,852
3,413
7,707
3,023
§
2,056
526
estate loans.
Loans to banks
Other loans
2,083
692
693
564
458
392
....
,
Liabilities—
Demand
.
deposits...
Time
United States Govt,
:
'
459
+
Inter-bank deposits:
Domestic banks-a..--
Foreign banks
—
Borrowings.....—
351
1,477
,332
1,480
10
10
6
'-6' ' x._.
361
13
*—-
—
14
254
254
.15
,249
1,482
"4' 1
1,941
622
340
18
337
18
419
26
682
36
40
37
213 '
66
129',
37
426
13
67
-12
53
1
52
73
13
1
53
1,377
128
1,740
186
704
717
190
201
117
118
:78
404
1,381
129
86
401
of Member Banks# of the
Complete Returns
System for the Preceding
Federal
Week
the New York and
Thursday, simul¬
taneously with the figures of 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
explained above, the statements of
As
Chicago member banks are given out on
•
.
„
•
.
following will be found the comments
of Governors of the
the Federal
a
of the Board
Federal Reserve System respecting the
of the entire body of
returns
reporting members banks
Reserve System for
of
the week ended with the
close of business Jan. 4:
The
condition
statement
leading cities shows
Jan.
4:
Decreases
of weekly reporting
member banks in 101
for the week ended
the following principal changes
for the week of
$16,000,000 in commercial, industrial
holdings of United States Govern-'
deposits-adjusted, and
Federal Reserve banks
and $296,000,000 in deposits credited to deomestic banks.
Commercial, industrial and agricultural loans declined $5,000,000 in the
San Francisco district and $16,000,000 at all reporting member banks.
Loans to brokers and dealers in securities increased $36,000,000 in New
York City and at all reporting member banks.
Holdings of United States Government direct obligations declined $78,000,000 in New York City, $12,000,000 in the Kansas City district and
$10,000,000 in the Boston district, and increased $41,000,000 in the Chicago
district, all reporting member banks showing a decrease of $77,000,000.
Holdings of obligations fully guaranteed by the United States Government
showed no net change for the week.
Holding of "Other securities" de¬
creased $19,000,000 in New York City and $28,000,000 at all reporting
agricultural loans, $77,000,000 in
ment direct obligations
and $98,000,000 in demand
000,000 in reserve balances with
Demand
deposits-adjusted increased $29,000,000 in the
Cleveland dis¬
district and $15,000,000 in the San Fran¬
declined $153,000,000 in New York City and $98,000,000
trict, $26,000,000 in the Boston
cisco district, and
2.027
527
purchasing or
carrying securities
Real
1939
Chicago
Jan. 11
Jan. 4 Jan. 12
1939
1939
1938
and
Open market paper
...
Loans to brokers and dealers.
Other loans for
'
Jan. 12
§
§
Investments—total..
L\
Loans—total
Jan. 4
11
1939
Loans and
2,670
457
-
,
member banks.
.
New York City
Jan.
2,618
—
Other assets—net
increases of $180
Federal
1,430
465
65
deposits-116
banks..
Balances with domestic
and
+ 54,000,000
+23,000,000
717,000.000
eral Reserve accounts......
83
6,617
609
Cash In vault
In the
$13,000,000 commitm'ts—Jan. 11)
83
deposits—adjusted..6,714
—
613
banks..
Reserve with Fed. Res.
-1,099
...
including
(not
1,645
364
383 1
987
2,660
'
56
71
475
cities cannot be compiled.
1,000,000,
.....
advances
Jan. 12. 1938
.+1,000,000
$
5,000,000
Bills discounted
Industrial
1939
Jan. 4.
11, 1939
$
-
Bills bought
1,609
470
117
409
856
1,080
4,037
62
73
420
Reserve
on
5.785
641
836
1,083
4,119
61
72
'
founded
102
255
618
28
149
58
United States Government...
securities were
decrease of $23,000,000 in United States
a
112
322
804
39
239
49
3,069
United States Treasury notes
increase of $23,000,000 in
an
962
113
318
772
36
219
48
2,748'
Capital account
Principal changes in holdings of bills and
\
Chicago—
Jan. 4 'Jan. 12
1939
1938
$
S
'
2.742
Other liabilities
the week.
of $140,000,000 for
11 were
1939
obligations..
Obligations fully guaranteed by
U. s. Government
Other securities
Treasury cash and $18,000,000
circulation, $13,000,000 in
.■
5
1,066
$
Assets—
Jan. 11
1938
1939
1939
12
Jan.
Jan. 4
11
Jan.
-■
balances increased $137,000,000.
2
78
,
V.
and Discussions
Federal Reserve Banks
The Week with the
•
80
85
.
3
X
U
35
+
•+
44
-
134
74
•-
J 997
,
15
•
4
1931
7
24
29
1H
1930
+ 13)4
48«
•
in steel26% average
individual plants boosted schedules higher than any
Several
year ago.
31
1
1935
improved outlook.
Practically all districts contributed
a
w
+
1936
producers, after
making which brought the
+ 10)4
+
80
51
—
1938
month but 22 more than a year ago.
operations in history, are looking
factor in the
52 >4
28 H
1937
1939
experiencing in 1938 the sharpest drop in
forward to recovery in demand and output
this quarter.
Some improvement occurred last month and heavier buying
for manufacture of packers* cans is in early prospect.
Consumers' inven¬
tories of tin plate are substantially lower than a year ago, an important
Tin
Independents
U. S. Steel
Industry
below the 36,709,139 tons of
48.6%
was
week before and
credited with 5234 %,
48)4%. against 35% in the
Leading independents are
ago.
week and 47)4 % two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together
with
the approximate changes, in points, from the week immediately preceding:
from the November
output was down 6%
two
compared with 42% in the preceding
in December was 47% larger than a year ago but
total.
On a daily basis, last month's
Pig iron production
3%
51% of capacity, according to
U. S. Steel is estimated at
In operations of
individual companies.
declined
9 is placed
production for the week ended Jan.
the "Wall Street Journal"
of Jan. 12.
This compares with 39% in the previous week
and 46% two weeks ago.
The "Journal" further states:
at
Output last week was
unchanged from the 77,415 units
76,685 units, practically
firm.
Steel ingot
1
rate about 50% above that a year
December peak.
but moderately below the
ago
are
placing of 10 freight locomotives by the Norfolk
Canadian National is in the market for
2,000 box cars.
and New England at 70 were
Birmingham a« 77%
.
strong tone in the face of quiet demand—
a favorable omen.
All price composites are unchanged:
Scrap at $14.79,
iron and steel at $36.36 and finished steel at $56.50.
Finished steel prices
shops.
its own
to
54%
to
.
Scrap markets generally have a
include 30,000 tons of rails by the
purchases by the railroads
Recent
72%
unchanged.
regulated largely by revenue.
Northern Pacific and the
poinis
, eastern Pennsylvania 5 points to 34% .
St. Louis 3 points to 45.5% and Cleveland
7 points to 53%
was up
Cincinnati 22 points to
proposed railroad
legislation and armament appropriations.
Probable expenditures by the
carriers for track material and equipment remain somewhat indefinite, but
unless outside financial assistance is forthcoming, steel purchases will be
body but also with reference to
policies of that
broad
at Detroit.
points to 91%
by Federal funds.
at Wheeling and 12
14 points to 64%
at Youngstown,
18 points to 50%
financed
44% at Pittsburgh,
Principal gains were 18 points to
prevailing in 1938.
is in prospect, although
Additional steel buying of the latter nature
Weeks.
/an. u, 1939
Chronicle
at
all
reporting
increased
member
$150,000,000 in
banks.
Deposits credited to domestic banks
New York City, $50,000,000 in the Chicago
district and $19,000,000 in the
banks showing an
Philadelphia district, all reporting member
increase of $296,000,000.
Weekly reporting member banks
A summary of
reported no borrowings on Jan. 4.
the principal assets and liabilities of report¬
ing member banks, together with changes
the year ended Jan. 4,
1939, follows:
for the week and
Volume
148
Financial
Increase
(+)
Decrease
or
(—)
Since
Jan. 4, 1939
Assets—
Dec. 28,
S
Loans and
1938
Jan. 5.
.
$
Investments—total....21,526.000.000
+ 277,000.000
—18.000,000
—814,000,000
3,827,000.000
—16,000,000
—4,000,000
+ 36,000,000
+ 44,000,000
559,000,000
-1,000.000
—69,000,000
1,165,000.000
-4,000,000
+2,000.000
99,000,000
-16,000,000
following
we compare
—141,000,000
884,000,000
Open market
In the
+ 30,000,000
STATEMENT
paper
the condition of the Canadian
figures for Oct. 31, 1938,
banks for Nov. 30, 1938, with the
and Nov. 30, 1937:
—600,000,000
324,000,000
Commercial, industrial and agri¬
cultural loans
205
Comparative Figures of Condition of Canadian Banks
1938
S
—123.000,000
8,412.000,000
Loans—total
Chronicle
OF
CONDITION
OF
THE
OF
BANKS
THE
DOMINION
OF CANADA
Loans to brokers and dealers in
securities
Other
Joans
for
purchasing
Real estate loans
Loans to banks
Other loans
guaranteed
+ 180.000,000
452,000,000
+ 351,000.000
+1,764,000,000
—28,000,000
7,237,000,000
—37,000,000
+ 149,000,000
2,559,000,000
Demand deposits—adjusted
Deposits with Bank of Canada
+ 641,000,000
United States & other foreign currencies
Cheques on other banks
Loans to other banks In Canada, secured,
Including bills redlscounted
—98,000.000
+1,669,000,000
5,161.000,000
+ 1,000.000
—64,000,000
630,000,000
—7,000,000
+1,133,000,000
Deposits
519,000,000
+78.000.000
....
—1,000.000
—8.000.000
made
with
and
balance
31,426,805
112,268,588
Japanese Troops Unite Columns Behind Hankow—Re¬
port Capture of Lolotien—Comment on New Cabi¬
net—Russia and Japan Clash on Sales of Fisheries
4,039,130
advanced into Lolotien,
169,847,838
behind
lines
Hankow
into
front.
one
referred to in these columns Jan. 7, pages 41
same time the formation of a new Japanese
Cabinet under the leadership of Baron Kiichiro Hiranuma
was noted.
A Tokyo dispatch of Jan. 6 to the New York
£lugh Byas commented
on
this
new
Cabinet
in part as follows:
ish,
73
loans in
'
•
succeeded
in
Prince
persuading
Minister Without
consented only after Lieut.
Of the
of power
Fumimaro
Portfolio although
Konoye
to
the
government,
new
seven
Fears that Baron Hiranuma would install
and
deprive
have proved groundless.
to
in
accept seats
The only dominant
political
parties
of
a
were
last
In
were
on
were
in-
the Cabinet.
63,957,805
47,979,729
836,927,428
148,191,168
personalities lost to the Cabinet
contained
Seihin
are
Ikeda,
Loans
circulated
Domei,
by
.wise stated:
Press accounts from
the
Japanese
news
agency,
Mortgages
Bank
Shanghai Jan. 10 like-
100 planes today bombed Chung¬
Shanghai,"with
Chinese said their forces
Yuhang is the extreme
9,057,928
7,995,643
4,152,493
withdrew after destroying defense
the Chinese sought to close in on the
works
Hangchow
Chekiang capital.
also asserted they
had reversed the tide in Southwestern
waging an extensive mopping up cam¬
They said
a
vigorous Chinese counterattack had blocked the in¬
vaders' advance toward Liulin, near the Yellow River southwest of Taiyuan.
On the Central China front, Chinese reported they had ambushed a
Japanese
ammunition
ponvoy
near
Yochow,
122 miles
up
the
Yangtze
River from Hankow, killing fifty men and capturing a large
quantity of
supplies.
.
Japanese
Ambassador at
Moscow,
Russian-Japanese dispute.
the Japanese intended to continue
a
new
Shigenori
Togo, has informed
Officials
here
a
step would aggra¬
indicated
today
fishing in Soviet waters whether
that
or not
[Russia annually auctions fishing lots, with both Japanese and Russians
Under past procedure,
without auction.
of
The foreign office here said
over
vital
Russia
•'for
on
fishing rights off Sakhalin
Since
then, negotiations
The dispute centers
a
a
certain number of lots went to Japan
The reference above apparently is to this second
group
lots.]
weeks.
source
had
not
more
than
72,812,233
73,292,115
73,411,455
58,562,632
63,551,781
5,470,843
11,519,526
5,981,194
11,532,796
cost
Dec. 10 that
Island
had
been
in
progress
intention
for several
have taken place.
of food for the Japanese
military reasons."
rV
1,789,964
1,725,764
1,749,698
Liabilities
97,091,023
101,188,747
106,787,781
53,130,582
40,983,983
31,107,742
5,000,000
43,566,965
38,617\ 661
750,328,026
749,356,786
695,342,882
ducting adv. for credits, pay-lists, Ac.
Advances under the Finance Act
Deposits by the public, payable
the
by
46,907,119
de¬
on
....
payable after
notice or on a fixed day In Canada... 1,654,748,586 1,655,782,101
1,570,213,802.
Deposits elsewhere than in Canada
435,940,358
419,061,412
413,404,322
Loans
from
public,
other
banks
In
Canada,
secured, Including bills redlscounted.
Deposits made by and balances due to
other banks In Canada
Elsewhere
17,848,639
than
Acceptances and
standing..
of
or reserve
Capital paid
fund
35,350,028
58,562,632
3,695,736
63,551,781
4,178,685
2,953,184
133,750,000
146,500,000
1,285,510
out¬
Liabilities not incl. under foregoing heads
Dividends declared and unpaid
Rest
37.971,811
338,447
the
and
credit
10,273,881
56,218,654
letters
15,441,992
10,308,035
40,360,732
341,691
Canada
in
13,542,703
10,330,408
United Kingdom
4,221,749
.
'2,374,159
2,556,395
133,750,000
145,500,000
,
up
133,7.50,000
145,500,000
3,443,168,645 3,411,289,564 3,283,558,012
Note—Owing to the omission of the cents in'the official reports, the footings in
the above do not exactly agree with the totals given.
Latest German Loan of
It
was
announced
people.
waters
which
drastically these
1,500,000,000 Marks Subscribed
Berlin
on
Jan.
11
that the latest
on
Nov. 28 and closed
tion of this loan
3380.
was
on
Jan. 9.
A reference to the floata¬
given in these columns of Dec. 3,
'
page
.
Drawing for Redemption March 1 of $196,000 of Credit
for
Public
Works
of
Italy
External
7% Gold Bonds, Series B, Due March 1, 1947
J. P. Morgan & Co., as fiscal agents, are notifying holders
Credit Consortium for Public Works, of Italy external
loan sinking fund 7% secured gold bonds, Series "B", due
of
March 1, 1947, that $196,000
principal amount of the bonds
have been drawn by lot for redemption on March 1, 1939,
out of moneys in the sinking fund.
The drawn bonds, upon
presentation and surrender at the office of the fiscal agents,
will be paid at the principal sum thereof on and after the
redemption date.
Interest on the drawn bonds will cease
after March 1, 1939.
Attention is called to the fact that on
Jan. 9, 1939, $1,000 principal amount of the Series "A"
bonds due March 1, 1937, and $22,000 principal amount of
the Series "B" bonds
previously drawn
were
still unredeemed.
♦
$759,000 of Kingdom of Norway 20-Year 6% Gold Bonds,
Due Aug. 15, 1943, to be Redeemed on Feb. 15
are
Japan has announced that
of curtailing
in
German Loan of 1,500,000,000 marks had been completely
subscribed.
Subscriptions for the latest loan were opened
bitter dispute with Russia
a
about Japanese fishing rights in
declared her
5,474,050
11,765,165
3.455,218,714 3,423,987,295 3,292,923,935
Consortium
treaty was concluded.
bidding.
at
Balance dufe to Dominion Govt, after de¬
Loan
Soviet Foreign Commissar Maxim Litvinov that such
the
premises
Notes in circulation
•
.
dispatch of Jan. 9 from Tokyo said
that Soviet Russia has informed Japan she will auction dur¬
ing February fishery lots in the Sea of Okhotsk, hitherto
operated by Japanese, although negotiations for a new
Soviet-Japanese fisheries agreement are still proceeding. The
dispatch added:
The
10,359,366
8,347,946
4,296,918
sold by bank..
going heads..
An Associated Press
vate
9,432,517
8,314,712
4,180,516
pro¬
westward
Shansi where Japanese have been
paign.
loss
Other assets not included under the fore¬
tearing up sections of the highway between Hangchow and Yuhang.
Chinese
on real estate
158,569,260
Chekiang Province.
Inconclusive fighting continued at several, other points in'the
The
estimated
Total liabilities.
attack on the Japanese garrison
an
Yuhang, 15 miles west of Hangchow.
as
loans,
Deposit; with the Minister of Finance
for the security of note circulation
8hares of and loans to controlled cos
1,400 miles uprthe Yangtze River.
outpost of the Japanese in
'sector
90,700,879
Bills payable.
Chinese continued today their renewed activity in the Hangchow sector,
The
25,3"l8"630
114,527,417
86,806,562
51,567,790
768,263,684
municipalities
credit as per contra
Mr.
king military establishments in relays after routing Chinese craft at the
and
towns,
Due to banks and banking correspond¬
ents in the United Kingdom
jZ:
Japanese communique said nearly
at
cities,
vided for
Deposits
Konoye, then Japanese Premier.
The Associated Press advices from
100 miles southwest of
to
Real estate other than bank premises...
provinces to accept the peace terms laid
Dec. 22 by Prince Fumimaro
temporary capital
22",847",915
to
and school districts
Non-current
mand In Canada
Suetsugu, Home Minister.
Associated
an
Wen asked the nine unconquered
down
66,076,260
51,595,802
848,217,597
142,081,384
174,139,191
deben¬
value
Balance due to Provincial governments
that date which also said:
statement
a
stocks,
on
marketable
Loans to Provincial governments
in the
shreds
Reports to the effect that Wen Tsung-yao, President of
the Legislative Council of the "Reformed Government of
China" at Nanking, appealed on Jan. 10 for peace with
Shanghai
Canada
sufficient
Total assets.
purely bureau¬
their
The two major parties again
Finance Minister and Admiral Nobumasa
Japan,
131,599,766
se¬
...
cover
Prince Konoye
•
vited
164,903,452
123,873,950
21,154+32
public
Gen. Seishiro Itagaki, the War Minister, had
13 Ministers who form
administration
colonial
Elsewhere than In Canada
Other current loans & dlscts. In Canada.
Elsewhere...
Loans to the Government o! Canada
conveyed the army's strong entreaties that he should not desert.
last Cabinet.
and
tures. bonds and other securities of
a
spent most of the
years
night interviewing prospective colleagues, has simply reshuffled the Konoye
cratic
foreign
less amounts (If any) written off
Liabilities of customers under letters of
Hiranuma, who despite his
as
162,683,188
122,626,450
Provincial
curities other than Canadian
135 miles north of Hankow, thus
At the
Cabinet
88,773,383
,085,302,989
56,218,654
and
'117,156,769
1,140,736,370 1,120,144,775
112,260,802
Government
Railway and other bonds, debs. & stocks
reported to have
were
Chinese stragglers were said to have fled Lolotien, leaving
700 dead after two days of fighting.
The Sino-Japanese
join the
4,080,637
26,138,803
Canadian municipal securities and Brit¬
,
even
4,448,525
26,431,278
Due from banks and banking correspond¬
ents elsewhere than in Canada and the
>
has
114,060,401
C$11 and short (not exceeding 30 days)
■
Japanese troops in China this week
He
51,526,139
24,432,190
United Kingdom
Cabinet.
216,095,443
6,022,394
25,530,606
due
Government securities
Kiichiro
57,383,287
228,459,996
7,140,785
30,485,182
115,500,046
Due from banks and banking correspond
ents in the United Kingdom
Dominion
Baron
9,196,102
from other banks In Canada
—49.000,000
+ 296,000.000
...
r
Notes of other banks
6,3*7.000.000
"Times" from
10,249,938
55,973,822
215,196,543
5,517,921
Notes of Bank of Canada
+130.000,000
15,888,000,000
Domestic banks..
was
5,066,131
4,129,971
Dominion notes
_.
Time deposits...
United States Government deposits
Inter-bank deposits:
conflict
$
5,201,334
5,048,604
5,435,324
Total.
+607,000,000
Liabilities—
and 42.
30, 1937
+ 10,000,000
+133,000,000
Balances with domestic banks
Japanese
Nov.
10,796,762
-13,000,000
3,193,000,000
Reserve with Fed. Res. banks..
Cash in vault..
uniting:
31, 1938
5,361,438
—77,000,000
1,732,000,000
Lots
Oct.
by
United States Government
Other securities.^.
Foreign banks...
Borrowings
30, 1938
$
Elsewhere
1,554,000,000
fully
Nov.
Current gold and subsidiary coinIn Canada
8,189,000,000
U. S. Govt, direct obligations
Obligations
Assets
or
carrying securities
rights,
The National
City Bank of New York, as fiscal agents,
notifying holders of Kingdom of Norway 20-year 6%
sinking fund external loan gold bonds, due Aug. 15, 1943,
are
$759,000 principal amount
that
Jan. 14, 1939
Chronicle
Financial
206
by lot for redemption, through operation of the
sinking fund, on Feb. 15, 1939, at 100% of the principal
amount thereof.
The drawn bonds should be surrendered
the various classifications may total mort
received because, at times, a single repor
classification.
entries in more than one
may carry
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE
ACCOUNT OF MEMBERS* (SHARES)
STOCK
.
the head office of the National City Bank
York City, on Feb. 15, 1939, after which
date interest on the bonds will cease.
The fiscal agents
report that on Jan. 7, 1939, $105,000 principal amount
of^the bonds previously called were still unredeemed.
in
of reports
number
the
than
of reports
number
The
of these bonds have been
selected
for redemption at
24, 1938
Week Ended Dec.
Total Jar
of New York, New
Government to
to
Assenting
Bond
round-lot volume.-.
A. Total
transactions for account of
B. Round-lot
transactions for odd-iot accounts
Pay $20.923d* on Each $1,000
Bondholders — Protective
members (except
of specialists and odd-
in stock® in which they are
registered—Bought
Sold....
Offer
In announcing that this year's interest payment of $20,923^
per $1,000 bond will become payable on Feb. 1, the Auto¬
nomous Institute for the Amortization of the Public Debt of
Chile on Jan. 12 notified holders of Republic of Chile,
Mortgage Bank of Chile and Water Co. of Valparaiso dollar
»
592,380
——
—
506,070
-
-
—
that in order to
bonds and notes
Total
Sold
qualify for this payment
in the present year
and in 1936, 1937, and
-
1,164,848
972,550
Sold
odd-lot accounts of
"
1. In round lots—Bought
C. Transactions for the
odd-lot dealers:
;
;
170,220
Sold..
835,505
-
800,524
—-
1,636,029
-
-
Total.......
Week Ended Dec. 24, 1938
1938.
—
Total J or.
Week
.
Presentation of stamped coupons
Total round-lot volume..
plan remains unchanged.
recommend against acceptance
of the offer, in view of the provisions of Decree No. 1730, the other objec¬
tions of the Council made in the past against the Chilean plan still subsist
and the Council therefore cannot recommend the offer to the' favorable
consideration of the bondholders.
The Council must leave to each bond¬
holder to decide for himself whether he will accept the offer or not.
The
Council, while emphasizing that they are making no recommendations as
acceptance, would point out,
;
.
.• • that if a bondholder does decide
to accept the plan offered by the Chilean Government the payment received
will, under the terms of the offer, be larger if accepted before Jan. 12, 1940.
The
Council's
While the
Council
attitude
no
r"
Trading
Curb
on
Exchanges
York
24
During the week ended Dec. 24 the percentage of trading
the account of all members of the New York Stock
22,780
1.80
50,505
-
6
a
Other transactions
initiated off the floor—Bought!...
■
42,151
35,920
------
—
2.78
Total.
78,071
Total—Bought
4.
195,096
Sold...
230,910
-
—_i
0. Odd-lot transactions for
140,126
65,463
Soldi-.::
:
205,589
Total
'* The
"members" Includes all Exchange
term
15.18
426,006
account of specialists—Bought...
Total
partners, including
New York Stock and New
During Week Ended Dec.
27,725
.
-
Sold
members, their firms and their
special partners.
transactions as per cent of twice total round-lot volume.
In calculating these percentage* the total of members' transactions is compared with
twice the total round-lot volume on the Exchange for the reason that the total of
members' transactions includes both purchases and sales while the Exchange volume
includes only sales.
'
.
a
Member
initiated on the floor—Bought.....
Total
3.
10.60
297,430
Sold
toward the Chilean
—
125,220
172,210
—
Total.
Other transactions
longer feel impelled to
♦
which they are
Sold...
2.
Per
Cent*;
members:
specialists in stocks In
registered—Bought.
....
Transactions of
present payment
FOR
1,402,680
....
transactions for account of
B. Round-lot
of $20.92)^ applies to coupons which
1934 and the first six
affected by this pay¬
ment was given in our issue of Dec. 31, page 3985.
In a statement issued to holders, on Jan. 12, the Foreign
Bondholders Protective Council, Inc., New York, states:
The
.
TRANSACTIONS ON THE NEW YORK CURB EXCHANGE
ACCOUNT OF MEMBERS* (SHARES)
STOCK
matured during the last six months of
months of 1935.
A list of the bonds
2.69
362,380
Total
1.
,
192,160
2. In odd lots—Bought
A
15.89
specialist® and
Sold
and bonds and coupons which have not
with appropriate letters of transmittals,
should be made at the office of Schroder Trust Co., 46 William St., New
York.
Letters of transmittal will be furnished upon request.
When re¬
questing letters of transmittal bondholders should indicate whether the
letter is for stamped coupons or for bonds and coupons to be stamped.
-
2,137,398
Total....
heretofore been stamped, together
3.45
464.023
Total
prior to
declared
4.27
264,138
■ 199,885
Initiated off the floor—Bought
Total—Bought..
«
8.17
'574,925
-
Sold
'•
Consequently only those bondholders who have assented on or
12", 1940 shall have the right to receive tho interest payments
—
—
Other transactions
3.
declared in 1936, 1937, and 1938
Jan.
,*
"
308,330
266,595
floor—Bought
Total
aggregating $18.66 holders who have not heretofore assented
to the plan on or before Jan. 12, 1940. " The announcement
in the matter further stated:
The sums reserved for payment of interest on those bonds whose holders
shall not have assented to the plan within the 12 months' period will be
applied to increase the funds allocated to the redemption or amortization
of bonds.
The holders of bonds assenting to the Plan after the lapse of
this 12 months period shall only have the right to receive those annual
interest payments which may be declared by the Autonmous Institute
with respect to the year in which assent is given and all subsequent pay¬
ments, and shall be required to deliver, in order to receive payment, the
coupons corresponding to the annual payments which they receive and also,
and without additional compensation, the earlier coupons called for pay¬
ment.
lnltlateo on the
1,098,450
—
-
Other transactions
2
•
•
Transactions of specialists
1.
Cent
6,725,960
—
Council Indicates Views as to
and for interest payments
Per
Week
lot dealers):
Chilean
FOR
Shares In member®'
for
of the New York
each instance was
preceding week ended Dec. 17, it was made
the Securities and Exchange Commission yester¬
Exchange (except odd-lot dealers) and
Curb Exchange to total transactions in
the
below
known
by
day (Jan. 13). '• ■/•
Trading on the Stock Exchange for
members during the week ended Dec. 24
the account of all
(in round-lot trans¬
actions) totaled 2,137,398 sharps, which amount was 15.89%
of total transactions on the Exchange of 6,725,960 shares.
This compares with member trading during the previous
week ended Dec. 17 of 2,954,330 shares, or 17.80% of total
trading of 8,296,980 shares.
On the New York Curb Ex¬
change member trading during the week ended Dec. 24
amounted to 426,006 shares, or 15.18% of the total volume
of 1,402,680 shares; during the preceding week trading for
the account of Curb members of 531,015 shares was 18.16%
1,462,350 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 Segregation
of the Functions of Broker and Dealer.". The figures for
the week ended Dec. 17 were given in these columns of
Jan. 7, page 42-43. .In making available the data for the
week ended Dec. 24, the Commission said:
The data published are based upon weekly reports filed with the New
York Stock Exchange and the New York Curb Exchange by their respective
Odd-Lot Trading
New York Stock Exchange
Jan. 7
on
During
Weeks Ended Dec. 31 and
Od Jan. 6 the
Securities and Exchange
Commission made
public a summary for the week,ended Dec. 31, 1938, of the
corrected figures on odd-lot stock transactions of odd-lot
dealers and specialists 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. 24
were given in our issue of Jan. 7, page 43.
We also incor¬
porate the figures for the week ended Jan. 7 which were
released by the Commission Jan. 12.
»■
The data
published
Commission by
are
based
upon
reports filed with the
odd-lot dealers ana specialists.
TRANSACTIONS
OF ODD-LOT DEALERS
STOCK
SPECIALISTS ON THE NEW YORK STOCK
ENDED DEC. 31, 1938 AND JAN. 7. 1939
ODD-LOT
AND
EXCHANGE—WEEKS
of total trading of
-
{Customers' Orders to Buy)
{Customers' Orders to Sell
Trade Date
Shares
No. Ord.
Value
EX CHANGE
Dec. 26
.
PURCHASES
SALES
No. Ord.
Value
Shares
CLOSE D
Dec. 27
6,203
174,964
$6,145,223
6.000
177,015
$5,747,820
Dec. 28-
9,723
284,955
293,031
8,783,146
8,122
229,659
10,142,447
7.909,021
9,602
Dec. 29
228,495
11,441
314,557
10,192,864
8,622
11,454
6,369,620
8,378,710
1,004,117 134,389,555
35,678
982,932 $29,279,296
Dec. 30 & 31
Total for week..
Jan.
35,489
CHANGE
2
290,391
CL08E D
...
These reports are classified as
$4,588,855
5,953.571
6,336,076
Jan.
3
7.385
147,872
4..
6.875
192,402
$6,667,947
6.454,684
5,700
New York
Curb
Jan.
7,103
189,742
Jan.
5
7,736
218,333
7,334,910
7.242
191,479
Stock
members.
6
8,782
235,983
8,231.379
7,890
6,738,504
Exchanat
Jan.
203.888
Exchange
849,799 $28,688,920
27.935
732,981
$23,617,006
follows:
New
i
Total number of report.*
1. Reports showing
2
received
..
York
1,080
824
209
..
105
transactions as specialists
transactions initiated on the
and
7
Total for week..
203,081
30.778
'
Reports showing other
floor
264
v
3. Reports showing other
49
295
116
transactions initiated off the
*
floor
•
477
572
Note—On the New York Curb Exchange the round-lot transactions of specialists
**in stocks In which registered ' are not strictly comparable with data similarly desig¬
nated for the New York 8tock Exchange, since specialists on the New York Cur
Exchange perform the functions of the New York Stock Exchange odd-lot dealer, as
4. Reports showing no
well as those of the
transactions —
specialist.
of Their Own Stock
Listed on New York
Changes in Amounts
by
Companies
New York Curb
The
New
York
Reacquired
Stock and
Exchanges
11 its
companies listed on the Exchange
Stock Exchange issued on Jan.
monthly compilation of
Volume
Financial
148
reporting changes in the reacquired holdings of their own
stock.
A previous list appeared in our issue of Dec. 24,
page 3835.
The following is the list made available by the
Exchange on Jan. 11:
Previously
Atlas
Corp.,
-
123,573
13,687
61,558
56,400
Consolidated Cigar Corp., 6*4% preferred
7,300
Detroit Edison Co. (The), common.
6,131
5.799
Dresser Manufacturing Co., common..
50,000
18,549
3,700
579,821
3,023
General Printing Ink
3,223
Corp., $6 preferred
General Realty & Utilities Corp., $6 preferred
Grant Co. W. T., 5% preferred
Guantanamo Sugar Co., 8% preferred
Hanna Co., M. A. (The), $5 preferred
Hat Corp. of America, 6*4% preferred
24,150
'
~~2~, 873
40
9,100
i.
National Tea Co
,
.
Class A
8,815
U. S. Govt. (lncl. States, cities,
1,321
Foreign government
3,322
502*381
250,660,546 104.46
Electrical equipment manufacturing..
Food
37,810
37,823
Rubber and tires..:
509,371
486,312
483,099
12,3601
...
58,088
;
......
Machinery and metals.
Mining (excluding iron)
.57,665
Petroleum
800
...
,
;
1,865
1,388
1,571
Retail merchandising.
7,536
.
Railway oper. and holding companies
and equipment manufacturers.:
Steel, Iron and coke
,
•./
.
.
,
Shares
Gas and electric (holding)
Reported
Shipping services
57.13
99.57
Common
>.
168,235
...
Consolidated Retail Stores, Inc., 8% preferred
181,661
Petroleum
1,800
operating abroad
(lncl. Cuba & Canada)..
Miscellaneous businesses..
460
12,257,595 53.3,8
4,408,682 106.13
43,183,534 126.05
164,662,259 56.09
,033,938,746 66.43
34,844,850 101.09
4,365
53
Crown Drug Co., common
79
47,053,034,224
53.11
15,080,838
90.34
91.27 45,441,652,321
463
.
common
All listed bonds."
ioo
4,838
Corp.
.......
cos.
54.07
261,813,150
12,071,175 52.56
4,293,830 104.97
43,532,918 127.07
165,072,385 56.23
1,016,169,502 65.80
34,653,938 100.53
600
....
Cooper-Bessemer Corp. (The), prior preferred
Crown Central
Foreign
1,415,120 76.00
,103,987,063 105.17
176,441,299 90.14
,069,528,322 101.79
20,209,813 103.38
—
U. S. companies
275
9,981
;
96.70
19,989,875 102.26
14,285,828 50.32
Leather and boots
Tobacco
$2 dividend series preferred
preferred.
59.11
674,858.121
89.61
1,075,487,913 102.35
51.99
251,696,107
Ship building and operating...
Report
175
8,430
American General Corp., $2.50 dividend series
94.14
536,500,761 104.96
3,158,892,059 105.49
92.43
180,916,434
Communication (cable, tel. & radios-
Latest
48.82
122,746,022
,091,985,701
8,389,080
Miscellaneous utilities
per
92.03-
9,909,896
52,156,075
58.97
6,286,139,711
Gas and electric (operating)
Shares
Previously
77,966,706
95.06
Business and office equipment
Name
98,678,711 101.01
85,630,155
34,177,431
Textile
.'
26,656,030 79.63
37,763,888 108.00
225,648,697 101.48
676,452,496 100.06
Paper and publishing
9,791 "
7% preferred....
•
«
....
Land and realty
11,490
3,900
1,860
;
......
Amusements
P^The New York Curb Exchange announced on Jan. 12
that the following is a list of issuers of fully listed securities
which have reported changes in their holdings of reacquired
.
250,524,098 104.41
86,902,005 90.35
.
69,347,303 86.90
79.31
26,546,569
37,613,168 107.57
225,913,370 101.69
44,372,838 99.57
78,658,439 92.84
9,821,499 48.38
52,178,352 94.21
119,948,808 57.95
655,118,565 105.66
86,461,589 96.75
33,103,055 95.78
...
3*0*497
—
$
.
—■
...
Building
338
28,997
Wheeling Steel Corp.. 6% preferred
Youngstown Sheet & Tube Co., common.
stock:
Price
,261,245,500 106.68
,810.357,831 58.30
16,173,422 86.86
Financial...
508,947
Vulcan Detinnlng Co. (The),
Value
•
Chemical
557,381
...
United States Gypsum Co., common
United Stores Corp., $6 preferred
Aver.
Price
&c.)— 30,729,474,046 106.99
1,769,303,349 57.27
16,469,477 88.46
Autos and accessories
950
(The), capital
1938
$
3,038
3,080
2,348
...
,
Sterling Products (Inc.), capital
Nov. 30,
Market
Value
4,565
Skelly Oil Co., 6% preferred.
Traosamerica Corp., capital..
;
United Engineering & Foundry Co., common
.
Aver.
10,212
20,427
1,191
Standard Oil Co. (Indiana), capital
Standard Oil Co. of Kansas (The), common
•
Dec. 31, 1938
20,468
u
price for each:
Market
8,836
Socony-Vacuum Oil Co., capital
Stock
York
48,550
...
Texas Corp.
market value and average
^ 109
Safeway Stores, Inc., 6% preferred
7% preferred—1
Sheaffer Pen Co., W. A., common
1,393 bond issues
New
total market value of $45,441,652,321.
4,425
•
were
the
the
42,800
Reliable Stores Corp., common
Revere Copper & Brass Inc., common.
on
total market value of $47,053,034,224.
a
700
42,950
41,800
...
listed
15,429
3,600
it
31, 1938, there
value
par
following table., listed bonds are classified by
governmental and industrial groups with the aggregate
3,510
common
a
In
35,103
15,482
;
Plymouth Oil Co., common..
Real Silk Hosiery Mills, Inc., 7% preferred
-
with
7,900
....
Lone Star Cement Corp., common.:
McCall Corp,, common.:
Stock
30
Nov.
On Nov. 30, 1938, there were 1,389 bond issues aggre¬
gating $50,301,123,815 par value listed on the Exchange
43,400
Kaufmann Department Stores, Inc., common
6% preference
Exchange, with
1,353
18,100
Hecker Products Corp., common
Insuranshares Certificates, Inc., capital..'
York
New
on
31 Above
Dec.
$51,553,917,425
aggregating
26,050
1,279
1,903
2,000
-1,277
Listed
Bonds
As of the close of business on Dec.
3.800
579,819
Federated Department Stores, Inc., 4*f% preferred
General Motors Corp., common
;
of
'
18,600
....
pre-'
compared with 40
The following announcement showing the total market
value of listed bonds on the New York Stock Exchange on
Dec. 31 was issued by the Exchange on Jan. 10:
466*989
5,000
Du Pont de Nemours & Co., E. I., common.
short position of
a
that being Cities Service Co. $6
Exchange
470
463,268
,
issue showed
one
total of 2,900 shares
a
♦
Value
390,385
55,900
Consolidated Oil Corp., common
Davega Stores Corp., common
Only
or more,
Nov. 30th.
on
Market
57,438
816,385
__
'
Jan. 11 that the total short
2,165
'
Commonwealth Edison Co., shares
Congress Cigar Co., Inc., common
on
18,932
1,700
„
shares
13*688
6,532
common
Belding Heminway Co., common
Collins & Aikman Corp., 5% preferred
Commercial Investment Trust Corp., common
made
was
ferred stock with
104
„
Co.,
1,000 shares
72,076
common
Atlas Powder
Nov. 30, last.
66
—
6% preferred
Announcement
position in stocks dealt in on the New York Curb Exchange
for the month of December, reported as of Dec. 30, amounted
to 10,984 shares.
This compares with 17,981 shares om
Latest
per
New York Curb
on
Exchange Decreased Below November
Report
Reported
Archer-Daniels-Midland Co., 7% preferred
December Short Position in Stocks
Shares
Shares
Company and Class of Stock
207
Chronicle
The following table, compiled by us, gives a two-year com¬
parison of the total market value and the total average
price of bonds listed on the Exchange:
50
7% preferred..
wDavenport Hosiery Mills, Ino., convertible preferred
4,868
4,693
Equity Corp. (The), $3 convertible preferred
11,991
14,531
Henry Holt & Co., class A
18,911
18,946
$65,000
$69,000
$4,200
$9,200
925
8
Edison Bros. Stores, Inc., common
:
1
Hygrade Food Products Corp., convertible 6s A, 1949
Convertible 6s B, 1949
Kaufman
Department Stores,
Inc.,
preferred
Klein (D. Emil) Co., Inc., common.:
Kleinert (I. B.)
10,600
10,700
22,655
23,905
694
699
214
...
Rubber Co., common..
Knott Corp. (The), common
294
'....
Lane Bryant, Inc., 7% preferred
.;
Lion Oil Refining Co
convertible 4Hs, 1952.
$13,000
25,429
1,234
1,484
4,112
5,312
5,189
Ollstocks, Ltd., capital
$58,000
24,629
.
Louisiana Land & Exploration Co., capitals.
North American Rayon Corp., 6% preferred
5,600
.....
;
Prudential Investors, Inc., $6 preferred
Rustless Iron & Steel
Corp.,
263
common
5%
second
preferred
10,300
10,400,
*11,870
A verage
Price
Value
$
%
1937—
Feb.
1
1
45,113,047,758
96.83
45,007,329,915
89.48
Mar. 1
Apr.
1
44,115,628,647
96.64
Apr.
May
1
43,920,989,575
93.88
l...
May 1...
1
—.
June
1
June
1
—...
44,170,837,675
44,001,162,031
93.33
July
93.89
June
30..
Auk.
1—.—
44,296,135,580
92.98
July
3Q..
Sept. 1
43,808,755,638
93.93
Aug. 31..
1
43,270,678,790
92.76
Sept. 30..
42,591,139,774
42.109,154,661
91.51
Oct.
90.11
Nov.30..
Oct.
Nov. 1
Dec.
1
—
...
—..
Dec.
1938—
Jan.
1
—.
31..
31..
~Price
$
$
1938—
Mar. 1
Feb.
A verage
Market
Value
1,051
42,486,316,399
42,854,724,055
41,450,248,311
42,398,688,128
42,346,644,435
43,756,515,009
44,561,109,796
44,182,833,403
44,836,709,443
45,539,193,999
45,441,652.321
47,053,034,224
1
1
89.70
88.68
85.71
87.82
87.78
88.98
90.19
89.40
89.08
90.67
90.34
91.27
42,782,348.673
—...
*18,656
1
Williams (R. C.) & Co., Inc., common.—
*
618
771
'
'
,.
Stroock (S.) & Co., capital
United States Plywood, $1.50 convertible preferred
Common.
276
488
Sterchi Bros. Stores, Inc., 6% first preferred
Market
.
—
.
—
_
—
8,768
—
9,071
Governors
Initial report.
of
New York
Affecting Removal
Stock Exchange"
or
Amend Rule
Suspension of Securities
The Board of Governors of the New York Stock Exchange
Short Interest
New York Stock
on
Exchange Decreased
During December
The total short interest
existing
as
Dec. 30 settlement date, as compiled
obtained by the New York Stock Exchange
on
28 issues in which
a
total short interest of
more
than 5,000
shares existed, or in which a change
in the short position of
more than 2,000 shares occurred during the month, the Ex¬
change's announcement said.
The total number of issues
in which a short interest was reported as of Dec. 30, 1938
was 432, compared with 483 on Nov. 29.
In the following tabulation is shown the short interest ex¬
isting at the opening of the last business day of each month
since Dec. 31, 1936:
31
Aug. 31
966,935
967,593
May 31
Jan.
29
1,314,840
Oct.
Feb.
26
1,426,522
Nov. 30
Mar. 31
.1,199,064
Dec.
30
Jan.
31-—
June 30
1,012,186
.1,040,964
944,957
Feb.
30
1,007,736
May 28
July
1,384,113
Apr. 29
Sept. 30
1,136,814
1937—
Apr.
1938—
1937—
1936—
Dec.
29
1,214,082
...1,184,215
1,343,573
June 30.
..1.050,164
1,051,870
29—833,663
Aug. 31...
729,480
28
669,530
28
1,222,005
1,141,482
Nov. 29
587,314
Mar. 31
1,097,858
Dec.
.500,961
31.
Sept. 30
j93g
July
Oct.
30
—
588,345
meeting
a
the
of the close of business
from information
from its members,
was 500,961 shares, compared with
587,314 shares on Nov.
29, it was announced on Jan. 11.
Of the 1,238 individual
stock issues listed on the Exchange on Dec. 30, there were
-
at
may remove
to
include
so
Jan. 11 amended Rule 754, which outlines
the Committee on Stock. List
from the list or suspend securities from dealings,
additional sub-section reading as follows:
an
Securities, the distribution of which, in the opinion of said committee,
(g)
is
on
conditions under which
inadequate
advisable.
as
to make further dealings therein on
the Exchange in¬
•
Annual Report of New York Coffee & Sugar Exchange
Shows Downward Trend in Commodity Trading—
Financial
Condition
of
Exchange
as
Dec.
of
Reported Best in Many Years
_
31
'
"
the-members of the New
held on Jan. 5, the annual
report of the Board of Governors, delivered by Chandler A.
Mackey, President of the Exchange, disclosecd that thevolume
of trading in 1938 followed the general trend of declining
trading in commodity exchanges throughout the world.
At the 57th annual meeting of
York Coffee & Sugar Exchange,
The
reasons
for the decline in volume
are many,
the report
"Foreign exchange control regulations have played
no small part."
The report, in part, continued:
Both V our coffee contracts showed a material reduction from the vo ume
stated.
of the
preceding year, the total being 5,104.000 bags, as compared with
9,518,500 bags for 1937.
Financial
208
Jan., 14, 1939
Chronicle
dollar exchange and based on goods
shipped between foreign countries; in the yearto-year comparisons only credits for domestic shipments and
dollar exchange were above Dec. 31, 1937.
The following is the report for Dec. 31, 1938, as issued by
the New York Reserve Bank on Jan. 13:
volume of about 68%—as against
domestic
warehouse,
approximately 37% in Contract D.
Being aware of the noticeable falling
off of interest in Contract A the Board took immediate action and appointed
stored in
or
A
Contract
shows
in
reduction
a
of this condition. The committee has
it believes will more nearly meet present
day conditions and requirements.
The membership will have the oppor¬
tunity of considering this new contract in the near future.
The total volume of trading in sugar has also fallen from the preceding
a
special committee to make a study
prepared a new contract which
in
bring to us additional
this effect will be submitted to the membership
help in broadening the use of the contract and
A proposal to
trading.
in the early part of 1939.
for their consideration
for United States consumption, has always
sugar
cane
maintained a
2.
New York
Philadelphia
4.
Cleveland...
— -
5.
Richmond.
—
6.
Atlanta
10.907,485
2,847,854
The
Minneapolis.
1,291,841
1,419,353
1,933,208
1,780,952
2,251,005
19,670,081
1,957,753
19,380,209
26,527,937
$269,605,451
$273,327,135
$343,065,947
8.
9.
trading in
total
both sugar contracts was 4,806,450 tons, against
The reduced volume has also had its effect
which ranged from a high of
...
the price of memberships,
upon
$4,250 to a low of $2,600, with an average of
10.
12.
San P'ranclsco
Grand total
Decrease for month,
take care
We feel that, as an Exchange, we are well equipped to
of the trading in two of the world's leading commodities.
We look
the restrictions which preclude
hope toward the day when many of
lifted and the business that has drifted away due to
restrictions, will be ours again.
"
foreign trading will be
these
the financial condition of the
Regarding
indicates that at the close of business on
Dec. 31
of $79,737 exclusive of collec¬
December operations, and total cash in bank, together with in¬
in U. S. Government savings bonds, but excluding security
1938, the realty reserve fund shows a credit
tions from
vestments
&c., amounts to $102,own without any en¬
deposits on leases, prepaid 1939 dues, assessments,
This balance, plus the real estate which
375.
we
for many years.
Domestic warehouse credits—
45,147,797
49.038,333
2,688,872
3,459,888
1,869,903
55,539,867
56,728,727
59,494,458
——
Dollar exchange
shipped
Based on goods stored In or
change, Inc., Bases Prediction on Better General
Business Prospects
trading activity
ACCEPTING BANKS
BY
.$120,833,080
91,166,133
Bills of others.—
.
'
TotalDecrease for month..
......$211,999,213
.......
$10,261,202
—
.1
......
PRIME
ON
RATES
MARKET
.
Dealers'
Dealers'
Dealers'
Dealers'
ACCEPTANCES
BANKERS'
JAN: 13, 1939
Commodity Ex¬
on
change, Inc. during 1939 appears bright," said Floyd Y.
Keeler, President of that institution in presenting his annual
report to members on Jan. 4. , Prospects of better general
business cause Mr. Keeler to believe that trading on the
Commodity Exchange will increase.
Quickened industrial
activity in the past always has been reflected in increased
commodity" trading activity.
Regarding the report an
Exchange announcement had the following to say:
X
:
90-.
The
180
,
9-16
furnishes
us,
a
record
of bankers' acceptances outstanding at the
close of each month since Sept. 30,
1936:
1938—
1937—
1936—
June 30
$364,203,843
Mar. 31
.$292 742,315
.
May 31.^..
.
372,816,963
Sept. 30
351,556,950
343,881,754
344,419,113
Apr. 30
349,053,490
31
Aug. 31
June 30....
346,246,657
July
Nov. 30
348,026,993
Aug. 31
.
31
343.065,947
Sept. 30
.
Oct.
.
Sept. 30
Oct. 31
$315,000,590
Nov. 30
31
July
330,205,152
Oct.
1937—
Dec.
Mar. 31
387,227,280
401.107,760
396,471,668
30
395.031,279
Jan.
May 29.-.-
385,795,967
Feb.
Value
Commercial
Jan.
30
Feb.
27.
A nr.
X
9-16
%
following table, compiled by
of the volume
Dec.
•
150
7-16
9-16
120
7-16
X
-
-----
—
7-16
X
30
60
Buying Rales Selling Rates
Days—
Buying Rates Selling Rates
Days—
Bright Outlook for Commodity Trading Activity in 1939
Forecast by F. V. Keeler—Head of Commodity Ex¬
for
HELD
BILLS
Own bills,.
CURRENT
69,999,661
.
,
,
outlook
86,764,838
7,688,659
10,418,913
♦
"The
$117,248,428
59,197,508.
11,594.185
i
shows the best financial condition this Exchange has
'
•
v
cumbrance against it,
seen
$94,483,766
60,071,510
Domestic shipments
between foreign countries
assets and liabilities,
as
Dec. 31, 1937
Nov. 30. 1938
$94,563,220
Imports
Exports
the balance sheet and statements of revenue and expenses, as
A study of
well
Exchange, it
31, 1938
Dec.
stated:
was
A
NATURE OF CREDIT
TO
still imbued with a
feeling of optimism.
with
1,049,060
Decrease for year, $73,460,496.
$3,721,684.
ACCORDING
$3,132.
Notwithstanding the volume for 1938, the Board is
'
Kansas City
Dallas
>
732,979
'
11.
1937.
7,046,900 tons for
1,961,236
St. Louis
It is heartening to be able to
changed from the preceding year
1,192,110
12,115,999
6,336,066
Chicago—
of the downward trend in all commodity trading, this
has held its own.
The volume for the past year is practically un¬
contract
3,320,882
1,761,375
'•
5,508,497
735,306
7.
prominent place in the sugar world.
very
246,738,783
15,351,543
784,845
904,609
1,672,305
1937
$30,624,184
$30,539,237
196,463,573
11,154,862
2,796,883
•
report that, in spite
Dec. 31,
1938
Nov. 30,
$31,010,941
193,275,580
—-------
3.
.
3, which provides for trading in all quota
The domestic Contract No.
raw
Boston
31. 1938
Dec.
Federal Reserve District
1.
DISTRICTS
FEDERAL RESERVE
—BY
trading month in this contract for 1939
The inclusion of December as a
OUTSTANDING—UNITED STATES
DOLLAR ACCEPTANCES
trading.
sugar
may
BANKERS
No. 4 accounts for practically all of the decrease
Our World Contract
year.
.
„
30
—
—
.
1938—
30
.
31
325.804.395
28
Nov. 30
307.115.312
31
.
Dec. 31—.
.
.
278 707.940
268 098,573
264 222,590
264 748.032
258 319,612
261 430.941
269 561.958
273 327,135
269 ,605.451
During the fiscal year ended Nov. 30, 1938 the Exchange purchased and
retired 42 memberships, inaugurated a new
silk contracts, bettered its position among
hide contract, and two new raw
similar institutions in this coun¬
12 of whom were residents of foreign
try, and admitted 43 new members,
The turn
in hide futures was the highest in the history of the
over
change, exceeding the previous year's record total by 38%
in the
from the record volume of 201,395 contracts
contracts, a decline of 21.9%
during 1937.
over
The report states that
December,
1937
to
a
membership prices ranged from a low of $725 in
of $1,150 in January and August,
high
men
It
of the statistics compiled by the
Exchange and the growth of the "Weekly Survey."
a
1938.
The Exchange con¬
customers'
series of educational lectures for the benefit of
employed by the various member firms of all commodity exchanges.
In his remarks Mr. Keeler said:
From
the
are
bright.,
Although
declared or undeclared,
wars,
being waged over wide areas, still there appears to be a growing senti¬
ment for
Many leaders in all walks of life in most nations of the
peace.
world definitely believe
that by raising standards of living over vast regions,
showing the total value of
outstanding on Dec. 31 was issued on
13 by the New York Federal Reserve Bank:
commercial paper
Reports received by this bank from
Such
beliefs
many months.
s
/
National income in
This
figure compares with $206,300,000 outstanding on
$279,200,000 on Dec. 31,1937.
^
Nov. 30 and with
Below
Dec.
furnish
we
a
31
$299,300,000
Sept, 30
exceed that of 1938.
Opinion
as
to whether or not 1939
Industrial expansion is expected
In
the
past, such
,
It is gratifying that, during
the past
year,
the position of our Exchange,
This is especially true of the last quarter of the fiscal year just
ended when the volume of trading tended towards
higher levels
on
Com¬
modity Exchange, Inc., as contrasted with a downward tendency for most
other commodity
futures markets in this country.
During
Outstanding Bankers Accept¬
December—Total Dec. 31 Reported
$269,605,461—$73,460,496 Below Year Ago
The volume of outstanding bankers dollar acceptances on
Dec. 31, 1938,
amounted to $269,605,451,
a
decrease of $3,-
721,684, as compared with the Nov. 30 figure of $273,327,135, it was announced yesterday (Jan. 13) by the Acceptance
Analysis Unit of the Federal Reserve Bank of New York.
As compared with last year, the Dec. 31 total is $73,460,496
below that of Dec. 31, 1937, when the acceptances out¬
standing amounted to $343,065,947.
The decrease in the volume of acceptances outstanding on
Dec.
31
under Nov.
Jan.
323,400,000
31-.-..
31.
1936—
215,200,000
191,300,000
198,800,000
Dec. 31
331,40\000
Aug. 31
329,000.000
July 31.—_ 324.700,000
Sept. 30
Nov. 30
Oct.
31
284,600,000
June 30
30
was
due
to
of
Bankers
Trust
Co.
of
New
.
York
S. Sloan Colt, President
of Bankers Trust Co., New York,
of dividends amounting to $5,000,000, undivided
increased by $2,531,743 to a total of $29,464,116
at the year-end, bringing total capital funds to $104,464,116.
The 1938 earnings, it was indicated, were equivalent to
$2.85 per share on the bank's capital stock, comparing with
$7,369,114, or $2.95 per share, in the preceding year.
In
his remarks at the meeting Mr. Colt said:
the payment
Decrease of $3,721,684 in
at
Feb. 28
311,000,000
Oct.
reported to stockholders at their annual meeting on Jan. 12
that the bank's net operating earnings for the year 1938 were
$7,122,032.
In addition to these earnings, miscellaneous
net recoveries, it is stated, amounted to $409,711.
After
profits
ances
279,200.000
Nov. 30
Net Earnings of $7,122,032—Government
Securities Appraised at Amortized Cost—Amend¬
ments to Institution's Pension Plan
been
Commodity Exchange, Inc.
similar institutions in this country, has continued to gain in im¬
portance.
290,400,000
267,600,000
243,800,000
Reports
and general reconstruction and moderni¬
increased industrial activity has always
Colt
President
fields, especially in residential building, some of the heavier in¬
reflected in increased activity on
among
divided
appears
that of 1937.
dustries, Including public utilities
zation.
30.....$285,006,000
Mar. 31
Dec. 31
209,400,000
July 31--— 210,700,000
June 30
225,300,000
May 31..— 251,200,000
Apr. 30
271,400,000
Mar. 31
296,600,000
Aug. 31
-
•
Apr.
1937—
£13,100,000
212,300,000
286,909,000
May 31
292.600,000
31
of the figures:
1937—
.
28
$206,300,000 Jan.
Nov. 30—.
Oct.
two-year comparison
1938—
Feb.
*186,900.000
31
1939, barring unforeseen calamities, probably will
national income will pass
in many
achieved.
being translated into action which may bear fruit before
are
commercial paper dealers show a
Dec. 31, 1938.
total of $186,900,000 of open market paper outstanding on
— —
threats of war will be allayed and a,measure of prosperity will be
Reported
Nov. 30
1938—
standpoint of trading activity on our Exchange, the outlook
for 1939 at present appears
as
The following announcement
Jan.
;
,
emphasizes the world-wide distribution
tributed towards
Ex¬
157,235
Paper Outstanding
New York Federal Reserve Bank—Total of
$186,900,000 Dec. 31 Compares with $206,300,000
Total trading
commodities dealt in on the Exchange amounted to
seven
turned
.
of
by
countries.
decreased
credits for
Since
were
the
last
annuel meeting of stockholders
adopted the policy of appraising
tized cost or market,
of the last
few
the
investment
whichever is lower.
years
Federal and State
the board of directors
United States Government securities in
the investment account at amortized cost,
and all other securities at amor¬
In accordance with our practice
and consistent with the procedure adopted by the
supervisory bodies, net profits from securities sold from
account,
credited to investment
amounting
in
securities reserve.
the end of the year was
$9,221,576.
j938 to
$3,099,025,
The balance in this
have been
account at
Volume
In
Financial
148
the statement
appraised
of condition
31,
1938, all securities
Chronicle
During the
year the
$500,000, which
requirement
the
on
connection with the
total
of
contingency fund,
now at
of the company,
part
$5,000,000,
A
was
reduced by
investment
amounting to $14,221,576
securities
as
actuarially
and
reserve
determined,
in
as a
further
outlet
new
for funds is
we
are
tbfe serial, intermediate term loan to
and
great deal of thought and study is being given to the
a
should govern it, in order to safeguard both the
The making of these loans is aided
contingency fund,
Dec. 31, 1938, is available for use
on
growing and through it
we were formerly accustomed to
make.
The banks of the country are
slowly feeling their way into this type of loan,
plan for pensions.
the
is
business, of longer maturity than
to cover the current maximum
reserves
The department
finding satisfactory opportunity to utilize sizeable amounts of money.
less then $9,221,576 reserve.
transferred to
was
209
heating equipment.
were
described above except that the value of United States Gov¬
as
ernment securities was shown
The
of Dec.
as
by
general
principles which
borrower and the lender.
rulings of the Federal authorities
new
in relation to bank
examinations, which put emphasis upon the prospects
for repayment rather than upon the duration of the loan, and no
reserve.
longer
criticize loans
Referring to other comments by Mr. Colt, we quote the
following from the New York "Herald Tribune":
ferred
Of the bank's $381,891,763 investment in governments, 49%
less than three years, 63^%
and
163^%
in
approximately $8,000,000 in
of the amortized cost at which
excess
From the
.
ferring
they
take
we
the
not
expanded,
an
$40,000 for 1939
Retirement
with
the present salary basis,
The
The
there
amounts to
now
$3,92i,000, the bank acting
of monthly
Insurance
of final
as
the same
on
basis
different
our
from
between
in any
we
businesses
-
that
in
of the factors which de¬
many
income and the service
gross
other
most
called upon
are
render.
to
The volume of work going through our bank in 1938 has been little
changed
were
trustee.
in
1937, when it
larger than
was
before.
ever
There have
there is
as
the reduction
due to
and continued
year
The 1938 expenses do not reflect
efforts in this direction since many of the economies
our
been
changes during the current
no
in
year
our
domestic
branch system which consists of 73 branches located in Greater New York.
is
banking only
However, 1938 expenses
approximately $1,150,000 less than those of 1937
higher salaries which I reported in the middle of the
have not yet been in effect for a 12-months* period.
We
of
"new era" in
earn¬
from
Assuming Some
of
Country Banks—Net Earnings in
1938 Placed at $10,547,750—Earnings of City Bank
Farmers Trust Company
a
but if 1937
a year ago,
After transferring $2,250,000 to surplus, in accordance
little direct relationship
the full results of
There is
in¬
to
up
H. Perkins in Report to Stockholders of Nationa
City Bank of New York Mentions New Sources of
Institution
is
In
pay
James
Profit—Says
Our
income.
assessment
this year's they would show net
as
attention to efficient handling of work.
Functions
operating
Corporation
re¬
The plan's segregated fund
salaries from $7,200 to $50,000. inclusive.
on
portion
Deposit
banking business is
is
termine
will pensions be paid on a higher figure.
figured
were
The
of reducing these figures by five
plan provides for maximum payments of 70%
no case
Because
of trans¬
a year ago
Dividends of $6,200,000.00 have been paid and $1,490,860.77 carried to
years in each instance.
$7,200 yearly and 60%
followed the practice of
with law, undivided profits stood at $13,554,939.68 at the
year-end.
65 and 60 for men and women, respectively,
the company reserving the option
fixed
a
Federal
undivided profits.
employees, the latter contributing 3% of monthly salaries.
ages are fixed at
not this year
reserves
customary practice.
our
earnings of $9,584,952.80, including $2,081,548.80 of bond profits.
new
increase of
an
last year. The cost will be divided equally between
over
the bank and its
on
to
with
of substantial amounts for bond profits and
precisely comparable with those reported
ings
compulsory pension plan for the
bank's employees, officers being made eligible for the first time.
plan will cost $300,000 annually
have
we
accordance
reserves
Due to these changes in procedure the above figures for net
earnings are
following:
approved
merely because of length of maturity.
cluded in operating expenses for the year.
"Wall Street Journal" of Jan.13
Stockholders
in
reserves
$1,116,452-25
•
■
,
addition to
coveries
The market value of these governments is
appear in the condition statement.
to
of the
mature in
in three to five years, 28% in five to ten years
ten years.
over
"slow"
as
These net earnings do not include recoveries which have also been trans¬
have closed
office
our
in
Genoa
and
opened branches in Balboa and
Cristobal, Panama Canal Zone, bringing the number of
at the year-end to
foreign offices
our
72 in 25 different countries.
Mr. Perkins stated that the bank's
,
the largest
ever reported at the year-end—the amount
being $1,835,286,500.
The following tabulation summarizing (in mil¬
lions of dollars) the major changes in the bank's principal
asset items was presented by Mr. Perkins:
a new era
developing industry, James H. Perkins, Chairman of
the Board of the National City Bank of New York, said in
his annual report to shareholders at their
meeting on Jan. 10.
predicted that as private effort increases, Government
activity in the financial field will decrease.
He said that
the National City Bank, emulating financial institutions in
smaller localities, has "gone a long way toward conducting a
country bank in a great city," and so has found new outlets
for its funds.
Among such new outlets he cited the Per¬
sonal Credit Department, the Time Contracts Department,
and the serial, intermediate term loan to business, of
longer
maturity than was formerly made.
In part, he said:
deposits
are
He
Now it is said that there is
that
whereas in the
new
a
era
in banking.
20%'
of
more
State and municipal securities.
the only source through
dustry of the country,
9 billion dollars.
of
consumer
and
the
continually and increasingly in
which credit and capital
due
are
That
inflation
the
due
excess
Government
deficit
profitable
of the money has ceased.
And so—there is
a new
in any
its
vigor and confidence,
developing industry.
I
decrease.
am
struck
as
in the
by the fact
as
that
since
field will
towards
less
1929 the manufacturing
Greater activity would also bring
abnormal money rates—and even
large difference in earnings.
a
a
Government
earning
to
Agency securities about 473
Of
million
Of the State and municipal securi¬
§,7% mature within the next five years.
made up in round
are
figures of 22 million dollars of
dollars of railroad securities,
million
14
dollars of foreign securities,
bond investments let me say that the current market
of
tlie
Instead of valuing all
the amount at which they are
bond holdings at the market
examination and thereby
au¬
appreciation and depreciation in the bond account, resulting from fluc¬
that high grade bonds shall be valued at cost,
any
a tend¬
a
This
period.
seems to me a
Of the loans and discounts shown
Also, I believe th,at much
classified
of serving the community
leaf from the book of the
less
provide
amortization of
proper
premiums, and those of less high grade, but not in default, at average
prices over
slight increase in
the
on
emphasizing the changing amounts
tuations in the market, their recent instructions to their examiners
commercial loans,, 30%
as
Departments, and 5%
new ways
As
Comptroller of the Currency and other Federal examining
the services of the banks and
finding
policy.
monetary
In this connection, 1 should like to mention a change
to
We ourselves, taking
4
*
'
States Government Securities.
United
20 million
greater progress has been made than is generally understood in expanding
with reasonable profit.
down
general condition among the banks
a
total holdings is higher than
our
the
date of
reported in their tax returns have lost about
bring increased need for money.
rates would make a
At
i
.
thorities have announced in their method of treating bond values in bank
This suggests that increased acti vity in industry would in due course
ency
increase in
securities,
examinations.
third of their working capital, or in the neighborhood of 5 billion dol¬
lars.
an
carried on our books.
private effort regains
the financial
by
With respect to our
value of
in banking only as there is a new
Government activity in
corporations of this country
one
new era
I have faith that
18
87
'
Government
and
Government and
which
It is my opinion that there is a
down
down
principally obligations of the Dominion of Canada.
banking business.
era
...
dollars of public utility securities, and 13 million
That
era
imports
offset
industrial
servicing these great deposits has increased at the time when the
rise
10
69
522
the decrease in business loans and corporate security holdings has
The other securities
enor¬
mously increased the supply of money and deposits in the banks.
the cost of
..
ties about 75 million dollars or
of .gold
financing have
182
up
Change
609
dollars to 67% mature within 5 K years.
were
lending almost
importation of billions of dollars
to
fold
to
assets,
supplied to the in¬
were
various Government agencies
now
Up
86
-
The increase in cash items reflects
of
That the finance companies have taken over a large block
credit.
credit
are
That whereas in the past private agencies
15
709
76
As to the above he said:
these
funds
up
427
1
...
premises
Pnn^
ployed. now their
reserve
532
87
Ixmns and discounts..
been
by law.
1938
517
J
Securities of U. S. Government and F.iuerat agencies..
the past it was normal for the banks to have all their available funds em¬
of those required
Dec. 31,
.
Cash and due from banks
Also that whereas in
.
31,
1937
The argument goe®
early 20's business loans comprised 50%
bank earning assets, now they are only about
Dec.
brokers,
It will
15%
reasonable and sensible change.
in our statement about 50%
as
loans
can
be
securities including loans
on
advances in our Personal Credit and Time Contracts'
as
as
other loans to banks, corporations or individuals.
be noted that the value of
our
bank premises as carried on our
banks in the smaller localities, have, in addition to our dealings with great
books has
national business units, gone a long way toward conducting a country
bank
This has resulted from current depreciation charges and the writing down
The net earnings of the bank for the year ending Dec. 31,
1938 were $10,547,750, including $2,856,890 of bond profits
acquired as a part of the assets of the Bank of America, but which we have
n a
great city, and so have been finding new outlets for our funds.
to
'
which
were
transferred to
Mr. Perkins said.
reserves,
He
added:
,
one
dollar of the equity in the property at 44
ceased to
now
New Outlets for Funds
(the
Department which meets the requirements of the people of this city for
for bank purposes.
use
interest in
properties.
year
we
year,
made
over
past
287,000 of these loans through our various offices,
of almost three for
average
During the
enterprises.
every
an
minute the Bank was open during the
and at the year-end have 53 million dollars of our funds so employed.
The rate charged is, I believe, as low as has ever been charged on such loans.
The record of payment continues to
rowers
make
were
it
entitled to credit.
available to them at
I
am
be excellent and proves that the bor¬
glad that our Bank has been able to
low cost.
The
value of the service is
evi¬
denced by the hundreds of unsolicited letters we receive expressing appre¬
ciation
of the assistance
our
personal loans
afforded in solving family
or
business problems.
We
have
entered
installment
still
another
receivables
credit
Through
for
a
field
first
developed outside the
Time Contracts Department which
borrowers
of
high
standing
under
financing, for
proper
safeguards.
ample,
the sale of electrical and gas appliances, furniture, and domestic
this
department
we
are
ex¬
the property,
City Bank
Farmers
Our
Trust building
being owned by the City Bank
Farmers
Banking Corporation and The National City Bank of New
(France) S. A. at $2,634,907.45.
The
City Bank Farmers Trust Co., said Mr. Perkins,
$909,928.88 for the year, including bond profits,
compared with $2,026,003.65 in 1937. He added:
earned
Of these earnings,
$700,000 was transferred to reserves and the balance
of $209,928.88 was added to undivided profits.
end
After recoveries and
adjustments this account stood at $4,438,098.50.
No dividends
year-
were
paid by the Trust Company during the year.
The decline in earnings is due to
of the
Company's fees
supervision, which
banking system, and have organized
finances
on
In addition our Paris building is carried on the books of the
International
York
college, for painting the house, for buying household appliances,
old mortgage
Company), and 43 other domestic and 55 foreign branch and staff
to school or
for the current needs of smaller business
an
comprise the Head Office at 55 Wall Street, a threethe neighboring
remaining quarter interest
Trust
small personal loans for paying doctors' or hospital bills, for sending children
or
There is
Wall Street, which was
amounting to $4,162,500, which is not a liability of the Bank.
bank premises owned
quarters
One of the most satisfactory of such outlets has been our Personal Credit
been reduced from $50,543,000 to $46,557,000 during the year.
are
was
dend disbursements.
A substantial portion
Other trust commissions were lower.
lessened activity in the stock
Department.
several factors.
based upon income received in trusts under its
affected by lower interest rates and smaller divi¬
The relatively
market had an adverse effect in the Transfer
Moreover the Company's earning assets were less than in
1937 because of the inclusion in that year of a number of large temporary
corporate trust deposits.
Operating expenses have been reduced.
Financial
210
"Sun" of Jan. 10 we take the fol¬
From the New York
lowing:
stockholders, Mr. Perkins was asked by
After his formal report to the
its loans to
on
City would sustain any substantial loss
McKesson & Bobbins.
Referring
had
ness
Richard Whitney and to
Whitney loan, Mr. Perkins
to the
replied that all but $50,000 of the
indebted¬
The officers of the
that the balance will be retired without loss to the
been retired through
bank, he said, believe
the sale of collateral.
bank.
said that the drug
concern had
borrowed $1,400,000 from the National City on unsecured
notes.
"Indications are," he said, "that McKesson & Bobbins Is a sol¬
vent concern."
He expected that the loan would work out satisfactorily.
Referring to the bank's interests in Spain, Mr. Perkins said that when
hostilities started the bank had about $2,000,000 loans outstanding.
These
have been reduced to $100,000 and the entire balance Is secured.
In the
Bobbins matter, Mr. Perkins
&
McKesson
City Bank's statement of condition Dec.
our issue of a week ago, page 55.
The National
was
The latter play a relatively
banks themselves.
tions of the Federal Reserve
passive role and their position has
cpsme'tfo be subordinate to that of the
Treasury.
stockholder whether the National
a
Jan. 14. 1939
Chronicle
31
reported that net earnings of the bank for the
1938 amounted to $14,486,000, or $1.96 per share of
capital stock, compared with $15,016,000 or $2.03 per share
Mr. Aldrich
year
whole, have maintained
of the bank, taking the year as a
The earnings
approximate stability, though the sources from which they were derived
showed considerable variation.
These variations were consistent with
changes in the general
condition of business.
The amount of interest and
for example, was somewhat lower in 1938 than
discount earned on loans,
1937,
in
reflection both of low rates
a
Income received in the
from borrowers.
the portfolio
earned on bonds in
1937 total, and earnings
the
from
for money and limited demands
form of dividends on the bank's
declined last year.
On the other hand, interest
of the bank was practically unchanged
from transactions in bonds were con¬
holdings of stocks also
Such movements in different
1938.
siderably larger.
referred to in
he said:
In his earnings report
in 1937.
directions are typical of the
'
,
reduced its holdings of stocks of the Twentieth
Cetotury-Fox Film Corp.
An amount in excess of the profit realized was
transferred to a reserve for depreciation on securities and in the statement
of condition has been applied to the reduction of the book value of securities
conditions which prevailed in
During the year the bank
Effects of Governmental Monetary
Policies
on
Increas¬
ing/Investments
and Decreasing Lending Dis¬
cussed
by Winthrop W. Aldrich—Chairman of
Chase National Bank of New York Decries "Mech¬
anistic" Practices in Banking—Reports 1938 Earn¬
Annual Shareholder Meeting
The Federal monetary policy has forced an increase in
bank reserves which has not stimulated commercial borrow¬
ings of $14,486,000 at
ing and lending, but instead has driven funds into invest¬
ments, consisting largely of Government obligations, said
Winthrop W. Aldrich, Chairman of the Board of the Chase
National Bank of New York on Jan. 10 in his report at the
Mr. Aldrich expressed the
shareholders.
annual meeting of
remaining in portfolio.
By the consistent exercise of many
the total expense
is
heads in order to reduce
during the past year, as
courage."
Termination of the gold
sterilization policy came at an unfortunate
because shortly thereafter began that
motion a flight of capital to this country,
of 70 cents per
banking
the
on
system,
has
consequence
of the
several forces working to increase
banking deposits, the adjusted
October
and
commercial
November
alone,
The inv estment
weekly increased
Commercial, industrial
$1,200,000,000.
and agricultural loans of reporting
it will be noted that the great Increase in
From the foregoing
commercial
in
loans,
demand
smaller size in the amount of investments
forced increase in reserves has not been to
but
lending,
to
stimulate commercial borrowing
drive funds into investments, which
are
As
has
.
The fact
that
industrial and agricultural loans have
total commercial,
has
of the banking
community to meet legitimate credit needs.
A forced increase in reserves
does, as we have seen, produce an exceis of loanable funds. But those
funds are only theoretically loanable. In no true sense can credit be "created"
by banks..
Credit power exists in and arises from the world of production
and exchange.
There must be in the first place willing borrowers, since
failed to rise In proportion to the
been cited by many as
gre^t increase in demand deposits,
evidence of a reluctance on the part
the initiative in loan transactions must come
And in the second
from them.
Both tljeir willingness to
borrow and their ability to repay depend in large part upon the profit to
be made out of the use of the borrowed funds.
Lack of belief in that result
place, the borrowers should be able to repay.
chief of the
psychological factors restraining both borrowers
and
lenders at this time.
year it is the hope of all of us that the foreign
which have made men hesitate to enlarge individual
With the unfolding of the new
and domestic
causes
enterprises and start new ones will yield to a new
and well-founded courage.
early part of his report, Mr. Aldrich declared that
the quantitative monetary and banking theorists belong to
the "mechanistic school of thought."
He continued:
In the
Mechanistic doctrines have found tangible expression in recent years
in
devaluation, in
priming and other
security purchases by the Federal Reserve Banks, in gold
gold and silver buying, in the Federal deficits for pump
purposes.
<
"
,
The first effect of efforts to stimulate
ter and
high
for the
folio
me
illustrate by brief references to some
both direct
as
these securities have a
and $74,918,725 in
of all governments
statement,
the
central
banking functions of the
In this connection it is worth
of the Treasury Department,
which included control of the sterilized
so on, are
gold
stabilization fund, the issuance of silver
certificates, the shifting of funds between
banks, and
Federal Reserve System.
noting that the central banking functions
and still include control over the
the Reserve banks and commercial
of greater importance than the
the chairman revealed that
central banking func¬
carried in the condition
the bank holds some
Intermediate
$15,000,000
Credit Bank debentures,
$14 000,000 British Government obligations, $10,000,000 Canadian
ment short-term paper and $9,000,000 Republic of Cuba bonds.
stated,
having
Govern¬
credits, Mr. Aldrich
reduced such commitments some $2,000,000 last year to
The bank continued to
liquidate in 1938 its German
around $6,288,000.
Twentieth Century-Fox
according to the Chairman,
who stated that the bank had sold 117,000 shares of common and 10,000
shares of preferred.
Dividends received in 1938 by the bank on all of its
holdings of motion-picture companies' stock amounted to $3,047,000, com¬
pared with $3,685,000 in 1937, it was disclosed.
A reduction in the bank's
Film
holdings of stock of the
Corporation was effected during the year,
of condition of the Chase National
Jan. 7 issue, page 64.
Changes in the
The Dec. 31 statement
was
referred to in
our
personnel of the bank at this week's meeting of the directors
of the bank are noted to-day in our "Items about Bank;,.
Trust Companies, &c."
Net
Earnings of Manufacturers Trust Co. in 1938
$6,652,881—H. D. Gibson President Sees Coopera¬
tion of Government Executives and Labor Essential
to
gold account and placed with the
involved
owned is two years
$6,400,000 Federal Home
Owners Loan Corporation bonds, $8,000,000 railroad bonds, $14,979,000
high-grade public utility bonds, $5,500,000 of short-term industrial and
miscellaneous bonds and $37,000 000 foreign obligations which include
Federal
discontinued the inactive
Federal Reserve banks $1,392,000,000
previously held in that account and in the working balance.
This action,
terminating the gold sterilization policy that had been in effect for about
16 months, was followed promptly by the reduction of member bank reserve
requirements on April 16, which had the effect of releasing approximately
$750,000,000 of reserves.
The first action involved the central banking
functions of the United States Treasury Department, and the second
in direct obligations
The average life to maturity
and eight months, he stated, while
face value of $547,739,850
guaranteed obligations.
only 7.62% mature after five years.
As to the item "other bonds and securities"
of the developments of the
On April 14 the Treasury Department
important groups, revealing, in respect to the
Government securities, that the book value of
and fully guaranteed governments is about $639,000,000, where¬
"
and rising deposits in
annual meetings, Mr. Aldrich,
broke down the bank's investment port¬
jnto some of the more
composition of bank assets.
past year.
become a recent custom at the
benefit of stockholders,
l%less;
in 1937,
holdings of United States
economic activity by such methods
commercial banks.
Excess
reserves rise, interest rates decline, and banks find themselves under great
pressure to increase earning assets in order to cover their operating costs and
dividend requirements.
T6 the extent that commercial banks invest in
long-term bonds, they become involved in the unpredictable hazards of
long-term interest rate fluctuations.
In the granting of loans, qualitative
standards are apt to decline.
Consequently, forced changes in the quantity
of bank deposits tend to induce far-reaching changes in the quality, charac¬
be seen in
income, stated that*
on
made up
largely of obligations of the Government.
during the meeting Mr. Aldrich,
less; that from trust department
transactions in bonds about 7% more than
and on stocks about 2% greater. ;
//
From the "Times" we also take the following:
that
The effect, then, of the
held.
remarks
tions about 1%
accompanied not by a large
instead by an increase of somewhat
but
informal
of the total gross derived from interest on
tax-exempts remained about the same; that from interest on
other securities was slightly greater; that on foreign opera¬
deposits in the member banks of the country was
increase
Let
semi-annual dividend
of the bank, payable Feb. 1, 1939.
this dividend is $5,180,000, which
transferred from the undivided profits account for that
the percentage
member banks actually were lower by
$758,000,000 at the end of the year.
to
board of directors declared a
(we quote from the New York "Times"') based on a per¬
centage of the gross profits of the bank, interest on loans
and discounts in 1938 was about 4% less than in 1937r
holdings of all member banks reporting
during the year by approximately
is
—..$35,246,709.16
-
discussing the trends in the sources of
Through September,
adjusted demand deposits rose by $625,-
000,000.
the
4,125,967.79
1938
share on the capital stock
been
since
In
demand deposits of the reporting member
1938 by about $1,555,000,000.
banks increased during
is
--$31,120,741.37
-
purpose.
'
and
by about $4,000,000:
required for the payment of
The sum
higher.
In
5,180,000-
profits account has increased
On Jan. 4, 1939, the
In default of sterilization measures,
loft free to exert what effect it
raising deposits and excess reserves still
$5,180,000
—
Undivided profits Dec. 31,
this gold with unimportant exceptions was
could
amounted to $10,360,000, as follows:
Undivided profits Jan. 1,1938
Add: from 1938 earnings
time,
amounted to $14,486,000 or $1.96
$15,016,(^00, or $2.03 per
i
The undivided
One effect
the autumn.
the-
stock, compared with
paid during 1938
On Aug. 1-
by enormous transfers of gold.
marked
Deposit Insurance Corp.
approximately $1,500,000,
1937.
Dividends
series of crises in European affairs
which continued with rising intensity well into
of the alarm in Europe was to set in
share of the capital
On Feb. 1_
will yield to a new
ones
for the year 1938
The net earnings
per
share in
and well-founded
In this portion of his report he said, in part:
new
required by law, were
amounting to one-twelfth of one per cent per annum on
bank's deposits.
hope that in 1939 "the foreign and domestic causes which
have made men hesitate to enlarge individual enterprises
and start
Payments to the Federal
ficiency and safety.
the assessment
small economies throughout the bank,
during the year. Constant study
problems by the senior officers and department
operating costs in every way consistent with ef¬
of operation was reduced
given to management
Recovery—Report on German
Obligations
the new year, "we feel there is
for pessimism than there has been for
The view, that, as we enter
.
.
.
less cause
expressed by Harvey D. Gibson, President
Company of New York, in ad¬
dressing the annual meeting of the stockholders on Jan. 11.
In part Mr. Gibson stated:
The great question is, of course, whether we are now finally started on the
road to recovery.
The answer would seem to lie largely in the,general atti¬
tude of the American people, which in the long run has always proved to be
fundamentally sound.
Lasting recovery will probably come only when
they as a whole determine to overcome the causes which have produced this-
some
time"
was
of the Manufacturers Trust
Volume
Financial
148
longest depression in American history, and when their determination
ries with it
willingness to cooperate
a
individual material concessions.
realize these facts.
to
and
Some still believe
generally are beginning
welfare
individual
that
can
be
independently of the welfare of the whole, but the great majority
are more
and
recognize the necessity for compromise in
attitude
prevalent
reasonable
the
good deal of money
a
good loans that
we can
people who normally
of the great natural
re¬
we
couldjlend, and
we are making all the
A lot of people talk about rates.
I think
considerable time, and it
some
use
it.
There has been
some
better business senti¬
ment, a little more activity, and we are hopeful.
The
With such an
many ways.
development
find.
going to be low for
are
isn't the rate that disturbs us—it is the fact that money can't be used
by
regarding the problems of the day sanely and unselfishly,
more
211
that interest rates
There is considerable indication that our people
secured
We have
car¬
the cost when necessary of
even at
Chronicle
bank
will
discontinue
its
William
Street
branch
today (Jan. 14), thus leaving it with 11 branches in the city.
•
of our country,
sources
and the ingenuity of its people, cannot long be held
back.
Mortimer
We shall get nowhere if we allow our political leanings to influence unduly
economic views
our
ment must,
must
we
of
one
course,
count
play
primarily
bring about recovery.
our
That is why the present general attitude of men in
Year, less
Mr.
cause
And thac is why we fell there is, as we enter the New
for pessimism than there has been for some time.
Gibson
at Annual
Meeting of New York
Reports Net Operating Income of Com¬
in 1938 at $2,582,828
New York
Trust Co. presented on Jan. 9 at the annual
stockholders meeting by Mortimer N. Buckner, Chairman
of the institution, operating net income of the
company
during the
the annual meeting that net
earnings of the company from all sources for the year 1938,
after all expenses and taxes, and after deducting dividends
on
Preferred Stock outstanding as well as the amount set
up for amortization on bonds purchased above par,, had
amounted to $6,652,881, or $4.03 per common share.
This
-compares with $4.46 per share for the year 1937.
Of this
total, he stated, $3,299,834 was paid in dividends to common
stockholders and the remainder $3,353,047 was credited to
Reserve Account.
It was further reported:
reported
Buckner
According to the report of the year's operations of the
people—executives and labor alike—to
influential positions holds so much promise of the sort of team work that is
absolutely necessary.
pany
part in the economic condition of our country,
a
on
N.
Trust Co.
the other, because although the Govern¬
way or
at
year ended Dec. 31, 1938, was $2,582,828, com¬
pared with $2,527,106 the previous year.
The figures for
the two years were presented as follows:
*
'<
.
Year Ended Dec. 31
1938
In addition to these net earnings, net
year
securities
on
disposed
profits above losses during the past
of by sale
amounted
$2,793,681,
to
-the year the bank disposed of various miscellaneous assets
which
During
amount, as in the past, was credited to Reserve for Contingencies.
Operating income
books; recoveries
on
previously paid
None of these items
of $75,520.
refund on taxes
were
included in the
reported earnings, all were credited directly to Reserve for Contingencies.
Id
comparing the results for the last two years, Mr. Gibson
pointed out that amortization of bonds during 1938, which is
a direct charge against net operating income was $564,820.50,
this amount being $382,404.84 in excess of the amount
charged against 1937 earnings.
Explaining the smaller
shown
amount
December 31,
Account
Reserve
the
in
statement
of
compared with September 30, 1938,
reality the total amount of re¬
decreased, but had in fact increased.
It
1938,
Dividends paid.
Balance to undivided profits
had
serves
not;
maimer
in which they are novr carried on the books and shown on the
bank's published statement has, however, been changed to conform with a
standard
practice
by
defined
Banking
the
authorities
Supervisory
which they desire to have followed by all banks.
and
Socalled "Valuation Re¬
serves" have been allocated against specific items concerning which a dif¬
ference of opinion exists as to actual
Reserves"
not
are
are
ultimate realization.
These "Valuation
deducted from the total of the various specific assets and do
therefore now appear in
Reserves
a
The
lump sum on the published statement.
nevertheless on the books
obligations of the United States Government.
Breaking this figure
down, Mr. Buckner told the stockholders that 54.9% was represented by
securities with maturities under
5 years, 34.2%
as
individual "Valuation Reserves"
.
10.82% over 10 years.
of
reported that 71% matured In less than 5 years, 21.6% in
10 years, and 7.5% in more than 10 years.
1937, it
5 to
•
Of the Government securities held at the end
was
The New York Trust Co. will celebrate its 50th anniversary on
April 4,
of this year, Mr. Buckner reminded the stockholders.
the
$12,500,000 of, stock
held by
was
States, the District of Columbia and
Net
Operating Earnings of
New
York
1938
in
Bank
E.
of
Frew,
.
,
of Mr. Gibson's report:
The report
had shown Treasury security holdings of $144,500,000, or
43.561% of total resources, an increase of $13,500,000 during the year.
"I look at Government bonds
anything nothing else is."
This
as
currency in the pocket," he said.
and if Government bonds
*
•
»
are
„
not
"We
worth
.
.
fixed, and in newly developed departments where ad¬
command higher than average rates, the bank had substantial in¬
Intensive development of these very satisfactory and
Continued Low Interest Rates and Greater Volume of
Borrowers' Repayments Than New Loans Indicated
profitable types served to about offset the decrease of income from
by President McLaughlin of Brooklyn Trust Co. as
Largely Responsible for Low Earnings in Com¬
parison with Volume of Deposits
the declining volume and lower rates of other loans.
,
Deposits at the close of business on December. 31, 1938, amounted to
-$655,486,078 as compared with $610,292,530
year
a
ago.
The most sig¬
nificant comparison that can be presented is that of net average deposits as
reported to the Clearing House, which showed
a
steady uptrend during the
and exceeded the previous year's average by some $19,000,000.
Mr. Gibson stated that security holdings at the end of 1938 amounted to
$312,035,636 or an increase of almost $100,000,000 since the first of the
year.
Walter
net earnings—including
operating earnings and'
profits—of $6,115,637, were reported for the Corn
Exchange Bank & Trust Co. in 1938 at the annual stock¬
holders' meeting on Jan. 9.
Walter E. Frew, Chairman of
the Board, who presided at the meeting, was asked about the
large percentage of resources invested in United "States
Government securities, according to the New York "Sun"
have faith in the Government,
year,
Exchange
bond
4s accounted for by the fact that in certain types of loans, on which interest
,
Corn
$6,115,637
Chairman, Reports
from loans during 1938 was approximately the same as during 1937.
in volume.
foreign countries.
Total
•000,000 as compared with $230,000,000 for 1937, the total interest income
creases
At the end of 1938
6,900 stockholders resident in 39
some
,
We further quote from the account
vances
between 5 and 10 years,
and
Although average loans for the whole of 1938 were approximately $218,-
more
$27,106.30
stated:
The company held at the end of last year $166,646,799 direct and indi¬
which likewise stated:
instead of General Reserves.
rates are more or less
was
rect
added:
The
S82.828.22
In the New York "Sun" of Jan. 11 it
as
Gibson stated that in
Mr.
was
in
532,062.26
$2,582,828.22 $2,527,106.30
2,500.000.00
2,500,000.00
from which was
a
successful in obtaining
aiso
314,324.25
Total
items which had heretofore been charged off amounted
$704,467; the bank was
Amount
$2,897,152.47 $3,059,168.56
Deduct—Excess of provision for losses and contingencies
over profits on securities, recoveries and other
profits
realized $91,579 in excels of the amounts at which they were carried on the
to
1937
Amount
.
Of this amount, $229,471,899 was in United States Government and
Government guaranteed securities.
Security holdings were considerably higher than a year ago because
of the
-sharp decline of loans as compared with the latter part of 1937, the increase
in deposits, and the ruiing of the
Federal Reserve Board last April decreasing
the cash reserve requirements of member banks.
Earnings of the Brooklyn Trust Co., Brooklyn, N. Y.,
for the year 1938 were $570,730, which compare with $611,215 for the year 1937, according to a statement presented
hy George V. McLaughlin, President of the company, at the
meeting of stockholders on Jan. 9. Continuation of
low interest.rates, Mr. McLaughlin said, together with the
fact that repayments by borrowers were in greater volume
than new loans, were largely accountable for the fact that
annual
are low in comparison with the volume of deposits.
figures are after reserves for depreciation of bank
buildings and other real estate, which in 1938 amounted to
$173,700. They do not include profits on sales of securities
and recoveries on charged-off loans, both of Which were
credited directly to reserve accounts."
Mr. McLaughlin
earnings
"These
,
.
Mr. Gibson, who is Chairman of the American Committee of Short-term
Creditors of Germany, and who attended the International Conference
3
in London last November between those representing the
held
Creditor banks ^nd
the German Debtors, stated that at that meeting it was agreed to increase
the license fee on travel marks
by 50 % and to have it apply also to regis¬
tered marks used for other purposes than travel.
ment
at
This should assure repay¬
full face value during the next twelve months of an additional
amount at least equal to what had been received
dining the past year.
Gibson reiterated his belief that the banks In Germany which are
indebted to
-
Mr.
directly
Manufacturers Trust Company or are guarantors of the in-
debtedness of others are prosperous and have ample capital funds to even¬
tually discharge their obligations In full.
further stated:
Dividends amounting to $328,000 were paid to stockholders during the
$50,000
year,
the year, and our Federal
was
of
Central
Hanover Bank
$5,260,000
&
Trust
Co.
in
by
little
over
$5,260,000 in 1938
were
reported
George W. Davison, Chairman of the Board of the
Central Hanover Bank
& Trust
Co. of New York at the
was
added to undivided
either used for write-offs
or
carried
Deposit Insurance assessment
was
approximately
The cost to the company of group life insurance for employees
$12,600.
The market value of securities owned by the company is in excess of book
As
a
was
about
4
value.
1938
Earnings of
added to surplus and $14,766
The company paid approximately $43,200 in Social Security taxes during
$91,700.
Earnings
was
The remainder of earnings
profits.
into reserve accounts.
a
result of the sale of numerous parcels, the company's holdings of
real estate other than
during
1938,
bank holdings was reduced by approximately 33%
the book value
being $1,067,212 at the year-end, against
$1,599,268 at the end of 1937.
annual meeting of the stockholders on Jan. 12.
Earnings, Mr. Davison is reported
as
saying,
bank operations, and did not include recoveries.
came
from
From the,
earnings there was distributed in dividends $4,200,000, and
the remainder was applied to undivided profits.
In the
"Wall Street Journal" of Jan. 13 Mr. Davison was quoted
.as saying at the meeting:
,
Annual Statement of New York Federal Reserve Bank—
$3,603,000 Net Earnings in 1938, Against $3,544,001
in 1937
Net earnings of the Federal Reserve Bank of New York
after all additions and deductions, amounted to $3,603,000
which compares with net earnings for 1937 of $3,544,00C
it
1939, all tenders received at the
by George L. Harrison, President.
The total earn¬
ings of tne Bank for 1938 are reported as $10,706,000, con¬
trasting with $11,549,000 in 1937.
The net expenses during
Jan. 7
expressly reserves the
of tenders, and to allot less than the
applied for, and his action in any such respect shall be final.
Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bins allotted must be made at the
Federal Reserve Banks in cash or other immediately available funds on
right to reject any or all tenders or parts
amount
$4,198,000.
Total additions to current net earnings
as $2,320,000 in
1938, compared with $718,000
in 1937 of the $2,230,000 for 1938, $2,316,000 represented
shown
Jan.
profit on sales of Government securities, whereas in 1937 the
profit resulting therefrom was $665,000.
The total deductions from current net earnings in 1938
taxation,
$2,087,000 against $1,372,000 the preceding year.
From the net earnings for 1938 the Bank paid dividends of
of any
Additions to current net earnings:
Profit
on
—
$2,316,0( 0
was
32,320,000
offered
on
.
Trust Funds
$718,000
639,000
514,000
Assessment for building for Board of Governors.....
18,000
20,000
32,087,000
$1,372,000
All other.
.
Net earnings
83,544,000
^.
.
■■
$5,000
Paid United States Treasurer (Section 13b).
.
33,057,000
3,070,000
546,000
..i.....
469,000
Transferred to surplus (Section 7)
of Nov. 30
as
rt
t
>
of
in
'
Treasury Henry Morgenthau Jr. on
Dec. 30 made available the figures relative to the amount
of Government and other securities held in governmental
trust
accounts
and by governmental corporations and
agencies as of Nov. 30, 1938.
This is the tenth of a series
of monthly reports issued- by the Treasury Department.
The previous statement was given in our issue of Dec. 3,
page 3386.
The present statement—that for Nov. 30—
shows a total of $4,962,293,000 of securities held as invest¬
ments in
trust funds and in accounts
of governmental
$199,000
1,282,000
Intermediate Credit
Treasury Department Statement Showing Amount
Government
Securities
Held as Investments
7.37,000
„
$20,000,000 of 1 % consolidated debentures
Jan. 6 by the Federal
by Charles R. Dunn, fiscal agent of the banks.
debentures, which are the joint and several obligations
of the 12 banks, were sold at slight premium over par value.
They are dated Jan. 16 and will mature in 9 and liy2 months:
$10,350,000 on Oct. 16, 1939 and $9,6.50,000 on Jan. 2,1940.
There is a maturity of $19,250,000 on Jan. 16, and the se¬
curities now outstanding total approximately $173,000,000.
of
Secretary
Special reserves.and charge-offs on bank premises....
Prior service contributions to retPement system....
Dividends paid.......
issue of
new
The
Deductions from current net earnings:
Reserve for losses
■■■
nounced
$665,000
..
'
Bank System.
The books to the offering were closed within
a short time following a heavy over-subscription, it was an¬
53,000
Total additions...
bills and govern the conditions of their
*
Subscribed
A
7,351,000
...
..
■'
$20,000,000 of 1% Consolidated Debentures Offered by
Federal Intermediate Credit Banks—Issue Over-
$4,198,000
.....
,
Circular No. 418, as amended, and this notice
Department
Treasury
prescribe the tarms of the Treasury
•
sales of Government securities
All other
bills are not exempt from the
disposition of the Treasury bills
otherwise recognized, for the purposes
imposed by the United States or any of its
tax now or hereafter
issue.'
311,549,000
.33,370,000
No loss from the sale or other
possessions.
,
7,336,000
..
except
gift tax).
1937
.810,706,000
Net expenses.
principal and interest, and any
disposition thereof will also be exempt, from all
estate and inheritance taxes.
(Attention is invited to
shall be allowed as a deduction, or
paid $3,070,000 in dividends and transferred $469,000 to
surplus, in addition to paying $5,000 to the United States
Treasurer under section 13b of the Act.
During 1938 total assets of the New York Reserve Bank
increased to $6,276,548,000 Dec. 31 from $4,635,428,000
Dec. 31, 1937.
Reserves increased the year to $5,221,095,.000 from $3,666,028,000, while holdings of United States
Government securities at the end of 1938 amounted to $815,422,000 comparing with $739,704,000 Dec. 31, 1937.
Total
deposits at the latest date were $4,932,483,000, against $3,361,083,000 at the end of the previous year.
The following is the profit and loss account of the Bank
for 1938 in comparison with 1937, as contained in the annual
.
bills will be exempt, as to
Treasury Decision 45-50, ruling that Treasury
$3,057,000 and transferred $546,000 to surplus under Sec¬
tion 7 of the Federal Reserve Act.
A year ago the Bank
1938
18, 19,39.
The Treasury
gain from the sale or other
were
.
The Secretary of the Treasury
following morning.
1937
-
thereafter, probably on the
ceptab.e prices will follow as soon as possible
latest year were $7,336,000 against $7,351,000, while
the current net earnings in 1938 were $3,370,000 and in
statement issued Jan. 7:
and public announcement of the ac
the closing hour will be opened
up to
the
are
receipt of tenders on Jan. 16f
Federal Rserve Banks or branches thereo-
Immediately after the closing hour for
Bank's 24th annual statement,- issued
the
in
shown
is
Jan. 14, 1939
Chronicle
Financial
212
of
agencies,
the
$4,646,669,000
which
were
Government
se¬
curities, $271,287,000 Government-guaranteed securities and
Bids of $101,341,000
Accepted at Par and Above Par to
$44,337,000 other securities.
Offering of $100,000,000 of 91-Day Treasury Bills—
Tenders of $373,987,000
Secretary
nounced
on
the
of
Treasury
Received
Henry Morgenthau Jr.
HELD
AGENCIES
an¬
Jan. 9 that the tenders to the offering last week
$100,000,000, or thereabouts, of 91-day Treasury bills
totaled $373,987,000, of which $101,341,000 were accepted
at prices slightly above par or at par.
This latest sale marks
the third consecutive week that the Treasury has been able
to sell these tax-exempt bills either at par or above par.
As noted in our issue of Jan. 7, page 46, the tenders to the
offering were received at the Federal Reserve banks and the
branches thereof up to 2 p. m., Eastern Standard Time,
Jan. 9.
The Treasury bills are dated Jan. 11 and will
mature on April 12, 1939.
Regarding the details of this issue Secretary Morgenthau's
announcement of Jan. 9 had the following to say:
*
Government-
,
Total
applied for, $373,987,000.
Total
accepted, $101,341,000.
The accepted
amount
bids
were
tendered
tendered at prices slightly above
at
par,
par
and at par.
47% was accepted.
As of
or
Government
Agency
Other
Securities
Securities *
Nov. 30, 1938—
Postal Savings System
953,878,000
.
Federal Deposit Insurance
.
guaranteed
Securities
Fund
of
Of the
The statement in full follows:
AS INVESTMENTS IN TRUST FUNDS AND fIN
ACCOUNTS OF CERTAIN GOVERNMENTAL CORPORATIONS AND
SECURITIES
Corporation.
166,834,000
309,094.000
42,466,000
Individual Indian trust funds..
76'000.
21,000
Mutual Mortgage Insurance Fund and
19.686,000
Housing Insurance Fund
Federal Savings & Loan Insurance
Civil Service
Corp.
10,365,000
104,267,000
Retirement and Disability
Fund
461,900,000
-
...
775,882.000
U. S. Govt. Life Insurance Fund (1)
6,006,000
30,810,000
95,000
Panama Canal Zone funds (1)
1,850,000
~5~666
General Post
1,067,000
D. C. Teachers' Retirement Fund (2)_._
Alien Property Custodian Fund
Fund, Veterans' Admin:..
Library of Congress Trust Fund (2)
D, C. Workmen's Compensat'n Fund (1)
Longshoremen's and Harbor Workers'
Compensation Fund (1)
German Special Deposit Account
National Institute of Health Gift Fund-
~
290,566
1,000
278,000
1.000
11.000
10,000
116,000
3,957,000
41,999,000
1,694,000
10,000
43,000
271,287,000
44.337,000
83,000
Comptroller of the Currency Employees'
New
Offering of $100,000,000, or Thereabouts, of 91Day Treasury Bills—to be Dated Jan. 18, 1939
Announcement
of
offering of 91-.Day Treasury
bills to the amount of $100,000,000, or thereabouts, was made
on
Jan. 12 by Henry Morgenthau Jr., Secretary of the
Treasury.
The bills will be .dated Jan. 18 and will mature
on April 19, 1939.
They will be sold on a discount basis to
the highest bidders and on the maturity date the face amount
will be payable without interest.
There is a maturity of
bills on Jan. 18 in amount of $100,028,000.
The tenders to the new offering announced Jan. 12 will be
received at the Federal Reserve Banks, or the branches there¬
of, up to 2 p. m.,Eastern Standard Time, Jan. 16.
Tenders
will not, however, be received at the Treasury Department,
Washington.
In his announcement of Jan. 12 Secretary
Morgenthau added:
a
new
.
will be issued in bearer form only, and in amounts
of
$1,000,
$10,000,
$100,000,
$500,000,
or
must be in
an
amount less than
and
$1,000 will be considered.
$1,000,000
Each tender
The price offered must be expressed
multiples of $1,000.
basis of 100, with not more than three decimal places, e. g., 99.125.
on
the
Frac¬
tions must not be used.
12,000
(2)
Reed
10,000
736,000
1,032,000,000
District of Columbia Water Fund
Unemployment Trust Fund
74,200,000
Railroad Retirement Account
Old-age Reserve Account
830,300,000
....
Foreign Service Retirement and Dis¬
3,547.000
ability Fund
Canal Zone Retirement and Disability
Fund (1)
....
4,030,000
22,700,000
Adjusted Service Certificate Fund
Alaska Railroad Retirement and Dis¬
522,000
ability Fund..
4,646,669,000
Totals.
As of Nov.
30, 1938—
Federal Farm Mortgage Corporation
765,330,000
63,394,000
69,000,000
64,037,000
16,097,000
Federal Land banks
Federal Intermediate Credit banks
5,000,000
23,495,000
3,9.50,000
3,619,000
6,862,000
25,703,000
6,077,000
a
2,055,000
6,897,000
25,000
30,616,000
1,100,000
7,355,000
Banks for Cooperatives
Production Credit corporations
Joint Stock Land banks,
Home Owners'
Loan Corporation
Reconstruction Finance Corporation...
Inland Waterways Corporation.a
U. S. Spruce Production Corporation
U. S. Housing Authority
Tenders will be accepted without cash
and trust companies and from
securities.
National Park Trust Fund
Ainsworth Library Fund, Walter
General Hospital
Production Credit associations
(maturity value).
No tender for
198,000
Pershing Hall Memorial Fund
Federal Home Loan banks
They (the bills)
denominations
1,243,000
Retirement Fund
75,497,000
48,020,000
3.487,000
125,000
350,000
deposit from incorporated banks
responsible and recognized dealers in invest¬
Total
304,358.000
i
53.228.000
870,505,000
Tenders from others must be accompanied by a deposit
Note—All trust funds may be invested in Government and Government-guaranteed
of 10% of the face amount of Treasury bills applied for, unless the tenders
securities, and certain funds may also be invested in additional securities as indi¬
ment
are
accompanied by
bank
or trust
an
company.
express
guaranty of payment
cated:
by
an
incorporated
♦
(1) In Federal Farm Loan bonds; (2) no limitations.
,
principally of Federal Farm Loan bonds and Federal Intermediate
Consist
Credit Banks
debentures,
a
Latest
figures available.
' .' "
"
Volume
148
President
Financial
Roosevelt
Advises
Conservative
Democrats
Chronicle
only
power
Join Republican Fold—In Address at Jackson
Day Dinner He Says Democratic Party Is "-Liberal"
Democrats
—Declares
which
to
Defeat of
Abandonment
of
New
Deal
Means
Party in 1940—Details Supposed "Radio"
Talk with General Jackson
A
Jan. 7
on
the Jackson
to
Democratic
by President Roosevelt in
Day dinner in Washington, which
throughout the Nation.
it
party, get done those things which
can, as a
non-
Democrats put it in power to do.
President,
was
shrewd observer wrote
a
ought to read and take to heart today.
we
"There
letter
a
He said in it:
are two
parties here—one which would do anything to put down
Jackson, and the other anything to sustain him.
But there is a third party
a very large one—which cares not a stra w about who is
President but
who anxiously desire to see some measure of relief for the
country, let
it
Party
was
operate against or in favor of whom it
speech before
a
broadcast
was
other similar gatherings and to individual homes
many
as
as
when Jackson
—and
plea for harmony within the
made
well
as
In 1834,
213
long
so
Today,
may."
majority of the people want only
a
who honestly cares for them and
than
half
of
n
half
the
Republicans.
are
of
voters
But
more
President
a
party anxiously and unitedly seeking
a
way to serve them without regard to personal or
Less
Those who attended the dinner
in Jackson's day,
as
America
a
political fortunes.
Democrats.
are
than half of the voters
Less
than
for the Demo¬
are
Washington paid $100 apiece as part of the drive to eliminate
the party's deficit.
The President, in a speech which was
cratic Party whenever the Democratic Party is for the
majority of the poeple.
frankly political, said that Democrats'must cling
no
to the
objectives of the New Deal and must avoid intra-party dis¬
sension or risk repudiation by the people in 1940.
If there
are Democrats who believe the
party should be conservative,
he said,
"—a Democratic tweedledum to a Republican
tweedledee—it
is
the
whole
better
that
the
issue'be
drawn within the party, that the fight be fought out and that
are defeated they join the tweedledees."
This remark was interpreted as an invitation to nominal
on
if the tweedledums
Democrats who
do not believe
in New
Deal methods
to
align themselves with the Republican Party, which he de¬
scribed as "conservative at heart."
"The way to avoid
fighting among ourselves," the President said, "is to fight
together against the enemies of the American people—inertia,
greed, ignorance, shortsightedness, vanity, opportunism—
all the evils that turn man against man."
In his address the President said "we have
brought to the
Government men and women whose first thought is to be of
service—service to their country through their Govern¬
ment.
Almost without exception they are more
intent on doing a good job than in keeping themselves on
.
the
.
;
.
We
.
seek
and
welcome
we
individual cannot face alone in
longer 120
world where there
a
are
no
Incident to the dinner the Associated Press had the follow¬
ing to
say,
in part, in
Led by President Roosevelt, Democrats
Jackson Day dinners.
night at
of
scores
.
.
be seated
the main
at
table.
Between 800
including Cabinet officers, Senators, Representatives and
are expected.
"
"
departmental officials
In its last report
.
to Congress the Democratic Party said it had
1938
a
balance of $10,330, but unpaid bills of $234,448.
$25.
Secretary Wallace will lead the Cabinet speaking contingent with1 an
at Minneapolis.
Attorney-General Murphy will have his first
tryout as a Cabinet orator at Detroit.
address
net," assistant departmental secretaries, will round
at various dinners
President
Last night I
we ought to do to help it.
a
said,
"you
a
thing
pollywog's tail, and
it's
"Son,"
replied the
about
the
Republicans
Democratic-
our
to go
right to head¬
Democratic
"my
are
Party.
majority of his
one
own
worried.
are
getting
old
and
who's had two full
I'm
some
have
came
as
have majorities so
big that
us
From
It
gave
to
spare
on
1920
sleep without sentries.
you
the
Democratic
and
to
the
Party,
sounded
Party will remain
here and
to
we should not have
good time for the
a
think
over
done, what
most
seri¬
we have left
fighting.
the Treasury out of the other.
on
Opportunists they have been—opportunists they still
Democratic
during that
Party.
summer
The other
reason
and autumn
had
was
a
that
program
the
of
sincere.
Republican Party looked like
Hence
neve:
was
a
The Republican First New Deal
—while we
joyfully went along with
-The
New Deal
our
getting them off the spot and keeping them out of bank¬
were
ruptcy—or worse.
'
Republican Second New Deal said: "Support New Deal objectives
but oppose legislation to put them into effect."
The
Republican
Third
Deal—1938
New
model—issued
this
order:
"Get for the voters of your district all the New Deal benefits,
promise them
bigger and better benefits—any old kind that
mention how those benefits will be
never
any
for another two years
old group asks for—but
paid for."
in
the
they
hardly give our voters
can
real confidence
any
Republican Party.
not hold the confidence of the
people if
we cannot avoid
by agreeing to sit still and do nothing.
that
to
are
nominal Democrats who
Republican tweedledee—it is
a
dums
fight
are
,
we can¬
.
matter of
as a
principle
are convinced
on
the whole
better that
the
issue
be
fight be fought out, and that if the tweedle¬
defeated they join the tweedledees.
far
are
believe.
and
And
wrangling except
party should be a conservative party—a Democratic tweedledum
our
But the prospects of such
more remote than members of the
opposition would have
a
you
The people of the country are not deceived when honest debate
honest effort to work things out for the good of the
country are
an
is father to the
such debate
If
thought.
They hate to admit it, but the fact remains that
the past six years has borne six crops of good fruit.
over
deliver
we
in
full
on
contract
our
the American
to
people we need
fear the Republican Party so long as it commands the
support of—
fact is down underneath actually directed by—the same
never
in
have owned it for several
I
am
people who
For the American Liberty League—
generations.
incorrectly informed—still functions
as
vehicle for politica
a
contributions and the spreading of shop-worn propaganda.
Jackson and the party as he led it
delivered
Up to the very last he delivered for the
the barrelhead.
on
common
people he believed in,
and for the national unity which he did so much to create.
of his own party—a bill which surrendered
benefit of the whole Nation.
-
my
a
bill supported by
the States
to
and to
a
'
.
manuscript I note the letters N. B.—
which in dead Latin stand for "nota
bene,"
or
in live
English, "take good
notice."
Jackson's
successor,
reputedly
smart
a
politician,
could
not
keep the
Democratic Party in power because he and they drifted from
principles to
He and they
politics.
turned out at the
were
nationaL election
next
in
1840 because they failed to keep the pork barrel locked up in the cellar and
because
they failed to deliver what they had promised to any
one
except
And again my manuscript bids me say, "N. B.—take good notice."
the overwhelming
victory of
again in 1936, to get certain things done.
And
our
In 1840 the
in
Treasury
Cabinet—to
his
new
Whig President,
whom
do
1936.
To
suppose?
you
Nicholas
old
the money-changer whom Andrew Jackson had
so
soundly
trounced and driven from the temple.
A
Andrew
say,
full
Andrew
Jackson
Nicholas
to
Jackson's
democrat
A bran;
me
Biddle—four
short
And
years.
"N. B.—take good notice."
generation—twenty
ask
true
m
years—passed
democracy
Lincoln.
came
by
before
back to life
He, incidentally,
was
the
with
principle
the
of
real
next
chosen President only
a new party.
two
obvious
questions.
Does
anyone
maintain
that
the
Democratic Party from 1948 to 1876 was By any wild stretch of the
imagi¬
nation the party of Jefferson or Jackson ?
To claim that is absurd.
Does
(with
was
anyone
the
maintain
that
possible exception
the party
the
of
a
of Abraham Lincoln?
Republican
Party from
few years under
reading of prior history, leads
me to
1868
Theodore
1938
to
Roosevelt)
To claim that is equally absurd.
My casual acquaintance with political life for 25
straddle-bug.
carrying out its pledges of 1932 and
been Democrats gave us the power in
See how they
are:
have tried to shuffle New Deal cards.
Let
,
still
liberal party, they will be the first to perceive what I
now
by the founding of
a
Party, however,
Millions who had
a
prophesy: That the Republican leadership, conservative at
heart, will still seek to run with the hare and hunt with the hounds,
talking
for balanced budgets out of one side of its mouth and for
opportunist raids
again I
I think this is
Republican Party fed too well and got fat and lazy.
In the election of 1936 the
The Democratic
"Shuffling New Deal Cards"
For if these independent voters have the conviction that the
Democratic
Biddle himself,
fellows; just get to shooting at
"examine its conscience,"
the American people
they turned
was
Sees Republicans
we
people of the country.
campaign, backed by the descendants of Hamiltonian aristocrats and by
disgruntled Democrats, made his first tender of the Secretaryship of the
election just because you don't
by being realistic.
on
a common constructive service to the
William Henry Harrison, elected on a red fire, hard cider,
sky-is-the-limit
should have done.
we
Democrats
firmly allied,
didn't
we
the advice of Old Hickory.
Party to
start
continue
real
us
in the House.
"do-nothing" government for which they
suffered through the terrible days.
That was one reason why, in 1932,
action
may
From
ously what we have done that
undone that
votes
.
passing
Democratic
an
you can go to
But despite the General's optimism,
Let
have now when
You Democrats today get scared and
you've lost
"Why there's nothing wrong with
enemy."
should be to bring
Let this be another thought for-1940.
let the other fellows tell you
am
you
into office.
majority in the Senate and had few
a
our
themselves.
as
for me, son, my Democrats licked old Nick Biddle when
Tell your fellows to learn to count.
I
a
hundred and fourteen years ago.
"And
the
terms with
party in both the House and the Senate all the time,
"Woodrow Wilson didn't have majorities as safe
he first
destroy
sibility for husbanding the surplus funds in the Federal Treasury for the
Is there any¬
since James Monroe—and he left the White House nearly
son,
to
thousand warring, petty local interests, the Federal Government's
respon¬
but from what I can see from here the only trouble with
fellows is that they've been feeding too well and they scare easily.
"Young fellow, do you realize that if you live out the term you now i.ave,
since—why,
intent
I'm
distance away",
any party
deliberate
away
your
you'll be the only President of
Democratic
those from other parties, those who belong to
us
Alongside this statement in
eyes
with
party at all, who also preach the liberal gospel, so that,
many
.
General,
into the
way
On his very last day in the White House he vetoed
saying it's rotting
are
of our fellows
some
ought to. do?"
we
I decided
s
'
"I don't know what's bothering you."
me,
see
fond of it myself, but the
very
like
I
party councils
together and to line up with
no
unless
radio call for General Andrew Jackson.
"Young fellow," he said to
"General,"
"little cabi¬
speaking roster
«
thinking about this gathering, about
was
So I put in
quarters.
the
out the
throughout the country.
Roosevelt's Jackson Day address follows:
Party, and what
primaries and
The second effect of these gains
,
Governors, Senators, Representatives, and members of
.
their
labeled dissension and bad blood by those outside of the party whose wish
The dinner in New York City will be a $50
plate affair; those elsewhere,
,
push
to
party's unity and effectiveness.
drawn within the party, that the
.
Garner will
and 1,000 guests,
democracy,
Party in the recent
elections should be to restore to it the open allegiance of those who entered
our
If there
'
Vice-President
Republican impotence has caused powerful interests,
years
genuine
The first effect of the gains made by the Republican
Tickets will cost $25 and up.
These banquets in honor of Andrew Jackson have had the double
objec¬
tive in the past of promoting party
peace and raising funds to meet cam¬
paign debts.
can
the ground that it has
We Democrats, however, have to act as a party in power.
throughout the Nation will hold
their first rally since the November elections tomorrow
to
position where it
a
•
During recent
Washington account Jan. 6:
a
Party to
a program on
Those tactics are wrong even for a party out of power, and if continued
of good land free for everybody."
acres
itself for not having
excuse
Party, hoping to paralyze it by dividing its councils.
their
cooperation and yours, not only from those who are with us
now, but from others who come to see the light.
We are
even willing to
accept temporary help."
Today, President Roosevelt said, the great mass of the
people believe that "honest, intelligent and courageous
government can solve many problems which the average
longer
opposed
.
rolls.
pay
I welcome the return of the
Republican
too few votes.
years, and a more serious
observe that the American people have
greatly changed in their attitude toward government in this—our—gen¬
eration.
1932, and
party can continue in
We
take
seriously.
our
politics
less seriously.
We
take
our
Government
more
the Ideal
In the old days
candidate, whom smart managers
referred to in
has described a former President, a man with "a pro¬
tective reputation, an obvious but unalert integrity,
...
a complete
absence of plan or even of thought,"
It might be well for both parties
considering their candidates for President and Vice-President to apply that
formula to the dozens who, like Barkis, seem, even at this moment, to be
for, was, as someone
bulk of the population, the elections were only
circus with an oratorical sideshow—with the real
of the Government—with
efficiency and honesty.
branches
necessary
All of the above constitutes a
and
spiritual
of
aware
program
the
for the necessities of
Every American knows that we
Nevertheless, as the Executive
people.
we
attacked.
were
.
The survey indicates
Youth today will not listen to a sec¬
a combination of two or three parts
against another part, or farmers against labor or business
of the country
Of the
$300,000,000 for airplanes.
$110,000,000 to provide
bear in mind the story
So he
In my
asked him to
parade.
"Sure," said the captain of the
*-
theless, regardless of political
out
it."
at once
when you
get to Queen
"For that's the corner
for
a
If
going to be laying for
you."
do
President
strike our colors.
Message to Congress Recom¬
of $552,000,000 to Provide
Needs of Nation
Roosevelt's
for Defense
to Congress on Jan. 12 President Roosevelt
that there be appropriated at this session
a message
recommended
approximately $525,000,000 for the immediate defense needs
of the Nation, of which approximately he said $210,000,000
'would be actually spent from the Treasury before the end
of the fiscal year ending June 30, 1940." In his recommenda¬
tions for appropriations totaling $525,000,000, said the
President "I have omitted reference to a definite need, which,
however, relates to the implementing of existing defenses for
the Panama Canal." "I recommend, therefore," he added,
"an appropriation of $27,000,000 to provide an adequate
peace garrison for the Canal Zone and to house it adequately.
$5,000,000 of this sum should be made available immediately
construction can be ini¬
sought in the message—
$525,000,000 and $27,000,000—aggregate
$552,000,000.
The intention of the President to send a special message to
Congress making recommendations for "essentials of defense
against danger which we cannot safely assume will not come"
order that work on necessary
tiated."
The total appropriations
,
since the World War ended,
and especially during
World War will remember
armies for actual participation in
preparation of the American
entering the war on April 6, 1917, took no
major engagement until|the end of May, 1918.
in
any
artillery and
Calling attention
aircraft.
to these facts
does not remotely intimate that the
President have any thought of taking part in another war
on European soil but it
does ^how that in 1917 we were not ready to
conduct large scale land or air operations.
Relatively we are not much
more ready to do so today than we were then—and we cannot guarantee
Congress or the
,
a
long period free
could prepare.
"We must have armed forces and
from attack in which we
attention to the fact that
I have called
defenses strong
enough to ward off sudden
attack against strategic positions
essential to ensure sustained resistance and ultimate
victory." And I have said "We must have the organization and location
of those key facilities so that they may be immediately utilized and rapidly
expanded to meet all needs without danger of serious interruption by enemy
and
mending Appropriations
in
British
where the American
we
addition* are necessary
part
In
other words, while other armies were conducting the actual fighting, the
United States had more than a year of absolutej>eace at home without any
threat of attack on this Continent, to train men, to produce raw materials,
to process them into munitions and supplies and to forge the whole into
fighting forces. It is even a matter of record that as late as the autumn of
1918, American armies at the front used almost exclusively French or
be sure that 1940 is the
nation.
that—by the Eternal, we shall never have to
.
emphasized is the great change which has come over
fi ve or six years.
of us who took part in the conduct of the
whatsoever
personally respon¬
I have to make one per¬
drum out of the parade
united democratic
In
Those
Street.
where we Fenians are
hand, or to insist that no further
battle, the United States,
fullest coopera¬
decent parade with¬
people will be laying for us.
The way to avoid fighting among ourselves is to fight together against
the enemies of the American people—inertia, greed, ignorance, shortsight¬
edness, vanity, opportunism—all the evils that turn man against man.
It is my belief, and the belief of the great majority of those who hear me
tonight, that not just for two years to come, but for a generation to come,
we will maintain a united front against those enemies of America.
Let us remember the example of Andrew Jackson, who fought to the last
corner
the past
twinkle in his eye, "since I'm
lay for each other now, we can
If we Democrats
spend billions of additional money
conflicts between nations
Fenians, "I'll give you my
of the drum you'll understand if
You'll have to agree to take the
,
position that we must
for building up our land, sea and
the other.
What needs to be
Fenians, and
Orangemen's
of hysteria. Never¬
sensational and untrue to take the
air forces on the one
on
of us to yield to any form
affiliations, we can properly join in an appraisal
the immediate defense needs of the
agree on
,"
that in the
sible for the safety
sonal condition.
situation1 and
It is equally
-
,
"But," he added, with a
world
Nation.
the drum; you couldn't have a
I will lend you
tion.
-
It would be unwise for any
the anniversary
I have spoken at some length of
American hemisphere which
for the protection of our
world conditions outside of the
liberties.
of the
follows:
the United. Stales:
imperative that we take immediate steps
make it
.
"
his friend, the captain of the
cooperate by lending the Fenian drum for the
follows:
annual message to this Congress
the changing
of the Orangemen's parade in
explained his problem to
as
of Navy bases.
Navy airplanes.
The President's Message
To the Congress of
Fenians in the same town.
tain of the
apportioned
$21,000,000 for additional
parade was set but the
The
"new needs for the
of the $65,000,000 for
case
$44,000,000 for strengthening
of the Battle of the Boyne.
Orangemen had no bass drum. And what Is
parade without a bass drum.
But the captain of the Orangemen had a good personal friend In the cap¬
North Ireland on
a
'
„
always
the
In
Navy," this was
officeholder.
We seek and welcome cooperation, hot only from those who are with us
but from others who see the light.
We are even willing to accept temporary
we
"critical items" of equipment.
orders" for the Army.
$32,000,000 for "educational
oldtime political
But
training of civilian air pilots.
$450",000,000 sought"for Army needs" the recom¬
mendations called for:
'
proportionately every year.
On Jackson Day every true follower of Jackson asks that the Democratic
Party continue to make democracy work.
In answer to the demands of the American people we have expanded the
functions of the Government of the United States.
We are handling com¬
plicated problems of administration with which no other party has ever had
to wrestle.
To do that, we are constantly recruiting lieutenants who will
give intense and genuine devotion to the cause of liberal governing.
We
have brought to the government men and women whose first thought is to
be of service to their country through their government—men and women
with fewer attributes of selfishness and more objectives of clean service
than any group I have ever come in contact with in a somewhat long career.
Almost without exception they are more inetnt on doing a good Job than
in keeping themselves on the payrolls.
Almost without exception they
possess that quality of cooperative effort which distinguishes them from the
Its vote rises
h0lP.
that of this sura approximately $450,000,000 should
of the Army, $65,000,000 for new needs of the
Navy and $10,000,000 for
State. ,
The younger generation of Americans, by a very large majority, Intend
to keep on "going places" with the New Deal..
Do not overlook this rising
generation.
asked for, the
of $525,000,000
be allocated for new needs
politics—to
the
against
;
•
,
appropriation
President said:
the
Of
national in its outlook.
of party
I am compelled
in the quality of our
manhood.
But without modern weapons, and without adequate training,
the men, however splendid the type, would be hopelessly handicapped if
believes more than did its father in
brother's keeper." It believes in realities, economic
realities, where its fathers did not bother much to go beneath
tional conception
head of the Government,
We have a splendid asset
the face.
to look facts in
I should say that no wise political leader in 1939
safe working rule that you can fool many of the people
catchwords.
And it is
Every American is
defense.
Government and of the people.
have no thought of agression, no desire for
peaceful intentions of the
further territory.
precept "I am my
the
minimum
a
by me
and by my advisors to be
well-rounded program, considered
Commander-in-Chief of the Army and Navy,
as
generation, since the war,
This new
'
•
President said:
of the time.
any
the other.
on
emphasized" the President stated, "is
the great change which has come over conflicts between
nations since the World War ended, and especially during
the past five or six years." •
•
Following the presentation of his recommendations the
the 1860's.
will take It as a
additional money for building up our land, sea
hand, or to insist that no further additions are
"What needs to be
clearer perception and greater
Lincoln said about fooling the
spend billions of
and air forces on the one
minds."
remember what Abraham
take the position that we must
equally sensational and untrue to
It is
at once
analyzing they are less and less influenced by the red fire
and the hard cider ballyhoo of newspaper owners or political orators who
adhere to the practices of a century ago.
Yes, we have learned to go behind the headlines and behind the leads
and behind the glittering generalities in order to analyze and re-analyze,
using our own thinking processes and not somebody else's to make up our
You
affiliations, we can properly
of the Nation.
Today in that
That was in
of hysteria. Never¬
join in an
the immediate defense needs
of us to yield to any form
of political
regardless
appraisal of the world situation and agree on
quiet economic and social—perhaps I should say back room—
pressures behind the scenes.
Today there is emerging a real and forceful belief on the part of the great
mass of the people that honest, intelligent and courageous government can
solve many problems which the average individual cannot face alone in a
world where there are no longer 120 acres of good land free for everybody.
Today the voting public watches and analyzes every move made by those
who govern them—whether in the Executive or the Legislative or the Judi¬
cial
In his message of Jan. 12
48 of that issue.
It would be unwise for any
theless,
job done by
Insistence on
on page
President said:
tne
days, for the
In the old
seasonal diversion—a
a
appeared
willing.
very, very
indicated in his annual message to Congress on Jan. 4,
our Jan. 7 issue, page 27, and the text of which
were
always looked
1939
14,
Jan.
Chronicle
Financial
214
key facilities
attack."
I repeat
that "there is new range
Therefore, it has become necessary
and speed to offense."
for every American to restudy present
possibilities of present offense against us.
Careful examination of the most imperative present needs leads me to
recommend the appropriation at this session of the Congress, with as
defense against the
great
speed
possible, of approximately
as
$525,000,000, of which sum
from the Treasury
approximately $210,000,000 would be actually spent
before the end of the fiscal year ending June 30,1940.
The survey
be allocated
Navy and
indicates that of this sum
for new needs of the
approximately $450,000,000 should
Army, $65,000,000 for new needs
$10,000,000 for training of civilian air pilots.
will be submitted to the appropriate
The several items
Congress by the
on
the major
In
departments concerned, and I need,
of the
committees of the
therefore, touch only
divisions of the total.
the case
of the Army,
information from other nations leads us to
of our estimates for aircraft.
is completely out of date. No
building our air forces up to the total either
of planes on hand or of productive capacity equal to the forces of certain
other nations.
We are thinking in the terms of necessary defenses and the
conclusion is inevitable that our existing forces are so utterly inadequate
that they must be immediately strengthened.
It is proposed that $300,000,000 be appropriated for the purchase of
several types of airplanes for the Army.
This should provide a minimum
believe that there must
The Baker Board
be a complete revision
Report of a few years ago
responsible officer advocates
Volume
148
Financial
increase of 3,000 planes, but it is hoped that orders
placed on such
a
Chronicle
Under date of Jan. 12 Washington advices to
York "Journal of Commerce" said:
large
scale will materially reduce the unit cost and
actually provide many more
planes.
Military aviation is increasing today at
rate.
Increased
increased
range,
speed, increased capacity of airplanes
abroad have changed our requirements for defensive aviation.
tional
The addi¬
in
plane6 recommended will considerably strengthen the air defenses
of the continental
United
States, Alaska,
Hawaii,
Puerto
Rico and the
Zone.
If an appropriation bill can be quickly enacted, I suggest
$50,000,000 of the $300,000.000 for airplanes be made immediately
that
idle
to
correct the
present lag in aircraft production due to
I suggest
Army
equipment which would be needed immediately in time of emergency
by
such
artillery
semi-automatic
I
National
suggest
Guard.
$32,000,000
for
"educational
Army—in other words, to enable industry to
tion in
an
orders"
for
the
for quantity produc¬
prepare
emergency, of those military items which are non-commercial in
character and
difficult of manufacture
are so
"bottlenecks" in
as
,
.
approximately
the
constitute what is known
as to
problem of procurement.
The balance should be used, I believe, for improving and strengthening
the seacoast defenses of
Panama, Hawaii and the continental United States,
including the construction of
highway outside the limits of the Panama
a
Canal Zone, important to the defense of the Zone.
"
The
estimated
divided
into
bases in
both
of $65,000,000
appropriation
$44,000,000 for
(a)
oceans
the creation
in general agreement
flying.
the
At his
for
Navy should
the
strengthening
or
be
of $10,000,000
a
year
I have omitted reference to
is of the
a
utmost
need, which, however, relates to the
The
importance.
inadequate to defend this vital link,
The security of
garrison now there is
peace
This deficiency cannot be corrected
with existing forces without
seriously jeopardizing the general defense by
stripping the continental United States of harbor defense and anti-aircraft
The
personnel.
permanent garrison in the
Canal Zone should be increased to
provide the minimum personnel required to man the anti-aircraft and sea coast
armament provided for the defense of the Canal.
increased
until
additional
facilities
housing
Such personnel cannot be
are
meantime, additional personnel must be trained.
an
appropriation
for
the Canal Zone and to house it adequately.
should
be
made
construction can
of
$27,000,000
available
to
provide
an
provided—and,
in
the
adequate
garrison
peace
$5,000,000 of
work
on
this
sum
necessary
'
a
a well-rounded program, considered
by me
Commander-in-Chief of the Army and Navy, and by my advisors to be
minimum program for the necessities of defense.
Every American is
the
of
aware
peaceful intentions of the
Every American knows that
have
we
no
Government
and
of the
thought of agression,
people.
no desire for
further territory.
Nevertheless,
as
the Executive head of the Government, I am compelled
to look facts in the face.
manhood.
the men,
we
We have a
But without modern
splendid asset in the quality of
weapons, and
Figures
.
with
attacked.
.
antiquated weapons.
But
it
would
It would be economically unsound to provide-
for all the modern
be
equipment needed
nationally unsound not
to
in
U.
mass
provide the critical items of
production in the event of
Franklin
"
12, 1939.
•
amount
filed
by
reducing the
an
average
of 500,000
for
the
a
WPA
It meant, it was said,
against the 2,800,000
as
;
five
en¬
envisioned by the original
•
Supreme Court to Review Case Involving Au¬
thority of NLRB Over Firm Which Asserts It Does
Business Only in Intra-State Commerce—Court's
Ruling on Governments Restrictions in Water
From
Crow
a
Reservation
on
Jan. 9 agreed to
involving the authority of the National Labor
to impose labor requirements
upon the
Somerset Manufacturing Co. of Somerville, N.
J., despite
the contentions of the
company that it is not engaged in
case
Relations
Board
inter-State
The firm contracted to manufacture
commerce.
clothing from material owned by the Lee Sportswear Co. of
New York City, which undertook
delivery of the finished
product at Somerville, and then shipped it in inter-State
commerce.
In
summarizing the case Associated Press
Washington advices of Jan. 9 said:
The
litigation started when
the
Board
found
the
Somerset
company
guilty of unfair labor practices and ordered it to reinstate eight women
employees, whose dismissal preceded a strike by the International Ladies
Garment Workers' l/nion.
The Federal Circuit Court at Philadelphia
upheld the Somerset company's
was a local concern not in interstate
commerce and that
contention that it
therefore the N. L. R. B. did not have jurisdiction.
The Supreme Court ruled last Dec. 5 that the Labor Board had
jurisdic¬
over the Consolidated Edison Co. of New
York, which operates
tion
in
solely
State
one
but
sells
power
to
firms
operating outside
of th^t
State.
Justices Butler and McReynolds disagreed with the
majority View.
V
Crow Indian Reservation
The high tribunal's only formal opinion today
ment's
claim
that it had the right
was a denial of the
to restrict
had sought an
injunction, but the bill
was
Govern¬
taking of water fronl
navigable streams within the Crow Indian Reservation.
non-
The Government
dismissed by the Ninth Circuit
Court of
Appeals.
The Supreme Court upheld the lower court.
The Court still has before it cases
involving
constitutionality of the Ten¬
nessee
Valley Authority Act and the right of
a
State to ratify the proposed
Child Labor Amendment to the Federal Constitution after
attack of
an
had
grippe.
Brqndeis
ill about three days.
been
once
rejecting it.
confined to his bed today with
Aides said at his office that the 82-year old jurist
was
He attended the Court's regular weekly
conference
Saturday, but later that day had to go to bed.
He was described
suffering with a "rather severe case of grippe," but his condition was said
roosevelt
'
not to be serious.
1
Indian
United States Supreme Court
review
as
d.
to
•
Taken
war.
for the strengthening of the defense of the United States.
The White House, Jan.
all
were
■■
supplied at WPA headquarters to show that the
would
Associate Justice Louis D.
Devoid of all hysteria, this program is but the minimum of
requirements.
I trust, therefore, that the Congress will
quickly act on this emergency
program
motion
S.
The
a "war emergency.
equipment which might be needed for immediate use, and not to provide
for facilities for
at once
were
our
The young men of this Nation should not be
compelled to take the field
in time of peace
the
'
to the action in
amount.
without adequate training,
however splendid the type, would be hopelessly handicapped if
were
'
press
decrease proposed
.
All of the above constitutes
as
tabling
months' period.covered by the funds.
I recommend, therefore,
immediately in order that
be initiated.
against
.
It should, he said, be
interpreted in number of humah beings who will be
off the relief rolls between now and
July 1 as the result of the
reduction.
(b) about $2i,-
appropriations totaling $525,000,000,
definite
?
thrown
will give primary
implementing of existing defenses for the Panama Canal.
the Canal
the
put
of Navy
with the report of the Special
training to approximately 20,000 citizens.
In the above recommendations for
to
conference, almost synchronizing with the subcommittee's
vote, the President said the action should be translated into human terms.
In cooperation with educational institutions, it
expenditure
votes
-
"Herald Tribune" referring
Finally, national defense calls for the annual training of additional air
This training should be primarily directed to the essential qualifi¬
that
Administration
relief appropriation, stated:
pilots.
believed
the
12, with 11 Democrats and 9 Republicans opposing the
12
rollment of 2,300,000,
Board which has already been submitted to the Congress,
is
for
was
000,000 for additional Navy airplanes and air material tests.
cations for civilian
easier
Following this action debate on the $725,000,000 bill
begun in the House on the 12th.
Y
A Washington
dispatch of Jan. 10 to the New York
and
rifles,
Such purchases would go far to equip existing units of the regular
Army
the
The
Democrats.
anti-tank guns, tanks, light and heavy artillery, ammunition and gas maskfe.
and
make it
,
anti-aircraft
as
would
a vote of 20 to
leadership.
which cannot be obtained from any source within the time and quantity
desired—material
that
sought by the President and the $725,000,000 recommended
by the relief
subcommittee, but this move was tabled by the Appropriations Committee
appropriation of $110,000,000 to provide "critical items" of
an
form
a
on record on the $875,000,000 request of the President.
The strategy was to have the bill
reported containing both the full amount
plants.
Of the balance of approximately $150,000,000 requested for the
New
membership
Canal
available in order
the
The bill was brought to the floor of the House
early today on a vote of
the House Appropriations Committee
refusing to follow a course se^ out by
the leadership of
having the measure submitted for House consideration
unprecedented and alarming
an
215
,
;
Justice Brandels is' the oldest
became
a
man
on
the
Supreme Court, of which he
member in 1916.
'
»
House
Appropriations Subcommittee Cuts Emergency
Appropriation from $875,000,000 to $725,000,000—Higher Figure Had Been Asked by Presi¬
Relief
dent—House
Votes
Against
Amount Requested
i
A subcommittee of the House
on
Jan:
000,000
Restoration
of
Appropriations Committee
decided to slash $150,000,000 from the $875,which President Roosevelt had requested as an
Action of the subcommittee in
voting the $150,OCX),000
figure requested was regarded as the
first important rebuff suffered by the President
during the
present session of Congress.
House leaders planned a fight
to restore the full amount asked, but
privately expressed
doubts of their ability to do so.
Yesterday (Jan. 13) by a
teller vote of 226 to i37 the members of the House
rejected
an amendment to fix the
appropriation at the figure asked
by the President.
Representative Cannon, (Democrat), of
Missouri, offered on Jan. 13 an amendment to bring the
figure to the amount requested by the President ($875,000,OCX)), to carry the Works Progress Administration to
July 1.
The Associated Press accounts from Washington
Jan. 13 reporting this, added:
from
the
The Cannon amendment
taken
was
submitted just after the Republicans had
beating in their first attempt to get the House to whittle the relief
to $350,000,000 for the two months
ending April ».
They
wanted an investigation of the WPA, in the meantime, as the basis for
a
down
working out a relief policy for the future.
Their proposal,
York,
was
Report to President Roosevelt Says Large Backlog
Applications Is on Hand, in Case Congress Con¬
siders Another Construction Program
10
reduction
drafted
by Representative Taber,
defeated, 214 to
party lines.
154,
on a
Says Agency Completed $1,574,769,"Pump-Priming" Contracts—Secretary Ickes'
of
relief appropriation.
The President's message
asking the appropriation was given in our Jan. 7 issue,, page
fund
686
..
emergency
47.
PWA Administrator
Full
Republican, of
New
standing vote almost entirely along
President Roosevelt
on
Dee. 30 made, public a letter from
Secretary of the Interior Ickes, Administrator of Public
Works, reporting that the Public Works Administration had
put a $1,574,769,686 program "completely under cod tract"
during the last six months, to the accompaniment of a "con¬
stantly accelerated recovery in business and industry."
Mr. Ickes said that he has
a substantial
tions for additional projects, "should the
backlog of applica¬
Congress decide at
any time in the future to go forward with another program
of public works."
He said that the program already started
benefits all the people, and that already "basic industries are
busy manufacturing materials and men have moved back to
jobs," although the peak of construction will not be reached
until
next
year.
In his report to
the President, Mr. Ickes said in part:
Six months have elapsed since the Congress passed and
you signed the
legislation placing the 1938 PWA
that
brief
period
under contract.
has
aided
in
PWA
has
program on a
put
a
3-point timetable.
$1,574J69,686
program
It has achieved the purposes intended
building up employment in
has been accompanied
by
a
Within
connpletely
by Congress.
private industry.
It
Its progress
constantly accelerated recovery in business and
industry.
Telegraphic advices received today from all over the Nation enable me
to report that 7,853 projects are under contract, thus
meeting the Jan. 1
deadline fixed by the Congress for the actual
sta^t of PWA projects.
Basic
industries
are
busy manufacturing materials and
men
have moved back to
date reveals:
gram to
.
7,853 PWA projects
1.
calling for the expenditure
put under contract In 143 working days.
2. PWA released for construction and
of $1,574,769,686 were
,
supplied to heavy industries an
of^work
allowed for filing applications,
days
Figures which they state
cities and
presented
issued
Advocated by William Q.
as
and, Ex¬
change Commission, addressed a meeting of the Fort Worth
Clearing House Association at Fort Worth, Texas, on Jan.
9, advocated salaries for directors of American corporations
as
an
"unofficial solution" of the problem of furnishing
adequate, capable and responsible management to represent
stockholders and protect the public.; The new type of "pro¬
fessional"; director, Mr. Douglas said, would eliminate the
often inactive director who "does so little in the way of
continued, in part:
He
The
have
novelty, but there is really
representative of the public interest—particularly
of the investing public which owns such a large part of our corporations
and has so little influence in them.
He would, of course, be elected by the
stockholders. And his influence would, I believe, be immeasurable. Salaried,
sit as
and
directorates
Carefully considered than they
today.
and
the
too
high
the
of
a
board
than, many
a
director would revive and
strengthen the tradi¬
be to represent the management or
represent himself.
It would, be primarily to represent. the stockholders'
return
to the stockholder the protection
which today's stockholder has
too frequently lost.
In a larger sense* he would not be so much a paid
director or a professional director as a public director, representing not
only the present but the potential stockholder, and representing the general
His job would not
trusteeship.
tion of
to
public
well.
as
recognized that all corporations possess an element
of public interest.
A corporation director must think, not only of the
stockholder but also of the laborer, the supplier, the purchaser and the
ultimate consumer. Our economy is but a chain which can be no stronger
than any one of its links.
We all stand together or fall together in our
highly industrialized society, of today. One function of the paid director
would be to harmonize those various elements so far
as possible.
For
Today it is generally
superficially appear to conflict, the funda¬
groups are identical over the long term.
The corporate officer frequently recognizes these principles; but he is so
close to his work that it is hard for him toh look beyond its immediate
necessities.' But the paid director need not be afflicted with such near¬
sightedness.
It would indeed be one of the defects which he would be
paid not to have.
'
those elements may
although
mental
of
interests
social
all
advocating smaller directorates,
In
is
It
the
in
directors
most numerous.
are
Mr. Douglas said:
larger companies that inactive
In discussing this phase of the problem with
boards
unwieldy
of the
'
Joseph P. Kennedy said:
me,
'
clearly reveals the extent to which American business
practice deviates from corporate theory * than the Directory of Directors.
That volume discloses the American phenomenon of multiple directorships
"Nothing
carried
more
have
to
long ago a prominent financier
directorships. Assuming even the mosjt
lengths., Not. very
ridiculous
to
shown
was
had
50
over
this man was in¬
capable of rendering to his companies even a small fraction of the neces¬
sary supervision service.
I believe that in most cases a limited number
of
directors
directors
15,
with
their
and
that
to
a
time basis or nearly so.
full
executive com¬
If wisely chosen and
the size of the company the
him.
Corporations under their own motive power can
of multiple directorships so that no man can sit on
50 boards.
A man who belongs on 50
boards obviously can
none.
Mr. Kennedy's references to the time and
English directors "actually do devote" to their enterprises
fact that they are compensated "in line with their duties."
significant
Particularly
effort
on
of
system
or even
on
because
Where a large directorate is
enterprises."
agree
40
would be desirable.
such a committee would enable the board of
provide effective supervision over the affairs of even the larger
to
industrial
reform
board
compensated
adequately
work
be
should
mittee
a
on
advisable
deemed
I
genius, it is still true that
developed financial
highly
the
are
apparently gone far towards realization of
the idea that I wish to present to you today.
That is the idea of the paid
director—the professional director to take the place of the inactive director
who does so little in the way of actually directing or supervising corporate
For
the
here
managements.
could
have
The paid director, familiar with the affairs of
peaceful and happy ignorance, oblivious to
live in
not
warehouses
criminal
English
and
inventories
imagination.
which
his
were $7,834,000,000 which
2,024,000,000 ounces; Deduction of
the 696,000,000 ounces then on hand, left a balance of 1,328,000,000 ounces
to be bought at June 19, 1934.
Four and one-half years later, the original
goal of 2,024,000,000 ounces has been attained and passed by over half a
billion ounces, but the increase of gold holdings at Dec. 31, 1938 to approxi¬
mately $14,500,000,000 has raised the required silver proportion of mone¬
tary stocks to a new goal of 3,740,000,000 ounces.
After deducting the
2,575,000,000 ounces now on hand, a balance of 1,165,000,000 ounces of
silver still remains to be bought; an amount only 163,000,000 ounces less
than the original requirement.
These figures indicate definite failure on the
part of the Silver Purchase Act to accomplish the called-for changes in this
country's monetary reserve structure.
"
Other objectives which
the silver buying program was intended to
attain
The attempt to bring about international coopera¬
have not been realized.
tion in the wider use of silver as a monetary
metal and to improve the pur¬
countries was wholly unsuccessful; and this
presumably recognized by the United States when it permitted the
heralded Eight-Nation Silver Pact of 1933 to terminate at the end
chasing power of silver-using
director gives it in a year.
the paid
Furthermore,
n
inventory
mysteries
He would
at board meetings, he would be a director between
He could give the directing job more time in a
director
merely
meetings as well.
not be
week
frequently are:
At the time the Silver Pur¬
figures.
gold holdings
required poportion of silver at
set the
.
he could look not merely at statements of
itself. He would be able to penetrate the
balance sheet and see the realities that lie behind it.
value;
a
the inventory
but at
"ultimate objective of having and maintaining onevaiue of the gold and silver stocks in silver"?
became law, Treasury
chase Act
whatsoever, the paid director could give
attention to his company's affairs.
He could visit the factories
warehouses.
He could know if the plant was being carried at
full
his
t
The answer is told by the following
interests
conflicting
no
for 1,523,200,000 ounces
which, added to stocks pre¬
silver holdings, including coin in circula¬
to 2,575,000,000 ounces at Dec. 31, 1938.
progress has the acquisition of this vast amount of silver made in
accomplishing the
■
With
1,888,000,000 ounces
total is
fourth of the total monetary
would bring a new responsibility and authority to
safety to stockholders. The interests of the .general
would also be more
public
What
new
a
general provisions of the Act accounted
The
tion, up
a
experts
professional
9, 1934 under authority of a special provision of
Purchase Act, added another 113,000,000 ounces; and purchases
viously held, brings the Treasury
than serving on the
He would acquire a
would
he
and
nationalize silver in this
the Silver
managements."
salaried basis. The paid director would
boards of a few cor¬
thorough knowledge of these corporations,
a
interest other
business
no
porations.
acquired; the Executive Order to
country, issued on Aug.
more.
may come as a
position on
the
putting
by
251,800,000 ounces of domestic
proclamations
President's
the
Under
silver have been
idea. Perhaps we might put it better by
efficient directors and we can get them only
that we need more
consideration is given to the
tfye United States of the subsidy paid abroad."
In examining "the figures covering purchases for the five
years during which this program has been in operation
Handy & Harman state:
cost to
the
about
startling
nothing
saying
continued, even for the sake of such
whether it should be
benefits, and particularly when
■
-"paid director"
term
a
ever
under the
supervising corporate
actually directing or
have benefited
Act's apparent failure
monetary measure and the seeming impossibility of its
attaining its avowed objectives may raise the question
country's silver industry, but the
this
Chairman of the Securities
William O. Douglas,
Silver Market" for 1938,
says the Review "the
"Without doubt"
9.
Jan.
Treasury's purchases during the past years
Chairman Suggests "Unofficial"
Stockholders and Public
Plan to Protect
accomplish the called for
structure" are
by Handy & Harman, New York bullion brokers,
"Annual Review of the
in their
"""^Douglas—SEC
"indicate definite failure on the
changes in this country's monetary reserve
^
Salaried Corporate Directors
Compared With
Silver Purchase Act to
part of the
12,814 projects, the total cost of which
exceeded $4,000,000,000. *
^
4. All records for volume of PWA construction within.a comparable
period have been broken.
submitted requests for
States
Harman—With
Year's Output
Previous
months following passage
2,000 per
9,900,000 Ounces as
Reduction of
$11,000,000 worth of work daily.
During the four
of the Act, you approved projects at the rate of
month, thus placing on the market more than $300,000,000 worth
of more than
average
Market by Handy &
Silver
Apparent Failure of Silver Purchase Act as Mone¬
tary Measure Proposes Congress Consider Desir¬
ability of Discontinuing Program—Silver Produc¬
tion
in
1938 Estimated at 264,800,000 Ounces—
year's building season,
until the height of next
of
Review
construction employment will not be reached
the record of the 1938 pro¬
While the peak of PWA
jobs.
1939
14,
Jan.
Chronicle
Financial
216
company
owns
are
his company,
the fact that
figments of a
fact was
much
without making the slightest effort at
of 1937
Meanwhile this
renewal.
pursuing alone its silver buying policy, which resulted
use, but in a decreased use of the white metal throughout
country had been
not in
wider
a
Because of the advance in price,
the world.
demonetization of their silver
coinages was forced upon many
countries, and China and Hongkong, the
only important adherents to the
silver standard, were obliged to abandon
currencies. In the matter of protecting
that standard in favor of managed
the foreign commerce
of the United States against depreciated foreign cur¬
rencies, it is true that large imports of silver
value of the
dollar;
tended to depress the exchange
but the part played by silver in this connection was
merely that of a commodity—not that of a monetary
the stabilization
to
metal.
With respect
of domestic prices, we can find-no evidence
that the
large accretions of silver have had any effect.
In the face of this record.
Congress may give consideration to the desir¬
established by the Silver Purchase
the present time the purchase of
more than one billion ounces of silver in addition to the two and one-half
billion ounces already on hand, but also necessitate further purchases in
the future at the ratio pf approximately one ounce of silver for every $5
worth of gold that may be acquired by the Treasury.
Monetary gold
stocks now stand at nearly double their value when the Silver Purchase
Act became law, and are of such proportions that they recently created a
ability of discontinuing the program
Its provisions not only require at
Act.
new
high record for excess reserves of member
System,
for
banks in the Federal Reserve
These gold stocks would be capable of providing the credit base
that which occurred at the boom
business expansion far greater than
a
peak of 1929.
An
analysis of silver holdings at the end of
1,000,000,000 ounces, or nearly 40%
1938 shows that approximately
of the total stocks have not been
in the general fund, which
transferred to the certificate reserve but remain
means
that
no currency
has been issued against that amount
situation seems to reflect
of silver.
This
pressing need for the further huge purchases
no
required under the Act.
We
estimate
the
cost
of the silver
buying program for the five years
during which it has been in effect at over one
was
paid for foreign silver and
These figures represent
18%
bullion for every ounce of
domestic silver acquired.
According to our interpretation
the
Silver
Purchase Act
the outset the
.
.
.
of existing laws, the possible repeal of
Treasury to
would not affect the ability of the
proceed with the purchase of
At
billion dollars, of which 82%
for the output of domestic mines.
the purchase of more than six ounces of foreign
newly-mined domestic silver.
"Review" states that "the year 1938
clearly the silver market's complete dependence
the support of the United States Government."
It
indicates
upon
adds:
In prior years,
1934,
there
subsequent to the passage of the Silver Purchase Act of
time to time sufficient demand from other
developed from
quarters to carry the price in
in fact,
during
weakness whenever
and
its buying rate 2c. at the end of March, the
1938; to the contrary, silver showed extreme
uncertainty
when
New York above the Treasury's buying rate;
reached such proportions that an
But there was no repetition of this situation
during 1935, bullish speculation
excessive advance occurred.
arose
as
to
the continuance of Government purchases,
the Treasury lowered
world price dropped
accordingly.
Volume 148
iTesenting
''Review"
It Turning
Financial
figures
of
silver
production* for
the
1938
says:
ounces,
apportioned
follows:
as
United
States,
61,400,000
Mexico, 85,000,000 ounces; Canada, 23,300,000 ounces; South
America, 32,400,000 ounces; all other countries, 62,700,000 ounces.
The
ounces;
total output showed
a
reduction of 9,900,000 ounces, or about 3H%
69,300,000
to
ounces
61,-
400,000 ounces was over 11% , but in our opinion this resulted not so much
from the lower price
paid for newly-mined silver as from the shrinkage in
demand for base metals from which this
country's
as
Again,
is
largely
exported, of which
some
to
ounces
show that
year
5,000,000
60,000,000
over
ounces went direct to
ounces
England and
Hongkong.
;
In
revising their 1937 estimates of United States Govern¬
ment purchases, as appearing in their "Review" of a
year
ago, Handy & Harman, say:
The corrected
amounts are:
Treasury acquisitions during 1937,312,200,Treasury holdings at Dec. 31,1937, 2,171,800,000 ounces.
000 ounces;
Based
ment
data
on
now
available,
estimate total
we
acquisitions for 1938 at 403,200,000
classifications:
from
domestic ores,
ounces,
United States Govern¬
divided into the following
60,300,000 ounces; from nationaliza¬
tion, 4,400 ounces; from inter-government agreements and open market
purchases, including miscellaneous deposits at the mints and assay offices,
342,900,000 ounces.
The past year's acquisitions are the largest on record
with the exception of 1935 when a figure of 534,900,000 ounces was reached.
The total for 1938, added to the 2,171,800,000 ounces on hand at the
begin¬
ning of the
year,
estimate
Treasury silver holdings at Dec. 31,
of
circulation.
amounts to 2,575,000,000 ounces,
which represents our
1938, including coin in
Silver in process of refining or remelting is not included in the
above figure, even if it is ultimately destined for the
Figures
presented
of
as
world
Treasury.,
silver
supplies and
follows in the "Review:"
WORLD
SILVER SUPPLIES
(In millions of fine ounces)
1938
WORLD
Production:
consumption
are
1938
1937
60.3
70.6
Open market purchases..342.9
241.6
403.2
312.2
61.4
69.3
Mexico
85.0
85.7
Canada
23.3
24.5
Other Govt, purchases under
South America.-...
32.4
32.7
All
other countries
62.7
62.5
Eight-nation silver pact:
Mexico...
1.7
264.8
274.7
Peru..
1.1
New
•Mexican Government.
3.0
1.5
Dominican Republic
~~0".9
2.3
~7~6
7.7
Red Sea district
35.0
Indian Government
10.5
......
t
Hungary
3.6
0.6
-
Cuba
174.3
....
10.0
,0.3
~3~0
China
Spain
40.0
Honduras
22.0
Great Britain.
6.0
Dominican Republic
0.3
Indian consumption
14.0
65.0
27.5
31.5
4.5
0.1
,
United States and Canada
England..
12.0
the New York State Chamber of Commerce.
Germany
14.3
15.9
0.1
Arts and Industries:
0.1
French Indo-China.
....
Rumania
Total
.....598.8
464.2
...
This proposal in effect may be said to be the
Government's answer to the
charge that the slowness of business recovery is due to a "strike" of
capital.
Those who hold to this belief claim that business is
ready to expand, but
certed movement
This
view
ignorance
for
Total
or
obligations,
year ago,
from
York
State
Power
Authority
Develop St. Lawrence River Resources
Created
to
In
••
which
was
presented by Morgan H. Grace at the monthly
meeting of the Chamber of Commerce of the State of New
Jan. 5.
on
Committee
on
Mr. Grace is Chairman of the Chamber's
Internal
Trade
and
Improvements
t)he repeal of the law which created the Power Au¬
on the ground that it has accomplished none of the
purposes for which it was formed and that its continuance
would be
further waste of public funds.
a
The Authority
was
"authorized
and
directed"
to
cooperate
with
the
United States Government to this end; "to negotiate with the appropriate
authorities
manage and
and
to
develop,
ended June 30,
and
operation
of the
as to
by it in
In
the development, main¬
hydroelectric
of the Authority states that
power
1932,
were
plants
the total expenditures
$207,714.
years
templated in this act.
likely.
a
1934,
Nothing
can
be done without
a treaty
the Canadian
with Canada,
Government in this
Great difficulty is being experienced in
balancing
governmental budgets, and appropriations should be cut wherever possible
The
Chamber
at
that
great
the
and
experiment,"
unnecessary
be made
can
on a
sound credit basis.
to set up such an agency
tendency to lower the approved standards of sound banking
practice in the making of loans and to weaken the general credit structure
of
the
a
Nation.
A tax
bank deposits, in effect, would penalize those who are
worthy
care of those who by failing to
repay loans, in full
on
of credit in order to take
in part,
proved unworthy of credit.
no
evidence that
,
individuals and
who
concerns
are
credit have found the banks unwilling to make loans to them.
are
both
willing and
to
eager
worthy of
.
make sound loans.
Many of
into their institutions, a practice unheard of a few
years ago.
The absence of
the
expenditure
a
sound
demand
for
bank credit
may
be attributed1 to
factors which cannot be changed by increasing present loan facilities.
return
will
to
increase
the
will
and
principles
of
be
met
by the commercial
American
free
enterprise
readjustment of the economic structure of the Nation.
The
banks when
permits
a
a
normal
The report and resolutions of the Committee were unan¬
imously adopted by the Chamber, at its monthly meeting
Jan. 5.
on
British
Consul
York
New
General
State
Treaty Proof of
G.
D.
N.
Haggard Addresses
Chamber
of
Commerce—Trade
What Can
Be
Done
by "Mutual
Give and Take"
Godfrey D.
N.
Haggard, who was recently appointed
New York, related to members
British Consul General in
of
the
Chamber
on
Jan.
in
troubled
of
Commerce
of
the State of New York
5 what is
being done by way of preparations and
sacrifices which England is making for a "possible conflict,"
which, however, it hopes may not eventuate. Admitting that
his country has been criticized because it did not
plunge into
a useless conflict,
Mr. Haggard said that Prime Minister
Chamberlain spoke "the real heart of England" which hoped
that negotiation might achieve what war could not.
He
stressed the friendship between England and the United
States, but said his country was making preparations
"because we know we can rely on no other nation but
ourselves."
Later, however, in speaking of the peaceful
influence of the British Navy, he hinted at something
suggesting our cooperation when he said "those who fish
waters to
waters
fish in
know
that
there
will
be
troubled
no
long as our ships and, if I may say the
obvious, your ships, sail upon the surface of those waters."
The Consul General, in addressing the Chamber,
spoke
so
"A British Consul General's First
on
Impressions of Amer¬
ica," and in part he said:
December
meeting declared its
of public funds con¬
templated on the St. LawTence cannot be justified on any
grounds whatsoever." It held that developments of the last
decade had lessened the prospect of the project ever becoming
a valuable utility.
"Since the Chamber is definitely opposed
to the St. Lawrence waterway, the logic of the situation is
"belief
large extent today, it is not. from choice
a
The granting of authority to the Government
would have
year.
nothing has been accomplished along the lines con¬
prospect of any accord with
not
For the fiscal
1933, the expenditures were $192,648, and for
Subsequent outlays have been around $100,000
these
is
maintin,
proposed.
(partially estimated) up to June 30,
the
"to
and
.
into considerable detail
goes
The annual report
matter
.
give effect to the policy hereby declared," &c., &c.
management
were
agencies
operate that part of the project owned or controlled
manner as
addition, the Act
and
such
are r<o
industry and business for loans which
The Power Au¬
thority was created by-the Legislature to improve the St.
Lawrence-River, further its commerce and navigation and
protect and develop its water power resources.
The Act
carried an appropriation of $300,000.
Frank P. Walsh was
appointed Chairman of the Authority and it began operations
in May, 1931'.
Referring further to the purpose for which
it was formed, the report of Mr. Grace's committee says:
all
they
which
urges
In
a
There are now more than ample facilities and a
superabundance of funds
available in the commercial banks, the Federal Reserve Bank
system and
the Reconstruction Finance Corporation to accommodate all
demands from
thority
$136,500.
as
concluding that the proposed plan is
demand
Gov. Lehman and members of the Legislature are asked
to abolish the New York State Power
Authority in a report
year
When
them in different sections of the country are
competing with one aontber,
through the medium of newspaper advertising, to bring more loan business
New
which
con¬
necessity.
The banks
to
New York Chamber of Commerce Would
Have Gov. Lehman and Legislature Act to Abolish
tenance,
a
undoubtedly has gained acceptance largely on account of
misundertsanding of the true functions of commercial banks,
"would prove a futile and
possibly dangerous
the Chamber Committee gave as its reasons:
referred to in these columns Jan. 22, 1938, page 525.
Canadian
or
bank's principal source of income is the
lending of money.
bank's funds lie idle in its vaults or are invested in
' 478.5
.494.0
a
Report
such
the part of lenders
on
on
a
There is
York
timidity
their part to prevent capital from
flowing into normal
trade channels in sufficient volume to insure
recovery.
or
Handy & Harman's review of the silver market
was
According to
Committee, of which William J. Graham, Vice-President
Equitable Life Assurance Society of the United States,
is Chairman, the lack of demand from business for credit¬
worthy bank loans is due to conditions which will not be
improved by increasing present loan facilities.
Commenting upon this reported plan, the Committee, in
its report to the Chamber, Jan. 5, said:
of the
15.0
6.0
...
Soviet Union
Commerce
the
1-7
Siamese Government
German Government
Chamber of
study of the commercial loan situation following pub¬
lished reports from Washington that
Congress may be
requested to authorize the Government to insure loans to
business, made through banks, up to 90% of their face
amount and to create a "guarantee fund,"
possibly by im¬
posing a tax on bank deposits, to take care of any losses
from such loans, was made by the Executive Committee of
but
»
Coinage—Mexico
Other supplies, from:
Hongkong
York State
A
low-yield Government
Australia-
234.3
Chairman and the
as
Proposed Government Guarantee of Loans to Business
Regarded as "Possibly Dangerous Experiment" by
7:2
Canada
Total production
China.
■.
by Mr. Grace
following members of the committee: Jonathan Bulkley.
John W. Hiltman, George Nichols and Arthur M. Reis.
SILVER CONSUMPTION
United States
,
The report is signed
is held back because of excessive
U. S. Govt, acquisitions:
Domestic production
1937
existing public utilities in the State of New
and regulated by the Public
York.
These are controlled
Service Commission."
Official reports from the Chinese Maritime Customs
covering the first 11 months of the
nearly 55,000,000
concerned with
re¬
in recent years, China proved to be the largest source of supply
as
for demonetized silver.
were
silver
by-product.
a
deprecate the expenditure of public money to
a result to which it is opposed," the report of Mr.
Grace's committee concludes.
"The Power Authority is not
from
last year's record figure, and of this amount the United States
accounted
for the largest portion.
The decrease from
covered
217
that it must
produce
now to statistics for 1938, we estimate world silver production at
264,800,000
Chronicle
You give me the opportunity today to
bear evidence by presence and
by word to the reality of the friendship between
During my nearly 40
seen
years
that friendship grow to what it Is today.
proof of what can be done by
Its
privileges
out in these
in
a
are
shared
your
nation and mine.
service—most of it in the New World—I have
common-sense
among
The trade treaty is
the English-speaking
races
and it
days of restricted trade and mutual enmities like
naughty world.
And last,
but by
no
a
and mutual give and
means
least.
a
final
take.
shines
good deed
I should
like to
■
Financial
218
proof of friendllixess between us, to
refer, as a
New
the visit next spring to the
Resumed in Boston,
7-Day Strike—Accept
Compromise Settlement of Wage Dispute—Retain
impression of all that a British
York. He has gone from
one foreign country to another all his career and he finds to his delight
when he comes here that he is not in a foreign country at all.
That he
has a kindly reception and that many doors are open to him.
1 am looking
forward with zest to the years that lie ahead and I hope that there may
be many moments in store for me as pleasant as this gathering to which
left
I have
end the pleasantest
to the
Planned at Busch Jewelry Stores Following
Ruling of New York Appellate Division Upholding
"Peaceful Picketing"
Appellate Division of the New York State Supreme
on Dec. 23, by a four-to-one decision, ruled
that a
Injunction Against
Court
enjoin all picketing in a labor
even when it is peaceful, if he finds that the
picket is being abused through violence and coer¬
Supreme Court Justice may
dispute,
right to
the injunction against picketing ex¬
It is stated that
cion.
pired at midnight Dec. 28, and plans were immediately made
for the
resumption of picketing.
In its ruling Dec. 23
sustained an injunction by Jus¬
forbidding the United Retail
Employees Union and the United Optical Workers Union
from picketing property of the Busch Jewelry Stores, Inc.
Labor organizations .argued that the court had no right
to prohibit "peaceful picketing."
The issuance of the in¬
junction was mentioned in the "Chronicle" of Oct.. 29,
pages 2024-25.
In its account of the decision of Dec. 23 the
New York "Sun" said that Justice Albert Cohn dissented
to the extent that he suggested that the injunction should
be modified to
permit picketing ohtside the stores with
placards or handbills which contain "truthful" statements.
Busch officials had charged that statements on the strike
placards were exaggerated.
From the "Sun" of Dec. 23
Division
Appellate
the
also
we
Cotillo
A.
Salvatore
tice
quote:
word-of-mouth,
employees.
The injunction was affirmed by Presiding Justice Francis" Martin and
Associate Justices James O'Malley, Alfred Townley and Edward - S.
Dore.
The strikers are members of the United Retail Employees Union, Local
830, and of the United Optical Workers Union.
present the contentions of the
same
time
Cotillo remitted the
pickets
on
balance of prison sentences
meted out to five
v
.
however,, refused
reported.
reporting the conclusion of the strike,
11 from Boston said: '
The proposals were accepted on an
had
Saltonstall
Leverett
remit
to
a
total of
$650
in
fines
New
the
announced that this
•
■
.
right would be employed at
'
»
terminals and on wharves.
chanted
headed
they rushed from the hall where
as
fine-"
"That's
$40
of
Larger Companies—
hampered transportation
Jan. 6 when the striking drivers
three-day taxicab strike which
in New York
City ended on
returned to work after an
election had been held under the
auspices of the New York State Labor Mediation Board to
determine collective bargaining agencies for each of the 28
companies affected by the walkout.
The Transport Workers
Union, an affiliate of the Congress .of Industrial Organiza¬
tions, was victorious it is stated in six of the larger companies,
but was defeated in 22 companies, most of which were smaller
firms.
The strike was conducted in a fairly peaceable man¬
.with little violence reported.
The police force of the
city was placed on an emergency basis during the walkout
to assure the maintenance of order.
Results of the voting were reported as follows in the New
York "Herald Tribune" of Jan. 7:
a
Union won in six companies, including the
Workers'
Transportation Co., which operates
the Parmelee System, and the Terminal System, Inc.
Yesterday afternoon
it was announced that there had been 168 challenges and that in three
companies, the Hub, the Level and the Lowell, the challenges were suf¬
ficient to leave the outcome in doubt.
The results in these companies
two largest
in the city, the National
will be announced today after
In
some
instances
the challenged votes have been investigated.
the taxi men had
T. W. U. or another union, and
or
the alternative of voting for the
in other cases they simply voted to accept
reject the T. W. U. 36 votes were
void because the ballots were im¬
properly marked.
Last
night the Transport
immediate
the
view
conferences
with
of negotiating an
Workers' Union announced it would request
the Parmelee and Terminal systems with
early agreement covering wages and working
conditions for the 5,500 employees
of these companies.
Warren G. Horie,
said the union will insist on an increase
in the present commissions of 42
to 45 and 50% ; vacation of one week
with pay; shorter hours; seniority rights; end of racial discrimination;
health safeguards; end of employers' "strong-arm" squads; closed shop
and "other improvements necessary to the welfare of the employees and
general taxi organizer for the union,
the stabilization of the industry
week,
employees of the Terminal system,
been fired three weeks
reinstated in their jobs yesterday after union
Irving Pollack and Charles Steinberg, said to have
for union activities, were
officials had conferred with
representatives of the company.
their
but included concessions from
the
scale agreed upon kept them on a 48-hour week,
wage
$39 for this period with overtime allowances.
We also quote
from
a
Boston dispatch of Jan; 10 to the
Saltonstall
Governor
after several
serious was the fatal attack on a
The most
.The victim
State
outbreaks of violence.
driver and helper.
John Pimental, 50, of Newport,
was
who
was
pulled from his
in Sharon at A:20 p. m. and was
truck in five automobiles.
$3,000,000 worth of perishable food lay in railroad terminals
by men who had followed the ladened
More than
and
had mobilized additional
day
the
during
police and Metropolitan District police
moved.
fish wharves waiting to be
on
trucks
few
remove
bearing large red "Emergency" signs were permitted to
agreement with the striking union,
of this freight under an
some
the distress that is beginning to be
only in Boston, but in Central and Northern
Cod.
'
:
-
.
lettuce has gone up to 25 cents a head, for instance.
The price of
felt
New England and on Cape
Many
of only canned goods.
The 5,700 strikers, members of the International Brotherhood of Team¬
sters, Chauffeurs and Helpers, affiliated with the A. F. of L., who are
demanding a $40, 40-hour week and standard overtime in their new con¬
tract, rejected at a noon meeting a proposal for arbitration.
'
storekeepers are now reduced to a stock
Local
of
nion
Heads
Through
Local 25,
the
some
in
permission
the strikers in hand.
hardly
a
be
moved only
near-by terminals.
are
a
the day to move
the amount of foodstuffs moved out
trickle in the face of mountains of meat,
a
vegetables, fish and
metropolitan area.
dozen depots in the
More
Fish Pier, waiting
few short blocks to empty railroad cars standing at
Dozens of fishing boats arrived during the day and1
One of the hardest hit of the food
more
Morrissey, business agent of
Even the drivers of these trucks were hesitant
perishable food.
than 2,000,000 pounds
to
P.
of Nicholas
permitted into the produce terminals during
passing through the picket lines, apd
was
denounced the outbreak of
union,
and President of the State branch of the A. F. of L., the special
of the
fruit in
Violence
Denounce
the striking
25,
violence and promised to keep
industries is the fisheries trade.
of fish lies in storage at the Boston
expected tomorrow
.
Governor Olson of
Years—United
States Supreme Court Had Refused to Review Peti¬
tion of Man Convicted in San Francisco Prepared¬
J.
Thomas
Mooney
Pardoned
by
California—Leaves Prison After 22
ness
Day Bombing
life imprisonment after
Francisco Preparedness
Day Parade bombing, was freed on Jan. 7 as the result of a
pardon by the newly-elected Governor of California, Culbert
L. Olson, following a public hearing at Sacramento, Cal.
The United States Supreme Court on Dec. 12 had again
Thomas J. Mooney, sentenced to
his conviction 22 years ago of the San
refused
to
intervene
in
Mooney
the
case.
A
previous
Supreme Court ruling on the same case was noted in the
"Chronicle" of Dec.
10, page 3542.
In describing the
ceremonies at which the Mooney pardon was granted, As¬
sociated Press advices of Jan. 7 from Sacramento said:
The pardon
a
radical
urge
the
was
leader
unconditional, but the Governor asked Mooney, once
class-conscious workers of a past generation, to
among
people against plunging
chaos of bloodshed and
Mr.
Olson
dramatic and
handed
themselves into "a futile and inhuman
revolution."
the
pardon to
the smiling 56-year-old prisoner in a
perhaps unprecedented hearing, at which the Chief Executive
information in the last 48 hours supporting
stated that he had received new
his belief in
generally."
The union also announced that two
ago
40-hour
New York "Times":
ner,
Transport
had been marked by one death
which ended the strike failed to give the strikers
for
The
employers.
instances,
violence.
The agreement
demand
in many
Saltonstall's laconic comment upon receiving
of the ending of the walkout that
news
and by sporadic
where,
be driven away with long-stalled goods.
Gov.
was
the strikers
the vote had been taken and
terminals,
and
wharves
the
toward
trucks were waiting to
the
We're going back to work,"
back to work.
I
I. O. Affiliate Wins in
perishable commodities, tied up
millions of dollars' worth of strike-bound
in Boston freight
"We're going
moved for the
possible immediate movement of
signing of contracts which would make
trucks were
The
„
The State Board of Conciliation and Arbitration at once
Officials
A
when the strikers answered the
John M. Sullivan, "shall we accept the
Only about 50 scattered "no's" recorded
question of their union president,
proposition."
+-
3-Day Taxicab Strike in N. Y. City Ends as Drivers
Vote on Collective Bargaining Representatives—
Com¬
monwealth.
not
in
once.
C.
overwhelming voice vote after Gov
should so act in the interest of the entire
but their efforts did little to allay
noted
Associated Press
personally before a meeting of l,500
appeared
strikers to declare that they
•
appeal to the Court of Appeals.
It was added that Harry
Saeher, attorney for the two unions of strikers, both of
which are affiliated with the Congress of Industrial Organ¬
izations,
In
advices of Jan.
.
■>;
was
were
beaten
York "Times" that Justice
Colin's dissent gives the unions a right to take a further
It
promise, Governor Saltonstall of Massachusetts was pre¬
pared to declare a state of emergency.
One death was
attributed to the strike, and numerous cases of violence
A
20.
Cotillo,
Justice
imposed.
compromise settlement retained
the former 48-hour week, but granted $39 for the period,
with overtime allowances, as compared with the former scale
of $33 to $37.
Had the strikers refused to accept the com¬
of the higher court became known,
that the decision
Justice
Oct.
Remitted
Are
Sentences
the
Strikers had sought pay of $40
mise wage-hour proposal.
a 40-hour week.
The
truck on the Boston-Providence highway
'
At
helpers which
paralized the movement of foodstuffs in the city of Boston
and hampered industry throughout much of New England
was ended on Jan. 11 when the strikers accepted a compro¬
but gave them
„
upheld the contention of the company that tap-dancing
statements made by, the pickets did not correctly
Cotillo
Justice
and
seven-day strike of 5,000 truck drivers and
A
for
Picketing
The
48-Hour Week
when he comes to New
have invited me.
you
5,000 Truck Drivers End
as
reigning British sovereign.
Consul General receives
Transportation of Foodstuffs
Free
the first time in our history, of a
is announced for
which
World,
1939
14,
Jan.
Chronicle
Mooney's complete innocence.
Mooney stood to receive the document,
mounted the rostrum by the
Governor's side and said:
^
Governor Olson, I shall
mon
dedicate the rest of my life to work for the com¬
good in the bond of democracy.
are threatening the world.
reactionism
Dark and sinister forces of Fasecist
Volume
148
Financial
The present economic
system is in a state of decay—not just here but
throughout the world.
It Will be
replaced, and, I hope, by a new and
better
social order.
To that end I
pledge my efforts, and to work for the
Although Mooney spoke smoothly and with
broke
he
as
promised also
to
freedom
seek
common
for
his
Warren K. Billings, who is in Folsom
prison for life and
ineligible for Executive clemency.
his
convicted
at present
voice
associate,
technically
Officially the pardon hearing was to give opportunity for
protests against
Mooney pardon, to which the Governor long had been committed.
the
In the course of his address
that
he
had
received
only
Lam born of Alameda,
the
Governor
the
before the pardon
one
brother of
a
hearing, Mr. Olson said
protest—presumably
of the
one
pardon would form
"the
that
from
F.
Ben
bomb victims, who warned
basis
for
impeachment
an
or
recall action" against him.
Mr.
Olson
asked
any
For
objections
to
"step forward and state
impart."
full 30 seconds the Governor stood in
silence, facing the audience
500.
No one spoke.
Absent were the prosecutors and State
a
of about
officials who fought and defeated
Mooney at every major turn in the courts
for more than 20 years.
The Governor, however, took
cognizance of a letter from the newly
elected Attorney General, Earl
Warren, who professed a lack of knowledge
of the Mooney case, but
expressed the hope that the hearing would develop
"no reflections on the
judiciary."
"I
am
impressed," said the Governor, "by the fact that
of Californians still believe that
fact that his
I
am
Mooney is,guilty.
has been heard in
case
form
one
impressed by the fact that five of
him.
or
I
thousands
many
lawyer I
a
said
the
that
another in all the courts.
predecessors have not pardoned
my
The
reasoning of the courts in refusing
new trials.
They were limited by statutory restrictions upon their power
to review newly discovered evidence
merely because it did not develop
within the short period
prescribed by the law."
21
that
declaration
stituting
the
of
large
a
American
republics had served notice
they
principles of the solidarity of America, in part
expansion
implementation
of
the
of
The
American
republics have made it
to
torial
integrity,
maintain
institutions
threaten
tion
the
policies.
against
threats
peace
in
and
to
The
world
declaration
in
the
or
of
force
the
that
they stand
this
of
of
protection
acts
of
the
Conference
its
of
The agreement
and
peace
nature
any
that
the
upon
might
declara¬
American
conference.
declaration .of
to
con¬
pact,
fashion by the democratic
processes
As a corollai'y to the
principles on which
solidarity is based, and as an evidence of their deter¬
and
not
of
true
consultative
hemisphere, their terri¬
international
relations, their own
those institutions.
or
Aires
clear
peace
of
America
reached
mination
the
national
that
was
defend
principles
solidarity of
discussion
or
and
their
and
the
institutions
Buenos
of
consultation, represent great prog¬
adopted at former inter-American conferences.
beyond the agreements
favored
the
procedure
ress
tolerate
subversive
hemisphere, the Conference adopted
activities
of
aliens
resolution, and
a
in
the
American
declaration
a
these
on
subjects.
Outstanding at the conference
international
the
on
tions
can well understand the
the
world
formal statement in which
a
were prepared not only to defend
their peace, but were
ready to sponsor liberal trade policies
as the
only means of alleviating recognized economic chaos
and providing for "a
peaceful trading world."
In his prepared
statement, Mr. Hull said, in part:
impressed by the
am
•
"As
he
219
Maria, and issued
united
with
one
to me here and now the information
he desires to
.,
liner Santa
on
good.
apparent calm,
Chronicle
law
and
and their
and
The
lawlessness
earth,
peoples
order
and
that the
based
was
realization
a
international
'situation
by the delegations that
anai'chy
be
can
exist
cured
and
in
ultimately
international
on
many
the
be protected only by acceptance
can
justice
areas
rights of
of
a
and
na-"
system of
good
faith.
Conference therefore adopted
a resolution setting forth principles which
a
program, susceptible of universal
application, designed to safeguard
rights of all peoples and all nations—rweak and
strong. By these prin¬
ciples the Conference sought to make it
/clear that the nations of the
offer
the
From San
Quentin, Cal., Associated Press
said in part:
Thomas J.
.
•
••
accounts Jan. 7
fast auto¬
a
mobile to drive 90 miles to
Sacramento, where it is expected he will receive
pardon from Gov. Culbert L.
a
Olson after a brief hearing. '•
The 56-year-old prisoner, whose death
sentence in the 1916 San Francisco
Preparedness Day
case was commuted to life, said that he arose at
at his quarters in the
last meal
4:30
a.m.
prison hospital and had what he hoped would be his
but
that
do
principles
the
of
public
the
seek
do
of
of
all
themselves
advocate
and
relations
the
will
that
world
have
international
rights
isolate
international
republics
of
to
strongly
opinion
American
system
not
they
relations
nations
and
based
of
all
rallied
most
a
the
the
Olson,
first
Democratic
day after his inaugural ball
amounted to
if
California's
fulfill in
to
the
in
44
State Capitol here what
a
Mooney left San Quentin
reported.
The
formal opposition to his petition had been
no
he
would
in
effect
convicted
was
and
subsequently being commuted
of Woodrow
exonerate
Mooney of the
sentenced
life
to
1916
death—the
to
imprisonment
on
desire
penalty
the urgent request
Wilson.
States,
intend
or
ference.
It
to
did
individuals,
and
regardless
broad
given
program
to
professional
and
and
the
The
to London,
York—Starting Lecture Tour at
Columbia University, He Says Only United States
Can
Jan
in
New
Save
World
Masaryk,
Britain and
from "Forces of
former
Czechoslovak
Evil"
the
Great
to
Czechoslovak
Republic, Dr. Thomas Masaryk, arrived in New York from
London on Jan. 7 and began a lecture tour in this
city with an
address at Columbia University in which he
urged the United
States to unite against "the works of the devil
going on in
Europe."
He said that the question of world decency and
democracy, as exemplified by the boundaries of Czecho¬
slovakia today, is larger than the mere
destiny of his Nation,
and he declared that
the
United States
holds
the
balance
between
liberal
government^
and
dictatorship.
Further
quotations from his remarks follow,as given in the New'York
"Herald Tribune" of Jan. 7:
be
peoples
for
can
save
the things
Europe not by going there to fight but by standing
going
are
abroad.
on
will be too late.
safe because ethical diseases
of the
within her borders
balloons which
Unless you
Masaryk
greet Mr. Masaryk
with
newspaper
Among those who
were
one
.
.
At
of the
gave
of
Fascist
"I
am
reporters
during
the
down
aboard
the cutter
went
half-hour
to
representatives of 124 Czecho-Slovakian societies
He said that he
citizen of a democratic German province than a citizen
a
Czecho-Slovakia.
"Frontiers
fighting for democracy."
.
.
longer interest me,"
no
...
he
said.
Speaking of the recent Munich settlement,
If it
did
the settlement
as
not,
God
save
Masaryk said
Czecho-Slovakia
United
his
States
native
on
us
all!"
which led
Later on,
to the partition¬
however, he described
"selling Czecho-Slovakia down the river."
Tells
Mr.
of
that
in
he
of Visiting Benes
had
London,
seen
and
former
that Mr.
President
Benes
the next trip of the Washington.
land could
be saved,
was
Eduard
coming
Benes
to
the
Asked if he thought
Mr. Masaryk said: "They tried for
one
thousand years to swallow tis up, and they never succeeded."
Mr.
Masaryk
a
was
trustee of Columbia University.
♦
Secretary
fields.
strengthened
broad
a
The
,
the
would
for
republics
American
the
this
Peru
the
upon
which
has
acted
did not
Lima
Com
continue
to
who
also wish to
the
of
members
present
pay
been
by
the
in .educational,
genuine
understanding
to
extended
the
the
and
re¬
Conference
Conference.
is
The
to
offi¬
charged with'the arrangements
were
effipiency and tact.
delegations
in
approbation and thanks of all
time I
host
accomplishments of
were
advanced
'
as
displayed statesmanship,
shown to all of the
visitors
and
interchange
basis
courtesy
is
unity of
of
purpose
political
Lima
of
and
during
The hos¬
the
to
the
many
Conference
us.
tribute to the splendid cooperation and
ciur
of
or
on
the part
other
of the people of the United
affiliations
of
domestic
a
greatly increased the effectiveness of the work
of our
'
I
return
be of
real
effects
from ,the
and
the
of
Conference
Those
based
equality,
peaceful
The
conviction
as
that
time goes
and
principles
justice
offer
and
friendly relations
charter
a
for
freedom—the
among
States
character.
That
.delegation.
its
results
will
the far reaching
on
more
apparent
international
indispensable
and
conduct,
foundation
the nations of the world.
eighth Pan-American Conference, and the conclusion
of its
Dec.
the
principle^ there .enunciated will become
significant.
upon
with
permanent value and that
sessions
31,
page
on
Dec.
27,
was
referred to in
our
issue of
3995.
Hull
Returns
*
Secretary of State Cordell Hull, who headed the United
delegation to the eighth Pan-American Conference
at Lima, Peru, returned to this
country on Jan. 9 on the
Death
of
Ward
C.
Pitfield,
Firm of W. C.
President of the Montreal
Pitfield & Co.,
Ltd.
Ward C. Pitfield, President of W. C. Pitfield & Co., Ltd.
of Montreal and one of the leaders of finance in Quebec, died
in the Montreal Neurological Institute on Jan. 11 after a
long illness.
He was in his 47th year.
Born in St. John,
New Brunswick, Mr.'Pitfield attended Rothesay Collegiate
School arid entered business with the Atlas Cement Co. of
New
York, later joining the Eastern Securities Co.
Prior
War, Mr. Pitfield entered the service of the
the World
Royal Securities Corp., but left the company's staff at the
war to join the 30th
Battery Canadian Field
Artillery, later moving to the 6th Battery Canadian Siege
Artillery. Following the war, he rejoined the Royal Securi¬
ties Corporation where he served as Vice-President and
General Manager until 1928, when he formed his own com¬
pany.
President of the firm of W. C. Pitfield & Co., Ltd.,
Mr. Pitfield was also a partner in the firm of Pitfield & Co.,
member of the Montreal Stock Exchange and the Montreal
outbreak of the
ment
Trust
President of Canadian International Invest¬
Co.,
Chairman of Canadian Telephones and
Supplies, Ltd., Chairman of Phillips Electrical Works, Ltd,,
Vice-President of British Columbia Telephone Co., and a
Director of other Canadian organizations.
from
Eighth Pan American
Conference at Lima—Says Meetings Resulted in
Enduring Gains
States
.
Curb Market,
introduced to the gathering by Leon
Fraser, Vice-President of the First National Bank of New
York,
republics
own
delegation.
Those who followed
proceedings of the Conference will agree, I believe, that our delegates
every evidence that in the fundamentals of inter-American relations
there
to
,
ing of Czecho-Slovakia, Mr. Masaryk said: "If it brought peace it is worth
while.
and
regardless
fact
for
,
of
Conference
foreign
loyal"work
the
made
Peruvian Government who
He
and not permanent.
Mr. Masaryk reaffirmed his strong faith in democracy.
would rather be
the
some
...
members of the United Czech Society of America.
are
policy,
military alliances at
further
was
plans
Americans do get on
I've read about in the newspapers."
chatted
trip on the cutter.
which
of
You're 3,000 miles away but you're not
fly through the stratosphere faster than
added that the present situation was a transitional
Mr.
some
and
race
.
which
the job soon it
the
deserve
of
and saying that she is not goingf to have
of
other
Mr. Masaryk made it plain that he was not
advocating American military
"America
traditional
our
American
1
congratulated
cials
intervention in European affairs by saying:
up
with
or
the
scientific
Government
pitality
Minister
of the first President of
son
of
a
for
respect
upon
If
the
to
their cooperation in support of an inter-American and world
that will bring peace, economic welfare and a
recognition of human
That hope was fully realized.
' ;
„
This
.study
among
Masaryk, Former Czechoslovak Minister
Arrives
political
that
.
principles,
contribution
"
accordance
seek
hope
inforced.
Jan
in
these
strengthen
program
bombing,
death
United
rights.
•
,
pardon
of which
The
chose
years,
virtual promise to grant
Mooney's petition for a full pardon
reasonable opposition developed.
no
As
Governor
world,
fundamental
universally applied.
to
law
upon
the
of
and
valuable
^
Mr.
rest
sound
be
can
be
can
made
from
support
religion.
convict.
as a
world
new
.
,
Mooney left San Quentin prison early today in
Death
of
Herman
Oliphant,
General
Treasury Department
Counsel
of
Herman
Oliphant, General Counsel of the Treasury
Department, died of a heart ailment on Jan. 11 at the Naval
Hospital, Washington. He was 54 years old. Mr. Oliphant
.
Financial
22C
with the Roosevelt Administration in
General Counsel of the Federal Farm Board
at which time Henry Morgenthau Jr. was Chairman of the
Board.
When Mr. Morgenthau became Secretary of the
Treasury, Mr. Oliphant was made Counsel to the Secretary
and in 1934 he was named General Counsel.
When
informed of Mr.
Oliphant's death, Secretary
Morgenthau said:
associated
became
March, 1933
as
by the death of Herman Oliphant.
He was a great idealist, a
great public servant and a deeply loyal friend.
Both to his Government
and to me personally his death comes as a bitter loss.
I
am
inexpressibly shocked and grieved
My profound sympathy goes to his family.
financial and economic measures of the
Although he disclaimed
tration.
gold and silver fiscal policy.
Fleet Corporation.
Emergency
Born
Director
Assistant
and
Intelligence,
of the
of its most
of
B
Director of War
division
the industrial
-
Oliphant was educated at
He taught there, and also at Indiana University before
Columbia and Johns Hopkins.
He was author of several legal
Aug.
31,
on April 10.
nominating of this committee was made
issue of Dec. 24, page 3855.
slate of nominees
its
in
our
.
1884, at Forest,
Ind., Mr.
Appointed Member of
Fraser
Leon
Federal Advisory
Council for New York Reserve
,
War, Mr. Oliphant was Assistant
During the World
Trade
March, to which members
in
The Board of Directors
Washington as
coming to
Nominating Committee will
new
current Adminis¬
General Counsel of the Farm Credit
Administration, in 1933, Mr. Oliphant was known chiefly as a Professor of
Law, whose integration of economics and sociology with the study of law
at Columbia and Johns Hopkins was adopted later by Harvard and Yale.
Until
Bissell & Meeds.
Baker Jr., Laird,
W.
hold three meetings
and allied members of the
Exchange and also non-member limited partners will be
invited for the purpose of suggesting nominees for the offices
and positions to be filled at the annual election of the Ex¬
change on May 8. The Nominating Committee will report
The
shaping the Treasury's
He also had much influence in
devoted exponents.
member firm engaged in a
authorship of the undistributed profits
far back as the Civil War, he was one
tax, tracing its roots as
metropolitan area who is a
outside of said
Charles
non-member of the Exchange residing
general or limited partner in a
business involving direct contact with the public:
allied member or
One member or
A reference to the
credited with a major role in preparing some
Mr. Oliphant was
most noteworthy
L. F. Rothschild & Co.
Gammack & Co.
Leonard A. Hockstader,
John G. Winchester,
"Post" of Jan. 12 it was stated:
In the Washington
1939
Jan. 14,
Chronicle
District
of the Federal Reserve
Bank of
meeting held Jan. 5, appointed Leon Fraser
as a member of the Federal Advisory Council for the Second
(New York) Federal Reserve District to serve during 1939.
Mr. Fraser, who is President of the First National Bank of
the City of New York, New York, succeeds Winthrop W.
Aldrieh, Chairman of the Chase National Bank, New York.
New York, at a
Marlon College.
going to
Legation in Venezuela Raised to Rank of
Embassy—President Roosevelt Appoints F. P. Corrigan as First Ambassador—Diplomatic Exchange
Follows Similar Action with Respect to Colombia
American
v
volumes.
♦
Report Urging Amendments to State Labor Relations
Act Adopted by New York Chamber of Commerce
Gwyn, Chairman of the Special
Committee on Industrial
Problems and Relations, the
Chamber of Commerce of the State of New York adopted
motion of Lewis R.
On
Jan.
on
Labor
5
report urging four amendments to the State
Act.
The desired changes were substan¬
a
Relations
tially the
same as
the Chamber
recommended for the Wagner
Labor Act at its meeting last month, and indicated in these
columns Dec.
10, page 3547.
President Lawrence was
authorized at the Jan. 5 meeting to appoint a special com¬
mittee to consider the serious problems confronting the rail¬
solution.
roads and to make recommendations looking to their
Five
Elected to Membership in
Chamber of Commerce
of State of New York
meeting Jan. 5, the Chamber of Commerce
following five men to
membership in the Chamber:
v
At its regular
of the State of New York elected the
Olin L. Brooks, President of the
'
\
Surety Executives.
made
by
as new
Ambassadors.
As to the Venezuela
approval,
a
change, which requires
Congressional
State Department announcement of
Dec. 23 said:
of our mission there is due to
the increasingly
tendered his resignation,
The
Mercantile
Chicago
the
New members elected to the mart's governing board for a
Picked
brings the total number to eight. Argentina, Brazil, Chile,
Cuba, Mexico and Peru are the other nations which the
United States deals with diplomatically through full-ranking
has
Jan. 4 that voting under new election rules,
Frank P. Collyer of
an
approved preliminary arrangements for completion of the
change.
Venezuela will also elevate its legation in Wash¬
ington to an Embassy. This action followed a similar change
announced Oct. 1 with respect to the diplomatic mission in
Colombia.
The addition of these two countries to the list,
which the United States now has Latin-American Embassies,
Venezuela
between the United States and
which has been accepted, tp take
effect on
from Caracas about Feb. 1, 1939- "
President has indicated his intention of designating the
his departure
adopted last July to prevent "automatic" tickets, members
of the Chicago Mercantile Exchange on Jan. 4 selected four
new governors and reelected 5 from a field of 19 candidates.
Regarding the election the Exchange said:
Bros.
of
status
which has been accompanied by a progressive and sub¬
stantial growth in the commerce between the two countries.
The Hon. Antonio C. Gonzalez, now American Minister to Venezuela, -
of Governors
were
The United States raised
during recent years
Chicago Mercantile Exchange Elects New Board
was
Minister to Colombia.
its legation in Venezuela to the
Embassy on Dec. 23 when President Roosevelt
Braden is American
The elevation in the grade
Inn is O'Rourke, of J. & I. O'Rourke.
on
the first
Minister
C. Gonzalez who has resigned from the diplomatic
At the same time the President named Spruille
of New York as Ambassador1 to Colombia.
Mr.
cordial and friendly relations
Henry W. Jarrett, of the National City Bank of New York, and
Announcement
Braden
Trust Co.
Frederic P. Fiske, Vice-President of the Montclair
Exchange
Antonio
service.
Globe & Rutgers Fire Insurance Co.
Claude W. Fairchild, General Manager of the Association of Casualty &
Roosevelt nominated Frank P.
President
10,
Jan.
On
Corrigan of Ohio, present Minister to Panama, as
Ambassador to Venezuela to replace American
P. Corrigan, now
ordinary and
has
Reynolds Resigns
Bank
National
Shields & Co. and Roy E. Eldredge of Dauber
& Co.
■
by the Congress.
Chairman of the First
Continue as
Director—Arthur
Curtiss
James
Retires
From
Board—Net Earnings of Bank in 1938 $10,865,.199
Jackson E.
2-year term
directors to serve for one year were Joseph Godow
J. Godow & Co. and J. Y. Marshall of Swift
Plenipotentiary to Venezuela as soon
been taken
Hon. Frank
Ambassador Extra¬
as thQ, necessary action
Minister to Panama, to be the first
of
of
New
as
York—Will
'
/"•
I-year term; the other incumbents were returned for a 2-year period.
resignation of Jackson E. Reynolds as Chairman of
First National Bank of New York was
made known at the annual meeting of the bank on Jan. 9 by
Leon Fraser, President of the institution.
A statement
issued by the bank said:
,
$ J. V. McCarthy, Nick Fennema, Edw. Kirschbraun, and J. L. Theisen
are board members
being replaced.
O. W. Olson, G. B. Shawhan, and
years ago,
Reelected
Governors
include
Michael
E.
Fox,
.
,
President
now
The
L.
Scheiber, ex-officio member of the board; W. E. Sage, at present 2d
D.
Vice-
Pfesident; Miles Freidman, and Harry H. Field, the only candidate not
Mr. Freidman was chosen for the
picked by the nominating committee.
Maurice Mandevflle
are
held-over Governors.
..
o'
new
number
a
Jackson E/Reynolds, who
directors
p, Named as members of the Exchange's 1939 nominating committee were
George E. Cfark, D. J. Coyne, L. R. Davis, E. J. LeFebvre, and A. Rohol.
$ The
the Board of the
board, which holds its first meeting Jan. 16, will choose from its
President, two Vice-Presidents, a Treasurer and a Secretary.
mitted to resume his
that the purposes
were
five
nominating
members
Exchange has
of
a
the
committee.
The
Chicago
Mercantile
membership of 474.
Committee
Annual Election
New York City,
outside
elected
was
as
follows
on
Jan. 9:
Four members of the Exchange:
William Shippen Davis, Blair S. Williams
Walter M. Giblin, Paul H. Davis & Co.
Ernest L. Jones, Pyne, Kendall & Hollister
Walter W. Stokes Jr.,
Two
allied members
metropolitan
area
Stokes, Hoyt & Co.
or
of the
partners in member firms
v.
i,
1,
1
{
lie:
& Co.
non-members of the
Exchange residing in the
City of New York who are general or limited
engaged in
*
a
business involving direct contact
needed
the necessary changes in the
stockholders' meeting all directors were
At the
The
re-elected except Arthur
personal reasons, declined to allow his name to
Mr. James was first
the senior member
be
elected a director in 1907 and retires as
of the Board.
resignation of Mr. Jackson as President
made ef¬
noted in these columns Dec. 12,
1936, page 3777; his recall to the bank to become Chairman,
was reported in our issue of July 3, 1937, page 50.
At this week's annual meeting of the bank President Fraser
reported its net income in 1938 as $10,685,199, equal to
$108.65 a share, compared with $11,247,000 in 1937, or
$112.47 a share.
Gross earnings in 1938 were $14,624,160,
including net earnings from loans and investments of $13,015,291, other earnings of $695,815, net profits on securities
of $910,851 and miscellaneous credits of $2,204.
The further
report was indicated in the New York "Herald Tribune" as
fective Jan.
The 1939 Nominating Committee of the New York Stock
Exchange, composed of four members of the Exchange, two
allied members or non-members residing in New York City
and one member or allied member or non-member residing
„
by-laws to abolish the position.
considered.
Elected—-To Report Nominees for
of Officers on April 10
have been accomplished,
the office of Chairman was no longer
organization of the bank and made
Curtiss James, who for
New York Stock Exchange 1939 Nominating
by the
Mr. Reynolds will continue to serve as a
•
The Board determined that
the
bank two
be per¬
His fellow directors, feeling
for which he was made Chairman
Director.
in
cast in the election of the nine Governors and
ft A total of 186 votes
interrupted retirement.
today assented to his request.
Heretofore, the "automatic" ticket had called for the election of the Ex¬
change officers and three directors to serve two years,
retired from the Presidency of the
and upon the death of George F. Baker was recalled
to serve as Chairman of the Board, has requested that he
1, 1937, was
follows:
Deductions included operating expenses
loans
and securities
of $1,451,570, net charge off on
of $1,075,549, reserves for taxes and assessments
of
Volume
Financial
148
221
Chronicle
$1,217,000 and miscellaneous debits of $14,842.
The bank charged off
$3,356,32i on defaulted securities, the principal item of which was $3,200,-
the slate shown to him by the
000 Erie Railroad bonds, and reinstated in book value of assets credits of
neither he
$2,343,271.
or
down
Mr.
Eraser said
reserved against.
or
$865,199
was
that
all defaulted bonds
direct issues, 43%
were
bank's
been
a
written
balance of
carried to undivided profits raising that item to $9,072,832.
Of the First National Bank's government
mainder
had
After dividends of $10,000,000,
over ten years
matured in five
securities holdings, all of which
years,
47% in ten years and the
(all calculations being to the nearest call date).
building, which is carried at $5,000,000, cost $3,300,000 and is
sessed at
realized
$6,500,000.
rental in the year of
a
as¬
Prom the building, 75% of which is rented, the bank
$562,500, of which it paid $300,000 for the
it
space
to
any way
that of the Commission
was
obtain SEC approval of our tentative
purpose was
solely
were
him
for Governors of
necessary
that
we
felt that the men
were
that
Frankfurter's
Approved
Supreme
Sub-Committee
Appointment
by
The nomination of
Senate
Felix
Court
to
Jan.
12, by
Frankfurter, Harvard law
pro¬
sub-committee of the Senate Judiciary Com¬
Judiciary Committee will have to pass on
a
ship
among
any
fessor and New Deal adviser, as an Associate Justice of the
United States Supreme Court, was unanimously approved
mittee.
we
The full
Frankfurter
Benjamin Cardozo, who died last July
ing accorded Prof. Frankfurter on
dispatch to the New York ^Herald
In
the late Justice
Regarding the hear¬
Jan. 12, a Washington
.
Tribune'^aidjn part:
hour and p. half the Harvard law professor, who has been long an
an
influential adviser of the New Deal, gave to the committee a summary of
his
political and social philosophy.
and was not
view of life
now a
or
He declared that he had never been
Communist and that Cpmmunism did not represent his
of government.
He affirmed his attachment to the American
system of government.
tl4
The nomination of Mr. Frankfurter
referred to in
was
Frank
Dunne
by President Roosevelt
issue of Jan. 7, page
our
Re-elected
President
55.
J.
O'Kane
Jr.
were
re-elected
First and Second
Vice-Presidents, respectively; Tracy R. Engle was elected
Secretary and Louis Albert Gibbs, Treasurer.
Harry Ray Amott, Archibald C. Doty, Mr. Engle and
David
R.
Mitchell
elected
were
and
Dunne
Mr.
re¬
was
elected to the Board of Governors for three years, to serve
with Frank Y. Cannon, Mr. Gibbs, David J. Lewis, Mr.
O'Kane,
Oliver
J.
C.
A.
-.
Bettman
New
Mr.
Truster,
Willett.
'
■
Curb
Unterberg
■" '/•
and
Meyer
*V.
Nominated
York
as
Chairman
,
of
Board
of
Exchange—Other
Nominations
for
Governors
of
Board—Chairman
Hassinger
Declares Untrue Reports that Chairman Douglas
of SEC Approved Slate
Jan.
The Nominating Committee of the New York Curb fixchange, of which W. H. Hassinger is Chairman, announced
on Jan. 9 its nomination of Clarence A.
Bettman, a Governor
of the Exchange since 1933 and Chairman of its Finance Com¬
mittee, to serve as the first Chairman of the Board of Gover¬
nors under the new constitution
adopted by the members
At the
time the committee selected 15 class A
same
Governors,, who are regular members of the Exchange, 12
class B Governors, who are non-member partners of regular
members, or associate member, or non-member firms, and
2 trustees of the gratuity fund.
The following is the list of nominations, made public
Jan.
9:'
..
'•«-*
•*
-
%
.*
our part
his part of
a
ass
A Members of the
Class
A
•
Members
Charles
M.
.
,'
of the Board of Governors—3-year term: Edward
Finn,
William
J.
Johnston,
Henry
Parish
2d.
B
Beane Jr.,
Members
B
E.
term:
Alpbeus C.
Henry Dorr Boenning, J. D. Stetson Coleman and Charles N.
1
Members of the
Board of Governors—2-year term: Sherman
M.
Bijur, Philip W. Brown, Thos. J. Hickey and John A. Wright Jr.
Class
B
Members of the Board of Governors—3-year term:
Benjamin
H.
Armstrong, Jacques S. Cohen, E. Burd Grubb and John B. Lord.
Trustees
of the Gratuity Fund—3-year
term:
E.
I.
Connor and
E.
M.
Williamson.
Hassinger, Chairman, James R. Dyer, John J. Murphy. George J.
Bernhardt and H. Leonard Rothschild.
officially be made known
Confirms
Appointment
of
James
P.
Pope
as
Member of TV A Board—Three Other Nominations
The
appointment of former Senator James P, Pope of
a Director of the Tennessee Valley Authority, was
confirmed by the Senate on Jan. 12.
President Roosevelt
nominated Mr. Pope on Jan. 5 to fill the vacancy created by
the removal of Dr. Arthur E, Morgan, former Chairman of
the Authority, as was reported in these columns of last week,
page 55/
The Senate on the same day also confirmed the nomina¬
tions of John W. Hanes of North Carolina as Under Secretary
of the Treasury; Preston Delano of Massachusetts as Comp¬
troller Of the Currency, and Ellen S. Woodward of Mississippi
as a member of the Social Security Board.
'
Idaho
as
Council
Hold
tion
Hot
.
to
Springs,
of
Bankers
Meeting April
American
Spring
Associa¬
23-26
at
Va.
The annual spring meeting of the
Executive Council of
place on Feb. 14.
Regarding recent reports in the daily papers to the effect
that Chairman Douglas of the Securities and Exchange Com¬
mission had approved the Curb nominations, Chairman
Hassinger of the Nominating Committee of the Curb Ex¬
change issued the following statement on Jan. 6:
| The reports appearing in the
press
this morning concerning the recent
conference between members of the Nominating Committee and Chairman
were an
what actually transpired.
unauthorized and inaccurate representation of
The report that Chairman Douglas "approved"
*
the American Bankers Association will be held April 23-26
at The Homestead, Hot Springs, Va., according to announcemen;
by Philip A. Benson, President of the Association, and
President of the Dime Savings
Bank of Brooklyn/Brook¬
The meeting of the Executive Council of the
Association is second in importance and authority only to
lyn, N. Y.
the annual convention of the
organization held in the fall.
More than 300 bankers and members of their families from
all sections of the country are
The purpose Of the meeting
expected to attend the meeting.
is to receive reports from the
various divisions, sections and committees of the Association
and to study questions of policy and operation of the Associa¬
v'//
tion.
-
.
♦
New
•
1
T
'
York
to
Chapter of American Institute of Banking
Offer Six New Courses at Spring Semester
U
John
A.
President,of New York Chapter of The
Banking, announces that New York
Chapter has included in its curriculum of banking and in¬
vestments for the coming-spring semester, the following six
new subjects:
budgets, case study on credit, management of
trust
assets,
negotiable instruments for window men,
standard of real estate, valuation and appraising, and
applied banking English.
Registrations for the new subjects and other courses offered
by New York Chapter will be accepted during the week of
Jan. 16 at the Chapter office in the Woolworth Bldg., 233
Broadway, New York City.
Classes will begin the week of
Elbe,
American Institute of
...
r
ITEMS
ABOUT
BANKS,
TRUST ^COMPANIES,
&c»
made Jan. 11 for the transfer of a
New York Stock Exchange membership at $69,000.
The
previous transaction was at $68,0Cf0, on Jan. 5.
Arrangements
were
♦
Zampariello, an Assistant Vice-President and
Manager of a branch of the East River Savings Bank, New
York, has been knighted a Chevalier of the Order of the
Crown of Italy by King Victor Emanuel III, it was announced
Jan. 12.
Mr. Zampariello was Assistant Secretary of the
Italian Savings Bank which merged with the East River
Savings Bank in 1932. Mr. Zampariello, a native of Italy
has been in America since 1901.
''The honor conferred upon
Zampariello is in recognition of his financial service to
Italians in the United States and of a deep and sympathetic
interest in philanthropic work," the announcement said.
■
The annual election will take
Douglas of the SEC
at
was never
Mr.
The following made up the Nominating Committee:
W. H.
position of leader¬
There
Ga^tano
of the Board of Governors—1-year
Schenck Jr.
Class
a
desire to participate in individual suggestions.
and
Robert B. Stearns.
Class
to it.
was
Board of Governors—1-year term: David S. Cooper,
Class A Members of the Board of Governors—2-year „term: Edwin E. Frost,
Herman N. Rodewald, Wm. B. Steinhardt, Morton F. Stern and Ramon O.
Williams.
place itself in
1-year term: Clarence A. Bettman.
Henry W. Ford, James Gilligan," x\ustin K. Neftel and Edward J. Shean.
Barry,
soon
that he approve individual names or any
•
J an. 23..
Chairman of the Board of GovernorsC
We told
tentatively selected possessed the
attitude towards the future of the Curb
same
10.
Seriate
f-
Dec. 12.
had
that he felt that the standards we were
That is all there
request on
Executive
Security Dealers Association for a third term on Jan. 5 at a
meeting of the Board of Governors.
Clarence E. Unterberg
and John
on
reorganized Curb Exchange.
The announcement of the Committee's slate will
on
re-elected President of the New York
was
Our
York
New
of
Security Dealers Association
Frank Dunne
slate are also erroneous.
Approved
named to succeed
was
.
highly commendatory and that if the new Board of Governors
exchanges.
any
suggestion
before the Senate.
Mr.
■
us
had taken Hie Curb should
time
the sub-committee's recommendation before the nomination
comes
a
we
He told
proved in fact to take the
Felix
.
explain to Chairman Douglas the manner in which we
to
applying
increase in the year of 58.
■
of our visit to Washington
had approached our task and, in general, the qualifications which we felt
only
an
He made it clear that hi3 interest and
The press reports indicating that the purpose
was to
required qualifications.
share,
in the selection of any individuals for office in
solely in the practices, procedures and policies
of any given management of any given exchange.
occupied.
Operating expenses totaled $180,000 and taxes were
$188,000.
Of the 5,300 stockholders at the end of last year, 1,700 owned
one
Chairman
the SEC had any desire or authority to approve or disapprove
nor
participate in
the management of any exchange.
re¬
The
Committee is absolutely untrue.
Douglas made it clear beyond question to members of the Committee that
In the 20th annual report of the Discount Corp. of New
York, submitted to the shareholders on Jan. 9, it was indi¬
cated that after making provisions for taxes, the net profits
for the year were $512,614.
000 were declared during
Dividends amounting to $350,the year from the undivided
profits, being at the rate of 7% per annum on the capital
stock.
The report was submitted by John McHugh, Chair¬
man
of the Board.
As of Dec. 31, 1938 the corporation
shows total assets of $97,977,685 compared with $98,418,728
at the end of 1937.
The latest statement shows, among the
Chronicle
Financial
222
As of Sept. 30, 1938, tlie bank had deposits of
$26,562,977; total resources, $31,297,067; cash and due from
banks, $7,381,358; loans and discounts, $17,824,112; United
States Government securities, $3,542,161, and State, municipal and corporate securities, $1,454,237.
—-—At the organization meeting of the directors of the bank
on Jan. 12 Edward E. Adamec was appointed Comptroller
of the Sterling National Bank & Trust Co.
against
banks is
against $3,229,057; United
acceptances discounted of $2,870,505 as
$5,567,874 for Dec. 31, 1937.
Cash and due from
assets,
reported at $3,610,421 as
States Government securities and bought
now
year ago.
under resale agree-
ments, $91,282,486 as against $89,319,073.
Loans payable
and due to banks and customers decreased to $57,998,085
while United States Government securities
to $26,677,000 on
Dec. 31 last, compared with $14,600,01X3 at the end of the
previous year. The capital account shows capital and surplus
unchanged at $5,000,000 each but undivided prof its increased
from $2,510,628 at the end of 1937 to $2,673,242 at the end
from $70,929,745,
agreements—amounted
—repurchase
«
William A. Creelman, formerly Assistant Cashier, has
been appointed Assistant Vice-President of the National
City Bank of New York.
Lewis B. Cuyler and Earl C.
Randies were made Assistant Cashiers of the bank.
The
annual report of Chairman James H. Perkins at the annual
meeting of the stockholders on Jan. 10, is referred to in another column in this issue.
" V
of 1938.
•
Hanover Bank
of Dec. 31, 1938, shows total
deposits of $939,260,374 as compared with $902,148,549 on
Sept. 30.
Resources totaling $1,042,703,017 compare with
$1,003,885,446, Sept. 30.
Cash on hand and due from
banks amounted to $639,591,439, against $586,751,189;
holdings of United States Government securities to $153,bills Pur'chased
The statement of condition of the Central
New York,
& Trust Co.,
as
'
•
♦
The,directors of the City Bank Farmers Trust Co., New
York, on Jan. 12 appointed E. Bates McKee as an Assistant
Secretary.
"
♦
,
Continental
the
statement of
Tbe
Capital and sur-
$163,466,432.
Jan. 14, 1939
of
Bank & Trust Co.
the Corn Exchange Bank Trust Co.,
increased to $61,254,376 from $59,715,259 a year ago. Cash on hand and due
from banks amounted to $26,156,653 compared with $27,730,559; holdings of Government securities totaled $6,900,000
against $7,605,625; call loans to brokers showed an increase
to $9,256,862 from $6,313,928; collateral loans, $7,029,718
against $9,460,636, while commercial loans and discounts
were $9,042,370 as-compared with $8,798,565.
Capital was
unchanged at $4,000,000, and surplus and undivided profits
were $4,319,600 against $4,158,687 on Dec. 31, 1937.
xhe Continental Bank & Trust Co. of New York announces
the appointment of Eugene L. Voss as Assistant Vice-President iri charge of the mid-Western territory. •
Mr, Voss
resigned on Dec. 31, 1938, from the Chicago office of the
Reconstruction Finance Corporation, where he was in charge
0f tbe Bank Division.
He has been active in Chicago financjai affairs for the last 15 years, having been identified
wjth the Harris Trust & Savings Bank and later served,
until its merger, as Executive Vice-President of the old
Dearborn State Bank of Chicago.
$297,683,409, its total
$331,722,240.
At the
December, 1937, deposits were $292,526,346, and
resources on that date totaled $325,972,477.
Holdings of
President of the Central Savings
j>arik of New York, announces that by action of the bank's
Board of Trustees
Carl Cordes, who held the office of
$171,263,070,
to
against
New
plus remain unchanged at $21,000,000 and $60,000,000,
respectively, and undivided profits increased to $11,537,029,
against $11,133,648 on Sept. 30, last.
•
Dec.
The
1938, statement of New York Hanseatic
31,
Corp., New York, disclosed that the surplus account now
that this corporation added
$34,688 during 1938 to its surplus.
Total assets as of Dec.
31, 1938, are shown as $24,982,471, against $18,972,384 as
of Dec. 31, 1937.
Cash in banks and on hand totaled $1,116,653 compared with $1,032,592 as of the close of 1937.
Bankers' acceptances including those pledged as collateral
at the latest date total $1,459,525, compared with $1,838,409,
and United States Government securities, direct and guaranteed, on hand and pledged as collateral amounted Dec.
31, 1938, to $15,246,960, as against $12,225,881.
Capital
stock is unchanged from a year ago at $2,000,000.
stands at $785,969, indicating
As of Dec. 31, 1Q38,
•
♦
■■
New York, reports total deposits of
resources on that date
standing at
end
.
Sfd States Government securities aDec. 31ago. shown as
are Cash in
$144,500,000, against $131,350,000
year
at thlend
unchanged
l^PnU.o oqoU] A™qiP7gq7
$15,052,1)39 on Dec. 31, 1937.
T3
rp,
.
p
,
increased t0 $19,038,831 from
•
1
vt
X'
it>
i
National Bank
appointed Herbert P. Howell, heretofore President
as Chairman of the
Board and made Walter G. Kimball,
Senior Vice-President, the new President,
Other appointments follow:
-
.
Frank V. Forreital
was
■
,
rw
Secnrtary and
'
appointed
Armstrong
$2,968,616
Charles
Summers
Assistant
appointed
■
-
Vice-President
Assistant
from
4
Assistant Auditor.
appointed Assistant Cashiers: George S. Hall, Robert
The following were
■■
'
♦
1
■
•
<
The Board of Directors of the Chase
National Bank, New
York, on Jan. 11 elected George Champion, William L. Hildeburn, Roland C. Irvine, John S. Linen and Seymour Mon-
Griffiths, Henry J. MacTavish, Arthur B. Murray,
G. Ross Second Vice Presidents.
Earle W.
Richard
Allen, Edwin Cornell,
,Ruz
the
because
Directors
in
Vanderbilt
Cornelius
of
were
Aldrich,
where
Robertson and Alfredo NV
•,
annual
resignation of
bank
James E.
appointed Assistant Cashiers.
meeting of stockholders
were
At
ill
health
re-elected.
Chairman
these
<
,
was
Board,
10 the
Director
a
announced.
The annual
of the
columns
as
Jan.
of the
on
Other retiring
report of Winthrop
is
referred
to
else-
today.
National Bank
statement of condition
deposits,
discounts
total
resources
were
loans
in
$28,581,619
1938, reports increases
and
$32,701,981,
tlie
annual
respec-
stockholders, of tlie Brooklyn
meeting of
Brooklyn* N. Y., held Jan. 9, Trustees
whose terms
re-elected for tliree-year terms. The stockholders approved an amendment to the by-laws authorizing
the Board of Trustees to fix by resolution the number of
its members, such number to be not less than five nor more
than twenty. Tlie remarks of President George V. McLaughpn at the annual stockholders' meeting Jan. 9 are referred
were
another part of
in
our
issue today.
-—♦
its
Peoples National
The
Bank of Brooklyn, New York, in
of Dec. 31, 1938 indicates an in$286,000 and a net increase in un-
its report of condition as
in
crease
divided
resources
profits
of
of $36,816
and
in
surplus of $7,000 after
payment of taxes, dividends and depreciation. A $20,000 or
$12,408^464 at the end of 1937, while
discounts
stock, was paid on Feb. 1, 1938 and $17,000 or a like 5%
and
due
$14,-
against
totaled $12,£$1,691 as compared with
31,1937, figures of $11,985,262. Holdings of United
and
the Dec.
York,
.
year's banks amounted to and
totals of $27,136,292
from
Cash
as
of Dec. 31,
New
resources,
oon111C^ase over
ol4,622
Co.,
At
expired
to
Trust
cash holdings and loans and
compared with Dec. 31, 1937.
Deposits and
total
as
as
&
•.■
„
♦——1
,
Trust Co.,
-
"—♦
Sterling
in
'
/
BUShwick Savings Bank of Brooklyn, N. Y., repOltS deposits, exclusive of Christmas Club, as of Jail. 1, 1939, OI
$18,542,849, an increase in the last six months of tlie year
of $294,333
Resources were shown at $22,688,756, and loans
on first mortgages amounted to $10,491,428.
According to
Jere E. Brown, President, the bank has an unbroken record
of 156 consecutive dividends.
Dividends have been paid
consecutively since 1873, tlie date of organization, and
since 1923 have been paid on a quarterly basis,
Francis
and
W.
Conovicli, Malcolm Corduan,
Vice Presidents; Alexander
roe
.*
,
*
George F. Butt appointed Auditor from
J. Rudin, and James w. Truesdaie.
bonds,
with $4,078,901. Deposits increased to
with $8,904,292 three months ago. Gapi-
tal stock and capital notes remained unchanged at $600,000
and $150,000, respectively, and surplus and Undivided profits
totaled $420,522 compared with $415,009 on Sept. 30.
'
Cashier,
Cashier
and investments in
$2,587,410,
against
$9,072,194 compared
Assistant
from
*
Dec. 31 compared with $2,902,767 on
liand and due from banks amounted to
on
casll On
l^nigOT. compared
appointed Assistant Vice-President from Assistant
Lake
:
;
Trust Co.
'$2,614,363
30;
.
Vice-President
Assistant
.'
C.
o£
/'V
Cashier.
Lauriston
.
,
i,
*
'
♦
of New York reports an Increase in
total assets as of Dec. 31, 1938, to $10,345,734 from $10,153 5g4 reported on Sept. 30, 1938.
Loans and discounts
Olinton
ComptrollOT
Audi^rf^ ™ aPP
In 1934,
1927
junior clerk.
holding that post until
Assistant Cashier,
^be bank
appointed Vice-President in addition to Manager
ot
L.
hefobecame
when he wag made. Assistant Secretary. His present apas Assistant Vice-President coincided almost to
the day with the thirty-first anniversary of his service in
Jan. 11
R.
ings Bank in December of 1907 as a
pointment
t
"TTt—7<
j.
-■
Co., New York, at the organization meeting on
Trust
Assistant Vice-Presi-
with the Central Sav-
Cordes became connected
M
dent
^°rteu
The Board of Directors of the Commercial
and
—-«
Edwards,
Assistant Secretary, has been named
at $15 (XX) (XX) and
is
G.
Charles
of
TicnoQo Icq fr°n
at $86,982 163.
Capital
City shows that the deposits
York
i?qV€rDSe
on Dec.
$0,202,169
31, 1937,
^■ecrease^ to $2,743,088 from
State, municipal and
whereas
corporate securities increased to $2,116,617 from $975,958 a
5%
common
pas been
stock
as
dividend,
reserved for
of
f-0 $193,000.
vearlv
stock
Feb.
a
in
retirement
of
further retirement of the
1, 1939, reducing the amount
preferred
preferred
outstanding
Thehasis
common stock is at present on a $1.50
dividend
'
■■
»
,
..
Volume
148
Financial
Total deposits of
$151,433,430 and total
resources
of
Chronicle
614,500
are shown in the condition statement of the
FidelityUnion Trust Co. of
Newark, N. J., as at the close of busi¬
Dec. 31, 1938, as against $150,913,283 and
$167,937,028,
$1,823,610 against $1,792,900 three months
now7
Charlotte, N. C., for
C
''
..
•
The Central-Penn National
its
statement of condition
■
Bank
of
as
■.
of
Dec.
,
Mr. Miller
•"
.
Philadelphia, Pa., in
31, 1938, shows total
assets of
$67,195,437 as against total resources of $65,720,880
Sept. 28 last, the principal items of the latest statement
being:
Cash on hand, in Federal Reserve Bank and due
from banks, $18,651,232 (against
$19,424,776 on the earlier
date); time loans and discounts, $20,038,274 (comparing
on
and
came
Cashier of the First
was
seven years thereafter.
to
Cashier Jan.
12, 1904.
He was chosen President in 1916, and on
1926, when the consolidation occurred, Mr. Miller headed the
March 1,
enlarged institution.
When the National Credit Corporation was
organized in 1931 to provide
credit facilities for banks throughout the
country, it was the
additional
plan to have
Districts
an
outstanding banker from each of the 12 Federal Reserve
of the
Nation as a director.
Mr. Miller was chosen from the
Fifth Federal Reserve District of which Richmond is the
center.
Mr. Harris becomes the first new President of the
institution since 1916.
.
born
was
in
Louisa
banking business in 1912
of Richmond.
ensign in
County, Va., 45
as a messenger
years
ago
.
and first entered the
for the Merchants National Bank
With the exception of a period in 1918 when he served
the United
States
Naval
Reserve
as an
Corps, Mr. Harris has been
with the bank
continuously throughout his career.
On the completion of
his naval service, he returned to the bank
and,was made Auditor in 1919,
Assistant Cashier in 1920, and Cashier in 1923.
On the consolidation of the First National and the Merchants
thus
forming First and Merchants in 1926, Mr. Harris
Cashier,
and in
1930
was
chosen
Assistant
with
$20,063,064); United States Government securities,
$10,48o,010 (having risen from $8,574,822), and demand
loans, $8,584,342 (against $8,264,656).
Deposits are shown
as
$55,380,008 (contrasting with $53,695,001 on Sept. 28),
Vice-President in 1934, was elected
while capital and
National,
was]elected Assistant
Vice-President.
He' became
densed statement of condition
surplus remain the
same at
$3,040,000 and
$5,000,000, respectively, and undivided profits
against $2,123,261 at the end of September.
are
$2,198,400
'
•
The
Tradesmens
National
Bank
&
Trust
Co.
of
Phila¬
United
States. Government securities as $10,351,491 (com¬
paring with $11,875,360), and loans and discounts as $16,-°
605.754 (against $15,444,896).
The bank's capital and sur¬
plus are unchanged at $3,300,000 each.
Total
Cleveland
The
are
Pa., in its condition statement
the
at
as
close of
business
Dee.
31,. 1938, comparing with $241,225,387 and $338,589,433,
respectively, at the close of business Sept. 30. In the pres¬
ent
statement
272,936
(as
United
loans
States
investments
and
against
$143,596,782
Government
securities
$69,492,812
(comparing
with
shown
$136,-
as
date);
as
$138,881,435
on
ing risen from $133,826,408), and cash
as
are
the" previous
on
hand and in banks
$55,367,246
on
Sept.
(hav¬
30).
The capital of the company remains the same at
$1,500,000,
but surplus adc-ount has been increased to $81,500,000 from
$78,500,000,
and
undivided
$881,960 from $2,957,195
profits
account
Trust
Co.,
722,507,
.
Cleveland, Ohio, in its
con¬
against $334,995,097 and $372,418,181, re¬
Sept. 30, 1938. * Cash on hand and in banks in
present report totals $121,104,463 (comparing with
$113,749,950 on Sept. 30);
United States Government
obligations, direct and guaranteed, $105,887,757 (up from
$99,082,807), and loans, discounts and advances, less
reserves,
$123,431,853 (down from $124,411,366).
The
company's capital structure is given as $32,623,181, against
$32,588,153 at the end of September.
Harris_Creech is
as
on
President of the institution.
decreased
to
\
«
The National City Bank of
Cleveland, Cleveland, Ohio, in
of Dec. 31, 1938, shows total
$170,510,646 (comparing with $164,836,054 on
Sept. 30 last), of which the principal items are:
Cash and
due from banks, $56,941,207 (as compared with
$56,570,261
resources
as
of
three months ago) ;
United States Government obligations,
$51,353,846), and loans and
discounts, $33,720,297 (against $36,185,851).
On the debit
$55,965,093
side
of
(comparing with
the
statement, the bank reports
corporation, indi¬
deposits, savings deposits and trust and
public deposits amounting to $150,731,730 (contrasting with
$148,002,953 on Sept. 30).
Capital stock has been increased
vidual
and
bank
to- $9,000,000
from
$7,500,000, and surplus account to
$4,000,000 from $3,250,000, but undivided profits are down
to $721,303 from $1,263,259..'
♦
the earlier date.
on
.
as of Dec.
31, 1938, reports
total deposits of $316,528,545 and total resources of
$382,-
its .statement of condition
'
deposits of $252,993,443 and total resources of $350,reported by the Union Trust Co. of Pittsburgh,
420,79$
.
♦—
the
delphia, Pa., in its statement of condition as of Dec. 31,
1938, reports total deposits of $42,818,266 and total assets
of $53,080,437 as against $40,345,726 and
$49,971,463, respectively, on Sept; 28, 1938. Cash on hand and due from banks
is given as $17,524,273
(against $14,398,575) ; holding of
♦
member of the Board of Directors in
a
1935 and Executive Vice-President Jan. 11, 1938.
spectively,
,
1893 he
Richmond as Cashier of the First National Bank
(now First and Merchants) Feb. 1, 1902, and was elected
Vice-President
He
ago.
From 1890 to
National Bank of Buchanan and National Bank Examiner for the
next two
years.
He was Cashier of the Merchants and Farmers National
Bank at
ness
respectively, at the close of business Sept. 28 last.
The
principal items comprising the assets in the present state¬
ment are:
United States Government obligations, direct
and
fully guaranteed, $49,822,298 (comparing with $45,160.753 on Sept. 28) ; loans and discounts, $44,739,211
(against $48,341,460), and cash and due from banks, $31,370,865 (against $34,488,519).
There is no change in the
company's capital and surplus at $7,250,000 and $6,250,000,
respectively, but undivided profits have increased, being
223
National Bank in 1883.
$168,-
Total
The
in
First
National
its condition
Bank
of
Baltimore,
Baltimore, Md.,
statement as of Dec.
31, 1938, reports total
deposits of $170,103,317 and total assets of $182,835,793 as
compared with $154,738,566 and $166,880,852, respectively,
on June 30 last.
The principal items comprising the assets
in
the
current
report
Cash
are;
and
due
from
Federal
Reserve Bank, $32,011,140 (against $29,548,154 on the earlier
United States Government securities, $121,500,000
(comparing with $106,885,000) ; due from banks, $12,548,783
(against $9,313,473), and loans and discounts, $11,978,484
(comparing with $13,493,922).
The bank's capital and sur¬
date) ;
plus
remain unchanged
at
$4,000,000
each,
but
profits have risen to $2,659,524 from $2,617,362
on
National
Bank,
Richmond,
Va.,
on
Jan.
10,
John M. Miller Jr., President of the institution for 23 years,
was elected Chairman of the,Board, a
newly-created position,
and
H.
Hiter Harris, Executive Vice-President, was made
As Chairman of the Board, Mr. < Miller will
President.
remain the chief executive officer of the bank and
will dis¬
charge his present duties,While Mr. Harris will continue to
perform the responsible duties assigned him with the added
title of President.
James M. Ball Jr., Cashier since 1920,
was made Vice-President and Cashier, and Gilbert J. Hunt
and Robert T. Marsh Jr., Assistant Cashiers, were ad¬
vanced
of
to
Assistant
Vice-Presidents.
the trust department
Trust
Officers,
namely,
Also
three
members
same
meeting it
was
on
June 30,
In the current statement the principal items making
the
Loans
and
discounts, $42,238,429
Jtme 30) ; cash in vault
and
with
(in comparison with $52,754,946), and United States Government bonds, $36,350,395
up
resources
(comparing
are.
with $42,845,661
banks, $41,329,414
on
(comparing with $23,197,891 on the earlier date).
The
capital now stands at $12,840,000 (against $12,920,000
bank's
on
June
30), and surplus and
$1,246,020 (against $1,370,538).
undivided
profits
are
'
*
,
First Natinal" Bank of Chicago,
Chicago, LI., were reelected at the annual meeting of the
shareholders, held Jan. 10. Edward E. Brown, President of
the bank, following the subsequent meeting of the Board of
Directors, announced five promotions, viz.:
Louis H.
Northrop and Vernard S. Higby from Assistant Cashiers to
Assistant Vice-Presidents; Robert G. Collins from Assistant
Secretary to Assistant Vice-President; Charles Z. Meyer from
Auditor to Comptroller, and Edmund Burke from Assistant
Auditor to Auditor.
Five Assistant Cashiers? (all promotions
from the bank's clerical staff) were also named.
They are:
Charles A. Aspinwall Jr., Leslie H. Dreyer, Ellerton A.
Lodge, R. Kenneth Newhali.nd Edward H. Callies.
officers of the bank
were
Other
reelected.
«
staff were promoted to Assistant
Robert L. Gordon Jr., W. D.
Richardson and J. H. Baskerville.
At the
1938.
All of the directors of fhe
meeting of the Board of Directors of the First* and
a
Merchants
comparing with $124,924,558 and $140,731,071
June 30.
♦
,
At
undivided
deposits of $126,209,282 and total assets of $141,818,791 are reported by the Central National Bank of Cleve¬
land, Ohio, in it$ condition statement as of Dec. 31, 1938,
The
Continental
Illinois
National
Bank
&
Trust
Co.
of
Chicago,
announced that the directors
Chicago, 111., in its statement of condition as of
Dec. 31, 1938, reports total resources of $1,386,357,129 (as
had authorized the transfer of $200,000 from the undivided
compared with $1,264,344,973
profits account to surplus, thus making the surplus $3,000,000, the same amount as the capital.
Undivided profits
chief
items
are:
Cash' and
due
(having increased $510,138,223)
$552,642.
With total resources of more than $75,000,000, the First and Merchants, it is said, remains in the posi¬
;
from banks, $580,203,742
United States Government
pared
tion it has held for years as
Sept. 28 last), of which the
on
296,426
are
Virginia's largest bank.
It
was
established in
April, 1865.
Regarding the banking
Mr. Miller's election
a
31,
as
careers
of Mr. Miller and Air.
Chairman of the Board of Directors is the climax
long and distinguished career.
He
was
1868, and his first position in banking
(com¬
$166,-
(against $156,074,304).
Total deposits are shown
$1,257,555,445
(comparing -with $1,139,197,294 on the
earlier date).
The institution's capital remains at $75,000,000, but surplus account has been increased to $20,at
Harris, the bank's announcement said, in part:
of
obligations, direct and fully guaranteed, $552,089,385
with $506,735,827), and loans and discounts,
born in Lynchburg,. Va.t March
was
as
clerk in the Lynchburg
000,000
from
$13,711,537,
up
•
$18,500,000,
and
from $10,573,334
1
undivided
on
profits
Sept. 28.
are
now
Financial
224
Bank of
Savings
&
Trust
Harris
the
of
Stockholders
Jan. 10, elected
James M. Barker, Vice-President, Treasurer and a director
of Sears, Roebuck & Co., a member of the Board of Directors.
At the directors' organization meeting, held the same day,
the following promotions were made in the bank's personnel:
meeting
Chicago, 111., at their annual
on
Donald P. Welles, formerly Assistant Vice-President to
Vice-President; Joseph B. Mitchell, formerly Assistant Cash¬
Vice-President; Norman N. Feltes, formerly
to Assistant Vice-President; George H.
ier to Assistant
Rigler, formerly Assistant Cashier, to Assistant VicePresident; Hardin H. Hawes, formerly Sales Manager to
Assistant
Vice-President; Charles C. Looney, formerly
Assistant Comptroller,
to Comptroller, and Merwin Q.
Lytle, formerly Assistant Secretary to Assistant VicePresiaent.
also the following new officers: J.
Ward, Kenneth V. Zweiner, John J. McDonough,
Errett Van Nice, all to be Assistant Cashiers; Henry M.
Tibbits, to be Assistant Secretary; Fred L. Stone and
Mary A. Kennedy to be Personnel Officers.
The directors elected
Russell
condition
its
statement
the
at
as
business
of
close
31,1938, the Northern Trust Co. of Chicago, 111., reports
total resources of $364,805,756
(as compared with total
hand
$351,453,834 at the close of business Sept. 28, 1938),
which the chief items are:
Cash and due from banks,
of
$134,590,356
(against
$139,686,633
the earlier date);
on
$108,643,115
Government securities,
States
United
(having
securities,
$79,471,974 (compared with $73,345,814), and other loans
and discounts, $18,460,850
(against $18,847,801).
On the
side
debit
deposits
total
statement
the
of
other bonds and
$105,490,076) ;
from
increased
are
shown
as
$339,976,957 (against $326,895,993 on Sept. 28).
Capital
and surplus remain unchanged at $3,000,000 and $6,000,000,
respectively. Solomon A. Smith is President of the company.
United States Government obligations (com¬
$204,762,463), and $61,792,434 loans and dis¬
(against $44,701,540).
Total deposits on Dec. 31
are shown at $391,573,872 (contrasting with $382,811,649 on
the earlier date), while the bank's capital structure is given
as $30,227,615
(compared with $30,439,821).
with
pared
counts
«
111.,
Chicago Title & Trust Co., Chicago,
of the
Jan. 9 elected three new directors, one to fill a
on the board and the others to provide for the en¬
on
vacancy
James II. Douglas
largement of the board to 17 members,
fills
the
created by the death of Noble Brandon
vacancy
during the past year, and Chester
both Vice-Presidents of the
which occurred
Judah,
R. Davis and Kenneth E. Rice,
constitute the additions to the board.
pany's announcement continued, in part:
The com¬
company,
Mr.
Douglas,
member
the
in
with
is
Chicago,
of
R.
with
the
and
Shaw,
Field, Glore & Co.
United
the
of
Corp.,
Chicago
States
condition statement as of Dec. 31, 1938,
reports total deposits of $50,747,118 and total resources of
$55,166,094 (comparing with $46,999,269 and $51,311,975 on
June 30 last).
The principal items comprising the assets
in the current statement are:
Cash on hand and due from
leans, La., in its
admitted
to the
Mr. Douglas
University of
United
Illinois
Rice is
Mr.
1913, and is a member of the Chicago,
bar in
of
director
a
of the
National
and the Chicago Real Estate
LaGrange National Bank, a trustee
and Vice-President
the
Real
Estate Foundation,
the Chicago
Better Business Bureau.
Directors
whose
terms
themselves
to succeed
schein, Judson
expired and who were reelected
Amos C. Miller, Hugo Sonnen-
were
F. Stone, Donald Riley and William
Scott
Bond.
Total
$139,686,242
of
resources
are
shown
by
the
National Bank & Trust Co. of Chicago, Chicago, 111.,
year-end statement of condition, comparing with
City
in its
$130,694,627
The chief items making up the assets in
the Dec. 31 statement are:
Cash and due from banks, $62,-
on
Sept. 28 last.
706,486
on Sept. 28); United
$33,991,266 (contrasting with
(comparing with $60,377,993
States Government securities,
$31,500,315), and loans and discounts, $32,439,018 (which
were $29,924,879 on Sept. 28).
Total deposits are shown as
$131,196,813 (comparing with $122,42o,420 on the earlier
date).
Capital and surplus remain the same at $4,000,000
and $2,000,000, respectively, but undivided profits have risen
to $994,994 from $831,743 three months ago.
its statement of condition as
In
Dec.
(as compared with $13,210,931).
The
at $2,700,000, but surplus account has
$500,000 from $400,000, and undivided profits
$11,996,798
anteed,
bank's capital remains
are
to
(against $387,924 on June 30).
$218,366
now
The stockholders of the bank, at
Jan.
10, reelected
at the close of business
31, 1938, the Manufacturers National Bank of Detroit,
pared with $132,675,692 at the close of business Sept. 28
last. In the current statement the principal items compris¬
direct
three
and
United States Government obligations,
$42,138,522
(against $34,530,199
guaranteed,
months
drafts)
ago)
;
loans
and discounts
(including over¬
(comparing with $36,938,199, and cash,
other banks, including reserve balance, and
$39,856,169
balances
with
cash items in process of
collection, $41,428,382 (against $38,-
(having
risen from $118,438,039 on the earlier date).
Capital and
surplus remain the same at $3,000,000 each, but undivided
profits have risen to $1,040,000 from $662,847 on the previ¬
Total deposits are shown at $126,103,116
399,496).
ous
date.
Total
assets
statement
as
of
of
$425,215,257
Dec.
31,
are
1938,
of
shown in the condition
the
National
the Board for the
Later in the day the directors, at their
organization meeting, made the following promotions:
George W. Owen Jr. from Cashier to Vice-President and
Cashier; R. G. Fitzgerald from Assistant Vice-President
to Vice-President; J. M. O. Monasterio from Assistant VicePresident to Vice-President; W. W. Pope from Assistant
Vice-President to Vice-President, and Addison O. Wood from
ensuing
year.
Assistant Cashier to Assistant Vice-President.
officers
of the
headed by R.
renamed,
were
All the other
S. Hecht, Chairman
Board, and A. P. Imahorn, President.
increase of approximately 16%
'
in deposits is shown
the
in
year-end statement of Wells Fargo Bank & Union
San Francisco,- Calif.
Deposits on Dec. 31, 1938,
amounted to $246,986,651, a. gain of $33,988,797 over the
Trust Co.,
$212,997,854
Cash
with
reported
the
on
same
the corresponding
on
date
aggregated $61,153,306,
date
in 1937.
compared
a gain of $10,681,436, or
Government securities regis¬
tered a 37.59% increase, amounting to $118,539,848 com¬
pared with $86,152,626 on Dec. 31, 1937, a gain of $32,387,222.
Loans and discounts were lower, aggregating $47,102,853 fin Dec. 31, compared with $55,985,101 on the corre¬
sponding date in 1937., Real estate loans advanced, how¬
ever, totaling $11,396,336 at the year-end, compared with
$9,785,863 at the close of 1937.
Undivided profits as of
Dec.
31, 1938, amounted
to $2,667,190, compared with
$3,574,877 the preceding year. However, surplus at Dec. 31
last totaled $6,000,000 against $5,000,000 on the like date in
$50,471,870
a
earlier,
year
21.16%, while United States
the
preceding year.
National Bank, San Francisco,
Calif., in its condition statement as of Dec. 31, 1938, reports
total assets of $233,624,667 (comparing with $230,791,771 on
Sept. 28 last), of which the principal items.are:
Loans and
discounts, $77,182,633
(against $88,940,986 three months
ago) ; cash and due from banks, $76,277,273 (against $58,599,304); United States Government securities, $51,188,012
(compared with $51,955,829), and State, municipal bonds,
other
securities, $19,823,754 (against .$22,027,246 on the
The
Anglo
California
earlier
date). Total deposits are given in the statement as
$204,848,751 (comparing with $204,226,417).The bank's
capital and surplus now stand at $18,000,000 and $4,000,000,
respectively, against $15,400,000 and $3,650,000 respectively,
while
undivided
profits
are
now
$2,215,892, up from
$1,976,324 on Sept. 28.
♦
In
its
Crocker
statement
of
National
First
condition
Bank of
as
San
Bank of
of Dec.
31,, 1938,
Francisco, Calif.,
the
re¬
total deposits of $135,869,246, an increase of more
than $6,763,000 over the statement of Dec. 31, 1937.
Of
secured deposits of $3,339,600, for which pledge of securities
ports
$162,125 represents public
$76,590,142; savings deposits,
$44,937,111, and time deposits $11,002,391.
Total resources
are
$151,491,494 in the current statement, an increase of
$6,679,588 over the figures of Dec. 31, 1937, while unpledged
securities of $66,452,043 represent an increase of more than
is
by
required
funds.
only
statute,
Demand deposits total
$9,866,000
the figures of a year ago.
over
Detroit, Mich., reports total assets of $140,441,615, as com¬
ing the assets are:
their annual meeting on
all the members of
4
Manager of the Title
Illinois State and American Bar Associations,
Treasurer
(against $20,883,411 on June 30, 1938) ;
$14,891,296 (up from $11,720,479), and
States Government obligations, direct and fully guar¬
banks, $22,477,331
loans and discounts,
and the Chicago Real Estate Board.
Vice-President and
Rice,
company,
was
of
Treasury.
of the
trustee
a
Division of
has been connected with the organization since 1909.
He
E.
the
and
became a partner
and 1933 he
Bar.
Bar Associations,
Kenneth
Board.
later
During 1932
organization since 1922, in which year he was admitted to
He is a
member of the Chicago, Illinois State and
the
Illinois
American
the
&
Strawn
'
Davis, Vice-President and Trust Officer of the company, has
&c.
Chester
been
of
firm
Secrectary
director
a
firm of Gardner,
Winston,
investment
Assistant
was
the practice of law in Chicago in 1924, is a
Carton & Douglas.
He was formerly
who began
of the law
associated
New Or¬
New Orleans,
Bank in
National
Hibernia
The
An
Stockholders
$416,287,911 on
$204,981,891
Dec.
assets of
1939
28, 1938), of which $135,480,314 represents cash on
and due from other banks
(against $141,658,881);
Sept.
increased
♦
In
(comparing with
Mich,
Detroit,
Detroit,
Cashier
Assistant
.
Jan. 14,
Chronicle
4
Statement
of
condition
Bank of Portland,
stated,
as
the
United
States
National
of Dec. 31, 1938, indicates, it is
all-time high in deposits of $120,956,352 and
$131,759,028.
This, it is said, represents an
of over $5,000,000 in deposits and in resources,
an
resources
increase
of
respectively,
Sept. 28.
now
Ore.,
of
stand
since
the
bank's
last
published
statement,
Capital, surplus, undivided profits and reserves
at
$10,322,051, also a high figure in its capital
structure.
4
annual statement of the Bank of Toronto,
Toronto, Ont., Canada, covering the fiscal year ended Nov.
30, 1938, shows net profits (after deducting $150,000 for
staff pension fund; $264,711 for Dominion and Provincial
taxes, and appropriations to contingent accounts) of $1,16$,717 (as against $1,165,372 the previous year). After, providThe eighty-third
Volume
Financial
148
ing, out of this sum, for paying regular dividends at the rate
of 10% per annum calling for $600,000, and for bank prem¬
ises write-off
of
$200,000,
a balance remained of $363,717,
$1,641,748, the balance to credit of
profit and loss brought forward from the previous 12 months,
made a balance of $2,005,465 to be carried forward to the
current fiscal year's profit and loss account.
The bank's
which
total
when
added
to
assets
are
shown in the statement as $148,612,366,
$140,572,874 last year, of which liquid assets amount
to $96,522,557, or 73.42% of total liabilities to the
public,
while total deposits are given as $121,401,568 against $114,382,821 a year ago.
The bank's capital and rest fund, at
$6,000,000 and $9,000,000, remain the same as last year.
up from
0
f
The statement of accounts
at Dec. 31, 1938, of Barclays
Bank, Ltd., of London (one of the "Big Five" English
banks), shows total resources of £474,622,484, representing
an increase of
approximately £5,000,000 over the figure for
the preceding year, according to advices received on Jan. 10
by cablegram at the New York representative's office of
the bank at 120 Broadway.
substantially
are
as
land,
follows:
Cash
£53,241,449;
checks
and
unchanged
in
in
notice,
Deposits, it is stated,
£433,081,185,
hand and
balances
of
course
short
at
as
with
collection,
£26,207,550.
with
the Bank
other British
£14,873,119;
Total
remain
while cash items
of
Eng¬
banks and
money
investments
at call
are
re¬
ported
at £96,876,802, of which sum £89,527,002 represents
securities' of, or guaranteed by, the British Government.
Despite
unsettled
the
international
situation,
activity
in
British trade has been well maintained, as reflected in the
figure for advances, which is £3,000,000 higher at £199,452,980, while bills discounted have increased by £4,000,000
to £54,594,153 and acceptances and endorsements for account
of customers have risen by £6,000,000 to £14,933,082, accord¬
ing to
the
bank.
Barclays
Bank, Ltd., recently declared
1938 at the rates of 10% on
the A shares and 14% on-the B and C shares, these dis¬
tributions being identical with those maintained for many
final
years
dividends
for
the
year
past.
' V
•
."
Chronicle
were few changes in the oil stocks.
The transfers
slightly higher than the preceding day, the total volume
moving up to 165,980 shares.
Aircraft shares were higher during the opening hour on
Thursday, but turned sharply downward due to profit taking
as the contents of President Roosevelt's message were made
known.
As the day progressed the selling extended to other
parts of the market, the decline in some instances ranging
up to 3 or more points.
Scattered through the list were a
few strong spots including among others Great Atlantic &
Pacific Tea Co. n. v. stock 1% points to 78%, and Fisk
Rubber pref. 1 point to 78.
Noteworthy among the declines
were Aluminum Co. of America, 3
points to 118; Childs pref.,
2 points to 52; New Jersey Zinc, 2 points to 55; Todd Ship¬
yards, 2% points to 75%; Singer Manufacturing Co., 4
points to 215; Safety Car Heating & Lighting, 5 points to
58 and Penn Salt 5 points to 160.
Curb stocks were moderately stronger during the opening
hour on Friday, but as the session progressed the trend
turned downward and many of the market leaders closed on
were
the side of the decline.
high priced
CURB
There
were a
Great Atlantic & Pacific Tea Co.
n.
v.
stock which moved
Trading was quiet, the transfers dropping to 139,000 shares
against 224,000 on Thursday. As compared with Friday of
last week the range of prices was toward lower levels,
Aluminum Co. of America closing last night at 116 against
128% on Friday a week ago; Aluminium Ltd. at 130% against
139; American Cyanamid B at 25 against 27%; American
Gas & Electric at 33 against 34%; Carrier Corp. at 18%
against 20%; Cities Service at 7% against 8%; Consoli¬
dated Gas of Baltimore at 71% against 72%; Electric Bond
& Share at 10% against 11%; Fisk Rubber Corp. at 10%
against 11%;" Ford of Canada A at 22 against 22%; Gulf
Oil Corp. at 38% against 39%; International Petroleum at
26 against 26% and Niagara Hudson Power at 8% against
8%.
TRANSACTIONS
AT
THE
NEW
YORK
EXCHANGE
CURB
-
EXCHANGE
Stocks
on the New York Curb
Exchange have
irregular with the trend toward lower levels during much
of the present week. There have been occasional periods of
strength but these were generally of brief duration and were
followed by further declines. Public utilities and industrial
specialties have attracted some speculative attention but the
volume of sales has been small and the changes largely in
•
number of issues in the
that worked against the trend, notably
group
t*P 2% points to 91; Childs Co. pref. which climbed 2 points
to 54 and Midvale Co. which forged ahead 2 points to 105.
DAILY
THE
225
and there
Price movements
Bonds (Par Value)
(Number
Week Ended
of
Jan. 13. 1939
been
Shares)
Saturday
Foreign
Foreign
Domestic
Government
Total
Corporate
$1,082,000
119,40 T
$1,056,000
Monday
180,310
1,669,000
13.000
6,000
1,688,000
Tuesday.
Wednesday
Thursday.
Friday
121,52f
1,690,000
17,000
14,000
1,721,000
165,880
1,580,000
22,000
18,000
224,410
1,681,000
1,560,000
9,000
37,000
1,727,000
138,665
2,000
12,000
1,574,000
970 19<
#9.236.000
$73,000
$103,000
*9.412.000
....
>
_
$16,000
$10,000
1,620,000
minor fractions.
the outstanding strong stocks during
on
Saturday and many
of the more active shares in this group moved up to new high
levels during the early trading.
Toward the close of the
market a moderate downward reaction due to profit-taking
was in evidence and some of the gains of the first hour were
Public utilities
Total.
were
the brief session of the Curb market
canceled.
Industrial stocks also attracted considerable specu¬
lative
attention and the aircraft shares moved briskly for¬
ward. Prominent among the issues closing on the side of the
Sales at
Week Ended Jan. 13
Calendar Year
New York Curb
1939
Exchange
Stocks—No. of shares.
1938
1937
1938
970,195
1,294,560
1,801,820
2,096,210
$9,236,000
$6,518,000
$15,932,000
$10,566,000
286,000
Bonds
Domestic...
...
.
..
73.000
143,000
142,000
103,000
73,000
165,000
209,000
#9.412 000
#6.734 000
$16,239,000
$11,061,000
Foreign government..
Foreign corporate
t
Total....
advance \yere
Mead Johnson, 2% points to 133; Newmont
Mining, 1 point to 79; Utah Power & Light pref., 134, points
to 51%; Montgomery Ward A, 134 points to 158%, and Fisk
Rubber pref., 1% points to 77%. Stocks closing on the side
of the decline included among others Aluminium Ltd., 2
points to 137; Chicago Flexible Shaft, 3 points to 67; Penn
Salt, 2 points to 165; National Power & Light pref., 2 points
to 72, and Colt's Patent Fire Arms, 2 points to 88.
Quiet trading and declining prices featured the dealings
on Monday.
There were a small number of fractional gains
scattered through the list but the market, as a whole, main¬
tained the downward trend of the last half of the previous
week.
Public utilities, which had been fairly strong for a
week or more, joined the decline as the market continued to
slip back and armament and aviation issues were generally
off on the day. Industrial stocks were quiet and there was
very little change in the mining and metal shares and oil
stocks. Among the noteworthy declines were Aluminum Co.
of America, 3% points to 125%; Quaker Oats, 3 points to
115; Aluminium Ltd., 3 points to 134, and Childs pref.,
2 points to 55.
Industrial shares, especially those in the higher priced
brackets, were in demand on Tuesday and some substantial
gains were registered in this group. Aircraft stocks were
firmer, particularly Lockheed Aircraft, which advanced to
32% at its top for the day, and there was some buying ap¬
parent in the preferred stocks of the public utilities. Trading
was very quiet, the transfers
approximating 121,625 shares
with 338 issues traded in.
the advance and
Of these 125
100 declined.
others Aluminium Ltd.,
were
on
the side of
The gains included
CLEARINGS
clearings this week will show an increase compared
with a year ago.
Preliminary figures compiled by us based
upon telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, Jan. 14)
bahk clearings from all cities of the United States from which
it is possible to obtain weekly clearings will be 9.3% above
those for the corresponding week last year.
Our preliminary
total stands at $5,942,585,375, against $5,434,986,952 for
the same week in 1937.
At this center there is a gain for the
week ended Friday of 14.5%.
Our comparative summary
for the week follows:
Per
Clear ing 8—Returns by Telegraph
Week Ending Jan.
1939
14
1938
New York....
$2,895,967,489
$2,528,569,926
Chicago.,
Philadelphia..
254,775,690
296,000,000
243,381,851
267,000,000
Boston
178,292,200
159,603,686
71,840,615
Cent
+ 14.5
+4.7
+ 15.2
+ 11.7
+ 1.8
Kansas City..
St. Louis
66,700,000
69,300,000
San Francisco.
119,512,000
114,785,000
86,646,743
+ 1.4
Detroit
87,871,924
81,113,350
75,365,809
70,960,533
71,038,942
56,184,193
+ 14.3
Cleveland
$4,180,790,559
771,363,920
$3,729,311,489
+ 12.1
741,830,590
+4.0
$4,952,154,479
$4,471,142,079
+ 10.8
73,166,436
Pittsburgh
52,025,653
Baltimore....
Eleven cities, five days.
Other cities, five days
Total all cities, five days.
990,430,896
963,844,873
$5,942,585,375
All cities, one day
$5,434,986,952
among
1% points to 135%; Chesebrough
Manufacturing Co., 2 points to 128; Columbia Gas & Elec¬
tric pref., 3 points to 59, and Mid vale Co., 3% points to 107.
Declining prices again prevailed during the greater part
of the dealings on Wednesday, and while there were a few
small gains registered by some of the slow moving stocks, the
trend of the market was irregularly downward. Aluminium
Ltd. was one of the weak spots, closing prices showing a
decline of 5% points to 130. Aluminum Co. of America was
also off and dipped 3% points to 121.
Armament stocks
were generally weak and aircraft shares were
substantially
lower.
Industrial and mining and metal issues were quiet
COURSE OF BANK
Bank
Total all cities for week
—3.8
+4.1
+6.1
—7.4
+2.8
+ 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 dayfcof
the week in all
has to be estimated.
detailed statement, however, which we
cases
In the elaborate
present further below, we are able to give final and complete
for the week previous—the week ended Jan. 7.
results
For that week there
of
clearings
for
was a
decrease of 9.6%, the aggregate
country having amounted to
the whole
Financial
226
$6,169,392,941, against $6,824,378,444 in the same week in
1937.
Outside of this city there was a decrease of 13.6%,
this center having recorded a loss of
the cities according to the Federal Re¬
serve
cities in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show a decline of 6.5%, in the Boston
Reserve District of 18.1%, and in the Philadelphia Reserve
District of 7.5%.
The Cleveland Reserve District suffers
a loss of 16.4%, the Richmond Reserve District of 13.5%,
and the Atlanta Reserve District of 9.8%.
In the Chicago
Reserve District the totals are smaller by 19.5%, in the
St. Louis Reserve District by 15.8%, and in the Minne¬
apolis Reserve District by 13.6%. , In the Kansas City
Reserve District the decrease is 11.0% and in the Dallas
Jan. 14,
Chronicle
Week Ended Jan. 7
Cledrlngs alInc. or
the bank clearings at
We
6.7%.
In the
1939
1938
Dec.
$
%
$
following
we
furnish
Seventh Feder al Reserve D istric—Chic ago—
—20.3
622,667
496,251
Grand
116,460,911
—11.8
3,280,571
1,857,835
—9.5
3,696,186
—16.1
1,676,420
901,235
1,428,001
—36.9
1,204,681
1,142,169
23,218,000
—4.7
23,191,000
+ 19.3
16,754,000
933,445
Wayne
Int.—Ft.
2,104,990
5,984,471
19,695,724
+ 9.0
—18.9
1,253,165
1,.508,800
—16.9
9,931,835
3,870,978
—0.2
9,450,983
—1.7
1,267,713
1,246,630
9,914,143
3,804,037
3,152,077
22,513,862
Rapids
85,797,698
1,401,212
5,794,789
Wis.—-Milwaukee
24,373,000
1,764,605
5,487i842
24,295,529
Indianapolis
South Bend
Terre Haute—
la.—Ced.
•
Des Moines.
-
.
111.—Blooming ton
338,371
407,612
—17.0
Chicago.-.---
285,884,117
376,965,431
—24.2
—15.1
3,513,577
1,055,484
1,313,086
1,255,445
4,594,108
1,281,317
1,451,799
407,752,298
580,838,286
Decatur
Peoria
by Federal Reserve
.1.
Rockford
Springfield
CLEARINGS
Total (18 cities)
1,178,310
7,878,942
355,030,792
1,066,147
4,864,746
19,203,980
„
3,027,485
505,261
Sioux City.—
districts:
SUMMARY OF BANK
546,099
713,790
115,944,932
102,682,193
2,969,091
1,558,210
-—-
Rapids.
Lansing..
12.2%.
a summary
—
$
'
Mich .-Ann Arbor
Detroit.
1936
1937
$
group
and San Francisco Reserve districts
1939
3,101,817
301,999
\
269,876,148
1,254,638
638,905
4,900,230
3,283,608
—17.6
1,491,262
680,735
—9.6
1,306,555
965,579
—19.5
554,350,708
421,627,970
80,200,000
30,991,304
16,807,713
—23.5
'
Inc.or
Week
End.
1938
Dec.
S
*
1937
1936
S
1939
1939
7,
Jan.
S
%
Eighth Federa 1 Reserve Dls trict—St. Lo uis—
Mo,—St, Louis.'.
247,803,024
302,407,727
3.819,366,202
Boston
2d
New York.. 13
3d
PhlladelphlalO
o
Richmond..
6th
Atlanta
5
Cleveland..
5th
7th
St. Louis
4,178,167,469
3,737,141,086
454,355,698
372,676,964
333,736,937
150,218,665
—13.5
.
Quincy...
112,721,205
157.665,102
Total (4 cities).
131,788,024
156,576,931
—15.8
129,890,598
560,838,286
131,788,024
156,576,931
—15.8
156.276,540
108,597,356
—13.6
96,061,550
81,419,859
Ninth Federal
135,393,423
152,143i364
—11.0
147.994,258
134,705,643
Minn.—Duluth..
3,126,165
67,693.831
77,134,355
—12.2
70,242,571
53,491,986
Minneapolis--1
61,170,432
238,858,206
272,053,145
—12.2
242,118,393
217,397,600
St. Paul
6,169,392,941
6,824,378,444
—9.6
6,683,132,336
5,879.211.817
N. D.—Fargo
S. D.—Aberdeen.
23,114,729
2,007,412
2,879,070,546
—136
2,545,913,059
2,250.798,338
.Mont.—Billings
356,258.687
385.014.700
-.32 cities
.
+8.1
383.941,846
Reserve Dis trict
$
Reserve Dlst rlct—Boston
*
%
•
$
•
731,634
-
—8.2
852,199
586,027
—18.0
3,255,007
2,622,477
—19.0
269,870,924
807.428
838,852
—3.7
763,038
421,167
+4.5
418,655
807,869
—18.6
760,035
3,001,545
4,208,235
—13.0
4,056,431
509,935
3,003,635
+0.1
2,712,152
2,756,655
108,597,356
—13.6
96,061,550
81,419,859
2,410,330
2,470.739
—2.2
2,354,433
13,879,222
17,530,961
—20.8
14,278,457
5,220,080
11,291,900
072,910
5,300,042
—2,7
5,094,091
12,023,400
-r-10.5
14,.502,600
1,712,574
12,899,632
4,050,240
10,876,700
672,882
+ 0.1
694,-945
247,803,024
302,407,727
—18.1
316,900,815
260,365,299
7,981,070 + 210.4
24,770,002
1,415,547
6,845,516
1,270,650
—17.3
718,269
—18.5
38,597,202
997,794
805,506
—11.6
733,886
3,080,818,804 3,945,307,896
11,138,125
9,187,050
Rochester
5,153,383
4,509,931
Syracuse
."
4,090,544
Westchester Co
3,971,709
4,987,426
Conn.—Stamford
5,024,945
N. J.—Montclalr
547,902
508,700
New York
21,458,273
44,098,920
18,923,375
Newark.;
38,717,592
Northern N. J.
Total (13 cities) 3,819,300,202 4,084,839,079
Third
—17.5
9,633,336
—11.3
4,974,703
3,690,272
+ 0.8
3,382,728
4,802,087
2,973,283
3,787,319
+3.8
*475,000
—11.8
21,449,180
47,786,110
—13.4
—6.5
+ 34.3
519,053
318,315 +211.1
—0.5
389.797
387,702
Lancaster...
Philadelphia...
Reading. „V
,
7,177,281
2,721,333
30,087,611
—7.6
30,298,601
3,788,146
24.2
3,083,912
3,406,152
4,097,450
—16.9
3,152,189
3,184,666
92,227,399
104,577,256
—11.8
102,717,069
90,737,929
3,663,073
28,970.641
2,869,814
-
.
+8.1
3,829,867
—7.5
662,755
751,796
779,189
735,437
Total (10 cities)
135,393,423
152,143,364
—11.0
147,994,258
134,705,643
3,474,441
Eleventh Fede ral
-
3,212,812
District—Da lias—
Reserve
1,843,183
+4.3
1,409,566
1,003,222
—10.8
54,278,030
40,754,693
8,532,734
—23.4
7,039,638
6,433,670
2,551.000
.
58.544,736
6,535,499
_
1,922,188
52,236,539
Texas—Austin.
„
Dallas
Fort Worth
2,846,000
—10.4
1,397,856
—23.4
2,942,000
1,085,536
2,005,000
'1, 071,149
3,377,4.56
3,969,846
—14.9
3,487,801
3,295,401
67,693,831
77,134,355
—12.2
70,242,571
Galveston
Wichita Falls..
La.—Shreveport
_
Total (6 cities).
Twelfth Feder al Reserve D istrict—San
X
.
53,491,986
+33.3
904,524
29,360,441
712,855
Ore.—Portland..
27,604,300
31,249,735
—11.7
27.938,580
25,566,066
Utah—S. L. City
14,799,693
17,682,821
—16.3
16,082,222
12,849,959
4,405,033
3,856,558
+ 14.2
4,793,301
3,916,412
4,870,786
—19.6
5,245,641
3,633,686
145,247,000
167,139,000
—13.1
148,180,000
135,478,049
San Jose
3,090,202
—18.7
2,975,089
2,509,859
Santa Barbara-
2,197,958
3,800,006
2,187,473
+0.5
1,761,427
1,421,560
2,321,941
2,491,933
—6.8
2,172,934
1,875,644
238,858,206
••272,053,145
—12.2
242,118,393
217,397,600
6,169,392,941 6,824,378,444
—9.6
Calif.—L'g Beach
Pasadena.
San
413,676
274,110
458,865
313,588
1,218,722
1,418,021
—14.1
1,518,975
1,057,400
422,000,000
—7.8
439,000,000
360,000,000
1,925,486
2,014,466
1,089,064
2,528,873
—r23.9
1,403,248
+ 20.4
1,255,076
1,159,570
1,807,359
—35.8
1,826,409
1,286,852
1,400,461
5,614,400
4,643,500
+ 20.9
4,246,000
438,064,881
—7.5
454,355,698
Grand
total
'
3,989,481
»
(111
cities)
4,506,700
405,296,405
Total (10 cities)
32,064,675
6,883,132.336 5,879,211,817
.974,713
3,036,715
1,543,082
3,217,014
FYancisco.
Stockton
f,
566,885
723,392
34,024,952
Yakima
4,178,167,469 3,737,141,086
a—
Franc isco—
37,836,810
938,023
—10.1
1,250,715
W ash.—Seattle..
372,676,964
'
Outside New York 2,488,574,077 2,879,070,548
—13.6 2,845,913;059
2,250,798,338
&
—13.9
2,449,464
Week Ended Jan. 5
Clearings atInc. or
1939
Total (10 cities)
2,594,301
—16.6
16,769,289
389,000,000
.
Scranton
Wllkes-Barre..
York...
N. J.—Trenton..
3,239,672
780,332
34,866,854
'
990,213
Chester
—14.9
831,172
4,50,000
—2.9
090,842
Bethlehem
593,558
767,015
—6.7 4,037,219,277 3,628,413,479
Reserve Dis trict—Phlla delphi
Federal
Pa.—Altoona....
129,058
3,214,726
31,344,371
30,000,000
30,400,000
585,081
712,140
30,100,000
121,645
2,736,276
1,114,411
•
Jamestown.
•-
—4.1
768,629
6,538,325
—8.8
1,551,765
Elmlra.
Buffalo
100,439
109,359
*-•-0.6
167,518
650,683
York
Feder al Reserve I) istrict—New
City
129,581
Pueblo.......
525,097
Blngharnton
as
128,704
3,037,622
New Haven...
•
Reserve Dis trict— Kans
796,041
.
Hartford
Second
550,345
618,339
St. Joseph
366,128
057,397
N, Y.—Albany..
1,825,103
642,370
Colo.—Col. Spgs.
730,100
440,127
;
.
—7.2
+ 10.8
.
Mo.—Kan. City.
1222,162,661
Lowell
Total (12 cities)
—16.6
•
—•
Fall River
N.H.—Manches'r
21,660,782
2,408,363
•26,193,737
1,971,190
727,429
Wichita
3,379,669
t253.350.277
671,385
2,772,197
205,311.903
R.I.—Providence
—19.6
160,624
Kan,—Tojfreka
New Bedford..
—
2,445,923
51,671,116
28,759,156
93,876,223
_
Omaha
1936
1937
Dec.
1938
S
Springfield....
2,793,513
61,130,249
700,270
Hastings
Inc. or
Worcester
"
+0.7
—12.5
775,925
Lincoln
1939
Conn.
Minn eapolis
69,894,150
674,860
.
Tenth Federal
Clearings at—
_
—
3,104,353
'
3,006,700
Neb.—Fremont.
Mass.—Boston.
128,451,017
403,980,392
Week Ended Jan. 7
First Federal
156,276,540
detailed statement showing last week's
figures for each city separately for the four years:
Portland.
t
4-
Total (7 cities)
our
Me.—Bangor
452,000
126,451,017
93,876,223
44
add
628,000
421.627,970
Helena
now
X
X
X
—26.7
175,262,295
44
We
22,557,878
X
554,350.706
6
Canada..
38,190,662
—13.9
780,000
467,752,296
..Ill cities
94,900,000
—15.5
X
—9.8
44
Outside N. Y. City.
—16.3
38,229,841
22,067,090
572,000
.-
—195
44
10
•
229,322,590
186.035,893
4 4
Total
111.—Jacksonville
—6.5
—7.5
—16.4
2,488,574,077
18
4
Minneapolis 7
10th Kansas CitylO
12th San Fran
18,996,295
438,064,881
167,737,281
*4
9th
11th Dallas
Tenn.—Memphis
316,468,762
130,003,421
ii
10
Chicago
8th
44
0
260,365,299
263,824,543
44
95,500,000
32,319,729
316,900,815
405,296,465
II
4th
_
—16.1
4,084,839,079
12 cities
1st
79,900,000
Ky.—Louisville.
'
Federal Reserve Dists.
Canada—
V
1938
'
1937
$
1
$
Toronto
Dec.
1936
S
121,042,788
107,787,279
34,271,198
+ 10.0
143,606,354
141,414,543
+ 12.5
106,555,451
117,388,522
Cincinnati
53,646,804
63,160,000
48,036,018
Winnipeg-
—2.0
40,939,268
102,380,090
89,553,491
97,296,226
—8.0
21,586,281
19,284,028
+11.9
20,426,900
13,705,400
1,594,441
70,345,050
10,586,500
Vancouver
—19.7
63,949,873
93,626,266
12,406,800
133,152,037
121,305,338
33,591,323
Cleveland..
1
Ottawa
28,983,507
+ 19.9
24,589,717
18,476,310
25,350,899
"+16.7
1,883,605
1,568,722
Quebec
5,110,099
24,171,715
4,173,465
+22.4
4,283,010
Halifax..
2,673,442
—-6.2
4,122,149
3,099,237
Hamilton
4,800,300
4,934,567
—19.1
5,358,690
6,107,661
—7.2
5,585,457
6,437,303
+ 1.9
Feder al Reserve D Istrict—Clev eland-
Fourth
X
„Ohio—Canton
*
Columbus
11,008,800
Mansfield
X
"1,860,300
X
Youngstown...
Pa.—Pittsburgh
.
X
139,712,695
107,755,148
X
—15.1
X
—22.9
X
X
161,870,393
X "
X
98,786,300
Montreal
"
Calgary
.
2,850,070
5,931,563
5,315,475
1,878,305
1,787,543
3,114,792
4,288,392
3,562,183
2,771,640
315,468,762
263,824,543
—16.4
1,844,830
229,322,590
--11.9
313,892
350,060
—10.3
397,414
446,227
478.991
—6.8
379,743
421,725
1,250,713
1,419,709
—11.9
1,539,885
609,591
680,986
—10 5
1,593,018
740,039
1,026,179
678,749
1,209,351
823,201
—15.1
1,081,078
926,701
—17.5
725,280
731,663
661,081
+ 10.7
612,964
577,010
Medicine Hat
333,736,937
2,019,369
1,715,616
3,324,791
4,063,011
3,363,018
New Westminster
Total (5 cities).
230,997
205 714
+ 12.3
275,251
303,388
Peterborough
618,745
706,017
—12.4
783,496
St. John
1,914,389
Victoria
Fifth Federal
320,812
Va.—Norfolk
309,575
+ 3.6
2,763,000
W.Va.—Hunt'ton
3,098,000
—10.8
S. C.—Charleston
—16.4
+ 33.6
1,783,530
1,097,967
—13.1
76,992,121
57,119,613
Saskatoon
Moose Jaw
185,655
2,119,000
31,142,603
65,376,124
C.—Wash'g'n
23,744,749
26,958,837
—11.9
25,755,747
21,0.56,367
Total (6 cities).
130,003,421
150,218,665
—13.5
157,665,102
112,721,205
D.
_
Edmonton
351,047
3,047,000
49,735,657
1,059,552
75,252,424
Md.—Baltimore
2,915,286
43,530.277
36,382,089
1,416,047
Richmond
1,760,391
London...
Reserve Dlst rlct—Rlchm ond—
,
Regina
Sixth Federal
Nashville
Ga.—Atlanta
58,400,000
—13.8
4,852,585
19,801,967
—0.1
18,303,005
3,291,626
14.628,852
62,400,000
—6.4
61,700,000
43,100,000
5,639,260
4,859,677
19,791,577
Tenn.—Knoxville
a—
"
—6.4
—2.9
1,744,807
4,644,410
4,077,162
3,014,253
•
Brandon
Lethbridge
Brantford
Reserve Dlst rlct—Atlant
4,165,221
3,138,926
—1.5
Fort William
383,583
673,345
634,922
739,704
Sherbrooke
763,581
720,295
+6.0
545,832
612,943
Kitchener
1,116,369
—21.5
1.163,892
1,265,845
Windsor
3,504,801
305,360
1,421,766
4,276,498
—18.0
2,924,592
334,101
—8.6
390,723
736,223
+ 5.0
743,219
2,370,379
410,442
753,971
1,496,421
1,484,970
+ 0.8
+0.4
19,686,000
1,148,084
25,586,000
1,591,223
1,136,827
1,144,401
1,152,897
Fla.—Jack'nville.
—23.1
21,983,000
18,792,000
Moncton
Ala.—Blrm'ham
20,541,205
25,283,800
—18.8
22,427,396
17,758.024
702,114
2,211,316
—5.5
3,664,625
1,338,715
Kingston
Chatham
622,005
2,089,686
570,126
606,020
—5.9
679,021
475,034
Sarnla
503,810
589,184
—14.5
673,356
522,994
...
952.742
960,452
—0.8
835,895
730,367
Total (32 cities)
385,014,700
356,258,687
+ 8.1
383,941,846
453,980,392
Augusta.
Macon.
_■
.
Mobile
Miss.—Jackson..
X
Total (10 cities) |
X
X
X
189,000
193,514
—2.3
194,904
247,709
39,530,818
42,286,982
—6 5
3?,408,730
Prince Albert
Sudbury
772,798
587,250
,
620,242
—5.3
28,784,347
Vicksburg.
La.—New Orleans
X
804.924
167,737,281
186,035,893
—9.8
175,262,295
129,890.598
♦Estimated.
xNo figures available.
Volume
Financial
148
FOREIGN
EXCHANGE
SILVER
Pursuant to the requirements of Section 522 of the Tariff
Act of
1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
a
We
record for the week just passed:
EXCHANGE
BANKS TO
RATES
CERTIFIED
TREASURY
FEDERAL
BY
UNDER TARIFF ACT OF
JAN. 7, 1939, TO JAN. 13,
RESERVE
1930
1939. INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
227
Chronicle
RATES
Owing to the Christmas holidays, the week under review contained only
four working days.
With the approach of the end of the year the market
has become rather quiet; operations have continued to reflect uncertainty
as to the immediate outlook and there have been further covering purchases
by bears and reselling by bulls, whilst sales have also been
enquiry at the beginning of the week, but prices mostly ruled too high to
attract this particular quarter.
The market remains undecided and awaits the end of the year for definite
news from America
regarding official intentions.
The following were the United Kingdom imports and exports of silver,
registered from midday on the 19th inst. to midday on the 24th inst.
New York
Imports
British India
Unit
Jan.
7
Jan.
Jan. 10
9
Jan. 12
11
Jan.
made by the
Indian Bazaars.
There have, however, been carrying operations and the
reduction in the premium on cash silver to %d. on the 24th instant was
attributed to the extension of bull contracts.
There was some American
Exports
United States of America.Germany
£33,408
35,304
- 3,915
17,653
19,692
3,512
Australia
Jan. 13
Argentina
Belgium.-------
£49,280
17,226
a96,225
1,765
2,230
b4,000
cl5,540
France
Sweden
$
$
S
$
$
$
Belgium, belga
.168931
.168841
A68913
.168866
.168858
.168980
France-
Bulgaria,
.012225*
.012225*
.012225*
.012225*
.012225*
.012100*
Other countries
CzeehoslovMa, koruna
.034268
.034262
.034268
.034252
.034264
.034264
Southern Rhodesia
Denmark, krone
.208931
.208559
.208596
.208487
.208443
.208400
Arabia-Saudi
Engl'd, pound sterl'g 4.681388
.020625
Finland, markka
France, franc.
.026407
4.672013
4.673472
4.671319
4.669652
4.669513
.020555
.020542
.020560
.020555
.026352
.026380
.026374
.026354
.020545
.026318
Europe—
lev
;
,
.400843
.400718
.400716
.400768
.400877
.401122
.008566*
.008567*
.008550*
.C08564*
.008560*
.008560*
Hungary,
.1965o0*
.196550*
.196500*
.196550*
.196550*
.196530*
Italy, lira———
.052603
.052603
.052603
.052603
.052603
Netherlands, guilder.
Norway, krone
Poland, zloty
Portugal, escudo
.544044
.543927
.543944
.543750
.543711
.234750
.234806
.234681
.234618
.234593
.189075
.188975
.189050
.189050
.189050
.189050
Quotations during the week:
.052603
IN LONDON
.042478
.042450
.042384
.042421"
.042368
.042390
Rumania, leu—
.007346*
.007342*
.007353*
.007346*
.007342*
.007314*
.046740*
.046740*
.045240*
.046033*
.046740*
.045240*
.240981
.240553
.240621
.240487
.240400
.240387
Switzerland, f ra nc—
.225800
.225816
.226019
.225972
.225933
.225947
Yugoslavia, dinar...
.022800
.022800
.022800
.022775
.022800
.022800
Chefoo (yuan) dol'r
.167333*
.165916*
.16.4583*
.165500*
...
Dec. 22. ——20 l-16d.
Dec. 23
20%d.
Dec. 2420 3-16d.
Dec. 28.——-20d.
Average
Asia—
China—
.167166*
.166333*
Hankow (yuan) dol
.167333*
.167166*
.166333*
.165916*
.164583*
Shanghai (yuan) dol
.164718*
.164125*
.163812*
.163500*
.162187*
.170.500*
.168812*
.168187*
.167562*
.166250*
.292031
.291750
.291750
.291593
.291281
.291000
.349495
.348993
.348968
.348942
.348871
.348776'
.272583
.272248
.272260
.272210
.272082
.543000
.543062
.543062
3.722083
3.724062
3.722187
3.720625
3.720833
4.626375
4.625000
4.626250
as
Sat.,
Silver,
3.735750*'
Gold,
.991339
.990878
.991074
.991132
.991171
.999333
.999333
.999333
.999333
.999333
,.999333
.195000*
.195000*
.194616*
.194616*
.194616*
,194616*
.989062
.988828
.988398
.988750
.988750
.988671
.311265*
.311985*
"•
•'
*
.311500*
.311480*
.311305*
.058580*
.058580*
.058000*
.058600*
.058600*
.051733*
.051733*
.051733*
.051733*
.051733*
.040000*
.040000*
.040000*
.040000*
.040000*
.570600*
.570600*
.570600*
,570600*
.614766*
.614737*
.614562*
LONDON
Sat.
STOCK
EXCHANGE
Boots Pure Drugs.....
Courtaulds 8 & Co....
De
88 %
....
Co
40/-
95/-
95/-
£40%
89/1-0/6
16/3
4/1/22/9
130/£12%
75/-
4/6
£19%
66/10%
27 /6
£8%
87/6
.
10
£8%
88/-
i
A.
HOLI¬
DAY
Hudsons Bay Co—
—
Imp Tob of G B & I...
London Midland Ry...
Box
Rand Mines....
Rio Tin to—
Roan Antelope Cop M.
130/£12%
75 h
19/6
16/4/3
1/22/6
130/£12%
75 /-.
£8%
£8%
£14%
16/-
Ltd—
Gaumont Pictures ord.
£14%
16 h
110/-
£14%
Rolls Royce.
112/—
Royal Dutch Co
Shell Transport
£38
)6
16
/"4/3
.
1/22/6
.
17 h
110/-
x£37
£70%
£98%
£98%
Holiday
£107%
£108%
£107%
£70%
£97%
£107%
£108
price of silver per ounce (in cents)
States on the same days has been:
Bar N.Y. ,(for.)
U.
S.
in the United
Closed
42%
"
42%
42%
42%
64.64
42%
64.64
64.64
!
Treasury
(newly mined)
64.64
-64.64
64.64
TREASURY
MONEY
HOLDINGS
following compilation, made up from the daily Gov¬
ernment
statements, shows the money holdings of the
Treasury at the beginning of business on the first, of October,
November, December, 1938, and January, 1939:
Oct. 1,
2"
£37
.
Net gold coin and bullion
•
Net United States notes..
Net Federal Reserve notes
65/-
Net Fed Res. bank notes..
27/-
£8%
£8%
88/6
10/6
88/1.0/6
16/4/6
1/3
22/9
130/-
'
16/9
4/6
1
/22/3
130/£12%
75/-
Minor coin, &c
Total cash In Treasury
.
Less gold reserve fund._
558,503,575
2,630,155
3,280,519
634,256
11,126,500
294,326
7,897,998
15,021,475
18.210,899
1516 415,955
1486 411,299
1422 083,824
156,039.431
156,039,431
156,039,431
1,261,196
734,862
11,923,350
164,704
13,906,657
173,551
3,696,214
18,606,135
Cash balance In Treas— 1,360,376,524
account
Treas'y
*1461300,283
156,039,431
1,330,371,868 1,266,044,393 1,305,260,852
*
bonds,
Treasury notes and
cer¬
tificates of indebtedness
791,484,000
£8%
Dep. in Fed. Res. banks..
963,178,151
£14%
Dep. In National banks—
16/6
110/-
5;789,758
Dep. In spec'l depositories
£36%
£4
£4%
29/-
28/6
36/3
22/3
22/-
22/-
22/6
22/4%
22/3
£6%
£6%
£6
15,180,983
17,493,328
17,737,875
17,802,508
28,693,850
31,005,560
31,792,775
39,396,930
2,184,23.1
1,918,257
2,673,316
1,986,310
1,599,030
2,631,289
2,201,038
198,430
-
Deposits In foreign "depts.
22/-
22/6
887,915,000
1,032,692,926
To credit disb. officers
Cash in Philippine Islands
28/6
36/3
735,802,000
569,717,674
747,237,000
603,000,049
To credit Treas. U. S-.
111/1
£36%
Net
cash
in
Treasury
'
36/-
and in banks
Deduct current liabilities.
3,163,771,057 2,733,012,372 2,625,325,036 3,285,467,684
177,970,514
163,861,734
.201,961,759
185,310,837
■
2,978.460.220 2,569,150,638 2,447,3*8,522 3,083,505,925
£6
*
*
as
ENGLISH
GOLD
AND
SILVER
Includes on Jan. 1 $534,664,776 silver bullion and
MARKETS
COMPARATIVE
reprint the- following from the weekly circular of
Samuel Montagu & Co. of London,written under date of
Dec. 28, 193-8.
Quotations—
-
-
-
-
Per Fine Ounce
149s.
148s. lid,
149s. Id.
149s.
149s.
The following were the United Kingdom imports and exports of gold,
registered from midday on the 19th inst. to midday on the 24th inst.:
Imports
Exports
Gross debt.
Southern Rhodesia
-
£30,672
25,213
11,144
57,552
14,095
266,356
23,928
Belgium
Switzerland
—
United States of America.
Bombay
Syria
Netherlands
France--
Switzerland
Other countries
-
-
£592,722
4,975
10,558
8,807
39,988
13,632
4,663
Gross
debt
less
£458,828
$12.30
$250.18
$129.66
4.196
3.750
of Int.
interestbearing debt outstand¬
rate
per annum on
2.395
ing (percent)
Dec.
a
Gross debt—
Net bal. in gen.
31, 1937,
Year Ago
Nov. 30, 1938,
Last Month
Dec.
31, 1938
$37,279,291,518.10 S38,003,351,300.60 $39,427,183,901.74
fund2,447,348,522.00
2,972,840,959.12
3,083,505,924.62
Gross debt less net bal.
In general fund
$34,306,450,558.98 $36,156,002,838.66 $36,343,677,977.12
Gross debt per capita—
a$287.17
b$295.55
b$301.68
2.568'
2.582
2.586
Computed rate of int.per
Int.-bearing
debt outstanding
cent)......
£675,345
Lowest post-War
Debt
Was at its Peak
$1,207,827,886.23 $25,478,592,113.25 $15,719,283,767.62
Gross debt per capita..
Computed
1Dgc. 31, 1930,
When War Debt
net
bal. in gen. fund-
annum on
26,462
3,406
STATEMENT
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
74,216.460.05
1.118,109,634.76
306,803,319.55
Net bal. In gen. fund...
Average
Union of South Africa-
31, 1917,
Pre-War Debt
The Bank of England gold reserve against notes amounted to £326,415,728 on the 21st inst. as compared with £326,415,597 on the previous
Wednesday
In the open market about £1,650,000 of bar gold changed hands at the
daily fixing dining the week.
Business was general, with both purchases
and resales on Continental account and some buying for shipment to New
York.
Today, however, there was an absence of demand and most of the
£720,000 offered was acquired by the official quarter.
DEBT
Aug. 31, 1919,
Mar.
GOLD
-
PUBLIC
(On tbe basis of daily Treasury statements)
^
Dec. 22
1,138,450 minor, &c., coin
Included in statement "Stock of Money."
We
British East Africa
AustraliaNew Zealand
Netherlands
838,429,513
583,261,924
2,491,527
823,600,187
531.497,362
Net subsidiary silver^
■
,
ex-dividend.
Dec. 23
$
916,658,864
512,591,792
3,381,540
757,251
13,180,140
278,966
75/-
£8%
£14%
17/-
29/-.
36/9
x£4ht
x
1, 1939
■
£11 %
.
9,102,170
Net National bank notes.
66/3
29/6
Jan.
$
$
12,312,729
4/6
£18%
4/6
Dec. 1, 1938
Nov. 1, 1938
1938
964,811,367
Witwatersrand
Areas
Other countries_
lOd.
£71
The
Net sliver coin and bullion
£39%
£39%
£19
£6%
...
Vlckers
Dec. 24
Dec. 28
Frl.,
Jan. 13
Jan. 12
20 %d.
2Q%d.
148s. 9%d.l48s, lid.
"7
39/9
95/-
.
29/36/9
22/.22/9
Ltd.........
THE
148s.
£98
%
£4'!6
£4%
Swedish Match B
x
40./-
£8%
Electric & Musical Ind.
United Molasses
Thurs.,
Jan. 11
20 5~16d.
Jan. 13
£39%
67/6
27/9
West
Fri.,
Jan. 12
4/6
£19%
67/6
29/6
4/6
£19
Cons Goldflelds of 8 A.
Unilever
Thurs.,
39/7 %
95./-
£39
Marconi
Central Mln & Invest..
Metal
Wed.,
Tues.,
Jan. 10
20 5-16d.
9
£98
Holdings in U. S. Treasury
Wed.,
Jan. 11
39/6
95/-
Cable & Wire ordinary.
received by cable
Jan. 10
9
Jan.
British Amer Tobacco.
as
Tues.,
Mon.,
Jan.
Ford
CABLE
The
THE
Beers..
Jan.
20 5-16d.
Holiday
.614524*
Quotations of representative stocks
each day of the past week:
Distillers
cents
.570600*
.615050*
Nominal rate
Canadian
cents
.040000*
.570600*
.615508*
export.
peso....:
.311600*
.058600*
.051733*
Uruguay, peso
cents
3%%
1960-90—-
South America-
Colombia,
cents
cents
British 4%
.991601
peso
MARKET—PER
fineoz.l48s. 9%d. I48s.7%d. 149s.
Holiday
£70%
£7C%
p.
War Loan—
Canada, dollar
Brazil, mllrels..
Chile, peso—official.
43
-43
—43
__43
—43
Dec. 27
Mon.,
7
20 5-16d.
per oz__
British
Cuba, peso..
Mexico, peso-.j.-..
Newfoundl'd, dollar.
Argentina,
Dec. 24
Consols, 2%%4.622750
4.622812
19%d.
19.562d.
FINANCIAL
Jan.
New Zealand, pound. 3.745781* 3.737083* 3.738515* 3.736953*3.735875*
Africa—
Dec. 23—
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
.542500
Australia, pound.... 3.729791
ENGLISH
Australasia—
Union South Africa, £ 4,633541
North America-
Dec. 22
19 ll-16d.
The
.272082
:543000
...
Straits Settlem'ts, dol
Dec. 21
19%d.
.165500*
.543750
Japan, yen..
19 7-16d.
20.125d.
.167250*
Hongkong, dollar.
British India, rupee..
{Per Ounce .999 Fine)
The highest rate of exchange on New York recorded during the period
from Dec. 22 to Dec. 28, 1938, was $4.67 and the lowest $4.66%.
The London bullion market will be closed on Monday, Jan. 2, 1939.
.163187*
Tientsin (yuan) dol.
,
IN NEW YORK
Bar Silver per Oz., Sid.
Cash
2 Mos.
Spain, peseta
Sweden, krona
2,021
£113,484
£196,052
a Including
£20,000 in coin not of legal tender in the United Kingdom,
b Coin of legal tender in the United Kingdom,
c Coin not of legal tender
in the United Kingdom. 1
.543166
.235178
—
c7,765
—
Other countries
Germany, reichsmark
Greece, drachma
pengo
Hungary
Bermuda
a
Revised,
_
(per
—
b Subject to
revision.
Financial
228
$614,985,115.59 face amount of notes and accrued interes
thereon, held by the Treasury and reflected In the public debt.
d Figures as of July 31, 1938—flgutes as of Sept. 30, 1938, are not available.
Offset by cash In designated depository banks and the accrued Interest amounting to
$101.831,400.77, which Is secured by the pledge of collateral as provided in the Regu¬
lations of the Postal Savings System, having a face value of $102,353,658.29, cash
In possession of System amounting to $77,738,613.66, Government and Governmentguaranteed securities with a face value of $1,095,061,750 held as Investments,
DEBT OF THE UNITED STATES
cash hold¬
of the public debt and Treasury
This statement
ings of the United States, as officially issued as of Sept.30,
1938, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
CASH
AVAILABLE TO PAY
Add or
month by dally statements._______ .$2,978,460,220
Deduct—Excess or
Issued consists
of the United
$2,859,661,772
deficiency of reoeipts over
under disbursements on
belated Items...
—19,073,843
343,324
2,959,386,377
or
and $7,227,000 face amount of commercial paper.
f Includes
only unmatured bonds Issued and outstanding.
Funds have been
deposited with the Treasurer of the United States for payment of matured bonds
which have not been presented for redemption.
A Held by the Reconstruction Finance Corporation.
States payable
1937
1938 Sept. 30,
30,
circulation, exclusive of $9,610,031.41 redemption fund deposited
$272,293,780 of their own Federal Reserve notes held by the
actual
In
e
Issuing banks.
The collateral security for Federal Reserve notes
of $4 614,000,000 in gold certificates and in credits with the Treasurer
MATURING OBLIGATIONS
Sept.
Balance end of
suld other 8s8ctb
in the Treasury and
with the same date in 1937.
making comparison
not Include
Does
c
COMPLETE PUBLIC
1939
14,
Jan.
Chronicle
In gold certificates,
2,859,318,448
,
'
Deduct outstanding
Matured Interest
obligations:
obligations
3,511,530
419,187
on
War Savings certificates
checks
Total
Balance, deficit
(—) or surplus (+)
Sept. 30,1937
49,800,000
28,894,500
28,894,500
Q.-M.
Q.-J.
3s convertible
bonds of 1946-1947
Certificates of
Indebtedness:
GOLD
414,606.428.5)
Gold (oz.
49,800,000
Payable
AND LIABILITIES
CURRENT ASSETS
Assets—
Sept. 30, 1938
interest
*..>14,511,224,096.58
*
Total
—
—-
.$14,511,224,996.58
Liabilities—
23,800,000
32,800,000
950,000,000
Ctf. Fund—Ser. 1938
Fund—Series 1938—
4J4S Treasury bonds of 1947-1952
A.-O.
4b Treasury bonds of 194+1954
J.-D.
3Vis Treasury bonds of 1946-1956
———1M.-8.
3Hs Treasury bonds of 1943-47
J.-D.
3He Treasury bonds of 1940-1943
J.-D.
3Vis Treasury bonds of 1941-1943—
M.-S.
3Vis Treasury bonds of 1946-1949..—
J.-D.
457,934,000
758,945,800
758,955,800
1,036,692,900
489,080,100
454,135,200
352,993,450
544,870,050
1,036,702,900
818,627,000
818,627,000
755,432,000
of 1951-1956—
—M.-S.
834,463,200
3VIs Treasury bonds of 1941..
F.-A.
1,400,628,2.50
4318-3VI8 Treasury bonds of 1943-1945.......A.-O.
A.-O. 1,518,737,650
331s Treasury bonds of 194+1946
3s Treasury bonds of 1946-1948...
..J.-D 1,035,874,400
1,400,534,750
352,993,450
755,469,500
of lf»58-63
2318 Treasury bonds
234s Treasury bonds of 1950-52
U. S. Savings bonds, series A, 1935
U. 8. Savings bonds, series B, 1936.....
Unclassified sales
......
Treasury notes...
......
.....
—
Total
debt..........
SILVER
Assets—
879,880,903.7)—
dollars (ob, 388,805,414.7)
Silver (ob."
Silver
47",241+93
outstanding
;
—
...
———.
.....
$1,590,556,901.00
a
—
———
Total.
1,167,772.00
48,597,148.11
363,221,550
$1,640,321,821.11
-
-
—-
-
GENERAL FUND
Assets—
Gold (as above)
$682,390,082.37
,
.
48,597,148.11
Silver—At monetary value (as abpve).
3,696,213.95
Subsidiary coin (oz. 2,673,748.8)
Bullion—At recoinage value (oz. 120,972.3).
500,157,957
At cost value (oz.
l,000,257.396.7)a
167,233.11
534,497,542.48
3,138,449.60
2,491,527.00
—...
Minor coin
United States notes
Reserve bank
13,906,557.50
'..—..
Reserve notes
Federal
173,551.50
notes
National bank notes
734,861.50
15,467,684.96
...
Unclassified—Collections,
<fec.
Deposits in—Federal Reserve banks
—
.
Special depositaries account of sales of Govt,
National and other bank depositaries:
securities
——'
To credit of Treasurer United States
b36,018,262,864 34,561.536,210
To creditor other Government officers
,
Sept. 30, 1938, on the basis of daily Treasury statements, Was
$38,392,725,250.15, and the net amount of public debt redemption and receipts in
transit, &c., was $2,341,996.84.
b No reduction is made on account of obligations
of foreign governments or other investments,
c Amounts issued and retired include
accrued discount; amounts outstanding are stated at current redemption values.
a
$1,137,623,911.11
502,697,910.00
$1,640,321 821.11
1
certificates
Silver in general fund
308,248,962
a38,395,067,247 36,877,541,601
Net debt
—
Treasury notes of 1890 outstanding
185,923,349
—+2,376,804,383+2,316,005,391
add Treasury deficit
682,390,082.37
346,139,379
37,852,376,350 36,266,690,200
....
437,032,837
489,008,446
105,658,060
121,842,955
Total debt
Deduct Treasury surplus or
'
-$14,511,224,996.58
-
-
Federal
Aggregate of Interest-bearing
Bearing no interest
Matured. Interest ceased...
' "•
.
Total
500,157,956
118,367,560
J.-J.
117,867,240
10,525,172,450 11,489,572,950
—
1,302,177,000 2,402,649,000
...
In working balance
' :
$142,214,579.60
540,175,502.77
Liabilities—
(Govt. Life Insurance
234s Postal Sayings bonds....
resulting from reducthe gold dollar..
duction in the weight of
Silver
306,175,400
Service bonds of 1945
434s Adjusted Service bonds.
Fund series 1946)
Treasury bills...
981,838,050
c23,762,964
-
-
.
Balance of Increment
1,786,362,050
cl80,040,018
c331,653,046
c436,867,789
c363,586,837
...
...—
C, 1937
C, 1938
U. S. Savings bonds, series
U. S. Savings bonds, series
3s Adjusted
1,626,687,650
540,843,550
450,978,400
918.780,600
866,396,200
-.J -D.
........M.-S.
J.-D.
;
M-S
——
1,800,000,000.00
—
Gold In general fund:
2,611,107,650,.
1,214,428,950
1,223,496,350
of 1949-1953............J.-D. 1,786,143,150
.—
fund
491,375,100
1,214,428,950
234s Treasury bonds of 1945
234 Treasury bonds of 1948-.
outstanding. Treas¬
also secured by silver dollars in Treasury.
$13,828,834,914.21
1,518,737,650
1,035,874,400
1948-1951.......
M.-8. 1,223,495,850
1951-1954.
.......J.-D. 1,626,687,150
bonds of 1956-1959... ........M.-S.
981,827,050
234s Treasury bonds
of 1890 are
ury notes
Exchange stabilization
834,463,200
2VIs Treasury bonds of
2V{a Treasury bonds of
2Jis Treasury
•
■—
$346,681,016 of United States notes
$1,167 772 of Treasury notes of 1890
544,870,050
2,611,095,150
of 1945-1947-.........-M.-S.
2VIs Treasury bonds
:
-----
Note—Reserve against
and
454,135,200
.
491,375,100
1949-1952..
J.-D.
1955-1960.......—.M.-S.
Gold reserve
489,080,100
3s Treasury bonds
8Mis Treasury bonds of
234s Treasury bonds of
$2,890,647,159.00
8,972,275,184.95
9,873,139.33
156,039,430.93
(outside of Treasury)
——
Gold certificate fund—Board of Governors, Fed. Res. System..
Redemption fund—Federal Reserve notes
Gold certificates—Outstanding
Special-—4s Adjusted Service
2 Vis Unemployment Trust
items stood
The figures
the United
of Dec. 30, 1938.
States Treasury
OUTSTANDING
INTEREST-BEARING DEBT
TUIe of Loan—
543,313,057
holdings of the Government as the
Dec. 30, 1938, are set out in the following.
are taken entirely from the daily statement of
The cash
...+2376,804,383 + 2316,005,391
—.
3s of 1961
3.593,860
902,154
582,581,994
Dtewuntlccrufd
Settlement on warrant
490,879,998
CURRENT LIABILITIES
TREASURY CASH AND
.
47.937,045
5i,m 986
524,181,291
DlflhurHim* officers
Total gross debt
Foreign depositaries—
To credit of other Government officers.
Total
1,032,692,925.60
887,915,000.00
17,802,508.28
39,396,929.55
•
.
198,429.70
—
Philippine Treasury—To credit of Treasurer
«
2,201,038.50
United States
$3,285,467,683.71
....
Liabilities--
CONTINGENT LIABILITIES OF THE UNITED
STATES, SEPT. 30, 1938
Complied from Latest Reports Received by the Treasury
Amount of
Deposits of Govt, officers—Post Office Department
Board of Trustees. Postal Savings System:
Contingent Liability
5% reserve. lawful money
Other deposits...
;
Detail
Principal
Total
Interest a
$9,504,365.78
3,583,885.69
Treasurer's checks outstanding
—
—
officers, &c—
Postmasters, clerks of courts, disbursing
59,300,000.00
3,698,542.89
107,455,566.89
Deposits for:
Guaranteed by the U. S.
Commodity Credit Corp:
H % note scr. C, 1939
•'
206,174,000
Redemption of National bank notes (5%
'
$
$
s
'
'•
643,947
S
.
fund, lawful money)..
Uncollected items, exchanges. &c
$201,961,759.09
Fed'I Farm Mtge. Corp.:
Z\i% bds. of 1944-64.
3% bonds of 1942-47.
2H% bds. of 1942-47.
1H% bonds of 1939—
1J*% bonds of 1939—
9,900,000
9,706,836
141,596
1,497,682
236,379
125,152
51,562
*1,404,159,900
3% bonds of 1944-49.
856,485,600
98,028,600
236,476,200
103,147,500
11,759,210
100,122,000
866,192,436
98,170,196
Seigniorage (silver) (see Note 1)
237,973,882
103,383,879
100,247,152
9,951,562
924,236
6,465
798,004,550
9,975,056
979,012,875
—
348,850
3,083,505,924.62
4,490,412
325,254,750
1,626,273
579,562
351,139
1939-49
„
1 H% bds.. ser.F. 1939
2H % bonds, series G,
icates
4,417,670
f2,887,636,200
299,072,666
211,460,000
1,327,514
367,038
983,503,287
14% notes, series N—
on
*
proclamation dated Aug. 9,1934.
credit of disbursing officers and certain agencies today
FOOTNOTES FOR TABLE FOLLOWING
,
326,881,023
Non-stock
(or Includes non-stock proprietary interests),
b Excess inter-agency
789,781,695
2,908,145,614
Deficit
assets
(deduct).
(deduct).
d Exclusive of Inter-agency
assets and liabilities
(except bond Investments an.i
deposits with Reconstruction Finance Corporation),
e Excludes
unexpended balsnces of appropriated funds.
f Also Includes real estate and other property held for sale,
Reconstruc'n Fin. Corp.:
'
issued
$2,590,243,433.39.
0
1H% notes, series K.
November, 1938'. b Excess of credits (deduct).
represents the difference' between the cost value
bullion revalued and held to secure the silver certif¬
account of silver acquired under the Silver Purchase Act of 1934 and
Note 2—The amount to the
was
807,979,606
20,509,414
silver bullion Is computed on the basis of the average
at close of month of
under the President's
a
785,364,025
1942-44
,
The weight of this item of
a
cost per ounce
and the monetary value of silver
930,701
.
$3,285,467,683.71
Note 1—This item of seigniorage
Home Owners' L'n Corp.:
3% bds., ser A, '4+'52
2 H % bonds, series B,
$142,214,579.60
492,326,077.79
2,448,965,267.23
Total....
1,415,919,110
4,176
2,289
*
balance
Working
•
575,386
gold (asabove)
Balance today—Increment on
Fed'I Housing Admin.:
3% debentures
2H% debentures-
255,615.16
18,163,782.68
206,817,947
300,400,180
211,827,038
for inter-agency items and items In transit.
includes deposits
with the Reconstruction Finance
,
d Adjusted
510,532,666
Tenn, Valley Authority
1,694,552
c512,227,219
1 Shares of State building
b
based
J Assets not classified.
upon
5,044,040,593
guarantees
S.—
Secretary of Agriculture
Total,
based
1,251,878,347
£2,000,000
33,135,755
4,109
dl,285,014,103
2,004,109
for
m
Represents
Jnter-agency
and of Government agencies,
upon
1,287,018,213
Other Obligations—
F. R. notes (face amt.)_
c4,243,633,898
Includes only
a
After deducting amounts of funds deposited with
bonds Issued and outstanding.
sponding organizations.
$8,000,000
are
with
the statement
of July 31,
1938,
the proprietary interest
represented by the capital stock, paid-in surplus, and non-stock interest in govern¬
the Treasurer of the United
States to meet Interest payments.
b Notes In the face amount of
assets and liabilities of the Treasury Departmeui
which agencies are not included in this statement
Represents Inter-agency holdings of capital stock and paid-in surplus Itemwhich are not deducted from the capital stock and paid-in surplus of the corro
n
Note—Effective
*
public debt.
uncollectible obligations
Credit Administration.
Federal Land banks from the United States Treasury
subscriptions to paid-in surplus.
1 Includes $565,354 due to
credit of the U. S_
In the
Includes only the amount of shares held by the United
after deducting reserve for estimated amount of
held by the Farm
Postal Savings System:
Funds due depositors.
and
States Treasury.
k Net
On Credit of the U.
Tennessee Valley Auth..
Corporation
and loan associations, $41,786,510; shares of Federal
savings and loan associations, $171,991,800.
U. 8. Maritime Com's'n
Total,
Also
h
accrued interest thereon.
.
U. S. Housing Authority
held by the Treasury and reflected
and agencies which were offset by a corresponding item under
"inter-agency proprietary Interest" of the Treasury, have been omitted (except for
Buch items as are included in the Inter-agency assets and liabilities shown herein)
mental corporations
for the purpose
of simplification in form.,
.
1
Volume
Financial
148
229
Chronicle
MONTHLY REPORT ON GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES AS OF
NOV.
30, 1938
The
monthly report of the Treasury Department, showing assets and liabilities as of Nov. 30, 1938, of governmental
corporations and credit agencies, financed wholly or in part by the United States, was contained in the Department's "Daily
Statement" for Dec. 30, 1938.
Since the statement of July 31, 1938, the report has been made up somewhat differently from previous reports in
agencies and corporations financed wholly from Government funds
are
not listed separately
that
from those financed only partly
from Government and
partly from private funds. In the footnotes to the table below, an explanation is given of the sim¬
plification of calculation of proprietary interest. As now computed, the Federal Government's proprietary interest in these
agencies and corporations, as of Nov. 30, was $3,936,203,046, and that privately owned was $382,003,854.
SUMMARY
OF
COMBINED
STATEMENT
UNITED
OF
AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT
ASSETS
STATES, COMPILED
AGENCIES
OF THE
FROM LATEST REPORTS RECEIVED BY THE TREASURY—NOV. 30, 1938
Assets d
Investments
For footnotes
see
Real
bottom of preceding
Securities
Accounts
Estate
Guaranteed
and Other
and Other
Receivables
Business
Preferred
column
Loans
Cask
Capital
United
e
States
by
All
Securities
United
Other
Stock, &c.
Other t
Total
Property
States
%
Reconstruction Finance Corporation
1,214,199,518 520,550.092
$1,109,204
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation
Tennessee Valley Authority
Public Works Administration
357,122
2,000,000 $27,631,513
h30 542,224
15,499,884
Export Import Bank of Washington
2,077,977
h5,014,635
48,020,200
4,914,809
_
_
United States Maritime Commission.....
2,186,169,856 1213778,310 114,409,354
Federal Home Loan banks
532,750
52,5904 26
Farm Credit Administration..
Federal Farm Mortgage Corporation
31,123,670
68,999,493
86,221,331
9,720,268
65,290,460
320.429
16,097,250
3,597,055
37,180,230
765,331,239
21,436 155,545,503
64,54o"o86
14,757,340
15,736.234
5,802,501 103,659,708
68,034
3,046,689
5,000 000
"31466
136,811
41,684
153,065
1,260,530
51,027
54.312
40.384,138
157,767,665
120,312,963
1,609,142,739
2,350.254,788
271,128,148
190,160,533
122,190.090
21,922,820
121,178
535,410
23,533 790 *3,964,833
A3,593 496 101,641,422
3,077,358,169
116,415,014
47,053,200
282,034,121
822,061
575,674
30,210,588
11,699", 568
150,094
1,010,641
11,728,799
448,800 128,549,636
30.569,184
,
Regional agricultural credit corporations..
7413,940
24,190,024
760,325,851
Banks for cooperatives
541,5064 40
5,369
1,068,8i5
350,000
20,003,937
1,990,474,966
179,256,572
■
Federal Intermediate Credit banks
5",952"; 468
82,983,798
981,531
20,362,347
8,415,292
189,687,476
k91,950,210
...
203,133,875
1,980,988
22,563,205
"
6,460,290
......
Production credit corporations
14,442,041
1,100,000
37*."197*718
10,580,195 104,315,169
j 47.053^200
Federal Housing Administration...
Federal Land hanks
19,297463
1,209,484
10,797,240
Corp..
United States Housing Authority
83,283,502
9,446
36,604,781
81.774,314
Federal Savings & Loan associations
620,630
1,843.823,700
382,870.818
22,603,433
6,809,478
441,036,141
223,659,479
1,491
3,681
36,601,781
52,558,252
Rural Electrification Administration
479,803 $29,833,370
585
50,643
3,256,305
"37", 857
3,226,134 216.372,899
18,485,868 371,167428
3,439,816
25,525,478
...
Home Owners' Loan Corporation
Federal Savings & Loan Insurance
%
,
351.920,244
Commodity Credit Corporation
2,326
1,261,940
495,809
688,024
9,382,163
War emergency corporations and agencies
'
(in liquidation):
Navy Department (sale of surplus war
4,678,766
supplies)
United 8tates Housing Corporation
United States Railroad Administration.
United States Spruce Production
War Finance Corporation....
580.380
60,593
4,035
3,287
1,000
7,790,610
115,685
743,269
1
17,268
6,424.069
Other:
123,678
81,855
Corp.
4,678,766
2,016,400
"
164,087
20,556
•'''•»
Disaster Loan Corporation
E'ectrlc Home and Farm Authority
Farm
Security Admlnlstrat on
14,042
h4,728,262
7,717
18,654
2,098
•,j
176447,087
Federal National Mortgage Association
514,753
2,478,957
Federal Prison Industries, Inc
29,407
8,012,573
176,447,087
"13", 374
hi ,289,243
71,160,888
11,167,373
3,518,983
72,463,505
698,049
'
Interior Department (Indian loans)
Inland Waterways Corporation.
2,136,719
"
947*278
519,564
Puerto
Reconstruction Admin..
Rlcan
RFC Mortgage Co
484,228
32,236,488
528,248
4,548442
48,548,752
Associated
Valley
Tennessee
20,925,208
320,543
320,501
12,649,715
Panama Railroad Co
318,571
300
3,529,414
137",300
hi,706*.852
320,243
2402
7,210,742
2,136,719
26,424,563
46,055,495
4,548,142
*50,715,548
Cooper¬
2,201
12,984
28,825
257,168
atives. Inc..
301,178"
Treasury Department:
received
Securities
Due from
or
m
30,230,233
2,705,400
RFC
the
from
under Act of Feb. 24. 1938
Inter-agency Items:
30,230.233
2,705,400
Railroad loans (Transp'n Act. 1920).
'
.
governmental corporations
agencies
—
Due to governmental corporations or
agencies
To tal.
*
.
.
.
.........
.
7,644,644,156 781.414492 348,878,530 701,286.319 144.176.638 884.137.564 333.067.605 452,231,793 805,896,028 12.095,733,125
Excess
Liabilities and Reserves d
Distribution
Proprietary Interest
of United States Interests
of Assets
Guaranteed
by
Guaranteed by
United States
Oner
Not
United States
511,435,268
206,303,218
Capital
Stock
$
75.160,715
1,256 ,387 789
500 ,000,000
101 ,406,885
100 ,000,000
22 ,185,643
21 000.000
1,185,643
5 000,000
1,558,994
340,484
151,736,584
-151,736,584
289,299.557
150 ,000,000
7,551,632
216,107,847
36,604,781
216 ,107,847
a216 357,592
36 604,781
a36 604,781
113",028",247
113,028,247
90,105,628
90 ,105,628
a90 ,095,344
82,983,798
82 .983,798
a39
57,329,716
57 329,716
115 ,349,421
;
United States Maritime Commission...
,
2,912,282,541
107,745^912 3,020,028^453
1,065,593
1,065,593
111,311,555
47,053,200
170,722,566
38,095,617
Federal Savings & Loan associations..
1,233", 529
Federal Housing Administration..
United States Housing Authority..
Farm Credit Administration
2,288,521
1,054,992
1,636,000
1,636,000
5,233,322
5,233,322
$49,333,952 1.442,661.524
1,826,043,356 1,826,043,356
177,277,607
$177,277,607
2,771.554
2,771,554
.
Federal Farm Mortgage Corporation....
Federal Land banks
Federal Intermediate Credit banks
Banks for cooperatives
1,393",327",572
197,904
Regional agricultural credit corporations
War emergency corporations and agencies
197,904
3,732,366
3,732,366
10,284
,422,381
43,561,417
c47,670,284
100 ,000,000
15,349,421
47 ,053,200
45,981(566
b249,745
200 000,000
b95,000,000
47 053,200
124 ,741,000
124 741,000
a38 095,617
38 095,617
156,131,665
156 ,131,665
1 000,000
115,079,641
115 ,079,641
all5 079,641
166,481,215
166 481,215
200 000,000
.524,211,432
121,992,186
18,190,454
144,117,665
11,014,000
b33,518,785
192,658,380
331 ,553,052
124 960,250
1182,862",053
23,730,749
93, 850,541
183 ,324,628
70 000,000
46,566,766
b22,716,225
4,064,351
149 000,000
,22,716,225
120 000,000
11,608,403
1,992,186
5 000,000
13,190,454
c32,157,885
93,850,541
187,388,979
'
Production credit corporations
139,299,557
115,349,421
111,311", 555
Federal Savings & Loan Insurance Corp..
Federal Home Loan banks.
6 ,558,994
6,558,994
■
Rural Electrification Administration...
Home Owners' Loan Corporation
546,306,456,
1,406,885
$210,081,333
150 ,000,000
7,551,632
Public Works Administration
Interests
101,406,885
22,185,643
281,463,933
417,790
340,484
417,790
Tennessee Valley Authority
Interagency
Surplus
587,435,911 1,256,387,789
$76,000,643
Commodity Credit Corporation
Export-Import Bank of Washington
Federal Crop Insurance Corporation..
Federal Deposit Insurance Corporation.
Owned by
United States
$
Reconstruction Finance Corporation
Privately
Owned
Liabilities d
Total
121 992,186
18
190,454
,
(in liquidation):
Navy Department (sale of surplus war
10,575
10,575
a4,678,766
34,174,285
115,685
all 5,685
743,269
United States Spruce Production Corp.
War Finance Corporation.
4,678,766
2,016,400
115,685
743,269
100.000
"l93*269
9,981
,
4,678,766
2,016,400
supplies)
United States Housing Corporation
United States Railroad Administration.
9,981
1,000
8,981
12,000,000
c871,230
450,000
Other:
Electric Home and Farm Authority—
Farm
7,095,411
Security Administration
Federal Prison Industries,
Inc
(Indian loans)
Inland Waterways Corporation
30,989,279
30,989.279
247,407
Federal National Mortgage Association
247,407
Interior Department
Panama Railroad Co
Puerto
1,007,538
781,515
Valley
Associated
atlves, Inc
850.000
al76,447,087
41.474,226
6,963,335
41,474,226
10,000,000
1,518,304
6,963,335
a4,113,38C
a2,136,719
2,849.955
2,136,719
25,417,025
25,417,025
781,515
45,273,980
1,133,561
Securities
received
from
the
0475,758
25,000,000
"497", 148
24,084,839
300,178
49,581,987
49,581,987
301,178
301,178
1,000
30,230,233
30,230,233
a30,230,233
2,705,400
2,705,400
a2,705,400
RFC
under Act of Feb. 24, 1938
13,417*025
38,749,738
a4,548,142
Treasury Department:
Railroad loans (Transp'n Act, 1920).
29,955,922
7,000,000
45,273,980
4,548,142
Cooper
..........
67,162
12,000,000
4,548,142
1,133,561
RFC Mortgage Co
917,162
1,007,538
Rlcan Reconstruction Admin.
Tennessee
11,128,770
176,447,087
2,136.719
38,603
7.095,411
11,128,770
917,162
176,447,087
38,603
Disaster Loan Corporation
Inter-agency Items: m
Due from governmental
or
corporations
a717,928.110
agencies
Due to governmental
corporations or
Tttal
b717.92M10
al9,65l,846
agencies
5,024,582.12812.752.944,097 7,777,526,225 4.318,206,900
382.003.85413,936.203.016 3.486.787.767
10,651,846
605,415.2791
n
1*6.000.000
Financial
230
on
-Month of
Accounts:-
Receipts—
486,502.229
1,134.766,855
1,157.249,593
150,178,535
MiscelL Internal revenue
191,367,866
1,199,915.865
1,268,368,867
650,428
346,052
3,324,638
73,902.264
279,120,168
35,665
64,090,155
53,286.537
30,129,021
163,619,640
213,768.438
"
22,202,518
20,163,909
132,652,535
185,435,820
15,508,477
b8,844.410
30,937,316
124,238,235
b3,307,848
b29i,658
5,519.972
15,402,166
b33,476,192
4,819,014
■
b347.558
,
71,649
73,755
71,619
170,323
170,322
256.177
4,632.197
6,633,871
31,551,932
2.014,487
12,186,006
13,179,753
4,564,105
10,787,862
23:686,181
169,009.
...
tolls, Ac.. —
2,372
Ac
6.200,960
5,841,248
38.395,962
(sec. 13b, Fed. Res. Act, as
amended)
2,927,285.397
For
retirement
5,497,306
3,176.213,516
192.000.000
Unemployment trust fund:
,
32,000,000
19,435,000
50,830,000
32,000,000
Withdrawals by States——
41,000,000
214.300.000
Investments
3,826,598
4,558,627
15.640,268
344,623,779
23,895,731
112,451,137
288.813,193
36,086,892
17,559,230
16,965.305
15,291,087
102,683.393
4,057,549
18,655,834
20,982,270
Reclamation projects a
Board.-
"*255,413
—
13,925,308
bl3,872
1,862.619
140,750.908
b85,371
Retirement
Dlst. of Col. (U. 8.
1,515,172
share)
223,045.970
317,201,523
49,872.892'
48,300,191
Administration a..
44,919,427
49,068,089
279,852.994
53,329,313
10,854,846
302,551,139
78,314,380
32,974
9,721,869
69,153
961,026
——
.
27.291,733
151,488,993
b818,863
bl,222,536
b6,922,506
3,387.226
2,895,276
22,579,511
173,315,198
163,484,809
425.086,116
1,334,983
2,288,292
8,315,188
2,499.053
2,375.644'
17,095,027
692,577
367,858
6,847,487
2.453,476
438,215,965
2,573,178.320
2,210,400,335
Internal revenue
prod.
Processing tax on farm
Sub-tOtal..—
.
y
500.024,324
—.
•
Exchanges:
132,016
187,948
Relief
Public highways
*
flood
Adm.
Wks.
(Act June 21,
All
39,282,600
247,330,300
1,293,977,200
247,330,300
260,669,800
1,352,509,800
1,036.274,000
•
,
series:
certlf..
service
(certificates)
50,880,000
211.000,000
312,416,000 '
41,000,000
200,000.000
246,000,000
9,500,000
34,621,717
10,000,000
139,205
Civil
2,258,365
14,051,664
60,038,439
19,980,420
2,187,476
8.319,824
402,615
745,648
3,318,495
115,300,097
1,180,033,931
15.919,622
107,674,490
Sys. (notes)
Deposit
Federal
227,000
20.000,000
8,700.000
2,600,000
Govt, life lnsur. fund (notes)
17,582,714
469,000
205.000
10,000
649.758,438
.
367,000
459,000
Canal Zo. retire't fund notes)
7,398,174
+
374,000
Alaska RR retire't furtd 'notes 1
Postal Savi.
50,000,000
71,300,000
31,100,000
retire't fund (notes)
serv.
For. Serv. retlrem't f*d 'notes)
1,551,612
-
Insurance
10,000,000
20,000,000
10,000,000
68,110,000
111,880,000
551,338,000
„690,779,000
2,180.991,538
1,174,366.018
6,293,133.785
4,193.477.098
402,880,000
689,910,000
2,488,924.000
2,101,357,000
Corporation (notes)———
'
Sub-total...
grants
81,598,829
43,968,040
1938)
Total public debt receipts..
,
.107,373,276
Expenditures—
Aid to home-owners:
4,745,116
b884
Home Loan system
1,547
76,740
70,609
4,290,912
4,288,231
8,011,122
Federal Housing Admin...
487,500
582,251
3,233,199
10,640,948
14,517,671
60,319,074
Treasury
6.911,539
Admlnlstra'n
—
81,699,619
Treasury
■
1.997.626
210.500
6,196,316
b90
b6,175
307|'241,330
169,474.296
1,512,712,090
38,215,544
29,707,715
§,453,550
24,693,250
50,585.550
7,025,950
1,514,050
9,174,900
639.950
7,237,250
3,066,800
11,518,050
800
500
202,080
720,000
731,336
135.147
963,217
5,298,390
■20,434,123
34,524,950
426,049,297
724,693,741
2,607,177,399
2,280,480,312
.928,552,700
250,669,800
1,352,509,800
1,036,274,000
928,552.700
260,669.800
1.352.509,800
174,150
v.
1,020,411.112
bank
andI"
notes
.
"
8., Revolving funds (net):
Sub-total
:
•
Fed. Res. bank notes
•
,
23,618'
Other debt Items..
National
Sub-tOtal
5,098,665
3,141,100
.
Postal Savings bonds
„
141
Admin, for Indus. Recovery
306,500
First Liberty bonds.
2,613
bl
l
;
813,550
40,808,85Q
bonds.
Fourth Liberty bonds..
Export-Import Bank of
210,400
29,727,000
5,000
U. S. savings bonds
5,490,484
2,000,000
154,000
2.573,600
'
notes
Adjusted service bonds
Miscellaneous:
ReconstructionFlnanceCorp
30,550
9,283,950
Certificates of indebtedness1
.
.
1
MarketoperatJons'
Treasury bills
Cash:
23,075,392
393,118
housing
U. 8. Housing Authority...
Washington
13,339,500
889,270,100
928,552.700
Treasury notes
1,500,000
15.720.101
22,266,212
Farm Security
7,398,550
788,943,700
58,532,600
32,000,000
1,978,179
218,970,206
other
Emergency
3.601,000
1.483,979
'
322,382
•
263,129
Works Progress Admin
Pub,
4-,385,684,985
1.040,050
22,004,565
4,492,669
8,626
517,364
control
Electrification Adm.
Rural
2,459,025,548
800,776,168
495,400
.
32,000,000
and
River and harbor work
42
600,000
Railroad retlrem't acc't(notes)
3,431,945
....
193,794,656
Old-age reserve acc't (notes).
2,420,683
Reclamation projects.
242,090.585
1,338,089
relief)
Public works (incl. work
,
.
1,505.842
Commodity Credit Corp,
293,513,250
37,240,218
/
3.684,663
2.054,832
Federal Land banks
»
219.035,700
854,582,900
1,183,833,438
.
Unemploy. trust fund (ctfs.).
...
1,752,032,000
670,656,500
600,000
Sub-total
i ate
...
2,608,343,000.
219,035,700
293,513,250
250,387.000
'
.
Adjusted
mortgages
on
■
+ 49,000,438
Treasury bonds...........
O rp.
Int.
(lncl.
.
fund
In
...
Sub-total
Special
—reduction
—.
Adjusted service bonds......
Agricultural aid:
Federal Farm Mtge.
48,884,871.
(
22,351,554
432,295,593
Recovery and relief:
2,
■
Deposits for retirement of
national bank notes.—
8,503,331
19,394,382
836.670.693
Treasury savings securities
,.
b3,273,839
„■
30,511,141
,
758.306,723
,
'
"
174,848,874
23.476,162
Administration.a
Tennessee Valley AuthorityInterest on the public debtRefunds —Customs
13.395.914
403,363,000
328,577,200 .
402,892,800
unclassified sales)
,
Civilian Conservation Corps a
Farm Credit
+
Treasury bills.
Treasury bonds
U. 8. savings bonds
292,439,144
Agricultural Adjust. Program
51.438,055
153,271,117**
176,583,724
Treasury notes..,.
v
274,215,193
41.501,607
Navy.
Farm Tenant Act..
939,506
50,000,000
30,576.150
Public Debt Account*
Cash-
201,993,952
36.246,068
Veterans'
5,633,595
9.500,000
receipts or credits
Receipts—Market operations:
5,000,000
Army
;
Excess of
Excess of expenditures.
b322,895
5,000,000
♦
»:
National defense: a
.
302,275
10,000,000
8.229,383
116,443,303
Total.....
6,118.945
173,303,989
13,461,085
S. Housing Authority a—
Railroad
Social Security Act
Investments.
19,307,256
1,504,913
898,182
"*270,534
Postal deficiency
U
5,375,821
25,005,885
594,211
(—
Panama Canal
1,077,369
Benefit payments.;
Railroad retirement account:
99,574,439
Benefit payments
work and
flood
246,000,000
1,530,000
9,011.217
90,880,870
2,758,242
42,140,710
49,683,288
General:—Departmental a..
...
1,250,000
200,000,000
...
Old-age reserve account:
Expenditures—
Public buildings a
312,416.000
125,000
4,649,240
Investments
Public highways a
23,978,530
-
national
of
bank notes
46,455,730
865,633.269
31,887
-
—
704,493,980
■
-i
receipts.-
and harbor
control a
b4,344,198
b43.354,134
Payments to Fed. Res. banks
37,379,191
2.080,763
1.620,722
other
River
17.714,041
b30,617,630
bl68.738.435
gold:
+
73,755
Seigniorage...
Other miscellaneous
I.
488,495
b9,055,293
b366,952
18,023.776
Other
Melting losses,
,
Interest—for'n obligations.
Total
249,000,000
acc'ts
RFC (sec note 2)
Govt.-owned se¬
curities:
205,000,000
============== ========= c
45,632,099
326,445,246
Chargeable against Increment on
Principal—for'n obllga'ns—
All
885,555,564
Export-Import Bank of Wash.
Rural Electrification Admin..
receipts:
Panama Canal
934,690,447
Commodity Credit Corp
68,316,259
—
— .
of
92.000,000
139,875,203
902,004
316,753
46,287,234
402,336,200
(net), Ac.:
of Govt, agencies
345,471,920
25,121,259
employees
Proceeds
87,500.000
——
checking
In
Transactions
2.095,612
2,998,115
Social Secur, Act
carriers and their
Miscellaneous
Expenditures— (See note 1)
Trust accounts
450,732,671
tax
Unjust enrichment tax,.
Customs.
20,000,000
115,867,153
Total
$
%
S
S
Internal Revenue:
Taxes upon
721,465
7,374,308
51,523,404
; 43,000,000
*
Unemployment trust fund
1937-38
1938-39
1937
171,576,215
40,857
14,692,782
36,921,685
32,000,000
16.500.000
reduc¬
In weight of gold dollar..
Seigniorage
-July 1 to Dec. 30—
December-
1938
$
S
193,450,205
Increment resulting from
tion
1937-38
1938-39
17,253,026
CHd-age reserve account..
Railroad retirement account—.
General 8c Special
July 1 to Dec. 30
December—
1937
f
15,711,829
Trust accounts
and 1937-38:
Taxes under
$
Receipts—(Bee note 1)
of the Treasury,
today the details
of Government receipts and disbursements for December,
1938 and 1937, and the six months of the fiscal years 1938-39
Through the courtesy of the Secretary
we are enabled to place before our readers
Income
Increment —-Month of
Gold, &c.
1938
Trust Accounts,
EXPENDITURES
GOVERNMENT RECEIPTSJAND
Jan. 14. 1939
Chronicle
..1
-
3,678.863
.
,'V,
Agricultural aid:
Farm Credit Admlnlstra'n.
Public
bl,758,612
bl0,567,156
b3.210,432
bl,297,887
Treasury
works:
5,500,700
Ac
municipalities,
"
notes
Treasury bonds....
States.
Loans and grants to
•
Exchanges:
Loans to railroads
11,859.910
b3,210,071
51,097,374
-
.
59.206,874
2.085,227
Sub-total
b3,318,525'
Special series:
v
:
Adjusted
service
certificate1
Public Works Admin., loans
(Act June 21. 1938)—.
*2,838,048
...j
—
500,000
fund (certificates)......
Sub-total
4.
1
5,827,315
50,724,990
7,351:992
45,321,193
20,000.000
249.000,000
92,000,000
73,255,000
367,606,600
43,000,000
16.500,000
2,000,000
2,200,000
28,000
'24,000
183,000
136,000
Canal Zo. retire't fund (netes)
29,000
10,000
120,000
109,000
serv.
■
13",000,000
63,000.000
25,000,000
5.000.000
(notes).
2,557,000
3,234,000
71,003,000
22,045,000
1.357,158,997
988,597,541
4,030,690,199
3,333.7^9,312
185,768.477
2,262.443,586
854,677,786
Sub-total
8.
.8,684,550
Total expenditures
2,088,200
24,983,700
38,367,650
870,277.519
fund, Ac.)
680,130,453
4,529.205,701
3,728,755.290
.
Excess of receipts.
Increase
185,'502,816
Excess of receipts
1,601,920,304
165,783.538
Excess of expenditures
expenditures
(+)
Less public
+165,783,538
-185,502,816
8,684.550
2,088.200
+1,601,920,304
+ 552,541,775
21,983,700
38,367,650
,
bills
+483,000
——
of
Bonds
—
187,591,016 +1,576,936,604
expenditures ( + )
—69,103.450
+553.097,403 +2,336,554.961
—731,337
—135.147
+640.023,941
—20,484,128
—33:924.980
+77,122,471 +1,782.108.585
+ 185.943,786
+480,335,000
+668.734,000
176,583,724
—48.884.871
—174,195,102+1,400,352,880
4.649,240
5,497,305
+465,289,254
Sub-total
+30,576,150
+187,675,138
Less nat. bank note
+ 185,763,477 +2,262,443,536
+854,677,786
retlrem'ts
+13,395,914
29,978.530
Total
excess
of
expenditures
+187.675,138
(+) or receipts (—)
—178,844,342+1,394,855,575
+ 435.310,724
+ 867,533.012
.
+ 364,612,818
b Excess of credits
37,093,523,041
37,164,740,315 , 36,424,613,732
debt this date.... 39,427.183,902
37,279.291.518
39,427,183,902 37,279.291,518
as
+185,768,477 + 2,262,443,586
+ 854,677,786
+823,832,541
+ 108,646.000
Additional expenditures on
Note
decrease (—) In
the gross public debt-.
+823,832,541
Gross public debt at beginning
Of month or year
......
38,603,351,361
Increase ( + ) or
Gro88 public
—4,693,390
these accounts are Included under "Recovery and
relief" and "Revolving funds (net)," the classification of which will be shown in the
statement of classified receipts and expenditures appearing on p. 7 of the dally
Treasury statement for the 15th of each month,
+ 419,367,062
(—) In
general fund balance........ +636,157,402
+65.553.000
,
—963,175
.
.
+758,279,541
,
Special series
a
Increase (+) or decrease
—23,618
*
'—) or
.....
—349,275,000
—813,550
-210,400
—653,035,700
+514,174,125
increment on gold,
Ac., excess of receipts
+119,419.000
—154.000
—30.868,200
—3,678,863
eral Reserve bank notes
+157,098,95
debt retirements)
Trust accts.,
+439.523,000
—30,550
National bank notes and Fed-
expenditures
-
-
—569,976,850
f-1.331,503,422
Treasury notes
Other debt Items
(+) or
receipts (—) (excluding public
Excess
,
Decrease (—)
Certificates of indebtedness..
or
debt retirements..
'
,
operations:
Treasury
Summary
of
or
—-
in Gross Public Debt—
552,511,775
Market
receipts (—)
(+)
'823,832,541,
■
Excess of expenditures.
Excess
:
(sinking
retirements
Debt
-
Govt, life 1ns. fund (notes)..
Fed. Dep. Ins. Corp
48,5OO,'0Q0
10,000,000
10,100.000
retire't fund (notes)
For. Serv. retlrem't f'd'notes)
Postal Savings System (notes)
funds (U. 8. share).
Sub-total
19,000,000
414,255.000
,
retirement
employees*
Govt,
•32.000,000
205,000,000
87,500,000
75,105,600
Old-age reserve account.....
Railroad retirement account..
■■■
6,800,000
3,600,000
1,000,000
Unemploy. trust fund (ctfs.).
Rallroad retlrem't acc't(notes)
Civil
Transfers to trust accts., Ac.:
1.036.274,000
•'
(deduct).
the general fund have been treated
expenditures. The figures for the month and the
1—Beginning Dec. 31,1937, transfers from
receipts instead of offsets against
revised accordingly and in that respect
figures published prior to Dec. 31, 1937.
fiscal year 1938 have been
Note 2—Includes transactions on
Loan Corporation, and Federal
disagree with the
account of RFC Mortgage Company,
National Mortgage Association.
Disaster
Volume
Financial
148
PRELIMINARY
DEBT
UNITED
The
STATEMENT
STATES
preliminary statement
DEC.
of
OF
the
public
as
made
daily Treasury statement, is
as
REDEMPTION
up on
debt
of
Below will be found
the
the basis of the
$49,800,000.00
FUND
list of bonds, notes and preferred
a
redemption, together with
sinking fund notices.
The date indicates the redemption or
making tenders, and the page number gives the
location in which the details were piven in the, "ClhrnniplA"'
which
were given in the
Company and Issue—
28,894,500.00
$196,561,740.00
Treasury bonds:
Date
Akron & Barberton Belt 1st mtge. bonds
American Type Founders, Inc., 15-year debs
16
4047
Jan.
15
1
3755
Feb.
Feb.
Atlantic Beach Bridge Corp. 1st mtge. 64s, 1942
Austin, Nichols & Co., Inc., 4% notes
Bates Valve Bag Corp. 15-year s. f. debs
3
Bayuk
Feb.
Jan.
15
454,135.200.00
♦Chesapeake & Ohio Ry. 1st mtge. 5s
Feb.
Jan.
10
Cincinnati Gas & Electric Co. 1st mtge. bonds
Cities Service Gas Co. 1st mtge. pipeline 54b
£275
..—Feb.
1
4050
1,036,692,900.00
3*4 % bonds of 1943-47
...
3%% bonds of 194M3
Cigars Co. 7% preferred stock
Brown Shoe Co.. Inc.. 15-yr. '3*4% debs
489,080,100.00
3*4 % bonds of 194(443
544,870.050.00
-.
...
34 % bonds of 1946-49..
755,432,000.00
34 % bonds of 1941
834,453,200.00
34 % bonds of 1943-45
1,035,874,400.00
34% bonds of 1949-52
2,611,095,150.00
2*4 % bonds of 1945-47....
1,214,428.950.00
2*4 % bonds of 1948-51
2% % bonds of 1956-59
981,827,050.00
24 % bonds of 1949-53—
24 % bonds of 1945
1,786,143,150.00
540,843,550.00
'.
=.
24% bonds of 1948
450,978,400.00
—
i
2*4 % bonds of 1958-63.
918,780,600.00
2)4% bonds of 1950-52.866,397,200.00
2*4 % bonds of 1960-65
701,073,400.00
——•
24,004,585,050.00
U. S. Savings bonds (current redemp. value):
Series A-1935
$179,213,979.00
4051
16
3761
Jan.
♦Kentucky Utilities Co. 1st mtge. bonds, series J
...Feb.
Kirby Lumber Corp., 1st mtge. bonds
^
Jan.
♦Manufacturers Finance Co. 414% notes...
Apr.
Mercantile Stores Co., Inc., 10 year 5% debentures
Jan.
♦Nashville Ry. & Light Co. 50-year 5% bonds..
..Jan.
♦Nineteen Hundred Corp. class A stock
...Feb.
Oklahoma Gas & Electric Co. 4% debs., 1946
..Feb.
Panhandle Prod. & Refining Co. notes.
Jan.
Philadelphia Electric Power Co. 1st mtge. 54s
Feb.
Poli-New England Theatres, Inc., 1st mtge. bonds
Jan.
Railway Express Agency, Inc., 5% Serial bonds
Mar.
Safe Harbor Water Power Corp. 1st mtge. 4Hs_.
Feb.
St. Joseph Ry., Lt., Heat & Power Co. 1st mtge.
4^s
Feb.
St. Monica's Congregation 4J^% bonds
Mar.
♦Scott Paper Co. 34% conv. bonds
..Mar.
Solvay American Corp. 514% preferred stock
Feb.
♦Southern Ice Co. 1st mtge. bonds
...Jim
...
329,696,266.00
,
1
433,007.316.50
Series C-1938
Southwest Natural Gas Co.
60,657,527.09
...
1,441,547,894.84
Adjusted Service bonds of 1945
$297,609,000.00
...
(Government Life Insurance Fund series)..
797,766,956.40
Total bonds
♦
Announcements this
week
x
£281
16
3766
1
20
£283
30
£131
£284
15
£285
1
3919
30
1
4063
4064
19
3920
1
4065
4
£134
1
4066
1
4067
1
£289
15
3923
£290
£135
£290
Jan.
16
£135
Mar. 15
£290
Mar.
Jan.
7
31
£292
-Feb.
25
3475
2406
Volume 148.
.$26,440,461,641.24
NATIONAL
Treasury Notes—
2Ji% series A-1939. maturing June 15,1939..
1% % series B-1939, maturing Dec. 15. 1939..
$1,293 714,200.00
>
following information regarding National banks is
from the office of the Comptroller of the
Currency, Treasury
Department: •
13 061,050.00
1*4% series D-1939, maturing Sept. 15,1939..
426 ,554,600.00
1H % series A-1940, maturing Mar. 15,1940-.
1,378 364,200.00
14 % series B-1940, maturing June 15, 1940..
738 428,400.00
l^%8eries C-1940, maturing Dec. 15,1940..
737, 161,600.00
14% series A-1941, maturing Mar. 15,1941..
Amount
to
RFC
$8,000,000
125,000
Dec. 30—The Hillside National Bank, Hillside, N. J
204 ,425,400.00
1 *4 % series A-1942, maturing Mar. 15,1942..
STOCK ISSUED
30—The Anglo-California National Bank of San Francisco,
Calif.—Sold
503, 877,500.00
14% series C-1941, maturing Dec. 15,1941..
PREFERRED
Dec.
676 707,600.00
ll4 % series B-1941, maturing June 15,1941..
BANKS
The
526. 232,500.00
14% series C-1939, maturing-Mar. 15, 1939..
\
Sold to RFC
Sold
$123,000
2,000
locally
'
COMMON
CAPITAL
STOCK
426 349,500.00.
REDUCED
Ami.
'
2%
3460
3460
20
Jan.
.
500,157,956.40
£280
£281
3459
Mar. 10
1st mtge.
bonds
♦Spang Chalfant & Co. Inc. 1st mtge. 5s
Tennessee Coal, Iron & RR. Co. gen. mtge. bonds..
♦Toho Electric Power Co., Ltd.-, 1st mtge. bonds
Virginia Elec & Power Co.. 1st & ref. mtge. bonds
♦West Disinfecting Co. 1st mtge. bonds
Woodward Iron Co. 2d mtge. 5% bonds
438,972,806.25
...
4055
4055
2533
20
...
Series C-1937——
10
-
591,089,500.00
2% bonds of 1947......
4051
May
...
1,626.687,150.00
,
4050
28
.....
1,223,495,850.00
i
2*4% bonds of 1951-54
28
,
491,375,100.00
24% bonds of 1955-60.'
3757
Feb.
1st mtge. bonds, series A
1,518,737.650.00
3% bonds of 1946-48
4048
3151
1st mtge. bonds, series B
Great Consolidated Electric Power Co., Ltd.. 1st M. 7s...Feb.
Green Mountain Power Corp. 1st mtge. 5s
Feb.
Hackensack Water Co
first mortgage 4s
1952..
Apr. 26 '39
♦Illinois Northern Utilities Co. 1st & ref. 5s, 1957
.Apr.
1
♦Indiana Railways & Light Co. 1st mtge. 5s
..Feb.
2 A
Inland Steel Co. 1st mtge. 3s
;
Jan. 15
International Salt Co. 1st mtge. 5s
June
1
Kansas City Gas Co. 1st mtge. 5s_
Feb.
1
1,400,528,250.00
34% bonds of 1944-46...
1
1
....Feb.
......
Cities Service Gas Pipeline Co. 1st mtge. 6s
Consumers Power Co, 1st mtge. 4% bonds
El Paso Natural Gas Co., 4*4 % debs.
818,627,000.00
3% bonds of 1951-55
!
4047
4048
£125
1
Feb.
352,993,450.00
4% bonds of 1944-54
Unclassified sales
Page
Jan.
Appalachian Electric Power Co. 4)4 % debs
$758,945,800.00
3H % bonds of 1946-56.....1
Series B-1936
SINKING
stocks of corporations called for
117,867,240.00
44% bonds of 1947-52
AND
last date for
Bonds—
2H % Postal Savings bonds (16th to 49th ser.)
CALLS
NOTICES
follows:
3% Conversion bonds of 1946-47
231
31, 1938
United States Dec. 31, 1938,
3% Panama Canal loan of 1961
Chronicle
THE
series B-1942, maturing Sept. 15, 1942.
342 ,143.300.00
232 ,375,200.00
1H % series A-1943, maturing June 15.1943.,
629 ,116,900.00
Dec. 30—The
1 H%
367 ,859,800.00
of Reduct.
Dec. 30—The Anglo-California National Bank of San Francisco,
Calif.—From $10,400,000 to $10,000,000
,
14 % series C-1942, maturing Dec. 15, 1942..
•
series B-1943, maturing Dec. 15, 1943.
Hillside National
Hillside,
Bank,
$400,000
J.—From*
N.
$150,000 to $75,000
U
•
75,000
COMMON
CAPITAL
STOCK
INCREASED
$8,496,371,750.00
3% Old-Age Reserve account series, maturing
June 30, 1941 and 1943...,,.
3% Railroad retirement account series, ma¬
turing June 30, 1942 and 1943
Ami. of Inc.
4—The Niagara National Bank of Buffalo, N. Y.—From
•
Jan.
862,300,000.00
$300,000 to
.75,700,000.00■
.
$500,000
$200,000
VOLUNTARY
'
LIQUIDATIONS
.
4% Civil Service retirement fund, series 1939
to
4%
Amount
1943
459,900,000.00
Foreign
Service retirement
1939 to 1943
fund,
•
to
3,519,000.00
4,001,000.00
Railroad retirement
532,000.00
by The
Jan.
6,700,000.00
ized
series, maturing Dec. 1, 1939 and 1942
105,000,000.00
Certificates of Indebtedness—
^
4% Adjusted Service Certificate Fund series,
maturing Jan. 1, 1939
First
State
'
50,000
/
First
State Bank,
Granger, Texas.
6—Mount Vernon Savings Bank of Washington, D. C., with author¬
capital of $500,000, of which $400,000 was issued and is outstanding.
„
1938.
Liquidating agents: Thomas E. Burke, E. C.
Davison and E. Flavelle Koss, 206 Machinists Building, Washington,
D. C.
Absorbed by The City Bank of Washington, D. C.
$22,200,000,00
....
AUCTION
SALES
ma¬
1,064,000,000.00
turing June 30. 1939
The
1,086,200,000.00
1,306,166,000.00
Treasury bills (maturity value)
Total interest-bearing debt outstanding.
.$38,898,851,391.24
following securities
were
sold at auction
of the current week:
on
Wednesday
"
,
By R. L. Day & Co., Boston:
Shares
Which Interest Has Ceased-
Old debt matured—issued prior to Apr.
by
Effective May 24,
'
10,066,023,750.00
on
Succeeded
.
52,000.000.00
2% Government life Insurance fund series,
maturing June 30, 1943
2% Federal Deposit Insurance Corporation
Matured Debt
$100,000
Jan.
5—The First National Bank of Granger, Texas
Effective Dec. 31, 1938.
Liquidating agents, Dr. C. C. Foster
and James Cavanaugh, both of Granger, Texas.
Succeeded
2%
214% Unemployment Trust Fund series,
Ga.
Bank in
fund series,
maturing June 30, 1941 to 1943.
Postal Savings System series, maturing
June 30, 1940, 1942 and 1943
Downs, Cordele,
Cordele, Ga.
B.
J.
1943.
Alaska
:
Common stock, $54,000; preferred stock, $46,000.
Effective
at the close of business Dec. 31/1938.
Liquidating agent,
4% Canal Zone retirement fund, series 1940
4%
3—First National Bank in Cordele, Ga
Jan."*
series
-.
Stocks
.
$ per Share
,.
60 Southbrldge National Bart', par $100—1 Boston Athenaeum, par
1,1917
(excluding Postal Savings bonds)
13,260,8.50.00
4% and 44 % Second Liberty Loan bonds of
1927-42..
125
1
-
225
Per cent
$1,000 United Business Publishers, Inc., 514b,
$1,000 5Hs, April 1943, stamped part paid; 4
ties Corp., com., par $5; 50 Kreuger & Toll
North German Lloyd American new shares,
39,920.00
01 1932-47.
—
Bonds
$3,911,140.26
24% Postal Savings bonds
34 %. 4% and 44 % First Liberty Loan bonds
$300
Feb. 1944 stamped part paid;
common: 8 Continental Securi¬
Arner. ctfs., par 100 kronor; 1
200 R.m
$10 lo
1,295,700.00
By Crockett & Co., Boston:
44% Third Liberty Loan bonds of 1928
44% Fourth Liberty Loan bonds of 1933-38—
34 % and 4*4 % Victory notes of 1922-23
2,056,250.00
20,248,750.00
648,400.00
Shares
Treasury notes, at various interest rates
19,755,850.00
4,754,450.00
25 Pelzer Mfg. Co., voting trust ctfs., $40 paid in liquidation, par S.5..
Ctfa. of Indebtedness, at various Interest rates.
Treasury bills
.........
Treasury savings certificates
.
% per Share
-
Co., preferred,
par
$100
114
1 %
22 Boston Wharf Co., par $100
35,166,000.00
232,400.00
...
3 Haverhill Gas Light Co., par $25
Debt Bearing No Interest—
16
714
1 Old Colony Trust Associates..
101,369,710.23
14
—
21 Columbian National Life Insurance Co., par $100
70
Co., com.; 12 Interstate Zinc
12 American Utilities & General Corp., class B voting
15 Inland Gas Corp., common; 30 Farmers Mfg.
United States notes
Less gold reserve
Slocks
1 Boston RR. Holding
&
$346,681,016.00
'.
Lead Co., com.;
trust certificates; 100
156,039,430.93
City Central Corp., com.; 50 pref., par $100
$2 lot
Per cent
Bond—
$5,000 Boston Metropolitan Bldg. 1st mtge. 3~5s, Jan. 1, 1950
$190,641,585.07
314 & lnt
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency
231,013,333.-50
DIVIDENDS
2.031,728.28
Thrift and Treasury savings stamps, unclassi¬
fied sales, &c
Dividends
3,243,153.39
426,962,800.24
Tot&l gross debt—.
first
we
AiinwAnt
$39,427,'183,901.74
bring
tirDDir
grouped in two separate tables.
In the
together all the dividends announced the
are
TU
An
i
4- /\l
I
/-V »»
■»«<
I
-4- E
A
A A
A A
/i
4
jt
L I
A
*
1
dividends previously
show the
Name of
Payable if Record
Share
Company
Holders
When
Per
announced, but which
yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
we
1939
14,
Jan.
Chronicle
Financial
232
have not
Feb.
Jan.
3c
Feb.
Jan.
15
12Hc
Feb.
Jan.
25
Mar.
Feb.
15
$IK
Apr.
Mar. 15
30c
Jan.
Jan.
16
15c
Jan.
Jan.
7
Feb.
Feb.
3
2.5c
Feb.
Jan.
20
68Mc
$1H
Feb.
Jan.
14
Corp
Adams-Millis
1
30c
Agnew-Surpass Shoe Stores (s.-a.)
Preferred (quar.)
-American Equitable Assurance (quar.)
American General Equities Corp. (quar.)
American Railway Trust Shares (bearer)---_
American Smelting & Hefining Co
v
Bottle—_
Anglo-Canadian Telep. Co.. 5H%
American Thermos
--- — --
pref. (qu.)_
pref. (quar.)
Electric Co., $6
Atlantic City
50c
Jan.
Ian.
an.
Extra
Best &
Jan.
Feb.
:—
4
(quar.)
Preferred
16
Jan.
10
Northwestern Fire &
Feb.
Jan.
16
Feb.
Jan.
16
Norwalk Tire & Rubber pref. iquar.)
O'Brien Gold Mines, Ltd. (initial) —
Jan.
:
Jan.
20
Jan.
:
Jan.
20
/an.
;
Canadian Investors
Canadian Investors
Feb.
Jan.
16
Jan.
20
62 He
10c
Feb.
Jan.
20
Jan.
Jan.
6
Feb.
Feb.
1
12M
(quar.)
Dec. 22
Feb.
Jan.
Jan.
Mar.
Mar. 10
Feb.
i
an,
Jan.
18
Jan.
>an.
3c
—
Ian.
14
Feb;
Jan.
17
UK
UK
-----
pref. (quar.)
Extra,
16
1
3 Dec. 20
$2
16
Feb.
Jan.
Jan.
20 Jan.
10
25c
Jan.
20 Jan.
10
s
1
16 Jan.
16 Jan.
6
Riverside Cement Co.,
6
5c
15
Feb.
15 Jan.
25*
Sanford
Feb.
1 Jan,
20
20
1 Jan.
20
10
Mar.
1 Feb.
10
Feb.
8 Jan.
10
50c
Jan.
Jan.
3 Dec.
21
50c
Feb.
15 Feb.
1
Mar. 20
Apr.
1
$2
Preferred (quar.)
Feb.
1 •Ian.
15c
Duquesne Brewing Co. (Pittsburgh)——i.
3 Dec.
Jan.
10c
Elgin Sweeper Co., eumul. pref. (quar.)..
Jan. 16 Jan.
$2H
Exeter & Hampton Electric (quar.)—----- —
1 Jan.
Feb.
SIM
Faber, Coe & Gregg, Inc., 7% pref. (quar.)
Jan. 2b Jan.
6Mc
Family Security Corp., class A (quar.)_-----Ian. 26 Jan.
1/Hc
7% preferred (quar.) —-------- — -------25c
J^n. 30 Jan.
Federated Department Stores, Inc—------—
S1.06M Jan. 31 Jan.
4K % conv. preferred (quar.) — —
—
Jan. 15 Jan.
•SI M
Felin (J. J.) & Co. preferred (quar.)
1 Jan.
Feb.
15c
Fidelity Fund, Inc,
— 9<v»
Jan. 25 Jan.
Filene's (Wm.) Sons Co
Jan, 25 Jan.
S1.18M
Preferred (quar.)___
•
Jan. 23 Jan.
SI
First Boston CorpJan. 16 Jan.
68c
Fitchburg Gas & Electric Light Co. (quar.)-Jan,
3 Dec.
$1H
Foreign Light & Power Co., 6% 1st pref.
Feb.
1 Jan.
25c
21
20
6
20
14
10c
-
pref—
Gary (Theodore) & Co., $1.60 cum. 1st
General Cigar Co., Inc., pref. (quar.) — ——
Gibraltar Fire & Marine Insurance (s.-a.)
Republic, Inc., of America
Goldblatt Bros, stock
-Grace National Bank
Green
Engineering
(H. L.) Co., Inc
14
- —
United States &
Class A
Houston
preferred (quar.)
H.) & Co. (quar.)
Special preferred (quar.)
Land is Machine Co. (quar.)__Lazarus (F. & R.) & Co. (quar.).
—
6% preferred (quar.)
Class B
quar.)
(quar.)
Louisville Henderson & St. Louis
5% preferred (semi-ann.)
Mammoth Mining Co.
15 Jan.
20
25c
Jan.
16 Jan.
10
$3
Feb.
Jan.
1 Jan.
14 Jan.
18
40c
5%
Feb.
1 Jan.
10
75c
Feb.
Jan.
10
$3H
$1H
Feb.
Jan.
Jan.
Jan.
10
Feb.
Jan.
20
20
—
—
—
19
$1M
$1H
Feb.
Jan.
50c
Jan.
15 Jan.
1
50c
Feb.
25*
20c
Feb.
15 Jan.
15 Feb.
58 l-3c Feb.
Jan.
14
Feb.
Jan.
14
41 2-3c Feb.
Feb.
75c
Jan.
50c
1
14
Jan.
14
$4
25c
Dec. 28 Dec.
Feb,
Jan.
20
Feb.
Jan.
20
10c
Feb.
Jan.
21
50c
Feb.
Jan.
25
50c
Jan.
Jan.
20
Jan.
Jan.
20
Mar. 15
$1H
Feb.
Jan.
Feb.
Jan.
18
Feb.
Jan.
20
Feb.
Jan.
20
Jan.
•
16
Jan.
14
Jan.
Dec.
31
Feb.
Jan.
20
Feb.
Jan.
20
Feb.
Jan.
t$2H
Feb.
Jan.
21
25c
Feb.
Jan.
20
$1H
Feb.
Jan.
20
17
Jan.
Feb.
16
m Jan.
Jan.
6
5c
Feb.
Jan.
•25
37Hc
Feb.
Jan.
25
t50c
12HC
Jan.
20
Jan.
30 Dec.
UK
Feb.
Jan.
UK
Feb.
Jan.
14
2c
Feb.
23 Jan.
21
2c
Feb.
23 Jan.
Jan.
21
15c
Feb.
Feb.
28
14
5
20c
Feb.
Jan.
19
$1H
(qu.) —
& Worts, Ltd
Feb.
Jan.
26
Feb.
Jan.
26
40c
Feb.
Jan.
20
tSl K
Jan.
Jan.
4
UK
$1
$1
Feb.
Jan.
21
Jan.
Jan.
16
Mar. 15 Feb.
20
Mar. 15 Feb.
20
t75c
—
—
-----
—
-
27
25c
37 He
Feb.
Jan.
14
$1H
Feb.
Jan.
31
25c
Jan.
Jan.
Oil Co—
—
.—
Jan.
35c
& Steel Co. (Calif.) 7% pref_- —
Jan.
40c
WJR—The Goodwill Station (quar.)
u—
Feb.
xniK
Wood, Alexander & James, Ltd., 7% 1st pref-_
Mar.
60c
Woolworth (F. W.) Co. (quar.)
----Is. 9d.
Woolworth (F. W.) & Co., Ltd., final.—
9d.
11
Washington
23 Jan.
23 Jan.
Dec.
31
Jan.
20
Jan.
16
Feb.
10
16
1 Jan.
16
Jan.
15 Jan.
6oc
1
'
Bonus
16
Below
we
give the dividends
14 Jan.
v
Feb.
lb Jan.
14
Jan.
14 Jan.
9
tS2H
Jan.
announced in previous weeks
The list does not include dividends an¬
week, these being given in the preceding table.
paid.
and not yet
Jan.
50c
Mar.
6
Dec.
1 Feb.
nounced this
.
Per
Name of
28
Share
Company
15
Abboi t Laboratories
5c
Jan.
28 Jan.
14
Feb.
15 Jan.
28
Feb.
15 Jan.
28
Adams
4
Feb.
1 Jan.
16
16
Air Reduction Co.,
50c
16
Alaska Juneau
Jan.
11 Jan.
9
Jan.
20
15c
$1H
50c
25c
Ry. Co.—-
$2H
5c
Feb.
1
Inc. (quar.)
Gold Mining
Albany & Susquehanna
Amerada Corp. (quar.)
Jan.
20 Jan.
10
Amerex Holding Corp.
Feb.
1 Jan.
20
American Alliance
Jan.
14 Dec.
31
Jan.
14 Jan.
5
Jan.
Jan.
14 Jan.
25 Jan.
16
Feb.
1 Jan.
21
Jan.
25 Dec.
Jan.
Feb.
15 Jan.
1 Jan.
Jan.
14
25c
Jan.
15 Dec. 31
Feb.
1 Jan.
21
Feb.
15 Feb.
25 Jan.
14
Ian.
1 Jan.
1 Jan.
20
10 Dec.
10 Dec.
31
Jan.
Jan.
10 Dec.
31
Jan.
31
Ian.
15 Feb.
25|Ian.
1
14
.
t
American Reserve
American Ship
3
Feb.
Jan.
14
50c
Jan.
31 Jan.
14*
70c
Feb.
Jan.
3 Jan.
14 Jan.
16
25c
20c
Jan.
14 Jan.
5
$1H
Jan.
15 Dec.
31
$1
Feb.
15c
Jan.
Feb.
15 Jan. 24*
16 Dec. 30
(semi-ann.)
(quar.)
75c
1
Dec.
1 Jan.
21
5
11
Dec.
15
Jan.
Jan.
14
Feb.
Jan.
9
20c
Feb.
Jan.
16*
30c
Feb.
Jan.
37 He
20c
Feb.
Jan.
16
16
Feb.
Jan.
16
25c
Jan.
Jan.
4
75c
Feb.
Jan.
16
5(Jc
Feb.
Jan.
14
UK
UK
$1H
(bi-monthly)
Insurance (N. Y.) (s.-a.)
Building Co
Jan.
3
15
31
25c
American News Co.
Feb.
Dec.
$1H
Insurance
6% preferred (quar.)
American Can Co. (quar.)
American Casualty Co_
American Cities Power & Light conv class A
l-32nd sh. of cl. B stk. or at option of holder
payable in cash.
American District Teleg. (N. J.) pref. (quar.)
American Furniture Co., Inc., 7% prer. (qu.)__
American Gas & Electric Co. pref. (quar.)
American Home Products Corp
American Light & Traction (quar.)
Preferred (quar.)_
American Machine & Foundry Co
^
16*
Feb.
RR. (Extra)
American Art Works
4
Feb.
—
(quar.)
Extra
5
12
O 70
UK
9c
dividend) —
Affiliated Fund, Inc
1 Jan.
25 Jan.
Holders
When
Payable of Record
15c
(extra) (stock
(quar.)
(J. D.) Mfg. (quar.)
H % preferred
Jan.
40c
15c
25c
12 He
50c
87He
——
5
Western Pipe
Feb.
Jan.
72c
3c
—
Printing Co. preferred (quar.)_
Teleph. & Teleg. Co. (Del.)—
Class A
15
Jan.
40c
5c
Lee Rubber & Tire Corp
Lincoln
$4H cum. conv.
24
70c
.$1 H
f$l
12 He
Kress (S.
Lincoln
Feb.
20
'
(increased)-preferred (quar.)_ —
Feb.
(s.-a.)
(N. Y.)
75c
•
SIM
pref. (quar.)
preferred (quar.)___ —
Inc., 7% preferred
Kalamazoo Stove & Furnace Co
Keystone Custodian Fund K-2 (s.-a.)___
(s.-a.)
16
S1H
—
Interchemical Corp.,
S-4
5
1 Feb.
62c
Jefferson Lake Oil Co.,
Knickerbocker Insurance Co.
18 Jan.
24
.
$6 preferred (quar.)
B-3
20
—
(quar.)-„T
Washington Gas Light Co.
37 He
Idaho Maryland Mines Corp. (monthly)
Insurance Co. of the State of Pa. (s.-a.)___
14 Jan.
International Securities—
Preferred
68 Mc
!_
Lighting & Power 7%
20
Jan.
(qUar.).
preferred
(H.) Walker-Gooderham
SIM
(quar.) — -
Mines
(quar.)
24 Jan.
Common
16
20
tTSoc
preferred
(Chas. E.) Co. class A common (quar.) —
Hormel (Geo. A.) Co.
20
Jan.
Feb.
60C
Highland Dairy, Ltd., 7%
Hires
13
•1 Feb.
Mar.
15c
-- — —
(quar.)_
Co. (Can.),, 7% preferred- —
Co., $2,40 conv.pref. (quar.) —__
Hollinger Consol. Gold
Jan.
wO
Corp. (semi-ann.)
Van Sciver (J. B.) Co. 7% preferred
Virginian Ry. Co. preferred (quar.) —
1 Feb. 15
30 Jan..20
Feb.
1 Jan.
17
3%
—
2d referred
Haverhill Electric Co_
20
24 Jan.
UK
UK
87 He
Utilities Stocks & Bond
Jan.
:
Guardian Realty
Hartford Electric Light Co.
1 st
20
Mar
-15c
25
24 Jan.
—
20
1 Feb.
1 Jan.
Jan.
Jan.
$1*1
_
10
20
1 Mar. 20
1 Jan. 16
Feb.
Feb.
$1M
$1H
:
Tung-Sol Lamp Works pref. (quar.)
United States & Foreign Secur., 1st pref.
York
11
1 Jan. 21
3 Dec. 31
•
——--
Halle Bros.
Mar.
Extra
1
25c
pref. A )quar.)
Trade Bank of New
1 Jan.
11
— -——
21
--
Works (quar.)--
Extra
Mar.
held.
——
Great Lakes
Jan.
50c"
(quar.) — —-
dividend-each sh. com.
l-60th sh. of com. for
tl5c
SIM
20c
Extra...
Globe &
Feb.
(quar.)
20
(quar.)
(quar.). —
Extra-!
16 Jan.
16 Jan.
Apr.
Simpson's, Ltd., preferredSmith Agricultural Chemical Co_.
6% preferred (quar.) —
------ —
Solvay American Corp. preferred (quar.)
Springfield Gas Light Co. (quar.)___
Sterling, Inc. (quar.).j
Preferred (quar.)_ —
Stott Briquet Co., Inc., $2 conv. pref__i
Taylor Markets, Inc. (quar.) — - — —
Texas Power & Light, 7% pref. (quar.)—
—$6 preferred (quar.).^
Toburn Gold Mines,.Ltd. (quar.
Mar. 31
—
Jan.
Jan.
Mills..
$6 preferred (quar.)_
Sharp & Dohme, Inc., $3H
31
20 Dec.
Apr. 20
%\K
Dunean Mills, 7%
Franklin Fire Insurance
Preferred
1 Feb.
m
11
10c
Saratoga & Schnectady RR. (s.-a.) — —
Securities Corp. General $7 pref. (quar.)—
$2
i
16 Jan.
25c
15
Jan..
Jan.
UK
1 Feb.
25 Jan.
i
20
$1,084
(quar.)
Jan.
Feb.
1
Ian.
75c
Royal Dutch Co. (N. Y. shs.) (initial)
St. Lawrence Flour Mills (quar.)
$6 pref.
Jan.
Feb.
31
50c
——:—
6H% preferred (quar.)^
Mar.
15 Jan.
Mar.
15 Feb.
.$2
25c
16
Feb.
Feb.
—
Feb.
t55c
Feb.
50c
75c
-------
1
1
•— —
50c
$2.20 preferred------- — —
debenture stock (quar.)—Dictaphone Corp
—
Preferred (quar.)
- — -------------Distillers Co., Ltd., Am. dep. rets, (interim) —
Dome Mines, Ltd. (quar.)
Mar.
75c
70c
De Met's, Inc.,
Ian.
Feb.
•
Jan.
Mar.
1
87 He
(qu.)_
$1H
$1K
Dennison Mfg. Co.
preferred (quar.)
Duplan Silk Corp. (s.-a.)
Extra
16*
Feb.
Feb.
...
68Hc
Coqcord Electric Co. (quar.)
: — ---6% preferred (quar.)
—;rCottsolidated Cigar Corp. 7% pref. (quar.)
Consolidated Royalty Oil Co. (quar.)
Continental Can Co., Inc. (interim)
14
23
Feb.
Feb.
J
Raymond Concrete Pile (quar.)_—:
Preferred (quar.)_._
Reliance Mfg. Co
Reynolds (R. J.) Tobacco Co.—
Common and common B
Rich's, Inc. (quar.)--j.^
20
3c
pref. (qu.)_
i
Jan.
Feb.
25c
-
—
$2K conv.
Quarterly
fan.
Feb.
Jan.
Corp.
,
28 Feb.
1 Jan.
Jan.
—
E.) Mfg. Co.—. —
Procter & Gamble Co. (quar.)___ —
—
Provincial Transport Co. (irregular)
——Public Service Co. of Colorado 7% pref. (mthly.)
6% preferred (monthly).
5% preferred (monthly)-Public Service or Northern Illinois (quar.)
_c
Puritan Ice Co. 8% preferred (s.-a.)-
11
fan.
20
15 Mar. 14
Feb.
1 Jan.
1 Jan.
Prentice (G,
4
1 Feb.
Mar.
75c
6% preferred (quar.)
16
14
Apr.
$3H
——
—r—— —
21
>an.
Feb.
14
Jan.
31
10 c
Electric
(quar.) —
Plymouth Rubber Co., Inc., 7% preferred
Potomac Edison 7% preferred (quar.)
Jan.
46c
.
preferred (semi-annual)--Ltd. (quar.)—-----—
(St. Louis) (quar.)
Columbia Pictures Corp.
.
11
15c
Coca-Cola Bottling Co.
*
Feb.
31
$1H
Coast Breweries,
Cuneo Press, Inc.
14
15 Jan.
—
—_—
Inter-Terminal RR, Co.—
$4% gtd. 1st
Jan.
—
Chemical Products Corp., 7%
Formerly Joslin-Schmidt
Cincinnati
Jan.
Feb.
$4
_—
Corp.—
(quar.).
$6H preferred
Feb.
JluC
J4c
6% preferred
Century Shares Trust
Chain Store Investment
14
Jan.
$6
(quar.). —
Fund special shares
Corp.
—
14
Jan.
Feb.
75c
preferred (quar.)
——
2d preferred (quar.)
Pacific Lighting Corp. (quar.) —
Packer Corp. (quar.)
>
Pemegewasset Valley Railroad (semi-ann.)
Pennsylvania Gas Co.
Peoples National Bank (Brooklyn, N. Y.)
—
Payable in stock.
•
Capital stock (s.-a.)—_ — ---——-rPeoria & Bureau Valley RR. Co. (s.-a.)
1
Feb.
Jan.
$l
(quar.)— —
(quar.) —
Republic Co. (resumed) —
Tube Co
—
Feb.
Marine Insurance
Jan.
Feb.
Jan.
15C
.
1st
$1K
$1H
$1H
Carter (Wm.) Co
Central
Central
Extra,
Jan.
(quarterly).
Calgary Power Co., Ltd., 6% pref.
California Water Service preferred
Canadian Indemnity Co
9
16
Feb.
UK
lHHc
Bloomingdale Bros., Inc
.---Blue Ridge Corp., preferred (quar.) —
—
Brockton Gas Light Co. (quar.)
Buck Hill Falls Co. (quar.). — —
Buffalo Ankerite Gold Mines, Ltd, (quar.) ——
Bullock's, Inc..
...—
Preferred
/an.
Jan.
Orange & Rockland
Outlet Co. common
25c
—
16
(s.-a.)
7% gtd. stk.
Jan.
Feb.
$1
20
Jan.
75c
25c
Electric Co. (irregular)- — ----Electric Co. (quar.)—
Jan.
Feb.
(quar.)
Voting trust certificates
6% preferred (quar.)_.
North Carolina Railroad Co.,
Feb.
Extra.- --------i-'——
9
Jan.
New York
25c
.
—'-
.
30c
Beverly Gas &
Birtman
:
•
$1K
Co., Inc
24
fan.
Merchandise Co. (quar.)
North Boston Lighting Properties (quar.)——
11
Jan.
Extra
11
$i
(s.-a.)
Dec.
Ian.
$1.31H
$1H
$25
$1H
lien
40c
25c
Hydro-Electric.
Bayside National Bank of N. Y.
14
Dec.
'
Augusta &
Bangor
Dec.
,
40c
Deposit Co. (N." x
Savannah RR. (resumed)
Ault & Wiborg Properietary, Ltd—
5H% preferred (quar.)
Atlantic Safe
19
Dec.
Schuylkill Haven RR
Minneapolis Honeywell Regulator Co.—
$1
4% preferred B (quar.)—
40c
National Biscuit Co. (quar.).
$1^
Preferred (quar.)-.--•50c
National Distillers Products Corp. (quar.).
$1
National Savings & Trust Co
$1H
Newberry (J. J.) Co. 5% pref. (quar.)
— t37Hc
New England Gas & Electric Assn. $5K prer—
$10
New England Trust Co. (semi-ann.)_
$5
an.
5. /jo
10
Jan.
25c
MI .e ,4 11 &
Alaska Packers' Association (div
Allied Finance Corp. (quar.)
Allied Kid Co. (quar.)--.---- — --
Jan.
Jan.
12Hc
$1H
$1H
12Hc
6H % preferred )quar.)
--McNeal Marble Co., 6% 1st pref. (quar.)
Merchants & Mfrs. Fire Insurance (quar.).
McGraw Electric Co. (quar.)
20
25c
Prior, Ltd.—
Michigan Gas & Electric 7% prior
$6 prior lien
Michigan Central RR. (s.-a.)
Jan.
—-
—
Glass A & B (quar.)
Payable 9/ Record
Share
of Company
McLellan Stores Co.
McLennan, McFeeley &
Holders
When
Per
Name
50c
40c
(quar.)
preferred
2nd
announced this week are:
The dividends
Light Associates—
Massachusetts Power &
*
_
Jan.
Volume
Financial
148
Per
Name of
Share
Company
14 Dec.
July
July
14 Dec.
5 June
Feb.
5 June 24
1 Jan. 25
SIX
Feb.
1 Jan.
1 Jan.
1 Dec.
Feb.
1 Jan.
SIX
Feb.
Jan.
Feb.
15 Feb.
Feb.
1 Jan.
SIX
Jan.
15 Dec.
(quar.)
Bayuk Cigars, Inc., pref. (quar.)__
Beatty Bros., Ltd., 1st pref. (quar.).;
Bell Telephone of Canada (quar.)..--;
Bell Telep. of Penna., preferred (quar.)
Biltmore Hats Ltd. (semi-annual)
81H
-
-
Jan.
12Hc
—
Jan.
25c
-
Feb.
t$2
SIX
Preferred
7% preferred (quar.)
15
15
Preferred
31
14
Jan.
14
Jan.
pref. (quar.)
20
Dec.
31
Jan.
10
10
Jan.
31 Jan.
16
General
Feb.
1 Jan.
10
—
-
6
20 c
Jan.
10c
Jan.
Jan.
4uc
Jan.
lOd.
Jan.
16 Dec.
Jan.
19
Feb.
Jan.
62Xc
Feb.
}3uc
Jan.
Jan.
Jan.
Jan.
Feb.
tlvx
tsix
15 Jan. 31
16 Dec. 31
16 Dec
16 Dec.
15 Jan.
1
Dec.
31
15 Jan.
1 Jan.
1 Jan.
20
Feb.
20
Jan.
17
16 Dec. 31
16 Dec. 31
Jan.
16
Jan.
16 Dec. 31
16 Dec. 24
Jan.
Jan.
Jan.
31 Jan.
Feb.
Jan.
20 Dec.
Feb.
Jan.
Jan.
1 Jan.
1 Feb.
1 Jan.
20
Preferred
Feb.
1 Jan.: 26
SIX
$5
SIX
SIX
six
2 H%
Feb.
1 Jan.
20
Jan.
21
Jan.
31 Jan.
31 Jan.
Jan.
16 Jan.
3
Jan.
14 Jan.
3
1 Jan.
15 Jan.
10C
Jan.
15 Jan.
40c
Feb.
1 Jan.
1 Feb.
14
2
15
15 Jan.
1 Jan.
13
1 Feb.
15
1
Jan.
SIX
Feb.
Feb.
16
1 Jan.
1 Dec. 30
Corp., S7X pref. (quar.)
SIX
Feb.
1J
20c
Feb.
15 Jan.
Consolidated Oil Corp. (quar.)
Coon (W. B.) Co. (quar.)___
16
15c
Feb.
Feb.
Feb.
I Jan.
Jan.
Mills, Ltd. 5% pref. (quar.) —
Creamery Package Mfg. Co. (quar.)
Cresson Consol. Gold Mines
3
14 Dec.
31
Jan.
10 Dec.
31
Feb.
15 Jan. 131
1 Jan. 24
Feb.
Jan.
■■
-
,
82
25c
Feb.
—
(quar.)-;
—
Quarterly
-—"-Quarterly
Darby Petroleum Corp. (semi-annual)
Davenport Water Co. 6% preferred (quar.)
Davis Coal & Coke capital distribution
Deposited Insurance Shares, series A
Jan.
50c
50c
25c
(final)
Feb.
Dec.
5Xc
Feb.
Feb.
—
(quar.)
-
3
20
15 Nov. 30
3
1 Jan.
3
1 Jan.
27
9
Jan.
t50c
Jan.
Apr.
Jan.
20
14 Jan.
17 Jan.
5
1
6
20 Dec. 31
20 Mar. 31
Dominion Tar & Chemical Co. 5H% pref. (qu.)
tsix
Feb.
Textile, Ltd. pref. (quar.)
(E.l.)de Nemours & Co. pref. (quar.)-
Isix
/an.
1 Jan.
16 Dec.
31
SIX
six
SIX
Jan.
25 Jan.
10
Jan.
25 Jan. 10
16 Dec. 31
SIX
SIX
Mar. 31 Mar. 20
June 30 June 20
Dominion
Debenture (quar.)
Duquesne Light Co., 5% cum. 1st pref. (quar.).
Early & Darnel Co., pref. tquar.j —
Preferred (quar.)
East Penn RR. 6% guar, (s.-a.)
Eastern Steel Products (interim)
Electric Bond & Share $6 preferred
(quar.)
preferred (semi-ann.)
Line Co
Eureka Pipe
16
Jan.
17 Jan.
7
Feb.
1 Jan.
14
Feb.
1 Jan.
6
Feb.
1 Jan.
6
3%
Jan.
14 Dec i
31
50c
Feb.
M
$5 preferred (quar.)
Electric & Musical Industries, Ltd.—
Jan.
S1H
SIX
Feb.
i
Jan.
25
i
Jan.
25
>
Jan.
25
Jan.
17
Feb.
Feb.
14
Mar. 21
11 Feb.
V
'
3.3c
35c
37Hc
37Hc
5%
-
—
(quar.). — .-
15 Dec.
Apr.
10
31
31
1 Mar.
5
1 Jan. 16
Feb.
16 Dec.
20
t85H
+85 X
Feb.
1 Jan.
16
Feb.
1 Jan.
H
Feb.
l»Jan.
3
Jan.
16 Deb.
Feb.
1 Jan.
1 Jan.
31
20
20
t50c
87Hc
.*1 M
Feb.
Feb.
1 Jan.
16
20
J^an.
15 Dec.
29
Jan.
16 Dec.
31
Jan.
16 Dec.
31
1 Feb.
25
3
Mar.
Jan,
16 Jan.
Jan.
15 Jan.
3
Mar. 15 Feb.
28
Apr.
1 Mar. 15
Jan.
28 Jan.
10
Jan.
31'Jan.
31'Jan.
10
Jan.
Jan.
15 Dec. 31
Jan.
14(Dec. 27
Feb.
Feb.
10
1 Jan.
12
l'Jan.
20
Feb.
15 Dec. 31
1 Jan. 20
Jan.
23 Jan.
Jan.
14
Jan.
Jan.
14
Feb.
Jan.
17
Feb.
—
Jan.
13.
Jan.
__,D3c. 31
Jan.
15 Dec. 31
Jan.
l5;Dec. 31
Jan,
15 Dec. 31
1 Jan. 16
Feb.
—
Feb.
Apr.
1 Jan.
21 Jan.
Jan.
14lJan.
Jan.
14
1 Mar. 14
Jan.
—
(Edgar P.) & Sons, Inc., con v. pref
Preferred
15 Dec.
Jan.
Jan.
1
Lee Rubber & Tire
15 Jan.
Jan.
50c
.
Preferred
Jan.
40C
Kroger Grocery & Baking Co. 7% pref. (quar.)-.
Lane Bryant, inc., 7% preferred (quar.)
—.
Langendorf United Bakeries, Inc., class B——..
Class B (extra)
:
Class A (quar.).-- — —
;
3 Dec.
12
3
20
—
Mar.
15
Dec.
16
Mar.
— —
Mar. 25
10
1X%
Jan.
14 Dec.
31
1X%
1X%
Jan.
14 Dec.
31
Jan.
14
Dec.
31
Feb.
15 Feb.
82 H
Feb.
15 Feb.
50c
Jan.
14 Dec.
31'
1H%
5%
Jan.
14 Dec.
3D
25c
Feb.
SIX
SIX
SIX
Jan.
1 Jan.
15 Dec.
Feb.
1 Jan.
1
1
13
31
20
Jan.
25 Jan.
50c
.
Jan.
15 Dec.
31
55c
Jan.
15 Dec.
31
5
16 Jan.
19
12c
Manhattan Fund
Manufacturers Trust Co.
27
Feb.
Jan.
—
7% cumulative preferred (quar.)
6% cumulative preferred (quar.).
5% cumulative preferred (quar.
Louisville Henderson & St. Louis Ry. (s.-a.).
Maritime Telep. & Teleg.
Dec.
Mar.
—
preferred (semi-ann.).Mac Andrews & Forbes Co. (quar.)
Preferred (quar.)
McCall Corp. (quar.).
—
McColl-Frontenac Oil, pref. (quar.)
McCrory Stores Corp., preferred (quar.)
McLellan Stores, preferred (quar.)
Mahon (R. C.) Co., class A pref. (quar.)
Convertible preferred (quar.)
17
Apr.
Link Belt Co.
(quar.)- — -- — ----..
Preferred (quar.)
—
Little Schuylkill Navigation RR. & Coal—
Lockhart Power Co., 7% preferred (s.-a.)Louisville Gas & Electric Co—
Jan.
Jan.
(quar.)
Feb.
Line Material Co
pref. (quar.)
(quar.)„
Extra
7% preferred (quar.)
1 Jan.|16*
5 hc
...
-
14|Dec. 31
20 Dec.
Feb.
—
—
14
12
14 Dec. 31
15
1 Jan. 14
Feb.
1 Dec. 31
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Feb.
1 Dec. 31
Jan.
-'
1
16
20
Jan.
Shares
Lewis
10
Feb.
i
Jan.
•
5
5
1 Feb.
Jan.
—
5
31
16 Jan.
tsix
150c
(Quarterly)
1 Jan.
Feb.
Feb.
Dept. Stores. (Initial)
Switchboard & Supply.------
Extra
4
Feb.
U7&
— ------- —
Lehigh Portland Cement Co__—
4% preferred (quar.)
Lehigh & Wilkes-Barre Corp. (quar.)
Lerner Stores Corp. (quar.)..
5
16 Dec.
25c
Dixie Vortex Co. (interim)
4
Jan.
Mar.
15c
Distillers Corp .-Seagrams, Ltd. pref. (quar.)
Dixie Home Stores (quar.)
10
Jan.
$4
75c
pref—
Sept. 15 Sept.
Jan. 15 Jan.
825
__
Detroit River Tunnel Co. (semi-annual)
20 Jan.
14 Dec.
Mar. 15 Mar.
June 15 J tine
SIX
—_—-
.
Diamond Match Company panic,
Jan.
2c
50c
15 Feb.
14 Jan.
Mar. 31 Mar. 21
5
Jan. 20 Jan.
81H
"—
Daniels & Fisher Stores Co.
■
20 Jan.
16 Jan.
83 H
- - —
8% preferred (quar.)
Cunningham Drug Stores, lnc
6% preferred B (quar.)
i
Jan.
Jan.
43 Xc
25c
preferred (s.-a.)
(quar.)—;
.
3
SIX
75c
3
(quar.)
Kennedy's, Inc., preferred (quar.)
Kentucky Utilities 6% preferred (quar.)
Keystone Steel & Wire---.-—
Klein (D
Emil) pref. (quar.) ...
Kinsey Distilling Co. prior pref. (quar.) Kokomo Water Works Co. 6% pref. (quar.)
Kootenay Belle Gold Nines (quar.)
14
SIX
30c
2c:.
-------
Feb.
Preferred
1 Jan.. 21
1 Jan. 21
75c
Preferred (quar.)
10
Kaufmann
Kellogg
14
SIX
—
Trust (quar.)
Jan.
(quar.)_._
_ -----
6% preferred series A
International Nickel of Canada pref.(quar.)
International Products, pref. (semi-ann.)
International Utilities SIX preferred
$3X preferred (quar.)—t
—
Interstate Dept. Stores pref. (quar.)
Interstate Home Equipment (quar.).
Investment Foundation Ltd., cum. prefCumulative preferred (quar.)
Jantzen Knitting Mills, preferred (quar.)
Joplin Water Works, 6% pref. (quar.)
Julian & Kokenge Co. (s.-a.):
—
Katz Drug Co. (resumed)--Preferred (quar.)
3
an.
Feb.
Jan.
6% cum. partic. preferred (quar.)
International Business Machines (stock div.)
International Cigar Machinery Co
—-.
International Harvester Co. (quar.). r. _....
International Metal Industries 6% preferred--.
16
Jan.
%
SIX
5
15c
_ —
International Bronze Powders (quar.)
1
—
Crowell Publishing Co. 7%
(quar.)
Houston Oil Fields Material..
Insurance Group
16 Dec. 31
3
14 J an.
Crown Drug Co., preferred
Crum & Forster (quar.)
(N.
Interallied Investment Corp. A (s.-a.)
21
10c
Jan.
Feb.
Jan.
Insurance Co. of North America (s.-a.)
1 Sept. 18
1-1-40 Dec. 18
Mar,
Feb.
Jan.
Institutional Securities ((Ins. Group Shares)--.
Oct.
6
15c
Humberstone Shoe Co., Ltd. (quar.)—
5
15 Jan.
1 Mar. 20
1 June 19
SIX
18
7
5t ic
Feb.
17 '
14*
Jan.
Feb.
Jan.
SIX
1 Jan.
Feb.
Feb.
16
26 Jan.
Mar.
Mar.
Jan.
Feb.
4
83
Feb.
Feb.
68 Me
Jan.
31
SIX
t50c
Dec, 31
_
Y.) (quar.)
Household Finance Corp.
Extra--
Connecticut & Passumpsic River RR. preferredConnecticut River Power 6% preferred (qu.)—
Consolidated Car Heating Co., Inc. (quar.)_.
Consolidated Cigar Corp
Prior preferred (quar.)
—,
Consolidated Edison Co. of N. Y. pref. (qu.)
Jan.
llJan.
SIX
SIX
SIX
SIX
SIX.
SIX
Commonwealth Utilities Corp 86H pref. C (qu.
Concord Gas 7% preferred-
Jan.
Jan.
25 Jan.
1 Jan.
14 Dec.
——
liil
Feb.
14 Jan.
(quar.)--
Dec.
Jan.
(monthly)—
Horn & Hardart
Feb.
Jan.
Jan.
Jan.
Jan.
$1-62'
31
31
Jan.
Homestake Mining Co.
Border's, Inc. (quar.)
14
Mar. 15 Mar.
Dec.
Mar.
81H
82 H
Holly Sugar Corp., preferred (quar.)--
14
July
16
10
—
1 Jan.
Apr.
5
Jan.
Holland Furnace Co
1 Jan.
Feb.
Jan.
31
Feb.
Feb.
Jan.
Monthly
16 Dec. 31
16 Dec. 31
5
25c
Mar.
—
10
2u Jan.
1 Dec. 31
Jan.
Que.) (quar.)-.
Harrisburg Gas, 7% preferred (quar.)
Hartford Times, Inc., 5H % preferred (quar.)-.
Hat Corp. of Amer. 6H% pref. (quar.)
Hawaiian Commercial
Sugar Co
Hawaiian Sugar Co. (quar.)
,
Hecker Products Corp. (quar.)
Hercules Powder Co., pref. (quar.)
Hershey Chocolate (quar.)i ——
Preferred (quar.)
—'
Preferred (additional)
Hibbard Spencer Bartlett (monthly).
Monthly
5
Feb.
Jan.
12
60C
Halle Bros. Co., preferred (quar.)
Harbison-Walker Refractories, pref
Jan.
81
34 He
preferred (quar.)__
5H% coi-
27
Jan.
tsix
1
75c
.
Guarantee Co. of N. A. (Mont.,
Extra
25 Dec. 31
16 Dec. 31
Jan.
20c
(quar.)
31
31
Jan.
pref. (qu.)
Prpducts Refining Co___
31
3
Great Northern Iron Ore Properties
Griesedieck-Western Brewery—
SIX
SIX
SIX
(quar.)
7% preferred (quar.V.
16
Dec.
Great American Insurance
SIX
6H% preferred (quar.)
Consolidated Laundries
Jan.
14
62 He
5% preferred (quar.)___
5% preferred (quar.)
•5% preferred (quar.)—
City Baking Co., 7% pref. (quar.)
City Water of Chattanooga 6 % preferred (quar.)
Cleveland Cincinnati Chicago & St. Louis
5% preferred (quar.).
Clinton Water Works Co., 7% preferred (quar.)_
Collins Co. (quar.)
Columbia Pictures Corp., stock dividend
Columbus & Southern Ohio Electric Co.—
:
15c
Extra
6H% preferred (quar.).
Commonwealth Edison Co.
10
17
5c
Commodity Corp_
3
Jan.
1 Jan.
Feb.
8c
cum.
Jan.
1 Jan.
Feb.
_
Commercial Alcohols, Ltd., 8%
SIX
SIX
SIX
Feb.
SIX
—:
-
Mar.
1 Jan.
1 Jan.
16
1
Jan.
82 X
25c
Granby Consol. Mining Smelting & Power
Great Lakes Power Co., series A pref. (quar.)..
Gorham Mfg. Co., common
Feb.
16
81H
(quaar.)
Gillette Safety Razor Co. pref. (quar.)
17
17
Jan.
tsix
9
Jan.
Gimbel Bros.,6% pref. (quar.)
Gotham Silk Hosiery Co., Inc., pref. (quar.)-..
5
16 Jan.
Dec. 31
"US
Jan.
Gillette Rubber Co.
14 Dec. 31
14 Dec. 31
15 Dec. 20
16 Dec. 31
—
-
—
Motors
Corp. pref. (quar.)
General Shoe Corp
;
General Telephone Allied Corp.
86 preferred (quar.)
Georgia RR. & Ban»«og Co. (quar.)
Mar. 25 Mar. 10
32 He
.- —
Cincinnati Union Terminal 5% pret .
6%
31
Dec.
Jan.
(quar.)
Gardner-Denver Co.
Cincinnati Postal Terminal & Realty Co.
du Pont
Dec.
—
Jan.
—
Dome Mines, Ltd
5
31
General Mills, Inc. (quar.)
—
Detroit Edison Co.
16
Dec.
Gardner Electric Light Co
General Foods, pref. (quar,)__
t«l
tsix
Canadian General Investments, reg. (quar.)-— X12XC
Bearer (quar.)
tl2Hc
—
Canadian Industries, Ltd. pref, (quar.)
.—
tsix
Canadian Light & Power (s.-a.)_
*50c
Carolina Clinchfield & Ohio Ry. (quar.)
SIX
Central Hudson Gas & Electric (quar.)
20c
Central Investors Corp
6c
Central New York Power, preferred (quar.)
SIX
Central Power Co., 7% cum. pref. (quar.)
SIX
SIX
6% cumulative preferred (quar.L
Central Power & Light, 7% preferred
tsix
SIX
6% preferred---—
Century Ribbon Mills, preferred (quar.)
Cerro de Passo Copper
-—_—
70c
Chase National Bank (N. Y.) (semi-ann.)
"Series B
10
LJan.
Froedtert Grain & Malting Co. (quar.)_-
20
31
16 Jan.
Firemen's Fund Insurance Co. (Calif.) (qu.)_A.
First Mutual Trust Fund
Fishman (M. H.) Co. 5% pref. (quar.) -
23
50c
Preferred (quar.)
—;——
Canadian Dredge & Dock
Canadian Fairbanks Morse, pref. (quar.) — —
Cypress Abbey Co
15 Jan.
$1
— -
Canadian Bronze Co
Cosmos Imperial
15 Dec. 31
16
—
Corn
Mar. 18
15 Dec.
6% preferred (quar.)
Fenton United Cleaning & Dyeing 7 % preferred.
Flbreboard Products, Inc., 6% pref. (quar.)
31
14
—
_——W-
Corn Exchange Bank
May 16
1
(semi-ann.)
Federal Service Finance Corp. (Wash., D. C.)_.
1
14
preferred (qu.)_
(increased) (quar.)
Extra
Bridgeport Hydraulic Co. (quar.)—
—
British-American Tobacco Co., Ltd
British Columbia Electric Ry. 5% pref. (s.-a.)_British Columbia Power, class A (quar.)
British Columbia Telep. 6% 2nd pref. (quar.)_.
Buckeye SteeJ Casting, 6% pref. (quar.)
6 H % preferred (quar.)
—
—
Buffalo Niagara & Eastern Power,—
1st preferred (quar.)
California Baking Corp. pref. (quar.)
California-Oregon Power Co. 6% pref. (quar.)—
6% preferred, series of 1927 (quar.)
7% preferred (quar.)
—
California Packing Corp. 5% preferred
Canada Northern Power Corp., Ltd. (quar.)_ —
7% cum. preferred (quar.)
Canada Southern Ry. (semi-ann.)
•
Canadian Breweries Ltd. $3 pref. (qu.)
■—
t
28 Feb.
Quarterly
31 Jan.
— -
Brantford Cordage Co. $1.30 1st
Chemical Fund, lnc_
Co_.
25 Jan.
Mar.
1 Feb.
14
82
Boston Edison Co. (quar.)
Bower Roller Bearing Co
Chilton
16 Dec.
14 Dec.
25 Jan.
o
17
17
11
31 Jan.
30
6
20
5
16'Jan.
Jan.
75c
(quar.)
Opt. div. l-32nd sh. of com. stock or cash.
(quar.)
—
Bon Ami Co., class A
Class B (quar.)
.
16 Jan.
...
62 He
Blue Ridge Corp., $3 preferred
Bralorne Mines
1 Jan.
Jan.
Jan.
16jDec. 30
31 Jan.
—
Extra
1 Jan.
14 Dec. 31
-—
16 Dec. 30
Falstaff Brewing Corp. (quar.)
Feb.
Feb.
I When IHolders
| Payable of Record
Employers Group Assoc. (quar.)
15
Jan.
31Mc
$1
SIX
10c
25c
Co., preferred (quar.)
Baldwin Co., 6% preferred (quar.)
Baltimore American Insurance Co. (s.-a.)
2nd preferred (s-.a.)
21
I2.294<
—
Atlas Powder
■
15
SI
Associated Telep. Co., preferred (quar.)
Share
Company
El Paso Electric Co. (Del.) 7% pref. A (qu.)_.
6% preferred B (quar.)__
Ely & Walker Dry Goods, 1st pref. (s.-a.)_
24
87 he
Associated Standard Oil Stocks Shares—Series A
Per
Name of
27
Jan.
S2X
Atchison Topeka & Santa Fe Ry. preferred
Atlamfc Refining Co. pref. (quar.)
Extra
Jan.
75c
20c
Amoskeag Co. (s.-a.)
Preferred (s.-a.)
Animal Trap Co. of America pref. (quar.)
Archer-Daniels-Midland preferred (quar.)_
Barnsdall Oil Co.
Holders
When
Payable of Record
$2 X
American Stove Co
American Telep. & Teleg. (quar.)
233
Chronicle
—
Jan.
—
50c
Jan.
15'Jan.
17 He
2Hc
17 He
Jan.
15 Dec.
15
Jan.
15 Dec.
15
Jan.
15 Dec.
15
62He
Jan.
16 Dec.
&1
3
Massachusetts Utilities Assoc.—
5% partic. preferred (quar.)
\
Per
Share
Name of Company
Market Street Investment series
Per
Holders
Name of
Payable of Record
Dec.
31
Feb.
Jan.
14
Feb.
Jan.
14
Iti ke-Kurnler
75c
Feb.
Jan.
13
Feb.
Jan.
7Xc
Sue
Extra
Jan.
14
Jan.
14
Feb,
Jan.
14
Feb.
Jan.
14
Jan.
Jan.
9
Jan.
Dec.
31
Jan.
Dec. 31
68c
Feb.
Jan.
12
Dec.
16
Dec. 31
Jan.
Jan.
Jan.
Class A (quar.)
6
Dec. 31
Dec. 31
Jan.
J an.
3
Jan.
Jan.
5
i Jan.
23
14 Jan.
1 Jan.
3
Feb.
50c
Feb.
50c
Feb.
25c
Jan.
1 Jan. 16
16 Dec. 31
Jan.
29 Dec.
31
Jan.
-_
Jan.
75c
16 Jan.
1 Jan.
9
20c
.—-
81X
10c
Feb.
Feb.
10c
;
Feb.
Jan.
81X
Feb.
50c
Jan.
1.18M
Neisner Bros., preferred (quar.)
—
six
Newberry (J.J.) Realty Co., 6X% pref. A (qu.)
six
6% preferred B (quar.)
-75c
New Bedford Gas & Edison Light
12Xc
New Brunswick Telephone Co
Feb.
(quar.)..
1 Jan.
1 Jan.
Feb.
Jan.
14
15 Feb
15 Feb.
14
20
UX
.$2
1
1
14 Dec. 31
1 Jan.
16
J Jan. 16
1 Jan.
16
16 Dec; 30
16 Dec. 31
Feb.
Jan.
1 Jan.
15 Jan.
Feb!
18 Jan.
1 Feb.
20 Jan.
25c
Jan.
16 Jan.
(initial quar.)
Jan.
16 Jan.
nx
pref. (quar.)....
Jan. 14 Dec.
Northern Central Railway Co
75c
Jan. 25 Dec.
Northern Ontario Power Co. (quar.)__
Jan. 25 Dec.
nx
6% preferred (quar.)
».
Jan. 31 Jan.
nx
Northern RR. of New Hampshire (quar.)
Dec.
nx
Jan.
Northern States Power Co. (Del.) 6% pref
Dec.
$1.3 lk Jan.
7% preferred
Dec.
Jan.
nx
Northern States Power (Minn.), $5 pref. (quar.)
Feb.
.41 2-3 Mar.
Northern States Power (Wise;) pref. (quar.)_$
Jan.
25c
Feb.
North wept Engineering Co
25c Jan. 30 Jan.
Nunn-Bush Shoe.,
_
nx Jan. 30 Jan.
Preferred (quar.)
15c
Jan. 15|Jan.
Oahu Railway & Land Co. (monthly)
5c
Jan. 14'Jan.
Oahu Sugar Co. (monthly).
581-3C
Feb.
PJan:
Ohio Public Service, 7% pref. (monthly)
50c
Feb.
l'Jan.
8% preferred (monthly)
412-3C
Feb.
l'Jan.
5% preferred (monthly)..
...
Feb.
pjan.
5X% preferred (quar.)
:
30c
Jan.
Feb.
Outboard Marine & Mfg. Co
Jan.
20c
Feb.
Pacific Finance Corp., preferred A (quar.)
Jan.
16Xc
Feb.
Preferred C (quar.)
—Jan.
Feb.
$1X
5% preferred (quar.)
Dec.
Jan.
2%
Pacific Gas & Electric Co
nx j an.
16 Dec,
Pacific Lighting Corp., preferred (quar,)
33 Xc
Feb.
1 Jan.
Pacific Public Service (Calif.) pref. (quar.)
six
Jan. 14 Dec.
Pacific Telep. & Teleg. preferred (quar.)
_
—
«i
Jan.
i5c
...
Jan.
31
31
31
11
31
31
31
14
10
10
...
....
16 Jan.
5
SIX
Jan.
34c
Jan.
16 Jan,
5
25 Dec. 31
Jan.
14 Dec.
31
lc
Jan.
14
nx
nx
10
7
20
nx
%ix
50c
30c
Dec. 31
Jan.
9
21
3
$1X
Feb.
Feb.
4
75c
Feb.
15 Feb.
6
SIX
Feb.
1 Jan.
21
nx
Feb.
7 Xc
Jan.
1 Jan.
25 Jan.
27 Jan.
14
11
81
Jan.
25c
Jan.
16 Jan.
3
20c
Jan.
25 Dec.
31
Feb.
1 Jan.
10
Feb.
1 Jan.
10
16 Jan.
Mar. *1 Feb.
3
6
Jan.
75c
Apr.
$2X
ux
SI x
nx
nx
nx
Jan.
15
1 Mar. 15
20 Jan. 10
Apr.
July
1 Mar.
10
1 June
10
Oct.
1 Sept. 10
12-10-39
1-2-40
Jan.
20 Dec.
15 Jan.
31
t50c
Jan.
SIX
Mar.
1 Feb.
15
Mar.
1
Feb.
15
ux% Jan.
}75c Jan.
Jan.
3
Dec. 31
Dec. 31
Dec.
16
7c
Jan.
Dec.
31
$2
Dec. 23
81M
Jan.
Jan.
Jan.
nx
Jan.
Dec. 31
5
50c
Feb.
15 Jan.
14
50c
Jan.
14 Dec.
15
30c
Jan.
Dec. 30
$1 X
30c
Feb.
Feb.
1
Feb.
Jan.
14
:t25c
Feb.
Jan. 25
Dec. 31
Dec. 23
Feb.
1 J an.
o
16 Dec. 31
3
16 Jan.
Jan. 16 Jan.
3
Feb. 20 Feb. 10
Jan. 25 Jan. 17
Feb. 28 Feb. 15
Jan.
15 Dec.
30c
Feb.
preferred (quar.)
Corp.,'class A (quar.) —
'
Jan.
14 Dec. 31
15 Jan. 31
Jan.
16 Dec. 20
15 Dec. 30
15 Dec. 30
Jan.
7
1 Jan.
1 Jan.
21
Jan. 28 Jan.
Jan.. 28 Jan.
14
Feb.
Jan.
12
20
Zeler's Ltd.,
Jan.
Jan.
14
5
16 Jan.
2U Jan. 10
16 Dec. 31
Feb.
1
Dec.
17
Feb.
1 Jan.
16
20 Dec. 31
1 Jan. 14
Feb,
Feb.
1 Jan. 14
Jan.
Feb.
1 Jan.
14
Jan.
Jan.
14 Jan.
31 Jan.
14
June
15 June
Jan.
15
Feb.
1
7
1
5.2c
Feb.
Jan.
1
14 Dec. 31
Feb.
"Jan.
16
1 Jan.
16 Dec. 31
Apr. 15 Mar. 31
July
15 June 30
Oct.
Jan.
16 Sept. 30
3
18 Jan.
Feb.
Mar.
Apr,
Feb.
14 Dec. 22
16
1 Jan.
1 Feb. 15
1 Mar. 15
1 Jan.
16
1
Feb.
15
1
Mar. 15
Mar.
Apr.
Feb.
1 Jan.
Mar.
1 Feb. 15
1 Mar. 15
Apr.
Jan.
Feb.
16
16 Dec. 31
1 Jan. 20
—
—
(quar.)
- —,
Jan.
14 Jan.
3
Jan.
SIX.
Jan.
14 Jan.
16 Jan.
5
Apr. 15 Apr.
3
5
15 July
5
Jan.
16 Jan.
13
Feb.
1 Jan.
17
nx
$2
nx
nx
$ix
nx
Feb.
July
Jan.
1
1 June
20 Jan.
15
10
Apr. 20 Apr. 10
July 20 July 10
20 Oct.
10
nx
1 Jan.
Mar. 15 Feb.
24
2Xc
—•---
(quar.)
July
17 Xc
$1
...
Jan.
%2X
nx
nx
nx
nx
nx
nx
June
1 May
15
Mar.
1 Feb.
15
June
1 May
15
Feb.
28 Feb.
14
Feb.
15 Jan.
20
SIX
SIX
Feb.
15 Jan.
20
Feb.
1 Jan.
5
SIX
Feb.
1 Jan.
75c
Jan.
SIX
Jan.
5
15 Dec. 20
15 Dec. 20
l2Xc
SIX
Jan.
31 Dec. 31
25 c
—
-
Monthly
Jan.
Jan.
Jan.
21
%IX
—
Telephone Co., 7% pref. (quar.)
Feb.
7
%IX
preferred (quar.)—
Wright-Hargreaves Mines Interim
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Jan.
15
Feb.
Feb.
Jan.
6% preferred (quar.)
Western Grocers Ltd. (quar.)
Preferred (quar.)
Westinghouse Air Brake Co
Weston (Geo.), Ltd., preferred (quar.)
Westvaco Chlorine Products, preferred (qu.) —
Wichita Union Stockyards 6% pref. (s.-a.)
Wichita Water, 7% preferred (quar.).
Wilson Line, Inc., 5% 1st pref. (s.-a.)
Wisconsin Electric Power Co., 6% pref. (qu.)__
Wisconsin Gas & Electric Co.. 6% pref. C (qu.)-
t50c
$1
16 Dec.
15c
15c
% preferred (quar.)
6% preferred (quar.)
West Penn Power 7% pref. (quar.)
Feb.
15 Dec. 30
nx
nx
15c
West Penn Electric 7
Jan.
Jan.
Jan.
t75c
Walgreen Co. (quar.)
1
4X% preferred (quar.)
Walkerville Brewery Ltd. (quar.)
Washington Ry. & Electric 5% pref. (s.-a,.)
5% preferred (quar.)..
;—.—
5% preferred (quar.).,
Welch Grape Juice Co. pref. (quar.)
Preferred (quar.)
20c
14 Dec. 31
87 Xc
Upper Michigan Power & Light Co.
6% preferred (quar.)
Vermont & Boston Telegraph
Vulcan Detinning. pref. (quar.)...
nx
1
16
23 Jan.
Jan.
15c
(quar.)
— United Stockyards, pref. (quar.)
Universal Leaf Tobacco Co.. Inc. (quar.)
Wisconsin
Mar. 15 Mar.
Jan.
7
-
(quar.)
Preferred
Jan. 16 Jan.
9
Mar. 15 Mar.
1
Feb.
16
1 Jan.
1 Jan.
5.4c
(quar.)
(quar.)
Jan.
Feb.
20c
United States Sugar Corp.
Preferred (quar.)..
Preferred
31
14
Jan.
Feb.
1 Jan.
7% prior pref. (monthly) .. 58 l-3c
58 1-3 c
7% prior preferred (monthly).,—
581-3 c
7% prior preferred (monthly). _
.....j.-53c
6.36% prior preferred (monthly)
i.
53c
6.36% prior preferred (monthly)
53c
6.36% prior preferred (monthly)
50c
6% prior preferred (monthly)
50c
6% prior preferred (monthly)
50c
6% prior preferred (monthly)
1 —
25c
United States Fidelity & Guaranty Co
_*_
68 Mc
United States Hoffman Machine, pref. (quar.)..
$1
United States Smelting & .Refining
Preferred
Dec.
Jan.
56 Xc
25c
-
-
Preferred
20
1 Jan.
(quar.).
Preferred
15 Dec.
Feb.
Ray Drug (final)
37 Xc
(quar.)-.
12Xc
Superheater Co. (quar.)
20c
Super-Mold Corp. (Calif.) (quar.)
11c
Supervised Shares, Inc..
$1X
Tacony-Palmyra Bridge Preferred (quar.):.—
Uc
Telautograph Corp
- — - —
5c
Tivoli Brewing Co.
—
41 2-3c
Toledo Edison, 5% preferred (monthly)
...
50c
6% preferred (monthly)
58 l-3c
7% preferred (monthly)
nx
Towle Mfg. Co
—
37 Xc
Transamerica Corp. (semi-ann.)
nx
Troy & Greenbush RR. Assoc. (s.-a.)—
47.4c
Trustee Standard Oil Shares, series A coupon._
Preferred
20
Apr. 15 Mar. 20
U2
t43Xc
'
...
15
Feb.
•
Jan.
Jan.
Dec. 31
Jan.
United Light & Rys.
31*
Jan.
3c
3c
United Fruit Co—
Jan.
75c
31
Jan.
14
14
Feb.
$1*4
25
20 Dec.
20
14
25
Jan.
45c
14
15 Jan.
Jan.
Is. 6d.
Quarterly
Quarterly
Quarterly
United Corp. $3 cum. pref. (quar.)..
10c
nx
1 Jan.
Feb.
$2
United Bond & Share Corp., Ltd. (quar.)...
16
31
Feb.
23c
SIX
20
14
31Mc
■
y>s
16
15 Jan.
14
31
1 Jan.
14 Dec. 31
Feb. - 1 Jan. 20*
28 Feb.
15 Jan.
Series D
5
Mar.
$1
Tuckett Tobacco, Ltd., pref. (quar.)
United Biscuit Co. of America pref- (quar.)
14
3
lc
15c
Feb.
Jan.
--—
14
16 Jan.
six
nx
ix%
Series C____
12
20 Jan.
Feb.
25c. Mar.
25c
Jan.
Jan.
Feb.
i
18
'
...
15
Jan.
75c
Preferred
1
...
15
Jan.
6%
Sun
10
3
(quar.)
Dec.
Feb.
Feb.
Class B
15
North Penn Gas Co., $7 prior
Parkersburg Rig & Reel
Preferred (quar.)
...
Paymaster Consol. Mines, Ltd
t
.....
Payne F urnace & Supply Co., pref .A&B
Pearson Co., Inc., 5% preferred A (quar.)
PelhaM Hall Co., voting trust certificates.
Peninsular Telep., pref. A (quar.)
Penmans Ltd. (quar.)
...
Preferred vquar.)
:
Pennsylvania Power Co. $5 preferred (quar.)
Penn Traffic Co. (semi-ann.)
Peoples Gas Light & Coke Co__..__
J.
u_
Petroleum Corp. of America (irregular)
Philadelphia Co
Philadelphia Electric Co. (quar.)
$5 preferred (quar.)
Philip Morris & Co..'
Preferred (quar.)
Pittsburgh Bessemer & Lake Erie (semi-ann.)__
Pittsburgh Cincinnati Chicago & St. Louis.....
Pitts. Ft. W. & Chicago Ry. 7% pref. (quar.)-7% preferred (quar.)
7 % preferred (quar.)
-•
7% preferred (quar.)
Plymouth Cordage Co. (quar.)..
Portland Gas Light Co., 86 preferred
Potomac Electric Power, 6% preferred (quar.)..
5X% preferred (quar.)
Power Corp. of Canada, Ltd.—
6% cumulative preferred (quar.)_____
6% non-cum. partic. preferred (quar.)
Premier Gold Mining (quar.)
Premier Shares. Inc. (semi-ann.)
Procter & Gamble 8% preferred (quar.)
Prosperity Co., Inc., 5% pref. (quar.)
Prudential Investors, Inc., preferred (quar.)...
Public Service of N. J., 6% preferred (monthly)
6% preferred (monthly)
Puget Sound Pulp & Timber Co.—
6% convertible preferred (quar.)
Quaker Oats Co. pref. (quar.)
Quarterly Income Shares (quar.)
Quebec Power Co. (quar.)
Railroad Employees Corp., 80c. pref.
.
Railway & Light Securities Co. 6% pref. (quar.)
Reading Co. (quar.)
Reed (C. A.) $2 class A
Regent Co., voting trust certificates
Republic Investors Fund 6% pref A&B (quar.)
Reserve Investing Corp., $7 preferred...
Rhode Island Public Service Co., A (quar.)____
$2 preferred (quar.)
Jan.
nx
5
Feb.
7%
31
Mar.
Jan.
North Counties Warehouse
Parker Rust-Proof Co.
7
7X%
Stouffer
4
81
ParaffineCos., Inc., preferred (quar.)
Paris Tire & Rubber (quar.)
Jan.
—
16
"IS
.'1
Jan.
,
Niagara Hudson Power—
North American Oil
21
25c
Extra
1st preferred and 2nd pref. A & B (quar:)
Norfolk & Washington Steamboat Co
Norfolk & Western Railway, pref. (quar.)
North American Edison, 86 preferred (quar.)..
5
Feb.
—
16 Dec. 31
1 Dec. 27
Feb.
Jan.
14
1 Jan.
Feb.
10c
—
Jan.
Mar.
11
37Mc
Quarterly37 Xc
Original preferred (quar.)
—
25c
Original preferred (special)
34 y*c
5X % preferred series C (quar.)..
37Xc
Southern Calif. Gas Co. 6% pref. (quar.).._37 Xc
Preferred A (quar.)
...
—
}2uc
Southern Canada Power Co., Ltd. (quar.)
UX%
6% cumul. preferred (quar:)... —
$1
Southern New England Telephone
$1
Southern New England Telep. (reduced)
75c
Spicer Mfg. Corp., preferred (quar.).
nx
Spiegel, Inc., preferred (quar.)
nx
Squibb (E. R.) & Sons, 1st $6 pref. (quar.)
nx
Standard Brands, Inc. preferred (quar.)
75c
Standard Fire Insurance Co. of N. J. (Trenton).
$1X
Standard Oil Co. (Ohio) 5% cumul. pref.------Standard Wholesale Phosphate & Acid Works—
20c
Quarterly
:
50c
State Street Investment Corp. (quar.).
U3Xc
Steel Co. of Canada (quar.).
—
18
16 Dec. 30
15 Dec. 30
Feb.
Jan.
25c
50c
preferred—
Lead Co. pref. B (quar.)
Liberty Insurance Co. of Ainer. (s.-ad-
Extra.
Jan.
15c
National Grocers Co., 7%
National Money Corp. class A
National Power & Light Co., $6 pref.
National Steel Car Corp. (quar.).
Feb.
■SIX
I
.National Fuel Gas (quar.)
National Gas & Electric Co
Jan.
Jan.
Jan.
'
Transport & Trading Ltd., ordinary
Skelly Oil Co. preferred (quarl)..
—
Smith (Howard) Paper Mills 6% pref. (qu.).
South Pittsburgh Water, 7% preferred (quar.)..
6% preferred (quar.)
5% preferred (semi-annual)Southeastern Greyhound Lines (initial)
Convertible preferred (initial, quar.)
Non-convertible preferred (quar.) —
- —
Southern California Edison Co. Ltd. (special) Shell
3
Dec. 31
25c
(quar.).J——
Extra
Jan.
SIX
National City Lines $3 pref. (quar.)...
National
7
50c
(quar.)
Jan.
Jan.
37>^c
(quar.)
Royal Dutch Co. (interim)
Royal Typewriter Co., Inc
Preferred (quar.)
Royalty Income Shares, series A
Saguenay Power, preferred (quar.)..San Diego Consolidated Gas & Electric—
Preferred (qaur.)
*
—
Scott Paper Co. $4 X cum. pref. (quar.)
Shamokin Valley & Pottsville RR—
Shawinigan Water & Power
Sheaffer (W. A.) Pen Co., 8% preferred (quar.)
Sheep Creek Gold Mines (quar.)
3
25c
National Bearing Metals Corp., 7 % pref.
National Bond & Share Corp
*
National Cash Register Co—
National City Bank (N. Y.) (semi-ann.)
Jan.
—
Rochester Button Co. preferred
10
Jan.
Jan.
81M
National Aviation Corp
National
May
50c
:
Teleg. (quar.)
Products
Jan.
50c
8% convertible preferred (quar.).
Myles Standish Co. v. t. c__
_
Nachman SpringfjJJed Corp
National Automotive Fibres, Inc.—
6% preferred (quar.)
Distillers
Jan.
Jan.
$2X
Mutual System, Inc. (quar.)
National
Jan.
June
6c
& Co
Mountain States Teiep. &
16
20c
Rolls-Royce, Ltd., American deposit receipts—
Roos Bros., Inc. (Del.), SOX pref. (qu.)
16
Morreil (John)
Jan.
Rochester Capital Corp
Feb.
31
Co
Co. (quar.)
Feb.
25c
Feb.
Dec.
Montreal Telegraph
$1X
20
Jan.
Montreal Tramways
12
-——- -
21
Jan.
Power Consol. (quar.).
11
Jan.
20c
-.—— -
Jan.
38c
—-
-
Jan.
25c
Extra
Montreal Light, Heat &
Jan.
preferred (quar.)-American Insurance (quar.)
Rochester
13
Co
Feb.
Dec.
-
Jan.
Feb.
Jan.
15c
Extra
Jan.
25c
,l&
Montgomery Ward & Co. (quar.)
Feb.
25c
Y.)
Riverside Cement Co.,
Metropolitan industries, preferred (quar.)
$25
Michigan Central Kit. Co. (semi-ann.)-.----Michigan Gas & Electric, 7% preferred
f$ 1.31
mx
6% preferred
- - —
mx
Michigan Public Service, 7% preferred
nix
6% preferred
—
15c
Midwest Piping & Supply (quar.)
25c
Mode O'Day Corp. (irregular)—
3c
M oneta Porcupine Mines, Ltd - _ — - - - Monongahela Valley Water, 7% pref. (quar.)..
Monroe Loan Society.
-'
S2X
Monsanto Chemical $4X class A pref. (s-a)-.81XA
Montana Power Co, $6 preferred (quar.) _ .
Holders
When
Payable of Record
15c
Jan.
75c
(quar.)
Share
Company
Richmond Insurance Co. (N.
20c
$1^
A (quar.)
Maytag Co., $6 preferred (quar.)
$3 preferred (quar.)
Melville Shoe Corp. (quar.)
Preferred
When
Jan. 14, 1939
Chronicle
Financial
234
37)|c
SIX
S2X
Oct.
Feb.
16 Jan.
13
5
May 31 May 15
Aug. 31 Aug. 15
1 Jan.
14
Feb.
1 Jan.
16
Jan.
14 Jan.
9
Jan.
16 Jan.
3
Feb.
16
Feb.
SIX
SIX
Jan.
15 Feb.
31 Jan.
Jan.
16 Dec. 31
SIX
1
20
Jan.
31 Jan.
10c
Jan.
25c
Feb.
16 Dec.
1 Jan.
20
25c
Mar.
1 Feb.
20
1
3
15c
Feb.
Jan.
mx
Jan.
Jan.
6
Feb.
Jan.
16
I Feb.
Jan.
16
50c
16
*
Mar. 20
25c
6% preferred (quar.)
Apr.
1
37 Xc
Feb.
1 Jan.
14:
Transfer books not closed for this dividend,
t On occount of accumulated dividends.
i
Payable in Canadian funds, and in the case of non-residents of Canada
a tax of 5% of the amount of such dividend will be made.
deduction of
Volume
STATEMENT
MEMBERS
OF
ASSOCIATION
OF
in
SATURDAY,
Deposits
Deposits,
Average
,
Time
Average
Profits
Members
comparison with the previous week and the corresponding
date last year:
1939
7,
JAN.
Net Demand
*Surplus and
Undivided
Capital
Clearing House
ENDED
following shows the condition of the Federal Reserve
Bank of New York at the close of business Jan. 11, 1939,
CLEARING HOUSE
YORK
NEW
THE
WEEK
THE
FOR
York
New
The
New York City
weekly statement issued by the
Clearing House is given in full below:
of the Federal Reserve Bank of
Condition
Weekly Return of the New York City
Clearing House
The
235
Chronicle
Financial
148
Jan.
11,193f
Jan.
Jan.12, 1938
4,1939
Assets—
Gold certificates
6,000,000
13,716,400
160,378,000
11,694,000
Bank of Manhattan Co.
20,000,000
26,178,200
440,722,000
36,257,000
National City Bank
Chem Bank & Trust Co.
77,500,000
60,054,900 al,579,125,000
528,292,000
55,632,700
163,032,000
182,808,400 M,491,042,000
521,623,000
45,129,400
62,966,000
71.537,000
c818,356,000
44,343.000
Bank of New York
hand and due from
on
United States Treasury.*
Redemption fund—F. R. notes..
...
Other cash f
5,348,630,()0C 5,324,139,000 3,620,195,000
875,000
1,226,000
927,00C
93,891,000
104,890,000
122,135,000
6,131,000
Guaranty Trust Co
20,000,000
90,000,000
Manufacturers Trust Co
42,243,000
Cent Hanover Bk&Tr Co
21,000,000
Corn Excb Bank Tr Co.
15,000,000
10,000,000
19,038,800
255,523,000
24,460,000
First National Bank
109,072,800
516,960,000
2,594,000
Irving Trust Co
50,000,000
/52,935,000
538,096,000
4,628,000
Continental Bk & Tr Co.
4,000,000
4,319,700
49,499,000
5,158,000
Chase National Bank...
100,270,000
135,516,700 d2,095,154,000
49,135,000
Total
91,023,000
500,000
3,741,400
45,994,000
25,000,000
79,464,100
10,000,000
Fifth Avenue Bank
direct
2,510,000
104,626,000
4,902,000
Treasury notes
331,889,000
23,646,000
7,000,000
8,297,700
83,655,000
Public Nat Bk & Tr Co.
7,000,000
9,355,600
89,632,000
914,945,000 10,496,160,000
1938.
/Surplus.
follows:
a
New
of
returns
are
following
Clearing House.
IN
CLEARING
HOUSE
THE
WITH
Liabilities—
CLOSING OF
Res. Dep.,
Other Cash.
Y. and
Foreign bank
Gross
Trust Cos.
Deposits
%
$
$
■
National...
Trade Bank ol N. Y.
29,737,800
28,250,000
329,400
1,793,900
496,400
8,870,400
119,000
7,093,500
5,038,000
People's National...
742,000
543,000
5,849,000
Banks and
Elsewhere
Trust Cos.
$
.1..'
S
57,814,400
Empire
Federation
9,370,471
...
•
51,058,000
52,463,000
51,102,000
7,457,000
7,744,000
Other capital accounts
4
8,195,000
8,189,000
8,255,000
51,943,000
6,384,819,000 6,362,133,000 4.629,651,000
Gross
.
.
Deposits
Ratio
$
of
total
deposit
to
reserve
Contingent liability
70,725,500
and
89.4%
84.9%
11,000
bills
on
995,900
2,669,000
4,655,001)
89.4%
purchased
for foreign correspondents
11,219,455
26,610
11,807,131
353,200
23,523,800
971,588
738,000
51,074,000
52,463,000
7,457,000
Total liabilities and capital accounts..
2,793,000
2,245,717
11,692,000
1,503,834
7,474,600
226,965
•
131,696^000
520,000
Capital Accounts—
F. R. note liabilities combined.
$
$
Manhattan—
168,300,000
6,265,630,000 3,242,966,000 4,510,607,000
...
Capital paid in.....
Surplus (Section 7)
Dep. Other
N. Y. and
Cash
*
Investments
142,705,000
728,000
Surplus (Section 13-b)
'
.
.
Res. Dep.
63,845,000
7,464,077
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc, and
24,831,000
182,147,000
5,125,751,000 5,051,615,000 3,452,268,000
Total liabilities
Brooklyn—
Lafayette National..
...
"
2,801,000
7,967,000
280,583
672,000
9,973,000
194,997,000
68,339,000
188,886,000
164,751,000
62,455,000
227,650,000
iT
Other liabilities incl. accrued dividends.
$
333,317
17,773,000
4,291,105
11,380,000
Deferred availability items
7,708,000
5,589,000
3,691,790
146,000
23,024,800
Grace National
Sterling
•
9,038,000
12,285,000
68,000
6,988,000
925,905,000
996,446,000 1,022,531,000
4,670,895,00(1 4,599,393,000 3,181,445,000
acc't.
reserve
Total deposits.
Banks and
'
%
Manhattan—
138,409,000
U. 8. Treasurer—General account...
Elsewhere
Bank Notes
65,000
5,753,000
174,865,000
/
Deposits—Member bank
Dep. Other
N.
Including
Disc, and
Investments
747,872,000
65,000
9,.493,000
151,742,000
9,038,000
12,820,000
334,440,000
6,384,819,000 6,362,133,000 4,629,651,000
i
Other deposits
Loans,
739,554,000
729,872,000
.
Total assets
ENDED
WEEK
THE
FOR
724,663,000
374,000
The
FRIDAY. JAN. 6, 1939
NATIONAL AND STATE BANKS—AVERAGE FIGURES
BUSINESS
•
189,641,000
724,663,000
...
...
F. R. notes in actual circulation
NOT
215,473,000
160,017,000
333,382,000
153,621,000
Other assets
the figures for the week ended Jan. -6:
are
INSTITUTIONS
237,660,000
326,986,000
237,660,000
Bank premises
York
New
of the
212,000
4,394,000
Uncollected items.
"Times" publishes regularly each week
number of banks and trust companies which
a
215,000
3,876,000
Federal Reserve notes of other banks...
$278,410,000; b $87,332,000;
York
member
not
213,000
3,877,000
2
Due from foreign banks
C$5,758,000; d $82,486,000: e $38,851,000,
The
3,712,000
Total bills and securities
-
Includes deposits in foreign branches as
1,118,000
...
Total U. S. Government securities..
National, Dec. 31, 1938; State, Dec. 31, 1938; trust
As per official reports:
31,
1,216,000
Treasury bills
621,010,000
523,013,000
3,338,000
...
Bonds
9,252,700
1,012,000
799,000
319,000
United States Government securities:
27,881,500
Comm'l Nat Bk <fc Tr Co
Dec.
.
Bills bought in open market..
Industrial advances
5,000.000
Totals
856,000
360,000
729,969,000
Total bills discounted
1,964,000
51,248,000
companies,
or
-
U. S. Govt, obligations,
fully guaranteed-
12,500,000
Marine Midland Tr Co.
New York Trust Co
*
by
Other bills discounted
31,151,000
Title Guar & Trust Co..
C831,524,000
14,070,000
Secured
4,168,000
Bankers Trust Co
5,471,692,000 5,430,255,000 3,714,961,000
reserves.
Bills discounted:
Fiduciary
12,236,279
1,320,103
Fulton
20,133,100
6,721,200
680,700
Lawyers..
27,762,000
10,954,000
611,900
37,938,500
United States
56,200,000
*66,250,000
91,500,000
3,349,000
33,831,000
4,987,000 115,543,000
2,889,068
13,379,042
'
Commitments
ad¬
industrial
:.
2,614,000
Reserve bank notes.
81,452,000
36,421,586
Kings County
Includes
deposits
Federal
at
Reserve
-
Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
x
47,018,765
$5,471,9001
Empire Trust,
Bank:
Federal
f "Other cash" does not include Federal Reserve notes or a bank's own
Brooklyn—
Brooklyn
Cash
make
to
vances
Fiduciary Trust, $779,964; Fulton Trust, $6,418,500; Lawyers Trust, $10,211,900,.
*
Includes deposits at Federal Reserve Bank of New. York, $47,500,000.
These
are
certificates given by the United States
Weekly, Return for the Member Banks of the Federal Reserve System
Federal Reserve System, giving the principal
leading cities from which weekly returns are obtained.
Following is the weekly statement issued by the Board of Governors of the
items of the
These
resources
figures
and liabilities of the reporting member banks in 101
always
are
week behind those for the Reserve banks themselves.
a
The comment of the Board, of Governors of
"Current Events and Discussions
member banks for a week later..
System upon the figures for the latest week appears in our department of
the Federal Reserve
immediately preceding which we also give the figures of New York and Chicago reporting
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as reported in this statement, which were
an announcement of the Federal Reserve Bank of New York of April 20, 1937, as fdllows:
" "
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for "the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City aad those located
described in
show the
City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer-,
bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
)(
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans" and "other loans,
outside New York
cial
paper
would
A
each
segregated as "on securities" and "otherwise secured
detailed explanation of the revisions was published in the
be
more
LIABILITIES OF WEEKLY REPORTING MEMBER
ASSETS AND
Federal Reserve
,
BANKS IN 101 LEADING CITIES BY DISTRICTS ON JAN. 4, 1939 (In Millions
Boston
New York
Phila.
$
$
$
$
1,152
8,562
1,157
1,845
21,526
Loans and Investments—total
Loans—total
Commercial. Indus, and agricul. loans
8,412
3,827
-
leans to brokers and dealers
Other loans for purchasing or
$
$
609
664
Mlnneap. Kan. City
San Fran.
$
$
$
$
$
■
6t Dollars)
Dallas
3,094
705
379
658
533
160
259
246
978
2,168
579
3,400
423
645
239
316
853
2.50
1,480
182
234
106
172
478
191
79
158
161
336
8
10
3
33
3
4
17
1
21
24
3
7
45
7
2
5
3
12
7
12
14
47
20
382
66
136
22
884
34
723
19
.
in securs.
St. Louis
Chicago
314
324
Open market paper.
Atlanta
$
Cleveland Richmond
Total
$
Districts—
ASSETS
carrying
*
559
32
268
33
22
16
16
79
13
1,165
81
222
SI
170
32
29
95
48
7
22
99
2
78
2
2
1
1
4
7
1,554
114
493
108
185
71
88
119
45
16
44
47
179
8,189
412
2,991
362
829
321
165
1,556
231
163
212
189
758
securities
Real
and unsecured."
May 29, 1937, issue of the "Chronicle," page 3590.
loans
estate
Loans to banks
Other loans
-
—
-
-
United States Government obligations
1
1
......
42
125
1,732
30
919
91
96
39
42
225
58
14
51
Obligations fully guar, by U. S. Govt.
3,193
131
1,252
281
275
65
86
460
102
42
136
.56
30
Other securities.
68
158
117
332
„
_
7,237
323
4,182
250
370
161
1,012
155
452
142
80
18
43
19
13
70
12
7
12
11
25
2,559
164
192
182
299
147
134
453
128
117
261
206
276
1,225
72
522
81
100
32
39
81
23
15
22
26
212
15,888
Reserve with Federal Reserve Banks.
109
1,059
7,230
793
1,149
431
348
2,357
439
269
479
416
918
1,062
Cash in vault
Balances with domestic banks
Other assets—net
-
\.
»-«i
LIABILITIES
Demand deposits—adjusted
(
249
1,000
279
733
196
182
879
186
119
143
133
630
13
135
54
42
28
41
129
18
2
22
36
110
6,357
251
2,747
316
350
247
236
932
284
131
368
218
277
460
9
1
1
10
1
17
United States Government deposits..
t
Inter-bank deposits:
Domestic
banks
Foreign banks...
Borrowings
-...
519
.....
19
—
im
Capital account
-
......
—
771
21
3,673
1,605
16
361
241
•
Other liabilities.
•
16
366
94
1
...
.......
5
27
221
.
.
18
91
385
»
'
......
7
5
91
•
2
6
287
97
97
83
342
Chronicle
Financial
236
Jan. 14, 1939
Weekly Return of the Board of Governors of the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Jan. 12,
showing the condition of the 12 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 12 banks.
The Federal
The following was
Reserve note statement
(third table following) gives details regarding transactions in Federal Reserve notes between the
and the Federal Reserve banks.
Reserve Agents
The comments of the Board of Governors of the Federal Reserve System upon the
for the latest week appear in our department of "Current Events and Discussions"
returns
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
Three Ciphers
Jan.
(000) OmUted
11,
on
11,867,720
8,433
—
418,025
—
12,294,178
Total reserves-
Dec.
28,
21,
Dec.
Dec.
7,
Nov.
Nov.
30,
1938
1938
23,
Nov. 10,
1938
1938
Jan. 12,
1938
$
%
$
%
S
$
$
14,
1938
1938
1938
$
notes)...
hand and due from U. S. Treas. x_
Redemption fund (Federal Reserve
Other cash
1939
$
ASSETS
Gold ctfs.
Dec.
Jan. 4,
1939
BUSINESS JAN. 11. 1939
$
11,787,719
11,762,720
11,713,718
11,661,721
9,873
305,663
9,592
339,729
10,007
345,743
11,601,717
10,815
357,940
11,492,201
10,338
362,857
11.403,701
9,677
369,332
9,119,891
9,873
325,471
12,212,356 .12,123.063
12,078,556
12,063.039
12,017,471
11,970,472
11,865,396
11,782,710
9,532,109
4,931
2,049
5,968
2,325
4,462
2,535
3,655
2,388
4,601
3,757
2,846
3,643
7,420
2,480
2,904
3,695
6,980
8,293
6,997
6,043
7,081
6,603
6,547
11,115
11,837,719
9,874
364,763
8.324
403,894
Bills discounted:
by U.
Secured
Government obligations
guaranteed-
S.
direct or fully
2,635
2,119
-
Total bills discounted.
Bills bought In open
Industrial advances
4,307
.
549
549
547
547
545
545
540
15,533
15,573
15,485
15,821
15,199
15,417
17,883
840,893
1,126,903
596,219
787,327
1,167,565
609,123
787,327
1,164.565
612,123
787,327
1,164,565
612.123
787,327
1,164,565
612,123
787,327
1,164,565
612,123
1,159.497
566,175
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,587,134
2,586,090
2,587,464
2,586.362
2,586,524
2,593,553
"""174
"~"l74
176
'""170
"179
21,573
23,642
616,017
23,737
644,074
28,212
803,547
574,127
44,119
44,193
44,203
45,034
51,076
50,682
50,011
38,480
549
549
15,550
15,505
15,688
840,893
1,179,577
543,545
840,893
1,156,947
566,175
840,893
1,156,947
2,564,015
2,564,015
market-
>
United States Government securities—Bonds.Treasury notes
-
Treasury bills
Total U. S. Government securities.......
Other
2,334
1,973
4,75*
Other bills discounted
549
,
,
747,039
657,479
securities..—
■
Foreign loans on gold
......
...
-
_
"\Tl
"""172
172
29,426
739.742
42.928
44,641
25,402
687,215
45,973
44,332
789,042
44.096
42,956
15,601,390
15,653,641
15,511,492
4,374,962
4,441,050
8,956,131
872,948.
176,767
8,819,243
891,119
189,916
245,684
10,288,561
....
2,584,376
35,537
597,740
Total bills and securities....-——
2,584,868
591,268
2,298
2,687,232
2,588,390
Gold held abroad
Due from foreign banks—........
Federal Reserve notes of other banks.
"""172
26,085
25,038
790,067
34,477
56,183
620,779
44,117
51,736
15,569,297
15,565,739
15,341,940
15,292,964
15,214,620
15,295.383
12,813,959
4,470,462
4,483,202
4,432,967
4,422,449
4,384,882
4,362,465
4,345,816
4,190,134
8,577,167
941,004
207,703
9,033,512
412,790
8,876,481
483,982
208,097
366,168
8,726,623
7,193,380
474,316
212.081
350,438
543,576
115,321
202,848
322,597
174,704
365,162
8,966,268
407,377
210,718
365,517
8,818,335
296,843
8,471,979
1,024,793
195,280
/ 318,617
10,145,962
10,022,71?
10,010.669
9,997,169
9,949,880
9,934,728
9,855,170
9,795,644
7,709,738
720.789
664,149
5,703
721,418
777,496
615,719
619,425
643,275
800,702
568,580
11,509
Uncollected Items
Bank
172
,
15",856
11,750
li",803
il~.603
1U24
15,226,798
15,223,488
14,999,798
14,950,838
14,872,513
14,953,286
134,440
134,157
134.049
134.003
147,739
27,683
147,739
134,032
147,739
27,683
134,013
147,739
147,739
147,739
27,683
27,683
42,926
premises
Other assets
—
Total assets
-
44.076
44,106
LIABILITIES
Federal Reserve notes In actual
circulation....
Deposits—Member bank—reserve account
United States Treasurer—General account-;
bank...
Foreign
Other
—
deposits-
282,712)
-
Total deposits-...
1»--
Deferred availability items—......
yOther liabilities Including accrued
_
.
dividends.
1,981
........
15,257,089
15,309.782
15.163.031
134,723
■
226,333
3,388
yAU other liablllt ies
Total liabilities
185,705
134,451
147,739
27,683
38,588
12,471,840
CAPITAL ACCOUNTS
.
134,911
149,152
27,264
32,980
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)—
jrOther capital accounts
y Re serve for contingencies—
Total liabilities and
'
149,152
27,264
32,720
27,683
133,071
147,739
27,683
1
32", 637
capital accounts
27.683
32.672
32,671
V
32,672
32,672
33,626.
32", 672
15,601,396
15,663,641
15,511,492
15,569,297
15,565,739
15,341,940
15.292 964
15,214,620
15,295,383
83.8%
83.7%
83.6%
83.3%
83.6%
t83.6%
83.6%
83.5%
83.3%
29
76
76
76
.w
240
324
324
1,836,
13,339
13,558
14,161
14,848
14,949
15,147
14,328
14,335
14,345
12,895
3,715
3,267
8,701
82
12,813,959
Ratio of total reserves to deposits and Federal
Reserve n6te liabilities combined
.Contingent liability
on
bills
...
r
80.1%,
for
purchased
correspondents
foreign
1
......
..
Commitments to make Industrial advances....
Maturity Distribution of Bills and
Short-Term Securities—
'
1-15 days bills discounted
16-30 days bills discounted.......
61-90 days bills
bills bought In
4,687
5,712
4,994
4,755
564
352
227
240
231
430
295
270
246
416
519
562
682
742
170
175
134
155
166
162
211
229
636.
390
437
446
479
423
461
596
650
606
4,754
....
4,307
6.980
8,293
6,997
6,043
7,081
6,603
6,547
11,115
""~264
""264
94
129
46
170
"""264
215
154
237
258
128
140
25
106
237
"r179
25
23
market
61-60 days bills bought in open market.....
Over 90 days bills bought In open market...
106
260
264
264
open
264
Total bills bought in open market........
1-15 days industrial advances
.«
179
1-15 days bills bought lb open market...r.
16-30 days bills bought In open market
31-60 days
5,553
315
422
_..—
Total bills discounted—
7,128
32l
202
261
discounted.......
Over 90 days bills discounted
5,845
185
274
...
31-60 days bills discounted.........
549
525
549
1,784
512
579
•
,
403
61-90 days Industrial advances
549
2,049
1,908
...
16-30 days industrial advances
31-60 days industrial advances
264
•
-
549
549
547
547
545
5*5
540
1.432
1,626
1,673
1,434
1,523
1,156
555
582
88
316
330
467
280
805
753
409
387
436
429
321
478
327
12,177
12,342
12,328
12,352
12,203
12,468
12,004
15,550
88,872
102,685
199,268
152,720
2,020,470
15,505
107,684
74,848
209,378
174,265
1,997,840
15,688
105,340
88,872
198,570
154,893
2,016,340
15,533
103,054
107,684
186,238
171,733
1,995,306
15,573
90,458
105,340
190,057
194,268
1.983,892
15,485
77,890
99,078
181,032
209,378
1,996,637
15,821
95,330
82,358
187,657
2,005,185
110,523
75-.890
200,487
180,923
1,996,192
2,564,015
Total industrial advances
Over 90 days U. S. Government securities..
Total U. 8. Government securities
790
1,118
1,114
542
1-15 days U. 8. Government securities...
""~i85
«566
12,172
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2.564,015
Over 90 days Industrial advances
16-30 days U. 8. Government securities.^.
31-00 days.U. 8. Government securities...
61-90 days U. 8. Government securities...
153
1,923
«
596
358,
23
264
"""285
>
*
.
15,199
"
,
324
660
12,114
15,133
803
15,417
17,883
98,243
95,330
*
33,296
30,630
184,098
183,592
2,002,752
260,101
2,161,901
2.564.015
193.485
2,564,016
2,564,015
78,087
Total other securities
...
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
In actual circulation.
4,741,206
366,244
4,788,995
347,945
4,800,507
330,045
4,374,962
Held by Federal Reserve Bank
4,441,050
4,855,000
4,011
4,888,000
3,699
*
4,798,827
315,625
4,759,331
326,364
4,730,059
307,610
4,686,288
4,650,264
301,406
287,799
4,631,714
285,898
4,587,496
397,362
4,470,462
4,483,202
4,432,967
4,422,449
4,384,882
4,362.465
4,345,81*
4,190,134
4,888,000
6,283
4,880.000
7,554
4,835,000
4,792,000
5,156
4.757.000
4,712.000
5,700
4,686,000
4,671,132
Collateral Held by Agent as Security for
Notes Issued to Bant—
Gold ctfs.
on
hand and due from U. 8. Treas..
By eligible paper
United States Government securities
Total
*
x
6,057
6,214
9,998
25,000
collateral
4,859,011
4,891,699
"Other cash" does not include Federal Reserve notes,
4,894,283
4,887,554
4,841,057
4,797,156
4,717,700
4,763.214
4,691.866
4,706,130
t Revised figure.
These are certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar
cents on Jan. 31, 1934, these certificates
5.669
was
being worth less to the extent of the difference, the difference Itself having been appropriated
devalued from 100 cents to 59.06
as
profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
y
With the statement of Jan. 4. 1939 two
new
items appeared, "Other liabilities, Including accrued dividends," and "Other capital accounts."
The total of these
wo items corresponds exactly to the total of two items formerly in the statement but now scheduled, vis.: "All other liabilities," and "Reserve tor contingencies."
The
statements for Dec. 28, 1938 and Jan. 12, 1938 have been revised on the new basis and they are shown accordingly. In statements for all other dates previous to Dec. 28*
f
1938 except Jan. 12, 1938, the figures for the two
new
Items
are
comparable to the figures for the two old items only when totaled.
Volume
237
Chronicle
Financial
148
ft Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
:—
>rn>--iT—
-•
,
WEEKLY STATEMENT OF RESOURCES AND
Three Ciphers (000) Omitted
Federal Reserve Agent at—
certificates
hand
on
and
$
Atlanta
i
Chicago
11,867,720
BUSINESS JAN. 11, 1939
I
%
$
%
254,271 2,101,320
342,893
761,314
572,551
702,073 5,348,630
%
750,690
195,045
298,287
229,928
310,718
%
$
1
San Fran
Dallas
Minneap. Kan. City
St. Louis
$
Cleveland Richmond
Phila.
$
due
from United States Treasury
Redemption fund—Fed. Res. notes..
8,433
257
927
1,116
701
685
539
513
817
592
472
176
1,638
418,025
Other cash *
Total
New York
%
ASSETS
Gold
Boston
Total
Far~n|1T'Tnp,';,;^Bi¬
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
40,734
122,135
32,933
24,674
23,659
18,509
60,800
21,476
8,546
16,044
15,744
32,771
743,064 5,471,692
606,600
786,689
367,237
273,319 2,162,633
333,011
239,066
314,803
210,965
785,099
12,294,178
reserves
Bills discounted:
*1
'
"
/
Secured by U. S. Govt, obligations
direct or fully guaranteed
2,635
30
856
768
456
174
75
50
65
84
4
73
Other bills discounted
2,119
5
360
540
54
162
65
49
'"loo
84
644
23
33
4,754
35
1,216
1,308
510
336
140
99
100
149
728
27
106
549
41
213
56
51
24
19
69
2
2
16
16
Total bills discounted
Bills bought In open market
Industrial advances
1,948
3,877
3,033
598
1,466
824
455
8
984
247
771
1,339
61,659
237,660
43,790
43,323
34,901
70,853
118,659
61,428
129,182
39,296
55,125
26,386
37,014
60,770
48,957
99,391
543,545
39,855
333,382
153,621
38,832
54,472
92,091
86,492
67,514
94,705
84,588
1,179,577
Treasury notes.
43,640
54,677
28,306
25,100
59,527
25.401
17,055
28,004
22,560
45,799
132,097
106,418
216,043
133,088
107,232
217,528
Treasury bills
S. Govt, securities
2,564,015
188,006
724,663
205,859
257,924
133,524
118,404
280,800
119,822
80,455
bills and securities..-J.
2,584,868
190,030
729,969
210,256
259,083
135,350
119,387
281,423
119,932
81,590
Total U.
Total
172
Bank
13
65
17
1,331
9,493
1,541
597,740
Total assets
...
60,356
151,742
41,892
2,945
9,038
4,699
12,820
4,111
...
.
5
5
1,733
1,045
3,244
21,159
1,261
1,817
29,421
•
24,331
79,792
28,186
15,638
29,503
2,621
2,076
3,964
2,291
1,525
3,248
2,865
2,092
4,546
1,950
1,460
2,153
423,848 2,537,266
488,351
340,983
484,533
,
562,088
869,116 1,123,702
12
2
1,702
3
2,978
50,625
5,239
15,601,396 1,000,686 6,384,819
21
4,887
6
2,637
6,017
2,947
-
65,095
42,928
45,973
Items
premises
Other assets
7
1,563
3,383
16
35,537
Due from foreign banks..
Fed. Res. notes of other banks
Uncollected
40
15,550
840,893
U. S. Government securities—Bonds
3,243
3,973
343,484 1,042,520
«
LIABILITIES
<
356,940
4,374,962
379,599
996,446
315,693
423,045
202,742
149,402
986,494
180,640
135,249
169,251
79,461
8,956,139
872,943
F. R. notes in actual circulation
448,128 4,670,895
164,751
72,749
400,810
482,934
251,393
219,610
123,268
233,053
183,125
560,309
54,295
97,561
34,789
185,748 1,196,866
204,442
43,022
38,029
48,608
35,869
37,903
40,925
21,511
1,205
5,156
4,089
5,156
12,800
4,823
4,175
5,156
1,265
3,621
i7,oio
238,881 1,424,024
267,618
180,140
275,343
229,805
631,044
82,128
29,612
16,443
29,768
23,255
29,926
.218
53
105
244
42
27
411,376 2,492,864
477,923
331,937
474,606
Deposits:
"
Member bank—reserve account
U. 8. Treasurer—General account.
176,767
282,712
Foreign bank
Other deposits
Total
deposits.
10,288,561
s.
12,800
62,454
17,245
16,534
7,644
6,222
3,628
227,651
7,168
6,244
2,033
3,889
537,305 5,125,751
479,518
603,273
295,859
41,303
64,748
48,656
22,933
170
111
160
836,765 1,091,236
547,368
591,268
Total liabilities...
59,791
142,705
2,298
Deferred availability items
Other liabilities, lncl. accrued divs
189
728
15,257,089
'•
876,884 6,265,630
251
•
'
'
332,563 1,01?,937
fl
Capital Accounts—
Capital paid in.
9,421
Other capital accounts
10,083
2,874
4,505
13,546
4,220
3,965
10,444
5,630
22,666
3,953
4,685
2,904
4,983
3,153
3,613
3,892
1.007,
3,293
713
1,429
545
1,001
1,142
1,266
9,965
2,121
2,028
3,483
1,429
1,624
6,761
1,245
1,998
■952
1,798
2,053
869,116 1,123,702
562,088
423,848 2,537,266
488,351
340,983
484,533
1,554
1,225
58
462
198
658
8,195
32,980
-
Total liabilities and capital accounts 15,601,396 1,000,686 6,384,819
Commitments to make Indus, advs
2,614
13,339
1,291
*
5,015
14,323
7,457
1.424
13,653
13,696
4,416
52,463
27,264
12,211
51,074
149,152
Surplus (Section 7)..
Surplus (Section 13-b)
1,518
"Other cash" does not include Federal Reserve notes.
,
'
RESERVE
FEDERAL
Three Ciphers
156
STATEMENT
NOTE
*
Atlanta
Chicago
St. Louis
$
%
$
«
(000) Omitted
Total
Federal Reserve notes:
Boston
New York
%
$
$
4,741,206
Issued to F. R. Bank by F. R. Agent
Cleveland Richmond
Phila.
$
Federal Reserve Bank of—
$
%
219,901
448,154
337,078
405,300 1,112,038
164,123 1,026,525
40,031
14,721
.
141,314
199,258
179,370
88,667
419,478
62,538
366,244
circulation
held
S
$
25,701
115,592
21,385
25,109
17,159
10,119
4,374,962
,379,599
996,446
315,693
423,045
202,742
149,402
986,494
180,640
135,249
169,251
79,461
356,940
420,000 1,130,000
345,000
453,000
230,000
169,000 1,050,000
203,000
143,500
185,000
92,500
434,000
889
497
337
99
25
98
714
28
93
169,081 1,050.099
203.025
143,598
185,714
92,528
434,093
6,065
18,618
m,
Collateral
%
$
San Fran.
Dallas
Minneap. Kan. City
9,206
Held by Federal Reserve Bank....
In actual
343,484 1,042,520
46
3,559
n L.—ti..,;
■
by Agent as security
for notes issued to bank:
Gold
certificates
hand
on
from United States
and
due
4,855,000
Treasury....
Eligible paper
Total collateral
•
4,859,011
United States
Rates
quoted
30
4,011
.
\
1,120
230,337
453,497
345,889
420,030 1,131,120
81
Government Securities
Exchange—See following page.
States
United
Treasury Bills—Friday, Jan. 13
York Stock
Transactions
Jan.
18 1939..1
25 1939
Feb.
1
A sled
Feb.
8 1939
Feb.
15 1939
.
Feb. 23 1939
Mar.
Mar.
1 1939
8 1939
0.05%
Mar. 15 1939
Stock and Bond
0.05%
0.05%
0.05%
0.05%
0.05%
-.
22 1939.......
Mar
Mar. 29 1939.
April 5 1939.......
April 12 1939...
at
the
Averages—See
THE
Jan.
one
'S2ds of
more
or
point.
216
206
17,500
17,600
17,000
..'787
790
Bid
Asked
1,510
1,510
43
1,490
1,480
1,420
39
35
"582
585
...
_
d'Electrlclte.._T._
Generale Transatlantique..
Citroen B
»
June 15 1940...
1 H%
102.8
102.10
Coty S A
101.8
Dec.
15 1940...
1H%
102.24
102.26
Courrlere
Deo.
15 1941...
IH%
102.22
102.24
Mar. 15 1940...
1H%
8ept. 15 1939...
1H%
101.27
101.29
Mar
15 1942...
Dec.
15 1939...
1H%
101.31
102.1
Dec.
15 1942...
June
15 1941...
1 H%
102.23
102.25
8ept. 15 1942...
Mar. 15 1939...
1H%
100.6
IH%
1 H%
2%
2H%
15 1939...
■
102.11
Credit Commercial de France—
104 4
104.6
Credit
104.6
104.8
Eaux des
105.10
105.12
Energle Electrlque du Nord
102.2
102.4
102.9
Lyonnalse
Lyonnalse cap
...
HOLIEnergle Electrlque du LlttoraJ.. DAY
L'Alr
Llqulde
Lyon (P L M)
Nord Ry
Orleans Ry
STOCK EXCHANGE
Pathe
Closing prices of representative stocks as received by cable
Jan.
Jan.
Jan.
11
10
7
9
(4%)115
115
116
116
158
158
117
122
157
117
123
■Per Cent
Farbenlndustrle I. G.
Manneemann
Roehren
(5%)
Relchsbanks (8%)..
Siemens A Halske (8%)
Verelnlgte Stahlwerke (5%)
Jan.
12
Jan.
13
of Par
3%
1917
117
158
158
158
Royal Dutch
Saint Gobaln C A C
117
117
117
Schneider A Cle
123
123
123
110
110
111
112
Ford
.....
Soclete Generale Fonciere...
148
149
149
150
Soclete Lyonnalse
107
108
...188
188
187
188
186
188
190
191
193
104
104
104
106
106
108
8o<nete Francalse
189
..188
147
107
4^%. 1932, A
Rentes 4^%, 1932. B.
Rentes. 5%. 1920
Rentes
117
110
147
107
188
110
(7%)
Rentes Perpetual
Rentee4%, 1918
Jan.
Dresdner Bank (5%)
.........
....
Rentes 4%.
week:
6%
Capital
Pechlney
109
Soclete Marseilles
111
Tublze Artificial Silk preferred..
Union d'Electriclte
•
Wagon-LIta
43
593
600
898-
893
220
888
220
875
220
210
249
560
247
246
550
552
1,700
1,520
355
610
1,720
1,530
351
602
1,680
1,680
1,620
1,480
1,470
1,420
351
354
595
.
■
210
590
672
Kuhlmann...................
102.26
,
617
511
250
555
Comptolr National® d'Esoompte
101.9
101.6
117
1,319
7.900
216
101.7
Deutsche Bank (6%)
13
Franoe
1,300
1H%
Deutsche Relclisbahn (German Rys.pf.7%). 123
Jan.
220
17,900
813
1H%
AUgemelne Elektrlzltaets-Gesellschaft
Berliner Kraft u. Llcht (8%)
8,400
1,310
529
15 1943...
each day of the past
12
Francs
219
17,800
810
Pacific
Canadian
15 1913...
BERLIN
Jan.
8,500
Dec.
THE
Jan. 10 Jan. 11
Francs
Francs
1,316
620
Cle
Rate
Maturity
June
9
8,400
June
102.24
as received, by cable
,
Francs
Banque de l'Unlon Parlsienne..
Cle Generale
•
Int.
Int.
Asked
253.
8,400
Cle Dlstr d'Electriclte.
Mar. 15 1941...
stocks
Jan.
7
Francs
Canal de Suez cap
Bid
page
Banque de Paris et Dea Pays Baa
Figures after decimal -point represent
Rate
Exchange,
Bank of France \
Jan. 13
Maturity
Stock
253.
PARIS BOURSE
Quotations of representative
each day of the past week:
Quotations for United States Treasury Notes—Friday,
a
York
New
Daily, Weekly and Yearly—See page
Asked
Bid
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
1939
New
for discount at purchase.
are
Bid
Jan.
the
on
668
656
655
1,260
915
921
434
32
1,834
85.00
88.20
86.90
90.30
88.80
11,680
6,650
2,075
1,320
62
93
1,622
630
105
511
79
1,260
900
928
435
33
1,831
84.50
87.90
87.00
90.20
88.40
11.550
6,690
2,075
1,317
62
91
1,535
629
1,240
1,240
885
877
886
902
107
511
79
427
429
33
1,805
84.10
84.10
"429
35
1,805
1,200
82.70
87.40
87.30
85.20
86.00
86.30
84.30
89.50
90.10
87.80
88.00
87.90
85.60
11,360
6,690
11,350
11,010
6,530
6.410
2,020
2,035
1,285
1,290
62
62
90
91
1,423
1,475
629
630
108
108
506
501
79
79
Jan.
238
1939
14,
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the
such sales in computing the range for the year.
Ns
of the day.
day's range, unless they are the only transaction
account is taken of
United States Government Securities
Below
we
furnish
on
the New York Stock Exchange
and Federal Farm Mortgage
daily record of the transactions in Treasury, Home Owners' Loan
a
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
:
I
10 Jan.
9 Jan.
7 Jan.
Jan,
Daily Record, of U. S. Bond Prices Jan.
11
:
Treasury
High
119.5
4 >*8,
Low.
119.5
119.5
119.4
m m m
119.4
119.5
1
1
2Kb, 1956-59.
114.24
'
Low-
m
Close
m m
*
mm*
114.20
114.20
114.18
114.24
114.20
114.18
8
-
10
114.22
4
103.20
103.19
103.20
103.21
103.19
103.19
103.16
103.20
103.21
103.19
103.19
103.19
2
10
3
2
'
,
101
103.1
103.2
102.30
103
103.1
102.29
102.31
103
103
103.1
102.29
102.31
103.1
103
103
..(Low.
[Close
,2^8, 1958-63..
13
103.19
(High
114.18
....
103.21
units..
114.22
114.18
114.22
(High
4s, 1944-54
Total sales in $1,000
103.20
Low.
Treasury
10
8
1
12 Jan.
High
119.5
1
Total sales in $1,000 units...
10 Jan. 11 Jan.
9 Jan.
7 Jan.
Daily Record of U. S. Bond Prices Jan.
Close
119.6
119.3
mmm
m
119.8
119.4
m
119.8
119.3
119.3
.....
119.8
Close
1947-52...
13
12 Jan.
Jan.
103
High
—
113.20
Low.
mm
m
103
103
m
m
m
m
m —
7
110
16
2
14
102.29
102.30
102.28
102.28
102.28
102.29
102.25
102.25
102.26
102.27
102.26
102.27
102.28
13
24
12
Low.
102.28
102.28
[Close
102.28
102.28
102.27
Total sales in $1,000 units...
3
11
156
113.20
113.20
2
m
m m
'
m
3
Total sales in $1,000 units..
mm
mm*
m
mm
....
113.20
5
2Kb, 1980-65.
113.20
-
113.20
Close
3Kb, 1946-56
Total sales in $1,000
2
—
units—
(High
Total sales in $1,000 units...
mm
"
m
m.mm-
'High
106.18
Low.
106.18
2Kb, 1945..
Low
105
m
m
104.31
104.31
Total sales in $1,000 units...
«f
'
2
$1,000 units...
1
1
106.24
106.25
...Low.
105.24
106.25
105.12
105.13
105.12
105.13
Total sales in $1,000
[Close
mm
m
106.25
*1
106.23
1
106.24
m
"
High
102.29
102.28
102.27
102.27
102.27
..Low.
102.26
102.25
102.23
102.24
102.25
.Close
2Kb, 1949-53....
102.28
102.26
102.26
102.28
102.28
102.24
102.27
102.27
55
4
....
3
50
units...
106.23
Total sales in $1,000 units
105.13
_'.:(Low.
[Close
2^8, 1948.
106.23
■"
1
(High
105.12
104.31
105
1
[High
3^8, 1941-43
106.18
[Cose
105
105
'
m
105
105
105
[Close
.
Total sales in
105
105
[High
1
3^8, 1940-43
5
10
Total sales in.$1,000 units...
[High
110
Low.
110
109.31
110.2
no
109.31
7
55
74
(High
(Low.
102.30
102.31
102.28
102.26
102.28
102.30
102.28
102.28
102.26
102.28
[Close
110.2
[Close
3Kb, 1943-47
110
102.30
102.28
102.28
102.26
102.28
110.2
■
m
'
mm m
m
2^8, 1950-52
3
3
■
mm-m
30
1
102.13
102.10
102.11
102.10
.J Low.
102.11
102.9
102.10
102.11
102.10
102.11
2s, 1947.
107.7
Low.
2
102.11
102.9
102.10
102.11
102.10
Total sales in $1,000 units
1
(High
3 Kb, 1941
1
High
1
3
Total sales in $1,000 units
^
107.7
....
-
'... ■ •
[Close
Total sales in $1,000 units..
a
;
Total sales in
107.7
—
—
1
12
5
$1,000 units
107.13
107.12
'..—(Low.
3 Kb. 1944-64
107.13
107.12
107.13
107.12
High
109.31
110
109.31
110.1
110.3
110.2
[Close
Low.
109.31
110
109.30
109.30
110
110.2
Close
109.31
110
109,30
110.1
110.2
110.2
Total sales in $1,000 units
Federal Farm Mortgage
fHigh
Total sales in $1,000 units...
5
3Kb, 1943-45..
••
8
11
7
1
7
3s, 1944-49
110.4
110.5
110.4
110.4
110.5
Low.
110.4
110.4
110.3
110.4
110.5
110.4
110.4
110.3
110.4
110.5
110.6
107.6
107.2
107.5
107.6
5
6
106.3
fHigh
106
Low.
106
106
38, 1942-47.....
4
4
(High
109.16
109.17
109.16
109.18
..Close
..■j Low.
109.16
109.16
109.16
109.18
109.16
109.17
109.16
109.18
106.3
Total sales in $1,000 units
Federal Farm Mortgage
(High
[Close
Total sales in $1,000 unit«...
6
2
109.10
109.12
5
1
Low
109.10
109.12
109.10
109.12
Low.
100
8
(High
108.30
._( Low.
108.30
[Close
108.30
Total sales in $1,000 units...
•
....
mm mm
i
_
108.31
.
-
•
*
107.15
107.16
107.13,
107.15
107.12
107.11
107.11
107,15
107.14
107.13
107.11
Total sales in $1,000 units...
2
(High
104.24
m
107.12
m
107.4
107.4
107.1
107.4
107.3,
107.1
107.4
107.4
107.3
[Close
m
m
mmm
m"
-
m
m
m
107.12
10
2
2
104.23
104.22
104.24
104.26
102.10
102.15
102.14
102.17
Low.
102.10
102.15
102.14
102.17
102.15
2^8, series B, 1939 49..
102.14
102.17
1
2
3
(High
104.11
104.13
104.14
104.13
.(.Low.
104.11
104.13
104.12
104.13
104.22
104.23
104.21
104.21
104.21
104.23
104.22
104.22
104.23
104.22
■f Close
Total sales in $1,000 units...
8
17
76
27
39
104.11
104.13
104.12
104.13
3
*1
12
5
107.10
107.12
107.12
107.13
107.12
107.11
Low.
107.10
107.12
107.10
107.10
107.11
107.11
Close
107.10
107.12
107.12
107.10
107.11
1
1
High
2Kb, 1942-44.'...
104.22
104.23
102.10
C1086
Total sales in $1,000 units
Home Owners' Loan
104.22
..(Low.
[Close
21
(High
Home Owners'Loan
107.12
mm m m
„
5
*1
Total sales in $1,000 units..
107.12
-
m
-
107.7
107.1
107.1
Home Owners' Loan
irm
•
jmm
5
Low.
1
(High
38, series A, 1944-52....•'Low.
mm'.1
"'mm—
109
Close
High
3B, 1951-55
_■
•
7
m
*
-
109
108.30
mmmm
7
a
109
i "f. 1
108.30
m
m
i
105.4
Total sales in $1,000 units...
109.12
1
|
109.12
Close
Total sales in $1,000 units...
4
105.4
105.4
2Kb, 1942^47—
109.14
3^8, 1949-52..
106.3
1
(Close
10
High
3a, 1946-48....
107.6
107.5
Total sales in $1,000 units...
Federal Farm Mortgage
3
Total sales in $1,000 units...
3Ka, 1946-49..
1
107.5
107.2
[.Close
110.6
Close
5
107.2
Low.
110.7
High
3 Kb, 1944-46..
5
25
10
(High
Federal Farm Mortgage
107.11
2Kb, 1955-60..
2KB,
1945^7..
Total sales in $1,000 units
1
.
•
2
10
High
105.31
105.29
105.31
105.29
105.29
Close
Total sales in $1,000 units...
105.31
105.29
(High
2KB, 1948-51..
36
1
Odd lot sales,
t Deferred delivery sale.
1 Treas. 4KB, 1947-52..119.2
1 Treas.
1 Treas.
106
•
_
includes only sales
registered bpnds were:
table
above
Transactions in
2 Treas. 3s,
to 119.2
3%b, 1940-43.. 104.30 to 104.30
2 Treas. 3%b,
106
....
*
Note—The
106
1943^17..109.31 to 109.31
of
coupon
1951-55, ...107.10 to 107.11
1955-60,. 104.20 to 104.20
1949-53-.102.24 to 102.24
2 Treas. 2M*.
1 Treas. 2Kb,
3Kb, 1943-45.. 109.27 to 109.27
1
10
m
....
....
Total sales in $1,000 units..
bonds.
3
3
105.29
104,10
5
105.29
Low.
1
104.11
'
2KB,. 1951-54..
..[Low.
104.10
[Close
-mm
"104.10
Total sales in $1,000 units
104.8
m-mm
m
10
'
"'m
'mm
104.8
mm*
a-
104.12
16
-
mm
104.11
104.13
18
mm
104.13
104.11
mm
104.13
1
•
-mm
mm
United States Treasury
United States
Bills—See previous page.
Treasury Notes, Sec.—See previous page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER.
SHARE,
NOT PER
CENT
STOCKS
Sales
NEW
for
Saturday
Jan.
7
$ per share
Monday
Jan.
*9
$ per share
Tuesday
Jan.
10
$ per share
Wednesday
Jan.
Thursday
11
Jan.
$ per share
12
$ per share
Friday
Jan.
the
13
$ per share
*57
*5734
58i4
5734
5734
58%
57ig
57%
57
57
56%
56%
*120
*120
*11878 127
127
128
*1187g 127
*1187g 127
*118% 127
*253s 45
*25-^8
45
*3018
45
*31i8 45
*33%
4234 *33%
423.}
*44
46
*43
45
*43%
45
42i2 42i2
*40
43
40%
41
1034
11
1034
1034
105g
10%
10
10U
10%
10%
97g
10%
*20
*2018
22i4
22%
*2012
2214
*20i2 21l2
*20%
21%
*20%
21%
*261}
27i2
26
♦2612
27%
25
26
26l2
27
-26%
*24%
25%
62
6234
62
6314
61
6212
63l2
59
615g
6034
62%
5934
1
1
*1
1
1
1%
118
1'8
*78
1%
*%
1%
978
934
978
1>8
12i2
*lll4
11%
1%
125
1]8
13
1%
13i2
12
12
*1114
12
1712
26]8
*10%
175s
265s
11
*185
189
12
12
13
13
10
*118
*16
13i2
125g
IH4
17
Us
I3I4
10
13lg
*lll4
11%
17
.
25
2584
253g
10l2
IH4
*1034
12%
lll2
1
934
978
1
1
1
Shares
500-
400
3
52
25
June
18
Adams Express
No par
6% Mar 30
No par
14% Mar 31
Corp
.10
16% Mar 31,
May 2
No par
40
Air Way El Appliance.No par
67
7,300
Alabama A Vicksb'g Ry Co 100
Alaska Juneau Gold Mln
10
95
2,100
2484
9,100
10%
1,300
Allen Industries Inc
500
*105g
1134
10%
11%
*10
11
400
*15%
16
600
16
16%
26
245g
10ig
25
24%
25%
1034
10%
10%
4434
457g
19i8
2i4
19%
2l4
*16
20
*15
*67l2
6812
23%
*22
20
*15
6812
*6712
69
*67
23%
*22
2334
*22
*14
184
184
11%
12
12%
1234
934
10%
*61%
62%
42
*18
24%
*10
184
184
1,000
2,400
11,100
10
934
*62
Alpha Portland Cem
183.f|
*14%
177g
*15.
2%
2,100
18
"""266
68
a:68
68
*67%
6834
23
22
22
.21%
21%
500
157g
1634
I6I4
16i2
15%
16
15%
16%
15%
1534
4,600
60
59
59
59
59
58%
58%
t
*57
59
*57
In receivership,
59
a
50
Del. delivery
7%June 18
14% Sept 26
4% Mar 30
124
__
Mar 31
4% Mar 26
38
Mar 31
34% Mar 31
11% Apr 1
1% Mar 26
.No par
No par
Amalgam Leather Co Ino
Mar 31
7
8% Mar 28
100
1
50
10
Mar 30
Amerada Corp
No par
Am Agric Chem (Del) newNo pr
American Bank Note
10
55
May 27
22
Dec 28
10
Mar 30
6% conv preferred
17
Bid and asked prloes; no sales on this day.
5% preferred
Mar 30
5%June 17
No par
800
1834
18%
Allied Stores Corp.
Allls-Chalmers Mfg.
19
5
No par
15,200
42%
6%June17
1
Allied Mills Co Inc
400
41%
1%
Apr 16
7g Mar 31
Allied Chemical A Dye.No par
Allied Kid Co
5
62%
43%
2%
300
11%
1234
11%
*12%
2%
5,500
% Mar 30
Aug 3
884 Mar 31
100
Allegheny Corp
No par
6 K % Pf A with $30 war. 100
6 K % Pf A with $40 war. 100
6K% pf A without war. 100
$2.60 prior conv pref.No par
Alghny Lud Stl Corp.-No par
11%
10%
i
700
*10
61%
•
Acme Steel Co..
6% preferred
a
Mew stock
46% Apr 27
60
r
Cash sale.
*
Ex-dlv
u
share
Nov 17
61
45
Air Reduction Inc
1138
16
4
30% Mar 23
Address-Multlgr
11%
103s
*59
36% Feb
119% July 19
1%
12%
1134
$ per
share
100
5,800
127g
61%
68%
No par
per
.No pur
""700
11
185% 185i2 *184
1855s
187% *183
12
12
12i2
12l2
12ig
12ig
13
13
1234
1278
125g
127g
1038
1078
10i8 10%
1018
10%
61
61%
*61i2
62l2
6214
6214
44
45
44l2
43l2
4284 44
19
19
*18
*18
19l2
19%
23s
*2l4
23g
23g
2%
*2%
23i4
1634
Abbott Laboratories
$
Adams-Mlllls
5,300
12l2
12
16
20
Par
Lowest
Highest
4K% conv pref
Abraham A Straus
1214
*lll4
17
IH4
"
,
97g
978
*1
Year 1937
100-Share Lots
Lowest
Albany A Susq RR
978
Range for Previous
Range for Year 1938
On Basis of
3TOCK
Week
12234
1
YORK
EXCHANGE
123%
Oct
6
Oct 15
<
Highest
$ per share $ per share
55
Mar
36
Nov
37
Jan 14
43%
12% July 19
24
Oct 22
30
Aug 30
67% Nov 12
1% July 11
68% Oct 18
13% Feb 2
Nov
Dec
7% Nov
17% Oct
16% Oct
44% Nov
% Oct
69
Mar
85
Aug
22% Mar
28%
Feb
36
Jan
80%
Jan
5%
Jan
Oct
*15% "Feb
7
146
Oct
166
Jan 7
17% Jan 12
17% Jan 12
17% Jan 12
1
Oct
5%
Feb
11
Oct
6984
Feb
11
Oct
59
Feb
10
Oct
58%
Feb
10%
Oct
62%
Feb
6%
Oct
125
Dec
1%
21% Nov 14
29% Nov 12
14% Aug 26
8
Oct 17
145
12% Oct 26
147g July 25
10
197
13% Nov 9
Oct 28
55«4 Oct 17
70%
Nov
7% Dec
6%
Oct
Oct
49
Dec
34
Aug
23% Apr
258% Mar
17% Aug
33% Jan
217g Mar
85
Mar
Oct
83%
Jan
Oct 15
8%
Oct
39%
Jan
3% Oct 17
1%
Oct
20
24
Jan 12
78
July 13
19
Oct
51% Nov
87g Mar
52% Mar
1147g Mar
28% Oct 10
23% July 18
10
Oct
41%
Jan
63
50
Dec
75%
Feb
Nov
Ex-dghts.
7
1 Called for redemption
Volume
LOW
AND
New York Stock Record—Continued—Page 2
148
HIGH
SALE PRICES—PER
SHARE,
Sales
NOT PER CENT
8TOCKS
NEW
for
Saturday
Jan.
Monday
7
7*8
49%
*130
7%
51%
49*4
132
*130
Wednesday
Jan.
10
f per share
7%
7%
54
132
Jan.
$ per share
7*2
52
*130
9
Jan.
% per share
Tuesday
125
*122
123% *118% 122%
♦
—
-
r
*112
17*2
-
7%
46%
*130
49%
21
*
17%
7%
17%
"*7~
10%
9*8
15
8%
14%
15
4%
31%
45%
4%
*13%
.14%
*64
900
9%
65
4%
4%
1%
14%
27
74
15%
*4*8
4%
14%
4%
30
45%
45%
*14
4%
30%
45%
4%
30
*8
*29%
*45%
1%
♦1%
1%
1%
14%
14%
6%
7%
28%
1%
14%
7%
6%
13%
14%
6%
36*2
16*4
37*4
34%
16*2
17*8
162
162
13%
19%
33%
51%
62
134
133
61%
■
■
49%
134
61%
*143
*18%
32%
50
48%
134
14
19%
32%
61%
*143
150
10
6%
*13%
10%
15%
*13%
21%
21%
90
90
*18%
19
*13%
36%
21*2
95
19
151*4 151*4
85%
89*4
61%
500
American Ice
1%
14%
7
2,400
150% 151
85%
85%
88%
148
*147*2 148
8*4
7%
8
14*8
13
84*2
*82
6*4
0
40*2
42%
7*4
7%
7%
33
33
33*4
34%
33
34%
33%
54
52
148
52
43%
7
6%
40*8
*2l2
*28l2
*14
1578
3
2%
*28*2
29*2
*
*120
21%
21
89%
90
88
148
148
7%
8%
7%
13%
12%
13%
83
83
35
53%
7
*28
34
53%
19%
42%
7
'
32%
*51
32
33
41%
6%
•w
85%
40%
*27%
31
52
21
85%
29%
*120
75
55
*55
55*4
10*8
978
*73
10%
53%
*10
10%
77
9*2
9%
*66%
70%
9%
*75
9%
~
*120
*120
-
53%'
54*8
10%
9%
10%
9%
*73
77
9%
9%
70*8
90%
*50
51%
53%
10%
10%
53
33
*73
9%
9%
-
9
9%
55 preferred
No par
Am Rad A Stand San'y.No par
Preferred
100
American Rolling Mill
9
Amer Smelting A Refg.No par
Preferred
8%
9%
8%
*59
70%
*59
58
*48
58
*48
58
*48
*34
37
*34
37
*34
90
*90
92%
*90
92%
*90
90%
*89
3914
68l2
28*2
7*2
13%
88%
39%
37%
66*4
39%
67%
38%
68*2
*66%
26%
7*2
1434
27%
26%
67%
26%
06%
28%
7*2
14%
23%
25
23
23%
90%
14%
23%
8
38%
•
66%
26%
65%
24%
23%
*126
*126
130
*3*4
7
*6%
4%
4
*6%
4
4
4
4
334
3%
7
28
28
*26
30
7*4
8
7*2
9*4
834
9%
,
*20
7%
7%
15%
16*4
7%
15%
29
29
29
*87
90
*87
20*4
21%
*12
12%
*30
34
18%
*19%
18%
19%
20
12%
*30
177g
*18%
Preferred
-.100
26
Common class B__
*26
8% preferred
100
Am Type Founders Ino._..10
6
Mar 30
50 1st preferred.....No par
American Woolen
No par
08
Apr 10
Amer Zinc Lead A Smelt
56 prior conv pref
23*8 Mar 31
1
4*8 Mar 30
26
100
Archer Daniels Midl'd.No par
20
100
116
July 14
ArmourAGo (Del) pf7% gtd 100
Armour A Co of Illinois
5
82
Mar 30
Anaconda Copper
50
No par
5j5?0
conv
-No par
pref.
7% preferred
100
Armstrong Cork Co—No par
Arnold Constable Corp
5
No par
Artloom Corp.
•
18%
18%
114
114
19
19
19
19
*98
100
*98
124
124
7%
*121
125
*121
7*2
7%
7%
*7%
75%
*72%
75*8
*72%
*72%
26*2
19%
52%
52%
76
77%
74*2
17%
17%
*1734
26%
19%
26
19%
52
27
19%
52%
76*4
18
26%
19%
5% preferred
....100
Refining.......—25
6% preferred
46*2
*43*4
30%
32
28
27%
27*2
•
27%
1,100
87
87
19
19.%
11%
12
11%
*30
100
3,900
400
♦
3,800
56 preferred w w
Beech Creek RR
100
1,400
7%
100
75%
26
59,800
19%
73%
17%
18
113
113
2,400
51
71%
*43%
31%
27%
25%
23
*20
24%
46%
24
1,500
1,000
19
2,700
15%
7,800
23
24%
19%
19%
15%
20
20
*19
20
45%
*43
4534
*22%
19
15%
*43%
46%
*43
30%
32%
2934
30%
26%
31%
26%
29%
27%
*25%
26%
26
26
this day,
2,300
73,400
2,100
113
32
Bid and asked prloes; no sales on
113
15
16
Bayuk Cigars Inc
1st preferred
Beatrice Creamery
30
1,000
125
50%
t In receivership
a Pef
10
10
■
20,600
700
delivery
24*4 Dec 21
Jan
July
3*8 DCJ
Dec 24
12ia Mar 30
214
July 19
Oct 20
Oct
5
Oct
23*4 Aug
8*8
7
23*4 Oct 24
Oct
40*8 Mar
47*4 Mar
Sept
Dec
10
Oct
30
Oct
89
Deo
10*8
7*4
Oct
14
34
9
20
Nov
21*8 July 19
10
Oct
20
6
No par
Bethlehem Steel (Del) .No par
5% preferred.....—
20
7% preferred
100
Bigelow-Sanf Carp Inc. No par
Black A Decker Mfg Co No par
No par
Bloomlngdale Brothers.No par
Blumenthal A Co pref
100
5
Boeing Airplane Co—
Bohn Aluminum A Brass....6
sale
5
9
109
Nov
Mar 30
21
Nov 14
9
116
Jan 31
Apr
11*8 Mar 30
19% Dec
9
Oct 19
90l| Apr 29
102
25
Apr 9
9412 Apr 2
5*4 Mar 31
07
Sept 20
3014 Mar 12
117
Deo 20
8*8 Mar 29
3012 Dec 29
15% Mar
257, Mar
39*4May
12%June
75
31
31
27
14
Mar 31
17*sJune 3
9*4 Mar 30
10*8 Mar 31
13i2 Apr 4
37 May 10
19
Sept 14
16*8 Mar 81
s Ex-dlv.
v
9
83
21
50
7878
18*8
1147s
29*4
24i2
19*4
2U4
July 19
Jan 11
9*4
108
13*4
92
Dec
Oct
Oct
Oct
Nov
29*8
90*4
Dec
Oct
7*8
Oct
82*8 Deo
8*4
Oct
15
Oct
Nov 14
Dec 13
29
Deo
3
41
Oct
NOV 10
14
Oct
Nov 12
Oct 17
85*2 Nov
Dec
NOV 9
Nov 12
Oct 28
55
July 25
35% Dec 29
30i2 Oct 11
Ex-rlghfa.
Jan
Feb
9*8 Feb
52*8 Mar
9*4 Jan
15
13*4 Jan 11
30
July 21
98
86*4
2
"
82
Jan
Mar
Mar
Mar 23
Beneficial Indus Loan..No par
r Cach
6i2 Mar 29
44
37
116*8 Feb
18*8 Mar
62is Mar
18*s
10% Mar 30
—60
Bendix Aviation-
"a New stock
2% Mar 29
Feb
Mar
94
21*8 Mar 29
No par
100
26
No par
Beech-Nut Packing Co
Blaw-Knoz Co..
12% Mar 30
104
133
5
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
Best A Co
Mar 25
June
94*4 May
Oct
4*8
60
...No par
Barker Brothers
8,400
29%
♦l2l"
Barber Asphalt Corp
Barnsdali Oil Co...
100
*98
100
100
60
Conv 5% preferred...-.100
4% preferred
—
Bangor A Aroostook
6H% preferred.....
32%
18
*20
32%
27%
51%
75%
24%
36*2
28
4,600
18
15%
31%
8%
50%
16%
*43%
11
71%
21
*20
Mar 31
18
16
24%
7
4
51%
75.%
20%
2
100
177g
*25%
No par
Baltimore A Ohio.
•50%
73%
16%
Austin Nichols.,
Feb
88
Dec
Jan 12
Deo 0
Dec 6
Dec 31
Dec 29
13,200
,
101*8 Sept
7*8 Deo
39*4 Oct
100
Nov
2
400
Deo
Deo
Feb
38
2i2June
900
70
71*4
Nov 15
7%
17%
21
Mar
67*8
101
8
126i4 Dec
Mar 30
19%
25*2
Jan
125
7
1
6
19%
16%
101
Dec
Nov 14
3
Baldwin Loco Works v t C..13
24%
25*2
20%
08
Jan
55 prior A
No par
Aviation Corp of Del (The)..3
*72%
16*2
Mar 29
412 Apr
106
6% conv preferred
Atlas Tack Corp
40,000
20
25
July
24*4 Mar
Dec
'
70
109U Aug 11
97S Jan 10
48% Aug 8
36,100
26%
21
36
8U July
7%
75%
16%
6*4 Mar 30
38*4 Mar 26
100
No par
tAuburn Automobile.-No par
40
28
24%
113
Jan
100
Nov
83
14*2 Jan 10
27*8 July ?0
8%
'
32%
29%
414 Mar 25
0i2 Mar 26
17*4 Mar 31
1017s Apr 12
15%
>
77
114%
58
33
447j Nov 10
7%
27
8
125
50
0% preferred
Atlas Powder......—No par
2214 Mar 31
14%
25
17%
114% *113
9
73i2 Sept
39*2 Nov
0i2
6*8
3684
8%
17*4
*73%
21
*20
500
400.
....
723g
25
114%
*126
7%
113%
24%
24%
19
20%
114% 115
Dec
Oct
7%
53
Aug
Oct
Nov
0
Oct
75%
*52
2*8
80.
9
*7%
19%
Dec 21
18
7%
19%
9
Jan
Feb
7
17%
*17%
17%
17%
19
18%
19%
18%
19%
114%
114% *114
11434 *114
19
*18%
18%
19%
18%
*18%
26%
19%
16*4
17*8
4%
29
19%
72%
25%
70*8 Mar
Oct
9
55i2 Mar
*114
75%
27
Oct
Nov
Oct
7% 2d preferred
18
*120
30
13
120
Oct
19%
125
13*4 Feb
99*8 Mar
Feb
5
19%
7%
Oct
Deo
18
87
*120
4*8
Jan 14
87%
7%
Feb
Mar
57
76
Dec 28
46
12114 Feb
111
Oct
90
May 12
Mar 30
Deo
,93
Dec 31
20
125
22
Feb
37*8 Jan
10*4 Feb
116*4 May
77l2 Dec 13
12*8 Nov 12
48
Oct
30
19%
*98
7
2*2 Dec
Feb
24*4 Aug
111
Jan 12
Mar 29
27
Oct
97
94i2 Jan 31
5958 Dee 29
Nov 29
*52
Oct
79*8 Feb
69i2 Mar
72
87%
*
10
Jan
Feb
Mar 31
90
100
72
Oct
96
31 *2 Aug
8
1221s Oct 19
1037s Oct 24
7
July 19
4
100
100
6% 1st preferred
39
,217s Aug 5
113*2 Oct 19
20i2 Oct 17
4i2July 7
1
Dry Goods
*27% Oct
24i2 Nov
42% Oct 17
64*4 Oct 31
Jan
20
May 27
20%
*98
24U Mar 26
5i2 Mar 25
2it Mar 30
July 25
Oct
14
27%
87%
100
Mar 19
3*4
9*8 Oct 17
Feb
14*8
79
40
27%
19%
50
107
Oct
25U Deo
9
100
29
19%
37s Mar 26
28I4 Mar 28
Oct
Oct
3%
Oct
Atlantic Coast Line RR—100
*27%
17%
1
Apr
8
160*8 Jan
20*s Feb
29*8 Jan
1,900
5,100
9
114
Mar 31
Jan
66
8%
18%
19%
Mar 31
2
Feb
Jan
25
9
114
10
Jan
9978
414
7*8 July 19
43
99
Jan
82
Aug
72
......100
7% pref.
Associated
0
Apr
Assoc Investments Co..No par
3%
12
Mar 26
Dec
Nov
Dec
58*4 Deo
128% May
25
9t2 Nov 14
45
187
67
16*8 Nov 10
91
Oct
38%
*3%
*30
25
162
Oct
140
6
Oct
14
24%
3%
12%
1047s
14
27
31
507s
143*4
2578
63%
3%
32%
314 Mar 31
100
Preferred
800
4%
*30
11718 Mar
20l2 Oct
150U Dec
88*4 Aug
91*8 Oct
Deo
25%
*3%
*12
37| Mar 28
Am Water Wks A Elec.No par
Jan
Jan
24
Jan 11
66%
4
12%
1
A P W Paper Co
•7
32%
18%
19%
-
38%
8%
12%
Apr
Jan
327$ Nov
00i2 Deo
7%
*30
free
Nov 29
7
32%
7*8
Oct 11
95
7%
20
11*4 Jan 18
Jan
73*4
20i2
95
7%
*87
Oct
Feb
Jan 22
15%
90
22*2
Jan
•68*8
148
Mar 29
14
20*2
12%
40*4 Dec 31
154
72
7%
28%
Nov
105*4 Mar
72
15%
28
125
Dec 31
Mar
5% pref with warrants.. 100
7%
29
Oct
Feb
58
56 pref without warrants 100
14%
•
Deo
Feb
29
Atcb Topeka A Santa Fc—100
7%
9%
Nov
40
36
30
15%
7%
■
1514 Deo
7i2 Oct
24i2 Deo
Jan
40
*6%
7%
130
45*4 Mar
101*8 Aug
19,400
7
25
58*4 Mar 31
Oct
41
31
Dec 28
15*2
03is Deo
122
150
Jan
170
9
Dec
Feb
Oct
2
58*8 Nov
191* Dec 21
12*8 Mar 30
140
61*4 Dec 16
140
19
82
9%
207a Jan 12
23% Nov 9
35l2 Jan 11
June 10
10*4 Mar 31
70%
4
28
10
10
13
12
Nov 12
80*4 July 20
92%
7%
9
114
99%
28
Jan 17
Nov
Nov
Oct
Jan
37
12612 127
3%
130
Mar 30
9,700
3%
7
58
4% conv pref series A—100
Atlas Corp
—....
5
3%
Mar 29
45*4 Apr
—26
Atl antic
4
103
Mar30
4,400
4
Dec 21
111
1,200
2,700
4
Mar 29
97
9,400
7%
*6%
58
100
Amer Telep A Teleg Co
American Tobacco
14
7
148*4 July
1
13i8 Mar 30
12
23%
127
29i2 Feb
No par
Atl G A W I 88 Lines..No par
*6%
7%
*112
*98
127
6%
87*8
72i2
Oct
Mar 30
47*8
41l2
19*8
16512
2412
*89
15%
7%
15%
7%
9
*3%
130
Oct
9
16*8 Mar 31
0i8 Mar 31
"
*6%
Oct
10i8 Mar 31
200
•
,
*126*4 130
Oct
26
Mar 31
.
24*4 Nov
8
9
NOV 29
•—.
37
7
12%
22%
*89
Dec
31
19
No par
American Stores...
American Stove Co
Feb
Nov
100
7
7
*6%
7%
12%
13%
13%
12%
23
22%
22%
22%
110
*108
*108
*108
*108% 110
110
*108% 110
110, *108% 110
8%
8%
8%
8%
8%
8%
8%
8%
8*2
8%
*8*2
8%
*44
44
44
44%
44%
44%
44%
44*4
44%
*43%
44*4
44%
*60
62
62
65
*60
60%
*62
*60
63%
63%
62%
-63%
8
8
15
14%
*90
92%
....
Amer Steel Foundries.-No par
29*8 Mar
13*8 Jan
68*4 Mar
129*8 Feb
31*8 Deo
16*8 Jan
3
314 Mar 29
50.60 conv preferred-No par
Andes Copper Mining
20
37
.....
...100
Oct
26
AnchorHockGlass Corp No par
58
37
40
6% preferred..'
125
Oct
3
100
100
8%
70%
91
25
Oct
10*8
Oct 17
1,700
8%
*48
53
Nov 12
Nov 23
Mar 29
77
*73
*34%
91
100
American Snuff.
4*4 Mar
29% Jan 18
7i2 Oct 17
May 26
1,200
2,200
58
*59
100
52*8 Mar
27*8 Feb
17*4 Mar
5878 Feb
45
21
8,500
37
70%
25
4H% conv pref
Oct
11*4 Mar
55*4 Mar
,
122
Mar 29
29
9%
*48
*59
...No par
Feb
Mar 30
20
Mining. .60
50%
*34%
23
56 preferred
No par
23
Jan
Jan
21
99% Mar 30
Anaconda W A Cable.-No par
9%
58
90
Amer Power A Light
100
49%
77
8%
100
No par
new
7% preferred
37
*89
6% conv preferred
300
*50
m
52%
10%
*73
9%
77
9
•
-
81,300
53
*34*8
91*4
91%
Amer Metal Co Ltd...No par
American News Co
Jan
38i2
6878
5*4 Deo
14*2 Oct
514 Jan 12
79
687s
Oct
Deo
Oct
Oct
Oct
Oct
Oct
14
17*8 July 25
*120
•
49%
10%
9
9%
77
*50
90%
.
2,500
8,000
2,900
*101% 103
103% ♦10H2 103% *101% 103
5%
5%
5%
5%
53g
5%
5%
5%
48
48
*40
48
49%
47% 48
49%
*56
-
200
103
91
-
2,000
23,800
40%
6%
*48
*59
Mar 31
Jan
20%
3214
1%
Nov 17
13*4
5*4
45% Dec 27
2i4June 23
20U July 20
8*4 July 19
3058 Dec 31
Oct
14*4
7*4
2l2
578Nov 15
36
Jan
23*8 Mar
*7% Deo
Nov 14
June 17
12
500
32%
*51
-
Mar
2%
*
19
19
19
19%
19%
19%
18%
113% *111
113%
113% *111
113% *111
14
14
*14
*14
*14
15%
15%
15%
*2%
2%
2%
2%
2%
*2%
*2%
*2%
29%
*28%
29%
28%
28%
*28%
29% *28%
15*2
2%
Jan
225
2*8 Mar 31
7,600
1,500
4,300
33%
52
17
Oct
10
7% Mar 20
22*4 Apr 1
28is Mar 31
-
89%
6%
31
Oct
Jan 22
44
149% 150
32
*27
'
55
5
175
7% Nov 14
100
Preferred....
Am Sumatra Tobacco.-No par
7
33*8 Jan
99*4 Mar
13i2 Jan
Amer Mach A Fdy Co. .No par
Amer Mach A Metals.-No par
100
89
.
Oct
177
30*4 Mar 26
D4 Oct 4
1318 Nov 26
413 Mar 30
12*8 Mar 29
Amer Ship Building Co .No par
5,000
9%
15%
88
39
Nov
2
5% Mar 80
American Seating Co..No par
19,500
•
6%
*6%
40%
6%
80
5*4 July 2
25% Feb 25
American Safety Razor._18.50
14,900
1,100
88
87%
148 " 148
*148% 150
7%
7%
7%
7%
12%
12%
12%
13%
84
*82% 84
*82%
5%
5%
5%
5%
88
89
82%
33%
*102i2 103*8 *102% 103%
57g
5%
5%
5%
50*4
50l2 50%
50%
*60
American Locomotive.-No par
19
*
*18
14984 151
85%
85%
150% 150%
85%
85%
No par
American Sugar Refining.. 100
19
.
100
1,100
1,300
90
89%
*18
19
Mar 29
340
36%
9%
1
No par
Amer Internat Corp
60
21
Jan 18
0*8 July 25
214 Mar 30
13% Mar 29
600
150
*13
50
6% non-cum pref
m,
150
9%
15%
21
*18
7
*30
120
«.««.•»
-
700
9
Oct
83
8% Mar 30
1,800
20%
20*8
19%, 20
*110*4 113*2 *111
113% *111
*14*4
-
61
36
21
89
*7%
13%
82%
6%
41%
13%
83%
*31
-
1
6% preferred
700
61
*13
30*4 Mar
Mar 29
American Home Products
700
46% 47%
132% 133
9%
29
Oct
Mar 29
American Hide A Leather
400
14%
18%
15%
Dec
Oct
16*4 Jan 12
20%
5%
8I4
12*2
Nov 14
2
1,900
32
13%
36%
112
12
4%
30%
45%
18
35%
36%
150
Oct
15
32
150
Oct
May 26
14%
18%
*143
150
Oct
9
Amer Hawaiian 88 Co
33*4 Aug
Apr
Aug
11*4
90
10
1.C00
Jan
80
12*4 July 20
207, July 2
33%
49%
132% 133
61%
61%
134
9%
15%
21%
213s
90%
91%
18%
18%
151
151%
85*4
84%
88%
89%
9*4
16
143
61%
36
10
89
134
61%
37%
9
85%
*13%
*18%
3,33%
47%
36%
*14*2
*92
133
14%
18%
33%
49%
38%
9%
39
*18
14
18%
32%
48%
Feb
Mar 26
74%
14%
19%
33%
50%
-No par
104*8
10
'
*143
38*4
$7 preferred
Oct
Dec
15
67% free 31
2% Mar 25
Jan 22
36
July 19
978 Nov 14
Mar 29
4
Feb
20
411 Mar 29
177
Jan
71
No par
-
*18%
32%
100
No par
174
Oct
No par
*14
40
62
100
121
Oct
56 preferred
14
42%
134
0% 1st preferred..
Dec
Feb
6
125
9
09
1517a
15*4
Feb
100
Oct 21
117
88% Mar 31
13% Sept 15
Am Coal Co of Allegh Co NJ25
American Colortype Co
10
Feb
Oct
Dec
105ia Oct 13
176% Nov 9
34% Dec 30
57*4 Nov 9
23*4 Nov 9
89% Feb 18
Am Comm'l Alcohol Corp..20
American Crystal Sugar.
10
31*4
80*4
28
109
600
69*2
42
9% Mar 29
Oct
9
Aug 24
Nov
13%
20%
'
Mar 31
Highest
thare ( per share
per
7
14*8 July 29
52
135
572 d preferred A
21%
39
39%
37%
*116*2 122
*116*2
*25
25*2
*24*2
6*2
6*4
5%
*73%
15%
15%
6*4 Mar 31
23i4Mar31
Apr 21
70*4 Jan 3
10014 Mar 30
12*8 Mar 30
114
27
$
5 per share
share
800
72
4*8
27%
74
per
100
Amer Express Co
7,100
25%
25% 27%
26%
26%
27%
71
71
70
1,300
70%
73%
70%
15
15
arl5
15
3,600
15%
15%
15%
4
800
4
4
*3%
4%
4%
4%
4%
4%
36
36
35%
4,100
36%
30
37%
38*2
37%
37%
*116% 122
*116% 122
*116% 122
122
*116% 122
270
24
24
*23%
25%
23%
23%
23%
24%
25*2
6
6
5%
9,100
534
5%
6%
5%
5%
6%
39
39
38
38
2,600
38%
*39% 41%
*38%
41%
34
33
33%
1,800
33%
34%
34%
34% 35%
35*2
10%
15%
163s 35,400
15%
16%
16%
16%
16%
16%
30
*158
162
160
*158
160%
160% *158
160%
160%
21
16,500
19%
20%
19% 20%
20%
20%
20%
20%
70
600
70
70
69%
69% \
*68%
70%
70%
70%
28
5
Lowest
Highest
No par
6% preferred
American Chicle
10
15
14%
Year 1937
100-Share Lots
8%
8%
13%
8%
13%
14%
8%
4%
*1%
14%
7%
15%
*52
4%
1%
14%
7%
76
7*4
9%
9%
65
4%
15
30
287g
40
9%
65
4%
15
15
*45
15
6*8
1,100
14
45%
76
*80
700
9%
*13%
30%
28
8
15%
4%
30%
4%
14%
7%
13%
6%
9%
8%
*45%
1%
*147
9
45*2
15%
7*2
2112
"6%
9%
4%
30
*1*2
50%
5
30
*14%
7*2
13*4
19%
'*32*4
*8%
15
45*8
1%
20*4
6%
9%
10
Am Chain A Cable In..No par
Amer A For'n Power
15
*70*8
"6%
100
...
4,600
1,600
15
*158
17%
8
66%
Preferred
*
10
.
15
4%
*.
100
.No par
9
9
9
9
9
*6i->
*6%
*6%
*6*2
*6%
*165% 500
*165% 500
*165% 500
*165*2 500
*165% 500
3%
3%
3%
3%
3%
3%
3%
3%
3%
3*4
17
*16%
17%
17% ,17%
17%
18%
18%
18%
17%
4%
4%
8%
*13%
4%
*64
«,
200
25
Preferred
American Car A Fdy
American Encaustic Tiling.. 1
Amer European Sees
No par
9%
*30*4
*45*4
*9%
9%
66%
17%
„
...100
2,700
4%
18*4
9%
*64
66%
*9%
+
1
pre!
4%
5
3%
19%
9,000
125
conv
American Can
1,200
*118% 119%
*
5H%
400
6,700
21
*112
9%
9
20%
21%
125
120
"7%
3*8
20%
3,300
48%
*
7%
*165*2 500
22%
48
48%
*118
*
17%
*64
48%
*112
10%
9%
10*2
50
125
10%
9%
67*4
Am Brake Shoe A Fdy .No par
20
*119% 122
~*7%
47g
*6*2
American Bosch Corp
4,600
7%
*112
7%
*9%
2,000
49
120
10%
Par
132
125
*7%
On Basis of
Lowest
Shares
$ per share
$ per share
Range for Previous
Range for Year 1938
YORK STOCK
EXCHANGE
Week
13
120
10%
*62
Jan.
*112
125
*
12
Jan.
the
Friday
7
7
7%
7%
47%
48%
47% 48%
140
130% 131% *131
97
97%
99%
98%
97% 97%
175
175
*175
185
*175
178%
30
30%
29%
29% 30%
31%
7%
99*2
99%
98% 100
99% 100
175
*171
175
174% 174% *171
31
32% 33
31%
31%
31%
52
52
49
50
50%
50%
2214
22%
22%
21%
22%
22%
*112
11
$ per sharr
51
132
Thursday
239
22*4 Dec
13*4 Nov
45
Feb
110*8 Feb
43*s Mar
32
Jan
42
Jan
35*4
20*4
Feb
115
Jan
Aug
28*4
Feb
105*4 Mar
43*4
Feb
114*4 July
15*4 Feb
88*8 July
30i2 Feb
23*4 Jan
62*4 Jan
105i2 Mar
20
Jan
129*8
09*4
Feb
38
Jan
Feb
9
Oct
297b Mar
15*8
Dec
50
Dec
10
Oct
82*8 Jan
94*8 Jan
49*4 Mar
21
Oct
48*s
T Called for redemption
Feb
LOW
Monday
% per share
54
64i2
54
106
107
54
55
14
14
♦12%
16%
13%
1314
1678
13i2
14
16%
29%
30»4
29
17
29*4
2%
26i4
2l2
2634
16%
1678
28% j.29%
*2%
2%
6%
6I2
2%
2%
27
*26
6%
6%
14%
29%
28*4
39
39
38i2
1%
*834
11%
UI4
4
134
9%
11*8
*9
38
*37
39
♦37
*43
214
*1*8"
9%
11%
2878
*39%
,43
43
44
*43%
1%
*8%
1434
147g
29*8
39
14*8
15%
30%
39
6%
14%
27*8
29%
39%
43%
134
1134
»834
1134
39
1834
17%
34
18%
33%
•
39%
*37%
39
500
4334
1*8
9%
12
4334
44
700
*8%
11*8
37%
37%
17
17%
33
33
*33
*12%' 13%
12%
12%
11%
12%
123s
4,99%
*96%
99%
13'S
13%
11%
12l2
99%
7%
7%
*96
99%
*97
7i8
49i2
7%
7%
51
514
52%
5%
50%
12%
31
31
3014
28%
28%
27
18%
2%
12%
12
5%
30%
27%
14%
5%
*2%
5%
30%
27%
14%
18%
2%
12
12
13*4 "14%
18
1812
12
I 5178
27%
14%
18%
2i4
*50%
49%
5*8
31
5%
*14
12%
8% 1> 8%
83g
2U8
*334
85s
8i2
*21%
21*8
3% * 3%
1214
11%
*35%
3778
*17
17*8
♦I6I4
17*8
*46%
17*4
51
1*4
8I4
134
8
*17
17
734
17
17%
18*8
44
5*8
3214
8
*7%
44
84i2
*42U
8412
19i2
19i2
378
94*8
*3%
93%
46%
45*8
*106*4 HO
23*8
23%
♦90
83
*19'8
3%
20'2
3'4
92
91
173g
*49%
1%
1*8
8
7%
16%
19%
50
7%
42%
7%
42%
83%
*19%
3%
20%
3%
92
*90%
115
*82%
1734
70
70
6914
18
70
21*4
4*4
21*4
478
,22
22%
17*8
*4l2
4%
434
434
*110%
9%
5'4
5
*5%
6
*4%
5
5
48'2
95
*88
95
*89
9%
48%
60
12% " 12*8
11*8
12%
1134
46
45
45
44
46
28%
2834
28
8%
22%
*8
1018
*8
10
22*4
22*4
22%
22%
3678
3678
36%
37*4
*87
88*4
i2
12%
3634
88%
12
3%
%
*8
100
1%
1,800
7%
8
*15
16
1834
18%
....
200
1,800
7,000
1,300
30,100
10
50
*43
32%
7%
42%
5%
31%
734
42%
*4034
5*8
500
1,500
3,300
80
22,600
*83%
86
100
*18
20
300
3%
9134
Carpenter Steel Co
5
Carriers A General Corp..—1
89
700
3%
3%
3*8
8934
88
90
2,700
121% 121%
*121
124
40
3%
*80
70
'
Celotex Corp. new
60
88
46%
27%
8%
23
37%
*83g
2134
35%
10
2234
3634
88
88
*8%
22
*86%
%
26%
1,200
*8%
21%
10
21%
2,100
34%
35%
20,500
873s
8738
300
*3s
*3%
%
1,100
60
100
3%
%
%
%
%
%
%
%
2,400
3%
3%
12%
3%
3%
3%
3%
800
12%
3%
12*8
%
i2i2
*12
%
*8
1%
34
3%
1
.1
78
7*
78
3%
*3
*3
3%
1734
18%
18%
18*8
*3534
3734
48%
*3578
3778
*36
48
*47
34
**8
*48
**8
'♦.%
1%
1*4
1*8
1*8
1%
1*8
48
1%
*1%
%
3734
%
48%
%
1%
*1%
1%
600
6%
9%
9%
8%
8%
100
13%
1134
13
13%
12%
12%
1,800
Chlckasha Cotton Oil
1134
1134
12%
12%
1,500
ChUds Co.....
32
33
32%
12%
32%
75%
78%
73%
7738
*10%
7934
7934
79%
*52
62
*52
62
*52
62
*52
62
4
4
4
4
4%
22
27
27
*72
75
*72
*128i4 129
132
132
58
58
75
57
58
26%
14is
~14~%
103
103
*33i2
34i2
70
14%
34
*14%
34%
*21
23
70
*26%
27%
*72
75
14%
33%
55
56%
"l~4%
33%
25%
10%
80%
430
4
1
";~8O6
24
3%
*20%
24
1,900
62
*52
3%
81,900
400
75
55
57
55%
27%
57%
8,200
28%
20,900
*128%
*58%
130
33%
32
10
130
1,200
60
700
*1000
32%
4*. 500
700
32
31%
*105
108
106
106
106
106
*105
108
*105
108
*105
30
*15
29
*15
29
*15
26
*15
25
*15
25
*20%
23
21
21
*19%
6%
21%
1,400
108
*15
*6%
6%
73s
*6%
7%
1634
1634
1634
1618
16i8
*89i2
14
93
14i4
*2878
7U
31
7i2
16%
16%
16%
*89%
92
90
90
13%
14
*28%
29
13%
*28%
16%
7
73g
13%
30
7
7%
16%
88%
13%
*28%
634
77%
250
100
Colorado A Southern
7%
270
16%
16%
16%
88%
89
88
88
600
13%
13
13%
13%
14
2,500
5%
'>
5%
110
16%
634
16%
lJOO
16%
1,200
1,100
31
*28%
30
6%
7
6%
7
45*,000
7734
78
79
79
600
64%
62%
76
76
*75
78%
*50
65
*62
65
*62
64%
62%
10
56%
52%
51%
52%
52%
*104%
*104%
10534 10534 *104%
56
55
*56
5534
5534
56%
56%
58%
109
*107
110
109
107% 107% *107% 110
1034
10%
11%
11%
10%
10%
10%
10%
1%
1%
134
1%
1%
1%
1%
1%
48
48
47
47
46%
47%
4734
47%
27
27%
27%
27%
27%
27% x27
26%
8,300
56%
5834
*103%
59*8
58
58%
110
*109
*108l2 110
1034
1034
III4
1038
1*8
1%
15s
1*8
48
47
49
46%
27*8
27*8
27i2
27%
•
5438
56%
53
55
Bid and asked prices; no sales on this day.
t In reoelvershlo
a
4%
12% Oct 22
33% Nov 12
1234 July 20
48% Mar 2
38% Jan 17
June 14
Apr 26
5
89
1% Mar 23
4
Class B
Columbia Plct
300
9,300
200
v t o
1% Jan 10
Mar 30
100
Mar
1
Oct
4% Mar
13% Mar
Oct
% Dec
5
1%
July
7
Oct
% Dec
2% Deo
6% Oct
28% Dec
4
Mar
% Dec
6% Mar
19%
Feb
33
Feb
45
Aug
3% Mar
10%
Oct
1
Oct
8% Mar
6%
Oct
27% Jan
22% Jan
157g Mar
12
Oct
3
Oct
36
Oct
88% Nov 9
13% Jan 12
Jan
?% Mar
7% Mar
1%
Oct 15
46% Deo
11
Oct
80
135%
21*g
Feb
Mar
Feb
Feb
5
80
Dec 30
57
Dec
92
Feb
Mar 22
60
Feb 28
68
Dec
74
July
Mar 24
5% Nov 9
27% Oct 19
2
Oct
10% Mar
Jan
Apr
44
75
Mar 26
115
7
Aug 31
30% Nov
111
82
Dec 23
45
Feb 18
47% Mar
24% Nov
13% Dec
60% Nov 7
25% July 22
Jan
129
3
Nov 30
142% Aug
3
61% Nov 12
8
5
976
17
7% Mar 30
May
Nov 10
8
Mar 29
22% July 19
Apr
24% Mar
104% Jan
69
June
98% Nov
26
11%
Jan
Oct
5% Dec
8
62% Feb
112% Mar
45
Apr
61% Feb
27% Mar
30
Jan
29
Jan
32
Nov
9
Mar 38
83
_
Oct 15
70
Oct 27
9%
18,800
Commonw'lth A Sou..No par
1
Mar 29
2,200
36 preferred series...No par
Commonwealth Edlson.Oo..25
25
Mar 31
22% Mar 30
,
65
10
Nov
Oct
25% Deo
z4%
Oct
x68% Oct
64% Dec
30% Dec
80
Dec
Nov 10
34
Dec
112% Oct 28
12% July 29
2% Oct 27
55% Oct 28
86
Dec
5
Oct
1
34
64
5% Mar 30
Oct 17
597g Nov 10
108% Nov 21
Jan 31
y
13278 June
7% Dec
35% July 19
31% Mar 31
Ex-div.
Dec
29% July
16% Dec
16% Dec
19
84
x
Feb
41
June 30
98% July 25
Mar 30
100
Sol vents..No par
60%
Dec
10
Mar
90
Jan
Jan
Oct
Deo
Feb
90
22*4 July 19
23
'35.No par
8%
Dec
29
Apr
,48% Aug
170%
18
June 24
Aug
Oct
Jan
95
53% Apr
Comm'l Invest Trust.-No par
93%
56%
8
104% Dec
237g Nov 10
8% Jan 12
11% Jan 10
9
110% Deo
48
103%
113
5
9% Mar 30
3% Mar 31
4% Mar 29
4
Apr 1
13% Mar 29
No par
Oct
39% Oct 18
107% Nov 15
May 31
13% Mar 31
87% June 29
13
May
Jan 27
67% July
976
May
20
98
76
105% Mar 30
78
9
17% Dec
102% June
19% Deo
2
32% Mar 29
10% Mar 31
100
r Cash sale,
48
Oot
%
2
19% July 26
61
10
n New stock,
Dec
89
13% Nov 14
Commercial
Def. delivery,
68% Mar
Mar 29
May 31
25,600
15,600
Jan
12% Jan 12
May
ser
90% Mar
Oct
18% Mar
Mar 25
50
pf
Oct
Nov
31
1% Jan 20
100
conv
Feb
5
z40
32
2% Jan 12
5%
34.25
Feb
Feb
63% June
Oct
3
9
100
4H % conv preferred
Feb
82
111
Deo
39% Nov 14
4;7
Nov 17
6% preferred series A
Credit
23%
3
1
Nov
Columbia Gas A Elec..No par
Commercial
Jan
86*8 Mar
10
1934 Dec 29
70
preferred.No par
preferred
7
116
5% Jan 10
10% Mar 26
No par
v t c
July
Mar 31
Dec
3% Oct
18% Oct
103% Dec
25% Nov
15% July 19
25% Dec 28
6% Mar 30
57
May ~
conv
5
Sept
34% Dec
1% Feb 23
1% Jan 10
1% Jan 10
6% July 22
106
2 50
Columbian Carbon
Jan
95
Jan
2
1st preferred
32.76
*28%
79
5618
*103i2
Apr 2
59% Oct 15
Jan
Jan
54
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
*62
104
7% Kept 26
Colo Fuel A Iron Corp .No par
6%
64%
24*4 Jan
14% Mar
35% Mar 31
6% conv preferred
100
Beacon Oil...No par
20%
7%
77%
Oct
3% Mar 30
-.100
7%
31
Oct
Jan 10
6% July 25
4
12
No par
*5%
16%
Jan
4
3%
8%
.
May
25
Colonial
"
*75
*62
preferred..
6%
20%
634
Jan
41%
4
8
Colgate-Palmollve-Peet No par
7%
16%
*6%
*16%
107%
% Dec 15
100
Collins A Alfcman
June
Oct
9
% Dec 15
Sre;lal gtd 4% stork
50
Molybdenum..No par
Preferred
116
Feb
June
Jan
6
1
Cluett Peabody A Co..No par
Coca-Cola Co (The)..-No par
Class A
No par
100
8
37%June
Climax
6
*5%
16%
634
20
Oct
Oct
22
No par
2034
7%
16*8
*7%
Dec
52
Mar
5
7%
*5%
16%
16%
88%
20%
6%
7%
634
16i2
8
90
46
59
*5%
6%
8
6i2
8*s
8
20
6%
6i2
*8is
41% May
106
100
-.100
Coca-Cola Inter Corp..No par
"
13% *1*3%
102% 102%
1334
13% *13%
14%
102% 102 % *102% 103
32%
105% Aug
Dec
96
67% July
26%
72
*1000
Dec
13
111% Nov 30
14
July 25
Clev A Pitts RR Co 7<7, gtd_60
26%
60
Nov
97
15% Mar 26
60
60
40
Oct
Clev Graph Bronze Co (The). 1
75
9% Apr
191% Aug
129% Jan
Oct
700
27%
Jan
Feb
35% June
2
CCCAStlxmls R yCo5% pref 100
Clev El Blum 34.50 pf.No par
29
26%
27%
27%
128% 128% *128%
130
130
130% 131%
*58%
Clark Equipment
52%
102
24
60
70
Oct
13% Nov
2% Oot
Jan
July 25
68
6% Mar 31
.No par
.....
90
Dec
1
2
10
6M% preferred....
City Investing Co
City Stores
Dec
37% Deo
Nov
% Aug 17
2% Sept 28
8% Mar 31
% Nov 9
% Dec 9
% Dec 16
5
City Ice A Fuel
17% Mar
61% Jan
18% Mar
Nov
97
% Dec
No par
Corp
Jan 17
June
18
Chile Copper Co.——.—.25
Chrysler
28
61
3
*112%
*72
*1000
103
62
70
75
103
10%
80
11234 11234 *112%
*72
5634
10%
80%
90
76
73%
10%
*334
28
*1000
104
*
35
*32
79%
*52
*26
57%
27%
27%
*128% 129
*128% 129
13134 13184
131% 131%
58
58
60
*58%
104
*20%
.22%
10%
7934
112% 113
27%
*1000
*1000
22
70
112% 112%
*2534
28
10%
*8%
678
38% Mar
Oct
44
106% Dec 27
26% Nov 9
96
Sept 1
Aug 26
100
*834
Oct
Deo
9%
80
4% Mar 30
No par
Oct
4%
Nov 23
17% Mar 31
100
13%
Dec
1
4
Mar 29
94
No par
934
Oct
10
120
26% Mar 29
.100
14%
12
34%
80%
10%
1134
4
24
22
15
497g Dec
5% July 25
70
*834
17
10
July 25
Aug
Jan
34% Mar
48% Feb
52% Sept
6% Feb
20% Jan
37% Feb
Aug
28
100
*13%
Dec
107% July 25
Dec 22
9%
18%
22% Nov 10
4% Jan 12
June 18
1438
91
Oct
8% Aug
7
6
Chicago Yellow Cab
33% Mar
Oct
12%
82%
39%
12%
22
preferred
preferred.
Oct
24
Oct
Mar 26
88
Pr pf (32 .50) cum dlv No par
tChlc Rock 1st A Pacific... 100
1%
*7934
5934
200
*1%
•79%
283g
47
1%
79*8
1078
81
2712
47
Oct
6
19% Dec 15
72% July 21
20
33 conv preferred
7%
8018
10i2
*7934
22
100
300
*32 *
»
36%
600
3438
23
36%
2%
89
5
6
Preferred
Oct 17
45
2
■
Feb
July 19
42
Mar 28
2
Chicago Pneumat Tool.No par
%
♦32
*4
4,400
134
3434
8138
10i2
81
*4
1734
Jan
Feb
1*4
35%
18% Mar
36% Mar
9% Feb
8% Jan 10
Mar 30
18% Dec
tChlc Mil 8t P A Pac..No par
5% preferred
100
tCbicago A North West'n.100
%
*32
783S
10%
1734
11%
45%
Oct
10%
May
46
tChlc A East 111 Ry Co
100
6% preferred..
100
tChicago Great Western..100
4% preferred.,
100
Chicago Mall Order Co..
5
Jan
18% July
Oct
Oct
5
Mar 30
Corp.....No par
25
Cab
Chesapeake
*1%
13
■
400
3
Checker
Chesapeake A Ohio Ry
Preferred series A.
45%
Oct
2% Jan
Oct
20% Aug
21% July
46% Nov
1
Oct
65% Mar
6%
16%
15% Nov 12
44% Nov 10
22
July 25
24% Jan 11
2
4% Mar 31
34% Mar 28
63% Apr 14
12%June 13
2% Mar 25
62% Mar 31
98% Jan 3
29% Mar 31
100% Jan 4
.100
6% prior preferred
10%
Jan
10
51
July
Feb
July 19
Mar 31
12% Dec
Jan
13
15
Mar 31
82
98
2% Oct
24% Dec
24
Mar 30
9
14%
Oct
10
Mar 31
21
117% Mar
Oct
3% Jan 15
17%June30
Mar 31
5
2%
35
5% Dec
16% Aug
37% Apr 29
Cham Pap A Fib Co 6% Pf-100
Common
No par
%
*8*8
Dec 31
Oct 1
Deo
76
Jan
22% July 25
12% Mar 30
100
Certain-Teed Products..
134
*1%
*1%
1%
13s
•
18%
48%
29
1
Preferred
1%
*13%
12%
59%
2,900
2,300
1
34
July 25
Apr 18
1
Cerro de Pasco Copper.No par
%
9%
1234
69
*%
3
37
*47
14*8
114
1,900
%
%
3%
*36
*8%
23
%
1
34
*3
17%
18
*13i2
1234
*112"
1,100
11% "12
12%
%
%
%
,
3*8
18
1878
38
4912
*1%
1%
1
1
12
%
%
'
1
3i2
*47
*12
%
%
1
1
1
1%
1
*3i8
18%
*35*4
*12
3%
Feb
4
%
3%
25%
3% Mar 31
*3%
3%
Oct
Century Ribbon Mills..No par
*8
3%
6%
Central Vloleta Sugar Co... 19
26%
%
%
%
Oct 13
6% Dec 13
460
10
22%
Jan
13%
99% April
8,300
36%
88
34%
24%
700
*41%
*100% 105
27*8
27*8
Oct
Central 111 Lt 4H% pref-.lOO
1134
11
6
Central RR of New Jersey. 100
44
101% 101%
12
43
Jan
Oct 24
70
5,000
Jan
14%
300
46%
38%
45
100
preferred
Dec
Jan
15% Mar 30
Central Agulrre Assoc..No par
3,300
88
48
5%
Jan
5%
Nov 25
50
13
No par
Central Foundry Co
8
Dec
20
100
prior preferred
1,200
30
88
1034
5%. preferred
13,600
70
47
41
No par
100
Caterpillar Tractor
7%
88
1134
...
*8,466
17
48%
'42%
Preferred
Oct
39
Celanese Corp of Amer.No par
95
16%
*69%
70
5,800
100
21%
21%
17%
16%
45%
*80
95
17%
45
10634 108
100
100
Case (J I) Co
Jan
1
Nov 17
Dec 31
Jan 11
25
19
47
34
8%May 27
86
Dec
41
Campbell W A C Fdy.-No par
Canada Dry Ginger Ale
5
Canada Sou Ry Co
100
19
23
Jan
5% Mar 30
*83%
Feb
Dec 31
Feb
62%
6
50
1
10
53%
15% Dec
Calumet A Hecla Cons Cop..6
20%
27%
3%
30
6
No par
Participating preferred.. 100
Byron Jackson Co
No par
California Packing
No par
33 preferred A
Dec
100%
7%
54%
5%
Byers Co (A M)
Carolina Clinch A Ohio Ry 100
Feb
22
31
29
31
28
30
31
16% Mar 30
2% Mar 30
5% conv preferred
Butte Copper A Zinc
Capital Admin class A......1
10
59%
Oct 14
Jan 24
13% Mar
6% Mar
14% Mar
1% Mar
6% Mar
5%May
1
No par
Oct
15% Mar 26
10
Cannon Mills
Feb
18
23%
3% Mar 31
fBusb Term Bldg gu pf ctfs 100
500
7%
23%
5% Mar 31
<
1
Canadian Pacific Ry...
Aug
Oct
5% Mar 26
No par
preferred
34
Oct
7
102%
2734May 27
Burroughs Add Mach.-No par
5%
Dec
2%
Dec
Mar 26
Callahan Zinc Lead
15%
21
3
Bush Terminal.
Oct 25
Dec 29
53
Mar 26
Butler Bros
Jan
50% Aug
15% Mar
Dec
*16% Mar 31
10% Mar 29
Bulova Watch....1...No par
Co
28
Oct
7
75
600
•
3%
12%
3%
Budd Wheel
Dec
3
14% Nov 29
46% Nov 29
25
preferred
16
22% Dec
Jan
5% Mar 30
No par
4934
3%
7%
Aug
12
100
Budd (E G) Mfg
25
43
3
100
No par
preferred
1%
*20%
3%
290
2,700
%
*3%
7%
4934
8%
700
*8
*314
*ni2
-6
Deo
3% Mar 26
...No par
Brun8-Balke-Collender.No par
Bucyrus-Erle Co
Feb
11
2% Jan 13
Mar 30
1% Mar 25
Brown Shoe Co
11%
34%
1634
16%
*2%
6,100
3%
4
*3
28
Bui lard
17%
7%
*100% 105
88%
%
No par
—5
Brooklyn A Queens Tr.No par
$6 preferred
No par
Bklyn-Manh Transit..No par
$6 preferred series A.No par
Brooklyn Union Gas..-No par
Burlington Mills Corp
*4034
i.28%
8834
*8
i2
11%
Bristol-Myers Co.
1,800
3,800
1,400
95
42
| 44
100l2 100'2 *100% 103
30
*87
1
Brlggs <fe Stratton
18
46% Apr
37% Aug 26
40% Aug 26
12*4 Mar 30
3,400
5%
31%
*634
74
47%
Brlggs Manufacturing..No par
93
Oct
16
5% Mar 31
53s
*31*8
95
*88
49%
Bridgeport Brass Co...No par
2,600
320
*22
22%
22% 22%
22%
22%
4%
4%
4%
434
4%
4%
110% 110% *110% 111% *110% 11134
8
8
*8
*7%
9
8%
5
4%
4%
4%
4%
5%
5
*4%
5
*4%
*4%
5
....
Mar 26
5*8
34
738
42%
86
124
17%
Mar 29
4
1334
1734
2%
11%
8%
2034
3%
11%
34%
1634
1634
*69
412
51
♦29
1938
50
14
America __3
29
11%
16
19%
50
15%
18%
*43%
1% Dec 17
Roller Bearing Co..17
Bower
Brewing Corp ot
26%
1334
72
5's
*4i2
*98l2 1Q012
3*8
90%
1*8
7*8
Boston & Maine RR
share
Oct
39
8% Aug 24
May 31
16% Mar 31
100
Corp
Borg-Warner
15
15
5
Borden Co (The)
per
76*4
28
1
28%
25%
22
*8
90
7%
*41%
*83%
20%
17%
*48%
June
4%
11%
34%
1634
17%
50
1*8
7%
*16%
9
Highest
36% Oct 19
4x4 Jan 10
i
.......—1
share $
I per
52% Dec 30
14% July 19
19% Jan 12
i
Jan
30
22
6
SOU
*31%
18%
*8
90
5%
*80
95
8l2
8l2
11
34%
Apr
20,300
*69
*110'2
*5
18%
*39%
*121
126
*120
11*8
37
17
1738
50%
1*8
7*8
12,600
82
40
99%'
2034
3%
1,400
No par
Class B
Bond Stores Inc
3 per share
107
Dec 31
3 per share
No par
Bon Ami class A
7%
48%
4%
6%
48%
8%
8%
500
11%
*94
12
*20
700
12%
2%
2%
12
3%
16
16
»
-
8,200
35
27*8
13%
18%
44
45
4434
4534
46%
46%
45U
45*4
*10634 109
*10634 108
107'8 107% *10634 108
21
22%
23
22%
23
23%
22%
23%
18
*11014
17%
83%
7*8
43i2
21
*16%
5% y 534
*32
32
578
31*8
*82*4
*90
115
18
1878
*37%
120'2 120'2
126
*120
31%
7%
*42i4
„
8%
21
1734
*33
28*4
13%
17*8
12
8%
17%
'
17%
51
"
7*8
.,..16%
.50
*43
6%
6*4
32U
17%
*1%
19'4
18'2
1914
44
18%
2%
35%
*48
17
-
18
36
17%
134
8
1*8
1334
4,500
5%
28%
25%
27%
334
11%
'4
5
30
S12
12
96%,
7%
51
100
11%
38%
11%
96
900
2%
834
38%
12
.
1334
2
,
48%
26
4
*35
17's
51
••
*48*4
834
21%
*334
12
11%
5%
*1*8
834
11%
*11%
33
12
50
2934
*11%
21%
2Hg
4
1134
36
17.'4
*34%
12
18%
2>8
2i8
33
7%
7
7%
27*8
4334
1*8
9%
12
.18%
12%
2634
43%
1*8
33
*97
27%
500
38
18
13%
13%
1,200
2,800
13,200
13,400
17*8
33%
1*8
4 39
6
14%
28%
1334
1,100
5,500
14,100
6%
14%
*24
6%
350
39
4334
9%
12
25
6
480
23s
25%
23g
2%
2%
Par
Shares
Lowest
Highest
Lowest
Week
13
$ per share
107
107% 107% a:107
54
.54%
5434 2:54
13%
13%
14
14
16*8
1634
16%
16%
27
27*8
27%
28%
25
EXCHANGE
the
39%
*39
19%
18%
*31%
'13%
12%
,
25%
6%
15%
6%
28%
2%
26
6%
14%
28%
2%
2634
*26
14%
17
1634
27%
Jan.
12
$ per share
$ per share
54
106% 107%
107i2
106
54
54
$ per share
$ per share
106% 106%
Jan.
11
Jan.
10
Jan.
9
Jani
7
100-Share Lots
On Basis of
YORK STOCK
1939
Range for Previous
Year 1937
Range for Year 1938
STOCKS
NEW
for
Friday
Thursday
Wednesday
Tuesday
t
Sales
SHARE, NOT PER CENT
RALE PRICES—PER
AND HIGH
Saturday
Jan.
Jan. 14,
New York Stock Record—Continued—Page 3
240
28
Aug
31% Aug
125*4 Apr
39%
46%
207g
Jan
Jan
Jan
108
Jan
101
Jan
69%
114
80i
120
Jan
Jan
jan
Jan
21%
Jan
Oct
4%
Jan
Oct
75%
Jan
May 11
Ex-rlgbts.
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 4
148
HIGH
SALE
7
Jan.
Jan.
$ per share
9
$ per share
8
*7%
277g
*65g
28*2
8
*6*8
*714
2184
834
Thursday
11
Jan.
75g
77g
8
*714
8
22*4
85g
8%
28*4
8
8
8%
Week
Shares
Par
8
8
27%
*6%
*6%
27%
21
21*4
11,200
7*4
300
7*4
28
8
23%
8
8
8
1,300
3,700
8
8
7*4
-
*751*
*84%
79
*76
79
*76
79
*76
79
76
76
*76
79
86
♦841*
86
85
85
♦84%
86
*82*4
86
2
1%
1%
*1*4
2
800
1012
178
107g
*1*4
1012
315s
1%
10%
10%
29%
10%
31%
10
31
10%
31%
10
32i2
10i2
30%
29%
30*4
2,400
48,800
4,200
1,400
19,600
103
103
103
*038
6l2
914
9
95
95
157g
157g
*10
94%
15%
1878
«,
93%
43i2
93%
P> 42i2
*113% 116
9i2
978
33%
3*8
29*8
271*
62I2
33%
o3i2
30*8
27i2
53
1*05%
66
177
*176
414
414
35
30*8
108
109
29
29
10%
10%
3734
38i2
39i4
*38i2
*33*8
35
14
I4ig
88
88
ff44%
4612
r
714
45g
6858
15is
0ig
*6i4
65
48
47
9412
*93*4
1478
94%
15%
18%
*94
95
15
18%
1*4
*92lP
4112
17g
93
42%
15l2
19%
2
9434
.
45s
8
77«
*4
4%
14*4
15
*534
20
*2314
*1518
23
7l2
*1%
*115
"
94
500
14%
17%
15
18%
3,100
3,400
1*4
92%
1%
92%
1%
Mar 29
4
Dec 23
Consol Aircraft Corp..
Consolidated Cigar
lOlgSept 17
4U Mar 29
1
No par
7% preferred
100
6 H % prior pref w w
100
1*4
2534
*7414
83
83
46
46
22*4
2214
6i2
*1634
01*
225s
*014
18
8
8%
8
14%
5*4
47%
5%
40%
*74%
6%
77g
8
3H4
31*4
3134
32
31
31
31
31
31
43
42
425g
9ig
1934
*8*g
18%
19
*83
86
*12
345g
12%
34%
34l2
21
21
20
32*4
33i8
3214
*83
12
6
*5*4
74
68l2
13112
10%
1534
*131i4 132
11
I6I4
878
-
86
12%
34i2
2012
325g
65s
7234
133%
105g
16%
,
25%
6%
*16%
7*4
6%
18
778
44
*425s
*812
*43
9
*8%
1914
19%
*84
86
*1178
123g
3412
341*
20
20
32%
325g
55s
*534
7018
72i8
131% i3n4
1018
10i2
1058
17l2
19
*83%
*11*4
*34%
19%
32%
•
30
31
30%
30%
43*4
8*4
19%
43
43
85
12%
3478
19%
32%
5*4
71%
*81
34*4
35
19
19%
32%
33
131
9*4
16%
131
9%
*11
13
*11
13
*111
115
*110
115
*111
115
*111
*138*8 141
1138
150*4
13818
*121
123
a:120
120
*116
117i2 *116
75s
184
1634
'
75s
184
*176
247S
33is
33i2
14
1412
212
341*
*2914
182%.183*4
3%
212
12I8
3912
35*4
30
23i2
278
327g
135g
214
IH4
3634
33
24i2
184
3
3314
14lg
2l2
1134
38*4
'33%
30
30
24%
3
33
184
•
-
2412
3
214
33%
1414
2l4
11*8
1134
38
38l4
8412
14
*32*4
30
30
*1 *8
1*8
*1*8
u2
291* 29*4
43*4 43*4
♦110% 1107*
10
9*8
*66% 69
*72
7312
79
1*7512
2914
29*4
437g
29%
*43lg
2914
1*4
1*4
2
2ig
4l2
4l2
2*4
2*4
1,500
Si,309
2,800
63,300
10,900
3,800
400
.
100
*29
100
100
-
518
51S
12
22*|
23
*2
214
*6%
40l2
28*4
6i2
*1312
*83
*105
4114
2878
14l2
847g
115
*2
6lg
40
*28l2
*13*2
5%
534
37|
*138
2414
*86*4
34
*17l8
37g
334
1%
H2
2414
8812
3414
2414
*23
*86*4
335g
♦17ig
*434
5
12ig
22i2
1214
22%
214
6*4
423g
1514
847g
*83
*105
*97
*97
5
1218
2212
214
6i8
41%
287s
*458
117g
2134
115
♦2
*6%
4078
2878
*1358
82i2
*105
*97
"
5%
37g
H2
24
88*2
3378
24U
5*g
3*4
*1*8
24
*86*4
3314
*17ig
29l2
15
8212
115
•••»
12
21%
22
—
24
88i2
33U
2414
6,600
1,200
20
25,500
0% non-voting deb
84.50 preferred
100
Wo par
1*4
4*8
,1,10
12,4 0
1,500
2%
2*8
100
700
J) .Wo par
...100
40
29
28%
9,700
1,300
15
14
14
87
*18
preferred
-Wo
,80 preferred
-Wo
Elec Storage Battery—No
Elk Horn Coal Corp
No
87
Mar
25
Feb
4114
161*
Oct
46*4
Jan
Feb
5
Dec
2512 Oct 6
347g Aug 16
8*4 Jan 20
80*4 Dec 29
20i2
Oot
79i2 Nov
Dec 16
19*8 Dec
12
-
12*8 Mar
7714 Jan
143*4 July
7
li2
Oct
814
Jan
17i2
Jan
Oct 10
10
Oct
Jan 27
106
Nov
122
Dec 30
98
Nov
Nov 28
130
Oct
180ig Jan
1361* Feb
107i2
10912
Oot
Oot
115i2
Jan
2i2
Oot
17
Mar
Deo
Deo
5
Jan
5
6
Endlcott-Johnson
Corp
par
2l*4Mar 31
i2 Mar 26
par
Mar 31
17
3
33
60
Feb
Apr
0
9412 Apr
3
6
2igMar 29
381* Mar 31
preferred
No par
95ii preferred w w__Wo par
86 preferred
Wo par
$5 conv
1514
25*8 Dec 30
5*8 July 26
36*4 Deo 16
15% Dec 31
4
2*4 Deo
14% Deo
3*4 Oct
3*8 Oct
Jan 11
14
Dec
Oct 17
112
Jan
Nov
16
Feb
7U
Feb
Jan
Jan
Oct
Oct
87
Nov 10
22
Oot
44i2
35
2*4 Nov 10
297g Nov 12
45% Nov 10
1111* Dec 19
10i2 Oct 28
71
Feb
Mar
Feb
27
24
Jan
Jan
"iiYort *29
Jan
60
Feb
33
Nov
100
Nov
115i2
Jan
3
Oct
Oct 27
41
Oct
17*4
781*
Jan
Jan
,
Mar 31
7212 Dec 19
45
Npv
Mar 29
79*2 Oct 20
27* Jan 11
0% Jan 3
61
8*4 Jan
0i2 Jan
6
6
81
Feb
Nov
8012
Feb
1*8
Dec
9*4
Jan
4*4
8*4
Oct
Oct
Oct
5
7
64
Dec 30
2ig Mar 26
5U Mar 31
10ig Apr 9
1 >8 Mar 31
312 Mar 30
19i*May 27
6
Oct 18
3
16
Oct 27
01* Deo
25
23*8 Mar
36*8 Mar
2814 Mar
80
Jan
Dec 29
02
50
10
46i2
46*2 Oct 17
41*4 July 2
Oct
46
H4 Dec 20
112 Dec 16
2*4 Mar 30
H2 Deo 22
87i2
26*8
92U
018
40
Equitable Office Bldg—W© par
tErie Railroad
100
4% 1st preferred
100
4% 2d preferred...—.-100
Erie & Pitts RR Co
Mar 30
18
5% preferred
.100
Engineers Public Service.... 1
.
Mar23
par
El Paso Natural Gas—..
3
8I4N0V 12
par
Oct
75*8 May
14% Jan
3414 Mar
100
60
100
......
Oct
Oct
Oct
28
7178
Jan
35*4 Oct 22
10% Oct 15
841* NOV 10
26
Oot
70
Jan
29*8
Jan
103
Jan
7
60
Nov
150
Mar
99i2May 17
578 Aug 10
45* July 25
2ig July 1
90
Oct
129
Apr
29
14*4 Deo
Fidel Phen Fire Ins N Y..2.60
12U Mar 30
677g Jan 4
2212 Mar 30
15
25
22t2May 31
Fajardo Bug Co of Pr Rico..20
Federal Light A Traction... 15
80
preferred
...
6% Mar 30
67
April
100
Federal Mln A Smelting Co 100
Preferred
——-100
3,400
Federal Screw Works..Wo par
1*4
400
Federal Water Serv A. Wo par
6
5
9012 Feb 2
2ig Mar 30
17g Mar 30
Federal Motor Truck—Wo par
800
5212 Apr
Federated Dept Stores. Wo par
Fed Dept Stores iH % Pf—100
0
400
2,300
1
Sept 14
June
1
2*8 Nov 2
IH4 Jan 12
43
133
Dec 31
Nov
Oct 14
1U
Oct
23i2
Fairbanks Co 8% pre!
100
Fairbanks Morse A Co.No par
3%
86*4
33*4
24%
Apr
Mar
96
Fllene's (Win) Sons Co.Wo par
100
84%
33%
24%
23
.
17*8 Dec 19
2
Eureka Vacuum Cleaner....®
39%
28%
*13%
*8234
33%
Oot
Oct
154*4
1381*
120i2
118*2
2ig8ept 14
6ig Mar 29
2212 Mar 31
400
41%
86%
601*
Oct
3U Mar 31
Ex-Cell-O Corp
3
Exchange Buffet Corp.Wo par
*18
4018 Feb
29
Oot
15
13*4 Nov 28
Elec A Mus Ind Am shares
100
77%
1%
1%
4%
40%
28%
*13%
825g
33%
24%
Oot
6*4 Deo
10
Feb
27
90ig Mar 31
130*4 Mar 31
109»2 Apr
Du P de Nem (EI)& Co..20
......
40
88%
30
Jan
70% Feb
Jan 12
116
Electric Power A Light. Wo par
72%
25
30i2
Dec 15
l*4May 6
812 Mar 28
Apr 23
100
5,300
24
148%
29i2 Dec
I8I4 Oot
Jan
17
102
1
No par
preferred
21
24
68*s Mar
2414 Mar
107g Feb
No par
(G)MfgCo
DunhUl International...
35,100
7
23%
Oct
1*4 Oct
88*8 Dec
Oct 19
141
1,000
24,300
2%
*22%
*86*4
33%
*17%
Oot
5
35
877g Jan 26
Evans Products Co.——.—.5
1*8
6
2
Mar 30
1314 Mar 30
*5*4
39%
28%
1%
2718 July
4l2June
31
Eltlngon Schlld
No par
Electric Auto-Lite (The)....6
Electric Boat...
-3
*75%
5
Mar 30
29
Aug
*2
1%
12
Nov
31*4 Mar
Oot
13
25*8 Deo 31
8*4 Nov 9
65lgJunel7
8% Sept 20
28*4June 2
Doehler Die Casting Co No par
Dome Mines Ltd
No par
27
8
Nov
Nov
*69
4*4
17
lOO'jan
Oct
19i2 Nov
20*8 Nov
Jan 20
164
68
*3%
*1*8
24%
86*4
33%
""901*
25
198
*65
*97
1114 July 29
111*4 Deo 6
25U Feb 25
Oot
Apr
300
5%
3%
1%
Feb
Nov
42
«
Jan
24
11
2,100
3%
18i2
Oot
23i2 Nov 10
9118 Nov 16
4%
11*4
4%
Oct
12*2
Mar 30
11%
*97
0
17*4 Dec 20
144
21
5%
3*4
1%
Feb
27
160
6
3%
Jan
62
Dec 22
2
5%
86
Nov
18U Nov
Oct 25
Nov
Nov 10
22%
*97
24
29*4 Nov
8*4 July 20
Mar 18
No par
No par
23*4 Mar
173
6
5%
3*4
Mar 31
8*s Mar
Oct
6418 Deo
187
42
99
Mar 30
10% Mar 30
2,800
♦95
60
Opt
8lg
16T
30
*82%
83
Mar 31
2
121% Mar 31
300
98
Jan
6
0% cum preferred
1%
84%
1091*
8
11
Corp-Seagr's Ltd. No par
6% pref with warrants.. 100
12
98
391* Deo
June
Eaton Manufacturing Co....4
2
15%
Feb
Eastman Kodak (N
2%
82%
20*8
2,500
4,600
1,300
11,300
7
115
Oot
111*4 Jan
*2
*100
4
Duquesne Light 6% 1st pf.100
1
Eastern Rolling Mills..
..5
*6
28%
Jan
814 Aug 11
56
Aug 10
7*8 Dec 30
28I4N0V 16
Eastern Airlines, Inc.
40
*1%
29%
41
Jan
Mar
6,900
1,400
1%
29%
4%
14*8
Oct
43
20*4 Jan
3112 Jan
Diamond T Motor Car Co...2
Duplan Silk
1,300
4%
81*4. Mar
135
Mar
17*8 Jan
127
Distil
4%
11%
20%
5
*45g
llSg
Oot
Deo
4
Dominion Stores Ltd—iVo par
29%
1*8
2*4
407g Oct 24
30*8 Oct 29
42
Dec 30
700
Deo
Deo
Devoe A Reynolds A..No par
Diamond Match
No par
0 % particp referred.
25
900
60% Jan
4714 Jan
26% Apr
108*4 Apr
8%
12
7% Mar 29
Douglas Aircraft......Wo par
Dow Chemical Co
No par
29%
"
34
2i2 Jan 10
8%
28*4
100%
801* Deo
11618 Dec 21
*..•
Jan
Jan
Feb
6i2 Deo
70
Jan
Mar 31
Dresser
Feb
Aug
87
3
87
Mar 30
•700
50i2
115
Nov
215s July 18
*4 Nov 16
50,000
1,200
2,000
18,800
Jan
28*4 Nov
Nov 15
76
-
110% 110%
8*4
9%
21
37*8 Nov 14
25
CO
.
88*g Deo
Oct
9
.
tDenv A R G West 6% pf.100
100
32%
5%
-
221* Nov
291* Nov 10
108a July 7
43*4 Nov 12
Detroit Edison......
31
10,400
Oot
Feb
71U
17H* Jan
10U Mar
Oot
3
13*4May27
19*4 Mar 29
No par
Delaware Lack A Western..60
1,200
6,800
„
3
77
Oot
Apr
5% Nov 10
421* Oct 8
117U Nov 12
July
85*s Mar
Nov
18
.....20
Dlesel-Wemmer-Gllbert.".
10
Delaware A Hudson......100
19
9%
17%
501*
3
13% Mar 31
4ig Mar 29
13% Mar 29
Davega Stores Corp........6
Conv 6% preferred
..26
500
49
Oct
80
6%June
12,900
8,200
Oct
91* Oct
46*4 Nov
48ig Jan 11
Cushman's Sons 7% pref. .100
88 preferred..
No par
Cutler-Hammer Inc
No par
.
Oot
7g
4
21
102% Jan
300
23
314 Mar 30
125s Mar 30
.1
Deere A Co
Preferred.....
871* Deo
10078 Deo
5% Oct
13i2 Feb 7
6i4 July 14
35
1
....
A
5% Jan
109*4 Feb
6918 Jan
1081* Deo
25*4 Jan
42*4 Jan
378 Feb
57ig Deo
Davison Chemical Co (The).l
——
12
Class
37*4 Jan
Oot
941* Jan 17
58%May31
12 May 25
4*8 Mar 31
No par
Preferred
Oct
3
100
Curtlss-Wrlght
Jan
Apr
Apr
Aug
Apr
Oot
lOUMarSl
Mar 29
Jan
Feb
Apr
1
71*
70
Apr 8
5% Mar 31
Jan
Jen
Jan
65
153
Dec
40
Oct
16'g Nov 9
921* Nov 10
44*8 Jan 11
Dayton Pow & Lt 4 H % pf.100
29%
44
43
43
45
*43%
*43%
*110% 111
1107S 11078 *110% 111
*110% 111
9
9%
9%
8%
9%
9*4
95g
9ig
*66i2 69
68% *05% 68
*65%
*66% 69
*72
73U
*71% 7314
71%
*71%
73%
71%
78
77
*75l2
76*8 76*s *75%
78% *75
1%
1*4
1%
1*4
*15s
1*4
1%
*1%
2
2
2
*2
2
1%
2ig
178
4*8
412
4%
4%
4%
4%
412
*4%
2%
2%
25g
25g
2l2
212
2%
2%
Preferred
19
*11
22% Mar 30
29
Apr 13
2512 Apr
Cudaby Packing
—60
Curtis Pub Co (The)— No par
*35%
13
29%
1%
29%
Croeley Corp (The)....AT© par
Crown Cork A Seal
No par
82.25 conv pref w w_.No par
Class A
•
29%
1%
29%
Jan 31
Mar 31
110
500
180
182 1183
182% 184
181%
*175*4
*175%
*175*4
23
23
23%
23%
22%
24%
3
3
3
2%
2%
2*4
31
32
32*4
3278
33%
32%
13% 14%
14%
14%
135g
13%
2%
2%
2%
2%
2%
*2%
11%
10*8
10%
11%
107g
11%
35
35
36*4
35%
30%
36%
31
31
32*4 32*4
32% 32*4
29%
*1%
19
21*8 Apr 5
5U Mar 31
No par
177
Oot
79*4 Dec
10*4 Oot
70*4 Oct
Apr 12
2*4 Mar 26
Oot
3
Jan 12
50
162
100
1,100
11,300
1,100
'
\zK
*1*8
900
500
*111%
*111% 115
150
148%
149% 150*4 149
147% 149%
138
138
138
138
138
138
138%
120
120
120
120
120
120
*119%
117
117
*116
11712 *116% 117% *116% 117%
15
15
15
14%
14%
14%
15i8
15%
7
7
6%
634
6%
7%
7%
7i2
*175
*175
•
24*4
3%
115s
37*4
117%
155s
*714
7l2
14i2
-
28g
131*
177g
lo*s
1314
62*4
921*
37*8
Oct
10
291* Nov 10
Mar 20
85
Dixie-Vortex
115
149
—
2,100
129*4
9%
19%
12%
115
149%
138%
120
10
Preferred
100
Cuba RR 6% preferred...100
Cuban-American Sugar
10
1-
_
%May20
Tit Mar 29
68
Mar 29
m m
Nov
21% Mar 30
21% Mar 30
Pref ex-warrants....No par
590
June 30
1
Crown Zellerbacb Corp
5
86 conv preferred
No par
Crucible Steel of America.. 100
16,100
49
116
6
82.60
;
200
8%
69%
6
8,200
18%
*5
Jan
June 17
117g July 26
361* Nov 12
312 Dec 31
35*4 July 25
6
6% conv preferred—100
200
18%
13
155s
1,400
4,300
700
<
65ig Mar 31
3012 Mar 30
107
108
Oot
7
2*4 July 16
10312 July 25
20
4978
Nov
3U
Jan 12
l%Mar 29
...
Cream of Wheat ctfs
400
9*4
17%
*10%
*11
152I4
700
22
No par
;__.100
Coty Inc............
1
Crane Co................26
12
5%
9*4
13
151
4,600
12,700
3,200
92
9
7*8 Oct 13
95*8 Nov 3
17*4 Oct 14
20% July 27
Motors
Preferred
Nov
4*4
10*4 July 13
7ig Jan 7
55g Jan 12
Apr 18
9*4May 27
8% Mar 26
Continental Oil of Del
37
68
67%
72%
*126
128% 130
18%
*11
Continental
Mar 31
Apr
920
44
2igSept 14
2% Mar 19
104
No par
Continental Insuranoe
12
12%
5*4
69%
86
8%
Mar 30
7
*63
86
19
8
3414 Oct 17
Corn Products Refining....26
30
18%
8434
*11*4
18*4
Mar 81
Oot
2118 Deo
88% Apr 16
2% Mar 30
84.60 preferred...
No par
Continental Diamond Fibre. .5
200
30%
30
Mar
6*4
3,C00
'
40
30%
*42%
8%
18%
Mar
95
Oot
Apr
*45
20% 21
*6%
6%
18
*10%
7%
7%
110% 110%
19
1834
87
Oct
1
40
83
*74%
21*4
Oot
63
78
80
6%
6%
05
Consumers P Co$4.50 pfWo par
Container Corp of America. 20
Continental Can Inc
July
Jan
Dec 19
10
preferred
18%
76
100
Class B.........
20
Oct
8678 Aug 17
2*g Oct 24
12U Deo 1
450
«.
14%
5%
46*4
46%
83
20
32%
30*4
31%
30*4
85 preferred....
.No par
Consol Laundries Corp
5
8%
Jan
Oot
4*4
1
17
■»
Continental Bak cl A
22
8
4% Mar 20
No par
o__
19*8 Feb
451* Mar
19% Jan
Oct
Deo
71* Dec
57* Deo
6
Mar 26
1
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
Consol Coal Co (Pel) v 10..25
5% preferred v t
4%
20
Jan
71
-No par
Consol Edison of N Y
9ig Aug i
29*4 Dec 31
8*4 Oct 28
I47g July 6
26*g Nov 25
10*8 Nov 14
Apr
55
1
Continental Steel Corp .No par
Corn Excb Bank Trust Co-.20
4%
25
*45
22%
6%
8
3H2
107g
1,000
2,900
93,700
8,300
1,700
65
'
6*4
w
8
14%
5%
26%
18
31l2
*3012
425g
*8%
193a
16
100
900
.
6
5,800
91
*63
6%
*16*4
8
4%
65
83
21%
6%
*0%
4%
7%
24*4
6*4
18
*1634
*6%
14%
26
*45
46
22*4
91
*14
47
25%
*74%
2578
92 partlc pref..
600
92
91 Mi 91
*62%
5*4
Consol Film Industries
2,100
92
1
Mar 29
0
Highest
f per share % per share
8 pet share
15
100
94
H012 *110
110l2 *110
110i2 *110% 110% *110% 110%
19
20*8
1938
2018
18%
19% 20
19%
19%
24
24
24
24
24
24
23*4 2334
2378
*23*4 24
16
*15
1518
15%
15ig
15i8
15%
15%
15%
*15% * 15*4
24
23
22% 2314
23%
20% 22%
20% 22%
215g
22%
7
7
712
7i4
6*4
7U
6*4
7%
1 6%
7
.718
2
1*4
1%
*1%
1%
*1%
1%
*1%
1%
*1%
1%
*115
120
120
119
114
*115
114
*111*4 115%
*111*4 116
71*4
600
18%
14%
14%
5%
46%
6%
4714
6*4
6%
4%
*
8I4
*110
500
15%
14%
17*4
65
65
018
47
058
2512
1
*6%
65
46
17
93%
65
014
47%
012
93%
*414
65
26i4
*7414
98
*614
6%
6i2
a3%
*3%
*14
46
17
3%
3%
3%
*3%
16
22%
22*4
8%
3%
3%
*14
*94
•15
578
83
*44
6
8*4
16
*1*4
714
14l2
678
*7414
6
9
*14
93
95
4%
26*8
26
3%
35g
3%
103% 103%
6%
6%
«8*4
15
*18*4
l'«
94
0ig
*47i2
658
♦3
103% 103%
>
*018
*4l2
•
9%
3% Apr
Lowest
Highest
'
8 per share
No par
Range for Previous
Year 1937
of 100-Share Lots
Congoleum-Nalrn Inc. .No par
Congress Cigar
No par
Conn By A Ltg 4M % pref.100
10
42
41%
42% 42*4
42i4 42%
40% 41%
*113
114
11312 113l2 *113
114
♦112% 113% *113
113%
9
9
9
9%
934
9%
9%
934
*8*4
8*4
33
34
34
34
33i8 33ig
33%
34%
33% 33*4
3i2
314
3%
3i4
3i2
3%
3*4
3%
3%
3l4
29
28
29i2 296g
29i8 29%
28% 29
28% 28
27
26
27
26
26
26i2 27
26% 27
27ig
52
52
52*4 5278
52l2 53
*50%
51% 52%
52%
653s
6578
65l2 66
0478
65%
64% 65%
647g 05%
177
*176
*17018 176*4 176*4 176*4 *176
176% *176
176%
414
4%
4i4
4%
4%
412
4%
4%
4%
4%
35
33
3434 35I2
3434
34i2 36l2
33%
34%
33%
107
107
105
103
1O012 107
102% 103%
106% 101
29
28
27
28
*27
27
281*
*2714 28*g *27
10
10
10
10
9*4
978
9*4
9%
*9%
9%
38
38
38
35
36
36
371*
36% 3758
36%
39
*3812 39% *3812 3914 *38% 39
*38% 39
*38%
35
*34
35
35
*34
35
3334
33*4 *34
35%
14
135g
14ig
13*4
12%
13%
13%
13*4
13%
12%
91
90
89
*88
88*4
88*4
89%
89%
9078
89%
43*4
41%
42%
43%
45l2
4412 4578
43%
44%
45%
96
15
6%
9
9412
1512
95
90
*60lg
6U
91fi
33g
37g
15
94l2
15»s
18%
i78
9212
^19%
6*8
*3l8
*35S
358
15
*14
103% 101%
63g
9ig
3
3%
16
-
1012
3U4 31*4
10314 103l4
6*8
9*8
3
3%
3*4
♦3*8
*14
—
1058
31%
103U
63s
9i«
31*
m
Conde Nast Pub Ino
10
2
*84i2
178
86
*178
178
Range for Year 1938
On Basis
Lowest
Jan. 13
*6%
*6%
20%
23
EXCHANGE
$ per share
12
7*4
27%
NEW YORK STOCK
the
CENT
Friday
$ per share
27%
*01*
*614
21*4
8I4
29
22i2
*8i4
Jan.
S per share
'
812
22%
*714
2278
8*4
*8
10
75g
28i2
*05s
8
*7
8i2
2278
Jan.
NOT PER
SHARE.
Wednesday
$ per share
8
2914
29
PRICES—PER
Tuesday
STOCKS
//VM
Monday
Sales
for
Saturday
.
241
7i2
Oct
72*4 Deo
712
6*4
Jan
Jan
2
Oct
11*8
Feb
2U
Oct
1H2
Feb
1U
Oct
6
Jan
43*4 Mar
905g Oct 16
301* Nov 14
X05
221*
Oct
453s
Oct 20
20
Dec
39*4 Feb
Oct
10878 Mar
Jan
■
i
*
Bid and asked prices: no sales on this day.
1 In receivership,
a Def.
delivery,
« New stock.
r
Cash sale '
t
Ex-dlV.
y Ex-rights,
1 Called for redemption.
New York Stock Record—Continued—Page 5
242
LOW
Monday
Saturday
%
S
share
vet
ver
share
23
23%
23*8
99%
44%
42
43%
42%
43%
29%
30
29
29%
28%
29%
100
*3%
*3
36
*1071,4
107*4
27
3*4
58
*50
2%
*2%
3*4
12%
3%
12%
3%
12%
*2*8
*95
101
2%
3*4
18
18%
*18
18*4
*18
18*4
*50
51%
8%
*50
51*4
8%
*50
8%
8%
*96
100% 100%
9
.
16*4
*32%
140
*4
33%
75
*135
16*4
32%
32%
24%
24
*23% 24%
♦23%
130
127% 127% *127
42%
41%
42%
41%
130
*127
42
42*4
39
38%
39*8
39
*114*4
116% *113% 116%
1
1%
1%
125
125
125
49*4
48%
124
124%
38
*34%
6%
6%
6%
10
10%
*10%
"T%
*1%
1%
27
27%
26
*90
94%
*90
1%
1%
15g
20%
*19%
39
39
29*4
30
15
15
37%
28%
*14%
*19%
*16*4
99%
23%
1%
1
*41
1%
26%
94%
1%
20%
9%
*107%
1%
25
1%
25*4
*90%
94%
1%
*19%
36%
1%
20%
37*4
29
15
38
29
15
16*4
16*4
"22%
99%
22*4
35%
27%
13%
16
99%
22%
"21*4
22
7*4
7%
7*4
7%
50%
*4834
7*4
50%
12%
13
13*8
*60
03
50%
12%
*58%
60
58*4
58*4
23%
23
23%
47
45
45
23
2334
23*4
*45
47
*2%
2%
2%
234
2*4
234
*68
*68
75
23%
04%
64%
35%
22%
35%
109% 1C9%
5
*4%
*74
*4%
*74
80
1%
1%
1%
.7%
7%
1*8
*12%
*18%
26%
1*4
13%
19%
6%
1*4
11%
.
24
23%
I684
28%
80
16%
29%
26
26%
*135% 138
*40
49%
28.%
28*4
*23%
15%
27%
25*4
138
7
*40
1*4
*35
*35
40
18*4
12
*1
.
40
*35%
12
1
1%
*14%
18%
*4*4
5%
31
*29%
30%
32*4
11%
*32
*10%
3234
11*8
*10%
*16%
17
*16%
17
*16%
102
*6
*105
10%
*134
56%
80
7
1%
12%
23%
15%
30*8
3%
105
zl0%
29%
*138%
6
6%
72*4
3%
*72*4
3%
105
104%
10%
10%
-
15
*37
25,000
2,500
110
4Q
4,900
~
100
1,400
1
""200
20
200
30%
.3234
10%
-
100
100
9
U8 Dec 28
5*4
Jan
487g
Oct
70U
Jan
Feb
Gen Steel Cast S6 pref.No par
13
1312
9i2
Oct
Oct
88
33*4
Jan
10
Dec
437g
Feb
Gen Theatre Eq
Cor p. No
1
preferred
98
100
:
9
5
No par
50
Glldden Co. (The)
preferred
37i2June 18
37
13
Goebel Brewing Co
no
108
9*8
108
9
*8%
14%
14%
*104%
*104%
62
*3234
15%
70
-
-
62%
62
34%
16%
32*4
62%
323.,
15%
15*4
70
*69%
70
103% 104% *103% 105
8
8
8%
7%
50% 50%
51%
49%
1%
*1%
1*4
6
5%
34*4
35%
8
5%
8%
2
1%
*4%
35
7%
2
63
6334
*32%
15%
34%
15%
69%
105
69%
105
7%
49%
49%
1%
6
*1%
*4%
6
35%
34%
35
8%
734
1%
1%
2
2%
1%
19%
32%
17%
18%
18%
*31%
32%
44%
*31%
32%
*43
11
11%
10%
*10%
*10%
*104%
734
18%
32%
44%
44
14%
6%
Great Western
10%May 26
19
Apr 6
35
19
7%
1%
Bid and asked prices: no sales on this day.
.
100
50
400
100
6,100
1%
30%
29,700
17%
0%
Mar 25
12
Mar 31
2
26
Hecker Prod Corp
76*4 June 1
5% Mar 25
81
May
5
1
Helme (G W)
...26
140
100
10
Jan
8
Mar 20
42*4 Mar 31
126*4 Jan 19
40
Mar 19
80
Mar 28
Hlnde 4 Dauche Paper Co. 10
15
Sept 28
Holland Furnace (Del)
10
17
Jan 31
98
98
Jan 10
$5 conv preferred
5*4 Mar 26
6
1 l%June
No par
102
7% preferred
100
12.60
Houdallle-Hershey cl A.No par
Homestake Mining
Class B
5%
0
5
Jan 12
0i2July
Dec
23i2
Oct
Dec
145% Mar
04% Mar
39% Mar
60i2 Sept
15i2
Oct
7
630
n
New stock,
r
Cash sale.
36
Jan
205g
-
Feb
31
Feb
95
Nov
Oct
1Q5
18
Oct
1
121
Dec
6
Oct
Feb
108
92
140
Dec
z7«4 Jan 10
75
Nov 29
6*8 Oct 19
111
Dec 27
11% Nov 30
Jan
58% Mar
Feb
140
Jan
17*4
65% Dec
ll2 Oct
100% Feb
81
117% Aug
5*8
Nov
Dec
8
Jan
15%
111
Dec
5
80
Dec
Dec
2
129
Nov
Jan
120
101
100
20*4 Oct 25
11
Oct
Dec 29
50
Nov
135% Dec 20
125
May
87
60
Oct 25
10512 Dec 14
21i2 Nov
3
52*8 Oct 6
118
Aug 31
3914
83
1018
15i2
93
Dec
Dec
135%
Feb
07*4
Jan
Jan
Dec
Oct
37
Jane
Nov
7*4
Dec
15i2
Oct
109
Feb
04
111
13*4 July 19
Aug 15
35% Oct 25
Jan
39*8
Nov
25i4 Jan 12
108
May 27
60
Feb
Oct
52*4
Feb
120% Jan
30*4 Mar
43i2 Jan
114*4 Mar
53*4 Dee
z39*4
Oct
21
Dec
41
Jan
181g Oct 19
0
Oct
27%
Feb
725s Nov 18
105% Nov 29
44
Oct
73
Jan
78%
Dec
94
Mar
4*4
Oct
17%
Oct
90% Mar
5% Jan
35% Nov 10
7
Mar 30
%June 15
0i8 Mar 30
Apr 0
12
23
Mar 30
35s Apr
1
17% Mar
59% Mar
34*4 Feb
Nov 12
Mar 29
5
RR See ctfs series A...1000
Jan
59
Oct
Oct
34*4 July 25
May
1
10
Feb
Oct
2318 Dec
20i2 Apr
4*4 Oct
17*4 Dec
6
3
100
3U
Nov 12
June
1312 Nov 15
21% Jan 15
20*8 Mar 30
No par
12
Mar
98
Nov
12
9*4 July 20
53*8 Jan 13
3*8 July 14
95s July 14
23% Mar 30
100
Central
Mar 31
60
Nov.16
1
5
Hupp Motor Car Corp
Illinois
Mar 30
46i2 Jan 4
83i2 Jan 26
100
preferred
Mar 16
1
17% Mar 31
Household Fin com stk.No par
6% preferred
1
48% Apr
No par
310
Def. delivery
7
Apr
4% June 3
6OI4 Mar 31
l%June 14
6)4% preferred w W....100
Hayes Body Corp
Hazel-Atlas Glass Co..'
43%
a
2012
129
35
Apr
5
0% preferred series A...100
Leased lines 4%
100
800
'
22% Dec
28% Mar
56*4 May
42% Jan
Oct
30
100
6,800
Jan
10
1
24
30
Water
Hall
6% cum preferred—.100
Hershey Chocolate
No par
S4 conv preferred
No par
15%
475g
<
Apr 28
.....26
7% preferred class A.....26
Printing.
10
Hamilton Watch Co...No par
Hackensack
400
70
48%
Dec
19*4 Dec
24
Preferred-
200
Dec
22
28
120
400
13
Feb
Feb
Mar 29
6% preferred
100
Hat Corp of Amer class A..1
12,400
Jan
27*4
Mar 25
Nov 14
20
5%
Oct
Mar 28
100
1,000
Jan
Oct
10
8
Hudson Motor Car
t In receivership,
Oct 31
101
10
10
50
Us
Jan
15
3
100
Hudson Bay Mln 4 8m Ltd 100
10%
6
July
Oct
12
preferred
6,600
10%
Jan 14
Dec 13
3
Jan
Feb
4*4
Oct
100
0%
No par
preferred
3,000
10»4
,
32
142
1*8
Mar
13%
90
Oct
Gulf Mobile 4 Northern... 100
7%
10%
8
Apr 12
66
Oct
6
11
Jan 12
47% Mar
141
72i2 Dec
314 Dec
78
34%
44
2
Dec 30
Feb
5012 Mar
87*4 Mar
1*4 Jan 10
Giiantanamo Sugar.
7%
43
108
115
11% Mar
4*4 Jan
*5%
44
Oct
16%
34%
44
2
Oct
6
44%
Feb
Nov
Mar 29
20C
1%
8%
37S Jan 11
June 23
5,200
16%
*29%
*42%
Jan
Feb
Dec
35
1%
18%
30%
Jan
68is
07g
Oct
7%
758
Hudson A Manhattan.....100
16%
51%
Oct
l*s
Oct 14
Howe Sound Co
29
Dec
9
Dec 14
1,000
18
19*8
43
28i2 Nov
June 30
3,400
31
90% Mar
13
1%
17%
30%
Oct
22
...10
48%
784
49%
50
5)4% preferred
Houston Oil of Texas v t C—25
7%
1»4
295s Mar
34% Mar 29
7*4 Mar 31
7% Feb 4
78 Mar 31
Greyhound Corp (The)-No par
4,300
*5%
34%
Dec
15
64%
*1%
Feb
0%
16*4 July 19
07
July 20
88*4June 30
34%
48
88 »8
Greene Cananea Copper.. .100
106%
*104% 106% *105
7%
7%
7%
7%
1%
Oct
28% Nov 14
200
49%
50
13*8 Mar 30
Co lnc
69%
1%
Feb
Feb 26
01
1
Green (H L)
Hollander 4 Sons (A)
48
Jan
2312 Apr
122
100
Holly Sugar Corp
*68
Aug
207g
1558 Nov 14
305s Dec 30
Mar 30
..100
900
69%
Nov
24
9U Mar 30
12*8 Mar 31
Mar 31
20
...100
Sugar..No var
Preferred
500
*68
95
Oct
Oct
3
1
Great Northern pref
107% 107% *107% 10984
8%
8%
8%
8%
14
1334
13%
13%
1484
Nov
8
8
878 Oct 15
2i4 July 19
UI4N0V 5
223s Nov 12
30
July 18
243s Dec 31
8
...20
preferred
2,100
1584
95
3*8 July 18
2% Mar 31
Gt Nor Iron Ore Prop.-No par
4534
15
8
June
6U2 Jan 19
Graham-Paige
Jan
27i2 Nov 9
11% Feb 26
100
83
3,200
21
104% 104% *100
63
63%
63%
*32
32%
32%
9
Nov
16*4 Nov 7
20% Nov 14
1
Apr
15i8 Mar 31
$5 conv
No par
48%
Mar 30
34
l«4Mar 26
1
1
No par
*108
Mar 29
No par
$0 preferred......
Motors
48%
Mar 29
40i8 Dec 22
No par
Glmbel Brothers..
1
June
6%June 13
Razor..No par
preferred
No par
Gillette Safety
S6 conv
Mar 31
8% Mar 23
14%May 23
par
Hercules Powder
110
117i2
Jan
Feb
Jan
'18
Hercules
4584
05ig
preferred
100
Co 65 pf.No par
4
Jan
5*8
Oct
U2
General Refractories—No par
1,600
4534
Dec
17
Mar
Oct
l'ioo
47
110
*99
10
16
1534
1534
1534
1584
15%
79
79
77
78%
82%
79%
134
135% 135% *134% 135% *13412 135% *134% 135%
134%
*55
*55
55%
5534
55%
55%
*55*4 56%
5534
55%
107
107
*106% 107% *106% 107%
107% 107% *107% 108
48%
Dec
Nov 10
Harbison-Walk Refrac.No par,
160
*18%
45%
19
Feb
Oct
16%
21
Feb
' Nov
82
*18%
Jan
15%
1
16%
19%
0Oi2
Oct
Oct
14
81
*18%
4634
Oct
8i2
812
85
18
19*4
Oct
211*
111
2*8 July 7
2718 Nov 12
110
Hanna (M A)
30
130
'
*18%
12i8 July 22
Feb
Feb
70i2
1225g
July 21
2i8 July 25
82
20%
9% July 23
Jan
124
2612 Oct 14
41UNOV 10
"15*4
*18%
Mar 31
3,200
.
*154
-«
110
200
17
100
May
28*8 Dec
95
8%
5
♦17
100
160
60 C
.
18%
....
*154
*
19,600
12
*16
117
Mar 25
Green Bay A West RR
^
2734
■
*9%
44%
27%
10%
3
Aug
Mar 29
25%
*32
125
Motors......!
Granby-Consol MSA P
6
Grand Union (The) Co——1
$3 conv pref series
No par
Granite City Steel
No par
Grant (W T)
.-10
25%
*30
4
72*4 Dec 15
*4
10%
16%
657*
52U Mar 30
600
Jan
Jan
6412
Oct
...100
600
100
100
100
100
100% 100%
29
28%
29%
28%
28%
29%
*138
138% 138% *138
6
6
6
5%
*534
*5*4
5%
75
75
75
75
*73%
*73%
*73%
3%
3%
3%
3%
3%
3%
3%
103
104
104% *100
104% *102% 104%
10%
1034
10%
10%
10%
10%
10%
115
115
115
*110
*110% 115
*H2
*14%
8%
18%
Nov
48
Oct
18
*14
33
Dec 15
6i2 Nov 14
26%
1%
Nov 10
2*8 Mar 30
500
135% 135%
*40
49%
18%
5%
18%
30%
3284
Jan
Jan
5?'«
152
Dec
6,800
1%
Feb
3*4
*4
1618
14%
*434
44U
Oct
9
46
300
*14%
28U Nov
40*8 Nov
117% Nov 25
112 Oct 1 7
68l8 Dec 7
3812 Dec 29
1,500
5%
Jan
June 18
2534
1%
64%
69*4June 17
400
1834
Oct
32
1%
12%
18%
11%
34
pref erred... No par
Gotham Silk Hose..—No par
3,100
*37
Nov 10
6% preferred
No par
Goodyear Tire 4 Rubb.No par
*22%.
zl4%
40
Dt*c
79
12 84 Mar 30
x85
Sept 15
...100
1
No par
Utilities
Preferred
*27%
D'ic
13,000
1,600
Mar
Oct
22
z99
7
50
101U Apr
No par
126-St
66
12
Dec
2334
•
48
Mar
Feb 23
Nov
Not
Dec
2584
2384
15%
87
12*4
634
*17
05
*83%
5.1001
17%
Oct
3878 Nov 10
9
1%
26
321* Mar
0«4 Mar 29
1
Feb
14
Oct
3
Mar 25
Jan
Feb
Oct
6%
14U
5378 Nov 12
1241* Nov 3
45
July 22
4
153
2i2
2678 Oct 17
80
*1%
*12%
Oct
Jan
65s July 25
85
3,700
7%
Feb
Mar 31
1%
684
2
Jan
86i2
19i2
10
34,500
12%
105%
2i8 Sept 20
60% Apr 20
34
1%
15i2 Mar
Oct
Nov
Goodrich Co (B F)—-No par
-i.
02
«18%
14*4
35
80
5i2
91
31*8 Nov
13*g Mar 29
15is Mar 31
conv
32%
*73
7
Gold A Stock Telegraph ColOO
2%
106% 106%
4%
4%
4%
9
25i2 Mar 31
111% Apr 25
21i2 Mar 30
No par
Gobel (Adolf)
22%
*14
*14%
35
118
Jan
19i2 Oct 27
1
25
Common--No par
200
02
34%
106
136
28
60% Jan
General Printing Ink..
1,300
1,500
2134
634
*22%
2,700
75
*70
1
1434
52%
300
234
2%
2%
23
12
*14%
51%
1%
*5%
200
*54
I884
9%
8%
5834
18%
9%
7%
7%
33
Sept 29
102i2 Dec
130
par
10
$0 preferred
Mar 30
par
*80
*108
104% 104%
par
par
...100
preferred
Mar 30
2714 Mar 31
22% Mar 30
108»4June 28
% Mar 30
Gen Outdoor Adv A ...No par
0%
8,600
12
160
.
0% preferred
6,800
1.23s
12
*154
.
General Motors Corp
36
12%
30
160
.No
A—...No
S6 conv pref series A.No
General Mills
No
preferred..
0% preferred
48
19
20
Foods
S0 preferred
48
1912Nov
52
9*8 Nov 10
Apr 12
108% Apr
—No par
—No par
Gen Gas A Elec
Gen Realty A
7%
7%
Feb
2078 Mar 31
100
7% preferred
Electric
100
4834
40
9%
*
•
105
110
70
#
Jan
19%
35
Gen Railway Signal—No par
970
100%
Oct
.100
Gen Public Service....No par
29
Nov
4
No par
2,500
1%
88
Oct 27
No par
19
1%
15% July
z39% June
11% Dec
10% Oct
Dec 16
8%
7
Oct
900
94%
*90i,i
22
18%
9%
2
1%
*100
*108
8
*73%
1%
*99% 105
48
63%
140
7% Mar
97
7% cum preferred
lnc
66
3
Oct
Mar 10
Class A.....'
General
Jan
Dec
1%
117
General Cigar
14.60
Jan
July 20
11
General
32%
6
4,800
1%
24
*100% 102
49
♦693s
4%
102
*48
34%
16*4
2,200
107
1%
22%
63
62
32%
105
16%
19
16
21%
17
19
*3234
107
75
*16
*
*106% 107
*104%
62%
2%
*70
17
160
135%
*55%
20
1.200
6%
10
9%
47
10%
*
16*4
*6
22
*32
*114
83
100
*2%
*30%
116
16%
1,700
34%
34%
35
21%
1034
*111
82
125%
125
125
*45%
32%
160
*
99,500
2%
30%
6
10%
310
4034
4534
45%
32
32
113
113
48
2284
2234
63%
63%
33% 34%
106
107%
*4%
434
*4*4
10
125% 125%
125%
45%
2%
*10%
7234
3%
105%
77%
600
22
32%
11%
*138%
73
*334
4,500
55
30%
30
6%
73
•
-
%
45
77%
12%
*18%
*29%
*100
30%
%
*41
*7534
55
2%
23%
14%
800
Oct
July
2% Mar 31
5*4 Mar 31
General Tire A Rubber Co..6
*99% 105
100
7,300
*1
1
5%
*11
«
'
18%
■
65,300
45
*11%
19%
12
40%
13
75
*1%
*12%
30
130
Jan
18
115
.-No par
4,200
7,300
7%
48»4
22
1%
6%
1,000
38%
37%
116% 116%
38%
*35%
18*4
11%
*32
*138%
40
19%
100
3984
26
27%
26%
2734
20
25*4
25% 2534
*135% 138
*135% 138
*40
*40
49%
49%
49%
29%
29%
28%
28%
29%
29
100
*127
41%
28.%
25*4
*40
70
24%
83
18
414 Mar 31
6
Cable
30%
Dec
No par
Bronze
General
99%
21%
27%
*30
30%
130
*135% 138
29
General
40
Oct
"21"
15%
*18%
*29%
100
3134
99%
"2l"
15%
25*4
600
6,400
18%
5
$8 1st preferred
_
Jan
Oct
1U8 July 27
Baking
Feb
135
Deo
2%
6% Mar 31
General
.
06
6
5
Gen Am Transportation
3%
Apr
Sept
54%
69% Dec 30
3,800
15%
58
98
Oct
Mar 29
4,900
140
378 Oct 25
578 July 19
Oct
Oct
11%
Mar 29
8%
3%
Nov 26
ft* Jan 12
Oct
82
581.,
♦135
4%
15%
91
D*
27
80
29
834
9
4% Oct 22
3714 Nov 14
109t2 Nov 12
298s Oct 28
..No par
$6 preferred..
57%
58«4
140
200
101
D<c
18
4% Mar 29
Gen Time Instru Corp.No par
*23%
19
*100
*96
101
200
26
26
19
June 16
3,800
1,300
18
21
*19%
Sept 27
48
—
_
17%
26%
1%
5%
13
5)4% conv preferred
60
Gen Amer Investors—No par
.
13%
18
5%
19
*5
Gaylord Container Corp....6
51%
8%
8%
15
Mar 30
86
Industries Inc...3
*15
26
*14%
1%
*14
800
18
17%
*50
8%
Oct
5
9% Mar 29
10
Gannet Co conv $6 pf..No par
1634
18
18
*26*8
18%
11%
19%
12
Gar Wood
584
14
26%
24%
12%
'
28%
700
534
29
*1%
12%
17%
28%
49%
7%
*1%
12%
16
138
1*8
14%
101
*95
Dec
Dec
3
2i2 Mar 31
20%
11%
Jan
share
41*8 Mar
107% Feb
62% Mar
40% Feb
68% Feb
39% Mar
9% Feb
22
21
per
Oct
Nov
10%
90
3912 Oct 17
8ept
13%
101
43UNOV 10
32
U4 Mar 29
Highest
share $
per
31% Dec 31
107s Mar 30
10
preferred
Oct 24
Nov 10
2
Gamewell Co (The).... No par
>3
267s
100
S
share
Nov
200
500
per
68
1,400
1,800
*18%
34%
27%
13%
*
284
2%
Mar 29
$
2i* Mar 31
25
Apr 13
3%
12%
47
*2%
50
3%
*11%
23
22%
No par
No par
F'k'n SimonACo lnc 7% of. 100
Free port Sulphur Co
10
Gabriel Co (The) cl A ..No par
Galr Co lnc (Robert)
1
preferred
Co
S7 conv
Francisco Sugar
*13
3%
58%
12%
Mar 31
2%
13
*55
Mar 26
11
36%
*15
7%
49%
*72
80
1%
18
24
4%
*74
1*4
12%
26%
35%
108%
4%
1%
7%
18
64
.
34%
5
26%
27
64
108
7%
*48*4
*68
23%
22*4
64
35%
33%
108% 108%
75
*68
22%
64
23%
234
2*4
2%
75
99%
*45
2.%
2%
2*4
♦
85
10
14
16
Mar 29
...100
4)4% eonv pre!
Foster-Wheeler—
27%
14%
16*4
18
100
Corp
35
28
15
,.
*34%
36
29
"22%
♦
125
Brothers..No par
11%
1
4584
X Follansbee
Food Machinery
2
1
125
Florsbeim Shoe class A .No par
4,700
117
*40%
*7534
No par
27%
2%
6%
6%
6%
0%
934
934
9%
9%
106% 107% *106% 107
1%
1%
*1%
1%
24
24%
23%
25%
*90%
94%
*90%
94%
1%
1%
1%
1%
*19
19%
1934
19%
6%
*6%
9%
6%
10%
51*4
*45
38%
45
7%
*50%
12%
13%
39%
No par
Florence Stove Co
55
117
1
40%
77%
*16
17%
"22%
♦
41%
38%
116%
125%
*107%
*107%
40%
No par
First National Stores
Fllntkotc Co (The)
27
*23%
38*4
116
20
10
A...100
58
70
130
400
6% preferred series
27%
24%
127
60
3%
Firestone Ttre 4 Rubber...
share
10% Mar 31
70
Apr 14
24% Mar 30
107g Mar 26
19*4 June 13
15
Apr 7
1% Mar 26
% per
55
*23%
1%
77
90%
*3%
*62
40%
1%
45
25%
*87
3%
70
15%
3134
77%
77%
77%
125% 125% *125
47
48
48%
48%
47%
48*4
125
125
*124% 125% *124% 125%
36
36
*34%
3612
*34%
*34%
78
*77%
.
*40%
z76%
45
*41
60
15%
30%
*61%
3134
127
115
'
*3%
600
6,000
24%
*23%
39%
38%
115
*135
4
70
*70
8%
16
15%
31*4
75
*70
76
24%
*70
140
4
4%
16%
9
600
1,100
2%
34
26%
18%
57
5834
8%
140
♦135
17
3234
34%
9
8%
4%
58
58%
58%
.
500
10734 10784
51%
*96
7,600
13.000
18
2%
*33
108
*50
101
*96
3
*17%
8%
800
33%
18
18%
34%
6%
6
1834
51%
8%
8%
100
100
00
00
4%
16%
4%
17%
4%
8%
*135
140
*135
Or
57*4
59
58%
8%
100
8%
*95
6%
*18
51%
8%
.
14%
6%
*50
2%
3%
11%
13%
101
*95
6%
*6%
27
2%
3%
*33
90
*52
12
*13%
43
26%
*3%
3.500
*99% 100
43%
4234
28
2834
28%
34%
90
22
21%
Par
Shares
Lowest
Highest
Lowest
Week
13
Range for Previous
Year 1937
1938
100-Shore Lots
EXCHANGE
the
$ per share
99%
25%
58
3%
'
101.
108
28
12
14%
*13%
3
34
90%
3%
27%
2%
12%
*95
6%
*6%
6*8
6%
13%
13%
14*8
101
*95
18
3%
*50
58
*12
19
*3%
28
*2%
3*4
2%
3*4
*12%
*13%
4134
27%
*33
•
35
♦90
3%
28
9984
108% 108%
27%
25%
.90%
*3%
*50%
28%
28
29%
28%
*90
3%
.58
*45
28
*90
3*8
3*8
35
90%
26%
90%
3%
*3%
35
107% 107*4
27%
27%
*107% 107*4
28%
90%
*18
3%
*34%
19
*18
35
18*4
3%
•35
18*4
3%
35
18*4
*17%
34
34
34%
34%
35%
35%
35*4
*35
23%
*99*4 100
42%
41%
28%
27%
*99*4 100
99%
43%
*99
Jan.
12
$ per share
23
2234
% per share
$ per share
24
23%
23%
23%
Jan.
11
Jan
10
Jan
9
Jan
7
Jan.
On Basis of
8TOCK
YORK
NEW
for
Friday
Thursady
Wednesday
Tuesday
Range for Year
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
Jan. 14, 1939
Ex-dlv.
v
2
10
Jan 13
2*4 Oct
6
37
Jan
Hg
3i2
Oct
15%
Jan
4
Oct
23%
Feb
Oct
1% Dec
4% Aug
207s Dec 24
35% Dec 30
8
Oct
38
10
Oct
07% Mar
44
Nov 20
34
Dec
72
115s Dec 27
5
Doc
25% Mar
Ex-rights
5 Called for redemption
Mar
Jan
Volume
LOW
AND
New York Stock
148
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page 6
Sales
CENT
Jan
Monday
7
Jan
S per share
*7
9
*7
2584
114% 114%
115
10
*7
26%
Jan.
7
2634
112
Jan.
$ per share
7
114%
12
*7%
25%
112
*109
'"«»
*148
7
7%
16
27%
*108% 112
*148
"i i ■.
150
150
*148
91%
90
91
88
89%
16%
15%
1534
1534
47g
*4%
7%
15%
4%
7%
84%
1434
88"
15%
*4%
*7%
4%
*4%
434
7%
734
734
26%
91%
3%
27
25%
24%
93
92
3%
*3%
37g
334
3-%
*312
37g
*3%
37g
147g
14%
2%
25%
14%
2%
14%
*2%
14%
13%
14%
14%
14,400
2%
234
13%
*2%
234
1,000
24
24
400
181%
180
180
900
5534
54
4%
8
27%
93
93
*37g
4%
15
2%
2%
26
7%
2%
26
180% 180% *180
56
57%
160
7%
378
*8%
54%
56%
25%
92
*92
55%
183
180
55%
56%
160%
8%
7%
7%
7%
7%
37g
8%
3%
37g
37g
4%
4%
4%
8%
8%
8%
8%
8%
8%
■55
53%
7
12%
48%
49%
47
53%
54%
*133% 134
13
13%
48
48%
47%
3%
43%
*3%
39%
42
31%
3%
43%
31%
31%
*23%
24%
*81
86
8%
134
378
32%
23%
23%
*81
8%
8%
8%
"14%
25%
■*81
8%
87g
1378
8%
8%
14%
86
31%
32%
*24
*31%
*30%
32%
31%
41%
13%
84.
8%
87g
44
47%
44%
*29%
30
33%
*24
8%
8%
8%
137g
787g
3334
26
8%
:
10%
*21%
10%
10%
97g
22
*20
10
22
*20
11
*9
10%
105
*99
*99
997g
*99
10%
934
24
*9%
20%
15
15
*14%
15
*14%
147g
95
*90%
95
*85
95
7%
*92
41%
12%
*26%
*2%
*23%
127g
12%
*7%
7%
*92
93%
42%
397g
12%
26%
2278
*10%
*18%
*15%
92
41%
1178
41%
H7g
27%
2%
39%
Zll%
2634
2%
11%
12
27%
7%
*26%
*2%
2%
*2%
32
*23%
31%
15
21%
*23%
33
33
15
15
15
13%
21
21%
21%
21
*4%
26%
5-%
26%
21%
5%
26%
26%
26%
22
22%
22%
23%
22
5
*434
147g
95
12%
7%
40%
11%
93%
40%
11%
11%
27%
*25
2634
2%
*2%
2%
35%
15%
*24
40
14
14
*14%
17%
250
21%
5%
21
207g
21%
5%
5,400
26%
2234
26%
21%
5%
26%
26%
26%
1,000
22%
21%
22%
17,500
*10
16%
*15%
*4%
16
157g
4%
157g
15%
15%
15%
5
4%
23
*112
115
51
*6
6%
4%
30%
29
29%
2834
30%
28
2234
21%
22%
x21%
2134
*21%
*112
5
115
47g
%
•
3%
'
5%
%
2-%
r
%
*2%
26%
4%
ll5
*112
*4%
*112
484
47g
%
%
■
2%
257g
*4%
:" %
2%
2%
25%
*11%
31%
50%
26%
117g
31%
51%
*57g
6
40
*39
38%
39%
39%
39%
102% 102% *101% 102% *1017g 102% *101 •
103
103
103
*102% 103
103%
102%
*171
175
*171
174
173% 173% *171
18
17
17
17
17
*16%
*1678
*38
37
38%
36%
36%
37%
34%
45
45
44".
43%
44%
44%
43%
18%
18%
18%
18%
18%
18%
18%
51'
50%
52%
49%
497g
50%
49%
*1067g 109%
106% 106% *106% 109% *106%
9-%
10%
9%
10%
9%
10%
9%
60
59
597g
59%
57
587g
58%
40
57g
*3934
*30%
26%
11%
32%
50%
51%
6
26%
12%
*1178
317g
51%
57g
39%
6%
317g
57g
52
-
1134
*30
487g
5
*37g
4%
19%
19%
*98% 105%
21%
21%
4%
19%
105
21
21%
16
54%
*31%
33
*123
33
16
54%
53%
32%
*123
*123
28%
29
40%
29%
417g
41%
18%
*6
7
15%
7%
7%
1%
327g
*5%
5534
34%
35
1%
28%
41%
434
%
2%
1%
7
7
*14
15
*13%
7%
7%
13
•
734
12%
*1%
12%
1%
*12
5%
5
12%
31%
13%
13%
14
33%
32%
33%
*163
48%
47
6%
30%
31
11%
5%
534
32
*29%
3134
51
48%
50%
*584
6
39%
11%
,
*5%
16
40
57g
40
28
7%
5%
7%
*1%
1%
8
■
.700
5,600
Jan 21
34
19l2
10
Deo
30
Oct
3
16
Oct
52
65
Oct
110
4
Oct
08s
Oct
8*8 Nov
Dec
3018 Jan
107i2 Apr
18
Nov 12
83% Nov 17
12«4 July 25
8
24
113% Apr 30
124
10
June
44% Mar 30
Jan 15
Nov
118
Mar
8
5i8 Mar 29
4
7458 Deo 17
111*2 Oct 14
49*8
157g
8%
70
Dec
9
Nov
20i2
Oct
Sept
zll0
49
26%
30
Deo
87%
Feb
24% July 20
15b) Dec
115tj Apr
123
Oct 18
13is July 25
24i2 July 21
12
46
Mar
Oct
29
Mar
I4ig
Oct
447g
Dec 27
10i2May
0
10
Nov 10
13
Nov
6
91
Nov 29
80
Nov
1438 Oct 24
10% Oct 19
7
Oct
238g
Feb
4
Oct
19i2
Jan
80
Dec
Apr
4*4 Mar 29
3
80
Mar 20
0
100
20%May 27
51
Jan
0i2 Mar 31
19
Oct
6
Oct 15
145s Nov 12
3
30
li4Mar 29
125g Jan 7
35
Feb
July 19
38s July 25
27U
109i2 Jan
09% Mar
20% Mar
40*4 Apr
28% Nov
4t2 Oct
17*4 Dec
1>4 Oct
9*8 Mar
3
20
Dec
71
11
Dec
16% Mar 31
223s Oct 25
16i2
Dec
35% July
29% Jan
157g Jan
Mar 20
123s Mar 31
Dec
8
July 13
4
Oct
316s July 23
22
Dec
215s Nov
14
Dec
Oct
2i2 Mar 20
22
1
8
Mar 29
18
Jan 12
0
15
Mar 20
30
Jan 12
8
3i8May 13
5
10% Mar 31
47%
Dec
% Dec 17
.50
178 Mar 29
19«8 Mar 30
1
par
078 Mar 29
1984 Mar 30
2314 Mar 31
par
5% Dec 21
5
par
5
Series B
25
Preferred
100
200
Lily Tulip Cup Corp...No par
1,700
Lima Locomotive Wks.No par
Link Belt Co....
No par
25
Mar 30
81
Mar 30
81% Mar 31
157
Apr
7
1458 Mar 31
20% Mar 20
29
Mar 25
Liquid Carbonic Corp..No par
12i8Mar 31
Loew's
,
10334 July 25
176% Dec 0
18% Nov 20
4084 Nov
60
9
Nov 14
Inc...........No par
$0.50 preferred..... No par
Loft Inc
.No par
33
Mar 31
21% July 21
62% Nov 12
99
Dec 17
111% Oct 20
Lone Star Cement Corp No par
20
% Mar 20
Mar 31
984
4U
Oct
8g
Deo
278 Deo
2284 Dec
8
Oct
23
Oct
335g Dec
203
Feb
Feb
24% Mar
3*4 Jan
18% Jan
43% June
21% Feb
58% Jan
79
Jan
5
Oct
16% Mar
23
Oct
29
82
Dec
16i2
18U
33
Aug
113% Feb
Oct
114
Jan
May
83i2
151
175
Jan
Oct
Oct
Nov
14
Oct
436g
Dec
99*4 Nov
Oct 11
1
June
63% Oct 22
32
Oct
9
Jan
Jan
Mar
1784 Mar
97
No par
24
61%
120
Oct 11
41%
277g Mar
3
,7% July 25
U8 Jan 12
514 Jan 13
29
July 25
14% Nov 21
355g Oct 21
683g Nov 10
9
Jan 10
37I4N0V 3
lb2
Dec 30
Jan
Oct
95
Jan
Jan
24%
2778
Oct
.100
Mar 29
Feb
Dec
...50
Liggett A Myers Tobacco..25
900
5
13i2Mar 30
300
3534
4334
Oct
1018 Dec
14
900
100
17
Nov 12
7i2 July 20
3058 Dec 29
z25% Oct 13
Lerner Stores Corp
No
Llbbey Owens Ford Gl.No
Llbby McNeill A Llbby No
Life Savers Corp.
1,800
8% Mar 31
No par
Corp
Jan
19i2 Jan 22
No par
25
Jan
110
Mar 30
9
Laclede Gas Lt Co St Louis 100
.....100
Jan
03
No par
200'
500
Jan
121
6
Dec 23
Lehn A Fink Prod
6,300
Jan
Jan
136
100
5
6% conv preferred
Lehman Corp (The)
Jan
04*4 Nov
Dec 27
Kress (S H) A Co
No par
Kroger Grocery A Bak.No par
Lehigh Valley Coal
Aug
155
65t2 Nov
120
Jan
Apr
127
Jan 10
100
No par
4% conv preferred
Lehlgb Valley RR
Feb
Feb
120
7
Dec 27
1
preferred
Mar
Mar
July
Mar 29
$5 prior preferred...No par
Kresge (S 8) Co
..10
6%
Feb
Jan
Jan
96% Dec 21
11% Oct 6
117fi Oct 8
353s Nov
11
B
Lambert Co (The)
Lane Bryant...
Feb
67i2
28*4
Oct
12
000
1,500
800
217g
151
\
22
50
9,200
152
420
*157g
16
1,400
51%
*31%
32
5134
.1,800
100
Long Bell Lumber A.^.iyo par
Loose-Wiles Biscuit....
25
6%
preferred....;
Lorlllard (P) Co
10
June 22
13»4 Mar 31
Apr
1
12i2 Mar 31
2978 Apr 20
125
7% preferred...
100
Louisville Gas A El A ..No par
Louisville A Nashville..
100
MacAndrews A Forbes
2% Mar 28
1484 Mar 31
92
100
22
684 July 25
23i2 Nov 10
107
Dec 15
2I84 Dec
154
7
Nov 10
196s Oct 17
57% Dec 30
Mar 29
32
Dec 30
11088 Mar 30
10
47%
5%
47-%
31
31%
534
*93% 105
12%
12%
39
120
Jan 21
46%
6%
31
3,700
Mafey (R H) Co Inc
18%
1,400
Madison Square GardenNo par
10
1,300
Magma Copper
10
18% Mar 31
*1%
18/J
1,000
Manatl Sugar Co
1
34 Mar 29
40% Nov 10
28g Oct 22
No par
,*6%
7%
734
13
*12
7%
*1134
1%
6%
2478 Mar 30
Mar 26
300
Mandel
160
15%
7%
$ Manhattan Ry 7% guar. 100
Modified 5% guar
100
45s Mar 30
634 Mar 20
2% Mar 26
1038 Nov 9
20'2 Jan 13
103s Nov 9
Manhattan Shirt
1,600
13
300
Bros
■1*4
1»4
1%
1,400
...26
Maracalbo Oil Exploration..1
9
134
5
5
5%
7,100
Marine
6
458 Sept 14
Market St Ry 0% pr pref. 100
Marshall Field A Co...No par
538 Dec 22
6% Mar 30
14% Mar 30
7%
7%
137g
33%
«
'7
0%
127g
13%
31
32%
5
5%
5%
5%
53
50%
51
50%
*32%
33%
33
32%
*164% 168
*164% 108
46
*5%
*29%
Xll78
11%
98
*89
*88
Bid and asked prices; no sales on this day.
8
15
1%
6%
No par
5
*93% 105
12
12%
11%
11%
98
32l2 Nov 10
49% Aug 20
196g Oct 27
36
13
*5%
Mar 29
18
30%
46%
10
...No par
35
33%
31
Mack Trucks Inc
18%
7%
13%
5%
"V.SOO
par
37%
32
168
168
4034
27%
39%
pref erred....... No
18%
5%
7%
1378
5%
0%
36%
*1134
1%
*124
3934
.
13
*163
3%
19%
105
26%
*12
53
11
105
27%
14%
734
33
*88
32%
3%
*18%
267g
4078
53
11%
53
*31%
*124
33
98
157g
51
54
54
*163
157g
32%
33%
6
2,500
/•
3%
26%
11%
43%
54
47
%
11%
43%
33%
31
*2%
"2,700
4%
2534
43%
55
168
6
48i2 Jan 21
30% Nov 25
3584 Jan 24
1
Lehigh Portland Cement
18
18
1834
18
2,200
48%
49%
4734
49%
12,800
10934 *106% 10934 *106% 108%
100
9
984
834
934
9% 172,600
58
57
56%
56%
57%
5,400
34%
*93% 105
12%
12%
*88
27%
40%
7
5
*5%
53%
*31%
15
67g
53%
018 Mar 30
conv cl A.l
1,200
2234
12
4334
18%
18%
5%
*33%
733g Mar
135*4 Jan
1914 Sept
08i2 Sept
100
Lee Rubber A Tire
49%
36
6%
5%
Nov
July 23
15i8 Nov 10
5278NOY 9
100
200
26
35%
18%
5%
55%
16
1%
*6%
1%
37
1277g May
0U Dec
29% Dec
214 Oct
5758 Nov 10
140
Jan
•
100
5,700
%.
37
36
6%
98
•
1%
900
115
35
1834
5%
*91% 105
12%
12%
11%
,
1678
15% Apr
18*4 Jan
78
Kresge Dept Stores
Jan
Oct
49% Apr 1
12i2 Mar 25
preferred
Aug
162
Nov
Oct
130
preferred
Jan
120
138
Oct
Jan 24
5
4%
36
38
7%
13%
168
*88
7%
*12i4
13
1%
5%
7%
127g
32%
5%
*6%
13%
4
Feb
Apr
Apr
189
178
Mar 29
Keystone Steel A W Co No par
Kimberly-Clark
No par
Kinney (G R) Co....
__1
$8
0
Mar
18*4 Oct
12712 Nov
63i2 Nov
0
■
'
*13%
Mar 28
Mar
3
68
Kendall Co $6 pt pf A ..No par
Kennecott Copper
No par
60
102
101 • 101
101% 101%
10234 102
102%
101% 102
175% *171% 175% *171% 175%
18
*17
1734
*167g
1734
*124
1%
36
i%
1%
54
3234
At
28
18%
36
16%
41%
*18%
*36%
•
18%
37
June 17
12
11%
28i2
9i8
63i2
Deo
23% May
83% Feb
03
Aug
2078 July
877g Aug
110
Jan
37g Feb
75% Mar
"
151
16
28
40l2 Mar 30
5ij Feb 4
Jan
Oct 28
9%
122
29
*112
115
4
*37g
37g
3%
37g
3%
20
19%
1934
*19%
19%
19%
*100
105
*98% 105
105
105
21%
21%
21%
217g
21»4
22%
*149
152% 152% 15234 153
15234
4%
19%
105
150
*149% 150
16%
157g
55
*54%
120,
15%
*4%
*■
.
CI as8
Jan 19
414 Mar 29
185s Mar 31
2% Mar 30
28% Mar 25
19% Mar 31
Deo
"
29%
22%
30%
23
*2%
26%
11%
48
200
22
2878
307g Mar 31
132
Oct
478 Jan 11
1178 Jan 21
..100
Kelsey Hayes Wh'l
70
1134
*17%
2%
30%
*5%
10%
27%
11%
32%
51%
*163
1,100
40
17%
%
13
200
17%
2%
;
l'.OOO
2%
10%
4%
1%
11%
2534
*2%
20
%
37
66,100
2534
19
26%
;
*11
10
39
.No par
City Southern
conv
Mar 25
Feb
6
1384 Jan
64% Apr
llli2 July
Oct
92
1647s Oct 29
.No par
Kelth-Albee-Orpheum pf..i00
800
93%
38%
10%
5%
41%
18%
7%
1
Kay ser (J) A Co.......
.
1,660
"
*90
11%
'
6%
'
_
1134
7%
^
Jan 11
9
Mar
Feb 10
4% preferred
Kaufmann Dept Stores
"lMb
15
95
II84
21%
15%
120
29
14%
*85
•' '' j.
May 27
Mar 31
1
Tea Inc
Kansas
700
*10%
5
*31%
900
200
■*.
Dec 31
70
8
Jones A Laughlln St'l pref. 100
Kalamazoo Stove A Furn
10
Kan City P A L pf ser B No par
30
101
185
03
Preferred
500
10
Mar 31
...100
Johns-Manvllle..
70
r
Jan 17
No par
Corp
.
Jewel
3,600
197g
*
*18
24
100
Island Creek Coal...
$0 preferred
20
400
10
11
1534
Inter type
■300
38
*5%
50
prelerred
Preferred..
20
1,300
21%
11
7%
700
934
7%
38%
Shoe....No par
International Sliver
2,000
n
*90
6% preferred
.100
International Salt.....No par
International
2
Foreign share ctfs...No par
Interstate Dept 8tores.No par
*99
101
16
5,100
*18
30%
11%
*31%
10%
100
8%
*9
29
3i8Mar 31
8%
-
Mar 20
0»4 Mar 31
iDter Telep A Teleg...No par
197g
21
141
1
29,300
22
%
'
9%
48
Mar 20
July
33 ig
Oct
8%
21%
10%
*4%
5
12
92"
27%
30%
23%
*112
14%
*85
93%
7%
*92
12%
5%
26%
23%
11%
15
95
40%
7%
93%
"
21%
*4%
*99
12%
7%
18
\ *15
147g
*9
12%
7%
28
2%
10
101
*88
1234
12%
9%
*19%
20%
*9
*99
10%
101
*90%
*12%
934
2
8%
v
143
Oct
20
2ig
Feb
131% Mar
Oct
378 Jan 17
100
W-
10
0
Preferred
100
86
13%
1312
14%
13%
13%
7878
77%
77%
79
79
*77%
78?g
787g
*77%
*77%
10%
10%
10%
10
10
*10%
10%
10%
10%
7-10%
*934
10%
*20
20%
*20
*20
20%
20%
20
20
20%
20% *20
20%
123% 123% *122% 123% *122% 123% *122% 123% *122% 123% *122% 123%
74
74
74
74
*73%
*73%
7334
7334
72%
72%
72%
72%
*101
102
100% 101%
101% 101%
100% 101%
96% 100%
98% 100
*131
*131
132
132
132
132
1317g 1317g *131% 132
62
61
61
*61%
61%
*60%
60%
59%
59%
59%
57%
57%
19
19
19
*18
19%
18%
*18
18
*18%
1834
177g
18%
*121% 121% *121% 121% *121% 121% *121% 12134 121% 121% *117
12134
*78
1018 Nov 12
Int Nickel of Canada..No par
1,100
26
85%
87g
9%
3334
*24
84
•
144
Oct
Mar 29
Mar 30
Internat'l Mining Corp.
300
33
Oct
0U
378
li2
Jan
47i2 Apr
6884 Nov
198,} Oct 17
June 10
6% conv pref
..100
Internat Rys of Cent Am..100
30
32
Nov 12
Nov
078 Mar 30
15
Int Hydro-Elec Sys class A.26
Int Mercantile Marine.No par
290
29
72
share
per
2214
Oct
Dec
2
Internat'l Harvester...No par
Preferred
100
400
30%
3278
95
5i8
15
80
11,700
37g
10% July 13
303s Aug 24
119i2 Dec 30
140
Sept 30
Highest
share $
per
100
46
44
%
No par
Iron
Inter Paper A Power Co
*3%
share
per
No par
100
*41%
8
Feb
$
5% Nov 15
978 Nov 10
34l2Nov 9
98
Apr 25
SSg July 7
23,700
334
Mar 25
56%June 17
7% Mar 30
3% Apr 1
278 Mar 20
2
Agricultural ..No par
Prior preferred
16
..100
Int Business Machines.No par *130
31,300
4434
84
1
12 84
42
.
20
share
Mar 29
14*8 Mar 31
Internat
700
140
12%
Year 1937
Lowest
Highest
Interlake
22,500
527g
*134
13%
Range for Previous
100-Share Lots
0% preferred
Intercont'l Rubber
8,200
4%
8%
52
53%
140
3%
7
67g
4%
*8%
No par
t Interboro Rap Transit... 100
Interchemfcal Corp
No par
230
42%
84
8%
,8%
13%
14
7%
484
834
12%
334
92
Steel
Insuranshares Ctfs Inc
1,400
25%
*24
86
8%
8%
47%
300
400
8%
*134
13
46%
334
42%
30%
327g
37g
*3%
40
134
1234
77g
10,000
52%
537g
134
13%
4%
5478
6%
;
Inspiration Cons Copper
160% *159% 162%
4
7%
53
54%
14
*30
24
54%
*159% 160% *159% 160%
*159% 161
134% *133
*30
24
182
56%
13%
*133
234
'25
135
Inland
7,900
4,500
92
,92
100
preferred
4,800
25
4
60
15%
4%
*7%
24%
25
6%
10
per
10
85
8434
1434
'
25
25%
184%
184% *180
56
160
7%
*25%
91%
93
*25
4%
26
-
1534
$
No par
No par
Ingersoll Rand
500
14%
2%
4%
*7%
*25
Indian Refining
Industrial Rayon
900
90%
27
14%
Par
8,700
93
At
On Basis of
Lowest
300
26%
112
Range for Year 1938
STOCK
Shares
7
-
YORK
EXCHANGE
Week
13
$ per share
27
8TOCK8
the
Friday
16%
*91%
■Y
Jan.
26%
27%
114
115%
*148
11
$ per share
7%
26%
Thursday
Wednesday
$ per share
7%
25%
*148
Jan.
.
•S per share
8
25%
Tuesday
NEW
for
""
Saturday
243
47
6
32
*93% 105
11
350
26,800
43,700
1,000
2,100
Midland
Corp.
Martin (Glenn L.) Co
..1
Martin-Parry Corp
No par
Masonlte Corp
No par
600
2%May 24
26
Mathleeon Alkali Wks.No par
4534
40%
3^266
6
1,100
Maytag Co
32
700
*93% 105
12%
12
12
11%
11%
11%
98
88
88
J In receivership,
a
"1,266
1,800
100
Def. delivery,
No par
$3 preferred w w
No par
S3 preferred ex-warr.No par
$0 1st cum pref.....No par
McCall
Corp
McCrory Stores Corp
0% conv preferred
n
New stock,
r
103s June
20
1
Mar 29
75
Apr 5
8'i Mar 31
0
Mar 23
No par
1
01
100
Cash sale.
Mar 29
1984 Mar 31
156
Aug 2
28i2Mar31
3i2Mar 26
7% preferred
100
May Department Stores... 10
*5%
*28
"
Mar 30
1% Mar 31
*
Mar 31
Ex-dlv.
2ig Oct
I7ia Dec
101
153g
125
Oct
Dec
Oct
1412 Oct
48i2 Nov
J}0«4 Oct
1231a Nov
178s Dec
26
Deo
IO84
43%
110
Jan
Jan
May
28%
147*4
28*4
Feb
Jan
Jan
99
Mar
30
Feb
132% Feb
62% Mar
58% Mar
8U
Oct
15%
1812
Oct
63
6
Deo
10
Jan
Mar
107g
Jan
Oot
39
Jan
4i2
Oct
16%
Jan
10
July 23
284 Jan 11
912
1U
Oct
Oct
29%
684
Feb
7% Jan 11
16
Aug 0
1478 Nov 10
3738 Dec 30
6i2
Oct
14%
Feb
684
Deo
39
Jan
714
Dec
307g Mar
29% Apr
7i8 Oct 27
10
1*4
Oct
Oct
Oct 12
20
Oct
307g Nov 24
22
Dec
01
105
Feb 23
53
Oct 25
77a Aug
8
142
May
33*4 Dec
4l2 Oct
2014 Dec
Jan
137g
Jan
74
Feb
4184
Jan
165
Jan
00
Mar
15%
Jan
2812 Dec 27
21
Apr 22
44
Jan
35
June
45
Jan
97
Dec 23
93
Nov
111
Jan
16
Jan 18
III4
Dec
36
Jan
133s Nov 10
784
Oct
92J8 Nov 10
y Ex-rtghts.
*60
Oct
24% Feb
106% Mar
1 Called for redemption.
7
Jan.
18%
19
*10%
11
53
53
17%
17%
8%
8%
*8%
16
*10%
11
*67
80
10%
10
10%
06%
*57
52
*26%
5212
6%
28%
*15
18%
*15
37%
87-*
37
37
37%
*30%
38
11%
11
11%
11%
11%
11
11
11%
16%
16
16
16
16
15%
16%
27%
15%
27%
27%
27
27%
*57
52i2
5%
*52
37
81%
111% *105
81
55%
♦52
10%
15%
110
79
79
*%
%
*%
%
%
%
*%
%
*%
%
*%
%
%
%
%
*%
%
*%
%
%
*%
14%
%
14%
*%
%
14%
14%
*%
*14%
%
14%
*13%
9
2%
2%
8%
2
8%
%
14%
2%
8%
1
1%
*%
14%
8%
7%
*%
14%
2%
87g
1
14%
2%
8%
*7g
*1%
2
17%
15%
27
27%
38%
34%
*17%
108
41%
*11%
116%
*109
117
117
117
117
117
38%
*35
34
34
33%
33%
33%
*17%
18
17
15%
15
17%
15
16%
15%
34%
18%
15%
20
26%
25%
40%
*11%
6%
43
13
55%
55%
37%
35
18%
15%
*35
34%
.
*17%
26%
26
6%
6%
40%
12%
*40%
6%
40
111
12%
57
*55
*51
8%
*51
47%
25%
25%
6%
6
40%
*39
12%
12%
*12%
55%
55
55
*53
*51
14
*4%
7%
5
27%
27-^8
*7%
.
•
5
27%
*4%
27
*18%
19
20%
15%
157g
10%
25%
25%
25%
26%
*165
168
*165
168
15%
140
140
25%
8%
79%
14%
*19%
20%
♦58%
59%
*109%
16%
.
45%
20%
4'x
*3»4
19%
*58%
4%
4
10%
22%
*68
*36%
108
15%
44%
19%
*58%
*
4
21%
34%
35%
34%
3%
9
33
34%
34
35%
3%
8%
*8%
*110% 114
*110% 114
123
*110
123
*110
3%
8%
♦3%
14%
19%
*21%
*108
....
Nat Cash
8,400
9,400
800
5,900
2,800
177g
197g
19
31%
32%
33%
33%
127
*54
...
1
15
14%
4,700
14%
%
14%
82
181% 181%
"16%
16%
17%
13%
13%
102% 103%
*29%
32%
4%
4%
*35%
9%
28%
16%
38
10
29%
17
106
102
*7%
26%
8!
26%
142
136
17%
105% 100
*83%
84
*52
*21%
*40%
13%
13%
13%
102% 102% *102% 103%
*29%
32%
*29%
32%
4%
4%
35%
10
*32%
4
35%
9%
28%
10%
*102
*7%
26
*136
28%
16%
106
8%
20%
142
14%
13%
14%
52
52%
22%
45
68%
68
22%
22%
13%
*49
*21%
43%
15
6
6
13
14%
*5%
*11
29%
29%
43%
14
43%
121% 121%
148
25%
*30
4%
4
38
37
9%
9%
28%
27%
16%
17
106
*102
8:
8
26
25
142
♦138
13%
14%
52
22%
43%
...
*49
21%
*43%
*114%
61%
66
12%
16%
106
8
25%
142
16%
*102
8%
24%
*139
Bid and asked prioes; no 1
147
es on;
25
778!
700
24%
3,200
140
140
Apr
Mar 31
28
*20%
*43%
22
457g
400
*114%
*114%
61%
63%
6
60
5%
5%
3%
16
5%
*3%
3%
16
5%
12%
29
43%
12%
127g
132%
25
his day.
*13%
5%
12%
124
1278
124
13%
60
*57g
61%
6
Mar 26
48% Nov 12
29
10
Mar 29
15%
Oct
Co...100
7
Mar 25
21% Nov 10
23
Dec 31
14
Oct
38% Jan 12
30% Nov
37% July 23
15
12% Mar 31
18
Mar 30
No par
preferred..
50
Oct
6
Oct
,120
Apr 25
110
Oct
111
Apr 28
113
Nov
11% Mar
5% Mar 20
101
Mar 30
110
Aug
64
June
>
9
1
2% Mar 30
JN Y Ontario A Western.. 100
Corp part stk.. 1
63% Nov
2% Jan
7% July
1% Jan
16% Dec
7g Dec 21
100
4% Mar 29
% Jan
N Y Shipbldg
5
preferred
100
Norfolk A Western...
100
100
100
North Amer Aviation...
24%
180
Oct
110
Jan 13
Dec 31
102
Apr
26% Oct 17
67% Dec
Oct
48% June
3
6% Mar 31
Dec 30
3
Oct
100
Dec 31
93
Oct
93% Jan 13
June 21
20
91
Oct
978
14% July 25
103
Dec 27
36
J
30
Sept
2
Nov 23
1%
Oct
Dec
Oct
Norwalk Tire A Rubber No par
1% Mar 30
5
.60
12% Mar 30
41
8
15.
No par
87b Sept 14
19%May 31
14% Jan 10
32% Feb 23
9
Oct
24
Nov
7% Mar 30
19% Nov 16
Preferred
Ohio Oil Co
No par
Omnibus Corp(The)vtc No par
Oliver Farm Equip
Al
100
Oppenhelm Coll A Co..No par
No par
Otis Elevator
.100
preferred
0%
Otis
.No par
Steel
35.50 conv 1st pref.-No par
Outboard Marine A Mfg
5
83% Apr
4
1
Mar 28
13% Mar 25
122
Jan 14
0% Mar 31
30% Apr
10
1
Mar 30
Sept
111% Sept
8
Nov
9
29% Nov
9
10
147
Nov
9
15% Nov 16
60
Nov 16
22% Aug 25
6%
90
5%
20%
125
6%
Oct
Oct
Nov
Oct
Oct
Nov
Oct
48
Dec
12%
Dec
39% Apr 28
52
Oct 11
44
Dec
115
Apr 19
115
Apr 19
114
May
40
Mar 30
2,000
Pacific Amer Fisheries Inc.-.5
.No par
Outlet Co
250
12%
200
28
28%
4,700
43
43
2,000
J In receivership,
14%
-.100
13%
5%
12%
600
124%
90
25
Oct
198
92% Sept 10
25 May 12
Telegraph...50
Oct
3
June
..100
Northwestern
Oct
3
30
North'n States Pow Co 35 pf. 1
Northern Pacific
Preferred
*5
*22
1
Oct
1
Dec 24
45% Apr
50
Oct
4%
90
13% Mar 31
No par
preferred
2
Mar 29
133
0%
54% Dec
15
10
7
15
30
Mar 31
38
Adjust 4% pref..
North American Co
Oct
2%
1
4*4 Jan 11
Mar 25
2
No par
York Dock
7%
Oct
Nov
20
No par
Owens-Illinois Glass C... 12.5C
50
*11
*12%
Dec
99% Nov
..No par
100
110
*123
32
10%
Conv preferred
250
13%
Dec
'M66
3%
3
147% 147% *147% 1487g
23%
200
Dec
62
9
108*4 Nov
Oct
22%
19% July 23
tNYNHA Hartford
....
457g
..
13%
6%
12% Aug
9% Mar 31
5%
100
20%
457g
1487g 1487g
26%
7%
24%
20%
*43%
43
*25
Dec
63%
1
8% preferred
21%
29
147
Dec
3
July
99% Apr 20
New
106
9,500
44
122% 122%
II,800
3,000
4,200
13%
50
43%
26
75
58
No par
6% preferred series A... 100
110
*48%
28%
148
142
16%
,
52
13
29%
44
13%
122
*24%
8%
25%
16
*102
40
3,500
*48
12%
28%
122
16%
106
400
52
13%
*13%
*147
Feb 23
4% Jan 14
24,300
84
12%
15%
7
12%
12%
17%
75
1
12%
12%
13
*102% 103
102% *102% 103
30%
30%
*30%
32%
32%
4%
4%
4%
4%
4%
*34
40
38
37
37
9%
9%
9%
9%
9%
26%
26%
26%
27%
27%
13
84
*14%
*5%
123
167g
1-.100
75,800
82
Feb
75
3%
*127g
59,000
56%
20%
Dec
Dec
Dec
Dec 23
Northern Central Ry Co.-.60
*57g
437g
22%
56%
Oct
17%
55
No Amer Edison $6 pf_ No par
3%
29%
21%
23
120
Oct
5
55
7
July 25
90
84
July
16% Dec
Feb 25
30
2,200
6%
5%
Oct
127
23
106% 106%
*83%
84%
6%
*12
800
56%
16%
18%
106% 106%
*3%
*12
Oct
145% Sept 22
28*4 Nov 9
9% Oct 17
81*4 Nov 12
I
70
NYC Omnibus Corp..No par
60
180% 180%
*109
110
56%
64
29%
43%
12%
29%
43%
102%
21%
500
82
82
110
3%
14%
7
12%
6
*12
'
12%
June
153
1
5% Mar 30
87%May 3
106% 106%
84
110
67%
6%
66
*3%
•
*136
*114%
6%
25
25%
45
3%
148
*8
...
6%
>127„
167g
*102
45
3%
15
9%
28
*114%
114%
84
84
12%
53%
14%
17
106% 106%
14%
82
182
17%
17%
14
181
57
105% 105%
*83
84%
*%
%
16%
%
15
83%
227g
Oct
18
178% Oct 14
12% Sept 24
18
Dec 13
preferred...
50
N Y Lack A West Ry Co.. 100
*%
57
4%
13% Mar 29
5
Mar 29
10%
123
*110
1
22%
16% Oct 22
31
July
7
5% pref series A........ 100
N Y A Harlem
4%
56%
175g
Dec
44% M ar 31
serial pref... 100
Newberry Co (J J)
210
*%
23%
preferred A
26
National Supply (The) Pa.. 10
32 preferred
40
Prior preferred... 100
6% prior preferred..... 100
230
4%
56%
Oct
17%
Nov 14
30
17% Mar 29
June
3
10
Lead
17
20% July 20
Mar 30
4
Gypsum Co........... 1
Oct
4
1
11% Apr
Stamping.No par
.......100
I,800
23
3% Mar 30
154
5,300
57
*"6ct
17% Mar 31
2,500
1
23%
13
30% July 29
12% Mar 31
Oct
Oct
N Y Chic A St Louis
4
57
Feb
5%
6,400
12,300
1
22%
103%
,
10% Oct 22
6% July 9
New York Central
*3%
57%
Jan
Aug
13
3% Mar 29
N Y Air Brake..
1
24
33%
90
105% Mar 30
90,300
4
23%
Dec
94% Nov 19
.Jan
Oct
Newport Industries
1
*57
108% Oct 21
19
Nov 12
167
Dec
5,800
15%
123
*110
110
Dec
May
104%
4 %% conv
40
187g
Jan
33% Mar
17
113% Oct 18
2,100
15%
18%
Oct
Jan
Mar
145
Jan 14
40
24
12
30
41
20%
20
34%
47% Mar
Oct
100%
""206
37
...
24%
Oct
16% July 27
73%
*35%
Jan
Feb
Mar
Oct
0%
14% Dec 29
Nov 10
40
317g
*109
28
5
*68
71
8
71
*108
20%
5
20
36%
Oct
Dec
10
147S NoV 10
l4%June 17
18%
109
3
1
157g
34%
108%
44
Nelsner Bros Inc
73%
33
90
Apr
29
15% Mar 31
150
Jan 17
Feb
Mar
Nov
12% Jan 10
Nov
3
7% Mar 22
8% Mar 30
0
Mar 25
30%
50
200
3%
109
Mar 29
4
10
15% Aug
99% Mar
102
22%
*54
110
110% Dec 19
10% July 27
54
July 29
Apr
Oct
9%
*21
1%
♦108
6
95
Jan
Mar
Dec
50
2
July 20
Nov 16
4
110
15% July 22
02% Oct2*
7% Mar 31
1
108
64% Jan 13
7
34% Mar 20
2%May 24
....
20
20%
1897g
8% July 26
Mar 30
No par
4
188
Mar 25
9% Apr
51
Dec
4%
4
20
No par
1%
192
Dec
Natomas Co
4%
*187
15%
115% Nov 16
500
1%
192
32
il%Sept 20
700
4
186
Feb
National Tea Co
30%
18%
83%
Oct
17*8 Nov
400
18%
87
8%
11% Mar 29
9
Oct 13
38%
20
National Steel Corp
1%
*83
Oct
National Power A Light No par
4%
87%
12%
6% preferred B
,
..,.100
Nat Mall A St'l Cast Co No par
1%
*83
Jan
22% July 25
100% Mar 30
7%
4
89
Feb
40^2 Nov 15
66%
Register..... A'o par
Nat Enam A
200
337g
34%
33%
337g
33%
3
3
*2%
3%
3%
3%
3%
*8
u
8%
8%
8%
8%
8%
8%
*110% 11-*
*110% 114
*110% 114
*110% 114
*83
Mar
46
Dec
"7",200
40%
14%
69
Dec
36%
3%
10%
*68
15%
15%
Oct
21
*10
*108
35
15%
30
Nat Distillers Prod....No par
50
3%
14%
54% Oct 13
3
100
7% pref class B........100
Nat Dept Stores.
No par
6% preferred
4,
10
1,400
Sept
10% Mar 31
8
Mar 31
7% Pref class A
80
Jan
109
38% Aug
Mar 31
25
4,000
10%
%
Oct
14
19%
57%
75
*21%
42
%
105
Dairy Products...No par
Nat
1%
1%
6
117% Sept 22
22%May 27
25
Mar 31
100
pref...
12% Mar
40%
107% Aug
Nov
25% Oct 21
8,100
"5,000
3%
34% Mar
0% Mar
z71
13%
3%
15%
123
4
Sept 28
77g
*58%
Dec
Dec 31
20
300
490
*54%
Oct
1%
110
Mar 31
300
*18%
9% Mar
2
10%May 27
cum
Jan
Apr
Oct
1% Oct
12% Dec
65
7%
34
Dec
5%
i
8
3% Jan 11
20% Nov
Jan
2
11% July 21
2% Jan
Aug
5% Mar
15
5% pref series A w w
100
Nat Bond A Share Corp new No
23%
75
3%
10%
22%
40
*110
6%
Nat Bond & Invest Co .No par
140
56%
16
123
..
Jan
Oct
100
166
7%
33%
*110
111
%
3% Jan 12
Mar 30
May
—..
National
50%
43%
20%
21
34%
10
07
Jan 11
1%
76%
15
19%
% Dec
1% Dec
2%
%
1% July 25
17% Jan 13
2
9
6
27
26
29
15
6
Dec
Dec
"""760
4,000
4,100
Nat
*58%
36%
36%
38%
1% Mar
4% Mar
16% Mar
108
Dec
%
18,300
10,300
>»18%
73%
*68
73%
...
10%May
48% Mar
Oct
4%
50
0% Mar 30
17,300
14%
18%
22%
% Dec
% Dec
,
35% Mar
Oct
98%
17
72i2 Oct 13
*4 Jan 10
Mar 31
% Feb
Nov
July 19
8
Mar 20
70
13%
*10%
10%
22%
10%
10%
22%
22%
*68
73%
*36%
38%
*108
108
15%
16%
43%
44%
20%
20%
20%
20%
19%
14%
58%
75
.4
10%
Oct
Mar
23
77
,
Mar
124
49% Jan 28
>100
Apr
1 zll7
8
78%
7%
8
79%
18%
120
23%
23
8
78%
57%
Nov
No par
25
140
140
53
.•'•..6
Louis—100
National Acme
1
Nat Aviation Corp...
5
National
Biscuit...
.10
14%
160
Jan
Oct 22
02
Nash v Chatt & St
24
18%
169
140
140%
24%
*58%
197g
14%
*166
109
23
14%
587g
75
21
34%
24%
140
79%
79%
14%
58%
,
15%
25
8I4
79%
14%
19%
59
75
*58%
39%
109%
16%
45%
21%
*36%
15%
24%
24%
♦19
73%
*68
*18%
8%
14%
75
18%
24%
79%
14%
3% fc 4%
*10% 11
*23
24%
*18%
122
100
100
Myers (F A E) Bros
Nash-Kelvinator Corp
200
4%
26%
18%
15
4%
z26%
Nov
Apr
14
37% Mar 29
100
4%
27%
18%
15%
25
Oct
87
70
10
No par
Murray Corp of America.
15,500
26%
8%
8
,79%
*58%
5
27%
3,300
*51
15
preferred......... .100
5%
10
8
52%
4%
*4%
27%
25%
24%
25%
8%
7
7%
*7
140%
140
140
140
24%
12%
12%
114%
114% 114%
110% 110% *108%
*165
168
168
*21
23
25%
12%
27%
18%
18%
15%- 15%
25%
26
*18%
*92
95%
22%
27%
4%
14%
14%
25%
7%
4%
7%
117g
*171%
173
14%
110
7%
24%
*92
96%
110
111
7
13%
12%
25
*170
*22%
23%
23%
23% *22%
25%
25%
25%
25%
25%
127«
13%
127«
13%
13%
*114% 115
*114% 115
114% 115
*110
14%
12%
24%
25%
1278
111
8%
22%
300
400
8%
8%
8%
*21
23
22%
13%
13%
14%
12
12
12%
24%
247g
25
*172% 180
175
13%
14%
14%
92
92
95%
*21%
23
22%
24%
24%
26%
12%
12%
13
114% *114% 115
*108% 112
110
7
\>7
7%
*51
23
14*4 Oct 17
22% Jan 11
*
111
7%
8%
52%
320
Feb
30% Nov 14
111
July 28
-
1,800
12%
57
*108
111
8
8%
8%
22 %
26
|*108
8%
52%
8%
*22%
111
111
*108
23
*92
95%
1,300
2,500
6%
42
12%
700
25%
6
39
55%
22%
22%
14%
147g
14%
16%
15%
12%
12%
12%
127S
12%
25
25%
25%
25.%
25%
*168% 173
*166% 173., *168% 173
15
15%
15%
*15%
16% *14%
*92
210
14%
33%
16%
14%
26
6%
14%
94%
200
Oct
4%
Jan
72% Mar
26%
4
1
5% Mar 31
15%June
20
Monsanto Chemical Co—
10
34.50 preferred
No par
Montg Ward & Co Inc.No par
Morrell (J) & Co..
No par
Morris A Essex
50
Motor Products Corp. .No par
Motor Wheel...
6
Mueller Bra°s Co..
.1
Mulllns Mfg Co class B.....
1
37 conv preferred...No par
Munslngwear Inc
.No par
Murphy Co (G C).... No par
34,40"*
39%
40%
12%
0%
12%
25%
*92
47%
*35
39%
14
33% Nov
7% preferred series A ..100
170
118
46%
48%
46%
*35
39%
41
16^4 Dec 12
47% July 25
No par
5% conv preferred..
Mohawk Carpet Mills
Dec
May 31
4
J Missouri Pacific..
16%
47% Mar
June 13
35
Mo-Kan-Texa» RR
Oct
Dec
3
12% Mar 30
B—100
Corp
Mission
2,200
4,400
1,100
1,200
1,200
2,300
%
1%
16%
1%
16%
49
15%
9*
8%
23
23%
23%
30
500
Feb
16%
14
Impl. ...1
preferred
37%
11
JMinn St Paul A 8 S M...1C0
7% preferred......
100
4% leased line ctfs
100
100
8%
8%
%
%
1%
17
1%
8%
52%
8%,
8%
52%
8-%
8%
1
■
16%
.108
108
*107% 111,
8%
50%
8%
8%
110% 116%
48%
49%
*7b
17%
17
49%
15%
57
8%
104
37%
41%
13
*56
50%
103
1%
8%
'
pref series
Minn Moilne Power
8,700
9
9
2%
107
♦34%
18%
6%
6%
-
110
""300
105
1
1%
48
49%
38%
35
18%
15%
9
700
4
Nov
20% Mar 3G
Co No par
...-5
Miami Copper—
—
5
Mld-Contlnent Petroleum.. 10
Midland Steel Prod
No par
8%cumlstpref
.....
100
Minn-Honeywell Regu.JVo par
36.50
107% 107%
*7g
17
17
17%
107% 107% *107
116% 116% ♦115
49%
2%
*%
3% Mar 30
Machine Co
Mesta
4,800
2,400
8%
%
1%
1%
*15%
17
101% 102%
8%
*%
1%
5% conv 1st pref
Merch A Mm Trans
80
%
%
14%
%
*%
r
57% July 27
7% Nov 16
30
Dec 17
460
%
Jan
Feb
1
54
%
Dec
86
6% Mar 26
1
50
Mengei Co (The).
conv
*49%
93% Aug
32% Apr
Melville Shoe
2,100
5%
55%
*50
55%
*51
5
5%
5%
101
Dec
73
*108% 111
*108% 111
534
Dec
50
80
4
1,700
74
78
75
HI
5%
55%
*51
37%
10%
11%
15%
15%
*25%
25%
26
110% 110% *109%
36%
*105
57g
36%
66%
5
3,300
75
25%
14%
16
112% Jan
34% Apr
Jan
800
0%
25%
14%
37
10%
15%
26%
111
6%
,,
26%
15
27%
110
111
5%
5%
5%
25%
15
*26%
110% 111%
80
81
111
0%
27%
15
,
6%
15% July 22
Oct 20
Dec
Apr
52
51%
0
Oct
Dec
5C
51
62
*50%
Jan
19
0
10
55
35 50 pref ser B w
Jan
78%
11% Nov 10
NOV
7
A.No par
w.No par
...No par
36 preferred series
*57
10
1,400
10%
80
62
8ept
42% Jan
42% Mar
Dec
18%
share
28%
Dec
30% Oct
7%
95
Apr 12
70
*57
per
21
Dec
11
637g Oct 27
2fii« Jan 12
0% conv preferred..
100
Mead Corp
No par
*50
share I
per
20% Nov 22
12% July 27
13%May 27
6
Mar 26
Highest
Lowest
$
share
per
35% Mar 25
1
Stores
Mc Lei lan
30
89
'9%
10%
63
*26%
26%' 27%
*15
17%
♦105
0
55%
5%
6%
28%
111
82
111%
82
*105
6
5%
3,100
9%
52
6
9%
16%
52
52
1 6%
51
5,000
4,800
88
*67
64
*57
26%
27%
111%
*110
66%
52
53%
17
7
Co..No par
Mclntyre Porcupine Mines. .5
McKeesport Tin Plate .. -.10
McGraw-Hill Pub
600
80
*50
80
*67
*67
53%
92
*87
80
*07
10
3
share
Jan 31
Mar 26
per
10
1
McGraw Elec Co
6,000
10
9%
8%
9
92
Shares
20%
Range for Previous
Year 1937
Highest
Lowest
3
Par
19%
a;
16%
15%
10%
9
*87
96
♦87
10%
54%
53%
9%
95
10%
11 "a
11
10%
16%
9%
80
*87
95
*87
share
20%
20%
9%
9%
53%
54%
20%
10%
16%
17%
9%
16%
20%
13
$ per share
$ per
$ per share
share 8 per share
19%
20%
18%
19%
10%
10% ♦10% 11
537g
54%
53
53%
$ per
t per share
the
Week
Friday
Jan.
12
Jan.
11
Jan.
10
Jan.
Thursday
Wednesday
Tuesday
Monday
Jan.
9
Saturday
On Basis of
YORK 8TOCK
EXCHANGE
NEW
for
1938
100-Share Lots
Range for Year
STOCKS
Sales
CENT
PRICES—PER SHARE, NOT PER
HIGH SALE
AND
WW
1939
Jan. 14,
Record—Continued—Page 7
New York Stock
244
40
800
a Del. delivery,
Pacific
2d
5% Dec 27
..10
preferred.
2% Mar 26
No pur
No par
Coast
1st preferred..
10% Mar 25
3% Mar 29
Pacific Finance Corp (Cal).lO
9% Mar 26
25
z22% Mar 3d
Pacific Lre Corp.
No oar
32% Mar 31
Pacific MIIN
No oar
9% Mar 30
Pacific Gas A Electric
87
Apr )
100
6% preferred
100 zl32% Mar 30
17% Dec 21
Pacific Tin Corp(spstk> No par
Pacific Tetep <fc Teleg
a New stock,
r Cash sale,
z Ex-div.
76% Nov 9
11% Jan 17
5% Jan 11
21% Nov 22
9% July 19
15% July 23
30
Nov
4
43% Dec 30
19% July 19
121
149
30
Dec 30
Nov
3
51% Nov
z9%
2%
7%
4
Dec
Oct
Oct
Oct
10%
Dec
22
Oct
z34%
Oct
10% Oct
110
Nov
133
Apr
June 27
9 Ex-rights.
T Called for redemption
Volume
LOW
AND
New York Stock
148
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
CENT
Sales
STOCKS
NEW
for
Saturday
Jan.
Monday
7
Jan.
% per share
Tuesday
Jan.
9
% per share
Wednesday
10
Jan.
$ per share
11
Thursday
Jan.
$ per share
the
Friday
12
Jan.
$ per share
1178
1134
II84
*11%
11%
11%
11*8
11*2
11*8
11%
800
4*2
4%
434
4%
4%
4%
4%
4%
4%
19,500
16*8
4*2
16%
484
16*8
16*4
15%
16
*6*2
7*2
6%
6%
1%
*6*2
1%
7
1%
4%
1584
*6%
ll4
59%
59*2
•60
♦102
127s
♦102
12%
♦24
2*4
16*4
7*2
1%
62
60
60
105
*102
105
*102
105
♦102
13%
13*4
13*4
12%
127g
*102
104
105
10678 ♦102
1234
123g
28
12%
25*2
*24
42*g
23g
42i8
42
2*8
42%
18*2
18
18
♦2*4
2%
2%
*24
2*8
42
5684
76*4
2
■
24
100
2
2
3,600
41%
17%
41%
2,400
2*8
10*2
10%
57
77*2
*1*8
*56
18%
*2
*56
10%
12,300
1,200
10%
57%
200
75*8
7678
3,100
*1%
2
4%
4*4
26*2
27%
$
Lowest
share
per
1678 Jan 10
$
per
share
1184
Dec
4
Oct
Oct 27
6
18*4 Dec 19
914 Feb 25
Oct
2
Aug 3
6llgNov 16
32% Nov
102
Dec 29
z95
136g Dec 31
103
Dec 31
Sept
8%
Oct
8012
Oct
13% July 20
30
July 29
38g Oct 17
8
Oct
18*2
Oct
1
Oct
428g Oct 10
28
Oct
Mar 31
21% Oct 24
12
Oct
D4 Mar 29
1*4
Oct
3i2 Mar 30
2*4 Oct 21
1488 Nov
1
4
Oct
884 Mar 31
13% July 23
8
Oct
37
Nov
l%Mar 30
3114 Mar 31
No par
Parmelee Transporta'n.iVo par
Pathe Film Corp
.No par
*55*2
4%
27*2
.1
Parke Davis A Co
300
2
75%
*1*8
Park Utah CM
Mar 26
658 Mar 31
16
Mar 29
1
2%
57*2
2
65
10
Parker Rust Proof Co
76%
77%
*1*8
684 Mar 31
100
Park A Tllford Inc
Mar 31
88%June 21
1
1st preferred
500
18
*2
2*8
76*2
2
100
24
107g
57*2
7634
preferred
conv
6% 2d preferred....
10%
57
4%
Paramount Pictures Inc
5,500
978
10*2
2
29
12%
10%
7634
5
No par
12
4178
Maris
3i4 Mar 30
Paraffine Co Inc
6%
2*8
10
Pan-Amer Petrol & Transp__5
Panhandle Prod A Ref new__l
1,600
41%
♦17%
Range for Previous
Year 1937
Highest
1584 Dec 28
6I4 Nov 22
1
Sept 1
12%
97g
11
_
5~2~906
Airways Corp
98
10%
*107g
*1*8
105
900
Pan Amer
10
1178
25
Year 1938
100-Share Lots
$ per share
No par
98
10*8
10%
57*2
10
*102
105
127g
100%
11%
12%
10%
2%
1,800
59
*2
*2
1%
1*4
Pac Western Oil Corp
Packard Motor Car
1178
2*8
41
♦17%
200
59
18%
2%
10
2%
1%
3,800
6*2
6*2
59%
41%
2%
18*2
15
Par
98
*24
25
14
67g
1%
58
♦102
105
*24
42*4
*18
1%
13
12%
9984 104*2
1284
12%
12%
25*2
2*4
76
11%
76
12%
2*4
9S4
10%
*56*2
10
1034
5684
♦1*8
1*2
♦60
♦18*4
97g
*1%
62
16
15%
*6%
or
On Basis of
Lowest
Shares
117s
12
Range
YORK STOCK
EXCHANGE
Week
13
$ per share
245
8
2.50
13
Patlno Mines & Enterpr No par
Penlck & Ford
No par
41
Mar 30
Penney (J C)
No par
Penn Coal A Coke Corp
10
55
Mar 31
588s Aug 25
85t2 July 26
11# Dec 20
2i2 Jan 10
Penn-Dlxie
2% Mar 30
10>2 Mar 3G
57*2 Nov
1*4
Oct
214
Oct
'
5
5
29i2
30l2
14
♦1203s
22i2
*25i2
434
*434
28%
28*2
*137g
*120%
28*2
22
22%
26*2
22*4
*2578
22%
26*2
14
mmmm
434
28%
*13%
•1203s
23*4
27
♦115
15
*115
5
434
26*2
*1378
15
147g
*120%
21%
*2578
30
*115
—
22
29*2 *25*2
*115
37
*1378
*120%
20%
-
♦115
38
38
36%
36%
36*2
*3%
*15%
17
15%
15
35l2
35
35
*3514
38
34
35*4
32
32
30
30%
31%
30
31
*17
18
*17
15
38%
*3*4
4%
16
17
35i8
9*2
73g
415g
*41
4%
31
*17%
*33
34
*33%
35
160
30
30
29%
Peoria & Eastern..
300
29
110
II584 Dec30
....100
prior preferred..... 100
preferred
100
Pet Milk
Mar 29
22i8 Mar 26
184 Mar 26
5>2 Mar 26
178s Mar 26
100
Pere Marquette
5%
5%
121
?15
Mar 23
31
Feb
Oct 15
22
6*4 July 22
17«4 July 25
43
July 26
3
9
Oct
30
Deo
38%
30*4
Dec
42
18%
♦17%
18%
No par
8i2Mar 29
*9%
9%
1,300
Petroleum Corp of Amer:__.5
784 Mar 30
1784 Nov 16
Jan 11
-11
9%
13i8
9%
Oct
7%
7%
7%
900
Pfelffer Brewing Co ...No par
Oct
3934
41
39%
40*4
28,100
18*2 Nov
42
42
*41
43
Phelps-Dodge Corp
...26
Philadelphia Co 6% pref...50
8i2 Oct 28
47% Nov 9
3
41%
484 Jan 3
1788 Mar 31
30
Mar 28
43
Nov
34*2 Nov
76*2
*73%
76*2
80
74
Nov 10
3
Nov 23
184
68s Nov 23
2*4
u
■
152
148
584
*584
*30%
50
42l2
3
2%
*30%
41%
2%
*36
7
*5
6*2
417g
*2%
*36
40
8'
8
*24
8*2
*24
25*2
44,
42
44
*40
42
42
42
♦72
76%
200
*72%
75
100
2
*1%
2
*1%
2
■Immmmrn
♦3
4
*3
4
10
%
%
%
♦*4
*'4
%
%
1,000
11,300
94%
98% 100%
96*2
97%
99%
149
*142
147
149% 149*4 ♦145
1497« 150
50
41%
40*4
3%
*1%
9834 10034
148
39
3%
2
*3
*4
98*2 100
41%
334
*72%
*1%
%
39
5
5
♦5*8
6
5%
*30%
41*8
*2%
50
*30%
40%
50
*30%
41%
278
6*2
50
42%
3*4
40
36
8*2
36
42
40%
Phlla & Read C A I
300
5%
50
mmmrnmm
41%
11,000
42
50
50
Philip Morris A Co Ltd
500
Apr 12
1U Apr 25
2i4Mar26
14 Mar 26
75U Mar 29
par
No par
10
5% conv pref series A... 100
Phillips Jones Corp
No par
7% preferred
100
Phill.ps Petroleum....No par
114
-
*2%
*37
3%
100
27g
*2%
37
37
40
143*4 Oct 10
*91
115
5
8*4
*20
20
8*4
*7*2
*65
67
*65
169
*166
*7*2
67
*165
169
9
*65
418 Mar 30
Sept 29
2714 Mar 31
50% Mar
50
Nov
443s July 19
Dec
32
8i4 July 23
27
100
26
2012 Jan
3
9
July
26*4 Nov 14
20*4
Italy "Am shares"
89
6
62
36
Dec
Pitts C C & St L RR Co... 100
90
July 12
90
117
Aug
Plll8bury Flour Mills
42
42%
42%
43
43
*22*g
137g
42
*40
8*2
*12%
*38
41*2
25
23
36*4
*33*2
36*4
14*2
15
*14*4
14*2
h
%
22%
*4
'4
223g
22*2
22
9
*8
15*8
8*4
67
4%
20
7*2
♦66*2
*4%
*19%
67
67
*4
5
600
21%
Pirelli Co of
300
6%
500
65*2
66*2
169%
50
8%
13%
67
*8*8
8%
*8*8
2
Mar 29
4
Oct
15
May 10
July 12
I8i2 Dec 23
8's Mar 30
41
60
7% pref class B
110
23*4
60
36%
5% pref class A
*4
1,100
21%
1,600
Plymouth OH Co
8%
100
380
15*4
14%
147g
13%
14%
1378
2*8
2%
2%
*1%
2%
*1%
2%
200
**2
%
♦%
1%
12%
%
%
♦%
%
1%
13%
*1%
178
1278
13%
1,200
14,200
36
1%
1%
1334
13%
1334
*13
13*2
1384
14
*38
39
*39
56
56
56
40%
56*4
2
*13
*38
*38*2 ,40%
55%
1167g 117
33
32%
56
1%
13%
13%
40
36
55
117
11684
32%
104*4
55%
117
12%
*12%
13
14
3,500
3,200
3178
32%
104% 104%
5,800
115*2 115% *114% 115% *11478 115%
130
131
132
133
133
*148
150
*151
152
150
151
150
150
150
150
150
*116*2 119
*115
119
*115
119
*115
3712
35*2
37
35%
36%
34*4
1038
10%
1C%
10%
10%
10%
10
*85*4
857g
7934
7934
79*2
13%
13%
*13%
13
*12
13
*85
87
80
80
1312
*12
7%
*80
66
2*2
*2214
*16*2
*2U2
*
1712
13*2
*12
13
7%
♦86
7%
7%
7*2
87
*85*4
86
7984
79
80
13%
13*8
77«
*80
100
*80
100
67*8
67
67
65
66
234
22%
2%
*2012
22
16*2
16%
16%
22
22
*21%
22%
*80
24
2%
2214
167g
22%
100
67
6684
2%
16%
2%
16%
1778
26*2
25
25
*25
26
*1834
22
20
20
*19%
21%
*4
4%
50
'
*4
4-%
*41
51*2
107g
*9
*8*2
9*2
11
11
16*8
1634
*74
76*2
*67*2
70
1*2
23*4
1%
241«
*41
*8%
,
*81"
9*4
*8%
*11
1134
157s
16%
15*2
10%
9%
1178
16
*12
7%
j
64*4
2%
7%
1*2
Oct
84
Oct
458 Jan 17
2ig
14l2 Dec 30
14i2 Dec 28
42ig Dec 29
6ig
6l2
Oct
Oct
6
50
No par
39i2Mar 31
59
tPostal Tel & Cable 7% pf.100
Pressed Steel Car Co Inc
1
5% conv 1st pref
5% conv 2d pref
Procter & Gamble
5% pf (ser of Feb 1 *29). 100
Pub Serv
Corp of N J. .No par
preferred
No par
6% preferred
100
$5
65
25
*22*4
2*2
21%
15%
21%
16*4
25%
*17%
4%
20
♦17%
20
*41
50
20
16
15
2184
.
22
217*
*16%
25
*8*2
16*2
434
21
15%
4*4
*41
10%
9
*8*2
15
♦201?
15%
*22%
*17%
4%
*41
1,000
+
$2
6
100
Reis (Robt) A Co 1st pref. 100
Reliable Stores Corp...No par
10
1
14
»
65
*61
22*9
1*2
21%
73%
1%
68
*64
68
*64
67
*64
68
*64
68
300
4,400
Revere Copper A Brass
41
*36*2
41
*32
37
*34
37
*32
37%
Class
*75
85
♦75
85
*75
85
♦75
85
7%
591?
*52%
58%
*52%
57%
90
*80
5912
*52%
59%
*52%
13%
13*8
*13%
14
127*
13
79i2
14%
79%
*77
82
*78
82
*78*4
82
10
10
447g
45
12%
*79-
*52%
19i2
Dec
8igMay 26
24i2 Jan 11
2918 Jan 18
20
Dec
18
Mar 30
97g
10*4
9%
9%
978
9%
4434
44*i
44*2
57%
57*2
57*2
10
9%
10
9%
9*2
44*2
44%
*.53
57*2
9%
9%
9
*9
10
*9
10
16
16
15*2
15*2
1.5%
15*2
32
32
9*2
16%
9*2
*16
29%
30*2
29%
29%
29
29
*1
1%
45
46%
*1
*1
1%
43*2
43%
44
9
1*4
43%
*1
9*2
13
1,800
82
100
42%
*53
9
*8%
♦15
287g
1%
42%
*1*8
43*2
41%
9%
9%
9*2
1,900
44
41
423g
9,700
5712
56
56*4
40
9%
9%
9%
5
100
preferred
,.
43,100
Dec
23
Dec
6
11
Apr
6t2 Mar 30
9
June 10
Roan Antelope
29
*29%
31%
1*4
42%
1,200
Ruberold Co (The).
3,300
JRutland RR 7% pret.
St Joseph Lead
Oct
77l2 Nov 14
60
Dec
778 Mar 30
17% Mar 30
Apr 17
196s Oct 15
38*2 Dec 29
9
Oct
26
Dec
85
7684
Dec
Dec 17
10
Sept 14
7712 Dec
4% Mar
3384 Mar
5H4 Jan
28
41%
84
%
%
*%
%
%
%
*%
%
%
%
600
178
17«
1%
1%
1%
1%
3*8
1*2
*1%
1%
3%
*1%
1*2
3%
700
3*8
i3<*
1%
*1%
9
*5
9
*5
9
*5
9
*138
3%
*1%
3%
*4*4
9
*414
9
*4%
30%
3134
29%
3034
30%
85
♦97
*105
1734
85
98%
107
1784
*84
*85
86
29%
87
86
86
*85
98*2
97
97
*96
98
98
*97
105
105
♦104
107
17
17
17%
•Bin and asked
17%
prices
no sales on
307g
29%
31%
104*2 104%
16%
16%
this day.
106
16%
31
87
98%
106
16%
297g
30%
87
*85
98
98%
106*2 107
16
X In receivership
16%
a
13
Mar 31
84 Dec 27
'
17,000
..100
10
tSt Louis-San Francisco... 100
6% preferred
100
25%May 27
% Dec 16
11* Mar 25
JSt Louis Southwestern... 100
5% preferred..
100
84
*134
*1%
7% April
No par
.
I84 Dec 15
378 Dec 23
.
.
—
.
No par
Safewav Stores
Dec
Dec
14*s Mar 30
Copper Mines
69
65
No par
200
1,600
Dec
78*4 Nov 16
Rltter Dental Mfg
9%
15%
784
984 Oct
8*8 Oct
61*2 Nov
I84
Mar 25
*8%
Oct
Dec
12*4
65
12
Mar 30
3%
a
7*2 Dec
Oct 24
5
*14%
42
It's July 20
13% July 13
17% July 25
39
255s Nov 12
No par
9%
*1%
Jan 1C
3*g
lli4May31
3912 Mar 29
38 May 26
Rlcbfeld OH Corp
10
Common
Dec
27i2 Jan 26
6i8 July 19
58
July 26
284 Mar 25
3414 Mar 29
5
Spring
Dec
18*g
13%June21
30
30
31
Aug 23
1
Reynolds (R J) Tob class B.10
Reynolds
26
30
45
-.100
Reynolds Metals Co—No par
534% conv preferred
100
16%
1*4
Jan 13
Oct
30ig Jan 15
Rhine Westphalia Elee A Pow.
62
*53
9%
44*2
57*2
22
2*4
Mar 22
9^8 Mar 30
10
A.
preferred
53i%
58%
13
♦78
127g
82
Dec
Dec
Dec 19
100
*74
96*2
44
Nov 29
72,800
Oct
80
667g Dec 30
53s Jan 11
24
July 21
69
67
*55*4
Oct 11
60% Jan 31
37% Mar 31
1*4 Sept 28
1434 June 20
78
2.2
173«
Oct
Dec
484
Apr 28
67
16%
5*4
Dec 14
23%
Oct
13*8
1
68%
Oct
Jan 14
40
*66
Oct
9ig Oct 21
15ig Nov 10
I6I4
49%May
68*2
177S
484 Mar 31
91
88% July 19
Preferred with warrants..25
*66
17%
Oct
jReo Motor Car...
-.6
Republic Steel Corp...No par
6% conv preferred
100
6% conv prior pref ser A. 100
68*2
18%
85
Rensselaer A Bar RRCo—100
*66
17*2
Oct
98*4 Jan 18
20
23*2
69*2
82
June
25*2
884
300
2278
23*4
110
9,600
73%
65
1%
1%
Sept 21
39% Nov 10
13i2 July 20
18
Remington-Rand
74
117
21%May 27
8i4May 26
81
Apr 19
74%June 18
108gJune 17
Reliance Mig Co
*61*2
1*2
Sept
60
300
mmimmmm
132
50
60
4% 1st preferred...
4% 2d preferred
Real Silk Hosiery
7,400
66%
1%
13*8
,'.i.
Reading
11%
76*2
18%
......1
....25
Inc—
preferred.
15%
*60
18%
XRadlo-Kelth-Orpheum No par
Raybestos Manhattan.No par
Rayonler
*36
41
No par
15
*74
187g
$3.60 conv 1st pref-
*11
*8*2
Oct
I62ig Dec 20
Mar 29
Preferred
100
117
June 16
m\
10%
Nov 12
9
9%
11%
76*2
18*4
100
19%
438
10312
134
8
Apr
7
1534
66%
67
200
11884 Nov 30
112
No par
600
1,500
15%
1017g Apr 23
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer—No par
15%
*74
23%
5% conv preferred
Purity Bakeries
11
*64
70
21
9%
100
100
11*2
15*2
1%
*67
400
2,100
25
50
*8%
10%
76*2
24
3,000
7,900
122% May 18
35% Jan 13
105% Oct 25
Jan 12
preferred..
Oct
Oct
43*4 Oct
114i2 Mar
30«8 Oct
Mar 25
112
No par
20
Nov 14
Pub Ser El & Gas pf $5.No par
...No par
Oct 27
Oct
7
86I4 Mar 31
Mar 29
15 preferred B...... ]No par
15
67*2
1%
45,100
2%
20%
2%
1%
22%
1%
.
65
20%
4*4
50
7%
25
132
preferred
preferred.
15*2
*8*2
♦11
*8%
64%
-
1,800
114
100
100
7%
8%
6%
2,500
Dec
Us Jan 22
86
mmmmmm/
Oct
9
Jan
33s Jan 13
Pure Oil (The)
13%
Oct
Oct
16U Dec 31
Pullman Inc
100
*80
100
mm
*2
13
li2 Mar 26
lg Oct 3
H4 Dec 21
484 Mar 26
412 Mar 26
13s4 Mar 30
16,300
12%
,
7%
67*2
*74
*66
19%
9
*1078
71
1834
*41
51%
9
*67*2
*37
4*2
4*2
13
12%
147g
1634
177g
*25
13%
+
Jan 19
5i8 Mar 29
No par
20,300
79
79
78%
*80
2%
2*2
*20
*8412
13%
*12
778
7*2
86
78*2
13%
13
16%
100
♦85%
mmm
Dec
Dec
No par
Class B
1,300
116%
116% *115
116% *115
34
35%
35%
34%
35%
10
97«
10%
10%
10%
23
Porto RIc-Am Tob cl A.No par
'
36*g
Dec
8*2
11
Poor & Co class B
Oct
32
30
Jan
84
lg Dec 28
Oct
8
17% Nov
Mar 28
240
150
33
30
45
8
800
32
104% 104%
Mar 29
Aug
July 29
Pond Creek Pocahontas No par
100
130
32%
6
52
258s July 26
280
117
130
32
Apr
4*8
Mar 31
300
54%
54%
11634 117
116*2
116*2 1167s
31*4
32%
3234
104*4 104*4
104*4 104% 104%
.♦1145s 11534 *1147« 11534 *115%
*130
13434 *131
13484 129*2
104% 104%
97*4
16
800
37
36
54%
55%
116% 117
7i2 Mar 29
20i2 Apr 7
lll2 Apr 8
23 May 21
6
100
13
100
100
534 1st ser conv prior preflOO
Pittsburgh A West Va
100
Plttston Co (The)
No par
14
*184
1334
Mar 14
9% July 25
1684 Jan 12
174
%
13
Dec
June 21
2*8
*134
125g
4884
145
15*4
*%
1%
12%
12%
Nov
Pitts Ft W & Ch 7% gtd pf 100
Pitts Screw A Bolt
No par
1484
*2
Dec
Pittsburgh Steel Co....No par
*1%
♦%
*134
1234
15*4
2*8
*2
Oct
4
100
47sMay 26
Oct
25
4,200
10
4*2
Oct
Jan 17
76
preferred
conv
Oct
9UNov 14
Mar 30
$5
Oct
Oct
4
7i2 Jan 17
35
41
87S
2*8
preferred
8%
%
22
314 Mar 31
100
6%
No par
*8*8
2
Pittsburgh Coal of Pa..... 100
Pitts Coke & Iron Corp No par
*4
21%
8%
**8
22
m
*4*4
22
*4
mm
*19%
6%
7*2
22%
87«
22
mm
5
*4
22%
*8*8
*4
m
20
6%
7*2
*12%
23
36
4%
20
20%
115
Oct
Nov 14
Pleice Oil 8% conv pref
*91
5%
July 19
200
115
Oct
4
700
*91
Oct
Oct
43
7%
115
65
Dec
Mar 31
24*4
169% 169*4 *166
169% ♦166
169% *166
8
8%
8
8%
8%
8%
8%
*12
137g
*12%
137g
*12%
13%
41
40
40
40
40
41% 41%
*21
23
26
23% 23*2
*23%
23*4
*32
*34*4
36*4
*33% 36*4
*34%
36%
14
14
14*2
14%
13%
13*2
13%
884
13*2
*91
115.
484
484
5
*4%
20
21*2
*91
115
*2
144% Oct 10
6
7%
80
7
3014 Jan 18
Hosiery...
Preferred...
24*4
77g
Dec
100
Phoenix
130
24
7%
Mar
62
3018
17«
24
8%
1
9
Oct
June 25
"
25%
8*4
*24
25%
41%
$6 preferred
No
JPhlla Rapid Trans Co
7% preferred...
'
87«
Oct
7%
%
44
13*2
Jan 15
Oct
*17%
9%
100
25l2
47g
Dec
39*2
40
*7*2
Oct
27
110*4 Sept
7%
3*2
*20
4
20
9%
2
*91
13*2 Dec
Dec 28
24i2 Jan 15
18*8
*72
*40
600
mmmmmm
No par
preferred
100
People'sGL&C (Chic)... 100
conv
Mar 30
12018 Dec 3
14is Mar 31
19U Mar 28
9*4
*3
*67g
1,200
4%
14%
50
7%
75
*24
37
*3%
*13*4
..No par
Peoples Drug Stores
634%
10
No par
v t c
*17*2
*1*4
*2i2
*36
4%
15*2
Corp
$7 conv pref
Pennsylvania RR
7%
4
*36
mmmmmm
Penn G1 Sand
934
2
417g
200
*115
37
mm
Oct
7%
*U4
584
*32%
26%
mm
30,700
15
*9%
*3
*148
26*2
mm
55s July 25
July 26
167b Nov 12
30
7*2
44
99*2 100
18
217g
No par
9*2
18
*42
♦%
438
200
mrnrnrn
20%
Cement
$7 conv pref ser A...No par
9*4
7%
9%
7*2
4212
43*2
75
37
*3*4
mm
2,400
1,300
14%
*120%
22%
29%
mm.
4*2
27
14%
mmmm
*3%
*16%
*3%
15%
4%
17
38*2
*4%
*25
64i2
17»4
94
Jan 21
Jan 21
Jan
7
60
1234
Oct
Nov
Oct
Nov
9
12*4 July 26
80
578
Dec
46'2 Jan
40*4
Dec
55
Oct
58t2
Sept
8
Jan 11
8ij Jan
7
97g Nov 30
13i2 July 21
10*4 Nov
4*8
884
Oct
Doc
Jan 19
18*8
Dec
33i2 Dec 16
2% Jan 10
49*4 Oct 22
13s July 20
3% July 20
5% Jan 26
714 July 12
2984 Nov 25
17*4
2084
1
Oct
Oct
26*2 Nov
1
li2
312
Oct
Oct
Oct
10
Nov
18
Dec
100
100
Dec
6%
preferred
preferred..
70
100
68
Mar 24
°9
Nov 14
86
Dec
320
7°r,
Dreferred
100
70
Mar 26
108
Nov 18
r98
Dec
884 Mar 29
10
11
Oct
110
900
Def. delivery
5%
8avage Arms Corp
n
New stock
r
58
No par
Cash sale,
t
Mar 29
Ex-dlv
v
83i2 Dec
Jsn
Ks-rlghta
2
*
t Called (or redemption
NEW
for
% :per share
16*8
16%
7
47*2 47%
4734
4734
*11312 114*2 *113*2 114*2
%
%
*8
h
7
73 >4
47%
3'2
7334
17ig
17%
17%
20
20
19
75
*6814
7
49*2
11*4
7
%
21*8
20*i
20%
3*2
73%
*2%
3%
72%
*2%
73%
18%
19*2
*69 '
19%
19*4
1734
19*2
71%
16%
72*2
69
69
6*2
*47%
6%
6*2
49*2
*47*2
*27g
*21
30%
*278
22
3H4
>
21
21
96
*947g
*90
100
103
29%
*2%
2012
27
18*4
18U
*1734
1314
11214
*214
1714
135
*133
*13%
2334
24
24%
19%
21
19%
20%
30%
30
3%
3
37*4
3%
734
8
*21
22
21
44%
41*8
1534
1534
45
15i8
145a
*15
Skelly Oil Co
17%
18*4
20%
19%
20*8
29%
27*2
30
28
29*8
41
*37
3
7%
2,300
100
22
42
44*8
14
41%
16%
44%
14%
43*4
*15*4
15%
15*2
43%
15%
43
43*2
*42%
14%
13%
14
2*8
334
•
18*2
«22%
*3g
2812
69
67%
08
66*2
67%
07
67%
66%
28*2
28%
28%
27*4
28%
*26%
28*2
27%
7%
6%
7%
6%
2*8
37g
014
18*2
2234
6a
28*8
29*8
50*8
5134
2*8
,
3%
,
*17.
21%
*%
28%
28%
*45
50%
99
*95*2
99
99
3%
8?8
2%
2%
3*2
8*2
*1534
3%
3*2
2%
3*2
*3%
3%
2,300
8%
8%
8%
8*8
8%
17*4
17*2
*15%
21
21*2
*1534
20*4
3,600
300
21*2
21
%
28*2
*%
27%
%
28*4
*%
27%
20%
*%
28%
27%
28%
28*2
29
28%
28%
28%
28%
29%
50%
51%
51
%
50%
50*8
*45
50%
♦45
50
33
71*2
32
32
33
31%
71*2
71
71%
71%
71%
71
31%
71*2
11?8
11%
11%
11*2
6
17
8
64i4
5%
11%
5%
11
534
11%
534
15%
7%
*64%
15%
16%
15
64i4
127*2 127*2
958
10%
37
37
3*8 • 3*4
20*2
20
*28*2
10i2
1834
30
10*2
273g
273s
9*2
712
738
914
712
714
1878
*42%
6*8
*6%
44i2
46
46%
5%
6*8
126
9%
3578
3%
20
10
8%
8%
8%
20
*1878
1934
69
*187g
40
40
4%
4%
18
*16
Symington-Gould Corp w w.l
31
4%
17%
5
6
44%
■
6%
4534
5%
30%
5*2
31*4
9%
9%
*42*2
44*2
6
45%
5
31
*19%
19%
*19%
19%
*58
59
*58
59
*37%
4%
4%
40
4%
21
17%
*4
4*2
40
*37*4
4%
19
,
4%
21
8%
19%
4*2
*37%
40
4%
4*8
19
19
1%
7,500
19%
*3%
200
59
18%
'*58
100
37%
37%
90
4%
4%
5,800
18%
*1%
*3%
18%
320
24*8
24%
2634
26%
25%
*3%
3%
15%
25%
3%
14%
14
14
*12%
14
*12%
14%
1334
13%
13%
13%
*94%
13%
13%
13%
95
95
95
16*4
16%
16%
16%
16*8
17
49%
7*2
9*8
49%
48%
*9*8
10
17%
51%
7*4
*93%
94%
94%
94%
17
1734
16%
ll
50%
51
50
51
7%
7%
9%
7%
9%
9%
9%
7%
10
10
9%
9%
*9%
4
4
334
378
3%
88
88
15
4%
*1278
15
23%
24
23*2
32
32%
97*2
1*88
4%
*13
3%
26
478
3%
27
11%
4%
1134
64
64
1178
88%
12
89
19
4%
19
96
9634
*84
85
2234
38%
12%
23
39*4
12%
17
17
*115
119
63
*16%
*
63%
17%
32%
3%
*26%
11*2
4%
63%-
478
2334
32*2
3%
27*2
H%
4%
88
4%
*13
10
3%
88
4%
15
23%
24
32%
*3%
32%
26
26
11%
*4%
62*2
11%
3%
4%
3*2
*87
4%
*12
23%
*32
*3%
*25*4
11*8
4*4
62%
11*4
85*2
18%
3
3%
9*4
9
9%
9
9%
4,700
*9%
9%
9
9%
400
3%
3%
3%
3%
3,600
90
*87
4%
4%
*12%
14%
23%
33
*4*2
1,800
23
12",600
32%
32%
1,700
*3%
4
3%
29
25%
25%
*25
11*4
10%
11%
11
4*4
62%
4
4
61
16%
12
11%
12
86%
85
86%
29%
11
200
50
3,400
5% Oct
15% Nov
18% Dec
15%
48
Feb
Oct
64
Jan
Oct
13% Mar
Preferred
Thermoid
1
$3 dlv conv preferred
$4.60 conv pref
10
Detroit Axle
Transamerica Corp
4,500
4,300
84%
1,000
22
22
38%
12%
36%
37%
Transue A Williams St'l No par
478 Apr 1
2% Mar 30
Tri-Continental
$0 preferred
Corp..No
No
Truax Traer Coal
par
77
par
No par
20th Cen Fox Film CorpNo par
$1.50 preferred
No
1
22
1,000
Ulen A Co
No par
Union Tank Car
12
12
11%
1134
11%
11%
17
17
17
16%
16%
16%
16%
118% *115
118%
118% *115
118% *115
62%
62% 62%
62%
63%
*62%
63% 64%
16
16
16
*16
*16
18
*15%
17%
12,300
{ In receivership,
United Biscuit..
Preferred
~i~,66o
200
a Def. deUvery.
United Carbon.
5
6
No pa100
No par
United Carr Fast Corp. No par
n
New stock,
r Cash sale,
15«4 July 25
98
July 13
19% Nov 9
55% Nov 9
'1234 Jan 12
10% Oct 21
12% Nov 12
478 July 19
91
Nov
9
6% Jan 10
15% Nov 10
28% Nov 12
2%
36
.
1%
93%
Oct
Sept
40
Oct
Oct
21%
Dec
Oct
1%
6%
72
Jan
Feb
Sept
8% Jan
15% Mar
287g Feb
10*4 Jan
40% Jan
Oct
4
10
13%
13%
Oct
Dec
Feb
98% Aug
Feb
Oct
28%
36
Oct
79
Feb
10
Oct
17
Aug
4
Oct
22%
Oct
Dec
27%
Dec
109%
884
5*8
3%
82
4%
7
18%
Oct
Dec
Oct
Jan
Jan
11% Mar
12
Jan
Mar
26% Mar
40% Mar
Jan 13
16
Mar 30
44
Jan 11
39
Dec
94
Jan
Mar 25
13% Nov
9
7
Oct
25
Mar
6%
100%
Jan
41
Mar 31
7% Mar 30
67
Mar 31
5934 Apr 20
Un Air Lines Transport
500
5% July 25
I884 Nov 10
2% Jan 13
5% July 19
287g Nov 9
4
July 25
19
July 25
Nov
July 19
17% Mar 31
55% Mar 31
United Aircraft Corp
•
55
Jan 13
6
1% Mar 26
No par
62,300
56
Jan
Jan
54% Mar
38
100
4% preferred
3%
Mar
16% Mar 29
25% Mar 25
2% Mar 29
100
Union Pacific
55
578July 13
9% Mar
6
par
Twin City Rap Trans..No par
Preferred
100
Twin Coach Co
June 27
3% Mar 28
5% Mar 31
10
37%
36%
Mar 30
4
18%
9434
Apr 29
Transcont'l A West Air Inc. .6
10,300
84*2
Mar 31
Mar 29
31% Mar 30
6*2 Dec 8
2
86%
94%
Mar 28
Mar 30
8
No par
Under Elliott Fisher Co No par
18%
12
1%
534
10%
77%
Union Bag A Pap new..No par
Union Carbide A Carb .No par
Union OH of California
25
*21%
Mar 31
Oct
25% Oct 28
6O84 Oct 26
Mar 24
1
10
100
1,500
84%
38%
15
5,100
95*4
36%
Mar 30
53% June 23
278 Apr 13
35
Apr 12
2% Mar 31
.100
;
Mar 31
15
No par
No par
Co
578 Dec 31
684 Mar 31
13
11%
18%
Bid and asked prices; no sales on this day.
16%
60%
900
118% *115
64
17%
Oct
334
84
22
5%
334
94%
*21%
12% Aug 6
11% Feb 10
26
July 22
Truscon Steel
14%
23%
*16%
*16
434
300
19
17
*62%
90
*12
*3%
44
Mar 30
Tlmken Roller Bearing.No par
96
37
65% Apr
Oct
Oct
Timken
84%
*21%
Oct
6
,2384
4,800
84
18%
Oct
2
Jan 11
1
400
95
9534
84
22%
38%
12%
5*4
3484
8
•
38
95%
96%
94%
83%
22%
36%
1178
87%
11%
88%
18%
Oct
Mar 30
$3.50 cum preferred.No par
84%
22%
88*2
19
63
4
3% Mar 30
Tide Water Associated Oil..10
96
87%
1834
11%
6%June 29
Feb
8% Jan
15% Mar
Thompson-Starrett Co .No par
3,600
23
57*2
49% Aug
200
19,900
*32%
Dec
1,700
7*8
3*2
41
32% Mar 30
2% Mar 29
8,800
49%
33
49*2 Nov 10
8%
par
13*2
84l8
63%
12
*16%
14
13%
*94*2
60%
11%
85*4
18%
1134
*115
3%
3%
14
6%
24%
Jan
4
Apr
8*8 Mar 28
48%
4%
Jan
1534
3% Mar 30
7*4
14
Jan
Oct
Dec
17%
6*4
25
49%
*87
2384
4*g
9*2 Oct 17
Thompson Prods Inc..No par
x7
90
Oct
Jan 11
Mar 31
5,800
7%
3%
Oct
15% Aug
21
4% Mar 31
No par
Thompson (J R)
26%
3*8
pref
Third Avenue Ry..
3%
3
Mfg....
conv
100
*1*2
25
$3.60
400
1%
3*2
3%
Thatcher
1%
*1%
a2%
24%
3%
22%
484
34
Pacific Ry Co—100
4
1%
4
3%
Jan
29*4 Oct 15
10% Nov 9
28% Mar
337g Mar
5
Texas Pacific Land Trust—1
The Fair
4*8
1%
3%
*13%
13%
20%
Oct
Texas A
*3%
1334
94%
17%
51%
7%
Jan
Oct
1,400
17g
13%
*93%
39%
734
15%
32
Mar 30
7
8%
20*2
818
*19
7®4 Mar
47% Mar
Oct
9
par
334
1
Co No
Texas Gulf Sulphur....No
1%
Jan
20*2 July
61% Feb
Nov 10
Texas Pacific Coal A OH—10
*3%
*14
Oct
Dec
3,100
1,600
*134
24
8
17%
7,500
1%
25*2
4*4 Aug 1
23% Nov 12
July 20
9%
334
25
Oct
125
Jan
22% Mar 30
434 Mar 30
3%May 27
..5
25
(The)..'
Texas Gulf Produc'g
Jan
18
26
*134
334
'
Texas Corp
77*2
43% Oct 28
60
5
Tennessee Corp
Dec
Oct
6%June13
1
preferred
Telautograph Corp
44%
Aug
31%
9*2
x
*3%
1,700
19,000
5%
31
8%
19*2
5%
45%
5
9%
19%
8*2
20
5%
31%
9*2
59
8*4
800
44%
5%
*58
4*g
4%
6
44*2
20
*3%
44%
x4%
Feb
9
9
5
Jan
20
118
15
26
(James)
17%
33%
Oct
14% Mar 10
8
17% Mar 30
(The)-.50
Without warrants
Talcott Inc
Jan
Feb
65% Dec 31
128
Oct 21
'
20%
8%
200
5
*4%
9%
4%
40
17%
44%
5
9%
'
*37%
*42%
8%
20*2
*19%
58%
*4
*37g
Swift International Ltd
5%
6%
46*8
5%
31
1934
58%
4
*56%
3,600
75
21
3
Jan 13
Dec
Mar 29
834 Mar 31
100
10
2,300
44
45*2
5%
8%
21%
22
Superheater Co (The)..No par
Superior Oil
_•
1
Superior Steel
11
8% Dec 17
17% Mar 31
184 Mar 26
10
18%
3,600
2,400
Jan
5*2 Oct
6% Dec
6*2 Oct
17% Nov
1
9% Oct 21
119% Feb
100
27%
*4%
6%
*21
6% preferred
Sunshine Mining Co
8
Apr
45
par
18%
5%
•
No
Sun Oil
27%
8
7
Jan
June 17
18%
7
72%
5*2 Mar 29
3% Mat 30
1
27%
9%
Oct
14
6
1
L.No par
18
8%
1
53%
Sweets Co of Amer
634
65
12% Dec 30
Sutherland Paper Co
*7%
*42%
32% Mar
Oct
71% Nov 16
300
9
14% Mar
Oct
Mar 29
300
8
Oct
5
May 28
1,500
7%
2%
10
6
-7,900
8%
Oct
49
3*8
6%
Jan
2*2
5
3%
*7%
16*4
107% Dec
12% Jan
10
18%
7
Oct
Dec
3%
8
48% Mar
Oct
Mar
27
9
Nov
7*2
Mar
20%
6%
16
101
48
64%
8%
Feb
Apr
76
1,000
*7%
Jan
95*2
43
27*2
7*4
50
28'4
Nov
8%
Nov
27%
9%
Dec
Dec
49
19% Dec
18%
8
Jan
Jan
Aug
42
27%
9%
7%
39
35
Jan
Swift A Co.
*7%
*42%
Dec
45*2 Dec 30
15% Dec 29
70% July 18
31
July 25
9% Jan 10
107% Feb 5
3% Jan 10
6% Jan 12
11% Jan 12
23
July 2
28
July 7
2384
Oct
10
Jan
Feb
Feb
10%
8
44%
10
36
50
10%
9%
7%
49% Dec 15
17*2 Nov 9
31
35*2 Jan
29%
*7%
-<42%
9%
1% Oct
5% Dec
19% Dec
Mar 30
10%
27%
4% July 25
Feb
28%
27%
77% Mar
60
28%
27%
9%
7%
Oct
27% Dec
26% Oct
30% May
*10%
12%
35*4
34% July 25
12%
18%
30
*10%
18%
Jan
117g Mar
Jan 21
4
28%
*28
12
18%
Oct
% Dec
*10*8
18%
2934
1%
Jan 13
18%
29%
*10%
18%
65%
4
Oct
34*4 Nov 14
63*2
2,100
60*2 Mar
4
50% Nov 14
58% July 25
63*2
35*2
43% Mar
Oct
Dec
Mar 31
*63%
,
Oct
27
9
Dec 20
Mar 31
Studebaker Corp (The)
3
Oct
15
17% Mar 29
Stone A Webster
19
17
33*4 Dec 29
Jan
Mar 29
Stokely Bros A Co Inc
35%
22% Jan 12
23% Dec 30
.32% Jan
65% Mar
%
25%
2484
32%
3934
25
1,800
3%
Oct
7
13
10
10,500
20
Jan
1784
July
Starrett Co (The) L8--N0 par
33,900
36
Feb
par
Standard Oil of N J
5%
3%
19%
28*2
June
6%
42%
par
Standard OH of Kansas
7%
35*2
23% Aug
115
Oct
Oct
par
25
15%
36
Mar 31
2
Oct
Apr
Feb
60%
4*2 Mar 30
10% Sept 14
par
Stewart-W arner
36
Mar 18
l%June13
par
Standard OH of Indiana
Sterling Products Inc...
170
6% Mar 31
-No par
7*4
3%
10
.
5%
20*4
10
Standard Oil of Calif
9,000
12,600
12% Mar 31
94
No par
{Stand Comm Tobacco
1
2,600
9%
48%May 26
$4.50 preferred
11*2
125
6% Mar 31
Conv $4.50 pref erred. ATo par
Square D Co class B
1
Standard Brands......No par
{Stand Gas A El Co...No
$4 preferred
No
$6 cum prior pref
No
$7 cum prior pref
No
Stand Investing Corp..No
Mar 30
29
2
Apr
4%
26
155
130
Mar 14
71
9*2
20%
July 19
10%
*123
25
1%
Mar
Oct
19% Dec 27
15% Mar 30
734 Mar 31
70%
9%
Nov 12
11
11%
124
141
24
71%
9*4
4
Mar 26
10%
124
Jan 10
Mar 25
Spiegel Inc
58
Oct
Mar
2
14%
9%
13
110
4
No par
1
Spencer Kellogg A Sons No par
Sperry Corp (The) v t c__.x.l
Spicer Mfg Co
No par
$3 conv preferred A..No par
70%
65
984
Jan 10
16%
Spear A Co
7%
36%
10%
32
*30
17*2
114%Nov 29
3% Jan 13
Sparks WIthlngton
6*2
3%
*6% ' 6%
44% 4534
53$
5%
3034
31%
6%
_
600
Feb
Feb
46
15%
20%
*2834
5
^
•20,200
33
2984
Mar 30
7%
3%
'
50%
50*2
49%
40%
Oct
29
Spalding (A G) A Bros .No par
1st preferred
100
5*2
20%
35
*45
15,100
12,200
Dec
40% Nov 10
14%
124
9*8
9*2
%
Jan
10
6%
Nov 23
17%June17
2% Sept 27
7%
63%
124
125%
9%
32%
*30
3,600
...
Mar
54%
Mobile & Ohio stk tr ctfs 100
5% preferred
5%
7%
64i2
64%
125
50%
50%
17%
Mar
120
6% Mar 30
8*2 Mar 30
15%
5%
8
7%
9%
36%
32%
5%
*31%
120
1,900
*2
18*4
*45
0
16%
7%
05
300
22%
28%
28%
51%
90
2*8
9
22%
*%
50%
99
20,200
3%
*17
18%
22%
%
28%
28%
*97*2
900
7
6%
*97%
7
99
99
6%
2%
2*8
3*2
8%
2%
7
11*2
734
310
27%
6%
61
1638
180
60%
28%
28*8
*4212
3212
1,500
23,100
68
98*2
914'
65,500
45%
13%
45%
7*8
9812
400
8%
*20
22
*20
?2
3
197
Oct
19% Mar 31
9% Mar 31
Pacific Co
Southern Ry
Feb
177g Mar
Nov
15% Dec 13
26
Calif Edison
Southern
Feb
105%
June
100
Southern
32,800
16,400
3434
Nov
13
No par
100
3,600
48,100
400
91
90
Aug
28
Jan
Feb
19*4 Aug 26
1034Mar 31
128
Jan
Feb
44
24% Dec
1478 Nov
67
15
No par
Feb
17%
8
8% Mar 29
,...100
14
65
Oct
Oct 13
10
8% preferred..
6%
Oct 13
par
80 Porto Rico Sugar
Oct
Dec
384
44
Mar
102%
24
29,700
Feb
42% Mar
120
Nov
105
Apr 14
l%Mar 29
98% Aug
34
88
122
Apr
111
.
>12% Dec
Nov 10
98
1
Mar 28
Apr
2
South Am Gold &. Platinum.1
Oct
2%
1584
26%
24% Nov 12
3484 Jan 10
8
Mar 31
Solvay Am Corp 5H% pf-100
Oct
2% Jan
8% Jan
,54% Apr
11% Mar
Oct
Oct
Nov
Dec
Dec
May
800
7
9% Jan 11
35% Nov 9,
3% Jan 17
13
27,800
......
18% July 20
106*2 Oct
91
No par
Socony Vacuum Oil Co Inc. 15
1%
3*2 Oct
4934 Nov
Dec
10
Snider Packing Corp
3
*7%
Corp
Cor Typewr...No
Smith A
60
7%
45
No par
$6 preferred
800
37
.314
Sloes Sheffield Steel & Iron. 100
300
37
42
z84
6% preferred
400
'
3%
*3
3%
*3
*37
8*4
42%
15*2
45*2
14%
.
3*4
*20
16
10
*4414
14%
1478
3%
40
-
43*2
*37
40*8
41
25
100
Smith (A O)
100
70
.7
60
30
2,500
2934
6934
*2834
100
17%
17
24*8
3*8
*7%
22
42
45
14
5,400
Mar 30
12% Mar 30
2% Apr 5
147g Mar 30
18% Mar 31
10
Slmonds Saw & Steel..No par
Oct
16
9% Nov 12
434 Mar 31
..No par
Simmons Co
Simms Petroleum
Jan
34
60
49*2 Nov 12
12% Nov 16
28% Oct 14
93
100
SUver King Coalition Mines..6
Feb
45*4
Oct
Mar 30
3
36
5 H % conv preferred
23%
15
Aug 11
634Mar 12
20% Apr 1
10
Mar 20
par
par
par
No par
Shell Union Oil
Oct
70*2 Nov 18
45% Mar 31
25
24%
17%
17*8
par
par
Oct
3*2
34*2 Nov
Nov 12
23
Mar 26
par
1,000
18%
*3
8
*20
1534
»44i4
......
24%
*37
3*i
8
43%
*44U
26%
3
No
No
Sharpe & Dohme
No
$3.50 conv pref ser A.No
Shattuck (Frank G)
No
Sheaffer (W A) Pen Co-No
*2
98% Mar
3% Feb
July 22
80% Oct 13
18
July 19
9% Mar 30
10
Sbaron Steel Corp
$5 conv pref
3
Mar 30
47
-.1
21%
*20
133% *132*2 r135
*37
37%
3*4
21
43
26
29%
*2%
3%
21*4
20
3
37
3%
734
3l8
.
3%
8
29
30
*2%
2,600
6,000
6%
5%
19%
„
41
37*4
40
*38
19%
*37
41
*3
3*2
6
28%
30*2
*3
400
24%
18%
20%
*37
60
4,700
13%
*132*2 135
24%
24*2
24*8
18%
17%
19%
132
24%
18%
1978
41
13%
29*4
17*2
17*4
*133% 135
24l2
*37
*30*4
14%
95*4
17%
17*2
20*8
2H2
29%
35
31%
12%
13%
13%
13
12%
13*4
12%
13%
113
114
xl 13
114
*113
113% 113% *113
2%
2%
2*2
2%
3
2%
258
2*2
24
3114
3i,300
95%
*94%
*94*4
95%
*9414
*90
95
100
95
90%
*95
104%
*102% 104% *102% 104% *102
18
17%
*17
*16%
18%
18*2
*17*2
16
15*2 -15% *15
15%
16%
15%
13
13%
13%
13%
13%
13*2
14%
193s
20i2
30
3,900
—A---
11
103
18%
*15%
18%
135
*133
1,100
99*2 100
103
16
16
17
1334
1334
14i4
13
13%
13'2
112l2 *11234 113
2%
2%
2%
1714
17%
17*2
*1334
49*2
11
95*4
*94%
10434
"
*16l8
6%
*47*2
*20
27
*20%
6%
6
3%
20*2
27
100
49*2
14
30%
3%
21%
23,500
105*4 105*4 *105% 100
6*8
*2%
97
*101
6
*67
*30*2
No par
Roebuck & Co.—No par
Seagrave Corp
Servel Inc
6*2
10534 10534
6%
30%
30*2
947g
96
103
14
*18%
11
preferred
Sears
69%
6%
10%
■
...
4-2%
Seaboard Oil Co of Del.No par
12,300
72%
17
18%
200
3
No par
100
{Seaboard Air Line
17*8
1934
71
*47*2
0%
49%
11*8
31*8
14%
*30
3%
*2%
69%
18%
2,800
4,100
21
20
17%
*67
"20%
2778
27%
947g
29
28
6
6*8
31
3*8
6%
2%
U
11*8
6I4
31'2
318
6I4
46%
3*2
11*4
11%
11*8
30%
30*4
30)4 3014
30
30's
14%
14*8
14%
14*4
14*2
14*2
104l2 104lg *104% 105% *105% 100
11*8
$4.50 preferred...-.No par
%
'
27*2 Feb 25
5*2 Jan 14
10
17*2
4912
1% Mar 29
16% Mar 29
234 Dec 28
1,000
114*2 114*2 *113% 114i2
%
%
*%
%
*2
*2
2%
2*4
20%
17*4
112% Dec 12
% Jan 6
46%
3434 Mar 28
46%
51*4 Mar
Dec
1% Nov 25
100
No par
share
Dec
10% Nov 25
50% Oct 6
11334 Dec 23
7g Jan 3
8% preferred
Scott Paper Co
per
22
71
Mar 30
1,600
share $
6
%Sept 26
1
{Schuite Retail Stores..
1,600
%
6
per
Feb 23
85
62
$
share
per
27% Jan
13*4 Sept 27
June 14
5
100
5H % preferred
%
%
7214
Distillers Corp
Scbenley
6*2
%
6*2
*45%
47%
114%
*2
600
72
72
%
6%
21%
2%
3,900
$
$ per share
Highest
Lowest
Highest
Lowest
Par
Shares
15%
15%
73
*71
34
72*2
634
6*2
*48
73
*6%
47*8
47%
114*2 *114
*2%
.76
*69
7
*47*2
*71*2
%
%
1912
7212
72*2
%
8 per share
15%
15*4
2%
21%
3i2
73%
17%
*27,
16
7
*114
22
21*2
*2%
22
15%
Range for Previous
Year 1937 •
Year 1938
100-Share Lots
or
On Basis of
STOCK
Week
13
Jan.
12
$ per share
$ per share
16%
7
2%
*2
214
*2
22
share
%
34
*8
*6%
%
%
*6*4
per
16%
*71*2
72
71*2
72
*71
$
$ per share
16
16%
Jan.
YORK
1939
14,
EXCHANGE
the
Friday
Thursday
11
Jan.
10
Jan.
9
Jan.
7
Wednesday
Tuesday
Monday
Saturday
Range
STOCKS
Sales
NOT PER CENT
SHARE,
PRICES—PER
LE
Jan.
Jan.
New York Stock Record—Continued—Page s
246
x
20
Mar 30
19% Mar 30
5
Mar 30
14
Sept 14
100% Jan 20
39
Jan
4
12»4 Apr
1
Ex-dlv.
0
Oct 27
70% Nov 25
15*4 Aug
6
9078 Nov 10
22% July 21
99*2 Nov 10
83*2 Nov 10
23*2 Jan 12
43% Dec 19
1334 Nov 12
25
234
Nov
Oct
1% Oct
46% Nov
87g Deo
61% Nov
17%
Oct
80
Nov
78
Oct
22
Nov
1034
5%
Oct
Oct
Nov 14
15
Oct
118% Aug 19
73*2 Nov 10
20»4 Nov 10
110
Oct
20
0 Ex-rights.
36% Dec
17% Dec
60
17%
Mar
Jan
Jan
18% Sept
111
28*4
Feb
Feb
148% Mar
9984
Jan
31% Feb
35% Mar
24% Jan
30*4 Jan
117% Feb
91
Feb
35
Mar
1 Called for redemption.
Volume
LOW
AND
HIGH
Saturday
Jan.
Jan
9
$ per share
34
8%
72
3%
*66
512
*7
6ig
*32l2
6784
68
67
5%
*32%
89
*8g
86
%
7i2
97S
*6i2
97g
108
67
67%
.
.
86
69
5g
6'2
IOI4
106
.
7%
7%
33l2
*3U8
22%
23
5l2
95g
*58%
65
4578
5%
35
35%
4534
45«4
*314
3l2
8ig
*8
*2
12l2
200
8
8
7%
8
6%
6%
6%
6%
934
934
86
9%
934
88
86
*85
%
*%
7%
7%
*31%
21%
33%
*5
534
77g
4,400
16,800
100
8
*6%
4,900
800
6%
934
934
*85
%
40
9%
65
*58i2
4334
5i8
47-%
43%
94%
47%
4334
45%
97
95
61
5934
60
59%
97%
59%
66
675f
118
66
657g
117
35
45
45
2
3%
8
1%
*4612
*1234
14l2
45
3%
*48,
14%
6234
117
35%
45
3%
8%
8%
1,000
2
2
*48
54
*12%
13%
1,500
■
14
*1234
*81
83
83
81
*81
83
160
*159
160
*159
160
*159
160
*159
160
20
*65
70
*64
70
*65
70
*64
70
65
65
*61
70
10
34
58
*18ig
27%
*3134
26
285S
40
40
26
*18lg
28l2
*32
113l2
*39
41
*
*
80
*22i"2
*2
124
*119
71
*685«
*119l2
*13g
124
*68%
*118 '
JJ
1%
*134
*6%
1814
1%
H2
3
3
*134
23g
67s
183s
87i4
2%
678
1814
87%
*6i2
*1712
*83%
8%
884
8%
48%
*1978
*1312
*212
48l2
20ig
*84
48i4
197g
*13l2
2l2
*35l2
1434
234
38
38
6I4
40
*3l2
*83s
*3%
14
9%
3134
*3
r
*75
78
*91
9412
*103
105
*5l2
22
*7%
18
*8312
87%
8i2
8%
*483g
49%
1978
20
14
2l2
42
63s
2%
40
122
*110
122
100
69
69
10
*68%
747g
*118
•
*118
-
634
6%
1734
*17%
18%
87%
87%| *84
8%
734
*84
8%
48
20
*1934
*12%
234
40
2%
*35%
6%
38
*37
47%
3%
3
*33s
*33g
9%
29
28%
23
28%
22%
3134
3i8
31i2
3ig
31%
3%
22%
31%
1
1
27%
31%
3
1
2714
14.
3
1
■«.
2734
*21?
40
5%
20,600
3%
7,800
*3
14
75
9%
3
105
105
*1
91%
105
*3%
734
*6
734
*6
84
34
a4
%
%
%
H2
2314
u2
23l2
29%
1%
23%
30%
13g
l3g
23%
13s
112
114
113
11434
22%
27% 29
111% 112%
138
138
*137
140
137
20
20
20
2912
2014
*37%
*2014
*3712
<*20t4
38
22
22
19%
*37%
*2014
*31
3278
*31
327g
*31
75
*60
75
*60
75
*60
90
*76
90
*76
90
19%
38
21%
327g
♦76
28
293g
108% 11234
17%
137
1%
22
• 2234
27%
28%
108% 110
137
137%
18%
*37%
*20%
38
90
90
92
92
*79%
92
26%
*79%
2734
*79%
2812
*79l2
28%
92
58
5a
*56
58
♦56
58
*54
58
*53
*11
14
-'*11
14
*lli4
14
*11%
14
*11%
14
*11%
1134
1234
7
1234
7
*15s
19
134
19
12%
67g
*15g
12.%
1834
1834
3ig
7
•134
12%
12%
684
634
1%
1834
3%
3%
*1%
18%
33g
2%
4%
3%
3*8
2i4
4%
434
*47%
*107i4
23g
2lg
*45g
2%
2%
478
4l2
45g
4812
*4l2
45g
47g
48%
*45
484
*46
2434
.50
49%
22
22
22
48%
25
.50
*10714
25~
24U
495g
5018
21%
25
*107%
_
2H4
*68
76
*68
*5912
67
*59
*37
40
*3634
40
5434
*49
5034
*49
1131Z 1135s
109
-
*35
*491*
*7712
30 84
7734
7712
31
3034
197« " 205s
106% 10612
205g
5284
205s
5334
1914
*67
75"
106i2 106i2
1934 20
5014
52%
*
*58
Illl2 *110
7712
3034
20i2
12%
634
1%
*6%
1%
I884
3lg
5
12
45
*107%
25%
24%
50%
49%
21%
20%
-
-
-
«,
,
18
2%
4%
2
4%
45
*65
24%
50%
21%
MM.**-
77%
3034
20%
10712 108
20
*76%
30%
19%
108
20
20
19
5U2
52%
50
108
19%
51%
87
85
85
*83
29
29%
27
28%
26-%
27
20*4
2712
19l2
29
20%
31®
20
20
20%
19%
19%
3%
33g
3%
33g
3t?
*85
•
312
3l2
87
*82
87
Bid and asked prices; no sales on this day.
27%
*6%
1%
*17%
58
14
1134
7% preferred
$3.85
Sept
"238"
Jan 21
Jan 21
18i2
Oct
Oct
2
105
June
743s
115
Feb
Jan
1234
Jan
113
Dec
135
Mar
37
Mar 31
50
Dec
98
Mar
Mar 21
77i2 Dec 15
119»2 Oct 26
25g Jan 11
1% Mar 23
43g July 23
116% July 19
1
U4 Dec
74
7
Mar 29
4% Mar 30
30
11734
Feb
2
Oct
2t2 Oct
218 Oct
6*8 Dec
33g Feb
8I2 July 25
20U Jan 10
87% Dec 9
10% July 22
Mar31
54
18
Oct
7184
Deo
3U
Nov
Oct
32
1734 May 18
203s Dec 28
8
Mar 26
2
Mar 26
l»i4 July 27
4
July 16
51
July 20
23
100
6
Mar 31
20
$3 convertible pref--No par
$1 1st preferred
No par
6
pref
J Warren Bros
*33%
*44
108
110
Mar 26
Oot
17
Oct
134 Mar 31
Mar 31
I22i2 Jan
10i8 Mar
183s Mar
16
Mar
19%
Feb
49
Feb
92i2 Aug
I884 Mar
No par
1
7% preferred..
6% preferred....
*
70
71
Apr
Apr
823gMay 28
100
74
Mar 29
WJfest Penn Power 7% pref. 100
116
Mar 31
.1.100
6% preferred
Western Auto Supply Co... 10
Western Maryland
111%
6
Jan
1234May 31
8,500
13,200
Westinghouse El & Mfg
80
2,300
+«*
-
500
1,100
10
M,
«.
»
mm
10Q
-
»
103
77%
29%
19%
107% 108%
77%
29%
18%
18%
48%
18%
49%
8684
*82
144
Oct 14
21
Oct 24
39
Dec 14
preferred
3%
I In receivership,
4,400
3,600
1,600
3%
a
Dei
delivery,
Oct
Oct
1
Oct
1%
Oct
22% Dec
1734
Oct
87ig Nov
113
Oct
1084
$5
conv
11<5%
Jan
2912 July
1134 Mar
23i2
434
1U4
83i2
5734
167%
Mar
Mar
Mar
Jan
Mar
Jan
170
Oct
Jan
303g
3478
Dec
39
Jan
May
27U
Feb
Jan
Apr
115
Apr 12
14% Mar 26
3234 Nov 12
19
75
Mar 29
95
4
75
Nov
126U Aug
prior pref...No par
42
May 27
IO84 Dec 27
61
Nov 12
55
Dec
'4i2
Oct
9034 Aug
23i2 May
33»g Feb
1878 Jan
...—
White Dent'l Mfg (The 8 8) 20
White Motor Co
.1
6'8 Mar 31
Wilson & Co Inc
No par
11
Jan21
3
Jan 22
3
Mar 24
32
Mar 30
Oct 25
Woolworth (F W) Co
1018 Mar 29
36
10
preferred B
Jan
3
ID4 Mar 29
42
Mar
9
100
10
70«4 Oct 27
Prior pf 4H% conv series. 10
28'4 Mar 30
Wright Aeronautical—No
27
5512
61%
2084
8%
par
Yale & Towne Mfg Co
Preferred
25
71
100
Young Spring A Wire..No
Youngstown 8 A T
No
r
Casb sale.
Mar 30
Mar 31
Jan 31
3
Jan
Mar 30
312 Aug
3ig
678
57s
6OI4
10634
Oct 26
Oct
6
Oct
8t2
1%
Oct
11
1»4
2
Oct
Oct
Oct
Dec
483
4%
Dec
Oct
49'4
Dec
126
Aug
65
Mar
634 Mar
Jan
46'g
6I4
Jan
5i2 Sept
12
Sept
12i4 Feb
9184 Mar
14
101*2
Doc
9
9
19
34
Dec
12
Oct
54i2
Oct
112i2 Mar
40
Oct
100
14
16
9
29
13%
653$
Dec
47
Jan
Jan
Mar
34
Dec
40%
3934
Dec
54
Nov
38
Oct
128
Mar
Dec
Dec 28
5812
Oct
76
Jan
July 5
21»4 Oct 19
2134
Dec
62i2
7i2
Oct
373g
Jan
Feb
39
109
Oct 13
11% Mar 29
68
Dec
142
Jan
3l's Dec30
9
2'4
1
Dec
J
July 19
Jan 21
Dec 7
62i4 Mar 31
?1
90
Jan 10
275g Nov
5334 Nov
27UNov
72i2 July
7514 Nov
48I4 Nov
6538 NOV
121U Dec
78
6
257g Aug 26
57U Nov 12
8612 Nov 15
24
par
5M% preferred
100
Youngst'wn Steel Door.No par
No par
New stock,
Mar 28
9% Mar 31
par
Zenith Radio Corp
Zonite Products Corp
15i2 July 19
1514 July 25
2484 Oct 19
103
Worthington PAM (Del)No par
Preferred A 7%
100
4
Sept 28
D4 Mar 31
..100
$6 preferred
Jan
Jan
5
WlsconsinElec .Power 6%pf 100
Woodward Iron Co
10
n
90
MarlO
12312 Mar
100
Wheeling Steel Corp..-No par
Wrlgley (Wm) Jr (Del).No par
191?
25s
5i2
70
Yellow Truck & Coach cl B._ 1
27
26%
1834
Feb
Aug
60
65
Aug
109
Mar 19
300
100
1247g Nov 10
Mar 31
108
103
14%. Deo
912 Mar 30
3118 Mar 28
Feb
Oct
2
15g Jan 11
33g July 22
34% July 20
33UNOV 9
Jan
Mar
8412
Oct
2678 Dec 29
11912Nov
2i4
56
88
60
1,000
54,800
280
Oct
Nov
76
100
100
Prior pref 4H% series
1,700
84
(
31t2 Nov
1034 Oct
2118 Dec
6%
36,200
7318 Nov
20'g July 25
3U2 Dec 30
$4 conv pref erred...-No par
190
July
Oct
Mar 31
White Rock Mln Spr Co No par
White Sewing Mach
No par
100
Oct
1
Mar 31
500
2,700
10,900
2,600
21S
2314
10
500
30
46
38i4 Feb
50»4 Aug
984 Feb
20
conv
Jan
Oct
30
conv
Jan
Oct
preferred
Wheel & L E Ry Co
5%
Preferred
5,100
60
Nov
Westvaco Chlor Prod..No par
+i
5,500
60
1st preferred
Weston Elec Instrum't.No par
Class A
No par
Jan
Oct
Jan 10
I6I2 Mar 31
1534Mar 31
6I84 Mar 31
Jan
1214
3514
117% Oct
llOi2 Apr
9
Mar 25
84 Dec 12
-
3
Nov 22
3
% Mar 23
7,500
Jan
100
-—100
6% preferred..
100
Western Union Telegraph. 100
Westingh'se Air Brake. No par
18
69i2
16
Jan 10
Western Pacific
Mar
Ocf
llig
103% Dec 13
4%
1,100
Feb
20
Jan 28
258 Mar 31
1,500
-
9
July 30
82% July 29
102% Jan 3
126
Jan
Feb
Oct
2%
39
9784
July
9
100
4% 2d preferred
-
-
1 >2
84 Sept
25% Mar 31
100
10
200
1% Mar 26
Dec
51%
1978
503g
IO84
9918
Dec
484
34% Nov 10
414 Oct 15
2,900
L
2612 Dec
4% July 15
1634 July 15
Mar 30
Webster Eisenlohr
Oct
33
17
Wells Fargo & Co
Oct
2
Aug
.1
50
*
77g
July 19
45
Wayne Pump Co...
400
no
8
334Mar26
»
No par,
No par
conv
1%
3734
49%
38
2534 2634
18%
19%
3%'
3%
5%
32>g
11612nov
Oct 13
75
49
*82%
Oct
Feb 20
No par
7
18
*56
112
87
Oct
Oct
25% Dec 31
Nov 10
92
•
49
77
914
1414
97
Nov
8
*65
30
287gNov 9
366gNov 12
Oct
1207«
500
1834
20%
107% 107%
18%
19%
4734
51%
16
Mar 29
6,100
30
Oct 20
2% Jan
58i2 Jan
39% Mar
445g Jan
100
4%
*76%
Oct
5g
37
4%
773s
20
Jan 10
Oct
43% 44
43%
43%
108% 108% *105% 108%
24
24
23%
24%
4834
48%
4978
49%
20
1934
2034
19%
30%
Jan
Ug
28«4
Dec
338June 16
*33
Jan
108
8
10
52%
164
Oct
3
2,100
38
Nov
29
Dec
Jan 11
4%
*49
135
83
Jan 20
l%June 16
*36
Jan
159l2 Dec 15
4>2
1
52%
86
984
1534
Willys-Overland Motors
6% conv preferred
38
Jan
May
Nov
46
Apr
Apr
6,900
75
21
47
12%
Mar 30
2%
*56
77l2
3034
2634
*79%
2%
4%
4%
*65
Dec
Dec 13
Deo
Mar
2%
4%
75
Nov 12
Mar
6
4
Oct
15
86
52
May
Wilcox Oil A Gas
4%
Feb
"Feb
818
84i2
47
8,600
i
3%'
914
Oct
80
3%
*56
*110% 11478
6%
1%
18
Oct
1
115
8
3%
75
113
12%
Jan
66
June
8'4 Mar 31
1% Mar 30
3%
-
-
6%
*1%
18%
3%
2
4%
4%
11%
150
27g
3'8 July 25
25
75
*77"
60
92
June 20
4712 Sept
534 July 21
IOI4 July 29
31
21
*_
*79l2
28%
Jan
12612 Mar
5% Mar 26
No par
Warner Bros Pictures
110
32%
60
Feb
Mar
7538
Oct 21
Co.cL A.No par
Class B
250
19
232
*58
27%
Preferred
West Penn E! class A..No par
327g
60
36
4812 Nov
100% Oct
Oct 10
118
105
57
No par
30
21%
*77
71% Nov 12
121
Dec
Mar
7214 Mar
1938 Jan
7238 Mar
3584 Nov
100
1200
*37%
21%
75
58
112
1% Apr 13
100
75
*31%
90
'
Oct
Mai
Jan 22
100
Wesson Oil A Snowdrift No par
$4 conv preferred
No par
*4
13g
.
19
38
20
70is Mar
2,100
7%
34
137
137
38
Oct
Oct
43% Dec
52i2 Nov
Oct 13
7284
Dec
3%
5612 Nov
10918 Nov 21
Mar 30
500
*6
29
24
6*4 Dec 16
3%
27%
65
July 25
11
1,130
1,700
*3%
22
Nov 12
7
16% Mar 31
3%
378
%
1%
2234
.
-.6
1%
27%
7
«4
u2
28%
*71%
92
,
43% Feb
15% Mar
2238 Mar
No par
105
4
Oct
Warren Fdy & Pipe
Waukesha Motor Co
93%
*33g
Oct
Oct
6i8
Feb
23i2 Mar
42
105
Walk(H)Good & W Ltd No par
--
1,200
123
4
16%
334
900
•
92%
104
104
104%
10434
93%
93%
94%
94%
94%
*122
122
122l2 123
122
127
123%
116'2416l2 *116% 118
*116% 118
*116% 118
2484
25%
24
2334 25
24%
24%
,2334
105
9114
70
113
....100
92
27%
92%
74
9%
*27g
1
28%
74
95
1
Walworth Co
172
2978 Dec
June 19
13i2Sept 28
234 Mar 29
-1534 Mar 30
5% preferred
100
Virginia Ry Co 6% pref... 100
Vulcan DetInning
.100
100
•...
3034
75
23
14
*9
30
*92%
6
100
Preferred
Jan
Jan
Feb
40
No par
JWabash Railway.5% preferred A
5% preferred B
137
30i2Mar 30
No par
Virginia Iron Coal & Coke. 100
50
31
79
97
6
Chem
Mar 26
11% Mar 31
1414 Mar 31
..—100
Va El & Pow $6 pref
100
30%
*278
95
16
Vicksb'g Shrev A Pac Ry ColOO
300
27%
22%
*75
%June 22
534 Mar 31
40
*3%
27%
*9U2
May 11
27% Mar 30
Vanadium Corp of Am.No par
Van Raalte Co Inc...
5
6% preferred
3
Mar 31
134
100
Va-Carolina
Feb
7%June 13
48
1334June 10
2,300
2%
2134
78
37
No par
Victor Cliem Works...
Dec 23
758 Nov 29
1% Mar 26
United Stores class A..No par
$6 conv pref A
No par
Ward Baking
28
91
3
No par
41%
1
26
Waldorf System..
*35%
5»4
3%
*27%
Mar 31
91»4May 31
29% Mar 30
40
Apr 25
Walgreen Co
No par
4 Vi % pref with warrants 100
*37%
,
38
100
Stockyards Corp
1
Conv pref (70c)
No par
200
22%
91
*104
*»
-
6
*33g
*75
.
4734
22
1%
273«
—
7,200
27
.
Mar 31
900
40
*9
255
20t2
3478
Oct
154% Nov
534 Dec
Mar 29
Mar 31
Oct
Nov
71
538 Mar 26
21
2434 Mar
.100% Feb
358 Jan
495s Oct 13
13%Mar31
3% Mar 30
No par
Vick Chemical Co..;
43g
5i2
53
10% July 19
June 20
45% Jan 3
24484 Mar 31
Oct
16%" "Feb
35i4 Jan 12
3014 Nov 14
7ig Oct 1
1312 Nov 16
4% Mar 29
50
Nov
84
4
10
7% 1st pref.
70
'
2%
5%
Nov
United
-
14
29
2738
*
173
278 Mar 31
Vadsco Sales
Jan
3% Oct
5% Dec
9
300
20
14
23
1
W
*
700
w -
Nov
24
8% preferred
Universal Pictures 1st pref. 100
Jan
9% July 23
162% Mar 28
No par
.....100
17
11378
I25g Nov 10
115
2U2 Mar 30
7% pref
8684 Mar
Oct
Jan 18
Mar 31
20
Tobacco
Oct
Mar
Oct
Nov 10
114
634 Mar 30
100
Preferred....
63
9
8734 Dec 13
312 Mar 26
100
Feb
9i2 Mar
101
Nov 22
13
1
No par
8% 1st preferred
Oct
Oct
52
8
1278 Nov 10
114
May 6
3s Dec 28
55
5
U 8 Rubber...
24
85s Oct 27
No par
Imp
6712 Aug
258
'
47
*12
*9
27%
«.
600
8
7%
*1934
3%
9%
-
6%
1734
87%
14
5%
-
134
2%
2%
49
38
12
-
-
20
*35%
3%
12
■'im
2%
*134
*60
2934
10
*1%
*76
29
10
1
*6
2214
3278
*7
1%
,
100
2%
10
2%
2%
6%
38
314
734
38
*2%
v
38
*6%
84
2%
1%
29%
2314
3ig
50
114
*2%
*134
634
3i2
123g
9l2
3184
114
114
Corp
Mar 31
4*2 Apr
U 8 Smelting Ref & Min___50
Preferred
50
U 8 Steel Corp
No par
800
134
3U
*9l2
♦33g
23
1,600
3,100
234
2%
67S
1734
48%
*1934
*12%
*2%
20
*13l2
25g
*35l2
6i8
4
28
22
*110
-
8
378
234
*134
*6%
1734
m
—
"22"
*13s
2%
67g
•
*7
747g
*84
1%
3
-
*26%
2%
*118
U2
*234
*134
*612
*1758
-
4%
27%
114
120
*68%
»
2234
378
8%
120
76
*118
784
,,
122
4
20%
*37l2
834
334
141
*3134,,
2
334
84
20
2
4*2
1%
u2
23I4 23l2
29i2 3012
IMI4 117
♦137
2%
1434
91
*9U2 93
91l2
*12212 124% *122l2 123
*116ls 118
*116% 118
25
25
253g 257g
*334
*2
80
Apr
6%
74
Jan
Jan
10U Aug 20
62
.'...100
U 8 Pipe A Foundry
30
39
*
80
"22"
114
38
1
28
27%
114
39
397g
27%
29i8
.
30%
2418
317S
3%
*23%
*114
400
4%
38
334
*29
48%
6
6%
*37
29
4%
8i2
,,
22%
*27%
23%
ib", 000
28
26»4
IO6I4
Mar 26
20
Preferred.
500
♦
80
29%
115%
*685g
3
3
*58%
22%
4%
26%
Oct
Dec
Sept 17
5^% conv pref.
...50
U S Industrial Alcohol.No par
U S Leather
No par
26
*39
39%
414
*119
71
-
39%
*18
28
300
34
32
3034
*3034
3134
113% 11312 *112
114%
113%
*734
8
261?
32
*%
26
*18
28%
32
28i2
115l2
2J2
8
27%
*112
34
*%
26
65
"2214
414
*2
84
40
*
29
28%
11
*119
26
40
80
*%
*18%
%
*18
23
*114
2l2
*8
■
4
4%
2984
116
,
"23"
2334
4%
2934
*114
H
28l2
275g
28%
32l2 *32
32%
11312 113I2 *112
113%
34
*113
58
.
Mar
6
Universal-Cyclops Steel Corp 1
83
*159
16
3
100
Universal Leaf Tob.
*81
160
Oct
Mar 14
No par
U 8
5
878 July25
8*4 Mar 30
No par
U 8 Realty &
Jan 12
1078 July 18
100
No par
100
100
84
159
*58
U S & Foreign Secur
200
*82
82%
50
No par
$5 preferred
No par
United Mer & Manu Inc vtc_ 1
United Paperboard.
10
600
8%
2
54
No par
Halted Gas Improvt
340
3%
2
14
400
64% 114,100
117%
3,000
3538
1,700
*44
3%
8%
66
*48
54
*12%
*82%
*63
99,200
7,600
1,700
•
44
33g
8%
2%
*2
2%
44
3%
*8
54
*63% 6 534
62%
66%
11634 117%
34
3434
117%
34%
34%
45
54
47%
4,000
73s
21% Mar 31
Prior preferred
"5",400
5
8i2
4678
39U Oct 14
5
share
per
Oct
80% Jan 10
5
cl A
2
25%
4%Junel8
100
Highest
share $
Oct
per
Oct 17
5
United Electric Coal Cos
conv
$
458 Oct 17
38
412 Mar 29
60
Apr 1
3
Mar 26
Partic &
Lowest
share
.10
United Dyewood Corp
Preferred
65
98%
3434
8
42%
60
64%
33g
*58%
41%
47g
65
42%
5
per
Mar 26
Mar 31
U 8 Hoffman Mach
1,800
1,000
1,700
5
9%
5%
4534
95%
.
487g
99%
61%
66%
118
22%
5
9%
5%
41%
53g
2134
5
2
22
7% preferred..
800
9%
9%
*58%
No par
U S Gypsum
33%
$
No par
30
7%
*31%
2134
"
43%
*58%
42%
44%
5%
98l2
6U2
6612
66l2
5
9io
65
*67g
33%
300
2,200
Highest
share
$3 preferred
United Drug Inc
U S Freight
200
%
per
United Corp
$5 first preferred
U S Distrib Corp
Conv preferred.
1,400
88
*%
7
7
*31%
2134
434
22
5
934
984
8
*12%
•
■
*%
7%
2
1212
2,300
$
United Eng & Fdy
United Fruit
10
534
33%
22%
*45
2ig
69
714
5h
8
54
*45
*60%
5%
%
22
47%
4958
99l2 100%
635g
635g
66i2
66l2
65%
67i8
1175s 118%
*34i2
3514
*44i2
4534
33g
38s
101l2 10112
*63% 65is
*66l2
6684
66% 68
118
118l2
65
*3118
453g
53g
50 34
65
6
*32% 33%
3234
33%
*31% 33
67
66%
66%
67%
65%
66%
11%
11S4
11%
11%
11%
11%
11134 11134 *112
11434 *112% 115
2i2
65
44
4578
5*8
50
6834
100
.
2212
5i2
95g
*5
5i2
10
*9%
*58i2
8
78g
3
5%
*7%
Range for Previous
Year 1937
100-Share Lots
Lowest
5,400
3,400
*6
7
6%
*6%
634
634
6%
984
10
934
*9%
*9
9%
9%
934
106l2 107l2 105% 106%
107
107
105% 106
176
17414 17434 *173
*173
176
*173
176
107
7i«
5%
8
6
On Basis of
Par
30,400
33%
*7
86
*3g
3
27g
5
8%
534
Range for Year 1938
8TOCK
Week
33%
247
EXCHANGE
Shares
*6
*173
_
*3H2
23
*85
*3g
6i2
*9i2
108
*173
NEW YORK
$ per share
3%
34%
5%
10
STOCKS
the
6
6%
33%
6%
3
33%
5-%
*7
1178
12%
II84
12
1134
11/8
*llll2 114
*llll2 114
*U1J2 114
784
7%
8
8
734
8%
7
6i2
6%
*6%
7
*658
10
10% 10%
934
934
10
*86
Sales
Jan. 13
*65%
*66
63g
3314
67l2
6i8
327«
Record—Concluded—Page
CENT
Friday
12
$ per share
3%
343s
34
85g
72
6ig
3278
3
3%
35%
8
Jan
$ per share
53g
514
*714
NOT PER
Thursday
11
Jan.
345»
35
514
Wednesday
10
$ per share
3L
3ig
SHARE,
for
Tuesday
3l2
35%
5'4
*66
PRICES—PER
Jan.
$ per share
34i2
514
83g
SALE
Monday
7
3i2
New York Stock
148
Mar 30
12i2 Dec
3418 Nov
70
46%
Feb
017g Mar
Oct
15
Mar 31
2534 July
7
17S
Dec
3
5^ Mar
7
21*
Oct
4384 Aug
9i4 Jan
Jan
E*-dlv.
v
Ex-rights.
Jan
1 Called for redemption.
Jan.
1939
14,
248
STOCK EXCHANGE
YORK
NEW
Bond Record, Friday,
Weekly and Yearly
unless they
No
occur.
Friday
Friday
Range or
Range
Sale
Friday's
Bid
A
Asked
for Year
EXCHANGE
N. Y. STOCK
Price
13
Week Ended Jan.
High
Low
Treasury 4s
1947-1952 A
1944-1964 J
1946-1956 Ml
1940-1943 j
.>1941-1943 m
1943-1947 j
1941 F
1943-1945 A
....1944-1946 A
..1946-1949 j
.1949-1952 J
Treasury 3Ks.
Treasury 3Ks..
Treasury 3Hs---
Treasury 3Ks
Treasury 3K»
Treasury 3 Kb—
Treasury 3KB--
Treasury 3KB-..
Treasury 3 His
1946-1948
............1951-1965
1955-1960
2kb..........1945-1947
2Ks
...1948-1951
2KB1961-1954
2kb
1956-1969
2kb —.-.1958-1963
O
d
8
D
8
D
A
O
O
D
d
Treasury 3s
J
Treasury 3s
M
m
M
M
J
M
J
J
J
M
J
M
J
Treasury 2Kb
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
...1900-1965
....1946
2Kb...
Treasury 2Kb
...
1948
1949-1953
.1950-1952
Treasury 2 He
Treasury 2kb
....
Treasury 2Kb
Treasury 2s
1947
Federal Farm Mortgage Corp—
Mar 15
3kb
21
116.4
114.24
24
111.22114.23
113.20
5
D
S
8
S
S
D
104.31
5
104.13 106.27
106.25
6
106.16108.2
7
107.18110.25
107.7
107.7
107.7
1
110.2
109.30
110.3
43
25
106.26108.14
110.5
110.3
107
109.16
109.18
19
105.27109.12
109.10
109.14
109
108.30
109
110.6
110.7
11C.3
107.2
105.19109.6
108.27
19
106.2
107.12 107.11
107.16
17
103.26107.11
104.22 104.21
104.26
168
101.24104.23
107.11 107.10
107.13
106
106
48
101.27105.30
104.13
45
100.26104.9
103.21
118
105.29
104.13 104.8
;24
103.25107.4
100.14103.17
103.2
154
102.28 102.25
102.30
219
106.18
106.18
1
105.12
105.13
53
d
1c2.27 102.23
102.29
206
102.28 1c2.26
102.31
38
100.4
102.26
d
102.10 102.9
102.13
57
102.3
102.11
D
d
d
103
102.29
107.12
1944-1964 M 8
107.13
107.2
107
100.6
102.7
102.30
102.26
102.14106.14
6
11
105.13
101
99.18102.27
103.28107.10
103.4
106.30
106
Corp—
May
1 1944-1952 MN 107.3
106.3
5
103.22106.18
105.4
J
1 1942-1947 M 8
Mar
113.20
105
109.31
103.16
15 1942-1947 J
....Jan
3s...
2kb
110.8
110.2
104.31
106.23 106.23
..May 16 1944-1949 MN 107.6
3s
119.6
119.8
113.20
119.3
105.4
1
1 1939-1949 F A
1942-1944 J J
2f^s series B..Aug
2Kb series G
Foreign
Govt
30
103.9
106.28
102.17
7
101.9
103.13
104.11
104.14
21
101.5
104.15
Agricultural Mtge Bank
♦Gtd sink fund 6s
(Colombia)
1947 F a
1948 a O
Akershus (King of Norway) 4s.1968 M 8
♦Antloquia (Dept) coll 7s A...1946 J
j
♦External s f 7s series B
1945 J
♦External s f 7s series C
1945 J
♦External s f 7s series D
1945 J
♦External s f 7s 1st series
1957
♦External sec s f 7s 2d serles.1957
♦External sec s f 7s 3d serles.1957
Antwerp (City) external 6s....1958
Government)—
1971
1972
8 f extl conv
1972
Australia 30-year 58
;—...1955
External 6s of 1927
—1967
External g 4kb of 1928
1956
♦Austrian (Govt's) s f 7s.
1957
State) 6kb...
External s f 6s
...
7s
f 6Ks—.
♦External sinking fund 6s..
♦Brazil (U 8 of) external 8s...
♦External s f 0Mb of 1926..
♦External s f 6Ms of 1927..
♦7s (Central Ry)
Brisbane (City) s f 5s
Sinking fund gold 6s.
External 30-year 8 f
♦Berlin (Germany) s
38
93 K
21
95 k
MN
91k
F
j
J
"79"
M
100 K
59
j
*102K
102K
72K
73 K
100K
73k
j
71 K
50
73 A
60 K 105
101
101K
j
98 k
F
O
65
65
96 K
88 K
o
m
M
J
:16H
17 A
9
20 k
20 k
1
17K
97k
16
88K
106H
105H
23
114
114
1.14k
7
105
18
17 K
23 K
24
11
23
.1968 j
.1941 j
iik
.1957 A
10
20
18k
11k
18k
2
11K
27
9k
10k
70
9k
10 k
10
97 k
97k
97k
13
8
95
101'H
100 k
13
98
103
11k
15
10
.1958 f
A
97
d
99
99
D
11K
11k
*55
m s
50
78
51k
47
70 K
50 k
51k
50K
51
51
53 k
50
39k
39k
36 K
53
(Republic of) 7s
1967
Finland (Republic) ext 6a
1945 M S
♦Frankfort (Cityof) sf 6KB---1953 MN
French Republic 7 Ks stamped. 1941 J D
7K8 unstamped
...1941
External 7s stamped
1949 j*D
7b unstamped..;
.....1949
International—
stamped
1965 J
unstamped
1965
♦5 Kb stamp(Canad'n Holder) '65
D
♦5 Kb of 1930
♦5 Kb
32
"
32
1
♦German Rep extl 7s
♦7s unstamped
stamped. 1949
1949
German Prov & Communal Bks
J
*~99k
♦7s part
18K
107
99
104
93 A 104
18K
H3K
H3K
*103K
"~30m
J
103
38
106
103
104
20
98
104k
32
98K 104 a
97K 102 K
92 A
99 A
99k
99k
21 k
30 a
26 a
1957
1957
1961
1961
♦6Ks assented
♦Sink fund 6 kb of 1926
♦6Ka assented
253.
111K
113K
103K
2
119
31k
27
15
30
1946
♦Hungarian Land M Inst 7K«-1961
♦Sinking fund 7 Ks ser B
1961
♦Hungary (Kingdom of) 7KS--1944
Extended at 4Kb to:
1979
♦Mexican Irrigat'on
24 K
19
30 K
*21K
27 A
22 K
29
19K
19 K
19
27
75
70
85
105.
17K
16 A
19K
10
10
7H
11
9
18K
9
18
MN
9K
9K
f
A
*31
F
a
30
j
J
A
a
J
d
59 A
29
43
112K 117K
107K
82
54
76
75
75
63K
81K
53K
53
54 K
43
65 K
82
82
85
61A
86
63
63 '
65K
44
72
38
38
30
46
23
20
23
24 K
27 K
♦
K
11K
11K
12K
18
K
K
K
3
*A
11
6
1
A
"i'A
*K
1
""a
->4Ks stmp assented
♦Mexico (US) extl 5s of
♦Assenting 5s of 1899
1943
1899 £.1945 Q
1945 Q
J
♦Assenting 5s large
2H
A
J
A
4
H
4H
A
4
A
M n
3
A
3
3K
2H
3K
3
♦Assenting 5s small
26K
32 A
♦Assenting 4s of 1910 large
♦4s of 1904
1954 J
d
*K
♦Assenting 4s of 1904
1954
J
d
K
A
IK
K
6
K
18
8
14K
19K
|*Treas 6s of '13 assent (large) *33
| ♦Small
15k
16
3
14K
14K
14K
19K
Milan (City,
9
13K
15K
19K
13 H
15
15
19K
9
20
13
18K
15k
16 k
11
17k
18k
8
*15k
15H
16k
15K
15
19K
13 K
"3
13 H
15
1958
1959
1952
♦Sec extl s f 6Ks
♦Sec extl s f 6 Ks
♦Montevideo (City)
7b
New So Wales (State)
External s f 5s
extl 5s.. 1957
Apr 1958
17k
15k
18
1
13K
14H
*18"
17k
18
17
14K
19K
20-year external 6s
External sink fund 4 Ks
16
16
5
13 K
15K
External s f 4kb
16
16
2
18K
4s
13
Municipal Bank extl s f 5s...1970
"~7
12K
12K
12K
13
12K
12 A
*16"
D
'Ha
15k
*13k
15k
18k
14 k
.14k
16
*A
IK
54 A
56 K
40
7A
J
7A
2
7A
A
J
a
15
19K
18K
Norway 20-year extl 6s
s
f ext loan
M
M
j
1959 M
♦6s series A
~17~A
O
j
j
o
A
54 a
41
67
Mlnas Geraes (State)—
15
18
J
A
Italy) extl6Ks —1952
44
16
s
14
37
30
74K
.
o
Kb.—1954
19
37 K
*100 K
75
9K
♦Assenting 4s of 1910 small
s
20
10 K
gtd 4Kb—1943 M n
26 A
18k
22K
105K
102
d
32 A
"18"
*
*9K
10
A
18
18
29 '
33
29 K
*9K
f
62 A
38
16K
38K
28 K
j
j
J
J
27
15k
17h
D
*
MN
J
1950
26
"17 a
j
23 K
20
*20
.1947
2
18
d
11
*103K
7b...1952
23k
16k
j
*34
33
*
Japanese Govt 30-yr s f 6 Ks—1954
Extl sinking fund 5Kb..
1965 MN
♦Medellin (Colombia) 6
26K
75
f
Italian Public Utility extl
27
17k
D
26
23
23
23
19K
Italy (Kingdom of) extl 7s
1951 J d
Italian Cred Consortium 7s ser B '47 M S
23k
17k
17k
15k
j
29K
16K
7
'
*25K
1960 M n
Irish Free State extl s f 5s
26h
18
j
16K
57
26
D
FA
♦7s secured s f g
29 K
....
21K
20 K
23
6s ser A.-.1952
♦Hamburg (State) 6s
..1946
♦Heidelberg (German) extl 7 Kb '50
Helslngfors (City) ext 6 Kb
1960
Hungarian Cons Municipal Loan—
♦7Ks secured s f g
1945
♦Leipzig (Germany) s f 7s
41
16K
O
99K 107
17K
20
Haiti (Republlo) s f
♦Lower Austria (Province) 7K»
lllK
a
MN
108
*25"
26 K
M N
1968
paid..
27
1963 MN
♦Chile Mtge Bank 6Ks
♦6s part
27
MN
1962 A
109K
104 A 123
113K
20 K
20 K
20
23k
j
23
18
106K
104
106K
20
O
30
100K
95
104 K 108K
106 K
105
17K
A
1968
♦Sink fund secured 6s
36 H
111 k
*23
6s..Sept 1961 M
Sept 1961 M
♦External sinking fund 6s
1962 A
13K
97
97
97
106k
1964
paid
35K
111K
1,10 A
103k
104h
*19h
j
j
65 K
65K
22
19
.
1958
♦(Cons Agric Loan) 6Ks
31K
103
103k
104k
J
O
-
—
31K
31a
32
111 %
♦6s Assented
♦6s assented
70K
39k
111K
♦Extl sinking fund
1963
78H
79 K
49 K
70 K
72 A
O
sinking fund 6s..Feb 1961
Feb 1961 f
♦6s assented
23
51k
"50 H
mn
a
67
51
14K
14K
14k
1948
dep
♦Jugoslavia (State Mtge Bk) 7b 1957
♦6s assented
♦External sinking fund 6s
7H
102
64
f
Jan 1961
Jan 1961
19K
19K
95
63
"52k
50
8K
55
*55k
a
1960
1960
19K
"m
97 k
97
♦6s assented
8H
108
61
.1957 A
MN
10
21
M n
115K
3
20
.1950 a
..I960
♦Chile (Rep)—Extl s f 7s
1942
♦7s assented
1942
♦External slDklng fund 6s..-I960
65
*63
8
German Govt
a
15 1960 AO
91K 102
A
76
96 h 107 K
coupon on
93 K 104
127
65K
84 H
85 K 102 H
♦6s Oct coupon on
106K
50
95 K
55K
49
9K
65
M s
93
100K
94
70
111
9K
5K
98
15 1960 J
190
103
98K
.
94
*65
87 a
78 k
5
8
BankC Ger) 7s
78 K
104
a
A
85K 100K
98 k
J
62 K
106
62 K
O
18
22
97 k
j
62 H
100
*33
A
41
76H
j
40
65 K
11k
87 H 108 H
j
59K
55
96 a
6
1944
1967
1954
1950
4
101
j
F
66
11k
88
J
102 K 110K
96 K 102
*57
95k
9H
32
a
"l3
S
iok
10 h
11
10 k
46
j
24
101K 107 K
102 K
101
A
67
11
10
4A
41
F
16 K
12
*102K
S
F
23
22K
M N
55
31
105k
A
90
66
11k
106 a
1960
...1952
Aug 16 1945
1961
64 K
71 K
13
80
55
10 A
104k
4s
80
55
43
49K
65K
11
10H
78 a
8
17
83K 101K
83
100K
55
a
J.
91*.
*
a
F
16 K
3
2
68
41
106k
8s
96 K
A
D
65
30
101H
♦Stabilization loan 7 He
For footnotes see page
26
f
j
*65
40
J
♦6s assented
26
26
95
M N
O
12
101k
.1968 MN
♦Ry ref extl s f 6s
26
21K
26
26
25K
17K
O
12k
76 A
.1967 j
♦Extl
21K
10
2
A
12k
12
100
♦Secured s f 7s....
♦6s' July
10
63
26
A
lik
u*a
12
100K
j
♦Farm Loan s f 6s..Oct
85
23K
1940
2d series sink fund 5Hs
1940
Customs Admins 5 Kb 2d ser. 1961
8Kb 1st series...
1969
5Kb 2d series
....1969
♦Dresden (City) external 7s._-1945
12
76 h
.1975 MN
6s..July
24
26
21K
21K
o
Estonia
100 k
8% external s f $ bonds.... .1984 j
Bulgaria (Kingdom of)—
♦Farm Loan st
21A
21K
O
a
10K
100
External s f 4K-4Ks_-.-.- .1977 m 8
.1976 F a
Refunding s f 4Hs-4 Kb
External re-adj 4H8-4HS-. .1976 a O
♦Cent Agric
18
4kb.----Apr 15 1962
Dominican Rep Cust Ad 5kb-.1942
27
105A
.1961 F
7-year 2He
80-year 3s
♦Carlsbad (City) i
18
19
a
External g
12k
106 A
.1961
25-year 8Ha----
1942
1955
6s
External gold 5Hs
11k
11k
.1955 j
.1957 m
12K
11K
19
♦Greek Government s f ser 7s.. 1964
♦6Ks stamp-d
10-year 2Kb
Sinking fund 8a ser
12
j
♦6s stamped
6s
30 1945
8s——1951
B
—1952
♦El Salvador 8s ctfs of
O
.1952 j
3
6
35
j
♦Public wks 5 Kb—June
96 k
A
.1955 j
14K
14K
*21
A
Czechoslovak (Rep of)
17 H
J
20-year a f 6s
— ....
♦Budapest (City of) 6s...... .1962 j
♦Buenos Aires (Prov of)
Canada (Dom of) 30-yr
13K
14K
S
MB
7s
of 1904
93
76 k
J
13 K
18H
13
16H
30
22 K
13
*
1951
1944
External 5s of 1914 ser A....1949
External loan 4 H" ser C
1949
4 Ab external debt—
1977
Sinking fund 5Ks—Jan 15 1953
Cuba (Republic) 5s
2
.1950 j
External s f 4kb-4ks
Argentina 7s.. 1942
1
16H
.1949 M s
Belgium 25-yr extl 8kb
Cordoba (Prov)
16
18
12K
5
16K
D
j
♦Costa Rica (Rep of)
94 H
86 k
J
1957
12 H
14
14K
16
MN
M
6K8—1947
1946
1947
Copenhagen (City) 5s
1952
25 year gold 4kb
1953
§♦ Cordoba (City) 7s unstamped 1957
{♦7s stamped
16 K
16
14
MN
♦Sinking fund 7s of 1926
♦SlDklng fund 7s of 1927
26
76 k
.1946 F
High
Low
No.
16
a
♦Colombia Mtge Bank
94 x
8 6k
mn
High
*16*
a
♦Guar sink fund 6s
26
A
M S
1961
........1961
1962
♦68 assented
-—1962
♦Chilean Cons Munlc 7s
1960
♦Chinese (Hukuang Ry) 5s
1951
♦Cologne (City) Germany 6 Ks. 1950
Colombia (Republic of)—
♦6s of 1928
-Oct 1961
♦8s extl sf gold of 1927-Jan 1961
♦6s assented
94K
F
Feb
loan 4s Apr
8 f extl conv loan 4s
(Concluded)
♦Guar sink fund 6s
25K
25 A
*25k
M N
8 f external 4 Ks
♦Bavaria (Free
27
1938
Asked
A
(.Cont.)
lstser 5 kb of 1926
♦Gtd sink fund 6s
Argentine (National
107.7
107.1
Municipal—
&
Chile Mtg Bank
Denmark 20-year extl
102.17 102.10
Bid
Low
102.13105.11
Home Owners' Loan
3sBeries A
for Year
Price
13
High
Low
114.22 114.18
119.5
Range
Friday's
EXCHANGE
Foreign Govt. ftMun.
...
..
N. Y. STOCK
Week Ended Jan.
U. S. Government
Treasury 4H»
Range or
Sale
BONDS
1938
NO.
Week's
Last
Week's
Last
BONDS
week's range,
In which they
are disregarded In the
a footnote In the week
and defaulted bonds. Cash and deferred delivery sales
are the only transactions of the week, and when selling outside of the regular weekly range are shown In
account is taken of ucb sales In computing the range for the year.
NOTICE—Prloee are "and Interest"—except for income
1943
1944
1956
1965
S
6K
13
6
6H
13
D
48
48
2
61
n
48 K
48 K
1
38 K
37
7K
S
100
100K
6
88
57 K
104 K
f
A
a
o
F
a
104 K
104
a
104K
102 K
104K
105K
3
102 K
104K
43
88 A 103 A
103H 107 H
107 A
104
99 K 107 K
102 K
103K
28
98 A 104 H
100K
101K
50
98 A 103H
104
104
5
99K 104K
F
M
a
1963 f
j
S
99 A
o
A
D
"iooK
100
104K
64
8
/
Volume
148
New York Bond Record—Continued—Page 2
Friday
Y.
8TOCK
Range or
Range
Friday's
for Year
EXCHANGE
Week Ended Jan.
Sale
13
Price
Foreign Govt. &Mun. (Concl.)
♦Nuremburg (City) extl 6s
1952
Bid
A
1953 M S
1955 A
O
♦Panama (Rep) extl 5 He
1953 J
D
♦Extl
f 5s ser A
8
53h
102 H
NO.
Low
50 h
102 h
4
96
101
3
86
*50 h
60
49 %
50
"49"
1963 MN
♦Peru (Rep of) external 7a
1959 M S
♦Nat Loan extl 8 f 6e 1st ser__1960 J
D
♦Nat Loan extl s f 6s 2d ser__1961 A O
6h
10 h
9H
10
22
5H
5
7H
...July 1948 A
♦Certificates of deposit
-
Ref A gen 5s series A
9h
10 h
174
10
10 %
140
7
37
37 h
5
37
1947 A
O
♦External sink fund g 8s
42
1950 J
J
45h
36 h
3
30h
J
9%
J
9h
9h
9%
31
24
5h
MN
58
63
12
52
S
98 h
18
18
1
17
24
—1952 A
O
18
18
1
18
24
f 7b__1941 A
O
....1947 F
Queensland (State) extl
25-year external 6s.
8
A
103%
103h
103 %
104
104
105h
♦Rhine-Main-Danube
7s A
1950 M S
♦Rio de Janeiro (City of) 8s...1946 A O
♦Extl sec 6 Ha
1953 F A
Rio Grande do Sul (State
30
"~7%
5
6
30
101h 108 h
94 h 109 h
1
25
31
7h
15
6
12
6H
6h
6H
6H
70
5h
loh
of)—
♦8s extl loan of 1921
♦6s extl 8 f g
...1946 A
♦7s extl loan of 1926
♦7s municipal loan
1967 J
1952 A
coupon
A
68 %
1936 J
1950 J
146
45
73 %
20 h
6
13h
15
1
21
7h
6H
8
J
6h
O
18H
D
1945 J
♦Sinking fund g 6 Ha
1946 J D
Serbs Croats A Slovenes
(Kingdom)
♦8s secured extl
1962 MN
♦7s series B
4
extl
sec
1958 J
1958 J
D
♦Blleslan Landowners Aasn 6s..1947 F
A
Sydney (City) s f 5Ha
1955 f
------
------
20
99 h
s
f
6Hs——1971
Tokyo City 58 loan of 1912
A
35
1st lien A ref 6s series A
Debenture gold 6s
----
30
35
25
33
External
1952 M
1961 A
f 5 Ha guar
s
S
51
110
90
35
41
O
♦Uruguay (Republic) extl 8s...1946
45
------
46
51 %
51%
53
4
H
9
A
*42
46
♦External
s
f 6s
1960 MN
43
44
♦External
s
f 6s
1964 MN
*40
51
....
39
48
3H-4-4H8 ($ bonds of *37)
external readjustment
of »37)
F
52%
104h
1979 MN
37h
37 H
----
H
4
1979 MN
3H-4H-4*i«a extl conv
4-4H-4H% extl read)
1978 J
D
1978 F A
3 Hs extl readjustment
J
1984 J
Venetian Prov Mtge Bank 7S..1952 A O
♦Vienna (City of) 6s
1952 M N
♦Warsaw (City) external 7s....1958 F
A
4 Hs assented
Yokohama (City) extl 6s
1958 F
A
1961 J
38
43 H
43h
Canadian Nat gold 4 Ha
Guaranteed gold 6s
38
50
38
42 h
-
18
69 H
ww /#
32
'"I
30
62
31
11
34
35h
55%
55 H
56
20
43 h
65
AND INDUSTRIAL
COMPANIES
(c
T!♦ Abltlbl Pow A Paper 1st 6s.l953 J D
Adams Express coll tr g 4s
1948 M 8
Coll trust 4s of 1907
.1947 MD
62
Coll A
conv
Allegh A West 1st
Allls-Chalmers Mfg
American Ice
s
Amer IG Chem
----
34
----
34
52
95h 103h
64
51
45
85
100
44
78 H
----
26
50h
41h
38
62
52
16h
45
47
101
109
97
98%
12
79
92%
S
1
47
93
5
79
109 H
95
144
96
115
109
11qh
8
98 h
"
27
51
8
D
51
102
------
5 Ha
1949 MN
Am Internet Corp conv 6 Ha... 1949 J
J
Amer Telep A Teleg—
53%
76
102
3
100
38 h
63
102h
95
101 %
101 %
102
64
99 h 105 h
104 %
103%
104 %
37
80
20-year sinking fund 5Ha...1943 M N
112
111%
112%
92
3 H a debentures
106h
106
107%
138
106%
111%
103%
105%
137
131
24
24%
24
33
33
12
97
----
1961 A
3 H a debentures
1966 J
♦Am Type Founders conv deb_1950 J
Amer Wat Wks A Elec 6s
ser
106
105 %
J
111
110h
102 H
105h
!
105h
Atchison Top A Santa Fe—
General 4s
......1995 A
*
------
98
♦Stamped 4s
98%
97%
98%
1955 J
108 h
89 h
1955 J
D
1948 J
D
1965 J
J
1958 J
90
Atl Knox A Nor 1st g 5s
Atl A Charl A L 1st 4 Ha A
1st 30-year 5s series B
1946 J
*93
1962 M S
D
1944 J
-
— —
-
—
—
J
Atl Coast Line 1st cons 4s July 1952 M 8
General unified 4 Ha A
1964 J D
10-year coll tr 5s
May 11945 MN
gold 4s
'
102
98 h
♦llOH
'109%
——————
Oct 1952 MN
*86
14
94%
102
----
49
98%
11
-----
----
32
75 h 103
75h 103h
38 H
65
74
94
94
109h
44
25
16 h
21h
8
4h
"~10
68 h
26 h
85 h
49 h
61
41
10
5
9
52 %
6
93 h
30
35 h
79
96 h
%
95 H
7
8
32
74 h 109
96
115h
22
115h
33
119
18
113
121
119h
u7h
2
116
120 h
22
112
118h
F
A
J
D
F
A
115H
116 H
115H
115H
114H
123H
81H
"l23%
81H
99H
98 H
F
1959 A
115h
26
108h 116h
114h
123h
15
22
108 h 115h
117h 125h
108
82
*42 H
99 %
112h
99 h
92 h
48 h
106 H
106 h
H2H
98 H
92 %
91H
106%
91
♦45
"87 H
87 H
A
18
*31H
9%
O
6
31
17
44
31
|
73
89
90
103h
110h 114h
92
86
104
h
35
80 H
95
35
66
69
92 h
26
?
10
11%
6 *
"l3
1
7h
3h
6H
11
3h
I
18
99
47 h
94 h 108
91t
55
90
1
14
30 h
36
6
50
12H
7
7h
"*5%
*6"H
*100 H
*70
J
J
J
J
1962 A
O
♦109H
103 H
110H
31 H
"31%
25 H
25H
21%
"i08H 107H
103 H
74 %
74
68 H
58
MN
7
12
7h
5h
10
7h
14
10
96
118
«
54
78
74
107
104h
30
110H
4
101
24
25
26
20
6
18
30 h
108 h
23
101
107h
59
60
97 h
15
35
64 %
35 h
74h
75 h
80 h
101
101
100 H
1939 MN
101H
101h
101h
120
120
97H
96 H
97 H
*105
May 1940 J
J
34 h
60 h
54
60
97 H
46
-69 h
1950 M S
A
109h
104 h
26H
21h
115
78 H
89
105h 110h
33
*53
78 H
10
8
111*
115
MN
M S
10
11h
*8H
M
1996 F
108 h 115h
108 h 117h
97
%
97%
109 h
1
29
72
64
llih 117
49
85h
18
95 h 106
97
100
14
101 h 106
23
110h 121
6
72
48
85 h
85 h
106
97 h
97 h
106
109 H
87 h 106 h
95 h
103 h
112h
98 h 112
100
109
97
53
77 h
88
104h
94
69h
69%
72
25
45
34
33%
35
11
14 h
76 h
36 h
\-30h
3
14
32 h
55%
39
50
60
,1
99
111h
8
75
108
63
1
8
*104
8
75
23
*
23
21
29 h
28h
27 H
7 H
1941
M
J
*113
79 h 101
68%
21
80 h
106
*109 H
27 H
J
77%
*71 %
69 %
78 h
105h 108h
109
S
76 %
——————
48
29
107
,
Warm Spring V 1st g 6s
67
121
19
%
104h
83 h
105
15
77
94 H
81
67
104%
104
"~75H
40h 40h
88 %
108h
95 h 107
100
J
77%
30
60
Potts Creek Branch 1st 4s...1946 J
R A A Dlv 1st con g 4s
1989 J
2d consol gold 4s
1989 J
106
-----
107
54
108H
35 h, 78h
20
39 h
69
81K
106 %
103 %
General gold 4 Ha
1992 M S
Ref A imp mtge 3Hs ser D..1996 M N
Craig Valley 1st 6s
101
118H
118H
1948 M 8
6s
30
29
78
73
45 h
114 H
D
1950
1
109h
102
69
104%
con g
53
41
12-
118H
1987 J
(1935 Issue)
4Ha (1938 Issue)
45
8H
18h
5h
115 H
....1987 J
8 f deb 4Ha
19h
20 h
24
J
A1952 J
1941
104 h 107 h
H
18
O
J
1942
1
57
27 H
81%
1946 J
1941 M
Certain-teed Prod 5 Ha A
265
29
*35
.....
29 h
107
92 h 101h
82
100H
50
106H
*112H
99 h
29
*35
106 H
22%
186
106 H
71 H
Through Short L 1st gu 4s
1954
Guaranteed g 5s
...1960
Centra' RR A Bkg of Ga—
S f deb
"~84
102 H
100 H
30
A
Cent Hud G A E 1st A ref 3 Ha.1965 M 8
Cent 111 Elec A Gas 1st 6s.....1951 F A
Cent Illinois Light 3 Ha
1966 A O
Ches A Ohio 1st
108
82
67
1953 M S
=
95
110h
5
Atlant'c Refln'ng deb 3s
J
1
27
----
98 h
69
54%
J
91%
121
91 %
54%
For footnotes see page 253.
99 h
86%
J
JtE
99 %
85%
1959 J
J
88
86h
91h
■
Atl Gulf A W I 88 coll tr 5s
1941
100
85 h
------
J
4Hal939 J
89 h
109h
J
conv deb
Austin A N W 1st go e 5s
41
98
113h
1948 J
{(♦ Auburn Auto
94 h
38
«'
34
95
109
1948 J
mortgage 4s
109
*109
J
1944 J
h
94 %
*87%
101H
98 h
95
J
L A N coll
89%
90
D
1960 J
108
D
Rocky Mtn Dlv 1st 4s
Second
25 h
23
28 h
50
1059 A
♦Chatt Dlv pur money g 4s..1951 J
♦Mac A Nor Dlv 1st g 6s
1946 J
♦Mid Ga A At Dlv pur m 5e.l947 J
5s extended to May 1
Central Steel lstgs f 8s
29 h
19
Ref Al mpt M 3Hs ser E
O
Trans-Con Short L 1st 4s
Cal-Arlz 1st A ret 4 Ha A
Atl A Dan 1st g 4s
105h
h 116
84
106h
102h 107 h
97
t
1995 M N
Conv gold 4s of 1910
Conv deb 4 Ha
97%
98
..1995 Nov
Conv gold 4s of 1909
Conv 4s of 1905
13
99 h
20
1
H
29 %
108H
Champion Paper A Fibre—
Jan
1967
{Ann Arbor 1st g 4s
1995 Q J
Ark A Mem Bridge A Term 5s.1964 M 8
Armour A Co (Del) 4s series B.1955 F A
1st m s f 4s ser C (Del)
1957 J
J
♦Adjustment gold 4s..
------
O
5
25
7
26
J
102 h
111 H 113h
99 h 105h
9
26
71H
J
Cent Pacific 1st ref gu gold 4s..1949
D
A. 1975 M N
Anaconda Cop Mtn s f deb 4 Ha 1950 A
♦Anglo-Chilean Nitrate—
8 f Income deb
O
48
h 100
115
119h
125h 129 h
;
"mli
1945 MN
Central N Y Power 3Ha..
108
99
7H
J
1961
99
40
37
«
g 5s.-Nov 1945
{♦Cent New Eng 1st gU4s
Central of N J gen g 5s
General 4s
28
28
52
1960 J
1941
106
130
95 %
1949 J
♦Mobile Dlv 1st g 6s
Central Foundry mtge 6s
Gen mortgage 5s
95
7
1957 J
♦Ref A gen 5 Ha series B
♦Ref A gen 5s series C
6
112h
85
*67 H
40
Carriers A Gen Corp deb 6s w w 1950 MN
Cart A Adir 1st gu gold 4s,
1981 F A
Celotex Corp deb 4 Ha w w
1947 J D
♦Cent Branch U P 1st g 4s
1948 J D
90
70
46
105
12
1966
ser
33
1
118%
7H
1960
Collateral trust 4 Ha
guar 4s
Caro Clinch A Ohio 1st 6s
{♦Central of Ga lBt
♦Consol gold 5s
57
,
104 %
103%
A
J..2030 M
1953 J
2
72
50
35%
104 H
97
O
F
1955 M
_
H
O
..1962
{♦Car Cent 1st
17h
50
27 H
25
,
82 %
69
35 H
2
74
80
------
conv 4s....1952 M
conv
74
*
1950
f deb 5s
78
105
50
80 H
69
1951
106h
58
40
...1998
♦AIplne-Montan Steel 7a
Am A Foreign Pow deb 5s.
104 H
94
104
»
27
27 H
103
100
*35
.
Allegh Val gen guar g 4s..
1942
Allied Stores Corp deb 4Ha—-.1950 A
4 Ha debentures
1
----
*32
------
1949
gu 4s
65
------
1950
♦5s stamped
2
104h
107
------
1946
5s..
86
——————
1948
5s
conv
9
65
Alleghany Corp coll trust 6s...1944
♦Coll A
2
103 H
104%
1943
Alb A Susq 1st guar 3 Ha
103 %
72h
87 h 103
*105h
------
Albany Perfor Wrap Pap 6s... 1948
6s with warr assented
37 h
103 h
1952
1943
2
103 %
"l03%
------
10-year deb 4Ha stamped... 1946 FA
Adriatic Elec Co extl 7s
Ala Gt Sou 1st cons A 5s
1st cons 4s series B
63
28 H
5
101%
99
A
Coll trust 4 Ha
1946 M S
6s equip trust ctfs
J
1944 J
Coll trust gold 5s....Deo 1 1954 J
D
.
19
12
11H
97%
106 H
26 H
J
Guaranteed gold 4 Ha..Sept 1951 M S
Canadian Northern deb 6 H8--.1946 J
J
Canadian Pac Ry 4% deb stk perpet J
J
RAILROAD
87
%
34
108 %
107H
101H
J
MN
July 1969
Guaranteed gold 5s
Oct 1969
Guaranteed gold 5s
....1970
Guar gold 4Hs
June 15 1955
Guaranteed gold 4 Ha
1956
100
31
—-
-
50 7*
h
w
37
100%
1955
36
20 %
108%
..1952
Bush Term Bldgs 6s gu
Calif-Oregon Power 4s
Canada Sou cons gu 6s A
....
39
A
J
1950 F
Bush Terminal 1st 4s
Consol 5s
63h
%
37h
36
38 %
O
1957 MN
....
30 %
——————
-
•
64h
54
63
55
♦
60 h
41
3
40%
*
42
38 h
36h
38%
"46"
*
D
!
*
------
------
52 h
34 h
35
MN
1955
Certificates of deposit
tl«Burl C R A Nor 1st A coll 5s 1934 A
♦Certificates of deposit
2
39
39
37
43
Buffalo Gen Elec 4 Hs series B.1981 F A
Buff Nlag Elec 3H8 series C—.1967 J D
Buff Roch A Pitts consol4Ha..l957 MN
40 h
3H-4-4H% (S bonds
external conversion
60
41
99 H
1947 M N
1950 J D
1st Hen A ref 5s series B
Brown Shoes f deb
3Ha
'
J
J
13
D
1941 J
34 h
*
Taiwan Elec Pow
37
101H
Bklyn Union El 1st g 5s
1950 F A
Bklyn Un Gas 1st eons g 6s....1945 MN
60 %
100 %
70
107 H
1st g 4Ha series JJ
.....1961 A
{♦Boston A N Y Air Line 1st 4s 1955 F
----
33
.....
-----
27 h
*
Cons mtge 3Haaeries E.....1966
s f conv debs.,.
,.1952
15h
2
9h
32
26
3Hs
26
12
31
567
h
26 H
♦Debenture 6s
1955
♦Berlin Elec El A Undergr 6 Hs 1956
Beth Steel cons M 4 Ha ser D..1960
Bklyn Manhat Transit 4Hs... 1966 MN
Bklyn Qu Co A Sub con gtd 5s.1941 MN
33
13
50
28
13
25h
♦
3
12
129h
11h
47 h
25
25
D
16H
130
6h
5h
14h
33
MN
.1962
Hs assented
39
14h
9h
118
Brooklyn City RR 1st 6s
i.1941
Bklyn Edison cons mtge 3HS--1966
28
16H
14
1948
13h
27
38 H
14h
19H
11
Belvldere Delaware cons 3 Ha..1943
♦Berlin City Elec Co deb
6Ha..1951
♦Deb sinking fund 6 Ha
1959
1st 5e stamped
13h
15
76
...I960
10h
26 h
26 h
109
II
118"
17
23
20 H
11h
*
6h
23 h
17
*
19h
♦Saxon State Mtge Inst 7s
21
49 h
36
-----
8%
7h
21%
19%
19%
19%
18%
-----
8%
7h
17 h
7h
45
11h
101
1951
11H
7h
7h
6H
15
97
1967 M S
5h
119
19h
11
9
14 %
15
39 H
21
-----
1951
'161
78 H
22
36 %
Battle Creek A Stur 1st gu 3s..1989
51H
21%
38 %
1944 J
11h
18
82 H
49
19
36
Certificates of deposit-
Boston A Maine 1st 6s A C
1st M 58 series II
6h
40
102
34 h
37
18h
18h
-----
Toledo Cin Dlv ref 4s A_-___195«
Bangor A Aroostook 1st 5s
1943
Con ref 4s
1951
Beech Creek ext 1st g 3 Ha
Bell Telep of Pa 5s series B
1st A ref 5s series C
17%
High
96
50
-
4s stamped
17%
18
M~S
22
1968 J
♦Silesia (Prov of) extl 7s
1996
8
-----
17h
MS
Low
77
57%
54
18
2000
1938
No.
56 %
*52
18
.
Certificates of deposit
S'western Dlv 1st mtge 5s.-.1950
20 h
19
-
High
18h
18h
19h
19h
17h
1960 FA
Certificates of deposit
P L E & W Va Sys ref 4s...1941 MN
38
2
11
—.1956 M S
f 7s.
s
69 h
20
1940 A
♦7s extl water loan
♦6s extl dollar loan
6
D
Big Sandy 1st 4s
J
♦Secured
5h
19
J
♦8s external
20
10H
10h
10H
9
*6H
6%
1957 MN
J*8s extl loan of 1921
13
5H
68
1952 MN
♦6H8 extl secured a f
San Paulo (State of)—
7
13
20 h
20
j"j
1953
f
s
O
19
7h
7h
7h
*7H
paid
♦Saarbruecken (City) 6s
Sao Paulo (City of,
Brazil)—
8
7%
7
D
1959 F
♦Roumanla (Kingdom of) 7a
♦8e extl secured
7h
1966 MN
;
Rome (City) extl 6 Ha
♦February 1937
O
D
1968 J
Convertible 4Ha.-
11h
10h
6h
D
Certificates of deposit
47
M
f 6s
8
"m
D
J
10
13
13
67H
33
«
*-.-..
♦Porto Alegre (City of) 8_.
1961
♦Extl loan 7 Ma
1966
Prague (Greater City) 7 Ha
1952
♦Prussia (Free State) extl
6HS.1951
♦External
35h
1968
Ask
54%
-----
1995 J
Certificates of deposit
62
1958
f 7s
7
for Year
A
102
54h
54h
O
.
1995 J
Ref A gen 5s series D.
Certificates of deposit
Ref A gen 5s series F
82 H
4 Ms assented-.—
4 Ma assented
45h
34 %
s
10 H
Range
Friday's
Bid
102
Certificates of deposit
Ref A gen 6s series C
15
O
♦Stabilization loan
•'
♦1st mtge g 5s
62 H
1940 A
♦Poland (Rep of) gold 6s
Range or
Sale
Price
Baldwin Loco Works 5s stmpd.1940 MN
Bait A Ohio 1st mtge g 4s.July 1948 A O
62
32
21
11
EXCHANGE
Low
H 103 H
104 H
40
"~28
6h
STOCK
Week Ended Jan. 13
62 H
57 H
41
101H
1963 MN
H
43 H
14
101
1947 M S
Y.
Last
High
17
"57
54
N.
Week's
Friday
BONDS
1938
20
52 %
50
1958 M N
♦Stamped
High
♦17
Oriental Devel guar 6a
Extl deb 5Hs
Oslo (City) s f 4Hs
♦Peraambuco (State of) 7a
Ask
A
Low
F
249
Week:*
Last
BONDS
N.
102 %
104 %
30
16
7p
,
*5
♦Chic A Alton RR ref g 3s
1949 A
Chic Burl A Q—111 Dlv 3Ha—1949 J
Illinois Division 4s
General
4s
1st A ref 4 Hs series B
1st A ref 5s series A
1949 J
M
O
J
J
S
99
1977 F
A
F
A
1971
♦Certificates of deposit
Chicago A Erie 1st gold 5s
1982 MN
{♦Chicago Great West 1st 4s—1959 M S
J
{♦Chic Ind A Loulsv ref 6s
1947 J
J
♦Refunding g 5s series B
1947 J
♦Refunding 4s series C
J
1947 J
1st A gen 5s series A
1966 MN
♦1st A gen 6s series B._May 1966 J
J
H
97
32
85
26 h
107h
36
90 h
111h
98 H
153
91H
93%
42
98 H
60
97
14
19
*95
"~19H
18H
19H
18H
11H
4 h
4h
81 h 109
105
68
75
85
"21H "94
109h
95
8h
22h
7h
22
56 h 108ri
20 H
90
3
22 H
*13H
*11H
24H
16H
138
14
8h
14
11H
4H
4H
11H
5H
5H
9
15
*83 H
"22 %
10
99 H
103 H
99 %
12 %
98%
103
92
.....1958
t(♦Chicago A East III 1st 6s...1934 A O
{♦C A E HI Ry gen 5s
1951 MN
♦
12H
99 H
103
101H 116
104H
104
15h
9
24%
17
3
7h
3h
7h
Jan. 14, 1939
New York Bond Record—Continued—Page 3
250
Week's
Friday
Y.
STOCK
si
EXCHANGE
Week Ended Jan. 13
1 1965
May 1 1965
MN
1967
1970
1966
1946
M N
J
1st mtge 333s
1943
1948
J
D
1st mtge 3 33s
MUNICIPAL 'BONDS
1st mtge 333s
Container Corp 1st 6s
15-year deb 5s
135 So. La Salle St.
Street
Randolph 7711
9ell System Teletype 4- Cgo. 543
Week's
Friday
Last
STOCK tXCHANOE
Week Ended Jan. 13
Y.
Range or
Range
Sale
BONDS
N.
Friday's
for Year
Price
Bid
A
Low
4a
1956
4 33s
1969
IChlc Milwaukee A 8t Paul—
♦Gen 4a series A
May 1 1989
Chic Ind A Sou 60-year
Chic L 8 A East 1st
J
J
*6333
J
D
B_-May 1 1989
♦Gen 433s series C—May 1 1989
♦Gen 4 33s series E—May 1 1989
♦Gen 4Mb series F_..May 1 1989
{♦Chic Milw St P A Pac 6s A.>1975
♦Conv adj 5s
Jan 1 2000
{♦Chic A No West gen g 3 33"--1987
♦General 4s
1987
♦Stpd 4s non-p Fed lnc tax 1987
♦Gen 4 Ms stpd Fed lnc tax—1987
♦Gen 6s stpd Fed lnc tax—>1987
-1987
1^36
♦1st ref g 5s
—.May 1 2037
♦1st A ref 433s stpd-May 1 2037
♦1st A ref 433s ser C-May 1 2037
♦Conv 4Ms series A
194!
{{♦Chicago Railways 1st 5s stpd
Aug 19.8 26% part paid . ....
{♦Cblc R I A Pac Ry gen 4s.. 1988
stamped
{♦Secured 633s
♦4 33s
High
Low
No
60
1933
2733
29
20
2733
12
21
3533
28
1933
3433
1333
"9M
253
933
233
-
7
1033
7
315
333
152
233
10
1533
44
1233
MN
J
D
M N
J
J
D
J
D
A
453
East T Va A Ga Dlv 1st
11
J
J
533
353
207
733
5s..1995
Ed El 111 (N Y) 1st cons g
57
26
41
51
1952
Elgin Jollet A East 1st g 5s
1733
73
1433
2253
1 953
1033
EI Paso A 8 W 1st 6s
1353
1633
6
8
733
833
25
533
733
7
733
29
5
8
933
33
533
8
8
3
533
MS
1533
833
MN
"~3 53~
333
J
D
♦7533
J
D
333
23
D
*6033
D
J
56
56
46
M S
11
833
533
55
"65"
57
74
63
84
5s stamped
86
-
Erie A Pitts g gu
9
3
*65
J
O
333s ser
Series C 3 33s—
{♦Erie RR 1st cons g 4s prior—1996
Mst consol gen Hen g 4s
1996
♦Conv 4s series A
1953
♦Series B
1953
♦Gen conv 4s series D_.
1953
7853
♦Ref A Imp,
46
7033
♦Ref A lmpt 5s of 1930
36
4733
1941
1965
1965
B...1940
1940
"
45
'
5433
♦Erie A Jersey 1st b f 6s
1951
10233 10733
105
M
102
2
108
35
103
10533
10133
106
105
10733
J
1967
1975
5s of 1927
10633
66
99
10233
25
9733 10533
71
—..1938
{♦3d mtge 433s
100
1956
Federal Light A Traction 1st 5s 1942
9033
89 33
8833
8933
33
9033
50
71
92 33
72
72
7633
13
4833
80
1st lien s f 6s stamped
17
1st Hen 6s stamped
1952
A
*1333
109 33
D
1st mtge guar 333s series D_. 1971 MN
J
Clearfield A Mah 1st gu 5s.—. 1943 J
15
10933
"37
1033
10233 10833
2
10653 11033
{♦Fla Cent A Pennln 6s
10833
"29
108
10833
12
*40
4s—1993
D
74
General 5s series B
1993
D
*77
Ref A lmpt 4 33s
1977
J
Cln Wabash A M Dlv 1st 4s. 1991
J
St L Dlv 1st coll tr g 4s—-—1990 M N
Spr A Col Dlv 1st g 4s
-.1940 M S
J
1965
Cleve A Pgh gen gu 4 33s ser B.1942
Series B 3 33b guar.---.1942
Series A 433s guar
1942
Series C 333s guar
1948
Series D 333s guar
-.1950
Gen 433s series A
1977
J
A
6033
"37
6633
6633
"3
9733
5
10533
10933
"5
66
Cleve Short Line 1st gu 4 33s
f series B guar
1433s series C
Coal River Ry 1st gu 4s
Colo Fuel A Iron Co gen s
♦6s Income mtge
74
*50
95 33
J
J
J
J
1980
29
145
20 M
27
2033
21
16
10M
3633
t
23
15
23
1233
13M
159
12M
1333
183
46
46-33
10
A
O
------
A
O
------
*
1233
1233
MN
O
J
------
J
----
{{♦Proof of claim filed by owner
(Amended) 1st cons 2-4s
1982
{{♦PrOof of claim filed by owner
4333
107
104 33
2
8833
27
77
10553
7733
44
71
10233
7333
7933
7533
10633
103 33
9233
94
103
62
62
6233
40
65
40
40
42 33
12
30
49
9533
95
9533
133
86
99
O
9533
9533
95 33
5
86
J
Jan
16 1961 J
Columbia A H V 1st ext g 4s
1948 A O
9533
9433
9533
117
85
75
A
J
D
10433
M
S
------
A
Debenture 5s
Columbus A Tol 1st ext 4s
1955 F
Columbus Ry PoW A Lt 4s
1965 MN
Commercial Credit deb 3M«
2Mb
debentures
"
1951 A O
1942 J D
Commercial Invest Tr deb 3 33s 1951 J
Commonwealth Edison Co—
1st mtge g 4s series F_.
1st mtge 3Ms series H
1st mtge 3 338 series I
Conv debs 333s
1981
.1965
J
M S
10433 11253
♦109
*109
A
110
in"
110
11033
10633 11033
27
M
R
10453
10333
10433
74
9533 10433
103
103
28
99 33 10333
10633
10633
10333
107
107
10633
10733
39
64
O
10833
107J3
10833
18
D
108J3
10733
10833
43
1958 J
J
109
10833
11033
579
100
105
10653
10953*
10253 10933
10333 10833
J
♦Gen Elec (Germany) 7s
♦20-year
s
M
1
9133
10133
5
89 33
10233
10233
2
8933 10233
75
93
98
98
—
D
-
-
-
-
—
-
-
7
90
8733
—
*38
—
— —
-
-
-
—-
6353
14
833
953
121
933
7
MN
3M
J
*99
J
F
33
153
102
6
41
100
D
Gen Pub Serv deb 5 33s.._.
.1939 J
Gen S*eel Cast 633s with warr.1949 J
J
J
J
—
1956 J D
M 8
w '46
J
Gouv A Oswegatchle 1st 5s.
1942
Grand R A I ext 1st gu g 4 33s..1941 J
gu
1947
1944
5s
100
85
9
39
6133
'
6033
61
10
39
62
5833
59
15
39
10433
61
10733
83
10133 10633
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45
101
106M
101
101
107 M
101
89
102 M
62 33
6233
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1333
71M
21
1
16M
13
25
25 M
----
45
100
45
2
100
101
84
99 33
100
84 M
8433
A
J
2
57
65
18
18
100M
163
8453
41
let A gen s f 6338—
—.1950
.....
66
33
"ii
7053
"7333
70
55
49
"75
3 33s debentures
3 33s debentures
109
109
109
106
10633
102
10633
10533
10633
10633
118
1958
106
106 33
15
10533
106
98
10533
3
23
D
J
10333
*833
104 33
J
♦Debenture 4s
1955 J
J
1333
1333
♦Debenture 4s.—
1955 A O
*833
{♦Consol Ry non-conv deb 4s__1954
s
f 6s
*21
J
1956 J
♦Debenture 4s
♦Consolidation Coal
67
8333
8333
84
6
64
J
84
84
8533
33
68
89 M
J
9833
97M
10033
149
74
10353
86
86
88 M
122
6933
76 M
20
T
1
J
Feb
M N
J
1960 J
J
10433
*833
52
52
145
2633
75
*5433
O
A
-
•
—
3
-
O
*60
94
7
94
10733
17
10733
*10533
10733
10633
—
-
"1533"
52
95 33
99M 108 M
100M 10633
109
J
1052»32l05"l»
8
106
J
*3933
J
11833
11933
10
108
O
68 M
34
70 M
34
19
52
{{♦Housatonic Ry
cons g
5s.
81
2
24
3833
101M
10133
7
99 33 103
15
M N
MN
101 M
— -
D
3333
33
3553
MN
12433
124
12433
J
27
,
-
9
1133
F
A
44
43 33
45
102
1533
A
O
12
1133
1353
117
9
93
76
J
1733
1633
40
82
J
Hudson Co Gas 1st g 5s
9
58
»
For footnotes see page 253,
■
81
75
100
933
"5
82
60
653
10
10333 103 J3
J
92 33 104
953
1533
95
60
55
7933
Gulf A Ship Island RR—
1st ref A Term M 5s stamped
Gulf States Steel 8 f 433s
1961
9953
9033
55
O
A
-
104
•
.
53
60
7
*70
J
A
------
102
O
J
7
7
O
A
10133
97
—
♦Debentures ctfs B
9753 10553
99 33 10533
2033
10133
Feb
A
1956 J
1951 J
Consol Oil conv deb 3 33s
80
10
J
103 33 107
10633
*10833
1956
Wuertemberg 7s
9433 11133
48
J
♦Consolidated Hydro-Elec Works
of Upper
98
1976
1977 J
1946 J
♦Green Bay A West deb ctfs A
83
8333
60 M
93
J
1967
106 33
9933
J
1946
94 33
7433
102
10433
------
J
Gen mtge 3Ms series I
100
84
92
J
J
General mtge 4s series G
Gen mtge 4s series H
42
7833 10033
9633
Great Northern 4 Ms series A—1961 J
General 5 33s series B_;
1952 J
General 4 338 series D_
General 4 33s series E
3733
85
*30
M
60
10633
*104
F
104 33
10633
J
J
105
4
15
59
104M
— —
D
J
121
5833
-
J
{♦Ga A Ala Ry 1st cons 5s Oct 1 '45
J
J
{{♦Ga Caro A Nor 1st ext 6s..1934
♦Good Hope Steel A Ir sec 7s__ 1945 A O
Goodrich (B F) conv deb 6s„.1945 J D
11133
10053 101
107J3 10853
10733 10853
10453 10953
100
10633
90
5333
34
121
5833
-
A
A
*10933
10333
97
_
104
J
J
253
2
M
253
104
A
A
Gt Cons El Pow (Japan) 7s
3
4
*1
F
Gotham Silk Hosiery deb 5s w
1033
1053
233
1753
------
M N
—.1948.NIN
1951
45
6453
3M
49
•
Gen Motors Accept Corp deb 3s 1946 F
15-year 3Ms deb
93
10133
35 M
w
6233
6233
8
MN
f deb 6s
10033 11133
1958
Conn A Passump River 1st 4s..1943
Conn Ry A L 1st A ref 4 33s
1951
Stamped guar 433s
1951
Conn Rlv Powsf 3Ms A..1961
Consol Edison (N Y) deb 3Ms_1946
3 33s debentures
1948
101
10033
------
J
J
1947 J
J
1945
Conv debs 3 33s (Interest
from Sept 301938)
106
8933
1
85
97
26
10053
•
110
10433
1968 J
A
105
85
101M
59
7453
104
100 M
9633
.
16 1952
Apr
43
....
*
F
Gas A EI of Berg Co cons g 5s..1949 J
Grays Point Term 1st
—
51
9M
42 33
38
105
....
*50
*33
1941
1st mtge 4Ms
1
98
Debenture 6s
53
9M
»
*85
♦Certificates of deposit
Gen Cable 1st s f 5 33s A
95 33
7033
16
33 33
*3833
S
833
Gen Amer Investors deb 5s A.. 1952
11233
82
1
33 33
10M
MN
33s.---.1952
107 33
10633
10333
Columbia G A E deb 5s—.May 1952 MN
46
21
19
♦Certificates of deposit
10333 10633
77 33
MN
103
4433
1933
O
4033
64
-
1933
------
J
A
M
——
-----
10033 103 M
— —
--
-
19
J
J
A
*
*12233
87
32
-
101
*10233
D
82
73J3
-
--
*10233
J
99
9733
87
1972
1973
1977
1946
f 5s..1943
1970
Colo A South 433s series A
*50
O
Francisco Sugar coll trust 6s...1956 MN
94
73
1961
Cleve Union Term gu 533s
10533 109 M
O
78 33
61
9033
94 33 109 33
MN
A
Fort 8t U D Co 1st g 4 33s
10133 10133
Gen A ref mtge 4 33s series B.1981
68 M
76
106 M
106
57
10453 108
100
10653
,107
9833 108
6
131 33 134 33
41
104 33 108
*105
23
111
88
9253
7353
10533 10633
A
12
106
105
A
J
MN
10033 10553
15
,
*13433
106
A
10253 10633
6
11153
*10233
8733
109
9
16 M
111
------
33
88
2
106
16
------
J
50
20
58
10633
------
11133
32
—
100
10633
------
O
F
.
112M
103 33 111M
59
10533
D
3
55
9053
107
J
F
11053
59
87
9733
10533
109
1974
♦1st A ref 5s series A
O
J
107
75
26
88
O
A
11153 H4M
20
9933
N
42
42
85
112
.100
J
7M
453
11233
*40
D
O
8
12
3
433
50
7533
*9633
10933"
1943
{♦Florida East Coast 1st 433s.. 1959
Fonda Johns A Glov 4
9733
6633
J
J
58
102
10733 11033
102
10833
65
*5733
W W Val Dlv 1st g 4s——1940
Clove-Cliffs Iron 1st mtge 4Ms_1950 M N
Cleve Elec Ilium 1st M 3Ms
100
105
108"
"58*"
5M
*20
1942 M S
1942 M S
1954 J D
30-year deb 6s series B
U033
k
10833
.1942
series
5s Internationa
10933
11033
MN
1966 F
76
10
—
88 53
Cln Leb A Nor 1st con gu 4s>_. 1942 M N
Cln Un Term 1st gu 5s ser C—. 1957 MN
series E_
110>3
------
-
1954
Fairbanks Morse deb 4s
1952 J
1967 J
——
S
D
.1955 J
Ernesto Breda 7s
1943 A
{♦Choc Okla A Gulf cons 5s.
Cincinnati Gas A Elec 3Ms
333
110
10933
1962 M
series D
24
11033
lllM
J
♦Genessee River 1st s f 6s. .1957
.
533
11233
11133
11233
J
16
333
*22
A
O
MN
1553
9
16
833
MR
F
A
8M
1
533
*333
A
J
63
13
433
J
4b._1948
10533 10853
10633 10853
14
833
O
6
5
5
A
108
105
—
13
J
A
102 33 105
-----
12
1233
J
F
58—1956 M
1633
1633
*104
1233
East Ry Minn Nor Dlv 1st
2
10553 109 33
28
6233
106
10833
10633
{{♦Dul Sou Shore A Atl g 58—1937
J
Duquesne Light 1st M 333s—.1965
1133-
10833
10833
*10633
J
48
O
10833
MN
1951 J
1153
127
106M
Dul MlssabeAIr Range Ry 3 33s 1962 A
653
6453
10633
1853
1733
433
16M
5933
10633
22
7
11
MN
1433
7
10833
*10533
J
7
52
10833
5933
------
1995
12
32 33
------
M
23
1
J
J
10
58 33
34 33
J
1965
10
40
J
G—1966
9
1
J
1333
7
9M
44 M
J
13
1833
5433
33
J
10
2233
43
31M
34 33
O
J
106M
29 33
26
------
27
15
100
37
3833
------
1533
~1833 "l2
2
34
3733
-4.----
MN
106
99M
44
D
5s—1995
Electric Auto Lite conv 4s
1944 A
Chllds Co deb 6s
s
10433
100
10853 109
3133
31M
J
Gen A ref mtge 333s ser
933
D
J
1963 J
Cleve Cln Chic A St L gen
10433
M N
J
17
1033
D
J
1963 J
let mtge 3 33s
12
♦N Y A Erie RR ext 1st 4s__ 1947
4s "—tea D
3M» series E—
333s guaranteed
Chic A West Indiana con 4s—.
1st A ref M 4 33 s
356
10533
1633
~Yl"
83
10933
105
♦Detroit A Mac 1st UeD g
Dow Chemical deb 3s
9833 10553
9853 105 M
11
10833
B__.Apr 1978
{♦Des M A Ft Dodge 4s ctfs_—1935
{♦Des Plains Val 1st gu 433s—1947
Detroit Edison Co 4 33s ser D.. 1961
♦Second gold 4s
10053 10853
9
105
------
Gen A ref M 4s ser F
102 33 108
57
25
100
99
-
-
24
10833
10453
10433
10833
10833
Detroit Term A Tunnel 433s.. 1961
15
"17"
10133 10733
D
13
M N
10433 109
14
A
1533
1553
—
High
11
107 33
J
♦Assented (subj to plan)
1853
-
*
Low
10853
103 33
-
1938
No.
High
F
1533
M N
1960
10833
10433
15
M N
------
M N
for Year
10733
10733
M N
Range
Bonds Sold
Friday's
A
Ask
10633
10833
10833
10433
------
MN
♦Ref A lmpt 5s ser
4J3
18
12
16
1433
~1453
M N
1st mtge
1st
36
14
M N
let mtge
s
30
2533
2
1951
Crown Cork A Seal s f 4s
1950
Cuba Nor Ry 1st 533s
1942
Cuba RR 1st 5s g
1952
733s series A extended to 1946- —
6s series B extended to 1946
Dayton Pow A Lt 1st A ref 3 33s 1960
Del A Hudson 1st A ref 4s
1943
Del Power A Light 1st 4 33s
1971
1st A ref 433s
1969
1st mortgage 4 33s
—1969
Den Gas A El 1st A ref s f 5s.-.1951
Stamped as to Penna tax
1951
{{♦Den A RG 1st cons g 4s—.1936
{♦Consol gold 333s
1936
{♦Den A R G West gen 6s. Aug 1955
3533
19
30
28
2533
M N
1952
Chicago Union Station—
Guaranteed 4s.
1st
85)3
11133 112
2733
25M
Certificates of deposit---
1951
Gold 333s
lune 16 1951
Memphis Dlv 1st g 4e
1961
Chic T H A So'eastern 1st 5s» 1960
lnc gu 5a
.Dec 1 1960
70
2533
"26"
A
Ch 8t L A New Orleans 6s
High
2433
1934
♦Conv g 433s
Ask
2533
2653
♦Certificates of deposit
{♦Refunding gold 4s
♦Certificates of deposit
{♦Secured 433s series A
1938
♦11033
♦Gen g 3 33s series
♦
Continental OH conv 253s
Crane Cos f deb 333s
Chicago, III.
Y.
York,
*Dlgby 4-5200
<Ni. Y. 1-761
bid
D
Consumers Power 353*-May
1st mtge 333s
W ew
Sale
Price
Low
Hennett Urns. & Johnson
One Wall
Range or
Last
BONDS
N.
13
40
119M
39M
11833 12333
40
61M
11M
2433
Volume
New York Bond
148
Friday
BONDS
Y. STOCK EXCHANGE
Week Ended Jan. 13
N
SI
Range
Sale
Bid
Refunding 5s
Loulsv Dlv A Term g 3%S.-1953 J
Omaha Dlv 1st gold 38—1951 F
8t Louis Dlv A Term g 3s
1951 J
34 94
44 H
62
1
59
106
31
66
66
70
12
39
58 H
66 H
187
23
49 H
49
83 %
"63"
*61
J
J
"~94~"
Internat Paper 5s
Ber A
1955 Wl
S
60 H
57 H
57 H
59
5
40
89
23
65
9294
3
100
10294
102 H
11%
19
294
11H
12
20
4894
8094
35 H
80 H
58
"55
50
99%
76
28
54
1
88 %
90
10
75
76
39 H
74 H
66
65%
69
187
42H
78
1
194
53
95%
53 %
96 H
82 H
35%
37
9
34
71
35
70
45
109 %
109%
109%
40
105%
105%
10594
19
36
36
1
Stamped
"92 H
~~
*
*60
90
72
72
90
95
95
150
"
165
95
*50
*75
1954 J
8094
98
98
*101
Kinney (G R) 5%s ext to.—1941 J
Koppers Co 4s series A
1951 M N
Kresge Foundation coll tr 48—1945 J
J
3%s collateral trust notes...1947 F A
{♦Kreuger A Toll secured 6s
Uniform ;tfs of deposit
1959 Wl S
71
10
104%
98%
*9$
101
100 H
101
100
103
102%
103
13
100
100
10094
16
13
13
3
81-5*
81 H
83
30
9594 10494
8594 10094
Nash Chatt a St L 4s
5494
55
48
75
48
71
85
27
42 H
66
"26"
99J4
20
2694
45
16%
18
1894
17
"46"
50
19H
72
85
40
d
j
mmmmmm
100
1944 A
O
1951 F
J
Louisiana Gas A Elec 3 Hs
1966 M S
Louis A Jeff Bridge Co gu 4s. .1945 Wl 8
128 H
"81H
40
♦Assent
warr a rets No
1694
Nat Steel 1st coll
70
70
{♦Naugatuck RR 1st
115H
129H
12794
108 H
4
on
10594 118
40
2
7
128
94 H
f 4s
Newark Consol Gas
131
—
-
cons
5s
""*%
O
*%
11294
D
10294
H
108
128 H
20
124
82%
108%
10894
10094
"31
126
129H
115H 125
60
99 %
99%
2003
96*4
9694
97
1st A ref 4 Ha series C
2003
89 H
8994
91H
123
4
38
86
8194
85 H
10194 108
102
107H
97% 105
83 %
75
♦Consol guar 4s
1945
New England Tel a Tel 6s A..1952
1st g 4 Hs series B
1961
N J Junction RR guar 1st 4s. .1986
1st a ref 5s series B
{{♦N O Tex a Mex
n-c
d
J
J
J
J
26%
D
WIN
f
A
—m^—
For fontnntPS see
nage
253.
re:
106%
116
100
50
71
18
' 39
96H 101 %
92% 104 H
100
107
100 H 105
%
125%
mm
103%
103%
a
3
A
109
15
116H 122%
120 H
124%
16
18
17%
32 %
31
__
65
68
6
52%
53%
6
103%
107
104%
72%
66
»
103
103
*
33%
35%
34
'
6
104 % 108 H
38
75
34
86 %
53
103 H
84% 104
47
76
4
23
35
20
22
38
35
35
6
24
36
34
35%
6
22
37
33%
34
f
1954 O
103
10
34
3
23
35
36
35
22
30 H
40
26 H
35 H
*32
35%
93%
90
65
119
124% F125%
33
1956 A
3%
1%
126
33%
1956 f
1%
120
68
34
-1954
♦Certificates of deposit
%
2H
2H
mmmrn*
*108%
53%
inc 5s. .1935
-
2%
mmmm
mmmmmm
of deposit
♦1st 6s series C
♦1st 4Hs series D
♦1st 5Hs series A
%
%
2%
H
31
85
'
dill
66 H
101
27%
27%
125%
25
124%
1960
1955
♦1st 5s series B__
♦Certificates
109%
102
74
"n
71 H
62
""% "2%
%
108
124
88 H
81
-
"~i%
124
88
9
.
%
-
1948 j
7394
"~6
74
47
34 %
34 H
1%
1
65
73
*85 H
*1
V
——
*33
87
80
75
72 H
69
mm
%~
1954 WIN
4s
g
80
91 %
81
99
101
73
'
j
O
'51
1965 j
{♦New England RR guar 5s.— 1945 j
121H 127 H
99
s
N J Pow A Light 1st 4H8
■105%
81%
%
*%
New Orl Great Nor 5s A
1983
N O a N E 1st ref a Imp 4 H8 A 1952
New Orl Pub Serv 1st 5s ser A. .1952
*10894
.—2003
84
96
%
27
6'<%
Unified gold 4s
1st A ref 5s series B_
2003
2594
♦4s April 1914 coupon on
1951 A
♦4s April 1914 coupon off.-.1951 A
45
6
Louisville A Nashville RR—
1940
100%
7
H
*%
Nat RR of Mex prior lien 4 Hs—
{♦Assent warr a rets No 4 on *26 j
63 H
81
19
48
90
128%
196
186
#105%
32
50
*123
108 H
85
*%
New Orleans Term 1st gu 4s—1953
A
104%
%1 104%
1194
55
%
-»-
104
45
1
80
104%
11
mmrnmm.
105
1
10
80
11
32%
.
49
5694
s
99-
95
98
30%
20
62
8
37
48%
67 %
98H 107 H
112
70%
*102
50
10094
1949 Wl
52
33
*%
56
1949 Wl
rn
'57
63
*82
28 H
32%
*%
on
62
56%
♦Long Dock Co 3%s ext to.—1950 A O
Long Island unified 4s
-.1949 Wl s
mm
O
75
,99%
rn
104%
104%
WIN
WIN
Nat Gypsum 4%h s f debs—.1950 WIN
National Rys of Mexico—
66
129%
127%
»
O
25
108
mmmmmm
m
1977 A
3394
l"08H
j
d
♦4s April 1914 coupon off.-.1977 A
♦Assent warr A rets No 5 on '77
13
129%
j
39
106%
—
Assent warr a rets No 4
♦4s April 1914 coupon on
15H
16H
A
8 H
9
74
40
mmmmm
70%
62
14
D
*—
4
5794
17
—1951 F
106
%
52
debs._1947 J
13H
*%
30
Little Miami gen 4s series A—.1962 M N
Loews Inc s f deb 3 Ha
1946 F A
Lombard Elec 7s series A
1952 J
D
*114%
J
19%
21%
20%
*111%
25 H
23
65
72 H
46
4.3%
mmmmrn m
j
20%
♦
14 H
14 H
66%
56%
53%
50%
mrnmmmm
A
j
mmmrn
71%
54%
55
mmmmmm
J
20
O
d
1951
Nat Acme4Hs extended to
1946
Nat Dairy Prbd deb 3%
w w._ 1951
Nat Distillers Prod deb 4 Hs—1945
71%
*69%
30
37
23
mmmmm
O
A.—1978 F
7
*69%
m
—1955 M n
♦
18H
20%
ser
97
♦4Hs July 1914 coupon on.-1957 j
♦4Hs July 1914 coupon off—1957 j
19%
19H
20
22
71%
3994
19 %
Ligget A Myers Tobacco 7s—1944 A
1955
2000
97
*69%
O
34
51%
*57
1
78
96%
40
19%
'20
6H
25%
73
97%
97
♦4 Hs Jan 1914 coupon on...1957 j
19H
♦5s assented..
i
2003 WIN
Leh Val Term Ry 1st gu g 5b—.1941 A O
5s assented-..
1941 A O
Lex A East 1st 50-yr 5s gu...1965 A O
7
89
i
9
50
19
"19"
95
H
17 %
68%
50
«
78 H
22
26% ^28%
29% 732%
53
'53
103
104
25
Nassau Elec gu g 4s stpd
55
.-.2003 WIN
1st A ref 3%s series E
20
Constr M 4Hs series B.
1955 M n
Mountain States TAT 3%s..1968 J D
78
*
2003 WIN
1st A ref 4s series D
*0#% I 65
'
Mutual Fuel Gas 1st gu g 5s.-.1947 M n
Mut Un Tel gtd 6s ext at 5%.-1941 WIN
2494- 3594.
2003 WIN
1969 J
f 6s series D
90
75
17
46
1955
Morris A Essex 1st gu 8H
Constr M 5s series A
55
2003 WIN
ser A
s
f 5s series A
2594
2003 WIN
Louisiana A Ark 1st 5s
s
90
.
Lorillard (P) Co deb 7s
5s
Gen A ref
24 %
31H
233
108%
Montana Power 1st A ref 3%s.l966
Montreal Tram 1st A ref 5s
1941
24 %
31H
•
60
21
104%
53 94
85
23
3
mmmmrn
m 20
19%
20
108
4994
Leh Val N Y 1st gu g 4%s—-1940 J
4%s assented
1940 J
stamped
20
25%
23
25%
14%
15H
60
103
38
♦
21
*18%
mmmmmm
8
15
104
108
42
1
64
4
23
4
19%
3%
103 H
1
17H
Guar ref gold 4s
3%
O
7
1974 F
4 Ha—
21
*18%
24
25%
14%
14%
14%
3
O
43
Sec 6% notes extend to
1943 J
Leh Val Harbor Term gu 5s.-.1954 F
♦4s assented
20%
19%
mmmmmm
12
1965
43
S
10
14%
14%
148
--I960
1st mtge 4 Hs
6s debentures.—-—
43
16 %
♦4 %s assented
19.
45%
96
6%
21
Monongahela West Penn Pub Serv
42 H
20
4s
19
s
42 H
1964 F
1st A ref s f 5s
5%
50
42 H
25
26
19%
O
A
32
67
28 H
28
4
50
A
-1977 M
o
1st A ref
-
g 58.-1947 F
1955
'
29
35
32
48
{♦Secured 5% notes.
1938 M s
Mohawk A Malone 1st gu g 4s.l99l M s
Monongahela Ry 1st M 4s ser A '60 WIN
1955
1954 F
conv
♦Montgomery Dlv 1st
f 5s series B
53
18%
45%
9H
14%
6%
5%
70%
52%
{Mobile A Ohio RR—
f 4 Hs series C
O
51%
36%
•
5%
1981 FA
s
J
1
5
14% T116H
mmmmmm
♦Certificates of deposit
{♦Mo Pac 3d 7s ext at 4%.July 1938 MN
s
1954
3
60%
7
53
19%
Gen A ref
90 H
65%
53
28
♦Certificates of deposit
Gen A ref
95 H
102
20
19% Y20%
19% *20%
o
Gen A ref
55
38
7%
rnmrn+mm
60
60'
2
2%
65%
28
-1978 M N
6194
75
3%
1%
14
6 %
—
6994
88
6%
3%
19%
42H
1975
f 5s...
1
32%
8H
3%
3%
5H
5H
22
5%
"
1975 wi's
—1977 wi s
4s
♦1st A ref 5s series F
7%
31%
32
1H
1%
5%
47%
20
4
9
6%
32 H
H
«•
5
"
19%
4094
*62 H
60
12
A
27
*65
-
7%
15
F
40
"
f 4 Ha A
6s
{♦Mo Pac 1st A ref 5s ser A.—.1965
♦Certificates of deposit
49
1st A ref s f 5s
4s
10094
95
10694
95
' 9994
9694 103 H
52
27
4
3
mmmmmm
j
50H
Cons sink fund 4%s ser C
1954
Lehigh A New Eng RR 4s A—1965 A
Lehigh A N Y 1st gu g 4s
1945 M
Lehigh Val Coal 1st A ref s f 58.1944 F
Liquid Carbonic 4s
88
19%
26
3
"
89 H
11%
31H
18
33
2%
47 H
,
o
45%
1997
♦1st mtge income reg
5a
.1978 j
Jan 1967 A
46 H
1941
cons
j
47
3% to—1947
2d gold 5s
*26%
7%
mmmmmm
j
48 H
-.1942 F
Lake Sh A Mich So g 3%s
Lautaro Nitrate Co Ltd—
♦General
j
1942 F
Coll tr 6s series B
cons
j
1953 F
Lake Erie A Western RR—
♦General
84
11 H
14
mmmmmm
D
1960 F
Coll A ref 6%s series C
Coll A ref 5%s series D
Coll tr 6s series A
,
13
12%
65%
j
31 %
90 H
Laclede Gas Light ref A ext 58.1939 A
30%
mmmmmm
j
1962 j
♦Ref A lmpt 4 Ha
*165
42%
103
60
.
5%
S
♦1st A ref 5s series I
95
99 H 108 H
,
14
6*4
j
1980 a
27 H
11
77
6%
j
Wl
♦1st A ref g 5s series H
80
"95"
j
101
"79 %
j
j
31 %
80
94%
92%
*2
j
gu
%
24
88
mmmmmm
j
%
mm
16%
1949 mn
27
95
*107 H
*-__--
'38 j
-.1938 j
g4s Int
♦Certificates of deposit♦Conv gold 5H8-—
19
mm
30%
m?m
99% 103 H
8
5%
35
14
m
91
104 H
103 % 110H
mmmrn
*70
7%
97
mmmrn
*90
j
10394 10694
3594" 41
37
%
♦
13%
95
50
■■mm
42%
as to Int—-1938 j
con
Prior Hen 4Hs series D
♦Cum adjust 5s ser A
♦General
8%
*%
wi's
♦Certificates of deposit.
♦1st A ref 6s series G
21 H
27 H
J
1954 J
cons g
36
14H
S
1961 J
Lehigh Val (Pa)
16 H
9
5
87H
13
65
14
■
*
rn rn
102
68
mL
+
110%
d
60
7594
4494
74
10394 108 H
20 H
*25
1961 J
Plain
♦
4094
*23
4%s unguaranteed
1961 J
Kings County El L A P 6s.--.1997 A
Kings County Elev 1st g 4s—1949 F
s
90
m
104
110%
mmmmmm
„
81
85
1
mmmrn
52%
*30
j
24%
70
-
mmmrn
103%
....
40-year 4s series B
.
-
.
87%
*%
9894
78
*17
♦Ctfs with warr (par $925).-1943
s
88
4
70
78%
2094
6
68 H
stmp (par $925)—1943 M N
Lehigh C A Nav
40
17
82 H
34
594
-
~
Jtl 86%
*7%
o
1939 j
4s...1947
rn
*100
mmmmmm
34%
10
mm
101%
51
103%
j
1979 j
—1940 a
1st A ref 6s series A
1946
♦25-year 5 Hs
1949
♦1st A ref 5Hs series B
1978
{♦ 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
94
66 H
3%
j
♦
85
63%
32
Keith (B F) Corp 1st 6s
1946 Wl
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4%s—1961 J
{{♦M St P a SS M
{♦1st cons 5s.a
{♦1st cons 5s gu
m
20
1939
gu
rn
101%
*80
35
25
*81%
mmmmmm
s
9
28%
*17H
-
*80
1934 M n
♦1st A ref gold 4s
1949 Wl S
♦Ref A ext 50-yr 5s ser A—1962 Q F
93
%
3%
mm~
*
{♦Minn A St Louis 5s ctfs
9994
,
63 %
36
36
20
77
"77
82
69
35H
17%
16H
101%
J
WIN
{♦Mllw A State Line 1st 3 Ha—1941 j
6
%
O
55
20
-1951 M S
♦Con ext 4Hs
21
74
60%
D
37
10
50
27
mm
-.1952 WIN
Ref A lmpt 4 Hs series C
{♦Mid of N J 1st ext 5a
{♦Mil A No 1st ext 4 Hs.
45 H
49
57%
97 H
stmp (par $645)—1943
6s 1937 extended at
6994
19%
75
"
6%s._r
6
92%
Kan City Sou 1st gold 3s
1950 A
Ref A lmpt 5s
-Apr 1950 J
Kansas City Term 1st 4s
-I960 J
J
Kansas Gas A Electric 4%s—1980 J D
♦Karstadt (Rudolph) 1st 6s—1943 M N
1st A ref
40
52
,
68
>3%
82
4s—1936 A
Kings Co Lighting 1st 6s
42 H
10
2
102 H
19 %
17%
3H
8
10
29%
31%
a
{♦Mil Spar A N W 1st
91
A
43%
o
Jack Lans a Sag 3
Ha
1st gold 3 Ha
68
87 %
82
Wl
94
60
Jones A Laughlln Steel 4 %s A.-1961 Wl S
Kanawha A Mich 1st gu g 48—1990 A O
♦Certificates of deposit
93
10194 110
42 H
71
3(5
92
J
42
27%
Q
Michigan Central Detroit A Bay
City Air Line 4s
1940
98 H
29%
mmmmmm
Wl
111 H
97 H 107 %
66 %
91%
42%
mmmmmm
1950 a
98
5
"l3
30 H
1977 M S
♦48 (Sept 1914
coupon)
1977 M S
♦Mlag Mill Mach 1st 8 f 7s——1956 j D
18
60
17%
105%
♦Mex Internat 1st 4s asstd
100H
59 %
38
89
A
1955 F
g
23
66
1972 WIN
James Frankl A Clear 1st 4S--1959 J
w w
"~38
61
1947 F
{{♦K C Ft 8 A M Ry ref
10
D 5 Ha
80
69
o
{{♦Met West Side El (Chic) 48.1938 F
82
112
68
67
mmmmmm
Metrop Wat Sew a
* ~90"
63
99 %
A B—1947 J
{♦Iowa Central Ry 1st A ref 4s. 1951
♦Ctfs
"94
60
76 %
57 %
Int Telep A Teleg deb g 4%s__1952 J
w w
3
108 H
108%
3H
1941 A
♦Ctfs
"""5
96
93 H
108 %
60 H
1956 J
=.
6
10
10
O
1944 A
Debenture 5s
2
66
17H
*16%
s
f 6s series A
71
.
'
Int Merc Marine
1st lien Aref 0%s.
6094
28
?594
104 H 10794
27
4094
*99 %
—-1956 J
Int Rys Cent Amer 1st 5s B
29
78
76
109
3
106%
*67
j
a
107 H
22
d
j
High
96
mm
mm
104%
106 H
WIN
j
1959
{♦Man G B A N W 1st 3 Ha.—1941
Marlon Steam Shovel 8 f 6s—.1947
Market St Ry 7s ser
A__.April 1940
Mead Corp 1st 6s with
warr_.1945
Metrop Ed 1st 4 Hs series D
1968
Low
mmmrn
86
72%
106
A
d
1939 WIN
1st ext 4s
2
--to.-
72
WIN
j
No.
97%
97%
mmmmmm
Manila RR (South Lines) 4s
95
"66"
10
J
Internat Hydro El deb 68
s
75
41 H
49 %
1942 WIN
Ref
50
59%
1952 J
f 6s
56 H
104%
'
A.—July 1952 A
*lst 5s series B
52
65
*
{♦Int-Grt Nor 1st 6s
♦1st g 5s series C
53
59%
54%
104%
50
1947 A
A
72
60 %
55
104 %
F
1938
High
*108H
j
j
Range
for Year
Asked
*82 H
S
Manatl Sugar 4s s f
Feb 1 1957 MN
{♦Manhat Ry (N Y) cons 4s. .1990 a o
♦Certificates of deposit
♦Second 4s
2013 )~D
Manila Elec RR a Lt s f
5s.—1953 Wl s
45
53
41H
1963 J
1940 A
ser
47
45
*60
7%
ser
70
"76
60 %
55
Lower Austria Hydro El 6 Hs.1944
McCrory Stores Corp s f deb 5s. 1951
Maine Central RR 4s ser A
1945
Gen mtge 4Hs series A
1960
63
J
Int Agric Corp 6s stamped
♦Adjustment 6s
61
97 H
S
A
Low
WIN
1955
♦
53 %
84
A
•5
or
Friday's
Bid
„
*54
A
Atl Knox a Cin Dlv 4s
54
78
63
*46
notes—-1932 M S
♦Certificates of deposit.——
r
52%
*
1963 J
deb 4s
39
52
—
conv
61
58 %
J
{Interboro Rap Tran 1st 5s—1966 J
Certificates of deposit
{♦10-year 6s
1932 A
Interlake Iron
7994
37 H
54
J
Ind Union Ry 3%s series B--1986 M S
Industr'al Rayon 4%s
J
1948 J
Inland Steel 3%s series D
1961 F A
conv
77H
27
52
A
♦Ilseder Steel Corp 6s
1948 F
Ind Bloom A West 1st ext 4s__1940 A
Ind 111 A Iowa 1st g 4s
'--1950 J
{♦Ind A Louisville 1st gu 4s—1956 J
{♦10-year
93 94
58 %
J
Range
Sale
Price
Louisville A Nashville (Contended)
Paducah a Mem Dlv 4s
1946 F
St Louis Dlv 2d gold 3s
1980 Wl
Mob A Montg 1st
g 4 Hs
1945 M
South Ry Joint Monon 4s
1952 j
98
52
111 Cent and Chic St L A N O—
1st A ref 4%s series C
Illinois Steel deb 4%s
7" 94
91
112H
Week's
Last
STOCK EXCHANGE
Ended Jan. 13
Hloh
106 H
82
61H
61%
J
Joint 1st ref 6s series A
Low
Y
-
57~"
D
Gold 3%s
1951 J
Springfield Dlv 1st g 3%S—1951 J
Western Lines 1st g 4s
1951 F
No
High
54 %
A
251
Friday
Week
75
1955 M N
40-year 4%s
Aug 1 1966 F
Cairo Bridge gold 4s
1950 J
Litchfield Dlv 1st gold 3s—1951 J
N
1938
*83
57
J
4
bonds
for Year
112H
*87
1953 M N
1952 J
fa
*83
1955 M N
Purchased lines 3 Hs
Collateral trust gold 4s
Range
Asked
112
O
Refunding 4s
A
Low
-
1952 A
or
Friday's
Price
Illinois Bell Telp 3%s ser B..1970 A O
Illinois Central 1st gold 4s
J
1951 J
1st gold 3%s
J
1951 J
Extended 1st gold 3%s
1951 A O
1st gold 3s sterling
...1951 M 8
Collateral trust gold 4s
Record—Continued—Page
Week's
Last
Jan. 14, 1939
Record—Continued—Page 5
New York Bond
252
t$
Friday
BONDS
,|'
.
N. Y. STOCK
Range or
Inter st Period
EXCHANGE
Week Ended Jan.
Week's
Last
13
Sals
Bid
Price
N
j
F
A
a
O
A
A
76 k
76
78 M
63
o
60 k
123
38 M
65 H
62 M
65 k
142
42
73
67
89
51
84
Pennsylvania RR cons g 4s—
83 M
83 M
53
f
A
A
a
o
M
s
A
o
61M
53
94 H
64
98 M
38
65 M
Gen mtge 3Ms series
16
53
82 H
Consol sinking fund 4 Ms
1960 F
66 k
84
~97k
58 M
General 4 Ms series A
97 k
11
1965 J
65
General 5s series B
1968 J
104k
104 %
30
74
1970 A
85 M
101
85 M
63 k
Debenture g 4 Ms
105k
86 k
94 k
56
26 M
62
1981 A
93 k
405
General 4mb series D
94
55 M
43
105k
9
106
1984 J
93 k
94 M
Gen mtge 4 Ms series
93M
1952 A
81M
81M
84
87
84 k
105
F
a
F
a
F
a
77
*106k
......
51M
12
109
j
d
f
A
19
116M
116k
116k
11
mn
17
mn
*99
99k
95
103
mn
*56
63
60
80
General g 4 Ms series C
93
General 4 Ms series D
mm**
mn
mrnmrnm m
*
6
50
Branch gen 4s
1941
1*NYANE (Boat Term) 4s__1939
{♦N Y N H A H n-c deb 4s
1947
♦Non-conv debenture 3Ms..1947
♦Non-conv debenture 3Ms..1964
♦Non-conv debenture 4s
1955
♦Non-conv debenture 4s
1956
♦Conv debenture 3 Ma
1956
♦Conv debenture 6s...
1948
♦Collateral trust 6s
1940
♦Debenture 4s
,..1957
♦1st A ref 4 Ms ser of 1927 ..1967
{♦Harlem R A Pt Ches 1st 4s 1954
73
75 k
a
O
1992
M
m
•»
14
8
nkmamm-m-m
*
j
mn
{♦N Y Providence A Boston 4s 1942
N Y A Putnam 1st con gu 4s..1993
1965
11
21
i4k
20
11
14k
13
1
10M
57
12M
18
35
7
29
r;
9k
177
5M
5
58
3M
77
4
77
64
O
A
O
53M
53 k
1
M N
109 k
109 k
2
106
104M
104k
2
92
95
95 k
4
102
104M
j
102k
Ilk
1
tf*N Y Susq A West 1st ref 5s 1937
I* 2d gold 4mb
1937
Ilk
f
A
*9
F
a
1940
1943
14Ms... 1939
mn
1967
N Y
1946
6s stamped...
1046
||*N Y Westch A Bost 1st 4Mb '46
Niagara Falls Power 3 Ms
1966
Nlag Lock A O Pow 1st 6s A..1955
Niagara Share (Mo) deb 5 Ms. 1950
Nord Ry ext sink fund 6Ms...l950
{(♦Norfolk South 1st A ref 68.1961
3Ms ser B
Trap Rock 1st 6s
Ref mtge
mm m
M N
j
d
3M
110k
j
111k
104 H 110M
109
109
107 M 108M
96
mm
102M
19M
17M
8M
9
A.14
O
A
119k
118k
f
A
104
103k
111
U9k
104k
m
8
103M
103M
a
103 k
103k
103k
106
106
97
103 k
F
M N
M
.
*105k
45
O
102 M
102M
103
47
107
107
104 H 116k
*48
1945
J*Og A L Cham 1st gu g 4s. ..1948
J
51m
9
J
K
M
J
J
56
J
"~65k
J
J
J
J
F
A
J
132
64
J
J
59
J
58 M
61
"W%
58 k
61
107 K
107 M
107k
Purch money 1st M conv 5 Ms
93 H
62 M
Gen mtge 4mb series C
76
46
5
88 M
79
19
45
36
102
80
107k
100
40
♦4
'
4M
M S
6k
J
J
'54
4M8.1956
1
F
A
A
Oi
27 M
27 M
5
48
s
M
S
105k
106k
1952
98
106 M
Rlchm Term Ry 1st gen 5s
♦Rlma Steel 1st s f 7s
106 M
♦Rio Grande June 1st gu
J
J
*103k
104k
F
A
D
1955
5s...1939
{♦Rio Grande West 1st gold 4s. 1939
J
D
105
105
U
96 M 104 M
Roch G A E
112k
18
HIM 114M
Gen mtge
♦
110
113
Gen mtge
109
103
110
Gen mtge
h5m
109
116M
110M 118M
105m
224
81M
38
90 M 106M
80
69
a....1949
4 Ms series D
1977
5s series E
1962
3 M8 series H
1967
3 Ms series I__
1967
1st con A coll trust 4s
112k
60
h3m
110
107M
107
107k
112k
71
*63
109
109M
109M
'I05M
105
55 M
.1955 F
100
J
Pictures deb 6s.. .1955
1947 M 8
Parmelee Trans deb 6s
Pat A Passaic G A E cons 5s._
M
S
M
S
M
S
M
8
1942 M
Ms coll tr ser
Guar 3 Ms trust ctfs C
Guar 3 Ms trust ctfs D
Guar 4s
ser
E trust ctfs
2F year 4s
For footnotes see page
53
1
80
109m
109m
8
{♦Rut-Canadian 4s stmp
1949
{♦Rutland RR 1st con 4 Ms--1941
♦Stamped
J
J
J
J
J
1947
J
D
104 k
A
105M
87 H
100 M
D
MN
253.
A
100M
99M
99 H
99
99k
99 H
52
M
118M 122
72
60
97 M 103M
99 M 103 H
lOOM
100
99 h
8
29
163
23
105k
106
24
90
103M
88 H 104
83
1955 J
J
100M
15M
54k
54k
44
5
18
1
m's
12
11M
13M
54
Ilk
12k
30
j"j
.1978
28
13k
Ilk
Ilk
13
13k
136
11M
1989
12M
11M
11M
12k
24
59k
60
14
"iik
♦Ctfs of deposit stamped.
♦JSt L 8W 1st 4s bond ctfs
63
11M
1950
♦Certificates of deposit..
♦Con M 4 Ms series A
64
14
J
J
60
62
60
J
♦Certificates of deposit..
♦Prior lien 5s series B
"93k
88 M
O
MN
1948 J
^♦St L-8an Fran pr Hen 4s A. 1950
75
1944 J
JRlv A G Dlv 1st g 4S.....1933
{♦St L Peor A N W 1st gu 5s..
St L Rocky Mt A P 5s sptd..
100
61k
5k
*
A
♦Certificates of deposit
63
81
31 M
1996
.1966
105M
56
102
7M
104 k
St Louis Iron Mtn A Southern—
♦
102 M 109
98 M 103
3
*100 %
1952
70
57
*101"
1963 F
•
102M 108 M
2
*
8)
4k
104k
*40
33
D
F
•
*5k
J
88
A
1941
*5k
.
J
St Lawr A Adlr 1st g 5s
2d gold 6s
82
65
18
124m
35
""4k"
J
98 M 107
51 m
♦123M
Ilk
*
J
*107
100 m
88
37
*108
O
O
98
56 h
"13 k
♦108k
"ilk
Saguenay Pow Ltd 1st M 4 Ms. 1966
St Jos A Grand Island 1st 4s...1947 J
i05m "22
100
*11
102M 109 H
60
"~6
8
liok
Safeway Stores s f deb 4s__
51M
100M
O
1942 J
B_
71
134
18M
110k
110 k
A
60 H
45
44
16M
*123
S
M
{(♦R I Ark A Louis 1st 4 Ms..1934
♦Ruhr Chemical s f 6s
1948
16
41k
O
106M 112
100 M
87
1949 M S
♦Paullsta Ry 1st s f 7s
110
6
28
*101 M
Paramount Broadway Corp—
Penn Co gu 3
60
112M
109k
*44 k
J
A
—
.1946 J
k
1952
f conv debentures
108M
91H 101M
98 M 107 M
♦116M
104M
104k
79M
79M
4
27 k
98
1944 A
23
27k
14
1968 M S
43
5
56
3 Ms conv debentures
Paris-Orleans RR ext 5 Ms—
32
94 k
100M
28
44
1st M s f g 3s loan ctfs
107
93 M
100 k
27k
107m
Paramount
106k
94
*27k
102
J
Paducah A III 1st s f g 4 Ms— .1955 J
PaDhandle Eastern Pipe L 4s_ .1952 M S
106 k
MN
106M
(♦Pac RR of Mo 1st ext g 4s.
.1938 J
(♦2d ext gold 5s
.
Pacific Tel A Tel 3 Ms ser B. .1966 A
.1966 J
Ref mtge 3Ms series C
"77
M N
101M
107 k
104M
1st A ref mtge 3Ms ser I... .1966 J
.1938 F
99
94
27
106M
Pacific Gas A El 4s series G_. .1964 J
1st A ref mtge 3Ms ser H._ .1961 J
103
92 k
68.1953
♦Rhlne-Westphalla El Pr 7S...1950
♦Direct mtge 6s—
1952
♦Cons mtge 6s of 1928......1953
♦Cons mtge 6s of 1930
1955
♦Rhine-Ruhr Water Service
107 k
Pacific Coast Co 1st g 5s
102 k
~92 M
21M
102
J
102M
21'M
106M
♦114M
14
50 k
J
J
7
55
J
D
109
72
32
.
J
Oklahoma Gas A Elec 3Ms—. .1966 J
.1946 J
4s debentures
112M
♦1UM
73
J
.1972 J
112M
57 k
71
J
.1967 M S
D
75k
56M
J
1st mtge 3Ms..
Otis Steel 1st mtge A 4 Ms— .1962 J
72
.
71k
MN
J
1st mtge 4s...
Ontario Transmission 1st 5s.. .1945 MN
38
1946
107
51
1
98
71
56 k
48
97M
72
M N
1956
6
48
98
S
J
Ore-Wash RR A Nav 4s_____ .1961
1
3M
J
107m
A
82 k
■n----
J
106k
J
Oregon RR A Nav con g 4s.. .1946
Ore Short Line 1st cons g 6s.. .1946 J
.1946 J
Guar stpd cons 5e
15
82 M
3M
J
1Q7M
Ontario Power NT 1st g 5s— .1943 F
558
V
.1965 M Nj
Ohio Edison 1st mtge 4s
15M
82k
12
3M
12
41
108 k
14
51
4s
13
4.
4m
108
"~5
42
108 k
'iiH
Richfield Oil Corp—
♦105
73
61k
107
42
1997
1997
35
63 H
"59"
*105k
(♦Debenture gold 6s.
1941 J D
A O
Reading Co Jersey Cent coll 4s. 1951
Gen A ref 4 Ms series B
108
*101M
60M
S
^♦Radlo-Keith-Orph pt pd ctfs
for deb 6s A com stk (65% pd).--
Revere Cop A Br 1st mtge
♦Rhelnelbe Union s f 7s
2
MN
40
72
J
J
48
7
49M
*101M
D
41
111
49
*100
D
67
83 h
6
49
A
F
J
28
mm mm
83M
48k
Q
Q
m
83M
J
F
1997
Gen lien ry A Id g 3s Jan
2047
Ref A lmpt 4 Ms series A
2047
Ref A lmpt 6s Berles B
..2047
Ref A lmpt 5s series C
..2047
Ref A lmpt 5s series D
2047
Northern States Power 3Ms ..1967
Northwestern Teleg 4mb ext.. 1944
49k
49
M
45
*40 k
"49"
49
Remington Rand deb 4 Ms w w_1956
Rensselaer A Saratoga 6s gu...l941 MN
F A
Republic Steel Corp 4 Ms ser B.1961
45
107 k
"49""
J
Gen A ref 4 Ms series A
115
110
23
*
98
95 k
94 M
95
J
J
»
....
lBt 4s... .1943
107M
96 M 106M
*50
....
121
mrnmmm
S
I()3~"
A
guar deb 4s..1957
{♦Providence Term 1st 4s
1956 M S
J
Purity Bakeries s f deb 5s
1948 J
60
99 M 105M
101
106k
8
m
102 k
{♦Providence Sec
43 M
60
58
stamped
Apr '33 to Oct *38 coups..
Ohio Connecting Ry
85
16k
14
mn
North Pacific prior lien 4s
♦Stamped
103 k
15
m
97
82
-
{(♦Norfolk A South let g 6s...1941
Norf A W Ry 1st cons g 4s
1996
North Amer Co deb 5s
...1961
No Am Edison deb 5s ser A ill957
Deb 6 Ms series B
Aug 15* 1963
Deb 6s series C
..Nov 15 1989
North Cent gen A ref 6s
1974
Gen A ref 4 Ms series A
1974
{♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 A sub coupons
1945
♦Oct 1938 A sub coupons.
1945
♦Ctfs of deposit
mm
m
96 k
102k
103k
A
......
c
6k
110k
O
f
75
2k
m mm
mmm
mn
loin
1st gen 6s series C
m mm mmm
O
A
4
112k
D
1st gen 5s series B
67
60
71k
71 M
s
a
62
*lllk
MN
Pitts Y A Ash 1st 4s ser A
52
40
103M 107
104 H 110
.80
*63
mmmrnrn-
♦Certificates of deposit
'
47 k
11
106M
J
8M
109 k
mmmmmm
M
4
103k
__
j
1st mtge 4 Ms series C
109k
m
1948
.1962
1974
1st 4mb series D
...1977
Port Gen Elec 1st 4 Ms
I960
1st 6s 1935 extended to
*..1950
Porto Rico Am Tob conv 6s..1942
6s stamped
1942
{{♦Postal Teleg A Cable coll 68.1953
Potomac Elec Pow 1st M 3MS-1966
Pressed Steel Car deb 5s
1951
D
11M
103 k
109 k
j
106 k
♦106
J
9
"16
108
*105k
♦105M
112M
A *112M
O
1st mtge 4 Ms series B
6
*30
mmm
mmmmmm
j
.1945
.1949 F A
.1953 J D
.1957 M N
.1960 F A
A
16
11
,
93M
*105
O
7
*5k
mm
100 M 102
37
104 k
*106
D
Pitts Va A Char 1st 4s guar.
Pltts A W Va 1st 4 Ms ser A.
98
8
•
89k
*106M
M N
A
Gen 4mb series C
13
112M
93 k
J
105M
67
28
k
104k
.1958
.1959
.1960
Gen mtge 6s series B
70
114
j
102 k
Gen mtge 5s series A
3
111
1952 MN
1952 M S
.1940 A O
.1942 A O
5
12 k
12
.1943
58
219
*84
M N
—
4 Ms-
9
99 k
UM
3M
ill"
S
F
Series J cons guar
104M
110M
3M
.1963
.1964
.1970
.1975
.1977
Serles I cons 4mb
109
47 M
J
Series H cons guar 4s—_.
8
68
a
♦Terminal 1st gold 5s
gold—
gold
114k
99
"ilk
M N
Series D 4s guar
Series F 4s guar
UH
110
104k
110k
1949 M S|
J
1937 J
.1942
Series G 4s guar..
7k
J
A
79
4M
J
gold 5s
23
4k
.1963
N Y Telep 1st A gen s
B 4Mb guar...
Series C 4 Ms guar
Series E 3Ms guar
11M
8k
{N Y Rys prior lien 6b stamp..1968
N Y A Rlcbm Gas 1st 6s A
1951 mn
♦General
:
60 M
75
Series
;
12
6
42
16
14k
*57
S
J
1967 M S
J
J
23M
36
"
4
108 M
99M
Pitts C C C A St L 4 Ms A..
18M
16
25
D
J
D
20 M
■6k
6M
d
mn
...1955
19
~~3
14k
O
j
10M
13k
13
14M
j
a
1967 J
1948 M
114M
113
104 M
{f♦Philippine Ry 1st s f 4s—
Phillips Petrol conv 3s
Pirelli Co (Italy) conv 7s
Pitts Coke A Iron conv 4 Ms A
17M
10M
24 k
j
J
"il" "l9M
6
15
12k
12k
J
^♦Phlla A Reading C A I ref 6s 1973
96 M
85
~~7
13
12k
12k
.
mn
J
k
*10 k
O
a
j
10
16
53
*106
A
D
—
♦Conv deb 6s
14k
13
-
1974 F
64 k
108M
*107k'
1977 J
1981 J
95
*60
s
m
—
60
64
113M
Phlla Electric 1st A ref 3mb..
64
50
-
General 5s series B
50
m
D
1943 MN
Phlla Co sec 5s series A
61
61
mn
73
El Lt A Pow 3 Ms
Phlla Bait A Wash 1st g 4a—
16
67
60
1980 M S
C
109
63M
63M
"~64"
J
Phelps Dodge conv 3 Ms deb. 1952
22
50
4s
1st g 4M« series
112M H7M
17
J
3 Mb
J
7
26
6k
*104
J
1956 J
119
55 k
*5
A
1956 J
60
114
52 k
52 M
Apr|
1974 F
_
189
H3M
114
1947 M S
1940 A O
Peoria A Pekln Un 1st 6Ms.-
6
QQ
*116M
O
1943 A
61
87 M
118
117
Pere Marauette 1st ser A 5s.
108M
121M 125
s
N Y Steam Corn
.
.April 1990
♦Income 4s
101M 108M
♦125 k
M
N Y Queens
—
1st 4s series B
j
4s...
Refunding gold 5s
53 M
45 M
101
5
.
Peoria A Eastern 1st cons 4s.
61
39 M
5
109 k
E
3 Ms
Peop Gas L A C 1st cons 6s—
108
98
51
O
deb
16
111
85 M
86 k
O
1970 A
C
111
MN
dollar. May 1 1948
95 M
102 M 109M
"11
108
108
o
a
61
90
65
mm
mm
54 H
4s sterl stpd
Conv
51H
109
o
A
'm
53 k
54 M
5
105
104 k
104 k
30
31
82
k
82
N Y A Long
iiiM "16
67
75
series B
1973
♦N Y L E A W Coal A RR 6 Ms '42
♦N Y L E A W Dock A Imp 6s 1943
153
110M
110M
12
a
4 Ha
106 k
*107 M
1948 MN
149
O
1973
"105k
O
1943 MN
81
A
4s ser A
45
60 M
F
Greenwood Lake 6s.. 1946
Y A Harlem gold 3 Ms
.2000
106 k
61M
52 k
66
f
♦N Y A
33
105M
105k
J
A
1
96 M
96 M
64
56 M
a
13
95 M
O
A
1981
Consol gold 4s
No.
93M
56M
65M
j
O
D„...__.
High
107
80
J
A
3 #s ser E
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow g 6s..
Purchase money gold 4s
Asked
93
107
1981 J
4mb series B
Pennsylvania P A L 1st 4 Ms—
65 M
1st lien A ref
♦General
91M
57
Conv 6% notes
{♦N Y Ont A West ref g
62
66 M
1951
A
D
M 4Ms.
1977
Pa Ohio A Det 1st A ref 4 Ms A
Penn Glass Sand 1st
57
extended to...
N Y Lack A West
"~55
J
let gu 4 Ha A
6s series B____
N Y Dock 1st gold 4s
N
69 M
62 k
1st guar
Bid
Price
1960 J
o
N Y Connect
Friday's
1941 M S
_
j
Ref A lmpt 6a
N Y Edison 3ks ser
68M
68 M
Penn-Dlxle Cement 1st 6s A.
108 M 111M
82
48H
m n
Ha series A
series C
Conv secured 3 Ms
N Y Cent A Hud River 3Ms ..
Debenture 4s—.
_
Ref A lmpt 4 Ha ser A
Lake Shore coll gold 3 Ms..
Mlch Cent coll gold 3MS-...
N Y Chic A St Louis—
♦Ref 6Ms series A
..
♦Ref 4 Ha series C
♦3-year 6s
..Oct 1
4s collateral trust
Ref A lmpt 4
1st mtge 3Ha
High
Low
111
*110
■
No
High
Low
Bdge gen gu 4 Ha.
Y Cent RR 4s series A—...
10-year 3Ms sec sf
EXCHANGE
Week Ended Jan. 13
1938
Range or
Sale
Low
j
Newport A C
N. Y. STOCK
for Year
Friday's
A
Asked
~
Last
BONDS
Range
Week's
Friday
M N
13
4
Nov 1989 J
J
34
35 k
J
♦2d 4s inc bond ctfs
J
21M
21 M
22 k
18
J
13k
13k
14M
42
(♦1st terminal A unifying 5s. 1952
1990 J
♦Gen A ref g 58 series A
Volume
New York Bond
148
Friday
Range or
N. Y. STOCK EXCHANGE
Sale
Week Ended Jan. 13
St Paul A Duluth 1st
2
Friday's
Price
Bid
11
LOW
No.
High
{♦St Paul E Gr Trk 1st 4Hs~.1947
14
*6H
8
7H
—
mm
1940
*98
100
1972
116
116% "23
8 A A At Pass 1st gu g 4s...
San Diego Consol G A E 4s
1943
67
65 H
110
.1946
-
*•
30
30
♦Certificates of deposit
{ {*Atl & Birm 1st gu 4s
1933 m"
{♦Seaboard All Fla 6s A ctfs—1935 F
8H
8H
-
1946
1941
105
21%
90
103H
103%
104
15
107
107H
42
Southern Colo Power 6s A
1947
Southern Kraft Corp 4 Ha
Southern Natural Gas—
1948
1st mtge pipe line 4 Ha
r1951
101H
So Pac coll 4s (Cent Pac coll)..1949
mm
71
83
101H
101H
6
91
54
53%
228
51
50 H
62
53 H
63 H
89
"88%
4s.._. ,.1955
1st 4s stamped
56 H
59 H
56 H
1946
87%
68 H
68
"84"
Devel A gen 4s series A— *1956
56 H
56
Devel A gen 6s
Devel A gen 6 Ha—
71H
70 H
73 H
—
.1956
.1956
Mem Div 1st g 5s
~84~~
73 H
..1996
St Louis Dlv 1st g 4s
■
.
1st A ret 3s series C._
Tenn Coal Iron A RR gen 6s.. .1951
126H
Term Assn of St L 1st g 4
.1947
Gen refund
s
Texas 4NO con
101
98
'
119H 125
mm
95
lie"
116
2
81H
81H
104 H 116H
70
88 H
106H
*
45
90 H
......
84
mrn
84
82 H
82 H
84
85 H
5
8
.
84
7%
39
96 H
7
39
39
84 H
96 H
41
7%
"106H
1952
70
69
71H
90
90
Tol A Ohio Cent ref A imp 3Ha 1980
Tol St Louis A West 1st 4s
1950 A
55 H
87
104
24 H
O
4
71
37
98
97
— mrn
2
60H
J
*97
— mrn-
-
m
m
mm-
mm
124 H
*123H
♦108H
-
*
mm
60
mmmm
109H
95
{{♦Union Elev Ry (Chic) 58—1945
Union Oil of Calif 6s series A...1942
108H
112%.
June 2008 M S
3Hs debs
s
f 6 Ha series
C
-m-m -
59 H
90
70
-
-
69
J
{♦Vera Cruz A P 1st gu 4 Ha.—1934 J
J
J
{♦July coupon off
Pow 3Hs ser B
1968 M S
1st cons 5s
■
4
108H
83
80
69%
110
17
70 H
19
no
11
19
4
141
49 %
50
*49%
M
S
77
21%
18
25
54 H
47
47H
45
75 H
63
100
105 H
105
110H
61H
63 H
53 H
47
110 H
95 H
20
101H
101H
13
6
102
6 H
43
95 %
J
14
"ion
79 H
96H
91H 101H
10
102 H
101H
"39
95 %
4
10
7H
96 H 102
71
94 H
106 H 110
*109H
J
77 H
8
16H
14
6H
14 H
7
4H
4H
108
107H
108
1948 M S
106H
106H
109 H
202
1961 MN
105
105
105%
152
1961 JD
C
...
J
5%
*5
8%
6H
104
108 H
5
15
5H
9
104H 109 H
96
104%
Cash sales transacted during the current week and not
Included In the yearly
ranger
'
No sales.
Cash sale; only transaction during current week,
a Deferred delivery sale; only
during current week,
n Odd
lot sale, not Included In year's range,
transaction
Ex-interest.
x
{ Negotiability impaired by maturity,
t The price represented Is
the dollar quotation per 200-pound unit of bonds.
Accrued Interest payable at
exchange rate of $4.8484.|
T The following Is a list of the New York Stock Exchange bond Issues which have
been called in their entirety:
Hackensack Water 4s 1952, April 26. 1939 at 105.
{ Companies reported a9 being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
♦
♦
Friday's bid and asked price.
Bonds
No sales transacted during ourrent week.
9
selling flat.
"
'
•
♦
,
the
at
New
York
Stock
Exchange/
Daily, Weekly and Yearly
Stocks,
Week Ended
Jan. 13, 1939
mmm-
■»
50
103
107
86
632,910
$3,718,000
Sales
$560,000
$119,000
270,000
$4,397,000
6,393,000
6,277.0(H)
1,099,630
5,244,000'
879,000
713,050
4,826,000
845,000
915,690
5,356.000
939,000
162,000
6,219,000
898,000
844,980
4,757,000
836,000
267,000
103,000
5,569,390
$30,120,000
$4,957,000
$1,527,000
...
Wednesday
....
Thursday.".
Friday...
Total
*
606,000
6,457,000
7,384,000
5,696,000
$36,604,000
'
Sales at
Week Ended Jan. 13
•
1939
.
Jan.
1 to Jan. 13
1939'
1938
7,140,040
10,746,280
12,407,070
$2,647,000
$4,544,000
1938
Stocks—No. of shares.
5,569,390
.
Stocks
$1,527,000
4,957,000
$2,365,000
State and foreign
5,573,000
8,470,000
10,053,000
107
123H
Railroad and Industrial
30,120,000
30,740,000
60,487,000
57,843,000
101
105H
$36,604,000
$38,678,000
$71,604,000
$72,440,000
27 H
49 H
90
8
87 H
73
Government
49H
94
Total
49 H
94 H
47
94%
95 H
119
78 H
87
45
67
69 H
139
45
67
Stock and Bond Averages
97 H
69 H
100
16
♦106H
mm
m
m
m
%
*%
34H
Bond
Bonds
Tuesday
81H
27H
27H
107%
-
Total
States
For'n Bonds
109H
28
19H
9
—
-
United
Municipal A
Bonds
108H
69 H
60
4
"l08H
-
State,
Mis cell.
Exchange.
49 H
♦106H
— m
Railroad &
Number of
Shares
96 H
49 H
99
-
1957 M N
Va Iron Coal A Coke 1st g 5s—1949
108H
•
16
68 H
69
Va Elec A
74 H
48 H
47 H
22 H
H
60 H
21H
98 H
New York Stock
68%
94H
A
47
64
23
*8H
*5 H
*4 H
4s....*
96 H
93 H
~
O
Va A Southwest 1st gu 5s
%"
83 H
82
88 X
F
1955
62 H
60
93
73 H
97 H 108 H
26 H
16
25
15%
*103H
*109H
95 H
93 H
A
{♦Wor A Conn East 1st 4Ha..1943 J
Youngstown Sheet A Tube—
109 H 116
52
105H
49%
A
4s series A
83
105H
49 H
Vandalla
cons g
19
24
113
m—m —
Vanadium Corp of Am conv 5s.1941
Cons s f 4s series B
12
10H
115H 119
23
113
1944
1947
1959
{♦Debenture 5s
7
96 H
96 H
'
105%
1944
1st 5s
105
5
25 H
117
United Stockyards 4Ha w W..1951
{♦Utll Pow A Light 5 Ha
32
108H
10H
115H
116H
25
♦Sink fund deb 6 Ha ser A—1947
Utah Power A Light
60
1940 M N
Wisconsin Public Service 4s
104 H 113H
107H M4H
97
107H
96
-
m—m-mm
1948
Utah Lt A Trac 1st A ret 5s
20 H
68H
86
-
87
110H
107
80 H
8
—1951
105H
85
{♦Sup A Dul dlv A term 1st 4s *36 MN
♦Certificates of deposit
Saturday
109H
H3H
107H
96 %
♦Un Steel Works Corp 6Ha A..1951
♦Sec
81H
104H
21H
"54"
D...1966 M S
{{♦Wllkes-Barre A East gu 6s. 1942 J D
Wilson A Co 1st M 4s series A.1955 J
J
Conv deb 3Ha.l
....1947 A O
97
5
96
O
U S Steel Corp
H
61
......1949 M S
No sales.
115H
115%
O
M
lll'H
Deferred delivery sales transacted during the current week and not lnoluded In
the yearly range:
110
78
108H
111H
107
June 2008 M S
-.1970 A O
35-year 3Hs debenture.....1971 M N
1st Hen A ret 5s
34-year 3 Ha deb
1953
98 H 106H
116
120H
106H 110H
101H 107H
120
80
20
18
115H
1952
1944 M S
J
{{♦United Rys St L 1st g 4s...1934 J
U S Pipe A Fdy conv deb 3 Ha.1946
107
82
J
103H
103
8
10H
-
Union Pac RR 1st A Id gr 4s...1947
United Drug Co (Del) 5s
U N J RR A Canal gen 4s
106H
106H
mmrnm
26
108H
mm-rnrnm
United Biscuit of Am deb 5s—1950 A
124H
106H
119 H
111 H
108H
t
117H 121H
77
-
"108H
United Clgar-Whelan Sts 6s—1952 A
107H 110
102
105H
121H 123
20 «
60 H
J
Monday
1st lien A ref 4s
104
102 H
J
63H
84H 102
26 '
1962
3 Ha debentures
90
107
90
mmmrn
-mmmrnm
1945
Union Electric (Mo) 3Ha
90
49 H
104H
21H
S
Winston-Salem S B 1st 4s.....I960 J
{♦Wis Cent 50-yr 1st gen 4s...1949 J
82
93
72 H
28
k
m
♦Tyrol Hydro-Elec Pow 7H8--1955 MN
♦Guar sec s f 7s
1952 F A
Ujigawa Elec Power s f 7s
7
11
40H
m
45
89 H
*
9
55 H
89 H
60 H
D
-.1949
Tri-Cont Corp 5s conv deb A..1953 J
68 H
63 H
50
85
S
F
108H
71
65 H
1
'46
81H
D
2361 J
1942 M S
Tol W V A Ohio 4s series C
Toronto Ham A BUff 1st g 4s. .1946 J
M
2361 J
45
3H
106H
53 H
*88 H„
D
D
1950 MN
White Sew Mach deb 6a
100
7
21
78 H
94
107
J
J
Wheeling Steel 4 Ha series A...1966
•.
66 H
124 H
120
...1951 J
Transactions
D
1953
1st 6s dollar series
107H
*161H
106H
West Shore 1st 4s guar
88 H
43
88
106H
98 H
102
8H
88
70 H
102 H 106 H
109 H 114
99
108H
Tokyo Elec Light Co Ltd—
Trenton G A El 1st g 5s
103
103 H 107H
43
—
mm mm
13H
*
S
—1960 M
ser
6H
14H
13H
*io6H
D
♦Westphalia Un El Power 6s..1953 J
e
14
14
*20
J
1977 J
30-year 5s
deb
7
44
O
........1946
RR 1st consol 4s
35
92
D
1952 A
Western Union g 4 Ha
25-year gold 6s
ser
11H
11H
78 H
West N Y A Pa gen gold 4s
1943 A O
{♦Western Pac 1st 5s ser A...1946 M S
r
10
'mm
1939 J
Western Maryland 1st 4s
1st A ref 6 Ha series A
Wheeling A L E Ry 4s
6H
6H
A
-
♦5s assented
62
24
63 H
S
Westchester Ltg 6s stpd gtd...1950 J
Gen mtge 3 Ha.1967 J
West Penn Power 1st 6s ser E.1963 M
1st mtge 3 Ha series 1
1966 J
West Va Pulp A Paper 4Ha...1952 J
103
46 H
87 H
105H 108
21
1945 F
44
12H
105H
20
.
1st 40-year guar 4s
Wash Water Power s f 5s
38
2
30
22
12 H
89
M
50
16H
22
40 H
107
"63H
Warren RR 1st ref gu g
3Ha..2000 F A
Washington Cent 1st gold 4s—1948 Q M
Wash Term 1st gu 3 Ha
1945 F A
105H
100
4
1937
Tide Water Asso Oil 3 Ha
29
"iOH
O
1941
35
25
38
10H
10H
10H
O
Certificates of deposit
{♦Warren Bros Co deb 6s
16H
25
20 H
10H
D
1955 A
1955 A
17
31H
"26"
1939 M S
1st mtge s f 4s
99H 105
107H
9
19H
73
1960
Jan 1960
{{♦Third Ave RR 1st g 5s
—
J
4Ha 1945
;
26 H
High
99 H 106 H
67 H
82
11H
A
Warner Bros Plct deb 6s
101
83 H
.1980
♦AdJ Income 6s
m
91
,
6s debentures
106H 112
108H
Tex Pac Mo Pac Ter 5Ha A.. .1964
Third Ave Ry 1st ref 4s
—
-■mm'm
m
82
.1979
Gen A ret 5s series D
m
(Hiram) GAW deb
Walworth Co 1st M 4s
17
16
H
40 H
O
Walker
Low
49 H
*17
O
1980 A
Conv
107%
.1977
Gen A ref 5s series C
5
75H
96
.2000
Gen A ret 5s series B
70
8
1978 A
♦Ref A gen 5s series D
67
"l07H
.1951
.1943
gold 5s
gold 6a.
Texas A Pacific 1st
28
35
114
Texarkana A Ft S gu 5Ha A.. .1950
...
73 H
TO5*H
.1953
Texas Corp deb 3 Ha
60
95 H
—
.
.1944
f g 4s
♦Ref A gen 4 Ha series C
107
*17
♦Certificates of deposit
*102%
♦113H
105H
~
Ha- ..1939
gold 58
23 H
26
1976 F
1938
No
High
♦50
Ha A.1975 M 8
♦Ref A gen 5s series B
Range
for Year
Ask
♦25
{♦De|Moines Dlv 1st g 4s...1939 J J
♦Omaha Dlv 1st g 3 Ha
1941 A O
♦Toledo A Chic Dlv g 4s
1941 M S
"45H "83H
64
66
83
103
93
4
107H
126H
126H
*102%
104H
29
15
80 H
107 H
.
76
74
105
103H
81
Cop A Chem deb 6s B-. .1944
83 H
77
73 H
104H
106H
103H
103H
Tenn Elec Pow 1st 6s ser A
63
43 H
24
71
105%
107H
2Hs_.
30 H
39
65
♦104H
Studebaker Corp conv deb 6a. .1945
Swift & Co 1st M 3Ha
.1950
213
Hi H
"foe"
.1953
63 H
107H
s
Staley (A E) Mfg 1st M 4s... .1946
..1961
Standard Oil N J deb 3s
63 H
30
72 H
74 H
110H
104H
D. .1960
•{Spokane Internat 1st g 6s.. ..1955
31H
162
107H
*13H
"105"
,.1968
ser
102
52
J
Registered
72
59%
73 H
So'western Bell Tel 3 Ha ser B. .1964
8o'western Gas A El 4s
94 H
69 H
,118
J
1941 J
gen 5
A
106H
48 H
25 H
A
1954 J
106H
.
35 H
41
~85% "112
•
102
75
70
"■70%
.1951
31
70 H
.1955
,.1994
87 H
92 H
50 H
1981
So Pac RR 1st ref guar
cons
14
50%
Southern Ry 1st cons g 5s
1st
105 H 108H
106 H 110H
51%
1950
103 H 108
110
120H
101H 108
5
56 H
51H
-
99H
90 H 104 H
16
1969
10-year secured 3H®
79 H
31
108H
106%
109H
101H
..1968
San Fran Term 1st 4s
Tenn
53
52
1st 4 He (Oregon Lines) A...1977
Gold 4 Ha—
,
-mm-
52
Gold 4 Ha
Gold 4 Ha
96 H 105
70 H
48
64
107
1962
10H
22
13
20 H
1950
1965
5H
11H
86 H
24
Socony-Vacuum Oil 3 Ha
1961
8
5H
61H
1951
♦111H
"l07H 107H
106%
106H
109H
100H
92
91H
8H
9
83 H
98 H
97%
4H
4
15
Skelly Oil deb 4s
Southern Calif Gas 4Hs
1st mtge A ref 4s
2H
6
mm—m
73 %
*76
18H
1939 F
♦1st lien g term 4s
♦Det A Chic Ext 1st 5s
20
2H
1952
South A North Ala RR gu 6S..1963
9
5H
Slleslan-Am Corp coll tr 7s
Simmons Co deb 4s.
South Bell Tel A Tel 3 Ha
11H
2H
234
59
21 %
21%
109H 117
1
73
"
32
14
5
104H
"75"
1951
mm
—
4%
*57
.
Bid
Low
1966 M S
{♦Wabash Ry ref A
or
Friday's
Price
1939 MN
30
24
35
20
5
104 H
24
"227
Range
Sale
13
♦2d gold 5s
23
4
3%
1951
Corp 6 Ha
12
Week's
Last
EXCHANGE
{{♦Wabash RR 1st gold 5s
102H
118H
81H
108
111H
104
112H
14H
20
18
10H
9H
*16H
.1962
»
8TOCK
Virginian Ry 3Ha series A
45
a
9
1936 F
♦Siemens A Halske deb 0Ha
109 H
mm-m
7H
*5
Shlnyetsu El Pow 1st 6 Hs
9H
11
6
23
4
6H
9H
—
"
mm
16H
*3 %
1946 m S
mm
— —
rn
25
15%
6H
—
mm
-mm-
*17
1969
Shell Union Oil deb 3 Ha
2
*116
Oct 1949
♦Series B certificates
-mm —
18
*29
r
"10"
1950
♦Certificates of deposit
♦1st cons 6s series A
2
10
27 H
*27
{♦Refunding 4s
98
-
Scioto V A N E 1st gu 4s..
1989
It •Seaboard Air Line 1st g 4s_.1950
♦Silesia Elec
110
♦16H
16H
"16H
1946
19
68 H
HI H
Y.
High
97
111H
1965
Santa Fe Pres A Pben 1st 6a—1942
{♦Gold 4s stamped
♦Adjustment 6s
253
Friday
Week Ended Jan.
5H
—
St Paul Un Dep 6s guar
{♦Schulco Co guar 6 Ha
♦Stamped
♦Guar s f 6Hs series B
♦Stamped
tew
"36
8H
N.
1938
86
{♦St Paul A K C Sb L gu 4 H8-.1941
St Paul Minn A Man—
tPacific ext gu 4a (large)
6
BOND?
for Year
0CJ§
Asked
A
Range
g 4s..1968
con
Record—concluded—Page
Week's
Last
BONDS
34 H
m m
-mm
-
-
35
J
*72
102
1958 A
O
60
62
--
38
108H
2003 J
77
6
101
~6
are
the
daily closing
stocks and bonds listed
as
on
averages
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
104
104
H
Stocks
2H
mmmmm
Bonds
-----
10
106H 108H
35
45
75
mm
Below
104H 105H
1
%
mm
mm
mmmrn
96 H
63 H
20
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
80
39
10
30
Indus¬
Date
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
Jan.
13.
146.52
30.94
22.,50
48.75
107.46
94.73
52.44
106.65
90.32
Jan.
12.
147.33
31.08
22.65
49.01
107.56
94.60
53.15
106.55
90.46
Jan.
11.
148.65
31.39
22.78
49.45
107.57
95.19
53.96
106.51
90.80
Jan.
10.
150.48
32.46
23.21
50.30
107.65
95.01
54.38
106.55
90.89
Jan.
9.
150.19
32.50
23.07
50.21
107.61
94.81
54.14
106.51
90.76
Jan.
7.
151.54
32.93
23.49
50.76
107.69
94.68
54.85
106.64
90.96
Exchange—Weekly and Yearly Record
New York Curb
254
14, 1939
Jan,
disregarded In the week's range unless they are the only transactions of the week and when selling outside
footnote In the week In which they occur.
No account Is taken of such sales In computing the range for the year.
NOTICE!—Cash and deterred delivery sales are
of the regular
weekly range are shown in a
extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (Jan. 7, 1938) and ending the present Friday (Jan. 13, 1939).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered.
In the following
week
for
of Prices
Low
High
Week
Price
100
""4* "1%
2",166
*
^
Agfa Ansco Corp com__..l
Alnsworth Mfg common.5
29*
"m
550
30*
8*
1,700
"2 *
"l'ioo
7*
Apr
6
Nov
Blauner's
Jan
37
July
Bliss (E W) common
1
5
23
"2 k"
Investors
"2"
Warrants
Aug
Oct
12*
Nov
13 opt conv pref
Mar
100
*
*
11*
•u
Sept
*
Nov
61*
Nov
Nov
•
1
..*
Blumenthal (S) A Co
*
Bohack (H C) Co com...*
7% 1st preferred
100
Alabama Gt
01*
62
50
33*
Apr
Ala Power 87
71
73
310
60*
Mar
76
Oct
Borne Scrymser Co
44*
Mar
67
Oct
Bourjols Inc
Bowman-Blltmore com...*
Southern..60
pref
*
80 preferred....
62*
63*
220
1*
1*
100
Alliance
Invest
116
116
50
18*
18*
2,300
127
common.*
preferred
0%
950
111*112*
130*
100
Airlines
108
128
139
Inc.. 10
19*
250
18*
IK
3,950
108
108
American Beverage com._l
1*
American
American Book Co
Feb
Nov
Aug
Aug
10*
100
Feb
145*
Nov
22
Mar
44
100
04
Mar
12*
July
10c
4*
Mar
2
10c
Common class B
Aug
Class
1
*
Apr
24*
July
Class
27
Class A with warrants. 25
Class B
IK
350
16
Apr
30*
Oct
{Brown Co 6% pref... 100
"2I" "*24* "27*
10
Class B n-v
"l'ok
*
Amer Gas A Elec com
80 preferred
*
American General Corp 10c
82 preferred
1
preferred
1*
10*
32*
35
115
Feb
Bruce (E L) Co com
37*
Oct
Buckeye Pipe Line
Apr
115*
Nov
Mar
5*
28*
Nov
Buff Nlag & East Pr pref 25
$5 1st preferred*
July
Bunker Hill A Sullivan 2.50
33
Nov
14*
July
25
2*
23
12*
Apr
Mar
25
16*
25
217
Preferred
17*
27
27*
15
14*
700
Amer Meter Co
*
14*
*
26
'
llu
9
4*
5*
*
67
68*
American Thread
17
*
*
*
._•.*
"Ik
Wupperman._l
Apex Elec Mfg Co com...*
Appalachian El Pow pref *
12*
Angostura
2*
109*
JArcuturua Radio Tube__l
Common class A
*
Preferred
10
Arkansas P A L 87 pref..*
Art Metal Works com
5
Ashland Oil A Ref Co
1
3*
4*
Elec
t c
Automatic Products
6
Automatic Voting Mach.
1*
8*
Avery (B F)
Warrants
Purch warrants for
com.
7*
30
20*
preferred
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
Barlow A
Seelig Mfg A...5
Baumann
(L) Co
1
July
June
Dec
pref
Beech Aircraft Corp
Bell Aircraft
Corp
Bellanca Aircraft
20
Capital
Marconi
Mar
11*
Aug
Carib Syndicate
7*
Jan
Carman A Co class A
4,500
Mar
1 *
Oct
400
55*
June
Carnegie Metals
Apr
16*
Feb
Apr
109*
Nov
90
96
July
Jan
29
1
Carrier Corp common
1
Carter (J W) Co common. 1
Casco Products
*
500
ht
Dec
,718
Feb
400
2*
Mar
4*
Jan
Castle (A M) common
Catalln Corp of Amer
4,700
4*
Jan
2,400
40
88
4*
MOO
8
Dec
Mar
80
Nov
Mar
9
July
3*
Mar
•5*
Nov
*
1,100
Dec
16
Dec
Mar
11*
Jan
*
Dec
,
1
Jan
9
17,200
*
Apr
1*
Oct
3*
Mar
11*
Oct
*4
Dec
Mar
*
Jan
Mar
*18
Mar
11 fl
3*
3*
600
2*
Mar
3*
Dec
*
com
Cent Ohio Steel Prod
.1
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 50c
Cent States Elec com_._.l
6%
preferred..,
7%
preferred
5*
July
30*
Dec
IK
Jan
,._..*
25*
3,600
0*
Mar
25*
Dec
"18
*
4,900
*
Mar
*
Jan
600
*
Mar
3
Dec
8
8*
1,700
0*
Mar
4
Mar
Jan
Jan
Chief Consol Mining
_.l
Cbllds Co pref erred.. ..100
Aug
Cities Service common..10
1
1*
Mar
16
700
*
•
De
Apr
Mar
21
17*
3*
3*
32,400
No'
2*
Jan
1*
Mar
3*
Dec
43*
28*
8
21*
7*
*
1*
7*
250
3,2t0
13*
19
Mar
June
46*
Nov
Oct
37
Strip
Preferred..
»
Preferred B
$6
preferred
80
18*
20*
8,600
10
Sept
32
"l4*
""166
"3* "4*
2,400
1*
Jan
Jan
May
7*
Aug
0*
Mar
23*
Aug
Apr
Mar
9*
Jan
1*
Jan
Claude Neon Lights Inc-.l
Clayton A Lambert Mfg
*
2*
Jan
Cleveland Elec
Jan
Cleveland Tractor
4*
100
1,900
1
Mar
100
7
June
June
"7 * "T
"l'M
100
13
7*
7,000
31*
10*
11,800
6*
8,400
10
Co
13*
"7*
Jan
25
Dec
9*
July
4*
July
14
7*
150
8
600
Mar
May
6*
June
Cohn A Rosenbera-er Inc.*
Colon Development ord...
11
Oct
14
Nov
Dec
Colt's Patent Fire Arms.25
Columbia Gas A Elec—
Conv 5% preferred.. 100
Columbia Oil A Gas
Mar
2*
Mar
12
Apr
167*
Nov
8*
37*
Dec
25
31
14*
Mar
*
May
*
De
9*
30
June
Mar
Dec
92
6*
Oct
14
Mar
30
Oct
Sept
09
Jan
10*
Mar
14*
May
88*
75*
Apr
4*
June
Oct
Nov
June
92
10*
Nov
Dec
92
04
Mar
1*
1,100
1
Mar
2*
Oct
it
1,700
Sept
*
4*
Jan
4*
11*
175
*
3
Mar
7* May
225
6
Mar
17
4*
5
200
3*
Dec
10
4
4'
4
325
2*
Dec
7*
Feb
3*
3*
4
300
3*
Mar
4*
Aug
6*
6*
6*
200
8*
7*
Jan
10
July
Apr
Dec
1*
Jan
*
Ian
Mar
14*
Dec
Mar
37
Oct
warr.
June
5
126
Mar
Jan
65
68*
8
54
*
128
Dec
9C0
40
Jan
79*
July
Mar
9*
July
* June
ui»
5*
100
20*
Mar
62
Dec
Sept
II
May
Mar
53*
8*
7,800
5*
48*
2,000
21*
4*
500
2
Mar
42
47
7*
46*
4*
7*
Jan
325
56
51
Jan
Mar
97
300
8
*
21
150
128
46
80
20
Mar
-
5
Dec
May
50*
Dec
Feb
55
55
25
29
Feb
72
53*
55
125
20
Feb
67
6*
6*
900
4
Mar
8*
Oct
4*
4*
100
2*
Mar
4*
Nov
13
Sept
Feb
Jan
20
Jan
1*
800
*
Dec
300
2*
Mar
34*
3*
36
650
30*
Feb
39*
Oct
5*
800
3*
Mar
6*
Feb
1*
2*
1
100
1*
Nov
3*
Jan
1
1*
1
2*
3,300
Mar
2*
Nov
7
Mar
12*
Aug
""l"o6
5*
May
8*
3,100
1*
June
3*
Jan
3*
Mar
4*
Aug
7*
3*
Mar
9*
98
Nov
3*
"7* ~~8*
~L800
84
89
1,000
56
84
59
175
4
11,300
Community P A L 56 pref
Community Pub Service 25
45
Mar
47* June
««
*
30*
*
*
30*
28*
1,100
July
500
27*
Sept
2,900
*
29*
2*
13*
3*
3*
Warrants
Commonw DIstrlbut
Mar
4
2*
2*
1
2*
""7* ""7*
2*
"7*
Columbia Pictures Corp..
Commonwealth A Southern
Community Water Serv.
5
12* June
£1
Nov
8*
800
0% conv preferred
*
Colorado Fuel A Iron
Mar
600
50
7
1*
100
Dec
1 *
*
Dec
50
93*
Cockshutt Plow Co com..*
63*
*
5*
5*
Mar
Aug
.
Apr
08*
25
400
"92*
x9l
com...
July
Nov
18
27
25
"
*
Ilium
4*
7*
121
»16
,
1
Cllnchfleld Coal Corp
Club Alum Utensil Co
147
1*
fl
.
23
"Ol"
6*
* June
200
Jan
Dec
48
53*
Clark Controller
11*
88
23
14
*
Nov
250
Mar
89
Mar
3
Cities Sefv P A L 57 pref.*
Apr
Mar
July
For footnotes see page 259.
Mar
60
88
*
Dec
2*
5*
I*
65*
10
17
3*
„__*
BB.__
8*
22*
11,000
113*
82.50 conv pref
Dec
"no
79*
Charls
City Auto Stamping
__*
City A Suburban Homes 10
50
*
July
"89*
14*
Chicago Rivet A Mach...4
100
9*
8*
July
4*
30
1318
16
com
24*
Chamberlin Metal Weather
Pipe
23*
*
Nov
Apr
17*
4*
100
Conv pref opt ser '29.100
Centrifugal
16
Blckfords Inc
18*
100
Conv preferred
Co
5
Corp
10
Cherry-Burrell common..5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 6
29*
18)8
27
Apr
4*
*
.100
Nov
98
,
Jan
Bell Tel of Pa 0 * % pf. 100
Benson A Hedges com
*
*
10
Feb
Aug
79*
"88"
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
30
♦
Jan
Jan
2
200
25
25
*
8*
2,800
'1*
1
1st preferred
166
warrants
'•
10
Cent Hud G A E
164
Conv pref
*
500
"400
Apr
Jan
15
7% 1st partic pref... 100
Celluloid Corp common. 15
57 div preferred.......*
Mar
59
100
Berkey A Gay Furniture. 1
"18
7
Jan
Celanese Corp of America
6*
2*
4*
Mar
8*
8*
100
1
com
6i«
*
27*
10*
1,100
*
*
common
.2*
3*
'200
13
1*
7*
'"4* ""4*
Carolina P A L 57 pref...*
56 preferred
*
Dec
4
1
7*
*
Oct
7*
2*
100
2*
*
Carnation Co
2*
4
50
33
2*
25c
B.
Feb
27*
Dec
Class
Jan
75
32*
2*
City Products...*
3
6*
com..
com
Bell Tel of Canada
Purchase
non-voting
Mar
3
Beaunlt Mills Inc com..10
13
Jan
1*
*
58
B
Canadian
*
5
500
51
conv
4*
Jan
Jan
Dec
Jan
100
81.60
*
1
4*
*7 *
Jan
.1
*
com
7% 1st prferred
Mar
•i«
July
Basic Dolomite Inc com__l
Bath Iron Works Corp
Nov
1*
1*
10*
100
7*
July
91«
18*
3*
3*
400
2*
»18
Aug
100
2K
2*
3*
5
7*
Dec
Nov
10
Sept
1,700
*
1*
107*
88
900
14*
Sept
2*
7*
Barium Stainless Steel..
Apr
Mar
250
105* 107
Oct
Jan
Mar
*
2*
6*
20*
22*
1*
12*
13*
109* 110
25*
39
Apr
.._..*
Mar
41*
Dec
18*
Nov
Oct
Preferred
25*
22*
1,900
7*
32
13
Class A common..... 10
17
"250
22*
Apr
Apr
10
Axton-P1sher Tobacco-
Babcock A Wilcox Co
Baldwin Locomotive—
May
"30*
21*
13
13
Jan
May
2*
6
105*
Dec
3*
40
Oct
15
3*
Oct
"600
"5* "5*
"30* "29"
21*
May
4*
1 *
1
23
1*
28
Mar
Sept
„
Corp
Apr
14
,
July
"
1*
6% preferred w w
25
0% preferred xw_____25
Aviation A Trans
400
8
Jan
Sept
*J8
7*
2*
33
Jan
Jan
33
Mar
5
100
4*.
23*
Mines.....1
7*
Nov
15*
100
600
Sept
Mar
Atlas Plywood Corp
18*
18*
Jan
Dec
■
1
07
Austin Silver
I
Apr
Dec
3*
1*
28.
July
28
18*
5
Cables & Wireless Ltd—
26*
•*
5*
50
27*
Sept
Apr
*
2,300
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries..*
7%
1
Mar
23*
Dec
Sept
"l«
Dec
33*
*
3*
Nov
July
Mar
*
warrants
21
19
2
Corp
21*
Apr
Canadian Car A Fdy pfd 26
Canadian Indus Alcohol A*
....
Atlantic Coast Line Co..50,
31
Apr
19*
70
Assoc Tel A Tel class A..*
Atlas
Mar
18 f
5
Assoc Laundries of Amer.*
v
28*
21
8*
Option warrants
Common
20
30
30
Oct
22
300
*
Dec
Oct
200
6
zl2
Apr
1,300
*
*
Mar
Apr
5,800
_.l
...
85 preferred
6*
18
1 *
*
400
9*
21
8*
.1
Class A...
10*
26*
9*
Oct
Camden Fire Ins Assoc...5
Assoc Gas A Elec—
Common...
Oct
Jan
16
£1
30
23
Industries
Amer deposit rets
Apr
Apr
Assoc Breweries of Can... *
Associated
15
11*
3*
4*
29
250
100
20*
2*
5*
86*
Brown Rubber Co com
5
6*
88
Apr
Am dep 5*% pref shs £1
Calamba Sugar Estate. .20
1 *
*
2*
Arkansas Nat Gas com* ..*
Oct
2
Oct
3*
17*
pref...5
Anchor Post Fence
2*
5*
400
Dec
3,100
8*
Corp com*
1st 80 preferred
80 series preferred
*
Mar
100
300
'
18*
*
8%
June
*
1*
4*
*
26*
30
10
2
Mar
Mar
Amer Pneumatic Service.*
Am Superpower
Aug
*
*
88
June
Amer Potash A Chemical.*
American Republics,
Amer Seal-Kap com
20
Mar
Oct
Oct
Jan
10*
10
300
27
26
26
Dec
Sept
May
70
10
Nov
22
54
1
6*
75
8*
12*
33
200
100
Amer Maracalbo Co
6*
4*
600
July
5,800
18
217
Nov
July
Apr
14
1*
Burry Biscuit Cor p.. 12 *c
Cable Elec Prods v t c_..*
350
Amer Invest of III com...*
com
Mar
Burma Corp Am dep rets..
375
800
2
Mar
Macy_„_20
Sept
2*
*
Mar
30*
June
preferred
25
Amer Mfg Co common 100
preferred
Mar
8
0%
56
8*
104
21
Amer Lt & Trac
3
2*
19*
300
Amer Hard Rubber Co..60
Amer Laundry
Mar
__.*
pref
Mar
13,300
27
Class A
Mar
24*
27
7*
Dec
4*
Brown Forman Distillery. 1
*
'
1
Jan
July
*
..
15*
4*
4*
24
Jan
r
200
114* 115
4*
24*
3*
27*
Apr
Dec
4*
4*
Am dep rets ord ree._10s
10",700
1*
10*
33
Amer Fork & Hoe com..*
30*
Mar
July
19*
9*
8*
75
Brown Fence A Wire com.l
1*
2
Jan
22*
3,100
16*
Nov
5*
Jan
-
Mar
25
Apr
Mar
£1
3*
1,000
Aug
*
Am dep rets ord bearer£l
Amer dep rets reg
British Celanese Ltd—
Dec
1,200
Oct
13
1 *
"
1
2*
1*
31
Dec
Amer Tobacco—
British
Aug
Oct
Oct
Mar
7
400
*
70*
29*
28*
26
1
6*
*
s
July
1,300
British Amer Oil coupon..*
Apr
A. 10
Amer Foreign Pow warr
82.60
A
5*
25
100
British Col Power cl A.
25
Amer Cyanamld class
preferred
7%
Brillo Mfg Co common...*
60
Am Cities Power A Lt—
Class A
"~8*
*
A
50
67*
1*
67*
Nov
Mar
1,100
H
•
»i»
10*
*
....*
85.60 prior pref
*
Amer Centrifugal Corp._l
*
Mar
3,900
24
4
100
Registered
83 preferred
2*
2*
23
Bright Star Elec class B_.*
Brill Corp class B
*
Oct
Mar
6*
Jan
2*
24
17,300
Machine
!
July
1*
2*
100
8*
Nov
1*
Mar
*
3*
•3*
12*
Preferred
Nov
12*
Apr
8*
7*
Bridgeport
44
Mar
10*
*23* "23*
11*
Mar
June
1
......
7*
American Capital—
Class A common
100
*
Feb
Dec
Nov
*
300
8*
Nov
9*
11
16*
22*
4*
34
200
Bridgeport Gas Light Co.*
Oct
112
Feb
8
10
1 *
58*
8*
8*
5*
Mar
1,600
1,700
20
58*
Amer Box Board Co com.l
June
07
94*
Nov
3,000
11*
Brewster
Dec
16*
1 *
39
8
*
Breeze Corp
Nov
114
19*
1*
1
Aug
19*
Apr
lY*
37
Aeronautical... 1
11
129*
Dec-
1 *
Mar
Mar
11
1,000
3,500
Mar
93
17*
.....
*
Mar
May
Dec
4*
175
Brazilian Tr Lt A Pow
12*
Sept
0
400
6,506
25
1st preferred
preferred
58
3
111*
Aluminum Industries com*
Ltd
7%
2d
14
100
Aluminum Goods Mfg...*
Aluminum
Oct
1*
*
*
0
10
Co common..*
0% preference
Jan
*
26
A conv com.
Class
Aluminum
2*
Apr
8*
com
Allied Products com
Mar
2
com...*
*
Allied Internat Invest com*
83 conv pref
*
Alles & Fisher Inc
7*
~14* "16*
7*
15*
Blue Ridge Corp com
Nov
100
18
18
10*
Bliss & Laughiln com
3*
23
High
Low
Shares
8
Mar
1
Price
common
Mar
5*
7*
com—1
common—*
Conv preferred
— *
Air Associates Inc
Week
*
A Machine Co com
Feb
2*
22*
1938
Range for Year
for
of Prices
Low
High
Birdsboro Steel Foundry
Dec
14*
Supply Mfg class A.*
4
Air
Feb
34
June
17*
Par
High
Low
Shares
Week's Range
Sale
STOCKS
26*, 26*
com—2D
Acme wire v t c
Aero
Week't Range
Rale
Par
Last
Range for Year 1938
Last
Sales
Friday
Sales
Friday
STOCKS
-
125
»n
Dec
Oct
70
4*
16
*
Aug
Dec
Jan
Aug
Jan
Oct
Feb
1*
Mar
35*
Oct
17*
Sept
28*
Nov
*
Apr
*
16
1
Jan
Volume
New York Curb
148
rnauy
stocks
Last
(Continued)
Week's
Range
of Prices
Sale
Par
Price
Exchange—Continued—Page
Low
High
1946
ext to
c
1
15 x
Conn Gas & Coke Secur—*
for
Range for Year 1938
6% pref class A
116x
Dec
x
Dec
Jan
7x
Sept
3 X
Mar
8X
Oct
600
55
Mar
74
July
Fruehaul Trailer
116H UGH
40
113
Aug
117
Nov
Fuller (Geo A) Co com
X
58 X
800
'it
Apr
150
48 h
"Apr
5
5x
1,100
"~i~X "i'x
*
5x
84
1*666
e
84x
Cont Roll & Steel f dy—
Paint A Varnish...*
"~8~X "8%
9
*
Dec
IX Jure
2X
67 X
Apr
""760
s3 prior preference.....*
18
18
Copper Range Co.......*
Copperweld Steel com..10
5
*
8X
700
Oct
24 X
2X
11
Nov
Mar
UX
Sept
54 X
Mar
IX
ex
2,300
X
Nov
June
2X
4X June
700
July
13 X
12
Dec
Jan
Jan
.
&
23
6% preferred
Cuban Tobacco com
iox
Nov
Ml
July
2X
Dec
5
Jan
Dec
Sept
5
Jan
Dejay
.1
Stores
IX
300
'"306
IX
14 x
X
Mar
400
125
X
12 X
200
X
49
51
ex
Gorham
July
Grand Rapids Varnish
Feb
Gray Teleph Pay Station.*
200
ex
iox
Aug
16X
17X
Nov
1st preferred
26
Nov
Gt Northern Paper
Dec
7
Dec
3 X
Mar
Greenfield Tap A Die
Grocery Sts Prod com.-26c
Grumman Aircraft Engr.l
4X
25
5X
17
400
26
30
25
Mar
8
14x
IX
200
Oct
ii
Jan
7X
40
Jan
3X
58
5X June
Jan
Feb
9X
July
300
10 X
Mar
15X
Nov
800
14 x
ix
2X
IX
Mar
2X
July
IX May
3X
Jan
3X
July
35X
Oct
300
31
600
May
14
Mar
24
"l4"
Dec
11
"25
May
x27
Dec
16 X
Sept
Non-vot
7%
com
stock
Guardian Investors.....
Gull Oil Corp
25
Gulf States Utll 35.50 pref
$6
4
4X
Q
1,900
Hall Lamp Co
Haloid Co
Hartford Elec Light
Hartford Rayon v t c
200
Dec
Hazeltlne
6X
V
Dec
4X
13
Jan
11x
700
9
Sept
16X
July
65 X
170
47
Mar
67 X
Dec
20X
100
11X
Mar
24
'"466
June
4,500
2,900
IX
24 X
12 X
....
1
6X
9X
Jan
Heyden Chemical
Feb
Hires
Nov
Jan
Holllnger Consol G M
5
Holophane Co common..*
800
IX
17X
Dec
52
9X
Dec
31
May
Jan
6 X
Apr
13
Nov
""360
Sept
1,n
3X
IX
10
Jan
26
Jan
800
ix
10 x
10 x
ix
12 x
56
56
57
64
2X
2
Mar
7
•
200
400
2
Mar
50
15X
Mar
400
2X
Mar
2
700
iox
300
IX
IX
6X
35
5X
1,700
100
2
Feb
100
16
Apr
24
22 X
Mar
Mar
9X
Nov
Jan
Mar
11X
Nov
71x
six
1,850
Dec
50
25 X
Apr
Apr
127X
38x
39X
Nov
7x
600
4X
Mar
8X
Aug
2x
17x
2x
100
19x
11,500
X Mar
8X May
Sept
22 X
Dec
Me
Nov
July
36
Mar
38
33*
,
72
Feb
46 X
92 X
81
Jan
102 X
June
7X
Oct
IX
Mar
3X
July
Dec
12
Jan
Apr
Apr
64
July
2x
~~2x
"loo'
ix
ix
700
1
~T
31x
X
rix
"1,100
X
Mar
4x
600
June
30
31x
5x
1,000
2X
13X
oi*
20
May
"*sx ~~9x
2" 700
200
24
9x
9x
200
Jan
Oct
5
Oct
Nov
8X
8X
Dec
Oct
'
Nov
100
6
Mar
Sept
38x
40
400
27
Mar
UX
41X
46
46
50
40
Mar
57
Nov
5X
11X
Mar
July
Mar
13X
15X
9
May
16 X
July
5X
38x
Mar
8X
"l4x "l4x
12x
12x
12x
""400
20c
18
June
Nov
Aug
2 X
24
Oct
Dec
39x
525
21X
Sept
Jan
37 X
Dec
98 X
38
Jan
107 X
Dec
8
66 x
3
X,
1,700
900
2
12
4
Feb
Mar
15
Nov
Mar
56
4
68x
72X
6X
July
Jan
12
July
X
Mar
50
6x
Oct
Jan
Hydrade Food Prod.
July
2X
July
Apr
2X
100
11X
Sept
50
X
4X
5X
Mar
Mar
77 X
Dec
Dlv arrear ctfs
13
Jan
Illuminating Shares A...
Imperial Chem Indus..£1
Imperial Oil (Can) coup.
Oct
16 X
June
-24X
68 X
Nov
Jan
Nov
Jan
65
Dec
63 X
65
Dec
150
15
June
33 X
Jan
3x
4x
800
2
Mar
5X
Nov
1,400
12
Mar
22 X
Nov
600
3
Sept
6X
Oct
Mar
Jan
13 X
56
Nov
18 X
5x
20
5x
IX June
7X
8 X
1,700
14X
15X
Sept
19X
Jan
Mar
100
Sept
19
Mar
16x
16x
400
13 X
Mar
16
Dec
30x
iex
Nov
16x
16x
30x
900
30X
Nov
37 X
100
6
Dec
20
6
Sept
7% preferred
100
Indpls P & L 6 X % pf-100
42
12
20
Oct
Jan
Indian
1,400
8X
X
7x
8x
1,900
7
100
16
Mar
12
Mar
"11
May
13
Dec
31
Jan
Jan
Ter
Jan
16x
8
1,300
Jan
16x
iex
Registered
Imperial Tobacco of Can.5
Imperial Tobacco 01 Great
ex
X
July
1,000
8
iox
5X
2X
2 x
ex
"ll
Nov
24x
Zinc
Britain A
July
8
48 x
3X
5X
Illinois
2X
Mar
Oct
9
2x
23x
50
...
Jan
Oct
Dec
X
.
5X
5% conv preferred
6
Dec
«n
6x
3
5
IJygrade Bylvanla Corp..*
Illinois Iowa Power Co...*
Dec
10
12
1
Indiana Pipe Line....—10
Ireland....£1
Ilium
ex
7X
82
Dec
Apr
9X
16
Jan
Aug
Mar
19X May
103
Oct
Oil—
Non-voting class A
Class B
*
ix
*
X
1
.200
X
200
Dec
IX
Jan
X
Sept
IX
Feb
X
Nov
X
July
1,300
1,100
48 X
Mar
69X
Nov
16X
Mar
23
8X
Apr
23
X
Feb
Industrial Finance—
X
*
mi
200
11x
7x
21x
21,900
7x
21x
11
Brewing
1
Fanny Farmer Candy coml
10
5
»u
Mar
«i« July
100
8X
Mar
10
Apr
Insurance Co of No Am. 10
100
16 X
Mar
22 X
Dec
6X
July
International Cigar Mach •
Internat Hydro Elec—
5
100
Mar
4
10X
6x
7
500
4 X
Mar
1
18x
19
600
14X
Sept
23
9X
Nov
14
"x ""H
1
""166
8X
62 x
220
39X
Apr
10x
12
4,700
4 X
Mar
..100
76
78
250
48 X
Mar
Florida P A L 87 pref....*
Ford Hotels Co Inc
♦
63
65 x
450
26
Mar
z8X
Sept
3X
22
♦
3X
X
3X
900
22 X
22
22
900
22 X
25
3X
Sept
Jan
Jan
7% preferred
Pref
Jan
Nov
International Petroleum..*
Oct
67
24
16x
20 x
800
4x
iex
Registered
International Products...*
5X
14 X
Mar
24
Mar
24
Oct
Sept
4
26x
4,500
Jan
2 X
6
3x
26
Class
A
26
3x
3x
7,100
Class
B
100
*
$3.50 prior pref
*
Oct
X May
Aug
8X
4X
31X
Mar
22X
2X
Sept
11
Mar
Mar
Mar
Mar
T\ n
4X
14X
1
Nov
Feb
Nov
June
9x
400
x
1,300
Tn
Dec
1
Jan
12 x
300
7X
May
10
Nov
150
24 X
Apr
35
Nov
'n
9x
Feb
X
Jan
2X Mar
2X June
4X
July
6X
Nov
x
12
12
35
36
Warrants series of 1940..
International Vitamin
Apr
Dec
Sept
IX
X
1
preferred
1
Interstate Home Equip.. 1
259,
Oet
X
21
5
*
Oct
Apr
13
International Utility-
Oct
X
Feb
2,700
Internat Radio Corp
1
Internat Safety Razor B_*
$1.76
Mar
7
64 x
23 x
64 x
Internat Paper A Pow warr
Dec
Mi
15
IX
60
11X
77 X
75 X
z8X
Mar
Ford Motor of France—
dep rets... 100 frcs
$3.60 series
100
68
X
Ford Motor Co Ltd—
Am
Dec
A stock purch warrants.
Intl Industries Inc
-.1
Internat Metal Indus cl A *
Mi Sept
61
10*
1
Mar
6
Fire Association
V t c common
2
...
see page
-
26
Indiana Service 6% pf.100
B
Oct
Dec
Mar
Feb
dep rets ordreg...£l
Ford Motor of Can cl A..*
Jan
18
Dec
preferred
Aug
50
Dec
(Phlla).lO
Corp
1
Dec
30 X
12
Apr
65
Corp
9
Dec
Jan
30X
6X May
2X Mar
5X Sept
5X Mar
22
Flat Amer dep rights
Fldello Brewery.
6
Mar
Jan
Metallurgical
Feddera Mfg Co
2X
IX
IX
Dec
4
5
8x
Mar
17X May
Fansteel
Jan
30
32
1
3
120
..100
20
Nov
3,300
Jan
20
72
39 x
Feb
•
Oct
5X
28
10
Jan
July
3X
28
7X
Mi
3X
13 X
..100
warrants
For footnotes
Mi May
100
7% pref unstamped ..100
Hydro Electric Securities. *
28
Falstaff
Amer
x
2x
...100
Fairchild Aviation
Class
Oct
Apr
60
500
rt stock. *
86
Sept
500
7% Dretstamped..V100
,
31X
Emsco Derrick A Equip..5
Equity Corp common..10c
Esquire-Coronet
1
Eureka Pipe Line com..50
European Electric Corp—
Feb
17X
99 X' Oct
900
3x
Oct
100
preferred
Flsk Rubber
Jan
Dec
7x
iox
4
67 x
70
Empire Dlst El 6% pf 100
Empire Ga~ A Fuel Co—
Ferro Enamel
July
35
50
♦
Mar
iox
Option
7
Mar
8X
5
42
1
8%
X May
26
20 x
ix
Corp 5
1,600
Electrol Inc
Em
4
100
400
....
Hubbell (Harvey) Inc
Hummel-Ross Fibre
Common..
25
preferred
2,800
10x
IHuylers of Del Inc—
50
preferred
Jan
10
2x
IIussmann-Ligonler Co...*
2
7%
Oct
Feb
6X
5
Humble Oil A Ret
Oct
76
6X%
Apr
41
95 x
95 x
103x 106
38x
Jan
Oct
2X
27 X
20
18x
Dec
Jan
5
20
Dec
7X
June
ex
Nov
IX
15X
2
15
5
65 X
Mar
30
117X
4X
65
4X
ix'
4X
Nov
38x
15X
17X
Mar
76
preferred
Mar
1%
1
30
100
Mar
1
6%
X
4X
57
200
Oct
Dec
82 X
Apr
May
29
9x
7x
..*
preferred..
36
Electrographic Corp..
Elgin Nat Watch Co
Jan
Apr
5%
200
64 x
2X
2X
27X
4X
t c
2X June
10X
400
66,900
86 conv pref ww
»
Elec Shovel Coal 84 pre!..*
v
Dec
13
'iex "iex """166
Elsler
Electric Shareholding—
Common
3X
10
6x
34
4x
27
10
10
Dec
X
*
Horn A Hardart
Oct
♦
65
6
A) A Co com*
C) Co common.
26
warrants
58
Hormel (Geo
Mar
Option
325
Holt (Henry) A Co cl A._*
Horder's Inc
Mar
Elec P&L2d pref A
82 x
33 x
(ChasE) CoclA...*
14
1
81.x
Hoe (R) A Co class A...10
13
3
1
100
Dec
7
24
14X
75
com
July
50
Mar
25
A
72
200
May
17x
Class
51
33
9x
7
18
Elec Power Assoc
Mar
Apr
Hewitt Rubber common..5
375
mmm
1
64
Nov
40
Mar
25
w
17x
*
Jan
16X
4X
7x
Dec
1,450
'
July
IX
Mar
26X
3x
5X
w
47 x
preferred
10
9
common
6
IX
21X
9X
53
Aug
100
3x
7x
Heller Co
Apr
Mar
Oct
8X
125
*
Class A
Feb
Dec
Jan
3X
ex
13x
Aug
July
6x
2
Nov
Preferred
58
80
65
82 x
25c
2
*
$6
400
pref erred ...50
67 X
110X
»ii
Sept
31x
Dept Store com...5
conv
Heel a Mining Co
Helena Rubenstein
Mar
X
5X
6%
_.*
Sept
X
'"206
11X
Oct
Hearn
Corp..
*
..*
98
6x
Harvard Brewing Co
1
Hat Corp of Am cl B com.l
2X
July
Mi May
Feb
30
"466
Oct
X
31
1
*
Jan
$6 preferred series B
preferred
20
15
25
Hartman Tobaoco Co.
$7 preferred series A
85
47
98
*
...
Feb
11x
"i'x "ix
2
65
Gypsum Lime A Alabast.*
Horn (A
Electric Corp
1
Elec Bond A Share com__6
52 x
*
9
64
East Gas A Fuel Assoc—
Edison Bros Stores.
51
.60
Apr
8
preferred
24 X
5
Jan
Nov
X
81
Dec
54
Easy Washing Mach B
*
Economy Grocery Stores.*
15
9
Great Atl A Pac Tea—
Nov
Mar
103
10
40X
1,000
47
25
May
5X
"i'x "ix
prior preferred. 100
100
Ml
70
100
Apr
10
Mar
52 x
16
70
*
Apr
2,300
ex
100
..'.*
16X
100
"16
52 x
V t c agreement extend. *
6X
100
20%
12
July
19X
15X
20
Dec
7
Q
10
Nov
2X
Oct
46
18
2X
Durham Hosiery cl B com *
Duro-Test Corp com
1
Duval Texas Sulphur...
83 X
Nov
2x
21X
7% preferred
100
Dublller Condenser Corp
Apr
Mar
IX
Mar
17 x
1
£1
10
Aug
41X
X
*
10
26 X
"l4
64
Jan
12
600
*
preteried
Gorham Mig Co—
Dec
IX
Tix
300
13x
x
Inc class A
$3
6X June
5X Mar
100
4X
4 X %
5X
July
Aug
IX
24
Dec
600
27
Corp
87
Mar
88
110
16 x
2
Dominion Steel A Coal B 25
17 x
preferred...i.....
Goldfield Consol Mines.
Jan
15
8
Divco-Twln Truck com..l
Dobeckmun Co common. 1
17x
13x
37
102
6
6% preferred
100
Eastern Malleable Iron..25
Eastern States Corp
.*
Godchaux Sugars class A.*
Class B.
»
20
IX
Dec
37X June
com.
__10
Diamond Shoe Corp com
Common.
Jan
Dec
15X
"ex
IX
25 X
43
Nov
5
51
De Vilbiss Co
Eagle Plcher Lead
Sep
Oct
Mar
17X
300
*
May
26
~25~~
ix
70
*
25
15
Detroit Paper Prod
1
Detroit Steel Products...*
Duke Power Co
Jul
Preferred
1
Det Mich Stove Co com..l
Driver Harris Co....
nx
ix
20
Jan
Jan
Jan
1,100
108X 108X
Detroit Gasket A Mfg..
6% pref w w
20
Detroit Gray Iron Fdy...l
Draper
27 X
Mar
7
Derby Oil A Ref Corp com*
A conv preferred
..*
Distilled Liquors Corp
Distillers Co Ltd
Dec
2X
1
Dennlson Mfg 7% pref 100
Dec
1
Glen Alden Coal
2H
..j.5
com
150
Gilchrist Co
2X
""x
15X
20
Sept
Sept
16
100
Georgia Power $6 pref...*
$5 preferred..
Gilbert (A C) common
*
Dec
14 x
Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*
Class A
35
13 X
*
Mar
Darby Petroleum com...5
Decca Records
preferred A
preferred
X
~~9~X ~~9%
6X% preferred.....100
Curtis Lighting Inc._....*
Curtis Mfg Co
6%
3X
IX
~50X
19X
75
*
Gen Water G A E com
700
3,200
c_*
*
Mar
78
*
General Telephone com.20
$3 conv preferred
..*
General Tire A Rubber—
2,100
10
v t
Cuneo Press Inc
6X
16 4
Mi
2X
Crown Drug Co com_*__25c
Preferred
25
50
52 x
X
8x
Crown Cent Petrol (Md) .6
Crown Cork Internat A..*
*
Feb
IX
Nov
*18
Jan
28
Warrants
23x
9
1
com
X May
17X Mar
12X
..
22%
8X
Crowley, Mllner A Co..
Crystal Oil Ref
Jan
Mar
20
Gen Gas & El 6% pref B
*
General Investment com.l
$6 preferred
Nov
J4X
5X
ix
Gen Pub Serv $6 pref
Gen Rayon Co A stock
3X
100
July
16x
Amer dep rets ord reg.£l
Gen Flreprooflng com
*
Aug
75
5X
9X
7X
30
Mar
Apr
Mar
100
Gen Outdoor Adv 6% pllOO
May
2X
6X
com
Nov
IX
200
600
General Alloys Co
Gen Electric Co Ltd—
$3
Engine Bldg Corp. 100
Creole Petroleum
6
Crocker Wheeler Elec
*
Co
10X June
200
Zl8
11x
*
preferred
High
Jan
11x
16x
1
1
July
Cramp (Wm) & Sons Ship
Croft Brewing Co
5%
Low
4x
4% conv preferred.-.100
Gamewell Co $6 conv pf..*
Gatlneau Power
Range for Year 1938
x8X
Zl8
Co
8
Oct
4X
z8
stock
conv
for
Week
Shares
7 X
1
10x
6X
6% conv preferred ....50
Courtaulds Ltd!
£1
$3
High
15
partlc pref
21
53 X
$6 preferred A
*
Cosden Petroleum com—1
Com
Mar
100
400
Corroon A Reynolds—
1
Jan
Common
Mar
4X
.800
2X
25
X
Range
of Prices
Froedtert Grain A Malt—
4X May
18x June
14
100
5X
25
Oct
7x
Apr
ex
51
40
Jan
86
4X May
100
Oct
ix
Mar
50
55 X
Common
Dec
900
9
52 X
8
com
65 x
6
92
*11 May
Cook
Cooper Bessemer
Mar
July
2X
70
May
Week's
Low
1
X
3X
ix
Price
6
300
1
preferred
Fox iPeter) Brew Co
Franklin Ryaon Corp
9,500
5x
Cont G A E 7% prior pf 100
$4
Nov
16X
Sales
Sale
Par
ex
X
10
Continental Oil ol Mex
Mar
11
800
100
Consol Royalty Oil
Consol Steel Corp com
Last
High
8X
72 X
7%
71X
71X
100
preferred
16
6
7H
Consol Gas Utilities
1
Consol Mln A Smelt Ltd.6
Consol Retail Stores
1
8%
15
stocks
(Continued)
Low
58
Consol Biscuit Co
1
Consol Copper Mines
5
Consol G E L P Bait com *
255
t'riday
Week
Shares
Compo Shoe Mach—
V t
2
sales
3x
5x
3x
700
5x
200
6
Mar
9
Jan
New York Curb
E256
Weal's Range
for
Sale
of Prices
Low
High
Weal
Interstate Power
Price
$7 pref—•
1
Mig v t c—*
Iron FlremaD
Vs
163*
4%
4%
Co——
Jersey Central Pow & Lt—
Jones &
Julian & Kokenge
E 7%
Kansas G A
150
71}*
78
80}*
89
89
90
37
Knott Corp
com...*
35*
74}*
Nov
81
Nov
92
Nov
32}*
113}*
Mar
Co 6% met—100
Stores
4% conv 1st pref—-.100
Dec
100
Jan
Nov
Apr
55*
115*
5*
28}*
Dec
1
Mar
67
22
Mar
645*
12}*
Navarro Oil Co
Nebel (Oscar)
Nebraska Pow 7%
85*
14}*
Dec
July
12}*
102}*
Feb
Jan
Mar
*55*
Mar
100
105*
Jan
100
68
Nov
37 }*
I-ake Shores
6%
"49
& Mach.l
7% pref-100
Lefcourt Realty common. 1
Conv preferred
*
L«ehlgh Coal A Nav——.*
Oil
2*900
"485* "bOVt
3}*
6%
83*
33*
100
3}*
5*
29 H
30
13}*
135*
1,200
19
19
19%
8ia
400
Mar
Dec
35*
865*
Jan
1}*
Dec
10
25*
%
July
"i«
Jan
Dec
13
July
65*
May
32
Mar
Nov
100
10
14
Feb
50
19
25
Jan
'
Mar
Sept
Sept
Mar
3
July
19
Mar
24
Nov
2(H)
85*
13*
Jan
3
15*
5,400
%
Mar
100
14
26}*
205*
July
78%
10
July
79
July
;"300
—
Jan
Dec
34}*
Dec
Mar
25*
Jan
Jan
95*
Jan
Oct
6
preferred..—100
553*
-—- *
Nineteen HundredCorp B 1
Nlplsslng Mines
6
Noma Electric
1 "~5%
125
90
July
%
Mar
July
Mar
39
33}*
250
24
»i«
800
5* Mar
H Sept
15* Apr
29}* June
Jan
Oct
4
July
5*
July
July
3}*
Jan
15*
45
Apr
Mar
02
Jan
Mar
108
July
Mar
11
Oct
12
125*
500
55
59
750
11
8%
3
Sept
17
Oct
45%
1%
Mar
723*
Jan
Mar
25*
"166
50
11}*
42
Mar
88 J*
26}*
100
18
Mar
25
Nov
Mar
2
Jan
6%
Mar
20%
Mar
100
18
253*
8}*
Jan
6%
Apr
10'
Jan
10
91}*
Apr
1095*
Oct
Apr
103
Mar
650
30
19
63*% A preferred... 100
72}*
72}*
—1
Metal Textile Corp
25c
Partlclpat preferred-.15
Metropolitan Edison—
$0 preferred
*
Mexico-Ohio Oil.
*
Michigan Bumper Corp-.l
Michigan Gas & Oil
1
Michigan Steel Tube..2.50
Michigan Sugar Co...—-*
}*
7ie
Mesabl Iron Co..
"35"
63*
%
1}*
100
7 3*
600
150
Mar
105*
Oct
475
70
Mar
893*
July
25
00
May
825*
Dec
8ept
Nov
900
%
%
Apr
3*
2}*
2,500
35*
79}*
Mar
Oct
73*
893*
Oct
Jan
1,666
24}*
Apr
01}*
75*
200
2
63*
93*
15*
53*
400
1}*
Mar
Sept
Dec
Feb
2 3*
Feb
53*
900
3
Mar
63*
Oct
1,100
Mar
25*
61%
15*
623*
550
31
Mar
623*
Dec
22
200
12%
115*
Mar
29
Aug
1
400
"
15*
,
Nor
500
Mar
Mar
20}*
130}*
4%
Sept
Mar
60
Mar
20}*
28
2
Mar
5
}*
1,500
"35"
'"""26
26
July
Mar
71
Mar
%
1}*
345*
July
Feb
Jan
Apr
Dec
Nov
2}*
ht
%
2
23*
5}*% 1st preferred—26
Jan
Pacific Ltg 56 pref
J*
Jan
Pacific P A L 7%
Sept
6
May
3*
%
200
»ie
Mar
25*
200
25*
55*
105*
5*
Dec
6
24
Jan
*
pref—100
Nov
403*
5 3*
1,100
15*
Apr
5}*
Dec
18i#
300
500
5*
4}*
Mar
Sept
1}*
75*
5
85*
July
Oct
53*
13U
7.
$2 conv pref....
Midland Steel Products-
.
35*
10
Apr
$2 non-cum dlv shs—*
Co
13 J*
105
50c
10
103
13 %
107
1}*
85*
•
200
7}*
15
250
695*
115
15*
85*
300
15*
300
41}*
500
800
Sup—*
Mining Corp. of Canada.*
Minnesota Mining & Mrg. *
Minnesota P & L 7% pf 100
Miss River Power pref.100
39}*
15*
39}*
135*
55*
Monogram Pictures com.l
Monroe Loan Soc A
1
2 J*
13}*
July
25*
Oct
41
Dec
Penn Mex Fuel Co
78
Aug
Penn Traffic Co
115}*
Dec
45* June
300
2,700
65*
3}*
Jan
Mar
16}*
5 J*
600
12 H
Mar
20
4,500
1}*
Sept
Apr
6}*
3}*
2}*
1575* 159}*
JMoore (Tom) Distillery .1
Mtge Bank of Col Am shs..
30 H
28}*
""55* "55*
Mountain City Cop com 6c
470
122
200
20
Sept
7}*
1635*
31}*
20}*
May
31}*
3*
159
Dec
50
"ioo
3,300
Mar
35*
Feb
35* May
4}* Mar
55*
55*
6}*.
5
4 J*
5
800
100
10
Mar
93*
100
6
Mar
115*
600
6
Mountain 8ta Tel A Tel 100
259
xl8%
.
200
150
100
100
10
Mar
33
20% June
87
May
101
18
100
May
109%
93%
June
Apr
Apr
Oct
Oct
Dec
345*
Jan
Dec
1123*
Oct
116
Nov
1065*
Dec
Dec
100
Mar
103*
1,800
65*
Mar
143*
Oct
350
213*
Jan
413*
Dec
May
1055*
25
200
89
July
Oct
Dec
25*
Jan
June
13*
75*
July
43*
July
25* June
Oct
4%
,
Mar
12
32
325*
2,400
27%
Mar
32 %
Dec
29
29
29}*
900
25%
Apr
29
Dec
75
98}*
Mar
109
Dec
80
46
Apr
74
Nov
Mar
8
Nov
1083*
108}* 1083*
70
70
6%
213*
65*
21%
600
~~6% "7"
13J00
6%
7,600
100
35*
15}*
13
400
203*
Nov
90
Aug
Dec
Sept
75*
75* Dec
33* June
75*
Dec
43*
Sept
Feb
xl0 3*
Nov
33*
14
13
Apr
June
87
6}*
Jan
303*
30
75*
100
30}*
150
12
Sept
19
May
23
Jan
18
Mar
383*
Dec
Mar
93*
Dec
23*
21
Jan
1073*
31
Nov
Apr
112
Sept
Penn Edison Co—
52.80 preferred
55
2
Nov
July
Aug
July
50
1
.
1
95*
*
.
15*
99%
95
Nov
Pharis Tire A Rubber
13*
95*
993* 1005*
83*
943*
3,200
4,500
375
95
100
165
100
74}*
150
67
1
745*
69
100
*
Oct
Jan
55*
Dec
July
Jan
Common—
9
Nov
July
12J*
Nov
Pines Wlnterfront Co
Sept
105*
95*
Aug
Oct
Pioneer Gold Mines Ltd—1
June
Jan
Nov
1003*
953*
Nov
79}*
Mar
74
Mar
1213* May
Mar
Dec
167
Dec
Aug
19
Aug
59
Mar
753*
10
2,700
Deo
Apr
86
July
Mar
645*
28
Aug
63*
500
35*
Apr
43*
Sept
8
Feb
July
Mar
1173*
313*
July
50
293*
93*
Dec
Oct
305*
25*
25*
900
2%
Nov
45*
53*
65*
27
14,800
15*
Mar
05*
23}*
1,200
103*
Mar
31
17
17
100
zl05*
Mar
213*
Aug
3*
55*
Pierce Governor common. *
June
25*
305*
Conv 53 pref serles A.. 10
12
23*
93*
Dec
1125*
63*
*
---1
Sept
Dec
13*
43* May
24
Philadelphia Co common.*
Phlla Elec Co 55 pref
*
Phil a Elec Pow 8% prel 25
Phillips Packing Co
Phoenix Securities—
Dec
July
Feb
83*
1% June
19
Peppereil Mfg Co——100
Perfect Circle Co
15*
160
50
Pennsylvania Sugar com 20
Pa Water & Power Co....*
Nov
Oct
50
Apr
5*
13*
1
2.50
preferred
Penn Salt Mfg Co
295*
July
25*
Pennroad Corp v t c
Penn Cent Airlines com
Mar
45
Sept
9}*
65*
1245*
24
—
preferred
7
115*
9}*
10}*
Mar
13
10
Murray Ohio Mfg. Co
83*
Penn Gas A Elec class A
135*
303*
27}*
kor footnotes see oav»-
95*
.
21
25*
1% June
100
100
Nov
Nov
135*
55*
43*
Moody Investors part pf
*
Mlskegon Piston Ring.2 H
Muskogee Co com
*
Nachman-Sprlngf tiled
*
Mar
14%
"
25*
20}*
2}*
10
*
May
41
75*
Preferred..
Feb
Mar
10
Peninsular Telephone com
Deo
Nov
6
32}*
Parkersburg Rig A Reel—1
Nov
Nov
913*
6%
Patchogue-Pl y mo utKM Ills
Pender (D) Grocery A—
Feb
84 5*
Mar
'3*100
Paramount Motors Corp.l
Fa Pr A Lt 57 pref
20}*
Montgomery Ward A
Montreal Lt Ht A Pow.
June
2}*
1
Montana Dakota tftll
Feb
69
Monarch Machine Tool.. *
Molybdenum Corp
245*
103
Missouri Pub Serv com... *
Mock, Jud, Yoehrlnger
Common
52 50
June
May
J* June
05* Mar
8}* Mar
IV* Mar
40
65*
Parker Pen Co
'
4
Class B
Mid vale
115*
101% 101%
1%
1%
Page-Hershey Tubes com. *
Pantepee Oil of Venezuela 1
Jan
8H
American shares
*
Class B V t c_—
*
Middle West Corp com..5
Midland Oil Corp—
July
Apr
60
85
•
Jan
Feb
114
113*,,
*
Pacific Public Serv
51.30 1st preferred
Middle States Petrol-
Class A \ t c
25}*
103
114
GfcA E 0% 1st pf-25
»u
25*
10
24
29%
112}* 1123*
Dec
1J*
1,700
100
8
8
400
29%
Corp.—*
»u June
»i»
»
May
85
May
Oct
43*
Apr
47
70
163*
102
Pacific
74}*
163*
pref
pref
100
Ohio Power 6% pref...100
Ohio P S 7% 1st pref—100
0% 1st preferred
100
Ollstocks Ltd common.-.6
Oklahoma Nat Gas com. 16
$3 preferred
50
6% conv prior pref—100
Oldetyme Distillers
1
Omar. Inc
1
Overseas Securities
--*
PaclUc Can Co common..*
July
5*
Nov
"Ik "iij*
Ohio Oil 0%
Oct
Aug
Mar
Nov
13*
Mar
110
82}*
89}*
81}*
Ohio Edison 10
Nov
55*
Mar
95*
Ohio Brass Co cl B com.
Dec
Aug
473*
Mar
Ma June
4
Engineering.-.
Novadel-Agene
273*
Apr
3,200
Ma
883*
7%
Aug
Jan
Oct
Dec
Mar
3
H
30}*
H
J*
81%
preferred
100
Northern Pipe Line——10
Nor Sts Pow new cl A...26
Mar
0,000
fi«
Oil com—1
Ind Pub Ser 0% pf-100
Oct
Mar
3*
33*
Nor European
July
%
42
%
Nov
995*
3%
Dec
593*
0% prior preferred
60
No Am Utility Securities.*
Nor Central Texas Oil.-.6
July
65
5%
22
18}*
90
400
350
77
21}*
55*
cl A—*
10
3
»»
4}*
Mar
"55k
"61%
preferred
$0
July
July
13}*
55*
Dec
10%
Dec
Jan
Oct
13,700
3*
13*
Mar
21
"10
Oct
13 J*
93*
x78
15*
—1
North Amer Rayon
Jan
45
55*
20
87}*
83*
%
Mar
Oct
93
—
July
30
200
8
x78
......
Common
McColl-Frontenac Oil—
35*
Oct
Nor Amer Lt A Power-
Northwest
25*
16}*
Jan
600
13*
Class B common
Mar
25*
Feb
47
25*
zlQ
80
Class A
Dec
24
Sept
Mar
1}*
4}*
—
155*
Dec
300
15*
86%
Nlles-Bement Pond.
Dec
7%
Nov
June
200
131}* 133
3}*
35*
4%
123*
15*
765*
"x78"
Class B opt warrants.
Mills Inc—
Dredging—.*
*
Memphis Nat Gas com...6
Memphis P & L 17 pref..*
Mercantile Stores com.—*
Merchants & Mfg cl A—1
Participating preierred.*
Merrltt Chapman & Scott *
July
10
Class B common—,
65*
Mead Johnson & Co
51
85
200
19
6% 1st pref
-100
6% 2d preferred--—100
Qass A opt warrants
Feb
20}*
Dec
May
10
McWllllams
Jan
Niagara Share—
'
10}*
0% preferred
100
McCord Rad & Mfg B—*
June
3%
Jau
13*
16}*
Apr
5
1%
0}*
"o"
53*
81
42
300
10}*
Oct
Dec
36
108}* 108}*
Dec
4,300
"0"
13*
75*
60
75*
8
Dec
%
6
83*
N6v
75
18
5*
1
16}*
Oct
33* June
43* June
625
23%
10
10
N Y Pr A Lt 7% pref..100
$0 preferred
*
N Y Shipbuilding Corp—
Founders shares—--.-1
New York Transit Co.—6
N Y Water Serv 6% pf-100
Niagara Hudson PowerCommon
10
235*
183*
88
Massey Harris common..*
Master Electric Co
Nov
13
1083*
73*
N Y Merchandise
100
13*
5
79
Nov
13*
114
.
Dec
Oct
7}*
4}*
Dec
60
563*
—
2,600
,
July
603*
as" Rosarlo
Aug
15*
32}*
%
Omnibus
WAfTRfitfl
N Y A Hond ur
July
13*
105*
7
33}*
N Y City
17
12% May
Jan
Jan
15*
Feb
106
*
16}*
£1
Mass UtU Assoc v t c
1,000
26}*
Co
N Y Auction Co com
37}*
27}*
22
1
*
1
Mountain Producers
23*
Mar
New Process
Mar
*
Midwest Piping A
93*
Tia
705*
Mar
1,900
15
Shovel
Midwest Oil Co.-.*
Jan
53*
Dec
1023*
29%
....
Mar
59.500
*
Margay Oil Corp
Mid-West Abrasive
Jan
Dec
63*
10
125*
7}*
65*
05*
250
13
33}*
9
15*
12 5*
29}*
27}*
225
.
«*
Preferred.
Nov
183*
4
12
15*
Jan
Mapes Consol Mfg Co..
Marconi Intl Marine
Warrants
70 5*
225
108
New Haven Clock
Oct
1
$4 preferred
Aug
Mar
105* May
100
75*
15
Feb
1
32
700
100
preferred
2
100
425
45
Co
*
New Idea Inc common—*
New Jersey Zinc
26
New Mex A Ariz Land—-1
Newmont Mining Corp. 10
105*
Manatl Sugar opt warr...
May Hosiery
7%
Feb
4
68J*
25}*
.22
m
*
Louisiana Land & Explor.l
Louisiana P & L $0 prel—*
Lucky Tiger Comb G M.10
Ludlow Valve Mfg. Co—*
Lynch Corp common
6
Majestic Radio & Tel
1
Marlon Steam
Mar
Co cl A—.»
com.100
Nestle Le Mur
Sept
155*
24
30 3*
Packing
Communlca'ns ord reg
Ma
»!•
May
600
22
1
—
Aug
100
""5k "5%
A.—*
44}*
113* June
24
100
100
Manlschewltz (B) com.
Jan
73*
800
57 3*
1
B
$6 conv preferred
45*
Mar
78%
6% preferred
100
New England Tel A Tel 100
22
22
*
Groceterias cl A..*
Mangel Stores
Sept
23*
5*
New Engl Pow Assoc—
12}*
<>12
12
Common-.
Loudon
Nov
Mar
25*
600
47}*
preferred
Nelson (Herman) Corp...5
Jan
600
A—.1
25
7% preferred.—
0% pref class B
75
38 V*
300
455*
1st
Feb
1,900
3%
13%
*
Locke Steel Chain—.—6
Lockheed Aircraft
1
Lone Star Gas Corp
*
Long Island LightingClass
July
'
%
Aug
Feb
Nov
Jan
July
Lit Brothers common
Loblaw
38
200
106
46}*
11
1,600
35*
"~8% "1%
Develdp—26
preferred...
---
*
pref.100
49
5*
(R G) Inc,.l
Material Co
6
Oil ReflDlng
*
Llpton (Thos J) class
Mar
1,150
12
14
Dec
60
Le Tourneau
Lion
June
4}*
1,000
6H
0}*
Lane Bryant
Line
16
13*
"13*
38
Co—... 1
RR (N J) 100
Mines Ltd—1
Lakey Foundry
Leonard
Nov
2
Nehl Corp common
Sept
45
11}* June
special pref-10
Kreuger Brewing
Lackawanna
4
5
7%
Co com
Neptune Meter class
Mar
75*
4?*
"m
Jan
2
Nevada Calif Elec
Kresge Dept
Kress (S H)
11}*
11}*
Feb
145*
200
59
57
57 }*
Sept
1%
13*
Ltd—.*
National Sugar Refining.*
National Tea 6}* % pref. 10
National Transit
12.60
Nat Tunnel A Mines
.*
Nat Union Radio Corp.—1
Jan
Jan
Dec
Tsoo
preferred—*
Conv part
National Steel Car
Jan
5
Sept
ht
Dec
9
Sept
5
45*
*i«
45*
40
53*
600
73
4}*
Dec
113*
4
323*
70
713*
13
Apr
25
100
Nov
7%
Apr
05*
700
13
Jan
1
May-
1,500
63*
6
32
4
National P A L S0 pref—*
National Reilnlng Co—25
Nat Rubber Mach
*
Nat Service common——1
Feb
3}*
Dec
5*
Oct
'
National Oil Products
1}*
15}*
15* June
23*
100
73
73
Aug
Oct
Mar
Jan
Aug
65*
Koppers
Jan
7}*
'
10
10
*36
123*
200
"UH "ish
1
Inc.-.-.*
common
Kobacker Stores
x36
*
Nov
800
13
13
.....
"700
"123*
National Fuel Gas
43%
700
2}*
3}*
1 }*
1}*
"\2
National Container (Del)-l
May
""26
"39
25*
"12"
Jan
4
""166
"""% '"*/*
2%
M Co Ltd 1
Klein (D Emll) Co com — *
Klelncrt (I B) Rubber ColO
Klrkl'd Lake G
*
com.l
50
Oct
10%
Dec
3*
7
Jan
Mar
250
8}*
~38~
100
Kingston Products.
1
Kir by Petroleum--.. —1
6% preferred D
2,200
Jan
103
5*
S3 conv pref
}*
5*
22
. A
Pf B 100
Co
7n
Mar
33*
700
3}*
106
Breweries..
National City Lines
High
Low
85*
7 3*
Apr
Apr
Apr
700
5%
Kimberly-Clark 0% pf-100
Kings Co Ltd 7%
1
National Candy
Range for Year 1938
for
Week
Shares
75*
75*
3*
Dec
68
100
com...*
pref.100
8
Nat Bellas Hess com
21
21
20
6}*
1
May
62 3*
01
700
Kennedy's Inc.--------6
Ken-Rad Tube & Lamp A *
Kingsbury
19}*
Nat Auto Fibre com
of Prices
High
Low
Price
Nat Mfg A Stores
70
33}*
Mar
Mar
Oct
13*
400
80 X
Laughlln Steel-100
3*
2
5,500
71 %
34
75*
July
Jan
Oct
Dec
Mar
115*
754
3*
550
Par
High
»„ May
1,900
4X
1X
15*
100
100
— 100
preferred
6% preferred
7% preferred
2 3*
1,400
17}*
20
163*
18 %
Jeannette Glass
6%%
71«
18 H
--1
A-.-*
Co—.....1
Irving Air Chute—
Italian Superpower
Jacobs (F L)
Low
200
Royalty
Investors
Sale
(Continued)
Shares
Week's Range
Last
STOCKS
1938
Range for Year
Last
Par
Sales
Friday
Sales
Friday
STOCKS
(Continued)
1939
Jan. 14,
Exchange—Continued—Page 3
Dec
13*
Jan
23*
Sept
3 3*
Jan
1
25*
"2% "25*
"2~6()6
Feb
Oct
Oct
New York Curb
Volume 148
Friday
STOCKS
Last
(Continued)
Sale
Par
Pltney-Bowea
Price
Week's Range
Range for Year 1938
for
—*
Pitts Bess ALE RR
High
1
Pittsburgh A Lake Erie.50
Pittsburgh Metallurgical 10
654
6X
Low
7X
Pittsburgh Plate Glass..25
61X
~v2~x
754
July
4254
Nov
1154
6254
Nov
7.500
4X
Mar
340
34 x
8
200
4X
Mar
Mar
105
2,300
7X
m"
Jan
Mar
101
65
Mar
Pleasant Valley Wine Co.l
Plough
Inc
Polaris Mining Co
6
25c
IX
Dec
354
Mar
400
H
Bept
Mar
Aug
19%
2X
Feb
97
July
17
400
21
June
24
July
400
*
39X
25
23X
23X
IX
100
"4% "ex
*
7X
7X
ex
95
100
16
preferred
*
Public Service of Colorado-
95
94 x
150
23
Aug
Aug
Deo
*
*
45 X
44 X
48
28 X
26 X
Mar
654
Jan
Standard OU (Ky)
Jan
Standard
83
Aug
98
Jan
Mar
103
July
4854
Dec
210
11X
Jan
30
Dec
Standard Steel Spring
Dec
Apr
92
May
100
July
Dec
54
Mar
4754
July
July
Sterchl Bros Stores
754
Jan
May
1154
Nov
4X
Sept
7
Jan
Mar
11754
Dec
152
Oct
115X
90
200
130
"17"
May
"if""
"160
13 X
Mar
1754
iox
50
754
Mar
14
X
Feb
54
IOX
Feb
2354
Oct
29
iox
17X
Feb
40
Oct
1.100
19
Sept
Oct
Feb
4X
4X
IX
Mar
5
July
300
3X
Jan
8
May
500
200
X
he
j
Reliance Elec A Eng'g—5
,
""166
9
9
6
19
Mar
254 May
X
Dec
8X May
X June
600
'""260
1
*
3654
0
Oct
Deo
•11
Jan
1454
Nov
154
Jan
4
"~3X "~3X
Mar
6
July
1
Mar
4
Dec
"1,100
CoX
Rochester GAE6%pfD 100
Roeser A Pendleton Inc..*
X
X
103
400
X
Dec
54
,
Apr
100
Dee
Apr
17
Aug
Root Petroleum Co—
22 X
4
Mar
1454
Oct
1,000
1
Jan
254
July
2X
2X
800
IX
Mar
454
Dec
3X
Mar
954
Jan
he
2X
Royallte Oil Co Ltd...—*
Royal Typewriter
*
Rus8eks Fifth Ave
254
Dec
Tu
Feb
35
11%
*
Petrol..—*
'~2~H
pref
5
Mar
1254
Dec
Mar
41
Dec
Mar
4
Jan
Mar
ol54
64
50
254
300
Scovlll Mfg.
2X
-
3,700
"15% "iex
1,500
15X
1
1
lix
Scranton Elec S3 pref
*
Scran ton Lace common. .*
11X
24
—25
25
8
300
1,800
Mar
15X June
"26"
"22""
15
2954
Jan
Nov.
July
114
Dec
15
June
25
Feb
""166
-*
Securities Corp general.—*
25
1254
IX
IX
13
1,000
3 X
Mar
900
X
Mar
29 X
"12%
.22
June
IX
1X
500
""x ""he
i"800
ex
16
X
554
Selberllng Rubber com.—*
Selby Shoe Co
5,800
5%
Dec
1
rteeman Bros Inc..—..—*
Mar
2054
1454
254
1
»u
8X
100
Jan
Oct
254
35
954
900
he
2,000
he
Mar
'11
21X
1,300
ex
Mar
24 X
Oot
Apr
4X
July
30
16
"63"
* June
17
1
400
9X
350
63 X
100
4854
63
63
100
49 X
»ll
8X
X
5
Mar
154
10 X
100
2X
28
25
24X
7X
£1
/.
1
Seton Leather
*
1
common
7
7X
200
Seversky Aircraft Corp.—1
4X
4X
5X
7,200
3%
3X
5
5
8%
Shattuck
7%
7X
8X
1,800
21X
21X
106X 108 X
Mining..5
Shawinlgan Wat A Pow__*
com..25
6% cum pref ser AAA 100
Sherwin-Williams of Can
"l07X
113
113
»
113'
2
"215"
13
200
2X
219~~
600
"130
Nov
Jan
Mar
13 X
Dec
3X
Aug
Feb
Jan
29X
Apr
39
Aug
42
800
39
Oct
4554
Dec
Ordinary
8
Sept
5
5
554
1,700
2X
eX
July
36
36
800
30 X
Dec
44
Mar
7ex
19%
,
3%
"94"
20
3%
300
3X
15
94~
400
OX
14%
200
7X
83
Oct
Jan
654
Oct
4X
4%
15
75
79 X
1,900
15
21
15
Oot
Dec
5
Feb
50
4%
Mar
Mar
Mar
03
2X
"75%
100
14
'""600
44
Mar
July
Oct
5X
Dec
1654
Oct
Jan
Dec
2
Sept
Mar
82
Dec
'
101X 102
20
85X
Apr
104
109X HI
70
98 X
Mar
111
Hi
Jan
X
Dec
154
Jan
Oct
154
4H June
354
Jan
"""466
Oct
Dec
X
Aug
Screen-
Transwestern Oil
1
2
Corp—
preferred.
—
2~900
10%
11%
34
100
18
June
3
700
2
Mar
3 54
Oct
7%.
4H
IX
Apr
854
754
Nov
Mar
5%
1,000
■
*
2
11
"12% "12% """200
10
12%
'~4X"~4% """560
X
.2%
79 X
X
pref. 100
78 X
78%
A.*
2%
2X
~28%
2%
27%
1st preferred
*
United Milk Products.—*
11X
X22X
Oct
354
4 54
Mar
X
he
3,000
X
Mar
3%
80%
%
80
2%
2%
32
10,100
600
2X
69
800
.
Dec
Mar
Jan
July
Nov
Aug
Dec
554
100
Hi
Mar
Mar
300
1%
13X
Apr
354
454
Mar
3454
4,900
Jan
Nov
IX
62
Oct
Mar
154
X
4,500
40
Oct
43 54
Mar
154
78
Apr
Oct
Jan
Jan
Jan
Oct
Oct
Jan
Oct
17X
United Profit Sharing--25c
Jan
,24
Aug
65
,...._*
Mar
0 54
1454
Dec
14"600
Option warrants,.
*
Mar
Mar
2
30
...-
154
15
Jan
2X
....
6
Mar
Sept
3X
60
Mar
Mar
X
300
12X
com..*
Common class B
July
ex
*
*
com
754
Jao
154 June
854
Oct
1254
Aug
4254
Oct
June
34
10
Co
preferred
X
3
11>4
-----
*
Unexcelled Mfg Co
Investment
1,800
7
.1
Ulen A Co ser A pref
Series B pref
5X
600
__1
A
2,400
4X
Co—,.. 10
Tung-Sol Lamp Works
33
102
Mar
Jan
2
Mining of Nev.l
80c dlv.
Oct
IX
Common...—......
Class
Oct
Jan
20
7% preferred A_....100
Tonopab Belmont Devel 10c
Plot
15X
July
3654
Def registered 5s
Lux
Nov
Apr
Dec
—£1
reg
44
Nov
8
4%
Apr
70
May
United Molasses Co—
Jan
Sept
July
Am
10%
dep rets ord
4X
reg...
212
Aug
United Shipyards ol A
1
Class B
———1
14
Oct
200
Sept
July
July
654
230
Dec
Jan
Jan
Jan
1
'
Jan
9
Nov
1054
Nov
IX
84%
43
-2S
May
950
50 X
Mar
8654
Dec
160
82 54
42
IX
25
154
"1054 "I~8(j6
he
8X
"fo"
United Shoe Mach oom.25
Oct
Hi
he
preferred.——10
,11754
114X
Sept
5X
Jan
Hi May
14X
Oct
Nov
1654
Mar
IX
Mar
2X
Aug
Dec
554
Jan
July
z200
Dec
Dec
254
654
Jan
Oct
91
Oct
Nov
1
Nov
4X
1,300
IX
1
3%
IX
Mar
16
Aug
1,100
4X
5X
500
IX
IX
3X
2
3X
1
39
Jan
Dec
3,300
3
Feb
Dec
3X
4X
Oct
Mar
IX
Mar
7
Jan
Aug
Mar
3%
4»/g
600
2X
July
4054
654
,.1
5X
554
3X
June
854
54
ex
X
4,600
X
600
X
Mai
154
July
Jan
7054
Nov
United Specialties com
U S FoU Co class B....
1st pref with warr
U S Lines pref
U S Playing Card
US Ply wood
42
42
29
554% pref series C
27%
29X
28
50
34 X
600
25 X
600
23 X
IX
30
Apr
Mar
Mar
1
1*
6554
_—*
154
31X conv pref
U 8 Radiator oom
37
conv
1st pref..—
v
t c—
United Verde Exten
United WaU Paper
250
154
700
"l4X
454
254
Deo
Universal
Dec
'""360
254
200
554
5
140
*11
%
2X
Universal Pictures com—.1
27
Dec
Mar
3
Oct
June
45
May
2 54
Universal Products Co
32
Oct
13X
Dec
10
Dec
Dec
23 54
Dec
Mar
Aug
Aug
Mar
2
254
2,900
1
500
"4%
.1
454
""606
Feb
X
Dec
•n
X
IX
Mar
Mar
Dec
3
100
*
Jan
6054
%
51%
154
354
19
Jan
Aug
Aug
Oct
Aug
IX
June
May
14
Dec
3
Mar
10
Dec
9
"%
50 X
Sept
Jan
7
.....
7
154
654
354
54
654
1H
7
Insurance.....8
Utah-Idaho Sugar...—..5
Utah Pow A Lt 37 pref.—*
F»b
300
*n
60c
29
~"4}4
Universal Consol OU—10
42
"""406
15
Mar
X
•
•
2
Mar
1
23%
14X
20
..1
Jan
42
Jan
22
U 8 Rubber Reclaiming..*
U 8 Stores Corp com...
United Stores
67
10
1
Universal Corp v 10
5% original preferred-25
6% preferred B
25
13
7
43%
2X
13
3X
259
Feb
Juiy
,
100
Jan
1
<
For footnotes see page
13
2
'2:665
United N J RR A Canal 100
107
3X
25
2
Mar
5%
United Gas Corp com:—.1
85
100
Nov
Mar
Nov
10
*
Southern Colo Pow cl A.25
300
Dec
1
654
Dec
2X
2X
1
5
14X
ex
Apr
Amer dep rets ord reg.£l
Sioux City G A E 7 % pf 100
Sonotone Corp
450
Oct
5,100
Jan
Sept
16
South Coast Corp oom
Southern Calif Edison—
Nov
X
X June
4
July
7X
Oct
17
pref
Soss Mfg com
4X
9X
U 8 and Int'l Securities..*
Simplicity Pattern com... 1
Singer Mfg Co
.100
Singer Mfg Co Ltd—
1
Mar
154
2654
Todd Shipyards Corp
*
Toledo Edison 0% pref. 100
United G A E 7%
he
13
Smith (H) Paper Mills..
Solar Mfg. Co
Jan
2
Bept
41X
IX
X
Simmons-Boardman Pub—
Skinner Organ
4X
Dec
Tobacco Prod Exports...*
Tobacco Secur Tr—
Preferred
Sllex Co common..
Simmons H'ware A Paint.*
8X
Dec
600
14X
United Lt A Pow
66
.
10 X
Apr
2%
6
38%
14
Aug
100
12
June
3%
36 X
I
Nov
700
Shreveport El Dorado Pipe
Line stamped
25
Oct
Oct
8
United Chemicals oom—*
Feb
Nov
35
975
9
~~2% "2%
6
Roofing Inc
12
IX
July
7X
33 cum A part pref
*
Un Cigar-Wheian Sts__10c
United Corp warrants
Aug
Oct
Apr
•
100
Tlshman Realty A Constr*
Tobacco AlUed Stocks
*
7554
7554
Mar
IX
6X
50
Jan
500
'
TUo
Mar
uie Dec
Hi May
2X
Dec
4
7%
ex
2X
3%
5X
ex
2%
Nov
15X
5X
Api
Mar
Thew Shovel Co com
Mar
Mar
654
69
Apr
4
28
254
Oct
June
17 %
Jan
June
4
Mar
654
.
11X
Dec
2X
62
28
40
Mar
Mar
56
Amer dep rets reg
3,200
June
X
Union Traction
Selfrldge Prov Stores—
Sentry Safety Control
8errlck Corp (The)
4%
3X
Union Premier Foods. Sts. 1
Mar
2
Oct
un
Union
Jan
62
25
Allotment certificates
preferred
Jan
IX
26X
Aug
154
11
stock.....5
S5.50 prior stock.
7%
1%
104
x
17x
3X
2
1st 37 pref non-voting
Common
conv
Sept
June
June
90
100
Nov
Selected Industries Inc—
53
X
50
300
Nov
X May
*
Sherwin-Williams
2,000
2
Union Gas of Canada
Segal Lock A Hard ware. .1
Denn
102X 103
X
IX
Mar
%
21X
1
Jan
18 H July
8% Aug
22X June
Dec
iex
he
Tublze ChatUlon
Aug
Mar
1,700
*
22
Warrants
15
Feb
%
Trunz Pork Stores Inc.
254
Nov
'""900
Trl-Contlnental warrants
1854
354
Nov
14X
*«
Oct
Dec
2X
14%
1
Oct
Sept
Apr
Apr
Mar
1
Tastyeast Inc class A
Taylor DlstiUlng Co
454
Nov
Aug
Mar
Feb
1854
110
22
pref..—*
Scullln Steel Co com
Convertible
Taggart Corp oom
1
Tampa Electric Co com..*
Tonopah
1
300
•
Aug
23 X
2
*
Trans
71
Jan
18 X
Jan
17X17%
20
15
Jan
Apr
X
Mar
5
100
""160
*
oom...
Jan
Scranton Spring Brook
Water Service
Class B
July
July
Nov
IX
.....
*
—
33 .30 A part
Swan Finch Oil Corp
0
Mar
July
18
Superior Port Cement
92
Mar
Dec
Hi
5X% conv pref
60
Superior OU Co (.Calif)..25
Mar
12X
2X
—
3%
Aug
854
1
Sept
48*
75
42
,
„—5
Scblff Co common
Nov
July
35
100
Samson United Corp com 1
July
150
4
*1654
■854
700
X
3
79
3~800
58
5
4654
41X
2X
X
2%
Ryerson A Haynes com—1
1
Apr
Mar
"iox ~12~"
4054
Safety Car Heat A Lt——*
350
71
St Lawrence Corp Ltd—*
Salt Dome Oil Co
Sept
30 X
4X
6554
Rustless Iron A Steel——1
pref A
Nov
400
2X
Rossia International...—*
preferred
25
12 X
2X
20
St Regis Paper com..
June
11H
.J
1
SI.20 conv pref.
Savoy Oil,Co
IX
Texon Oil A Land Co
Roosevelt Field Inc.—...5
Jan
5
254
12 %
900
iox
29
Tenn El Pow 7% lBt pf. 100
Texas P A L 7% pref—100
90
50
X
Dec
5X
*
*
Sunray Drug Co..
OU
Sunray
Aug
11X
103
Am deprctsord reg...£1
Rome Cable Corp com...6
conv
*
Nov
Nov
'
23X
5
*
Stroock (S) Co
SulUvan Machinery
Technicolor Inc common.*
Rolls Royce Ltd—
7%
Stetson (J B) Co com
Stlnnes (Hugo) Corp.
X June
"20k "21 x
21
*
6% 1st preferred.—50
6% 2d preferred
20
Sterling Aluminum Prod. 1
Sterling Brewers Inc
1
Sterling Inc
1
Oct
Jan
11
21%
•
Voting trust ctfs—.1
52
""266
Jan
1
Stein (A) A Co common. _*
2354
32
S2.50 conv
1.100
*
Mar
May
5X
Ryan Consol
3X
IX
Starrett (The) Corp v t o. 1
7
Radiator——1
Jan
phate A Acid Wks Inc 20
Apr
IOX
50c
Rio Grande Valley Gas
H
Phos
23 X
SIX
Richmond
22
Feb
1
B
Wholesale
450
Roller Bit Co..——*
Rice 8tix Dry Goods.
Standard
800
*
Reynolds Investing
Dec
X
300
iox
.5
15X
Reeves (Daniel) oommon.*
Reed
Mar
X
Apr
X
Standard Products C0..-.I
Standard SUver Lead
1
36
Raytheon Mfg com....50c
Relter-Foster OU
7X
39
"iex "iex
22 X
X
10854
*
Red Bank Oil Co.
Apr
X
1
4X
*
Mar
28 H
33X
Sept
2%
*
1454
115
preferred..
5X
300
*
.*
Preferred
Jan
100
Common
17
2X
102 X
34X
=-*
July
9l0
16 X
100
Jan
Raymond Concrete Pile—
conv
preferred
Standard Pow A Lt
Common class B—
22
Railway A UtU Invest A—1
S3
5%
Steel Co of Can Ltd
Ry A Light Secur com.—*
3
her
,
(Neb)
100
Pyrene Manufacturing.. 10
0% preferred
Quebec Power Co
Oil
Standard OU (Ohio) com 25
Dec
X
Quaker Oats common—
Dec
25
Nov
75 X
87
14 X
Oct
IX
33
10
754
854
Mar
Jan
Standard Tube cl
0% prior lien pref—100
7% prior lien pref... 100
I Pub Util Secur S7 pt pf—»
Puget Sound P A L—
15 preferred
*
S6 preferred
*
Puget Sound Pulp A Tim.*
Pyle-Natlonal Co oom—6
3H
100
"ex "~6X
SI.60 conv preferred..20
Standard Invest 35X pref*
he
Public Service of Indiana—
17 prior preferred
S3 preferred
Public Servloe of Okla—
100
IX
10
ex
Standard Dredging Corp—
Common
1
Mar
103 X
3X
IX
*
*
Standard Brewing Co
*
Standard Cap A Seal coin.l
Conv
preferred
10
Apr
95
100
100
1st preferred
40
Mar
6X
3X
75
ex
June
954
*u
3X
Tooo
*
-*
254
Mar
33
25c
1st preferred
Aug
High
June
354
Stahl-Meyer Inc
June
95
'19 54
5
Spencer Shoe Co
2X
154
554
1654
Jan
500
Low
151X
6X
Am dep rets ord reg—£1
Am dep rets ord bearer £1
200
Pressed Metals Of Amer..*
Providence Gas
Oct
Jan
Nov
Range for Year 1938
for
Week
Shares
135
South Penn Oil..
__25
So West Pa Pipe Line..50
Spanish A Gen Corp—
2X
2X
39X
Prudential Investors
154
11
of Prices
High
25
Southland Royalty Co
X
IX
10
1
Corp
Prosperity Co class B
11654
Week's Range
Low
._*
Jan
2X
6% 1st preferred
100
Pratt A Lambed; Co.—*
Prod ucere
Southern Union Gas
Preferred A
X
454
AX
Power Corp of Canada—*
Premier Gold Mining
PrentIce-Hall Inc com
June
Price
South New Engl Tel—100
Southern Pipe Line
10
Oct
10
X June
*
Potrero Sugar common.—5
Powdrell A Alexander
5
0%
7%
Par
6X
64
61
257
Sales
Sale
High
37 X
"UX "rr
Last
{Continued)
Shar es
50
Forcings
STOCKS
Week
of Prices
Low
4
Friday
Postage
Meter
Pittsburgh
Exchange—Continued—Page
Sales
""206
250
Oct
May
54
31
554
1954
Nov
Dec
154
6954
Nov
Mar
Jan
Friday
I
Last
Week's Range
for
Sale
of Prices
Low
High
Week
(•Concluded)
Par
Price
Low
1
Corp
*
stock
*
Utility A Ind Corp oom..6
Utah Radio Product*
2
1M,
53 *
$5.50 priority
Oct
600
1M
Apr
3*
July
Denver Gas <fc Elec 6s. 1949
31*
June
54*
Nov
*ii
*i«
Dec
*
Jan
1M
500
1M
Mar
2*
Jan
common--1
«!•
*
800
M
Mar
*u
Jan
13 M
100
1
1*
«ie
%
Wayne Knitting
Sept
Jan
Mar
17*
Jan
Eastern Gas <fe Fuel 4s .1956
Mar
3*
July
2
600
36
July
65
Elec Power A Light 5S.2030
28*
Nov
Elmlra Wat Lt <fe RR 5s '56
2M
Mar
7*
Nov
El Paso Elec fis A....1950
"loi"
104
H
Mar
Empire Diet El 5s
1952
100*
100
38 m
1*
77*
July
Dec
Jan
Eroole Marelil
June
10*
July
8*s series A
1953
1907
6*
1,100
1M
Mar
Dec
Erie Lighting fis
6*
1%
800
5%
Mar
11*
Jan
Federal Wat Serv 5*s 1954
Vt
Dec
Mar
5M
Dec
1*
7*
Sept
1
July
10
Nov
2*
87 M
Banks 0s- fis
-
— -
—
-
102*
"250
8%
m
1,400
9
Mar
Jan
75
87*
Apr
Dec
72*
Sept
77
Apr
87
88
18,000
65*
Apr
88*
Dec
97*
98*
91,000
Mar
98*
Nov
59*
60*
33,ft00
"87*
Gobel
Aug
5*
July
Grand Trunk West 4s.1950
10*
July
83
Mar
3*
— — — — — —
.Jan
Grocery Store
3M
Mar
9*
Oct
500
fi*
May
7*
July
Dec
16*
Jan
8M
8%
8,000
0M
Mar
Feb
Houston Gulf Gas 08—1943
1M
1,200
1
Sept
8*
2*
Jan
47*
0*s ex-warrants—1943
1st A ref 5s
97
5,000
76 M
Apr
98
1st A ref 5s
195*
1908
1st A ref 4Mb
96 M
88
89 %
13,000
83 M
1967
84 %
84 M
105M
105* 105*
4,000
Amei G A El debt 5s.. 2028
108*
108* 109 %
78,000
65
104M
100
73,000
9 i *
Oct
Jan
70 %
75,000
Aluminium Ltd debt 5sl948
Nov
86*
Nov
Sept
107*
109*
Apr
Aug
91*
Oct
Apr
-
Apr
58 M
Mar
103 %
-
Dec
108
101
101
120 M
120 M
103.
103 M
2,000.
21,000
3,000
Sept
30
20 %
Mar
28%
28 M
34
95,000
20%
Mar
31
30*
21M
Mar
29 %
37*
36M
76,000
29 H
91,000
21
Mar
45
45
1,000
23
Apr
46
18,000
02
Apr
80*
Jan
51*
Conv deb 5s.
1950
—_
Debenture 5s
...1968
Conv deb 6 Ms—1977
Assoo TAT deb 5 Ms.A'55
-----
75%
*35
37*
36*
20
30
Nov
83*
Feb
5,000
97*
Apr
104*
Oct
96
Apr
103*
Aug
103
Apr
109*
Dec
-
—-
—
—
Atlanta Gas Lt 4MS..1955
-
-
Atlantic City Elec 3 Ms '64
105 M
-- -
23,000
92 M
Feb
103*
Dec
104* 105M
26,000
90 *
Apr
104*
Dec
191M
58 without warrantsl947
Baldwin
Locom
93
89%
Oct
95
Mar
J85
1947
fis with warrants
89
82%
Oct
85
Oct
Works—
1950
♦Convertible 6s
0s series A
1953
6s series C
1951
100*
"88"
1958
1957
5s
♦Indianapolis Gas fis A 1952
International Power Sec—
— —
1957
Nov
91*
Nov
6,000
8,000
26,000
79
Mar
100*
Dec
84
Apr
101*
Nov
88*
04
Apr
75
Mar
1,000
100
100*
101*
87*
— —
-
78
49
—
--
Jan
107*
111*
Jan
15,000
1,000
45*
Mar
03*
May
43
Mar
61*
May
6,000
49*
Jan
40
Sept
46*
Sept
45*
Sept
84
Dec
05*
Nov
/
14,000
52
*50*
54
107* 108*
2,000
107
Jan
109*
—
~
—
67*
65
Nov
Nov
Nov
45,000
35
Mar
60*
Nov
1952
41
41
42*
48,000
18*
Mar
40
Nov
83*
86
78
6s
Debenture
Interstate Publl c Service—
1950
04
Mar
85*
Nov
1958
85*
78*
58,000
4*8 series F
79*
77,000
67*
Mar
80*
Oct
Iowa-Neb LAP 5s—1957
100*
100* 101*
90
Mar
100
100
14,000
3,000
91
June
102*
101*
103
100
111* 325,000
Mar
67
116*
Dec
Iowa Pow A Lt 4*8
Iowa Pub
110
110*
—
1961
-
195 '
Serv 5s
1958
"104*
----
Nov
Isotta
—.I960
125 %
125M 126
3,000
118
Sept
125
Dec
Italian Superpower 6s. 1903
147
2,000
129
May
145
Dec
Jacksonville
86*
88
71,000
70
70*
71
2,000
65 M
Jan
84
84
3,000
71 M
Mar
104
20,000
101 %
13,000
100
75,000
73
Mar
3,000
111
Sept
116* May
Mar
105
July
1st mtge 58 ser H—1901
1998
—
—
147
—
'
-
-
88
Birmingham Elec 4*sl968
Birmingham Gas 6s
1969
Broad River Pow 6s..1954
-
71
—
-
-
Canada Northern Pr fis "63
103*.
Canadian Pao Ry 6s..1942
--
1956
-
-r'-
99 %
103 M
102M 103 %
95 M 100
114*
Cedar Rapids M A P 68 '63
Central 111 Public Service—
115
•
Apr
Jan
Oct
90
76*
Nov
If 1st A ref 4Mb ser F.1907
If 5s series G
1968
Tf4Ms series H
1981
102"i
j
J102
94 %
102 *
-
-
-
85 M
Mar
105
Nov
108*
Jan
Kansas Elec Pow 3 *8.1900
98*
Nov
Kansas Gas A Eleo 6s.2022
106*
Kansas Power fis.;
1947
103*
103*
Nov
6*s series D
Apr
July
6*s series F
103
Nov
6s series I
93*
1909
120*
Dec
90*
Apr
103*
10,000
94
95*
05
96*
98
91
....
"93
Mar
91
103*
Dec
78
Mar
93*
Nov
Mar
90
Apr
Jan
101*
Apr
107
155,000
79 M
25
Mar
.14,000
23 %
Mar
41
Jan
Lexington Utilities 6s.l952
115,000
23 M
Sept
41
Jan
Libby McN A Libby 6s '42
"l02*
58 %
18,000
32M
Mar
57*
July
Long Island Ltg 6s.-.1945
94'
99*
40,000
84
Apr
99*
Nov
Mar
100*
Dec
^
Dec
'
......
*24
^
30
Dec
Nov
Dec
Nov
100*
9,000
84
Apr
loo*
102* 103*
93
94
8,000
101
Apr
106
10,000
70
Apr
100
Feb
106* 106*
16,000
100
Mar
107
Nov
100
106*
Dec
05
84*
93* 137,000
84
.
Dec
Sept
MansBeld Mln A Smelt—
♦7s without warr'ts.1941
9,000
101 M
Apr
100*
Jan
55 M
40 M
Nov
52*
Jan
68
87
Jan
171%
70
24*
2,000
28*
Apr
97
Jan
28*
June
McCord Rad A Mfg
75
28*
Marlon Res Pow 4*8.1954
47*
170 *
73,000
1900
71 M
71M
Conv deb fis
1960
69 M
68 M
Debenture fis
1958
68
%
68 M
78
72 M
2,000
70% 248,000
53,000
70 %
Debenture 6s
1969
69%
69%
71
Oct
Oct
91*
Feb
6s stamped
:
1943
Mar
75
43 M
Mar
71*
Oct
42 M
Mar
71*
Nov
M —■ -
•
<■»
18,000
43
Mar
71*
Nov
Metropolitan Ed 4s E.1971
101I7m 101 %
40,000
86 H
Apr
102*
July
27,000
91%
Mar
103*
Nov
Midland Valley RR fis 1943
Milw Gas Light 4*8—1907
Minn P A L4*s—
1978
4s series G
1905
73%
72 M
75%
67,000
40
Mar
79
Dec
1949
73 M
72 M
40
Mar
79*
Dec
76
75%
77 %
36,000
77%
20,000
52
Mar
79
16,000
94 M
Jan
101*
125 M
Apr
103*
Jan
Oct
J129* 131*
"l07*
"99*
99*
104*
Oct
Mississippi Power 5s..1955
84*
129
July
Miss Power A Lt 5s...1967
89*
110
110*
8,000
108*
110*
Nov
Consul Gas (Bait City)—
Missouri Pub Serv 5s. 1900
-
------
87
Apr
95*
68~O6O
Feb
100
89
1,000
70
June
93
3,000
100
Apr
108*
Mar
109*
106* 106*
107 *,108*
13,000
75
96*
98*
39,000
60*
1,000
98*
99*
99* 100
29,000
140,000
104* 105
83
84*
20,000
4,000
90*
108* 108*
96,000
11,000
89*
07*
101*
Aug
Oct
Jan
Dec
Oct
75*
Jan
95
Apr
50
Apr
64*
Aug
88*
Jan
101
83
Apr
100
87*
Apr
104*
Dec
61*
Mar
86*
Nov
70
Mar
92
Nov
107*
75
56,000
54
100* 101
5,000
80
73*
July
--
96
60*
97
■
1955
Consol Gas El Lt A Power
96*
104
89
Miss River Pow 1st 5s_1951
100M 101
1st A ref 68
70*
.
'
92
Middle States Pet 0*s '45
Community Pr A Lt fis '67
Community P S fis
1900
*42
*94*
M
Memphis P A L5s A..1948
Mengel Co conv 4*8.1947
Nov
12,000
103* 104*
Memphis Comml Appear—
Deb 4*s
.1952
47 M
102«ul02»u
(Bait) 3*sser N...1971
Mar
93
12,000
Oct
112
_
92,000
-
83 %
104M
104
Conn Lt A Pr 7s A...1951
^
84,000
20,000
19,000
102* 103
102* 104*
1948
.1955
Louisiana Pow A Lt 6s 1957
100 M
....
Jan
Nov
20,000
98*
1943
_
106
103*
Utilities Co—
Mar
Chicago A Illinois Midland
^Cities Service Gas 5 Ms '42 10117m
1 Cities Service Gas Pipe
„
Apr
Mar
108*
102
Nov
97
■
*119* 122
"l02*
98*
101*
58
1965
5,000
108
58 %
-
28.000
101
35 M
Cities Serv P A L 6 Ms. 1952
105*
1961
4*s series C
108*
36
-
50
106
101*
32
-
Feb
Apr
Lake Sup Dlst Pow 3 *s '06
35 M
-
32
100
Lehigh Pow Secur 6s..2020
♦Leonard Tletz 7*8—1940
99M 101
—
2,000
23,000
Aug
32
1927
July
40*
105* 105*
106
106*
Nov
35 M
Cincinnati St Ry 5 Ms A '62
— — — — —
—1947
6s series B
94
99 M
54
July
103
Cent States Elec fis.—1948
104
Feb
53
Jan
Cent Pow A Lt 1st fis. 1950
1940
85
Sept
Apr
83 M
......
63*
Sept
88
101H
83 M
Ry 4Mb A
1956
Chlo Jet Ry A Union Stock
Sept
76
—
103* 103*
1942
fis stamped
Sept
Apr
40
18,000
.40*
Nov
36
24,000
5,000
79*
43*
*65
105*
Jersey Central Pow A Lt—
Oct
85
-
104* 105
52
52*
Jan
Gas—
92
-
—
Oct
Aug
Mar
06 M
101 x
Cent Power 5s ser D..1957
Cent States P A L 5 Ms '53
-
2,000
*1-
— — — —
Oct
108
105*
98*
16,000
106* 106*
3,000
Cent Ohio Lt A Pr 5s—1950
6Ms e*-warrants... 1954
-
-
1027i#
1942
90
•
Kentucky
J102M 103
J102* 103
i960
52
Isarco Hydro Eleo 78.195.:
Fraschinl 7s
101
41*
'
123
Aug
110*
Nov
Dec
Dec
Apr
78
Nov
ADr
100
July
Montana Dakota Power—
1939
101 %
101 yB
6,000
102M
Dec
106*
Jan
1954
126
128
5,000
120*
Feb
125*
Dec
5*s
1944
62 M
62M
63 M
Cont'l Gas A El fis-..1958
83 M
83 M
85* 127,000
53*
03*
Cuban Telephone 7 Ms 1941
Cuban Tobacco 6s
1944
96 M
98
3,000
87 M
66
66
68 %
3,000
Cudahy Packing 3*s.l965
95
95
99 %
31,000
35,000
47
90 M
Sept
65*
Mar
80
♦Munson 88 0*s ctfs. 1937
2
2
1,000
1*
June
Nassau A Suffolk Ltg fis '45
fis ser a stamped... 1943
79
79
3,000
72*
Dec
Jaa
Nov
Apr
100*
Mar
72*
July
99
Sept
Dec
Dec
1
'l
4
For footnotes see page 259.
Nov
Apr
Dec
*49".
— — — —
89
104*
82
49
Nov
'108*
-
49
90
59*
Apr
fis
97*
Mar
58
Dec '114*
Gen mtge 4 Ms
Consol Gas Utll Co—
Mar
68
58*
109*
5Ms
70
1957
Interstate Power fis
117H
Line 08
Nov
108*
5,000
2
100*
*110* 112
55*
57*
57*
55*
55*
-
,.1952
7s series F
50,000
6s series B
Apr
2,000
75,000
International Salt 5s. .1951
120M 121
Cities Service fis
79
"78"
1955
6*s series C
7s series E
120 M
|*Chlc Ry« fis ctfs
Dec
48,000
99*
97* 100,000
88* 23,000
101
1947
0*s series B
1957
Yards fis
Feb
102*
87*
1955
15s series E___
Aug
Apr
87*
1st M 6s series B
Carolina Pr A Lt fis
July
67*
8fi*
1956
1st M 6s series A
Bethlehem Steel 6s
June
68
Mar
Electric Corp—
fis series B
Bell Telep of Canada—
6s series C
15
Mar
110
Sf deb 5*s...May 1957
C
May
43
fis series D
Avery A Sons (B F)—
.
12*
43
......
Dec
99*
96*
1st A ref fis ser
Dec
105*
99*
96*
Indiana
99
*84*
87
106* 106*
1st A fef 5 *s ser B.1954
Nov
Oct
6,000
Sept
......
64
*62*
1903
76
102 M' 103 %
-
-
-
64
1fni Northern Utll 5s. .1957 105iai6 106»u 105*
III Pr A
1st 0s ser A_19fi3
103* 103*
103*
1st lien A ref 5s
Oct
100*
*100* 102*
109* 109*
*8
30
*63
1950
Nov
Oct
24,000
Indiana Service 5s
•Nov
50*
......
Dec
Nov
35*
Mar
97
101*
1,000
29
44*
Dec
30
Jan
35
Feb
97
80
49M
59
103* 103*'
Indiana A Mich Elec fis '55
35
June
*23
Indiana Hydro Elec fis
45%
Jan
51
1,000
53
Nov
Nov
45%
47
May
Nov
Associated Gas A El Co—
65
34*
Nov
Associated Elec 4Mb..1953
Oct
100*
104
Mar
47
Jan
Apr
141,000
1,000
11,000
52
Dec
90 M
105,000
Mar
108*
Apr
81*
70*
119*
103 %
July
93*
Jan
63
26*
102
102 M
60
June
107
87* .88
37,000
Jan
103 %
Feb
'......
Feb
1956
July
40
107 M
79
75
*27*
'
W
Feb
100
*109*
Dec
62
38
"166*
m —
99*
33*
------
1947
1935
♦Hamburg El Underground
A St Ry 6*s
1938
Hygrade Food 6s A—1949
6s series B
1949
Apr
72
Dec
Hall Print 6« stpd
♦Hungarian Ital Bk 7*s'63
78
Jan
June
♦Hamburg Elec 7s
Houston Lt A Pr 3 *s. 1966
27,000
Oct
49*
32,000
22,000
5,000
72
52
Guardian Investors 58*1948
"*300
71
44*
Guantanamo A West 0s '58
Jan
78
*108* 109*
Prod 08.1945 "52"
Dec
9*
May
Apr
-
-
28*
63
67
Gt Nor Pow 6s stpd..1950
0
-
«r
*24
(Adolf) 4*8—1941
6*
Apr
June
58 %
104* 104*
77
6M
100
1949
73,000
*73
"82*
♦General Rayon 6s A.1948
"71*
99
Conv deb 4Mb
Jan
Jan
Nov
Dec
Glen Alden Coal 4s
99 *
Conv deb 4Mb C—.1948
90*
85*
Jan
195)
_
Apr
Mar
Mar
1st A ref 5s
Arkansas Pr A Lt 6s.
76
02
7%
Dec
-
95
Sept
26,000
1965
■
104*
^
105*
52
83
9%
Sept
Jan
*
Feb
July
101*
-
-
82
59*
89
4.
-
Dec
97*
$42,000
stp—1946
-
•
90
Georgia Power ref 6s_.1967
105
Appalao Power Deb 0s 2024
Ark-Loulslana Gas 4e_1961
5,000
45
91*
98
Georgia Pow 4 Lt 68—1978
♦Geefurel 6s_
1953
104
Amer Seating 0s
*20
90*
Apr
*
-
105
Apr
6
-
Sept
75*
Mar
2
-
Dec
98
.
03
6
87%
J105* 106 %
Nov
85
1,000
1,000
May
'
20
86M
108*
Apr
97
9*
104*
87%.
4.000
Feb
68
88
22*
—194)
.j...
Oct
Nov
97
Oct
1st A ref 5s
Am Pow A Lt deb 6s..2016
102* 103*
102*
13,000
57
88
Oct
Alabama Power Co—
Amer Radiator 4Ms.. 1947
13"666
107* 107*
84
85
Sept
104*
104*
Sept
U
88
38
55*
1940
Sold
-
100*
General Pub Serv 6s..1953
Bonds
-
105
Mar
Sept
General Bronze 6s
1%
-
Mar
83*
99*
Gatlneau Power 1st 6s_1950
Jan
Nov
88
Mar
Heller (W E) 4s w w ..1946
-
Oct
98
12,000
Dec
2*
4M
500
BONDS
Nov
Oct
8M
150
10
Dec
Nov
109*
Nov
4*
13
-
Apr
May
98*
Mar
30%
5<
Yukon-Pacific Mlnlna Co.5
97*
80
95*
Sept
.
30
45
T
~8%
111*
Mar
Apr
M
67 M
600
.....
"
Apr
53*
Mar
1944
1M
40
600
9
6M
Dec
55*
100
Dec
74
5s ex-warr stamped.
2M
Petroleum——i
Woolwortb (F W) Ltd—
Oct
May
Apr
78
Oct
4M
Woodley
Dec
*
1*
1*
81*
30,000
3*
1*
86
7*
Oct
97
Mar
Oll-O-Mat Ht—*
8%
7*
Sept
*
95*
1%
8
.—*
Wlllson Products Inc. —.1
Wisconsin P A L 7% pf 100
Wolverine Portl Cement. 10
Wolverine Tube com....2
Oct
2*
97
700
"m ~~5M
Wilson Jones Co
2*
31,000
12,000
1 *
1
107,000
64
6,000
111*
63,000
76*
3,000
109
3,000
104*
101
79,000
Gary Electric A Gas—
13 M
Weyenberg Shoe Mfg——1
Williams (R C) A Co
*
41,000
8*
97* 342,000
Jan
4%
9M
8*
101* 101*
Gen Wat Wks A El 6s. 1943
*
*
—*
May
96
Aug
6*
Maryland Ry—
Westmoreland Coal Co—
110
97*
Nov
8
Dec
88
"
Dec
"91*
11
Apr
2%
1*
42
106*
Florida Power A Lt fis. 1954
Mar
4*
Gen Pub Utll 0*8 A. 1950
1st preferred
100
Western Tab A Stat—
Dec
1,000
Florida Power 4s ser C 1960
6
200
4
7%
—
stpd—1901
300
2M
4
105
Finland Residential Mtge
300
4M
"i *
*49*
First Bohemian Glass 7s '57
8
Dec
M
"xs June
200
5
2M
Mar
.
f Firestone Cot Mills fisl948
2
1M
10
5*
1M
9*
High
Low
97*
Elec Mfg—
4M
dep rets...
108*
80
6
m
M111S...6
8% preferred-...
Wright Hargreaves Ltd.
75*
4%
Bros-Brower..1
Co
1
Wentworth Mfg
1.25
West Texas Utll 16 pref—*
West Va Coal A Coke——*
Western Air Express
1
Williams
"75*
500
Wellington Oil
Westmoreland Inc
62*
111*
1,400
—
Vot tr ctfs com
x%
"62*
7*
*»«
Welsbaum
Western
*
Edison El 111 (Bost) 3 *s
Mar
11
7*
7*
44%
»*ii
44
*
Waltt A Bond class A„—*
Class B
—*
Walker Mining Co
1
Wahl Co common
7*
1M
100
25
7*
♦Deb 7s
7
100
1,000
pref
24M
0*
Aug 1 1952
♦Certificates of deposit
♦6*s
Aug 1 1952
♦Certificates of deposit
20m June
5
Van Norman Mach Tool-5
Venezuela Mex Oil Co—10
Venezuelan Petroleum...1
Va Pub Serv 7% pref.. 100
Vogt Manufacturing
Waco Aircraft Co
*
Wagner Baking vtc
♦
S4 conv
100
*
13 M
2
%
12M
1*
1
Class B
7% preferred
Week
Detroit Internet Bridge—
1M
Valapar Corp com
Shares
*105* 106*
106* 106*
106*
Delaware El Pow 5*s.l959
preferred—...—7
|Utll Pow A Lt
Amer
High
325
2
53*
53
for
of Prices
Low
High
Price
2%
June
Week's Range
Sale
(Continued)
Shares
Range for Year 1938
Last
bonds
Range for Year 1938
1M
Utility Equities
Sales
Friday
Salts
I
stock5
Conv
Jan. 14, 1939
New York Curb Exchange—Continued—Page 5
258
5*
95
Feb
Jan
Volume
New York Curb
148
Exchange—Concluded—Page 6
Sales
Friday
BONDS
Last
Week's Range
Sale
of Prices
Low
High
Week
Price
Nat Pow A Lt 6s A
2026
Deb 6s series B
-.2030
95
(♦Nat Pub 8erv 6s ctts 1978
Nebraska Power 4%«_198l
6s series A
"i09"
Low
Shares
100
45,000
93%
95
243,000
62%
58%
36
1,000
43,000
107%
11,000
111
99
108% 109
116
116%
99%
93%
44%
Oct
Jan
96%
97
14,000
80%
Apr
80
80%
53,000
69
Apr
Jan
119
Dec
Apr
115%
{118% 122
~~56~
"55'
Conv deb 6s
1960
New Eng Power 3K*. 1961
New Eng Pow Assn 6a. 1948
107 %
67%
37,66O
40
Mar
61%
20,000
40
Apr
59%
55
57%
57,000
39%
♦1st
107% 107%
6,000
102
Feb
60
94
90,000
70
Mar
95%
96%
69,000
74
108%
91%
93%
Mar
100%
92%
♦Inoome 6s series A.1949
N Y Central Elec 6%s 1960
103 %
13,000
51,000
12,000
86%
Feb
100%
Dec
63%
Mar
92%
Dec
93
June
104%
Nov
45
100% 100%
92
93%
102% 103%
May
Apr
1st ref 5s series B. .1950
6s-...
..1946
.
t76
107%
100%
N Y State E A G 4%s 1980
N Y A Westcb'r Ltg 4s 2004
..1954
85
40,000
105
99% 100% 150,000
104% 105%
8,000
88
107
107%
{113
Nippon El Pow 6 Hs. .1953
No Amer Lt A Power—
6 Hs series A
—.1956
...
{51
97 %
Nor Contl Utll 5%s—1948
No Indiana G A E 6S..1952
107%
114
Aug
102
Nov
^♦58 income deb
,
105%
.1966
1969
Nov
Apr
Sept'
45
96%
Aug
62%
Mar
West Texas Utll 5s A 1957
to
Apr
97
Dec
6s
conv
.
7,000
7,000
30
Mar
55%
105%
Apr
109%
Nov
Aug
Feb
lb6%
Nov
Wtoo-Mlnn Lt & Pow 5s '44
Wise Pow 4 Lt 4s
1906
Yadkin River Power 5s '41
♦York Rys Co 5s
93
105% 106%
105% 106%
15,000
5,000
93%
Apr
106%
Nov
104
% 104%
22,000
86%
102
80%
103%
Apr
Jan
Deo
FOREIGN
108
106
105% 106
102% 103%
102%
93 %
Okla Power A Water 5s '48
Pacific Coast Power 6s '40
108
93%
94
101% 101%
Pacific Gas A Eleo Co—
1st 6s series B
...1941
"77~~
108%
96
Jan
106"
Dec
7,000
18,000
16,000
83
Apr
106
69
Apr
100
Mar
96%
103%
18,000
100%
98%
1950
.
5a series. D
...1954
Penn Water A Pow 5s. 1940
4Mb series B__.
.1968
Peoples GanL A Coke—
„■
4s series B
1961
93%
95
Phila Elec Pow 5%s— 1972
Pbiln Rapid Transit 6s 1962
112%
Pledm't Hydro El 6%s '60
Pittsburgh Coal 68—1949
*50*
♦Pomeranian Elec 68—1953
71
4 %s series F—
1961
Potrero Bug 7s stmpd.1947
~4l'
PowerCorp(Can) 4 %sB
6% perpetual certificates
Oct
Nov
92%
5,000
92%
42,000
75
Apr
95
Nov
89
22,000
10,000
75
Apr
89%
Nov
86%
86
87
86%
July
24,000
1,000
12%
Mar
26
106%
June
,109
July
July
105% 106
22,000
99%
Apr
100
Jan
105%
Deo
111
Dec
60
106
77%
74
71
104% 105
2,000
97
Feb
ill
111
112
15,000
96
Mar
101 %
101
102
115,000
7,000
58%
60%
104% 105
{106
106% 100%
101 % 101%
101%
108%
103
1,000
72,000
104%
92
92
92
21,000
11,000
1947
92
90
92
22,000
1948
26
28%
32
26%
*2J)66
{24%
♦7s ctfs of dep. Jan '47
♦6s ctfs of dep
Aug '47
♦08 ctfs of dep. ..Apr '48
{24%
{24%
{24%
6,000
32
32
26
"97%
Nov
101
Nov
105%
94%
Nov
ser A
ctfe of dep. 1945
{9%
15
7
♦7s
ser
ser
D ctfs of
25,000
82
Nov
♦7s 1st
75
Apr
Mar
101
60,000
96
June
♦7s 2d
{9%
{9%
{9%
{8%
{8%
{8%
{18
7%
ser
B ctfs of dep. 1945
C ctfs of dep. 1945
15
♦7s
{11
20
10%
115
Mar
74%
»
Feb
Sept
May
Oct
101
Antioquia
12*666
92%
94%
112
Dec
♦Baden 7s
105%
Dec
108%
May
Apr
109'
Jan
Aug
Bogota (see Mtge Bank of 1
♦Caldas 7 % s ctfs of dep. '46
♦Cauca Valley 7s..,.1948
Aug
♦7s ctfs of dep. ....1948
Mar
Mar
Mar
39,000
110%
94%
96%
113%
23
150
26,000
Jan
Columbia (Republic of)♦6s ctfs of dep. .July '61
♦0s ctfs of dep..Oct'01
Cundlnamarca (Dept of)
Sept
Jan
48
105%
107
Apr
Apr
23
Sept
98% June
20%
Jan
22
69%
108%
109%
65
104%
22%
Apr
July
Sept
6%s ctfs of dep.... I95r
Danish 5%s
.1955
6s—
......1953
Danzig Port 4 Waterways
External 6%s.—.1952
Dec
Jan
Nov
73%
8,000
57,000
48,000
43,000
May
" Jan
148%
Deo
107%
82%
Dec
59
78
Oct
Jan
77%
Oct
98%
60%
93%
Feb
35
Dec
110%
Mar
Apr
Feb
18%
131%
30
Jan
Apr
31%
103
24%
25
1,000
21%
18,000
1,000
96%
38%
Apr
106%
53%
Apr
Sept
Sept
Sept
Sept
70
Mar
63,000
71%
Mar
104%
18^666
100
19,000
11,000
100
104% 104%
104%
77
98
2,000
99
Apr
109%
109
104%
17,000
17,000
3,000
19,000
102%,,
1st A ref mtge 4s...1960
Sou Counties Gas 4%s 1968
109%
111%.
Sept
Sept
Apr
104% 104%
45
46%
103% 103%
103% 104
86%
8?
104% 105%
106%
103%
35%
Apr,
Apr)
Jan
49
49
92%
93%
50
50
99%
104%
101
26
{24%
{24%
{24%
107
109%
109%
♦Santiago 7s..—
Dec
Dec
94
Mar
90%
56%
103%
104%
Mar
88%
89%
16,000
75%
52%
54
34,000
44
Sept
23%
Oct
25
Nov
Deo
3*000
12%
Apr
17%
June
102%
10%
10%
%
Feb
32
90
3,00c
96
Apr
9
13,000
7
Mar
6%
6%
2,000
5%
Deo
%
7,000
%
Dec
1919
Dec
1
Mar
65
Jan
Jan
Mar
Mar
6,000
{45
,1949
14
1961
♦7s.
16
•14
.
%
48
,14
*1*066
'11%
Jan
10%
July
14
2,000
11%
Jan
10%
June
45
Jan
Jan
Dec
89
Nov
Nov
63
Nov
♦
No p^r value,
a Deferred delivery sales not included In year's range,
n Under
the rule sales not Included in year's range,
r Cash sales not Included In year's
range,
x Ex-dividend.
V
'
t Friday's bid and asked price.
♦
Dec
Nov
60%
Nov
55%
Nov
95
Central Illinois Pub Service—
5s series E 1956, Jan. 14 at 103.
4%s series F 1967, Jan. 14 at 103.
5s series G 1968, Jan. 14 at 102%.
4%s series H 1981, Jan. 14 at 102%.
Oct
May
Apr
65%
July
in receivership
1 The following Is a list of the New York Curb bond Issues which have been called
in their entirety
Oct
Mar
No sales were transacted during current week.
Bonds being traded flat.
( Reported
Nov
86
63%
37%
61%
100%
104%
101%
89%
Mar
Deo
24%
25%
111%. Dec
106% Mar
63%
Feb
25%
Oct
Jan
9
95
♦5%s—
-1921
♦Santa Fe 7s stamped. 1945
May
Mar
Sept
Fqb
32
♦Russian Govt 6%s
36%
05%
21
32
Nov
35%
82%
Aug
80% June
16%
{24%
15%
Nov
Nov
7,000
98% 99% 103,000
93,000
103% 104%
102
101
4,000
*10
Feb
Sept
24
1,000
32
Nov
64
30
Oct
Feb
Aug
04
79
25%
32
86%
97%
Mar
Mar
25%
"7%"
20
{25%
♦Parana (State) 7s—1958
♦Rio de Janeiro 6%s.l959
Sept
Sept
Sept
5,000
3,000
31,000
Oct
Oct
Mar
20
{24%
Dec
37%
18%
60%
25%
74
63%
63%
40
31%
60
{7%
{77
♦7s ctfs of dep.....1947
♦6%s ctfs of dep—.1947
Mtge Bk of Denmark 5s '72
Jan
32
22%
12%
♦7s ctfs of dep. May '47
♦Issue of Oct 1927
Nov
60
Dec
14
Nov
Sept
Oct
Apr
18
18%
10%
Nov
46%
Mar
1,000
18%
Jan
106
105%
53%
23%
25%
Dec
106%
Mar
64
24
De
Apr
106%
Mar
36
Nov
Dec
Sept
9%
ns ctfs of dep..... 1946
56%
*6*666
May
6
Aug
Nov
107%
93
61% 278,000
34% -16,000
Jan
59%
18
18
Aug
100%
Mtge Bank of Columbia¬
10,000
8,000
61%
June
.102
7%
♦Issue of May 1927
(Standard Gas A Elec—
90
Sept
Sept
18
2,000
19
20
18%
♦7s ctfs of dep. Oct '47
♦Mtge Bk of Chile 08.1931
Apr
61
96%
96%
12
Aug
Feb;
89
July
"3 ■000
18
20
♦6%sctfs of dep... .1954
♦Mendoza 4s stamped. 1951
Mtge Bk of Bogota 7s. 1947
July
86
,
Aug
14%
13
Nov
71
93
47
18%
{0%
Oct
8,000
99,000
62
67,000
61% 120,000
61% 83,000
Apfc
July
{11%
Nov
7,000
61%
18
Mar
39
40
Jan
28
14%
10,000
1,000
27
18%
95
Apr
Sept
{11%
{8
July
105%
9%
128%
102%
50
Oct
20
{17
...
Aug
Mar
101%
Tennessee Elee Pow 5s 1956
Dec
10
♦Maranhao 7s
J
1958
♦Medellin 7s stamped. 1951
♦7s ctfs of dep
1951
Nov
28%
July
25%
31%
{60%
12
(City) 7s—.1939
♦Hanover (Prov) 6%s.l949
♦Lima (City) Peru 6%s '58
Oct
Dec
64
21
*12*666
{.——
♦Hanover
53
95 .*
♦German Con Munlo 7s '47
♦Secured 6s...
1947
Mar
Mar
Apr
130
10,000
61%
Apr
Oct
8%
20
{11
,99% 100
100
Oct
9%
Oct
6%
30
Feb
100
24,000
6s gold debs
.1957
Standard Investg 5 He 1939
10,000
14%
30
18%
108
Oct
7%
9%
20
20
*
{19%
12,000
101% 102%
61
{12%
13%
{19%
1,000
65,000
86
June
Aug
104%
109%
61%
Deo
22%
108%" 109"
60%
Feb
10%
24
8,000
61
Dec
21%
Dec
35
24,000
61%
7%
Sept
40
76
61%
July
{24%
35
1951
6
18
{11%
68
—19.48
1948
15
30
{24%
1,000
(stpd).
Aug
Aug
♦Prov Banks 6s B—1951
4,000
2,000
Debenture 6s—
7
♦7%s ctfs of dep...1946
Cent Bk of German State 4
41
61%
7
Aug
Feb
109
I65"
Oct
7
Feb
104% 104%
So'west Pow A Lt 6s..2022
6%
79
5,000
6,000
Oct
7%
15
{13
♦08 series A......1952
Oct
Aug
15
61
Dec
7%
8%
15
Sept
104%
109%
103%
—1951
Oct
Dec
15
May
Debenture 3%s
1945
Ref M 3%s.May 1 1960
Ref M 3%s B.July 1 '60
S*western Lt A Pow 6s 1957
......
65
109
111
Nov
40
40
95
Aug
24
4,000
19
■
24
8,000
72%
107%
77
—
Bogota (City) 8sctfs.. 1945
78%
107
104
dep. (945
of dep.'57
ctfs of dep.'57
♦7s 3d ser ctfs of dep.'57
Dec
82%
32
Aug
Nov
78%
98%
71
ser ctfs
ser
Mar
26,000
Oct
24
24
50
106
66
108%
Dec
25%
"W"
of) Co¬
104%
104,000
93%
112%
77%
49%
93
(Dept
106%
24,000
Oct
lumbia—
Jan
"
Mar
Feb
94
Jan
Jan
♦7s
82%
34%'
94
Apr
May
17%
Dec
116%
Sou Calif Edison Ltd—
Nov
Cities Service Gas Pipeline 0s 1943, Feb. 28 at 102.
Cities Service Gas 5%s 1942, Feb. 28 at 101.
Jan
Firestone Cotton Mills 5s 1948, March 1 at 101.
Illinois Northern Utll. 5s 1957, April 1 at 105.
Aug
Nov
e
108
-----
Dec
79
15,000
Shawlnlgan W A P 4%s '67 104%
1st 4 %g Series B
1968
1st 4%s series D
1970 104%
Sheridan Wyo Coal 0s 1947
(L) see Leonard
City Rap Tr 5 %s *52
Oct
GOVERNMENT
Nov
{107%
Tide Water Power 6s..1979
May
Jan
72
97%
113%
64%
101%
Ternl Hydro-El 0%s—1963
Texas Eleo Service 5».1960
108
Apr
58%
94%
100%
..1951
1940
1946
July
.
Feb
90
Apr
{24%
31%
♦Starrett Corp Ino 5s. 1950
Stinnes (Hugo) Corp—
Nov
105%
June
105%
86%
Mar
{16%
{131
(Standard Pow A Lt 6sl957
101%
60%
June
Apr
76
{20
Debenture 6s. Dec 11966
Mar
74%
32
103
100
7,000
78
33
76
♦Schulte Real Est 6s—1951
2022
Apr
104%
80,00*0
'
98%
148
San Joaquin L A P 6s B '52
♦Saxon Pub Wks 6s.—1937
Texas Power A Lt 6s—1956
Nov
20% 20%
108% 108%
20%
94% 138;000
12,000
100% 101%
106% 107%
77
79.%
74
75%
534 s series A
.1952
♦Ruhr Gas Corp 6 Ms. 1953
♦Ruhr Housing 6%s—1958
So'west Pub Serv 08—1945
July
80
Mar
107
ser O—.1950
1st A ref 4%s ser D.1950
Sou Indiana By 4s—.1951
S'western Assoc Tel 6s 1961
Dec
87%
94%
Mar
149%
1st A ref 5s
Sou Carolina Ppw 58.1957
Southeast P A L 6s—.2025
Oct
113
Jan
28
6,000
Queens Boro Gas A Elec—
Scrlpp (E W) Co 5%s.l943
Nov
83%
Feb
55
{19
Puget Sound P 4 L 5 %s '49
Safe Harbor Water 4%s '79
(♦St L Gas A Coke 68.1947
July
107
Feb
Feb
♦7s ctfs of dep. Apr '46
♦20-year 7s—..Jan 1947
Aug
Pub Serv of Oklahoma—
1966
Nov
75
113
101% 101%
*59
♦Prussian Electric 6s.. 1954
Public Service of N J—
Tlets
Feb
2,000
25,000
109
107%
Twin
66
28*666
19
Portland Gas A Coke 5s '40
series A..—
Feb
32%
98
Potomao Edison 5s R.1956
6s
Apr
64%
77%
92%
106
Pittsburgh Steel 6S—.1948
2d stamped 4s
2d stamped 4s..
67%
94%
76%
92
...
—..1981
4s series D
(stpd)—
July
Dec
Apr
Apr
113% 113%
102%
92%
95
95
{107
107%
105% 105%
105%
104% 105
104%
{108
101%
Penn Pub Serv 6s C—1947
Conv 68
Nov
80%
82%
64
91 %
87 %
Agricultural Mtge Bk (Col).
♦20-year 7s
Apr 1946
Oct
Penn Oblo Edison—
6s
30
53%
72
85%
1937
Stamped 5s
Nov
19,000
{113% 114
1964
Penn Cent L A P 4%s-1977
1st 6s——.
1979
Penn Electric 4s F
1971
Servel Ino 5s
28
JaD
Mar
♦7s
Pacific Ltg A Pow 5S..1942
Pacific Pow A Ltg 58—1955
Scullln Steel 3s
Feb
23
24
93%
113%
,92
Deb 5%s series B..1959
Nov
56
32
Pacific Invest 6s ser A. 1948
6s series A.
63
AND MUNICIPALITIES—
108
.1951
Park Lexington 3s
Dec
116%
Nov
23^666
104%
105%
99%
Dec
{105% 107
98% 99%
Apr
Feb
*99%
1946
4s series A—
4,000
2,000
Oct
56
Mar
Apr
Sept
112%
22,000
72
84%
92%
91%
87%
Wheeling Eleo Co 68—1941
;
104 %
—1945
debs
78
2,000
10,000
8,000
1,000
8,000
39,000
112% 112%
West Newspaper Un 6s '44
West United G 4 E 6%s'66
105%
4%s series E
1970
N'western Elec 6s stmpd'45
N'western Pub Serv 5s 1957
Ogden Gas 5s..
1954
Wash Ry & Eleo 4s
1951
Wash Water Power 5s 1900
West Penn Elec 5s...2030
West Penn Traction 5s '60
21,000
57
97%
50
50%
107% 107%
108%
Apr
Jan
103%
110%
Feb
84
Northern Indiana P S—
Okla Nat Gas 4%s
30
High
Waldorf-Astoria Hotel—
♦Ext 4%s stamped.1950
N Y P A L Corp 1st 4%s*07
6s series D.
5%s A..1946
74
78
1944
Va Pub Serv
27
105% 106%
80
81%
—1952
Low
42
27
72%
105%
2,000
53
27
0s series A..
1973
Utah Pow & Lt 6s A..2022
Dec
Nov
117
27
1945
0s series A.
16,000
Range for Year 1938
Shares
52%
50%
{51%
72%
Dec
New York Penn A Oblo—
6s series C__
f 08—...
4%s
.
Debenture 5s
s
High
117
6*8--—1959
Un Lt & Rys
(Del) 5%s'52
United Lt & Rys (Me)—
July
July
Mar
Low
117
United Lt A Pow 6a.—1975
6%S
.....1974
Oct
56%
93
*95%
Debenture 5%s
1954
New Orleans Pub Serv
5e stamped...
.1942
Week
♦United Industrial 6%s '41
Dec
56
55%
..1948
for
of Prices
men Co—
Conv 6s 4th stamp.1950
United Eleo N J 4s...1949
United El Serv 7s
1956
Dec
Dec
80 %
New Amsterdam Gas 6s '48
N E Gas A El Assn 5s 1947
Week's Range
Sale
Price
110% May
120% Nov
100%
Dec
85% Nov
116
Last
High
Mar
Apr
35
BONDS
{Concluded)
96 %
2022
Nehraer Bros Realty 6s '48
Nevada-Calif Elee 68.1956
6s.
Range for Year 1938
36
100
Sales
Friday
for
{Continued)
259
Cash sales transacted during the current week and not Included
in
weekly or
yearly range:
Pennsylvania Salt Mfg., Dec. 29 at 162%.
V
Under-the-ruJe sales transacted during the current week and not Included In
weekly or yearly range:
No sales
z
In
.
Deferred delivery
sales transacted during the current week and not Included
weekly or yearly range:
No sales.
Abbreviation*
Used Above—"cod." certificates
of deposit; "cons," consolidated
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stock
fcertwateS: "w 1," when Issued; "w w," with warrants: "x-w*
"v t c," voting trust
without warrants.
Jan. 14, 1939
Financial Chronicle
260
Other Stock Exchanges
Exchange
Real Estate Securities
New York
Closing bid and
SECURITIES
CHICAGO
asked quotations, Friday, Jan. 13
Listed and Unlisted
Unlisted Bonds
Ask
Bid
Unlisted Bonds
Ask
Bid
Paal H.Davis & €>o.
600 Fifth Avelno—
Bowker Bldg 6s
18 X
55
unstamped
6 Ha stamped
11 West 42d St Bldg—
24
24
Lincoln Bldg Corp—
1937
B'way 38tb St Bldg 7s 1946
Bryant Park Bldg—
6X'
0%s 1949 (unstamped)..
29
1951
28
Lefcourt Manh Bldg 5s *48
59
Harrlman Bldg 6s
6%s
Marcy, The 6s
1940
165 Broadway Bldg 5%s'61
60
15
38
10 East 40th St Bldg 5s '53
Bldg—
1943 (stamped)
61 Fifth Ave Apt
6s
10 S. La Salle St.,
48
Chicago Stock Exchange
Sales
Friday
Week's
Last
Sale
Stocks—
Arundel Corp.--
—
Stocks
1,060
Mar
12%
%
Co oom v t c.*
42c
42c
pref v t o
---*
Black &Decker com
Consol Gas E L & Pow
2.00
1
Jan
Apr
9%
Mar
24%
73%
Nov
100
preferred
5%
7%
100
Pref - -1
Fidelity A Deposit
-20
Finance Co of Am A com./
Houston OH pref— —100
Mar Tex Oil
1
Common class A
1
Martin (Glen L) Co com.. 1
Mercantile Trust Co.. -.50
North Amer OH
D B Fidelity A
Apr
7%
Sepi
13%
169
26
11
75%
Mar
9%
11%
July
Dec
117
Oct
9%
Oct
20
Ma
126
120
117
Dec
119%
May
If
Oct
20%
Dec
10%
18
10%
50
19%
1,005
1.1.0
1.25
2,882
1
De<
3
Jan
1.20
18
1.40
40
1
Dec
2%
Jan
33%
480
31
31%
Ma-
Dec
35%
Sept
18%
225
225
10
214
Odi
220
June
15
16
32
10
Mai
17
Dec
25
25%
73
21
A pt
11%
423
"lb"
*
8 7%pf2/
11}*
Casualty 5
com.-...J
T.25
"im
Jail
7V
Jan
Mar
20%
Dec
Mar
23%
Jan
15%
Mai
27
Jan
78
Mai
J ufn
Apr
15
1
6.083
19
20%
21%
24
594,000
24%
26
19,600
84%
84%
Oct
V2M
'
59%
8%
34
74%
Dec
20%
Mr*
7%
250
1.25
1.25
73
2
Guar
Mar
112%
10%
A Power com*
Penna Wate
65%
68
13 X
118X
Merch & Miners Transp
New Amsterdam
117
13 X
Eastern Bug Assoc
Monon W Penn P
20%
250
19%
Davison Chemical com.
Apr
72
71%
116X 117
7%
7%
71X
116 X
Dec
21%
2%
937
1st
Transit 4s flat... 1976
'25%
197.r
B 5s flat..
1976
Finance Go of Amer 4% '42
A
5s flat—.
96%
96%
500
96%
10,000
101
101
-*1947
4%-..-.--
Week
Price
Fet
Apr
92
9,000
*
42%
Adams (J D) Mfg
Feb
85
101%
Nov
96%
Nov
com...*
Advanced Alum Castings
Jan. 7 to Jan.
13, both inclusive, compiled from
Sales
Friday
Week's
Last
Range for Year 1938
for
Pa
of Prices
Price
r
Week
1st
High
Low
A
.
12
.
82%
100
Edison Co
100
Elevated
100
Herald Traveler..*
Boston A Albany..
Boston
Boston
Dec
2
Nov
11
Mar
16
May
2,498
110%
Mar
423
%
Jum
80
33
62
Amer Pub Serv pref....
477
60
Mar
912
108
Apr
130%
108%
JaD
July
134
54%
584
47%
Oct
68%
May
18%
285
13%
Mar
20%
Jan
2%
2%
1
1
7%
2
1%
77
2%
6%
•
Sep'
207
50
12
19
200
45%
61
2%
20
600
%
1
.4
Automatic Products com./
2
2
com..3
Aviation Corp (Del).
3
Aviation A Trans C cap.1
%
%
7%
7%
965
3%
3%
5,850
Automatic Washer
3%
1
% Jun<
Oct
5%
200
8
8
100
12
13
400
8
July
Dec
BInks Mfg Co cap
Jum
8%
Mar
30%
950
6%
Mar
8% May
5%
5%
100
4
Mar
6%
Jan
17%
17%
18%
300
12%
Mar
22%
Jan
27%
27
30%
2,025
10%
Mar
36%
17%
7%
23%
16%
9%
10
10
Mar
18
Nov
Sept
8
Mar
9%
3%
Bliss A Laugblln lnc com./
3%
350
8%
2,750
6%
Mar
10
July
250
17%
Sept
24%
July
14%
Sept
20
Mar
-—.6
common
A.
*
17%
7%
com.l
..*
23%
...
15%
/
liunte Bros com
...10
Burd Piston Ring com... I
Butler Brothers
10
Bruce Co (EL) com
8
8%
200
6
50
14
550
6
30
2%
21
21
22
200
14
66%
66%
68
530
41%
5%
%
5%
%
5%
1%
1%
%
*
.1
*
Common.-———Preferred
Chic Flexible Shaft oom..6
64%
July
5%
July
Nov
Chrysler Corp com
Cities Service Co—
4%
May
Jan
Oct
% June
Jan
7%
„
Conv preferred
1
Dee
431
17
Dec
1%
20%
1
1
1
350
100
62
62
66
18
18%
9%
1%
286
1%
23
*
3
Jan
52
May
1%
5%
Dec
1,950
Mar
800
26%
38%
505
%
100
70
July
June
Nov
36
80%
Jan
Nov
July
Dec
Jan
1%
Mar
10%
5%
70
57% May
Apr ,112
96%
10
110
Nov
16%
2%
Mar
3,050
Nov
July
June
Nov
Mar
12%
Jan
81%
2,417
63%
Sept
88%
Nov
10
7%
8%
450
5%
Sept
10%
May
Club Aluminum Uten Co.*
2%
2%
250
1%
Jan
2%
27
26%
27%
16,750
22
Mar
28
14%
14%
15%
350
12
Maj
25
6%
300
3%
Mar
7%
Aug
8%
9%
585
9
Dec
9
Dec
7
7%
60
4
2
2
20
1%
Jan
1
1
130
%
Feb
11%
Sept
17%
Oct
10
Mar
28%
Nov
(New) com
50
5
8,
Nov
Commonwealth Edison-
-26
capital
Compressed ind Oases cap*
Consol
30%
%
July
'2%
Dec
V t c
80
13%
Ap:
67
Dec
Common pt sh A v
62
3%
Apt
20
Deo
Common pt sh B v
8%
*
Consolidated Oil Corp
6
6
1
Biscuit com
Jan
9
Api
Dec
1%
12
69
5
6
Dec
219
12%
55
105
73%
New
21%
10%
•
8
67%
Chic Yellow Cab Co Inc.
13%
90
90
350
Oct
2%
25% June
1
8
110
4
Ap'
75
July
Mar
67%
%
■
*
Dec
10%
July
2
64%
Chic A N West Ry com 100
Dei
485
3%
35
Chicago Towpl com.
Dee
1%
7%
16
1%
Chic Rivet A Mach cap..4
Mar
Am
1
3,400
20
-
Jan
Sept
Nov
35%
16
.....
35%
July
%
Jan
73%
-3% Jun«
500
460
3%
3%
*
July
5%
Aug
25
Apr
600
103
103
preferred..—*
Prior lien
4%
13
.
48
46
Cent States Pow A Lt pf. *
'3%
70
Jan
Central 8 W—
1%
43
Oct
Aug
5%
Central 111 Sec-
Dec
100
Nov
10
Mar
2£
16%
16%
*
Oct
17%
Cent 111 Pub Ser $6 pref..*
1%
7%
Nov
22%
20%
July
4%
21
Apr
Ma>
6% June
Dec
2%
20%
Jan
12
Jan
Corp—
Warner
(New)
6%
3,650
8
11%
-1
1
Berghotf Brewing Co
Borg
350
27
7%
25
"25"
5
Aviation com
11%
13%
13%
11
10
Birlden Mfg Co com
'
Jan
10
7%
12
7
Dec
Dei
6
8
Bastian-Blesslng com....*
7
Jan
Dec
Dec
Backstay Welt Co com
*
Barlow A Seellg Mfg A cm5
7
Juiy
2%
8%
3%
Mar
1%
Nov
1%
Mar
100
380
'
Jan
6%
Juni
2%
Jan
Nov
39
Mai
27
Dec
May
Jan
Consumers Co of 111—
1st preferred
.100
4%
6
810
2%
Apr
5%
Dec
23%
24
415
15%
Apr
21%
Dec
20
4%
June
8%
Dec
0%
June
Eastern SB Lines com....*
"23%
*
Employers Group
6
6
Gilchrist Co
7%
7%
*
Gillette Safety Raxor
15
Copper Co
,
7%
576
18
20c
Sept
1%
"4%
.100
25c
2
250
%
June
4%
■
4%
150
4%
Sept
Mass Utilities Ass v t 0...J
2
2
2
201
1%
Mar
Linotype..*
Narragansett Racing Ass'n
22
22
22
100
18%
Mar
Mergenthaler
<
Ino._—
Minqs- *
4
4
2
New Eng G A El Assn pfd *
100%
1%
15%
%
Old Dominion Co..
Pacific Mills Co
50
Qulncy Mining Co
25
Reece Fold Mach Co
20%
10
Mar
160c
90c
74c
24c
112%
.,20%
102%
July
Oct
July
Steel—
*
Common
100
Preferred
10
95
'
Au;
100
Nov
Dec
36%
Dec
38%
45%
Dec
73
July
11%
5%
Api
17%
Nov
1%
Waldorf System
*
50
20
Jan
25
Nov
10%
70
10
Dec
20
Feb
*18%
20%
306
10
Sept
23
Nov
8%
100
8
Dec
8%
12%
150
9%
Oct
16%
7%
10%
2%
Mar
14%
Jan
Mar
21
Feb
Deere A Co
*
com
Jan
Diamond T Mot Car
Feb
Dixie-Vortex Co—
July
com.2
'1
.
Mar
17%
Oct
Dec
£
"11%
*
Common
Dec
2%
Jan
Dodge Mfg Corp com
Dec
1
Dec
244
70c
Dec
5
Jan
Dec
60c
8%
150
15%
15%
100
3%
3%
650
20
39%
8
*
15%
Jan
May
20%
300
15
Mar
25%
Oct
July
Fairbanks Morse
43%
Deo
12%
12
33%
4%
Nov
FltzS A Conn DAD com. *
41%
12%
261
Jan
Apr
12%
Dec
1% June
4%
Oct
10
10
8
Mar
11%
June
2%
Feb
Fox (P) Brewing com
Fuller M fg Co com
10
Dec
1%
Mar
2%
Jan
12%
Oct
100
95
5
10%
1,496
100
2
50c
Aug
91c
Dec
Gardner Denver Co
5
1
com..
15
Nov
50
Oct
Apr
26
Mar
87
Dec
85
38%
Jan
47
Dec
1,176
55c
Mar
1%
2.50
Jan
40c
Sept
35
56%
June
Jan
5%
Mar
8%
Jan
Goodyear T A Rub com..*
1%
Mar
4%
July
Gossard Co (H W) com_._
Great Lakes DAD oom..*
83
Deo
83
600
50
Apr
88
Dec
Harnlschfeger Corp
94
$1,200
94
7,050
1948
1948
91
2%
1,100
39%
257
%
%
46%
46%
16
8% May
2% June
12
10
Jan
37%
Dec
Oct
4%
Jan
39%
Dec
6
49
6%
Jan
1,650
%
Dec
2%
2,000
47%
Dec
50%
Dec
55
6%
Dec
8%
Nov
Dec.
23%
38%
Dec
"
7%
5
12%
Gillette Safety Razor
Goldblatt Bros lnc com..*
40
Mar
Series D 6s
2%
%
Common
General Motors Corp
10
Gen Outdoor Advert com _*
49
Series C 6s
100
Mar
Aug
205
11%
5%
Gen Household Utll—
$4,000
94
58%
'
*
com
130
103
Dec
General Foods
Hall Printing Co com
10
Hamilton Mfg pf pfd A.. 10
83
1,700
300
57%
"11%
2%
Dec
3%
1948
150
2%
38%
*
General Finance Corp com!
46%
28%
Bonds—
81%
200
14
13
11%
Apr
136
81%
2%
2%
Jan
Nov
6%
1948
.
General Amer Transport. £
General Candy Corp cl A.5
17
1,281
70
17%
32
22%
1%
Mar
5%
50
84%
69%
6%
May
754
.81%
74C
1%
8
*
com
Mar
'
10
43
20c
Eastern Mass St Ry—
For footnotes see page 263.
250
26
10%
Class A
%
519
3%
15%
'26
15%
35
Davton Rubber Mfg com. •
25c
22%
Vermont Mass Ry Co.. 100
350
19%
25
Venezuela Holding Corp.
15%
561
1%
i60c
109%
July
"14%
58
24%
45%
66c
2%
Aug
juiy
'57%
Cudahy Packing pref--10h
Cunningham Drug com2%
5,150
3
41%
6
23
Jan
220
33%
33%
Mar
24%
"82%
2%
28,
July
543
59
25
com
May
;45%
6
9
36%,
Crane Co
9%
Suburban Elec Sec com... *
25
3%
July
"
3
fio
60c
13%
81c
zl02%
2
18
81c
Series B 5s
95
4%
1,174
81c
4%s
15
27%
11%
,
12%
17
Warren Bros
14%
25%
Container Corp of Amer.2b
Continental
55
Feb
23%
1%
14%
Utah Metal A Tunnel Co.l
Feb
50
t c.50
t c._*
Eddy Paper Corp (The)..*
Elec Household UtU cap. 6
Elgin Natl Watch Co...15
15%
Preferred.
Jan
81
Stone A Webster
United Shoe Maoh Corp. 26
Oct
232
1%
24%
1%
106% 108%
1%
%
J
*
3%
Dec
Shawmut Assn T C
2d preferred
100
10
10
Torrlngton Co (The)...
Union Twist Drill Co
885
345
*
•
Pennsylvania RR
2
24c
74c
100
25
Old Colony RR..
4%
18%
15%
New England Tel A Tel 100
100
2.50
11
pref pt shs
Deep Rock Oil conv pref.. *
25c
25c
Hathaway cl B
Series A
Nov
1%
130%
3%
250
8%
100
Common
-
Nov
70
De<
2,000
Chicago Corp common..*
Preferred.
*
Eastern Mass StRy—
North Butte
49%
150%
0%
5%
5%
3%
Sept
1%
1
50
30c
5%
5
*
100
__100
NYNH4H RR
Dec
Ap
Sept
Mar
149% 151%
3%
.
Aug
45
597
400
Athey Truss Wheel cap
19%
Mar
140
1,080
34%
192
21%
7%
30c
July
Oct
14
12%
44%
33%
635
2%
12
7%
.
Dec
1
1%
11
.....
%
4
617
2%
2
4%
De«
500
1%
2%
Dec
1%
100
1%
Copper Range
25
East Oas A Fuel Assn—
National Tunnel A
Jum
Common
18
2?
Maine Central com
Nov
7
50
1
Asbestos Mfg Co com
$1 X conv pref
Jan
52%
-.26
Cliff Mining Co
Isle Royal
Jan
8%
Associates Invest Co com. *
Apr
18%
stamped—100
Preferred std
100
Prior pref
100
Cl A 1st pref std
100
Class B 1st prefstd-.lOO
1st preferred cl B
100
Class C 1st pref std.. 100
Class D 1st pref std. .100
Boston Per Prop Trust...*
Boston A Providence..100
Preferred B
4%
Mai
%
Dec
52%
Common
4%% prior pref
6% preferred
Ma:
4
"5%
I
Co common
Armour A
Chain Belt Co com
Common
2
60
60
100
Amer Tel & Tel Co cap.101
1%
94
Boston A Maine—
Calumet A Heola
200
400
42%
2'
Class A
Allis-Chalmers Mfg Co...*
150%
Sept
85
.
82%
127% rl27
99c
33/
60
149% 151%
%
1
75
Blgelow-Ban Carpet pfd 100
Boston
Mar
3
8%
18%
..-.30
Campbell Wyant A Connor
High
Low
Shares
12
12
,149%
100
_1
1%
1%
1%
50
.50
preferred
Assoc Gas A El Co cl
Nov
10%
12
Foundry capital
Amer Tel A Tel
NOV
49%
Dec
Allied Products—
5% conv pref
American Pneumatic Ser
0% non-cum. pref
60%
Sept
7%
Castle A Co (A M) com. 10
Sale
Stocks—
Range
Apr
39%
10
7%
1
Allied Laboratories com..*
class
official sales lists
36%
1.1
2%
2%
J
Aetna Ball Bear com
Brown Fence A Wire
Exchange
219
8
8
Bracb A Sons (E J) cap...*
Boston Stock
High
Low
Shares
57%
42%
57%
21
Acme Steel Co com
Bendix
BondsBait
for
of Prices
Low
High
Laboratories—
Common (new)
Mar
75
1.70
Bait Transit
Abbott
High
Low
Shares
21%
Week's Range
Sale
Par
1938
Range for Year
Last
Range for Year 1938
for
Week
High
20 X
20 X
*
Range
of Prices
Low
Price
Par
Sales
Friday
compiled from official sales lists
13, both inclusive,
compiled from official sales lists
13, both inclusive,
Jan. 7 to Jan.
Baltimore Stock Exchange
Jan. 7 to Jan.
CHICAGO
81
36
unstamped.—1945
5%s 1937
Chicago Stock Exchange
Chicago Board of Trade
New York Curb (Associate)
68
6%s 1963 w-v t c.
45 E 30th St Bldg
Members
New York Stock Exchange
33
"24%
7%
13%
900
12
32%
35%
690
22%
10%
24%
11
11%
"4%
26%
11%
6
Sept
Mar
Mar
11%
27%
100
5
Mar
13%
150
1,650
12%
Jan
Oct
Nov
Oct
Apr
94
Dec
5
130
3
Mar
6%
Jan
10
5
5
350
5
Sept
7
7
500
6%
Jan
8%
7%
June
Helletnan Brew Co O oap. l
55
4%
8%
8%
100
4
Mar
8%
Nov
com.
Heln Werner Motor Parts 3
"~8%
Apr
Volume
Financial
148
Friday
Par
Hlbb 8pen Bart com
Horders Inc com
Week's Range
for
Sale
(Concluded)
of Prices
Week
Price
Low
25
High
Range for Year 1938
Shares
10
36%
36%
*
Low
High
34%
Cincinnati Listed and Unlisted Securities
Feb
45%
Sept
12
12%
110
11
May
14
Jan
24%
24%
100
16%
Jan
24
Dec
Houdallle-Herebey cl B___*
15%
16%
375
5%
Mar
Hubbell Harvey Inc com.f
11
11
200
8%
2
1,350
Hormel & Co
Hupp Motors
x\2
24 %
com
J
com....
Illinois Brick Co
1%
10
Illinois Central RR
Indep Pneum Tool
com
Cincinnati Stock Exchange
Oct
2%
6%
600
5
Mar
8%
390
6%
Mar
20%
Dec
21%
14%
DIXIE TERMINAL
Oct
19%
21%
♦
17%
Members
Nov
15
Mai
% June
W. D. GRADISON & CO.
Oct
17%
17%
6
100
t c
261
Sales
Last
Stocks
Chronicle
50
New York Stock Exchange
BUILDING, CINCINNATI, O.
Telephone: Main 4884
Teletype: CIN 68
3%
100
Mar
July
29
3%
*
84%
90%
279
69%
July
94%
Nov
International Harvest oom*
54%
56%
737
54%
Sept
68
Nov
Interstate Pow $7 pref...*
2%
2%
20
4%
Feb
5%
Oct
Last
Week's Range
$6 preferred..
.._.*
Jar vie (W B) Co cap.....1
2%
24%
2%
20
Sale
1,850
5%
26%
July
24%
2% May
10% June
of Prices
Low
High
19
19
40%
4%
40%
50
4%
750
2%
Dec
Kelloeg Switchboard com. *
5%
5%
550
5%
Mar
9
July
Ken-Tad Tube&L'p comA*
7%
30%
7%
32%
200
5%
Mar
12
Jan
Cincinnati Street Ry
Cincinnati Telephone
Mar
35%
Oct
Cincinnati Un Stock Yd..*
70%
73%
Nov
3%
300
3%
Apr
June
82
3%
%
5
Mar
Cohen (Dan).
%
1,000
%
Feb
1%
Mar
Crosley Radio
v
Indiana Steel Prod com__l
Inland Steel Co cap
Jefferson EJec Co
24%
*
com
Joslyn Mfg & Sup com.._£
Kats Drug Co com
1
40%
4%
Kentucky Util Jr cum pf 50
32%
6%preterred ————100
Kerlyn Oil J com A...
5
Kingsbury Breweries cap.l
:■
4
35
May
41
Dec
Cin Ball Crank
Jan
On Gas & Elec pref
20
60
53
2%
2%
2%
30%
30%
30
3%
3%
500
2%
100
6%
Feb
3%
1% May
16
Mar
Jan
4%
5%
350
2
Apr
4%
Aug
31%
*
*
com
Jan
27
27
54
22%
34%
38
355
30
Mar
38
23
23
15
21%
Dec
31
101%
23
91
23%
767
2%
18
80
2
10
17
July
Kroger
25%
Aug
Leonard
*
McCord Rad & Mfg A...*
Nov
Lunkenheimer*
18
%
Mai
Mar
14%
Nov
5%
Mar
14%
Jan
20
Oct
6%
6%
"is"
McWilllams Dredge com.*
Dec
170
100
Dec
July
Jan
Magna vox
j.2.50
5% preferred...
100
15%
5
1,100
2%
Mar
6
Oct
Sabtn Robbins pref....100
27
50
19%
Mar
29
Nov
1,600
1%
Mar
16,350
4%
Mar
%
July
116
Mickelberry's Food Prod-
7%
7%
Middle West Corp cap—6
3%
7
8
4%
Oct
8%
/
Nov
Dec
Aug
101%
23%
Nov
Jan
4
July
Nov
20
Apr
Mar
12%
Jan
116
10
-'-—**
7
11
Apr
117''
■Feb
5
June
Jan
v
39%
116
25
3%
Jan
25
59
Jan
18
1
Jan
Mar
%
14
717
3
1% June
94
Oct
10
Dec
98
May
104%
Jan
38%
27
Jan
'
100%
100% 100%
28%
29%
U S Printing...._.......*
7
18
116
Randall B_■ ——.—*
Rapid
1
Oct
90
%
18
54%
54%
U S Playing Card....... 10
4%
--*
Common
*
15
15
,
%
25
Nash
Procter A Gamble—
27
.1
common
22
22%
Apr
Mar
'
Mer <fe Mfrs Sec-
Prior preferred
4%
2
Dec
1
4
Nov
Mar
5%
6
5% May
10% July
7%
Mar
100
Mar
14%
14%
29%
16%
800
Oct
6
Dec
18%
10,600
Aug
5
Mar
24%
1%
%
178
135
Mar
50
14
Feb
15
50
\
5
10
7%
130
%
Sept
14%
18%
12%
16
10
19%
1%
13
Apr
Dec
10
30
1%
%
Manhattan-Dearborn com*
Nov
14
18
20%
2%
1%
90
12%
19%
40
Jan
Nov
14
.....*
29
*
Jan
75
"
%
12%
10
Kahn 1st pref
London Packing com
Class A
5
9%
4%
101
July
9
5
39
162% 162%
—■—*.100
'- *
Nov
11
Dec
104
Dec
10
-*
24
May
5%
Apr
2
100
.*
Mar
6%
90
13
Julian & Kokenge
15%
250
310
136
915
1
13
Gibson Art-----*—
Hobart A....
20
7%
com
High
Sept
192
*
——.
1
89
Eagle-Picher
6%
com
Low
400
88
88%
Fyr.Fyter A..
5%
*
50
Crystal Tissue....__....*
7
Preferred $3.50
Lion Oil Ref Co
Liquid Carbonic
104 %
50
Aug
4%
22
4%
Range Since Jan. 1,1938
f07,
Week
Shares
1%
1%
103% 104%
2%
2%
Nov
33
Mar
100
■
—--*
*
Lincoln Printing com....*
Price
*
com.
Coco-Cola A
...10
com
Libby McNeill <fe Libby.. *
Par
Sales
Nov
30%
Marshall Field
Stocks (Concluded!)
25
110
22
Deo
Friday
Mar
La Salle Ext Unlv com—5
Cumulative pref
Jan
15%
100
Lawbeck 6% cum pref.100
Leath & Co com
*
IRoi Co
Jan
7
6
42
1%
1%
30
5
5
21%
50
'
Dec
%
Nov
Oct
3
Jan
9%
;
Oct
Oct
Preferred
.
.
—
.50
4
Sent
Midland United Co—
Common
*
%
%
1,400
Conv preferred A.
*
3%
4%
500
Feb
%
6%
July
Midland Util 6% prlienlOO
%
%
300
%
Oct
2
May
%
5,670
%
%
Dec
Nov
6% preferred A
100
7% pref A
—100
Minneapolis Brew com—1
%
%
%
7%
1
2,740
100
7%
7%
Monroe Chemical pref...*
3
43
46%
49%
1%
Ohio Listed and Unlisted Securities
Mar
1%
Jan
7%
June
47%
Nov
39%
Sept
64%
Members Cleveland Stock Exchange
Dec
35
2% June
40
40%
Jan
Montgomery Warn—
Common
1,172
31
10
18%
_
.
National Union Radio com!
1%
1%
Noblltt-Sparke Ind com..6
.2C
24%
25%
No Amer Car com
North 111 Finance com....*
12
Northwest Bancorp com.
12
7%
Northwest Eng Co com—
13%
Apr
%
Mar
1%
26%
July
Apr
3%
Oct
Oct
13%
8%
GILLIS KJ RUSSELLco.
July
Mar
Nov
250
<
12
300
1%
12%
7%
,7%
*
Mar
600
3
2%
Apr
20
250
19%
Natlonal Standard com
!
11
100
15
30%
14%
Oct
110
14%
National Battery Co pref. *
Muskegon Mot Spec cl A^*
350
10
2,850
6
17
Nov
25
Mar
•
Nov
32%
July
Union Commerce Building, Cleveland
Telephone: OHerry 5060
A. T. & T. OLEV. 565 & 566
Jan
16
16%
300
8%
Mai
40%
40%
30
18%
Apr
16
16
125
13%
Sept
..._.-*
27%
27%
10
25%
Nov
27%
Parker Pen Co (The) comlO
15%
15%
50
13
July
17
Apr
Sept
1
Apr
Cleveland Stock
Jan
40
17%
Nov
46
Aug
19%
July
Northw Util—
Prior lien
pref
Omnibus Corp v t c
100
com..*
Jan. 7
to
Jan.
Friday
Oshkosh B'Gosh Inc—
Conv pref
Peabody Coal Co B com..*
%
%
100
30%
3%
21%
30%
3%
50
2%
23%
591
14%
36%
38%
126
27
27
%
13%
15%
6% preferred
Penn Gas & Elec A com..*
3%
Pennsylvania RR cap—50
Peoples G Lt&Coke cap 100
Perfect Circle (The) Co...*
Pines Wlnterfront com—1
—*
Poor & Co class B
14
Potter Co (The) com..—1
Pressed Steel Car
%
v
Jan
Jan
Mai
Oct
May
29
24%
22
%
Dec
215
7%
Sept
100
6
% May
Sept
1%
14%
290
86
Mar
153
10
129
Mar
152
*
1
Aug
Mar
Mar
14
15% Mai
6% May
47% Mar
28
9%
100
71%
73%
1,059,
2%
2%
Aug
Nov
13%
Jan
79%
Oct
Common
So Bend Lathe Wks cap.
50
2
Mar
5%
Jan
50
8%
Mar
17%
Jan
.f
19
K19
300
13%
Mar
19%
Aug
104% 104%
10
90
90
90
30
72
15
495
St Louis Natl Stkyds cap.*
73
'18%
Thompson (J L)
3%
2.r
com
Dec
100
23%
92
20
22%
25%
20%
42%
42%
31
.
Dec
29
Jan
50
June
Dec
,
Apr
35
31%
Apr
40%
23
100
88
Apr
100
Feb
Dec
Nov
6%
Jan
Jan
20
Jan
80
Kelley Is Lime & Tran.—*
14
14%
225
13
June
Jan
Jan
Lamson &
4%
140
3%
7% Mar
3%
14%
18%
6%
Oct
Leland Electric
8
Jan
17
Oct
26%
Dec
29%
Nov
Apr
950
8%
Sept
12%
Dec
350
4
Mar
6%
Jan
Metro Paving-
33% Dec
20% July
3% Apr
150
2
1
Dec
12
Sessions
,
14
36"
14
100
35
'36
^60
16%
135
43
200
7%
22%
Apr
Mar
13
Jan
2%
100
16%
Monarch Machine Tool.-*
1,026
29%
Oct
19
1,250
15
Mar
20%
Nov
Murray Ohio Mfg
Myers (F E) & Bro
Mar
Dec
5%
July
National Acme
50
3%
12%
«°
Brick.
17%
July
629
63%
Mar
90%
Nov
National Refining
Preferred
12%
337
7%
Sept
Nov
National Tile
105% 107%
307
13%
114%
3%
July
77% June
Oct
2%
*
9%
*
51
!
:
101
15
25
.%
Mar
30
35
*
13%
14%
*
14
14
34
34
'SO*
50
24%
25%
7
1%
50
1%
Mar
Feb
Richman Bros
*
17%
18%
632
13%
June
20%
Jan
Seiberling Rubber
1
Western Un Teleg com. 10(1
W'house El A Mfg oom..50
30%
22%
31%
65
Sept
521
33%
30%
Oct
23%
25%,
20%
109% 114%
228
93%
Sept
Mar
May
Mar
100
2%
—*
*
124%
Nov
8% cum pref...
100
Thompson Products Inc..*
Troxel Mfg
1
5
July
Upson-Walton
6%
5%
Nov
Warren Refining
*
Nov
Weinberger Drug Inc
*
WlsconslnBankshares com*
5%
2%
5%
1,000
3%
2
5%
5%
350
2%
77%
77%
183
1%
1%
200
1%
Dec
2%
20%
1,700
9%
May
25%
1
-
■*'
-
-
160
50
725
630
63
395
92
4
10
4
4%
4%
168
JVlar
Dec
2%
12
Apr
■
Jan
52
18% Sept
Mar
12
July
Sept
6%
52
Sept
12%
Sept
8% June
2%
40
Sept
Sept
Dec
'1%
Jan
4%
60
Feb
3% June
28
Feb
29
13%
Dec
Dec
14%
19%
Nov
13
30
Mar
39
July
2
Mar
12
Apr
50
21
Oct
27
3
Aug
5%
3%
1%
Dec
7
5%
Jan
Feb
Dec
Nov
Dec
July
July
78%
m
34%
6%
6%
1
Aug
167
1%
Otis Steel..
Walgreen Co common
Dec
50
74
1%
Nineteen Hppdred Corp A*
Utility & Ind Corp—
Conv preferred
2
715
5%
72
Patterson .Sargent
750
2%
5
51
4%
.2,5
———*
50
9%
15
-100
*
20
20
.*
Mar
22%
'
5%
8%
'625
35
4%
...*
27%
3%
4%
4%
"35"
*
McKee (A G) B
*
Medusa Portland Cem...*
88%
July
Woodall Indust
com
2%
25%
37%
Nov
26
5
Oct
Sept
61
31
Dec
44%
11%
Williams Oil-O-Matic com*
Dec
*
Dec
85%
1%
Sept
Mar
United Air Lines Tr cap..5
Wayne Pump Co cap
20
40%
100
*
Union Carb <fe Carbon cap *
1%
100
,
42%
40%
.
383
36
15%
Sept
HarbauerCo
15
U 8 Gypsum Co com ...20
Utah Radio Products com •
24
AUK
20
—100
Feb
Dec
84
22%
32%
"32%
21%
24
35
4
Oct
15
(The) common.2
95
170
98:
12
Jar
6%
18%
'
16
22%
98
27
58
f
—25
Jan
July
Oct
40
Storkllne Furn com.....10
8%
Jan
15
1,305
27
109
40
13
29%
27%
43
117%
24%
140
28%
10%
7 3%
22%
15%
21%
Nov
16
Dec
12%
250
Swift 4 Co
117
Jan
23%
31%
117%
36
12%
If
Dec
16
11%
International
Mar
,11
Dec
32
Dec
11
28
Jan
July
*
12%
Supstrand Maph Tool com,1:
18
.1,680
13
■
113
Jan
Feb
*
73%
;
7% Sept
2% Aug
Jan
107%
AUg
Interlake Steamship
—..——.20
Stewart-Warner
Nov
180
Mar
Jaeger Machine
1%
.....
86
'**
4
July
11%
16%
8%
123%
2%
Mar
8
8% May
Dec
1%
Standard Oil of Ind—21
107
Jan
160
116
mm**** ->
High
13
Dec
15%
1
Standard Dredge com
Apr
....
100
Low
4%
21
13
15%
50
20%
19
19%
Hanna(M A)$5 cum pref 50
Preferred
100
6
20
20
Greif Bros Cooperage A..*
Halle Bros pref
--5
14
Trane Co
Goodrich (B F) _
*
Goodyear Tire & Rubber.*
Great Lakes Tow
100
15
—2
Spiegel Inc com
6
100
15
S'west G A E 7% pref.-100
Northwestern Lt & P pref. *
Swift
*
255
10%
2%
2%
*
—
8
6%
10%
100
*
Slgnode Steel Strap-
Conv pref
Preferred
Range for Year 1938
13%
6
General Tire & Rubber. -.5
Mai
%
450
100
for
Week
Shares
8
8
13%
*
*
Cliffs Corp v t c
*
Commercial Bookbinding.*
'
8
$4.50 pref..*
July
1%
7%
25
Cleve Builders Realty
High
'
.3
4%
100
Jan
Low
*
City Ice & Fuel.-•
Cleve Elec.Ill
Cleveland Ry
Price
6
Apex Electric Mfg
Brew Corp Amal
Dow Chemical pref
100
%
Body
of Prices
.100
Eaton Mfg
Faultless Rubber
1,500
2
2%
Dec
Amer Coach &
-
July
2%
8%
„
Dec
Airway Electric pref.
1%
100
11
2
Sept
Par
Stocks—
Week's Range
Sale
Nov
%
,24
Sangamo Electric com—_*
Schwitzer Cummins cap..l
Sears Roebuck A Co oom. *
Dec
117%
2
2%
Jan
Jan
1%
16
1,466
11
1
Serrlck Corp cl B com
9%
24%
41
200
%
Co com...10
Commoh
Sept
Mar
%
'
t c—------50c
Reliance Mfg
50
30
153
v t c 5
Rolling Hoe Mills oom
%
10
13%
116%
%
12%
116
100
RaytheonMfg6% pf
450
-
115
-1
Quaker Oats Co oommon.*
Preferred
Sales
Last
Feb
June
Exchange
13, both inclusive, compiled from official sales lists
Wrigley (Wm) Jr (Del)..*
77%
Yates-Amer Mach cap.__5
Zenith Radio Corp
"id"
com.
15
67%
Western Res Inv 6% pf.100
67%
Detroit Stock
Cincinnati Stock
Jan. 7 to Jan.
Jan. 7 to Jan.
Exchange
Last
Sale
Stocks—
Par
Price
of Prices
High
Low
20
*
Preferred
Churngold
16%
.100
*
For footnotes see page 263.
16%
17%
27%
28
100% 100%
11
11
Jan
20
Jan
45
May
63
Nov
Sales
Last
Stocks-
Par
Week's Range
for
of Prices
Week
Price
Low
High
Shares
Range for Year 1938
Low
High
Week
Shares
Low
High
Allen Electric com
1
Baldwin Rubber com
Amer Laundry Mach
Cham p Paper & Fibre
230
Sale
Range for Year 1938
for
Feb
2%
Oct
Exchange
Friday
Sales
Week's Range
Sept
13
,1
13, both inclusive, compiled from official sales lists
13, both inclusive, compiled from official sales lists
Friday
100
1%
1%
15
41
100
.
13
54
15
Mar
18% May
94
6%
June
Feb
1
19%
Aug
Brlggs Mfg com
*
32
Nov
Burroughs Add Mach In..*
Mar
Burry Biscuit com_„_12%c
Nov
Chrysler Corp com
1%
105%
12
5
27
17%
*74%
7%
27
17%
2%
74%
150
1%
7%
30%
2,941
18%
722
15% June
2%
76%
455
1% June
610
1,837
J|j»
Jan
4%
Mar
13%
Mar
36
Mar
1% Nov
9%
Jan
37% Aug
21% July
3% July
88% Nov
Financial
262
Jan. 14. 1939
Chronicle
Sales
Friday
Last
for
of Prices
Week
Sale
Stocks (Concluded)
Watling, Lerchen &
Co.
Exchange
Detroit Stock
Last
Week's Range
Sole
Par
Stocks (Concluded)
Price
Durham
1%
Jan
114%
2%
Nov
Mar
1% May
IX June
Jan
IX
?8
1%
150
200
2%
Mar
635
9
Mar
225
6
Mar
100
14%
2%
1 %
Mar
59
Aug
1
Mar
2
July
4X
Mar
8
Oct
2X
2%
IX
610
IX
1,200
70c
Feb
104
6%
Mar
15x
288
14%
Sept
12 X
17 X
Aug
15%
2,025
Mar
17X
Oct
8%
530
7%
65c
76c
5,330
6
5%
IX
10
Mar
Jan
July
Oct
85c
Apr
37c
975
2X
Dec
Mar
Jan
3%
53c
*
com—1
1
McClanahan Ref com
1
Mich Steel Tube Prod 2.50
Michigan Sugar com
*
Preferred
10
Mlcromatic Hone com—1
Masco Screw Prod
25c
McClanahan Oil com
"7 X
40c
Mar
75c
580
15X
Mar
22 X
Nov
1X
560
1%
Dec
1%
Dec
3X
IX
23%
1%
Mar
3%
Nov
450
2
Dec
44
17
Mar
78c
1,690
55c
Dec
26c
1,200
23c
Dec
75c
com.^,1
-
55c
21%
26c
v
21X
IX
3%
ix
23%
76c
-—.10
81c
2,000
1,200
200
50c
2X
2
300
Jan
1%
Apr
1.75
Jan
10 X
Nov
*
July
Oct
42%
868
31%
Mar
v-
July
IX May
3%
Jan
150
4%
Mar
8%
July
128
1
3X
2%
125
2%
Mar
500
2
Mar
22
3x
2
Raisin Paper com..*
2%
2%
25%
25%
250
~2%
10
1
Timken-Det Axle com-.10
Preferred..
100
2%
2%
1,900
Scotten-Dlllon com
Standard Tube b com
3
1
%
"1%
*
*
com—_-1
IX
3%
IX
2%
Dec
Jan
8X
103
Apr
Mar
Mar
4%
650
IX
3X
IX
3,500
2%
42
42
21
Jar
35
43
Dec
Dec
29
28%
29
730
25%
Apr
28%
27%
27%
27%
795
23%
Apr
26%
Dec
32 X
.
32%
420
27%
Sept
31%
Dec
21%
Jan
Mar
34%
July
Superior oh Co (The)—.25
Mar
46
July
2
6,870
5%
Dec
12%
Jan
18%
6%
18%
7%
25
19%
4,771
17%
Mar
22%
July
15
15
15
300
6%
Jar
20%
Aug
5%
Mar
Transamerica Corp
Union oh of Calif
Universal Consol Oil
10
200
50
9
July
VandeKamp's h d Bakers*
8x
8X
Wellington oil Co of Del.. 1
4%
4%
8%
4%
950
3
Dec
6%
Jan
Yosemite Ptld Cem pref. 10
3%
3%
3%
300
2%
Mar
3%
July
250
9%
Mining—
•
Feb
13
Dec
26c
26c
30c
5,000
12c
Mar
39c
Aug
4c
Black Mammoth Consol 10c<
Calumet Gold
10
9%
10
10
Alaska Juneau Gold
3%C
5c
9,000
%c May
16%C
Aug
Mines. _10(
1
8c
8c
10c
4,200
4c
Dec
22c
Jan
Cons Chollar g & 8 Mng. 1
2%
2X
2%
200
1%
Sept
4%
Apr
lc
lc
2,000
lc
Mar
3c
Apr
15%
9%
Mar
~
Cardinal Gold
lc
Imperial Development. 25c
Unlisted—
16%
120
51%
47%
149% 151%
815
34%
445
15X
Amer Rad & Std Sanitary. *
Amer Smelting & Refining*
47%
American Tel & Tel Co. 100
149%
220
Oct
18%
Oct
56%
Oct
Mar
Nov
Maj
149%
41%
49%
112
21%
Oct
60
31x
31%
(111)—.—5
Aviation Corp (The) (Del)3
5%
5%
5%
215
4% June
6%
July
7%
7%
885
3
May
7%
Dec
5
25%
7%
25%
26%
490
14%
Jan
30%
5
Caterpillar Tractor Co...*
27%
45%
220
30
July
36
Aug
36%
Mar
52
Nov
Anaconda
Copper
Armour & Co
Bendlx Aviation Corp
6%
6%
*
10%
10%
Commonwealth & Sou...*
1%
1%
29%
45%
6%
10%
1%
Continental Oil Co (Del).5
28%
28%
29%
70
22%
Mar
310
3%
Mar
24%
5%
Borg-Warner Corp
Columbia Gas & Elec Corp*
Commercial
Solvents
27%
44%
38
325
6
1
Aug
2%
32%
7%
Sept
Aug
1
a...
6%
I 6X
6%
24%
124%
25%
160
fll
11
200
11%
110%
11%
100
8
Sept
13%
39%
139%
42
321
28
Mar
20
Oct
Dec
45%
11
*
;.' *
28
10
Dec
Oct
July
Jan
36
Nov
39
Nov
10%
Mar
Nov
53%
160
47
Sept
26%
54%
8%
200
11%
Oct
500
5%
27%
Mar
41%
Mar
47%
Nov
35
50
July
60
319
29
Mar
53%
459
10%
-39
39
*
21x
f
23%
Intl Nickel Co of Can
*
52%
T 52 %
International Tel & Tel. ..*
8%
Jfi 8 X
*
38%
48%
"38%
r48%
50%
147%
47%
Copper Corp—*
Oct
Feb
125
39
Goodrich (b f) Co...
...
Oct
12
Jan
8%
20
Dec
9%
Sept
20
5
Curtlss-Wright Corp
21 %
Dec
Dec
Nov
Montgomery Ward & Co.*
47%
New York Central rr_—*
19
19
Mar
21%
Nor American Aviation—1
17
"17
17%
1,000
6
Mar
18%
*
22%
"22%
23%
220
15
Mar
26
Nov
*
9%
9%
25
9%
Dec
12%
July
Mar
5%
13%
Dec
:
21
Nov
Dec
'
9%
~
Oct
4%
4%
249
3%
12%
12%
13%
366
6%
7%
7%
7%
265
5
Mar
Nov
*
Republic Steel Corp
13
May
25%
Nov
Mar
26%
73%
July
Mar
Jan
Sept
Jan
Packard Motor Car
4%
""
'
*
22%
850
21%
22%
21%
23%
Seaboard Oil Co of Del. __*
21%
50
Sears Roebuck & Co
*
71%
71%
73%
70
59
Socony-Vacuura Oil Co.. if
Southern Ry Co.
*
13
13
13
26
12%
18%
18%
19%
25
Apr
19%
14
Dec
3X
Apr
IX
1%
100
42
qo—*
5
5%
July
Radio Corp of Amer
Dec
Dec
Oct
24%
Paramount Pictures Inc.. 1
110
Apr
July
17c
Mar
July
Feb
4
31
Mai
19%
Mar
4%
27
2%
Sept
5c
1,697
9%
Ohio oh Co
2X
23
16,000
26
North American Co
585
85
6c
24%
25%
Jan
400
28%
5c
1,790
Jan
19x
28
24
1,906
4
June
Nov
19
Oct
4%
Dec
25%
28%
3%
1,288
4%
4
1
20
Apr
IX
535
17
16%
109% 110
3
3%
3%
3%
United Shirt Dist com.--.*
u nlveraal Cooler b
6%
5%
Mar
42
Loew's Inc
350
Mar
12%
41%
Kennecott
7%
1%
1.05
30
28
Jan
2X
7,252
18X
Oct
7X
Oct
6%
41%
6%
12
361
Nov
3%
28
42
8
2%
Apr
29%
6
6c
General Foods Corp
5%
Mar
2%
5
29%
28 X
100
General Electric Co
22%
10%
Nov
1.10
300
6,529
Standard oh Co of Calif..*
Southern Pacific Co
Oct
Mar
9%
2,006
3%
32%
17%
Feb
Mar
Mar
2%
10
24X
...25
6% pref a...
2X
Mar
11
100
Nov
26c May
So CaJlf Gas Co—
4%
3%
Rickel (h w) com..
3%
6%
Dec
4%
1%
9%
2%
29%
June
2%
2%
7%
com.—*
Reo Motor com—
5
Pfeiffer Brewing
9%
3%
Feb
1,234
1,667
"7 %
Parker Wolverine com—*
Penln Metal Prod com—1
16c June
1
5
4%
.
500
2%
Dec
1%
16%
8%
25c
Electric Power & Light
41
7%
4%
25c
Electric Bond & Share.... *
IX
16%
7%
4x
16%
10
Packard Motor Car com..*
25c
Jan
75c
Dec
2%
87c
Dec
Nov
55c
May
650
"
Jan
2%
25
Sept
5
30c
238
2%
2
60c
100
212
7X
7%
50c
Mld-Wqst Abras com..50c
Motors Products com
*
Specialties
29c
Jan
12X
1
u nited
Jan
Jan
June
15
15
La Salle Wines
Tivoli Brewing com
4%
3%
1%
70c
32c
2
River
June
2% Sept
2
315
12%
15%
70c
Parke Davis com
•
300
30c
"12%
2
m urray Corp com..
15X
Dec
2X
"70c'
(r c) a pref
Oct
Dec
310
1
Mahon
Dec
6
24 X
265
1
Mich Silica
Jan
6
Kingston Prod com
Lakey Fdy & Mach
.23%
Apr
July
5X
1X
Hurd Lock & Mfg com...
—
12
23
6%
21X
Jan
3X
2X
2 X
2%
1
—
100
July
IX
com..*
Kresge (8 8) com
225
IX
,
6
coin.10
IloskinsMfg com
*
Houdallle-Hershey b
-*
Klnsel Drug com
200
2%
.
5%
Hoover Ball & Bear
Hudson Motor Car
Dec
Mar
14%
—
.
Dec
IX
77
6%
21%
-
Grand Valley Brew com .
60c
3%
370
23
23'
4
5
Ex-Cell-o Aircraft com
-3
Federal Mogul com
*
Fed Motor Truck com.—*
Frankenmuth Brew com.-1
Gar Wood Indust com—3
General Finance com
1
Goebel Brewing com
1
Graham-Paige com
1
Eureka Vacuum com
.
1,495
May
237
IX
2%
1X
3
25
6% pref b
25
5%% prefC——25
IX
98c
1%
Mfg.-
1
'
July
950
Original preferred
High
117 X
90c
115
Eaton Mfg com
.
1,917
3%
3%
com.l
Det & Cle ve Nav com—10
Detrolt-Edlson com—100
Det Gray Iron com
-.5
Det-m lch Stove com
1
Det Paper Prod com—— 1
Continental Motors
Low
Shares
6%
21%
3%
Safeway Stores, Inc
*
Security Co units ben Int.*
Sierra Trading Corp...25c
So Calif Edison Co Ltd..26
Week
of Prices
High
Low
Mar
21%
3X
Warrants
Range for Year 1938
July
May
21%
3X
Ryan Aeronautical Co
for
17%
—*
Richfield Oil Corp com...*
Sales
Friday
74
7%
20%
6%
Roberts Public Markets—2
Telephone: Randolph 5530
Mar
6%
Rice Ranch Oil Co
DETROIT
Buhl Building
4%
6X
Republic Petroleum com. 1
j
New York Curb Associate
Chicago Stock Exchange
High
Low
Shares
*
1st preferred
Stock Exchange
New York
High
Low
10
Pacific Pub Serv com
Members
Price
Par
Range for Year 1938
Week's Range
4
Oct
Standard Brands Inc.—._*
1%
Jan
Standard Oil Co (n
9
June
Oct
Dec
15%
July
Oct
21
Nov
9%
53%
9%
July
Apr
Warner Aircraft
Wayne Screw Prod com..4
Young Spring & Wire
*
,
300
175
19
19
63c
Sept
Jan
IX June
13%
Jan
3%
Jan
23%
Oct
6%
6%
6%
355
6%
Dec
49%
49%
51%
115
44%
May
1
7%
7%
7%
290
25
18%
44%
18%
45%
50
18%
Dec
189
34%
May
Qo. 10
18%
44%
13%
'13%
55
10%
Mar
85%
85%
88
152
81%
Sept
15%
89%
July
Union Carbide <fe Carbon.*
Walker & Co b.
36%
"36%
38
262
24%
Apr
38%
Nov
2%
June
4%
j)—,.25
Studebaker Corp
Swift & Co
Texas Corp (The)..
Tide Water Assoc Oil
25
f
United Aircraft Corp
Wm. Cavalier & Co.
—
Westtnerhouse el a Mfe.50
MEMBERS
Loe
-
Oct
Dec
Dec
Dec
~~
Oct
2%
2%
2%
50
"45%
45%
308
25% June
62%
474
38%
Mar
68%
Nov
175
3%
Mar
8
July
35
65%
Anr
117%
Dec
62%
6
111%
"
62%
6
6
111% 113%
San Francisco Stock Exchange
Angeles Stock Exchange
.
Oct
55
Established 1874
DeHaven
Teletype L.A. 290
Los Angeles
523 W. 6th St.
18%
46%
Chicago Board of Trade
New York Stock Exchange
*
f
Warner Bros Pictures
Apr
45%
•
United Corp (The) (Del).*
United States Rubber ColO
it 8 Steel Corp
*
13%
5
Si Townsend
Members
New York Stock Exchange
Los
Jan. 7 to Jan. 13,
Angeles Stock Exchange
both inclusive, compiled from official sales lists
Week's Range
Last
Sale
of Prices
High
Low
Price
Par
PHILADELPHIA
•
Range for Year 1938
for
NEW YORK
1513 Walnut Street
Sales
Friday
Stocks—
Philadelphia Stock Exchange
(Associate)
New York Curb Exchange
30 Broad Street
Week
Shares
Low
High
Associated Gas & Elec a..1
1
1
1
1,000
87% c
Mar
1%
Bandinl Petroleum Co. —1
4%
4
4%
8,769
2%
2%
410
May
Mar
Oct
2%
2%
1%
5%
Bolss-Qhlca Oil a com.-10
4%
Buckeye Union Oil com.. 1
Calif Packing Corp com..*
Central Investment
100
2c
16%
16
—5
74%
Philadelphia Stock Exchange
Aug
Chrysler Corp..•
Consol Steel Corp
2c
2c
1,000
lc
Dec
5c
16%
17%
75
15%
Dec
20%
16
16%
10
Apr
21
79%
165
36
Mar
88
Nov
July
July
9
9
9
317
8%
8%
9%
370
1
4%
4%
4%
200
*
„
Mar
10%
Sept
11%
3%
Mar
Dec
Barber co
Oct
BeU Tel Co of Pa pref. .100
69%
68%»
71%
186
Apr
10%
10%
10%
380
6%
Mar
11%
1
62 %c
62%c
65c
800
52c May
1.10
365
365
Douglas Aircraft Co
Emsco Derrick &
Exeter Oil Co a com
46%
9
380
46%
1,054
9%
5
1,345
35%
657
.
43
340
Apr
25%
Mar
399
Oct
Aug
Jan
53%
Nov
12
July
Mar
7
July
Apr
7
37
Dec
Jan
3%
17
Range for Year
i
Price
Shares
High
Low
11%
Jan
*
10%
1,195
5
Aug
149% 151.%
20%
20%
402
111%
Mar
20
12%
Mar
23%
Oct
312
112%
July
121%
Dec
469
3%
Mar
7%
Dec
Jan
48%
l —10
Budd (e g) Mfg Co
Preferred
1938
Week
100
American Stores
American Tel & Tel
for
of Prices
Low
High
120%
74%
5
Chrysler Corp
10
5%
5
*
7%
49
49
100
Budd Wheel Co
121
120
6%
*
255
79%
175
42
150
Nov
Dec
Mar
5%
Aug
Mar
2%
36
88%
Nov
6%
Curtis Pub Co com
Electric Storage Battery 100
29%
6%
20
4%
Mar
8%
Aug
29%
30%
585
21%
25%
Mar
34%
Nov
Mar
53%
Nov
20
100%
Jan
121%
Goodyear Tire & Rubber. *
Hancock Oil Co a com.
*
32%
Holly Development co—1
1.15
1.10
1.25
9,550
65c
Mar
1.30
Sept
Horn & Hardart(Phil) com*
*
2%
2%
2%
165
1.30
Jan
2%
Aug
Lehigh Coal & Navigation *
3%
2
2
2
175
50c June
2%
Oct
Lehigh Valley
50
4%
8%
460
1
"l%
1%
1%
8,760
1%
Dec
2%
Jan
50
21%
20%
23%
2,707
14%
Mar
30%
Jan
.
Holly Oil & Gas Co a
.
Hupp Motor Car Corp.._1
32%
930
5%
9
5
30
48
Par
Stocks—
Week's Range
Sale
7%
*
Equip..5
_
Sales
Last
7%
4%
80%
Creameries of Amer v t c.
compiled from official sales lists
Friday
Nov
73%
13, both inclusive,
Apr
40
Jan. 7 to Jan.
Jan
'
pref—♦
Consolidated Oil Corp
July
350
40
39
39
25
May
44
Oct
40c
700
35c
*>7%c
Apr
3c
3c
3c
6,000
4c
Oct
8c
Aug
Pennroad Corp vtc
Lincoln Petroleum Co.. 10c
11c
10c
11c
2,400
7c
Sept
18c
Jan
Petroleum,
—
*—
-
40c
Lockheed Aircraft Corp—1
30%
2
2%
Los Ang Industries Inc
40c
30
32%
1,370
5%
2%
2%
1.413
2
310
6,246
80c
Mar
620
49c
Sept
3%
3%
4
1
4%
4%
5
Mt Diablo Oil Mng & d..1
55c
50c
55c
Los Angeles Investmei
Menasco Mfg Co
Aug
Mar
Jan
3% June
36
Dec
6%
4%
July
Dec
Phila Rap Trans 7% pref 50
70c
Jan
Philadelphia Traction...50
Salt Dome Oil Corp
1
Scott Paper
*
21c
July
30c
Jan
10c
10c
10c
1,500
20c
20c
1,000
17c
Dec
29%
29%
29%
107
23%
Mar
30
31%
31%
31%
28
Mar
31%
Dec
27%
27%
28
18%
Mar
28%
Dec
1
43
6% preferred..
For footnotes see page
108%
263.
260
43%
432
108% 108%
30
43
6c May
32%
101%
Mar
Mar
43%
109
Nov
Dec
Dec
May
5%
July
3
Mar
7%
July
4%
Mar
5%
Oct
"~3%
Oct
123
Apr
1.54
117%
163
112
Feb
118%
Nov
30%
1,423
Apr
32%
Feb
116%
3%
Dec
25
160
30%
116%
25
...
3%
99
29%
Mar
2
5%
Nov
7%
126
4%
Apr
9%
Nov
16
16%
307
10%
Jan
27%
May
46%
47%
403
35%
Mar
51
Oct
35
35
10
36
July
7%
46%
Tacony-Palmyra Bridge.
%
Tonopah Mining
Transit Invest Corp
%
26%
Mar
799
%
Nov
1%
Jan
%
..50
2■%
1%
115
%
Mar
1%
Nov
%
Preferred
Union Traction
3
293
160
50
Phila Elec of Pa $5 pref... *
Phila Elec Pow pref
20c
Nordon Corp Ltd
Pennsylvania rr
Penna Salt Mfg
Mar
3%
1,656
5%
4%
7%
Natl Power & Light
10c
Intercoast
Jade oh Co
47%
118% 118%
3
3%
46
10
General Motors
367
1%
364
%
Nov
2%
Mar
2%
2%
480
1%
Jan
4%
Nov
Volume
Financial
148
Last
United Corp com
...
*
„
-
.
.
of Prices
Low
High
Price
Low
33%
35%
12%
111% 113%
32'
113%
11%
11%
12%
12%
114%
Nov
Calif-Engels Mining Co .21
10%
Jan
Calif Packing Corp com.."
37%
12%
Max
A pi
8
50
6%
9%
50
8
Max
Oct
Oct
El & Peonies trctfs 48.1945
7%
An'
*4 000
7%
Preferred.
10% May
Bonds—-
Nov
9%
com.
Jan.
to
13, both inclusive, compiled from official sales lists
Last
Week's
Sale
Stocks—
Par
Allegheny Ludlum Steel..*
Preferred
24%
100
*
Mar
11%
Feb
40 rlOo
110
Sept
5%
500
4%
Mar
7%
24%
Mar
58%
Dec
34c
Apr
40c
Sept
45%
609
Mar
57%
July
3%
2,325
1.65
Jan
3
3%
3%
3%
1,300
1.65
Mar
4%
4%
Nov
Coast Cos G & E 1st pf. 100
Consol Chem Ind A
*
105%
10
101
Apr
106%
952
15
Crown Zellerbach com...I
12%
105% 105%
17
17%
14
12%
..*
Giorgio Fruit
10
2.75
2.25
2.75
14%
14%
15
4%
4%
Elec Prod
10
Corp
....4
Emporium Capwell Corp.*
Preferred
J.
14%
1,709
9%
310
26%
10%
310
30
June
81
145
62
Mar
88
6
Mar
11%
53%
July
Mar
Sept
10
12%
July
July
250
1,941
8%
331
6
8%
8%
150
0%
June
6%
979
13%
300
2%
11%
16%
Apr
15
Dec
29%
292
Oct
90c
600
70c
Feb
95c
July
60%
100
50%
Apr
73%
Jan
72%
40
68%
Dec
9%
1,034
6%
Mar
10%
July
898
4%
Dec
6%
1,18£
"1%
Mar
2
Brewing Co..*
.
6%
*
_.. .
1
1.15
Home F & M Ins Co cap. 10
Honolulu Oil Corp cap..
Hunt Bros pref
46
1.15
1.20
39
23
Plate
Glass
2£
Plymouth Oil Co
2
17£
1
Shamrock OU & Gas
1
W averly Oil wks class A.
V estlnghouse Air Brake.
1.60
1.50
15%
8%
38%
15%
8%
38%
Mar
24%
Oct
1.60
322
1.30
Dec"
2.90
June
Nov
3%
Mai
3
30
Langendorf Utd Bak A..
B
Jan
Mar
July
Preferred...
....50
16%
545
9%
260
3%
Apr
70
35%
May
40
56
Apx
114%
Oct
4%
May
9%
Nov
22%
50
15%
Mar
25%
July
60c
Dec
1%
Jan
Magna vox Co Ltd
2%
67c
67c
67c
100
50o
1%
Apr
4
Jan
Magnin A Co (I) com....*
13%
13%
13%
375
7
39%
Oct
Meier & Frank Co Inc. .10
9
9
9%
1.080
45
Jan
Menasco Mfg Co com.... 1
National Auto Fibres com ]
4%
7%
4%
7%
5%
8%
225
75c
75c
100
2%
3,091
•
32%
33
160
22
Mar
25%
25%
1%
100
25
Sept
50
1%
Dec
30%
818
33
15%
62%
Mar
111% 115%
25%
Mar
124%
Nov
132
1%
Dec
3
Leslie Salt Co
.10
LeTourneau (R G) Inc...l
Lockheed Aircraft Corp
1
40%
40%
40%
140
32%
28
28
30
716
13
30%
.
29
32%
3,723
2% June
28
Nov
33
Unlisted—
1%
.
-
Natomas Co
1%
St. Louis Stock
*
Last
Week's Range
Sale
American Inv com..
Price
*
of Prices
High
Low
27
*
com
33%
5
com
Chic & Sou Air L pref—.lO
Coca-Cola Bottling com i 1
32
Columbia Brew com.....5
8
.
Collls Morris
9
Dr Pepper com
Ely A Walker D Gds com25
1st pref
100
27% May
40%
2%
Nov
Dec
24c
Dec
40
3%
105
300
23%
Jan
180
16%
July
21
Jan
Mar
4,369
80c
Mar
10%
4%
Nov
1,480
3%
Mar
10%
7%
Mar
121
119
107
June
60
May
81-
Sept
10
Apr
Jan
50
Sept
6%
27%
10
5
100
8%
47
10%
30
11%
11%
11%
200
24%
24%
24%
30
Insurance...10
; 5%
com *
Aug
6
Dec
11
Jan
June
21
Nov
June
33
Jan
11
110
29
60
13%
May
July
30
Dec
5
Mar
10
July
95
June
107
Sept
15
10
Mar
19
Aug
4
Dec
99
4
18%
85
5%
4%
195
6%
109
July
June
2%
367
75C June
2%
Dec
6%
.100
6%
200
4
Sept
7
Aug
19
Apr
30
Sept
10
28
28
8
12%
13
42
100
6%
Stlx Baer & Fuller com..10
6%
3%
13%
May
6%
30
130
4% June
Dec
5%
612
Dec
pref
Parafflne Cos
32
32%
28%
43%
29%
44%
108% 109
6%
21%
123%
1,154
43%
109
6%
*
6%
21%
21%
123
123
_..*
1.40
3,455
27
Mar
31%
1,160
25%
Mar
29
920
32%
Mai
43
Nov
99
Mar
109
Nov
7%
20%
119%
Nov
60
6%
Dec
13%
Mar
150
87%
29%
1,00
Apr
Mar
Sept
3%
June
8
220
100
6%
200
6%
14%
15
20
20
Nov
Dec
Dec
Jan
60
Nov
2.75
July
3%
3%
3%
20
13%
13%
37%
14%
*
9% % 9%
14
14
•
725
10
5,012
14
200
,
Nov
June
29%
6%
July
Mar
41
July
9% Mar
4% Mar
12
June
625
37%
8
25
Aug
Mar
30
290
May
17%
2%
416
•
37%
A______100
e*
"
6%
com..]
ser
.
819
Republic Pet 5% % pf A.50
Rheem Mfg Co.
1
Preferred
Oct
Dec
'
X
12
Nov
1.90
15
com..
Jkn
Mar
2.40
59%
20
Richfield Oil Corp oom
Feb
29%
1.90
]
Roos Bros
13%
28%
Jan
59%
25
Republic Petrol Co
Oct
Mar
59%
Puget Sound P & T com..*
com
Aug
Nov
23
1.90
Preferred
4%
936
Oct
12%
42
Mar
7%
2,430
28%
Plg'n Whistle pref
Rayonler Inc
2.35
29%
32
100
com
2.25
28%
Apr
23
180
2.25
Pac Light Corp $6dlv_..*
Pacific Pub Service com..*
1st
9
9
17
2C
28%
25
16% June
Noy
Signal Oil & Gas A...
8oundvlew Pulp eom
17
Jan
100
Oct
100
100
100
20
87
June
32
32
32
100
18
May
820
Oct
8%
8%
Feb
36%
Aug
*
5
19
19
19%
..100
Preferred....
96
96
96
So Cal Gas pref ser A...25
32%
Southern Pacific Co... 100
18
Jan
14%
Jan
9%
Nov
32
90
32%
18
60
Oct
28
Mar
Aug
*Mar
11%
30
38%
25%
95%
Dec
Apr
32
Dec
2,010
9%
Mar
22%
Jan
799
10c
July
70c
Aug
311
lc
Dec
38c
830
48%
Dec
48%
4,428
20
26%
Mar
34%
July
13
Mar
25
Nov
•
So Pac Golden Gate Co A
25c
25c
35c
9c
9c
9c
So Pac Fold Gate Co B...*
Sperry Corp
42%
42%
Standard OU Co of Calif.
27%
27%
42%
28%
Super Mold Corp cap...10
Thomas Allec Corp A
*
28
28
28
Tide Water Ass'd Oil pref. *
Transamerica Corp
2
95
94
7
7
1
Treadwell-Yukon Corp... 1
Union OU Co of Calif...25
Union Sugar com
,.21
Universal Consol Oil....10
Victor Equip Co com.. ...J
Preferred..
Walalua
5
75c
75c
"50c
18%
6%
85c
200
8%
6%
Feb
97
5%
Dec
12%
50c
2,700
45c
Apr
3,395
17%
Mar
22%
5%
Dec
Jan
22%
20%
Mar
"6%
2%
Mar
4%
July
May
May
10%
41%
295%
July
19
130
6%
15
845
3%
8%
4
230
9
535
26
26
26
200
289
289
10
1...50
Yosemite Port Cem pref. 10
29%
29
40
29%
4
4
Nov
76%
289
ser
1.65
50
Agricultural...20
Yel Checker Cab
75c May
Dec
19,223
14%
3%
,
May
7%
50c
15
189
95
.18%
.
»
Wells Fargo Bk A U T.. 100
Nov
42
Apr
38
70
31%
6%
30
„
50
42
12%
*
1
15,
8%
2
6%
*
Feb
18
38
8%
105
107% 107%
5
com._
9
14
4%
Wagner Electric
Jan
25
8%
"2%
_.
Feb
10
5
5%
18
com..
25
Aug
1.00
36
28
St Louis Pub Serv pref A.*
Sterling Alum com.....
50%
11
Rice-Stix Dry Goods com.*
1st pref.
100
Preferred..
Jan
Dec
30c
62
105
Scullin Steel com
27
28% May
'4% Apr
20
*
com
Mar
July
28%
100
Scruggs-V-B-Inc
12
20
*
com
Jan
14%
Apr
28%
20
1st pref.
Dec
80
60
128
6
Oct
8%
70% May
55
30c
6
Midwest Pipe com
— *
Natl Bearing Metals com.*
Natl Candy com
*
National Oats Co
47%
32%
*
com
9
com
5%% 1st pref........25
Pacific Light Corp com.... *
Oct
Sept
75
2
30c
Apr
.
11
70
31%
*
1
20
8%
80
80
10
100
com
12
12
Hussmann-Ligonier com _.*
Laclede-Chrlsty C Pr
Jan
50
124
7%
7%
140
com
Dec
9
25
70
69
6
.
Oct
*
47
_
Jan
275
6
com
Jan
2%
9%
47
com
8% Nov
35% Aug
8% Dec
10% Nov
33% May
Apr
26
609
Griesdleck-West Br com..*
International Shoe coml
Jan
Aug
18
•
Dec
17c
Hamllton-Brn Shoe com..*
Hydraulic Pr Brick
26
29%
8%
17%
119
June
1%
8
29
29
13
33%
17%
.
com
Dec
7%
30
Pac Tel & Tel com.
40
9
29
Emerson Electric pref-. 100
Falstaff Brew com
1
Preferred..
Nov
Nov
Nov
10%
Pac Pub Ser
High
100
2
1.50
9
Low
295
33%
2
1.50
Range for Year 1938
for
Week
Shares
27
27
Champ Shoe Mach pfd.100
Mar
Mar
41
32%
37%
1.13
10%
6% 1st pref
Sales
Friday
Par
6%
Nov
Nov
15%
30
...
Pacific Coast Aggregates 10
Pacific Gas A Eieo com..25
Exchange
13, both inclusive, compiled from official sales lists
,
Apr
Mar
19
11
44%
Jan
N Amer Invest 5% % pf 100
N American Oil Cons... 10
Pacific Can Co
Jan. 7 to Jan.
Nov
June
Occidental
""28%
*
-
41
Jan
1%
Pennroad Corp v t c
McQuay-Norrls
Apr
98
2%
Westinghouse El A Mfg.50
Hyde Park Brew
12
12£
*
.
Oct
13%
8%
2%
United Eng & Foundry..£
Vanadium Alloy Steel
'_5
Jan
840
8%
*
Renner Co
1.30
23%
19%
-
Nov
July
Apr
905
,
7%
Nov
32%
28%
28%
102% 104%
Pittsburgh Screw A Bolt.*
June
30
22%
....
Apr
66c June
6,000
39
23
.10
39
25%
Feb
Jan
3
2%
-UV-V-
Jan
5
8%
4%
*
105
Holly Development.
9%
46
Oct
July
46%
82%
9%
19
Jan
Mar
9%
20
15%
37
7%
9%
10
Mar
Mar
48%
6%
Apr
Nov
36%
13%
Mar
Jan
Jan
10%
10%
19
14
Dec
5
De?
Jan
14
19
6
5
82
cap..2%
com
5%
28
Oct
35%
13%
8
126
180
Gen Metals Corp
Dec
10%
Hawaiian Pin Co Ltd
*
Nov
14%
Golden State Co Ltd.....*
Hale Bros Stores Inc
*
300
60%
~,~
92
36
(ww)50
Ewa Plantation cap. .1 ..20
Fireman's Fund Ins Co..26
8%
6%
Jan
Nov
Dec
3%
9%
280
Gladding McBean A Co..*
_*
10
Nat Fireprooflng Corp.._£
Securities Inv
10
Oct
71
J
Koppers Gas & C pref.. 100
Laclede Steel
9%
7%
90c
100
1.75
13
50
350
Genera! Paint Corp com..*
13%
Feb
15%
Mar
50
542
Oct
11
33
Nov
Mar
"
4%
General Motors
6
Key Co
com...
Jan
13%
Dec
7%
1,030
Nov
10
Huttig S & D
91
July
7%
Central Brew
87%
88%
30
1,839
15%
Jan
Brown Shoe
17
19%
7
Stocks—
'
Dei:
150
Pittsburgh
1
15C
1,350
Mar
7
13%
87
3%
.
Max
*
June
45%
.
40c
7-
Preferred
Aug
6%
7
Pittsburgh
98
10%
Crandall McK & Hend-..*
.
Mar
15c
40
7£
Mar
Supply
99
137
5
Fuel
July
98
1,200
333
Mountain
Jan
52
60c
7%
Lone Star Gas Co
24
A pi
12%
6%
_
Dec
45%
16%
6%
Jones & Laughlin Stl pf
14%
180
30c
Dec
147
Columbia Gas & Electric.*
Electric Products
Nov
500
1,002
99
..
Nov
29%
1%
9%
Duquesne Brewing Co—£
50c
25c
17%
49%
55c
Follansbee Bros pref—100
Fort Pitt Brewing
1
July
17
15%
11%
15%
Byers (A M) common....*
Carnegie Metals Co1
Oct
July
18
49
25c
Di Giorg Fruit Corp pref
Doernbecher Mfg Co....*
High
54%
5%
52%
Mar
3%
D1
Low
190
113
113
•
Jan
6%
31c
'
Armstrong Cork Co
8
21%
14%
Range for Year 1938
for
Shares
26%
24%
10
190
High
Dec
45%
Preferred
Week
High
Low
Arkansas Nat Gas pref. 100
Blaw-Knox Co...
Range
of Prices
Price
16%
1
Sales
Friday
688
18%
11%
12%
17
Calif Water Serv pref.. 100
Carson Hill Gold Mln cap. J
Caterpillar Tractor com..*
Preferred
Jan. 7
25c
Low
Shares
49%
..50
Central Eureka Mining.
Pittsburgh Stock Exchange
100
Range for Year 1938
for
Week
High
Calif Cotton Mills
Mai
9%
Low
Nov
Max
8
Price
18%
8%
,
Pa
Rang(
of Prices
18%
4%
99%
9,101
*
Week's
Calamba Sugar com....20
California Art Tile A
.*
Mar
22%
324
11
Stocks (Concluded)
High
1%
1,976
11%
Westernoreland Coal ._...*
Last
Sale
Shares
3%
bales
Friday
Range Since Jan. 1, 1938
for
Week
33%
.
Westmoreland Inc...
Range
3
Preferred
*
United Gas Improve com.*
Preferred
:
*
_
Week's
Sale
Par
263
Sales
Friday
Stocks (Concluded)
Chronicle
4
500
-
6
25
•
257%
Apr
22
May
2% June
July
Jan
83c June
July
Aug
Jan
Jan
36
Oct
4
Aug
150
Dec
V
Unlisted—
American Tel A Tel Co. 100
149%
Amer Toll Bridge (Del)..l
48c
Anglo Nat Corp A com...*
11
'
242
149% 151
46c
48c
11
11
1,800
111%
Apr
42c June
50
7%
Dec
400
Dec
70c
17
Jan
Jan
»
,
24%
St Louis Car 6s extd
tUnlted Railways 4s.
24%
75
.
1934
fUnited —y 4s c-d's
75
25%
25%
25%
26 &
32,000
24%
500
1,000
16,000
20
May
65
27
Jan
Apr
79
Jan
19% June
28
Nov
19
Jund
28
Nov
3%
3%
3%
Bancamerica-Blair Corp..]
Bendlx Aviation Corp....5
3%
658
26%
3%
26%
3%
2%
20%
360
13%
Columbia River Packers.. *
4.00
4.00
4.00
300
2.25 June
6.00
Feb
Consolidated OU Corp...*
9%
9%
9%
1,209
7%
Mar
10%
July
Curtlss-Wright Corp
1
Dominguez Oil Co...... *
6%
6%
0%
498
3%
Mar
7%
Nov
30%
600
*
40%
36%
40%
37%
General Electric Co
Bonds—
fCity A Suburb P S 58.1934
Aviation A Trans Corp... 1
40%
623
*
30c
30c
30c
Hobbs Battery Co B
Order*
open
solicited
Pacific
on
Coast
Holly Oil Co........... A
Stock
Exchanges, which are
Eastern Standard Time (2 P. M. Saturdays)
until 5:30 P. M.
_
Idaho-Maryland
Mines..1
Italo Pet of Amer
com
Italo Pet
1
Corp of Amer pfdl
2,76
2.50
7
7
35c
35c
..
3%
■■■■■■
151
2.7£
Co.
Dec
44%
Feb
July
47%
,Oct
Nov
50c
711
1.50
Mar
7
610
4.95
Mar
37c
765
230
Stocks—
Par
Week's Range
for
Sale
of Prices
Alaska Juneau Gold Min 10
Anglo Calif Nat Bank...20
Associated Ins Fund Inc. 10
Atlas Imp Diesel Engine. .5
Byron Jackson Co.
*
9%
10
4%
7
17%
Low
9%
10
4%
7
17
High
Shares
Range for Year 1938
Low
High
10
835
9
10%
840
8%
Dec
4%
1,385
950
1.50
Mar
3%
Jan
220
28%
May
50%
Oct
5c
5c
21%
21%
21%
16c
16c
16c
Bancorporation..*
]
5c
lc
Dec
17c
10
17%
Apr
22%
3,200
14c
Oct
38e
May
200
5%
5%
20%
6%
710
20%
20%
10
3 %
19%
45
45
45
40
41
23
23
23
55
26%
24%
26%
24%
26%
50
Mar
'
25
7%
7%
359
7%
13%
Jan
Jan
35
Mar
Dec
56
Dec
Mar
Apr
Sept
9
24%
Oct
Sept
28
Aug
24%
July
24%
1,087
27%
27%
27%
285
24
Apr
27%
29%
29
29%
782
25%
Mar
28%
Nov
32
32
32
51
28%
Sept
30
July
18
Feb
3%
3%
3%
30
1
7%
7%
7%
300
...25
44%
44%
44%
100
38
38
38%
715
63%
63%
67
1,265
5
5
100
Studebaker Corp com
Texas Corp com.
*
2%
Jan
Aug
r
4%
Mar
10
May
z
220
13%
Mar
22
July
5%
7%
Jan
Fee
25
com
preferred
5
Feb
19
4%
22
9%
Feb
July
South Cal Ed 6% pref...26
Sou Calif Gas 6% pref..25
S P Gold Gate 6% pref. 100
290
7
17%
Jan
2.50
West Coast Insurance ...6
Week
Price
Aug
40%
United Aircraft Corp cap. 6
United States Steel com..*
Sales
Last
50c
Feb
Aug
2.35
5%%
Exchange
13, both inclusive, compiled from official sales lists
Friday
8
40%
So Calif Edison
7 to Jan.
Aug
2.35
2.35
Schumach Wall Bd pref.
Shasta Water Co com....*
Jan.
Dec
32%
Mountain City Copper..5c
offices in San Francisco and Los Angeles
Francisco Stock
Aug
35%
■18c
Oahu Sugar Ltd cap
20
Pacific Port Cem pref..100
Radio Corp of America... *
Cortiandt 7-4150
San
5%
30%
40%
M J A M A M Cons
Broadway, New York
own
Dec
June
Kenn Copper Corp com..*
Klefber Motor Co
10
Members New York Stock Exchange
Private Wire to
Dec
Marine
Schwabacher &
111
3%
No par value.
a Odd lot sales,
Cash sale—Not Included In range for year,
Listed.
t In default.
19%
Mar
3
Dec
4
Mar
40% June
19% Mar
40
May
5
Dec
9%
Ex-dividend,
y
Oct
40% June
Dec
41%
71
11%
b Ex-stock dividend.
x
Dec
Ex-rlghts.
Nov
Feb
Financial
264
Chronicle
Jan.
1939
14,
Canadian Markets
LISTED
Provincial and
AND
UNLISTED
Montreal Stock
Municipal Issues
Closing bid and asked quotations, Friday, Jan. 13
Oct
59
/57*4
►Jan
5s
6s
Sept
6s
1 1948
4*4s
Oct
1 1966
Prov of British Columbia:—
62*4
60*4
6e
Province of Ontario—
Ask
Bid
Province of Alberta—
May
99*4 101
4fl
97
4*4«
.—--July 12 1949
Oct
1 1953
Province of Manitoba—
4*4s
Aug
1 1941
6a_.
...June 16 1964
6b
Dec
2 J 959
Prov of New Brunswick—
4*4e
4^8
-Apr 15 1960
Apr 16 1961
Scotia—
Sept 15 1952
Mar
1 1960
98*4
92
4*48
117
121
89
4*4s
108** 109*4
114*4 116
2 1950
110
4s
106
1 1958
Stocks (Concluded)
Par
1 1961
111*4
100
McColi-Frontenac Oil...
Montreal Telegraph
654
*
79
83
Natl Steel Car rights
Nov
Oct
15 1946
78
82
77
80
4*4s
Bid
•
4s
perpetual debentures.
Sept 16 1942
4*48
Dec
15 1944
6a.
July
1 1944
103*4
925*
935*
4 Mb
4*48
4*4s
5s
6s
58
Sept
1 1961
June 15 1955
Feb
1 1956
July
11957
July
1 1969
Oct
1 1969
Feb
1 1970
114
114*4
117
117*4
115
115*4
,
July
6*48
1 1948
1225* 123*4
115** 1165*
4s...
115
11554
11854 118*4
3s
.Jan
1 1962
...Jan
1 1962
98*4
90*4
Exchange
Friday
Last
Rolland Paper pref
of Prices
High
5
5
10
Range for Year 1938
Week
10
100
June
5
7
Apr
11
Feb
55
9*4
2*4
2*4
60
2
Mar
5
July
2*4
2*4
65
2
Apr
3
June
Apr
17
Dec
Associated Breweries
*
Algoma Steel Corp
Preferred
16
*
Bawlf (N) Grain
100
Brazilian Tr Lt A Power.*
160
415
12*4
14
66*4
8*4
16**
68*4
22*4
10£
23
Dec
34
Aug
81*4
3,814
48
Mar
84
Nov
210
23
Mar
31
10
125
5
May
11?*
75
5
77
Nov
86
Jan
99
100
July
Sept
2.75
4
15
98
Nov
8
Oct
60
42
Oct
9
Sept
16*4
8*4
Mar
22*4
Nov
14
Mar
19
July
3
Sept
16
Apr
102*4
Feb
105
99
95
15*4
415
21*4
3,296
16
Sept
17
7
Nov
10*4
10
Sept
15
75
1,455
66
Mar
76**
54*4
9
Mar
72
Dec
150
Apr
160
July
3
Mar
8
Nov
50
1*4
Mar
3
May
15
59**
1.50
Apr
3
242
2.00
2
8*4
8*4
25
...25
930
9
Canadienne-
100
Commerce
100
Nova Scotia
100
165
210
25
305
187
July
166
7
100
15
Mar
603
147
Mar
20
NOV
187"
Aug
Dec
Dec
Dec
Mar
14*4
7 to Jan.
180
Oct
Mai
223
July
93
295
June
310**
Aug
378
170
Mar
191**
Jan
305
189
July
Friday
Dec
33*4
Feb
Last
Week's Range
for
15
2*4
Dec
July
Sale
of Prices
Week
W CCA.
4*4
15*4
4*4
16
250
2*4
June
5*4
5>*
2,015
9*4
702
15*4
9
854
23
Dec
15*4
7
Sept
16
12 J*
110
Oct
Par
Stocks—
Price
Sales
Low
Jan
254
254
16
Oct
2
Mar
Bathurst Pow A Paper B. *
Mar
16*4
July
Beauharnois Pow Corp... *
56**
Oct
Mar
41
July
Brewers A Dlsts of Vane—6
Mar
18*4
34J*
July
1054
188
60
60
2
39
25
2*4
2*4
39
*
\
56**
30
165*
16*4
17*4
2,132
7**
33
33
34
1,370
18*4
*
13*4
13*4
13*4
Preferred 7%
100
102*4
Rights
'.. *
1754
Canadian Car A Foundry.*
26
102
1754
101
Cndn Cottons pref
100
Cndn Foreign Investment*
"7*4
Canadian Indus Alcohol..*
»
*
Dominion Glass pref
100
Dominion Steel A Coal B 26
Dom Tar A Chemical
Preferred
23*4
12
295
7
Sept
19
Feb
Can Nor Pow 7% cm
Jan
Canada Vinegars Ltd—
Can Breweries Ltd
6
4*4
4
10*4
Jan
Mar
pf 100
8*4
Jan
6**
Mar
13**
July
Sept
66**
Oct
2154
22
1,040
16
Mar
Dec
Mar
21*4
23*4
Cndn PAP Inv 5% cm pf*
Can Vlckers Ltd
*
Nov
Nov
1954
190
11
36*4
433
21
17*4
175
15
108
150
150
290
12
3,650
11*4
77
77
59
60
20
Jan
June
no
Nov
Feb
150
May
145
8**
230
6
J00
39*4
Sept
96**
50
Mar
'
Sept
Sept
16**
July
30
Oct
Sept
36
Jan
Jan
112
Oct
103
13
16 V4'
Dec
415
1.00
Sept
121
14>*
Apr
Apr
2*4
...
Preferred
Dryoen Paper
Electrolux Corp
English Electric A
100
t
*
1
14*4
*
31*4
Preferred
Preferred
£
110
31*4
31*4
55
11
1154
400
1254
13*4
572
100
88*4
88*4
89
*
754
5
50
25
1.00
Jan
5
3*4
Sept
75
3
Mar
12*4
Nov
25
18
Nov
4*4
9
41
4*4
.
9
41
178
23
220
2.00
9
Mar
50
6
6
15
3** May
6
City Gas A Elec Corp
40
40
375
25c May
70c
Claude Neon Gen Adv...*
15
15
435
10c
Sept
35c
90c
Mar
4
Mar
100
7% cum pref
,
.
*
1.96
2,*4
3,110
5
Alcohols
Preferred
.
5*4
554
350
10
Jan
Consol Paper Corp Ltd... *
6*4
June
84
Feb
Cub Aircraft..!
2*4
May
70
Jan
David A Frere Ltee A
140
Sept
150
Feb
Dominion Stores Ltd
4
Mai
11**
24
8**
7*4
8*4
Mar
17
7
7,507
3*4
2*4
3*4
2,575
3
Dec
12*4
5*4
►
Mar
12*4
15
3
Apr
6
5
5.
5*4
648
*
4*4
4*4
4*4
25
.
414
3
""954
9*4
10
440
4*4
Jan
89**
22*4
23
1,372
14**
75
Mar
Nov
Ford Motor of Can A
3
June
5*4
Aug
Fraser Companies
5
Mar
10*4
July
Voting trust ctfs
Nov
Freiman (A J) 6% cm
80
180
45
Mar
94
57
91
53
Mar
58*4
Oct
June
554
6
107
5
Mar
8**
5*4
554
5*4
6*4
225
4
Mar
8*4
Jan
554
85
5
Mar
9*4
July
33
June
Holimger Gold Mines
5
1454
1454
15
3,432
Howard Smith Paper
*
13
13
13
323
24**
Nov
14*4
14*4
28
9
Mar
20
Aug
15*4
15
16*4
799
10
Mar
21*4
38
38
38
10
37
Mar
39
3
130
pflOO
Intl Paints (Can) Ltd A..*
Intl Utilities Corp A
B
2*4
254
10
*
1
10
65c
11**
9
53
Mar
15**
Sept
18
*
20
Jan
Lake 8ulphlte Pulp Co
*
3
Aug
Mackenzie Air Service
*
June
MacLaren Pow A Paper..*
20
32*4
Apr
63
July
85
87*4
Jan
101
July
1.25
Dec
Massey-Har 5% cum pf 100
53
Feb
McColl-Fron 6% cm pf. 100
Melchers Distilleries Ltd.*
150
16
1554
16
3,477
13**
Jan
15**
July
May
7*4
32**
Oct
Internet Pet Co Ltd
•
26*4
*
3
International Powr
30*4
45
52*4
26*4
55*4
185
23
Apr
37
Mar
58
22
Sept
31**
Mar
5*4
Aug
NOV
10
27
8,290
1,215
Sept
3
1,005
77
77
178
74
May
84
Feb
6% cum 1st pref..
129
129
78
130
Jan
130
Jan
6% n c part 2d pref
1554
1554
16
590
10
Sept
18**
Laura Secord
13
13
13*4
225
12**
Nov
13
3
39
2*4
Oct
Nov
♦No par value.
100
50
1
150
6*4
163
16*4
70
39
5
Sept
7*4
Mar
18
Nov
2*4
Feb
7**
Nov
21
Aug
50
104
May
103
104
130
78
Apr
102*4
Dec
110
110
10
100
Jan
100
Jan
102
102
92
Mar
46
46
106*4 106*4
104
Paton Mfg 7% cum preflOO
Power Corp of Canada
100
3
1554
Moore Corp
P 6% cum pref. 100
Page-Hersey Tubes Ltd..*
'
6
Melchers Distillers Ltd pf*
Mitchell (Robt) Co Ltd..*
Jamaica P S Co Ltd pref 100
Lak e of the W oods
•
Intl Power pref
91
N S L
Oct
July
255
Feb
Nov
19*4
45
Jan
1.45
55
98
35
"5254
12*4
91
Mar
"30*4
Jan
Sept
Mar
Mar
7
2*4
Mar
Sept
450
100
354
June
40c
14**
*
Aug
34
7
20*4
*
9**
1.00
Mar
710
765
Intercolonial Coal.....100
Sept
13
225
4,129
90
91
1454
16*4
Intl Nickel of Canada
Mar
50c
Oct
Apr
July
70
96
Indu8t Accpt Corp...
6
4*4
14*4
35*4
754
Mar
70
14*4
16*4
754
30*4
5
200
65c
1.70
■
Lake St John PAP
34*4
£1
Mar
14*4
96
Preferred..:
July
22*4
1654
18
Jan
July
*
"34 **
100
7*4
8*4
15
*
*
Preferred
July
*
Ltd
Imperial OH Ltd
*
Imperial Tobacco of Can.5
Hudson Bay Mining
Apr
Mar
4*4
*
535
30
3*4
4*4
6
Fleet Aircraft Ltd
405
36
Jan
July
Fair child Aircraft Ltd
387
Dec
8?*
EasternDalrles7%cm pflOO
754
Nov
8*4
7H
Nov
3*4
Oct
3*4
15
Mar
July
70
Dec
Mar
16
554
Jan
Dec
4*4
3
14*4
4*4
Feb
Mar
4** June
34
5*4
Jan
3**
Mar
Oct
Oct
May
9J*
Mar
Mar
7
36
1,090
*
Donnacona Paper B
55i
100
6
Donnacona Paper A
57
*
*
Jan
77*4
100
*
Dec
2*4
.
July
3
Gurd, Charles
..40
Gypsum Lime A Alabas..*
Preferred
355
12**
Goodyear T pref Inc *27.50
Hamilton Bridge
148*4 148*4
554.
5*4
15
14*4
11
Rights
General Steel Wares
354
*
Foundation Co of Canada*
Gatlneau Power
■
Feb
June
221
4*4
68
4*4
8
Sept
4**
•
Dominion Textile
Jan
Oct
23
27**
22
Catelli Food Prods Ltd.—*
Commercial
Oct
Aug
50
Cndn Industries B
75
10
70
•
1.75
1.75
Cndn Pow & Paper Inv___*
45*4
1854
76
14*4
22
—
235
34*4
13
13
13
*
Jan
Feb
Feb
221
Preferred
1,779
Mar
100
110*4 112
110*4
22
Jan
1,431
*
7*4
Dec
Mar
34*4
Canada Bud Breweries
5*4
133
Oct
17
4*4
2854
Mar
4**
July
4*4 June
Sept
10
34*4
Sept
*
19
4*4
28*4
Mar
June
2*4
4h
1 n
1U
2854
1*4
Nov
3,165
34*4
6
116
5*4
Canada A Dom Sug (new) *
1,60
Nov
12*4
Canada Malting Co Ltd..*
8
6
-
2254
Canada Bread Co Ltd*
60
»
-
Jan
Jan
108
IVA
2154
British Columbia Packers •
20
17*4
150
50
Jan
3,056
...100
4*4
Jan
6
1854
4*4
Oct
140*4
5*4
Dec
June
57
-
""•4*4
32*4
Apr
Mar
130
54
20
5
22
656
Mar
2
110
3*4
132
108
100
554'
754
3
3
106
212
34*4
•
3
131
Mar
9*4
47
2,217
109
Aug
7
26
Brit Amer Oil Co Ltd
105*4
Sept
2*4
Dominion Bridge
*
Sept
254
Distillers Seagrams...—.*
Asbestos Corp Ltd
1.00
•
240
16
7
.
High
83*4
1,822
88
2*4
7X
18
_*
1)9
2*4
"6*4
—.100
16
2*4
Crown Cork & Seal Co
..*
430
20
57
*
1754
105
*7*4
Consol Mining & SmeltlngC
19*4 June
4*4 June
6% cum pref
Aluminium Limited..
75
102*4
7*4
2*4
*
.26
"
Mar
Feb
9
460
Low
1,733
105
Beldlng-CortI7%cm pf 100
2*4
3
Oct
100
10
*
16?*
Range for Year 1938
Shares
1754
19*4
132*4 140
3
7
2*4
—60
Canada Steamship (new).*
Dec
Jan
Abltlbl Pow A Paper Co.. •
386
86*4
High
Dec
1554
Dominion Glass
Not
Jan
Sept
197
1,563
15
Dominion Coal pref
166
160
159
8,030
*
-
Dec
72
254
8*4
24
Can North Power Corp
-
Dec
13, both inclusive, compiled from official sales lists
June
Cockshutt Plow
June
23
Montreal Curb Market
Jan.
9
Canadian Pacific Ry.
9*4
Jan
June
37
9*4
8**
24
7*4
168**
15
Class B
2**
17
Mar
8
23
Jan
3
186
176*4 176*4
13
Canadian Locomotive
65
'
Mar
60
220*4
100
Royal
165
220*4
100
Montreal
13
Preferred
1.25
30
8*4
25
,
Apr
Banks—
Canada Forglngs class A.*
Canadian Celanese—
Dec
675
•
50
2
Jan
June
202
6*4
3
10
359
72*4
160
1.75
r_.
10
14*4
.50
100
—
June
Mar
95
6
99
Canadian Bronze
July
40
71
*
Dec
23
9
160
1.75
Aug
July
12
6
*
Feb
Dec
July
58*4
73
Western Grocers Ltd.....*
Feb
20 J*
Apr
21*4
June
120
Dec
24
14*4
98
Preferred
Mar
120
6*4
12
100
Can Wire & Cable cl A
8*4
75
136
2554
*
4
Preferred
Mar
3954
254
Building Products A (new)*
Canada Cement
2 *4
3954
73
Jan
17*4
10
120
Jan
9**
Mar
Sept
*
Bruck Silk Mills.
Nov
10*4
*
British Col Power Corp A. *
B
46
14 *4
170
14*4
Mar
50
97*4
120
33**
70
620
71
100
75
*
-
454
160
•
'■'!
10554
—.25
Winnipeg Electric a
■
4
3954
21*4
July
25
8*4
8*4.
*
Feb
10
•97*4
Simon (H) & Sons
July
15
15
Oct
28*4
105
Sherwm Williams of Can.*
Preferred..
8*4
Dec
11**
1.00
135
1.50
Dec
Nov
Sept
13**
65
166*4 168
168
Jan
6**
425
1.45
1.45
11*4
65
8*4
8*4
100
Preferred-....
Bell Telephone
16
66*4
12*4
100
...
Bathurst Power & Paper A ♦
Dec
11
50
Preferred...
High
Amal Electric Corp.
*
*
Nov
9**
20*4
St Law Flour Mills pref. 100
Zellers Limited
Low
Shares
Alberta Pacific Grain A..*
Agnew-Surpass Shoe
72**
Dec
11
100
b
Week's Range
Low
Acme Glove Works Ltd..*
44
Mar
20*4
17*4
Saguenay Power pref... 100
St Lawrence Corp
*
Vlau Biscuit
Sales
Sale
Price
Mar
31
8,717
Tuckett Tobacco pref.. 100
United Steel Corp
*
Montreal Stock
Par
38
4,093
8*4
4
Steel Co of Canada
13, both inclusive, compiled from official sales lists
Stocks—
490
59*4
8*4
—
—
Preferred
Jan. 7 to Jan.
42
99
Southern Canada Power..*
118*4 118*4
Aug
380
Shawlnigan W & Power..*
108 *4 110
43
17*4
St Lawrence Paper pref 100
Grand Trunk Pacific Ry—
Sept
*
Power
A preferred
Canadian Northern Ry—
Canadian National Ry—
4*48
Ask
34
75
.
Regent Knitting
Bid
1,812
17
92**
Bonds
42
*
Quebec
Ask
Feb
1,336
1,927
Rolland Paper
Bid
Jan
89
1854
*
Dominion Government Guaranteed
62
Dec-
12*4
Price Bros A Co Ltd
Vt.
31
Sept
25**
28
28*4
Power Corp of Canada...*
99*4
91*4
Jan
70
43
99 *4
98 H
1 1960
56
120
17
98 X
1 1964
July
25
70
12
1 1946
4*4s
Jan
58
3,077
41
Sept
Dec
112*4 11254
Feb
Mar
3054
7*4
*
4*4a
68
815*
81**
103
July
56
""8*4
Ottawa Electric Ry.
Penmans
Canadian Pacific Ry—
Canadian Pacific Ry—
6s
As It
98**
41*4
56*4
Ottawa J H A Power
100
Ottawa L H & P pref... 100
Ask
14
Apr
41
41*4
Ontario Steel Products..-*
Bid
Dec
95
22*4
80*4
Ogllvie Flour Mills
Railway Bonds
25
70
Noranda Mines Ltd
5*48
117*4
6*4
408
10*4
57
"70
Niagara Wire Weaving
1 1951
109*4
116
7
High
Mar
30
39*4
754
June 15 1943
Low
4*4
3,160
100
654
25
National Steel Car Corp..*
6s
108
Range for Year 1938
Shares
654
100
.40
National Breweries
Prov of Saskatchewan—
6
6
Preferred
105*4
Price
•
Massey-Harris
Montreal Tramways.—lot
108*4
May
111*4
107*4
104
Feb
4*4s
89
Week
Montreal Cottons pref. 100
Mont L H A P Consol
*
1 1962
15 1965
Mar
for
of Prices
Low
High
122
Province ol Quebec—
Province of Nova
6s
116
Week's Range
Sale
111*4
1 1959
Jan
Sales
Last
Ask
1105*
15 1943
....June
08
4*4s
Bid
1 1942
Exchange
Friday
102
15
101
'
10
43*4
Oct
106
101*4
45
Oct
Nov
Aug
Volume
Financial
148
Chronicle
265
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Last
Week's Range
of Prices
Low
High
Week
Price
Par
♦
Provincial Transport Co.
Range for Year 1938
7
7H
Quebec Tel A Pow Corp A*
4H
4H
4H
Low
4M
4H
4H
60
5
5
76
106
108
59
Stocks (Continued)
High
10
Reliance Grain Co Ltd.. _*
Sarnia Bridge Co Ltd A.
108
5% cm pf 100
Sou Can Bow
United Distillers of Can. _♦
5H
7H
Dec
7H
July
5H
Dec
Base Metala
July
104
JtlTM
75c
11
Jan
109
Oct
1.15
Dec
6
Jan
Corp
1.10
Beattie Gold
..
26 He
Beatty Bros 1st pref
j
1.33
1.32
Beaubarnola
Mar
July
Bidgood Klrkland-..
3
54
50
3
2
290
146H
Mai
20c
Fet
H
49M
657
32 H
Nov
Big Missouri
1
28c
30c
Blltmore Hats
*
19H
19 H
367
17H May
20 H
Dec
Blue Ribbon
7H
3H
3H
47
50
Sept
69c
Oct
Bobjo Mines
3Hc
Jan
Bralorne
Mines—
~1
Alexandria Gold
lc
12c
Beaufor Gold
-
.1
13c
Sept
32c
Mar
13c
8,000
12c
Sept
83c
Feb
1,000
24c
De<
570
Jan
18c
1,000
7Hc May
31 Ho
Nov
5Hc
1
Bobjo Mines
Bouscadllhc'Gold
—
.
18C
10c
10c
10c
1,025
4c
4c
4Hc
4,400
27 H
27 H
27H
Nov
1.00
6,478
1,700
22 He
1.00
70c
Sent
2Hd
2Hc
3c
15,500
lHc
1
Brownlee Mines (1936).. .1
Bulolo Gold Dredging— .6
♦
»
Cndn Mulartic Gold
——
II
Capltol-Rouyn Gold
500
Ma
1c
27He 27He
1
.......
Big Missouri Mines.
12c
13c
Arntfleld Gold Mining.. .1
lHc
34c
Sep
15c
131
51,750
llHc allHc llHc
9H
SH
8H
6c
6c
6c
500
6c
20c
20c
21c
23,08?
18c
Central Manitoba Mlnes.l
3,525
30c
j
j Brown Oh
Jan
\ BuftaioAnkerlte—
16c
Feb
Buffalo-Canadian
Jai
5c
5c
900
1.90
Sept
3.20
20c
Mar
41c
2,162
32 H
32H
27 H
Jurn
7Hc
7Hc
8c
14,700
3c
Sept
13c
2.45
2.45
"2.75
5,200
1.05
JaD
2.82
1
Eldorado Gold M Ltd— .1
2.18
2.18
2.25
3.25
Mar
5.50
1,150
2,360
1.40
6.50
ibe
Klrkland-RandGold—— .1
Klrkland Lake Gold
.1
1,000
20c
Sept
540
*
1,873
6c
Dec
16 He
10c
150
6Hc
27c
1.43
Late -more Mines.—... .1
1.43
300
99c
8Hc
1,000
12c
Nov
50
'
•mmmm^srn.
Aug
Mar
Calgary A Edmonton
78o
Dec
6c
17c
Dec
68 He
Jan
17 Ho
Feb
1.50
Jan
32 He
68 H
Sept
Canada Steamships
5c
Sept
150
5.60
Jan
McTntvre-Porciiplne.... .5
54 H
54H
433
35 H
Mar
53 H
Dec
McKenzte-Red Lake—— .1
1,24
7.100
80c
Mar
1.40
Oct
Canadian Bakeries pref.
Canadian Breweries
Peb
1.75
1.31
1.75
20
1.55
Mar
2.52
Oct
2.95
2.95
3.35
6,085
2.10
Sept
6.40
4.60
4.80
1,900
2.90
Ma'
4.80
Oct
10,600
620
II
15c
15c
16c
14c
Sepi
Pato Consol Gd Dredging 1
2.45
2.35
2.60
955
1.65
Apr
2.70
Jan
1.75
1.85
300
2.65
Jan
1.63
1.76
3,852
1.37 May
1.00 Sept
1.77
Feb
Perron Gold Mines Ltd.. .1
1.63
Pickle Crow Gd M Ltd— .1
3.90
Mar
5.30
450
12H
Dec
17H
...
700
72c
Mar
1.93
.1
Bladen Ma!
4Hc
17,600
1.35
4,505
1.26
155
74
75
Nov
40c
Sept
5c
Sept
42c
Jan
Apr
r3Hc Sept
91 He May
7 He
Nov
5
200
8H
97 H
9H
245
98
34 H
16H
1,18 Dec
50c Sept
3.40
2,500
2,300
33C
ar
1.89
_
1.65
-
^
*
-
Mar
1.39
.1
Sept
26c
99c
3,550
6*c
Sept
1 23
Mar
3.55
500
2.60
Sept
3.60
Feb
4.55
300
4.30
v
10
62c
Jan
Jan
7
July
13
Mm
Jan
89
June
108
27
Sept
36
Jan
No
20
Mai
Ma
72
180
16
25
58
57
128
164
'
.
2H
2
125
10
9H*
65
20
40
40
v
•
Jan
..
22
"l75"
June
Jan
.
16 H
July
July
67
Mar
Jum
22
"J" 25
25
Oct
*
6H
86
90c
160
14H
Apr
Sept
Ap
23
Dec
167
Mft'
184
Nov
4
Sept
6
Aug
119
-16
19
July
32 H
^
23
Canadian Dredge
30,270
17c
42c
Sept
78c
34 H
23 H
1.00
Preferred
18H
Mar
36
15
1 60
Sept
Sept
35
140
Jun<
10
C P R
65o
815
""l8H
.
6
Mai
12
Der
2
Apr
18 H
17
550
3
106
O
1.65
30
2.35
2.30
Jan
Feb
Dec
Dec
8H
Jan
Dec
3H
'
Ja
H
12
Jan
98 H
Jan
28
1
17
July
Deo
July
125
50
3
18 H
2.31
Sept
Sent
450
11
3
110
13,082
6
5H
11
11
40
Jan
4H
Sept
10.
*
Wineries
Canadian Wlrebound Box
6
0,965
19
5H
21
If
124
106
'
18 H
106
1.03
98c
120
9
Mar
570
7
15
——
Apr
6H
7H
'
2H
"
7
18
Canadian Oil
May
Oct
Apt
1,10?
"
2H
il"""
Canadian
144
7H
17 H
23
5
Preferred
18
7
Dec
2.60 May
28
16 H
16H
Jan
40 H
405
4H
17H
7H
V—
June
15
22
......
2d preferred_
Can Car A Foundry.....
Jan
4H
47
177
4
4
150
Mar
> * 51
\' 10
1.75
175
Preferred-..
CndD Bk of Commerce. 10''
■■
Jan
29c
Sept
Sept
5.60
26c
-
3
Dec
"'"757
"
146
2H
1.50
100
4.30
4.30
75,659
3.45
3.45
64c
2.75
98c
»
Jan
38
19He Sep'
3
May
7
Dec
Nov
22
70
143
_.
Cndn Wallpaper B...
Jan
57c
29c
16
Dec
35
10,470
"40"
Jan
65c
3Hc
2.75
58c
.1
Teck-Hughes Gold
Thompson Osd
3,700
2,500
148
1
Sylvanlte Gold
5Hc
3Hc
1.27
«.».#>
_*
Sullivan CoriHOlldated—- II
400
9c
5c
3Hc
rm
_♦
(new)
65c
8c
5c
1
Sudbury Basin Mines
35
20
Aug
65c
65c
.1
,
Slscoe Gold Mines Ltd.. .1
14 H
60,485
Feb
1.70
*
Sherritt-Gordon
Rtadaoona
7,175
14 H
1.57
.1
5.50
14 H
w
"l
Shawkey Gold
22"
Mar
61
Jan
5.30
.1
Preston-East Dome..... .1
Red Crest Gold
De
Sept
9H
*
Pend-Orellle MAM Co. .1
Reward Mining—
7 He
25
*
*
Quebec Gold Mln
15H
4,800
62c
9H
Jan
4.65
II
Placer Development
1,090
11c
12 H
4H
Canada Wire B:.
—
16
2 55
Oct
Mar
Pandora Cad
6 Ho May
48c
2H
3.50
.
Sept
4H
144H
,101
Canada Permanent
503
m
lHc
*
1,510
*
13,200
70
1,000
«•»
Sept
Sept
Sept
2.25
Canada Packers
8c
m
tOHc
8c
;
1'
34
5.80
m
20c
1,740
34
'
}
50 H
*
11,300
15H
"
8c
Mining Corp of Canada.
6,900
27c
15H
3Hc
T
"Th
j Canada < >ment
6.70
Pamour-Porcuplne
Jan
July
5
Dor
2Hc
48c
■V'
.1
O'Brien Gold——
Feb
July
34
De<
2.26
1
-1
Sept
Dec
15c 17,He
8c
*
Calmont Oils...
Macaasa
45
23
7H
42c
15H
♦
Lebel-Oro Mines
Mines
July
22
2H
"16
!
Feb
Jan
6.95
14 H
Mil
4
16 H
10
£ 15
May
.
Deo
101,300
2Hc
...
Feb
10c
8Hc
.1
Laguna Gold
4.25
23c
10c
rOld(New) ,*
Sept
Sept
23c
5.50
Francoeur Gold
(Vuwol '
Aug
9Hc
_*
Nickel
FaJennbrldve
35
11H
71r
f 25c
15
Dec
33
Sept
Mar
8ept
35
Nov
.1
Nov
2H
Feb
Duparquct Mining Co- II
East Malartlc Mines
80
15c
25c
.*
Bunker Hill
ConsChlbougamauGldfldsl
•
Dome Mines Ltd
Jan
31 Ho
7H
5
Mar
900
Jan
35
Mar
12H
500
2.75
Jan
Mar
5
64 He
71
Building Products (new; .*
62c May
Sept
58c
11H
7,75
4,327
25 H
Feb
A|2H
B.__
Broulan-Porcuplne
Feb
2.55
—
2.55
British Columbia Power A *
,
4 H
23 H
24
22 H
July
Jan
Deo
7e
5,272
4H
22 H
6
.1
Jan * British DomlnlonOIl—_—*
23c 24He
«*«••• »
Central Patricia Gold... .1
Traction
Brewers A Distillers
British American Oil
1.27
Sept
_
Feb
Bra ill
i
9Mc
Dec
1
.
Oct
10c
3c June
Cartier-Malar tic Gold— .1
Central Cadillac Gold
J-M
32 H
Sept
Nov
Jan
5H
Sepi
25
30
15c 18 He
17c
Mines
20c
3
12(
50
50c
6H
3,156
7H
31
3,900
12,000
169
296
48
Oct
106
33,400
.
19 H
Corp..
1
26c 28He
48 H
Alder mac Copper
Sept
166H 167H
(H) Walk-Gooder A Worts*
Mar
July
39
26c
1
t
Walker Good A Worte(H) *
*
SI cum pref
__
95
July
11 H
Apr
Mai
3
Bell Tel Co of Canada.lOt
2
95c
45c
167 H
*
15
101
16
10,750
High
Sept
Jum
Sept
6H
88,990
1.40
101
100
20c
235
32
•
Low
5,000
8H
27
Range for Year 1938
Shares
27c
8H
_
27
*
....
Apr
.
Week
*
Sept
200
for
of Prices
Low
High
...*
Bear Exploration A Rad.. J
1
Week's Rang
Price
Par
Bathurst Power A
20
130
Sept
3
300
6H
6H
130
—
145
75c
75c
United Securities Ltd.. 100
Walkervllle Brewery
Sales
Last
Sale
Shares
7
Exchange
Friday
for
Sale
Shares (Concluded)
Toronto Stock
Sales
21
July
Nov
2.60
Aug
Dec
106
1.00
1.00
1.04
9,650
55c
Ma'
1.19
July
2.55
Castle Trethewey
Central Patricia
2.50
2.75
14,570
1.85
3.20
Feb
8c
8Hc
5,950
6Hc
Sept
Der
25c Mat
95c
Oct
8c
50c
Chemical Research.
50
15c June
*
2,001
Towagmac Exploration. .1
37c
37c
37c
1,000
36c
Dec
60HC
Feb
1.28
'1.25
1.35
30,901
630
Sep'
1.73
July
»
7.50
7.50
7.90
740
3.86
Sept
9.45
Nov
57c
57c
60e
15.115
35c Jurx
80c
Aug
18
18
7H
8
_#
15Hc
8.25
Walte-Amulet..
...
_
-rn'mr
Rights.
r
Wood
Cad
-
Wright Hargreaves
136
"
15c
18c
23,200
13c
Sept
43o
8.25
8.55
1,240
6.55
Mar
8 25
Dec
28c
11c
"...
14c
3,000
6c
Oct
15c
Jan
""T.46
Jan
145
50c
50
28c
Commoll Ltd..
34<
7
900
45c
Dp
2,000
19c
*M«
Rep
13 H
July
85c
Mar
'
43c
Jan
2.25
Jan
84
Jan
-
on—
1.95
Anaconda Oil Co
*
11c
.
Calmont Oil Ltd—....
1.26
1.47
1.00
Sept
1.51
2.25
2.55
1,000
1.67
Sept
3.10
Jan
Consol
64c
3,300
"20c
Sept
52c
Dec
Cons
60c
2,925
32c
Dec
85c
Dec
Consumers Gas
30o June
65 He
Mar
.
*
II
/•' 52c
60c
_*
Anglo-Canadian Oil..
Calgary A Edmonton...
2.25
mm
rm
ms
rm
m jm
*
Dalho utile Oil Co
r
2,150
_*
48c
48c
600
Foothills Oil & Gas Co— I*
1.05
1.06
3.50
Consolidated
Davies Petroleum
j
Rome Oil Co—
2.90
12,40?
60
179
180
75
Okalta Oils...
20
20 H
28 H
20h
29 k
__
*
3.60
Dec
46c
46c
25c
83,265
4,000
88c
21 He
•
II
18c
Oc4
30c
Nov
13 He
13 He
1.30
1.52
2,775
1.00
Sept
2.20
Jan
Distillers Seagrams
18 H
18 H
11c
500
6c
Oct
17c
Feb
Dome Mines
31H
31H
41Hc
43c
330
32H
Sept
1.30
Pacalta Oils Ltd
•
Royailte Oil (jo
42c
....
»
Sept
49
July
Davies
Petroleum
Denlson Nickel Mines
(new)
1C
Dominion Bank
Dominion Coal pref
'
200
205
16 H
17'
2
33 H
207
CANADIAN STOCKS
6c
10c
East Crest Oil
2.45
Mara &
Members:
McCarthy
2.45
)
Eastern Theatres pre:
Toronto Stock Exchange, Montreal Curb Market,
Nov
2,895
27 H Jun.
34H
Aug;
19?
189
16
390
25H
Week's Range
for
Sale
of Prices
Low
High
Week
Par
6%
Price
•
10
6Hc
17,300
6o
AUK
26o
Mar
12c
9,400
6c
Sept
15c
Jan
2,74
44,030
2.81
Dec
1.00
Mar
19 H
1,065
8H
Mar
8c
9Hc
13,166
6c
Dec
12c
Apr
1
3c
3Hc
20,500
lHc June
7c
Oct
—.1
23 He
26c
7,225
18
*
Acme Gas A Oil
Alton Mines Ltd
...
Ajax Oil A Gas
Alberta Pacific Grain-
..
-
9c
*
2H
inn
60
15c
2
10H
Sept
Sept
25c
3,060
12 He
45c
Aldermac Copper
45c
50c
53,039
28c
inn
65
65
15
15c
14 He
17c
1.30
1.24
1.48
27,135
Anglo Huronlan
*
3.00
3.00
3.05
Arntfleld Gold
l
12c
Ashley Gold
i
Astoria-Quebec
i
Auglte-Porcupine Gold —l
Gold Mines
Bagamac Mines
Bank field
Cons
Bank of Montreal
i
Nov
70
Sept
33
July
Oct
32c
107
Oct
65
10
54
Mar
65
Dec
5
Feb
Aug
50
2H
Sept
1.38
Sept
3.25
Mar
No'
Mar
4.26 Sept
!4Ho Sept
10H
Aug
2,15
2.28
23,220
7H
6
7H
6H
35
5.50
6,990
20 H
21H
5H
7Hc
6H
1,210
24,000
50
2.60
Sept
Sept
4.15
33o
Sept
9e
Nov
25c
Apr
10H
50
23
9H
14 H
Dec
Mar
11H
24 H
Dec
Oct
8c
Sept
22c
Apr
2,452
1,700
25c
11,700
115
1C
89
171
89
i 88 H
16HC
4c
12,700
2c
Sept
7c
Gold Eagle
Goodfish Mining.
64c 864,250
170
Sept
46Hc
l
i
.100
.100
19c
17c 22 He
74,400
31c
30 He
36c
29,566
2.20
2.15
2.20
81
305
2.45
305
2.45
9 He
25c
195
26
290"
25
222
Dec
27c
1.03
Feb
222 H
310
Jan
May
249
Oct
July
7H
50
6
Mar
10 H
9c
10 He
26,700
Sept
32o
Oct
Apr
3Hc
r2Hc
10c
3Hc
29c
10,508
'22 He
28c
17,800
10c 13 He
3,200
3 He
74
75
57 H
95
151
*
No par value.
6c
5c
Jan
40He
July
Dec
40c
Feb
2c
Oct
12c
Apr
81H
51H
Mar
58
Sepi
52
Jan
Nov
June
1,500
9He
Feb
18,500
5c
Mar
14c
Aug
2,000
4HC
Sept
11c
8
8
5
6
85
16
17
60
53 c
53c
60c
11,150
5H
6H
715
2Hc
Mar
68c
Ma'
4c
5H
Oct'
14c
Dec
0Hc
6
"ie"
20c
10c 12 He
6Hc
Gunnar Gold
2o Jutx
17,400
3Hc
8
60
15,900
25c
*
3Hc
lOHc
July
Feb
Feb
Oct
90
4H
56
Jan
Dec
Mar
Mar
14H
Sept
Dec
5Hc
74H
63c
3
75
Aug
50c
Apr
235
Oct
4Hc
Sept
7
May
3H
7H
3
Jan
63 He
20c
30o
9c
Glenora.
Mar
Mar
14c
8c
500
13 H
Jan
11c
5C
Aug
Jan
22 H
Rights
General Steel Wares
33c June
1,300
26c
3,600
22c
Jan
22,700
Nov
19,600
12 %
Feb
12c
3 Ho May
Jan
22Hc
8c
12H
Gatlneau Power.
70c
Nov
Dec
6.95
12c
12c
22 H
A
36Hc
1.65
5c
Feb
8
10
24c
67
7
5H
10c 12Hc
7Hc
25c
Mar
Oct
18
2H
Aug
95c
Junr
2H
Fleet Aircraft Ltd
Preferred
Mar
Jan
Anr
65
Apr
5H
29
9c 10Hc
9c
Bank of Nova Scotia.. .100
Bank of Toronto
1,781
Jan
65H
71,850
*
Amm
Anglo-Can Hold Dev.
Oct
Dec
100
21c
A P Consolidated Oil.. „_i
Algoma Steel pref
2H
24
24
4H
1.05
Jan
12
16H
12c 13Hc
2,795
July
Mar
«•
99
High
2 H
preferred
Preferred
Low
Shares
2H
17H
2H
16H
RH
Sept
Jun»
4H
"22 He
Stocks—
Abltlbl—
Nov
60
10c
Ford
56
2'
*****
Range for Year 1938
Mar
Jar
4H
5H
Sales
Last
Feb
7c
8H
""20H
13, both inclusive, compiled from official sales lists
Friday
Sept
19 H
25
5.35
Fanny Farmer..
Exchange
216
Dp.
1,095
1,360
6H
7H
English Electric B...
-
7 to Jan.
At
De'
107
Falconbrldge
Jan.
Jan
23 H
6
Toronto Stock
Mar
46c
Ma'
2.16
Eldorado....
Building, 320 Bay St., TORONTO
73
8er>'
10c
11
2H
Easy Washing
Canadian Commodity Exchange
Canada Permanent
Sep
20
65
)
—
Feb
107
16H
Preferred
Nov
38
2c
6
5Hc
9Hc
Jan
24
1,000
12
Dorval Slscoe—
ir*9
Ou
3c
11H
5H
6
Feb
Nov
Junr
35
17
50 H
....
Nov
42c
1,140
48
5H
Dominion Tar
R'<
17
66 H
16
4,700
11H
on
Mr
Sep
i
27
64,820
48
gladly furnished
173
2f
15r
r>ei
20c Jtr
45H
355
54c
20
3c
Dominion Explorers
Statistical Information
11 H
.
1,350
180
*
1.00
175
2,380
57
lie
_
Homestpad Oil A Gas...
16H
24f
.
23 He
57
KM
1.10 Junr
100
1.6C
16
16H
Bakerl®
Chlbougamau.
Smelters
900
2.90
May
1.95
1.45
5
4H
14
Dec
9H
Sept
13
Sept
33
Jan
Oct
July
Jan
48o
Sept
1.09
Mar
4
8ept
8H
Jan
Financial
266
Chronicle
fan. 14, 1939
±
Canadian Markets—Listed and Unlisted
+
Toronto Stock
Sales
Friday
Last
Par
Week's Range
for
Sale
Stocks (Continued)
of Prices
Price
High
Low
3c
Low
3.000
29
29
15
Halliwell Gold-.-—.—-1
6
7
5,650
Dec
27
4Hc
Aug
Mar
2c
6
34
Feb
He
Dec
Sept
3 X
Hedley-Maacot Mines... 1
High wood-Sarcee——*
3H
3H
250
2H
1.95
7c
Sepi
1,38
1.37
1.47
800
1.00
25c
24c
31c
15
195
13
"~14H
14 %
15
3,551
11
2.85
3.55 117,192
26c
58,300
Hinde <fe Dauch
Hollinger Consolidated ...6
Home Oil Co
22c
.1
--.1
24c
30c
28c
34 X
34 H
r
35%
Homestead Oil
Huron A Erie 20
%
—
-
'sx
-100
100
Imperial Bank—
Imperial Oil
212
*
IntlMetals A
.—100
16H
Dec
Mar
17H July
15X June
Sept
3.60
14c
Sept
Sept
Mar
20c
20H
37c
34c
35
6H May
10
Oct
Mai
215
Sept
190
5,966
14%
16
270
13X
Sept
Mar
19H May
15X
43
'4,400
30c
Oct
49c June
7
7
15H
Intl Utilities A..
9H
Mar
To burn
82c
Mar
Toronto Elevators
Dec
Dec
10
10
80
Kerr-Addison
—:.
l
Too
1.80
1.95
Klrkland Lake..
—.1
1.31
1.30
1.42
....-i
Lake Shore.—..———J
8Xc
8c
8Hc
49 H
3
50 H
7,350
2,370
3%
200
56,345
56,240
16c May
Sept
15H
Oct
25c June
2.50
Aug
88c
Sept
1.50
Jan
6Hc
44H
Dec
10
.
590
Sept
58
H
Mar
Feb
*
I"
Mar
13
15%
\5%
15%
26
10 H
Sept
17H
Oct
*
2 He
2Hc
3c
4,600
2c
Sept
6c
Feb
6.30
6.75
1,475
Landed Banking.
.100
'I'd"
55
55
La pa Cadillac
...j
Lamaque Gold Mines.
46c
...
740
1,590
12 H
3,300
76c
Dec
8c
4c
Sept
Apr
14H
Feb
150
85c
50c
Sept
3.60
31,115
2.10
Sept
6.00
Feb
24 H
335
19X
Mar
Nov
22 X
23
741
18
Mar
24H
22 H
Mar
79c
'
Jan
4.45
July
69c
Dec
Sept
71c
Dec
12c
Sept
27c
Jan
1 He
Oct
4C
Jan
55c
26,750
25c
1
59%c
59c
63c
33,300
23c
18c
21c
lc
lHc
2,100
16,200
Gold
McDougall-Segur.
5.60
.*
Manitoba & Eastern..
lc
*
6
Preferred——.
155
1,25
Sept
7c
3,950
6c
Dec
4%
...»
6
6
6%
2,605
——.100
Preferred
52
52
56H
McColl Frontenae—
100
—*
Mclntyre Mines
...6
"96"
..1
McWatters Gold..
—*
"65c
90
*
......
1
Monarch Knitting pref. 100
Monarch Oils
25e
Moneta-Porcuplne
1
—
"V.si
42c
23
*
—.100
Morris-Klrkland.
1
Murphy Gold—
NationalGrqcers.......
National Sewerplpe...... *
Nay bob Gold
.......1
Newbeo Mines
...*
New Golden Rose
36 He
.........6
Noranda Mines—..
_•
NordonOll..—.....
1
81v
Normetal
...
—
*
12,058
20
11c
9c
32c
Paulore
940
Oct
Nov
8c
13
2c
6%
Mar
2.67
Oct
20c
Sept
Jan
20
38c
24
Dec
31c
3,500
280
2.56
Sept
5c
3X
57,150
6,500
1,195
81H
5Hc
70c
46c 46He
13Xc
S.35
60
46c
4,250
22,900
115
104 H
14Hc
6H
6 He
272
4.75
8,000
16c
6,000
6c
555
7
7c
7c
Apr
79c
July
11 He July
May
11c
Sept
38c
Mar
Sept
2.15
Jan
Mar
84
19c
50
Nov
4c
Sept
22c
Mar
690
Feb
9%
Api
67c May
1.90 Aug
Jan
45o
Dec
64c
Feb
11c
6c
Sept
24c
Mar
25c
24 He
29c
22,440
20c
Dec
33 He
Dec
23c
Dec
55c
Jan
Sept
Sept
192
33
10
101
May
115
Dec
Saguenay Power pref... 100
St Anthony
1
104
104
100
95
June
103
Nov
1
4H
4H
35
.........
165
Sept
348
SU verwoods pref
72 H
Nov
"lHc
lHc
2c
1.71
1.85
10,500
4,651
lc
lc
3,000
116,
2H
36
105
2H
10
2
"
%
Oil Selections ........
3H
;
—1
.
*
-
n m *
„
1,500
2
5
3X
13
15
15
1.71
Oct
7X Dec
24Ho July
120
Sherrltt-Gordon
Sept
Mar
Oct
Dec
Sept
9c
24,308
9c
32
13c
15c
4
10c
1.40
4,000
115
21H
21H
39 H
39 X
8c
19
Apr
Oct
Sept
2c
July
1.30
Mar
2.62
Jan
He
Dec
2Xc
118
June
Sept
16X Sept
6 He Sept
30
43
Feb
Oct
23
3,200
8c
5
Dec
lc
426
22
Dec
Jan
4X
Aug
July
250
Jan
Feb
60
1.25
13c
lie
Feb
1.017
Nov
20c
1.26
25
55 H
4.85
2,500
4,700
Mar
56 H
17c
1,000
16,400
7,500
95c
12
National Steel Car.... —I*
104 X
9c
94c
30
Oct
Mar
27c
50c
14H
13H
N6v
Sept
Apr
2.90
1
...
14
19H
31X
4Xc
78
120
Sheep Creek
Oct
.
Sept
—
Deo
6,179
Nov
8
10
Sept
.100
Aug
16,100
27,850
Jan
"
20
10
5
United Fuel pref...
23H
1.34
Feb
60c
26
Waterloo Mfg A
Mar
4Hc
51
Dec
30
Temiskamlng Mines..
10
17
Mar
Sept
25c
860
Mar
Apr
1.28
5
29
315
6H
July
July
16
July
65c
30 H
59
July
52c
3 He
94c
9H
60
35
6
5H
5X
2.62
1.28
10
.
,35
40c
30 X
1.46
16X
~3Hc
5.H
31
40c
30 H
2.00
24c
1
Dec
"5 %
Oct
27c
1
1.10
.100
Mar
.
22c
_1
Sept
J-.*
Sept
4
.1
.......
35c
Jan
30c
1.00
100
Sand River Gold
27,150
Jhilv
Shawlnigan...
23c
Shawkey Gold—..
Nov
1.22
94 He
2c.
Oct
1
San Antonio..
Dec
39 H
23c
72c
Dec
6.700
70c
Mar
28c
Mar
Sept
14c
1.00
...1
17c
12 He
Nov
21X
He June
.100
1.75
81
32c
164
10c June
Rogers-Majestic
3,675
43 %
13,625
7,500
Robb-Montbray
2,000
187 H 189
July
67c
36 H
52c
35
3,050
Robt Simpson pref
24c
8c
9X
Feb
lc
Oct
2.40
370
Jan
July
16c
Jan
2.30
62,155
9
17H
1.65
He
Jan
21Ho
1.70
3.009
7
6X
52c
150
1.05
16c
2.30
Mar
24
.
Jan
1
5.45
July
100
110
1
■
5%e
2.65
12
310
14
1.00
....
Sept
3.30
2.45
»4%
12 H
12c
Sep;
3H Nov
12
Sept
75c Sept
3H Mar
.*
,
.....
Sept
Mai
2.70
2.27
Malroblc
2C JUDf
Sept
2.61
2.27
Kirkland-Townsite
85c
2.20
2.70
High
1 He
3,000
*
2.10
1.37
1
......1
lHc
6X
Pend Oreille
Aug
14,926
5,330
7,250
,
Dec
4
5.30
5.60
Humberstone
Ontario Silknit pref... .100
Pawnee-Kir kland
31c
Low
Shares
lHc
35
*
Jan
Mar
5.20
12 He
Dec
Range for Year 1938
1.00
*
Aug
3.80
5.20
—
Nov
Feb
l
Hamilton Bridge...
48c
Feb
42
H
Sales
13
—...
1.14
5,500
18,900
50
„
lHc
*
8.05
19
19
Price
*
Sept
Sept
19
...
45c
15
19
42
Mar
4%
27c
Apr
7.00 Sept
3 »
Sept
7Hc July
Nov
185
Feb
4
8 25
"
Mai
1.76
»
Par
...J
.
2c
lHc
.*
30c
Dec
both inclusive, compiled from official sales lists
Stocks—
Bret^-Trethewey
Montreal LH&P
Mar
...100
Dec
4
182
*
Nov
Mar
1.55
Jan. 13,
July
Sept
23
to
Sept
He
11
7
6c
38c
Russell Motors pref
Mar
7c
4
4
Toronto Stock Exchange—Curb Section
Jan.
Mandy
Mercury Mills pref
1.00
Royal Bank
6.50
5,100
Preferred
9,000
Royal ite Oil
20,937
9c
Jan
11,150
Ronda Gold Mines
8.50
8c
8c
4
...
19
85,074
Lao
8.20
*
York Knitting
6
He
Rocne Long
8.40
»
Ymlr Yankee Girl
31
60c
*
Wright Hargreaves...
*
1.75
...
Jan
Honey Dew
He
Gold
43c
Hamilton Bridge pref.. 100
51c
Reeves-Macdonald
July
Sept
Feo
7X
1.61
Reno
2.75
13c
Dec
3 He July
.
2c
48
2.95
~6H
Red Crest
Mar
22,400
"
1.40
8,028
8,200
6,250
3,494
3.00
11c
sept
Sept
Sept
12
100
1.55
1.25
18c
133
lHc July
40
3%
23
2.00
14Hc
•
1
•
Sept
115
5H
*
—
*
1.60
.1
Jan
20<
2.00
16c
....
Foothills
43c
Preston E Dome
B
Wood-Cad lilac...
Deo
5H
Pressed Metals..
3.10
16HC
3H
2.33
Nov
»
"'3%
*
1.50
Dominion Bridge
1.50
.1
173
Consolidated Paper...
5,940
135
25c
1.80
..
*
Daihousie Oil
1.00
He
;
1.75
#
-
Canada Bud.———-
55c
Premier
July
Oct
1.50
Gold....
Jan
18c
Canada Vinegars..... I— *
Canadian Marconi... —1
1.61
Rouyn
Power Corp....
Prairie Royalties
8c
Apr
Jan
Apr
1
Pioneer
Sept
3c
Dec
8c
8c
Apr
He
2He
Mar
23c
4.45
3Hc
6,300
11,800
40
1.75
103
Dec
Jan
4Hc
172
1.72
4.65
July
8 He
Apr
39c 192,100
5Hc
4Hc
13 X
4c
Deo
20c
8c, Nov
50
13 H
_J
Powell
500
He
He
Apr
Mai
9
7Hc
Apr
*
,*
930
Aug
34c
7%p Sept
14Hc
4c
Apr
1.45
18c 115,868
129
1
Photo Engravers
Pickle Crow...
12H
37
D&
Sept
8c
25
14,595
1
5c
1
143
52c
Cons...
2,500
14,100
#
192
22,173
44c
Petroleum-Cobalt
22 H
6c
7 He
24
—1
Wlltsey-Coghlan
Winnipeg Electric A
July
Perron Gold............1
Paymaster
120
6c
6 He
12
928
1.45
40
170 X
8Hc
Gold
24
6 He
*
_
20c June
June
July
4c
2,000
46c
Partanen-Malartlo—
ftp
Dec
8.36
]
Dec
Jan
50
16.240
for
12,500
Pandora-Cadillac
20 H
1.25
Week
17,556
19,841
Pantepeo Oil.—...... ...1
Mai
20
of Prices
Low
High
47c
66c
104
17
20
Week's Range
1.57
...
1,036
19H
Sale
•
...
Nov
Last
2Hc
*
*
.
Nov
MH
Friday
*
Page-Hersey
Porcupine—
9.45
Mai
Oct
23
6H
Sept
JaD
Mai
Mar
4,786
16c
47c
Jan
Nov
7,40
1.02
24
Western Can Flour pref 100
West Turner Petroleum 50c
26c
ft
Mar
Sept
30 H
24c
2.00
1.36
3
3,95
1,390
1.48.
1.80
39
Jan
1,000
12HC 14Hc
12Hc
15H
5,467
50
20
20
*
Aug
70c
47 H
48
2.45
7.90
7.50
7.65
»
Jan
Jan
Sept
9c Nov
4,656
70c
*
66c
10 H
3,090
;. ...I
Jan
Sept
90c
1,500
6H
5.60
13c
Mar
2c
Pacalta Oils..
14c
5%
5.40
6
5.50
25c
502
13
12H
69c
1.28
Pamour
1.60
Oct
2c
...
Dec
122
73
107
54
1.28
Plata—,
95
Oct
5
20
1,316
10,240
40c
35 X
.1
Orange Crush
Orange Crush pref
Mar
90
107
4,191
.»
Olga Gas...
Omega Gold.:—.
Feb
Feb
8.35
46c
48
July
9c 10 He
_*
Northern Canada
Northern Empire._...i..l
North Star pref
——5
O'Brien Gold——
1
Okalta Oils
*
18H
Nov
101
7,553
79 H
5Hc
Sept
JaD
Mar
11,550
3,300
42c
Jan
July
11
1.47
13
*
White Eagle
Whitewater
Feb
Nov
2.90
40
36c
1.47
»
Westflank Oil
13 H
109
Sept
30
•
Wendlgo..
Jan
July
,10
86 X
6c
1
Norgold Mines.—...
"1.7b
United Steel
Sept
June
1.50
Jan
68
15
*
Ventures
9
100
1
43
107
......
*
United Oil...—
5
1,550
167
22Hc
7%c
J
Nlplssing—
June
14
75c
129
I3"
1.05
10X
2o
""a x
...J
(new)
5.70
63
65c
170
18c
Uchl Gold
Preferred
Sept
17
2.30
90
50
Amulet
Feb
4.15
15
—1
Walkers
Dec
16
1H
43
43
Toronto General Trusts 100
Vulcan Oils.
2H
3.60
Sept
106
2.15
.
Gas
Mai
Sept
10 H
10H
106.
......
Aug
2.50
185
Dec
17,125
1
*
100
Preferred.
39 H
1.27
.1
Mar
11
10,620
Mar
13c
9c
"l~36
1.20
Jan
19c
1.25
4,750
4.60
1.25
3.80
1.65
11,995
3.55
12
4.20
Sept
8He Sept
68c Sept
"125
3
2H
3.35
ilH
4.20
Mar
1.32
23
170
2,125
3.975
6
'
Moore Corp——
A
Dec
28
1.23
MerlandOll.
Corp.
Model Oils...
Aug
22
662
11 He
1.24
19
May
Ho Mar
10
Dec
8,400
3.45
J.
Jan
Aue
14c
..50
......
May
10
95c
12
Toronto Mortgage
Towagmac
5
15Hc
20
2.87
*
Preferred..
Dec
71H
Sept
1C
2.70
.100
.
A pi
Sept
5c
Dec
8,000
24 H
1,338
5c
McKenzle Red Lake...—l
McVlttle-Graham
6
4
7
53 H
54
3.75 July
54
92
6%
*
7X Sept
Apr
Sept
2H
3X
6 Ho
1
5
70
45
3%
.»
Maralgo Mines
Massey Harris..
10
6
155
Maple Leaf Gardens pref 1
Maple Leaf Milling....—0
00
165
68,800
11 He
Nov
6.65
14,720
17,810
3.50
3.20
50 He
1
Feb
JaD
5.90
2.82
50M c
Cockshutt——,1
1.12
Mar
5.50
2.85
.1
Mines—
Madsen Red Lake
.
Jan
3-25
79c
7Hc
Apr
2.75
......
Preferred
Waite
Jan
17 H
76H
12Hc
Oct
1.13
Dec
24
MacLeod
Oro
Nov
Mar
3.30
Macassa
Preferred
65
24 X
22 H
»
1—
M lnlng
24c
*
1
A
Malartlc
""8c
7.30
Dec
Mar
Sept
55
*
Gold
B.__
13 H
6,65
Jan
13,034
39,170
...1
Little Long Lao
Loblaw
3i
54c 149,225
80c 84He
12H
13
Lava Cap Gold——
Leltch
46c
2
4H
Mar
10
22
.»
Tip Top Tailors
Union
Sept
Sept
'
*
July
He
2
16
25
»
Texas Canadian
May
66
3
*
.i,:..
77c
Jan
25
10Hc
10
Jan
'
*
40o
7
50
24c
489
2H
72 H
9c
9Hc
...1
60c
6Hc
11c
64,397
92c
May
Dec
Sept
55,910
13,455
9c
64c
3
..
»
.
Sudbury Contact..... ...J
5
lie 13 He
Jan
16 H
Sullivan
31 H
10c
25c
71H
......
.100
Stuart Oil pref
Sturgeon River Gold. ...I
»
Sudbury Basin
Mar
llHc
6,200
75
"
22
l
Jan
4c
16 H
73
-.25
—
58
Aug
70C
73
.....
Preferred
Mai
9X
10c
Sept
2He Dec
28c 8ept
2H
......
*
Sterling Coal
37
170
'
.
.
Straw Lake Beach
Tamblyns.
Teck Hughes
30c
Kelvlnatbr—--—. *
.
»
May
Mar
Aue
25c
54c
59c
...
Steel of Canada
Sylvanlte Gold..
J M Consolidated....... 1
Lebel Oro
Standard Paving:
Stedman Bros Ltd
Supersilk A
10c
Laura Secord (New).. —3
..1
Stadacona
Jan
Oct
2c
700
8c
—...
*
Dec
5,398
2,973
6c
2,500
55c
3c
.
Spy Hill Royalties.... .25c
Dec
65 H
27
74,800
9c
55c
lie
♦
*
90
9X
13c
Sept
Sept
8c
...1
...
107
25Xe
—
Slave Lake
Sept
5,700
.
Mar
Juut
8.600
Lake of the Woods.
Jan
1.38
4
33c
Lamaque Contact.
3.40
65
lie 11 He
Lake Sulphite.
Dec
49c
15
lie
-J
Lag una Gold—
1.16
11,400
45
26%
8%
*
6,600
75c
215
26%
Cons
1.60
74c
88
98 H
Jan
1.47
106
6H
High
95
Sept
75c
105
International Pete
Jelllcoe
July
69
1.49
88
105"
52 H
Mlnes.—.....:1
Oct
40
52X
Jack Waite
Jan
Nov
16
International Nickel
Jaoola
Deo
Low
224
90
88
...1
South End Pete
Dec
90
Range for Year 1938
Shares
...1
Southwest Pete
23c
Price
Hlscoe Gold
July
1.40 NOV
for
Week
Sladen Malartlc
Mar
40
pref..100
Metals A
Intl Milling prel
ion
57
July
Par
of Prices
Low
High
preferred-.. -100
2.93
80c
25
8%
213
212
16%
Imperial Tobacco...---.6
Inspiration Mining
13,700
1,523
4
Simpsons
17c
Sept
6c Sept
55,660
30c
Hudson Bay Mln A Sm._*
HowejGold
9He Nov
Jao
10c
35,340
22,300
l.lo
90
14
Marker
1.70
2.90
1
Hard Hoc*
1.75
10c
Harding Carpets——
Stocks (Concluded)
High
Week's Range
Sale
Shares
3Mc
Sales
Last
Range for Year 1938
Swayze.
-.1
Hamilton Cottons pref..30
Exchange
Friday
Week
Halcrow
inter.
Toronto Stock
Exchange
48 H
200
7He
Sept
1.00 Sept
13 He Sept
3Xc Sept
75c 8ept
90c Sept
IX
May
1.55
25c
34C
Sept
Jan
Mar
Jan
Oct
Mar
1.21
1.90
.
Feb
Oct
4H
Den
._
1
*
1.05
.
375
40
1.05
Apr
1.00
100
Dec
'
2.50
July
Julv
Industrial and Public Utility Bonds
Closing bid and asked quotations, Friday, Jan. 13
bid
Ask
Bid
Abltlbt P A Pap ctfs 5s 1953
1946
60
61H
82
84
Beauharnols Pr Corp 5s *73
105
Bell Tel Co of Can 5s. 1955
1I0X 110H
44 H
45H
Alberta Pac Grain 6s.
Brown Co 1st 5Xs
Burns & Co 5s
_
1946
1958
48
Manitoba Power 5H«-1951
5 Hs series
B-.
1952
Ask
78.
"
78
Maple Leaf Milling—
2Hs to 38-5X8 to '49...
43
45
Massey-Harrls Co 5s.. 1947
101
101X
Minn A Ont Paper 6s. 1945
59
/35
35X
105
101X 102H
Montreal Island Pr 5 Hs '57
1941
106
Montreal L H & P ($50
Canada North Pow 5s. 1953
103
103 H
Canadian Inter Pap 6s 1949
Canadian Lt & Pow 5s 1949
99
99 H
100
Calgary Power Co 5s..1960
Canada Bread 6s
Canadian Vlckers Co 6s '47
Cedar Rapids M A P 5s '53
99
par
value)
3s
3 Hs
1939
1956
1973
3 Hs
Montreal Tramway 5s 1941
100
49H
50
103H 104
100
9.7
100H
98
113X
Consol Pap Corp—
Power Corp. of Can 4Hs'59
5s
Dec 1
1957
100H 101X
J02H
1961
7
47 X
Dom Gas A Elec 6 Hs. 1945
JDonnacona Paper Co—
90
90 H
Price Brothers 1st 5s..1957
74
75
Provincial Pap Ltd 5 Hs '47
100H
43"
Saguenay Power 4Xs A *66
4X8serle8 B
1966
Shawlnigan W A P 4Hs '67
105H 106 X
104 H 105H
Smith
'51
103
104
United Grain Grow 5s. 1948
91
93
58
60
5Hs ex-stock
4s
1956
2nd conv
deb
4s... 1957
98
99
96
98
East Kootenay Pow 7s 1942
Eastern Dairies 6s
Eraser Co 6s
1949
Jan 1 1950
41
98
Gatlneau Power 5s...1956
104 X
Gt Lakes Pap Co 1st 5s '55
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
99
100
85
1961
91
1951
66 H
•
No oar value.
f
86
H Pa Mills 4Hs
United Securs Ltd 5 Hs '52
5Hs
6s
MacLaren-Que Pr 5Hs '61
104H
103
Flat orlce
93
•
Winnipeg Elec 4Hs. ..I960
n
101X
4-58 series A
1965
62
4-5s series B
•••
104
104
1965
43 H
Nominal.
_____
•
«
62 X
Volume
»
148
Financial
/
Quotations
Bid
a3s
Jan
1 1977.
Bid
1 1966
i4Xb Apr
o3^s
a4%a June 1 1974
118
a3%a Mar
1960.
105% 106%
104% 105%
14^8 Feb 15 1976
i4^sJan
1 1977
03^8 Jan 15 1976.
104% 105%
i4^s Nov
15
118K 119%
118
119%
118% 120%
a4s
May
1 1957.
110
111
i4Hb Mar
1 1981
a4s
Nov
1 1958.
110%
111^
i4
a4s
May
1 1959.
110>* 111%
a 4s
May
1 1977.
113
a4s
Oct
1 1980_
113% 114%
a4%a Sept
04%B Mar
1 1960.
114%
1 1962.
114% 115%
14^8 Dec 15 1971
a4HB Mar
1 1964.
115%
i4^sDec
1
Friday Jan. 13
Ask
114%
115%
116%
FISCAL
115% 117
117% 118%
101% 102%
105% 106%
May 1 1954.
a3%a Nov 1 1954.
-
City Bonds
Ask
99% 100
1 1975.
a3%S July
267
Over-the-Counter Securities
on
New York
Chronicle
i4Ms Apr 15 1972
*78
Bank Stock Series
Mb May 1 1957
116M 117%
a4%s Nov
1 1957
116% 117%
i4^s Mar
1 1963..
14^8 June 1 1965........
118% 119%
119% 120%
14 Mb July
120
1 1967
LOS ANGELES
JERSEY CITY
BOSTON
121%
121% 123
124
1 1979
125%
New York Bank Stocks
Par
Bid
Ask
Par
Bank of Manhattan Co. 10
15%
16%
National Bronx Bank
Bank of Yorktown..66 2-3
New York State Bonds
38
42
National City..
Bensonhurst National—60
Chase
Bid
'
62.05
less
1
3s 1981
62.10
less
1
Canal A Highway—
5s Jan A Mar 1964 to "71
62 35
•"
143
Highway Imp 4^8 Sept '63
Canal Imp 4%b Jan 1964-.
Can A High Imp 4%b 1965
'
,
mmmm
143
140%
Bid
32%
Penn
160
Exchange:
Peoples National
710
750
Public
Avenue...
—
100
-
mm
Canal Imp 4s JAJ '60 to '67
135>*
Barge C T 4s Jan '42 A '46.
113
•
1942-1960
107
101% 102%
1977
1640
Sterling Nat Bank A Tr 25
21%
103
Trade
15
18
Bank
100
97
Bank...
12%
mm.mm
STOCKS
,;:;C
Ask
,.%,l
'V;
108
Laird, Bissell & Meeds
...MAS 60.35 to 1.00%
-MAS
111% 1121i
120 Broadway, New York
Inland Terminal 4%b ser D
-
Wilmington
1939-1941
MAS b0.50 to 1.25%
MAS
109
Bell
System
110H
—
Teletype
N Y-l-1248 and 1-1249
New York Trust
Bid
Philippine Government—
100
4s 1946
Ask
101%
109%
1959
1952
110%
109% 110%
—
102
1955
100%
Feb
1952
111
113
5 %b Aug
1941
110
111
116
118
Hawaii 4 Hs Oct 1956——
Tel. BArclay 7-3500
-
Philadelphia
109
;.;v
Bid
Honolulu
5s.
63 50
U 8 Panama 3s June 1 1961
122
Ask
3.00
123 %
Govt of Puerto Rico—
4^s July 1952
113% 116%
5s
July 1948 opt 1243.
U S conversion 3s 1946
Conversion 3s 1947.
111% 113
109
111
109% 111^
Par
Bank of New York
Bankers
Bronx
County.-
379
44
46
6
..7
Par
200
215
100
234
239
6%
83
Chemical Bank A Trust-10
Clinton Trust..
Irving
Kings
-10
44 %
-25
„
Manufacturers
Bid
3s 1955 opt 1945——J«U
3s 1956 opt 1946
JAJ
3s 1956 opt 1946
MAN
..20
-
■■
v
■' '.'■■■
'
105%
105%
105%
51
39 %
53
85
88
.20
6
.100
80
Bid
107
Title Guarantee A Tr.
14
15
United States
.-.10
Par
Bid
Life
Aetna
Atlanta 3s.—
Atlantic
3s
———-
Burlington 5s
4%a.
.
.'. ■'
99% 100%
99% 100%
'
.
'
Chicago 4^s and 5s
,
—
North Carolina 3s
First Carolines 6s
98%
—
99%
100
Fletcher 3%a...
101
99% 100%
Oregon-Washington 5s
J 42
45
100
101
Pennsylvania 3#s—
99% 101
First Trust of Chicago 4 %a
100%
99% 100%
100
Pacific Coast of Portland 5s
102
99 % 100
First Texas of Houston 5s.
100
Phoenix
99%
Wayne 4^s
Fremont 4^8
4%a
104% 106 %
5s
101
100
i:
107
Potomac 3a
108%
99% 100%
—_
77
-
-
St Louis 68—
102
3s
80
San Antonio 3s
78
—
6s
82
Southern Minnesota5s....
99% 100%
Illinois Midwest 6s
P5
93
96
100
101
Southwest
•»;
m
33
100% 101 %
5b
/II
13
74
78
99
100
97
Iowa of Sioux City 4%a...
Lafayette 5s
v
Lincoln 4%a
5s
84
Union of Detroit 4^8—
6s
87
85
——
22
23%
X24%
..10
6%
8
American of Newark
.2%
12%
39%
X27%
52%
14
Re-Insurance. 10
American
American Reserve
..10
American Surety
..25
Automobile
-10
88
99% 100
.Virginian 5s
.
100
Virginia-Carolina 3s
99
101
100 >4
Par
Home Fire Security
Homestead Fire
Fire
Boston
.100
Fire
46
50
Merch A Mfrs Fire New'k 5
8
9
54 %
Merchants (Providence)..5
4
6
37
94%
7%
613
Casualty...--.10
26%
28%
10
58%
National Liberty
——2
National Union Fire....20
7%
60%
8%
National Fire
19%
24%
21%
New Amsterdam Caa
-.10
26%
New Brunswick
City of New York
..10
21%
22%
New
Connecticut Gen Life- -.10
24%
26%
37
39%
2
.—10
New York Fire
Continental Casualty. ...5
Northern...,
2%
-2%
Excess
3%
49
Employers Re-Insurance 10
...5
Federal..
..10
51
6%
Hampshire Fire...10
North
-.10
59
60%
Fireman's Fd of San Fr.25
81
.5
_
Firemen's of Newark. —5
Franklin
Bid
Atlanta..
100
45
Atlantic
100
39
Dallas
Moines
35
—
100
55
First Carolines—
Par
New York
45"
125
117
Denver..-i.—.
Des
Ask
North
Fire
...
8%
9%
■28%
—6
26
27%
National.25
Pacific Fire.———
25
10
Potomac
80
6
19%
21%
32%
34%
Preferred
Accident
30%
Reinsurance Corp (N
Republic (Texas)
(Paul)
Y)_2
8%
.10
25%
23%
Fire..-i.10
Rhode Island
44%'
23%
24%
Rossi a
Ask
Glens Falls Fire
...5
42%
44%
Seaboard Fire A Marine ..6
—5
Seaboard
5%
Globe A
Globe A Rutgers Fire. ..15
.100
20
25
100
85
100
Virginia
1
2%
Virginia-Carolina
1%
100
Fremont
14
75
70
-
3%
Lincoln
10
65
San Antonio.-:
3
.
—
.5
100
1.55
2d
Republic
.6
5
St Paul lire A Marine
25
10%
15
12%
25
27%
Surety
..10
Security New Haven....10
1.75
75
66
69
Springfield Fire A Mar..25
Great American
75~"
129
Providence-Washington. 10
22%
100
Pennsylvania
40
65
.
125
115>* 119
76
42%
21%
—100
:
Carolina
16%
......2.60
River
Home....... ..10
Georgia
Bid
46
100%
Gibraltar Fire A Marine. 10
Par
14%
98
Phoenix
Revere
.
44
84
Flre Assri of Phila...
General Reinsurance Corp 5
Joint Stock Land Bank Stocks
114% 119%
11%
12%
32%
34%
-.12.60
Northwestern
7%
41%
43%
117% 119%
Fidelity A Dep of Md. ..20
2%
4%
29
Carolina...
Eagle Fire
3%
41 %
603
—5
10%
2%
1
55%
National
Camden
5
Casualty
3
53
6%
91%
-.25
64%
37%
9%
18%
66%
40%
Mass Bonding A Ins..12%
Merch Fire Assurcom
.6
35
American._ .2%
Bankers A Shippers
17
Ask
2
10
Jersey Insurance of N Y—
Knickerbocker
5
Maryland
Bid
10
ins Co of North Amer... 10
Lincoln
26
American Home
Baltimore
100^
\00% 102
Fort
-10
Equitable- —6
American
6
14%
101
,
—
Ask
99 %
Ohio-Pennsylvania 5s
Dallas 3s
Greensboro
New Orleans 5s
New York 6s
34%
/31%
-
-
99
35
'
Central Illinois 5s
Denver 5s
Bid
—26
American Alliance
Montgomery 3s.
35
/30
/30
...
—
.
..10
Agricultural
Bank Bonds
Ask
109% 113%
47%
49%
27%
28%
73%
76%
Aetna
Ask
7
90
'1600
Insurance Companies
Aetna Cas A Surety.- —10
Bid
100 1550
Ask
107%
105% 105%
Joint Stock Land
,37%
14%
52%
111% 111%
'
•
13
Underwriters
3%b 1955 opt 1945—MAN
4s 1946 opt 1944—...JAJ
32
.25
-
51%
2(J
Empire
Ask
105%
11%
1550
..20
Preferred
11
Corn Exch Bk A Tr
Federal Land Bank Bonds
28
New York—.
65
9
-.—25
10 M
100 1500
County----
84
8*
50
Colonial Trust
A sk
100
Guaranty
Lawyers
Central Hanover.-.-.—20
Bid
Fulton
74%
69%
100
-
Companies
Ask
369
..10
;
Brooklyn
Bid
100
Continental Bank A Tr.10
".
12
First National of N Y..100 1600
United States Insular Bonds
.
27%
mm
1942 1960-.-
George Washington Bridge
4^s ser B 1940-53.MAN
6s
54
25
National.
NEW YORK BANK and TRUST CO.
Bid
1939-1941
Gen A ref 3 lis
Apr
47
28%'
23%
Authority Bonds
Ask
104^ 105%
99% 100%
6s
10
..50
116
106
3%b '65
Gen A ref 3d ser 3 %a '76
4^8 July
U%
-.10
mm
.mm
135%
107% 108%
Gen A ref 4th ser 3s 1976
4^8 Oct
25%
13%
Holland Tunnel 4%B ser E
Gen A ref 4s Mar 1 1975.
ser
Sept 1958 to '67
Barge CT 4Kb Jan 1 1945.
mmmrn
Port cf New YorkGen & ref 2d
National Safety Bank. 12 %
100
30%
154
48
24
Merchants
61.50
mm
Improvement—
4s Mar A
75
....13.55
Commercial National..100
Ask
Ask
43
'
Port of New York
*
4^8 April 1940 to 1949..
Highway
mmm-~
Bid
World War Bonus—
Bid
50
12
Fifth
Ask
3s 1974
inc.
Insurance Stock Series
Transcontirient Shares Corporation, Sponsor
119% 121%
...
FUND,
119%
—5
24%
26%
Stuyvesant
Great Amer Indemnity
—
1
8%
9%
preferred
Halifax
5
Home.
5%
231
7
5%
27
29
28%
30%
118
121
6
3
4
430
480
100
337
447
22%
24
Travelers...-.
32%
U 8
76%
U S
57
U S Guarantee
30%
..10
6
4%
100
55
10
Hanover.
Hartford Fire
Hartford Steam boiler. -.10
4
227
Sun Life Assurance
30%
74%
•
9%
27
25
32%
Westchester
Fidelity A Guar Co..2
Fire
4
10
Fire
2.50
18%
20
52%
54%
61
63
33%
35%
Federal Intermediate Credit Bank Debentures
Bid
Ask
!%&!%% due Jan. 16 '39 6 .25%
1% &. 1%% due Feb 15*39 6.25%
Bid
1%
1%
1%
1%
1%
1%
1% due
Mar 15 1939 6 .25%
1% A 1%% due Apr 15'39 6.25%
1% due
May 15 1939 6.25%
1% due
June 15 1939 6 .30%
15 1939 6 .30%
15 1939 6.35%
due—
due...
due...
due
due
—Oct.
15 1939 6 .35%
16 1939 60.40%
1 1939
due..,- ...Dec
1
60.40%
1939 60.40%
Ask
Surety Guaranteed Mortgage Bonds and Debentures
bid
m
mm
m
Arundel Bond Corp 2-5s '53
55%
Debenture
3-6s
Series B 2-5s
1953
Potomac Bond
89
Ask
American National Bank
A Trust
Par
Harris Trust A Savings. 100
100
210
220
Northern Trust Co
100
Bank A Trust
National..—
Ask
53
[290
300
508
48
mm
mm
mm
m.rn
77
79
100
218
223
SAN
35%
269.
Corp (all
2-5s..
1963
1953
88%
mm
Potomac Deb Corp 3-6s '63
Potomac Franklin Deb Co
1953
52%
54
57
55%
ture
Corp 3 6s
1953
94
Potomac Realty Atlantic
series BAC
/24
mmmm
Deb
Corp 3-6s
1953
53
56
'
-
J24
-.
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-68.1953
»
88%
52
mm mm
■
mm mm
55
mm
52%
49%
Potomac Maryland Deben¬
Central Funding
33%
—
93
90
1953
523
FRANCISCO—
Bk of Amer NTA8A 12%
Issues)
3-6s
Nat Bondholders part ctfs
33 1-3
page
■
Mortgage Bond Co of Md
Inc 2-68—
Ask
Potomac Cons Deb Corp—
3-6s
1945
2-3s
Rid
series A A D
For footnotes see
mmrnm
Empire Properties Corp—
Continental Illinois Natl
First
mmmm
69
Interstate Deb Corp 2-5s'56
Bid
1954
79
55%
53%
mmm
Chicago & San Francisco Banks
Bid
Nat Union Mtge Corp—
Series A 3-6s
1954
Associated Mtge Cos Inc—
mmm
Cont'l lnv Bd Corp 2-52 '63
Cont'l lnv DebCorp3-6s '53
Par
Ask
87
Arundel Deb Corp 3-6s '53
Realty Bond A Mortgage
deb
3-6s
1953
62
Unified Deben Corp 5s 1955
48
51
Jan. 14, 1939
Chronicle
Financial
268
13 -Continued
Quotations on Over-the-counter Securities—Friday Jan.
Railroad Bonds
Asked
Bid
Guaranteed Railroad Stocks
5ks
Akron Canton and Youngs town
6s
-
Atlantic Coast Line 4s
3o$epb t£lalker$$ons
Baltimore & Ohio 4ks
Boston 4 Albany
Membert h[rw York Stock Exchange
4ks
Boston & Maine 6a
120 Broadway
4V4
Cambria A Clearfield 4s
Tel. REctor
NEW YORK
2-6600
....
Chicago Indiana A Southern 4s
Chicago St. Louis & New Orleans 5s
Chicago Stock Yards 5s....
Cleveland Terminal 4 Valley 4s
Connecting Railway of Philadelphia 4s........—
Duluth Mlssabe 4 Iron Range 1st 3ks —
Guaranteed Railroad Stocks
'
<■;
■.
10.60
119
6.00
(Delaware 4 Hudson)
Allegheny 4 Western (Buff Roch 4 Pitts)
....
Albany 4 Susquehanna
70 k
124
67 k
6.00
Central)
49
New York Philadelphia 4
52
Norfolk 4s
Norwich 4 Worcester 4k8
27k
29k
81k
84 k
18
23
2.85
43
46 k
83 k
85k
Providence 4 Worcester 4s
65
69
—
Portland Terminal 4s
6.00
Terre Haute 4 Pecorla 5s
Central)
..100
(New York Central)
-.100
Boston 4 Providence (New Haven)
5.
100
Canada Southern (New York Central)
—
—100
Carolina Cllncbfleld 4 Ohio com (L 4 N-A C L)_.
Cleve Clnn Chicago 4 St Louis pref (N Y Central) -.100
2.00
...50
3.50
71k
74
2.00
42
45
-.25
2.00
41k
43 k
—100
5.50
50 k
64 k
Georgia RR 4 Banking (L 4 N-A C L)
Lackawanna RR of N J (Del Lack 4 Western)— ..100
-100
Michigan Central (New York Central)—
-..
-.50
Morris 4 Essex (Del Lack 4 Western)
9.00
60.00
3.875
33 k
35
-100
—
5.00
65 >
68
Beech Creek (New York
8.75
Boston 4 Albany
(Pennsylvania)
stock
Betterment
...
Central
Northern
(D L 4 W)
Lackawanna 4 Western
New York
,
8.50
5.00
j.
(Pennsylvania)
Fort Wayne 4 Jackson pref (N Y Central)
Delaware
153
4.00
—60
4.00
83
38 k
41
Railroad
43 k
St Louis Bridge 1st
7.00
150
166k
138
141k
-100
6.82
62k
6.00
125k
■'''
■'
169 k
nmmJ-
pref (Terminal RR)
62
126
94
85.
"
74
71
103 k
102 k
115
85
83
70
102 k
91
107
105 k
100
97
104 k
"63
39
37
-
49
1990
k
50 k
Equipment Bonds
Ask
Bid
Ask
Bid
5.00
57 k
61
60 k
3 50
24k
61k
3.00
Seashore (Penn-Readlng)
5.00
New York Central 4ks
63 00
2.25
65.75
5 00
5S-...—
N YChic ASt
62.50
1 75
62.90
2.00
Pennsylvania RR 4k8
62,00
1
62.75
2.00
5a
61.50
1.00
65.25
4.75
4s series E due
62.40
1.75
2ks series G non-call
61.50
1.00
—
Mississippi Power $6 pref *
59k
Arkansas Pr & Lt 7% pref *
87 k
89
*
Mississippi P & L 56 pref.*
66
62 k
69
66 k
68
*
r*
*
Atlantic City El 6% pref.*
Birmingham Elec $7 pref.*
2
preferred
3k
Miss Rlv Pow 6%
pref. 100
4
7
4
7
Monongahela
5k
Pub 8erv 7%
112 k
69k
67 k
$1.60 preferred
25
Carolina Pr & Lt $7 pref—*
*
Nebraska Pow 7% pref.100
Newark Consol Gas
New
82
92
New Orl Pub Serv 57
New York Power A
Consol Traction (N J). 100
49 k
4k
63 k
Consumers Power $5
pref*
3k
99k 100 k
cum
...100
Dallas Pr A Lt 7% pref. 100
116k
Derby Gas & El f7 pref..*
Essex Hudson Gas
..100
85
83k
36
207k
Federal Water Serv Corp¬
se cum preferred.......
20
.
21k'
ok an
57k
*
—100
S6 preferred
7% preferred
107 k 110
112
115
102
110
Amer Utility
Pacific Pr A Lt 7% pf..X00
105k 107 k
72 k
69k
100 k
17k
100
6% preferred..
Republic Natural Gas
3
1
8% preferred D
100
Sioux City G A E 57 pf.100
4
102k 103 k
88k
91H
28 k
29k
61k
6% pref series B......25
Tenn Elec Pow 6% pf.100
...100
7% preferred
t
63k
69
71
60
53
Texas Pow & Lt 7% pf.100
X91k
21k
22k
Toledo Edison 7% pf A. 100
109
26k
28
93k
Union Elec Co of Mo—
niH
55 preferred
26
28
70k
72 k
"pk
114k
United Gas & El (Conn)
100
7% preferred
Utah Pow A Lt 57 pref...*
73 k
1963
4ks--1948
1st mtge 4s.
s
f debenture
51k
3 ks revenue
1944
1949
3ks revenue
Commodity Credit Corp
H% notes Nov 2 1939.
153
Ask
Associated Electric 5s. 1961
6
2.20
less
1
b
2.60
less
1
100.27 100.29
July
1939
Dec
1940
102.21 102.24
H % notes July 20 1941
H%
Nov 1 1941
100.19 100.21
100.19 100.21
Apr
Natl.
1 1943
Reynolds Invest'g 5s 1948
Mtge Assn
101.19 101.21
Iks Jan 3 1944-opt '40
100.9
100.11
4s serial revenue..1942 b
4s serial revenue—1968
For footnotes
see page
63
110k 111k
Triborough Bridge—
1.90 less k
4s s f revenue '77-AAO b
269.
...
^
.
1
Power 3ks
1967
107k
Income deb 4ks
1978
34
35
...1973
56
City Pub Serv 4s, 1957
Pow 4 Lt 1st 4ks '65
107 k
/55 k
26
110k
29k
32
56 k
58"
Lehigh Valley Transit 5e '60
Lexington Water Pow 6s '68
Lone Star Gas 3ks ..1953
Mich Consol Gas 4s 1903—
1973
62
64
Missouri Pr 4 Lt 3ks.l966
1973
68
70
Mtn States Pow 1st 68.193:-
8-year 8s with warr.1940
99
99 k
88 without warrants. 1940
98 k 100
Narragansett Elec 3ks '66
N Y, Pa 4 N J Utll 5s 1956
N Y State Elec 4 Gas Corp
Conv deb 4s
Conv
deb
4ks----1973
Conv deb 5e
Conv deb 5ks
Assoc Gas 4 Elec Co—
30
Cons ref deb 4k8—1958
Sink fund lnc 4s
1983
28
Sink fund lnc
25
27"
27
29
<•
..1965
4s
43 k
72
106 k
97k
104 k
95
107 k
64k
97
North Boston Ltg Prop's—
23
4ks—1983
Secured notes 3ks—1947
105k
Ohio Power 3ks 1968——
105 k
lnc5ks-1983
29
Ohio Pub Service 4s_. 1962
106k
Sink fund lnc 4-5S..1986
24
Old Dominion par 6s..1951
Peoples Light 4 Power—
Sink fund
1983
4k3-5ka-.1986
26
28
30
5k8-6ks—1986
61
1961
79 k
Portland Elec Power 8s '50
/14k
1st
lien
3-6s
Public Serv Elec 4 Gas—
1968
108 k 109 k
Cent Ark Pub Serv 5s. 1948
88
90
Central G 4 E 5k8—.1946
1st lien coll trust 6s. 1946
73 k
75 k
76 k
78 k
98 k
99
G *60
3.40
lessU2
106 k 107
2037
144 k
2037
211k
1st mtge 3ks
1968
109 k
Pub Serv of Northern 111—
1st mtge 3ks
Income 5ks with stk
lk
2
68k
'52 /
69
107 k
75
69
1947
103
San Antonio Pub Serv—
108k 109
1963
104 k
Sioux City G 4 E 4a.. 1966
Edison—
1958-193!
1968
Republic Service coll 5e '51
St Joseph Ry Lt Heat 4 Pow
4ks
Central Publio Utility-
Commonwealth
1st 4 ref 5s
Pub Utll Cons 5k8---194>»
1968
ser
101k
1st mtge 4s..
Sou Cities Util 5s A—1958
43
Cons Cities Lt Pow 4 Trac
5s_.
_
ConsofE
4 G
6s series
Tel Bond 4 Share 5a—1958
67
83k
84 k
6a"a"11962
45
46
Texas Public Serv 58—1961
91k
1962
45
46
Toledo Edison 3ks
1968
106 k
_
.
B._
Coll lno 6a (w-s)
100.19 100.21
,
-
68 k
Federated Utll 5ks—1957
Havana Eiec Ry 6s
1952 / 37k
Kan
19Q2
Utlca Oas 4 El Co 58-1957
Crescent Publio Service—
1
4 75
Kan
28 k
31
3ka
Home Owners' Loan Corp
June 11939
60
101.31 102.2
2s May 16 1943.opt'39
4 75
65 5C
Mortgage 3ks
1968
Inland Oas Corp 6ks_1938
29
Cities Service deb 6e..l963
100.10 100.12
2s
1
65 50
Idaho
28
1st mtge 3ks
Cent Maine Pr 4s
Corp—
Is
100
Indianapolis Pow 4 Lt—
Central Illinois Pub Serv
Reconstruction Finance
Ikf—
Sept 1 1939
Fed'l Home loan Banks
90
93
62 50
105 k 108k
52 k
51
Corp—
Assoc Gas 4 Elec
4 Electric 3ks
107k
100.15 100.17
Federal Farm Mtge Corp
85
5k8
1st 4 ref 8s
Bid
106 k
Authority 3 ks '68
way
00
8)
Western Maryland 4k8_.
108 k 109
New York City Park¬
mmmmn
1
88
85
Bid
39 k
71k
S f lnc
Ask
1 50
0.50
84
5s—
Utility Bonds
Blackstone Valley Gas
Bid
i
S f lnc
81
50 k
Miscellaneous Bonds
104
0
Ask
38k
Sink fund ino 5-6S..1986
River Bridge 7a...1953
61
3.50
*53
Sink fund lnc 5s
79
100 2:145
Virginian Ry
Bear-Mountain-Hudson
»
3.50
1978
Income deb 3ks—1978
1978
Income deb 4s
Southern Calif Edison—
5% conv partic pref—50
Memphis Pr & Lt 17 pref.*
2
3.50
Income deb 3ka
19
Rochester Gas A Elec—...
5
Mass Utilities Associates—
61
Wabash Ry 4ks
Appalachian Elec Power—
106k 108k
24
90
88 k
113k 116
Union Pacific 4ks
Virginia Ry 4ks
Serv 6s. 1964
Amer Gas 4 Power 3-6s
113k 115 «
99 k 101
..100
4
56k
03
62.2. >
5s
3.50
Bid
pref.. 100
7% preferred
22
64 k
2 25
-
2.50
Public
103k
108
Natural Gas..*
7k % preferred
60
Jer Cent P & L 7% pf—100
Kan Gas & El 7% pref.100
Kings Co Ltg 7% pref.100
Long Island Ltg 6% pr.100
7% preferred
—100
2 26
...
4ka
5ka.
102 k 103k
pref
Interstate Power 17 pref.*
Jamaica Water Supply—
00
63 00
5s.'
Texas Pacific 4s..
50
Western Pacific 5s
Queens Borough G A E—
Idaho Power—
2 50
lu
59
.*
23 k
207k
2 50
63 40
2.50
109k
57 preferred...—
*
Ohio Power 6% pref... 100
Ohio Pdb Serv 6% pf.,100
Okla G & E 7%
1
63 40
63.50
100k 102 k
108
00
Ry 4ks
64.25
5s
.100
4
4.00
64 50
«
5ks
Missouri Pacific 4ks
99
2.25
64 50
—
—
99
Power—
(Del) 7% pref
(Minn) 5% pref
21k
fHI
1
95
64 75
63
64.25
5s
37
50
2 25
2 25
Pacific 4ks
63.50
Long Island 4ks
Penn Pow A Lt 57 pref...*
21
19
preferred—.*
S7 cum preferred
*
Hudson County Gas.-.100
S6.50 cum
States
<*»«■.
1.25
4.00
Light—
^1
pref erred.. .100
Ohio Edison 56
39k
pf..*
preferred
7% cum
Northern
Continental Gas A El—
7% preferred
56
1.50
61.80
Maine Central 5s
57 prior lien pref
90
62.00
64.75
145
2 50
10
62 75
96
5s
Southern
Internet Great Nor 4k 8—
98 k
92
80
4.50
97
2 75
35 k
97k
90
Southern
63.75
17k
—.100
7% preferred
4.50
13
16k
63
62 00
65 25
93
-
2.00
,2.00
62 75
5ks
65 25
-
2.60
62 00
64 75
4.50
61
142 k
—
....
65.25
Hocking Valley 5s
Illinois Central 4ks—
100
4k8
5s
4kS.
Great Northern 4ks
E 5)4 % Pf-*
Eng Pub Serv Co—
$6 preferred..
100
Cent Pr & Lt 7% pref.. 100
Consol Elec A Gas 16 pref *
88
11.
New Eng G &
Central Maine Power—
1937-50
25
5.50
37
104k 107
1937-49
Reading Co 4ks—
5..50
25 k
5s
80 k
78k
6% preferred
.
Pere Marquette
5.00
66.50
34
100
8uf Ltg 7% pf 100
22 k
88
21k
86
Nassau &
5.00
65,75
24 k
25
pref
....
6ks-
Mountain States Power—
Dec 1
65.75
80
4kS—
Erie RR 4k8—
7% preferred
Buffalo Niagara & Electern
4 July
St Louis Southwestern 6s—
5s
6k
Penn
West
i
St Louis-Ban Fran 4s.....
Chicago R I A Pacific—
Trustees' ctfa 3k8
Denver A R G West
114k 116
Missouri Kan Pipe Line..5
$7 preferred
—
4kS-.«
66.50
—...—
5s
Ask
72 k
16.50 preferred
N YNH4 Hartf
Jan
5s
Ask
Electric
4 75
Northern Pacific 4ks
4ks
71
A
4 75
65 75
2.00
L4k8-
5s
Chesapeake & Ohio—
54 k
Bid
Gas
15 75
.4.75
62.90
5s
57 preferred
5 00
65.50
Chic Mllw A St Paul 4ks.
Bid
5 00
65 7.
4.75
Cent RR New Jersey 4ks.
28
Utility Stocks
Par
1 00
65 75
4.75
Canadian Pacific 4ks
Alabama Power 17 pref..*
Par
50
6)
65.60
Maine 4ks.—-
Chicago A Nor West 4ks_
Public
—
65 60
A
5s
64
'
3 25
65.75
Canadian National 4ks
60
5.00
West Jersey 4
55
64.25
3H8 Dec 1 1936-1944—
53
5.00
-.50
Western)
49k
New Orl Tex 4 Mex 4ks.
5s.
241
6.00
1.50
58
131
235
Preferred
Iks
100
92
52.25
BostoD
66
3.00
Warren RR of N J (Del Lack 4
Federal
96 k
99
Baltimore & Ohio 4ka—.
66k
131
6.00
1(H)
RR)
Canal (Pennsylvania).. -100
-100
Utlca Chenango 4 Susquehanna (D L 4 W)
-100
Valley (Delaware Lackawanna 4 Western)
Vlcksburg Shreveport 4 Pacific (Illinois Central). -100
United New Jersey RR 4
2s
90
..1954
—
'
69
65
108k
Atlantic Coast Line 4ks„
nommm
10.00
preferred
Tunnel RR St Louis (Terminal
Interstate
69
83
78
-.100
-100
(Pennsylvania)
Pgh Ygtn 4 Ashtabula pref (Penn)
Rensselaer 4 Saratoga (Delaware 4 Hudson)
Original
106 k
42 k
1.50
7.00
Associated
107 k
105 k
-
Pittsburgh Fort Wayne 4 Chicago
Second
Canal 3k»
.........—...
Washingto
County Ry 3ks
West Virginia 4 Pittsburgh 4s....
85k
4.50
78
44 k
42 k
1967
1957
1946
1951
...1940
-
Toronto Hamilton 4 Buffalo 4s..
44k
3.00
Preferred
Toledo Peoria 4 Western 4s
800
625
—60
(Del Lack 4 Western) —
Pittsburgh Bessemer 4 Lake Erie (U 8 Steel)
——.—
Toledo Terminal 4ks._
Vermont Valley 4k8-
41k
■
Pittsburgh Bessemer 4 Lake Erie 5s
United New Jersey Railroad 4
69
75
—;....1939
.........1941
—
1947
..1961
—... 1947
1942
Pennsylvania 4 New York Canal 5s
Philadelphia 4 Reading Terminal 5s
•
—50
(Pennsylvania)
Oswego 4 Syracuse
65
1959
-
—
96
99
1940
---2000
1948
1947
...—
New York 4 Harlem 3ks
31
95
63
Memphis Union Station 5s
New London Northern 4s
Cleveland 4 Pittsburgh
69
24
1953
—..........—.—-1950
—-----——
1978
Terminal 3ks
Louisville Dlv. 4
Kansas Oklahoma 4 Gulf 5s...
Asked
Bid
in Dollars
Par
45"
65
28
67
..—
Indiana Illinois 4 Iowa 4s
;
44
Illinois Central—
Dividend
30
30
97
1945
Florida Southern 4s
(Guarantor in Parentheses)
Alabama 4 Vlcksburg (Illinois
.
...
....
/2 8
f28
..1945
1945
1939
1939
1943
1940
1944
1955
1956
1951
1961
.1995
1951
-.1962
—
1954
44 k
Cumberl'd Co P4L 3ks*66
103
Dallas Pow 4 Lt 3 ks. 1967
Dallas Ry 4 Term 6s. 1951
88
46 k
Western Pub Serv 5ks '60
103 k
Wis Elec Power 3 ks—1968
107 k
62k
Wisconsin G 4 E 3ks. 1966
Wis Mlcb Pow 3kB__1961
107 k
107-k
109 k
60 k
123
50
Volume
Financial
148
Quotations
MAINTAIN
WE
ACTIVE
Over-the-Counter Securities—Friday Jan. 13—Continued
on
TRADING
269
Chronicle
MARKETS
Real Estate Bonds and Title Co. Mortgage
UNLISTED
IN
Investment Trust Issues
Bid
Rlttenhouse Plaza (Phfla)
24s-—1955
Roxy Theatre—
GOODBODY & CO.
Members N. Y. Stock Exchange and other Principal
Main Office
Jersey City Office
921 Bergen Avenue
115
Broadway
New York City
Tel
Stock and Commodity Exchanges
Tel. Journal Sq. 2-4400
Teletype JCY 1518
REctor 2-5485
Private Wire System Connecting Branch
Admlnis'd Fund 2nd Inc. *
Bid
12.70
Ask
13151
Investors Fund C—
3.83
4.24
*24 a
3.44
Amer Gen
Bankers Nat
Fund
Inc
...
British Type Invest A...1
Broad St Invest Co Inc. .6
7304
324
Textile Bldg¬
lst 4s (w-a)
...1958
384
41
Trinity Bldgs Corp—
1st
54s—
—
1939
2 Park Ave Bldg 1st 4s 1946
17
584
52
554
19
WalbrldgeBldg (Buffalo)—
42
...
3s—
Wall &
344
37
294
324
.....1950
17
Beaver'St Corp—
1st 44s
..1951
w-s
18
20
Westlnghouse Bldg—
.1957
3s with stock
11.76
21.66
Series B-2
1st mtge 4s..
....1948
724
23.75
Series B-3
13.84
15.26
54
Series K-I
14.23
15.60
5H
Series K-2
10.93
12.14
14.35
15.88
Series S-3
13.77
14.61
Series S-4
5.00
5.60
,54
...
Ask
664
28.38
58
....
Series 8-2
64
3.55
Basic Industry Shares.. 10
Boston
11.03
54
.2
1956
1st 3s...——1955
Keystone Custodian Funds
51
Invest Corp
♦Class A.—
Ask
5
Equities Inc 25c
Am Insurance Stock Corp*
Assoc. Stand Oil Shares.
Bid
25.85
1
Series B-l
Amer Business Shares....
25 4
3.80
704
616 Madison Ave—
Par
Holding Corp..*
♦Amerex
674
1st 34s
—.—1947
61 Broadway Bldg—
34s with stock
1950
i
Affiliated Fund Inc—1H
424
60 Park Place (Newark)—
Investing Companies
Par
384
Sherneth Corp—
2s with stock...—1956
Offices in leading Cities
Bid
Syracuse Hotel (Syracuse)
1957
1st mtge 4s
Savoy Plaza Corp—
3.6s with stock.
Certificates
Ask
16.01
18
17.12
33
.
Maryland Fund Inc—10c
1
5.62
21.09
22.38
Mutual Invest Fund....10
11.33
Inactive Exchanges
6.21
Mass Investors Trust
Foreign Stocks# Bonds and Coupons
12.38
25.02
26.76
Bullock Fund Ltd.—...1
Canadian Inv Fund Ltd..l
144
4.35
Century Shares Trust-..*
....1
Commonwealth Invest...I
23.22
24.97
Common...........25c
3.45
10.20
11.03
Voting shares.
1J2
BRAUjNL a CO., INC.
•154
4.00
1.47
6.13
Chemical Fund
—
52 William
Nation Wide Securities-
3.58
3.89
National Investors Corp.l
5.76
♦Continental Shares pflOO
74
84
New England Fund..... 1
13.10
14.12
Corporate Trust Shares.. 1
2.38
N Y Stocks Ino—
Series AA_.__.— —1
2.31
Agriculture..
...
7.52
2.31
Automobile..
—
5.35
5.81
9.81
10.60
Tel. HAnover 2-5422
8.04
Accumulative sertea—1
St., N. Y.
Sales AA mod
....
2.79
1
1
Aviation.........
♦8% preferred..
100
♦7% preMtedi
100
33
111
16.16
Delaware Fund
17.47
1.40
Deposited Bank Shs ser A1
Deposited Insur Shs A...1
Deposited Insur Shs ser B1
2.96
Machinery
9.09
9.02
9.75
8.51
9.20
8.40
9.09
Steel.
8.68
9.39
—
;
No Amer Tr
Shares 1953.*
3.75
^5.65
1.42
2.71
2.49
Plymouth Fund Inc... 10c
♦Putnam (Geo) Fund
14.38
Eaton A Howard Manage¬
ment Fund series A-l
17.62
18.92
Equit Inv Corp (Mass)..5
Equity Corp 13 conv pref 1
Fidelity Fund Inc—
*
28.25
30.05
274
304
19.64
21.14
First Mutual Trust Fund..
7.26
7.88
Bank stock series... 10c
2.36
2.62
Sovereign Investors.
Insurance stk series. 10c
3.28
3.64
Fixed Trust Shares A... 10
9.83
Spencer Trask Fund
*
Standard Utilities Inc.60c
Quarterly Inc Shares.. 10c
5% deb series A
Representative TrustShslO
Republic Invest Fund.25c
Selected Amer Shares—24
Selected Income Shares—
Fiscal Fund Ino—
10
7.58
Foreign Bd Associates Inc.
6.71
Foundation Trust Shs A.l
4.10
•Fundamental Invest Inc.2
.
17.86
19.32
Fundamental Tr Shares A2
5.11
5.63
♦
4.52
99
10.10
29
9.34
12.25
1034
10.60
32
10.29
"78:
16.78
*
714
m
m
mm mm
mm*
B__
3.75
....
C
—
6.78
6.78
D...................
9.98
10-85
33.31
Trustee Stand Invest Shs—
4.93,
5.37
5.27
5.74
Automobile shares.....
4.771
5.20
Aviation shares..
7.70.
8.37
Building shares...*
7.64'
8.20
Trusteed Amer Bank Shs B
56
Chemical shares
6.70
7.29
Trusteed Industry Shares.
95
Food shares...
4.13
4.50
Investing shares..
3.80
4.15
U S El Lt A Pr Shares A—
134
Merchandise shares....
Mining shafts...
5.12
5.58
6.68
7.27
Petroleum shares..
5.02
5.47
Series C
1
1
2.43
4
B _....;
4.72
Steel shares.
.....
6.50
7.07
Investm't Banking
....
5.15
5.61
♦Bancamerlca-Blair Corpl
35
66
♦Huron Holding Corp
1
17.40
Incorporated Investors..*
18.71
Bank Group shares
Insurance Group Shares
♦Central Nat
14.82
Corp
34
32
Corp cl A.
*
♦Class b:__
♦First Boston Corp
1.02
1.11
1.31
24
4
35
5
♦Schoelkopf, Hutton 4
Pomeroy Ino com.—10c
1.43
Institutional Securities Ltd
■
13.49
5.15
2.60
♦Independence Trust Shs
62
<1.06
92
-l
RE equipment shares.
Tob&cco shares.
5.52
1.97
.—
Voting shares...
Wellington Fund—
10
Bremen
(Germany) 7s. 1935
/20
......1940
fl7
__
1940
_
6s
74s
1962
Brown Coal Ind Corp—
64s...;
-1953
...
Bid
18
194
Alden Apt 1st mtge 3s.1957
Beacon. Hotel inc 48—1958
B'way Barclay inc 2s—1956
B'way & 41st Street—
1st leasehold 3s..—1944
izm
9%
114
122%
244
33
354
694
—.1948
714
(Colombia) 74a '46
715
1946
/15
1947
11
fSH
48 4
48.4
51
334
364
—1950
294
Dorset 1st & fixed 2s_.1957
264
324
294
—1957
.'
Cbanln Bldg 1st mtge 4s '45
Chesebrough Bldg 1st 6s '48
Colonade Construction—
3)48—
-
51
64
Hotel units
42
Equit Off Bldg deb 5s. 1952
Deb 5s 1952 legended..
50 Bway Bldg 1st 3s inc '46
8
45
1947
—
924
944
London Terrace Apts—
1st A gen 3s w-s.... 1952
424
44 4
Ludwig Baumann—
(Bklyn)—1947
534
1951
624
1st 5s (L I).
Metropolitan Corp (Can)
6s
1947
98
1946
Cordoba 7s stamped—1937
Costa Rica funding 5s. '51
Costa Rica Pao Ry 74s '49
58—
—1949
Cundinamarca 6 4s
1969
Dortmund Mun Utll 6sY48
1945
7% to—....1945
East Prussian Pow 6s. 1953
Eleotrlo Pr (Oer'y) 64s *50
S f deb 5s_—
—1945
29"
1946
294
324
1st leasehold 3s. Jan 1 '52
414
Film Center Bldg 1st 4s *43
1958
414
414
454
454
434
42 Bway lst6s——.1939
/674
52d A Madison Off Bldg—
_1956
N Y Title A Mtge Co—
54s series BK
54s series C-2——
54s series F-l
...
54s series Q._
704
254
274
/474
/324
/50
/394
8
494
344
52
414
Bldg—
64s stamped—1948
Fuller Bldg deb 6s
1944
1st
39
414
Olicrom Corp v t c
76
34
37
1st 24-4s (w-s)
1949
Graybar Bldglst lshld5s'46
344
37
1951
734
103 E 57th St 1st 68—1941
Harriman Bldg 1st 6s. 1951
29
31
/194
494
454
474
165 Bway Bldg 1st 54s
Prudence Co—
47
484
74
434
71
Hearst Brisbane Prop 6s
'42
Hotel St George 4s... 1950
Lefcourt Manhattan Bldg
1st 5s—
1948'
594
1 Park Avenue—
2d mtge 68—
'51
54s stamped..
1961
Realty Assoc Sec Corp¬
se income
1943
1945
Munlo Bk Hessen 7s to '45
48
154
Nassau Landbank 64s '38
7s income.......1967
Farmers Natl Mtge 7s.'63
Frankfurt 7s to
1945
Recklinghausen 7s. .1947
1948
16
16
584
191
197
1194
/214
/194
/134
64
German scrip.
German Dawes coupons;
Deo 1934 stamped
Dec 1 '35 stamped
21*
624
69
49
4s_
—1947
—
1945
7s to—
Panama
5% scrip........
—1956
.1936-1937
Coupons.
7a.*....1968
144
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '86
many) 7s
:
1941
5a
mm
•
##»
32
94
120%
/204
/204
117
7214
7204
Saarbruecken M Bk 6s.'47
7%
7s ctfs of
4s
...—1957
deposit-1957
scrip.*****...
8s
.
120
/54
64
....1048
8s ctfs of deposit.1948
204
794
/84
15
116
1H
94
Santa Catharlna (Brazil)
8%
..—1947
am
Santa Fe 7s stamped.1942
Santattder (Colom) 7s. 1048
/214
/184
Sao Paulo
127
64
(Brazil) 6s—1943
754
721
121
121
Stem A Halske deb 6S.2930 /550
State Mtge Bk Jugoslavia
13
67
19
64
Saxon Pub Works 7s—1945
64s
/54
64
16H
/134
—1951
Saxon State Mtge 6?...1947
-
6s
19
am
120
—1956
23
610~"
65
.1956
65
Coupons—
Oct 1932 to April 1935
Oct 1936 to April 1937
/76
Stettin Pub Utll 7s.-.1946
St'nnea 7s unstamped. 1936
Certificates 4s.. .1936
7s unstamped
1946
Certificates 4s... 1946
153
121
180
768
/69
157
Tohb Electric 7s.....1055 773
1004 1014
/30
Tollma 7s.
—1947
Union of Soviet Soc Repub
115
154
7% gold ruble...*.1943 186.66 91.27
35
Uruguay conversion scrip.
Hanover Harz Water Wks
1957
135
19
mm
mmm
165
Salvador
Great Britain A Ireland—
...1948
66
121
/254
/244
1960-1990
119
1Z0
127
125
6s..—1941
Rio de Janeiro 6%
1933
Rom Catb Church 64s '46
R C Church Welfare 7s *46
125 4
..
64
/184
Rhine Westpb Eleo 7% '36
110
121
110
July 1934 to Dec 1936..
Jan 1938 to Dec 1938—
1994
Oldenburg-Free State—
Porto Aiegre
118U
/204
/214
/214
Jan 1934 to June 1934..
-
a7H
Haiti 6s.———1953
65
Hamburg Electric 6s .1938
118
*
234
18
18
Protestant Churoh (Ger¬
122
/18 4
Jan 1937 to Deo 1937
6s._
.1962
2i"
156
136
July 1933 to Dec 1933.*
4a
-
2d series 5s....
...
June 1'35 to June'38—
Guatemala 8s.
CO A D) 6 48.1948-1949
Poland 3s
1946
*
121
195
195
Nat Central Savings Bk of
Oberpfals Elec 7s....1946
Panama City 64s
1952
/8.
.
Agricultural 6s
1938
German Conversion Office
Unterelbe Electric 68—1953
Vesten Elec Ry 7s....1947
Wurtemberg 7« to
1945
/214
/204
/194
a Interchangeable,
b Basis price,
d Coupon,
e Ex-interest
n Nominal quotation,
to i When Issued,
w-s With stock,
x ExNow selling on NewtYork Curb Exchange,
s Ex-Uquidatlng dividend
t Now listed on New York Stock Exchange.
t Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure gold.
♦
Quotation not furnished by sponsor orissuer.
No par value,
1 Flat
price,
dividend.
/4 7
125
/154
/164
/554
115
Funding 3s
(A A B) 6 4s.1946-1947
Mtge 7s
.—..1948
North German Lloyd 6s '47
German Building A Landbank 64s..
120%
Nat Bank Panama—
84
154
34
18
119
1204 123
German Central Bank
70
Municipal Gas A Elec Corp
German defaulted coupons:
684
/6
—1966
.1967
——
Gras (Austria) 8s....1954
994
MaJestic'Corp^"
4s with stock 8tmp_
7s
—
National Hungarian A Ind
Chilean Nitrate 5s....1968
City Savings Bank
Budapest 7s...
1953
Duisburg
/214
684
135
119
119
Montevideo scrip.
Munich 7s to...—
German Young coupons:
101
Metropol Playhouses Ino—
N Y
04s (Stamped 4s)..1949
...1948
6s
/14
/50
122
/214
121H
1957
Hungary 7 4s
Apr 15 '35 to Apr 15 '38.
N Y Athletic Club—
434
27
500 Fifth A venue—
1400 Broadway
714
Metropolitan Chain Prop—
Eastern Ambassador
40 Wall St Corp 6s
.SO"*
694
Loew's Theatre RIty Corp
1st 5s
1st 4s (w-s)_______.1948
Court A Remsen St Off Bid
1st
564
w-s—1963
17 H
644
544
170
115
/214
1948
Water 7s—
Central Agric Bank—
see German Central Bk
Duesseldorf 7s to
Leipzig O'land Pr 64s '46
Leipzig Trade Fair 7s. 1953
53%
153%
Luneberg Power Light A
121
Colombia 4s
.1943
18
Mannheim A Palat 78.1941
German Atl Cable 7s. .1945
374
Lincoln Building—
1st 68...1
Land M Bk Warsaw 8s '41
French Nat Mali SS 6s '62
Ask
524
Apt Bldg¬
lst 4s..—.......1951
Income 54s
Brooklyn Fox Corp—
3s
Lewis Morris
1st ishid.
Lexington Hotel units
Broadway Motors Bldg4-6s_.
Bid
Lefcourt^tate
122
/46
Caldas
64s
—1953
European Mortgage A In¬
vestment 74s
1966
Certificates
Ask,
374
?
154
/ll2
74s inoome
Real Estate Bonds and Title Co. Mortgage
Koholyt 64s—
fio
Burmeister A Wain 6s. 1940
(Brazil) 8s
Nov 1935 to May 1937
4*
Meridionals Elec 7s
-
Buenos Aires scrip
1930
Jugoslavia 58 funding. 1956
Jugoslavia 2d series 58.1956
Coupons—
Nov 1932 to May 1936
44
British Hungarian Bank
7s assented........
5.74
Series B..
Brazil funding 5s.. 1931-51
Brazil funding scrip
Madgeburg 6s
1934
Chile Govt 6s assented...
2.49
Series D
Trustee Stand Oil Shs A
16
11%
/44
/44
/6
/204
/144
/33
Central German Power
Agricultural shares
Group Securities-
115%
Cauca Valley 74s
2.48
mm*
...1945
(Republic) 8s.1947
Brandenburg Elec 6s..1953
18
change Bapk 7s
164
1969
7204
18
Hungarian Discount A Ex¬
/154
*
Ask
95
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Itai Bk 74s '32
9l"
/)7
Ceara
74
Hansa SS 68—1939
/254
/254
f22
/194
Call (Colombia) 78—1947
Callao (Peru) 74s
1944
60
3.67
AA
1945
904
Bid
Ask
/184
/32
Bogota (Colombia) 6 4s '47
6s
53
15.38
4.23
56
Cities 7a to—
7s
15.80
Super Corp of Am Tr ShsA
Supervised Shares .—.,$.3
30.98-
General Capital Corp
*
General Investors Trust.*
11.19
Barranqullla s'35-40-46-48
Bavaria 64s to
1945
Bavarian Palatinite Cons
7s................1958
71
♦State St Invest Corp...
7.29
4.40
47
Bank of Colombia 7%.1947
7s...
...1948
Bolivia
6.35
1.30
Bid
—1946
Anhalt 7b to..
Antioquia 8a—.,—1946
Argentine 44s ......1948
8s
2.32
2.76
1
Series 1958.....-.-.—1
25c
D
B
524
,—1
Series 1966
3.50
....
10.10
Series 1955
1
C...
8.57
9.34
8.40
No Amer Bond Trust ctfs.
—
2.63
Diversified Trustee Shares
Dividend Shares
7.92
—
Metals
4.76
Cumulative Trust Shares.*
9.14
Oils
115
31
8.10
8.45
Electrical equipment—
Insurance stock ...
26
♦Crum A Forster insurance
♦Common B share...10
7.48
Bank stock
2.79
24
Building supplies..
Railroad equipment
Series ACC mod..
♦Crum A Forster com...10
Foreign Unlisted Dollar Bonds
y
Financial
270
Chronicle
Jan.
14,
Quotations on Over-the-Counter Securities—Friday Jan. 13—Concluded
Water Bonds
Industrial Stocks and Bonds
Par
Ask
Bid
Par
Vorwlch
Pharmacal
6
Bid
Milt#
Inc——*
2%
American Arcb
*
32 %
36
10
11%
12
Pathe Film
89
93%
28%
Petroleum Heat A Power.*
2%
Pilgrim Exploration
Pollak Manufacturing
Remington Arms corn
1
9%
*
12%
Alabama
3%
Ohio Match Co
5% conv pref.
—
Petroleum
American Hard Rubber—
Amer
Maize
.-100
26
27%
15%
Products-
17%
68
63
Corp—*
35%
38
Construction-10
17%
19%
100
American Mfg. 5% pref
AndlaD National
Art Metai
9
Pan Amer Match
American Cynamld—
8% cum prel
American Hardware
35%
—
Bankers Indus Service A-*
4
44
98
Conversion—.)
20
»
-scoviii Manufacturing..25
Singer Manufacturing..100
linger Mfg Ltd...
%
'
Qulnoy...100
Bur dines Inc common
Corp. .21
7% pref
9%
10%
10%
I
3%
23%
lMH--l> 0 0 tOl-(fkA
H->
8
Stanley Works inc...,.21
31%
40%
4%
5%
Crowell Publishing com..*
26%
—10
%
57%
28%
1%
60%
4ylvanla Indus Corp.—
Taylor *v harton Iron A
Dennlson Mfg class A.
Dentist's Supply com—10
Devoe A Raynolds B com *
27
32
36
Crucible..-100
27
31
28 %
31%
2%
63%
3%
67%
Domestic Finance cum pf. *
*
Draper Corp
*
5
16%
S3
4%
Gariock Packing com—-*
38
12%
3%
--1
4
*
Graton A Knight com
-
KUdun Mining Corp
.
King Seeley Corp com—1
Landers Frary A
Clark-.25
Long Bell Lumber
40
15 preferred—-.-..100
Macfadden Pub common.*
1%
5
*
9%
27%
100
116
Mook Judson A Voehringer
11
2
4%s
Deep Rock Oil 7s
Firestone TAR 3%s.l948
New Britain Machine
Haytian Corp 8s
1938
1%
16%
7%
U%
23
43
OO Tt S3!
99
18%
Wither bee Sherman 6s 1963
25
7%
100% 101%
101%
.1962
104%
101%
72
98%
99%
99
99%
/72%
92
—
97%
"
97
6s series A
Joplln W W Co 58—1957
i-H
1949
105% 107
98%
■
101%
103%
102%
102% 104%
102% 104%
oo
106"
vH
107
95
1950
97%
1st mtge 5s
Monong&bela Valley Water
5%s
1950
Morgantown Water 5s 1965
Muncle Water Works 5s '65
102%
105%
New Jersey Water 5s 1950
1951
97
1st mtge 6%s
100"
1950
99%
101%
102
104
y
...
^
III?
5s series B
-—1950
6s series C
...I960
6s series A
105%
75
103% 103%
14%
fl2%
106
r
5s series B—
96
.1949
101%
105%
105%
103% 105
76
54
Telephone and Telegraph Stocks
55
22%
99
Par
Bid
Ask
Bid
Par
Ask
***««
107
109
50%
54
km Diet Teleg
(N J)
com.
*
100
Preferred
Bell Telep of Canada.-.100
Bell Telep of Pa pref—100
104
110
113%
104
99
New York Mutual Tel. 100
20
112% 115
166
Cuban Telep 7% pref.. 100
48
Emp A Bay State Tel..100
Franklin Telegraph
100
Gen Telep Allied Corp—
—1902
102%
1900
105% 107
Indianapolis w w Secure—
5s
1958
Middlesex Wat Co 5%s '57
94
2d conv Income 5s—1962
102%
1960
6s series B
1st mtge 3%S—1960
1965
6s series A
103%
-
Long Island Wat 6 %s. 1956
96%
76
...
1st mtge 5s.
Indianapolis Water
84
100% 103%
...
Illinois Water 8erv 5s A "52
5s.
79
"...
104
83
78
1st A ref 5s A——1907
Huntington Water—
90
Woodward Iron¬
60
ist 5s
.1958
4%s.
45
109
73
N Y Shipbuilding 5s—1946
4covlll Mfg 6%s—1945
3%
106
W
100
48
/19
Nat Radiator 5s
60
*
-100
6
McKesson A Rob 5%s 1950
1940
12%
32%
New Haven Clock—
Preferred 6 %%
1948
1937
15%
23%
100
preferred...
5%
1940
10
108
104
Nat Paper A Type com... «
14%
Kelsey Hayes Wheel Co—
Conv. deb 6a———194*
28%
———*
Preferred
6s.-
28%
118
105%
100%
100
Monmouth Consol W 5s '50
Wire Fabrics 7s—1942
Crown Cork A Seal 4%s '48
Crucible Steel of America
100
0% preferred
7% preferred
s.100
Muskegon Piston Rlng_2%
National Casket-....-..*
15%
109%
100
59
66%
70%)
Kokomo W W Co 58—1958
conv s f
108
102
98
1
Cont'l Roll A Steel Fdy—
%
$3 conv preferred
Merck Co Ine common.-1
13%
95
0%
American Tobacco 4s .1951
1st
103%
107
0s.
42%
Chicago Stock Yds 5s. 1961
35%
McKesson A Robbins
105
.*
12
19%
-*
Preferred
Marlln Rockwell Corp—.1
46%
15%
Bonds—
2%
22%
Pinellas Water Co 5 %s.
61%
65%
43
43%
100
preferred
29%
16%
34
•
100
York Ice Machinery
\m
99
1948
2%
41
1
47%
14%
11%
Lawrence Portl Cement 100
Prior lien 5s..
...
Pblla Suburb Wat 48—1965
3%
21
9%
1948
1st consol 5s—.—1948
101
29%
2
8
7%
1st consol 4s
103
5s.
80
13%
99%
100% 102%
100% 102%
1%
%
50
com
Worcester Salt
25%
%
1950
*
115
1%
%
WJR The Goodwill 8ta—5
8%
24%
%
8%
27%
1
Wilcox A Glbbs
31%
39%
6%
6
Harrlsburg Steel Corp
Interstate Bakeries 15 pref.
49
37%
com v t c
S3 cum preferred
*
Wlckwlre Spencer Steel..*
6
44%
29%
100
*
Great Northern Paper..26
-
Great Lakes SS Co com.
West Dairies Ine
98%
4%8--1966
trust
1st A ref 5s
—
Water Service 5a.1961
preferred
.—100
West Va Pulp A Pap com. *
Preferred..
.100
13%
4%
Good Humor Corp
*
conv
7%
40
Gen Fire Extinguisher-..*
75
90%
Peoria Water Works Co—
102
(Nortbam)—
preferred—....*
Welch Grape Juice com
5
4
3%
1%
110%
27%.
*
com.
feeder-Root Inc com
Warren
2%
*
shares
♦
103
86%
105%
United Piece Dye Work®. •
Preferred
100
23
15%
...
Preferred
*
...
Corp
Tublze Cbatlllon cum pf.10
0
18
American
*
Time Inc..
Trico Products
1st coll
105
17
15%
85"
80
101
Penna State Water—
102
Tennessee Products
,
30
*
Foundation Co For shs—*
Federal Bake Shops
Preferred-
*
—
106
Ore Wash Wat 8erv 5s 1957
01
Citizens Wat Co (Wash)-
*
United Artists Theat
Douglas (W L) Shoe—
Conv prior prel-
Fobs Oil Co.
20
Steel common.-
31
*
Dictaphone Corp
Dixon (Jos;
-utodard Screw
3%
6%
,4%
preferred--.-.-*
100
Ohio Valley Water 6s. 1954
Ohio Water Service 5s. 1958
104% 105%
4%
Strom berg-Car won Tel Mfg
$1 cum
92%
98%
P5
Newport Water Co 5s 1953
Ohio Cities Water 6%s *53
4%
17
2%
10
CbUton Co common
Columbia Baking com—*
...A
*
90
87%
—1951
6%s
25
7
4
-
85
New York Wat Berv 5s '61
217
3%
4kenandoa Rayon Corp..*
1951
5s series B
99%
5s series B
Ask
New Roehells Water—
.50
3%
10%
14%
15
A
Bid
i
99% 100%
102
101
212
Solar Aircraft.
5%
47
38%
J
4%
34%
42%
Cbic Burl
Ask
Bid
Ask
43
170
119% 121%
Pae A Atl Telegraph
Preferred A-
14
25
Peninsular Telep com....*
....
..100
16
29%
110%
31%
'
Chain Store Stocks
Bid
Par
*
7
100
B /G Foods Inc common
10
2%
100
22%
Diamond Shoe pref
100
2
2%
3
7%
Kress (8 H)
Ask
08
preferred
—.*
Int Ocean Telegraph...100
15 preferred
*
2
Telephone—
25
13
97%
95%
56.60 1st pref
Sq A Atl Telegraph
Sou New Eng Telep... 100
148
Wisconsin Telep 7% pf. 100
118
..100
112
16"
150
70
122
Par
Bid
125
....
75
.
11%
6%% preferred
100
Murphy (G C) $5 prcfilOO
Reeves (Daniel) pref...100
U nlted Cigar-Whelan Stores
10%
56
Mtn States Tel A Tel..100
100
6% pref
Miller (I) 8ons common..*
24%
100
FIsfcman (M H) Co Inc..*
Bid
Kob&cker Stores
7% preferred.'.
*
Boh&ck (HO) common.-.*
7% preferred...
Par
87
Borland Shoe Stores
7% preferred..
Ask
Rochester
27"
mmmm
12%
5
17
Sugar Stocks
23
107
111
i
10
Par
Ask
'
Bid
99
*
30
31%
9
Cuoan Atlantic Sugar. .7%
Eastern Sugar Assoc
.1
Preferred
4%l
14%
West Indies Sugar Corp.
_
| Atk
34%
32%
l
5%
12%l
1
Savannah Sug Ref com
3%l
1
4%
For footnotes see page 269.'
General
Corporation and. Investment News
RAILROAD—PUBLIC
NOTE—Fo'r mechanical
reasons
However, they
FILING
OF
REGISTRATION
SECURITIES
it is
are
UTILITY—INDUSTRIAL—MISCELLANEOUS
always possible to arrange companies in
always as near alphabetical position as possible.
not
STATEMENTS
UNDER
The
following additional registration statements (Nos. 3914
3916) have been filed with the Securities and Exchange
to
Commission under the Securities Act of
involved is approximately $1,823,849.
Bellanca
Aircraft
Corp.
(2-3914,
Form
A-l)
of the
public
1933.
The
total
on
stock
common
ACT
that date.
On this basis the net assets applicable to the
$23,131,296, equivalent to $15.42 per share, which
1937, equivalent to $11.61 per
were
Consolidated
Revenue—
Interest
Income
of New
Castle,
Del.,
Porcupine Lake Gold Mining Co., Ltd. (2-3915. Form A-l) of Toronto,
Ont., Canada, has filed a registration statement covering 50,000 shares of
par value common treasury stock to be offered at Canadian market
estimated at 10 cents a share.
The company also registered 450,000
optioned shares, which are optioned at 10 cents to 30 cents for sale at
mark up of 10% on cost after allowing 20% on selling price to dealers
or at market.
Proceeds to be used for equipment, development and debt.
Red Lake Securities, Ltd., have been named underwriters.
C. E. Calvert
is President of the company.
Filed Jan. 10, 1939.
Waterford Downs, Inc. (2-3916, Form A-l) of Charles Town, W.
Va.,
no
has filed
cum.
will
registration statement covering 49,900 shares ($10 par) 6%
pref. stock and 99,800 shares (10cents par) common stock, which
a
be offered in units of
one
share of pref. and two shares of common
at $12 per unit.
In addition 100,000 shares of common stock were also
registered, of which 60,000 are optioned to the President and the other
40,000 are optioned to selected persons at $1 per share.
Proceeds will be
used for real estate, construction,
development, working capital, &c.
No underwriter named.
Albert J. Boyle is President of the company.
Filed Jan. 10, 1939.
in
The last previous list of registration statements was given
our issue of Jan. 7, page 122.
Miscellaneous income
Adams Express Co.—Annual
Report—
Based on market values as of Dec. ,31. 1938, the net assets of
company
applicable to its outstanding securities were $32,681,296, equivalent to
342% of the principal amount of the funded debt outstanding in the hands
$63,247
836,693,
J ,098
Total-.——- —$901,037
Years
Ended Dec.
1937
31
1936
.
$47,062
1,613,630
1935
$12,688
1,527,801
6,998,
$21,999
957,231
461
2,425
$1,667,690
$1,542,913
271,238
46,711
127,009
290,504
380,974
90,422
221,786
265,500
233,504
173",390
$234,061
$932,228
$827,530
.
$979,691
-
Interest
on
bonds.
179,690
Interest on coll. notes
Int. on 10-yr. 4 % % debs
Sals.,
exps.
and taxes—
Net income
Pref. divs. (5%)
299,969
com.
921",085
744,393
$415,461
261,512
171,455
def$65,908
3,787,063
Balance, surplus
Profit & loss surplus
Shs.
390,840
10,482
$11,143
3,852,972
$83,137
3,841,829
def$17,506
3,758,691
1,500,000
$0.16
1,500,000
1,639,600
$0.51
1,714,748
-
Common dividends
stk. outstand-
ing (no par)
Earns.per sh.on cap.stk.
$0.62
$0.09
Consolidated Earned Surplus Dec. 31
1938
Earned surplus previous
Dec. 31
$3,852,972
Surplus during year
above) after divs
Total
+
Account
1938
.
securities and
bank balances.
Divs. on sees, ownedon
.
a registration statement
covering 100,000 of $1 par common
Filed Jan. 7,1939.
(See subsequent page for further details.)
alphabetical order.
compares with $17,422,703 Ss of Dec. 31,
share.
a
•>.
has filed
stock.
exact
1937
1936
1935
$3,841,829
$3,758,691
$3,775,559
(as
—J
def65,908
$3,787,064
11,143
83,137
defl7,506
$3,852,972
$3,841,828
$3,758,053
13,841,828
$3,758,691
.
Fed. tax refund, adjust,
of reserve for taxes &
discounts
on own
bds.
Earnedsurp. Dec. 31.
Cr639
—
$3,7$7,064
$3,852,972
Volume
Financial
148
Common Stock and.
Chronicle
Records show that it is
Capital Surplus Dec. 31
1 capital surplus &
stock
—$30,205,606
Increase
due
to
retire.
common
,
on
.
'
.
48,435
pureh. of
,
5,831
divs.
.
-
-
-
-
pared with 123,074.318 in 1937. This is an increase of 14.5%, 40% greater
than 1936 and 117.6% more than 1935.—V. 148, p. 122.
■
/
American Bantam Car
*
paid
of redemption
Cost of shares of
common
33,453
2,231,870
951,860
93,6011oss7,221,035
56,400
Net
Selling, general and administrative expenses
Ioss279,101
Capital surplus & com.
"
'
; "
'
stock Dec. 31_——$30,305,038 $30,205,606 $39,658,511 $40,587,424
Liabilities—
$
2,687,931
—
58,441
Collateral
8,106,330
27,090
dividends
rec.
.
for
S
bonds, due June
Accrued interest &
Amount
-,
$
4%
tr.
2,089,000
2,234,000
1, 1948
2,242,500
10-yr. 4 K% debs.
due Aug. 1, 1946 5.218,500
Amount
pay.
for
—
40,348
Deficit for the period
$73,365
l
x Excluding
depreciation and amortization and excluding labor and other
manufacturing expense in the amount of $25,976, which is considered by
the company's management to represent abnormal expenditures incurred
during the company 's initial production period and is included in the amount
of development expenses shown under deferred charges.
2,318,500
1, 1947
Collateral trust 4%
se¬
and amortization of tools,
dies, jigs, patterns, &c
1937
1938
$22,996
10,020
Provision for depreciation of property
'
1937
1938
Assets—
65,624
Loss from operations
Income charges (net)
Comparative Consolidated Balance Sheet Dec. 31
Cash.,
$685,216
x642,587
on
securities-...
,
sales
Cost of goods sold.
own
profit
'•),
Co.—Earnings—
Earnings for Six Months Ended June 30, 1938
------
....
stock.
realized
1936, when American
and of 103.6% over 1§35
over
Revenue passenger miles flown in 1938 also increased, Mr. Smith added,
the air line flying 140,869,290 revenue passenger miles last year as com¬
,
'
\
-
pref. stock at date
on
Net
*
bonds
own
40.3%
passengers,
when 176 005 revenue passengers were carried.
$39,658,511 $40,587,424 $40,818,090
ment
of
pref.
stock
purchased at discount-
Net discount
increase of
an
Airlines, Inc. transported 255,324
Jan.
Accumulated
271
'
curities sold—not
delivered
x
65,377
178,404
...
Securities at cost41,323,637 36,258,754
Property <fc equip.
—lessdeprec
—
Balance Sheet June 30, 1938
bonds„due Mar.$
11,597
-
12,971
secur.
Assets—
5,218,500
Accrued interest--
receivable....
on
144",801
res.
con¬
496,142
440,812
tingencies, &C
Common stock and
—
purch.
Acer, wages, taxes,
11,209
225,773
Cust. deposits & credit bals_.
Inventory
Land, plant & equipment
Tools, dies, Jigs, patterns, &c.
Pats. & trade-marks, nom. val.
Note pay., due Aug. 15,1939.
b Local property tax
-
y827,565
124,508
1
404,422
— ———
Res. for advertising allowances,'
commissions,
x
Market value Dec. 31, 1938, $30,362,832 and Dec.
879.
y
Represented by 1,500,000
Note—The
excess
of cost
Dec. 31, 1938,
31,1937.
at
ments
at Dec.
over
was
as
1948.
Deposit with the respective trustees of the, bonds received in exchange
permitted the withdrawal of railroad securities held as collateral and thus
provided greater flexibility in the management of the company's invest¬
ments, which was stated to be the principal purpose of the company in
making the offer.
„
In renewing its offer of exchange on a par for par basis, the company
points out that the collateral securing the 4% bonds has a current market
value equal to approximately 10% of the principal amount outstanding in
the case of the 1947 issue and to approximately 65% in the case of the 1948
issue.
The 4 34% debentures offered in exchange will be secured by col¬
lateral of an aggregate market value at least equal to the principal amount
of the outstanding debentures.
Under the indenture, the company also
agrees to maintain collateral of an aggregate market value at least equal to
the principal amount of all debentures outstanding.'
In letters to holders of the 4% bonds, Steele Mitchell, President of the
company, states that it is believed that the offer of exchange is to their
benefit because of the higher coupon rate of the debentures ana the stronger
collateral security.
The offer of exchange will terminate on Feb. 10 unless further extended
by the company.—V. 147, p. 3902.
"
.
v
Period End. Dec. 31—
x
1938—Month—1937
$5,196,000
for doubtful accounts of $700.
of $26,563.
After reserve for depre¬
Represented by 302,442 no par shares. V "
z
149,200
2,048,000
y
Official—Models—
Butler.
'
President
Evans
the introduction
announced
also
of two
Coupe at $439 and a special Roadster at $479, delivered com¬
pletely equipped at the factory with Federal taxes paid.
These new cars
fill the gap between the Standard and Deluxe Coupes at $399 and $469,
respectively and the Standard and Deluxe Roadsters at $449 and $525.
The addition of the two cars gives Bantam 13 models ranging from $399
to $565, the highest priced car being the Station Wa,gon.—V. 147, p. ?521#
American Light &
Traction Co. (& Subs.)—Earnings—
'
subsidiary companies
1938
12 Months Ended Nov. 30—
Gross operating earnings of
(after eliminating inter-company transfers)
General operating expenses.
Maintenance
;
Provision for retirement of general plant—— — —
General taxes and estimated Federal income taxes.
1937
other
charges,
ment
V. 147., p.
4047
income
but
.
before
and
is
after
4,820,965
5,020,596
$8,924,149
Dr 191,078
Total income bf subsidiary companies..
—
— — -
—
Proportion of earnings, attributable
stock
common
.
-
—
to
$8,970,158
4,530,641
4,264,569
$3,760,186
—
__.
046,009
$8,290,827
— —
Interest, amortization and pref. dividends of sub¬
sidiary companies.
— — — — — — — —
$4,705,589
minority
11,348
6,949
—
-
Equity of American Light & Traction Co. in
earnings of subsidiary companies-- —— —— — $3,753,237
Income of American Light & Traction Co. (exclu¬
1,560,588
sive of income received from subsidiaries)._
and develop¬
Federal taxes.—
operating expenses
depreciation,
depletion
and
Alaska Packers. Association—Dividend Omitted—
V..
Directprs have decided to omit the dividend normally payable at this
A regular quarterly dividend of $1 per share
paid on Nov. 10, last.—V. 147, p. 411.
Total—
—
—
-v——————
—
.
—
—
—
-
1,592,629
$6,286,869
$5,313,825
T
186,602
-
-
_
233,398
185,742
209,830
$4,941.480
Expenses of American Light & Traction CO.Taxes of American Light & Traction Co
J*
time on the common shares.,
""
$4,694,241
'
7;:7
;
;
v
$40,156,065 $40,879,991
21,787,907
22,278,236
2,355,307
2,254,167
2,709,981
2,402,843
$8,481,905
2,456,700
Includes
models:
new
A special
$5,347,500
Profit: v.—140,500
b Of
due after June 30, 1939 (lien having been filed).
V
D. J. Brady, Sales Manager of the company announced the addition of
Roy Moran to the Bantam saes staff. Mr. Moran will cover Western New
York, Pennsylvania, West Virginia and Eastern Ohio, operating out of
1938—12 Mo.?.—1937
$400,000
income--.r
73,365
$1,607,493
——
due within one year (lien having been filed),
owners,
reserve
Balance-
$414,000
x
j
ciation
Alaska Juneau Gold Mining Co .—-Earnings—
Gross
prior
New
announced on Jan. 12 the re-opening of an offer to ex¬
change its 10-year 434% debentures, due 1946, for outstanding 4% bonds
of two collateral trust issues, due June 1, 1947, and March 1, 1948.
Under
two separate offers made in 1936 and 1937, the company issued $5,218,500
of its 4 34 % debentures in exchange for an equal principal amount of the
4% bonds, including $2,866,000 of the 1947 issue and $2,352,500 of the
7,505
841,610
z708,741
——
Total—
$1,607,4931
owners,
After
x
'yV..v.
company
issue due in
Of
a
prior
companies' invest¬
compared with $16,635,874
value of the
$10,960,805,
Reopens Exchange Offer—
The
Deficit-
Total....:
31, 1937, $19,622-
shares.
no par
market
■
■
—
—
44,260,009 44,470,521
Total..
&c_
Conv. pref. stk. (par $10)
Common stock..
3,852,972
3,787,063
Earned surplus.—
44,260,009 44,470,5211
—
12,482
6,830
2,072
778
17,075
ins., &c
Local property tax..
a
capital surplus-y30,305,038 30,205,606
Total
*
$62,778
20,986
*
—
payable—trade—
xll,511
.
contracts
for productive material.-—-
Deferred charges—
payable.
Accounts
300
Accounts
143,368
and
taxes,
Notes
$2,204
___
Prepaym.
' ;,:,
Liabilities—
■
1
Note receivable.
33,728
for
-■
Cash
purchased
—not received--
Accruals
■"V.v
$5,843,641
was
Balance.:
Alleghany Corp.-—Seeks Indenture Changes—
-
.
_
—
_
_■
—.i. 4
—
128,438
145,875
$4,813,042
$5,697,766
804,486
corporation
shortlyi asking their assent.
The approval of 60% of the holders is neces¬
the indentures.
,
requested would include allowing Alleghany to use the income
of Chesapeake Corp. during the dissolution of the latter for payment of
interest on Alleghany bonds.
Although Alleghany owns 71% bf Chesa¬
peake, under the present terms of the indentures during dissolution the
income which Chesapeake recei ves on its holdings is regarded as part of the
collateral and cannot be used for payment of interest requirements.
The indentures also would be modified to permit the use of deposited
cash for the purchase of the 1944s and 1949s in the open market under
a formula similar to that now used for the purchase of the 5d, 1950, which
sary to change
The changes
approved by bondholders a year ago.
Under the latter arrangement
approximately $1,000,000 par value of the 1950s have been purchased in
the open market and retired.
' ■
»
In addition, it is proposed to obtain bondholders' consent to permit the
use of cash impounded under the bonds to meet the ordinary expenses of
the corporation., Under the terms of the indentures, when the value of the
collateral is less than 150% of the par value of the bonds, the csah received
as income on the collateral cannot be used for corporate purposes.
Con¬
sequently,
Alleghany has not received any funds for corporate purposes
November
1937
.
*
Co., also is being
value of the col¬
bonds, with
The trustee
the details of the changes in the indentures.—V. 148, p. 122.
Appraisal of the issues by the trustee, Guaranty Trust
filed with the SEC and it is understood that it shows the
lateral to be substantially under 150% of the par value of the
the 5s of 1944 showing an appraised value of less than 140%.
also agreed to
Dividends
$742,672 against $683,354 a year ago.
For the first time since November,
1937 the price per foot equaled the price per foot in the corresponding
month of the preceding year.
Sales for the first six months of the company's fiscal year which began
the same period in
1937 by about 6%.
substantial demand for the Patent Colt which
it now manufactures under the Sterling trademark acquired from the
Bristol Patent Leather Co. several years ago.
This leather was once made
in large quantities but had almost completely disappeared from the market
in recent years owing to the fact that the colt skins formerly imported from
Russia were no longer available.
The Allied Kid Co. has found new
sources of supply and is now manufacturing Sterling Patent Colt in volume.
—V. 147. p. 3755.
The company reports a
American
Airlines,
—
-
per
Int.
on
Int.
on
corporate bonds.
-
— — — -
$4,008,556'
$4,893,280
:v $1.77
$1.45
Corp.—-Earnings—
1938
$573,079
27,071
123,519
U. 8. Govt, secur
;
—. —
-
American Superpower
1935
1936
1937
$1,085,240
$1,038,975
$606,166
$1,038,975
$606,166
"
Total income..
$723,669
$1,085,240
Expenses in reissue and
transfer of stocks
•
"
,
and
60,613
29,091
6,800
"6",681
5^547
76,184
Cr8,687
79,658
28,780
72,047
$609,669
1,056,141
$921,718
1,161,839
$863,243
1,328,466
$460,233
1,853,213
$446,472
Bal. applic. to divs
Divs. on 1st preferred..
Statement
$240,121
$465,223
$1,392,980
'
Balance, Dec. 31, 1937
"
.
$2,848,134
—
9,262 shares of 1st preferred
—
295,638
- —
Balance, Dec. 31, 1938
Reserve
■
of Capital Surplus for the Year 1938
Excess of capital value over cost of
stock acquired and retired
$3,143,772
for Decrease in Market Value of Securities
..$57,086,358
Balance, Dec. 31, 1937
Balance, Dec. 31, 1937, of the amount allocated as reserve for
decrease in market value of the corporation's interest in the
Bankers Trust Co. agreement of Nov. 22, 1935
Loss
on
68,339
60,135
44,976
rights, legal exp., &c.'_
Exps. in conriect'n with
study of invest, trusts
conducted by SEC_._
All other expenses...6,465
Taxes, incl. reserve for
income taxes
70,731
Netlossonsaleofsecurs.
08,174
sales in 1938, of 24,100 shares
1,121,288
of common stock of the
said Bankers Trust
Commonwealth & Southern Corp. under
Co. agreement—
reserve
x
the
107,499
— ,,
for
decrease in
Dec. 31, 1938.x.
Inc.—Operations—
record for the number of
revenue passengers carried in one year, C. R. Smith. President, announced
on Jan. 13.
The air lirte carried 358,295 revenue passengers, last year as
compared with 300,571 in 1937. or an increase of 19.2%.
-
Years End. Dec. 31— *
Cash divs. and interest-.
Total
During 1938 American Airlines, Inc. sec a new
;
*,
share of common stock.
147. p. 3755.
Earnings
—V.
804,486
preferred stock_
Balance, deficit
Allied Kid Co .—Sales—
Company reports that for December, 1938 its sales exceeded Dec., 1937
both in units and in dollar value.
In December this year net sales were
July 1, 1938, were $4,076,000 against $4,498,000 for
1937, although unit volume in these months exceeded
on
Balance
,
was
since
_
Holding company interest deductions...
t
has sent to the Securities and Exchange Commission
details of its proposal to amend the indentures of the 5% bonds due 1944
and 1949.
It is expected that the proposals will be sent to the bondholders
The
This represents
market value of securities—
-
—
$58,100,148
the balance of a reserve of $65,000,000 to provide for
value of comirton stocks and option warrants
decrease in the market
by the corporation, created in 1934 by charging earned surplus
$27,647,447 and capital surplus with $37,352,552.
owned
with
Financial
272
Chronicle
Balance Sheet Dec. 31
Appraisal
$800,526
$800,526
104,835
1,730,482
104,835
1,734,531
1,720,886
1,896,933
3,191,468
24,237,499
3,233,725
17,838,463
352,552
349,961
402,246
Interest & dividends receivable.
U. 8. Government securities—-
Corporate bonds
—
Preferred stocks
Common stocks and option warrants.
Bankers Trust Co. agreement re pur¬
chase of 1st preferred stock
Total
JAahi
Armstrong Cork Co.—To Guarantee Workers Annual Pay
time workers also was announced.
"Under this program." Mr. Prentis said,
Dividend
8,073,960
3,143,772
5,601,878
—-„—
Total
522,414
58,798
17,303,800
522,414
58,798
17,303,800
235,207
5,272,379
stock, $6 cum, (no par)...
x Preference stock, $6. cum, (no pra)_
x Common stock (no par)--..
Capital surplus
i—.
Earned surplus
1st pref.
x
—
^a^The
274,295
62,770
18,230,000
235,207
5.272,379
2,848,133
6,044,753
Hourly-rate employees With one or more years of service who are retained
ings to equal the amount they would have received had they worked 48
hours during the two-week period.
Hourly-rate employees with one or more years of service, if laid off
through no fault of their own, are guaranteed unemployment compensa¬
tion, entirely at the company's expense, during the "waiting" period estab¬
lished by State law.
This is the period between the termination of tbeir
employment with the company and the beginning of compensation payments
by the State.
•
The company also offered to save money for tis employees and offered a
"wage advance plan" under which five-year or longer employees may secure
advance payment of wages.
-...-$32,138,248 $25,958,972 $32,967,537
stock,
as
balance sheet Indicates no appraisal value for the com¬
the priorities of the first preferred and preference stocks
greater in amount than the market value of the assets of the corporation.
The first preferred stock has priority to the extent of $100 per share and
accrued dividends.
The preference stock, following the first preferred stock,
are
,
has priority to the extent of $100 per share and accrued dividends remaining
unpaid on such preference stock.
At Dec, 31, 1938, the total accrued
dividends on the preference stock from April 1, 1932, amounted to $9,525,883 or $40.50 per share.
The net assets which would be applicable
to this priority of the preference stock ta Dec. 31, 1938, were $8,073,960,
equal to $34.33 per share.
There were no net assets applicable to the
common stock at Dec. 31, 1938, on the basis of valuing the corporation's
holdings of securities at market prices on that date.—V. 147, p. 3445,411.
American
dividend of 30 cents per share on the common
stock, par $5, payable Jan. 25 to holders of record Jan. 16.
Dividends of
25 cents were paid in each of the three preceding quarters, and previously,
regular quarterly dividends of 40 cents per share were distributed.
In
addition, an extra dividend of 10 cents was paid on Jan. 25., 1938, and in
each of the three preceding quarters.—V. 146, p. 2353.
American
Period End, Nov. 30—
Operating revenues
1938—Month—1937
1938—11 Mos—1937
$8,823,689
$8,773,054 $94,693,435 $98,750,686
53,197
'
50,344
649,884
527,161
"
Operating revenues... $8,770,492
Operating expenses..—
6,712,625
Net oper. revenues...
<'Operating taxes
Net
x
oper. income—
Net Income——
$8,722,710 $94,043,551 $98,223,525
6,840,232
72,648,180
71,718,890
$2,057,867
937,206
$1,882,478 $21,395,371 $26,504,635
760,199
11,566,433
9,238,697
$1,120,661
$1,122,279
415,559
-
$9,828,938 $17,265,938
331,196 112,570,906 133,329,991
Dividends received from subsidiary and other companies, which con-'
stltute the major part of the company's income, are not accrued in the
x
accounts
monthly, but
are
included therein usually in the third month of the
calendar quarter, i. e., March, June, September and December.
These
dividends are included in "other income" in the month in which they are
taken into the accounts and accordingly the amount reported for any month
for net income does not reflect the rate of earnings of the company for that
.
month.
FCC to
Report
on
Investigation—
A
report on the three-year investigation of company
will be set to
Congress this session, the Federal Communications Commission has stated
in its annual report.
-
The telephone report, however, probably will not be ready until late
spring.
The Commission is now revising the preliminary document
issued last year by Commissioner Paul A. Walker, Which presented vigorous
criticism or certain activities of the Bell System.
It is expected that the
fingi report to Congress will be considerably less drastic than the tentative
announced by H.
in 1902.
Mr. Prentis said that sales office and personnel of the Livezey
organization would be retained.—V. 147, p. 3904.
Associated Gas & Electric
The FCC, the annual statement revealed, is making a study of methods
organizing all communications facilities, including radio, telephone
telegraph services, to provide for their prompt and efficient use in
emergency.—V. 148, p. 122.
and
the event of any sectional or national
American Type Founders, Inc.—Interest—
-
8.5%, or 33,399,732 units over production of 394,330,671 units a year ago.
This is the best percentage comparison for any month since August of 1937.
Production for the 12 months ended Dec. 31 amounted to 4,564,836,993
units.
This is 135,453,829 units or 2.9% below the output of the previous
year.
This is the first calendar year for which a decline in output has been
noted since 1932
Gas sendout for December was off 0.5% to 2,339,411,800 cubic feet.
For the entire year sendout was up 3.7% to 23,214,935,200 cubic feet.—
Y. 148, p. 123.
New
Officers—
Worlds & El. Co., Inc.—Weekly Power Output
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Jan. 7, 1939, totaled 44,079,000
kwh., an increase of 11.3% over the output of 39,604,000 kwh. for the cor¬
responding week of 1938.
Comparative table of weekly output of electric energy for the last five
years
follows:
„
,
,
.
.
•
.
Wk. End.—
Dec.
Dec.
Dec.
Jan.
*
1938
1937
1936
1935
1934
17— 46,947,000
42,701,000
49,479,000 .44,254,000
36,799,000
24— 47,564,000 *38,240,000
50,201.000
45,349,000
38,198,000
31 —*42,574,000 x36,991,000 *43,821,000 *39,207,000 *32,741,000
1939
1938
1937
1936
1935
7—x44.079.000
39,604,000 x48,763,000 x43,260,000 *36,191,000
Includes Christmas Day.
x
Includes New Year's Day.—V. 148,
Weekly Output Increases 8.2%—
Eor the week ended Jan. 6, Associated Gas & Electric System reports
electric output of 91,659,631 units (kwh.).
This is an increase of
6,927,562 units or 8.2% above production of 84,732,069 units a year ago.
The output figures reflect for the first time the inclusion in both periods
of the electric output of the Northeastern Water & Electric Corp. group,
a system unit.—V. 148, p. 123.
net
Associated
Telephone & Telegraph £o.—Earnings—
^Earnings of Company, Only)
Ended Sept. 30—
1938
Interest and dividends received from subsidiaries.
$859,495
Other income.--54,062
9 Months
Anglo Canadian Oil Co., Ltd.—Payment Received—
$913,557
131,075
$1,257,669
119.895
$782,4$2
49,092
5,020
$1,137,774
505,966
•„
157
49,672
10,000
7% first preferred stock dividends.
$6 first preferred stock dividends,.
$227,064
32,308
39,643
$571.979
48,461
59,464
Balance for surplus
Surplus Jan. 1__
Direct credits to surplus—
$155413,
455,140
17,890
$464,053
204,093
5,581
$628,143
$673,727
Net earnings
Depreciation Anderson Mill
Profit Lowell property
Depreciation Lowell property-
—
Federal and State taxes
—,
—
-
Debenture interest.
63
-----
Amortization of debt discount and expense
Expenditures in connection with investments——_
Net income.—■
-
Surplus Sept. 30.
-
——
Balance Sheet
—
——
Sept. 30, 1938 (Company Only)
LiabilUies—
7% cum. 1st pref. stock
($100 par)
$3,296,700
$6 cum. lBt pref. stk. (no par)
4,050,805
Other deferred
$4pref. cum.stk. (no par)—.
------- -
3,633
463,111
699,815
11,757
cjharges
Receivable from sub.
cos
—
receivable.---.—
Class A Cum. & part, (no par)
Common stock ($1 par)
Funded
Number of shares
—
Earned per share common--
30,000
$5.80
:
----
$16.05
Condensed Balance Sheet Oct. 31
Assets—
1938
Cash
1937
$304,830
Accounts
465,943
583,845
40,062
Inventory
Investments.
$624,567
567,112
1,007,725
receiv.-
Accounts
Accrued
22,500
2,842,226
35,307
Fixed assets
2,875,950
Deferred charges.
27,299
x
1938
Accruals.
1937
$100,000
22,752
$23"604
68,442
70,518
Fed. and State tax
Process tax refund
Deferred credits
Tax
-
_
reserves
7% pref. stock—
y
Common stock
-
Surplus
213,500
64,010
1,848
94,169
998,900
600,000
2,771,688
64,010
interest-!
Total..
—V.
147,
$25,810,075
p.
Period End. Nov. 30—
Operating revenues
Oper.exps. (incl.depr.)Net oper. revenue
x
$4,721,809 $4,675,557
Less depreciation,
y
Total.
—
.$4,721,809
Represented by 30,000 shares of
$4,675.5^7
no par
value.
1953.
$25,810,075
Gross income--.
Net loss
Indicates loss
Indies SS.
(& Subs.)—
x$122,273
4,772
$264,086
46,700
$1,001,984
x$2,842
' 101,379
-
x$97,460
24,813
x$117,502
100,217
$310,785
1,157,058
$1,048,688
1,208,438
$217,719
$846,272
$159,750
$104,221
or
Lines
deficit
-V.
147,
p.
$710,923
446,837
$1,518,733
516,749
46,703
3756.
Atlantic Refining Co.—Definitive Bonds Ready—
Arkansas Western Gas Co.-—Trustee—
The
The Central Hanover Bank & Trust Co. has been appointed trustee of
the first mortgage series A 15-year
6% sinking fund bonds due Oct.
Initial issue, $750,000.—V. 148, p. 123.
Total...
x$5,642
2,800
Operating income.—
Other income
x
75,000
628,143
-
$30,030
35,673
Taxes
—V. 148, p. 123.
surplus.
1938—Month—1937
1938—12 Mos.—1937
$1,912,725
$1,587,411 $22,065,543 $24,191,968
1,882,695
1,684,871
21,354,620
22,673,235
Interest, rentals, &c
Total
957,367
2522.
600,000
2,689,202
7,503
27.265
275,949
.
Reserves
15,824
998~900
6,251
*
—
taxes
Accrued
1,194,300
2,231,<482
1,038,308
12.021,000
-
Surplus reserved for general
contingencies
Atlantic Gulf & West
Liabilities—
Notes payable
Accounts payable-
.
debt...—.
Payable to subsidiary cos
payable.
1937
$948,202
119,350
18,623
84,587
213,500
$549,388
30,000
$241,708
—
>
Investments
.$23,652,551
Pats., patent rights, &c_——
Unamort. debt disc. & exp__
1,079,206
Earned
^Net profit
501,244
:
General interest..
Accounts
1938
—
Assets—
Co.—Earnings-—
$446,384
132,196
21,684
29,163
65,000
—•
Operating expenses and taxes
Cash..
Appleton
1937
$1,241,700
15,968
_
p. 123.
Payment has been received from Nesbitt, Thomson & Co., Ltd., for the
underwriting on 100,000 shares at $1 a share due by Jan. 3 under the
agreement dated Nov. 1, 1938, as amended Dec. 21.
The balance of the
agreement comprises an underwriting on 200,000 shares at $1 payable by
Jan. 31.
Issued capital is now 1,800,000 shares.—V. 148, p. 123.
Years Ended Oct. 31—
Profit Anderson Mill
.
I. Mange, President of the company, announced on Jan. 10 the
following interim election of, officers and one director tot/ill a vacancy:
Fred S. Burroughs, who resigned as Vice-President and director last fall,
was re-elected to the same posts by the board of directors.
Mr. Burroughs's
duties will be concerned with the Associated System finances as during his
several years of service in the past.
H. A. Stix was designated Comptroller to fill a vacancy: C. A. Dougherty
as
Secretary, succeeding Archibald L. Jackson, who remains a director;
and J. Lee Rice Jr. as Treasurer, succeeding E. G. Henshaw of Ithaca,
who remains in the accounting department'of the company.
All four of the newly-designatea officials formerly were on the staffs of
the independent service companies, facilities of which were taken over on
Jan. 1 of this year by The utility Management Corp., a mutually-owned
organization which serves the Associated System on a non-profit basis.
John
Total Income
The interest due Jan. 15 on the 15-year convertible 5% sinking fund
debentures due 1950 will be paid on that date.—V. 147, p. 3755.
Am, Water
Co.-—Monthly Output—
For the month of December, Associated Gas & Electric System reports
electric output of 427,730,403 units (kwh).
This is an increase of
net
draft.
of
with this company
W. Prentis Jr., President of Armstrong.
The Livezey
and Armstrong businesses have been closely associated since the entrance
of Armstrong into the field of corkboard insulation for refrigerating plants
a
Telephone & Telegraph Co.—Earnings
Uncollectible oper. rev.-
,
Consolidation—
Consolidation of John R. Livezey Co, of Philadelphia
was
Equitable Assurance Co.—-To Pay Larger Div.
Directors have declared
The company cannot
in the employ of the company during 1939, and who are not provided with
24 hours work per week, will receive compensation above their actual earn¬
The foregoing
x
experimental.
1939 program is, of necessity,
make any promises now as to what it can do in future years, but it hopes,
of course, that it can continue the plan in 1940 and indefinitely thereafter."
J
mon
"workers who have had five
years of service can be assured that during no week in the whole
1939 will they have less cash to live on than the equivalent of 24 hours'
more
or
year
declared on 1st preferred
stock, payable Jan. 3, 1939
years or
President,
Lesser benefits in the form of makeup pay for short hours,
unemployment compensation, and a thrift plan for the benefit of shorter
iCB
Reserve for taxes, expenses, &c
annual income for wage earners during 1939 for those em¬
longer was announced on Jan. 9 by H. W. Prentis Jr.,
A guaranteed
ployed five
$32,138,248 $25,958,972 $32,967,537
-
.
The 557,825 shares of 7% guaranteed cumulative preferred stock,
($100 par), have been admitted to trading on the Chicago Stock Exchange.
—V. 147, p. 3603.
Appraisal
$1,315,285
171,287
2,035,852
1,748,089
3,057,281
24,237,499
Cash
1939
14,
Armour & Co. of Delaware—Admitted to Trading—
*37
Dee. 31
Dec. 31. 1938
As per Books
Assets—
Jan.
15,
Guaranty Trust Go. of New York will be prepared
on
and after
Jan. 10, 1939, to deliver at its corporate trust department definitive 15-year
3% debentures due Sept. 1, 1953, in exchange for outstanding temporary
debentures.—V. 147, p. 2860.
' •
J
Volume
Financial
148
Beverly Gas & Electric Co.—Pays $1 Dividend—
Federal Judge William H. Holly at Chicago has entered an order in favor
of the corporation against the Utilities Power &
Light Corp. for
final
pay¬
ment
amounting to $1,249,628 for settlement of claims arising out of com¬
missions for the sale of the English properties.—V. 147, p. 3756; V. 146,
p. 3789.
Directors have declared a dividend of 40 cents per share on the capital
stock, payable Jan. 16 to holders of record Jan. 4.
This will be the first
dividend paid since Dec. 22, 1937 when an extra dividend of 25 cents in
addition to a dividend of $2 per share was distributed.
See also V. 145,
4109.
■
Automatic Voting Machine Corp.Years End. Nov. 30—
♦
1938
profit from sales,
voting mach. rents, &c $1,484,827
Sell., adm. & gen. exps- ■... 777,192
Gross
on
1935
$629,508
$670,295
Dr4,080
$413,571
20,395
$165,629
78,224
$328,266
29,967
$666,215
taxes
$433,965
$243,853
excess
266,158
35,085
profits
139,669
69,219
22,000
41,500
$526,547
1.491,904
$364,747
1,487,064
$221,853
1,355,138
$316,733
1,373,477
24,846
$2,018,450
314,907
$1,851,811
359,907
$1,576,991
89,927
$1,715,057
359,918
Net profit
Previous surplus
j.
Adjust, of allowances
Total surplus
Dividend paid
Surplus Nov. 30
$1,487,064
$1,491,904
$1,703,543
Gross
Assets—
1937
1938
Cash..
1938
Accts.
$6,153,606
3,218,848
$4,892,493
2,505,819
$3,622,501
2,062,167
$1,811,052
1,161,378
264,981
$2,934,758
1,287,547
318,102
$2,386,674
$1,560,334
981,980 /
714,922
231,907
288,455 "
$384,693
$1,329,109
27,800
x73,535
58,961
x217,978
$283,358
$1,052,169
y20,000
548.186
Divs. decl. payable
327,114
against purchase
price at option of
lessees
!
527*978
21,358
22,443
368.785
Cash dep.with bids
when
sales
Net profit..
dividends....
Preferred
Common dividends
Surplus
Shs.
A
Est.
salesmen, Ac...
27,610
42,114
1
1
Unexp. las. prems.,
b
16,204
Total
251,654
$2,914,404 $2,496,390!
•
36,150
Total
—
3,500
54,237
205,558
450,000
—82,914,404 $2,496,390
591,476
811,109
2,340,546
Gross earnings
Operating expenses.
$199,243
33,572
accrued-
«,
39,684
38,943
Depreciation
>
$188,667
40,977
27,100
37,003
57,602
•
$2,217,474
744,748
366,684
161,448
342,900
158,983
$87,044 ../
25,800
$83,586
$1,004,785
24,015
304,950
180,000
30,324
1,786,871
$59,571
25,483
21,722 ;
$699,835
305,794
"260,659
on common
stock_
„
1,761,925
Earned
mach. & equip..
1
1
33,517
Deferred charges.
Total
40,969
..$5,602,272 $5,751,3141
...
$14,039
$12,366
$133,382
$152,488
3604/
Aircraft
After
y
.
Stores, Inc.—Sales—
Period End. Dec. 31—
•*
Sales..
—V.
—
.
will amount to $472,000 if the principal
underwriters purchase the entire issue.
This will be used for the design,
construction and development for demonstration purposes of two types of
military aircraft, additional plant equipment and working capital.
Tobey A Co. has agreed to purchase 5,000 shares at $6.50 per share,
within 10 days after the effective date of the statement, of which 1,000
shares will be sold to Miles Sherover of New York City, according to the
statement.
The principal underwriter will have the right to purchase
all or any part of 45,000 additional shares at; $6.50 per share, within 90
days after the effective date.
Subject to completion of the foregoing,
Tobey & Co. may purchase an additional 50,000 shares at $8.50 per share
within 180 days after the effective date.
The shares will be publicly offered
at prices based upon prevailing quotations on the New Yonc Curb Ex¬
change, estimated at $9.89 per share.
George M. Bellanca, President and director, has entered into an agree
ment with the corporation which provides that he will receive $15,000 a
year
as
manager of construction and operations for a two-year period
beginning Jan. 1, 1939, together with 3% of net earnings of the corpora¬
tion each year.
The agreement was dated Dec. 19, 1938.
„
Mr. Bellanca also has been granted an option to purchase in 1940 all
or any part of 10,000 shares of unissued common stock at a price of $11.50
a share, and an option to purchase in 1941 all or any part of an additional
10,000 shares of common at $13.50 a share.
Mr. Bellanca has notified the
corporation, according to the statement, that as of Oct. 31, 1938, and
Dec. 15, 1938, he owned of record and beneficially a total of 61,100 shares
of common stock, $1 par, representing 34.9% of the outstanding common
as
the
issue
of the said dates.
10 months ended Oct. 31,
For
1938—12 Mos.—1937
$19,551,929 $20,153,436
Ry.—Earnings-
235,608
329,374
6,383
$125,303
Total operating expenses
i
Federal, State and municipal tax accruals.
Rent for I eased roads
—;—
.
Subway, tunnel and rapid transit line rentals
Interest on bonds-.
_.
Excess of cost of service over receipts.--
147, p. 3303.
1937
$2,129,773
1,598,634
126,101
103,259
235,567
329,374
6,813
$269,974
1938
of November—
,
$2,152,745
1,464,575
138,849
103,259
.•
•
Bower Roller
Bearings Co.-—50 Cent Common Dividend-r-
Directors have declared a dividend of 50 cents per share on the common
$5 payable March 25 to holders of record March,, 10.
A like
amount was paid on Dec. 20 and on March 25, 1938.
See V. 146, p. 3661
for detailed record of previous dividend payments.—V. 147, p. 3448.ftM
par
"Brooklyn-Manhattan Transit Corp.—Collateral Released
in the distribution of the common stock.
proceeds from
_
,
1938—Months1937
$2,372,956
$1,987,441
147, p. 3756.
Boston Elevated
Corp.—Registers with SEC—
The corporation has filed a registration statement with the Securities and
Exchange Commission under the Securities Act covering 100,000 shares of
common stock, $1 par value.
Tobey & Co., principal underwriter of the
issue, will be assisted by Eldred, Potter & Co. of Los Angeles and others
Net
.-$5,602,272 $5,751,314
Total
reserve for depreciation of $1,805,675 in 1938 and $1,682,895 in
Represented by 372,845 (365,457 in 1937) no par shares.—
V. 147, p. 3447.
x
1937.
stock,
Balance
609,767
706,702
surplus...
Land, buildings,
$682,738
305,794
224,456
)■
57,940
2,701,229
180,000
34,805
25,000
30,000
21,000
Capital surplus— 2,701,229
not used
Goodwill
—V.
Surplus
Div. on pref. stock
con¬
tingencies
188,544
In operations
$970,844
288,105
$61,243
25,483
21,722
charges
for
230,885
110,483
taxes
Other reserves....
239,243
Miscellaneous items
Net oper. revenue
income
Total receipts.
$2,231,116
698,199
V.
Estimated Federal
Reserve
62,057
Sundry accounts...
Bond
1938—12 Mos.—1937
1937
1938
.
2,635
In-Australian
Month
1938—Month—1937
included in
y
value of
surr.
Real est.
x
Liabilities—.
2,029,888
life insurance
Inv.
450,000
1,491,904
Bangor Hydro-Electric Co .-—Earnings—
Period End. Dec. 31—
are
Accounts
subsidiaries, Ac-
It is understood that holders of approximately 67% of the bonds affected
by the proposals for temporary reduction of fixed charges and extension of
nearby maturities have so far given assent to the plan.
This includes hold¬
ings of the Reconstruction Finance Corporation and banks which are mem¬
bers of the National Association of Mutual Savings Banks.—V'. 148, p. 125.
p.
$426,083
298.354
$1.36
Common stock.-$1,864,225 $1,827,285
146,116
246,781
payableAccrued accounts
52,428
22,517
$337,659
ac¬
Vendors' debit bal.
Cash
72,015
1937
$644,415
&
.
147,
$538,240
298,354
$2.74
,
•
1938
Assets—
Baltimore'& Ohio RR.—Assents to Plan Gain-—.
Bellanca
$486,083
60,000
Includes $1,759 ($20,630 in 1937) for surtax on undistributed profits,
Final dividend of 50 cents per share, the preferred stock having been
Mdse. Inventories.
a After depreciation of $356,886 in
1938 and $349,559 in 1937.
b Au¬
thorized, 400,000 shares, no par value; issued, 359,387 (359,269 in 1937)
shares, dnd to be issued, 613 (731 in 1937) shares in exchange for former
classes of stock—360,000 shares at assigned value.—V. 147, p. 1768.
—V.
$898,240
360,000
$483,983
365,457
$2.82 i
[372.845
$0.76
counts receivable
242,030
1,703,543
Capital stock—
Surplus
Div.
51,859
75,561
Consolidated Balance Sheet Sept. 30
service
payment sales.,
30,514
prepd. taxes, Ac.
par).
share
Cash
Def'd inc. on def'd
agents,
guar,
per
Notes, bills
costs,
Ac.,
on
machines sold..
Pats. & goodwill..
Fixed
$613,504
99,521
118,478
x
as
521,074
4.
$96,935
stock (no
com.
Earnings
45,000
accts. are collec.
ma¬
554,850
Taxes
'
$1,116,238
,
Note—Depreciation charges in the amount of $154,283
Comm. pay. on de¬
ferred
payment
314,919
Inventory
...
$163,944
Mach. rental appl.
439,141
agreement
Instal.cont.acc'ts
income
the 1938 statement.
$241,257
823,765
672,838
(at
cost (under rental
to
1935
Federal inc. taxes (est.).
1937
A
_
35,428
notes A accts.rec
Advs.
.
1936
redeemed.
accrued accts
Funds in closed bks
chinery, Ac
7
1937
Operating profit
deductions, less
other
$1,355,138
30
Llabilitiespayable
,
$180,269
$484,377
Ctfs. of indebted.,
Land, bldgs.,
(•& Subs.)—Earnings—
186",423
profit
Selling and service costs.
Admin. & gen. expense..
y
Nov.
Balance Sheet
a
6 to the Interstate Commerce Commission
$4,643,890
2,832,837
sales
Cost of goods sold
$358,233
(est.)
Voting machs.
Jan.
Other
Total income
Fed. inc. &
on
Birmingham Southern RR.—-To Buy Line—
Net
$530,792
327,728
37,435
Other income (net)
stock
common
2382.
1938
$949,403
500,555
35,277
Operating profit
the
p.
for authority to acquire for $165,000 a line of railroad of the Tennessee
Coal Iron & RR. Co. extending 2.47 miles, all in Jefferson County, Ala.
All capital stock of the company is owned by the Tennessee Coal, Iron &
RR. Co.—V. 143, p. 3620.
Black & Decker Mfg. Co.
37,340
plant eq., &c.
on
This compares with dividends of 75 cents
July 14, last.—V. 145,
on
Earnings for Years Ended Sept. 30 (Incl. Subsidiaries)
1936
1937
dividend of $1 per share
a
Oct. 14 and
on
-Earnings-
„
Deprec.
paid
'
'
.
Company paid
14 to holders of record Jan. 9.
The company applied Jan.
Augusta & Savannah RR.—Dividends Resumed—
p.
273
Chronicle
Atlas Corp.—Claims Order Entered—
1938, the corporation had net income of
$202,652 after provision for Federal income taxes and all charges.
In year
ended Dec. 31, 1937, the corporation had net income of $120,274 after
provision for all taxes and charges.—V. 148, p. 125.
The Brooklyn Trust Co., as trustee under the trust indenture dated
May 1,1936, securing Rapid Transit coll. trust bonds, has notified the New
York Stock Exchange that it has released from the indenture for sinking fund
the following securities:
$116,000 Williamsburgh Power Plant Corp. gen. mtge. 5% sink, fund
gold bond, series A, due July 1, 1988.
.
■
$28,000 New York Rapid Transit Corp. ref. mtge. 6% sink, fund gold
bond, series B, due July 1, 1968.
.■
M
$33,000 New York Rapid Transit Corp. 1st and ref. mtge. 6% sink, fund
gold bonds, series A, due July 1, 1968.
' ■
leaving $20,258,000, $12,715,000 and $7,082,000, respectively, of such
bonds on deposit with the trustee.—V. 147, p. 3905.
pruposes
,
Brown Fence
an
& Wire Co .—-Sales—
Sales in December were $195,089, against $166,091 In December, 1937,
increase of $28,998 or 17.4%.
November sales were $282,952.
Sales for six months ended Dec. 31, last, were $1,597,586, as compared
corresponding period of 1937, an increase of $167,397
with $1,430,189 in
11.7%.
Company's fiscal year ends June 30.
Company is now mailing its January-February bargain catalogs and
follow early in February with its regular catalog.—V. 147, p. 3605.
or
M
will
Buckeye Pipe Line Co.—•New President—
former Vice-President of the Indiana Pipe Line Co..
Line Co., and Northern Pipe Line Co., was elected
Paul R. Applegate;
the
Buckeye
Pipe
President of these companies,
°nMreCBushnell has
succeeding Douglas S. Bushnell, who retired
been President of these companies for the past
He will retain his connection in an
director.—V.
147,
p.
27 years.
advisory capacity and will continue as a
2385.
Bulolo Gold Dredging, Ltd.—December Operations—
reports
estimated December working profit at $447,405
(Canadian).
This compares with $330,435 in November and $249,375 in
Company
1937*
18,709 ounces fine gold from a total of 1,302,000
14,139 fine ounces gold in November from a total of
1,210,000 cubic yards.
Working profit was from 12,783 fine ounces,
equivalent to $447,405 with gold at $35 per ounce.
November working
profit was 9,441 fine ounces gold.—V. 147, p. 1184.
December production was
cubic yards against
Bell Telephone Co. of
Pa.—Gain in Phones—
Company reports a net station gain for
December of 5,076, compared
with 3,250 in the 1937 month, and 7,522 two years ago.
Net station gain for 1938 was 38,469 against 72,030 in
1937 and 63,337
in 1936.
of Dec. 31, 1938, operated by the
Company's high mark was May, 1930, with
Number of telephones in service as
company,
a
totaled 1,233,652.
total of 1,292,173.
Station gain
and 16,586 in
.
,
«
„
in Philadelphia last year was 7,068 against 19,012 in 1937
1936.
December gain was 1,462 as compared with 971 and
2,445.—V. 148, p. 125.
Best & Co.—Extra Dividend—
At
extra
meeting of the board of directors held Jan. 10, they authorized an
dividend of 25 cents on the common stock in addition to the regular
a
26
holders of of 40 Jan. a common share.
?uarterly distribution record cents 20.—Y. 147, p. 3905.
Both|are payable on
an.
to
Burco, Inc.—Decision Reserved on
Plea for Ban
on
Proxies—
Egan at Jersey City, Jan. 9, reserved de¬
of two stockholders for the issuance of a permanent
injunction that would restrain a proxy committee from voting the proxies
they had received at a 1938 election of officers for the company.
M
Arguments presented Jan. 9 by counsel on both sides were in answer to
a show-cause order issued by Vice-Chancellor Egan several weeks ago, at
which time a temporary injunction postponed the election in the Jersey
City offices of the company scheduled for Jan. 6 for from "60 to 75 days."
The two stockholders seeking the injunction charge in their petition
that Americus J. Leonard, President; John B. Shearer, Vice-President, and
W. Ashley de Wolf, one of the five members of the board of directors,
formed a proxy committee to obtain stockholders' proxies without notifyVice-Chancel lor Charles M.
cision on the application
Financial
274
ing investors that the New Jersey assets of the company were in
of a receiver, or that Leonard and Shearer had been accused in
for
receivership as "parties to looting the company
—V. 147, p. 1769.
the hands
Byrndun Corp.—Note Extension—
extension of the $337,700 3-year discounted collateral
aproved by the stockholders and assented
to by holders of approximately 87% of the outstanding notes, and has been
declared effective by the board of directors.
Accordingly, holders of the
notes are being requested to deliver or transmit their notes (and any related
option warrants entitled to extension under the plan) to Central Hanover
Trust Department, 70 Broadway, New York,
(and option warrants , if any) may be stamped
legends to indicate the extension thereof.
* Noteholders, if they own any option warrants issued under this corpo¬
ration's collateral trust agreement dated as of Jan. 15, 1936, which they
desire to have extended under the plan, such warrants (at the rate of, but
not exceeding, a warrant for 2]/% shares of class B common stock of Hat
Corp. of America for each $100 of collateral trust notes presented for ex¬
tension) be delivered or transmitted to Central Hanover Bank & Trust Co.
at the time their notes are presented for extension.
If not so presented
with appropriate
1938
1937
1936
$173,890
69,003
1,650
22,621
$217,888
70*325
1,800
,24,259
$210,778
66,845
1,900
27,336
$203,712
62,812
2,300
24,399
438
1,750
1,750
taxes
Western Vinegars, Ltd.,
L divs. pay. on pref. shs.
19
$112,948
110,400
29,816
$119,754
110,400
$112,449
147,200
sur$9,354
166.856
157,501
$27,268
184,769
$34,751
219,520
$136,616
$166,856
$157,501
$184,769
$0.87
Total surplus
$1.30
$1.23
par).
1938
x
Capital stock...$1,322,503 $1,322,503
166,856
136,616
plant A equip..$1,216,120
Cash
13,193
$1,262,500
19,967
Western
74,413
67,971
Ltd
323,667
302,865
24,001
24,001
Vinegars,
25,019
25,000
86,011
63,431
37,746
—
35,015
12,000
Bal. owing re purAccounts payable.
Liab. for containers
returned.---—returned..
22,500
■
v
22,500
30,000
21,000
Res. for income tax
....$1,651,394 $1,677,304
Total
$1,651,394 $1,677,304
Represented by 92,000 no-par shares,
y After deducting
1938, $604,479; 1937, $541,147.—V. 146, p. 590.
x
able F'eb. 1 to holders of record Jan. 16.
1
551,900
National
Ry.—To Sell $50,000,000 of Guar¬
11 on a new
bonds by the
The issue has been oversubscribed.
payment of temporary loans obtained by the company from the Govern¬
ment, in .the amounts of $32,400,000 for the redemption of funded debt,
$5,000,000 for capital expenditures and $3,200,000 for the acquisition by
the company of capital stock of Transcanada Air Lines.
The remainder
of the proceeds will be applied to the retirement of funded debt maturing
future.
near
\
»
,
The bonds will be guaranteed unconditionally, as to both principal and
interest, by the National Government.
Principal and interest is payable
in Canadian funds.
Denom.: 2Y\% bonds, $1,000; 3%'bonds, $500 and
10,063,823»
.11,091,950
both, with
Total
11,091,950 10,063,823
„
9,496 shs. 6% cum. prior pref. stock (par $100) and 109,360 shs. com¬
stock (par $1). x After reserve for doubtful accounts and freight allow¬
ances of $210,629 In 1938 and $228,983 in 1937.
y After reserve for depre¬
ciation of $4,502,089 in 1938 and $4,130,459 in 1937.
z Represented by
312,429 no par shares.
The income statement for the year ended Oct. 31 was published in V. 148,
126.
Corp.—Earnings—
1938
rec. or
Eederal
for
$31,133
251,206
$132,648
$177,628
86,080
$245,201
116,084
$282,339
83,571
$245,541
74,287
Crl ,425'
Drl6,624
,
375
$91,174
247,636
$112,493
221,779
$200,194
177,427
$171,254
147,741
$338,810
57,750
$334,272
z86,636
$377,621
yl55,841
$318,995
xl41,569
Net inc. for the year—
Surplus Jan. 1
Total surplus
Divs. on conv. pref. stk<
After deducting $184 for dividends accrued at Dec. 31,1934, applicable
to stock reacquired,
y Includes $51,975 declared Dec. 23, 1936, payable
x
Feb. 1, 1937, after deducting $34,650 declared out of capital surplus.
The
total of $155,841 does not include $831,308 ($3.60 per share) paid Dec. 10
out of
capital surplus,
z
Paid from capital surplus.
dividends declared and paid
Note—The following amounts in respect of
(,pn
convertible preference stock, have been charged to capital surplus:
arrears
from Nov. 1, 1932 to Nov. 1, 1936,
per
1939
34,650
1938-
Dividends
on
convertible preference stock at the rate of $1.50 per share
have been fully paid to July 31, 1937; 25 cents per share paid
Dec. 20, 1938—undeclared cumulative dividends to Dec. 31, 1938, amount
per annum
to
S1.87H
share.
per
Federal taxes on income for the year 1938 re¬
in determining
corporation will claim as deductions in 1938,
certain losses for which provision sas made in prior years; the return when
filed is subject to review by the Treasury Department.
Provision
for
estimated
sulted in the nominal amount of $375 for the reason that,
taxable
net
income,
the
Capital Surplus, Year Ended Dec. 31
Balance Dec. 31, 1937, $2,141,314; add:
and loans
1938
Net recoveries on investments
written
off, $38,069; additional refund on advances ($100,000)
made in 1934 in connection with stockholders' plan for the liquidation of
closed
bank—$65,000 refunded in years 1935 to 1947, incl., $5,000;
$2,184,383.
Net loss realised from sale of investments, $25,078;
provision for bank stockholders' liability—paid Dec. 12, 1938,
$3,600; balance Dec. 31, 1938, $2,155,705.
a
total,
additional
Balance Sheet Dec. 31
1938
Assets—
Cash in bank..,—
Investments.
Liabilities—.
1937
$51,017
5,590,977
1,520
$19,189
5,176,728
Prepaid expenses..
2,856,
...—
1938
Accrued
for
Prov.
closed
on
stock¬
banks.
5,760
Reserve
for
taxes
other than Fed.
449
Conv. pref. stk—
Common stock
2,310,000
y
1 Q'-ftt.
•
<
'
.
1QQ7
$3,859,000
iif*
$323,000
1939
$2,126,000
Traffic earnings
.
Decrease
$162,000
—V. 147, p. 4049.
Capps Gold Mines, Ltd., Charlotte, N. Q.—Receiver—
filed by the W. D. McClure Lumber Co. for building
ma¬
Earnings per share
—V. 147, p. 3605.
Directors
Ltd.—Earnings—
Earnings for 3 Months Ended Oct. 31, 1938
Gross income—bullion sales less Prov ncial mineral
mint charges.-Cost—mining, milling,
taxes
and
and
general expense
Provision for depreciation, depletion and income taxes
Net earnings...Earnings per share
147, p. 1769.
Resigns—
147,
p.
2861.
(William) Carter Co.—Annual Dividend—
The company paid a dividend of $4 per share on the common stock on
4*, A similar dividend
was paid on Jan. 3, 1938; Jan. 5, 1937; Jan. 4,
1935; Jan. 25, 1933, and on Jan. 22, 1932, prior to which
annual payments of $6 per share were distributed.—V.
146, p. 1064.
1936; Jan.
3,
'
«
$485,591
$0.19
'
Co.—Accumulated Dividend—
Jan. 4 declared a dividend of $1.75 per share on account
on
Republic Co.— To Pay 15-Cent Dividend—
payable Jan.
dividend
P.
was
one
16
to
of 25
a
dividend of 15 cents per share on the common
holders of record Jan.
cents per share paid on
11.
Last previous cash
June 25, 1937.—V. 146,
2199.
Century Shares Trust—To Pay AO-Cent Dividend—
$348,106
L. R. Boulware has resigned as Vice-President and General Manager of
the corporation, J. I. Lyle, President, announced on Jan. 10.
His resigna¬
tion will take effect when arrangements now in progress can be completed
for carrying on his executive functions, it was stated.
He will continue as a
606,024
Ltd.—Earnings—
2,500,000 capital shares
Directors have declared
26.11 cents
—V.
Carrier Corp.—Vice-President
on
mulations
stock,
557,670
196,943
Represented by
147, p. 3450.
dividend of $1.50 per share on
Central
and
administration
$1,102,719
development,
-247,636
of
the7% prior lien preferred stock, $7 dividend series, and
the prior lien preferred stock, $6 dividend
series, both payable Feb. 1 to holders of record Jan. 14. Like amounts were
paid on Nov. 1, July 20, and on April 20, last.—V. 147, p. 3153.
a
Cariboo Gold Quartz Mining Co.,
on
Central Power & Light
accu
terial.
director.—V.
$5,643,514
—
Net income after oper. exps.; Federal inc. taxes & other charges.
The company was placed under temporary receivership Jan. 4 by Judge
H. Gwynn, who named John James as receiver.
The petition for
was
Total— J.r-—$5498,773
Earnings for 11 Months Ended Nov. 30, 1938
Allen
receivership
1,481,024
2,141,314
Central Patricia Qold Mines,
1938
$2,288,000
915,736
915,736
2,155,705
281,060
x Represented
by 231,000 no-par shares,
y
shares of common stock in treasury at cost.—v.
Earnings for the Week Ended Jan. 7
_
—$5,198,773 $5,643,514
2,3io"o66
Treas. stock—Dr 1,481,024
Capital surplus
Total.
$3,536,000
24,665
-k
liability.
Earned surplus.
....
30,900
—
income
Deferred
$87,496
Earnings for the 10-Lay Period Ended Dec. 31
1937
4,286
11,087
expenses.
Res. for Fed. taxes
Ry.—Earnings—
Traffic earnings.
-
Notes pay. banks.$1,000,000 $1,450,000
holders' liabil.—
Increase
$2,719,716
86,631
'$952,589
—V. 148, p. 125.
Canadian Pacific
$831,308
share for the quarter ended Jan, 31, 1937---
Earnings of the System for the Week Ended Jan. 7
$2,807,257
incl.—
four years at 90c. per share per annum—paid Dec. 10, 1936-on account of regular quarterly dividend of 37 He.
Fifteen cents
or
-
112 893
taxes
Income
The amount of bonds to be allotted in each maturity will
revenues
1935
$17,519
227,682
decl.
Expenses
Extraordinary credits &
charges (net)
on
1936
1937
$5,743
171,885
Income—Interest
x
Gross
268,685
1,389,621
mon
on Jan. 11 at 9 a. m. and will close, as to either
without notice, at the discretion of the Minister
be
determined by the Minister of Finance.
or
surplus.
434,813
1,383,001
surplus
Earned
Total
2,907,250
459,899
Paid-in
Subscription lists opened
of Finance.
4,000,000
299,880
5% cum. pref. stk.
2,907,250
(par $100).
z Common stock—
312,429
$1,000.
maturity
3,750,500
pay¬
The new issue will be dated Jan. 15, 1939 and made in two maturities,
consisting of 7-year 2lA% boncls maturing Jan. 15, 1946, and 20-year 3%
bonds maturing Jan. 15, 1959.
The 7-year bonds will be non-callable ana
the 20-year bonds are callable at the option of the company in whole or in
part on or after Jan. 15, 1954.
The price of the 7-year bonds is 99 and int., to yield about 2.40%, and
of the 20-year bonds 97.25 and int., to yield about 3.19%.
Proceeds of the issue will be used to the extent of $40,600,000 for the re¬
in the
312,429
stk.
debt
Notes payable, not
current.
A dividend of three cents was paid
anteed Bonds—Subscriptions wore taken Jan.
issue of $50,000,000 of Dominion-guaranteed
Bank of Canada.
on com.
Funded
1
543,193
36,341
-
Regular quarterly dividend of 37 He per share for the quarter
ended July 31, 1937
1, last: four cents was paid on Aug. 1, last, and one of five cents
on Jan. 15, 1938.—V. 147, p. 2524.
;
Canadian
Divs.
4,484,700
4,386,585
equipment.
Deferred charges..
depreciation,
Canadian Investment Fund, Ltd.—Dividend—
Directors have declared a dividend of four cents per special Share,
paid
stock
Pats. A pat. rights
Accumulated
Nov.
Divs. pay. on pref.
17,165
plant
Property,
and
and State taxes.
a829,743
16,357
Prepaid Insurance.
Prov. for containers
was
72,573
Prov. for oth. Fed.
Prod. Corp...
'■
1937
1938
Liabilities-
1937
Land, buildings,
on
67,592
67,872
taxes
1
Certain-teed
Prov.
Consolidated Balance Sheet Nov. 30
Total
45,000
19,056
Prov.for Fed. inc.
Bo. Coast Corp.
$1.22
Earns, per sh. on 92,000
Goodwill
283,565
42,193
Accrued
Cash divs.
$30,240
Balance, deficit
Previous surplus
Inventories
249,690
interest.-
590,106
482,915
Income Account Years Ended Dec. 31
Adj. applic. to prior yrs.
Acct's receivable.-
Ac...
856,701
------
$80,160
110,400
—
Dividends paid
y
exps.,
comm's,
482,915
1
Central-Illinois Securities
to said shares
Assets—
trav.
wages,
royalties,
Ltd...
p.
owned
shs. cap. stk. (no
Acer.
10,179
Am. Gypsum Co
Celotex,
Propor. of surplus applic.
income
1,368,376
5,612
a
Prov. for depreciation-..
Directors' fees
Net
1,678,036
-
594,724
1,750
after
deducting all costs—
not
475,000
Investment in—
1935
Years End. Nov. 30—'
Keserve for
Notes payable
-Earnings—
Ltd. (& Subs.)
Canada Vinegars,
776.410
become void at their
1063.
such option warrants will expire and
present expiration date on Jan. 15, 1939.—V. 146, p.
and extended, all
$
1,048,726
1,509,754
Accounts payable-
1,427,551
Inventories
MLscell. assets
y
1937
$
Liabilities—
«
$
865,255
Notes Aaccts.rec
x
1938
1937
1938
Assets—
Cash
The plan for the
Net profit for year
Jan. 14, 1939
CelotexXorp.—Consolidated Balance Sheet Oct. 31-
the action
of $7oO,000 of its assets.
trust notes due Jan. 15 has been
Bank & Trust Co., Corporate
N. Y. In order that such notes
Chronicle
Directors have
declared
a
dividend of 46 cents per share
on
the par¬
ticipating shares, payable Feb. 1 to holders of record Jan. 17.
Dividend
of 42 cents was paid on Aug. 1, last, and 34 cents per share was paid on
Feb. 1, 1938. See V. 145, p. 3969, for record of previous dividend payments.
Current dividend is to be paid from net investment income of the trust
for 1938.—V. 147, p. 3006.
Charlton Mills
Corp.—Liquidating Dividend—
A 3 H % liquidation dividend will be paid to stockholders of the dissolved
Charlton Mills of Fall River.
Previous disbursements amounted to 30%.
The B. M. C. Durfee Trust Co., receiver for the corporation reports that
it
has received $402,500 for the account of stockholders of the Charlton
Mills, of which $360,000 has already been distributed as a 30% dividend.
The court has authorized expenditure of $500 of the remainder divided as
follows: Court expenses, $55.75; counsel, $200, and compensation to the
Volume
receiver
148
$244.25
Financial
and
dividend.—V. 146,
p.
disbursement
of
the
$42,000
balance
as
a
being notified that upon presentation and surrender for retirement,
after Jan. 10, 1939, of these bonds accompanied
(unless the owner be
domestic corporation) by Federal income tax ownership certificates with
respect to the May 1, 1939 installment of interest, and accompanied, if
registered by proper instruments of assignment and transfer and power of
on or
a
attorney, at the Corporate Trust Department of Guaranty Trust Co. of
New York, 140
Broadway, New York City, Guaranty Trust Co. will pay
the principal amount of such bonds
together with the semi-annual interest
thereon due May 1, 1939.—V. 147, p. 4050.
Chesapeake & Potomac Telephone Co. of Baltimore—
Gain in Phones—
a net gain of 1,425 stations during December, compared
1,052 in December, 1937, and 1,412 in December, 1936.
For the year of 1938, the company showed a net gain of 14,752 stations,
compared with 18,071 in 1937. and 18,297 in like period onf 1936.—V. 147,
P. 3606. '•
•
- •
v
.
Chicago Great Western
Reorganization Plan—
RR.-
-Asks
ICC
plan of reorganization
to permit the borrowing of $6,500,000
Corporation for purposes of reorgani cation.
so as
125% of the principal amount of the loan.
is possible, the carrier stated, that the
It
money
market may improve
between
now and the confirmation of the plan in which event the plan as
constituted could be put into effect.
In order, however, to meet the
contingency of still being unable to dispose of the bonds at par at the time
of the confirmation of the plan, it is asked that the plan be amended to
provide that if the new bonds are not
salable at par, the reorganized
company be permitted to borrow from RFC.
Other pertinent amendments
to the plan are requested.
The Commission approved a final plan for the road on Aug. 4, 1938.
The new money would be used to purchase the St. Paul bridge and
terminal properties, to pay existing RFC loans and to provide working
capital for the new company.—V. 147, p. 4050.
Chicago Milwaukee St. Paul & Pacific RR.-—Railway
Reorganization Would Delay Plan—
•
reorganization of the road until Congress produces its
legislation at the present session or until business
conditions are stabilized, or both, are requested by the company and other
important parties to the reorganization, in briefs taking exception to the
plan recently proposed by M. S. Jameson, Examiner for the Interstate
-Deferment
of
1
'promised"
—Kilowatt-Hour Output—
.
Dec" 24*
Dec! 17'
—V.
This
railroad
Commerce Commission.
Some 13 sets of exceptions filed with the Commission by virtually all
classes of the road's security holders attack the proposed plan from diverse
angles, but the consensus seems to be that the Examiner's proposals are
largely "guess work," representing an attempt by the Commission unduly to
"speed the reorganization in the face of insurmountable obstacles relating
tojallocation of new securities and forecasting the future."
The concerted plea for delayed reorganization by at least four of the
briefs on the ground that the present economic level of activity is not
conducive to the kind of planning for the future that a railroad reorganiza¬
tion involves, is suggestive of a statement in the 52d annual report of the
ICC made public Jan. 4, which cited as one of the causes of recent delay in
railroad reorganizations the extreme difficulty of forecasting "the future
earnings of the railroads."—V. 147, p. 4050.
.
Surface
Lines—Unification
Agreed
Upon—
Settlement of Chicago's traction problem moved ahead Jan. 5
The shares offered
are
already outstanding and
The company was
incorporated in Delaware
by A. W. Harris, Chairman of the Harris Trust & Savings Bank,
a meeting to accept the modified Shaw plan for combining the
Last month all the other major surface lines groups and the
elevated committees had approved the plan.
The committee immediately advised Walter A. Shaw, Federal Court
Examiner, and author of the merger plan, of its acceptance.
Mr. Shaw
was
named a special officer of the Court by Federal Judge James II.
Wilkerson on Dec. 15 to try to effect the merger agreement.
The action of the Harris committee removed the biggest obstacle to a
final traction settlement.
The plan must now be submitted to individual
securities holders for their approval.
This will pave the way for the
last major step—the negotiation of a unified franchise for the new company.
The merger plan now agreed to by the committees for all major groups
provides for the formation of a single new company to acquire the properties
of the elevated and surface lines through an exchange of securities. *
The new company, it is proposed, will sell $45,000,000 in equipment
certificates for cash to help finance a $110,000,000 modernization pro¬
gram.
It will also issue $177,539,816 in bonds and preferred stock and
2,695,530 shares of common stock in exchange for existing securities.
Basis of Exchange
Holders of $72,718,350 Surface Lines 1st mtge. bonds would get an
equal amount of new bonds.
Owners of $70,000,000 car lines junior securities would be given $62<821,466 preferred stock and 1,589,729 shares of new common stock.
In exchange for $91,000,000 elevated bonds and stocks, the new com¬
pany would give $7,000,000 new bonds, $35,000,000 perferred stock and
1,105,802 common shares.
V
;
■
In announcing the action of his committee, Mr. Harris said the group
approved the plan only as it affected the securities holders represented by
the committee.—V. 146, p. 1870.
•
of the latter company approved Dec.
the Northern District of Texas,
11, 1934, by the U. S. District Court
Fort Worth Division.
Company is
engaged primarily in the manufacture, purchase, distribution and sale of
electricity and ice; purchase, production, distribution and sale of natural
gas; and production, distribution and sale of water.
Company also sells
merchandise and appliances in connection with its electric, gas and ice
for
business.
;
,
Light & Power Co. (Mich.)—Sale Approved-—
Exchange Commission recently issued an order ap¬
proving the .application of Consumers Power Co. (subsidiary of Common-'
wealth & Southern Corp.) to acquire the assets and other interests of
Citizens Light & Power Co; (subsidiary of Cities Service Power & Light
Co.). for a cash consideration of approximately $3,200,000.
(See also
Consumers Power Co. in V. 147, p. 3907.)-—V. 147, p. 2678.
Coca-Cola Bottling Co., St.
The directors have declared
an
water and ice service to a
Louisiana.
During 1937 properties in Texas, where electricity is supplied to 121 com¬
munities, water to 15, gas to 6, and ice to 22, contributed approximately
76.3% of gross operating revenues of the company. During the same
year properties in New Mexico, where electricity is supplied to 11 and
ice to 2 communities, contributed approximately 13.2% of gross operating
revenues.
During the same year properties in Kentucky, where electricity
is supplied to 38 communities, contributed approximately 8.4% of gross
operating revenues.
During the same year properties in Louisiaian, where
electricity is supplied to 4 communities and water to one community,
contributed approximately 2.1% of gross operating revenues.
Revenues
from the sale of electricity represented 71.6% of the total operating gross
revenues of the company for
1937.
The total population served is esti¬
mated at 180.000.
cents per share in
dividend of like amount on the common
stock, both payable Jan. 20 to holders of record Jan. 10. Similar amounts
were paid on July 20 and Jan. 20, 1938, and on Oct. 20 and July 20, 1937.
,
146,
p.
3800.
•
Total oper. revenues
Oper.,
sell.,
admin,
change inadvisable.—Y. 147, p. 3606.
Columbia Gas & Electric Corp.—Hearing
The Securities and Exchange Commission has
1,480,787
160,776
243,809
Prov. for renew. & replac
Taxes (other than Fed.
Oct.
1937
$2,902,051
1,666,597
229,283
292,704
1,439,327
1,463,691'
187,397
271,891
203,116
237,910
187,242,
$926,749
349,771
8,957
$1,018,119
341,694
9,291
$816,139
280,420
9,662
6,967
14,275
24,109
[,y37,376
$546,777
$643,023
$488,680
$1.85
Sundry int. paid-jr-net..
$829,555
Drl3,416
.2X7X45
...
bonds—
on
192,140
$993,031
25,087
$328,806
Total
228,605
$888,377
38,372
$716,802
359,051
7,804
..
Net oper. revenues
Net from other oper.
204,756
$688,785
28,016
add State income)..
Interest
10 Mos.End
31, '38
31-
$3,410,223
1,016,115
and
gen.,
expenses
Maintenance.
1$3.08
I $3.62
$2.75
Prov. for Federal & State
taxes
dividends.x..
Balance.
Earns, per sh. on 177,465
shs.
com, now
outstdg.
redemption
and last dividend thereon paid
1, 1936.
y Includes additional taxes for 1937 ($5,713) and 1936
($6,332).
'
^: vDividend Record—An initial dividend of 25c. per share was paid on the
common stock Feb. 1, 1936.
Dividends of 25c. per share each were paid
May 1, Aug. 1, and Nov. 1, 1936, and an extra dividend of $1 per share
was
paid Nov. 1, 1936.
Dividends of 25c. per share each, and extra
dividends of 25c. per share each, were paid Feb. 1, May 1, Aug. 1, and
Nov. 1, 1937.
Regular quarterly dividends of 50c. per share each were
paid Feb. 15, May 16, Aug. 15. and Nov. 15, 1938.
—
Underwriters—The names of the several principal underwriters with
x
on
Preferred stock called for
Oct,
.
stock offered, and the respective
number of shares of such common stock which they severally agree to
purchase, are as follows:
Central Republic Co., Chicago, 13,321 shs.;
Paine, Webber & Co., Boston, 9,000 shs.; E. H. Rollins & Sons, Inc.,
New York, 6,000 shs.; Stroud & Co., Inc., Philadelphia, 4,000 shs.;
Chandler & Co., Inc., Phiiade.phia; 3,500 shs.; Burr & Co., Inc., New
respect to the
38,8^1 shares of
common
York, 3,000 shs.
Capitalization—
series A,
1960)
-
5% sinking fund bonds,
dated Jan. 1, 1935 (due Jan. 1,
—
-
—
.
Preferred stock (par $50)
Common stoc«£
(par $25)
3759.'
—V. 147. p.
^
$7,200.000
6,000 shs.
200,000 shs.
—
—
.'.v-
Consolidated Edison
Output—
Outstanding
Authorized
-
1st mtge. 25-year
"
$6,661,100
None
177,465 shs.
:■■■
Co. of New York,
Inc.—-Weekly
■
Company announced production of the electric plants of its system for the
8, 1939, amounting to 139,300,000 kwh., con pared with
week ended Jan.
134,500,000 kwh. for the corresponding week of
—V. 148, p. 126., ,
1938, an increase of 3.6%.
\
J,
,
.
Consolidated Retail Stores, Inc.—-Sales—
Period Ended Dec. 31—
1938—12 Mos.—j1937
$8,712,217
$9,369,011
1938—Month—1937
$879,273
$897,964
8ales_
—V. 147, P.
3607.
Consolidated Traction Co. of N. J.—Merger Approved—
the Consolidtaed Traction Co.
was approved recently by the New Jersey State Board of
Public Utility Commissioners.
The companies to be merged are the Jersey
City & Bergen RR., the Newark Passenger Ry., the Passaic & Newark
Electric Traction Co., the New Jersey Traction Co. and the Jersey City
Harrison
Jan. 17—
6% cumulative preferred stock, series A; its 5% series cumulative
stock.—V. 148, p. 126.
preferred
Like amount was
During
sold and
Solvents
(Great Britain), Ltd. to the United Molasses Co., Ltd., and has received
in payment therefor the sum of $205,828.
Company thereby disposed of
its entire stock interest in Commercial Solvents (Great Britain), Ltd.
—V. 147, p. 3305.
,
,
,
of each of the traction companies.
Dividend
11 declared an interim dividend of 50 cents
payable Feb 15 to holders of record Jan. 25.
paid on Nov. 15, Aug. 15, May 14 and on Feb. 16, 1938.
share on the common stock,
75
Company has notified the New York Stock Exchange that it has
delivered 28,500 ordinary shares of the cpaital stock of Commercial
Ry.
The board of directors on Jan.
a
stock and its 5% cumulative preference
Corp.—Sells English Co. Stock—
Kearny
Continental Can Co., Inc.—To Pay 50-Cent
called a hearing for Jan.
the application of the corporation for an order approving the declara¬
tion and payment by it of regular quarterly dividends on Feb. 15 on its
&
The Consolidated owns the capital stock
The approval directs that no securities be issued as a result of the merger
and that all outstanding capital stock be canceled.—V. 146, p. 3496.
on
$2,761,402
Merger of five traction companies with
Hearings will be held Jan. 24 on the application of the New York Stock
Exchange to strike from listing and registration the common stock of the
The application states, among other things, that the outstanding
amount of common stock, exclusive of concentrated holdings has been so
reduced as to make further dealings therein on the New York Stock Ex¬
Commercial Solvents
.
-Years Ended Dec.
1935
1936
of New Jersey
Colonial Beacon Oil Co.—Delisting Hearing—
company.
17
gas,
Summary of Earnings for Stated Periods
bee:
Louis—Extra Dividend—^
extra dividend of 25
addition to the regular quarterly
,
Company furnishes electricity, natural
total of 196 communities in Txeas, New Mexico, Kentucky, and
*
Securities and
It began
Dec. 10, 1934.
on
business Jan. 1, 1935, at which date it acquired the business and
properties
of Texas-Louisiana Power Co. in accordance with the plan of reorganization
headed
at
severally owned by
are
stockholders
in the amounts indicated:
International
27,309 shares; General Water, Gas & Electric Co., 9,337
shares; Securities Corporation General, 2,175 shares.
The proceeds from the sale of their
respective shares will be received
by such stockholders.
None of the proceeds from the sale will be received
by the company.
•
systems.
—V.
3.6%
Sons, Inc., Stroud & Co., Inc., Chandler & Co., Inc., and
Co., Inc., have sold at $27.75 per share 38,821 shares
of common stock (par $25).
income
Citizens
8.7%
141,882,000
Burr &
Preferred
The
131,990,000
146,944,000
&
with the
,
Increase
Community Public Service Co.—Common Stock Offered—
Central Republic Co., Paine, Webber & Co., E. H. Rollins
acceptance of a plan for merging the surface and elevated lines by the
last of the major
bondholders' groups.
The bondholders' committee,
voted
Year
Last
126.
p.
.
Chicago
Year
—143,497,000
~
1938[
1938---.._
147,
Utilities Corp.,
new first mortgage bonds for
purposes of a loan.
The RFC has offered to
lend the reorganized company a maximum of $6,500,000 for 10 years at 4%
provided the loan is secured by first mortgage bonds in an amount equal
and Parties to
„
7,1939
S?®, following
Since the reorganization hearing was closed, the carrier set forth, the
money market has become so stagnant that it is now impossible to sell the
first mortgage bonds of the reorganized company except at an excessive
discount. The plan as now set up makes no provision for the pledge of the
now
,
Week Ended-—
Modify
to
The company has asked the Interstate Commerce Commissi oh to modify
from the Reconstruction Finance
to
w
Jan.
,.:-i
-Company had
with
its final
Co.—Weekly Output—
TheTelectricitv output of the Commonwealth Edison Co. group (Inter¬
deducted) for the three weeks ended Jan. 7, 1939, averaged
143,497,000 kilowatt-hours compared with 131,990,000 kilowatt-hours in
the!corresponding period last year, an increase of 8.7%.
The following are the output and
percentage comparisons for the last
four^weeks and the corresponding periods last year:
company sales
fir8t consolidated mortgage 5% 50-year gold bonds due May 1,
1959 are
275
Commonwealth Edison
2682.
Chesapeake & Ohio Ry.—Notice of Payment—
t
Chronicle
3H%
cents
the year
per
snare
1937 the company paid four
each.—V. 147, p. 4051.
Continental Credit Corp.,
quarterly dividends of
Indianapolis-—Officers Sen¬
tenced—
Federal Judge Baltzell
prison sentences
oh
Ind., Jan. 5 Imposed fines and
convicted of mail fraud in connection
at Indianapolis,
seven persons
with the $1,200,000 collapse
of the corporation.—V. 147, p. 1485.
Financial
276
Chronicle
Continental Gas & Electric Corp. (& Subs.)—Earns.—
12 Months Ended Nov. 30—
Gross operating earnings of sub. cOs,
ing inter-company transfers)
General operating expenses.
Maintenance
.
De
a dividend of 55 cents per share on account
on the $2.20 cumulative preferred stock, no par value,
1 to holders of record Jan. 20.
Similar distributions have
been made in each of the 21 preceding quarters.—V. 147, p. 2527.
,
1,889,231
4,993,587
of accumulations
payable Feb.
1,859,424
4,937,209
4,507,505
4,532,634
Met's, Inc.—Accumulated Dividend—
The directors have declared
1938
1937
(after eliminat¬
$36,932,798 $37,149,828
13,545,757
14,261,290
Provision for depreciation
_
General taxes and estimated Federal income taxes.
Jan. 14, 1939
Denver & Rio Grande Western
to Issue
RR.—Requests Authority
$5,000,000 Trustees Certificates—
The trustees have
Net earns, from opers. of sub. cos
$11,971,589 $11,584,400
Non-operating income of subsidiary companies.— Dr523,379
Cr588,887
applied to the Interstate Commerce Commission tor
authority to issue $5,000,000 of trustees' certificates, proceeds to be used
for the payment of outstanding certificates maturing on Feb. 1 and 2 next.
Total income of subsidiary companies
$11,448,210 $12,173,288
Int., amortiz. & pref. dividends of subsidiary cos_4,658,141
4,706,881
and accrued interest.
with various banks
Corporation looking to sale of the certifi¬
cates, but no commitments have been made.
Under the application the certificates would bear no more than 4% inter¬
est.
There is some prospect, it was stated, that at least a portion of the
issue can be sold on a basis of less than 4%, but authorization to make the
entire issue for 4% is requested in the event the certificates cannot be sold
The certificates would be sold for cash at par
The trustees said that they have been in negotiation
and the Reconstruction Finance
Balance
$6,790,069
16,533
$7,466,407
18,358
Equity of C. G. & E. Corp. in earns, of sub. cos. $6,773,536
Gas & Electric Corp. (ex¬
subsidiaries)
48,478
$7,448,049
Total
$7,515,054
Proportion of earns., attributable to min. com.stkj
Income of Continental
clusive of income received from
ICSSCI*
31
67,006
Expenses of Continental Gas & Electric Corp
Taxes of Continental Gas & Electric Corp.
certificates consist of $3,200,000 series D trustees' certifi¬
1 and $1,800,000 series E certificates due
cates of indebtedness due Feb.
110,401
4,293
Formal
approval has been given the trustees to borrow $5,000,000 by
the U. 8. District
Balance
Balance transferred to consolidated
surplus
prior preference stock
It is understood that the certificates already had been sold, subject to
the Commission's approval, to seven banking institutions, as follows:
2,571,981
162,297
42,293
_
Amortization of debenture discount and expense
Taxes on debenture interest-.
2,600,000
164,172
$4,598,115
1,320,053
First National Bank, Chicago, $3,580,000; Pennsylvania Co. for Insurances
Lives and Granting Annuities, $500,000; First National Bank, Denver,
$400,000; First Security Corp., Ogden, Utah, $300,000i Denver National
Bank, Denver, $100,000; United States National Bank, Denver, $70,000;
Colorado National Bank, Denver, $50,000.—V. 147, p. 4052.
on
38,073
■
■
Deutsche Bank—To
Balance
Earnings
_i
per
147.
—V.
p.
v
$7,400,360
$3,903,695
1,320.053
Holding company deductions—
Interest on 5% debentures, due 1958
on
Judge J. Foster Symes.
$6,680,266
--
Dividends
'
i
x'he maturing
$6,822,014
118,908
22,840
$2,583,642
$12.04
---,
share
3759
Continental Motors Corp.
$3,278.062
Since Dec.
$15.28
Pay Participating Certificates—
24, last the Chase National Bank of the City of New York
is paying off on all remaining outstanding American participation certifi¬
cates in the $25,000,000 five year 6% notes dated Sept. 1,1927 due Sept. 1,
1932, presented for payment at the bank, at par and accrued interest
Dec. 24, 1938—V. 142, p. 124.
'
(& Subs.)—Earnings—
to
Consolidated Income Account for Years Ended Oct. 31
1938
Gross
1937
1936
$8,214,438
$5,848,610
475,009
1,103,381
506,007
57,302
89,067
62,855
Di-Noc Manufacturing
1935
$5,700,409
Net sales
$4,631,858
267,096
26,479
profit.*,.
Other Income
Total income.
$532,311
$1,192,448
$568,862
$293,575
506,452
315,292
46,524
540,690
307,177
58,778
514,632
294,614
216,478
Distillers Co.,
551,172
Depreciation
Development
...
expenses.
-
"
Prior years' taxes
a
75,654
138,812
83,474
101,665
$548,287 prof$71.335
$641,999
Net loss...a
Reduction of prior
Divco-Twin Truck Co. (&
years' taxes and penalties effected primarily through
Assets—
1938
.."
Cash.
1937
1938
229,091
Common stock..$2,443,552 $2,443,552
16,907
16,907
Other reserve.
3,663
Accounts payable.
Accrued taxes, &c.
547,433
169,513
258,722
894,161
1,061,901
89,619
63,585
.
70.574
e974,950
180,008
164,050
243,955
263,875
surplus. 3,085,762
r,118,951
3,085,762
lst mtge. loan
Real
and
d Capital
Deficit..
Total income '
....
____
-$6,447,854 $7,090,936
Total.
'"222
113
24
13,300
10,700
'20.250
$70,414
151,147
$110,186
118,079
$221,561
22,200
$228,265
66,000
—
j
8,000
$6,447,854 $7,090,936
Net profit
Balance, earned surplus, at Nov. 1
After
deducting $4,047,630 ($3,731,552 in 1937) for depreciation
$113,565 allowance for revaluation,
b After deducting reserve for
bad and doubtful balances of $27,346 ip, 1938 and $22,894 in 1937.
c Par
$1.
d After applying profit and loss deficit at Oct. 31, 1935.
e Includes
$200,000 due June 21, 1939, classified as current liability.—V. 147, p. 2242.
a
profits
1,666
"9",243
107
Additional provision for prior year
Normal income tax for the current year
570,664
$149,480
$101,487
1,076
5,668
—
Interest expense.
Patent and patent litigation expense
Loss on abandonment of dies, tools & patterns
Miscellaneous deductions
:
personal
$133,765
15,716
18,019
Surtax on undistributed
Total
$1,552,230
1,132,294
286,189
$83,468
Operating profit.
974,950
Notes payable....
...
......
-
Other income..-
642,102
70,401
prop, taxes pay.
receivable
Deferred charges.
-
sold
Sell., shipping, service adminis. & gen. expenses..
c
b Accts. and notes
Inventories
—
1937
1938
$1,572,060
1,208,078
280,514
.
i
Cost of goods
147,978'Res. for conting..
152,046
44.372
Subs.)—Earnings—
Years Ended Oct. 31—
Net sales
Mobilities—
I
1937
Property acct...$5,098,142 $5,329,658
share on
payable
Distillers Corp.-Seagrams, Ltd.—Shares Reduced—
Consolidated Balance Sheet Oct. 31
a
Per
for ordinary registered stock,
146, p. 910.
10.—V.
of its
settlements and changes in assessments.
Other assets
interim dividend of 7H %
an
Corporation has notified the Montreal Stock Exchange that 1,300 shares
cumulative preferred stock was purchased and retired during De¬
cember, reducing the total outstanding to 167,000 shares at the close of
1938.—V. 147, p. 3909.
$910,961
81,608
130,722
Ltd.—Interim Dividend-—
depositary receipts
8 to holders of record Jan,
Feb.
Crll3,997
99,267
121,578
Property taxes
Interest, &c., charges
American
the
504,047
39,820
2,646
Federal tax of subs..
$74,118
The directors have declared
Selling, administrative &
other miscell. expenses
Co.—Earnings—
Earnongs for 8 Months Ended Aug. 31, 1938
Net loss after all charges.
and
Dividends paid in cash on common stock.
I
Crocker-Wheeler Electric Mfg. Co.—Sales—
of
11,117
outstanding com. stock under Securities Act.-
Miscellaneous deductions
Company recently booked new business in excess of $250,000, according
Edmund Lang, President.' New orders include several jobs for the
United States Navy and 30 large motors for a flood control project in Penn¬
sylvania.
Contracts also have been made with numerous, municipalities.
Mr. Lang said he foresaw a definite improvement in electrical
machinery
business in 1939.
The company's new electrical appliance division plans
to introduce several new products this
year.—V. 147, p. 2527.
2
x7,500
...
to
Earned surplus at Oct. 31common stock (par $1)
Provision
x
income
on
of
for
Assets—>
Sales for
Dec., 1938 were $831,170 as compared to $878,534 for Dec.,
decrease of $47,364 or 5.4%.
However, these figures cover 80
operation in Dec., 1938 as compared to 90 stores in operation in
Dec., 1937, as in Oct., 1938, six stores in Oklahoma City were sold and
Cash
a
four stores closed.
'
•
/
\
\
'
-
cently.
Earl D. Page
Cuneo
11.
was
Net profit after taxes and charges.-j,
—V. 148, p. 127.
De Haviland Aircraft of
Pro v. for income taxes
Profit
on
-
red. of shares..
*
1937
sur$4,983
Cash...
a
1937
1936
1935
$2,097
30,683
$4,977
37,946
622
447
on
hand
$1,721
51,074
432
3,186
$25,262
$28,600
$30,683
325,843
1938
Accounts
$13,260
payable,
Pank overdraft
as
per inventory
Land,
bldgs.,
plant equip., &c.
Prepaid expenses.
b
1937
$13,964
39,053
242,520
rec
134,636
129,344
3,152
3,269
2
2
Mfg. rights
De Haviland
Accrued charges..
Res.for inc.taxes.
42,801
a
After
reserve
reserve
54,216
5,005
204,900
2,095
7,375
900
32,840
$499,232
4,983
def25,262
Total
$431,684
$499,232
for dountful accounts of $2,000 in 1938 and
$1,00 p inl937.
depreciation of $72,677 in 1938 and $62,651 in 1937.
d Represented by 25,000 no par shares class A stock and
5,000 no par shares
146, p. 437.
16,238
Com. 8tk.(par $1).
844
222,000
123,324
Reserve
x
$644,300
After
reserve
Dome
$655,194
28,250
7,500
9,000
-
interest 2;
191,861
5,284
220.000
117,824
151,147
$644,300
Total.........
for doubtful $1,000.—V.
6,550
24,000
inc.
taxes on
$655,194
Earned surplus
146,
p.
3333.
Mines, Ltd.—Bullion Production-—
Bullion
production in* December totaled
$602,529,- compared
with
$603,667 in November and $609,260 in December, 1937.
Total production
for
1938
was
$7,293,288 which
compares
with
$7,484,436 in
1937
and
$7,315,168 in 1936.
Dome Mines, Ltd.,
1937.
Domestic &
Foreign Investors Corp.July 1 '38 to July 1 '37 to
Dec.
Divs. and int. received.General expenses
31
Interest
on
686
—
$7,046
—6 Mos. Dec. 31
1935
1936
$36,703
2,935
3,208
$21,182
2,386
3,112
$30,561
24,424
$15,683
151,912
307,133
56,025
1<3SS$29,686
~
■
sees.
dCrl77,963
bDr456,755
a.341,758
$185,009
1,478,271
def$486,441
968,313
1,052,439
$474,729
1,690,460
$1,293,262
Deficit June 30
Balance,
-Earnings—
•
'38
760
.
securities sold.
Inc. in mkt. val. of
10
$29,868
2,769
debentures__
Net profit.
on
'38 Jan.
c$9,910
2,177
Int. paid on loans
270,500
32,840
stock-
for
class B stock.—V.
14,566
-
Total
Surplus
b After
& finance chgs--
3,434
—estimated
Unearned
Miscellaneous credits
270,500
Preferred stock
$431,684
1
Fed.
$1,454,754
$655,696
<
$1,215,737
Air¬
Co., Ltd.
England
d Common
Total
78,480
1
Capital surplus
Deferred charges.
Profit
craft
.
117,391
nomi-
nal value.--'.--
„
900
Liabilities—
$300
Accts. & bills
Stock
3,563
Other assets
other expenses..
1938 bullion output $7,293,288 against $7,484,430
December output $602,529 from 50,000 tons against $603,667
in November.—V. 147, p. 4052.
Balance Sheet Sept. 30
1938
275,883
2,905
Inventories..
in
$4,409
28,600
""448
Total loss.
288,087
$118,639
$69,837
expenses
Accrued taxes and
Total
$813,643
'
...
Duty claims written off.
Assets—
158,069
-
Canada, Ltd.- —Earning
1938
$37,384
25,262
7,140
_
$122,961
He succeeds John E. Wagner, who died re-
Earnings for 10 Months Ended Oct. 31, 1938
and
payrolls
114,287
Property & equip.
Directors have declared a dividend of 75 cents per share on the common
stock, no par value, payable Feb. 1 to holders of record Jan. 20. Previously
regular quarterly dividends of 50 cents per share were distributed. In addi¬
tion, an extra dividend of 75 cents was paid on Jan. 12, last.
Years End. Sept. 30—
chases,
$107,063
Patents—at
elected Controller.—V. 147, p. 4052.
1937
1938
Accts.pay. lor pur¬
Trade notes and
Press., Inc.—To Pay Larger Dividend—
Net profit after all ch'ges
Previous deficit
Liabilities—
1937
on
"
Thompson, who became associated with the company 13 years ago
its office in Kansas City, Mo., has been elected
Treasurer, the com¬
pany announced on Jan.
and
accounts..
Cudahy Packing Co.—New Treasurer—
P. B.
in
1938
deposit, In
hand
x
*
Dec., 1937 for 80 stores were $822,122.
Therefore, Dec., 1938
sales figures showed an increase of $9,048 over Dec., 1937 or
1.1%.
V. 147,
,
on
transit
Sales for
3760.
for additional taxes
Consolidated Balance Sheet Oct. 31
stores in
p.
possible liability
cover
years.
Crown Drug Co.—Sales—
1937,
to
reserve
222,000
$0.31
-_,i
-------
prior
$151,147
220,000
$0.50
$191,861
Shares
Earnings per share.
deficit,
at
Dec. 31.
Consists of
$396,743
of
provided at June 30, 1936, on securities
held at that date and sold during the period ending Dec. 31, 1936, of $128,659, decrease in reserve heretofore established to reduce book value of
investment to their aggregate quoted market value where available or in
the absence thereof to estimated values $145,744 and net unrealized appre¬
a
excess
reserve
ciation
on securities of $67,355.
\
b Consists of additional reserve required to reduce investment to
market value at Jan. 1,1938, $431,494
and loss in
excess
«
1
quoted
of reserve provided
Financial
Volume 148
Chronicle
at
June 30, 1937 on securities held at that date and sold during the period
ending Jan. 10, 1938, $25,261.
c Dividends received only.
d Includes $168,243 decrease in reserve heretofore established to reduce
investments to quoted market value at Dec. 31, 1938 and $9,719 excess of
reserve provided at June 30* 1938 on securities held at that date and sold
during the period ending Dec. 31* 1938.
Note—The above statement reflects a charge of $56,025 being the amount
or interest authorized to be
paid on account of accrued interest on the
20-year 5H % debentures for the period from Aug. 1,1931 to Dec. 31,1938.
Balance Sheet
Assets—
Dec. 31 "38
Jan. 10 *38
on deposit—
$65,087
Investments
1,271,580
$62,023
1,126,627
Cash
Liabilities—
Loan
payable
Dec. 31 '38
Jan. 10 *38
20,072
22,424
$60,000
$70,000
6,728
due Aug. 1,1947 2,490,000
Accts. rec. on sale
of securities-..-
2,490,000
20-yr. BH% debs.
y
Total.........$1,356,738 $1,211,974
Represented by 5,000
shares.—V. 147, p. 2389.
x
Common stock..
—
1,454,754
——Increase
Operating Subsidiaries of—
light
National Power &
--v. 148, p. 127.
Co.
_
73,703 000
,
permanently enjoined C. W. Colgrove, Jennie D. Colgrove, Helen Colgrove,
Katherine Johnson and Empire Oil and Gas Corp. from the sale of oil and
gas leases in property located in Colusa County, Calif., in violation of the
Securities Act of 1933.
Defendants consented to entry of decree.
Endicott Johnson
Corp. (& Subs.)—Earnings—
Consolidated Income Account for Years Ended Nov. 30
1938
1938—52 Weeks—1937
$18,810,625 $19,438,603
Period End. Dec. 31— 1938—4 Weeks—1937
Sales
.•* $1,644,997
$1,579,449
Sales
6 Mos. End. Nov. 30—
Net profit.
-Earnings-
1938
1937
Net oper. income....
$2,675,307
215,791
$3,191,016
129,210
$3,400,368
168,256
$3,568,624
673,306
84,146
49,193
Provision for taxes.....
$2,891,098
1,061,385
7,160
121,744
21,864
gl58,229
$3,320,226
657,873
98,880
115,443
30,130
100,000
471,239
644",574
Net income-——
x
After charges
$857,191
$1,520,716
$2,117,404
409,136
365,300
1,216,080
1,216,080
$1,974,834
c269,775
121,767
1,216,080
def$60,664
6,098,998
$367,212
4,551,378
$230,079
270,000
$0.94
$215,934
270,000
270,000
1935
$264,376
•
270,000
$0.73
$0.59
$0.54
:
and Federal taxes, but
Wore
deduction for surtax on
undivided profits.
Current assets as of Nov. 30, 1938, amounted to $2,628,847 and current
liabilities were $560,001 comparing with $3,107,547 and $735,975, respec¬
tively, on Nov. 30, 1937.
Cash on Nov. 30, last, was $266,547 and inven¬
tories were stated at $1,662,977.
Total assets on Nov. 30„ 1938. were $6,551,164 and earned surplus
amounted to $2,875,563.
Capital Stock consists of 17,656 shares (par $100)
of 8% cumulative preferred, excluding 32,360 treasury shares, and 270,000
nonpar shares of common, excluding 80,000 treasury shares.—V. 147, p.
Dwight Manufacturing Co,—Earnings—
Years Ended Nov. 30—
or
1937
income
$42,555prof$621,652
Nil
$2.59
—
manufactured 68,044;547
.
Comparative Balance Sheet Nov. 30
1938
$724,081
.........
Inventories
less deprec
58,414
2,451,928
Total......
..
1937
Accounts payable.
$138,226
Accrued ltepis...
69,235
Res. fox inc. taxes.
90,185
Res. forconting...
144,500
i Capital stock
3,000,000
2,402,5401 Capital surplus...
639,528
Earned surplus... 1,001,270
430,963
1,834,227
58,357
1,288,111
...
Deferred charges..
Real est. & mach.,
1938
$205,970
$633,740
560,411
_
•
Liabilities—
1937
.$5,082,945 $5,359,827
See
Prov. for doubtful accts.
Interest charges net
,
Miscellaneous
charges-
7% pref, divs
5% Pref. divs
—
124,533
..
Total
216,390
144,500
3,000,000
639,399
1,029,035
.$5,082,945 $5,359,827
-V. 14/, p. 3910.
3341.
Public'Utilities
granted this company, a
subsidiary of Standard Oil Co. of New Jersey, a 12-cent increase in average
gas rate for city of Cleveland, retroactive to July 1,1937.—V. 139, p. 1866.
Eastman Kodak Co.—New Directors—
Raymond N. Ball and Paul Strong Achilles were elected directors of this
company on Jan. 11, filing vacancies on the board caused by the deaths of
Dr. Rush Rhees, and Franqis Russell. Hart.—V. 147, p. 3158.
Electric
Railway
Equipment
""
_
Maintenance-...
...
$6,038,334
$8,608,798
$5,001,378
450,000
H153.346
1,461,200
f1,048,600
$7,586,501
$5,884,989
$6,098,998
$4,551,378
$1.21
$2.85
$3.91
$4,21
—-
Balance, surplus
shs. com.
-
(par $50)---
.
,
'a Sales of finished product and by-products to customers (net). b Includ¬
ing selling, manufacturing, administration, and general expenses,
c In¬
cludes Interest, May 21 to June 1, 1936 to 7% preferred stockholders,
subscribing for preferred stock, 5% series of $8,383.
d Restoration to
earned (free) surplus of appropriated surplus upon redemption of 7% Pref.
stock,
e Includes
dies and wooden lasts—amortized amount at Dec. 1,
1935, $635,341; tanning liquors—'•amount at Dec. 1, 1935, $84,964 and
allocation of prepaid franchise taxes to related franchise year, less provision
for additional Federal taxes, $116,744.
f Appropriation for reserve at
Dec. 1, 1935 in order to give effect to the normal stock method of in¬
ventory valuation,
g Includes $625 for surtax oh undistributed profits,
h Settlement of litigation, and provision, for additional assessments of
Federal income taxes, both applicable to prior years.
I Includes $41,668
adjustment, as at Dec. 1,1937, of reserve for reduction of normal inventories
to fixed prices and $25,000 provision for possible additional Federal income
taxes of prior years, j Includes $829,950 for depreciation.
'
Consolidated Balance Nov. 30
1937
1938
1937
1938
'
Assets—
x
$
Liabilities—«
$
chinery, Ac.—.11,181,323
Goodwill
less
8,710,638
1
1
9,949,676
29,234
Due from empl...
com¬
.
_
Res. for workmen's
250,000
250,000
to fixed prices
934,857
Notes payable.... 6,500,000
1,124,827
6,450,000
Accts.
1,676,164
-
272,053
301,683
Worker's houses.. 2,052,136
pensation insur.
Prepd. taxes & ins.
Sundry debtors.
,
Gash.......
2,751,600
Misc. other assets.
.
272,053
320,587
172,300
908,045
331,783
y225,516
5.884,989
.
Current surplus,
x
-
payable
1,969,772
2,182,933 Due employees un¬
555,726
der plan
64,870
310/000
3,148,112 Reserve for taxes.
174,961
164,474 Misc. xeserve
64,155
—
—.
$
7,306,000
.20,268,000 20,268,000
107,774
107,592
Sundry creditors..
Common stock
compensation..
8,059,100 Res. for reduction
70,290 ; of normal Invent.
rec.,
reserve.——
Workmen's
$
5% pref.stock— 7,306,000
Land, bldgs.,ma¬
w.
7,586,501
.45,963,591 44,532,916
Total..
.45,963,591 44,532,916
1938 and $15,724,970
1937) for market decline on hide
After"reserve for depreciation of $11,678,812 in
in 1937.
y Includes $24,261 ($40,255
commitments.—V. 147, p. 268.
in
!s
Engineers Public Service Co. (& Subs.)—Earnings—
Earnings of El Paso Electric Co. (Texas)
Texas—
d2,853,157
Earns .per sh. on 405,360
Total.....
El Paso Electric Co. (Del.) (& Subs,)—Earnings-
Operating revenues
Operation—
$492,188
4,509,190
—
Securities Corp.—New
1938—Month—1937
$258,914
$250,082
96,872
105,201
13,370
14,064
30,303
•
24,648
...
—
■-
Charles J. Hardy, President of this corporation, announced that A. J.
Manson, Manager of the Transportation Sales Department of Westinghouse Electric <te Manufacturing Co., has been elected a member of the
board of directors.—V. 146, p. 4114.
Period End. Nov. 30—
1,216,080
'
•
2,492,269
—
Total surplus
—$7,653,068
Appropriations for red.
of pref. stock, &c_——
Miscell. deductions
166,568
Prem. paid on red. of 7%
pref. stobk————
Appropriation for reserve
Commission
Director—
22,929
e837,051
years—
Miscell. credit
AcctsAbnotes
East Ohio Gas Co.—Rates Increased—
Ohio
76,676
365*366
Inventories..—..19,189,430 21,539,858
of
116,674
_■
...
•Eagle-Picher Mining & Smelting Co.—Buys Property—
Company, controlled by Eagle-Picher Lead Co., recently closed a trans¬
the purchase of the Commerce Mining & Roy¬
alty Co.
Although the purchase price has not been announced, it is stated
that a sum of over $10,000,000 is involved and that there will be no new
financing by the Eagle-Picher company to pay for the* property.—V. 142,
Order
j
Balance.—
def$724,189
Previous surplus-—-...
5,884,989
Adjust, applic. to prior
action at Miami, Okla., for
p.,
„
Common divs
114,500
per share on capital stock.
Note—During the'past 12 months company
yards of cloth, and sold 71,442,918 yards.
Cash
$872,265
136,113
$110,232
152,787
...
_.
provision..._—.—-r»
Net operating loss
Accts. receivable.
$1,201,645
-
.
——————
Federal and/State income tax
Assets—
$908,485
293,160
—
1938
Manufacturing profits, before deprec.
tax provision.
Depreciation
Earnings
Miscellaneous income...
Depreciation.
1936
$323,119
.
Shs. common stock out¬
standing (no par)—.
Earnings per share...__
1935
..
Duplan Silk Corp. (& Subs.)
x
1936
1937
.$51,734,974 $67,134,962 $61,570,964 $58,328,339
j50,826,489
64,459,655
58,379,948
54,927,971
Total income————
•
.0
17.3
1.5
b Cost of sales and exps.
Ltd,—Sales—
..
—V.. 147, p. 3608.
Amount
6,048,000
7,907,000
1,055,000
45,698,000
72,648,000
Empire Oil & Gas Corp.—Enjoined-
a
Dominion Stores,
1938
101,351,000
1939
The Securities and Exchange Commission reported Jan. 6 that Judge
Michael J. Roche of the U, 8. District Court, San Francisco, Calif., had
Represented by 75,000 no par
y
Input—
American Power & Light Co.. .107,399,000
Electric Power & Light Corp.. 53,605,000
Total....._ —$1,356,738 $1,211,974
par1 shares,
no
25,000
75,000-
25,000
75,000
1,293,262
x$6cum.pref.stk.
Deficit
Ebasco Services, Inc.—Weekly
For the week ended Jan. 5, 1939, 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 1938, was as follows:
se¬
cured by coll...
Int. pay. on debs.
277
Period End„ Nov. 30— 1938—Month—1937
1938—12 Mos.—1937
$4,425,802 $52,686,868v $52,262,28$
Operating revenues.
$4,518,370
1,789,534
1,700,521
20,402,973
20.679,401
Operation.
325,835
3,581,423
3,594,186
Maintenance289,694
Taxes.
502,874
529,363
d6,370,916
6,122,222
....
1938—12 Mos.—1937
$2,909,110
$2,852,434
1,224,493
1,182,137
173,630
183,542
322,121
342.877
....
-
-
-
$1,936,268
Dr39,428
$1,870,083 $22,331,556 $21,866,473
Dr53,673
Pr414,564
Z>f236,432
$1,896,839
678,717
$1,816,410 $21,916,992 $21,630,041
657,505
8,146,522
7,891,062
Balance"
$ 1,218,122
Approps. for retirement reserve..
$1,158,905 $13,770,470 $13,738,979
5,590,137
5,613,964
Net'operating
revenues
Non. oper. income (net)-
$118,368
JDr2,150
$106,169
Dr5,849
$1,200,553
Dr51,808
$1,132,191
Balance
Int. and amort, (public)
$116,218
37,564
$100,320
37,508
$1,148,745
436,665
$1,104,647
436,393
-'—
$78,654
$62,811
$712,080
.
——
-
$668,254
Net oper. revenues
Non-oper. inc. (net)
Dr27,54*
Balance.
—
Interest and amortiz....
...
BalanceInterest
(EI
Co. Del.)
Paso
—
Elec.
Balance.
2,083
2,083
25,000
25,000
Dividends
—
—
on
.
—
—
—
pref. stocks, declared.
Cum. pref. dividends earned
$687,080
333,816
$643,254
331,710
$353,264
46,710
$311,544
46,710
$306,554
$264,834
Earnings of El Paso Electric Co. (Del.)
1938
12 Months Ended Nov. 30—
$306,554
Earnings of El Paso Electric Co. (Texas)
Note interest deducted from above earnings
25,000
Earnings of other subsidiary companies applicable
to ElPaso Electric Co. (Del.)
86,745
$264,834
25,000
Balance.
$76,570
Appropriations for retirement reserve
$60,728
..
— -
—
but
.
——
,
Preferred dividend requirements (public)
Balance applicable to El Paso Electric Co. (Del.)
not declared-...
Balance.
— -
Miscellaneous
Balance applicable to Engineers P. S. Co.-.Balance of earns, applic. to Engineers P. 8. Co.. .
Amortiz.
on
bonds owned by parent co.,
...
Expenses, taxes and interest
...
——
Preferred dividend requirements
common
divs. and surplus
4,281,460
4,281,460
3,991,943
3.991,943
23,946
9,174
Interest.-
— — —
Earnings from other sources
121,035
113,291
77,917
59,783
159,307
$4,660,437
$4,288,950
79.272
Total
$418,313
30,492
$369,106
22,425
$387,821
182,972
$346,681
182,972
$204,849
$163,709
Note—Effective Jan. I, 1937 the subsidiary companies adopted the new
system of accounts prescribed by the Federal Power Commission, hence the
above 12 months' figures are not exactly comparative.—V. 147, P. 3761.
$4,015,889
135,477
-...——
————
—
———
—
— —
260,418
b Balance
Allowing for loss
—
....
——
Balance applic. to stocks of Engineers P. S. Co.,
after allowing for loss
— j
—...
Pref. dividend requirements of Engineers P. 8. Co.
241,444
$4,400,020
578,188
$4,047,506
263,534
■
^
$3,821,832 $3,783,972
2,323,537
2,323,537
a Before allowing for unearned cumul.
pref, dividends of certain sub¬
sidiary companies,
b Of earnings of parent and subsidiary companies
applicable to Engineers P. 8. Co. stocks, before allowing for loss,
c In
_
Balance for
$8,148,840
2,513,393
1,619,558
$4,300,779
19,319
—
c
Balance--...—.
2,287,459
1,568,268
incl. in
Expenses, taxes and interestTotal
$8,156,506
Earns, from sub. cos., incl. in charges above:
Preferred dividends, declared
15
revenue
—.— — .
a
in charges above--
1937
-
——
Amount applicable to minority interests.
Balance
-
—
_
.
_
Financial
278
subsdiary companies, measured by cumui.
pref. stocks of such companies not earned within the year,
interests and inter-company eliminations.
Such amounts
claim against Engineers P. 8. Co. or its other subsidiary com¬
Balance Sheet Dec. 31
investment in commn stocks of
not a
Cash
d Includes Federal income taxes of $832,951.—V. 147, p. 3609
panies.
In office
994,287
948,533
depos. in banks-
6,900,000
6,900,000
355,028
361.020
600,000
600,000
Res. for deprec
975,185
931,5.56
Reserve for taxes.
113,334
110,179
Surplus
135,050
135,625
Special reserve for
4,770,228
mtges.
6,018,741
27,497
5,628,234
Accrued interest..
38,535
Sundry
37,521
40,879
real estate
50,859
before the Interstate Commerce Commission.
Btocks & bonds
O., presented a petition listing
Erie at 55.6%, holdings which,
he said, "are and may be seriously affected" by the proceedings.
The
C. & O., he said, will support, with reservations, the plan of reorganization
filed on Dec. 19 by the debtor.
«
Two plans of reorganization are before the Commission.
The debtor's
plan would give present preferred and common stockholders share for share
of new common stock, with the principal bondholders receiving preferred
fixtures
Jervis Langdon Jr., attorney for the C. &
that company's capital stock holdings in the
456,500
4,770,228
Real estate
Bonds and
2,320,000
—
Undivided profits-
360,698
loans—
27,497
Res.
for
-
In
taxes
37,589
dispute
46,460
Sundry..
12,336,802 12,104,109
Total—
816,476
58,058
1,839
6,822
987.367
Deposits
Dividends unpaid-
•'
%
8
2,320,000
Capital stock
and
Time and demand
Erie RR.—C. & 0. Intervenes in Reorganization—
The Chesapeake & Ohio Ry., as majority stockholder, intervened in
the Erie RR. reorganization proceedings Jan. 4 at the outset of hearings
1937
1938
'
Liabilities—
$
Resources—
minority
are
1937
1938
dividends on
less
1939
Jan. 14.
Chronicle
—
12,336,802 12,104,109
Total J
—V. 147, p. 1776.
stock and new bonds for their holdings.
make necessary a heavy reinvestment
by the C. & O. if it desired to retain the stock equity for which it paid
$45,000,000.
Henry S. Sturgis, Vice-President of the First National Bank of the
City of New York, representing the bondholders' group, offered a letter
from Jesse H. Jones, Chairman of the Reconstruction Finance Corporation,
A bondholders' committee would
promising "favorable consideration" for the plan, subject to its
approval
by the ICC. • The letter said the RFC also would consider lending the re¬
organized company $22,500,000.
The Erie now owes the RFC $16,000,000.
The ICG's hearings on the reorganization were adjourned Jan. 6 until
Jan. 30.
Adjournment was taken at the request of counsel for various
groups of creditors who asked time to prepare for cross-examination of
witnesses who testified in support of the two pending plans.
Commissioner Claude R. Porter, who
to circulate any new
of Jan. 30.
»
Jesse H. Jones of the RFC has conditionally
Chairman
bondholders'
approved the
plan.—V. 147, p. 4054.
Eureka Vacuum Cleaner Co.—To Market Electric
Range
Company has purchased on a royalty basis the manufacturing and sales
rights for a portable electric cooking range to be sold at a retail price of
$39.95.
Expense of tooling for manufacture of the range is understood to
have been moderate and production is scheduled to begin on Feb. 1.
The
range
will
be introduced at the forthcoming National Hom e Furnishings
3158.
•
dividend of $1
Corp.—Dividend—
meeting of the board of directors held on Jan. 11, 1939,
per share was declared, payable Jan. 23, to holders of
13.
record Jan.
'
previous dividend payment was
1937 —V. 147, p. 3911.
The last
June 29,
Follansbee Bros. Co.—Plan
50 cents per share, made on
Continued—
Judge Gibson in U. S. District Court at Pittsburgh recently continued
confirmation of the plan of reorganization to March 16, 1939.
The Court
also ordered that the company file a report of proceedings on March 9 next.
—V. 147, p. 3912.
presided at the hearings this week,
complete them as rapidly as possible and told attorneys,
exhibits among the interested parties 10 days in advance
said he wanted to
First Boston
At the regular
a
Ford Motor Co.—Sales—
Company's domestic sales of 60,669 units for December were the largest
1937, and were approximately 20% above those
the company announced on Jan. 6
The sales
total included Ford, Mercury, Lincoln-Zephyr and Lincoln cars. .
Used car sales were also 20% greater than Deceit ber last year.
Stocks
of used cars in the hands of dealers are 25% less than Jan. 1 a year ago.
January production schedules of Ford, Mercury and Lincoln-Zephyr
cars, as announced recently, have been increased over Deceit ber.
The gain in Lincoln-Zephyr sales during Decern ber was especially notable
the total having been the highest of any month since Jan., 1937.—V. 147,
p. 4054.
\v iv:,;
of any month since Sept.,
of December a year ago,
,
Manufacturers Association show in Chicago.—V. 147, p.
Farr
(Theodore) Gary & Co.-—Accumulated Dividend— /■/'•'/
Alpaca Co.—New Director—
Directors have declared a dividend of 15 cents per
M. Yoerg a director to fill
caused by the resignation of Dr. S. A, Mahoney.—V. 147,
;.*■"...
V
I?'"-.'.',
Directors of the company have elected Leon
the vacancy
P.4054.
Fairport Painesville & Eastern RR.—To Redeem Bonds
accumulations
the
on
share on account of
stock, payable
$1.60 cumulative first preferred
Jan. 5.—V. 135, p. 473.
Jan. 18 to holders of record
'■
Capital Corp.—Asset Value—
General
The company states that for year ended Dec. 31, 1938, asset value of
close of period was $32.59 per share, comparing with
$27.62 per share at the end of 1937.—V. 147, p. 3762.
The company has applied to the Interstate Commerce Commission for
authority to issue $433,500 of common stock, proceeds to be used to redeem
$435,000 first mortgage 6% bonds out of a total of $800,000.
"The stock will be offered to present shareholders
po rata in proportion
its capital stock at
holdings.
The difference in proceeds of the stock sale
redemption price of the bonds will be made up from Treasury funds.
A total of 4,335 shares (par $100) will be offered.
The ^transaction will
reduce the road's funded debt from $800,000 to $365,000 and reduce its
annual fixed charges from $48,000 to $21,900.—V. 143, p. 3627.
Orders received during the fourth quarter of 1938 amounted to $63,419,265
compared with $73,997,063 in the final quarter of 1937, a decrease of 14%.
President Gerard Swope announced on Jan. 10.
Grders for the year 1938 were $252,176,223, compared with $379,273,619
for 1937, a decrease of 34%.
Sales billed and net earnings for the year are not yet available, but will
be given in the annual report for 1938, to be issued in the latter part of
March.t-VY 148, p. 127./
their respective
to
and the
Federated
The
Inc,-t-To
Department Stores,
Dividend—
'
Pay 25-Cent
V
dividend of 25
a
cents
per
share
on
the
value, payable Jan. 30 to holders of record Jan. 20.
Similar payments were made on Dec. 30 and Oct. 31, last, and in each of the
three preceding quarters.
Four dividends of 50 cents per share each were
paid during 1937 and on Dec. 17, 1936. In addition, a special dividend of
15 cents was paid on Oct. 1, 1937.—V. 147, p. 3911.
stock,
no par
General American Investors Co., Inc.—Annual
Federal Light & Traction Co.
Years End. Sept. 30—
Gross operating revenue
1938
$9,437,567
Operating exps., maint.,
taxes
(incl. prov. for
...
oper.
5,206,258
4,663,741
$3,267,826
$3,229,864
152,043
$3,419,876
$3,098,417
Drl5,248
107,823
101,044
$3,252,578
$3,381,907
$3,527,700
$3,199,461
444,331
448,446
.185,108
433,651
185,541
432,611
187,201
$2,748,352
$2,908,508
$2,579,649
prof 149
2,233
$2,623,026
$2,748,352
$2,908,359
$2,581,881
732,491
585,906
713,882
582,574
717,005
583,971
794,568
442,848
X $1,304,628
$1,451,896
$1,607,383
$1,344,465
8.411,263
6,509,896
6,033,520
Dr42,278
45,482
43,250
$9,820,881
$8,162,761
$7,421,235
—-----
Int., discount and other
charges of subs--—
Pref. divs. of subs185,221
Balance
$2,623,026
Proportion of net loss of
a
sub.
applicable to
minority interest.—„
Balance
1935
$7,762,158
x6,109,549
Other income------
Total income.
1936
$8,626,134
-
before
rev.
for dep
prov.
• -
6,169,741
Fed'l inc. tax)...
Net
(& Subs.)—Earnings—
1937
$9,339,413
.
j.
__
-r—
Int,
& other charges of
Fed'l Lt. & Trac. Co.
,
Prov. for deprec
Net income.
Cons,
earned
Sept. 30Min. int.
—
T
surplus at
-
,
7,805,657
--------
in deficit of
a
sub. at Sept. 30-
— .
Balance, surplus
$9,110,285
Def. of a sub. at Sept. 30,
1934 not prev. consol.
>,
Surplus adjustments.
Crl09,466
aggregating $779,700,
lus for the differ¬
and the require¬
ments as subsequently determined, or $191,500 paid for 2,000 shares Of
preferred stock purchased for the sinking fund and retired.
*
Unrealized appreciation in the value of securities owned as of Dec. 31,
1938, as compared with ccst, was $5,881,367 (before takes); unrealized
depreciation on Dec. 31, 1937 was $954,297.
The appreciation during the
year was thus $6,835,664.
If the appreciation as of Dec. 31, 1938 were
realized, taxes (other than the excess profits tax) payable thereon at present
rates are estimated at $1,124,000, and this amount has been deducted in
computing the net assets applicable to the outstanding securities pf com¬
pany.
The net appreciation was thus $5,711,664, and in addition there was
a net profit
(after taxes) of $494,578 on securities sold.
The dividends
paid for the period were $115,602 in excess of the net income from dividends
and interest (before deducting $7,920 for amortization of discount on the
debentures).
The resulting increase in net assets, was thus $6,090,641,
to which should be added the credit of $154,990 to surplus, and also $8,499
for the difference between the cost of the preferred stock purchased for the
sinking fund and the amount to which such preferred stock would have been
entitled in liquidation.
*
As of Dec. 31, 1938 company had in cash $1,444,037, of which a net
amount of $212,192 was required for payment for securities and $111,000
for the dividend on the preferred stock.
Valuing securities at bid prices
the net assets of company as of Dec. 31, 1938, applicable to its outstanding
securities (after deducting $1,124,000 for taxes, other than the excess profits
tax, in respect of unrealized appreciation) were $30,781,829.
This amount is equivalent to $4,663.91 per $1,000 of debentures, or,
after providing for the debentures, $326.78 per share of preferred stock.
On the same basis, the net asset value per share of common stock (Without
giving effect to the possible exercise of the outstanding warrants) was $12.90;
the amount as of Dec. 31, 1937 (restated for purposes of comparison" to
take account of the above mentioned credit to surplus) was $8.21 per share.'
If all warrants entitling holders to subscribe to common stock at less than
the above net asset value as of Dec. 31, 1938 had been exercised on that
date, the resulting net asset value would have been $12.68 per share.
Miscell. debits.
Cr668,056
y2,417,037
..."
Preferred dividends-...
266,244
Common dividends^-
at
earned
Cr514,746
16,657
Dr582,956
Interest
/
$7,805,657
$8,411,263
$6,555,378
Includes $240,871 for surtax on undistributed profits,
y Includes loss
investment in land and water rights in the State of Washington $1,490,-
039, loss on investment I in street railway properties in Springfield, Missour
(portion applicable to consolidated earned surplus) $481,722. loss on street
railway properties in Grays Harbor, Washington, and vicinity (balance
unamortized at Sept. 30, 1936) $397,395 and miscellaneous charges $47,879.
V. 147, p. 3911.
Firestone Cotton
Finance Co. of Pa.-
due March 1, 1948,
1939, at 101% plus
on
Taxes paid and accrued.
3,986
Rents
$394,158
97,974
18,352
2 774
Sale of securities
-
1936
1937
$295,250
96,160
Total
—
Losses
res.
for deprec
res., est—
$386,089
59,950
16,168
2,608
$395,395
86,967
66,720
4,011
48,149
$513,257
95,173
54,720
$464,814
96,007
$189,548
$363,364
*$332,087
36,720
expenses-
—
Net income for year__ '
$1,590,042
...
330,000
7,920
134.304
.
$858,217
330,000
" 7,920
57,906
43,010
130,756
44,765
37,827
137,942
114,935
$326,178
$837,686
$935,110
$309,628
1937
1938
Notes—(a)
Net
of
secur.
Including
$18,294
1936
1935
d$629,085
d$434,946
profits
to
a
special
account under surplus
(b) Aggregate unrealized
apprec. in market val.
with cost
z
of securities
as
of Dec. 31
loss $739
5,881,368
a954,297
14,421,055
6,230.745
f5,711,665 el2,476,753
c6,543,710
c6,710,531
compared
as
b$494,578
Improvement in (b) item
"
a
c
year—_
depreciation,
b
appreciation after
Unrealized
Increase
in
--
After provision for taxes of $86,246.
deduction for taxes, if realized: 1936,
$2,898,600; 1935, $1,252,000.
In respect of unrealized appreciation in
1936, no deduction was made for the excess profits tax or surtax on undis¬
■
tributed profits
Applied as follows:
Dividends, $232,000; depreciation $48,990; un¬
divided profit, $82,374 ($51,096 in 1936).
x
,540,800
330,000
7,920
191,428
133,086
38,278
port expenses
d After provision
Profit
7,920
55,358
legal, auditing and re¬
Other
during
Operating expenses
Capital stock & income tax
1935
$832,721
25,495
Transfer, registration,
trustee, custody of sec.,
credited
1938
Interest and dividends.
Additions to
$890,820
330,000
debentures
from sale
-Earnings—
Years Ended Dec. 31—
Miscellaneous
on
y
Includes $6,476 received in preferred stock.
($56,226 in 1936) received in preferred stocks.
Mills—Redemption—
The company's 20 year 5% sinking fund gold bonds
were called Jan. 3, 1939, for redemption on March 1,
accrued interest.—V. 147, p. 890.
'
1936
stocks
Amort, of disc, on debs_
$8,428,604
Years
1937
$872,878 z$l,482,197 z$l,552,973
bonds.yl7,942
58,602
37,068
on
Total income.
surplus
Sept. 30---—
1938
-
Dividends
266,244
266,244
266,244
x
on
preferred stock
between the amount reserved for taxes in prior years
Interest
Cons,
the
but does not take into account a credit of $154,990 to surr
524,903
...
dividends on
and
debentures
Income Account for Calendar
.
Report
The increase for the year in net assets applicable to the outstanding
securities of company was $6,090,641; this amount is after interest on the
ence
est.
■
.
declared
have
directors
common
General Electric Co.—Orders Received—
which might be payable if appreciation were realized,
for taxes of $143,851 in 1936 (including surtax on undis¬
and $27,711 in 1935.
e Depreciation after deduction of
$2,898,600 for taxesation as on appreci of Dec. 31, 1936.
f Appreciation
after deduction of $1,124,000 for taxes.
tributed profits)
Volume
148
Financial
Chronicle
Statement of Surplus, Years Ended Dec. 31
„
,
Cap.
1938
,
surplus—previous
1937
1936
1935
Overseas Sales—
balance,...*..,-.-.$14.454,522 $14,554,247 $14,654,247 $14,654,247
Excess
of amt.
paid
shs.
of
of
pref.
over stated value
2,000
Total capital
Profit and loss
Dr91,500
surpius.$14,363,022
for
2>r99,725
JDrlOO.OOO
-For the month of December sales were 27,524 units, compared with
29.070 uints in December, 1937.
These figures include the products of the corporation's
American, Can¬
adian, English and German factories sold outside of the United States and
$14,454,522 $14,554,247 $14,654,247
on secure.
sold, previous balance Dr$737,643
Prov.
Sales of General Motors cars and trucks to dealers in the overseas markets
for the year 1938 totaled
354,188 units, representing a decline of 2.6% from
sales in the 12 months ended Dec. 31, 1937.
on
red.
Dr$720,781
Canada.
Dr$890,246 Dr$1309,490
Federal
add'I
279
higher than any preceding month of the year and exceeded December, 1937,
by 88%.
'
'
■
Pontiae December Sales—
transfer tax in dispute
Prov. for Fed. transfer
tax in 1935 restored to
-
:
—— _
—Drl5,704
8a^es by Pontiae Division of General Motors in December totaled
14,094 units compared with 9,454 in December 1937 and 14,876 in NovemNew car inventories in hands of dealers as of Jan.
1,193 9 totaled
19,548 cars compared with 32,761 at the beginning of 1938.
Used car sales totaled 21,078 in December
compared with 19,834 in
November. Used cars in the hands of dealers on Jan. 1,1939 totaled
28,829
against 40,240 a year ago.—V. 148, p. 128.
,
•
surplus.
Taxes applic. to security
profits of prior years..
Crl5,703
......
Drl6,122
......
Miscellaneous credit..._. a34,697
Net profit on secure, sold
Dr739
xCrl53,761
Cr434,946
$737,642
$720,782
$890,247
$42,232
$189,071
during year.-...-... zCr494,578
Net losses
$208,368
General
Undistributed income—
Bal. as of Dec. 31
Interest (net) applicable
$376,436
1934;»
Miscellaneous credit
Net inc. for year ended
Dec. 31 (as above)-to
23,533
—
Less—Divs.
Total
paid.
120,294
a
326,178
935,110
$837,686
461,250
$977,341
977,341
$522,232
y480,000
$373,208
$376,436
Georgia & FloridaRK—Earnings—
309,628
$822,908
449,700
— —
837,688
—
income
31—
—
1937
$22,850
$22,671
Jan.
1
Dec. 31—
to
1938
1937
$1,107,566
$1,291,202
—V. 148, P. 128.
Gibraltar Fire & Marine Insurance Co.—Extra Div.—
$42,232
The directors have declared an extra dividend of 20 cents per share in
a regular dividend of 50 cents
j>er share on the common stock,
both payable March 1 to holders of record Feb* 15. Like amounts were paid
paid of $457,323 in 1936, from security
profits,
y On"preferred stocks,
z After provision for taxes of $86,246.
a Credit for difference between tax reserve for
prior years and require¬
ments as subsequently determined.
1938
Dec.
1938
After deducting dividends
Comparative Balance Sheet Dec. 31
Veek End.
Operating revenues.*---
undistributed
current
x
Telephone Corp.—Gain in Phones—
Corporation reports for its subsidiaries a gain of 1,009 company-owned
telephones for the month of December, 1938 as compared with a gain of
1,124 telephones for the month of December, 1937.
The gain for the year
1938 totals 13,997 (exclusive of purchases) or 1.35% as compared with a
gain of 28,105 telephones or 6.67% for the year 1937.
The subsidiary
companies now have in operation a total of 459,657 company-owned tele¬
phones—V. 147, p. 3610.
addition to
Sept. 1 and
on
March 1, 1938.
on
An extra of 20 cents
was
paid
Sept. 1,
on
1937.—V. 147, p. 420.
•
,1937
1938
Gilmore &. Pittsburgh RR. Co., Ltd.—To Abandon Line
1937
1
Assets—
owned,
cost
at
Cash.....
Divs.
—
v
c25,130,497 d21764,082
1,444,037
4,152,715
*...
receiv.
and
interest accrued.
62,620
bl01,995
sold.
Unamort. dlsct. on
34,799
246,703
debentures.....
103,620
111,540
Rec. for
sec.
.
Liabilities—
-: $
6% pref.stock.... 3,700,000
a Common stock—
1,300,220
25-yr. 5% debs... 6,600,000
Int. accr. on debs.
137,500
Res. for taxes, Ac.
152,000
Pref. divs. payable
111,000
24ft 002
Pay. for sec. pur..
14,3631022
The company, operating in Montana and Idaho,
Interstate Commerce Commission for permission to
3,800,000
1,300,220
6,600,000
137,600
332,000
114,000
14,454,522
Loss on sees. sold. Dr208,368
Income
373,208
Securities
JDr737,642
Capital surplus.
recently asked the
abandon its entire
road, about 120 miles of main line and 11 miles of yard tracks and sidings.
Ft said it had been losing money for years and that by next May 1 its cash
would be exhausted.—v. 126, p
104.
/
$
Gimbel Brothers,
Inc.—Vice-President Resigns—
„
was made on Jan. 7 of the resignation of Kenneth Collins
Vice-President of Gimbel Brothers, Inc., and the appointment of Frederic
Announcement
Undistrib.
as
A.
Gimbel
managing head of Gimbel's 33d Street store.
resignation of Mr. Collins, Bernard F. Gimbel, Presi¬
Efcothers, said:
"Several days ago Kenneth Collins told me of his intention to resign as
as
In announcing the
376,436
dent of Gimbel
Total
a
c
26,775,573 26,377,035
Represented by 1,300,229
The
Total -—.——.26,775,573
26,377,035
$31,011,865.
less than cost.
1
.
\
Note—Outstanding warrants entitle holders to subscribe to 500,000 shs.
100,000 shares at $10 per share, 100,000 shares
at $12.50 per share, 100,000 shares at $15 per share, 100,000 shares at
$17.50 per share and 100,000 shares at $20 per share.
These warrants
expire Oct. 15, 1953.—V. 147, p. 2244.
<
aging director in sole charge of the
1925.
p.
pany on
December sales of General Motors
cars
and trucks from all
manufacture totaled 187,909 compared with 160,444 in
Sales in November were 200,256.
compared with 2,116,897 in 1937.
ago.
sources
December
a
1938
March
-
July.
August....*....-—
September
October..
November
1936
103,668
74.567
260,965
238,377
216,654
203,139
226,681
188,010
82,317
166,939
195,136
160,444
158.572
144,874
196,721
229.467
222.603
217,931
204,693
121.943
19,288
90,764
191,720
239,114
109.555
109,659
104.115
101,908
90.030
55,431
36,335
123,835
200,256
187,909
April
May.....
June
1937
94,267
94,449
.....
December....
Total—1,307,749
2,116,897
2,037,690
1,715,688
1938
January.
February
63,069
40.796
68.896
131.387
118,888
107,216
117,387
89,682
1,001,770
1,594,215
1 720,213
62.831
100.022
103.534
92.593
76.071
.a...
...
...
May..-.-—
June
...
July.. -—...
August
September........
October...
78,758
64,925
.
November
92.998
51,600
196.095
198,146
178,521
153,866
163,818
156.322
1936
102,034
96,134
181.782
200,117
195.628
189.756
163,459
133,804
85,201
44,274
155,552
173,472
...
—
Aoril„„.
1937
...
-
December--
Total
—
88.564
77,291
126.692
143,905
*
109,059
137,781
108,645
127.346
66,547
68.566
136,589
122,198
1,278,996
Sales to Dealers in United States
1938
56.938
63.771
76.142
78.525
71,676
72,596
61.826
January...
February
.
_
March
April
May
June.
July
December—
34,752
16,469
92,890
159.573
150,005
Total--.
935,163
August
September.
October
November.
1937
70,901
49,674
1936
1935
131,134
153,184
156.041
108,232
197,065
75,727
92,907
132,622
105,169
152.946
150,863
139,121
103.098
22.986
97.746
148,849
150,010
1,680,024
1,682,594
1,370,934
216,606
199,532
180,085
162,390
187,869
157,000
58,181
136,370
116,762
162.418
187,119
194,695
186,146
177,436
99,775
4,669
69,334
Unit sales of Chevrolet, Pontiae. Oldsmobile
Buick. La Saile and Cadillac
passenger and commercial cars are included in the above figures.
Cadillac Sales—
Cadillac-LaSalle division of General Motors Corp.
for the final quarter of 1938 totaled 11,145 units, a new high for that period,
and compare with 8,501 in the like period of 1937, a gain of 31 %.
Fourth
quarter sales topped the best previous record by 15% .
Sales in the last 10 days of December were 1,725 units, the best 10-day
volume in the last 17 months.
Total December sales of 4,395 units were
Retail sales
of the
1935
429,204
$205,597
$2,542,793
$3,085,469
$2,645,5%
455,000
449,887
399,897
449,920
2,080,126
112,505
1,576,924
1,081,526
Balance,
surplus.._.def$644,187
Shs,com.out. (nopar)829,989
Earnings per share
*
Nil
$12,747
799,701
$2.62
$1,054,790
800,000
$3.29
$1,109,064
753,881
c$2,91
Interest, &C—
Depreciation
—
—
Federal income taxes.
Tax credit
-.
3,628,703"
48,971
607,735
1,003,560
118,439
698,148
15,408
*34,032
Net profit.
244,436
527,871
392,000
341,250
Prior pref. dividends.
Con v. pref. dividends—
Common dividends
—.
>
provision for Federal, Dominion and State
b Includes other income (net) of $217,918
in 1938, $447,277 in 19o7, $149,890.in 1936 and $59,543 in 19o5.
c Earn¬
ings per share oh average number of shares (678,883) outstanding during
year was $3.23.
At end of July company issued 103,881 additional shares.
Condensed Consolidated Balance Sheet Oct. 31
Credit arising from excess
taxes on income in prior years,
a
"
-
Assets—*
1937
1938
$
■
-
1937
Ip38
liabilities^-
$
$
Notes pay.,
banks
Accounts payable,
1,467,297
1,234,818
ceptance. receiv. 3,962,734
Inventories. _>,. -11,449,791
4,375,543
11,778,663
549,302
taxes, int., Ac—
Bank loans *40-42.
$
—.
3,750,000
1,306,687
1,373,904
349,179
859,184
Accrued liabilities,
Cash
-.
Accts., notes & ac¬
Miscell. current acInvests,
19357
54,10
936
3,809,898
165,663
counts
Sales to Consumers in United States
v
March,
-
1935»
98,268
121,146
169,302
184,059
134,597
181.188
167,790
124,680
39,152
127,054
182,754
185,698,
Endedm ct. 31
1937
4,240,922
138,718
542,735
474,000
—
United States and Canada Plus Overseas Shipment
January.,
February..
— —
.
>
Subs.)-—Earnings—-
—$44,049,023 $54,052,233 $44,580,959 $39,528,739
Sales (net)-_
b Operating profit- :.
of
year
Sales for 1938 totaled 1,307,749
147,
'Y
v
Consolidated Income Account Years
com¬
Sales to dealers in the United States totaled 150,005 in December com¬
pared with 108,232 in December a year ago.
Sales in November were
159,573.
Sales for 1938 totaled 935,163 compared with 1,680,024 in 1937.
Sales to consumers in the United States totaled 118,888 in December com¬
pared with 89,682 in December a year ago.
Sales in November were
131,387.
Sales for 1938 totaled 1,001,770 compared with 1,594,215 in 1937.
Total Sales to Dedlers in
Gimbel New York store.-—V.
v
•■■■
■
Glidden Co. (&
1938
Corp.—December Car Sales—The
Jan. 9 released the following statement:
irre¬
Gimbel Brothers, Inc., as a member of the board of directors."
Own Debentures—
Motors
was
The announcement said also that Frederic Gimbel, who has been asso¬
ciated with the management of Saks & Co. at Saks Fifth Avenue and Saks
34th Street since 1924, will undertake immediately his new duties as man¬
Corporation during 1938 purchased $94,500 of its own 10-year 6% debs.,
due May 1,1940, at a total cost of $70,813. There are presently outstanding
$1,420,500 of the issue.—Y. 146, p. 1877.
General
He made it clear that his decision
vocable.
It is with sincere regret that I learned that I was to lose the
services of an able and loyal associate.
It is with very real personal satis¬
faction that I can say that nothing in this step has or will disturb our
mutual regard, and that Mr. Collins will continue to be associated with
of common stock, as follows:
General Bronze Corp.—-Buys
officer of Gimbel Brothers.
an
shares,
b Dividends receivable only,
bid price was, as of Dec. 31, 1938,
d The value of securities owped at bid prices was $954,297
no par
value of securities" owned at
in sub.
affiliated
Cash
1,770,217
1.659,981
432,043
cos—
399,629
153,930
225,735
—
Miscell. notes and
accounts, Ac...
Deposits In closed
banks.
50,725
-
Property, plant A
equipment (net) 14,232,966 12,944,075
Intangibles..
—
Deferred assets
Total
x
—-
—
92,871
-
-
750,000
3,750,000
07~886
V.
67,886
pref.
conv.
9,997,000
x Common stock..
4,180,655
Capital surplus
8,374,605
Prof. A loss surplus 5,675,283
y Treasury
com¬
mon stock- Drl65,279
stock
9.997,000
4,006,705
7,520,063
6,319,469
v
■
Dr36,403
95,214
558,504
-,,
*.
Res. for contlng.
4)4 %
value
surr.
...
Serial loans'41-45.
&
life insurance-
trade, Ac
544,123
34,288,015 33,857,808
Total
...34,286,015 3$,857,808
—
Represented by 835,591 (no par) shares in 1938 and 800,801 (no par)
y 5,602 (1,100 in 1937) shares.—Y. 147, p. 3458.
shares in 1937.
Globe &
Republic Insurance Co, of America—Dividend
Increased—
'
.
share on the com"
stock, payable Jan. 30 to holders of record Jan. 20.
Dividends of
12 H cents per share were paid in each of the three preceding quarters and
previously regular quarterly dividends of 20 cents per share were distributed.
In addition, an extra dividend of five cents was paid on Jan. 29, 1938, and
on Oct. 30 and July 30, 1937.—V. 146, p. 2537.
Directors have declared a dividend of 15 cents per
mon
(Adolf) Gobel, Inc.—Earnings—
The company for
the year ended Oct. 27. 1938, reports a loss
after inter¬
est, depreciation, &c., of $255,738, compared with a loss of $393,481 in 1937...
H. R. Bullock, Chairman of the Board, issued the following statement
regarding
the
court
order
"The order in the matter
discharging
the company from Section 77
made on Dec. 23, 1938, was a formal order
evidencing the fact that the plan of reorganization approved in the early
part of 1935 has in all respects been fully executed and that all claims
against the debtor existing on or prior to April 26, 1935, have been disch^rKGd
"Some of the
publicity in connection with the entry of this routine order
misleading in that features of the plan approved and confirmed in
1935 were made to appear as if they had been presently acted upon.
There
have been no changes in capitalization since 1935, and such retirements of
has been
Financial
280
indebtedness of the company as have
in
146. p.
1935."—V.
been made had all been authorized
Inc.—Stock Dividend—
l-60th of a share of common
payable Feb. 1 to holders of record
Aug. 1, last. On April 2,
1938, and optional dividend of 25 cents per share in cash or l~60th of a share
of common stock was paid and previously regular quarterly cash dividends
of 60 cents per share were distributed.—V. 147, p. 2393, 1638.
each
for
share held,
common
Like amount was paid on Nov. 1 and on
Graham-Paige Motors Corp.—New Director—
territory, has
August Johnson, Seattle distributor for the Pacific ('oast
corporation,—V. 147, p. 3763.
Co,
at a loss and has
by your board of
does not hold an
opportunity for profits, commensurate with the risks involved, over any
division has for some time prior thereto been operating
accordingly been the subject of particular investigation
directors.
Your board is convinced that this business
considerable
period.
,
still to be made between buyer and
and other inventory items make exact
"Taxes and the detailed adjustments
seller with respect to raw materials
(W. T.) Grant Co.—SalesPeriod End. Dec. 31—
Jan. 4 to Lever Brothers
on
Cambridge, Mass., for about $2,500,000 in cash, including the estimated
proceeds of accounts receivable retained by the Hecker company, according
to a letter sent on Jan. 5 to stockholders by George K. Morrow, Chairman.
"Although we have fortunately been able to show a profit in this division
of our business for the last few months, we believe it is clear that this isdue
to factors of a temporary nature," Mr. Morrow wrote in part.
This
been elected director of this
Sales
Corp.—Sells Soap Business—
The corporation sold its soap business
of
Directors have declared a stock dividend of
Jan. 17.
Hecker Products
109.
Goldblatt Brothers,
stock
Jan. 14, 1939
Chronicle
net
1938—Month—1937
1938—12 Mos.—l 937
.$17,996,497 $16,613,183 $97,313,547 $99,357,553
we
—V. 147, P. 3611.
figures unavailable at this time.
Generally speaking, the price
approximately the balance sheet value of the business, except
of goodwill (carried at a nominal figure on the balance sheet) for
received the sum of $850,000.
sents
case
repre¬
in the
which
„
business of the corporation is relatively small and amounts
to less than 3% of the industry.
The three outstanding soap companies
in this country are each very large, and each does a soap business many
times greater than ours."—V. 147, p. 2867.
"The soap
(H. L.) Green Co., Inc.—Extra Dividend—
dividend of 60 cents per share
The directors on Jan. 6 declared an extra
to the regular quarterly dividend of 40 cents per share on the
stock, par $1, both payable Jan. 23 to holders of record Jan. 16.
An extra dividend of 60 cents was paid on Jan. 20, 1938 and an extra of
in addition
common
75 cents in addition to the regular 40-cent quarterly
on Jan. 21, 1937.—V. 148, p. 128.
distribution was paid
>
Greyhound Corp.—Sale of Lines to Greyhound Bus Sanc¬
England and Chicago Corporations to Acquire
Properties—
tioned—New
Holly Sugar Corp.—Dividend Paid—
Company has informed the New York Stock Exchange that the injunction
restraining the payment of the dividend of 25 cents per share on the common
stock declared June 21, 1937, to be payable Aug. 2, 1937, to stockholders
of record July 15, 1937, was terminated on Dec. 2, 1938, and that the
dividend was mailed on Dec. 5, 1938 to stockholders of record July 15, 1937,
By ruling of the Stock Exchange, dated July 12, 1937, transactions in the
stock on July 14, 1937, were "ex" the dividend.—V. 147, p. 3016.
authorized New England
The Interstate Commerce Commission on Jan. 5
Greyhound Lines, Inc., of Cleveland, to acquire operating rights and
property of New England Transportation Co. and two of its subsidiaries,
Victoria Coach Line, Inc. and Berkshire Motor Coach Lines, Inc.
The Commission also authorized Greyhound Corp. of Chicago to pur¬
chase the operating rights and property of Old Colony Coach Lines, Inc.,
and the operating rights and property of Quaker Stages, Inc.
New England Greyhound will issue 19,000 shares of common stock and
1,000 shares of preferred stock in payment for New England Transportation
and its subsidiaries.
In addition, New England will assume obligation for
$56,391 of serial equipment obligations.
New England Transportation Co. is a, wholly owned subsidiary of New
wages
10,677,367
348,064
9,960,268
270,27o
9,142.100
247,143
340,156
206,263
227,689
268,954
236,439
216,085
260,801
and Federal taxes—;.
$1,370,782
$1,439,262
$1,207,937
stock in
Quaker
Divs., &c., received—_
125,991
175,589
156,600
$1,130,641143,823
$1,584,851
$1,364,537
cases.—V, 147, p.
Deprec. and reserve-...
Federal income tax
Loss on fixed assets
513,034
xl99,420
552,266
127.078
»$718,616
596,969
$872,397
$685,193
597,156
522,511
$633,969
497,624
$121,647
$275,241
$162,682
$136,345
99,526
$8.76
99,526
$6.88
99,526
$6.37
will issue 18,287 shares (no par) common
payment for Old Colony Coach Lines.
It will pay $25,000 for
Htages.
36H.
Guantanamo Sugar
expenses_
Maintenance & repairs—
Taxes, ins. & water rents
Interest (net).
Net inc. before deprec.
Total income
Co.—New Directors-
George Eggers of the Cuban American Sugar Co. and John Wall pert,
Secretary and Treasurer of this company, have been elected directors of this
company to fill vacancies on the Board.
The annual meeting of stock¬
holders has been adjourned to Feb. 8 due to lack of a quorum.— V. 147,
p. 4055.
Guardian
Realty Co.
Ltd.—Accumulated
of Canada,
and other oper.
10,564,802
318,612
404,843
The Greyhound Corp.
William E. Lee dissented in all three
—$12,865,302 $13,002,539
Material, costs, salaries,
Haven RR.
Commissioner
$349,062
Dr3,738
Operation
Dr6,692
$4,569,424
Dr32,382
$4,129,031
43,671
$345,324
118,181
$317,972
99,671
$4,537,042
1,274,385
$4,172,702
1,202,353
$227,143
$218,300
$3,262,657
107,500
^
Non-oper. income (net).
Balance
& amortization—
—
1,199,868
y
Balance...
Preferred dividend requirements
$1,801,623
602,583
604,438
$1,460,206
$1,197,18,6
— —
Balance for common dividends and surplus....
1937, the company adopted a new system
prescribed by the. Federal Power Commission, which differs
in certain respects from the system
the company previously, followed,
hence the above 12 months' figures are not exactly comparative:—V. 147,
p. 3764.
•
.
.
■■■
1 • ' .
Jan.
325,090
300,493
256,789
Accrued expenses.
308,973
517,400
Res. for conting
330,990
47,160
31.114
215,845
Real
Capital stock
x
Accts.
Deferred credit
land,
est.,
fixtures
.
_
94,890
92,000
56,068
...
Deferred charges..
—
47,160
_..
20,793
16,883
274,980
277,414
x
—
56,456
1,
of accounts
Res. for Fed. taxes
due within
Mtges.
1 year
85.000
— —
4,050,000
4.135.000
6.485,914
6,364.267
36,637
33,117
Surplus
13,744.232
Total
.....
——13,734,934 13,744,232
Represented by 99,491 .(99,526 in 1937) no-par shares,
Hotel
148,
128.
p.
135,000
Long-term mtges.
-.,..13,734,934
Treasury, stock-..
Total...
11,803,880
117,930
92,000
11,645,019
Prepayments
1,168,726
$2,062,789
Appropriations for retirement reserve.
Note—Effective
$
payable...
28,975
for depredation.—V.
Balance-..-..-.-.-
k
2.137,025
538,704
Goodwill
Net oper. revenues
.
2,137,025
835,548
.
—
1937
1938
.',<$■
—
1,026,797
Investments
1
Liabilities—
$
— —
Sept. 30
1937
$2,970,349
389,701
39,033
— —
Taxes
$324,664
$385,297
Maintenance
V*
a
Balance Sheet
1938
Inventories..
$9,929,248
4,238,8pl
503,203
1,058,213
undistributed profits.
''»
~
t
Accounts receiv—_
1938—12 Mos.—1937
99,491$7.22
Includes $6,715 for surtax on
Assets—
$823,941 $10,744,629
363,842
4,471,970
41,288'
519,430
94,147
1,183,805
$1,274,464
558,5 S4
81,911
105,654
—
50 cents per share on account of
stock, payable Jan. 15 to
1938—Month—1937
175,269
Surplus
cap.
stock out¬
standing (no par).
Earnings per share;.
Cash.
_
$1,496,773
497,234
.
> '
Period End. Nov. 30—
Operating revenues j
.
Shares
Dividend—
Gulf States Utilities Co.—Earnings—
—
Dividends
accumulations on the 7% cumulative preferred
holders of record Jan. 1.—V. 135, p. 2839.
Int.
_
Net income
x
Directors have declared a dividend of
Co* (& Subs.)—Earnings—
1937
1936..
1935
.
$11,943,868 $10,996,770
Horn & Hardart Baking
Sept. 30—
1938
Years End.
Sales—.-
y
After reserve
:
Elysee, N. Y. City—Building Sold—
purchased from the bondholders' committee
The Hotel Elysee Corp. has
15-story Hotel Elysee at 56-60 East Fifty-fourth Street for $473,000.
The President, David Phillips, and the Secretary-Treasurer, Meyer Quain,
'have operated the property under lease for the past two years.
the
Reorganization of the hotel's underlying securities has been under way
Last July, William Oarnes, on behalf of the bondholders'
bid the property in at auction for $300,000, thd upset price
fixed for the sale.
The auction was held to satisfy a judgment, of $715,447
and taxes and other liens of about $135,731 held by the Bank of the Man¬
for several years.
committee,
hattan Co.
bondholders'.
trustee for the
as
t
Hamilton Bank Note Engraving & Printing
Co.—New■
as
-
9 that Peter W. Johnson, former Assist¬
ant Treasurer, had been made Vice-President of the company.
Sidney
FeBland was appointed Assistant Treasurer.—V. 135, p. 3364.
The company announced on Jan.
Harvard Brewing Co.
Del. (& Subs.)—Earnings—
-Year
——6
End.-
Mas.
End.
818,125
goods sold
back
gave
a
purchase money mortgage for $246,593.
Hupp Motor Car Corp.—Special Meeting■—
Stockholders at a special meeting on Jan. 24 will consider proposal to
Reconstruction Finance Corporation, to be secured
by a lien and mortgage upon the properties of the Corporation.—V. 147,
p. 4056.
.
borrow $900,000 from
-
Se.pt. 30, '38 Sept. 30, '38 A/ar. 31, '38
$1,529,437
$860,612
$668,825
*
-
Net sales
Cost of
present deal Mr. Carnes, Frank W. Chambers and Otto E.
a committee for the security owners, were the sellers.
The
the
new owners
Vice-President—
Period—
In
Schaefer,
439,899
378,226
$711,312
469,073
136,281
$420,712
243,169
66,204
$290,600
225,904
$111,339
5,088
loss$5,382
6,492
$116,428
$1,110
115,407
Hutchins Investing
The
directors
accumulations
have
the
on
to holders of record Jan.
.
General & administrative expenses.
Profit from operations.
$105,958
11,580
-
Other income credits
.
Income charges
Net loss.
$117,538
149,941
"
"
34,535
-
$32,403 prof$81,893
2,290
2,290
—
Preferred dividends
70,077
$114,296
—V.
p.
2246.
Illinois
147,
Bell
Corp.—Accumulated Dividend—
declared
$7
cum.
6*.
a
dividend
pref. stock,
of $1
no
share on account of
value, payable Jan. 14
per
par
Like amounts were paid in preceding quarters.
»
•
Telephone Co.—Earnings-
Period End. Nov.,30—
1938—Month—1937
1938—11 A/o<?.—1937
Operating revenues
$7,399,917
$7,356,970 $79,684,607 $79,976,041
.Uncollectible oper. rev.;
21,233
17,705
211,135
187,961
$7,378,684
5,091,760
$7,339,265
4,992,895
$79,473,472 $79,798,080
55,006,413
54,111,687
Net oper. revenues...* $2,286,924
1,154,160
$2,346,370
924,518
$24,467,059 $25,686,393
12,946,160
12,022,995
$1,132,764
972,698
$1,421,852
1,267,103
$11,520,899 $13,663,398
9,849,164
11,914", 120
Operating revenues--.
Operating expenses---..
Operating
taxes.
Consolidated Balance Sheet
Assets—
Cash
on
x
Sept.30,'38 Mar.31,'38
$89,721
200,028
Res.
on
hand
3,705
232,827
81
31
rec.,
Notes
1
Investments
1,142,928
Uncompleted con¬
struct. Job orders
1,118,412
13,253
10,064
35,604
7.617
12,723
16,052
26,795
tax
not
pay.,
Illinois Zinc Co.— ■Balance Sheet
Assets—
Cash
&
190,000
$208,087
net...
$146,893
346,441
395.347
Fixed assets (net).
2,755,995
2,452,612
1938
$175,000
$100,000
72.576
139,319
bals.
1,690
Cast's' cred.
Adv. pay. on cast.
2,934
25,619
1
86,488
1
Preferred stock.__
100,000
59,613
Com. stk. ($1 par)
Paid-in surplus
544,900
544", 900
6% conv. notss—
257,000
257,000
6% notes pay., due
Earned surplus
Trademarks
patents
-
_
434,843
355,354
rec.
on
Pats., processes,Ac
new
pref. stk. Issue.
and
Deferred charges
15,000
_
Prepaid
exps.
1
1
7,230
52,794
x
-.$1,738,678 $1,733,152 |
Total
$1,738,678 $1,733,152
Sept. 30, 1938 and $42,784 on March 31, 1938.
y After reserve for depre¬
on Sept. 30, 1938 and $306,556 on March 31, 1938.
30,000
2,378.500
—
--.$3,256,560 $3,108,841
Total
earn.sur.
2,378~500
336,596
Capital stock
Deficit in
x
60,110
593,000
Surplus
Total
45,854
7,000
6% conv. bonds.
May 1 1943
After reserve for doubtful aacounts and notes receivable of $42,875 on
ciation of $337,691
—V. 147, p. 421.
74,840
39,601
accounts
Accruals
&
def'd charges...
x
Total
1937
bank.
Accounts payable.
Notes pay.,
re¬
Inventories
190,666
Sept. 30—
Liabilities—
1937
1938
accts.
ceivable,
11,616
current
Co.—Redemption—
The company has called for redemption on April 1, 1939, at 105% plus
accrued interest, the 1st & refunding mortgage 5% gold bonds due April 1,
1957.—V. 147, p. 1929.
con¬
Mtges. payable
Amt.
Illinois Northern Utilities
46,273
on
income
Accruals
8,013
Property
Deposits
payable
not
—V. 147, p. 3764.
8,281
Beverage tax pay.
Fed.
Net
230,712
accepts.
tainers
contain¬
returnable-_
current-
y
4,649
204,778
—
$55,000
76,843
and
notes
trade
Net oper. income-.
income
$32,000
payable
Inventories...
Notes
232,475
stamps
Vendors'
Sept. 30/38 Mar. 31,'3 8
Accounts payable.
Equip,
receivable
ers
$59,524
and notes
Accts.
Fed.
Liabilities—
Notes payable
deposit &
on
hand.
355,058
422,242
$3,256,560 $3,108.81
Represented by 95,140 no par shares.—V. 147, p. 3611.
T
Volume
Indiana
Financial
148
General
Service
Co.-
-Removed
Chronicle
Key West Electric Co.
Unlisted
from
The conpany's
York
1st mortgage 30-year 5%
1948, have been re moved fro u
1,
Curb
Exchange.-—V.
147,
Indiana Harbor Belt
Period End. Nov. 30—•
p.
Maintenance.
2395.
$8,150,423
5,497,583
$9,659,718
6,202.263
$356,313
78,848
122,819
$229,938
Railway tax accruals.
Equip. & jt. facil. rents.
$2,652,840
*738,211
811,278
$3,457,455
804,460
1,013,419
Net ry. oper. income_■
Other income
$154,646
2,862
$120,847
3,104
$1,103,351
28,676
$1,639,576
23,881
$157,508
3,025
$123,951
3,215
37,423
$1,132,027
33,453
408,125
$1,663,457
35,886
411,792
Net
expenses
Total income
....
>
Misc. deduc's fr. income
Net inc. aft. fixed chgs
3765.
8ee Buckeye
••
Indiana Railways &
'
■:
Balance for
$42,239
$35,412
24,374
$22,239
24,374
$11,038
def$2,135
reserve.
dividends and surplus..._
Kroger Grocery & Baking Co.—SalesPeriod End. Dec. 31—
1938—4 Weeks—1937
Sales............__...$19,207,034
147, p. 1781,
Stores in operation...
—V. 147, p. 3766.
1938—52 Weeks—1937
$18,898,869 $231237,796 $248444,230
3,994
•
4,126
'
Feb. 2 receive bids for the
f. 5% 30-year gold bonds
held in sinking fund at prices not
Lakey Foundry & Machine Co .—Earnings
Years End. Oct. 31-
1937
82,427
y$371,431
122,845
Depreciation
;
1
Interest paid or accruedOther deductions (net)..
75,502
12,920.
72,874
18,705
3,a09
x461
69,590
70,854
32,046
14,962
Prov. for Fed. inc. tax..
a3,800
z31,494
1,200
Sell. & adm. expenses.
_
_
.
Net prof it
,
"
■
Dis¬
.
Bad debts charged off.
22,090
$18,000 loss$217,691
.
•
Includes cancellation of interest on real and
personal property taxes assessed for prior years, $5,399; discount earned
$4,826, and other income, $547.
z Includes normal income tax, $21,800;
surtax on undistributed profits, $9,700; total, $31,500, less excess provision
for prior year, $6; balance (as above), $31,494.
a Includes $2,150 undis¬
tributed profits tax.
b After deducting cost of products sold, amounting
to $1,666,589, but includes scrap sales of $1,403 and discount earned of
$1,202.
V,'
'
:■
x
:• /'■
j-
$125,052
65,751
$9,124
■
Dividends paid.
missed—
•
loss$77,585
44,348
73,668
$206,652
147, p.
Suit
Del.-*—Receivership
of
1935
1936
1938
b$l87,182
Manufacturing profit-_.
146, p. 442.
of 2,260 shares of capital stock at $50 per share.—V.
•'
v
r-
Corp.
20,000
Includes $7,290 Federal income taxes, of which $1,279 is Federal surtax
undistributed profits applying to the year ended Dec. 31, 1937.
Note—On Jan. 1, 1937 changes were made in accounting procedure, hence
the above 12 months' figures are not exactly comparative.—V. 147, p. 3766.
Co.—Options Granted—
Insuranshares
_
25,105
a
Company reports that options have been granted to 36 officers (including
three directors! and employees of the company for the purchase of an
aggregate
3765.
$54,979
19,566
requirements.J.....
common
_
Inland Steel
$4,010
on
;-v\
Light Co.—Tenders—
exceeding 105 and accrued interest.—V.
$67,344
.....
Preferred dividend
The Union Trust Co. of Indianapolis will until
10, 1912, to exhaust money
$78,470
23,491
Balance...
sale to it of sufficient first and refunding mort. s.
"dated Dec.
349
$5,984
1,974
Appropriations for retirement
Co.—New President—
Pipe Line Co. above.—V.
$66,995
$6,413
1,906
:.
Balance.......
$1,215,779
$16.00
$9.08
$1.10
.
Indiana Pipe Line
'
$690,449
$83,313
$117,541
$1.55
Net inc. per sh. of stock.
—V. 147, p.
16,436
92,655
36.942
Total fixed charges
•
Balance.
Interest & amortization.
from ry. op._
rev.
$84,267
Dr5,797
$7,276
...
Non-oper. inc. (net)
1938—11 Mas.—1937
1938—Month—-1937
revenues.
oper.
$6,408
Dr423
$4,508
Net oper. revenues
8755,404
525,466
oper.
$150,667
55,281
8,480
19,911
510'
Taxes
RR,—Earnings—
$866,849
510,536
Railway
Railway
843
$176,688
54,814
13,372
a24,235
1,151
2,884
...
.
1938—12 Mos. —1937
Dr862
Operating revenues....
Operation—
gold bonds, American series,
unlisted trading on the New
-Earnings-
1938—•Month--1937
$12,367
$15,882
4,606
4,572
Period End. Nov. 30—•
Trading—
due Jan.
281
Vice-Chanceilor Charles M. Egan at Jersey City, Jan. 10, dismissed a
complaint against the corporation, and ordered the dismissal of a temporary
receiver for the corporation.
The complaint was filed last June by Joseph
White of Union City, N. J., owner of 100 shares of the corporation's stock.
Mr. White charged that a group of the directors had gained control of
76,000 shares of the company's stock, had sold these good securities and then
had purchased 5,000 shares of stock for $500,000 from a dummy corporation
which they controlled.
The latter stock was said in the complaint to be
worthless.
Mr. White alleged that the directors had pocketed the proceeds
of the sale.
He asked that the alleged losses be accounted for and repaid.
Vice-Chancellor Egan appointed as temporary receiver Morris Bernhard,
an officer of the Hudson County National Bank,
At a hearing on June 27
counsel
for the corporation argued that the alleged manipulators had
resigned from the board of directors.
Directors who had taken their places
were making every effort
to recoup the losses of the corporation, it was
contended.—V. 148, p. 269.
y
v
.
"
Sheet
Balance
Assets-—'
193/
1938
Property acct—\ $1,296,377 $1,350,905
38,361
58,024
Aects. receivable..
187,074
145,175
Inventories
321,701
258,578
X
Cash..
.......
......
Other assets
1,009
2,721
13,252
16,020
...
Deferred charges..
31
Oct.
labilities—
.
v-
1938
1937
..w
$440,338
$438,338
Accounts payable-
281,364
385,857
z7,224
16,097
y
Capital stock
Notes payable..
1st mtge. note....
15,000
Accrued
25.733
for
Prov.
.
expenses.
15,000
30,323
■
Federal
•'
T-
"
'
•
i
*
3,800
31,500
33,567
30,120
Income tax.....
Reserves
to
Consolidate A
U.
S.
ppeal—
Total
Circuit Court of Appeals on Jan.
International Rys. of Central America—New President
a special n eeting of the board of directors held Jan.
12, the Board
F. Myers as President.
J. P. Arm¬
strong, formerly Assistant to the President, was elected to the Presidency
At
a member of the Board.
who for personal reasons is relinquishing his responsibilities
as President, will maintain close connection with the company's affairs as a
director and as Chairman of the Executive Committee of the Board.—V.
148, p. 129.
and
was
made
...
845,416
839,416
surplus...
80,807
72,801
Long-term indebt.
Total
$1,772,413 $1,916,782
....
Lehman
Corp .—Report—
The net asset value of the
capital stock of the corporation as of Dec. 31,
valuing assets at market quotation, or, in the apsenbe of market
quotations, at fair value in the opinion of the directors, was approximately
1938,
$39.09 per share on the 2,081,580 shares of stock outstanding in
of the public., After dedu.ting an allowance for Federal income
taxes
on
unrealized appreciation, su-eh
'
Income Account
for 6 Months Ended Dec. 31
$145,083
1,976,954
92,031
2,520
$1,114,486
$1,883,045
$2,238,926
$1,295,947
y310,455
329,952
80,000
833,523
725,000
313,689
398,239
$1,473,093
$842,537
Taxable divs. in sec....
Dividend—
$223,276
1,069,706
1,631,688
106,274
Cash dividends
Miscellaneous income—
dividend of 50 cents on account of accumulations on
the $1.75 preferred stock, series 1931, and the regular quarterly dividend
of 87% cents on the $3 .50 prior preferred stock, series 1931, both payable
Feb. 1 to holders of record Jan. 20.
The last previous payment on the
$1.75 preferred, series 1931, was 43% cents on July 15, 1933.—V. 148, p.
1935
1936
$167,419
1937
1938
$152,688
961,799
Interest earned
2,965
Directors declared a
129.
-
.
•'
7.■
■
/
Total income
Expense, franchise and
capital stock taxes
Prov. for income taxes._
Prov.
O'V-
■
3765.
,V.:.
■; •
•:
..
for
under
■
-
comp.
■
.
_
.
... .
Net
— .
.
.
337,865
.
$804,031
Balance of income:...
■;;/
See y
acer.
management"
a
agreement.
Interstate Department Stores, Inc.-—SalesPeriod End. Dec. 31—
1938—Month—1937
' 1938—11 Mos.—1937
Sales
$3,240,162
$3,105,569 $22,283,031 $25,745,819
—V. 147, p.
4,624,042
367,631
profit on sales of sec. loss690,059
profit on com¬
Iowa
Central
Ry.—Bonds—
modity transactions
Recovery on real estate1
loans,written off...:..
.
for the first mortgage 5% bonds headed by George PL
Roosevelt of Rposevelt & Son announced Jan. 6 that, until further action
vith respect to each $1,000 of bonds
the amount payable with any with¬
*
141,
p.
;
.
7,691
60,570
$138,392
832,632
$1,849,051
1,561,185
$5,474,271
$3,295,604
921,645
x2,081,580
$0.89
,
.
x
•
,
Henwood, trustee of St. Louis Southwestern Fy. and the
debtor company itself have been permitted by the Interstate Commerce
Commission to intervene in the case brought by Kansas City Southern Ry,
to acquire Louisiana & Arkansas Railway.
In a petition of intervention, the trustees and the Cotton Belt said the
proposal was apparently a step in a larger plan contemplating consolidation
of Kansas City Southern, the Louisiana & Arkansas and the Rock Island
Louisiana & Louisiana.
Pointing out that the Cotton Belt interchanges
considerable traffic with the R. I. A. & L. and the Rock Island in Arkansas,
the interveners said that the consolidation might mean the loss of a great
part of this traffic.
No provision is made in the pending plan, it was
pointed out, for the maintenance of present through routes, and it was
requested that in the event the proposal is approved, the plan be modified
to provide that this be done.
V, 147, p. 4058.
Par $1.
Note—The
income
and
gold bonds, series J, due Feb. 1,
1957 have been called for redemption on Feb. 10 at 106% and accrued
interest
Payment will be made at the Continental Illinois National Bank &
Trust Co. of Chicago.—V. 147. p. 3612.
__
$2,373,959
State taxes
thereon)
The net unrealized
depreciation, computed on the same basis, was approxi¬
mately $4,401,571 oh June 30, 1988.
Balance Sheet Dec. 31
U. S. Securities (at
cost)......-...
Other sees, owned
1,229,011
(S. S.) Kresge Co.—Sales—
1938—Month—1937
1938—12 Mo*.—1937
...$25,495,618 $24,144,669 $147995,974 $154234,469
687 were American
operation, of which
3612.
Company operated 745 stores in December of which
and 58 Canadian.
Last year company had 741 stores in
Canadian.—V. 147,
p.
(S. H.) Kress & Co.—Sales—
$14,428,795, a decrease of $187,685,
1.3%.
The company's sales for the 12 months ended Dec.
decrease of $5,684,305, or 6.5%.—V. 147, p. 3612.
31'
were
$82,187,173,
,
2,032,483
for
,
payable
acer.
a
1937
$ ,'
.
■
416,316
520,395
281,787
1,300,078
2,086,884
ex¬
penses and taxes
6,302,074 12,578,217
2,086,884
Capital stock
Capital surplus...83,673,396 83,673,396
4,459,644
stocks 4,046,835
4,178,358
3,463,505
Common stocks.51,001,770 49,072,602
Inv. in real estate.
1,025,688
975,688
Equities In real est.
Loans and adv....
rec.
Divldends
Res.
(at cost):
Divs.
$
Liabilities—
$
$
A ssels—
Cash In banks....
1938
1937
1938
accrued
Period End. Dec. 31—
of the corporation's assets on Dec. 31,
1938, based on market quotations or, in the absence of market quotations,
fair value in the opiqion of the directors, was approximately $3,062,502.
1
.
$2,739,743
.
on
Preferred
All of the outstanding first mortgage
a
$287,866
683,632
681,700
$8.01
$4.82
y Includes provision for Federal, State and miscell. taxes, .s
net unrealized appreciation (after an- allowance for Federal
Bonds..
Kentucky Utilities Co.—Bonds Called—
Sales for the month of December were
2,734,528
Shares
Berryman
or
2,043
■'
,■
8,328
_
o862.
City Southern Ry.—Cotton Belt Intervenes in
Merger with L. & A—
:
686 were American and 55
■
1
.
Profit......
Kansas
Sales
■
...
24,420
.
K. C.
■
■
Dividend payable....
drawal thereof pursuant to the deposit agreement , as amended.
This sum
would include 40 cents for each $1,000 bond payable on account of Federal
transfer taxes.—V.
76,803
Surplus.....
def$694,240
capital stock out¬
standing (ho par)
x2,081,580
Earns.per sh.on cap.stk,
$0.07
committee
by the committee, the sum of $13.50
Ijas been fixed by the committee as
.
$507,266
2,725,725
Net real,
*
A
the hands
and State
net asset value was approximately
$33.97 per share.
The net asset value as of June 30, 1938, was approxi¬
mately $30.72 per share."
*
Mr. Myers,
International Utilities Corp.—* Accumulated
$1,772,413 $1,916,782
.....
depreciation of $1,247,156 in 1938 and $1,237,147 in 1937.
z Includes trade acceptances payable
y Represented by shares of $1 par.
to trade creditors.—V. 147, p. 1344.
After
x
receiver of the co.tr pany for leave to
accepted the resignation of Charles
57,329
surplus
Earned
Rapid Transit Co.—Court Denies Motion
9 denied a motion by the
consolidate with his answers in the Man¬
hattan Ry. lease disaffirmance clause an appeal from F'ederal Jud^e Robert
P. Patterson's recent decision refusing to authorize an immediate surrender
of the Manhattan lines.
The receiver contended that by selling the Sixth
Avenue "El," the Manhattan parties had effectively broken their side of the
lease bargain, thereby rendering academic and moot the Manhattan appeals
against the disaffirmance decree.—V. 148, p. 128.
The
39,165
Paid-in
Inter borough
Profit
&
Joss
deficit.
b
Treasury
acct.
cl8,021,776
14,824,337
DrS7,710
I)rH7,7U)
stock.
1
......
8,375
254,721
240,676
79,153
68,800
and Int.
.;
Receivable for sec.
sold...
....
Total.........68,348,897 72,668,706
Total
.....68,348,897 72.668,706
a Capital
stock outstanding 2,036,884 shares par $1.
b Represented
by 5,304 shares at cost,
c The debit balance at Dec. 31, 1938, is made
up as follows: Dividends declared from date of organization to Dec. 31.
1938, $26,278,715; accumulated income and profit and loss (profit) from
date of organization to Dec. 31, 1938, $8,256,939.
,
•
.
.
Note—The corporation has purchased commitments under which it may
make investments which will not exceed $15,000.—V. 147, p. 2396.
282
Financial
Chronicle
Lamaque Gold Mines—Earnings—
3 Months Ended—
Nov. 30
production
Expenses, &c
'37
$768,280
546,394
Aug. 31 '37
$668,473
536,961
$221,886
$131,512
146, p. 3612.
Period End. Dec. 31—
Sales
1938—Month—1937
1938—12 Mos.—1937
$1,228,008
$1,250,815 $13,010,166 $14,531,976
3018.
P.
Lehigh Valley RR.—Readjustment Plan Filed—
Lerner Stores
Corp.—Sales-
Period Ended Dec. 31—
Sales.
Loblaw
1938—Month—1937
1938—11 Mos—1937
$6,264,413
$6,004,366 $35,936,496 $37,5.34,031
3613.
Groceterias, Ltd.—Earnings—
-4
Period—
Dec.
Sales...
x
Weeks
10
'38
Ended-
Dec.
$1,871,642
94,454
Net profits....
.
Loew's Boston Theatres
-28 Weeks Ended
'37 Dec. 10 '38 Dec. 11
11
147, p. 3766.
,
Co.—Earnings—
Earnings for the Fiscal Year Ended Aug. 31, 1938
profit....
Depreciation
w
Amortization of mortgage discount and expense
Net cash
'37
$1,809,930 $11,769,034 $11,079,444
90,192
471,307
461,510
After tharges and income taxes.—V;
x
Robbins,
Inc.,
company
Committee Formed for Common Holders
a committee has been formed to represent
The committee consists of Augustine Lonergan,
announced Dec. 30 that
was
stockholders.
Co., and Frederick L. Rossman, of F. L. Rossman & Co., both firms
members of the N. Y. Stock Exchange, and George L. LeBlanc, director of
.American Machine & Metals Co.
In a letter to common stockholders the
committee says
"We believe that the common stock will have an equity
in the company even though the rumored losses prove to be actual losses,
if intangible assets which have heretofore been assigned a value of but $1
on
The couipany has filed with the Interstate Commerce Commission its
plan providing for extension of bond maturities and temporary reduction
in interest rates,—V. 147, p. 3461, 4058.
—V. 147, p.
&
U. 8. Senator from Connecticut: Jeffrey 8. Granger of Sulzbacher, Granger
Bryant, Inc.—Sales—
147,
14, 1939
Inc.—Further Developments—
developments in the McKesson
briefly outlined as follows
are
common
&
Lane
—V.
Further
affairs
It
Net profit
-V.
McKesson & Robbins,
'38 Nov. 30
$1,152,654
732,374
$420,280
Gross bullion
Jan.
$429,220
102,955
.......
24,140
...
the company's consolidated
at their true worth."
balance sheet
as
of Dec. 31, 1937, are evalu¬
ated
Tells of Acquisition of International Vitamin
Julius Burns, a founder of International Vitamin Corp., of which Coster
obtained control, testifying at the State hearing Dec. 29, said that in 1931
McKesson & Robbins became interested in his company and began negotia¬
a time when a New York banking group also was interested in the
corporation.
Coster won, paying $125,000 for 45,150 shares of the com¬
pany's stock, taking options on other stock, and adding 100,000 shares to
the capitalization.
He arranged a voting trust to give himself control and
gave Burns a $50,000 bonus to surrender control.
tions at
Grand Jury Opens Inquiry
grand jury was chosen Jan. 3 and charged with identifying
may have been committed in the ten-year administration of
McKesson & Robbins, Inc., by the ex-convict, Philip Musica.
It was announced that the first field of inquiry would be the audit proced¬
ure followed by Price, Waterhouse & Co., in annually certifying the finan¬
cial condition of McKesson & Robbins, and the extent to which this proced¬
ure followed generally accepted standards while failing to uncover an $18,000,000 inflation of the drug corporation's $86,000,000 assets.
Federal
A
such crimes
as
Audit Fees Put at $1,000,000
More than $1,000,000 in fees was
collected by Price, Waterhouse & Co.
Donald Coster
inflating the books by $18,000,000.
These fees were totaled Jan. 5
by Geoffrey W. Rowbottom, partner of the accounting firm, at the first
public hearing by the Securities and Exchange Commission.
The hearing was opened by Irving J. Galpeer, examining counsel of the
SEC, with the declaration that "the Commission is interested in exploring
particularly the circumstances which permitted the prolonged failure of
the auditors to discover the wholly fictitious character of balance sheet
items totaling many millions of dollars."
for ten years of audits of McKesson & Robbins, Inc., while F.
Net
profit
$302,125
Earned surplus balance Sept.
Dividends
1, 1937
578,724
..........
$880,850
302,736
paid..........
Balance, earned surplus, Aug. 31, 1938.........
$578,114
Balance Sheet Aug. 31,1938
Accounts
$224,516
market
2,688
Theatre
State
Co.
96,601
10,057
accrued
I Prln.
Dep. with Old Colony Tr. Co.
to cover red. of 163 shares of
1st
common
on
payments
—due
stock at $17.75 per share...
$4,836
Int.
,50,000
value> $51,218)
receivable
payable..."
Rl. est. <fe pers. prop, taxes.
Federal and State taxes.
U. 8. Govt, securities (at cost
Accounts
.
Liabilities—
Assets—
Cash in bank and on hand
within
76,849
1st mtges
on
one
2,893
„
....—'
124,870
Tells of Receivership
Testimony suggesting that F. Donald Coster himself had been the behind,
May 1 '41, on State Theatre
Goodwill...
New York Stock Exchange."
*
1st mtge., 3 %%, maturing April
on
certified public accountants, stating that they fairly presented the position
of McKesson & Robbins.
They were filed with this Commission and the
9,000
mtge. 4% note, maturing
15,1942,
"The financial statements in which the false items were contained,"
Mr. Galpeer continued, "bore certifications by Price, Waterhouse & Co.,
1st mtge.
year
Land, buildings & equipment. x5, 124,510
Deferred assets
162,976
—
was
600,000
Orpheum Theat.
($2,250,000 payable quar.).
to minority stockholders
429,750
Due
the-scenes engineer of the petition for receivership of McKesson & Robbins,
Inc., was given to Assistant Attorney General Ambrose V. McCall Jan. 5.
The witness was Mayor Thomas J. Spellacy of Hartford, Conn., who
told how he, on the request of another lawyer, had caused to be filed a
receivership petition that charged the firm with maintaining an $18,000,000
fiction
of State Theatre Co
2,893
rents received in advance.;.
Common stock (par $25)
Surplus
(paid-in,
earned
.....$5,692,4531
3,121
3,881,233
and
After reserve for derreciation of
x
578,114
Total
.$5,692,453
$1,681,056.- V. 147, p, 1197,
Los
Over
Angeles Ry. Corp.—Time for Deposits Extended94% of Bonds Now on Deposit
Corporation has announced that the time for making deposits and filing
underlying
on Jan. 14,
assents to the plan for refunding $6,860,000 of outstanding
bonds of the system has been extended to the close of business
1939.
•>
The company's letter to bondholders discloses that a substantial addi¬
tional deposit of bonds was made during the month of December.
At
the close of business Dec. 31, 1938, there had been deposited a total of
$6,459,000
par
value of bonds.
This is equivalent to 94.15% of the total
underlying bonds outstanding.'
The corporation in its letter to bondholders states that it feels sure that
this extension will be the final one for the deposit of underlying bonds and
filing of assents to the plan, inasmuch as the amount of bonds now on de¬
posit, and the amount of those which are promised to be deposited within
this final extension period, will being the total in excess of 95%.
The plan called for an exchange of a new issue of first
mortgage bonds
for the currently outstanding underlying bonds of the system, with maturi-r
ties
on
Oct.
1 and Dec.
1 of 1938 and
Dec* 1 in 1940.
The new bonds to
be exchanged for the 1938 maturities will mature in 1948 and those tb be
exchanged for the 1940 maturities will mature In 1950.
They will bear
the same rate of interest as the present bonds and will constitute a closed
first mortgage on all the property of the Los Angeles
Railway Corp.—
V. 147,p. 3461.
.
Louisville Gas & Electric Co.
(Ky.) (& Subs.)—Earns.
1938
x
x
Net operating revenue
:■
and other income..^,..
Appropriation for retirement reserve
Amortization of contractual capital expenditures..
5,637,963
$10,342,709
5,219,549
$5,123,160
240,899
$5,399,556
1,181,000
$5,364,059
1,181,000
37,000
37,000
Gross income.
$4,181,556
Interest charges (net)..
1,133,184
Amortization of debt discount and expense
160,227
Amort, of flood & rehab, exp, incurred during 1937
270,167
$4,146,059
1,028,684
159,772
209,000
income deductions
22,530
$2,597,606
$2,726,072
x Before
appropriation for retirement reserve.
Notes—(1) The above figures for the 12 months ended Nov. 30, 1937,
adjusted to reflect $6,192 of additional taxes applicable to the
period of 1936 included therein, paid in 1937 and charged to surplus.
(2) No provision was made by the company for Federal or State income
taxes or for surtax on undistributed profits for the year 1936, as the
company
have been
as
a
deduction in its Federal and State income tax returns for the
1936 the unamortized discount and expense and redemption premium
on bonds redeemed in
1936, which resulted in no taxable
income for that year.
Durng the period from Jan. 1 to Aug. 31, 1936,
the company 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 from Jan.\ 1 to Nov. 30, 1936, the company also
made provision for State income taxes in the amount of $90,060, which
was reversed during December,
1936Also provision made for the year
year
1937
expense
was
reduced
as
a
result
of deductions
made in
income
tax
returns
for losses
resulting from the flood in Louisville during January and Feb¬
1937.
No surtax on undistributed profits under the Revenue
Act of 1936 was incurred by the other companies consolidated herein for
1936.
No provision for surtax on undistributed profits
during 1937, under
the Revenue Act of 1936, is included in the above
statement, as no such
surtax was incurred by the company or its subsidiary companies for that
year.—Y. 148, p. 130.
ruary,
Sales
Stores in operation
—V. 147, p. 3613.
1938—Month—1937
$7,002,800
.
...
assets
and
false receivable accounts,
person actually represented was.
that it was Coster, but stressed
that
this
on
In answer to a
question from Mr. McCall,
he said
the basis of what he had since read it could have been only Coster,
his brother George Musica, who masqueraded as George Dietrich, or the
McKesson-Robbins x'reasurer, Julian F. Thompson.
International Vitamins Deal
Rowley W. Phillips of R. F. Griggs & Co., investment bankers of Waterbury, Conn., and a director of McKesson's, cleared up one aspect of the
stock deal in the International Vitamins Corp., on which previous testi¬
mony had been taken.
The deal emerged from Mr. Phillips's testimony
as being in the nature of a pay-off by Coster to Simon Lubarsky, a
druggist
who had been instrumental in building up the Vitamin company tp the,
extent of about $70,000.
In this deal Mr. Phillips said that for a while McKesson's had been
.
anxious to maintain control of International Vitamin and for that reason
the Consolidated Investments Corp., a McKesson subsidiary, had bought
up large amounts of the
stock.
As other
sources
of supply developed, it was
found advisable, he said, to liquidate the McKesson interest in this firm,
but Coster declared he wanted to do something for Mr. Lubarsky.
To accomplish this, the Consolidated sold to the Muriel Securities Corp.,
which had been set up by Lubarsky,
mins at $3 a share, he declared,
by Lubrasky to the Griggs
102,150 shares of International Vita¬
and 95,000 of these were promptly resold
and John DeWitt at $4 a share.
company
Trustee for Debentures
Exchange received notice Jan. 6 from the Bank of
has been appointed successor trustee, paying agent,
registrar and conversion agent of the 2<>-year blA% convertible debentures,
due May 1, 1950, effective as of Dec. 24, 1938.
York
New
New
York
Stock
that
it
Common Stockholders
Bring Suit Seeking $25,000 Damages
stockholders of McKesson & Robbins, have brought suit
against all the directors, the Musica brothers and their
wives, and Price, Watprhouse & Co.
They seek return of their invest¬
ments, alleging that their investments were based on false and fraudulent
Five
in
common
New
Haven
statements in reports.
Damages of $25,000 are sought.
„
"
Musica Brothers Plead Guilty
brothers—George Dietrich, George Vernard and Robert
Dietrich—reversed their plea of not guilty Jan. lo in Federal Court.
They
Musica
pleaded guilty to an indictment alleging violation of the Securities Act of
1934, pertaining to filing of false financial statements with the N. Y.
Stock Exchange.
They will testify for the Government before the Grand
Jury, it is said.
Total of Thefts Put at $11,000,000
The application of the word "blackmail" in the McKesson scandal was
enlarged Jan. 10 by the Federal investigators beyond the relatively small
amounts that Mr.
Coster
was
found
to have paid
for the silence of those
Philip Musica, ex-convict.
The investigators
occupied now with the possibility of proving that
Mr. Coster obtained the more or less conscious support of important figures
in connection with the McKesson structure by creating financial benefits
admitted
they
were
for them also.
Heretofore it
was believed
by investigators awaiting a more complete
check-up that Mr. Coster and his three masquerading brothers, had divided
among them in 10 years a total of not more than $2,000,000—principally
for commissions on the ficitious transactions which inflated the McKesson
crude drug department by $18,000,000.
On Jan. 10, however, it was announced by Assistant Attorney
Ambrose V. McCall that "the picture has completely changed."
State
securities
General
In the
which he is conducting parallel to that of the
Federal Securities and Exchange Commission, Mr. McCall received an
accounting Jan. 10 showing the real financial loot (as distinguished from
paper inflation) actually totaled about $11,000,000.
Jacob Roggen, senior accountant for Attorney General John J. Bennett
Jr., reported that most of this $11,000,000 had been taken out of the
McKesson treasury in the form of cash payments for nonexistent purchases
before 1932 and that about $5,000,0( 0 had cleared through George Vernard,
the outside
man
inquiry
of the Musica combination.
Coster Diaries Found
F.' Donald Coster including two diaries and "naming
names," discovered in a small wooden shed near the McKesson plant in
Fairfield, Conn., supply many missing links in the investigation of the
corporation.
Acting United States Attorney Gregory F. Noonan, who revealed the
discovery Jan. 11, said the correspondence, records and two ledger books in
which the diaries were kept are so important that he has taken them to
Washington for the persual of Brien M. McMahon, Assistant Attorney
Personal files
of
General.
Further course of action in the investigation will be determined after
McCrory Stores Corp.—Sales—
Period End. Dec. 31—
of non-existent
who knew him when he was
20,373
—
Net income
and
only hearsay.
that
The
$5,177,243
222,313
...
Net
operating revenue
Other income (net)
1937
$10,815,206
Operating revenues
n
Operating expenses, maintenance and taxes
claimed
was
h
Year Ended Nov. 30—
Other
the form
knowing who the
He said he had since heard
by appraisal)
Total..
in
without
Tenants' deposits on leases and
a
conference between Mr. Noonan and Mr. McMahon.
,
1938—12 Mos.—1937
$6,763,050 $40,068,166
$41,001,241
200
200
An effort
made to
destroy some of the records and others are in¬
complete, ^lr. Noonan said.
Two ledger books in the files contain the
names of persons not previously
mentioned in the case.
Many of the
entries are in the handwriting of Coster-Musica.
was
Volume
148
Financial
Chronicle
Musicas Bailed—Seized by Dewey
District Attorney Thomas E.
Dewey arrested and relmprisoned two of
the surviving Musica brothers
Jan 11, as fast as they were released by the
Federal authorities on ball.
They had pleaded guilty Jan. 10 to Federal
charges of falsifying the financial statements of McKesson &
Robbins,
Inc., under the 10-year presidency of F. Donald Coster, their brother.
The two rearrested are
George Dietrich and Robert Dietrich.
George
Vernard
Greenshields & Co., Inc., and Gairdner & Co., Ltd.
3K%, and 4% bonds which
were disposed
of privately, and $7,000,000 15-year 4Yz%
bonds offered at 983^ and int.,
yielding over 4%%.
Outstanding 5% debenture bonds
unmatured
Mr.
Dewey disappointed them, they believed they had arranged
liberty by promising the Federal authorities to uncover additional
to
?S?ds JK8» &«be dated March 1, 1939. The $1,800,000 will mature
serially, $300,000 annually for six years.
The first two maturities, 1940
and 1941, will bear ZH%
coupons and the next four maturities (1942-1945)
will carry 4% coupons.
Principal and half-yearly interest)March 1 and Sept. 1)
payable In lawful
money of Canada at any branch of the company's bankers in Canada, except
Yukon Territory.
Serial bonds in denom. of $1,000 and 15-year 4 H%
bonds m denom. of $1,000 and
$500, registerable as to principal only.
Redeemable, at company's option, at any time prior to maturity on 30
days notice: for the 3 H % and 4 % serial bonds at 101; for the 15-year 4 H
%
bonds at 103 if redeemed on or before March
1, 1944, and thereafter at de¬
creasing premiums if redeemed prior to maturity.
An annual sinking fund,
commencing March 1, 1946, will be provided for the 15-year 4K% bonds,
amounting to $300,000 per annum.
Trustee, The Toronto General Trusts
Corp.
In the opinion of counsel these bonds will be a legal investment for
insurance companies registered under the
Canadian and British Insurance
Companies Act, 1932, as amended.
The new issue will be a first
mortgage on all properties situated in Canada,
now owned or hereafter
acquired, and will also be secured by pledge of all
the company's shares in the capital stock of its
subsidiaries, as well as by a
floating charge on all other assets.
The Canadian properties to be specifi¬
cally mortgaged are valued at In excess of $11,200,000.
The company's
buildings and equipment in Canada and abroad are insured for more than
$17,500,000.
'
-
ment.
Dewey made it plain, however, that a supplemental arrangement
He has been waiting for an opportunity to arrest
larceny and forgery indictments that he procured
must be made with him.
the Musicas on grand
last month
as a result of his own
investigation of the McKesson operations.
Like the Federal
authorities, Mr. Dewey is understood to be interested
only in what the minor Musicas did but also in the wider scope of
ations of
some
oper¬
of their powerful associates.
Authorities Impound Life Insurance, Bank Accounts,
cfee., for Drug Firm's
Benefit
More than $450,000 which
possibly can be recovered for McKesson &
Robbins from members of tne Musica
family it was revealed Jan. 12.
The disclosure came when William J.
Wardall, as trustee filed an order
signed by Federal Judge Alfred C. Coxe enjoining the transfer of property
now held in the names of the members of
the Musica family and some 15
other individuals and corporations connected with the case.
Mr. Wardall said that of the sums
already tied up, $360,000 represents
life insurance and that $75,000 has been found in three accounts in a Mon¬
treal bank and $16,000 in a New York bank.
Explaining the order, Mr., Wardall said:
"While the main stake of the
creditors and stockholders is the continuation of the
long-estaolished and
fundamentally sound business of McKesson & Robbins, we are not over¬
looking for a momemt any chance for recovering all we can of the money
Net current assets, after deducting all current
liabilities, are shown
in the company's balance sheet at
$20,920,607, or more than 2H times the
amount of bonds to be outstanding.
which Coster-Musicaandhis fellow conspirators stole from the
company.
To this end, the first act of the trustee was to institute an intensive search
into all financial transactions."—V. 147, p. 4059.
Madison Square Garden
Period End. Nov. 30—
xNet profit...
1938—6 Mo* —1937
was
$145,063
$147,239
$8,056 loss$28,851
After depreciation and all other charges.—Y. 147, p. 3313.
V
x
,
Consolidated earnings for year ended Nov. 30, 1938, available for bond
Interest and depreciation, amounted to $1,923,238, compared with interest
requirements of $.366,500 on the new issue.
Depreciation of $443,913
Corp.—Earnings—
1938—3 M05.-1937
Manhattan Ry.—To Seek 7-Cent Fare—Also Plans Move
for Reorganization Under Bankruptcy Law—
At the conference between officials of the city and the company at which
above offer was made, the company offered to sell for $21,000,000.
the
He also announced that he planned to petitihn for the
reorganization of
the Manhattan Ry. company under Section 77-B of the
Bankruptcy Law.
The company is in
This
It was disclosed also that Mr. Franlin would start
legal action to recover
about $20,000,000 from New York City for incidental
damages suffered by
his company when the city acquired the Sixth Avenue elevated for demoli¬
tion.
The asserted damages consist of the elimination from use of 223
elevated cars, together with alleged loss at the Manhattan
power plant at
74th St. and the East River and at the
company's yards at 155th St. and
Eighth Avenue.
Merchants
,
Metropolitan
Avenue
1936
;,v
.■
$1,188,050
986,359'
$1,297,651
946,804
$1,415,949
854,020
$201,691
$350,847
17,569
$561,929
$259,101
255
1,111
8,892
$201,946
$368,416
$267,993
42,812
41,639
$563,040
39,642
'
Shares
Net
x38,000
85,000
$438,398
153,162
$201,340
$69,973
218,805
218,803
...
stock
$0.73
Balance
1938
Assets—•
133.335
218,800
$2.00
$0.92
Nov.
$
Liabilities—
730,584
5,000.000
,
$
300,000
1,950.000
Divs.
42,054
35,577
52,570
Accts. A notes
receivable, Ac.. 2,024,686 z2,387,963
Inventories
2,160,463
3,451,515
Empl. stock acct.i
150,853
165,820
Tax
payable....
provision
tr.-mk. litigation
7,102
10,302
res., Ac.
Capital surplus...
32,916
44,644
100.000
Earned
10.886,426
12,572,950
a
Total
accounts,
z
x
Accounts
100,000
614,464
surplus
3,848,866
Treasury stock. _Z>r143,806
11,175 (11,177 in 1937) shares at cost,
doubtful
67,588
200,000
Conting.
investm'ts
Deferred charges..
for
10.886,426
614,464-
4,007,685
Dr143,806
12.572,950
After depreciation,
receivable
y
only.—V.
1040.
After
147,
-
Manufacturers Finance Co.—Notes Called—
The company will call for redemption on April 1 all of the $1,017,000
outstanding 4collateral trust notes, series A, due Oct. 1, 1942, in
terms of a trust agreement dated Oct. 1, 1934, between
Manufacturers Finance Co. and the Baltimore National Bank, trustee.
—V. 147, p. 2398.
accordance with
Masonite
16
Corp.—Earnings—
Weeks Ended—
Net
Dec. 17 '38
profit..
Shares co nmon stock
Earnings
x
per
...
share
Dec. 18 *37
$219,512
539,210
$0.35
$339,847
536,740
$0.58
After depreciation. Federal income taxes, Ac.—V. 147, p. 2870.
Massey-Harris Co.,
Ltd.—Bonds Offered—Offering was
markets of $8,800,000 1st
(closed) mtge. bonds by Wood, Gundy & Co., Ltd., W. C.
Pitfield & Co., Ltd., McLeod, Young, Weir & Co., Ltd.,
made
Jan.
9
in the
$1,318,359 $13,400,023 $14 7048,659
4 ,617,872
420,385
4,918,109
Canadian
$893,140
830,349
'•
$897,974
846,375
$8,481,'914
,430,877
7,914,743
9 ,035,033
.
Middle West Corp.—Removed from
List & Registration—
The stock purchase warrants have been removed from listing and regis¬
on the New York Curb Exchange.—V. 148, p. 131.
Missouri Pacific RR.—New Plan Filed—
S
The elimination of present common and preferred stockholders in a re¬
organized Missouri Pacific RK. is proposed under a new plan filed with
the Interstate Commerce Commission by a joint committee con.posed of
representatives of the New Orleans Texas & Mexico Ry. and the Missouri
Pacific 1st & refunding bondholders' committee (Stedman Committee).
This plan is in opposition to the recommendations of R. H. Jewell, ICC
examiner, submitted to the Commission last October.
The new plan basically does not differ greatly from the modified Stedman
plan filed with the Commission in Sept,, 1937, except for the exclusion of
the common and preferred holders, and provision for the award of a larger
percentage of prior lien securities to the first and refunding holders and
the
In
had
N. O. T. M. holders.
a
brief filed with the
ICC, N. O. T M. representatives state they have
Stedo an Comn ittee and have agreed with the
within the limits pro¬
posed by the ICC examiner.
The joint committee is prepared to recom¬
mend the new plan to the respective bondholders, if on its basis a prompt
reorganization can be brought about.
The new joint committee plan, which would become effective as of Jan. 1,
1939, differs from the recommendations of Examiner Jewell in the following
major respects:
The amounts of first mortgage bonds, series B, general mortgage bonds
series A and B allotted to the N. O. T. M. bonds are increased so that the
discussions with
latter
x
$3,494,705 $36,561,032 $37 ,128,059
2,176,346
23,161,009
23 ,079400
tration
174,450
Pay. insettlem'tof
...
a
$3,463,440
2,074,981
$1,388,459
495,319
stock, payable Feb. 1,1939 to stockholders of record at the close of business
Jan. 14, 1939.
See also V. 147, p. 3917.
$
Notes payable
y
p.
$3,503,539 $36,811,596 $37,190,646
8,834
250,564
•
62,587
Michigan Gas & Electric Co.—Dividends—
(par
12,247
580
33,200
.
1938—11 Mos.—1937
$3,471,720
8,280
The board of directors declared, on Dec. 30, dividends of $1.31 M per
on the 7% prior lien stock and SI .12 ^ per share on the $6 prior lien
5,750,000
732.645
12,382
Mtges. receivable.
Common stk.
$25)
5,750,000
Accts.. payable and
accr'd liabilities.
139,270
'
Sundry I'ns A adv.
reserve
1938—Month—1937
30—
revenues
1937
36,650
772,407
Acer. int. receiv'le
Total
$2,240,086
share
30
1938
692,417
Sundry
$1,755,135
Net operating income.
Net income..
—V. 147,p.3614.
•
218,800
$1.32
.
Sheet
G'dwill, pats.* Ac. 5,000,000
Cash
$240,783
Operating taxes.
$68,005'
$285,236
'
1937
$
Land, plants, Ac.
""$117,460
Net oper. revenues...
x Includes $250 provision for Federal surtax on undistributed net income.
Note—No provision has been made for Federal normal income tax, excess
profits tax or surtax on undistributed profits and none appears necessary,
x
$8,180,303
5,940,217
Operating revenues
Operating expenses
out¬
standing (par $25)...
Earnings per share..
h
V
End'. Nov.
Operating
..
com.
$7,425,425
5,670,290
Michigan Bell Telephone Co .—Earnings—
30,473
$288,777
218,804
'
1938—11 Mos.—1937
$780,172
539,389
Uncollectible oper. rev..
$159,134
196,925
Ltd.—Earnings—
1938—Month—1937
$640,867
523,407
_
earnings.
3768.
Period
excess
Net profit
Dividends
from oper.
—v. 147, P.
36,180
•y.
earns,
Oper. exps. and deprec'n
$1,023,921
764,820
V.
„
Gross
1935
def$37,791
,
Period End. Nov. 30—
„
1937
Co.—
s.
Industries Co .—Accumulated Dividend—
Mexican Light & Power Co.,
•
•
.
The directors have declared a dividend of 25 cents per share on account
accumulations on the 6% preferred allotment certificates, 50% paid,
payable Feb. 1 to holders of record Jan. 20. A similar amount was paid on
Nov. 1, Aug. 1, April 25 and Feb. 1; 1938, Nov. 1 and on Aug. 1, 1937, and
compares with $1.50 paid on April 20, 1937, and a quarterly dividend of
25 cents paid on Feb. 1, 1937.—V. 147, p. 2250.
interest.—V. 147, p. 3768.
1938
Insurance
of
Unpon receipt of the second check the bondholders' representatives
turned over to City Treasurer Almernido Portfolio a check for $9,010,656
in payment of taxes due to the
city up to April 1938.
These taxes are paid
on the entire Manahttan
System, or which the Sixth Avenue line was a
part.
Of the amount paid $7,189,218 represents principal and $1,821,438
Manhattan Shirt Co.—Earnings—
Fire
.
final payment of the purchase price of about $12,500,000 for the
elevated line.
A check for $3,500,000 was given to the
bondholders' representatives on Dec. 6.
as
Total income
Manufacturers
Directors have declared a dividend of 12H cents per share on the common
stock, payable Jan. 30 to holders of record Jan. 20. A dividend of 10 cents
was paid on Oct. 31, last; 7
H cents was paid on July .30, last; dividends of
15 cents were paid in each of the five preceding quarters, and previously,
regular quarterly dividends of 10 cents per share were distributed. In addi¬
tion, an extra dividend of 10 cents was paid on Oct. 30, 1936.—V. 147,
P. 2398.
v.
'
\
cation of New York City's subway and elevated
transportation.
A check for $9,050,301 was
presented to respresentatives of the Man¬
hattan bondholders' committee Jan. 9 by Comptroller
Joseph D. McGold-
Depreciation
Federal income &
profit tax
&
Larger Dividend—
bargaining power of the company in the current negotiations by which the
city hopes to purchase the privately owned rapid-transit lines for the unifi¬
Profit
Other income
rejected by the city.
Nov. 30 bid.—V. 148, p. 131.
The opinion was expressed in transit circles that the
legal moves to be
undertaken by the Manhattan Ry. were intended primarily to increase the
Expenses
was
After the meeting officials of the company asked the city to put its new
offer in writing.
They pointed out also that property covered by the city's
new offer included
$330,000 worth of transmission lines not covered by the
receivership at the present time.
Years End. Nov. 30—
Gross profit from sales..
148, p. 130.
The City of Memphis on Jan. 9 offered the company $18,127,000 for
both its gas and electric properties.
This compared with an offer of $17,385,000 made by the city on Nov. 30.
Charles Franklin, counsel for the
company, announced Jan. 9 that within
few days he would file a
petition in Federal Court seeking a seven-cent
fare on the elevated lines.
a
Sixth
provided in 1938.—Y.
Memphis Power & Light Co.—City Increases Offer for
Utility Properties—
•
rick,
Massey-HarrLs Co., Ltd., with all
f 194 flat.
This price includes principal, premium on redemption, Interest
to March 1, 1939. and premium on
United States exchange, and is subject
change with fluctuations in exchange rates.
Their counsel, Samuel Reich, said in
Court, that the Musicas had under¬
stood Mr. Dewey would set similar low bail to
facilitate the Federal arrange¬
not
of
attached, may be tendered in payment for the new
The price to be paid (in Canadian funds) for such bonds is
coupons
bonds.
missing records.
Mr
The
issue consists of $1,800,000 serial
unable to furnish bail.
was
Until
for their
283
on
an
the
allocation
of securities, substantially
aggregate par amount of bonds of all issues
amount of theN. O. T. M. bonds.
would equal 100% of the par
Unpaid interest on the N. O. T. M. bonds is to be paid either in cash or
g^ond preferred stock
International-Great Northern first mortgage bonds are allotted general
mortgage bonds series A in lieu of first mortgage bonds series B and amounts
of other junior securities have been slightly changed from the examiner's
plan.
j,
The amount of first mortgage bonds series B allotted to Missouri Pacific
first and refunding mortgage bonds is increased, but these bonds are allotted
general mortgage bonds series B and prior preferred stock in lieu of general
mortgage bonds series A porposed by the examiner.
President"and a director to
deceased.—V. 147, p. 3616.
been elected
stock without par value allotted to the first and refundings is
$75 a share instead of $100 a share.
Common stock allotted to Missouri Pacific general mortgage bonds is
taken at approximately $150 a share instead of $100 a share.
Total fixed charges under the joint committee plan are $85,547 less than
the charges of $7,414,265 proposed by Examiner Jewell.
Common
Mason,
1939
14,
Jan.
Chronicle
Financial
284
fill the unexpired term
of E. L
taken at around
Sales
last
year
New
Directors have
$18.50.
Dividends
dividends paid on the
to
New
stock and
England Telephone &
Operating revenues,.
Operating expenses
$6,336,040
4,780,643
in the new
revenues.$1,555,397
Net oper.
trust 3Ms,
Operating
the MOP.
—V.
the Missouri Pacific,
1936. After several
the Commission took the matter
The ICC now
report of the
P. 4060.
will take the case
with
under
New
exclusion of present"
several respects from
expected for some time.—V. 147,
;
and Exchange Commission has
Unlisted Trading—
Exchange has removed the 7% convertible A pre¬
and the common stock, no par, from unlisted trading.
"The immediate purpose
1938—Mmlh—1937
1938—12 Mos.—1937
$7,221,924
$6,592,228 $42,189,148 $42,522,254
—
—
Stores in
200
201
operation.
*
held by the
Mutual Drug Co,—May Write Down Preferred Stock—L.L. Van Schaack, newly elected President of the company, announced
that a stockholders' meeting has been called for Jan. 17 for the purpose of
considering the reduction of the stated value of company's 60 cent prefer¬
ence preferred from $7.60 to $3 per share in order to write down the investments in subsidiary companies to their book value.
Mr. Van Schaack
stated the adjustment is merely a bookkeeping matter and does not affect
actual values.
He further stated
the company has operated very
that
recent years as indicated by
before provision for income
months
.
figures
taxes and profit participation dividends to
1936, $556,000; 1937, $491,000: and seven
Mr. Van 8chaack stated that in excess of
Mutual Investment Fund—Asset Value—
that net asset value on Dec. 31, 1938, after all
reserves, was $12.04 per share, compared with $9.98 per
31,1937—an appreciation of 20.6% not adjusted for dividends
paid.—V. 147, p. 2539.
:
'
;
■
The company states
expenses and
share on Dec.
Light Co.-—Tenders—-
The Guaranty Trust Co. of N. Y. will until
the sale to it of sufficient refunding and
for
10 a. m. Jan. 30 receive bids
extension mortgage 50-year
at prices not
5% gold bonds due July 1, 1958 to exhaust the sum of $34,827
exceeding 10446 and accrued interest.—V. 147, p. 2695.
National Candy
Co.—Annual Meeting Date Changed—
The board of directors at the last
quarterly meeting held Dec. 5,
x
Ended Sept.'SO—•
:
Net income
-
Earnings per share
x
of
Ltd.—Earnings—;
National Grocers Co.,
& Months
.
amended
by-laws of the company changing the date of the annual' meeting
stockholders from Feb. 15 to April 1, of each year.—V. 147, p. 3165.
the
1937
1938
$194,127
$218,528
$0.31
•_
"
$0.39
*
After all charges.
Preferred Dividend—
a dividend of $2.75 per share on account of
cumulative preferred stock, par $100, payable
record Jan. 9. Dividends of $1.75 were paid on Jan. 2,
last, afid on Oct. 1, last; a dividend of $5.25 per share was paid on July 1,
last, and a dividend of $1.75 per share was paid on April 1, 1938.—V. 147,
p. 3769.
Directors
have
accumulations on
declared
the 7%
Jan. 16 to holders of
National Gypsum
Co.—Transfer Agent—
agent of its com¬
Co.—Disposal of Assets—
Company reports that its subsidiary, Tennessee Public Service
disposed of its transportation properties on Dec. 31, 1938.—V. 148, p.
National Refining
The recapitalization
tors.
was
been
Co.,
131.
Co.—-Recapitalization Plan Operative—
plan has been declared operative by
About 85% of 8% preferred stock has already
announced and the time for depositing preferred
Jan. 31, 1939.
recapitalization plan provides for
board of direc¬
been deposited, it
for exchange has
extended to
exchanging present preferred for
1 1-3 shares of new $6 preferred
old preferred and accrued divi¬
be exchanged on share for share
basis for new common with a stated value of $20 per share.
W.
H. Lamprecht, President,
has been elected Chairman of board,
and Edgar G. Hill, now associated with Ford, Bacon & Davis, Inc., has
The
prior preferred and common on basis of
and % shares of common for each share of
dends.
The present $25 par common is to
new
the
application shall be made for such authority.
..
"The plan for reduction of indebtedness of the Central and its lessor
companies to which you refer has regard to net reduction of indebtedness
such companies collectively outstanding in the hands of the public.
It was
never intended that the plan should prevent all refunding of existing se¬
curities by new issues, it having been always recognized that current re¬
sources would not be probably sufficient to meet all maturities of system
obligations as they come due.
"Not only may such refunding be necessary to provide for maturities
but may also be desirable when an existing issue can be refunded with an
attendant interest saving.
The plan does not contemplate, however, that
new issues of securities sold to the public for refunding purposes shall be less
in amount than the outstanding securities retired, so that the operation
of the plan will result in as rapid a reduction of the indebtedness of the
Central and its lessor companies outstanding in the hands of the public
as may be practicable, having regard to resources available from time to
time for effecting such reductions.
"The issue and delivery of the proposed bonds by the Toledo to the
Central will not increase the system indebtedness outstanding in the hands,
of the public unless and until the bonds are sold or disposed of by the
Central, and before that can be done the Commission will have, as above
indicated, an opportunity to pass on Cdntral's need for funds and the
of
propriety of obtaining same
through the sale or pledge of tne
»
"Assuming that the bonds are
bonds.
■
proposed
sold at some future date, with the Com¬
the effect would be to reduce by their principal amount
,the net reduction in outstanding debt which shall have been effected under
the plan, up to the time of such sale.
By reference to the statement dated
July 28, 1938, filed in Finance Docket No. 12,108, it will be seen that such
reduction for the Central and its lessor companies since Dec. 31, 1932,
amounted as of July 1, 1938, to $127,799,632, with a resultant annual
saving in interest charges of $8,629,033.
With the payment of $5,000,000 of Chicago Cleveland Cincinnati & St.
Louis Railway Company's
(Cairo division) first mortgage 4iS, which matured on Jan. 1,' 1939, the
mission's approval,
corresponding figures are approximately a $130,450,354 net reduction in
outstanding debt since Dec. 31., 1932, with about $8,842,748 in annual
savings on interest.
With more normal conditions of business in the
future it can be expected that further reductions in net outstanding debt
can be accomplished under the plan.
"The resources of the Central have not been sufficient in recent years,
and are not likely to be sufficient in the near future, to permit it to provide
for retirement of all maturing obligations of itself and its lessor companies
as
refunding some part thereof.
It has been necessary,
continue to be necessary, to refund a portion of the ma-
they mature without
and will doubtless
turiting obligations through the issue of new securities.
"Where lessor companies are in a position to issue to the
Central, in dis¬
of advances for debt retirement, their mortgage bonds or other
obligations of a character suitable for sale or pledge by the Central for
purpose of reimbursing itself for such advances, it is submitted that
proper and necessary for the Central to call on them to do so, bearing
in mind the objective of the debt reduction plan, which is to effect over a
charge
Company has appointed Bankers Trust Co. as transfer
mon stock, effective Jan. 1, 1939.—V. 148, p. 131.
£ National Power & Light
Central the transaction will not represent any increase in
and its lessor companies to the public.
expected that the Commission by its order in this proceeding will
impose the usual condition that the Central shall not sell, pledge or other¬
wise dispose of the bonds without further authority of the Commission.
The Commission will, therefore, have opportunity to pass on the propriety
of the sale or other disposition of the bonds by the Central when and if
"It is
profitably in '
the following consolidated net income
Nashville Railway &
have the Toledo &
outstanding debt of the Central
1935, $541,000;
of 1938, $251,000.
$1,500,000 in patronage dividends had been paid to members and an
additional $400,000 to stockholders during the three years and seven months
ended July 31,1938.
He also stated that consolidated balance sheet figures
as of July 31 indicated strong financial condition with net working capital
of $1,225,000.
Current business, Mr. Van Schaack stated, is excellent and
the company expects soon to announce plans covering new financing to take
care of increasing volume.
members:
'
of the proposed issue is to
Central reimburse the Central, to the extent of its obligations, for
advances made to the Toledo for retirement of its obligations, through
the issue of proposed bonds of the Toledo so that the Central will have such
bonds available in case of need for sale or pledging.
The proposed issue
is an inter-system transaction and so long as the bonds continue to be
Ohio
(G. C.) Murphy Co .—Sales—
Sales
Own and leased-Line
joined in both applications.
Mr. Puryear's letter;
-
—V. 147, p. 3616.
1938 Wayne G. Borah, Judge of the U.S. District
District of Louisiana, entered an order requiring all
and the receivership thereof, to file their claims
James W. Smither, receiver, at his office at 1648 Canal Bank Building.
Orleans, on or before Jan. 31, 1939.—V. 136, p. 2625.
9.
Puryear's letter, dated Jan. 3, answered a communication by
E.
Sweet, Director of the Interstate Commerce Commission's
Bureau of Finance, dated Dec. 28, in which he said the Toledo & Ohio
Central's proposed refunding of $2,067,000 Kanawha & West Virginia
Railroad's 5% gold bonds seemed to be "rendering negative" a part of the
New York Central's debt reduction programUnder which, since the end
of 1932, the Central system has reduced its funded debt by $127,800,000.
Mr. Sweet not only asked additional information concerning the Toledo &
Ohio Central's application, but, in a more recent letter, has asked for some¬
what similar data on a refunding application of the Cleveland Cincinnati
Chicago & St. Louis (Big Four) which, like the Toledo & Ohio Central,
also is a leased line of the New York Central,
The New York Central
3768.
Period End. Dec. 31—
Co.—Filing of
1
Mr.
The New York Curb
-
Bridge
Oliver
Montgomery Ward & Co.—Sales—
1938—Month—1937
1938—11 Mos.—1937
Sales$57,084,529 $51,360,407 $408044,956 $410699,553
ferred stock, par $100,
—V. 147, p. 3919.
Pontchartrain
learned Jan.
Period End. Dec. 31—
Corp., Ltd.—Removed from
Orleans
RR.—Gives Refunding Policy—Attitude
Obligations Outlined to ICC—
Since the company cannot retire all outstanding obligations of itself
and lessor companies out of current income as they become due, the "man¬
agement should have reasonable latitude for excise of discretion" as to which
issues or parts of them should be retired, John Puryear, Assistant to the
Vice-President of the Central, set forth in a letter answering criticism of
proposed refunding of some of the maturing issues of leased lines, it was
130,000 shares.
The Commission said that deficiencies found had not been cured in posteffective amendments to the second registration statement.—V. 143, p.l406r
Moore
$935,629 $10,622,834 $11,698,029
528,301
6,307,313
7,285,038
'
New York Central
on
Co.—Registration Suspended—
issued an order suspending
the registration statements filed under the Securities Act of 1933 by the
company.
The first statement, filed on March 2, 1934, covered 750,000
shares of common stock, and the second, filed on Aug. 15, 1935, covered
—V. 147, P.
$19,140,036
'7,442,007
Under date of Dec. 29,
Monitor Gold Mining
The Securities
3769.
6,522,899
creditors of the company
V;.
:
674,885
Court for the Eastern
presented to the ICC
under consideration, although no final '
findings of the Commission is
$1,610,514 $17,145,733
income..$1,002,684
604,082
p.
Claims—
October of on year.
{irevious plans last which hearings had been held was
n
147,
New
hearings, the debtor filed a modified plan with the
1937, shortly after the Stedman Committee also
had filed a second plan.
However, to speed up the reorganization of the
road, the representatives of the bondholders stated that they would support
the road's plan if it would bring about a speedy reorganization.
After the
advisement.
The examiner's report, recommending
stockholders from the reorganization and differing in
income
1938—11 Mos—1937
$68,095,720 $68,498,216
295,312
212,211
$6,168,608 $67,800,408 $68,286,005
4,558,094 50,654,675 49,145,969
taxes..552,713
Net oper.
Net
delays, and numerous
Commission in Sept.,
filing of briefs about a year ago,
Telegraph Co.—Earnings—
Uncollectible oper. rev__
Representatives of the N.O, T. & M. state that if prompt reorganization
under the terms of the joint committee plan, they will
seek immediate reorganization of the Gulf Coast Lines as a separate unit
instead of having it consolidated with and reorganized at the same time as
debtor plan for the reorganization of
roads, first started before the ICC in
$5.50 divi¬
paid in 1937; there were no
previous dividend being 50 cents
1938—Month—1937
$6,363,111
$6,197,814
27,071
29,206
Operating revenues
is not brought about
Hearings on the
dividend of 3746 cents a share on
amounting to $2 were
Period End. Nov. 30—
Missouri Pacific,
while PlatfaOlive 1st 6s are to be undisturbed, bearing 3% fixed interest and 2% con¬
tingent interest.
The divisional mortgages and leased lines including
Pacific of Missouri first 4s and second 5s, Carondelet Branch 4^8, real
and controlled
a
stock in 1938, last
1937—V. 147, p. 3021.
Dec. 24,
on
plan provides that equipment trust certificates of
N. O. T. & M., and I.-G. N. are undisturbed under the plan,
10-year collateral
declared
This dividend is on
The
third 4s would receive 100%
Association—Accumulated
preferred stock, payable Feb. 15 to holders of record Jan. 31.
account of arrears which on Jan. 3, 1939, amounted
dend series
$31,769,000 first mortgage series A 3Ms; $126,462,000 first mortgage
B 4s; contingent interest securities, incl. $22,193,000 general mort¬
gages series A cumulative income 4s and $94,907,000 general mortgage
series B convertible income 4Hs.
The stock would consist of $38,492,000
prior preferred 5% stock, $70,952,000 second preferred 5%
149,366,000 (no par) common stock, carried at $100 a share.
and Missouri Pacific By.
England Gas & Electric
Dividend—
series
estate 5s
1938—Month—1937
1938—12 Mos.—1937
$8,767,092
$8,151,983 $49,031,416 $50,308,700
3616.
—V. 147, p.
the MOP estimates that operating revenues of the road
aggregated $80,814,000 and the balance available for interest
was
$5,950,500; for N. O. T. M., operating revenues $14,149,000 and
balance for interest $1,838,000; and International-Great Northern operating
revenues $11,822,500 and a deficit before interest of $569,000.
The new Missouri Pacific system would have capitalization consisting
of $14,318,000 equipment trust and other undisturbed securities; $14,434,000 new 10-year collateral trust 3Hs secured by first mortgage 4s;
|*The trustee of
Inc.—Sales—
J.) Newberry Co.,
(J.
Period End. Dec. 31—
the
it is
always
reduction as is reasonably feasible in the out¬
and its lessor companies.
It is appropriate
distributed as equitably as may be practicable
as between the Central and the several lessor companies.
"The policy of the plan is to retire as much of the maturing obligations
as is found practicable without refunding, but it cannot be expected that
the Central system will be in a position to retire out of current resources
all outstanding obligations as they become due and forego all refunding
operations.
It is our view that the management should have reasonable
latitude for exercise of discretion as to which particular issues, or parts of
issues, of retired obligations should be refunded and which should be re¬
tired without refunding for the purpose of effecting a net reduction of out¬
standing debt as contemplated by the plan.
We feel that the proposed
issue represents a sound exercise of such discretion and is entirely consistent
period of years as large a net
standing debt of the Central
that such reduction should be
with the
plan."
Volume
148
Financial
,
Earnings for November
and
Year
to
Chronicle
Date
End- Novoper'
Railway
Net
oper.
30—. 1938—Month—1937
1938—11 Mos.—1937
revenues-$27,556,001 $28,678,023 $269579,065
$.338918,218
expenses. 21,201,892
23,354,443 215,252,127 259,723,981
from ry. oper.
1,468,523
Net ry. oper. income.
Other
Class A shares
may be converted into
146, p. 3024.
29,141,230
11,703,382
13,047,762
—v
North
'
securities
x$501,065x$20,413,440
Nil
$1.07
\
,V
'
.
5% serial gold notes, series
1938, may be deposited under the plan of
recapitalization, dated
16. 1937, has been extended to June
30, 1939.
License Is Approved—
authorizing operations
arranging of transportation of general commodities
by motor carriers.
—V. 147, p. 2696.
*
in the
New York Hanseatic
A*sets—
.......
Federal Nat. Mtge. Assn.
notes.....
U. 8. Govt, securs. on hand and
as
collat..
contracts
Bankers' acceptances sold..
Loans and advances.
Accrued int. receivable and defererd
items
513,723
20,349,003
12,225,881
1,271,589 '
1,368,943
120,547
880,651
9,946
28,893
85,400
149,818
56,083
•
56,185
..$24,982,471 $18,972,384
$60,540
16,390,000
5,102,043
75,256
9,946
•.
contracts
Securities purchased but not
yet received
sold....
Bankers'acceptances
Dividend payable.
Unearned disct., int. & reserve for
taxes, &c
Reserves for contingencies
1
Capital stock...
Surplus
.........
Total
$118,524
14,730,000
810,257
80,000
118,499
360,219
2,000,000
785,969
28,893
80,000
127,898
325,531
2,000,000
751,281
,
„
..........$24,982,471 $18,972,384
New
Officers—
■'f■
directors.—V, 147,
New York
•.
p.
3918.
The common stock (no par) has been stricken from the
New York Stock
This security was suspended from dealings on Nov.
7,
1938.
In an order signed Nov.
4, 1938, the U. S. District Court for the
Eastern District of New York dedlared the
Exchange list.
company (a holding corporation
which some time ago filed a petition for
reorganization under Section 77-B
of the Federal
Bankruptcy Act) to be insolvent within the intent and mean¬
ing of Section 77-B of the Federal Bankruptcy Law.—V.
Period End. Dec. 31—
xNet profit
Earnings
After
x
V.
147,
p.
per
$228,448
$1.21
charges
and
taxes,
y
On
147,
p.
3022.
Mining Co.—Earnings
1938—3 Mos.—1937
.......
share....
shares
3918.
of
capital
$887,004
$4.71
stock.—;
Directors have declared
>
Inc.—'Larger Dividend—
dividend of 15 cents per share on the common
stock, par $10, payable Feb. 1 to holders of record Jan; 20.
Previously
regular quarterly dividends of 10 cents per share were distributed. In addi¬
tion, an extra dividend of 10 cents was paid on Dec. 15, 1938.—V.
a
147,,
p. 3316.
;
;
.
New York New Haven & Hartford
holders to Support Plan—
RR.—Preferred Stock¬
"
,
i
The preferred stockholders committee
(Harry
announced Jan. 10 that it would support the
W. Harrison, Chairman)
provisions of the amended
plan of reorganization in respect to its application to preferred stockholders.
Mr. Harrison says in part:
•.
9
■
*
"You will recall that the directors of
your railroad filed a proposed plan
of reorganization on June 1, 1937.
This plan your committee approved and
has supported.
Because of reduced earnings, the directors
petitioned the
to reopen the proceedings and permit "
This request was granted and on Dec. 30,
1938, they filed an amended plan which differs from the original plan in
the following important respects as
affecting the holders of preferred stock:
"It is now proposed to leave undisturbed $20,294,000 of present
obliga¬
tions.
„It is further proposed to provide for $7,500,000 prior lien 3Yi%
bonds which, if necessary, can be sold for cash. " It is further proposed to
issue to creditors, secured and unsecured', $112,582,032 of fixed interest
bonds, $95,813,924 of income bonds, $71,656,886 par value of preferred
stock, and $62,482,845 par value of common stock.
The plan states that
Interstate
Commerce
them to file
an
6% and $6 preferred
public;
and $85,744,290 par value of common sotck,
equal to the stated value of its
no-par vaiue common stock now outstanding
with the public.
..
The net income, after provision
for taxes but before interest charges, of
North American Edison Co., combined, for
30, 1938, is equal to approximately 8.1 times the
K?e 7Aorth American Co. and
the 12 months ended
June
annual cash
interest charges on the new debentures and, after taxes and
charges on such debentures, to approximately 4.9 times the total
dividend requirements on the
present and new preferred stock of
the North American Co.
interest
proposed to change the 5,000,000 authorized and
unissued shares of the serial
preferred stock (no par) and the 606,678 au¬
thorized and issued shares of
6% cum. pref. stock ($50 par) into the same
aggregate number of shares of serial preferred stock
(par $50) all of one
class (such
6% cum. pref. stock to be the initial series of the serial preferred
stock and to be
designated as preferred stock, 6% series), and to make
certain other changes in the terms of such
stock, including the conferring
or
certain voting and other rights on the holders
thereof;
the 50,000,000 authorized shares of common
and to change
stock, from shares without
value into an equal number of shares of $10
par value.'
Thereafter
the company is to
have an authorized capital stock consisting of 5,606,678
shares of serial preferred stock
(par $50). and 50,000,000 shares of common
stock (par $10)
par
.
It is proposed that the certificates of
organization of the company be
amended so that article seventh shall be eliminated and article fourth shall
be amended.
In order to implement the proposed amendments to the
certificate of organization and make other desirable
changes in the by-laws
of the
company it is proposed to adopt new by-laws for the company in
place of its by-laws now in effect.
In order to effect the
<
proposed change and adopt the proposed amend¬
ment to the certificate of
organization, the affirmative vote of the holders
of two-thirds of each class of
outstanding stock of the company is required.
Until such vote is obtained, it is not intended to vote the
proxies solicited
in favor of the
adoption of the new by-laws.
Stockholders who execute
proxies retain the right to revoke them at any time before they are voted.
'
•
.
Commission
amended plan.
after thus providing for creditors there is an equity.
'Book value available
for stockholders,' of $28,497,884; one-half of this equity is to be distributed
pro rata to the holders of the present preferred stock and the remaining
one-half to be carried to corporate surplus.
"In the original plan an allowance was made to preferred holders for
accumulated dividends and this is eliminated in the amended plan.
"The amended plan, however, gives a substantial equity to the preferred
holders, and the new common stock which they receive should be of greater
value, per share, than that which was proposed under the original plan.
"In the amended plan fixed interest bonds have been decreased Mm
$147,100,828 to $112,582,032 and contingent interest bonds have been in¬
$47,414,270 to $95,813,924.
In commenting upon earnings
available for fixed charges, the directors state that $13,388,674 which in
the original plan was taken as income available for fixed charges is still
creased from
829,000, of the company's subsidiary, North American Edison Co./out¬
standing with the public, through the issue and sale by the company for
to underwriters of $70,000,000 of new 3^, 3% and 4% debentures,
and $34,829,000 of
% serial preferred stock of the company, $50 par, if
market conditions are favorable in the judgment of the board of directors,
and further to simplify the holding company system of the company by
the elimination of North American Edison Co. as an intermediate holding
company.
:'.
•
believed to be
a reasonable estimate in normal time and also state that in
their opinion the property even during the present time of depressed earnings
have available $6,500,000 for fixed charges.
However, under the
••
.
Upon completion of the various transactions all of the direct subsidiaries
Electric
of North American Edison Co.,"the principal of which are Union
Co. of Missouri, Wisconsin Electric Power Co., Wisconsin Gas &
Electric
Co., Wisconsin Michigan Power Co., and the Cleveland Electric Illuminat¬
ing Co., will become direct subsidiaries of the company upon the dissolution
,
The new debentures which the company proposes to sell will consist of
$20,000,000 of 3M% debentures due 1949, $25,000,000 of S%% debentures
due 1954, and $25,000,000 of 4% debentures due 1959; and the hew preferred
stock which the company
proposes to sell will consist of 696,580 shares or
preferred stock, 5%-% series (par $50).
The redemption of the debentures
of the
company and of the debentures and preferred stock of North Ajnerican
Edison Co. above referred to will require an aggregate of $105,628,810,
together with an amount equal to interest and dividends accrued to the
respective redemption dates.
*
It is expected that arrangements will be made to offer the holders of out¬
standing preferred stock of North American Edison Co. a prior opportunity
to purchase from the underwriters the new 5% % preferred stock of the
.
,
company.
-
„
,
.
,
"The proceeds from the sale of the new debentures and preferred stock
(together with treasury funds) will be applied to the redemption of the com¬
pany's outstanding debentures, and, through a capital contribution to
North American Edison Co. of an amount sufficient therefor, to the re¬
demption of the debentures and preferred stock of that company outstanding
with the public.
The company now owns $695,00(1 of the debentures,
19,400 shares of the prefered stock and all of the 490,000 shares (stated
value $49,000,000) of common stock of North American Edison Co., and
all of these securities, together with the open account indebtedness from
North
American Edison Co., will be surrendered to North American
Edison Co., and its liabilities will be assumed, in exchange for all of the
assets of North American Edjson Co.
•
' ■
'
On Dec. 31, 1938, the company and North American Edison Co. filed a
joint application to the Securities and Exchange Commission under the
Public Utility Holding Company Act of 1935 for approval of the various
transactions involved, and on the same date of company filed a registration
statement with respect to the proposed new securities under the Securities
_
Act
of 1933.
,.v\
•
,
.
,
*
'
"
After consideration of the provisions of the Act and, so far as presently
ascertainable, of the views of the SEC, it is deemed advisable that the new
preferred stock have a par value of $50 per share and general voting power,
with additional
with respect
voting rights, along with the outstanding preferred stock,
The serial Preferred stc^k now
of 5,000,000
is proposed
changes in the company's certificate of organization referred
to the election of directors.
authorized by the company's certificate of organization consists
shares (no par) and without voting power.
Accordingly, it
to effect
to
the
above.
Description of Serial Preferred Stock After Amendment
The
following statements are brief summaries of certain proposed provi¬
to the serial preferred stock, and of certain proposed
provisions with respect to the preferred stock, 6% series, and common stock.
The serial preferred stock is to be issuable in one or more series and
directors are to be authorized to fix, for each particular series, other than
the preferred stock, 6% series, the distinctive serial designation; the annual
sions
with respect
would
dividend rate and the date from which dividends on all shares of such series
amended plan only $5,517,673 of earnings are required to service the pro¬
posed fixed interest obligations.
"It is interesting to note that in spite of the pressure of bondholders'
groups to wipe out the preferred stock (or subject it to heavy assessment)
the directors have proposed to give the preferred holders over one-sixth
of the common stock of the new corporation.
Under the original plan
they received a little less than one-fourth, but as stated above, the common
stock under the new plan has a greater asset value and is better protected.
Your committee believes that on the whole the new plan is definiteljr in the
interest of the preferred stockholders and while it will use its best efforts
issued prior to the record date for the first dividend payment shall be
cumulative; the redemption price; the distributive amount per share payable
on dissolution or any distribution of assets; and the terms or amount of any
sinking fund.
The redemption price and distributive amounts per share
on the preferred stock, b%% series, have not yet been determined and it is
not intended to provide any sinking fund for such series.
All shares of serial
preferred stock shall be identical with each other in all other respects and
are to be of equal rank with each other, regardless of series.
(a) Dividend Rights—Before any dividends or other distributions on the
comipon stock shall be paid or set apart for payment or any common stock
purchased, retired or otherwise acquired by the company, the holders of
the serial preferred stock are to be entitled to cumulative dividends at the
rate for the particular series fixed therefor by the board of directors (except
to improve tne treatment wnicn
less
they are accorded under it, it will neverthe¬
generally support the amended plan as presented by the directors."
147, p. 4062.
—V.
,
The proposal to amend the certificate of
organization of the company
is to permit the refunding of the $23,913,000 of
outstanding 5% debentures
due 1961 of the company and the $42,565,000 of
5% and 5^ % debentures
and the 348,290 shares of $6
preferred stock, of the stated value of $34,-
flt
$757,606
$4.02
$1.21
188,367
the
of North American Edison Co.
1938—12 Mos.—1937
$228,561
New York Merchandise
£o.,
standing with
cash
Investors, Inc.—Stricken from List—
New York & Honduras Rossario
the
stock of the North
American Co. and North American Edison Co. now out¬
Purpose of Proposed Action
iff..-'.'v.
Dominic W. Rich was on Jan. 9 elected Executive
Vice-President of this
corporation at a special meeting of the board of directors.
Walter Oppenheim was elected
Treasurer, to succeed Cyril F. Dos Passos, who resigned
as an officer,
but will continue as a director.
Mr. Rich and Georg S.
Hirschland were added to the board of
y
due 1963, of the North American Co. and North
American
now
outstanding with the public; and $30,317,950 par value of
preferred stock, and $34,829,000
par value of 5%% preferred stock,
equal to the aggregate par and stated values of
1937
$1,032,592
1,838,409
1,391,011
......
pledged
Securities
Security
the plan the
™
the North American
At the
meeting it is
1938'
$1,116,653
1,459,525
,
Liabilities—
Due to customers
Loans payable...
stockholders of the company has been called for
.?e PurP°se of considering and acting upon the plan to sell new
and
annual
Corp.—Balance Sheet Dpc. 31—
„.
Cash and bullion in banks
Bankers' accepts, on hand &
pledged as collateral..
Debs, issued by Fed. Home Loan Bank
Securities,
on
6%
,
.
M. B. Driscoll, examiner of the
Bureau of Motor Carriers of the Interstate
Commerce Commission, on Jan. 4 recommended
that the Comrr ission grant
an application of
the company for a broker's license
„
30
Edison Co.
Co.—Deposit Time Extended-—
reports that the time within which
due April 1
Feb.
Jan.
nno
E.' Levis, President of the Owens Illinois
Glass Co., has been
director of this railroad to succeed the late
Frederick W. Vanderbilt.—V. 148, p. 132.
a
New York Dock
Vote
to
Merge Subsidiary—
AnnN^ro^^ryerican Co- wid have outstanding with the public: $20,?arh
°f lki%Aebentures due 1949, $25,000,000 of 3 % % debentures due
oaa^aa^ad $25,000,000 of 4% debentures due 1959, in place of the $50,2f 5% debentures, due 1957, 1961 and 1969, and $16,218,000 of
5H% debentures
.
William
Company
equal number of class Bshares:
eliminate North American Edison Co. from the
system.
corporate structure of the holding company system
Co. will be simplified
by the elimination of North
American Edison Co. as an
intermediate holding company, upon the disYhich its present subsidiaries will be direct subsidiaries of the
North American Co.
$6,903,378
Nil
of
To^ spocjal meeting of
or
$104,581
$0.02
an
Co.—Stockholders
$3,887,244 $26,013,498 $56,879,552
140,135
1,513,961
1,578,002
4,248,174
44,912,977
48,398,172
116,567
■-:
New Director—
elected
American
Plan to Sell Securities and
mc
»
lot
Redemption
.
$1,826,677 $12,778,655 $37,005,245
2,060,567
13,234,843
19,874,307
Net inc. after fixed
chg
Net inc. per sh. of stock.
Deficit.
29,844,901
737,305
by the company.
s dlvidends accumulated or accrued from Nov. 15,
1939
$3,158,333
1,200,770
charges...4,137,955
x
2,759,598
FebP 15
an announcement
34,359,103
income
Miscell. deduct, from
Total fixed
st°ck, according to
$5,323,580 $54,326,938 $79,194,237
H§£'?53
Equip. & jt. facil.
r.,
1938 to
$6,354,109
Fn,!^ay/a1X^CCr,Ual8--rents.
rev.
285
Nineteen Hundred Corp.—Stock
Called—
(I0rP°ratlion has called for redemption on Feb. 15 a 3,678-share
"
Financial
286
the dividend rate for
in the ease of the preferred stock, 6% series,
will be fixed by the proposed amendment at 6%
which
per annum, as at present),
and no more, when and as declared, payable quarterly on Jan., 1. Sic. There
are no limitations in any indentures or other agreements on the payment
of di vidends on the serial preferred stock.
(b) Voting Rights—The holders of shares of the serial preferred stock
and common stock shall have one vote per share for all purposes, and without
regard to class except as stated below or as otherwise required by statute.
Unless and until dividends payable on the serial preferred stock are in
default in an amount equivalent to 12 full quarter-yearly dividends
the
holders of the serial preferred stock, voting separately as a class and without
regard to series, shall be entitled to elect one-fourth of the board of directors,
and the holders of the common stock, voting separately as a class, shall
be entitled to elect the remaining directors.
Unless and until such an event
shall happen, the directors shall be elected by classes whose terms expire in
successive years, and shall hold office for three years (except that the serial
preferred stockholders will, at the annual election to be held in 1939, and
stockholders will, at any subsequent an¬
of ail classes are required to be elected, elect
which they are entitled to elect, and the terms
respectively, in the first, second and third
years
thereafter).
.
dividends payable on the
If and when
,
,
,
,
serial preferred stock are in
.
#
default
dividends, and until such
the serial preferred stock¬
class and without regard to series, shall be
in an amount equivalent to 12 full quarter-yearly
default shall have been remedied as stated below,
holders, voting separately as a
entitled to elect the smallest number
of directors necessary to constitute
a majority of the full
board of directors, and the common stockholders,
voting separately as a class, shall be entitled to elect the remaining directors
of the company.
Upon the happening of any such event, a meeting oj
serial preferred and common stockholders for the election of directors shall
be held upon call by the President or Secretary of the compnay, or, if not
so called within 15 days, then,
upon call by the holders of not less than
1,000 shares of serial preferred*stock, after notice to the company.
During
the existence of such default the directors so elected shall hold office for the
term of one year.
If and when all dividends then in default on the serial
preferred stock shall be paid, the rights of the serial preferred stock and
common stock to elect directors shall, at the next annual meeting for the
election of directors, revert to the status existing before such default.
No amendment to the certificate of organization which would ^reate or
increase any class of stock ranking prior to or on a parity with the serial
preferred stock, or which would increase the authorized serial preferred
stock,
which would change the express terms
or
stock
shall be made without the
of the serial preferred
prejudicial thereto,
of at least two-thirds of the serial preferred
class; and. if any such amendment would be
suosoanoiaiiy prejudicial to less than all series of serial preferred stock at the
time outstanding, the vote or consent of the holders of at least two-thirds
in any manner substantially
vote or consent of the holders
stock then outstanding, as a
shall also be required.
1
(c) Liquidation Rignts—Before any amount shall be paid,
distributed, on the common stock, upon any liquidation,
of each series so affected
winding
of
up
payment of all
or any assets
dissolution or
the company, or any distribution of its capital, and after
creditors of the company, the holders of the serial preferred
of the preferred stock, 6%
series, $50 per share (as at present), and, in the case of any other series,
the amount for the particular series fixed therefor by the board of directors,
plus, in each case, an amount equal to all dividends accumulated or accrued
stock shall
to
be entitled to
be paid, in the case
the date of distrioution.
in the case
,
share (as at present), and, in
price for the particular
In each case, an amount
equal to all dividends accumulated or accrued to the date of redemption.
(e) Other Mutters—The serial preferred stock will have no preemptive,
subscription or conversion rights.
It is intended that all serial preferred
stock issued be issued as fully paid and non-assessable.
Changes to Be Effected in 6% Cumulative Pref. Slock
The change of the present 6% cum. pref. stock into preferred stock, 6%
series, will not remit in any change in such stock with respect to priority,
stock, 6% series, at $55 per
of the preferred
of any other series, at the redemption
series fixed therefor by the board of directors, pius,
the
case
indemnification
14 will be
^
subscribe to
offered the right to
held in the treasury at $2.50 per share,
in the ratio of one share for each two shares or fraction thereof now heId.
Rights will be mailed to stockholders on Feb. 13.
The rights will expire
on
shares and shares now
March
1939.—V. 146, p. 1885.
15,
Pipe Line Co.,
See Buckeye
President
Line Co.—New
Northern Pipe
above.—V. 147, p. 2400.
Northern States Power Co.—Weekly Output
Northern States Power Co. system
Electric output of the
1939 totaled 25,732,834 kilowatt-hours,
compared with the corresponding week last year.—V.
ended Jan. 7,
Co.—Directorate Increased
Nunn-Bush Shoe
increased to seven from five by
the manufacturing division
At the san e time, the
authorized to have an observer sit in on directors
of this company
Directorate
for the week
of 1.7%
148, p. loz.
an increase
has been
the election of two employees, one representing
and the other the company's retail store organization.
Edger^on. Wis., plant was
m
Matthew
Mil¬
the
employees as
Fenske, the oldest employee in point of service in the
and T. H. Keucher, with company's retail stores are
employee-directors.
They were previously selected by
candidates for the Board.—V. 148, p. 132.
waukee plant,
two
Ltd.—Earnings—
O'Brien Gold Mines,
Oct. 2 '37 to
net value
and deposits-
1/.840
17,821
Oct. 3 '36
$466,013
7,394
1^-593
l/,4Zb
-
$1,327,674
$1,247,877
$507,469
sold & on
Prod, of concentrates not yet
Metal in process, at est.
Interest on investments
Oct. 2 '37
i
$1,229,950
treated.
------
106
Miscellaneous
Total.
Operating, incl. devel., mining, milling & gen. &,office expenses
...
Legal & directors'fees, stock transfers,
registration, int. & disct., taxes on
capital and miscellaneous
Res. for deprec. of plant, bldgs. & eq.
Prelim, devel. from No. 2 shaft, &c__
Outside exploration written off
—
dissolution.
with the
holders of serial preferred stock of other series in the voting rights of the
serial preferred stock whereas the 6% cum, pref. stock now votes share for
share with the common stock on
all matters, except as otherwise
specifically
provided by statute.
There are now authorized and issued 606,578 shares
of 6% cum. pref. stock and 5,000,000 shares of serial preferred stock of
which no shares have been issued.
Such serial preferred stock is now au¬
thorized to rank
equally with the 6% cum. pref. stock as to dividends and
Under the proposed amendment, the preferred stock,
other distributions.
6% series, will be the initial series of the serial preferred stock and additional
stock of such series or of any other series may thereafter be issued upon
appropriate action by the board of directors up to the aggregate number of
shares of serial preferred stock authorized.
The provisions for redemption
of the serial preferred stock will include an additional provision that prior
to the redemption date the company may deposit with a bank or trust
Company, in trust for such redemption, funds sufficient to redeem the shares
so called, after publication of notice of such redemption or after irrevocable
authorization therefor has been given to such bank or trust company, and
after such deposit all such shares shall no ,longer be deemed outstanding.
Changes to Be Effected in Common Stock
The common stock (no par) will be changed into common stock, par
$10 per share, and certain other changes will be made in such stock.
The
voting rights of the common stock will be substantially as described above
under "voting rights," whereas the common stock now votes share for share
with the 6% cum. pref. stock on all matters, except as otherwise specifically
provided by statute.
No dividends or other distribution shall, after adop¬
tion of the proposed amendment, be declared or paid on the common sotck
nor shall any shares of the common stock be purchased, retired or otherwise
acquired by the company, unless, after giving effect thereto, there shall
remain a balance of earned surplus, net profits, and reserves created for losses
resulting from the revaluation, sale or other disposition of any of the assets
of the company, which in the aggregate shall be at least equal to 15% of the
aggregate par value of all serial preferred stock then outstanding.
It is
also proposed that the supplemental indenture under which the new de¬
bentures are to be issued contain, among other things, a provision prohibit¬
ing the payment of common dividends which would
the amount of "net income of the company,
exceed the sum of (a)
after provision for dividends
preferred stock, accumulated after Dec. 31, 1938," as to be defined in
such supplemental indenture, and (b) the amount of $6,000,000.
on
New
For
some
succinct
By-Laws
in
consonance
with
more
recent
the by-laws into more
practices and amendments
Jersey Corporation Laws.
Considerable changes in the by-laws
are now necessary in order to conform to the new voting provisions con¬
tained in the proposed amendment to the certificate of organization.
The
to the New
proposed new by-laws give effect to these changes.
Article I of the new by-laws contains the sections dealing principally
with the conduct of stockholders' meetings.
The date of the annual meet¬
ing and the period of notice required for all stockholders' meetings are un¬
changed, but the new by-laws provide that stockholders' meetings may be
held either at the office of the company in New York or at the office of the
company
in
New Jersey.
The provisions with regard to
voting and a
quorum are changed in order to implement effectively the proposed amend¬
ment to the certificate of organization.
A new provision is added which
permits
elected
the prefirr-xl stockholders to remove from office any director
by them, and which permits the common stockholders to remove
from office any director elected by them.
Article II of the new by-laws contains
with
the directors.
the sections dealing principally
The classification of directors in respect of the time
with respect
to the filling of vacancies in the board are changed in order to implement
effectively the proposed amendment to the certificate of organization.
A
quorum is changed from seven directors to a majority of the members of the
board at the time in office.
It is provided that at least one member of the
executive committee shall be a director elected by the class of stock then
entitled to elect a minority* of the board of directors.
In keeping with
more recent practice and the necessity of compensating directors who are
not salaried officers of the company for their attention to the affairs of the
company, the new by-laws contain provisions authorizing the board to pay
fixed compensation within certain limits.
The fees paid for attendance at
meetings may also be fixed by the board at not to exceed $50 per meeting,
for which
they shall severally hold office and the provisions
251,058
•
47,849
J2.144
112,338
16,311
47,396
66'000
140,012
3,074
8,3b5
41,725
WniSZ
32,139
$668,695
$174,182
After deducting $106,208 applicable to operations of prev. fiscal periods.
Net
x
$637,423
profit for the period
Comparative Balance Sheet
Oct. 1 1938 Oct. 2 1937
Assets—
Cash in banks
receivable.
Sundry accounts
metal in proc., at est. net
General stores..1.
values.
431,220
I
17,175
properties
Organization expenses.
451,745
16-^3
2,207
$3,899,955
^
......
-
Total...........
r
566,377
588,651
cost
—
Ltd. (no personal
Exoloration on outside
1 >383,910
892,540
-
431,220
1,383,910
inception of company
liability).
$4,447,167
*
' ■
r*t ~
charges
Accounts payable and accrued
Salaries and wages payable
3'000,000
744,507
$4,447,167
$3,899,955
;L
....
Total
...
After reserve for
depreciation of $168,386 in
$43,709
$39,027
23,133
91,938
3,000,000
1,293,070
—
_
Provision for taxes.
Capital stock (par $1)
Surplus
a
84,55b
75,910
on
Bal. taken over at
Mining property, at cost.
a Plant, blags.
& equipment, at
Inv. in Cline Lake Gold Mines,
'
------
_.„
J2.245
—
Development
T^irCLhUititPS
o.blO
!t'nn«
4,90b
—3,300
5,421
__j._
process
Concentrates and
519,427
516,243
7,016
I'oAn
bonds, at cost.
Interest accrued on bonds.
___
Bullion at estimated net value
Invest, in Don. of Can.
13,054
98,686
1938 and $102,226 in 1937.
Initial Dividend"*"*
declared an initial dividend of 10 cents per share
stock, payable Feb. 1 to holders of record Jan. 16.—V. 146,
Directors have
common
Ohio Bell Telephone
Co.—Earnings—
1938—11 Mos —1937
$3,525,051 $38,228,221 $38,436,505
12,457
205,670
67,969
30—' 1938—Month—1937
Period End. Nov.
$3,572,086
Operating revenues.
Uncollectible oper. rev._
10,338
Operating revenues. __
Operating expenses
$3,561,748
Net oper. revenues
Operating taxes
Net operating
Net incoqae
income.
....
—V. 147, p. 3618.
on the
p, 445.
^
2,179,851
$3,512,594 $38,022,551
2,301,348 24,413,005
$38,368,536
24,065,220
$1,381,897
Cr632,361
$2,014,258
1,767,886
$1,211,246 $13,609,546
455,776
4,219,603
$755,470 $9,389,943
754,527
9,077,377
$14,303,316
5,282,861
$9,020,455
8,979,691
.
Ohio Power Co.—Removed from Unlisted Trading—
York Curb Exchange has removed from unlisted trading
The New
company's 1st and refunding mortgage
1, 1952 —V. 147, p. 3618.
gold bonds, 5% series B
the
due July
Oklahoma Gas & Electric Co .—Earnings—
12 Months Ended Nov.
1938
30—
operating revenues
.—
.$13,299,234
rev. & other inc. before appropriations
for retirement reserves and after taxes
5,674,205
Net income after deductions for int. charges, amort.
of debt discount and expenses, &c
1
2,404,094
—V. 147, p, 3919.
Gross
Net oper.
1937
$13,051,935
_
^
6,052,581
2,797,601
Trust—Stop Order Upheld—
The Securities and Excnange Commission on Jan. 6 reported that the
Circuit Court of Appeals for the Tenth Circuit had handed down an op nion
sustaining a stop order issued by the Commission against the registration
statement of Oklahoma-Texas Trust.
This is the first case involving a
petition for review of a Commission stop order issued under Section 8(d)
Oklahoma-Texas
time it has been thought best to recast
form
2,044
360,540
433.769
.
dividend rate, redemption price, or amount distributable upon
The holders of the preferred stock, 6 %* series, will participate
5 '35 to
Oct. 3 *36 to Oct.
Oct. 1 '38
hand.x$l,309,834
Period—
Production of bullion,
Values in
redeemable at
(by lot or in
(d) Redumption Provisions—The serial preferred stock is
time, at the option of the company, in whole or in part
such ocner manner as the board or directors may determine)
any
provisions for the
Co.—Rights—
North Butte Mining
Stockholders of record Jan.
unissued
nual election at which directors
by classes all of the directors
of such classes shall expire,
heretofore, and certain
added.—V. 148. p. 132.
instead of $20 as
of directors are
preferred and common
the serial
Jan. 14, 1939
Chronicle
of the Securities
Act.—V. 145, p. 2237.
165 Broadway
Building (Benenson
Bldg.)—Foreclosure
Sale—
The 26 story former Benenson Building, at 165 Broadway, with the
adjoining 5-story building at 99 Liberty St., in an auction sale in the
Vesey Street rooms Dec. 30, brought $5,000,000.
This was the upset price
fixed for the sale by the Supreme Court under a plan of reorganization
approved several months ago. The New York Trust Co., as trustee for the
certificate holders in the first mortgage, bid the properties in in furtherance
of the plan.
The foreclosure
the
Benenson
proceedings were brought
Building Corp.,
by the Trust company against
165 Broadway Corp.,
Corp., and others, in satisfaction
$3,728,000, plus interest of about
Broadcourt Realty
of the following liens: first mortgage,
$935,747, and the second mortgage of
$1,187,000 with interest of approximately $219,599, in addition to accrued
interest and other allowances.—V. 147, p. 1643.
Ottawa Valley Power
Co.—Issue Placed Privately—
It is understood that the company
recently placed privately $7,500,000
4% first mortgage sinking fund bonds at 103 and accrued interest.
The company, it is understdod, also offered $2,500,000 of 5% second
mortgage 20-year debentures at 100 and accrued int.
Holders
the com¬
pany's presently outstanding debentures have agreed, it is stated, to pur¬
chase or exchange a block of these debentures.
of
Volume
148
Financial
This financing is to provide funds for
redemption announced by the com--
of its 5H% first mortgage bonds, due Oct.
1, 1970, of which $8,-
,500 are outstanding.
The fmancing will also provide funds for redemp¬
tion of the $1,450,000 of 6% debentures due
1971.-—V. 144, p. 2315.
287'
Chronicle
counties to
a
directed
was
lawyer in Philadelphia should not be set aside.
to
Federal
in
answer
Court
Philadelphia.
in
The company
Company is
being reorganized under the Federal Bankruptcy Act.
Allen Gray Clark recently purchased the capital stock of the Grand View
Coal Co
a concern set up for disposal of the
company's excess coal lands.
The property, under large mortgages, was purchased at auction for $59.
Later Mr. Clark asked permission of the Special Master to sell the land
to the
Commonwealth of Pennsylvania for conservation purposes for
$198,000. The Master approved the proposed transfer to the State through
Dr. James F. Bogardus, Secretary of Forests and Waters, but a group of
minority bondholders objected and told the Court the deal was "out¬
rageous.".
In Harrlsburg, Jan. 10, an injunction was issued restraining Dr. Bogardus,
from purchasing for the State the 44/00 acres of land.
In a taxpayer's
suit it was charged that the purchase of the land was an "excessive waste"
of the Commonwealth's money.—V. 147,
p. 4064.
,
Otter Tail Power Co.
(Minn.)— fay Increase Shares—
'
A public hearing will be held Jan. 25 in the
Chicago regional office of the
Federal Power Commission on the application of this
company for authority
to issue four shares of
special common stock, $1 par value, for each share of
special
common
stock without par value outstanding, and four shares of
founders' common stock, $1 par value, for each share of founders' common
stock without par value outstanding; or for an order
dismissing the com¬
pany's application for want of jurisdiction.—V. 147, p. 3919.
Outboard Marine & Mfg- Co.—To
Pay 30-Cent Div.—
The directors have declared
a dividend of 30 cents per share on the com¬
stock, payable Feb. 10 to holders of record Jan. 25.
This compares
with 75 cents paid on Sept. 23, last; 50 cents paid on Aug. )0, last; 30 cents
paid on Feb. 10, 1938; $1 paid on Sept. 25, 1937; 75 cents paid on Aug. 10,
1937; 45 cents paid on May 10, 1937, and an initial dividend of 30 cents per
share paid on Feb. 10, 1937.—V. 147, p. 3919;
'
mon
.
,
Outlet Co.-—Extra Common Dividend—
Directors
addition to
on
Jan. 7 declared
an
'
extra dividend of 25 cents per
share in
a
quarterly dividend of 75 cents per share on the common
stock, both payable Jan. 24 to holders of record Jan. 20. Last previous
payment Was a quarterly dividend of 75 cents per share made on Aug. 1,
1938—V. 147, p. 2401.
*
.
Pacific Telephone &
Period End, Nov. 30—
Operating
rev..
Operating revenuesOperating expenses..
1938—Month—1937
1 938—11 Mos.—1937
_
_
Net oper. revenues-,.
Rent from lease of oper.
$5,809,040
12,500
$5,622,863 $62,721,977 $61,516,555
$5,706,540
4,042,467
revenues.
Uncollectible oper
Telegraph Co.—Earning s-r-
$5,600,163 $62,471,777 $61,278,657
4,090,047
43,080,749
44,460,358
$1,754,073
$1,510,116 $18,011,419 $18,197,908
22,700
70
795,063
71
704,245
Net oper. income.-.$959,080
Net income..-1,566,248
250,200
$805,942
property...
Operating taxes
;
237,898
774
797
8,619,187
8,036,752
$9,393,006 $10,111,953
1 6,270,597
17,467,135
1,472,397
—V. 147, p. 3919.
Pantepec Oil Co. of Venezula C. A.—"American Shares"
Listed
on
Toronto—1
Pantepec Oil Co, of Venezuela, the Delaware corporation, which constituted
the existing listing were re ?! oved.
Shares or Pantepec Oil Co. of Venezuela, the Delaware corporation, are
exchangeable into "American Shares" of Pantepec Oil Co. of Venezuela,
C. A. on a share for share basis, the exchange being made at the office of
the Guaranty Trust Co. in New York.
The Delaware corporation is being
dissolved.
Stoek
company.
Company was organized in 1928 under Delaware laws and domesticated
under North Carolina laws, and is engaged in the business of manufacturing,
finishing and selling ladies' full fashioned silk hosiery.
It owns a complete
modern plant and equipment located at Valdese, N. C., with a capacity
of approximately 350,000 dozen pairs of hosiery per annum, oased on a
5-day week.
The design of the machinery is such that it is adaptable for
knitting any known substitute for silk and also cotton.
/
The company has no funded debt.
As of Sept. 30, 1938, there were
authorized and outstanding 19,830 shares of preferred stock and 198,300
shares of common.
The "American Shares" of Pantepec Oil Co. of Venezuela C. A. have
been listed on the Toronto Stock Exchange.
At the san e time, shares of
"
Pilot Full Fashion Mills, Inc.—Stocks Offered
Public
offering by means of a prospectus of 15,000 shares of pre¬
ferred stock, 6J4% cumulative (par $20), and 60,000 shares
of common stock (par $1) was made Jan. 10
by a group
headed by R. S. Dickson & Co., Inc., Charlotte, N. C.,
and New York, in units of one share of preferred stock and
four shares of common, at $44 per,unit.
Other members of
the offering group are Scott, Horner & Mason, Inc., Lynch¬
burg, Va.; Oscar Burnett & Co., Inc., Greensboro, N. C.;
Southern Investment Co., Inc., Charlotte, N. C.; Lewis &
Hall, Inc., Greensboro, N. C.; Vance, Young & Hardin,
Inc., Winston Salem, N. C., and C. S. Ashmun Co., Min¬
neapolis, Minn.
The offering includes only outstanding
shares and does not represent any new fmancing by the
Options Exercised—
For the year ended June 30, 1938, the company reported net income.of
$209,580, equivalent to 93c. per share of common stock after preferred
dividends, compared with $167,986 or 72c. per common share, for the year
ended June 30, 1937.
For the three months ended Sept. 30, 1938, net income amounted to
$57,608, or 26c. per share of common.
Current assets of the company as of Sept. 30, 1938, including cash of
$93,772, amounted to $625,634 and were in excess of 6.7 times current
liabilities of $92,884.—V. 147. P. 3468.
,
»
.
Pioneer Gold Mines of British
The WJlburton Investment Trust, Ltd., has exercised its option to pur¬
chase 25,000 shares of the common stock of this company at $5 a share to
be paid on or before March 1.
In addition, the investment concern has
exercised its option on 25,000 shares at $5,50 a share and a similar amount
at $6 a share to be paid on or before June 1.
The option agreement be¬
tween Wilburton
V.
148,
p.
and Pantepec was entered
Month of December—-
1938
Gross.
x Net after expenses—x
into several months ago.—
133.
95,000
Before depreciation, depletion and taxes.—V.
Paramount Pictures, Inc.—To Retire Debentures—
_
from ry. oper.
$324,959
Railway tax accruals—
Equip. & jt. facil. rents.
166,640
0145,518
Net ry. oper. income.
$303,837
14,085
Net
rev.
Other income.
-
-
Total income
Corp.—Special Meeting—
Total fixed charges.
Stockholders at a special meeting on Feb. 16 will consider and act upon a
plan to preserve the Dupont Film Manufacturing Corp. stock owned by
Pathe Film Corp., and the dividends paid thereon, by the transfer of the
Pathe Laboratories and certain other assets and liabilities to a newly
organized, wholly-owned subsidiary.—V.
3771.
The board of "directors will meet next week to promulgate a plan of
corporate simplification to replace the program that failed of adoption in
December, when an insufficient number of assents were received in time to
complete the transaction during the calendar year.
,
>
Under the new program no distribution of the company's holdings of
35% of the Du Pont Film Manufacturing Corp. is involved. E. I. duPont
de Nemours & Co. owns the remaining 65% of the stock and has an agree¬
ment With Pathe Film under which it has the right to purchase the duPont
Film shares at the same price offered by others.
The 3,500 duPont Film
shares will be the sole reamining asset of Pathe Film in the program of
liquidation now contemplated.
It is proposed to form a new company, which will receive $200,000 in
cash for initial working capital, to take over the laboratories and other
industrial assets of Pathe Film.
Shares of the new company would be
distributed pro rata among Pathe Film stockholders, as would the several
other securities investments of Pathe Film with the exception of the duPont
Film holdings.
In its new form, the plan has been submitted to the Securities and Ex¬
change Commission for possible criticism, following which it will be voted
on by the directors and submitted to stockholders at a
meeting to be called
by the board and which may be held next month.—V. 147, p. 3771.
147,
3772.
p.
(J. C.) Penney Co.—Sales—
6
Net Inc. aft. fixed chgs
$0.32
$1,518,651
$1.76
$3,762,842
•
—V. 147, p. 4064.
$4.36
V:.1':;-".
Pittsburgh Steel Co .-—Stock Option Amended—
to
Porcupine Lake Gold Mining Co., Ltd.—Registers with
;
v
SEC—
■
See list given on
Postal
first page of this department.—V. 143, p. 1569.
Telegraph Land Line System—Earnings—
1938—Month—1937
1938—11 Mos.—1937
$1,730,486
$1,782,152 $19,172,128 $21,360,029
121,632
115,101
1,268,305
1,415,925
156,154
171,366
1,733,927
1,699,142
All other maintenance.85,024
122,841
1,081,622
1,250,083
Conducting operations.1,364,897
1,382,892 14,207,203 15,629,033
Relief depts. & pensions46,629
41,179
489,827
510,133
All other gen. & miscell.
:
410,074
414.058
38,452
35,430
expenses-—
Period End. Nov, 30—
Tel. & cable oper. Irevs.-
Repairs--.. ——: — Deprec. & amortization-
Uncollectible oper. revsTaxes assign, to oper—
x$79,280
5,000
82,715
x$89,679
4,000
83,488
x$18,830
55,000
958,349
1
$166,995
3,194
$177,167
3,106
$1,032,179
32,447
$163,801
249,613
$174,061
250,797
$999,732
2,760,652
$438,432
2,711,649
$424,858
$3,760,384
$3,150,081
Net tel. & cable op.rev
Operating loss
Vice-President Assistant to the
President of the railroad, effective Jan. 16, was authorized by the board of
directors.
Gross
deficit
;*—
Net deficit-—
Rolling Stock Ordered—
Foundry Co. will build the five others of high-tensile steel.
The cost of the order will be about $2,100,000, which will be met without
public financing.
The additional dining cars will bring the number of
these vehicles owned by the Pennsylvania to 205.
The cars will rUn on
roller bearings and be equipped with improved couplers and other devices
for smooth and quiet movement.—V. 147, p. 4064.
Peoples Drug Stores, Inc.—Sales—
x
Indicates loss.—V.
Potrero Sugar
to
$21,780,021 $22,383,703
„
$413,414
147. p. 3619.
$441,655
62,000
866,250
*
$476,595
38,163
Co.-—Name Changed—New Director—
Stockholders of this company, a Delaware corporation, voted on Jan. 11
amend the certificate of incorporation by changing the name of the
company to the Potrero
the State of New York.
Co., Inc. to enable it to do business in
Sugar
.•
.
Edward W. Hughes was elected a director to succeed Cyrus
Other retiring directors were re-elected.—V. 146, p. 607.
Potrero Sugar Co.,
See Potrero Sugar
1938—12 Mos.—1937
.
Deduc. from gross inc..
The railroad announced on Jan. 11 that it would buy 15 dining cars and
12 coaches.
The Edward G. Budd Mfg. Co. will build five of the diners
and the coaches of welded steel.
The Pullman Standard Car Mfg. Co.
will build five of the diners of aluminum alloy, and the American Car &
Period End. Dec. 31—
1938—Month—1937
Sales...
$2,475,793
$2,426,991
Directors have amended the option to purchase common stock granted
Alexander R. Walker, Executive Vice-President.
Mr. Walker's new
option permits him to purchase 1,500 shares of common at $12.50 a share
as of Dec. 31,
1938, and 1,500 shares additional at the same price as of
Dec. 31, 1939.
The original option called for the same price and the
same amounts of stock but the dates were Dec. 31, 1937 and Dec. 31,1938.
—V. 147, p. 3619.
• '
;
Pennsylvania RR.—New Officer—
_
__
.
L. Merriam.
Inc.—New Name—
Co., above.
Prudential Investors, Inc.—New Director—
a meeting of the Board of Directors held Jan. 11, Mr. Henry March
At
147, p. 3618.
was
Pharis Tire & Rubber
Annual meeting has
$4,341,367
527,905
50,620
Non-oper. income---—
2.44%".
Total sales for the year 1938 were $257,961,666 as compared with $275,375,137 for the year 1937.
This is a decrease of $17,413,472 or 6.32%.—
—V. 147, p. 3618.
1
or
as
[,877,150
319,343
39,156
$102,996
$0.13
$276,613
Net inc. per sh. of stock-
$4,041,686
299,681
$173,846
67,473
3,377
3,382
_ —
$1,726,593
150,557
'
Sales for the month of December, 1938 were $38,928,202 as .compared
with $38,001,254 for December, 1937.
This is an increase of $926,948
Appointment of James R. Downes
$161,269
12,577
T
p.
*
—V.
147,
$ 56,223
$1,337,911
$3,812,256
1,448,193
1,822,300
100,248
Cr205,294 01,836,875 02,051,730
$317,922
37,927
Miscell. deduc. from inc.
New
$270,000
1 94,000
112,000
Period End. Nov. 30-i1938—Month—1937
1938—11 Mos.—1937
Railway oper. revenues- $1,615,179
$1,507,096 $12,899,599 $21,980,586
Railway oper. expenses.
1,290,220
1,450,873
11,561,688
18,168,330
.
Pathe Film
1935
1936
$185,000
Pittsburgh & Lake Erie RR.—Earnings-—
The board of directors at a special meeting held Jan. 10 voted to call for
redemption at an early date $5,000,000 of tbe'company's 6% debentures, at
par and accrued interest, payment to be made out or excess cash balances
augmented by a small six-year bank loan.
•
It is expected that the company's consolidated cash position after call and
payment of the $5,000,000 of debentures will be in excess of $10,000,000.
.The interest saving accruing to the company as a result of the debt retire¬
ment will amount to about $250,000 annually, it was announced.
After the call there will remain in public hands $4,400,000 of the original
$26,000,000 Issue, the rest having been purchased in the open market or
exchanged for 3M % debentures of the company.—V. 147, p. 3023.
,
Columbia, "Ltd.—Earns.
1937
$170,000
88,000
$160,000
_
Co.—'Meeting Deferred—
been deferred until April 19.—V. 147,
p.
3772.
Philadelphia & Reading Coal & Iron Co .—Court Probes
Coal Lands—'
Sale of
Federal Judge William H. Kirkpatrick on Jan. 5 ordered the company
to show why the sale of 44,291 acres of coal lands in Dauphin and Lebanon
elected
a
director.—V.
147,
p.
2714.
Public Service Corp. of New Jersey—New Budget Voted
An appropriation approximating $23,500,000 for new construction, im¬
provements and extensions in gas and electric service has been approved for
the 1939 budget of this corporation, it was announced on Jan. 4.
The
fund will be used by the subsidiary operating companies of the corporation.
"While all this total sum will not be expended this year," the announce¬
ment said, "the
authorization will make it possible to start work on several
Financial
288
projects consistent with the company's policy of
services in the fast-growing territories."
necessary
keeping ahead
of the demands for
The
principal item in the construction program will be erection of a
and two boilers at the Burlington generat¬
1,000-kilowatt turbine generator
This work
of $12,000,000.
ing station of the Public Service Electric & Gas Co., a susbidiary.
is expected to be completed in 1941, at an approximate cost
About 500 men will be employed on the project.
About $2,000,000 will be spent for installation and reinforement of dis¬
for continuance of placing electric transmission lines
underground. For modernization of the switchhouse at the Marion generat¬
ing station about $1,000,000 will be spent.
Other projects include construction of a new electric distribution
quarters in Elizabeth and installation of additional transmission
in the Elizabeth district, an increase in the generating capacity of the
central gas works at Karitan from 4,000,000 to 10,000,000 cubic feet
and construction of a 24-inch gas main from Belleville to Montclair, which
will be used to reinforce the supply in Belleville, Montclair, Bloomfieid,
lines of the City
A
combined, reported a deficit
compared with a profit of $1,564,000
largely offset by the increase of 60,700,000
of New York-Independent System.
in the
The
preceding year.
rapid transit lines,
combined, reported a deficit for
with a profit of $712,000 in 1937.—V.
$6,391,000, as compared
Deprec. & amortization
Relief depts. & pensions
All other gen. &
$410*351
51,885
2,900
.
expenses....
311,227
Operating income.
Non-Oper. income
Operation
,476.096
.......
6,236,899
116,029
188,209
181,321
Taxes..
5,494,166
468,079
84,712
1,115,085
2,189,718
1,181,558
2,036,842
Non-oper. income (net).
$645,881
Drl2,568
$642,551
2M8.356
$6,970,410
.Dr157,702
Balance.
Int. & amortization-...
$633,313
319,755
$624,195
320,845
$6,812,708
3,844,620
$7,210,585
3,847,384
$313,558
$303,349
$2,968,088
$3,363,201
Balance
—
Prior
$1,870,765
550,000
-
-
Balance
1,492,436
$1,499,100
550,000
'...
preference dividend requirements
Balance
1,468,988
-
Appropriations for retirement reserve.
$949,100
1,583,970
Balance, deficit
$1,320,765
1,583,970
$634,869
..
Preferred dividend requirements..
$263,205
Jan, 1, 1937, the company adopted the new system
prescribed by the Federal Power Commission, which differs
in certain respects from the system the company previously followed,
hence the above 12 months' figures are not exactly comparative.—V. 147,
Note—Effective
of accounts
p.
3773.
\
,
Pullman
Total expenses
Net
-
..
1938—11 Mos.—1937
$483,053
$6,617,515
$6,037,905
$173,391
149,594
$1,832,379
1,543.383
$1,934,373
1,606,287
operations:
Auxiliary
Total revenues
Total expenses.
Net
$41,277
$162,029
131,542
re venue
...
revenue
A
_
_
$288,996
$328,086
$6,906,511
3,992,468
$6,365,991
2,957,150
x$199,055
$2,914,043
$3,408,842
.
$513,540
319,845-
_
....
$193,694
Operating income....
Indicates loss.—V. 147, p.
x
$23,797
$65,074
264,129
$30,486
....
Total net revenue.
Taxes accrued
3620.
i
Quebec Extension Ry,—RFC
Loan Stopped—
has withdrawn its permission to
$3,000,000 from the Reconstruction Finance Cor¬
poration.
The company had received approval of the loan in 1934 and
planned to build an electric extension between Portage, Me., and Lacfrontier, Que.—V. 139, p. 2689.
The
(Jommerce Compiission
Interstate
the company to borrow
Radio
Corp.
Charge
America—Suits
of
19,401
281,564
376,119
$1,155
93,859
$15,918
88,118
x$90,014
$407,490
880,251
$95,014
$104,036
20,034
26,488
$624,385
256,503
$74,980
Indicates loss.- -V. 147, P. 3773.
$77,548
$367,882
___
Gross i ncome
Net
x
income
business
stockholders'
made.
"
■
Investing Corp.—$1.25
Reserve
Dividend—
dividend of $1.25 per share on account of
pref. stock, no par vaue, payable Jan. 14
to holders of record Jan. 6.
Like amount was paid on Oct. 15, July 15,
April 15 and on Jan. 15, 193$; a dividend of $5 was paid on Dec. 24, 1937;
dividends of $1.25 were paid on Oct. 15, July 15, April 15 and Jan. 15,
1937; a dividend of $3.75 per share was paid on Dec. 18, 1936, and dividends
of $1.25 were paid on Oct. 15, July 15, April 15 and Jan. 15, 1936, and on
Oct. 15, 1935.—V. 147, p. 2254.
'
J
declared
The directors have
a
(R. J.) Reynolds Tobacco Co.—Report Reveals $20,000,from Insurance Company at Rateof 2A5%
Fund Short-Term Debt—
V.
the report, President Jas.
letter accompanying
a
A. Gray states:
in recognition of the continuance of the
desirability of higher inventory investment, for which funds were bor¬
rowed in 1937, it was deemed advantageous to convert the principal part of
current payables into notes due serially.
In August arrangements were
made with an insurance company for a loan due over a 10-year period at
an interest rate of 2.45%, and in October the notes in the amount of $20,000,000 were issued, payable $2,000,000 per year from 1940 to 1949, in¬
clusive;
The advantages of this funding of short-term debt through notes
due over a period of years are obvious, particularly in view of the unusually
low interest rate offered the company on this loan.
"With a decline in 1938 of more than 20% in total industrial production
in the United States, resulting in some shift by consumers to lower priced
products because of the restriction of their purchasing power, the amount
of company sales in 1938, as reported in the financial statement, was 6.84%
below the amount for 1937.
Net earnings for 1938 were 14% below those
for 1937.
In the year 1938 there were no increases in prices of company
products and the decrease in net earnings at a percentage higher than the
percentage of decrease in sales is more than accounted for by four items of
expense beyond direct control.
These four items of heavier costs were:
Increased rate of Federal taxes on income, increase in Social Security
tax rates, higher freight charges and greater cost of tobacco used in manu¬
facturing company brands, which greater cost followed the higher prices
paid farmers for leaf tobacco in recent years."
V
•
The number of stockholders of the company has again, in 1938, shown
an increase, the total at the end of the year being in excess of 60,000, the
largest number in the history of the company.
"During the summer of 1938,
Income Account for Calendar
x
Years
Profits from oper_—...
&
Int.
divs.
before *
that they could be dis¬
when the defendants moved
Existence of the suits was disclosed
390.460
(net)
,
278,008
•
in the actions include
& Manufacturing Co.,
and the American Telephone & Telegraph Co.
The corporate defendants
are alleged to have received improper payments from Radio Corp.
Undiv. prof. prev. year.
present and former officials, defendants
General Electric Co., Westinghouse Electric
Besides
Replies to Stockholders' Suit—
the action,
to
Man ton
■
Davis,
C.
R.
for
the
Westinghouse Electric,
terms of settlement of
directors of R. C. A.
at that time, but were submitted to stockholders of the company and
approved by them.
For the past six years the companies affected carried
against R. C. A., General Electric,
T., and others.
The contracts and the
the Government suit were not only approved by
Government
T.
A.
on
&
their operations under these cdntracts.
"After full consideration of the complaints,
the directors of R. C. A,
pending stockholders' suits are entirely without
the complaints that the payment of dividends
by R. C. A. to its stockholders has resulted in the impairment of its capital
show a complete lack of information on the part of the individuals making
the charges."—V. 147, p. 3026.
of opinion that the
foundation.
Charges in
are
Radic-Keith-Orpheum Corp.—More
Action
on
confirmation
of
the
amended
plan
Time Allowed—
of reorganization
was
adjourned Jan. 5 until Jan. 26 by Federal Judge William Bondy.
The
adjournment was taken to permit time for the submission to stockholders
and creditors of the plan as modified by the court and for their withdrawal,
if they desire, of consent
Hamilton C. Rickaby,
previously given.
attorney for
the Atlas Corp., proponent of the
plan, stated that the modification had been
—V. 147, p. 4065.
Rapid Transit
in
N. Y.
approved by the Atlas Corp.
City—Transit Facilities Show
A decrease of
19,300,000 passengers, or six-tenths
of 1%, in the total
York for the fiscal year ended June 30, 1938, as
the previous year, was reported Jan. 8 by the Transit
The total number of passengers of the lines reporting to
traffic in the City of New
with
Commission.
The lines included the City Independent
Hudson tubes, street surface railway lines and all
the commission was3,101,900,000.
Subway
System,
the
buslines.
The rapid transit lines (including the City of New York-Independent
System) during the fiscal year 1938 carried 1,864,200,000 passengers, which
was 26,300,000 (1.4%) less than in the preceding year.
The Interborough Rapid Transit Co. and the New York Rapid Transit
Corp. (B.-M. T.), combined, reported a total traffic for the fiscal year
1938 of 1,514,400,000 passengers, representing a decrease as compared
with the 1937 fiscal year of 87,000,000 passengers, or 5.4%, which was
8,153,772
5.697",306
Net
profit$23,734,306 $27,602,372 $29,253,135
40,850,662
41,748,289 42,495,154
$23,896,398
48,598,756
6,692,635
*
•
7,310,419
613,654
$71,748,289 $72,495,154
30,000,600 30,000,000
$64,584,968 $69,350,662
dividends.._.y23,000,000
28,500,000
Total surplus.
Common
Shs.
.
$40,850,662 $41,748,289 $42A95,154
"
10,000,000
10,000,000* 10,000,000 10,000.000
$2.37
$2.76
$2.92
$2.38
After deducting all charges and expenses of management, advertising,
y Not including $6,000,000 dividend paid Jan. 3, 1938, charged against
com.
&
com.
B out-
standing (par $10)
Earnings per share.....
—_
x
&C.
surplus in 1937.
~
,
J
Comparative Balance Sheet Dec. 31
1938
1938
1937
$
Assets—
S
mach'y,
&c._
Common stock:.
19,253,318
18,736,387
3,515.888
8,638,615
138,168,477
319,547
319,547
Cash
4,681,972
A ccts. receivable
7,123,443
Inventories ....139,057,724
Investments
.
.
notes receiv..
548,529
579,252
Goodw.,pat.,&c.
1
1
10,120,000
10,120,000
501,147
643,085
Retire. & ins. Id
181,605,681
Total
x
After
B
New cl,
180,721,252!
,
1
1937
$
10,000,000
10,000,000
90,000,000
com¬
payable.
2,798,301
Notes payable-_
4,400,000
90,000.000
3,024,997
24,500,000
7,565,638
7,9 57,483
mon
Accts.
stock
_
j.
_
Accrued interest,
taxes, &c^
Other accts. and
Prepaid expenses
$
Liabilities
xRl,est.,bldgs.,
Notes
payable,
non-current..
Conting
reserve
Undivided profit
20,000,000
5,256,774
41,584.968
4,388,110
40,850,662
Total.. ...-.181,605,681 180,721,252
depreciation.—Y. 147, p. 2403,
Rich's
Inc.—Extra
Dividend—
dividend of 50 cents per share in ad¬
quarterly dividend of like amount on the common
payable Jan. 25 to holders of record Jan. 20.
Extra of $1 was
Dec. 15, last.—V. 147, p. 3169.
Directors have declared an extra
dition
Passenger Decline—
compared
170,283
468,847
paid
Fed. & State inc. taxes.
Casualty loss thro, flood
Total undiv. prof its-.$41,584,968
Vice President and General
A., asserts:
"These contracts formed the basis
the settlement in 1932 of the proceedings which had been brought by
of
1,118,228
949,977
$32,037,745 $36,737,132 $38,404,712 430,526,878
Allow, for deprec., obso997,805
933,174
lescence, &c--__-.--1,141,957
1,040,404
Interest
Replying
$29,408,650
-v.-'-,
invest-
on
.ments, misc. inc.
1935
1936
1937
$282,265,015$302,999,161 $289,313,165
31,647,285
36,459,124
37,454,735
Net sales.
posed of at a single trial.
Justice Levy reserved decision on the motion.
The plaintiffs in all three suits have minor holdings of Radio Corp. stock.
They are suing on behalf of themselves and all other stockholders and
ask that the defendants be required to repay the corporation any amounts
found to have been taken from its treasury improperly.
Counsel
this
the
Total income..
Justice Aaron J. Levy to consolidate the three so
the
314,,028
$973,713
Metal Manufacturing Co., Youngs-
of the Sheet
1938
Court against present
are
i11.287,741
accumulations on the $7 cum.
$500,000,000
suits have been instituted in New York Supreme
and former officials and directors of the corporation,
charging that they negligently and fraudulently permitted the dissipation
and waste of corporate assets.
In one action the loss to the corporation
is estimated at about $500,000,000.
In the two others no estimates
Three
.
jobbers and wholesalers of steel sheets and its products, to
corporation has been announced by Thomas E. Farrell, President of
acquired company.
The cash purchase price was not disclosed.—V. 147, p. 2875.
Waste—
-
714,399
Corp.—Acquisition—
Reliance Steel
Sale of the
11,000
town,
In
$4,535,859 $54,155,571 $57,114,375
4,494,582 47,538,056
51,076,470
$4,463,847
.3,980,793
revenues
415,485
CV9.000
__
Deduc's from gross inc..
„
Sleeping
Total
$855,611
354,483
333,044
428,151
11,000
Uncollectible oper. revs.
to
and Auxiliary Operations]
1938—Mont/*—1937
Period End. Nov. 30—
car operations:
$297,657
*'37,851
1,000
34,189
000 Loan Obtained
Co.—Earnings—
[Revenues and Expenses of Car
3,333.065
$33,800
30,966
38,447
29,856
^
Taxes assign, to oper.
$7,258,259
Dr47,674
Net oper. revenues
291,508
$44,339
...
Puget Sound Power & Light Co. (& Subs.)—Earnings
Period End. Nov. 30—
1938—Month—1937
1938—12 Mos.—1937
Operating revenues
$1,388,010 $1,414,867 $15,769,379 $16,713,558
31,900
3,187,277
Net tel. & cable op .rev
Other oper. revenues
Other oper. expenses
Maintenance....;
63,009
2,900
.
1937 1
$4,767,251
692,463
$4,250,508
587,886
31,900
$391,217
miscell.
Kidge, Verona and the Caldwells.
V'
About $4,000,000 will be spent for gas and electric service extensions
newly acquired business and for minor improvements in the entire
served by the company.—V. 147, p. 3920.
from
territory
the year of
147, p. 1787.
Communications, Inc.-—Earnings—
1938—Month—1937
1938—11 Mos.
R. C. A.
Period End. Nov. 30—
Tel. & cable oper. revs.-
daily
Glen
passengers on
The rapid transit and street surface railways,
for the fiscal year 1938 of $6,786,000, as
tribution circuits and
head¬
facilities
1939
14,
Jan.
Chronicle
to
the regular
stock both
paid
on
Richmond Insurance Co. of N. Y.—Extra Dividend—
The directors have declared an extra dividend of 15 cents per share in
addition to a quarterly distribution of 15 cents per share on the common
stock, par $5, both payable Feb. 1 to holders of record Jan. 11.
Similar
amounts were paid on Feb. 1, 1938 and 1937.—V. 146, p. 286.
Rike-Kumler
Co.—Dividends Resumed—
dividend of 25 cents per share on the common
value, payable Jan. 23 to holders of record Jan. 12.
This
will be the first dividend paid since Jan. 25, 1938 when $1 per share was
distributed.—V. 147, p. 131.
Directors, have declared a
stock,
no
par
Volume
148
Financial
Rochester Capital Corp.—To
Chronicle
Pay 20-Cent Dividend—
Sears, Roebuck & Co.—Sales—
The directors have declared a dividend of 20 cents per share on the
capital stock, nd par value, payable Jan. 16 to holders of record Jan. 7.
This compares with 35 cents
paid on Jan. 15,1938; 10 cents paid on Jan. 24,
1937; 35 cents paid on Jan. 11, 1937 and with dividends of 20 cents per
share previously distributed each year.—V. 146,
p. 1087.
Rochester Telephone
Period End. Nov. 30—
Operating
Seiberling Rubber Co.—Retires Outstanding Debt—
The entire
outstanding funded debt of the company was retired Dec. 29
through purchase at public sale in New York City of $2,350,000 of 6%
class A debenture notes for $752,000.
1938—11 Mos.—1937
$432,793
$424,040
728
478
oper. rev__
Period End. Dec. 31— 1938—4 Weeks—1937
1938—48 Weeks—1937
Sales....
$60,633,795 $58,443,560 $503244.563 $543239,325
—V. 148, p. 134.
Corp.—Earnings—
1938—Month—1937
revenues-
Uncollectible
289
Commenting upon the purchase of the debentures, J. P. Seiberling,
President, said, "By this purchase of the debentures the company is enabled
outstanding funded debt, thereby increasing its surplus to the
extent of $1,598,000 and materially reducing fixed charges resulting from
$4,579,021
4,159
$4,714,541
8,088
to retire its
Operating revenues
Operating expenses
Net oper.
$432,065
302,792
$4,574,862
3,278,696
$108,606
49,365
$1,353,352
606,049
$1,296,166
502,049
$74,640
49,699
Operating taxes
$4,706,453
3,353,101
$129,273
54,633
revenues.—
$423,562
314,956
$59,241
32,905
$747,303
472,231
$794,117
516,954
the debt that in the past have amounted to $141,006 per annum.
"This is the first step in a program to revise the company's debt and
capital structure for the purpose of reducing fixed charges, increasing earning
strengthening working capital and hastening the day when the
be justified in resuming payment of dividends."—V. 147,
power,
company will
Net oper. income
Net income
4067.
p.
Servel, Inc.—Annual Report—
—V. 147, p. 3620.
■''
; v
•
k
^
As of Oct.
31, 1938, net current assets were $10,200,010, represented by
$12,682,851 and current liabilities of $2,482,841.
This
$10,730,908 at Oct. 31,1937, a decrease
of $530,898.
The ratio of current assets to current liabliities was 5.11 to 1,
as compared with 3.96 to 1 at the end of the 1937 fiscal
year.
Expenditures for new buildings, machinery and equipment, exclusive of
special tools, amounted to $292,408.
Included therein was the cost of a
warehouse of approximately 100,000 square feet of floor space, ownership
of which has reduced rental costs.
This warehouse wag purchased during
the year and is located in Evansville, Ind., convenient to the
factory.
Depreciation charges against income during the year amounted to $455,147,
as compared to $447,944
charged during the preceding fiscal year.
Fist mtge. 5% bonds in the amount of $507,000 were called on Oct. 28,
1938, for redemption on Jan. 1, 1939, at the redemption price of 105%.
.
current assets of
.—Interim DividendsDirectors have declared
New
York shares
interim dividend of $1,084 per share on
an
payable Feb.
1 to holders of record Jan.
18.—V.
compares with net current assets of
the
147,
3620.
Rutland
RR.—Earnings-
Period End. Nov.'.W—
Railway
Railway
1938—Month—1937
1938—11 Mos .—1937
$255,273
262,721
oper. expenses.
Net rev. from ry. oper.
Railway tax accruals.
Equip. & jt. f$cil. rents.
Crl ,424
Net ry. oper. deficit-_
Other income
x$7,448
24,355
Cr2,651
x$205,850
315,682
11,636
Crl8.313
$533,168
47,509
y$717
62,536
y$63,253
4,489
374,205
$315,441
$33,129
3,977
Total deficit
Misc. deduc. from inconu
0
Total fixed charges
$2,680,755
2,886,605
$29,152
3,299
$251,487
258,153
$29,152
oper. revenues-
x$6,666
27,887
.
$3,247,403
3,001,996
$245,407
263,003
Income Account for Years Ended Oct. 31 <[Incl. Sub. Cos.)
1938
1937
1936
Gross profit on sales.
service expenses.
33,899
33,908
$485,659
4,174
372,879
$63,484
__
$60,185
$862,712
$25,853
433
424
:
;
,
Admin. & general
charges
Deficit,
San
y
Profit.—V. 147,
Carlos
Milling
Co.,
3,086,664
579,080
Effective
-Capital
Reduced— Dis-
Prov.
to $8 per share.
A distribution from
for
12 Months Ended Nov. 30—
for
3,432,984
3,281,085
1,411,760
1,337,532
Savannah Electric & Power Co.-
1938—12 Mos.—1937
$190,175
64,794
10,716
23,957
$90,708
Drl.512
—
-
$189,973
$88,088
$2,227,390
828,216
^'122,707
279,998
$2,158,196
836,646
114,223
231,362
$996,469
Dr9,439
72,401
8,164
21,320
"
-
34
.
$89,196
\ 31,323
Interest & amortization.
${£,121
31,704
•
850",666
766",066
220,000
on
135,000
Net profit for period $ 1,572,469
48,524
1,781,426
1,781,426
Shs.com.stk.out.(par $1)
Earnings
per
share
$0.85
.
.
$4,666,802 b$4,240,355
48,524
48,524
4,008,209
757,126
1,781,426
1,781,426
$2.59
■
$2.35
$975,965
9,142
$987,030
377,602
$985,108
379,757
1937
$.56,417
Time deposits
Notes,
trade
ceptances &
$609,428
245,222
Accounts payable.
591,156
ac¬
Accruals
564,848
ac¬
Provision
117.000
,334,000
7% preferrd stock,
stock.
1,794,061
250,342
1,200,000
b Common
'
1,028,162
4,738,570
Other fixed assets
389.473
348,624
Deposits & sundry
receivables
97,047
130,610
.
77,510
204,274
1
expenses.
.....
for
Debenture dividend requirements...—_ ::::::::
«oi
Preferred dividend requirements.
...
Balance fOr common dividends and surplus
Note—On
hence
the
Jan.
above
i—
k
1
Patents, &c
ployees' bonus..
Prov.
Divs.
for
Federal
60.000
$155,091
60,000
$147,792
was
of the directors Jan. 5.
charge of plants production
Carl J. Kiefer of Cincinnati, Superintendent of plants
and production,
will succeed Lester Jacobi as Vice-President in charge of
plants and production.
Mr. Kiefer and Ralph T. Heymsfeld, Secretary and counsel of the firm,
elected to the board of directors.
Sidney B. Becker, Assistant Treasurer, was made Treasurer, succeeding
were
Lester
Total.
Jacobi
Lewis S. Rosenthal, Chairman of the Executive
and Finance Committee and one of the founders of the firm, as Chairman of
the Board.—V. 147, p. 3321.
for
Schiff Co.—Sales—
reserves
1938 were $1,681,894 as compared
December, 1937 of $1,588,774.
This was a gain of 5.86%.
Sales for the 12months' period this year were $12,558,676 as compared
with last year of $13,439,036.
This was a loss of 6.55%.—V. 147, p. 3774.
reports that as of the close of business Jan. 10 there was outstanding only
$2,756,000 of the original $4,000,000 principal amount of these bonds
issued March 1, 1937.
Each $1,006 bond is convertible into 25 shares of
the company's common stock.
The called bonds are convertible up to
Feb. 24, 1939.
Uncalled bonds will be convertible up to March 1, 1942.
—V. 147, p. 3170.
Ry.—Proposes $640,000 Equip. Issue—
through its receivers has applied to the
17,414,174
19,168,5911
Dr 12,635
p.
3774.
.
Simpson's,1 Ltd.-'—Accumulated Dividend-—
a dividend of $2.25 per share on account of
the 6 H% cumulative preferred stock, payable Feb 1. to
Dividends of $1.25 were paid on Nov. 1, Aug. 1
May 2, last: a cdvidend of $2.25 was paid on Feb. 1, 1938, and a
The directors have declared
on
dividend of $1.25 was paid on Nov. 1, 1937.
In April, 1937 the directors declared a dividend
5% cum. pref. stock payable May 1, 1937,
of the refinancing plan, this dividend has been
new
Siscoe
of $1.25 per share on the
but due to the cancelation
credited to the old 6H%
and accumulations reduced accordingly.—V. 147,
Gold
Mines,
p.
2547.
Ltd.—Production—
December production was $172,509 from total of 18,439 tons milled
indicating an average recovery of $9.35 per ton compared with $172,214
in November when tonnage was 18,018 and average recovery $9.55 and
$210,024 in December, 1937 when tonnage amounted to 18,241 and average
recovery $11.51 per ton.—V. 147, p. 3621.
South West Pennsylvania Pipe
Lines—Stock Reduction
Voted—
Stockholders of the company on Jan. 12 approved action of their directors
Reconstruction
decreasing the capital stock from $1,750,000 to $350,000 and changing
value from $50 to $10 a share.—V. 147, p. 3470.
the par
59,657
6,225,730
17,414,174 19,168,591
Total..
•
accumulations
in
.
1,044,565
represented an 8% cumulative interest paying obligation."—V. 147, p. 3923.
Finance Corporation for authority to assume obligation and liability with
,
4,336,140
Calling of the stock reflects the current improvement in business and
generally improved outlook for 1939.
Mr. Sheaffer declared the com¬
pany's November and December business was the best in nine years.
With the calling of the preferred stock the company has no funded debt
and no bank loans, the only debt being current bills.
Capital stock now
consists of 162,355 shares of no par common, including treasury stock.
Mr. Sheaffer stated:
"It seems good business to retire the preferred
stock because the cash position of the company is strong and the preferred
respect to $640,000 of equipment certificates, proceeds from the sale of
which would be used to finance in part the purchase of new equipment
costing an estimated $725,000.
The carrier heretofore has asked the RFC's assistance in selling the cer¬
tificates on a basis that will result in an annual dividend rate averaging
not more than 3%.
The RFC either is to purchase the certificates for its
own account, purchase for resale, or guarantee the obligations.—V.
147,
p. 4067.
,
995,483
72,734
4,336,140
(WV A.) Sheaffe:r Pen Co .—Preferred Stock Called—*
preferred stock
Paper Co.—Bonds Called—
Company has elected to redeem $250,000 principal amount of its 3 M %
convertible debenture bonds at 105 on March 1, 1939.
The company
company
,
b Represented by share of $1 par value,
c After $11,487 ($10,251 in
1937) allowance for depreciation: tools at cost, less $30,429 ($29,511 in
and on
Sales for the month of December,
The
1,007,670
389,262
warranty
holders of record Jan. 21.
with sales for
Seaboard Air Line
395,811
500,670
bonds, due 1948,,
Res. for contlng...
1937) amortization, and construction in progress.—V. 147,
The board also elected
Scott
—
President.
elected President of this corporation at a meeting
He succeeds his brother Harold, who died last week.
Mr. Jacobi formerly was Vice-President in
and also Treasurer.
532,350
1st mtge. 5% gold
Company has called all its outstanding preferred stock consisting of
1,307 shares as Of Jan. 1, 1938, it was announced by C. R. Sheaffer,
Schenley Distillers Corp.—New President-—*
Lester E. Jacobi
457,488
Earned surplus... 6,155,867
Z>rl2,635
Treasury stock
1, 1937, changes were made in accounting procedure,
12 months' figures are not exactly comparative.—V.
147. p. 3774.
985,000
457,488
payable
service
«oo7 7Q2
*
220,000
1st mtg 5% bonds
due 1939
,
Other
$356,906
149,115
nqi
em¬
income taxes
$605,351
248,444
$364,206
149,115
%
693,200
1,794,061
1,029,877
824,577
4,176,334
7,395,117
counts, receiv—
935,775
Inventories...
2,811,476
c
1937
$
693,200
4,114,191
8,685,257
Capital surplus
Balance
$1.16
1938
Liabilities—
$
$
Plant & property..
Cash
Res.
Balance-1
$57,874
Appropriations for retirement reserve
£2,111,517
48,524
222,678
1,781,426
Consolidated Balance Sheet Oct. 31
1938
Assets—
Prepaid
i
Balance
12,014
57,960
1,259
Preferred dividends
Common dividends
at cost.........
Ner oper. revenues.__
Non -oper. income (net).
7,882
98,509
28,428
profits.
......
-Earnings—
1938—Month—1937
a,
25,000
37-,429
a Charges for
depreciation for 1938amounted to $455,147; 1937, $447,945;
1936, $394,847 and 1935, $340,641.
b Company was not subject to surtax
on undistributed profits for fiscal
year ended Oct. 31, 1936.
,
Sanford Mills—$1.50 Dividend—
Taxes
34,627
71,495
2,565
395,500
187",619
25,350
undistributed
1937
$8,165,691
Directors have declared a dividend of $1.50 per share on the common
stock, payable Jan. 20 to holders of record Jan. 14.
A dividend of $1 was
paid on Sept. 1, last and previous payment was the $2 distribution made
on
Nov. 26, 1937 —V. 147, p. 1353.
Maintenance
£2,996,174
75,384
39,088
266,000
•
Idle plant expenses
Prov. for Federal taxes-.
1938
"...
__
$5,459,504
75,384
57,790
250,000
doubtful
on
$8,433,388
;
& other income, before appro¬
priation for retirement reserves,, and after taxes.
Net income, after deduction for interest charges,
amortization of debt discount and expenses, &c.
Period End. Nov. 30—
$6,097,436
67,050
59,573
accounts, &c
Loss on sale of cap. assets
Net oper. revenue
Operating revenues
Operation..
£2,989,801
6,373
bonds retired.
Prov. for Fed'l surtax
—V. 147, p. 3620.
$5,405,118
54,386
[,968,652
50,384
33,333
on
Consolidated Gas & Electric Co.—Earnings
revenues.....
$5,980,488
116,948
conting'cies.
Provision
capital surplus, of 20 cents per share was made
Dec. 15 and on Nov. 15, last.
Regular dividends of 20 cents per share w:ere paid on the old stock
Oct. 15, last and each month previous..—V. 145, p. 4127.
operating
579,114
$1,838,864
129,788
Excess of call price over
par val. of 1st mtge.
capital of this company 'was reduced from
$2,000,000 to $1,600,000 by reducing the par value of the shares from $10
Gross
2,162,071
627,640
Extraordinary deduct'ns
of Sept. 29,1938 the
San Diego
2,793,680
Total profit
"
as
3,794,435
681,140
Interest
Fed. capital stock tax
Ltd.
tribution-—
$5,730,987
_____
Net profit on oper
Other income.
4066.
p.
$8,826,438
exps..
Net deficit after fixed
x
1935
$5,504,608 $10,456,062
...
Advertising, selling and
Southern California Telephone
a
^
Co.—Gain in Phones—
Company during December had a net station gain of 3,871 compared with
gain of 3,905 stations in December, 1937.
For the 12 months to Dec. 31, 1938, net station gain was reported at
net
32,470 compared with 52,156 gained in he 1937 year.
As of Dec. 31,1938
there were 701,785 stations in service.—V. 147, p. 3621.
Southern Ice
Illegal and fraudulent withdrawal of large sums of money and market
manipulation were charged to Amadeo P. Giannini and other directors of
the corporation in a suit filed in Los Angeles, Calif., Dec. 29, by Rose
Breakstone, sueing for herself and other stockholders of the concern.
The
complaint charges that Mr. Giannini, with the consent of other directors,
has withdrawn large amounts and has engaged in stock market operations
which have been held fraudulent and are under investigation by the Se¬
curities and Exchange Commission.
National
Southern New England
Telephone Co.—Earnings—
Acquisition—
Operating revenues
Uncollectible oper. rev
Operating revenues...
Operating expenses
$1,538,946
1,079,417
control of the Cali¬
This company on Dec. 13, 1938 acquired a majority
fornia Exploration Co., a California corporation organized
1938—Alonth—1937
1938—11 Afos.—1937
$1,543,446 $1,505,206 $16,534,275 $16,454,925
4,500
4,000
50,000
35,000
Period End. Nov. 30—
Corp.-—Sued by Stockholder—
Transamerica
Co. Inc.—Tenders—
Bank of the City of New York, successor corporate
trustee, is inviting offers for tne sale of sufficient Southern Ice & Utilities
Co. first mortgage gold bonds, convertible 6% series, due Feb. 1, 1946 to
the sinking fund in an amount to exhaust the sum of $19,290, at a price
not to exceed 102% and interest.
Offers will be received by the bank to
12 noon, Jan. 20, 1939, at Its corporate trust department, 11 Broad St..
New York.—V. 147, p. 904.
Chase
Jan. 14, 1939
Chronicle
Financial
290
oil, to drill oil wells and to develop
Securities and Exchange
Net
251,614
income
$4,350,323
1,3816.54
$2,968,669
2,308,252
laws
500,000 shares of capital stock with a par value of $1 each.
On Dec. 13,
1938. Transamerica Corp. owned a majority control in the company having
acquired 68.15% of the stock outstanding.
' ' "
,
On Dec. 13, 1938, Transamerica acquired for cash 485 of the 500 shares of
outstanding capital stock of the Bank of Sellwood, Portland, Ore., the bank
being at present a subsidiary of the company.
The First National Bank of Garden Grove, Garden Grove, Calif., passed
Into the hands of Transamerica on Dec. 23, when the firm acquired 252
of the 500 shares of the outstanding capital stock.—V. 147, p. 3776.
$5,130,838
1,341,062
$294,259
238,060
$322,132
income
Net oper.
$406,475
112,216
137,397
$3,789,776
3,180.205
„
4068.
—V. 147, p.
Ry.—-Earnings—
Southern
1938
1 to Dec. 31—-
Spang, Chalfant & Co.,
Inc.—Tenders—
Co., will until 12 o'clock noon March 10
of sufficient 1st mtge. 5% sinking fund gold
bonds due Jan. 1, 1948 to exhaust the sum of $199,580 at prices not exceed¬
ing 103 and interest,—V. 147, p. 2404.
1
Peoples-Pittsburgh
Trust
receive bids for the sale to it
on
tion certificates, on or about Jan.
54,600,000 of 4K% promissory notes of the coropration, maturing
Electric output of the public utility operating companies in the Standard
system for the week ended Jan. 7,1939, tot-led 109,393,
Gas & Electric Co.
the
of 5.1% compared with the corresponding
the
(Kan.)—Buys 6,648 Own Shares-
147,
p.
On 246,500 shares of capital
y
Stott
the recent
Briquet Co., Inc.:—Accumulated Dividend—*•.
dividend of 50 cents per share on account
stock, payable Feb.,1 to holders of
of accumulations on the $2 conv. pref.
1, Aug. 1, April 26
Feb. 1, 1937.—V. 147, p. 2548.
Similar payment was made on Nov.
and Feb. 1, 1938, and on
Sun Oil Co.—$12,000,000 Debentures Placed Privately in
December, 1938—
•'
The company on Dec. 31, 1938, sold privately $12,000,000 of 10-year
2%% debentures, plus accrued interest to the date of delivery, to the
Equitable Life Assurance Society of the United States, according to infor¬
mation disclosed in a report to the Securities and Exchange Commission.
The proceeds of the issue (dated Dec. 1, 1938) will be used for the con¬
struction of refining units at Marcus Hook, Pa.; and Toledo, Ohio.
The company in Feb. 1937 sold privately an issue of $9,000,000 2%%
debentures at par to the Prudential Life Insurance Co. of America.—
V. 147, p. 2877.
,
.
,
United Distillers of Canada,
Years
'1937
$373,591
9,851
60,981
& income.
$196,699
43,500
$483,963
43,500
$383,443
30,750
$428,694
46.425
100
375
on
sales
Miscellaneous income—
Gross profit
payable Jan. 28 to holders of record Jan. 14.
This compares
paid on Nov. 1 and on Aug. 1, last, and previously regular
quarterly dividends of 20 cents per share were distributed.
In addition an
extra dividend of 50 cents was paid on Jan. 27, 1938.—V. 147, p. 3776.
Directors' fees.
Selling expenses
Allowances & loss
Teck-Hughes Gold Mines, Ltd.—Earnings■,—
95,930
92,830
15,671
Dry tons of ore treated..
Dry tons of old tailing
.«
12,118
-
88,900
"
re-treated
17,212
106,112
108,501
$1,070,570
22,569
103,658
$1,183,650
$1,173,434
28,208
33,872
$823,725
462,826
$1,093,139
58,165
92,033
$1,211,859
428,607
115,808
$1,207,306
439,683
107,508
95,930
$819,005
4,721
Income from investments
Total gross
earnings..
Devel., min. & mill. exp.
Insurance and taxes
489,096
Gen. exp., incl. market¬
ing bullion & assaying
Exp, on outside props. &
exploration work
53,875
60,960
58,946
64,123
16,724
6.36J
5,025
Mat'l
&
supplies,
written
17,332
Depreciation
Prov. for
— -
contingencies..
Pro v. for Dom.
income
147,
p.
$444,688
$603,473
'$582,167
$0.09
>.12
,$0.12
4,557
2.075
98.500
$236,664 loss$143;595
73,586
$758
35,845
•
Dividend paid
x
$50,971
$50,971
Ac
-
loss$41,280
Co.—Sells
Traction
Lines—
The company, a subsidiary
of the National Power & Light Co., has re¬
announced Dec. 30. The
company, which a few months ago sold its electric properties to the Ten¬
nessee Valley Authority and the City of Knoxville.
has sold its traction
lines to Knoxville Transit Line3, a new concern, for $250,000.
The new company, it was announced .intends to spend $500,000 to
motorize equipment completely
and to improve terminal and garage
acilities
marks.
&c.l1
J[
Other inv., at cost
1938
(81,921
91,923
178,140
10,000
60,144
past due
39,899
Other assets
Deferred charges..
34,539
Bank loan fsec'd).
389,750
182,758
1,329,506
Cash
1.351,756
41,232
Sundry creditors..
94,578
91,589
51,105
Reserve for Income
72,337
81.445
$2,351,081
$2,243,316
and other taxes.
..$2,351,081 $2,243,316
Total
x
38,720
b58,401
U. S. Treas. Dept.,
2
10,750
8,750
76,211
*75.000
3,633
surplus
I
148,206
■
1937
Capital stock...$1,579,429a$l,612.263
Capital surplus—
Deferred liability.
Res. for contings...
523,940
778,928
distillery,Bait
Goodwill, lie.,
y
Earned
»
Buildings, machinery,
Liabilities—
1937
1938
Assets—
Trade
tired from business in Knoxville, Tenn., it was
After reserve for depreciation
Total
of $660,846 in 1938 and $598,302 in 1937.
Represented by 707,841 (722.565 in 1937) no par shares,
a After reduc¬
supplementary letters patent dated Feb. 13, 1937,
of $226,641.
b Arising from the acquisition by a subsidiary company of
shares of the parent company at a cost less than the average stated value.
—V. 146, p. 771.
y
tion in accordance with
The traction facilities
disposed of by Tennessee Public Servcie to Knox¬
ville Transit Lines were assessed for $2,500,000 in 1938 and were carried on
$4,000,000.—V. 148,
Texas Power & Light Co.—To
p.
135.
Sell Properties—
The company has offered to sell its electrical properties in 16 central
counties to the Lower Colorado River Authority for $5,000,000.
United States Rubber
Texas
is
stated that 23 towns have already voted to construct municipal distributing
systems, and most of them have already started construction.
If the com¬
pany's properties are purchased by the Authority, the cities can purchase
their distributing systems from the Authority at approximately reproduction
cost, it is said.—V. 148, p. 135.
It
Ltd.—Bonds Called—
(Kansai Division) sinking fund 7%
gold bonds, series A due March 15* 1955 has been called for redemption on
March 15 at par and accrued interest. Payment will be made at the Guar¬
antee Trust Co. of New York.—V. 146, p. 449.
.«•
A total of $275,000 first mortgage
Co.—FTC Charges Company with
Unfair Practices Under Patman Law—
United States Rubber Co.
and
one
of its subsidiaries, U. S. Tire Dealem
Corp., are charged in a complaint issued by the Federal
10 with violation of the Robinson-Patman Act
Jan.
engaged in unlawful price discrimination
Trade Commission
in that they have
in connection with the sale of
automotive vehicle tires.
Since
Toho Electric Power Co.,
2,699
27.849
39,380
taxes
Profit.
New
$0.05
Public Service
the utility's books at
8,861
50,771
11,821
& Prov.
'
.
2549.
Tennessee
9,408
4,754
67,224
26,828
10,000
Interest
.
...
—V.
amt.
off
Bad debts
Consolidated Balance Sheet Sept. 30
$232,134
-
36,683
29,453
39,099
11,489
17,612
8,074
of American companies
13,822
"144 shs. (par $1) capital stock
104", 179
8,065
4,154
Legal fees
Land
Bal. tosurp. acct.(est.)
Earns, per sh. on 4,807,-
182,956
84,713
2,552
Amt. written off org.exp.
,
Total tonnage milled.
Gross value of bullion...
625
136,200
227,684
inv.
on
Office salaries & exps—
1935
1936
91,540
1937
1938
Sept. 30 '35
$367,712
$483,963
Executive salaries—...
Pay 20-Cent Dividend—
stock, par $1,
with 10 cents
•
13Mos.End.
301936
$196,699
profit
Directors have declared a dividend of 20 cents per share on the common
3 Afos. End. Nov, 30—'
Ltd. (& Subs.)- -Earnings
Ended Sept.
1938
Period—
Gross
Sun Ray Drug Co.—-To
be used for
Fidelity-Philadelphia Trust, Girard Trust,
Provident Trust, the Pennsylvania Co. for Insurances, Insurance Co. of
North America, Alliance Insurance Co., Philadelphia Fire & Marine In¬
surance Co. and Indemnity Insurance Co. of North America.
Five additional holders of preferred stock have joined the interveners:
Land Title Bank & Trust Co., United States Fidelity &■ Guarantee Co.,
Fidelity & Guarantee Fire Co., Lumbermen's Insurance Co. and Philadel¬
phia National Insurance Co.
The brief stated: "It is obvious that if such a program is carried out,
United Corp. becomes purely a general investment trust.
It is to the best
interest of investors that, before any such program is embarked upon,
United Corp. should explore more thoroughly the possibility of exchanging
some of the securities in its portfolio for its preferred stock."
The inter¬
veners asked the Commission to disapprove United's investment program
"because it involves the capitalization of earnings properly applicable to
preferred dividends in arrears and also because, while of possible advantage
to speculators, it
is obviously opposed to the interest of investors."—
V, 147, p. 4070, 3623.
•
He succeeds H. G. Brengle.—V. 147, p. 134.
record Jan. 20.
and Exchange
The brief was submitted for:
Hardt was elected a director of this company at
The directors have declared a
$8,000,000 in¬
The companies contended that the fund of $8,000,000 should
the payment of defaulted dividends on preference stock.
(John B.) Stetson Co.-—New Director—
Frank M.
recently permitted to intervene
Commission.
stock.—V.
3323.
annual meeting.
insurance and trust companies,
against the application of United Corp. for approval of an
vestment program, on Jan. 6 filed its brief at the Securities
.
After taxes and charges,
Asked to Reject Program—
United Cor p.—SEC
A group of
York has been appointed
stock.—V. 147, p. 3472.
registrar for the $5 preferred
Sterling Aluminum Products, Inc.—Earnings—
1938—Month—1937
1938—11 Afos.—1937
Net profit
$19,233
$15,008
$163,251
$361,563
Earns, per share
$0.07
$0.06
$0.66
$1.46
Missouri—Registrar—
Bank of the City of New
The Chase National
Period End. Nov. 30—
x
acjuisition of timber lands.
H. Rollins & Sons, Inc., and Blyth & Co., Inc., have been named as
issue.—-V. 147, p. 4069.
principal underwriters of the new
Union Electric Co. of
has reported to the Securities and Exchange Commission
purchase of 6,648 shares of its own common stock, bringing the total out¬
standing on Dec. 31 last, to 106,190 shares.—V. 147, p. 3471.
y
between
E.
year.—V. 147, p. 135.
Company
x
21.
an. 1, 1941 and Jan. 1, 1951, to the Metropolitan Life Insurance Co. and
the Prudential Life Insurance Co. of America, are to be used to prepay the
corporation's outstanding bank lopns, miscellaneous notes, including equip¬
ment notes, given to vendors of equipment supplied to the Savannah, Ga.,
plant, and certain purchase money obligations incurred in concction with
Standard Gas & Electric Co.— Weekly Output—
127 kilowatt-hours, an increase
at which the new
with the subscrip¬
It is expected that subscription rights
will expire on or about Feb. 3, the letter states.
Proceeds of the sale of the stock, together with proceeds of the sale of
month of December, 1938 were $5,607,719 compared
with $6,085,721 for December, 1937, and show a decrease of 7.85%.
Net sales for the 12'months ended Dec. 31, 1938, were $49,847,328 com¬
pared with $56,117,734 for the same period in 1937, which is a decrease of
11.17%.—V. 147, p. 3621.
Standard Oil Co.
Stockholders will have the right to subscribe
of new stock for each five shares
19 <9.
shares in the ratio of one share
of present stock then held.
Definite notice of the price
stock is to be offered will be sent to stockholders, together
Net sales for the
week last
about Jan. 21,
or
to the new
Inc.—Sales—
Spiegel
,
Union Bag & Paper Corp.—Outlines Offer to Subscribe to
210,455 New Shares—Sells $4,600,000 Promissory Notes—
Corporation has sent to its stockholders a letter outlining an offer to sub¬
scribe to 210,455 new shares (no par) capital stock.
Upon the registration
of the new securities with the Securities and Exchange Commission becom¬
ing effective, it is expected that rights to subscribe to the new stock, which
will be represented by subscription certificates, will be sent to stockholders
1937
1938
1937
$2,798,520 $118993,352 $131200.576
.
(est.)... $3,432,088
4068.
Gross earnings
—V. 147, p.
Jan.
Week of December
Fourth
-
Commission.
California Exploration Co. was incorporated on Aug. 18, 1938 under the
of California, with an authorized capital of $500,000 consisting of
$1,501,206 $16,484,275 $16,419,925
1,094,731
12,133,952 11,289,087
$459,529
Net oper. revenues..
Operating taxes
to prospect for
them, according to reports filed with the
1935,
United States Rubber Co. has con¬
through subsidiary corporations, some of which
the complaint alleges,
ducted its business chiefly
in turn own or control,
other operating
Dealers Corp., an operating sub¬
the sale and distribution of rubber
by other subsidiaries of United
through voting stock ownership, still
companies.
The respondent U. S. Tire
sidiary, allegedly is engaged principally in
products, including tires, manufactured
Volume
148
Financial
Chronicle
States Rubber Co.
Its merchandising and pricing policies are determined
and dictated by United States Rubber
Co., and the same set of officers
/
both companies, the complaint
alleges.
serve
Pennsylvania Sugar Co. Voting Trust Ctfs
Northern
General
United
Prices," less certain trade, functional, quantity and volume discounts.
The complaint contains the following allegations
concerning the re¬
spondent companies' alleged price discrimination practices:
1. Respondent United States Rubber Co.,
through certain of its sub¬
sidiaries, has contracted to sell and has sold to certain purchasers large
quanities of special brand tires at prices different and lower than the prices
charged by it to other purchasers of its tires of like grade and quality bearing
The subsidiaries named
are
U.S.
New
Rubber Products, Inc.,
York; Gillette Rubber Co., Eau Claire, W is.; and Samson Tire &
Rubber Co., Los Angeles.
The concerns purchasing tires bearing brands,
markings and designs specified by them, and who receive the benefit of the
discriminatory prices, are Montgomery Ward & Co., Inc., Atlas Supply Co.,
western Auto Supply Co., Western Auto
Supply Agency of Los Angeles,
and Arkansas
2.
Both United States Rubber Co. and its subisdiary, U. S. Tire Dealers
to sell and have sold tires bearing their own brands
to certain
dealers, oil companies and others, who purchase in large quan¬
prices different and lower than the prices allowed for tires of the
to other customers whose purchases or require¬
ments are smaller in amount.
In this instance, the price discrimination
results from the allowance to those who purchase in
large volume, of various
discounts, commissions and rebates which are not granted to all purchasers.
3. Through retail stores owned and operated in 20
tities,
at
grade and quality sold
principal cities by the
respondents United States Rubber Co. and U. S. Tire Dealers Corp., they
have sold tires to certain users and consumers,
,
including so-called "com¬
mercial accounts," at prices different and lower than the prices charged
other retail purchasers for tires of the same grade and
quality.
4. The respeondent companies have contracted to sell and have sold
large quantities of tires to certain oil companies which market the tires
through oil and gas stations which they own or lease to the operators
thereof.
Among these oil co lpanies are Socony-Vacuum Oil Co., Inc.,
and its operating subsidiaries ana
affiliates; American Oil Co.; Pan-American
Petroleum Corp.; and Tide Water Associated Oil Co.
These oil companies
controlling more than 2,800 stations, purchase tires from the respondent
companies on terms at least as favorable as the best terms accorded to
wholesale tire dealers.
In addition, these oil companies receive a 7H%
commission on tires sold to their oil and gas stations by respondents and
their distributors.
The contracts for the payment of this
"overriding"
commission provide that it is to be paid where such sales have been obtained
through the influence and merchandising assistance of these oil companeis.
Such commission is not available on
of the respondents' customers
distribution of tires,
proportionally equal terms to all other
competing with these oil companies in the
.
,
It is alleged that the effect of the aforesaid practices is and has been
substantially to lessen and injure competition in, the distribution and sale
of automobile tires between the
respondents and other tire manufacturers,
■
and between the special brand and other customers of
respondents receiv¬
ing the benefit of such price discrimination and other tire dealers paying a
higher price for respondents'tires.
"
f
;
Twenty days are allowed for answering the complaint.v
President Davis Expects
•
Approval of Co.'s Methods—
In answer to inquiry, F. B. Davis Jr., President, stated that the United
States Rubber Co. had received a complaint from the Federal Trade Com¬
mission questioning some of its methods of selling automobile tires.
Mr.
Davis said that the company always had and would continually endeavor
to conduct its
business in accordance with
the law, in
the interest of the
public, including the company's dealers, employees and its stockholders.
Mr. Davis believes that when the company's merchandising policies are
fully explained, the Commission's approval will be forthcoming.
President Purchases 5,000 Shares of Stock—
Company has advised the New York Stock Exchange that F. B. Davis Jr.,
President, has exercised an option for the purchase of 5,000 shares of com¬
mon stock at $20 per share.—V.
147, p. 3925.
»
Utilities Power & Light Corp.—To
Eastern
Division, Utilities Power & Light Corp., Ltd., a wholly owned
subsidiary of Utilities Power & Light Corp., debtor, offers to use $9,000,000
for the purchase, by tender, of debentures of and claims against Utilities
Power & Light Corp., debtor, at a
price of 70 flat.
claims which may
be tendered
are
described
as
The debentures and
follows
Thirty-year 5% gold debentures of Utilities Power & Light Corp.,
dated Feb. 1, 1929, due Feb. 1, 1959 (the maturity of this issue, however,
has been accelerated in accordance with the terms of the indenture under
which it was issued), to which shall be attached all coupons maturing on
and after Feb. 1, 1937.
Twenty-year 5H % gold debentures of Utilities Power & Light Corp.,
dated June 1, 1927, due June 1, 1947 (the maturity of this issue,.however,
has been accelerated in accordance with the terms of the indenture under
which it was issued) to which shall be attached all coupons maturing on
and after June 1, 1937.
.
(c) Claim against Utilities Power & Light Corp., debtor, by the trustee
holders of first mortgage gold bonds of Utilities Elkhorn Coal Co. dated
July 1, 1928, due July 1, 1948 ,(the maturity of this issue has also been
accelerated) to which shall be attached all coupons maturing on and after
Jan. 1, 1937.
The alleged claim shall be represented by written assignment
or
covering the holder's right, title and interest in and to such claim, and he
depositary to write, print or stamp on the accompanying
bonds and coupons of the holder an appropriate notice of such assignment
as aforesaid.
(Liability upon the bonds mentioned is dependent upon the
ultimate determination of whether a contract dated July 1, 1928, among
the debtor, Utilities Elkhorn Coal Co., and the trustee in the indenture
under which these bonds were issued, effected a guarantee of these bonds
by the debtor.
Consequently the claims, upon tender, necessarily must be
deposited in escrow, pursuant to the escrow agreement).
V ' • '
(d) All other claims heretofore filed in Case No. 64605 in the U. S.
District Court for the Northern District of Illinois, Eastern Division, at
Chicago, wherein Utilities Power & Light Corp., debtor, is being reorganized
under section 77B of the Bankruptcy Act.
A tender of each such claim shall
be by written instrument duly signed by the respective claimants.
American National Bank & Trust Co., 33 North La Salle St., Chicago,
and Manufacturers Trust Co., 55 Broad St., New York, have been desig¬
nated as depositaries.
*
shall authorize the
Delisting Hearing—
Hearings will be held Jan. 18 on the application of the New York Stock
Exchange to strike from listing and registratiion the class A stock ($1 par)
of the corporation.
The application states, among other things, that the
transfer and registrar facilities for this stock in the Borough of Manhattan
are no longer available.—V. 147, p. 3778.
West Tennessee Power & Light
The
Common
Stock
YARNALL &
A. T. & T.
1528
Walnut
CO.
Teletype—Phla 22
St.
Philadelphii
United Gas Improvement Co.—*
Week Ended—
Veekly Output—
Jan. 7, *39
Electric output of system (kwh.)
v •148f
P* 136«
;»
Dec. 31, '38
Jan. 8,'38
95,204,370;,.; 93.776,733
'VV;'1
,
stockholders
of
National
Co.—Sale—
Light Co. recently voted to
authorize the sale of the electric properties of West Tennessee Pswer &
Light Co. to Tennessee Valley Authority and towns of Jackson, Ripley,
Brownsville and Humboldt, Tenn.
Sale of water and ice properties to
Ripley and of water works to Halls, Tenn., also were authorized.
The
total price to be paid for the West Tennessee properties being disposed of
will be about $1,775,000, leaving the company with net quick assets of
$694,000, gas properties having a rate base of $822,346 and street railway
facilities which will be abandoned of $316,917.
>**The town of Jackson will pay the company $750,000 for electric facilities,
Tennessee Valley Authority will buy various transmission and rural dis¬
tribution lines for $509,000, Humboldt will take electric facilities for $50,000
Brownsville is to pay $120,000 for its power distribution system, Halls will
buy its water works for $60,396, and Ripley will buy its electric distribution
system for $171,000 and $114,559 for water and ice properties.
Power
89,295,092
•_'
5'
'
i
,!
Light & Power Co, (& Subs.)- -Earnings—
12 Months Ended Nov. 30—
•
1938
.
1937
Gross operating earnings of subsidiary
companies
(after eliminating in ten-company transfers)
General operating expenses
$87,527,172 $89,014,324
39,907,934
41,549,257
Maintenance
4,709,235
4,662,093
Provision for retirement.
8,933,209
8.637.153
General taxes and estimated Federal income taxes.
10,680,075
10.769.884
.
-
___
__
...
Net earnings from operations of sub.
companies_$23,296,7l8 $23,395,937
Non-operating income of subsidiary companies
1,335,315
2.314,761
Total income of subsidiary companies
Interest, amortization and pref. divs. of sub.
Balance....
cos..
•.
$8,609,839
Proportion of earnings, attributeable to minority
common
stock
$24,632,033 $25,710 698
16,022,194
15,814,' 584
$9,896,113
v
1,852,777
2,260,500
Equity of United Light & Power Co. in earnings
of subsidiary companies
$6,757,062
Income of United Light & Power Co. (exclusive of
$7,635,613
;
income received from
subsidiaries)
26,310
Expenses and taxes of United Light & Power Co..
Balance..
Interest on funded
bond discount and
debt,
&c. of holding company
pense,
74,114
$6,783,372
405,074
$7,709,727
188,221
$6,378,298
Total
$7,521,506
ex¬
2,429,814
Balance transferred to consolidated surplus
2,508,127
$3,948,484
...
$5,013,380
Earnings of Company Only
12 Months Ended Nov. 30—
Gross income..
1938
Expenses and taxes
Interest, amortization of discount and expense
...
funded debt
—
...
Net income
—V. 147, p.
2,390,091
39,723
2.469,471
38,655
$462,763 loss$293,011
—„—i
3777.
$2,403,336
188,221
on
...
Other deductions
1937
$3,297,652
405,074
\i
United Light &
Railways Co. (& Subs.)—Earnings—
12 Months Ended Nov. 30—
1938
1937
Gross oper. earns, of
subsidiary and controlled com¬
panies (after eliminating inter-co. transfers)
$77,726,467 $78,628,556
Maintenance
35,351,784
4,244,958
7,891,142
and estimated Federal income taxes.
9,368,972
General taxes
36,552,664
4,113,884
7,576,753
9,544,353
—
—...
Net earns, from opers. of sub. & controlled cos..$20,869,611 $20,840,902
Non-operating income of subs. & controlled cos...
500,379
1,791,753
Total income of subs. & controlled companies..$21,369,989 $22,632,655
Int., amortiz. & pref. divs. of subs. & controlled cos 13,413,721
13,164,385
Balance
$7,956,268
Proportion of earnings,
common
$9,468,269
1,852,777
2,264,070
attributable to minority
stock.
........*__
Equity of United Light & Rys. Co. in earnings
of subsidiary and controlled companies...$6,103,491
Income of United.Light & Rys. Co. (exclusive of
income received from subsidiaries)
899,360
T0taj
.
.
•
,
^
mm
m
'
m m mm, m
debenture interest—
on
j._
Balance transferred to consolidated surplus
Prior
preferred stock dividends
Balance...
235,727
73,763
$7,476,274
1,350,366
'•
42,263
18,490
$5,351,714
1,375,000
42,988
17,659
,
1.211,752
$6,040, 26
1,229, 93
$4,139,962
—r-~->——
---
.....
—v. 147, P. 3777.
$7,785,764
$6,762,833
—....
Holding company deductions—
Interest on 5j^% debentures, due 1952-...
Amortization of debenture discount and expense
Tax
581,564
$7,002,851
117,248
122,770
m mm m
Expenses of United Light & Rys. Co.
Taxes of United Light & Rys. Co—.
Balance...
$7,204,200
$4,810,934
.
Virginia Electric & Power Co.—Earnings— 4
Pefiod End. Nov. 30—
Operating revenues
Operation
;
Maintenance
Taxes
Net oper. revenues—
Non-oper. income (net).
Balance
Interest & amortization.
Balance
1938—Month—1937
$1,541,139
647,623
"
125,437
al33,996
1938—12 Mos.—1937
$1,495,792 $18,111,041 $17,695,095
569,870
7,067,395
6,722,572
129,572
1,452,656
1,431,647
,177,905
2,089,323
2,187.112
$618,444
$7,501,667
Drl5,476 bDrl 17,518
$7,353,864
Drl70,811
$623,186
141,103
$602,968
144,712
$7,384,149
1,857,568
$7,183,053
1,743,299
$482,083
$458,256
$5,526,581
2,055,938
$5,439,754
2,036,667
$3,470,643
1,171,421
$3,403,087
1,171,617
$2,299,222
$2,231,470
$634,083
bl>rl0,897
Appropriations for retirement reserve
&
Virginian Ry.—$1 Dividend—
The directors on Jan. 10 declared a dividend of $1 per share on the common
stock, par $100, payable Jan. 26 to holders of record Jan. 16.
Regular
quarterly dividend of $2 was paid on Dec. 27, last. Extra of $2 was paid on
Jan. 28, 1938.—V. 148, p. 136.
'
United
Provision for retirement..'
In accordance with the authorization of the Securities and
Exchange
Commission and the District Court for the Northern District of Illinois,
(b)
Rwy. Stock
Co.
Improvement $5 Preferred Stock
General operating expenses
Use $9,000,000 for
Purchase of Claims and Debentures—
(.a)
Central
Plastics
Gas
Fuel Oil Co.
Corp., have contracted
same
WE DEAL IN
Philadelphia Electric Co. Common Stock
Sales to wholesalers and retailers of tires
bearing the respondent com¬
panies' brands, the complaint charges, are made
by the respondent U. S.
Tire Dealers Corp.
pursuant to "distributor sales agreements" and "service
station dealer sales
agreements," entered into from year to year, which
provide that tires will be sold to the distributor or dealer at the
prices
shown in the respondents' current
price list known as "United States
its own brands.
291
Balance
Preferred dividend requirements
Balance for common divs. and surplus
a The redemption of series A bonds which were called for payment on
Nov. 7,1938, will substantially reduce Federal income taxes for the taxable
1938.
During the last three months of the year and company is in
reversing accruals made through Sept. 30, 1938; $72,000 of such
$28,000 in November.
b Includes credit of $514 representing interest on funds for construction
year
part
accruals were revised in October and
purposes.
Note—Effective Jan. 1, 1937, the company adopted the new system
o*
prescribed by the Federal Power Commission, which differs in
from the system the company previously followed, hence
the above 12 months' figures are not exactly comparative.—V. 147, p. 3779.
accounts
certain respects
Wabash Ry.—To
Issue Equipment Trusts—
Federal Court at St. Louis for authority
and issue receivers' equipment trust sinking fund 3% certificates
The receivers have applied to the
to create
Financial
292
In amount of
$7,550,400 for purpose of acquiring equipment
securing a like
would
of
of outstanding equip, trust obligations.
The new issue
be dated Jan. 1, 1939, ana mature July 1, 1946, subject to retirement
not less than $1,000,000 annually.
Federal Judge Charles B. Davis set
the matter for hearing on Jan. 24.—V. 147, p. 4071.
amount
Co.—Sales—
Walgreen
$7,670,559
Sales--
147, p. 3625.
—"V.
1938—12 Mos.—1937
$7,476,311 $68,019,858 $68,659,345
1938—Month—1937
Period End. Dec. 31—~~
,
Washington Gas Light Co.—Dividend Increased—
Directors have declared a dividend of 37 M cents per share on the common
stock, payable Feb. 1 to holders of record Jan. 14.
Previously regular
quarterly dividends of 30 cents per share were distributed.—V. 147, p. 3030.
Waterford Downs, Inc.—Registers with
first page of this department.
S&C—
See list given on
Disinfecting Co.—Tenders—
The Chase National Bank of the City of New York, successor trustee,
is inviting tenders for the sale to it at prices not exceeding 100H and int.
of 1st mtge. s. f. gold bonds due July 1, 1940, in an amount sufficient to
exhaust the sum of $24,776 now in the sinking fund.
Tenders will be re¬
ceived to 12 noon on Jan. 31,1939, at the corporate trust department of the
bank, 11 Broad St., New York.—V. 147, p. 3474.
"
West
Consolidated Income Account for Years
of
Amortiz.
$5,788,208
377,937
$3,986,480 $2,846,165
455,345 :
437,492
$6,166,145
162,206
$4,441,825
29,873
30,977
2,583,150
32,911
—
56,789
2,343,958
b653,869
invest, sold, &c_
Deprec. & depletion—Prov. for Fed. inc. tax..
Provision for losses on
marketable securities.
dividends
-
sh. on com..
87,312
Cr329,422
0535,441
$2,862,012
934,718
631,825
$2,234,256
$1,357,124
926,879
;
1938
Prop. &
$
54,000
54,000
-----
3,434,564
2,026,282
503,859
Inventories—7,188,012
8,863,820
with
retire.
bopds
$
312,750
—
220,632
Conducting operations.Relief depts. & pensions.
4,709,652
868,380
pay.—trade
358,728
591,571
233,745
233,745
47,393
d744,423
25,000
Accts.
Prov.
payable.
for
Net telegraph &
income tax
244,802
4,205,053
279,161
4,546,044
treas. stocks
25,000
—
Operating income
Non-operating income.
Gross income
-
7,514,443
Dr1,529,005Dr1,529,005
notes.
and
receivable.-
-
Cash
584,053
478,721
877,137
61,432,7721
Total.------61,358,873
61,358,873 61,432,772
Total
depreciation of $31,684,324 in 1938 and $29,324,974
in 1937.
b Represented by 946,322 shares of no par value including treas¬
ury stock,
c Notes payable banks funded in Dec., 1937, through issuance
of 1st mtge. bonds (see V. 145, p. 3832).
d Includes surtax on undis¬
tributed profits.—V\ 147, p. 2709.
1
V
$9,656,010
6,740,521
x$30,914 x$2,024,708
$2,915,489
4071.
p.
,
Inc.—Annual Report—
after all charges including provision for
$19,940 for the fiscal year ended Oct. 29, 1938.
$265,000,000, a decline of 6% from the previous
year, all of which was due to lower prices.
Sales tonnage, however, in¬
creased 5%.
The average composite selling price of all Wilson & Co. food
products was approximately 1 %c. a pound lower than last year—a reduction
of about 9%.
The company's financial position was strong with working
capital of $31,411,000, and a ratio of current assets to current liabilities of
4.76 to 1.
Total current assets amounted to $39,772,580.
"The decline In prices of meats, meat food products, and inedible by¬
products which started in the fall of 1937, as a result of a sharp curtailment
in consumer demand, continued well into the fiscal year 1938 and created
substantial inventory losses during the first half of the year.
We were able
to overcome these losses by profitable operations during the last half of
the year,"
Edward Foss Wilson, President told stockholders.
"In our bu(iness, it is not possible to avoid inventory losses during times
of acute price declines such as we experienced in this year.
They very
materially affect operating results.
"The selling prices of meats and meat food products are largely esta¬
blished by consumer demand, and consumer demand rises or falls with
consumer income.
A similar economic dondition usually governs the value
income taxes, of
of inedible
"We
by-products.
the new year with
enter
livestock costs and product prices lower
than at this time a year ago, prospects of larger receipts of
tions of general improvement in business and a higher
products never
Oct. 29 1938
(approximate)——265,465,324 282,746,155 253,226,103
2,724,999
5,189,480 y6,649,629
1,511,950
1,421,36,5
1,373,897
x Interest, &c
1,118,553
1,026.367
912,687
74,556
234,221
294,589
Prov. for income taxes.
223,017,543
2,507,528
4,068,457
4,109,539
727,079
1,938,845
—998,650
1,938,711
1,453,738
999,880
750,399
19,940
7% pref. dividends.$6 pref. dividends
Common dividends
—.
Consolidated
„
Oct. 29 '38
Plant and
Other
4,806,200
a
$6 pref. stock...22,724,800 22,724,800
.18,400,855 18,400,855
4071.
p.
•
508,798
Conv. 3 H% debs-
505 902
3,181 870
470,902
Bonds of sub. cos.
3,533,989
notes rec.l 1,207 162 11,541.482
Minority stk. int..
-
Inventories
25,383 549 28,482,731
231,937
751, 165
Western Pacific
30,500
.
Notes payable.i
Prov. for inc. tax.
3,122,312
82,309
141,920
754,419
1,899,334
3,719,478
3,308,510
3,807,712
Dividends payable
payable—
456,850
..
101,850
Other obligations.
109,600
116,450
Contingent res've. 3,325,110
3,322,288
9,404,579
one year
:
Earned
RR.—Case Reopened—
8,737,425
cost. Dr217,811
surplus
Treas. stk. at
Commission has reopened for oral argument on
Jan. 20 its proceeding for the reorganization of the company, the argument
to be confined to the modifications of the plan approved by the Commission
on Oct. 10, proposed in petitions filed by interested parties.
The modifications were sought by the debtor, the A. C. James Co.,
the Reconstruction Finance Corporation, the Railroad Credit Corp., the
Institutional Bondholders' Committee and the Irving Trust Co. as trustee
under the road's general mortgage.—Y. 148, p. 136.
39,478
36,805
2,558,426
Oblig's due within
$294,816 $13,608,739 $17,626,269
, ' "■
'';
\
■
bonds. 18,415,000 18,423,000
6,175,000
5,850,000
1st M. 4%
488, 218
-
Jan. 1 to Dec. 31-—
1938
1937
1937
1938
147,
$
b Common stock.
3,892, 222
cos
investments
Accts.
Oct. 30 '37
$
Liabilities—
equip.40,333, 093 40,434,996
'
;
Oct..29'38
$
Inv. In & ad vs. to
affiliated
"
Sheet
Balance
Oct. 30 '37
$
Assets—
c
'
707,139
Accbunts payable-
Ended Dec. 31
$392,814
Gross earnings
—V.
397,462
—
—...
Drafts
—Week
368,062
_
_1
income
Net
Other assets...
i,
6,966,477
1,367,666
1,121,209
Depreciation
Cash..—.:—
1938—Month—1937
1938—12 Mos.—1937
$4,130,000 $3,778,000 $36,369,000 $37,036,000
'
Fiscal Year Ended
Oct. 31 1936 Oct. 26 1935
Oct. 30 1937
sales
Maryland Ry.—Earnings—
Western
livestock, indica¬
national income.
the fact that our personnel, our plants, and
were better, give us renewed optimism for the future."
Consolidated Income Statement for
Deferred charges
Supply Co.—Sales—
Period End. Dec. 31—
Sales.:
—V. 147, p. 3625.
$4,509,572
6,534,280
Sales for the year were
After reserve for
Western Auto
$579,600
610,514
429,966surl,129,866surl,507,939
Com. shs. out. (no par).
1,993,365
1,993,376
2,001,163
2,001,163
Earnings per share
Nil
$0.28 \
$1.06
$1.08
x Includes minority shareholders'
portion of earnings, $16,317 in 1938,
$217,31 in 1937, $26,575 in 1936 and $48,651 in 1935.
y Includes restora¬
tion of inventory reserve for $750,000 provided out of earnings in prior years.
Deferred charges to
operation
$8,253,350
1,402,660
449447
x$408,789
Deficit
Miscell. stocks and
bonds
$3,171,714
1,337,858
deficit.-r-V. 147,
Indicates
x
$489,275
90,325
$185,199
593,988
-
Deduct, from gross inc..
$938,422
$95,110
90,089
_
Net income
$8,924,905 $13,638,777
332,327
387,825
5,420,864
4,997,602
$614,984
29,515
490,359
operating revenues.
Uncollect, oper. revenues
Taxes assignable to opers
132,376
3,232,199
.
cable
6.432,355
5,132,613
5,033,636
57,492,935
1,914,621
2,090.296
Gross earnings.
Federal
Contingency res
185,292
198,998
misc.exp
All other gen. &
our
4,428,944
Loans to employees
a
444,680
$91,735,233
$7,509,959 $83,081,781
594,485
5,756,498
190,593
7,547,265
445,400
5,070,511
4,979,820
51,786,169
171,148
1,940,583
190,091
2,055,850
.
132,376
Capital surplus
Earned surplus
6,655,654
Common
&
pref.
Cash on dep.
future
All other maintenance--
;
$ 16,324,100
b Common stock.28,619,310 28,619,310
1st mtge. bonds.. 9,900,000 c8,500,000
472,583
Wood advances—
trustee for
1937
1938
Pref. dlv.
notes,loans, &c.
(net)....
Telegraph Co., Inc.—Earnings—
1938—Month—1937
1938—11 Mos.—1937
$7,378,894
539,378
685,910
Preferred stock.-.16,324,100
Accrued liabilities.
321,159
(cost)--Other investments,
147
These conditions coupled with
Liabilities—
Stocks of affiliates
Accts.
$66,842
$0.47
',
b Includes $189,602 for
ohly. d Before provision
1937
$
plant-.39,737,660 40,726,209
Patents
of
a$947,035
$1.45
363,403
Consolidated Balance Sheet as of Oct. 31
,
Assets—
a
926,117
361,104
def$945,356 d$l ,295,469
Nil
$2.13
for contingencies $25,000.
surtax on undistributed profits,
c Depreciation
for loss on securities $36,348.
Before provision
a
278,796
7,344
Preferred dividends
Surplus
222,320
c2,105,893
126,614
87,860
2,148,267
$260,353
934,980
270,730
Net income--
Earns, per
$3,283,657
7,146
22,069
dis¬
bond
count and expense
Common
Western Union
Period End. Nov. 30—
Teleg. & cable oper. revs
Repairs
Deprec. & amortization-
Federal
1935
1936
$3,387,465
442 >858
Total income
Interest
-V.
redemption Dec. 1 last,
$600,000 were called for
2710.
Company, reports net earnings,
$3,078,514
308,951
Total earns, from oper—
Other income
on
p.
Wilson & Co.,
Ended Oct. 31
1937
1938
Loss
the amount of
Virginia Pulp & Paper Co.—Earnings—
West
Jan. 14, 1939
Chronicle
Dr217;639
The Interstate Commerce
Western Public Service Co.
1938—Month—1937
Period End.. Nov. 30—
$188,166
89,152
11,941
Operating revenues
Operation
Maintenance
Taxes
—
-
Net oper. revenues—
Non-oper. income
(net)
-
.
$191,066
96,766
12,909
15,750
16,550
$71,324
Dr7,021
$64,842
Dr6,076
1938—12 Mos
1937
$2,220,828
$2,175,603
1,040,096
1,075,888
136,952
,146,554
190,266*
190,647
$853,513
Dr71,114
$762,514
Dr45,697
$64,303
28,840
& amortization
Balance
$58,766
28,841
$782,399
348,994
$716,817
349,775
$35,463
Balance
Int.
(& Subs.)—Earningsi—
$29,925
$433,405
227,779
$367,042
$205,625
119,452
$142,471
119,451
Appropriation for retirement reserve
224,571
Preferred dividend requirements
$23,020
Note—Effective Jan. 1, 1937, the companies adopted the new system of
accounts prescribed by the Federal Power Commission, which differs in
certain respects from the system the companies previously followed, hence
the above 12 months' figures are not exactly comparative.—V. 147, p.3780.
surplus
$86,174
Wisconsin Public Service
announced on Jan. 6 it was restoring a 10% wage cut to
15,000 workers because of "improved business conditions."
The company
5,000
of its
George H. Bucher, President, said all employees receiving $125 monthly
or less would have their pay returned to the level of last June 1.
Less than
the company received a $2,233,000 con¬
for two battleships and a $764,000 order for two power
24 hours before the announcement
tract for machinery
generators at
Charleston, S. C.—V. 148, p. 136.
White Motor
White Motor
Co.—Subsidiary to Be Dissolved—
Realty Co., wholly owned subsidiary of this company, will
such action filed with Secretary of
Outstanding 6% serial debentures of the Realty company in
be dissolved according to certificate of
State of Ohio.
Corp. (& Subs.)—Earnings—
$8,824,638
1937
$8,435,421
income before ap¬
propriation for depreciation and after taxes..3,568,908
3,559,368
12 Months Ended Nov. 30—
Gross operating revenues
'
,
„
1938
Net operating revenue & other
Net income after
for interest
deduction
charges,
amortization of debt discount and expense, &c__
•
1,436,931
1,349,356
—V. 147, p. 3781.
Wood, Alexander & James,
The directors have declared a
Ltd.—Accumulated Div.—
dividend of $1.75 per share on account
the 7% cumulative first preferred stock, par $100,
able Feb. 1 to holders of record Jan. 16.
Like amounts were paid in
accumulations
on
of the seven preceding
of
pay¬
each
quarters.—V. 147, p. 2553.
(F. W.) Woolworth Co., Ltd'^Vinal Dividend—
the year 1938 on the common
also declared
stock of Is. 9d., less tax, the same as a year ago. The company
a cash bonus of 9d. per unit, less tax, against 6d. a year ago.
Preliminary report of company, for year ended Dec. 31, 1938, shows
profit of £6,691,141 after expenses, depreciation, &c., but before providing
for taxation, comparing with profit of £6,490,014 in 1937.—V. 147, p. 3926#
(F. W.) Woolworth Co. —Sales—
Period End. Dec. 31—
50,379,087
Sales.
—V. 147, p.
1938—12 Mos.—1937
$
$
$
47,182,508 304,294,565 304,775,987
1938—Month—1937
$
Westinghouse Electric & Mfg. Co.—Pay Cut Restored—
85,743,180 90,011,035
Total
—85,743,180 90,011,035
Company declared a final dividend for
Balance
Balance for common dividends and
Total
a
Represented by 324,783 shares no par value,
b Represented by
2,001,163 no par shares,
c After reserves of $17,524,193 in 1938 and
$16,646,684 in 1937.—V. 147, p. 137.
3625.
(Wm.) Wrigley Jr. Co.—Admitted to Trading—
The 2,000,000 shares
(no par) capital stock have been
trading on the Chicago Stock Exchange.—V. 147, p. 3781.
Youngs town Sheet & Tube
admitted to
Co.—Definitive Debs. Ready
Guaranty Trust Co. of New York will be prepared on and after
10, 1939, to deliver at its corporate trust department definitive con¬
vertible debentures due Sept 1,1948, in exchange for outstanding temporary
debentures.—V. 147, p. 3926.
The
Jan.
.
,
Volume
148
Financial
Chronicle
293
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
Terminal
Friday Night, Jan. 13,1939
Coffee—On the 7th inst. futures closed unchanged to 3
points lower in the Santos contract.
There were no sales
reported in the Rio contract.
Transactions in the Santos
contract only amounted to 7 lots.
The Rio contract ruled
unchanged compared with previous finals.
The Havre mar¬
ket was barely steady at %toll/2 francs lower.
Spot 7s in
Brazil were 100 reis higher at 13.3 milreis per 10 kilos.
However, Rio 5s and soft 4s were 100 reis lower at 15.5
and 20.3, respectively.
On the 9th inst. futures closed
2 to 4 points net higher in the Santos contract, with sales
of
42
lots.
There
closed
which
2
to
were
sales
two
in
the
Rio
contract,
3
points higher.
New commissionhouse buying was entered along with a modest amount of
short covering for European account.' Trade interests sold
against actuals and there was scattered profit taking. Very
little in the way of news developed to influence prices.
Presumably the better tone was based on the continued
steadiness of actuals and the
actuals must
broaden.
In
belief that
the
Havre
soon
demand for
market prices
were
z/i to 2\i francs higher, and in Brazil spot prices were 200 reis
higher at 13.500 milreis per 10 kilos.
On the 10th inst.
futures closed 11 to 9 points net lower in the Santos contract,
with sales totaling 59 contracts.
The Rio contract closed 1
to 2 points off, with sales of only 3 contracts.
Coffee futures
were dull and slightly easier.
Santos contracts were 3 to 4
points lower during early afternoon.
Rios were unchanged
to 1 point lower with
May at 4.30c., off 1 point. At Havre
futures were 1H francs higher to
franc lower. In Santos
soft and hard 4s were officially 100 reis higher, while type 5
Rios were 200 reis higher.
Demand for actuals was slow.
Santos 4s
were
offered at 7 to 7.30c.
Medellins wete 13c.
January shipments. Rio
were offered at 4.90c. while
African coffees ranged from 5% down to 5c. according to
grade. On the 11th inst. futures closed 1 to 2 points net
lower in the Santos contract, with sales of 35 lots.
The Rio
contract closed 1 point off to 1 point up, with the sale of only
1 lot.
Trade buying absorbed scattered selling on the part
of operators.' The selling was sufficiently heavy to put the
market down 5 to 2 points on the opening, but the trade
for
support promoted a rally in later trading. There was nothing
in the actual market, and foreign markets showed slight
new
Havre was 1% to 3 francs lower, while Brazilian
prices were irregular with soft 4s 100 reis higher at 20.500
milreis per 10 kilos, hard 4s were 100 reis Jower at 17.700
and Rio 5s off 100 at 15.600 milreis.
It was reported that
in the last half of December Brazil's N. C. D. destroyed
128,000 bags of coffee, bringing the total for the year to
2,761,000 bags and since the program of destruction was
inaugurated in 1931, to the grand total of 64,733,000 bags.
On the 12th inst. futures closed 4 to 2,points net lower,
with sales totaling only 8 contracts in the Santos contract.
There was no business reported in Rios.
The market for
futures was unusually quiet, reflecting conditions in the
actual coffee
department.
During the early afternoon
Santos stood unchanged to 2 points lower with July un¬
changed at 6.58c.
Futures in Havre were M franc lower.
Cost and freight offers from Brazil were unchanged.
No
further concessions were reported in mild coffees.
Of in¬
terest was a report that Colombia had shipped 76,767 bags
to the United States last week, but only 5,537 bags shipped
elsewhere.
Today futures closed 1 to 2 points net lower in
the Santos contract, with sales totaling 11 contracts.
The
Rio contract closed 4 to 3 points net lower, with sales of only
4 contracts.
Prices of coffee futures sagged slightly but
trading was virtually at a standstill. This afternoon Santos
contracts were 3 to 4 points lower while Rios were 4 points
lower.
Reports from the market in actual coffee told of
heavy imports, apparently of coffees bought weeks or even
months ago.
Havre futures were \i franc lower to % francs
higher. Cost and freight offers from Brazil were about un¬
changed. Mild coffees were believed to be available at con¬
cessions from quoted asked prices.
change.
Rio coffee
.
prices closed
March
-
May
-
as
follows:
4.201 September
4.26 December.
_
—
——
4.31
4.33
—4.301
July
Santos coffee
prices closed
as
follows:
May
6.401 September.
6.49 [December
July
6.541
March
__6.56
6,59
Cocoa—On the 7th inst. futures closed 3 points higher to
With selling pressure light most of the day,
gains of as much as 5 to 7 points as
the trade lent good support.
Some profit-taking and hedge
selling late in the day served to send prices moderately below
the tops, so that 1 the closing was considerably off from the
highs of the day. Sales totaled 152 lots or 2,037 tons. Out¬
side prices showed no change in London, while futures on the
unchanged.
cocoa
contracts sold at
Cocoa
with
COMMERCIAL EPITOME
lots
Market ran unchanged to iyd. firmer,
changing hands.
Local closing: Jan., 4.47;
March, 4.56; May, 4.66; July, 4.76; Oct., 4.91; Dec., 5.01.
On the 9th inst. futures closed 2 to 3 points net higher. In a
quiet session futures on the New York Cocoa Exchange
showed firmness under the influence of hedge-lifting by a
leading manufacturer interest.
Opening sales of futures
went at gains of 1 to 2 points, while the
closing was a shade
higher. Sales totaled 117 lots or 1,568 tons. Outside prices
showed no change in London.
Futures on the Terminal
Cocoa Market ran l^d. higher to unchanged, with
only
330 tons trading.
Of the day's business here of 117 lots,
90 lots were in the May delivery.
This was reported as
covering of hedges by one of the large chocolate firms., The
lack of primary offerings remained evident.
Local closing:
Jan., 4.50; May, 4.68; June, 4.73; July, 4.78; Oct., 4.93;
Dec., 5.04* On the 10th inst. futures closed 6 to 4 points net
higher.
Transactions totaled 383 contracts.
The cocoa
310
futures market continued to forge ahead under manufacturer
buying coupled with less insistent hedge selling by producing
countries. Prices were 6 to 8 points net higher during
early
afternoon
on sales of 300 lots, with March at
4.65c., up 7
Wall Street showed little better interest. Manu-.
facturers are talking of enlarged consumption of chocolate
this year owing to the low price of cocoa. Warehouse stocks
decreased 700 bags. They now total 951,854 bags, against
1,042,518 bags a year ago. Local closing: Jan., 4.55; March,
4.63; May, 4.73; July, 4.84; Sept., 4.94; Oct., 4.99; Dec.,
5.08. On the 11th inst. futures closed 1 to 2 points net lower.
Mild pressure late in the session caused prices to ease, which
followed a period of marked steadiness. Opening sales went
at gains of 4 to 5 points. Sales totaled 297 lots or 3,980 tons.
London showed no change on the outside.
Futures there
gained llAd. to 3d. on the Terminal Cocoa Market, with
1,350 tons changing hands.
Consumers and Wall Street
showed buying interest on the local Exchange. There was
further taking of profits.
Local closing: Jan., 4.54; March,
4.62; May, 4.72; July, 4.82; Sept., 4.92; Oct., 4.97; Dec.,
points.
5.09."
On the 12th inst. futures closed 5 to 2 points net lower.
Transactions totaled 318 contracts.
After selling at steady
prices early in the day cocoa futures softened when other
markets sold off.
During early afternoon prices were 4 to 6
points lower under Wall Street selling, with March standing
at 4.56c., 6 points off.
Trading was fairly active, totaling
270 lots to that time.
Hedge selling was well absorbed this
morning by manufacturer buying.
Warehouse stocks in¬
creased 800 bags overnight.
They now total 949,583 bags
against 958,157 bags a year ago.
Local closing: March,
4.57; May, 4.68; July, 4.79; Sept., 4.90; Dec., 5.05. Today
futures closed 1 to 2 points net lower, with, sales totaling
181 contracts.
The cocoa futures market drifted idly with
professional trading accounting for most of the business. In
early afternoon prices were 2 to 3 points lower, with March
at 4.55c., off 2 points.
Sales to that time totaled 180 lots.
Offerings by producing countries were small, but manu¬
facturer interest also was low, while Wall Street was
entirely
indifferent.
now
Warehouse
stocks increased
400 bags.
They
total 949,946 bags, whereas a year ago they amounted
to 908,310 bags.
At this period of 1938 stocks began to drop
rapidly as the holding movement at that time was in full
swing.
Local closing: March, 4.56; May, 4.67; July, 4.77;
Sept., 4.88; Dec., 5.04.
Sugar—On the 7th inst. futures closed 1 to 2 points off
in the domestic contract.
ducing connections
Trade
houses
with
Cuban pro¬
both sides of trading today, and
on a restricted turnover of 70 lots,
prices eased. Today's
trading was centered in March, with 53 lots turned over at
1.90c. and 1.89c., 30 lots passing at the higher price. Some of
this buying Was believed to be hedge lifting against sales of
actuals late on Friday. The selling was thought to be hedging
against new Cuban production.
In the market for raws
Revere late on Friday bought a cargo of Cubas for January
shipment at 1.963^c. delivered at Boston.
There were
further sellers at 1.95c. on Saturday, but buying interest
generally was not better than 1.90c. The world sugar con¬
tract closed Yo, to llA points net lower.
London closed un¬
changed to yd. off. Sales of world sugar contracts totaled
80 lots today. On the 9th inst. futures closed 1 point higher
to unchanged. Total sales were 137 lots.
The appearance of
40 notices against January stepped up trading in that month
today and forced a decline of 6 points in that delivery. A
development which came after the market closed was con¬
sidered in some quarters as of major importance. It was the
announcement from Washington that Senator O'Mahoney
had introduced a resolution supported by nine other Sena¬
tors from Louisiana and some beet States, asking Con¬
gressional investigation of the activity of the State Depart¬
ment in connection with the proposed reciprocal trade agree¬
ment with Cuba.
Observers here thought it might be the
were on
Financial
294
forerunner of
a
legisla¬
major assault on the present sugar
market was a shade easier today.
Cubas were offered at 1.93c., but buying interest was not
better than 1.9Je.
Philippines for Feoruary arrival were
available at 2.8Jc. but refiners would pay only 2.75c.
The
world sugar contract closed unchanged to 1 point higher,
with sales of 189 lots. London raws w^-re offered at 6s. 2^d.,
tion.
The tone of the raw
equal to 1.11c. f.o.b. Cuba, with freight at 17s. per ton.
On the 10th inst. futures closed 1 to 4 points net lower in
the domestic contract, with sales of 46J contracts. The world
contract closed 34 to 2 points net higher, with sales of
The sugar markets were active in futures.
Domestic trading resulted in lower prices on reports of an
sugar
100 contracts.
market and reports that the Senate would
of the State Department on the pro¬
posed change in the Cuban sugar tariff.' Six January notices
were issued, having a depressing effect.
In the raw market
February Cubas were offered at 1.90c. with no takers.
Philippine sugar producers were reported two to three months
behind their selling schedule.
In the world sugar market
easier
raw
sugar
inquire into the action
prices responded to an improvement in London with gains
of 1 to 1 34 points, the distant May delivery showing a net
gain of 2 points at the close. On the 11th inst. futures closed
3 to 4 points net higher.
The market derived its strength
largely from the report that negotiations are going on in
Washington which would bring about withdrawal of objec¬
tions by the Senate Committee to the reduction in the Cuban
duty if in return the Government would reduce the total
quota. However, there were many who thought that such
a
solution was extremely unlikely- and doubted seriously
that the Government would entertain such a proposal. In
the raw market a sale of 2,000 tons of Philippines, due Feb. 1,
at 2.75c. to Pennsylvania was effected, the price being un¬
changed from the spot level established in the previous
session. Additional offerings were held at 2.80c. in February
arrival position, but buyers were not interested at better
than last prices. The world sugar contract closed unchanged
to 2
raw
points higher, with sales totaling 383 lots. The London
market was unchanged and futures there closed un¬
changed to 34d. higher.
On the 12th inst. futures closed
unchanged to 2 points net
higher in the domestic contract, with sales totaling 98 con-s
tracts.
The market ruled easy during the early trading,
but later firmed and closed at the highs of the day.
No
further sales of
raw
sugars were
reported.
About 8,000 tons
Philippines were offered at 2.80c., or 5 points over the
price paid late yesterday for 2,000 oons due to arrive Feb. 1.
Cubas were held at 1.92 to 1.93c.
A refiner who had cut to
of
4.20c., raised his price to 4.30 to conform
finers.
with other re- '
market prices were unchanged to
In the world sugar
34point lower in quiet trading, with March selling at 1.14c.,
34 point.
Business was virtually at a standstill pending
developments at the meeting of the International Sugar
Council in London.
London futures were unchanged to a
off
farthing higher, while sellers of raws were asking
1.14c.
a
pound for Cubas f.o.b.
Today futures closed unchanged to
1 point up in the domestic contract, with sales totaling 78
contracts.
The world sugar contract closed 2 points to 34
point net higher, with sales totaling 42 contracts.
Sugar
markets were strong.
The domestic market was advanced
on political news from Washington indicating that opposition
to a cut in the Cuban tariff may be withdrawn in a com¬
promise move.
This afternoon prices were unchanged to 2
points higher, with May trading at 1.96c.
Duty free sugars
in the raw market were offered at 2.80c., while Cubas were
held at 1.95c.
Little was stirring in the refined sugar market.
In the world sugar market prices continued to advance in
absence of definite information on the proceedings of the
International Sugar Council.
Consensus here is that no
change in this year's quotas will be ordered at this time.
London futures were steady.
'
.
Prices
were as
follows:
1.90
March
September
-«_.l .95 [
May
Lamborn
1.99
1.811 July
January
&
Co.
Distributing
j.
2.02
,■
Seventh
Annual Sugar
Calendar
The seventh annual edition of Lamborn's Sugar
Calendar,
containing statistical data and other vital information perr
taining to the sugar industry of the United States and the
world, is being distributed by Lamborn & Co., New York,
internationally known sugar brokers. This unique calendar
provides for each day of 1939 the prices for raw and refined
sugar effective the same date in 1938, together with the
monthly averages, it is stated.
It gives other useful and
interesting material such as the harvesting periods of the
sugar crops in the various countries of the world and the
probable dates when important trade estimates for 1939 are
to be issued by governmental and private statistical agencies.
Lard—On the 7th inst.
lower.
futures closed 2 to 5 points net
Trading was light, with prices moving within narrow
limits.
The opening range was unchanged to 2 points lower.
The market dropped 2 to 5 points later in the session and
closed at those levels.
Heavy export sales of American lard
were reported to have been made to the United Kingdom
during the past week and this news had a steadying influence
upon lard values.
Hog receipts at Chicago were the lightest
in some time and only totaled 500 head today.
A few small
sales were reported at,, prices ranging from $7.20 to $8.
Western hog marketings today totaled 31,600 head against
Jan.
Chronicle
30,600 head for the
futures closed 2 to 7
1939
14,
day a year ago. On the 9th inst
points net lower. The undertone of the
same
market was barely steady.
Trading interest continues rather
light and scattered selling was induced by the lower action of
cottonseed oil and the dulness in grains. Lard stocks at the 7
principal Western markets increased approximately 18,000,pounds during the month of December as a result of the
heavy hog marketings.
Of the latter increase, stocks at
Chicago increased 8,699,000 pounds.
Lard exports in De¬
cember were especially heavy according to unofficial figures.
Lard shipments from the Port of New York today were
79,760 pounds, destined for Glasgow. Liverpool lard futures
were unchanged to 3d. higher.
Chicago hog prices today
ranged from $6.80 to $7.90.
Western hog receipts totaled
95,400 head, against 115,100 head for the same day a year
ago.
On the 10th inst. futures closed unchanged to 2 points
lower.
Very little trading interest was displayed in lard
futures today and prices again moved within narrow limits.
Clearances of American lard from the Port of New York
000
today
were
quite heavy and totaled 211,200 pounds, destined
for Southampton and Cardiff.
easier and prices on the close
Liverpool lard futures were
6d. lower on the spot
were
position and January deliveries and 3d. lower on the distant
May.
Hog prices have also been moving within a narrow
price range. Scattered sales were uncovered at prices ranging
from $7 to $7.90.
Western hog marketings totaled 71,600
head against 108,500 head for
the 11th inst. futures closed
the same day a year ago. On
unchanged to 2 points lower.
Trading was light, with prices moving within a narrow range.
For the past few days export shipments of lard to England
have been running very heavy.
Clearances as reported today
totaled 294,000 pounds, destined for Liverpool. The English
demand for United States lard continues quite active at
prevailing prices.. Liverpool lard futures ruled dull, the spot
position finishing unchanged, January was off 3d. and May
off 6d.
Hog prices on the close were 10c. to 20c. lower due
to very heavy marketings at the leading Western packing
centers.
Receipts at the principal Western markets totaled
82,000 head, against 110,800 head for jthe same day a year
ago.
Sales were reported at Chicago during the day at prices
ranging from $6.90 to $7.70. The latter price represents the
late top price for the day.
On the 12th inst* futures closed 2 to 5 points net lower..
Trading was light and without special feature, with the
price movement held to a narrow range.
It was reported
that 641,900 pounds of American lard cleared from the Port
of New York today, destined for London, Manchester, Belfast^Southampton and Hamburg.
The English demand for
United States lard continues active at prevailing prices.
Liverpool lard futures were dull at 6d. lower to unchanged..
Hog prices at Chicago closed 15 to 25c. iower.
Western hog
receipts totaled 83,300 head, against 91,500 head for the
same day a year ago.
United States cold storage holdings
of lard on Jan. 1 totaled 107,109,000 pounds, against 74,499,000 pounds on Dec. 1, 1938.
The former figure rep¬
resents an increase of 32,610,000 pounds.
Today futures
closed 15 to 7 points net lower.
Considerable selling of lard
by packing interests was reported.
Sharply restricted sup¬
plies boosted hog prices 15 to 20c. in a fairly active trade
today.
Hog receipts totaled 8,000, not including directs to
packers, and were 6,000 less than advance estimates. 'The
run was
10,800 less than that of a week ago.
The market
topped at $7.65, regaining 15c. of the 40c. it lost in the two
preceding sessions.
'
DAILY
CLOSING
FUTURES IN CHICAGO
Tues.;
Wed.
Thurs.
Fri.
PRICES OF LARD
•
Sal.-
Mon.
6.52
6.52
7.32
7.50
7.30
7.45
7.27
7.45
March........
May........J.
July
6.52
6.52
6.37
7.10
6.57
January
7.05
7.17
7.37
6.92
7.10
7.27
7.22
7.42
Pork—(Export), mess, $22.75 per barrel (per 200 pounds);
family (40-50 pieces to barrel), $20 per barrel.
Beef:
(export), steady.
Family (export), $22 per barrel (200
pounds), nominal. Cut meats: quiet. Pickled hams: Picnic,
loose, c. a. f.-—4 to 6 lbs., 1334c.; 6 to 8 lbs;, 12c.; 8 to 10
lbs., 12c.
Skinned, looose, c. a. f.—14 to 16 lbs., 1734c.;
18 to 20 lbs., 1734c.
Bellies: clear, f. o. b. New York—6 to
8 lbs., 1634c.; 8 to 10 lbs., 1534c.; 10 to 12 lbs., 1534c.
Bellies: clear, dry salted, boxed, N. Y.—16 to 18 lbs., 1134c.;
18 to 20 lbs., 1034c.; 20 to 25 lbs., 1034c.; 25 to 30 lbs.,
1034c.
Butter: creamery, firsts to higher than extra and
premium marks: 24 to 2634c. Cheese: State, held, '37, 20 to
22c.
Eggs: mixed colors: checks to special packs—1634 to
2234c.
Oils—Linseed
tank
quoted 7.9 bid, no
Quotations: China
15.6. Coconut: crude, tanks, nearby
—.03 to .0334; Pacific Coast—.0234 to .0234*
Corn: crude,
west, tanks, nearby—.0634 hid, no offer.
Olive: denatured,
drums, carlots, shipment—91 offer; spot—95 bid. Soy bean:
Crude, tanks, west—.0534 hid; L. C. L. N. Y.—6.8 bid.
Edible: coconut, 76 degrees—.0534 offered.
Lard: ex.
winter, prime—9c. offered; strained 834c. offered.
Cod:
crude, Norwegian, light filtered—no quote.
Turpentine: 30
offer; tank
in
oil
wagons,
cars
was
7.9 bid, 8.1c. offer.
wood: nearby—15.5 to
^
to 32c.
Rosins: $5.15 to
$8.15.
including switches, 221 contracts.
Prices closed as follows:
Cottonseed Oil sales,
Crude, S. E. 6@634January
February
6.95@ 7.05 May.
June
7.00©
n
7.17© 7.19
7.18@
n
March
7.08©
7.27(
7.27©
n
April.
!
7.08©
n
July.
August
Volume
Financial
148
Rubber—On the 7th inst. futures closed 11
points lower
point higher. Trading was light, with sales totaling only
460 tons, of which 30 tons were exchanged for physicals in
the outside market.
Spot standard No. 1 ribbed smoked
sheets in the trade declined l-16c. to 16hsC. Buying in the
first hour by London dealers moved futures prices slightly
higher. On the weakness in stocks, trade and commission
houses selling depressed prices near the close.
The outside
market was dull. Little interest was reported by either fac¬
tories or dealers.
Local closing: Jan., 16.01; March, 16.12;
May, 16.14; July, 16.12; Sept., 16.17.
On the 9th inst.
futures closed irregular with prices 6 points higher to 3 points
lower.
Trading continued light, with only 940 tons sold,
including 120 tons which were exchanged for physicals in the
trade. Spot standard No. 1 ribbed smoked sheets in the out¬
to 1
side market remained unchanged at 1634c.
Most of the
activity on the floor was confined to commission house
switching from the nearbys to the forward positions and
buying in July and September. Local trade interests were
principal sellers during the session.
In general, the
activity in the actual market again was quiet. Crude rubber
stocks in England for the week ended Jan. 7 showed a de¬
the
crease
of 483 tons from the
preceding week.
Local closing:
Jan., 16.07; March, 16.11; May, 16.11; July, 16.10; Sept.,
16.14.
On the 10th inst. futures closed 3 points down to
Sales totaled 101 contracts. Trading
but prices were firm after
opening 7 points higher to 9 points lower. During early
afternoon March was up 9 points at 16.20c., while May was
7 points higher at 16.18c. London closed unchanged to Mel¬
lower. Singapore also was a little easier. Local closing: Jan.,
16.04; March, 16.11; May, 16.11; July, 16.12; Sept., 16.12;
Oct., 16.16; Dec., 16.15. On the 11th inst. futures closed
12 to 20 points net lower. The break in rubber prices today
was influenced largely by the downward trend of the securi¬
ties market.
Although the activity on the Exchange was
light, it proved better than the previous day with 1,260 tons
sold, including 30 tons which were exchanged for physicals
in the outside market. Spot standard No, 1 ribbed smoked
sheets in the trade declined }^c. to 16c. Commission house
liquidation in March and May plus trade buying against
5
points net higher.
in rubber futures continued quiet,
sales in the actual market were the features on the Exchange
today. Dealers in the outside market reported some
to factories on the break in the futures market.
Shipment offerings again proved too high for the local dealers.
Local closing: Jan., 15.92; March, 15.97; May, 15.97; July,
15-95; Sept., 15.95; Dec., 16.02.
On the 12th inst. futures closed 7 points net higher on the
March delivery, while the rest of the list closed 1 to 5 points
net higher.
Sales totaled 204 contracts. The rubber futures
market rallied on buying attributed to London dealer in¬
terests and commission houses based on reports of continued
large consumption of crude rubber by factories.
Trading
increased in volume on the advance, and totaled 204 con¬
tracts.
During early afternoon prices were 7 to 12 points
higher, with March at 16.09c., May at 16.05 and July at
16.02.
Sales to that time totaled 1,010 tons, of which fifty
tons were exchanges for physical rubber.
London closed
1-16 to 3-16 higher.
Singapore also was higher. Shipment
offers were small and dear, it was said in the trade.
Local
closing: March, 16.04; May; 15.98; July, 16.00; Sept., 16.00;
Dec., 16,04. Today futures closed 11 to 22 points net lower.
Sales totaled 197 contracts.
Scattered liquidation caused a
decline of 7 to 11 points in crude rubber futures in a moderate
volume of trading.
Sales to early afternoon totaled 930 tons,
of which 30 were exchanged for physicals.
Reports from the
manufacturing industry continued encouraging and rubber
stocks this month are expected to show a decrease in United
Kingdom stocks, the estimated decrease this week having
been nearly 2,000 tons.
Malayan dealer stocks also have
decreased.
Local closing: March, 15.83; May, 15.80; July,
15.78; Sept., 15.79; Oct., 15.78; Dec., 15.82.
Hides—On the 7th inst. futures closed 21 to 23 points net
lower in the old contract, while the new contract ended 15
to 21 points net lower.
The weakness in hide futures was
attributed largely to the downward trend in securities rather
than0 to any change in the underlying conditions in the
domestic spot hide market.
Tanners have been showing a
fairly keen academic interest in the market, but no sales were
reported today (Saturday). There was no trading reported
in the old contract, while the new contract recorded transac¬
tions totaling 3,720,000 pounds.
Local closing: Old con¬
tract: March, 11.57; June, 11.95; Sept., 12.10.
New con¬
tract: March, 12.50; June, 12.85; Sept., 13.22; Dec., 13.54.
On the 9th inst. futures closed 13 to 14, points net lower, this
floor
selling
covering both contracts, the old and new. The market
easy during most of the session.
Weakness in the
securities market played its part as an adverse influence on
hide values, while the tone of the domestic spot hide market
also was reported a shade easier.
As the market declined,
trade broadened.
Sales in the old contract totaled 280,000
295
Chronicle
houses
liquidated hide futures freely when it became known
concessions.The selling
put prices down to new lows for the movement, but later the
market developed a somewhat firmer tone.
During early
afternoon prices were off 4 to 7 points with March new selling
at 12.32c., June new at 12.66 and September new at 13.01c.
respectively. Sales of the old contract up to that time totaled
80,000 pounds while 6,360,000 pounds were done in the new
contract.
Local closing: Old contract: March, 11.29; June,
11.71.
New contract: March, 12.23; June, 12.60; Sept.,
12.93; Dec., 13.25. On the 11th inst. futures closed 30 to 34
pts. net lower. The market went sharply lower today towards
the close. There was no marked change in the condition of
the spot hide market and the drop in the futures list was
attributed almost entirely to the decline in the securities
markets.
Hide futures opened with the old contract 16
points lower and the new contract from 3 to 10 points decline.
The list gave way during the later dealings under liquidation
by commission houses, which was met by scattered buying.
Transactions totaled 160,000 pounds in the old contract,
while the new contract registered sales of 13,200,000 pounds.
Certificated stocks of hides in warehouses licensed by the
Exchange increased by 1,000 hides to a total of 902,493 hides.
Local closing: Old contract: March,
10.98; June,11.37
Sept., 11.62.
New contract: March, 11.93; June, 12.26;
Sept., 12.60; Dec., 12.92.
On the 12th inst. futures closed 18 to 17 points net lower
on the old contract, with sales totaling only 9 contracts.
The
new contract closed 14 to 9 points lower,
with sales totaling
291 contracts.
The market for hide futures was irregular
today. There was a rally of as much as 16 points this morn¬
ing when stocks were going up, but this was wiped out in
the early afternoon when stocks went into reverse, selling
at new lows for the movement.
Liquidation by commission
houses was heavy, resting orders being uncovered on the
decline. Sales of the new contract to early afternoon totaled
2,920,000 pounds while 80,000 pounds of the old contract
were done.
Local closing: March, 10.80; June, 11.20.
New
Contract:
March, 11.79; June, 12.17; Sept., 12.50; Dec.,
12.82.
.Today futures closed 6 to 3 points net higher in the
new Qontract, with sales totaling 155 contracts.
Buying of
raw hide futures this morning on the rally in the securities
market brought about a rally of 13 to 14 points in the new
hide contract.
There were reports of spot hide sales at con¬
that resales of spot hides had been made at price
The trade absorbed offerings on a scale down.
This afternoon March
cessions.
new
at
Sales to
no
12.30 and
trades in the old.
range
#
covering both old and new contracts.
Commission
new
Local closing:
New Contract: March,
Ocean Freights—Chartering interest was fairly active
during the week, with a fair amount of new business being
uncovered.
Charters included: Grain Booked—2 loads, New
York to Dublin, February, 3s. 6d.
2 loads, New York to
Antwerp, January, 14c.
5 loads, Baltimore to Rotterdam,
spot, 14c.
5 loads, Boston to Rotterdam, January, 14c*
4 loads, Philadelphia to London/January, 2s. 9d.
GrainsAtlantic range, to Antwerp-Rotterdam, or picked ports.
United Kingdom, January, basis 2s. 9d.
Albany to Antwerp
or
Rotterdam, picked ports United Kingdom, January
basis, 2s. 9d.
Scrap—Pacific range to Japan, January,
net
form, $4.10.
Northern range to Gydnia, prompt,
17s.
6d.
Sugar—Cuba to United
Kingdom-Continent,
January, 16s. 6d.
San Domingo, early February, 15s. 6d.
Cuba to Bordeaux, January, 18s.
Cuba to United KingdomContinent, January-February, 16s. 6d.
San Dominago to
United Kingdom-Continent, late February early March,
15s. 6d.
Cuba to United Kingdom-Continent, February,
160. 6d.
^t.
.
Coal—There
nothing spectacular in the coal situation
the past week, though demand for anthracite is fairly active
in spite of the relatively mild weather.
According to figures
furnished by the Association of American Railroads, the
shipments of anthracite into Eastern New York and New
England for the week ended Dec. 24 have amounted to 1,598
cars, as compared with 2,140 cars during the same week in
1937, showing a decrease of 542 cars, or approximately
27,100 tons.
Shipments of anthracite for the current calen¬
dar year up to and including the week ended Dec. 24 have
amounted to 78,422 cars, as compared with 83,993 cars
during the same period in 1937, showing a decrease of close
to 278,550 tons.
Shipments of bituminous coal into this
territory during the week ended Dec. 24 have amounted to
2,692 cars, as compared with 2,349 cars during the cor¬
responding week in 1937.
was
range
pounds in today's session, while transactions in the new
totaled 7,360,000 pounds.
Small quantities of
domestic spot hides were reported being moved quietly at
unchanged prices although the tone of the market is said to be
easier than it was last week.
Local closing: Old contract:
March, 11.43; June, 11.82; Sept., 11.97.
New contract:
March, 12.36; June, 12.70; Sept., 13.08; Dec., 13.40.
On
the 10th inst. futures closed 10 to 15 points net lower, this
stood at 11.93c., June
at 12.84c. respectively.
that time totaled 3,640,000 in new contracts, with
September
11.85; June, 12:21; Sept., 12.53.
Wool—One of the
ruled
contract
new
,
raw
wool situation
encouraging items of the week in the
th8 purchase of approximately 10,-
was
000,000 pounds of wool by milling interests in the Boston
market last week.
With active consumption by the mills,
the trade sees the possibility of a shortage of wool.
It is
stated that much of the wool on which the Government
being rapidly absorbed, and that optimism
prevalent than for some time past. It is said that
manufacturers
are
now realizing that they are not fully
covered on raw materials as related to their substantial
backlog of cloth orders.
Full market prices are being paid
for the wools purchased by manufacturers.
Fine territory
wools in original bags continue to lead in volume at an
average 3c. per pound higher than in mid-December.
Good
loaned money is
is
more
296
Financial
Chronicle
French combing wools range in price from 68c. to
69c., with
an
occasional sale of choice wool at 70c.
Average short
Receipts at—
combing wools are in better demand at from 65 to 67c.
Optimistic predictions are being made concerning the demand
for the next few weeks.
It is reported that many mills are
being rushed on spring goods, both woolen and worsted,
and necessary raw materials will be
required in volume. A
supposedly authentic report from London was received to
the effect that Germany is further
increasing the export
subsidy up to 100% value of the wool utilized for export
orders.
This is reported to be most serious for British
since
manufacturers
are
getting their
it
means
that
The 2 Ac. gain
was
Houston
1,363
Tues.
Wed.
834
2,826
Thurs.
1939
Frt.
828
916
Total
759
1,312
414
1,124
4,014
6.003
1,102
2,373
2,854
1,399
1,878
172
532
8,911
Mobile.
814
402
110
305
157
8
Savannah
104
606
212
75
977
908
1,796
2,882
22
23
199
New Orleans
Charleston
Lake Charles
-
•
•
-
10,755
10,975
1,598
•
1
11
.
....
Wilmington
2
Norfolk
*
•
89
Baltimore
•
-
w
116
829
-
•
•
•
•
31
•
'•
.
-
282
11
2
w
7,082
—
-
•
178
696
349
■—
1,178
12,025
38,827
....
5,839
Totals this week.
German manufacturers
purely nominal in August No.
Mon.
1,337
Corpus Christi..
5.322
4,931
3,628
The
following table shows the week's total receipts, the
total since Aug. 1, 1938, and the stocks tonight,
compared
Silk—On the 9th inst. futures closed l^c. lower to
23^c.
higher.
Sat.
Galveston
materials for nothing.
raw
Jan. 14,
with last year:
2
Most of the activity on the Exchange
today was
confined to trade switching from nearbys into forward
'
contract.
1938-39
posi¬
buying was also witnessed on the floor.
Sales totaled 380 bales, including 190 bales on the old con¬
tract, 130 bales on the No. 1 contract and 60 bales on the
tions.
Some
Jan. 13
closed
lj^c.
to
%c. lower.
Houston..
1
hama Silk Bourse
Jacksonville
Savannah
all
were
on
early afternoon.
February old stood at $1.80,
April No. 1 at $1.77 and March No. 2 at $1.7734The price
up
to
-
•
•
-
"
•
2,882
Charleston
11
2
New York
w'w
WW-"-
-
-
—
540
936,961
886,184
63,943
15,455
849,567
68,411
13,801
3,465
150,369
68,624
26,868
17,930
30,406
699,153
63,115
5,496
1,894
151,161
39,025
63,594
3,489
116,883
172,938
.76,276
15,071
41,425
2,291
1,173
2,720
1,396
Totals
w
W
mmjm
-
—
*
•
w
—
•
957
13,194
10,659
16,966
28,730
—
•
10j
•
100
3,458
975
2,276
1,225
—
12,935
38,827 2,862,992 121,714 5,740,900 2,768,243 3,136,517
In order that comparison may
give below the totals
we
1938-39
Receipts at—
Galveston
1937-38
1936-37
Savannah
540
"2",291
1,209
2,720
1,396
1935-36
31,103
2,867
4,167
2
Orleans.
Mobile
40,081
37,741
29,830
4,639
"""23
Houston
New
be made with other years,
leading ports for six seasons:
at
10,755
10,975
8,911
1,796
2,882
10,494
1934-35
25,417
34,431
23,471
4,898
7,624
1933-34
21,415
13,124
20,262
1,778
730
735
~T5I6
41,054
26,330
21,402
2,896
1,290
2,571
1,135
4,611
Brunswick
Charleston
—
Wilmington.
_
Norfolk
696
,
.82
607
130
1,647
Newport News
342
313
".
"
All others
"2",787
38,827
121,714
Since Aug. 1__ 2,862,992 5,740,900
263
645
"
"2",476
Total this wk_
2^047
"1,844
3,540
.
6,245
61,240
92,756
65,908
103,831
5,114,257 5,544,037 3,371,722 5,711.598
The exports for the week
ending this evening reach a tota*
bales, of which 9,571 were to Great Britain, 6,220
France, 10,370 to Germany, 4,427 to Italy, 19,343 to
Japan, 10,478 to China, and 15,025 to other destinations.
In the corresponding week last year total
exports were 143,600
bales.
For the season to date aggregate exports have been
1,999,044 bales, against 3,548,031 bales in the same period
of the previous season.
Below are the exports for the week:
of 75,434
to
Week Ended
Jan.
Exported to—
13,1939
Great
Exports from—
Ger¬
Britain
Galveston
3,439
France
Houston
•
Italy
many
2,708
4,936
China
Japan
Other
Total
2,148
2,063
6,924
24,216
1,450
49
1,998
6,474
6,883
4,712
19,568
Corpus Christi..
450
2,078
Brownsville
900
250
1,150
New Orleans."
550
5", 102
685
3,441
1,247
1,011
12,036
"l88
"332
"l44
166
"285
Lake
Charles.
1,021
2,461
..
Mobile
Pensacola, &c
1,021
3,510
635
Savannah..
Los
50
Angeles
1,765
San Francisco
1,375
Total
2,687
1937.....
6,220
10,370
4,427
19,343
7,858
24,962
21,863
.7,427
13,332
11,279
14,863
33,758
From
nuy.
1
Jan.
13,
10,478
....
178
15,025
75,434
37,433 143,600
24,982 144,254
Exported to—
laoo
w
1939
Great
Ger¬
Britain
Exports from—
Galveston
France
48,975
Japan
Italy
many
China
8,600 125,924
19,751 106,045
74,441
Brownsville
.
69,920
59,318
82,642
54,851
161,706
122,551
24,376
21,671
2,214
27,542
12,606
1,240
66,244
61*597
3l",6 79 34", 220
9,947
Corpus Christi
85,418
65,696
22,146
Houston
4,721
_
Beaumont
88,261
54,500
Lake Charles.
m
*'
m mm
^
23,777
984
m
236,567
—
50,812
7,210
_
-
866
1,039
61,761
293,936
10,661
31,964
4,042
4,947
•
_
144
4,562
285
1,489
35,283
■
767
_
98
Charleston
1,932
higher.
Norfolk
511
110
Local
Gulf port
150
564
288
66
New York
100
6,428
468
3,475
ma
Philadelphia..
•
"
am
-•
»
-
•
WW
•
—
•
ww
•
.
WW
WW
w
-
•
w
•
•
•
W
•
-
"29
•
•
•-
•••
61
ww
•
_
www
•
•
14,893
500
5,907
457
4,553
155
869
3,796
4,750
1,841
600
Www
•••
7,907,
785
WW
-•
926
171
1,944
„
~
•
'
ww
2,221
Francisco
-
•
'
8,525
3,225
w
•
47
17,067
._
_
imam
••
—
1,100
"33
3,442
am
•
•
•
-
8
«
56
...
Total...
33,488
883
5,752
.....
Los Angeles
5410,46
52,240
•
mm
•
6,112
Boston
1,965
573,384
'
•
Jacksonville*.
Total
Other
'
,173
Orleans.
Mobile.
San
2,937
9,571
Total
New
7,783
55,687
34,232
1938
50
4,643
250
Total
.
2,528
635
Savannah
.
•
1938
776,726
874,074
65,784
31,859
•
WW
-
W
-
1,178
*265
Friday Night, Jan. 13, 1939
The Movement of the Crop, as indicated
by our tele¬
grams from the South tonight, is given below.
For the
week ending this evening the total
receipts have reached
38,827 bales, against 42,596 bales last week and 44,595
bales the previous week, making the total
receipts since
Aug. 1, 1938, 2,862,992 bales, against 5,740,900 bales for
the same period of 1937-38, showing a decrease since Aug.
1,
1938, of 2,877,908 bales.
1939
•
'
WW*.**'
Boston
Baltimore....
7,363
COTTON
1.1937
40,081 1,581,144
37,741 1,500,671
281
386,750
65
8,708
29,830 1,588,053
4,639
172,963
10,815
Pensacola, &c.
_
Week
696
Wilmington.
Norfolk.
Since Aug
15,538
38,533
10,225
of crack double extra silk in the
uptown market advanced
2c. a pound to $1.88.
Yokohama prices closed 5 to 8 yen
Grade D silk advanced 5 yen to 850 yen a bale.
closing: Old Contract—Jan., 1.81; Feb., 1.8034.
No. 2 Contract—March, 1.78; May,
1.7734.; July, 1.75H;
Aug., 1.7434No. 3 Contract—March, 1.78; May, 1.7634;
Aug., 1.71.
Stock
This
860,269
896,399
276,841
16,67b
641,713
41,844
9,226
1,741
29,976
23
Lake Charles
Contract—April,
reflected in firm silk futures here on
the old contract, 40 bales on the No. 1
contract and 60 bales on the No. 2 contract, or 170 bales in
sales of 70 bales
•
Pensacola, &c
Transactions totaled
1.753^; May, 1.75;
June, 1.733^; July, 1.723^; Aug., 1.713^.
Sales, 19 con¬
tracts.
No. 2 Contract—March, • 1.75A; April,
1.743^.
Sales, 8 contracts;
Today futures closed unchanged to 1 Ac.
higher in the old contract; IA to 3c. higher in No. 2 contract, with sales of 23 lots; 234 to 3He. net higher in No. 3
contract, with sales of 22 lots.
Higher prices on the Yoko¬
~
8,911
1,796
Mobile.
that time amounted to
No.
•
New Orleans
1,010 bales, while
sales of the new reached 50 bales.. The
price of crack
double extra silk on the New York spot market
uptown
declined Ac. to $1.86 a pound.
On the Yokohama Bourse
the market closed 1 to 3 yen lower, but
grade D silk in the
outside market advanced 2 A yen to 845
yen a bale.
Local
closing: Old Contract—Jaq., 1.81; Feb., 1.79.
Sales, 24
contracts.
10,975
1,598
Beaumont
Japanese arbitrage buying operations, trade switching and
importer hedging near the close eased prices from the highs
of the day.
The Japanese silk markets closed strong today,
with futures ranging 11 to 14 yen better at Yokohama and
8 to 15 yen up at Kobe.
Grade D rose to 842^ yen at
Yokohama, an advance of 12yen, and Kobe moved up
10 yen to 840 yen. Spot sales in both centers amounted to
650 bales, while futures transactions equaled
5,700 bales.
Local closing: Old contract—Jan.," 1.79^; Feb., 1.78
AContract No. 1—March, 1.76; May, 1.753^; June
1.743^;
July, 1 -73Aug., 1.72^ No. 2 contract—March, 1.76;
April, 1.743^.
■,
On the 12th inst. futures closed 13^ points up to 1 point
down.
Trading in silk futures was more active than here¬
tofore and prices were firm.
During early afternoon Feb¬
ruary old contracts were selling at $1.79 A, up lc., while
August new No. 1 was worth $1.74, up 2c.
Sales of the
to
1. 1938
10,755
Corpus Christi...
1 contract and 30 bales in the No. 2 contract.
old contract
Since Aug
Week
1,030 bales, including 350 bales in the old contract, 650 bales
in the No.
This
Galveston
No. 2 contract.
Both primary markets ruled
quiet and
slightly weaker. Futures in Yokohama were reported un¬
changed to 2 yen off while Kobe was 4 yen higher to 1 yen
lower.
Grade D declined 2 A yen to 830 yen in both Jap¬
anese
markets.
Spot sales there amounted to 425 bales,
while futures transactions equaled 2,250 bales. Local
closing:
Old contract—Jan., 1.78; Feb., 1.77.
Contract No. 1—
March, 1.75; May, 1.74; June, 1.73^; July, 1.73; Aug.,
1.71^. On the 10th inst. futures closed 2c. higher to 13^c.
lower.
The market was generally steady, influenced some¬
what by the strength of cables from primary points. Volume
on the Exchange today totaled
only 90 bales, including 50
bales on the old contract, 40 bales on the No. 1 contract and
none on the No. 2 contract.
Both Japanese markets ruled
steady today. Futures in Yokohama ranged 1 to 5 yen bet¬
ter, while Kobe was 1 to 7 yen up. Grade D remained un¬
changed at 830 yen in both centers. Spot sales amounted to
550 bales, while futures transactions totaled 1,800 bales at
these Japanese centers.
Local closing: Old contract—Jan.,
1.79; Feb., 1.77^.
Contract No. 1—March, 1.76; May,
1.76; June, 1.74^; July, 1.733^. Contract No. 2—March,
1.75; May, 1.71 H; July, 1.68; Aug., 1.67. On the 11th inst.
futures
1937-38
Receipts to
new
2,336
w
111,860
1,936
W
•
1,216
29
WW
3,151
146,091
886
40,812
47,144
285,388 317,056
296,187 187,820
494,677
37,364 380,552 1999,044
1937-38 1154,345 585,046
Total 1936-37
718,633 535,087
622,266 313,852
164,311
858,626
29,991 678,220 3548,031
...
Total
434,078 183,181
NOTE—Exports to Canada—It
has
never
been
our
14,175 417,686 3161,466
practice
to
Include In the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion
returns concerning the same from
districts
on
the Canadian border
however, of the
say
numerous
comes
overland and it is impossible to give
week to week, while reports from the customs
are
always very slow in coming to hand.
In view,
Inquiries we are receiving regarding the matter, we will
that for the month of September the exports to the Dominion the present
have
been
11,990
the exports were
were
bales.
In
10,169 bales.
the
corresponding
month
of
the
preceding
season
season
For the two months ended Sept. 30, 1938, there
27,721 bales exported as against 16,348 bales for the two months of 1937.
,
Volume
Financial
148
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton
cleared, at the ports named:
On
on
shipboard, not
Shipboard Not Cleared for—
Leaving
Ger¬
Other
Coast-
many
Foreign
vnse
Britain
Galveston
Houston
France
700
1,500
5,000
27,600
6,049
2.000
2,743
1,764
2,403
13,134
4,549
_
.
New
Orleans.
Savannah
_
Stock
4,130
738,426
38,300
24,961
12,443
849,113
686,710
151,161
38,925
6,1925
28,730
136,259
"ioo
"738
452
1,190
Norfolk.
Other ports
Total 1939-.
6,007
26,048
9,201
7,403
8,362
46,021
12,256 40,922
6,768 114,254
sentiment and the
76,994 2,692,249
10,137 133,654 3,002,863
6,766 156,521 2,325,665
of business was
volume
com¬
paratively small.
Average price of spot cotton at the 10
designated spot markets was 8.46c.
On the 12th inst. prices closed 4 to 9 points net higher.
of
business.
the
Total
3,500
632
"ioo
Charleston
Mobile
influence
The market again
Jan. 13 at—
Great
297
Chronicle
At
list
2
was
6 points above
to
the market
noon
firmer today in a moderate volume
was
Shortly before the end of the trading period
was
yesterday's closing levels.
higher. Opening prices
5 to 8 points
barely steady, with futures registering
were
no
change to
advance of 3 points over the last quotations of the pre¬
an
New Orleans and leading trade interests bought
the March option, while one of the largest spot houses was
ceding day.
a
heavy
seller of July.
the buying of distant
Bombay and Liverpool figured in
months.
The market continued firmer
after the
Total 1937.
_
44.291
14.292
—
Speculation
past
week
focused
as
cotton,
markets
very
and
future
delivery
little change,
price
range.
movement
Attention
Washington, and it looks
on
especially
to
dull
narrow
a
for
cotton
showed
paratively
within
14,441
in
trading being
very
of
as
the
more
prevail for
or
though uncertainty,
some
little
time
and
keep the
ruled
heavy
during
turned steadier
the
on
fixing and rebuying by earlier sellers.
quite
pronounced
early
points lower.
trading,
but
increased trade price
Foreign and domestic
the opening owing
partly to disappointing Liverpool cables and continued un¬
certainties
was
over
at
the cotton
legislative outlook at Washington.
points were extended to net declines of
10 points before the overnight accumulation of
selling
Initial losses of 5 to 7
9 to
continues
Bombay
and
to
impose
5 to
futures
Bombay and
Liverpool,
and
there
was
selling
for
commission
house
Trade interests continued to fix prices on a scaledown, but the market lacked support from other sources.
The trade generally appears to be
account.
-
focusing its attention on
Washington where representatives of farmers presented ideas
to Senators and Representatives from the cotton belt.
One
proposal called for larger benefit payments aggregating
$400,000,000 to bring cotton prices up to parity.
This met
with disapproval on part of a number of Representatives.This uncertainty and conflict of opinion, is not
helping the
market much.
Southern spot markets were 8 to 12 points
lower, except Memphis, which remained unchanged. Average
price of middling at the 10 designated spot markets was 8.46c.
On the 10th inst. prices closed 1 to 4 points net lower.
The
market again displayed an easier tone today in a moderate
volume of sales.
Shortly before the end of the trading period
the list was 1 to 5 points below the previous final quotations.
At noon prices were 3 to 7 points net lower.
The market
ignored the lower cables from abroad and opened unchanged
to 4 points higher.
This tone was not long maintained, how¬
ever, and futures moved into lower ground.
Brokers with
New Orleans connections were heavy sellers of the March
delivery during the early trading.
Leading spot houses
bought the March option, and cooperative brokers bought
May. Scattered hedge selling and commission house liquida¬
tion were clearly in evidence throughout the morning.
The
weakness in Alexandria cotton prices was offset by the
steadiness at Bombay and local covering.
Final quotations
in the Liverpool market were 1 to 2 points lower.
On the
11th inst. prices closed 1 to 11 points net higher. The distant
deliveries turned firmer today on moderate Bombay and
commission house buying, but advances in nearby positions
were held down
by March liquidation.
Firm markets at
Liverpool and Alexandria accounted for opening advances
here of 1 to 4 points.
The principal early support was in the
form of trade price fixing orders in nearby deliveries in addition
to a little foreign buying.
March liquidation became more
noticeable, however, and while the list generally ruled steady,
new crop deliveries
were relatively firmer.
Bombay was
credited with buying October contracts and there was also
some replacement buying through commission houses follow¬
ing the recent liquidation. There were no fresh Washington
developments as far as cotton legislation was concerned to
steadier
only
turned
slightly
easier
today
Prices for
in
of
a
before
the
close
of business active positions showed ho
decline of 4 points from the closing levels of
previous day.
Around midday the market was un¬
changed to 3 points lower.
Dealings on the opening were
a
the
quiet and
no trading took place in either the January or
July contracts.
Initial prices were 4 to 6 points below
yesterday's last quotations.
Bombay was a light seller of
the
active
months,
3 to
while
small hedges came into May.
principal buyers.
The market was
4 points lower after the call, with business dull.
A
Trade shorts
were
the
cable to. the New York Cotton Exchange this
morning from
Liverpool
stated
that
yesterday's
New York market each
of the session and eased in the final hour to close at about the
lows of the day.
Early offerings came from
by
the Liverpool exchange
on
a
limited
sales, although quotations, where changed, were
little under yesterday's final range.
A short time
volume
selling failed to increase to any marked degree at this level,
the offerings let up and local and Wall Street interests rebought as the later market recovered 14 to 16 points from the
Bombay was an outstanding early seller, but
hedge selling was of limited proportions.
The
amount of cotton entering the loan for the week decreased to
the smallest weekly total for the season thus far.
The figure
of 91,917 bales, compared with 135,165 in the
preceding
week.
This contraction in the rate of pledging was believed
to reflect the fact that the largest
part of the current crop
has already either been pledged to the loan or has been
marketed.
Average price of middling at the 10 designated
spot markets was 8.55c.
On the 9th inst. prices closed 5 to
14 points net lower.
Disappointing foreign trade markets
and uncertainties at Washington
brought renewed selling of
cotton futures today.
Prices fluctuated narrowly for most
selling orders.
on
prompted
points today.
Today prices closed 2 to 5 points net lower.
cotton
Alexandria
Southern
buying
7
orders had been absorbed on a scale down.
March broke
below the reistance point of 8.30c. and eased to 8.26c. When
low levels.
restrictions
local
scattered
foreign cables advanced futures
change to
less in the doldrums.
towards the'close
liquidation
and
appears
regards legislation at Washington in reference
will
market
the
com¬
irregular
trade
On the 7th inst. prices closed 6 points up to 2
The
during
range.
call, with prices well above |heir previous closing
Cables from abroad reported that the Alexandria
market
Total 1938
margin
embraces correspondent
now
imposition
in
members.
The official quotation for
middling upland cotton in the
day for the past week has been:
Jan. 7 to Jan. 13—
Sat.
Middling upland.
Mori.
Tues.
Wed.
8.80
8.78
8.80
8.91
Thurg.
Fri.
8.85
8.83
Premiums and Discounts for Grade and Staple—The
table below gives the premiums and discounts for
grade and
staple in relation to the base grade, Middling
established
for deliveries on contract on Jan. 19, 1939.
Premiums and
discounts for grades and staples are the average
quotations
of 10 markets, designated by the
Secretary of Agriculture,
and staple premiums represent
60% of the average premiums
over K-iuch cotton at the 10 markets on Jan. 12.
1 in. A
15-16
inch
Inch
.
H
inch
15-16
l/». A
inch
Longer
SpottedGood Mid
.09
.25
Longer
White—
Mid. Fair
.62
on
.80
on
.94
on
St. Good MidGood Mid
.56
on
,.74
on
.88
on
St. Mid...
.06 off
.10 on
.60 on
.68
on
.82
on
Mid
.65 off
.51 off
St. Mid
.34 on
>.51 on
.66
on
.48 off
.38 off
—
Basis
Mid
.17
.31
off
on
Good Mid
off
St. Mid
off
•Mid
Extra White—
Good Mid.
.50
on
.68
on
on
.51
on
.66
Even
.17
on
.31 off
.57 off
.42 off
.31 off
Mid
St. Low Mid
Low Mid
on
.28 off
.70 off
.01 off
.61 off
1.44 off 1.39 off 1.34 off
Good Mid
•St. Mid
1.10 off 1.02 off
.94 off
1.63 off 1.59 off 1.56 off
•Mid
1.30 off 1.23 off 1.18 off
2.27 off 2.25 Off 2.23 off
•St. Good Ord. 2.02 off 1.98 off 1.95 off
•Good Ord
on
•St. Low Mid.. 2.11 off 2.09 off 2.07 off
♦Low Mid
2.76 Off 2.70 off 2.70 off
YfcJ. Stained—
.82 On
.34
.22
Tinged—
off
St. Mid...
.37 on
on
.37 off
•St. Low Mid— 1.39 off 1.32 off 1.26 off
•Low Mid
2.14 off 2.10 off 2.09 Off
on
.57 off
.42 off
St. Low Mid.31
1.30 off 1.23 off 1.18
Low Mid
•St. Good Ord. 2.02 off 1.98 off 1.95
•Good Ord.... 2.61 off 2.57 off 2.64
on
Gray—
2.61 off 2.57 Off 2.54 off
Good Mid
.69 off
•Mid
.40 off
.30 off
.80 off
St. Mid
.69 off
.69
off
1.35 off 1.28 off 1.24
off
•Not deliverable on future contract.
Futures—The
highest,
lowest
and
closing
prices
at
New York for the past week have been as follows:
Saturday
Jan.
Jaw.(1939)
Range..
Closing
.
7
Monday
Jan.
9
Tuesday
Jan. 10
8.27- 8.28
8.28- 8.28
8.24-
8.39 n
8.2572
8.2472
8.25
Wednesday
,
Jan.11
Thursday,
Jan. 12
Friday
Jan. 13
8.23- 8.29
8.28-
8.2572
8.30
8.26
8.31
8.26-
8.30
Feb.—
Range..
Closing.
8.40/2
8.2772
8.2672
8.2772
8.3272
8.2972
Range..
8.26- 8.42
8.30- 8.35
8.25-8.34
8.28- 8.33
8.31- 8.3e
8.30- 8.39
Closing.
8.41- 8.42
8.30
8.28- 8.29
8.30- 8.31
8.35- 8.36
8.33
Mar.—
—-
April—
Range..
Closing.
8.2871
8.1772
8.1572
8.1972
8.2472
8.2172
Range..
8.03- 8.17
8.05- 8.10
7.98- 8.09
8.03- 8.C9
8.08- 8.16
8.07- 8.14
Closing
8.16- 8.17
8.05
8.02
8.08
8.13
8.09
8.0572
7.9372
7.9072
8.0172
7.9672
7.80- 7.
7.73-
7.80- 7.82
7.78
7.6572
7.6272
Map—
.
—
—
June—
Range..
Closing.
7.9472
July—
Range..
7.78-
Closing
7.94
7.94
—
7.84
7.78-
7.85
7.81- 7.91
7.83- 7.89
7.81
7.89
7.84
7.6872
7.7572
7.7272
Aug.—
Range
..
7.7672
Closing
Sept.—
Range..
Closing
7.5872
7.4972
7.4672
7.28- 7.42
_
7.32- 7.37
7.26-
7.42
7.33
7.30
7.5472
7.6172
7.5972
7.32- 7.43
7.42- 7.51
7.43- 7.48
7.4072
7.48
7.4472
7.4572
Oct.—
Range
.
Closing
.
—
—
7.36
—
Nov.—
Range...
Closing
.
7.4172
7.3472
7.3172
7.4272
7.4972
7.35- 7.39
7.28- 7.38
7.36- 7.45
7.45- 7.50
7.3672
7.33
7.44
7.51??__
Dec.—
Range..
7.33-
Closing.
7.41
n
Nominal.
7.41
—
—
—
7.45-
JWll
7.48
Financial
298
Range for future prices at New York for week ending
trading began on each option:
Jan. 13, 193J, and since
11
8.31 Jan.
12
3,1938
10
8.42 Jan.
7
7.77 May 31, 1938
8.34 May 25, 1938
7, 1938
8.37 Aug.23,1938
~L98"janFlO "8A7" Jan""*7
7.81 May 31, 1938
7, 1938
8.20 Nov.21,1938
8.18 June
1939-
May 1939June 1939—
1939—
Aug. 1939..
Sept. 1939—
July
19391939
Oct.
Nov
8.11 Oct.
"7.73" Jan""16 "7.9"l JanFi2
7.60
Dec.
9.25 July
4, 1938
5. 1938
Week
8.07 Sept 30,1938
.an.
14
Week
Season
Week
60,895
9,149
598
67.203
273
Ala., Blrm'am
lo",
838
44,784
1,596
54.800
8.334
20
11,959
199
9,46 a
£0
655
81.681
2,195
95,001
207
52,519
94
43.281
696
80,976
22
43,70
67,773
3
Selma.....
8.01 Oct. 24. 1938
203
264
129.970
147,371
Eufaula
7,71 Dec. 30, 1938
1939
Delivery—The Commodity
Forest
—
Agriculture makes public each day the volume pf 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. \
Jan. 7
3,734
816
44.741
878
32,755
1,958
82,593
1,949
39,085
158
63,908
52S
132
19,277
4
48.814
36.631
449
31,679
298
26,748
143.603
1,356
135,80:
1,266
104,135
42,696
132,224
45,229
18,988
38,847
145,498
155,393
627
40,686
958
26,613
2,367
161,568
1,329
90,851
701
59,158
1,28.
35,193
244
16,38,
923
40,416
220
36,819
7,907
133,468
6,989
152,142
1,568
141,301
142,703
1,131
101,200
39,628
1,726
6f
313
128,930
1,519
Bluff.
Pine
9
48.267
200
3
12,641
628
2,760
25.734
430
1,311
97.375
4,200
1,716
92,147
2,528
35,400
1,700
21,100
3,724
1,600
"44
25,870
"468
37.948
717
40,700
696
36,199
16.156
7C
32.588
50
16,177
225
22,049
74,182
Walnut Rge
•
Ga., Albany—
Athens..
—
Augusta.
.
..
Columbus-.
Macon
Jan. 12
27,340
38.634
7
Newport.—
Contracts
Jan. 10 Jan. 11 Jan. 12
Jan. 9
3.910
52,409
61.640
Rock
Little
Open
Jan. 6
^
172,720
213
1,500
10
Jonesboro—
Atlanta.
New York
1,210
64,768
115,061
59,761
"lOO
Hope
of
3
38.923
City
Helena.
Exchange Administration of the United States Department
6,900
....
Rome.....
16'
18,936
37
34,750
300
100
300
600
600
37.800
32,200
25,700
38,100
26,700
22,700
♦4,600
571,300
May.
24,900
25:000
17,700
28,800
19,800
15,400
1,062
142,411
2,611
3,145
20 ">,503
6,785
225
36,955
67
34,233
2,78r
265,101
8,289
119.940
21,100
16,500
19,200
14,300
16.500
15.600
12,000
19,000
5,500
5,500
4,100
281
61,832
1,023
CityMo., St. Louis
65
44.948
967
5,196
94.819
5,286
3,494
4,669
69,153
96,195
118
3,256
388
2,807
58
3,298
136
3,459
1,415
334,930
4,179
302.253
10.900
473.877
12,955
205,360
85.203
357
794
118,613
3,885
Columbus-.
8
26,142
95
Greenwood-
921
186,413
3,883
31.083
310
460,000
1,400
3
Miss., Clarksd
814,700
20,200
La.. Shrevep't
617,500
July
89.773
77,877
43,061
129,501
41,977
16,403
25,245
52,352
N.C., Gr'boro
400
March——
18,600
January (1939)
—
18,700
25,700
19,300
,
October
2,400
6,100
December
Inactive months—
100
August (1939)..
3,100
September
Total all futures— 105,300 107,600
81,600 107,600
78,300 2,489.900
78,900
Jan. 5
Jan. 7
Jan. 6
Jan. 10
Jan. 9
Jackson
Contracts
6
Natchez
5?
51
27,045
788
Yazoo
towns *.
15
Gr'ville
Tenn., Mem's
58.83r
2,712
...
July
October......
1,600
3,600
2,700
9,650
5,950
2,500
8,400
3,450
9,600
6,800
1,650
9,950
127,650
400
1,250
"366
"ioo
15,050
16,550
97,650
2",500
December
400
1,000
43,487
884,404
156
102
May...—
200
38,2501 24,450
open
4,000 bales.
Supply of Cotton tonight, as made up by
Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
figures are brought down to Thursday evening. To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only. ■»
:V,y:
v'V■" •
The Visible
cable and telegraph, is as follows.
-
1939
Liverpool
—bales-
Stock at Manchester....
Total Great Britain.
—
Stock at Bremen.——.
Stock at Havre.
Stock at Rotterdam
...
68,000
21,000
10,000
535,000
654,000
62,000
14,000
7,000
695,000
9,000
5,000
713,000
281,000
199,000
17,000
64.000
78,000
10,000
6,000
927,000
211,000
1,106,000
659,000
Stock at Barcelona
Stock at Genoa
1
Stock at Venice and Mestre.
Stock at Trieste
*
1,096,000
235,000
344,000
17,000
...
Total Continental stocks..
232,000
327,000
'
17,000
Total European stocks
—1,791,000 1,765,000
India cotton afloat for Europe...
94,000
81,000
American cotton afloat for Europe
151,000
393,000
1936
622,000
91,000
1937
823,000
x104,000
1938
987,000
926,000
109,000:180,000
Jan. 13—
264.000
17,000
29*,666
1,462,000 1,367,000
151,000
132,000
337,000
344,000
140,000
157,000
113,000
462,000
786,000
362,000
622,000
404,000
794,000
.2,768,243 3,136,517 2,482,186 2,558,215
»
24
13,263
36
4,806
94,583
1,173
27,964
136
62,626
145
43.980
414
90,751
439
25,906
San
,
•
3
6,470
Robstown—
909
14
15,657
1,363
2,979
41
13.205
39
3.179
100
a443
167
27.069
197
36.433
352
47,191
400
31.386
102
53,515
378
24.463
565
86.219
178
55,00 *
Or,»
Marcos
.
Total. 56 towns
a7,497
a
21,491
.
3360 0^8 127.503 50 43 R'"> 134 376 2613 016
Includes the combined totals of 15 towns In Oklahoma,
show
totals
above
the
that
a San
Antonio.
stocks
interior
have
during the week 31,222 bales and are tonight
756,032 bales more than at the same period last year. The
receipts of all the towns have been 72,569 bales less than
decreased
the
same
week last year.
New York
Quotations for 32 Years
for middling upland at New York
Jan. 13 for each of the past 32 years have been as follows:
:
The
1939
1938
1937
1936
1935
1934
quotations
.... ..
..
....
1931
1930
1929
1928
1927
1926
1925
1924
8.83c.
8.68c.
..13.04c.
..11.85c.
..12.55c,
,.11.65c.
6.25c.
1933
..
1932
..
5.90c.
—.
..
6.15^. 1923
27.80c.
9.60c.
...
....
....
....
1922
18.25c.
..17.25c.
1921
17.65c.
..19.45c.
....
..13.40c.
..20.70c.
1920
1919
1918
39.25c.
31.70c.
32.65c.
..24,30c.
1917
18.05c.
..34.35c.
1916 —12.50c.
on
1915
8 05c.
12 60c.
1913 ..—13 10c.
1912— 9 65c.
1911
14 90c.
1910
14 95c.
1914
1909
9 45c.
1908 ——nU 55c.
Market and Sales at New York
The total sales of cotton
on
the spot each day during the
indicated in the following statement.
For the convenience of the reader, we also add columns
week at New York
which show at
closed
are
glance how the market for spot and futures
days.
a
on same
.
:
.
i
■
r
9,169,669 7.898,403
totals of American and other descriptions
,
.
■
'
•,
7,712,240
are as
Market
Closed
72,000
220,000
179,000
119,000
344,000
2,558,215
.r
SALES
Futures
Spot Market
328,000
visible'supply——9,578,943
Of the above,
American—
..
20
16.758
68
4,553
78
15,219
3,428
307,000
'
682,323
8,629
1,820
45.436
137,000
57,000
199,000
160,000
300,000
225,000
73,000
34,000
151,000
393,000
337,000
2,768,243 3,136,517 2,482,186
3,369,048 2,613,016 2,142,612
I-
80,136
298
287
136
follows:
■
4,286
60,742
44,151
4,488
210
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
3,369,048 2,613,000 2,142,612 2,311,287
17,652
40,136
12,605
11,738
U. S. exports today
78,566
65,239 1784,665
14.194
332,000
526,000
Stock in U. S. Ulterior towns
21,681
1
130,000
Stock in Alexandria,
Egypt..
2,288
.
Egypt. Brazil,&c.,afl't for Europe
Stock In Bombay, India....
Stock in U.S. portsJ.
4,737
41,616
The
bales against which notices have been Issued, leaving net
Includes 600
39,978
432 800
26.500
29.050
1,119
91
*
Total all futures
1,279
358
Waco
6,450
12,045
24,133
13,783
1,235
..
Texarkana
6,450
January (1940)
March....
50
963
Paris
84,700
16,300
2,200
5,350
2",650
2,800
2,250
3,500
May
8,200
17,262
46,143
Dallas..
Brenham
2,000
107,700
14", 100
6,700
3,400
March
50
6,100
50
5,460
33.123
74
364
76,634
35,090 1505,149
Austin—
150
January (1939)
77.605
Oklahoma—"
Texas, Abilene
Jan. 10
7,487
183
—
Vlcksburg—
S. C.,
Open
Jan. 4
New Orleans
Total
13
Stocks
ments
Jan.
3, 1938
8.12 Oct.
Ark., tlythev.
Stock at
Ship¬
Receipts
Stocks
Week
season
1938
14,
Jan.
Movement to
1939
13,
Ship¬
Receipts
Montgom'y
7.28 Jan.
12
7.50 Jan.
10
7.28 Jan,
Volume of Sales for Future
contracts of
Jan.
to
ments
Towns
1938
9.05 July 22,
3, 1938
7.82 Oct. 18, 1938
7.26 Jan. 10, 1939
"7.26 Jan""i6 -L61 Jan""l2
Moven^nl
9.27 July
8.12 Oct.
Dec. 1939—
*
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
8.74 June 28, 1938
8.25 Jan.
7.74 May 31, 1938
1939
Mar. 1939-
Apr.
1939
14,
movement—that is,
the
Towns
Interior
the
detail below:
9.51 Feb.23, 1938
8.23 Jan,
1939—
Feb
At
corresponding period of the previous year—is set out in
Range Since Beginning of Option
Range for Week
Option for—
Jan.
Jan.
Chronicle
Closed
"
Nominal
Nominal
_
Nominal.
—
Contfct
Spot
Very steady
Barely steady.
Steady
Steady
Steady
Steady..-
300
300
_
400
Total
500
500
2~666
2,400
300
300
300
1,000
1,000
Total week.
2,800
Since Aug. 1
36,655
4.800
2,000
72,100 108,755
Nominal
Nominal.:
Nominal
300
1
bales-
Liverpool stock
Manchester stock
Bremen stock
Havre stock.
Other Continental stock
—
American afloat for Europe..
U. S. port stock..
U. S. ulterior stock
U. S. exports today
—
....
425,000
553,000
63.000
164,000
250,000
76,000
17,652
40,136
12,605
2,311,287
11,738
Total American
-——7,283,943 7,444,669 5,757,403 6.143,240
East Indian, Brazil, &c.—
562,000
373,000
516,000
294,000
Manchester stock
46,000
Bremen stock
71,000
94,000
40,000
94,000
43,000
33,000
27,000
27,000
81,000
47,000
56,000
39,000
21,000
19,000
61,000
Liverpool stock—
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1938-39
Since
Jan. 13—
Week
Shipped—
Aug. 1
-1937-38
/, Since
Other Continental stock
—
Indian afloat for Europe—
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
...
Stock in Bombay, India
Total East India, &c
.
Week
Aug. 1
151,000
157,000
113,000
130,000
362,000
622,000
404,000
794,000
332,000
526,000
Total visible supply
9,578,943 9,169,669 7,898,403
5.19d.
5.02d.
7.20d.
300
113
4,378
16,779
89,193
382,277
1,166
59,703
96,522
79,041
2,274
2,686
88,577
520,030
672,359
68,994
789,130
00
13,505
957
296
12,935
4,912
120,162
Via Louisville
Deduct Shipments—
Overland to N. Y.t Bosi
Between interior towns.
1
1
8.60c.
9.62d.
13.04c.
11.31d.
5.95d.
8.63d.
1
6.13d.
8.83c.
8.52d.
4.lid.
5.89d.
11.85c.
9.92d.
5.46d.
4.lid.
4.19d.
6.27d.
4.34d.
bales, a gain of 409,274
bales over 1936, and
1,866,703 bales from 1935.
24,527
increase of 1,680,540
282
1,555
5,599
7,712,240
5.92d.
1937,
increase
over
an
an
of
rH
»-pH0
5,040
221,468
5,966
6,201
240,013
7,219
138,009
-26,494
432,346
61,775
651,121
-
*
Continental imports for past week have beer 87,000 bales.
The above figures for
1938 show a decrease from last
of
395
Via Virginia points
Via other routes, &c
140,000
2,295,000 1,725,000 2,141.000 1,569,000
7'283'943 7,444,669 5,757,403 6,143,240
week
4,737
2,975
Via Mounds, &c
Via Rock Island
Total American—
Middling uplands, Liverpool
Middling uplands. New York:
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.1 staple, s'rine.Liv
94,589
99,146
Via St. Louis
20,000
55,000
132,000
462,000
786,000
>
5,286
5,575
-32,695
Havre stock
Including movement by rail to Canada.
The
foregoing shows the week's net overland movement
bales for
date the
aggregate net overland exhibits a decrease from a year ago
of 218,775 bales. ;
this year has been 26,494 bales, against 61,775
the week last year, and that for the season to
,
Volume
148
Financial
1938-39-
In Sight and Spinners'
-1937-38-
Since
Takings
Week
Receipts at ports to Jan. 13
Net overland to Jan. 13
World
Since
Aug. 1
Week
Aug. 1
38,»27
2,862,992
26.494
Southern consumption to Jan.
13-12u,0o()
432,3i6
2,788,000
121,714
61,775
105,000
5,740,900
651,121
2,725,000
Total marketed
Interior stocks in excess
Excess of Soutnern mill
6,0fc3,S38
1,416,125
288,489
6,783
9,117,021
1,816,035
185,321
--*31,222
takings
_
over
consumption to Jan. 1
513,362
Came into sight during week
Total in sight Jan. 13
154,u99
8,012,825
11,341,371
29,139
728,321
20,571
741,604
Decrease.
Movement into sight in previous
years:
Week—
•
1937—Jan.
193o—Jan.
1935—Jan.
Bales
14
Since Aug. 1—
162,607
191,902
173,834
17
18
1937-38 aggregated 27,565,000 bales.
level it was down
sharply from the record-breaking total of 30,689,000 in the previous season.
However, prior to the last three seasons
world consumption of cotton
averaged only 25,000,000 to 26,000,000 bales
per season.
The Cotton Exchange Year Book
was prepared under the
direction of
Alston H. Garside, Economist of the
Exchange.' It contains comprehensive
statistics on worid
supply and world distribution of American and
foreign
growths of cotton, prices of
cotton, yarn and cloth, mill
activity, and other
data of interest from a cotton
market standpoint.
Census Report on Cottonseed Oil
Production—On
Jan. 12 the Bureau of the Census
issued the
following state¬
1936
Bales
cottonseed
COTTONSEED
RECEIVED,
.10,739,349
.10,240,666
6.787,521
-.
1935
1934
showing cottonseed received, crushed, and on
hand,
products manufactured, shipped out, on
hand, and exported for the five months
ending with Decem¬
ber, 1938, and 1937:
and
.
of the week:
Alabama
;
Saturday Monday
Galveston
8.41
8.60
8.31
8.87
8.90
8.45
9.01
8.40
8.40
New OrleansMobile
Savannah
Norfolk
Montgomery
;
Tuesday
8.30
Wed'day Thursday
8.25
8.50
8.52
8.20
8.75
8.80
8.35
8.90
8.31
8.36
8.50
8.23
8.58
8.17
8.74
8.76
8.80
8.35
8.80
8.35
8.88
8.90
8.40
8.28
8.81
8.85
431,855
135.682
Arkansas.
8.40
8.35
8.26
8.20
8.17
8.04
8.06
8.17
8.06
8.04
8.06
8.40
8.30
8.20
New Orleans Contract Market—The
8.78
8.40
8.94
8.40
8.35
8.25
8.04
8.04
8.08
:
Friday
8.24 •;
8.35
8.25
8.08
Fort Worth-
159.521
606,254
117,437
235,129
226,923
North Carolina
Oklahoma. _■
Texas..
_
United States
*
Tuesday
Jan.
Jan. 10
Jan. 11
8346- 836a
8336- 836c
7
9
Wednesday
Thursday
Jan.
8386- 840a
8.25-
8.42
~—
8.40- 8.41
Friday
12
8.48
8.26
8.18
8.14- 8.15
8.17
8.03
7.93
7896- 790a
7.51
7.44-
7.4*
Jan.
8006- 801a
7976- 798a
7.40- 7.41
7.48
7.59
7.44
7526- 753a
7636- 765a
7586- 769a
7576- 759a
7546- 7560
7.47
—-
7686- 770a
7636- 765a
7.54
—-
_
March
Tone—
Spot
Quiet.
Options.
Very
CCC
Quiet.
Loans
$174,929,915
Quiet.
Steaiv,
stdv
Steady.
on
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Cotton
Through Jan. 5 Aggregated
3,810,197 Bales—The Commodity Credit
on
Corporation announced on Jan, 6 that "Advices of Cotton
Loans" received
by it through Jan. 5, showed loans dis¬
bursed by the Corporation and
lending agencies of $174,929,-
914.90
on
3,810,197 bales of
The
cotton.
loans
8.82 cents per
pound.
Figures showing the number of bales
been made by States are given below:
State—
Alabama.
Bales
„
-
.
.
Arkansas.-..
-
California.Georgia
t
Bales
Mexico
36,682
Oklahoma.
r
Texas
South
11,189
128,610
i-
Tennessee
.587,449
Missouri
Caroljna
-
—
45,539
——1,127,140
Virginia.
.
133
-
.107,143
CCC Extends Time for Purchase of Wool Loans
from
1938-39
(lbs.)-J
Refined oil (lbs.)
by New York Cotton Exchange-
World production of cotton in the 1937-38 season was
greater
than ever before in the
history of the cotton trade, accord¬
ing to
Cotton
a
review of that
Year
Book
of
season
the
contained
New
issued Jan. 3.
York
in
the
Cotton
Aug. 1 to
Shipped Out
Aug. 1 to
On Hand
Dec. 31
Dec. 31
Dec. 31
i
-
*175,376,976
200,943.424
1938-39
a4S7,927,952
441,052,343
214,611
1937-38
1,173.073
1,605,813
1938-39
1,074,336
1,453,541
313.348
41,952
133,153
43,422
680,974
633,848
180,279
923,756
1938 39
844.688
122,490
635,258
399.217
31,295
22,112
1937-38
(tons)-----—1
(tons)
J
lb
5614,300,589
m
mm
a563.794,479
450.728,833
*»'-
806,588,634
194.224
457,464
*<636,307
1937-38
61,547
820,019
500-
558,513
482,349
1938-39
30,534
22,883
bales.——
22,122
1937-38
1,828
34,214
13,930
36,592
7,379
31,373
27,045
40,920
42,789
14,317
35,851
fiber,"
bales
[ 1937-38
Includes 11,339,523 and 47,148,981
pounds held by refining and manufacturing
establishments and 12,855,220 and 24,402,370 pounds In
transit to refiners and con¬
sumers Aug. l, 1938 and Dec.
31, 1938, respectively.
a Includes
5,199,739 and 6,140,196 pounds held
by refiners, brokers, agents, and
warehousemen at places other than refineries and
manufacturing establishments and
7,696,711 and 10,365,430 pounds In transit to manufacturers of
shortening, oleo¬
margarine, soap, Ac., Aug. 1, 1938 and Dec. 31,
1938, respectively. *
& Produced from
EXPORTS
652,700,935 pounds of crude oil.
AND
IMPORTS
eleventh
The production of cotton by the world in the season of
1937-38 reached
the extraordnary total of 36,576,000
bales, according to statistics in the
book.
The largest previous production was
30,851,000 bales in the pre¬
ceding season.
The extremely large world crop was due to the fact that
the United States produced more cotton than ever
before, while foreign
countries produced nearly as much as in the
previous season when they
reached a new high record for total
output.
OF
COTTONSEED
PRODUCTS
FOR
FOUR
MONTHS ENDED NOV. 30
Item
1938
Exports—Oil, crude, pounds
Oil. refined, pounds
-----!
1,773,024
1,392,438
2,092,269
8,907
78,928
Cake and meal, tons of 2,000 pounds-Linters, running bales
Imports—OH, crude, pounds
Oil, refined, pounds
39,241
92,643
None
—.
None
*28,008.291
20,814,036
438
Amounts for December not included above
are
1,464
15.475
Linters, bales of 500 pounds
*
1937
87,620
-
3,885
2,231,013 pounds refined "entered
directly for consumption," 3,590,483 refined, "withdrawn from warehouse for
sumption," and 3,973,816 refined, "entered directly into warehouse."
con¬
Returns
by Telegraph—Telegraphic advices to us this
indicate that the clearing of land and plowing
is being delayed to see what the Government
policy will be about the 1939 cotton crop.
The weather
map shows that the cotton belt is receiving rain.
evening
for cotton
Rain
-
--
Inches
2
Austin
!
5
•
-
Corpus Christi
Dallas,
Del Rio
El
—
—
.
—
1
Port Arthur—'
San Antonio
.
,
Oklahoma—Oklahoma City—
Smith--,
68
54
.<
46
1.78
42
1.08
■■
76
64
,
62
55
36
56
2
0.16
74
34
54
5
2.80
46
62*
3.98
3.16
1.58
78
72
74
4
6
1
74
66
.
Orleans
.
Shreveport—
.
Mississippi—Mer
,
3
1.32
0.87
3
Arkansas—Fort
2.02
70
1
0.80
4.38
2.58
3.75
0.05
1.08
80
5
3
5
Alabama—Mobile
.
1
3
3
Mont*
0.12
0.14
3
Pensacola
.
1
68
72
72
76
78
40
56
60
46
40
36
34
57
51
51
36
50
40
44
53
65
40
58
64
56
58
dry
dry
72
43
32
76
46
61
80
1.40
dry
Tampa
Georgia—Savannah
36
48
78
...
55
4
.
—
4
3
.
Paso
Houston
47
'
-
Palestine..1:
59
30
38
72
72
80
0.16
0.74
Mean
47
64
1.36
2
3
Low
71
1.68
1.69
„
6
Abilene
Brownsville-:
High
•
2.31
4
.
--
-Thermometer
Rainfall
Days
Texas—Galveston
Exchange
World consumption was large as measured
by the average of past seasons, but it was below world
production.
In consequence, world stocks at the end of the
1937-38 season were the largest on record.
An announce¬
ment of the Exchange
bearing on the year book also said:
89,311
671,696
HAND
*33,833,717
808,824,827
714,638,176
11,141,266 1,092,903.305 1,012,219.849
1938-39
Louisiana—New
Issued
21,596
127,716
435,090
285,768
Lending Agencies—Loans Totaled $14,912,236 Through
Dec. 31—On Jan. 11 the
Commodity Credit Corporation an¬
nounced that the time within which it would
purchase ac¬
ceptable wool loans from banks, cooperatives and others
which qualified as lending agencies under its
regulations had
been extended from Jam 31 to Feb.
28, 1939.
All other
terms and conditions of the
regulations and contract of pur¬
chase with lending agencies will remain in full force and
effect, it was stated.
•
As of Dec. 31, 1938, when the loan
program expired, loans
had been made of $14,912,237.57
upon 82,566,542 net grease
pounds.
Through Jan. 11 repayments reported to the Cor¬
poration include $4,058,050.60, covering 22,355,753 net
grease pounds.
Year Book
42.044
9.884
149,936
379,967
72,932
717,014 1,042,861
97,612
113,139
Cake and meal, tons of 2,000 pounds
North Carolina,
274,414
;
Mississippi
which loans have
.
68,605
155,814
-
Louisiana
New
average
>
on
State—
.288,722
38,156
-..654,833
.
Arizona
45.327
172,659
225,906
200.981
*
—
(1940)
February
172,659
185.381 \
Produced
halofl
8.23
November
December-
282,690
21,705
On Hand
Season
Grabbots, motes
Ac.,
500
lb.i 1938-39
—
474.373
1937-38
8396- 841a
September
—
59,292
29,883
1
Aug. 1
Item
8.47
8.26
7.92
193,605
V-:'\
*
...
Hull
July
August
365,272
189,349
61,217
211,654
147.071
69,412
45,540
358,164
62,881
'
Linters, running
June
69,10/
COTTONSEED PRODUCTS
MANUFACTURED, SHIPPED OUT, AND ON
Jan.13
8406- 842a
8.41
178,263
93,978
Includes seed destroyed at
mills, but not 337,118 tons and 42,394 tons on hand
nor 15,174 tons and 79,851 tons
reshlpped for 1938 and 1937, respectively.
Hulls
8.49- 8.50
315,426
Aug. 1
Cake and meal,
845b- 847a
1937
53.918
3 648 458 5 242 405 2 628 164 3 612 784
1,352 904 1
1937-38
Monday
.
April-May
October
—
1938
261,782
135,520
365,362
103,527
130,609
115,778
»353,209
914,908 1,455,079
162,50*
201.854
:
All other States
Crude oil
Saturday
March....
124,110
338,307
—
Tennessee
leading contracts in the New Orleans cotton market for
the past week have been as follows:
Jan.
172.266
South Carolina
Dec. 31
1937
88,289
204.636
824,571
248,634
(TONS)
On Hand at Mills
195,022
273,814
235,581
432,356
234,685
closing quotations
for
(1939)
626,695
'■
"
8.85
8.95
8.29
8.30
February
322,718
Louisiana
8.32
8.58
;
8.40
8.20
8.06
Houston
Little Rock
Dallas
Jan.
1938
Mississippi—
on-
HAND
Aug. 1 to Dec. 31
1937
236.979
California
Closing Quotations for Middling Cotton
ON
Crushed
1938
Georgia
Week Ended
Jan. 13
AND
Aug. 1 to Dec. 31
State
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for
middling cotton at
Southern and other principal cotton markets for each
day
CRUSHED,
Received at Mills *
.
Below
Augusta
Memphis
of cotton in
ment
North, spinn's* takings to Jan. 13*
299
consumption
At that
408,315
295.272
—
-—
Chronicle
50
70
54
.58
65
78
70
80
78
52
74
62
69
46
62
2
0.92
66
34
2
0.14
76
34
50
55
Macon
South Carolina—Charleston.-
1
0.10
44
^
2
0.48
70
71
70
2
0.66
68
40
54
2
0.34
0.37
70
34
52
2
72
53
2
0.33
72
40
40
4
1.16
72
34
2
2.81
70
36
-
Augusta
.
.
North Carolina—Asheville
.
dry
57
57
43
28
49
53
53
.
53
Financial
300
Chronicle
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Jan. 13, 1939
Feet
Jan. 14, 1938
Feet
Above
of gauge.
1.8
Above zero of gauge.
11.0
Above zero of gauge.
19.0
This week
Above zero of gauge.
Above zero of gauge.
7.5
5.8
Since Aug. 1_
11.2
Shreveport
icksburg
140,000
4.849,446
14.9
14.8
6.460,272
Receipts (cantars)—
330,000
6,871.283
250,000
12.2
Nashville
1937-38
Jan. 11
5.4
Memphis
1936-37
1938-39
Alexandria, Egypt,
-
New Orleans
Jan. 14, 1939
zero
do not include overland receipts nor
simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
The
tions.
Stocks at Interior Toums
Receipts at Ports
Week
Receipts from Plantations
End.
1938
1936
1937
1936
1937
1938
1936
1937
1938
Oct.
14.
21.
28.
205,107 379,066 370,723 3110,218 1904.P36 2098,733 434,239 596,889 489,120
3275,615 2051,912 2179,563 366,043 471,196 483,163
150,872 313,437 385.111 3387,084 2129.804 2266.371 263,541 391,329 471,919
This
Since
Week
Aug.
Since
Week
1
Aug.
I
7,000 100,818
89,362
19",000 379,509
12,725
7,000 115,911
106,078
18",000 325,927
18,115
19.000 457,157
26,000 582,414
25.000 566,031
63,174
73,627
9",000
To America
figures
Southern consumption; they are
1
Aug.
10,000 311,141
9,215
To Liverpool
To Manchester, &c
To Continent & India
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
This
Since
This
Week
Exports (bales)—
Total exports
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Jan. 11 were
140,000 cantars and the foreign shipments 19,000 bales.
Note—A cantar is
99 lbs.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are not willing to pay
present prices.
We give prices today below and leave those
for previous weeks of this and last year for comparison:
300,646 323,319 378,683
1937
1938
Nov.
256,332 263.182 259,641 3460,497 2226,923 2301,784 329,745 388,719 295,054
10.
92,12 245,688 264,096 3510,308 2:187,670 2342,886 141,936 406,335 305,198
4.
32s Cop
to Finest
Upl'ds
d.
77.816 165,506
16.
2330-
73.964 213,711 181,327
254,908 2366,617
89,957 169,362 211,898 3508,828
9.
3496,222 2610,850 2327,953
65.209 230,448
64,534 169,711 143,595 3471,589 2640,423 2290,467
54.236 139,333 119,31P 3448,226 2663,852 2253,715
44,595 141.563 117,505 3434,970 2658,348 2250,247
30.873 162,762
133,018
14-
8H@
28-
82,567
9
21—
39,901 199,284 106,109
31,339 147.067 112,749
1938
1939
1937
8%@ 9%
9
8%@
13.
38.827 121,714
86,716
26,355
7,6C5 128,497
96,101 3400,270 2619,799 2180,501
61,240 3369,048 2613,016 2142,612
42,596 125,265
to Finest
Upl'ds
23,351
7,896
8H© 9H
8%@ 9y<
9
8%@
9H
9
9%
9
8H® 9%
8%@ 916
s.
d.
■
5.19
9 10%@10
1%
4.89
6.20
11%@12%
9 10%@10
1%
4.83
10% @12
10%@12%
9 10% @10
9 10%@10
1%
4.55
1%
4.63
10%@12
10% @12
9 10%@10
1%
4.55
9 10%@10
1%
4.64
9 10%@10
%
4.65
1%
8%@
9
6.09
@93
@93
5.05
@93
@93
*■
5.08
5.22
■
Dec.
5.14
4.97
10% @11%
10%@11%
16-
816®
9)6
8 10}6@
9
1%
5.16
10%@11%
9 10%@10
23-
The above statement shows:
8%@ 9%
8%@ 9%
8 10%@
9
9
1 }6
1)6
5.24
10%@11%
9
5.25
10%@11%
9 10%@10
9_.
30Jan.
@93
8 10%@ 9
116
810)6®
19 39
9
4.79
%
1%
10%@10
4.81
1%
1%
4.88
1%
10%@10
4.97
%
5.02
4.84
19 38
6,
8%@
9%
8 10%@
9
1)6
5.30
10%@I2
9 10%@10
13-
8%@
9%
8
9
1)6
5.19
10%@11%
9
10)6@
10%@10.
Shipping News—Shipments in detail:
.
Bales
•
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
GALVESTON—To Antwerp, Jan. 8, Boschdijk, 1
To Ghent, Jan. 8, Boschdijk, 100; Jan. 7, Floride, 359
To Rotterdam, Jan. 8, Boschdijk, 871
To Genoa, Jan. 9, Maddalena Odero,
To Copenhagen, Jan. 8, Tabor, 1,348
from which statistics
obtainable; also the takings or amounts
sight for the like period: tl
are
out
gone
1938-39
Week
To Oslo, Jan.
9.6P3.470
Visible supply Jan. 6
Visible supply Aug. 1
9,102,964
4,339", 022
295",272 11,341,371
7,858,941
154",099
13—
Bombay receipts to Jan. 12
Other India ship'ts to Jan. 12.
Alexandria receipts to Jan. 11
Other supply to Jan. 11 * b—
American in sight to Jan.
87,000
29,000
28,000
8,000
Season
Week
,
8,012,825
762,000
273,000
969,800
221,000
589,090
200,000
1,285,200
209,000
86,000
30,000
50,000
'
10,000
•
-
:
—
8, Tabor, 200
,
To Gdynia, Jan. 8, Tabor, 1,652
To Gothenburg, Jan. 8, Tabor, 1,936
1937-38
Season
2,148...
1
459
871
2,148
1,348
1,426
1,282
200
1,652
1,936
4,902
34
1,998
2,063
35
117
3Q5
1,140>
2,299
49
1,459
,
683
429
1,859
760
■--
To Havre, Jan. 7, Floride, 1,426
To Dunkirk, Jan. 7, Floride, 1,282
of
,
Cotton Takings,
Week and Season
_•
J
...
To Bremen, Jan. 6, Hedderheim, 4,902.
To Hamburg, Jan. 6, Hedderheim, 34...
To Japan,
To China,
j
Jan.
5, Ermland, 1,998..;
Jan. 5, Ermland, 2,063-To Havana, Jan. 5, American Press, 35,
To Buena Vientura, Jan. 5, American Press, 117
To Puerto Colombia, Jan. 5, American Press, 305.To Liverpool, Jan. 11, West Hobomac, 1,140...
To Manchester, Jan. 11, West Hobomac, 2,299
i.
HOUSTON—To Marseilles, Jan. 11, Maddalena Odero, 49
To Genoa, Jan. 11, Maddalena Odero, 1,450
To Copenhagen, Jan. 9, Tabor, 683
To Oslo, Jan. 9, Tabor, 429.
To Gdynia, Jan. 9, Tabor, 1,859
To Gothenburg, Jan. 9, Tabor, 760
To Japan, Jan. 9, Kiyosami Maru, 3,675; Jan. 2, Kiyokawa,
-
Total supply.:..
Deduct—
9,909.569 18,097,566
9,578,943
9,578,943
9,169,669
9,169,669
330,626
8,518,623
1235,626
6,193,023
404,567
294,567
95,000
Visible supply Jan. 13.---
9,574,236 17,963,593
2,325,600
110,000
8,793,924
6,314,124
2,479,800
d.
4.82
11)4@12H
11%@12%
5.24
9
25..
from the
-
d.
s.
9 10%@10
■:
2-
(1) That the total receipts
plantations since Aug. 1, 1938, are 4,387,145 bales;
in 1937-38 were 7,555,218 bales, and in 1936-37 were 6,065,285 bales.
(2) That, although the receipts at the ourports
the past week were 38,827 bales, the actual movement from
plantations was 7,605 bales, stock at interior towns having
decreased 31,222 bales during the week.
:
d.
d.
d.
@93
@93
@93
9
10-
Jan.
6-
8.
Nov.
1937
1938
1939
d.
8.
9%
9H
4..
1937
1938
Middl'g
Twist
'
Oct.
94,354
18-
1939
8H Lbs. Shirt¬
ings, Common
'
Dec.
2.
Cotton
32s Cop
Middl'g
Twist
33,637 267,158 282,311
94,876 202,425 240,994
125,857 195,034 251,440 3518,088 2459,694 2373,757
25.
88,143 160,560 217,663 3524,821 2501,659 2397,188
18-
Cotton
8*4 Lbs. Shirt¬
ings, Common
'
Total takings to Jan. 13 a
Of which American
*
Of which other
*
a
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption
by
Southern mills, 2,788,000 bales in
1938-39 and 3,085,000 bales in 1937-38
—takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 5,730,623 bales in 1938-39 and 6,068,924 bales in 193738 of which 3,405,023 bales and 3,589,124 bales American.
"
b Estimated.
India Cotton Movement from All Ports—The receipts
6,474
152
59
To Rotterdam, Jan. 7, Boschdijk, 620
"
620
To Reval, Jan. 7, Boschdijk, 9
—9
To Riga, Jan. 7, Boschdijk, 150
159
To China, Jan. 12, Kiyokawa, 6,883
6,883
LAKE CHARLES—To Liverpool, Jan. 5, Comedian, 677
677
To Manchester, Jan. 5, Comedian, 344
*
344
NEW ORLEANS—To Japan, Jan. 9, Bockenheim, 1,187; Jan. 6,
Kiyokama Maru, 2,254
3,441
To China, Jan. 9, Bockenheim, 1,247
1,247
To Panama City, Jan. 7, Tolea, 10
;
19
2,799...
To Antwerp, Jan. 7, Boschdijk, 152
To Ghent, Jan. 7, Boschdijk, 50-.---
-
.
—
...
of Indian cotton at
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
....
—
To Belze, Jan. 6, Cadmus, 1
To San Felipe, Jan. 4, Sixaola,
1
159
1,996
3,106
100
100
150
Hamburg, Jan. 5,. Kellerwald, 1,996
To Bremen, Jan. 5, Kellerwald, 2,056; Jan. 11, Endicott, 1,050.
To Ghent, Jan. 11, Oakwood, 100
To Antwerp, Jan. 11, OakWood, 100
To Havre, Jan. 11, Oakwood, 550.
To Venice, Jan. 9, Laura C., 535....
To Trieste, Jan. 9, Laura C., 150
To Gdynia, Jan. 11, Trolleholm, 50
To Nordkoping, Jan. 11, Trolleholm, 500—•
To Abo, Jan. 11, Trolleholm, 50
To Gothenburg, Jan. 11, Trolleholm, 50.
CORPUS CHRISTI—To Ghent, Jan. 10, Gand, 900.
To Havre, Jan.*10, Gand. 150
*——1
To Dunkirk, Jan. 10, Gand, 300..
i
To Oslo, Jan. 5, Tabor, 76-.
To Gdynia, Jan. 5, Tabor, 689—
...
To Gothenburg, Jan. 5, Tabor
i.
To
—
1938-39
1936-37
1937-38
Jan. 12
Week
87.000
Bombay
Aug. 1
762 000
Since
Since
Since
Receipts-
Week
86.000
Week
Aug. 1
589 000
Aug. 1
141.000 1.112,000
559
535
150
50
500
5050
900
,
For the Week
Since Aug. 1
——
Exports
from,—
Great
Britain
Conti¬
Jap'n d-
nent
China
Great
Total
Conti¬
Britain
nent
Japan d•
China\
Total
Bombay—
1937-38..
18,000
21,000
531,000
635,000
1.000
11,000
16,000
13,000
92,000
164,000
269.000
3,000
1938-39..
80,000
83,000
19,000
119,000
612,000
750,000
2.000
4~666
1936-37..
16,000
83,000
OtherIndia1938-39..
12,000
1937-38..
18,000
273,000
17,000
29,000
12,000
30,000
65,000
135,000
200,000
38,000
1936-37..
38,000
116,000
220,000
336,000
87,000
186,000
Total all—
150
300
76
"• 689
313
109
259
609
300
To Abo, Jan. 5, Tabor, 100
1
BROWNSVILLE—To Ghent, Jan. 10, Louisiane, 250.
To Havre, Jan. 10, Louisiane, 600
To Dunkirk, Jan. 10, Louisiane, 300
PENSACOLA—To Liverpool, Jan. 7, West Modiket, 240; Jan. 12,
Yoka, 225.
To Manchester, Jan. 7, West Madoket, 20; Jan. 12, Yoka, 150.
SAVANNAH—To Antwerp, Jan. 9, Tulsa, 50
465
179
50
MOBILE—To
1938-39..
12,000
19.000
16,000
47,000
108,000
269,000
531,000
908,000
1937-38..
22,000
13,000
11,000
46,000
78,000
227,000
164,000
469,000
41.000
80.000 121.000
135.000
339.000
612.000 1086.000
1936-37 4.
increase
compared with last year in the week's receipts of
1,000 bales.
Exports from all India ports record an increase
of 1,000 bales during the week, and since Aug. 1 show an
increase of 439,000 bales.
Alexandria
Receipts and Shipments—We now re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria. Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two
years:
,
Liverpool, Jan. 8, West Madoket, 875; Jan. 1,
Dramatist, 47
Jan. 8, West Madoket, 755; Jan. 1, Drama¬
tist, 784.
To Trieste, Jan. 7, Laura C., 44
To Venice, Jan. 7, Laura C., 100
To Japan, Jan. 7, Bockenheim, 100.
;
To China, Jan. 7, Bockenheim, 285
To Havre, Jan. 2, Azalea City, 188
To Hamburg, Jan. 2, Azalea City, 32
To Bremen, Azalea City, 300
LOS ANGELES—To Manchester, Jan. 7, Martin Bakke, 1,000;
Pacific Reliance, 765
To Havre, Jan. 9, Wyoming, 1,375
To Japan, Jan. 7, Asama Maru, 3,588; Jan.
9, President
Coolidge, 1.055
SAN FRANCISCO—To Great Britain, (?), 250
To Japan, (?), 2,687
1
...
922
To Manchester,
-
-
-
Total
1,539
44
109
109
285
188
32
309
1,765
1,375
4,643
259
2,687
75,434
r
Volume
Cotton
148
Financial
Freights—Current
for
rates
York, as furnished by Lambert & Barrows,
follows, quotations being in cents per pound:
Standr
High
ard
Density
_
Liverpool
High
Inc.,
Stand-
Density
New
from
cotton
are
High
ard
Stand-
Density
.46c.
.000.
Trieste
d.46c.
.60c.
Piraeus
Manchester .46c.
.60c.
Flume
d.45c.
.60o.
Salonlca
.85c.
as
ard
1.00
.86c.
1.00
Antwerp
.46c.
.61C.
Barcelona
*
*
Venice
Havre
,46c.
.60e.
Japan
♦
•
.7lc.
Rotterdam .46c.
Copenhag'n.66o.
.61c.
Naples
d.56c.
.600.
d.66c.
.60c.
Shanghai
Bombay x
♦
Genoa
.76c.
.9oc.
.60c.
.66c.
.71c.
Bremen
.46c.
.61c.
Leghorn
d.55c.
Gothenb'g .66c.
.6ic.
.76c.
Hamburg
.46c.
.01c.
Oslo
Stockholm
*
No
quotation.
x
Only
•
small lots,
.710.
d Direct steamer.
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Dec. 23
Forwarded
Total imports.
Of which American.
Amount afloat
13,000
142,000
45,000
_
_
The tone of the
each
Jan. 6
Jan.
58,000
23,000
43,000
1,071,000 1,082,000 1,111,000
502,000
506,000
500,000
35,000
36,000
72,000
Total stocks
Of which American
Of which American.
Dec. 30
13,000
135,000
40,000
13
50,000
1,096,000
488,000
40,000
10,000
113,000
35,000
13,000
133,000
34,000
Liverpool market for spots and futures
day of the nast week and the daily closing prices of
spot cotton have been
as
301
from the previous day. Absence of
pronounced selling pres¬
sure in view of recent rains
Southwest, and
declining foreign
prices in connection with increased offerings of Southern
Hemisphere wheat indicated, according to some observers,
that the market temporarily is oversold. Good
buying from
elevator interests and processors as wellas investors has been
1.00
d.86c.
Chronicle
follows:
apparent each time
a dip in prices occurs,
pit dealers said.
Liverpool was fractionally lower due to the threat of large
offerings of Argentine wheat and reopening of navigation in
south Russia and the
Balkans, indicating increased ship¬
ments from the Black Sea
may be expected. Export business
was
quiet, North American sales being confined to about
150,000 bushels of Canadian Pacific
inst. prices closed unchanged to
Hc*
to lc. in wheat quotations at
Saturday
Monday
Wednesday
Thursday
Friday
Quiet.
Quiet.
Market,
12:15
Moderate
P. M.
demand.
Mid.Upl'ds
Quiet.
5.17d.
Quiet.
.
5.16d.
Quiet.
5.14d.
5.17d.
5».20d.
5.19d.
4
| Futures
Easy;
Market
Steady;
7 to 10 pts. 1
decline.
opened
Ma,rket
Q't but st'y
2
2 pts.
to
pts
advance.
Quiet;
1
2
to
decline.
Steady;
Qu't; unch.
3 pts.
to 3 pts.
advance.
decline.
pts.
decline.
Barely st'y: Qt but st'y Q't but st'y
Steady;
Steady;
Q't but st'y
10 to 12 pts 1 pt. dec.to unch. to 2 2 to 3 pts. 5 to 7
pts. 1 to 2 pts.
decline.
2 pts. adv.
2 pts. dec.
advance.
advance.
decline.
4
P. M.
were
interest in all
confined
Sat.
Mon.
Tues.
are
Wed.
given below:
Thurs.
Fri.
Jan.13
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
January (1940)
..
*
d.
d.
d.
■
d.
d.
d.
d.
d.
d.
May
d.
d.
4.82
4.81
4.81
4.79
4.80
4.82
4.82
4.85
4.87
4.84
4.86
4 80
4.80
4.80
4.76
4.78
4.80
4.80
4.82
4.85
4.81
4.83
4.75
March
4.75
4.75
4.72
4.73
4.75
4.75
4.78
4.80
4.77
4.79
4.63
July
4.62
4.63
4.63
4.60
4.61
October
4.45
4.46
4.46
4.43
4.44
December
4.47
4.48
January 1041
March
4.51
May..
...
4.49
•¥ +>
-
~
4.47
4.50
,4.64
4.67
4.69
4.66
4.68
4.46
4.46
4.50
4.53
4.50
4.51
V-
4.49
mnm
-
*.«.
4.48
4.50
4.53
4.51
4.53
4.55
4.54
4.57
4.53
4.53
-
4.53
4.56
w
--
—
■
4.55
4.60
4.58
4.62
4.61
Fractional gains of as much
in
the wheat market
session.
wheat
today, and prices slipped lower later
Some of
the selling was based on the less
pessimistic tone of crop reports from some sections of the
belt.
Security price
Most transactions
tively insignificant.
the
to
sition
Reports
effect that milling
to
buy
in
a
from
interests
substantial
for
are
way,
flour
Middle
the
showing
the
declines
were
Small advances abroad, with Liverpool wheat clos¬
ing V2 to %c. higher, imparted strength to the local market.
Sale of two Australian flour cargoes to China and
prospects
further such business helped the English
market, but
of
this was offset to some extent by sale
by India to the
United Kingdom of some wheat originally taken from Aus¬
tralia.
There were indications that world shipments would
'
>
%
to
is
rela¬
West
no
demand
the
much of the winter
over
are
dispo¬
having
London
rumors
the
stock
market,
concerning
wheat belt.
Nervousness of
reportedly due to unconfirmed
German
unusual
Dutch
frontier, failed
Precipitation was believed
to
troop movements
disturb
the
wheat
region except possibly for Kansas, where clear¬
predicted.
May wheat was strengthened by
further removal of hedges against cash
grain
He. to He. net
Wheat prices declined in late trading
today, wiping
He. and closing He. to He.
lower compared with yesterday.
The market staged a re¬
early gains of
covery
as
movement
Liverpool
cables
materialize in the
promised
at
and
much
the
as
opening,
failure
domestic
strengthened
by firm
of expected precipitation
winter wheat
area.
were
Forecasts
sales, but
no
export business was,reported despite rumors that substantial
subsidized sales, possibly to China, are
impending. Liverpool
wheat
practically unchanged, continuation of the Indian
being offset by rain in the United States.
In¬
creased
shipments from Argentina were -reported.
Open
interest in wheat on Thursday was
94,080,000 bushels.
was
drought
DAILY CLOSING
PRICES OF WHEAT
to
important moisture relief in the Southwest.
With the exception of the southern portion of
Kansas, where
it was unsettled, generally fair weather was
predicted to¬
night and tomorrow for Kansas, South Dakota and Iowa.
This held prices higher during most of the short session. In
the late trading, however, buying support diminished and
weakness in securities tended to bring in
selling by some early,
buyers. Liverpool, due Mo,, to He. higher, closed He. to
He. up, aided by an advance in the sterling exchange rate.
On the 9th inst. prices closed He. to He. net lower.
The
heaviness of wheat today reflected widespread rains over the
week-end in winter wheat areas of Kansas, Oklahoma and
Texas and elsewhere in the domestic grain belt. The
precipi¬
tation that ranged up to one and two inches or more, consti¬
tuted the first good rains some districts of the Southwest
have received since early last fall. Warm weather
permitted
the moisture to soak into the soil, crop experts here said.
Wheat is dormant now, so that benefit will be
postponed
until March, it was pointed out. In the absence of other
trade developments, the market was sluggish, but
good
buying power appeared on the slight dip at around 69c. for
both May and July contracts. Early losses of as much as
He. were reduced later by resting orders to buy and some
purchases credited to mills. Although no export business
was confirmed, sales to the Government
subsidy agency have
been rumored recently and traders said some of the
buying
of futures may have been removal of hedges against this
business.
Canadian export sales amounted to only 100,000
bushels.
On the 10th inst. prices closed
unchanged to He.
net lower.
Although the wheat market encountered selling
based on lower prices abroad today, quotations on the Chi¬
cago Board held up stubbornly and closed very little changed,
no
on
market.
to be light in most districts,
but the forecast indicated continued unsettled weather in the
winter wheat
by the continued downward trend of wheat.
out
near
trade.
ing skies
lower.
or
previous closing levels, and consisted largely of small
lot dealings in connection with flour or wheat sales in the
dropped off rather sharply, this apparently being influenced
Wheat—On the 7th inst. prices closed
discouraged
made at
the
rain
the demand
was
He, lower..
y2c. could not be maintained
as
"
Friday Night, Jan. 13, 1939
-
price
of the
%c. net lower.
Wheat price
declines amounting to around y2c. today reflected snow and
BREADSTUFFS
area
one
of wheat.
North American export business in wheat
confined to about 100,000 bushels of Canadian
grain.
On the 12th inst. futures closed %c. higher to
Today prices closed
Flour—in the local
He.,
time, which indicated the lack of
Pit traders said dealers who have
increase this week.
,
of
range
dropped off sharply, with demand Curtailed by the weakness
buying of grains.
to
a
accepted profits recently during the decline of about 2c.
from last week's highs have shown an inclination to reinstate
their lines.
Milling interests reported flour business had
winter
Jan. 7
Liverpool for each day
to
some
quarters.
in the
Prices of futures at
11th
The unsettled political situation in
Europe was mentioned
for the first time in weeks as a
possible factor in the grain
trade. Most of the dealings consisted of small lots and
fluctuations
Tuesday
On the
buying in the pit here.
was enough to
bring about gains of as much as 3^c. in quo¬
tations in view of meager
selling interest remaining in the
market after the steady decline of the
previous six sessions.
it
narrowest markets in
Spot
wheat.
higher.. Gains of He.
Liverpool stimulated scattered
Although purchasing was not large,
Sat.
No. 2 red
DAILY
Mon.
J-—86%
CLOSING
PRICES
OF
WHEAT
Sat.
„
March.
IN
Tues.
86%
NEW YOR K
Wed. Thurs. Fri.
86%
86%
FUTURES
Mon.
Tues.
86%
86%
IN
CHICAGO
Thurs. Fri.
'Wed.
:
...
_
May
July--
-
.......
September
Season's High and
73%
May........ 74%
July
71%
September
72%
March—
When'
July
July
Jan.
Jan.
69%
69%
70%
Made
I
23. 1938
23. 1938
4,1939
4, 1939
69%
69%
70%
Season's
.......
October...
*---
-
1...
69%
69%
70%
69%
70
Low
and
March
62%
May...
July.........
September...
62%
62%
67%
DAILY CLOSING PRICES OF WHEAT
May
July......
69
62%
63%63%
-
69%
69%
70%
When
58%
68%
69%
Made
Sept.
8.1938
Sept.
7,1938
Oct.
5, 1938
Dec. 29,1938
FUTURES IN WINNIPEG
62
62%
62%
62%
62%
62%
62%
62%
62%
62%
63
63%
63%
62%
,63%
Corn—On the 7th inst. prices closed He. to
Corn developed weakness after
He. net lower.
making small gains in earlystrengthened by small receipts, 39
cars, and light country offerings.
A bearish influence, how¬
ever, was a report that the heat wave in Argentina
apparently
had been broken.
On the 9th inst. prices closed He. to
He.
net lower.
Further precipitation in Argentina caused
selling
of corn on the Chicago Board, but cables continued to stress
the inadequacy of moisture received there last week.
It was
trade.
The market
was
said
a large portion of the corn
acreage has suffered extensive
drought damage. Observers here pointed out, however, that
with proper moisture strong crop revival can be
expected.
Buenos Aires prices closed 1H to 1 He. lower. Local
bookings
remained small.
On the 10th inst. prices closed He. to He.
net lower.
Beneficial general rains continuing in
Argentina
were reported
improving corn prospects there materially.
Prices at Buenos Aires declined
more than a cent on
top of
1H to lHc. yesterday.
Chicago corn was only
fractionally lower, however. On the 11th inst. prices closed
He. to He. net higher. Export corn business was the best
reported so far this year, volume being estimated at 500,000
losses
of
Financial
302
principally to the United Kingdom and Continental
Europe.
Buenos Aires prices closed
to llAc. higher but
the improved crop outlook in Argentina caused some selling
bushels,
The government report showing
tempered to some extent by evidence
of substantial disappearance of corn the last 3 months,
together with suggestions that feeding requirements are
greater than any time in 4 years because of increased hog
here
on
the Chicago
Board.
First
closed unchanged to %c. lower.
little change, but the market was
for more export business. Buenos
Aires prices were slightly lower early in the day.
Today
prices closed % to %c. net lower. Corn prices eased largely
in sympathy with the heaviness of wheat values.
Only
prices showed very
strengthened by prospects
Corn
Sat.
No. 2 yellow
DAILY
CLOSING
and
interest in corn
in afloat corn was reported,
scattered export business
receipts were in moderate volume.
Open
on Thursday
was 60,234,000 bushels.
DAILY CLOSING PRICES OF CORN IN
Mon.
-
NEW YORK Fri.
Tues.
Wed. Thurs."
67% 67% 67% 67% 67
67
PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
March
High and
56
May
July
September
—
53%
54
55%
September
Season's
52%
54
55
54%
60 %
55 %
56%
iS
53%
54%
When Made
I
Season's Low and
When Made
28. 1938 March
46
23. 1938 May
47%
Sept. 24, 1938 July
48 %
Jan.
4, 19391September — 53%
16. 1938
18, 1983
18, 1938
Dec. 23, 1938
Oct.
Oct.
Oct.
July
July
Some
prices closed unchanged.
Oats—On the 7th inst.
against sales of September at Ma.
On the 9th inst.
prices closed unchanged to Mfi. off. Trading was light and
without any special feature. Oat receipts were reported as
larger. On the 10th inst. prices closed Ma. to Mc. net lower.
Trading was sluggish, with the undertone heavy. On the
11th inst. prices closed y&e. lower to l/%c. higher. Spreaders
operated in oats, but the market was quiet.
On the 12th inst. prices closed unchanged, to VsC. down.
Trading was light and without feature. Today prices closed
% to %c. net lower.
This market responded to the weak¬
buying of July contracts
difference was
ness
of wheat
noted in the oats market.
and corn, and eased on little pressure.
PRICES OF OATS FUTURES IN CHICAGO
CLOSING
DAILY
Sat.
May
July
DAILY
...
CLOSING
Jan.
Jan.
Jan.
29%
28%
28%
Wed:
Thurs.
29%
28%
28%
29%
28%
28%
Fri.
29%
28%
27%
When Made
Sept. 6,1938
Oct. 18,1938
Dec. 23, 1938
OATS FUTURES IN WINNIPEG
I Season s Low and
4, 1939|May
-.23%
3. 1939 July...
24%
4, 19391September ... 27%
OF
PRICES
1
,
May
July
Tues.
30
29% 28%
28% ,28%
September..Season's High and
When Made
30%
29%
29%
Mon.
30
-
May
July
September
Sat.
Mon.
29%
29%
29%
29%
30
29%
-
Tues.
Wed.
Thurs. Fri.
29%
29%
October...
30
29%
29
Today
covering in futures.
demand and some short
142,000
754,000
329,000
29,000
579,000
199,000
169,000
102,000
77,000
119,000
51,000
26,000
28.000
8,000
56,000
83,000
4,000
11,000
279,000
153,000
31,000
1,000
59,000
525,000
98,000
19,000
197,000
439,000
64,000
21.000
44,000
6,000
Duluth
M
m-
m.
_
......
Indianapolis
Louis
St.
«
"le'.ooo
Milwaukee.
m,
12*8*666
.
.
<m -
m.
Peoria.....
43,000
11,000
508,000
Kansas City
15,000
698,000
252,000
221,000
88,000
DAILY
CLOSING PRICES
OF RYE
Season's
May..
July...
September
DAILY
FUTURES IN CHICAGO
Mon.
Sat.
Tues.
Wed.
Thurs.
Fri.
47
47% 47
47% 48% 47%
48%
48% 48%' 48%
High and When Made
I, Season's Low and When Made
.53%
July 25. 1938(May..
-r. 41%
Sept. 7.1938
—49%
Jan.
4, 1939 July...
44% Nov. 7.1938
49%
Jan.
3, 19391September
45
Dec. 23,1938
CLOSING PRICES OF RYE FUTURES IN WINNIPEG
47
47%
48%
47%
47%
47%
...48%
48%
43
October.
42%
43%
May
July..P
Tues.
Mon.
42%
,
42%
42%
Wed.
42%
43
Thurs.
44%
44%
Fri.
43%
43%
St.
m
■m
Joseph.
Wichita
DAILY CLOSING PRICES
OF BARLEY FUTURES
Tues.
Mon.
Sat.
Wed.
38%
37%
38%
38
39%
May
July
IN WINNIPEG
38%
37%
October
Thurs.
38%
38
5,000
67,000
7,000
176,000
162,000
668,000
2,238,000
3,708,000
1,164,000
221,000
1.021,000
372,000
2,375,000
1,088,000
1,953,000
Same wk '37
463,000
2,003,000
10,872,000
3,089,000
281.000
Same wk '38
986,000
348,000
752,000
Since Aug. 1
1937
61,118,000 17,803,000 59,329,000
70,510,000 19,881,000 59,407,000
9,912,000 216,901,000 158,188,000
8,772,000 202,413,000 137,729,000
1938
—
Total receipts
the week ended
46.838.000 10.891 .OOP 58.783.ft00
90.476.000
9,854.000 151.441.000
1936
of flour and grain at the seaboard ports
Saturdav, Jan. 7, 193J, follow:
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
York.
26.0C0
New
Baltimore
237,000
286*000
155,000
223,000
Hard winter clears..
16,000
136*,000
ib". 000
Boston
14,000
Halifax....
25,000
Total wk '39
264,000
1,122,000
926,000
60,000
18,000
264,000
1,122,000
926,000
60,000
18,000
270,000
2,277,000
1,028,000
46,000
41,000
301,000
270.000
2,277.000
1,0*28.000
46.000
41.000
301,000
40,000
16,000
'
*4*666
1939
.
'
Week 1938.
1
Since Jan.
1938
*
on
Receipts do not Include
grain passing through
Philadelphia
24,000
York—
No. 2 red, c.i.f., domestic
Manitoba No. l.f.o.b. N. Y_
Wheat, New
86%
73%
Corn, New York—
No. 2 yellow
all rail
67
All the statements below
Rye, United States C.
Barley, New York—
40 lbs. feeding
Chicago, cash
513,000
Halifax
2*.66o
13*6*666
1,447,000 1,887,000
1938
84,996
129.045
1.000
destination of these exports
122.000
for the week and since
Wheat
Flour
»
Since
Corn
•
■■■
■
Since
Week
and Since
Week
Since
Week
July 1 to—
Jan. 7,
July 1,
Jan. 7
1939
1938
1939
1938
1939
1938
Barrels
Barrel&
Bushels
Bushels
Bushels
Bushels
,
1,022,000
15,000
1,206,441
2,146
441,924
So. <fc Cent.„Amer.
11,250
322,750
302,000
16,000
West Indies
39,500
726,500
2,000
15,100
139,094
July
Kingdom.
Continent
Brit. No. Am. Col.
Other countries
.
106*666
84,996
Total 1938
-.
Jan. 7,
J
July 1,
5,000
211,000
29,000
......
2,884,709
1.447,000
129.045
2.811.196
2.686.000
Total 1939
1,
48,253.000 1,401,000 29,564,000
486,000 24,356,000
36,213,000
1,000
48,000
United
98*5*,000
100,000
85,691,000 1,887,000 54,025,000
74,227.000 1.713,000 8,230,000
supply of grain, comprising the stocks in
principal points of accumulation at lake and
ports Saturday, Jan. 7, were as follows:
visible
The
at
granary
seaboard
GRAIN STOCKS
a
Wheat
Bushels
United States—Boston
1
New York
61,000
425,000
....
Philadelphia
'
New Orleans.
.
Fort Worth
Hutchinson
Indianapolis.
416,000
645,000
565,000
517,000
717,000 1,106,000
5,544,000
7,000
6,034,000.
245,0Q0
2,223,000
5,489,000
2,195,000
27,677,000
4,874,000
644,000
2,965,000
769,000
24,000
St. Louis.
768,000
3,012,000
6,868,000
1,158,000
2,346,000
1,310,000
301,000
8,564,000 11,743,000
1,526,000
1,133,000
12,294,000
9,946,000
191,000
135,000
9,273,000
8,110,000
Duluth
afloat.
Detroit
Buffalo
"
Corn
Bushels
Oats
Rye
Barley
Bushels
Bushels
Bushels
2,000
—_-_
Minneapolis
afloat
2,268,000
1,801.000
5,565,000
3,334,000
42,000
1,000
1,000
32,000
14,000
9,000
22,000
72,000
1,000
10,000
4,000
141,000
34,000
6,000
1,000
14*666
120,000
749,000
411,660
127,000
329,000
91,000
337,000
74,000
50,000
53,000
310.000
28,000
75,000
551,000
69*666
2,622*000
71*6*666
521,000
77,000
626,000
354,000
6,000
1,748,000
5,116,000
3,538,000
5,229,000
4,338,000
1,678,000
1,155,000
"
2,000
4^666
*2*666
140*666
3,876,000
557,000
745,000
735,000
379,000
258,000
496,000
748,000
66%
1939.-111,378,000 48,079.000 15,778,000 8,267,000 10,733,000
Total Dec. 31, 1938..114,672,000 48,866,000 16,276,000
8,304,000 11,022,000
Total Jan.
8. 1938.. 82,351,000 34,947,000 24,514,000
4,423.000 9,594,000
Note—Bonded grain not included above:
Wheat—New York, 573,000 bushels;
New York afloat, 92,000; Buffalo, 707,000: Buffalo afloat, 3,441,000; Erie, 1,705,000;
Albany, 851,000; Philadelphia, 157,000; total, 7.526,000 bushels, against 4,526,000
Total Jan
55%
50-63
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
51*666
below:
Week
Milwaukee
41%
16,000
2,000
July 1, 1938, is as
Exports for
1*8*666
10,000
2,686.000 1.713.000
Total week 1939..
The
——
*2*666
2*5*666
40*666
St. John, West
Same week
"
786,000
252,000
....
———
,
-
262*666
Orleans
New
afloat
I. F.
Bushels
272,000
Baltimore
Chicago
Oats, New York—
No. 2 white
■
*43*,000
481,000
Barley
BisMels
16,000
Peoria
GRAIN
Bushels
225,000
Boston
.
Rye
47,996
137,000
207,000
Albany
for the week
the annexed
Oats
Barrels
Bushels
Bushels
York
New
Flour'
Corn
Wheat
Exports from—
2.70
3.25
29,000
,
New Orleans for foreign port"
from the several seaboard ports
ended Saturday, Jan. 7, 1939, are shown in
statement:
v.
The exports
1.65
4.50 @5.00
29,000
•
through bills of lading.
Sioux City
1.2-0,3-0.2
2,000
2,000
._....
1
Since Jan.
St. Joseph
Fancy pearl.(New) Nos.
1,000
St. John. W.
Omaha
Coarse
Nom.
*
*16*666
454,000
Galveston..
Kansas City
Spring Pat. high protein.5.10@5.2o
Spring patents
—4.55@4.75
Clears, first spring
4.20@4.40 Oats good
Hard winter straights
4.35@4.55 Cornflour
Hard winter patents
4.55@4.75 Barley goods—
8,000
17,000
10,000
24,000
Wichita
Rye flour patents
;
3.65@3.75
Seminola, bbl., Nos. 1-3—5.45@
2,000
2,000
8,000
20,000
239,000
..
New Orl'ns*
bush 56 lbs bush 48 lbs
9,000
91,000
191,000
155,000
Philadelphia
for
Barley
Rye
Flour
Receipts at—
38%
37%
FLOUR
35,000
Total wk '39
Fri.
•
7,000
6,000
9,000
Buffalo
Galveston
....
Closing quotations were as follows:
~+.mm
m m ~
143,000
...
Sioux City.
Baltimore
----
__
26,000
63,000
Omaha
...
Sat.
1,000
12,000
86,000
35,000
412,000
54,000
345,000
the other grains.
May
July
September
221,000
199,000
29
prices closed 34 to %c. net lower.
This market was rela¬
tively quiet, though easier in response to the heaviness of
bush 60 lbs
bush 56 lbs bush 48 lbs
267,000
Galveston
attributed largely to a better
relative firmness of rye was
Oats
bush 32 lbs
Minneapolis
Norfolk.
closed Ac. to A.C. net lower.
Trading was light, with selling apparently influenced by the
heaviness of wheat and corn. On the 9th inst. prices closed
Ac. to Ac. net lower. Trading was sluggish. There was
little in the' news to stimulate either buying or selling.
On
the 10th inst. prices closed 34c. to Ac. net lower. Trading
was light with the price trend lower in sympathy with th3
heaviness of wheat and corn markets.
On the 11th inst.
prices closed unchanged to 34c. up. Trading was light, with
the undertone steady.
"
•
On the 12th inst; prices closed % to 34c. net higher.
This
Corn
bush 56 lbs
Chicago
29%
Rye—On the 7th inst. prices1
spot
Wis. 196 lbs
Barley
Rye
Wheat
Flour
Receipts at—
52 %
55
53
53 %
-
March..
52 %
54%
May—
July
Saturday aDd since Aug. 1 for each
of the last three years:
Toledo
inst. prices
the 12th
On
lake and river ports
give the receipts at Western
we
for the week ended last
large farm reserves was
production.
Jan. 14, 1939
Chronicle
bushels In
7,
1938.
Volume
Financial
148
Wheat
Bushels
Canadian—
Corn
Bushels
Oats
Small Grains—The week brought more or less moisture to most of the
Barey
Rye
Bushels
Bushels
winter
Bushels
Lake, bay. river—seab'd 32,512,000
1,671,000
129,000
1,098,000
Ft .Williams &Pt. Arthur 38,591,000
738,000
869.000
901,000
Other Can. & other elev.
303
Chronicle
wheat-producing sections of the country.
It was especially helpful
a
large southwestern area and should prove beneficial.
East of the
Mississippi River there was some local complaint of alternate thawing and
freezing, but the winter-wheat crop continues in satisfactory condition in
that area, except locally.
It is only fair in much of Ohio, as well as some
in
87,359,000
6,228,000
1,025,000
5,487,000
7, 1939..158,462,000
Total Dec. 31, 1938..161,161,000
Total Jan.
8, 1938-. 52,141,000
8,637,000
2,023,000
8,870,000
2,027,000
7,486,000
7,673,000
central and extreme southern parts of Illinois.
Between the Mississippi River and Rocky
9,111,000
1,248,000
9,913,000
helpful in most sections, although southwestern, south-central, and westcentral Iowa, parts of Missouri, considerable portions of Kansas, and some
15,778,000
8,267,000
10,733,000
8,637,000
2,023,000
7,486,000
18,219,000
18,695,000
Total Jan.
......
Summary—
American
..111,378,000 48,079,000
Canadian.............158,462,000
Total Jan.
7. 1939._269.840,000 48,079,000 24,415.000
10,290,000
Total Dec.
31, 1938.-275,833,000 48,866,000 25,146,000
10,331,000
_TotalJan.
8, 1938.. 134,492,000^34,947,000 33,625,000
The world's
shipment of wheat and
5,671.000 19,507,000
furnished by
corn, as
Broomhall to the New York Produce Exchange, for the week
ended Jan. 6, and since July 1, 193S, and July 1, 1937, are
shown in the following:
Corn
Wheat
Week
Exports
Since
Jan. 6.
July
1939
Jan. 6,
1937
1,
Week
July. 1,
Since
1939
1938
1
other sections did not receive sufficient rain to be of material
benefit.
Kansas
farther
of
most
bad moderate
the
southwest
and
some
southern
counties
was
In
east
to
heavy precipitation, but it was only light in most other
parts of the State where wheat shows further deterioration.
In Oklahoma the general condition is fair in mcst north-central and
northwestern sections, but poor to very poor elsewhere, although improve¬
ment should result from recent rains.
Wheat in Texas should also oenefit
In Nebraska the east received but little benefit, but rainfall
the west was helpful.
In South Dakota these conditions were the
reverse—good rains occurring in the east, but little or none in the west.
In
Montana the soil is mostly bare and some deterioration of wheat is re¬
ported on late-seeded and poorly prepared land.
In the Pacific Northwest
conditions continue generally favorable, while winter-grain crops in the
Southeast are benefiting materially by better moisture conditions.
materially.
in
v '
:/
Since
Since
July
Mountains precipitation
>
July
THE DRY GOODS TRADE
1,
1937
1938
New York, Friday Night, Jan. 13, 1939
prevailing in many
sections of the country affected retail business adversely
during the past week.
In addition, post-holiday influences,
the reaction in the stock market, and recurrent uneasiness
over foreign developments,
had a retarding effect on con¬
sumer buying.
Ap exception was supplied by reports from
the Middle West and Far West', where substantial increases
in the dollar volume were attained.
January promotions
.
Bushels
No. Amer.
3,996,00C 127,852,000 101,355,000
936,000
63,624,000
57,770,000
22,018,000
594,000
30,331,000
Black Sea.
Argentina.
Australia
Bushels
Bushels
Bushels
Bushels
56,461,000
1,820,000
129,000
2,071,000
45,587,000
11,104,000
21,016,000
12,488,000
815,000
7.210.000 195.754.000 Ufi.295. GOT
4.885.000
7,579,000
2,877,000
7,176,000
86,206,000 172,774,000
41,560,000
7,344,000
Bushels
820,000
_
India.i
Other
countries
864,000
Total
CCC
Loans
006,575
Jan.
are
as
6
by
through Jan. 5,
agencies under
$29,006,575 on
follows:
Stale—
Illinois
Through Jan. 5 Totaled $29,-
the Commodity Credit Corporation that,
loans made by the Corporation and lending
the 1938-39 corn loan program aggregate
50,901,383 bushels.
The loans by States
'
-i;/,./'/"::'
V
Yv
.
Bushels
Amount
Colorado.....
State—
8,651
.
5,597,239.87
9,819,019
1,124,266.69
1,972,548
Ohio
.16,087,823.84 28,225,482
Kansas
324,397.29
569,135
1,884,408.44
3,306,092
.
Minnesota
...
.
$1,330,919.26
1,790,601.66
117,280.33
Pennsylvania..
South
Bushels
Amount
Nebraska
.
....
Indiana
'
Missouri
$4,560.07
/
.
Iowa.
59,091,000
50,901,383 Bushels—Announcement was made
on
on
Corn
on
27,476,000
177.319.000 342,321,000
1,134.87
Dakota.
740,378.68
Wisconsin
2,335,157
3,142,644
205,596
1,991
1,308,868
3,534.00
Wheat Loans of CCC Aggregated $39,004,332 on
66,-
436,711 Bushels Through Jan. 5—The Commodity Credit
Corporation announced on Jan. 6 that "Advices of Wheat
by it through Jan. 5, showed loans dis¬
bursed by the Corporation and held by lending agencies on
66,436,711 bushels of wheat, aggregating $39,004,332.11
averaging .5871 cents per bushel.
Figures showing the number of bushels on which loans
have been made by States are:
Loans" received
Form A
Bushels
835
,
6,006
1,009
522,191
1,905,866
191,598
2,872,573
139,523
California
758,440
-
Colorado
Idaho
Illinois
Indiana..
94,273
....
53,538
112,591
219,753
3,174,132
Iowa...
3,935,885
214,304
:
Kansas....
Form A
Form B
Bushels
State—
Arkansas
Kentucky
10,221
State—
Form B
Bushels
Bushels
New Mexico
2,755
North Dakota
Ohio
2,569,790
6,890,307
147,414
959
Oklahoma.
458,45(1
Oregon
361,860
3,990,154
6,907,817
»-.K
South Dakota.
1,564,507
1,283,291
172,296
1,860,328
.•
692,947
826,317
468,527
29,462
2,768,878
838
344,536
170,660
256,090
...
137,051
Tennessee.
Texas....
Utah
Virginia
100,363
1,570,412
3,283,430
Washington......
43,236
214,603
Wiscoasin.......
4,143,647
7,501,938
Nebraska..—2,202,649
1,258,461
Michigan.
Minnesota
i_--
Missouri....
Montana
'
Wyoming...
......
Weather Report for the Week Ended Jan. 11—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Jan. 11, follows:
widespread precipitation featured the weather of
the warmest January weeks of record, with
normal throughout practically the entire country.
The plus departures were especially large in all sections east of the Rocky
Mountains where they ranged generally from 8 degrees to more than 20
Abnormal warmth and
the
week.
It
was
one
of
temperatures much above
degrees
•
The extent
and magnitude of the warmth as compared with the
normal
For example, in the central and upper Missis¬
sippi Valley the weekly average corresponds to normal temperatures for the
latter part of March and the first of April.
In the far Southwest and along
the Pacific coast substantially seasonal warmth prevailed, but in all other
sections temperatures were markedly high.
Along the Atlantic coast freezing weather was not experienced south of
New York nor in the interior south of northern Indiana and extreme
southeastern Iowa.
In southern Florida the lowest temperature for the
entire week was 70 degrees, while generally in the Gulf sections the minima
were around 50 degrees or higher.
Subzero weather was reported only in
the inter or of the Northeast, locally in the extreme upper Lakd region and
at a few elevated points in the more Western States
Precipitation in moderate to substantial amounts occurred throughout the
country, except parts of the Northwest, principally the northern Plains.
The outstanding feature was the widespread substantial rainfall in the
Southwest extending as far north as the central Great Plains.
Ther,e were
some heavy falls of up to 2 or 3 inches in the lower Ohio and lower Missis¬
sippi Valleys as well as in eastern Texas.
In the Pacific coast region the
weekly totals ranged from half an inch at San Diego, Calif., to about 2)4
temperature for the season.
inches in some northern sections.
A large
southwestern
area,
where extremely dry weather prevailed
during
beneficial rains during the
Tefcas, Oklahoma, parts of
Kansas, western Nebraska, and eastern South Dakota; the heaviest rainfall
reported from a first-order station was 2.4 inches at North Platte, Nebr.
Kansas was less fortunate, with considerable parts of the State receiving
inappreciable amounts. Also, it is still dry in parts of Iowa, while precipita¬
tion was negligible in the northern and northwestern Plains.
Heavy duststorms prevailed in western Kansas and western Oklahoma preceding the
the latter part of 1938, received widespread and
week.
The moisture will be especially helpful in
rainfall.
Spring-like weather produced a response in vegetation well to the central
portions of the country, with some apprehension because of the swelling of
buds, as far north as southern Missouri and to North Carolina; in
fact, in the latter State some shrubbery has come into bloom.
Colder
weather is needed to check premature advancement of fruit trees.
In the
eastern portion of the country, especially the Ohio Valley and Southeast,
fruit
precipitation of the week was favorable, although it continues too dry in
Florida; citrus groves are being irrigated wherever practicable.
The week was favorable for outside operations with some plo wing reported
well into the Central Valleys.
In fact, there is little or no frost in the
ground at the present time as far north as extreme southern Michigan and
southern New England.
Because of the absence of soil frost, the rains in
the Midwest will be of maximum benefit as absorption was general with
little
runoff.
»
v
Rather unseasonal weather conditions
continued to meet with spotty response,
was
although confidence
that the present lull in
be superseded by a new surge of buying,
expressed in
many
quarters
business may soon
once weather conditions become more seasonal and industrial
activities give indications of an early
spring revival.
De¬
partment store sales the country over, for the week ended
Dec. 31, according to the usual report of the Federal Reserve
Board, increased 2% over the corresponding week of 1937.
For
the month of December the volume of sales
was
un¬
changed from last year, and for the entire year a loss of
8% was established, chiefly representing the decline in retail
prices as compared with 1937.
Trading in the wholesale dry goods markets expanded
moderately, as wholesalers entered the market with fairsized buying orders, reflecting the slowily increasing willing¬
ness on the part of retail merchants to replenish their stocks
of merchandise and cover early spring requirements.
Wash
goods moved in fair volume, and prices showed a firm
trend, indicative of the sound inventory position both of
wholesalers
dull
but
and
retailers.
Business
in
silk
goods
turned
held
steady.
Piece goods departments
showed some interest in prints and crepes, with available
supplies rather limited.
Trading in rayon yarns improved
appreciably as weavers maintained their steady call, notably
for the finer deniers.
A growing interest in greige goods
was shown with prices displaying a firm trend.
'
prices
Goods—Trading in the gray cloths
quiet, and prices showed an easier trend.
Controlling influences were the further mild reaction in the
raw cotton market, the easiness of security prices, recurrent
concerp over political developments abroad, and the con¬
tinued absence of any improvement in the movement of
finished goods.
While the statistical position of the market
is not regarded as being beyond quick repair in the event
of a revival of buying activities, no sustained improvement
is anticipated until the flow of goods in distributive channels
indiej»ves a definite turn for the better.
Business in fine
goods gave signs of an improvement as inquiries for combed
broadcloths increased in numbers.' Reduced activity pre¬
vailed in voiles, but organdies and pigmented taffetas
continued to move in fair volume.
Closing prices in print
cloths were as follows:
39-inch 80s, 6J^c.; 39-inch 72-76s,
5% to 6c.; 39-inch 68-72s, 5^c.; 383^-inch 64-60s, 43^c.;
3834-inch 60-48s, 3%c.
Domestic
Cotton
markets continued
Woolen Goods—Trading in men's wear fabrics remained
quiet, but most mills, fortified by substantial backlogs of
unfilled orders, were able to continue operations at an active
pace.
While clothing manufacturers are believed to have
covered the major part of their spring requirements, requests
for quicker deliveries on existing contracts
were again
numerous, and many mills were reported to be behind in
their shipments.
'Some spot transactions in fancy worsted
suitings were consummated, and prices ruled firm.
Re¬
ports from retail clothing centers made a spotty showing,
as unseasonally mild temperatures continued to retard con¬
sumer purchases.
Business in women's wear goods improved
appreciably, with garment manufacturers placing substantial
orders on fleeces and tweeds and on worsted dress goods.
Foreign Dry Goods—Trading in linens broadened per¬
ceptibly, as importers reentered the foreign primary markets
on a fairly large scale.
According to reports from abroad,
a tight situation in the raw material supply appears to be
developing.
With linen inventories in merchants' hands
greatly reduced, an active spring season is confidently
anticipated.
Business in burlap improved appreciably,
with reports of fair-sized
shipment orders having been
placed in the Calcutta market by United States importers.The consumption figures for December, showing a total
of 60,000,000 yards, as against 58,000,000 yards in No¬
vember, had a favorable effect on sentiment.
Domestically
lightweights were quoted at 3.80c., heavies at 5.10c.
*
Financial
304
Chronicle
Jan.
14, .1939
I
State and
City Department
Hate
Name
Page
3941
Specialists in
Cochise Co. S. D. No. 14, Ariz
4085
Coggan, Iowa
Maturity
--
3952
S. D. 1,
2.70 1941-1968
5
—
Columbia, Miss
314
1939-1948
Columbia S. D., Pa
214
1942-1963
Columbus, Miss314
1940-1960
Combined Locks, Wis
314
1940-1958
Conway, N. C—...,— — -6
Cortlandt, N. Y. (2 issues)
3.10 1942-1972
Cranston, R. I
--2
1939-1948
Crawfordville School City, Ind—214
1942-1956
Crewe, Va--...-------, — -4'
1939-1963
3943
Illinois & Missouri Bonds
Dalton, Ga. (3 issues)
4086
3650
3645
3652
4088
3647
Stifel, Nicolaus & Cojric.
3651
3943
Founded 1890
314 N. Broadway
DIRECT
WIRE
—
—
3642
Darien, Conn
3806
Darien, Wis
Davenport,
3944
LOUIS
DECEMBER
Decorah S. D., Iowa..
lishing at the usual time.
IfcThe review of the month's sales was given on page 147
of the "Chronicle" of Jan. 7.
The total of awards during
the month stands at $131,109,489.
This total does not in¬
clude Federal Emergency Relief Administration or Public
Works Administration loans or grants actually made or
promised to States and municipalities during the month.
The number of municipalities issuing bonds in December
was 470 and the number of separate issues was 571.
3951
Hate
Nam,
Paye
1939-1958
3945 Acton West &
--
South Water Supply
'--1%
District, Mass.
—
R. & B. Dist.
J
i
4X
Y._
2.10
Albany County, N. Y. (2 issues)..2.10
Albion, Wash
——-..--6 ,
rl,500,000
97.50
2.08
3800
1939-1953
400,000
100.21
2.08
...
j.214
issues).......—3.20
3947 Alfred, Almond &c., S. D. No. 1,
41
N.Y.—
...
.........214
4085 Allamakee County, Iowa
214
3644 Allegany County, Md
2%
3796 Allison, Iowa.....
3
D., Pa—-—2%
....
4
3795 Anderson School City, Ind
2
4087 Andover, Alfred, &c., S. D. No. 1,
N. Y
214
4083 Anniston, Ala....
5
4089 Amity Township 8.
3798
Anaconda, Mont
—
3796
4
Ann Arbor S. D., Mich—
114
Arcadia S. D. No. 8, N. Y-,—_2.70
Arlington 8. D., S. Dak..;
.314
Ashland, Neb.
:
-.-2
Atkinson 8. D., Neb
.314
Attleboro, Mass..
-.114
Auburn, Ala
4
Auburn, Me
1 Yi
Audubon County, Iowa
—214
Augusta, Me
—214
Austin, Minn
-.
— .214
Baltimore, Md. (4 Issues)..
214
3492
Barnstable County, Mass
3646
Beatrice, Neb
4090 Appomattox, Va
3797
3947
3804
3946
3799
3797
4083
<
3944
3643
3944
3798
1939-1952
7,000
1940-1954
15,000
100
2.75
1940-1962
31,000
100.18
3.18
1941-1966
—
101.55
600,000
20,000
102.97
2.59
1939-1958
100.55
2.93
1941-1958
18,000
101.41
2.60
1945
(*124,000
1945-1984
1940-1949
87,000
100.15
1.97
209,000
100.45
2.47
1939-1967
50,000
25,000
117.19
3.47
100
4.00
1940-1944
82,500
100.48
1.33
1941-1967
357,500
100.77
2.64
12,000
100.83
1939-1968
1942-1947
-
1944
drl2,500
18,000
65,000
100.92
Beatrice, Neb.—"
4086 Beaverhead Co, H. S. D., Mont.-23^
4
314
..1
Bellefontie, Pa
Belvidere S. D., N. J..
;..5)^
3796 Bernice, La
4089
Bethlehem Municipal Water
1939-1951
12,000
103.17
1940-1946
14,000
100.17
1939-1940
18,000
>
3644
—4
2U
Bingham Twp. S. D. No. 4, Mich.2
4087
Blasdell, N. Y
3796
Bogalusa, La. (2 issues)
3943
4084
3943
Ind...
1~01T2~
2.13
100
2.50
1957-1970
3,524,000
100.35
2.11
75,000
100,000
100.05
1939-1958
Easton, Mass
100.72
2.72
100.68
3.20
100
141,950
1941-1958
10,000
5.50
1941-1963
2,150,000
1941-1963
100.84
100.17
70,000
2.46
2.73
98.32
r28,.500
1945-1946
r6,000
100
2*.75
1940-1944
37,500
101.06
1.69
.50,000
100.23
2.71
1941-1963
-.2
214
214
1940-1949
60,000
1940-1953
28,000
1945-1951
1942-1958
29,000
20,000
d95,000
10-20 yrs.
3.72
Elmira, N. Y
Evansvllle, Ind
Englewood, N. J
Englewood Cliffs, N. J...—
4089
Ephrata, Pa
Everett, Mass. (3 issues)
3945 Everett, Mass.------3644
4b84
Fairbury, 111
4086
3947
Fallsburgh, N. Y
4087
Fallsburgh, N. Y...
ibo".28
3950
FallowfieldTwp. 8. D., Pa
4086
Farmington Twp. 8. D. 5,
3950
___T—4
Fitzgerald, Ga. (3 issues)
3
Flagler & Volusia Cos. Ocean Shore
100.03
1.49
'—...3
......114
102.85
1940-1948
r900,000
100.16
1~47
1943-1957
1940-1954
11,220
41,000
106.67
2.62
25,000
100.88
1.57
60,000
104.13-
2.49
3
Brutus, Cato, &c., S. D. 1, N. Y.2.40
Bullitt Co., Ky
314
Burlington Co., N. J
214
Bryan, Tex
214314,
Callender, Iowa
4
Cambridge, Mass
-114
Camden-Wyoming S. D. 1, Del-.214
Cameron, W. Va
—A
Camp Hill, Pa
214
Canton, Mass
1
Carlstadt, N. J—
3H
1941-1955
4087
3944
3946
4090
4085
3797
3490
3952
3803
3797
4087
Brookville 8. D., Pa.r
—
Co., Tenn—
3946 Carteret S. D., N. J
3804
Carroll
3947
Cattaraugus Co., N. Y—
4086
Cecil Co., Md.
3944
Cedar Rapids, Iowa.a
Chatham N. Y.
3795
Chicago, 111
4084
Chicago Park Dist., Ill
3651
Childress S. D., Tex
4088
Cincinnati, Ohio (4 issues)
4083
Clanton. Ala
4089
Clarion Twp. S. D., Pa
4088
Cleveland, Ohio..
3649 Clermont Co., Ohio.
—
Mich
4086
Clinton,
3647
Coblesklll, N. Y_.
2.37
35,000
100
3.50
1939-1958
248,000
101.53
2.09
1939-1962
(1250,000
100.12
1941-1958
d8.800
101.36
1939-1948
150,000
101.08
1.55
1939-1963
115,000
102.35
2.29
6,900
100.62
1943-1968
1939-1943
1940-1959
:
2%
3%
114
-.214
2
2.20
1%
214
—4
114-3%
—4
314
314
3
.3-3%
-..3
152,000
75,000
10,000
145,000
1940-1964
153,000
Florence, Texas
3950
--2%
Fort Edward, N. Y
——2.10
Ftamingham, Mass.------2
Franklin, Pa.._
2
3802
Frederlckstown 8. D., Ohio
-
3946
F'unk, Neb.
Gadsden, Ala._'
3943
Gainesville, Fla.-;
-3
Savannah,
—
——
D.
8.
&c.
1940-1962
1940-1978
1942-1949
1940-1944
1940-1946
1939-1948
-
German Flatts, N. Y
3803
Mich
-
—
.214
...
1940-1951
5-514
1940-1954
3645 Great Falls, Mont.
214-3 1939-1958
3946 Grenada, Miss..
314
'
1946
4088 Grenora 8. D., N. Dak...—-5
1940-1959
3649 Greenville, Ohio
4
1940-1949
3643 Greenville Twp., Ind. (2 iss.).*.-.3
1940-1952
3797 Grosse Pointe Twp. S. D. 1, Mich 214
1940-1944
4085 Guilford Twp., Ind
-214
1941-1953
3943 Hahira 8. D„ Ga...
4*
3950 Harrisburg, Pa_.
:
— AH
1942-1963
£087 Haverstraw, N. Y
— —3;20
1940-1968
3951 Hempstead, Texas
—5
1940-1957
4090 Henderson, Tenn
4
1943-1956
3794 Hale County, Ala..._
--3
1940-1959
3649 Hamilton, Ohio
— -3
1940-1949
Granite Falls, N. C._
—- — -
—
-
-
101.66
—
North Harmony, &c.
S. D. No. 1, N. Y-—— —-2.80
314'
4
3950 Haverford Twp. 8. D., Pa
1
3947 Hempstead 8. D. No. 20, N. Y.^-2.60
3949 Henderson, N. C
..314-314
3946 HennlpinCo. S. D. No. 142, Minn.2^
3795 Highland School Town, Ind-_i----4
3797 Hillsdale, xMich
*
— 1-2
3794 Hillsborough County, Calif
2-414
3795 Hobart. Ind
1—2^
3796 Hodgeville, Ky.
-3%
3945 Holliston, Mass
114
3945 Holyoke, Mass
M
3645 Hattisburg, Miss
Havana, 111
J
-
3795
1940-1943
1939-1945
1940-1968
1943-1968
1939-1958
1399-1952
1940-1964
1941-1958
1942-1953
1941-1952
1939-1948
1940-1974
1943-1953
1939-1958
1940-1949
1939-1943
Homer, 111.
3651
Honey Grove 8. D. No. 1, Texas
1939-1948
1939-1977
Hume, Allen, &c., 8. D. 1, N. Y..2.12 1939-1963
Hunter 8. D. No. 24, 8. C
314
1943-1952
Huntington, N. Y
2.60 1951-1956
Huntsville 8. D. No. 1, Texas
5
1939-1948
Huron, Ohio
....314
1940-1954
Hyde Park,
Poughkeepsie, &c.,
S. D. No. 1, N. Y
2.70 1940-1968
2.39
3947
0.80
3647
100.18
3.23
3804
100.76
2.78
100.61
Hamilton County, Ohio
100.03
3801
3952
3949
6,000
Hoosick, N. Y. (2 issues)
Hudson County, N. J
2
—3
r75,000
100.19
1.72
3948
400,000
1940-19.50
85,000
101.22
1.81
3942
Imperial County, Calif
1939-1968
130,000
100.19
2.19
3643
1942-1945
r2,000.000
100.71
1.59
3943
(Z406.000
25,000
104.0S
2.02
3795
1939-1968
1940-1964
1,345,000
..........2
Indianapolis, Ind
...A%
Indianapolis Park Dist., Ind
2J^
Indianapolis School City, Ind
2
Jackson, Tenn.
3K-2^
Jackson, Tenn
214
Jackson County, Miss
414
Jacksonville, Ala
314
Jacksonville,
Fla
214-4
Jacksonville,- Fla
2.10
Jackson S. D.; Mo—
214
3796
iob"6i9
1.86
4.04
156
3651
16,000
99.73
1940-1953
14,000
100.13
3.49
3798
1940-1954
3,000,000
100.11
3.48
3941
1940-1964
20,000
101.14
2.91
3642
1939-1958
80.000
100.13
1939-1949
42,943
100
3943
0"30
4086
Indianapolis, Ind--
--
1943-1948
1945-1954
1940-1949
1941-1960
1941-1959
1941-1959
1941-1943
1939-1963
1940-1969
1940-1951
1940-1949
2.37
1.73
101.23
2.11
100.46
2.45
101.15
2.39
100.81
3.11
101.38
100.02
L49
100.39
1.68
98.48"
100.54
3.15
100.29
3.38
101.23
2.54
100.08
2.22
103.47
3.26
103.87
100.28
2.21
100
2.10
1.85
101.33
100.87
1.83
101.31
2.86
100.05"
3.99'
102.63
2.98
100.92
2,652,000
50,000
dl5,000
7.000
135,000
24,000
10,000
376,750
4,00010,000
13,000
22,000
2.52
100
3.25
100.11
1.58
100.27
2.21
2.16
100.61
100
If 81
100.31
100
3.50
100
5.00
104.17"
2.39
100.05
2.22
100
350,000
13,000
21,000
1,600,000
,
2.50
IOO.54"
60,000
62,000
500,000
r27,000
7,000
3.17
98.95
41,000
|r47,500
1.71
100.38
126,500
57,7.50
rd75,000
39,000
51,000
298,500
2.05
100.29
330,000
-
1.99
101.16
23,000
58,000
100,000
d75,000
77,000
7,820
166,000
70,000
1940-1949
1940-1949
3.41
100^08
rl,017,000
22,000
.
1.82
100
45,000
15,000
63,000
1940-1948
1941-1949
1939-1958
1940-1949
1940-1959
1941-1967
3%
1941-1966
1.60 1939-1948
214
1946-1948
.3A
N. Y
Gary 8an. Dist., Ind.
Girard, Pa.:
•
4087 Glasgow, Mont
3646 Grand Island, Neb. (2 Iss.)
4
-314
2,
2.60
100.32
r6,000
45,750
140,000
40,000
1949
-
1940-1947
1939-1954
-------
1939-1953
1939-1948
1947-1956
:
Flushing, Mich!
1940-1958
1948
1940-1949
1940-1950
1939-1963.
1940-1959
1939-1958
1939-1963
1946-1949 -
3800
300,000
_.
3651 Castroville S. D., Tex
3647
100.43
1957-1967
1940-1968
-r—
4-5
Impt. Dist., Fla.
3951
3943
12,000
4089
Mich..2&
Ferndale, Pa
3645
2.48
77,000
Brockton, Mass..
-
--------
—
4.11
. — —
------
Harmony,
32,500
3945
—1
3800
,100.06
115,000
1939-1948
114
—3%
4
3.20
3.40
2%
Fallon Co. 8. D. 20, Mont
3
1939-1946
Brock S. D., Tex
214
.—.214
3%
2
114
Emaus, Pa
4087
2%
1942-1964
3805
Ind.-."
Elkhart Co.,
Elko Co., Nev.--.j---
Hammond School City, Ind
1939-1954
--
1939-1951
•
-.3
—2%
—2%
------1%
2A
Hampton, Neb.
...214
114
—;-.--3H
1940-1946
1940-1944
2
,
3649
.......3)4
Brldgewater, Iowa
Edgewater, N. J
3799
Bradford, Pa
Bridgeport, Conn
1.59
3795
Braddock 8. D., Pa
3952 BrlllionS.D.No.2, Wis.
2.63
2.34
3650
3944
100.91
2.35
3650
3942
100.15
100.85
100.59
101.33
Borden County,
2.16
725,000
39,896
50,000
32,000
3,500
130,000
44,000
rl25,000
29,000
r33,000
20,000
99,000
150,000
190,000
r75,000
104,000
78,500
35,000
230,000
50,000
10,000
101.09
Bracken Co., KV—
Brenham, Tex
101.74
2.70 1941-1968
-314
1940-1949
114,
1939-1948
...2
1939-1954
——
1.92
3951
2.67
4.50
2,14
100.46
,
102.38
100
2.55
Elgin, Texas (2 issues)
—
23,642
243,000
4.50
100
100.68
■—-
Elkhart 8. D„ Iowa
Grand Ledge,
2.76
100.15
15,000
— -
1939-1967 "
—
70,000
3643
3805
— -
—
3796
4087
100.54
r36,000
ECho, Ore..
—
314
EcorseTwp. 8. D. 5, Mich_-.2^-3
Galen,
1963
1941-1958
1940-1944
1.70
101.25
187,000
Edgar, Wis. (2 issues)-...
3947
4.00
lbb".42~
19,000
70,000
85,000
246,000
(1250,000
13,500
5,000
1940-1950
1939-1953
-J
1.80
2.21
100
1941-1948
3645
4086
3.09
100.38
1941-1967
3806
3801
165,000
1939-1976,
1939-1948
—.3
Texas.
3797
3945
rl24,000
^.3}4-3H
—
D. 1, N. Y
East Liverpool, Ohio._
3942
6.00
101.06
2.38
2.60
2%
East Providence, R. I--------
3646
100
100.003
Nassau, etc., 8.
3649
3949
3.47
100.32
N. Y._ —
Mich..
3651
151
r60,000
.
Boonevllle School City, Ind
.
3.67
95,65
100.67
East Grand Rapids,
East Greenbush,
3800
(132,000
214
Boone County, Ind
etc., 8. D. 1,
3945
2.43
100.76
66,749
(3 Issues)
Canandaigua,
Bloomfield,
3947
Y.45
1939-1948
Beverly, N.J.
Blcknell School City, Ind..
4084 Boonevllle,
T.34
1939-1958
Bloomfield, Iowa..
3944
4087
100
Auth-
ority., Pa...
---214
3650 Bethel Township S. D., Pa.(2 iss.)214
•
East
4083
2.00
100.83
1939-1948
3.59
1939-1947
1
East Aurora, N. Y.
3795
1940-1966
4087
3799
2.05
105,000
•
—
4089
2.72
230,000
1939-1953
—
—
Dyer, Ind
3800
3947
3946
97.50
1952-1959 r1,494.000
100.21
Alfred, N. Y. (3
4085
4089
r496,000
3947
Drayton, N. Dak—
Dwight 8. D.f N. Dak
3643
1939-1958
3945 Alden, Minn.—
3949
3949
3947
3800 Albany County, N.
3952
Dothan, Ala-..^
'
'Dover 8. D., Del——
3946
30,000
4084 Alachua Co. Spec.
No. 1, Fla
3941
3490
—
3651
2.04
40,000
1940-1952
4
101.71
2A
414
3
414
2M'
---4
5
-3
-2.40
DodgevilleS. D. 1, Wis
3943
1939-1953
Agua-Dulce 8. D., Texas
...4
4084 Alachua Co. Spec. R. & B. Dist.
bm/NU' L
Basis
100.61
$27,000
133,000
3651
hM
iTice
Amount
Maturity
3H
214
Abbeville 8. D., 8. Caro.
3945 Abiogton, Mass
Dickinson, N. Dak-,
3806
100.79
105,000
—2.80 1941-1968
-
_
—
5.00
3.43
S. D.
Kortright, &c.
3949
present herewith our detailed list of the municipal
bond issues put out during the month of December, which
the crowded condition of our columns prevented our
pub¬
We
^
1939-1958*
-
-
1, N. Y
BOND SALES IN
MUNICIPAL
114
.—---
—
2.66
100
100.35
150,000
281,000
38,COO
6,000
104,500
100,000
105,000
25,000
110,000
311,000
8,000
,
.
3947
ST.
100.38
132,300
12,000
10,000
N.Y
CHICAGO
Basis
103.50
3647 Colchester, Hanaden, <fcc,
3949 Colerain, N. C
106 W. Adam* St.
Price
Amount
25,000
15,000
4
—
1.79
103.53
——
2.77
100.34
100.30
3.48
lbo""""
Too
,
100.34
55,000
100.21
"3". 39
38,500
17,500
dlOO.OOO
350,000
100.64
2.43
100.10
3.99
20,500
d35,000
39,000
50,000
29,000
35,000
30,000
1,054,000
170,000
35,000
r37,000
10,000
30,000
100.19
100.04
2.60
101.23
100.04
1.24
100.06
0.73
90
100.38"
1.93
101.08-
2.93
100.43
2.46
100.30"
4.80
3.17
715,000
76,000
100.71
62,000
r600,000
100.05
101.17
101.53
101.29
100.16
100.09
27,500
135,000
1,000,000
55,000
100,000
50,000
1,175,000
r250,000
.
75,000
2". 58
101
100.63
2.65
-
99.57
100
100.06
101.49
1.99
1.54
2.35
1.85
2.89
2.48
2.37
2.09
Volume
on?o
-r
148
Financial
Name
„
v
fote
4^
3943 Jackson Sch. Twp., Ind
3947 Jamesburg, N. J
3951 Jamestown Bridge Comm., R. I
3946 Jasper County, Miss
Maturity
1940-1951
6,100
rll8,000
4
4
3.67
4087
Name
Rate
Porter S. D. No. 6, N. Y
3801
11,000
2X
81,000
15,000
100.31
100.10
300,000
50,000
217,000
33,500
45,000
68,000
520,000
50,000
100.57
2.46
3806
La Crosse, Wis
1939-1948
3946
Ladue-Deer Creek San. Dist., Mo.2H
Lafayette, La
4
Lake County, Ind
2X
1939-1968
90,000
1940-1949
1,400,000
1944-1948
r75,000
3942
r70,000
4083
2-10 yrs.
3804
Kershaw Co., 8. C__
3946
Kirkwood, Mo
3944
3943
4085
3
4090
Lake County, Ind
Lake Co. 8. D. 3, 8. Dak
3943
Lakeland, Fla
3942
Lamar, Colo
La Porte City, Iowa..
1942-1958
ZX
ZX
4085
1952
1939-1947
'
1948-1958
325,000
135,000
28,000
35,000
216,000
92,500
100,000
16,000
1940-1949
—ZX
4084 La Salle, 111..
3
3645 Lauderdale Co., Miss. (3 la3.).ZX-ZX
1940-1958
3648
1941-1963
Laurinburg, N. C. (3 issues).-ZX-ZX
3950 Lebanon 8. D., Pa...
2
1939-1958
-
3650
Lemoyne,
Pa
....
4086
Lewis ton, Me. (2 Issues)
3944
Linden,
3947
Linden, N. J. (4 issues)
3798
Little Falls,
2X
2.62
100.07
2.23
100.46
1.67
lOO"
4.00
3950
3801
4089
Roanoke, Ala..
3648 Robeson Co., N. C:
95.52
4085
lboTii"
156
2-2^
2
2X
1940-1948
loi'ii"
1.86
100.33"
100.69
3.17
3.00
100.03
2.74
2.2 i
1940-1958
d40,000
3644
3794
Russell, Ky.
Russell Co., Ala
.....ZX
1941-1968
40,000
166:27"
3.48
3800
Rutherford 8. D., N. J. (2 issues).2X
205,000
100.12
2.24
2.16
3942
r500,000
101.63
2.60
100.47
2.16
4085
St. Francis Levee Dist., Ark —— 3 /
St. Martinville, La. (2 issues)
5X
1939-1958
1940-1949
4086
St. Johns S.
3942
Sacremento
Salamanca, N. Y ——1
3797
Salem, Mass
3641
3641
d8,704,000
100.006
3.62
4086
3.62
4085
1942-1960
2,500,000
1939-1958
1940-1949
IX
1939-1943
150,000
82,000
65,000
3952
McAllen 8. D., Texas
4
2X
1940-1959
3.62
3.62
100.12
3.23
100.52
3.69
3.82
3942
Santa Barbara Co.,
4089
Sayre, Okla.
....
-
3650
McKeesport, Pa..,.—
3951 McKenzie, Tenn..—
3651 McMinnville, Tenn...
3952 McKinney, Texas
4086 Macon, Mo.
-
3943
Madison County, Ind...
3952
Madison, Wis."(4 issues)
3796
Madison
iu
3
3
2X
3948
Maine, Union,
3802
3801
3643
3796
3952
3944
3952
..."
100
4.00
3800
Secaucus, N. J
101.87
2.07
3706
413,500
64,000
[T171,000
165,000
41,750
1940-1959
Martin County, Texas
Maryland (State of)
lbbii"
100.44
1.96
2.16
100.07
3.61
Shullsburg 8. D. 6, Wis.3649 Silverton, Ore
1 ——
68,500
100.29
3.15
3947
Socarro Co., N. M...
88,550
100.57
2.96
3806
Snohomish
160,000
,100.12
3945
Somerviile, Mass
South Charleston, W. Va_-------
18,000
,
100.21
3.47
1940-1941
711,000
100.07"
3952
101.66
19,000
50,000
b" 70
3806
1939-1956
18,COO
100.82
3642
Middle town,
1955-1957
15,000
114.11
4083
..2X
Metropolitan Water District of
3944 Minden, Iowa.
153 Missoula County, Mont
3952
Modena,
Speers, Pa
2.05
3944
Spencer 8. D., Iowa.
3944
Monona
3494
Montclair, N. J......
Montfort, Wis..
4090
5
2X
—2%
County, Iowa
3794
Monticello, Ark. (2 issues)
3796 Monticello, Iowa
1939-1952
1940-1958
.1
35,000
1939-1947 ;v> 32,000
—
Nassau
—2.40
1940-1950
3948
Nassau County. N. Y. (2 issues)..2.40
1939-1958
4090
Natalia, Texas.
—
3949
3495
3
N. Y
New Haven, Conn.
3943
New
IX
Newton County,
3946
New Ulm, Minn.
Norfolk County, Mass.. —
Norman Co. 8. D. 81, Minn
3798
...
2.38
3649
100.17'
2.38
4088
3.50
3649
4088
36,000
•
100.25
2.97
3802
100.06
1.24
1C5.11
r
—
North Coast 8. D. 6, N.Y
..2.30
North Greenbush F. D. 1, N. Y..3.20
3796
North
3801
North Wilkesboro, N. C
3649
Northwood,
2X
Tipton County, Ind
Toldeo, Ohio...-
3942
Toledo,, Ohio (8 issues)Trotwood, Ohio---Tulare County, Calif
Upper Moreland Twp. 8. D., T&..2X
3943
Valley Point 8: D., Ga_
3942
Norwich, Conn—...I...
3799
Nutley, N. J..
3948
Nyack, N.Y
3648
Van Buren, N. Y.
4088
Van Etten,
1940-1949
16,500
25,000
10b".22"
2.26
3951
Veblen Ind. 8. D„ 8. Dak-
100.24
3.17
3951
Veblen Ind. S. D., S. Dak
3805
Victoria
Wadesboro, N. C.....
3795
Oak Lawn, 111.________
3803
Oakmont, Pa
3803
Oakmont, Pa
3974
Ocean County, N. J
80,000
f48.000
1940-1959
lbo.67"
2*85
3801
102
3.79
101.03
1.88
44,000
100.54
2.16
68,750
100.77
2.94
....5
1941-1979
216,000
80,000
d80,000
IOI.62"
2.58
101.62
2.58
3945
281,000
100.38
3.21
3799
100
1940-1959
1940-1959
ZX
1939-1958
1-11 years
3652
156
3951
Oneida, N. Y
2.10
1939-1950
100.42
2.05
3643
Onondaga Co., N. Y. (2 iss.)..... 1.70
1939-1968
1,960,000
100.10
1.69
3943
3647
Onondaga Co., N. Y. (2 iss.)
1940-1958
7*639,000
100.10
1.69
3946
4086
Ortonville 8. D., Minn..
1.70
—3
■
Otteson, Iowa___
3948
Oyster Bay 8. D. No. 23, N. Y...2.60
.......5
5,150
1940-1959
4087 Pembroke, Darien, &c., 8. D. No.
N.Y
2.40
4085
100.68
96,000
West Point, Iowa.--.------
3806
3947
1941-1968
340,000
100.56
2.36
4087
Penn Yan, N. Y
1.90
1939-1948
1.87
4
1939-1958
3943
Paris. Idaho
14,000
3,000
732,000
100.13
Pantego 8. D., Texas
4090
Paris, Tenn
3
99.46
Paxton, 111
200,000
60,000
1941-1958
..ZX
Webb, Iowa.
.............ZX
Webster City, Iowa-----2X
Weakley County, Tenn
3649
5.00
2.58
3801
1940-1958
1
Warren County, Va._
2X
Washington Sub. San. Dist., Md..3
Wayne, Neb_,
.....—-..-3
---
3944
lOO""""
100.20
3952
...ZX-ZX
-ZX
Wellston 8. D., Mo
2X
Westfield, N. Y
2.40
West Bend S-.D. No. 1, Wis
2X
West Cape May, N.J
5
Westchester County, N,Y__.
ZX
West Fargo 8. D. No. 6, N. T)ak..ZX
3949
20,000
........
4085
D..S.C.4
--4.J^
.....4X
County, Tex
2
—
3647
■'
.2.60
-
3647
—
—
VarnvilleH.S.
3945 Ware, Mass
60,000
75,000
f53,000
--2X
.
Waltham, Mass..-.....AX
3948 Wappinger, Poughkeepsie, &c., 8.
IX No. 1, N. Y
I———~2X
3945 Ware, Mass
-.AX
1940-1969
2X
1.70
-
3644
1939-1950
.2X
Weiser, Idaho
- —
3.05
West Virginia (State
36.50
Whitaker, Pa
3805
White Deer 8. D., Texas.—
3
2
2X
2
2X
ZX
2
3804
Wilkinsburg, Pa
Peabody, Mass
1939-1948
26,000
100.59
1.88
3650
Wilkes-Barre 8. D„ Pa
3948
Penfleld, N. Y
3
1943-1978
53,000
100.33
2.98
3643
Wilson County, Kan
3943
Perry School Twp., Ind
2X
1940-1953
44,000
100.12
2.22
3951
Windber, Pa
3
1939-1954
150,000
102.27
2.70
3795
Winnetka. Ill
1940-1954
90,750
100.21
2.17
4090... Woodstock 8. D., Vt
-
.
3952
Petersburg, Va
3948
Phelps, Seneca, Ac. 8. D. 1, N. Y.2.20
4090
Pierce County, Wash....
...
3795
__
1
-
...2X
1945-1958
300,000
40,000
1939-1959
641,000
100.26
2.17
3801
2X
Wooster, Ohio.-—...........—2X
Wyandotte, Mich—...IX
Wyoming County, N. Y
1.90
1940-1943
10.000
100.17
2.15
3949
Yamhill Co. H. 8. D. Nd. 7,
■'
....
4
Pinchneyville, III
3646 Plainfield, N. J. (2 isfeues) ______.2.20
3801 Pleasantville, N. Y...
..2.20
-
—
.
2.31
3.20
lOO"*""
100.08
1.73
I'ooir
2.57
100.41
2.64
100.05
2.99
,
•
'
•
3649
4086
.
2.49
101.42
3.34
55,000
100.11
2.24
22,000
.
100.04
16,000
1943-1953
100.07
220,000
6,000
70,000
1.74
105.38
1.93
100
3.50
100.02
2.24
u
238,000
100.43
2.67
196,000
8,500
137,000
100.008
4.10
i6"0".22"
1.72
1,394,000
r496,000
300,000
rl98,000
4,500
20,000
137,500
166,000
165,000
346,500
r500,000
580,000
20,000
158,500
1940-1946
12,500
1941-1970 d3,600,000
1940-1967
771,244
1940-1959
30,000
1960-1961
8,000
1939-1963
75,000
10,000
20,000
1939-1945
1940-1967
1948-1953.
1940-1956
1940-1959
Ore..2^
126,000
,5,500
(112,000
rd24,500
100.24
1.55
100.24
1.55
90
101.05
2.16
100.11
2.72
10X29"
3-.i2
99.85
100.18
2.28
100.02
100.52
2.45
100.52
2.45
100.10
2.98
100.67
2.45
100
1.60
100.008
2.73
100
3.50
102.04
2.08
100.05
1.69
100.32
2.58
100
4.00
101
4.40
100,000
16x66"
1.72
140,000
95,000
100.08
3.39
100.43
1.66
537,000
100.14
2.48
13,500
100.59
17,700
100.13
dl75,000
100.27
2.47
d600,000
48,000
r275,000
8,200
100,000
33,000
225,000
65,000
165,000
17,000
dl,800,000
45,000
3,000
SCO,000
97.64
3.09
1939-1945
1941-1958,
1939-1948
1940-1959
1939-1958
1939-1943
1940-1969
1968-1988
- —
1942-1058
1940-1957
1941-1954
*1944-1958
1940-1961
1941-1951
1939-1955
195(F
1941-1958
—
15^-2
ZX
of)
3806
3945
3943
2:30
100.37
Baldwin, &c., 8. D.,
No. 1. N.Y
3951
7,000
1945-1948
101.42
101.05
101.28
125,000
—-
1.80
100
3
Odessa, Texas (2 Issues).....
3952 Oconomowoc 8. D., Wis...
^
-ZX
5.00
2
-
-
0.57
20,000
281,000
—
-
101.34
1941-1958
....2X
—
-
100.45
1940-1948
..
92,000
'110,000
110,000
31,900
•
150,000
1940-1968
IX
2^-2?^
-—- — 3
i
'
-
40,000
2^-3
4
N. Dak
1939-1948
--- —
35,000
1940-1959
150,000
—.
3804
13,000
10,000
2.14
100.36
65,000
.....—
—
1939-1942
1940-1953
X
ZX
Township, Ind
3.20
600,000
60,000
1939-1948
2.84
101.28
22,500
r4,500
-
N.Y
3796
100.49
41,250
1940-1944*
1940-1951
-,5
2
4087
3948
100.17
4.00
1940-1952
4
Idaho.....
Ark:.'
3805
100
'v.—
4083
3644
'
Ga
Plymouth,
3805
2.35
'100
1943-1962
1939-1958
2.40
102.05
86,000
d20,000
— _
1940-1954
,,
'
New Castle,
Newman,
3952
3.75
100.90
61,000
,
ZX
3642
2.33
100
14,000
—-2
New Boston 8. D., Ohio...
4084
4088
2,557,000
9,000
; 1939-1948
1943-1956
-3^
4
-—
3800
101.07
3948
—
2.21
7,000
10,000
rl,500,000
—
3943
4088
30,000
——
3648
4083
20 yrs.
Nauvoo, 111...-.
3648
1.70
1940-1950
Nevada, Iowa.-...
2.10
2.54
101.73
2.50
..'..2X
3.47
100.92
•
2.70
..
101.18
100
Munster,
3943
—
_
101.60
101.29
97
4,000
50,000
100,000
65,000
494,000
1939-1958
1939-19681945-1959
1941-1968
1941-1958
'
1940-1959
Suffolk Co., N. Y. (2 issues)-----1.60 1939-1953
Suffolk Co., N. Y
i-1.60 1939-1948
Sullivan Co., Ind
—*X
20 years
Summit, N. J...
--2M
1941-1957
Summitvllle, Ind.
2X
1940-1948
Sylvania, Ga
—4
1939-1948
Syivania 8. D„ Ohio
.....ZX
1940-1962
Talladega County, Ala
---3
1940-1956
Tarrytown, N. Y
2.30
1941-1959
Taylor County, W. Va
—2%
Tennessee (State of)-<~2X
'1949
Tennessee (Stateoi)......---.- — 2X
1949
Thomasville, N. C
— 3
1940-1948
Tioga, Barton & Candor 8. D. 3,
N. Y
100.23
Nappanee, Ind
2.78
V 45,000
3648 Statesville, N. C
...ZX~*X
4088 Staunton Twp. S. D., Ohio —3M
3794 Suffield, Conn
IX
27,000
Musselshell Co. S. D. 55, Mont—3M
3944
2.40
frl9,000
3643
County, N. Y—
2.88
1943-1944
1939-1944
4085
....
100.75
100
3943
3946
Ind...:..
108
3943
9,075
100.12,
1939-1950
1939-1947
1940-1946
8,000
-
40,000
1941-1958
1942-1949
1941-1954
XX 9,000
1948-1953
3.98
1940-1958 X
2X
ZX
'....2X
3948 Stamford, Cartrlght &c. 8. D. 2,
1940-1944
1X
......2%
Ind......
3.73
100.25
AX
1939-1958
-
Muncie,
Springfield, Mo...-.Springdale Twp., Pa
4085 Springville 8. D., Iowa
4086
3950
--
.1
4087 Moorestown Twp., N. J..'....
-2X
3805 Moran 8. D., Texas
—4
3949 Morgan Twp., Ohio
4090 Mosinee S. D. 1, Wis..—-—3X
3944 Mount Vernon, Iowa
2X
4085
4088
2,000
145,750
12,000
56,000
949,000
12,500
16,500
2.00
Spencer, Barton & Van 8. D. 1,
2.22
2.65
1942-1947
3.98
100
100.20
—
2X
100.19
...
1.87
100.16
25,000
1941-1956
3650
100:79
2.40
:
2.68
6,000
10,000
100X06
30,000
3
—2H
1.65
N.Y
3'
Wis......
3.72
100.62
8,550
,50,000
..ZX.
C--I
Spartanburg Co. S. C
13,000
13,556,000
.
1940-1959
1939-1954
1942-1958
1939-1948
Spartanburg S. D. 34, 8.
280,500
1946-1986
2.33
100.22
r3,199,000
1941-1959
2.60
2.70
3804
8,000
.
4
101.31
96,000
1943-1951
1940-1950
...ZX-3X
IX
Co., Wash
1940-1953
t
Southern California
-
—3
1941-1967
2.70
-
33,500
r65,000
1940-1953
-2X
3X
3648 Southeast 8. D; 13, N. Y
3648 South Nyack, N. Y
Middletown, Andes, &c., 8. D. 1,
N. Y
—
—
3951
3942
Middlebury Sch. Town, Ind
2,47
1939-1963
.
-
2.38
1940-1958
---3
lOO'ir
---
—
2.69
........
1.16
32,500
50,500
1939-1963
.2-2M
3948 Setauket Fire Dist., N. Y
-2.80
3643 Seward Co., Kan——
2X
4089 Shamokin, Pa-__
4H
4089 Sharpsburg, Pa.
2y2
3650 Sharpsville, Pa
-.3
3952 Sheboygan Co., Wis
...-2X
2X
3943 Shelbyville School City, lnd_;
4089 Shiilington, Pa
——---2X
1941-1962
X
3796
4
—
98.32
--
4.97
2.28
1939-1941
——
1.63
100.42
MartindaleS. D., Texas
— ..
Mendocino Qounty, Calif——1 X
3495
ZX
3
.—.ZX
—
100.19"
-
3X
Del....
Co., Miss--Cliff, N. Y
1940-1978
ZX
-.3
100.20
100.18
...
issues)-
2.90
60,000
1.95
Sedgwick Co. 8. D. 172, Kan. (4
60,000
3
Mapleton S. D., Iowa
Maquoketa, Iowa
Sea Girt, N. J..,
2.92
1941-1955
1942-1962
Ore. —-3^-3M
Mamaroneck, N. Y. (2 issues)--.-3.20
Manchester, N. Y
3798 Manistee, Mich.....
Sea
100.60"
60,000
1940-1948
1949
&c., 8. D. 1, N. Y.2.4C
3801
Scott
4087
110,000
1940-1944
1944-1958
Malheur Co. 8. D. 5,
3798
3801
1.05
101.26
1940-1969
1941-1954
XX
2
2X
,—2%
3950
1
1941-1953
.
2.94
80,000
25,000
—
County, Ind
Madison County, Tenn..
Mahanoy Twp. 8. D., Pa..__
3651
50,000
700,000
100.56
2.83
100.49
5,500
1940-1958
1940-1948
,1940-1959
.2
100.58
1.65
100.27
105.38
83,000
1940-1958
1940-1953
1940-1952
Calif.--—4
-
10X06"
40,000
---
Twp., Ind....
.....—2X
4085 Salem Twp., Ind.v
2X
3805 SanAngelo, Texas—
ZX
San Diego Co., Calif
3794
—2%
3642 San Francisco, Calif. (2 issues) 1^-2
100.08
85,000
220,000
1940-1950
1.......2X
100.006
37,500
1939-1958 X
IX
100.006
75,000
1939-1948
5
.2.30
—
Salem
614,000
Mass-.—
2X
.
Salem, Mo....
100.006
1939-1978
1940-1944
1959
1941-1958
—2
-.2%
Co., Calif
dZ, 510,000
1939-1945 (13,000,000
1946-1950 dl,250,000
1940-1952
132,000
1940-1957
9,000
Lynn,
100.25
50,000
3801
3797
2.00
101.12
19.44-1964
3.99
5-10 yrs.
2.21
100
2X
ZX
— — .
l6b"04"
.ZX
3794
...ZX
3644 Louisiana (State of)
ZX-4
3797 Lowell, Mass. (4 issues)
IX~Z
4090 Lubbock 8. IX, Texas—
3
3648 Lumberton, N. C. (4 issues)..2^-2M
5,000
137.500
.t,"
—
100.01
100
Longview, Wash
Los Angeles, Calif
--3
3.90
100.17
88,000
Long Branch, N. J....
-
2.85
,15,000
45,000
42,000
drl94,000
Lockhart, Texas..
Calif
2.08
101.43
100.80
1945-1963
4090
Los Angeles,
100.15
18,000
64,000
1940-1970
3947
Calif.
Los Angeles Co., Calif——
Los Angeles Co., Calif..:
r225,000
1942-1959
1939-1959
ZX
2.37
Los Angeles,
1939-1958
3
100.37
3641
1940-1967
--2X
Roselle, N. J.
Roselle Park, N.J
4089 Ross Township, Pa-.
122,000
3641
1.88
4087
1940-1963
1941-1958
1973-1978
10X21"
3,856,000
21,000
1939-1946
Richland Twp. 8. D., Iowa
Ripon, Wis
3805
1939-1972
340,000
L.ZX
-•
D., Mich.-.
3946 St. Joseph S. D., Mo
4086 Springfield, Mo—
Calif.
11,000
1942-1958
(20
1—4
2.85
Los Angeles,
2.55
loo'Is"
3
100.81
3641
102.06
10,000
3
3645 Rolla, Mo
100.66"
d30O,OOO
r400,000
135,000
192,000
4087
9,300
349,000
21,000
1939-1952
2.25
1941-1964
1939-1943
2.10
Reed City, Mich
Rensselaer Co., N. Y
Richland Twp. 8. D„ Pa.
Riverside Co., Calif
69,000
-4
4
3X
3J*
—2X
104.09
4
1942-1970
--
2.59
r40,000
1940-1949
2
4087
Livonia, N. Y. (2 issues)
2.90
4087 Livonia, Conesus, Avon, &c., 8. D.
No. 1, N. Y-,
2.40
3.00
45,000
1941-1953
Reading 8. D., Pa
issues)
3945
200,000
1939-1949
2.44
1941-1959
2X
3640 Reconstruction Finance Corp.
100.65
1939-1956
.--2X
-.2X
Purchase Fire District, N. Y
4085 Rake, Iowa...
2.74
100.17"
1940-1963
Iowa
Minn
101.57
2.48
2.99
100.12
20,000
1939-1968
Basis
100.22
100.01
100.71
250,000
r80,0C0
216,000
1940-1943
1950-1959
2%
2X
2X
2X
1%
Price
100
1941-1966
4087
3.97
2)4
Kearney, Neb
Kearny, N. J
3652 Kenosha, Wis
1939-1958
Port Jervis, N. Y
PoughkeepsieS. D.No.7, N.Y--2.60
3802 Powhatan Point, Ohio
4X
3806 Prairie Du Chlen, Wis
3
4086 Prince Georges County, Md
-.2%
3642 Princeton, 111
3
1.69
1939-1943
3946
4087
1941-1960
3
D.No.l.N.Y
39,000
dlO.OOO
1943-1953
3948
75,000
Amount
1939-1958
3
-
24,000
Maturity
.2X
3650 Portland, Pa.._..
3648 Portland Stockton & Pomfret 8.
yrs".
1-20
Johnstown, N. Y. (2 issues)
IX
3645 Kalamazoo Twp. S. D. 15, Mich__4
305
Page
1-15-yrs.
1939-1948
—
3495
Kansas City 8. D., Mo
105.09
Chronicle
Basis
til ,700,000
5
3805 Jeflerson Co. 8. D., Tex. (2
issues)
Jerome Co. S. D. 21, Idaho
Price
1968
3943
3798
Amount
1939-1963
1940-1954
1939-1948
1941-1957
1942-1962
1
1940-1963
1940-1944
1949-1950
20,000
d40,000
200,000
210,000
9,000
d65,000
d950,000
55,000
325,000
13,000
r48,000
1940-1960
50,000
_ —
-
1940-1958
1939-1958
1940-1958
-98.7I"
100.73
100.60
2.19
l66".63"
2.44
100.20
2.38
103.46
1.99
102""""
100.02
1.98
100.20
3.72
loTil"
2.09
100.51
2.20
,100.1.9
100.41
2.71
100.36
2.21
100.48
2.20
100.71
2.44
100.05
1.48
100.15
1.88
100.03
2.74
Chronicle
Financial
304
State and
Jam 14, 1939
City Department
Kate
Ariz..__4
Name
Page
3941
Colchester, Hariaden, &c. S. D.
132,300
12,000
100
5.00
1939-1948
10,000
100.35
3.43
1942-1963
150,000
100.79
2.43
1940-1960
281,000
100.76
3.67
1940-1958
38,000
95,65
3.47
100
6.00
1942-1972
6,000
104.500
100.003
3.09
1939-1948
100,000
101.06
1942-1956
105,000
100.38
2.21
1939-1963
25,000
110,000
100
4.00
1939-1958'
311,000
8,000
100.42
1.70
1941-1968
105,000
100.54
19,000
70,000
100.15
1940-1950
100
4.50
85,000
102.38
2.67
4086
Columbia, Miss
3650
Columbia S. D., Pa...
3652
Stifel, Nicolaus & Cojtic.
Founded 1890
3943
LOUIS
Dal ton, Ga. (3 issues)
3642
314 N. Broadway
ST.
Darien, Conn
SALES
IN
--
Darien, Wis.-
..........'.L.
3947 Davenport, Kortright, &c. 8. D.
Decorah S. D„ Iowa
1, N. Y'
BOND
-
.....1A
3806
3944
MUNICIPAL
DECEMBER
3949
'
Dickinson, N. Dak__
3941
Dothan, Ala..
3490
—
—
2.80
r —
„«
3806 Dodgeville 8. D. 1, Wis.
present herewith our detailed list of the municipal
bond issues put out during the month of December, which
the crowded condition of our columns prevented our
pub¬
We
2A
4y2
— — -.3
4A
lishing at the usual time.
4085
|p|The review of the month's sales was given on page 147
of the "Chronicle" of Jan. 7.
The total of awards during
the month stands at $131,109,489.
This total does not in¬
clude Federal Emergency Relief Administration or Public
Works Administration loans or grants actually made or
3800
2A
Drayton, N. Dak
—4
Dwight S. D., N. Dak
.... — 5
Dyer, Ind
,-3
East. Aurora, N. Y. (3 issues)
2.40
3947
East
3949
3949
3951
3945
3945
■
,
3651
4084
4084
3800
Name
Hate
Abbeville 8. D., 8, Caro_
354
Abington, Mass
2lA
Ac tori West & South Water Supply
District, Mass..
1A
Agua-Dulce 8. D.f Texas...:
4
Alachua Co. Spec. It. & B. Dist.
I* No. 1, Fla
,
4
Alachua Co. Spec. It. & B. Hist.
No. 1, Fla
4A
Albany County, N. Y_..^
2.10
Albany County, N. Y. (2 issues)-.2.10
Maturity
etc.,
1939-1958
133,000
101.71
1939-1953
.30,000
1940-1952
4083 Annlston, Ala
---.5
4090 Appomattox, Va.
—
4
3797 Ann Arbor S. D., Mich....
1A
3947 Arcadia S. D. No. 8, N. Y*_:..„2.70
3804 Arlington S. D., 8. Dak
Neb
3946
Ashland,
3799
Atkinson S. D„ Neb
Mass
3797
Attleboro,
4083
Auburn, Ala
3944
Auburn, Me
y.
3643 Audubon County,
3944
Iowa
Augusta, Me
Minn..
3%
-.2
3lA
1A
4
......lA
2A
.....2 A'
2A
...2ys
.....1
3798
Austin,
3796
Baltimore, Md. (4 issues)
3492
Barnstable County, Mass —
3646
Beatrice, Neb
4086
Beaverhead Co. H. S. D„ Mont..2^
Bellefontle, Pa
— —4
4089
--
—
4087
3796
Bloomfield, Iowa
3644
Ind--...-
3943
Boonevllle School City, Ind
3951
Borden County,
3643
Bracken Co., Ky
3650
Braddock S. D.., Pa-....-
3650
Bradford, Pa
Texas
3805 Brenham, Tex
3942
Bridgeport, Conn..
3944
Bridgewater, Iowa-.
3952
4090
4085
3797
3490
3952
3803
3797
100
100.83
2.00
1939-1948
65,000
100.92
1.34
,1939-1951
H940-1946
12,000
103.17
14,000
100.17
1945-1946
1940-1944
Castroville S. D., Tex
3944
3647
3795
4084
3651
4088
4083
4089
4088
3649
4086
3647
3950
3942
3951
2.11
2.72
3.20
100
5.50
—
1940-1964
-
1940-1947
1940-1958
Cedar Rapids, Iowa—
1940-1950
Chatham N. Y.
1939-1968
Chicago, 111
1942-1945
Chicago Park Dist., Ill
1948
Childress S. D., Tex.
4
1939-1968
Cincinnati, Ohio (4 Issues).
AA-3A 1940-1964
Clanton. Ala
.-..4
1939-1954
Clarion Twp. S. D„ Pa.
-3 A
1940-1953
Cleveland, Ohio..
.-3A
1940-1954
Clermont Co., Ohio
3
1940-1964
Clinton, Mich....
J.3-3A
1939-1958
"Cobleskill, N.Y.
r.j...3 ,
1939-1949
N. Y___
—
1940-1944
130,000
rl25,000
44,000
100.08
1.99
20,000
101.16
2.05
1940-1950
99,000
100.03
2.37
1939-1963
100.29
1.73
1940-1959
150,000
190,000
101.23
2.11
1939-1958
7-75,000
100.46
2.45
1939-1963
104,000
101.15
2.39
1940-1949
78,500
35,000
100.81
230,000
100.02
L49
50,000
10,000
100.39
1.68
7-6,000
98.48
1939-1948
1939-1953
>
1947-1956
,
1949
3.11
101.38
3.15
3.38
2.54
Farmington Twp. 8. D. 5,
1940-1944
45,000
100.08
2.22
Ferndale, Pa..—
1940-1946
15,000
103.47
3.26
63,000
103.87
Pa...^...2A
Mich..2A
——-—4
PTtzgerald, Ga. (3 issues)......-.3
Flagler & Volusia Cos. Ocean Shore
Impt. Dist., Fla
...4-5
Fallowfield Twp. 8. D„
Florence, Texas
1940-1978
1939-1948
rl,017,000
....
22,000
Frederickstown 8. D., Ohio..
—
—
1940-1948
23,000
100.28
2.21
1941-1949
100
2.10
1939-1958
58,000
100,000
1940-1949
d75,000
100.87
1.83
1940-1959
2A.
.......2.10
2
2
Franklin, Pa
:
1940-1962
.--
-
3802
77,000
101.31
2.86
101.33
1.85
.
3
7,820
3946
Funk, Neb
Gadsden, Ala.
3943
Gainesville, Fla
Galen,
Savannah,
-—4
3A
8. D. 2,
2.60
—
—
&c.
N. Y
Gary San. Dist., Ind
German Flatts, N. Y
3803
Girard, Pa
4087 Glasgow, Mont
—
3646 Grand Island, Neb. (2 iss.)...,
3A
1.60
—2A
...3 A '
1940-1949
166,000
100.05"
3~.99
1940-1949
70,000
102.63
2.98
1941-1967
330,000
100.92
2.52
1941-1966
2,652,000
100
3.25
1939-1948
50,000
100.11
1.58
(Z15.000
100.27
2.21
1946-1948
-
24,000
100.61
1940-1954
10,000
376,750
Great PAlls, Mont
2.16
100
1939-1958
1940-1951
...&-5A
2A-3
3A
5
Granite Falls, N. C__
7.000
135,000
2A
Grand Ledge, Mich—
3645
100
101.23
3950
4087
1.59
100.54
Frarningham, Mass...
100.31
2*181
3.50
1946
4,000
100
1940-1959
10,000
100
5.00
3649
1940-1949
13,000
3643
1940-1952
22,000
350,000
104.17
~2~.39
100.05
2.22
3946
Grenada, Miss.
4088
Grenora 8. D., N. Dak
'-
Greenville, Ohio
4
Greenville Twp., Ind. (2 iss.)..i-3
3797 Grosse Pointe Twp. 8. D. 1, Mich 2 A
1940-1944
2,150,000
70,000
7-28,500
r6,000
37,500
100.84
2.46
100.17
2.73
275
3950
Harrisburg, Pa
101.06
1.69
4087
Haverstraw, N. Y..
100.23
2.71
3951
372
3794
Hale County, Ala
1.92
3649
Hamilton, Ohio*
Hamilton County, Ohio
Hammond School City, Ind
3
1940-1943
r27,000
Hampton, Neb-------
2A
1939-1945
7,000
3943
98.32
100
4085
32,500
rOOO.OOO
11,220
41,000
12,000
25,000
. 60,000
152,000
35,000
248,000
d250,000
d8,800
150,000
115,000
6,900
75,000
10,000
145,000
300,000
153,000
6,000
775,000
400.000
85,000
130,000
r2,000,000
(M06.000
25,000
1,345,000
16,000
14,000
3,000,000
20,000
80.000
42,943
•3799
100.06
Guilford Twp., Ind..
Hahira 8. D., Ga
Hempstead, Texas
4090 Henderson, Tenn
29,000
20,000
d95,000
115,000
77,000
1943-1968
1939-1943
1940-1959
3.41
100.29
4086
3795
1939-1948
1941-1955
1940-1968
1957-1967
1939-1958
1939-1962
1941-1958
1939-1948
1939-1963
1.82
100.32
100.85
40,000
Fort Edward, N. Y
2.34
iA
100.59
3,500
45.750
Flushing, Mich
2.35
1942-1964
1939-1946
1939-195)4
1940-1948
1943-1957
1940-1954
32,000
1940-1946
1940-1949
140,000
3947
101.33
1939-1948
1939-1948
1939-1954
1942-1949"
3801
100.72
2.63
7*33,000
.....3.20
3.40
•
3945
100.68
2.14
100.91
1941-1968
1A
3A
~4
—
3645
101.09
2%
3A
1A
-2A
2
2.20
1A
2%
Cecil Co., Md
2.13
2..50
rl24,000
165,000
70,000
141,950
10,000
3950
4086
28,000
—
3651
101.12
100.35
-100.05
Fallsburgh, N. Y
151
100
75,000
100,000
Falls burgh, N. Y
4087
1.45
7-60,000
3,524,000
3947
3800
(132,000
100.68
725,000
39,896
50,000
1941-1948
1940-1949
—
—
4083
18,000
2.55
2A
2A
1A
2A
-.2At
2A
3A
— 2
lA
Everett, Mass.
Fairbury, 111.
3649
..-
Carteret S. D., N. J
4086
1.33
—
Fallon Co. 8. D. 20, Mont
100.46
3A
BrilllonS.D.No.2, Wis
3947 Cattaraugus Co.,
3.47
Englewood, N. J......
Englewood Cliffs, N. J-—-
4086
3795
(1124,000
drl2,500
18,000
1941-1963
1941-1963
-■
...
4084
60,000
--
3946
2.60
2.59
3.59
Carroll Co., Tenn
3946
2.93
101.41
100.83
1939-1958
Eimira, N..Y
Everett, Mass. (3 issues)
243,000
3804
3944
100.55
18,000
100.67
3
:i
Ephrata, Pa
- — r-.--
4087
4087
20,000
2.38
187,000
r36,000
100,15
29,000
Ind...'
3644
1941-1963
1%
Brookvilie S. D., Pa..
3
Brutus, Cato, &c., S. D. 1, N. Y.2.40
Bullitt Co., Ky.
3A
Burlington Co., N. J
2A
Bryan. Tex
2A3A
Callender, Iowa
-.4
Cambridge, Mass
-1A
Camden-Wyoming S. D. 1, Del-.2A
Cameron, W. Va
4
Camp Hill. Pa
2A
Canton, Mass
1
Carlstadt, N. J
3%
4089
600,000
12,000
-
—
4089
1940-1949
1940-1953
1945-1951
10-20 yrs.
1942-1958
J.*—
Brockton, Mass
2.05
2.64
,3805 Brock S. D., Tex
3945
2.72
100.77
1939-1958
1939-1948
1957-1970
1939-1947
4087
2
'--2A
.2,A
3
3A
2A
.1A
3
.-
Boone County, Ind
4084 Boonevllle,
......
101.55
102.97
105,000
357,500
1939-1940
Elko Co., Nev
3A-3A
—
Bogalusa, La. (2 issues)
4084
230,000
4.00
- —;
Elkhart Co.,
.2
Elkhart 8. D., Iowa
3945
3.18
100.32
1941-1967
15,000
—-
3796
50,000
23,642
.
3944
2.75>
100
100.48
1941-1958
3943
100
100.18
7,000
15,000
31,000
25,000
82,500
1939-1976
4087
2.08
50,000
Bernice, La
-
100.21
1.97
Belvldere S. D., N. J
3650
400,000
2.47
3796
4089
2.08
100.15
1939-1968
1940-1944
1941-19671942-1947
1944
Edgar, Wis. (2 issues)
Edgewater, N.J.
3946
97.50
100.21
66.749
Elgin, Texas (2 issues):.
4089 Emaus, Pa.
7-496,000
2.16
1939-1967
---
3651
3947
97.50
100.45
117.19
3799
-3A
5A
Bethlehem Municipal Water Auth¬
ority, Pa
2A
Bethel Township S. D., Pa.(2 lss.)2A
Beverly, N.J
4
Bicknell School City, Ind
2A
Bingham Twp.S.D. No. 4, Mich.2
Blasdell, N. Y
2A
.......
87,000
Beatrice, Neb
4087
......
4.50
101.74
1940-1944
—
Ohio
3946
2.04
209,000
1939-1967
1, N. Y
3646
'«
%A
East Providence, R. I—...
3643 Evansville, Ind
rl,500,000
1952-1959 rl,494,000
1939-1958
"
3645
3806
Basis
100.61
40,000
3949
100
13,500
5,000
Nassau, etc., S.,
2.70
—.—3 A
1A
Easton, Mass......—2
PJcho, Ore...
—
3A
Ecorse Twp. S. D. 5, Mich—-2^-3
D.
East Liverpool,
2.76
1939-1951
Canandaigua,
S. D. 1, N. Y__.
2.60
East Green bush,
3797
1963
1941-1958
1.80
101.25
Bloomfield,
East Grand Rapids, Mich
3649
246,000
(Z250.000
—
3947
3651
1939-1953"
-
3943
$27,000
1939-1953'
3952 Albion, Wash
6
1939-1952
3945 Alden, Minn
'---2%
1940-1954
3947 Alfred, N. Y. (3 issues)
..3.20 1940-1962
3947 Alfred, Almond &c., 8. D. No. 1,
^
N. Y.
--2%
1941-1966
4085 Allamakee County, Iowa
2A
1939-1953
3644 Allegany County, Md-_
2A
1945-1984
3796 Allison, Iowa
3
1939-1958
4089 Amity Township 8. D., Fa
--2%
1941-1958
3798 Anaconda, Mont
..U......4
1945
3795 Anderson School City, Ind
2
1940-1949
4087 Andover, Alfred, &c., S. D. No. 1,
N.Y
2A
1940-1966
3800
ftice
A mount
Dover 8. D., Del
3945
promised to States and municipalities during the month.
The number of municipalities issuing bonds in December
was 470 and the number of separate issues was 571.
J'aye
2.66
1941-1968
3645 Columbus, Miss
WIRE
IIII
100.38
1,
Combined Locks, Wis
——3A
4088 Conway, N. C........-6
3647 Cortlandt, N. Y. (2 issues)
3.10
3651 Cranston, R. I.'—.—.--.--------2
3943 Crawfordvtlle School City, Ind—2A
3952 Crewe, Va
.....4
Illinois & Missouri Bonds
DIRECT
Basis
103" 50
-2.70
—— -5
— 3A
2A
3A
-
3949 Colerain, N.C
CHICAGO
Price
25,000
15,000
N. Y
106 W. Adam* St.
Amount
Maturity
Coggan, Iowa
3647
Specialists in
Cochise Co. S. D. No. 14,
4085
North
3800
10b".28
1.49
Harmony,
3645
100.16
1*47
3950
3947
3949
106.67
2.62
100.88
1.57
3795
2.49
3797
3946
104.13
100.43
2.37
3794
100
3.50
3795
101.53
2.09
3796
100.12
3945
101.36
3945
*
Harmony,
1,600,000
126,500
1942-1963
1940-1968
1940-1957
I T47,500
—
— -
1940-1968
1943-1968
1939-1958
'
2.77
3.48
39,000
100.34
1941-1958
55,000
100.21
"3". 39
100.64
2.43
17,500
100.10
3.99
1939-1948
dl 00,000
100.19
1940-1974
350,000
100.04
1943-1953
20,500
101.23
1939-1958
(135,000
1940-1949
39,000
100.04"
1.24
50,000
100.06
0.73
1942-1953
1941-1952
1939-1943
38,500
Homer, 111.
Hoosick, N. Y. (2 Issues)
1939-1948
30.000
3947
Hudson County, N. J.
1939-1977
1,054,000
170,000
„
3647
Hume,
Hunter 8. D. No. 24, 8. C
3801
Huntington, N. Y
3952
Huntsvllle S. D. No. 1, Texas
3949
Huron, Ohio.
100.76
2.78
Park,
1939-1963
r37,000
10,000
101
4.80
3A
Poughkeepsie,
35,000
1951-1956
1940-1954
30,000
100.63
3.17
2.70
1940-1968
715,000
100.71
2.65
&c.,
Hyde
3942
100.19
2.19
3643
100.71
1.59
3943
104.08
2.02
3795
1943-1948
Indianapolis, Ind
2
1945-1954
Indianapolis, Ind
............1A
1940-1949
Indianapolis Park Dist., Ind
2A
1941-1960
Indianapolis School City, Ind
2
1941-1959
Jackson, Tenn
3 A~2 A
1941-1959
Jackson, Tenn
2A
1941-1943
Jackson County, Miss...———4A
1939-1963
Jacksonville, Ala
3A
1940-1969
Jacksonville, Fla
2A-4
1940-1951
Jacksonville, Fla
2.10 1940-1949
Jackson 8. D., Mo
—--2A
8. D. No. 1. N. Y
99.73
4.04
3651
3.49
3798
100.11
3.48
3941
101.14
2.91
3642
3943
100.13
100
0.30
4086
2.46
1939-1948
3948
100.13
1.93
2.93
100.43
1943-1952
172
156
100.38~
101.08
3A
1.81
1.86
90
.2.60
5
101.22
100.019
2.60
35,000
._
100.19
3796
T.60
298,500
Honey Grove 8. D. No. 1, Texas--
3804
"~"
51,000
1940-1964
3800
3.23
100
1399-1952
3651
0.80
1.79.
100.34
3795
100.61
103.53
100.30
1.55
100.18
4.11
57,7.50
29,000
....2
-3
Allen, &c„ S. D. 1, N. Y..2.12
3.17
98.95
rd75,000
2.29
2~. 39
100.38
62,000
102.35
101.66
T.71
60,000
101.08
100.62
2.50
100.54"
.500,000
&c.
-
100
41,000
1943-1956
1940-1949
...-2.80
3A
Havana, 111
L....4
Haverford Twp. S. D.f Pa
1
Hempstead S.D. No. 20, N. Y—-2.60
Henderson, N. C
3A-3A
Hennipin Co. S. D. No. 142, Minn.2A
Highland School Town, Ind- —— .4
Hillsdale, Mich.
1-2
2-4^
Hillsborough County, Calif
Hobart, Ind
2A
Hodgeville, Ky
3A
Holliston, Mass
1A
Holyoke, Mass
A
13,000
21,000
—
8. D. No. 1, N. Y
3943
102;85
1941-1953
1940-1959
3
3
—
Hattlsburg, Miss
2.48
100.03
-
2A
4
--1A
3.20
——5
_.l-4
Imperial County, Calif...----—
--
lbo.30"
2.58
76,000
1.99
62,000
100.05
r600,000
101.17
1.54
27.500
101.53
2.35
135,000
101.29
1.85
1,000,000
100.16
2.89
55,000
100.09
2.48
100,000
50,000
99! 57"
100
2.37
r250,000
100.06
2.09
75.0QO
101.49
1,175,000
Volume
148
Page
Financial
Name
Rate
3943
Jackson Sch. Twp., Ind
4 u
3947 Jameaburg, N. J
4
3951 Jamestown Bridge Comm., R. I__4
3946 Jasper County, Miss
5
1940-1951
1943-1953
dl,700,000
3648
2)4
1941-1960
3801
Port Jervis, N. Y
3
1939-1958
11,000
81,000
100.31
1.69
3948 Poughkeepsie S. D. No. 7, N. Y..2.60
3802 Powhatan Point, Ohio
__4J4
1939-1943
100.10
3.97
100.57
2.46
75,000
1950-1959
2-10 yrs.
217,000
33,500
D. No. 1, N. Y
50,000
1939-1968
1952
1939-1947
Kirk wood,
3946
Lafayette, La
45,000
68,000
520,000
Ladue-Deer Creek San. Dist., Mo.2>4
3944
1942-1958
1939-1948
101~.57"
2~62
100.07
2.74
1939-1968
90,000
1940-1949
1,400,000
3
1944-1948
100 T 7"
2.23
100.46
1.67
lbo"""
"4.66
r75,000
.........3)4
1948-1958
r70,000
325,000
3)4
1940-1949
100.65
4085
La Porte City, Iowa
•-
100.81
2.85
4086
1940-1963
122,000
(1300,000
100.37
2.37
4086
3942
Sacrernento Co., .Calif
1939-1952
r400,000
100*04"
3.99
3801
Salamanca, N. Y_._
3797
Salem, Mass
Salem, Mo
1939-1956
349,000
2}4
1939-1949
2.90
2.40
Livonia, N. Y. (2 issues),
4087
1.86
4089
100.33,"
2.21
3794
3644
3800
Livonia, Conesus, Avon, &c., 8-D.
No. 1, N. Y___
3946
Lockhart, Texas,.
3947 Long Branch, N. J
4090
4
;—4
Los Angeles, Calif.
3)4
Los Angeles, Calif——
34
Los Angeles, Calif
—2 4
Los Angeles, Calif
-—3
Los Angeles Co., Calif:—:
—3)4
Los Angeles Co., Calif—
3%
Louisiana (State of).
,i.__3%-4
Lowell, Mass. (4 issues)—, —1)4-3
Lubbock S. D., Texas
— -3
3648
Lumberton, N. C. (4 issues)—2^-24
1940-1949
82,000
3797
Lynn,
-—-1)4
1939-1943
65,000
4
—2%
1940-1959
700,000
3641
3641
3794
3644
3797
Wash
3952
McAllen 8. D., Texas
McKeesport, Pa—
McKenzie, Tenn
3651
3643
3796
Mayuoketa, Iowa—
4086
3943
3952
3796
3651
'3950
3948
3802
3801
3801
3798
3952
3.62
4086
1973-1978
(13,510,000
1939-1945 (13,000,000
1946-1950 (11,250,000
100.006
3.62
1940-1952
--
132,000'
1940-1957
5-10 yrS.
9,000
2,500,000
614,000
1939-1958
150,000
1942-1960
—
Martin County,
Texas—
1941-1954
Mendocino County,
3642
Middletown,
413,500
100.44
1.96
3650
64,000
100.42
2.16
3952
'98.32
2.69
Sheboygan Co., Wis
3943 Shelbyville School City, Ind
4089 Shillington, Pa
100.19'"
2.38
3952
1940-1978
88,550
100.57
2.96
1941-1962
160,000
ICO. 12
3944
4085
Muncie,
1955-1957
15,000
114.11
2.05
1940-1953
13,000
100,19
2.22
4088
145,750.
—
5
101.60
2.54
16,500
1940-1958
2.10
101.73
35,000
1939-1947
32,000
,1939-1958
9,000
1940-1944
8,000
■:...2)4
Mont—3)4
Nappanee, Ind
—2y2
Nassau County, N. Y._
.2.40
Nassau County, N. Y. (2 issues)..2.40
Natalia, Texas
3)4
Nauvoo, ill
4
....
Nevada, Iowa
New Boston S. D,t Ohio
9,075
1939-1944
7,000
20 yrs.
30,000
100
2.50
100.23*
1.70
101.07
2.33
100
3.75
1940-1950
10,000
100.90
2.35
1940-1950
rl,.500,000
100.17
2.38
1939-1958
2,557,000
100.17
2.38
1939-1948
9,000
14,000
1943-1956
2
•100
3.50
100
4.00
61,000
.....3)4
1943-1962
41,250
3"
1939-1958
36,000
1939-1948
600,000
100.06
1C5.11
4
5
1940-1952
60,000
"713,000
2
New Haven, Conn....
3642
Newman,'
3943
New Plymouth,
—
^..1;.-...
1940-1951
—...
Idaho..
4083
Newton County, Ark.,..
3946
NewUlrn, Minn
—
.j
3644, Norfolk County, Mass
3798 Norman Co. S. D. 81, Minn
._
North Greenbush F. D. 1, N.
1940-1953
1940-1949
Y—3.20
1940-1959
North Coast 8. t>. 6, N. Y._
North wood,
3795
5.00
35,000
101.34
1.80
40,000
100.45
0.57
16,500
100.22"
2.26
25,000
»
100.24
3.17
100.07"
2.85
102
3.79
7,000
80,000
1945-1948
748,000
20,000
1940-1959
281,000
1939-1950
44,000
100.54
2.16
1940-1969
68,750
100.77
2194'
1941-1979
'216,000
1940-1959
Oak Lawn, 111.....
3803
1.24
1940-1948
Nutley, N. J
Nyack„N. Y
lbo"
2.97
1941-1958
Conn......——j2
...^
--*2)4
3799
10,000
>
4
N. Dak—_
3948
•
100.25
N. C'..-±.2%-3
Township, Ind
North
North Wilkesboro,
3649
1939-1942
.2.30
3948
3801
1940-1944
%
.3)4
4087
3.20
Oakmont, Pa
Oakmont, Pa
..—.3
——5
......
101.03
1.88
80,000
<180,000
lb~l". 62"
2.58
1940-1959
101.62
2.58
3)4
1939-1958
281,000
100.38
3.21
Odessa, Texas (2 issues)
3952 OconomowocS. D., Wis.....:—.2)4
1-11 years
60,000
75,000
100.68
3647 Oneida, N. Y
.2.10
1939-1950
753.000
100.42
2.05
Onondaga Co., N. Y. (2 iss.) —.1.70
3647 Onondaga Co., N. Y. (2 iss.)
-.1.70
4086 Ortonville S. D., Minn
3
1939-1968
1,960,000
100.10
1.69
1940-1958
7639,000
100.10
1.69
lOO"""
5.56
96,000
100.20
2.58
—
3974 Ocean County, N. J
3652
3647
—
20,000
._
4085
Otteson, Iowa...
100
5
5,150
Oyster Bay 8. D, No. 23, N. Y—2.60
1940-1959
4087 Pembroke, Darien, &c., 8. D. No.
N. Y.
2.40
1941-1968
340,000
100.56
2.36
4087 Penn Yan, N. Y..
1.90
1939-1948
14,000
100.13
1.87
3952
4
1939-1958
3,000
1940-1958
r32,000
3
1941-1958
200,000
99.46
3.05
-.3)4
2
1939-1948
26,000
100.59
1.88
3
1943-1978
53,000
100.33
2.98
3943 Perry School Twp., Ind__.__._--2)4
1940-1953
44,000
100.12
2.22
3952 Petersburg, Va_.
1939-1954
150,000
102.27
2.70
1940-1954
90,750
100.21
2.17
3948
Pantego S. D., Texas
3943 Paris, Idaho
—
4090 Paris, Tenn
3943 Paxton, 111
______
3945 Peabody, Mass
—...
—
3948 Penfield, N. Y
-.3
3948 Phelps, Seneca, <fee. S. D. 1, N. Y.2.20
4090 Pierce
County, Wash_s.___.__.__
3795 Pinchneyville, 111
3646
3801
.
Plainfield, N.J. (2 issues)
Pleasantville, N. Y
60,000
1945-1958
2.20
1939-1959
2.20
1940-1943
40,000
641,000
100.26
2.17
10,000
100.17
2.15
2.14
2*! 30
2.31
r4,500
100.37
3.20
65,000
150,000
92,000
110,000
110,000
31,900
100.08
1.73
IOO.34"
2:57
100.41
2.64
100.05
100.04
2.49
16,000
101.42
3.34
1943-1953
55,000
100.11
2.24
22,000
100.07
_
-
___.
.
,
—
.
-
— —
-
-
lbo""""
150,000
_
.
101.42
101.05
101.28
r
-2)4
1941-1958
220,000
3)4
1942-1949
6,000
2)4
1941-1954
+
70,000
3948 Stamford, Cartright &c. S. D. 2,
N. Y
'
2.70 1941-1968
238,000
3648 Statesville, N." C
3H-4)4
1941-1958
196,000
4088 Staunton Twp. S. D., Ohio — ---3)4
___■'
8,500
3794 Suffield, Conn
— .1 %
1940-1959
137,000
3648 Suffolk Co., N. Y. (2 issues). — -.1.60
1939-1953
1,394,000
3648 Suffolk Co., N. Y,—
1.60 1939-1948
r496,000
3943 Sullivan Co., Ind
.....:.
44
20 years
300,000
24
1941-1957
rl98,000
38Q0 Summit, N. J..._
3943 Summitvllle, Ind
---2)4
1940-1948
4,500
3943 Sylvania, Ga
.--._-4
1939-J948
20,000
4088 SylvaniaS. D., (5hio
3)4
1940-1962
137,500
4083 Talladega County, Ala
...----3
1940-1956
166,000
4088 Tarry town, N. Yj.
—--*2.30
1941-1959
165,000
3952 Taylor County, W. Va.
.--2%
...
346,500
3805 Tennessee (State of)
—*--24
1949
r500,000
3805 Tennessee (State of)
2y2
1949
580,000
3649 Thomasville, N.C
----3
1940-1948
20,000
4088 Tioga, Barton & Candor S. D. 3,
N.Y
1940-1968
158,500
3796 Tipton County, Ind
————1M
1940-1946 ,
12,500
3649 Toldeo, Ohio
.—24-2)4
1941-1970 d3.600,000
4088 Toledo, Oiiio (8issues)
3
1940-1967
771,244
3802 Trotwood, Ohio.-1940-1959
30,000
3942 Tulare County, Calif
34
1960-1961' "
8,000
3804 Upper Moreiand Twp. 8. D., Pa. .2)4
1939-1963
75,000
3943 Valley Point S. D., Ga—
10,000
3648 VanBuren, N. Y.....
1-70
1939-1945
20,000
4088 Van Etten, Baldwin, &c., S. D.,
No. 1, N. Y
—2.60
1940-1967
126,000
3951 Varnville H. 8. D,, S. C
4
1948-1953
5,500
3951 Veblen Ind. S. D.t S. Dak
14
1940-1956
dl2,000
3951 Veblen Ind. S. D., 8. Dak
A4
1940-1959
rd24,500
3805 Vihtoria County, Tex
2
1939-1945
100,000
3801 Wadesboro, N. C._.___
.T. '.3)4~34
1941-1958
140,000
3644 Waltham, Mass
' —1)4
1939-1948
95>()00
3948 Wappinger, Poughkeepsie, &c., S.
D. No. 1, N. Y
--24
1940-1959
537,000
3945 Ware, Mass..——v
1939-1958
13,500
3945 Ware, Mass.......
1
1939-1943
17,700
156 Warren County, Va
24
1940-1969
rM75,000
3945 Washington Sub. San. Diet., Md..3
1968-1988
(Z600,000
3799 Wayne, Neb_.3
--—....
48,000
3951 Weakley County, Tenn
-.3)4
1942-1958
r275,000
4085 Webb, Iowa
-..-—3)4
8,200
3643 Webster City, Iowa.. _———--2)4
1940-1957
.100,000
3943 Weiser, Idaho
— — 34
1941-1954
33,000
3946 WellstonS. D., Mo
24
1944-1958
225,000
3949 Westfield, N. Y
—2.40
1940-1961
65,000
24
1941-1951
165,000
3806 West Bend S*. D. No. 1, Wis
3947 West Cape May, N. J
—5
1939-1955
17,000
3)4
1950
dl,800,000
3801 Westchester County, N. Y
3649 West Fargo 8. D. No. 6, N. Dak. .3%
1941-1958
45,000
3944 West Point, Iowa
3,000
3806 West Virginia (State of)
1)4-2
1939-1963
5C0.000
3650 Whitaker, Pa
-34
1940-1954
20,000
3
1939-1948
(M0,000
3805 White Deer S. D„ Texas.
2)4
1941-1957
200,000
3804 Wilkinsburg, Pa...
—2)4
1942-1962
210,000
36.50 Wilkes-Barre S. D., Pa.
3643 Wilson County, Kan—--——-—2
—
—...
9,000
3951 Windber, Pa
2)4
1940-1958
<265,000
2)4
1939-1958
d950,000
3795 WInnetka. Ill
4090 Woodstock S. D„ Vt
2)4
1940-1958
55,000
3649 Wooster, Ohio
....
...24
1940-1963
325,000
4086 Wyandotte, ^ich
14
1940-1944
13,000
3801 Wyoming County, N. Y
1.90 1949-1950
748,000
1940-1960
50,000
3949 Yamhill Co. H. S. D. No. 7, Ore.-2)4
.
2.99
1.74
105.38
1.93
100
3.50
100.02
2.24
100.43
2.67
100.008
4.10
10b".22"
1.72
100.24
1.55
100.24
1.55
90
101.05
"2". 16
100.11
2.72
lbl".29"
3.12
99.85
100.18
2.28
100.02
100.52
2.45
100.52
2.45
100.10
2.98
■
2.45
100
1.50
100.008
2.73
100
3.50
102.04
2.08
100.67
100.05
1.69
100.32
2.58
100
4.00
101
4.40
101.09
1.72
100.08
3.39
100.43
1.66
100.14
2.48
,
—
-
-
—
300,000.,
__
^.4
2.84
101.28
1940-1946
,
—
—2*4
2%
3803
2:40
102.05
,125,000
4086 Springfield, Mo
;
3950 Sprlngdale Twp., Pa...----4085 Springville 8. D„ Iowa
'
—
100.49
-.1)4
New Castle, N. Y
4084
2.21
27,000
[rl9,000
—
Ind.
3949
1948-1953
101.29
100.92
65,000
1941-1956
1%
____
101.18.
1943-1944
3944
2.40
949,000
12,500
--a
2)4
Musselshell Co. 8. D. 55,
3942 .Norwich,
1939-1952
—
...
Munster,
2.88
56,000
—3H
-2)4
3946
100.75
100
3.47
100,000
1941-1959
1939-1948
—2)4
Spencer, Barton & Van S. D. 1,
N. Y
2.78
97
494,000
86,000
(Z20.000
22,500
1943-1951
1940-1950
3944 Spencer S. D,, Iowa
.....
3643
100.36
--3)4
—2%
MosineeS. D. 1, Wis...
Mount Vernon, Iowa
100.12
50,000
Spartanburg Co. S. C
3650 Speers, Pa.
4
4090
45,000
4,000
—1)4
Charleston, W. Va.---._-: --
South
1*65
...
Morgan Twp., Ohio
40,000
Somerville, Mass
100.82"
12,000
Moran S. D., Texas—
3949
1940-1958
3947 Socarro Co., N. M.—3
3806 Snohomish Co., Wash..
3)4-3)4
18.COO
...
30,000
3.73
-—3)4
1939-1956
1942-1947
2.00
'3.98
3
2)4
108
3.98
100.25
3804 Spartanburg S. D. 34, S. C_
13,556,000
2,000
1.87
100.16
100
100.20
0.70
1946-1986
6,000
100X06
25,000
lbb.07"
,
2.33
1939-1963
711,000
2.65
2.47
"
1940-1941
—■—2.40
—
—
"3796
8. D. 6, Wis
3806
100.79
1.16
ib"o". 31"
8,550
50,000
%
280,500
2.28
32,500
-------
1940-1959
1939-1954
1942-1958
1939-1948
1941-1967
4.97
100.18
100.49
50,500
1939-1941
2.60
2.70
——-—-2)4
Montclair, N. J;
Ga_
Shiillsburg
,3649 Silverton, Ore
3951
100.20
10,000
3648 Southeast S.D. 13, N. Y
3648 South Nyack, N. Y_——
?—3
i
Mont.
3805
3495
Sharpsville, Pa
3945
50,000
1.95
5,500
1940-1959
3.47
Modena,
Ind
4089 Sharpsburg, Pa
1944-1958
3.15
2.83
83,000
40,000
'
100.27
105.38
2.80 1939-1950
2H
1939-1947
4)4
----2)4
1939-1958
3
1939-1968
-—2)4
1945-1959
24
.........
-.2)4
1940-1954
-.2)4
1940-1953
Shamokln, Pa
1940-1948
100.29
1.65
85,000
220,000
2-2)4
3948 Setauket Fire Dist., N. Y
3643 Seward Co., Kan.
68,500
10V.fi"
(4
issues).,
2.92
1940-1959
37,500
1939-1963
4
2.90
3.61
1940-1948
100.21
4
Montfort; Wis
Monticello, Ark. (2 issues).
3796 Monticello, Iowa..
4087 Moorestown Twp., N. J_._
3943
3796 Sedgwick Co. S. D. 172, Kan.
10O.O7
2.60
75,000
1940-1958
101.66
3794
4090
3800 Secaucus, N. J
41,750
1939-1978
1940-1944
1959
1941-1958
3.72
4.00
1942-1962
2.24
101.63
2.68
2.07
60,000
3.48
100.12
40,000
100.62
100
165,000
100.27"
205,000
100.22
101.87
It 171,000
2.74
r500,000
1939-1958
1940-1949
........
3.17
3.00
100.03
101.31
3798
1949
1940-1958
1941-1968
100.69
100
96,000
r3,199,000
4087
1941-1955
1944-1964
33,500
1.05
1.63
1945-1963
1940-1970
101.12
100.25
r65,000
2.94
100.41"
2.00
42,000
drl94,000
88,000
50,000
d40,000
1940-1958
1*00.60"
60,000
100
5,000
137,500
—
3.90
1940-1952
101.26
1940-1944
2.21
1940-1953
100.56
4089
100.01
---2)4
100.58
3801
45,000
19,000
—2.70
4090
3942
1940-1948
....3)4
—
4089
Metropolitan Water District of
— —
3948
3.82
100.17
Co., Calif
41
2)4
San Francisco, Calif. (2 issues) 1^-2
Santa Barbara Co., Calif
-4
Sayre, Okla-.
n__2
Scott Co., Miss.
3)4
Sea Cliff, N. Y_
_____3
Sea Girt, N.J.
3)4
3
Wis..——.—
3944 Monona County, Iowa..
3948
100.08
15,000
1940-1950
1939-1958
San Diego
1)4
Calif-1
Del—
3944 Minden, Iowa
153 Missoula County,
4085
3642
8,000
Southern California
3494
3.69
2.85
1939-1946
18,000
—>-
N. Y
3952
100.52
2.08
101.43
100.80
1940-1958
3796 MJddlebury Sch., Town, Ind.
2)4
3495. Middletown, Andes, &c., S. D. 1,
4083
3794
110,000
Martindale S. D., Texas
3942
3.23
100.15
18,000
24
25,000
__
Maryland (Stateof).
3.62
100.12
L88
64,000
34
—,
3952
3.62
100.006
80,000
"
--
3944
100.006
Twp., Ind._
4085 Salem Twp., Ind.
3805 San Angelo, Texas.....
—_
1939-1959
1939-1948
—
60,000
1941-1953
1940-1969
,
5
___._-2.30
-.1)4
..—2)4
—
4085 Salem
«'
—
—
lbb'.obb
50,000
McMinnville, Tenn—.
—3
McKinney, Texas
3
Macon, Mo...
2%
Madison County, Ind
— -1%
Madison, Wis. (4 issues)—- ——2
Madison County, Ind
2)4
Madison County, Tenn—
24
Mahanoy Twp. 8. D., Pa..;
Maine, Union, &c„ 8. D. 1, N. Y.2.4C
Malheur Co. S. ». 5, Ore..—3H-3?4
Mamaroneck, N. Y. (2 issues)
3.20
Manchester, N. Y
———-—3
Manistee, Mich— ——-34
Mapleton 8. D., Iowa...
—-3
3952
1939-1972 d8,704,000
-
Mass..
3650
3951
135,000
21,000
r225,000
1939-1958
1942-1959
69,000
2)4
4087
4087
4087
101.38 "
9,300
—
Linden, N. J. (4 issues)
3798 Little Falls, Minn
3641
3
2.10
.3
1942-1970
156
3645
16,000
—
2)4
3947
3641
1940-1967
100.15
lbOi"
3,856,000
4085
200,000
3641
20,000
11,000
340,000
1941-1953
2.16
1940-1963
2
Iowa
Longview,
1940-1943
100.47
100,000
loo'ii"
92,500
1939-1958
4090
2)4
21,000
1941-1963
3950 Lebanon S. D., Pa
3650 Lemoyne, Pa
:
4086 Lewiston, Me. (2 issues)
3805
10,000
3942
28,000
35,000
216,000
„
1940-1958
2.59
2.25
192,000
3945 Reed City, Mich
3801 Rensselaer Co., N. V
4089 Richland Twp. S.D., Pa
3942 Riverside Co., Calif
4085
135,000
34
3.00
100.12
2.55
1941-1964
1939-1943
1942-1958
3648
2.44
100
102.06
2)4
2". 16
95.52
100.71
104.09
Reading S. D., Pa
2
3640 Reconstruction Finance Corp. (20
issues)
4
4083
2.48
2.99
45,000
r40,000
3
4087 Purchase Fire District, N. Y
4085 Rake, lowa_...
100.22
100.01
1940-1949
_.3
100.66~
__
250,000
r80,0G0
216,000
1941-1959
4
Roanoke, Ala
3)4
Robeson Co., N. C
2-2^
Richland Twp. S. D., Iowa ——2
J
Ripon, Wis
.2)4
Rolla, Mo.______
2%
Roselle, N. J
....3)4 '
Roselle Park, N. J
3
Ross Township, Pa
.-2)4
Russell, Ky
3)4
Russell Co., Ala
-3)4
Rutherford S. D„ N. J. (2 issues).2M
St. Francis Levee Dist., Ark
3
St. Martinvllle, La. (2 issues)
5)4
St. Johns S. D., Mich.
2
St. Joseph S. D., Mo
-2)4
Springfield, Mo
2)4
4084 La Salle, 111
3
3645 Lauderdale Co., Miss. (3 lss.).3)4-34
3648 Laurinburg, N. C. (3 issues)— 314-34
Linden,
3806 Prairie Du Chien, Wis
4086 Prince Georges County, Md
3642 Princeton, Ili
39,000
(Z10.000
1941-1966
1941-1958
3942
Lakeland, Fla
Lamar, Colo
3944
—
3950
50,000
4
2)6
,
Basis
Price
Portland Stockton & Pomfret S.
24,000
Amount
1939-1958
3
1939-1948
3946
3943
Maturity
24
Portland, Pa
24
Lake County, Ind
4085 Lake County Ind
4090 Lake Co. S. D. 3. 8. Dak
Rate
3650
2%
2%
2%
2)4
1)4
3943
Name
1-15-yrs.
3946
Mo
3806 La Crosse, Wis
3.67
305
Page
4087 Porter S. D. No. 6, N. Y
15,000
300,000
Kansas City S. D., Mo
Kearney, Neb
Kearny, N. J
3652 Kenosha, Wis
3804 Kershaw Co., 8. C
105.09
Chronicle
1-20 yr8.
__
Jerome Co. 8. D. 21, Idaho
3495 Johnstown, N. Y. (2 issues)
.1 )4
3645 Kalamazoo Twp. 8. D. 15, Mich__4
4087
Basts
1968
3943
3798
6,100
Price
rll8,000
_
3805 Jefferson Co. S. D., Tex. (2 issues)
Amount
Maturity
—
.
100.59
100.13
100.27
2.47
97.64
3.09
98.71"
100.73
100.60
2.19
10b".63"
2.44
100.20
2.38
103.46
1.99
102" """
100.02
1.98
100.20
3.72
loTii"
2.09
100.51
2.20
100.19
100.41
2.71
100.36
2.21
100.48
2.20
100.71
2.44
100.05
1.48
100.15
1.88
100.03
2.74
306
Financial
Name
Page
Rate
4088
York Township, Ohio
3802
Yorkville, Ohio.
Total
bond
sales
..
for
December
Maturity
5^
1939-1948
,„..4M
1941-1958
(470 munlcipalites,
covering 57j separate issues)
Price
Amount
6,000
d40,000
Basi
100
5.50
municipalities from agencies of the Federal Government,
We have also learned of the
Louisville,
r Refunding bonds.
following additional sales for
previous months:
Page
Rate
frame
Maturity
3644
Burke, 8. Dak
4085
Elkader,
Hawkeye,
(Oct.)
Iowa
1940-1959
3649
3H
Mansfield, Ohio.-.-.,-—.......2W
New York Mills, Minn.....
3946
100.37
4.17
30,000
100.36
1939-1946
Linton 8. D„ Ohio
1-25
ioo""""
4r.oo
100
7,500
32,500
yrs.
100*09"
1941-1951
1941-1945
1939-1943
165,000
2.5(h)
100
3.50
19.3.50
100.05
2.48
1942-1968
15,000
100
3.50
3962 Owen, Wis.
2.09
3,000
1939-1978
1940-rl949
1941-1955
1939-1953
75.000
25,000
15,000
16,500
3645
All of the above, sales
(except
as
sales
indicated)
including temporary
loans) for the month $167,244,510.
The
100,27
55,000
"
—
are
(not
for No¬
following items included in
RFC and PWA
or
•
Rate
Name
3651
our
Maturity
Hill Co., Tex. (Nov.)
3745
'*■ Price
Amount
Peru, 111. (Oct.)
Basis
130,000
Puerto Rico (Govt. of)..*
_..2H
1940-1949
high credit rating of its bonds and the low ratio of bonded indebtedness to
assessed valuation.
The Portland, Ore. report emphasized the broad
objectives of the city plan and the means being used to carry out these
objectives.
Sacramento, Calif, featured its police department reorganiza¬
as
the chief
news
of 1938.
Among small cities submitting 1938 reports were Webster City, Iowa.
Alliance, Neb., Princeton, N. J. and Murfreesboro, Tenn.
Reporting
cities in the population group from 10,000 to 30,000 included Grand Junction,
Colo., Tallahassee, Fla., Winnetka, 111., Eldorado, Kans. and Augusta,
Me.
Larger cities making reports were Long Beach and Sacramento, Calif.,
Schnectady, N. Y., Portland, Me., Cincinnati and Toledo, Ohio and
Milwaukee, Wis.
$90,000
„•
New York, N. Y
i...
UNITED STATES POSSESSIONS ISSUES IN DECEMBER
3804
report or Fort Worth, Tex., which gave highlights of citizen activity in the
city government, showing more than 2,700,000 individual participations in
local recreational facilities.
Berkeley, Calif., explained to taxpayers the
tion
totals for the previous
months should be eliminated from the same.
We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
Page
Examples of improved reporting cited by the Association included the
2.58
These additional November issues will make the
vember.
total
100.60
50,000
Yamhill Co. S. D. 140,Ore.(Oct)2J£-2$£ 1943-1962
ZllwaukeeTwp., Mich..
1941-1964
3802
Municipalities Improved General Reports in 1938—
Improvement in the report of cities to their citizens was
noted on Jan. 11 by the International City Managers' Asso¬
ciation after an examination of annual reports of 1938.
One
hundred cities in all population groups submitted reports
during the year, compared with 81 in 1937 and 74 in 1936.
Sample reports of the group showed that cities have turned from mere
chronologies of events to explanation of the purposes and methods of
operation of their various departments.
They describe major steps taken
to improve and
modernize departmental operations.
They_ attempt to
measure results attained, using the best statistical indexes available, but
not confining the evaluation to quantitive measures.
They work statistics
into the text, relating them in proper perspective to the s'tuation as a whole.
25,000
3806 Sheridan Co. S. D. No. 36, Wyo.
(Oct.)
4
4088 St.Martinvllle, La. (2 iss.) (Oct.).SM
3649 Sunbury, Ohio (Oct.)
3949 Tulsa Co-S.D, No. 33, Okla..lH-3H
3945 Waterviiet, Mich. (Oct.)
...3
Wilmington, Rochester and Omaha, among others, and such
populous States as Nev. York, Massachusetts, Connecticut,
Pennsylvania, Maryland, Illinois and Missouri.
Despite
the current low income on prime credits, yields of better than 3% are
shown to be still available on certain leading city obligations.
In an added tabulation the bank presents an average composed of prices
and yields of 20 selected issues, taken from the body of the study. According
to this average, the market rose steadily from 1933 to 1936, declined in
sympathy with general market weakness in 1937, and resumed the upward
trend into new high ground in 1938.
The extent of the advance over
the five year period is reflected in the corresponding shrinkage in yield from
5.18% at the end of 1933 to 2.53% at the chose of 1938.
In addition to constituting a valuable reference work, the compilation
provides a ready means for distinguishing differences in market performance
among various types of municipal credits.
The current edition follows
much the same general lines as in earlier years but has been slightly revised
in the interest of greater readability and conciseness.
Jersey,
4.00
10.000
.....
Madison Met. Sew. Dist., Wis...2.10
Malhuer Co. S. D. No. 47, Ore...3^
3802
100
1939-1948
.... —
(Sept.)..
Term.
97,000
68,000
4.600
l.i
...
4
....4
......4\i
3803 Hellertown, Pa
3
3651 Hollow Rock & Bruceton S. D„
Heidelberg. Pa
3652
4.47
10 000
220.000
3
Harvey 8. D. No. 38, N. Dak
3944
y
3649
4.00
100.25"
5-20 yrs.
1945-1969
;
3649
,
100
1941-1950
Aft
Iowa...--.
Garfield Heights S. D„ Ohio
3805 Greenville. Texas...
Basis
100
rlO.OOO
4
3849
3650
Price
Amount
$121,000
Alpena, Mich-..—.......1939-1958
3951
1939
14,
of the more
and during the earlier years and to mature in the later year465,204 823 temporary loans or funds obtained by States and
including
Jan.
Issues in this class, as reported by the tabulation, include obligations .of
such cities as Hartford, New Haven, Baltimore, St. Louis, Cincinnati,
New
$131,109,489
d Subject to call in
k Not
Chronicle
r2,625,000
Sales and
100.60
2.39
Tax
—Comptroller Reports
on
Bond and Note
Collections—New York City sold a total of
$133,000,000 in long-term securities during 1938, at an
average
interest cost of 3%.
Comptroller Joseph D.
McGoIdrick's report for the last 12 months discloses: .
„
DEBENTURES SOLD
BY CANADIAN MUNICIPALITIES
Name
Rate
3952 Canada (Dominion of)156 Canada (Dominion of)
3952 Greater Vancouver W. D., B. C..4
Page
...
3806
Halifax, N. S
-2H-3H
4090 Halton Co., Ont
3806
3652
-.3
Iberville," Que
Mantane, Que
4
4
!»-.
3806 Moncton, N.B
3866
..
4
3952
Ontario (Province of)
3952
Port Arthur, Ont
3
4
3952 Renfrew, Ont....n
--3H
3952 Salaberry De Valleyfield, Que
4
3952 Three Rivers, Que.
...4
—
—-
3652 Toronto, Ont. (4 issues)
4090 Valleyfield, Que.
2-3
—.4
1-25 yrs.
1940-1959
Basis
.
This constituted
409,000
9,600
5 yrs.
99.80
1939-1944
11
4.03
101.77
105.53
3.87
....
101.28
2.40
103.08
3.57
101.16
1939-1968
13 yrs.
199,680
52,000
40,000
1,193,500
100.52
100.90
2.36
40,000
100.52
3.96
$22,790,280
Temporary loan; not Included In total for month,
r
Refunding bonds.
News Items
missioner
on
Jan.
10, shows the latest revisions in the list
considered legal for Connecticut savings
Additions
Brooklyn Edison Co., consolidated
Connecticut Light & Power Co., series H
Wisconsin Public Service Corp., first
;
3s
1968
i
3J£s
1968
J!
First
West Penn Power Co., first
4s
4s
1961
1963
V
1968
-
Deduction
•
Providence & Worcester RR., first
4s
1947
Massachusetts—Changes in List of Savings Banks In¬
vestments—The following bulletin (No. 5), showing the latest
revision in the list of investments considered legal for savings
banks in Massachusetts, was issued by the Commissioner of
Banks
on
This has all been redeemed since.
The
Added to the List of July 1, 1938
'
Public Utilities
*"
Removedafrom the List
''
Municipal Bonds
As of Jan.
4, 1939—Columbus, Ga.
As of Jan. 3, 1939—Jacksonville, Fla.
Public Utilities
The Connecticut
Light & Power Co. 1st & ref. mtge. s. f., series E, 3Ks,
1965.
Called Jan. 1, 1939.
*
Edison Electric Illuminating Co. of Brooklyn 1st cons. mtge. gold. 4s.
1939.
Matured Jan. 1, 1939.
Indiana General Service Co. 1st mtge. gold, 5s, 1948.
Called Jan. 1, 1939.
The Ohio Power Co. 1st & ref. mtge., series B, 5s, 1952.
Called Jan. 1,1939
West Penn Power Co. 1st mtge. gold, series H, 4s, 1961. Called Jan. 1,1939
Municipal
Bonds—Annual Edition of Price and Yield
Comparison Prepared—Record high prices for prinie municipal
bonds
are
revealed in the
annual
Chemical Bank
&
Trust
Co.'s
year-end
study of comparative prices and
yields of representative State and municipal bonds. As in
previous years, the survey includes bonds of every State
having debt outstanding and at least one city, county or
revenue authority in each State.
The study shows the steady advance to new record highs which took place
in prime municipal bonds during 1938, and the widening spread between
bonds of this character and those ordinarily considered second and third
grade.
Yields below 2% are now the rule, rather than the exception,
the highest grade credits and in most cases it is necessary for the
investor to take maturities of 20 years or longer, to obtain a higher return.
among
"
of subject referred by States to their respective
frequency: (1) the executive, legislative, and judicial
branches or the State government; (2) bond issues; and (3) taxes.
The
voters approved 32 of the 43 bond issues or other debt authorizations proposed, most of which affected specifically-named local units of government
Of the 21 proposals authorizing, permitting, fixing or revising taxes, 11
were approved and 10 were defeated.
Other subjects represented by several proposals were: State property
and conservation of naturrl resources; betting, lotteries, and slot machines;
old-age pensions; education; liability of bank stockholders; and sale of
alcoholic beverages.
Some of the more striking questions which voters were asked to decide
were: naming
of bridges; authorizing by constitutional amendment, a
union station In one specified city; expressing an opinion on whether Ameri¬
can boys should be drafted to fight on foreign soil; authorizing the establish¬
ment of garbage districts; and authorizing the legislature to provide suf¬
ficient revenue to pay the expenses of the State and the principal and inter¬
principal types
voters were, in order of
As of Jan. 3,1939—Green Mountain Power Corp. 1st & ref. mtge. 3 5£s
1963.
fifth
,
In 6 States were concentrated 108, or 53%
of the 203 different State
propositions voted upon in 1938 elections, according to a statistical sum¬
mary released today by William L. Austin, Director of the Bureau of the
Census, Department of Commerce.
Of the 36 States submitting proposals to their respective electorates, 17
States submitted constitutional amendments only, 4 States confined their
proposals to measures not requiring constitutional amendment, while 15
States submitted proposals in both forms.
Twelve States submitted no
State questions to their respective electorates in 1938.
These 12 States
were: Connecticut, Delaware, Indian*, Iowa, Kansas, Kentucky, Missis¬
sippi, New Jersey, Pennsylvania, Vermont, Viginia and Wisconsin.
All measures were decided by the voters at the general election held
primarily for choosing legislators and other public officers.
In addition,
the voters frequently were called upon to decide local measures.
All State
elections were held Nov. 8, except the election in Maine held Sept. 12.
Proposals by the State seemed to be somewhat more acceptable to the
electorate than measures proposed by cities, since 115, or 57% of the 203
State proposals were approyed, compared with only 42% of the 222 cityproposed questions, about which a summary statement was recently re¬
leased by the Director of the Bureau of the Census.*
Over three-fourths of all State questions were in the form of constitu¬
tional amendments, and nearly two-thirds of these proposed amendments
were approved.
On the other hand, of the 49 State propositions submitted
the people in some form other than a constitutional amendment, only 1»8,
or approximately one-third, were approved.
Proposed changes in the organization or operations of the State govern¬
ment itself were the subjects of 133, or nearly two-thrids, of the State
measures submitted to the voters; while. 31 measures were State-wide .pro¬
visions relating to local governruent; and 39 proposals referred to specifically
named localities.
Jan. 9:
^
*
States—Proposals Voted Upon in State Elections,
1938—The following is the text of a press release made
public on Dec. 30 by the Department of Commerce, Bureau
of the Census, from Washington:
,
Connecticut—CTianfires in List of Legal Investments—The
following bulletin (No. 2), issued by the State Bank Com¬
of investments
banks:
high notch.
An average interest of H of 1% was paid on a total of $367,800,000 of short-term borrowings, he reported.
The report also showed a distinct improvement in the collection of back
taxes.
On Dec. 31,1937 there were 857,047,000revenue notes outstanding,
and at the end of the last year this had been cut to $13,900,000.
By the
beginning of next week, it was indicated, there will be sufficient cash or
hand to further reduce this total to $5,400,000.
A year ago $22,500,000 was outstanding in corporate stock notes and
bond anticipation notes which were awaiting refunding into long-term debt.
United
98.90
2,761,000
yrs.
1939-1968
record, rate, Mr. McGoldrick stated, adding that the
3.37
16,500,000
yrs.
15-20 yrs.
20 yrs.
4-20
2.61
99.72
200,000
70,000
45,000
1,000.000
3.35
101.02
20,500
1945-1950
1958
a
"drastic cut" in the interest paid on short-term obligations marked another
250,000
Total long-term Canadian debentures sold in Dec
*
Price
Maturity
Amount
*$25,000,000
...—...*25,000,000
.4
New Glasgow, N. S._
*3652 Nova Scotia Power Commission.-2-3
IN DECEMBER
est
A
of the
few
State indebtedness.
States
are
apparently still asking their electorates to vote
on
a
great number of propositions.
Thus, in the recent elections three States
submitted to their voters as many as 23 measures,—Louisiana with 28,
California with 25, and Georgia
with 23 proposals.
Some geographic generalizations may be mentioned.
Most of the State¬
wide provisions affecting a specifically named locality were found in a few
southeastern States, although California and New York were also repre¬
sented in this category.
The States that approved all the propositions
the Southeast. On the other
hand, States rejecting all proposals were in the Middle West or Far West.
voted upon were, with few exceptions, also in
*
"Proposals Voted Upon In City Elections, 1938," Bureau of the Census,
(Chronicle. Dec. 31—V. 147, p. 4083.)
Dec. 27, 1938.
Improved Methods of Administration Aid Cities in Meeting
Relief Problem in 1938—Although the financing of relief bulks
as the largest problem of cities at the beginning of 1939, as it
Volume
did
a
148
Financial
the development of improved methods of
municipal administration during the past 12 months will aid
year ago,
municipalities, the American Municipal Association said
recently. The new year also finds cities making progress on
other major problems such as low-rent
housing, airports,
retirement systems and training programs.
P ■A. number of cities, the Association pointed out, have found that
they can
administer relief more
economically and efficiently by checking their
municipal machinery for possible duplication of services.
Such duplica¬
tions were found to occur most
frequently in the case of health and welfare
services.
In attempting to aid cities in
meeting their housing problems, 33 States
authorize municipalities to participate in the construction of low-rent
developments with the aid of the United States Housing Authority.
A
total of 75 cities undertook
building or arranged for loans for large-scale
Chronicle
offered for sale
307
on
Jan. 10—V. 148, p. 150—was warded to the William R.
Staats Co. of Los Angeles, as 3s,
paying a price of 100.23, a basis of about
Dated Jan. 1, 1939.
Due from Jan. 1, 1941 to 1960 incl.
2.98%.
COLORADO
PUEBLO COUNTY JUNIOR COLLEGE DISTRICT
(P. O. Pueblo),
Colo.—BONDS OFFERED TO PUBLIC—An issue of $120,000
3&% ancl
4% building revenue bonds is being offered by Brown, Schlessman, Owen &
£Denver, for public subscription
3.60%, according to maturity.
at prices to yield from 2.75% to
Denoms. $1,000 and $500.
Dated Oct. 1,
Prin. and int. (A-O 1) payable
vPue from 0ct- L 1941 to 1958 incl.
at the United States National Bank of
Denver.
inverse order upon 30 days' published notice on
now
housing projects during 1938.
With Federal funds available for other
housing projects, cities generally are surveying their housing needs.
Progress in providing retirement systems for city employees, none of whom
are covered by the Federal Social
Security Act, is indicated by reports that
Bonds
bonds
than
60 Massachusetts cities set up such plans during the past two
while Ohio cities put into effect a legislative order to join the State
retirement system.
At least five States will consider proposals for State¬
more
years,
wide retirement
systems in which municipalities may participate, in their
1939 legislative sessions.
Aid from the Federal Government through the
George-Deen Act enabled
the
setting
in
programs for thousands of local government
than 20 States during the past year.
Nation-wide
in-service training opportunities is anticipated for 1939,
by joint cooperation of State leagues of municipalities and other
mental
govern¬
groups and
State vocational education boards.
improvements to accomodate larger and faster planes remain
foremost problems of many cities which have invested
large
amounts
of money in airport development, the Association said.
This
investment as of 1938 represented between $300,000,000 and $400,000,000.
In seeking solution of
airport problems, the municipalities await the report
Airport
one
of
of
the
the
Feb.
These bonds
were
authorized at
Civil Aeronautics
election held
on
Sept. 30, 1938.
The
operation of the college.
These gross revenues are
irrevocably pledged for the service of the bonds,
the district has covenanted to fix and maintain such
fees, rates and
charges as will produce at all times an amount sufficient to pay interest
and principal on the bonds
promptly, and also create a reserve fund.
and
Legality to be approved by Pershing, Nye, Bosworth & Dick of Denver.
CONNECTICUT
■
HARTFORD, Conn.-REFUNDING PLANNED—Board
has recommended
April
a
of Finance
budget of $12,600,750 for the fiscal year which begins
1. and retention of the present tax
rate
of 29.25
n
ills
on
the dollar
the
on
grand list and 17.80 mills on the farm list.
Board suggested the
refunding of $1,100,000 of the grand total of $1,604,000 bond principal
due in the next fiscal year.
Pointing our that $385,000 is represented by
maturing refunding bonds, the Board strongly urged that no refunding
bond should ever be again refunded.
Authority, which will be made to Congress by
1.
an
are a direct obligation of the
district, and are secured both principal
and interest by an exclusive lien on the
gross revenues of the district arising
from all fees, rates and charges derived from the
more
of such
redeemable in
April 1, 1949, and at 104 and interest thereafter.
of training
up
employees
extension
are
any interest payment date
April 1, 1944; at 105 and interest thereafter until
at 106 and interest until
MERIDEN,
Conn.—NOTE
SALE-—The
Hartford-ConnectiCut
Trust
Co. and the Home National Bank, both of Meriden,
joined in purchasing
Jan. 10 an issue of $300,000 notes at 0.192% discount.
Due May 11,
1939.
The First National Bank of
Boston, next highest
on
bidder, named
Bond Proposals and Negotiations
ALABAMA
Feb. 1, for the purchase of a $60,000 issue of
coupon highway bonds.
Interest rate is not to exceed 3J^%, payable
F-A.
Dated Feb. 1, 1939.
Denom $1,000.
Due $10,000 Feb. 1, 1941 to
1946.
Rate of interest to be in a multiple of
of 1%, and must be the
same for all of the bonds.
Prin. and int. payable in lawful money at the
a.
m. on
First National Bank, Opp.
The bonds are secured by pledge of a con¬
stitutional tax of 2l/z mills, and will be full, direct general
obligations of the
County
The approving opinion of Storey, Thorndike, Pal?i er & Dodge,
of Boston, will be furnished.
Enclose a certified check for 2% of the
amount of the bonds offered, payable to the County Treasurer.
JEFFERSON
COUNTY
(P. O. Birmingham), Ala.— WARRANTS
reported that $41,000 3% semi-ann. school warrants were
purchased recently by King, Mohr & Co. of Montgomery, at a price of
SOLD—It
100.14.
is
Due from 1945 to 1951.
rate of
0.21%.
v
,
'
SELMA, Ala.—BOND OFFERING— It is stated by R. M. Watters, City
Clerk, that he will offer for sale at public auction on Jan. 23, at noon, an
issue of $165,000 high school building, series B bonds.
Interest rate is
not to exceed 3M%, payable F-A.
Dated Feb. 1, 1939.
Denom. $1,000.
Due Feb. 1, as follows:
$4,000 in 1942 to 1945, $5,000 in 1946 to 1949,
$6,000 in 1950 to 1957, $7,000 in 1958 to 1964, and $8,000 in 1965 to 1968.
No bid of less than par will be accepted.
Prin. and int. payable at the
City National Bank, Selma.
The approving opinion of Storey, Thorndike,
Palmer & Dodge of Boston, will be furnished.
(These are the bonds mentioned in V. 147, p. 4083.)
ARIZONA BONDS
;.v.
MIDDLETOWN, Conn.—BOND SALE—The $240,000 sewage treat¬
ment works revenue bonds offered Jan. 10—V. 148, p. 150—were awarded
to R. W. Pressprich & Co. of New York as 2s at
100.20, a basis of about
1.98%.
COVINGTON COUNTY (P. O. Andalusia), Ala.—BOND OFFER¬
ING—It is stated by M. E. Cannon, County Treasurer, that he wi 1 receive
sealed bids until 10
a
Dated Jan. 1, 1939, and due $12,000
inclusive.
Jan. 1 from 1940 to 1959<
on
Other bids:
-
Bidder—
2%
2\i%
2 \4 %
2V\%
3%
Day, Stoddard & Williams and Cooley & Co
Putnam & Co
R. L.
Day & Co
NEW
<
Int. Rate
Charles W. Scranton & Co
Estabrook & Co
LONDON,
Conn.—BOND
Rate Bid
•
.
OFFERING—Carey
Director of Finance, will receive sealed bids until
noon
on
Jan.
100.13
101.178
101.129
100.664
100.041
Congdon,
17, for the
)ated Jan.
Purchase of 1, 1939. Denom. $1,000. Due Jan. 1 bonds, series No.from
$125,000 coupon or registered school follows: $8,000 11.
as
1940 to 1949, incl. and $9,000 from 1950 to 1954, incl.
of interest
rate
in
Bidder to name
one
multiple of )4 of 1%.
Principal and interest (J-J)
payable at City Treasurer's office or at First National Bank of Boston,
at holder's option.
Bonds will be authenticated as to genuineness by the
First National Bank of Boston and legal opinion of Storey, Thorndike,
Palmer & Dodge of Boston will be furnished the successful bidder.
A
certified check for 2% of the bonds bid for, payable to order of the
city, is
required. , '.v.
a
NOR WALK. (P. O. South Norwalk), Conn.—BOND OFFERING—
LeRoy D. Downs, City Clerk, will receive sealed bids until 7:30 p. m. on
Jan.
25 for the purchase of $125,000 not to exceed 5%
interest coupon or
Dated Jan.
15,
1939.
Denom. $1,000.
1940 to 1954, incl., and $7,000 from
1955 to 1959, incl.
Prin. and int. (J-J 15) payable at the Bank of the Man¬
hattan Co., N. Y. City, or at the South Norwalk Trust Co., South Norwalk.
This institution will certify as to genuineness of signatures of municipal
officials and seal impressed on the bonds.
A certified check for 1% of
bonds bid for, payable to order of City Clerk, is reiuired.
Legal opinion
of Thomson, Wood & Hoffman of N. Y. City will be furnished the successful
incinerator
registered
Due Jan.
15
as
bonds.
follows: $6,000 from
bidder.
1Market» in all Municipal Igguets
FLORIDA
REFSNES,
Clyde C. Pierce Corporation
PHOENIX, ARIZONA
Barriatt National
JACKSONVILLE
ARIZONA
PINAL
COUNTY
BONDS
ELY, BECK & CO.
SCHOOL
DISTRICT
-
-
Bank Building
-
-
-
FLORIDA
Branch Offlca: TAMPA
NO.
Flrtt
21
(P. O. Coolidge),
TO PUBLIC—A $33,000 issue of 3 %
% school
being offered by Peters, Writer & Christensen, Inc. of Denver,
for general investment at
prices to yield from 2.50% to 3.50%, according to
maturity.
Denom. $1,000.
Dated Jan. 1, 1939.
Due on Jan. 1, as
follows:
$1,000, 1940 to 1944; $2,000. 1945 to 1958, all incl.
Prin. and
int. (J-J) payable at the office of the County Treasurer in Florence.
Approvng legal opinion of Myles P. Tallmadge of Denver.
National
Bank
Building
T.
8.
Pierce. Resident
Manager
Ariz .—BONDS OFFERED
bonds
is
RIVER PROJECT AGRICULTURAL AND IMPROVEMENT
POWER DISTRICT (P. O. Phoenix), Ariz.—BOND SALE—The $650,SALT
000 issue of coupon refunding bonds offered for sale on Jan. 11—V. 147,
p. 3941—was awarded to the Northern Trust Co. of Chicago, as 4s, paying
a price
of 97.309, a basis of about 4.33%.
Dated Jan. 1, 1939.
Due
$65,000 from Jan. 1, 1955 to 1964; optional
on
or
after Jan. 1, 1949.
ANGELES
COUNTY
(P.
O.
Los
&
about July 28,
Herrington
of
Angeles),
Calif—BOND
OFFERING—We are informed by L. E. Lampton, County Clerk, that he
will receive sealed bids until 10 a. m. on Jan. 17, for the purchase of the
following issues of bonds, aggregating $111,000:
$80,000 Montebello Unified School District bonds.
Interest rate is not to
exceed 5%, payable J-J.
Dated Jan. 1, 1939.
Due $5,000 from
Jan. 1, 1940 to 1955, inclusive.
24,000 Water Works District No. 13 (Lomita) bonds.
Interest rate Is not
to exceed 6%, payable J-J.
Dated Jan. 1, 1939.
Due $1,000 from
Jan. 1, 1940 to 1963, inclusive.
7,000 Wrater Works
not
to
July 1
District No. 13 (Lomita) bonds.
Interest rate is
6%, payable J-J.
Dated July 1, 1928.
Due on
follows: $1,000 in 1960, and $3,000 in 1961 and 1962.
exceed
as
Denom. $1,000.
Principal and interest payable in lawful
money at
the
County Treasury.
Bids will be received for all or any portion of the bonds.
In the event that the bidder submits a proposal to purchase a portion of the
bonds, the bid shall designate specifically the bonds bid for.
All bonds sold
to a bidLder bidding for a portion of the bonds shall bear the same rate of
interest, and bids for varying rates of interest, for the same block or portion
of said bonds will be rejected.
not less
than par
less than 3 %
The bonds will be sold for cash only and at
and accrued interest.
Enclose a certified check for not
of the amount of bonds bid for, payable to the Chairman Board
of Supervisors.
LOS
ANGELES
1951, incl.
~
_
Interest payable M-S.
FLORIDA, State of—PAYINQ AGENT NAMED FOR LOCAL ifNITS
the Manufacturers Trust Co. of New York that it has been
named paying agent for $6,500,000 Lakeland general refunding bonds, due
on July
1, 1966, and $74,000 Hillsborough County, Palm River Special
Road add Bridge District road and bridge refunding bonds, dated Aug. 1,
—It is stated by
JACKSONVILLE, Fla .—CERTIFICATE OFFERING—Vie
are
Informed *
by M. W. Bishop, Secretary of the City Commission, that he will receive
sealed bids until 2:30 p.m. on Jan. 18, for the purchase of a $250,000 issue
of water revenue certificates.
Interest rate is not to exceed 4%, payable
J-D.
Denom. $1,000.
Dated Dec. 15, 1938.
Due $25,000 from Dec. 15,
1940 to 1949 incl.
Prin. and int. payable at the City Treasurer's office, or
at the Manufacturers Trust Co., the fiscal agency of the City in New York.
No bids for less than par value of the certificates will be considered.
These
certificates are issued for the purpose of providing for the construction of
extensions and improvements to the municipal water supply system of the
city so as to increase the appliances for the furnishing and distribution of
water as may be necessary to furnish the same to those taking and using
such water, for the further purpose of matching a Public Works Administra¬
tion grant in the sum of $202,725, which said grant has been authorized and
the money allocated by the PWA, and shall be payable solely from the
revenues derived from the operation of the water
supply system, and are
registerabie as to principal.
The certificates are authorized by Ordinance
No. Y-123 of the City Council, passsed on Nov. 22, 1938, approved by the
Mayor on Nov. 28, 1938, and duly approved and concurred in by the City
Commission on Nov. 23, 1938, and the certificates have been validated and
confirmed by a-decree of the Circuit Court of Duval County.
The approv¬
ing opinion of Thomson, Wood & Hoffman of New York, will be furnished.
Enclose a certified check for 2% of the par value of the certificates bid for,
payable to the City Treasurer.
These are the bonds mentioned in our issue of Dec. 31.
.
or
San Francisco.
LOS
4% coupon city hall construction bonds were
Surchased at par by 1, 1938'. Denom.Administration on Dec.from Coupon
onds, dated Sept. the Public Works
$1,000.
Due $1,000 19.
1940 to
1938.•
CALIFORNIA
CALIFORNIA, State of—WARRANT SALE— It is repprted by Harry
B. Riley, State Comptroller, that an issue of $3,871,805.46 registered
revolving fund warrants was offered for sale on Jan. 10 and was awarded
to the Bankamerica Co. of San Francisco, at 2%, plus a premium of
$13,811.50.
Dated Jan. 12, 1939.
Call date will be on
1939.
Legality approved by Orrick, Dahlquist, Neff
FLORIDA
BELLE GLADE, Fla.—BONDS SOLD TO PWA—We arc informed by
the Town Clerk that $13,000
,
,
^
DISTRICT NO. 7
(P. O. Tampa), Fla.—PAYING AGENT NAMED—It is stated that the
Trust Co. of New York is the paying agent for $268,000
road and bridge refunding bonds, dated March 1, 1938.
LAKE
FERN
SPECIAL
ROAD
AND
BRIDGE
Manufacturers
MARION COUNTY
(P. O. Ocala), Fla.—BOND OFFERING—Sealed
by Carlyle Ausley, Clerk of the
bids will be received until noon on Jan. 23,
COUNTY
(P.
O.
Los
Angeles),
Calif.—SCHOOL
BOND SALE—The $20,000 issue of West WThittier School District bonds
Board of County Commissioners, for the purchase of not less than $159,000
nor more than $190,000 coupon refunding road, series F bonds.
Interest
Financial
308
not
The
be furnished.
fore should be liable.
In
EARLVILLE, III.—BO YDS SOLD—An issue of $7,500 4 M % sewer
sold last June to H. C. Speer & Sons Co. of Chicago at par.
as follows: $500 in 1942 and $1,000 from 1943 to 1949, incl.
was
LOUIS, III.—BOND SALE—The $200,000 police and fire
offered Jan. 9—V. 148, p. 151—were awarded to Barcus,
Bond Corp., both of Chicago, jointly,
as 3s, at a price of 100.127.
Blyth & Co., Inc., Chicago, second highest
bidder, offered to pay 100.067 for 3s.
bonds
Kindred & Co. and the Municipal
EFFINGHAM SCHOOL DISTRICT (P. O. Effingham), III.—BOYDS
SOLD—Paine, Webber & Co. and the Midland Securities Co., both of
Chicago, jointly, purchased last August an issue of $127,500 series B high
school bonds as 3Ms, at a price of 101.985, a basis of about 3.32%.
Dated
Sept. 1, 1938 ancl due as follows:
$1,000, 1940 to 1945, incl.; $3,000,
1946; $8,000, 1947; $8,500, 1948; $9,000, 1949 to 1951, incl.; $10,000, 1952
to 1954, incl.; $11,000 from 1955 to 1957, incl. and $12,000 in 1958.
Prin¬
cipal and interest (M-S) payable at the District Treasurer's office.
(Above report supersedes that givep in Y. 147, p. 1226.)
FOREST,
Mayor
C.
City
SCHOOL DISTRICT NO. 41, 111.—BOYD SALE—
a
p.
151—
basis of about 1.41%.
ST. CLAIR COUNTY (P. O. Belleville),
111.—BOYD ISSUE DETAILS
2M% hospital bonds sold jointly in the previous year to
Stifel, Nicolaus & Co. and Stix & Co., both of St. Louis—v. 147, p. 2423—
brought a price of 103.15, a basis of about 2.08%.
Due Oct. 1 as follows:
$41,000 from 1939 to 1941 incl. and $42,000 from 1942 to 1947 incl.
—The $375,000
SANITARY DISTRICT (P. O.
ISSUE DETAILS—The amount of 4% Distitct
DRAINAGE BASIN
CREEK
SALT
A.
Villa Park), 111.—BOND
Lewis, Williams & Co. of Chicago—V. 148, p. 151—was
$27,500.
Price paid was 105, plus expenses, according to report.
Dated
Dec. 1, 1938 and due on Dec. 1 from 1941 to 1958 incl.
bonds
sold
to
(P. O. Ina), III.—BOYDS SOLD—
SPRING GARDEN TOWNSHIP
An issue of $20,000 4M % road impt. vonds was sold last May to Ballman &
Main of Chicago as 4Ms, at par.
Dated May 1, 1938.
Denom. $1,000.
Due $2,000 on Jan. 1 from 1941 to 1950 incl.
Prin. and int. (J-J) payable
at the Coritinental Illinois National Bank & Trust Co., Chicago.
The
«
IDAHO
are payable from unlimited ad valorem taxes and
by Holland M. Cassidy of Chicago.
v
bonds
BONNERS FERRY, Idaho—MATURITY—It is now reported by'the
TOLONO
SCHOOL
DISTRICT
(P. O. Preston), Idaho—BOND SALE— The
county bonds offered for sale on Jan. 7—V. 147, p.
The
NO.
building bonds authorized at an
$12,000
locally.
legality approved
;
111.—BONDS SOLD—The
election last October were sold
59,
-
YORK TOWNSHIP (P. O.
FRANKLIN COUNT
coupon
Brooks,
1 Ms, at
Dated Jan. 20, 1939 and due Jan. 20,
1944.
Second high bid of 100.234 for lMs was made by the White-Phillips
Corp. of Davenport.
'
r
City Clerk that the $99,000 issue of light and power bonds purchased by
Richards & Blum of Spokane, as 3 Ms, at a price of 100.40, as noted here in
October, are due on Oct. 1 as follows: $3,000, 1940; $4,000, 1941 to 1945;
$5,000, 1946 to 1950; $6,000, 1951 to 1955, and $7,000, 1956 to 1958,
giving a basis of about 3.46%.
V
$20,000 issue of
B.
City Treasurer's office.
A certified check for $2,000, payable to order of the
City Treasurer, is required.
Legal opinion of Chapman & Cutler of Chicago
will be furnished the successful bidder.
r
\
•
ROCK ISLAND
Hodges that he will receive both sealed and open bids until Jan. 16, at 8 pvm.,
for the purchase of a $39,000 issue of 4% semi-ann. refunding bonds.
Denom. $1,000.
Dated Jan. 1, 1939.
Due on Jan. 1 as follows: $11,000
in 1952, and $7,000 in 1953 to 1956.
The purchaser is to pay for printing
and any legal opinion.
Prin and int. (J-J) payable at the Central Hanover
Bank & Trust Co. in New York.
OFFERING—Harold
III.—BOND
JERSEYVILLE,
Clerk, will receive sealed bids until 5 p. m. on Jan. 18 for the purchase of
$50,000 4% general obligation sewer bonds.
Dated Sept. 1, 1938. Denoms.
$1,000 and $500. • Due Sept. 1 as follows: $2000, 1940 to 1947 incl.; $3,000
from 1948 to 1957 incl. and $4,000 in 1958.
Prin. and int. (M-S) payable at
The issue of $26,000 coupon school bonds offered Jan. 10—V. 148,
awarded to the Harris Trust & Savings Bank of Chicago as
$22,550 3M % semi-annual school building bonds sold to an undisclosed
purchaser, as noted here—Y. 148, p. 150—were purchased by Johnson,
Lane, Space & Co. of Savannah, and associates, at a price of 100.50, a
basis of about 3.46%.
Due from May 1. 1940 to 1966, incl.
by
111.—BOYD SALE DETAILS— The $13,000 sanitary sewer
148, p. 151, were sold to Stifel, Nicolaus
Dated Jan. 2, 1939.
■'
system bonds mentioned in V.
& Co. of Chicago as 4s at par.
was
GEORGIA
stated
Due
ST,
EAST
station
AUSTELL SCHOOL DISTRICT (P. O. Austell), Ga.—BOND SALE
is
bonds
Dec. 1
DETAILS—It is stated by the Secretary of the Board of Trustees that the
OFFERING— It
Board of
DOLTON, 111.—BOND ISSUE DETAILS—The $8,000 4M% water
system bonds purchased by the First National Bank of Dolton—V. 148,
p. 151—were sold at 102.50, a basis of about 3.99%.
.
Ga.—BOND
attempt to dispose of possible
in full or
Education if forced to refund some of the money.
100.426,
DUBLIN,
■
•
opinion Judge Feinberg did not
his
claims of all unpaid warrant holders against those who were paid
the claim the fully paid warrant holder might have against the
approving opinion of Masslich & Mitchell of New York, will
Enclose a certified check for 2% of the amount Of the
payable to the city.
\
bid for.
who received full paymen'
held that the 1929 taxes as collected constitute
an express terminable trust with the Board of Education, the trustee and
the warrant holders who benefited,
Those who received payment in full
on their warrants by the method of serial retirement previously in effect
knowingly participated in this breach of trust, the judge ruled, and there¬
PENSACOLA, Fla.—CERTIFICATE OFFERING— It is stated by J. E.
Frenkel, City Clerk-Comptroller, that he will receive sealed,bids until
11 a. m. on Jan. 23, for the purchase of a $59,000 issue of water revenue of
1938 certificates.
Dated Nov. 1, 1938.
Denom. $1,000.
Due Nov. 1 as
follows:
$10,000 in 1939 to 1943 and $9,000 in 1944.
The certificates
maturing in 1939 will bear interest at a rate not exceeding 1% per annum;
the certificates maturing in 1940 will bear interest at a rate not exceeding
1 M% Per annum; the certificates maturing in 1941 will bear interest at a
rate not exceeeding 2% per annum; the certificates maturing in 1942 will
bear interest at a rate not exceeding 2M% per annum; and the certificates
maturing in 1943 and 1944 will bear interest at a rate not exceeding ,3% \
per annum, and will be sold to the bidder making the most advantageous
bid, including the lowest interest cost to the city.
Prin. and int. (M-N),
payable at the office of the City Clerk-Comptroller, or at the Chemical
Bank & Trust Co., New York
The certificates shall be payable solely
from the net earnings of the water supply and distribution system of the
city, and shall be subordinate in priority to Water Revenue Certificates
of the City of 1934 now outstanding in the principal sum of $93,000.
The
certificates have been validated by a decree of the Circuit Court of the
First Judicial Circuit of Florida, in and for Escambia County, which said
decree has been affirmed by the State Supreme Court.
Delivery of the
certificates to be made on or before Feb. 1, 1939, at place of purchaser's
choice.
1939
In his decision, the judge
sum
certificates
Numerous persons and institutions
their tax warrants were made co-defendants.
on
$1,000.
the
Jan. 14,
Chicago.
to exceed 5%, payable F-A.
Due Feb. 1, 1956.
The bonds are issued to provide a portion of
required to fully retire the Feb. 1, 1939 road bond maturities of
the county, which maturing bonds were issued prior to Nov. 6, 1934.
Prin, and int. payable in lawful money at the Central Hanover Bank &
Trust Co., New York.
The bonds are registerable as to principal only.
Bidders must state in their bids a single rate of interest in multiples of
M of 1%.
The interest rate expressed shall be no higher than required
to insure the sale of said bonds.
Proceedings for the validation of said
bonds have been completed and all property within the county, including
homesteads, subject to taxation for the payment of the bonds refunded, wrll
lie subject to the levy of ad valorem taxes for payment of principal and
interest of said refunding bonds without limitation of rate or amount, and
said refunding bonds will not be affected by or subject to the provisions of
Chapters 16838, 16965 and 17401, Laws of Florida, Acts of 1935.
The
bonds will be delivered to the successful bidder at the office of the Clerk
Board of County Commissioers or at the Central Hanover Bank & Trust
Co., New York City, on Feb. 1, or as soon thereafter as possible, but not
later than Feb. 15, upon payment of the principal balance due plus accrued
interest.
The approving opinion of Caldwell & Raymond of New York,
will be furnished to the purchaser upon delivery of the bonds.
Copies of
a form of proposal will be furnished upon application to the Clerk or to
Wallace E. Sturgis, County Attorney, or to the above attorneys. Enclose a
certified check for $1,500, payable to the county.
is
rate
Chronicle
Thomson), 111.—BOYD SALE DETAILS—
graveling bonds mentioned in V. 146, p. 3991, were
Duncan & Wood of Davenport as 3s, at par, and mature
follows: $4,000, 1939; $5,000 from 1940 to 1944 incl. and $6,000
$35,000
road
awarded to Vieth,
40$4—was awarded to Sudler, Wegener & Co. of Boise, according to the
Dec. 1
Clerk of the Board of County Commissioners.
in 1945.
Dated July 1, 1938.
Due
as
in from 2 to 20 years.
ONEIDA COUNTY (P. O. Malad), Idaho—BOND SALE DETAILS—
INDIANA
It is now reported by the County Clerk that the $35,000 court house bonds
purchased by Sudler, Wegener & Co. of Boise, as noted here in November—
V, 147, p. 2893—were sold at par, as follows: $19,000 maturing Oct. 1,
$3,000 in 1940 to 1944. $4,000 in 1945, as 2Ms, and $16,000 maturing
$4,000 Oct. 1, 1946 to 1949, as 2Hs.
Bonds maturing on and after Oct. 1,1946,
TOWN, Ind.—BOYD ISSUE DETAILS—The
$15,000 2M% improvement bonds purchased by Kenneth S. Johnson of
Indianapolis at a price Of 101.60—V. 148. p. 151—mature as follows:
$1,000 from 1942 to 1951 incl. and $5,000 in 1952.
Cost basis about 2.31 %.
.
are
callable after Oct "1,
1940#
CENTER
works'
RICHFIELD, Idaho—BOND SALE—The $6,600 issue of water
bonds offered for sale on Dec. 19—V. 147, p. 3490—was purchased by the
State Department of Public Works, according to report.
here
1941
1951
1951
10.
now reported by the City Clerk
$33,000 coupon water main replacement bonds purchased by
Pett & Morris of Salt Lake City,- as 3Ms, at a price of 100.64, as noted
on Dec. 24—V. 147, p. 3943—are due on Jan. 1 as follows:
$1,500 in
and 1942; $2,000, 1943 to 1946: $2,500, 1947 to 1950, and $3,000 in,
to 1954, giving a basis of about 3.42%.
tax
m. on Jan. 16 for the purchase of $600,000 not to exceed 5% interest
anticipation warrants as follows:
!
V
a.
,
Hilliard
Lyman, District Secretary, will receive sealed tenders of refunding bonds,
SCHOOL
DISTRICT, III.—COURT RULES UNPAID
THOSE NOW PAID—We quote in
Chicago dispatch to the "Wall Street Journa'" of
WARRANT HOLDERS MAY SUE
Judge Michael Feinberg in the Circuit Court of Cook County, 111., has
ruled that holders of unpaid Chicago Board of Education 1Q29 tax anticipa¬
tion warrants have a right to recover from holders of those warrants who
of collection.
ALBANY SCHOOL
&
Son
of Louisville
purchased
OSGOOD, Ind.—BOYD SALE DETAILS—The $13,500 sewage works*
awarded to the Ripley County Bank of Osgood—V. 147, p. 3340
sold as 2Ms, at a price of 101.518, a basis of about 2.08%.
were
bonds
The jurist
Chicago against the Board of Education of the City of
course
school building bonds at par plus $10,329.43
basis of about 3.07%.
Dated Dec. 1, 1938.
III.—TENDERS WANTED—J. Frank
series A, B, C and D, dated Sept. 1, 1935, until 2 p. m. on Jan. 24.
Bonds
will be purchased at lowest prices not exceeding their par value and $6,019,000 is available for that purpose.
Bank of
in
DISTRICT, Ind.—BOYD SALE—J. J. B.
an issue of $138,650 4% coupon
premium, equal to 107.45, a
One bond for $650, others
$1,000 each.
Due as follows: $6,650 July 1 and $3,000 July 1, 1941; $4,000
Jan. 1 and $3,000 July 1, 1942; $4,000 Jan. 1 and July 1 from 1943 to 1946,
incl.; $5,000 Jan. 1 and $4,000 July 1, 1947; $5,000 Jan. 1 and July 1 from
1948 to 1951, incl.; $6,000 Jan. 1 and $5,000 July 1, 1952; $6j)00 Jan. 1
and July 1 in 1953 and 1954 and $6,000 Jan. 1, 1955.
Principal and
interest (J-J) payable at the Mutual Trust & Deposit Co., New Albany.
The bonds are general obligations of the school city, payable from un¬
limited ad valorem taxes.
Re-offered to yield from 1.50 to 3.10%, ac¬
cording to maturity.
Legality to be approved by Matson, Ross, McCord &
Clifford of Indianapolis.
NEW
incl.
repaid in full from proceeds of tax collections.
assailed the attempts that have been made to retire the
unpaid tax anticipaion warrants through obtaining judgments against the
Chicago Board of Education, which has authority to retire the warrants
through the issuance of funding bonds.
Judge Feinberg argued that the
issuance of $13,000,000 of bonds to retire the warrants would be burdening
the taxpayersto he benefit of those who had wrongfully obtained full pay¬
ment of principal and interest on their tax warrants.
It is expected that the defendants will appeal the decision. Special efforts
were made by them in the lower court case to assemble a body of evidence
to sustain an appeal.
The suit was brought by Charles B. Scoville Jr., and the South East
now
MARTINSVILLE SCHOOL CITY, Ind.—BOYD SALE DETAILS-rThe $13,500 school bonds awarded to McNurlen & Huncilman of Indianap¬
olis—Y. 147, p. 2423—were-sold as 2Ms, at par plus $171.75 premium,
equal to 101.272, a basis of about 2.58%.
.
.
$55,000 3% school bonds sold at a price of 101 to National Bank of Canton
and Negley, Jens & ltowe of, Peoria, jointly—Y. 147, p. 774—mature
Dec. 1 as follows:
$3,000 from 1940 to 1944 incl. and $4,000 from 1945 to
a
for and
All of the warrants will be dated Jan. 31, 1939 and due July 15, 1939.
Principal and interest payable at the County Treasurer's office.
A cer¬
tified check for 3% of warrants bid for, payable to order of the Board of
Commissioners, is required.
Opinion as to validity of warrants to be fur¬
nished by the successful bidder.
CANTON SCHOOL DISTRICT, III.—BOND ISSUE DETAILS-^The
1958 incl.
;
BENTON, 111.—BOYD SALE DETAILS—The $15,000 water revenue
Pickett & Co. of Chicago—V.'148, p. 151—
National
to
$400,000 General fund warrants payable out of taxes levied therefor and
now in course of collection.
"
:
' /
200,00 County Welfare Fund warrants payable out of taxes levied there-
bonds purchased by Lewis,
were sold as 5s, at par.
CHICAGO
sold as 2Ms.
MARION COUNTY (P. O. Indianapolis), Ind.—WARRANT OFFER"
ING—Florence E, Grossart, County Auditor, will receive sealed bids until
the
part as follows from
Jan.13:
Ind.—BOYD ISSUE
June to the
TOWN, Ind.—BOYD SALE—The $19,000
addition bonds offered Nov. 23—V. 147, p. 3048—were awarded
to First National Bank & Trust Co. of LaPorte as 3s, at a price of 101, a
basis of about 2.90%.
Dated Oct. 1, 1938 and due Oct. 1 as follows:
$500 from 1940 to 1947 incl.; $1,000 from 1948 to 1950 incl. and $1,500 from
.
CHICAGO PARK DISTRICT,
Stringtown),
SCHOOL
LAKELAND
ILLINOIS
1954
O.
school
WE1SER, Idaho—MATURITY—It is
Ure,
(P.
City Securities Corp., Indianapolis—V. 146, P. 4149—were
(P. O. Filer), Idaho—BOYD SALE DETAILS—It i( now reported by the
District Clerk that the $29,500 building bonds sold as 2Ms at a price of
100.06, as noted here in November—V. 147, p: 3191—were purchased by
Sudler, Wegener & Co. of Boise.
Denom. $1,000 and $500.
Dated
July 1, 1938.
Due on July 1 as follows: $2,500 in 1939; $3,000, 1940 to
1942; $3,500, 1943 to 1946, and $4,000 in 1947; giving a basis of about
-2.24%.
'
•
that
TOWNSHIP
DETAILS—The $43,000 school building bonds awarded last
TWIN FALLS COUNTY RURAL HIGH SCHOOL DISTRICT NO. 1
,
SCHOOL
BRAZIL
were
COUNTY (P. O. Newport), Ind.—BOYD SALE—
bonds offered Jan. 10—V. 147, p. 3943—were awarded
Kline, Inc., Cincinnati as 2s at par plus $70 premium, equal to
100.20, a basis of about 1.95%.
Dated Jan. 16, 1939, and due as follows:
$2,000, June 1 and Dec. 1 from 1940 to 1947 incl.; $2,000 June 1 and $1,000
Dec. 1, 1948.
The Citizens State Bank of Newport, second high bidder,
offered to pay 100.85 for 2Ms.
VERMILLION
The $35,000 bridge
to P. E.
,
VINCENNES,
Ind.—WARRANT
Clerk-Treasurer, will receive sealed
OFFERING—Jos.
bids until
noon
on
J.
Frey,
City
Jan. 20 for the
Volume
148
Financial
Chronicle
purchase of $60,000 not to exceed 6% interest warrants, to be dated as of
date of issue and mature $30,000 each on
July 1 and Dec. 20, 1939. Payable
5 Vry Clerk-Treasurer.
*
&
Legal opinion of Matson, Ross, McCord
Indianapolis will be furnished the successful bidder.
Clifford of
The
$14,500
Legality
$1,000
Jan.
on
15 from 1945 to
will be received until
$22,000
reported by
City Clerk that the $15,000 water revenue bonds purchased by the
Carleton D. Beh Co, of Des Moines, as 3Ms, at a price of 100.24, as noted
here in October, are dated Dec. 1, 1938, and mature
$5,000 from July 1
1946 to 1948, giving a basis of about 3.46%.
now
r
rioted here—V.
,or Des Moines as
CAVE,
follows:
and
1958.
'
Ky.—BOND
SALE DETAILS—In connection
with the report given in our issue of Jan. 7, that $40,000 sewer bonds had
been purchased by J. J. B. Hilliard & Son of Louisville—V. 148, p. 152—
we are now informed by the purchaser that the bonds bear interest at
2%% and mature on Jan. 1 as follows: $2,000, 1940 to 1944, and $3,000,
1945 to 1954, all incl.
The bonds were awarded for a premium of $63.60,
equal to 100.159, a basis of about 2.73%.
$2,000 in 1941, $1,000 in 1942, $2,000 in 1943 and 1944, $1,000 in 1945,
$2,000 in 1946 to 1948, $1,000 in 1949, $2,000 in 1950 to 1952 and$l,000
m
1953.
The bonds shall be callable at par on any interest bearing date
after Nov. 1, 1945.
Prin. and int. (M-N), payable at the City Clerk's
SCIENCE HI' L,
.
Ky.—BOND OFFERING—It is reported that sealed
of
bids will be received until Jan. 17, by the Town Clerk, for the purchase
$33,000 issue of water
a
revenue
bonds.
.
All bids shall specify the rate of interest and, all other things being
equal, the bid at par and accrued interest and bid for the lowest interest
rate will be given preference.
HOPKINTON, Iowa—BOND
are
informed by
Clerk that the offering of the $7,500 not to exceed 3%
semi-annual town bonds, which was scheduled for. Jan. 10—Y. 148,
postponed
as
the tax
LOUISIANA
EAST
SALE DEFERRED—We
the Town
revenues
IDA COUNTY (P. O. Ida
Grove), Iowa—CERTIFICATE OFFERING
is reported that
bids will be received until 10 a. m. on Jan. 19, by
Mary B. Lindsay, County Treasurer, for the purchase of a $40,000 issue
of second ary road construction certificates.
Dated Jan. 2, 1939.
Due
follows:
as
Dec.
81,
$30,000 in 1941
1939.
Printed
in 1942, optional on or
attorney's opinion to be
of the amount
and
by the purchaser.
A certified check for 3%
offered, payable to the County Treasurer, is required.
LAMONI, Iowa—BONDS SOLD TO PWA—The $77,000 issue of 4%
plant revenue bonds offered for sale on Dec. 5—V.
147, p. 3491—was purchased at par by the Public Works Administration.
Dated Nov. 1, 1938.
Due from Nov. 1, 1941 to 1958.
semi-annual electric light
LOUISA
COUNTY
reported that
a
(P. O. Wapello) Iowa
BONDS SOLD— It
$30,000 issue of funding bonds was sold recently.
is
State
of—BOND
OFFERING—It is stated
Abernathy, Chairman of the State Highway Commission, tjiat
bonds at the lowest interest cost to
premium offered will be deducted from the
paid by the State at the rate or rates of inter¬
est specified in the bid, in determining the best bid submitted.
No bid for
less than the entire issue will be considered, and no bidder will be allowed to
designate more than three,coupon rates.
»
If by reason of any emergency or exigency, the funds specifically pledged
and accrued interest and to take the
*
the State.
The amount of any
total amount of interest to be
„
.
OKOBOJI, Iowa—BOND OFFERING—It
•
is
reported that sealed bids
will be received until 2 p. m. on Jan. 14, by Maud Elston, Town Clerk, for
the purchase of a $22,000 issue of water works bonds.
Dated Jan. 1, 1939.
Due Dec. 31, as follows: $1,000 in 1941 and 1942, $1,500 in 1943, $1,000
in 1944, $1,500 in 1945, $1,000 in
1946, and $1,500 n 1947 to 1956.
All
or
of said bonds shall be subject to call, on Dec. 31, 1945, and on
interest payment date thereafter.
Prin. and int. payable at the Town
any part
any
Treasurer's office.
Bidders
to name
the lowest
rate
of interest
at which
they will purchase the bonds at par plus accrued interest.
The approving
of Stipp, Perry, Bannister & Starzinger, of Des Moines, will be
furnished.
Enclose a certified check for $2,000.
opinion
SIOUX
CITY, Iowa—BOND
OFFERING—It is said that both sealed
and open bids will be received by C. A.-Carlson, City Treasurer, until
Jan. 18, at 2 p. m., for the purchase of an issue of $100,000 flood protection
bonds
Dated Jan. 1, 1939.
Due $10,000 July 1, 1943 to 1952.
Bidders
should specify
the interest rate and all other circumstances being equal
will be given to the most favorable bid of par and accrued
interest or better specifying the lowest interest rate.
The approving opinion
of Chapman & Cutler of Chicago, will be furnished.
Denom
$1,000. i^rincipal and interest (J-J,) payable at the City Treas¬
urer's office.
These bonds are general obligations payable from unlimited
ad valorem taxes upon all the taxable property in the.city.
The bonds will
be in coupon for.u and may be registered as to principal.
All sealed bids
will be fully protected, as no sealed bids will be opened until after all oral
preference
.
bids
are
received.
have been opened.
No
oral
bids
will
be considered
after
the sealed
bids
A certified check for 2% is required,with each bid.
STORM LAKE, Iowa—CERTIFICA TE OFFERING^-It is reported that
bids will be received until 7:30 p. m. on Jan. 16. by G. S. Robinson; City
Clerk, for the purchase of a $6,000 issue of certificates. Due on Nov. I as
follows: $800 in }939 to 1941. and $900, 1942 to 1945.
WEST
Clerk
,
,
that
$6,800
on
WOODBURY
Iowa—BONDS
SOLD—-It is
bonds approved
municipal hall
7, have been sold.
stated
by
the
by
the retirement of the bonds should prove
.
MADISON
PARISH
Tallulah),
O.
(P.
Sealed bids will be received until
1.30 p. m.
on
La .—BOND OFFERING—
Feb. 1, by P. O. Benjamin,
Secretary of the Police Jury, for the purchase of a $25,0OO issue of 4 /0 semi,ann. court
house bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Due
as follows
$2,000 in 1939 to 1941, $1,000 in 1942 and 1943 $2,000
1946, $3,000 in 1947, $2,000 in 1948, and $3,000 in 1949 and
The approving opinion of Chapman & Cutler, of Chicago, will be
furnished.*
Enclose a Certified check for $50,0, payable to W. H. llewes,
Sept. 1,
in
1944 to
1956.
President Police Jury.
NO. 4 (P. O.
will be received until
Parish School Board,
for the purchase of an $80,000 issue of school bonds.
Interest rate is_not
to exceed 6%, payable M-N.
Dated May 1, 1938.
Denom. $o00. Due
May 1, 1939 to 1958, 'The bonds will not be sold for less than par and
POINTE
COUPEE
SCHOOL
PARISH
DISTRICT
New Roads), La .—BOND OFFERING— Sealed bids
11 a. m. on Feb. 8, by S, P. Lorip, Secretary of the
accrued
interest.
Enclose
certified
a
the Town
voters
at
an
check for
$2,500, payable to the
(P. O.
Sioux City),
Iowa—BOND OFFER¬
is stated that both sealed and open bids will be received until
16, at 2 p. m., by Van W. Hammerstrom, County Treasurer, for the
purchase of $130,000 funding bonds.
Said bonds will be dated Jan. 1,
1939, bearing interest payable on April 1, 1939, and f&mi-annudlly there¬
after, and will mature as follows: $50,000 on April 1, 1940; $50,000 on Oct. 1,
1940, and $30,000 on Dec. 1, 1940.
Both principal and interest will be
payable at the office of the County Treasurer.
Bidders should specify
the rate of interest, but no award will be made on any bid of less than par
and accrued interest.
All other things being equal, preference will be given
to the bid of par and accrued interest or better which specifies the lowest
coupon interest rate.
The county will furnish the approving opinion of
Chapman & Cutler, Chicago, and all bids must be so conditioned.
A
on a
State
or
National Bank for 2%
of bonds bid for, must be furnished by
of the principal amount
bidders.
KANSAS
ABILENE,
Kan.—BONDS
street
bonds
were
Securities Corp. of Topeka.
1939 to 1948.
BUTLER
COUNTY
(P.
La.—BONDS
SOLD—It is reported that $35,000 2%
purchased in November by the Columbian
Dated Nov. 15, 1938. Due on Nov. 15, from
O. EI
bonds offered on Jan.-1 11—V. 147, p.
Dated Feb. 1, 1939.
Due from Aug. 1, 1941 to 1952.
SCHOOL DISTRICT NO. 1
0. Edgard), La .—BOND OFFERING—It is reported that sealed bids
ST.
(P.
JOHN
THE
will be received until
BAPTIST
11
a.
m.
PARISH
on
Jan. 18, by the Secretary
School Board, for the purchase of a $29,000 issue of school
rate is not to exceed 6%, payable M-S.
Denom. $500.
1939.
of the Parish
bonds. Interest
Dated March 1,
Due from March 1, 1940 to 1959.
MAINE
Me.—NOTE SALE—The $300,000 revenue notes offered
Jan. 9;—V. 148, p. 152—were awarded to Second National Bank of Boston
at 0.267%
discount, for Boston delivery..Dated Jan. 1, 1939, and due
$150,000 Sept. 11, and $50,000 each on Oct. 9, Dec. 9 and Dec. 22, 1939.
Leavitt A Co. of New York, bidding for delivery in that city, named a
rate of 0.263%, while Jackson & Curtis of Boston bid 0.31%.
AUGUSTA,
BRUNSWICK AND TOPSHAM
WATER DISTRICT (P.
O. Bruns¬
wick), Me.—NOTE SALE—The Merchants National Bank of Boston was
an issue of $30,000 notes at 0.48% discount.
Due Jan. o, 1940.
E. H. Rollins & Sons, Inc., next highest bidder, named a rate of 0.51%.
awarded
Dorado), Kan .—BOND S SOLD—We
informed by the County Clerk that a $20,000 issue of public work relief
was awarded on Dec. 29 to the City National Bank & Trust Co. of
Kansas City, at a price of 100.3275.
The secpnd best bid was an offer of
NOT SOLD—It is stated by the
exceed 6% semi-ann. public
3796—was not sold.
that the $15,000 issue of not to
improvement
COUNTY
ING—rIt
certified check
PONCHATOULA,
Town Clerk
Oct.
Jan.
MARYLAND
are
bonds
100.3271, submitted by the Baum, Bernheimer Co. of Kansas City.
KENTUCKY
BOONE
,
insufficient, then the State
Treasurer is directed and authorized by Act 71 of the Regular Session of the '
Legislature of 1936 to use such other revenues of the State Highway Com¬
mission as may be necessary to pay the bonds and interest thereon.
In
addition to thte above, the full faith and credit of the State are irrevocably
pledged for the amount of the principal and interest on the bonds at ma¬
turity
There is no controversy pending or threatening the title of present
ofticials to their respective offices, or the validity of these bonds.
All bid¬
ders must agree to accept delivery of the bonds in Baton Rouge and to pay
the purchase price thereof, not later than April 3, 1939, upon tender of the
bonds by the State, together with the opinion of Thomson, Wood & Hoff¬
man of New York, approving the validity of the bonds.
Enclose a certi¬
fied check for $6,000, payable to the State Highway Commission.
for
Treasurer Parish School Board.
BRANCH,
election held
semi-ann.
68
ceive sealed bids until 11 a. m. on Feb. 15 for the purchase of a
issue of coupon or registered highway, State Highway Fund No. 2,
is stated by A. G. Perks,
oral bids until Jan. 17, at
„
NO.
on
by L. P.
he will re¬
$600,000
series E,
bonds.
Interest rate is not to exceed 4%, payable A-O.
Dated Jan. 1,
1939.
Denom. $1,000.
Due $30,000 Jan. 1, 1943 to 1962.
Prin. and
int. payable in lawful money at the State's fiscal agency in the City of New
York, or at the State Treasurer's office.
This issue of bonds will be marked
State Highway Fund No. 2, Series E , merely for purposes of identification.
The bonds will be awarded to the bidder offering to pay not less than par
LOUISIANA,
LEE COUNTY
(P. O. Fort Madison), Iowa—BOND OFFERING—It
County Auditor, thai he wiil receive sealed and
10 a. m., for the purchase of a $56,000 issue of
-funding bonds.
Dated Jan. 1, 1939.
Due $20,000 in 1946, $25,000 in
1947 and $11,000 in 1948.
Prin. and int. payable at the County Treasurer's
office.
The bonds are to be issued by the Board of Supervisors for the
purpose of funding a like amount of outstanding Poor Fund warrants, and
are payable from unlimited taxes
against all taxable property in the County.
The purchaser will furnish printed bonds and
attorney's opinion, all ex¬
penses of bonds and opinion to be paid by purchaser.
(This notice corrects the offering report given in our issue of Dec. 31—
V. 147, p, 4085).
DISTRICT
Rouge)
JACKSON PARISH CONSOLIDATED SCHOOL DISTRICT (P. O.
Jonesboro), La.—'BONDS OFFERED TO PUBLIC—A block of $135,000
534% school bonds is being offered by Nusloch, Baudean & Smith of New
Orleans for public subscription.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1 as follows: $4,000 in 1940, $5,000 in 1941 to 1943, $6,000 in
1944 to 1946, $7,000 in 1947 to 1951, $8,000 in 1952 and 1953, $9,000 in
1954 to 1956, and $10,000 in 1957 and 1958.
Prin. and int. payable at the
Whitney National Bank, NeW Orleans.
Legality to be approved by Chap¬
man & Cutler of Chicago.
These bonds are part of the $185,000 issue for
which all bids received on Nov. 9 were rejected—V. 147, p. 3192.
and $10,000
certificates
SCHOOL
La.—BOND SALE—The $70,000 issue of school
Jan. 12—V. 147, p. 3644—was awarded to the
Equitable Securities Corp. of Nashville, for a premium of $51.50, equal to
100.073, a net interest cost of about 3.39%, on the bonds divided as follows:
$51,000 as 3J4s, maturing on Jan. 1; $2,000, 1940 and 1941; $3,000, 1942
to 1950, and $4,000, 1951 to 1955; the remaining $19,000 as 3Ms, due on
Jan. 1:
$4,000 in 1956, and $5,000, 1957 to 1959.
—It
31
PARISH
ROUGE
bonds offered for sale
p. 152—
woud not be sufficent to take care of
furnished
BATON
(P. O. Baton
coupon
"PP™ ln lheir present form.
He states that they will be offered later.
Due $500 from Jam 1, 1940 to 1954;
optional on and after Jan. 1, 1948.
Dec.
now
Ky.—BONDS OFFERED FOR INVESTMENT—'The
LAWRENCEBURG,
P.m.,
after
a
bonds.
of Louisville.
147, p. 2424—were purchased by Wheelock & Cummins
3s, paying a price of 101.84.
Due in 20 years; optional
is stated by L. D. Billings,
Clerk, that he will receive sealed and open bids until Jan. 24, at
for the purchase of a $22,000 issue of coupon swimming pool
bonds.
Dated Jan. 3, 1939.
Denom. $1,000.
Due Nov. 1, as follows:
was
revenue
revenue bonds.
Dated Dec. 1, 1938.
Due Dec. 1
$1,000 in 1940 to 1945; $2,000 in 1946 to 1956, and $3,000 in,
Callable at 102 46 and accrued interest on any interest
payment date.
Principal and interest payable at the Horse Cave State
Bank, Horse Cave.
Legality approved by Woodward, Dawson & Hobson
HARLAN, Iowa—BOND OFFERING—It
^
16, by the Town Clerk, for the purchase of
Bankers Bond Co. of Louisville is offering for puolic subscription at prices
to 3.75%, according to maturity, a $34,000 issue of
1957
Crty
office.
Jan.
of water works
to yield from 2.75%
as
after five years.
7.30
by
3H% school building
HARCOURT, Iowa—BONDS SOLD—It is now reported by the Town
Clerk that the $11,900 water works bonds (not $12,000) offered on Oct. 21,
as
issue
HORSE
DETAILS—It is
approved
reported by the City
Clerk that the $125,000 gas distribution system revenue bonds purchased
by a group headed by the Bankers Bond Co. of Louisville, as noted here on
Oct. 29—V. 147, p. 2729—were sold as 414s, at a prie of 90.25.
IOWA
FAIRFIELD, Iowa—BOND SALE
,,
be
+
HENDERSON, Ky.—PRICE PAID—It is
1948, incl.
the
to
FLAT WOODS, Ky.—BOND OFFERING—It is reported that sealed bids
4,000 School Twp. refunding bonds sold as 2 Hs, at par plus $26 premium,
equal to 100.65, a basis of about 2.40%.
Dated Jan. 15, 1939,
and due
including Dec. 1, 1948, at 101 and interest, and there¬
Chapman & Cutler of Chicago.
plus $55 premium,
Dated Jan. 1, 1939,
par
®5,000 Jan. 1 and $5,500 July 1, 1949.
n™
order to and
after until maturity at par and interest.
Principal and interest payable at
the Peoples
Deposit Bank, Burlington.
147, p. 3796—were awarded to the
follows:
Fletcher Trust Co. of Indianapolis as
$10,500 Civil Twp. refunding bonds sold as 2Hs, at
equal to 100.52, a basis of about 2.44%.
„
inverse
J°WNSHIP (P- O. Vincennes), Ind.—BOND SALE—
bonds offered Jan.
0—Y.
309
$1,000.
Dated Dec. 1, 1938.
Due Dec. 1 as follows: $1,000 in 1940 to
1950; $3,000 in 1951 to 1958, and $5,000 in 1959 to 1962.
Bonds maturing
on and after Dec. 1,
1943, are callable on any interest paying date in their
COUNTY
(P. O.
PUBLIC—A
Burlington), Ky.—BONDS OFFERED TO
$55,000 issue of 3 M % semi-annual school revenue bonds is
being offered by the Bankers Bond Co. of Louisville, for general subscription
prices to yield from 1.75% to 3.25%, according to maturity.
Denom.
at
Md.—BOND SALE—The issue of $30,000 sewer
bonds offered Dec. 17—V. 147, P* 3797—was awarded to Baker, Watts &
Co. of Baltimore as 3s, at a price of 101.78.
CHESTERTOWN,
GEORGE'S COUNTY (P. O. Upper Marlboro), Md.—
OFFERING—James S. Heal, Clerk of Board of County Commis¬
received until noon on Jan. 24,
for the purchase of $85,000 not to exceed 5% interest coupon public works
bonds.
Dated Feb. 1, 1939.
Dfenom. $1,000.
Due Feb. 1 as follows;
PRINCE
BOND
sioners, announces that sealed bids will be
$5,000 in 1940 and $10,000 from
1941 to 1948, incl.
Bidder to name a
'
Financial
310
single rate of interest, expressed in a multiple of
of 1%, and state price
bid per $100 of par.
Interest F-A.
Bonds will be payable from
ad valorem taxes on all of the county's taxable property and will be exempt
unlimited
from all State, county
State of Maryland.
and municipal taxation in the
Principal and interest payable at the
Maryland, Upper Marlboro. Proposals
check for $1,000.
First National Bank of Southern
must be accompanied by a certified
...'
•
,
,
MASSACHUSETTS
0.14%.
BEVERLY, Mass.—NOTE OFFERING—John C. Lovett, City Treasurer,
will receive bids until 11 a. m. on Jan. 18, for the purchase at discount of
$300,000 current year revenue anticipation notes.
Dated Jan. 18, 1939Denoms. $25,000, $1.0,000 and $5,000.
Payable Nov. 3, 1939 at First
National Bank of Boston or at Central Hanover Bank & Trust Co., New
City.
Authenticated as
National Bank of Boston under
York
to genuineness and
validity by the First
advice of Ropes, Gray, Boyden & Perkins
7777'
of Boston.
COUNTY (P. O. Taunton), Mass.—NOTE SALE—The
$300,000 tax anticipation notes of 1939 offered Jan. 10 were awarded to
the Second National Bank of Boston at 0.12% discount.
Dated Jan. 10,
1939, and payable Nov. 15, 1939, at the National Shawmut Bank of
Boston.
Legal opinion of Ropes, Gray, Boyden & Perkins of Boston.
BRISTOL
Other bids:
Bidder—
7'7!
—
—
-
0.135%
0.14%
— ---
—
-
Bank of Boston
First National
Disc't Rale
'
■
■
National Shawmut Bank_
CHELMSFORD, Mass.—NOTE SALE—The $58,000 coupon high schoO
6 were awarded to R. L. Day & Co. of Boston
addition notes offered Jan.
j^s,
1
at a price of 101,059, a basis of
and due Jap. 1 as follows: $0,000 from
as
about 1.29%. Dated Jan. 1, 1939
1940 to 1947, incl. and $5,000 in
Principal and interest (J-J) payable at the Second National
Bank of Boston.
Certified as to genuineness by the Director of Accounts,
Department of Corporations and Taxation, Commonwealth of Massa¬
chusetts.
Other bids for VA% bonds were as follows:
1948 and 1949.
Bidder—
•
',
,
Rate Bid
101.00
-»
National Shawmut Bank of Boston
Kidder, Peabody & Co
Chace, Whiteside & Symonds,
Burr & Co., Inc
Estabrook & Co
— - —
Mass.—NOTE
—— r~--
.100.59
—100.52
—100.46
Bonvouloir,
OFFERING—Lionel
City
11 a. in. on Jan. 17 for the purchase at
anticipation notes of 1939.
Dated Jan. 17,
will receive bids until
discount of $500,000 revenue
-
- —
...
Second National Bank of Boston.
Treasurer,
—
National Bank, Lowell
Union Old Lowell
HOLYOKE,
100.938
—100.85
.100.829
—
Inc — —
1939, and payable Nov. 9, 1939, at the
or at the Central Hanover Bank & Trust
be made on or about Jan. 18 at either of
First National Bank of Boston
Co., New York.
Delivery will
said offices.
Notes will be cer¬
tified as to genuineness and validity by the First National Bank of Boston,
qhder advice of Storey, Thorndike, Palmer & Dodge of Boston.
LEOMINSTER,
Mass.—NOTE OFFERING—Charles
D.
Harnden,
City Treasurer, will receive bids until 11 a. m. on Jan. 24, for the purchase
at discount of $500,000 revenue anticipation notes of 1939.
Dated Jan. 24,
1939.
Due $100,000 Oct. 20, and $200,000 each on Nov. 3 and Nov. 22,
ail in 1939.
Payable at the First National Bank of Boston or at the Central
Hanover Bank & Trust Co., New York City.
Authenticated as to genuine¬
ness and validity by the First National Bank of Boston, under advice of
Ropes, Gray, Boyden & Perkins of Boston.
Mass .—NOTE SALE—'The $200,000 revenue notes offered
i52—were awarded to the Merchants National Bank of
discount.
Dated Jan. 9, 1939, and due Nov. 6, 1939.
Shawmut Bank of Boston, next highest bidder, named a rate of
7, v-,7 77. : ;
7; 7.:,
' 77
NATICK,
Jan. 9—V. 148, p.
Boston
at
National
0.22%.
LINCOLN PARK,
0.20%
.
Mass.—NOTE SALE—The issue of $200,000 revnue
anticipation notes of 1939 offered Jan. 11 was awarded to the North
Adams Trust Co. of North Adams at 0.23% discount.
Payable Nov. 21,
1939 at the Merchants National Bank of Boston and approved as to legality
by Storey, Thorndike, Palmer & Dodge of Boston, First National Bank of Boston, second high in the bidding, named a rate of 0.239%.
NORTH ADAMS,
Mich.—PROTECTIVE COMMITTEE DISSOLVED
agreement, dated March
bondholders' protective committee as of
—Termination of the bondholders
dissolution
was
of the
QUINCY,
Mass.—NOTE SALE—The $300,000 revenue anticipation
offered Jan. 9—V. 148, p. 152—were awarded to the Merchants
Bank of Boston at 0.14% discount.
Dated Jan. 9, 1939 and
National
due $150,000 each on Nov.
Bank of Boston
as second
of)—SALE OF COUNTY HIGHWAY REFUNDING
Toledo, Toledo:
purchased
BONDS—A group composed of Braun, Bosworth & Co.,
First of Michigan Corp. and Crouse & Co., both of Detroit,
$487,000 highway refunding bonds of Monroe, Washtenaw, Wayne, Macomb
and Oakland Counties bearing interest rates ranging from 2J£% to 434%.
The State Highway Commission asked for bids until Jan. 12 on a total of
$755,000 of such bonds—V. 148, p. 153.
MINNESOTA
MINNEAPOLIS, Minn.—NEW FINANCIAL STUDY PREPARED—
As the result of inadequate debt service appropriations and extensive re¬
lief borrowing, the city of Minneapolis now faces a difficult problem, ac¬
by the in¬
cording to a new financial study of the city made public today
vestment firm of Lazard Freres & Co.
Almost one-half of the bonded debt of Minneapolis is scheduled to
within the next five years while the reserves from which a large
this debt should be met are now greatly depleted, the analysis
mature
part of
asserts.
In view of the exceptionally rapid maturity schedule, the city could proba¬
bly undertake considerable refunding without greatly impairing its credit,
but if such a policy should be continued without restriction of new borrow¬
ing, it seems likely that the city's debt will soon reach its legal limit, ac¬
cording to the Lazard study.
As the situation now stands, the survey
NEW PRAGUE, Minn.—MATURITY— It is stated by the City Clerk
that the $25,000 city hall bonds purchased by C. S. Ashmun & Co. of
Minneapolis, and associates, as 2%k, paying a price of 100.30, as noted
here—V. 148, p. 153—are due on Jan. 1 as follows:
$1,000, 1941, and
$3,000, 1942 to 1949, giving a basis of about 2.20%.
7
SAUK CENTRE,
Minn.—BONDS SOLD—It is reported that
,
SPRINGFIELD, Msss.—TEMPORARY BORROWING— Since the start
of the year the city has borrowed $2,000,000 on revenue notes, including
$100,000, du$ Nov. 6, 1939, at 0.10%, and $1,900,000, maturing Nov. 8,
1939, at 0.11%.
Delivery'of notes was made in equal portions in New
York City and Boston, according to George W. Rice, City Treasurer.
•
WEYMOUTH.
Boston
Mass.—NOTE
SALE— The
Second
National
purchased
premium.
an issu^ of $400,000 notes at 0.12% discount,
Due Nov. 28, 1939.
Other bids:
Bidder—
SOUTH ST. PAUL,
pon sewage
Minn.—BOND SALE—The $528,000 issue
treatment plant bonds
;
National Shawmut Bank of Boston.
$75,000 issue of sewer, street,
parkway coupon general obligation
148. p. 153—was awarded to the
First & American National Bank of Duluth, as 1 H's, paying a price of
100.167, a basis of about 1.69%. Dated Jan. 1, 1939. Due $15,000 from
Jan. 1, 1940 to 1944 incl.7
7.
7 7 .
VIRGINIA, Minn.—BOND SALE—The
sidewalk, pavement, culvert, park and
bonds offered for sale on Jan. 10—V.
.
WYKOFF
INDEPENDENT
1948 incl.
(P. O.
PAID—It is stated by the District Clerk that
by the State Bank of Wykoff, as noted
3s at par. Due from June 20, 1941, to
77v,,,7^
,.
.
,
MISSISSIPPI
CONSOLIDATED SCHOOL DISTRICT (P. O. Maben).
Miss.—BONDS SOLD—It is reported that $18,000 5H% semi-ann. school
bonds have been purchased at par by Cady & Co. of Columbus.
Dated
Aug. 1, 1938.
Legal approval by Charles'& Trauernicht of St. Louis. 7,
MABEN LINE
MACON
BONDS
SEPARATE SCHOOL DISTRICT
(P. O. Macon),
1938.
purchased by Geo. T. Carter, Inc. of Meridian.
Dated
Legal approval by Charles & Trauernicht of St. Louis.
MISSOURI
of
Miss.—
bonds
Nov. 1,
$10,000 3K% semi-ann. school
SOLD—It is reported that
have been
BONDS
plus $1.25
Markets in all State, County
Mass.—NOTE SALE—-Tbe $1,000,000 revenue notes
148, p. 152—were awarded to the Second National
0.12% discount, plus $15 premium.
Dated Jan. 12,
1939 and due Nov. 3, 1939.
The Bankers Trust Co. of New York, second
high bidder, named a rate of 0.125%.
.'7.7;
Jan.
& Town Issues
SCHERCK, RICHTER COMPANY
9—V.
Bank of Boston
SCHOOL DISTRICT NO.. 104
the $15,000 school bonds purchased
here—V. 148, p. 153—were sold as
WORCESTER,
offered
of cou¬
offered for sale on Jan. 10—V. 147, p.
syndicate composed of the First National Bank of
St. Paul, the First National Bank & Trust Co., the Wells-Dickey Co.,
both of Minneapolis: Kalman & Co. of St. Paul; the Northwestern National
Bank & Trust Co. and J. W. Dain & Co., both of Minneapolis, paying a
premium of $2,715, equal to 100.514, a net interest cost of about 2.52%,
divided as follows: $188,000 maturing Aug. 1, $10,000 in 1941, $11,000 in
1942, $12,000 in 1943 and 1944, $14,000 in 1945 and 1940, $15,000 in
1947, $16,000 in 1948 to 1950, $17,000 in 1951 and 1952 and $18,000 in
1953, as 2^s; and $340,000 maturing Aug. 1, $18,000 in 1954, $19,000
in 1955 and 1956, $20,000 in 1957 and 1058, $21,000 in 1959, $23,000 in
1960 and $25,000 in 1961 to 1968, as 2^s.
7
7
4086—was awarded to a
Discount
->-..0.12%
0.15%
"
Merchants National Bank of Boston
Bank
$20,000
improvement bonds have been purchased by the Northwestern
National Bank & Trust Co. of Minneapolis, as 1
paying a price of 100.25^
street
higb in the bidding, naming a rate of 0.157%.
SALEM, Mass.—NOTE OFFERING—Charles G. F. Coker, City Treas¬
urer. will receive bids until 11,a. m. on Jan. 19 for the purchase at discount
of $500,000 revenue anticipation notes of 1039.
Dated Jan. 20, 1939, and
payable Nov. 3, 1939, at the National Shawmut Bank of Boston, which
will certify as to the genuineness and validity of the notes, under advice
of Storey,
Thorndike, Palmer & Dodge of Boston.
Denom. to suit
purchaser.
7/7
'■ ■
V -
,
points out, no solution of the
of Minneapolis is in sight and an increase in debt appears
likely.
From the bondholders' viewpoint, the present debt limit lends
some assurance of preventing excessive increase in debt, but the existence
of that limit actually accentuates the revenue problem which may force
the city into an extremely difficult position unless a solution is effected in
the near future, the study sets forth.
Favorable factors in the Minneapolis
credit situation, according to Lazard Freres & Co. are the moderate debt
burden, the cash basis or current operations, a fairly good tax collection
record, broadly di versified industry, and above-average per capita wealth
and income.
On the other hand inade luate debt service appropriations re¬
sulting in large sin ring fund deficiencies and refunding, together with ex¬
tensive borrowing for relief purposes have brought about a situation under
which the obligations of Minneapolis cannot, until corrective measures are
adopted, be accorded as high a rating as they formerly enjoyed, the re¬
port concludes. ■
77 v:777v7c
7, :777777
7.7'7,77;'
financial problem
The Second National
15 and Dec. 15, 1939.
7
MARCELLUS TOWNSHIP SCHOOL DISTRICT NO.
9 (P. O.
Marcellus), Mich.—BOND SALE—'The $20,000 school bonds offered
jan. fy—v. 147, p. 4086—were awarded to Paine, Webber & Co. of Chicago.
Dated Dec. 1, 1938 and due $4,000 on March 1, from 1940 to 1944, incl.
Wykoff), Minn.—PRICE
notes
18. 1932. and
Jan. 3, 1939,
week.
reported in the past
MICHIGAN (State
Mass.—NOTE SALE—The $400,000 revenue notes
offered Jan. 9 were awarded to the Second National Bank of Boston at
0.12% discount, plus $3 premium.
Dated Jan. 13. 1939, and due Nov. 6,
1939.
National Shawmut Bank of Boston, second high bidder, named a
ARLINGTON,
rate of
Jan. 14,. 1939
Chronicle
at
LANDRETH
BUILDING, ST. LOUIS. MO.
MISSOURI
MICHIGAN
SANITARY SEWER DISTRICT (P. O. Affton), Mo.—
BOND OFFERING—We are informed by John O. Bailey, Secretary of the
Board of Trustees, that he will receive sealed bids until 8 p. m. on Jan. 20,
for the purchase of $41,000 sewer bonds.
Dated Feb. 1, 1939.
Denom.
$1,000.
Due Feb. 1 as follows: $1,000 in 1942 to 1945, $2,000 in 1946
to 1950, and $3,000 in 1951 to 1959.
Bidders are requested to name one
rate of interest for all the bonds in multiples of H of 1%.
Principal and
interest payable (F. & A.) at a place to be designated by the purchaser,
subject to the approval of the Board of Trustees.
Bids must be on the
form supplied by the above Secretary.
The District will furnish the
legal opinion of Charles & Trauernicht of St. Louis, and pay for the printing
of the bonds and registration fee at the office of the State Auditor.
Delivery
of the bonds will be made on or before Feb. 10.
No bid for less than par
and accrued interest will be considered.
The bonds were authorized at an
election held on Dec. 13.
Enclose a certified check for $2,000, payable
AFFTON
Mich.—REVISED OFFERING DETAILS—Maturity
exceed 3% interest general obligation city
for sale on Jan. 16—V. 147, p. 153—will be dated
Jan. 25, 1939 and mature Jan. 25 as follows: $1,000, 1941 to 1947, incl.:
$2,000from 1948 to 1954, incl., and $3,000from 1955 to 1959, incl.
CHARLEVOIX,
schedule of the $36,000 not to
hall bonds being offered
DETROIT, Mich.—BORROWING ON NOTES AUTHORIZED—'The
Board has authorized the city to borrow $4,947,375 on tax
State Loan
anticipation notes to bear 2% interest and payable Aug. 10, 1939 out of
current tax receipts.
Proceeds will be applied to municipal relief payments
during the rest of the current fiscal year which ends June 30, 1939.
City
Controller John N. Daley recently reported that the deficit for the period
would exceed $12,000,000.—V.
147, p. 4086.
Mich.—BOND CALL—Don H. Beckmann, Village Clerk,
that, following callable series D 4H% refunding bonds of 1934,
due Feb. 1, 1964, in $1,000 denoms., have been called for payment with
accrued interest on Feb. 1, 1939, at the Detroit Trust Co., Detroit: Nos.
4, 5, 73. 101, 157, 162, 206, 208 and 210.
ECORSE,
announces
ECORSE, Mich.—EXECUTIVE COMMITTEE DISSOLVED—It is
reported that the bondholders agreement for the village, dated March 18,
1932, has been terminated and the bondholders' protective committee was
dissolved as of Jan. 3, 1939.
HARRISVILLE,
Mich.—BOND
OFFERING— Charles
B.
Olds,
City
Clerk, will offer for sale at 8 p. m. on Jan. 18 for the purchase of $10,000
4% general obligation water works bonds.
Dated Jan. 3, 1939.
Denom.
$500.
Due $500 on Jan. 3 from 194,1 to 1960, incl.
Interest payable
semi-annually.
.
(The above issue, together with $20,000 revenue water bonds, failed of
sale at a previous offering on June 13.)
.
to
the District.
DIXON, Mo.—BONDS SOLD—It is reported that $37,000 4% semi¬
public improvement bonds have been purchased by Whitaker &
Co. of St. Louis.
Dated Dec. 15, 1938.
annual
ST, CHARLES, Mo.—BOND SALE—The $50,000 issue of coupon public
sanitary sewer bonds offered for sale on Jan. 9—V. 147, p. 3946—
awarded to the Harris Trust & Savings Bank of Chicago as 27£s, pay¬
storm and
was
ing a premium of $315, equal to 100.63, a basis
Jan. 16, 1939.
Due from Jan. 16, 1943 to 1959;
16, 1944.
on 2 Ms.
of about 2.11%.
Dated
callable on or after Jan.
of $186.50
.'
Francis Bro. & Co. of St. Louis offered a premium
,
OFFERING—It is stated by Louis Nolte, City
Comptroller, that he will receive sealed bids until 10 a. m. on Jan. 24, for
the purchase of an issue of $1,300,000 coupon public buildings and improveST. LOUIS, Mo.—BOND
Volume
ment
bonds.
Financial
148
Dated Feb. 1,1939.
Denom. Si ,000.
Due Feb. 1,
as
follows:
§216,000 in 1954, $252,000 in 1955, $324,000 in 1956, $342,000 in 1957,and
$L66,000in 1958.
Bidder to name rate of interest in any multiple of % of
1%Prin. and int. (F-A) payable at the Guaranty Trust Co., New York.
The bonds are registerable as to principal, or as to principal and interest,
and are exchangeable for fully registered bonds in the denominations of
$10,000, $50,000 and $100,000, as may be requested.
Full registerded
bonds may again be exchanged for coupon bonds in the denomination of
$1,000 on payment of $2 per thousand.
No bid at less than par and ac¬
crued interest will be considered.
The aggregate amount of bonds au¬
thorized to be sold at this time is $1,800,000, of which amount $500,000
is being reserved for
purchase by the Police Retirement System of the City,
and the remaining $1,300,000 is being offered for sale now.
These bonds
are part of an authorized issue of $16,100,000.
The full faith, credit and
resources of the City are pledged to the punctual payment of the principal
and interest of these bonds, which are payable from the proceeds of an un¬
limited ad valorem tax authorized by the Constitution of the State, to be
levied upon all of the taxable property in the City.
The purchasers will be
furnished the legal opinion of Charles & Trauernicht, of St. Louis, approv¬
ing these bonds as valid and binding obligations of the City.
Each bid
must be submitted on a form to be furnished by the City Comptroller.
Enclose a certified check for
able to the Comptroller.
vides for
an appropriation from proceeds of the motor vehicle fuel tax to
principal and interest charges.
Should such revenues be insufficient
then all of the State's taxable property become subject to
the levy of unlimited ad valorem taxes in order to service the issue.
A
certified check for 2% of the bonds bid for, payable to order of William H.
Albright, State Treasurer, is required.
cover
P1TT5GROVE
N.
of the
J.—REFUNDING
on
Government for appropriate action, according to minites of the Commission
meeting of Dec. 29.
In taking this course the Commission pointed out that
the bond ordinance, contrary to stipulations, did not include the full cash
basis proviso and that the funding in question is not fully satisfoctory.
VERONA, N. J.—BOND OFFERING—Frederick R. Wagner, Borough
Collector-Treasurer, will receive sealed bids until 8:15 p. m. on Jan. 24 for
divided as follows:
the purchase of $223,500 coupon bonds,
1940: $15,000
Due Jan. 16 as follows: $15,500,
$140,500 funding bonds.
from 1941 to 1943, inch, and $16,000 from 1944 to 1948, incl.
83,000 refunding bonds.
Due Jan. 16 as follows: $4,000, 1940 to 1942,
incl.; $5,000, 1943 to 1948, incl.; $6,000, 1949 to 1950: $7,000 from
1951 to 1953, incl., and $8,000 in 1954.
All of the bonds
$1,000 each.
are
Prin.
dated
and int.
Jan. 16, 1939.
One bond for $500, others
(J-J) payable in Verona or N. Y. City. A
to be approved by Hawkins,
certified check for 2% is required.
Legality
Delafield & Longfellow of N. Y, City.
*
E. Brooks, Borough Clerk, and
single rate of interest, expressed in a multiple
of 3^ of 1 %.
Prin. and semi-annual interest payable at office of the Borough
Collector-Treasurer or at the Chase National Bank, N. Y. City.
Coupon
bonds registrable as to principal only or as to both principal and interest.
The sum required to be obtained at tne sale of the bonds is $223,500.
The
bonds are payable from unlimited ad valorem taxes to be levied on all of
bids should be addressed to T,
bidder is required to name a
NEBRASKA
Neb .—PRICE PAID—It is now reported that the $186,000
Yz% semi-annual light and power plant bonds purchased by the FairbanksMorse & Co. of Chicago, as noted here on Jan. 7—V. 148, p. 153—were
purchased at par.
Due from Nov. 1, 1940 to 1953, inclusive.
COZAD,
4
the
CRETE, Neb.—BOND OFFERING—It is reported that sealed bids will
Clerk, for the pur¬
hall bonds.
Due
borough's
taxable property.
WEEHAWKEN
TOWNSHIP
(P.
O.
Weehawken),
be received until 8 p. m. on Jan. 18 by T. J. Aron, City
chase of a $22,979.60 issue of 3M% semi-annual city
9 p. m. on, Jan.
J .—BOND
N.
OFFERING—Jujo P. Carroll, Township Clerk, will receive
annually for 20
years.
.
..■<
DAKOTA COUNTY
(P. O. Dakota City), Neb.—SUPREME COURT
connection with the sale of the
$1,85J,000 4% semi-annual Sioux City bridge bonds to Stranahan, Harris
& Co., Inc. of Tjlsdo, which was canceled by a District Court ruling, as
noted in our issue of Dec. 17—V. 147. p. 3793-— it is now stated in the fol¬
lowing speJal dispatch from Lincoln to the "Wall Street Journal" that
the sale was validated by a decision of the State Supreme Court:
UPHOLDS
BRIDGE
BOND SALE—In
4'The Nebraska Suereme Court holds that counties bordering on
inter¬
state streams have the power to
■>
AUTHORITY
Commission relative to
Funding
State
Jan. 14, 1938 of an issue of $44,000 refunding bonds has
been rescinded and the matter referred back to the Commissioner of Local
approval
Sealed
'*■
TOWNSHIP,
RESCINDED—All actions
the
(P. O. Union), Mo.—BONDS SOLD—
It is stated that $51,000 2%% semi-annual building bonds have been pur¬
chased by the Mississippi Valley Trust Co. of St. Louis, paying a price of
100.887. Dated Dec. 1, 1938.
Due from 1947 to 1957.
not available,
or
1% of the par amount of bonds bid for, pay¬
UNION SCHOOL DISTRICT
311
Chronicle
purchase existing bridges across them and
without a vote of the people."
completed transaction by which the governing board
of Dakota County purchased from a private corporation a bridge between
Dakota City and South Sioux City, and sold through Stranahan, Harris &
Co. of Toledo an issue of $1,800,000 of revenue bonds.
The District Court
had invalidated the entire transaction on the complaint of a taxpayer who
said that the whole deal was made in secret and in contravention of law.
to issue revenue bonds in payment,
"This validates
a
The Supreme Court held that while the Act was ambiguous,
ture intended to permit purchase as well as construction."
'
the Legisla¬
HOLBRODK, Neb.—BONDS SOLD—It is reported that $11,500 electric
plant bonds have been purchased by the Wachob-Bender Corp. of Omaha.
(This sale is in addition to the purchase of the $7,500 water works bonds,
noted in
our
issue of Jan. 7—V. 148, p.
153.)
NEBRASKA, State of—GOVERNOR URGES AMENDING OF INTAN¬
GIBLES TAX LAW—In his annual message to the Legislature Governor
R. L. Cochran urged the amendment of the intangibles tax law so as to
bring upon the tax rolls millions that he says now escape taxation and thus
overburden real
estate.
He would have the State require ownership
certificates from holders of corporation bonds, as does the Federal Govern¬
ment,, and would require all stock brokerage houses in the State fo supply
the assessor with a list of all common stock purchases during the year.
He also recommends an increase in the rate on inheritance taxation.
coupon
SPALDING, Neb.—BONDS SOLD—It is reported that $16,000 auditor¬
held on Sept. 20 have been
purchased by the Wachob-Bender Co. of Omaha.
TABLE ROCK, Neb .—BOND SALE DETAILS—We are now informed
by the Village Clerk that the $5,000 auditorium bonds sold subject to the
scheduled for Nov. 18, as noted here—V. 147, p. 3195—were
actually awarded on Dec. 1 to the State Bank of Table Rock as 4)^8 at par.
Denom. $500.
Coupon bonds dated Dec. 1, 1938.
Due in 1947; optional
in whole or in part after 1941. * Interest payable J-D.
election
NEW
HAMPSHIRE
DOVER, N. H.—NOTE SALE—An issue of $250,000 tax anticipation
notes was sold to Graham, Parsons & Co. of New York at 0.271 % discount.
Due Dec. 15, 1939.
Indian Head Bank of Nashua, next hieh bidder, named
a rate of 0.28%.
\
"
PORTSMOUTH, N. H.—NOTE SALE— The $300,000 revenue antici¬
pation notes of 1939 offered Jan. 10 were awarded to the Second National
Bank of Boston at 0.167% discount
Due $200,000 Sept. 15 and $100,000*■
Dec. 15, 1939.
Payable at the Merchants National Bank of Boston and
approved as to legality by Storey, Thorndike, Palmer & Dodge of Boston.
The Boston Safe
Deposit & Trust
Co., Boston, second high bidder,
named a rate of 0.177%.
;
■v■'/v
.
sealed bids until.
exceed 6% interest
Due $1,000 on Jan. 1 from 1940 to
"
$26,000 joint outlet sewer bonds.
1965 incl.
612,000 school bonds.
Due Jan. 1 as follows: $15,000
incl. and $16,000 from 1968 to 1979 incl.
1, 1939.
All of the bonds are dated Jan.
from 1940 to 1967
Bidder to
Denom. $1,000.
single rate of interest, expressed in a multiple of 3i of 1%.
Prin¬
cipal and interest (J-J) payable at the Merchants Trust Co., Union City.
The price for which the bonds may be sold cannot exceed $639,000.
A
name a
certified check for $12,760, payable to
order of the township, is
required.
will be
offered
Legal opinion of Reed, Hoyt, Washburn & Clay of New York City
(Above are the bonds originally
Dec. 14, sale of which was postponed.)
'
furnished the successful bidder.
SALE—A group composed of
Van Ingen & Co., Inc., both o
Co., Inc., Newark, purchased
privately as 4Hs, at par, the $105,000 joint outlet sewer bonds for which
no bids were received Dec. 6—V. 147, p. 3646.
WEST
NEW
YORK,
N.
J —BOND
S^hlater, Noyes & Gardner, Inc., B. J.
York, and MacBride, Miller &
New
DEBT TO STATE AND COUNTY—
that a payment of
balance of 1938 and
prior years State and county tax levies, Joseph F. Clark, City Treasurer,
acczpted the occasion to point out that for the first time since 1930, 'the,
city has been out of the county's and State's debt at the end of a fiscal
year."
In summarizing payments made to the county in 1938, which
totaled $465,153.59, the Treasurer expressed the belief that it was the first
time in the municipality's history that such debt was retired from revenue
collections rather than as a result of tax-revenue borrowing.
Table of
WILDWOOD, N. J.—FREE OF
advising the Board of Commissioners on Dec. 27
$45,000 was being made to Cape May County on the
In
1938 was given as follows:
Paymentsand prior years, State and county taxes.
or
For interest
For
ium bonds approved by the voters at an election
18 for the purchase of $638,000 not to
or registered bonds, divided as follows:
C
on
.....
....
delinquent State and county taxes.
payment of a school tax funding note
-... . .
_
*350,083.21
94,037.09
21,033.29
due in 1938.
$465,153.59
Total payments to county.
MEXICO
NEW
TUCUMCARI, N. Mex.—BONDS OFFERED TO PUBLIC—An issue of
$500,000 electric light and power revenue, bonds is being offered jointly by
Brown, Schlessman, Owen & Co. of Denver, and John Nuveen & Go. of
Chicago, for general investment.
The total issue is divided as follows:
$100,000 maturing Dec. 15, $10,500 in 1941, $11,000 ih 1942 and 1943,
$11,500 in 1944, $13,000 in 1945 and 1946, $13,500 in 1947, $14,5001 in 1948
and $2,000 in 1949, as 4J4s, $300,00Q maturing Dec. 1§. $13,000 in 1949,
$15,500 in 1950, $16,000 in 1951, $17,500An1952 and 1953, $19,000 in
1954, $19,500 in 1955, $20,500 in 1956, $21,500 in1957. $22,000> in 1958,
$23,000 in 1959, $24,500 in 1960, $25,500 in 1961, $26 500 in 4962 and
$18,500 in 1963, as 4 J4s, and $100,000 maturing Dec. 15, $9,000 in 1963,
$29,000 in 1964, $30,000 in 1965 and $32,000 in 1966, as 4&s
.
Dated Dec. 15, 1938.
Denominations $1,000 and $500. The bonds are
redeemable ih inverse order, upon 30 days' published notice, on Dec- 15,
1942, and any time thereafter to and including Dec. 14, 1946, at 106 and
accrued interest. On Dec, 15, 1946, and any time thereafter the city may
redeem bonds then outstanding at 105 and accrued interest.
Prin. and int.
payable at the United States National Bank, Denver.
.
NEW
NEW
JERSEY
FORT
LEE, N. J —DEBT ANALYSIS—W. E. "Wetzel, of 1 West State
refunding agent for the Borough of Fort Lee, is advising
Municiial Research Department of
disinterested study" of the finances
of the municipality with particular reference to the proposed refunding
plan.
The survey, according to the refunding agent, supports contention
of proponents of the plan in question that its provisions offer creditors the
St.,
'
Trenton,
bondholders of the completion by the
Dun & Bradstreet of a "thorough and
"best terms that Fort Lee
In
a
can
carry
out."
subsequent statement, Mr. Wetzel again drew attention to the fact
printed folder mailed to creditors includes only a reprint of certain
that the
parts of the Dun & Bradstreet debt analysis.
of a 30-page pamphlet.
\
:
The complete report consists
HADDON TOWNSHIP (P. O. Westmdnt), N. J.—BONDS NOT SOLD
—The $6,000 43^% refunding bonds of 1935 offered Jan. 5—V. 147, p.
4087—were not sold as no bids were received.
Dated Jan. 1,1936 and due
$2,000 on Oct. 1 from 1955 to 1957, inclusive.
(State of)—BOND OFFERING—Christopher H. Ellin,
Secretary Issuing Officials, will receive sealed bids until 11 a. m. on Jan. 31
for the purchase of $2,000,000 State highway improvement bonds, series D,
Act of 1930.
All of the bonds will be dated Jan. 1, 1939, with interest
NEW JERSEY
payable J-J.
The interest rate and maturities will be determined upon the
of bids, the maturities of such issue depending upon the rate of
The bonds will mature on Jan. 1 in
receipt
interest at which the bonds are sold.
and the interest rates and maturities upon which bidders may bid
follows: \%%—$40,000 in 1941 and 1942, $50,000 in 1943 to 1954,
$60,000 in 1955 to 1964, $70,000 in 1965 to 1972, and $80,000 in 1973 and
1974.
2%—$40,000 in 1941 to 1944, $50,000 in 1945 to 1955, $60,000 in
1956 to 1963, $70,000 in 1964 to 1970, and $80,000 in 1971 to 1974.
2X%—
$40,000 in 1941 to 1946, $50,000 in 1947 to 1955, $60,000 in 1956 to 1962,
$70,000 in 1963 to 1969, and $80,000 in 1970 to 1974.
23^%—$^0,000 in
1941 to 1947, $50,000 in 1948 to 1956, $60,000 in 1957 to 1962, $70,000 in
1963 to 1968. $80,000 in 1969 to 1973, and $90,000 in 1974.
2 % %—$40,000
each year
are as
in 1941 to 1949, $50,000 in
1963
to
1967,
$80,000 in
1950 to 1956, $60,000 in 1957 to 1962, $70,000 in
1968 to 1972, and $90,000 in 1973 and 1974.
maturities, bidders are
Within the above li nidations as to interest rate and
required to name a single rate of interest which the bonds are to bear.
Principal and interest payable at the First Mechanics National Bank,
Trenton.
Bonds will be issued in coupon form, registerable as to principal
exchangeable for fully registered instruments.
They will be full
obligations of the State, with principal and interest exempt
by the State or of any of its taxing units.
They will be ap¬
proved as to legality by the Attorney General of the State and by Hawkins,
Delafield & Longfellow of N. Y. City.
The Act authorizing the bonds pro-"
only
town
issue of $10,000
LONG
BEACH,
N.
Y—TENDERS
Edwards announces that the city
at
Louis F.
its general
maturing on
WANTED—Mayor
will consider offers to purchase
refunding and water refunding bonds, issue of Dec. 1, 1933,
Dec. 1 in 1948 and 1949.
Offers should be firm and submitted
City Hall.
to the Mayor
'
MAMARONECK, N. Y.—CERTIFICATE SALE—Vito F„.
Luceno, City
Comptroller, awarded on Jan. 10 an issue of $225,000 certificates of indebted¬
to R. W. Pressprich & Co. of New York at 0.45% interest, plus $3
ness
premium.
Due in four months.
Other bids:
\
.
Bidder—
,
First National Bank of
Leavitt& Co...
Mount Vernon (plus $5 premium).!
I----—*
County Trust Co. of White
Lockwood, Sims & Co
NEW
Plains— —
...
—
— ——
YORK, N. Y.—$45,000,000 SHORT-TERM
'
Int. Rate
0.50%
0.59%
0.60%
0.74%
FINANCING—City
Comptroller Joseph D. McGoldriek announced Jan. 12 allotment of $45,000,000 of temporary securities to 26 banks and trust companies in the
city.
Rate of interest was 0.30% and the total consisted of $35,000,000
revenue bills due Apirl 17, 1939, and $10,000,000 special revenue bills for
relief maturing April 24, 1939. Securities were allotted as follows:
Bankers Trust Co., $3,600,000; Bank of the Manhattan Co., $1,755,000;
Bank of New York, $540,000; Brooklyn Trust Co., $495,000; Central
Hanover Bank & Trust Co., $3,375,000; The Chase National Bank of the
City of New York, $8,145,000; Chemical Bank & Trust Co., $1,755,000;
The Commercial National Bank & Trust Co. of New York, $90,000; The
Continental Bank & Trust Co. of New York, $225,000; Corn Exchange
Bank Trust Co., $1,260,000; The Fifth Avenue Bank of New York, $315000; The First National Bank of the City of New York, $2,250,000.
Fulton Trust Co. of New York, $90,000; Guaranty Trust Co. of New
York, $5,895,000; Irving Trust Co., $2,250,000; Kings County Trust Co.,
$135,000; Lawyers Trust Co., $180,000; Manufacturers Trust Co., $1,935,000; The Marine Midland Trust Co. of New York, $315,000; The National
City Bank of New York, $6,435,000; The New York Trust Co., $1,260,000;
The Public National Bank & Trust Co. of New York, $450,000; Title Guar¬
antee & Trust Co., $90,000; Empire Trust Co., $90,000; United States
Trust Co. of New York, $360,000; J. P. Morgan & Co., $1,710,000.
or
faith and credit
from taxation
YORK
COVINGTON, N. Y.—BOND SALE— An
bonds was sold locally on Dec. 30 as 4s, at par.
FORT
NEW
was
YORK,
N. Y.—TAX COLLECTIONS SET
RECORD—A record
high of 90% was
according to a statement
established during 1938 in tax collections when a new
reached in the receipt of real estate tax revenues,
issued jointly on Jan.
10 by Comptroller Joseph D. McGoldriek and
City
Financial
312
Of
Treasurer Almerindo Portfolio.
total real estate levy of $490,675,930,
a
all but $49,070,064 was collected last year.
In 1937 the levy was $460,246,376, of which
$47,035,080 remained out¬
Although in dollars this was less than the amount outstanding
at the end of 1938, it represented a higher percentage of the tax levy,
according to the announcement, which also revealed that the total assessed
valuation of city-owned property in 1938 was $13,431,770,185, compared
with $3,364,013,250 in 1937.
Chronicle
1949 incl.
1
vious
Int. Rate
Premium
2%%
$15.00
Coshocton National Bank
BancOhio Securities Co
2%%
214%
Par^
Hanover Bank
N.
<x
Bidder—
SOLD—J he
ISSUE
Trust Co. of New York was awarded
of $200,000 tax anticipation certificates of
Dated Jan. 12, 1939 and due Sept. 1, 1939.
& Co. of New York at 0.49%.
on
Central
Jan. 10 arf issue
indebtedness at 0.27% interest.
Second high bidder was Leavitt
N. Y.—BOND SALE—The issue of $10,000 street
UNIVERSITY
UTICA,
N.
Y.—CERTIFICATE SALE—The $1,000,000 tax anticipa¬
tion certificates of indebtedness offered Jan. 12 were awarded to the Bank
of the Manhattan Co. of New York Cicy at 0.15% interest, plus $20 pre¬
mium.
13, 1939 and due July 13, 1939.
The certificates will
be issued against and be redeemed out of the tax levy for the fiscal year of
1939.
They will be issued in denominations of $50,000 each, payable at
the Chemical Bank & Trust Co., New York, with interest payable at
Dated Jan.
maturity.
$350,000
The legal opinion of Thomson, Wood and Hoffman, New York
100.55,
—_L
Premium
0.147%
Bankers Trust Co. of New York
None
0.15'
Chase National Bank of New York
0.17%
0.18%
National City Bank of New York..
$11
12
28
0.25%
of
requested to name the interest rate or rates in multiples
Each bid may name one rate for part of the bonds (having
of
1
.
,
,
Ohio—LEGAL OPINION—The $35,000 street Im¬
f
3198-—
of Cin¬
;
TOLEDO, Ohio—REFUSED PERMISSION TO ISSUE BONDS—The
reported to have denied city's request for per lission to issue $347,000 deficiency bonds on the ground that the municipal
bonded debt is already too close to the legal maximum.
City proposed to
use the issue to fund part of its 1938 relief deficit of $883,000, it was said.
SALE—The $100,000
147, p. 4088—were
Ohio—BOND
bonds offered Jan. 6—V.
electric mortgage
arded to P. E.
av
Kline, Inc., and Katz & O'Brien, both of Cincinnati, in joint account,
as 3^s, at par.
This was the only legal bid received, according to W. A.
Lausch, City Auditor.
Bonds are dated Oct. 1, 1938, and due Oct. 1 as
follows: $6,000from 1940 to 1944, incl., and $5,000 from 1945 to 1958, incl.
R. J. EDWARDS, Inc.
are
1%.
maturities), and another rate for the balance, but no bid may
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.
Prin. and int. payable in New York City.
The bonds are
registerable as to principal alone.
General obligations; unlimited tax. , De¬
livery on or about Jan. 30, at a place of purchaser's choice.
Bids must be
on a form to be furnished by the above Secretary.
The approving opinion
of Masslich & Mitchell of New York, will be furnished.
Enclose a certified
check for $260, payable to the State Treasurer.
the earliest
name
Ohio—PRICE PAID—'The
by the BancOhio
sold at a price of
3
CLAYTON, N. C.—BOND OFFERING—We are informed by W. E.
Easterling, Secretary of the Local Government Commission, that he will
receive sealed bids at his office in Raleigh, until 11 a. m. on Jan. 17, for
the purchase of a $13,000 issue of coupon water and light bonds.
Interest
rate is not to exceed 6%; payable J-D.
Dated Dec. 1, 1938..
Denopi.
$500.
Due Dec. 1, as follows: $500 in 1941 to 1944, and $1,000 in 1945
Bidders
Oxford),
Ohio Tax Commission is
CANTON, N. C —BOND SALE—The $95,000 issue of refunding bonds
offered for sale on Jan. 10—V. 147, p. 4088—was awarded to a group com¬
posed of It. 8. Dickson & Co. of Charlotte, Seasongood & Mayer of Cin¬
cinnati, and the Southern Investment Co. of Charlotte, paying a premium
of $96.50, equal to 100.101, a net interest cost of about 3.38%, on the bonds
as follows:
$45,000 as 3%s, maturing $5,000 from Dec. 1, 1941 to 1949;
the remaining $50,000 as 3 &s, maturing on Dec. 1:
$5,000 in 1950; $8,000,
1951 to 1954, and $13,000 in 1955.
'
to 1955.
O.
basis of about 2.69%.
CAROLINA
NORTH
(P.
25
0.25%
Halsey, fituart & Co., Inc__v
Robert Winthrop & Co
L.
dormitory revenue bonds purchased
of Columbus— V. 147, p. 4088—were
cinnati, according to report.
revenue
Int. Rate
V
Barr Bros. & Co
a
Co.
WELLSTON,
follows:
were as
Bidder—
15.00
provement bonds sold to Pohl & Co., Inc. of Cincinnati—V. 147, p.
have been approved as to legality by Peck, Shaffer & Williams
City, will accompany the certificates.
Other bids for the issue
2% %
Securities
NEW BOSTON,
Awardwasmadeatapriceofl00.il.
25.85
Banig, Village Clerk, will receive sealed tenders until noon on Feb. 10 fo
refunding sanitary sewer bonds, issue Nos. 3, 4 and 5.
Purchasers of bonds
will be made by the village at the lowest price, not exceeding par value, to
the extent of funds available for such purpose.
MIAMI
TICONDEROGA,
paving bonds offered Jan. 10—V. 148, p. 154-L-was awarded as 2Ms to the
Manufacturers & Traders Trust Co. of Buffalo.
Dated Jan. 1, 1939, and
due $1,000 on Jan. 1 from 1940 to 1949, Inch
*
£7.00
WANTED—Flora
Ohio—TENDERS
GENEVA-ON-THE-LAKE,
Y .—CERTIFICATE
1 -00
Johnson, Kase & Co_-_-_-;-^--—2^%
Seasongood & Mayer
•
2H %
Provident Savings Bank & Trust Co_
2%%
Saunders, Stiver & Co.
—
3%
$1,908,096,288.
totaled
year
PEEKSKILL,
Other bids:
Peoples Bank & Trust Co., Coshocton
standing.
The total funded debt at the end of last year amounted to $2,497,434,777,
compared with $2,380,422,024 at the end of 1937.
The net funded debt
as of the end of 1938 aggregated $2,005,170,595, and at the end of the pre¬
Jan. 14, 1939
high bid of 100.12 for 2Ms was made by Browning,
Van Duyn, Tischler & Co. of Cincinnati.
Second
Municipal Bonds Since 1892
Oklahoma City,
Oklahoma
Long Distance 787
AT&T Ok Cy 19
OKLAHOMA
DOUGHERTY
CONSOLIDATED
DISTRICT
SCHOOL
NO.
2
(P. O. Sulphur, Route 3), Okla.—BOND SALE—The, 12,000 issue of
building bonds offered for sale on Dec. 27-x-V. 147, p. 4088—was purchase*!
by R. J. Edwards, Inc. of Oklahoma City, according to the District Clerk.
Due $1,000 from 1941 to 1952, inclusive.
more
SPARTA, N. C.—BOND OFFERING—Sealed bids will be received until
11a.m. on Jan. 17, by W. E. Easterling, Secretary of the Local Government
Commission, at his office in Raleigh, for the purchase of a $14,000 issue of
coupon sewer bonds.; Interest rate is not to exceed 6%, payable A-O.
Dated Oct. 1, 1938.
Denom. $500.
Due $500, Oct. 1, 1941 to 1968..
Rate of interest to be in multiples of M of 1%.
Each bid may name one
rate for part of the bonds (Having thp earliest maturities) and another rate
for the balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to 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.
Prin. and int. payable in lawful
money in New York City.'
The bonds are registerable as to principal only.
General obligations; unlimited tax.
The approving opinion of Reed,
Hoyt, Washburn & Clay, of New York, will be furnished.
Enclose a
certified check for $280, payable to the State Treasurer.
-
OREGON
Ore.—BOND OFFERING—It is reported that sealed
16, by Homer Wilson, Town
Recorder, for the purchase of a $34,000 issue of improvement refunding
bonds.
Dated Feb. 10, 1939.
Denom. $500.
Due May 10 as follows;
$2,500 in 1941 to 1943; $3,000 in 1944 to 1947; $3,500 in 1948 to 1950. and
$4,000 in 1951.
Alternate bids are requested.
One bid to be on the basis
of said bonds not being callable prior to their maturity date.
The other
bid to be on the basis of all bonds maturing after May 10, 1949, being
callable at the option of the town in numerical order at any interest paying
date or dates after May 10, 1942, upon payment of the face value thereof
with accrued interest thereon,
fhe town reserves the rig]ht to accept
either alternate regardless of whether the one accepted furnishes the best
price for said bonds.
The approving opinion of Teal, Winfree, McCulloch,
Shuler & Kelley of Potland will be furnished the purchaser.
Enclose a
certified check for 2% of the par value of the bonds, payable to the town.
BEAVERTON,
bids will be received until 7:30 p. m. on Jan.
NYSSA, Or e—BONDS SOLD—It is reported that $23,000 sewer bonds
have been purchased by Tripp & McClearey of
$24,000 BOROUGH OF WINDBER,
at
at
3%.
102 H
102
Incorporated
PENNSYLVANIA
PITTSBURGH
«
A. T. T.
Telephone—Atlantic 8333
NORTH
and
JOHNSON & McLEAN
WHITEVILLE, N. C.—NOTES SOLD—It is reported that $2,500
anticipation notes were purchased on Jan. 3 by the Citizens Bank
revenue
Pines',
PA.,
2%s, due Jan. 1,1950, through Jan. 1, 1958
WASHINGTON PUBLIC SCHOOL DISTRICT (P. O. Washington),
N. C.—BOND SALE—The $i0,000 issue of school refunding bonds offered
for sale on Jan. 10—V. 147, p. 4088—was awarded to Scott, Horner &
Mason, Inc. of Lynchburg, as 3)4s, paying a price of 100.6069, a basis of
about3.17%.
Dated Jan. 1, 1939. Due on Jan. 1, 1948.
& Trust Co. of Southern
Portland.
WALDPORT, Ore—TENTATIVE BOND SALE—It is reported that
$14,000 4% semi-ann. street improvement bonds have been purchased by
the Baker-Fordyce-Tucker Co, of Portland, at a price of 100.50, subject
to reception of an approving opinion.
Teletype—PITB 289
DAKOTA
PENNSYLVANIA
HARMONY TOWNSHIP, N. Dak.—BOND OFFERING—It is reported
that sealed bids will be received until 2 p. m. on Jan. 19, by Leo N. Skinner,
Township Clerk, at the office of the County Auditor in Fargo, for the
purchase of a $5,000 issue of not to exceed 5% semi-ann. township bonds.
Due $1,000 from Nov. 15, 1940 to 1944 incl.
No bid is to be for less than
par.
A certified check for not less than 2% of the bid is required.
BRENTWOOD SCHOOL DISTRICT, Pa .—BOND SALE—The issue
of $130,000 coupon school bonds offered Jan. 10—V. 147, p. 4089—was
to Johnson & McLean, Inc., Pittsburgh, and Burr & Co., Inc.,
Philadelphia, in joint account, as 2^8, at par plus $383.50 premium, equal
100.295, a basis of about 2.22%.
Dated Jan. 1, 1939, and due Jan. 1
as follows:
$7,000 from 1942 to 1947, incl., and $8,000 from 1948 to 1958,
awarded
to
WELLS COUNTY SCHOOL DISTRICT NO. 40 (P. O. Fessenden),
SALE—-The $53,000 issue of building bonds offered for
on
Jan. 10—V. 148, p. 154—was purchased by the First National
Bank of Fessenden, according to the District Clerk. - Due from Feb. 1,
N. Dak.—BOND
sale
1940 to
1959.
The purchaser took the bonds as 4s, paying a premium of $1,252.28,
equal to 102.36.
There was no other bid received.
OHIO
MUNICIPALS
incl.
Other bids:
700
CUYAHOGA BUILDING,
AKRON
CINCINNATI
CLEVELAND
COLUMBUS
SPRINGFIELD
Hemphill, Noyes& Co., and Phillips, Schmertz & Co. 2M%
E. II. Rollins & Sons, Inc., and Moore, Leonard &
Lynch..
2^%
Singer, Deane & Scribner
2K%
1,027.00
747.00
OHIO
TOWNSHIP
(P.
O.
Aurora), Ohio—BOND SALE— The
$6,000 fire house bonds offered Jan. 11—V. 148, p. 154—were awarded to
the First National Bank of Garrettsville.
Dated Dec. 15, 1938 and due
$300 on May 15 and Nov. 15 from 1940 to 1949, incl.
COSHOCTON, Ohio—BOND SALE—The $15,000 coupon fire truck,
purchase bonds offered Jan. 9—V. 147, p. 3949—were awarded to Ryan,
Sutherland & Co. of Toledo as 2^s, at 100.44, a basis of about
2,17%.
Dated Dec. 1, 1938 and due $500, April 1 and $1,000, Oct. 1 from 1940 to
____
.
1,989.00
BRIDGEVILLE
SCHOOL
Pa.—BOND
SALE— The
DISTRICT,
$40,000 school bonds offered Jan. 4—V. 147, p. 4089—were awarded to
Singer, Deane & Scribner of Pittsburgh as 2%8, at 101,132, a basis of about
Dated Jan. 15, 1939 and due $2,000
on
Jan. 15 from 1942 to 1961,
Other bids:
Int.
Bidder—
S. K. Cunningham & Co. and Glover & MacGregor, Inc.
Bridgeville Trust Co
E. H. Rollins & Sons, Inc.
Johnson & McLean, Inc
Burr & Co., Inc
Moore, Leonard & Lynch..
Leach Bros., Inc..
AURORA
,
Rate Bid
Int.Rdle
$182.00
incl.
CANTON
'
2M%
2.64%.
MITCHELL, HERRICK & CO.
•
Bidder—
Elmer E. Powell & Co
I
Rate Rate
2% %
2%%
3%
3%
3%
3K%
3M%
Bid
100.87
Par
101.529
101.28
101.079
101.138
100.60
BUTLER, Pa.—BOND SALE—The $273,000 sewage treatment olant
bonds offered Jan. 10—V. 147, p. 3950—were awarded to
Halsey, Stuart & Co., Inc., New York, as 2s at 101.139, a basis of about
1.83%.
Dated Feb. 1, 1939, and due Feb. 1 as follows: $20,000 from 1940
to 1952, incl., and $13,000 in 1953.
The bankers reoffered the bonds to'
yield from 0.40% to 2%, according to maturity.
They are said to be legal
investment for savings banks and trust funds in the States of New York
and Pennsylvania.
City reports a 1938 assessed valuation of $29,804,985
and net bonded debt, after giving effect to current issue, is $1,056,148.
and refunding
Other
bids:
Volume
148
Financial
Bidder--
Int. Rate
First Boston Corp. and
Mackey, Dunn & Co
Singer, Deane & Scribner
2%
2%
Other bids:
Bidder—
First Boston Corp
100.94
2%
100.87
2%
2%
Harriman, Ripley & Co., Inc
Dougherty, Corkran & Co. and Moore, Leonard &
Lynch
Bancamerica-Blair Corp. and Stroud & Co
100.68
100.661
101.06
Dougherty, Corkran &
...
Co___
Bancamerica-Blair Corp
H. Rollins & Sons, Inc.
Hemphill, Noyes & Co
__
_
.....
E
Butcher & Sherrerd
Peoples-Pittsburgh Trust Co
:
M. M. Freeman & Co., Inc
Union Trust Co. of Pittsburgh.
Union Trust Co. of Butler
Rate Bid
2%
Harriman Ripley & Co., Inc
i
i____
..................
101.069
2%
2%
2%
2%
2%
2%
2%
2%
2%
2 34%
234%
234%
100.93
100.878
100.717
100.689
100.66
100.539
100.508
100.41
100.39
101.327
101-04
Par
CLARION, Pa .—BOND OFFERING—W. B. Edwards, Borough Secre¬
tary, will receive sealed bids until 8 p. m. on Jan. 31 for the
purchase of
$55,000 3% coupon sewage disposal bonds.
Dated December 1, 1938.
Denom. $1,000.
Due Dec. 1 as follows: $1,000 in 1940 and $2,000 from
1941 to 1967, incl.
Interest J-D.
A certified check for $1,100, payable to
order of the Borough, is required.
Proceedings have been approved by the
Pennsylvania Department of Internal Affairs.
CORAOPOLIS, Pa.—BOND SALE—The issue of $20,000 equipment
bonds offered Jan. 6—V. 147, p. 3950—was awarded to the
Union Trust
Co. of Pittsburgh as 2s.
Dated Jan. 1, 1939 and due $2,000 on Jan. 1 from
1941 to 1950, incl.
;
Pa.—BOND SALE—The
$50,000
improvement
and
park
bonds offered Jan. 9—V,
147, p. 4089—-were awarded to Dougherty,
Corkran & Co. of Philadelphia as 2s at
100.666,. a basis of about 1.92%.
Dated Jan. 15, 1939, and due $10,000 on Jan. 15 from 1946 to
1950, incl.
Other bids:
Bidder—
Rate
"
Bid
100.56
100.27
101.39
101.08
100.60
100.38
101.83
101.53
100.30
_
•
FOREST HILLS (P. O. Pittsburgh), Pa.—BOND OFFERING—E. S.
Smull, Borough Secretary, will receive sealed bids until 8 p. m. on Jan. 25
for the purchase of $70,000 not to exceed
334% interest coupon bonds.
Dated Feb. 1, 1939.
-Denom. $1,000.
Due Aug. 1 as follows :$5,000,
1947 to 1949, incl.; $10,000 from 1950 lo 1954, incl., and $5,000 in 1955.
Bidder to name a single rate of interest, expressed in a
multiple of >4 of 1 %.
Interest F-A.
Sale of bonds is subject to approval of proceedings by the
Pennsylvania Department of Internal Affairs.
A certified check for $1,000
is required.
Borough will print the bonds and furnish legal opinion of
Burg win, Scully & Churchill of Pittsburgh.
*
GILPIN TOWNSHIP SCHOOL DISTRICT (P. O.
Leechgurg, R. D.
,
Pa .—BOND OFFERING— Sealed bids addressed to George H, Sober,
District Secretary, will be received until 7 p. m. on Jan. 20 for the
purchase
1
of
$37,000 334 % construction bonds. Dated Dec. 1, 1938. Denom. $1,000.
as follows: $2,000 from 1939 to 1956, incl.
and $1,000 in 1957;.
Redeemable after three years from date of issue.
Interest J-D.
A cer¬
tified check for $500 is
required. Issue was approved by the Pennsylvania
Department of Internatl Affairs on Dec. 28.
» ■
Due Dec. 1
GREENVILLE, Pa.—TO REFUND $110,000 BONDS—It is reported
that the Borough has decided to refund the $110,000 bonds of 1919 which
mature in the present year.
HAMLIN, Pa .—BONDS SOLD TO PWA—The
which
purchased at par
was
authorized at
HATBORO
an
an
SCHOOL
Public Works Adminis¬
issue of $129,000 4%
water revenue
bonds
election last October.
Secretary, will receive sealed bids until 8 p. m. on Jan. 30 for the purchase
$20,000 3 34 % coupon or registered funding bonds.
Dated Feb. 1, 1939.
Denom. $1,000.
Due Feb. 1 as follows: $2,000, 1946 and 1947; $5,000 in
1948 and 1949, and $6,000 in 1950.
Interest F-A.
Sale of bonds is
to approval of
proceedings by the Pennsylvania Department of Internal
Affairs.
A certified check for 2% of amount bid for,
payable to order of
*
McKEESPORT
SCHOOL
bonds,
DIST. Pa.—BOND
SALE—The
including $420,000 series A of 1939 and
$700,000
$280,000
series B of 1939, Offered for sale on Jan. 9—V.
147, p. 4089—were awarded
to a group composed of the Mellon Securities
Corp., Union Trust Co. of
Pittsburgh and Moore, Leonard & Lynch, all of Pittsburgh, as 234s, at
par plus $11,971 premium, equal to 101.71, a basis of about 2.09%.
Dated
Jan. 1, 1939 and due Jan. 1 as follows:
$10,000,1941; $35,000 from 1942 to
1959 incl, and $20,000 from 1960 to 1962 incl.
Connell declared in
•
r
,
Int. Rate
-
Premium
The First Boston Corp.: E.
H. Rollins & Sons, Inc., and
Barclay, Moore & Co..
Halsey, Stuart & Co., Inc., and Hemphill, Noyes & Co_.
Bancamerica-Blair Corp.; Butcher & Sherrerd; Glover &
MacGregor, Inc.}, S. K. Cunningham & Co., Inc.,
and George G. Applegate.
_v
Harriman Ripley & Co., Inc.; Peoples-Pittsburgh Trust
Co.; Yarnall & Co., and Walter Stokes & Co.
Graham, Parsons & Co.; Dougherty, Corkran & Co.;
W. H. Newbold's Son & Co., and Singer, Deane &
234%
2J4%,
-
$8,393
8,106
•
.
234%
6,405
234%
4,123
—234%
16,100
-
Scribner..
—
MANSFIELD SCHOOL DISTRICT, Pa .—BOND OFFERING—Frank¬
lin W. Bixby, District Secretary, will receive sealed bids until 7 p. m. on
Jan. 26 for the purchase of $22,500 coupon or registered School bonds to
bear interest at one of the following rates as named in the successful bid:
134,. 154. 2, 234. 234, 254, 3,'334
bond for $500, others $1,000 each.
1943 to 1964 incl.
Callable
from
334%.
Dated Feb. 1, 1939.
One
Due $500 in 1942 and $1,000 each year
or
Feb. 1 of each year starting in 1941
60 days' notice to the address of the registered golder.
The holder shall
be,liable for any and all taxes levied and assessed on the bonds.
Interest
payable semi-annually. ' A certified check for 2% of bonds bid for, payable
to order of District Treasurer, is required.
Sale of bonds is subject to
approval of proceedings by Pennsylvania Department of Internal Affairs
and any other opinion as to legality of issue must be obtained and paid for
by the successful bidder.
on
on
,
MILLVALE,
Pa —PLANS BOND ISSUE—The
Borough
issue $100,000 councilmanic bonds, according to report,
proposes
to
sold at
a
price of 100.25,
a
basis of about 3.98%.
NEW KENSINGTON, Pa.—BOND OFFERING—L. G. Heinle, City
Clerk, will receive sealed bids until 10 a. m. on Jan. 24 for the purchase of
$150,000 not to exceed 4% interest coupon city bonds.
Dated Feb. 1,
1939.
Denom. $1,000.
Due $15,000 on Feb. 1 from 1945 to 1954, incl.
Bidder to name a single rate of interest, expressed in a multiple of 34 of 1
%.
Interest F-A.
A certified check for $3,000, payable to order of the City
Treasurer, is required.
Sale of bonds is subject to approval of proceedings
by the Pennsylvania Department of Internal Affairs.
The approving legal
opinion of Burgwin, Scully & Churchill of Pittsburgh will be furnished the
BELLE VERNON
SCHOOL DISTRICT
(P. O. Belle Ver¬
non), Pa.—BIDS REJECTED—At the offering of $10,000 coupon school
on Jan. 5—V. 147, p. 3950—the following bids v ere rejected as the
interest rate was considered too high:
bonds
Bidder—
Int.
S. K. Cunningham & Go
was
caused by
are found, a 40% reduction in the
Mayor's budget requests will be necessary if a balanced budget is to be
achieved. Such a reduction, he added, would involve sharp curtailment of
various municipal services, including dismissal of a large number of em¬
ployees in the police and fire departments. Pointing out that the mayor has
recommended the sum of $88,800,000 as necessary to run the city and
county government of which $43,000,000 is for bonded debt and fixed
charges, including $5,000,000 on account of payment of accumulated
deficits, Mr. Connell said that estimated revenue to meet the burden,
without sales
or other taxes, is only $73,000,000.
A statutory reduction of
to allow for a deficiency of that amount in esti¬
receipts for 1938, reduces to $686,000,000 the net amount available
meet current needs.
Among reasons cited for the falling off in municipal
$5,000,000 from the total
mated
to
is the fact that real estate valuations ahve decreased a billion
dollars within the past eight years, with the result that the city has suffered
revenues
yearly reduction of about $20,000,000 in income from the general tax.
a
REAL ESTATE TAX COLLECTIONS SET RECORD—Frank J. Willard,
Receiver of Taxes, reported the past week that collections of real estate
tax levy for 1938 set a new high
average for the city, exceeding 90% of the
levy.
Total collected in 1938 was $38,880,234, as compared with $38,745,196 during the earlier year.
Mayor Wilson is reported to have suggested on Jan. 12 that about $11,-
500,000 could be eliminated from the pending 1939 city budget by deferring
to the 1940 appropriation ordinance the semi-annual bond interest payments
are due Jan. 1, 1940.
Under the proposal, this year's budget would
provide only for the interest charges due July 1, 1939.
which
ROARING SPRINGS, Pa.—BOND OFFERING—C. H. Dick, Borough
Secretary, will receive sealed bids until 6:30 p. m. on Feb. 6 for the purchase
$47,500 334% coupon sewer bonds.
Dated Nov. 1, 1938.
Denoms.
$1,000 and $500. • Due Nov. 1, 1968.
Callable on any interest date on or
after Nov. 1, 1940.
Prin. and int. (M-N) payable at the Borough Treas¬
urer's office.
Registerable as to principal only.
Sale of bonds is subject
to approval of proceedings by the Pennsylvania Department of Internal
Affairs.
A certified check for $475, payable to order of the borough, is
required.
of
.
.
ROSTRAVER
TOWNSHIP
SCHOOL DISTRICT
(P. O.
Belle
Vernon, R. D. No. 1), Pa.—BOND SALE—The $50,000 school bonds
offered Jan.
10—V.
147, p. 4089^—were awarded to Singer, Deane &
Scribner of Pittsburgh as 2 34s, at par plus $606.50 premium,
equal to'
101.213, a basis of about 2.30%.
Dated Feb. 1, 1939 and due $5,000 on
Feb. 1 from 1941 to 1950, inclusive.
•/(
Other bids:
.
:
0A/;;,v
Bidder—
v'
Rate Bid
Int. Rate
Moore, Leonard & Lynch
E. H. Rollins & Sons, Inc_
Johnson & McLean, Inc
Burr & Co
100.309
254%
3%
4%
Fidelity-Philadelphia Trust Co
SHALER
101.078
100.537
254%
—
k
-
100.538
2 34 %
254%
101.22
100.36
TOWNSHIP
(P. O. Mount Royal Boulevard, Box 38,
Pa.—BOND SALE—The issue of $90,000 coupon bonds'
147, p. 4089—was awarded to Glover & MacGregor,
Glenshaw),
offered Jan.
10—V.
and Singer, Deane & Scribner, both of Pittsburgh, in joint account, as
254s, at 102.35, a basis of about 2.52%.
Dated Jan. 1, 1939, and due
$5,000 on Jan. 1 from 1943 to 1960, incl.
S. K. Cunningham & Co. of
Pittsburgh, second best bidder, offered to pay 101.68 for 3s.
SOUTH LANGHORNE, Pa— BOND SALE—'The $10,500 funding and
bonds offered Jan. 9'—V.. 147, p. 4089—were awarded to
Mackey, Dunn & Co., Philadelphia, as 254s, at 100.18, a basis of about
2.73%. Dated Dec. 1, 1938 and due Pec. 1 as follows: $500 from 1939 to
improvement
1957, incl. and $1,000 in 1958.
■
RHODE
,
ISLAND
R.
I .—ADDITIONAL INFORMATION
ON
OFFERING OF $550,000 SEWER BONDS—Frank P. Duffy, Town Treas¬
urer, recently reported in part as follows in connection with the $550,000
coupon sewer bonds being offered .for sale on Jan. 16—V. 148, p. 155: "This
letter is presented to clarify an ambiguity in the circular forwarded relative
to the issue of these bonds.
On the face of the bonds, when issued, will
appear the following: 'The full faith and credit of the Town of West War¬
wick are hereby irrevocably pledged for the payment of the principal and
interest hereof." These bonds are general obligations payable from general
taxation, although it is anticipated that sewer assessments, while not
specifically pledged for that purpose, will be sufficient to pay the bonds
and are expected to be-used to that end.
WARWICK,
CAROLINA
SOUTH
SCHOOL DISTRICT (P. O. Agbe.ille), S. C.—MATURITY—It is stated by the Superintendent of Schools that the $27,000
school bonds purchased by G. H. Crawford & Co. of Columbia, as 3 54s,
at a price of 100.61, as noted here on Dec. 24—V. 147, p. 3951—-are due
on Nov. 1 as follows: $1,000 in 1943. and $2,000,
1944 to, 1956, giving a
ABBEVILLE
basis of about 3.68%.
•.
.
,
r
SOUTH
BOOTH
SCHOOL
DISTRICT
BONDS SOLD—It is reported that
voters
at
election held
an
on
,
'
DAKOTA
NO.
14 (P. O. Buffalo), S. Dak.—
$20,000 building bonds approved by the
22, have been purchased by the First
Nov.
JERAULD
COUNTY (P. O.
Wessington Springs),
S. Dak.—BOND
OFFERING—Sealed and oral bids will be received until 2 p. m. on Feb. 7,
by Alberta Fellows, County Auditor, for the purchase of a $335,000 issue
of coupon funding bonds.
Interest rate is not to exceed 4%, payable J-D.
Dated Feb. 15, 1939.
Denom. $1,000.
Due Deo 15, as follows: $15,000
in
1941
to
1949 to 1955, and $25,000 in 1956 to 1958.
after Dec. 15, 1948 being subject to redemption and
1948, $20,000 in
All bonds maturing
prepayment at the option of the county at par and accrued interest on said
date and any interest payment date thereafter.
Prin. and int. payable
suitable bank or trust company designated by the purchaser.
No
bid for less than par and accrued interest can be considered.
The county
at any
approving legal opinion of Junell,
Minneapolis.
Enclose a certified
Treasurer.
(These bonds were originally scheduled for sale on Dec. 12—V. 147,
3651—but the offering was postponed.)
will furnish
the printed bonds and the
Fletcher, Dorsey, Barker & Colman, of
check for at least 2% of the amount bid, payable to the County
successful bidder.
Burr & Co., Inc.
decision
National Bank of Buffalo.
-
Pa.—BOND SALE—An issue of $12,000 4% street
improvement bonds was sold on Dec. 30 to John Meixel of Montgomery.
were
statement that the Chamber's
than those currently available for 1939
MONTGOMERY,
The bonds
a
"overwhelming protests" made by department stores, retail merchants,
various organizations and the general public.
Unless revenue sources other
WEST
Bidder—
NORTH
Borough Treasurer, is required.
PHILADELPHIA, Pa.—ABANDONS SALES TAX MEASURE— City
Council, by a vote of 18 to 3, sustained Mayor Wilson's veto of a bill
proposing a general sales tax of 3 %, revenue from which was intended to
close in part of the deficiency of about
$26,000,000 between revenues and
expenses in the 1939 budget.
Council previously repealed the projected
134% income tax measure, following its nullification in part by the State
Supreme Court.
In his message vetoing the sales tax proposal, Mayor
W ilson recommended that
city council seek legislative action at Harrisburg
of a nature which would provide a permanent solution to the
city's financial
problems,
It is also proposed that the Legislature assist the city in ob¬
taining a loan against the municipal gas plant.
Various members of council '
earlier had commented favorably on a
plan to dispose of the system to
private interests at a figure placed at $65,000,000.—V. 147, p. 3803.
Following council's action in the sales tax measure, President George
First National Bank of Charleroi
DISTRICT,
Pa.—BOND OFFERING—Mary
B. Smith, Secretary of Board of School Directors, will receive sealed bids
until 8 p. m. on Feb. 1 for the purchase fo $40,000 2,
234,234,254,3,
3 34 or 3 34 % coupon, registerable as to principal only, improvement bonds.
Dated Jan. 2, 1939.
Denom. $1,000.
Due $2,000 on Jan. 1 from 1942
to 1961 incl.
Bidder to name a single rate of interest, payable J.J.
A
certified check for 2% of the amount bid for, payable to order of the District
Treasurer, is required.
Bonds are issued subject to favorable legal opinion
of Townsend, Elliott & Munson of
Philadelphia.
coupon school
Lewis Willert, Borough
of
.
Int. Rale
Bancamerica-Blair Corp., Philadelphia
2%
M. M. Freeman & Co., Inc., Philadelphia2%
E. H. Rollins & Sons., Inc.,
Philadelphia
2 34%
Moore, Leonard &-Lynch, Pittsburgh
234%
Glover & MacGregor, Inc.,
Pittsburgh
234%
Burr & Co., Inc., Philadelphia.
234%
Singer, Deane & Scribner, Pittsburgh
234%
W. H. Newbold's Son &
Co., Philadelphia
234%
Halsey, Stuart & Co., Inc., Philadelphia-234%
tration
313
EAST, Pa.—BOND OFFERING—II
subject
Int. Rate
_
-Battles & Co..
BOIS,
NORTH
the
Clover & MacGregor, Inc.
DU
Chronicle
Rate Bid
Rate
Rate Bid
434%
—J
100.28
434,%
100.149
p.
SOUTH
CAROLINA,
State of—NOTES SOLD—It is said that $1,-
500,000 tax anticipation notes were sold on Jan. 9 to the Citizens &
Southern Bank of South Carolina, of Columbia, at a rate of 0.70%, plus a
premium of $30.
April 20, 1939.
Due as follows:
$500,000 on March 20, April 10 and
314
Financial
SPENCER,
TENNESSEE
GREENFIELD,
Tenn.—BOND
TENDERS
Chronicle
sewer
INVITED—It
is
stated
Jan. 14, 1939
Va.—BONDS SOLD—A
bonds
revenue
is
reported
to
$32,000 issue of 4% semi-ann.
have been purchased recently by
Magnus & Co. of Cincinnati.
by J. B. McAdams, City Clerk, that tenders of re-unding bonds of the city
will be received until 11 a, m. on Jan, 23.
All such tenders must be sent
to the National Bank of Commerce, Trust
Department, Memphis, Tenn.
HUMBOLDT, Tenn.—BOND SALE DETAILS—It is stated by Mayor
H. J. Foltz, that the $85,000 3
lA% semi-ann. power plant bonds purchased
jointly by the Nashville Securities Corp. of Nashville, and the First National
Bank of Memphis, as noted here—V. 148, p. 155—were sold at
par and
mature on Dec. 1 as follows: $5,000, 1940 to
1944, and $10,000 from 1945
to 1950.
MEMPHIS,
Tenn.—BOND
SALE—The
$1,000,000
issue
of
coupon
electric light plant bonds offered for sale on
Jan. 10—V. 147, p. 3804—
syndicate headed by the Mercantile-Commerce Bank &
Trust Co. of St. Louis, as 2.40s, paying a price of 100.05, a basis of about
2.39%.
Dated Oct. 1, 1938.
Due from Oct. 1, 1942 to 1956, incl.
awarded
was
to a
Those associated with the above bank in the
purchase were:
Union
Planters National Bank & Trust Co.; First National Bank, both of
Memphis;
John Nuveen & Co. of Chicago; BraJin, Bosworth & Co. of
Toledo; Stern
Bros. & Co. of Kansas City: Wheelock & Cummins, of Des
Moines; Bacon,
Stevenson & Co. of New
York; Federal Securities Co. of Memphis; Provident
Savings Bank & Trust Co.; Weil, Roth & Irving Co., both of Cincinnati;
Charles Clark & Co. of New York, and the
Robinson-Humphrey Co. of
Atlanta.
WASHINGTON COUNTY (P. O. Jonesboro), Tenn.—BOND OFFER¬
ING—Sealed bids will be received by L. M. Payne, County Chairman,
until 10 a. m. on Feb.
semi-ann. school bonds.
20, for the purchase of a $200,000 issue of 324%
Dated Aug. 1.1938.
Denom. $1,000.
DueAug. 1
$17,000 in 1943, $18,000 in 1944, $20,000 in 1945 to 1949,
$25,000 in 1950 and 1951, and $15,000 in 1952.
The bonds are to be issued
subject to the favorable opinion of Chapman & Cutler of Chicago.
These
bonds are the balance of an issue of $450,000,
approved by the County
Court on July 5, 1938.
The right is reserved to reject any or all bids and
to sell the bonds at auction, at the above mentioned
day and hour.
Enclose
a certified check for not less than
2% of the par value of the bonds, payable
o the County Trustee.
follows:
as
■—
—.
TEXAS
WASHINGTON
LONGVIEW,
Wash.—BOND
SALE DETAILS—It is stated by the
City Clerk that the $135,000 bonds purchased by the State of Washington,
noted in our issue of Dec. 31—v. 147, p. 4090—are divided as follows:
$90,000 warrant funding, and $45,000 city hall and fire equipment bonds.
Coupon bonds, dated Jan. 1, 1939.
Due on Dec. 31, 1968; all bonds
subject to call on and after Dec. 31, 1940.
These bonds were sold as 4s
at par.
Denom. $500. Interest payable J-D.
as
SEATTLE,
NUE
Wash.—CALL ISSUED ON STREET RAILWAY REVE¬
BONDS—A
call
was
issued
as
of Jan. 4 to the holders of the follow¬
ing issues of Municipal Street Railway revenue bonds to get in touch imme¬
diately with H. L. Collier, City Treasurer, Seattle, for information regard¬
ing the liquidation of railway debt:
•
Rate
Railway
Railway
Railway
Railway
Railway
Railway
Dale of Issue
March, 1919
June,
1919
1919
extension series A 1918
4--------— 5%
extension series A 1918...A
:
5%
extension series I
5%
betterments series I
6%
extension series A
6%
extension utility warrants series F__
6%
1928
1928
...
1929
.
WASHINGTON TOLL BRIDGE AUTHORITY (P.
Wash.—BOND SALE—The $5,500,000 issue of bridge
O.
Olympia),
revenue
bonds
offered for sale on Dec. 21—V. 147, p. 3806—has been purchased
by a
syndicate headed by A. C. Allyn & Co. of Chicago, as 4s, paying a price of
92.
Dated Dec. 1, 1938.
Due in 30 years.
Associated with the above firm in the purchase were: Bancamerica-Blair
Corp., B. J. Van Ingen & Co., of New York, John Nuveen & Co.. of Chicago,
Stifel, Nicolaus & Co., of St. Louis, Stranahan, Harris & Co., Inc., 9r
Toledo, Dean Witter & Co., of San Francisco, Kelley, Richardson & Co.,
H. C. Speer & Sons Co., both of Chicago, Kaiser & Co., of San
Francisco,
Eldredge & Co., of New York, John W. Clarke & Co., of Chicago, Murphey,
Favre & Co., of Spokane, Walter, Woody & Heimerdinger, of Cincinnati,
Jaxtheimer & Co., of Portland, Kalman & Co., of St. Paul, E. M. Adams &
Co., of Portland, Channer Securities Corp., A. S. Huyck & Co., both of
Chicago, and Richards & Blum, of Spokane. 1
F*
BLACKWELL
SCHOOL DISTRICT
(P. O. Blackwell), Texas—
BOND SALk DETAILS—It is stated by the District Secretary that the
$10,000 4% semi-ann. construction bonds sold recently, as reported here
—V. 148, p. 156—were purchased at par by the State Board of Education,
and
W
are
due
as
follows:
$256, in 1939 to 1958, and $500, 1959 to 1968.
BASTROP, Texas—BONDS SOLD—It is stated by O. B. Maynard.
City Secretary, that the city sold on Dec. 28 a block of $32,000 light and
power revenue bonds, part of a total issue of $75,000 bonds approved by
the voters at an election held on Sept. 24.
.
.
CUERO,
Texas—BONDS
SOLD— It
is
reported
that
$100,000
light
Elant revenue bonds approved by the votersof Aanelection held on Nov. 29,
at an Antonio, paying a price
been purchased by Newman & Co.
ave
of 100.326.
ERATH
COUNTY SCHOOL DISTRICTS
(P. O. Stephenville),
Texas—BONDS SOLD—It is stated by the County Superintendent that
following bonds aggregating $13,500, have been purchased by the
State; $9,000 Morgan Mill Rural School District, and $4,500 Duffan Rural
WEST
VIRGINIA
CHARLESTON, W. Va.—BOND OFFERING DETAILS—In connection
with the offering scheduled for Jan. 18, of the various issues of bonds
aggregating $1,525,100, described in
our
issue of Dec. 31—V. 147, p. 4090
—the following additional details are furnished by H. C. Walker, City Clerk:
The bonds will be awarded as soon as practical after the opening of bids.
The bonds will be issued in coupon form, and principal and Interest will be
payable either at the Chase National Bank in New York, or at the office
of the State Treasurer, Charleston.
Interest will be payable semi-annually on June 1 and Dec. 1 of each year.
The bonds will be brought to New York City for delivery against payment
The City of Charleston will be able to make delivery within a
reasonable time after the sale.
therefor.
the
School
District bonds.
stated
(P. O. Hillsboro). Texas—BOND OFFERING— It is
by Perry Shipley, Ex-County Judge, that bids will be received by the
Commissioners' Court until 10 a. m. on Jan. 23, for the purchase of a
$90,000 issue of road improvement oonds, subject to the outcome of an
election scheduled to be held
(A similar issue of bonds
sale
on
p.
3651.).
p.
BURLINGTON, Wis.—BONDS SOLD—It is reported that $30,000
disposal plant construction bonds were purchased recently by local
sewage
banks
as
2s, paying a price of 100.90.
KENOSHA
.
ODESSA. Texas—BOND SALE DETAILS—In connection with the
sale of the $60,000 bonds to Dillingham & McClung of Houston, and the
Ranson-Davidson Co. of Wichita, at par, as noted in these columns—V.
147,
BLOOMINGTON, Wis.—BONDS SOLD—A $7,000 issue of 3% semi¬
annual general liability bonds was offered for sale on Jan. 9 and was awarded
to the Bloomington State Bank,
paying a price of 103.71 a basis of about
2.46%.
Due $500 from March f, 1940 to 1953, incl.
Jan. 19.
awarded tentatively last November but the
was
not
consummated as the voters defeated the proposal at the
election held on Nov. 29, as noted in these columns at the time—V. 147,
was
WISCONSIN
.
HILL COUNTY
3652—the City Secretary furnishes the following information:
.
$35,000 424% cith hall bonds.
Due from Feb. 1, 1940 to 1949, incl.;
optional after five years.
25,000 434% street improvement bonds.
Due $2,500 from Feb. 1, 1940
to 1949, incl.; optional after five years.
Denom. $500.
Dated Jan. 1, 1939.
Interest payable F-A.
COUNTY (P. O. Kenosha), Wis .—BOND SALE—The
of poor relief bonds offered for sale on Jan. 9—V. 147, p. 4090
a syndicate composed of Harriman Ripley & Co.,
Inc.,
John Nuveen & Co., and Farwell, Chapman & Co., of Chicago, paying a
premium of $150, equal to 100.03, a net interest cost of about 2.79%, on
the bonds divided
as
follows: $200,000 as 3s, maturing $50,000 from
Jan. 20, 1940 to 1943; the remaining $300,000 as 224s. maturing $50,000
from Jan. 20, 1944 to 1949 incl.
\
$500,000
issue
awarded to
—was
""The second highest bid was an offer made by Paine, Webber & Co., and
associates, of $4,059.75 premium on all 334s.
OFFERED
BONDS
FOR
INVESTMENT—'The
successful
bidders
re-
offered
VERMONT
BARRE, Vt.—OTHER BIDS—The $137,500 auditorium bonds awarded
Ripley & Co., Inc., New York, as 224s, at 101.269, a basis of
about 2.10%—V. 148, p. 156—were also bid for as follows, with all bidders
to Harriman
naming
of 2 24 %:
a coupon rate
Bidder—
Rate
,
Kennedy, Spence & Co
101.199
Ballau, Adams & Whittemore.
101.1289
,-101.128'
E. H. Rollins & Sons
First Boston Corp
Burr & Co
i
_
...
Chacse, Whiteside & Symonds, Inc
Peoples National Bank
Halsey, Stuart & Co
Kidder, Peabody & Co.
Arthur Perry & Co.
Bond, Judge & Co....'
;
-
-
1.
_
_.
__
Ross & Co....
Vermont Securities
Bid
_
_•
.
Corp
101.04
101.037
100.88
100.874
100.866
100.858
.100.757
100.606
the above bonds for public subscription at prices to yield from
1.00% to about 2.86%, according to maturity.
The bonds maturing from
1944 to 1949 are callable on Jan. 20, 1943, and on any interest payment
date thereafter, at par and accrued interest.
MONROE COUNTY (P. O. Sparta), Wia.—MATURITY—It is stated
by the County Clerk that the $200,000 224% semi-ann. highway bonds
purchased at a price of 105.77 by the Harris Trust & Savings Bank of
Chicago, as noted here—V. 148, p. 156—are due $100,000 on May 1, 1942
and 1943, giving a basis of about 1.18%.
•
MONROE
are
now
100.54
100.26
....
$15,000
PORTSMOUTH, VA. Refunding 4i/28
Feb.
1, 1953 at 3.25% basis
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone 3-9137
A. T. T. Tel. Rich.Va. 83
VIRGINIA
ALEXANDRIA, Va .—BOND OFFERING—It is stated by Carl Budwesky, City Manager, that he will receive sealed bids until noon on Jan. 26,
for the purchase of an issue of $195,000 coupon public
improvement and
funding bonds.
Dated June 15, 1938.
Denom. $1,000.
The bond issue
authorized by Ordinance No. 262, approved May 31, 1938,
provides for
the issue of 700 Public Improvement and Funding bonds of the denomi¬
nation of $1,000 each, and aggregating $700,000, dated June 15, 1938,
and bearing interest of 3%, (J-D) and shall mature and be
payable $20,000
June 15, 1939 to 1973, inclusive; $500,000 of the bonds were sold June
20,
1938, and bonds numbered 16 to 20, inclusive, aggregating $5,000 maturing
June 15, 1939, have been canceled.
Prin. and int. payable at the City
Treasurer's office.
The bonds may be registered as to principal only.
The
purchaser will be furnished with the opinion of Reed, Hoyt & Washburn,
of New York, that the bonds are valid and
binding obligations of the city.
Enclose a certified check for 2% of the face amount of the bonds bid
for,
payable to the city.
COVINGTON SCHOOL DISTRICT (P. O.
Covington), Va .—BOND
SALE—The $150,000 issue of building bonds offered for sale on Jan. 9—
V. 147, p. 3952—was awarded to Braun, Bosworth & Co. of
Toledo, as
224s, paying a premium of $1,254, equal to 100.836, a basis of about 2.16%.
Dated Dec. 31, 1938.
Due from Dec. 31, 1946 to 1952; callable on and
after Dec. 31, 1949.
*
informed
coupon highway bonds purchased jointly by the Harris Trust &
Bank of Chicago, and the State Bank of La Crosse, paying a
CANADA
CANADA
Due
COUNTY
(P. O. Sparta), Wis.—BOND SALE DETAILS
by the County Clerk that the $200,000 224%
Savings
price of
105.7725, as noted in our issue of Jan. 7—V. 148, p. 156—are dated May I,
1938, and mature on May 1 as follows:
$100,000 series C bonds, 1942;
$100,000 series D bonds, 1943, without option of prior payment, giving a
basis of about 1.20%.
Denom. $1,000.
Interest payable M-N.
—We
ING
(Dominion of)—MUNICIPAL AND CORPORATE FINANC¬
DURING
1938—Total
Canadian
Government,
Provincial and
municipal bond financing in the year 1938 amounted to $1,058,915,690,
of which $970,249,024 was sold in Canada, $40,000,000 in the United
States and $48,666,666 in Great Britain, according to final figures com¬
piled by Wood, Gundy & Co., Ltd.
Of the total financing for the 1938
year, $892,000,945 was for refunding purposes and $166,914,745 was for
new money.
The total for the year compared with $1,133,930,652 in 1937
and $1,066,903,022 in 1936.
In the month of December, Canadian bond financing totaled $73,020,600.
compared with $64,105,800 in the same month in 1937, and consisted
principally of $50,000,000 of Dominion Government Treasury bills and
an issue of $16,700,000 Province of Ontario 3%
debentures due Dec. 15,
1949, both of which were for refunding purposes.
Corporate financing for the year 1938 totaled $70,704,500, of which
$32,186,100 was for refunding, and $38,518,400 for new money.
In 1937
corporate financing amounted to $126,562,700, and in 1936 to $239,073,557.
.
CANADA
(Dominion
of)—TREASURY
BILL
..
FINANCING—$50.-
000,000
GUARANTEED RAILWAY ISSUE SOLD—The Government
borrowed $30,000,000 on Treasury bills, dated Jan. 13,1939 and due April 14
1939, at an average cost of 0.69%.
It was announced Jan. 11 by Finance
Minister
Charles
Dunning
that
an
issue
of
$50,000,000
Government-
giaranteed Canadian National Railway3% and had beeninfully subscribed.
onds bear interest rates of 2 24% and
bonds mature
7 and 20 years.
Purpose of the financing was to fund $40,600,000 of temporary loans re¬
by the railway company from the Government and to provide for
ceived
?ayment of funded debt ofand due Jan. 15, 1946 the near future. The
the company due in were priced at 99 and
-year bonds, non-callable,
accrued interest to yield 2.40%; the 20-year obligations, callable at com¬
pany's option, and due to mature Jan. 15, 1959 were offered at 97.25, to
yield about 3.19%.
GRANBY, Que.—BOND SALE— The $30,000 324 % relief bonds offered
Jan. 9—V. 147, p. 4090—were awarded to Banque CanadienneNationale of
Montreal at
and due
a price of 101.03, a basis of about 3.38%.
Dated Dec. 1, 1938
serially in 20 years. The Canadian Bank of Commerce, next highest
a price of 100.93.
bidder, named
LORETTEVILLE,
bonds
was
sold to
La
Que— BOND SALE—An issue of $10,000 4%
Corporation de Prets of Quebec; at a price of 99.15.
-
@FedFRASER